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Hyun Song Shin @HyunSongShin
, 8 tweets, 3 min read Read on Twitter
Podcast draws on references cited in this text bis.org/speeches/sp180…
I recommend the paper by Gur Huberman et al. and the paper by Bruno Biais et al.

Links are here:

papers.ssrn.com/sol3/papers.cf…

tse-fr.eu/sites/default/…
Huberman et al describe how congestion in bitcoin is not just a side effect but an essential feature of its economics
Biais et al look at the game between the miners (the bookkeepers in bitcoin) and why hard forks in the blockchain can arise in equilibrium
I mention three more recent papers

1/3 Sockin and Xiong look at the implications for the price of bitcoin as an asset; underlying game between the miners generates multiple equilibria

wxiong.mycpanel.princeton.edu/papers/Crypto.…
2/3 Eric Budish of the University of Chicago has an important new paper on the *economic limits* of bitcoin and similar crypto currencies

faculty.chicagobooth.edu/eric.budish/re…
3/3 @MarkusEconomist has just posted a paper with Joseph Abadi on the “Blockchain trilemma”, their term for the economic limits of blockchain

scholar.princeton.edu/markus/publica…
Watch this space, as new papers by the very best economists are in the pipeline
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BIS working paper on the dollar funding of global banks and their business models
Diversity in business models explains why market anomalies such as the deviation from covered interest parity differs so much across currencies
Also examines how banks’ reliance on US money market funds for dollar funding has evolved since the crisis
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Fresh look to the @BIS_org webpage
Check out the @BIS_org research page bis.org/forum/research…
Lamfalussy fellowships bis.org/research/lamfa…
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BIS working paper maps China's shadow banking system over time, beginning with snapshot at end-2013
bis.org/publ/work701.h…
2014
2015
Read 5 tweets

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Chinese Communist wanted to do away with Chinese scripts and replace it w full Latin alphabet. But something happened along the way. We ended up with Simplified Chinese characters instead. I will talk about this history in this thread

Chinese 大众报 news in full Latin script
In early 20th century, some radical Chinese intellectuals thought the only way for China to be modern is to get rid of Chinese characters and switch to alphabet like rest of the world. Latinized Chinese textbooks
Switch Chinese writing to full Latin alphabet had the support of Chinese Communist Party leadership after establishment of PRC. Zhou Youguang 周有光, Banker returning from New York was tasked with creating Chinese Romanization program. The result is Pinyin System
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così Borio, capo del Monetary and Economic Department della @BIS_org, riepiloga l'essenza dell'attuale sistema monetario.
bis.org/speeches/sp181…

thread 👇
i sistemi monetari (e la moneta) non sono soltanto basati su delle convenzioni, ma si reggono su un sistema istituzionale in grado di garantirne la fiducia
la fiducia è una delle 2 proprietà fondamentali che un buon sistema monetario deve conservare (l'altra è la parità 1:1 tra unità di conto e mezzo di pagamento).
Fiducia che si concretizza non solo evitando inflazione o deflazione, ma assicurando tutti i depositi.
Read 15 tweets
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V interesting by Borio in the implications of the new loan loss accounting methodology in IFRS 9 for prudential regulation of banks bis.org/speeches/sp181…
His three big conclusions in summary here
As to the first issue he has this to day - largely a criticism@of what he sees as the move away from prudence and the impact of that on governance and incentives
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Please download these apps now if you are in the path of #HurricaneMichael. Later, when there is no electricity, may be too late. Remember, there are no street signs in flooded areas.
(h/t @CEDRdigital)
#HurricaneMichael2018 #HurricaneResources
Please follow these instructions NOW so you can find the geo-coordinates to your location in the event you ever need rescue. Lets do this BEFORE there's an emergency.
(h/t @CEDRdigital)
#HurricaneMichael #HurricaneMichael2018 #HurricaneResources
FindMeSAR
findmesar.com
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[THREAD] Delighted to chat with @JudgeRinderTV earlier today on @bbc5live about the problems within the criminal justice system from a @YLALawyers perspective - featuring @TheCriminalBar & @daniellejmanson. Here's the link: bbc.co.uk/radio/player/b…. Now for @TheLawSociety facts...
The FACT is, since 2010/2011 and come 2019/2020, the Ministry of Justice budget will have been cut by 40%. Just think about that for a second. A 40% cut!!! See this wonderful article outlining the crisis...the full blown emergency:

legalvoice.org.uk/crisis-full-bl…
There's so much data from @TheLawSociety, but allow me to pick two of the best and in many ways, two of the worst.

Firstly, criminal defence solicitors in England and Wales have not recieved a pay increase since 1998. The silient killer in all of this is of course inflation.
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Afternoon twitterverse! Let’s talk about AI in Radiology, which is the main focus in my research.
Any talk of AI begs for a definition of AI, and there are as many definitions as there startups that are “AI-enabled”.
#AI #phdchat #deeplearning #cancer #btsm #postdocalypse #podcast #ECRchat
For our purposes we'll just call anything that performs one of the higher level behaviours associated with animals e.g. learning, planning, problem-solving, creating etc.
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