Financial Integration, Exchange Rate Regimes in CEECs, And Joining the EMU: Just Do It...

Candidate countries of central and eastern Europe (CEECs) are suppose to join the EU in 2004, June, which imply that they will face important challenges in the conduct of macroeconomic policy, in order to be able to enter the ERM-II system and eventually enter the EMU (European Monetary Union). Abandoning an independent monetary policy might entail significant costs for countries, which have succeeded in recovering and are in a process of catching-up. However those costs have probably been exaggerated, and their estimation biased by the traditional optimal currency area criteria. The main criticism against a too strong emphasis on the latter rests on two arguments. The first one is that assessing the trade-off for joining the EMU does not deliver the same conclusion ex ante and ex post. Meanwhile, the degree of financial integration will likely increase dramatically, which in turns will decrease the opportunity cost of loosing the monetary policy for absorbing country specific shocks. In a world of capital mobility, the room left for an independent monetary policy is very narrow, maybe close to zero in small, emerging countries, more vulnerable to speculative attacks than countries in the core. The second argument is more empirical. While the link between the exchange rate regime and the fundamentals is rather weak, the political agenda of joining the EU and subsequently the EMU seems to explain the choice of the exchange rate regime.http://deepblue.lib.umich.edu/bitstream/2027.42/40036/3/wp650.pd

General Iteration graphs and Boolean automata circuits

This article is set in the field of regulation networks modeled by discrete dynamical systems. It focuses on Boolean automata networks. In such networks, there are many ways to update the states of every element. When this is done deterministically, at each time step of a discretised time flow and according to a predefined order, we say that the network is updated according to block-sequential update schedule (blocks of elements are updated sequentially while, within each block, the elements are updated synchronously). Many studies, for the sake of simplicity and with some biologically motivated reasons, have concentrated on networks updated with one particular block-sequential update schedule (more often the synchronous/parallel update schedule or the sequential update schedules). The aim of this paper is to give an argument formally proven and inspired by biological considerations in favour of the fact that the choice of a particular update schedule does not matter so much in terms of the possible and likely dynamical behaviours that networks may display