In this paper we empirically examine the effect of various banking policies on financial sector development. To this end, an econometric model in the context of Co-integrated VAR is employed. The results show that financial liberalization and reforms have a significant and positive effect on the banking sector development while inflation rate has a negative effect. Furthermore, the high GDP...

A framework for the speciication of security policies is proposed. It can used to formally specify conndentiality and integrity policies, the latter can be given in terms of Clark-Wilson style access triples. The framework extends the Clark-Wilson model in that it can be used to specify dynamic segregation of duty. For application systems where security is critical, a mul-tilevel security based...

Federated database systems solve the problem of sharing information among independent entities. When building and operating such a federated database system, it is necessary to protect data. Because of heterogeneities among security systems of component databases an integration of them is essential, taking into account new security features of the federation itself. This paper describes a multi...

Privacy issues are a major burden for the acceptance of pervasive applications. They may ultimately result in the rejection of new services despite their functional benefits. Especially excessive data collection scares the potential user away. Privacy Negotiations restore respect for the user’s privacy preferences because the kind and amount of personal data to be disclosed is settled individua...

Off-policy stochastic actor-critic methods rely on approximating the stochastic policy gradient in order to derive an optimal policy. One may also derive the optimal policy by approximating the action-value gradient. The use of action-value gradients is desirable as policy improvement occurs along the direction of steepest ascent. This has been studied extensively within the context of natural ...

We characterize the optimal regulatory policy to promote demand response in the electricity sector. Demand response arises when consumers reduce their purchases of electricity in times of peak demand, when the utility’s marginal cost of supplying electricity is relatively high. The optimal policy differs systematically from the policy in the U. S. Federal Energy Regulatory Commission’s (FERC’s)...

In this paper we provide a novel approach to characterize the order process of an (s, S) and an (r, nQ) inventory policy. These inventory policies are commonly used when a fixed order cost is present. We provide two distinct perspectives. First, we analyze the time between subsequent replenishments, as well as the size of the replenishment orders, and characterize the distribution of both. Seco...

A central justification for social insurance and for other policies aimed at retirement savings is that individuals may fail to make adequate provision during their working years. Much research has focused on myopia and other behavioral limitations. Yet little attention has been devoted to how these infirmities, and government policies to rectify them, influence labor supply. This linkage could...

In this paper we develop an economic order quantity model to investigate the optimal replenishment policies for instantaneous deteriorating items under inflation and trade credit. Demand rate is a linear function of selling price and decreases negative exponentially with time over a finite planning horizon. Shortages are allowed and partially backlogged. Under these conditions, we model the ret...