Suchergebnisse

"This paper analyzes the strategies to build legitimacy for the European Energy Exchange in Leipzig (short: EEX) which became the central trading place for electricity in Germany in 2002. Following Suchman's differentiation in the three phases of gaining, maintaining and repairing legitimacy, it focuses on the phase of gaining legitimacy. The arguments in this article are predominately based on neoinstitutional sociology. They are part of a larger project on the forms, functions and consequences of price building at the EEX." (author's abstract)

The newly found exchange of letters between Marcel Mauss and Victor Branford dated 1926 testifies to the active exchanges between both their traditions. Durkheimian sociology owed a great deal to the Branford-Geddes network of colleagues across the Channel, not less than a funding of the republication of their iconic journal, the Année sociologique. On the other hand, Branford was far from apologetic about his own tradition of thought and even went as far as to criticize the Institut Français de Sociologie in the 1920s. All this shows the enduring links between both countries in the field of sociology, contrary to what has often been held.

The authors, building on prior collaborative experiments, decided to engage in a practice of object exchange: for a given period of time, we gave up and gave over, problematic objects from field inquiry – a field inquiry about the political and affective economy and relations between Romanian pimps and sex workers, and a field inquiry into assisted suicide in Switzerland. We use the term "object" in John Dewey's sense of worked over subject matter from inquiry. Creating an environment in which objects from field inquiry could be handed over to, and held by, another person, afforded moments of both relief and disquiet in our collaborative space, as well as new analytic openings and new relationships to our objects and inquiries. In the text we describe what this practice of selecting and sending, holding, and receiving objects consisted in. The protocol that we engaged in is not a method, but rather a simple form (exchange) and a mode (holding) for a practice of thinking. The result of such exchange, we think, is clarification of the relation between objects and objectives in inquiry, for the inquirer.

International audience The paper investigates if the most popular alternative to the purchasing parity power approach (PPP) to estimate equilibrium exchange rates, the fundamental equilibrium exchange rate (FEER) influences exchange rate dynamics in the long run. For a large panel of industrialized and emerging countries and on the period 1982-2007, we detect the presence of unit roots in the series of real effective exchange rates and in the series of FEERs. We find and estimate a cointegration relationship between real effective exchange rates and FEERs. The results show that the FEER has a positive and significant influence on exchange rate dynamics in the long run.

Most assets are traded in multiple interconnected trading venues. This paper develops an equilibrium model of decentralized markets that accommodates general market structures with coexisting exchanges. Decentralized markets can allocate risk among traders with different risk preferences more efficiently, thus realizing gains from trade that cannot be reproduced in centralized markets. Market decentralization always increases price impact. Yet, markets in which assets are traded in multiple exchanges, whether they are disjoint or intermediated, can give higher welfare than the centralized market with the same traders and assets. In decentralized markets, demand substitutability across assets is endogenous and heterogeneous among traders. (JEL D43, D44, D85, G11, G12)