This paper investigates heterogeneous pass-through of monetary policy rates to variable-rate savings accounts using monthly account-level panel data from a Dutch comparison website. I find incomplete and delayed pass-through that varies widely across banks but even account products offered by the same bank. Bank-specific factors explain less than half of the variation in pass-through rates. Within banks, internet-managed and newer accounts capturing market segments with more flexible consumers exhibit substantially higher pass-through than regular and older accounts. This suggests an important role of inertia for incomplete monetary transmission.
{"title":"Inertia and Pass-Through in Retail Deposit Markets","authors":"Florian Deuflhard","doi":"10.2139/ssrn.3453924","DOIUrl":"https://doi.org/10.2139/ssrn.3453924","url":null,"abstract":"This paper investigates heterogeneous pass-through of monetary policy rates to variable-rate savings accounts using monthly account-level panel data from a Dutch comparison website. I find incomplete and delayed pass-through that varies widely across banks but even account products offered by the same bank. Bank-specific factors explain less than half of the variation in pass-through rates. Within banks, internet-managed and newer accounts capturing market segments with more flexible consumers exhibit substantially higher pass-through than regular and older accounts. This suggests an important role of inertia for incomplete monetary transmission.","PeriodicalId":344099,"journal":{"name":"ERN: Banking & Monetary Policy (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132385066","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}
Bank stress tests are a major form of regulatory oversight. Banks respond to the toughness of the tests by changing their lending behavior. Regulators care about bank lending; therefore, banks' reactions to the tests affect the tests' design and create a feedback loop. We demonstrate that stress tests may be (1) soft, in order to encourage lending in the future, or (2) tough, in order to deter excessive risk-taking in the future. There may be multiple equilibria due to strategic complementarity. Regulators may strategically delay stress tests. We also analyze bottom-up stress tests and banking supervision exams.
{"title":"Stress Testing and Bank Lending","authors":"Joel D. Shapiro, Jing Zeng","doi":"10.2139/ssrn.3432291","DOIUrl":"https://doi.org/10.2139/ssrn.3432291","url":null,"abstract":"Bank stress tests are a major form of regulatory oversight. Banks respond to the toughness of the tests by changing their lending behavior. Regulators care about bank lending; therefore, banks' reactions to the tests affect the tests' design and create a feedback loop. We demonstrate that stress tests may be (1) soft, in order to encourage lending in the future, or (2) tough, in order to deter excessive risk-taking in the future. There may be multiple equilibria due to strategic complementarity. Regulators may strategically delay stress tests. We also analyze bottom-up stress tests and banking supervision exams.","PeriodicalId":344099,"journal":{"name":"ERN: Banking & Monetary Policy (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124178491","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}
Recent studies find that short-term fluctuations in EMU have been symmetric. This finding leads to benign views on the functioning of EMU as an optimum currency area (OCA), that are difficult to reconcile with the sovereign debt crisis. We try to solve this puzzle by looking at medium-term fluctuations instead, and reach five conclusions. First, medium-term fluctuations in EMU are much larger and less symmetric than short-term fluctuations. Second, medium-term fluctuations have become larger and less symmetric over time, while short-term fluctuations have become smaller and more symmetric. Third, medium-term fluctuations in EMU are less symmetric than in the US, while short-term fluctuations are more symmetric. Fourth, medium-term fluctuations in the euro area have become more strongly correlated with financial variables like credit and house prices, and less strongly correlated with real variables like productivity. Finally, medium-term fluctuations are more closely related to imbalances in price competitiveness, current accounts and budget deficits than short-term fluctuations. We conclude that our medium-term perspective has become relevant in the monetary union, due to the increasing importance of financial factors. It leads to less benign views on the functioning of EMU and on the endogenous OCA hypothesis.
{"title":"Medium-Term Asymmetric Fluctuations and EMU as an Optimum Currency Area","authors":"J. Hessel","doi":"10.2139/ssrn.3428950","DOIUrl":"https://doi.org/10.2139/ssrn.3428950","url":null,"abstract":"Recent studies find that short-term fluctuations in EMU have been symmetric. This finding leads to benign views on the functioning of EMU as an optimum currency area (OCA), that are difficult to reconcile with the sovereign debt crisis. We try to solve this puzzle by looking at medium-term fluctuations instead, and reach five conclusions. First, medium-term fluctuations in EMU are much larger and less symmetric than short-term fluctuations. Second, medium-term fluctuations have become larger and less symmetric over time, while short-term fluctuations have become smaller and more symmetric. Third, medium-term fluctuations in EMU are less symmetric than in the US, while short-term fluctuations are more symmetric. Fourth, medium-term fluctuations in the euro area have become more strongly correlated with financial variables like credit and house prices, and less strongly correlated with real variables like productivity. Finally, medium-term fluctuations are more closely related to imbalances in price competitiveness, current accounts and budget deficits than short-term fluctuations. We conclude that our medium-term perspective has become relevant in the monetary union, due to the increasing importance of financial factors. It leads to less benign views on the functioning of EMU and on the endogenous OCA hypothesis.","PeriodicalId":344099,"journal":{"name":"ERN: Banking & Monetary Policy (Topic)","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122298214","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 Tercas, the General Court of the European Union decided on the actions for annulment brought against the Commission’s Decision that deemed the measures taken in 2014 by the Italian Fondo Interbancario di Tutela dei Depositi (FITD) in favor of Banca Popolare di Bari to support its acquisition of Cassa di Risparmio di Teramo, a small regional bank operating in the south of Italy, to be State aid. In this respect, the EU competition authority’s opposition to the use of the deposit guarantee scheme (DGS) was critical for the Italian Republic because, at the time of the decision, four regional banks were in the process of being bailed out by the FITD, but where ultimately instead put under resolution, with a dramatic impact on savers’ confidence.
The judgment is certainly relevant for many reasons. First, the ruling represents a benchmark in the use of a DGS after the introduction of Directives 2014/59/EU and 2014/49/EU as it implicitly defines the principles according to which a national DGS can intervene in a banking crisis without breaking EU laws on State aid. Secondly, the decision overrules the interpretation presented by the European Commission regarding the role played by the Bank of Italy in the operation carried out by the FITD for the benefit of Tercas.
在特卡斯，欧盟普通法院决定撤销针对欧盟委员会一项决定的诉讼，该决定认为，2014年，意大利Fondo Interbancario di Tutela dei Depositi (FITD)为支持巴里人民银行(Banca Popolare di Bari)收购意大利南部一家小型区域银行Cassa di Risparmio di Teramo而采取的措施属于国家援助。在这方面，欧盟竞争管理机构反对使用存款担保计划(DGS)对意大利共和国至关重要，因为在做出决定时，四家地区性银行正在接受国际金融发展局的救助，但最终却被解决了，这对储户的信心产生了巨大影响。从许多方面来看，这一判断当然是相关的。首先，在2014/59/EU和2014/49/EU指令出台后，该裁决代表了DGS使用的基准，因为它隐含地定义了国家DGS可以在不违反欧盟国家援助法律的情况下干预银行危机的原则。其次，该决定推翻了欧洲委员会对意大利银行在国际货币基金组织为Tercas开展的业务中所起作用的解释。
{"title":"State Aid and Deposit Guarantee Schemes. The CJEU Decision on Tercas and the Role of DGSs in Banking Crises","authors":"Andrea Vignini","doi":"10.2139/ssrn.3607923","DOIUrl":"https://doi.org/10.2139/ssrn.3607923","url":null,"abstract":"In Tercas, the General Court of the European Union decided on the actions for annulment brought against the Commission’s Decision that deemed the measures taken in 2014 by the Italian Fondo Interbancario di Tutela dei Depositi (FITD) in favor of Banca Popolare di Bari to support its acquisition of Cassa di Risparmio di Teramo, a small regional bank operating in the south of Italy, to be State aid. In this respect, the EU competition authority’s opposition to the use of the deposit guarantee scheme (DGS) was critical for the Italian Republic because, at the time of the decision, four regional banks were in the process of being bailed out by the FITD, but where ultimately instead put under resolution, with a dramatic impact on savers’ confidence.<br><br>The judgment is certainly relevant for many reasons. First, the ruling represents a benchmark in the use of a DGS after the introduction of Directives 2014/59/EU and 2014/49/EU as it implicitly defines the principles according to which a national DGS can intervene in a banking crisis without breaking EU laws on State aid. Secondly, the decision overrules the interpretation presented by the European Commission regarding the role played by the Bank of Italy in the operation carried out by the FITD for the benefit of Tercas.","PeriodicalId":344099,"journal":{"name":"ERN: Banking & Monetary Policy (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123980506","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 the context of the need for promoting self-employment for the unemployed rural youth, particularly those below the poverty line the periodic skill up gradation and financial assistance is very essential to keep them ready to exploit the available entrepreneurial opportunities. PMEGP is the credit linked subsidy programme aimed at generating self employment opportunities through establishment of MSMEs. The present study aimed at assessing the role of RSETIs in implementation of PMEGP. The study is conducted at Canara Bank RSETI, Tholahunase, Davangere with 30 respondents. The study revealed that there is a significant improvement in management, marketing, financial management skills and knowledge about Government Schemes among the candidates after training. Majority of respondents felt there is a requirement of attending PMEGP training and they influenced others to attend it. Finally it is suggested to update the training modules on the basis of present requirements and to increase the more off the campus training programmes.
{"title":"Role of Rural Self Employment Training Institutes in Implementation of Prime Minister’s Employment Generation Programme","authors":"Cirappa I B, Punith Kumar D G","doi":"10.2139/ssrn.3863107","DOIUrl":"https://doi.org/10.2139/ssrn.3863107","url":null,"abstract":"In the context of the need for promoting self-employment for the unemployed rural youth, particularly those below the poverty line the periodic skill up gradation and financial assistance is very essential to keep them ready to exploit the available entrepreneurial opportunities. PMEGP is the credit linked subsidy programme aimed at generating self employment opportunities through establishment of MSMEs. The present study aimed at assessing the role of RSETIs in implementation of PMEGP. The study is conducted at Canara Bank RSETI, Tholahunase, Davangere with 30 respondents. The study revealed that there is a significant improvement in management, marketing, financial management skills and knowledge about Government Schemes among the candidates after training. Majority of respondents felt there is a requirement of attending PMEGP training and they influenced others to attend it. Finally it is suggested to update the training modules on the basis of present requirements and to increase the more off the campus training programmes.","PeriodicalId":344099,"journal":{"name":"ERN: Banking & Monetary Policy (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125870394","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}
L. J. Álvarez, Ana Gómez-Loscos, Maria Dolores Gadea Rivas
Although there is a vast literature on GDP comovement across countries, there is scant evidence on inflation interdependence. We analyze inflation comovements across a wide set of advanced economies and across the subset of euro area countries. Some of our findings are expected, such as the fact that inflation interdependence among advanced economies is quite relevant, but is higher among euro area countries, which show strong trade links and a share common monetary policy, or the fact that inflation synchronization among countries is highest for energy prices, reflecting common oil shocks. We also find a robust puzzle: core inflation interdependence is fairly low and this result holds for both core goods and services. Inflation synchronization seems to be particularly linked to comovements in driving variables of open economy new Keynesian Phillips curve and mark-up pricing models.
{"title":"Inflation Interdependence in Advanced Economies","authors":"L. J. Álvarez, Ana Gómez-Loscos, Maria Dolores Gadea Rivas","doi":"10.2139/ssrn.3411023","DOIUrl":"https://doi.org/10.2139/ssrn.3411023","url":null,"abstract":"Although there is a vast literature on GDP comovement across countries, there is scant evidence on inflation interdependence. We analyze inflation comovements across a wide set of advanced economies and across the subset of euro area countries. Some of our findings are expected, such as the fact that inflation interdependence among advanced economies is quite relevant, but is higher among euro area countries, which show strong trade links and a share common monetary policy, or the fact that inflation synchronization among countries is highest for energy prices, reflecting common oil shocks. We also find a robust puzzle: core inflation interdependence is fairly low and this result holds for both core goods and services. Inflation synchronization seems to be particularly linked to comovements in driving variables of open economy new Keynesian Phillips curve and mark-up pricing models.","PeriodicalId":344099,"journal":{"name":"ERN: Banking & Monetary Policy (Topic)","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123922460","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 an early warning system for predicting banking crises specifically tailored to developed small open economies. The model considers two sources of financial instability: Domestic macro-financial imbalances and exposure to foreign banking systems with high crisis risk. Exposure of small open economies is measured by their total cross-border bank claims against foreign countries relative to GDP and weighted by the domestic risk of banking crisis in the foreign economies. A combined system that captures both national and foreign-induced risks outperforms conventional domestic early warning models. Further, the system correctly predicts crisis incidence out-of-sample for every small open economy in the sample prior to the Global Financial Crisis. Low banking exposure to highly leveraged foreign economies explains the resilience of many small open economies during the recent crisis.
{"title":"Cross-Border Claims and Banking Crises: An Early Warning System for Small Open Economies","authors":"D. Dieckelmann","doi":"10.2139/ssrn.3374490","DOIUrl":"https://doi.org/10.2139/ssrn.3374490","url":null,"abstract":"This paper presents an early warning system for predicting banking crises specifically tailored to developed small open economies. The model considers two sources of financial instability: Domestic macro-financial imbalances and exposure to foreign banking systems with high crisis risk. Exposure of small open economies is measured by their total cross-border bank claims against foreign countries relative to GDP and weighted by the domestic risk of banking crisis in the foreign economies. A combined system that captures both national and foreign-induced risks outperforms conventional domestic early warning models. Further, the system correctly predicts crisis incidence out-of-sample for every small open economy in the sample prior to the Global Financial Crisis. Low banking exposure to highly leveraged foreign economies explains the resilience of many small open economies during the recent crisis.","PeriodicalId":344099,"journal":{"name":"ERN: Banking & Monetary Policy (Topic)","volume":"132 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124268570","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}
How much independence should the monetary authority retain in a rules-based regime? The conventional wisdom holds that while the political system - particularly in a democratic society - should determine the overarching goal of monetary policy, the central bank should remain free to select whichever "levers" it deems most appropriate for achieving the goal. This paper evaluates whether instrument independence is consistent with the goals of a rules-based regime by examining the monetary and macroeconomic effects of allowing the monetary authority discretion over the choice of control procedures when its objectives are at odds with the public interest. I argue that while a benevolent monetary authority would always select the most "efficient" policy instrument, i.e., the instrument consistent with achieving its stated objective, an opportunistic one may intentionally choose instruments that obscure its objectives, thereby undermining the purpose of monetary rules.
{"title":"Monetary Rules without Romance","authors":"Bryan P. Cutsinger","doi":"10.2139/ssrn.3375400","DOIUrl":"https://doi.org/10.2139/ssrn.3375400","url":null,"abstract":"How much independence should the monetary authority retain in a rules-based regime? The conventional wisdom holds that while the political system - particularly in a democratic society - should determine the overarching goal of monetary policy, the central bank should remain free to select whichever \"levers\" it deems most appropriate for achieving the goal. This paper evaluates whether instrument independence is consistent with the goals of a rules-based regime by examining the monetary and macroeconomic effects of allowing the monetary authority discretion over the choice of control procedures when its objectives are at odds with the public interest. I argue that while a benevolent monetary authority would always select the most \"efficient\" policy instrument, i.e., the instrument consistent with achieving its stated objective, an opportunistic one may intentionally choose instruments that obscure its objectives, thereby undermining the purpose of monetary rules.","PeriodicalId":344099,"journal":{"name":"ERN: Banking & Monetary Policy (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127639718","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}
Abstract We study the timing of the European Corporate Sector Purchase Program and its direct effect on corporate financing decisions. Consistent with the goal of reducing credit premia, more timely purchases are observed for eligible bonds characterized by higher credit risk. Firms effectively targeted increase their relative use of market debt and the maturity of newly issued bonds more than eligible but not (yet) targeted issuers. The estimated effect is not driven by the verified relation between selection and credit risk. The program has fostered the ability to tap credit markets directly especially for eligible corporations whose bonds are actually purchased.
{"title":"When Central Banks Buy Corporate Bonds: Target Selection and Impact of the European Corporate Sector Purchase Program","authors":"Rients Galema, S. Lugo","doi":"10.2139/ssrn.3091751","DOIUrl":"https://doi.org/10.2139/ssrn.3091751","url":null,"abstract":"Abstract We study the timing of the European Corporate Sector Purchase Program and its direct effect on corporate financing decisions. Consistent with the goal of reducing credit premia, more timely purchases are observed for eligible bonds characterized by higher credit risk. Firms effectively targeted increase their relative use of market debt and the maturity of newly issued bonds more than eligible but not (yet) targeted issuers. The estimated effect is not driven by the verified relation between selection and credit risk. The program has fostered the ability to tap credit markets directly especially for eligible corporations whose bonds are actually purchased.","PeriodicalId":344099,"journal":{"name":"ERN: Banking & Monetary Policy (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126663580","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}
Salvador Marín Hernández, Ester Gras Gil, Esther Ortiz Martínez
In this paper we seek to ascertain whether the changes in prudential financial regulation in Spain in the period 1995–2015 have had an effect on financial stability and whether this can be assessed for Spain from the behavior of the z-score and the LLP variables, as has been done elsewhere. We analyze the implementation of the statistical or dynamic provision in 2000 and also the adoption of the Basel II agreement in 2008. The sample analyzed comprises 48 Spanish banks. As our main conclusions, we provide evidence that the changes that have taken place in prudential financial regulation in Spain cannot be adequately analyzed and interpreted with the behavior of the z-score and LLP variables for that period, since in this context they are not good indicators of greater or lesser financial stability due to interference from the Spanish banking regulator.
{"title":"Prudential Regulation and Financial Information in Spanish Banks: 1995-2015","authors":"Salvador Marín Hernández, Ester Gras Gil, Esther Ortiz Martínez","doi":"10.2139/ssrn.3372954","DOIUrl":"https://doi.org/10.2139/ssrn.3372954","url":null,"abstract":"In this paper we seek to ascertain whether the changes in prudential financial regulation in Spain in the period 1995–2015 have had an effect on financial stability and whether this can be assessed for Spain from the behavior of the z-score and the LLP variables, as has been done elsewhere. We analyze the implementation of the statistical or dynamic provision in 2000 and also the adoption of the Basel II agreement in 2008. The sample analyzed comprises 48 Spanish banks. As our main conclusions, we provide evidence that the changes that have taken place in prudential financial regulation in Spain cannot be adequately analyzed and interpreted with the behavior of the z-score and LLP variables for that period, since in this context they are not good indicators of greater or lesser financial stability due to interference from the Spanish banking regulator.","PeriodicalId":344099,"journal":{"name":"ERN: Banking & Monetary Policy (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124364251","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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