Dynamics of financial markets in the context of globalization

The transformation of national segmented financial markets into integrated parts of the global financial market- the globalization process - involves cross-border and cross-sector integration in which capital movements and financial services are key determinants. Growth in trade and investments, important changes in production and technology, meaningful innovations in telecommunications and computer applications, and a generalized trend towards liberalization and deregulation of domestic and international markets have led during the last two decades to a closer and deeper interaction among international markets. As a result, the structure of financial markets has changed significantly and new international business opportunities, operations, networks, and challenges have appeared. Financial systems from both developed and developing countries have been subject to change. A key component of recent changes in the financial sector from the developing countries has been the impressive growth and internalization of capital markets. These markets have acquired great importance for the mobilization of international resources to support the continuing and expanding needs of those countries eager to finance their economic activities. The corporate sector plays an important role, since it is in the practice that large corporations have the widest range of funding options. They can engage in arbitrage between less efficient and more efficient markets on a global scale. In this paper we try to highlight the most important transformations that have occurred in the developing countries, with the reforms that have built a more sound and efficient financial system and to try to quantify the impact of globalization upon this system.globalization, innovation, derivatives market

The power of mediation in an extended El Farol game

A mediator implements a correlated equilibrium when it pro- poses a strategy to each player con dentially such that the mediator's proposal is the best interest for every player to follow. In this paper, we present a mediator that implements the best correlated equilibrium for an extended El Farol game with symmetric players. The extended El Farol game we consider incorporates both negative and positive network e ffects. We study the degree to which this type of mediator can decrease the overall social cost. In particular, we give an exact characterization of Mediation Value (MV) and Enforcement Value (EV) for this game. MV is the ratio of the minimum social cost over all Nash equilibria to the minimum social cost over all mediators of this type, and EV is the ratio of the minimum social cost over all mediators of this type to the optimal social cost. This sort of exact characterization is uncommon for games with both kinds of network e ffects. An interesting outcome of our results is that both the MV and EV values can be unbounded for our game

The Sensory Intention -- \u3cem\u3eArt, Motif, and Motivation: A Comparative Approach\u3c/em\u3e

Philosophers like Gilles Deleuze claimed a new outlook for aesthetics asking for a rethinking of the traditional separation between the theory of sensibility and the theory of art. From a comparative standpoint, this article examines the concept of \u27sensory intention\u27 which in our view might be able to bridge the gap between acting and doing and therefore to link the theory of sensibility and the theory of art. Traditional Chinese art, and more specifically the script style caoshu[草書],has been chosen as the medium through which to illustrate the theoretical discussion. Analysis of traditional Chinese thought on art allows us to see how approaching art from the point of view of motivation contrasts with early Western aesthetic theory. Aesthetics appears not as the inferior gnoseologia mentioned by A. G. Baumgarten (1750) but, on the contrary, as living knowledge of the common fund of our practices and rationalities. The discussion addresses the following issues: the traditional views of acting and doing found in Western and Eastern philosophies; the place of motivation (related to qi[氣]) in Chinese art; and, consequently, the place of motifs in Chinese traditional art and Western modern painting

Robust Price of Anarchy for Atomic Games with Altruistic Players

We study the inefficiency of equilibria for various classes of games when players are (partially) altruistic. We model altruistic behavior by assuming that player i's perceived cost is a convex combination of 1-\beta_i times his direct cost and \beta_i times the social cost. Tuning the parameters \beta_i allows smooth interpolation between purely selfish and purely altruistic behavior. Within this framework, we study altruistic extensions of linear congestion games, fair cost-sharing games and valid utility games. We derive (tight) bounds on the price of anarchy of these games for several solution concepts. Thereto, we suitably adapt the smoothness notion introduced by Roughgarden and show that it captures the essential properties to determine the robust price of anarchy of these games. Our bounds reveal that for congestion games and cost-sharing games the worst-case robust price of anarchy increases with increasing altruism, while for valid utility games it remains constant and is not affected by altruism. We also show that the increase in price of anarchy is not a universal phenomenon: for symmetric singleton linear congestion games we derive a bound on the price of anarchy for pure Nash equilibria that decreases as the level of altruism increases. Since the bound is also strictly lower than the robust price of anarchy, it exhibits a natural example in which Nash equilibria are more efficient than more permissive notions of equilibrium

Dynamics of financial markets in the context of globalization

The transformation of national segmented financial markets into integrated parts of the global financial market- the globalization process - involves cross-border and cross-sector integration in which capital movements and financial services are key determinants. Growth in trade and investments, important changes in production and technology, meaningful innovations in telecommunications and computer applications, and a generalized trend towards liberalization and deregulation of domestic and international markets have led during the last two decades to a closer and deeper interaction among international markets. As a result, the structure of financial markets has changed significantly and new international business opportunities, operations, networks, and challenges have appeared. Financial systems from both developed and developing countries have been subject to change. A key component of recent changes in the financial sector from the developing countries has been the impressive growth and internalization of capital markets. These markets have acquired great importance for the mobilization of international resources to support the continuing and expanding needs of those countries eager to finance their economic activities. The corporate sector plays an important role, since it is in the practice that large corporations have the widest range of funding options. They can engage in arbitrage between less efficient and more efficient markets on a global scale. In this paper we try to highlight the most important transformations that have occurred in the developing countries, with the reforms that have built a more sound and efficient financial system and to try to quantify the impact of globalization upon this system

Selfishness and Malice in Distributed Systems

Large-scale distributed systems are increasingly prevalent. Two issues can impact the performance of such systems: selfishness and malice. Selfish players can reduce social welfare of games, and malicious nodes can disrupt networks. In this dissertation, we provide algorithms to address both of these issues. One approach to ameliorating selfishness in large networks is the idea of a mediator. A mediator implements a correlated equilibrium when it proposes a strategy to each player privately such that the mediators proposal is the best interest for every player to follow. In this dissertation, we present a mediator that implements the best correlated equilibrium for an extended El Farol game. The extended El Farol game we consider has both positive and negative network effects. We study the degree to which this type of mediator can decrease the social cost. In particular, we give an exact characterization of Mediation Value (MV) and Enforcement Value (EV) for this game. MV measures the efficiency of our mediator compared to the best Nash equilibrium, and EV measures the efficiency of our mediator compared to the optimal social cost. This sort of exact characterization is uncommon for games with both kinds of network effects. An interesting outcome of our results is that both the MV and EV values can be unbounded for our game. Recent years have seen significant interest in designing networks that are self-healing in the sense that they can automatically recover from adversarial attacks. Previous work shows that it is possible for a network to automatically recover, even when an adversary repeatedly deletes nodes in the network. However, there have not yet been any algorithms that self-heal in the case where an adversary takes over nodes in the network. In this dissertation, we address this gap. In particular, we describe a communication network over n nodes that ensures the following properties, even when an adversary controls up to t ≤ (1/4 − ε)n nodes, for any constant ε \u3e 0. First, the network provides point-to-point communication with message cost and latency that are asymptotically optimal in an amortized sense. Second, the expected total number of message corruptions is O(t(log* n)^2), after which the adversarially controlled nodes are effectively quarantined so that they cause no more corruptions. In the problem of reliable multiparty computation (RMC), there are n parties, each with an individual input, and the parties want to jointly and reliably compute a function f over n inputs, assuming that it is not necessary to maintain the privacy of the inputs. The problem is complicated by the fact that an omniscient adversary controls a hidden fraction of the parties. We describe a self-healing algorithm for this problem. In particular, for a fixed function f, with n parties and m gates, we describe how to perform RMC repeatedly as the inputs to f change. Our algorithm maintains the following properties, even when an adversary controls up to t ≤ (1/4 − ε)n parties, for any constant ε \u3e 0. First, our algorithm performs each reliable computation with the following amortized resource costs: O(m + n log n) messages, O(m + n log n) computational operations, and O(\ell) latency, where \ell is the depth of the circuit that computes f. Second, the expected total number of corruptions is O(t(log* n)^2). Our empirical results show that the message cost reduces by up to a factor of 60 for communication and a factor of 65 for computation, compared to algorithms of no self-healing

Let's talk about peace: mediation in civil conflict

This dissertation contributes to the growing literature centered on civil war mediation. Relying on a rationalist framework of conflict and actors, and employing quantitative methods, the research uncovers a number of findings relating to the features that assist and impede civil conflict peace brokers. Paper one demonstrates the importance of the relative belligerent strength. Using disaggregated dyadic data, the analysis shows that insurgents whose capacity more closely matches the state are more likely to see mediation in the first place, and ultimately end their conflict through a settlement This argument is developed in the second paper, which shows how belligerent capacity is affected by natural resources. The presence of oil is shown to increase the relative position of the incumbent, lowering the likelihood of mediation and agreement. Paper three focuses on the interaction between the characteristics of the mediator and the belligerents. It demonstrates that mediation is more likely to be accepted when the incumbent and third party share institutional similarities. Notably, non-democratic states are shown to have a significantly higher demand for mediation led by non-democratic third parties. In paper four, which is co-authored with Kristian Skrede Gleditsch, we extend previous research on mediation by assessing the predictive powers of features highlighted as important determinants for mediation. Our results suggest that a two stage model of mediation and success does relatively well in out-of-sample predictions. In total the dissertation makes a number of important contributions, including: using disaggregated data to facilitate assessments of competing mechanisms; adopting an innovative modelling procedure to better capture the selection effects underpinning mediation; and proposing a new means of result validation that offers a more comprehensive assessment of statistical results. In this way the dissertation bridges the gap between studies of civil war mediation, and theoretical and methodological innovations within the broader civil war literature

The Lexical Field of Illnesses and Healing in Ancient Hebrew

Abstract La ricerca in oggetto è un’analisi componenziale dei lessemi indicativi di patologie e una di guarigione in ebraico antico. . Sono così citati sia il tratto distintivo (distinctive feature) che un lessema acquista alla fine e alla luce della ricerca stessa, sia il risultato dell’uso contestualizzato del lessema stesso. Alla fine, un’esatta disamina dei lessemi che indicano le malattie e gli stati di salute in EA, catalogati in un glossario, corredano la ricerca. La ricerca è divisa in tre sezioni principali: l’analisi distribuzionale e classematica, l’analisi paradigmatica e, infine, il glossario finale. L’analisi distribuzionale e classematica valuta ogni singola occorrenza del lessema nel corpus dell’EA (Iscrizioni, EB ed EQ) e individua la classe alla quale il lessema si riferisce. L’analisi paradigmatica si propone l’inserimento nella ricerca della ‘dimensione’ individuata per ogni lessema analizzato. . I rapporti individuati tra i vari lessemi sono di: antonomia graduale se essi si oppongono in base alla marcatezza della malattia descritta dal lessema stesso ovvero polare se l’opposizione avviene in base allo stato patologico stricto sensu. Infine, si attestano rapporti di iperonimia e iponimia. Alla luce delle opposizioni, il significato è da considerarsi come distinto dalla “designazione”, vale a dire dalla specifica e contestuale utilizzazione che la lingua attesta per il lessema. I lessemi analizzati sono: חֳלִי, מַחֲלָֽה e derivati, דְּוַי, דֶבֶר, צָרַעַת e זוֹב , דַּלֶּקֶת , חַרְחֻר, קַּדַּ֔חַת, שַּׁחֶ֙פֶת, גָּרָ֖ב, חֶרֶס*, יַלֶּ֔פֶת, נֶּ֗תֶק, שְׁחִ֥ין, טחור* e מַרְפֵּאThe research is a componential analysis of the lexemes indicative of pathologies and healing in ancient Hebrew. . The distinctive feature that a lexeme acquires at the end and in the light of the research itself, and the result of the contextualized use of the lexeme itself are thus cited. In the end, an exact examination of the lexemes that indicate diseases and health conditions in AH, cataloged in a glossary, accompany the research. . In this study the denotative lexemes of generic diseases (hyperonyms), specific diseases (hyponyms) are analyzed in opposition to a lexeme indicative of a state of recovery from them and of overall health. The research is divided into three main sections: the distributional and classematic analysis, the paradigmatic analysis and, finally, the final glossary. The distributional and classematic analysis assesses each single occurrence of the lexeme in the AH corpus (Inscriptions, BH and QH) and identifies the class to which the lexeme refers. The paradigmatic analysis proposes the insertion in the search of the 'dimension' identified for each lexeme analyzed. . Finally, there are reports of hyperonymy and hyponymy. In the light of the oppositions, the meaning is to be considered as distinct from the "designation", that is, from the specific and contextual use that the language attests to the lexeme. The analyzed lexemes are: חֳלִי, מַחֲלָֽה and derivates, דְּוַי, דֶבֶר, צָרַעַת e זוֹב , דַּלֶּקֶת , חַרְחֻר, קַּדַּ֔חַת, שַּׁחֶ֙פֶת, גָּרָ֖ב, חֶרֶס*, יַלֶּ֔פֶת, נֶּ֗תֶק, שְׁחִ֥ין, טחור* e מַרְפֵּ

Sovereign debt and economic policy: a relational sociology of debt in the United Kingdom, 1960s–1980s

This thesis studies how what I call relational fiscal practices shape government elites' (and non-government actors') understandings of economic policy options. It examines how symbolic fiscal practices, classification struggles, and interwoven relations contour policymakers' communication of these options to relevant stakeholders—Parliament, voters, financial investors, international organisations, etc.—and structure political debates over the size of the state and the allocation of resources to different purposes. Building on the relational frameworks proposed by economic and political sociologists (Block, 2012; Bourdieu, 2010; Tilly, 2005; Zelizer, 2005, 2012), I develop a relational approach to sovereign debt. With this aim, I define relational as comprising (1) inter-organisational relations, (2) intra-organisational relations, and (3) semantic relations—relations between concepts and categories at the core of symbolic fiscal practices. My central argument is that to grasp the political, economic, and sociological significance of public borrowing we must study how historical agents within and outside government distinguish borrowing according to who the creditor is and what the government borrows for. This entails looking beneath the overall quantity of debt and/or the problem of debt repayment per se, which have traditionally been at the centre of social science research on sovereign debt. Drawing on original archival evidence, parts II and III develop the empirical argument. Part II studies the role of numbers and budgetary reporting in framing economic policy through an analysis of how symbolic fiscal practices—the accounting and conceptual decisions, technologies, and devices that compose budgetary reporting—are crucial sites from which sovereign debt and deficits acquire their historical and sociological meaning. By studying the social processes behind the production, uses, and understandings of public finance statistics, chapters 3-5 inquire why certain macroeconomic indicators become more salient and consequential for policy than others. They theorise symbolic fiscal practices and public knowledge infrastructures as key devices for structuring the relationship between economic policy and the climate of general and expert opinion. As non-neutral classification systems that result from classification struggles over what and how to report, symbolic fiscal practices influenced how people thought of the economy, government, and economic policy in the 1960s-1980s. The politics of official knowledge conditioned the terms and standards of economic policy debate. The three chapters analyse the interaction between (i) efforts at managing public opinion; (ii) attempts at managing financial market expectations; (iii) attempts at managing international creditors' assessments; (iv) intra-state bureaucratic conflicts; (v) the mobilisation of epistemic authority; (vi) the legacies of past classification struggles; and (vii) conflicts between evolving fiscal schemata. Part III zooms in to specific fateful relational processes between government and key counterparties in the 1970s. It traces how (i) strategic interactions between relevant actors and (ii) specific policy and cognitive devices combined to constrain government elites' perceived menu of available policy options. Chapter 6 studies the strategic interactions between policymakers intending to legitimise an active fiscal policy and uncooperative financial markets in the 1970s. It argues that the institutional and cognitive underpinnings of the relational setting of sovereign debt shaped government elites' (and financial investors') understandings of economic policy options, and proposes the notion of an economic policy trilemma to explain and theorise the way in which financial confidence became a binding constraint to government policy. Chapter 7 offers a novel interpretation of mid-1970s economic policy as cumulative polyvalent performances. It situates the 1976 IMF crisis within a larger relational process and presents the story of how relational pondering, polyvalent performances, and opposite matching games influenced the negotiations between the government and relevant counterparties during 1975 and 1976. Overall, the thesis joins recent work in economic sociology by proposing a relational approach to public finances in general and public debt in particular. Beyond that theoretical contribution, the vast amount of original archival work conducted allows the empirical chapters to engage actively in scholarly debates relevant to the specific processes, topics, and periods considered