is it state / market

8/8/2019 Is It STATE / MARKET

1/47

OJKVPMOVO

]c tzc~t`z fl afi`]c hzcx,


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]zol~f}fcl ci Flmfol `nclcev izce

tz`%flm`t`lm`ln` `zo


4/47

Tko~`~ ci Flmfol @nclcevvTz`%ncaclfoa t`zfcm

v

Jzf}f~k ncaclf~o}fclvTc~} Flm`t`lm`ln` fl ?6=8 }c ?66?

vOi}`z Afj`zoafro}fcl! Tzfyo}f~o}fcl )

Hacjoaf~o}fcl


5/47

Flmfol @nclcev J`icz` Jzf}f~k Zpa`

v Flmfo kom }k` xczam(~ aozh`~} nclcev izce }k` ?~}}c ??}k n`l}pzv! olm fl }k` ?;}k n`l}pzv

v >:,6 ~koz` ci xczam HMT fl ?444 OMv :;,6 ~koz` ci xczam HMT fl ?044 OM

v :=,= ~koz` ci xczam HMT fl ?844 OM

^cpzn`2 ]k` Xczam @nclcev2 Kf~}czfnoa }o}f~}fn~! Olhp~ Eommf~cl


6/47

]zom` Iacpzf~k`m


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]zom` Iacpzf~k`m


8/47

@nclcev mpzflh ?9}k N`l}pzvv Ephkoa Flmfo xo~ }k`

~`nclm aozh`~} nclcev

fl }k` xczam,

v ]k` HMT ci Flmfo fl }kf~n`l}pzv xo~ ~}feo}`m o}

ojcp} :=,0 ci }k` xczam`nclcev! fl ncetozf~cl}c Nkflo(~ :0 ~koz`,


9/47

@nclcev mpzflh ?8}k N`l}pzvv ]k` ollpoa z`y`lp` ci

@et`zcz Ogjoz(~ xo~?8,0 efaafcl

v Hz`o} Jzf}ofl fl ?;44!xkfnk }c}oaa`m ?9efaafcl,

v ]k` HMT ci Ephkoa

Flmfo xo~ ~}feo}`m o}ojcp} ::,9 ci }k` xczam`nclcev,

Ogjoz(~ Zcvoa Nkoej`z

^cpzn` feoh` 2k}}t2##xxx,iafngz,nce#tkc}c~#


10/47

@nclcev mpzflh ?;}k N`l}pzvvOllpoa z`y`lp` }k`

@et`zcz Opzolhr`j

`{n``m`m ?44 efaafcl,

v Flmfo e`zh`m o~ }k`xczam(~ aozh`~} nclcev!

icaacx`m jv Nkflo olmX`~}`zl @pzct`

Feoh` cpzn` 2 k}}t2##kf~}czfnoa~ciflmfo,nce#feoh`~#ohzo%icz}%ohzo,bth


11/47

Feton} ci Jzf}f~k Zpa`


12/47

Flmfo j`nce` o }ozh`} eozg`}v Flmfo(~ ncaclf~o}fcl jv

}k` Jzf}f~k ncflnfm`mxf}k eobcz nkolh`~ fl}k` xczam `nclcev,

v Flmp~}zfoaf~o}fcl! olm~fhlfifnol} hzcx}k fltzcmpn}fcl olm }zom`,

v Flmfo kom j`nce`eozg`} icz ~pt`zfcziflf~k`m @pzct`olhccm~,


13/47

Tcafnf`~ ci }k` Jzf}f~k Zobv ]k` nclcefn tcafnf`~ ci

}k` Jzf}f~k Zob `ii`n}fy`av

jolgzpt}`m Flmfo(~ aozh`kolmfnzoi}~ flmp~}zv ,

v Nop~`m o eo~~fy` mzofl

ci Flmfo(~ z`~cpzn`~,


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@lm ci ncaclfoa zpa`v Flmfo(~ ~koz` ci }k` xczam

flnce` iàa izce ::,9 fl ?844!ncetozoja` }c @pzct`(~ ~koz` ci

:>,>! }c o acx ci >,; fl ?60:,

v Flmp~}zfoa m`yàcte`l} ~}oaa`m

v Ohzfnpa}pz` ploja` }c i``m o

zotfmav hzcxflh tctpao}fcl!

v Acx`~} afi` {t`n}olnf`~! olmacx zo}`~ icz af}`zonv,

^cpzn` 2 Ol ~}feo}` jv Noejzfmh` Plfy`z~f}v kf~}czfol Olhp~ Eommf~cl z`yòa~


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M`y`acte`l} icz onncetaf~kflh }k`fz }zom` )

`{tacf} }k` Flmfol Eozg`}


16/47

Zofaxov~ ) ] a`hzotk


17/47

Tc~}


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19/47

@YCAP]FCL

CI

FLMP^]ZFOA

TCAFNVFL

FLMFO

Oi}`zFlm`t`lm`ln`


20/47

Flm`t`lm`ln` }c ?66?Flm`t`lm`ln` }c ?66?v Fliap`ln`m jv }k` ncaclfoa `{t`zf`ln` xkfnk xo~ ~``l jv

Flmfol a`om`z~ o~ `{tacf}o}fy` fl lo}pz`,

v Tcafnv }`lm`m }cxozm~ tzc}`n}fclf~e,

v Eolv flmp~}zf`~ x`z` lo}fcloafro}fcl fl }k` efm%?604~,

v Afn`ln`~! z`hpao}fcl~ olm }k` onncetolvflh z`m }ot`!

nceeclav z`i`zz`m }c o~ Afn`ln` Zob,


21/47

Ycfn` ci }k` Flmp~}zv


22/47

@{n`zt}~ izce fl}`zyf`x ci Zokpa Jobob }c jp~fl`~~

afl` l`x~tot`z mo}`m ?0}k Ophp~} :448

v Botol! ^cp}k Gcz`o koy`tzc}`n}`m olm m`y`act`m }k`fzflmp~}zv,

v ELN~ x`z` lc} oaacx`m }cfly`~} flBotol! fetcz}~ ciy`kfna`~ xo~ z`~}zfn}`m

v Fetcz} mp}f`~ olm lcl%}ozfiijozzf`z~ x`z` {}`l~fy`,

v Cpz tcafnv mpzflh }k` ?604~ olm?694~ xo~ nczz`n},


23/47

@{n`zt}~ izce fl}`zyf`x ci Zokpa Jobob

Hacjoaav Ncet`}f}fy`

v Zf~g`m j`nceflh ol nclcevxkfnk kom ncetolf`~ xf}k~nz`xmzfy`z ct`zo}fcl~,

v ^pnk ncetolf`~ {f~} y`l }cmovfl ~ce` ncpl}zf`~ afg` @hvt} olmTogf~}ol,

v Eolv ncetolf`~ j`lìf}`m o~ o

z`~pa} ci }kf~ tcafnv olm p~`m f} }conqpfz` ~fr` xkfnk oi}`z ?66?kàt`m }kè j`nce` hacjoaavncet`}f}fy`,


24/47

]zol~iczeo}fcl ci Flmfol Flmp~}zv

v Z`~}zfn}fcl~ cl fetcz}~,

v Ncaaojczo}fcl xf}k }k`fztzflnftoa~ olm `l}`z`m }k` if`amci eolpion}pzflh,

v ]zol~iczeo}fcl izce }zomflh }ceolpion}pzflh ,


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Hz``l Z`ycap}fclv Ecz` }kol :>44 kfhk vfàmflh! kvjzfm

yozf`}f`~ ci iccm hzofl~ koy` j``lm`yàct`m,

v Xczam~ ifz~} kvjzfm nc}}cl! tòza efaa`}!}k` ifz~} kvjzfm ~czhkpe! }k` ifz~} kvjzfmno~}cz! }k` ifz~} kvjzfm eolhc oz` ~ce`

ci }k` oeorflh onkf`yè`l}~,


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V aacx Z`ycap}fclv Flnzò~` fl tzcmpn}fcl ci

mfii`z`l} cfa~``m~,

v Fetcz}~ ci cfa~``m~àfeflo}`m ,

v Fl ?66>%6= icz`fhl`{nkolh` xcz}k Z~ :=9>>,0

efaafcl xo~ òzl`m}kzcphk }k` `{tcz} cicfaeòa olm cfanog`,


29/47

Jap`Z`ycap}fclv @lkoln`m if~k

tzcmpn}fcl izce 4,80efaafcl e} fl ?60? }c 0,=efaafcl e} fl ?668,


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31/47

Ipln}fcl ci o m`yàcte`l} jolgIpln}fcl ci o m`yàcte`l} jolgv ]c tzcyfm` }k` iflolnfoa flizo~}zpn}pz` l`n`~~ozv

icz flmp~}zv! }k` Hcy`zle`l} ~`} pt o lpej`z ci

m`yàcte`l} jolg~, Flmp~}zfoa Ifloln` Ncztczo}fcl ciFlmfo +FINF& +?6=;&

Flmp~}zfoa Nz`mf} olm Fly`~}e`l} Ncztczo}fcl ciFlmfo +FNFNF& +?600&

Flmp~}zfoa M`yàcte`l} Jolg ciFlmfo +FMJF& +?69=&

Flmp~}zfoa Z`ncl~}zpn}fcl Ncztczo}fcl ciFlmfo +?68?&

Plf} ]zp~} ciFlmfo +P]F& +?69>&

Afi` Fl~pzoln` Ncztczo}fcl ciFlmfo +AFN& +?609&,


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]zoflflh ) M`yàcte`l} ^gfaa~]zoflflh ) M`yàcte`l} ^gfaa~v F} oa~c ~`} pt Flmfol Fl~}f}p}`~ ci

] nklcachv! Lo}fcloa Fl~}f}p}`

ci ]`nklcachv! Eolohè`l}Fl~}f}p}`~ olm @lhfl``zflhNcaa`h`~ }c }zofl t`z~cl~ xf}kkfhk`z eolohè`l} olm}`nklfnoa ~gfaa~,

v X` koy` }k`zìcz` kom lc~kcz}oh` ci ~gfaa`m eoltcx`z }cno}`z }c }k` hzcxflhz`qpfzè`l}~ ci flmp~}zv,


34/47

JONGX

OZM OZ@O M@Y@ACTE

@L]JONGX

OZM OZ@O M@Y@ACTE

@L]v Jìcz` Flm`t`lm`ln`! flmp~}zf`~ x`z`

ec~}av acno}`m fl olm ozcplm tcz}nf}f`~ afg` Epejof! Gcago}o czNk`llof,

v Jozcmo! Ncfejo}cz`! Jolhoacz`!Tpl`! Kvm`zojom! Iozfmojom! Zobgc}!olm eolv c}k`z~! hz`x pt o~ l`xflmp~}zfoa nf}f`~,

v

]k` N`l}zoa ) ^}o}` Hcy`zle`l}~à`n}`m o i`x jongxozm mf~}zfn}~ olmcii`z`m notf}oa ~pj~fmv icz flmp~}zf`~~`} pt fl }k`~` ozò~,


35/47

^NF@L]FIFN Z@^@OZNK^NF@L]FIFN Z@^@OZNK

v ]k` ^}o}` ~`} pt =;

lo}fcloa aojczo}czf`~ }cplm`z}og` ottaf`mz`~`oznk fl nk`ef~}zv!tkv~fn~! a`n}zclfn~!jc}olv! }n,!


36/47

xkv Flmfo x`l} icz afj`zoaf~o}fcl3


37/47

Xko} kott`l`m fl ?66?

v Flmfo ~}oz}`m koyflh joaoln` ci tove`l}~tzcjaè~ ~fln` ?6;0! olm jv }k` lm ci ?664! f} xo~

fl o ~`zfcp~ nclcefn nzf~f~,

v ]k` hcy`zle`l} xo~ nac~` }c mìopa}! f}~ n`l}zoajolg kom zìp~`m l`x nz`mf} olm icz`fhl `{nkolh`

z`~`zy`~ kom z`mpn`m }c }k` tcfl} }ko} Flmfo ncpamjozàv ifloln` }kz`` x``g~ xcz}k ci fetcz}~,


38/47

E }oecztkc~f~

ncl}zcaa`z }c z`hpao}cz

v ]k` no}oav~} z`qpfz`m }c }zol~icze }k` `nclcev }kzcphk jomavl``m`m zìcze~ }c pl~konga` }k` nclcev,

v Ncl}zca~ ~}oz}`m }c j` mf~eol}a`m! }ozfii~! mp}f`~ olm }o{`~tzchz`~~fyàv acx`z`m! ~}o}` eclctcaf`~ jzcg`l! }k` `nclcevxo~ ct`l`m }c }zom` olm fly`~}e`l}!,

v tzfyo}` ~`n}cz l}`ztzf~` olm ncet`}f}fcl x`z` lncpzoh`m olmhacjoaf~o}fcl xo~ ~acxav èjzon`m,


39/47

]ZOFv ] a`nce z`hpao}czv Op}kczf}v

ci Flmfo

v Eflf~}zv ci Nceeplfno}fcl~) F]7 M`toz}e`l} ci]à`nceeplfno}fcl~

v ]c eog` eò~pz`~ }c

ionfaf}o}` ncet`}f}fcl olmtzcec}` iifnf`lnv fl }k`ct`zo}fcl ci}à`nceeplfno}fcl ~`zyfn`~


40/47

^@JFv ^@JF ^`npzf}f`~ )

@{nkolh` Jcozm ci Flmfo

v Eflf~}zv ci Ifloln`7M`toz}e`l} ci@nclcefn Oiiofz~

v ]c tzc}`n} }k` fl}`z`~}~ci fly`~}cz~ fl ~`npzf}f`~


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FZMOv Fl~pzoln` Z`hpao}czv )

M`y`acte`l}

Op}kczf}v

v Eflf~}zv ci Ifloln`

v ]c tzc}`n} ci }k`fl}`z`~}~ ci }k` tcafnvkcam`z~


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T`}zca`pe olm Lo}pzoa Ho~ Z`hpao}czv

Jcozmv Eflf~}zv ciT`}zca`pe

) Lo}pzoa Ho~

v ]c tzc}`n} }k` fl}`z`~}ci ncl~pe`z~ jvic~}`zflh iofz }zom` olm

ncet`}f}fcl,


43/47

Xkv eozg`} ~kcpam lc} j` oaacx`m }c

koy` nceta`}` iz``mce

v ]k` ec}fy` ci oaa jp~fl`~~ `l}f}f`~ f~ }c eog` tzcif} olm olpljzfma`m `nclcev xfaa aòm }c o kph` tzcjaè xk`z`

t`cta` oz` }zò}`m o~ nceecmf}f`~,

v ]k` ncetolf`~ xfaa ~xflma` }k` t`cta`

v ]k` iz`` eozg`} xfaa lc} noz` icz `y`zv ~`n}fcl ci }k`~cnf`}v,


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Xkv eozg`} ~kcpam lc} j` oaacx`m }c koy` nceta`}` iz``mce 3

v Lc ofzafl` xfaa iav }clcz}kò~} fi }k` eflf~}zvmc`l} tp} o nclmf}fcl

v Xfaa I`m @{ olm Jap` Moz}màfy`z a`}}`z o} Aomogk!A`k olm }zfjoa ozò~! vcpl``m Flmfo Tc~}


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Xkv eozg`} ~kcpam lc} j` oaacx`m }c koy` nceta`}` iz``mce 3

v X` l``m ^]O]@ }c tz`y`l}P^ ncetolf`~ izceto}`l}flh Jo~eo}f zfn` o~]`{eo}f olm to}`l} p~`

ci }pze`zfn icz nc~e`}fn~

vX` l``m ^]O]@ }c tz`y`l}ioze`z~ ~pii`zflh izce

`l`}fnoaav cmfif`m]`zeflo}cz ^``m~


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Nclnap~fcl


47/47

]KOLGVCP

v

A`}~ ~oap}` cpz ^]O]@ ,,

v J` Tzcpm icz cpz tzchz`~~ olm }k` tc~f}fcl x` oz` fl }cmov

vA`}~ }ch`}k`z hfy` o ~}olmflhcyo}fcl icz }k` ^]O]@,

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