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UNIVERSITY OF BAHRAIN
COLLEGE OF BUSINESS ADMINISTRATION
ECON427
Human Capital Theory: Education to Boost Economic Growth.
Mohammed Ali – 20174041
Abdulmumin Ali – 20174652
Turki Abdulaziz – 20172438
Bader Almugrin – 20187839
Nour Alhajeri – 20175110
Submitted To Professor Qaiser Munir.
Human Capital Theory: Education to Boost Economic Growth.
Abstract

1
Human Capital Theory: Education to Boost Economic Growth.
Table of Contents
Abstract
1
Table of Contents
2
Introduction
3
Background:
3
Problem Statement:
4
Objectives:
4
Significance of The Study
4
Limitations
5
Literature Review
5
Applied Methodology
6
Analysis of the project
7
Conclusion
8
Recommendations
9
References
10
2
Human Capital Theory: Education to Boost Economic Growth.
Introduction
Background:
“I propose to treat education as an investment in man and to treat its consequences as a form of
capital. Since education becomes a part of the person receiving it, I shall refer to it as human
capital.” (Schultz, 1960). The catalyst to what transformed the idea of “Human Capital” from a
metaphor to a fruitful topic in economics and education.
Theodore Schultz was a chair of the Chicago economics department and a significant player in
shaping the way economists view the Human Capital Theory. Influential economist Walter Heller
used Schultz’s definition to push the argument of increased funding in education based on his
hypothesis about the link between the accumulation of human capital and aggregate economic
growth.
According to Mincer (1974), Investment in human capital can take the form of expenditures on
education, job training, health, information, and migration. Such expenditures of resources of time,
money, and effort tend to augment an individual’s earning capacity and thus can be viewed as
investments, the augmentation of earnings being the return on them.
3
Human Capital Theory: Education to Boost Economic Growth.
Problem Statement:
Economic growth is a measure to specify the increase in the level of good and services produced
per individual in an economy over a period of time. This measurement is an important indicator
that gives us a scope on how well a country is progressing. Due to the COVID-19 Pandemic,
economic growth has stumbled with many borders being closed, flight restrictions & lockdowns.
reasons. Furthermore, Current in levels are on the rise resulting in less purchasing power, higher
prices, and less savings. The Human Capital Theory can help combat these issues since the increase
of; skilled labor, financial literacy & innovation ultimately lead to increased production,
investments, and growth. The purpose of this report will be to investigate how the Human Capital
Theory can help increase economic growth. The null hypothesis is that the Human Capital Theory
has a positive effect on economic growth, while the alternative hypothesis is that the Human
Capital Theory will have a negative effect on economic Growth.
Objectives:
The objective of this study is to look at how the human capital theory can be used to boost
economic growth. This will be achieved by observing the following three targets:
To investigate the role of education and training in economic growth.
Inspect the effects of investment in human capital.
Examine interdependence of human capital at micro and macro levels.
Significance of The Study
With the rise of inflation, economic instability, rapid unemployment, and an increasing money
supply the effects on economic growth are devastating. To combat these issues, the utilization of
4
Human Capital Theory: Education to Boost Economic Growth.
the human capital theory would prove beneficial in more ways than one. As mentioned earlier our
objectives are aimed to investigate this issue at four different standpoints hoping to convey a clear
picture on the effects expressed by the human capital theory.
Limitations
There weren’t many limitations while undertaking this investigation, however, the aspect of time
hindered our output as a topic this great would have taken a significant time studying and
questioning to provide a glimpse of the implications that the human capital theory may have on
our economy.
Literature Review
Economic growth in its simplest form is defined in the economics literature as the increase in
goods and services produced in a country. It is also defined as a continuous increase in gross
domestic product per capita. Such growth is an indicator of the development level desired by every
country in an internationally competitive environment. Labor is a production factor used to
improve economic growth through the production of goods and services. Investments in labor
improve the productivity of human capital. The knowledge, skills, experience, and similar assets
of individuals significantly affect production factors through labor and accelerate economic growth
(Koç, 2013).
5
Human Capital Theory: Education to Boost Economic Growth.
The Human Capital Theory has had many definitions in the past, each being somewhat limited in
scope.
“Knowledge, skills and abilities of the people employed in an organization” (Schultz, 1961).
“Knowledge, information, ideas, skills, and health of individuals” (Becker, 1993).
“People, their performance and their potential in the organization” (Thomas et al, 2013)
Romer (1990) regarded human capital as the source of economic efficiency.
The OECD (Organization for Economic Co-operation and Development) defines human capital as
the contributions of knowledge and skills made by an individual to a country’s economy and thus
as the improvement in social and economic development made by an individual (Eser & Gökmen,
2009).
The theory of human capital regards the individual not only as a component of the production
function but also as a dynamic input in the realization of economic progress (Öz?ahin & Karaçor,
2013).
Fundamentally these definitions revolve around the knowledge an individual holds and its uses,
however, in our opinion the Human Capital Theory can be defined as: The ability to boost personal,
organizational, and economic goals by empowering proficiency and awareness in a nation.
Applied Methodology
6
Human Capital Theory: Education to Boost Economic Growth.
Analysis of the project
7
Human Capital Theory: Education to Boost Economic Growth.
Conclusion
8
Human Capital Theory: Education to Boost Economic Growth.
Recommendations
9
Human Capital Theory: Education to Boost Economic Growth.
References
Boztosun, D., Aksoylu, S., & Ulucak, Z. ?. (2016). The role of human capital in economic
growth. Economics World, 4(3), 101-110.
Holden, L., & Biddle, J. (2017). The introduction of Human Capital Theory into education policy
in
the
United
States.
History
of
Political
Economy,
49(4),
537–574.
https://doi.org/10.1215/00182702-4296305
McCracken, M., Mclvor, R., Treacy, R., & Wall, T. (2017). Human capital theory: assessing the
evidence for the value and importance of people to organizational success.
Mincer, J. (1981). HUMAN CAPITAL AND ECONOMIC GROWTH.
Wilson, R., & Briscoe, G. (2004). The impact of human capital on economic growth: a review.
10
University of Bahrain
Collage of Businesses Administration
Department of Economics & Finance
Cryptocurrencies: Knowledge and
Investment Decisions in Bahrain
Research proposal
(FIN498)

Supervisor: Dr. Sara Al-Faihani
Prepared by:
Mohammed Ali
ID NO. 20174041
Mohammed Mokhtar Badr
ID NO. 20171196
Zahraa Jameel
ID NO. 20167663
Abdulmumin Ali
ID NO. 20174652
Submitted on: 3/30/2022
1
Table of Contents
CHAPTER 1: INTRODUCTION………………………………………………………………………………………………………..
1.1 Background:………………………………………………………………………………………………………………..3
1.2 Problem Statement:………………………………………………………………………………………………………3
1.3 Objectives of the Study:…………………………………………………………………………………………………4
1.4 Significance of the Study:……………………………………………………………………………………………….5
1.5 Limitations…………………………………………………………………………………………………………………..5
1.6 Definition of Terms:………………………………………………………………………………………………………6
CHAPTER 2: LITERATURE REVIEW………………………………………………………………………………………………
2.1 Brief of literature………………………………………………………………………………………………………..10
CHAPTER 3: RESEARCH METHODOLGY……………………………………………………………………………………….
REFRENCES………………………………………………………………………………………………………………………………..
APPENDIX……………………………………………………………………………………………………………………………………
2
CHAPTER 1: INTRODUCTION
1.1 Background:
Cryptocurrency refers to a type of digital asset that uses distributed ledger, or blockchain,
technology to enable a secure transaction. (Hardle et al., 2020, p. 1). For a long time,
cryptocurrencies have been misunderstood and associated with crime, the dark web, and more.
Only recently has crypto become the talk of the world. Many fear it, while others appreciate it for
its lucrative returns. Today, there are over 17,000 different cryptocurrencies, each with an infinite
number of applications and different technologies, and a market cap of more than $1.7 trillion. The
rise of crypto was seen in 2017. Bitcoin hit an all-time high of approximately $20,000, becoming
the most talked about digital asset in the world. The rise of cryptocurrencies poses an existential
threat to many traditional functions in finance. Cryptocurrencies embrace a peer-to-peer
mechanism and effectively eliminate the “middleman”, which could be a financial institution. For
example, no bank account or credit card is needed to transact in the world of cryptocurrencies.
Indeed, a cryptocurrency “wallet” serves the same function as a bank vault. With a smart phone
and the internet, the potential exists for a revolution in financial inclusion—given that over two
billion people are unbanked (GlobalFindex, 2017; World Bank, 2017).
1.2 Problem Statement:
For centuries, methods of payment have drastically changed from era to era. From shells, pearls,
gold coins, and now bank notes, each change affected the way business, trade, and investments
were conducted. The financial market is a huge ecosystem with two major components: the money
3
market and the capital market, each possessing its own characteristics and infrastructure. Financial
instruments are created to suit the needs of many, from single individuals looking to invest, to
international corporations purchasing shares of others, or market intermediaries who profit from
offering services. As mentioned, cryptocurrencies embrace a peer-to-peer mechanism, eliminating
the need for a “middle-man”. They are also seen as investment alternatives to stocks and bonds. In
the year 2021, the market cap of cryptocurrencies hit an all-time high of $2.9 trillion, beating
Amazon, Silver, Alphabet, and many more. Such growth poses a threat to the many financial
systems currently available, including national currencies. With cryptocurrency on the rise, the
purpose of the report will be to investigate different user perceptions and preferences based on age.
The null hypothesis is that investment decisions made on cryptocurrencies are based on previous
knowledge regarding the stock markets, while the alternative hypothesis is that investment
decisions made on cryptocurrencies are based on market trends and investor perceptions.
1.3 Objectives of the Study:
Cryptocurrencies sound like the future of business to young professionals and investors. The
majority of people tend to buy a few units to keep, hoping that the value will rise in the future;
however, active investors buy and sell cryptocurrency in order to maximize their profits (Mortson,
2021). In light of the fact that some governments, companies, and investors are embracing
cryptocurrency and others are strongly rejecting it, it can be difficult to determine the perception
and acceptance among the general population. The mass population’s perception of
cryptocurrencies is thus essential in understanding this emerging market’s potential success and
adoption (McMorrow & Esfahani, 2021). To the best of our knowledge, such investigation was not
conducted for Bahrain.
4
Therefore, the objective of this study is to remedy the gap in the literature and investigate the
knowledge, perception and the basis of investment decisions in the Kingdom of Bahrain. This
study aims to provide answers to the following research questions:
?
What is the public’s perception over cryptocurrencies?
?
Why individuals, invest in cryptocurrencies over other financial instruments?
?
How do people view profitability and efficiency of cryptocurrencies?
1.4 Significance of the Study:
Investigating cryptocurrencies is a critical task because many people only have a hazy
understanding of crypto, its applications, and the technology that powers them. Furthermore, there
are a few studies regarding user perception, knowledge & investment decisions. There is a lot of
hype around cryptocurrencies. Many individuals may invest their money based on that hype rather
than having an informed decision. Furthermore, cryptocurrencies are not regulated, so an
individual may purchase or invest in any of the 17,000 currencies in a matter of minutes.
Therefore, the outcome of the investigation should lead us to better understand user perceptions of
cryptocurrencies and whether their investment decisions are based on research done and or
previous experience in the stock market.
1.5 Limitations
As with most studies, in this investigation we faced a few constraints. Firstly, having a limited
amount of time, this resulted in not being able to gather more information, data and look at other
published works, which could have increased output. Secondly, minimal investigations have been
5
carried out regarding this topic. Moreover, data is scarce regarding the GCC & the Middle East.
Finally, sample size limitations. This study is conducted over short period of time and, thus, the
number of respondents to the survey could have been enhanced as well as the research findings
regarding the perception of population and the basis of investment decisions in cryptocurrencies.
1.6 Definition of Terms:
Cryptocurrency: A peer-to-peer version of a digital asset or electronic cash.
Digital Asset: Assets which have digital representation.
Distributed ledger: Consensually shared and synchronized database.
Blockchain: Shared, unchangeable ledger that holds all records of transactions.
Market Cap: Total Value of all “shares” (stocks, index, number of coins).
Financial Institution: Organization dealing with monetary transaction.
Cryptocurrency “wallet”: Digital vault serving the same function of a bank vault.
Money Market: Exchange between borrowers and lenders.
Capital Market: Concerned with bonds, shares, and long-term investments.
Financial Instruments: A contract allowing trade. An asset to an entity and a liability to another.
Peer-to-Peer: Direct information, resource, or data trade without the involvement of a third party.
Hype: Intensive promotion.
6
CHAPTER 2: LITERATURE REVIEW
Although many definitions have been made about money up to now, we can say that there is no
general definition that will cover all time. However, based on the definitions made so far, it would
not be wrong to define money as a value (commodity) that aims to provide the exchange of
products and services (Lim & Sriram, 2003). When we look at the literature, it is seen that some
economists do not even need to describe money in definitions of money, while others think that
these definitions can be useless or even harmful. According to them, it is important to focus on the
solutions to the monetary problems of the economy instead of wasting time on making definitions
(Unay, 1996).
While the concept of money is questioned in many ways, it is also questioned what kind of a
commodity it is from an economic point of view. Money has been regarded as an economic good
that has been used since primitive times and has been an indirect means of exchange instead of
direct barter. In other words, since it cannot meet a direct need, it shows the feature of an
intermediate product. It can be expressed as an instrument of freedom because those who have
money are given the freedom to buy the goods and services they want, and as a means of choice
because they offer unlimited choice (Cengiz, 2018).
So, on the point of using cryptocurrency as an investment tool, the use of these coins as electronic
money, commodities, or security is also important. Cryptocurrencies also carry an element of
value, and it is possible to classify these currencies as having value. For Bitcoin to be accepted as
an electronic currency, it must be issued by an institution authorized to issue electronic money.
However, this condition cannot be fulfilled since crypto money does not have any central
authority.
7
Cryptocurrencies have not been accepted as money in the legislation of any country other than El
Salvador until today, as El Salvador is the first and only country to accept cryptocurrency as
money (Hernandez, 2021). On the other hand, cryptocurrencies have also been considered
commodities in terms of taxation. Commodities are gold, silver, barley, wheat, etc. that can be
traded. Cryptocurrencies are getting closer to the concept of commodities by interacting with legal
currencies in the exchange centers. And finally, for cryptocurrencies to be considered as securities,
they must have certain shares they represent, or they must borrow from the market by purchasing
securities such as treasury bills or public-private sector bonds. However, because cryptocurrencies
do not represent a unique share, they cannot be used as security (Ceylan, 2019).
On the other hand, deficiencies in the existing financial system after the 2008 financial crisis
became more evident and the currencies of many countries depreciated. As a result of this
devaluation, alternative ways to the financial system based on credit cards, debit cards, and banks,
which are not tied to a specific central authority, have begun to be considered (Gültekin, 2017).
When we look at the studies on cryptocurrencies and selected macroeconomic variables and
foreign exchange prices, Güleç et al. (2018) performed analysis on gold, foreign currency, interest,
and stocks, and according to the results of the analysis, they found a statistically significant
relationship between the interest rate variable and Bitcoin prices. Chun (2019) explored the effect
of cryptocurrencies on the financial markets and monetary policy of a country while considering
the central bank’s digital currency and found that there is a sufficiently great influence of
cryptocurrency on the financial markets as well as the monetary policy of a country.
For this study, we need to examine the studies between cryptocurrencies and stock markets, but the
studies in this field are narrower and there are very few studies on this subject, just as Dirican and
8
Canoz (2017) examined the relationship between some indices in the stock market and Bitcoin by
using the ARDL bounds test method. The BIST100, ChinaA50, Dow30, Ftse100, Nasdaq100,
Nikkei225, and S&P500 indices were used in the study. Within the scope of the study, the authors
are based on the period from 24/05/2013 to 05/11/2017. As a result of the study, it has been
determined that there is a long-term relationship between Bitcoin and the USA and China Stock
Market indices.
Georgoula et al. (2015) investigated the link between Bitcoin prices and the S&P500 index.
They discovered a negative relationship between Bitcoin prices and the S&500 index as a
result of a study that used diaries between the dates of October 27, 2014 and January 12,
2015.Furthermore, at the end of the study, investment advice was given that a drop in the
S&P500 index would be an opportunity to buy Bitcoin. and Gürsoy (2020) tested the
causality relationship between Bitcoin prices, the VIX index, and the BIST100 in their study. The
Toda Yamamoto causality test was used in the study, using daily data between 06/08/2010 and
06/01/2020. As a result of the study, while a one-way causality relationship was determined
between Bitcoin prices and the BIST100 index during the periods discussed, it was found that there
was no causality from Bitcoin to the VIX index.
Hepkorucu and Genç (2017) explored the changes in Bitcoin prices between September 2011 and
August 2017 using e-Fourier ADF and standard ADF methods. In the study, which aimed to make
a judgment about the stability of Bitcoin by examining the products called bitcoin or e-money,
while assuming that the shock effect applied to Bitcoin prices continues indefinitely without
decreasing, it was concluded that the change in prices is caused by the shocks entering the market.
9
2.1 Brief of literature
The following table summarizes the relevant literature that has been published for the
cryptocurrencies.
Authors
Lim and
Sriram
(2003)
Unay (1996)
Cengiz
(2018)
Hernandez
(2021)
Ceylan
(2019)
Gültekin
(2017)
Chun (2019)
Güleç et al.
(2018)
Dirican and
Canoz
(2017)
Georgoula et
al. (2015)
Tuncel and
Gürsoy
Research Title
Factors Underlying the
Definition of Broad Money: An
Examination of Recent US
Monetary Statistics and
Practices of Other Countries.
Macroeconomy
Most popular cryptocurrency:
Bitcoin.
El Salvador Just Became the
First Country to Accept Bitcoin
as Legal Tender.
Bitcoin economy:
Cryptocurrency Bitcoin’s place
in the financial sector.
Cryptocurrencies as an
alternative medium of payment
in tourism industry: Bitcoin.
The Effects of CryptoCurrencies on Financial Market
& Monetary Policy.
Examination of the relationship
between Bitcoin and financial
indicators.
The cointegration relationship
between Bitcoin prices and
major world stock indices: An
analysis with ARDL model
approach.
Using time-series and sentiment
analysis to detect the
determinants of bitcoin prices.
An Empirical Application on
the Causality Relationship
Main Results
Cryptocurrency is a value/money that aims to
provide the exchange of products and
services
It is important to focus on the solutions to the
monetary problems of the economy instead of
wasting time on making definitions.
Cryptocurrency can be expressed as an
instrument of freedom.
El Salvador is the first and only country to
accept cryptocurrency as money.
As cryptocurrencies do not represent a special
share, it is not possible to use them as security
Due to deficiencies in the existing financial
system after the 2008 financial crisis,
alternative ways to the financial system based
on credit cards, debit cards, and banks, which
are not tied to a specific central authority,
have begun to be considered.
There is a sufficiently great influence of
cryptocurrency on the financial markets as
well as the monetary policy of a country.
There is a statistically significant relationship
between the interest rate variable and Bitcoin
prices.
There is a long-term relationship between
Bitcoin and the USA and China Stock Market
indices.
There is a negative relationship between
Bitcoin prices and the S&P500 index.
There is no causality from Bitcoin to the VIX
index.
10
(2020)
Hepkorucu
and Genç
(2017)
Between Fear Index (Vix),
Bitcoin Prices, and Bist100
Index.
Analysis of Bitcoin as a
Financial Asset and An
Application on Unit Root
Structure.
Change in prices of bitcoin is caused by the
shocks entering the market.
CHAPTER 3: RESEARCH METHODOLGY
To maintain reliability and validity, a survey will be conducted based on a previous questionnaire
through random sampling sent through various social media outlets, primarily WhatsApp.
Characteristics of the survey were altered from previous work by (Steinmetz et al. 2021) in order to
maintain simplicity and match the target of the current study. The proposed methodology for data
analysis will be based on a regression model done through excel. A regression model is a statistical
technique used in finance, investment, and other fields to find the degree and type of relationship
between dependent and independent variables (Brooks, 2014). There will be two main models in
this study. Across both models the independent variables are age groups, income groups, marital
status and education. The dependent variables vary from model to model. In the first model
looking at cryptocurrency knowledge, the dependent variable would be user knowledge. Moreover,
in the second model looking at investment decisions, the dependent variable will be investment
decisions. The appendix includes the survey questions that will be used in this study.
11
REFRENCES
Bagri, S., Sharma, G. C., Wadhwa, A., Jha, R., & Palanivel, A. (2007). Introduction To Financial
Market. The secretary, Central Board of Secondary Education, Shiksha Kendra, Preet Vihar.
Brooks, C. (2014). Introductory econometrics for finance. (3rd ed.). New York: Cambridge
University Press.
Cengiz, K. (2018). Most popular cryptocurrency: Bitcoin. Band?rma Onyedi Eylül University
Journal of Social Sciences Research, 1 (2), 87-100.
Ceylan, M. E. (2019). Bitcoin economy: Cryptocurrency Bitcoin’s place in the financial sector.
Master’s thesis, Batman University Institute of Social Sciences.
Chun, S. H. (2019). The Effects of Crypto-Currencies on Financial Market & Monetary
Policy. Corporate Governance: Search for the Advanced Practices, 79
Dirican, C., & Canoz, I. (2017). The cointegration relationship between Bitcoin prices and major
world stock indices: An analysis with ARDL model approach. Journal of Economics
Finance and Accounting, 4(4), 377-392.
Duffie, D., & Rahi, R. (1995). Financial market innovation and security design: An
introduction. Journal of Economic Theory, 65(1), 1-42.
Georgoula, I., Pournarakis, D., Bilanakos, C., Sotiropoulos, D., & Giaglis, G. M. (2015). Using
time-series and sentiment analysis to detect the determinants of bitcoin prices. Available at
SSRN 2607167.
Güleç, Ö. F. (2018), Examination of the relationship between Bitcoin and financial indicators.
Kirklareli University Faculty of Economics and Administrative Sciences Journal, 7(2), 1837.
Gültekin, Y. (2017). Cryptocurrencies as an alternative medium of payment in tourism industry:
Bitcoin. Güncel Turizm Ara?t?rmalar? Dergisi, 1(2), 96-113.
Härdle, W. K., Harvey, C. R., & Reule, R. C. (2020). Understanding cryptocurrencies. Journal of
Financial Econometrics, 18(2), 181-208.
Hepkorucu, A. & Genç, S. (2017). Analysis of Bitcoin as a Financial Asset and An Application on
Unit Root Structure. Journal of Osmaniye Korkut Ata University Faculty of Economics and
Administrative Sciences, 1(2), 47-58.
Hernandez, J. (2021). El Salvador Just Became the First Country to Accept Bitcoin as Legal
Tender. NPR, September, 7.
12
Kang, K., & Lee, S. (2019). Money, cryptocurrency, and monetary policy. SSRN Electronic
Journal. https://doi.org/10.2139/ssrn.3303595
Kishore Jain, D. (2020). The economics of Cryptocurrencies – Why Does It Work? SSRN
Electronic Journal. https://doi.org/10.2139/ssrn.3644159
Kyriazis, N. (2019). A survey on efficiency and profitable trading opportunities in cryptocurrency
markets. Journal of Risk and Financial Management, 12(2), 67.
https://doi.org/10.3390/jrfm12020067
Lim, M. E. G., & Sriram, M. S. S. (2003). Factors Underlying the Definition of Broad Money: An
Examination of Recent US Monetary Statistics and Practices of Other Countries. International
Monetary Fund.
McMorrow, J., & Esfahani, M. S. (2021). An Exploration into People’s Perception and Intention
on using Cryptocurrencies. HOLISTICA–Journal of Business and Public Administration,
12(2), 109-144.
Mortson, M. (2021). Why is cryptocurrency rising in popularity? Supply Chain Game Changer™.
Retrieved March 26, 2022, from https://supplychaingamechanger.com/why-iscryptocurrency-rising-in-popularity/
Ng, D., & Griffin, P. (2018). The wider impact of a national cryptocurrency. Global Policy, 1.
Stancel, D. (2015). Economic Consequences of Cryptocurrencies and Associated Decentralized
Systems. Journal of Economics, 25.
Steinmetz, F., Meduna, M., Ante, L., & Fiedler, I. (2021). Ownership, uses and perceptions of
cryptocurrency: Results from a population survey. BRL Working Paper Series No. 19.
Tuncel, M. B., & Gürsoy, S. (2020). Korku Endeksi (Vix), Bitcoin Fiyatlari Ve Bist100 Endeksi
Arasindaki Nedensellik ?li?kisi Üzerine Ampirik Bir Uygulama. Electronic Journal of Social
Sciences, 19(76).
Unay, C., (1996). Macroeconomy, Ekin Publishing House, 6th edition, Bursa
13
APPENDIX
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