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41. Bright Lines and Bailouts: To Bail or Not To Bail, That Is the Question

Author:
Vern McKinley and Gary Gegenheimer
Publication Date:
04-2009
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
A financial-institution bailout involves government intervention through a transaction or forbearance targeted to a financial institution or group of financial institutions. The action is preemptive as the financial institution does not fail and go out of business, but remains a going concern, benefiting creditors, shareholders, or counterparties. In the absence of a bailout, the financial institution would either be forced to go through receivership or bankruptcy in the prescribed legal form, or have its role in financial intermediation disrupted.
Topic:
Economics, Government, Political Economy, and Privatization
Political Geography:
United States

42. Private Military and Security Companies: A Framework for Regulation

Author:
James Cockayne and Emily Speers Mears
Publication Date:
03-2009
Content Type:
Working Paper
Institution:
International Peace Institute
Abstract:
In late 2008, seventeen states, including the US, UK, China, Iraq, and Afghanistan, endorsed the Montreux Document on Pertinent International Legal Obligations and Good Practices for States Related to Operations of Private Military and Security Companies During Armed Conflict. This provides important guidance to states in regulating Private Military and Security Companies (PMSCs). But there is a need to do more, to provide increased guidance to industry and ensure standards are enforced.
Topic:
Security, International Law, Privatization, Treaties and Agreements, and War
Political Geography:
Afghanistan, United States, China, Iraq, and United Kingdom

43. A Matter of Trust: Why Congress Should Turn Federal Lands into Fiduciary Trusts

Author:
Randal O'Toole
Publication Date:
01-2009
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
The Forest Service, Bureau of Land Management, National Park Service, and Fish and Wildlife Service collectivelymanagewell over a quarter of the land in theUnited States.Although everyone agrees that the landsandresourcesmanagedbytheseagencies are exceedingly valuable, the lands collectively cost taxpayers around $7 billion per year.
Topic:
Agriculture, Civil Society, Environment, Government, and Privatization

44. Italy: the uneasy co-existence of different social models

Author:
Marino Regini and Sabrina Colombo
Publication Date:
01-2009
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
The “European social model” includes a welfare regime with generous social expenditure; high employment or income protection; a well-developed system of industrial relations; and involvement of social partners in policymaking. Within the Italian social model, however, one can find three major dividing lines. The first one stems from the coexistence of different models in different areas of the country. Second, an occupation-based principle in pensions and in unemployment benefits coexists with a citizenship-based one in health and education. Finally, core workers enjoy high job and income security, whereas outsiders are highly dependent on the market. These three dividing lines substantially endanger the legitimacy and social acceptance of the Italian social model: each of them profoundly affects the perceptions of workers and citizens, leading to widespread criticism of even those aspects that clearly benefit them and, at the same time, to fierce opposition to the several attempts at reforming it.
Topic:
Economics, Government, Political Economy, and Privatization
Political Geography:
Europe and Italy

45. Did Reagan Rule In Vain? A Closer Look at True Expenditure Levels in the United States and Europe

Author:
Jacob Funk Kirkegaard
Publication Date:
01-2009
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
It is generally believed that the United States is a country of low taxes and small government, at least when compared with countries in Europe (and until the financial crisis so greatly expanded the role of the federal government in the United States in late 2008). Fully accounting for the role, size, and effect of the government in an economy is a complex endeavor, however, and it is hardly accomplished by repeatedly restating differences in top marginal tax rates, overall tax burdens, or gross sizes of governments in GDP terms.
Topic:
Economics, Government, Political Economy, and Privatization
Political Geography:
United States and Europe

46. Bailout or Bankruptcy?

Author:
Jeffrey A. Miron
Publication Date:
01-2009
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
At the end of September 2007, the U.S. economy had experienced 24 consecutive quarters of positive GDP growth, at an average annual rate of 2.73 percent. The S 500 Index stood at roughly 1,500, having rebounded over 600 points from its low point in 2003. Unemployment was below 5 percent, and inflation was low and stable.
Topic:
Democratization, Economics, International Trade and Finance, Markets, and Privatization
Political Geography:
United States

47. Origins of the Financial Market Crisis of 2008

Author:
Anna J. Schwartz
Publication Date:
01-2009
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
I begin by describing the factors that contributed to the financial market crisis of 2008. I end by proposing policies that could have prevented the baleful effects that produced the crisis.
Topic:
Democratization, Economics, International Trade and Finance, Markets, Privatization, and Financial Crisis
Political Geography:
United States

48. Reflections on the Financial Crisis

Author:
Allan H. Meltzer
Publication Date:
01-2009
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
I am going to make several unrelated points, and then I am going to discuss how we got into this financial crisis and some needed changes to reduce the risk of future crises.
Topic:
Democratization, Economics, International Trade and Finance, Markets, Privatization, and Financial Crisis
Political Geography:
United States

49. Monetary Policy and Asset Prices Revisited

Author:
Donald L. Kohn
Publication Date:
01-2009
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
We are in the midst of a global financial crisis that is now weighing heavily on economies around the world. Although the outlook remains extremely uncertain, both the fragility of the financial system and the weakness in real activity seem likely to persist for a while. To promote maximum sustainable economic growth and price stability, the Federal Reserve has responded to this crisis by easing monetary policy markedly, and we have greatly expanded our liquidity facilities to keep credit flowing when private lenders have become reluctant or unable to do so. Other central banks have also cut policy rates significantly and expanded their lending. In addition, the federal government and governments around the world have taken extraordinary actions to strengthen financial systems to preserve the ability of households and businesses to borrow and spend.
Topic:
Democratization, Economics, International Trade and Finance, Markets, and Privatization
Political Geography:
United States

50. Asset Prices and Monetary Policy

Author:
Otmar Issing
Publication Date:
01-2009
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Beyond dealing with the immediate problems, any crisis raises questions of why and how we got there and what lessons should be drawn to avoid a repetition of past developments—without laying the ground for a new disaster. This line of inquiry also applies to the current crisis in financial markets. Even during the heaviest turbulence a discussion has started on obvious deficits in the system of regulation and supervision and on badly needed improvements. In this article, I concentrate on monetary policy but that does not mean regulatory measures are irrelevant in this context, quite the opposite.
Topic:
Democratization, Economics, International Trade and Finance, Markets, and Privatization
Political Geography:
United States