Search

You searched for: Political Geography Global Focus Remove constraint Political Geography: Global Focus Publication Year within 3 Years Remove constraint Publication Year: within 3 Years
Number of results to display per page

Search Results

  • Author: Alan Reynolds
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Estimates of the elasticity of taxable income (ETI) investigate how high‐​income taxpayers faced with changes in marginal tax rates respond in ways that reduce expected revenue from higher tax rates, or raise more than expected from lower tax rates. Diamond and Saez (2011) pioneered the use of a statistical formula, which Saez developed, to convert an ETI estimate into a revenue‐​maximizing (“socially optimal”) top tax rate. For the United States, they found that the optimal top rate was about 73 percent when combining the marginal tax rates on income, payrolls, and sales at the federal, state, and local levels. A related paper by Piketty, Saez, and Stantcheva (2014) concluded that, at the highest income levels, the ETI was so small that comparable top tax rates as high as 83 percent could maximize short‐​term revenues, supposedly without suppressing long‐​term economic growth. Such studies could be viewed as part of a larger effort to minimize any efficiency costs of distortive taxation while maximizing assumed revenue gains and redistributive benefits.
  • Topic: Economics, History, Tax Systems, High-Income People
  • Political Geography: North America, Global Focus, United States of America
  • Author: Diego A. Diaz, Cristian Larroulet
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The number and impact of natural disasters are increasing because of climate change and more people living in urban areas (Sanderson and Sharma 2016). The mechanism is simple, at least when considering climatic events: higher temperatures lead to higher rates of water evaporation, which increases the chance of flooding events (Wallace et al. 2014; IPCC 2001). The number of hot days has increased and the number of cold days has decreased in land areas, with model projections indicating that extreme precipitation events will continue to increase, resulting in more floods and landslides. At the same time, mid‐​continental areas will get dryer, which will increase the chance of droughts and wildfires (Van Aalst 2006). The course of action taken by humanity in the next decades will likely play a pivotal role since extreme differences in projections are expected if global temperatures rise 2°C in comparison to 1.5 °C above preindustrial levels (Allen et al. 2019). What are the economic impacts of natural disasters? This question has been addressed to a large extent in the literature, but it still does not have a conclusive response. The seemingly natural reasoning that destruction cannot lead to a net benefit for society was explained almost two centuries ago by Bastiat (1850) in his famous broken window fallacy. A shopkeeper’s son, Bastiat relates, breaks a pane of glass in his father’s store. The father, angry due to the boy’s careless action, is offered consolation by the spectators, who claim that the event is positive for the economy since it provides labor to glaziers. While Bastiat acknowledges that the accident brings trade to the glazier since the shopkeeper has to replace the window, regarding the event as wealth‐​increasing conveys a narrow perspective. The shopkeeper ends up poorer since he cannot spend the same money elsewhere, and if the boy had not broken the window, then the labor and other materials that were used to repair the damage would have been used elsewhere, potentially making the tangible wealth of the community grow.
  • Topic: Climate Change, Natural Disasters, Crisis Management, Institutions, Urban
  • Political Geography: Global Focus
  • Author: Diego Zuluaga
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: When the Libra Association first announced its plan to launch a private digital currency for domestic and cross‐​border payments — then consisting of a single token backed by a mix of stable fiat currencies — financial inclusion was a big part of its business case. With 1.7 billion people globally lacking a bank or mobile money account, Libra thought it was imperative for some of the world’s largest companies, including the leading social media platform, to join forces and bring cheap payments to the world’s “unbanked.” And while this project has faced a rocky reception from central bankers and regulators — for reasons good and bad — even they often frame the case for their own, public digital currencies (CBDCs) in terms of bringing cheap and fast electronic payments to the greatest possible number of people, as cash use and cash acceptance decline.
  • Topic: Finance, Banks, Inclusion , Digital Currency
  • Political Geography: Global Focus
  • Author: Charles W. Calomiris
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: What we use as our medium of exchange is subject to dramatic change over time, and sometimes bank regulation has accelerated such changes. The national banking system, founded in 1863, envisioned the creation of a uniform medium of exchange in the form of national bank notes, which replaced the preexisting system of state bank note issuance. But the creation of the national banking system soon resulted in the diminished importance of bank notes as a medium of exchange. Under the new system, state banks faced a prohibitive tax of 10 percent per year on any notes they issued, and national banks had to maintain collateral at the Treasury for their outstanding national bank notes equal to 111 percent of their outstanding notes, and also had to maintain an additional 5 percent in required government‐​currency (“greenback”) cash reserves on hand. That meant that if a bank wanted to make loans, it had to find an alternative to bank notes as a funding source for those loans. Deposits had been growing in importance leading up to the National Banking Act of 1863, but the act accelerated the growth of deposits markedly, and they became the primary funding vehicle for loans. As Comptroller Eckels remarked in 1896: “And thus it has come about that deposit taking is now the feature, and the issuing of circulating notes but the incident, in national banking, instead of, as in the early history of the system, the note‐​issuing function being the feature and deposit banking but the incident” (Eckels 1896: 565; emphasis added).
  • Topic: Science and Technology, Finance, Banks, Loans
  • Political Geography: Global Focus
  • Author: Dong He
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The globalized economy now moves at the speed of electrons — and the future of money is inexorably going digital, too. New forms of digital money, such as central bank digital currencies (CBDCs) and so‐​called global stablecoins, are shaping the future of money and payments. CBDCs are a digital form of fiat currency issued by a central bank. Some central banks started exploring CBDCs a few years ago, and those explorations have gathered momentum since Facebook and its partners announced their intention to launch the Libra stablecoin in June 2019. Because the stablecoins issued by large technological companies or platforms (Big Techs) have the potential to be adopted by businesses and households everywhere, they are called “global stablecoins,” or GSCs, in shorthand.
  • Topic: Geopolitics, Global Political Economy, Money, Currency, Trade
  • Political Geography: Global Focus
  • Author: David Andolfatto
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The literature examining the question of central bank digital currency (CBDC) has grown immensely in a very short time. Much progress has been made since I first learned of the idea in a blogpost authored by J. P. Koning in 2014. That modest article soon led me to openly speculate on the merits of a central bank cryptocurrency in a talk I delivered at the International Workshop on P2P Financial Systems in Frankfurt (Andolfatto 2015). My audience, which consisted mainly of entrepreneurs, seemed to receive my talk with a polite mixture of bemusement and anxiety. Surely, I couldn’t be serious? To be honest, I’m not sure that I was. But then the threat of Facebook’s Libra came along, and central bankers around the world suddenly began to take the idea very seriously indeed.
  • Topic: Finance, Social Media, Central Bank, Currency, Digital Currency
  • Political Geography: Global Focus
  • Author: George Selgin
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Various proposals for a central bank digital currency (CBDC) involve different technical solutions to as many distinct problems. My concern is with the monetary policy implications of those (e.g., Bordo and Levin 2019; Ricks 2020) that would allow anyone to place deposits in a Fed Master Account, directly or using ordinary banks as brokers.
  • Topic: Monetary Policy, Banks, Central Bank, Financial Stability, Digital Currency
  • Political Geography: Global Focus
  • Author: Jesús Fernández‐​Villaverde
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The monetary arrangements of societies are the result of the interplay of technology and ideas. Technology determines, for example, which coins can be minted and at what cost. For centuries, minting small‐​denomination coinage was too costly to induce Western European governments to supply enough small change (Sargent and Velde 2002). Only the arrival of steam‐​driven presses fixed this problem (Doty 1998). Simultaneously, ideas about private property and the scope of government determined whether private entrepreneurs were allowed to compete with governments in the supply of small change (Selgin 2008). Technology and ideas about money engage dialectically. Technological advances shape our ideas about money by making new monetary arrangements feasible. Ideas about desirable outcomes direct innovators to develop new technologies.
  • Topic: Economics, Science and Technology, Monetary Policy, Cryptocurrencies
  • Political Geography: Europe, Global Focus
  • Author: Caitlin Long
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Stablecoins are financial obligations issued on a blockchain. They are generally fully collateralized with either fiat currency deposits at a bank, or with short‐​term government bonds held at a custodian. They’re issued only by nonbanks, although FINMA in Switzerland does allow Swiss banks to issue Swiss franc–denominated stablecoins. Usually stablecoins do not pay interest, and they are designed to trade at par with the fiat currency. Because they are issued on a blockchain, they usually settle in minutes, with irreversibility, and — critically — they are “programmable,” which means users can build their own software applications to interact with them.
  • Topic: Monetary Policy, Banks, Digital Currency
  • Political Geography: Global Focus, United States of America
  • 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 , Cash
  • Political Geography: Global Focus
  • 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, Digital Currency
  • Political Geography: Global Focus
  • 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, Digital Currency
  • Political Geography: Global Focus
  • 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, Digital Currency
  • Political Geography: Global Focus
  • Author: Tobias Adrian, 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, Digital Currency
  • Political Geography: Global Focus
  • Author: Hedvig Ördén, James Pamment
  • Publication Date: 01-2021
  • Content Type: Working Paper
  • Institution: Carnegie Endowment for International Peace
  • Abstract: Influence operations are increasingly seen as a threat to democratic societies because they can corrupt the integrity of political deliberation. As individuals engage in debate on social media, political deliberation becomes vulnerable to potentially destructive forms of interference. Many debates on what to do about influence operations emphasize that these operations constitute what is deemed to be a foreign threat. But does the notion of foreignness, viewed in isolation, constitute a helpful lens for distinguishing between legitimate and illegitimate influence operations? Ultimately, the lens of foreignness is only helpful when applied to a narrow set of cases. One sensible way of reviewing when the concept of foreignness can be useful in distinguishing between legitimate and illegitimate influence operations is to consider three separate conceptions of how to determine what counts as foreign: foreign states, foreign citizens, and foreign interests. In the first case, influence operations are seen as threatening acts directed at a targeted state by foreign states, using behaviors seen as analogous to acts of war. In the second instance, influence operations are considered threatening acts conducted by foreign citizens that undermine domestic democratic systems in a targeted state. In cases of the third sort, influence operations are viewed as acts aimed at advancing foreign interests through the illegitimate employment of soft power. Given these various models, the notion of foreignness constitutes a useful lens for discussions of influence operations in cases when there is overwhelming evidence of state-based, hybrid, and irregular warfare. An argument can also be made for employing the distinction in relation to the protection of democratic institutions, such as elections. However, when influence operations are regarded as a more generalized threat to political deliberation, foreignness is not a helpful category for determining the legitimacy or illegitimacy of such campaigns. In such cases, rather than focusing on the (domestic or foreign) identity of the malicious actors themselves, it is more fruitful to conceive of illegitimacy in terms of specific manipulative communication techniques. Suitable countermeasures could include, for instance, creating greater transparency surrounding, or even restricting, the use of artificial techniques to inflate the level of perceived engagement a piece of online content generates.
  • Topic: Democracy, Soft Power, Foreign Interference
  • Political Geography: Global Focus
  • Author: Rachel Kleinfeld, Thomas Carothers, Steven Feldstein, Richard Youngs
  • Publication Date: 02-2021
  • Content Type: Working Paper
  • Institution: Carnegie Endowment for International Peace
  • Abstract: Middle-power democracies—countries which regardless of their geopolitical weight have made democracy support a sustained component of their foreign policy—will be crucial to reimagining democracy support strategies and policies to better meet the moment. Some of these states have crafted new initiatives and wielded diplomatic tools to deepen their impact in recent years. However, these states have on the whole punched below their collective weight. This paper suggests that middle-power democracies can maximize their impact on global democracy in the following ways: Enhancing solidarity: when a country acts courageously in defense of democracy, it needs to know that others will stand alongside it. Sharpening their focus: middle-power democracies should target policy areas aligned with democratic values on issues both at the top of the geopolitical agenda and at the top-of-mind for citizens around the world—for example, economic recovery, injustice and discrimination, corruption, digital repression, and climate change. Improving diplomatic cooperation: pursuing flexible and focused multilateral partnerships allows for collaboration on key policy interests and amplifies middle-power actions.
  • Topic: Foreign Policy, Diplomacy, Democracy, Solidarity, COVID-19
  • Political Geography: Global Focus, United States of America
  • Author: Amy Robinson, James Waldo
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: Belfer Center for Science and International Affairs, Harvard University
  • Abstract: In mid-October, thousands of English and Welsh citizens received phantom alerts that they had potentially been exposed to COVID-19. A quick Twitter tour reveals the spiraling fear, frustration, and confusion that ensued. Even though National Health Service (NHS) later updated the app, built using an Exposure Notification System (ENS) developed by Apple and Google, the incident still amplified mass hysteria and confusion.
  • Topic: Science and Technology, Public Health, COVID-19, Contact Tracing
  • Political Geography: Global Focus
  • Author: Nicola De Blasio, Fridolin Pflugmann
  • Publication Date: 05-2021
  • Content Type: Policy Brief
  • Institution: Belfer Center for Science and International Affairs, Harvard University
  • Abstract: The transition to a low-carbon energy system will likely shake up the geopolitical status quo that has governed global energy systems for over a century. Policymakers need to rethink the role their country could play in a new energy world. Renewables are widely perceived as an opportunity to shatter the hegemony of fossil fuel-rich states and democratize the energy landscape. Virtually all countries have access to some renewable energy resources (especially solar and wind power) and could thus substitute foreign supply with local resources. Our research shows, however, that the role countries are likely to assume in decarbonized energy systems will be based not only on their resource endowment but also on their policy choices. Renewable hydrogen is enjoying growing political and commercial momentum as a versatile and sustainable energy carrier with the potential to play a key role in the global transition to a low-carbon economy; and it is often described as the ‘missing link’ in global decarbonization—especially for energy intensive sectors where emissions are hard to abate and electrification is not the preferred solution, such as steel production, high-temperature industrial heat, shipping, aviation, and heat for buildings. But making renewable hydrogen a significant part of the world’s future energy mix will require defining new and innovative national and international policies while developing appropriate market structures aimed at spurring innovation along value chains; scaling technologies while significantly reducing costs; and deploying enabling infrastructure at scale. Success is possible, but this transformational effort will require close coordination between policy, technology, capital, and society to avoid falling into the traps and inefficiencies of the past. Renewable hydrogen can be used for both mobility and stationary applications. As a sustainable mobility energy carrier, it can power fuel-cell electric vehicles or be the base for synthetic fuels. In stationary applications, it can be used to store renewable energy, both at utility scale or off-grid, providing backup to intermittent renewable energy sources and serving as a carbon-free heating source. From a geopolitical perspective, whether future renewable hydrogen energy systems will be as concentrated as today’s oil and gas supply or decentralized like renewables is strongly related to future market structures, technology, and enabling infrastructure availability.
  • Topic: Security, Energy Policy, Science and Technology, Geopolitics, Renewable Energy, Hydrogen
  • Political Geography: Global Focus
  • Author: Alan Ho, Jake Taylor
  • Publication Date: 06-2021
  • Content Type: Policy Brief
  • Institution: Belfer Center for Science and International Affairs, Harvard University
  • Abstract: Over the last year, there has been a renewed focus on improving American competitiveness in key fields of science and technology. Numerous bills and executive initiatives have been implemented or proposed to dramatically increase investment into science and technology. Recent examples, including the Endless Frontiers and the Clean Futures Act, use a wide variety of policy tools to advance research and development (R&D) along multiple axis. Here we consider the free market portion of these tools, in which the private sector plays a key role in determining topic and direction, while the public sector supports these activities through high-level directives, conditional contracts, and other mechanisms. While other approaches such as public purpose consortia and R&D tax credits have been considered elsewhere, here we focus on Advance Market Commitments. Advance Market Commitments (AMCs)are a powerful policy tool that can be used to ensure that America can retain leadership in technology fields such as climate change, computing, and medicine. In an AMC, a U.S. agency commits to buying some specified new technology before that technology exists. This provides a price, specification, and framework for evaluation that can streamline decision making and funding approaches in the private sector and accelerate progress towards well defined technical outcomes without being directed about the underlying solution and steps along the path. As such, AMCs represent a powerful option for ground-up technological building where private investment replaces the role of more traditional, blue sky government funding, and the larger market for the resulting product is jump-started by an initial government market.
  • Topic: Markets, Science and Technology, Vaccine
  • Political Geography: Global Focus
  • Author: Mark Lerner
  • Publication Date: 06-2021
  • Content Type: Policy Brief
  • Institution: Belfer Center for Science and International Affairs, Harvard University
  • Abstract: We have seen software failures across every layer of government over the course of this pandemic. State governments have had significant issues with their unemployment insurance websites. Local governments have had outages and troubles with vaccine distribution services. Software systems at the Federal level have experienced significant security breaches. Trust in government is at “near-record lows,” in no small part because modern public services continually fail to meet people’s needs. The past year has shown that our public services continue to fail in the traditional ways: they cost too much, take too long to deliver, have a subpar quality, and regularly face security breaches. We have not made significant enough progress in improving government technology to prevent these troubles, let alone to provide effective, modern digital tools and technologies. Government services have largely not kept up with the raised expectations of the digital era, leaving many people without access to critical services they need. And yet, there is incredible momentum growing in the government technology space. As I mentioned in a previous blog post, we are seeing a wave of technologists from the private sector expressing deep interest in working in the government, with many actually coming into government for the first time. Anecdotally, I’ve personally heard from all manner of technologists—from fresh graduates to high-level executives— looking to work in the public sector for the first time. Thousands of technologists are applying for jobs at the U.S. Digital Service, and thousands more are signing up to volunteer with the U.S. Digital Response. These people are deciding to work and make public services better after years of becoming more aware of the ways in which our public infrastructure is failing our neighbors in most need. The federal government is also allocating more money towards these problems, in recognition of their severity. The American Rescue Plan gave $200M to the U.S. Digital Service, and $1B to the Technology Modernization Fund. The Biden-Harris Administration’s FY2022 budget request calls for even more money for tech modernization programs. These massive investments show that Congress and the Administration take these challenges seriously, and are looking for ways to address this years-long problem. If we want to have a lasting impact on the way that our country serves its people, we need to make the most of this momentum to address the root causes beneath these repeated failures. We need to focus our efforts onto the long-term work of addressing the systemic problems that cause our most critical services to fail when they are most needed. I believe that hiring more in-house technical talent might be a silver bullet to addressing the federal government’s technology problems. In this report, I hope to convince you that we need to make hiring in-house technical talent our number one technology priority in building better digital services.
  • Topic: Government, Science and Technology, COVID-19, Information Technology
  • Political Geography: Global Focus, United States of America