Oved Yosha (1956-2003) 
This issue of the Israel Economic Review is dedicated to the memory
of Prof. Oved Yosha, who died this year aged less than 47. Oved Yosha
was a prominent figure in Israel's community of economists, and his
contributions to several areas of academic research in the field were
outstanding. Through his longstanding cooperation with the Bank of
Israel, Oved exerted a significant effect on several aspects of economic
policy. He will also be remembered as a dedicated teacher, who devoted
considerable time and energy to his students, gaining their admiration
and affection.
Oved's research can be divided into several fields. Some of his early theoretical papers with Roberto Serrano focus on markets with 'pairwise meetings' (between buyers and sellers). He spent several years developing an area of economic research which he chose to call 'Comparative Financial Systems.' Among other things, he studied the privatization of multi-product banks, information disclosure and the choice of financing methods, the tradeoff between competition and stability in financial systems, the costs and benefits of universal banking, large shareholders and corporate governance, and the rationale for stage financing in VC contracts. Oved's second line of research focused on risk sharing between states, regions and countries. In a series of papers Oved, together with Bent Sorensen and others, developed techniques for identifying and measuring channels of risk sharing between economic units-a subject which has important implications for economic specialization, fiscal policy, consumption patterns, and output fluctuations. Oved's articles on these topics appeared in the most prestigious professional journals, such as the Quarterly Journal of Economics, the Journal of Political Economy, and the American Economic Review.
Oved's academic interest and expertise in financial systems exerted considerable influence on policymaking, especially within the Bank of Israel. He helped to make the study of the financial system an integral part of the Bank's review of the Israeli economy. His ideas, which also appeared in a variety of outlets that were more accessible to the general public than the prestigious academic journals in which much of his research was published, influenced the views of several blue-ribbon committees appointed to propose measures for the reform of Israel's financial system.
He will be sorely missed.
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