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You searched for: Content Type Policy Brief Remove constraint Content Type: Policy Brief Publishing Institution The Brookings Institution Remove constraint Publishing Institution: The Brookings Institution Political Geography Europe Remove constraint Political Geography: Europe Publication Year within 25 Years Remove constraint Publication Year: within 25 Years Topic Economics Remove constraint Topic: Economics
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  • Author: James C. Capretta
  • Publication Date: 03-2006
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: Although Social Security reform appears to be off of the national agenda for now, real funding problems remain for America's popular retirement program that policymakers need to address. The payroll taxes that support Social Security's “pay–as-you-go” system will begin to fall short of outlays in 2017 and will be sufficient to finance only 74 percent of scheduled annual benefits by 2041, when the Social Security trust fund is projected to be exhausted.
  • Topic: International Relations, Economics
  • Political Geography: United States, Europe, Germany, Sweden
  • Author: Robert Litan, Richard Herring
  • Publication Date: 04-2003
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: In 1999, after nearly twenty years of debate, the U.S. Congress finally passed legislation permitting bank affiliations with all sorts of other financial enterprises, and vice versa. In this step, the United States joined many other countries — especially in Europe and, more recently, Japan — in allowing the operation of financial conglomerates. But are financial conglomerates the wave of the future in finance? And if so, how are they to be regulated? These were the two central questions addressed in the fifth annual conference of the Brookings-Wharton Papers on Financial Services, an annual volume published by the Brookings Institution Press. The conference, held in October 2002 in Washington, D.C., convened financial services experts from around the world. The papers presented at the conference suggest, generally, that while the future may see more financial conglomerate activity than it has in the past, there still will be a role for specialist, or "monoline" financial companies. As for regulation, there is no settled model: some nations will pursue consolidated supervision, with authority over entire conglomerates vested in a single authority (often the central bank), while others will still regulate the pieces of diversified financial enterprises along structural lines.
  • Topic: Economics, Government, Industrial Policy, International Trade and Finance
  • Political Geography: United States, Europe, Washington
  • Author: Philip H. Gordon, Henri Barkey
  • Publication Date: 06-2002
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: The resumption of negotiations between the Greek Cypriot and Turkish Cypriot leaders has led to renewed hopes that the divided island of Cyprus can be reunified ahead of its likely invitation to join the European Union (EU) in December 2002. In fact, however, there is no guarantee that the renewed talks will produce a deal. Americans and other interested observers should support the process and encourage the leaders to compromise. But they should also be prepared for a scenario in which the parties cannot overcome their differences and the EU extends an invitation to join that would only apply to the Greek portion of the island.
  • Topic: Economics
  • Political Geography: America, Europe, Island
  • Author: Jeffrey A. Frankel
  • Publication Date: 06-1999
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: The recent financial crises in many emerging market economies have raised anew questions about the appropriate exchange-rate regime and the use of capital controls as policy instruments. The use of both mechanisms should be tailored to each country's unique circumstances. Fixed exchange-rate mechanisms, such as dollarization (adopting the dollar as legal tender in place of the national currency), are suited to small open economies or those desperate to import monetary stability. Larger economies, such as the European Union (EU) and the United States, should allow their currencies to float. Intermediate regimes that fall between fixed- and floating-rate regimes—such as bands, baskets, and crawls (See Figure 1 for definitions)—are still appropriate for some countries. Certain well-targeted restrictions on the composition of capital flows might be appropriate for some emerging-market countries as temporary measures when inflows are particularly high.
  • Topic: Economics, International Trade and Finance
  • Political Geography: United States, Europe