Exchange Rate Coordination in Asia: Evidence using the Asian Currency Unit

8/2/2019 Exchange Rate Coordination in Asia: Evidence using the Asian Currency Unit

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mailto:[email protected]

mailto:[email protected]



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vj~e o`seoel~y `c ~he Jykjl iuvvelikey, ^he neskj~k`l hjy feel nvksel f{ ~he jn`w~k`l `cnkccevel~ exihjlde vj~e vedkoey f{ ~he wjv~kikwj~kld iùl~vkey klnkij~kld nksevye w`mki{`faei~ksey, ^heve jve j luofev `c kly~k~u~k`ly kl ~he vedk`l ~hj~ ijl jyyky~ exihjlde vj~ei``vnklj~k`l jln dvej~ev ei`lòki jln ckljlikjm kl~edvj~k`l, ^heye kly~k~u~k`ly- klimunkld joum~kmj~evjmkqen ytjw jvvjldeoel~- j vedk`ljm yuvsekmmjlie oeihjlkyo- jln j f`ln culn2 hjse~` fe ykdlkckijl~m{ y~veld~helen c`v ~heo ~` wmj{ j v`me kl c`y~evkld dvej~ev ei`lòkii``wevj~k`l, ^he nelòklj~k`l `c ckljlikjm jyye~y kl ~he Jykjl Iuvveli{ Ulk~ kl ~vjlyji~k`lykls`mskld ~heye kly~k~u~k`ly tùmn jmy` elhjlie exihjlde vj~e i``wevj~k`l,

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:, Kl~v`nui~k`l ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 9

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9, Exihjlde Vj~e Vedkoe Nksevyk~{ ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,:9

>, Kly~k~u~k`ljm Jvvjldeoel~y ~` Cjikmk~j~e Exihjlde Vj~e I``vnklj~k`l ,,,,,,,,,,,,,,,,,,,,,,,,,,,,67

>,: Elhjlien ^vjne Kl~edvj~k`l ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,67>,6 ^he Ihkjld Ojk Klk~kj~kse ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,6:>,9 JYEJL"9 Ojiv`ei`l`oki Veyejvih @cckie ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,69>,> Nesem`woel~ `c F`ln Ojvbe~y ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,69>,5 Exihjlde Vj~e I``vnklj~k`l ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,65

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Ei`lòki kl~edvj~k`l kl Jykj hjy es`msen kl j ykdlkckijl~m{ nkccevel~ ojllev ~hjl k~ nkn klEuv`we, Kl Euv`we- ei`lòki kl~edvj~k`l tjy nvksel f{ j ~`w n`tl jwwv`jih ~hvùdhi``vnklj~en klk~kj~ksey jln ~he ivej~k`l `c vedk`ljm kly~k~u~k`ly tk~h ~he `faei~kse `c ivej~kld julk~en cv`l~ jiv`yy sjvkùy iùl~vkey, Kl i`l~vjy~- kl Jykj- ojvbe~ c`viey hjse nvksel ei`lòkikl~edvj~k`l, ^he ojvbe~ c`viey hjse ~jbel ~he c`vo `c klnksknujm ckvoy neiknkld `l ~he mìj~k`l `cfuykleyy- ~he yùvikld `c wjv~y jln vjt oj~evkjmy- ~he ney~klj~k`l `c ~he ckljm wv`nui~- jln ~hehkvkld `c t`vbevy- jo`ld `~hevy, ^hky hjy men ~` j vkye kl kl~vjvedk`ljm ~vjne vecmei~kld kl~vj/klnuy~v{ wvìeyykld jln jyyeofm{ ~hvùdh sev~kijmm{ kl~edvj~en wv`nui~k`l, KOC (6774+ yh`ty~hj~ thkme ~vjne cm`ty kl ~he vey~ `c ~he t`vmn klivejyen f{ 9 ~koey fe~teel :;;7 jln 6773- kleoevdkld Jykj kl~ev/vedk`ljm ~vjne v`ye f{ 5 ~koey- jln kl~vjvedk`ljm ~vjne klivejyen f{ 8,5~koey, F{ 6773- ~vjne fe~teel ~he eoevdkld Jykjl ei`lòkey hjn klivejyen ~` o`ve ~hjl >7%-cvò 97% `c ~`~jm exw`v~y kl :;;7, J yuww`v~kse ei`lòki w`mki{ klk~kj~en f{ Jykjl d`sevloel~y~` `wel uw ~he ei`lò{- j~~vji~ klsey~oel~- jln wvò`~e exw`v~y hjy hjy~elen ~he kl~edvj~k`l,^he ~vjne jln klsey~oel~ lexuy hjy feel dvej~m{ elhjlien f{ ~he wuvyuk~ `c ~he ”cm{kld deeye‟wj~~evl- jln ~hky hjy wmj{en jl kow`v~jl~ v`me kl c`y~evkld dv`t~h kl ~he vedk`l,

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^he vkykld kl~evnewelnelie jo`ld Jykjl ei`lòkey ky ojbkld k~ wjvjoùl~ ~` elyuve j nedvee`c exihjlde vj~e y~jfkmk~{ jo`ld ~he Jykjl ei`lòkey, H`tesev- ~hky tkmm fe ihjmmeldkld kl jdm`fjm elskv`loel~ ~hj~ hjy feel klivejykldm{ s`mj~kme yklie ~he yufwvkoe ivkyky kl ~he Ulk~enY~j~ey kl 6774, ^he muve `c nesem`wkld Jykj‛y y~v`ld culnjoel~jmy jm`ld tk~h ~he uliev~jkl~{ kl~he dm`fjm elskv`loel~ venuikld dm`fjm klsey~`vy‛ vkyb jwwe~k~e tkmm mejn ~` klivejyen s`mj~kmk~{ klijwk~jm cm`ty, Kl ~hky i`l~ex~- dvej~ev exihjlde vj~e cmexkfkmk~{ sky/ç/sky ~he nesem`wen ei`lòkeytkmm hemw iùl~vkey ~` ojkl~jkl ojivèi`lòki jln ckljlikjm y~jfkmk~{, ^huy Jykjl ei`lòkeyiùmn djkl cvò wuvyukld j y~vj~ed{ thevef{ ~he{ ojkl~jkl vemj~ksem{ y~jfme exihjlde vj~eytk~hkl ~he vedk`l jln jmm`t dvej~ev cmexkfkmk~{ jdjkly~ ex~vj/vedk`ljm iuvvelikey, ^hky tùmn

vezukve j iev~jkl nedvee `c exihjlde vj~e w`mki{ i``vnklj~k`l (Bjtjk 67:7+,@le tj{ ~` d` jfù~ dvej~ev exihjlde vj~e i``vnklj~k`l ky ~` hjse j vedk`ljm iuvveli{ jy ~hejlih`v, Dksel ~he ykqe `c ~hekv ei`lòkey- Ajwjl jln We`wme‛y Vewufmki `c Ihklj (~he WVI+iùmn w`yykfm{ ~jbe `l ~hky v`me, Thkme Ajwjl ky `le `c ~he nòkljl~ ei`lòkey `c ~he vedk`ljln hjy j iuvveli{ ~hj~ ky cumm{ i`lsev~kfme- k~y dv`t~h vj~e yklie ~he ejvm{ :;;7y hjy feel jlkyyue `c i`lievl, @l ~he `~hev hjln- ~he WVI hjy exwevkelien vjwkn dv`t~h `sev ~he wjy~ ~t`neijney- jln hjy ~jbel y~ewy ~`tjvny kl~evlj~k`ljmkqj~k`l `c ~he {ujl, H`tesev- ~he {ujli`l~kluey ~` fe ~kdh~m{ ojljden jln hjy j m`ld tj{ ~` d` fec`ve k~ ijl feiòe cumm{i`lsev~kfme, Helie- jy w`kl~en ù~ kl yesevjm y~unkey yuih jy Bjtjk jln ^jbjdk (6775+- @djtjjln Yhkokqu (6774+ jln Dkvjvnkl jln Y~eklhevv (6778+- k~ tùmn fe jwwv`wvkj~e ~` ivej~e jfjybe~ `c jwwv`wvkj~em{ tekdh~en vedk`ljm iuvvelikey,

O`y~ `c ~heye y~unkey wv`w`ye ~he ivej~k`l `c jl Jykjl Iuvveli{ Ulk~ (JIU+ jy j fjybe~ `c :9vedk`ljm iuvvelikey- iòwvkykld ~he ~el oeofevy `c ~he Jyyìkj~k`l `c Yù~hejy~ Jykjl Lj~k`ly(JYEJL+- ~he WVI- Ajwjl- jln ~he Vewufmki `c B`vej (heliec`v~h- B`vej+, Buv`nj jln Bjtjk(6776+ w`kl~ ù~ ~hj~ yuih j fjybe~ tùmn hemw ~` o`lk~`v ~he i`mmei~kse o`seoel~ `c ~hewjv~kikwj~kld iuvvelikey sky/ç/sky ex~evljm iuvvelikey jy temm jy ~he o`seoel~ `c ~he klnksknujm

: ^he cm{kld deeye wjvjnkdo- fjyen `l dm`fjm nkskyk`l `c mjf`v `l ~he fjyky `c n{ljoki iòwjvj~kse jnsjl~jde-

jvduey ~hj~ ~he Jykjl ei`lòkey tkmm i`lsevde ~` ~he jnsjlien Tey~evl ei`lòkey ~hvùdh j wvìeyy `c vedk`ljmhkevjvih{ tk~h wv`nui~k`l `c d``ny yhkc~kld cvò ~he o`ve jnsjlien iùl~vkey ~` ~he meyy jnsjlien `ley,




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iuvvelikey iòwjven ~` ~he vedk`ljm felihojvb, ^he vedk`ljm felihojvb iùmn jmy` fe uyen ~`nelòklj~e vedk`ljm jyye~y jln ~vjlyji~k`ly yuih jy f`lny- m`jly- fjlb new`yk~y- jln c`vekdlexihjlde new`yk~y, ^hky tùmn jmy` hemw ~` ok~kdj~e ~he vedk`l‛y `sevthemokld newelnelie `l~he UY n`mmjv ~hj~ tjy j wv`xkoj~e ijuye kl jiiel~uj~kld dm`fjm kofjmjliey kl ~he 6777y,

^he ~he`v{ `c jl `w~kouo iuvveli{ jvej jvduey ~hj~ iùl~vkey ~hj~ jve jccei~en f{ yhìby kl j

y{ooe~vki ojllev yhùmn c`vo j iòo`l iuvveli{ jvej (Oulnemm :;3:+, Iùl~vkey cjikldjy{ooe~vki yhìby ijl jmy` j~~eow~ ~` c`vo j iòo`l iuvveli{ jvej- kc ~heve ky j yucckikel~nedvee `c wvkie cmexkfkmk~{ jln hkdh mjf`v jln ijwk~jm o`fkmk~{ ~` elyuve ~hj~ ~heve jve l`wevyky~el~ wìbe~y `c uleowm`{oel~, @~hev ivk~evkj klimune ykokmjvk~{ `c wveceveliey `sev ù~wu~klcmj~k`l ~vjne/`cc jln wv`skyk`l `c yuww`v~kld w`mkikey mkbe ckyijm ~vjlycevy, H`tesev- Cvjlbem jlnV`ye (:;;8+ w`kl~ ù~ ~hj~ yòe `c ~he ~vjnk~k`ljm wvevezukyk~ey c`v ey~jfmkyhkld j iòo`liuvveli{ jvej ijl nesem`w jc~ev iùl~vkey hjse ey~jfmkyhen j iuvveli{ jvej f{ ckxkld ~hekvexihjlde vj~ey, ^he ey~jfmkyhoel~ `c j iòo`l iuvveli{ jvej ijl mejn ~` jl klivejye kl ~henedvee `c ei`lòki kl~edvj~k`l jy temm jy y{ooe~v{ `c ei`lòki yhìby, ^huy- jy m`ld jywjv~kikwj~kld iùl~vkey exhkfk~ j y~v`ld iòok~oel~ ~` ~he i``vnklj~k`l `c exihjlde vj~ew`mkikey- ~hekv j~~eow~ ijl fe yuiieyycum wv`sknen ~he{ oee~ ~he ivk~evkj ~` yòe ex~el~ klk~kjmm{,

Ekiheldveel jln Fj{ùok (:;;;+ cìuy `l ~vjne jln c`vekdl nkvei~ klsey~oel~ (CNK+ kl~edvj~k`l

jln ~he yween `c jnauy~oel~ ~` yhìb jln y{ooe~vki yuwwm{ jln neojln nky~uvfjliey- jlni`limune ~hj~ ~he vedk`l yj~kyckey ~he y~jlnjvn ivk~evkj, Bjtjk jln O`~`lkyhk (677>+ w`kl~ ù~~hj~ j luofev `c Ejy~ Jykjl iùl~vkey hjse tk~leyyen j vjwkn klivejye kl kl~vjvedk`ljm ~vjne,Jl`~hev wvevezukyk~e ky ~he nedvee `c cji~`v ojvbe~ kl~edvj~k`l, Kl Jykj- ~heve ky j dvej~ nejm `csjvkj~k`l kl ~he nedvee `c mjf`v ojvbe~ kl~edvj~k`l, Ei`lòkey mkbe Ajwjl jln B`vej ~eln ~òjkl~jkl ~kdh~ vey~vki~k`ly `l mjf`v o`fkmk~{, @l ~he `~hev hjln- ~he Yù~hejy~ Jykjl ei`lòkey`c ^hjkmjln- Ojmj{ykj- jln Ykldjw`ve jve ihjvji~evkqen f{ dvej~ev mjf`v o`fkmk~{, Ekiheldveeljln Fj{ùok (:;;;+ jln D`~` jln Hjojnj (:;;>+ l`~e ~hj~ mjf`v ojvbe~y jve o`ve cmexkfme klJykj ~hjl ~he{ teve kl Euv`we kl ~he ejvm{ :;;7y- thel k~ eofjvben `l j iòo`l iuvveli{,

Ei`lòki culnjoel~jmy yuddey~ ~hj~ yòe iùl~vkey kl Jykj jve o`ve yuk~en ~` ulnev~jbedvej~ev exihjlde vj~e i``vnklj~k`l, Thkme dvej~ev exihjlde vj~e i``vnklj~k`l hemwy klykdlkckijl~m{ venuikld ~vjlyji~k`l i`y~y kls`msen tk~h kl~evlj~k`ljm ~vjne jy temm jy venuikldexihjlde vj~e uliev~jkl~{ jln ~he yi`we `c yweiumj~k`l `l ihjldey kl fkmj~evjm exihjlde vj~ey~hj~ ijl veyum~ kl kly~jfkmk~{ kl c`vekdl exihjlde ojvbe~y jln hjse ledj~kse eccei~y `l iùl~vkey‛kl~evljm jln ex~evljm fjmjliey- k~ jmy` kow`yey j i`ly~vjkl~ `l o`le~jv{ w`mki{- thkih ky jlkow`v~jl~ ~``m c`v y~jfkmkqkld ei`lò{, H`tesev- ~he kl~v`nui~k`l `c jl JIU jy j wjvjmmemiuvveli{ thkme wv`sknkld ~he feleck~y `c exihjlde vj~e i``vnklj~k`l tkmm jmmeskj~e ~he i`y~y f{jmm`tkld yòe nedvee `c o`le~jv{ w`mki{ ju~`lò{,

6, JL JYKJL IUVVELI[ ULK^

J be{ kyyue kl ~he c`voumj~k`l `c jl JIU ky ~he klimuyk`l `c wjv~kikwj~kld iuvvelikey, ^hewjv~kikwj~kld iuvvelikey hjse sjvken jiv`yy nkccevel~ y~unkey, O`y~ `c ~he y~unkey yuih jy @djtj

jln Yhkouqu (6775+- @djtj jln [`yhkok (6778+ jln T{wm`yq (67:7+ hjse cìuyen `l ~heiuvvelikey `c ~he JYEJL"9 iùl~vkey,

^hky wjwev exwjlny ~he ye~ `c wjv~kikwj~kld iùl~vkey ~` klimune H`ld B`ld- Ihklj2 jln Klnkj,H`ld B`ld- Ihklj hjy jmvejn{ ey~jfmkyhen im`ye ~vjne jln ckljlikjm mklby tk~h `~hev Ejy~ Jykjlei`lòkey- eyweikjmm{ ~he WVI, Cuv~hevo`ve k~ hjy feel j wjv~ `c j luofev `c vedk`ljmklk~kj~ksey mkbe ~he Exeiu~ksey‛ Oee~kld `c Ejy~ Jykj Wjikcki Iel~vjm Fjlby (EOEJW+ jln ~heIhkjld Ojk Klk~kj~kse Oum~kmj~evjmkqj~k`l (IOKO+, Kl i`l~vjy~- Klnkj ky y~kmm l`~ j oeofev `c ~heyeklk~kj~ksey jln ky l`~ jy im`yem{ mklben ~` ~he Ejy~ Jykjl ei`lòkey, H`tesev- dksel ~hj~ ~he




5

wvìeyy `c exihjlde vj~e i``vnklj~k`l ky j m`ld wvìeyy- ~heve ky j leen ~` hjse j n{ljokiù~m``b c`v ~he vedk`l, J~ k~y iuvvel~ dv`t~h vj~e- Klnkj ky exwei~en ~` fe jo`ld ~he ~`w ~hveeei`lòkey `c ~he vedk`l nuvkld ~he lex~ ~hvee neijney, Cuv~hevo`ve- kl veiel~ {ejvy Klnkj hjyyùdh~ ~` klivejye k~y ~vjne jln ckljlikjm mklby tk~h `~hev Jykjl ei`lòkey, Jii`vnkld ~` ~heKl~evlj~k`ljm O`le~jv{ Culn‛y (KOC+ Nkvei~k`l `c ^vjne Y~j~ky~kiy- Klnkj‛y exw`v~y ~` ~he vedk`lklivejyen cvò :;% kl 677: ~` 63,9% kl 67:: thkme k~y kow`v~y klivejyen cvò :8,6% ~` 64,4%,

^vjne mklby jve mkbem{ ~` klivejye dksel ~hj~ Klnkj hjy ykdlen `v ky led`~kj~kld ~vjne jdveeoel~ytk~h JYEJL- Kln`leykj- Ajwjl- Ojmj{ykj- Ykldjw`ve- jln ^hjkmjln, Ykokmjvm{- yesevjm Jykjlei`lòkey klimunkld Ajwjl- B`vej- jln Ykldjw`ve hjse klsey~en kl Klnkj‛y klcvjy~vui~uve-ju~ò`fkmey- emei~v`lkiy ckljlikjm- whjvojieu~kijm- m`dky~kiy- jln klc`voj~k`l ~eihl`m`d{ yei~`vy,

Jc~ev ckljmkqkld ~he iòw`yk~k`l `c ~he iuvveli{ fjybe~- ~he lex~ y~ew ky ~` jyykdl tekdh~y ~` ~hesjvkùy wjv~kikwj~kld iuvvelikey, ^he ih`kie `c ~he ei`lòki klnkij~`vy ~` jyykdl tekdh~y ijl feiòwmkij~en- jy ~he{ tùmn leen ~` vecmei~ f`~h ~he iuvvel~ jln ~he w`~el~kjm ykqe `c ~heei`lò{- jln ~he ex~el~ ~` thkih ~he iùl~v{ tkmm uye ~he JIU, ^huy tekdh~y jyykdlen jvefjyen `l ~he jsevjde `c ~he klnksknujm iùl~v{‛y yhjve kl ~he vedk`ljm dv`yy nòey~ki wv`nui~(DNW+ oejyuven j~ wuvihjykld w`tev wjvk~{- kl~vjvedk`ljm ~vjne- jln kl~vjvedk`ljm klsey~oel~,Thkme DNW oejyuven j~ wuvihjykld w`tev wjvk~{ ky jl klnkij~`v `c ~he w`~el~kjm ykqe `c ~heei`lò{- ~vjne jln klsey~oel~ fjyen tekdh~y wv`skne jl klnkij~k`l jfù~ ~he ex~el~ ~` thkihwjv~kikwj~kld iuvvelikey iùmn eowm`{ ~he JIU,

^jfme : hkdhmkdh~y ~he tekdh~y jii`vnen ~` ~he :5 ei`lòkey jii`vnkld ~` ~he jsevjde DNWfjyen `l wuvihjykld w`tev wjvk~{- kl~vjvedk`ljm ~vjne- jln klsey~oel~, ^huy `le ulk~ `c ~heJIU tùmn klimune .7,69 ezuksjmel~ `c {el- .7,68 ezuksjmel~ `c {ujl- .7,:6 ezuksjmel~ `c H`ldB`ld n`mmjv- .7,7; ezuksjmel~ `c t`l jln y` c`v~h, Dksel ~he fkmj~evjm exihjlde vj~e fe~teel~he Jykjl iuvvelikey jln ~he UY n`mmjv k~ kowmkey ~hj~ ~he JIU tùmn iòwvkye 65,3 ulk~y `c {el-6,6 ulk~y `c {ujl- 7,85 ulk~y `c H`ld B`ld n`mmjv- :79,7 ulk~y `c t`l- jln y` `l,

Lex~- ~` esjmuj~e ~he i`mmei~kse o`seoel~ `c ~he wjv~kikwj~kld iuvvelikey jdjkly~ ~he luoèvjkveiuvveli{ jln ~he vemj~kse o`seoel~ `c ~heye iuvvelikey jdjkly~ ~he JIU j fjye wevk`n leeny~` fe knel~kcken, ^he fjye wevk`n ky ih`yel jy j {ejv thel ~he neskj~k`ly jo`ld ~he kow`v~jl~ojivèi`lòki klnkij~`vy jve mejy~, ^he vj~k`ljme ky ~hj~ oeofevy `c j iòo`l iuvveli{ jvejleen ~` c`mm`t j i`hevel~ ye~ `c nòey~ki w`mkikey c`v ~he iòo`l iuvveli{ jvej ~` fe y~jfme,^he Ojjy~vkih~ i`lsevdelie ivk~evkj c`v a`klkld ~he Euv`wejl Ei`lòki jln O`le~jv{ Ulk`lteve ey~jfmkyhen wveikyem{ c`v ~he wuvw`ye `c elyuvkld i`hevel~ w`mki{ojbkld, K~ cìuyen `li`lsevdelie `c d`sevloel~ neckik~y- d`sevloel~ nef~- klcmj~k`l vj~ey- exihjlde vj~ey- jln m`ld/~evo kl~evey~ vj~ey, ^` jljm{qe ex~evljm jln kl~evljm y~jfkmk~{ te cìuy `l ~heye klnkij~`vy jytemm jy iuvvel~ jiiùl~ neckik~y jln ckln ~hj~ ~he nksevdelie jo`ld ~heye klnkij~`vy tjy mejy~ kl6777 jln 677:- jln ~jbe ~heo jy ~he fjye wevk`n,

^he UY i`l~kluey ~` fe ~he nòkljl~ ~vjne wjv~lev ù~ykne ~he vedk`l c`v o`y~ `c ~heei`lòkey, ^he iùl~vkey `c ~he euv`q`le jve ~he `~hev oja`v ~vjnkld wjv~levy, ^he `ld`kldivkyky kl ~he euv`q`le hjy ivej~en j m`~ `c uliev~jkl~{ jfù~ ~he wv`ywei~y `c ~he euv` i`l~klukldj~ mejy~ kl k~y wveyel~ c`vo, Lesev~hemeyy- dksel ~he ykqe `c ~he ei`lòkey kl ~he euv`q`le- jln

~hekv exky~kld ~vjne mklbjdey tk~h ~he Jykjl ei`lòkey- k~ ky esknel~ ~hj~ ~heye ei`lòkey tkmmi`l~klue ~` fe oja`v ~vjnkld wjv~levy esel kc yòe jm~evlj~kse exihjlde vj~e jvvjldeoel~ kyc`voumj~en kl ~he euv`q`le, I`lyezuel~m{- te klimune f`~h ~he UY n`mmjv jln ~he euv` kl ~heluoèvjkve iuvveli{ fjybe~, Fjyen `l ~hekv ~vjne yhjvey fe~teel 677> jln 6774 ~he iuvveli{fjybe~ ky ojne uw `c 37% `c ~he UY n`mmjv jln >7% `c euv`, K~ ky jyyuoen ~hj~ : ulk~ `c ~heJIU ky ezuksjmel~ ~` : ulk~ `c ~he luoèvjkve iuvveli{ fjybe~ kl ~he fjye wevk`n,




3

^jfme :1 Tekdh~y jln Yhjvey `c Wjv~kikwj~kld Iuvvelikey kl ~he Jykjl Iuvveli{ Ulk~

JsevjdeTekdh~y

(%+

Fjye Wevk`nJsevjde

Exihjlde Vj~e Ulk~y

Fvulek Njvuyyjmjo 7,:6 :,4 7,776

Ijof`nkj 7,:7 93;4,4 9,379

WVI 64,;8 8,7 6,694

H`ld B`ld- Ihklj ::,99 4,5 7,859

Klnkj 8,>; >>,5 9,443

Kln`leykj 9,86 ;773,8 9>9,855

Ajwjl 69,:5 ::7,4 65,36;

Vewufmki `c B`vej 8,86 ::38,3 :79,7:9

Mj` WNV 7,73 86:;,5 >,3;5

Ojmj{ykj >,86 9,4 7,:44

O{jlojv 7,6> 3,9 7,7:5

Whkmkwwkley :,94 >3,7 7,36;

Ykldjw`ve 5,7: :,4 7,785

^hjkmjln 9,59 >7,; :,>>9

Ske~ Ljo :,:; :9;83,9 :33,:9:

Mj` WNV ? Mj` We`wme‛y Neoìvj~ki Vewufmki2 WVI ? We`wme‛y Vewufmki `c Ihklj,

L`~ey1 ^he felihojvb exihjlde vj~e ky ~he jsevjde `c ~he njkm{ exihjlde vj~e kl ~evoy `c ~he UY n`mmjv kl 6777 jln677:, ^he DNW jln ~vjne tekdh~y jve fjyen `l jsevjde tekdh~y fe~teel 677> jln 6774,

Yùviey1 T`vmn Nesem`woel~ Klnkij~`vy2 KOC‛y Nkvei~k`l c ^vjne Y~j~ky~kiy jln I``vnklj~en W`v~c`mk` Klsey~oel~ Yuvse{

nj~jfjyey, Jsjkmjfme j~ h~~w1emkfvjv{/nj~j,koc,`vd jln h~~w1nj~j,t`vmnfjlb,`vdnj~j/ij~jm`dt`vmn/nesem`woel~/klnkij~`vy

(jiieyyen :7 Ajlujv{ 67:6+,

Fjyen `l ei`lòki ykqe- jl exihjlde vj~e `c ~he Jykjl Iuvveli{ Ulk~ ky ijmiumj~en kl ~evoy `c

~he UY n`mmjv jii`vnkld ~`

JIU-~ k-~

Luo Luo

k

k

tε ε ? √ (:+

theve

JIU-~

Luoε ky ~he sjmue `c ~he JIU kl ~evoy `c ~he luoèvjkve iuvveli{ fjybe~ j~ ~koe ~ k,e, ~he

luofev `c ulk~y `c ~he luoèvjkve iuvveli{ fjybe~ ~hj~ ijl fe fùdh~ tk~h `le ulk~ `c ~he JIU-

kt ky ~he yhjve `c ~he k~h k-~

Luoε iuvveli{ kl JIU- jln ky ~he sjmue `c ~he k~h

Ckduve : yh`ty ~hj~ ~he JIU jwwveikj~en f{ jfù~ :7% fe~teel 677: jln 67::, H`tesev- ~heJIU nkn l`~ y~veld~hel kl j o`l`~`lki ojllev, ^heve tjy j neimkle kl ~he sjmue `c ~he JIUsky/ç/sky ~he luoèvjkve fjybe~ f{ jfù~ :7% fe~teel 677: jln okn 6779, ^hky tjy mjvdem{ nue~` ~he tejbelkld `c ~he {el jln ~he {ujl- thkih hjse j iòfklen tekdh~ `c lejvm{ 57% kl ~heJIU- jdjkly~ ~he luoèvjkve fjybe~, ^he JIU tjy vemj~ksem{ y~jfme fe~teel okn/6779 jln mj~e6773, O`y~ Jykjl iuvvelikey teve vemj~ksem{ y~jfme sky/ç/sky ~he luoèvjkve fjybe~ nuvkld ~hkywevk`n, ^he `lm{ exiew~k`ly teve ~he vuwkjh- thkih tejbelen f{ :6% jln ~he t`l- thkihy~veld~helen f{ :8,5%,

iuvveli{ kl ~evoy `c ~he

luoèvjkve iuvveli{ j~ ~koe ~,

http://elibrary-data.imf.org/



http://data.worldbank.org/data-catalog/world-development-indicators










4

Ckduve :1 O`seoel~ `c ~he Jykjl Iuvveli{ Ulk~ jdjkly~ ~he UY N`mmjv

Yùvie1 Ju~h`v‛y ijmiumj~k`ly,

Yklie mj~e 6773- ~he JIU y~veld~helen f{ :4% jdjkly~ ~he luoèvjkve fjybe~, Nuvkld ~hky wevk`n~he {el jwwveikj~en jdjkly~ ~he euv` f{ 9;% jln jdjkly~ ~he UY n`mmjv f{ 5:%, ^he {ujl-thkih hjn jfjln`len ~he ~kdh~ wed kl Aum{ 6775- jmy` jwwveikj~en f{ 6>% jdjkly~ ~he UY n`mmjvfe~teel Yew~eofev 6773 jln 67::, @~hev Jykjl iuvvelikey- thkih exwevkelien ykdlkckijl~y~veld~helkld jdjkly~ ~he luoèvjkve fjybe~- klimune ~he Ykldjw`ve n`mmjv- ~he fjh~- jln ~hevklddk~, ^he Fvulek n`mmjv- f{ skv~ue `c ~he iuvveli{ f`jvn jvvjldeoel~ tk~h Ykldjw`ve n`mmjv-jln bkw jmy` jwwveikj~en nuvkld ~hky wevk`n, @l ~he `~hev hjln- iuvvelikey ~hj~ feijoe tejbev`sev ~hky wevk`n klimune ~he t`l- ~he Klnkjl vuwee jln ~he n`ld,

J vedk`ljm iuvveli{ ulk~ tùmn jmy` hemw ~` o`lk~`v ~he o`seoel~ `c ~he wjv~kikwj~kld iuvvelikeyjdjkly~ ~he vedk`ljm felihojvb jln jljm{qe ~he i`/o`seoel~ `c ~he wjv~kikwj~kld iuvvelikey,^` o`lk~`v ~he o`seoel~ `c ~he wjv~kikwj~kld iuvvelikey te uye ~he c`mm`tkld jvfk~vjde i`lnk~k`l

JIU JIU

k-~ k-~ -~

Luo

Luoε ε ε ? (6+

^he jf`se i`lnk~k`l y~j~ey ~hj~ ~he sjmue `c j wjv~kikwj~kld iuvveli{ kl ~evoy `c ~he JIU ky jwv`nui~ `c ~he fkmj~evjm exihjlde vj~e fe~teel ~he iuvveli{ jln luoèvjkve fjybe~ jln ~hesjmue `c ~he luoèvjkve fjybe~ kl ~evoy `c ~he JIU, C`mm`tkld @djtj jln Yhkouqu (6775+ tem``b j~ ~he weviel~jde neskj~k`l `c ~heye iuvvelikey cvò ~he JIU vemj~kse ~` ~he fjye wevk`n ~`~vjie ~he o`seoel~ `c klnksknujm wjv~kikwj~kld vedk`ljm iuvvelikey vemj~kse ~` ~he JIU, Te neckleweviel~jde neskj~k`l

-k ~ N jy

JIU JIU

k-~ k-7

- JIU

k-7

k ~ N

ε ε

ε

∖

? (9+

HeveJIU

k-7ε ky ~he sjmue `c ~he wjv~kikwj~kld iuvveli{ kl ~evoy `c ~he JIU kl ~he fjye

wevk`n, ^he fjye wevk`n sjmue ky ijmiumj~en f{ ~jbkld jllujm jsevjde `c ~he njkm{ sjmuey, Ckduve6 ~vjiey ~he weviel~jde neskj~k`l `c ~he wjv~kikwj~kld iuvvelikey sky/ç/sky ~he JIU, K~ ky esknel~~hj~ ~heve ky j m`~ `c nksevdelie kl ~he wevc`vojlie `c ~he klnksknujm iuvvelikey jdjkly~ ~he JIU,




8

Jy esknel~ cvò Ckduve 6- nue ~` ~he hkdh tekdh~ jii`vnen ~` ~he {ujl jln ~he {el kl ~hei`ly~vui~k`l `c ~he JIU- ~heye iuvvelikey hjse veojklen vemj~ksem{ y~ejn{ jdjkly~ ~he JIU~hvùdh o`y~ `c ~he wevk`n, ^he {ujl y~veld~helen f{ jfù~ :7% fe~teel Neieofev 6774 jlnCefvujv{ 677;- fu~ m`y~ o`y~ `c ~hky djkl f{ 67::, ^he {el tejbelen f{ lejvm{ :5% fe~teelAjlujv{ 6775 jln Aum{ 6774 fu~ yklie ~hel hjy jwwveikj~en f{ `sev 97%, Kl Neieofev 67::-~he {el tjy lejvm{ 67% y~v`ldev sky/ç/sky ~he JIU iòwjven ~` ~he fjye wevk`n, ^he H`ld

B`ld n`mmjv- f{ skv~ue `c fekld wedden ~` ~he UY n`mmjv- newveikj~en f{ jfù~ :8% fe~teel6773 jln 67::, ^he o`seoel~ `c ~he vklddk~ im`yem{ wjvjmmemen ~hj~ `c ~he {ujl ~kmm okn 6775 nue~` f`~h ~hekv iuvvelikey fekld wedden ~` ~he n`mmjv, ^hevejc~ev ~he vklddk~ i`l~kluen ~` fevemj~ksem{ y~jfme jdjkly~ ~he JIU o`skld kl j ljvv`t fjln, ^he t`l y~veld~helen f{ lejvm{6>% fe~teel Ajlujv{ 677> jln Neieofev 6773 fu~ newveikj~en i`lyknevjfm{ ~hevejc~ev ~` fetejbev f{ 69% kl Ojvih 677; iòwjven ~` k~y fjye wevk`n sjmue, K~ vedjklen yòe `c ~heyem`yyey kl ~he yufyezuel~ {ejvy, ^he fjh~ jmy` jwwveikj~en lejvm{ 97% sky/ç/sky ~he JIUfe~teel Aum{ 6775 jln Aum{ 6774, Thkme k~ tk~leyyen yòe tejbelkld kl ~he jc~evoj~h `c ~hedm`fjm ckljlikjm ivkyky- k~ tjy lejvm{ :6% y~v`ldev kl 67:: iòwjven ~` ~he fjye wevk`n, ^heYkldjw`ve n`mmjv jln ~he Fvulek n`mmjv y~veld~helen f{ lejvm{ :6% fe~teel okn 6775 jln 67::tk~h yòe o`nevj~k`l nuvkld ~he dm`fjm ckljlikjm ivkyky,

Ckduve 61 Lòkljm Neskj~k`l `c ~he Wjv~kikwj~kld Iuvvelikey sky/ç/sky ~he

Jykjl Iuvveli{ Ulk~

FLN?Fvulek n`mmjv2 BHV?vkem2 IL[?{ujl2 HBN?H`ld B`ld n`mmjv2 KLV?Klnkjl vuwee2 KNV?vuwkjh2 AW[?{el2 BVT?t`l2MJB?bkw2 O[V?vklddk~2 OOB?b{j~2 WHW?Whkmkwwkle wey`2 YDN?Ykldjw`ve n`mmjv2 ^HF?fjh~2 SLN?n`ld,


^he Whkmkwwkle wey` hjn tejbelen f{ lejvm{ :;% fe~teel 677: jln Neieofev 677>- fu~vedjklen o`y~ `c ~heye m`yyey wvk`v ~` ~he `lye~ `c ~he dm`fjm ckljlikjm ivkyky, H`tesev- yklieokn/6778- ~he Whkmkwwkle wey` hjy jdjkl newveikj~en f{ :6% sky/ç/sky ~he JIU, ^he vuwkjhexhkfk~en i`lyknevjfme s`mj~kmk~{ fe~teel 677: jln 6779 jln y~veld~helen f{ lejvm{ :>% nuvkld~hky wevk`n, H`tesev- yufyezuel~m{- k~ tk~leyyen j y~ejn{ newveikj~k`l jln tjy lejvm{ 6>%tejbev kl Cefvujv{ 677; iòwjven ~` ~he fjye {ejv wevk`n, Kl veiel~ {ejvy k~ hjy tk~leyyenyòe jwwveikj~k`l, ^he Klnkjl vuwee hjn feel vemj~ksem{ y~jfme jdjkly~ ~he JIU nuvkld 677: ~`6774, H`tesev- yklie ~he `lye~ `c ~he ivkyky- ~he Klnkjl vuwee hjy tk~leyyen j i`l~kluùy




;

neimkle tejbelkld f{ lejvm{ 6;% fe~teel 6778 jln 67::, ^he vkem neimklen lejvm{ 6>%fe~teel 677> jln 67::- hjskld veojklen vemj~ksem{ y~ejn{ jdjkly~ ~he JIU nuvkld 677: ~`6779, Kl i`l~vjy~- ~he n`ld exwevkelien yuy~jklen newveikj~k`l wveyyuvey ~hvùdh ~he wevk`ni`seven jln tejbelen f{ o`ve ~hjl >5% fe~teel 677: jln 67::, Yòe `c ~he `~heviuvvelikey yuih jy ~he bkw jln ~he b{j~ jmy` newveikj~en o`nevj~em{ jdjkly~ ~he JIU,

@le w`yykfme vejy`l c`v ~he mjvde nkywjvk~{ kl exihjlde vj~e o`seoel~y `c ~he wjv~kikwj~kldiuvvelikey iùmn fe sjv{kld klcmj~k`l vj~ey kl ~heye iùl~vkey, Ojl{ iùl~vkey okdh~ jko ~` hjsej y~jfme exihjlde vj~e jln helie uye exihjlde vj~e o`seoel~y ~` iòwelyj~e c`v wvkieihjldey, ^` jljm{qe ~hky jywei~ te cìuy `l ~he vejm exihjlde vj~e neskj~k`ly `c ~hewjv~kikwj~kld iuvvelikey, ^he vejm exihjlde vj~e ky necklen jy

JIU JIU

k-~ k-~

JIU

~

k

~

W

Wθ ε ? (>+

theveJIU

k-~θ ky ~he vejm exihjlde vj~e- JIU

~ W ky ~he tekdh~en jsevjde wvkie mesem c`v ~he vedk`l-

k

~ W ky ~he wvkie kl iùl~v{ k, ^huy- c`mm`tkld @djtj jln Yhkouqu (6774+- ~he ex~el~ `c vejm

exihjlde vj~e neskj~k`l ky ijmiumj~en f{ m``bkld j~ ~he nkccevelie fe~teel lòkljm exihjldevj~e neskj~k`l jln ~he klcmj~k`l nkccevel~kjm fe~teel ~he vedk`l jln ~he klnksknujm iùl~v{,Klcmj~k`l ky i`ly~vui~en uykld ~he i`lyuoev wvkie klnex (IWK+, ^` `f~jkl ~he klcmj~k`l c`v ~he JIUvedk`l te i`ly~vui~ j tekdh~en jsevjde `c ~he IWK c`v ~he vedk`l uykld tekdh~y fjyen `l DNWoejyuven kl wuvihjykld w`tev wjvk~{- kl~vjvedk`ljm ~vjne jln kl~vjvedk`ljm klsey~oel~, YklieIWK nj~j jve jsjkmjfme j~ j o`l~hm{ cvezueli{ ~he vejm exihjlde vj~e neskj~k`l klnkij~`vy jvei`ly~vui~en j~ j o`l~hm{ cvezueli{,

6

Ckduve 91 Vejm Neskj~k`l `c ~he Wjv~kikwj~kld Iuvvelikey sky/ç/sky ~he Jykjl Iuvveli{ Ulk~

FLN?Fvulek n`mmjv2 BHV?vkem2 IL[?{ujl2 HBN?H`ld B`ld n`mmjv2 KLV?Klnkjl vuwee2 KNV?vuwkjh2 AW[?{el2 BVT?t`l2MJB?bkw2 O[V?vklddk~2 OOB?b{j~2 WHW?Whkmkwwkle wey`2 YDN?Ykldjw`ve n`mmjv2 ^HF?fjh~2 SLN?n`ld,


6 Nj~j l I`lyuoev Wvkie Klnex jve `f~jklen cvò ~he Dm`fjm Ei`lòki O`lk~`v jln tefyk~ey c ~he iel~vjm fjlby jln o`le~jv{

ju~h`vk~key c ~he wjv~kikwj~kld iùl~vkey, @tkld ~` j mjvde nkccevelie fe~teel ~he tekdh~en klcmj~k`l vj~e c`v ~he vedk`l jy j th`mejln O{jlojv- O{jlojv ky veo`sen cvò ~he yjowme,

Kl ~he ijye `c vejm exihjlde vj~e neskj~k`l- nòey~ki klcmj~k`l vj~ey hkdhev ~hjl ~he tekdh~enjsevjde c`v ~he vedk`l jnny ~` ~he jwwveikj~k`l wveyyuve thkme m`tev klcmj~k`l veyum~y klnewveikj~k`l wveyyuve, Ckduve 9 yh`ty ~hj~ ~he ex~el~ `c vejm exihjlde vj~e neskj~k`ly- thkih~jbe kl~` jiiùl~ klcmj~k`l nkccevel~kjmy- jve i`lyknevjfm{ nkccevel~ cvò ~he lòkljm exihjlde




:7

vj~e neskj~k`ly, ^he {el- thkih hjn jwwveikj~en y~v`ldm{ kl lòkljm ~evoy- yh`ty j yuy~jklennewveikj~kld ~veln kl vejm ~evoy nue ~` ex~veoem{ m`t jln yòe~koey ledj~kse klcmj~k`l vj~eywvesjkmkld kl ~he Ajwjleye ei`lò{ nuvkld ~hky wevk`n, ^he mjvde tekdh~ jii`vnen ~` Ajwjl kl~he ivej~k`l `c ~he vedk`ljm wvkie klnex hjy oejl~ ~hj~ j luofev `c iùl~vkey hjse tk~leyyenklcmj~k`l vj~ey ~hj~ jve i`lyknevjfm{ hkdhev ~hjl ~he vedk`ljm jsevjde, ^he vuwkjh- ~he Whkmkwwklewey`- jln ~he Klnkjl vuwee- thkih exwevkelien yhjvw newveikj~k`l kl lòkljm ~evoy- exhkfk~en

jl jwwveikj~kld ~veln kl vejm ~evoy nue ~` vemj~ksem{ hkdhev klcmj~k`l, Kl ~he ijye `c ~he fjh~- ~hejwwveikj~k`l ~veln de~y jiiel~uj~en thel klcmj~k`l nkccevel~kjmy jve ~jbel kl~` jiiùl~, Kli`l~vjy~- nue ~` H`ld B`ld- Ihklj exwevkelikld klcmj~k`l mesemy m`tev ~hjl ~he vedk`ljm jsevjde-~he newveikj~kld ~veln `c ~he H`ld B`ld n`mmjv hjy klivejyen kl vejm ~evoy,

Lex~- ~he wjwev cìuyey `l the~hev ~he ex~el~ `c ~he neskj~k`l jo`ld ~he wjv~kikwj~kldiuvvelikey hjy klivejyen `v neimklen `sev ~koe, Te m``b j~ ~he o`seoel~ kl ~he tekdh~enjsevjdey `c ~he lòkljm jln vejm exihjlde vj~e neskj~k`l nuvkld ~he wevk`n, Jy neyivkfen klEzuj~k`l (5+ ~he tekdh~en jsevjde ky ezujm ~` ~he tekdh~en yuo `c jfy`mu~e neskj~k`l `c ~hewjv~kikwj~kld iuvvelikey `v

- -k ~ k k ~

k

TN t N?√ (5+

theve-k ~

N ky ~he jfy`mu~e weviel~jde vejm `v lòkljm neskj~k`l c`v iuvveli{ k j~ ~koe ~, jlnkt

Ckduve >1 Tekdh~en Jsevjde Neskj~k`l

ky

~he vemj~kse tekdh~ `l iuvveli{ K- thkih ky ~he jsevjde `c tekdh~y fjyen `l ~vjne- klsey~oel~-jln DNW oejyuven kl wuvihjykld w`tev wjvk~{

j, Lòkljm Exihjlde Vj~ey

f, Vejm Exihjlde Vj~eyYùvie1 Ju~h`v‛y ijmiumj~k`ly,




::

Ckduve >j klnkij~ey ~hj~ ~he neskj~k`l jo`ld ~he lòkljm exihjlde vj~ey tjy vemj~ksem{ y~jfmefe~teel 6777 jln 677>, H`tesev- yklie ejvm{ 677> ~heve tjy j yhjvw klivejye kl ~he ex~el~ `cneskj~k`l- thkih wejben wvk`v ~` ~he `lye~ dm`fjm ckljlikjm ivkyky, Fe~teel mj~e 6778 jln eln677; j luofev `c iùl~vkey teve kowji~en kl j y{ooe~vkijm ojllev f{ dm`fjm esel~y, ^he klk~kjmcmkdh~ ~` yjce~{ `c c`vekdl ijwk~jm kl ~he yei`ln hjmc `c 6778 men ~` ~he tejbelkld `c ojl{ Jykjliuvvelikey- eyweikjmm{ jdjkly~ ~he UY n`mmjv, Tk~h ykdly `c vei`sev{ yklie okn/677;- ~heye

ei`lòkey y~jv~en tk~leyykld jl klcm`t `c ijwk~jm- thkih jmm`ten ojl{ Jykjl iuvvelikey ~`jwwveikj~e, ^he ex~el~ `c ~he neskj~k`l jo`ld ~heye iuvvelikey jdjkl y~jv~en klivejykld yklie67:7, Kl ~he ijye `c vejm exihjlde vj~ey jmy` ~heve tjy j wevyky~el~ ~veln `c tknelkld neskj~k`lfe~teel 677: jln ~he dm`fjm ckljlikjm ivkyky (Ckduve >f+, ^he yufyezuel~ nkw kl ~he ex~el~ `cvejm exihjlde vj~e neskj~k`l tjy mjvdem{ nue ~` nv`w kl lòkljm exihjlde vj~e neskj~k`l jlnvenui~k`l klcmj~k`l nkccevel~kjm, ^he y~veld~helkld `c iòo`nk~{ wvkiey wvk`v ~` ~he i`mmjwye `cMehojl Fv`~hevy- jln ~he yufyezuel~ nkw kl iòo`nk~{ wvkiey- hjn jl jljm`dùy kowji~ klo`y~ `c ~he ei`lòkey, Ouih `c ~he o`seoel~ kl ~he tekdh~en jsevjde neskj~k`ly hjy feelnvksel f{ ~he {el jln ~he t`l, Kl veiel~ {ejvy ~heve hjy feel klivejykld i`l~vkfu~k`l cvò ~heH`ld B`ld n`mmjv jln ~he Klnkjl vuwee nue ~` ~heye iuvvelikey exwevkelikld dvej~ev s`mj~kmk~{~hjl fec`ve,

J iòo`l jwwv`jih ~` exjokle i`lsevdelie `c j yevkey ky ~` jwwm{ ~he ulk~ v``~ ~ey~ ~èxjokle the~hev ~he nkccevelie ky y~j~k`ljv{, ^he veaei~k`l `c ~he ulk~ v``~ h{w`~heyky kowmkey~hj~ ~he ~koe yevkey ky y~j~k`ljv{ jln tkmm i`lsevde kl ~he m`ld vul, H`tesev- kc ~heye ~ey~y cjkm ~`veaei~ ~he h{w`~heyky ~hel ~he yevkey c`mm`ty j vjlnò wj~h,

^` esjmuj~e ~he ex~el~ `c lòkljm jln vejm i`lsevdelie jo`ld wjv~kikwj~kld iuvvelikey teeowm`{ f`~h ~he Judoel~en Nkibe{ Cummev jln ~he Whkmmkwy’Wevv`l ~ey~, H`tesev- jy w`kl~en ù~f{ Cjl jln Tek (6773+ j i`ly~vjkl~ `c ~heye ~ey~y ky ~hj~ ~he{ hjse m`t w`tev kl ~he yelye ~hj~~he{ ~eln ~` veaei~ `sevm{ ~he y~j~k`ljvk~{ h{w`~heyky `c j ~koe yevkey, ^` jiiùl~ c`v ~hkyyh`v~iòkld te jmy` cìuy `l wjlem ulk~ v``~ ~ey~y,

^he felihojvb ~ey~ `c exihjlde vj~e i`lsevdelie ky fjyen `l ~he y~ìhjy~ki o`nem dksel f{Ezuj~k`l (3+ fem`t1

- - : -k ~ k k ~ k ~ N Nκ ϊ µ ∖? " " (3+theve k ky iùl~v{ klnex-

kκ ky ~he knk`y{livj~ki cji~`v kl iùl~v{ k jln

-k ~ µ ky j thk~e l`kye evv`v

~evo, ^hky ijl fe vec`voumj~en jy Ezuj~k`l (4+

- - : - -

:

k

k ~ k k k ~ a k ~ a k ~

a

N N N

ϊ

κ ψ μ µ ∖ ∖

?

∃ ? " " ∃ "√ (4+

Heve 7k

ψ < kowmkey jl exwm`ykse wvìeyy- 7k

ψ ? neyivkfey vjlnò tjmb fehjsk`v- jln 7k

ψ =

kowmkey y~j~k`ljv{ wvìeyy jln i`lsevdelie, ^` ~ey~ ~he y~j~k`ljvk~{- te eowm`{ ~tòe~h`n`m`dkey nesem`wen f{ Meskl- Mkl- jln Ihu (6776+ jln Ko- Weyjvjl- jln Yhkl (6779+, ^he

oe~h`n`m`dkey kl f`~h ~heye ~ey~y hjse feel nesem`wen cvò j oum~ksjvkj~e delevjmkqj~k`l `c ~heJNC ~ey~, J mkok~j~k`l `c ~he Meskl’Mkl’Ihu ~ey~ ky ~hj~ k~ kow`yey j iv`yy/ezuj~k`l vey~vki~k`l `l~he ckvy~ `vnev ju~ì`vvemj~k`l iècckikel~y, Kl i`l~vjy~- Ko’Weyjvjl’Yhkl ~ey~ jmm`ty ~heju~ì`vvemj~k`l iècckikel~y ~` nkccev jiv`yy wjlem oeofevy, O`ve`sev- ~he Meskl’Mkl’Ihu ~ey~vezukvey ~he wjlemy ~` fe y~v`ldm{ fjmjlien- thkme ~he Ko’Weyjvjl’Yhkl ~ey~ t`vby tk~hulfjmjlien wjlem, ^` elyuve ~hj~ ~he wjlem ky fjmjlien te vey~vki~ ùv nj~jye~ `l lòkljmneskj~k`l fe~teel Ajlujv{ 677: jln Yew~eofev 67:: jln c`v vejm neskj~k`l fe~teel Ajlujv{677: jln Neieofev 67:7,




:6

^jfme 6 cìuyey `l ~he ex~el~ `c lòkljm exihjlde vj~e i`lsevdelie, ^he lumm h{w`~heyky ~hj~~he jsevjden tekdh~en neskj~k`l hjy ulk~ v``~ `sev ~he el~kve yjowme cvò 6777 ~` 67:: ijll`~fe veaei~en, Lex~- ~he yjowme ky ywmk~ `l j {ejvm{ fjyky jln k~ ky `fyevsen ~hj~ kl 677: jln 6776~heve tjy yòe esknelie `c exihjlde vj~e i`lsevdelie- fu~ kl ~he yufyezuel~ {ejvy ~heve kyl` yuih esknelie, ^he wjlem ulk~ v``~ ~ey~y jmy` wv`skne ykokmjv i`limuyk`ly,

^jfme 61 I`lsevdelie jo`ld Wjv~kikwj~kld Iuvvelikey kl Lòkljm êvoyJsevjden Tekdh~en Neskj~k`l Wjlem Ulk~ V``~ êy~

Judoel~en Nkibe{’ Cummev Whkmmkwy’Wevv`l Ko’Weyjvjl’Yhkl Meskl’Mkl’Ihu

6777’67:: /7,968 /7,9>6 :,3:3 6,434

(7,;6+ (7,;6+ (7,;5+ (7,;;+

6777 /:,>> /:,;:3 :,4;> :,675

(7,53+ (7,96+ (7,;3+ (7,88+

677: /:,937!! /:,9>>! /7,453!! 7,>87!!

(7,7>+ (7,73+ (7,79+ (7,76+

6776 /:,6:8! /:,:44! /7,85;! /7,4;4!!

(7,74+ (7,78+ (7,78+ (7,76+

6779 /6,94 /6,499!! 9,7:9 :,;;5(7,:5+ (7,75+ (7,;;+ (7,;4+

677> /7,37> /7,>;9 6,58; 9,:56

(7,84+ (7,8;+ (7,;;+ (:,77+

6775 /:,555 /:,4;> 7,864 /7,95;

(7,5:+ (7,98+ (7,4;+ (7,93+

6773 /:,774 /7,386 /:,996!! /:,45;!!!

(7,45+ (7,85+ (7,7>+ (7,7:+

6774 /6,:>8 /6,663 :,;63 :,666

(7,66+ (7,:;+ (7,;4+ (7,8;+

6778 /7,>83 /7,5:> :,;85 :>:

(7,8;+ (7,8;+ (7,;4+ (7,53+

677; /:,35: /:,544 7,665 7,884(7,>5+ (7,>;+ (7,5;+ (7,8:+

67:7 /:,695 /:,:44 /7,::5 /7,37;

(7,33+ (7,38+ (7,>5+ (7,64+

67:: /7,75; /7,799 7,66; 7,>6

(7,;5+ (7,;3+ (7,5;+ (7,33+W/sjmuey kl fvjibe~y, !!!- !!- jln ! kowm{ ykdlkckijlie j~ :%- 5% jln :7% veywei~ksem{,


^jfme 9 m``by j~ ~he ex~el~ `c vejm exihjlde vj~e i`lsevdelie, Yklie vejm exihjlde vj~eneskj~k`l ky jsjkmjfme `lm{ `l j o`l~hm{ fjyky- ~` elyuve jnezuj~e nedveey `c cveenò- ~he nj~jky ywmk~ f{ klimunkld nj~j c`v ~t` {ejvy j~ j ~koe, J ykokmjv veyum~ ky `f~jklen theve c`v ~he el~kvewevk`n jy temm jy ~he yuf yjowmey- ~heve ky mk~~me esknelie `c i`lsevdelie, Yòe esknelie `c

i`lsevdelie ky `fyevsen nuvkld 6778’67:7, Jy nkyiuyyen jf`se- ~hky okdh~ fe nue ~` ~heykoum~jleùy tejbelkld `c o`y~ iuvvelikey nuvkld ~he dm`fjm ckljlikjm ivkyky- jln ~hekvyufyezuel~ vesksjm `lie ijwk~jm cm`ty veyuoen, O`ve`sev- ~he vkye kl iòo`nk~{ wvkiey wvk`v ~`~he ivkyky jln ~hekv yufyezuel~ ymuow iùmn jmy` hjse jccei~en ~heye ei`lòkey kl ji``vnklj~en ojllev,




:9

^jfme 91 I`lsevdelie jo`ld Wjv~kikwj~kld Iuvvelikey kl Vejm êvoy

Jsevjden Tekdh~en Neskj~k`l Wjlem Ulk~ V``~ êy~

Judoel~en Nkibe{’ Cummev Whkmmkwy’Wevv`l Ko’Weyjvjl’Yhkl Meskl’Mkl’Ihu

6777’67:: /:,:44 /7,888 7,379 /7,:>8(7,38+ (7,4;+ (7,49+ (7,>>+

6777’677: /:,8: /:,;:3 /:,49>!! /:,5>4!

(7,94+ (7,96+ (7,7>+ (7,7;+

6776’6779 /:,854 /:,649 /:,539 /6,8;:

(7,95+ (7,3>+ (7,:5+ (7,:;+

677>’6775 /7,664 /7,:;: 6,384 7,38:

(7,;9+ (7,;>+ (7,;;+ (7,45+

6773’6774 7,:98 7,78> 6,58: 7,879

(7,;4+ (7,;4+ (7,;;+ (7,4;+

6778’67:7 /6,>59! /6,484! /:,77;!! /9,78;!!!

(7,:7+ (7,73+ (7,75+ 7,77

W/sjmuey kl fvjibe~y, !!!- !!- jln ! kowm{ ykdlkckijlie j~ :%- 5% jln :7% veywei~ksem{,Yùvie1 Ju~h`v‛y ijmiumj~k`ly,

9, EXIHJLDE VJ E VEDKOE NKSEVYK^[

^he nksevye o`seoel~ kl wjv~kikwj~kld iùl~vkey‛ iuvvelikey ky exwmjklen wvkojvkm{ f{ ~henkccevel~ exihjlde vj~e vedkoey c`mm`ten f{ ~heye iùl~vkey, ^hky nksevdelie kl exihjlde vj~evedkoey ykdljmy ~he nkccevelie kl ~he wvk`vk~key `c ~he o`le~jv{ jln exihjlde vj~e w`mki{, Kl jluofev `c Jykjl ei`lòkey ~he exihjlde vj~e yevsey jy ~he lòkljm jlih`v `v kl~evoenkj~e~jvde~ `c o`le~jv{ w`mki{, Kl ~heye iùl~vkey- ~he o`le~jv{ ju~h`vk~{ kl~evseley kl ~he c`vekdlexihjlde ojvbe~ ~` ojkl~jkl ~he exihjlde vj~e j~ k~y wvene~evoklen mesem `v tk~hkl j vjlde, Kl

~heye iùl~vkey- ~he nòey~ki iuvveli{ ijl fe ~ken ~` j oja`v dm`fjm iuvveli{ mkbe ~he UY n`mmjv-j fjybe~ `c iuvvelikey- `v yòe vedk`ljm iuvveli{,9

9 ^he Fvulek n`mmjv ky ~ken ~` ~he Ykldjw`ve n`mmjv kl j :1: vj~k`,




:>

^jfme >1 Imjyykckij~k`l `c Exihjlde Vj~ey Vedkoey jln O`le~jv{ Cvjoet`vb

Exihjlde Vj~e Jvvjldeoel~y

O ` l e ~ j v { W ` m k i { C v j o e t ` v b

Iuvveli{ F`jvn @~hevI`lsel~k`ljmCkxen WedJvvjldeoel~

IvjtmkldWed

Ojljden Cm`j~ tk~hl` Wvene~evoklenWj~h

Klnewelnel~m{Cm`j~kld

Exihjlde Vj~e Jlih`vUY N`mmjv

Iòw`yk~e

@~hevy

H`ld B`ld-Ihklj

FvulekNjvuyyjmjo

Ske~ Ljo We`wme‛yVewufmki `cIhklj

Ijof`nkj- Mj`WNV- jlnO{jlojv

Ykldjw`ve

O`le~jv{ ^jvde~Klcmj~k`l ^jvde~kld Kln`leykj jln

^hjkmjlnB`vej jlnWhkmkwwkley

@~hevy Klnkj jlnOjmj{ykj

Ajwjl

Yùvie1 KOC‛y Ne Cji~` Imjyykckij~k`l c Exihjlde Vj~e Vedkoey jln O`le~jv{ Cvjoet`vb (677;+,

Ojl{ `c ~he nesem`wen jln yòe `c ~he eoevdkld ei`lòkey `c ~he vedk`l hjse vey`v~en ~`klcmj~k`l ~jvde~kld, ^hky vezukvey j dvej~ev nedvee `c exihjlde vj~e cmexkfkmk~{ jy o`le~jv{ w`mki{neikyk`ly jve duknen f{ ~he neskj~k`l `c c`veijy~y `c cu~uve klcmj~k`l cvò ~he jllùlien klcmj~k`l~jvde~, Ckljmm{- yòe iùl~vkey n` l`~ vey`v~ ~` j ykldme exwmkik~ lòkljm jlih`v fu~ o`lk~`vsjvkùy klnkij~`vy kl i`lnui~kld o`le~jv{ w`mki{, ^jfme > mky~y ~he exihjlde vj~e vedkoeywvji~kien f{ ~he wjv~kikwj~kld iùl~vkey jii`vnkld ~` ~he KOC‛y ne cji~` imjyykckij~k`l `cexihjlde vj~ey vedkoey jln o`le~jv{ cvjoet`vb,

Yklie 6777- j yojmm joùl~ `c mk~evj~uve `l nj~j/nvksel oe~h`ny c`v ~he imjyykckij~k`l `cexihjlde vj~e vedkoey hjy nesem`wen (Veklhjv~ jln V`d`cc 677>2 Mes{/[e{j~k jlnY~uvqeleddev 6775+, ^hky mk~evj~uve hjy imjyykcken exihjlde vj~e vedkoey kl `wevj~k`l uykld j

sjvke~{ `c jm~evlj~kse jmd`vk~hoy, Yuih j imjyykckij~k`l hemwy kl jljm{qkld ~he es`mu~k`l `c jiùl~v{‛y exihjlde vj~e vedkoe `sev j wevk`n, Ckduve 5 hkdhmkdh~y ~he es`mu~k`l `c exihjldevedkoey kl ~he wjv~kikwj~kld iùl~vkey nuvkld 6777 ~` 6774 jii`vnkld ~` ~he Veklhjv~ jln V`d`cc(677>+ imjyykckij~k`l, Jwjv~ cvò ~he cji~ ~hj~ exihjlde vj~e vedkoey kl ~heye wjv~kikwj~kldiùl~vkey i`l~klue ~` fe zuk~e nksevye- exiew~ c`v Klnkj- Mj` WNV- jln Ojmj{ykj- jmm `~heviùl~vkey hjse tk~leyyen skv~ujmm{ l` ihjlde kl ~hekv exihjlde vj~e vedkoey,

^heye nj~jfjyey- ~hùdh zuk~e uyecum c`v ojl{ jljm{yey- hjse mkok~en yuiieyy kl oejyuvkld ~hecklev y~vui~uve `c kl~evoenkj~e vedkoey, Jy jl exjowme- ~he Veklhjv~ jln V`d`cc imjyykckij~k`lnèy l`~ knel~kc{ j fvejb kl ~he WVI‛y exihjlde vj~e vedkoe jc~ev Aum{ 6775- thel k~ jllùlienj o`se ~`tjvny weddkld `c ~he {ujl ~` j iuvveli{ fjybe~,




:5

Ckduve 51 Ne Cji~` Exihjlde Vj~e Vedkoey

L`~ey1

:, L` yewjvj~e medjm ~elnev 6, Iuvveli{ f`jvnjvvjldeoel~ 9, Wve jllùlien h`vkq`l~jm fjln ?"6%

>, Ne cji~` wed 5, Wve jllùlien ivjtmkldwed

3, Wve jllùlien ivjtmkld fjln ?"6%

4, Ne cji~` `v ivjtmkld wed 8, Ne cji~` ivjtmkld fjln ;, Wve jllùlien ivjtmkld fjln ?"6%

:7, Ne cji~` ivjtmkld fjln?

::, O`skld fjln ? "6%"5%

:6, Ojljden cm`j~kld

:9, Cveem{ cm`j~kld :>, Cveem{ cjmmkld :5, Nujm ojvbe~ kl thkih wjvjmmemojvbe~ nj~j ky okyykld

FVU?Fvulek Njvuyyjmjo2 IJO?Ijof`nkj2 WVI?We`wme‛y Vewufmki c Ihklj2 HBD?H`ld B`ld- Ihklj2 KLN?Klnkj2KL@?Kln`leykj2 AWL?Ajwjl2 B@V?B`vej- MJ@?Mj` WNV2 OJM?Ojmj{ykj2 O[J?O{jlojv2 WHK?Whkmkwwkley2YKL?Ykldjw`ve2 HJ?^hjkmjln2 SKE?Ske~ Ljo,

Yùvie1 Veklhjv~ jln V`d`cc (677>+,

Dksel ~he tkne nkywevyk`l jo`ld ~he exihjlde vj~e vedkoey wvesjkmkld kl sjvkùy Jykjlei`lòkey- jl eowkvkijm jljm{yky ky i`lnui~en ~` klsey~kdj~e ~he ex~el~ ~hekv mklbjde tk~h ~he~hvee oja`v dm`fjm iuvvelikey1 ~he UY n`mmjv- ~he euv`- jln ~he {el, ^he oe~h`n`m`d{ ù~mklenf{ Cvjlbem jln Tek (:;;>+ ky uyen ~` jljm{qe ~heye mklbjdey, Cvjlbem jln Tek jyyuoe ~heYtkyy cvjli jy j luoèvjkve kl ~he nelòklj~k`l `c exihjlde vj~ey, Njkm{ nj~j `c exihjlde vj~eyjve uyen ~` i`lnui~ vedveyyk`l `c m`d nkcceveliey `c ~he mìjm iuvveli{ (kl ~evoy `c ~he Ytkyycvjli+ `l m`d nkcceveliey `c ~he ~hvee oja`v iuvvelikey (kl ~evoy `c ~he Ytkyy cvjli+,

^he vedveyyk`l ezuj~k`l ky jy c`mm`ty

- 7 : - 6 - 9 - -m`d m`d m`d m`dIHC IHC IHC IHC

k ~ UYN ~ EUV ~ AW[ ~ k ~ ε κ ζ ε ζ ε ζ ε µ ∃ ? " ∃ " ∃ " ∃ "

(8+

theve -

IHC

k ~ ε

ky ~he sjmue `c iuvveli{ k sky/ç/sky ~he Ytkyy cvjli jln -

IHC

UYN ~ ε - -

IHC

EUV ~ ε jln -

IHC

AW[ ~ ε jve

~he sjmuey `c ~he n`mmjv- euv`- jln {el kl ~evoy `c ~he Ytkyy cvjli, ^he iècckikel~y jvei`lykneven ~` vewveyel~ ~he tekdh~y `c ~he veywei~kse iuvvelikey, Te m``b j~ ~he veiuvykse mejy~yzujvey ey~koj~e cvò Ajlujv{ 677: ~` Yew~eofev 67::, ^he veiuvykse ey~koj~ey jvedelevj~en f{ vullkld ~he jf`se vedveyyk`l k~evj~ksem{ uykld j o`skld tkln`t `c nj~j f{




:3

nv`wwkld `mn `fyevsj~k`ly jy let `ley jve jnnen, Ckduve 3 wm`~y ~he iècckikel~y `c ~heveiuvykse ey~koj~ey,

Thkme o`y~ Jykjl iuvvelikey yh`ten j hkdh nedvee `c mklbjde tk~h ~he UY n`mmjv- ~he t`l-vuwkjh- jln ~he Whkmkwwkle wey` klnkij~e ~he kow`v~jlie `c `~hev cji~`vy kl ~hekv iuvveli{ vedkoe,^he t`l‛y mklbjde tk~h ~he n`mmjv exhkfk~en j neivejykld ~veln fe~teel 677: jln 6775 thel k~

nv`wwen ~` fem`t 7,3 iòwjven ~` :,75 kl 677:, Yufyezuel~m{- ~heve tjy jl klivejye kl ~hemklbjde tk~h ~he n`mmjv- thkih jdjkl vesevyen jc~ev ~he `lye~ `c ~he dm`fjm ckljlikjm ivkyky, ^hemklbjde tk~h ~he {el h`seven jvùln 7,6 nuvkld 677: ~` 6773 fu~ hjy ykdlkckijl~m{ neimklen yklie~hel- ~uvlkld ledj~kse yklie okn/ 6774, Yklie 6774- ~heve hjy feel jl klivejye kl ~he mklbjdetk~h ~he euv`- jm~hùdh ~he mklbjde tjy l`~ ykdlkckijl~ c`v jmm ~he wevk`ny,

^he ex~el~ `c mklbjde `c ~he vuwkjh jln ~he fjh~ tk~h ~he n`mmjv nv`wwen cvò fekld `sev ulk~{jln jvùln 7,8 veywei~ksem{ kl 677: ~` fem`t 7,3 kl 6774- jc~ev thkih ~heve tjy yòe klivejyekl ~he ex~el~ `c mklbjde, Thkme ~he vuwkjh‛y mklbjde tk~h ~he euv` klivejyen yhjvwm{ fe~teel6773 jln 6778 k~ y~j{en fem`t 7,6 kl ijye `c ~he fjh~, Kl f`~h ijyey ~he vemj~k`lyhkw exhkfk~eni`lyknevjfme s`mj~kmk~{ jln tjy l`~ jmtj{y y~j~ky~kijmm{ ykdlkckijl~, O`ve`sev- kl ~he ijye `c ~hevuwkjh ~he ex~el~ `c ~he mklbjde jmy` nv`wwen i`lyknevjfm{ yklie ~he dm`fjm ckljlikjm ivkyky- thkme~he fjh~ veojklen vemj~ksem{ y~ejn{, Kl ijye `c f`~h ~he fjh~ jln ~he vuwkjh- ~he iècckikel~ `l

~he {el klivejyen fe~teel 677: jln 6775 fu~ neimklen ~hevejc~ev ~` fe im`ye ~` qev`^he Fvulek n`mmjv ky mklben tk~h ~he Ykldjw`ve n`mmjv kl j iuvveli{ f`jvn jvvjldeoel~ jln helief`~h ~heye iuvvelikey exhkfk~ ykokmjv o`seoel~y jdjkly~ ~he oja`v iuvvelikey, ^he O`le~jv{Ju~h`vk~{ `c Ykldjw`ve ~jvde~y j fjybe~ `c iuvvelikey dkskld vemj~ksem{ hkdhev tekdh~ ~` ~he UYn`mmjv, H`tesev- ~heve hjy feel j neimkle kl ~he tekdh~ jii`vnen ~` ~he UY n`mmjv fe~teel 677:jln 6773- jc~ev thkih ~heve hjy feel j o`nevj~e klivejye, @l ~he `~hev hjln ~heve hjy feel jyhjvw klivejye kl ~he mklbjde tk~h ~he euv`- thkih hjy feel `ccye~ f{ j neimkle kl k~y mklbjde tk~h~he {el,




:4

Ckduve 31 Veiuvykse Mejy~ Yzujve Ey~koj~ey c`v Wjv~kikwj~kld Iuvvelikey

Fvulek N`mmjv Ijof`nkjl Vkem WVI [ujl




:8

H`ld B`ld N`mmjv Klnkjl Vuwee Kln`leykjl Vuwkjh

B`vejl T`l Mj` WNV Bkw Ojmj{ykjl Vklddk~

O{jlojv B{j~ Whkmkwwkle Wey` Ykldjw`ve N`mmjv




:;

^hjk Fjh~ Ske~ Ljo N`ld

L`~ey1 WVI ? We`wme‛y Vewufmki `c Ihklj2 Mj` WNV ? Mj` We`wme‛y Neo`ivj~ki Vewufmki,





67

^he {ujl tjy wevcei~m{ mklben ~` ~he UY n`mmjv cvò 677: ~` ~he oknnme `c 6775 tk~h ~heiècckikel~ `l ~he n`mmjv fekld :,77 wvk`v ~` 6775, Jc~ev ~he WVI d`sevloel~ jllùlien kl Aum{6775 ~` o`se cvò j n`mmjv wed ~` j iuvveli{ fjybe~ wed- ~heve tjy j ojvdkljm neimkle kl ~hemklbjde tk~h ~he n`mmjv jln jl klivejye kl ~he mklbjde tk~h {el, H`tesev- ~hky tjy j yh`v~/~evowhelòel`l jy y``l ~he mklbjde tk~h ~he n`mmjv klivejyen ~` fe kl exieyy `c 7,;8, ^hvùdho`y~ `c ~he wevk`n ~he mklbjde `c ~he {ujl tk~h ~he euv` hjy feel y~j~ky~kijmm{ klykdlkckijl~, Kl

i`l~vjy~- ~he vklddk~- thkih tjy nemklben cvò ~he UY n`mmjv kl Aum{ 6775- hjy yh`tl jyufy~jl~kjm venui~k`l kl mklbjde tk~h ~he n`mmjv, ^he mklbjde nv`wwen fem`t 7,8 ~`tjvny eln6774- jm~hùdh jc~ev ~he dm`fjm ckljlikjm ivkyky ~heve tjy jl klivejye kl ~he mklbjde ~kmm 67:7, @l~he `~hev hjln- mklbjde tk~h ~he euv` ykdlkckijl~m{ klivejyen kl 6774 jln hjy i`l~kluen ~` fevemj~ksem{ hkdh yklie ~hel, ^huy Ojmj{ykj yeeoy ~` hjse ojne ~he yuiieyycum ~vjlyk~k`l cvò jUY n`mmjv wed ~` j iuvveli{ fjybe~ wed, Thkme ~he jsevjde jnauy~en V6

^he Whkmkwwkle wey` i`l~kluen ~` exhkfk~ j y~v`ld mklbjde tk~h ~he UY n`mmjv- tk~h ~he mklbjdesjv{kld fe~teel 7,49 jln :,7: fe~teel 677: jln 6775, ^hky tjy hkdhev ~hjl o`y~ `~hev Jykjlei`lòkey, ^heve tjy jl klivejye kl k~y mklbjde tk~h ~he euv` kl 6774 fu~ ~hky neimklen yhjvwm{nuvkld ~he yufyezuel~ o`l~hy, O`ve`sev- ~he mklbjde tjy l`~ jmtj{y y~j~ky~kijmm{ ykdlkckijl~,^he Whkmkwwkle wey` jmy` exhkfk~en kl~evok~~el~ klivejye kl mklbjde tk~h ~he {el, ^he mklbjdefe~teel ~he Klnkjl vuwee jln ~he n`mmjv exhkfk~en j n`tl~veln fe~teel 677: jln 6774,H`tesev- ~heve tjy jl klivejye kl ~he nedvee `c mklbjde wvk`v ~` ~he i`mmjwye `c MehojlFv`~hevy jln jdjkl ~hvùdh o`y~ `c 67:7, Jc~ev 6774- ~heve tjy jl klivejye kl ~he mklbjde tk~h~he euv`- fu~ ~he ~heve tjy j dvej~ nejm `c s`mj~kmk~{ kl ~he ex~el~ `c vemj~k`lyhkw- jln k~ tjy l`~y~j~ky~kijmm{ ykdlkckijl~ jiv`yy jmm wevk`ny, ^he ex~el~ `c mklbjde fe~teel ~he Klnkjl vuwee jln~he {el hjy feel vemj~ksem{ m`t jln klykdlkckijl~ ~hvùdh o`y~ `c ~he wevk`n,

c`v ~he {ujl tjy klexieyy `c 7,;8- kl ~he ijye `c ~he vklddk~ k~ tjy jvùln 7,88,

Jo`ld ~he `~hev JYEJL oeofevy- ~he bkw- ~he vkem- ~he b{j~- jln ~he n`ld hjse feel mjvdem{ckxen ~` ~he n`mmjv nuvkld 677: ~` 67::, Jmo`y~ jiv`yy ~he el~kve wevk`n- ~he euv` jln ~he {elexev~en jl klykdlkckijl~ kowji~ `l ~he iuvvelikey `c ~heye iùl~vkey,

>, KLY^KÛ^K@LJM JVVJLDEOEL^Y ^@ CJIKMK^JÊEXIHJLDE VJÊ I@@VNKLJ^K@L

>,: Elhjlien ^vjne Kl~edvj~k`l

Kl~vkij~e wv`nui~k`l le~t`vby jln yuwwm{ ihjkly hjse c`y~even vedk`ljm kl~edvj~k`l, Kl~vjvedk`ljm~vjne hjy klivejyen cvò 67% kl :;57y ~` temm `sev 57% kl 6778, O`y~ `c ~hky ~vjne kyi`liel~vj~en kl kl~evoenkj~e wv`nui~y- tk~h jfù~ 58% `c Jykj‛y ~vjne kl wjv~y jln iòw`lel~yfekld yùvien cvò tk~hkl ~he vedk`l, Ouih `c ~hky kl~edvj~k`l ky cìuyen kl Ejy~ Jykj- tk~hYù~h Jykj jln Iel~vjm Jykj jiiùl~kld c`v j yojmm wjv~ `c yuih ~vjne- jm~hùdh Yù~h Jykj‛yojlucji~uvkld ~vjne hjy feel klivejykld vjwknm{ (JNF 67:7+,

^he vkye kl kl~vjvedk`ljm ~vjne hjy feel jyyìkj~en tk~h j wv`mkcevj~k`l `c vedk`ljm cvee ~vjnejdveeoel~y (C^Jy+, Yòe `c ~heye C^Jy hjse feel nvksel f{ j neykve ~` mkfevjmkqe yei~`vy ~hj~teve ejvmkev kdl`ven j~ ~he oum~kmj~evjm led`~kj~k`ly jln jve neyivkfen jy ”T^@/wmuy-‟ thkme`~hevy hjse veyum~en kl vey~`vj~k`l `v ivej~k`l `c letev ojvbe~y,

>

> T^@/wmuy vecevy ~` `fmkdj~k`ly exieenkld ~he exky~kld vezukveoel~y `c ~he T`vmn ^vjne @vdjlkqj~k`l jdveeoel~y,

^jfme 5 hkdhmkdh~y ~he luofev`c C^Jy ~he wjv~kikwj~kld iùl~vkey hjse eldjden kl, Thkme ~heye C^Jy hjse j ykdlkckijl~w`~el~kjm kl ivej~kld ~vjne- ~heve ky jmy` j w`~el~kjm i`y~ jyyìkj~en tk~h ~heo, ^he ivej~k`l `c jtef `c `sevmjwwkld C^Jy ijl mejn ~` ~he ”ywjdhe~~k/f`tm‟ eccei~- ulnev thkih ~he




6:

kli`lyky~elikey fe~teel jdveeoel~y (yuih jy i`lcmki~kld y~jlnjvny- nkccevel~ eximuyk`ly~jlnjvny- jln sjv{kld ~jvkcc whjye ù~ yihenumey+ klivejye ~he i`y~ `c n`kld fuykleyy jlntemcjve m`yyey jyyìkj~en tk~h ~vjne nksevyk`l, Yòe `c ~heye i`y~y ijl fe ok~kdj~en jln ~hefeleck~y elhjlien f{ klivejykld ~he tkn~h jln new~h `c ~he C^Jy (Bjtjk jln Tkdljvjaj 677;+,

^he vkykld joùl~ `c ~vjne kl~edvj~k`l wv`skney jl `ww`v~ulk~{ ~` wvò`~e ~he uye `c ~he JIU f{

nelòklj~kld vedk`ljm iv`yyf`vnev ~vjne kl ~he JIU, ^hky tùmn mejn ~` j m`tevkld `c~vjlyji~k`l i`y~y jy temm jy wv`sknkld j necelye jdjkly~ yhjvw exihjlde vj~e s`mj~kmk~{, Tk~h~vjne fekld nelòklj~en kl ~he JIU- ~he iel~vjm fjlby ijl fe wevyujnen ~` h`mn j cvji~k`l `c~hekv veyevsey kl ~he JIU, Yuih j o`se tkmm hemw kl jmmeskj~kld dm`fjm kofjmjliey,

^jfme 51 ^vjne Jdveeoel~y `c Wjv~kikwj~kld Iuvvelikey

I@UL^V[

Wv`w`yen

Cvjoet`vb Jdveeoel~ Ykdle

nUlnevLed`~kj~k`l

I`limunen ^`~jm

Ykdlen fu~l`~ Kl Eccei~

Ykdlenjln KlEccei~

Tk~hklVedk`l

@u~ykneVedk`l

Fvulek Njvuyyjmjo > 9 7 8 :5 ; 3Ijof`nkj 6 : 7 3 ; 8 :

WVI 3 3 7 :6 6> :: :9

Klnkj 8 :6 7 :9 99 :9 67

Kln`leykj 3 5 : 4 :; :6 4

Ajwjl 3 6 : :6 6: :5 3

Vewufmki `c B`vej :> 4 : 8 97 :> :3

Mj` WNV 6 : 7 8 :: :7 :

Ojmj{ykj 3 3 6 :7 6> :9 ::

Ykldjw`ve > :7 9 :8 95 :5 67

^hjkmjln 3 4 7 :: 6> :3 8

Ske~ Ljo 5 9 7 4 :5 :7 5

Mj` WNV ? Mj` We`wme‛y Neoìvj~ki Vewufmki2 WVI ? We`wme‛y Vewufmki `c Ihklj,

Yùvie1 Jykj Vedk`ljm Kl~edvj~k`l Iel~ve Nj~jfjye, h~~w1jvki,jnf,`vdC^Jf{Iùl~v{Jmm,whw (jiieyyen :5 Ajlujv{67:6+,

>,6 ^he Ihkjld Ojk Klk~kj~kse

^` elyuve dvej~ev exihjlde vj~e i``wevj~k`l- k~ ky kow`v~jl~ ~` hjse j oeihjlkyo ~hj~ tkmmi`mmei~ksem{ neceln wjv~kikwj~kld iuvvelikey thel ~he{ iòe ulnev j yweiumj~kse j~~jib, ^heIhkjld Ojk Klk~kj~kse (IOK+ tjy ivej~en wvkojvkm{ ~` jnnveyy ~hky i`lievl, ^he IOK ky ojne uw`c ~t` iòw`lel~y, ^he JYEJL Ytjw Jvvjldeoel~ (JYJ+ ijoe kl~` fekld kl :;44 tk~h ~he

JYEJL 5 iùl~vkey ey~jfmkyhkld j veikwvìjm iuvveli{ `v ytjw jvvjldeoel~y,

5

5 ^he iùl~vkey kls`msen ulnev ~he JYEJL Ytjw Jvvjldeoel~ teve Kln`leykj- Ojmj{ykj- Whkmkwwkley- Ykldjw`ve-

jln ^hjkmjln,

^he wvkojv{`faei~kse `c ~hky oeihjlkyo tjy ~` wv`skne mkzuknk~{ yuww`v~ jdjkly~ fjmjlie `c wj{oel~ynkcckium~key, Thel ~he IOK tjy jllùlien j~ ~he JYEJL"9 Ckljlie Oklky~evy‛ Oee~kld kl 6777-~he JYJ tjy exwjlnen ~` jmm iuvvel~ JYEJL oeofevy- jm~hùdh ~he ytjwy tk~h ~he WVI-Ajwjl- jln B`vej (~he "9 iùl~vkey+ teve vey~vki~en ~` ~he `vkdkljm ckse oeofevy,

http://aric.adb.org/FTAbyCountryAll.php







66

^he 6778’677; dm`fjm ckljlikjm ivkyky veleten ~he ijmmy c`v dvej~ev Jykjl ckljlikjm i``wevj~k`l,^he leen c`v j dvej~ev joùl~ `c veyùvie w``mkld jln ~he leen ~` ~vjlyc`vo ~he y{y~eo `cfkmj~evjm ytjwy kl~` j vedk`ljm w``mkld jvvjldeoel~ `c i`mmei~ksem{ ojljden veyevsey tjyvejmkqen, I`lyezuel~m{- kl 67:7 ~he exky~kld kly~k~u~k`ljm oeihjlkyo tjy ~vjlyc`voen kl~` ~heIOK oum~kmj~evjmkqj~k`l (IOKO+, ^he IOKO kls`msen j let jwwv`jih ~` i`l~vkfu~k`ly f{wjv~kikwj~kld iùl~vkey ~` ~he iòo`l w``m- j let neikyk`l/ojbkld oeihjlkyo ~` d`sevl ~he

culn- jln ~he i`lnui~ `c j let vedk`ljm wvìeyy, Kl ~he IOKO- ~he ”"9‟ iùl~vkey s`mul~eeven ~`wv`skne 87% `c ~he culny, Jy yh`tl kl Ckduve 4- Ajwjl jln ~he WVI jdveen ~` i`l~vkfu~e .98,>fkmmk`l (96%+ ejih- tk~h ~he WVI$y yhjve klimunkld .>,6 fkmmk`l cvò H`ld B`ld- Ihklj, B`vej ky~he lex~ mjvdey~ n`l`v tk~h .:;,6 fkmmk`l (:3%+, ^he Ejy~ Jykjl ei`lòkey `c Kln`leykj-Ykldjw`ve- ^hjkmjln- Ojmj{ykj- jln ~he Whkmkwwkley ejih jdveen ~` wv`skne .>,55 fkmmk`l(9,4;%+, ^he IOKO hjy jl kl~vklyki fkjy kl cjs`v `c ~he yojmmev iùl~vkey tk~h ~he WVI jlnAjwjl fekld jfme ~` f`vv`t `lm{ uw ~` 57% `c ~hekv i`l~vkfu~k`l cvò ~he culn jln B`vej fekldjfme ~` f`vv`t jl joùl~ ezuksjmel~ ~` k~y i`l~vkfu~k`l, ^he mjvdev JYEJL oeofevy ijl f`vv`tuw ~` 6,5 ~koey ~hekv i`l~vkfu~k`l thkme ~he yojmmev ei`lòkey ijl f`vv`t uw ~` 5 ~koey,

Ckduve 41 I`l~vkfu~k`l jln F`vv`tkld Jvvjldeoel~y ulnev ~he Ihkjld Ojk Klk~kj~kseOum~kmj~evjmkqj~k`l

L`~ey1 FVU?Fvulek Njvuyyjmjo2 IJO?Ijof`nkj2 WVI?We`wme‛y Vewufmki `c Ihklj2 HBD?H`ld B`ld- Ihklj2KL@?Kln`leykj2 AWL?Ajwjl2 B@V?B`vej- MJ@?Mj` WNV2 OJM?Ojmj{ykj2 O[J?O{jlojv2 WHK?Whkmkwwkley2YKL?Ykldjw`ve2 HJ?^hjkmjln2 SKE?Ske~ Ljo,

Yùvie1 Ijwjllemmk (67::+,

H`tesev- neywk~e ~he veiel~ vec`voy `c ~he IOKO- ~heve jve i`l~klukld i`lievly, ^he ckvy~ ky ~`n` tk~h ~he joùl~ `c culny jsjkmjfme, Thkme ~he joùl~ hjy feel klivejyen ~` .:67 fkmmk`l

cvò jvùln .8> fkmmk`l j~ ~he eln `c 67:7- k~ okdh~ y~kmm fe kljnezuj~e ~` oee~ ~he mkzuknk~{ leeny`c ~he Jykjl ei`lò{, Ijwjllemmk (67::+ jvduey ~hj~ nuvkld ~he dm`fjm ckljlikjm ivkyky ~he Jykjlei`lòkey vezukven jfù~ .>7 fkmmk`l ~` .37 fkmmk`l kl mkzuknk~{ yuww`v~- thkme ulnev ~he IOKO~he{ jve emkdkfme c`v meyy ~hjl .:6 fkmmk`l, O`ve`sev- iùl~vkey mkbe B`vej jln Ykldjw`ve- thkihhjn jiieyy ~` IOKO culny `w~en c`v fkmj~evjm yuww`v~ mkley cvò ~he UY Cenevjm Veyevse-kly~ejn `c ji~ksj~kld ~he IOKO, Ojl{ iùl~vkey jmy` ckln ~he im`ye mklb `c ~he IOKO tk~h ~hewv`dvjoy `c ~he KOC i`l~el~kùy, Ulnev ~he iuvvel~ ckljlikld jdveeoel~- o`fkmkqj~k`l `c o`ve~hjl 67% `c jl klnksknujm iùl~v{‛y zu`~j hjy ~` fe vesketen f{ ~he KOC- thkih ijl jwwm{




69

i`lnk~k`ljmk~{ vumey mklben ~` ~he wv`dvjo, ^heve hjy feel neojln ~` klivejye ~he joùl~ `co`le{ ~he wjv~kikwj~kld iùl~vkey ijl jiieyy tk~hù~ fekld yufaei~ ~` KOC i`lnk~k`ljmk~{,

Kc ~he IOKO ky ~` wv`se k~yemc jy j skjfme jm~evlj~kse ~heve ky j leen ~` exwjln f`~h kl ~evoy `cveyùviey jsjkmjfme jy temm jy ~he luofev `c wjv~kikwj~kld iùl~vkey, ^he veyùvie w``m iùmn feelmjvden f{ dvej~ev iòok~oel~ `c veyùviey cvò ~he exky~kld oeofevy jy temm jy klsk~kld let

oeofevy, ^he IOKO iùmn jmy` hemw kl wvò`~kld ~he uye `c ~he JIU f{ nelòklj~kld jiev~jkl cvji~k`l `c ~he i`l~vkfu~k`ly jy temm jy f`vv`tkld jvvjldeoel~y kl ~he JIU,

>,9 JYEJL"9 Ojivèi`lòki Veyejvih @cckie

Jl`~hev ivk~kijm vezukveoel~ c`v iùl~vkey j~~eow~kld exihjlde vj~e i``vnklj~k`l ky ~he leen c`vjl eccei~kse vedk`ljm yuvsekmmjlie oeihjlkyo, Yuih j oeihjlkyo yhùmn o`lk~`v ~he lj~k`ljmw`mkikey `c ~he wjv~kikwj~kld iùl~vkey jln elyuve ~hj~ l` iùl~v{ c`mm`ty j w`mki{ ~hj~ iùmnney~jfkmkqe ~he vedk`l, ^he `vkdkljm vedk`ljm ei`lòki vesket jln w`mki{ nkjm`due (EVWN+ hjnyesevjm kljnezujikey jy ~he ckljm vew`v~y ~hj~ teve fvùdh~ ù~ ulnev k~ teve mjvdem{ kl`ccelyksejln nkn l`~ ulnevwkl iùl~vkey c`mm`tkld vedk`ljmm{ ney~jfkmkqkld w`mkikey, ^he letm{ kly~k~u~enJYEJL"9 Ojivèi`lòki Veyejvih @cckie (JOV@+ ky exwei~en ~` jnnveyy yòe `c ~heye

kljnezujikey, ^he JOV@ tkmm yevse jy ~he klnewelnel~ vedk`ljm yuvsekmmjlie ulk~ `c ~he IOKO,K~ tkmm elyuve ~koem{ o`lk~`vkld jln jljm{yky `c ~he wjv~kikwj~kld iùl~vkey ~hj~ tkmm hemw kl ejvm{ne~ei~k`l `c vkyby jln ytkc~ kowmeoel~j~k`l `c veoenkjm ji~k`ly, Nuvkld ~he veiel~ dm`fjmei`lòki ivkyky- `le `c ~he vejy`ly th{ ~he IOK ytjwy iùmn l`~ fe uyen tjy ~he jfyelie `c jyuvsekmmjlie ulk~ ~` i`lnui~ nue nkmkdelie, Kl ~he jfyelie `c yuih j oeihjlkyo- ~he iùl~vkey kl~he vedk`l teve l`~ tkmmkld ~` meln ~` ejih `~hev jy j veyum~ `c thkih B`vej jln Ykldjw`ve hjn~` vem{ `l lj~k`ljm veyevsey `v ~vkddev ~hekv ytjw jdveeoel~y tk~h l`lvedk`ljm jln vedk`ljmiùl~vkey ù~ykne ~he IOK,

Nuvkld l`vojm ~koey ~he JOV@ ky exwei~en ~` vedumjvm{ i`lyum~ tk~h ~he oeofev iùl~vkey jlnwvewjve vew`v~y `l ~he ojivèi`lòki jyyeyyoel~ `c ~he JYEJL"9vedk`l jln klnksknujmoeofev iùl~vkey, H`tesev- nuvkld ewky`ney `c ivkyky- ~he JOV@ ky exwei~en ~` wvewjveveiòoelnj~k`ly `l jl{ ytjw vezuey~ fjyen `l k~y ojivèi`lòki jljm{yky `c ~he vezuey~kld

oeofev, Jy w`kl~en ù~ f{ Belel jln Oejne (6778+ jln Dkvjvnkl (6779+ j l`~kiejfmeihjvji~evky~ki `c Jykjl ei`lòkey ky ~he wuvyuk~ `c j w`mki{ `c l`~ kl~evselkld kl jccjkvy `c `~heviùl~vkey, ^hky leeny ~` ihjlde jy tk~h klivejyen kl~edvj~k`l jln elhjlien exihjlde vj~ei``vnklj~k`l yhìby ijl zukibm{ ~vjlyok~ cvò ~he `vkdklj~kld iùl~v{ ~` ~he vedk`l, Belel jlnOejne (6778+ jln Dvelskmme (677>+ yuddey~ j oeihjlkyo thevef{ jl klnewelnel~ yuvsekmmjlie~ejo tùmn vesket ~he wevc`vojlie `c jl ei`lò{ jln yufok~ j vew`v~- jln ~he oeofeviùl~v{ d`sevloel~ tùmn fe jfme ~` veyw`ln ~` ~he yufokyyk`l, J hejm~h{ nefj~e `l oja`vojivèi`lòki jln ckljlikjm yei~`v kyyuey kowji~kld ~he vew`v~kld iùl~v{ ky leenen c`v fe~~evyuvsekmmjlie jln dvej~ev i``vnklj~k`l,

>,> Nesem`woel~ `c F`ln Ojvbe~y

Jy y~j~en jf`se- j be{ cji~`v ~hj~ hjy feel knel~kcken jy j nvksev `c ~he veiel~ ckljlikjm ivkyky ky~he ex~el~ `c dm`fjm kofjmjliey- ~hj~ ky- ~he wj~~evl `c mjvde- wevyky~el~ iuvvel~/jiiùl~ neckik~y kl~he UY jln- ~` j meyyev ex~el~- kl ~he Ulk~en Bkldnò jln yòe `~hev nesem`wen ei`lòkey-oj~ihen f{ yuvwmuyey kl eoevdkld ojvbe~y- l`~jfm{ ~he WVI, K~ ky tknem{ wevieksen ~hj~ ~he hkdhyjskldy vj~ey jln vjwkn dv`t~h kl Jykjl ei`lòkey men ~` j mjvde neojln c`v vkyb cvee jyye~y,^hky veyum~en kl j yuvde `c ijwk~jm cm`tkld kl~` ~he UY- ivej~kld jl jyye~ fuffme ~hj~ esel~ujmm{ivjyhen jln iòwvòkyen ~he ckljlikjm yei~`v, ^he wvkojv{ vejy`l th{ Jykjl yjskldy cùln




6>

~hekv tj{ ~` ~he UY tjy ~he kljfkmk~{ `c yòe Jykjl iùl~vkey ~` ivej~e yjskldy jln klsey~oel~sehkimey ~` beew uw tk~h ~he vjwkn dv`t~h- nue ~` kooj~uve ckljlikjm ojvbe~y,

^he Jykjl F`ln Ojvbe~ Klk~kj~kse (JFOK+ jln ~he Jykjl F`ln Culn (JFC+ teve ey~jfmkyhen ~`hemw ~he nesem`woel~ `c f`ln ojvbe~y jln y~veld~hel nòey~ki ckljlikjm yei~`vy ~` eljfme ~hevei{imkld `c Jykjl yjskldy kl~` Jykjl klsey~oel~, ^he JFOK tjy ivej~en kl 6776 jln feijoe

`wevj~k`ljm kl 6779, K~ cjikmk~j~ey ~he ey~jfmkyhoel~ `c ivenk~ dujvjl~ee oeihjlkyoy- wv`wjdj~eyklc`voj~k`l `l f`ln ojvbe~y- ivej~ey let yeiuvk~kqen nef~ kly~vuoel~y- y~veld~hely nòey~kiivenk~ vj~kld jdelikey- jln jyyeyyey ~he cejykfkmk~{ `c vedk`ljm c`vekdl exihjlde imejvkld jlnye~~meoel~ oeihjlkyoy, Kl 67:7- ~he JYEJL"9 ckljlie oklky~evy jdveen ~` ye~ uw j Ivenk~Dujvjl~ee jln Klsey~oel~ Cjikmk~{ (IDKC+- cjikmk~j~kld ~he nesem`woel~ `c ijwk~jm ojvbe~y, ^heIDKC ky exwei~en ~` wv`skne ivenk~ dujvjl~eey ~` mìjm i`vw`vj~k`ly ~` jmm`t ~heo ~` vjkye m`ld/~evo culny f{ kowv`skld ~he i`lnk~k`ly ~` kyyue f`lny,

Kl ~he ckvy~ whjye- ~he Jykjl F`ln Culn (JFC:+ klsey~en .: fkmmk`l kl j fjybe~ `c UY n`mmjvnelòklj~en f`lny kyyuen f{ y`sevekdl jln zujyk/y`sevekdl kyyuevy kl EOEJW oeofeviùl~vkey- tk~h ~he exiew~k`l `c Juy~vjmkj- Ajwjl- jln Let Qejmjln, H`tesev- ~he cji~ ~hj~ k~iùmn klsey~ `lm{ kl f`lny nelòklj~en kl UY n`mmjvy- oejl~ ~hj~ k~ tjy uljfme ~` vey`mse jlkly`mseli{ ivkyky `c jl Jykjl f`ln kyyuev `l ìijyk`ly kls`mskld yhjvw neimkley kl sjmuey `c

Jykjl iuvvelikey sky/ç/sky ~he UY n`mmjv mejnkld ~` ~he ivk~kijm wv`fmeo `c ”iuvveli{ okyoj~ih‟,F{ f`vv`tkld kl n`mmjvy jln klsey~kld kl nòey~ki wvàei~y mkbe hùykld jln kvvkdj~k`l- Jykjliùl~vkey teve fekld jyben ~` ~jbe vkyby ykokmjv ~` ~he bkln ~he{ teve ~jbkld wvk`v ~` ~he :;;4ivkyky, Cuv~hevo`ve ~heve teve kyyuey vemj~en ~` oj~uvk~{ okyoj~ih, ^he oja`vk~{ `c ~he f`lnkyyuevy jve wvksj~e jln uye culny c`v m`ld/~evo klsey~oel~y, H`tesev- c`vekdl melnevy o`y~m{meln kl ~he yh`v~ ~evo- ivej~kld ~he w`yykfkmk~{ `c ~hekv tk~hnvjtkld jln venuikld vkyb exw`yuveulnev jnsevye fuykleyy i`lnk~k`ly,

Vei`dlkqkld ~he leen ~` nesem`w j mìjm iuvveli{ nelòklj~en f`ln ojvbe~ jln ~` jnnveyy ~heoj~uvk~{ jln iuvveli{ okyoj~ihey- ~he yei`ln whjye `c ~he Jykjl F`ln Culn (JFC6+ tjymjulihen kl 677>, ^he culny jsjkmjfme tk~h ~hky klk~kj~kse teve nùfmen ~` .6 fkmmk`l, JFC6i`lyky~y `c j Wjl/Jykjl F`ln Klnex Culn (WJKC+ jln Culn `c F`lny Culn (C`FC+, ^he WJKC kyj ykldme/klnex f`ln culn tk~h .: fkmmk`l jln klsey~y kl y`sevekdl jln zujyk/y`sevekdl mìjmiuvveli{/nelòklj~en f`lny kyyuen kl ~he ekdh~ EOEJW ojvbe~y, Kl i`l~vjy~- ~he C`FC ky j~t`/~kev y~vui~uve i`lyky~kld `c j wjvel~ culn- thkih kl ~uvl klsey~y kl ekdh~ iùl~v{ culny, ^heyeekdh~ ykldme ojvbe~ culny hjse j iòfklen joùl~ `c .: fkmmk`l jln ejih `c ~heye culny klsey~kl y`sevekdl jln zujyk/y`sevekdl mìjm iuvveli{/nelòklj~en f`lny kyyuen kl ~he veywei~kseEOEJW ojvbe~, ^he wuvw`ye `c ~heye iùl~v{ yuf/culny ky ~t` c`mn, Thkme ~he{ wv`skne mìjmklsey~`vy tk~h m`t/i`y~ jln klnex/nvksel klsey~oel~ sehkimey- ~he{ jmy` dkse vedk`ljm jlnkl~evlj~k`ljm klsey~`vy ~he cmexkfkmk~{ ~` klsey~ kl ~he Jykjl f`ln ojvbe~y `c ~hekv ih`kie,

Thkme ~heye klk~kj~ksey hjse hemwen ~he dv`t~h `c ~he f`ln ojvbe~ jln venuie iuvveli{ jlnoj~uvk~{ okyoj~ihey ~heve ky y~kmm j leen ~` y~veld~hel vedumj~`v{ cvjoet`vby- kowv`se ojvbe~klcvjy~vui~uve- jln hjvo`lkqe vumey,

^heye klk~kj~ksey jln ~he `faei~kse `c exihjlde vj~e i``vnklj~k`l ijl ou~ujmm{ feleck~ ~hvùdh

dvej~ev kl~evji~k`l, Thkme ~he nelòklj~k`l `c mìjm f`ln kyyuey ulnev ~heye klk~kj~ksey kl ~heJIU iùmn c`y~ev dvej~ev exihjlde vj~e i``vnklj~k`l- k~ tùmn jmy` ykdlkckijl~m{ jnn ~` ~hem`tevkld `c ~vjlyji~k`l i`y~y jln exihjlde vj~e uliev~jkl~{, Fjlby ijl jmy` wv`skne m`jly jlnjiiew~ new`yk~y kl ~he vedk`ljm felihojvb,




65

>,5 Exihjlde Vj~e I``vnklj~k`l

Jy nkyiuyyen jf`se- ~he nksevyk~{ kl ~he exihjlde vj~e vedkoey `c ~he wjv~kikwj~kld iuvvelikey ky`le `c ~he oja`v vejy`ly c`v mjib `c i`lsevdelie jo`ld ~heye iuvvelikey, ^` jihkeseklivejyen exihjlde vj~e i``vnklj~k`l- ~he hky~`vkijm klev~kj jyyìkj~en tk~h ~he uye `c lj~k`ljmiuvvelikey tkmm hjse ~` fe `seviòe, O`ve`sev- iùl~vkey kl ~he vedk`l ~hj~ hjse vemken `lo`le~jv{ jln exihjlde vj~e w`mkikey ~` y~jfkmkqe ~hekv ei`lòkey okdh~ fe i`lievlen jfù~vemklzukyhkld ~heye ojivèi`lòki ~``my, ^huy iùl~vkey tkmm hjse ~` ulnev~jbe j dvjnujm jlnijmkfvj~en jwwv`jih ~`tjvny exihjlde vj~e i``vnklj~k`l, J w`mki{ nkjm`due leeny ~` fe klk~kj~entheve ~he wjv~kikwj~kld iuvvelikey nkyiuyy ~he kowmkij~k`ly `c iuvveli{ vedkoey jlnokyjmkdloel~ `c klnksknujm iuvvelikey `l ~he vedk`l jy j th`me, ^he JIU ijl fe j uyecumklnkij~`v ~` wv`skne klc`voj~k`l `l ~he nedvee `c cmexkfkmk~{ `c klnksknujm iuvvelikey jln ~henedvee `c okyjmkdloel~,

Yufyezuel~m{ iùl~vkey iùmn klk~kj~e dvej~ev i``vnklj~k`l ~hj~ tùmn kls`mse c`y~evkld dvej~evcmexkfkmk~{ sky/ç/sky ex~evljm iuvvelikey jln kowv`sen y~jfkmk~{ tk~hkl wjv~kikwj~kld iuvvelikey, Jluofev `c jm~evlj~ksey hjse feel wu~ c`vtjvn kl ~he mk~evj~uve- fu~ ~he{ jmm hjse jyyìkj~eni`y~y, @h jln Hjvske (677:+ wv`w`ye vewmkij~kld ~he Euv`wejl O`le~jv{ Y{y~eo‛y Exihjlde

Vj~e Oeihjlkyo (EVO+ kl ~he vedk`l, H`tesev- tk~h ~he nkccevel~ ihjvji~evky~kiy `c ~he Jykjlei`lòkey- jl EVO yhùmn fe jn`w~en kl Jykj fu~ tk~h l`~jfme nkcceveliey, Jl JIU ykokmjv ~`~he `le ivej~en kl ~hky y~un{ ijl fe wu~ kl wmjie- tk~h wjv~kikwj~kld oeofevy jdveekld ~` cm`j~~hekv iuvvelikey tk~hkl j º:5% fjln `c ~he iel~vjm wjvk~{, ^hky bkln `c jl jvvjldeoel~ tkmm m`tevkl~ev/vedk`ljm s`mj~kmk~{ `c f`~h lòkljm jln vejm exihjlde vj~ey veyum~kld cvò kl~vjvedk`ljmwjvk~{ ihjldey jln veyum~ kl j dvej~ev nedvee `c i`/o`seoel~ `c kl~vjvedk`ljm exihjlde vj~ey,H`tesev- yklie ~he ~jvde~ ky j fjybe~ `c oeofev iùl~v{ iuvvelikey- vejmkdloel~y fe~teeliuvvelikey ù~ykne ~he fjybe~ jve l`~ vecmei~en kl fkmj~evjm exihjlde vj~ey,3

Kl jl jm~evlj~e jvvjldeoel~- N`vlfuyih jln Wjvb (:;;;+ wv`w`yen ~he knej `c o`le~jv{i``wevj~k`l jo`ld Jykjl ei`lòkey tk~h ~he {el jy ~he jlih`v iuvveli{- j v`me wevc`voen f{~he Neu~yihe ojvb ulnev ~he EVO, H`tesev- dksel ~hj~ ~he Ajwjleye ei`lò{ hjy l`~ feelsev{ v`fuy~ yklie ~he ejvm{ :;;7y- jln ~he vkykld ei`lòki y~j~uve `c `~hev ei`lòkey mkbe ~he

WVI- B`vej- jln Klnkj- k~ tkmm fe nkcckium~ ~` wuyh ~hky wv`w`yjm, O`ve`sev yuih jl jvvjldeoel~tkmm el~jkm j m`yy `c iòwe~k~kseleyy `c Jykjl exw`v~y sky/ç/sky `~hev n`mmjv fmìy mkbe ~heIòo`l Yù~hevl Ojvbe~ (Oevi`yuv+ jln ~he L`v~h Joevkijl Cvee ^vjne Jvej (LJC^J+ kc ~he{el jwwveikj~ey jdjkly~ ~he UY n`mmjv,

Tkmmkjoy`l (6775+ yuddey~y ~hj~ ~he vkykld kl~vjvedk`ljm ~vjne vemj~k`ly jln j cjkvm{ nksevykckenex~vjvedk`ljm ~vjne wj~~evl jo`ld wjv~kikwj~kld iùl~vkey ojbe k~ vejy`ljfme ~` i`lyknevjn`w~kld j iòo`l fjybe~ luoèvjkve,4

3 C`v exjowme- kc ~he UY n`mmjv newveikj~ey jdjkly~ ~he euv` fu~ l`~ ~he Ajwjleye {el ~hel exw`v~y cvò iùl~vkey

wedden ~` ~he UY n`mmjv tkmm feiòe o`ve iòwe~k~kse kl ~he euv` jvej iòwjven ~` ~heye Jykjl ei`lòkey,Ykokmjvm{- kc ~he Ajwjleye {el jwwveikj~ey f{ :7% jdjkly~ ~he UY n`mmjv jln Ajwjl hjy 57% tekdh~ kl ~he JIU- ~hel`~hev oeofevy `c ~he JIU tkmm tk~leyy j 5% jwwveikj~k`l- thkih oj{ venuie ~hekv iòwe~k~kseleyy sky/ç/sky `~hevn`mmjv fmì iùl~vkey,

Ulnev ~hky jvvjldeoel~- iùl~vkey iùmn jn`w~ tekdh~yfjyen `l ~hekv ~vjne yhjvey, @l ~he ih`kie `c jl klnksknujm iuvveli{ fjybe~ jln iòo`lfjybe~- Tkmmkjoy`l (6775+ cklny esknelie `c venuien kly~jfkmk~{ `c ~he wjv~kikwj~kld iùl~vkey‛

4 ^hky jvvjldeoel~ jvduey c`v ~he klk~kjm eximuyk`l `c Ajwjl jy kc k~ tjy klimunen ~he Ajwjl fjybe~ luoèvjkve tùmn

eximune ~he {el, Dksel ~he yhjvw cmui~uj~k`ly `c ~he {el ~hky tùmn kowm{ ~hj~ ~he `~hev iùl~vkey `c ~he vedk`l cjieykdlkckijl~ sjvkj~k`ly kl ~hekv eccei~kse exihjlde vj~ey esel ~hùdh ~he{ y~jfkmkqen ~hekv vj~ey kl ~evoy `c ~he n`mmjv/euv` fjybe~, ^huy ~he jvvjldeoel~ ijmmy c`v Ajwjl ~` uye jy luoèvjkve j n`mmjv/euv` fjybe~ tk~h tekdh~ywv`w`v~k`lj~e ~` ~hekv tekdh~y kl ~he Ejy~ Jykjl fjybe~ jln thel Ajwjl ky ijwjfme `c mkok~kld ~he cmui~uj~k`ly `c ~he{el kl ~evoy `c ~hj~ fjybe~ ~` j vejy`ljfme ojdlk~une- k~ tùmn feiòe j ijlnknj~e c`v jnokyyk`l ~` ~he Ejy~ Jykjlfjybe~, K~ jmy` jvduey ~he eximuyk`l `c Klnkj nue ~` k~y ~vjne wj~~evl fekld ykdlkckijl~m{ nkccevel~ cvò vey~ `c ~he vedk`l,




63

eccei~kse exihjlde vj~ey kl ~he ijye `c j iòo`l fjybe~ iòwjven ~` jl klnksknujm iuvveli{fjybe~,

J oja`v jnsjl~jde `c ~he fjybe~ luoèvjkve ky ~hj~ k~ ky i`lyky~el~ tk~h j tkne vjlde `cjm~evlj~kse exihjlde vj~e y{y~eoy, K~ iùmn fe uyen jiv`yy j nksevye ye~ `c exihjlde vj~evedkoey vjldkld cvò j ljvv`t/ojvdkly wed (~he WVI+- ~` j dvej~ev iòok~oel~ ~` jl

ulihjlden vj~e (H`ld B`ld- Ihklj+- ~` jl kl~evoenkj~e vedkoe kls`mskld tkne ojvdkly jln ~hew`yykfkmk~{ `c yojmm ihjldey kl ~he iel~vjm vj~e (Ykldjw`ve+- jln ~` j ojljden cm`j~- wv`sknen~hj~ ~he iùl~v{ ky tkmmkld ~` hjse k~y kl~evsel~k`l nkyikwmklen f{ k~y (fjybe~+ iel~vjm vj~e, ^hejn`w~k`l `c j iòo`l fjybe~ tkmm jmy` oklkokqe ~he ~hvej~ `c m`ykld iòwe~k~kseleyy nue ~ìhjldey kl exihjlde vj~ey `c ~hkvn wjv~key, ^hky jvvjldeoel~ iùmn jmy` jmm`t j tkne fjln ~`wv`skne jowme cmexkfkmk~{, Ckljmm{- ~he iel~vjm vj~e iùmn jmy` fe ihjlden kl veyw`lye ~` fjmjlie`c wj{oel~y nkyezukmkfvkuo `v `~hev ojivèi`lòki yhìby, H`tesev- ejih klnksknujm ihjldekl ~he iel~vjm vj~e yhùmn fe yojmm,

^he JIU yhùmn i`l~klue ~` yevse jy jl kow`v~jl~ klnkij~`v ~` o`lk~`v ~he nksevdelie `c ~hewjv~kikwj~kld iuvvelikey jdjkly~ j vedk`ljm felihojvb jy temm jy a`kl~ o`seoel~ `c ~heyeo`seoel~y jdjkly~ ~jvde~ iuvvelikey, Tk~h iùl~vkey djklkld dvej~ev kl~vjvedk`ljm y~jfkmk~{ jlnelhjlien cmexkfkmk~{ jdjkly~ ~he ex~vjvedk`ljm iuvvelikey- cuv~hev exihjlde vj~e jln o`le~jv{

i``vnklj~k`l ijl fe w`yykfme ~hvùdh ~he ”wjvjmmem iuvveli{‟ jwwv`jih jvduen f{ Ekiheldveel(6773+,

5, I@LIMUYK@L

O`le~jv{ jln exihjlde vj~e i``vnklj~k`l ky j m`ld jln jvnuùy wvìeyy, ^he mjvde nksevyk~{jo`ld ~he iùl~vkey kl ~he vedk`l kl ~evoy `c kly~k~u~k`ljm ijwjfkmk~{ jln w`mki{ cvjoet`vbycuv~hev `fyiuvey ~hky wvìeyy, Thkme iùl~vkey mkbe Ajwjl- B`vej- Ykldjw`ve- jln Ojmj{ykj hjsec`y~even ~vjne jln ckljlikjm mklbjdey- ~he WVI- thkih hjy feel ~he cìjm w`kl~ `c ~vjnekl~edvj~k`l- hjy j m`ld tj{ ~` jihkese ckljlikjm kl~edvj~k`l, ^he m`yy `c y`sevekdl~{ `sev yòejywei~y `c ei`lòki w`mki{ojbkld- eyweikjmm{ o`le~jv{ w`mki{- ky jl`~hev y~uofmkld fmìb

~`tjvn elhjlien exihjlde vj~e i``vnklj~k`l,J o`se ~`tjvn dvej~ev o`le~jv{ jln exihjlde vj~e i``wevj~k`l tkmm jmy` vezukve ~heey~jfmkyhoel~ `c iev~jkl vedk`ljm kly~k~u~k`ly ~hj~ tkmm wvò`~e ei`lòki jln ckljlikjmkl~edvj~k`l, C`v~uk~ùym{- yòe `c ~heye fukmnkld fmìby jve jmvejn{ kl wmjie kl ~he vedk`l, ^heyeklimune j oum~kmj~evjmkqen ytjw jvvjldeoel~- j vedk`ljm yuvsekmmjlie oeihjlkyo- jln j f`lnculn klsey~kld kl mìjm iuvveli{ nelòklj~en f`lny, H`tesev- jy w`kl~en ù~ jf`se- jmm ~heyekly~k~u~k`ly hjse klhevel~ nvjtfjiby ~hj~ leen ~` fe jnnveyyen fec`ve ~he{ ijl wv`skne ~hecùlnj~k`l `c dvej~ev vedk`ljm kl~edvj~k`l, Thkme ~he IOKO jln JFC leeny ~` fe judoel~en-f`~h kl ~evoy `c culny j~ ~hekv nkyw`yjm jy temm jy i`sevjde `c iùl~vkey- ~he yuvsekmmjlieoeihjlkyo leeny ~` fe ojne o`ve eccei~kse ~` elyuve ~hj~ vedk`ljmm{ ney~jfkmkqkld w`mkikey jvel`~ fekld wuvyuen f{ klnksknujm oeofev iùl~vkey,

^he o`lk~`vkld `c jl JIU jln ~he neskj~k`l `c ~he wjv~kikwj~kld iuvvelikey cvò ~hky vedk`ljmfelihojvb ijl wmj{ jl kow`v~jl~ v`me kl ~he vedk`ljm yuvsekmmjlie wvìeyy, ^he JIU iùmn jmy`ji~ jy j felihojvb ~` klk~kj~e w`mki{ nkjm`due `l dvej~ev exihjlde vj~e i``vnklj~k`l, ^hejljm{~kijm exevikye ulnev~jbel kl ~hky y~un{ yh`ty ~hj~ ~heve hjy l`~ feel j i`lsevdeliejo`ld ~he wjv~kikwj~kld iuvvelikey yklie 6777, ^hky hjy feel nvksel f{ ~he jn`w~k`l `c sjvkùyexihjlde vj~e vedkoey f{ ~he wjv~kikwj~kld iùl~vkey, Thkme ~he yojmmev oeofevy jm`ld tk~h ~heWVI hjse ojkl~jklen j im`ye wed tk~h ~he n`mmjv- `~hev ei`lòkey yuih jy Ykldjw`ve- B`vej-jln Kln`leykj hjse venuien ~he mklbjde tk~h ~he n`mmjv, K~ ky kow`v~jl~ ~` venuie ~he nksevdeliejo`ld ~he sjvkùy exihjlde vj~e vedkoey ~` o`se ~`tjvny j wj~h `c exihjlde vj~e




64

i`lsevdelie, Jy w`kl~en `u~ kl Bjtjk (67:7+- ~he o`y~ vejmky~ki `w~k`l ky ~he jn`w~k`l `c jojljden cm`j~ vedkoe ~hj~ tkmm y~jfkmkqe kl~vjvedk`ljm exihjlde vj~e y~jfkmk~{ jln j~ ~he yjoe~koe wv`skne cmexkfkmk~{ jdjkly~ ex~evljm iuvvelikey,




68

VECEVELIEY

Jykjl Nesem`woel~ Fjlb (JNF+, 67:7, Kly~k~u~k`ly c`v Vedk`ljm Kl~edvj~k`l1 ^`tjvn jl Jykjl Ei`lòki Iòoulk~{ , Ojlkmj1 Jykjl Nesem`woel~ Fjlb,

Ijwjllemmk- D, 67::, Kly~k~u~k`ly c`v Ei`lòki jln Ckljlikjm Kl~edvj~k`l kl Jykj1 ^velny jlnWv`ywei~y, JNFK T`vbkld Wjwev 978, ^`b{`1 Jykjl Nesem`woel~ Fjlb Kly~k~u~e,

N`vlfuyih- V,- jln [, I, Wjvb, :;;;, Cmexkfkmk~{ `v Lòkljm Jlih`vy0 Kl1 Exihjlde Vj~e W`mkikey kl Eoevdkld Jykjl Iùl~vkey- enk~en f{ Y, I`mmkdl`l- A, Wkyjlk/Cevv{- jln [/I,Wjvb, M`ln`l1 Vù~mende,

Ekiheldveel- F, jln ^, Fj{ùok, :;;;, Ky Jykj jl @w~kouo Iuvveli{ Jvej0 Ijl k~ Feiòe@le0 Vedk`ljm- Dm`fjm jln Hky~`vkijm Wevywei~ksey `l Jykjl O`le~jv{ Vemj~k`ly, Kl1Exihjlde Vj~e W`mkikey kl Eoevdkld Jykjl Iùl~vkey, M`ln`l1 Vù~mende,

Ekiheldveel- F, 6773, ^he Wjvjmmem Iuvveli{ Jwwv`jih ~` Jykjl O`le~jv{ Kl~edvj~k`l, Joevkijl Ei`lòki Vesket ;3 (6+1 >96’>93,

Cjl- I, Y,- jln X, Tek, 6773, ^he Mjt `c @le Wvkie1 Esknelie cvò ~he ^vjlyk~k`ljm Ei`lò{`c Ihklj, Vesket `c Ei`lòkiy jln Y~j~ky~kiy 88 (>+1 386’3;4,

Cvjlbem- A, J,- jln Y, Tek, :;;>, [el Fmì `v N`mmjv Fmì0 Exihjlde Vj~e W`mkikey `c ~he Ejy~Jykjl Ei`lòkey, Kl1 Ojivèi`lòki Mklbjdey1 Yjskldy- Exihjlde Vj~ey- jln Ijwk~jm Cm`ty - enk~en f{ ^, K~` jln J, Bvuedev, Ihkijd`- KM1 Ulksevyk~{ `c Ihkijd` Wveyy,

Cvjlbem- A, J,- jln J, B, V`ye, :;;8, ^he Eln`delek~{ `c ~he @w~kouo Iuvveli{ Jvej Ivk~evk`l,Ei`lòki Aùvljm :781 :77;’:765,

Dkvjvnkl- E, 6779, Klc`voj~k`l Exihjlde- Yuvsekmmjlie Y{y~eoy- jln Vedk`ljm Kly~k~u~k`ly klEjy~ Jykj, Kl1 Jykjl Nesem`woel~ Fjlb, O`le~jv{ jln Ckljlikjm Kl~edvj~k`l kl Ejy~ Jykj1 ^he Tj{ Jhejn- S`muoe :, Fjykldy~`be- UB1 Wjmdvjse OiOkmmjl,

Dkvjvnkl- E,- jln J, Y~eklhevv, 6778, Vedk`ljm O`le~jv{ Ulk~y c`v Ejy~ Jykj1 Meyy`ly cvòEuv`we, JNFK T`vbkld Wjwev ::3, ^`b{`1 Jykjl Nesem`woel~ Fjlb Kly~k~u~e,

D`~`- A,- jln B, Hjojnj, :;;>, Ei`lòki Wvei`lnk~k`ly c`v Jykjl Vedk`ljm Kl~edvj~k`l, Kl1Ojivèi`lòki Mklbjdey1 Yjskldy- Exihjlde Vj~ey- jln Ijwk~jm Cm`ty - enk~en f{ ^, K~`jln J, @, Bvuedev, Ihkijd`- KM1 Ulksevyk~{ `c Ihkijd` Wveyy,

Dvelskmme- Y, 677>, W`mki{ Nkjm`due kl Ejy~ Jykj1 Wvklikwmey c`v Yuiieyy, Kl1 CkljlikjmD`sevljlie kl Ejy~ Jykj2 W`mki{ Nkjm`due- Yuvsekmmjlie jln I``wevj~k`l- enk~en f{ D, N,Fvùtev jln [, Tjld, M`ln`l1 Vù~mende,

Ko- B/Y,- O, H, Weyjvjl- jln [, Yhkl, 6779, êy~kld c`v Ulk~ V``~y kl He~ev`deleùy Wjlemy,Aùvljm `c Ei`lòe~vkiy ::5 (:+1 59’4>,

Kl~evlj~k`ljm O`le~jv{ Culn (KOC+, 6774, Es`mu~k`l `c ^vjne kl Eoevdkld Jykj, Vedk`ljm Ei`lòki @u~m``b1 Jykj jln Wjikcki , Tjyhkld~`l NI1 KOC,

KOC, Nkvei~k`l `c ^vjne Y~j~ky~kiy, Jsjkmjfme j~ h~~w1emkfvjv{/nj~j,koc,`vd (jiieyyen :5 Ajlujv{67:6+,

Bjtjk- O, 67:7, Jl Jykjl Iuvveli{ Ulk~ c`v Jykjl O`le~jv{ Kl~edvj~k`l, Kl1 ^he Cu~uve Dm`fjm Veyevse Y{y~eo„Jl Jykjl Wevywei~kse - enk~en f{ A, N, Yjihy- O, Bjtjk- A/T, Mee- jlnT, ^, T``, Ojlkmj1 Jykjl Nesem`woel~ Fjlb,








Bjtjk- O,- jln ^, O`~`lkyhk, 677>, Ky Ejy~ Jykj jl @w~kouo Iuvveli{ Jvej0 Kl Ckljlikjm Kl~evnewelnelie jln Exihjlde Vj~e Vedkoey kl Ejy~ Jykj - enk~en f{ O, Bjtjk, ^`b{`1W`mki{ Veyejvih Kly~k~u~e- Oklky~v{ `c Ckljlie,

Bjtjk- O,- jln Y, ^jbjdk, 6775, ^`tjvny Vedk`ljm O`le~jv{ I``wevj~k`l kl Ejy~ Jykj1 Meyy`lycvò @~hev Wjv~y `c ~he T`vmn, Kl~evlj~k`ljm Aùvljm `c Ckljlie # Ei`lòkiy1 :7 (6+1 ;4’

::3,Bjtjk- O,- jln D, Tkdljvjaj, 677;, ^he Jykjl ”L``nme F`tm‟1 Ky K~ Yevkùy c`v Fuykleyy0

JNFK T`vbkld Wjwev :93, ^`b{`1 Jykjl Nesem`woel~ Fjlb Kly~k~u~e,

Belel- W, F,, jln E, E, Oejne, 6778, Vedk`ljm O`le~jv{ Kl~edvj~k`l , Ijofvknde- UB1Ijofvknde Ulksevyk~{ Wveyy,

Buv`nj- H,- jln O, Bjtjk, 6776, Y~veld~helkld Vedk`ljm Ckljlikjm I``wevj~k`l kl Ejy~ Jykj,Wjikcki Ei`lòki Wjwevy L`, 996, Ijlfevvj1 Juy~vjmkjl Lj~k`ljm Ulksevyk~{,

Meskl- J,- I/C, Mkl- jln I/Y, A, Ihu, 6776, Ulk~ V``~ êy~y kl Wjlem Nj~j1 Jy{ow~`~ki jlnCklk~e/Yjowme Wv`wev~key, Aùvljm `c Ei`lòe~vkiy :78 (:+1 :’6>,

Mes{/[e{j~k- E,- jln Y~uvqeleddev- C, 6775, Imjyykc{kld Exihjlde Vj~e Vedkoey1 Neeny sy,T`vny, Euv`wejl Ei`lòki Vesket >;(3+1 :379’:395,

Oulnemm- V, J, :;3:, J ^he`v{ `c @w~kouo Iuvveli{ Jvej, Joevkijl Ei`lòki Vesket 5: (>+157;’3:4,

@djtj- E,- jln A, Yhkouqu, 6775, J Neskj~k`l Oejyuveoel~ c`v I``vnklj~en Exihjlde Vj~eW`mkikey kl Ejy~ Jykj, VKE^K Nkyiuyyk`l Wjwev Yevkey 75/E/7:4,

@djtj- E,- jln A, Yhkokqu, 6774, Wv`dveyy ^`tjvn j Iòo`l Iuvveli{ Fjybe~ Y{y~eo kl Ejy~Jykj, VKE^K Nkyiuyyk`l Wjwev Yevkey 73/E/798,

@djtj- E,- jln ^, [`yhkok, 6778, Tknelkld Neskj~k`l Jo`ld Ejy~ Jykjl Iuvvelikey, VKE^KNkyiuyyk`l Wjwev Yevkey 78/E/7:7,

@h- A,- jln I, Hjvske, 677:, Exihjlde Vj~e I``vnklj~k`l kl Ejy~ Jykj, Aùvljm `c B`vejl Ei`lò{ 6 (6+1 6>;’6;3,

Veklhjv~- I, O, jln B, Y, V`d`cc, 677>, ^he O`nevl Hky~`v{ `c Exihjlde Vj~e Jvvjldeoel~y1 JVekl~evwve~j~k`l, ^he Zujv~evm{ Aùvljm `c Ei`lòkiy ::41 :’>8,

Tkmmkjoy`l- A, 6775, J Iuvveli{ Fjybe~ c`v Ejy~ Jykj- L`~ Auy~ Ihklj, W`mki{ Fvkecy klKl~evlj~k`ljm Ei`lòkiy- L`, WF75/:, Kly~k~u~e c`v Kl~evlj~k`ljm Ei`lòkiy,

T{wm`yq- I, 67:7, Jl Jykjl O`le~jv{ Ulk~, Kl1 ^he Cu~uve Dm`fjm Veyevse Y{y~eo„Jl Jykjl Wevywei~kse - enk~en f{ A, N, Yjihy- O, Bjtjk- A/T, Mee- jln T, ^, T``, Ojlkmj1 JykjlNesem`woel~ Fjlb,

Exchange Rate Coordination in Asia: Evidence using the Asian Currency Unit

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