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Strategy for Development of North Korea with Disruptive Technology 颠覆性技术的朝鲜发展战略
International Political Economy: Globalization eJournal Pub Date : 2019-12-31 DOI: 10.2139/ssrn.3511891
Bokwon Lee, Hye Jin Kim, Jae-Suk Yang
{"title":"Strategy for Development of North Korea with Disruptive Technology","authors":"Bokwon Lee, Hye Jin Kim, Jae-Suk Yang","doi":"10.2139/ssrn.3511891","DOIUrl":"https://doi.org/10.2139/ssrn.3511891","url":null,"abstract":"In this paper, we analyze developmental priorities in North Korea. Firstly, we investigate development plans of several transitional economies during the 1990s using the World Bank’s engagement reports. Countries of these economies are Vietnam, Mongolia, Cambodia, and Myanmar. Development strategies in these countries emphasized construction and agriculture. Secondly, using the analytic hierarchy process (AHP), we analyze North Korea’s industrial developmental priorities among experts on North Korea and official development assistance (ODA). Our research shows high priorities for energy and agriculture. Both previous development strategies and AHP results show little interest in development of information and communication technology (ICT). However, the socioeconomic environment in North Korea is changing. ICT and service trade across the borders have been increasing. The population of North Korea is aging. Disruptive technologies based on ICT emerge from our analysis as effective tools to accelerate development. Lastly, we explore ICT as a new development strategy for North Korea. We recommend that ICT should be high among the development priorities of North Korea.","PeriodicalId":288317,"journal":{"name":"International Political Economy: Globalization eJournal","volume":"47 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116217998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Smart Contracts: A Requiem 智能合约:一首安魂曲
International Political Economy: Globalization eJournal Pub Date : 2019-12-07 DOI: 10.2139/ssrn.3499998
Dr Eliza Mik
{"title":"Smart Contracts: A Requiem","authors":"Dr Eliza Mik","doi":"10.2139/ssrn.3499998","DOIUrl":"https://doi.org/10.2139/ssrn.3499998","url":null,"abstract":"\"Smart contracts” are technologies that facilitate the generation and transfer of blockchain-based crypto-assets. The unfortunate labeling of these technologies as \"contracts\" has spawned a plethora of legal theories, which are built on unsubstantiated technical claims, terminological misunderstandings as well as on a general disillusionment with traditional institutions. Concepts such as “validation” or “self-enforcement,” both of which constitute permanent fixtures of the “smart contract” narrative, seem to have hijacked common sense with promises of certainty and guaranteed performance to the point where a structured and logical argument is rendered difficult. It is necessary to clarify the meaning of the term and remind those who debate the legal enforceability and validity of “smart contracts” of the basic principles of contract law. In particular, it is necessary to recall that contract law is indifferent to the manner parties express their agreement.","PeriodicalId":288317,"journal":{"name":"International Political Economy: Globalization eJournal","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127535778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Share Pledges, Tone of Earnings Communication Conferences, and Market Reaction: Evidence from China 股权质押、盈余沟通会议基调与市场反应:来自中国的证据
International Political Economy: Globalization eJournal Pub Date : 2019-12-01 DOI: 10.1111/acfi.12585
Wanlong Zhao, Wei Zhang, Xiong Xiong, G. Zou
{"title":"Share Pledges, Tone of Earnings Communication Conferences, and Market Reaction: Evidence from China","authors":"Wanlong Zhao, Wei Zhang, Xiong Xiong, G. Zou","doi":"10.1111/acfi.12585","DOIUrl":"https://doi.org/10.1111/acfi.12585","url":null,"abstract":"We investigate how share pledging affects firms’ disclosures and influences investors in Chinese stock market. The tone of firm disclosures when there are shares pledged by controlling shareholders is more positive than that of firms without them. Considering tone inflation motivation and ability simultaneously, we find share pledge risk has an inverted U‐shaped relation with tone. Investors react positively to tone in short‐run windows, and firms with controlling shareholders’ pledges have higher stock returns for earnings communication conferences. We identify an inverted U‐shaped link between margin distance of controlling shareholders and stock returns for earnings communication conferences.","PeriodicalId":288317,"journal":{"name":"International Political Economy: Globalization eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131275545","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 20
Jobs and Matches: Quits, Replacement Hiring, and Vacancy Chains 工作和匹配:辞职，替代招聘和空缺链
International Political Economy: Globalization eJournal Pub Date : 2019-12-01 DOI: 10.1257/aeri.20190023
B. Schoefer, Yusuf Mercan
{"title":"Jobs and Matches: Quits, Replacement Hiring, and Vacancy Chains","authors":"B. Schoefer, Yusuf Mercan","doi":"10.1257/aeri.20190023","DOIUrl":"https://doi.org/10.1257/aeri.20190023","url":null,"abstract":"In the canonical DMP model of job openings, all job openings stem from new job creation. Jobs denote worker-firm matches, which are destroyed following worker quits. Yet, employers classify 56 percent of vacancies as quit-driven replacement hiring into old jobs, which evidently outlived their previous matches. Accordingly, aggregate and firm-level hiring tightly track quits. We augment the DMP model with longer-lived jobs arising from sunk job creation costs and replacement hiring. Quits trigger vacancies, which beget vacancies through replacement hiring. This vacancy chain can raise total job openings and net employment. The procyclicality of quits can thereby amplify business cycles.","PeriodicalId":288317,"journal":{"name":"International Political Economy: Globalization eJournal","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129474066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 22
An Economic Recipe for Backlash 经济反弹的配方
International Political Economy: Globalization eJournal Pub Date : 2019-11-26 DOI: 10.2139/ssrn.3493431
Krzysztof J. Pelc
{"title":"An Economic Recipe for Backlash","authors":"Krzysztof J. Pelc","doi":"10.2139/ssrn.3493431","DOIUrl":"https://doi.org/10.2139/ssrn.3493431","url":null,"abstract":"A populist backlash has seized a number of Western democracies. Two broad sets of explanations have emerged to address the sources of this backlash, with credible empirical evidence for each. The first focuses on economic drivers, and specifically on global economic integration, and exposure to trade competition. The second turns instead to cultural explanations, arguing that the shifting political winds are due to strictly nonmaterial considerations, like status threat and racial beliefs. How might we reconcile two apparently conflicting conclusions in the scholarly work examining this backlash? The question comes down to the particular interplay of these factors. I argue that the most promising approach may lie in tweaking our ideas about the relevant group that individuals use to make assessments about general welfare and the role of political entrepreneurs in manipulating these relevant groups. This, in turn, might explain why right-wing political parties appear to consistently gain from the ongoing backlash. I end with a consideration of the policy means that governments have to curb the political effects of economic grievances, and what explains the success or failure of such efforts. An economic recipe for backlash suggests the existence of an antidote.","PeriodicalId":288317,"journal":{"name":"International Political Economy: Globalization eJournal","volume":"329 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125792010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
More (or Less) Economic Limits of the Blockchain 区块链的更多(或更少)经济限制
International Political Economy: Globalization eJournal Pub Date : 2019-11-01 DOI: 10.2139/ssrn.3494434
Neil Gandal, J. Gans
{"title":"More (or Less) Economic Limits of the Blockchain","authors":"Neil Gandal, J. Gans","doi":"10.2139/ssrn.3494434","DOIUrl":"https://doi.org/10.2139/ssrn.3494434","url":null,"abstract":"This paper extends the blockchain sustainability framework of Budish (2018) to consider proof of stake (in addition to proof of work) consensus mechanisms and permissioned (where the number of nodes are fixed) networks. It is demonstrated that an economically sustainable network will involve the same cost regardless of whether it is proof of work or proof of stake although in the later the cost will take the form of illiquid financial resources. In addition, it is shown that regulating the number of nodes (as in a permissioned network) does not lead to additional cost savings that cannot otherwise be achieved via a setting of block rewards in a permissionless (i.e., free entry) network. This suggests that permissioned networks will not be able to economize on costs relative to permissionless networks.","PeriodicalId":288317,"journal":{"name":"International Political Economy: Globalization eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120940791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 19
The Absolute Smallest Possible Money Unit! When Money Crashes into the Laws of Physics 绝对最小可能的货币单位!《当金钱冲击物理定律
International Political Economy: Globalization eJournal Pub Date : 2019-11-01 DOI: 10.2139/ssrn.3482479
E. Haug
{"title":"The Absolute Smallest Possible Money Unit! When Money Crashes into the Laws of Physics","authors":"E. Haug","doi":"10.2139/ssrn.3482479","DOIUrl":"https://doi.org/10.2139/ssrn.3482479","url":null,"abstract":"In this paper, we demonstrate that there is an absolute physical limit on how small the smallest money unit can be, no matter how much we are able to improve our technology. The smallest money unit seems to be directly linked to the smallest possible energy unit needed to store one bit. If the smallest money unit is smaller than the cost of energy of storing one bit then there seems to be an arbitrage, which will also constrain money producers such as central banks from issuing money with a smaller denomination than this minimum money unit. Keywords: Money units, money creation, arbitrage, information theory, Launder limit, the Planck constant.","PeriodicalId":288317,"journal":{"name":"International Political Economy: Globalization eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129196312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Blockchain Structure and Cryptocurrency Prices 区块链结构和加密货币价格
International Political Economy: Globalization eJournal Pub Date : 2019-10-30 DOI: 10.2139/ssrn.3478498
Peter Zimmerman
{"title":"Blockchain Structure and Cryptocurrency Prices","authors":"Peter Zimmerman","doi":"10.2139/ssrn.3478498","DOIUrl":"https://doi.org/10.2139/ssrn.3478498","url":null,"abstract":"I present a model of cryptocurrency price formation that endogenizes both the financial market for coins and the fee-based market for blockchain space. A cryptocurrency has two distinctive features: a price determined by the extent of its usage as money, and a blockchain structure that restricts settlement capacity. Limited settlement space creates competition between users of the currency, so speculative activity can crowd out monetary usage. This crowding-out undermines the ability of a cryptocurrency to act as a medium of payment, lowering its value. Higher speculative demand can reduce prices, contrary to standard economic models. Crowding-out also raises the riskiness of investing in cryptocurrency, explaining high observed price volatility.","PeriodicalId":288317,"journal":{"name":"International Political Economy: Globalization eJournal","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124021877","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 21
New Approaches to the Identification of Low-Frequency Drivers: An Application to Technology Shocks 识别低频驱动因素的新方法:技术冲击的应用
International Political Economy: Globalization eJournal Pub Date : 2019-10-24 DOI: 10.1596/1813-9450-9047
A. Dieppe, F. Neville, Gene Kindberg-Hanlon
{"title":"New Approaches to the Identification of Low-Frequency Drivers: An Application to Technology Shocks","authors":"A. Dieppe, F. Neville, Gene Kindberg-Hanlon","doi":"10.1596/1813-9450-9047","DOIUrl":"https://doi.org/10.1596/1813-9450-9047","url":null,"abstract":"This paper addresses the identification of low-frequency macroeconomic shocks, such as technology, in Structural Vector Autoregressions. Whilst identification issues with long-run restricted VARs are well documented, the recent attempt to overcome said issues using the Max-Share approach of Francis et al. (2014) and Barsky and Sims (2011) has its own shortcomings, primarily that they are vulnerable to bias from confounding non-technology shocks. A modification to the Max-Share approach and two further spectral methods are proposed to improve empirical identification. Performance directly hinges on whether these confounding shocks are of high or low frequency. Applied to US and emerging market data, spectral identifications are most robust across specifications, and non-technology shocks appear to be biasing traditional methods of identifying technology shocks. These findings also extend to the SVAR identification of dominant business-cycle shocks, which are shown will be a variance-weighted combination of shocks rather than a single structural driver.","PeriodicalId":288317,"journal":{"name":"International Political Economy: Globalization eJournal","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127627407","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Technology Evolution in the Global Automotive Industry: A Patent-Based Analysis 全球汽车工业的技术演进:基于专利的分析
International Political Economy: Globalization eJournal Pub Date : 2019-10-18 DOI: 10.2139/ssrn.3471786
Alessandra Perri, D. Silvestri, Francesco Zirpoli
{"title":"Technology Evolution in the Global Automotive Industry: A Patent-Based Analysis","authors":"Alessandra Perri, D. Silvestri, Francesco Zirpoli","doi":"10.2139/ssrn.3471786","DOIUrl":"https://doi.org/10.2139/ssrn.3471786","url":null,"abstract":"This study explores the evolution of the knowledge base of the automotive industry. Over the last decades, the knowledge base of this industry has experienced major changes. New and originally unrelated fields have increasingly become relevant in the industry. Using data on utility patent families granted in the period 1990-2014, we map the knowledge base of the automotive industry by reconstructing and analyzing the innovative portfolio of the top firms operating in this industry. The analysis documents exploration in new technical fields as well as persistence in industry-specific technical areas, pointing to the relevance of core competences that might be difficult to accumulate for industry outsiders.","PeriodicalId":288317,"journal":{"name":"International Political Economy: Globalization eJournal","volume":"312 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127568065","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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