Pub Date : 2025-09-01Epub Date: 2025-06-24DOI: 10.1016/j.ememar.2025.101331
Neeru Chaudhry, Priya Dhawan
Inconclusive evidence on how CSR affects idiosyncratic volatility (IVOL) is potentially because of different approaches used to measure firms' CSR performance. We use the actual amount spent on CSR activities to measure firms' CSR performance. For a sample of 20,410 firm-year observations and 2000–2021 period, we show that as firms' CSR spending increases, IVOL decreases. This relationship becomes stronger as social-and-community and employee-welfare spending increases but is insensitive to spending on environmental-protection. Cash flow volatility and financial-constraints decreases, and firm valuation improves with employee-welfare spending. It is important to integrate CSR with risk-management-strategies at the firm-level and policy-formulation at the economy-level.
{"title":"Does firms' commitment towards CSR influence idiosyncratic volatility? Evidence from India","authors":"Neeru Chaudhry, Priya Dhawan","doi":"10.1016/j.ememar.2025.101331","DOIUrl":"10.1016/j.ememar.2025.101331","url":null,"abstract":"<div><div>Inconclusive evidence on how CSR affects idiosyncratic volatility (<em>IVOL</em>) is potentially because of different approaches used to measure firms' CSR performance. We use the actual amount spent on CSR activities to measure firms' CSR performance. For a sample of 20,410 firm-year observations and 2000–2021 period, we show that as firms' CSR spending increases, <em>IVOL</em> decreases. This relationship becomes stronger as social-and-community and employee-welfare spending increases but is insensitive to spending on environmental-protection. Cash flow volatility and financial-constraints decreases, and firm valuation improves with employee-welfare spending. It is important to integrate CSR with risk-management-strategies at the firm-level and policy-formulation at the economy-level.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101331"},"PeriodicalIF":5.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144570252","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-01Epub Date: 2025-07-07DOI: 10.1016/j.ememar.2025.101332
Mohammadreza Hassanpour, Amineh Mahmoudzadeh, Seyed Ali Madanizadeh
This study examines how exchange rate (FX) fluctuations affect bank lending, focusing on the moderating role of liquidity. Using monthly data from Iranian banks (2007–2018), we exploit a fixed official FX rate regime to isolate extensive-margin adjustments. A 10% depreciation reduces real loan growth by 0.4 percentage points—about 30% of average monthly growth. The effect is stronger for banks with low liquidity and high non-performing loans. Local-currency and private-sector loans are most affected. The findings, which are robust to IV and GMM methods, underscore the importance of liquidity buffers in mitigating lending contractions during FX shocks and can inform macroprudential policy in emerging markets.
{"title":"Unraveling exchange rate shocks: Disentangling extensive and intensive effects on the lending channel","authors":"Mohammadreza Hassanpour, Amineh Mahmoudzadeh, Seyed Ali Madanizadeh","doi":"10.1016/j.ememar.2025.101332","DOIUrl":"10.1016/j.ememar.2025.101332","url":null,"abstract":"<div><div>This study examines how exchange rate (FX) fluctuations affect bank lending, focusing on the moderating role of liquidity. Using monthly data from Iranian banks (2007–2018), we exploit a fixed official FX rate regime to isolate extensive-margin adjustments. A 10% depreciation reduces real loan growth by 0.4 percentage points—about 30% of average monthly growth. The effect is stronger for banks with low liquidity and high non-performing loans. Local-currency and private-sector loans are most affected. The findings, which are robust to IV and GMM methods, underscore the importance of liquidity buffers in mitigating lending contractions during FX shocks and can inform macroprudential policy in emerging markets.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101332"},"PeriodicalIF":5.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144653031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-01Epub Date: 2025-06-28DOI: 10.1016/j.ememar.2025.101305
Lukáš Jursa , Jan Janků
We construct a comprehensive Financial Cycle Index (FCI), combining credit, credit-to-GDP, house prices, and equity prices, to examine how negative financial shocks from the Euro Area (EA) and the United States (US) transmit to peripheral European economies. Using a Bayesian Global Vector Autoregression (BGVAR) model with stochastic volatility, we find that EA shocks exert stronger effects on inflation and output, underscoring tight regional linkages. In contrast, US shocks drive more persistent declines in short-term interest rates and sharper increases in term premiums, especially in smaller open economies. Replacing the FCI with the Country-Level Index of Financial Stress (CLIFS) reveals faster, more volatile financial-cycle responses in the periphery, but with weaker and shorter-lived real-sector effects, highlighting the role of acute financial stress versus longer-term credit and asset-price dynamics. These core-to-periphery spillovers persist under de facto floating exchange rates and remain robust to macroprudential-policy controls and alternative model specifications.
{"title":"From the core to the European periphery: Spillover effects of financial cycles","authors":"Lukáš Jursa , Jan Janků","doi":"10.1016/j.ememar.2025.101305","DOIUrl":"10.1016/j.ememar.2025.101305","url":null,"abstract":"<div><div>We construct a comprehensive Financial Cycle Index (FCI), combining credit, credit-to-GDP, house prices, and equity prices, to examine how negative financial shocks from the Euro Area (EA) and the United States (US) transmit to peripheral European economies. Using a Bayesian Global Vector Autoregression (BGVAR) model with stochastic volatility, we find that EA shocks exert stronger effects on inflation and output, underscoring tight regional linkages. In contrast, US shocks drive more persistent declines in short-term interest rates and sharper increases in term premiums, especially in smaller open economies. Replacing the FCI with the Country-Level Index of Financial Stress (CLIFS) reveals faster, more volatile financial-cycle responses in the periphery, but with weaker and shorter-lived real-sector effects, highlighting the role of acute financial stress versus longer-term credit and asset-price dynamics. These core-to-periphery spillovers persist under de facto floating exchange rates and remain robust to macroprudential-policy controls and alternative model specifications.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101305"},"PeriodicalIF":5.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144549473","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-01Epub Date: 2025-07-12DOI: 10.1016/j.ememar.2025.101336
Yaozhi Chen , Honghong Wei
We examine the impact of overseas experiences on second-generation successors in family enterprises from a cultural learning perspective. By manually curating data, we find that these successors significantly enhance both the quantity and quality of corporate innovation. Mechanism tests indicate that overseas experiences, through cultural learning, enhance risk-taking, confidence, and reduce seniority culture, fostering innovation. Furthermore, heterogeneity tests show that while these experiences hinder innovation in company locations with strong Confucian culture, they enhance it with high social openness. The results remain robust under a series of robustness and endogeneity tests.
{"title":"Overseas experience and corporate innovation: Second-generation successors in family enterprises","authors":"Yaozhi Chen , Honghong Wei","doi":"10.1016/j.ememar.2025.101336","DOIUrl":"10.1016/j.ememar.2025.101336","url":null,"abstract":"<div><div>We examine the impact of overseas experiences on second-generation successors in family enterprises from a cultural learning perspective. By manually curating data, we find that these successors significantly enhance both the quantity and quality of corporate innovation. Mechanism tests indicate that overseas experiences, through cultural learning, enhance risk-taking, confidence, and reduce seniority culture, fostering innovation. Furthermore, heterogeneity tests show that while these experiences hinder innovation in company locations with strong Confucian culture, they enhance it with high social openness. The results remain robust under a series of robustness and endogeneity tests.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101336"},"PeriodicalIF":5.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144634113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-01Epub Date: 2025-07-21DOI: 10.1016/j.ememar.2025.101333
Felipe Beltrán
This paper analyzes how monetary policy surprises in the U.S. affect emerging market economies (EMs) by focusing on the transmission through the real exchange rate (RER) and country spreads (EMBI). To do so, I disentangle U.S. interest rate movements between both a pure monetary policy shock and an information shock; while the former is constructed based on high-frequency movements of interest rates around Federal Open Market Committee (FOMC) announcements, the latter builds from employment releases. I quantify the relative impacts using a structural VAR (SVAR) model with external instruments. The results suggest that a pure monetary policy shock produces a persistent appreciation of the RER in the U.S. coupled with an increase of the EMBI, which induces contractionary effects in the real sector of EMs. In contrast, an information shock does not necessarily produce such contractionary effects in EMs. These results contribute to the literature by identifying the specific drivers behind Fed announcements and its transmission channels to EMs.
{"title":"Global monetary policy surprises and their transmission to emerging market economies: An external VAR analysis","authors":"Felipe Beltrán","doi":"10.1016/j.ememar.2025.101333","DOIUrl":"10.1016/j.ememar.2025.101333","url":null,"abstract":"<div><div>This paper analyzes how monetary policy surprises in the U.S. affect emerging market economies (EMs) by focusing on the transmission through the real exchange rate (RER) and country spreads (EMBI). To do so, I disentangle U.S. interest rate movements between both a pure monetary policy shock and an information shock; while the former is constructed based on high-frequency movements of interest rates around Federal Open Market Committee (FOMC) announcements, the latter builds from employment releases. I quantify the relative impacts using a structural VAR (SVAR) model with external instruments. The results suggest that a pure monetary policy shock produces a persistent appreciation of the RER in the U.S. coupled with an increase of the EMBI, which induces contractionary effects in the real sector of EMs. In contrast, an information shock does not necessarily produce such contractionary effects in EMs. These results contribute to the literature by identifying the specific drivers behind Fed announcements and its transmission channels to EMs.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101333"},"PeriodicalIF":5.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144679630","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-01Epub Date: 2025-06-30DOI: 10.1016/j.ememar.2025.101334
Jose E. Gomez-Gonzalez , Jorge M. Uribe , Oscar M. Valencia , Bum Kim
The post-COVID surge in public debt has intensified the financial interdependence between sovereigns and banks in emerging market economies, where domestic financial institutions have increasingly financed government borrowing. This paper examines the interaction between sovereign and banking sector risk through two complementary empirical strategies. First, using daily data from 2005 to 2023 for Brazil, Chile, Colombia, Mexico, and Peru, we estimate risk spillovers between sovereign CDS spreads and bank stock returns at different points of the distribution. We find that spillovers are economically significant—particularly in the tails—and that two-way risk transmission persists regardless of banks' exposure to sovereign debt. Second, drawing on panel data for 111 banks across 30 countries, we study how changes in sovereign risk affect the downside market risk of banks, measured as the 5th percentile of their daily stock return distribution. Results from dynamic panel regressions reveal a strong and robust link between sovereign and bank downside risk, driven primarily by common macroeconomic shocks rather than by endogenous fragility loops. Notably, at low levels of market stress, moderate exposure to sovereign debt appears to reduce downside risk for banks. These findings underscore the importance of sound regulatory frameworks for sovereign exposure and credible fiscal policies in maintaining financial stability, particularly in emerging market contexts.
{"title":"Doom loops in Latin America","authors":"Jose E. Gomez-Gonzalez , Jorge M. Uribe , Oscar M. Valencia , Bum Kim","doi":"10.1016/j.ememar.2025.101334","DOIUrl":"10.1016/j.ememar.2025.101334","url":null,"abstract":"<div><div>The post-COVID surge in public debt has intensified the financial interdependence between sovereigns and banks in emerging market economies, where domestic financial institutions have increasingly financed government borrowing. This paper examines the interaction between sovereign and banking sector risk through two complementary empirical strategies. First, using daily data from 2005 to 2023 for Brazil, Chile, Colombia, Mexico, and Peru, we estimate risk spillovers between sovereign CDS spreads and bank stock returns at different points of the distribution. We find that spillovers are economically significant—particularly in the tails—and that two-way risk transmission persists regardless of banks' exposure to sovereign debt. Second, drawing on panel data for 111 banks across 30 countries, we study how changes in sovereign risk affect the downside market risk of banks, measured as the 5th percentile of their daily stock return distribution. Results from dynamic panel regressions reveal a strong and robust link between sovereign and bank downside risk, driven primarily by common macroeconomic shocks rather than by endogenous fragility loops. Notably, at low levels of market stress, moderate exposure to sovereign debt appears to reduce downside risk for banks. These findings underscore the importance of sound regulatory frameworks for sovereign exposure and credible fiscal policies in maintaining financial stability, particularly in emerging market contexts.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101334"},"PeriodicalIF":5.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144535746","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper uses a portfolio allocation model to analyse the demand for household financial assets in the form of bank deposits, savings and term deposits for an emerging market, Sri Lanka, for the period 1981–2022. In contrast to previous research, findings reveal the presence of a non-linear relationship between household financial assets and share of asset allocation. The findings also suggest some degree of substitutability and complementarity between household bank investments. The findings of this study inform monetary policy decisions to encourage household savings in times of highly volatile political and economic conditions, such as civil wars and economic crises.
{"title":"Modelling the demand for financial assets: The case of Sri Lanka","authors":"E.A. Selvanathan , Maneka Jayasinghe , Saroja Selvanathan , Brinda Viswanathan","doi":"10.1016/j.ememar.2025.101330","DOIUrl":"10.1016/j.ememar.2025.101330","url":null,"abstract":"<div><div>This paper uses a portfolio allocation model to analyse the demand for household financial assets in the form of bank deposits, savings and term deposits for an emerging market, Sri Lanka, for the period 1981–2022. In contrast to previous research, findings reveal the presence of a non-linear relationship between household financial assets and share of asset allocation. The findings also suggest some degree of substitutability and complementarity between household bank investments. The findings of this study inform monetary policy decisions to encourage household savings in times of highly volatile political and economic conditions, such as civil wars and economic crises.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101330"},"PeriodicalIF":5.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144297244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-01Epub Date: 2025-05-30DOI: 10.1016/j.ememar.2025.101318
Aariya Sen , Rudra Sensarma
Recent studies have examined the impact of monetary policy on economic inequality, but have focused on advanced economies and wealth inequality. We analyse the impact of monetary policy on income and consumption inequality estimated from a household level dataset in India. We apply Sign-Restricted VAR and Local Projection models to monthly data for 2014–2023. We show that contractionary monetary policy worsens consumption inequality while reducing income inequality. We also find that while restrictive monetary policy reduces capital income inequality and wage income inequality it widens the gap between capital and wage income earners. Moreover, monetary policy exhibits asymmetric effects, suggesting trade-offs for the central bank.
{"title":"Winners and Losers: The Effects of Monetary Policy on Income and Consumption Inequality","authors":"Aariya Sen , Rudra Sensarma","doi":"10.1016/j.ememar.2025.101318","DOIUrl":"10.1016/j.ememar.2025.101318","url":null,"abstract":"<div><div>Recent studies have examined the impact of monetary policy on economic inequality, but have focused on advanced economies and wealth inequality. We analyse the impact of monetary policy on income and consumption inequality estimated from a household level dataset in India. We apply Sign-Restricted VAR and Local Projection models to monthly data for 2014–2023. We show that contractionary monetary policy worsens consumption inequality while reducing income inequality. We also find that while restrictive monetary policy reduces capital income inequality and wage income inequality it widens the gap between capital and wage income earners. Moreover, monetary policy exhibits asymmetric effects, suggesting trade-offs for the central bank.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101318"},"PeriodicalIF":5.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144195135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-01Epub Date: 2025-05-31DOI: 10.1016/j.ememar.2025.101314
Liangcheng Wang, Yizheng Chen
Artificial intelligence technology provides new solutions to management problems and plays an important role in investment decision-making. In this study, we explore the effect of artificial intelligence on corporate investment. Using a sample from China, we find that artificial intelligence improves corporate investment efficiency by enhancing internal control and ESG performance. This finding is particularly pronounced in firms with high artificial intelligence application proficiency and without state ownership. Finally, our findings demonstrate that AI could influence corporate investment decisions, encouraging firms to engage in risky investment behaviours. Our findings have implications for firms to adopt artificial intelligence to optimise investment.
{"title":"Artificial intelligence and corporate investment efficiency: Evidence from China","authors":"Liangcheng Wang, Yizheng Chen","doi":"10.1016/j.ememar.2025.101314","DOIUrl":"10.1016/j.ememar.2025.101314","url":null,"abstract":"<div><div>Artificial intelligence technology provides new solutions to management problems and plays an important role in investment decision-making. In this study, we explore the effect of artificial intelligence on corporate investment. Using a sample from China, we find that artificial intelligence improves corporate investment efficiency by enhancing internal control and ESG performance. This finding is particularly pronounced in firms with high artificial intelligence application proficiency and without state ownership. Finally, our findings demonstrate that AI could influence corporate investment decisions, encouraging firms to engage in risky investment behaviours. Our findings have implications for firms to adopt artificial intelligence to optimise investment.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101314"},"PeriodicalIF":5.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144196107","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-01Epub Date: 2025-07-23DOI: 10.1016/j.ememar.2025.101341
Yuyang Chen , Shuyi Zhu
This study investigates how the integrity atmosphere in a firm's local area affects the firm's cost of equity. Using the Credit Demonstration City Construction program in China as a quasi-natural experiment, we find that firms headquartered in pilot cities enjoy lower equity financing costs following implementation of the program. The results can be attributed to improved information-disclosure quality, decreased agency costs, and better corporate social responsibility performance. Further analyses show that the reduction in the cost of equity is significant for firms whose monitoring environments are weak and those that operate in industries that depend heavily on equity financing.
{"title":"Integrity atmosphere and the cost of equity: Evidence from China","authors":"Yuyang Chen , Shuyi Zhu","doi":"10.1016/j.ememar.2025.101341","DOIUrl":"10.1016/j.ememar.2025.101341","url":null,"abstract":"<div><div>This study investigates how the integrity atmosphere in a firm's local area affects the firm's cost of equity. Using the Credit Demonstration City Construction program in China as a quasi-natural experiment, we find that firms headquartered in pilot cities enjoy lower equity financing costs following implementation of the program. The results can be attributed to improved information-disclosure quality, decreased agency costs, and better corporate social responsibility performance. Further analyses show that the reduction in the cost of equity is significant for firms whose monitoring environments are weak and those that operate in industries that depend heavily on equity financing.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101341"},"PeriodicalIF":5.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144704837","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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