We document the exchange rate hedging channel that connects country-level measures of net external financial imbalances with exchange rates. In times of market distress, investors increase their currency hedging activities in proportion to their overall net foreign asset exposure by purchasing forward contracts. Countries with large positive external imbalances (e.g. Japan) experience domestic currency appreciation, and crucially, forward exchange rates appreciate relatively more than the spot after adjusting for interest rate differentials. Countries with large negative foreign asset positions experience the opposite currency movements. We present a model demonstrating that exchange rate hedging coupled with intermediary constraints can explain these observed relationships between net external imbalances and spot and forward exchange rates. We find empirical support for this currency hedging channel of exchange rate determination in both the conditional and unconditional moments of exchange rates, option prices, and large institutional investors’ disclosure of hedging activities. The currency hedging channel also explains the observed cross-sectional heterogeneity in the usage of the Federal Reserve dollar liquidity swap lines during the COVID-19 financial turmoil.
{"title":"The Hedging Channel of Exchange Rate Determination","authors":"Gordon Y. Liao, Tony Zhang","doi":"10.2139/ssrn.3612395","DOIUrl":"https://doi.org/10.2139/ssrn.3612395","url":null,"abstract":"We document the exchange rate hedging channel that connects country-level measures of net external financial imbalances with exchange rates. In times of market distress, investors increase their currency hedging activities in proportion to their overall net foreign asset exposure by purchasing forward contracts. Countries with large positive external imbalances (e.g. Japan) experience domestic currency appreciation, and crucially, forward exchange rates appreciate relatively more than the spot after adjusting for interest rate differentials. Countries with large negative foreign asset positions experience the opposite currency movements. We present a model demonstrating that exchange rate hedging coupled with intermediary constraints can explain these observed relationships between net external imbalances and spot and forward exchange rates. We find empirical support for this currency hedging channel of exchange rate determination in both the conditional and unconditional moments of exchange rates, option prices, and large institutional investors’ disclosure of hedging activities. The currency hedging channel also explains the observed cross-sectional heterogeneity in the usage of the Federal Reserve dollar liquidity swap lines during the COVID-19 financial turmoil.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115530719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Money is neither a product nor an asset but the medium of exchange or “liquidity” as some call it. The money stock (M) can by no means affect the economy when separated from its velocity (V). Unfortunately, however, macroeconomists attach excessive meaning to “money” even though there is no way to estimate its velocity. As a consequence, there are some erroneous money-related ideas, among others, the quantity equation, the liquidity preference, and the liquidity trap. The common root cause for those errors is taking velocity as constant and paying attention to money by itself.
This essay starts from an analysis of lay people’s activities and shows why these three popular ideas are misconceived. On the one hand, we human beings take part in creating products (C) and (new) assets (I) and earn incomes. On the other hand, we buy products for present utility and assets for future utility. Along the way, we trade exiting assets to smooth and maximize our lifetime utility. All through our life, what is critical to us and to the economy is not money per se but a system (“credit line”) which gets the power of purchasing available to us on time. As a matter of fact, money has historically been nothing other than certain ways of credit certification.
{"title":"Saving Macroeconomics from the Grand Trap of Liquidity","authors":"Y. Ahn","doi":"10.2139/ssrn.3571054","DOIUrl":"https://doi.org/10.2139/ssrn.3571054","url":null,"abstract":"Money is neither a product nor an asset but the medium of exchange or “liquidity” as some call it. The money stock (M) can by no means affect the economy when separated from its velocity (V). Unfortunately, however, macroeconomists attach excessive meaning to “money” even though there is no way to estimate its velocity. As a consequence, there are some erroneous money-related ideas, among others, the quantity equation, the liquidity preference, and the liquidity trap. The common root cause for those errors is taking velocity as constant and paying attention to money by itself.<br><br>This essay starts from an analysis of lay people’s activities and shows why these three popular ideas are misconceived. On the one hand, we human beings take part in creating products (C) and (new) assets (I) and earn incomes. On the other hand, we buy products for present utility and assets for future utility. Along the way, we trade exiting assets to smooth and maximize our lifetime utility. All through our life, what is critical to us and to the economy is not money per se but a system (“credit line”) which gets the power of purchasing available to us on time. As a matter of fact, money has historically been nothing other than certain ways of credit certification. <br>","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131988032","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The United States has turned into an anarchic Hobbesian in part triggered by; weakening dollar’s natural pull as the main reserve currency; China’s massive foreign reserves; fast rise of the renminbi; the failure attempts to dismantle gold and its readiness to reclaim a monetary role at the heart of the next monetary system. President Trump’s selfish “America First” policy and its spinoff actions have debilitated the economies of Iran, Venezuela, China, Russia, Turkey, the Middle East as a whole and a host of other countries in Europe. Coronavirus was the final blow to put the already fragile world economy into state of coma. The world’s nations would have been in a better state financially to fight coronavirus if the United States since 2016 has unjustifiably pushed many economies off the cliff via instability-inflicting policies and engagements in video game like warfare, all of which were purposely strategized with the goal of maintaining American supremacy and preventing the dollar hegemony from further diminishing. Since the Fed creates infinite money through credit expansion, United States unlike any country can engage in more than one war simultaneously, but this time the unusual enemy coronavirus will not be defeated through an arsenal of weapons of mass destruction. The GFC of 2008, originated in the U.S., was a near financial meltdown; with coronavirus, thousands of deaths and the resultant fear may cause many economies including that of the U.S. to collapse.
{"title":"Diminishing Dollar Hegemony: What Wars and Sanctions Failed to Accomplish, COVID-19 Has","authors":"John Taskinsoy","doi":"10.2139/ssrn.3570910","DOIUrl":"https://doi.org/10.2139/ssrn.3570910","url":null,"abstract":"The United States has turned into an anarchic Hobbesian in part triggered by; weakening dollar’s natural pull as the main reserve currency; China’s massive foreign reserves; fast rise of the renminbi; the failure attempts to dismantle gold and its readiness to reclaim a monetary role at the heart of the next monetary system. President Trump’s selfish “America First” policy and its spinoff actions have debilitated the economies of Iran, Venezuela, China, Russia, Turkey, the Middle East as a whole and a host of other countries in Europe. Coronavirus was the final blow to put the already fragile world economy into state of coma. The world’s nations would have been in a better state financially to fight coronavirus if the United States since 2016 has unjustifiably pushed many economies off the cliff via instability-inflicting policies and engagements in video game like warfare, all of which were purposely strategized with the goal of maintaining American supremacy and preventing the dollar hegemony from further diminishing. Since the Fed creates infinite money through credit expansion, United States unlike any country can engage in more than one war simultaneously, but this time the unusual enemy coronavirus will not be defeated through an arsenal of weapons of mass destruction. The GFC of 2008, originated in the U.S., was a near financial meltdown; with coronavirus, thousands of deaths and the resultant fear may cause many economies including that of the U.S. to collapse.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124279250","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Economic growth in Indonesia is caused by various factors. The purpose of this study is to determine how the influence of exchange rate and export on Indonesia’s economic growth in the four months period. This research is a quantitative study using secondary data. Data was collected using time series data from September 2019 to December 2019. The data was obtained from Bank Indonesia and the Badan Pusat Statistik (BPS). Furthermore, the data will be processed using multiple linear analysis with the help of the SPSS application system. From the results of the analysis it can be concluded that the variable of exchange rate and variable of export affect the economic growth of Indonesia. The exchange rate variable has a negative effect on economic growth in Indonesia with a coefficient of -519, while the export variable has a positive effect on economic growth in Indonesia with a coefficient of .210.
{"title":"The Influence of Exchange Rate and Export to Indonesia's Economic Growth","authors":"Haura Kurniati","doi":"10.2139/ssrn.3524289","DOIUrl":"https://doi.org/10.2139/ssrn.3524289","url":null,"abstract":"Economic growth in Indonesia is caused by various factors. The purpose of this study is to determine how the influence of exchange rate and export on Indonesia’s economic growth in the four months period. This research is a quantitative study using secondary data. Data was collected using time series data from September 2019 to December 2019. The data was obtained from Bank Indonesia and the Badan Pusat Statistik (BPS). Furthermore, the data will be processed using multiple linear analysis with the help of the SPSS application system. From the results of the analysis it can be concluded that the variable of exchange rate and variable of export affect the economic growth of Indonesia. The exchange rate variable has a negative effect on economic growth in Indonesia with a coefficient of -519, while the export variable has a positive effect on economic growth in Indonesia with a coefficient of .210.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124108343","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper, Event Studies are conducted to examine the effects of political events on foreign exchange returns in Malaysia, Singapore and Philippines. The political events of interest in this paper cover the general elections in all three countries. Some of the salient findings are as follows. First, the 13th General Election in Malaysia led to a mostly negative response from the foreign exchange market, with a sharper than expected Ringgit depreciation. Second, the 14th Malaysian General Election elicited a rather positive reaction from the foreign exchange market – there was far less depreciation of the Ringgit than what was previously believed. Third, both the 2011 and 2015 General Elections in Singapore were followed by positive reactions from the market. Fourth, presidential elections in the Philippines produced contrasting results – the election of Benigno Aquino III was greeted with optimism, whereas his successor, Rodrigo Duterte received a less welcoming reception from the foreign exchange market, with the Philippine Peso depreciating more than the predicted amount in the market model.
{"title":"What Do Foreign Exchange Markets Say About Election Outcomes? A Comparison Between Malaysia, Singapore and Philippines","authors":"Hon-Chung Hui","doi":"10.2139/ssrn.3505123","DOIUrl":"https://doi.org/10.2139/ssrn.3505123","url":null,"abstract":"In this paper, Event Studies are conducted to examine the effects of political events on foreign exchange returns in Malaysia, Singapore and Philippines. The political events of interest in this paper cover the general elections in all three countries. Some of the salient findings are as follows. First, the 13th General Election in Malaysia led to a mostly negative response from the foreign exchange market, with a sharper than expected Ringgit depreciation. Second, the 14th Malaysian General Election elicited a rather positive reaction from the foreign exchange market – there was far less depreciation of the Ringgit than what was previously believed. Third, both the 2011 and 2015 General Elections in Singapore were followed by positive reactions from the market. Fourth, presidential elections in the Philippines produced contrasting results – the election of Benigno Aquino III was greeted with optimism, whereas his successor, Rodrigo Duterte received a less welcoming reception from the foreign exchange market, with the Philippine Peso depreciating more than the predicted amount in the market model.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130006418","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Given Bitcoin’s apparent lack of non-monetary uses, Luther (2018) argues that its emergence as a medium of exchange invalidates the regression theorem, or at least severely limits its relevance to identifying which commodities could emerge as media of exchange in the absence of State intervention. However, this view misinterprets both the regression theorem itself and the problem it was developed to address. The goal of the regression theorem was not to identify which commodities could become monies, but to provide a subjectivist explanation of the purchasing power of money. To do this, it requires only that some individuals valued the good in question before its use as a medium of exchange, not that it had some objective pre-monetary use.
{"title":"The Relevance of Bitcoin to the Regression Theorem: A Reply to Luther","authors":"G. Pickering","doi":"10.2139/ssrn.3492642","DOIUrl":"https://doi.org/10.2139/ssrn.3492642","url":null,"abstract":"Given Bitcoin’s apparent lack of non-monetary uses, Luther (2018) argues that its emergence as a medium of exchange invalidates the regression theorem, or at least severely limits its relevance to identifying which commodities could emerge as media of exchange in the absence of State intervention. However, this view misinterprets both the regression theorem itself and the problem it was developed to address. The goal of the regression theorem was not to identify which commodities could become monies, but to provide a subjectivist explanation of the purchasing power of money. To do this, it requires only that some individuals valued the good in question before its use as a medium of exchange, not that it had some objective pre-monetary use.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"98 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114050043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Laskowski, Henry M. Kim, Michael Zargham, Matt Barlin, D. Kabanov
The study of how to set up cryptocurrency incentive mechanisms and to operationalize governance is token economics. Given the $250 billion market cap for cryptocurrencies, there is compelling need to investigate this topic. In this paper, we present facets of the token engineering process for a real-life 80-person Swiss blockchain startup, Insolar. We show how Insolar used systems modeling and simulation combined with cryptocurrency expertise to design a mechanism to incentivize enterprises and individual users to use their new MainNet public blockchain network. The study showed subsidy pools that incentivize application developers to develop on the network does indeed have the desired positive effect on MainNet adoption. For a startup like Insolar whose success hinge upon how well their model incentivizes various stakeholders to participate on their MainNet network versus that of numerous alternatives, this token economics simulation analysis provides invaluable insights.
{"title":"Token Economics in Real-Life: Cryptocurrency and Incentives Design for Insolar’s Blockchain Network","authors":"M. Laskowski, Henry M. Kim, Michael Zargham, Matt Barlin, D. Kabanov","doi":"10.2139/ssrn.3465085","DOIUrl":"https://doi.org/10.2139/ssrn.3465085","url":null,"abstract":"The study of how to set up cryptocurrency incentive mechanisms and to operationalize governance is token economics. Given the $250 billion market cap for cryptocurrencies, there is compelling need to investigate this topic. In this paper, we present facets of the token engineering process for a real-life 80-person Swiss blockchain startup, Insolar. We show how Insolar used systems modeling and simulation combined with cryptocurrency expertise to design a mechanism to incentivize enterprises and individual users to use their new MainNet public blockchain network. The study showed subsidy pools that incentivize application developers to develop on the network does indeed have the desired positive effect on MainNet adoption. For a startup like Insolar whose success hinge upon how well their model incentivizes various stakeholders to participate on their MainNet network versus that of numerous alternatives, this token economics simulation analysis provides invaluable insights.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133794071","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A comparison of the most 30 influential cryptocurrencies has been made, based on the "CoinMarketCap" web page. Over the last few years, an increasing number of the world's population is investing in the cryptocurrency market. The emphasis is placed on Bitcoin, which is the absolute leader on this market. The difference between electronic money and virtual currency is explained, followed by the history of crypto values. Finally, the statistical analysis of the most influential cryptocurrencies, during the last year, will be presented.
{"title":"Statistical Analysis of the Most Influential Cryptocurrencies","authors":"Višnja Jurić, Vanja Šimičević, D. Kajba","doi":"10.2139/ssrn.3490485","DOIUrl":"https://doi.org/10.2139/ssrn.3490485","url":null,"abstract":"A comparison of the most 30 influential cryptocurrencies has been made, based on the \"CoinMarketCap\" web page. Over the last few years, an increasing number of the world's population is investing in the cryptocurrency market. The emphasis is placed on Bitcoin, which is the absolute leader on this market. The difference between electronic money and virtual currency is explained, followed by the history of crypto values. Finally, the statistical analysis of the most influential cryptocurrencies, during the last year, will be presented.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122014061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Foreign Exchange Department of a bank performs foreign exchange operations as well as transactions. The main function of a forex department is to handle foreign inward remittances as well as outward remittances as well as buying and selling of foreign currencies. In some cases, Foreign Currency Account (FCA) is maintained for foreign transactions. The Letter of Credit is a very important import document which is issued by this department of a bank. This department also receives inward foreign remittance from the migrant workers living and working abroad. However, Foreign Exchange Department of a bank plays very important role in a countries economic growth because international business is highly depended on Foreign Exchange Department of a bank. Any foreign currency, traveller's cheques, letters of credit and bills of exchange are processed by this department.
{"title":"Operations of Foreign Exchange Department of a Commercial Bank","authors":"Md. Ashabur Rahman","doi":"10.2139/ssrn.3468652","DOIUrl":"https://doi.org/10.2139/ssrn.3468652","url":null,"abstract":"The Foreign Exchange Department of a bank performs foreign exchange operations as well as transactions. The main function of a forex department is to handle foreign inward remittances as well as outward remittances as well as buying and selling of foreign currencies. In some cases, Foreign Currency Account (FCA) is maintained for foreign transactions. The Letter of Credit is a very important import document which is issued by this department of a bank. This department also receives inward foreign remittance from the migrant workers living and working abroad. However, Foreign Exchange Department of a bank plays very important role in a countries economic growth because international business is highly depended on Foreign Exchange Department of a bank. Any foreign currency, traveller's cheques, letters of credit and bills of exchange are processed by this department.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"415 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123547508","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A. Cesa-Bianchi, Michael Kumhof, Andrej Sokol, Gregory Thwaites
We study exchange rate determination in a 2-country model where domestic banks create each economy’s supply of domestic and foreign currency. The model combines the UIP-based and monetary theories of exchange rate determination, but the latter with a focus on private rather than public money creation. The model features an endogenous monetary spread or excess return in the UIP condition. This spread experiences sizeable changes when shocks affect the relative supplies (of bank loans) or demands (for bank deposits) of the two currencies. Under such shocks, monetary effects dominate traditional UIP effects in the determination of exchange rates and allocations, and this becomes stronger as domestic and foreign currencies become more imperfect substitutes. With these shocks, the model successfully addresses the UIP puzzle, and it is also consistent with the Meese-Rogoff and PPP puzzles.
{"title":"Towards a New Monetary Theory of Exchange Rate Determination","authors":"A. Cesa-Bianchi, Michael Kumhof, Andrej Sokol, Gregory Thwaites","doi":"10.2139/ssrn.3445454","DOIUrl":"https://doi.org/10.2139/ssrn.3445454","url":null,"abstract":"We study exchange rate determination in a 2-country model where domestic banks create each economy’s supply of domestic and foreign currency. The model combines the UIP-based and monetary theories of exchange rate determination, but the latter with a focus on private rather than public money creation. The model features an endogenous monetary spread or excess return in the UIP condition. This spread experiences sizeable changes when shocks affect the relative supplies (of bank loans) or demands (for bank deposits) of the two currencies. Under such shocks, monetary effects dominate traditional UIP effects in the determination of exchange rates and allocations, and this becomes stronger as domestic and foreign currencies become more imperfect substitutes. With these shocks, the model successfully addresses the UIP puzzle, and it is also consistent with the Meese-Rogoff and PPP puzzles.","PeriodicalId":126646,"journal":{"name":"PSN: Exchange Rates & Currency (International) (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124108633","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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