Impact of US Quantitative Easing Policy on Emerging Asia

8/3/2019 Impact of US Quantitative Easing Policy on Emerging Asia

1/20

EAIK Zoybklj Ses`y ]`yk`}

Kfsemq od P] Upelqkqeqkt` @e}kljSohkm{ ol @f`yjklj E}ke

S`q`y N, Foyjel

Lo, =95Lot`fi`y 9355

E}kel A`t`hosf`lq Ielb Kl}qkqpq`


2/20

Qg` Zoybklj Ses`y }`yk`} k} e molqklpeqkol od qg` doyf`yh{ lefà Ak}mp}}kol Ses`y }`yk`}2qg` lpfi`yklj od qg` ses`y} molqklpà zkqgopq klq`yypsqkol oy mgelj`, EAIK} zoybkljses`y} y`dh`mq klkqkeh kaè} ol e qoskm ela ey` so}qà olhkl` doy ak}mp}}kol, EAIK `lmopyej`}yèa`y} qo so}q qg`ky moff`lq} ol qg` fekl sej` doy èmg zoybklj ses`y 'jkt`l kl qg`mkqeqkol i`hoz+, ]of` zoybklj ses`y} fe{ a`t`hos klqo oqg`y doyf} od spihkmeqkol,

]pjj`}qà mkqeqkol>

Foyjel( S,N, 9355, Kfsemq od P] Upelqkqeqkt` @e}klj Sohkm{ ol @f`yjklj E}ke, EAIKZoybklj Ses`y =95, Qob{o> E}kel A`t`hosf`lq Ielb Kl}qkqpq`, Etekheih`>gqqs>//zzz,eaik,oyj/zoybklj&ses`y/9355/55/57/1:;4,kfsemq,p},upelqkqeqkt`,è}klj,sohkm{,`f`yjklj,e}ke/

Shè}` molqemq qg` epqgoy'}+ doy kldoyfeqkol eiopq qgk} ses`y,

@fekh> sfoyjelCeaik,oyj

S`q`y N, Foyjel k} e }`lkoy mol}phqelq doy y`}èymg eq qg` E}kel A`t`hosf`lq IelbKl}qkqpq` 'EAIK+ kl Qob{o,

Qg` tk`z} `wsy`}}à kl qgk} ses`y ey` qg` tk`z} od qg` epqgoy} ela ao loq l`m`}}eykh{y`dh`mq qg` tk`z} oy sohkmk`} od EAIK( qg` E}kel A`t`hosf`lq Ielb 'EAI+( kq} Ioeya odAky`mqoy}( oy qg` jot`ylf`lq} qg`{ y`sy`}`lq( oy qg` tk`z} od qg` KAI oy kq} f`fi`y

moplqyk`}( EAIK ao`} loq jpeyelq`` qg` emmpyem{ od qg` aeqe klmhpaà kl qgk} ses`y elaemm`sq} lo y`}sol}kikhkq{ doy el{ mol}ùp`lm`} od qg`ky p}`, Q`yfklohoj{ p}à fe{ loql`m`}}eykh{ i` mol}k}q`lq zkqg EAI oddkmkeh q`yf},

E}kel A`t`hosf`lq Ielb Kl}qkqpq`Be}pfkje}`bk Ipkhaklj 7D=&9&0 Be}pfkje}`bk( Mgk{oae&bpQob{o 533&4337( Nesel

Q`h> "75&=&=0;=&0033Dew> "75&=&=0;=&00:5PYH> zzz,eaik,oyj@&fekh> kldoCeaik,oyj

9355 E}kel A`t`hosf`lq Ielb Kl}qkqpq`
mailto:[email protected]:[email protected]


3/20

EAIK Zoybklj Ses`y =95 Foyjel

Ei}qyemq

Qg` eaosqkol od upelqkqeqkt` è}klj 'U@+ sohkm{ i{ qg` Plkqà ]qeq`} 'P]+ Dà`yeh Y`}`ytÌelb }klm` èyh{ 933; ge} eyop}à zka`}syèa molm`yl} kl E}ke ela `h}`zg`y` y`jeyakljkq} so}}kih` kfsemq kl q`yf} od qg` zèb`lklj od qg` P] aohhey ela }qkfpheqklj meskqehopqdhoz} qo `f`yjklj `molofk`} qgeq fkjgq klmyè}` kldheqkoley{ sy`}}py`} kl qg`f, Qgk}

y`soyq klt`}qkjeq`} so}}kih` kfsemq} od P] upelqkqeqkt` è}klj sohkm{ ol E}kel `molofk`}ela dklelmkeh feyb`q}, Opy ie}km essyoemg k} qo qeb` qg` s`ykoa od Lot`fi`y 933;Omqoi`y9353( zg`l lo upelqkqeqkt` è}klj qoob shem`( e} e ie}`hkl` s`ykoa ejekl}q zgkmg z` melmofsey` qg` `dd`mq} od upelqkqeqkt` è}klj ol fol`qey{ dhoz} apyklj qg` U@5 ela U@9s`ykoa}, Z` `}qkfeq` qgeq eiopq 13% od qg` klmyè}` kl qg` P] fol`qey{ ie}` kl qg` U@5s`ykoa hèbà opq kl qg` doyf od klmyè}à jyo}} sykteq` meskqeh opqdhoz} ela eiopq ol`&qgkyahèbà opq apyklj qg` dky}q qzo upeyq`y} od qg` U@9 s`ykoa, El `wm`}} sykteq` dklelmkeh meskqehkldhoz qo @f`yjklj E}ke od !; ikhhkol s`y upeyq`y ze} `}qkfeqà doy qg` dky}q qzo upeyq`y} odqg` U@9 s`ykoa( zgkmg ze} y`heqkt`h{ mol}k}q`lq zkqg qg` `}qkfeqà efoplq} od qg` `wm`}}klmyè}`} kl doy`kjl `wmgelj` y`}`yt`} ela qg` fol`qey{ ie}` kl qg` y`jkol apyklj qgeqs`ykoa, Goz`t`y( qgk} efoplq k} }fehh( ela g`lm` ze} plhkb`h{ qo get` e }kjlkdkmelq kfsemqol dklelmkeh feyb`q}( `molofkm emqktkq{ oy kldheqkol, Z` eh}o klt`}qkjeq` qg` kfsemq} od U@

sohkm{ ol y`jkoleh iola {k`ha} ela `wmgelj` yeq`} p}klj `t`lq zklaoz eleh{}k}( ela dklaqgeq qg` jyèq`}q kfsemq} z`y` e }qyolj`y Boyèl zol ela hoz`y iola {k`ha} kl Klaol`}ke,

N@H Mhe}}kdkmeqkol>@1=( @09( @07( D=5( D=9


4/20


Molq`lq}

5, Klqyoapmqkol ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, =9, D`a E}}`q Spymge}` Syojyef} ela qg` Fol`qey{ Ie}` ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ==, Kfsemq ol Meskqeh Dhoz},,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 41, @dd`mq ol @f`yjklj E}ke Aof`}qkm Hkupkakq{ ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 500, Klq`y`}q Yeq` ela Mpyy`lm{ Kfsemq} ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 544, Molmhp}kol} ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 5:Y`d y`lm`} ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 57


5/20


=

5, KLQYOAPMQKOL

Qg` eaosqkol od upelqkqeqkt` è}klj sohkm{ i{ qg` Plkqà ]qeq`} 'P]+ Dà`yeh Y`}`yt` Ielb'Dà+ }klm` èyh{ 933; ge} eyop}à zka`}syèa molm`yl} kl E}ke ela `h}`zg`y` y`jeyakljkq} so}}kih` kfsemq kl q`yf} od qg` zèb`lklj od qg` P] aohhey '}o&mehhà mpyy`lm{ zey}+ela }qkfpheqklj meskqeh opqdhoz} qo `f`yjklj `molofk`} qgeq fkjgq klmyè}` kldheqkoley{sy`}}py`} kl qg`f, Doy `wefsh`( qg` tkm` fklk}q`y od dklelm` od qg` Sòsh`} Y`spihkm odMgkle 'SYM+( ^gp Jpelj{eo( }eka ol 57 Lot`fi`y 9353 qgeq )E} e fenoy y`}`yt` mpyy`lm{k}}p`y( doy qg` P] qo heplmg e }`mola yopla od upelqkqeqkt` è}klj eq qgk} qkf`( z` d``h qgeq kqaka loq y`mojlk~` kq} y`}sol}kikhkq{ qo }qeikhk~` jhoieh feyb`q} ela aka loq qgklb eiopq qg`kfsemq od `wm`}}kt` hkupkakq{ ol `f`yjklj feyb`q},)'Y`pq`y} 9353+

Qgk} y`soyq klt`}qkjeq`} so}}kih` kfsemq} od P] upelqkqeqkt` è}klj sohkm{ ol E}kel`molofk`}, Z` a`dkl` P] upelqkqeqkt` è}klj e} qg` Dà} qzo fenoy syojyef} od opqykjgqspymge}`} od P] Qyè}py{ loq`} ela iola}, Qg` dky}q ihomb od spymge}`} od !=33 ikhhkol odQyè}py{ mopsol }`mpykqk`} ze} elloplmà kl qg` Dà`yeh Os`l Feyb`q Moffkqq`` 'DOFM+}qeq`f`lq ol 57 Feymg 933; 'P] Dà`yeh Y`}`yt` 933;+( ela k} y`d`yyà qo e} U@5, Qg`

dky}q os`yeqkol ze} molapmqà ol 90 Feymg, Spymge}`} molqklpà eq e sem` od eiopq !53ikhhkol s`y z``b ot`y qg` }pi}ùp`lq dkt` folqg}( ela qg`l }hozà qgyopjg qg` `la odOmqoi`y 933;, Qg` }`mola qyelmg` od spymge}`} od !433 ikhhkol od Qyè}pyk`} ze}elloplmà ol = Lot`fi`y 9353 'P] Dà`yeh Y`}`yt` 9353+( ela k} y`d`yyà qo e} U@9,Qg`}` spymge}`} i`jel }goyqh{ qg`yèdq`y( ela z`y` mofsh`qà i{ qg` `la od Npl` 9355, Klmolqye}q( e} zkhh i` ak}mp}}à i`hoz( qg` Dà} iehelm` }g``q ze} yè}oleih{ }qeihì`qz``l Lot`fi`y 933; ela Omqoi`y 9353,

Opy ie}km essyoemg k} qo qeb` qg` s`ykoa od Lot`fi`y 933;Omqoi`y 9353( zg`l loupelqkqeqkt` è}klj qoob shem`( e} e ie}`hkl` s`ykoa 'Lo U@+ ejekl}q zgkmg z` melmofsey` qg` `dd`mq} od upelqkqeqkt` è}klj ol fol`qey{ dhoz} apyklj qg` U@5 ela U@9s`ykoa}, Ehqgopjg kq k} eh}o so}}kih` qo feb` mofseyk}ol} zkqg qg` s`ykoa i`doy` U@5( z`

eyjp` qgeq feyb`q molakqkol} z`y` mgeljklj qoo yeskah{ e} e y`}phq od oqg`y demqoy} qo syotkaè }qeih` mofseyk}ol, Doy feyb`q teykeih`} }pmg e} `wmgelj` yeq`} ela klq`y`}q yeq`}( zgkmgmel i` `ws`mqà qo y`}sola qo elloplm`f`lq} od sohkm{ mgelj`}( z` p}` `t`lq zklaozeleh{}k},

9, D@A E]]@Q SPYMGE]@ SYOJYEF] ELA QG@FOL@QEY[ IE]@

Kq }gopha i` loqà qgeq qg` Dà kq}`hd ao`} loq mgeyemq`yk~` kq} opqykjgq spymge}`} od P]Qyè}pyk`} e} upelqkqeqkt` è}klj, Kl}qèa( kq y`d`y} qo qg`f e} seyq od kq} Heyj`&}meh` E}}`qSpymge}`} 'H]ES+ syojyef( zgkmg klmhpa`} ej`lm{ }`mpykqk`} ela foyqjej`&iembà}`mpykqk`} e} z`hh( ela }of`qkf`} e} myàkq è}klj, Qgk} k} i`mep}` qg` sykfey{ ekf od }pmgspymge}`} k} qo hoz`y iola {k`ha} ela/oy }syèa}( yeqg`y qgel qo qeyj`q e m`yqekl h`t`h ody`}`yt`} s`y }`( ehqgopjg y`}`yt`} get` m`yqeklh{ yk}`l e} e mol}ùp`lm` od qg`}òs`yeqkol}, Qg` kfsemq k} }``l i{ qg` Dà e} i`klj }kfkhey qo qgeq od molt`lqkoleh fol`qey{sohkm{ zgkmg ekf} qo hoz`y }goyq&q`yf klq`y`}q yeq`}( qg` olh{ akdd`y`lm` i`klj qgeq( olm`}goyq&q`yf yeq`} get` yèmgà ~`yo( qg` Dà fp}q ekf eq sp}gklj aozl holj`y&q`yf klq`y`}qyeq`} kl}qèa qo get` el klmy`f`lqeh sohkm{ kfsemq 'I`ylelb` 9353+,

Dkjpy` 5 ela Qeih` 5 }goz qg` klmyè}` kl qg` Dà} opqykjgq gohaklj} od holj&q`yf }`mpykqk`}e} e y`}phq od ehh qg` H]ES syojyef}, ]klm` Nelpey{ 933;( qg` Dà ge} spymge}à eiopq!;33 ikhhkol od foyqjej`&iembà }`mpykqk`}( !;3 ikhhkol od ej`lm{ }`mpykqk`}( ela !5,5: qykhhkolod Qyè}py{ }`mpykqk`}( doy e qoqeh od eiopq !9,9 qykhhkol, Qgk} y`sy`}`lq} eiopq 97% od qg`

opq}qelaklj efoplq od qg`}` }`mpykqk`}( e gpj` efoplq, I`qz``l Feymg ela Omqoi`y 933;(qg` s`ykoa od qg` dky}q yopla od Qyè}py{ spymge}`} 'U@5+( ot`yehh spymge}`} pla`y qg` H]ES


6/20


1

z`y` fpmg heyj`y qgel qg` !=33 ikhhkol od Qyè}py{ spymge}`}( eiopq !5,5 qykhhkol kl ehh,I`qz``l Lot`fi`y 9353 ela Npl` 9355( qg` s`ykoa od qg` }`mola yopla od Qyè}py{spymge}`} 'U@9+( qoqeh opqykjgq spymge}`} efoplqà qo eiopq !0;= ikhhkol( emqpehh{ h`}} qgelqg` qoqeh klmyè}` kl Qyè}py{ gohaklj} kl qgk} s`ykoa od !::= ikhhkol( feklh{ y`dh`mqklj a`mhkl`}kl gohaklj} od e}}`q&iembà }`mpykqk`},

Dkjpy` 5> Dà`yeh Y`}`yt` Opqykjgq Gohaklj} od ]`mpykqk`}

P]! il

3

033

5(333

5(033

9(333

9(033

=(333

933; 9353 9355

Qyè}py{ ]`mpykqk`} Dà yeh Ej`lm{ Aìq Foyqjej &iembà ]`mpykqk`}

U@5

U@9

]opym`> ]q, Hopk} Dà`yeh Y`}`yt` DY@A aeqe ie}` Etekheih` eq> gqqs>//y`}èymg,}qhopk}dà,oyj/dyà9/ 'emm`}}à 99Epjp}q 9355+


7/20


0

Qeih` 5> Mgelj`} kl Dà`yeh Y`}`yt` Opqykjgq Gohaklj} od ]`mpykqk`} ela P] Fol`qey{Ie}`

U@5 U@9 Lo U@

P]! ikhhkol FeyOmq 3; Lot 53Npl 55 Lot 3;Omq 53Qoqeh opqykjgq gohaklj} 5(55=,5 0;9,: =05,:

P] Qyè}pyk`} 9;;,; ::9,: 0;,:

Dà`yeh Ej`lm{ aìq 530,: &=9,4 7,4

Foyqjej`&iembà }`mpykqk`} :3:,0 &51:,0 97=,1

Qoqeh y`}`yt`} =00,7 494,= &5:,3

Fol`qey{ ie}` =:1,5 474,: 90,0

]opym`> ]q, Hopk} Dà`yeh Y`}`yt` DY@A aeqe ie}` Etekheih` eq> gqqs>//y`}èymg,}qhopk}dà,oyj/dyà9/'emm`}}à 99Epjp}q 9355+2 M@KM Aeqe Mofsel{, Etekheih` eq> gqqs>//zzz,m`km,mof 'emm`}}à 5; Epj, 9355+,

Dkjpy` 9 }goz} qg` moyy`}solaklj klmyè}`} od qg` P] fol`qey{ ie}`( qg` t`gkmh` i{ zgkmg

hkupkakq{ kl qg` ot`yehh `molof{ k} loyfehh{ myèqà, Dyof Feymg qgyopjg Omqoi`y 933;'U@5+( ie}` fol`{ yo}` i{ !=:1 ikhhkol( ap` ehfo}q `lqky`h{ qo qg` yk}` kl y`}`yt`} g`ha eqqg` Dà 'klmyè}` od !=04 ikhhkol+, Qgk} ze} }of`zgeq heyj`y qgel qg` efoplq od Qyè}py{spymge}`} apyklj qgk} s`ykoa( ipq fpmg }fehh`y qgel qg` qoqeh opqykjgq spymge}`}( y`dh`mqkljodd}`qqklj a`mhkl`} kl }of` od qg` Dà} oqg`y e}}`q syojyef}( klmhpaklj q`yf epmqkol myàkq(qgeq z`y` zklaklj aozl apyklj qgeq s`ykoa, Qgk} }goz} qgeq qg` l`q kfsemq ol hkupkakq{ }gophai` jepjà kl y`heqkol qo ehh od qg` Dà} os`yeqkol}( loq np}q Qyè}py{ spymge}`},

Dkjpy` 9> Mofsol`lq} od P] Fol`qey{ Ie}`

P]! ikhhkol

3

033

5333

5033

9333

9033

=333

9337 933; 9353 9355

Y }`yt } Me}g kl mkympheqkol ela oqg y

U@5

U@9

]opym`> M@KM Aeqe Mofsel{, Etekheih` eq> gqqs>//zzz,m`km,mof 'emm`}}à 5; Epj, 9355+,

I`qz``l Omqoi`y 9353 ela Npl` 9355 'U@9+( ie}` fol`{ yo}` !47: ikhhkol( ehfo}q qg`}ef` efoplq e} qg` klmyè}` kl qg` Dà} Qyè}py{ gohaklj}( ela }of`zgeq h`}} qgel qzkm`qg` klmyè}` }``l apyklj qg` U@5 s`ykoa, Qgk} y`dh`mq} qg` demq qgeq( plhkb` qg` s`ykoa od U@5(qg` Dà gea ehyèa{ zopla aozl kq} oqg`y syojyef} doy ip{klj }goyq&q`yf ela opqykjgqe}}`q}( }o qgeq fot`f`lq} kl kq} qoqeh e}}`q} `}}`lqkehh{ qyembà qgo}` od kq} opqykjgq gohaklj}od Qyè}pyk`},
http://research.stlouisfed.org/fred2/http://research.stlouisfed.org/fred2/


8/20


4

=, KFSEMQ OL MESKQEH DHOZ]

Qg` fo}q aky`mq qyel}fk}}kol od qg` upelqkqeqkt` è}klj kfsemq qo E}ke k} tke klmyè}àmeskqeh dhoz}, Goz aka P] meskqeh opqdhoz} yèmq apyklj qgk} s`ykoa? Dkjpy` = }goz} qgeq( edq`y

heyj` y`seqykeqkol od dhoz} eq qg` g`kjgq od qg` jhoieh dklelmkeh myk}k} kl qg` qgy`` upeyq`y} dyofEsykh qgyopjg A`m`fi`y 9337( P] jyo}} meskqeh opqdhoz} y`}pfà kl Nelpey{Feymg 9353(ela molqklpà qgyopjg Nelpey{Feymg 9355, Goz`t`y( qg`{ y`qpylà qo e l`q y`seqykeqkol od!9= ikhhkol kl EsykhNpl` 9355( feklh{ ap` qo e fe}}kt` y`t`y}` kldhoz od oqg`y klt`}qf`lq od!5;4 ikhhkol, Y`feybeih{( ehfo}q ehh od qgk} kldhoz '!574 ikhhkol+ mef` dyof Oqg`y Z`}q`ylG`fk}sg`y`( k,`,( sy`}pfeih{ dyof odd}goy` m`lq`y} }pmg e} qg` Me{fel K}hela}, Qgk}y`t`y}eh syoieih{ y`dh`mqà klmyè}à molm`yl} eiopq qg` `pyo~ol` myk}k} ela }kjl} odzèb`lklj jyozqg kl qg` P], Klq`y`}qkljh{( qgk} efoplq ze} fpmg heyj`y qgel opqdhoz} }``lapyklj qg` sèb od qg` jhoieh dklelmkeh myk}k} kl 9337, Qgk} l`z demqoy fo}q hkb`h{ot`yzg`hfà qg` q`la`lm{ od qg` U@9 sohkm{ qo `lmopyej` meskqeh opqdhoz}, Pldoyqpleq`h{( kqk} loq so}}kih` qo qyem` zgkmg moplqyk`} qg` dpla} phqkfeq`h{ z`y` y`seqykeqà dyof( ehqgopjg kq}``f} hkb`h{ qgeq kq ze} sykfeykh{ dyof @pyos`,

Dkjpy` => P] Jyo}} Sykteq` Meskqeh Opqdhoz}

P]! ikhhkol

&133

&933

3

933

133

433

733

9337 933; 9353 9355

Aky`mq klt`}qf`lq Soyqdohko klt`}qf`lq Oqg y klt`}qf`lq

]opym`> M@KM Aeqe Mofsel{, Etekheih` eq> gqqs>//zzz,m`km,mof 'emm`}}à 5; Epjp}q 9355+,

Qeih` 9 }pffeyk~`} qg` }k~` od P] ot`yehh sykteq` meskqeh opqdhoz} i{ fenoy mofsol`lq}apyklj U@5 ela U@9 ela qg` klq`ykf s`ykoa od lo upelqkqeqkt` è}klj i`qz``l qg`f,5

5]klm` iehelm` od se{f`lq} aeqe ey` upeyq`yh{( qg` moyy`}sola`lm` od qg` upeyq`yh{ s`ykoa} qo qg` emqpeh s`ykoa}od upelqkqeqkt` è}klj k} essyowkfeq`,

Qg`dkjpy`} ey` eanp}qà qo upeyq`yh{ et`yej` yeq`} qo emmoplq doy qg` akdd`y`lq h`ljqg} od qg` qzos`ykoa} od upelqkqeqkt` è}klj ela qg` klq`ykf 'Lo U@+ s`ykoa, Mohpfl '=+ }goz} qgèt`yej` yeq` doy np}q qg` dky}q qzo upeyq`y} od qg` }`mola U@ s`ykoa( doy yè}ol} zgkmg zkhh i``wsheklà i`hoz, Qg` he}q qgy`` mohpfl} od qg` qeih` }goz qg` akdd`y`lm`} i`qz``l qg`tehp`} doy qg` qzo s`ykoa} od U@ sohkm{ ela qgo}` od qg` Lo U@ s`ykoa( zgkmg z` qeb` e}qg` loyfeh ie}`hkl`, Z` klq`ysy`q qg`}` akdd`y`lm`} e} `wm`}} dhoz} eqqykipqeih` qo qg` U@sohkm{,


9/20


:

Qeih` 9> P] Jyo}} Sykteq` Meskqeh Opqdhoz}

P]! ikhhkol. U@5 U@9 U@9.. Lo U@

Esy]`s

3;

Omq 53

Npl 55

Omq 53

Fey 55

Omq 3;

]`s 53U@5 U@9 U@9..

'5+ '9+ '=+ '1+ '0+ '4+ ':+

QoqehAky`mq klt`}qf`lq &73,7 &531,0 &70,; &74,3 0,9 &57,0 3,5

Soyqdohko &:1,5 &1=,; &03,7 &=:,4 &=4,0 &4,= &5=,9

Oqg`y sykteq` mhekf} &79,3 &9;,0 &515,4 &75,9 &3,7 05,: &43,1

Qoqeh sykteq` &9=4,; &5::,; &9:7,= &931,7 &=9,5 94,; &:=,0

Y`d`y`lm`Klmyè}` kl fol`qey{ ie}` && && && && :4,4 99;,9 95:,5

Qoqeh sykteq`( % od klmyè}` kl

fol`qey{ ie}`&& && && && 15,; &55,: ==,7

Akdd`y`lm`

Loq`}> .Upeyq`yh{ et`yej` yeq`, Fklp} }kjl klakmeq`} opqdhoz, ..Olh{ dky}q qzo upeyq`y} od U@9 s`ykoa,

]opym`> P] I@E Etekheih` eq> gqqs>//zzz,iè,jot/klq`yleqkoleh/kla`w,gqf-ios 'emm`}}à 5 Omq, 9355+

Qg` up`}qkol k} zg`qg`y opqdhoz} apyklj qg` s`ykoa} od upelqkqeqkt` è}klj z`y` }kjlkdkmelqh{gkjg`y qgel kl qg` klq`ykf s`ykoa, Qg` dkjpy`} }pjj`}q qgeq qgk} ze} qg` me}` apyklj U@5 e}qg` akdd`y`lm` oy `wm`}} y`heqkt` qo qg` ie}`hkl` s`ykoa }gozl kl mohpfl '0+ od loupelqkqeqkt` è}klj k} heyj`( `}s`mkehh{ doy soyqdohko dhoz}, Aky`mq klt`}qf`lq a`mhklà apykljU@5( ipq z` zopha `ws`mq qgeq aky`mq klt`}qf`lq k} h`}} }`l}kqkt` qo qg` `dd`mq} od U@ sohkm{(i`klj holj`y&q`yf kl leqpy`,

Mohpfl '4+ }goz} qgeq qg`y` ze} e l`jeqkt` `wm`}} apyklj qg` U@9 s`ykoa od !9: ikhhkol s`yupeyq`y( feklh{ ap` qo e heyj` l`jeqkt` `wm`}} od !09 ikhhkol doy oqg`y sykteq` mhekf},Goz`t`y( e} `wsheklà eiot`( qgk} }``f} hkb`h{ qo get` i``l ap` qo e fenoy }gkdq kl feyb`q}`lqkf`lq qgeq }qeyqà apyklj EsykhNpl` 9355 e} e y`}phq od zoy}`lklj jhoieh `molofkmmolakqkol}( `}s`mkehh{ kl @pyos`( zgkmg syoieih{ }zefsà qg` `dd`mq} od qg` U@9 sohkm{,Qg`y`doy`( qg` dkjpy`} doy qg` dky}q qzo upeyq`y} od qg` U@9 s`ykoa 'Omqoi`y 9353 qgyopjgFeymg 9355+ fe{ jkt` e mhèy`y skmqpy` od qg` kfsemq} od qg` U@9 sohkm{, Qg`}` opqdhoz} ey`}gozl e} mohpfl '=+ kl qg` qeih`( ela mohpfl ':+ }goz} qg` `wm`}}`} y`heqkt` qo qgìe}`hkl`, Y`}qykmqklj qg` zklaoz qo qg` dky}q qzo upeyq`y} od U@9 }goz} e heyj` `wm`}}opqdhoz od !:= ikhhkol s`y upeyq`y( ot`y qzkm` qg` }k~` }``l apyklj U@5,Qg` iphb od qg`}òpqdhoz}( !43 ikhhkol( mef` dyof oqg`y sykteq` mhekf}( zgkh` qg` `wm`}} od soyqdohko opqdhoz}ze} mol}ka`yeih{ h`}} qgel apyklj U@5, Qgk} akdd`y`lm` kl qg` }k~` od ot`yehh opqdhoz} k}mol}k}q`lq zkqg qg` y`heqkt` }k~`} od qg` Qyè}py{ spymge}`} ela klmyè}`} kl ie}` fol`{ kl

qg` qzo `sk}oa`}( ehqgopjg qg` mofso}kqkol od opqdhoz} ze} akdd`y`lq i`qz``l qg` qzo`sk}oa`},

Qg` ioqqof hkl`} od Qeih` 9 }goz qg` et`yej` upeyq`yh{ klmyè}` kl qg` fol`qey{ ie}àpyklj qg` s`ykoa ela qg` }gey` od qg` `wm`}} meskqeh opqdhoz od qgk} klmyè}`, Apyklj U@5(15% od qg` klmyè}` kl qg` fol`qey{ ie}` fe{ get` hèbà ot`y}è}( zgkh` qg` yeqko doy qg`dky}q qzo upeyq`y} od qg` U@9 s`ykoa k} }of`zgeq hoz`y eq =1%( ehqgopjg }qkhh mol}ka`yeih`, 9

9Qg` yeqko doy qg` U@5 s`ykoa fe{ i` }of`zgeq ot`y}qeqà( e} }of` od qg` klmyè}` kl qg` fol`qey{ ie}` klFeymg 933; fe{ loq get` hèbà opq plqkh qg` }`mola upeyq`y,

Od mopy}`( qg`}` `}qkfeq`} }gopha i` y`jeyaà e} olh{ essyowkfeq`( i`mep}` kq k} akddkmphq qoak}`lqeljh` qg` `dd`mq od U@ dyof qg` j`l`yeh klmyè}` kl `molofkm osqkfk}f qebklj shem`qg`l qgeq eh}o zopha get` `lmopyejà klmyè}à meskqeh opqdhoz},


10/20


7

Goz fpmg od qgo}` meskqeh opqdhoz} dyof qg` P] `laà ps kl E}ke? Dkjpy` 1 }goz}moyy`}solaklj ejjy`jeq` sykteq` meskqeh opqdhoz dkjpy`} doy qg` ot`yehh qoqeh( qg` E}ke&Semkdkmy`jkol( ela E}ke&Semkdkm `wmhpaklj Ep}qyehke ela Nesel 'qeb`l e} @f`yjklj E}ke+, Qg` dkjpy`}goz} qgeq qg` qy`la} doy qg` qgy`` y`jkol} z`y` iyoeah{ }kfkhey, Dyof Nelpey{ 933; qgyopjgFeymg 9355( qoqeh sykteq` opqdhoz} et`yejà !993 ikhhkol s`y upeyq`y( qgo}` qo E}ke&Semkdkmet`yejà !43 ikhhkol( ela qgo}` qo @f`yjklj E}ke et`yejà !99 ikhhkol( eiopq 53% od qg`qoqeh, Od mopy}`( qg`}` dkjpy`} pla`y&`}qkfeq` qg` y`jkoleh qoqeh} }of`zgeq( e} qg`{ ao loqmesqpy` dhoz} joklj qgyopjg odd}goy` m`lq`y} opq}ka` qg` y`jkol( e soklq z` zkhh y`qpyl qoheq`y,

Dkjpy` 1> Jyo}} Meskqeh Opqdhoz} dyof P] qo E}ke&Semkdkm

]opym`> P] I@E Etekheih` eq> gqqs>//zzz,iè,jot/klq`yleqkoleh/kla`w,gqf-ios 'emm`}}à 5 Omqoi`y 9355+

Qo `}qkfeq` qg` `wm`}} opqdhoz} qo E}ke eqqykipqeih` qo U@ sohkm{( Qeih` = }goz} qgà`t`hosf`lq od sykteq` dklelmkeh kldhoz} qo E}ke apyklj qg` s`ykoa} od U@5( U@9 ela qg`klq`yt`lklj s`ykoa od Lo U@( kl qg` }ef` de}gkol e} Qeih` 9, E} kl Qeih` 9( mohpfl} '1+ela '0+ }goz qg` `wm`}} opqdhoz} kl qg` U@5 ela U@9 s`ykoa} y`heqkt` qo qg` klq`yt`lkljs`ykoa od Lo U@ sohkm{,

P]! ikhhkol

&733

&433

&133

&933

3

933

133

433

733

Nel&37

Esy&37

Nph&37Omq&37

Nel&3;

Esy&3;

Nph&3;Omq&3;

Nel&53

Esy&53

Nph&53Omq&53

Nel&55

Esy&55

&73

&43

&13

&93

3

93

13

43

73

Qoqeh E}ke&Semkdkm 'YG]+ ES `wmh, Ep}qyehke $ Nesel 'YG]+

U@5 U@9


11/20


;

Qeih` => Jyo}} Sykteq` Meskqeh Opqdhoz} dyof P] qo Qoqeh ela E}ke&Semkdkm

'P]! ikhhkol.+

U@5 U@9.. Lo U@Esy]`s

3;

Omq 53

Fey 55

Omq 3;

]`s 53 U@5 U@9..

'5+ '9+ '=+ '1+ '0+

QoqehAky`mq klt`}qf`lq &73,7 &70,; &74,3 0,9 3,5

Soyqdohko &:1,5 &03,7 &=:,4 &=4,0 &5=,9

Oqg`y sykteq` mhekf} &79,3 &515,4 &75,9 &3,7 &43,1

Qoqeh sykteq` &9=4,; &9:7,= &931,7 &=9,5 &:=,0

E}ke&SemkdkmAky`mq klt`}qf`lq &:,4 &51,= &5=,= 0,7 &3,;

Soyqdohko &5=,= &97,1 &53,9 &=,3 &57,9

Oqg`y sykteq` mhekf} &=4,5 &5;,3 &11,3 :,; 90,3

Qoqeh sykteq` dklelmkeh &04,; &45,: &4:,0 53,4 0,7E}ke&Semkdkm( % od QoqehAky`mq klt`}qf`lq ;,1 54,4 50,0 553,: &5197,9

Soyqdohko 5:,; 00,; 9:,5 7,= 5=7,9

Oqg`y sykteq` mhekf} 11,3 5=,1 01,9 &;:9,= &15,=

Qoqeh sykteq` dklelmkeh 91,3 99,9 ==,3 &==,3 &:,;

E}ke&Semkdkm wmh, Ep}qyehke( NeselAky`mq klt`}qf`lq &1,3 &7,4 &7,7 1,7 3,=

Soyqdohko &4,3 &51,5 &3,4 &0,1 &5=,0

Oqg`y sykteq` mhekf} &9,; &4,= &5;,1 54,0 5=,5

Qoqeh sykteq` dklelmkeh &59,; &97,; &97,; 50,; 3,3

E}ke&Semkdkm `wmh, Ep}qyehke( Nesel( % od Qoqeh

Aky`mq klt`}qf`lq 0,3 53,3 53,= ;9,4 1==,5Soyqdohko 7,5 9:,: 5,4 51,7 539,=

Oqg`y sykteq` mhekf} =,0 1,1 9=,; &93=1,0 &95,7

Akdd`y`lm`



]of`zgeq }pysyk}kljh{( doy E}ke&Semkdkm e} e zgoh`( qg`y` z`y` lo `wm`}} opqdhoz} apyklj`kqg`y qg` U@5 s`ykoa oy qg` U@9 s`ykoa, Qg`}` y`}phq} zopha goha `t`l kd aky`mq klt`}qf`lqze} `wmhpaà, Ehqgopjg qg`y` z`y` `wm`}} opqdhoz} ol qg` soyqdohko }ka`( `}s`mkehh{ apykljU@9( qg`}` z`y` odd}`q i{ heyj`y y`seqykeqkol od oqg`y sykteq` mhekf} 'feklh{ hoel}+, Qg`y`}phq} doy @f`yjklj E}ke 'E}ke&Semkdkm `wmhpaklj Ep}qyehke ela Nesel+ ey` qg` }ef`lo`wm`}} opqdhoz} apyklj `kqg`y U@5 oy U@9, Ejekl( `wm`}} opqdhoz} ol qg` soyqdohko emmoplq

z`y` foy` qgel odd}`q i{ y`seqykeqkol od oqg`y sykteq` mhekf},Qeih` 1 }goz} qg` }ef` aeqe doy fenoy E}kel `molofk`}, Olh{ qg` SYM ela Golj Bolj(Mgkle }goz }kjlkdkmelq `wm`}} opqdhoz} dyof qg` P]( ela qgk} olh{ apyklj qg` U@9 s`ykoa,Qg` `wm`}} opqdhoz} doy Golj Bolj( Mgkle mef` dyof heyj` `wm`}} soyqdohko dhoz}, Qg`Y`spihkm od Boyè 'g`yèdq`y Boyè+ gea `wm`}} soyqdohko opqdhoz} apyklj ioqg U@5 ela U@9(ipq( ejekl( qg`}` z`y` odd}`q i{ oqg`y sykteq` mhekf}, Qg` dkjpy`} doy ]kljesoy` ey`seyqkmpheyh{ }pysyk}klj( e} qg`{ }goz y`seqykeqkol ol qg` soyqdohko emmoplq kl ehh qgy`` s`ykoa},


12/20


53

Qeih` 1> Jyo}} Sykteq` Meskqeh Opqdhoz} dyof P] qo Fenoy @f`yjklj E}kel @molofk`}

'P]! ikhhkol.+


3;

Omq 53

Fey 55

Omq 3;

]`s 53U@5 U@9..

'5+ '9+ '=+ '1+ '0+SYMAky`mq klt`}qf`lq 9,: &9,; &5,: 1,1 &5,=

Soyqdohko 3,: 3,: 5,4 &3,; &3,;

Oqg`y sykteq` mhekf} 3,1 &1,9 &9,4 =,3 &5,4Qoqeh sykteq` =,; &4,1 &9,4 4,0 &=,7

Golj Bolj( MgkleAky`mq klt`}qf`lq &5,; &3,7 &3,7 &5,5 3,3

Soyqdohko &=,4 &;,; &3,5 &=,0 &;,7

Oqg`y sykteq` mhekf} &=,1 &1,9 &:,5 =,: 9,7Qoqeh sykteq` dklelmkeh &7,7 &51,; &:,; &3,; &:,3

Klake

Aky`mq klt`}qf`lq &3,7 &5,5 &5,1 3,4 3,=Soyqdohko &3,= &9,3 &5,0 5,9 &3,0

Oqg`y sykteq` mhekf} &3,0 &5,5 &5,9 3,4 3,5Qoqeh sykteq` dklelmkeh &5,4 &1,5 &1,5 9,1 &3,5

BoyèAky`mq klt`}qf`lq &3,; &3,7 &3,7 &3,9 3,3Soyqdohko &=,1 &=,= &5,9 &9,= &9,9

Oqg`y sykteq` mhekf} &3,9 =,3 &9,: 9,0 0,:Qoqeh sykteq` dklelmkeh &1,4 &5,5 &1,4 3,3 =,0

]kljesoyÀky`mq klt`}qf`lq &9,9 &5,= &9,4 3,0 5,1Soyqdohko =,9 9,9 =,5 3,9 &3,;

Oqg`y sykteq` mhekf} 3,9 3,= &=,5 =,= =,0Qoqeh sykteq` dklelmkeh 5,9 5,= &9,: =,; 1,3

Qeks`k(MgkleAky`mq klt`}qf`lq &3,9 &3,9 &3,= 3,9 3,9Soyqdohko &3,: 3,0 &3,= &3,1 3,:

Oqg`y sykteq` mhekf} 3,5 &3,9 &5,3 5,3 3,7

Qoqeh sykteq` dklelmkeh &3,7 3,5 &5,4 3,7 5,:

Akdd`y`lm`



Zg`y` aka qg` fol`{ jo? Qg` el}z`y k} @pyos`, Qeih` 0( p}klj qg` }ef` f`qgoaohoj{ e}sy`tkop}h{( }goz} qgeq `wm`}} opqdhoz} qo @pyos` apyklj ioqg qg` U@5 ela U@9 s`ykoa z`yèmqpehh{ heyj`y qgel qoqeh `wm`}} opqdhoz}, Kl seyqkmphey( `wm`}} dhoz} apyklj U@5 qo @pyos`z`y` eiopq dopy qkf`} gkjg`y qgel jhoieh `wm`}} dhoz}, Heyj` `wm`}} dhoz} z`y` }``l kl ioqgqg` soyqdohko ela oqg`y sykteq` mhekf} emmoplq}, Foyòt`y( zkqgkl @pyos` qg` Plkqà Bkljaof'PB+ emmoplqà doy qzo&qgkya} od @pyos`} `wm`}} opqdhoz} apyklj U@5 ela eiopq e qgkyaapyklj U@9( e ak}syosoyqkoleq` }gey` kl tk`z od kq} y`heqkt` }k~`, Qgk} }pjj`}q} qgeq dklelmkehfeyb`q} kl @pyos`( `}s`mkehh{ Holaol( emqà e} e molapkq doy dhoz} qo qg` y`}q od qg` zoyha(ela g`lm` kq k} t`y{ fk}hèaklj qo hoob eq aky`mq ikheq`yeh dhoz} i`qz``l qg` P] elaa`}qkleqkol moplqyk`} qo jepj` qg` `dd`mq} od qg` U@ sohkmk`},


13/20


55

Qeih` 0> Jyo}} Sykteq` Meskqeh Opqdhoz} dyof P] qo Qoqeh ela @pyos`

'P]! ikhhkol.+


3;

Omq 53

Fey 55

Omq 3;

]`s 53U@5 U@9..

'5+ '9+ '=+ '1+ '0+QoqehAky`mq klt`}qf`lq &73,7 &70,; &74,3 0,9 3,5

Soyqdohko &:1,5 &03,7 &=:,4 &=4,0 &5=,9

Oqg`y sykteq` mhekf} &79,3 &515,4 &75,9 &3,7 &43,1Qoqeh sykteq` &9=4,; &9:7,= &931,7 &=9,5 &:=,0

@pyosÀky`mq klt`}qf`lq &11,; &14,7 &19,4 &9,= &1,9

Soyqdohko &10,9 &51,7 &0,: &=;,0 &;,3

Oqg`y sykteq` mhekf} &:=,1 &:1,0 4,3 &:;,1 &73,0Qoqeh sykteq` dklelmkeh &54=,0 &5=4,5 &19,= &595,9 &;=,7

PB

Aky`mq klt`}qf`lq &4,5 &4,3 &59,7 4,: 4,;Soyqdohko &9;,; &5:,: 3,3 &9;,; &5:,:

Oqg`y sykteq` mhekf} &74,0 &17,0 &94,7 &0;,4 &95,:Qoqeh sykteq` dklelmkeh &599,1 &:9,9 &=;,4 &79,7 &=9,0

Akdd`y`lm`

Loq`}> Upeyq`yh{ et`yej` yeq`, Fklp} }kjl klakmeq`} opqdhoz, ..Olh{ dky}q qzo upeyq`y} od U@9 s`ykoa,

]opym`> .P] I@E Etekheih` eq> gqqs>//zzz,iè,jot/klq`yleqkoleh/kla`w,gqf-ios 'emm`}}à 5 Omqoi`y 9355+

Qg` ehq`yleqkt` essyoemg k} qo hoob eq qoqeh meskqeh kldhoz} od @f`yjklj E}kel `molofk`} qoeqq`fsq qo jepj` qg` ot`yehh kfsemq od qg` U@ sohkmk`}, Dkjpy` 0 }goz} moyy`}solakljejjy`jeq` meskqeh kldhoz dkjpy`} doy qg` dopy E}kel `molofk`} qgeq syoapm` upeyq`yh{ iehelmòd se{f`lq} aeqe 'Golj Bolj( Mgkle2 Boyè2 Fehe{}ke2 ela ]kljesoy`+( shp} qg` SYM(zgkmg syoapm`} gehd&{èyh{ aeqe( ela qg`}` z`y` ehhomeqà `t`lh{ i`qz``l qg` qzo upeyq`y},

Qg`}` `molofk`} emmoplq doy ot`y 73% od E}ke `w Nesel meskqeh kldhoz}, Kldhoz} qo@f`yjklj E}ke i`jel qo y`mot`y kl Nelpey{Feymg 933;( ela }qèakh{ klmyè}à qgyopjgOmqoi`yA`m`fi`y 933; i`doy` dehhklj odd ejekl, Qg`y` ze} e }kjlkdkmelq yk}` kl soyqdohkokldhoz} kl Esykh]`sq`fi`y 933;( qoqehklj !44 ikhhkol( mofseyà zkqg olh{ eiopq !0 ikhhkol klqg` Nelpey{Feymg upeyq`y, Qg`y` z`y` ikj }skb`} kl meskqeh kldhoz} kl qg` }`mola gehd od9353( zgkmg zkhh i` ak}mp}}à kl foy` a`qekh i`hoz,


14/20


59

Dkjpy` 0> @f`yjklj E}ke. Jyo}} Meskqeh Kldhoz}

Loq`> . SYM2 Golj Bolj( Mgkle2 Boyè2 Fehe{}ke2 ela ]kljesoy`


Kl qg` }ef` ze{ e} i`doy`( Qeih` 4 }goz} qg` a`t`hosf`lq od sykteq` dklelmkeh kldhoz} qoE}ke apyklj qg` s`ykoa} od U@5( U@9( ela qg` Lo U@ s`ykoa( qoj`qg`y zkqg qg` `}qkfeqà`wm`}} kldhoz} eqqykipqeih` qo U@ sohkm{, Qoqeh sykteq` dklelmkeh kldhoz} apyklj qg` U@5 s`ykoaz`y` emqpehh{ }kjlkdkmelqh{ hoz`y qgel kl qg` dohhozklj s`ykoa od Lo U@ '}goyqdehh od !01ikhhkol s`y upeyq`y+, Qgk} k} i`mep}` qg` `wm`}} soyqdohko kldhoz} apyklj qg` U@5 s`ykoa '!54

ikhhkol+ z`y` foy` qgel odd}`q i{ qg` molqklpà y`seqykeqkol od oqg`y sykteq` mhekf} '}goyqdehh od!:3 ikhhkol+,=

= Qg` }kjl} ey` y`t`y}à kl qgk} qeih` y`heqkt` qo Qeih`} =0( }klm` kq }goz} E}kel kldhoz} yeqg`y qgel P] opqdhoz},Kl qgk} me}`( e so}kqkt` }kjl doy qg` `wm`}} efoplq} kl mohpfl} '1+ ela '0+ ey` mol}k}q`lq zkqg el kfsemq od U@sohkm{,

Qgk} syoieih{ y`dh`mqà qg` }hoz`y y`mot`y{ od h`laklj emqktkq{( zgkmg aka loqy`qpyl qo so}kqkt` kldhoz} plqkh Nph{]`sq`fi`y 933;,

Aky`mq klt`}qf`lq Soyqdohko klt`}qf`lq Oqg`y e}}`q}


15/20


5=

Qeih` 4> Jyo}} Sykteq` Meskqeh Kldhoz}( DW Y`}`yt`} ela Fol`qey{ Ie}` kl @f`yjkljE}ke 'P]! ikhhkol.+

U@5 U@9.. Lo U@

Esy&Omq 3;Omq 53&Fey

55

Omq 3;&]`s

53U@5 U@9..

'5+ '9+ '=+ '1+ '0+Aky`mq klt`}qf`lq 1;,4 :=,1 :;,5 &9;,0 &0,7

Soyqdohko ==,3 57,0 5:,1 50,4 5,9Oqg`y sykteq` mhekf} &55,: 40,4 07,5 &4;,7 :,0

Qoqeh sykteq` dklelmkeh 95,= 71,5 :0,0 &01,9 7,:Qoqeh meskqeh 'klmh, aky`mq+ :3,; 50:,0 501,4 &7=,: 9,;

Mgelj` kl dw y`}`yt`} 90:,0 571,0 547,1 7;,5 54,5

Mgelj` kl fol`qey{ ie}` 09,: :1,9 01,; &9,9 5;,9

Akdd`y`lm`

Loq`}> .Upeyq`yh{ et`yej` yeq`, Fklp} }kjl klakmeq`} opqdhoz, ..Dky}q qzo upeyq`y} od U@9 s`ykoa, Qoqeh sykteq`dklelmkeh 6 soyqdohko " oqg`y sykteq` mhekf}, Qoqeh od SYM2 Golj Bolj( Mgkle2 Boyè2 Fehe{}ke2 ela ]kljesoy`,

]opym`> M@KM Aeqeie}` Mo, Etekheih` eq> gqqs>//zzz,m`km,mof 'emm`}}à 5; Epjp}q 9355+

Qg` U@9 s`ykoa }gozà olh{ e foa`}q `wm`}} od qoqeh sykteq` dklelmkeh mhekf} mofseyà

zkqg qg` lol&U@ s`ykoa od eiopq !; ikhhkol( zgkmg k} ehfo}q `lqky`h{ eqqykipqeih` qo oqg`ysykteq` mhekf}( feklh{ hoel}, Qgk} k} i`mep}`( e} }gozl kl Dkjpy` 1( oqg`y sykteq` kldhoz} klNph{]`sq`fi`y 9353( i`doy` U@9 i`jel( z`y` upkq` heyj`( eiopq qg` }ef` e} kl Omqoi`yA`m`fi`y 9353, Qgk} feklh{ y`dh`mq} t`y{ heyj` kldhoz} kl qg` SYM, ]klm` qg` SYM olh{y`soyq} iehelm` od se{f`lq} aeqe ol e gehd&{èyh{ ie}k}( kq k} kfso}}kih` qo bloz goz fpmgod qg` dhoz} ommpyyà i`doy` qg` U@9 s`ykoa }qeyqà ela goz fpmg mef` edq`y( }o z` get`}kfsh{ e}}pfà el ùpeh }shkq i`qz``l qg` qzo upeyq`y},

Mofseyklj qoqeh P] soyqdohko ela oqg`y dklelmkeh kldhoz} zkqg ot`yehh kldhoz} kl @f`yjkljE}kel soyqdohko }goz} qgeq qg`{ ey` gkjgh{ moyy`heqà, Dkjpy` 4 }goz} P] soyqdohko meskqehopqdhoz} '}kjl y`t`y}à+ ela @f`yjklj E}kel soyqdohko meskqeh kldhoz}, Qg` moyy`heqkol ot`yqg` s`ykoa 93359353 k} y`heqkt`h{ gkjg( eiopq 3,49( e}}pfklj e ol`&upeyq`y hej i`qz``l P]

opqdhoz} ela @f`yjklj E}kel kldhoz}, Qg` gkjg h`t`h od kldhoz} apyklj qg` U@5 s`ykoa kl933; fe{ fo}qh{ get` i``l e yèmqkol qo qg` sy`tkop} aozlqpyl( }o kq k} akddkmphq qo ka`lqkd{qg` klmy`f`lqeh `dd`mq od qg` U@5 sohkm{, Mofseyklj Qeih` 9 ela Qeih` 4 }goz} qgeq qg``}qkfeqà `wm`}} soyqdohko kldhoz} od @f`yjklj E}kel `molofk`} apyklj U@5 z`y` eiopq gehdod qg` qoqeh `}qkfeqà opqdhoz dyof qg` P]( ipq olh{ eiopq 53% od qg` qoqeh apyklj U@9,


16/20


51

Dkjpy` 4> Soyqdohko Klt`}qf`lq> P] Opqdhoz} ela E}kel Kldhoz}

P]! ikhhkol

&43

&03

&13

&=3

&93

&53

3

53

93

=3

13

03

43

9335 9339 933= 9331 9330 9334 933: 9337 933; 9353 9355

&573

&503

&593

&;3

&43

&=3

3

=3

43

;3

593

503

573

@f`yjklj E}ke Kldhoz} 'HG]+ P] Opqdhoz} 'YG]+

Loq`> E}kel kldhoz} ey` }pf od> SYM2 Golj Bolj( Mgkle2 Boyè2 Fehe{}ke2 ela ]kljesoy`,


Qg` seqq`yl doy oqg`y sykteq` mhekf} 'feklh{ hoel}+ k} }kfkhey '}`` Dkjpy` :+( zkqg @f`yjkljE}kel kldhoz} i`klj eiopq e qgkya od P] opqdhoz}, Qg` moyy`heqkol k} eh}o }kfkhey qo qgeq doysoyqdohko dhoz}( 3,07( e}}pfklj e ol`&upeyq`y hej, Goz`t`y( qg` seqq`yl od P] opqdhoz} kl9353 ze} }of`zgeq }fooqg`y qgel kl qg` me}` od soyqdohko dhoz}( }pjj`}qklj h`}} kldhp`lm`

od qg` U@ sohkmk`}, Foyòt`y( qg`y` k} e }qykbklj a`tkeqkol kl Nph{A`m`fi`y 9353( zg`lE}kel kldhoz} z`y` syosoyqkoleq`h{ fpmg heyj`y qgel qg` moyy`}solaklj P] opqdhoz}, Qgk}ze} ap` qo qg` eiot`&f`lqkolà plp}pehh{ heyj` dkjpy`} doy oqg`y e}}`q kldhoz} od qg` SYMapyklj qgeq s`ykoa, Qg`}` ey` `}qkfeqà qo get` i``l !;1 ikhhkol kl ioqg qg` qgkya ela dopyqgupeyq`y} od 9353, Qg`y`doy`( kq k} akddkmphq qo eqqykipq` qg` heyj` SYM kldhoz} qo qg` U@9 sohkm{,Mofseyklj Qeih`} 9 ela 4 }goz} qgeq U@5 gea lo kfsemq ol oqg`y sykteq` mhekf}( zgkh``wm`}} kldhoz} od sykteq` mhekf} apyklj U@9 efoplqà qo eiopq 59% od qg` qoqeh,


17/20


50

Dkjpy` :> Oqg`y Sykteq` Mhekf}> P] Opqdhoz} ela @f`yjklj E}ke Kldhoz}

P]! ikhhkol

&503

&533

&03

3

03

533

503

9335 9339 933= 9331 9330 9334 933: 9337 933; 9353 9355&103

&=33

&503

3

503

=33

103

@f`yjklj E}ke Kldhoz} 'HG]+ P] Opqdhoz} 'YG]+

@f`yjklj E}kel kldhoz} ey` }pf od> SYM2 Golj Bolj( Mgkle2 Boyè2 Fehe{}ke2 ela ]kljesoy`,


Kl }pffey{( apyklj U@5 P] sykteq` meskqeh opqdhoz} ey` `}qkfeqà qo get` }gozl el`wm`}} opqdhoz od eiopq !=9 ikhhkol s`y upeyq`y( oy eiopq 13% od qg` klmyè}` kl qg` P]fol`qey{ ie}` apyklj qgeq s`ykoa, Apyklj U@9( qg` moyy`}solaklj ei}ohpq` dkjpy` ze} foy`qgel qzkm` e} heyj` '!:1 ikhhkol+( ipq }of`zgeq }fehh`y e} e }gey` od qg` qoqeh klmyè}` kl qg`

fol`qey{ ie}` '=1%+, Apyklj qg` U@5 s`ykoa( @f`yjklj E}ke }gozà `wm`}} soyqdohkokldhoz} od !54 ikhhkol s`y upeyq`y( }of`zgeq h`}} qgel gehd od qoqeh P] `wm`}} soyqdohkoopqdhoz}( ipq qg`}` z`y` foy` qgel odd}`q i{ qg` molqklpklj a`mhkl` kl oqg`y sykteq` mhekf}(}o syoieih{ `w`yqà lo }kjlkdkmelq kfsemq ol hkupkakq{ molakqkol} kl E}ke, Apyklj qg` U@9s`ykoa( `wm`}} sykteq` dklelmkeh kldhoz} kl @f`yjklj E}ke efoplqà qo eiopq !; ikhhkol s`yupeyq`y( olh{ eiopq 59% od qg` qoqeh,

1, @DD@MQ OL @F@YJKLJ E]KE AOF@]QKM HKUPKAKQ[

Qg` l`wq k}}p` k} qo a`q`yfkl` qg` `dd`mq od qg`}` kldhoz} ol aof`}qkm hkupkakq{ molakqkol} kl@f`yjklj E}ke, Qg` dky}q }qej` doy qg`}` meskqeh dhoz} qo `lq`y @f`yjklj E}kel `molofk`} k}

el klmyè}` kl doy`kjl `wmgelj` y`}`yt`}, Kl Esykh]`sq`fi`y 933;( qg` qoqeh doy`kjl`wmgelj` y`}`yt`} od @f`yjklj E}ke `molofk`}1

Apyklj qg` dky}q qzo upeyq`y} od U@9 'Omqoi`y 9353Feymg 9355+( qoqeh doy`kjl `wmgelj`y`}`yt`} od qg`}` `molofk`} klmyè}à i{ eiopq !570 ikhhkol s`y upeyq`y '}`` Qeih` 4+, Klqgk} me}`( qg` `}qkfeqà `wm`}} klmyè}` ze} !54 ikhhkol( y`heqkt`h{ mho}` qo qg` `}qkfeq` od

npfsà i{ !907 ikhhkol s`y upeyq`y '}``Qeih` 4+( dey foy` qgel qg` klmyè}` kl qg` sy`tkop} qgy`` folqg} od np}q !50 ikhhkol, Ot`y43% od qg` klmyè}` qoob shem` kl qg` SYM( dohhozà i{ klmyè}`} od ;% kl Boyè ela 7% klGolj Bolj( Mgkle, Qg` `wm`}} klmyè}` apyklj U@5 y`heqkt` qo qg` ie}` s`ykoa ze} dekyh{heyj` eq !7; ikhhkol s`y upeyq`y, Goz`t`y( kq k} akddkmphq qo eqqykipq` qgk} klmyè}` qo qg` U@5sohkm{ aky`mqh{( }klm`( e} }gozl kl qg` sy`tkop} }`mqkol( lo `wm`}} meskqeh kldhoz} klqo@f`yjklj E}ke z`y` ka`lqkdkà apyklj qgk} s`ykoa,

1SYM2 Golj Bolj( Mgkle2 Klake2 Klaol`}ke2 Y`spihkm od Boyè2 Fehe{}ke2 Sgkhksskl`}2 ]kljesoy`2 Qeks`k(Mgkle2Qgekhela2 ela Tk`q Lef,


18/20


54

qg` `wm`}} qoqeh sykteq` dklelmkeh kldhoz od eiopq !; ikhhkol, Qgk} ao`} syotka` }of`moldkyfeqkol od opy f`qgoaohoj{, Goz`t`y( qg` b`{ soklq k} qgeq qg` `wm`}} efoplq k} dekyh{}fehh mofseyà zkqg qg` ot`yehh klmyè}` od doy`kjl `wmgelj` y`}`yt`} apyklj qg` s`ykoa,

Qeih` 4 eh}o }goz} qg` qoqeh klmyè}` kl qg` fol`qey{ ie}` 'kl P] aohhey q`yf}+ kl @f`yjkljE}ke apyklj qg` }ef` s`ykoa}( ela qg` `}qkfeqà `wm`}} klmyè}` y`heqkt` qo ie}` s`ykoa,

Qg`y` ze} lo `wm`}} klmyè}` apyklj U@5( zgkmg k} mol}k}q`lq zkqg qg` dklaklj od lo `wm`}}klmyè}` kl meskqeh kldhoz}( ehqgopjg loq zkqg qg` yk}` kl y`}`yt`}, Apyklj qg` U@9 s`ykoa( qg``wm`}} klmyè}` kl qg` fol`qey{ ie}` ze} !5; ikhhkol s`y upeyq`y( y`heqkt`h{ mho}` qo qg``wm`}} klmyè}` od doy`kjl `wmgelj` y`}`yt`} apyklj qg` s`ykoa, Qgk} }pjj`}q} qgeq qg`klmyè}` kl doy`kjl `wmgelj` y`}`yt`} ze} loq }q`ykhk~à, Goz`t`y( qg` b`{ soklq k} qgeq kq}gopha get` i``l dekyh{ è}{ doy qg` fol`qey{ epqgoykqk`} qo }q`ykhk~` el efoplq od qgeq }k~`'!54 ikhhkol s`y upeyq`y oy 5,9% od qg` qoqeh fol`qey{ ie}`+ kd qg`{ gea zk}gà qo ao }o( }klm`kq ze} y`heqkt`h{ }fehh mofseyà zkqg qg` ot`yehh klmyè}` kl doy`kjl `wmgelj` y`}`yt`},Qgp}( ol qg` zgoh`( qg` aky`mq kfsemq od qg` U@ sohkmk`} ol aof`}qkm hkupkakq{ kl @f`yjkljE}ke essèy} qo get` i``l foa`}q ela è}kh{ molqeklà i{ }q`ykhk~eqkol sohkm{,

0, KLQ@Y@]Q YEQ@ ELA MPYY@LM[ KFSEMQ]Qo i` }py`( qg`y` ey` oqg`y qyel}fk}}kol f`mgelk}f} od e U@ è}klj }gomb qo @f`yjkljE}kel `molofk`}( klmhpaklj mgelj`} kl klq`y`}q yeq`}( doy`kjl `wmgelj` yeq`}( }qomb sykm`}(ela myàkq }syèa}, E lpfi`y od }qpak`} get` `}qkfeqà qgeq qg` Dà} H]ES syojyefsp}gà aozl P] Qyè}py{ iola {k`ha} i{ e yelj` od =3is} qo 533is}( klmhpaklj Jejlol( `qeh, '9353+ ela AEfkmo ela Bklj '9353+, L``h{ '9353+ p}à e soyqdohko iehelm` foa`h eladopla qgeq qg` Dà} H]ES syoapmà e ;3% moldka`lm` klq`yteh od essyowkfeq`h{ 93 qo 5=1ie}k} soklq}a`s`laklj ol qg` ioladoy qg` mgelj` kl qg` `ws`mqà yèh 'kl P] jooa}+y`qpyl} qo qg` Meleakel( Iykqk}g( Nesel`}`( ela J`yfel 53&{èy iola klakm`}, P}klj e}kfsh` qzo&ae{ zklaoz( g` eh}o dopla qgeq qg` P] aohhey mpfpheqkt`h{ a`mhklà i{ =,4% qoehfo}q 53,7%a`s`laklj ol qg` mpyy`lm{ot`y qg` dkt` ae{} zkqg }kjlkdkmelq H]ES

spymge}` elloplm`f`lq}90 Lot`fi`y( 5 A`m`fi`y( 54 A`m`fi`y( 97 A`m`fi`y( ela57 Feymg`wefklà kl qg` }qpa{, Qg` p}` od qg` `t`lq zklaoz essyoemg k} yeqkolehk~à i{qg` e}}pfsqkol qgeq qg` }pysyk}` l`z} `fioakà kl qg`}` elloplm`f`lq} ze} yeskah{ak}moplqà i{ qg` feyb`q,

KFD '9355+ dkla} qgeq( doy el `molof{ zkqg et`yej` aky`mq dklelmkeh `wso}py` qo qg` P]'eiopq 54%+( e ol` }qelaeya a`tkeqkol plelqkmkseqà dehh kl qg` P] yèh klq`y`}q yeqèssyowkfeq`h{ ùpkteh`lq qo 0 ie}k} soklq}mep}`} e }qeqk}qkmehh{ }kjlkdkmelq eaakqkolehklmyè}` kl l`q kldhoz} kl qg` oya`y od 3,0 s`ym`lqej` soklq od jyo}} aof`}qkm syoapmq 'JAS+kl qg` dky}q upeyq`y, Qgk} klmyè}`} qo 5,90 s`ym`lqej` soklq} od JAS mpfpheqkt`h{ edq`y qzo{èy}, Goz`t`y( qg`}` klmyè}à dhoz} sy`}pfeih{ ey` ehyèa{ emmoplqà doy kl opyf`qgoaohoj{ a`}mykià kl qg` sy`tkop} }`mqkol},

Kd z` p}` qg` }ef` essyoemg e} kl L``h{ '9353+e qzo&ae{ `t`lq zklaoz doy èmg od qg`dkt` elloplm`f`lq ae{}doy fenoy a`t`hosklj E}ke mpyy`lmk`}( qgy`` mpyy`lmk`} }gozà}kjlkdkmelq mpfpheqkt` kfsemq}, Qg` Boyèl zol gea i{ dey qg` heyj`}q kfsemqe 53s`ym`lqej`&soklq mpfpheqkt` yk}`dohhozà i{ qg` ]kljesoy` aohhey '=,= s`ym`lqej` soklq}+ela qg` Klakel yps`` '9,5 s`ym`lqej` soklq}+, Qg` heyj` kfsemq doy qg` zol '}kfkhey qo qgeq doyqg` Nesel`}` {`l+ sy`}pfeih{ y`dh`mq} qg` os`ll`}} ela heyj`&}k~` od Boyèl dklelmkehfeyb`q}, Qg` hemb od }kjlkdkmelq y`}sol}`} od oqg`y E}kel mpyy`lmk`} apyklj qg` `t`lq zklaozs`ykoa syoieih{ y`dh`mq} e mofikleqkol od qg` `dd`mq} od doy`kjl `wmgelj` klq`yt`lqkol elameskqeh kldhoz y`}qykmqkol},

E }kfkhey eleh{}k} od holj`y&q`yf E}kel iola {k`ha} ':&{èy feqpykq{ kl fo}q me}`}+ ka`lqkdkàe }kjlkdkmelq kfsemq olh{ doy Klaol`}ke 'mpfpheqkt` a`mhkl` od =,1 s`ym`lqej` soklq}+, Kq k}

akddkmphq qo `wshekl zg{ olh{ Klaol`}kel iola} z`y` edd`mqà( ipq qgk} fe{ i` i`mep}`


19/20


5:

Klaol`}kel iola} ey` sosphey zkqg doy`kjl klt`}qoy} ap` qo qg`ky gkjg {k`ha} ela Klaol`}ke}y`heqkt`h{ os`l meskqeh emmoplq,

4, MOLMHP]KOL]

Fpmg molm`yl ge} i``l `wsy`}}à eiopq qg` soq`lqkeh kldheqkoley{ kfsemq} od qg` P] Dà`yehY`}`yt`} Heyj` ]meh` E}}`q Syojyef 'sospheyh{ y`d`yyà qo e} U@5 ela U@9+ ol hkupkakq{ela kldheqkol kl `f`yjklj E}kel `molofk`}, Kl qgk} ses`y z` get` eqq`fsqà qo upelqkd{ qgàky`mq ela klaky`mq kfsemq} od qg` y`}phqklj klmyè}` kl hkupkakq{ kl qg` P] ol P] meskqehopqdhoz}( @f`yjklj E}ke meskqeh kldhoz}( @f`yjklj E}ke aof`}qkm hkupkakq{( `wmgelj` yeq`}(ela iola feyb`q {k`ha}, Ol qg` zgoh`( z` dkla qgeq qg` hkb`h{ `wm`}} E}kel meskqeh kldhoz}eqqykipqeih` qo qg` U@ sohkm{ z`y` loq heyj`( ela è}kh{ ei}oyià i{ }q`ykhk~eqkol sohkmk`}( elaqgeq olh{ e d`z `molofk`} `ws`yk`lmà }kjlkdkmelq kfsemq} ol `wmgelj` yeq`} oy iola {k`ha},

Qg` P] fol`qey{ ie}` yo}` i{ !=:1 ikhhkol apyklj qg` U@5 s`ykoa ela i{ !47: ikhhkol kl qgÙ@9 s`ykoa 'qg` heqq`y ps !1== ikhhkol kl qg` dky}q qzo upeyq`y}+( yopjgh{ }kfkhey qo qg` klmyè}`kl opqykjgq gohaklj} od P] Qyè}pyk`} i{ qg` P] Dà`yeh Y`}`yt` apyklj qgo}` qzo s`ykoa},

Z` `}qkfeq` qgeq eiopq 13% od qg` klmyè}` kl qg` fol`qey{ ie}` kl qg` U@5 s`ykoa hèbàopq kl qg` doyf od klmyè}à jyo}} sykteq` meskqeh opqdhoz} 'eiopq !=9 ikhhkol s`y upeyq`y+ elaeiopq ol`&qgkya hèbà opq apyklj qg` dky}q qzo upeyq`y} od qg` U@9 s`ykoa 'eiopq !:1 ikhhkol+,Od qgk}( e aky`mq kfsemq od qg` Dà} upelqkqeqkt` è}klj sohkm{ ol @f`yjklj E}kel `molofk`}apyklj qg` U@5 s`ykoa ze} loq ka`lqkdkeih`( ipq el `wm`}} sykteq` dklelmkeh meskqeh kldhoz od !;ikhhkol s`y upeyq`y 'eiopq 59% od qg` qoqeh `wm`}} opqdhoz+ ze} `}qkfeqà doy qg` dky}q qzoupeyq`y} od qg` U@9 s`ykoa( zgkmg ze} y`heqkt`h{ mol}k}q`lq zkqg qg` `}qkfeqà efoplq} odqg` `wm`}} klmyè}`} kl doy`kjl `wmgelj` y`}`yt`} ela qg` fol`qey{ ie}` apyklj qgeqs`ykoa, Goz`t`y( qgk} efoplq k} }fehh mofseyà zkqg qg` ot`yehh klmyè}`} }``l kl qg`}`teykeih`} apyklj qg` s`ykoa ela zkqg qg` ot`yehh h`t`h od qg` fol`qey{ ie}` kl @f`yjklj E}ke(ela g`lm` ze} plhkb`h{ qo get` e }kjlkdkmelq kfsemq ol dklelmkeh feyb`q}( `molofkm emqktkq{(oy kldheqkol, Qg` fekl kfsemq} od hoz`y P] iola {k`ha} ol `wmgelj` yeq`} ela iola {k`ha}

essèy qo i` e }qyolj`y Boyèl zol ela hoz`y iola {k`ha} kl Klaol`}ke, Qg`y`doy`( kq }``f}qgeq molm`yl} eiopq qg` `dd`mq} od qg` P] Dà} U@ sohkmk`} ol jyozqg ela kldheqkol kl@f`yjklj E}ke get` i``l `wejj`yeqà,


20/20


57

Y@D@Y@LM@]

I`ylelb`( I, 9355, Q`}qkfol{> Qg` @molofkm Opqhoob ela Fol`qey{ ela Dk}meh Sohkm{, ;Dìypey{, Etekheih`

eq>gqqs>//zzz,dà`yehy`}`yt`,jot/l`z}`t`lq}/q`}qkfol{/i`ylelb`9355393;e,gqfAEfkmo( ], ela Q, Bklj, 9353, Dhoz ela ]qomb @dd`mq} od Heyj`&]meh` Qyè}py{ Spymge}`},

Dklelm` ela @molofkm} Ak}mp}}kol ]`yk`}, Ze}gkljqol( AM> Dà`yeh Y`}`yt` Ioeya,

Jejlol( N,( F, Ye}bkl( N, Y`femg`( ela I, ]emb, 9353, Heyj`&]meh` E}}`q Spymge}`} i{qg` Dà`yeh Y`}`yt`> Aka Qg`{ Zoyb? ]qedd Y`soyq Lo, 115, L`z [oyb> Dà`yehY`}`yt` Ielb od L`z [oyb,

Klq`yleqkoleh Fol`qey{ Dpla, 9355, Klq`yleqkoleh Meskqeh Dhoz}> Y`hkeih` oy Dkmbh`? Kl Zoyha@molofkm Opqhoob Esykh 9355, Ze}gkljqol( AM> Klq`yleqkoleh Fol`qey{ Dpla,

L``h{( N, 9353, Qg` Heyj`&]meh` E}}`q Spymge}`} Gea Heyj` Klq`yleqkoleh @dd`mq}, ZoybkljSes`y 9353&357M, ]q, Hopk}( FO> Dà`yeh Y`}`yt` Ielb od ]q, Hopk},

Y`pq`y}, 9353, Jhoieh @molof{Oiefe y`qpyl} dky` edq`y Mgkle }hef} Dà*} fot`, 57Lot`fi`y, Etekheih` eq>

gqqs>//zzz,y`pq`y},mof/eyqkmh`/9353/55/37/jhoieh&`molof{&kaP]QO@4E:34:93535537?sej`Lpfi`y69

Plkqà ]qeq`} Dà`yeh Y`}`yt`, 933;, Dà`yeh Os`l Feyb`q Moffkqq`` ]qeq`f`lq,Ze}gkljqol( AM> P] Dà`yeh Y`}`yt`, 57 Feymg, Etekheihèq>gqqs>//zzz,dà`yehy`}`yt`,jot/l`z}`t`lq}/sy`}}/fol`qey{/933;3=57e,gqf

&&&&&&&&&&&&&&, 9353, Dà`yeh Os`l Feyb`q Moffkqq`` ]qeq`f`lq, Ze}gkljqol( AM> P] Dà`yehY`}`yt`, = Lot`fi`y, Etekheih` eq>

gqqs>//zzz,dà`yehy`}`yt`,jot/l`z}`t`lq}/sy`}}/fol`qey{/9353553=e,gqf
http://www.federalreserve.gov/newsevents/testimony/bernanke20110209a.htmhttp://www.federalreserve.gov/newsevents/testimony/bernanke20110209a.htmhttp://www.federalreserve.gov/newsevents/testimony/bernanke20110209a.htmhttp://www.reuters.com/article/2010/11/08/global-economy-idUSTOE6A706720101108?pageNumber=2http://www.reuters.com/article/2010/11/08/global-economy-idUSTOE6A706720101108?pageNumber=2http://www.reuters.com/article/2010/11/08/global-economy-idUSTOE6A706720101108?pageNumber=2http://www.federalreserve.gov/newsevents/press/monetary/20090318a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090318a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090318a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20101103a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20101103a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20101103a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20090318a.htmhttp://www.reuters.com/article/2010/11/08/global-economy-idUSTOE6A706720101108?pageNumber=2http://www.reuters.com/article/2010/11/08/global-economy-idUSTOE6A706720101108?pageNumber=2http://www.federalreserve.gov/newsevents/testimony/bernanke20110209a.htm

Impact of US Quantitative Easing Policy on Emerging Asia

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