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  • Author: Kam Hon Chu
  • Publication Date: 12-2011
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Many financial systems were plagued by bank runs or subject to the risk of contagion when the recent financial tsunami unfolded. The runs on the U.S. banks Countrywide and IndyMac, Britain's Northern Rock, and Hong Kong's Bank of East Asia, among others, occurred about a few years ago, but they are still vivid to us. These runs were, of course, the symptoms rather than the root cause of the financial tsunami. In response to the most severe systemic global financial crisis since the Great Depression, policymakers and regulators in many countries have implemented various drastic regulatory measures to rescue the financial systems from meltdowns and to avert deep economic downturns. Such measures vary from country to country, but generally speaking they include governments' takeovers of banks or capital injections, quantitative easing techniques, provisions of liquidity by lax lender-of-last-resort lending, lower discount rates, and more generous deposit insurance.
  • Political Geography: United States, Asia, Hong Kong
  • Author: Deepak Lal
  • Publication Date: 06-2010
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: In the early 1980s, I was working as the research administrator at the World Bank, while the Third World was engulfed by a debt crisis. The current global financial crisis has eerie similarities, but different outcomes. Why?
  • Topic: Third World, Financial Crisis
  • Political Geography: Africa, Asia, Latin America
  • Author: Malou Innocent
  • Publication Date: 04-2009
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: A spreading Islamic insurgency engulfs the amorphous and ungoverned border between Afghanistan and Pakistan. After initial victories by the United States and the Northern Alliance in autumn 2001, hundreds of Taliban and al Qaeda fighters fled Afghanistan to seek refuge across the border in Pakistan's rugged northwest. Since 2007, the number of ambushes, militant offensives, and targeted assassinations has risen sharply across Afghanistan, while suicide bombers and pro-Taliban insurgents sweep through settled areas of Pakistan at an alarming pace. For better and for worse, Pakistan will remain the fulcrum of U.S. policy in the region—its leaders continue to provide vital counterterrorism cooperation and have received close to $20 billion in assistance from the United States, yet elements associated with its national intelligence agency, Inter-Services Intelligence, covertly assist militant proxy groups destabilizing the region
  • Topic: Security, Foreign Policy, International Cooperation, Islam, War
  • Political Geography: Pakistan, Afghanistan, United States, South Asia, Asia
  • Author: Jefferson Fox
  • Publication Date: 11-2009
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: Over the last half-century, public policy has affected land-use practices across the borders linking China, Thailand, and Laos. Political and economic reforms have facilitated labor mobility and a shift in agricultural practices away from staple grains and toward a diverse array of cash crops, rubber being one of the foremost. China has promoted the conversion of forests to rubber agroforestry in southern Yunnan—profitable for farmers, but a concern in terms of biodiversity and long-term viability. In Thailand, the response is at the other end of the spectrum as the government's concerns about land-use practices and watershed management have led to policies that dramatically constrain land-use practices and limit tenure rights. In Laos the future is not yet clear. Government policies provide weak support for both private land ownership and protected areas. In a global environment where national policy has such a dramatic effect on land use and land cover, the factors behind land-use change merit close examination.
  • Topic: Agriculture, Economics
  • Political Geography: China, Asia, Thailand, Southeast Asia, Laos
  • Author: Nikolas Gvosdev
  • Publication Date: 02-2008
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: A review of America's post-Soviet strategy toward Russia is long overdue. The illusions that once guided policy are now at an end. What is needed is a dispassionate approach to Russia, wherein Americans would neither magnify nor excuse the virtues and vices of the Russian Federation but would accept the following realities: Russia is unlikely to become integrated into the Euro-Atlantic community and is unwilling to adjust its foreign policy priorities accordingly; There is broad-based support within Russia for the direction in which Vladimir Putin has taken the country; Russia has undergone a genuine—if limited— recovery from the collapse of the 1990s; Washington lacks sufficient leverage to compel Russian acquiescence to its policy preferences; and On a number of critical foreign policy issues, there is no clear community of interests that allows for concepts of "selective partnership" to be effective.
  • Topic: International Relations, Diplomacy
  • Political Geography: Russia, United States, America, Europe, Asia, Soviet Union
  • Author: Andrei Illarionov
  • Publication Date: 01-2008
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: One day I asked Milton Friedman a question. That question was in my mind every time we met: “Could he have achieved the same status he did in America if he had lived in Russia—not only in terms of his research, but in shaping his outlook on life and in his under-standing of freedom?” Having kept silent for a moment, he answered: “no.”
  • Topic: Economics
  • Political Geography: Russia, United States, America, Europe, Asia
  • Author: Deepak Lal
  • Publication Date: 01-2008
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: In explaining the acceleration in Indian growth, and to judge if an Indian economic miracle is on its way, it is first necessary to establish when this acceleration began, as this is still subject to controversy. Second it is necessary to identify the sources of this acceleration and to see to what extent these are the results of policy. Third, to provide some reading of the tea leaves until 2030, it is necessary to outline the current constraints on growth. But before that, the current change in Indian economic fortunes needs to be put into historical perspective. This is done in the first part of this article, followed by the next three parts, which deal with the other three broad themes outlined above. As this article is in honor of Angus Maddison, I rely wherever possible on the growth accounting method that he has made so much his own.
  • Topic: Economics
  • Political Geography: India, Asia
  • Author: Justin Logan, Ted Carpenter
  • Publication Date: 09-2007
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Taiwan spends far too little on its own defense, in large part because the Taiwanese believe the United States is their ultimate protector. The Taiwan legislature's six-year delay and severe down- sizing of a budget to pay for weapons systems that Washington has offered the island since 2001 is only one piece of evidence of Taiwan's free riding. Although Taiwan recently approved roughly US$300 million of the original budget of about $18 billion, the underlying problem remains: even with the new appropriation, Taiwan's overall investment in defense—approximately 2.6 percent of GDP—is woefully inadequate, given the ongoing tensions with mainland China. America is now in the unenviable position of having an implicit commitment to defend a fellow democracy that seems largely uninterested in defending itself.
  • Topic: Conflict Prevention, Security, Defense Policy
  • Political Geography: United States, Asia
  • Author: Rensselaer Lee
  • Publication Date: 06-2006
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: The danger posed by Russia's inadequately secured stocks of nuclear weapons and fissile material is a major national security concern for the United States. Various cooperative U.S.-Russian programs aimed at securing nuclear material, weapons, and design intelligence have been mounted since the 1990s, but clever and determined adversaries may be able to circumvent or defeat the defenses that the United States and its partners are attempting to put in place. U.S. programs are by their nature reactive: they have long time horizons; they focus preeminently on the supply side of the problem; and they face serious technological limitations. Russia's imperfect commitment to nonproliferation also undermines the effectiveness of U.S. nonproliferation efforts.
  • Topic: International Relations, Security, Foreign Policy, Nuclear Weapons
  • Political Geography: Russia, United States, Europe, Asia
  • Author: Christopher Preble
  • Publication Date: 04-2006
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: The U.S.-Japan strategic relationship, formalized during the depths of the Cold War and refined during the 1980s and 1990s, continues to undergo dramatic changes. Although Japan is economically capable and now seems politically motivated to assume full responsibility for defending itself from threats, it is legally constrained from doing so under the terms of the Japanese constitution, particularly Article 9. The path to defensive self-sufficiency is also impeded by Japan's continuing dependence on the United States embodied in the U.S.-Japan security alliance.
  • Topic: International Relations, Diplomacy
  • Political Geography: United States, Japan, Israel, East Asia, Asia
  • Author: Ted Galen Carpenter
  • Publication Date: 03-2004
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: The Bush administration has gone from one extreme to the other with regard to U.S. policy on Taiwan. During the early months of his administration, the president gave a seemingly unconditional pledge to defend Taiwan from attack by mainland China—going significantly further than his predecessors had. He followed that assurance by approving the largest arms sales package to Taiwan in nearly a decade. In marked contrast to the Clinton years, high-profile visits by Taiwanese leaders to the United States have been encouraged, despite Beijing's protests.
  • Topic: Foreign Policy, Development, Politics
  • Political Geography: United States, China, Asia
  • Author: Ted Galen Carpenter
  • Publication Date: 01-2003
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: North Korea's recent actions in violation of the clear intent of the agreement it signed in 1994 to freeze its nuclear program have ignited a crisis in northeast Asia. Unfortunately, all of the frequently discussed options for dealing with this crisis have major drawbacks.
  • Topic: International Political Economy, Nuclear Weapons, Treaties and Agreements, Weapons of Mass Destruction
  • Political Geography: Asia, North Korea
  • Author: Ivan Eland
  • Publication Date: 02-2003
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: China's economy is four times the size of Taiwan's and apparently growing at a faster rate; that economic disparity between China and Taiwan could eventually lead to a military disparity as well. Nonetheless, even an informal U.S. security guarantee for Taiwan against nuclear-armed China is ill-advised. Taiwan is not strategically essential to America's national security. Moreover, China has significant incentives to avoid attacking Taiwan. Perhaps the most crucial is that hostile behavior toward Taiwan would jeopardize China's increasing economic linkage with the United States and other key countries.
  • Topic: Security, Defense Policy
  • Political Geography: United States, China, America, Taiwan, Asia
  • Author: Charles V. Peña
  • Publication Date: 12-2001
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: To prosecute the war on terrorism, President Bush has assembled a diverse coalition of countries for political, diplomatic, and military support. Some of those countries are long-standing friends and allies of the United States. Others have new or changing relationships with the United States. Although there may be a price for their support, America should not pay an excessive price—one that could be detrimental to longer-term U.S. national security interests. And though it may be necessary to provide a certain amount of immediate aid (directly or indirectly) as a quid pro quo for the support of other nations in our war on terrorism, the United States needs to avoid longer-term entanglements, open-ended commitments, and the potential for an extreme anti-American backlash.
  • Topic: Security, Religion, Terrorism
  • Political Geography: Russia, United States, America, Europe, Middle East, Asia
  • Author: Doug Bandow
  • Publication Date: 03-2001
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: As the world becomes a less dangerous place for America, U.S. officials work more desperately to preserve America's pervasive international military presence. This policy is evident in the Philippines, with which Washington recently concluded a Visiting Forces Agreement.
  • Topic: Foreign Policy, Politics
  • Political Geography: United States, Asia, Philippines, Southeast Asia
  • Author: Charles V. Peña
  • Publication Date: 12-2001
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: To prosecute the war on terrorism, President Bush has assembled a diverse coalition of countries for political, diplomatic, and military support. Some of those countries are long-standing friends and allies of the United States. Others have new or changing relationships with the United States. Although there may be a price for their support, America should not pay an excessive price—one that could be detrimental to longer-term U.S. national security interests. And though it may be necessary to provide a certain amount of immediate aid (directly or indirectly) as a quid pro quo for the support of other nations in our war on terrorism, the United States needs to avoid longer-term entanglements, openended commitments, and the potential for an extreme anti-American backlash.
  • Topic: Security, Religion, Terrorism
  • Political Geography: Russia, United States, America, Europe, Middle East, Asia
  • Author: Ted Galen Carpenter
  • Publication Date: 05-2001
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: When he pledged to do whatever was necessary—even use U.S. military forces—to help Taiwan defend itself, President George W. Bush seemingly replaced Washington's long-standing policy of “strategic ambiguity” with a policy of strategic clarity. Although the president and his advisers subsequently retreated from his initial rhetorical stance, both China and Taiwan are likely to believe that Bush's original statement accurately reflects U.S. policy. That creates an extremely dangerous situation for the United States.
  • Topic: Security, Defense Policy, Politics
  • Political Geography: United States, China, Washington, Taiwan, Asia
  • Author: Doug Bandow
  • Publication Date: 03-2001
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: As the world becomes a less dangerous place for America, U.S. officials work more desperately to preserve America's pervasive international military presence. This policy is evident in the Philippines, with which Washington recently concluded a Visiting Forces Agreement.
  • Topic: Foreign Policy, Politics
  • Political Geography: United States, America, Washington, Asia, Philippines, Southeast Asia
  • Author: Doug Bandow
  • Publication Date: 08-2000
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: The recent summit meeting between South Korean president Kim Dae Jung and North Korean leader Kim Jong Il raises the prospect that the Cold War on the Korean Peninsula may at last be coming to an end. Although the latest effort at détente could ultimately abort as did similar initiatives in the 1970s and early 1990s, North Korea's dire economic straits probably leave the Stalinist state little choice this time but to open itself to the outside world and seek trade and investment from its prosperous, democratic South Korean rival.
  • Topic: Foreign Policy, Politics
  • Political Geography: United States, Washington, Israel, Asia, South Korea, Latin America, Korean Peninsula
  • Author: Jonathan G. Clarke
  • Publication Date: 10-2000
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: The foreign policy record of the Clinton-Gore administration deserves a less than stellar grade. At the end of the Cold War, there was an extraordinary opportunity to build a new relationship with a democratic Russia; restructure U.S. security policy in both Europe and East Asia to reduce America's burdens and risk exposure; and revisit intractable Cold War–era problems, such as the frosty relations with Cuba, Vietnam, and North Korea. The administration's performance must be judged within the context of such an unprecedented opportunity for constructive change.
  • Topic: International Relations, Foreign Policy
  • Political Geography: Russia, United States, China, Europe, Israel, East Asia, Asia, North Korea, Vietnam
  • Author: Charles V. Peña
  • Publication Date: 07-2000
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: Traditionally, strategic offensive arms control and ballistic missile defense have been viewed as mutually exclusive. During the Cold War, the general belief was that anti–ballistic missile (ABM) systems would call into question the ability of the superpowers to successfully survive a first nuclear strike and inflict sufficient damage with a second strike. That is, missile defense could allow one superpower to launch a first strike and then use its defenses to intercept a second strike with the other superpower's surviving warheads—thereby undermining deterrence and stability. Furthermore, the thinking was that this situation would result in a dangerous offensive arms race as each side sought to counter the effects of the other's defenses.
  • Topic: Defense Policy, Arms Control and Proliferation, Nuclear Weapons
  • Political Geography: Russia, United States, Europe, Asia
  • Author: Mark A. Groombridge
  • Publication Date: 04-2000
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: The U.S. Congress is in the historic position of being able to help pro-reform leaders in China move their country in a market-oriented direction. A vote to grant China permanent normal trade relations (PNTR) status will bolster the position of those leaders in Beijing who are attempting to deepen and broaden the scope of China's two-decade experiment with economic reform. Granting PNTR and China's subsequent accession to the World Trade Organization will benefit, not only the United States and the world trading community, but most directly the citizens of China, millions of whom are still mired in abject poverty.
  • Topic: International Relations, Foreign Policy, International Trade and Finance
  • Political Geography: United States, China, Beijing, Asia
  • Author: Kurt Schuler, George A. Selgin
  • Publication Date: 06-1999
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: On August 17, 1998, Russia devalued the ruble and stopped payment on its government debt, creating a financial crisis that continues today. Some observers have blamed the financial crisis, and the poor performance of the Russian economy generally, on government policies that they claim are rigidly laissez faire. However, a closer look at the Russian financial system reveals that it remains fundamentally socialist, though it has superficial capitalist features.
  • Topic: Debt, Economics, Government, Financial Crisis
  • Political Geography: Russia, Europe, Asia
  • Author: Christopher Layne
  • Publication Date: 05-1999
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: The Clinton administration has made one miscalculation after another in dealing with the Kosovo crisis. U.S. officials and their NATO colleagues never understood the historical and emotional importance of Kosovo to the Serbia n people, believing instead that Belgrade's harsh repression of the ethnic Albanian secessionist movement in Kosovo merely reflected the will of President Slobodan Milosevic of Yugoslavia. The administration's foreign policy team mistakenly concluded that, under a threat of air strikes, the Yugoslav government would sign a dictate d peace accord (the Rambouillet agreement) to be implemented by a NATO peacekeeping force in Kosovo. Even if Milosevic initially refused to sign the Rambouillet agreement, administration leaders believed that Belgrade would relent after a brief “demonstration” bombing campaign. Those calculations proved to be disastrously wrong.
  • Topic: Conflict Resolution, International Relations, Foreign Policy, NATO, Ethnic Conflict
  • Political Geography: Russia, United States, China, Europe, Eastern Europe, Asia, Kosovo, Yugoslavia, Serbia, Balkans, Albania
  • Author: Janine R. Wedel
  • Publication Date: 03-1999
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: Since the fall of the Berlin Wall in 1989 and the subsequent breakup of the Soviet Union in 1991, the governments of the United States and other Western countries have provided massive aid to promote a transition to the free market in Central and Eastern Europe and the former Soviet Union. But aid for market reforms in the region has been largely ineffective. Whether provided in the form of technical assistance, grants to political groups or nongovernmental organizations, loans and guarantees to the private sector, or direct financial aid to post-communist governments, that aid has been plagued by a number of problems. The failed $22.6 billion bailout of Russia by the International Monetary Fund in July 1998 only confirmed the flawed nature of the aid-for-reform approach.
  • Topic: Economics, Emerging Markets
  • Political Geography: Russia, United States, Europe, Eastern Europe, Asia, Soviet Union
  • Author: Steve H. Hanke
  • Publication Date: 10-1998
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: The devaluation of the Russian ruble this year was predictable, especially considering Russia's poor monetary history. State-manipulated money has been a Russian hallmark since the time of Peter the Great and shows that the country's money problems are endemic and do not depend on who controls the central bank. Czarist, Soviet, and post-Soviet governments have used the central bank printing press to finance deficit spending, resulting in high inflation, confiscation of savings, capital controls, or a combination of the three.
  • Topic: Economics, International Political Economy
  • Political Geography: Russia, Europe, Asia, Soviet Union
  • Author: Anna J. Schwartz
  • Publication Date: 08-1998
  • Content Type: Policy Brief
  • Institution: The Cato Institute
  • Abstract: The International Monetary Fund and the U.S. Treasury Department's Exchange Stabilization Fund are undemocratic institutions unaccountable for their actions. Their current functions have little to do with their original missions. The ESF is used by the executive branch to circumvent Congress in the provision of foreign aid. Its foreign exchange interventions have, in any event, always been wasteful and ineffective at controlling the relative price of the U.S. dollar. The IMF has also been used to provide massive bailouts in the cases of Mexico in 1995 and of Asian countries since 1997. Defenders of the IMF as an international lender of last resort are misinformed since the IMF does not and cannot serve that purpose. Both institutions should be abolished, not reformed, because they are not needed to resolve currency crises and they preclude superior solutions.
  • Topic: Economics, International Trade and Finance, Political Economy
  • Political Geography: United States, Asia, Mexico