In the wake of the collapse of Terra — a once-prosperous blockchain network that suffered one of the biggest falls in the history of cryptocurrency — the authors discuss recent government efforts to regulate digital assets.
Alexander Hernández Romanowski, Helen BrantleyJuly 22, 2022
When illegal workers use false documents to get a job in the U.S., their employers may complete the paperwork by deducting Social Security, federal, state and Medicare taxes from each paycheck. As of 2010, illegal workers have contributed $12 billion to the Social Security system alone. Such workers face poverty in old age, as they are barred from collecting retirement benefits because of their immigration status, and they have not accrued a pension in their home country.
As Congress resumes work this spring on a bill granting Trade Promotion Authority to President Obama for completion of the Trans-Pacific Partnership trade pact, many members have sought inclusion of a chapter on currency manipulation. Currency manipulation is a legitimate concern. However, countermeasures require clear, objective identification of currency manipulation. Both the IMF and the U.S. Treasury Department have mandates to identify currency manipulation, yet neither has done so in the past 20 years. If it can be done, why has it not happened more often?
In this issue brief, Russell Green, Will Clayton Fellow in International Economics, reviews the difficulties of operationalizing a currency manipulation chapter and argues that the difficulty of identifying currency manipulation suggests serious political obstacles to implementation.
This issue brief identifies the four main reforms that the new Prime Minister Narendra Modi’s government must undertake to revive the manufacturing industry in India.