Abstract
The paper presents a model of optimum currency areas using a general equilibrium approach with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbances, the correlation between these disturbances, the costs of transactions across currencies, factor mobility across regions, and the interrelationships between demand for different goods. It is found that, while a currency union can raise the welfare of the regions within the union, it unambiguously lowers welfare for those outside the union. [JEL F33, F36]
Volume 41 Index
Volume 41 (1994) comprises four issues, as follows:
March, pages 1–174
June, pages 175–382
September, pages 383–535
December, pages 537–704
Authors
Agénor, Pierre-Richard, and Robert P. Flood. Unification of Foreign Exchange Markets: A Rejoinder to Lai and Chang 171
Artis, Michael J., and Mark P. Taylor. The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates: Some Nonparametric Tests 123
Batiño, Tomás J.T., Juhi Dhawan, and V. Sundararajan. Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe 383
Bayoumi, Tamim. A Formal Model of Optimum Currency Areas 537
Bazzoni, Stefania, and Karim Nashashibi. Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa 76
Borensztein, Eduardo, and Carmen M Reinhart. The Macroeconomic Determinants of Commodity Prices 236
Calvo, Guillermo A., and Manmohan S. Kumar. Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies 314
Calvo, Guillermo A., and Enrique G. Mendoza. Trade Reforms of Uncertain Duration and Real Uncertainty 555
Chang, Wen-ya, and Ching-chong Lai. Unification of Foreign Exchange Markets: A Comment on Agénor and Flood 163
Cottarelli, Carlo, and Angeliki Kourelis. Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy 587
Davis, E.P., and S.G.B. Henry. The Use of Financial Spreads as Indicator Variables: Evidence for the United Kingdom and Germany 517
Dhawan, Juhi, Tomás J.T. Baliño, and V. Sundararajan. Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe 383
Ghosh, Atish R., and Jonathan D. Ostry. Export Instability and the External Balance in Developing Countries 214
Golub, Stephen S. Comparative Advantage, Exchange Rates, and Sectoral Trade Balances of Major Industrial Countries 286
Flood, Robert P., and Pierre-Richard Agénor. Unification of Foreign Exchange Markets: A Rejoinder to Lai and Chang 171
Halikias, Ioannis. Testing the Credibility of Belgium’s Exchange Rate Policy 350
Henry, S.G.B., and E.P. Davis. The Use of Financial Spreads as Indicator Variables: Evidence for the United Kingdom and Germany 517
Hooyman, Catharina J. The Use of Foreign Exchange Swaps by Central Banks 149
Isard, Peter. Realignment Expectations, Forward Rate Bias, and Intervention in an Optimizing Model of Exchange Rate Adjustment 435
Kourelis, Angeliki, and Carlo Cottarelli. Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy 587
Kumar, Manmohan S., and Guillermo A. Calvo. Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies 314
Lachman, Desmond. Budget Deficits and the Public Debt in Sweden 502
Lai, Ching-chong, and Wen-ya Chang. Unification of Foreign Exchange Markets: A Comment on Agénor and Flood 163
Lane, Timothy D., Alexander Sundakov, and Rolando Ossowski. Shortages Under Free Prices: The Case of Ukraine in 1992 411
Lequiller, François I., and Kimberly D. Zieschang. Drift in Producer Price Indexes for the Former Soviet Union Countries 526
Mendoza, Enrique G., and Guillermo A. Calvo. Trade Reforms of Uncertain Duration and Real Uncertainty 555
Montiel, Peter J., and Jonathan D. Ostry. The Parallel Market Premium: Is It a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries? 55
Mourmouras, Alex, and José A. Tijerina. Collection Lags and the Optimal Inflation Tax: A Reconsideration 30
Nashashibi, Karim, and Stefania Bazzoni. Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa 76
Ossowski, Rolando, Alexander Sundakov, and Timothy D. Lane. Shortages Under Free Prices: The Case of Ukraine in 1992 411
Ostry, Jonathan D., and Atish R. Ghosh. Export Instability and the External Balance in Developing Countries 214
Ostry, Jonathan D., and Peter J. Montiel. The Parallel Market Premium: Is It a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries? 55
Perraudin, William and Thierry Pujol. A Framework for the Analysis of Pension and Unemployment Benefit Reform in Poland 643
Pujol, Thierry and William Perraudin. A Framework for the Analysis of Pension and Unemployment Benefit Reform in Poland 643
Ramaswamy, Ramana. The Structural Crisis in the Swedish Economy: Role of Labor Markets 367
Reinhart, Carmen M., and Eduardo Borensztein. The Macroeconomic Determinants of Commodity Prices 236
Reinhart, Carmen M., and Peter Wickham. Commodity Prices: Cyclical Weakness or Secular Decline? 175
Rousslang, Donald J., and Stephen P. Tokarick. The Trade and Welfare Consequences of U.S. Export-Enhancing Tax Provisions 675
Saint-Paul, Gilles. Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model 624
Scacci avillani, Fabio. Long Memory Processes and Chronic Inflation: Detecting Homogenous Components in a Linear Rational Expectations Model 488
Sundakov, Alexander, Rolando Ossowski, and Timothy D. Lane. Shortages Under Free Prices: The Case of Ukraine in 1992 411
Sundararajan, V., Tomás J.T. Baliño, and Juhi Dhawan. Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe 383
Taylor, Mark P., and Michael J. Artis. The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates: Some Nonparametric Tests 123
Tokarick, Stephen P., and Donald J. Rousslang. The Trade and Welfare Consequences of U.S. Export-Enhancing Tax Provisions 675
Thakur, Subhash. The “Hard” SDR: An Exploratory Analysis 460
Thomas, Alun H. Expected Devaluation and Economic Fundamentals 262
Tijerina, José A., and Alex Mourmouras. Collection Lags and the Optimal Inflation Tax; A Reconsideration 30
Villanueva, Delano, Openness, Human Development, and Fiscal Policies: Effects of Economic Growth and Speed of Adjustment 1
Wickham, Peter, and Carmen M. Reinhart. Commodity Prices: Cyclical Weakness or Secular Decline? 175
Zieschang, Kimberly D., and François I. Lequiller. Drift in Producer Price Indexes for the Former Soviet Union Countries 526
Titles
Budget Deficits and the Public Debt in Sweden. By Desmond Lachman 502
Collection Lags and the Optimal Inflation Tax: A Reconsideration. By Alex Mourmouras and José A. Tijerina 30
Commodity Prices: Cyclical Weakness or Secular Decline? By Carmen M. Reinhart and Peter Wickham 175
Comparative Advantage, Exchange Rates, and Sectoral Trade Balances of Major Industrial Countries. By Stephen S. Golub 286
Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model. By Gilles Saint-Paul 624
Drift in Producer Price Indexes for the Former Soviet Union Countries. By François I. Lequiller and Kimberly D. Zieschang 526
Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa. By Karim Nashashibi and Stefania Bazzoni 76
Expected Devaluation and Economic Fundamentals. By Alun H. Thomas 262
Export Instability and the External Balance in Developing Countries. By Atish R. Ghosh and Jonathan D. Ostry 214
Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy. By Carlo Cottarelli and Angeliki Kourelis 587
A Framework for the Analysis of Pension and Unemployment Benefit Reform in Poland. By William Perraudin and Thierry Pujol 675
A Formal Model of Optimum Currency Areas. By Tamim Bayoumi 537
The “Hard” SDR: An Exploratory Analysis. By Subhash Thakur 460
Long Memory Processes and Chronic Inflation: Detecting Homogenous Components in a Linear Rational Expectations Model. By Fabio Scacciavillani 488
The Macroeconomia Determinants of Commodity Prices. By Eduardo Borensztein and Carmen M. Reinhart 236
Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies. By Guillermo A. Calvo and Manmohan S. Kumar 314
Openness, Human Development, and Fiscal Policies: Effects of Economic Growth and Speed of Adjustment. By Delano Villanueva 1
The Parallel Market Premium: Is It a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries?. By Peter J. Montiel and Jonathan D. Ostry 55
Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe. By Tomás J.T. Baliño, Juhi Dhawan, and V. Sundararajan 383
Realignment Expectations, Forward Rate Bias, and Intervention in an Optimizing Model of Exchange Rate Adjustment. By Peter Isard 435
Shortages Under Free Prices: The Case of Ukraine in 1992. By Alexander Sundakov, Rolando Ossowski, and Timothy D. Lane 411
The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates: Some Nonparametric Tests. By Michael J. Artis and Mark P. Taylor 123
The Structural Crisis in the Swedish Economy: Role of Labor Markets. By Ramana Ramaswamy 367
Testing the Credibility of Belgium’s Exchange Rate Policy. By Ioannis Halikias 350
The Trade and Welfare Consequences of U.S. Export-Enhancing Tax Provisions. By Donald J. Rousslang and Stephen P. Tokarick 675
Trade Reforms of Uncertain Duration and Real Uncertainty. By Guillermo A. Calvo and Enrique G. Mendoza 555
Unification of Foreign Exchange Markets: A Rejoinder to Lai and Chang. By Pierre-Richard Agénor and Robert P. Flood 171
Unification of Foreign Exchange Markets: A Comment on Agenor and Flood. By Ching-chong Lai and Wen-ya Chang 163
The Use of Financial Spreads as Indicator Variables: Evidence for the United Kingdom and Germany. By E.P. Davis and S.G.B. Henry 517
The Use of Foreign Exchange Swaps by Central Banks. By Camarina J. Hooyman 149
Subjects
To facilitate electronic storage and retrieval of bibliographic data, Staff Papers has adopted the subject classification scheme of the Journal of Economic Literature (Nashville, Tennessee).
C Mathematical and Quantitative Methods
C22 Time-Series Models
Commodity Prices; Cyclical Weakness or Secular Decline? By Carmen M. Reinhart and Peter Wickham 175
Long Memory Processes and Chronic Inflation; Detecting Homogenous Components in a Linear Rational Expectations Model. By Fabio Scacciavillani 488
C43 Index Numbers and Aggregation
Drift in Producer Price Indexes for the Former Soviet Union Countries. By François I. Lequiller and Kimberly D. Zieschang 526
C51 Model Construction and Estimation
The Use of Financial Spreads as Indicator Variables; Evidence for the United Kingdom and Germany. By E.P. Davis and S.G.B. Henry 517
C68 Computable General Equilibrium Models
The Trade and Welfare Consequences of U.S. Export-Enhancing Tax Provisions. By Donald J. Rousslang and Stephen P. Tokarick 675
C82 Methodology for Collecting, Estimating, and Organizing Macroeconomic Data
Drift in Producer Price Indexes for the Former Soviet Union Countries. By François I. Lequiller and Kimberly D. Zieschang 526
D Microeconomics
D40 Market Structure and Pricing—General
Shortages Under Free Prices: The Cake of Ukraine in 1992. By Alexander Sundakov, Rolando Ossowski, and Timothy D. Lane 411
E Macroeconomics and Monetary Economics
E21 Consumption; Saving
Export Instability and the External Balance in Developing Countries. By Atish R. Ghosh and Jonathan D. Ostry 214
E24 Employment; Unemployment; Wages
Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model. By Gilles Saint-Paul 624
E3 Prices, Business Fluctuations, and Cycles
Commodity Prices; Cyclical Weakness or Secular Decline? By Carmen M. Reinhart and Peter Wickham 175
E30 Prices, Business Fluctuations, and Cycles—General
The Macroeconomic Determinants of Commodity Prices. By Eduardo Borensztein and Carmen M. Reinhart 236
E31 Price Level; Inflation; Deflation
Drift in Producer Price Indexes for the Former Soviet Union Countries. By François I. Lequiller and Kimberly D. Zieschang 526
Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa. By Karim Nashashibi and Stefania Bazzoni 76
Long Memory Processes and Chronic Inflation; Detecting Homogenous Components in a Linear Rational Expectations Model. By Fabio Scacciavillani 488
E42 Monetary Standards and Regimes; Government and the Monetary System
Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa, By Karim Nashashibi and Stefania Bazzoni 76
The “Hard” SDR; An Exploratory Analysis. By Subhash Thakur 460
E43 Determination of Interest Rates; Term Structure of Interest Rates
Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy. By Carlo Cottarelli and Angeliki Kourelis 587
Testing the Credibility of Belgium’s Exchange Rate Policy. By Ioannis Halikias 350
E44 Financial Markets and the Macroeconomy
Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy. By Carlo Cottarelli and Angeliki Kourelis 587
E51 Money Supply; Credit; Money Multipliers
Collection Lags and the Optimal Inflation Tax; A Reconsideration. By Alex Mourmouras and José A. Tijerina 30
E52 Monetary Policy (Targets, Instruments, and Effects)
Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy. By Carlo Cottarelli and Angeliki Kourelis 587
The Use of Foreign Exchange Swaps by Central Banks. By Catharina J. Hooyman 149
E58 Central Banks and Their Policies
Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy. By Carlo Cottarelli and Angeliki Kourelis 587
Long Memory Processes and Chronic Inflation; Detecting Homogenous Components in a Linear Rational Expectations Model. By Fabio Scacciavillani 488
Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe. By Tomás J.T. Baliño, Juhi Dhawan, and V. Sundararajan 383
The Use of Foreign Exchange Swaps by Central Banks. By Catharina J. Hooyman 149
E6 Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook
Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model. By Gilles Saint-Paul 624
Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa. By Karim Nashashibi and Stefania Bazzoni 76
E61 Policy Objectives; Policy Designs and Consistency; Policy Coordination
Commodity Prices; Cyclical Weakness or Secular Decline? By Carmen M. Reinhart and Peter Wickham 175
Trade Reforms of Uncertain Duration and Real Uncertainty. By Guillermo A. Calvo and Enrique G. Mendoza 555
E62 Fiscal Policy; Public Expenditures and Finance; Taxation
Budget Deficits and the Public Debt in Sweden. By Desmond Lachman 502
Collection Lags and the Optimal Inflation Tax: A Reconsideration. By Alex Mourmouras and José A. Tijerina 30
F International Economics
F13 Commercial Policy; Protection; Promotion; Trade Negotiations
Trade Reforms of Uncertain Duration and Real Uncertainty. By Guillermo A. Calvo and Enrique G. Mendoza 555
The Trade and Welfare Consequences of U.S. Export-Enhancing Tax Provisions. By Donald J. Rousslang and Stephen P. Tokarick 675
F14 Country and Industry Studies of Trade
Comparative Advantage, Exchange Rates, and Sectoral Trade Balances of Major Industrial Countries. By Stephen S. Golub 286
F3 International Finance
Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa. By Karim Nashashibi and Stefania Bazzoni 76
F31 Exchange Rates; Foreign Exchange Intervention
Budget Deficits and the Public Debt in Sweden. By Desmond Lachman 502
Expected Devaluation and Economic Fundamentals. By Alun H. Thomas 262
The Parallel Market Premium: Is It a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries? By Peter J. Montiel and Jonathan D. Ostry 55
Realignment Expectations, Forward Rate Bias, and Intervention in an Optimizing Model of Exchange Rate Adjustment. By Peter Isard 435
The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates: Some Nonparametric Tests. By Michael J. Artis and Mark P. Taylor 123
Testing the Credibility of Belgium’s Exchange Rate Policy. By Ioannis Halikias 350
Unification of Foreign Exchange Markets: A Rejoinder to Lai and Chang. By Pierre-Richard Agénor and Robert P. Flood 171
Unification of Foreign Exchange Markets: A Comment on Agénor and Flood. By Ching-Chong Lai and Wen-Ya Chang 163
F32 Current Account Adjustment; Short-term Capital Movements
Comparative Advantage, Exchange Rates, and Sectoral Trade Balances of Major Industrial Countries. By Stephen S. Golub 286
Export Instability and the External Balance in Developing Countries. By Atish R. Ghosh and Jonathan D. Ostry 214
F33 International Monetary Arrangements and Institutions
Expected Devaluation and Economic Fundamentals. By Alun H. Thomas 262
A Formal Model of Optimum Currency Areas. By Tamim Bayoumi 537
The “Hard” SDR: An Exploratory Analysis. By Subhash Thakur 460
Testing the Credibility of Belgium’s Exchange Rate Policy. By Ioannis Halikias 350
The Use of Foreign Exchange Swaps by Central Banks. By Catharina J. Hooyman 149
F36 Financial Aspects of Economic Integration
A Formal Model of Optimum Currency Areas, By Tamim Bayoumi 537
F39 Other
The Macroeconomic Determinants of Commodity Prices. By Eduardo Borensztein and Carmen M. Reinhart 236
F41 Open Economy Macroeconomics
Export Instability and the External Balance in Developing Countries. By Atish R. Ghosh and Jonathan D. Ostry 214
The Parallel Market Premium: Is It a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries? By Peter J. Montiel and Jonathan D. Ostry 55
Trade Reforms of Uncertain Duration and Real Uncertainty. By Guillermo A. Calvo and Enrique G. Mendoza 555
Unification of Foreign Exchange Markets: A Rejoinder to Lai and Chang. By Pierre-Richard Agénor and Robert P. Flood 171
Unification of Foreign Exchange Markets: A Comment on Agénor and Flood. By Ching-Chong Lai and Wen-Ya Chang 163
F42 International Policy Coordination
The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates: Some Nonparametric Tests. By Michael J. Artis and Mark P. Taylor 123
F43 Economic Growth of Open Economies
Openness, Human Development, and Fiscal Policies: Effects of Economic Growth and Speed of Adjustment. By Delano Villanueva 1
G Financial Economics
G15 International Financial Markets
The Use of Foreign Exchange Swaps by Central Banks. By Catharina J. Hooyman 149
G21 Banks; Other Depository Institutions; Mortgages
Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies. By Guillermo A. Calvo and Manmohan S. Kumar 314
Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe. By Tomás J.T. Baliño, Juhi Dhawan, and V. Sundararajan 383
G38 Government Policy and Regulation
Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies. By Guillermo A. Calvo and Manmohan S. Kumar 314
H Public Economics
H2 Taxation and Subsidies
Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa. By Karim Nashashibi and Stefania Bazzoni 76
H21 Efficiency; Optimal Taxation
Collection Lags and the Optimal Inflation Tax: A Reconsideration. By Alex Mourmouras and José A. Tijerina 30
Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model. By Gilles Saint-Paul 624
H23 Externalities; Redistributive Effects
Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model. By Gilles Saint-Paul 624
H3 Fiscal Policies and Behavior of Economic Agents
Openness, Human Development, and Fiscal Policies: Effects of Economic Growth and Speed of Adjustment. By Delano Villanueva 1
H30 Fiscal Policies and Behavior of Economic Agents—General
Budget Deficits and the Public Debt in Sweden. By Desmond Lachman 502
Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies. By Guillermo A. Calvo and Manmohan S. Kumar 314
H5 National Government Expenditures and Related Policies
Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa. By Karim Nashashibi and Stefania Bazzoni 76
Openness, Human Development, and Fiscal Policies: Effects of Economic Growth and Speed of Adjustment. By Delano Villanueva 1
H55 Social Security and Public Pensions
Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model. By Gilles Saint-Paul 624
A Framework for the Analysis of Pension and Unemployment Benefit Reform in Poland. By William Perraudin and Thierry Pujol 643
H6 National Budget. Deficit, and Debt
Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa. By Karim Nashashibi and Stefania Bazzoni 76
H60 National Budget, Deficit, and Debt—General
Budget Deficits and the Public Debt in Sweden. By Desmond Lachman 502
J Labor and Demographic Economies
J26 Retirement; Retirement Policies
A Framework for the Analysis of Pension and Unemployment Benefit Reform in Poland. By William Perraudin and Thierry Pujol 643
J3 Wages, Compensation, and Labor Costs
Do Labor Market Rigidities Fulfill Distributive Objectives? Searching for the Virtues of the European Model. By Gilles Saint-Paul 624
J30 Wages, Compensation, and Labor Costs—General
The Structural Crisis in the Swedish Economy: Role of Labor Markets. By Ramana Ramaswamy 367
J65 Unemployment Insurance; Severance Pay; Plant Closings
A Framework for the Analysis of Pension and Unemployment Benefit Reform in Poland. By William Perraudin and Thierry Pujol 643
O Economic Development, Technological Change, and Growth
O11 Macroeconomic Analyses of Economic Development
The Parallel Market Premium: Is It a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries?. By Peter J. Montiel and Jonathan D. Ostry 55
O13 Agriculture; Natural Resources; Other Primary Products
Export Instability and the External Balance in Developing Countries. By Atish R. Ghosh and Jonathan D. Ostry 214
P Economic Systems
P22 Prices
Shortages Under Free Prices: The Cake of Ukraine in 1992. By Alexander Sundakov, Rolando Ossowski, and Timothy D. Lane 411
P23 Markets
Shortages Under Free Prices: The Cake of Ukraine in 1992. By Alexander Sundakov, Rolando Ossowski, and Timothy D. Lane 411
P27 Performance and Prospects
Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies. By Guillermo A. Calvo and Manmohan S. Kumar 314
P31 Socialist Enterprises
Shortages Under Free Prices: The Cake of Ukraine in 1992. By Alexander Sundakov, Rolando Ossowski, and Timothy D. Lane 411
P34 Finance
Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe. By Tomás J.T. Baliño, Juhi Dhawan, and V. Sundararajan 383
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