Pub Date : 2020-08-14DOI: 10.14718/REVFINANZPOLITECON.V12.N2.2020.3213
Carlos David Cardona-Arenas, L. Sierra-Suárez
This paper analyzes the impact of monetary policy on the Non-Accelerating Inflation Rate of Unemployment(NAIRU), or equilibrium of the labor markets, for the countries that belongs to the Pacific Alliance (Chile, Colombia, Peru and Mexico). The NAIRU movements are estimated for each country. Furthermore, Auto-Regressive Vector Models are used to evaluate the impact of monetary policy on the labor market of each of the PA countries. Results show that monetary policy impacts the NAIRU of Chile, Colombia and Peru. However, monetary policy shocks have not significant impact on the NAIRU of Mexico.
{"title":"Impacto de la política monetaria en el equilibrio del mercado de trabajo: países de la Alianza del Pacífico","authors":"Carlos David Cardona-Arenas, L. Sierra-Suárez","doi":"10.14718/REVFINANZPOLITECON.V12.N2.2020.3213","DOIUrl":"https://doi.org/10.14718/REVFINANZPOLITECON.V12.N2.2020.3213","url":null,"abstract":"This paper analyzes the impact of monetary policy on the Non-Accelerating Inflation Rate of Unemployment(NAIRU), or equilibrium of the labor markets, for the countries that belongs to the Pacific Alliance (Chile, Colombia, Peru and Mexico). The NAIRU movements are estimated for each country. Furthermore, Auto-Regressive Vector Models are used to evaluate the impact of monetary policy on the labor market of each of the PA countries. Results show that monetary policy impacts the NAIRU of Chile, Colombia and Peru. However, monetary policy shocks have not significant impact on the NAIRU of Mexico.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"105 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116221766","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 : 2020-08-14DOI: 10.14718/REVFINANZPOLITECON.V12.N2.2020.2814
Jacques Lartigue Mendoza, Kenneth Ayala Navarro, Gustavo Sauri Alpuche
This study assesses, from a microeconomic theoretical perspective, competition conditions and market power in the Mexican commercial banking market. Our econometric estimations, using time series, indicate a low price elasticity of demand for bank credit, which, in combination with high market shares and according to the Lerner index, indicates that major banks have elevated market power; the profferedvalues of the Lerner index range between (0.11) and (0.68) for the seven leading banks, (0.00) for small banks, and (0.34) for the weighted average of the entire market. On the other hand, the estimated competition indicators confirm the exercise of market power and the lack of a competitive market, during at least the last decade, resulting in a large fraction of unserved economic agents by commercial banks.
{"title":"Competition Conditions and Market Power in the Mexican Commercial Banking Market. A Microeconomic Theoretical Approach","authors":"Jacques Lartigue Mendoza, Kenneth Ayala Navarro, Gustavo Sauri Alpuche","doi":"10.14718/REVFINANZPOLITECON.V12.N2.2020.2814","DOIUrl":"https://doi.org/10.14718/REVFINANZPOLITECON.V12.N2.2020.2814","url":null,"abstract":"This study assesses, from a microeconomic theoretical perspective, competition conditions and market power in the Mexican commercial banking market. Our econometric estimations, using time series, indicate a low price elasticity of demand for bank credit, which, in combination with high market shares and according to the Lerner index, indicates that major banks have elevated market power; the profferedvalues of the Lerner index range between (0.11) and (0.68) for the seven leading banks, (0.00) for small banks, and (0.34) for the weighted average of the entire market. On the other hand, the estimated competition indicators confirm the exercise of market power and the lack of a competitive market, during at least the last decade, resulting in a large fraction of unserved economic agents by commercial banks.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124903757","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 : 2020-08-14DOI: 10.14718/REVFINANZPOLITECON.V12.N2.2020.3375
Pablo Daniel Palacios-Duarte, María Luisa Saavedra-García, María del Rosario Cortés-Castillo
This research aims to compare the income performance of entrepreneurs, in order to determine whether there are differences in the returns of men- and women-led businesses, as well as to identify what factors drive women’s entrepreneurship. The study used the database of the National Household Income and Expenditure Survey (INEGI, 2017), from which a sample of 296 women and 430 men was obtained. A Probiteconometric model was estimated using the methodology proposed by Heckman, Tobias, and Vytalcil (2000; 2001) through a two-stage process, which included household type, company size, age, experience, and income as independent variables, while income performance by company was used as dependent variable. The main findings make it clear that the returns of women-led companies are lower than those directedby men, and that women generally undertake an enterprise out of necessity.
{"title":"Estudio comparativo de rendimientos empresariales de hombres y mujeres en México: una aproximación empírica","authors":"Pablo Daniel Palacios-Duarte, María Luisa Saavedra-García, María del Rosario Cortés-Castillo","doi":"10.14718/REVFINANZPOLITECON.V12.N2.2020.3375","DOIUrl":"https://doi.org/10.14718/REVFINANZPOLITECON.V12.N2.2020.3375","url":null,"abstract":"This research aims to compare the income performance of entrepreneurs, in order to determine whether there are differences in the returns of men- and women-led businesses, as well as to identify what factors drive women’s entrepreneurship. The study used the database of the National Household Income and Expenditure Survey (INEGI, 2017), from which a sample of 296 women and 430 men was obtained. A Probiteconometric model was estimated using the methodology proposed by Heckman, Tobias, and Vytalcil (2000; 2001) through a two-stage process, which included household type, company size, age, experience, and income as independent variables, while income performance by company was used as dependent variable. The main findings make it clear that the returns of women-led companies are lower than those directedby men, and that women generally undertake an enterprise out of necessity.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125318248","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 : 2020-08-14DOI: 10.14718/REVFINANZPOLITECON.V12.N2.2020.3336
Brenda Murillo Villanueva
This paper examines and compares the intersectoral relationships of the total and domestic production structures in Mexico in 2003 and 2013, and shows the effect of intermediate import penetration on production linkages among domestic sectors, sectorial dependency on intermediate imports. Tothis end, based on input-output matrices, the multiplier product matrix (MPM) and the hypothetical extraction method (HEM) were utilized. The results suggest the existence of two different production structures, in addition to the disarticulation of some sectors (especially industrial ones), with regardto domestic production activities. There are sectors that are highly dependent on intermediate imports and others with greater knock-on capacity and generation of domestic value.
{"title":"México: estructura productiva y penetración de las importaciones intermedias, 2003 y 2013","authors":"Brenda Murillo Villanueva","doi":"10.14718/REVFINANZPOLITECON.V12.N2.2020.3336","DOIUrl":"https://doi.org/10.14718/REVFINANZPOLITECON.V12.N2.2020.3336","url":null,"abstract":"This paper examines and compares the intersectoral relationships of the total and domestic production structures in Mexico in 2003 and 2013, and shows the effect of intermediate import penetration on production linkages among domestic sectors, sectorial dependency on intermediate imports. Tothis end, based on input-output matrices, the multiplier product matrix (MPM) and the hypothetical extraction method (HEM) were utilized. The results suggest the existence of two different production structures, in addition to the disarticulation of some sectors (especially industrial ones), with regardto domestic production activities. There are sectors that are highly dependent on intermediate imports and others with greater knock-on capacity and generation of domestic value.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126750580","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 : 2020-08-14DOI: 10.14718/REVFINANZPOLITECON.V12.N2.2020.3130
María Isabel Rojas-Triana, Jeisson Gabriel Parra-Mariño, Jhancarlos Gutiérrez-Ayala
This paper presents an approach to rationality from Keynes’ perspective, broadened in the concept of animal spirits and their interaction with investors’ expectations. It is exemplified by a VEC econometric model, which shows that investment expectations, in particular for Colombia, become positive in the face of past-year investment and income shocks; and negative, in the face of confidence index and interest rate shocks. It suggests changes for behavioral economics in favor of financial well-being projected in public policies.
{"title":"Teoría y empírica de los espíritus animales e incidencia en la inversión: caso Colombia","authors":"María Isabel Rojas-Triana, Jeisson Gabriel Parra-Mariño, Jhancarlos Gutiérrez-Ayala","doi":"10.14718/REVFINANZPOLITECON.V12.N2.2020.3130","DOIUrl":"https://doi.org/10.14718/REVFINANZPOLITECON.V12.N2.2020.3130","url":null,"abstract":"This paper presents an approach to rationality from Keynes’ perspective, broadened in the concept of animal spirits and their interaction with investors’ expectations. It is exemplified by a VEC econometric model, which shows that investment expectations, in particular for Colombia, become positive in the face of past-year investment and income shocks; and negative, in the face of confidence index and interest rate shocks. It suggests changes for behavioral economics in favor of financial well-being projected in public policies.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123881523","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 : 2020-08-14DOI: 10.14718/REVFINANZPOLITECON.V12.N2.2020.3270
J. A. Muñoz Mendoza, S. M. Sepúlveda Yelpo, C. L. Veloso Ramos, C. D. Delgado Fuentealba
This paper analyzes the effects of market concentration and income diversification on the financial stabilityof the world banking system. It uses the GMM estimator proposed by Arellano and Bover (1995) to study 206 countries between 1994 and 2015. The results show that market concentration and income diversification have a positive and nonlinear effect on financial stability; and a negative and nonlinear effect on bank risk. The nonlinearity shape suggests that the effects are reversed when the banking industry has a higher market concentration and income diversification. In these cases, lower levels of stability and higher risks would characterize the banking industry. Nonlinearity establishes threshold values that are relevantfor the empirical discussion oriented to an optimal design of financial policies and banking strategies.
{"title":"Market Concentration and Income Diversification: Do They Always Promote the Financial Stability of Banking Industry?","authors":"J. A. Muñoz Mendoza, S. M. Sepúlveda Yelpo, C. L. Veloso Ramos, C. D. Delgado Fuentealba","doi":"10.14718/REVFINANZPOLITECON.V12.N2.2020.3270","DOIUrl":"https://doi.org/10.14718/REVFINANZPOLITECON.V12.N2.2020.3270","url":null,"abstract":"This paper analyzes the effects of market concentration and income diversification on the financial stabilityof the world banking system. It uses the GMM estimator proposed by Arellano and Bover (1995) to study 206 countries between 1994 and 2015. The results show that market concentration and income diversification have a positive and nonlinear effect on financial stability; and a negative and nonlinear effect on bank risk. The nonlinearity shape suggests that the effects are reversed when the banking industry has a higher market concentration and income diversification. In these cases, lower levels of stability and higher risks would characterize the banking industry. Nonlinearity establishes threshold values that are relevantfor the empirical discussion oriented to an optimal design of financial policies and banking strategies.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126952910","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 article classifies Ecuadorian manufacturing companies into companies with and without financial distress. To the effect, the meaning of financial distress (FD) is clarified, as well as the criteria under which a company would be classified as a company with or without FD. Additionally, the study applies two models that are widely used in the middle: multiple discriminant analysis and logistic regression, based on the previous works of Altman and Ohlson, respectively. The research has focused on companies in the Ecuadorian manufacturing sector during the period 2014-2018. As one of the main results, the study found that the signs of the coefficients of the estimated models differ in some cases with respect to those of the original Altman and Ohlson models. Despite this, the precision rates of the present study are higher than those of the original models in both cases. Finally, it was found that microenterprises are the most distressed in a financial sense.
{"title":"Estrés financiero en el sector manufacturero de Ecuador","authors":"Freddy Benjamin Naula-Sigua, Diana Jackeline Arévalo-Quishpi, Jorge Andrés Campoverde-Picón, Josselyn Patricia López-González","doi":"10.14718/REVFINANZPOLITECON.V12.N2.2020.3394","DOIUrl":"https://doi.org/10.14718/REVFINANZPOLITECON.V12.N2.2020.3394","url":null,"abstract":"This article classifies Ecuadorian manufacturing companies into companies with and without financial distress. To the effect, the meaning of financial distress (FD) is clarified, as well as the criteria under which a company would be classified as a company with or without FD. Additionally, the study applies two models that are widely used in the middle: multiple discriminant analysis and logistic regression, based on the previous works of Altman and Ohlson, respectively. The research has focused on companies in the Ecuadorian manufacturing sector during the period 2014-2018. As one of the main results, the study found that the signs of the coefficients of the estimated models differ in some cases with respect to those of the original Altman and Ohlson models. Despite this, the precision rates of the present study are higher than those of the original models in both cases. Finally, it was found that microenterprises are the most distressed in a financial sense.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"817 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129820617","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 : 2020-08-14DOI: 10.14718/REVFINANZPOLITECON.V12.N2.2020.3729
William Orlando Prieto-Bustos, Joan Miguel Tejedor-Estupiñán
This document presents a model to produce new knowledge on the endogenous relationship of teaching and research activities. The theoretical description of the model explains returns to scale as a function of a learning curve, in which the existence of an academic community—in the Lakatos sense—is critical for the generation of new scientific knowledge, as it counteracts the particular case of diminishing returns. The Montecarlo exercise was based on the statistical characteristics of the records of scientific production of the Universidad Catolica de Colombia from 2007 to 2010 in economics journals, which allowed establishing two conclusions. First, in the presence of increasing returns, improvements in the learning coefficient and human capital progressively drive the growth rate of new knowledge without modifying the levelsof capital and labor combined in initial technology. Second, the growth rate of the learning coefficient due to practice and in human capital continuously increases the production of new knowledge when there is an academic community in relation to a technology with diminishing returns, characteristic of an environment without an academic community.
{"title":"La generación de nuevo conocimiento en economía: un modelo de crecimiento endógeno","authors":"William Orlando Prieto-Bustos, Joan Miguel Tejedor-Estupiñán","doi":"10.14718/REVFINANZPOLITECON.V12.N2.2020.3729","DOIUrl":"https://doi.org/10.14718/REVFINANZPOLITECON.V12.N2.2020.3729","url":null,"abstract":"This document presents a model to produce new knowledge on the endogenous relationship of teaching and research activities. The theoretical description of the model explains returns to scale as a function of a learning curve, in which the existence of an academic community—in the Lakatos sense—is critical for the generation of new scientific knowledge, as it counteracts the particular case of diminishing returns. The Montecarlo exercise was based on the statistical characteristics of the records of scientific production of the Universidad Catolica de Colombia from 2007 to 2010 in economics journals, which allowed establishing two conclusions. First, in the presence of increasing returns, improvements in the learning coefficient and human capital progressively drive the growth rate of new knowledge without modifying the levelsof capital and labor combined in initial technology. Second, the growth rate of the learning coefficient due to practice and in human capital continuously increases the production of new knowledge when there is an academic community in relation to a technology with diminishing returns, characteristic of an environment without an academic community.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131051556","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 : 2020-06-12DOI: 10.14718/revfinanzpolitecon.v12.n1.2020.3121
Aldo Ramirez-Zamudio, José Luis Nolazco Cama
This study examines the fiscal effort and voluntary compliance in the payment of taxes in Peru. It determines that in 2014, the Peruvian economy collected only 52.8% of its total tax potential. Then trough an experiment, it is shown that dissuasive policies only do not explain the whole phenomenon of tax compliance; on the contrary, some psychological factors, named by the literature as “Tax Morale”, should be considered in such a study. Thus, if Peru expects to join the OECD (it being a goal for celebrating the bicentennial of its independence), it must improve tax compliance to standards equal to those of more developed countries and some non-dissuasive and low-cost public policies designed on tax-morale research may help to achieve this goal.
{"title":"Assessment of fiscal effort and voluntary tax compliance in Peru.","authors":"Aldo Ramirez-Zamudio, José Luis Nolazco Cama","doi":"10.14718/revfinanzpolitecon.v12.n1.2020.3121","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.v12.n1.2020.3121","url":null,"abstract":"This study examines the fiscal effort and voluntary compliance in the payment of taxes in Peru. It determines that in 2014, the Peruvian economy collected only 52.8% of its total tax potential. Then trough an experiment, it is shown that dissuasive policies only do not explain the whole phenomenon of tax compliance; on the contrary, some psychological factors, named by the literature as “Tax Morale”, should be considered in such a study. Thus, if Peru expects to join the OECD (it being a goal for celebrating the bicentennial of its independence), it must improve tax compliance to standards equal to those of more developed countries and some non-dissuasive and low-cost public policies designed on tax-morale research may help to achieve this goal.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116992376","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 : 2020-06-12DOI: 10.14718/revfinanzpolitecon.v12.n1.2020.2656
Antonio N. Bojanic
This paper analyzes the main determinants of fiscal decentralization in a sample of eighty-four countries. Theempirical findings show that the most consistent variable affecting fiscal decentralization is the size of a country: as land size increases, the level of fiscal decentralization increases as well. Countries with higher income equality, an educated population, more democratic, more urbanized and open to trade are also more likely to be more decentralized, though the findings demonstrate that there are regional and income variations. The most important policy implication is that governments interested in deepening the devolutionof fiscal responsibilities to sub-national levels may consider acting to affect those variables that have been shown to exert a positive influence on this process.
{"title":"The empirical evidence on the determinants of fiscal decentralization.","authors":"Antonio N. Bojanic","doi":"10.14718/revfinanzpolitecon.v12.n1.2020.2656","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.v12.n1.2020.2656","url":null,"abstract":"This paper analyzes the main determinants of fiscal decentralization in a sample of eighty-four countries. Theempirical findings show that the most consistent variable affecting fiscal decentralization is the size of a country: as land size increases, the level of fiscal decentralization increases as well. Countries with higher income equality, an educated population, more democratic, more urbanized and open to trade are also more likely to be more decentralized, though the findings demonstrate that there are regional and income variations. The most important policy implication is that governments interested in deepening the devolutionof fiscal responsibilities to sub-national levels may consider acting to affect those variables that have been shown to exert a positive influence on this process.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132339717","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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