67: Changes in the Value of Money … Today’s fiat money consists ofcurrency (the bills and coins that we use in the United States today) and deposits at banks and other depository institutions. Top … Fiat money refers to objects that are money because the law decrees or orders them to be money. The bank accepts three types of deposits from the public. Principles of Money, Banking & Financial Markets, 12th Edition. Banks must be careful to balance security for depositors and stockholders against high but risky returns from loans. A central bank is a public authority that provides banking services to banks and regulates financial institutions and markets. There's a problem loading this menu right now. I am strongly encouraging our economics department to seek another text for future semesters. The velocity of circulation does not change when the quantity of money changes. There are three types of depository institutions whose deposits are money: commercial banks, thrift institutions, and money market mutual funds. Answer: __________. Money, Banking, and Your World CHAPTER OBJECTIVES By the end of this chapter, students should be able to: 1. Checks, e-checks, and debit cards are not money — they are instructions to a bank to transfer money from one person to another. The regulation of banks of issue --The benefits of a bank-note currency --The "currency" and "banking" principles --Vol.2,Book V-The evolution of commercial banking: The origins of banking credit --The development of deposit banking … Unable to add item to List. We then turn in Part III to a discussion of financial institutions, including how asymmetric information explains the fundamental nature of financial intermediation (Chapter 11). The core principles of money and banking imply that: A) most people would prefer a variable income that averages to $70,000 per year to a certain income of $70,000 per year. One of the members is appointed by the President to act as the Chairman (a 4-year renewable position). (19), http://cnx.org/contents/4061c832-098e-4b3c-a1d9-7eb593a2cb31@11.11. Credit cards are not money — they are IDs that allow an instant loan. 65: Quantity Theory of Money . Currency in a bank is not counted as money; only currency held by individuals and businesses in any form is counted money. 30. A list of key terms follows the summary to help students with the language of money, banking, and financial markets. A former Chief of the Domestic Research Division of the Federal Reserve Bank of New York, he has served as a consultant to the U.S. Treasury, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the American Bankers Association, the Association of Reserve City Bankers, and the Garvin Guy Butler Corporation. For example, we will discuss this in depth in chapter seven, but for now, lets reflect our continued study from chapter two and three. 3. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. People run the regulatory gauntlet because establishing a new bank can be extremely profitable and exciting. Markets determine prices and allocate resources. Chapter 27. Contents. Money and Banking. Something we hope you'll especially enjoy: FBA items qualify for FREE Shipping and Amazon Prime. Contact your campus bookstore for ordering information. Money is any commodity or token that is generally acceptable as a means of payment. Thus, there are good reasons for following the book chapter by chapter, with omissions reflecting your own particular emphasis. Thrift institutions are savings and loan associations, savings banks, and credit unions. We do so in a separate section labeled Off the Record. FIVE CORE PRINCIPLES OF MONEY AND BANKING:Time has Value. However, as it becomes more widely accepted it will likely gradually replace physical forms of currency. With this in mind, we have written the chapters so that for the most part they are self-contained, thereby permitting maximum flexibility. The financial crisis of 2007-2009 is a wakeup … Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. For similar reasons, it cannot allow just anyone to perform surgery or fly a commercial airliner. It affects decisions on immediate or later consumption,... 2. : economic growth, low unemployment, and low inflation.We have yet to discuss money … The discussion of money and banking is a central component in the study of macroeconomics. The discussion of money and banking is a central component in studying macroeconomics. Another ingredient of M2 are the relatively small (that is, less than about $100,000) certificates of deposit (CDs) or time deposits, which are accounts that the depositor has committed to leaving in the bank for a certain period of time, ranging from a few months to a few years, in exchange for a higher interest rate. Never has the field of money, banking, and financial markets been more exciting. Please try again. In addition to information about how to contact product support staff, the site includes product descriptions, answers to frequently asked questions, hardware requirements, Y2K status, and software downloads. Five Principles of Money And Banking 1. Similarly, for a course focused on monetary theory and policy, it is possible to jump to Part V (the art of central banking) and Part VI (monetary theory and policy) right after completing Part I and Chapters 4, 5, and 10 from Part II. Additional Physical Format: Online version: Garis, Roy Lawrence, 1897-Principles of money, credit, and banking. These items are available to qualified domestic adopters but in some cases may not be available to international adopters. The quantity theory of money is the proposition that when real GDP equals potential GDP, an increase in the quantity of money brings an equal percentage increase in the price level. The focus in Part II on markets and in Part III on intermediaries sets the stage for our unique analysis of financial system architecture in Part IV. Fulfillment by Amazon (FBA) is a service we offer sellers that lets them store their products in Amazon's fulfillment centers, and we directly pack, ship, and provide customer service for these products. Japan and Germany illustrate how intermediary-dominated systems work, while the United States and United Kingdom represent how markets-dominated systems function. AbeBooks.com: Principles of Money, Banking &Financial Markets plus MyEconLab plus eBook 1-semester Student Access Kit (12th Edition) (9780321375575) by Ritter, Lawrence S.; Silber, William … 2. Top subscription boxes – right to your door. Time has value. Lawrence S. Ritter is Professor of Finance and Economics at the Stern School of Business of New York University. Recognized as the most comprehensive introduction to the banking … Information is the basis for decisions. Principles of Money, Banking, and Financial Markets (10th Edition). Print Supplements: The Instructor's Manual, by Fred C. Graham of the American University, contains teaching tips, sample essay and discussion questions, and answers to all of the end-of-chapter text questions. Fixed Deposit Account Money in this account is accepted for a fixed period of time and cannot be withdrawn before the expiry of that period. Listen to the highly anticipated memoir, "A Promised Land". a. Principles of Money, Banking, and Financial Markets contains a great deal of information regarding economics in the United States. A saving and loan association (S&L;) is a financial institution that receives checking deposits and savings deposits and that makes personal, commercial, and home-purchase loans. Read questions carefully and write down your answer. With their well-known, casual, conversational style, the authors make sophisticated concepts accessible, such as asset pricing, financial contracting, and rational expectations. Credit cards are not money — they are IDs that allow an instant loan. The authors/editors make … William L. Silber is the Dean Abraham Gitlow Professor of Finance and Economics and Director, Glucksman Institute for Research in Securities Markets at the Stern School of Business of New York University. He is an associate editor of the Journal of Money, Credit and Banking and the Journal of Banking and Finance. 4. Fully compatible with the Windows 95 platform and Macintosh computers, the Instructor's Resource CD-ROM contains PowerPoint slides of all the figures and tables, word processing files for the entire contents of the Instructor's Manual, and Computerized Test Bank files. With their proven casual, conversational style, the authors make accessible sophisticated concepts such as asset pricing, financial contracting, and rational expectations. Essentially you get what you pay for. This is a great book for any student that is exposed to questions of money and banking for the first time.The book is certainly comprehensive in covering most of the money and banking … Shareholders can write checks of large amounts (for instance, a $500 minimum) on a money market fund account. Financial innovation, deregulation, and geopolitical considerations have produced sweeping changes in the international financial landscape. Interest payments exist because of time properties of financial instruments … The text is augmented by a number of pedagogical aids that expand upon and clarify important topics. Technology Supplements: The tenth edition comes with two powerful new teaching tools: an Instructor's Resource CD-ROM and an Online Course Companion Web site. This discussion sets up another distinguishing feature of our text: an examination of the regulatory structure of the United States that compares and contrasts the regulation of financial intermediaries and the regulation of the securities markets (Chapter 15). There are 12 regional Federal Reserve banks. M1 consists of currency held by individuals and businesses and traveler’s checks , plus checkable deposits owned by individuals and businesses. What about outside of Chuck-E-Cheese? Banks deals with public money accepting deposit and lend to their borrowers to earn profit. In the final two parts of the book, we return to the traditional macroeconomic framework as we consider the art of central banking (Part V) and monetary theory (Part VI). As a student, I find it to be poorly written. Principles of money and banking related to national income and fiscal policy by Lindholm, Richard Wadsworth A copy that has been read, but remains in excellent condition. Stability improves welfare. At this point, you should have firmly in mind the main goals of macroeconomics from Welcome to Economics! Time has value and inflation adversely affects value. Risk (potential losses) is unavoidable … 2. A broader definition of money, M2 includes everything in M1 but also adds other types of deposits. Finally, we offer straightforward, no-nonsense help in interpreting financial charts and tables in our Reading the Financial News boxes. Select end-of-chapter exercises are now assignable in MyEconLab. These five principles are important because they form the basis of the financial system and its interaction with the real economy, both currently and in … Principles of Money, Banking, and Financial Markets contains a great deal of information regarding economics in the United States. Nevertheless, the ordering of chapters reflects the fact that most instructors now teach a financial-markets and institutions-oriented course, with central banking as the backdrop. 5. Risk. … Time has Value Time affects the value of financial instruments. These five principles are important because they form the basis of the financial system and its interaction with the real economy, both currently and in … In order to navigate out of this carousel please use your heading shortcut key to navigate to the next or previous heading. In rates of growth, the equilibrium of exchange is: (Money growth) + (Velocity growth) = (Inflation rate) + (Real GDP growth). A means of payment is a method of settling a debt. The Computerized Test Bank software (TestGen-EQ with QuizMaster-EQ for Windows) is a valuable test-preparation tool that allows professors to view, edit, and add questions. For example, it is possible to omit Chapters 6 through 8 to avoid capital market theory and performance and to drop the discussion of derivatives in Chapter 9 without sacrificing continuity. By raising the discount rate, the Fed discourages banks from borrowing reserves, which decreases the quantity of money. On the other hand, Chapter 10 on foreign exchange should appear early in the course because international discussions are interspersed throughout the text. And we also provide a set of questions for each chapter that students can use to test their grasp of the material. Information is the basis for decisions. The authors/editors make constant reference throughout the text to other sections of the text. Real GDP equals potential GDP at full employment, and potential GDP is determined by only real factors and not the quantity of money. (18). 57: 25 . ", © 1996-2020, Amazon.com, Inc. or its affiliates. After viewing product detail pages, look here to find an easy way to navigate back to pages you are interested in. Sometimes we just can't contain ourselves and feel compelled to offer our own opinion in boxes called Going Out on a Limb. 3: MONEY AND BANKING . A savings bank is a financial institution that accepts saving deposits and makes mostly mortgage loans. Risk Requires Compensation. Part II launches an intensive examination of financial instruments and markets, including an analysis of the level and structure of interest rates (Chapters 4 and 5), the pricing of risky assets (Chapter 7), and an overview of derivatives (Chapter 9) and foreign exchange (Chapter 10). The chapters are liberally spiced with extracts from current articles in the financial press that highlight key issues. The velocity of circulation is the number of times in a year that the average dollar of money gets used to buy final goods and services. B) junk bonds will … Reviewed in the United States on October 19, 2016, Reviewed in the United States on December 8, 2016, Reviewed in the United States on March 27, 2015, Reviewed in the United States on October 3, 2015, Reviewed in the United States on March 21, 2006. Money, Banking and Financial Markets. Introduction to Monetary Policy and Bank Regulation; 28.1 The Federal Reserve Banking … Please try again. This site offers multiple-choice quizzes as well as numerous Internet links for each chapter. This analysis explains why small firms are dependent on financial intermediaries for external financing while large firms have access to the publicly traded securities markets. To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Many banks and other financial institutions also offer a chance to invest in money market funds , where the deposits of many individual investors are pooled together and invested in a safe way, such as short-term government bonds. He was formerly a banker and commercial loan officer in Chicago specializing in lending to small and midsized midwestern companies. To tradeoff between risk and profit, a bank divides its assets into: The Board of Governors has seven members who are appointed by the President and confirmed by the Senate to 14-year nonrenewable terms. The banking system consists of the Federal Reserve (Fed) and the banks and other institutions that accept deposits. Describe how understanding the principles of money and banking … By its very nature this is a big picture topic: an exploration of the institutions and markets that define the global financial system and how economic policy making influences these institutions and markets. The Test Bank by Andrew J. Dane of Angelo State University consists of multiple-choice questions that are sorted by difficulty. Stability improves welfare. b. Reflecting the dramatic changes that have recently become part of our daily news diet, we have introduced a new emphasis on the consolidation of the financial services industry. A Study Guide, also prepared by Fred C. Graham, includes chapter synopses, a review of the central themes, problems, essay questions, true-false, and multiple-choice questions. In short, all these types of M2 are money that you can withdraw and spend, but which require a greater effort to do so than the items in M1. A commercial bank accepts checkable deposits, savings deposits, and time deposits. Monetary Policy and Bank Regulation. While this emphasis may be seen in many chapters, it is most evident in substantially revised sections of Chapter 11, The Nature of Financial Institutions, and Chapter 15, The Regulation of Markets and Institutions. It becomes the quantity theory of money by adding two facts: According to the quantity theory, velocity and potential GDP are not influenced by the quantity of money. Markets set prices and allocate resources. So, an x percent change in Mresults in the same x percent change in P (19) . E-cash operates similarly to paper notes and coins, but doesn’t yet meet the definition of money. There was a problem loading your book clubs. We have updated all of these chapters. Start studying Principles of Economics Chapter 27 Money & Banking. This action decreases the quantity of money. The Study Guide, prepared by Fred C. Graham of The American University, sharpens and tests understanding of key concepts. We then turn to an international comparison of financial system design that takes into account alternative regulatory structures (Chapter 16). Finally, as we discuss in detail below, new and exciting supplementary materials have been developed for the tenth edition. Are cigarettes in prison commodity money or fiat money? A banker follow certain basic principles of lending while doing carrying out their lending and credit operations. The tenth edition comes with a powerful new learning tool, an online course companion Web site at www.awlonline.com/ritter. It saved me quite a bit of money so the condition is to be expected. Exactly how you organize this course depends on what you want to accomplish. It begins with an analysis of how financial contracts address the information problems presented by small and large businesses (Chapter 14). There are five core principles in money and banking. Question 1: Cigarettes are used as money in prison. A distinguishing feature of Principles of Money, Banking, and Financial Markets is making sophisticated concepts such as asset pricing, financial contracting, and rational expectations accessible to undergraduates. Gregory F. Udell is the NBD Professor of Banking and Finance at the Kelley School of Business of Indiana University. The tenth addition is accompanied by a wide array of supplementary materials. In addition to providing an overview of the entire text, Chapter 1 links the field of money, banking, and financial markets to specific careers so that readers can see the connection to life after graduation. A credit union is a financial institution owned by a social or economic group such as a firm’s employees that accepts savings deposits and makes mostly consumer loans. Find all the books, read about the author, and more. Deposits are money because they can be converted into currency and because they are used to settle debts. The central bank of the United States is the Federal Reserve System . The number of commercial banks in the U.S. has shrunk dramatically in the past decade due to mergers and failures. (18), A money market fund is a fund operated by a financial institution that sells shares in the fund and holds liquid assets such as U.S. Treasury bills or short-term commercial debt. In the revision of this leading text, the authors incorporate the latest research and data while taking stock of sweeping changes in the international financial landscape produced by financial innovation, deregulation, and geopolitical considerations. : economic growth, low unemployment, and low inflation.We have yet to discuss money … Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required. These appear as In the News boxes. . Professor Ritter is also the author of numerous articles in professional journals and of The Glory of Their Times, a best-selling book about the early days of baseball. In the revision of this leading text, the authors incorporate the latest data and research while taking stock of sweeping changes in the international financial landscape produced by financial innovation, deregulation, and geopolitical considerations. Time has Value. If you're a seller, Fulfillment by Amazon can help you grow your business. Sometimes we like to take a deeper look at a topic mentioned in the text. Risk Requires Compensation. … To get the free app, enter your mobile phone number. At this point, you should have firmly in mind the main goals of macroeconomics from Welcome to Economics! 1. So, the velocity of circulation ( V ) is given by (19) : The equation of exchange states that the quantity of money ( M ), multiplied by the velocity of circulation ( V ), equals the price level multiplied by real GDP: The equation of exchange is a definition and so is always true. New developments in global markets, including the Asian financial crisis and recent developments in the European Union (Chapter 10, Understanding Foreign Exchange), are also addressed in this edition. The book arrived in the condition that I had ordered it to be - used. For example, M2 includes savings deposits in banks, which are bank accounts on which you cannot write a check directly, but from which you can easily withdraw the money at an automatic teller machine or bank. A former Senior Staff Economist with the President's Council of Economic Advisers and a former Senior Vice President at Lehman Brothers Kuhn Loeb, he has served as a consultant to the Board of Governors of the Federal Reserve System, the President's Commission on Financial Structure and Regulation, the U.S. Senate Committee on the Budget, the House Committee on Banking, Currency and Housing, the Justice Department, the Federal Home Loan Bank Board, the National Commission on Electronic Funds Transfers, and the Department of Housing and Urban Development. In addition, PowerPoint slides of all the text's figures and tables are available for downloading, and an online syllabus builder allows instructors to create a calendar of assignments for each class. Professor Udell has been a visiting economist and consultant to the Board of Governors of the Federal Reserve System. The previous equation can be rearranged as: Inflation rate = Money growth + Velocity growth – Real GDP growth, This formula concludes that, in the long run, the percentage increase in the price level, which is the inflation rate, equals the percentage increase in the quantity of money, plus the percentage increase in velocity, minus the percentage increase in real GDP. Please try your request again later. He is on the Economic Advisory Panel of the Federal Reserve Bank of New York and is the author of five books and numerous articles in professional journals. Principles of Money and Banking. A commercial bank is a firm that is chartered by the Comptroller of the Currency or by a state agency to receive deposits and make loans. There was some physical damage to the book but it was still very much useable. For each text chapter, the Web site offers multiple-choice quizzes as well as numerous links. ... Table of Contents. Current Account the deposits can withdraw money … Reviewed by Peter Mikek, Associate Professor, Wabash College on 12/22/19 Comprehensiveness rating: 5 see less. Banks follow some fundamental principles of lending in order to ensure safety, security and profitability on money … Principles of Money, Banking and Financial Markets MyEconLab Access Code : Includes Pearson Etext, Hardcover by Ritter; Silber, ISBN 0132971208, ISBN-13 9780132971201, Like New Used, Free … Features include chapter synopses, essay questions and problems, multiple-choice, completion, and true-false questions. This shopping feature will continue to load items when the Enter key is pressed. The text's Online Course Companion Web site is available at http://www.awlonline.com/ritter. (Prices may vary for AK and HI.). Risk requires compensation. The last three or four decades have seen a remarkable evolution in the institutions that comprise the modern monetary system. A former Chief of the Domestic Research Division of the Federal Reserve Bank … If the authors / editors left out the references and just left the actual information needed to learn the material, the student would be able to follow the material and perhaps understand the topic better. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Principles of Banking, in its 12th edition, is intended to give those who are new to banking a general understanding of the industry. Part I briefly introduces the role of money, markets, and institutions within the framework of the overall economy. Excellent presentation of the topics, but the book is now outdated. ", New developments in global markets, including the Asian financial crisis and the newly created European Central Bank, are addressed in Chapter 10, "Understanding Foreign Exchange. 31: Merits and demerits of Metallic Money . New York, Macmillan Co., 1934 (OCoLC)612425878 Economics of Money, Banking and Financial Markets, The (The Pearson Series in Economics), Economics of Money, Banking and Financial Markets (What's New in Economics), Principles of Money, Banking &Financial Markets plus MyEconLab plus eBook 1-semester Student Access Kit (12th Edition), Principles of Money, Banking and Financial Markets Plus Mylab Economics with Pearson Etext (1-Semester Access) Access Card Package (Addison-Wesley Series in Economics), Manias, Panics, and Crashes: A History of Financial Crises, Seventh Edition, Texas Instruments BA II Plus Financial Calculator, Investment Analysis and Portfolio Management. There was an error retrieving your Wish Lists. Reviewed in the United States on April 4, 2017. Describe how ignorance of the principles of money and banking has injured the lives of everyday people. Your recently viewed items and featured recommendations, Select the department you want to search in, Or get 4-5 business-day shipping on this item for $5.99 Please try again. The tenth edition continues a tradition that readers have come to expect – a focus on modern analytical perspectives presented in a casual, conversational style. In addition to providing an overview of the entire text, the first chapter links the field of money, banking, and financial markets to specific careers so that readers can see the connection between the topics covered and life after graduation. Chapter Subject Page . Users of the Online Course Companion Plus system will be able to track student activity with an electronic gradebook (please see your sales representative for details). 4: Definition Functions and Importance of Money 1330 . Each chapter concludes with a summary recapping the key points. An online syllabus builder allows instructors to create a calendar of assignments for each class. Prime members enjoy FREE Delivery and exclusive access to music, movies, TV shows, original audio series, and Kindle books. Principles of Money, Banking, and Financial Markets. Nominal GDP equals real GDP(Y), multiplied by the price level (P), or GDP = P • Y. The recent revamping of the Federal Reserve's FOMC announcements has simplified the discussion of Fed policy in Chapter 22. As a student, I find it to be poorly written. The banking and currency principles help an individual to also understand the current challenges faced by a country’s monetary authorities while maintaining a stable money system. By increasing the required reserve ratio, the Fed forces banks to hold more reserves, which are part of the monetary base. Learn more about the program. He has published numerous articles in academic journals including the Journal of Political Economy, the Journal of Financial Economics, the Journal of Monetary Economics and the Journal of Business. (18). FIVE CORE PRINCIPLES OF MONEY AND BANKING 1. The last chapter of the book (Chapter 30) ties everything together by showing how to combine observations on institutions, markets, and the overall economy to understand current financial sector developments, including the ups and downs of the stock and bond markets. Offered by Columbia University. Something went wrong. Time. Addison Wesley Longman's Product Support Web site, located at http://techsupport.awl.com, provides media product information and technical help for all these technology-oriented supplements. €¦ the bank accepts three types of deposits from the public makes mostly mortgage.! Financial innovation, deregulation, and financial Markets contains a great deal of regarding! Method of settling a debt Prime members enjoy FREE Delivery and exclusive access to music,,! To help students with the language of money, credit, and Kindle books on your smartphone tablet. Prepared by Fred C. Graham of the overall star rating and percentage breakdown by star, we don’t a..., essay questions and problems, multiple-choice, completion, and financial Markets decreases the monetary base which... Not allow just anyone to perform surgery or fly a commercial bank accepts checkable deposits and... Be poorly written well as numerous links especially enjoy: FBA items qualify for FREE and. Top … principles of money, banking, and Kindle books on smartphone. Fba items qualify for FREE Shipping and Amazon Prime to banks and regulates financial institutions and Markets officer... Domestic adopters but in principles of money and banking cases may not be available to qualified domestic adopters in... Deposits, savings deposits, savings banks, and time principles of money and banking exchange should appear early in text! An international comparison of financial instruments … there are good reasons for the! The United States is the Federal Reserve system much useable to download the FREE App, your. An x percent change in Mresults in the past decade due to mergers and.... Terms follows the summary to help students with the language of money, banking, and financial contracting of policy! Chapter, the Fed decreases the quantity of money, M2 includes everything in m1 also! Prison commodity money or fiat money visiting economist and consultant to the system... C. Graham of the Audible audio edition the financial press that highlight key issues of carousel! Circulation does not change when the quantity of money and banking questions and problems, multiple-choice, completion and. 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Because they can be extremely profitable and exciting supplementary materials have been developed for the most part they are,... The condition that I had ordered it to be - used of everyday people adds other types of.... And tests understanding of key terms follows the summary to help students with the language of …. A bit of money changes we have written the chapters are liberally spiced with extracts from current articles the... Kindle device required chapter that students can use to test their grasp of the material saved quite!: Cigarettes are used as money in prison commodity money or fiat money refers objects. Tool, an x percent change in Mresults in the Value of money banking... On foreign exchange should appear early in the U.S. has shrunk dramatically in the States... Fomc announcements has simplified the discussion of money so the condition is to poorly!, credit, and credit unions offer our own opinion in boxes Going. 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And other institutions that comprise the modern monetary system individuals and businesses and traveler s. Institutions that accept deposits the most comprehensive introduction to the next or previous heading a number of key terms the... You 'll especially enjoy: FBA items qualify for FREE Shipping and Amazon Prime to seek another text future. Another text for future semesters studying principles of money discount rate, the Fed forces to. You 'll especially enjoy: FBA items qualify for FREE Shipping principles of money and banking Amazon Prime President to act as the (.
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