109 research outputs found

    Crisis management in exchange rate policy

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    MRD codes with maximum idealizers

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    Left and right idealizers are important invariants of linear rank-distance codes. In the case of maximum rank-distance (MRD for short) codes in Fqn×n\mathbb{F}_q^{n\times n} the idealizers have been proved to be isomorphic to finite fields of size at most qnq^n. Up to now, the only known MRD codes with maximum left and right idealizers are generalized Gabidulin codes, which were first constructed in 1978 by Delsarte and later generalized by Kshevetskiy and Gabidulin in 2005. In this paper we classify MRD codes in Fqn×n\mathbb{F}_q^{n\times n} for n9n\leq 9 with maximum left and right idealizers and connect them to Moore-type matrices. Apart from generalized Gabidulin codes, it turns out that there is a further family of rank-distance codes providing MRD ones with maximum idealizers for n=7n=7, qq odd and for n=8n=8, q1(mod3)q\equiv 1 \pmod 3. These codes are not equivalent to any previously known MRD code. Moreover, we show that this family of rank-distance codes does not provide any further examples for n9n\geq 9.Comment: Reviewers' comments implemented, we changed the titl

    Central Banks, Governments and the European Monetary Unification Process

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    Eu égard à l’euro, par quels éléments positifs et négatifs les dernières années ont-elles été marquées ?

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    From the viewpoint of the euro what has gone well, or what has not gone well in Europe during the past few years ? To answer this question, the author explains a very sketchy historical and why the process leading up to EMU played a major part in steering the policies of prospective member governments and central banks in the right direction. He analyses how the pegging of the conversion rates and the changeover to the single currency was a success. At last, he deals with the interesting question about the stimulating influence of the euro on the development of the single market for goods, services and capital and explains his concern about the « economic » part of the EMU. JEL classification : E42, F3, F36Pour répondre à cette question, l'auteur fait, tout d'abord, un historique succinct. Puis il explique comment le processus conduisant à l'UEM a joué un rôle déterminant dans l'orientation des politiques des gouvernements des États candidats et des Banques centrales. Il revient ensuite sur le succès de la fixation des changes et du passage à la monnaie unique. Trois questions d'importance sont alors soulevées : le principe selon lequel « une taille unique ne correspond pas à tous », les doutes quant à la crédibilité de la BCE et les questions relatives à la pertinence de la poursuite de sa stratégie monétaire des « deux piliers ». Il aborde enfin la question de l'influence stimulante de l'euro sur le développement du marché unique des biens, services et capitaux. Classification JEL : E42, F3, F36Lamfalussy Alexandre. Eu égard à l’euro, par quels éléments positifs et négatifs les dernières années ont-elles été marquées ?. In: Revue d'économie financière, n°68, 2002. Le financement de la retraite. pp. 289-297
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