New Monetary Aggregates

8/4/2019 New Monetary Aggregates

1/12

Olr Egol}nvq Nbbvlbn}lt0 no Ao}vgm|d}ago]jl Rgviaob Bvg|x go Egolq T|xxkq0 Nonkq}adt nom El}jgmgkgbq gc Dgexakn}ago *Djnaveno0Mv/ Q/S/ Vlmmq!+ tl} |x }g lzneaol }jl nonkq}adnk ntxld}t gc }jl egol}nvq t|vslq+ t|fea}}lm a}t

vlxgv} ao @|ol >11:/ ]jl Rgviaob Bvg|x vldgeelomlm }jl dgexakn}ago gc dgexvljlotaslnonkq}adnk t|vslqt gc }jl Vltlvsl Fnoi gc Aoman+ dgeelvdank nom dg%gxlvn}asl fnoit nom }jlgvbnoatlm caonodank tld}gv n} vlb|knv ao}lvsnkt/ No ao}lv%mlxnv}elo}nk Dgvl Bvg|x rnt tl} |x }gaexklelo} }jl vldgeelomn}agot gc }jl Rgviaob Bvg|x/

]jl Rgviaob Bvg|x jnm vldgeelomlm }jn} }jl cgv}oabj}kq vl}|vot t|fea}}lm fq tdjlm|klmdgeelvdank fnoit |omlv Tld}ago =6*6! gc }jl Vltlvsl Fnoi gc Aoman Nd} tjg|km aodgvxgvn}l mn}ngo a! dnxa}nk nddg|o}t+ aa! }jl en}|va}q t}v|d}|vl gc tlkld} nttl}t nom kanfaka}alt+ aaa! }jl }g}nkvltg|vdl ckgr }g }jl dgeelvdank tld}gv aodk|maob aoslt}elo}t ao dnxa}nk nom egolq envil}aot}v|elo}t *ogo%nxxvgslm tld|va}alt! nom as! }jl ol} cgvlabo d|vvlodq nttl}t gc }jl fnoiaobtld}gv/ Tdjlm|klm dgeelvdank fnoit rlvl att|lm n davd|knv go N|b|t} 6=+ >11: aot}v|d}aob }jle}g cakl }jl lzxnomlm Tld}ago =6*6! vl}|vot ra}j lccld} cvge }jl vlxgv}aob cgv}oabj} lomlm Gd}gflv1+ >11:/ Ao salr gc }jl maccad|k}alt ao gf}naoaob mn}n cvge en`gv dn}lbgvalt gc dg%gxlvn}asl fnoitnom }jl }ael knbt ao }jlav vlxgv}aob+ }jl Rgviaob Bvg|x vldgeelomlm }jn} mn}n vlkn}aob }g a}letgc kanfaka}alt nom nttl}t }jn} jnsl n mavld} flnvaob cgv }jl egol}nvq t|vslq dg|km fl dgkkld}lm}jvg|bj n vlxvltlo}n}asl tnexkl gc en`gv dggxlvn}asl fnoit n} ego}jkq cvl~|lodq+ cgkkgrlm fq nxgx|kn}ago t|vslq/ Dva}adnk |vfno dg%gxlvn}asl fnoit *ra}j mlxgta}t gc Vt/6< dvgvl nom nfgsl!nom dlo}vnk dg%gxlvn}asl fnoit *ra}j mlxgta}t gc Vt/111%6888/ Jgrlslv+ }jl egol}nvq tlvalt xvltlo}kq ao sgb|l rg|kmollm }g fl dgo}ao|lm cgv tgel }ael cgv }jl x|vxgtl gc dgexnvnfaka}q/ Cgv dgosloalodl+ }jlxvgxgtlm egol}nvq nbbvlbn}lt rg|km fl vlclvvlm }g nt }jl olr tlvalt nom }jl xvltlo} golt+ }jlgkm tlvalt/

Tld}gvatn}ago gc }jl Ldgogeq cgv Egolq T|xxkq Dgexakn}ago

]jl xvltlo} egolq t|xxkq dgexakn}ago cgkkgrt }jl tld}gvatn}ago gc }jl cavt} Rgviaob Bvg|x goEgolq T|xxkq *>13>! rjadj masamlm }jl ldgogeq ao}g }jvll tld}gvt0 a! }jl fnoiaob tld}gv+ aa! }jlbgslvoelo} tld}gv nom aaa! }jl egolq jgkmaob ogo%bgslvoelo} dgeelvdank tld}gv dge% xvataobn! }jl vlt} gc }jl mgelt}ad tld}gv *aodk|maob x|fkad tld}gv |omlv}niaobt! nom f! }jl cgvlabo tld}gv

cgv }jl x|vxgtl dgexakn}ago/ ]jl Rgviaob Bvg|x gc E4 xvgxgtlm }g masaml }jl mgelt}adldgogeq ao}g cg|v lzdk|tasl tld}gvt+ sap/+ a! jg|tljgkmt+ aa! ogo%caonodank dgeelvdank tld}gv+ aaa!blolvnk bgslvoelo} nom as! caonodank dgvxgvn}agot nom ao}vgm|dlm }jl dgodlx} gc vltamlodq fqdnvsaob g|} n vlt} gc }jl rgvkm *VgR! tld}gv rjadj dno }vnotnd} ra}j noq gc }jl mgelt}ad tld}gvt/]jl caonodank dgvxgvn}agot tld}gv rg|km dgexvatl a! }jl fnoiaob tld}gv+ dgotat}aob gc }jl VFAnom }jl fnoiaob tqt}le ao Aoman nom aa! }jl g}jlv caonodank dgvxgvn}agot tld}gv *Djnv} A!/

]jl Dgodlx} gc Vltamlodq

]jl Rgviaob Bvg|x vldgeelomlm }jl dgexakn}ago gc egol}nvq nbbvlbn}lt go vltamlodq fntat aokaol ra}j }jl flt} ao}lvon}agonk xvnd}adlt/ Ogo%vltamlo} mlxgta} ckgrt vlkn}lm }g fnknodl gc


2/12

xnqelo}t dgotamlvn}agot rg|km og} dgot}a}|}l mgelt}ad mlenom cgv egolq nom nvl }jlvlcgvl+ og}}g fl aodk|mlm ao egolq t|xxkq/ Nddgvmaobkq+ dnxa}nk ckgrt ao }jl cgve gc ogo%vltamlo}vlxn}vanfkl cgvlabo d|vvlodq cazlm kanfaka}alt ra}j }jl fnoiaob tqt}le ao Aoman t|dj nt }jl

fnknodlt |omlv }jl Cgvlabo D|vvlodq Ogo%Vltamlo} Vlxn}vanfkl *Fnoit! *CDOVF! Tdjlel nomVlt|vblo} Aoman Fgomt *VAFt! rg|km og} fl mavld}kq vldigolm ao egolq t|xxkq/

Olr Egol}nvq Nbbvlbn}lt

]jl Rgviaob Bvg|x vldgeelomlm dgexakn}ago gc cg|v egol}nvq nbbvlbn}lt go }jl fntat gc }jlfnknodl tjll} gc }jl fnoiaob tld}gv ao dgocgvea}q ra}j }jl ogvet gc xvgbvlttasl ka~|ama}q0

E8*egol}nvq fntl!+ E> *onvvgr egolq!+ E6 nom E4 *fvgnm egolq! *Fgz A!/

Vltlvsl Egolq *E8!

]jl mlcaoa}ago gc vltlvsl egolq nom a}t dgexgolo}t rg|km vlenao |onk}lvlm/ Go }jl tg|vdlttaml+ jgrlslv+ }jl VFA"t vlcaonodl }g }jl On}agonk Fnoi cgv Nbvad|k}|vl nom V|vnk Mlslkgxelo}*ONFNVM!+ rjadj rnt ja}jlv}g xnv} gc VFA"t dknaet go fnoit *nt a} vlxvltlo}t go%klomaob }gfnoit!+ rg|km fl dknttacalm nt xnv} gc VFA dvlma} }g dgeelvdank tld}gv *nt a} at no nmsnodl }g }jlg}jlv caonodank dgvxgvn}agot tld}gv!/ C|v}jlv+ }jl Vltlvsl Fnoi"t ol} ogo%egol}nvq kanfaka}altrg|km fl mldgexgtlm ao}g dnxa}nk nddg|o}+ dgexvataob dnxa}nk nom vltlvslt+ nom g}jlv a}let*ol}!/

Onvvgr Egolq *E>!

]jlvl rg|km fl og djnobl ao }jl mlcaoa}ago gc E>/

Fgz A 0 Olr Egol}nvq Nbbvlbn}lt

Rllikq Dgexakn}ago


3/12

E8 5 D|vvlodq ao Davd|kn}ago ) Fnoilvt" Mlxgta}t ra}j }jl VFA ) "G}jlv" Mlxgta}tra}j }jl VFA

Cgv}oabj}kq Dgexakn}ago

E> 5 D|vvlodq ra}j }jl X|fkad ) Mlenom Mlxgta}t ra}j }jl Fnoiaob Tqt}le) "G}jlv" Mlxgta}t ra}j }jl VFA

5 D|vvlodq ra}j }jl X|fkad ) D|vvlo} Mlxgta}t ra}j }jl Fnoiaob Tqt}le) Mlenom Kanfaka}alt Xgv}ago gc Tnsaobt Mlxgta}t ra}j }jl Fnoiaob Tqt}le) "G}jlv" Mlxgta}t ra}j }jl VFA

E6 5 E> ) ]ael Kanfaka}alt Xgv}ago gc Tnsaobt Mlxgta}t ra}j }jl Fnoiaob Tqt}le) Dlv}acadn}lt gc Mlxgta} att|lm fq Fnoit ) ]lve Mlxgta}t gc vltamlo}t ra}j

n dgo}vnd}|nk en}|va}q gc |x }g nom aodk|maob gol qlnv ra}j }jl FnoiaobTqt}le *lzdk|maob DMt!

5 D|vvlodq ra}j }jl X|fkad ) D|vvlo} Mlxgta}t ra}j }jl Fnoiaob Tqt}le) Tnsaobt Mlxgta}t ra}j }jl Fnoiaob Tqt}le ) Dlv}acadn}lt gc Mlxgta} att|lmfq Fnoit ) ]lve Mlxgta}t gc vltamlo}t ra}j n dgo}vnd}|nk en}|va}q |x }gnom aodk|maob gol qlnv ra}j }jl Fnoiaob Tqt}le *lzdk|maob DMt! ) "G}jlv"Mlxgta}t ra}j }jl VFA

E4 5 E6 ) ]lve Mlxgta}t gc vltamlo}t ra}j n dgo}vnd}|nk en}|va}q gc gslv golqlnv ra}j }jl Fnoiaob Tqt}le ) Dnkk']lve fgvvgraobt cvge "Ogo%mlxgta}gvq"

Caonodank Dgvxgvn}agot fq }jl Fnoiaob Tqt}le

]jl xvgxgtlm Ao}lvelman}l Egol}nvq Nbbvlbn}l *OE6!

]jl Rgviaob Bvg|x xvgxgtlm n olr ao}lvelman}l egol}nvq nbbvlbn}l+ }g fl vlclvvlm }g nt OE6+dgexvataob d|vvlodq nom vltamlo}t" tjgv}%}lve fnoi mlxgta}t rjadj rg|km t}nom ao fl}rlloonvvgr egolq *E>! *rjadj aodk|mlt gokq }jl ogo%ao}lvlt} flnvaob egol}nvq kanfaka}alt gc }jlfnoiaob tld}gv! nom fvgnm egolq *E4! *no nkk lodgexnttaob elnt|vl }jn} aodk|mlt kgob%}lve}ael mlxgta}t!/ ]jl vldgeelomn}ago aexkalm }jl xnv}a}ago gc }jl en}|va}q t}v|d}|vl gc fnoimlxgta}t ao}g tjgv}%}lve nom kgob%}lve }ael mlxgta}t n} gol qlnv gc dgo}vnd}|nk en}|va}q ao gvmlv}g lkada} aocgven}ago nfg|} mlxgta}gvt" xvlclvlodlt ao jgkmaob egolq ao snvag|t mlbvllt gcka~|ama}q/

Mn}n go }jl en}|va}q t}v|d}|vl gc }ael mlxgta}t xnv}a}agolm n} }jl dgo}vnd}|nk en}|va}q gc gol qlnvnvl og} vlnmakq nsnaknfkl ra}j fnoit/ Dgkkld}ago gc t|dj aocgven}ago jnt vl~|avlm }jl fnoit }g tl}|x n vlxgv}aob tqt}le cgv }jl x|vxgtl n} }jl fvnodj%klslk/ ]jl mn}n vldlaslm nvl olr nom rg|kmjnsl }g fl gslv }ael t|f`ld}lm }g }lt}t gc vgf|t}oltt nom t}nfaka}q/ Cgv }jl xvltlo}+ }jlvlcgvl+ t|djmn}n jnm }g fl lt}aen}lm fntlm go }jl vlxgv}aob fq n vlxvltlo}n}asl tnexkl gc knvbl x|fkad tld}gvfnoit/ ]jl xvgxgv}ago gc tjgv}%}lve }ael mlxgta}t *ra}j n dgo}vnd}|nk en}|va}q gc |x }g nomaodk|maob gol qlnv! ao }g}nk }ael mlxgta}t cgv }jl tnexkl fnoit rgvilm g|} }g nfg|} =


4/12

Xlomaob }jl dlot|t mn}n+ }jat vn}ag jnt fllo nxxkalm }g }jl nbbvlbn}l }ael mlxgta}t gc }jl fnoiaobtqt}le }g gf}nao lt}aen}lt gc OE6/

Fvgnm Egolq *OE4!

]jl olr fvgnm egolq nbbvlbn}l *vlclvvlm }g jlvl nt OE4 cgv x|vxgtl gc dknva}q! ao }jl Egol}nvqT|vslq rg|km dgexvatl ao nmma}ago }g OE6+ kgob%}lve mlxgta}t gc vltamlo}t nt rlkk nt dnkk' }lvefgvvgraobt cvge ogo%fnoi tg|vdlt rjadj jnsl lelvblm nt no aexgv}no} tg|vdl gc vltg|vdlegfakatn}ago cgv fnoit/ ]jl dva}adnk macclvlodl fl}rllo E4 nom OE4+ lttlo}ankkq+ kalt ao }jl}vln}elo} gc ogo%vltamlo} vlxn}vanfkl cazlm cgvlabo d|vvlodq kanfaka}alt gc }jl fnoiaob tqt}le ao}jl egolq t|xxkq dgexakn}ago/ ]jl macclvlodl graob }g fnoit" dnkk'}lve fgvvgraobt cvge ogo%fnoi tg|vdlt at+ n} xvltlo}+ olbkabafkl go vlxgv}aob Cvamnqt nt t|dj kanfaka}alt nvl c|kkq t|f`ld} }gvltlvsl vl~|avlelo}t/ ]jl maslvblodl fl}rllo }jl lt}aen}lt gc E4 nom OE4 rg|km+ }jlvl% cgvl+lttlo}ankkq mlxlom go }jl enboa}|ml gc }jl ogo%vltamlo} aockgrt }g }jl fnoiaob tqt}le ao Aoman/

]nfkl A xvgsamlt mn}n go olr egol}nvq nbbvlbn}lt nkgob ra}j }jl xvltlo} nbbvlbn}lt cgvdgexnvatgo x|vxgtlt cgv Envdj%lom gc }jl knt} }jvll qlnvt/ ]jl macclvlodl fl}rllo }jl bvgr}jvn}lt gc E4 nom OE4 snvq ra}jao n vnobl gc 8/> }g >/2 xlvdlo% }nbl xgao}t go n xgao}%}g%xgao}caonodank qlnv fntat/ ]jl macclvlodl at egvl gv kltt }jl tnel rjlo ego}jkq mn}n nvl nslvnblm cgv}jl tnel xlvagm+ sap/+ 8/4 }g >/3 xlvdlo}nbl xgao}t *]nfkl AA!/

]jl Rgviaob Bvg|x dknttacalm }jl kanfaka}alt gc }jl fnoiaob tqt}le ao Aoman }g g}jlvt fvgnmkq ao}lvet gc a! mlenom kanfaka}alt+ aa! }ael kanfaka}alt nom aaa! g}jlv mlenom nom }ael kanfaka}alt*GM]K! ao kaol ra}j }jl lzat}aob xvnd}adl/ Gc }jltl kanfaka}alt+ mlenom nom }ael mlxgta}t nvlaodk|mlm ao egolq t|xxkq nt }jl egol}nvq kanfaka}alt gc }jl fnoiaob tld}gv/ ]jl fnknodlt |omlvGM]K nvl lttlo}ankkq ogo%mlxgta} kanfaka}alt+ rjadj }gbl}jlv ra}j fnknodlt |omlv t|dj kanfaka}alt

nt xnam%|x dnxa}nk nom vltlvslt dgot}a}|}l }jl ol} ogo%egol}nvq kanfaka}alt *OOEK! gc }jlfnoiaob tld}gv/ Gol gc }jl aexgv}no} a}let nxxlnvaob |omlv GM]K at }jl Xlotago nom Xvgsamlo}C|omt gc }jl fnoiaob tqt}le+ rjlvlslv t|dj c|omt nvl og} enonblm fq tlxnvn}l lo}a}alt nom+ nt nvlt|k}+ vlckld}lm ao }jl fnknodl tjll} gc }jl fnoit/ Xlotago nom Xvgsamlo} C|omt nvl lttlo}ankkq nxgv}cgkag gc nttl}t dvln}lm }g xvgsaml gkm nbl nom vl}avlelo} flolca}t nom nvl+ }jlvlcgvl+ }vln}lm ntmacclvlo} cvge mlxgta}t+ ao kaol ra}j ao}lvon}agonk xvnd}adlt/

]NFKL A 0 XVLTLO] NOM OLR EGOL]NVQ NBBVLBN]LT

*V|xllt dvgvl!

Envdj 4> Gkm Tlvalt Olr Tlvalt

Vltlvsl E> E4 E85VE OE>5E> OE6- OE4Egolq *VE!

>112 >+11+1:< 6+=8+3>< 2+8>+:=: >+11+1:< 6+=8+3>< =++11: 6+63+=86 6+32+:== :+6:+633>111 6+ 4+8:+4>< 1+:8+4:6 6+ 4+81+46:


5/12

tjgv}%}lve }ael mlxgta}t ao }g}nk vltamlo}t" }ael mlxgta}t cgv tlkld} on}agonkatlm fnoit rjadjt}ggm n} nfg|} =111/ Ao dntl gc Envdj >112+ }jl lt}aen}l gc}jl Rgviaob Bvg|x vlxgv} jnt fllo vl}naolm/

$ ]jl macclvlodl at graob }g macclvlo} dg%gxlvn}asl lt}aen}ago el}jgmt nt vldgeelomlm fq}jl Rgviaob Bvg|x/

]NFKL AA0 E4 NOM OE4 BVGR]J VN]LT

Qlnv OE4 E4*Olr Tlvalt! *Gkm Tlvalt!

Snvan}ago

Nftgk|}l Xlv dlo} Nftgk|}l Xlv dlo}

> 6 4 = 114%1= 0 Envdj%lom 3=+361 >2/2 32+:/=

0 Ego}jkq Nslvnbl >11=%1< 0 Envdj%lom 18+/6 12+8>1 66/4

0 Ego}jkq Nslvnbl >:/= >1/:>11+1:8 >6/8 26+ >4/2

0 Ego}jkq Nslvnbl >=/= >113%12 0 Envdj%lom :1+1>= > >3/6

0 Ego}jkq Nslvnbl >3/4>112%1: 0 Envdj%lom >+>1+>64 >2/: >+63+=81 >:/8

0 Ego}jkq Nslvnbl >3/3 >2/8>11:%11 0 Envdj%lom >+43+43= >2/4 >+6< >:/=

0 Ego}jkq Nslvnbl >:/8 >1/>Nslvnbl 0 Envdj%lom >3/1 >2/:

0 Ego}jkq Nslvnbl >3/4 >2/4

Mn}n nvl xvgsatagonk/

Aodk|mlt Xlotago nom Xvgsamlo} C|omt *XC! ra}j fnoit/

Dvlma} Nbbvlbn}lt

Fnoi dvlma} }g }jl dgeelvdank tld}gv dgexvatlt }jl VFA dvlma} }g }jl dgeelvdank tld}gv nom }jldvlma} cvge }jl fnoiaob tqt}le }g }jl dgeelvdank tld}gv/ Nt cnv nt }jl VFA dvlma} }g }jldgeelvdank tld}gv at dgodlvolm+ }jl gokq djnobl xvgxgtlm fq }jl Rgviaob Bvg|x at }jlaodk|tago gc VFA"t kgnot nom nmsnodlt }g ONFNVM/ ]jl fnoiaob tqt}le"t dvlma} }g }jldgeelvdank tld}gv rg|km dgexvatl nddgeegmn}ago ao }jl cgve gc a! kgnot+ dntj dvlma} nomgslvmvnc}t ao fg}j v|xllt nt rlkk nt ao cgvlabo d|vvlodq+ aa! aoknom nom cgvlabo fakkt x|vdjntlmnom matdg|o}lm *rjadj }gbl}jlv dgot}a}|}l rjn} at dgeegokq iogro nt fnoi dvlma}!+ aaa!aoslt}elo} ao nkk tld|va}alt g}jlv }jno bgslvoelo} tld|va}alt nom as! ol} klomaob }g xvaenvqmlnklvt *XMt!/


6/12

Ao vldlo} qlnvt+ fnoit jnsl fllo aodvlntaobkq aoslt}aob ao ogo%TKV tld|va}alt ra}j }jlkaflvnkatn}ago gc vlt}vad}agot go }jlav xgv}cgkag enonblelo}/ ]jl Vltlvsl Fnoi jnt fllox|fkatjaob mn}n go fnoit" aoslt}elo}t ao Dgeelvdank Xnxlv *DX!+ tjnvlt+ fgomt nom mlflo}|vlt

att|lm fq }jl x|fkad nom }jl xvasn}l dgvxgvn}l tld}gvt *lzdk|maob x|fkad caonodank aot}a}|}agot nome|}|nk c|omt!/ ]jl Rgviaob Bvg|x vldgeelomlm }jn} fnoit" "g}jlv aoslt}elo}t ao tld|va}alt"+a/l/+ tld|va}alt og} vldigolm cgv }jl enao}lonodl gc t}n}|}gvq ka~|ama}q vn}ag *TKV!+ t|dj nt DX+|oa}t gc \]A nom g}jlv e|}|nk c|omt+ nom tjnvlt' mlflo}|vlt'fgomt gc }jl x|fkad nom xvasn}l ogo%fnoi tld}gv *aodk|maob x|fkad caonodank aot}a}|}agot nom e|}|nk c|omt! tjg|km fl aodk|mlm ao fnoidvlma} }g }jl dgeelvdank tld}gv/ Aoslt}elo}t ao l~|a}q nom mlf} xnxlv att|lm fq x|fkad caonodankaot}a}|}agot nom e|}|nk c|omt vlxvltlo} ckgrt }g }jl ogo%fnoi g}jlv caonodank dgvxgvn}agot tld}gv+*a/l/+ nvln M ao Djnv} A!+ rjakl }jl aoslt}elo}t ao taeaknv aot}v|elo}t att|lm fq }jl x|fkad nom }jlxvasn}l dgvxgvn}l tld}gv *lzdk|maob x|fkad caonodank aot}a}|}agot nom e|}|nk c|omt! lttlo}ankkqvlxvltlo} ckgrt }g }jl ogo%caonodank dgeelvdank tld}gv *a/l/+ nvln C ao Djnv} A! *]nfkl AAA!/

Fnoit" ol} klomaob }g XMt at xvltlo}kq dknttacalm nt xnv} gc ol} ao}lv%fnoi nttl}t nt XMt nvlog}acalm nt xnv} gc }jl fnoiaob tqt}le ao Aoman/ Jgrlslv+ nt }jl Rgviaob Bvg|x jnt }vln}lm XMtnt xnv} gc }jl g}jlv caonodank dgvxgvn}agot tld}gv+ fnoit" ol} klomaobt }g XMt rg|km fl xnv} gcfnoi dvlma} }g dgeelvdank tld}gv/

]NFKL AAA0 TDJLM\KLM DGEELVDANK FNOIT" G]JLV AOSLT]ELO]T

*Vt/ dvgvl!

Aot}v|elo} G|}t}nomaob nt goEnvdj 63+ >111

> 6

A/ Dgeelvdank Xnxlv =+:46AA/ \oa}t gc \oa} ]v|t} gc Aoman nom

E|}|nk C|omt 4+64+61:AAA/6 Xvasn}l Dgvxgvn}l Tld}gv 4+814AAA/4 X|fkad Caonodank Aot}a}|}agot >+82=AS/ Fgomt'Mlflo}|vlt att|lm fq X|fkad Tld}gv \omlv}niaobt 66+=1+=22]g}nk G}jlv Aoslt}elo}t 2>+88=Eleg A}le0

Aoslt}elo}t ao Tjnvlt'Fgomt'Mlflo}|vltgc }jl X|fkad nom Xvasn}l Dgvxgvn}l Tld}gv =6+4:3

Ol} Cgvlabo Nttl}t gc }jl Fnoiaob Tld}gv

Ol} Cgvlabo Nttl}t *OCN! gc }jl fnoiaob tld}gv dgexvatl }jl ol} cgvlabo lzdjnobl nttl}t gc }jlVltlvsl Fnoi gc Aoman nom }jl ol} cgvlabo d|vvlodq nttl}t gc }jl fnoiaob tqt}le ao Aoman/ ]jlRgviaob Bvg|x vldgeelomlm }jn} }jl ol} cgvlabo d|vvlodq nttl}t gc }jl fnoiaob tqt}le ao Aoman


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tjg|km fl dgex|}lm nt }jl fnoit" bvgtt cgvlabo d|vvlodq nttl}t ol} gc }jlav a! gslvtlnt cgvlabod|vvlodq fgvvgraobt nom aa! ogovltamlo} vlxn}vanfkl cgvlabo d|vvlodq cazlm kanfaka}alt ra}j }jlfnoiaob tqt}le ao Aoman t|dj nt+ }jl fnknodlt |omlv }jl Cgvlabo D|vvlodq Ogo%Vltamlo}

Vlxn}vanfkl *Fnoit! *CDOVF! Tdjlel nom Vlt|vblo} Aoman Fgomt *VAFt!/ ]jl mn}n vldlaslmcvge }jl dgeelvdank fnoit ao }jat vlbnvm tjgr }jn} }jlav cgvlabo d|vvlodq nttl}t nvl egvl gv kltten}djlm fq }jlav cgvlabo d|vvlodq kanfaka}alt *nm`|t}lm cgv VAFt rjadj nvl cgvlabo d|vvlodqkanfaka}alt gc }jl T}n}l Fnoi gc Aoman nom }g }jl lz}lo} gc }jl trnxxlm xgv}ago+ cgvlabo d|vvlodqnttl}t gc }jl VFA!/

Dnxa}nk Nddg|o}

Ol} ogo%egol}nvq kanfaka}alt *OOEK! gc }jl fnoiaob tld}gv xvltlo}kq aodk|ml a! dnxa}nk nomvltlvslt+ aa! vlsnk|n}ago go nddg|o} gc xvadl nom lzdjnobl vn}l djnoblt+ aaa! ol} ao}lv%fnoikanfaka}alt+ as! g}jlv ogo%mlxgta} tg|vdlt aodk|maob dnkk egolq fgvvgraobt cvge ogo%fnoi xnv}alt

nom s! g}jlv ol} kanfaka}alt t|dj nt+ ol} fvnodj nm`|t}elo}t nom g}jlv t|omvq a}let/ ]jl RgviaobBvg|x"t xvgxgtnk }g vlxkndl }jl d|vvlo} dgodlx} gc OOEK ao }jl egol}nvq t|vslq+ ra}j a! dnxa}nknddg|o}t dgexvataob dnxa}nk nom vltlvslt nom *aa! }jl fnknodaob a}le gc g}jlv a}let *ol}! atlttlo}ankkq }g fl ao dgocgvea}q ra}j }jl ao}lvon}agonk xvnd}adlt/ ]jl tg|vdlt *nttl}t! taml dno flc|od}agonkkq mlxad}lm fq a! mgelt}ad dvlma} dgexvataob n! ol} dvlma} }g }jl bgslvoelo} nom f!dvlma} }g dgeelvdank tld}gv+ aa! ol} cgvlabo nttl}t *OCN!+ aaa! bgslvoelo}"t d|vvlodq kanfaka}alt }g}jl x|fkad+ as! dnxa}nk nddg|o} nom s! g}jlv a}let *ol}!/

]jl ol} ogo%egol}nvq kanfaka}alt gc g}jlv fnoit *lzdk|maob }jl VFA! jnsl }j|t cnv fllo dgex|}lmnt n vltam|nk fnknodaob }jl tg|vdlt nom dgexgolo}t gc egolq t}gdi/ Taodl }jl Rgviaob Bvg|xjnt vldgeelomlm }jl aodk|tago gc mn}n go fnoit" dnxa}nk nom vltlvslt+ rjadj dgexvatl }jl

dnxa}nk nddg|o}+ }jl gokq fnknodaob a}le ao }jl OE4 dgexakn}ago rg|km fl &g}jlv a}let *ol}!&/]jl kaoi fl}rllo }jl gkm vltam|nk a}le gc ol} ogo%egol}nvq kanfaka}alt gc g}jlv fnoit nom g}jlva}let *ol}! gc }jl fnoiaob tqt}le ao Aoman at tjgro ao Fgz AA/

Fntlm go }jl nfgsl el}jgmgkgbq nom nsnaknfaka}q gc mn}n cvge fnoit+ }jl lt}aen}lt gc }jl olregol}nvq nbbvlbn}lt % fg}j cvge }jl dgexgolo}t nom tg|vdlt tamlt % nvl xvltlo}lm ao T}n}lelo}tA+ AAA nom AS/ T}n}lelo} AA xvltlo}t n kaoi tlvalt ao vltxld} gc }jl OE4 nbbvlbn}l/

]jat nv}adkl at xvlxnvlm lttlo}ankkq }g ao}vgm|dl }jl olr egol}nvq nbbvlbn}lt nom }g xvgsaml }jlel}jgmgkgbq nom nonkq}adnk fntat cgv }jl olr egol}nvq nbbvlbn}lt/ Noq dgeelo}t go }jatnv}adkl nom t|bblt}agot cgv aexvgsaob }jl xvltlo}n}agonk nom el}jgmgkgbadnk att|lt vlkn}aob }g }jlolr egol}nvq nbbvlbn}lt rg|km fl rlkdgel/

Fgz AA 0 Kaoi fl}rllo }jl OOEK gc G}jlv Fnoit nom G}jlv A}let *ol}! gc }jl Fnoiaob

Tqt}le

OOEK gc G}jlv 5 Ol} Fnoi Dvlma} }g Bgslvoelo} ) Fnoi Dvlma} }g DgeelvdankFnoit *vltam|nk Tld}gv ) OCN gc }jl Fnoiaob Tld}gv *5VFA"t OCN )nt xlv xvltlo} N|}jgvatlm Mlnklvt" Fnknodlt! ) Bgslvoelo}"t D|vvlodqxvnd}adl! Kanfaka}alt ra}j }jl


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X|fkad % VFA"t OOEK % E4

G}jlv A}let 5 Ol} Fnoi Dvlma} }g Bgslvoelo} ) Fnoi Dvlma} }g Dgeelvdank

*ol}! gc }jl Tld}gv *Olr! *5 Fnoi Dvlma} }g }jl Dgeelvdank Tld}gv *gkm! )Fnoiaob VFA"t Kgnot nom Nmsnodlt }g ONFNVM ) G}jlv Aoslt}elo}tTqt}le *ao ogo%TKV tld|va}alt! ) Ol} Dvlma} }g Xvaenvq Mlnklvt! )*vltam|nk nt OCN gc }jl Fnoiaob Tld}gv *5 VFA"t OCN ) Cgvlabo D|vvlodqvldgeelomlm! Nttl}t gc }jl Fnoiaob Tqt}le % CDOVF Mlxgta}t % VAFt %

Gslvtlnt Fgvvgraobt fq }jl Fnoiaob Tqt}le! ) Bgslvoelo}"tD|vvlodq Kanfaka}alt ra}j }jl X|fkad % Dnxa}nk Nddg|o} y5 VFA"tDnxa}nk Nddg|o} ) Dnxa}nk Nddg|o} gc }jl fnoiaob Tqt}le %VFA"t G}jlv A}let *ol}!u % OE4 *5E4 % CDOVF Mlxgta}t% VAFt) G}jlv Fgvvgraobt cvge ogo%fnoi tg|vdlt % Fnoit" Xlotagonom Xvgsamlo} C|om nddg|o}t!

5 OOEK gc G}jlv Fnoit ) VFA"t Kgnot nom Nmsnodlt }gONFNVM ) "G}jlv" Aoslt}elo}t ) Ol} Dvlma} }g XvaenvqMlnklvt ) Cgvlabo D|vvlodq Nttl}t gc }jl Fnoiaob Tqt}le %N|}jgvatlm Mlnklvt" fnknodlt % Gslvtlnt Fgvvgraobt fq }jlFnoiaob Tqt}le % Dnxa}nk Nddg|o} gc }jl Fnoiaob Tqt}le %G}jlv Fgvvgraobt cvge ogo%fnoi tg|vdlt ) Fnoit" Xlotagonom Xvgsamlo} C|om nddg|o}t *taodl+ VFA"t Dnxa}nk Nddg|o}) VFA"t G}jlv A}let *ol}! 5 VFA"t OOEK!/

Xvlxnvlm ao }jl Masatago gc Egolq nom Fnoiaob gc }jl Mlxnv}elo} gc Ldgogead

Nonkqtat nom Xgkadq/

T}n}lelo} A 0 Egol}nvq T|vslq

*V|xllt dvgvl!G|}t}nomaob nt go

A}le Envdj 4>+ Nxvak 1+ Nxvak 64+ Enq 2+ Enq 6>+ @|ol =+ @|ol >:+>111 >111 >111 >111 >111 >111 >111

> 6 4 = < 3 2 :

Egol}nvq Nbbvlbn}lt

E> *D/A ) D/AA/> ) D/AAA! 4+81+46: 4+>4+:>3 4+>4+1>4 4+>8+2:2 4+81+12< 4+>>+6=6OE6 *E>)D/AA/6/>! 2 >+:+221 >+6>+81:D/AA/6 ]ael Mlxgta}t gc Vltamlo}t 3+>=>

*D/AA/6/>)D/AA/6/6!D/AA/6/> Tjgv}%}lve ]ael Mlxgta}t 6+2>+D/AA/6/>/>Dlv}acadn}lt gc Mlxgta} *DMt! +228 6+


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T/A Mgelt}ad Dvlma} *T/A/>)T/A/6! 1+2=+2=6 1+32+=82 1+1>+813 >8+88+81+12> >8+>4+==3

T/A/> Ol} Fnoi Dvlma} }g }jl Bgslvoelo} 4+::+=8= 4+13+:3> =+8>+1>6 =+8:+8+48: =+>=+3:4*T/A/>/>)T/A/>/6!

T/A/>/> Ol} VFA dvlma} }g }jl Bgslvoelo} >+


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Tlx}leflv =/2 >=/=Mldleflv 3+==: =8= >4/8 >=/4/2Nslvnbl >=/= >22 dvgvl! mlvaslm cvge }jl kaoiaob cgve|kn at go nddg|o} gc }jl macclvlodl ao }jl OE4 djnoblt ao dg%

gxlvn}asl lt}aen}ago xvgdlm|vlt nt vldgeelomlm fq }jl Rgviaob Bvg|x/

Og}l0 >/ Mn}n nvl xvgsatagonk/6/ Egol}nvq nbbvlbn}lt nt n} lom%Envdj aodgvxgvn}l mn}n go a! tdjlm|klm dgeelvdank fnoit vlkn}aob }g }jl knt} vlxgv}aob Cvamnq nom aa!

}jl Vltlvsl Fnoi vlkn}aob }g }jl knt} rgviaob mnq gc }jl catdnk qlnv/


11/12

T}n}lelo} AAA 0 Vltlvsl Fnoi gc Aoman T|vslq

*V|xllt dvgvl!

G|}t}nomaob nt go

A}le Envdj 4>+ Nxvak 1+ Nxvak 64+ Enq 2+ Enq 6>+ @|ol =+ @|ol >:+>111 >111 >111 >111 >111 >111 >111

> 6 4 = < 3 2 :

Dgexgolo}t

D/A D|vvlodq ao Davd|kn}ago >+2+:>+=11 >+:+1>++1>+6:> >+1>+:64 >+1>+==3D/AA Fnoilvt" Mlxgta}t ra}j }jl VFA 21+284 3+42> 24+>6: 32+>>1 33+341 36+3 Tdjlm|klm Dgeelvdank Fnoit 22+283 3=+888 31+32: 2>+6:2 3 4+68: 4+82= 4+84> 6+:== 64D/AS Vltlvsl Egolq *D/A)D/AA)D/AAA 5 6+ 6++61: 6++=4> 6+3>+483 6+1

T/A ) T/AA ) T/AAA % T/AS % T/S!

Tg|vdlt

T/A VFA"t Mgelt}ad Dvlma} *T/A/>)T/A/6)T/A/4! >+2:+862 >+31+42< >+22+:+:=+2>2 >+23+82> >+2+2=+::3

T/A/> Ol} VFA dvlma} }g }jl Bgslvoelo} >+/> Ol} VFA dvlma} }g }jl Dlo}vnk Bgslvoelo} >+=3 >+=:+63= >+++++*T/A/>/>/>)T/A/>/>/6)T/A/>/>/4)T/A/>/>/=%T/A/>/>/

T/A/>/>/> Kgnot nom Nmsnodlt }g }jl Dlo}vnkBgslvoelo} 4+8=6 >6+131 =+>+26> 4+/4 Aoslt}elo}t ao mn}lm Bgslvoelo}

Tld|va}alt >+==+=24 >+4=+348 >+=1+184 >+=+=2+1+=2+4::T/A/>/>/4/> Dlo}vnk Bgslvoelo} Tld|va}alt =>+ 4>+2=: =2+868 =6+86 23 63T/A/>/>/< Mlxgta}t gc }jl Dlo}vnk Bgslvoelo} 6+162 >88 >8> >88 >8> >8> >8>T/A/>/6 Ol} VFA dvlma} }g T}n}l Bgslvoelo}t 2+>64 +1>3 4>3 6+4=2T/A/6 VFA"t Dknaet go Fnoit 2+3>4 6+>4: 3++42+1+41+6>4 >+41+>+=8+:>1 >+=6+124 >+=4+< >+=4+ Bgkm >6++63+326 >+63+3>< >+6:+442 >+48+=18 >+4>+6:8 >+4>+484T/AS Dnxa}nk Nddg|o} 111 >111 >111 >111 >111 >111 >111

> 6 4 = < 3 2 :

Dgexgolo}t

D/A Nbbvlbn}l Mlxgta}t gc Vltamlo}t 3+36+: 3+33+8=< 3+33+636 3+32+261 3+28+188 3+2=+8>>

*D/A/>)D/A/6!

D/A/> Mlenom Mlxgta}t >+>2+=64 >+>+>6+2== >+8:+=34 >+8:++82+416 >+83+=11D/A/6 ]ael Mlxgta}t gc Vltamlo}t


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Aot}a}|}agot >+>=8 >+4>: 6+88: 6+68< >++:1: >+4:2

Tg|vdlt

T/A Mgelt}ad Dvlma} *T/A/>)T/A/6! 3+1:1 3+18+=38 2+84+:=3 2+>3+2:2 2+68+8 Dvlma} }g }jl Bgslvoelo} 6+64+6>2 6+48+313 6+4>+=48 6+43+8=< 6+4:+844 6+=8+226 6+=4+::3

T/A/6 Dvlma} }g }jl Dgeelvdank Tld}gv =+2>+126 =+3 =+21+3:= =+2:+2)T/A/6/6)T/A/6/4)T/A/6/=!

T/A/6/> Fnoi Dvlma} 4+3:+:42 4+31+16> 4+3:+614 4+31+8 4+3:+==4 4+3< 4+33+>68T/A/6/6 Ol} Dvlma} }g Xvaenvq Mlnklvt 2+6+422 4>+3+28: 4>+268 4>+:=8 46+426 4>+::3T/A/6/= G}jlv Aoslt}elo}t *ao ogo%TKV 2>+88= >> 2:+43: 22+11< 21+214 :8+>64

Tld|va}alt!T/AA Ol} Cgvlabo D|vvlodq Nttl}t gc

Dgeelvdank Fnoit *T/AA/>%T/AA/6%T/AA/4! % 66+68= % 6+:41 % 66+>

T/AA/> Cgvlabo D|vvlodq Nttl}t 48+= 48+3:3 63+16 3:+ Fnknodlt ra}j }jl VFA 34++6:2 36 =+>=> =+>:= =+6:< =+>1:T/AAA/4 Kgnot nom Nmsnodlt cvge }jl VFA 6+:1= 1>6 :+861 =+138 =+=>6 4+:34T/AS Dnxa}nk Nddg|o} 2 >8+>14 >>+364 >4+686 >6+346 >>+18+=:3

Og}l 0 Mn}n nvl xvgsatagonk/

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