Transcript Determinants of TOEFL Score: A Comparison of Linguistic

Financial Integration in East Asia:
An Empirical Investigation
May 2013
Hyun-Hoon Lee
Hyeon-seung Huh
Donghyun Park
1
1. Introduction

East Asia as a de facto Single Market

A noticeable feature of East Asian countries’ economic success has
been the growing integration of their goods markets.

The share of intra-East Asian trade has increased from 31.7% in
1990 to 42.0% in 2008 (ADB).

East Asia’s goods markets are highly integrated and the degree of
integration has been increasing over time.

In conjunction with growing de facto regional economic
integration, East Asia has experienced a sustained surge of official,
government-led regionalism since the Asian financial crisis of
1997-1998 (eg., ASEAN+3, ASEAN+6, FTAPP).
2
1. Introduction

East Asia as a de facto Single Market

ASEAN+3 started out as a post-Asian crisis forum for fostering
financial cooperation and gave rise to a number of new regional
financial arrangements.

These include the network of bilateral swap agreements (BSAs)
under the Chiang Mai Initiative (CMI), institutionalized policy
dialogue, and the creation of the Asian Bond Funds as a first step
toward a regional bond market.

Recently, the finance ministers of ASEAN+3 agreed to speed up
the CMI’s multilateralization (CMIM) by means of a collectively
managed reserve-pooling arrangement governed by a single
contract.
3
1. Introduction

East Asia as a de facto Single Market

Despite the wide range of official activities and initiatives to
promote intra-East Asian financial cooperation, intra-regional
trade in financial assets lags far behind remains limited.

This is especially true in comparison with the integration of the
region’s real economies via the trade channel.

Put differently, there has been de facto integration of East Asian
economies but this integration has largely occurred in the goods
markets rather than in the financial markets.
4
1. Introduction

Previous Studies

Using the IMF’s CPIS data on bilateral holdings of financial
assets, a number of studies (Kim et al., 2005; Lee, 2008;, Park
and Wyplosz, 2008 and Garcia-Herrero et al., 2009) applied
the gravity model used CPIS data.

They confirm that the level of financial integration among
East Asian economies is low.

However, they estimate a gravity model commonly used to
estimate trade in goods to estimate trade in assets.
5
1. Introduction

Purpose of this paper

Evaluate the degree of bilateral linkages among East Asian
financial markets using a financial gravity model grounded
in economic theory.

Analyze the impact of three different types of countryspecific risks - political, economic and financial risks – on
financial asset trade.

Draw policy implications for regional economic integration
in East Asia.
6
1. Introduction

Contributions of this paper

Accurately evaluate the degree of intra-East Asian financial
integration by estimating theory-based financial gravity
equation along the lines suggested by Martin and Rey (2004,
2006) and Coeurdacier and Martin (2006).

Offer two possible reasons for East Asia’s lower level of
intra-regional financial integration.
7
Table of Contents
1. Introduction
2. Size of Bilateral Holdings of Financial Assets
3. Theoretical Framework and Empirical Specification
4. Empirical Results
5. Concluding Observations
8
2. Size of Bilateral Holdings of Financial Assets
<Table 1> Geographic Breakdown of Equity Investment in East Asia
Year-end 2007 (million USD)
to:
from:
Hong Kong
Indonesia
Japan
Korea
Malaysia
Philippines
Singapore
Thailand
Invest
Brunei
.
.
.
.
.
.
.
.
Cambodia
.
.
.
.
.
.
.
.
152,976.00
China, P.R.
Hong Kong
.
Japan
8,540.00
Korea
3,574.00 .
.
Philippines
23,066.12
100.41 .
12,806.52
7.72
351.08
17,501.33
15,301.59
1,832.15 .
16,205.67
104.44
800.35
560.84
212.31 .
3,555.62
18.28
13,256.35
13.73
7,609.17
8.00
3.48 .
.
4,812.72
200.21
5,618.36 .
.
1,964.00
Malaysia
Myanmar
15,042.71
468.00 .
Indonesia
Laos
0.05
.
1.00
.
.
389.00 .
666.26 .
.
1,158.09
0.22
.
.
701.12 .
.
.
.
.
317.76
104.89
4,285.00
5.74
6,457.25
1,264.16
Taiwan
3,603.00
0.07
3,360.24
371.10
317.56 .
Thailand
1,123.00
23.39
1,443.99
325.17
119.76
5.95
1,201.01
384.80
51,706.04
47,708.72
5,596.25
122.00 .
2,109.78
.
8,797.74
.
37.20 .
Singapore
Vietnam
.
3.67
.
800.31
3.30 .
256.46
3,251.26
1.68
0.60 .
0.96
4.49
3,524.81 .
469.38
3.58
5.20
70,276.84
421.34
East Asia
177,044.00
World
514,511.00
865.61
573,469.44
104,857.60
9,422.35
185.78
176,802.94
3,300.05
34.41%
44.45%
9.02%
45.50%
59.39%
2.80%
39.75%
12.77%
EASIA/World
Source: IMF, Coordinated Portfolio Investment Survey (CPIS) Database
9
2. Size of Bilateral Holdings of Financial Assets
<Table 2> Geographic Breakdown of Long-term Debt Investment in
East Asia
Year-end 2007 (million USD)
to:
from:
Hong Kong
Indonesia
Japan
Korea
Malaysia
Philippines
Singapore
Thailand
Invest
Brunei
.
.
.
.
.
.
.
.
Cambodia
.
.
.
.
.
.
.
.
China, P.R.
5,440.00 .
Hong Kong
.
Indonesia
.
Japan
13,125.00
.
Malaysia
Myanmar
.
2,835.00 .
Korea
Laos
65.73
.
.
201.80
849.01
1,768.00
603.79
190.71
110.99 .
540.43
19.66
294.87
.
8.63
3,613.00
458.00
68.35
8,117.29 .
.
3.04
.
6.05 .
.
2,031.44
.
.
240.25 .
.
.
.
Philippines
592.00
2.05
1,634.73
13.99
Singapore
2,834.00
176.82
3,871.57
345.60
Taiwan
1,130.00 .
55.97
116.66
4.84 .
Thailand
442.00 .
289.24
115.45
9.07
Vietnam
724.00 .
63.51
East Asia
25,992.00
World
205,319.00
EASIA/World
12.66%
187.49
15.23
3,398.66
42.44
4,047.76
0.64
11.78
2,421.17
46.71
169.19
10,468.36
278.22
154.80
.
.
907.13
.
4,153.01
.
43.55 .
89.22
6.41 .
.
39.18
0.09
874.27
497.49 .
2.48
54.16
410.67 .
33.47
.
1,118.64 .
637.62
28.89
15,038.13
1,414.39
573.42
711.93
20,474.96
426.41
1,576.34 1,924,828.83
53,255.88
3,404.81
4,792.00
103,119.66
4,367.84
2.66%
16.84%
14.86%
19.86%
9.76%
11.89%
0.78%
Source: IMF, Coordinated Portfolio Investment Survey (CPIS) Database
10
2. Size of Bilateral Holdings of Financial Assets
<Table 3> Destination of Investment and Exports
Equity Investment Outflow (million USD)
2001
from:
to:
Hong Kong
East Asia
2007
World
EASIA/World
East Asia
World
EASIA/World
12,946.0
94,615.0
13.7%
177,044.0
514,511.0
34.4%
15.8
16.6
95.2%
384.8
865.6
44.5%
Japan
8,228.4
227,351.4
3.6%
51,706.0
573,469.4
9.0%
Korea
384.8
1,299.8
29.6%
47,708.7
104,857.6
45.5%
Malaysia
698.2
1,332.0
52.4%
5,596.2
9,422.3
59.4%
3.5
110.8
3.2%
5.2
185.8
2.8%
15,290.4
31,318.9
48.8%
70,276.8
176,802.9
39.7%
39.0
82.0
47.6%
421.3
3,300.0
12.8%
37,606.2
356,126.4
10.6%
353,143.2
1,383,414.8
25.5%
Indonesia
Philippines
Singapore
Thailand
Total
Long term debt Investment Outflow (million USD)
2001
from:
to:
Hong Kong
East Asia
World
2007
EASIA/World
East Asia
World
EASIA/World
12,343.0
85,877.0
14.4%
25,992.0
205,319.0
12.7%
35.9
687.5
5.2%
187.5
1,576.3
11.9%
Japan
9,474.4
1,004,877.6
0.9%
15,038.1
1,924,828.8
0.8%
Korea
638.2
5,283.7
12.1%
1,414.4
53,255.9
2.7%
94.4
550.7
17.1%
573.4
3,404.8
16.8%
Indonesia
Malaysia
Philippines
Singapore
Thailand
Total
73.9
1,641.3
4.5%
711.9
4,792.0
14.9%
6,938.7
41,960.2
16.5%
20,475.0
103,119.7
19.9%
9.0
327.0
2.8%
426.4
4,367.8
9.8%
29,607.4
1,141,205.1
2.6%
64,818.7
2,300,664.4
2.8%
Export of goods (million USD )
2001
from:
to:
East Asia
World
2007
EASIA/World
East Asia
World
EASIA/World
Hong Kong
99,672.6
190,322.0
52.4%
214,800.4
344,803.0
62.3%
Indonesia
32,308.6
56,336.4
57.3%
70,646.5
114,112.0
61.9%
Japan
159,697.6
403,652.0
39.6%
335,576.0
714,883.0
46.9%
Korea
67,338.8
151,039.0
44.6%
180,916.9
373,737.0
48.4%
Malaysia
48,978.1
88,203.9
55.5%
97,890.1
176,213.0
55.6%
Philippines
16,716.6
32,155.1
52.0%
30,950.5
50,483.1
61.3%
Singapore
66,425.9
121,936.0
54.5%
185,135.2
299,871.0
61.7%
Thailand
32,144.5
65,114.6
49.4%
80,735.7
152,460.0
53.0%
11
Total
523,282.8
1,108,759.0
47.2%
1,196,651.3
2,226,562.1
53.7%
Note: East Asia includes Brunei, Cambodia, China, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, Philippines,
Singapore, Thailand, and Vietnam
3. Theoretical Framework and Empirical Specification

Determinants of portfolio investment of East
Asian countries

From Courdacier and Martin (2006)
βLi yi n j  r j Qi
Assetij =

(1+ β)  τij




ε -1
where,
Assetij = The aggregate demand from country i agents for assets
issued in country j
Li = population of country i,
yi = per capital income of country i,
Liyi = size (GDP) of country i,
nj = number of assets in country j (financial sophistication of
country j),
τij= transaction costs between the two countries,
rj= expected return in country j,
Qi= financial price index specific to country i.
12
3. Theoretical Framework and Empirical Specification

Determinants of portfolio investment of East
Asian countries

A gravity equation for trade in assets can be drawn as follows:
logAssetitj = log(ß/(1+ß)) + logLyit + lognjt + (ε – 1) logrjt – (ε – 1)logτijt + (ε – 1)logQit

A more general gravity equation for trade in assets can be shown
as follows:
logAssetitj = log(ß/(1+ß)) + logLyit + logLyjt + lognit + lognjt + (ε – 1) logrit + (ε – 1) logrjt
– (ε – 1)logτijt + (ε – 1)logQit + (ε – 1)logQjt
13
3. Theoretical Framework and Empirical Specification

Determinants of portfolio investment of East
Asian countries
Baseline model
(4) logAssetijt = α + β1logGDPit + β2logGDPjt + β3logCaplibit + β4logCaplibjt + β5logRetrunit
+ β6logReturnjt + β7logτijt + β8EASIA + ui + uj + ut + ijt
where logGDPit = log of GDP of country i in year t
logGDPit = log of GDP of country j in year t
Caplibit = financial market liberalization index (0-1) of country i in year t
Caplibit = financial market liberalization index (0-1) of country j in year t
logRetrunit = rate of return of asset country i in year t
logReturnjt = rate of return of asset country i in year t
EASIA= 1 if the issuing economy is an East Asian country
14
3. Theoretical Framework and Empirical Specification

Determinants of portfolio investment of East
Asian countries
Expanded model 1
(6) LogAssetijt = α+β1logGDPit+β2logGDPjt +β3logCaplibit+β4logCaplibjt
+β5rit+β6rjt +β7logτijt + β8r-Tradeijt + β9EASIA + ui + ut+ eijt
where r-Tradeijt = bilateral trade intensity
= residual from the regression of a trade gravity equation
15
3. Theoretical Framework and Empirical Specification

Determinants of portfolio investment of East
Asian countries
Expanded model 2
(7) logAssetijt = α + β1logGDPit + β2logGDPjt + β3Caplibit + β4Caplibjt + β5logrit
+ β6logrjt + β7logτijt
+ β8HKG_ASIA + β9JPN_ASIA+ β10KOR_ASIA+ β11SGP_ASIA
+ ui + uj + ut + ij
where HKG_ASIA = 1 if home is Hong Kong and partner is an East Asian country
JPN_ASIA = 1 if home is Japan and partner is an East Asian country
KOR_ASIA = 1 if home is Korea and partner is an East Asian country
SGP_ASIA = 1 if home is Japan and partner is an East Asian country
16
3. Theoretical Framework and Empirical Specification

Determinants of portfolio investment of East
Asian countries
Expanded model 3
(8) logAssetijt = α + β1logGDPit + β2logGDPjt + β3logCaplibit
+ β4logCaplibjt + β5logRetrunit + β6logReturnjt + β7logτijt
+ β8Pol_Riskijt + β9Econ_Riskijt + β10Fin_Riskijt
+ β11EASIA + ui + uj + ut + ij
where Pol_Riskjt, = political risk of economy j
Econ_Riskjt, = economic risk of economy j
Fin_Riskjt = financial risk of economy j
Data: International Country Risk Guide (ICRG) Ratings by Political
Risk Services (PRS)
17
4. Empirical Results

Data

Dependent variable: bilateral cross-border equity holdings
between countries (CPIS data)

Period: 2001-2007

Source countries: Four East Asian countries - Hong Kong, Japan,
Korea and Singapore

Partner countries: 50 countries for which the data are available.
18
4. Empirical Results
<Table 4> Determinants of Cross-border Holdings of Securities
Equities
GDP_i
GDP_j
Caplib_i
Caplib_j
Return_i
Return_j
Tax_j
Dist
(1) Fixed
effects
-0.295
Bonds
(2) Random
effects
-0.009
(3) Fixed
effects
0.234
(0.762)
(0.788)
(0.819)
(0.865)
1.483***
1.505***
0.275
1.280***
(0.440)
(0.110)
(0.526)
(0.108)
0.339***
0.298**
0.126
0.127
(0.112)
(0.121)
(0.112)
(0.111)
0.018
0.209***
0.027
0.156**
(0.072)
(0.061)
(0.081)
(0.071)
-1.230***
-1.250***
0.232
0.278
(0.360)
(0.385)
(0.580)
(0.547)
0.619**
0.513
-0.577
-0.345
(0.247)
(0.323)
(0.512)
(0.527)
-0.016
-0.027**
-0.051***
-0.043***
(0.013)
(0.013)
(0.014)
(0.011)
-0.990***
-1.013***
-1.225***
-1.020***
(0.166)
(0.159)
(0.210)
(0.176)
OFC
4.370***
Contig
Colony
1.314***
1.207***
1.125***
(0.183)
(0.156)
(0.248)
(0.201)
1.226***
1.138***
-2.120***
-1.385**
(0.464)
(0.304)
(0.782)
(0.570)
-1.315***
-1.208***
-2.620***
-2.351***
EASIA
Constant
(0.546)
1.347***
(0.304)
(0.269)
GDP_i
GDP_j
Tradelib_i
Tradelib_j
Dist
Comlang
Contig
1.603***
(0.595)
Comlang
(4) Random
effects
0.322
(0.416)
Colony
-0.153
(0.367)
(0.532)
-18.290
2.266
-27.562
(24.326)
(24.772)
(24.378)
(2) Random
effects
0.692***
(0.172)
(0.182)
1.143***
0.861***
(0.124)
(0.051)
-0.138
-0.138
(0.107)
(0.103)
0.051
0.104**
(0.041)
(0.047)
-0.536***
-0.511***
(0.070)
(0.076)
0.504***
0.531***
(0.062)
(0.063)
1.454***
1.464***
(0.205)
(0.109)
-0.196
-0.209**
(0.129)
EASIA
(0.089)
1.417***
(0.173)
Constant
-36.335***
-29.818***
(5.463)
(4.963)
Source
Yes
Yes
Destination
Yes
Yes
Year
Yes
Yes
(0.321)
1.049***
(1) Fixed
effects
0.700***
Source
Yes
Yes
Yes
Yes
Observations
2,092
2,092
Destination
Yes
Yes
Yes
Yes
R2
0.551
0.787
Year
Yes
Yes
Yes
Yes
Observations
1,048
1,048
707
707
R2
0.640
0.650
0.752
0.681
Notes: Shown in parentheses are standard errors.
***, **, and * denote one, five, and ten percent level
19
of significance, respectively.
Notes: Shown in parentheses are standard errors. ***, **, and * denote one, five, and
ten percent level of significance, respectively.
4. Empirical Results
<Table 6> Determinants of Cross-border Holdings of Securities
(with trade intensity)
Equities
Bonds
GDP_i
(1) Fixed
effects
-0.212
(0.759)
(0.775)
(0.818)
(0.867)
GDP_j
1.574***
1.485***
0.243
1.279***
(0.438)
(0.120)
(0.525)
(0.106)
Caplib_i
0.320***
0.284**
0.115
0.112
(0.112)
(0.119)
(0.112)
(0.112)
Caplib_j
Return_i
Return_j
Tax_j
Dist
Colony
r_Trade
0.210***
0.042
0.169**
(0.064)
(0.081)
(0.071)
-1.124***
-1.145***
0.223
0.266
(0.357)
(0.379)
(0.579)
(0.541)
0.611**
0.554*
-0.522
-0.280
(0.246)
(0.317)
(0.512)
(0.524)
-0.038***
-0.018
-0.026**
-0.045***
(0.013)
(0.013)
(0.014)
(0.012)
-1.223***
-1.267***
-1.392***
-1.242***
(0.159)
(0.225)
(0.178)
4.482***
1.127*
(0.705)
(0.598)
1.740***
1.677***
1.380***
(0.199)
(0.183)
(0.262)
(0.219)
1.125**
1.048***
-2.192***
-1.531***
1.326***
(0.462)
(0.305)
(0.781)
(0.543)
-1.379***
-1.275***
-2.599***
-2.326***
(0.302)
(0.245)
(0.416)
(0.295)
0.499***
0.511***
0.279**
0.335***
(0.113)
(0.118)
(0.139)
(0.122)
EASIA_d
Constant
(4) Random
effects
0.438
0.053
(0.181)
Contig
(3) Fixed
effects
0.331
(0.072)
OFC
Comlang
(2) Random
effects
0.040
0.328
-0.712
(0.417)
(0.523)
-21.146
-27.042
1.985
(24.175)
(22.027)
(24.715)
Source
Yes
Yes
Yes
Yes
Destination
Yes
Yes
Yes
Yes
Year
Yes
Yes
Yes
Yes
Observations
1,040
1,040
707
707
R2
0.650
0.669
0.753
0.695
Notes: Shown in parentheses are standard errors. ***, **, and * denote one, five, and
ten percent level of significance, respectively.
20
4. Empirical Results
<Table 7> Country Pair Effects
Equities
HKG_ASIA
JPN_ASIAa
Goods
(1) Fixed
effects
1.193***
(2) Random
effects
2.122***
(3) Fixed
effects
-0.230
(4) Random
effects
1.337***
(5) Fixed
effects
-0.009
(6) Random
effects
-0.032
(0.312)
(0.386)
(0.270)
(0.390)
(0.107)
(0.083)
-1.117***
0.122
-3.002***
-1.314***
0.476***
0.504***
(0.276)
(0.334)
(0.242)
(0.365)
(0.108)
(0.083)
KOR_ASIA
SGP_ASIA
Bonds
1.075**
1.620***
-0.134
(0.460)
(0.416)
(0.087)
1.683***
2.694***
0.049
1.591***
0.983***
0.975***
(0.294)
(0.374)
(0.274)
(0.395)
(0.108)
(0.088)
Source
Yes
Yes
Yes
Yes
Yes
Yes
Destination
Yes
Yes
Yes
Yes
Yes
Yes
Year
Yes
Yes
Yes
Yes
Yes
Yes
Observations
1,048
1,048
921
921
2,092
2,092
R2
0.670
0.660
0.763
0.664
0.574
0.763
Notes: Estimates for the control variables are not reported for brevity. Shown in parentheses are standard errors. ***, **,
and * denote one, five, and ten percent level of significance, respectively.
21
4. Empirical Results
<Table 8> Determinants of Cross-border Holdings of Securities
(with country risk)
Equities
Bonds
GDP_i
(1) Fixed
effects
-0.347
(0.761)
(0.762)
(0.821)
(0.881)
GDP_j
1.395***
1.371***
0.474
1.213***
(0.482)
(0.103)
(0.597)
(0.087)
Caplib_i
0.345***
0.317***
0.127
0.125
(0.112)
(0.115)
(0.113)
(0.112)
Caplib_j
Return_i
Return_j
Tax_j
Dist
(2) Random
effects
-0.189
(3) Fixed
effects
0.219
-0.021
0.017
0.037
0.115
(0.074)
(0.065)
(0.082)
(0.070)
-1.200***
-1.184***
0.229
0.268
(0.360)
(0.384)
(0.581)
(0.551)
0.645***
0.667**
-0.594
-0.286
(0.248)
(0.303)
(0.514)
(0.520)
-0.034***
-0.016
-0.030**
-0.051***
(0.013)
(0.012)
(0.014)
(0.011)
-0.993***
-1.008***
-1.225***
-0.864***
(0.163)
(0.210)
(0.166)
OFC
3.564***
1.351***
(0.183)
Contig
1.222***
(0.463)
Pol_risk
Econ_risk
Fin_risk
(0.425)
1.203***
1.049***
(0.158)
(0.249)
(0.193)
1.110***
-2.121***
-0.810
(0.320)
(0.783)
(0.550)
-1.319***
-1.264***
-2.618***
-2.167***
(0.304)
(0.271)
(0.417)
(0.315)
0.031*
0.072***
-0.008
0.033**
(0.019)
(0.016)
(0.020)
(0.014)
0.026
0.037**
-0.014
0.034*
(0.020)
(0.018)
(0.019)
(0.019)
-0.010
-0.018
-0.001
-0.032***
(0.013)
(0.011)
(0.013)
(0.011)
EASIA
Constant
1.387***
(0.183)
1.408***
(0.560)
Comlang
Colony
(4) Random
effects
0.341
1.322***
0.379
(0.386)
(0.455)
-18.090
-0.894
-30.553
(24.711)
(25.614)
(24.807)
Source
Yes
Yes
Yes
Yes
Destination
Yes
Yes
Yes
Yes
Year
Yes
Yes
Yes
Yes
Observations
1,048
1,048
707
707
R2
0.643
0.716
0.752
0.742
Notes: Shown in parentheses are standard errors. ***, **, and * denote one, five, and
ten percent level of significance, respectively.
22
5. Concluding Observations
Summary

The central objective of this paper has been to empirically
evaluate the degree of bilateral linkages among East Asian
financial markets

The primary finding is that trade in financial assets of Hong
Kong, Japan, Korea and Singapore with other East Asian
countries is larger than predicted by the theory-based
financial gravity model.

This tendency is less pronounced for bonds than for equities.
23
5. Concluding Observations
Summary

When we include intra-East Asian goods trade intensity as
an additional explanatory variable, we no longer find that
intra-East Asian assets trade is bigger than assets trade
between East Asia and the rest of the world.

Therefore, it is possible that our finding of
disproportionately large intra-East Asian trade in assets is
driven by the region’s high level of goods trade integration.

Furthermore, our country-specific results suggest that Japan,
the largest investor in the region, invests more outside East
Asia even though it trades goods a lot with East Asia.
24
5. Concluding Observations
Two possible reasons why trade in financial assets
remains limited in East Asia?

The underdevelopment of the region’s financial
systems relative to its dynamic real economies.

Why? East Asian countries (HKG, JPN, KOR, SGN) invest more in the
countries with high degree of financial market liberalization.

High country risks of many developing countries in
East Asia

Why? East Asian countries invest less in the countries with high country
risk (particularly, political risk)

In particular, Japan, the region’s largest investor, has a very strong
tendency of investing less in the countries of high political risk.
25
5. Concluding Observations
Policy Implications

East Asian countries need to speed up the process of
the region’s financial integration which lags behind the
level of trade integration.

In particular, a special effort is needed to promote the
integration of the region’s bond markets, for which we
find weaker evidence of integration then equity
markets.

Two suggestions for the region’s financial integration
(1) More liberalization of financial market.
(2) Reduction of country risk, particularly political risk of
developing countries.
26
Hyun-Hoon Lee
([email protected])