Austrian Economics Research Seminar Paris

Austrian Economics Research Seminar
Séminaire de recherche en économie autrichienne

This is an interdisciplinary seminar open for scholars and advanced students of economics, law, philosophy, and political science who share an interest in Austrian Economics. Its primary objective is to produce publishable research for international journals and to discuss important new trends in the social sciences. Presentations can be given in French or English. Foreign scholars are encouraged to submit paper proposals.

The seminar is directed by Professor Guido Hülsmann.

Austrian Economics is a research paradigm in the tradition of realist philosophy and classical economics. It goes back to Carl Menger's Principles of Economics (1871) and was subsequently developed by luminaries such as Eugen von Böhm-Bawerk, Ludwig von Mises, Friedrich von Hayek, and Murray Rothbard. The Austrian School differs from contemporary mainstream economics most notably in its epistemological and methodological foundations. It stresses the existence and importance of universal economic laws, and refutes the positivistic approach. Present-day Austrian economists have made contributions to epistemology, methodology, capital theory, entrepreneurship, money and banking, history of thought, bureaucracy, financial markets, value theory, industrial organization, business ethics, interventionism, economic policy, social economics, and business cycle theory. While most of these fields are also covered by other schools of economic thought, Austrians try to approach them from the point of view of the logic of human action (praxeology) and the logic of institutions, moving beyond the artificial borders imposed by econometrics and other exercises in modelling. Our seminar is welcoming paper propositions from all disciplines. We are interested both in technical analyses and in contributions that offer cross-disciplinary perspectives on overarching problems.

Time :	Tuesdays, 17h00 – 19h00 (see schedule for precise dates)
Place :	Association pour la liberté économique et le progrès social 35 avenue Mac-Mahon 75017 Paris
Contact :	Guido Hülsmann : Guido.Hulsmann(at)univ-angers.fr

Schedules :

Spring 2017

Date	Speaker	Subject	Commentator
May 30	Hülsmann	The Return on Capital	Gertchev
May 16	Scrive	Benjamin Franklin and the Culture of Inflation	Giménez Roche
May 9	Fillieule	The Macroeoconomic Models of the Austrian School: History and Comparison Forthcoming in: European Journal of the History of Economic Thought.	Rouanet
April 4	Gabriel	Central Bank Independence	Couvreur
March 28	Smirna	The Creation of the National Bank of Romania	Eabrasu

Winter 2017

Date	Speaker	Subject	Commentator
March 14	Méra	Monopsony Theory Revisited Forthcoming in: M. McCaffrey (ed.), The Economic Theory of Costs: Foundations and New Directions (London: Routledge).	Fillieule
March 7	Facchini	Reasons for the Size of the State	Rouanet
February 28	Hülsmann	Probability, Risk, and Economics Forthcoming as: «The Myth of the Risk Premium» in M. McCaffrey (ed.), The Economic Theory of Costs: Foundations and New Directions (London: Routledge).	Lane
January 31	Gertchev	Enterpreneuship and Financial Derivatives	Couvreur
January 17	Lemennicier	Transplantation d’organe et assortiment optimal de l’organe entre donneur et receveur	Scrive

Fall 2016

Date	Speaker	Subject	Commentator
December 6	Rouanet	Economic theory, Embeddedness and the Polanyi Critique	Eabrasu
Nov. 29	Giménez Roche	Business and Technology Paradigms: The Entrepreneurial Bridge	Couvreur
Nov. 15	Ruijs	Plan-Immanency and Secular Growth	Lane
November 8	Lambert	Peut-on considérer le système Inca comme une organisation socialiste en regard du socialisme contemporain ?	Scrive
October 18	Israel	A Critique of Monetarism	Fillieule

Spring 2016

Date	Speaker	Subject	Commentator
May 31	McCaffrey	Military Strategy and Unproductive Entrepreneurship in Warring States China Forthcoming in: Management and Organizational History.	Fillieule
May 17	Klein	The Role of Universities in Fostering Entrepreneurship and Innovation: Evidence from Academic Incubators Published in: Strategic Entrepreneurship Journal (2017).	Couvreur
May 3	Facchini	Political Ideological Change: A Theoretical Approach Published in: Social Science Information, vol. 55, no. 4 (2016).	Méra
April 26	Kleinheyer	The Chicago Plan Revisited: An Austrian Critique	Giménez Roche
March 22	Campan	Prendre la logique au sérieux Published in: Théorie générale de l'Interaction (2016).	Scrive

Winter 2016

Date	Speaker	Subject	Commentator
March 15	Eabrasu	The Obligation to Comply with the Law in CSR: A Philosophical Critique	Thévenin
March 1	Facchini	Politiques d’éducation et idées économiques en France, 1832-1950	Lambert
February 2	Fillieule	Capital Formation: The Theory of Rothbard Revisited	Gimnénez Roche
January 19	Scrive	Inflation and Socialism	Couvreur

Fall 2015

Date	Speaker	Subject	Commentator
December 15	Hülsmann	Political Economy of Liquidity	Couvreur
November 24	Lambert	La pensée économique de Daniel Villey	Feildel
November 3	Israel	Monetary Policy Evaluation - A Critical Review	Lane
October 20	Giménez Roche	From Conventional to Unconventional Monetary Policies: Consequences of the Market-Maker of Last Resort Role	Fillieule

Spring 2015

Date	Speaker	Subject	Commentator
May 19	Cornax	Dutch Predecessors of Marginal Value Theory	Hülsmann
May 12	Baxendale	Faith and Reason: Secular Predisposition and the Denial of Faith	Eabrasu
May 5	Schnabl	Financial Market Boom und Bust in the Light of the Austrian Overinvestment Theories Published as:«Adverse Effects of Unconventional Monetary Policy» Cato Journal, vol. 36, no. 3 (2016)	Giménez Roche
April 14	Ruijs	Capital Utilization, the Structure of Production, and the Upper Turning Point	Méra
March 24	Scrive	Cultural Consequences of Inflation: A Survey	Lane

Winter 2015

Date	Speaker	Subject	Commentator
March 10	Israel	Inflation and Unemployment Published as: « In the Long Run We are All Unemployed? » Quarterly Review of Economics and Finance (2016).	Couvreur
February 24	Lambert	La pensée économique de Louis Baudin	Facchini
February 3	Lane	The Quantity Theory of Money: A Re-Restatement	Feildel
January 20	Braun	The Ecological Rationality of the Traditional Accounting Principles	Giménez Roche

Fall 2014

Date	Speaker	Subject	Commentator
December 2	Peniaz	Traits caractéristiques de la crise actuelle	Couvreur
November 18	van Dun	Praxeology and the Law Forthcoming in: D. Thermes (ed.), Libertas, Libertates: Bruno Leoni nel Centenario della nascita (Soveria Mannelli: Rubbettino).	Scrive
October 21	Facchini	The French Phillips Curve: A Reassessment	Feildel
October 7	Lermyte	Structure de production des règles et arbitrage réglémentaire Published as: « Securitization and regulatory arbitrage within the ABCT framework » Review of Austrian Economics (May 2015).	Giménez Roche

Spring 2014

Date	Speaker	Subject	Commentator
June 10	Lermyte	Théorie générale de l'arbitrage réglementaire	Couvreur
June 3	Fillieule	Intertemporal Macroeconomic Equilibrium and the Originary Interest Rate Forthcoming as: « Intertemporal Choice, Saving and Investment, and Interest Rate: Contributions from a Neglected Hayekian Model » Review of Political Economy.	Méra
May 27	Peniaz	Les théories contemporaines du cycle à la lumière de la crise actuelle	Giménez Roche
May 20	Gbedolo	L'État et la production des biens économiques gratuits	Eabrasu
May 13	Scrive	The Cultural Consequences of Hyperinflation	Lambert

Winter 2014

Date	Speaker	Subject	Commentator
March 18	Preusse	Developing Austrian Economics into Austrian Ethics	Scrive
March 4	Méra	Dérivés financiers et la demande d'encaisses monétaires	Lane
January 7	Lemennicier	Critique of Moral Hazard and Adverse Selection Theories	Couvreur

Fall 2013

Date	Speaker	Subject	Commentator
December 3	Giménez Roche	Uncertainty and the Uniqueness of Entrepreneurial Opportunities	Lambert
November 19	Couvreur	Typology of Individual Errors: A Comparative Analysis	Eabrasu
November 12	Malt	Economics and Psychologism	Facchini
October 22	Olbrich	Business Valuation - An Austrian Approach Published as: « Business Valuation Inspired by the Austrian School » Journal of Business Valuation and Economic Loss Analysis (Feb. 2015).	Méra
October 15	Lermyte	Les normes UCITS et la protection du consommateur	Lane

Spring 2013

Date	Speaker	Subject	Commentator
June 4	Cordoba	Foundations of Praxeology and Economics	Eabrasu
May 21	Bagus	Liquidity, Gross Market Rate of Interest, and the Yield Curve	Lane
May 7	Ehret	Financial Socialism Published in: Journal of Business Research (online May 4, 2013)	Vuillemey
April 16	Gabriel	A Reform Proposal for the Credit Rating Industry	Giménez Roche
April 2	Aranzadi	Economics, Ethics, and Human Action	Hülsmann

Winter 2013

Date	Speaker	Subject	Commentator
March 19	Méra	La politique monétaire et le marché des produits dérivés	Lane
February 12	Peniaz	Illustrations empiriques de la théorie autrichienne du cycle	Giménez Roche
January 29	Patriarca	The Economic Thought of Nicolas Oresme	Nemo
January 15	Neri	Unintended Consequences of the Basel III Liquidity Risk Regulation Available on: Social Science Research Network (June 30, 2012).	Gabriel

Fall 2012

Date	Speaker	Subject	Commentator
December 4	Agafanow	The Austrian Dehomogenization Debate, or the Possibility of a Hayekian Planner Published in: Review of Political Economy, vol. 24, no. 2 (2012).	Gabriel
November 20	Méra	De la croissance des marchés dérivés et de son impact sur la prospérité	Neri
November 6	Vuillemey	The Epistemological Status of Praxeology	Eabrasu
October 23	Nemo	Présentation du séminaire : Les sciences sociales selon Hayek	Lane
October 9	Hülsmann	Presentation of the Seminar: The Current State of Austrian Economics	Portuese

Spring 2012

Date	Speaker	Subject	Commentator
June 12	Gabriel	Interventionism and Rating Agencies	Gertchev
June 5	Peniaz	Analyse de l'hypothèse d'instabilité financière de Minsky à travers le prisme de l'école autrichienne	Lane
May 29	Méra	Do CDS put limits on debt accumulation under a fiat money regime? Published in: Libertarian Papers, vol. 5, no. 2 (2013), pp. 195-218.	Giménez Roche
May 22	Baltatescu	The Role of (Antinominalist) Realism in Austrian Economic Theory	Gabriel
April 10	Cherlonneix	Les causes des déséquilibres économiques	Hülsmann

Winter 2012

Date	Speaker	Subject	Commentator
March 20	Hagedorn	An Agent-Based and Accounting-Based Approach to Austrian Macroeconomics	Neri
February 7	Hülsmann	The Evolution of Mises' Monetary Thought: The First Edition of the Theory of Money and Credit Published in: The Theory of Money and Fiduciary Media: Essays in Celebration of the Centennial (Auburn, Ala.: Mises Institute, 2012), chap. 1.	Lane
January 31	Gabriel	The Influence of German Economists on Ludwig von Mises's Theory of Money and Credit Published in: The Theory of Money and Fiduciary Media: Essays in Celebration of the Centennial (Auburn, Ala.: Mises Institute, 2012), chap. 2.	Hülsmann
January 10	Portuese	Law and Economics of European Multilingualism	Eabrasu

Fall 2011

Date	Speaker	Subject	Commentator
December 13	Lane	Transaction Cost and Nothing Substitutes	Eabrasu
December 6	Plectaitis	Rent-Seeking Activities in Hot IPOs Allocations	Gabriel
November 29	Giménez Roche	The Praxeological Nature of Opportunities: Unfolding Temporal Convergence	Peniaz
November 15	Fillieule	Theory of Interest: Mises and Rothbard Dehomogenised	Vuillemey
October 18	Méra	Capital Absorption in Derivative Markets	Couvreur

Spring 2011

Date	Speaker	Subject	Commentator
June 7	Neri	Non-Price Signals and the Efficiency of Economic Calculation	Carnis
May 31	Hülsmann	Modelling the Time Structure of Production	Couvreur
May 24	Vuillemey	Monetary Interventionism and the Time Structure of Financial Liabilities Published in: Procesos de Mercado, vol. IX, no. 2 (2012).	Facchini
May 10	Braun	Private Capital and Macroeconomic Finance	Giménez Roche
April 26	Nuoscio	Mises, Popper et Gadamer : théorie de la rationalité herméneutique	Eabrasu

Winter 2011

Date	Speaker	Subject	Commentator
March 8	Hudik	Theories of Ordinal Marginal Utility Available online: University of Economic Science (2010).	Carnis
February 22	Fillieule	Time Preference and the Structure of Production: An Extension of the Values-Riches Model	Lane
February 1	Di Mattia	The Evolution of Rating Agencies	Giménez Roche
January 25	Méra	Political Economy of Financial Derivatives	Hülsmann
January 11	Ritenour	Christian Foundations of Economic Analysis Published in: Foundations of Economics: A Christian View (Eugene OR: Wipf & Stock, 2010).	Facchini

Fall 2010

Date	Speaker	Subject	Commentator
November 30	Gabriel	Sollicited vs Unsollicited Rating	Facchini
November 16	Braun	Accounting Rules and Capital Theory	Couvreur
November 9	Klein	A Moral Division of Labour: The Ethics of Entrepreneurs and Non-Entrepreneurs	Vuillemey
November 2	Guillaumat & Lane	The Bitur-Camember Law	Méra

Spring 2010

Date	Speaker	Subject	Commentator
June 1	Facchini	Inequality and Growth: The Role of Entrepreneurs Available online: Université Paris 1 (June 3rd, 2010).	Alles
May 25	Vuillemey & Poncet	Les origines monétaires des déséquilibres économiques mondiaux : le cas du peg yuan / dollar.	Hülsmann
May 11	Modugno	The Theoretical Foundations of a Free Society in Contemporary Libertarian Thought	Eabrasu
March 30	Lane	Monnaie, finance, liquidité : quelle logique ?	Couvreur

Winter 2010

Date	Speaker	Subject	Commentator
March 16	Braun	The Subsistence Fund and the Value of Money.	Lane
March 2	Hülsmann	Determinants of the Time Structure of Production. Available as: «The Structure of Production Reconsidered» (GRANEM Working Paper, 2010).	Giménez-Roche
February 2	Fillieule	Market Price Theory: Fundamental Models in the Austrian Paradigm.	Vuillemey
January 26	Demeester	Fraud, Fraud Cycle, and Business Cycle.	Facchini
January 12	Herbener	Rothbardian Welfare Economics. Published in: New Perspectives on Political Economy vol. 4, no. 1 (2008).	Eabrasu

Fall 2009

Date	Speaker	Subject	Commentator
December 1	Carnis	Considérations politiques de la bureaucratie chez Mises. Published in: Journal des Economistes et des Etudes Humaines vol. 17, no. 1 (2011).	Alles
November 17	Lane	Échange, catallaxie et synallagmatie.	Giménez-Roche
November 3	Eabrasu	Tax Evasion. Published in: Business and Society Review vol. 116, no. 4 (December 2011).	Vuillemey
October 20	Méra	Monopoly and Factor Prices. Published in: Quarterly Journal of Austrian Economics vol. 13, no. 1 (2010).	Facchini

Spring 2009

Date	Speaker	Subject	Commentator
May 12	Di Mattia	Unlocking Liquidity in Secondary ABS Markets.	Carnis
April 28	Lemaire	Interest Rate Management.	Facchini
April 7	Braun	The Wage-Fund Theory and its Application to Financial Markets.	Gertchev
March 31	Scrive	Moral Rights and Libertarian Right Theory.	Lane

Winter 2009

Date	Speaker	Subject	Commentator
March 24	Klein	Opportunity, Discovery, Entrepreneurial Action, and Economic Organization. Published in: Strategic Entrepreneurship Journal, vol. 2, no. 3 (2008).	Facchini
February 24	Hülsmann	Free and Forced Finance.	Gentier
February 17	Carnis	New Perspectives on the Economic Approach to Bureaucracy. Published in: Quarterly Journal of Austrian Economics, vol. 13, no. 2 (2010).	Lemaire
February 3	Facchini	Liberté économique dans le monde musulman. Published in: European Journal of Law and Economics, vol. 29, no. 1 (2010).	Gertchev
January 20	Eabrasu	The Justification of Libertarianism Revisited. Published in: Politics, Philosophy & Economics, vol. 12, no. 3 (2013), pp. 288-307.	Giménez-Roche

Fall 2008

Date	Speaker	Subject	Commentator
December 9	Lane	A Theory of Economists.	Facchini
November 25	Leen	How to Limit the European Union from an Austrian Point of View.	Eabrasu
November 18	Di Iorio	The Sensory Order and the Neurophysiological Basis of Methodological Individualism. Published in: Advances in Austrian Economics, vol. 13 (2010).	Gertchev
October 28	Maximin	Subprime et provisions : peut-on appréhender les risques ?	Gentier
October 14	Lane	Risk, Imperfections of the Law, and Transaction Costs.	Carnis

Spring 2008

Date	Speaker	Subject	Commentator
June 10	Fillieule	Une brève histoire des concepts et des théories de l'école autrichienne d’économie.	Carnis
May 13	Eabrasu	Consequences for Economic Theory of Mises's Subjectivism. Published in: Quarterly Journal of Austrian Economics, vol. 14, no. 2 (2011), pp. 216-241.	Lane
April 8	Di Iorio	Popper and Mises on Epistemology. Published in: Nuova Civiltà delle Macchine, vol. XXVI, no. 4 (2008).	Scrive
March 25	Hülsmann	Demand for Money, Interest Rates, and the Structure of Production. Published in: Property, Freedom, and Society: Essays in Honor of Hans-Hermann Hoppe (Auburn: Mises Institute, 2009), pp. 309-324..	Giménez-Roche

Winter 2008

Date	Speaker	Subject	Commentator
February 26	Lemennicier	Lessons from the 2007 Presidential Elections in France.	Maximin
February 12	Hülsmann	Time Preference and Investment Expenditure. Published in: Procesos de Mercado, vol. V, no. 2 (2008).	Gentier
February 5	Gertchev	Securitization and Fractional-Reserve Banking. Published in: Property, Freedom, and Society: Essays in Honor of Hans-Hermann Hoppe (Auburn: Mises Institute, 2009), pp. 283-300..	Giménez-Roche
January 29	Eabrasu	The Meaning of Subjectivism. Published in: I.C.E.R. Working-paper Series, no. 1 (January 2008).	Di Iorio
January 22	Gentier and Janson	Fin de siècle Italian Banking.	Lane

Fall 2007

Date	Speaker	Subject	Commentator
December 18	Spiridon	Business Cycle Theory.	Lane
December 4	Hülsmann	30 Theses on Value.	Scrive
November 27	Ritenour	Private Property in the Christian Tradition.	Di Iorio
November 6	Buda	Quantitative Austrian Modelling.	Gertchev
October 23	Facchini	Entrepreneur, Institutions, and Growth. Available as: « Entrepreneur, institution et développement économique » (Working Paper Univ. Paris I, 2005).	Giménez-Roche

Spring 2007

Date	Speaker	Subject	Commentator
May 22	Giménez-Roche	Entrepreneurship and Growth.	Hülsmann
May 15	Lane	Economics of Financial Markets.	Maximin
April 24	Gertchev	Huerta de Soto on Business Cycles.	Lane
April 3	Scrive	French Debates on Copyrights in the 19th Century.	Gentier
March 27	Carnis	Niskanen and Mises on Bureaucracy. Published in: Quarterly Journal of Austrian Economics, vol. 12, no.3 (2009), pp. 57-78.	Di Iorio

Winter 2007

Date	Speaker	Subject	Commentator
March 6	Gentier	Bank Equity and Black Friday.	Giménez-Roche
February 13	Di Iorio	L'épistémologie des sciences sociales selon Mises et Hayek.	Eabrasu
February 6	Giménez-Roche	Critique of the New Growth Theories.	Gentier
January 23	Eabrasu	Problems in Business Ethics. Published in: Journal of Business Ethics, vol. 110, no. 1 (2012), pp. 429-439.	Vallée
January 9	van Maanen	Inflation: Theory and Euro Practice.	Carnis

Fall 2006

Date	Speaker	Subject	Commentator
December 12	Gertchev	Huerta de Soto on Business Cycles.	Vallée
November 28	Herbener	Toward Relieving the Tension Between Mises and Rothbard on Defending the Market Economy.	Carnis
November 14	Bagus	US Growth Deflation, 1865-1897.	Gentier
October 31	Hülsmann	Productivity Theory of Interest Reconsidered.	Giménez-Roche
October 10	Hülsmann	Theory of Value.	Eabrasu

Spring 2006

Date	Speaker	Subject	Commentator
May 11	Lemennicier	Aaron Director’s Law of Public Income Redistribution: A Reappraisal.	Gertchev
April 27	Giménez-Roche	The Concept of Economic Progress.	Vallée
April 6	Klein	The Entrepreneurial Organization of Heterogeneous Capital. Published in: Journal of Management Studies vol. 44, no. 7 (2007).	Janson
March 30	Eabrasu	Subjectivism in Economics.	Gentier
March 16	Facchini	Les théories de l’imperfection et de l’instabilité endogène des marchés agricoles. Published as: « Des effets de la libéralisation des marchés agricoles » Economie Rurale no. 292 (March-April 2006).	Gertchev

Winter 2006

Date	Speaker	Subject	Commentator
March 9	Carnis	Economics of Speed Limits.	Giménez-Roche
February 16	Fillieule	La théorie du marché des fonds prêtables et le paradigme autrichien.	Janson
February 9	Vallée	The Monetary Mechanism of the Japanese Crisis.	Hülsmann
January 26	Gentier	Liberté bancaire et liberté monétaire. Published in: Mélanges en l'honneur de Pascal Salin (Paris : Les Belles Lettres, 2006).	Gertchev
January 5	Gentier and Janson	Fin de siècle Italian Banking.	Vallée

Fall 2005

Date	Speaker	Subject	Commentator
December 8	Gertchev	Political Economy of the CFA Zone Franc.	Hülsmann
November 24	Maximin	La critique du libéralisme hayekien par Rothbard.	Arvis
November 10	Carnis	Niskanen's Theory of Bureaucracy: An Austrian Critique. Published in: Économie appliquée, vol. 65, no. 2 (2010).	Gentier
October 20	Lemennicier	Hasard, incertitude, risque et ignorance.	Gertchev
October 13	Hülsmann	Limits of Methodological Individualism. Published in: Mélanges en l'honneur de Pascal Salin (Paris : Les Belles Lettres, 2006).	Carnis

Spring 2005

Date	Speaker	Subject	Commentator
May 26	Gertchev	The Role of Government in Friedman's Monetarism.	Janson
May 19	Ritenour	The Concept of Cultural Value.	Eabrasu
May 12	Eabrasu	Problems in Argumentation Ethics. Published as: « A Reply to the Current Critiques Formulated Against Hoppe's Argumentation Ethics » Libertarian Papers, vol. 1, Art. no. 20 (2009).	Hülsmann
April 28	Lemennicier and du Cray	Does the Non-Representativeness of our Representatives at the National Assembly Matter? Published as: L’origine sociologique des parlementaires (Paris : Contribuables Associés, 2005).	Vallée
April 14	Giménez-Roche	Defining Entrepreneurial Profit.	Carnis

Winter 2005

Date	Speaker	Subject	Commentator
March 31	Hülsmann	Theory of Moral Hazard. Published in: Politická ekonomie (February 2006).	Janson
March 3	Gertchev	Friedman's Monetarism.	Gentier
February 17	Gentier and Janson	Fin de siècle Italian Banking.	Hülsmann
February 10	Eabrasu	Subjectivism in Economics.	Carnis
January 20	Giménez-Roche	Market Process and Economic Development.	Gertchev

Fall 2004

Date	Speaker	Subject	Commentator
December 16	Vallée	Deflation and Anti-Deflation Policy: The Case of Japan in the 1990s.	Carnis
December 2	Eabrasu	Libertarian Ethics – Critique of Rothbard and Hoppe. Published in: Libertarian Papers, vol. 1, 20 (2009).	Hülsmann
November 18	Gertchev	The Role of Expectations in Economic Analysis. Published in: Quarterly Journal of Austrian Economics, vol. 10, no. 4 (2007).	Vallée
October 28	Carnis	Austrian Theory of Bureaucracy. Published in: Procesos de Mercado, vol. IV, no. 2 (2007).	Eabrasu
October 14	Hülsmann	Counterfactuals in Law and Economics. Published in: Quarterly Journal of Austrian Economics, vol. 7, no. 4 (2004).	Gertchev