DOCSLIB.ORG

What Is Central About Central Banking?: a Study of International Models

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
What Is Central About Central Banking?: a Study of International Models WHAT IS CENTRAL ABOUT CENTRAL BANKING?: A STUDY OF INTERNATIONAL MODELS HEARING BEFORE THE SUBCOMMITTEE ON MONETARY POLICY AND TRADE OF THE COMMITTEE ON FINANCIAL SERVICES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED THIRTEENTH CONGRESS FIRST SESSION NOVEMBER 13, 2013 Printed for the use of the Committee on Financial Services Serial No. 113–50 ( U.S. GOVERNMENT PRINTING OFFICE 86–685 PDF WASHINGTON : 2014 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 16:55 Apr 17, 2014 Jkt 086685 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 K:\DOCS\86685.TXT TERRI HOUSE COMMITTEE ON FINANCIAL SERVICES JEB HENSARLING, Texas, Chairman GARY G. MILLER, California, Vice Chairman MAXINE WATERS, California, Ranking SPENCER BACHUS, Alabama, Chairman Member Emeritus CAROLYN B. MALONEY, New York PETER T. KING, New York NYDIA M. VELA´ ZQUEZ, New York EDWARD R. ROYCE, California MELVIN L. WATT, North Carolina FRANK D. LUCAS, Oklahoma BRAD SHERMAN, California SHELLEY MOORE CAPITO, West Virginia GREGORY W. MEEKS, New York SCOTT GARRETT, New Jersey MICHAEL E. CAPUANO, Massachusetts RANDY NEUGEBAUER, Texas RUBE´ N HINOJOSA, Texas PATRICK T. MCHENRY, North Carolina WM. LACY CLAY, Missouri JOHN CAMPBELL, California CAROLYN MCCARTHY, New York MICHELE BACHMANN, Minnesota STEPHEN F. LYNCH, Massachusetts KEVIN McCARTHY, California DAVID SCOTT, Georgia STEVAN PEARCE, New Mexico AL GREEN, Texas BILL POSEY, Florida EMANUEL CLEAVER, Missouri MICHAEL G. FITZPATRICK, Pennsylvania GWEN MOORE, Wisconsin LYNN A. WESTMORELAND, Georgia KEITH ELLISON, Minnesota BLAINE LUETKEMEYER, Missouri ED PERLMUTTER, Colorado BILL HUIZENGA, Michigan JAMES A. HIMES, Connecticut SEAN P. DUFFY, Wisconsin GARY C. PETERS, Michigan ROBERT HURT, Virginia JOHN C. CARNEY, JR., Delaware MICHAEL G. GRIMM, New York TERRI A. SEWELL, Alabama STEVE STIVERS, Ohio BILL FOSTER, Illinois STEPHEN LEE FINCHER, Tennessee DANIEL T. KILDEE, Michigan MARLIN A. STUTZMAN, Indiana PATRICK MURPHY, Florida MICK MULVANEY, South Carolina JOHN K. DELANEY, Maryland RANDY HULTGREN, Illinois KYRSTEN SINEMA, Arizona DENNIS A. ROSS, Florida JOYCE BEATTY, Ohio ROBERT PITTENGER, North Carolina DENNY HECK, Washington ANN WAGNER, Missouri ANDY BARR, Kentucky TOM COTTON, Arkansas KEITH J. ROTHFUS, Pennsylvania SHANNON MCGAHN, Staff Director JAMES H. CLINGER, Chief Counsel (II) VerDate Nov 24 2008 16:55 Apr 17, 2014 Jkt 086685 PO 00000 Frm 00002 Fmt 5904 Sfmt 5904 K:\DOCS\86685.TXT TERRI SUBCOMMITTEE ON MONETARY POLICY AND TRADE JOHN CAMPBELL, California, Chairman BILL HUIZENGA, Michigan, Vice Chairman WM. LACY CLAY, Missouri, Ranking FRANK D. LUCAS, Oklahoma Member STEVAN PEARCE, New Mexico GWEN MOORE, Wisconsin BILL POSEY, Florida GARY C. PETERS, Michigan MICHAEL G. GRIMM, New York ED PERLMUTTER, Colorado STEPHEN LEE FINCHER, Tennessee BILL FOSTER, Illinois MARLIN A. STUTZMAN, Indiana JOHN C. CARNEY, JR., Delaware MICK MULVANEY, South Carolina TERRI A. SEWELL, Alabama ROBERT PITTENGER, North Carolina DANIEL T. KILDEE, Michigan TOM COTTON, Arkansas PATRICK MURPHY, Florida (III) VerDate Nov 24 2008 16:55 Apr 17, 2014 Jkt 086685 PO 00000 Frm 00003 Fmt 5904 Sfmt 5904 K:\DOCS\86685.TXT TERRI VerDate Nov 24 2008 16:55 Apr 17, 2014 Jkt 086685 PO 00000 Frm 00004 Fmt 5904 Sfmt 5904 K:\DOCS\86685.TXT TERRI C O N T E N T S Page Hearing held on: November 13, 2013 ........................................................................................... 1 Appendix: November 13, 2013 ........................................................................................... 35 WITNESSES WEDNESDAY, NOVEMBER 13, 2013 Lachman, Desmond, Resident Fellow, American Enterprise Institute ............... 5 Makin, John H., Resident Scholar, American Enterprise Institute .................... 8 Orphanides, Athanasios, Professor, Practice of Global Economics and Manage- ment, Sloan School of Management, Massachusetts Institute of Technology . 7 Posen, Adam S., President, Peterson Institute for International Economics ..... 10 APPENDIX Prepared statements: Lachman, Desmond .......................................................................................... 36 Makin, John H. ................................................................................................. 49 Orphanides, Athanasios ................................................................................... 62 Posen, Adam S. ................................................................................................. 68 ADDITIONAL MATERIAL SUBMITTED FOR THE RECORD Huizenga, Hon. Bill: Wall Street Journal article entitled, ‘‘ECB’s Praet: All Options on Table,’’ dated November 13, 2013 ............................................................................. 79 Written statement of Lawrence Lindsey ........................................................ 82 Wall Street Journal article entitled, ‘‘Andrew Huszar: Confessions of a Quantitative Easer,’’ dated November 11, 2103 ......................................... 98 (V) VerDate Nov 24 2008 16:55 Apr 17, 2014 Jkt 086685 PO 00000 Frm 00005 Fmt 5904 Sfmt 5904 K:\DOCS\86685.TXT TERRI VerDate Nov 24 2008 16:55 Apr 17, 2014 Jkt 086685 PO 00000 Frm 00006 Fmt 5904 Sfmt 5904 K:\DOCS\86685.TXT TERRI WHAT IS CENTRAL ABOUT CENTRAL BANKING?: A STUDY OF INTERNATIONAL MODELS Wednesday, November 13, 2013 U.S. HOUSE OF REPRESENTATIVES, SUBCOMMITTEE ON MONETARY POLICY AND TRADE, COMMITTEE ON FINANCIAL SERVICES, Washington, D.C. The subcommittee met, pursuant to notice, at 2:27 p.m., in room 2128, Rayburn House Office Building, Hon. Bill Huizenga [vice chairman of the subcommittee] presiding. Members present: Representatives Huizenga, Pearce, Posey, Fincher, Stutzman, Mulvaney, Pittenger, Cotton; Clay, Perlmutter, Carney, and Kildee. Ex officio present: Representative Hensarling. Mr. HUIZENGA [presiding]. The subcommittee will come to order. And without objection, the Chair is authorized to declare a recess of the subcommittee at any time. It appears that we will be having votes somewhere around 4:15 or 4:30, is the indication that we have. So with that, we are going to get moving, because we have a lot of very interesting stuff ahead of us as a committee today. And the Chair is going to recognize himself for 5 minutes for the purpose of an opening statement. So we have to ask ourselves, what is central about central bank- ing? What works? What doesn’t? What thinking went into forming the European Central Bank 80 years after the formation of our own Federal Reserve and how has it lived up to expectations so far? Did it perform better or worse among its peer institutions in the wake of the financial crisis? It is these questions and others that our committee is interested in exploring as we consider potential reforms of our own Federal Reserve System, which is posting its 100th anniversary this year. This afternoon, we welcome our witnesses: Dr. Desmond Lachman from the American Enterprise Institute; Dr. Athanasios Orphanides from the Massachusetts Institute of Technology; Dr. John Makin from the American Enterprise Institute as well; and Dr. Adam Posen from the Peterson Institute for International Eco- nomics. Gentlemen, thank you very much for being here today. We appre- ciate your time. (1) VerDate Nov 24 2008 16:55 Apr 17, 2014 Jkt 086685 PO 00000 Frm 00007 Fmt 6633 Sfmt 6633 K:\DOCS\86685.TXT TERRI 2 Today’s hearing will examine the central banks of the other ad- vanced economies around the world, focusing on their governance and policy tools, as well as their successes and failures in imple- menting monetary policy. The Federal Reserve prides itself on being an independent cen- tral bank here in the United States. However, independence is hard to measure and even more difficult to demonstrate. The ap- pointment process of policymakers, reporting requirements, and policy review processes all play a role in defining the relationship that central banks have with their own national governments. Even still, the most independent central banks are ones where there is very little coordination or interference by fiscal policy deci- sions. In 2009, the Bank of International Settlements (BIS) surveyed 41 central banks and reported on both the broad commonalities in the structures and roles of these institutions as well as the differences among them. The BIS reported that all the central banks it sur- veyed have full or partial responsibility for monetary policy. Over half are given policy objectives, usually specified in domestic law or international treaty, but some policy objectives come by published statements that do not have the force of law. Many have either a ‘‘single mandate’’ of pricing stability or a primary goal of price sta- bility with secondary macroeconomic objectives. The United States and Canada are the only two countries identified as having a price stability mandate equally weighted with other macroeconomic ob- jectives. I think this dual mandate is what we will be discussing quite a bit. Nearly all central banks have full responsibility for for- mulating and implementing monetary policy. Specifically, we will explore today international models of central banking. Some central bank models, like our own U.S. Federal Re- serve System, have a ‘‘dual mandate’’ of enacting monetary policy with a goal of maximizing employment while simultaneously mini- mizing inflation. Other countries’ central banks work under a more focused or prioritized mandate
Load more

Recommended publications
  • 'Doc Fix' Reforming Pension Plans and the Tax Code the Fed, Dollar
    Subject: Obamacare’s fifth anniversary, reforming pension plans, and the Fed Obamacare’s fifth anniversary and the ‘doc fix’ VIDEO -- Future of Obamacare still uncertain five years later | Timothy P. Carney | Fox News’s ‘Happening Now’ Five years have passed since President Obama signed the Affordable Care Act into law. Since then, the bill has remained unpopular among many and done little to transform health care. Unpacking the Burr-Hatch-Upton plan | Joseph Antos and James C. Capretta | Health Affairs Blog The Burr-Hatch-Upton plan may not be perfect, but it should lay to rest the argument that there is no viable alternative to the ACA. An unappealing ‘doc fix’ | James C. Capretta | National Review Online New “doc fix” legislation will increase the deficit and pave the way for more regulation of physician services. AUDIO -- Discussing what’s at stake in King v. Burwell | Thomas P. Miller | ‘Real Clear Radio Hour’ King v. Burwell could pose a major setback to the Affordable Care Act. Reforming pension plans and the tax code NEW RESEARCH -- Why Americans don’t face a retirement crisis | Andrew G. Biggs and Sylvester J. Schieber | AEI Economic Perspectives AEI relaunches its Economic Perspectives series with this detailed report on the “retirement crisis” myth. Pension reform doesn't mean higher taxes | Andrew Biggs | The Wall Street Journal (subscription required) Annual required contributions to Pennsylvania’s defined-benefit plan have soared from only 4 percent of employee payroll in 2008 to more than 20 percent today. Legislators in the state, like many elected officials nationwide, are looking for a way out.
    [Show full text]
  • Herein Is to Be Reproduced Or Adapted to Other Works Without the Expressed Written Consent of the Editors of the Journal of Middle Eastern Politics and Policy
    Journal of Middle Eastern Politics and Policy A Harvard Kennedy School student publication Beyond Borders: Middle East In Empire, Diaspora, And Global Transitions This issue is dedicated to the tenth anniversary of the Syrian revolution Spring 2021 Journal of Middle Eastern Politics and Policy Beyond Borders: Middle East In Empire, Diaspora, And Global Transitions This issue is dedicated to the tenth anniversary of the Syrian revolution Spring 2021 Spring 2020 i Staff Editor in Chief Associate Editors Reilly Barry Michael Johns, Jr. – Regional Security & Iran Gilad Kabilo – Military-Security & Israel Managing Editor Joseph Leone – Levant Ghazi Ghazi Xuechen Wang – Gulf Senir Staff Writer Mouhanad Al Rifay Staff Writers Christina Bouri Sumaya Malas Copyright The Journal of Middle Eastern Politics and Policy does not accept responsibility for the views expressed by individual authors. No part of the publication may be reproduced or transmitted in any form without the expressed written consent of the editors of the Journal of Middle Eastern Politics and Policy. © 2021 by the President and Fellows of Harvard College. All rights reserved. Except as otherwise specified, no article or portion herein is to be reproduced or adapted to other works without the expressed written consent of the editors of the Journal of Middle Eastern Politics and Policy. ii Journal of Middle East Politics and Policy Acknowledgements Martha Foley, Publisher Richard Parker, Faculty Advisor Tanner Jensen, Copy Editor Lilliana Ballesteros, Layout Design The Journal of Middle Eastern Politics and Policy would like to thank a number of individuals and institutions whose support proved invaluable to the production of this edition.
    [Show full text]
  • Turkey Turns a President Thwarted
    June 2015 The Bulletin Vol. 6 Ed.6 Official monetary and financial institutions ● Asset management ● Global money and credit Turkey turns A president thwarted Korkmaz Ilkorur on Turkey’s potential Willem Middelkoop on waning US influence Vicky Pryce on the Greek debt saga Kevin Rudd on US-China common ground Michael Stürmer on revanchist Russia David Tonge on Turkish reforms Contents Turkey turns Turkey Turkey’s election on 7 June, in which voters rejected proposals Turkey seeking to unleash potential Korkmaz Ilkorur 8 for a wide-ranging expansion of presidential powers, underlines Coalition government must ensure reform Gündüz Fındıkçıoğlu 8 the conflicts between effective government and the need for Voters reject Erdoğan’s ambitions David Tonge 9 voter support for unpopular action. Turkey, like other economies anticipating the onset of US interest rate rises, needs major changes in its economic International monetary policy and social system – but lacks the means to push them through Time for real IMF reform Desmond Lachman 5 without damaging a delicate network of social consent. AIIB shows US is losing influence Willem Middelkoop 10 Weak US data bring out Fed doves Darrell Delamaide 11 Global Europe and the euro Louis de Montpellier [email protected] Greece on the brink Vicky Pryce 12 +44 20 3395 6189 ConneCt Into aPaC UK Conservatives ready for reforms Gerard Lyons 13 Hon Cheung Towards a new ECB role in shadow banking 15 [email protected] +65 6826 7505 amerICas Emerging markets Carl Riedy the network [email protected] Book review +1 202 429 8427 William Keegan discusses John Dollarisation is Venezuela’s best hope Steve Hanke 20 Connect into State Street Global Advisors’ network of Hills’ Good Times, Bad Times: The expertise, tailored training and investment excellence.
    [Show full text]
  • Mihm-Stephen -Roubini-Nouriel-Crisis
    ABC Amber ePub Converter Trial version, http://www.processtext.com/abcepub.html Page 1 ABC Amber ePub Converter Trial version, http://www.processtext.com/abcepub.html THE PENGUIN PRESS Published by the Penguin Group Penguin Group (USA) Inc., 375 Hudson Street, New York, New York 10014, U.S.A. Penguin Group (Canada), 90 Eglinton Avenue East, Suite 700, Toronto, Ontario, Canada M4P 2Y3 (a division of Pearson Penguin Canada Inc.) Penguin Books Ltd, 80 Strand, London WC2R 0RL, England Penguin Ireland, 25 St. Stephen’s Green, Dublin 2, Ireland (a division of Penguin Books Ltd) Penguin Books Australia Ltd, 250 Camberwell Road, Camberwell, Victoria 3124, Australia (a division of Pearson Australia Group Pty Ltd) • Penguin Books India Pvt Ltd, 11 Community Centre, Panchsheel Park, New Delhi-110 017, India Penguin Group (NZ), 67 Apollo Drive, Rosedale, North Shore 0632, New Zealand (a division of Pearson New Zealand Ltd) Penguin Books (South Africa) (Pty) Ltd, 24 Sturdee Avenue, Rosebank, Johannesburg 2196, South Africa Penguin Books Ltd, Registered Offices: 80 Strand, London WC2R 0RL, England First published in 2010 by The Penguin Press, a member of Penguin Group (USA) Inc. Copyright © Nouriel Roubini and Stephen Mihm, 2010 All rights reserved Library of Congress Cataloging-in-Publication Data Roubini, Nouriel. Crisis economics : a crash course in the future of finance / Nouriel Roubini and Stephen Mihm. p. cm. Includes bibliographical references and index. eISBN : 978-1-101-42742-2 1. Financial crises. 2. Business cycles. 3. Economics. I. Mihm, Stephen, 1968- II. Title. HB3722.R68 2010 338.5’42—dc22 2009053925 Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording, or otherwise), without the prior written permission of both the copyright owner and the above publisher of this book.
    [Show full text]
  • The Border Adjustment Tax Impact by Industry
    MAY 2017 THE BORDER ADJUSTMENT TAX IMPACT BY INDUSTRY ALAN NGUYEN, SENIOR POLICY ADVISER, FREEDOM PARTNERS MARY KATE HOPKINS, DEPUTY DIRECTOR OF FEDERAL AFFAIRS, AMERICANS FOR PROSPERITY INTRODUCTION On April 26th, President Donald Trump unveiled his long-awaited plan to reform our nation’s tax code. Like the plan previously released by Republicans in the U.S. House of Representatives, the president outlines a number of specific policy proposals that would reduce rates and complexity, eliminate special-interest loopholes, grow our economy, and create jobs and opportunity for the American people. Notably absent from the president’s plan is a controversial provision that was included in the House Republican plan and threatens the livelihood of many U.S. businesses: the border adjustment tax (BAT). Though the BAT is not mentioned in the president’s outline of tax principles, House Ways and Means Chairman Kevin Brady has reiterated that it remains a key provision that he’ll bring to the table in tax reform discussions,1 while President Trump’s budget chief clarified that “just because it’s not in the first round of ‘principles’ doesn’t mean it won’t be in the final version of the bill.”2 The BAT, therefore, still looms large. The BAT effectively slaps a 20 percent tax on everything that companies import into the United States. This 20 percent import tax would cause tax bills to skyrocket for businesses that rely heavily on imported goods and would hurt ordinary Americans as businesses pass the new tax on to consumers in the form of higher prices.
    [Show full text]
  • Published Works of Allan H. Meltzer
    Published Works of Allan H. Meltzer his bibliography pre sents the published works authored, coauthored, edited, or coedited by Allan Meltzer. The publications are grouped by type and, within these groups, are arranged in order of publica- Ttion year. While every attempt has been made to render this list as com- plete as pos si ble, omissions surely remain given Meltzer’s prolificenergies. Testimony, conference proceedings, committee reports, speeches and keynote addresses, memoranda, and unpublished papers have been excluded from this list. The Carnegie Mellon University library maintains the largest archive of Meltzer’s published and unpublished work. BOOKS David J. Ott and Allan H. Meltzer. Federal Tax Treatment of State and Local Securities. Westport, CT: Greenwood, 1980. Thomas Romer, Peter Ordershook, and Allan H. Meltzer, eds. The Car ne gie Papers on Po liti cal Economy. The Hague, Netherlands: Martinus Nijhoff, 1981–1986. Allan H. Meltzer, Alan Reynolds, and Edwin J. Feulner Jr. Towards a Stable Monetary Policy: Monetarism vs. the Gold Standard; A Debate between Allan Meltzer and Alan Reynolds. Fiscal Issues 3. Washington, DC: Heritage Foundation and Institute for Research on the Economics of Taxation, 1982. Allan H. Meltzer, ed. International Lending and the IMF: A Conference in Memory of Wilson Schmidt. The Heritage Lectures 21. Washington, DC: Heritage Foundation, 1983. Allan H. Meltzer and Karl Brunner, eds. Theory, Policy, Institutions: Papers from the Carnegie­ Rochester Conferences on Public Policy. Amsterdam: North- Holland, 1983. 147 PUBLISHED WORKS OF ALLAN H. MELTZER Allan H. Meltzer. De onzekere wereldeconomie [Uncertain world economy]. Rotterdamse mon- etaire studies 14. Rotterdam: Stichting Rotterdamse Monetaire Studies, 1984.
    [Show full text]
  • Annual Report
    2020 AMERICAN ENTERPRISE INSTITUTE | ANNUAL REPORT The American Enterprise Institute for Public Policy Research is a community of scholars, staff, and supporters committed to expanding liberty, increasing individual opportunity, and strengthening free enterprise. AEI pursues these unchanging ideals through independent thinking, open debate, reasoned argument, and the highest standards of fact-based research. Without regard for politics or prevailing fashion, we dedicate our work to a more prosperous, safer, and more democratic nation and world. AEI headquarters aei.org fb.com/aei AEI IN 2020 @aei youtube.com/aei STRENGTHENING AMERICA’S CORE GOVERNING INSTITUTIONS ................ 4 @aei INCREASING ECONOMIC www.aei.org/podcasts AND SOCIAL MOBILITY ................... 10 www.aei.org/newsletters SUPPORTING AND REVITALIZING AMERICA’S FREE-MARKET ECONOMY ................. 16 CHAMPIONING A STRONG AMERICAN ROLE IN THE WORLD .......................22 Located in Washington, DC, AEI is a nonpartisan, nonprofit, 501(c)(3) educational organization. TRAINING AND MENTORING LEADERS ...... 28 AEI does not take institutional positions on any issues. We are supported by donations from individuals, ATTRACTING LEADING INVESTORS TO AEI ... 34 foundations, and corporations. AEI does not accept any funding from US or foreign governments, including state-owned or state-operated subsidiary entities, and FISCAL YEAR 2020 FINANCIAL RESULTS ..... 37 does not perform contract research. For more information about AEI, visit our website, aei.org. American Enterprise Institute 2020 1 can expect AEI and its scholars Message from the to continue to lead the most urgent debates facing the country and world Chairman and President and, as always, speak truth to power and inject facts and empirical research into conversation so often dominated by overheated rhetoric and mudslinging.
    [Show full text]
  • The European Sovereign Debt Crisis: Responses to the Financial Crisis
    Volume V Spring 2011 The European Sovereign Debt Crisis: Responses to the Financial Crisis Lazaro Sandoval Erika Beltran Sodgerel Ulziikhutag, Temuun Zorigt The authors are Masters in International Commerce and Policy (ICP) students at the School of Public Policy, George Mason University, Arlington, VA. Corresponding author: Lazaro Sandoval – [email protected] ISSN: 1947-2633 Executive Summary The ongoing European sovereign debt crisis continues to shake financial markets and the Eurozone. The International Monetary Fund and the European Union (EU) have acted swiftly to diminish panic and uncertainty by providing emergency assistance to Greece, Ireland and Portugal. However, uncertainty remains and queries have arisen over the vigor and effectiveness of multi-lateral institutions like the EU. This paper will establish the origins of the crisis, enumerate European and international responses, bring to light possible alternatives to implemented policies, and finally explore the broader implications for Europe, the United States and the rest of the world. 2 1 Introduction The Eurozone‟s fiscally troubled economies, specifically Portugal, Ireland, Italy, Greece and Spain, triggered a severe crisis of confidence. The advent of the global financial crisis coupled with Greece‟s public debt admission in October 2009 sparked dismay throughout global markets as the full extent of Eurozone debt levels were unveiled. According to the Economist, Greece‟s budget deficit reached 15.4%, Ireland‟s was 14.3%, Spain‟s 11.2%, Portugal‟s 9.3%, and Italy‟s 5.3%, of GDP in 2009.1 The European Union (EU) rescued Greece and Ireland; most recently, Portugal admitted its need for a similar rescue loan.
    [Show full text]
  • Cuba the Morning After 84˚ 80˚ 76˚
    CUBA THE MORNING AFTER 84˚ 80˚ 76˚ Nassau Atlantic y Largorg Ocean Ke Gulf off Mexico da Stra The Bahamas 24˚ 24˚ Ciudad De Matanzasatanzastanzasa e Cá llanos Minas dee SanS Cristobal Co Archipiélago Surgidero Ar de Bataban Aguada de Golfo de Pasajeross de M Batabanó anzas La Fee Yu ca ta n Florida C Cayo Nu h Isla De La Largo a Juventud nn Cuba Camagamag el Camagüey Banes Holguin Archipiélago De Los Jardinas A De La Reina Holguin Caribbean Sea amoo Baracoa Manzanillo e g mo a ss a P 20˚ rd a 20˚ w U.S. Naval Base d de Cubau in Cuba Guantánamo Bay W Haiti National Capital Parish Boundary Cayman Islands Parish Center Grand George Town Cayman (U.K.) 0 50 100 Kilometers Ocho Haiti Montego Bay Rios 0 50 100 Miles maica Cayes Port Antonioo Savanna Spanish la Mar Town Kingstoningstonngston 84˚ 80˚ 76˚ CUBA THE MORNING AFTER Confronting Castro’s Legacy Mark Falcoff The AEI Press Publisher for the American Enterprise Institute WASHINGTON, D.C. 2003 Distributed to the Trade by National Book Network, 15200 NBN Way, Blue Ridge Summit, PA 17214. To order call toll free 1-800-462-6420 or 1-717-794-3800. For all other inquiries please contact the AEI Press, 1150 Seventeenth Street, N.W., Washington, D.C. 20036 or call 1-800-862-5801. Library of Congress Cataloging-in-Publication Data Falcoff, Mark. Cuba the morning after : confronting Castro’s legacy / Mark Falcoff. p. cm. Includes bibliographical references and index. ISBN 0-8447-4175-2 (cloth: alk.
    [Show full text]
  • The Future of the Eurozone and U.S. Interests
    The Future of the Eurozone and U.S. Interests Raymond J. Ahearn, Coordinator Specialist in International Trade and Finance James K. Jackson Specialist in International Trade and Finance Rebecca M. Nelson Analyst in International Trade and Finance Martin A. Weiss Specialist in International Trade and Finance September 14, 2010 Congressional Research Service 7-5700 www.crs.gov R41411 CRS Report for Congress Prepared for Members and Committees of Congress The Future of the Eurozone and U.S. Interests Summary Sixteen of the European Union’s 27 member states share an economic and monetary union (EMU) with the euro as a single currency. Based on a gross domestic product (GDP) and global trade and investment shares comparable to the United States, these countries (collectively referred to as the Eurozone) are a major player in the world economy and can affect U.S. economic and political interests in significant ways. Given its economic and political heft, the evolution and future direction of the Eurozone is of major interest to Congress, particularly committees with oversight responsibilities for U.S. international economic and foreign policies. Uncertainty about the future of the Eurozone grew in early 2010 as a result of the onset of a sovereign debt crisis in Greece that was intensified by fears that the crisis could spread to other heavily-indebted Eurozone members. These concerns, in turn, took on added significance because the euro is considered a cornerstone of the European integration process. One important cause of the crisis stemmed from flaws in the architecture of the currency union, including the fact that the EMU provides for a common central bank (the European Central Bank or ECB), and thus a common monetary policy, but leaves fiscal policy up to the member countries.
    [Show full text]
  • The Politically Correct University : Problems, Scope, and Reforms / Editors Robert Maranto, Richard E
    The Politically Correct University The Politically Correct University Problems, Scope, and Reforms Editors Robert Maranto Richard E. Redding Frederick M. Hess The AEI Press Publisher for the American Enterprise Institute WASHINGTON, D.C. Distributed to the Trade by National Book Network, 15200 NBN Way, Blue Ridge Summit, PA 17214. To order call toll free 1-800-462-6420 or 1-717-794-3800. For all other inquiries please contact the AEI Press, 1150 Seventeenth Street, N.W., Washington, D.C. 20036 or call 1-800-862-5801. NATIONAL RESEARCH NRI INITIATIVE This publication is a project of the National Research Initiative, a program of the American Enterprise Institute that is designed to support, publish, and disseminate research by university-based scholars and other independent researchers who are engaged in the exploration of important public policy issues. Library of Congress Cataloging-in-Publication Data The politically correct university : problems, scope, and reforms / editors Robert Maranto, Richard E. Redding, Frederick M. Hess. p. cm. ISBN-13: 978-0-8447-4317-2 ISBN-10: 0-8447-4317-8 1. Education, Higher—Aims and objectives—United States. 2. Education, Higher—Political aspects—United States. 3. Political correctness—United States. I. Maranto, Robert, 1958– II. Redding, Richard E. III. Hess, Frederick M. LA227.4.P66 2009 378'.01—dc22 2009025229 13 12 11 10 09 1 2 3 4 5 6 7 © 2009 by the American Enterprise Institute for Public Policy Research, Wash- ington, D.C. All rights reserved. No part of this publication may be used or repro- duced in any manner whatsoever without permission in writing from the American Enterprise Institute except in the case of brief quotations embodied in news articles, critical articles, or reviews.
    [Show full text]
  • COVID-19: Potential Implications for International Security Environment— Overview of Issues and Further Reading for Congress
    COVID-19: Potential Implications for International Security Environment— Overview of Issues and Further Reading for Congress Updated February 17, 2021 Congressional Research Service https://crsreports.congress.gov R46336 SUMMARY R46336 COVID-19: Potential Implications for February 17, 2021 International Security Environment—Overview Ronald O'Rourke of Issues and Further Reading for Congress Specialist in Naval Affairs Some observers argue the COVID-19 pandemic could be a world-changing event with potentially Kathleen J. McInnis profound and long-lasting implications for the international security environment and the U.S. Specialist in International role in the world. Other observers are more skeptical that the pandemic will have such effects. Security Observers who argue the pandemic could be world-changing for the international security environment and the U.S. role in the world have focused on several areas of potential change, including the following, which are listed here separately but overlap in some cases and can interact with one another: world order, international institutions, and global governance; U.S. global leadership and the U.S. role in the world; China’s potential role as a global leader; U.S. relations and great power competition with China and Russia, including the use of the pandemic as a theme or tool for conducting ideological competition; the relative prevalence of democratic and authoritarian or autocratic forms of government; societal tension, reform, transformation, and governmental stability in various countries; the world economy, globalization, and U.S. trade policy; the characteristics and conduct of conflict; allied defense budgets and U.S. alliances; the cohesion of the European Union; the definition of, and budgeting for, U.S.
    [Show full text]