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  • Author: Alan Reynolds
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Estimates of the elasticity of taxable income (ETI) investigate how high‐​income taxpayers faced with changes in marginal tax rates respond in ways that reduce expected revenue from higher tax rates, or raise more than expected from lower tax rates. Diamond and Saez (2011) pioneered the use of a statistical formula, which Saez developed, to convert an ETI estimate into a revenue‐​maximizing (“socially optimal”) top tax rate. For the United States, they found that the optimal top rate was about 73 percent when combining the marginal tax rates on income, payrolls, and sales at the federal, state, and local levels. A related paper by Piketty, Saez, and Stantcheva (2014) concluded that, at the highest income levels, the ETI was so small that comparable top tax rates as high as 83 percent could maximize short‐​term revenues, supposedly without suppressing long‐​term economic growth. Such studies could be viewed as part of a larger effort to minimize any efficiency costs of distortive taxation while maximizing assumed revenue gains and redistributive benefits.
  • Topic: Economics, History, Tax Systems, High-Income People
  • Political Geography: North America, Global Focus, United States of America
  • Author: Diego A. Diaz, Cristian Larroulet
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The number and impact of natural disasters are increasing because of climate change and more people living in urban areas (Sanderson and Sharma 2016). The mechanism is simple, at least when considering climatic events: higher temperatures lead to higher rates of water evaporation, which increases the chance of flooding events (Wallace et al. 2014; IPCC 2001). The number of hot days has increased and the number of cold days has decreased in land areas, with model projections indicating that extreme precipitation events will continue to increase, resulting in more floods and landslides. At the same time, mid‐​continental areas will get dryer, which will increase the chance of droughts and wildfires (Van Aalst 2006). The course of action taken by humanity in the next decades will likely play a pivotal role since extreme differences in projections are expected if global temperatures rise 2°C in comparison to 1.5 °C above preindustrial levels (Allen et al. 2019). What are the economic impacts of natural disasters? This question has been addressed to a large extent in the literature, but it still does not have a conclusive response. The seemingly natural reasoning that destruction cannot lead to a net benefit for society was explained almost two centuries ago by Bastiat (1850) in his famous broken window fallacy. A shopkeeper’s son, Bastiat relates, breaks a pane of glass in his father’s store. The father, angry due to the boy’s careless action, is offered consolation by the spectators, who claim that the event is positive for the economy since it provides labor to glaziers. While Bastiat acknowledges that the accident brings trade to the glazier since the shopkeeper has to replace the window, regarding the event as wealth‐​increasing conveys a narrow perspective. The shopkeeper ends up poorer since he cannot spend the same money elsewhere, and if the boy had not broken the window, then the labor and other materials that were used to repair the damage would have been used elsewhere, potentially making the tangible wealth of the community grow.
  • Topic: Climate Change, Natural Disasters, Crisis Management, Institutions, Urban
  • Political Geography: Global Focus
  • Author: Diego Zuluaga
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: When the Libra Association first announced its plan to launch a private digital currency for domestic and cross‐​border payments — then consisting of a single token backed by a mix of stable fiat currencies — financial inclusion was a big part of its business case. With 1.7 billion people globally lacking a bank or mobile money account, Libra thought it was imperative for some of the world’s largest companies, including the leading social media platform, to join forces and bring cheap payments to the world’s “unbanked.” And while this project has faced a rocky reception from central bankers and regulators — for reasons good and bad — even they often frame the case for their own, public digital currencies (CBDCs) in terms of bringing cheap and fast electronic payments to the greatest possible number of people, as cash use and cash acceptance decline.
  • Topic: Finance, Banks, Inclusion , Digital Currency
  • Political Geography: Global Focus
  • Author: Charles W. Calomiris
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: What we use as our medium of exchange is subject to dramatic change over time, and sometimes bank regulation has accelerated such changes. The national banking system, founded in 1863, envisioned the creation of a uniform medium of exchange in the form of national bank notes, which replaced the preexisting system of state bank note issuance. But the creation of the national banking system soon resulted in the diminished importance of bank notes as a medium of exchange. Under the new system, state banks faced a prohibitive tax of 10 percent per year on any notes they issued, and national banks had to maintain collateral at the Treasury for their outstanding national bank notes equal to 111 percent of their outstanding notes, and also had to maintain an additional 5 percent in required government‐​currency (“greenback”) cash reserves on hand. That meant that if a bank wanted to make loans, it had to find an alternative to bank notes as a funding source for those loans. Deposits had been growing in importance leading up to the National Banking Act of 1863, but the act accelerated the growth of deposits markedly, and they became the primary funding vehicle for loans. As Comptroller Eckels remarked in 1896: “And thus it has come about that deposit taking is now the feature, and the issuing of circulating notes but the incident, in national banking, instead of, as in the early history of the system, the note‐​issuing function being the feature and deposit banking but the incident” (Eckels 1896: 565; emphasis added).
  • Topic: Science and Technology, Finance, Banks, Loans
  • Political Geography: Global Focus
  • Author: Dong He
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The globalized economy now moves at the speed of electrons — and the future of money is inexorably going digital, too. New forms of digital money, such as central bank digital currencies (CBDCs) and so‐​called global stablecoins, are shaping the future of money and payments. CBDCs are a digital form of fiat currency issued by a central bank. Some central banks started exploring CBDCs a few years ago, and those explorations have gathered momentum since Facebook and its partners announced their intention to launch the Libra stablecoin in June 2019. Because the stablecoins issued by large technological companies or platforms (Big Techs) have the potential to be adopted by businesses and households everywhere, they are called “global stablecoins,” or GSCs, in shorthand.
  • Topic: Geopolitics, Global Political Economy, Money, Currency, Trade
  • Political Geography: Global Focus
  • Author: David Andolfatto
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The literature examining the question of central bank digital currency (CBDC) has grown immensely in a very short time. Much progress has been made since I first learned of the idea in a blogpost authored by J. P. Koning in 2014. That modest article soon led me to openly speculate on the merits of a central bank cryptocurrency in a talk I delivered at the International Workshop on P2P Financial Systems in Frankfurt (Andolfatto 2015). My audience, which consisted mainly of entrepreneurs, seemed to receive my talk with a polite mixture of bemusement and anxiety. Surely, I couldn’t be serious? To be honest, I’m not sure that I was. But then the threat of Facebook’s Libra came along, and central bankers around the world suddenly began to take the idea very seriously indeed.
  • Topic: Finance, Social Media, Central Bank, Currency, Digital Currency
  • Political Geography: Global Focus
  • Author: George Selgin
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Various proposals for a central bank digital currency (CBDC) involve different technical solutions to as many distinct problems. My concern is with the monetary policy implications of those (e.g., Bordo and Levin 2019; Ricks 2020) that would allow anyone to place deposits in a Fed Master Account, directly or using ordinary banks as brokers.
  • Topic: Monetary Policy, Banks, Central Bank, Financial Stability, Digital Currency
  • Political Geography: Global Focus
  • Author: Jesús Fernández‐​Villaverde
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The monetary arrangements of societies are the result of the interplay of technology and ideas. Technology determines, for example, which coins can be minted and at what cost. For centuries, minting small‐​denomination coinage was too costly to induce Western European governments to supply enough small change (Sargent and Velde 2002). Only the arrival of steam‐​driven presses fixed this problem (Doty 1998). Simultaneously, ideas about private property and the scope of government determined whether private entrepreneurs were allowed to compete with governments in the supply of small change (Selgin 2008). Technology and ideas about money engage dialectically. Technological advances shape our ideas about money by making new monetary arrangements feasible. Ideas about desirable outcomes direct innovators to develop new technologies.
  • Topic: Economics, Science and Technology, Monetary Policy, Cryptocurrencies
  • Political Geography: Europe, Global Focus
  • Author: Caitlin Long
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Stablecoins are financial obligations issued on a blockchain. They are generally fully collateralized with either fiat currency deposits at a bank, or with short‐​term government bonds held at a custodian. They’re issued only by nonbanks, although FINMA in Switzerland does allow Swiss banks to issue Swiss franc–denominated stablecoins. Usually stablecoins do not pay interest, and they are designed to trade at par with the fiat currency. Because they are issued on a blockchain, they usually settle in minutes, with irreversibility, and — critically — they are “programmable,” which means users can build their own software applications to interact with them.
  • Topic: Monetary Policy, Banks, Digital Currency
  • Political Geography: Global Focus, United States of America
  • Author: Alex Gladstein
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The future of currency is digital. The majority of transactions made every day are already electronic and controlled by banks or tech companies. These payments are easily surveillable, confiscatable, and censorable. Physical cash still functions as an essential savings mechanism and privacy tool for millions of people worldwide. With cash, individuals can buy goods and services or save without sharing their identity with a third‐​party merchant or custodian. But as banknotes fade from daily use, the future of financial freedom and privacy comes into serious jeopardy.
  • Topic: Finance, Privacy, Freedom, Digital Currency , Cash
  • Political Geography: Global Focus
  • Author: Eswar S. Prasad
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: New financial technologies — including those underpinning cryptocurrencies such as bitcoin — herald broader access to the financial system, quicker and more easily verifiable settlement of transactions and payments, and lower transaction costs. Domestic and cross‐​border payment systems are on the threshold of major transformation, with significant gains in speed and lowering of transaction costs on the horizon. The efficiency gains in normal times from having decentralized payment and settlement systems needs to be balanced against their potential technological vulnerabilities and the repercussions of loss of confidence during periods of financial stress.
  • Topic: Science and Technology, Finance, Central Bank, Digital Currency
  • Political Geography: Global Focus
  • Author: Lawrence H. White
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Private commercial banks have been providing trusted money to the public for hundreds of years, in the form of banknotes (where allowed) and transferable deposit balances, as an integral part of their business model. Economically, money balances are a private good: they are rival in consumption (you and I can’t both simultaneously spend a given banknote or deposit balance) and excludable in supply (you and your bank can stop me from spending the funds in your wallet or account) (White 1999: 89). Accordingly, the market does not inherently fail to provide money efficiently.
  • Topic: Markets, Monetary Policy, Economy, State, Banks, Digital Currency
  • Political Geography: Global Focus
  • Author: Neha Narula
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: We often spend a lot of time talking about the regulatory aspects of what a digital currency might look like, or the economic aspects. But if we take a look at the largest companies, the most influential on our ways of life, they’re tech companies. Technology is incredibly important and influences what we can do with policy and what kinds of functionality we can even enable. So, what I hope to tell you today is a little bit about how I’m seeing the technology development of digital currency.
  • Topic: Development, Science and Technology, Monetary Policy, Digital Currency
  • Political Geography: Global Focus
  • Author: Tobias Adrian, Tommaso Mancini-Griffoli
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: a card, waving a phone, or clicking a mouse. Or we might hand over notes and coins, though in many countries increasingly less often. Today’s world is characterized by a dual monetary system, involving privately issued money — by banks of all types, telecom companies, or specialized payment providers — built upon a foundation of publicly issued money — by central banks. While not perfect, this system offers significant advantages, including innovation and product diversity, mostly provided by the private sector, and stability and efficiency, ensured by the public sector. These objectives — innovation and diversity on the one hand, and stability and efficiency on the other — are related. More of one usually means less of the other. A tradeoff exists that countries — central banks especially — have to navigate. How much of the private sector to rely upon, versus how much to innovate themselves? Much depends on preferences, available technology, and the efficiency of regulation. So it is natural, when a new technology emerges, to ask how today’s dual monetary system will evolve. If digitalized cash — called central bank digital currency — does emerge, will it displace privately issued money or allow it to flourish? The first is always possible, by way of more stringent regulation. We argue that the second remains possible, by extending the logic of today’s dual monetary system. Importantly, central banks should not face a choice between either offering central bank digital currency, or encouraging the private sector to provide its own digital variant. The two can coincide and complement each other — to the extent central banks make certain design choices and refresh their regulatory frameworks.
  • Topic: Monetary Policy, Banks, Money, Digital Policy, Digital Currency
  • Political Geography: Global Focus
  • Author: Eileen Donahoe
  • Publication Date: 03-2021
  • Content Type: Journal Article
  • Journal: The Ambassador's Review
  • Institution: Council of American Ambassadors
  • Abstract: The United States plans to host a Summit for Democracy to advance President Joseph Biden’s stated priority for national security of revitalizing democracy. Digital technology must be a focal point of the Summit. The future of democracy depends, in large part, on the ability of democracies to confront the digital transformation of society – to address the challenges and to capitalize on its opportunities. Over the past decade, democracies have struggled to meet this test, while authoritarians have used technology to deepen repression and extend global influence. To combat the digital authoritarian threat, democracies must be rallied around a shared values-based vision of digital society and a joint strategic technology agenda. The Summit tech agenda should revolve around five core themes: 1) Democracies must get their own tech policy “houses” in order; 2) To win the normative battle, democracies must compete and win the technology battle; 3) Technological transformation necessitates governance innovation; 4) To win the geopolitical battle for the soul of 21st century digital society, democracies must band together; 5) Technology must be reclaimed for citizens and humanity.
  • Topic: Diplomacy, International Cooperation, Democracy, Summit
  • Political Geography: Global Focus
  • Author: O. Shamanov
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: International Affairs: A Russian Journal of World Politics, Diplomacy and International Relations
  • Institution: East View Information Services
  • Abstract: Issues concerning global climate change – by objective criteria, one of the most serious environmental threats of our time – have for many years been filling the top slots of the international agenda, and the political tem- perature of debates on this topic remains at the highest degree. Soon a new milestone will be reached on the thorny path of the inter- national climate process: on December 31, 2020, the Doha Amendment to the kyoto Protocol of the united nations Framework Convention on Climate Change (unFCCC) comes into force.1 this document extends the time frame of the kyoto Protocol from 2013 to 2020 (hence its unofficial title, kyoto-2) and contains a whole set of amendments to the kyoto guidelines, including updated quantitative criteria for greenhouse gas emission reductions for developed countries. Climate activists will probably schedule their next mass marches for this date, in order to mark this "historic" stage in the fight against global warming. Leaders from a number of states are expected to make bold new calls to “set the bar high” for the sake of averting a global climate col- lapse. But what remains hidden behind the scenes? What are the root caus- es of such a paradoxical situation, in which kyoto-2 is going into effect at the very end of its second commitment period?
  • Topic: Climate Change, Diplomacy, Environment, International Cooperation, United Nations
  • Political Geography: Global Focus
  • Author: Sergey Boiko
  • Publication Date: 05-2021
  • Content Type: Journal Article
  • Journal: International Affairs: A Russian Journal of World Politics, Diplomacy and International Relations
  • Institution: East View Information Services
  • Abstract: INFORMATION and communication technologies (ICTs) provide humankind with unprecedented opportunities. Mass communication technologies, the Internet of Things, artificial intelligence, cloud computing, blockchain, big data, e-government, digital medicine, and cryptocurrencies have become part and parcel of our life. But at the same time, new ICT achievements bring new threats and challenges – primarily to international peace, security and stability, and the sovereignty and territorial integrity of states. The first international warning about those threats came from the Shanghai Cooperation Organization (SCO). It was issued in the Agreement among the Governments of the SCO Member on Cooperation in the Field of Ensuring International Information Security of June 16, 2009.1 The main threats, the agreement says, are the “development and use of information weapons” and the “preparation and waging of information war.”
  • Topic: Science and Technology, International Security, Communications, Cybersecurity, Cryptocurrencies, Blockchain, Digital Policy, Internet of Things, Information Technology
  • Political Geography: China, Global Focus
  • Author: Gulten Dursun, Hale Butun Bayram
  • Publication Date: 07-2021
  • Content Type: Journal Article
  • Journal: The Rest: Journal of Politics and Development
  • Institution: Centre for Strategic Research and Analysis (CESRAN)
  • Abstract: This paper is concerned with the work experiences of women employees in info- service-based offices as telephone call centres. Call centres have grown rapidly in Turkey in recent years, creating a large number of new jobs. In particular, it is concerned with the question of whether call centre jobs are offering women new opportunities for career progression, or whether a more common bias is taking place in which women are being drawn into highly routinized jobs. The collection of data was carried out sourcing a heterogeneous plurality of instruments. Our research confirms that work processes in call centres are close association of surveillance technologies (technologic panoptican), exploitation and high levels of discipline, highly repetitive and heavily monitored, and that the association with the assembly line and Taylorism have dominated much of the rhetoric on call centres. In addition, we have observed that, the structure of women’s employment in the call centre industry tends to polarise.
  • Topic: Gender Issues, Science and Technology, Labor Issues, Feminism
  • Political Geography: Global Focus
  • Author: Tayyar Ari, Faith Bilal Gokpinar
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: Uluslararasi Iliskiler
  • Institution: International Relations Council of Turkey (UİK-IRCT)
  • Abstract: This study aims to discuss climate migration as a relatively new global issue with various dimensions and to widen the current perspective within global politics to be more inclusive and ecocentric. This study argues that traditional international relations theories and practices are ineffective in discussing and analyzing climate migration as a new global security problem. After a discussion of the conceptual problems, the traditional paradigms of international relations, their policy implications, and the traditional actors will be identified as the primary sources of this problems. Finally, we will conclude that the application of an ecocentric perspective, with holistic characteristics, will provide a better understanding of the current problems.
  • Topic: Security, Climate Change, Environment, Migration, Green Technology
  • Political Geography: Global Focus
  • Author: Nihal Eminoglu, K. Onur Unutulmaz, M. Gokay Ozerim
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: Uluslararasi Iliskiler
  • Institution: International Relations Council of Turkey (UİK-IRCT)
  • Abstract: This study aims at discussing the vulnerability of the Global Refugee Protection Regime (GRPR) during crises by applying the ‘international society’ concept within the English School of International Relations theory to the COVID-19 pandemic. We analyze the efficiency of the international society institutions on GRPR through the policies and practices of states as well as organizations such as the United Nations, European Union and Council of Europe. The GRPR has been selected because the ‘vulnerability’ of this regime has become a matter of academic and political debate as much as the vulnerability of those persons in need of international protection, specifically during times of crisis. Our analysis reveals that GRPR-centric practices and policies by the institutions of international society during the first four months afte
  • Topic: Diplomacy, International Law, Pandemic, COVID-19, Health Crisis
  • Political Geography: Global Focus