 So, Côte d'Ivoire study of the same Gap project. And so, it's a paper that is entitled The Fall of the Elephant, Two Decades of Palatine Fries in Côte d'Ivoire since 1988 to 2008. It's called by, in particular, Kennedy and UMBG, who is sitting here, and there is a red pool over. And with other quarters that are listed. So, you probably all know that very recently, in the most recent period, Côte d'Ivoire has gone through 10 years of civil war, and has just come out last year, hopefully, of this big political turmoil. So, I want to delve very much into the political dimension of this crisis, ready to answer questions. I'm still ready to answer questions on this dimension, because, as you will see in pure economic terms, it's not completely easy to see what were exactly the impact of this political conflict. And perhaps as surprising as it may seem, I will argue that the traditional engines are still played a role for explaining the main features of the evolution, even the recent evolution during the civil war. So, perhaps just because I think there is a famous sentence of Winston Churchill that says that the more backward you go in the past, the better you understand, I think it's worth looking at figures here. I have put the figures that record the growth, since independence, the growth rate of, what, the level of GDP per capita in constant US dollar terms. And on the green line, the green line is the sum of cash crop income at international price. So, the cash crops for Côte d'Ivoire are mainly cocoa, at least since the 1970s, coffee and cotton. So, the green line is the total income at international price for the relevant year. So, you see, I think that this picture nicely illustrates to what extent you can tell a cash crop story about Côte d'Ivoire, because you have, since independence until the 1970s, a great cocoa boom, both led by increase of output and also the increase in prices. And this boom stops at the turn of the 80s, well, that is a small mini-boom in the 1985, and then you have for that. So, we concentrate on the last period, but you see from this graph that firstly, that you can tell a very much on the long term, at least a cash crop story on what happened to Côte d'Ivoire, and on the short, more short term for the period where we are analyzing that the golden age was already passed if we focus on the 1988, 2008 period. Oh, I could also take a very much longer look backward, because we also collected recently data from the military conscription, the French colonial army, and basically this, so you have it here, the growth in high-stature over 90 days, starting in 1900, and this picture more or less corroborates the idea that indeed the crisis started for the generations that were born in the 1970s, and because you see that the turn, well, the reversal of the great height gains that were accumulated over 80 years is indeed located in the last period. So, once again, now I will focus on the two most recent decades, and I will argue that after 1988, it's still cash crops that over the time, the story you can tell about those two last decades. Firstly, because as you will see, producer prices were more or less stagnant, he's not declining. Lastly, because due to the saturation, well, due to the fact that more or less there is no longer a forest to exploit for cocoa abroad in Côte d'Ivoire, you kind of like, Côte d'Ivoire has reached a plateau in the output of cocoa art. You will reach that starting in 1998. There is really stagnation of output of cocoa art. And also, certainly because a great share of fiscal income by the Ivoian government stems from cocoa art experts and coffee experts, so that also the fact that the revenues from cocoa are stagnated also guided the stagnation of public wages and expenditures, and sometimes even cuts in those expenditures. And lastly, because even so you must know probably that this civil war generated a kind of partition of the country between the northern areas which represent roughly 20% of the population and the southern area which weighed 80% of the population. And so the coastal, the southern areas which produce cocoa still have access to the harbours to export the cocoa art. And so in economic terms, they suffered much less than the landlocked cotton producing northern areas which as you will see, have experienced an increase in poverty by 22 percentage points over the last, since the beginning of the world, of the partition that is in 2002. There are of course secondary determinants of the evolutions that we find also commented at length in the paper that are foreign inflows that of course were very much influenced as well by the political situations with abrupt cuts of foreign inflows. There is also emerging rent from oil but it starts only in the 2020. So this is just figures to illustrate what I was just saying. So you see for the last period this stagnation in the output of cocoa art that is the blue curve that is plotted here. You see also great entry since independence of the cotton output. And once again, you see in the last period when the partition of the north end source was in place, a big drop in cotton output, the cotton production was completely disrupted by the war. So let me come back to the 1980 to 2011 period and come to the poverty figures. So this is just a zoom of the former figures that are already shown on the evolution of the GDP per capita and the evolution of cash crop income. So more or less this two decades period can be divided in three sub-periods. First one, the cocoa crisis spurred by the halving of the producer prices of cocoa. So you see this first fall of GDP. And then you have this short-lived bounce back led by the CFR front, the evaluation and all the foreign aid inflows that were associated to this change in the structural adjustment policies. And then you have between 2011 civil conflicts at intervals. So producer price and condition are already recommended. So in short, so coming back to this division in superiors, between 1988 to 1993, the main factor that drives poverty evolution is the halving of cocoa and coffee producer prices. That was in fact, completely guided by the fall of international prices in 1987. That had been, and the cut of producer price had been postponed until 1990, but it was still put in place in 1990. And you have also large cuts in public expenditures during that period. So this is perhaps the darkest part of structural adjustment. Then you have the more rosy part of structural adjustment between 1994 and 1998, with the devaluation bounce back and inflows coming back, laborization, but without progress in overall flow and no progress in competition either, thank you, yeah. And you have, and this is perhaps what motivates our title, is not the fact that the football team of Côte d'Ivoire is called the Elephant, is more that at that time, there was a very ambitious program of investment that had been produced by the Ivorian government, which was called the 12 words of the Elephant of Africa, well, putting a curious in parallel with Côte d'Ivoire. And well, most of those projects were planned, this very ambitious investment plan were not at all implemented in the end. So between 1998 and 2002, that is precisely where we reached a kind of disillusion with respect to the previous period, with the stagnation of Côte d'Ivoire output that no longer grows and ending flows decreasing. I have to recall that in 1999, we had the first coup d'etat, we had the first coup by the Générale Gaye, so the civil war actually began in 1999. 2002, 2008, so once again civil war, partition of the country, 20 percentage point increase of poverty of the headcount in the North. Civil conflicts, so you will find in the paper a discussion of many, many possibilities to measure the level of consumption and has to measure also the level of poverty. I leave it to your appreciation when you will read the document, but more or less the main message of this figure is to say, well, whatever, yeah, you could have a very great variation in the level of consumption, depending on what choice you make regarding the recall period, what choice you make in terms of the list of items that you consider, but nonetheless, the profile, time evolution of poverty or consumption is preserved, whatever the methodological choice that you make. So finally, and to conclude, so I just kept those figures from the end, so here are the poverty figures that we obtained, firstly the CDF functions, so you can see pretty well, I know, that that is clearly before and after the cocoa crisis of the year 1990, that is, you will see in the blue curve, stands for the CDF distribution of consumption per capita for the year 1988, and the three other CDF curves are pretty much bunched together, and they even cross each other, so that depending on the poverty line you choose, you will obtain different conclusions regarding the evolution of poverty between 1993 and 2008, but whatever the poverty line you choose, you will obtain always a great increase in poverty between 1998 and the rest of the years, brought in in second care, so these are the figures, if I choose the poverty line, the World Bank 1.25 international dollars of 2005, so you see again, in terms of headcount, this big increase between 1988 and 1993, in terms of poverty, so at the national level, it is more or less doubled between 20 and a little bit less than 40% of poverty, and you see also in the red curve, so of course it is the source part of the country that more or less, that weights 80% of the population that guides the national poverty evolution, but what's interesting when you desegregate and isolate Northern region, you see that during the partition, during the civil war, it is the North that suffered the most and experienced this 22% of the increase. So despite the prices, we observe accumulation of durable goods, in particular, of bifodes, but not only whose relative prices decrease, so and also more optimistically, after a drop in the during the cocoa crisis, primary school in enrollment recovered, but not to 1988. Have I got one minute for exploring a few issues ahead? So where do we stand now in Cote d'Ivoire? So Cote d'Ivoire is still a very, very divided, instead of a recent attempts of reconciliation, Cote d'Ivoire is a very divided country and it was shown at the 2010 elections that were very conflictual, between the president and the former long back. And what's also, here I get a little bit into the political dimension of the issues. What's very interesting is that what has come back with those elections is a North center source axis that had broken down and that had led to this political conflict. And what's interesting is that, so you see, you have seen the figures for the North and the South, compared. Now, Alessandro Gattara, who is a Northerners, who is a Northerner, has built again the traditional freedom and alliance between the Bavarian and the Northerners and we'll see what it gives. On the economic side, we can, so perhaps just continuing on this, the Maticusian problem that Michel already raised, we can ask the two following questions. Will you, that your resources, rents like oil or minerals, are going back to the old days political economic equilibrium that prevailed during the golden age of the Oufuet-Bouhadi presidency? And then I refer you to a recent paper of Catherine Boone, Boone, who actually argues that it is the breaking down of this political equilibrium spurred by structural adjustment policies that really is really responsible for all the prices on the political side that could devise experience. And will things change? That is, will Maticusian conspiring come to back? We, as I already argued, there is, well, forest has come to an end. More or less, the Kudwa frontier has reached the border with Kineia, and there is no longer any forest to expand Kudwa production, so perhaps there is a need for intensification there. Thank you.