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on South East Asia |
| By: | Chris Redl |
| Abstract: | This paper provides a decomposition of GDP and its deflator into demand and supply driven components for 12 Asian countries, the US and Europe, following the forecast error-based methodology of Shapiro (2022). We extend that methodology by (1) considering a wide range of statistical forecasting models, using the optimal model for each country and (2) provide a measure idiosyncratic demand and supply movements. The latter provides, for example, a distinction between aggregate demand driven inflation and, inflation driven by large shocks in only a small number of sectors. We find that lockdowns in 2020 are explained by a mix of demand and supply shocks in Asia, but that idiosyncratic demand shocks played a significant role in some countries. Supply factors played an important role in the post-COVID recovery, primarily in 2021, with demand factors becoming more important in 2022. The mix of shocks during the sharp increase in inflation in 2021-22 differs by country, with large and advanced economies generally experiencing more supply shocks (China, Australia, Korea), while emerging markets saw significant demand pressures pushing up prices (Indonesia, Malaysia, Philippines, Vietnam, Thailand). We illustrate the usefulness of the industry level shocks in two applications. Firstly, we consider whether industry supply shocks have created demand-like movements in aggregate prices and quantities, so-called Keynesian supply shocks. We find evidence for this mechanism in a minority of countries in our Asia sample, as well for Europe and the USA, but that these results are driven by the COVID-19 event. Secondly, we use the granularity of the industry shocks to construct country-level GDP shocks, driven by idiosyncratic movements at the industry level, to study cross country growth spillovers for the three large economic units in our sample: China, Europe and the US. |
| Keywords: | Inflation; Demand; Supply; Machine Learning; Spillovers |
| Date: | 2023–10–17 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2023/203&r=sea |
| By: | Canan Yildirim (ESC [Rennes] - ESC Rennes School of Business); Adnan Kasman (Adnan Menderes Üniversitesi); Fazelina Sahul Hamid (USM - Universiti Sains Malaysia) |
| Abstract: | The change in crossborder financial intermediation and rise in regional banking have consequences for competitive conduct in emerging countries' banking markets. Using data from the Association of Southeast Asian Nations countries' banks during 2011–2018, we examine the nexus between foreign ownership and banks' market power by controlling for the heterogeneity of foreign banks concerning their countries of origin (advanced vs. emerging and regional vs. nonregional). We find that the increasing presence of foreign banks from advanced countries is associated with lower bank market power because of higher marginal costs and lower price–cost margins of the domestic banks. However, the increasing presence of emerging countries' banks is associated with higher bank market power because of lower marginal costs and prices of domestic lenders. Our findings have implications for policies regarding bank competitiveness and promoting regional banking integration because domestic banks conduct differently under increased participation levels of advanced and emerging country foreign banks. |
| Keywords: | Bank market power, Foreign ownership, Regional banks, ASEAN |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03419478&r=sea |
| By: | André Tashi Gasser; Bruno Lanz |
| Abstract: | We exploit 0.5x0.5 degree raster data for mainland Southeast Asia from 2010 to 2020 to document a non-linear relationship between extreme temperature days and conflict. We show that the occurrence of conflict events increases with extreme maximum temperature days, whereas days with extreme minimum temperature decrease the occurrence of conflict. Because climate change makes both maximum and minimum temperature extremes more likely, these effects partially offset each other on aggregate. However, our results further suggest that the impact of extreme maximum and minimum temperature days differs for the type of conflict, actors involved and population affected, indicating complex distributional consequences. |
| Keywords: | Climate change; adaptation; conflict; extreme temperature |
| JEL: | Q54 O13 H56 D74 P48 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:irn:wpaper:23-05&r=sea |
| By: | Wanissa Suanin; Panit Wattanakoon (Faculty of Economics, Thammasat University) |
| Abstract: | Despite the declining fertility rates, demographic changes are anticipated to increase the world's population over the next several decades. Due to this shift, elderly people will outnumber younger ones. Because of age-related dietary preferences and food production efficiency, population demographics may have an impact on food trade patterns. The study uses structural gravity analysis to investigate the impact of demographic shifts on ASEAN food exports. The findings indicate that global population growth influences demand for ASEAN food exports. However, import demand is dwindling with age, particularly in developed countries and the European Union (EU). In contrast, the United States and China are prospective markets for ASEAN food exporters. These also apply to healthy food exports. A demographic shift toward an aging population also boosts ASEAN's export capacity. |
| Keywords: | Food trade, Healthy food, Demographic shifts, ASEAN |
| JEL: | F10 F14 Q18 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:tha:wpaper:78&r=sea |
| By: | Quỳnh, Như |
| Abstract: | Vietnamese scientists on the list of “100, 000 influential scientists” this year have increased sharply in number and rank. The ranking was published by Elsevier Publishing House (owner of the Scopus database), selected by a group of scientists led by Professor John PA Ioannidis and colleagues from Stanford University (USA) based on the Scopus database. The top 100, 000 list is selected from 210, 000 of the world’s most influential scientists in terms of most cited scientific articles. |
| Date: | 2023–10–05 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:daw7s&r=sea |
| By: | Panit Wattanakoon; Wanissa Suanin (Faculty of Economics, Thammasat University) |
| Abstract: | The 2019 global pandemic has served as a wake-up call for policymakers regarding the importance of prioritizing medical device security. As the virus spread, it was depleting supplies of key vital medical devices around the world. Many nations have then decided to impose export restrictions on certain pandemic-prevention-related medical devices. This paper argues that harmonization of regional safety standards could be another means for countries to promote regional medical device security. We examine how the EU Medical Device Regulation and ASEAN Medical Device Directive, regional efforts to harmonize safety standards, facilitates regional trade and contributes to the improvement of regional medical device security, using the gravity modeling framework. We find that EU version of safety standard harmonization promotes both regional and global trades, while ASEAN version can encourage only the regional, not the global one. |
| Keywords: | Medical Device Trade, Safety Standard Harmonization, EU, ASEAN, COVID-19 |
| JEL: | F10 F14 I18 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:tha:wpaper:79&r=sea |
| By: | Pongpitch Amatyakul; Panchanok Jumrustanasan; Pornchanok Tapkham |
| Abstract: | We investigate the impacts of fiscal transfers on households during the Covid-19 recovery period using a novel transaction-level money transfer dataset. The study focuses on direct fiscal transfers in 2021 that occurred as a result of the second major wave of Covid-19 in Thailand and analyses spending patterns for the recipients. We group the recipients by income levels and analyse patterns at the monthly and daily levels. The two main research questions are: (1) How much more spending did the groups make as a proportion of the fiscal stimulus? and (2) Did the stimulus makeup for lost spending during lock-down? We find that overall the recipients spent, on average, 40% of the money received over the first six days and 49% accumulatively over the first three months compared to a matched control group with similar characteristics. Unsurprisingly, the lower income group spent the highest proportion of the money received and the fiscal injection more than covered up for their lost spending during the lock-down period. |
| Keywords: | impacts of fiscal transfers, Covid-19, transaction-level data |
| JEL: | D12 H31 C55 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:1130&r=sea |
| By: | Jemey, Nursyuhada binti; Kasim, Nor Hasniah binti |
| Abstract: | This study investigates the impact of the COVID-19 pandemic on the consumption patterns of youth Malaysians, focusing on three important variables: changes in income, savings habits, and consumer credit. This study also aims to comprehensively understand the changing consumption patterns during the COVID-19 pandemic and the differences in consumption patterns between gender, living area, and educational level. As the primary method of data acquisition, 169 Malaysian youths aged 18 to 30 were administered a questionnaire. The findings revealed that changes in income, savings patterns, and consumer credit had a significant impact on the consumption patterns of Malaysian adolescents, thus concluding that the pandemic had a substantial impact on one’s financial behaviours. The results also revealed no significant difference in consumption patterns based on gender or residing area, but significant differences are obtained based on education level. Therefore, this study contributes to the existing body of knowledge regarding the effect of COVID-19 on consumption patterns and offers valuable guidance for various stakeholders in navigating the pandemic landscape. |
| Keywords: | COV-19, consumption patterns, income changes, saving habits, consumer credit, disparities |
| JEL: | K0 K2 |
| Date: | 2023–08–29 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:118841&r=sea |
| By: | Takeshi SAKADE |
| Abstract: | This paper highlights the current threats to civil liberties such as freedom of expression, association, peaceful assembly, and privacy, which include private corporations, government censorship, cyberattacks, fake news, and privacy breaches. The paper examines the crisis of social and political openness in the online space that citizens and internet companies should enjoy, and the need for multi-stakeholders to realize this. Actor-network theory, based on Bruno Latour’s ANT, discusses the nature of democracy in online space in societies with Confucian cultural principles that differ from Western cultural principles. Multi-stakeholderism is a framework that involves organizations and individuals from different positions in society, such as businesses, consumers, investors, workers, and NPOs, who participate in the multi-stakeholder process, cooperate, and play their respective roles. The organizations and individuals that hold the key to solving these problems are called “stakeholders”. A “multi-stakeholder process” is a consensus-building framework in which a wide variety of stakeholders participate on an equal footing and work together to solve problems. |
| Keywords: | Microcredit; |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:kue:epaper:e-23-005&r=sea |
| By: | musfika, Fika |
| Abstract: | PANDANGAN DASAR EKONOMI ISLAM Pandangan Dasar Ekonomi Islam menyatakan bahwa ekonomi Islam memandang bahwa kelangkaan (kelangkaan) bukanlah masalah yang asasi dari ekonomi manusia. Sehingga persoalan produksi, baik apa, bagaimana, dan untuk siapa komoditas akan diproduksi, bukanlah prioritas pembahasan Ekonomi Islam Menurut pandangan Islam, masalah ekonomi yang asasi bukan pada masalah produksi barang dan jasa. Masalah produksi dianggap masalah yang mudah untuk diselesaikan. Masalah asasi ekonomi baru muncul ketika manusia sudah mampu memproduksi barang dan jasa tersebut. Yakni, ketika barang dan jasa harus beredar di tengah-tengah masyarakat. Masalah ekonomi yang dianggap sebagai asasi adalah masalah interaksi manusia yang berkaitan dengan barang dan jasa di tengah-tengah manusia. Dengan kata lain, masalah ekonomi yang asasi adalah yang mencakup distribusi barang dan jasa di tengah-tengah manusia Ekonomi Islam memandang bahwa Islam diturunkan tidak secara khusus untuk menyelesaikan permasalahan produksi. Masalah produksi solusinya cukup diserahkan pada akal manusia. Tanpa bantuan dari Islam, akal manusia dengan sendirinya akan mampu menyelesaikan permasalahan produksi barang dan jasa tersebut Menurut pandangan Islam, masalah ekonomi yang asasi bukan pada masalah produksi barang dan jasa. Masalah produksi dianggap masalah yang mudah untuk diselesaikan. Masalah asasi ekonomi baru muncul ketika manusia sudah mampu memproduksi barang dan jasa tersebut. Yakni, ketika barang dan jasa harus beredar di tengah-tengah masyarakat Ekonomi Islam memandang bahwa masalah ekonomi yang asasi adalah masalah interaksi manusia yang berkaitan dengan barang dan jasa di tengah-tengah manusia. Dengan kata lain, masalah ekonomi yang asasi adalah yang mencakup distribusi barang dan jasa di tengah-tengah manusia. Fakta menunjukkan, bahwa barang dan jasa saat ini sudah mampu diproduksi secara melimpah ruah oleh manusia, bahkan sudah melebihi kebutuhan manusia itu sendiri. Fakta juga menunjukkan bahwa produksi barang dan jasa yang melimpah ruah saat ini tidak didistribusikan secara adil di tengah-tengah manusia Pandangan Dasar Ekonomi Islam menyatakan bahwa Islam diturunkan untuk mengatur perbuatan manusia. Selanjutnya, Ekonomi Islam akan fokus pada perbuatan manusia yang berhubungan dengan barang dan jasa. Dengan demikian Islam diturunkan bukan untuk mengatur kuantitas barang dan jasa, tetapi kualitas barang dan jasa Masalah ekonomi yang dihadapi manusia saat ini adalah masalah distribusi barang dan jasa di tengah-tengah manusia. Transaksi yang terjadi di tengah-tengah manusia, seperti jual beli, tukar menukar, sewa menyewa, pinjam meminjam, hutang meminjam, memberi dan meminta, dapat menimbulkan masalah ekonomi dibandingkan masalah produksi barang dan jasa. Sumber-sumber konflik, pertikaian, perebutan, keserakahan, kedzaliman, curang, ketidakadilan, penyelewengan, penyimpangan, keruwetan, kesalahpahaman, hampir semuanya bersumber dari masalah distribusi barang dan jasa Tujuan utama diturunkannya Islam adalah untuk menjadi petunjuk bagi kehidupan manusia di dunia ini. Jika manusia menyimpang dari petunjuk Allah, maka kehidupannya di dunia akan sempit, sengsara, dan menderita. Di akhirat juga diancam dengan siksa yang sangat berat Petunjuk berikutnya merupakan keharusan dan pilihan satu-satunya bagi mereka yang tidak ingin sengsara di dunia dan disiksa di akhirat. Petunjuk bagi kehidupan manusia, maknanya adalah Allah ingin menunjukkan mana langkah-langkah manusia yang benar (haq) dan mana yang salah (bathil) dalam hidupnya di dunia. Dengan kata lain, Islam diturunkan untuk mengatur perbuatan manusia. Selanjutnya, Ekonomi Islam akan fokus pada perbuatan manusia yang berhubungan dengan barang dan jasa. Dengan demikian Islam diturunkan bukan untuk mengatur kuantitas barang dan jasa, tetapi kualitas barang dan jasa Referensi: Pandangan Dasar Ekonomi Islam. STIESA. Tersedia: https://ppl-ai-file-upload.s3.amazonaws.com/web/direct-files/4375160/94489435-6a54-461a-affb-8e37c834c110/02.%20Pandangan%20Dasar%20Ekonomi%20Islam.pdf . |
| Date: | 2023–10–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:4we9d&r=sea |
| By: | Athiphat Muthitacharoen; Athiphat Muthitacharoen |
| Abstract: | This study leverages the unique opportunities presented by the digitization of economic activity to investigate the impact of Thailand's 'Half and Half' program—a targeted, digital co-pay fiscal stimulus—on SMEs and consumer spending. Utilizing weekly province-level data from LINE MAN Wongnai, a leading digital delivery platform in Thailand, the study offers insights that were previously challenging to glean from traditional cash stimulus methods. My analysis employs a difference-in-difference framework, using program participation as the basis for the identification strategy. The study primarily focuses on the period from August to December 2021, which includes the program’s integration with delivery platforms in October 2021. I find that the 'Half and Half' program significantly elevates sales among participating vendors relative to nonparticipants. Regarding the underlying mechanism, the findings indicate that the increase in sales is primarily driven by an expansion in the unique customer base, rather than an increase in individual order sizes. Crucially, these positive effects persist even after the program’s conclusion, with smaller vendors experiencing more pronounced sustained benefits. On the consumer side, I find that the program leads to a considerable increase in total subsidy-inclusive spending, albeit with some substitution from non-program spending. The estimated marginal propensity to consumer (MPC) stands at 0.4, with a higher value in lower-income provinces. This investigation enriches the emerging literature on digital fiscal stimulus, underlining their potential for both immediate and sustained economic impact. The findings bear crucial implications for policymakers navigating fiscal strategies in an increasingly digital economic landscape. |
| Keywords: | fiscal stimulus, digital platform, SME, consumption |
| JEL: | D22 H32 O31 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10711&r=sea |
| By: | Khalid Hasan Al Jasimee; Francisco Javier Blanco-Encomienda |
| Abstract: | This study re-examines the impact of participative budgeting on managerial performance and budgetary slack, addressing gaps in current research. A revised conceptual model is developed, considering the conditioning roles of leadership style and leader-member exchange. The sample includes 408 employees with managerial experience in manufacturing companies. Hypotheses are tested using a combination of PLS-SEM and Necessary Condition Analysis (NCA). The results demonstrate that participative budgeting negatively affects budgetary slack and directly influences managerial performance, leadership style, and leader-member exchange. Moreover, leadership style and leader-member exchange moderate these relationships. The integration of NCA in management accounting research provides valuable insights for decision-makers, allowing for more effective measures. This study contributes by encouraging a complementary PLS-SEM and NCA approach to examine conditional effects. It also enhances understanding of budgetary control by highlighting the importance of leadership in influencing participative budgeting outcomes. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2310.09993&r=sea |
| By: | Yen, Nguyen Thi Quynh |
| Abstract: | Chứng nhận trung hòa carbon thường được các chính phủ trao cho các doanh nghiệp và tổ chức đã đạt được trạng thái trung hòa carbon một cách đáng tin cậy. Vì thế, những doanh nghiệp và tổ chức đạt được chứng nhận được ghi nhận là có tham gia vào nỗ lực chung để giảm bớt tác động tiêu cực của con người đối với môi trường. Một số doanh nghiệp đã cố gắng có được chứng nhận này và sử dụng nó như một phương tiện truyền thông để “tẩy xanh” và quảng bá cho sản phẩm. |
| Date: | 2023–10–19 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:uxktc&r=sea |
| By: | Nhân, Sơn |
| Abstract: | Trong nhiều biện pháp chống biến đổi khí hậu thế giới đang nghiên cứu và áp dụng, không phải lúc nào cũng là những thứ tối tân, hiện đại và lớn lao kỳ vĩ. Có những biện pháp thuộc về cải tiến phương thức nuôi trồng, và thực tế đã cho thấy hiệu quả đo đếm được, bằng những tín chỉ có khả năng quy đổi thành giá trị tiền tệ thông qua mậu dịch carbon. Hiệu quả này có thể xem như vế số 1 của mệnh đề nguyên lý trao đổi giá trị môi sinh-tiền tệ, trường hợp tạo ra thặng dư sinh thái. Bài viết này đề cập tới một trường hợp tiêu biểu của thế giới, và xem xét cơ sở khoa học của nguyên lý vận hành, trực tiếp liên quan. Sau cùng, một số ý kiến về những điều kiện cần có chuẩn bị cho triển khai trong thực tiễn tại Việt Nam sẽ được trình bày. |
| Date: | 2023–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:tjn64&r=sea |
| By: | International Monetary Fund |
| Abstract: | This technical assistance (TA) report presents the outcomes of the scoping mission of a new TA project aimed at building capacity in macroeconomic analysis and forecasting in the Ministry of Planning and Investment (MPI). The MPI is establishing a Core Working Group (CWG) under MPI’s coordination that will carry out macroeconomic analysis using Macroeconomic Projection Tool (MPT) and integrate the results in the policy making process. Based on the mission’s finding and assessment, the mission team and the authorities agreed on a three-year TA action plan that includes training components during the early stage of the project. During Phase 1 (2023-24), the activities would focus on developing and operating the Macro-Framework Foundation Tool (MFT) and the Public Debt Dynamics Tool (DDT) to produce macroeconomic analysis and forecasting. Depending on progress, the MPT could be enhanced during Phase 2 (2025-26) and the tentative plan is to develop Comprehensive Adaptive Expectation Model (CAEM). The CWG will take the lead in implementing the activities and targets identified in the TA action plan and will be supported by the IMF TA team. |
| Keywords: | Vietnam; Technical Assistance; Technical Assistance Reports; Macro-fiscal analysis; Macro-fiscal framework; Macroeconomic and fiscal forecasts. |
| Date: | 2023–09–29 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2023/339&r=sea |
| By: | La, Viet-Phuong; Nguyen, Minh-Hoang |
| Abstract: | Thị trường carbon toàn cầu đã trở thành một yếu tố quan trọng trong cuộc chiến chống biến đổi khí hậu, cung cấp cơ hội cho các chính phủ, doanh nghiệp và tổ chức giảm lượng khí thải khí nhà kính. Tuy nhiên, với sự gia tăng về tầm quan trọng của thị trường carbon, sự phức tạp trong quản lý nó cũng tăng lên. Một trong những thách thức lớn mà thị trường carbon phải đối mặt là sự tồn tại của nhiều tiêu chuẩn đa dạng và đôi khi xung đột với nhau. Mặc dù các tiêu chuẩn này được phát triển để phục vụ các bên liên quan cho mục tiêu khác nhau, nhưng chúng cũng tạo ra sự hỗn loạn, làm giảm hiệu suất và gây ra các vấn đề tiềm ẩn. Bài viết này sẽ xem xét các vấn đề xung quanh sự tồn tại quá nhiều tiêu chuẩn trên thị trường carbon và thảo luận về sự cần thiết của việc hài hòa hóa chúng một cách hợp lý hơn. |
| Date: | 2023–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:tqs2z&r=sea |
| By: | Mahabubur Rahman (ESC [Rennes] - ESC Rennes School of Business); Anisur Faroque (LUT University School of Business and Management); Georgia Sakka (University of Nicosia); Zafar Ahmed (VNU - Vietnam National University [Hanoï]) |
| Abstract: | Negative customer engagement (NCE) has received little research attention. The effect of NCE on market-based assets (i.e. brand equity) and firm performance remains a particularly underexplored topic despite the increasing rates of NCE with brands across a multitude of service industries. This study develops a comprehensive and parsimonious model of the causes and consequences of NCE. In this study, time-series cross-sectional data from the US airline industry and a simultaneous equation modelling technique were used to provide evidence for why some firms experience more NCE than others. The results indicate that airlines with a higher relative marketing capability (RMC) experience fewer NCE incidents in the form of customer complaints. A firm's relative marketing capability determines the extent to which its customers engage negatively with it. Furthermore, deviating from earlier studies which explored the direct and immediate relationships between the focal variables, this study theoretically argued and empirically demonstrated that brand equity mediates the nexus between NCE and financial performance. That is, the number of NCE incidents a firm experiences affects its brand equity, which in turn impacts its financial performance, as measured by Tobin's q and market value added (MVA). |
| Keywords: | Brand equity, Customer complaints, Firm performance, Relative marketing capability, Negative customer engagement |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03545814&r=sea |
| By: | Vuong, Quan-Hoang; Nguyen, Minh-Hoang; La, Viet-Phuong |
| Abstract: | In this paper, we aim to provide an in-depth discussion of nickel's crucial position in the manufacturing sector in the context of the United Nations' Sustainable Development Goals (SDGs), which represent growing environmental imperatives. These SDGs have gained unprecedented urgency due to looming concerns of incompletion. It should be emphasized that the information compiled herein is derived from authoritative sources and is limited in its ability to give comprehensive coverage within the scope of this article. The raised issues are of broad interest in terms of environmental dynamics in the global nickel mining, extraction, and refining arenas. As a result, the content given below may not precisely comply with the local situations dictated by geographical, geological, and socio-economic characteristics. The fundamental goal of this discussion is to clarify the economic-environmental interaction and the pragmatic meanings of the term "sustainable" in the context of the nickel industry. |
| Date: | 2023–10–19 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:842kp&r=sea |
| By: | Phương, Lã Việt; Hoàng, Nguyễn Minh |
| Abstract: | Một trong những thách thức lớn, mà thị trường carbon phải đối mặt là sự tồn tại của nhiều tiêu chuẩn và đôi khi xung đột với nhau. (Tạp chí Kinh tế & Dự báo; ngày 2-10-2023) |
| Date: | 2023–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:j82kf&r=sea |