On The Timing of Default Losses: When and Why?

At the light of what happened in 2010 and 2011, a lot of European countries founded themselves in a difficult position where all the credit rating agencies were downgrading debt states. Problem of solvency and guarantees on the states' bond were perceived as too risky for a Monetary Union as Europe is. Fear of a contagion from Greece as well was threatening the other countries as Italy, Spain, Portugal and Ireland; while Germany and France asked for a division between risky and riskless bond in order to feel more safe. Our paper gets inspiration by Roch and Uhlig (2011), it refers to the Argentinian case examined by Arellano (2008) and examine possible interventions as monetization or bailout as proposed by Cole and Kehoe (2000). We propose a model in which a state defaults and cannot repay a fraction of the old bond; but contrary to Roch and Uhlig that where considering a one-time cost of default we consider default as an accumulation of losses, perceived as unpaid fractions of the old debts. Our contributions to literature is that default immediately imply that economy faces a bad period and, accumulating losses, government will be worse-off. We studied a function for this accumulation of debt period by period, in order to get an idea of the magnitude of this waste of resources that economy will face when experiences a default. Our thesis is that bailouts just postpone the day of reckoning (Roch, Uhlig); so it's better to default before accumulate a lot of debts. What Europe need now is the introduction of new reforms in a controlled default where the Eurozone will be saved in its whole integrity and a state could fail with the future promise of a resurrection. As experience show us, governments are not interested into reducing debts since there are ECB interventions. That clearly create a distortion between countries in the same monetary union, giving to the states just an illusion about their future debtor position.

Timing per l'inserimento in lista dei pazienti affetti da fibrosi cistica che necessitano di trapianto polmonare: casistica di un centro regionale di riferimento

Timing of waiting list entrance for patients with cystic fibrosis in need of pulmonary transplant: the experience of a regional referral centre Objective: Evaluation of parameters that can predict a rapid decay of general conditions of patients affected by Cystic Fibrosis (CF) with no specific criteria to be candidate to pulmonary transplant. Material and methods: Fifteen patients with CF who died for complications and 8 who underwent lung transplantation in the 2000-2010 decade, were enrolled. Clinical data 2 years before the event (body max index, FEV1%, number of EV antibiotic treatments per year, colonization with Methicillin-resistant Staphylococcus aureus (MRSA), pseudomonas aeruginosa mucosus, burkholderia cepacia, pulmonary allergic aspergilosis) were compared among the 2 groups. Results: Mean FEV1% was significantly higher and mean number of antibiotic treatment was lower in deceased than in the transplanted patients (p<0.002 and p<0.001 respectively). Although in patients who died there were no including criteria to enter the transplant list 2 years before the exitus, suggestive findings such as low BMI (17.3), high incidence of hepatic pathology (33.3%), diabetes (50%), and infections with MRSA infection (25%), Pseudomonas aeruginosa (83.3%) and burkholderia cepacia (8.3%) were found with no statistical difference with transplanted patients, suggesting those patients were at risk of severe prognosis. In patients who died, females were double than males. Conclusion: While evaluating patients with CF, negative prognostic factors such as the ones investigated in this study, should be considered to select individuals with high mortality risk who need stricter therapeutical approach and follow up. Inclusion of those patients in the transplant waiting list should be taken into account.

Operating System Contribution to Composable Timing Behaviour in High-Integrity Real-Time Systems

The development of High-Integrity Real-Time Systems has a high footprint in terms of human, material and schedule costs. Factoring functional, reusable logic in the application favors incremental development and contains costs. Yet, achieving incrementality in the timing behavior is a much harder problem. Complex features at all levels of the execution stack, aimed to boost average-case performance, exhibit timing behavior highly dependent on execution history, which wrecks time composability and incrementaility with it. Our goal here is to restitute time composability to the execution stack, working bottom up across it. We first characterize time composability without making assumptions on the system architecture or the software deployment to it. Later, we focus on the role played by the real-time operating system in our pursuit. Initially we consider single-core processors and, becoming less permissive on the admissible hardware features, we devise solutions that restore a convincing degree of time composability. To show what can be done for real, we developed TiCOS, an ARINC-compliant kernel, and re-designed ORK+, a kernel for Ada Ravenscar runtimes. In that work, we added support for limited-preemption to ORK+, an absolute premiere in the landscape of real-word kernels. Our implementation allows resource sharing to co-exist with limited-preemptive scheduling, which extends state of the art. We then turn our attention to multicore architectures, first considering partitioned systems, for which we achieve results close to those obtained for single-core processors. Subsequently, we shy away from the over-provision of those systems and consider less restrictive uses of homogeneous multiprocessors, where the scheduling algorithm is key to high schedulable utilization. To that end we single out RUN, a promising baseline, and extend it to SPRINT, which supports sporadic task sets, hence matches real-world industrial needs better. To corroborate our results we present findings from real-world case studies from avionic industry.

Timing attack di Paul C. Kocher: attacco al sistema di sicurezza RSA mediante strumenti di statistica

In questa tesi ho voluto descrivere il Timing Attack al sistema crittografico RSA, il suo funzionamento, la teoria su cui si basa, i suoi punti di forza e i punti deboli. Questo particolare tipo di attacco informatico fu presentato per la prima volta da Paul C. Kocher nel 1996 all’“RSA Data Security and CRYPTO conferences”. Nel suo articolo “Timing Attacks on Implementations of Diffie-Hellman, RSA, DSS, and Other Systems” l’autore svela una nuova possibile falla nel sistema RSA, che non dipende da debolezze del crittosistema puramente matematiche, ma da un aspetto su cui nessuno prima di allora si era mai soffermato: il tempo di esecuzione delle operazioni crittografiche. Il concetto è tanto semplice quanto geniale: ogni operazione in un computer ha una certa durata. Le variazioni dei tempi impiegati per svolgere le operazioni dal computer infatti, necessariamente dipendono dal tipo di algoritmo e quindi dalle chiavi private e dal particolare input che si è fornito. In questo modo, misurando le variazioni di tempo e usando solamente strumenti statistici, Kocher mostra che è possibile ottenere informazioni sull’implementazione del crittosistema e quindi forzare RSA e altri sistemi di sicurezza, senza neppure andare a toccare l’aspetto matematico dell’algoritmo. Di centrale importanza per questa teoria diventa quindi la statistica. Questo perché entrano in gioco molte variabili che possono influire sul tempo di calcolo nella fase di decifrazione: - La progettazione del sistema crittografico - Quanto impiega la CPU ad eseguire il processo - L’algoritmo utilizzato e il tipo di implementazione - La precisione delle misurazioni - Ecc. Per avere più possibilità di successo nell’attaccare il sistema occorre quindi fare prove ripetute utilizzando la stessa chiave e input differenti per effettuare analisi di correlazione statistica delle informazioni di temporizzazione, fino al punto di recuperare completamente la chiave privata. Ecco cosa asserisce Kocher: “Against a vulnerable system, the attack is computationally inexpensive and often requires only known ciphertext.”, cioè, contro sistemi vulnerabili, l’attacco è computazionalmente poco costoso e spesso richiede solo di conoscere testi cifrati e di ottenere i tempi necessari per la loro decifrazione.

Studio e realizzazione di un "timing circuit" e "output circuit" per pacemaker

Nell'elaborato è stato svolto uno studio su più livelli degli elementi essenziali del pacemaker asincrono secondo la realizzazione circuitale proposta da Wilson Greatbatch nel 1960. Un primo livello ha riguardato l’analisi teorica del circuito. Un secondo livello ha riguardato un’analisi svolta con LTSPICE. Con questo stesso programma, si è analizzato il segnale di temporizzazione e la forma d’onda sul carico al variare del valore di alcuni componenti chiave del circuito. Infine, si è proceduto alla sua realizzazione su breadboard.

Cerebrovascular accidents complicating transcatheter aortic valve implantation: frequency, timing and impact on outcomes

Cerebrovascular accidents (CVA) are considered among the most serious adverse events after transcatheter aortic valve implantation (TAVI). The objective of the present study was to evaluate the frequency and timing of CVA after TAVI and to investigate the impact on clinical outcomes within 30 days of the procedure.