The prime aim of this thesis is to examine the link between fiscal decentralization and local financial governance in fiscally empowered woreda administrations (districts) of the Amhara region in Ethiopia. Local financial governance has been one of the reasons and arguably the crucial one that drives many countries to subscribe to fiscal decentralization. The presumption is that public finance mobilization and spending can be implemented in a more efficient, responsive, transparent and accountable manner at the local government level than at the centre. Nonetheless, empirical studies show that the linkage between fiscal decentralization and these local financial governance benefits is not automatic. Several developing countries that have tried to implement fiscal decentralization have failed to realise the promised financial governance gains largely due to design and implementation flaws. A review of the various theoretical perspectives suggest that local financial governance is not a factor of just devolution of fiscal power but also other intervening forces such as financial management system, citizen voicing mechanisms and the social and political context. It is within the framework of this theoretical argument that this study sought to investigate how
the mixed and incomplete efforts of the district level fiscal decentralization program in the Amhara region has impacted on financial governance of woreda administrations. The study assesses the efficacy and role of various initiatives of the district level decentralization program of the Amhara region, such as the fiscal empowerment of woredas; financial management system reforms; citizen voicing mechanisms and political party structures and system in influencing woreda financial governance. To this end, the investigation process largely took the form of an interpretative approach employing a combination of various methods of gathering the required qualitative and
quantitative data from respondents and documents in the selected four case woredas or
districts. Findings on the assessment of the intergovernmental relations to measure the adequacy of devolution of fiscal power indicate that, despite the constitutional provision that affords the woredas the power to mobilize and spend public finance for the provision of various local public services, several design and implementation shortcomings have constrained woreda administrations from exercising such power effectively. As a result, the district level fiscal decentralization framework of the Amhara region appears to have features of decentralization by de-concentration rather than by devolution. Despite the extensive financial management reforms that have been undertaken, the research findings indicate that the financial management system in woreda administrations faces a range of challenges triggered largely by important design and implementation shortcomings. It is observed that the âgetting the basics right firstâ reforms in various financial management processes of woreda administrations are not onlyâŠ
Bitcoin, a virtual currency invented in 2009, was created as a peer-to-peer currency that eliminated the need for a third party authority, such as banks or government, to be involved in monetary transactions. Having no intrinsic value but carrying no government guarantees relegates bitcoin and its competitors to the perpetual role of investment opportunity, deriving value not from a practical use, but from a nominal, dollar value. This will continue to be the case until the U.S. Government sanctions virtual currency as a viable store of value. Because the dollar plays such a large role in the worldâs economy, other countries will not adopt virtual currency technology unless the U.S. does so first. Substantial populations around the world must embrace bitcoin as a significant source of value before any monetary authority will relinquish the power associated with fiat currency. There are, however, many aspects of the virtual-currency model created by bitcoin that could be useful in improving the efficiency of money movement around the United States and the globe, through transaction memory, low transaction cost, and secure account information.
Some forms of money have been used since 2,200 BC. What constitutes money evolved from commodities with intrinsic value, such as gold, to commodity- backed paper money. In the United States, this was replaced by âfiatâ money issued by the Federal government that is âlegal tenderâ for all debts public and private. Eventually, payments evolved to credit cards, debit cards, and various forms of electronic payments. Virtual currencies, such as Bitcoin, are the latest innovation. They act like money but have no intrinsic value and are not legal tender. This article examines the pros and cons of Bitcoins.
The relationships between bitcoin and the core economic concepts of goods, scarcity, commodity, and monetary types are examined based on a strict division between abstract action theory and technically informed case interpretation. This analysis identifies bitcoin as a rival digital with competitive monetary and novel non-monetary characteristics. The emergence of such an unlikely commodity calls for refining the historical thesis of the demate- rialization of money, which narrates an advance from material monies to immaterial fiat monies. In contrast to conventional financial services and common historical practices, users can control and use bitcoin units, including advanced transfer features, without having to rely on third-party services or counterparty-issued substitutes.
Bitcoin, a decentralized peer-to-peer cryptocurrency system, has recently gained a lot of popularity among users. In a Bitcoin transaction, users communicate depending on cryptographic proof rather than trust on third parties. Therefore, as one of the main building blocks of Bitcoin, Elliptic Curve Digital Signature Algorithm is used to prove Bitcoin ownership, which plays a pivotal role in Bitcoin transaction. The security of Bitcoin mostly relies on the security of ECDSA algorithms. This thesis covers the steps of understanding how ECDSA works, and how it is used to create a new Bitcoin transaction. Also the speed performance in signature generation is measured and improved. Based upon it, diâ”erent versions of security countermeasures are implemented to protect against side channel attacks. Finally, all the versions including both non-protective and protective implementations are tested and evaluated.
The Spanish Agency for the Evaluation of Public Policies (Agenda Estatal de EvaluatiĂłn de las PolĂticas PĂșblicas y la Calidad de los Servicios â AEVAL) was established in 2007. One of the original justifications for creating this agency was to improve public policy evaluation with the end result of improving governmentâs coordination of public policy implementation in the context of a decentralized Spain. From the 1980s, Spain had been transformed from a highly centralized system to a decentralized territory composed of 17 regional governments, or Autonomous Communities, henceforth, ACs. Improving coordination was not the only reason to establish AEVAL, but it is on this task that this chapter focuses. Other important objectives included: promoting a more rational use of public resources; improving public service quality; and bolstering accountability to citizens. However, in the period leading up to its final creation, the political complexities underlying the urge to improve coordination issues as a result of decentralization became apparent. Today, the AEVAL functions as an evaluator of public policy, but significant issues related to coordination practices between central and regional governments remain. This chapter presents and evaluates AEVAL as regards its creation, organization, functions and performance to date. 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.
The implications of delegating fiscal decision making power to sub-national governments has become an area of significant interest over the past two decades, in the expectation that these reforms will lead to better and more efficient provision of public goods and services. The move towards decentralization has, however, not been homogeneously implemented on the revenue and expenditure side: decentralization has materialized more substantially on the latter than on the former, creating vertical fiscal imbalances. These imbalances measure the extent to which sub-national governments' expenditures are financed through their own revenues. This mismatch between own revenues and expenditures may have negative consequences for public finances performance, for example by softening the budget constraint of sub-national governments. Using a large sample of countries covering a long time period from the IMF's Government Finance Statistics Yearbook, this paper is the first to examine the effects of vertical fiscal imbalances on fiscal performance through the accumulation of government debt. Our findings suggest that vertical fiscal imbalances are indeed relevant in explaining government debt accumulation, and call for a degree of caution when promoting fiscal decentralization.
Bitcoin is the first decentralized peer-to-peer crypto-currency founded in 2009. Its main specificity is the fact that there is no issuer of this currency. On the other hand, the supply of this currency is software-programmed and limited. Among other things, its main features are relatively secure payments, low transaction costs, anonymity, inability of counterfeiting, irreversibility of transactions, but also extremely unstable exchange rate. Despite many advantages, the use of this currency is subject of numerous discussions, as this currency offers the possibility of performing various abuses and criminal activities. The future of this and other currencies in this regard depends on both security and privacy of these currencies, and legal regulation of such payments.
Bitcoin, a peculiar crypto-currency has been the loudest buzzword in global finance over the last year or so, both for its spectacular and seemingly robust appreciation trend as well as for more recent equally ostentatious demise. After reviewing the history of bitcoin and \nspecificities of its cyber-construct, this paper adds to the critical analysis of bitcoin as an international \ncurrency alternative. Lately, its volatility has been so excessive that it arguably cannot serve as a store \nof value. In addition, notwithstanding bitcoin's rising if bumpy credibility as a medium of exchange, since it has been immediately converted (by chief vendors) in either of the leading world currencies upon payment due to its extraordinary exchange rate volatility, bitcoin's unit of account potential appears to be dubious too. Moreover, bitcoin's next to none correlation with other major currencies' movements renders it unsuitable for managing FX risk or hedging purposes. Finally, having in mind that it lacks formal reserves or deposit-insurance scheme to back it up yet it's also prone to hacking, \nbitcoin resembles and behaves more like a pyramidal investment vehicle than a global currency alternative. Nevertheless, technology that made it be may still spawn an evolution in the way we posses things, transfer ownership and pay for goods and services in the near IT-ridden future.
Recently, Bitcoin and Bitcoin mining have aroused international interest. This article describes the cooling challenges faced by Bitcoin miners and discusses the implications on the future of cooling for supercomputers, HPC clusters and other high density electronics. We explain the inner workings of the first commercial open bath immersion cooling systems and how Bitcoiners seemingly refine the technology used to create high powered ASICs, and keep them cool.
Advancements in Semiconductor Devices and Circuit Design
This note explores the origins and workings of Bitcoin, its popularity and regulation in Germany, how criminal enterprises have used Bitcoin, and governmentsâ ability to regulate it. To date, there have been no cases challenging the power of individuals to make transactions using Bitcoin. However, policymakers and consumers around the world are calling for enhanced government regulations. This leads to the question of whether national governments can regulate a currency that is not their own, and if so, what exactly those regulations should look like. This note will show that national governments around the world have no legal basis to prohibit Bitcoin users from entering the marketplace. National governments should refrain from passing legislation or regulations that would have a chilling effect on the use of Bitcoin. This note suggests that if a dispute arises, contract law provides a suitable solution for all consumers, and taxation provides sufficient regulation for governments. Section II of this note provides an overview of Bitcoin, its technological foundations, and its use in the marketplace. Section III analyzes Germanyâs loose regulatory approach to regulating Bitcoin. Section IV examines how Bitcoin has been, or could be, utilized for illicit purposes by criminal enterprises around the world. Section V analyzes the arguments against increased regulation and proposes solutions that will not have a chilling effect on the adoption of Bitcoin.
The aim of this thesis is to provide a holistic analysis and an economic understanding of Bitcoin, answering two key questions: (i) Why do bitcoins have value? (ii) Why and how will governments seek to regulate the use of bitcoin? To answer these questions, the thesis begins with a discussion of money itself, developing a framework of different types of monies in terms of their uses and properties that will form the basis of the analysis. Based on the technical properties of Bitcoin the framework developed above is then applied to identify bitcoin as a digital commodity money. Following this identification, potential uses of bitcoin supporting its value will be discussed, drawing particular attention to Bitcoin s resilience to regulation. In addition, real world examples of other commodity monies will be used to support the claim that bitcoin may circulate without use value and state backing. Governments tend to seek economic control through controlling money, and it will be argued that there are good reasons to expect governments to be hostile towards widespread use of bitcoin. This is to be expected, as use of bitcoin undermines governments capacity to control money.
We consider the task of constructing interactive proofs for NP which can provide meaningful security for a prover even in the presence of continual memory leakage. We imagine a setting where an adversarial verifier participates in multiple sequential interactive proof executions for a fixed NP statement x. In every execution, the adversarial verifier is additionally allowed to leak a fraction of the (secret) memory of the prover. This is in contrast to the recently introduced notion of leakage-resilient zero-knowledge (Garg-Jain-Sahaiâ11) where there is only a single execution. Under multiple executions, in fact the entire prover witness might end up getting leaked thus leading to a complete compromise of prover security. Towards that end, we define the notion of non-transferable proofs for all languages in NP. In such proofs, instead of receiving w as input, the prover will receive an âencoding â of the witness w such that the encoding is sufficient to prove the validity of x; further, this encoding can be âupdated â to a fresh new encoding for the next execution. We then require that if (x,w) are sampled from a âhardâ distribution, then no PPT adversary A â can gain the ability to prove x (on its own) to an honest verifier, even if A â has participated in polynomially many interactive proof executions (with leakage) with an honest prover whose input is (x,w). Non-transferability is a strong security guarantee which suffices for
In this short paper, we present a Fiat-Shamir type transform that takes any Sigma protocol for a relation R and outputs a non-interactive zero-knowledge proof (not of knowledge) for the associated language L R , in the common reference string model. As in the Fiat-Shamir transform, we use a hash function H. However, zero-knowledge is achieved under standard assumptions in the common reference string model (without any random oracle), and soundness is achieved in the non-programmable random oracle model. The concrete computational complexity of the transform is only slightly higher than the original Fiat-Shamir transform.
Georg Fuchsbauer, Christian Hanser, Daniel Slamanig
Structure-preserving signatures (SPS) are a powerful building block for cryptographic protocols. We introduce SPS on equivalence classes (SPS-EQ), which allow joint randomization of messages and signatures. Messages are projective equivalence classes defined on group-element vectors, so multiplying a vector by a scalar yields a different representative of the same class. Our scheme lets one adapt a signature for one representative to a signature for another representative without knowledge of any secret. Moreover, given a signature, an adapted signature for a different representative is indistinguishable from a fresh signature on a random message. We propose a definitional framework for SPS-EQ and an efficient construction in Type-3 bilinear groups, which we prove secure against generic forgers. We also introduce set-commitment schemes that let one open subsets of the committed set. From this and SPS-EQ, we then build an efficient multi-show attribute-based anonymous credential system for an arbitrary number of attributes. Our ABC system avoids costly zero-knowledge proofs and only requires a short interactive proof to thwart replay attacks. It is the first credential system whose bandwidth required for credential showing is independent of the number of its attributes, i.e., constant-size. We propose strengthened game-based security definitions for ABC and prove our scheme anonymous against malicious organizations in the standard model; finally, we discuss a concurrently secure variant in the CRS model.
In 1956, Joe Hin Tjio and Albert Levan published a paper in which they suggested that the number of human chromosomes was 46 and not 48. The story of the recount has been the subject of numerous studies and debates. In this essay I propose to revisit the 1956 paper and the questions surrounding it by considering the chromosome images it contained. Paying attention to the images, including especially the photomicrograph that has come to represent the new chromosome count, offers the opportunity to study the history of an iconic image of genetics. In the course of this history the image moved from proving the quality of Tjio and Levanâs preparations to becoming an object of contention, proof of authorship, example to emulate, manipulable object, recognizable icon, and historical object in its own right. More generally, the essay highlights the role of visual techniques and materials in shaping knowledge and staking claims in human heredity in the mid-twentieth century. The history of postwar cytogenetics has long been overshadowed by dominant accounts of molecular approaches in biology that developed rapidly at the same time. Yet the recognition that, well into the 1970s, chromosome pictures were the most recognizable images of genetics points to the need for new approaches to the historiography.
Decentralization is the allocation of power between central and lower levels structures of the government. The dimensions and the extent to which powers are transferred from one level to another vary across countries depending on the goal a country wishes to achieve. But one of the common aspects included in the transfer of powers to the lower level structures is financial decentralization. The reason is clear. It makes no sense to transfer power to the lower level structures without finance to execute own decisions. Transfer of financial powers to lower level structures and creating an alignment that support efficient and effective operation of each structure, has often been one of the major challenges in the implementation of decentralization model of government. Tanzania has been one of the victims in this situation. In view of various government reports, since independent in 1961, the several attempt tried by the government to transfer powers to the lower level structures led to either little or no success. The adoption of Decentralization by Devolution (D by D) in 2000 could be considered as the government attempt to correct the existed bottlenecks that led to the failure in the previous initiatives to decentralise. This paper attempts to answer the question: âis financial decentralisation realised under the DbyD, and what are the factors that contribute or hamper the financial decentralisation? The paper is based on the research findings presented in Mbogela (2009). The report consisted of descriptive presentation on financial matters from four case councils namely: Mbozi District council, Mbeya City council, Mbeya District council and Morogoro Municipal council. The findings from the four cases are presented, examined and compared. Keywords: Decentralisation by devolution, financial management, Local government authorities.