Peter L. Rousseau's research while affiliated with Vanderbilt University and other places
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Publications (109)
We use indicators from the Global Financial Development Database to identify the effects of financial fragility on the finance-growth nexus for the period from 2000 to 2014. Regressions on our cross-country sample show that financial fragility and increased private credit have negative effects on growth. This result is robust to controlling for sys...
We study private equity in a dynamic general equilibrium model and ask two questions: (i) Why does the investment of venture funds respond more strongly to the business cycle than that of buyout funds? (ii) Why are venture fund returns higher than those of buyout? On (i), venture brings in new capital whereas buyout largely reorganizes existing cap...
President Jackson vetoed the bill to recharter the Second Bank of the United States on July 10, 1832. I describe events leading to the veto and through the bank's dissolution in 1836 using private correspondence and official government documents. These sources reveal a political process through which charges against the bank took hold, accomplices...
We explore variations in access to energy and telecommunications improvements across firms in 57 and 112 developing countries, respectively, between 2002 and 2014, and nd that national investments in technological infrastructures provide a channel through which financial development promotes firm-level adoption of tangible innovations. In particula...
Did financial development and international trade reinforce each other and drive economic growth more than a century ago? We investigate these linkages among 17 countries during the first wave of economic globalization (1850–1929). Cross-country dynamic panels as well as VARs and VECMs for individual countries indicate that financial development le...
Le développement financier et le commerce international se sont-ils renforcés mutuellement et ont-ils tiré la croissance économique il y a plus d'un siècle ? Nous étudions ces liens au sein de dix-sept pays durant la première vague de mondialisation économique (1850-1929). Des panels dynamiques portant sur plusieurs pays ainsi que des vecteurs auto...
Individual deposits in the United States grew from 5% to 23% of GDP between 1863 and 1913. A comprehensive database shows bank entry underlying this trend while historical events, including the National Banking Acts, resumption in 1879, and the election of 1896, influenced deposits at the bank-level. The nation's embrace of deposits was thus driven...
We talk to three experts in asset prices, who summarise the pros and cons of investing in fine wine
Fragile by Design by Charles W. Calomiris and Stephen H. Haber introduces a framework for understanding financial crises and credit abundance with politics at its center. Using the historical experiences of five nations to illustrate, the authors propose that democracies such as the United States and Canada can have stable banks and ample credit so...
We provide new evidence from a large number of countries during 1975-2004 which suggests that the quality of financial development is now more important for growth than the quantity. Specifically, we show that the interplay between a new measure of banking supervision (which captures aspects of both regulation and supervision) and various types of...
The Half Has Never Been Told: Slavery and the Making of American Capitalism. By Baptist Edward E. . New York: Basic Books, 2014. Pp. xxvii, 498. $35.00, cloth. - Volume 75 Issue 3 - John E. Murray, Alan L. Olmstead, Trevon D. Logan, Jonathan B. Pritchett, Peter L. Rousseau
Using historical price records for Bordeaux Premiers Crus, we examine the impact of aging on wine prices and the long-term investment performance of fine wine. In line with the predictions of an illustrative model, young maturing wines from high-quality vintages provide the highest financial returns. Past maturity, famous châteaus deliver growing n...
Studies have shown a connection between finance and growth, but most do not consider how financial and real factors interact to put a virtuous cycle of economic development into motion. As the main transportation advance of the nineteenth century, railroads connected established commercial centers and made unsettled areas along their routes better...
Does financial development enable economic growth in developing countries? We find evidence for this in sub-Saharan Africa, a region where there is an urgent need to promote growth. Using a modern time series methodology and data for 22 countries over the period from 1960 to 2009, we find unidirectional links from financial development to measures...
Is political unity a necessary condition for a successful monetary union? The early United States seems a leading example of this principle. But the view is misleadingly simple. I review the historical record and uncover signs that the United States did not achieve a stable monetary union, at least if measured by a uniform currency and adequate saf...
Using historical price records for Premiers Crus Bordeaux, we examine the impact of aging on wine prices and the long-term investment performance of fine wine. In line with the predictions of an illustrative model, young maturing wines from high-quality vintages provide the highest financial returns. Past maturity, famous châteaus deliver growing n...
The “Federalist financial revolution” may have jump-started the U.S. economy into modern growth, but the Free Banking System (1837-1862) did not play a direct role in sustaining it. Despite lowering entry barriers and extending banking into developing regions, we find in county-level data that free banks had little or no effect on growth. The resul...
We trace directors through time and across firms to study whether acquirers' exposures to non-public information about potential targets through board service histories affect the market for corporate control. In a sample of publicly-traded U.S. firms from 1996 through 2006, we find that acquirers are about five times more likely to buy firms at wh...
The Philadelphia Stock Exchange and the City It Made. By VitielloDomenicwith ThomasGeorge E.. Philadelphia: University of Pennsylvania Press, 2010. Pp. xvi, 253. $45.00, cloth. - Volume 71 Issue 3 - Peter L. Rousseau
We explore the role of government in the nexus of finance and trade starting from the earliest days of organized finance in England and then broadening the analysis to 84 countries from 1960 to 2004. For 18th century England, we find that government expenditures and international trade did have a positive effect on financial development when measur...
We examine the relationship between intermediaries, stock markets, and real activity in four East Asian crisis economies (Indonesia, Korea, Malaysia, and Thailand) using a series of comparative vector autoregressive and error correction models with quarterly data from 1995 through 2010, thus including both the financial crises of 1997-98 and 2008-9...
We study linkages between financial development, international trade, and long-run growth using data since 1880 for seventeen now-developed “Atlantic” economies and a set of cross-country and dynamic panel data models. We find that finance and trade reinforced each other before 1930, but that these effects did not persist after the Second World War...
We examine econometrically the real effects of paper money's introduction into colonial New England over the 1703-1749 period. Departing from earlier analyses that focus primarily on the depreciation of paper money in the region, we show that expansion of the money stock promoted growth in modern sector activity and not the other way around. We als...
The rapid growth of deposits in New York City over the three decades following the Civil War is often attributed to the release of pent-up demand for the services that transactions accounts could provide. I advance a complementary explanation that centers on the existence of an increasingly efficient market for bank shares. The stock market was imp...
One Nation Under Debt: Hamilton, Jefferson, and the History of What We Owe. By WrightRobert E.. New York: McGraw Hill, 2008. Pp. vii, 419. $28, cloth. - Volume 69 Issue 2 - Peter L. Rousseau
The Electoral Palatinate was by all accounts a particularly unstable region of the Holy Roman Empire in the seventeenth and early eighteenth centuries. Located on the Empire's western boundary, the region was devastated in the Thirty-Years War. This included the exile of Calvinist Elector Frederick V in 1623 and his replacement with the Catholic Ma...
Investment of U.S. firms responds asymmetrically to Tobin’s Q: investment of established firms — ‘intensive’ investment — reacts negatively to Q whereas investment of new firms — ‘extensive’ investment — responds positively and elastically to Q. This asymmetry, we argue, reflects a difference between established and new firms in the cost of adoptin...
In this essay I propose that the adoption of the U.S. dollar as a common currency shortly after the ratification of the Federal Constitution and the accompanying transition from a fiat to specie standard was a pivotal moment in the nation's early history and marked an improvement over the monetary systems of colonial America and under the Articles...
Financial economists have long believed that the liquidity of shares affects the level of participation in equity markets and is thus central to their deepening. This study examines the growth in industrial share liquidity that occurred in Boston over the latter half of the 19th century. From primary sources hitherto unused for scholarly investigat...
A large body of evidence links financial development to economic growth, yet the channels through which inflation affects this relationship and its stability have been less thoroughly explored. We take an econometric and graphical approach to examining these channels, and find that higher levels of financial development, combined with low-inflation...
Using two newly available datasets of exchange-listed firms in China covering the period from 1994 to 2003, we test if share-issue privatization, defined here as a change of corporate control from the State to private owners rather than the IPO event used in earlier studies, improved firm performance. Our econometric analysis shows that privatizati...
We model merger waves as reallocation waves, and argue that mergers spread new technology in a way that is similar to that of the entry and exit of firms. We focus on two periods: 1890-1930, during which electricity and the internal combustion engine spread through the U.S. economy, and 1970-2000-the Information Age. As the model implies, reallocat...
Growth of technological variety offers more scope for the division of labor. And when a division of labor requires some specific training, the technological specificity of human capital grows, and, with it, probably the firm specificity of that capital grows. We build a simple model that captures this observation. The model implies that a rising sp...
Founding Corporate Power in Early National Philadelphia. By SchocketAndrew M.. De Kalb, IL: Northern Illinois University Press, 2007. Pp. xiii, 274. $42.00. - Volume 68 Issue 3 - PETER L. ROUSSEAU
A large body of evidence links financial development to economic growth, yet the channels through which inflation affects this relationship are less thoroughly explored. We take a trilateral graphical approach to analyzing these channels, and find that higher levels of financial development, combined with low inflation, are related to higher rates...
We consider the roles of monetary shocks and tightening credit market conditions in the transmission of South Korea's 1997 financial crisis to the real sector, and compare the relative impacts of these factors on production in light and heavy industries. Using structural regression equations, vector autoregressive models, and the accompanying dynam...
We consider the roles of monetary shocks and tightening credit market conditions in the transmission of South Korea's 1997 financial crisis to the real sector, and compare the relative impacts of these factors on production in light and heavy industries. Using structural regression equations, vector autoregressive models, and the accompanying dynam...
Among the thirteen original colonies, Pennsylvania was most successful at issuing paper money with only minimal effects on prices -- so much so that the colony's experience is sometimes seen as violating the classical quantity theory of money. Quantity theorists usually attribute this apparent anomaly to mismeasurement of the money stock. In contra...
We examine investment behavior among exchange-listed Korean manufacturing firms before and after the 1997 financial crisis using firm-level panel data. Starting with the standard Q-theory of investment, we augment it by allowing for a sales accelerator and the possibility of cash constraints, categorizing firms based on their age, size and affiliat...
The Democratization of Invention: Patents and Copyrights in American Economic Development, 1790–1920. By B. Zorina Khan. New York: Cambridge University Press, 2005. Pp. Xvii, 322. $60.00. - - Volume 66 Issue 3 - PETER L. ROUSSEAU
We consider the roles of monetary shocks and tightening credit market conditions in the transmission of South Korea's 1997 financial crisis to the real sector, and compare the relative impacts of these factors on production in light and heavy industries. Using structural regression equations, vector autoregressive models, and the accompanying dynam...
Using quarterly data for 1995–2005, we examine the role of financial factors in China's recent increases in real sector activity. After describing the institutional challenges that China faces in building a well-functioning equity market to complement its banking system, a series of cointegrated vector autoregressive models and the associated varia...
Recent cross-country investigations of the role of institutional fundamentals, such as the protection of property rights,
in promoting financial development have extended a literature that has for decades maintained that financial factors can affect
real outcomes. In this article we pursue this new direction by considering relationships between fin...
Although the finance-growth relationship is now firmly entrenched in the empirical literature, we show that it is not as strong in more recent data as it was in the original studies with data for the period from 1960 to 1989. We consider two related explanations. First, excessive financial deepening or too rapid growth of credit may have led to bot...
The transition of the US money supply from the mixture of paper bills of credit, certificates and foreign coins that circulated at various exchange rates with the British pound sterling during the colonial period to the unified dollar standard of the early national period was rapid and had far-reaching consequences. This article documents the trans...
This special issue of Explorations in Economic History includes four articles that delve into the 19th century financial development of Belgium, Germany, Sweden, and Japan, and relate these developments to economic growth. In this guest editor’s introduction, we survey current thinking about “financial revolutions” and their role in rapidly assembl...
This paper takes a time series approach to investigate whether the intensity of financial intermediation promoted investment and growth in 10 Asian economies over the 1950–2000 period. We do this by using vector autoregressive models (VARs) and vector error correction models (VECMs) to examine the nature of statistical causality between measures of...
Although the finance-growth nexus has become firmly entrenched in the empirical literature, studies that question the strength of the empirical results have appeared and seem to have become more frequent as well. In this paper we reexamine the core crosscountry panel results that established the relationship between financial depth and growth rates...
Studies of early U.S. growth traditionally have emphasized real-sector explanations for an acceleration that by many accounts became detectable between 1815 and 1840. Interestingly, the establishment of the nation's basic financial structure predated by three decades the canals, railroads, and widespread use of water and steam-powered machinery tha...
Finance, Intermediaries, and Economic Development. Edited by Stanley L. Engerman, Philip T. Hoffman, Jean-Laurent Rosenthal, and Kenneth L. Sokoloff. Cambridge: Cambridge University Press, 2003. Pp. ix, 350. £45.00. - - Volume 65 Issue 3 - PETER L. ROUSSEAU
A general purpose technology or GPT is a term coined to describe a new method of producing and inventing that is important enough to have a protracted aggregate impact. Electricity and information technology (IT) probably are the two most important GPTs so far. We analyze how the U.S. economy reacted to them. We date the Electrification era from 18...
Studies of early US growth traditionally emphasize real-sector explanations for an acceleration that is evident by the period 1815–1840. Interestingly, establishment of the nation's modern financial structure predated by three decades the transportation improvements and widespread use of water- and steam-powered machinery that are thought to have t...
We study the relation between IPO investment and the rate of interest. We model the IPO timing decision and show that the implied relation between interest rates and investment is non-monotonic, and the data support the implication. At low rates of interest firms delay their IPOs. This happens because during the pre-IPO period the firm forgoes earn...
This paper develops a set of criteria for identifying the arrival of a general purpose technology (GPT) and applies them to the electification and IT "revolutions" of the late 19th and early 20th centuries. The criteria suggest that a GPT should be 1) pervasive, 2) improving over time, and 3) able to spawn new innovations. We find that electrificat...
Why the Bubble Burst: US Stock Market Performance since 1982. By Lawrance Lee Evans Jr. Cheltenham, UK, and Northampton, MA: Edward Elgar Publishing, 2002. Pp. ix, 237. $90.00 - - Volume 64 Issue 1 - PETER L. ROUSSEAU
This article studies the relation between IPO investment and the rate of interest. The 1950s and early 1960s, especially, were periods of very low real interest rates, and IPO investment was very low, with firms delaying their IPOs significantly. The authors find a qualitative difference between investment of IPO-ing firms and the investment of inc...
We find that new firms real investment responds much more elastically to aggregate Tobin s Q than does that of established firms. On the financial side, IPOs respond more elastically to Tobin s Q than seasoned offerings of securities. The explanation seems to be that a high aggregate Q raises new firms desired investment much more than it raises th...
This chapter, which explores the links between domestic financial development, domestic growth, and international financial market integration, begins with a discussion of the meaning of a good or well-functioning financial system. Next, it develops several historical case studies of countries that built such systems early in their modern economic...
Howard Bodenhorn, A History of Banking in Antebellum America: Financial Markets and Development in an Era of Nation-Building (Cambridge: Cambridge University Press, 2000. 282 pp. £15.95). - - Volume 9 Issue 2 - PETER L. ROUSSEAU
This paper uses standard tools of empirical macro economics to examine how well the existing historical time series support a role for financial factors in real sector activity in four economies that experienced what are widely considered to be 'financial revolutions' over the past 400 years. The evidence presented for the Dutch Republic (1600-1794...
The IPOs of the Electricity/Internal Combustion revolution created more lasting value than the IPOs of the IT revolution. Stock-market data point to two explanations for this. First, computer prices have been falling much faster than did those of electricity and internal combustion in the 1890-1930 period, and so the value of each generation of com...
The NIPA and stock-market data both show that firm owners keep a larger fraction of output today than they did 75 years ago. We argue that a rising specialization of human and physical capital has raised the rents in the average match between a firm and its human and physical capital. As those rents have grown, the firm's share of those rents has a...
The robustness of the cross-sectional relationship between the size of a country’s financial sector and its rate of economic growth is by now well established. In this article, we examine whether the strength of this relationship varies with the inflation rate. Using five-year averages of standard measures of financial development, inflation, and g...
A number of hypotheses attempt to disentangle the true causes of the Panic of 1837 from domestic and international factors that came into play as the crisis approached. I analyze U.S. government documents and contemporary newspapers to reconsider the role of domestic factors. These sources place neither the official distribution of the federal surp...
The Q-theory of investment says that a firm's investment rate should rise with its Q. We argue here that this theory also explains why some firms buy other firms. We find that 1. A firm's merger and acquisition (M&A) investment responds to its Q more -- by a factor of 2.6 -- than its direct investment does, probably because M&A investment is a high...
We model Moore's Law as efficiency of computer producers that rises as a by-product of their experience. We find that (a) because computer prices fall much faster than the prices of electricity-driven and diesel-driven capital ever did, growth in the coming decades should be very fast, and that (b) the obsolescence of firms today occurs faster than...
The robustness of the cross-sectional relationship between the size of a country's financial sector and its rate of economic growth is by now well established. In this article, we examine whether the strength of this relationship varies with the inflation rate. Using five-year averages of standard measures of financial development, inflation, and g...
The term "new economy" has, more than anything, come to mean a technological transformation, and in particular its embodiment in the computer and the internet. These technologies are more human capital intensive than earlier ones and have probably hastened the pace of the shift in the U.S. economy towards the service industries. The new economy is...
We analyze mergers over the past century in a growth model that emphasizes technological change. We explain the positive relation between mergers and stock prices, the positive relation between internal growth of firms and their acquisitions, and the positive relation of mergers with other measures of reallocation such as entry and exit. More broad...
This paper brings together two strands of the economic literature -- that on the finance-growth nexus and that on capital market integration -- and explores key issues surrounding each strand through both institutional/country histories and formal quantitative analysis. We begin with studies of the Dutch Republic, England, the U.S., France, Germany...
This paper examines whether financial intermediaries have played a leading role in influencing India's economic performance. After describing the evolution and functions of the financial sector, we construct a set of vector autoregressive (VAR) and vector error correction models (VECM) to evaluate the strength and direction of the links between mea...
The authors find that supply risk in the market for Treasury bills adds between 10 basis points and 40 basis points to the standard deviation of the T-bill interest rate. The risk will probably increase unless the Fed expands the set of assets that it uses to conduct open market operations.
The rapid expansion of organized equity exchanges in both emerging and developed markets has prompted policymakers to raise important questions about their macroeconomic impact, yet the need to focus on recent data poses implementation difficulties for econometric studies of dynamic interactions between stock markets and economic performance in ind...
Using 114 years of U.S. stock market data we try to relate movements in stock prices to changes in technology. We find measures of technological progress explain 37% of the 3.9% annual growth in the stock market over the 1885-1998 period, the "Jazz-Age" (1918-1934) entrants were not overvalued, in spite of the 1929 crash and the Great Depression, a...
We argue that a firm's organization capital depends on the state of technology when the firm was born and on the technologies that have followed. We estimate vintage effects on the value of firms from 114 years of stock market data. We find: 1) a surprisingly strong upward trend in the stock-market share of the largest firms, 2) a very large quanti...
It is generally thought that there is a negative long-term relationship between inflation and growth and a positive long-term relationship between financial development and growth. The existing empirical literature suggests that the finance-growth relationship is more robust than the inflation-growth relationship. In this paper we explore the trian...
We introduce a new hybrid approach to joint estimation of Value at Risk (VaR) and Expected Shortfall (ES) for high quantiles of return distributions. We investigate the relative performance of VaR and ES models using daily returns for sixteen stock market indices (eight from developed and eight from emerging markets) prior to and during the 2008 fi...
This article combines data from Jeremy Atack and Peter L. Rousseau (1999) and Rousseau (1999) to present broad-based indexes of annual prices, dividends, and holding period returns for banking and industrial equities traded in the Boston stock market from 1835 to 1897. The segments from Rousseau (1999), which begin in 1854, use stock prices from th...
The rapid growth of equity markets in emerging economies over the past decade has prompted economists to raise important questions about their macroeconomic impact. Although the relative brevity of this expansion has made it challenging to perform such an evaluation, there remains a strong notion that liquidity promotes participation in equity mark...
This paper examines whether financial factors played a leading role in the rising investment rates and per capita incomes that characterized Japan over the 1880–1913 period. After an account of financial reforms undertaken during the Meiji transition (1868–1884) that created favorable conditions for successful finance-led development, a set of vect...
This paper examines the performance of the Boston stock market, the nation's premier market for industrials, between 1835 and 1869, developing new indexes of price performance, dividend yields and total holding period returns for bank stocks and industrial equities using annual data from Martin (1871). Using these new series and a set of VAR models...
This paper examines the nature of links between the intensity of financial intermediation and economic performance that operated in the United States, the United Kingdom, Canada, Norway, and Sweden over the 1870-1929 period. After describing the coevolution of the financial and real sectors in these countries, vector error correction models (VECMs)...
Citations
... Similarly, Sahay et al. proved that the impact of financial development on economic growth weakens at higher levels of financial development, determined by financial depth, namely the size and liquidity of financial markets and institutions [75]. Demetriades et al. argued that large amounts of impaired loans exacerbated the negative impact of private credit on economic growth for 124 countries during 1998-2012 [76]. After quantitative easing, as stated by Perillo and Battiston, increases in loans and deposits, debt securities, stocks and other capital are not associated with increased financing of the real sector of the economy [77]. ...
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... His recent contribution has focused on exploring the moderating role of technological infrastructure and electrification in the FG nexus. [51] Figure 7 1 shows the density visualization map for the most cited document. The results highlight that Allen et al. [52] is the most cited document followed by Hook and Singh. ...
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... O fenômeno contemporâneo da globalização, que implica na transposição de fronteiras geográficas de países e/ou territórios para a realização de intercâmbios culturais, de pessoas e de produtos (bens e serviços), tende a estimular os processos de criação de blocos de integração socioeconômica e cultural -tais como a União Europeia (UE), o Tratado Norte-Americano de Livre Comércio (NAFTA), além do Mercado Comum do Sul (Mercosul), só para citar alguns poucos exemplos (D'ONOFRIO;ROUSSEAU, 2018). ...
... First, national banks funded themselves through the issue of bank notes. The second and more important source of funding was demand deposits, which grew from five percent of GDP in 1864 to nearly 25 percent by 1912 (Jaremski and Rousseau, 2018). 6 Deposits could either come from individuals or from other banks. ...
... Therefore, the sharp volatility of exchange rate is not conducive to economic growth and international trade. At this stage, the core contents of promoting financial opening in China mainly include financial industry opening, exchange rate marketization reform, RMB capital account free exchange, and RMB internationalization [15][16][17]. With regard to the impact of trade opening on the volatility of real exchange rate, it is generally believed that after trade opening, the price of imported goods will be reduced, the trade barriers between countries will be reduced, and the volatility of real exchange rate will be reduced. ...
... Current studies on the finance-growth nexus are shifting toward threshold analysis to account for potential nonlinearities in these growth equations. The authors classified countries based on their financial development status, which they ranked as high, intermediate, or low financial development (Rioja & Valev, 2004;Rousseau & Yilmazkuday, 2009) or divergence from optimum financial development (Graff & Karmann, 2006), as well as their inflation rates, which they classified as below and above the optimal threshold inflation (Bruno & Easterly, 1998;Fischer, 1993;Khan et al., 2006;Khan & Senhadji, 2001;Rousseau & Wachtel, 2002Rousseau & Yilmazkuday, 2009;Yang, 2019). Rousseau and Wachtel (2002) discovered that the threshold for inflation for the financegrowth nexus falls between 13 and 25%, and finance no longer promotes economic growth once inflation exceeds the maximum point. ...
... We also nd that rms with these capabilities coupled with greater access to nance experience higher growth in sales and employment. Our results suggest that rm-level nancial access can play a key role in mediating the eectiveness of investments in energy 1 Examples are Demetriades and Hussein (1996), Rousseau and Wachtel (1998), Beck (2002), Ang and McKibbin (2007), Baltagi et al. (2009), and Rousseau and D'Onofrio (2013). Levine (1997), See Levine et al. (2000), and Levine (2005) for useful surveys. ...
... Contrary to the consideration of the Schumpeter hypothesis, Chandavarkar (1992), Rousseau and Xiao (2007), and Pradhan et al. (2013) studies find supportive evidence of the neutrality hypothesis. These studies' results show that there is no significant causality between economic growth and financial development. ...
... Investments can be affected from external and internal factors, as the growth opportunities, (Rousseau and Kim, 2008), certain financial constraints, either bank lending or own sources available for investments, see for example, Kasahara (2008), Zubair et al. (2020). Financial and economic crisis may have a negative effect on investment decisions. ...
... Economic growth is proxied by GDP per capita growth (henceforth EG). In line with Demirguc-Kunt and Detragiache (2001), Gaytan and Ranciere (2004), Yalmazkuday (2009), andPradhan (2011) who identified the importance of inflation and government expenditure in the finance-growth relationship, we include two control variables, namely, inflation represented by the annual percentage change in the consumer price index (henceforth Inf) and real gross government expenditure represented by the general government final consumption expenditure to GDP ratio (henceforth Gov). ...
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