Economic Discourse and the European Integration of Financial Infrastructures and Financial Markets

European integration of financial markets appears to repeatedly encounter specific kinds of problems about the substance and limits of the notion of “the market” undergoing integration, and about the status and role of money, market infrastructures, and government within it. Moreover, these problems and the controversies around them parallel classical discussions in economic theory such as that between conceptions of the market as a frictionless space and as a process of competition. A “competitive conception of the market” is identified as producing these parallel problems and controversies in European market integration and economic theory because it implies a contradictory “integration of fragmentation.” These themes and parallels can be specifically identified in a recent major project to integrate financial market infrastructures: a pan-European settlement platform – “Target2-Securities (T2S)” – to overcome existing fragmentation between the systems that perform the actual delivery of money and securities from financial transactions. Moreover, a close analysis of T2S answers a question that existing sociological and political economy approaches to European integration – focusing primarily on the interests and ideas of powerful players – struggle with: why T2S will become de facto a monopoly for the European Central Bank when early on in the integration process EU institutions emphasized an industry-led integration. Foucault’s notion of “discursive formation” is employed to conceptualize these arguments.[Discours économique et intégration des marchés et des infrastructures financiers européens] L’intégration européenne des marchés financiers semble se heurter de manière répétée à un certain type de problèmes concernant la substance et les limites conceptuelles de ce « marché » en cours d’intégration, ainsi que le statut et le rôle qu’y revêtent l’argent, les infrastructures et la gouvernance publique. Ces problèmes et les controverses qu’ils soulèvent présentent un parallélisme avec des débats classiques de théorie économique tels que celui qui oppose les conceptions du marché comme espace sans frottements et comme processus de concurrence. Ce parallélisme de problèmes et de controverses observé entre intégration du marché européen et théorie économique est attribué ici à une « conception concurrentielle du marché » car celle-ci implique l’idée contradictoire d’une « intégration de la fragmentation ». Nous nous sommes plus particulièrement attaché à repérer ces thèmes et ces parallèles dans un grand projet récent d’intégration des infrastructures de marché financier : la plateforme paneuropéenne de règlement-livraison de titres Target2-Securities (ou T2S), censée surmonter la fragmentation des systèmes qui réalisent les transferts d’argent et de titres lors de transactions financières. L’analyse minutieuse de ce projet permet en outre d’avancer une réponse à une énigme que les approches habituelles de l’intégration européenne en sociologie et en économie politique (political economy) – principalement centrées sur les intérêts et idées des acteurs les plus puissants – sont bien en peine d’éclaircir : à savoir la raison pour laquelle T2S sera de facto un monopole de la Banque centrale européenne, alors que les institutions européennes privilégient depuis le début l’intégration par les acteurs privés. La notion foucaldienne de « formation discursive » est mise à contribution pour conceptualiser ces thèses.1 Introduction 2 Studying discourse 3 Material and analytical strategy 4 Target2-Securities Who creates central bank money? The technical controversy over “Delivery versus Payment” Things are not what they seem: The legal controversy over the Legal Assessment In the market or outside the market? The economic controversy over cost recovery Ferrari on a bumpy road: The political controversy over harmonization 5 The limits of existing approaches 6 Economic discourse and European integration The four controversies revisited 7 Conclusion: On the competitive conception of the market Appendix: Interviews Reference

A Look at the Generalized Heron Problem through the Lens of Majorization-Minimization

In a recent issue of this journal, Mordukhovich et al.\ pose and solve an interesting non-differentiable generalization of the Heron problem in the framework of modern convex analysis. In the generalized Heron problem one is given $k+1$ closed convex sets in \Real^d equipped with its Euclidean norm and asked to find the point in the last set such that the sum of the distances to the first $k$ sets is minimal. In later work the authors generalize the Heron problem even further, relax its convexity assumptions, study its theoretical properties, and pursue subgradient algorithms for solving the convex case. Here, we revisit the original problem solely from the numerical perspective. By exploiting the majorization-minimization (MM) principle of computational statistics and rudimentary techniques from differential calculus, we are able to construct a very fast algorithm for solving the Euclidean version of the generalized Heron problem.Comment: 21 pages, 3 figure

Outbreaks of Aleutian mink disease in farmed mink (Neovison vison) in Denmark: molecular characterization by partial NS1 gene sequencing

Référence bibliographique : Rol, 107031Appartient à l’ensemble documentaire : Pho20RolAppartient à l’ensemble documentaire : FrancComt1Image de press

Association Testing of Novel Type 2 Diabetes Risk Alleles in the JAZF1, CDC123/CAMK1D, TSPAN8, THADA, ADAMTS9, and NOTCH2 Loci With Insulin Release, Insulin Sensitivity, and Obesity in a Population-Based Sample of 4,516 Glucose-Tolerant Middle-Aged Danes

OBJECTIVE— We evaluated the impact on diabetes-related intermediary traits of common novel type 2 diabetes–associated variants in the JAZF1 (rs864745), CDC123/CAMK1D (rs12779790), TSPAN8 (rs7961581), THADA (rs7578597), ADAMTS9 (rs4607103), and NOTCH2 (rs10923931) loci, which were recently identified by meta-analysis of genome-wide association data

Mixed integer programming in production planning with backlogging and setup carryover : modeling and algorithms

This paper proposes a mixed integer programming formulation for modeling the capacitated multi-level lot sizing problem with both backlogging and setup carryover. Based on the model formulation, a progressive time-oriented decomposition heuristic framework is then proposed, where improvement and construction heuristics are effectively combined, therefore efficiently avoiding the weaknesses associated with the one-time decisions made by other classical time-oriented decomposition algorithms. Computational results show that the proposed optimization framework provides competitive solutions within a reasonable time