Brazilian Economy Research Articles

Mitigating policies for pollutant emissions in a DSGE for the Brazilian economy

This paper examines the dynamic behavior of the Brazilian economy under policy regimes aimed at controlling pollutant emissions and limiting environmental damage. Greenhouse gas (GHG) emissions are assumed to be of two types: carbon from fossil resources burning for energy generation (i.e., thermoelectric) or carbon and non-carbon outputs from production processes (i.e., methane from cattle). Firms optimally decide on the demand for fossil and green energy, as the level of effort dedicated to abating emissions coming from production processes. Two alternative policies for emissions, which include emissions taxation (fixed cost) and emission permits trade (quantity caps), are introduced into an open-economy DSGE model for the Brazilian economy. Departing from the estimated parameters of the original version of the model, ratios in the new block of equations for the energy and emissions are calibrated using sectoral data, and some elasticities are set to reproduce the sensibility to some shocks implicit in the NGFS11Network for Greening the Financial System. scenarios (Net Zero 2050). Simulations indicate neither of the emissions policies can induce transition in the energy matrix without a green investment policy. The approach adopted here is a first step in building a macroeconomic model capable of challenging scenarios from more specialized models dedicated to energy and emissions by better assessing possible effects and feedback related to the iterations with macroeconomic dynamics. Despite the difficulties concerning the limited availability of data in higher frequency, results indicate those modeling approaches are sufficiently flexible to incorporate the main aspects of energy and emission, serving as valuable tools for policy analysis.

The role of foreign direct investment in solving electricity poverty in Brazil

This paper conducts an empirical analysis of the relationship between Foreign Direct Investments and electricity poverty in Brazil in the period 1992–2021. With the opening up of the Brazilian economy in the 1990s policy makers expected that foreign investment would contribute to the development of the Brazilian economy. The impact of Foreign Direct Investment in the electricity sector is, nonetheless, a topic with scarce literature. Therefore, the current work to fill this gap is justified. We adopt an autoregressive distributed lag (ARDL) approach to investigate the short and long-run relationship between these variables. Our main result is that Foreign Direct Investment has a negative impact on electricity consumption in Brazil. Additionally, Foreign Direct Investment has a negative impact in terms of electricity access, at the time of the occurrence of the investment, which is compensated the year after. Private investments, have on the other hand, impacted electricity consumption positively. An implication is the need for compensatory public policies that can increase access to electricity for the poorest populations.

The impact of fiscal opacity on business confidence: empirical investigation from an emerging economy

PurposeThe relevance of transparency related to public finances is considered fundamental for good economic policy management. An environment of greater fiscal transparency allows the private sector greater predictability, improving the entrepreneur’s decision-making ability. This study empirically analyzes fiscal opacity’s effect on business confidence in an emerging economy.Design/methodology/approachWe use monthly data from the Brazilian economy from January 2010 to March 2023. Based on Ordinary Least Squares (OLS) and the Generalized Method of Moments (GMM) regressions, we analyze whether fiscal opacity, measured by the signal-to-noise ratio, affects business confidence. Moreover, to evaluate the duration of a shock transmitted by the fiscal opacity on business confidence, we consider an impulse-response function generated by a Vector Auto-Regressive (VAR).FindingsWe found that fiscal opacity resulting from the lack of information to anticipate the budgetary result of the public sector deteriorates business confidence.Practical implicationsWe present robust empirical evidence that allows us to assume that using a strategy to reduce fiscal opacity through mechanisms that provide reliable economic data and fiscal forecasts is essential for fiscal policy to affect business confidence positively. Reducing fiscal opacity provides greater clarity regarding the budget outcome, reduces economic uncertainty and improves the fiscal policy expectation channel.Originality/valueThis paper is the first to analyze how the lack of information for market agents to anticipate the government’s budget execution accurately (fiscal opacity) affects business confidence.

Toxicological, morphological and cytochemical effects caused by the agrochemical Fastac Duo in africanized Apis mellifera tolerant to neonicotinoid thiamethoxam

Agriculture is one of the main bases of the Brazilian economy, its production of cereals, legumes and oilseeds is breaking records. This great productivity needs handling and care to maintain itself. Due to the occurrence of pests there is a need to use agrochemicals, which in addition to their direct effect on killing insect pests, also affects the viability of beneficial insects to Apis mellifera bees. These insects play an essential role in the pollination of many species. These pollinators have declined for at least 14 years due to several factors, including the large-scale use of agrochemicals. Thus, our research group is maintaining colonies of A. mellifera bees tolerant to the neonicotinoid thiamethoxam, given the importance of this agrochemical in pest control. Due to the high number of available agrochemicals, in the present study the toxicity, changes in chromatin and morphology of the midgut of workers A. mellifera F4 tolerant to thiamehtoxam, submitted to oral exposure with the agrochemical Fastac Duo (combination of acetamiprid and alpha -cipermethrin). Adult forage workers of A. mellifera F4 tolerant were collected and submitted to in vitro bioassays, by oral exposure for 24 and 72 hours. After this period, the workers were analyzed to check for mortality, dose/response ratio, using the cytochemical technique Critical Electrolyte Concentration (CEC). The most digestion occurs in bees to observe the morphology of this region of the digestive tract. The results showed that there was a high mortality of workers in the treatments performed indicating that there is no cross tolerance, that is, F4 is not tolerant to Fastac Duo, but there is a positive dose/response correlation, where the higher the dose used, the greater the mortality. The changes in the chromatin structure suggest that there is condensation of the chromatin and a decrease in gene expression in two concentrations analyzed at 24 and 72 hours. As for the morphology of the midgut, changes were detected at the cellular level, but the peritrophic membrane was preserved. Thus, the use of Fastac Duo should be avoided, or at least, used in minimum doses necessary to avoid the mortality of A. mellifera bees.

Pass-through of oil prices to Brazilian inflation: An analysis between 2014 and 2023

ABSTRACT The price of fuels, and consequently, the price of oil, is one of the elements of historical relevance for the general price level that the Brazilian population faces, given the country’s dependency on the road transportation mode for product distribution and the potential ripple effects that the oil price naturally exerts on other sectors of the economy. Therefore, the aim of the present study is to quantify the influence of oil prices on the overall price index of the Brazilian economy for the period between January 2014 and May 2023. To achieve this objective, a model based on a hybrid New Keynesian Phillips curve was constructed, and the estimation was performed using Structural Vector Error Correction (SVEC) models. As a result, we find that, although oil prices are not the most significant drivers of inflation, their influence is present, positive, and persists for a considerable number of periods.

What's in drugs freely used by Brazilian truck drivers - "Rebites"? Determination of target and nontarget compounds by high-resolution mass spectrometry and nuclear magnetic resonance.

Highways, the lifeline of the Brazilian economy, transport approximately 75% of the country's economic activity, highlighting its importance. However, professional drivers, accustomed to long daily journeys, make use of tablets widely available in Gas Station, which are known as "Rebites," which could contain a mixture of legal and illegal compounds. Thus, this study aims at the chemical characterization of these through different analytical methods. Initially, we performed a comprehensive screening of compounds present in seven samples collected across the country using high-resolution mass spectrometry (HRMS). The findings revealed caffeine as the main compound, alongside theophylline, lidocaine, and clobenzorex, among others. In the next step, we employ quantitative nuclear magnetic resonance (qNMR) to quantify the caffeine content in the tablets. The results indicated a caffeine concentration ranging between 14% and 31% (m/m), which may imply a daily overdose of this compound from around four tablets. In summary, this investigation provides a chemical characterization of real samples of "Rebites" freely obtained along Brazilian highways. Caffeine emerged as the predominant active compound, with its concentration determined by qNMR analysis. The notable presence of caffeine, combined with other stimulants, depressants, and hallucinogens, underscores the need for strict quality control measures regarding "Rebites" to safeguard public health.

Productive interdependence of tourist activities in Brazil

This paper examines the production linkages of Tourism Characteristic Activities in the Brazilian economy and breaks down the output variation of these activities into technological change and final demand effects. To do so, we use the hypothetical extraction and structural decomposition methods based on the Brazilian input-output matrices of 2010 and 2015. The main results show that the absence of tourist activities would cause a 0.83% reduction in the total output in Brazilian economy, and the impacts caused by the absence of the purchasing and selling structures of these activities were relatively low, which can be partially explained by the fact that tourist activities are oriented towards final demand. Furthermore, variations in the output of tourist activities are predominantly explained by the behavior of final demand, with a reduced impact of technical progress. Household consumption and exports are the ones that contributed the most to the variations in output.

Stainless steels as a solution for corrosion and erosion problems involving grains in agribusiness sector applications

Agricultural activities such as grain processing play a crucial role in Brazil's economy, contributing significantly to its gross domestic product (27.4% in 2021). The use of carbon steel equipment leads to considerable environmental and economic losses in agribusiness due to corrosion. This study explores the erosion-corrosion behavior of a dual-phase 11Cr and an 18Cr8Ni stainless steel (SS), compared to a mild (ASTM A36) and a high-strength carbon (AHSS) steel under conditions close to the agribusiness reality. The impact of corn particles as erosive component associated to pure water and chloride-containing environments was studied using a fog chamber, a topic until now unexplored in the literature. The methodology adopted is novel and explores the erosion-corrosion synergy in cumulative steps, aiming to shed light on the mechanisms of corrosion and wear that affect the materials in the agribusiness industry. The findings reveal that corn particles, despite their soft nature, can easily remove non-adherent corrosion products from the steel surface. In the deionized water medium, the impact of the soft particles can also shift the corrosion pattern of advanced high-strength steels from general corrosion to localized pitting damage reduzing the corrosion rates. The carbon and 11Cr steels showed the highest corrosion rates under the pure corrosion condition in both media. The erosion-corrosion process considerably reduced the corrosion rate, mainly in the deionized water medium for the carbon steels. An exception to this behavior was 18Cr8Ni steel, whose corrosion rates, however, were the lowest among the materials. Low-chromium stainless steel emerges as a cost-effective solution to erosion-corrosion challenges in the agribusiness segment.

Characterization of polymetallic ore of zinc, copper and lead

The study aimed to characterize a sample of approximately 150 kg of polymetallic zinc, copper and lead ore from the Aripuanã region, Mato Grosso. Due to the strategic importance of these minerals in the Brazilian economy and the complexity of processing. To achieve the objective, techniques such as scanning electron microscopy (SEM) with energy dispersive X-ray analysis (EDS), X-ray diffraction (XRD) and inductively coupled plasma mass spectrometry (ICP) were used to identify the minerals and determine its chemical composition. Furthermore, the Bond Work Index (WI) test was performed to evaluate resistance to fragmentation, and helium gas pycnometry was used to analyze the specific mass. The results showed a specific mass of 2.89 g/cm³, a WI of 9.22 kWh/st and contents of 5.15% zinc, 0.15% copper and 1.30% lead. The presence of minerals carrying the study elements, such as galena, sphalerite and chalcopyrite, highlights the relevance of these findings for the mining and metallurgy industry, boosting sustainable development and consolidating Brazil's position as a producer of valuable mineral resources.

Public investment, infrastructure and private investment in Brazil: is there a crowding-in effect?

PurposeOur study aims to evaluate the impact of infrastructure and public investment on private investment in machinery and equipment in Brazil from 1947 to 2017. The contribution of our article to the existing literature lies in providing a more comprehensive understanding of the presence or absence of the crowding effect in the Brazilian economy by leveraging an extensive historical database. Our central argument posits that the recent decline in private capital accumulation over the last few decades can be attributed to shifts in economic policies – moving from a developmentalist orientation to nondevelopmental guidance since the early 1990s, which is reflected in the diminished levels of public investment and infrastructure since the 1980s.Design/methodology/approachWe conducted a series of econometric regressions utilizing the autoregressive distributed lag (ARDL) model as our chosen econometric methodology.FindingsEmploying two different variables to measure public investment and infrastructure, our results – robust across various specifications – have substantiated the existence of a crowding-in effect in Brazil over the examined period. Thus, we have empirical evidence indicating that the state has influenced private capital accumulation in the Brazilian economy over the past decades.Originality/valueOur article contributes to the existing literature by offering a more comprehensive understanding of the crowding effect in the Brazilian economy, utilizing an extensive historical database.

Sustainable Transportation in The Brazilian Agroindustrial Supply Chain: A Literature Review

Objective: This article aims to discuss the importance of incorporating sustainable transportation practices into the supply chains of the Brazilian agro-industry, highlighting their potential to reduce costs, increase operational efficiency, and enhance companies' reputation in an increasingly sustainability-focused global context. Theoretical framework: Agribusiness plays a vital role in the Brazilian economy, converting agricultural raw materials into higher value-added products and driving economic gains and job creation. However, transportation in this chain has a significant environmental impact, with Brazil heavily reliant on road transport, contributing to carbon emissions. Companies from various sectors are adopting sustainable transportation practices to address these challenges, recognizing the growing importance of sustainability as a business strategy to ensure competitive advantage in the global market. Method: The literature review was conducted in five detailed stages: formulation of the research question, identification and careful selection of relevant studies, analysis and synthesis of data, and description and dissemination of results. Scientific articles, book chapters, and technical reports published between 2015 and 2023 were considered, ensuring a solid and updated basis for analysis. Results and conclusion: The analysis of 102 studies highlighted the relevance of implementing sustainable transportation practices, such as the use of electric vehicles and bioenergy, in reducing greenhouse gas emissions and optimizing logistics costs. Intermodality also emerged as an effective strategy adopted to mitigate environmental impacts and strengthen competitiveness. However, there is a continuous need for future research to understand the nuances of sustainable transportation strategies in different segments and regions of the Brazilian agro-industrial supply chain. Research implications: This study emphasizes the urgency and importance of transitioning to sustainable transportation practices in the Brazilian agro-industry, highlighting the need for government intervention and investment in research to develop approaches tailored to the specific challenges of each sector and region. Additionally, it underscores the importance of public policies that incentivize and promote sustainability in supply chains. Originality/value: It significantly contributes to understanding the complexities of sustainable transportation in the Brazilian agro-industry, providing insights for companies and policymakers interested in promoting sustainability in supply chains. By filling knowledge gaps and presenting innovative perspectives, this study stands out for its original contribution and practical value.

THE RELATIONSHIP BETWEEN MONETARY AND FISCAL POLICY AUTHORITIES ON INFLATION STABILITY

This paper attempts to study the collaboration between fiscal and monetary policy in a game-theoretic approach. The significant nature of coordination between these two policymakers is essential to the growth of any economic, holding to the facts that certain decisions taken by one institution may have devastating effects on the other institution, by resulting in loss of social welfare of the citizens of that nation. In this logic, this paper derived optimal monetary and fiscal policies in one context of coordination or form of interaction using the Two-stage game with complete and perfect information in normal-form representation of the prisoners dilemma: when the two institutions minimize their losses by only taking into account their objectives or responsibilities they owed to the society, formulation of solution known as the Nash equilibrium solution; when an institution moves first in pursuance of the objectives in improving the social welfare and the other follows, in a mechanism known as the optimal solution; when institutions behave cooperatively, seeking common goals. Like in the case Brazilian economy, the two institutions simultaneously demonstrated coordination at the level were both the monetary and fiscal authorities choose the (4, 4) as the optimal point in stabilizing inflation and output remains at its maximum level, that a minimal loss is found when there is a Nash equilibrium, particularly when monetary policy is the leader of the economy and fiscal policy follows. KEYWORDS: Fiscal and Monetary Policy, Game Theory, Nash Equilibrium, Stackelberg Equilibrium, Cooperation.

Effects of investment opportunities on firms' financial performance: a fresh look through a dynamic panel approach and multivariate analysis

The aim of this study is to investigate the macroeconomic component Investment Opportunities influence, extracted by the multivariate PCA method, on firms' financial performance. The analysis was conducted in two stages: i) Principal Component Analysis (PCA) to circumvent the multicollinearity problem and identification of the Investment Opportunities variable; and ii) Application of the Systemic Generalized Method of Moments (GMM) both to analyze the relationship between Investment Opportunities and firms' financial performance (measured by current and future ROE), and to correct for data endogeneity. The sample comprises 160 non-financial companies, with quarterly data from 2010 to 2020. We use the PCA method exploratively to identify the first principal component as the predictor variable in the econometric model. It was extracted from macroeconomic variables, which include GDP variation and activity indexes, confidence, and agents’ expectations in Brazilian economy. Finally, we applied the GMM panel data modeling. The results showed that the Investment Opportunities variable has a positive and significant effect on companies’ financial performance, with persistent effects in future quarters. Furthermore, we demonstrate that financial performance is highly responsive to these opportunities with significant results in all estimated models. This study makes a practical and theoretical contribution by demonstrating, through multivariate analysis, how economic conditions are important exogenous drivers of firm performance and competitive advantage.

Impact of critical success factors and risk management on organizational results

Goal: The purpose of this study is to identify how do risk management processes and critical success factors (CSFs) impact organizational results. Design / Methodology / Approach: A qualitative research approach was applied, using a multiple case study, involving six organizations in public and private sectors of the Brazilian economy. Results: The support given by top management, the existence of a corporate governance structure, the integration of risk management across all organizational functions and the importance of stakeholder participation, both in public and private organizations, presented aspects that impact organizational outcomes, such as the preservation of reputation, increase in market value, and the creation of competitive advantage. Limitations of investigation: The present research considered only Brazilian organizations, which is a limiting factor for a possible generalization of the findings. The research can be extended to other organizations and countries, so that other contexts can be discussed and analyzed. Practical implications: Based on the findings, we designed an Organizational Results Matrix (ORM), which aims to support managers dealing with factors conditioning the company´s results. Originality / Value: The original value of the research lies in the presentation of ORM. This matrix may enrich the quality and rigor of the actions carried out in public and private sectors, providing to managers an insight into the main dimensions of CSFs and risk management process and their influence on the expected results.

Intramammary treatment of clinical mastitis quarters with ceftiofur does not cause anbiotic residues in adjacent untreated quarters.

The study was carried out in dairy cows to elucidate whether treatment of clinical mastitis quarters with Spectramast® LC (ceftiofur hydrochloride, 125 mg, Zoetis) created a reason for discarding milk from adjacent untreated healthy quarters. The antibiotic was infused once daily in the affected mammary quarter for four days. Forty-nine cows were evaluated after diagnosis of clinical mastitis in three or fewer udder quarters. In all cases, quarters that did not receive treatment had milk samples collected one day after the end of treatment. All milk samples from untreated quarters were below the maximum permissible limit for the presence of antibiotic residues after analysis with the BetaStar S Combo test. Pharmacokinetic and pharmacodynamic characteristics may explain this finding. We conclude that it is feasible to use milk from untreated quarters of animals that have been treated with Spectramast® LC. We also reiterate the need to carry out tests with other pharmacological bases, and that the results found in this experiment cannot be extrapolated to other drugs.Dairy cattle have considerable importance in the development of the Brazilian economy, being directly linked to economic and social progress. In the first half of 2020, 12.1 billion liters of milk were produced in Brazil and in 2019, there was a new record of 25.01 billion liters produced (IBGE, 2020). This production comes from a wide variety of production systems, coming from smallholder farmers as well as from large companies that use the latest technologies available on the market. Dairy production is a complex activity. For one to obtain economical success, several aspects must be monitored. Maintaining the health of animals is a top priority, and the literature suggests that various diseases are a common challenge for dairy producers. Mastitis is the main disease that affects dairy cows, responsible for considerable economic loss and significant zootechnical and productive challenges (Ruegg, ). It is considered the second leading cause of cow culling in dairy herds, behind reproductive problems. Mastitis is characterized by infection of the mammary gland and may or may not occur with inflammation, generating changes in the mammary tissue and properties of the milk. It is classifield into clinical or subclinical mastitis, according to presence or absence of clinical signs, and into contagious or environmental based on the causative agent (Correa et al., ).

Development with Green Job, Renewable Energy and Sustainability and Power Quality

This article presents the strategy of the use of the green job as a way of providing a sustainable development to the planet Earth. In agreement with the Program of the United Nations for the Environment, (PNUMA, 2011), the green job is the work in the agriculture, manufacture, research and development, administration, and service activities that contribute substantially to preserve or to recover the environmental quality. Specifically, but no exclusively, that includes works that help to protect ecosystems (USP, 2012) and biodiversity (E O WILSON BIODIVERSITY FOUNDATION, 2012), to reduce the consumption of energy, materials and water through strategies of high efficiency, decarbonizing the economy and minimizing or avoiding the generation of all the garbage forms and pollution (UNEP, 2008). The article investigates which are the sectors of the green economy in Brazil and in the world. There are also suggested public politics that seek to promote or to enlarge the offers of green jobs in Brazil. Finally, a scenery showing the economical, social and environmental advantages in case strategies of creation of green jobs were used in some sectors of the Brazilian economy, is provided.

Use of Trichoderma in the Production of Forest Seedlings.

Forest production has great relevance in the Brazilian economy, characterized by several production sectors, including the production of seedlings. With the focus on maximizing the capacity of survival, development, and adaptation of seedlings, Trichoderma is highlighted as a potentially useful genus of microorganisms for promoting growth and higher product quality. In this sense, this review aims to describe the main mechanisms of fungi action in forest seedlings' production. The different species of the genus Trichoderma have specific mechanisms of action, and the current scenario points to more advances in the number of species. The interaction process mediated by different mechanisms of action begins in the communication with plants, from the colonization process. After the interaction, chemical dialogues allow the plant to develop better because, from colonization, the forest seedlings can maximize height and increase shoot and root development. Fungi promote solubilization and availability of nutrients to seedlings, which show numerous benefits to the development. The use of beneficial microorganisms, such as fungi of the genus Trichoderma, has become a sustainable strategy to enhance seedling development, reducing the use of agrochemicals and industrial fertilizers.

Rural and Urban Transitions with Biogas and Biomethane in Brazil: a Water Energy-Food Nexus Analysis

Brazil has historical concerns about renewable sources of energy, mainly because it is the largest tropical country in the world, receiving intense solar radiation, which is the basis of biomass production. In addition, the country has exceptional soil and climate conditions and great biodiversity. Agriculture and livestock activities are very representative in the Brazilian economy and produce usable biomass, which entail renewable sources of energy and the need for residue management. In this context, biogas represents a basic energy source; it is generated via planned treatment of animal, human and industrial wastes. This has two main results: a) the generation of electric, thermal, and vehicular (biomethane) energy; and b) the reduction of greenhouse gas emissions and resultant mitigation of global warming. This paper assesses agricultural biogas projects being developed by Itaipu Binational, the second largest hydroelectric power generation company in the world, which has diversified its energy production from hydropower into other renewable sources such as biogas. In addition to promoting environmental and economic benefits, it promotes local social development, since the process for biogas production constitutes and sustains a relatively complex supply chain, requiring local skilled labor, technical and scientific support, and environmental awareness in the population. We conclude with implications of the Itaipu biogas case example for a range of other contexts.

A experiência brasileira na estimação de sistemas inter-regionais consistentes, os métodos SUIT e IIOAS comparados

Abstract In Brazil, as in many other countries, there is no official data on trade flows between subnational regions. Therefore, the estimation of inter-regional input-output systems, under conditions of limited information, has been the subject of researchers at the University of São Paulo Regional and Urban Economics Lab - NEREUS for over two decades. During this span, they have developed two distinctive estimation methods: Supply and Use Interregional Tables (SUIT) and Interregional Input-Output Adjustment Systems (IIOAS). This paper aims to provide a comprehensive overview of these two methods, which were employed to estimate an interregional system encompassing the 27 states within the Brazilian economy. Following the exposition of SUIT and IIOAS methods, a comparative analysis is conducted to delineate their main similarities and differences, in both holistic and partitive terms. The findings underscore that, despite notable differences, particularly in partitive terms, the choice between these two methods generally does not compromise the overall results of structural input-output analysis. Furthermore, this study represents a contribution to the literature, as both SUIT and IIOAS can be applied in the estimation of interregional input-output systems for any country that discloses its Supply and Use Tables and possesses some subnational information for regionalization.

Caribbean red snapper fishing performance indicators in Brazilian amazon shelf: Is it the beginning of the end of a fishing system?

Red snapper fishing (Lutjanus purpureus) is an important fishing activity for the Brazilian economy due to its export. The scarcity of up-to-date information on this system's ecology, economy, and social characteristics contributes to inefficient management. We analyze whether the commercial snapper fishery on the Amazon continental shelf is socioecologically sustainable. For this, an assessment tool was used that can be applied to fishing systems with little data, the Fisheries Performance Indicators (FPI). The results showed that the critical points of this activity are mainly related to the Ecological indicator (2.3) and the Economic indicator (2.8). The best indicator was the Community (3.8). The problems that put at risk the permanence of the activity and its maintenance are: (i) fishing for juveniles; (ii) illegal vessels; (iii) lack of collaboration of the fishing sector with science, and (iv) unreliability of data supplied. All the points mentioned make the snapper fishery on the north coast of Brazil socio-ecologically unsustainable in the long term.