In this paper, I review the evolution and characteristics of South Korea’s financial system since the early 1960s. The South Korean experiences are then used to argue that the distribution of the knowledge about valuable businesses varies with the stage of economic development. This has implications for the design of financial system. In the early development stage when low labor cost is the ma...

Inspired by a broader perspective viewing intelligent system dynamics in terms of the geometry of ”cognitive spaces,” we conduct a preliminary investigation of the application of information-geometry based learning to ECAN (Economic Attention Networks), the component of the integrative OpenCog AGI system concerned with attention allocation and credit assignment. We generalize Amari’s ”natural g...

In the past decade many grids of computers have been built among non‐profit institutions. These grids are built on a voluntary participation and the resources are not charged to the users. When a resource is given free of charge its allocation is in general not optimal. In this paper, we propose an original mechanism that allows an optimal resource allocation without cash exchanges. We develop ...

Besides their advantage in modelling tail-dependency, the main drawback of standard non-Gaussian copula is the homogeneity in the tail dependency parameter. Several approaches to solve this are meanwhile developed, hierachical copula, the grouped t-copula and the heterogeneous t-copula as recently described by Luo and Shevchenko [1]. We will show results from a concrete implementation of a fact...

This paper investigates how financial, trade, institutional and political liberalization policies have affected financial efficiency in Africa. It uses updated data to appraise second generation reforms in order to gather fresh evidence and derive more updated policy implications. The ‘freedom to trade’ and ‘economic freedom’ indices are also employed. The following findings are established. (1...

In this paper, a radio resource sharing scheme for wireless cellular network is investigated to achieve efficiency and fairness among base stations. We propose a credit-token based spectrum sharing algorithm. Game theory is utilized to formulate and analyze the proposed spectrum sharing algorithm. We first discuss the simplest two-base-station game through a graphical method to gain insights fo...

In the past decade many grids of computers have been built among non-profit institutions. These grids are built on a voluntary participation and the resources are not charged to the users. When a resource is given free of charge its allocation is in general not optimal. In this paper, we propose an original mechanism that allows an optimal resource allocation without cash exchanges. We develop ...

the credit portfolio management and the optimal credit portfolio selection are identified as one of the most effective factors in banks’ credit risk. two main strategies in this regard include diversification versus concentration. in this study, at first, the status of diversification of iran’s banking sector is analyzed, then the relationship between diversification of the credit portfolio and...

Abstract Prominent ECB representatives have stressed the goal of to green its monetary policy, inter alia by moving from market neutrality (green) efficiency as guiding principle policy making. The paper explores how EU taxonomy could become benchmark for a ECB, which influences credit allocation commercial banks, with negative impact on and growth in European Union.

the letter of credit as a method of smoothing international payment is a conditional security and obligation to pay the customer bank (issuing bank) to seller (applicant). for this purpose, the letters of credit may be considered as the most usual method of payment of goods price in international trade. the classic form of letters of credit is the commercial letters of credit whose financial ob...