Year 2010 Issues on Cryptographic Algorithms

In the financial sector, cryptographic algorithms are used as fundamental techniques for assuring confidentiality and integrity of data used in financial transactions and for authenticating entities involved in the transactions. Currently, the most widely used algorithms appear to be two-key triple DES and RC4 for symmetric ciphers, RSA with a 1024-bit key for an asymmetric cipher and a digital signature, and SHA-1 for a hash function according to international standards and guidelines related to the financial transactions. However, according to academic papers and reports regarding the security evaluation for such algorithms, it is difficult to ensure enough security by using the algorithms for a long time period, such as 10 or 15 years, due to advances in cryptanalysis techniques, improvement of computing power, and so on. To enhance the transition to more secure ones, National Institute of Standards and Technology (NIST) of the United States describes in various guidelines that NIST will no longer approve two-key triple DES, RSA with a 1024-bit key, and SHA-1 as the algorithms suitable for IT systems of the U.S. Federal Government after 2010. It is an important issue how to advance the transition of the algorithms in the financial sector. This paper refers to issues regarding the transition as Year 2010 issues in cryptographic algorithms. To successfully complete the transition by 2010, the deadline set by NIST, it is necessary for financial institutions to begin discussing the issues at the earliest possible date. This paper summarizes security evaluation results of the current algorithms, and describes Year 2010 issues, their impact on the financial industry, and the transition plan announced by NIST. This paper also shows several points to be discussed when dealing with Year 2010 issues.Cryptographic algorithm; Symmetric cipher; Asymmetric cipher; Security; Year 2010 issues; Hash function

Can fear beat hope? A story of GARCH-in-Mean-Level effects for Emerging Market Country Risks

Upon winning the 2002 presidential elections, event that considerably increased the Brazilian country risk levels and volatility, Lula celebrated by declaring: “hope has beaten fear”. Extending Une and Portugal (2004), the aim of this paper is twofold: to empirically test the interrelations between country risk conditional mean (“hope”) and conditional variance (“fear”) and cast light on the role of country risk stability in the conduction of macroeconomic policies in developing small open economies. We compare the forecasting performance of various alternative GARCH-in-Mean-Level models for n-step conditional volatility point forecasts of the Brazilian country risk estimated for the period May 1994 - February 2005. The results support the idea that both hope and fear play important roles in the Brazilian case and confirms that hope and fear act in the same direction.nonlinear GARCH, GARCH-in-Mean-Level effect, country risk, fear of disruption, forecast performance

The Outsider and Sunk Cost Effects on 'Dango' in Public Procurement Bidding: An Experimental Analysis.

This paper presents the result of experiments for finding some insight into an effect of the new bidding system in Japanese public construction works procurement on bidders' collusion, which is called 'dango'. We focused on an effect of the entry of an outsider who is not a dango member. The main conclusion of the experiments is that an outsider, a subject who is not allowed to communicate with other subjects, has a robust effect to prevent other subjects from colluding and to make the winning price decrease considerably.CONSTRUCTION ; PRICES ; BIDDING

Optimizing maintenance plans of offshore wind farms by calculating the likelihood of future turbine failures

Although offshore wind power shows promising energy potentials, high cost of operating and maintaining offshore wind farms concerns investors. Different maintenance strategies are applied by wind farm operators to overcome this drawback. A mixed integer optimization model is developed to find the optimal maintenance plan for an offshore wind farm. The proposed model include probabilistic failure times, multiple components per wind turbine, route decisions and imperfect maintenance. That is, aspects usually studied individually in the literature. Maintenance actions are scheduled based on the calculated likelihood of future turbine failures. Results from numerical experiments show that applying an imperfect preventive maintenance strategy, as opposed to a preventive replacement strategy, is preferable in most scenarios. An additional heuristic algorithm is presented. Close to optimal solutions with optimality gaps between 1% and 3% prove that the heuristic algorithm yields good solutions.Masteroppgave i energiENERGI399MAMN-ENER

Pendekatan Saintifik Dalam Pembelajaran IPS Terpadu Dan Pengaruhnya Terhadap Hasil Belajar Di SMP Negeri 1 Bongo

Penelitian ini bertujuan untuk mengetahui implementasi pendekatan saintifik dalam pembelajaran IPS di kelas VII SMP Negeri 2 Batudaa dengan menggunakan penelitian kualitatif deskriptif dengan pendekatan kuantitatif statistik sederhana yaitu suatu penelitian yang dilakukan dengan tujuan utama untuk melihat sejauhmana pengaruh pendekatan saintifik dalam pembelajaran IPS terpadu terhadap hasil belajar siswa di kelas VII SMP Negeri 2 Bongo Batudaa Pantai. Berdasarkan hasil penelitian bahwa siswa di SMP Negeri 2 Bongo membutuhkan arahan dan bimbingan guru dalam memecahkan setiap Langkah-langkah dalam pendekatan saintifik. Hal ini terbukti dengan beberapa indikator yang diterapkan dalam pendekatan saintifik, selalu memperoleh skor yang rendah, tetapi dengan adanya arahan dan bimbingan dari guru, hasil belajar yang didapatkan mengalami peningkatan

The causes of government and the consequences for growth and well-being

Using a large cross-country data set, the authors examine the factors that cause governments to grow, and analyze how the size of government affects growth, whether measured as income growth or other measures of well-being, such as infant mortality and life expectancy. They find no robust link between government size and per capita income. The factors they find to be important in explaining government size are relative prices, the age-dependency ratio, how long a country has been independent, relative political freedom, and openness in trade. Their results also partially support the view that governments use consumption to buffer external risk, especially in low-income countries. As for how government size affects growth, they find a robust and significant negative relationship between growth and government size, as measured by consumption. Policy distortions, predictably, also have a negative effect on growth. But the positive effects of well-functioning institutions and high quality in government bureaucracies can offset the negative influence of large government size alone. Finally, they find that social-sector spending can exert a positive influence by reducing infant mortality and raising life expectancy. Better income distribution, higher per capita income, higher per capita income growth, and more political freedom have the same positive effect on those two measures of well-being.Environmental Economics&Policies,Economic Theory&Research,National Governance,Payment Systems&Infrastructure,Knowledge Economy,Knowledge Economy,Environmental Economics&Policies,National Governance,Economic Theory&Research,Inequality

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