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Research background: Most transactions in world trade are invoiced in several international currencies. The changes in the distribution of the great economic powers and the strengthening of the position of developing countries make it necessary to consider the factors determining the choice of trade invoicing currency and to assess the prospects of the dollar as an invoicing currency and the possibility of strengthening the position of developing countries' currencies in this function. Purpose of the article: The aim of the paper is to assess the factors influencing the choice of invoicing currency for international trade in 2000-2019. Methods: The analysis of factors influencing the choice of international trade invoicing currency is based on panel data modelling. The study is conducted for a group of 55 countries. It is assumed that the following variables may influence the currency position in the trade invoicing function: the share of the issuer's country in the bilateral trade, inflation and exchange rate. Findings & value added: The analysis showed that despite the decreasing share of the United States in world trade, the U.S. dollar remains the most important export invoicing currency. The main factors influencing the dollar's dominance are the U.S. share of countries' exports, inflation in developing countries, and the exchange rate in advanced economies. The great significance of trade share as a determinant of the position of the trade invoicing currency is an important indication of the strengthening position of developing country currencies, particularly the Chinese yuan. The obtained results confirm, with the use of more complete data, the validity of the dominant currency paradigm and enrich the still underdeveloped analysis in the area of international macroeconomics using panel data analysis. [ABSTRACT FROM AUTHOR]

Since the beginning of 2018, Sino-US trade frictions have been escalating to the fields of science and technology, finance, and geography. Especially in the financial field, the United States has forcibly identified China as a "currency manipulator." In order to analyze the impact of Sino-US trade on the RMB exchange rate, based on the Sino-US import and export trade data under the quarterly HS classification from 2003 to 2019 and the RMB real effective exchange rate, this article carries out the traditional time series test, seasonal unit root test, and cointegration test and further constructs the seasonal error correction model to explore the long-term and short-term dynamic impact of Sino-US import and export trade structure on RMB real effective exchange rate. The results shows that the upgrading and optimization of the overall trade structure between China and the United States will increase the appreciation pressure of RMB real effective exchange rate. There are seasonal and long-term trends between RMB real effective exchange rate and different types of import and export trade structures between China and the United States. Therefore, this article not only strongly refutes the "theory of RMB appreciation" and puts forward policy suggestions to effectively deal with the negative impact of Sino-US trade friction but also provides a research framework for global trade, especially the decoupling of trade structure and exchange rate between developing and developed countries. [ABSTRACT FROM AUTHOR]

This study analyzes how exchange rate risk exposure and foreign industry competition affect Chinese industries. Using the data from 2005 to 2018, the authors find that industry competition from the US has a statistically significant influence on 33.3 percent of Chinese industries. Unsurprisingly, tradable goods benefit more from depreciation of the Renminbi against the US dollar. Counterintuitively, only 20 percent of the industries supported by the 'Made in China 2025' initiative is sensitive to US industrial competition. In addition, on average Chinese industries face international competition from few developed countries, such as the Netherlands; and depreciation of RMB against the Japanese yen is hurting Chinese industries on average. Developing countries, however, exert marginal competition effects on their Chinese counterparts in the sample period. [ABSTRACT FROM AUTHOR]

The current study aims to investigate the effect of devaluation on a bilateral trade balance between China and the United States. The study uses monthly data for the period 20‐11‐2018, which is seasonally adjusted through the Seasonal Trend Decomposition using Loess (STL) method. The dependent variable used in this study is exports to import ratio, and the independent variable is the exchange rate. The study uses both linear and nonlinear ARDL methodology to trace the long run and short run effect and to trace the asymmetry between exports to imports ratio and exchange rate. Moreover, the long‐run relationship is established through Bound testing approach. The findings favor the devaluation for China trade balance both in the short run and long run. Moreover, the results do not support the existence of J‐curve and indicate that rather than devaluation it is the competitiveness of Chinese goods and services that provide an edge in bilateral trade between China and United States. [ABSTRACT FROM AUTHOR]

This study incorporates energy prices and tourism development into the standard purchasing power parity doctrine to investigate exchange rate pass‐through to restaurant and hotel prices in the United States over the period 2001:Q4 to 2017:Q4. We apply the multiple structural breaks cointegration test and flexible autoregressive distributed lag (ARDL) method. Our empirical results provide evidence that exchange rate appreciation reduces restaurant and hotel prices while an increase in energy prices and tourism development causes the prices of restaurant and hotel to rise. However, the pass‐through of exchange rate, energy prices, and tourism development is incomplete in both the long‐ and short‐run with the long‐run pass‐through having a stronger effect. Furthermore, the causality results show that restaurant and hotel prices have predictive power for exchange rate. Causality between restaurant and hotel prices and tourism development has a feedback effect. We also find that exchange rate Granger causes not only energy prices but tourism development while tourism development causes energy prices. The policy implications for these results are carefully outlined in the study. [ABSTRACT FROM AUTHOR]

This paper aims to investigate the impacts of exchange rate and income changes on financial and insurance services trade by utilizing the quarterly bilateral trade data of the United States and its major trading partners from 2003 to 2017. No long‐run exchange rate effects on imports and exports of insurance services trade are found. The impact of exchange rates on insurance services may be weak since competition among service providers depends on product differentiation than on exchange rates. On the contrary, income demonstrates significant impacts on both financial and insurance services trade in the United Kingdom, Canada, Japan and Australia. [ABSTRACT FROM AUTHOR]

In this paper, we analyze the spillovers of uncertainty from the United States (US) on Gross Domestic Product (GDP) in a large panel of 50 advanced and emerging economies. We allow the response of GDP in each country to vary according to its exchange rate regime, trade openness, and a vulnerability index (based on current account, foreign reserves, inflation, and external debt). We observe large heterogeneity in the response of advanced and emerging economies to uncertainty surprises of the US. In response to an increase in US uncertainty, GDP in foreign economies drops slightly more, as it does in the US. In addition we find that, for advanced economies the exchange rate regime and financial vulnerability account for a large portion of the contraction in activity. In emerging economies, however, the responses do not depend on the exchange rate regime, but are larger when trade openness is high and weakness in the financial system is high. [ABSTRACT FROM AUTHOR]

This article looks to shed some light on a fluctuating commodity price and gold production. In this regard, a structural vector autoregression (VAR) was applied to observe the sensitivity of the gold price and future pricing due to changes in macroeconomic variables, and also to review changes in macroeconomic variables due to changes in the gold (commodity) price. The variables used for decomposition were the gold price, the oil price, the real effective exchange rate of the United States (US), the US Federal funds rate, and the total combined gross domestic product (GDP) of the Organisation for Economic Co-operation and Development (OECD) countries. Impulse response functions, with shocks to each system, was investigated, and the forecast error variance decomposition was examined. The main results over a period of 10 years show that a shock to OECD GDP caused the gold price to increase, thus showing a positive correlation between economic output and the gold price. A shock to the oil price caused the gold price to spike over the short term, then move sideways over the long term. A shock to the US Federal funds rate caused the gold price to spike over the short term, then decrease slightly over the medium and long terms; while a shock to the real effective exchange rate of the US caused the gold price to be relatively flat and move sideways. The results show that the relationship between gold and other relevant factors are not just a simple monetary relationship as many previously assumed. The relationship between gold and oil is still dynamic, whereas exchange rate shocks might not be as significant as previously thought. [ABSTRACT FROM AUTHOR]

It is important for the policy makers to know what kinds of shocks are responsible for macroeconomic fluctuations or recession to formulate appropriate policy responses. This paper exploits a stylized model to identify the sources of macroeconomic and exchange rate fluctuations in the US. The model consists of a productivity equation, a demand function, an exchange rate augmented Phillips curve, a monetary policy rule and an exchange rate equation (uncovered interest parity (UIP) condition). The stylized model implies a set of short-run restrictions that allow for the identification of the structural shocks in a vector autoregression model in order to test the model's consistency with data. We use real GDP for output, GDP deflator for price, Federal fund rate (FF) as monetary policy. The other two variables are unemployment rate and Nominal effective exchange rate (NEER). Throughout the analyses oil price is used as an exogenous variable. The Sample period starts from 1980q1, and ends at 2008 q2 to avoid possible non-linearity arise from 2008 financial crisis. Results show that more than half of the fluctuation in unemployment and output is explained by two shocks namely productivity/technology shock and aggregate demand shock. Monetary policy shock can explain around 15 per cent while supply and exchange rate shock explain less than 10 percent of the variation in unemployment and output. These results from our simple model are compatible with those from more sophisticated models found in current literature. Hence, our model is more appealing to the policy makers. Further, to gauge the importance of monetary policy in stabilizing the economy, a counterfactual simulation exercise is performed. The exercise shows that monetary policy has stabilized inflation and unemployment, though at the cost of increasing variability in output. The findings of this paper emphasize that policy makers should be aware of the importance of demand side shocks such as policy uncertainty and money supply. A positive uncertainty shock (an increase in uncertainty) may reduce investment and may slow the economic recovery. On the other hand, a prolong period of expansionary monetary policy may make the inflation expectations less anchored. Therefore, the policy makers should try to keep the impact of policy uncertainty at the minimum level and should follow prudent monetary policy. [ABSTRACT FROM AUTHOR]

Our understanding of the rotary-coupling mechanism of F1-ATPase has been greatly enhanced in the last decade by advances in X-ray crystallography, single-molecular imaging, and theoretical models. Recently, Volkán-Kacsó and Marcus [S. Volkán-Kacsó, R. A. Marcus, Proc. Natl. Acad. Sci. U.S.A. 112, 14230 (2015)] presented an insightful thermodynamic model based on the Marcus reaction theory coupled with an elastic structural deformation term to explain the observed γ-rotation angle dependence of the adenosine triphosphate (ATP)/adenosine diphosphate (ADP) exchange rates of F1-ATPase. Although the model is successful in correlating single-molecule data, it is not in agreement with the available theoretical results. We describe a revision of the model, which leads to consistency with the simulation results and other experimental data on the F1-ATPase rotor compliance. Although the free energy liberated on ATP hydrolysis by F1-ATPase is rapidly dissipated as heat and so cannot contribute directly to the rotation, we show how, nevertheless, F1-ATPase functions near the maximum possible efficiency. This surprising result is a consequence of the differential binding of ATP and its hydrolysis products ADP and Pi along a well-defined pathway. [ABSTRACT FROM AUTHOR]

Abstract Cements and shales play a vital role in the construction and energy sectors. Here, we use a set of advanced NMR methods to characterize the porous networks and dynamics of fluids in hydrated cement and shale samples. We compare the properties of cements from two different manufacturers, BASF and Portland, as well as shales brought from USA and China. 129Xe NMR spectra of xenon gas adsorbed in the samples indicate that the capillary mesopores are smaller and the exchange between free and confined gas is slower in the Portland than in the BASF cement samples. The pores probed by xenon in the shale samples from USA are significantly smaller than in the cement samples, partially in the micropore region. There is a substantial difference in between the 129Xe spectra of shales from USA and China. Whereas the latter show a clear signature of paramagnetic impurities by exhibiting large negative 129Xe chemical shifts (referenced to the free gas), the samples from USA lack the negative chemical shifts but feature large positive shift values, which may indicate the presence of micropores and/or paramagnetic defects. 1H NMR cryoporometry measurements using acetonitrile as probe liquid allowed the observation of mesopores in the shale samples as well, and T 2 - T 2 relaxation exchange experiment enabled the quantification of the exchange rates between free and confined acetonitrile. Graphical abstract Image 1 Highlights • Porous structure of shales and cements was studied by 1H and 129Xe NMR spectroscopy. • Xenon highlights capillary pores in cements and micropores in shales. • NMR cryoporometry reflects mesopore size distribution in shales. • Chemical composition of shales affects the paramagnetic effects. [ABSTRACT FROM AUTHOR]

An intertemporal optimization model is developed to examine the determinants of the long‐run nominal yen‐dollar exchange rate in the presence of national debts. The model is tested empirically using data from Japan and the United States. The proposed theoretical specification is well supported by the data and shows that relative national debts as well as monetary and financial factors may play a significant role in the determination of the long‐run nominal exchange rate between the yen and the dollar. [ABSTRACT FROM AUTHOR]

In August of 1971, President Nixon announced that the United States was "closing the gold window," bringing an end to the postwar system of international exchange rate stability and precipitating a period of significant uncertainty and transformation in global institutions. Although this critical historical episode is important for an understanding of historical "neoliberalism" and institutional change, modern sociological perspectives have scarcely been applied to it. The present analysis uses archival data to show that closing the gold window was never the goal or preferred strategy of the Nixon administration, which had spent years preparing much more modest reforms. Nevertheless, US policymakers took this unilateral action as a contingency plan to achieve a short-term goal, knowing that it would dramatically change the functioning of the international economy. Surprisingly, the autonomous structure of the IMF did not channel US initiatives toward gradual evolution but rather helped determine a radical change in strategy. [ABSTRACT FROM AUTHOR]

This paper examines the effects of exchange rate depreciation to the U.S. economy in a factor‐augmented vector autoregression model using monthly data of 148 variables for the post–Bretton Woods period of 1973–2017. Exchange rate shock is identified to reflect exogenous disturbances to the foreign exchange market, and movements in exchange rate that are not accounted for by changes in the U.S. monetary policy. We find that depreciation is expansionary and inflationary to the broad U.S. economy, the current account improves over time conforming to the J‐curve theory, and monetary policy is leaning against the wind. [ABSTRACT FROM AUTHOR]

The announcement made by the Fed Chairman, Ben Bernanke, on May 22, 2013 regarding the reduction of the quantitative easing programme that took by storm the financial markets determined the significant volatility increase of the US markets and it was not limited to it. The financial markets in the emerging countries that benefited from an increase in their financial flows during the quantitative easing programme were the most affected by this announcement through the volatility increase, depreciation of exchange rate and massive capital outflows. The current paper tackles volatility and volatility transmission from the US market determined by the change of monetary policy to the Eastern European markets. To study the volatility of each stock and bond market of the countries in Eastern Europe, we used univariate heteroscedastic models while for the analysis of volatility transmission from the US market to the Eastern European markets we used the multivariate heteroscedastic models. The results obtained confirm the volatility transmission both on the stock markets, with the exception of Latvia and Lithuania, and on the bond markets in Eastern Europe. [ABSTRACT FROM AUTHOR]

This paper introduces a new approach to the study of the exchange rate chaotic dynamics. By making an adaptation of the USA-dollar exchange rate (x-rate) in Peru to physical magnitudes, an investigation of its chaotic behavior has been executed. The state space of the exchange rate has been constructed and, it has been found that this space shows indeed a chaotic structure, resembling that of some ideal chaotic systems, but it does not get to show any strange attractor, like those found in studies of chaos based on physics models, which is justified by the fact that the factors influencing the daily price of the dollar in Peru are neither ideal nor deterministic. Only an ideal mathematical model of the x-rate, fed with deterministic data would generate the impressive orbits (strange attractors) obtained from physics ideal models. Additionally, since the rate of exchange is updated every day by the inclusion of current data, the former is far from being a dissipative system, which also justifies the absence of any attractor. Officially in Peru the x-rate is not controlled, it is rather freely floating hence, the records used to carry out the investigation this paper reports about, are real-life data which were taken from the daily x-rates along the latter five years. Due to this short term data, results are limited, however it can be concluded that the x-rate shows in-fact a rather disordered dynamics typical of chaotic systems. [ABSTRACT FROM AUTHOR]

China and Germany are comparable in terms of having persistent trade surplus with the USA, but they differ in how their currencies are valued. By invoking the China–Germany comparison, this paper finds that there is weak, if any, statistical association between the US trade deficit and the exchange rate. This finding is robust to long-run vs. short-run horizon, without vs. with an instrumental variable, and in-sample fitting vs. out-of-sample forecasting. This paper predicts that the US trade deficits with China and Germany will continue to rise in the presence of a recovery in the US economy. [ABSTRACT FROM AUTHOR]

This paper analyses the relationship between the trade volume and the volatility of the real effective exchange rate for the case of the U.S. and Turkey. The exchange rate volatility is modeled as a GARCH(1,1) process. We employ the popular ARDL bounds testing approach to investigate the existence of a long-run relationship. Unlike most other studies, this paper uses disaggregated monthly data from ten major industries, to make the identification of industry specific effects possible. We find that, the volatility of the real effective exchange rate is soley in one industry a significant regressor in the long run. Exports from Turkey to the U.S. mostly depend on the real effective exchange rate, imports of Turkey from the U.S., on the other hand, depend mostly on the Turkish industrial production index. The results of the bounds test confirm the ambiguity of the findings of previous studies. [ABSTRACT FROM AUTHOR]

In an attempt to rescue the U.S. financial market and to stimulate the economy, the Federal Reserve introduced a number of non-conventional monetary policy tools. Termed as "credit easing" and aimed at lowering both the short-term and the long-term interest rates and thereby boosting the consumption and investment demand and, in turn, stimulating the economy, this policy had the effect of altering both the size and composition of the Federal Reserve's balance sheet. These nonconventional policy tools were thought to be necessary when conventional policy tool, such as, the federal funds rate target had almost reached zero. These policy tools were implemented in the forms of: (a) lending to financial institutions, (b) providing liquidity to key credit markets, and (c) purchasing longer-term securities. There have been several studies on the impact of the recent U.S. monetary policy. But these studies mainly focus on its effect on the interest rate, the commodity prices, and the exchange rates. None of these studies have examined the impact of U.S. monetary policy on a specific country, a specific group of countries, or the world economy. Also, these studies do not use a general equilibrium model that takes into account both the goods market and the money market equilibrium condition. We develop a general equilibrium model of income, in which the domestic real GDP is a function of domestic currency's exchange rate and the foreign monetary base. We, then, apply the model on a panel data on the United States and the BRICS countries to see if U.S. credit easing has any effect on BRICS countries' real GDP. Our study finds that the recent U.S. monetary policy of credit (quantitative) easing has an adverse effect on BRICS countries' real GDP. This finding seems intuitive, because, the increase in the U.S. money supply caused by its pursuance of the credit easing policy will lower the interest rate in the U.S. increasing the relative prospective rate of return on investment in the United States. This increased relative rate of return causes increased capital flow into the U.S. from abroad including the BRICS countries. The capital outflows, in turn, lower the investment and, consequently the real GDP in BRICS countries. Also, the random effect is negative for Brazil and Russia, while it is positive for China, India, and South Africa, suggesting that the U.S. monetary policy has a greater negative impact on the real GDP of Brazil and Russia than on that of other BRICS countries. The policy implication of our finding is that an easy monetary policy, such as, quantitative easing does lower the interest rate and increase domestic investment and thereby stimulate the economy. Therefore, some of the policy measures the BRICS countries can take to insulate their economies from a negative impact of the U.S. monetary policy is to implement a similar (easy) monetary policy in their own countries or exercise a direct control on capital outflow. [ABSTRACT FROM AUTHOR]

Las Vegas has developed into one of the world's top tourist destinations, and the international market has become a vital stream of the city's revenue. The objective of this study was to understand the foreign exchange rate as a determinant for international gaming demand in the Las Vegas gaming industry. This study applied the econometric modeling method of panel data analysis to secondary data originated from a Las Vegas Strip casino property. This study attempted to validate the foreign exchange effect through empirical investigation. Results of this study showed that foreign exchange rate has an impact on international gaming demand. [ABSTRACT FROM AUTHOR]

This paper quantitatively compares the intrinsic features of the daily USD-GBP exchange rates in two different periods, the 1920s and the 2010s, under the same freely floating exchange rate system. Even though the foreign exchange markets in the 1920s seem to be much less organized and developed than in the 2010s, this paper finds that both the long memory volatility property and the structural break appear to be the common intrigue features of the exchange rates in the two periods by using the FIGARCH model. In particular, the long memory volatility properties in the two periods are found to be upward biased and overstated because of the structural breaks in the exchange markets. Thus this paper applies the Adaptive-FIGARCH model to consider the long memory volatility property and the structural breaks jointly. The main finding is that the structural breaks in the exchange markets affect the long memory volatility property significantly in the two periods but the degree of the long memory volatility property in the 1920s is reduced more remarkably than in the 2010s after the structural breaks are accounted for; thus implying that the structural breaks in the foreign exchange markets in the 1920s seem to be more significant. [ABSTRACT FROM AUTHOR]

The determinants of exchange rates have attracted considerable attention among researchers over the past several decades. Most studies, however, ignore the possibility that the impact of oil shocks on exchange rates could vary across the exchange rate returns distribution. We employ a quantile regression approach to address this issue. Our results indicate that the effect of oil shocks on exchange rates is heterogeneous across quantiles. A large US depreciation or appreciation tends to heighten the effects of oil shocks on exchange rate returns. Positive oil demand shocks lead to appreciation pressures in oil-exporting countries and this result is robust across lower and upper return distributions. These results offer rich and useful information for investors and decision-makers. [ABSTRACT FROM AUTHOR]

Purpose – The recent fluctuations in farm income remind us of the boom-bust nature of the agricultural sector. To better understand these fluctuations in farm income, the purpose of this paper is to examine the relationship between farm income and influential factors from 1964 to 2010 allowing for structural breaks in the data. Design/methodology/approach – The authors estimate error-correction models for an overarching model and several sub-models at different scales based on their relationship with farm income: micro, meso, and macro. The authors then provide a series of impulse response functions (IRFs) that combine short- and long-run impacts in a rigorous framework indicating the response of farm income to shocks from any of the explanatory variables. Findings – Results indicate that prices paid (PP) and received by farmers, technological change, interest and exchange rates (ERs), gross domestic product (GDP) and land prices all influence farm income. Results using IRFs show how increases in farm income arise from shocks to prices received and GDP; while PP, interest rates, and land prices have a negative impact on farm income. Technological progress and ERs switch from having a negative short-run impact, to a positive long-run impact. Originality/value – This paper takes a fresh look at the single, overarching model for farm income determinants. The authors break this model into three separate levels, with results indicating that these sub-groups perform better than the one overarching model of all variables. [ABSTRACT FROM AUTHOR]

The S-curve hypothesis postulates that the correlation coefficient between the current exchange rate and past trade balance values may be negative. However, the correlation between the current exchange rate and future values of the trade balance may be positive. Previous research using aggregate trade flows between Brazil and rest of the world find weak support for the curve. When we disaggregate Brazil's trade flows with the U.S. and investigate 95 industries that trade between the two countries, we find support for the S-curve in 51 industries. Small and large industries and durable and non-durable commodities are found to benefit from currency devaluation. [ABSTRACT FROM AUTHOR]

This paper presents an alternative theory with regard to the Mexico-US real exchange rate. Our approach takes a long term perspective and employs a classical political economy framework developed by Anwar Shaikh. Unlike mainstream theories which focus on relative consumer or producer prices, we argue that relative unit labor costs of the Mexican and US manufacturing sectors is a good indicator of the real exchange rate. Moreover, we explore the role of government expenditures and the net capital flows to Mexico in the determination of the real exchange rate. The empirical methods used in this paper include unit root tests and three ARDL-ECM models. [ABSTRACT FROM AUTHOR]

A recovering economy, along with loose credit in the wake of the U.S. quantitative easing (QE) measures, has boosted Hong Kong's economic activities in the last couple of years. Nonetheless, it is not altogether positive, as Hong Kong, under the linked exchange rate system (to the U.S. dollar), essentially does not have its own monetary policy, and is thus highly susceptible not only to U.S. monetary policies but also to hot money from abroad. The latter helps create a more uncertain, and riskier, market environment. In response, investors' portfolio selections change, and financial institutions adjust the supply of loans which essentially determines consumption and investment behaviours, including housing demand. In light of such an intertwined nature between these markets, this paper, using a vector autoregression (VAR) model, examines the inter-relationships between housing transaction volume and a variety of factors, such as money supply, housing price, banks' loan-to-deposit ratio, stock market returns, and best lending rate. The findings reveal that all those factors do have a one-directional long-run relationship with transaction volume, and that shocks in property price contribute the most to the forecast errors of property transactions. Interestingly, housing transaction volume responds to shocks in money supply negatively, rather than positively as usually reported in western literature. The reason can be attributed to the fact that the supply of money in Hong Kong, due to the linked exchange rate, is primarily subjected to the influx of hot money; and that investors, in response, prefer the stock market for its liquidity and lower cost over the property market. Then, as stock price increases, so does housing demand (transaction volume) due to the wealth effect. Policy implications, with reference to such effect, are then discussed. [ABSTRACT FROM AUTHOR]

Several previous studies have found evidence that oil and natural gas prices in the United States are cointegrated. There is also evidence, however, that the re-lationship is unstable. One explanation is that technological changes alter the substitutability between natural gas and oil products. We reaffirm this finding, but also find evidence that the exchange rate influences the relative price of oil to natural gas in the United States. As in previous studies, we again find that short run departures from long run equilibrium are influenced by weather, product inventories, other seasonal factors and supply shocks such as severe tropical storms in the Gulf of Mexico. [ABSTRACT FROM AUTHOR]