Template-Type: ReDIF-Article 1.0
Author-Name: Musa Essayyad
Author-X-Name-First: Musa
Author-X-Name-Last: Essayyad
Author-Name: Khaled Albinali
Author-X-Name-First: Khaled
Author-X-Name-Last: Albinali
Author-Name: Omar Al-Titi
Author-X-Name-First: Omar
Author-X-Name-Last: Al-Titi
Author-Name: Banamber Mishra
Author-X-Name-First: Banamber
Author-X-Name-Last: Mishra
Title: Revisiting the dollar index
Abstract:
This research is an inter-temporal update of an empirical paper published by Essayyad et al., which is based on work of Loretan and Nardo et al. We continue to employ the same principal component technique, to construct an alternative US Dollar Index to gauge movements in currency markets. The results show that the weights of the 12 indicators as reported by Essayyad et al. in 2009 are different from those weights as reported in 2012. The difference in the results can be attributed to the changes in the values of economic and financial variables due to 2008 economic/market collapse, natural disasters including droughts, escalating cost of wars, and the subsequent recession that prevailed in OECD member countries. The aforementioned factors and the persistent increase in national debt have affected the international value of the US dollar. Nonetheless, the results of t-statistics show that there is no significant difference at the 0.05 level between the weights based on the 2009 data and the 2012 data, which substantiate the findings in the 2009 study about the relative importance of each indicator in the dollar index.
Journal: Int. J. of Monetary Economics and Finance
Pages: 1-16
Issue: 1
Volume: 6
Year: 2013
Keywords: dollar index; currency index; multivariate statistics; international finance; principal component analysis; PCA; currency markets; US dollar.
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Template-Type: ReDIF-Article 1.0
Author-Name: Muhamed Zulkhibri
Author-X-Name-First: Muhamed
Author-X-Name-Last: Zulkhibri
Title: An empirical comparison of credit channel in emerging markets: evidence from five Asian economies
Abstract:
This paper examines the existence of credit channel in five Asian economies namely Malaysia, Indonesia, Thailand, Philippines and Korea. We estimate a variant of bank loan demand and supply model using a structural vector error correction (SVEC) model to deal with fundamental issue of identification problems. The empirical findings of the bank lending channel from these countries suggest that bank loans decline following the monetary contraction, consistent with the credit channel view. However, it is not clear whether the credit supply is really the binding constraint using the aggregate data, in the event that both credit supply and demand felt simultaneously following monetary policy shock. The results from the aggregate data cannot fully explain the monetary transmission via credit channel. Hence, employing firm-level data approach may shed further insights on the credit channel transmission mechanism.
Journal: Int. J. of Monetary Economics and Finance
Pages: 17-39
Issue: 1
Volume: 6
Year: 2013
Keywords: bank lending channels; monetary transmission; vector error correction; modelling; credit channels; emerging markets; Malaysia; Indonesia; Thailand; Philippines; Korea; bank loans; credit supply; credit demand.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:1:p:17-39
Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Ramalhete Moreira
Author-X-Name-First: Ricardo Ramalhete
Author-X-Name-Last: Moreira
Author-Name: Chukiat Chaiboonsri
Author-X-Name-First: Chukiat
Author-X-Name-Last: Chaiboonsri
Author-Name: Prasert Chaitip
Author-X-Name-First: Prasert
Author-X-Name-Last: Chaitip
Title: Weak dependence between the Brazilian consumer inflation and expected inflation: non-linear and Copulas methods and a note on the Central Bank's credibility
Abstract:
By implementing the Copulas method, this work analyses the dependence relationship or structure between the Brazilian consumer observed inflation and the expected inflation, from January 2005 to June 2011. Its results are consistent with some works for the Brazilian case, as the dependence structure measures showed that there exists a weak relationship between those variables, thereby confirming the hypothesis of high credibility for the Brazilian monetary policy under the inflation targeting period.
Journal: Int. J. of Monetary Economics and Finance
Pages: 40-54
Issue: 1
Volume: 6
Year: 2013
Keywords: inflation targeting; Copulas; expected inflation; credibility; weak dependence; Brazil; consumer inflation; nonlinear methods; Central Bank credibility; dependence relationship; monetary policy.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:1:p:40-54
Template-Type: ReDIF-Article 1.0
Author-Name: Feng Dai
Author-X-Name-First: Feng
Author-X-Name-Last: Dai
Author-Name: Ling Liang
Author-X-Name-First: Ling
Author-X-Name-Last: Liang
Author-Name: Songtao Wu
Author-X-Name-First: Songtao
Author-X-Name-Last: Wu
Title: Money supply and economic growth under environmental pressure: the strategy for re-growth
Abstract:
This paper focuses on money supply and economic growth under environmental pressure. Based on the Solow growth model, a formal advance-retreat course (ARC) model and nominal ARC model for money supply are constructed, the basic conditions for increasing money to promote output growth are presented, measurement methods for liquidity are designed, and the empirical research is presented. The findings include the following: increasing money supply promotes conditional economic growth, only major reforms can start a new growth process and promote effective economic recovery and re-growth, and economic reforms and their timing are vital.
Journal: Int. J. of Monetary Economics and Finance
Pages: 55-80
Issue: 1
Volume: 6
Year: 2013
Keywords: economics; ARC; advance-retreat course; money supply; liquidity control; recovery strategy; economic re-growth; economic growth; environmental pressure; economic recovery; economic reforms.
File-URL: http://www.inderscience.com/link.php?id=55717
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:1:p:55-80
Template-Type: ReDIF-Article 1.0
Author-Name: Pasquale Foresti
Author-X-Name-First: Pasquale
Author-X-Name-Last: Foresti
Author-Name: Ugo Marani
Author-X-Name-First: Ugo
Author-X-Name-Last: Marani
Title: Fiscal indiscipline and monetary policy in EMU: Is there any need for a fiscal policy concerned ECB?
Abstract:
In this article we study the conduct of monetary policy by adopting a monetary union model in which we assume that, departing form the dominant literature, the central bank is directly concerned also about the national fiscal policies. The novelty of our analysis lies in fact that, on the basis of this assumption about the central bank's preferences, we evaluate its stabilisation effort under different scenarios of fiscal policy discipline and coordination in the union. We find that the level of conservativeness of the central bank decreases, while the presence of institutions and tools for the control and the coordination enforcement of fiscal policies are still required. Governments' lack of coordination reduces the fiscal policies stabilisation effort of the central bank, but it increases the monetary authority's reaction to supply shocks.
Journal: Int. J. of Monetary Economics and Finance
Pages: 81-95
Issue: 1
Volume: 6
Year: 2013
Keywords: European Monetary Union; fiscal stance; asymmetric shocks; monetary policy; EMU; ECB; European Central Bank; fiscal indiscipline; national fiscal policy; monetary union models; modelling; government coordination; stabilisation.
File-URL: http://www.inderscience.com/link.php?id=55726
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:1:p:81-95
Template-Type: ReDIF-Article 1.0
Author-Name: Carlo Bellavite Pellegrini
Author-X-Name-First: Carlo Bellavite
Author-X-Name-Last: Pellegrini
Author-Name: Laura Pellegrini
Author-X-Name-First: Laura
Author-X-Name-Last: Pellegrini
Title: Financial corporations' performances and corruption indices around Europe 1996-2008
Abstract:
This paper is devoted to the increasingly relevant issue of corruption. Financial and economic literature has progressively focused its attention on the impact of corruption on the financial performances of listed companies, highlighting the existence of a negative relation between a corruption perception index (CPI) and companies' financial performances. Taking into account the performances of 311 intermediaries of the financial sector of 17 countries belonging to both the Euro and the non-Euro area and listed without any interruption since 1996-2008, the analysis confirms that corruption affects corporations' total investment returns.
Journal: Int. J. of Monetary Economics and Finance
Pages: 101-115
Issue: 2/3
Volume: 6
Year: 2013
Keywords: corruption perception index; banks; insurance; financial companies; financial performance; Euro zone; non-Euro area; panel regression analysis; total investment returns.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:2/3:p:101-115
Template-Type: ReDIF-Article 1.0
Author-Name: Oliver Müller
Author-X-Name-First: Oliver
Author-X-Name-Last: Müller
Author-Name: André Uhde
Author-X-Name-First: André
Author-X-Name-Last: Uhde
Title: The impact of external governance quality on the economic and social success of microfinance institutions
Abstract:
Employing a Hausman-Taylor instrument variable (HT-IV) estimator to data from 558 microfinance institutions (MFIs) in 80 developing countries for the period from 2002 to 2007, this paper provides empirical evidence for a positive impact of a country's external governance quality and outcome on local microbanks' economic success in terms of profitability and sustainability. Evidence as well suggests a negative relationship between external governance and the microbanks' social success measured by the depth of outreach. In this context, our analysis reveals that a country's political stability, governance effectiveness, regulatory quality and rule of law are significant key elements of external governance affecting the MFIs' functional performance. Moreover, results from sensitivity analyses indicate that the relationship between external governance quality and microfinance functional performance significantly depends on the microbanks' business concepts, their lending methodologies and sources of funding.
Journal: Int. J. of Monetary Economics and Finance
Pages: 116-149
Issue: 2/3
Volume: 6
Year: 2013
Keywords: microfinance; external governance; economic success; social success; developing countries; profitability; sustainability; microbanks; outreach; political stability; governance effectiveness; regulatory quality; rule of law; governance quality; lending methodologies; funding sources.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:2/3:p:116-149
Template-Type: ReDIF-Article 1.0
Author-Name: Fadzlan Sufian
Author-X-Name-First: Fadzlan
Author-X-Name-Last: Sufian
Title: Economic freedom and bank efficiency nexus
Abstract:
The paper provides empirical evidence on the impact of economic freedom on bank efficiency. By employing the data envelopment analysis (DEA) method, we compute the efficiency of the Indonesian banking sector during the post-Asian financial crisis period of 1999-2008. The empirical findings from the DEA method indicate an increase in the efficiency of the Indonesian banking sector. We find a positive relationship between capitalisation and liquidity and bank efficiency. On the other hand, the results suggest a negative relationship between credit risk and overhead expenses and bank efficiency. The results indicate a positive relationship between business and monetary freedoms and bank efficiency, while the relationship between technical efficiency and financial freedom seems to be negative.
Journal: Int. J. of Monetary Economics and Finance
Pages: 150-185
Issue: 2/3
Volume: 6
Year: 2013
Keywords: economic freedom; bank efficiency; DEA; data envelopment analysis; panel regression analysis; Indonesia; banking industry; capitalisation; liquidity; credit risk; overhead expenses; technical efficiency.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:2/3:p:150-185
Template-Type: ReDIF-Article 1.0
Author-Name: Ilaria Petrarca
Author-X-Name-First: Ilaria
Author-X-Name-Last: Petrarca
Author-Name: Roberto Ricciuti
Author-X-Name-First: Roberto
Author-X-Name-Last: Ricciuti
Title: The historical economics of corruption and development within Italy
Abstract:
We investigate the relationship between corruption and economic performance, focusing on the historical roots of the former. We claim that a sequential mechanism linking history to development exists: first, history defines the quality of social capital; then, social capital determines the level of corruption; finally, corruption affects economic performance. We empirically test this hypothesis on a dataset of Italian provinces, and address the possible endogeneity of corruption by applying an IV model. We use three sets of historical instruments for corruption: 1) foreign dominations that ruled Italian regions between the 16th and 17th century; 2) autocracy/autonomous rule in the 14th century; 3) an index of social capital between the end of the 19th and at the onset of the 20th century. The results confirm the validity of the set of instruments (2) and (3), and indicate a significant impact of historically driven corruption on development.
Journal: Int. J. of Monetary Economics and Finance
Pages: 186-202
Issue: 2/3
Volume: 6
Year: 2013
Keywords: corruption; economic development; institutions; social capital; history; historical economics; Italy.
File-URL: http://www.inderscience.com/link.php?id=56396
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:2/3:p:186-202
Template-Type: ReDIF-Article 1.0
Author-Name: Emiliano Sironi
Author-X-Name-First: Emiliano
Author-X-Name-Last: Sironi
Author-Name: Martina Tornari
Author-X-Name-First: Martina
Author-X-Name-Last: Tornari
Title: Corruption, political instability and public finance in Europe
Abstract:
This paper verifies whether corruption and political stability affect the level of public expenditure. By using data from 28 European countries over a period of five years (2005-2009) and the corruption perception index drawn from transparency international, we find that higher levels of corruption are observed in correspondence of higher political instability and that both these dimensions cooperate to increase government expenditure.
Journal: Int. J. of Monetary Economics and Finance
Pages: 203-212
Issue: 2/3
Volume: 6
Year: 2013
Keywords: public finance; corruption perception index; political stability; political instability; Europe; government expenditure.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:2/3:p:203-212
Template-Type: ReDIF-Article 1.0
Author-Name: Valdir de Jesus Lameira
Author-X-Name-First: Valdir de Jesus
Author-X-Name-Last: Lameira
Author-Name: Walter Lee Ness Jr.
Author-X-Name-First: Walter Lee Ness
Author-X-Name-Last: Jr.
Author-Name: Marcio Alves Amaral-Baptista
Author-X-Name-First: Marcio Alves
Author-X-Name-Last: Amaral-Baptista
Author-Name: Roberto G. Pereira
Author-X-Name-First: Roberto G.
Author-X-Name-Last: Pereira
Author-Name: Osvaldo Luiz Gonçalves Quelhas
Author-X-Name-First: Osvaldo Luiz Gonçalves
Author-X-Name-Last: Quelhas
Title: Corruption, governance and sustainable development
Abstract:
This paper presents a methodology for evaluating the relationship between governance and several variables commonly related to the concept of sustainable development, using financial indicators for control. We explore the theoretical framework linking the level of governance of the countries with their performance. Our sample incorporates data from developed and emergent countries, collected from the World Bank and Transparency International, to assess the significance of governance impact among countries with distinct degrees of development. Multiple regression analysis and panel data modelling were used to explore statistical relations amongst variables. Results show a positive relation between levels of governance and economic development, aside from illustrating other significant issues.
Journal: Int. J. of Monetary Economics and Finance
Pages: 213-231
Issue: 2/3
Volume: 6
Year: 2013
Keywords: governance impact; corruption; sustainable development; sustainability; emerging economies; multiple regressions; panel data models; environmental development; social development; technological development; financial development; economic development; financial indicators.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:2/3:p:213-231
Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Bonanomi
Author-X-Name-First: Andrea
Author-X-Name-Last: Bonanomi
Author-Name: Silvia Angela Osmetti
Author-X-Name-First: Silvia Angela
Author-X-Name-Last: Osmetti
Title: A new corruption index based on individual attitudes
Abstract:
The aim of this paper is to propose a new corruption index based on individual attitudes referring to the European citizens. The index is defined by means of the person location parameters estimated by a partial credit model (PCM). This model is particularly suitable since the synthetic value of the interest latent variable 'Corruption Perception' is first evaluated at individual level; its estimated scores are then naturally aggregated to higher levels in order to obtain a measure at Europe and nation-wide.
Journal: Int. J. of Monetary Economics and Finance
Pages: 232-243
Issue: 2/3
Volume: 6
Year: 2013
Keywords: Rasch Model; PCM; partial credit model; statistical measures; corruption index; corruption measures; individual attitudes; Europe; corruption perception.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:2/3:p:232-243
Template-Type: ReDIF-Article 1.0
Author-Name: Raul Caruso
Author-X-Name-First: Raul
Author-X-Name-Last: Caruso
Author-Name: Adelaide Baronchelli
Author-X-Name-First: Adelaide
Author-X-Name-Last: Baronchelli
Title: Economic aspects of the complementarity between corruption and crime: evidence from Italy in the period 1996-2005
Abstract:
This paper empirically investigates the connection between corruption and crime. Such linkage has been often underestimated because corruption has been often analysed as a white-collar crime. In fact, it is not characterised by violence. Recently, a theoretical connection has been suggested to highlight that corruption and crime can be considered strategic complements. This paper, therefore, delves into the link between corruption and crime investigating empirically this relation for Italian regions in the period 1996-2005. Results show that current crime is positively associated with past levels of corruption. This somehow confirms the complementary relationship between the two illicit phenomena.
Journal: Int. J. of Monetary Economics and Finance
Pages: 244-260
Issue: 2/3
Volume: 6
Year: 2013
Keywords: corruption; crime; complementarity; investment; Italy.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:2/3:p:244-260
Template-Type: ReDIF-Article 1.0
Author-Name: Eleonora Montani
Author-X-Name-First: Eleonora
Author-X-Name-Last: Montani
Title: Organised crime and corruption. The effects on legitimate business: evidence from Northern Italy
Abstract:
The links between organised crime and corruption have grown to become an important research agenda of international interest. It is not surprising, therefore, that the UN convention against corruption 2003 (UNCAC - known as the 'Merida Convention'), drew attention to the importance of this phenomenon, the worrying links between corruption and other forms of crime, with particular reference to organised crime. Organised crime and corruption overlap and reinforce each other practically and culturally as well. In this paper, I will consider the links between organised crime and corruption, and attempt to identify the "criminal fabric and its resources that pollute heavily economics, politics and the life of the country, reducing the potential for human, economic and civil development" (Arnone, 2009, p.7).
Journal: Int. J. of Monetary Economics and Finance
Pages: 261-270
Issue: 2/3
Volume: 6
Year: 2013
Keywords: organised crime; corruption; economics of crime; economic development; legitimate business; Italy.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:2/3:p:261-270
Template-Type: ReDIF-Article 1.0
Author-Name: Prakash L. Dheeriya
Author-X-Name-First: Prakash L.
Author-X-Name-Last: Dheeriya
Author-Name: Erdost Torun
Author-X-Name-First: Erdost
Author-X-Name-Last: Torun
Title: Are frontier stock markets more inefficient than emerging stock markets?
Abstract:
This paper investigates the presence of long memory in MSCIs Frontier and Emerging Market Indices, using autoregressive fractionally integrated moving average (ARFIMA) and fractionally integrated generalised autoregressive conditional heteroscedasticity (FIGARCH) models. The concept of 'long memory' has become important recently in financial academic research. Long memory tests are carried out both for the returns and volatilities of these series. Results of the ARFIMA models indicate the existence of long memory in Frontier markets return series. Presence of long memory properties in return series is indicative of inefficiency or efficiency in stock markets, and therefore, are useful to investors interested in diversifying their portfolios. On a risk return basis, frontier and emerging markets may provide a better outcome for portfolio managers.
Journal: Int. J. of Monetary Economics and Finance
Pages: 271-284
Issue: 4
Volume: 6
Year: 2013
Keywords: ARFIMA; autoregressive fractionally integrated moving average; FIGARCH; fractionally integrated GARCH; autoregressive conditional heteroscedasticity; frontier markets; emerging markets; efficiency; long memory; diversification; portfolio management.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:4:p:271-284
Template-Type: ReDIF-Article 1.0
Author-Name: Hussain Ali Bekhet
Author-X-Name-First: Hussain Ali
Author-X-Name-Last: Bekhet
Author-Name: Ali Matar
Author-X-Name-First: Ali
Author-X-Name-Last: Matar
Title: The influence of global financial crisis on Jordanian equity market: VECM approach
Abstract:
The current paper attempts to analyse the causality and co-integration relationship between the global financial crisis and the general stock price index (SPI) in the Jordanian equity market for the 1978-2011 period. A vector error correction model (VECM) is utilised to test the causal relationship between SPI and its determinants [gross domestic product (GDP), money supply (M2), exchange rate (EX) and consumer price index (CPI)]. The results identify a co-integration between SPI and Jordanian macroeconomic variables indicating a long-run equilibrium relationship among them. The error-correction term coefficient has a significant negative sign pointed to the adjustment back from short-run disequilibrium to the long-run equilibrium. The Granger causality test suggests a bidirectional causal relationship between SPI and M2 in the short and long runs. In addition, the results reveal that the global financial crisis has a positive significant impact on the SPI.
Journal: Int. J. of Monetary Economics and Finance
Pages: 285-301
Issue: 4
Volume: 6
Year: 2013
Keywords: VECM; vector error correction model; stock price index; SPI; Granger causality; global financial crisis; equity markets; Jordan; gross domestic product; GDP; money supply; exchange rate; consumer price index.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:4:p:285-301
Template-Type: ReDIF-Article 1.0
Author-Name: José Soares Da Fonseca
Author-X-Name-First: José Soares Da
Author-X-Name-Last: Fonseca
Title: A Euro area stock market model with betas dependent on the financial markets cycle
Abstract:
This paper estimates market models for the Euro area stock markets of France, Germany, Holland, Italy and Spain, with beta parameters dependent on the financial cycle phases. These models support the calculation of time-varying Treynor ratios, which compare the performance of these domestic markets across different phases of the financial cycle in the Euro area stock markets.
Journal: Int. J. of Monetary Economics and Finance
Pages: 302-308
Issue: 4
Volume: 6
Year: 2013
Keywords: Euro zone; stock market models; financial markets; financial cycles; time-varying beta parameters; Treynor ratios; modelling; France; Germany; Holland; Italy; Spain; stock markets.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:4:p:302-308
Template-Type: ReDIF-Article 1.0
Author-Name: Sunghee Choi
Author-X-Name-First: Sunghee
Author-X-Name-Last: Choi
Title: Industry-level exchange risk exposure of US multinationals: evidence from the Mexican and Asian financial crises
Abstract:
This paper examines the industry-level exchange risk exposure of US multinationals during the 1994 Mexican Peso crisis and the 1997 Asian crisis. To do so, this paper constructs two individual data sets: the Asian data set containing US firms with Asian operations for the Asian crisis and the Mexican data set of the firms with Mexican operations for the Mexican crisis. It is found that industry-level exchange exposure of both data sets tends to be more significantly estimated during the crises rather than before the crises. In addition, regarding exchange rate changes type, the exposures of the Asian data set tend to be more significantly estimated with the simple exchange rate changes based on the random-walk assumption whereas the exposures of the Mexican data set tend to be more significantly estimated with the GARCH(1,1)-processed standard deviations of exchange rate.
Journal: Int. J. of Monetary Economics and Finance
Pages: 309-324
Issue: 4
Volume: 6
Year: 2013
Keywords: exchange risk exposure; multinational corporations; US MNCs; Mexican financial crisis; Asian financial crisis; GARCH; United States; USA; Mexico; exchange rate.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:4:p:309-324
Template-Type: ReDIF-Article 1.0
Author-Name: Mari L. Robertson
Author-X-Name-First: Mari L.
Author-X-Name-Last: Robertson
Title: The implications of credit risk transfer for the credit channel
Abstract:
Growth in new instruments designed to trade credit risk has significant implications for the conduct of monetary policy through banks. This paper considers the effects of three credit risk transfer instruments - securitised assets, secondary market syndicated loans, and credit derivatives - on the credit channel of the transmission mechanism. With alternative funding opportunities, a new theoretical framework focuses on the ability of monetary policy to impact the financial condition of banks as borrowers in credit markets. Evidence of the credit channel is tested for in a factor-augmented vector autoregression (FAVAR) model. The results show no support for the existence of a traditional bank lending channel that functions through deposits and the supply of bank credit but demonstrate credit channel effects in higher bank funding costs, which are passed on to bank business loan and nonbank commercial mortgage borrowers. The results suggest that credit risk transfer has transformed some credit markets so that monetary policy remains effective through the cost of credit.
Journal: Int. J. of Monetary Economics and Finance
Pages: 325-367
Issue: 4
Volume: 6
Year: 2013
Keywords: credit risk transfer; credit channel; risk taking channel; monetary policy; FAVAR model; trade credit risk; banks.
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Handle: RePEc:ids:ijmefi:v:6:y:2013:i:4:p:325-367