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No. 100 - Digital innovation vs. secular stagnation?

DigiWorld Economic Journal - C&S - 01/12/2015 No. 100 - Digital innovation <i>vs.</i> secular stagnation?

Silver Jubilee issue - 4th quarter 2015

Communications & Strategies, the DigiWorld Economic Journal, is celebrating its 25th anniversary with this issue No. 100. For this jubilee issue, the Editors have collected contributions from leading economists who examine the links between digital innovation and the associated developments, directly or indirectly, in terms of productivity, growth and job creation. The guest authors do not all adopt the same angle of analysis nor do they all share the same theses... But, in reading this issue, you will discover a different way of thinking about the big questions raised by these topics.


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Dossier


Digital innovation vs. secular stagnation?

Edited by Gilbert CETTE & Yves GASSOT



Acknowledgement
by François BARRAULT, Chairman of IDATE


Foreword
by Emmanuel MACRON, French Minister of the Economy, Industry and Digital affairs

Introduction
by the Editors

Papers


Secular Stagnation on the Supply Side:
U.S. Productivity Growth in the Long Run

Robert J. GORDON

Digital Technologies and the Global Economy's Productivity Imperative
Eric LABAYE & Jaana REMES

Which Role for ICTs as a Productivity Driver
Over the Last Years and the Next Future?
Gilbert CETTE

The Future of Productivity
Improving the Diffusion of Technology and Knowledge
Dan ANDREWS, Chiara CRISCUOLO & Dirk PILAT

Productivity and Digitilization in Europe:
Paving the Road to Faster Growth
Bart van ARK

Modern Communication Technology and its Economic Impact:
A Survey of Research Findings
M. Ishaq NADIRI & Banani NANDI

Current Perspectives on the Employment Impact
of Digital Technologies
Stéphane CIRIANI & Pascal PERIN

Polarization of Job Losses: Canada and the USA, the Role of ICT
Leonard WAVERMAN

Opinion


Specialization in ICT: the Effects of European Integration

Elie COHEN


Interviews


Joel MOKYR,
Northwestern University
Conducted by Gilbert CETTE & Yves GASSOT


Mark T. BOHR,
Intel
Conducted by Gilbert CETTE & Yves GASSOT


Philippe AGHION,
College de France; London School of Economics
Conducted by Gilbert CETTE & Yves GASSOT



Contributor biographies

The contributors of the first 99 issues

Our latest Dossiers

Call for papers:

Towards a new framework for the European audiovisual industry

Call for extra papers

 
Dossier


Digital innovation
vs.

secular stagnation?



Secular Stagnation on the Supply Side: U.S. Productivity Growth in the Long Run
Robert J. GORDON
Key words: economic growth, total factor productivity, potential output, innovation, technology, hours of work.

Secular stagnation refers not to the literal stagnation, i.e., stopping of economic growth but rather to the slowing of U.S. potential real GDP growth to half or less of its historical pace. The retardation of potential real GDP growth matters both because of its direct impact on the standard of living and also because of its indirect effect on net investment, which in turn feeds back to slower productivity growth. During the decade ending in 2014:Q4, U.S. real GDP grew at only 1.55% per year, almost exactly half the growth rate of 3.12% per year achieved during the previous three decades, 1974-2004, and an even smaller fraction of the 3.62% per year performance of 1929-1974. This paper predicts that slow growth of around 1.5% per year will continue over the next decade or two.
Part of the slowdown in output growth is due to a decline in the growth rate of the working-age population. A second reason is a shift in worker hours per capita from an increase due to the entry of women into the labor force during 1965-1995 to a future decrease due primarily to the retirement of the baby-boom generation. A third reason is an ongoing slowdown in the growth rate of output per hour, from 1.72% per year during 1974-2004 to 1.10% per year in 2004-2014 and to an even slower 0.55% per year during 2009-2014.
The sources of the decline in productivity growth combine diminishing returns that have set in following the ICT revolution of the 1996-2004 "dot.com" era with a decline in business dynamism, as the entry of new business firms has steadily declined over the past three decades relative to the exit of existing firms. Moore's Law describing the steady exponential increase in the number of transistors on a chip became obsolete a decade ago. The historic rise of educational attainment has slowed to a crawl, and the declining share of children growing up in two-parent families may lead to a future decrease in high-school completion and an increase in criminal activity among youth. While future productivity growth will be slower than before 2004, it will still continue as in the past decade at a rate slightly in excess of one% per year.


Digital Technologies and the Global Economy's Productivity Imperative
Eric LABAYE and Jaana REMES
Key words: productivity, technology, employment, labor force, Cloud, Big Data, internet of things, business innovation, ageing, fertility rate, G20.

Global GDP growth has been propelled by two key factors over the past 50 years: growth of the size of the overall labor force, which doubled in the G20 countries as a result of brisk population growth, and rising productivity. Over the next half century, from 2014-2064, as a result of declining fertility rates, the working-age population is expected to fall in all G20 countries, and is already doing so in Germany, Italy, Japan and Russia. Given this demographic trend, the onus for future growth will be on productivity, whose growth in developed economies has been declining over the past decade. For the world to maintain the same GDP growth trajectory over the next half century, productivity would need to grow 80% faster than the already high rate of the past 50 years. This paper examines the extent to which digital technologies could help respond to this productivity imperative. In contrast to some observers, we do not expect a drying up of technological or business innovations to constrain growth; we also believe that technology-driven productivity is compatible with rising employment. Drawing on research by the McKinsey Global Institute (MGI) and McKinsey & Co.'s Operations and Hi Tech Practices, we outline the potential for digital technologies and business innovation to raise productivity and increase employment. We conclude with a discussion of the priorities for governments and policy makers as they seek to make use of the opportunities technology is creating.


Which Role for ICTs as a Productivity Driver Over the Last Years and the Next Future?
Gilbert CETTE
Key words: ICT, productivity, growth, innovation.

This paper deals with the role of ICTs in the recent productivity slowdown, and with their possible future impact on productivity in developed countries: the United States (US), the Euro Area (EA), the United Kingdom (UK) and Japan. Few papers analyze the recent slowdown of the ICT contribution to productivity growth, and these papers, which concern only the US, disagree, as it will be stressed, on some important aspects. Some of the main outputs of our analysis are the following: i) A dramatic productivity slowdown has happened in the U.S. and other developed areas since the early 2000s; ii) This productivity slowdown seems to be at least partly linked to a decrease of ICT, and more precisely of chip performance gains, and to the end of the ICT increasing diffusion as a factor of production; iii) A growing attention given by chip producers to reduce heat (or, in other words, power consumption) could have contributed to the chip performance (in terms of clock speed) slowdown; iv) Some big ICT improvements will happen in the future, the next operational probably being the 3D chip; v) Large productivity gains could also be generated from an extension of the use of available chip capacities in a lot of areas, since 2005 this development being called by ITRS the 'More than Moore' process; vi) Benefits from technological changes and from the 'More than Moore' process will partly depend on institutional appropriate changes, for example concerning regulations on the labor and product markets.


The Future of Productivity - Improving the Diffusion of Technology and Knowledge

Dan ANDREWS, Chiara CRISCUOLO & Dirk PILAT
Key words: productivity; innovation; technological change.

Productivity growth is the main driver of living standards. But productivity has slowed down over the past decade, starting already before the crisis. This paper shows that this is linked to a slowdown in the diffusion of global frontier innovations to other firms and difficulties in reallocating resources to the most productive firms. The paper also points to some key barriers to the diffusion of new innovations that prevent new knowledge and technology from flowing to less productive firms. Finally, it explores policy reforms that can help revive the diffusion machine and strengthen productivity growth.


Productivity and Digitilization in Europe: Paving the Road to Faster Growth
Bart van ARK
Key words: information and communication technology, productivity, economic growth, economic policy, Europe.

This paper reviews the latest evidence on the contribution of Information and Communication Technology (ICT) – and the digital economy more broadly – on economic growth for Europe and the United States since the late 1990s until most recently. The paper provides estimates on the contributions from ICT to growth from three channels affecting the long-term growth performance of entire economies: 1) a productivity effect through the ICT-producing sector, 2) an investment effect from ICT-using industries through capital deepening, and 3) a productivity effect from an efficiency rise through the use of ICT which goes beyond the direct capital deepening effect. The study finds that the slowing of the total factor productivity growth rate in Europe reflects a failure to effectively adopt new technologies and innovation. It is also argued that the lack of rapid accumulation of intangible capital (such as information assets, innovative property, and economic competencies) constrains Europe's ability to accelerate and facilitate the innovation effects from digital technology. Finally, we discuss some policy implication emerging from our work, in particular the need to complete the Single Market in Europe to improve the productivity effects from the digital economy.


Modern Communication Technology and its Economic Impact: A Survey of Research Findings

M. Ishaq NADIRI and Banani NANDI
Key words: communications, ICT, broadband, infrastructure, marginal benefits, productivity.

In the last two decades, explosive innovation in Information and Communications Technology (ICT) and rapid expansion of modern communications networks with fixed and mobile broadband access features are changing the way we access, store and transmit information bringing significant efficiency gains in all activities. In this paper we intend to identify the various channels through which ICT is influencing many activities that impact the economy. Empirical findings reviewed in this paper support the role of ICT as an important source of economic growth and productivity with asymmetric effects across industries and sectors. This analysis summarizes the different methodologies explored by various researchers to measure the impact of ICT on the economy by incorporating the spillover effects of ICT into the impact measurement. Impacts of the use of ICT capital and ICT infrastructure on structure of production and input demands are also discussed. This aspect is very important for understanding the consequences of ICT use on aggregate demand for labor, composition of labor skills and type of capital formation.


Current Perspectives on the Employment Impact of Digital Technologies

Stéphane CIRIANI & Pascal PERIN
Key words: Digital technologies, employment, job polarisation, productivity, skill-biased technological change.

This paper examines the ongoing debate about whether digital innovations are an opportunity or a risk for employment in advanced economies. The main frameworks of analysis and the stylised fact of the employment effect of technological progress are explained before presenting the most recent empirical insights on the relationship between digital innovations, productivity growth and employment growth. Finally, the impact of digital technologies is examined for varying types of skill composition of labour and the implications in terms of unemployment and income inequalities are raised. The paper offers a review of the literature on the topic.


Polarization of Job Losses: Canada and the USA, the Role of ICT
Leonard WAVERMAN
Key words: polarization, Canada/U.S. ICT comparisons

Canada-USA comparisons are used to examine whether recent wage polarization is a general phenomenon, or more of a U.S. experience (it is the latter). The role of Information and Communications Technology (ICT) in "polarization" is examined and the Canadian productivity and ICT lags relative to the U.S. are discussed. ICT is a recent tool and thus discussions of its "demise" need to be cautious.

The guest editors

Gilbert CETTE is Deputy General Director, Economics and International, at the Banque de France and Associate Professor at the University of Aix-Marseille. He holds a Ph.D. in economics from the University of Paris 1. He has been President of AFSE (the French Economic Association). His research areas are Growth, Productivity, Labor market, Employment and Structural reforms.
Gilbert.cette@banque-france.fr

For more than fifteen years, Yves GASSOT has been at the head of IDATE-Digiworld Institute (www.idate.org), an institute that has established itself as one of the leading research centres in Europe concerned with the telecommunications, internet and media industries. In this position, he has taken part in numerous studies of the various markets and the strategies being pursued in the telecommunications sector. He is on the panel of several expert committees, including the Conseil Général des Technologies de l'Information, ITS and the advisory Committees of the PTC and Iris Capital. He was special adviser of the European Commissioner of the Information Society during the last regulatory framework review. He serves as Executive Director of publication of the DigiWorld Economic Journal - Communications & Strategies and is scientific head of the annual DigiWorld Yearbook and DigiWorld Summit. With a background as DPLG architect, he is a graduate of the Institute of Political Studies, Paris (3rd Cycle).


The interviewees

Philippe AGHION is a Professor at the College de France and at the London School of Economics, and a fellow of the Econometric Society and of the American Academy of Arts and Sciences. His research focuses on the economics of growth. With Peter HOWITT, he pioneered the so-called Schumpeterian Growth paradigm which was subsequently used to analyze the design of growth policies and the role of the state in the growth process. Much of this work is summarized in their joint book Endogenous Growth Theory (MIT Press, 1998) and The Economics of Growth (MIT Press, 2009), in his book with Rachel GRIFFITH on Competition and Growth (MIT Press, 2006), and in his survey "What Do We Learn from Schumpeterian Growth Theory" (joint with U. AKCIGIT & P. HOWITT). In 2001, Philippe Aghion received the Yrjo Jahnsson Award of the best European economist under age 45, and in 2009 he received the John Von Neumann Award.

Mark T. BOHR is an Intel Senior Fellow and director of Process Architecture and Integration at Intel Corporation. He is a member of Intel's Logic Technology Development group located in Hillsboro, Oregon, where he is responsible for directing process development activities for Intel's advanced logic technologies. He joined Intel in 1978 and has been responsible for process integration and device design on a variety of process technologies for memory and microprocessor products. He is currently directing development activities for Intel's 7 nm logic technology. BOHR is a Fellow of the Institute of Electrical and Electronics Engineers and was the recipient of the 2012 IEEE Jun-ichi Nishizawa Medal and 2003 IEEE Andrew S. Grove award. In 2005 he was elected to the National Academy of Engineering. He holds 73 patents in the area of integrated circuit processing and has authored or co-authored 49 published papers.

Joel MOKYR is the Robert H. Strotz Professor of Arts and Sciences and Professor of Economics and History at Northwestern University and Sackler Professor (by special appointment) at the Eitan Berglas School of Economics at the University of Tel Aviv. He specializes in economic history and the economics of technological change and population change. He is the author of Why Ireland Starved: An Analytical and Quantitative Study of the Irish Economy, The Lever of Riches: Technological Creativity and Economic Progress, The British Industrial Revolution: An Economic Perspective, The Gifts of Athena: Historical Origins of the Knowledge Economy, and The Enlightened Economy. His most recent book is A Culture of Growth, to be published by Princeton University Press in 2016. He serves as editor in chief of a book series, the Princeton University Press Economic History of the Western World. He serves as chair of the advisory committee of the Institutions, Organizations, and Growth program of the Canadian Institute of Advanced Research. Prof. Mokyr has an undergraduate degree from the Hebrew University of Jerusalem and a Ph.D. from Yale University. He has taught at Northwestern since 1974, and has been a visiting Professor at Harvard, the University of Chicago, Stanford, the Hebrew University of Jerusalem, the University of Tel Aviv, University College of Dublin, and the University of Manchester. He is a fellow of the American Academy of Arts and Sciences, a foreign fellow of the Royal Dutch Academy of Sciences, the Accademia Nazionale dei Lincei and a Fellow of the Econometric Society and the Cliometric Society. His books have won a number of important prizes, and in 2006 he was awarded the biennial Heineken Prize by the Royal Dutch Academy of Sciences for a lifetime achievement in historical science. In 2015 he was awarded the Balzan Prize for Economic History.


The contributors

Dan ANDREWS is a Senior Economist in the Structural Policy Analysis Division of the Economics Department at the OECD. He currently leads the Department's Productivity Workstream and his research generally exploits micro-data to assess the impact of structural reforms on aggregate productivity, with a particular focus on resource misallocation, innovation and knowledge-based capital. He has also written extensively on housing markets and the links between income inequality, intergenerational social mobility and growth. Prior to joining the OECD in 2009, Dan was a central banker at the Reserve Bank of Australia for a decade and undertook graduate studies at the Kennedy School of Government at Harvard University.

Bart van ARK is Executive Vice President, Chief Economist & Chief Strategy Officer of The Conference Board, a global research organization with its head office in New York City in the United States. He leads a team of almost two dozen economists in New York, Brussels and Beijing, who produce a range of widely watched economic indicators and growth forecasts, as well as in-depth global economic research. Van Ark is also responsible for the development of the strategy and major new initiatives of The Conference Board. He is also a Professor in Economic Development, Technological Change and Growth at the University of Groningen (The Netherlands) where he has specialized in the areas of economic growth, development economics, economic history and international economics and business. He is the former director of the Groningen Growth and Development Centre, a research group working on long term economic growth and productivity, of which he still is a member. Van Ark has extensively published in leading national and international journals, including the Journal of Economic Perspectives, The Brookings Papers on Economic Activity, and Economic Policy. He is also frequently featured in major international business media, including Bloomberg, CNBC, the Financial Times and The Wall Street Journal.

Stephane CIRIANI holds a Ph.D. in Economics from the University Paris II Assas, where he has been a research assistant for two years, before joining Orange Labs in 2006 as an engineer economist. He then joined Coe-Rexecode as assistant director of economic studies, where he worked on the links between ICT and economic growth from 2008 to 2013. He is currently economist at the Regulatory Affairs department, Orange, France.

Elie COHEN is a Research Director at France's national scientific research center (CNRS). He is also a professor of economics at Ecole des Sciences Politiques de Paris and a former member of The Council of Economic advisers at the office of the Prime Minister (CAE) and also a former board member of different French companies (France Telecom-Orange). He holds a Ph.D. in Science of Organizations (Gestion) from University Paris Dauphine and a Ph.D. (HDR) in Political Economy from Institut d'Etudes Politiques de Paris. Prof. Cohen's specialist expertise spans industrial organisation, public policies, and International economics. He is the author of Penser la crise (Paris, Fayard, 2010), Le Décrochage Industriel (with P.-A. BUIGUES, Fayard, 2014). Elie Cohen contributed to several co-authored books among which Industral Enterprise and European Integration (Edited by J. HAYWARD, Oxford University Press, 1995), Adjusting to Europe (Edited by Y. MÉNY, P. MULLER & J.-L. QUERMONNE, Routledge, 1996), Participation and Policy Making in the European Union (Edited by H. WALLACE & A. R. YOUNG, Clarendon Press, Oxford 1997), The European Economy in an American Mirror (Edited by B. EICHENGREEN, M. LANDESMANN & D. STIEFEL, Routledge, 2008).
contact@elie-cohen.eu

Chiara CRISCUOLO is a senior economist in the OECD Structural Policy division of the Science Technology and Innovation Directorate working on entrepreneurship, enterprise dynamics, productivity and policy evaluation. Since joining in 2009, Chiara has also worked on climate change, innovation policies and measurement. She is co-ordinating two large cross-country microdata projects on employment dynamics and on productivity. She recently co-authored a report on the Future of Productivity. Prior to joining OECD, she was Research Fellow at the Centre for Economic Performance, London School of Economics. She has published widely in the field of productivity, innovation and international trade. She holds a doctoral degree in Economics from University College London.

Robert J. GORDON is Stanley G. Harris Professor in the Social Sciences and Professor of Economics at Northwestern University. He is one of the world's leading experts on inflation, unemployment, and productivity growth. His recent work asking whether U. S. economic growth is "almost over" has been widely cited, and he was named in 2013 by Bloomberg as one of the nation's ten most influential thinkers. Gordon is author of The Rise and Fall of American Growth:  the U.S. Standard of Living Since the Civil War (to be published in December, 2015, by the Princeton University Press). He is also author of Macroeconomics, twelfth edition, The Measurement of Durable Goods Prices, The American Business Cycle, and The Economics of New Goods. Gordon is a Distinguished Fellow of the American Economic Association and a Fellow of both the Econometric Society and the American Academy of Arts and Sciences.   

Eric LABAYE is a Director of McKinsey & Company based in Paris. He is the chairman of the McKinsey Global Institute, and a member of the Shareholders Council of the firm of which he chairs the Client Committee. He works extensively for clients in the Telecom Media HighTech and Energy sectors as well as for public and health institutions on a variety of strategic and operational issues including major transformation programs. In addition to his client work, Eric has conducted several research projects with the McKinsey Global Institute and in France, such as "Better for less: Improving public sector performance on a tight budget" (2011), "French employment 2020: Five priorities for action" (2012), "Investing in growth: Europe's next challenge" (2012), "A new dawn: Reigniting growth in Central and Eastern Europe" (2013), "Revitalizing the French labor market to massively create jobs" (2014), "Accelerating the digitalization of companies: a pool of growth and competitiveness for France" (2014), and "Can long-term global growth be saved?"(2015). Eric Labaye has initiated and co-led the  McKinsey's "Women Matter" research program, which since 2005 aims to promote gender diversity in large companies' senior management. He has been a member of the "Commission pour la Libération de la Croissance Française" (Release Growth in France) in 2007-2010, and a member of the "Commission Economique de la Nation" (French National Economic Commission) in 2005-2014. He is also involved in the educational and cultural fields where he contributes to several development initiatives and is a member of the board of Telecom ParisTech and of the International Advisory Board of Essec. In 2009, he was also a member of the Commission in charge of defining a new model for the French University Hospital system and the development of IHU (University Hospital Institutes). He is a graduate from Ecole Polytechnique and Telecom ParisTech and holds an MBA with distinction (Henry Ford II award) from INSEAD.

M. Ishaq NADIRI is the Jay Gould Professor of Economics at New York University and Faculty Research Associate of the National Bureau of Economic Research (NBER). He taught at University of California at Berkeley, Northwestern University, University of Chicago and Columbia University. He was the Chairman of the Economics Department at New York University and the Director of C.V. Starr Centre. His main research interests and fields of specialization include productivity analysis, telecommunications economics, investment theory and modelling, monetary economics, quantitative analysis, applied economics, economics of technical change, and investment in R&D.

Banani NANDI is a Principal Technical Staff member at AT&T Labs (formerly Bell Labs) in New Jersey, USA. She received her Ph.D. in Economics from New York University and was awarded the Otto Ehrlich Memorial Award for her Ph.D. dissertation. She taught at Calcutta University, India; Columbia University and New York University of New York and Business School of Rutgers University, New Jersey. Her field of specialization includes growth theory, international trade and econometrics. Her current research interest focuses on the economies of telecommunications, including policy analysis, ICT infrastructure and productivity growth, development economics and applied econometrics.

Pascal PERIN is Head of Macroeconomics Department at the Group General Secretary of Orange (Regulatory Affairs). He is graduated from Institut d'Etudes Politiques (Paris) and from Paris University: major in History.

Dirk PILAT, a Dutch national, is Deputy Director of the OECD Directorate for Science, Technology and Innovation. Dirk joined the OECD in February 1994 and has worked on many policy issues since then, including innovation, the link between information technology and economic growth, climate change, labour markets, regulatory reform, global value chains, productivity and entrepreneurship, as well as health innovation. Before joining the OECD, Dirk was a researcher at the University of Groningen, where he also earned his Ph.D. in Economics, working primarily on productivity and economic growth. He has published widely both before and since joining the OECD.

Jaana REMES is an economist and a partner at the McKinsey Global Institute (MGI), McKinsey & Company's business and economics research arm, based in San Francisco. Since 2003, Jaana has led MGI's research on productivity, urbanization, competitiveness, and growth. Her most recent research looks at global growth prospects in an era of demographic decline, as well as growth of cities. Jaana leads MGI's Urban World research series that includes shifting economic power of cities, the rising urban consuming class, and mapping of the global company landscape; as well as the patterns of urban growth and renewal across the Americas. Her long term research interests also include analyses of how different policies have contributed to industry competitiveness and growth; the impact of multinational companies on emerging economies; as well as in-depth assessments of the barriers to competitiveness and growth across a range of economies, including the US, Mexico, Brazil, Canada, UK, Finland, Sweden, and South Korea. She has led MGI's research on energy, with a focus on understanding the microeconomic underpinnings of global energy demand and the opportunity to reduce energy consumption through higher energy productivity. Jaana advises global business and government leaders on related topics and frequently contributes to policy debates through articles and conference presentations. She is a member of OECD's Science, Technology, and Innovation Directorate's advisory group; a nonresident senior fellow with the Strategic Foresight Initiative of the Atlantic Council; and serves on the Board of directors of Girl Scouts Heart of Central California.

Leonard WAVERMAN is Dean of the DeGroote School of Business, McMaster University, Canada. He authored the influential Connectivity Scorecard through 2011, an annual index that ranks countries according to how advanced their communications networks were in promoting productivity and economic growth. He co-authored "Telecommunications Infrastructure and Economic Development" which appeared in the American Economic Review in 2001. In 2009, he was recognized as one of the world's top 50 most influential thought leaders in the telecommunications industry by Global Telecoms Magazine. His research on mobile phones and economic growth was the subject of the Economics Focus section, and Front Cover of The Economist Magazine, March 12, 2005.



Jørgen ABILD ANDERSEN, Alessandro
ACQUISTI, Joseph K. ADJEI, Daniel M. O. ADJIN, Christophe AGUITON,
Jae-Hyeon AHN, Lailani L. ALCANTARA, Peter ALEXIADIS, James ALLEMAN, Anne-Marie
ALLOUËT, Giovanni AMENDOLA, Alain AMINTAS, Loretta ANANIA, Pascal ANCIAN, Per
ANDERSSON, Georgios N. ANGELOU, Peter ANKER, Cristiano ANTONELLI, Elias
ARAVANTINOS, Mónica ARIÑO, Jacques ARLANDIS, Antonin ARLANDIS, Jens ARNBAK,
Dave ATKINSON, Robert C. ATKINSON, Jacques ATTALI, Pierre-Michel ATTALI,
Nicolas AURAY, Emmanuelle AURIOL, Pierre AZOULAY, Pio BAAKE, Bastiaan BACCARNE,
Patrick-Yves BADILLO, Laurent BALCON, Pieter BALLON, Aniruddha BANERJEE,
François BAR, Edmond BARANES, Philippe BARBET, Eric BARBRY, Jo BARDOEL, Hervé
BARGE, Béatrice van BASTELAER, Audrey BAUDRIER, Johannes M. BAUER, Steven
BAUER, Jean-Sebastien BEDO, Martial BELLEC, Fernando BELTRÁN, Pierre-Jean BENGHOZI,
Lars BENGTSSON, Laurent BENZONI, Rudolf van der BERG, Arthur BERGER, Michael
BERLAGE, Franco BERNABÈ, Ivan BERNIER, Keith BESGROVE, Laurent BESLAY,
Jean-Samuel BEUSCART, Jérôme BEZZINA, Annaflavia BIANCHI, Paul W. J. de
BIJL, Michiel BIJLSMA, Margarita BILLON-CURRAS, Sophie BISMUT, Fabio BISOGNI,
Hubert BITAN, Joakim BJÖRKDAHL, Collin BLACKMAN, Annie BLANDIN-OBERNESSER,
Valérie-Anne BLEYEN, Yves BLONDEEL, Marjory S. BLUMENTHAL, Wolfgang D. BOCK,
Hermineke van BOCKXMEER, Marc BOGDANOWICZ, Erik BOHLIN, Freek BOMHOF, Olivier
BOMSEL, Vincent BONNEAU, Jean-Marc BONNISSEAU, Jill BORCHARD, Keren BORNSHTEN,
Wojciech BORUCKI, Dominique BOULLIER, David BOUNIE, Alain BOURDEAU de FONTENAY,
Eric BOURDEAU de FONTENAY, Karima BOURQUARD, Marc BOURREAU, Anne BOUVEROT,
Jeffrey E. BRAND, Burt BRAVERMAN, Gilles BRÉGANT, Jonas BREUER, Eric BROUSSEAU,
Franklin BROWN, François BROWN de COLSTOUN, Peter A. BRUCK, Hans A. de BRUIJN,
Jacques BUGHIN, Pierre-André BUIGUES, Alison BUNEL, Jean-Claude BURGELMAN, Yann
BURTIN, Alain BUSSON, Armando CALABRESE, Mario CALDERINI, Carlo CAMBINI,
Philippe CAMBRIEL, Bart CAMMAERTS, James I. CAMPBELL, Christel CAO-DELEBARRE,
Pierre CARBONNE, Dominique CARDON, Andrew CARLSON, Marie CARPENTER, Etienne CARPENTIER,
Kenneth R. CARTER, Hugh CARTER DONAHUE, Johann CAS, Thomas CASEY, Francesco
CASTELLI, Edward CASTRONOVA, Michel CATINAT, Gabriella CATTANEO, Simona
CAVALLINI, Martin CAVE, Kevin W. CAVES, Anthony CAWLEY, Clara CENTENO, Valérie
CHAILLOU, Chandana CHAKRABORTY, Jacques CHAMPEAUX, Paul CHAMPSAUR, Philippe
CHANTEPIE, Caroline CHAPPELL, Nicolas CHARBIT, Pravir CHAWDHRY, Enzo CHELI,
Alexis CHERY, Deock-Hee CHO, Beong-geel CHOI, Munkee CHOI, Mads CHRISTOFFERSEN,
Andrzej CHRZANOWSKI, Damir CIBIC, Michela CIMATORIBUS, Stéphane CIRIANI, David
CLARK, Richard CLAYTON, Bernard CLEMENTS, Ghislaine CLOT-LAFLEUR, Robert B.
COHEN, Fabio COLASANTI, Richard COLLINS, Simon COLLINSON, Massimo COLOMBO,
Martine COQUET, Thomas CORTADE, Nathalie COUTINET, Jérôme COUTURIER, Tim COWEN,
Campbell COWIE, Claude CRAMPES,

Andreas CREDE, Helmuth CREMER, Jacques CREMER, Laurent CRETON, Damien CUDEL,
Peter CULHAM, Claudia CURI, Nicolas CURIEN, Cédric CURTIL,

Fabien CURTO MILLET, Peter CURWEN, Jean DACIE, Eric DAGIRAL, Xiudian DAI, Nabyla
DAIDJ, Joseph DAL MOLIN, Godefroy DANG NGUYEN, Pierre DANON, Osei DARKWA, Eric
DARRAS, Carine DARTIGUEPEYROU, Florian DAUPHIN, Costas DAVARAKIS, Myriam
DAVIDOVICI-NORA, Andrew DAVIES, John DAVIES, Philippe DE DONDER, Giuditta DE
PRATO, Eric DEBROECK, Arnaud DECKER, Bruno DEFFAINS, Philippe DEFRAIGNE, Renaud
DELHAYE, Isabelle DENMARD-TELLIER, Mario DENNI, Terry DENSON, Paul DESRUELLE, Sara
DI TROCCHIO, Alex Kalevi DIEKE, Theon van DIJK, Philippe DIMECH, Christian
DIPPON, Pinar DOĞAN, Tim DOLAN, Andrejs DOMBROVSKIS, Maartje DONKERS, Rémi
DOUINE, Chris DOYLE, Xavier DREZE, Jacques DRIENCOURT, Joeffrey DROUARD,
Félécité de DROUAS, Ken DUCATEL, Béatrice DUMONT, Thomas DURAND, Anne DURUPTY,
Wojciech DYMOWSKI, Ian EAGLES, Anastasios A. ECONOMIDES, Nicholas ECONOMIDES,
Mats EDENIUS, David EDMONDS, Michel van EETEN, Matthias EHRLER, Nico van EIJK,
Michael A. EINHORN, Jeffrey A. EISENACH, Sharon EISNER GILLETT, Anas EL
BARKANI, Estelle-Sarah ELIEZER, Dieter ELIXMANN, David ENCAOUA, Sean F. ENNIS,
Georg ERBER, Henry ERGAS, David EVANS, Tom EVENS, Nathalie FABBE-COSTES, Morten
FALCH, Isabelle FALQUE-PIERROTIN, Michel FANSTEN, Peyman FARATIN, Joëlle
FARCHY, Christian de FARIA, Emmanuelle FAUCHART, Henri FAURE, Richard FEASEY,
Kristian FEIGELSON, Claudio FEIJÓO, Sylvie FEINDT, Stefan FELDER, Michel
FENEYROL, David FERNÁNDEZ, Fernando FERNÁNDEZ-ARANDA, Chaim FERSHTMAN, Patrick
FEVE, Julien FIGEAC, Jelena FILIPOVIĆ, David FLACHER, Ernesto M. FLORES-ROUX,
Gilles FONTAINE, Chris FONTEIJN, Claude FOREST, Simon FORGE, Øystein FOROS,
Mats FORSGREN, Antoine FOURNIER, Martin FRANSMAN, Danielle FRAPPIER, Robert N.
FREEMAN, Natascha FREUND, Michael FRIEDEWALD, Valerie FRISSEN, Brian FROST,
Gerhard FUCH, Hidenori FUKE, Jean J. GABSZEWICZ, Yannick GABUTHY, Jean-Marc
GALAND, Fernando GALLARDO OLMEDO, Elena GALLO, Iris GALLOSO, Hernan GALPERIN,
Todor GANCHEV, Neil GANDAL, Shi-Ji GAO, Martha GARCIA-MURILLO, David GARRIDO,
Paola GARRONE, Farid GASMI, Pal GASPAR, Yves GASSOT, Massimo GASTALDI,
Jean-Jacques GAUGUIER, Annabelle GAWER, Anne-Gaëlle GEFFROY, Michel GENSOLLEN,
Annie GENTÈS, Christian GENTHON, Christoph GENTLE, Laurence GENTY, Anastassios
GENTZOGLANIS, Patrice GEOFFRON, Torsten J. GERPOTT, Rachele GIANFRANCHI,
Laurent GILLE, Dominique GILLEROT, Patrick GILMORE, Victor GINSBURGH, David G.
GLANCE, Moritz GODEL, Charles GOLDFINGER, Ricardo GONÇALVES, Vânia GONÇALVES,
Min GONG, Annemijn van GORP, Shenja van der GRAAF, Anne GRATACAP, Nicolas
GRESSER, Klaus W. GREWLICH, Arthur GRIMES, Peter GRINDLEY, Julien GRIVOLAS,
Jens GROSSKLAGS, Christian GROWITSCH, Harald GRUBER, Samy GUESMI, Michel
GUIEYSSE, Yves GUILLEMOT, Bernard GUILLOU, Roshanthi Lucas GUNARATNE, Vinoth
GUNASEKARAN, Klaus HACKBARTH, Peter HAGSTRÖM, Rüdiger HAHN, Dara HALLINAN,
Jacques HALPERIN, Heikki HÄMMÄINEN, Adrian von HAMMERSTEIN, Sang-Young HAN,
Fotios HARMANTZIS, John HARPER, Jeffrey A. HART, Monika HARTMANN, Armand
HATCHUEL, Jussi HATONEN, Richard HAWKINS, Dave HEATLEY, Mathew HEIM, Natali
HELBERGER, Dominique HENRIET, Anders HENTEN, Iñigo HERGUERA, Henrik HERMANN,
Félix HERNÁNDEZ-GIL, Henri HERVE, Ernst ten HEUVELHOF, Juanjo HIERRO, Jill
HILLS, Dion HINCHCLIFFE, Christian von HIRSCHHAUSEN, Astrid HÖCKELS, Katharina
HOELCK, Marion HOENICKE, Steffen HOERNIG, Abraham HOLLANDER, Kym HOLMES, Paula
van HOORIK, Bertrand HOREL, François HORN, Marcell HORVATH, Liyang HOU, John
HOUGHTON, George HOUPIS, Thomas HOUY, Stephen HOWARD, Bronwyn HOWELL, Jeremy
HOWELLS, Nevenka HROVATIN, Zdenek HRUBY, Jean-Michel HUBERT, Jean-Michel HUET,
Frédéric HUET, Willem HULSINK, Evert Jan HUMMELEN, François-Xavier HUSSHERR,
Christopher HUTHER, Michael G. van HUYSTEE, Irene IACOVELLI, Federico IANNACCI,
Athanasios D. IATROPOULOS, Takeshi ICHIKAWA, Rebecca IGLESIAS, Dragan ILIC,
Thierry ISCKIA, Marc IVALDI, Paul E. JACOBS, Olivier JACQUINOT, Piyush JAIN,
Renata JAKSA, Francisco JARIEGO, Stephan JAY, Khaireddine JEBSI, Michael
JENKINS, Hugues JENNEQUIN, Sissel JENSEN, Susana JIMÉNEZ-MURCIA, Toshiya
JITSUZUMI, Graham JOHNSON, Siôn JONES, Denis JORAM, Kerstin JORNA, Pascal
JOSEPHE, Bruno JULLIEN, Calestous JUMA, Natascha JUST, Camille JUTANT, Sophia
KAITATZI-WHITLOCK, Elias KALAPANIDAS, Kas KALBA, Laure KALTENBACH, Ulrich
KAMECKE, Daniel KAPLAN, Nilusha KAPUGAMA, Edvins KARNITIS, Raul KATZ, Hannes
KAUFMANN, Petros KAVASSALIS, Tim KELLY, Charles KENNY, Alfons KEUTER, Thomas
KIESSLING, Seong-Cheol KIM, Byung Woon KIM, AeRee KIM, Hak KIM, Fabian KIRSCH,
Jörg KITTL, Joseph A. KLEIN, Otilia KOCSIS, Viktória KOCSIS, Eric KODJO RALPH,
Anna Maria KOECK, Teppei KOGUCHI, Wolfgang KOPF, Heli KOSKI, Eleni KOSTA,
Pantelis KOUTROUMPIS, Richard A. KRAMER, Jan KRÄMER, Tobias KRETSCHMER,
Charlotte KRYCHOWSKI, Nir KSHETRI, Jerzy KUBASIK, Brenden KUERBIS, Gabriele
KULENKAMPFF, K. R. Renjish KUMAR, Matthias KURTH, Kenji E. KUSHIDA, Niklas
Z. KVISELIUS, Soo Cheon KWEON, Pierre LABARTHE, Gilbert LAFFOND, Jean-Jacques
LAFFONT, Jean LAINE, André LANGE, Emma LANIGAN, Bruno LANVIN, Ahmed LAOUYANE,
Pierre LAROUCHE, Bruno LASSERRE, Michael LATZER, Hélène LAURICHESSE, Anne
LAYNE-FARRAR, Gilles LE BLANC, Florence LE BORGNE-BACHSCHMIDT, Remy LE
CHAMPION, Alain LE DIBERDER, Sylvie LE FRANC, Myriam LE GOFF-PRONOST, Olivier
LE GUAY, Emmanuelle LE NAGARD, Valérie LE PELTIER, Jean LE TRAON, Marc LEBOURGES,
Hyungoh LEE, Kibaek LEE, Bernard LEFANG, William LEHR, Marc LEIBA, Jos LEIJTEN,
Harry LEINONEN, Karl-Heinz LEITNER, Wolter LEMSTRA, Evelyne LENTZEN, Fernando
LERA-LOPEZ, Denis LESCOP, Elena LESCOP, Jacques LESOURNE, Andra LEURDIJK,
Lionel LEVASSEUR, Nathan LEVIALDI GHIRON, Jean-Bernard LÉVY, Guoyong LIANG,
Jonathan LIEBENAU, Eva LIEVENS, Fredrik LINDÉN, Sven LINDMARK, Frederick LINK,
Isabelle LIOTARD, Paul LIPPENS de CERF, Annabel LITCHFIELD, Pö-Wen LIU, Gerard
LLOBET, Maria LLUCH, Claire LOBET-MARIS, Sriganesh LOKANATHAN, Jean-Hervé
LORENZI, Philippe LUCAS, Júlia LUCENA BETRIU, Paul LUGARD, Martin LUNDBORG,
Bengt-Ake LUNDVALL, Wainer LUSOLI, Reamonn LYDON, Peter LYONS, David MABILLOT,
Victoria MABIN, Ian MACINNES, Gary MADDEN, Rodney MADDOCK, Robert MADELIN,
Carleen F. MAITLAND, Östen MÄKITALO, Philippe MALLEIN, Allan T. MALM, Paolo
MANCUSO, Stefano MANNONI, Robin MANSELL, Iris MANTOVANI, Antonio MANZALINI,
Nathalie de MARCELLIS, Scott MARCUS, Sergio MARIOTTI, Carlotta MARIOTTO, Judith
MARISCAL, Jan MARKENDAHL, Ekaterina N. MARKOVA, Phillipa MARKS, Marie-Noémie
MARQUES, Alix MARTIN, Ghislaine MARTIN, Brandie L. MARTIN, Ludivine MARTIN,
Jorge Pérez MARTINEZ, Mauro MARTINO, Marcelo MASERA, Michel MATHEU, Tristan
MATTELART, Roberto MAURO, Winston MAXWELL, Heinz MAYRINGER, Cheikh Tidiane
M'BAYE, Robert M. McDOWELL, Lee McKNIGHT, Peter MECHANT, Kip MEEK, Huub
MEIJERS, Yannick MEILLER, Kevin MELLET, Pedro MENDONÇA, Yann MÉNIÈRE, Francis van
der MENSBRUGGHE,

Maria Fuencisla MERINO ARTALEJO, Sue METCALF, Anette METZLER, Nicole S. van der
MEULEN, Bernd MEYER, Laurence MEYER, Maria MICHALIS, Laurent MICHAUD, Catherine
MIDDLETON, Dan MILLER, Alistair MILNE, Kwan MIN LEE, Roberto MINERVA, Fulvio
MINERVINI, Marc MINON, Jean-Louis MISSIKA, Gianluca MISURACA, Jeremy MITCHELL,
Hitoshi MITOMO, Craig MOFFETT, Bengt G. MÖLLERYD, Tyler MOORE, François MOREAU,
Christina MORENO, Carlos MORENO, Lubomir MORTCHEV, Abdelaziz MOULINE, Milton L.
MUELLER, Geoff MULGAN, Silvain de MUNCK, Bertrand MUNIER, Annemarie MUNK RIIS,
Jonathan MURRAY, Chan-Gi NAM, Banani NANDI, Álvaro NASCIMENTO, Chambliss NEIL,
Carmel NELSON, Lorenz NETT, Félécité des NETUMIERES, Werner NEU, Karl-Heinz
NEUMANN, Anh Tuc NGUYEN, Kyle NICHOLAS, Rob NICHOLLS, Antonio NICITA, Françoise
NICOLAS, Yann NICOLAS, Alexander NIORAS, Eli NOAM, Roger G. NOLL, Rob van der
NOLL, William B. NORTON, Paul NOUMBA UM, Philémon NSI ELLA, Alberto
NUCCIARELLI, Jungsuk OH, Henning OLESEN, Tim O'REILLY, Håkan OZAN, Jorge
PADILLA, John PAPAGIANNOPOULOS, Namkee PARK, Yonghoon PARK, Geoffrey PARKER,
Catherine PASCAL, Corina PASCU, Hervé PASSERON, Nicolas PAUVRE, Caroline
PAUWELS, Martin PEITZ, Jacques PELKMANS, Stéphanie PELTIER, Matti PELTOLA,
Thierry PENARD, Christoph PENNINGS, Jérôme PERANI, Philippe PEREZ, Teodosio
PÉREZ AMARAL, Héctor PÉREZ-SAIZ, Sergio PÉREZ-SAIZ, Sophie PERNET-LUBRANO, Anne
PERROT, Antonio PERRUCCI, Ruud PETERS, Pascal PETIT, Pythagoras PETRATOS, Eloïc
PEYRACHE, Denis PHAN, Robert PICARD, James B. PICK, Christian PICORY, Jo
PIERSON, Loris di PIETRANTONIO, Thierry PIETTE-COUDOL, Frank PILLER, Luca
PIOVANO, Paul PISJAK, Thomas PLÜCKEBAUM, Martijn POEL, Gérard POGOREL, Tim POHLMANN,
Jaroslaw K. PONDER, Jean-François PONS, Laura PONTIGGIA, Joost POORT, Luis M.
PORTERO SANCHEZ, Franck PORTIER, Rudolf POSPISCHIL, Bianca POTI, Isabelle
POTTIER, Didier POUILLOT, Yves POULLET, Nicolas POUSSING, Emili PRADO, Mette
PRAEST, Brigitte PREISSL, Paschal PRESTON, Gilles PRIVAT, Luigi PROSPERETTI,
Serge PROULX, Alain PUISSOCHET, Frédéric PUJOL, Yves PUNIE, Lorenzo Maria
PUPILLO, Bertrand QUELIN, Marc RABOY, Cristina RAICIU, Reza RAJABIUN, Sergio
RAMOS, Lucien RAPP, Paul RAPPOPORT, Asmiati RASYID, Thierry RAYNA, Laura
RECUERO VIRTO, Wolfgang REICHL, Andrea RENDA, Juan RENDON SCHNEIR, Rita
RIBEIRO, Giuseppe RICHERI, Edward M. ROCHE, Fabrice ROCHELANDET, Laura
RODRIGUEZ DE LOPE, Bjoern ROEBER, Michel ROGY, Cyril ROJINSKY, Elettra RONCHI,
Samuel ROPERT, Frances M. ROSENBLUTH, Maria Alessandra ROSSI, Luisa ROSSI,
Carlo Maria ROSSOTTO, Frantz ROWE, Bernard ROY, Ernst-Olav RUHLE, Michel RUIMY,
Paul RUTTEN, Natalia RYZHKOVA, Claudia SAAVEDRA, Bert M. SADOWSKI, Jean-Jacques
SAHEL, Julien SALANAVE, Olivier SALESSE, Razeen SALLY, Pau SALSAS, Rohan
SAMARAJIVA, Rahul SAMI, Bernard SANCHEZ, Jan Y. SAND, Wilfried SAND ZANTMAN,
Juana SANTAMARIA, Bartolomeo SAPIO, Florian SAURWEIN, Florian SAUVAGEAU, Brian
SAVIN, Giovanni SCARSO BORIOLI, Michael SCHEFCZYK, Amit M. SCHEJTER, Ingrid
SCHENK, Alexander SCHEUER, Ulrike SCHIMMEL, Ivan SCHMIDEG, Markus SCHNEIDER,
Aude SCHOENTGEN, Ralph SCHROEDER, Doug SCHULER, Fabian SCHUSTER, Dimitri
SCHUURMAN, Cara SCHWARZ-SCHILLING, Jaclyn SELBY, Hannes SELHOFER, Wolfgang
SEUFERT, David SEVY, William W. SHARKEY, Howard A. SHELANSKI, John Paul SHEN,
Edward SHERRY, Sunghee SHIM,

Tony SHORTALL, Mark SHURMER, Natalia SHUTOVA, David SIERADZKI, Ricardo SILVA,
Roger SILVERSTONE, Jean-Paul SIMON, Martin SIMS, Knud Erik SKOUBY, Peter
SLOMINSKI, Luc SOETE, Davide SOLA, Richard Jay SOLOMON, Thierry SOMMER,
Young-Woong SONG, Nathalie SONNAC, Péter SOÓS, Bruno SORIA, Sébastien SORIANO,
Agnieszka SPRINGER, Hedi SRAIEB, Varadharajan SRIDHAR, Lara SRIVASTAVA, Peter
STAMM, Cornelia STAPPEN, Alexandros STAVDAS, Jorn van STEENIS, Oliver STEHMANN,
Edward STEINMUELLER, Laurence STERN, David STEVENS, Alexandre STEYER, Donald K.
STOCKDALE, Matthias W. STOETZER, Alexandre de STREEL, Ludmila STRIUKOVA, Karl
A. STROETMANN, Sharon STROVER, Sonia STRUBE MARTINS, Ulrich STUMPF, Suzanne
STURMER, Milica ŠUNDIĆ, Ewan SUTHERLAND, Hirofumi SUTO, Matej ŠVIGELJ, Thibault
de SWARTE, Reza TADAYONI, Joacim TÅG, Kari TAKALA, Alex TAN, Hubert TARDIEU,
Olivier TARRIEUX, David TEECE, Orada TEPPAYAYON, Mostafa TERRAB, Mark THATCHER,
Gérard THERY, Jean-Jacques THIEBAULT, John C. THOMAS, David THROSBY, Bert
TIEBEN, Jean TIROLE, Peter TOBBIN, Gary TONGE, Yves TOUSSAINT, Nadia TRAINAR,
Anisha TRAVIS, Diane-Gabrielle TREMBLAY, Etienne TRICOT, Megan TROY, Kenneth K.
TSIVOR, Etienne TURPIN, Jolien UBACHT, Marie d'UDEKEM-GEVERS, Yasutaka UEDA,
Steve UNGER, Herbert UNGERRER, Laurence UZAN, Paul M. VAALER, Peggy VALCKE,
Florence VALDANT, Alain VALLEE, Tommaso VALLETTI, Marshall VAN ALSTYNE, Nicolai
VAN GORP, Eric VAN HEESVELDE, Leo VAN HOVE, Ann VANDENBROUCKE, Hal VARIAN,
Henri VERDIER, Marianne VERDIER, Mathijs VERHEIJEN, Pascal VERHOEST, Frédéric
VERNET, Jarkko VESA, Graham VICKERY, Lise VIEIRA, Isabelle VIENNOIS, Roberto
VIOLA, Jordana VIOTTO, Matti VIRÉN, Maartje de VISSER, Michel VIVANT, Heleen de
VLAAM, Ingo VOGELSANG, Pierre de VRIES, Cuong Hung VUONG, Christoph WAGNER,
Nils WALRAVENS, Georgette WANG, Adam WATSON BROWN, Chanuka WATTEGAMA, William
WEBB, Benoît WEIL, Antoine WEIL, Dennis WELLER, Jan WERDING, Evi WERKERS,
Christian WERNICK, Alf WESTELIUS, Hans WESTERHOF, Christian WEY, Jason WHALLEY,
Uta WHEN de MONTALVO, Marc WILIKENS, Danièle WILLE, Idongesit WILLIAMS, Mark
WILLIAMS, Howard WILLIAMS, Brian WILLIAMSON, Maikel WILMS, Marcio WOHLERS de
ALMEIDA, Michael WOHLFARTH, Loong WONG, Mung-Ki WOO, Brian WOODROW, John
WROCLAWSKI, Hong WU, Irene S. WU, XU Yan, Hyun Oh YOO, Jaeheung YOO, Chang-Ho
YOON, Kiyotaka YUGUCHI, Peter ZACKARIASSON, Skerdilajda ZANAJ, Antonello
ZANFEI, Haibo ZHU, Baoxian ZHU, Gabriel ZOMO YEBE, John ZYSMAN.





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