Related Entries of the International Encyclopedia:

1. Exchanger Exchanger Contents Exchanger in the E-Commerce Law An exchanger (also sometimes called a virtual currency exchange) is a person/entity engaged ... Read more...
2. Par Value The nominal value assigned to a currency by its issuing authority. Normally, this value is expressed as a quantity of gold, or another currency convertible into gold. When the market value of a currency, expressed in terms of other convertible currencies, deviates significantly from its par [...]...
3. Dirty Float Also known as managed float, the process whereby national monetary authorities intercede in the foreign exchange markets to prevent significant fluctuations in the values of their own or other currencies. The process is accomplished by selling reserves of currencies rising in value, or the [...]...
4. Floating Exchange Rates A condition in which parities among foreign currencies are absent: a currency's worth in relation to other currencies is determined largely by market forces, with only occasional government intervention to prevent disruptive swings in the value of an important currency.......
5. Cryptocurrency Contents Cryptocurrency Cryptocurrency refers to a math-based, decentralized convertible virtual currency that is protected by cryptography, i.e., it incorporates principles ... Read more...
6. Equilibrium Relative Price Of Currencies Synonymous with rate of exchange, i.e., the price, in terms of one national currency, at which another currency can be purchased under market conditions.......
7. Green Rate A special rate of exchange used in converting agricultural prices fixed in units of account into national currencies, within the framework of the Common Agricultural Policy (read this and related legal terms for further deta......
8. Eurco A commercial version of the European Currency Unit (read this and related legal terms for further details). In order to stimulate interest in the European currency unit (ECU), in 1973 the European Investment Bank introdu......
9. Spot Market A market for commodities or currency in which the sale results in an immediate or nearly immediate exchange of the goods or instruments for cash, as compared with a futures market, which trades in contracts for the future delivery of the product.......
10. Excess Foreign Currencies Foreign currency, derived from the sale of U.S. agricultural commodities under P.L. 480, in excess of current U.S. requirements. Periodically, the U.S. Treasury reviews the foreign currency position of the U.S. government. Upon finding that holdings of any given currency exceed requirements for that......
11. Familiar Drawing Techniques process within the international monetary FUND (read this and related legal terms for further details) whereby a member nation suffering balance of payments problems may obtain foreign currencies from the IMF in exchange......
12. Mint Par Of Exchange The relationship, in terms of precious metal value, of two nations' currencies, derived by dividing the gold or silver content, by weight, of one nation's currency unit by the comparable metal content of another nation's currency unit.......
13. Exchange Control The system by which a government regulates possession of and dealings in foreign exchange. The principal objective of exchange control is to allocate foreign exchange to necessary imports and expenditures. Normally, the finance ministry or central bank is invested with the authority to issue [...]...
14. ECU Ecu Summary of Ecu The European Monetary System is considered here.(Main Author: William J. Miller) ECU and International Trade Economy ECU (European Currency Unit) and Europe There is an entry on ecu (european currency unit) in the European legal encyclopedia. ECU and the [...]...
15. Fixed Exchange Rates A condition in which the official rates of exchange for most currencies, particularly those of major trading nations, are in an established ratio to one another; generally, this is the result of each currency having an established rate to gold from which a series of bilateral exchange ratios can be ......
16. Export Trading Company Export Trading Company and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Export Trading Company: (Also known as an export management company.) A private firm that provides related-related services to other [...]...
17. Currencies SDRs and International Trade Economy Green Currencies and Europe There is an entry on green currencies in the European legal encyclopedia. Resources See Also Further Reading Entry "Green Currencies" in the work "A Concise Encyclopedia of the European Union from Aachen to [...]...
18. Market Power Market Power and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Market Power: The ability of an individual firm to exert control over prices prevailing in the markets for its products or services. The highest [...]...
19. Snake A medium for the stabilization of the exchange rates of European currencies. In October 1970 the Werner Plan addressed the adoption of a common European currency as a vehicle for the full economic and political integration of Europe. The demise of the bretton woods agreement (...
20. Gold Standard Summary of Gold Standard A system under which a nation's currency is freely convertible into gold. The quantity of gold per unit of currency is fixed by law. Most major trading nations, however, abandoned the gold standard because of the constraints it imposes upon liquidity, although [...]...
21. Foreign Entity Within the meaning of financial Accounting Standards Board Statement No. 8 (read this and related legal terms for further details) relative to accounting for foreign currency transactions, aforeign entity is an affiliate......
22. Rationing Of Exchange An exchange control imposed by governmental authority to regulate transactions in foreign exchange. Under a rationing of exchange scheme, only the government may issue exchange to importers, and holders of bills of exchange denominated in a foreign currency must surrender them to the government in e......
23. Swap By agreement, the combined purchase and sale of a specified amount of foreign exchange, with different dates for sale and purchase. This arrangement permits each party to the transaction to use, for a given period of time, a currency he needs in return for one he does not need, without any [...]...
24. Yo-Yo Effect A condition that arises under the rules of Financial Accounting Standards Board Statement No. 8 (read this and related legal terms for further details) when a foreign company's total monetary assets differ from its t......
25. Blocked Exchange An exchange restriction, imposed by governmental authority, that forbids the unlicensed purchase of bills of exchange, currency, or negotiable instruments denominated in a foreign currency. The object of this measure is to prevent transmission of foreign currency reserves out of the country. [...]...
26. Interbank Market A market for the purchase and sale in the spot and forward markets for foreign exchange among major commercial banks. Very often, these banks will offer to purchase or sell exchange through brokers, thereby initially protecting the identity of the market participants in a given currency at a point i......
27. Forward Exchange Contract An agreement to exchange, at a specified future date, a fixed number of units of one currency for a fixed number of units of another currency. Such contracts are often procured by merchants when they must settle future accounts in a foreign currency and wish to protect against possible losses [...]...
28. Exchange Risk Exchange Risk in International Trade Meaning of Exchange Risk, according to the Dictionary of International Trade (Global Negotiator): The possibility of receiving less or paying more money because a receivable or a payable is denominated in a foreign currency. Countries with shortages of [...]...
29. Covered Transaction A transaction denominated in terms of a foreign currency, payable at a future date, in which protection against loss on exchange has been procured, usually in the form of a Forward Exchange Contract (read this and related le......
30. Differential Exchange Rates A scheme in which a government prescribes different rates of exchange for the local currency, depending upon the transaction involved. The government may assign its currency a given value in terms of gold for capital transfers, for example, but provide for a less favorable rate of exchange for impor......
31. Financial Accounting Standards Board Statement No 8 A far-reaching and controversial pronouncement by the Financial Accounting Standards Board governing accounting practices used by American firms in transactions involving foreign currencies. The pronouncement, known commonly as FASB 8, came into effect for fiscal years beginning January 1, 1976. Am......
32. Numeraire System A multinational currency stabilization arrangement wherein participating national currencies are assigned a central rate, or value, in terms of a given unit of account; this rate is based upon a basket of all the participating currencies, weighted according to defined criteria. A margin would be fix......
33. Divergence Threshold Within the euro Pean Monetary System (read this and related legal terms for further details), each participating currency is assigned a value in terms of the European currency unit (ECU). The participating currency is pe......
34. Export Diversification Summary of Export Diversification The movement of a nation away from the export of a single or limited number of products as the principal source of foreign exchange earnings. Export diversification programs are usually the priority objectives of small or underdeveloped nations, [...]...
35. Cooley Loans Foreign-currency-denominated loans by the U.S. government to foreign nations to permit the purchase of American agricultural commodities. The loans are authorized by an amendment to the Agricultural Trade Development and Assistance Act (...
36. Gold Sterilization A governmental policy to prevent the expansion of a nation's money supply by preventing the accumulation of gold. In the case of a nation on the Gold Standard (read this and related legal terms for further details), ......
37. Clean Float The condition in which the values of national currencies vis-a-vis each other are determined by market forces without government intervention to maintain prearranged rates of exchange.......
38. Basel Agreement An agreement, concluded April 24, 1972, among members of the European Economic Community for the purpose of narrowing the margins of fluctuation among community currencies. Participants in the agreement were Belgium, Germany, France, Luxembourg, Italy, and the Netherlands. The agreement served as th......
39. Differentiation Differentiation and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Differentiation: A key element in firms' competitive advantage. Refers to market conditions in which a product can vary in some [...]...
40. Competitive Competitive and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Competitive: As applied to internationally traded goods, refers to a country's or a firm's products being preferred by a significant [...]...
41. Agio A premium paid in the process of exchanging one currency for another, or for a bill of exchange denominated in a foreign currency.......
42. Export Entry Modes Export Entry Modes in International Trade Meaning of Export Entry Modes, according to the Dictionary of International Trade (Global Negotiator): In establishing export channels a company has to decide which functions will be the responsibility of external agents and which will be handled by [...]...
43. Floating Exchange Rate Floating Exchange Rate in International Trade Meaning of Floating Exchange Rate, according to the Dictionary of International Trade (Global Negotiator): A rate of exchange that is determined by market forces. See also clean float and dirty float. Concept of Floating Exchange Rate An [...]...
44. Single Market Summary of Single Market A component feature of the Common Agricultural policy (read this and related legal terms for further details) of the European Economic Community.(Main Author: William J. Miller) Single Market and Europe There is an entry on single market in the European [...]...
45. Spot Price The price of a commodity in the Spot Market (read this and related legal terms for further details), i.e., the price quoted for immediate sale and delivery. ......
46. Purchasing Power Parity An equal relationship of prices between two countries. Price levels in both countries are substantially the same, considering the rate of exchange.......
47. Soft Loan A loan repayable by a foreign borrower in a Soft Currency (read this and related legal terms for further details). Such loans usually have been the product of long-term sales to countries without hard currency repayment ......
48. Appreciation Definition of Appreciation in International Trade The following is a concept of Appreciation in the context of international trade law, from the Dictionary of International Trade (Global Negotiator): In foreign exchange, an increase in the value of the currency of one nation in relation to [...]...
49. Fixing Fixing in International Trade Meaning of Fixing, according to the Dictionary of International Trade (Global Negotiator): In foreign exchange, establishing of the official exchange rate of a domestic currency against other negotiable currencies....
50. Effective Rate Of Exchange The true cost of acquiring a unit of a given currency in terms of another currency. The effective rate includes taxes and other costs that are factored into the price of the currency converted.......
51. European Terms An expression of the value of any foreign currency in terms of how many units equal one dollar; effective September 1, 1979, most New York banks employed this foreign currency method for transactions.......
52. Financial Accounting Standards Board Statement No 52 A set of accounting rules governing offshore and multicurrency transactions, adopted in 1981 and mandatory for use by December 15, 1984. FASB 52 replaces Financial Accounting Standards Board Statement No. 8 (read this and re......
53. Big Eight The eight currencies in which the preponderance of the world's trade is transacted: U.S. dollar, French franc, pound sterling, Swiss franc, Deutschmark, Canadian dollar, Japanese yen, and Italian lira. The seven non-U.S. currencies cited, in the aggregate, routinely account for 90 percent of all......
54. Commercial Risk The risk borne by an exporter that his foreign customer may be unable to pay for merchandise imported under open account terms. Commercial risk is contrasted with political risks, which arise from governmental actions and are unrelated to the financial condition or credit-wor- thiness of the [...]...
55. Bretton Woods Agreement The product of an international conference on monetary and economic affairs held at the end of World War II, from which resulted the International Monetary Fund and the World Bank; the term is used most commonly in reference to a program for world monetary affairs that emerged from the conference an......
56. Central Rate Each currency affiliated with the EUROPEAN monetary system (read this and related legal terms for further details) is assigned a value in terms of the European currency unit (ECU). The central rate is the range within wh......
57. Dual Exchange Market A governmentally mandated system for the handling of foreign exchange transactions under which officially sanctioned imports or other approved transactions are accommodated at a given, prescribed rate of exchange while other transactions employ the market rate of exchange. For a listing of countries......
58. Offer Summary of Offer In vessel charter transactions, synonymous with Firm Offer (read this and related legal terms for further details).(Main Author: William J. Miller) Best and Final Offer (BFO) in International Trade Meaning of Best and Final Offer (bfo), according to the [...]...
59. Soft Law Compliance with Soft Law In the study of compliance with soft law, several factors were identified in advance as possibly affecting state performance. While most of them apply to all subject areas in the study, the relative importance of each varies from one subject to another. The [...]...
60. Soft Money Concept of Soft Money Note: explore also the meaning of this legal term in the American Ecyclopedia of Law. Resources See Also Voting Campaigns Elections...
61. Key Currency The currency of a major trading nation widely accepted in settlement of international accounts. At present, eight currencies are regarded as key currencies and are known as the Big Eight ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal [...]...
62. Currency Adjustment Factor A surcharge imposed on ocean freight by a carrier to offset or mitigate the impact of exchange rate fluctuations upon his freight revenue.......
63. European Currency Unit (ECU) European Currency Unit (ECU) and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of European Currency Unit (ECU): A unit of value based on a "currency basket" comprising specific amounts of the [...]...
64. Credit Currency Synonymous with Fiduciary Currency (read this and related legal terms for further details).......
65. Currency Risk The economic risk assumed by a lender or seller who is to be paid in units of a foreign currency that, when translated at some future date into his own currency, he will have sustained a loss (in terms of his own currency) because the foreign currency has depreciated in value prior to settlement of ......
66. Exotic Currency A national currency for which there is not normally a strong demand in the foreign exchange markets. Examples of such currencies are; Eyptian pound, Guyana dollar, and the Nigerian naira.......
67. Fiduciary Currency A currency backed solely by the faith of the government that issues it. The term does not carry the negative import often associated with fiat money (read this and related legal terms for further details). See also Money......
68. Functional Currency The currency primarily employed by a multinational firm in its principal transactions. Normally this is the currency of the nation in which the firm is based. See financial accounting standards board Statement No. 52.......
69. Guest Currency The currency in which a Eurobond (read this and related legal terms for further details) or other financial obligation is issued. The currency is selected to be acceptable to both the foreign borrower and the lender, and......
70. Hard Currency A national currency freely exchangeable into gold or the currencies of other nations.......
71. Reporting Currency The currency used by a multinational firm to prepare its financial statements.......
72. Reserve Currency Summary of Reserve Currency The currency of a major trading national, widely accepted in international transactions and regarded as stable, that is held by the central banks or monetary authorities of other nations as a form of collateral for their own currency. The use of reserve [...]...
73. Cross-Currency Exposure Obligations denominated in terms of a given currency that are not matched by equivalent revenues in terms of that currency. For example, a firm with obligations of 10 million Japanese yen but revenues of only 8 million yen are exposed to the degree that they must purchase, in the foreign exchange ma......
74. Currency Convertible In Fact A national currency that can be used for the settlement of private transactions, as contrasted with an artificial CURRENCY UNIT (read this legal term for further details), such as special drawing rights, which are used only by governments for t......
75. Foreign Currency Statement A financial statement prepared using a functional currency other than that in which the firm customarily reports.......
76. Foreign Currency Translation The accounting process employed in expressing, in terms of a firm's reporting currency, those transactions that are denominated in a different currency.......
77. Judgment Currency Clause An indemnification provision commonly included in Eurocurrency loan agreements. The clause specifies that in the event the lender obtains a court award or judgement against the borrower by reason of default or otherwise, and the award is granted in a currency other than that in which the loan is to ......
78. Multiple Currency System Synonymous with Differential Exchange Rates (read this and related legal terms for further details).......
79. Currency Currency in International Trade Meaning of Currency, according to the Dictionary of International Trade (Global Negotiator): The circulating media of exchange in a country. Includes money and such financial instruments as checks. Resources See Also Public Finance Public Policy Tax Law [...]...
80. Currency Controls Currency Controls and International Trade Resources See Also exchange controls...
81. Convertible Currency Convertible Currency in International Trade Meaning of Convertible Currency, according to the Dictionary of International Trade (Global Negotiator): A currency of a nation that may be exchanged for that of another nation without restrictions. Countries with convertible currencies typically [...]...
82. Currency Future Currency Future in International Trade Meaning of Currency Future, according to the Dictionary of International Trade (Global Negotiator): A contract for the future delivery of a commodity, currency, or security on a specific date. In contrast to forward contracts, future contracts are for [...]...
83. Currency Option Currency Option in International Trade Meaning of Currency Option, according to the Dictionary of International Trade (Global Negotiator): The contractually agreed right to buy (call option) or to sell (put option) a specific amount of foreign currency at a predetermined price on a specific [...]...
84. Floating Currency Floating Currency in International Trade Meaning of Floating Currency, according to the Dictionary of International Trade (Global Negotiator): One whose value in terms of foreign currency is not kept stable (on the basis of the par value or a fixed relationship to some other currency) but [...]...
85. Foreign Currency Foreign Currency in International Trade Meaning of Foreign Currency, according to the Dictionary of International Trade (Global Negotiator): The currency of any foreign country which is authorized medium of circulation and the basis for record keeping in that country. Foreign currency is [...]...
86. Single Currency Single Currency and Europe There is an entry on single currency in the European legal encyclopedia. Resources See Also Further Reading Entry "Single Currency" in the work "A Concise Encyclopedia of the European Union from Aachen to Zollverein", by Rodney Leach (Profile [...]...
87. Asian Currency Units A unit of account, employed in some Asian banks, equal to the U.S. dollar.The Asian currency unit arose to circumvent banking regulations which prohibited accounts denominated in terms of foreign currency.......
88. Dfc Currency Basket Scheme A mechanism of the World Bank and related agencies whereby loans to development finance companies (DFCs) would be made in a basket of currencies so as to mitigate the effects of exchange rate fluctuations. From 1980, the World Bank has made certain development loans in a mixture of U.S. dollars (usu......
89. Foreign Currency Transaction For accounting purposes, a transaction stated in terms of a currency other than the firm's functional currency. The purchase or sale of goods priced in terms of a foreign currency and the lending or borrowing of foreign funds represent such transactions.......
90. Foreign Currency Account Foreign Currency Account in International Trade Meaning of Foreign Currency Account, according to the Dictionary of International Trade (Global Negotiator): An account maintained in a foreign bank in the currency of the country in which the bank is located. When such accounts are kept, they [...]...
91. International Currency Trends in International Political Economy: International CurrencyIntroduction to International CurrencyExplosive growth in the exchange of foreign currencies in international markets has also transformed the global political economy (see foreign exchange). Advanced telecommunicatio......
92. Virtual Currency Virtual currency is a digital representation of value that can be traded on the Internet and functions as: a medium of exchange; a unit of account; and/or a store of value, but does not have legal tender status in any jurisdiction. Virtual currency is distinguished from fiat [...]...
93. National Currency National Currency in the E-Commerce Law Fiat Currency (a.k.a. “real currency,” “real money,” or “national currency”), is the coin and paper money of a country that is designated as its legal tender; circulates; and is customarily used and accepted as a medium of exchange in the issuing [...]...
94. Common Currency Common Currency and Europe There is an entry on common currency in the European legal encyclopedia. Resources See Also Further Reading Entry "Common Currency" in the work "A Concise Encyclopedia of the European Union from Aachen to Zollverein", by Rodney Leach (Profile [...]...
95. Currency Area Optimum Currency Area and Europe There is an entry on optimum currency area in the European legal encyclopedia. Resources See Also Further Reading Entry "Optimum Currency Area" in the work "A Concise Encyclopedia of the European Union from Aachen to Zollverein", by Rodney [...]...
96. Money and Currency Money and Currency in Private International Law This section contain conflict of laws information and cross references related to money and currency on some major countries and additional jurisdictions. It covers key issues involved when citizens face international situations. Information on [...]...
97. Local Currency Resources See Also Public Finance Public Policy Tax Law Financial Regulation...
98. Artificial Currency Unit An international standard of value created by a multilateral agreement. An artificial currency unit (ACU) is not a currency in the conventional sense in that it cannot be used to settle private transactions. An ACU is given a value in terms of a basket of various national currencies in fixed or vari......
99. European Currency Unit Summary of European Currency Unit The European Monetary System is considered here.(Main Author: William J. Miller) European Currency Unit and the European Union Resources See Also ECU...
100. General Asset Currency Bank notes secured not by specific assets, e.g., gold or foreign currency on deposit, but by the overall assets of the issuer.......
101. Convertible virtual currency Contents Convertible (or open) virtual currency Convertible (or open) virtual currency may be either centralized or decentralized. Convertible virtual currency ... Read more...
102. Closed Virtual Currency Contents Closed Virtual Currency Closed Virtual Currency in the E-Commerce Law Non-convertible (or closed) virtual currency is specific toa particular ... Read more...
103. Protectionism Protectionism Definition Protectionism may be defined as government policies that favor domestic products over imported goods. The debate between protectionism and free trade has been a continuing issue in United States politics. Meanings For information on: * systematic protectionism [...]...
104. Balance of Payments Balance Of Payments Summary of Balance Of Payments The sum owed to or by a nation as the result of its international transactions during a given time period, usually one year. The balance of payments is calculated by subtracting the nation's total payments to foreigners from total [...]...
105. Barter Summary of Barter A direct exchange of products without cash. In some cases, a third party is brought into the transaction to dispose of some or all of the goods in a third country; this practice is known as switch trading. See Countertrade.(Main Author: William J. Miller) Barter [...]...
106. Cabotage Summary of Cabotage Literally, coastwise navigation, generally used to denote the proscription of foreign flag vessels in a nation's coastwise trade. Since an act of Congress in 1817 (2 Stat. 351), the coastwise trade of the United States has been reserved exclusively to American [...]...
107. Capital Account Entries in a nation's balance of payment accounts reflecting long- or shortterm loans made to other countries, or by other countries to the recording nation. See Balance of Payments.......
108. Cartel Summary of Cartel An alliance among firms in the same line of business aimed at controlling or dominating their field on an international basis.(Main Author: William J. Miller) Definition of Cartel In accordance with the work A Dictionary of Law, this is a description of Cartel : [...]...
109. Commodity Summary of Commodity A nondifferentiated product produced with commonly available technology.(Main Author: William J. Miller) The Legal History of Commodity in Islamic Law This section provides an overview of Commodity in Islamic Law Commodity in International Trade Meaning of [...]...
110. Convertibility Summary of Convertibility The ability of a currency to be exchanged for other currencies in settlement of current account transactions. Currencies are convertible in varying degrees, although the ability of nonresidents freely to purchase and sell a given currency, without governmental [...]...
111. Current Account Summary of Current Account An entry in a nation's balance of payments accounts reflecting the purchase of goods or services for consumption immediately or in the near future. See Balance of Payments.(Main Author: William J. Miller) Current Account and International Trade [...]...
112. Devaluation Summary of Devaluation The official reduction of the value of a nation's money in relation to a standard (usually gold), special drawing rights, or the U.S. dollar. Inasmuch as all currencies are ultimately valued in terms of some standard, devaluation results in the conscious increase [...]...
113. Import Substitution Summary of Import Substitution The act of eliminating imports of a given product by commencing production locally, often accompanied by controls such as increased duties, quotas, or outright bans to discourage or prevent continued foreign imports. This approach is fairly common on the part [...]...
114. Joint Venture Summary of Joint Venture A business enterprise with more than one equity participant; for example, an agreement between a German firm and a U.S. firm to capitalize jointly a new factory in Venezuela. Many countries impose restrictions on joint ventures; these restrictions may take the form [...]...
115. Oligopoly Summary of Oligopoly Literally, a market in which there are only a few sellers of a given product or service. Under oligopolistic conditions, no one seller can establish market prices, except in concert with the other suppliers; if such concerted action develops, the suppliers are operating [...]...
116. Patent Summary of Patent A grant issued by a governmental authority to an inventor permitting, for a fixed number of years, an exclusive right to the invention. The grant includes the prerogative of preventing others from making, using, or selling the invention covered. Through various [...]...
117. Portfolio Investment A minority interest in a foreign venture from which income is derived in the form of dividends; normally such an interest does not convey any significant control over the management or operations of the foreign firm.......
118. Sogo Shosha A Japanese general trading company. Customarily, the term is used in connection with the largest of such companies. According to the Trade Business Statistics report for 1981 issued by the Japanese Ministry of International Trade and Industry, there are over 8,500 trading companies operating in [...]...
119. Specialization Agreement Also known as a rationalization agreement, an arrangement among competing manufacturers of like products that each will sell only certain products, thereby providing each participant in the agreement a dominant position for a given product.......
120. Standardized Product A product marketed worldwide without substantial variation in the product's composition or appearance. Product standardization helps in achieving significant economies of scale. See differentiated product.......