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Register a new userOverview of the global semiconductor industry market
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Cloves Gonc{c}alves Rodrigues
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Mastering semiconductor technology is essential to insert any country into the trends of the future, such as smart cities, internet of things, space exploration, etc. In this paper we present the growing annual revenue of the semiconductor industry in the last 20 years and comment on the importance of mastering semiconductor production technology and its implications for the development of a nation.
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Low inflation was once a welcome to both policy makers and the public. However, Japans experience during the 1990s changed the consensus view on price of economists and central banks around the world. Facing deflation and zero interest bound at the same time, Bank of Japan had difficulty in conducting effective monetary policy. It made Japans stagnation unusually prolonged. Too low inflation which annoys central banks today is translated into the Phillips curve puzzle. In the US and Japan, in the course of recovery from the Great Recession after the 2008 global financial crisis, the unemployment rate had steadily declined to the level which was commonly regarded as lower than the natural rate or NAIRU. And yet, inflation stayed low. In this paper, we consider a minimal model of dual labor market to explore what kind of change in the economy makes the Phillips curve flat. The level of bargaining power of workers, the elasticity of the supply of labor to wage in the secondary market, and the composition of the workforce are the main factors in explaining the flattening of the Phillips curve. We argue that the changes we consider in the model, in fact, has plausibly made the Phillips curve flat in recent years.
The COVID-19 pandemic has disrupted human activities, leading to unprecedented decreases in both global energy demand and GHG emissions. Yet a little known that there is also a low carbon shift of the global energy system in 2020. Here, using the near-real-time data on energy-related GHG emissions from 30 countries (about 70% of global power generation), we show that the pandemic caused an unprecedented de-carbonization of global power system, representing by a dramatic decrease in the carbon intensity of power sector that reached a historical low of 414.9 tCO2eq/GWh in 2020. Moreover, the share of energy derived from renewable and low-carbon sources (nuclear, hydro-energy, wind, solar, geothermal, and biomass) exceeded that from coal and oil for the first time in history in May of 2020. The decrease in global net energy demand (-1.3% in the first half of 2020 relative to the average of the period in 2016-2019) masks a large down-regulation of fossil-fuel-burning power plants supply (-6.1%) coincident with a surge of low-carbon sources (+6.2%). Concomitant changes in the diurnal cycle of electricity demand also favored low-carbon generators, including a flattening of the morning ramp, a lower midday peak, and delays in both the morning and midday load peaks in most countries. However, emission intensities in the power sector have since rebounded in many countries, and a key question for climate mitigation is thus to what extent countries can achieve and maintain lower, pandemic-level carbon intensities of electricity as part of a green recovery.
We consider the problem of designing a derivatives exchange aiming at addressing clients needs in terms of listed options and providing suitable liquidity. We proceed into two steps. First we use a quantization method to select the options that should be displayed by the exchange. Then, using a principal-agent approach, we design a make take fees contract between the exchange and the market maker. The role of this contract is to provide incentives to the market maker so that he offers small spreads for the whole range of listed options, hence attracting transactions and meeting the commercial requirements of the exchange.
The diurnal cycle CO$_2$ emissions from fossil fuel combustion and cement production reflect seasonality, weather conditions, working days, and more recently the impact of the COVID-19 pandemic. Here, for the first time we provide a daily CO$_2$ emission dataset for the whole year of 2020 calculated from inventory and near-real-time activity data (called Carbon Monitor project: https://carbonmonitor.org). It was previously suggested from preliminary estimates that did not cover the entire year of 2020 that the pandemics may have caused more than 8% annual decline of global CO$_2$ emissions. Here we show from detailed estimates of the full year data that the global reduction was only 5.4% (-1,901 MtCO$_2$, ). This decrease is 5 times larger than the annual emission drop at the peak of the 2008 Global Financial Crisis. However, global CO$_2$ emissions gradually recovered towards 2019 levels from late April with global partial re-opening. More importantly, global CO$_2$ emissions even increased slightly by +0.9% in December 2020 compared with 2019, indicating the trends of rebound of global emissions. Later waves of COVID-19 infections in late 2020 and corresponding lockdowns have caused further CO$_2$ emissions reductions particularly in western countries, but to a much smaller extent than the declines in the first wave. That even substantial world-wide lockdowns of activity led to a one-time decline in global CO$_2$ emissions of only 5.4% in one year highlights the significant challenges for climate change mitigation that we face in the post-COVID era. These declines are significant, but will be quickly overtaken with new emissions unless the COVID-19 crisis is utilized as a break-point with our fossil-fuel trajectory, notably through policies that make the COVID-19 recovery an opportunity to green national energy and development plans.
The increasing integration of world economies, which organize in complex multilayer networks of interactions, is one of the critical factors for the global propagation of economic crises. We adopt the network science approach to quantify shock propagation on the global trade-investment multiplex network. To this aim, we propose a model that couples a Susceptible-Infected-Recovered epidemic spreading dynamics, describing how economic distress propagates between connected countries, with an internal contagion mechanism, describing the spreading of such economic distress within a given country. At the local level, we find that the interplay between trade and financial interactions influences the vulnerabilities of countries to shocks. At the large scale, we find a simple linear relation between the relative magnitude of a shock in a country and its global impact on the whole economic system, albeit the strength of internal contagion is country-dependent and the intercountry propagation dynamics is non-linear. Interestingly, this systemic impact can be predicted on the basis of intra-layer and inter-layer scale factors that we name network multipliers, that are independent of the magnitude of the initial shock. Our model sets-up a quantitative framework to stress-test the robustness of individual countries and of the world economy to propagating crashes.
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