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1431. Financial Freedom and Privacy in the Post‐​Cash World

Author:
Alex Gladstein
Publication Date:
06-2021
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
The future of currency is digital. The majority of transactions made every day are already electronic and controlled by banks or tech companies. These payments are easily surveillable, confiscatable, and censorable. Physical cash still functions as an essential savings mechanism and privacy tool for millions of people worldwide. With cash, individuals can buy goods and services or save without sharing their identity with a third‐​party merchant or custodian. But as banknotes fade from daily use, the future of financial freedom and privacy comes into serious jeopardy.
Topic:
Finance, Privacy, Freedom, Digital Currency, and Cash
Political Geography:
Global Focus

1432. Tunnels, Bunkers, and Escape Hatches: Defending Economic Rights under Fire

Author:
Jill Carlson
Publication Date:
06-2021
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Possessions, or property, have been reiterated as a human right over the course of the centuries since Locke first wrote — enshrined in everything from the U.S. Declaration of Independence to the United Nations Declaration on Human Rights (1948: 217, A III). Nevertheless, executives, judiciaries, legislative bodies, and central banks around the world have continually broken their social contract on this front: not only failing to defend the natural rights of possessions and property, but often actively harming individuals’ ability to hold value and to freely transfer and exchange assets. Access to a free, open, and functional financial system is a fundamental human right. One that is continuously violated by states and policymakers globally.
Topic:
Economics, Finance, Money, and Economic Rights
Political Geography:
South America and Venezuela

1433. The Case for Central Bank Digital Currencies

Author:
Eswar S. Prasad
Publication Date:
06-2021
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
New financial technologies — including those underpinning cryptocurrencies such as bitcoin — herald broader access to the financial system, quicker and more easily verifiable settlement of transactions and payments, and lower transaction costs. Domestic and cross‐​border payment systems are on the threshold of major transformation, with significant gains in speed and lowering of transaction costs on the horizon. The efficiency gains in normal times from having decentralized payment and settlement systems needs to be balanced against their potential technological vulnerabilities and the repercussions of loss of confidence during periods of financial stress.
Topic:
Science and Technology, Finance, Central Bank, and Digital Currency
Political Geography:
Global Focus

1434. Should the State or the Market Provide Digital Currency?

Author:
Lawrence H. White
Publication Date:
06-2021
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Private commercial banks have been providing trusted money to the public for hundreds of years, in the form of banknotes (where allowed) and transferable deposit balances, as an integral part of their business model. Economically, money balances are a private good: they are rival in consumption (you and I can’t both simultaneously spend a given banknote or deposit balance) and excludable in supply (you and your bank can stop me from spending the funds in your wallet or account) (White 1999: 89). Accordingly, the market does not inherently fail to provide money efficiently.
Topic:
Markets, Monetary Policy, Economy, State, Banks, and Digital Currency
Political Geography:
Global Focus

1435. Technology Development of Digital Currency

Author:
Neha Narula
Publication Date:
06-2021
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
We often spend a lot of time talking about the regulatory aspects of what a digital currency might look like, or the economic aspects. But if we take a look at the largest companies, the most influential on our ways of life, they’re tech companies. Technology is incredibly important and influences what we can do with policy and what kinds of functionality we can even enable. So, what I hope to tell you today is a little bit about how I’m seeing the technology development of digital currency.
Topic:
Development, Science and Technology, Monetary Policy, and Digital Currency
Political Geography:
Global Focus

1436. Public and Private Money Can Coexist in the Digital Age

Author:
Tobias Adrian and Tommaso Mancini-Griffoli
Publication Date:
06-2021
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
a card, waving a phone, or clicking a mouse. Or we might hand over notes and coins, though in many countries increasingly less often. Today’s world is characterized by a dual monetary system, involving privately issued money — by banks of all types, telecom companies, or specialized payment providers — built upon a foundation of publicly issued money — by central banks. While not perfect, this system offers significant advantages, including innovation and product diversity, mostly provided by the private sector, and stability and efficiency, ensured by the public sector. These objectives — innovation and diversity on the one hand, and stability and efficiency on the other — are related. More of one usually means less of the other. A tradeoff exists that countries — central banks especially — have to navigate. How much of the private sector to rely upon, versus how much to innovate themselves? Much depends on preferences, available technology, and the efficiency of regulation. So it is natural, when a new technology emerges, to ask how today’s dual monetary system will evolve. If digitalized cash — called central bank digital currency — does emerge, will it displace privately issued money or allow it to flourish? The first is always possible, by way of more stringent regulation. We argue that the second remains possible, by extending the logic of today’s dual monetary system. Importantly, central banks should not face a choice between either offering central bank digital currency, or encouraging the private sector to provide its own digital variant. The two can coincide and complement each other — to the extent central banks make certain design choices and refresh their regulatory frameworks.
Topic:
Monetary Policy, Banks, Money, Digital Policy, and Digital Currency
Political Geography:
Global Focus

1437. Reflections on Monetary Policy and Its Future

Author:
Jeb Hensarling, Phil Gramm, and John B. Taylor
Publication Date:
06-2021
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
The Fed’s huge balance sheet allows it to engage in credit policy (the composition of the balance sheet is by definition credit policy), which inherently auto‐​resides in fiscal policy — but should auto‐​reside with Congress. This discussion, moderated by John B. Taylor, took place at the Cato Institute’s 38th Annual Monetary Conference on November 19, 2020. The transcript has been edited for publication.
Topic:
Economics, Monetary Policy, Federal Reserve, and Credit
Political Geography:
North America and United States of America

1438. Volume 71 Issue 1

Author:
Gökhan Karabulut
Publication Date:
01-2021
Content Type:
Journal Article
Journal:
Istanbul Journal of Economics
Institution:
Istanbul University Faculty of Economics
Abstract:
Istanbul Journal of Economics-İstanbul İktisat Dergisi is an open access, peer-reviewed, scholarly journal published two times a year in June and December. It has been an official publication of Istanbul University Faculty of Economics since 1939. The manuscripts submitted for publication in the journal must be scientific and original work in Turkish or English. Being one of the earliest peer-reviewed academic journals in Turkey in the area of economics, Istanbul Journal of Economics-İstanbul İktisat Dergisi aims to provide a forum for exploring issues in basicly economics and publish both disciplinary and multidisciplinary articles. Economics is the main scope of the journal. However, multidisciplinary and comparative approaches are encouraged as well and articles from various social science areas such as sociology of economics, history, social policy, international relations, financial studies are welcomed in this regard. The target group of the journal consists of academicians, researchers, professionals, students, related professional and academic bodies and institutions.
Topic:
NATO, Income Inequality, Economic Growth, Tax Systems, Cryptocurrencies, COVID-19, and OECD
Political Geography:
Turkey and Global Focus

1439. Insurgency in Mozambique: the Role of the Southern African Development Community

Author:
Clayton Hazvinei Vhumbunu
Publication Date:
04-2021
Content Type:
Journal Article
Journal:
Conflict Trends
Institution:
The African Centre for the Constructive Resolution of Disputes (ACCORD)
Abstract:
Since early October 2017, when the Islamist militants or jihadists – identified as the Ansar al-Sunna – launched their first attacks in the villages and towns of Mozambique’s northern province of Cabo Delgado, insurgency and conflict has continued to escalate, targeting civilians, public infrastructure and government buildings. Although the Government of Mozambique continues to make concerted efforts to fight and subdue the terrorist insurgency through its national defence forces, the Forças Armadas de Defesa de Moçambique (FADM), a series of battles with the terrorist militants has resulted in widespread violence, insecurity, the death of over 2 400 people[1] and the displacement of over 500 000 civilians by the end of November 2020.[2] It has also disrupted economic activities, especially farming, thereby worsening food insecurity.
Topic:
Terrorism, Violent Extremism, Food Security, Displacement, and Jihad
Political Geography:
Africa and Mozambique

1440. Elections and Electoral Violence in Côte d’Ivoire: ECOWAS’s Efforts towards Stability

Author:
Mubin Adewumi Bakare
Publication Date:
04-2021
Content Type:
Journal Article
Journal:
Conflict Trends
Institution:
The African Centre for the Constructive Resolution of Disputes (ACCORD)
Abstract:
Côte d’Ivoire’s presidential election on 31 October 2020 marked the fifth presidential election held in the country since the death of the “pere foundateur de la nation” (father of the nation), Félix Houphouët-Boigny, in 1993. The election was held in a tense political and volatile security atmosphere, driven by opposition protests against President Alassane Ouattara’s third-term candidacy, which was a breach of the 2016 constitution. The political contest among the political stakeholders also bordered on matters around the electoral code, the voter register, implementation of the constitutional reforms and the composition of the Independent Electoral Commission (IEC), which opposition parties denounced as non-inclusive, unbalanced and partisan.[1] The inability of the ruling party and the opposition parties – which formed a common political front, led by Henri Konan Bédié – to reach common ground in addressing these issues led to a series of protests, which escalated into violence across the country. On the eve of the election, Bédiéand Pascal Affi N’Guessan, the two major opposition candidates, reneged their participation in the election and called on their supporters to block the election. The election result declared by the IEC proclaimed Ouattara as the winner, having amassed 94.27% of the votes cast. N’Guessan got 0.99%, Bédié was credited with 1.66% and Kouadio Konan Bertin obtained 1.99%.[2] These results, which were ratified by the Constitutional Council on 9 November 2020, as stipulated in the constitution, endorsed President Ouattara as the winner. However, N’Guessan, on behalf of the opposition parties, announced his non-recognition of Ouattara’s victory and thereby installed a National Transitional Council, with Bédié as the president.Protests by opposition parties and their supporters led to violence, which resulted in about 85 deaths recorded in localities including Yopougon, Bonoua, Mbatto, Bongouanou, Daoukro and others.
Topic:
Elections, Election watch, Domestic Policy, and Opposition
Political Geography:
Africa and Côte d'Ivoire