Interbank market integration under asymmetric information

We argue that the main barrier to an integrated international interbankmarket is the existence of asymmetric information between differentcountries, which may prevail in spite of monetary integration or successfulcurrency pegging. In order to address this issue, we study the scope forinternational interbank market integration with unsecured lending whencross-country information is noisy. We find not only that an equilibriumwith integrated markets need not always exist, but also that when it does,the integrated equilibrium may coexist with one of interbank marketsegmentation. Therefore, market deregulation, per se, does not guaranteethe emergence of an integrated interbank market. The effect of a repo marketwhich, a priori, was supposed to improve efficiency happens to be morecomplex: it reduces interest rate spreads and improves upon the segmentationequilibrium, but\ it may destroy the unsecured integrated equilibrium, sincethe repo market will attract the best borrowers. The introduction of othertransnational institutional arrangements, such as multinational banking,correspondent banking and the existence of "too-big-to-fail" banks mayreduce cross country interest spreads and provide more insurance againstcountry wide liquidity shocks. Still, multinational banking, as theintroduction of repos, may threaten the integrated interbank marketequilibrium.

On prediction of individual sequences

Sequential randomized prediction of an arbitrary binary sequence isinvestigated. No assumption is made on the mechanism of generating the bit sequence. The goal of the predictor is to minimize its relative loss, i.e., to make (almost) as few mistakes as the best ``expert'' in a fixed, possibly infinite, set of experts. We point out a surprising connection between this prediction problem and empirical process theory. First, in the special case of static (memoryless) experts, we completely characterize the minimax relative loss in terms of the maximum of an associated Rademacher process. Then we show general upper and lower bounds on the minimaxrelative loss in terms of the geometry of the class of experts. As main examples, we determine the exact order of magnitude of the minimax relative loss for the class of autoregressive linear predictors and for the class of Markov experts.

Property enforcement as organized consent

This article develops and tests a theory of the institutions that makeproperty rights viable, ensuring their enforcement, mobilizing thecollateral value of assets and promoting growth. In contrast tocontractual rights, property rights are enforced in rem, being affectedonly with the consent of the right holder. This ensures enforcement butis costly when multiple, potentially colliding rights are held in thesame asset. Different institutions reduce the cost of gathering consentsto overcome this trade-off of enforcement benefits for consent costs:recording of deeds with title insurance, registration of rights and evena regimen of purely private transactions. All three provide functionallysimilar services, but their relative performance varies with the numberof transactions, the risk of political opportunism and regulatoryconsistency. The analysis also shows the rationality of allowingcompetition in the preparation and support of private contractswhile requiring territorial monopoly in recording and registrationactivities, this to ensure independence and protect third parties.

How competition controls team production: The case of fishing firms

Under team production, those who monitor individual productivity areusually the only ones compensated with a residual that varies withthe performance of the team. This pattern is efficient, as is shownby the prevalence of conventional firms, except for small teams andwhen specialized monitoring is ineffective. Profit sharing in repeatedteam production induces all team members to take disciplinary actionagainst underperformers through switching and separation decisions,however. Such action provides effective self-enforcemnt when themarkets for team members are competitive, even for large teams usingspecialized monitoring. The traditional share system of fishing firmsshows that for this competition to provide powerful enough incentivesthe costs of switching teams and measuring team productivity must bebellow. Risk allocation may constrain the organizational designdefined by the use of a share system. It does not account for itsexistence, however.

Homéostasie, marqueurs somatiques et intentionnalité : le statut de la représentation et ses implications en psychanalyse et en neuroscience

Résumé : Si la psychanalyse est régulièrement remise en cause pour son manque de fondement scientifique, de nombreux travaux issus des neurosciences en appellent paradoxalement à un retour aux thèses freudiennes. Cette étude se propose, dans ce contexte, de revisiter les bases neurobiologiques de la métapsychologie et de montrer comment celle-ci repose sur une conception homéostatique du vivant. On en tire plusieurs conséquences. Premièrement, contre Brentano, selon qui l'intentionnalité est la marque du psychologique, on propose que celle-ci s'avère être, plus originellement, la marque des régulations biologiques. Deuxièmement, on montre comment Freud et Damasio développent des conceptions similaires sur le fonctionnement homéostatique de la cognition. Sur le plan épistémologique, on plaide en faveur de la complémentarité de ces deux approches. Si Damasio met au jour les variables somatiques permettant de mesurer les effets de la vie psychique, la théorie pulsionnelle permet de dépasser les problèmes liés à l'ambiguïté de la notion de «représentation cérébrale ». C'est à partir de cette thèse que l'on peut, selon nous, appréhender la psychanalyse comme un double projet visant à articuler une naturalisation de l'appareil psychique à une herméneutique de ses productions. On considère cette double visée comme une réponse à la difficulté centrale que rencontrent les sciences de l'esprit quant aux conditions de possibilité d'une naturalisation de l'intentionnalité. A partir de cette problématique, il devient pertinent d'évaluer la solution freudienne à la lumière de la posture intentionnelle dennettienne et de la théorie gazzaniguienne de l'interpreter. II ne s'agit pas, selon ces dernières approches, de naturaliser directement l'intentionnalité, au risque de commettre une erreur de catégorie. Il est question, au contraire, d'utiliser les principes du fonctionnement homéostatique comme autant de «règles »interprétatives permettant, sur le plan psychologique, de construire du sens. On trouve enfin dans le modèle de l'espace global de travail un moyen de remettre au goût du jour la conception freudienne, dynamique et conflictuelle, du fonctionnement psychique. On avance enfin, à partir de ce modèle, des hypothèses sur les mécanismes cérébraux susceptibles de sous-tendre l'efficacité thérapeutique de la cure analytique. Abstract : While Psychoanalysis' scientific basis is open to question, some neuroscience works are paradoxically calling for a return to Freud. Therefore, the first aim of our study consists in revisiting metapychology's neurobiological roots and to show how it is grounded on a homeostatic theory of life. Several consequences can be drawn from this statement. Firstly, in opposition to Brentanian definition of intentionality, as the specific mark of psychology, we argue that it is more specifically the mark of biological balance. Secondly, this statement allows to show how Freud's and Damasio's theories share common views on the homeostatic functioning of cognition. From an epistemological point of view, they complete one another. If Damasio has highlighted the measurable somatic variables from which we can infer psychic life, the theory of drives allows conceptual difficulties linked to the use of the ambiguous notion of "cerebral representation" to be overcome. According to us, this thesis leads psychoanalysis to be approached as a twin project aiming to articulate psyche naturalization, to a hermeneutic of its productions. It maybe seen as a way to respond to the central issue of mind sciences, that is, to account for the naturalization of intentionality. Given this theoretical framework, it seems relevant to reconsider freudism in the light of the dennettian intentional stance and the gazzanigan theory of interpreter. Then, freudism can be seen as a way to avoid a category mistake. Its solution rejects direct intentionality naturalization in favor of a construction of sense. In this framework, interpretation is regulated by the rules abstracted from the homeostatic functioning of life. Furthermore, we show how the dynamic and conflictual Freudian psyche can be evaluated using the Global workspace model, which allows us to put forth hypotheses on the cerebral mechanisms that may underlie the efficiency of analytical cure.

Determinación de sistemas de flujo regionales y locales en las depresiones tectónicas del Baix Empordà y La Selva (NE de España) en base a datos hidroquímicos e isotópicos

The Baix Empordà-Selva-Gavarres aquifer system is related to the fault set that created the tectonic basins of Empordà and Selva areas (NE Spain) during the Neogene. In this work, we describe groundwater hydrogeological, hydrochemical and isotopical (3H, δD, δ18O, and the 87Sr/86Sr ratio) characteristics of this system in order to illustrate the relevance of fault zones in groundwater flow-paths and the recharge. In that way, we identify two flow systems, with distinct hydrochemistry and isotopes. A local flow system originates at the Gavarres Range, and it flows towards the basins of the Baix Empordà and Selva, with an approximate residence time of 20 years. Additionally, a regional flow system has only been identified in the Selva basin. This one is related to the main fault zones, as preferential flow paths. Its recharge is located in mountain ranges with higher altitudes, namely the Transversal and Guilleries Ranges, with residence times larger than 50 years. Isotopical data has also shown mixing processes between both flow systems and rainfall recharge while multivariate statistical analysis of principal components has shown the main processes that control hydrochemistry of each flow systems

Is Less Chemotherapy Detrimental in Adults with Philadelphia Chromosome (Ph)-Positive Acute Lymphoblastic Leukemia (ALL) Treated with High-Dose Imatinib? Results of the Prospective Randomized Graaph-2005 Study

Aim: To compare a less intensive regimen based on high-dose imatinib (IM) to an intensive IM/HyperCVAD regimen in adults with Ph+ ALL, in terms of early response and outcome after stem cell transplantation (SCT). Methods: Patients aged 18-60 years with previously untreated Ph+ ALL not evolving from chronic myeloid leukemia were eligible if no contra-indication to chemotherapy and SCT (ClinicalTrials.gov ID, NCT00327678). After a steroid prephase allowing Ph and/or BCR-ABL diagnosis, cycle 1 differed between randomization arms. In arm A (IM-based), IM was given at 800 mg on day 1-28, combined with vincristine (2 mg, day 1, 8, 15, 22) and dexamethasone (40 mg, day 1-2, 8-9, 15-16, and 22-23) only. In arm B (IM/HyperCVAD), IM was given at 800 mg on day 1-14, combined with adriamycin (50 mg/m2, day 4), cyclophosphamide (300 mg/m2/12h, day 1, 2, 3), vincristine (2 mg, day 4 and 11), and dexamethasone (40 mg, day 1-4 and 11-14). All patients received a cycle 2 combining high-dose methotrexate (1 g/m2, day 1) and AraC (3 g/m2/12h, day 2 and 3) with IM at 800 mg on day 1-14, whatever their response. Four intrathecal infusions were given during this induction/consolidation period. Minimal residual disease (MRD) was centrally evaluated by quantitative RQ-PCR after cycle 1 (MRD1) and cycle 2 (MRD2). Major MRD response was defined as BCR-ABL/ABL ratio <0.1%. Then, all patients were to receive allogeneic SCT using related or unrelated matched donor stem cells or autologous SCT if no donor and a major MRD2 response. IM/chemotherapy maintenance was planned after autologous SCT. In the absence of SCT, patients received alternating cycles 1 (as in arm B) and cycles 2 followed by maintenance, like in the published IM/HyperCVAD regimen. The primary objective was non-inferiority of arm A in term of major MRD2 response. Secondary objectives were CR rate, SCT rate, treatment- and transplant-related mortality, relapse-free (RFS), event-free (EFS) and overall (OS) survival. Results: Among the 270 patients randomized between May 2006 and August 2011, 265 patients were evaluable for this analysis (133 arm A, 132 arm B; median age, 47 years; median follow-up, 40 months). Main patient characteristics were well-balanced between both arms. Due to higher induction mortality in arm B (9 versus 1 deaths; P=0.01), CR rate was higher in the less intensive arm A (98% versus 89% after cycle 1 and 98% versus 91% after cycle 2; P= 0.003 and 0.006, respectively). A total of 213 and 205 patients were evaluated for bone marrow MRD1 and MRD2. The rates of patients reaching major MRD response and undetectable MRD were 45% (44% arm A, 46% arm B; P=0.79) and 10% (in both arms) at MRD1 and 66% (68% arm A, 63.5% arm B; P=0.56) and 25% (28% arm A, 22% arm B; P=0.33) at MRD2, respectively. The non-inferiority primary endpoint was thus demonstrated (P= 0.002). Overall, EFS was estimated at 42% (95% CI, 35-49) and OS at 51% (95% CI, 44-57) at 3 years, with no difference between arm A and B (46% versus 38% and 53% versus 49%; P=0.25 and 0.61, respectively). Of the 251 CR patients, 157 (80 arm A, 77 arm B) and 34 (17 in both arms) received allogeneic and autologous SCT in first CR, respectively. Allogeneic transplant-related mortality was similar in both arms (31.5% versus 22% at 3 years; P=0.51). Of the 157 allografted patients, 133 had MRD2 evaluation and 89 had MRD2 <0.1%. In these patients, MRD2 did not significantly influence post-transplant RFS and OS, either when tested with the 0.1% cutoff or as a continuous log covariate. Of the 34 autografted patients, 31 had MRD2 evaluation and, according to the protocol, 28 had MRD2 <0.1%. When restricting the comparison to patients achieving major MRD2 response and with the current follow-up, a trend for better results was observed after autologous as compared to allogeneic SCT (RFS, 63% versus 49.5% and OS, 69% versus 58% at 3 years; P=0.35 and P=0.08, respectively). Conclusions: In adults, the use of TK inhibitors (TKI) has markedly improved the results of Ph+ ALL therapy, now close to those observed in Ph-negative ALL. We demonstrated here that chemotherapy intensity may be safely reduced when associated with high-dose IM. We will further explore this TKI-based strategy using nilotinib prior to SCT in our next GRAAPH-2013 trial. The trend towards a better outcome after autologous compared to allogeneic SCT observed in MRD responders validates MRD as an important early surrogate endpoint for treatment stratification and new drug investigation in this disease.

Monte Carlo simulation of kilovolt electron transport in solids

A Monte Carlo procedure to simulate the penetration and energy loss of low¿energy electron beams through solids is presented. Elastic collisions are described by using the method of partial waves for the screened Coulomb field of the nucleus. The atomic charge density is approximated by an analytical expression with parameters determined from the Dirac¿Hartree¿Fock¿Slater self¿consistent density obtained under Wigner¿Seitz boundary conditions in order to account for solid¿state effects; exchange effects are also accounted for by an energy¿dependent local correction. Elastic differential cross sections are then easily computed by combining the WKB and Born approximations to evaluate the phase shifts. Inelastic collisions are treated on the basis of a generalized oscillator strength model which gives inelastic mean free paths and stopping powers in good agreement with experimental data. This scattering model is accurate in the energy range from a few hundred eV up to about 50 keV. The reliability of the simulation method is analyzed by comparing simulation results and experimental data from backscattering and transmission measurements.