United States financial regulation has traditionally made functional and institutional regulation roughly equivalent. However, the gradual shift away from Glass-Steagall and the introduction of the Financial Modernization Act (FMA) generated a disorderly mix of functions and products across institutions, creating regulatory gaps that contributed to the recent crisis. An analysis of this history suggests that a return to regulation by function or product would strengthen regulation. The FMA also made a choice in favor of financial holding companies over universal banks, but without recognizing that both types of structure require specific regulatory regimes. The paper reviews the specific regime that has been used by Germany in regulating its universal banks and suggests that a similar regime adapted to holding companies should be developed.
{"title":"Background Considerations to a Regulation of the U.S. Financial System: Third Time a Charm? Or Strike Three?","authors":"J. Kregel","doi":"10.2139/ssrn.1394460","DOIUrl":"https://doi.org/10.2139/ssrn.1394460","url":null,"abstract":"United States financial regulation has traditionally made functional and institutional regulation roughly equivalent. However, the gradual shift away from Glass-Steagall and the introduction of the Financial Modernization Act (FMA) generated a disorderly mix of functions and products across institutions, creating regulatory gaps that contributed to the recent crisis. An analysis of this history suggests that a return to regulation by function or product would strengthen regulation. The FMA also made a choice in favor of financial holding companies over universal banks, but without recognizing that both types of structure require specific regulatory regimes. The paper reviews the specific regime that has been used by Germany in regulating its universal banks and suggests that a similar regime adapted to holding companies should be developed.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114399050","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 present paper estimated cost efficiency of the Life insurance companies operating in India for the period 2002-03 to 2006-07 using the new cost efficiency approach suggested by Tone (2002). The results suggest an upward trend in cost efficiency of the observed life insurers between 2002-03 and 2004-05. However, the trend was reversed for the next two years i.e. 2005-06 and 2006-07. This has been so because of the fact that during the initial years of observation. Mean cost efficiency of the private life insurers was rising but the trend was reversed in 2005-06 and 2006-07.
{"title":"Are Indian Life Insurance Companies Cost Efficient?","authors":"R. Sinha, B. Chatterjee","doi":"10.2139/ssrn.1391904","DOIUrl":"https://doi.org/10.2139/ssrn.1391904","url":null,"abstract":"The present paper estimated cost efficiency of the Life insurance companies operating in India for the period 2002-03 to 2006-07 using the new cost efficiency approach suggested by Tone (2002). The results suggest an upward trend in cost efficiency of the observed life insurers between 2002-03 and 2004-05. However, the trend was reversed for the next two years i.e. 2005-06 and 2006-07. This has been so because of the fact that during the initial years of observation. Mean cost efficiency of the private life insurers was rising but the trend was reversed in 2005-06 and 2006-07.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"6 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115251181","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}
This paper addresses the question whether close borrower-lender relationships, so called hausbank-relationships, facilitate the funding and beneficial development of SME. To this end, we derive a model which relates a firm's growth rate to its need for external funds and subsequently compute the firms that exceed their predicted growth rate. We then use this measure to identify specific characteristics that are associated with long- and short-term financing of firm growth, in particular the influence of relationship lending. We find that close ties with savings banks predict firms' access to external finance to fund growth. Moreover, the long-term liabilities of firms with hausbank-relationships almost double those with multiple relationships while the overall leverage is about the same. In turn, we find an strong empirical relationship between the provision of long-term funds and firm growth.
{"title":"Does Relationship Lending Promote Growth? Savings Banks and SME Financing","authors":"Constantin Slotty","doi":"10.2139/ssrn.1376251","DOIUrl":"https://doi.org/10.2139/ssrn.1376251","url":null,"abstract":"This paper addresses the question whether close borrower-lender relationships, so called hausbank-relationships, facilitate the funding and beneficial development of SME. To this end, we derive a model which relates a firm's growth rate to its need for external funds and subsequently compute the firms that exceed their predicted growth rate. We then use this measure to identify specific characteristics that are associated with long- and short-term financing of firm growth, in particular the influence of relationship lending. We find that close ties with savings banks predict firms' access to external finance to fund growth. Moreover, the long-term liabilities of firms with hausbank-relationships almost double those with multiple relationships while the overall leverage is about the same. In turn, we find an strong empirical relationship between the provision of long-term funds and firm growth.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115794059","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}
This paper presents new data from 150 countries showing that former cabinet members, central bank governors, and financial regulators are many orders of magnitude more likely than other citizens to become board members of banks. Countries where the politician-banker phenomenon is more prevalent have higher corruption and more powerful yet less accountable governments, but not better functioning financial systems. Regulation becomes more pro-banker where this happens more often. Furthermore, a higher fraction of the rents that are created accrue to bankers, former politicians are not more likely to be directors when their side is in power, and banks are more profitable without being more leveraged. Rather than supporting a public interest view, the evidence is consistent with a capture-type private interest story where, in exchange for a non-executive position at a bank in the future, politicians provide for beneficial regulation.
{"title":"Banking on Politics","authors":"M. Braun, C. Raddatz","doi":"10.1596/1813-9450-4902","DOIUrl":"https://doi.org/10.1596/1813-9450-4902","url":null,"abstract":"This paper presents new data from 150 countries showing that former cabinet members, central bank governors, and financial regulators are many orders of magnitude more likely than other citizens to become board members of banks. Countries where the politician-banker phenomenon is more prevalent have higher corruption and more powerful yet less accountable governments, but not better functioning financial systems. Regulation becomes more pro-banker where this happens more often. Furthermore, a higher fraction of the rents that are created accrue to bankers, former politicians are not more likely to be directors when their side is in power, and banks are more profitable without being more leveraged. Rather than supporting a public interest view, the evidence is consistent with a capture-type private interest story where, in exchange for a non-executive position at a bank in the future, politicians provide for beneficial regulation.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129746985","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}
Pub Date : 2009-04-01DOI: 10.5089/9781451872262.001
Deniz Igan, M. Pinheiro
We implement a three-step procedure to assess the extent of exposure to real estate in commercial banks. First, we demonstrate interest rates and income to be the major determinants of delinquency. Then, we adopt a stress testing approach to calculate the impact of any adverse changes in these determinants. This suggests that a 1.3 percentage point increase in mortgage interest rate leads to a 20 percent decrease in a typical bank's distance to default. Finally, we look at the cross-sectional differences and indentify the banks with rapid loan growth along with high cost-income ratio as the most vulnerable.
{"title":"Exposure to Real Estate Losses: Evidence from the Us Banks","authors":"Deniz Igan, M. Pinheiro","doi":"10.5089/9781451872262.001","DOIUrl":"https://doi.org/10.5089/9781451872262.001","url":null,"abstract":"We implement a three-step procedure to assess the extent of exposure to real estate in commercial banks. First, we demonstrate interest rates and income to be the major determinants of delinquency. Then, we adopt a stress testing approach to calculate the impact of any adverse changes in these determinants. This suggests that a 1.3 percentage point increase in mortgage interest rate leads to a 20 percent decrease in a typical bank's distance to default. Finally, we look at the cross-sectional differences and indentify the banks with rapid loan growth along with high cost-income ratio as the most vulnerable.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131010694","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 objective of this paper is to address the main considerations for China of including financial services in its preferential trade agreements. The paper briefly reviews China's financial liberalization process and the state of its domestic financial system, discusses the main considerations of including financial services in China's preferential trade agreements, compares and contrasts the different 'architectural' approaches that have been used by countries to include financial services in such agreements, and identifies good practices in preparing for financial services negotiations. Particular emphasis is placed on lessons from Latin American preferential trade agreements, given their more frequent and extensive coverage of financial services compared with other regions.
{"title":"Including Financial Services in Preferential Trade Agreements: Lessons of International Experience for China","authors":"Constantinos Stephanou","doi":"10.1596/1813-9450-4898","DOIUrl":"https://doi.org/10.1596/1813-9450-4898","url":null,"abstract":"The objective of this paper is to address the main considerations for China of including financial services in its preferential trade agreements. The paper briefly reviews China's financial liberalization process and the state of its domestic financial system, discusses the main considerations of including financial services in China's preferential trade agreements, compares and contrasts the different 'architectural' approaches that have been used by countries to include financial services in such agreements, and identifies good practices in preparing for financial services negotiations. Particular emphasis is placed on lessons from Latin American preferential trade agreements, given their more frequent and extensive coverage of financial services compared with other regions.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134390980","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 objective of this study is to investigate the impact of gender on the usage of different funding sources in a sample of Finnish SMEs. The aim is also to embed the results into the country-context, which is characterized by the long history of women's economic activity and bank-based capital markets. The funding patterns of women owned SMEs (WOS) and men owned SMEs (MOS) in the data are different: WOS are more likely to use additional equity investments by current owners as a funding source. They do so at least partly because of their positive attitudes towards this funding source. The results also contradict prior studies, which indicate that MOS have easier access to bank lending. Our results suggest that there are no gender-related differences in the use of bank debt. Also in contrast to prior studies, we find no differences in firm size or profitability between WOS and MOS. The results of our study both confirm and contradict the results of prior research and we suggest that this is due to the context-specific features of the Finnish labor market and the gender system as well as the bank-centered financial markets. Concerning the issues of gender and finance, policy makers and financial experts in any country should not uncritically rely on the research results arrived at in other countries.
{"title":"Gender and Sources of Finance in Finnish SMEs: A Contextual View","authors":"P. Eriksson, S. Katila, Mervi Niskanen","doi":"10.2139/ssrn.1371023","DOIUrl":"https://doi.org/10.2139/ssrn.1371023","url":null,"abstract":"The objective of this study is to investigate the impact of gender on the usage of different funding sources in a sample of Finnish SMEs. The aim is also to embed the results into the country-context, which is characterized by the long history of women's economic activity and bank-based capital markets. The funding patterns of women owned SMEs (WOS) and men owned SMEs (MOS) in the data are different: WOS are more likely to use additional equity investments by current owners as a funding source. They do so at least partly because of their positive attitudes towards this funding source. The results also contradict prior studies, which indicate that MOS have easier access to bank lending. Our results suggest that there are no gender-related differences in the use of bank debt. Also in contrast to prior studies, we find no differences in firm size or profitability between WOS and MOS. The results of our study both confirm and contradict the results of prior research and we suggest that this is due to the context-specific features of the Finnish labor market and the gender system as well as the bank-centered financial markets. Concerning the issues of gender and finance, policy makers and financial experts in any country should not uncritically rely on the research results arrived at in other countries.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128880253","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}
Samuel W. Malone, Abel Rodríguez, Enrique ter Horst
We develop a structural credit risk model in which the unobserved asset volatility of the firm follows a GARCH process, as in Heston and Nandi (2000). We estimate our model using an Expectation Maximization algorithm, and benchmark it using simulated data against the Merton (1974) model, both when the latter is calibrated, and when its parameters are estimated using maximum likelihood techniques as in Duan (1994). The Duan method slightly outperforms GARCH when asset volatility is constant, and GARCH significantly outperforms both the Merton and Duan models when the asset follows a GARCH process. An application of the three models studied to the CDS market for the debt of US banks and financial corporations during the period 2007-2008 indicates high levels of asset volatility and financial leverage for many major banks during this period, although only moderate evidence of stochastic volatility. The GARCH model outperforms both the Duan and Merton models in out-of-sample CDS spread prediction. We document a wide incidence of inversion of the spread term structure in the CDS market, both in 2007 and 2008, and all three models exhibit an inverted spread term structure for all banks studied. The group of banks in which the models are able to generate nontrivial spreads is characterized by significantly higher equity time series volatility, higher average CDS spreads across all maturities, and a higher incidence of spread term structure inversion.
{"title":"The GARCH Structural Credit Risk Model: Simulation Analysis and Application to the Bank CDS Market During the 2007-2008 Crisis","authors":"Samuel W. Malone, Abel Rodríguez, Enrique ter Horst","doi":"10.2139/ssrn.1364473","DOIUrl":"https://doi.org/10.2139/ssrn.1364473","url":null,"abstract":"We develop a structural credit risk model in which the unobserved asset volatility of the firm follows a GARCH process, as in Heston and Nandi (2000). We estimate our model using an Expectation Maximization algorithm, and benchmark it using simulated data against the Merton (1974) model, both when the latter is calibrated, and when its parameters are estimated using maximum likelihood techniques as in Duan (1994). The Duan method slightly outperforms GARCH when asset volatility is constant, and GARCH significantly outperforms both the Merton and Duan models when the asset follows a GARCH process. An application of the three models studied to the CDS market for the debt of US banks and financial corporations during the period 2007-2008 indicates high levels of asset volatility and financial leverage for many major banks during this period, although only moderate evidence of stochastic volatility. The GARCH model outperforms both the Duan and Merton models in out-of-sample CDS spread prediction. We document a wide incidence of inversion of the spread term structure in the CDS market, both in 2007 and 2008, and all three models exhibit an inverted spread term structure for all banks studied. The group of banks in which the models are able to generate nontrivial spreads is characterized by significantly higher equity time series volatility, higher average CDS spreads across all maturities, and a higher incidence of spread term structure inversion.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"132 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123294255","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}
Credit risk is the distribution of nancial loss due to a broken nancial agreement, for example failure to pay interest or principal on a loan or bond. It pervades virtually all nancial transactions, and therefore plays a signicant role in nancial markets. A credit derivative is a security that allows investors to transfer credit risk to other investors who are willing to take it. By facilitating the allocation of risk, these instruments have an important economic function. Yet they have hit the headlines recently. This paper gives an overview of credit derivatives. It discusses the mechanics of standard contracts, describes their application, and outlines the mathematical challenges associated with their analysis.
{"title":"An Overview of Credit Derivatives","authors":"K. Giesecke","doi":"10.2139/ssrn.1307880","DOIUrl":"https://doi.org/10.2139/ssrn.1307880","url":null,"abstract":"Credit risk is the distribution of nancial loss due to a broken nancial agreement, for example failure to pay interest or principal on a loan or bond. It pervades virtually all nancial transactions, and therefore plays a signicant role in nancial markets. A credit derivative is a security that allows investors to transfer credit risk to other investors who are willing to take it. By facilitating the allocation of risk, these instruments have an important economic function. Yet they have hit the headlines recently. This paper gives an overview of credit derivatives. It discusses the mechanics of standard contracts, describes their application, and outlines the mathematical challenges associated with their analysis.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"410 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122904889","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}
Using bank-level panel data from the United Kingdom, this paper investigates the factors that influence banking institutions' choice of risk-based capital ratios. Special focus is placed on evaluating whether and how institutions respond to changes in regulatory capital requirements and if these responses vary across the economic cycle. This issue is of particular interest to policymakers that rely on capital regulation in conjunction with other supervisory tools to affect bank behaviours and maintain market confidence and financial stability more broadly. The paper also explores the extent to which UK banks’ capital management practices were procyclical under Basel I. Understanding whether such practices existed under this less risk-sensitive (and potentially, less procyclical) regulatory capital regime is a useful first step towards determining if banks, in their capital management practices, consider swings in economic conditions on their capital positions and lending capacities, which may, in turn, impact on the severity and duration of such economic cycles.We find a statistically significant association between banks' risk-based capital ratios and individual capital requirements set by regulators in the UK. We also find that the rate at which banks respond to changing capital requirements depends significantly on certain characteristics of the bank (e.g., size, exposure to market discipline, nearness to regulatory threshold) as well as the direction of the economic cycle. We find a (marginally statistically significant) negative association between capital ratios and the economic cycle, but no association when we focus only on the largest banks in the UK, suggesting that systemically important banks tend to maintain risk-based capital ratios over the cycle (although we note that this finding is based on a sample period which does not contain a significant downturn). Further, we note a positive association between capital ratios and capital quality, suggesting that reliance on capital with relatively higher adjustment costs (e.g., tier 1 capital) may raise the profile of that consideration in capital management practices and lead cost-minimizing banks to maintain higher total risk-based capital ratios overall. Finally, we find a positive marginal effect of market discipline on total risk-based capital ratios held by UK banks. We interpret this result as suggesting that banks mitigate expected market reactions (e.g., on their funding costs or ability to access certain capital markets activities) to their business decisions by holding higher capital ratios.
{"title":"On the Behaviour and Determinants of Risk-Based Capital Ratios: Revisiting the Evidence from UK Banking Institutions","authors":"W. Francis, M. Osborne","doi":"10.2139/ssrn.1393376","DOIUrl":"https://doi.org/10.2139/ssrn.1393376","url":null,"abstract":"Using bank-level panel data from the United Kingdom, this paper investigates the factors that influence banking institutions' choice of risk-based capital ratios. Special focus is placed on evaluating whether and how institutions respond to changes in regulatory capital requirements and if these responses vary across the economic cycle. This issue is of particular interest to policymakers that rely on capital regulation in conjunction with other supervisory tools to affect bank behaviours and maintain market confidence and financial stability more broadly. The paper also explores the extent to which UK banks’ capital management practices were procyclical under Basel I. Understanding whether such practices existed under this less risk-sensitive (and potentially, less procyclical) regulatory capital regime is a useful first step towards determining if banks, in their capital management practices, consider swings in economic conditions on their capital positions and lending capacities, which may, in turn, impact on the severity and duration of such economic cycles.We find a statistically significant association between banks' risk-based capital ratios and individual capital requirements set by regulators in the UK. We also find that the rate at which banks respond to changing capital requirements depends significantly on certain characteristics of the bank (e.g., size, exposure to market discipline, nearness to regulatory threshold) as well as the direction of the economic cycle. We find a (marginally statistically significant) negative association between capital ratios and the economic cycle, but no association when we focus only on the largest banks in the UK, suggesting that systemically important banks tend to maintain risk-based capital ratios over the cycle (although we note that this finding is based on a sample period which does not contain a significant downturn). Further, we note a positive association between capital ratios and capital quality, suggesting that reliance on capital with relatively higher adjustment costs (e.g., tier 1 capital) may raise the profile of that consideration in capital management practices and lead cost-minimizing banks to maintain higher total risk-based capital ratios overall. Finally, we find a positive marginal effect of market discipline on total risk-based capital ratios held by UK banks. We interpret this result as suggesting that banks mitigate expected market reactions (e.g., on their funding costs or ability to access certain capital markets activities) to their business decisions by holding higher capital ratios.","PeriodicalId":315176,"journal":{"name":"Banking & Insurance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121157294","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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