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57771. Time to Terminate the ESF and the IMF

Author:
Anna J. Schwartz
Publication Date:
08-1998
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
The International Monetary Fund and the U.S. Treasury Department's Exchange Stabilization Fund are undemocratic institutions unaccountable for their actions. Their current functions have little to do with their original missions. The ESF is used by the executive branch to circumvent Congress in the provision of foreign aid. Its foreign exchange interventions have, in any event, always been wasteful and ineffective at controlling the relative price of the U.S. dollar. The IMF has also been used to provide massive bailouts in the cases of Mexico in 1995 and of Asian countries since 1997. Defenders of the IMF as an international lender of last resort are misinformed since the IMF does not and cannot serve that purpose. Both institutions should be abolished, not reformed, because they are not needed to resolve currency crises and they preclude superior solutions.
Topic:
Economics, International Trade and Finance, and Political Economy
Political Geography:
United States, Asia, and Mexico

57772. Perspectives From Four Continents: Solving the Global Public Pensions Crisis

Author:
Cato Institute
Publication Date:
04-1998
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
On December 8-9 the Cato Institute and The Economist cosponsored a conference on the global public pensions crisis at the Queen Elizabeth II Conference Centre in London. Among the speakers were Michael Tanner, director of the Cato Project on Social Security Privatization; Clive Crook, deputy editor of The Economist; Carlos Boloña, former finance minister of Peru; Mukul Asher of the University of Singapore; and Peter Ferrara, chief economist at Americans for Tax Reform and an associate policy analyst at the Cato Institute. Excerpts from their remarks follow.
Topic:
Economics, Government, and International Political Economy
Political Geography:
London

57773. America's Maligned and Misunderstood Trade Deficit

Author:
Daniel T. Griswold
Publication Date:
04-1998
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
America's annual trade deficit, already large by historical standards, could reach a new record in 1998, fueling protectionist sentiment in Congress. Political fallout from the trade deficit numbers could impede efforts to reduce barriers to trade in the United States and abroad. Contrary to popular conception, the trade deficit is not caused by unfair trade practices abroad or declining industrial competitiveness at home. Trade deficits reflect the flow of capital across international borders, flows that are determined by national rates of savings and investment. This renders trade policy an ineffective tool for reducing a nation's trade deficit.
Topic:
Economics and Political Economy
Political Geography:
United States

57774. The Specter of Pervasiveness: Pacifica, New Media, and Freedom of Speech

Author:
Jonathan D. Wallace
Publication Date:
02-1998
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
Under the legal doctrine of pervasiveness, media such as television and radio get much less protection from censorship than do print media. The Supreme Court should reject the pervasiveness doctrine as a dangerously broad and vague excuse for speech regulation. If the doctrine applies to any medium, it could arguably apply to all media. The pervasiveness doctrine thus threatens to curtail the First Amendment's protection of freedom of speech.
Topic:
Government, Industrial Policy, Political Economy, and Science and Technology

57775. Europarliament and Environmental Leglislation: The Case of Chemicals

Author:
George Tsebelis and Anastassios Kalandrakis
Publication Date:
07-1998
Content Type:
Working Paper
Institution:
Institute of European Studies (IES), UC Berkeley
Abstract:
The paper studies the impact of the EP on legislation on chemical pollutants introduced under the Cooperation procedure. A series of formal and informal analyses have predicted from significant impact of the EP, to limited impact (only in the second round) to no impact at all. Through the analysis of Parliamentary debates as well as Commission and Parliamentary committee documents, we are able to assess the significance of different amendments, as well as the degree to which they were introduced in the final decision of the Council. Our analysis indicates first that less than 30% of EP amendments are insignificant, while 15% are important or very important; second, that the probability of acceptance of an amendment is the same regardless of its significance. Further analysis indicates two sources of bias of aggregate EP statistics: several amendments are complementary (deal with the same issue in different places of the legal document), and a series of amendments that are rejected as inadmissible because they violate the legal basis of the document or the germainess requirement) are included in subsequent pieces of legislation. We calculate the effect of these biases in our sample, and find that official statistics underestimate Parliamentary influence by more that 6 percentage points (49% instead of 56% in our sample). Finally, we compare a series of observed strategic behaviors of different actors (rapporteurs, committees, floor, Commission) to different expectations generated by the literature.
Topic:
Environment, Industrial Policy, and Political Economy
Political Geography:
Europe

57776. The Future of the Public Sector--The Challenges for Policy Research in a Changing Environment

Author:
George Galster
Publication Date:
09-1998
Content Type:
Working Paper
Institution:
Urban Institute
Abstract:
As we approach the 21st century, the public seems increasingly disenchanted with the record of government, and less and less inclined to believe in the value of empirical analysis as a guide to action. Evidence of the loss of confidence in the public sector's ability to operate effectively and efficiently is found in opinion polls, falling rates of electoral participation, and the rising influence of "anti-government" politicians. In such an environment, it is useful to reflect on the historical role that applied social science has played in the public sector and the role it might play in the future.
Topic:
Government
Political Geography:
United States

57777. Immigrants in New York: Their Legal Status, Incomes, and Taxes

Author:
Jeffrey S. Passel and Rebecca L. Clark
Publication Date:
04-1998
Content Type:
Working Paper
Institution:
Urban Institute
Abstract:
This report provides essential demographic and economic information on legal immigrants residing in New York State and addresses significant shortcomings in the existing data for immigrants and in analyses of fiscal impacts of legal immigrants. It focuses on four major issues: the size of the legal immigrant populations; the characteristics of legal status groups, including both legal and undocumented populations; the incomes and taxes paid by immigrant populations and natives; and the economic adaptation of immigrants and their descendants.
Topic:
Government, International Law, and Migration
Political Geography:
United States and New York

57778. The Number and Cost of Immigrants on Medicaid: National and State Estimates

Author:
Leighton Ku and Bethany Kessler
Publication Date:
09-1998
Content Type:
Working Paper
Institution:
Urban Institute
Abstract:
This work was conducted under Subtask 2.2.12 of HHS Contract HHS-100-94-1009. Many constructive comments were provided by staff of the Department of Health and Human Services, including Linda Sanches, David Nielsen, Penelope Pine and Bob Tomlinson. We gratefully acknowledge data and advice made available by Ron North and Roger Buchanan of the Health Care Financing Administration and Charles Scott of the Social Security Administration. Many colleagues at the Urban Institute offered useful advice or data, including Brian Bruen, Rebecca Clark, Teresa Coughlin, Linda Giannarelli, Jeff Passel, Karen Tumlin and Wendy Zimmerman. All opinions expressed are the authors' and should not be interpreted as opinions of the Urban Institute or the Department of Health and Human Services.
Topic:
Government and Migration
Political Geography:
United States

57779. Information Technology and Economic Development: An Introduction to the Research Issues

Author:
Matti Pohjola
Publication Date:
11-1998
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
There is substantial evidence that new information technologies are in many ways transforming the operations of modern economies. More than half of employees use a computer at work in the most advanced industrial countries. About 10 per cent of the value of all private investment in fixed non-residential capital is devoted to computers and peripheral equipment in the United States and some other economies. This share goes up to 25 per cent when investment in information processing equipment is included. Nevertheless, all spending on information technology, including hardware, software and services, does not amount to more than 3-4 per cent of nominal GDP in these countries. The share is, however, increasing rapidly, indicating that a steady state has not yet been reached.
Topic:
Economics, Government, and Science and Technology
Political Geography:
United States

57780. Computers and Labour Markets: International Evidence

Author:
Francis Kramarz
Publication Date:
10-1998
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
The rapid diffusion of computers has widely changed the consequences of computer use on the labour market. While at the beginning of the eighties knowledge of computers was an obvious advantage in a career, this same knowledge is now so commonplace that the inability to use these tools is widely seen in many industries as a professional handicap. In relation to such drastic transformations, changes in the North American wage structure during the eighties in favour of the better educated have been interpreted by many analysts as evidence of skill-biased technical change. Evidence outside the US, and in particular in Europe, seems to support the idea that similar transformations affected most other labour markets.
Topic:
Economics, Government, and Science and Technology
Political Geography:
United States and Europe