With digital equipment becoming increasingly networked, either on wired or wireless networks, for personal and professional use alike, distributed software systems have become a crucial element in information and communications technologies. The study of these systems forms the core of the ARLES' work, which is specifically concerned with defining new system software architectures, based on the use of emerging networking technologies. In this context, we concentrate on the study of distributed systems which bring to life the vision of ubiquitous computing systems, also known as ambient intelligence.

반도체 공정 overview

Bitcoin is an online communication protocol that facilitates virtual currency including electronic payments. Since its inception in 2009 by an anonymous group of developers, Bitcoin has served tens of millions of transactions with total dollar value in the billions. Users have been drawn to Bitcoin for its decentralization, intentionally relying on no single server or set of servers to store transactions and also avoiding any single party that can ban certain participants or certain types of transactions. Bitcoin is of interest to economists in part for its potential to disrupt existing payment systems and perhaps monetary systems, and also for the wealth of data it provides about agents’ behavior and about the Bitcoin system itself. This article presents the platform’s design principles and properties for a non-technical audience, reviews its past, present and future uses, and points out risks and regulatory issues as Bitcoin interacts with the conventional financial system and the real economy.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2604219_code337148.pdf?abstractid=2495572&mirid=1&type=2

Bitcoin: Economics, Technology, and Governance

The inefficiency of Bitcoin

On the hedge and safe haven properties of Bitcoin: Is it really more than a diversifier?

https://www.econstor.eu/bitstream/10419/129339/1/837459923.pdf

Hedging capabilities of bitcoin. Is it the virtual gold

Bitcoin (BTC) is a major virtual currency. Using weekly data over the 2010-2013 period, we analyze a BTC investment from the standpoint of a US investor with a diversified portfolio including both traditional assets (worldwide stocks, bonds, hard currencies) and alternative investments (commodities, hedge funds, real estate). Over the period under consideration, BTC investment had highly distinctive features, including exceptionally high average return and volatility. Its correlation with other assets was remarkably low. Spanning tests confirm that BTC investment offers significant diversification benefits. We show that the inclusion of even a small proportion of BTCs may dramatically improve the risk-return trade-off of well-diversified portfolios. Results should however be taken with caution as the data may reflect early-stage behavior that may not last in the medium or long run.

/pdf/virtual-currency-tangible-return-portfolio-diversification-8evsh1ii8j.pdf

Virtual currency, tangible return: Portfolio diversification with bitcoin

Bitcoin is a major virtual currency. Using weekly data over the 2010-2013 period, we analyze a Bitcoin investment from the standpoint of a U.S. investor with a diversified portfolio including both traditional assets (worldwide stocks, bonds, hard currencies) and alternative investments (commodities, hedge funds, real estate). Bitcoin investment has highly distinctive features, including exceptionally high average return and volatility. Its correlation with other assets is remarkably low. Spanning tests confirm that Bitcoin investment offers significant diversification benefits. We show that the inclusion of even a small proportion of Bitcoins, say 3%, may dramatically improve the risk-return trade-off of well-diversified portfolios.

/pdf/virtual-currency-tangible-return-portfolio-diversification-549dfa79yp.pdf

Virtual Currency, Tangible Return: Portfolio Diversification with Bitcoin

https://isiarticles.com/bundles/Article/pre/pdf/15302.pdf

The bond market and the legitimacy of Vichy France

During World War II, the spread between the 3 percent rentes and the Vichy government bonds reflected French investors' perception of the shifting fortunes of war and the willingness of future post-war government to repay the debt issued by the collaborationist regime. Structural breaks in this spread do not always match with the dates of major military events but are more closely related to the political ones, emphasizing the struggle for legitimacy by rival claimants to power. © 2003 Elsevier Science (USA). All rights reserved.

Occupation charges paid by France to Nazi Germany represent one of the largest international transfers and contributed significantly to the German war effort. We employ a neoclassical growth model that incorporates essential features of the occupied economy to assess the welfare costs of the policies that managed the payments to Germany. Our lower bound estimates show that occupation payments required a severe cut in consumption. A draft of labor to Germany and a reduction of real wages added to this burden. Management of the accumulated domestic debt required large budget surpluses; but post-Liberation inflation slashed the real debt.“Ils ne nous ont rien enleve de vive force; ils ont toujours tout achete correctement; mais ils nous ont tout paye avec de l'argent qu'ils nous avaient vole.”1

/pdf/how-much-can-a-victor-force-the-vanquished-to-pay-france-ngoc2qpxdf.pdf

Kim Oosterlinck

Papers

Virtual currency, tangible return: Portfolio diversification with bitcoin

Virtual Currency, Tangible Return: Portfolio Diversification with Bitcoin

The bond market and the legitimacy of Vichy France

The bond market and the legitimacy of Vichy France

How much can a victor force the vanquished to pay? France under the nazi boot