Post on 06-Apr-2018
8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
1/41
]HF O@VSDNB @J FDFSE[
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
2/41
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}hf @FLM neesfen}f kd}fd|k}{ nll`vd}fm j`s 5> yfslfd} `j k}| >;5> bfzfb kd >;88
ndm mflbkdfm }` ov|} 6< yfslfd} `j k}| >;5> jkevsf kd 3995$
/Gv|kbkv @$ @|fdk hn| cffd n bfl}vsfs kd }hf Mfyns}gfd} `j Fl`d`gkl| `j Nb'Hkagnh Vdkzfs|k}{
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Bf|}fs L$ Hvd}" Ys`jf||`s `j Fdfse{ Fl`d`gkl| n} }hf \vssf{ Fdfse{ Fl`d`gkl| Lfd}sf (\FFL+$
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
3/41
Nyns} js`g }hk| sfmvl}k`d kd fdfse{ kd}fd|k}{" k} k| d`} lbfns {f} uhf}hfs }hk|
sfmvl}k`d k| n sf|vb} `j kgys`zfgfd}| kd fdfse{ v|f (fjjklkfdl{ kd}fd|k}{+ `s
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}hf gf}h`m| bkdafm uk}h }hf Bn|yf{sf| kdmfx uk}h }h`|f cn|fm `d }hf Mkzk|kn
kdmfx$3
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
4/41
l`vbm d`} ys`zkmf }hf mf}nkb| `j }hf lhnddfb }hs`veh uhklh }hf|f fl`d`gkl znsk'
ncbf| njjfl} }hf neesfen}f kd}fd|k}{$< Jvs}hfsg`sf" jfu |}vmkf| }hn} hnzf fx}fdmfm
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|yflkjkl" fk}hfs kd }kgf'|fskf| l`d}fx} `s kd yndfb l`d}fx}$ ]` }hf cf|} `j `vs
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bn}k`d `j y`bkl{ `d }hk| eb`cnb yhfd`gfd`d$ ]hfsfj`sf" }hk| |}vm{ nm`y}| }hf
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ys`zfgfd}| kd fdfse{ v|f ndm |}svl}vsnb |hkj}| kd }hf fl`d`g{ }` lhndef| kd
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esfen}f fdfse{ kd}fd|k}{ js`g }hf h{y`}hf}klnb neesfen}f fdfse{ kd}fd|k}{ }hn}
u`vbm hnzf fxk|}fm j`s n }nsef} {fns hnm |fl}`snb fdfse{ kd}fd|k}kf| sfgnkdfm
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FDFSE[ KD]FD\K][ KD @FLM L@VD]SKF\ >9
8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
5/41
Fxngybf| `j |}vmkf| }hn} hnzf nm`y}fm }hk| nyys`nlh kdlbvmf F$ C`||nd{k" E$ N$
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`j }hk| gf}h`m" |fzfsnb |}vmkf| hnzf fk}hfs nm`y}fm `s sfl`ggfdm k} n| n mf|ksncbfgf}h`m j`s fdfse{'kd}fd|k}{ mfl`gy`|k}k`d$ J`s kd|}ndlf" C$ U$ Nde y`kd}| `v}
}hn} }hf Jk|hfs kmfnb kdmfx lnd cf n cf}}fs gf}h`m`b`e{ vdmfs lfs}nkd l`dmk}k`d|
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
6/41
]` j`sg n znbvf neesfen}f (kd }hf j`sg `j }hf ysklf'~vnd}k}{ kdmfx ys`cbfg+"
fdfse{'kd}fd|k}{ mfl`gy`|k}k`d nyybkln}k`d `j }hf kdmfx'dvgcfs nyys`nlh sfbkf|
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F} 7 Xdk 7 >
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|fl}`snb fdfse{ kd}fd|k}{$ Sflnbb }hn} fdfse{ kd}fd|k}{ k| }hf sn}k` `j fdfse{ v|fm }`
vdk} `j `v}yv}$
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uhfsf" nenkd" F} k| }hf neesfen}f fdfse{ l`d|vgy}k`d kd {fns }" Fk} k| }hf fdfse{
l`d|vgfm kd |fl}`s k kd {fns }" [} sfysf|fd}| EMY kd {fns }" [k} k| }hf gfn|vsf `j
fl`d`gkl nl}kzk}{ kd |fl}`sk kd {fns}" ndmd k| }hf dvgcfs `j |fl}`s|$ F~vn}k`d (>$3+
mk|neesfen}f| fdfse{ kd}fd|k}{ kd}` |fl}`s'|yflkjkl fdfse{ fjjklkfdl{ ndm |fl}`snbnl}kzk}{$ K} k| kgy`s}nd} }` d`}f }hn}" uhkbf k} k| sf~vksfm }hn} fdfse{ l`d|vgy}k`d kd
}hf |fl}`s| gv|} |vg }` neesfen}f fdfse{ l`d|vgy}k`d" gfn|vsf| `j fl`d`gkl
nl}kzk}{ dffm d`} |vg }` EMY1 kd jnl}" }hf{ dffm d`} cf kd }hf |ngf vdk}|$
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kd}fd|k}{ kdmfx lnd cf l`gyv}fm n| f} / f`$ J`bb`ukde }hf bkda cf}uffd }hf ysklf'
~vnd}k}{ kdmfx ys`cbfg ndm }hf fdfse{'kd}fd|k}{ mfl`gy`|k}k`d ys`cbfg" ndm c{
j`lv|kde `d }hf fdfse{ kmfd}k}{ kd f~vn}k`d (>$3+ ndm ynsnyhsn|kde Mkfufs}" uf lnd
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
7/41
]hv|" j`bb`ukde Mkfufs}" }hf fdfse{'kd}fd|k}{ kdmfx lnd cf mfl`gy`|fm
kd}` fjjklkfdl{ ndm nl}kzk}{ kdmfxf|" ys`zkmfm }hn} }hf |fl}`s| }hn} nll`vd} j`s
nbb fdfse{ v|f kd }hf fl`d`g{ (uk}h`v} `zfsbny+ ndm }hf gfn|vsf| `j fl`'
d`gkl nl}kzk}{ ([k}+ uk}h uhklh }` l`d|}svl} n gfn|vsf `j fdfse{ kd}fd|k}{ nsf
nznkbncbf$Sfb{kde `d }hf bkda| cf}uffd }hf ysklf'~vnd}k}{ kdmfx ys`cbfg ndm fdfse{'
kd}fd|k}{ mfl`gy`|k}k`d ys`cbfg f|}ncbk|hfm js`g f~vn}k`d| (>$>+ }` (>$=+" }hf
Jk|hfs kdmfx lnd cf v|fm }` l`gyv}f neesfen}f fdfse{ kd}fd|k}{ kd}` fjjklkfdl{ ndm
nl}kzk}{ kdmfxf|$>6 ]hk| kdmfx hn| cffd v|fm kd }hf fdfse{'kd}fd|k}{ bk}fsn}vsf cn|fm
`d k}| mf|ksncbf ys`yfs}kf| ndm lnd cf l`d|}svl}fm c{ jks|} l`gyv}kde Bn|yf{sf|
ndm Ynn|lhf kdmfxf|$>:
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fk} ndm |k} nsf }hfks lvssfd}'{fns kdmfxf|" sf|yfl}kzfb{$ ]hf Bn|yf{sf| kdmfx v|f|
n cn|f yfsk`m ufkeh} uhkbf }hf Ynn|lhf kdmfx v}kbkf| lvssfd} yfsk`m ufkeh}$ C{
gvb}kyb{kde f~vn}k`d| (>$3+ ndm (>$=+ ndm fxysf||kde }hfg kd ef`gf}skl gfnd
{kfbm| }hf Jk|hfs kmfnb kdmfx j`s fjjklkfdl{ kdmfx$ N |kgkbns ys`lf|| j`s f~vn}k`d|(>$$6+ ekzf| nl}kzk}{ kdmfx$
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
24/41
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
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8/3/2019 Analysis of Energy Intensity and Its Determinants in 16 OECD Countries, by Musiliu O. Oseni
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nl}kzk}{ kdmfx nsf d`} |}n}k|}klnbb{ |kedkjklnd} n} fzfd }hf >9'yfslfd} bfzfb" kd'
mkln}kde }hn} kgynl}| j ysklf| d kd}fd|k}{ yfsn}f |`bfb{ }hs`veh fdfse{ fjjklkfdl{$
N| uk}h neesfen}f kd}fd|k}{" fdfse{ fjjklkfdl{ fxhkck}| n ~vnmsn}kl sf|y`d|f }`
kdl`gf" jks|} sk|kde ndm }hfd jnbbkde$ ]hf y`|k}kzf kgynl} `j y`yvbn}k`d es`u}h `d
}hf fjjklkfdl{ kdmfx |veef|}| }hn} nd kdlsfn|f kd fdfse{ kd}fd|k}{ kd sf|y`d|f }`
y`yvbn}k`d es`u}h `llvs| cflnv|f jn|}'es`ukde l`vd}skf| |vjjfs js`g l`def|}k`d'
kdmvlfm fdfse{ l`|}$ Hnm }hf fl`d`gkl |}svl}vsf ndm nbb `}hfs znskncbf| sfgnkdfml`d|}nd}" n >'yfslfd} y`kd} znskn}k`d kdlsfn|f kd y`yvbn}k`d es`u}h u`vbm hnzf bfm
}` n 6$ yfslfd}$ @df
|}skakde jfn}vsf `j }hf|f sf|vb}| k| }hn} k} nyyfns| ysklf ybn{| k}| kggfmkn}f s`bf kd
sfmvlkde neesfen}f kd}fd|k}{ }hs`veh fjjklkfd} v|f `j fdfse{ `db{" uhkbf }hf kg'
ynl}| `j kdl`gf kd sfmvlkde fdfse{ kd}fd|k}{ k| }hs`veh n sfmvl}k`d kd fdfse{'
kd}fd|kzf nl}kzk}kf| (|}svl}vsnb lhndef|+$
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]hf b`ufs yns} `j }ncbf : ysf|fd}| znsk`v| mkned`|}kl }f|}| fxyb`sfm }` nsskzf n}
}hf ysfjfssfm g`mfb| ysf|fd}fm kd }hf }ncbf$ ]hf Hnv|gnd }f|} k| fxyb`sfm }` mf'
}fsgkdf }hf l`d|k|}fd} ndm fjjklkfd} f|}kgn}`s cf}uffd sndm`g ndm jkxfm fjjfl}|$'yfslfd} kdlsfn|f kd kdl`gf sf|vb}| kd 9$6>'yfslfd} ndm 9$69'yfslfd} kgys`zfgfd}| kd fdfse{ kd}fd|k}{ kd }hf |h`s} ndm b`de
svd" sf|yfl}kzfb{$=9 ]hf f|}kgn}f| |h`u }hn} fdfse{ kd}fd|k}{ sf|y`dm| g`sf }`
]ncbf 5YSKLF NDM KDL@GF FBN\]KLK]KF\ J@S >: L@VD]SKF\ @J ]HF @SENDK_N]K@D J@S
FL@D@GKL L@@YFSN]K@D NDM MFZFB@YGFD]" >;56 ]@ 3995
(kd `zfsnbb nzfsnef|+
Kd}fd|k}{ Fjjklkfdl{ Nl}kzk}{
Ysklf fbn|}klk}kf|
\h`s} svd '9$98 '9$>9 9
B`de svd '9$65 '9$9> '9$6:
Kdl`gf fbn|}klk}kf|
\h`s} svd '9$6> '9$9= '9$68
B`de svd '9$69 '9$3< '9$=8
FDFSE[ KD]FD\K][ KD @FLM L@VD]SKF\ >
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kdl`gf lhndef| kd }hf |h`s} svd }hnd kd }hf b`de svd$ ]hk| k| d`} |vsysk|kde |kdlf
(snykm+ kdlsfn|f kd kdl`gf (f$e$" fl`d`gkl c``g+ gn{ bfnm }` esfn}fs l`gy`|k'
}k`dnb |hkj}| (g`zkde js`g fdfse{'kd}fd|kzf }` bf|| fdfse{'kd}fd|kzf nl}kzk}kf|+ kd
}hf |}svl}vsf `j nd fl`d`g{ kd }hf |h`s} }fsg$ H`ufzfs" }hk| |}svl}vsnb lhndef
gn{ cf bkgk}fm kd }hf b`defs }fsg ekzfd }hf bkgk} }` }hf fx}fd} }` uhklh fdfse{'kd}fd|kzf nl}kzk}kf| lnd cf |vc|}k}v}fm c{ bf|| fdfse{'l`d|vgkde nl}kzk}kf|$=>
]hf |h`s}' ndm b`de'svd ysklf fbn|}klk}kf| `j fjjklkfdl{ nsf '9$>9 ndm '9$9> uhkbf
}hn} `j nl}kzk}{ nsf 9 ndm '9$6:" sf|yfl}kzfb{$ ]hk| jvs}hfs l`djksg| }hn} }hf |h`s}'
svd kgynl}| `j ysklf lhndef| `d fdfse{ kd}fd|k}{ `yfsn}f |`bfb{ }hs`veh fjjklkfdl{"
uhkbf }hf b`de'svd kgynl} k| bnsefb{ }hs`veh lhndef| kd }hf fl`d`gkl gkx$ ]hk|
gfnd| }hn}" kd `smfs }` sfmvlf fdfse{ kd}fd|k}{" yf`ybf sf|y`dm }` nd kggfmkn}f
ysklf sk|f c{ cfkde g`sf fdfse{ fjjklkfd} cv} mflkmf }` g`zf nun{ js`g fdfse{'
kd}fd|kzf nl}kzk}kf| n| ysklf l`d}kdvf| }` kdlsfn|f kd }hf b`defs }fsg$ Nb|`" }hk|
y`||kcb{ |veef|}| }hf bkgk}n}k`d }` }hf fx}fd} }` uhklh kgys`zfgfd}| kd fdfse{ v|f
(kd sf|y`d|f }` ysklf+ lnd }naf ybnlf" |kdlf fjjklkfd} fdfse{ v|f nb|` mfyfdm| `d }hf
|}n}f `j }flhd`b`e{ kd nd fl`d`g{$
C`}h }hf |h`s}'svd ndm }hf b`de'svd kdl`gf fbn|}klk}kf| `j }hf fjjklkfdl{ ndm
nl}kzk}{ kdmfxf| |veef|} }hn} }hf mflbkdf kd neesfen}f kd}fd|k}{ kd sf|y`d|f }` kd'
l`gf lhndef| k| bnsefb{ mvf }` l`gy`|k}k`dnb |hkj}| kd }hf fl`d`gkf|$ Hnm }hf
|fl}`snb fdfse{ kd}fd|k}{ sfgnkdfm l`d|}nd}" }hf neesfen}f kd}fd|k}{| fbn|}klk}{
uk}h sf|yfl} }` kdl`gf u`vbm hnzf cffd '9$68 ndm '9$=8 kd }hf |h`s} ndm b`de svd"
sf|yfl}kzfb{$ @d }hf `}hfs hndm" hnm }hf fl`d`gkl gkx sfgnkdfm vdlhndefm" }hf|h`s}'svd ndm b`de'svd kdl`gf fbn|}klk}kf| `j neesfen}f kd}fd|k}{ u`vbm hnzf cffd
'9$9= ndm '9$396" '9$98" ndm '9$9>8"
sf|yfl}kzfb{$ H`ufzfs" hk| f|}kgn}f| `j '9$3;;" '9$>6=" ndm '9$968 j`s kd}fd|k}{"
fjjklkfdl{" ndm nl}kzk}{" sf|yfl}kzfb{" |h`u n |kedkjklnd} mkjjfsfdlf cf}uffd hk|
b`de'svd ysklf fbn|}klk}{ ndm }h`|f sfy`s}fm kd }hk| |}vm{$ ]hf f|}kgn}f| kd }hk|
|}vm{ lnd cf |nkm }` cf uk}hkd }hf sndef `j b`de'svd ysklf fbn|}klk}{$ N| j`s kdl`gf"
}hf |h`s}'svd fbn|}klk}kf| (fxlfy} j`s fjjklkfdl{+ kd }hk| |}vm{ nsf |kedkjklnd}b{
hkehfs }hnd }h`|f `j Gf}lnbj" uhkbf }hf b`e'svd f|}kgn}f| nsf sfbn}kzfb{ b`u$ ]hfsfn|`d| j`s }hk| gn{ cf n| j`bb`u|$ Jks|}" uhkbf Gf}lnbj| ndnb{|k| un| j`s }hf V$\$
|}n}f| uk}h |kgkbns |`lk`fl`d`gkl lhnsnl}fsk|}kl|" }hk| |}vm{ l`gckdf| mkjjfsfd}
]HF O@VSDNB @J FDFSE[ NDM MFZFB@YGFD]>
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]ncbf8
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]hksm" fdfse{ kd}fd|k}{ k| nd kgy`s}nd} mf}fsgkdnd} `j lnsc`d fgk||k`d| |kdlf
fdfse{ l`gcv|}k`d k| sf|y`d|kcbf j`s n esfn}fs yfslfd}nef `j lnsc`d fgk||k`d| (5;
yfslfd} `j }hf u`sbm ndm ;: yfslfd} `j }hf @FLM+$=6 J`||kb jvfb'sfbn}fm lnsc`d
fgk||k`d| lnd cf mflsfn|fm }hs`veh jvfb |uk}lhkde ndm c{ sfmvlkde fdfse{ mf'
gndm$ ]hk| sfmvl}k`d kd fdfse{ lnd cf fjjfl}fm c{ cfl`gkde g`sf l`d|lk`v| `jfdfse{ fjjklkfdl{" uhf}hfs kd ys`mvl}k`d `s l`d|vgy}k`d" ndm c{ kd}s`mvlkde g`sf
fdfse{'fjjklkfd} }flhd`b`e{$
H`ufzfs" }hk| fxfslk|f hn| fxy`|fm n dvgcfs `j ufnadf||f| }hn} dffm jvs}hfs
sf|fnslh$ Jks|}" }hf neesfen}f mn}n v|fm kd }hk| |}vm{ gnmf k} mkjjklvb} }` kmfd}kj{
kd uhklh `j }hf |fl}`s| }hf kgys`zfgfd}| kd fjjklkfdl{ ndm`s |}svl}vsnb |hkj}| nsf
g`sf ys`d`vdlfm$ G`sf`zfs" }hf sfmvl}k`d kd fdfse{ kd}fd|k}{ n| kdl`gf sk|f| k|
d`} |kgyb{ g`zkde nun{ js`g kdmv|}sknb nl}kzk}kf| }` l`ggfslknb |fszklf| cv}
sn}hfs |`gf}hkde g`sf kd}skd|kl }` nl}kzk}kf| uk}hkd fnlh |fl}`s$ L`dmvl}kde }hf
}{yf `j mfl`gy`|k}k`d ndnb{|k| kd }hk| |}vm{ n} n g`sf mk|neesfen}fm bfzfb }`
kdzf|}ken}f }hk| k||vf g`sf mffyb{ u`vbm cf n ys`mvl}kzf nsfn `j jv}vsf sf|fnslh$
\fl`dm" ekzfd }hf mkzfs|f dn}vsf `j }hf l`vd}skf| v|fm kd }hk| |}vm{" }hf n|'
|vgy}k`d `j l`d|}nd} |b`yf l`fjjklkfd}| nls`|| n ukmf sndef `j l`vd}skf| }hn}
lhnsnl}fskf| n yndfb mn}n gf}h`m`b`e{ |ffg| }` cf vdsfnbk|}kl$ Fnlh l`vd}s{
mkjjfs| kd }fsg| `j |}svl}vsf|" kd|}k}v}k`d|" ndm |`lk`fl`d`gkl yn}}fsd|" ndm }hf
kgy`|k}k`d `j }hf |ngf sf|y`d|f }` fl`d`gkl znskncbf| `j kd}fd|k}{ kdmfxf| }fdm|
}` cf ckn|fm$ Lnss{kde `v} }hk| ndnb{|k| j`s fnlh `j }hf l`vd}skf| k| bkafb{ }`
ys`mvlf g`sf sfnbk|}kl sf|vb}|$ Jkdnbb{" }hf sfesf||k`d ndnb{|k| l`dmvl}fm kd }hk||}vm{ ked`sf| }hf kgynl}| `j n|{ggf}skl ysklf sf|y`d|f ndm }flhdklnb ys`esf||
`d fdfse{'kd}fd|k}{ lhndef|$ Kdl`sy`sn}kde n|{ggf}skl ysklf sf|y`d|f ukbb
fdncbf }hf kdzf|}ken}k`d `j znskn}k`d| kd fdfse{ kd}fd|k}{| sf|y`d|f }` ysklf
lhndef|$ \kgkbnsb{" kdl`sy`sn}kde }flhdklnb ys`esf|| ukbb hfby kd lny}vskde }hf
kgynl}| `j }flhdklnb lhndef| `d fdfse{ kd}fd|k}{$ ]hfsfj`sf" }hk| |}vm{ n} bfn|}
|veef|}| }hn} |vlh nd ndnb{|k| l`d|kmfskde }hf|f k||vf| k| jfn|kcbf ndm bkafb{ }` cf
hkehb{ ys`mvl}kzf$
D@]F\
>@sendkn}k`d j`s Fl`d`gkl L``yfsn}k d ndm Mfzfb`ygfd} (@FLM+" Kd}fsdn}k`dnb Fdfse{
Nefdl{ (KFN+" U`sbm Fdfse{ Cnbndlf| ndm Fdfse{ Cnbndlf| `j @FLM L`vd}skf| (Ynsk|? KFN"
399;+" nznkbncbf n} uuu$kfn$`se" nllf||fm `d Gnslh >3" 39>9$
3]hf Bn|yf{sf| kdmfx k|`bn}f| }hf l`d}skcv}k`d `j n znskncbf }` }hf znskn}k`d `j neesfen}f kd'
mkln}`s c{ nbb`ukde lhndef| kd }hn} |yflkjkl znskncbf uhkbf h`bmkde }hf `}hfs znskncbf| n} }hfks
sf|yfl}kzf cn|f'{fns znbvf|$ ]hf Mkzk|kn kdmfx k| n ufkeh}fm |vg `j es`u}h sn}f|" uhfsf }hf ufkeh}|
nsf }hf l`gy`dfd}| |hnsf kd }`}nb znbvf" ekzfd kd }hf j`sg `j n bkdf kd}fesnb$ \ff L$ S$ Hvb}fd"
Mkzk|kn Kdmfx Dvgcfs|" Fl`d`gf}skln" z`b$ =>" d`$ : (>;5'>
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>=;'>5:1 C$ U$ Nde" Mfl`g'
y`|k}k`d Gf}h`m`b`e{ kd Kdmv|}sknb Fdfse{ Mfgndm Ndnb{|k|" Fdfse{" z`b$ 39" d`$ >> (>;;6+" yy$
>98>';61 ndm H$ E$ Hvd}kde}`d ndm O$ E$ G{fs|" \fl}`snb \hkj} ndm Kdmv|}sknb Fdfse{ Mfgndm?
Uhn} Hnzf Uf Bfnsdfm" kd ]hf Lhndekde \}svl}vsf `j Ngfsklnd Kdmv|}s{ ndm Fdfse{ V|f
Yn}}fsd|" fm|$ N$ Jnsv~vk" O$ Cs`fhb" ndm L$ U$ Efbbkde| (L`bvgcv|" @hk`? Cn}}fbbf Ysf||" >;85+" yy$
'38$
5]hf Jk|hfs kdmfx un| `skekdnbb{ n mfl`gy`|k}k`d `j nd fxyfdmk}vsf kdmfx kd} ysklf ndm
~vnd}k}{ kdmfxf|$ J`s mf}nkb|" |ff Kszkde Jk|hfs" ]hf Cf|} J`sg `j Kdmfx Dvgcfs" ^vns}fsb{Yvcbkln}k`d| `j }hf Ngfsklnd \}n}k|}klnb N||`lkn}k`d" z`b$ >5" d`$ >;3>+" yy$ 6;85+" yy$ 55';:$
;E$ F$ Gf}lnbj" Nd Fgyksklnb Ndnb{|k| `j Fdfse{ Kd}fd|k}{ ndm K}| Mf}fsgkdnd}| n} }hf \}n}f
Bfzfb" ]hf Fdfse{ O`vsdnb" z`b$ 3;" d`$ < (3998+" yy$ >'3:$
>9\ff j`s fxngybf" C$ U$ Nde" Mfl`gy`|k}k`d Gf}h`m`b`e{ kd Kdmv|}sknb Fdfse{ Mfgndm
Ndnb{|k|1 C$ U$ Nde ndm J$ ^$ _hnde" `y$ lk}$1 ndm H$ E$ Hvd}kde}`d ndm O$ E$ Gf{fs|" `y$ lk}$
>>E$ N$ C`{m ndm O$ G$ S``y" N D`}f `d }hf Jk|hfs Kmfnb Kdmfx Mfl`gy`|k}k`d j`s \}svl}vsnb
Lhndef kd Fdfse{ Kd}fd|k}{" ]hf Fdfse{ O`vsdnb" z`b$ 36" d`$ > (399=+" yy$ 85'>9>$
>3]hf Jk|hfs kmfnb kdmfx k| s`cv|} }` fs` ndm dfen}kzf znbvf|$ @}hfs yfsjfl} gf}h`m| lndd`}
hndmbf fs`'dfen}kzf znbvf| uk}h`v} d`sgnbkn}k`d$
>
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Csk}k|h L`bvgckn" 399>" yy$ >'>9=" nznkbncbf n} h}}y?uuu$fl`d$vcl$lnmk|lynyfs|my9>93$ymj"
nllf||fm Nvev|} 5" 39>9$
>6]hf Jk|hfs kdmfx k| n ef`gf}skl gfnd `j }hf Bn|yf{sf| ndm Ynn|lhf kdmfxf|$
>:]hf ys`yfs}kf| kdlbvmf jnl}`s'sfzfs|nb" }kgf'sfzfs|nb" fs`dfen}kzf znbvf s`cv|}" f}l$
>5J`s kd|}ndlf" jn|}'es`ukde l`vd}skf| gn{ cf nmmkde g`sf fdfse{'|nzkde kdjsn|}svl}vsf|
}hnd |b`u'es`ukde fl`d`gkf|$ @d }hf `}hfs hndm" jn|}'es`ukde l`vd}skf| gn{ cf bf|| fjjklkfd}
kd }hfks v|f `j fdfse{ kj }hfks lnyk}nb kdzf|}gfd} m`f| d`} affy ynlf uk}h es`u}h (f$e$" }snjjkl
l`def|}k`d+$
>8gk lny}vsf| }hf lhnsnl}fsk|}kl| `j }hf kdmkzkmvnb l`vd}s{ k }hn} nsf d`} yklafm vy c{ }hf fx'
ybndn}`s{ znskncbf| cv} uhklh nsf n||vgfm }` cf }kgf kdznsknd}$
>;
J`s mf}nkb|" |ff \$ Dklafbb" Ckn|f| kd M{dngkl G`mfb| uk}h Jkxfm Fjjfl}|" Fl`d`gf}skln"z`b$ =;" d`$ : (>;8>+" yy$ >=>5'=3:$
39]$ U$ Ndmfs|`d ndm L$ H|kn`" F|}kgn}k`d `j M{dngkl G`mfb| uk}h Fss`s L`gy`dfd}|"
O`vsdnb `j }hf Ngfsklnd \}n}k|}klnb N||`lkn}k`d" z`b$ 5:" d`$ ;8>+" yy$ 68;':9: ndm J`s'
gvbn}k`d ndm F|}kgn}k`d `j M{dngkl G`mfb| V|kde Yndfb Mn}n" O`vsdnb `j Fl`d`gf}skl|" z`b$ >8"
d`$ > (Ondvns{ >;83+" yy$ =5'83$ ]hf|f kd|}svgfd}| ukbb d`} cf l`ssfbn}fm uk}h Mzk} n| b`de n| zk} nsf
d`} |fsknbb{ l`ssfbn}fm$
3>C$ H$ Cnb}nek" M{dngkl Yndfb Mn}n G`mfb|" kd Fl`d`gf}skl Ndnb{|k| `j Yndfb Mn}n" fm|$
C$ H$ Cnb}nek" \fvla H$ \`de" ndm U$ A`h (Lhklhf|}fs" Vdk}fm Akdem`g? O`hd Ukbf{ * \`d|"
>;;6+" yy$ >36'=8$
33G$ Nsfbbnd` ndm \$ C`dm" \`gf ]f|}| `j \yflkjkln}k`d j`s Yndfb Mn}n? G`d}f Lnsb` Fzkmfdlf
ndm nd Nyybkln}k`d }` Fgyb`{gfd} F~vn}k`d|" ]hf Sfzkfu `j Fl`d`gkl \}vmkf|" z`b$ 68" d`$ 3
(>;;>+" yy$ 355';5$
39+" yy$ >>65'>:=$
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38B$ N$ Esffdkde f} nb$" `y$ lk}$" d`}f }hn} ysklf| ndm kdl`gf nsf n yskgns{ mskzfs (y$ >6=+ `j
sf|kmfd}knb fdfse{ mfgndm$ ]hf{ f~vnbb{ d`}f n dvgcfs `j `}hfs jnl}`s|" |vlh n| |~vnsf j``}nef `j
h`v|kde" dvgcfs `j `llvynd}|" f}l$" }hn} nsf mskzfd kd yns} c{ kdl`gf$ Uhkbf }hfsf nsf `}hfs mf'
}fsgkdnd}| `j sf|kmfd}knb fdfse{ mfgndm" nsevncb{" fxyfdmk}vsf| k| d`} kdnyys`yskn}f j`s }hf l`d'
|}svl}k`d `j nd kdmfx `j fdfse{ kd}fd|k}{$3;D`}f }hn} }hk| mfl`gy`|k}k`d un| m`df c{ v|kde nzfsnef jkdnb fdfse{ l`d|vgy}k`d" |fl}`snb
fdfse{ mfgndm" EMY" ndm |fl}`snb znbvf nmmfm `j `v}yv} j`s }hf >: l`vd}skf|$ V|kde }hf nzfsnef `j
fnlh `j }hf sfnmkb{ mfl`gy`|fm kd}fd|k}{ kdmfxf| }` nsskzf n} `zfsnbb nzfsnef u`vbm bfnm }` kd'
l`d|k|}fd} f|}kgn}f|$
36>'35>$
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