JaxNet: Scalable Blockchain Network

Today's world is organized based on merit and value. A single global currency that's decentralized is needed for a global economy. Bitcoin is a partial solution to this need, however it suffers from scalability problems which prevent it from being mass-adopted. Also, the deflationary nature of bitcoin motivates people to hoard and speculate on them instead of using them for day to day transactions. We propose a scalable, decentralized cryptocurrency that is based on Proof of Work.The solution involves having parallel chains in a closed network using a mechanism which rewards miners proportional to their effort in maintaining the network.The proposed design introduces a novel approach for solving scalability problem in blockchain network based on merged mining.Comment: 55 pages. 10 figure

Cross-border resolution of failed banks in the EU: A search for the second-best policies

This paper analyzes the reasons for the failure of the multilateral resolution of EU cross-border banks such as Fortis. We argue that the pre-crisis regime based on soft law and voluntary coordination was unable to align the incentives of national authorities acting under the time pressure and uncertainty of a banking crisis. We ask whether this experience induced the Commission to propose reforms that would close the regulatory gap between integrated cross-border banks and national resolution regimes. Although, the Commission proposals submitted within a year of the crisis considered the more radical reform options, such as shifting the regime to the EU level or reorganizing cross-border banks so that they could be resolved on the national level, in the end the Commission supported the traditional reform path of deepening soft law and strengthening pre-crisis governance arrangements. At the same time, the new financing mechanisms introduced to stabilize the Eurozone can pave the way for the introduction of an EU-level bank resolution regime, when the next reform opportunity arises.political science; European Commission

Managing financial integration and capital mobility -- policy lessons from the past two decades

The accumulated experience of emerging markets over the past two decades has laid bare the tenuous links between external financial integration and faster growth, on the one hand, and the proclivity of such integration to fuel costly crises on the other. These crises have not gone without learning. During the 1990s and 2000s, emerging markets converged to the middle ground of the policy space defined by the macroeconomic trilemma, with growing financial integration, controlled exchange rate flexibility, and proactive monetary policy. The OECD countries moved much faster toward financial integration, embracing financial liberalization, opting for a common currency in Europe, and for flexible exchange rates in other OECD countries. Following their crises of 1997-2001, emerging markets added financial stability as a goal, self-insured by building up international reserves, and adopted a public finance approach to financial integration. The global crisis of 2008-2009, which originated in the financial sector of advanced economies, meant that the OECD"overshot"the optimal degree of financial deregulation while the remarkable resilience of the emerging markets validated their public finance approach to financial integration. The story is not over: with capital flowing in droves to emerging markets once again, history could repeat itself without dynamic measures to manage capital mobility as part of a comprehensive prudential regulation effort.Debt Markets,Emerging Markets,Currencies and Exchange Rates,Banks&Banking Reform,Economic Theory&Research

Trilemma Policy Convergence Patterns and Output Volatility

We examine the open macroeconomic policy choices of developing economies from the perspective of the economic “trilemma” hypothesis. We construct an index of divergence of the three trilemma policy choices, and evaluate its patterns in recent decades. We find that the three dimensions of the trilemma configurations are converging towards a “middle ground” among emerging market economies -- managed exchange rate flexibility underpinned by sizable holdings of international reserves, intermediate levels of monetary independence, and controlled financial integration. Emerging market economies with more converged policy choices tend to experience smaller output volatility in the last two decades. Emerging markets with relatively low international reserves/GDP could experience higher levels of output volatility when they choose a policy combination with a greater degree of policy divergence. Yet this heightened output volatility effect does not apply to economies with relatively high international reserves/GDP holding.

Is Consciousness Intrinsic?: A Problem for the Integrated Information Theory

The Integrated Information Theory of consciousness (IIT) claims that consciousness is identical to maximal integrated information, or maximal Φ. One objection to IIT is based on what may be called the intrinsicality problem: consciousness is an intrinsic property, but maximal Φ is an extrinsic property; therefore, they cannot be identical. In this paper, I show that this problem is not unique to IIT, but rather derives from a trilemma that confronts almost any theory of consciousness. Given most theories of consciousness, the following three claims are inconsistent. INTRINSICALITY: Consciousness is intrinsic. NON-OVERLAP: Conscious systems do not overlap with other conscious systems (a la Unger’s problem of the many). REDUCTIONISM: Consciousness is constituted by more fundamental properties (as per standard versions of physicalism and Russellian monism). In view of this, I will consider whether rejecting INTRINSICALITY is necessarily less plausible than rejecting NON-OVERLAP or REDUCTIONISM. I will also consider whether IIT is necessarily committed to rejecting INTRINSICALITY or whether it could also accept solutions that reject NON-OVERLAP or REDUCTIONISM instead. I will suggest that the best option for IIT may be a solution that rejects REDUCTIONISM rather than INTRINSICALITY or NON-OVERLAP

UK energy in a global context: synthesis report

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Rethinking the scale, structure & scope of U.S. energy institutions

This essay notes some of the key institutions created in the twentieth century for the purpose of delivering energy in North America. Those institutions are being challenged by a combination of stresses in three interconnected areas: reliability, economics, and environmental sustainability. The essay argues that these three stresses create an “energy trilemma” requiring institutional reform. We suggest that new and modi½ed institutions can best be understood if we evaluate them along three dimensions: institutional scale, structure, and scope. We consider real-world examples of recent institutions in light of each of these dimensions and note both successes and concerns that those factors illuminate. We conclude by noting that some institutional changes will be organic and unplanned; but many others, including responses to climate change, will bene½t from conscious attention to scale, structure, and scope by those engaged in designing and building the energy institutions needed in the twenty-½rst century

On the evolution of U.S. foreign-exchange-market intervention: thesis, theory, and institutions

Attitudes about foreign-exchange-market intervention in the United States evolved in tandem with views about monetary policy as policy makers grappled with the perennial problem of having more economic objectives than independent instruments with which to achieve them. This paper—the introductory chapter to our history of U.S. foreign exchange market intervention—explains this thesis and summarizes our conclusion: The Federal Reserve abandoned frequent foreign-exchange-market intervention because, rather than providing a solution to the instruments-versus-objectives problem, it interfered with the Federal Reserve’s ability to credibly commit to low and stable inflation. This chapter also provides a theoretical discussion of intervention, background on U.S. institutions for conducting intervention, and a roadmap to the remainder of our book.Foreign exchange market ; Monetary policy - United States

How different electricity pricing systems affect the energy trilemma: assessing Indonesia's electricity market transition.

Indonesia's current energy policy, which relies on cheap fossil fuels and focuses on two out of the three horns of the energy trilemma, namely, energy security and energy equity, may impede its efforts to higher shares of renewable energy sources. This paper develops three generic models that allow policymakers to analyze the impact of introducing a wholesale electricity market managed under either a nodal, a zonal, or a uniform pricing system on the three horns of the energy trilemma. It evaluates the models using a simplified network representation of the Indonesian electricity sector. The results indicate that under the model assumptions made, and given the used input parameters as well as the used metrics for the three horns of the energy trilemma, a uniform pricing system might help Indonesia to balance its energy trilemma