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Daniel Cohen

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First Name: Daniel
Middle Name:
Last Name: Cohen
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RePEc Short-ID: pco389

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Works

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Working papers | Articles | Chapters | Books | Access and download statistics | Citations (if any)| NEP Fields |
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Working papers

  1. Cohen, Daniel & Villemot, Sébastien, 2008. "Self-fulfilling and Self-enforcing Debt Crises," CEPR Discussion Papers 6718, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  2. Daniel Cohen & Hélène Djoufelkit - Cottenet & Pierre Jacquet & Cécile Valadier, 2008. "Lending to the Poorest Countries: A New Counter-cyclical Debt Instrument," OECD Development Centre Working Papers 269, OECD, Development Centre. [Downloadable!]

  3. Eduardo Borensztein & Julia Cagé & Daniel Cohen & Cécile Valadier, 2008. "Aid Volatility and Macro Risks in Low-Income Countries," OECD Development Centre Working Papers 273, OECD, Development Centre. [Downloadable!]

  4. Daniel Cohen & Thibault Fally & Sébastien Villemot, 2007. "Fonds de matières premières : comment les améliorer ?," OECD Development Centre Policy Briefs 32, OECD, Development Centre. [Downloadable!]

  5. Cohen, Daniel & Jacquet, Pierre & Reisen, Helmut, 2007. "Loans or Grants," CEPR Discussion Papers 6024, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
    • Cohen, Daniel & Jacquet, Pierre & Reisen, Helmut, 2007. "Loans or Grants?," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]

    Published as:

  6. Daniel Cohen & Pierre Jacquet & Helmut Reisen, 2007. "Annuler la dette ? Oui. Renoncer aux prêts ? Non," OECD Development Centre Policy Insights 44, OECD, Development Centre. [Downloadable!]

  7. Daniel Cohen & Thibault Fally & Sébastien Villemot, 2007. "Commodity Funds: How To Fix Them?," OECD Development Centre Policy Briefs 32, OECD, Development Centre. [Downloadable!]

  8. Daniel Cohen & Pierre Jacquet & Helmut Reisen, 2007. "Forgive Debt, but Keep Lending," OECD Development Centre Policy Insights 44, OECD, Development Centre. [Downloadable!]

  9. Daniel Cohen & Thibault Fally & Sébastien Villemot, 2007. "In Favour of a Fund to Stabilise Commodity Exporters’ Income," OECD Development Centre Policy Insights 50, OECD, Development Centre. [Downloadable!]
    Other versions:

  10. Daniel Cohen & Thibault Fally & Sébastien Villemot, 2007. "Pour un fonds de stabilisation des revenus des pays exportateurs de matières premières," OECD Development Centre Policy Insights 50, OECD, Development Centre. [Downloadable!]

  11. Daniel Cohen & Richard Portes, 2006. "Toward a Lender of First Resort," IMF Working Papers 06/66, International Monetary Fund. [Downloadable!]
    Other versions:

  12. Causa, Orsetta & Cohen, Daniel & Soto, Marcelo, 2006. "Lucas and Anti-Lucas Paradoxes," CEPR Discussion Papers 6013, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  13. Daniel Cohen & Pierre Jacquet & Helmut Reisen, 2006. "After Gleneagles: What Role for Loans in ODA?," OECD Development Centre Policy Briefs 31, OECD, Development Centre. [Downloadable!]

  14. Daniel Cohen & Pierre Jacquet & Helmut Reisen, 2006. "Après Gleneagles : La place des prêts dans l’APD," OECD Development Centre Policy Briefs 31, OECD, Development Centre. [Downloadable!]

  15. Daniel Cohen & Sébastien Villemot, 2006. "Self-Fulfilling Debt Crises in Theory and Practice," RES Working Papers 4467, Inter-American Development Bank, Research Department. [Downloadable!]

  16. Causa, Orsetta & Cohen, Daniel, 2006. "Industrial Productivity in 51 Countries, Rich and Poor," CEPR Discussion Papers 5549, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  17. Cohen, Daniel & Sela, Aner, 2005. "Contests with Ties," CEPR Discussion Papers 5132, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  18. Orsetta Causa & Daniel Cohen, 2004. "Overcoming Barriers to Competitiveness," OECD Development Centre Working Papers 239, OECD, Development Centre. [Downloadable!]

  19. Daniel Cohen; Marcelo Soto, 2004. "Why are poor countries poor?," Econometric Society 2004 Latin American Meetings 75, Econometric Society. [Downloadable!]

  20. Daniel Cohen & Richard Portes, 2004. "Dealing with Destabilizing 'Market Discipline'," NBER Working Papers 10533, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:

  21. Cohen, Daniel & Soto, Marcelo, 2002. "Why are Poor Countries Poor? A Message of Hope which Involves the Resolution of a Becker/Lucas Paradox," CEPR Discussion Papers 3528, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  22. Daniel Cohen & Marcelo Soto, 2002. "Why are Some Countries so Poor?: Another Look at the Evidence and a Message of Hope," OECD Development Centre Working Papers 197, OECD, Development Centre. [Downloadable!]

  23. Daniel Cohen & Marcelo Soto, 2001. "Growth and Human Capital: Good Data, Good Results," OECD Development Centre Working Papers 179, OECD, Development Centre. [Downloadable!]
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    Published as:

  24. Cohen, Daniel & Farhi, Emmanuel, 2001. "The Phillips Curves Across the Atlantic: It is the Price Curves that Differ," CEPR Discussion Papers 3100, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  25. Cohen, Daniel & Loisel, Olivier, 2000. "Why was the Euro Weak? Markets and Policies," CEPR Discussion Papers 2633, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Published as:

  26. Cohen, Daniel, 2000. "The HIPC Initiative: True and False Promises," CEPR Discussion Papers 2632, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:

    Published as:

  27. Cohen, Daniel, 1999. "Welfare Differentials Across French and US Labour Markets," CEPR Discussion Papers 2114, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  28. Cohen, Daniel & Kristensen, Nicolai, 1999. "Will the Euro Create a Bonanza for Africa?," CEPR Discussion Papers 2304, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:

  29. Cohen, Daniel, 1999. "Welfare differentials across French and US labor markets $e_A general equilibrium interpretation," CEPREMAP Working Papers (Couverture Orange) 9904, CEPREMAP.

  30. Cohen, Daniel, 1997. "How will the euro behave ?," CEPREMAP Working Papers (Couverture Orange) 9704, CEPREMAP.
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  31. Cohen, Daniel & Lefranc, Arnaud & Saint-paul, 1997. "French unemployment : a transatlantique perspective," CEPREMAP Working Papers (Couverture Orange) 9705, CEPREMAP.

  32. Cohen, Daniel, 1997. "Growth and External Debt: A New Perspective on the African and Latin American Tragedies," CEPR Discussion Papers 1753, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:

  33. Cohen, Daniel, 1996. "The sustainability of African debt," Policy Research Working Paper Series 1621, The World Bank. [Downloadable!]

  34. Cohen, Daniel & de Boissieu, Christian & de Pontbriand, Gaël, 1995. "Russian Enterprises in Transition," CEPR Discussion Papers 1174, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  35. Cohen, Daniel, 1995. "Tests of the "convergence hypothesis" : some further results," CEPREMAP Working Papers (Couverture Orange) 9509, CEPREMAP.
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  36. Cohen, Daniel, 1995. "The Transition in Russia: Successes (Privatization, Low Unemployment...) and Failures (Mafias, Liquidity Constraints...). A Theoretical Analysis," CEPR Discussion Papers 1224, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  37. Cohen, Daniel & Cohen Daniel, 1995. "Transition in Russia (the) : sucesses (privatization, low unemployment) and failures (mafias, liquidity constraints). a theoretical analysis," CEPREMAP Working Papers (Couverture Orange) 9507, CEPREMAP.

  38. Caillaud, Bernard & Cohen, Daniel & Jullien, Bruno, 1994. "Towards a theory of self restraint," CEPREMAP Working Papers (Couverture Orange) 9421, CEPREMAP.

  39. Cohen, Daniel & Saint-Paul, Gilles, 1994. "Uneven technical process and job destructions," CEPREMAP Working Papers (Couverture Orange) 9412, CEPREMAP.
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  40. Cohen, Daniel, 1993. "Two notes on economic growth and the Solow model," CEPREMAP Working Papers (Couverture Orange) 9303, CEPREMAP.
    Other versions:

  41. Cohen, Daniel, 1993. "Growth and external debt," CEPREMAP Working Papers (Couverture Orange) 9302, CEPREMAP.
    Other versions:

  42. Cohen Daniel, 1992. "Debt crisis (the) : a post mortem," CEPREMAP Working Papers (Couverture Orange) 9204, CEPREMAP.

  43. Cohen, Daniel, 1992. "Tests of the `Convergence Hypothesis': A Critical Note," CEPR Discussion Papers 691, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  44. Cohen, Daniel, 1992. "The Debt Crisis: A Post Mortem," CEPR Discussion Papers 692, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Published as:

  45. Cohen, D. & Michel, P., 1992. "Consistent Sustainability of Economic Policies," Papiers d'Economie Mathématique et Applications 92.47, Université Panthéon-Sorbonne (Paris 1).

  46. Cohen, Daniel, 1991. "A valuation formula for LDC debt," Policy Research Working Paper Series 763, The World Bank. [Downloadable!]
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  47. Cohen Daniel & Michel Philippe, 1991. "Property rights on foreign capital and long-run growth," CEPREMAP Working Papers (Couverture Orange) 9106, CEPREMAP.

  48. Cohen, Daniel & Michel, Philippe, 1991. "Which `Simple' Rules Rather than Discretion?," CEPR Discussion Papers 536, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  49. Cohen, Daniel, 1991. "The Solvency of Eastern Europe," CEPR Discussion Papers 539, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  50. Cohen, Daniel, 1991. "Slow Growth and Large LDC Debt in the Eighties: An Empirical Analysis," CEPR Discussion Papers 461, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:

  51. Cohen, Daniel & Verdier, Thierry, 1991. "Debt, debt relief, and growth : a bargaining approach," Policy Research Working Paper Series 762, The World Bank. [Downloadable!]
    Other versions:

  52. Cohen, Daniel & Michel, Philippe, 1991. "Which Rules Rather than Discretion in a Democracy? An Axiomatic Approach," CEPR Discussion Papers 537, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  53. Cohen, Daniel & Michel, Philippe, 1990. "Which rules rather than discretion/ii/," CEPREMAP Working Papers (Couverture Orange) 9014, CEPREMAP.

  54. Cohen, Daniel & Verdier, Thierry, 1990. "`Secret' Buy-backs of LDC Debt," CEPR Discussion Papers 462, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:

    Published as:

  55. Cohen, Daniel & Michel, Philippe, 1990. "Which rules rather than discretion in a democracy ? /i/," CEPREMAP Working Papers (Couverture Orange) 9008, CEPREMAP.

  56. Cohen, Daniel & Wyplosz, Charles, 1990. "Price and Trade Effects of Exchange Rate Fluctuations and the Design of Policy Coordinaton," CEPR Discussion Papers 440, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:

    Published as:

  57. Cohen, Daniel & Portes, Richard, 1990. "The Price of LDC Debt," CEPR Discussion Papers 459, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  58. Cohen Daniel, 1990. "Valuation formula for ldc debt (a)," CEPREMAP Working Papers (Couverture Orange) 9003, CEPREMAP.

  59. Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  60. Cohen, Daniel, 1989. "Debt Relief and Secondary Market Discount," CEPR Discussion Papers 312, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  61. Cohen, Daniel & Mélitz, Jacques & Oudiz, Gilles, 1988. "The European Monetary System and the Franc-Mark Asymmetry," CEPR Discussion Papers 245, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  62. Cohen, Daniel, 1988. "Is the discount on the secondary market a case for LDC debt relief?," Policy Research Working Paper Series 132, The World Bank. [Downloadable!]
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  63. Cohen Daniel, 1987. "External and domestic debt constraints of ldcs a theory with a numerical application to brazil and mexico," CEPREMAP Working Papers (Couverture Orange) 8710, CEPREMAP.

  64. Cohen Daniel & Michel Philippe, 1987. "Two critiques of econometric policy evaluation (the)," CEPREMAP Working Papers (Couverture Orange) 8704, CEPREMAP.

  65. Cohen Daniel & Michel Philippe, 1986. "Dynamic consistency of government's behavior : a user's guide," CEPREMAP Working Papers (Couverture Orange) 8605, CEPREMAP.

  66. Cohen, Daniel & Michel, Philippe, 1986. "How Should Control Theory be Used by a Time-Consistent Government?," CEPR Discussion Papers 141, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  67. Daniel Cohen & Jeffrey Sachs, 1985. "Growth and External Debt Under Risk of Debt Repudiation," NBER Working Papers 1703, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Published as:

    Published as:

  68. Cohen Daniel & Michel Philippe, 1984. "Toward a theory of optimal pre-commitment i : an analysis of the time-consistent equilibria," CEPREMAP Working Papers (Couverture Orange) 8412, CEPREMAP.

  69. Cohen Daniel, 1983. "Real and nominal interest rates on the transition path in a monetary optimizing model," CEPREMAP Working Papers (Couverture Orange) 8301, CEPREMAP.

  70. Jeffrey Sachs & Daniel Cohen, 1982. "LDC Borrowing with Default Risk," NBER Working Papers 0925, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)


Articles

  1. Daniel Cohen & Marcelo Soto, 2007. "Growth and human capital: good data, good results," Journal of Economic Growth, Springer, vol. 12(1), pages 51-76, March. [Downloadable!] (restricted)
    Other versions:

  2. Daniel Cohen & Pierre Jacquet & Helmut Reisen, 2007. "Loans or Grants?," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 143(4), pages 764-782, December. [Downloadable!] (restricted)
    Other versions:
    • Cohen, Daniel & Jacquet, Pierre & Reisen, Helmut, 2007. "Loans or Grants?," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
    • Cohen, Daniel & Jacquet, Pierre & Reisen, Helmut, 2007. "Loans or Grants," CEPR Discussion Papers 6024, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

  3. Daniel Cohen, 2007. "Review 2," Economic Journal, Royal Economic Society, vol. 117(524), pages F642-F647, November. [Downloadable!] (restricted)

  4. Daniel Cohen & Pierre Jacquet & Helmut Reisen, 2006. "Au-delà de la controverse prêts ou dons : comment utiliser la dette pour le développement ?. Beyond “Grants versus Loans��?: How to Use Debt for Development?," Revue d’économie du développement, De Boeck Université, vol. 20(2), pages 131-158. [Downloadable!] (restricted)

  5. Cohen, Daniel & Loisel, Olivier, 2001. "Why was the euro weak? Markets and policies," European Economic Review, Elsevier, vol. 45(4-6), pages 988-994, May. [Downloadable!] (restricted)
    Other versions:

  6. Cohen, Daniel, 2001. "The HIPC Initiative: True and False Promises," International Finance, Blackwell Publishing, vol. 4(3), pages 363-80, Winter. [Downloadable!] (restricted)
    Other versions:

  7. Caillaud, B. & Cohen, D., 2000. "Inter-generational transfers and common values in a society," European Economic Review, Elsevier, vol. 44(4-6), pages 1091-1103, May. [Downloadable!] (restricted)

  8. Daniel Cohen & Arnaud Lefranc & Gilles Saint-Paul, 1997. "French unemployment: a transatlantic perspective," Economic Policy, CEPR, CES, MSH, vol. 12(25), pages 265-292, October. [Downloadable!] (restricted)

  9. Cohen, Daniel, 1996. " Tests of the "Convergence Hypothesis": Some Further Results," Journal of Economic Growth, Springer, vol. 1(3), pages 351-61, September.
    Other versions:

  10. Cohen, Daniel, 1995. "Large external debt and (slow) domestic growth a theoretical analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 19(5-7), pages 1141-1163. [Downloadable!] (restricted)

  11. Cohen, Daniel & Wyplosz, Charles, 1995. "Price and trade effects of exchange rate fluctuations and the design of policy coordination," Journal of International Money and Finance, Elsevier, vol. 14(3), pages 331-347, June. [Downloadable!] (restricted)
    Other versions:

  12. Cohen, Daniel & Verdier, Thierry, 1995. "'Secret' buy-backs of LDC debt," Journal of International Economics, Elsevier, vol. 39(3-4), pages 317-334, November. [Downloadable!] (restricted)
    Other versions:

  13. Cohen, Daniel, 1994. "Introduction," European Economic Review, Elsevier, vol. 38(3-4), pages 417-417, April. [Downloadable!] (restricted)

  14. Cohen, Daniel, 1993. "Low Investment and Large LDC Debt in the 1980's," American Economic Review, American Economic Association, vol. 83(3), pages 437-49, June. [Downloadable!] (restricted)

  15. Cohen, Daniel, 1993. "A valuation formula for LDC debt," Journal of International Economics, Elsevier, vol. 34(1-2), pages 167-180, February. [Downloadable!] (restricted)
    Other versions:

  16. Daniel Cohen, 1992. "Eighth congress of the European Economic Association : August 27-August 29, 1993, Helsinki, Finland," Journal of Mathematical Economics, Elsevier, vol. 21(6), pages 609-609. [Downloadable!] (restricted)

  17. Cohen, Daniel, 1992. "Growth, productivity, and access to the world financial markets," Journal of the Japanese and International Economies, Elsevier, vol. 6(4), pages 365-382, December. [Downloadable!] (restricted)

  18. Cohen, Daniel & Michel, Philippe, 1991. "Laissez-faire and expropriation of foreign capital in a growing economy," European Economic Review, Elsevier, vol. 35(2-3), pages 527-534, April. [Downloadable!] (restricted)

  19. Cohen, Daniel, 1990. "Debt Relief: Implications of Secondary Market Discounts and Debt Overhangs," World Bank Economic Review, Oxford University Press, vol. 4(1), pages 43-53, January.

  20. Cohen, Daniel, 1990. "'Internal versus external economies in European industry' by R.J. Caballero and R.K. Lyons," European Economic Review, Elsevier, vol. 34(4), pages 827-828, June. [Downloadable!] (restricted)

  21. Cohen, Daniel, 1989. "Monetary and fiscal policy in an open economy with or without policy coordination," European Economic Review, Elsevier, vol. 33(2-3), pages 303-309, March. [Downloadable!] (restricted)

  22. Cohen, Daniel & Michel, Philippe, 1988. "How Should Control Theory Be Used to Calculate a Time-Consistent Government Policy?," Review of Economic Studies, Blackwell Publishing, vol. 55(2), pages 263-74, April. [Downloadable!] (restricted)

  23. Cohen, Daniel, 1988. "The Management of the Developing Countries' Debt: Guidelines and Applications to Brazil," World Bank Economic Review, Oxford University Press, vol. 2(1), pages 77-103, January.

  24. Cohen, Daniel, 1988. "Which LDCs are solvent," European Economic Review, Elsevier, vol. 32(2-3), pages 687-693, March. [Downloadable!] (restricted)

  25. Cohen, Daniel, 1987. "[UK pound]22.50.Koichi Hamada, The Political Economy of International Monetary Independence, MIT Press, Oxford (1986), p. ix + 187," Journal of International Economics, Elsevier, vol. 23(1-2), pages 185-187, August. [Downloadable!] (restricted)

  26. Cohen, Daniel & Sachs, Jeffrey, 1986. "Growth and external debt under risk of debt repudiation," European Economic Review, Elsevier, vol. 30(3), pages 529-560, June. [Downloadable!] (restricted)
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  27. Cohen, Daniel, 1985. "Inflation, wealth and interest rates in an intertemporal optimizing model," Journal of Monetary Economics, Elsevier, vol. 16(1), pages 73-85, July. [Downloadable!] (restricted)

  28. A G Kemp & D Cohen, 1980. "The New System of Petroleum Revenue Tax," Fiscal Studies, Institute for Fiscal Studies, vol. 1(2), pages 36-50, March.


Chapters

  1. Daniel Cohen, 1992. "The Debt Crisis: A Postmortem," NBER Chapters, in: NBER Macroeconomics Annual 1992, Volume 7, pages 65-114 National Bureau of Economic Research, Inc. [Downloadable!]
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  2. Daniel Cohen & Jeffrey Sachs, 1991. "Growth and External Debt Under Risk of Debt Repudiation," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 437-472 National Bureau of Economic Research, Inc. [Downloadable!]
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Books

  1. Daniel Cohen, 2008. "Three Lectures on Post-Industrial Society," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262033836.

  2. Daniel Cohen, 2007. "Globalization and Its Enemies," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262532972.

  3. Daniel Cohen, 2004. "Our Modern Times: The Nature of Capitalism in the Information Age," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262532638.

  4. Daniel Cohen, 1998. "The Wealth of the World and the Poverty of Nations," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262032538.


NEP Fields

22 papers by this author were announced in
NEP, and specifically in the following field reports (number of papers):
  1. NEP-AFR: Africa (1) 2009-01-17
  2. NEP-ARA: Arab World (1) 2009-01-17
  3. NEP-CBA: Central Banking (1) 2008-03-25
  4. NEP-DEV: Development (8) 2003-03-14 2004-10-30 2007-01-02 2007-01-28 2007-05-12 2008-04-21 2008-11-18 2009-01-17 Author is listed
  5. NEP-EFF: Efficiency & Productivity (2) 2005-08-13 2006-04-08
  6. NEP-FMK: Financial Markets (1) 2006-08-05
  7. NEP-IFN: International Finance (4) 2003-03-14 2004-06-07 2004-06-13 2004-10-30
  8. NEP-INT: International Trade (2) 2006-04-08 2007-12-15
  9. NEP-MAC: Macroeconomics (1) 2009-01-17
  10. NEP-MIC: Microeconomics (1) 2005-08-13
  11. NEP-REG: Regulation (2) 2004-06-07 2004-06-13

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This page was last updated on 2009-11-5.


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