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In September 1996, the New Atlantic Initiative convened a panel of three leading economic observers to discuss the EU's efforts to adopt a single currency.

Federal deposit insurance may be "the single most destabilizing influence in the financial system," says economist Charles W. Calomiris in a new study published by AEI. Market discipline provides a better bank safety net than government insurance, he concludes.The Postmodern Bank Safety Net: Lessons from Developed and Developing Economies shows how government deposit insurance subsidizes the risks taken by banks. Weak banks deliberately and sometimes with impunity take on greater risks than they can afford.Undue risk-taking would not be tolerated were private market discipline brought to bear on banks, Calomiris argues. Market discipline would place the regulatory burden on sophisticated market participants with their own money at stake-a bank would survive only if it had investors, and those investors would be willing to risk their money only if they were able to evaluate the bank's risk.Currently, banks that hide loan losses can avoid paying increased deposit insurance costs. At the same time, Calomiris says, government regulators lack strong incentive to determine the true risk characteristics of bank assets-government regulators do not have their own money at stake and they face political pressure to maintain the credit supply.The results can be calamitous. In the 1970s and 1980s the Farm Credit System was increasingly willing to lend against questionable collateral while private banks withdrew from the market as lending risk increased. The system failed, gripping U.S. farmers in a debt crisis. Similarly, the savings and loan failures and the oil-related bank collapses in Texas and Oklahoma of the 19080s can be attributed to the failure of the bank safety net. And Chile, Mexico, and Japan have suffered financial collapses because their governments protected banks from self-inflicted losses.

This work examines the efficiency, fairness, and administrative consequences of leading proposals for income tax reforms in the USA.

This text examines how firms change their investment decisions in response to tax policy and concludes that firms would substantially increase their investment in plant and equipment if some of the proposals for fundamental tax reform are enacted.

This work examines the relationship between economic inequality and Intelligence Quotient (IQ), to see how much of observed income inequality is attributable to differences in earning capabilities that are closely associated with differences in cognitive ability.

In its proposal to increase the minimum wage, the Clinton administration has claimed that employment would not be adversely affected. Other research supports the view that a higher minimum wage means fewer jobs. This study discusses the strengths and weaknesses of both arguments.

This text argues that mandated benefits such as employer-provided health insurance, early retirement benefits, and employer premium caps would mean lower wages and reduced employment.

Antidumping actions are increasingly used as a means of fostering and protecting "strategic industries" by both developed and developing countries. This study analyzes the antidumping systems of a number of key trading nations and traces the interconnections with industrial policy.

This book considers federalism's constitutional basis and its practical applications.

Eberstadt shows that Korean unification is drawing closer, but not on the Democratic People's Republic of Korea's terms. As the economic base beneath the North Korean state falters and the prospect of failure draws closer the incentives toward corruption increase. The author looks at steps that can be taken to raise the chance of a benign outcome.

This book is the first systematic study of the use and effectiveness of the antitrust consent decree in the federal enforcement of antitrust laws.

At the Congress of Phoenix, May 1997, the New Atlantic Initiative brought together world leaders, academics and officials to discuss issues vital to the future security and prosperity of the United States and Europe. This volume is a collection of commentaries and highlights from the talks.

This volume argues that environmental values no longer play a formative role in American law - a sharp and recent change. The author shows how it would be a mistake to look to the judiciary for wholesale regulatory reform: such reform can come only from Congress.

This book examines the effects of government intervention on the operations of the freight transportation industry.

This book explores the effects of current regulatory policies and proposes a radical restructuring of the environmental regulatory authority.

Between 1987 and 1991, the portion of Americans covered by individually purchased health insurance dropped 40per cent. Assuming the US will continue to rely on private financing for health care, the author clarifies benefits to society from an efficient health insurance market.

Essays from a one-day workshop on the influence of trade on jobs and wages, American Enterprise Institute, September 10, 1993.

This volume explores regional conflicts, summitry and arms control, and relations between the United States and its allies.

The subject of this book is how to build institutions of liberty in this hemisphere of the Americas.

In the discussions in this volume, distinguished jurists, journalists, and scholars strive to capture the unspoken principles of the Constitution, its elusive but compelling spirit.

This book, a conference volume compiled by scholars and federal offices, examines family violence and the quality of research contributed to the field thus far.