One of the central problems in the development of distributed systems is the design of cryptographic protocols that meet specified functional requirements and preserve user privacy. Methods of conventional encryption algorithms typically use PKI. In this paper we presented a method based on other approach. The authors have developed a cryptographic framework for access control, ensured the confidentiality of social relations, secrecy of resources and anonymity of users in social networks. The implementation of the protocols in the framework is combination of zero-knowledge proof and signature schemes Camenisch-Lysyanskaya.
This paper uses a contract theory framework to analyze the mechanisms of eurozone financial governance, with a focus on centralization vs. decentralization and incentive problems. By constructing a Stackelberg game model with n Ministries of Finance as the first movers and the European Central Bank as the second mover, we show that each government can create growth in its own country (self-benefit) by increasing government spending, but that this will increase inflation, resulting in a decrease in the value of the euro. As these effects are shared equally by eurozone countries (cost sharing), an incentive to free-ride at the expense of other countries is present. We then analyze a penalty-based solution to the free-rider problem and derive a second-best solution where a commitment not to renegotiate penalties ex-post is impossible. The optimal solution shows that ¡°limited sovereignty, ¡± that is, substantially constrained fiscal sovereignty, should be imposed as a high marginal cost for the issuance of public debt. Finally, we close the paper by discussing the possibility of Fiscal Integration (Fiscal Union).
Předmetem bakalařske prace je analyza virtualni měny Bitcoin jako nove technologii v bankovni sfeře. Teoreticka cast prace se zabýva teorii vzniku a rozvoje kryptografii jako celku a definovanim virtualnich měn se zaměřenim na Bitcoin, jeho historii, pravni upravou, analýzou Bitcoinu jako alternativniho platebniho systemu. Take provedu analýzu Bitcoin peněženek V prakticke casti se budu zabývat minigem a jinými variantami ziskani Bitcoinu, vytvořenim vlasti peněženky a provedenim transakce. Mimo jine ve sve praci uvedu, je li CR podporuje vývoj kryptoměny Bitcoin a kde v CR lze najit platebni automaty na tuto měnu. Hlavnim cilem me prace je naucit se použivat Bitcoin jako investicni a platebni jednotku a podle analýzy vsech kladu a zaporu stanovit bude li ta měna opravdu použitelna v budoucnu.
This paper introduces the features of Bitcoin, and through the comparison with other virtual currencies(such as Litecoin, Primecoin and XRP-coin), reveals the advantages and stability of Bitcoin.
The scope of this paper is to test the hypothesis of the non-neutrality of money in Brazil since 1980, and try to argue that if the Brazilian Central Bank carries on neglecting the fact that money/inflation can actually be non-neutral in the long-term, monetary policy may well hinder the country’s path of growth.
This thesis offers an alternative outlook on the decision of a contractual party to reject the benefit of the contract when he is no longer interested in the other party’s performance. It is an attempt to justify such course of action by challenging the proposition that one is always entitled to perform one’s own contractual promises. This shall be done in the context of the controversial decision of the House of Lords in White & Carter (Councils) v McGregor [1962] AC 413, a case where the insistent performer happened to be able to complete his part of the contract without the need for his customer's cooperation and even against his expressed will. In a large number of cases the provider of a service will have no other interest in actually performing his part of the contract beyond that of securing his right to the full contract price. This thesis argues that whenever that is the case the courts should acknowledge both the service recipient's right to renounce the benefit of the contract and his power to prevent the unwanted supply of services, whether by words or conduct. The service provider who has been discharged from his duty to perform will be adequately protected so long as his right to the full contract price is not at stake. He has no need for a 'right to perform' in its proper sense. However, he should not end up better off than he would have been had he actually performed his part of the contract. Therefore, the abdicating party should be allowed to deduct from the contract price by way of set-off whichever sums the former has saved or otherwise made as a consequence of his early release.
The use of technology and information system in Indonesia government institution is growing rapidly, since there are dynamic changes in social, economic, and politic conditions. Especially in the budget management sector, in terms of planning, execution and monitoring of budgets implementation and activities, information technology is very helpful in order to make a comprehensive system. This is done on behalf of transparency, accountability, democratization, decentralization and community participation, which in turn can guarantee the use and allocation of resources are increasingly limited development funds become more efficient, effective and sustainable. As part of a government institution and also a benchmark for other ministries in Indonesia in the planning and implementation of the budget, Ministry of Finance is required to conduct proper and transparent financial management activities. To strengthen the financial and managerial accountability within the ministry, in 2011 it has developed an information system called the Finance and Asset Monitoring Information System or FAMIS (in Bahasa it called Sistem Informasi Monitoring Keuangan dan Aset or SIMONIKA). This system is an online based system, and it is implemented in all hierarchy and thorough in all work units within the Ministry of Finance, at central and regional levels, and coordinated by Secretariat General. The problem that arises in the implementation of FAMIS is up to this time not all users have been using this application intensively. This research is aimed to assess the users acceptance level toward the system, by using the Technology Acceptance Model (TAM) as a base to build a measurement model. The results indicated that in general the respondents accept the implementation of FAMIS in the Ministry of Finance. User acceptance towards the system is influenced by four variables: System Quality, Perceived Ease of Use, Perceived Usefulness, and User Satisfaction.
Begreppet pengar har funnits sedan vi började använda varor och råvaror som betalningsmedel. I tusentals år har människor tagit för vana att använda pengar till att handla med varor och tjänster. Utvecklingen av pengar som ett verktyg för handel började med användandet av kakao frön, snäckor och andra föremål som ansågs värdefulla, som sen har utvecklats till användningen av ädla metaller, som guld och silver. Under de senaste århundradena har vi använt fiat valuta och nu, med utvecklingen av Internet, kan vi vara på väg in i nästa steg i utvecklingscykeln av pengar. In kommer Bitcoin, som är den första decentraliserade digitala valuta som använder kryptering. Syftet med denna uppsats är att undersöka de positiva och negativa aspekterna av Bitcoin, och kommer att undersöka hur framtiden ser ut för uppfinningen av denna. kryptovaluta.
Digital currency is fast proving its worth as a medium of exchange and a store of value. Non-bank digital currencies should legally exist in America and could serve a major role in assisting members of this large consumer market. Bitcoin delivers a simple-to-use, inexpensive, secure, globally accepted payment product to the millions of Americans presently shut out of the banking system. Continued global growth of the digital unit as a currency and payment system is anticipated.
Bitcoin has been called many things, from the future of money to a drug dealer's dream and everything else in between. But beyond creating the web's first native currency, the true innovation of Bitcoin's mysterious designer, Satoshi Nakamoto, is its underlying technology, the block chain. That fundamental concept is being used to transform Bitcoin--and could even replace it altogether. Here, Aron examines this virtual currency that is about more than money--the real innovation is what people are doing with the technology it is based on.
On 26^th Feb. 2014, the biggest Bitcoin trading platform all over the world was offline. It was bankrupt due to data theft. Global Bitcoin players got into a panic. Is Bitcoinpromising？ Below I will analyze this question on several aspects, which are Bitcoins＇ traits, demerits, and contrasts.
Existing centralized digital currency systems derive value from assets backing the digital units. Bitcoins have no assets backing the units. They are valued from being traded in public online market. In previous digital currency systems units were non-negotiable. Bitcoin units transfer value with each transaction and hold more obvious cash-like features than previous digital currency products. Bitcoin transactions are pushed from a user account, opposite of bank checks and credit cards that are pulled out by someone other than the account owner. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
Financial transparency is a growingglobal trend, especially in the United States. However, virtual currencies, such as Bitcoin, are moving away from greater customer identification and toward less transparency. Large differences exist between how virtual currency enthusiasts view decentralized currency and how regulatory agencies view Bitcoin. The decentralized virtual currency platform presents a challenge for money laundering investigations. In a competing US financial market, Bitcoin faces many well-funded existing bank products and tough competition from banks. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
Bitcoin offers a changing landscape on a global scale. It will be important, in future Bitcoin activity, for US law enforcement to carefully interact with foreign law enforcement and international regulatory policies. Bitcoin-related business fit nicely into Germany's existing regulations. Australia prohibits any kind of anonymous style digital currency product and has issued bank warnings. Canada offers room for Bitcoin business and does not yet see a need to license agents. While Bitcoin is popular in China, banks and businesses are now banned from trading BTC. The primary banking establishment in Thailand has issued a ban on Bitcoin.
In spite of the fact that a lot of virtual currencies have been created in recent years, bitcoin is the best known from all of them and regularly reported in the news. Currency without identified creator is appreciated by its user for non-centralized running, without any chance of governments to influence the money supply. The advantages of bitcoin, such as very quick payments worldwide, stop of inflations caused by governments trying to solve their own problems or high level of transactions privacy are widely mentioned. The aim of the article is not to describe the technical issue of bitcoin and explain how this system works, because it has been widely explained in other articles. The aim is focusing on economic aspects of bitcoin, the technical aspects are mentioned only if necessary. For accomplishing the aim the article is split in three parts. The first part is dedicated to answering the question ?What is bitcoin??. It examines whether bitcoin complies with theoretical, empirical and law definition of money. The law definition of money compliance is done for Czech, German and EU law in general, but attitudes of US and Chinese governments are also mentioned. According to the findings, bitcoin cannot be easily considered as money. The second part is focused on monetary aspects of bitcoin. It analyses the question, ?What would mean for an economy to accept bitcoin as legal tender??. In the case of single economy the money supply would be completely out of control of government and due to easy way of bitcoin transferring, money supply could be increased and decreased quickly. In the case of global economy, deflation and its impacts would be inevitable. The third part concentrates on bitcoin banking. No possibility of bitcoin lending does not mean the end of banking industry, but would probably lead to a significant change in how it works.
Arvind Nair, Matthew Wai‐Poi, Taimur Samad, Pedro Cerdán-Infantes · 18 authors
Within the next two decades Indonesia aspires to generate prosperity, avoid a middle-income trap and leave no one behind as it tries to catch up with high-income economies. These are ambitious goals. Realizing them requires sustained high growth and job creation, as well as reduced inequality. Can Indonesia achieve them? This report argues that the country has the potential to rise and become more prosperous and equitable. But the risk of 'floating in the middle' is real. Which pathway the economy will take depends on: (i) the adoption of a growth strategy that unleashes the productivity potential of the economy; and (ii) consistent implementation of a few, long-standing, high-priority structural reforms to boost growth and share prosperity more widely. Indonesia is fortunate to have options in financing these reforms without threatening its long-term fiscal outlook. The difficulties lie in getting the reforms implemented in a complex institutional and decentralized framework. But Indonesia cannot afford hard to not try harder. The costs of complacency, and the rewards for action, are too high.
The need for finance makes absolutely necessary activities to management and, accordingly, the financial activities of the state is its activity on the formation, distribution and use of centralized and decentralized monetary funds in order to exercise the functions of the state, the socioeconomic, management, defense, activities of state bodies. Contents of financial activity is a manifestation of all functions of the state, since the implementation of any public function requires appropriate funding. Depending on the content and nature of state functions such activities are carried out: 1) implementation of the government; 2) executive and executive activity – implementation of public administration. Financial activities, as required of the system of social management, provides guidance in appropriate financial resources economics, management, social services, and therefore it is characterized by certain features:1) as opposed to homogeneous areas of government activity, it is interdisciplinary, generic, since the provision of financial resources aimed at all sectors of the public administration sector control; 2) implement it as public authorities and local governments (in some cases it would implement together); 3) it combines both direct control using imperative techniques (on public enterprises, etc.) and indirect recommendation control (nonmonetary resources on businesses and individuals);4) carry out its activities through a representative and executive bodies. At the same time, financial and legal science still no unanimous approach to identify subjects such activity. Therefore, the author analyzes the different approaches to the definition of the subjects of financial activity, determines the range of subjects. Focuses on the special powers of the legislative and executive power in the sphere of financial activity of the state.
Rafail Ostrovsky, Giuseppe Persiano, Ivan Visconti
In [AGP14] Ananth et al. showed that continual leakage-resilient non-transferable interactive proofs exist when a leak-free input-encoding phase is allowed and a common reference string is available. They left open the problem of removing the need of a common reference string. In [BGJK12] Boyle et al. showed that for some interesting functionalities continual leakage-resilient secure computation is possible when leak-free interactive preprocessing and input-encoding phases are allowed. They left open the problem of removing the interactive pre-processing. In this work we study the above questions. Our main contribution shows that leakage-resilient black-box zero-knowledge is impossible when relying on a leak-free input-encoding phase only (i.e., without CRS/preprocessing). Additionally, we also show that leakage-resilient multi-party computation for all functionalities is impossible (regardless of the number of players assuming just one corrupted player) when relying only on a leak-free input-encoding phase (i.e., without CRS/preprocessing). Our results are achieved by extending a technique of [NVZ13] to prove lower bounds for leakage-resilient security. Indeed as in [NVZ13] we use leakage queries to run an execution of a communication-efficient protocol in the head of the adversary. Moreover, to defeat the black-box simulator we connect the above technique for leakage resilience to security against reset attacks.
After experiencing stagnation for much of the post-independence period, India has shown considerable dynamism in processes and outcomes since the mid-eighties. The post-reform Indian Economy has defied established economic patterns and in the process created a few paradoxes. This book aims to identify policies, institutions and incentives that have worked, and constraints that have emerged in India's growth prospects. More than underdevelopment, the book analyses the bottlenecks that emerge as change occurs, to minimize the chances of being trapped into the dated habits of thought. It takes opportunity from rapidly transforming Indian economy to analyse out-of-equilibrium behaviour and understand the dynamics of non-conventional growth path. Contributors to this volume - Aradhna Aggarwal is Senior Fellow, National Council of Applied Economic Research, New Delhi; Rukmini Banerjee is at ASER Centre and Pratham, New Delhi, India; Sanjay Banerji is Professor at University of Nottingham, United Kingdom; Laveesh Bhandari is Head of Indicus Analytics; Rekha Bhangaonkar is Research Associate at School of Management, IIT-Bombay; Rajesh Chakrabarti is Professor, Indian School of Business, Mohali Campus, India; Romar Correa is Reserve Bank of India Professor of Monetary Economics at the University of Mumbai; Ashwini Deshpande is Professor, Delhi School of Economics, Delhi; Mahendra Dev is Director (Vice Chancellor) at Indira Gandhi Institute of Development Research; Meghna Dutta is a doctoral research scholar in economics at the Centre for Studies in Social Sciences, Calcutta; Krishna Gangopadhyay is a freelance economist based in Delhi; Ashima Goyal is Professor at IGIDR, has published widely on institutional and open economy macroeconomics, international finance and governance and has participated in research projects with ADB, DEA-GOI, GDN, RBI, UN ESCAP and WB; Raghabendra Jha (PhD Columbia, FWIF) is Rajiv Gandhi Chair Professor of Economics and Executive Director at Australia South Asia Research Centre, Australian National University; Shikha Jha is Principal Economist at Asian Development Bank, Philippines; Pram Jit is lecturer at Delhi School of Economics, Delhi, India; K.J. Joseph is at Centre for Development Studies, Thiruvananthapuram, India; Kale Sumita is Chief Economist at Indicus Analytics, New Delhi; K. Kanagasabapathy is Director, EPW Research Foundation, Mumbai; Saibal Kar is Faculty of Economics at the Centre for Studies in Social; Renu Kohli is Lead Economist, DEA-ICRIER Research Programme on G20, New Delhi; Kiran Kumar is ICSSR Doctoral Fellow, Centre for Development Studies, Thiruvananthapuram, Kerala, India; Nagesh Kumar is Chief Economist of the Economic and Social Commission for Asia; Sushanta Mallick is Professor at Queen Mary University of London, London; Sriit Mishra is Associate Professor at IGIDR; Arup Mitra is Professor of Economics at the Institute of Economic Growth, Delhi; Deepak Mohanty is Executive Director, Reserve Bank of India, Mumbai, India; Rahul Mukherji is Associate Professor in the South Asian Studies Programme at the National University of Singapore; Rupayan Pal is Associate Professor, IGIDR, Mumbai, India; Shruti Pandey is Research Officer with EPW Research Foundation, Mumbai; Vijaylaxmi Pandey is Associate Professor at Indira Gandhi Institute of Development Research; Abhay Pethe is Chair Professor at the Vibhooti Shukla Centre of Urban Economics and Regional Development, Department of Economics, University of Mumbai, Mumbai; Rohit Prasad is Associate Professor of Economics at MDI Gurgaon; T.R. Raghunandan currently advises state governments, international organizations, NGOs, and research institutions on decentralized public governance and anti-corruption; A.V. Raja is Professor at University of Hyderabad, India; T.T. Rammohan is Professor of Finance and Economics at IIM Ahmedabad; Bandi Ram Prasad is President, Financial Technologies Knowledge Management Company Limited, Mumbai, India; Francis X. Rathinam is Senior Fellow at Indian Council for Research on International Economic Relations (ICRIER), New Delhi, India; Bibhas Saha is Senior Lecturer at the University of East Anglia, England; Jayati Sarkar is Professor at the Indira Gandhi Institute of Development Research, Mumbai, India. She is the editor of the Journal of Interdisciplinary Economics; Subrata Sarkar is Professor at the Indira Gandhi Institute of Development Research (IGIDR), Mumbai, India; Gita Sen is Professor of Public Policy at the Indian Institute of Management Bangalore; Anurag Sharma is Senior Research Fellow in Faculty of Business and Economics, Monash University, Australia; Parthasarathi Shome is Adviser to the Finance Minister of India; Soumyen Sikdar is currently Professor of Economics at IIM Calcutta; Ram Singh is Professor, Delhi School of Economics, Delhi, India; Siddharth Sinha is Professor, Indian Institute of Management Ahmedabad, India; P.V. Srinivasan is Evaluation Specialist at the Asian Development Bank; S. Sriraman is Walchand Hirachand Professor of Transport Economics, Department of Economics, University of Mumbai; Vaidehi Tandel is a PhD scholar at the Department of Economics, University of Mumbai; Wilima Wadhwa is at ASER Centre, New Delhi, India and University of California, Irvine.
An exciting paradigm shift is emerging in developing and transitional economies. With increased decentralization and urbanization, local governments have taken on greater responsibility in the provision of basic municipal services. To help fund education, solid waste management, water and sanitation, and other economic development projects, municipalities have turned to innovative financing mechanisms to meet local demand. Since central government support cannot finance the service needs of most municipalities, local governments are increasingly turning to: own-source revenues such as taxes, licenses and permits, user fees for services, and municipal assets; and borrowing from private capital markets.