EBRD economics working papers

Economics plays a vital role within the EBRD. The Working Paper series, part of the research output of the Office of the Chief Economist, aims to stimulate debate on transition in the EBRD regions.

The views presented are those of the authors and not necessarily those of the EBRD. Working Papers are only available electronically.

Title	Publication date
New bank resolution mechanisms: Is it the end of the bailout era? Aneta Hryckiewicz, Natalia Kryg and Dimitrios P. Tsomocos	August 2020
Robots and the Gender Pay Gap in Europe Cevat Giray Aksoy, Berkay Özcan, and Julia Philipp	July 2020
The Political Scar of Epidemics Cevat Giray Aksoy, Barry Eichengreen and Orkun Saka	June 2020
Discrimination, narratives and family history: An experiment with Jordanian host and Syrian refugee children Kai Barron, Heike Harmgart, Steffen Huck, Sebastian Schneider and Matthias Sutter	June 2020
Revenge of the Experts: Will COVID-19 Renew or Diminish Public Trust in Science? Cevat Giray Aksoy, Barry Eichengreen and Orkun Saka	June 2020
Value Creation in Private Equity Markus Biesinger, Çağatay Bircan and Alexander Ljungqvist	April 2020
Road Capacity, Domestic Trade and Regional Outcomes A. Kerem Coşar, Banu Demir, Devaki Ghose and Nathaniel Young	April 2020
Local Governance Quality and the Environmental Cost of Forced Migration Cevat Giray Aksoy and Semih Tumen	April 2020
Power(ful) Guidelines for Experimental Economists Kathryn N. Vasilaky and J. Michelle Brock	December 2019
Salience and Accountability: School Infrastructure and Last-Minute Electoral Punishment Nicolás Ajzenman and Ruben Durante	December 2019
Education reforms and adult skills: Evidence from Estonia Kieran Byrne and Alexander Plekhanov	November 2019
Exposure to Transit Migration, Public Attitudes, and Entrepreneurship among the Native Population Nicolas Ajzenman, Cevat Giray Aksoy, Sergei Guriev	November 2019
Climbing the Rungs of the Quality Ladder: FDI and Domestic Exporters in Romania Matej Bajgar and Beata Javorcik	November 2019
Transition, height and well-being A. Adserà, F. Dalla Pozza, S. Guriev, L. Kleine-Rueschkamp, and E. Nikolova	October 2019
3G internet and confidence in government Sergei Guriev, Nikita Melnikov and Ekaterina Zhuravskaya	September 2019
Gender discrimination in small business lending. Evidence from a lab in the field experiment in Turkey J. Michelle Brock and Ralph De Haas	September 2019
Being Stranded with Fossil Fuel Reserves? Climate Policy Risk and the Pricing of Bank loans Manthos D. Delis, Kathrin de Greiff and Steven Ongena	July 2019
The Effect of Air Pollution on Migration: Evidence from China Shuai Chen, Paulina Oliva and Peng Zhang	July 2019
Pricing Poseidon: Extreme Weather Uncertainty and Firm Return Dynamics Mathias S. Kruttli, Brigitte Roth Tran and Sumudu W. Watugala	July 2019
The determinants of real exchange rates in transition economies Dan Meshulam and Peter Sanfey	July 2019
Chaebols and firm dynamics in Korea Philippe Aghion, Sergei Guriev, Kangchul Jo	June 2019
Refugees’ self-selection into Europe: who migrates where? Cevat Giray Aksoy and Panu Poutvaara	February 2019
Lending cycles and real outcomes: costs of political misalignment Çağatay Bircan and Orkun Saka	January 2019
Energy subsidies, energy intensity and management practices Helena Schweiger and Alexander Stepanov	December 2018
Move a little closer? Information sharing and the spatial clustering of bank branches Shusen Qi, Ralph De Haas, Steven Ongena, Stefan Straetmans	November 2018
The revolving door for political elites: policymakers’ professional background and financial regulation Elisa Wirsching	November 2018
Close competitors? On the causes and consequences of bilateral competition between banks Ralph De Haas, Liping Lu and Steven Ongena	October 2018
Austerity as violence: measuring the effects of economic austerity on pro-sociality Nicholas Sambanis, Anna Schultz and Elena Nikolova	September 2018
Do laws shape attitudes? Evidence from same-sex relationship recognition policies in Europe Cevat G. Aksoy, Christopher S. Carpenter, Ralph De Haas and Kevin Tran	August 2018
Gay glass ceilings: sexual orientation and workplace authority in the United Kingdom Cevat Giray Aksoy, Christopher S. Carpenter, Jeff Frank and Matt L. Huffman	July 2018
Financial development and industrial pollution Ralph De Haas and Alexander Popov	July 2018
The long-run effects of R&D place-based policies: evidence from Russian science cities Helena Schweiger, Alexander Stepanov and Paolo Zacchia	June 2018
Globalisation, government popularity and the great skills divide Cevat Giray Aksoy	May 2018
Modern growth in perspective: relative performance since the global financial crisis Alexander Plekhanov and Morten Stostad	May 2018
Inequality of opportunity, governance and individual beliefs J. Michelle Brock	February 2020
The power of example: corruption spurs corruption Nicolás Ajzenman	April 2018
Convergence success and the middle-income trap Jong-Wha Lee	April 2018
What determines non-financial project success? Evidence from the EBRD Natalia Kryg	March 2018
Effect of income on trust: evidence from the 2009 economic crisis in Russia Maxim Ananyev, Sergei Guriev	March 2018
The European trust crisis and the rise of populism Yann Algan, Sergei Guriev, Elias Papaioannou and Evgenia Passari	February 2018
Banking and growth: evidence from a regression discontinuity analysis Nathaniel Young	November 2017
Soft budget constraints and state capitalism Sergei Guriev	November 2017
The middle-income trap from a Schumpeterian perspective Philippe Aghion and Çağatay Bircan	October 2017
Happiness convergence in transition countries Sergei Guriev and Nikita Melnikov	September 2017
Ownership structure and productivity of multinationals Çagatay Bircan	August 2017
Access to finance – mind the gender gap Hanan Morsy and Hoda Youssef	July 2017
The inner workings of the board: evidence from emerging markets Ralph De Haas, Daniel Ferreira and Tom Kirchmaier	March 2017
Firm performance and obstacles to doing business in the Western Balkans \| Evidence from the BEEPS By Ana Krešić, Jakov Milatović and Peter Sanfey	January 2017
Not so different from non-traders: trade premia in Middle East and North Africa By David C. Francis and Helena Schweiger	January 2017
EU financing and innovation in Poland By Dan Breznitz and Darius Ornston	January 2017
The impact of information sharing on the use of collateral versus guarantees By Ralph De Haas and Matteo Millone	January 2017
Sexual orientation and earnings: new evidence from the UK By Cevat Giray Aksoy, Christopher S. Carpenter and Jeff Frank	December 2016
Business environment constraints in the third decade of transition: calibrating the shadow costs of obstacles to business By Wendy Carlin and Mark Schaffer	November 2016
Will money talk? Firm bribery and credit access By Shusen Qi	November 2016
The economic impact of reducing non-performing loans By Maria Balgova, Michel Nies and Alexander Plekhanov	October 2016
Short-term effects of house prices on birth rates By Cevat Giray Aksoy	September 2016
Corporate NPL portfolios in CESEE countries: how corporate leverage and debt spillovers affect firm performance By Jože P. Damijan	September 2016
Mining matters: natural resource extraction and local business constraints By Ralph De Haas and Steven Poelhekke	August 2016
Microcredit contracts, risk diversification and loan take-up By Orazio Attanasio, Britta Augsburg and Ralph De Haas	July 2016
The role of innovation and management practices in determining firm productivity in developing economies By Wiebke Bartz, Pierre Mohnen and Helena Schweiger	June 2016
Inequality of opportunity and beliefs about success and failure By J. Michelle Brock	May 2016
Forgive but not forget: the behaviour of relationship banks when firms are in distress By Larissa Schäfer	March 2016
How the Western Balkans can catch up By Peter Sanfey, Jakov Milatović and Ana Krešić	February 2016
The happiness gap in eastern Europe By Simeon Djankov, Elena Nikolova and Jan Zilinsky	January 2016
The Great Recession and social preferences By Ralph De Haas, Milena Djourelova and Elena Nikolova	December 2015
Self-worth versus net worth: image motivation and the quantity-quality trade-off By J. Michelle Brock	December 2015
An anatomy of central and eastern European equity markets By Lieven Baele, Geert Bekaert and Larissa Schäfer	December 2015
Sharing borrower information in a competitive credit market By Jaap Bos, Ralph De Haas and Matteo Millone	May 2015
Do public fund windfalls increase corruption? Evidence from a natural disaster By Elena Nikolova and Nikolay Marinov	May 2015
The limits of lending: banks and technology adoption across Russia By Cagatay Bircan and Ralph De Haas	March 2015
Institutions, innovation and growth: cross-country evidence By Florent Silve and Alexander Plekhanov	February 2015
Does corruption matter for sources of foreign direct investment? By Adiya Belgibayeva and Alexander Plekhanov	February 2015
Europe's banking union in the global financial system: constructing open and inclusive institutions By Alexander Lehmann and Lars Nyberg	February 2015
How much should we trust life satisfaction data? Evidence from the Life in Transition Survey by Elena Nikolova and Peter Sanfey	January 2015
Determinants of frontier innovation and technology adoption: cross-country evidence by Emil Gelebo, Alexander Plekhanov and Florent Silve	January 2015
Growing without changing: a tale of Egypt's weak productivity growth by Hanan Morsy, Antoine Levy and Clara Sanchez	December 2014
What determines the quality of economic institutions? Cross-country evidence by Jonathan Lehne, Jeffrey Mo and Alexander Plekhanov	November 2014
The dark and bright sides of global banking: a (somewhat) cautionary tale from emerging Europe by Ralph De Haas	July 2014
When arm’s length is too far : relationship banking over the business cycle by Thorsten Beck, Hans Degryse, Ralph De Haas and Neeltje van Horen	July 2014
Corporate financial soundness and its impact on firm performance: Implications for corporate debt restructuring in Slovenia by Jože P. Damijan	June 2014
Diagnosing growth constraints in south-eastern Europe; The case of Serbia by Marija Kuzmanovic and Peter Sanfey	May 2014
Optimal degree of foreign ownership under uncertainty by Çagatay Bircan	May 2014
Giving and promising gifts: experimental evidence on reciprocity from the field by J. Michelle Brock, Andreas Lange and Kenneth L. Leonard	January 2014
Global firms and wages: is there a rent sharing channel? by Joze P. Damijan and Luca Marcolin	December 2013
Regional inflation and financial dollarisation by Martin Brown, Ralph De Haas and Vladimir Sokolov	November 2013
Information effects on consumer willingness to pay for electricity and water service attributes by Elcin Akcura	October 2013
Mandatory versus voluntary payment for green electricity by Elcin Akcura	October 2013
Selection and hidden bias in cross-border bank acquisitions: Ukraine’s takeover wave by Muzaffarjon Ahunov, Leo Van Hove and Marc Jegers	October 2013
How important are non-tariff barriers? Complementarity of infrastructure and institutions of trading partners by Zsoka Koczan and Alexander Plekhanov	July 2013
Does cultural diversity help or hinder entrepreneurs? Evidence from eastern Europe and central Asia by Elena Nikolova and Dora Simroth	June 2013
Foreign direct investment and wages: does the level of ownership matter? by Cagatay Bircan	May 2013
Migration from Ukraine: Brawn or Brain? New Survey Evidence by Simon Commander, Olexandr Nikolaychuk and Dmytro Vikhrov	April 2013
Improving regional performance in Russia: a capability-based approach by Fadi Farra, Nadia Klos, Uwe Schober, Olga Sigalova and Alexander Zhukov	January 2013
How much do tariffs matter? Evidence from the customs union of Belarus, Kazakhstan and Russia by Asel Isakova, Zsoka Koczan and Alexander Plekhanov	January 2013
The right-wing power of small countries by Franto Ricka	December 2012
The impact of armed conflict on firms’ performance and perceptions by Carly Petracco and Helena Schweiger	December 2012
Can consumer confidence data predict real variables? Evidence from Croatia by Marija Kuzmanović and Peter Sanfey	November 2012
The interest group theory of financial development: evidence from regulation by Cagatay Bircan, David Hauner and Alessandro Prati	November 2012
Innocent bystanders: how foreign uncertainty shocks harm exporters by Daria Taglioni and Veronika Zavacka	October 2012
The bullwhip effect and the Great Trade Collapse by Veronika Zavacka	October 2012
Generosity norms and intrinsic motivation in health care provision: evidence from the laboratory and the field by Michelle Brock, Andreas Lange and Kenneth L. Leonard	October 2012
Microfinance at the margin: experimental evidence from Bosnia and Herzegovina by Britta Augsburg, Ralph de Haas, Heike Harmgart and Costas Meghir	September 2012
Making sense of competitiveness indicators in south-eastern Europe by Peter Sanfey and Simone Zeh	July 2012
Management quality, firm performance and market pressure in Russia by Guido Friebel and Helena Schweiger	May 2012
Foreign banks and the Vienna Initiative: turning sinners into saints by Ralph De Haas, Yevgeniya Korniyenko, Elena Loukoianova and Alexander Pivovarsky	March 2012
International shock transmission after the Lehman Brothers collapse – evidence from syndicated lending by Ralph De Haas and Neeltje Van Horen	March 2012
Entrepreneurship in the transition region: an analysis based on the Life in Transition Survey by Elena Nikolova, Frantisek Ricka and Dora Simroth	March 2012
Learning, political attitudes and the crisis in transition countries by Pauline Grosjean, Frantisek Ricka and Claudia Senik	January 2012
Dictating the risk – experimental evidence on giving in risky environments by J. Michelle Brock, Andreas Lange and Erkut Y. Ozbay	January 2012
Managing Mongolia's resource boom by Asel Isakova, Alexander Plekhanov and Jeromin Zettelmeyer	January 2012
Forecasting growth in eastern Europe and central Asia by Franziska Ohnsorge and Yevgeniya Korniyenko	December 2011
Group lending or individual lending? Evidence from a randomised field experiment in Mongolia by Orazio Attanasio, Britta Augsburg, Ralph De Haas, Emla Fitzsimons and Heike Harmgart	December 2011
Multinational banks and the global financial crisis: weathering the perfect storm? by Ralph de Haas and Iman Van Lelyveld	December 2011
Labour markets and representative institutions: evidence from colonial British America by Elena Nikolova	October 2011
What makes growth sustained? by Andrew Berg, Jonathan D. Ostry and Jeromin Zettelmeyer	October 2011
Basel III and regional financial integration in emerging Europe: an overview of key issues by Alexander Lehmann, Micol Levi and Peter Tabak	July 2011
The land that Lean manufacturing forgot? Management practices in transition countries by Nicholas Bloom, Helena Schweiger and John Van Reenen	June 2011
Employment concentration and resource allocation: one-company towns in Russia by Simon Commander, Zlatko Nikoloski and Alexander Plekhanov	June 2011
Performance of domestic and cross-border acquisitions: empirical evidence from Russian acquirers by Olivier Bertrand and Marie-Ann Betschinger	June 2011
Unequal effects of liberalisation on diversification of Russia’s regions by Evgeny Yakovlev and Ekaterina Zhuravskaya	June 2011
The impact of state aid for restructuring on the allocation of resources by Helena Schweiger	May 2011
Economic transition, firm organisation and internal control: determinants of audit structure in Russian firms by Ichiro Iwasaki	May 2011
Region-specific constraints to doing business: evidence from Russia by Alexander Plekhanov and Asel Isakova	March 2011
Running for the exit: international banks and crisis transmission by Ralph De Haas and Neeltje Van Horen	February 2011
Financial integration and growth - Is emerging Europe different? by Christian Friedrich, Isabel Schnabel and Jeromin Zettelmeyer	December 2010
Foreign currency lending in emerging Europe: bank-level evidence by Martin Brown and Ralph De Haas	December 2010
Institutions and economic performance: What can be explained? by Simon Commander and Zlatko Nikoloski	December 2010
Euroisation in Serbia by Alexandre Chailloux, Franziska Ohnsorge and David Vavra	November 2010
Microeconomic implications of credit booms: evidence from emerging Europe by Fabrizio Coricelli, Nigel Driffield, Sarmistha Pal and Isabelle Roland	October 2010
Fostering growth in CEE countries: a country-tailored approach to growth policy by Philippe Aghion, Heike Harmgart and Natalia Weisshaar	October 2010
The crisis as a wake-up call: do banks tighten screening and monitoring during a financial crisis? by Ralph de Haas and Neeltje van Horen	August 2010
Cross country differences in job reallocation: the role of industry, firm size and regulations by John Haltiwanger, Stefano Scarpetta and Helena Schweiger	July 2010
Addressing private sector currency mismatches in emerging Europe by Jeromin Zettelmeyer, Piroska M. Nagy and Stephen Jeffrey	June 2010
Earnings inequality and the informal economy: evidence from Serbia by Peter Sanfey and Gorana Krstic	March 2010
South-eastern Europe: lessons from the global economic crisis by Peter Sanfrey	February 2010
In the wake of the crisis: dealing with distressed debt across the transition region by Ralph De Haas and Stephan Knobloch	February 2010
Fiscal decentralisation and the quality of public services in Russian regions by Alexander Plekhanov and Lev Freinkman	February 2010
Monitoring managers: does it matter? by Francesca Cornelli, Zbigniew Kominek and Alexander Ljungqvist	January 2010
Understanding the crisis in emerging Europe Erik Berglöf, Yevgeniya Korniyenko, Alexander Plekhanov and Jeromin Zettelmeyer	December 2009
Development based on commodity revenues by Alexander Plekhanov, Sergei Guriev and Konstantin Sonin	December 2009
Chinese investment in the transition countries by Yevgeniya Korniyenko and Toshiaki Sakatsume	February 2009
The determinants of performance in building infrastructure in transition economies by Gabriela Dobrescu, Guido Friebel, Pauline Grosjean and Katrin Robeck	June 2008
Internal capital markets and lending by multinational bank subsidiaries by Ralph De Haas and Iman Van Lelyveld	February 2008
What determines banks’ customer choice? Evidence from transition countries by Ralph De Haas, Daniel Ferreira and Anita Taci	November 2007
Should market liberalisation precede democracy? Causal relations between political preferences and development by Pauline Grosjean and Claudia Senik	August 2007
Business environment and enterprise behaviour in East Germany compared to West Germany and central Europe by Libor Krkoska and Katrin Robeck	June 2007
Mobility, poverty and well-being among the informally employed in Bosnia and Herzegovina by Gorana Krstic and Peter Sanfey	January 2007
Does enterprise-level training compensate for poor country-level skills? by Joe Colombano and Libor Krkoska	December 2006
Ageing, pension reforms and capital market development in transition countries by Christiane Nickel and Johan Almenberg	December 2006
Forecasting inflation for transition countries: How accurate are the EBRD forecasts? by Libor Krkoska and Utku Teksoz	September 2006
The impact of crime on the enterprise sector: Transition versus non-transition countries by Libor Krkoska and Katrin Robeck	July 2006
Regulatory induced herding? Evidence from Polish pension funds by Zbigniew Kominek	June 2006
Beyond borders: Reconsidering regional trade in Central Asia by Clemens Grafe, Martin Raiser and Toshiaki Sakatsume	March 2006
Accuracy of growth forecasts for transition countries: Assessing ten years of EBRD forecasting by Libor Krkoska and Utku Teksoz	December 2005
Filling the gap in urban transport: Private sector participation in transition countries by Zbigniew Kominek	December 2005
Can poor consumers pay for energy and water? by Samuel Fankhauser and Sladjana Tepic	August 2005
Does transition make you happy? by Peter Sanfey and Utku Teksoz	June 2005
Reforms and growth in transition: re-examining the evidence by Elisabetta Falcetti, Tatiana Lysenko and Peter Sanfey	June 2005
European financial integration and the financing of local businesses in the new EU member states by Ulrich Volz	October 2004
Inflation, exchange rates and the role of monetary policy in Albania by Marta Muço and Peter Sanfey	September 2004
The dynamic adjustment towards target capital structures of firms in transition economies by Ralph de Haas and Marga Peeters	July 2004
Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries by Steven Fries and Anita Taci	April 2004
Anti-corruption programmes in post-communist transition countries and changes in the business environment, 1999-2002 by Franklin Steves and Alan Rousso	November 2003
The 2002 Business Environment and Enterprise Performance Survey: Results from a survey of 6,100 firms by Steven Fries, Tatiana Lysenko and Saso Polanec	November 2003
Transition and international integration in eastern Europe and the former Soviet Union by Ian Babetskii, Oxana Babetskaia-Kukharchuk and Martin Raiser	November 2003
Trust in transition: cross-country and firm evidence by Martin Raiser, Alan Rousso and Franklin Steves	October 2003
Stock markets and industry growth: an eastern European perspective by Zbigniew Kominek	October 2003
Bridging the gaps? Private sector development, capital flows and the investment climate in south-eastern Europe by Elisabetta Falcetti, Peter Sanfey and Anita Taci	June 2003
Benchmarking structural change in transition by Martin Raiser, Mark Schaffer and Johannes Schuchhardt	February 2003
Power sector regulatory reform in transition economies: Progress and lessons learned by David Kennedy	February 2003
The investment climate for climate investment: Joint Implementation in transition countries by Samuel Fankhauser and Lucia Lavric	January 2003
Bank performance in transition economies by Steven Fries, Damien Neven and Paul Seabright	November 2002
Contracting in transition economy municipal projects by David Kennedy	September 2002
What should the multilateral development banks do? by Willem Buiter and Steven Fries	June 2002
Capital flight and capital outflows from Russia: symptom, cause and cure by Willem H. Buiter and Ivan Szegvari	June 2002
The energy intensity of transition countries by Jan Cornillie and Samuel Fankhauser	June 2002
Banking reform and development in transition economies by Steven Fries and Anita Taci	June 2002
Ownership and corporate governance in Russian industry: a survey by Carsten Sprenger	January 2002
Liberalisation of the Russian power sector by David Kennedy	January 2002
Competition across transition economies: an enterprise-level analysis of the main policy and structural determinants by Maria Vagliasindi	December 2001
Foreign direct investment financing of capital formation in central and eastern Europe by Libor Krkoska	December 2001
Nature’s blessing or nature’s curse: the political economy of transition in resource-based economies by Akram Esanov, Martin Raiser and Willem Buiter	November 2001
Labour market states, mobility and entrepreneurship in transition economies by Mark Dutz, Celine Kauffmann, Serineh Najarian, Peter Sanfey and Ruslan Yemtsov	November 2001
Competition and enterprise performance in transition economies: evidence from a cross-country survey by Wendy Carlin, Steven Fries, Mark Schaffer and Paul Seabright	June 2001
Financial structures to promote private sector development in south-eastern Europe by Francesca Pissarides	June 2001
Effective versus statutory taxation: measuring effective tax administration in transition economies by Mark E. Schaffer and Gerard Turley	May 2001
The Measurements and Determinants of Institutional Change: Evidence from Transition Economies by Martin Raiser, Maria L. Di Tommaso and Melvyn Weeks	February 2001
Social capital in transition: a first look at the evidence by Martin Raiser, Christian Haerpfer, Thomas Nowotny and Claire Wallace	February 2001
Objectives and constraints of entrepreneurs: evidence from small and medium-sized enterprises in Russia and Bulgaria by Francesca Pissarides, Miroslav Singer and Jan Svejnar	November 2000
Intervention, corruption and capture: the nexus between enterprises and the state by Joel Hellman and Mark Schankerman	October 2000
An analytical framework for evaluating transition impact of infrastructure projects by Philippe Aghion & Mark Schankerman	October 2000
Ten years after: what is special about transition countries? by Daniel Gros and Marc Suhrcke	August 2000
Defying the odds: initial conditions, reforms and growth in the first decade of transition by Elisabetta Falcetti, Martin Raiser and Peter Sanfey	July 2000
Taxes, competition and finance for Albanian enterprises: evidence from a field study by Holger Muent, Francesca Pissarides and Peter Sanfey	July 2000
Regulatory reform and market development in power sectors of transition economies: the case of Kazakhstan by David Kennedy	June 2000
Assessing macroeconomic vulnerability in central Europe by Libor Krkoska	June 2000
Measuring governance and state capture: the role of bureaucrats and firms in shaping the business environment by Joel S. Hellman, Geraint Jones, Daniel Kaufmann and Mark Schankerman	June 2000
Barter and non-monetary transactions in transition economies: Evidence from a cross-country survey by Wendy Carlin, Steven Fries, Mark Schaffer and Paul Seabr	June 2000
Patterns of legal change: shareholder and creditor rights in transition economies by Katharina Pistor	May 2000
Law and finance in transition economies by Katharina Pistor, Martin Raiser and Stanislav Gelfer	February 2000

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