A Theoretical Approach to Electronic Money

The paper proposes an analysis of money which starts from electronic money. In open contradiction to the traditional approach, characterized by a general lack of interest by theoreticians towards payment system issues, the paper argues that analysis of the distinctive characteristics of electronic money is bound to contribute to received monetary theory. After indicating the distinguishing properties of electronic money (which derive entirely from its technical features), the paper outlines their consequences on the principles of monetary theory. It is argued that recognition of the fact that electronic money is nominal money issued in an operation of monetary intermediation, provides an analytical framework for a better understanding of electronic money issuance, as well as of the meaning of issuing money. The analysis will show that only a deep analysis into the very nature of bank money can provide a better understanding of phenomena such as electronic money, which is consistent with the evolution of financial and banking innovations, in particular with the rise of interest bearing mediums of exchange.Electronic money monetary theory

Reshaping the international monetary architecture : lessons from Keynes'plan

As the global economy undergoes profound changes, it is becoming apparent that the so-called"Revived Bretton Woods System"has increased the overall vulnerability of the global financial architecture. Therefore, it is worth revisiting the origins of the Bretton Woods conference, and pointing out the relevance for today’s framework of Keynes’ original 1942 plan for an International Clearing Union. This note explores the main characteristics of Keynes'original plan, by revisiting his original writings between 1940 and 1944, and outlining its relevance to the current debate on the international financial architecture. The note suggests that reforms of the international financial architecture should include anchoring the international monetary system on sounder institutional ground.Currencies and Exchange Rates,Debt Markets,Banks&Banking Reform,Emerging Markets,Access to Finance

From Rent-seeking to Profit-creation: Private Sector Development and Economic Turnaround in Fragile States

The paper suggests a framework for evaluating the relevance of strategies of private sector development in fostering sustained economic turnaround in fragile and post-conflict situations. It highlights how fragility, violence and conflict change economic structures, introducing distortions, trapping agents into “short-termism” and changing incentives toward rent-seeking, and explores strategies for supporting shifting economic systems from predation to production.Fragile States, Economic Turnaround

A Theoretical Approach to Electronic Money

The paper proposes an analysis of money which starts from electronic money. In open contradiction to the traditional approach, characterized by a general lack of interest by theoreticians towards payment system issues, the paper argues that analysis of the distinctive characteristics of electronic money is bound to contribute to received monetary theory. After indicating the distinguishing properties of electronic money (which derive entirely from its technical features), the paper outlines their consequences on the principles of monetary theory. It is argued that recognition of the fact that electronic money is nominal money issued in an operation of monetary intermediation, provides an analytical framework for a better understanding of electronic money issuance, as well as of the meaning of issuing money. The analysis will show that only a deep analysis into the very nature of bank money can provide a better understanding of phenomena such as electronic money, which is consistent with the evolution of financial and banking innovations, in particular with the rise of interest bearing mediums of exchange.electronic money; monetary theory

Measuring the dark matter velocity anisotropy in galaxy clusters

The Universe contains approximately 6 times more dark matter than normal baryonic matter, and a directly observed fundamental difference between dark matter and baryons would both be significant for our understanding of dark matter structures and provide us with information about the basic characteristics of the dark matter particle. We discuss one distinctive feature of dark matter structures in equilibrium, namely the property that a local dark matter temperature may depend on direction. This is in stark contrast to baryonic gases. We used X-ray observations of two nearby, relaxed galaxy clusters, under the assumptions of hydrostatic equilibrium and identical dark matter and gas temperatures in the outer cluster region, to measure this dark matter temperature anisotropy beta_dm, with non-parametric Monte Carlo methods. We find that beta_dm is greater than the value predicted for baryonic gases, beta_gas=0, at more than 3 sigma confidence. The observed value of the temperature anisotropy is in fair agreement with the results of cosmological N-body simulations and shows that the equilibration of the dark matter particles is not governed by local point-like interactions in contrast to baryonic gases.Comment: 5 pages, 3 figures, extended discussions, matches accepted versio

Analyses phosphoprotéomiques des cellules hématopoïétiques en réponse à une nouvelle classe d'analogues de sphingolipides ayant des propriétés anti-oncogéniques: travail de bachelor : diplôme 2016

La cinétique de phosphorylation des protéines dans des cellules hématopoïétiques est étudiée. Ces dernières sont traitées avec de la SH-BC-893 et de la C2-ceramide. La détection se fait par HPLC couplé à de la spectrométrie de masse

Stent–graft repair of carotid endarterectomy–related pseudoaneurysm

Abstract Objective Carotid endarterectomy-related pseudoaneurysms are rare lesions challenging to be treated with conventional open surgery. Endovascular stent-graft has been rarely adopted with encouraging results. We present a case of a huge carotid pseudoaneurysm treated with a stent-graft and managed with a stent-graft and reviewed the available literature on the management and results of this technique for these challenging lesions

Measurement of the dark matter velocity anisotropy in galaxy clusters

The internal dynamics of a dark matter structure may have the remarkable property that the local temperature in the structure depends on direction. This is parametrized by the velocity anisotropy beta which must be zero for relaxed collisional structures, but has been shown to be non-zero in numerical simulations of dark matter structures. Here we present a method to infer the radial profile of the velocity anisotropy of the dark matter halo in a galaxy cluster from X-ray observables of the intracluster gas. This non-parametric method is based on a universal relation between the dark matter temperature and the gas temperature which is confirmed through numerical simulations. We apply this method to observational data and we find that beta is significantly different from zero at intermediate radii. Thus we find a strong indication that dark matter is effectively collisionless on the dynamical time-scale of clusters, which implies an upper limit on the self-interaction cross-section per unit mass sigma/m < 1 cm2/g. Our results may provide an independent way to determine the stellar mass density in the central regions of a relaxed cluster, as well as a test of whether a cluster is in fact relaxed.Comment: 10 pages, 8 figures, submitted to Ap