std::string is a typedef for a specialization of basic_string class templated on a char (objects that represent sequences of characters).
The expression string a = "hello" corresponds to a stream of characters whose size is allocated statically.
Short, simple and typesafe std::cout is a typedef of ostream class templated on standard objects (provides support for high-level output operations). 
cout means "the standard character output device", and the verb << means "output the object".
cout << a; sends the string like a stream to the stdout.
char * are special pointers to a constant character, they point to ASCII strings e.g.:
const char * s = "hello world";
The expression (char *)"hello" corresponds to a char * pointer, where you are casting away const, but then the constructor immediately puts the const back on the call.
cout, therefore, will print a string because it has a special operator for char * wich it will treat as a pointer to (the first character of) a C-style string that outputs strings.
char* or const char*, cout will treat the operand as a pointer to (the first character of) a C-style string, and prints the contents of that string: