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1151. Would a Stricter Fed Policy and Financial Regulation Have Averted the Financial Crisis?

Author:
Jagadeesh Gokhale and Peter Van Doren
Publication Date:
10-2009
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust—and the subsequent financial crisis and recession—would have been averted. In this paper, we investigate those claims and dispute them. We are skeptical that economists can detect bubbles in real time through technical means with any degree of unanimity. Even if they could, we doubt the Fed would have altered its policy in the early 21st century, and we suspect that political leaders would have exerted considerable pressure to maintain that policy. Concerning regulation, we find that the banking reform of the late 1990s had little effect on the housing boom and bust, and that the many reform ideas currently proposed would have done little or nothing to avert the crisis.
Topic:
Economics, Government, Markets, and Financial Crisis
Political Geography:
United States

1152. High-Speed Rail Is Not "Interstate 2.0"

Author:
Randal O'Toole
Publication Date:
09-2009
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
The administration has likened President Obama's high-speed rail plan to President Eisenhower's Interstate Highway System. Yet there are crucial differences between interstate highways and high-speed rail. First, before Congress approved the Interstate Highway System, it had a good idea how much it would cost. In contrast, Congress approved $8 billion for high-speed rail without knowing the total cost, which is likely to be at least $90 billion.
Topic:
Energy Policy, Government, and Infrastructure
Political Geography:
United States

1153. All the President's Mandates: Compulsory Health Insurance Is a Government Takeover

Author:
Michael F. Cannon
Publication Date:
09-2009
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
The most hazardous health reform measure before Congress is not the so-called "public option," but proposals to make health insurance compulsory via an individual or employer mandate. Compulsory health insurance could require nearly 100 million Americans to switch to a more expensive health plan and would therefore violate President Barack Obama's pledge to let people keep their current health insurance. In particular, the legislation before Congress could eliminate many or all health savings account plans. Making health insurance compulsory would also spark an unnecessary fight over abortion and would enable government to ration care to those with private health insurance.
Topic:
Government, Health, and Markets
Political Geography:
United States and America

1154. State Elites and the New Poverty Agenda in Bangladesh

Author:
Neil Webster, Zarina Rahman Khan, Abu Hossain Muhammad Ahsan, Akhter Hussain, and Mahbubur Rahmani
Publication Date:
10-2009
Content Type:
Working Paper
Institution:
Danish Institute for International Studies
Abstract:
The New Poverty Agenda (NPA) refers to policies and approaches that the developing countries pursue for poverty reduction with the financial assistance of the donor countries and seeks to secure ownership of the political and bureaucratic elites. This paper seeks to analyse the Poverty Reduction Strategy Paper (PRSP) as part of this process in Bangladesh and to look at role of the state elites in it. The PRSP process in Bangladesh clearly indicates the key role played by the bureaucrats in its formulation and implementation. Civil society though playing a progressively important role in influencing policy agenda mostly backed up the bureaucracy. Introduction of the PRSP replacing the earlier Five Year Plans did not change the approach towards dealing with development rather transformed the way to do things. It ushered in a qualitative change in planning and development policy implementation as a population begins to assert itself upon the politics of the state elites.
Topic:
Government, Poverty, and Social Stratification
Political Geography:
Bangladesh and South Asia

1155. Warlords As Bureaucrats: The Afghan Experience

Author:
Dipali Mukhopadhyay
Publication Date:
09-2009
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
Despite his commitment to develop a democratic, modern state, President Hamid Karzai placed many former warlords in positions of power, particularly in the provinces. Many observers, Afghan and foreign alike, have decried the inclusion of warlords in the new governmental structures as the chief corrosive agent undermining efforts to reconstruct the state. Indeed, warlord governors have not been ideal government officials. They have employed informal power and rules, as well as their personal networks, to preserve control over their respective provinces. Informalized politics of this kind is the antithesis of a technocratic, rule-based approach to governance and entails considerable costs, from inefficiency to corruption and human rights abuses.
Topic:
Security, Democratization, Government, Sovereignty, War, and Counterinsurgency
Political Geography:
Afghanistan and Asia

1156. What's So Special About Ghana?

Author:
Donald Teitelbaum
Publication Date:
10-2009
Content Type:
Journal Article
Institution:
Council of American Ambassadors
Abstract:
President Obama's July visit focused global attention on Ghana. His speech to the Ghanaian Parliament, however, was clearly a message to the African continent as a whole. He declared that “…this moment is just as promising for Ghana—and for Africa—as the moment when my father came of age and new nations were being born. This is a new moment of promise. Only this time, we have learned that it will not be giants like Nkrumah and Kenyatta who will determine Africa's future. Instead, it will be you—the men and women in Ghana's Parliament, and the people you represent. Above all, it will be the young people—brimming with talent and energy and hope—who can claim the future that so many in my father's generation never found.” Explaining why Ghana was a particularly relevant place to discuss Africa's future, President Obama stated, “Here in Ghana, you show us a face of Africa that is too often overlooked by a world that sees only tragedy or the need for charity. The people of Ghana have worked hard to put democracy on a firmer footing, with peaceful transfers of power even in the wake of closely contested elections. And with improved governance and an emerging civil society, Ghana's economy has shown impressive rates of growth.” More pointedly, President Obama recognized that “time and again, Ghanaians have chosen Constitutional rule over autocracy, and shown a democratic spirit that allows the energy of your people to break through.”
Topic:
Government
Political Geography:
Africa and Ghana

1157. U.S. Energy Policy and the Presumption of Market Failure

Author:
Peter Z. Grossman
Publication Date:
10-2009
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Over the last 35 years, the U.S. government has embarked on several major projects to spur the commercial development of energy technologies intended to substitute for conventional energy resources, especially fossil fuels. Those efforts began with the 1973 energy crisis when President Nixon became the first U.S. leader to announce a plan for energy autarky. Presidents Ford and Carter followed Nixon's “Project Independence” with similar pledges. But beginning with Ford's 1975 energy act, plans for energy independence were tied directly to the development of new, alternative energy technologies. Under President Carter in particular, the federal government embarked on highly publicized, heavily funded efforts at developing new technologies with specific timetables for commercial entry and, in a few cases, a timetable for mass market substitution. Current mandates for ethanol and other biofuels fit this latter objective.
Topic:
Government
Political Geography:
United States

1158. The Libertarian Illusion: Ideology, Public Policy, and the Assault on the Common Good

Author:
Jason Kuznicki
Publication Date:
10-2009
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
It is daunting to review a book claiming that everything you believe is wrong. Fortunately, William Hudson's The Libertarian Illusion also attacks many things that neither I nor very many other libertarians believe. This gives courage for the rest.
Topic:
Government
Political Geography:
California

1159. Copenhagen's Inconvenient Truth

Author:
Michael Levi
Publication Date:
09-2009
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
This December, diplomats from nearly 200 countries will gather in Copenhagen to negotiate a successor to the 1997 Kyoto Protocol, which for the first time bound wealthy countries to specific cuts in greenhouse gas emissions. Most of these emissions come from burning fossil fuels -- coal, oil, and natural gas -- for energy, from deforestation, and from the agricultural sector. They must be cut deeply in the coming decades if the world is to control the risks of dangerous climate change. Most of those devoted to slashing the world's greenhouse gas emissions have placed enormous weight on the Copenhagen conference. Speaking earlier this year about the conference, UN Secretary-General Ban Ki-moon was emphatic: "We must harness the necessary political will to seal the deal on an ambitious new climate agreement in December here in Copenhagen. . . . If we get it wrong we face catastrophic damage to people, to the planet." Hopes are higher than ever for a breakthrough climate deal. For the past eight years, many argued that developing nations reluctant to commit to a new global climate-change deal -- particularly China and India -- were simply hiding behind the United States, whose enthusiastic engagement was all that was needed for a breakthrough. Now the long-awaited shift in U.S. policy has arrived. The Obama administration is taking ambitious steps to limit carbon dioxide emissions at home, and Congress is considering important cap-and-trade and clean-energy legislation. The road to a global treaty that contains the climate problem now appears to be clear. But it is not so simple. The odds of signing a comprehensive treaty in December are vanishingly small. And even reaching such a deal the following year would be an extraordinary challenge, given the domestic political constraints in Washington and in other capitals that make such an agreement difficult to negotiate and ratify. The many government officials and activists seeking to solve the climate problem therefore need to fundamentally rethink their strategy and expectations for the Copenhagen conference.
Topic:
Government
Political Geography:
United States and Washington

1160. Bad Debts: Assessing China's Financial Influence in Great Power Politics

Author:
Daniel W. Drezner
Publication Date:
10-2009
Content Type:
Journal Article
Journal:
International Security
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
China has challenged the United States on multiple policy fronts since the beginning of 2009. On the security dimension, Chinese ships have engaged in multiple skirmishes with U.S. surveillance vessels in an effort to hinder American efforts to collect naval intelligence. China has also pressed the United States on the economic policy front. Prime Minister Wen Jiabao told reporters that he was concerned about China's investments in the United States: “We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” The head of the People's Bank of China, Zhou Xiaochuan, followed up with a white paper suggesting a shift away from the dollar as the world's reserve currency. China's government has issued repeated calls for a greater voice in the International Monetary Fund (IMF) and World Bank. To bolster this call, Beijing helped to organize a summit of the leaders of Brazil, Russia, India, and China (BRIC) to better articulate this message.
Topic:
Security, Debt, Government, and Intelligence
Political Geography:
Russia, United States, China, India, and Brazil