Economic Ideas and the Political Construction of the Financial Crash of 2008

This article is a short introduction to a special section on economic ideas and the political construction of the financial crash. It begins by explaining why economic ideas and the politics of appeals to certain ideas are so integral to the historical significance of the crash of 2008 and the question of whether it can be considered a crash at all. The first section covers the literature on ideas and economic crisis. The second section highlights that the contribution of the special section is to engage in a stock taking exercise of the empirical and conceptual patterns concerning the politics of ideational change underway in the areas of: comparative fiscal policy; monetary policy and Euro zone debt management; capital controls; and financial and securities market regulation and standard setting. The final section outlines the structure of this special section and content of the individual articles.

Public Value as Performance: Politicians’ and Managers’ Perspectives on the Importance of Budgetary, Accruals and Non-Financial Information

Purpose
The study contributes to the literature on public value and performance examining politicians’ and managers’ perspectives by investigating the importance they attach to the different facets of performance information (i.e. budgetary, accrual based- and non-financial information (NFI)).

Design/methodology/approach
We survey politicians and managers in all Italian municipalities of at least 80,000 inhabitants.

Findings
Overall, NFI is more appreciated than financial information (FI). Moreover, budgetary accounting is preferred to accrual accounting. Politicians’ and managers’ preferences are generally aligned.

Research limitations/implications
NFI as a measure of public value is not alternative, but rather complementary, to FI. The latter remains a fundamental element of public sector accounting due to its role in resource allocation and control.

Practical implications
The preference for NFI over FI and of budgetary over accruals accounting suggests that the current predominant emphasis on (accrual-based) financial reporting might be misplaced.

Originality/value
Public value and performance are multi-faceted concepts. They can be captured by different types of information and evaluated according to different criteria, which will also depend on the category of stakeholders or users who assesses public performance. So far, most literature has considered the financial and non-financial facets of performance as virtually separate. Similarly, in the practice, financial management tends to be decoupled from non-financial performance management. However, this research shows that only by considering their joint interactions we can achieve an accurate representation of what public value really is.

The significance of interconnector counter-trading in a security constrained electricity market

Throughout the European Union there is an increasing amount of wind generation being dispatched-down due to the binding of power system operating constraints from high levels of wind generation. This paper examines the impact a system non-synchronous penetration limit has on the dispatch-down of wind and quantifies the significance of interconnector counter-trading to the priority dispatching of wind power. A fully coupled economic dispatch and security constrained unit commitment model of the Single Electricity Market of the Republic of Ireland and Northern Ireland and the British Electricity Trading and Transmission Arrangement was used in this study. The key finding was interconnector counter-trading reduces the impact the system non-synchronous penetration limit has on the dispatch-down of wind. The capability to counter-trade on the interconnectors and an increase in system non-synchronous penetration limit from 50% to 55% reduces the dispatch-down of wind by 311 GW h and decreases total electricity payments to the consumer by €1.72/MW h. In terms of the European Union electricity market integration, the results show the importance of developing individual electricity markets that allow system operators to counter-trade on interconnectors to ensure the priority dispatch of the increasing levels of wind generation.

Who Knows What's Going On? Mapping New Security Landscapes in Contemporary Espionage Fiction

This article explores whether or to what extent the contemporary espionage novel is able to map and interrogate transformations in the post-9/11security environment. It asks how well a form or genre of writing, typically handcuffed to the machinations and demands of the Cold War and state sovereignty, is able to adapt to a new security environment characterized by strategies of “risk assessment” and “resilience-building” and by modes or regimes of power not reducible to, or wholly controlled by, the state. In doing so, it thinks about the capacities of this type of fiction for “resisting” the formations of power it wants to make visible and is partly complicit with.

Status and security: how Russian media is spinning airstrikes in Syria

Even before the Russian air force launched its first strikes over Syria, there was already a Russian presence on the battleground. These were not the spetsnaz, Kremlin’s special forces, but war correspondents from the leading Russian media outlets. This was as clear a sign as any that the Russia’s priority has shifted from Ukraine, where these reporters spent most of the past 18 months, to Syria.

There is, however, no unanimity on Russia’s latest escalation in Syria. As Russian state TV stations report successes of Russia’s high-precision weapons projecting an image of a high-tech Russian military equal to the US, doubts persist about the latest adventure in the Middle East.

Cooperative Beamforming and User Selection for Improving the Security of Relay-aided Systems

A relay network in which a source wishes to convey a confidential message to a legitimate destination with the assistance of trusted relays is considered. In particular, cooperative beamforming and user selection techniques are applied to protect the confidential message. The secrecy rate (SR) and secrecy outage probability (SOP) of the network are investigated first, and a tight upper bound for the SR and an exact formula for the SOP are derived. Next, asymptotic approximations for the SR and SOP in the high signal-to-noise ratio (SNR) regime are derived for two different schemes: i) cooperative beamforming and ii) multiuser selection. Further, a new concept of cooperative diversity gain, namely, adapted cooperative diversity gain (ACDG), which can be used to evaluate security level of a cooperative relaying network, is investigated. It is shown that the ACDG of cooperative beamforming is equal to the conventional cooperative diversity gain of traditional multiple-input single-output networks, while the ACDG of the multiuser scenario is equal to that of traditional single-input multiple-output networks.

A Cyber-Physical Security Analysis of Synchronous-Islanded Microgrid Operation

Cyber-security research in the field of smart grids is often performed with a focus on either the power and control domain or the Information and Communications Technology (ICT) domain. The characteristics of the power equipment or ICT domain are commonly not collectively considered. This work provides an analysis of the physical effects of cyber-attacks on microgrids – a smart grid construct that allows continued power supply when disconnected from a main grid. Different types of microgrid operations are explained (connected, islanded and synchronous-islanding) and potential cyber-attacks and their physical effects are analyzed. A testbed that is based on physical power and ICT equipment is presented to validate the results in both the physical and ICT domain.

On the Security of Balanced Encoding Countermeasures

Most cryptographic devices should inevitably have a resistance against the threat of side channel attacks. For this, masking and hiding schemes have been proposed since 1999. The security validation of these countermeasures is an ongoing research topic, as a wider range of new and existing attack techniques are tested against these countermeasures. This paper examines the side channel security of the balanced encoding countermeasure, whose aim is to process the secret key-related data under a constant Hamming weight and/or Hamming distance leakage. Unlike previous works, we assume that the leakage model coefficients conform to a normal distribution, producing a model with closer fidelity to real-world implementations. We perform analysis on the balanced encoded PRINCE block cipher with simulated leakage model and also an implementation on an AVR board. We consider both standard correlation power analysis (CPA) and bit-wise CPA. We confirm the resistance of the countermeasure against standard CPA, however, we find with a bit-wise CPA that we can reveal the key with only a few thousands traces.

Targeting FPGA DSP Slices for a Large Integer Multiplier for Integer Based FHE

Homomorphic encryption offers potential for secure cloud computing. However due to the complexity of homomorphic encryption schemes, performance of implemented schemes to date have been unpractical. This work investigates the use of hardware, specifically Field Programmable Gate Array (FPGA) technology, for implementing the building blocks involved in somewhat and fully homomorphic encryption schemes in order to assess the practicality of such schemes. We concentrate on the selection of a suitable multiplication algorithm and hardware architecture for large integer multiplication, one of the main bottlenecks in many homomorphic encryption schemes. We focus on the encryption step of an integer-based fully homomorphic encryption (FHE) scheme. We target the DSP48E1 slices available on Xilinx Virtex 7 FPGAs to ascertain whether the large integer multiplier within the encryption step of a FHE scheme could fit on a single FPGA device. We find that, for toy size parameters for the FHE encryption step, the large integer multiplier fits comfortably within the DSP48E1 slices, greatly improving the practicality of the encryption step compared to a software implementation. As multiplication is an important operation in other FHE schemes, a hardware implementation using this multiplier could also be used to improve performance of these schemes.