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  • Author: David Bier
  • Publication Date: 01-2019
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The Trump administration has proposed a new regulation that would greatly expand an old rule banning legal residence to immigrants deemed “likely to become a public charge”—that is, someone who the government has the responsibility to care for (USCIS 2018). The rule does not, nor could it, change eligibility for welfare programs for noncitizens in the United States. Instead, it requires applicants to prove that they are not likely, in the future, to become so dependent on welfare that they become a “public charge.” Therefore, the question regarding this regulation is not whether it is appropriate for noncitizens to become dependent on welfare, but whether the government will accurately predict their likelihood of doing so.
  • Topic: Immigration, Welfare, Donald Trump
  • Political Geography: North America, United States of America
  • Author: Andrew Liu
  • Publication Date: 01-2019
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: In 2016 alone, China saw $9 trillion in mobile payments—in contrast to a comparably small $112 billion of mobile payments in the United States (Abkowitz 2018). The use of mobile payment systems such as Alipay and WeChat Pay are widespread in China, with users ranging from beggars to lenders to criminals. Previously, the mobile payments landscape was largely untouched and unregulated by the Chinese government because of its relative insignificance in the Chinese economy. However, with the explosive growth in mobile payment transactions, the People’s Bank of China (PBOC) implemented a new mobile payment regulation on June 30, 2018. Most notably, the government will require all mobile payments to be cleared through the PBOC, and hence, all mobile payment transactions will begin to touch the hands of the Chinese Communist Party (CCP) (Hersey 2017). The PBOC’s stated reasoning for implementing this regulation is to curb money laundering and fraud. While those are valid concerns, it is unlikely that there are not additional motivations for the new regulation. In this article, I analyze the effects this new regulation has had and will likely have on the various mobile payment system stakeholders, competitors, and users, and also uncover what underlying motives the PBOC has in implementing the regulation.
  • Topic: Government, Regulation, Economy, Banks, Chinese Communist Party (CCP)
  • Political Geography: China, Asia
  • Author: Yiping Huang, Tingting Ge
  • Publication Date: 01-2019
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: When China began economic reform in 1978, it had only one financial institution, the People’s Bank of China (PBOC), which, at that time, served as both the central bank and a commercial bank and accounted for 93 percent of the country’s total financial assets. This was primarily because, in a centrally planned economy, transfer of funds was arranged by the state and there was little demand for financial intermediation. Once economic reform started, the authorities moved very quickly to establish a very large number of financial institutions and to create various financial markets. Forty years later, China is already an important player in the global financial system, including in the banking sector, direct investment, and bond and equity markets. However, government intervention in the financial system remains widespread and serious. The PBOC still guides commercial banks’ setting of deposit and lending rates through “window guidance,” although the final restriction on deposit rates was removed in 2015. Industry and other policies still play important roles influencing allocation of financial resources by banks and capital markets. The PBOC intervenes in the foreign exchange markets from time to time, through directly buying or selling foreign exchanges, setting the central parity, and determining the daily trading band. The regulators tightly manage cross-border capital flows, and the state still controls majority shares of most large financial institutions.
  • Topic: Economics, Foreign Exchange, Reform, Financial Markets, Banks
  • Political Geography: China, Asia
  • Author: David Boaz
  • Publication Date: 08-2018
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Democrats accuse President Trump of abuse of executive power and “thinking he is a dictator.” But then, Republicans made similar charges about President Obama. They all have a point. At least since the administration of Franklin D. Roosevelt, there has been a flow of power from civil society to government, from the states to the federal government, and from Congress to the executive branch. But a recent newspaper headline reminded me of some other headlines that tell a story.
  • Topic: International Affairs
  • Political Geography: America
  • Author: Gene Healy
  • Publication Date: 08-2018
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: For the past 17 years, presidents have used the 2001 Authorization for the Use of Military Force (AUMF) as a blank check to wage war whenever and wherever they please. Congress is now debating several replacement AUMFs—but these, too, pose the danger of granting the president far broader war powers than the Constitution envisioned. At a Capitol Hill Briefing, Cato’s GENE HEALY and JOHNGLASER made the case for repealing, rather than replacing, the AUMF.
  • Topic: International Affairs
  • Political Geography: America
  • Author: Institute CATO
  • Publication Date: 08-2018
  • Content Type: Commentary and Analysis
  • Institution: The Cato Institute
  • Abstract: Why do we pay $600 for EpiPens, a long-existing piece of technology that contains just a dollar’s worth of medicine? Why do hospitalized patients so frequently receive bills laden with inflated charges that come out of the blue from out-ofnetwork providers or that demand payment for services that weren’t delivered?
  • Topic: International Affairs
  • Political Geography: America
  • Publication Date: 08-2018
  • Content Type: Special Report
  • Institution: The Cato Institute
  • Abstract: In April, Cato’s Patrick Eddington introduced his new online initiative Checkpoint America: Monitoring the Constitution-Free Zone.
  • Topic: International Affairs
  • Political Geography: America
  • Author: Cato Institute
  • Publication Date: 08-2018
  • Content Type: Commentary and Analysis
  • Institution: The Cato Institute
  • Abstract: Congressional staff members play a vital role in shaping policy—they make decisions on which issues their bosses prioritize, which arguments the representatives and senators hear, and what language makes it into legislation. Cato’s popular Capitol Hill Briefings offer these staff members timely briefings on the most pressing issues facing their offices. At these events, Cato scholars and other experts update the staff on their latest scholarship and policy recommendations, critique current or upcoming legislation, and answer staffers’ questions.
  • Topic: International Affairs
  • Political Geography: America
  • Publication Date: 08-2018
  • Content Type: Commentary and Analysis
  • Institution: The Cato Institute
  • Abstract: Ambulances are notoriously expensive—one ride may cost more than $1,000, and insurance companies frequently refuse to cover them. In the past, patients had few alternatives to get themselves to the hospital—but in “Does Ride-Sharing Substitute for Ambulances?” (Research Briefs in Economic Policy no. 114), Leon S. Moskatel of Scripps Mercy Hospital and David J. G. Slusky of the University of Kansas demonstrate how the age of Uber and Lyft is changing that and is reducing expensive and unnecessary ambulance trips.
  • Topic: International Affairs
  • Political Geography: America
  • Author: Gene Healy
  • Publication Date: 09-2018
  • Content Type: Special Report
  • Institution: The Cato Institute
  • Abstract: Presidential impeachments are vanishingly rare in American constitutional history: in the 230 years since ratification, only three presidents have faced serious attempts to remove them from office. And yet, as President Donald J. Trump’s tumultuous tenure continues, it seems increasingly plausible that we’ll see a fourth.
  • Topic: International Affairs, Democracy, Constitution
  • Political Geography: America