trilemma and financial stability configurations in asia

8/3/2019 Trilemma and Financial Stability Configurations in Asia

1/26

FIEJ _budjlo Sfsmu Qmujmq

Yujkmhhf fli @jlflajfk QyfejkjyzAbl`jo}ufyjblq jl Fqjf

Nbqg}f Fj~mlhfl

Lb, 16?Baybemu 5366

Fqjfl Impmkbshmly Efld Jlqyjy}ym


2/26

Ygm _budjlo Sfsmu qmujmq jq f ablyjl}fyjbl b` ygm `buhmukz lfhmi Ijqa}qqjbl Sfsmu qmujmq4ygm l}hemujlo b` ygm sfsmuq ablyjl}mi wjygb}y jlymuu}syjbl bu agflom, FIEJq wbudjlosfsmuq um`kmay jljyjfk jimfq bl f ybsja fli fum sbqymi blkjlm `bu ijqa}qqjbl, FIEJ mlab}ufomqumfimuq yb sbqy ygmju abhhmlyq bl ygm hfjl sfom `bu mfag wbudjlo sfsmu 'ojpml jl ygmajyfyjbl emkbw*, Qbhm wbudjlo sfsmuq hfz impmkbs jlyb bygmu `buhq b` s}ekjafyjbl,

Q}oomqymi ajyfyjbl>

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Ygm pjmwq msumqqmi jl ygjq sfsmu fum ygm pjmwq b` ygm f}ygbuq fli ib lby lmamqqfujkzum`kmay ygm pjmwq bu sbkjajmq b` FIEJ+ ygm Fqjfl Impmkbshmly Efld 'FIE*+ jyq Ebfui b`Ijumaybuq+ bu ygm obpmulhmlyq ygmz umsumqmly+ bu ygm pjmwq b` ygm JIE bu jyq hmhemu

ab}lyujmq+ FIEJ ibmq lby o}fuflymm ygm faa}ufaz b` ygm ifyf jlak}imi jl ygjq sfsmu flifaamsyq lb umqsblqjejkjyz `bu flz ablqmv}mlamq b` ygmju }qm, Ymuhjlbkboz }qmi hfz lbylmamqqfujkz em ablqjqymly wjyg FIE b``jajfk ymuhq,

Fqjfl Impmkbshmly Efld Jlqyjy}ymDfq}hjofqmdj E}jkijlo 7@1(5(= Dfq}hjofqmdj+ Agjzbif(d}

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5366 Fqjfl Impmkbshmly Efld Jlqyjy}ym


3/26

FIEJ _budjlo Sfsmu 16? Fj~mlhfl

Feqyufay

Ygjq sfsmu yfdmq qybad b` umamly umqmfuag imfkjlo wjyg ygm imoumm yb wgjag ygm yujkmhhfagbjamq b` Fqjfl ab}lyujmq `fajkjyfymi f qhbbygmu fin}qyhmly i}ujlo ygm okbefk aujqjq b` 5337533:+ fli ygm wfz ygm umojbl gfq emml absjlo wjyg ygm fin}qyhmly yb ygm sbqyaujqjqagfkkmlomq, _m sbjly b}y ygfy mhmuojlo Fqjf gfq ablpmuomi yb f hjiikm oub}li b` ygm

yujkmhhf abl`jo}ufyjbl> kjhjymi jlflajfk jlymoufyjbl+ f imoumm b` hblmyfuz jlimsmlimlam+ fliablyubkkmi magflom ufym e}``mumi ez qj~fekm jlymulfyjblfk umqmupmq, Ygjq abl`jo}ufyjbl+ wjygygm subsmu hflfomhmly b` efkflam qgmmy msbq}um fli s}ekja `jlflamq+ `fajkjyfymi fqhbbygmu fin}qyhmly b` mhmuojlo Fqjf yb ygm aujqjq+ fli wfq jlqyu}hmlyfk jl jli}ajlo ygmufsji umq}hsyjbl b` oubwyg, Ygm qwjloq b` `jlflajfk `kbwq+ `ubh kfuom imkmpmufojlo b` `bumjolsbqjyjblq jl 5337 yb ygm umlmwmi jl`kbwq jl 5363+ pfkjifym ygm jlqjogy b` ygm s}ekja `jlflamfssubfag yb `jlflajfk jlymoufyjbl> ygm ofjlq `ubh immsmu `jlflajfk jlymoufyjbl qgb}ki emefkflami fofjlqy ygm abqyq b` oubwjlo msbq}um yb y}ue}kmlamq, F dmz kmqqbl b` ygm aujqjq jqygm lmmi yb fsskz f abhsumgmlqjpm abqy"emlm`jy fssubfag yb su}imlyjfk sbkjajmq+ yb ygmumo}kfyjbl b` mymulfk ebuubwjlo fli b` ibhmqyja `jlflajfk jlymuhmijfyjbl+ fli yb ygmfaa}h}kfyjbl fli }qm b` jlymulfyjblfk umqmupmq, _m jkk}qyufym ygmqm umq}kyq jl ygm ablymy b`ygm agfkkmlomq `fajlo mhmuojlo Fqjfq fin}qyhmly i}ujlo ygm okbefk `jlflajfk aujqjq+ fli ygmsbqyaujqjq sbkjaz qyflam imfkjlo wjyg ygm umlmwmi jl`kbwq b` afsjyfk,

NMK Akfqqj`jafyjbl> @16+ @15+ @11+ @10


4/26


Ablymlyq

6, Jlyubi}ayjbl fli Bpmupjmw ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 65, Ygm Sbkjaz Yujkmhhf fli @jlflajfk Qyfejkjyz ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 6

5,6 @ubh ygm yujkmhhf yb ygm v}fiujkmhhf2 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 05,5 Yujkmhhf abl`jo}ufyjbl jl Fqjf+ ygm aujqjq b` 5337533: fli ygm sbqyaujqjq muf 75,1 Ygm yujkmhhf agbjamq fli Fqjfq fin}qyhmly i}ujlo ygm aujqjq ,,,,,,,,,,,,,,,,,,,,,,,,,, :

1, Ygm Aujqjq b` 5337533: ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 639, Sbkjaz Kmqqblq ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 61

9,6 Sbqyaujqjq agfkkmlomq ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 67=, Ablak}ijlo Umhfudq ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 6:Um`mumlamq fli @}uygmu Umfijloq ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 56


5/26


6

6, JLYUBI]AYJBL FLI BPMUPJM_

Ygjq sfsmu subpjimq fl bpmupjmw b` ygm sfyymulq b` `jlflajfk qyfejkjyz jl Fqjf i}ujlo ygm 5333q+fli qy}ijmq ygm sbqqjekm kmqqblq b` ygm okbefk aujqjq b` 5337533:, _m qyfuy ez sbuyufzjloygm pfuzjlo sfyymulq b` mhmuojlo Fqjf jl ygm mymlimi yujkmhhf ùfhmwbud+ wgmum ab}lyujmqagbbqm ygm imoumm b` `jlflajfk bsmllmqq+ magflom ufym qyfejkjyz+ fli hblmyfuz

jlimsmlimlam+ e}``mumi ez ygm faa}h}kfyjbl b` jlymulfyjblfk umqmupmq, _m qgbw ygfy ygmyumli gfq emml f ablpmuomlam yb ygm hjiikm oub}li b` ygm yujkmhhf abl`jo}ufyjbl+ wjyg fqj~fekm faa}h}kfyjbl b` jlymulfyjblfk umqmupmq, Ygjq abl`jo}ufyjbl+ wjyg ygm subsmuhflfomhmly b` ab}lyujmq efkflam qgmmy msbq}um fli s}ekja `jlflamq+ umi}ami ygmfin}qyhmly abqyq b` mhmuojlo Fqjf yb ygm okbefk aujqjq b` 5337533:+ fli `fajkjyfymi ygmumhfudfekm umq}hsyjbl b` Fqjfl oubwyg jl 5363, _m fkqb umpjmw ygm agfkkmlomq fqqbajfymiwjyg ygm wjim qwjloq b` `jlflajfk `kbwq yb mhmuojlo ab}lyujmq i}ujlo ygm 5333q> ygm qj~mfekmlmy jl`kbwq em`bum ygm aujqjq b` 5337533:+ ygm kfuom imkmpmufojlo b` `bumjol sbqjyjblq i}ujloygm aujqjq+ fli ygm umq}hsyjbl b` kfuom jl`kbwq jl ygm f`ymuhfyg b` ygm aujqjq, _m q}hhfuj~mygm umamly yumliq+ fli qy}iz ygm imqjufekm `}y}um sbkjaz qyflam b` mhmuojlo hfudmy ab}lyujmq,

Ygm aujqjq b` 5337533: pfkjifymq ygm jlqjogy b` ygm s}ekja `jlflam fssubfag yb `jlflajfkjlymoufyjbl> ofjlq ùbh immsmu `jlflajfk jlymoufyjbl qgb}ki em efkflami fofjlqy ygm abqyq b` f

oubwjlo msbq}um yb y}ue}kmlamq, @}uygmuhbum+ sbkjazhfdmuq qgb}ki hflfom fli efkflamsbqqjekm hjqfkjolhmlyq emywmml ygm `jlflajfk fli umfk qmaybuq, F dmz kmqqbl b` ygm aujqjq jqygm lmmi yb fsskz f abhsumgmlqjpm abqy(emlm`jy fssubfag yb su}imlyjfk sbkjajmq+ yb ygmumo}kfyjbl b` mymulfk ebuubwjlo fli b` ibhmqyja `jlflajfk jlymuhmijfyjbl+ fli yb ygmfaa}h}kfyjbl fli }qm b` jlymulfyjblfk umqmupmq, _m jkk}qyufym ygmqm ablqjimufyjblq ezumpjmwjlo ygm }qm b` jlymulfyjblfk umqmupmq fli b` magflom ufym sbkjajmq i}ujlo ygm aujqjq4fli ygm sbkjaz qyflam ybwfuiq ygm umlmwmi jl`kbwq b` afsjyfk jl ygm f`ymuhfyg b` ygm aujqjq,_m fuo}m ygfy qjolj`jafly iujpmuq b` ygm `kbwq b` afsjyfk fum zjmki agfqjlo fli afuuz yufim+wgmum ygm jlymumqyq b` ygm `jlflajfk qzqymh hfz ijpmuom ùbh ygm jlymumqyq b` yfsfzmuq+umv}jujlo subsmu su}imlyjfk umo}kfyjbl yb umi}am ygm yfsfzmuq msbq}um yb `}y}um aujqmq,

5, YGM SBKJAZ YUJKMHHF FLI @JLFLAJFK QYFEJKJYZ

Ygm sbkjaz yujkmhhf 'ygm fejkjyz yb faabhskjqg blkz ywb b}y b` ygumm sbkjaz benmayjpmq`jlflajfk jlymoufyjbl+ magflom ufym qyfejkjyz+ fli hblmyfuz f}yblbhz* jq f dmz jhskjafyjbl b`ygm H}limkk(@kmhjlo hfaubmablbhja ufhmwbud, F kjlomujlo agfkkmlom b` yfdjlo ygm yujkmhhfùfhmwbud yb ygm ifyf jq ygfy+ jl sufayjam+ hbqy ab}lyujmq ufumkz `fam ygm ejlfuz agbjamqfuyja}kfymi ez ygm yujkmhhf, Jlqymfi+ ab}lyujmq imajim ygm imoummq b` `jlflajfk jlymoufyjbl+magflom ufym `kmjejkjyz+ fli hblmyfuz f}yblbhz, Fj~mlhfl+ Agjll+ fli Jyb '5363+ 5366*imfky wjyg ygjq jqq}m ez ablqyu}ayjlo ygumm ablyjl}b}q jlimmq hmfq}ujlo ygm im `faybyujkmhhf ijhmlqjblq b` mfag ab}lyuz+ lbuhfkj~jlo mfag jlim emywmml ~mub fli blm, Ygmygumm yujkmhhf jlimmq abpmu hbum ygfl 6?3 mablbhjmq `bu 6:?3 ygub}og 533:, Ygmhblmyfuz jlimsmlimlam jlim 'HJ* jq efqmi bl ygm abuumkfyjbl b` f ab}lyuzq jlymumqy ufymqwjyg ygm efqm ab}lyuzq jlymumqy ufym, Ygm jlim `bu magflom ufym qyfejkjyz imsmliqlmofyjpmkz bl magflom ufym pbkfyjkjyz+ }qjlo ygm magflom ufym emywmml ygm gbhm fli efqm

mablbhjmq, Ygm imoumm b` `jlflajfk jlymoufyjbl jq hmfq}umi wjyg ygm Agjll fli Jyb '5337*afsjyfk ablyubkq jlim 'DFBSML*,6

6 Ygm jlim `bu hblmyfuz jlimsmlimlam 'HJ* mv}fkq6 3,=T ' + * ' 6*Xj nabuu j j + wgmum j um`muq yb gbhm

ab}lyujmq fli n yb ygm efqm ab}lyuz, Ez ablqyu}ayjbl+ gjogmu pfk}mq b` ygm jlim hmfl gjogmu hblmyfuz sbkjaz

jlimsmlimlam,

Magflom ufym qyfejkjyz 'MUQ* mv}fkq3,36"T3,36 ' 'kbo' R **Xqyimp mwag ufym$

+ wgmum


6/26


5

@jo}um 6 qgbwq ygm yufnmaybujmq b` ygm yujkmhhf jlimmq `bu ij``mumly jlabhm(ab}lyuz oub}sq,@bu ygm jli}qyujfkj~mi mablbhjmq+ immsmljlo `jlflajfk bsmllmqq faamkmufymi f`ymu ygmemojlljlo b` ygm 6::3q wgjkm ygm mymly b` hblmyfuz jlimsmlimlam qyfuymi f imakjljlo yumli,F`ymu ygm mli b` ygm 6::3q+ magflom ufym qyfejkjyz ubqm qjolj`jaflykz+ um`kmayjlo ygmjlyubi}ayjbl b` ygm m}ub jl 6:::,5

' 'kbo' R **qyimp mwag ufym jq ygm fll}fk qyflifui impjfyjblq b` hblygkz magflom ufym qmujmq emywmml ygm

gbhm ab}lyuz fli ygm efqm ab}lyuz,

@jlflajfk bsmllmqq 'DFBSML* mv}fkq ygm im n}um jlim b` afsjyfk faab}ly bsmllmqq ablqyu}aymi ez Agjll fli

Jyb '5337*+ lbuhfkj~mi emywmml ~mub fli blm, Gjogmu pfk}mq b` ygjq jlim jlijafym ygfy f ab}lyuz jq hbum bsml

yb aubqq(ebuimu afsjyfk yuflqfayjblq,

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jlak}imq ygm m}ub mablbhjmq+ e}y magflom ufym qyfejkjyz gbpmuq fub}li ygm kjlm `bu hblmyfuz jlimsmlimlam+

ygb}og fy ejy gjogmu kmpmkq+ f`ymu ygm mfukz 6::3q, Ygm ij``mumlam emywmml magflom ufym qyfejkjyz fli hblmyfuz

jlimsmlimlam gfq emml qkjogykz ijpmuojlo f`ymu ygm mli b` ygm 6::3q,


7/26

FIEJ _budjlo Sfsmu 160

1

@jo}um 6> Impmkbshmly b` ygm Yujkmhhf Abl`jo}ufyjblq bpmu Yjhm1'f* Jli}qyujfkj~mi Ab}lyujmq

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Hbl, Jlims,+ MHO Mwagu, Qyfe,+ MHODFBSML+ MHO

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8/26

FIEJ _budjlo Sfsmu 160 Fj~mlhfl

9

Impmkbsjlo mablbhjmq bl ygm bygmu gfli ib lby sumqmly q}ag f ijqyjlay ijpmuomlam b` ygmjlimmq+ fli ygmju msmujmlamq ij``mu imsmlijlo bl wgmygmu ygmz fum mhmuojlo bu lbl(mhmuojlo hfudmy mablbhjmq, 9 @bu mhmuojlo hfudmy mablbhjmq+ magflom ufym qyfejkjyzimakjlmi ufsjikz ùbh ygm 6:?3q ygub}og ygm hji(6:73q, F`ymu qbhm umyumlaghmly fub}limfukz 6:73q 'jl ygm wfdm b` ygm imey aujqjq*+ `jlflajfk bsmllmqq qyfuymi ujqjlo ùbh 6::3blwfuiq, @bu ygm bygmu impmkbsjlo mablbhjmq+ magflom ufym qyfejkjyz imakjlmi kmqq ufsjikz+fli `jlflajfk bsmllmqq yumlimi }swfui hbum qkbwkz, Jl ebyg afqmq ygb}og+ hblmyfuzjlimsmlimlam umhfjlmi hbum bu kmqq yumlikmqq,

Jlymumqyjlokz+ `bu ygm mhmuojlo hfudmy mablbhjmq+ ygm jlimmq q}oomqy f ablpmuomlamybwfui ygm hjiikm oub}li+ mpml fq yfkd b` ygm ijqfssmfujlo hjiikm gfq emml ibjlo ygmub}liq, Ygjq sfyymul q}oomqyq ygfy impmkbsjlo mablbhjmq hfz gfpm emml yuzjlo yb akjlo ybhbimufym kmpmkq b` ebyg hblmyfuz jlimsmlimlam fli `jlflajfk bsmllmqq+ wgjkm hfjlyfjljlogjogmu kmpmkq b` magflom ufym qyfejkjyz, Jl bygmu wbuiq+ ygmz gfpm emml kmfljlo fofjlqy ygmyujkmhhf bpmu f smujbi ygfy abjlajimq wjyg ygm yjhm wgml qbhm b` ygmqm mablbhjmq emoflfaa}h}kfyjlo qj~fekm jlymulfyjblfk umqmupmq 'JU*+ sbymlyjfkkz yb e}``mu ygm yufim(b`` fujqjloùbh ygm yujkmhhf,

Lblm b` ygmqm beqmupfyjblq jq fsskjafekm yb lbl(mhmuojlo impmkbsjlo hfudmy mablbhjmq'@jo}um 6TaX*, @bu ygjq oub}s b` mablbhjmq+ magflom ufym qyfejkjyz gfq emml ygm hbqyfooumqqjpmkz s}uq}mi sbkjaz ygub}ogb}y ygm smujbi, Jl ablyufqy yb ygm msmujmlam b` ygmmhmuojlo hfudmy mablbhjmq+ `jlflajfk kjemufkj~fyjbl gfq lby emml subammijlo ufsjikz `bu ygmlbl(mhmuojlo hfudmy impmkbsjlo mablbhjmq, Fqjf+ mqsmajfkkz Fqjfl mhmuojlo hfudmyab}lyujmq+ qyfliq b}y ùbh bygmu omboufsgjafk oub}sq b` mablbhjmq,= Sflmk 'f* jl @jo}um 50qgbwq ygfy `bu Fqjfl mhmuojlo hfudmy mablbhjmq+ ygjq qbuy b` ablpmuomlam jq lby f umamlysgmlbhmlbl, Qjlam fq mfukz fq ygm mfukz 6:73q+ ygm ygumm jlimmq gfpm emml ak}qymumifub}li ygm hjiikm uflom, Gbwmpmu+ `bu hbqy b` ygm yjhm+ mamsy `bu ygm Fqjfl aujqjq zmfuq b`6::?6::7+ magflom ufym qyfejkjyz qmmhq yb gfpm emml ygm hbqy smupfqjpm sbkjaz agbjam, Jlygm sbqyaujqjq zmfuq jl ygm 5333q+ ygm jlimmq ijpmuomi+ e}y qmmh yb em ablpmuojlo fofjl jlygm umamly zmfuq, Ygjq agfufaymuj~fyjbl ibmq lby fssmfu yb em fsskjafekm yb lbl(mhmuojlohfudmy mablbhjmq 'lbl(MHO* jl Fqjf 'e* bu Kfyjl Fhmujaf 'a*, @bu lbl(mhmuojlo mablbhjmqjl Fqjf bu lbl(Fqjfl impmkbsjlo mablbhjmq+ ablpmuomlam jl ygm yujkmhhf abl`jo}ufyjblqqmmhq yb em ygm afqm jl ygm kfqy imafim,

9 Ygm mhmuojlo hfudmy mablbhjmq fum im`jlmi fq ygm mablbhjmq akfqqj`jmi fq mjygmu mhmuojlo bu ùblyjmu

i}ujlo 6:73:? ez ygm Jlymulfyjblfk @jlflajfk Abusbufyjbl, @bu ygbqm jl Fqjf+ mhmuojlo hfudmy mablbhjmq fum

Mhmuojlo Mfqy Fqjf(69 im`jlmi ez Fqjfl Impmkbshmly Efld sk}q Jlijf,= Ygm qfhskm b` Fqjfl Mhmuojlo Hfudmy Mablbhjmq jlak}imq Afhebijf4 ygm SUA4 Gblo Dblo+ Agjlf4 Jlijf4

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MHO8mhmuojlo hfudmy mablbhjmq4 lbl(MHO KIA8lbl(mhmuojlo hfudmy impmkbsjlo ab}lyujmq


9/26


=

@jo}um 5> Umojblfk Abhsfujqbl b` ygm Impmkbshmly b` ygm Yujkmhhf Abl`jo}uf

'f* Mhmuojlo Hfudmy Mablbhjmq 'MHO* jl Fqjf 'a* Kfyjl Fhmujafl Ab}lyujmq

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Hbl, Jlims,+ Mwag, U, Qyfe,+ & DF Bsml,+ Mhmuojlo Fqjf

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Hbl, Jlims,+ Mwag, U, Qyfejkjyz+ fli D

'e* Lbl(MHO+ Impmkbsjlo Fqjf 'i* Kmqq Impmkbsmi Ab}lyujmq 'KIA* M

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Hbl, Jlims,+ Lbl(MHO+ Impmkbsjlo FqjfMwagu, Qyfe,+ Lbl(MHO+ Impmkbsjlo Fqjf

DFBSML+ Lbl(MHO+ Impmkbsjlo Fqjf

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HJ+ MUQ+ DFBSML+ Impmkbsjlo Ab


10/26


0

5,6 @ubh ygm yujkmhhf yb ygm v}fiujkmhhf2

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febpm 63- b` oubqq ibhmqyja subi}ay 'OIS*+ fiimi `jlflajfk qyfejkjyz yb ygm ygumm sbkjazobfkq ùfhmi ez ygm bujojlfk yujkmhhf+ subefekz agflojlo ygm sbkjaz yujkmhhf jlyb ygm sbkjazv}fiujkmhhf,

S}uq}jlo `jlflajfk jlymoufyjbl wgjkm hfjlyfjljlo `jlflajfk qyfejkjyz b` mhmuojlo hfudmyq hfzmskfjl jlyujo}jlo impmkbshmlyq jl ygm ygumm imafimq qjlam ygm 6:73qimqsjym ygmsubkj`mufyjbl b` oumfymu magflom ufym `kmjejkjyz+ jlymulfyjblfk umqmupmq"OIS ufyjbq jlaumfqmiq}eqyflyjfkkz, Hbqy b` ygm jlaumfqm jl umqmupm gbkijlo gfq yfdml skfam jl impmkbsjloab}lyujmq+ mqsmajfkkz jl mhmuojlo Fqjf 'qmm @jo}um 1*, Ygm iufhfyja jlaumfqm b` jlymulfyjblfkumqmupm gbfuijlo gfq emml kbsqjimi, _gjkm ygm jlymulfyjblfk umqmupmq"OIS ufyjb b` jli}qyujfkab}lyujmq wfq bpmufkk qyfekm+ gbpmujlo emkbw 63-+ ygm umqmupmq"OIS ufyjb b` impmkbsjloab}lyujmq jlaumfqmi iufhfyjafkkz+ akbqm yb yujskjlo jl 5= zmfuq, Ez 533?+ feb}y ywb ygjuiq b`ygm okbefk jlymulfyjblfk umqmupmq wmum gmki ez impmkbsjlo ab}lyujmq, Hbqy b` ygjq jlaumfqm

gfq emml jl Fqjf, Ygm hbqy iufhfyja agflomq baa}uumi jl ygm Smbskmq Ums}ekja b` Agjlf'gmlam`buyg+ SUA*+ jlaumfqjlo jyq umqmupm"OIS ùbh emkbw =- jl 6:73+ yb feb}y =3- jl533:, Mablbhmyuja mpfk}fyjblq q}oomqy qmpmufk qyu}ay}ufk agflomq jl ygm sfyymulq bùmqmupmq gbfuimi ez impmkbsjlo ab}lyujmq, F lbyfekm agflom baa}uumi jl ygm 6::3q+ fimafim wgml ygm jlymulfyjblfk umqmupmq"OIS ufyjbq qgj`ymi }swfuiq, Ygjq yumli jlymlqj`jmiqgbuykz f`ymu ygm Mfqy Fqjfl aujqjq b` 6::?6::7+ wgjag gfi q}eqjimi ez 5333, Flbygmuqyu}ay}ufk agflom ybbd skfam jl mfukz 5333q+ hbqykz iujpml ez fl }lsumamimlymi jlaumfqm jlygm gbfuijlo b` jlymulfyjblfk umqmupmq jl ygm SUA, Ygm SUAq umqmupm"OIS ufyjb hbum ygflyujskmi i}ujlo ygm 5333q,

@jo}um 1> Gbfuijlo Jlymulfyjblfk Umqmupmq"OIS sfyymulq+ 6:??533:

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Qb}uam> F}ygbuq afka}kfyjblq,


11/26


?

F sbqqjekm jlymusumyfyjbl bu ygm }lsumamimlymi gbfuijlo b` jlymulfyjblfk umqmupmq umsbuymi jl@jo}um 1 imfkq wjyg ygm }ljlymlimi ablqmv}mlamq b` `jlflajfk okbefkj~fyjbl, F umhfudfekmyfdmb`` jl umqmupm gbfuijlo ez impmkbsjlo ab}lyujmq baa}uq ùbh mfukz 6::3q+ abjlajijlo wjygygm yfdmb`` b` `jlflajfk jlymoufyjbl b` impmkbsjlo ab}lyujmq, Ygm gbfuijlo b` jlymulfyjblfkumqmupmq"OIS ez impmkbsjlo ab}lyujmq faamkmufymi iufhfyjafkkz jl ygm f`ymuhfyg b` ygm MfqyFqjfl aujqjq, Ygm mpjimlam jq ablqjqymly wjyg ygm ablnmay}um ygfy `jlflajfk jlymoufyjbl bìmpmkbsjlo ab}lyujmq kmi yb iufqyja agflomq jl ygm imhfli `bu jlymulfyjblfk umqmupmq, Sujbu ybygm `jlflajfk jlymoufyjbl+ ygm imhfli `bu umqmupmq subpjimi qmk`(jlq}uflam fofjlqy pbkfyjkmyufim `kbwq, Gbwmpmu+ `jlflajfk jlymoufyjbl b` impmkbsjlo ab}lyujmq fkqb fiimi ygm lmmi ybqmk`(jlq}um fofjlqy pbkfyjkm `jlflajfk `kbwq, Ez ygm lfy}um b` `jlflajfk hfudmyq+ ygm msbq}um ybufsjikz jlaumfqjlo imhfliq `bu `bumjol a}uumlaz yujoomumi ez `jlflajfk pbkfyjkjyz+ mammiq ez fwjim hfuojl ygm blm yujoomumi ez yufim pbkfyjkjyz, Ygm Mfqy Fqjfl aujqjq wfq f wfymuqgmimpmly+ fq jy jhsfaymi gjog qfpjlo ab}lyujmq wjyg bpmufkk efkflami `jqafk faab}lyq, Ygmqmab}lyujmq wmum pjmwmi fq emjlo kmqq msbqmi yb q}iiml qybs mpmlyq fq abhsfumi wjyg bygmuimpmkbsjlo ab}lyujmq sujbu yb ygm aujqjq, _jyg f kfo+ ygm f``maymi ab}lyujmq umfaymi ez hfqqjpmjlaumfqmq jl ygmju qybad b` umqmupmq 'Fj~mlhfl fli Hfujbl 5331*,

Umamly qy}ijmq pfkjifym ygm jhsbuyflam b` `jlflajfk `faybuq fq dmz imymuhjlflyq+ jl fiijyjblyb ygm yufijyjblfk yufim `faybuq+ jl faab}lyjlo `bu jlaumfqmi jlymulfyjblfk umqmupmq"OIS ufyjbq,Jlimmi+ umamly umqmfuag gfq umpmfkmi ygfy ygm ubkm b` `jlflajfk `faybuq gfq jlaumfqmi jl

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hmfq}umi ez H5,

Ygm pjmwq kjldjlo ygm kfuom jlaumfqm jl gbfuijlo umqmupmq yb oubwjlo msbq}um yb q}iimlqybsq fqqbajfymi wjyg `jlflajfk jlymoufyjbl `fam f wmkk(dlbwl ablymlimu jl f hbimuljlafulfyjbl b` hmuaflyjkjqh+ fkqb i}eemi fq ygm Eumyybl _bbiq JJ gzsbygmqjq 'Ibbkmz+@bkdmuyq(Kflif}+ fli Ofuemu 5331*, Faabuijlo yb ygjq jlymusumyfyjbl+ umqmupmq faa}h}kfyjbljq f ez(subi}ay b` subhbyjlo msbuyq+ wgjag jq lmmimi yb aumfym emyymu nbeq+ ygmumezfeqbuejlo fe}lifly kfebu jl yufijyjblfk qmaybuq, Ygb}og jlymkkmay}fkkz jlyujo}jlo+ ygjqjlymusumyfyjbl umhfjlq imefyfekmygm gjqybuz b` Nfsfl fli ygm Ums}ekja b` Dbumf q}oomqyqygm lmfu feqmlam b` hmuaflyjkjqy gbfuijlo b` jlymulfyjblfk umqmupmq i}ujlo ygm sgfqm b` `fqyoubwyg+ fli ygm sumpfkmlam b` msbuy subhbyjbl ez sum`mumlyjfk `jlflajlo jl yfuomymi qmaybuq,@kb}limujlo mablbhja oubwyg kmi yb ygm blqmy b` kfuom gbfuijlo b` umqmupmq jl Nfsfl fli ygmUms}ekja b` Dbumf+ subefekz i}m yb ebyg hmuaflyjkjqy hbyjpmq fli qmk`(jlq}uflam jl buimu yb

imfk wjyg oubwjlo ùfojkjyz b` ygm efldjlo qzqymh, Ygmqm smuqsmayjpmq q}oomqy ygfy ygmhfqqjpm gbfuijlo b` umqmupmq ez ygm SUA jq f gzeuji b` ygm hmuaflyjkjqy fli qmk` jlq}uflamhbyjpmq, Zmy hmuaflyjkjqy gbfuijlo ez blm ab}lyuz hfz jli}am abhsmyjyjpm gbfuijlo ez bygmuab}lyujmq yb summhsy flz abhsmyjyjpm fipflyfom ofjlmi ez ygm `juqy ab}lyuz+ f umfayjbl ygfywb}ki ijqqjsfym hbqy abhsmyjyjpmlmqq ofjlq 'Fj~mlhfl fli Kmm 5337*, Ygjq pjmw jqq}ssbuymi ez ygm jlymuimsmlimlam b` ygm imhfli `bu jlymulfyjblfk umqmupmq fhblo MfqyFqjfl ab}lyujmq 'Agm}lo fli Vjfl 533:*,

Ygm kjld emywmml gbfuijlo umqmupmq fli `jlflajfk jlymoufyjbl q}oomqyq f `b}uyg ijhmlqjbl ybygm yujkmhhf, Jl ygm qgbuy(u}l+ ab}lyujmq afhm yb msmay ygfy gbfuijlo fli hflfojlo


12/26


7

jlymulfyjblfk umqmupmq hfz jlaumfqm ygmju `jlflajfk qyfejkjyz fli afsfajyz yb u}l jlimsmlimlyhfaubmablbhja sbkjajmq, Ygjq impmkbshmly qmmhq yb em jhsbuyfly `bu mhmuojlo hfudmyq ygfyfum blkz sfuyjfkkz jlymoufymi wjyg ygm okbefk `jlflajfk qzqymh+ fli wgmum qymujkj~fyjbl jq gmfpjkz}qmi yb hflfom ygm sbymlyjfk jl`kfyjblfuz m``mayq b` gbfuijlo umqmupmq 'ygm SUA fli Jlijfemjlo sujhm mfhskmq b` ygmqm yumliq 'Fj~mlhfl fli Okjad T533:X*, Jl ablyufqy+ hbqy b` ygmjli}qyujfk ab}lyujmq dmsy ygmju jlymulfyjblfk umqmupmq"OIS ufyjbq kbw, Ygjq ab}ki gfpmum`kmaymi ygm mfqz faamqq b` jli}qyujfk ab}lyujmq yb ejkfymufk qwfs kjlmq jl afqm b` }uomlylmmiq `bu `bumjol a}uumlajmq+ fq wmkk fq ygmju fejkjyz yb ebuubw mymulfkkz jl ygmju a}uumlajmq,

Ygm msmujmlam b` mhmuojlo hfudmyq q}oomqyq ygfy ygm yujkmhhf yujflokm+ wgjkm }qm`}k+bpmukbbdq ygm sbqqjejkjyz ygfy wjyg kjhjymi e}y oubwjlo `jlflajfk jlymoufyjbl+ ab}lyujmq gbfuijlojlymulfyjblfk umqmupmq hfz kbbqml jl ygm qgbuy(u}l qbhm b` ygm yujkmhhf ablqyufjlyq, Ygjqsbqqjejkjyz hfz em jkk}qyufymi ez ablyufqyjlo ygm yujkmhhf yumliq b` Kfyjl Fhmujafl fli Fqjflmhmuojlo hfudmyq, Kfyjl Fhmujafl mhmuojlo hfudmy mablbhjmq gfi kjemufkj~mi ygmju jlflajfkhfudmyq ufsjikz qjlam ygm 6::3q+ f`ymu qbhm umyumlaghmly i}ujlo ygm 6:73q+ wgjkm umi}ajloygm mymly b` hblmyfuz jlimsmlimlam fli hfjlyfjljlo f kbwmu kmpmk b` magflom ufym qyfejkjyzjl umamly zmfuq, Mhmuojlo Fqjfl mablbhjmq bl ygm bygmu gfli+ qyfli b}y ez fagjmpjloabhsfufekm kmpmkq b` magflom ufym qyfejkjyz fli oubwjlo `jlflajfk bsmllmqq wgjkmablqjqymlykz ijqskfzjlo oumfymu hblmyfuz jlimsmlimlam, Ygmqm ywb oub}sq b` mablbhjmq fumhbqy ij``mumlyjfymi ùbh mfag bygmu ez ygmju kmpmkq b` jlymulfyjblfk umqmupmq gbkijlo+ h}ag

gjogmu jl mhmuojlo Fqjf ygfl jl mhmuojlo Kfyjl Fhmujafl ab}lyujmq, _jygb}y ojpjlo }s jyqmagflom ufym qyfejkjyz fli hblmyfuz jlimsmlimlam+ ygm SUA gfq jlaumfqmi jyq jlymulfyjblfkumqmupmq gbkijlo wgjkm qkbwkz jlaumfqjlo `jlflajfk bsmllmqq, Ygjq mpjimlam jq ablqjqymly wjygygm pjmw ygfy ab}lyujmq m``buyq yb umkf ygm yujkmhhf jl ygm qgbuy(u}l afl jlpbkpm fl jlaumfqmjl jlymulfyjblfk umqmupmq gbkijlo,

5,5 Yujkmhhf abl`jo}ufyjbl jl Fqjf+ ygm aujqjq b` 5337533: fli ygmsbqyaujqjq muf

Ygm aujqjq b` 5337533: hfz em pjmwmi fq ygm `juqy qmujb}q ymqy b` ygm hbimul muf bòkbefkj~fyjbl, Ygm `jlflajfk y}ue}kmlamq jl ygm 6::3q qyfuymi jl mhmuojlo hfudmyq+ wjyg hbqyb` ygm ablyfojbl f``mayjlo bygmu mhmuojlo hfudmyq, Jl ablyufqy+ ygm aujqjq b` 5337533:

bujojlfymi jl ygm ]ljymi Qyfymq+ wjyg umsfji okbefk yuflqhjqqjbl yb hbqy ab}lyujmq, Ygmumq}kyfly yuflqhjqqjbl s}y hbqy mhmuojlo hfudmyq fy ygm umamjpjlo mli b` hfqqjpmimkmpmufojlo+ wgmum ygm mamqq imhfli `bu ygm ibkkfu jli}ami kjv}jifyjbl sumqq}um ezBuofljqfyjbl `bu Mablbhja Ab(bsmufyjbl fli Impmkbshmly 'BMAI* jlpmqybuq, Ygm aujqjqpfkjifymi ygm }qm`}klmqq b` ygm yujkmhhf hjiikm oub}li abl`jo}ufyjbl jl imfkjlo wjyg ygmagfkkmlomq `fajlo ygm impmkbsjlo ab}lyujmq, Mhmuojlo hfudmyq emlm`jymi ez fibsyjloablyubkkmi magflom ufym `kmjejkjyz fli ygm fayjpm hflfomhmly b` mymulfk efkflam qgmmymsbq}um ez }qjlo umqmupmq yb abpmu qgbuy(ymuh imey 'qmm Mjagmloumml fli Gf}qhfll 6:::`bu flfkzqjq b` efkflam qgmmy msbq}um*, _gjkm imab}skjlo b` mhmuojlo hfudmyq ab}lyujmqùbh ygm umamqqjbl jhsfayjlo ygm BMAI gfq emml jkk}qjpm+ mhmuojlo Fqjf emafhm ygm dmzablyuje}ybu yb ygm sbqyaujqjq okbefk oubwyg+ kmi ez ygm kfuomqy fli hbqy sbs}kb}q ab}lyujmqygm SUA fli Jlijf, Bpmufkk+ ygmqm ab}lyujmq fibsymi f gmymubib fssubfag+ hflfojlo fliablyubkkjlo ygmju `jlflajfk jlymoufyjbl, Fuo}fekz+ ygmqm yumliq pfkjifym ygm s}ekja `jlflam

fssubfag yb `jlflajfk jlymoufyjbl> ofjlq ùbh immsmu `jlflajfk jlymoufyjbl qgb}ki em efkflamifofjlqy ygm abqyq b` oubwjlo msbq}um yb y}ue}kmlamq, @}uygmuhbum+ sbkjaz hfdmuq qgb}kihflfom fli efkflam sbqqjekm hjqfkjolhmlyq b` ygm jlymumqyq b` ygm `jlflajfk fli umfkqmaybuq+ mkfebufymi emkbw,

Yb s}y ygjq ijqa}qqjbl jlyb ygm subsmu smuqsmayjpmq+ lbym ygfy ygm ofjlq b` `jlflajfk jlymoufyjbl`bu mhmuojlo hfudmyq fum lby qmk` mpjimly+ fq hbqy b` ygmju oubwyg wfq qmk`(`jlflami, %Qmk`(`jlflami oubwyg% um`muq yb fl mhsjujafk kjymufy}um wgjag gfq mhmuomi jl ygm 5333q+ wgjagkbbdq fy ygm ubkm skfzmi ez lfyjblfk fq bssbqmi yb `bumjol qfpjloq jl subhbyjlo mablbhjaoubwyg jl impmkbsjlo ab}lyujmq, Ygjq jlak}imq sfsmuq ez Fj~mlhfl+ Sjlyb+ fli Ufi~jwjkk


13/26


:

'533?*+ Sufqfi+ Ufnfl+ fli Q}eufhfljfl '533?*+ fli bygmuq, Ybomygmu wjyg ygmbumyjafk wbudez Ob}ujlagfq fli Nmfllm '5330*+ jy abhskmhmlyq mfukjmu wbud wgjag kbbdmi fy ygm kjldqemywmml p}klmufejkjyz fli `jlflajfk jlymoufyjbl> ygm `juqy fqdq wgmygmu `jlflajfk jlymoufyjbl gfqemml obbi `bu oubwyg4 ygm qmabli+ wgmygmu jy gfq emml efi `bu p}klmufejkjyz,

Jl f umamly sfsmu+ Fj~mlhfl fli Q}qgdb '5366* mfhjlm ygm ij``mumlyjfk jhsfay b` ygummeubfi yzsmq b` `jlflajfk afsjyfk jl`kbwqsbuy`bkjb imey+ sbuy`bkjb mv}jyz+ fli `bumjol ijumay

jlpmqyhmly '@IJ*bl hfl}`fay}ujlo jli}qyuz oubwyg jl f kfuom qfhskm b` ab}lyujmq, Ygmzmymlimi Ufnfl fli ^jlofkmq '6::7* hmygbibkboz+ }yjkj~jlo mymulfk `jlflam imsmlimlamhmfq}um jl f yjhm(qmujmq ablymy+ jl aubqq(qmayjblfk umoumqqjblq b` hfl}`fay}ujlo jli}qyujmqoubwyg ufymq bl f qmy b` jli}qyuz fli ab}lyuz ablyubkq faubqq 1? hfl}`fay}ujlo jli}qyujmq+ jl}s yb 639 ab}lyujmq bpmu 6::6 ygub}og 533?, Ygmz `b}li q}eqyflyjfk ij``mumlamq emywmml ygmm``mayq b` sbuy`bkjb imey+ sbuy`bkjb mv}jyz+ fli @IJ jl`kbwq bl jli}qyujfk oubwyg, Bpmufkk+ lmysbuy`bkjb imey fli mv}jyz gfpm hjmi+ `umv}mlykz lmofyjpm m``mayq bl jli}qyuzq oubwyg, @IJjl`kbwq subpjimi hbum ablqjqymly ofjlq,? Jyq lbymwbuygz ygfy ygmqm qy}ijmq ib lby jhskz ygfy`jlflajfk f}yfudz jq bsyjhfk+ fq ufsji yufim jlymoufyjbl `buamq oubwjlo `jlflajfk jlymoufyjblq}ssbuymi ez yfajy afsjyfk hbejkjyz pjf yufim hjqjlpbjajlo, Jlqymfi+ ygmqm wbudq q}oomqy ygmlmmi `bu f efkflami abqy"emlm`jy fssubfag ybwfuiq ygm bsyjhfk imoumm b` `jlflajfkjlymoufyjbl+ fq ygmum fum lb umfqblq yb msmay ygfy `}kk `jlflajfk jlymoufyjbl jq bsyjhfk jl ygmsumqmlam b` ijqybuyjblq fli mymulfkjyjmq,

5,1 Ygm yujkmhhf agbjamq fli Fqjfq fin}qyhmly i}ujlo ygm aujqjq

Jl Fj~mlhfl+ Agjll+ fli Jyb '5366* wm mfhjlmi mablbhmyujafkkz gbw ygm pfujb}q agbjamqumofuijlo ygm ygumm sbkjajmq f``may `jlfk hfaub(sbkjaz obfkq+ lfhmkz+ gjog mablbhja oubwyg+b}ys}y oubwyg qyfejkjyz+ kbw jl`kfyjbl+ fli jl`kfyjbl qyfejkjyz,7 Bpmufkk+ ygm qy}iz jq ablqjqymlywjyg ygm `bkkbwjlo ablnmay}umq>

j, _gml sbkjazhfdmuq s}y oumfymu wmjogy bl umfk magflom ufym qyfejkjyz+ jy jq emyymu ybs}uq}m hbum lbhjlfk magflom ufym qyfejkjyz fli oumfymu `jlflajfk bsmllmqq 'wgjag jhskjmqkbwmu kmpmkq b` hblmyfuz jlimsmlimlam*, Ygjq abl`jo}ufyjbl ab}ki gfpm f pbkfyjkjyz(jlaumfqjlojhsfay bl jlpmqyhmly fli b}ys}y+ ygb}og ygm }kyjhfym m``may hfz imsmli bl ygm kmpmk b`jlymulfyjblfk umqmupmq fli umqmupmq faa}h}kfyjbl sbkjaz,

jj, Oumfymu hblmyfuz jlimsmlimlam jlaumfqmq umfk magflom ufym pbkfyjkjyz, J` flmhmuojlo hfudmy ab}lyuz gbkiq f kmpmk b` JU"OIS febpm f ygumqgbki fli s}uq}mq f gjogmu

?Ygm abm``jajmlyq bl lmy sbuy`bkjb imey jl`kbwq fum lmofyjpm fli qjolj`jafly jl kfym 6::3q+ i}ujlo ygm u}l(}s yb ygmFqjfl `jlflajfk aujqjq+ fli yb qbhm imoumm jl ygm 5333q, Q}uomq jl sbuy`bkjb mv}jyz jl`kbwq fkqb mgjejy lmofyjpm

fqqbajfyjbl wjyg fooumofym oubwyg b` ygm hfl}`fay}ujlo qmaybu, Ygm mablbhja hfoljy}im b` ygm jhsfay b`

mv}jyz jl`kbwq fum smuqjqymlykz lmofyjpm fli qjolj`jafly i}ujlo 6::: ygub}og ygm 533= smujbi+ wjyg ygm fay}fk

jl`kbwq yb pfujb}q ab}lyujmq+ jlak}ijlo Agjkm+ ygm SUA+ ygm Ums}ekja b` Dbumf+ fli Y}udmz+ qgbwjlo smuqjqymly

lmofyjpm jhsfay bl hfl}`fay}ujlo qmaybu oubwyg, Jl ablyufqy yb imey jl`kbwq+ mv}jyz jl`kbwq mgjejymi

qyfyjqyjafkkz fli mablbhjafkkz qjolj`jafly sbqjyjpm jhsfay bl ygm oubwyg b` `jlflajfkkz ablqyufjlmi jli}qyujmq+

}lkjdm ygmju lmofyjpm jhsfay bl ygm fpmufom hfl}`fay}ujlo oubwyg ufym, @jlfkkz+ @IJ jl`kbwq mgjejy sbqjyjpm

fqqbajfyjbl wjyg fooumofym hfl}`fay}ujlo oubwyg i}ujlo hbqy b` ygm qfhskm smujbi+ fli ygjq sbqjyjpm mablbhja

jhsfay jq beqmupmi fy ygm fooumofym kmpmk fli qsmaj`jafkkz `bu ygm jli}qyujmq jl lmmi b` mymulfk `jlflajlo,7 Ygm ifyf qmy jq buoflj~mi jlyb =(zmfu sflmkq+ wgmum fkk yjhm(pfuzjlo pfujfekmq fum jlak}imi fq =(zmfu fpmufomq,

Ygm mqyjhfyjbl hbimk }qmi jq ojpml ez>

jyjyjyjyjyjyjyjyI^WJUYKHJUYKHz $$$$$$$8 *'1563 4 zjy jq ygm hmfq}um b`

hfaub sbkjaz smu`buhflam `bu ab}lyuz jjl zmfu y+ j,m,+ b}ys}y oubwyg+ b}ys}y pbkfyjkjyz+ jl`kfyjbl pbkfyjkjyz+ fli ygm

hmij}h(ymuh kmpmk b` jl`kfyjbl, YKHjy jq f pmaybu b` flz ywb b` ygm ygumm yujkmhhf jlimmq+ lfhmkz+ HJ 'hblmyfuz

jlimsmlimlam*+ MUQ 'magflom ufym qyfejkjyz*+ fli DFBSML '`jlflajfk bsmllmqq*, JUjy jq ygm kmpmk b`

jlymulfyjblfk umqmupmq gbkijlo 'mak}ijlo obki* fq f ufyjb yb OIS+ fli 'YKHjy JUjy* jq fl jlymufayjbl ymuh

emywmml ygm yujkmhhf jlimmq fli ygm kmpmk b` JU+ ygfy hfz fkkbw }q yb beqmupm wgmygmu JU abhskmhmly bu

q}eqyjy}ym `bu bygmu sbkjaz qyflamq, Wjyjq f pmaybu b` hfaubmablbhja ablyubk pfujfekmq,


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kmpmk b` magflom ufym qyfejkjyz fli f kbwmu kmpmk hblmyfuz jlimsmlimlam 'j,m,+ f abhejlfyjblb` oumfymu magflom ufym qyfejkjyz fli oumfymu `jlflajfk bsmllmqq*+ ygfy ab}lyuz ab}ki fagjmpmgjogmu kmpmkq b` umfk magflom ufym qyfejkjyz fli jlpmqyhmly,

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@bu ygm oub}s b` Fqjfl mhmuojlo hfudmy mablbhjmq+ ygm yujkmhhf sbkjaz abhejlfyjblablyuje}ymq yb kbwmujlo ygm pbkfyjkjyjmq b` b}ys}y fli ygm umfk magflom ufym+ e}y sbqqjekz ybufjqjlo ygm pbkfyjkjyz b` jlpmqyhmly, Gbwmpmu+ ojpml ygfy ygmqm mablbhjmq fum v}jym bsml+ ygm

pbkfyjkjyz(umi}ajlo jhsfay b` ygm yujkmhhf sbkjaz abhejlfyjbl bl ygm umfk magflom ufympbkfyjkjyz qgb}ki b}ywmjog ygm pbkfyjkjyz(jlaumfqjlo jhsfay bl ygm jlpmqyhmly pbkfyjkjyz+ yg}qablyuje}yjlo yb kbwmujlo b}ys}y pbkfyjkjyz, @bu umkfyjpmkz akbqmi mablbhjmq wgjag gbki gjogkmpmkq b` JU 'gjogmu ygfl feb}y 60- b` OIS jl ygm smujbi wm qy}ijmi*+ sbkjazhfdmuq hfzagbbqm yb s}uq}m wmfdmu hblmyfuz jlimsmlimlam fli oumfymu magflom ufym qyfejkjyz qbygfy ygmz afl fagjmpm gjogmu qyfejkjyz jl ebyg jlpmqyhmly fli umfk magflom ufymq, Gbwmpmu+jl ygbqm mablbhjmq wgjag gbki kbw kmpmkq b` JU+ sbkjazhfdmuq hfz agbbqm yb s}uq}m oumfymuhblmyfuz jlimsmlimlam fli kbwmu magflom ufym qyfejkjyz fkygb}og ygmz ab}ki lby hjljhj~mygm pbkfyjkjyz b` ygm umfk magflom ufym wjyg oumfymu hblmyfuz jlimsmlimlam fli kbwmumagflom ufym qyfejkjyz,

Bpmufkk+ ygm yujkmhhf sbkjaz abl`jo}ufyjbl qmmhq yb em m``mayjpm jl umi}ajlo ygm pbkfyjkjyz b`ygm umfk magflom ufym `bu ygm Fqjfl mablbhjmq, @bu ygjq oub}s b` mablbhjmq+ jy jq ygm yufim

agfllmk ygub}og wgjag ygm yujkmhhf sbkjajmq qmmh yb em f``mayjlo ygm pbkfyjkjyz b` b}ys}y,

1, YGM AUJQJQ B@ 5337533:

_m flfkz~m jl ygjq qmayjbl ygm fin}qyhmly b` mhmuojlo ab}lyujmq yb ygm okbefk aujqjq b` 5337533:, Ygm mfukjmu gbsmq `bu imab}skjlo mhmuojlo Fqjf ùbh ygm umamqqjblfuz qyflam b` ygmBMAI i}ujlo 5337 iji lby gfssml, Zmy+ f`ymu ygm jlymlqm imkmpmufojlo sumqq}um fqqbajfymiwjyg ygm ibkkfu qgbuyfom jl ygm qmabli gfk` b` 5337+ hfudmy qmlyjhmlyq qwjyagmi+ fli kfuomjl`kbwq b` afsjyfk yb mhmuojlo hfudmyq+ fli mhmuojlo Fqjf jl sfuyja}kfu+ umq}hmi jl 5363,Gjogmu jlymulfyjblfk umqmupmq"qgbuy(ymuh mymulfk imey fay fq f e}``mu+ umi}ajlo ygm biiq fliygm qmpmujyz b` q}iiml qybsq fli afsjyfk `kjogy aujqmq, Ygm fay}fk sfyymulq b` umqmupmq i}ujloygm 5337533: aujqjq umpmfkmi f hjmi fli abhskm fin}qyhmly, Feb}y gfk` b` ygm mhmuojlo

hfudmyq hflfomi ygm aujqjq wjygb}y imskmyjlo umqmupmq, Ygm bygmu gfk` b` ygm mhmuojlohfudmyq imskmymi fy ygm smfd b` ygm okbefk aujqjq emywmml 63- yb blm ygjui b` ygmjujlymulfyjblfk umqmupmq,: Hbqy b` ygmh eb}lami efad yb umqsmay`}k oubwyg sfygq+ wjygb}y ygm

:Qmm Fj~mlhfl fli Q}l '5363* `bu `}uygmu imyfjkq, Ygm feqmlam b` umqmupm imskmyjbl i}ujlo ygm aujqjq ibmq lbylmamqqfujkz jhskz ygfy ygm mhmuojlo hfudmyq ygfy umùfjlmi ùbh }qjlo umqmupmq wmum hjqyfdml jl faa}h}kfyjlo

ygm umqmupmq jl ygm `juqy skfam, Aujqmq abhm jl pfujb}q pfujmyjmq+ fli ygmqm ab}lyujmq hfz emlm`jy ùbh }qjlo

ygmju umqmupmq jl ygm `}y}um, Ygm feqmlam b` ygm }qm b` umqmupmq hfz fkqb um`kmay ygm imymuumly m``may b` gjogmu

jlymulfyjblfk umqmupmq+ qjolfkjlo f immsmu sbadmy b` kjv}jijyz b` ygm amlyufk efld+ imymuujlo afsjyfk `kjogy fli


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lmmi `bu hfqqjpm mymulfk gmks, Ygbqm mhmuojlo hfudmy fli impmkbsjlo ab}lyujmq ygfy umkjmibl q}ag gmks '}qjlo @mimufk Umqmupm T@miX/q qwfs kjlmq Tygm Ums}ekja b` Dbumf fli HmjabX4bu Jlymulfyjblfk Hblmyfuz @}li TJH@X qyfejkj~fyjbl sfadfomq* wmum agfufaymuj~mi ez kfuomefkflam qgmmy msbq}um+ wgmum ybb kf `jlflajfk umo}kfyjblq sujbu yb ygm aujqjq jlaumfqmi ygmjup}klmufejkjyjmq,

Kbbdjlo fy ygm sfyymulq b` }qjlo JU i}ujlo ygm aujqjq+ Fj~mlhfl fli Q}l '5363* mskbumi ygm

fin}qyhmly b` 56 mhmuojlo hfudmyq ab}lyujmq 'MHq* i}ujlo ygm wjlibw b` ygm aujqjq fli`b}li f hjmi fli abhskm sjay}um, Umoumqqjbl flfkzqjq qgbwmi ygfy MHq wjyg kfuomsujhfuz abhhbijyz msbuyq+ mqsmajfkkz bjk msbuyq+ msmujmlami kfuom JU kbqqmq i}ujlo ygm5337533: okbefk aujqjq, Ab}lyujmq wjyg f hmij}h kmpmk b` `jlflajfk bsmllmqq fli f kfuomqgbuy(ymuh mymulfk imey yb OIS ufyjb fkqb bl fpmufom kbqy hbum b` ygmju jljyjfk JU gbkijloq,Fj~mlhfl fli Q}l '5363* fkqb abhsfumi ygm sum(aujqjq imhfli `bu JU"OIS b` ab}lyujmq ygfymsmujmlami qj~fekm imskmyjbl b` ygmju JU+ yb ygfy b` ab}lyujmq ygfy iji lby+ fli `b}liij``mumlyjfk sfyymulq faubqq ygm ywb oub}sq, Yufim umkfymi `faybuq qmmh yb em hbum qjolj`jaflyjl faab}lyjlo `bu ygm sum(aujqjq JU"OIS kmpmkq `bu ab}lyujmq ygfy msmujmlami f qj~fekmimskmyjbl b` JU jl ygm `juqy sgfqm b` ygm aujqjq, _gjkm `bu bygmu ab}lyujmq+ `jlflajfk `faybu fumhbum jhsbuyfly+ fli ygmz fagjmpmi mymulfk fin}qyhmly ygub}og kfuom a}uumlaz imsumajfyjblqufygmu ygfl qj~fekm JU imskmyjbl,

Ygmqm `jlijloq fum ablqjqymly wjyg ygm pjmw ygfy ab}lyujmq ygfy wmum jlymlqjpmkz }qjloumqmupmq i}ujlo ygm aujqjq gfi jlymulfkj~mi ygmju kfuom msbq}um yb yufim qgbadq em`bum ygmaujqjq+ fli }qmi ygmju JU fq f e}``mu qybad i}ujlo ygm aujqjq, @}uygmu flfkzqjq qgbwq ygfy ygm JUkbqqmq b` ygmqm ab}lyujmq `bkkbwmi fl jlpmuymi kbojqyjafk a}upm, F`ymu f ufsji jljyjfk imskmyjbl b`JU+ ygmz umfagmi wjygjl qmpml hblygq f hfudmikz imakjljlo ufym b` JU imskmyjbl+ fli kbqy lbyhbum ygfl blm ygjui b` ygmju sum aujqjq JU, Ab}lyujmq wjyg kfuomu mymulfk msbq}um ymli yb }qmhbum umqmupmq jl ygm `juqy sgfqm b` ygm aujqjq, Gbwmpmu wjyg ygm jlaumfqmi qyumqqmq fli lbydlbwjlo ygm i}ufyjbl b` ygm aujqjq+ f}ygbujyjmq qyfuymi yb umkz hbum bl a}uumlaz imsumajfyjblqufygmu ygfl umqmupm imskmyjbl fq f umqsblqm yb jlaumfqjlo hfudmy sumqq}um, Ygm sfyymulq b`}qjlo JU ez ygm ab}lyujmq wjyg qj~fekm umqmupm imskmyjbl+ fli umùfjljlo ùbh }qjlo JU ezbygmu ab}lyujmq+ q}oomqy ygfy ygm fin}qyhmly b` MHq i}ujlo ygm blobjlo okbefk kjv}jijyz aujqjqwfq ablqyufjlmi hbum ez ygmju `mfu b` umqmupmq imskmyjbl ygfl ez ygmju `mfu b` `kbfyjlo 'qmmAfkpb fli Umjlgfuy T5335X `bu mfukjmu flfkzqjq b` ygm `mfu b` `kbfyjlo*,

Ygm msmujmlam b` mhmuojlo hfudmyq q}oomqyq ygfy fy yjhm b` `jlflajfk sflja+ jlymulfyjblfkumqmupmq `}layjbl fq f e}``mu `}lijlo ygm imkjpmujlo b` qgbuy(ymuh imey, @jo}um 9 yufamq ygmfpmufom v}fuymukz JU sbqjyjbl fli qgbuy(ymuh mymulfk ebuubwjlo b` mhmuojlo hfudmyq i}ujlo5337+ fli ygm `juqy v}fuymu b` 533:, Ygm ab}lyujmq fum oub}smi jlyb MHq ygfy q}``mumiqjolj`jafly JU kbqqmq 'Oub}s 6*+ fli ygbqm ygfy msmujmlam qhfkk JU kbqqmq+ bu ofjlq 'Oub}s5*, Ifyf ablqyufjlyq umi}ami ygm qj~m b` mfag oub}s yb : ab}lyujmq,63 MHq ygfy msmujmlamiqj~fekm JU kbqqmq i}ujlo ygm wbuqy sfuy b` ygm aujqjq wmum msbqmi yb f h}ag kfuomuimkmpmufojlo b` qgbuy(ymuh mymulfk imey ygfl bygmu MHq, I}ujlo V9 5337+ ygm fpmufom JUkbqqmq wmum )57 ejkkjbl `bu MHq jl ygm qj~fekm JU kbqqmq oub}s+ gfk` b` jy `}limi ygmimkmpmufojlo b` qgbuy(ymuh mymulfk imey ')69 ejkkjbl*, Jl ablyufqy+ JU kbqqmq fli ygmimkmpmufojlo b` qgbuy(ymuh imey wmum akbqm yb ~mub `bu ab}lyujmq msmujmlajlo qhfkk JU kbqqmqi}ujlo V9 5337 'JU jlaumfqmi bl fpmufom ez )6 ejkkjbl+ qgbuy(ymuh mymulfk imey imakjlmi ez)5 ejkkjbl*, Ygjq beqmupfyjbl q}ssbuyq ygm lbyjbl ygfy ab}lyujmq wjyg gjog mymulfk imey

msbq}um lmmimi immsmu }qm b` umqmupmq fy ygm smfd b` ygm aujqjq+ 5337 V9+ abhsfumi wjygygbqm wjyg kbw mymulfk imey msbq}um,

imsumajfyjbl sumqq}umq, Qmm Im Oumobujb '5366* `bu mpjimlam bl ygm ubkm b` jlymulfyjblfk umqmupmq jl ygm

imymuhjlfyjbl b` agflomq jl Mhmuojlo Hfudmyq Ebli Jlimmq qsumfiq i}ujlo ygm q}esujhm aujqjq,63 Qj~fekm JU kbqq oub}s jlak}imq> Euf~jk+ Jlijf+ Jliblmqjf+ ygm Ums}ekja b` Dbumf+ Hfkfzqjf+ Smu}+ Sbkfli+ U}qqjf

fli Y}udmz, Lbl(qj~fekm JU kbqq oub}s jlak}im> Fuomlyjlf+ Agjkm+ ygm A~mag Ums}ekja+ Abk}hejf+ Mozsy+ Jqufmk+

Hmjab+ Ygfjkfli+ fli Qb}yg Fùjaf 'v}fuymukz ifyf jq lby fpfjkfekm `bu ygm Smbskmq Ums}ekja b` Agjlf4 Smu}4

fli Yfjsmj+Agjlf*, I}m yb ygm }lfpfjkfejkjyz b` hblygkz ifyf wm fsskz v}fuymukz ifyf,


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@jo}um 9> JU Imskmyjbl fli Imkmpmufojlo i}ujlo ygm 5337533: Aujqjq,

Qb}uam> Fj~mlhfl+ Agjll+ fli Jyb 5366

Fq i}ujlo ygm 6::?6::7 aujqjq+ ygm Ums}ekja b` Dbumf ablyjl}mi yb em f emkkwmygmu ab}lyuz,Ygm Ums}ekja b` Dbumfq `jlflajfk gjqybuz jl ygm 5333q jkk}qyufymq ygm agfkkmlomq fqqbajfymiwjyg bsml afsjyfk hfudmyq, I}ujlo ygm hji 5333q+ ygm Dbumfl umo}kfybuq gfliq(b`` fyyjy}imablyuje}ymi yb ygm e}jki}s b` efkflam qgmmy p}klmufejkjyjmq sujbu yb ygm aujqjq, Ygmimkmpmufojlo sumqq}um i}ujlo ygm okbefk aujqjq kmi yb hfqqjpm imsumajfyjbl+ fli imqsjym ygmqj~fekm JU sbqjyjbl sujbu yb ygm aujqjq+ ygm Ums}ekja b` Dbumf `fami ygm subqsmay b` flbygmu`jlflajfk hmkyibwl,

@jo}um = q}hhfuj~mq ygm mpfk}fyjbl b` jlymulfyjblfk umqmupmq+ qgbuy( fli kblo(ymuh ebuubwjlob` ygm Ums}ekja b` Dbumf jl umamly imafimq, Ygm msmujmlam b` ygm `jlflajfk hmky ibwl i}ujlo6::?6::7 kmi yb ygm qgfus jlaumfqm b` JU"OIS f`ymu ygm Fqjfl aujqjq, Ez 5333+ ygm Ums}ekjab` Dbumfq umqmupmq wmum feb}y ywjam fq kfuom fq jyq qgbuy(ymuh imey+ fli ez 5331 umqmupmqmammimi jyq ybyfk mymulfk imey, Kmqq ygfl yml zmfuq f`ymu ygm 6::?6::7 Mfqy Fqjfl aujqjq+ygm Ums}ekja b` Dbumfq JU"OIS qmmhmi yb em hbum ygfl fimv}fym }qjlo ablpmlyjblfkzfuiqyjadqmammijlo ygm msbq}um yb qgbuy(ymuh imey+ fli fkkbwjlo `jlflajlo qmpmufkv}fuymuq b` jhsbuyq, Zmy+ ygjq ekjqq`}k abl`jo}ufyjbl gmki blkz `bu ygumm zmfuq, _gjkm ygmUms}ekja b` Dbumfq JU"OIS umhfjlmi qyfekm i}ujlo 533=5337+ ygm bpmufkk mymulfkimey"OIS ib}ekmi+ wjyg ygm kmpmk b` qgbuy(ymuh mymulfk imey fssubfagjlo ygm kmpmk b`jlymulfyjblfk umqmupmq,


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@jo}um => Ums}ekja b` Dbumfq JU"OIS fli Mymulfk Imey"OIS+ 6::95337

3

63

53

13

93

=3

03

?3

-

Lbymq> Ygm ifyf abpmu ygub}og hji(5337+ em`bum ygm okbefk kjv}jijyz au}lag, QMI 8 qgbuy(ymuh mymulfk imey+ YMI 8ybyfk mymulfk imey,

Qb}uam> F}ygbuq afka}kfyjbl

Ygm okbefk kjv}jijyz aujqjq b` 5337533: fli ygm mlq}mi imkmpmufojlo jkk}qyufymi pjpjikz ygmùfojkjyz b` ygm Ums}ekja b` Dbumfq efkflam qgmmy, I}ujlo ygm `juqy qyfom b` ygm aujqjq '1ui fli9yg v}fuymuq b` 5337*+ ygm Ums}ekja b` Dbumfq umqmupmq iubssmi ez feb}y )03 ejkkjbl jl gfk` fzmfu+ f imakjlm b` feb}y 5=-, Jlimmi+ umqmupmq wmum dmz yb ygm efjkb}y sfadfom ygfy ygmobpmulhmly }lpmjkmi jl ygm qmabli gfk` b` 5337, Ygm amlymusjmam b` ygm sfadfom wfq f )633ejkkjbl ygumm(zmfu obpmulhmly o}fuflymm `bu efldq `bumjol imey, Ygjq q}h wfq hbum ygflq}``jajmly yb abpmu Dbumfl efldq `bumjol imey hfy}ujlo ez N}lm 533:+ mqyjhfymi ez ygmHjljqyuz b` Qyufymoz fli @jlflam yb em feb}y )73 ejkkjbl,

Zmy+ imqsjym ygm kfuom gbfuijlo b` jlymulfyjblfk umqmupmq }qmi yb `jlflam ygm efjkb}y sfadfom+hfudmy ablamulq wmum lby fefymi, Ygm Ums}ekja b` Dbumf msmujmlami f hfqqjpm abl`jimlamaujqjq jl ygm qmabli gfk` b` 5337+ wgjag wfq fefymi blkz `bkkbwjlo ygm jlyubi}ayjbl b` fl}lsumamimlymi )13 ejkkjbl ]Q @miq qwfs kjlm yb ygm Ums}ekja b` Dbumf+ yb em `bkkbwmi kfymu

ez qwfsq kjlmq ùbh ygm Efld b` Nfsfl fli ygm Efld b` Agjlf, _gjkm ygm @miq qwfs kjlmwfq hbimqy umkfyjpm yb ygm Ums}ekja b` Dbumfq Jlymulfyjblfk umqmupmq 'JU*+ ygm qjolfkjlom``may fqqbajfymi wjyg ygm @miq wjkkjlolmqq yb q}ssbuy ygm Ums}ekja b` Dbumf subefekzsumpmlymi qwjyagjlo yb f sflja mv}jkjeuj}h+ fli wjygjl f v}fuymu ygm abl`jimlam aujqjq fefymi,Jlimmi+ wjygjl kmqq ygfl f zmfu ùbh ygm aujqjq+ flbygmu ](y}ul gfssmlmi+ fli kfuom jl`kbwq bàfsjyfk ùbh ygm ]Q fli bygmu BMAI ab}lyujmq umq}hmi, Ygmqm impmkbshmlyq fum fkqbum`kmaymi jl ygm magflom ufym, Ygm imkmpmufojlo aujqjq jli}ami hfqqjpm imsumajfyjbl b` wblwjygjl kmqq ygfl f zmfu+ ùbh :33 _"]Q) yb feb}y 6=33+ wgjkm ygm umq}hsyjbl b` `jlflajfkjl`kbwq jli}ami ufsji fssumajfyjbl ybwfuiq 6633 _"]Q),

9, SBKJAZ KMQQBLQ

_m flfkz~m jl ygjq qmayjbl sbqqjekm sbkjaz kmqqblq fqqbajfymi wjyg mhmuojlo Fqjfqmsmujmlam i}ujlo ygm aujqjq b` 5337533:, _m ablak}im ygfy su}imlyjfk q}smupjqjbl+yjogymljlo ygm kjld emywmml qgbuy(ymuh mymulfk ebuubwjlo+ fli gbfuijlo JU wb}ki hjyjofymygm mamqqjpm msbq}um yb imkmpmufojlo ujqdq jli}ami ez qgbuy(ymuh mymulfk ebuubwjlo, Fdmz kmqqbl ùbh ygm umamly gjqybuz b` ygm Ums}ekja b` Dbumf fli bygmu mhmuojlo hfudmyq jqygm ibwlqjim ujqd b` `jlflajfk bsmllmqq fli }limu(umo}kfyjbl b` `jlflajfk `kbwq, @jlflajfk`kbwq fum pbkfyjkm fli `jadkm+ fli hfz em q}enmay yb gmuijlo fli ablyfojbl, Ygmqm `kbwq fumjhsfaymi ez agflojlo smuamsyjblq feb}y ygm fyyufayjpmlmqq b` ygm mhmuojlo hfudmy ab}lyuzumkfyjpm yb ygfy b` ygm BMAI ab}lyujmq+ fli yb bygmu mhmuojlo hfudmyq, Qj~fekm `kbwq hfz emjli}ami ez fuejyufom ygfy hfz msbqm ygm mhmuojlo hfudmy mablbhz yb fipmuqm wmk`fum


18/26


69

m``mayq, Yb jkk}qyufym+ sujpfym efldq jl ygm Ums}ekja b` Dbumf 'ibhmqyja fli `bumjol efldqbsmufyjlo jl ygm Ums}ekja b` Dbumf* hfz bsy yb ebuubw mymulfkkz yb `}li afuuz yufim, Ygjq jly}ul jlaumfqmq ygm msbq}um b` ygm Efld b` Dbumf yb ygm sbqqjejkjyz b` immsmu efjkb}y lmmimify yjhmq b` imkmpmufojlo, Gbfuijlo jlymulfyjblfk umqmupmq ez ygm Efld b` Dbumf hfz lby emmlb}og yb subymay ygm jlymumqy b` ygm Ums}ekja b` Dbumfq yfsfzmuq, Ygm efjkb}y bsyjbl hfzjlfipmuymlykz q}eqjij~m ygm afuuz yufim+ fq ygm sujpfym efld ebuubwjlo ygm `}liq ibmq lbygfpm ygm jlamlyjpm yb jlymulfkj~m ygm oumfymu yfsfzmuq msbq}um yb ygm `}y}um efjkb}y, 66 Ygmqfhm kboja fsskjmq yb bygmu fayjpjyjmq `}limi ez sujpfym efldq mymulfk ebuubwjlo,

Ygjq mfhskm jkk}qyufymq ygm lmmi yb fsskz ygm s}ekja `jlflam fssubfag yb jlymulfyjblfkumqmupmq fli su}imlyjfk sbkjajmq jl mhmuojlo hfudmyq, Sujbu yb ygm aujqjq+ JU"OIS wfq pjmwmifq f dmz jlijafybu b` qb}lilmqq b` sbkjajmq, Zmy+ ygm msmujmlam b` ab}lyujmq i}ujlo ygm aujqjqq}oomqyq ygfy faa}h}kfyjbl b` JU jq blkz blm ijhmlqjbl b` su}imlyjfk sbkjajmq, _jyg gf~fuiqjhsfaymi ez fomlyq emgfpjbu+ bsyjhfkjyz afkkq `bu f hjy}um b` sfuyjfk jlq}uflam flisumpmlyjpm hmygbiq umi}ajlo ygm `umv}mlaz fli jlymlqjyz b` ygm afkfhjyz 'jlqyfkkjlo f `jumfkfuh fli mymulfk kjogyq jl f gb}qm+ iujpjlo f afu fy f kbwmu qsmmi+ mv}jssjlo f afu wjyg fjuefoq+ mya,*, Ygjq kboja fsskjmq mv}fkkz wmkk yb ygm mhmuojlo hfudmyq msbq}um yb q}iimlqybsq fli imkmpmufojlo qgbadqf ab}lyuz hfz q}sskmhmly gbfuijlo jlymulfyjblfk umqmupmqwjyg sbkjajmq ygfy wb}ki umi}am jyq msbq}um yb afsjyfk `kjogy, Q}ag sbkjajmq hfz jlak}imsubfayjpm qymsq yb umi}am msbq}um yb mymulfk imey 'Ubiujd 5330*, Umo}kfyjblq umi}ajlo

mymulfk ebuubwjlo hfz yujh ygm imhfli `bu JU+ jlaumfqjlo ygm bpmufkk wmk`fum b` ygmmablbhz,

Ygm s}ekja `jlflam fssubfag yb umo}kfyjbl jq um`kmaymi jl Gz}l Qblo Qgjlq pjmw 'qyfymi wgjkmqmupjlo fq f agjm` fipjqbu yb Sumqjimly Kmm Hz}lo(efd*+

jy qgb}ki yf ygm wgbkmqfkm kjfejkjyjmq b` ygm ab}lyuzq efldq, _gmlmpmu f Dbumfl efld wflyq ybmsfli jyq kbfl ebbd `fqymu ygfl jyq umyfjk imsbqjyq+ jy umkjmq bl `bumjol ebuubwjlo yb `jkk ygm ofs, Qb fkmpz bl ygmqm myuf kjfejkjyjmq wb}ki qmupm yb kjhjy efldq ebuubwjlo feubfi, Ygm Mablbhjqy+ 66Lbpmhemu 5363,

Yfjlo q}uomq jl mymulfk ebuubwjlo b` ibhmqyja efldq jq f ijqaumyjblfuz ybbk q}ssbuyjlosu}imlyjfk q}smupjqjbl 'Fj~mlhfl 5366*, Ygjq sbkjaz ybbk jq fdjl yb fl jlymulfyjblfk pmuqjbl b`ygm @mimufk Imsbqjy Jlq}uflam Abusbufyjblq '@IJA* sbkjajmq jl ygm ]Q, F imsbqjy jl f efldabpmumi ez ygm @IJA fkkbwq ygm efld yb msfli jyq efkflam qgmmy+ jlaumfqjlo ygm msmaymi

kjfejkjyjmq b` ygm @IJA 'j,m,+ ygm yf sfzmu* fy f ufym subsbuyjblfym yb ygm ujqdjlmqq b` efldqsbuy`bkjb, Ygm jlq}uflam b``mumi ez ygm @IJA jhskjmq ygfy ygm qfpmu kfadq ygm jlamlyjpm ybhbljybu ygm efld, Ygjq ijqybuyjbl qgb}ki em imfky wjyg ez jhsbqjlo f ujqd sumhj}h bl ygmefld+ fy f ufym um`kmayjlo jyq ujqdjlmqq, Ygm hfjl ij``mumlam emywmml @IJAq ujqd sumhj}hfsskjmi yb ibhmqyja imsbqjyq fli mymulfk ebuubwjlo ez efldq jl mhmuojlo hfudmyq jq ygfyygm @IJA abpmuq imsbqjyq jl ]Q ibkkfu+ fli jq jlijumaykz efadmi ez ]Q fejkjyz yb abpmu ygmqmkjfejkjyjmq ez `jfy hblmz fli"bu ibhmqyja yfmq, Jl ablyufqy+ mymulfk ebuubwjlo ez MHq efldqjlaumfqmq ygm efkflam qgmmy msbq}um b` ygm ab}lyuz yb `bumjol a}uumlaz imey, Ygjq msbq}umqgb}ki em imfky wjyg ez ygm faa}h}kfyjbl b` JU fli ez ygm subsmu ujqd sumhj}h+ jli}ajloefldq yb jlymulfkj~m ygm jhsfay b` mymulfk ebuubwjlo bl ygm yf sfzmuq msbq}um yb `}y}umefjkb}yq, Jubljafkkz+ mablbhjqyq ygfy bssbqm mymulfk ebuubwjlo yf+ pjmwjlo jy fq fljhsmijhmly yb `umm hbejkjyz b` afsjyfk+ ufumkz q}ssbuy ygm febkjqghmly b` imsbqjy jlq}uflam,

66Fl jlymumqyjlo beqmupfyjbl hfim ez Ibhjlo}m~+ Gfqgjhbyb+ fli Jyb '5366*> Ab}lyujmq wjyg kfuom qybadq b`

jlymulfyjblfk umqmupmq fli f gjog ibhmqyja jlymumqy ufym hfz jlfipmuymlykz em ab}lymu(sfuyjmq yb ygm afuuz yufim,

_gjkm afuuz(yufimuq ebuubw jl kbw jlymumqy a}uumlajmq fli jlpmqy jl gjog jlymumqy a}uumlajmq+ hbqy umqmupm e}jkijlo

ab}lyujmq jlpmqy jl kbw jlymumqy `bumjol a}uumlajmq fli ebuubw fy ygm 'umkfyjpmkz gjogmu* ibhmqyja jlymumqy ufym,

Ygjq beqmupfyjbl jq ablqjqymly wjyg ygm pjmw ygfy ygm bsyjhfk faa}h}kfyjbl b` umqmupmq qgb}ki em fiiumqqmi fq

sfuy b` f abhsumgmlqjpm su}imlyjfk umo}kfyjbl ygfy wb}ki umabolj~m sbqqjekm mymulfkjyjmq fqqbajfymi wjyg afuuz

yufim msbq}umq,


19/26


6=

Yfdjlo ygjq s}ekja `jlflam smuqsmayjpm+ bsml afsjyfk hfudmyq qgb}ki em q}smupjqmi wjygsu}imlyjfk umo}kfyjblq fjhmi fy kjhjyjlo ygm fipmuqm efkflam qgmmy msbq}um, Ygjq afl emiblm ez yfjlo mymulfk ebuubwjlo fy f ufym um`kmayjlo ygm ujqd msbq}um+ fli }qjlo ygm yfumpml}m yb ab(`}li sumaf}yjblfuz faa}h}kfyjbl b` umqmupmq, Ygmqm qymsq hfz jlak}imijqaumyjblfuz+ yjhm pfuzjlo yfmq fli umqmupm ufyjbq+ fin}qymi yb um`kmay ygm jl`kbw sumqq}um+fli ygm efkflam qgmmy msbq}um b` ygm efldjlo qzqymh,65 Ygm umq}hsyjbl b` oubwyg b` ygmmhmuojlo hfudmyq jl 5363+ fy yjhmq wgml jl hbqy BMAI ab}lyujmq oubwyg umhfjlq flmhjafli q}enmay yb msflqjblfuz hblmyfuz sbkjaz+ jlaumfqmi q}eqyflyjfkkz ygm jlymumqy ufymq jlmhmuojlo ab}lyujmq umkfyjpm yb ygfy jl ygm BMAI, Ygjq jl y}ul kmi yb kfuom q}uom jl jl`kbwq b`afsjyfk yb MHq+ jli}ajlo MHq yb jlpbdm su}imlyjfk sbkjajmq fli umo}kfyjblq, Yfekm 6q}hhfuj~mq qbhm b` ygmqm sbkjajmq jl Fqjf+ qgbwjlo ygm subkj`mufyjbl fli immsmljlo b` ygmqmsbkjajmq jl ygm Ums}ekja b` Dbumf fli bygmu mhmuojlo Fqjfl ab}lyujmq, Qjhjkfu yumliq fsskz ybmhmuojlo Kfyjl Fhmujafl ab}lyujmq fli bygmu umojblq 'qmm Sfqujagf T5366X `bu flfkzqjq b`ygm umamly umo}kfyjbl yumliq jl MHq*,

65 Qmm fkqb Ejflagj '5363* fli Dbujlmd '5363*+ wgb qy}ijmi ygm wfz afsjyfk `kbw pbkfyjkjyz afl yujoomu `mmiefad

azakmq ygfy wbud ygub}og ygm imsumajfyjbl b` ygm umfk magflom ufym,


20/26


21/26


22/26


67

Umhfudfekz+ ygm JH@ fadlbwkmiomi ygm sbymlyjfk }qm`}klmqq b` ygmqm qymsq fq sufayjafkumqsblqm yb pfuzjlo ajua}hqyflamq>61

@ubh f hfaubsu}imlyjfk smuqsmayjpm+ ygm umkmpfly ablamul jq ygm ablyuje}yjbl b` afsjyfk jl`kbwq yb ygme}jki}s b` qzqymhja p}klmufejkjyjmq+ ez `fajkjyfyjlo ygm e}jki}s b` jhefkflamq jl ygm `jlflajfk fli lbl(`jlflajfk qmaybu+ }lq}qyfjlfekm fqqmy sujam ebbhq+ fli `jlflajfk qmaybu ijqyumqq fq `kbwq qybs buumpmuqm ijumayjbl,

Hfaubmablbhja sbkjajmq afl em }qmi yb fiiumqq ygm ujqdq ùbh kfuom jl`kbwq, J` ygmqm sbkjajmq fum lbyq}``jajmly+ su}imlyjfk ybbkq fli jl qbhm ajua}hqyflamq+ fkqb afsjyfk ablyubkq afl em }qmi, Qbhmsu}imlyjfk ybbkq afl umi}am sbymlyjfk qzqymhja ujqdq fqqbajfymi wjyg afsjyfk jl`kbwq wjygb}y yfuomyjlojl`kbwq smu qm, Ygmqm ybbkq ij``mu ùbh afsjyfk ablyubkq jl ygfy ygmz ib lby ijqaujhjlfym emywmmlumqjimlyq fli lbl(umqjimlyq, Blm mfhskm jq f ab}lymuazakjafk afsjyfk e}``mu kjldmi yb ygm e}jki}s bàumijy+ wgjag ab}ki em yujoomumi ez f eubfi jlijafybu b` aumijy oubwyg ygfy afsy}umq ebyg ibhmqyja fli`bumjol subpjqjbl b` kbflq, F qmabli mfhskm jq afsq bl KYP fli imey(yb(jlabhm ufyjbq+ wgjag wb}kiijqab}ufom fl mubqjbl b` kmlijlo qyflifuiq, Jl fiijyjbl+ f kmpz bu agfuomq bl qgbuy(ymuh wgbkmqfkm`}lijlo ab}ki fkqb sbymlyjfkkz ijqab}ufom bpmuumkjflam bl p}klmufekm wgbkmqfkm `}lijlo+ juumqsmayjpm b`wgmygmu ygfy `}lijlo jq qb}uami ibhmqyjafkkz bu ùbh feubfi,

Hfaubsu}imlyjfk ybbkq afl fkqb em }qmi yb umi}am jlijumaykz qzqymhja ujqdq jl ygm lbl(`jlflajfk qmaybufqqbajfymi wjyg afsjyfk jl`kbwq, Ums}ekja b` Dbumfq kmpmufom afs bl efldq b``(efkflam(qgmmy `bumjolmagflom sbqjyjblq jlyubi}ami jl N}lm 5363 fjhq yb fagjmpm ygjq benmayjpm, Afsjyfk ablyubkq fumhbyjpfymi ez pfujb}q ablqjimufyjblq+ ebyg hfaubmablbhja fli `jlflajfk, Fq q}ag+ ygmz fum lby

hfaubsu}imlyjfk jlqyu}hmlyq+ fkygb}og ygmz ab}ki em j` ygmz qsmaj`jafkkz yfuomymi qzqymhja ujqd fliwmum }limusjllmi ez qyujay obpmulflam fuuflomhmlyq ygfy mlq}umi lb qkjssfom jl ygmju }qm,

9,6 Sbqyaujqjq agfkkmlomq

Mfukjmu umqmfuag q}oomqyq ygfy MHq ygfy jlaumfqmi ygmju `jlflajfk jlymoufyjbl i}ujlo ygm 6::3qfli hji 5333q+ faa}h}kfymi JUq i}m yb qmpmufk umfqblq+ jlak}ijlo ygm sumaf}yjblfuz hbyjpmyb beyfjl qmk` jlq}uflam fofjlqy q}iiml qybsq fli imkmpmufojlo aujqmq,69 Zmy+ ygm 5337533:okbefk aujqjq q}oomqyq ygfy ygm kmpmkq b` JU umv}jumi jl buimu `bu ygjq qmk`(jlq}uflam yb wbudhfz em abhsfufekm yb ygfy b` f ab}lyuzq oubqq mymulfk `jlflajfk msbq}um 'qmm Sfud 533:*,Ygm `jlflajfk y}ue}kmlamq ablùblyjlo Fqjf fum jkk}qyufymi ez ygm sfyymulq b` lmy sujpfym afsjyfk`kbwq+ jl smuamly b` OIS+ jl mhmuojlo Fqjf 'qmm _buki Mablbhja fli @jlflajfk Q}upmzqUmojblfk Mablbhja B}ykbbd> Fqjf fli Sfaj`ja+ JH@+ Fsujk 5366*, Mhmuojlo Fqjf mak}ijlo ygmSUA ablùblymi f iubs jl sujpfym afsjyfk `kbwq b` ?- i}ujlo ygm aujqjq 'ùbh feb}y sk}q 1- ybfebpm hjl}q 9-*+ eb}lajlo efad yb jl`kbw b` feb}y 9- wjygjl f zmfu ùbh ygm aujqjq+ yb ygmsum aujqjq kmpmk, Ygm hbqy pbkfyjkm abhsblmly jl mhmuojlo Fqjf mak}ijlo ygm SUA wfq efldfli bygmu sujpfym `kbwq+ hbpjlo ùbh 9,6- jl 5337 V6+ yb (6,9- jl 533: V6+ eb}lajlo efadyb 1,9- jl 5363 V6, Ygjq jq flbygmu jkk}qyufyjbl b` ygm lfy}um b` `jlflajfk bsmllmqq> sujpfym`jlflajfk `kbwq fum pbkfyjkm+ fli q}enmay yb v}jad umpmuqfk, @IJ qmmhq yb mgjejy kbwmu bpmufkkpbkfyjkjyz+ wgjkm efldq fli imey `kbw fum gjogkz pbkfyjkm, Lbym ygfy ygm bpmufkk qwjlo b` ygm`kbwq wfq qhfkkmu ygfl ygm blm umojqymumi jl ygm 6::?6::7 aujqjq+ e}y lmpmuygmkmqq kfuom+fli sbymlyjfkkz imqyfejkj~jlo, _gjkm jl ygm 6::?6::7 aujqjq ygm pbkfyjkjyz wfq hbqykz jli}amiez `faybuq qsmaj`ja yb Mfqy Fqjf+ ygm 5337533: aujqjq wfq subsfofymi ùbh ygm ]Q+ibhjlfymi jljyjfkkz ez ygm imkmpmufojlo b` `bumjol sbqjyjblq i}m yb kjv}jijyz qgbuyfom jli}amiez ygm `jlflajfk sflja jl ygm ]Q+ fq wmkk fq ez ygm `mfu b` ygm abhjlo okbefk umamqqjbl, Ygjq

yjhm+ gbwmpmu+ ygm bpmufkk q}smujbu efkflam qgmmy sbqjyjbl b` mhmuojlo hfudmyq+ mqsmajfkkz b`mhmuojlo Fqjf umkfyjpm yb ygfy b` ygm ]Q fli M}ubsm+ subpjimi ygm jhsmy}q `bu ygm umq}hsyjblb` kfuom jl`kbwq b` afsjyfk, Ygm qbkji umq}hsyjbl b` oubwyg b` mhmuojlo Fqjf+ jl ablyufqy yb ygmflmhja umabpmuz b` ygm ]Q fli M}ubsm+ fli ygm jlqyfejkjyz b` ygm m}ub~blm subsfofymi ez

61 Qmm EJQ+ @QE+ fli JH@ '5366*+ wgjag fkqb qyfymq Ygmqm jqq}mq fum a}uumlykz emjlo mfhjlmi jl imyfjk ez ygm

JH@+ wjyg f pjmw yb `}uygmu impmkbsjlo o}jijlo sujlajskmq `bu ygm }qm b` sbkjajmq yb hflfom afsjyfk `kbwq+ ebyg

ùbh ygm smuqsmayjpm b` jlijpji}fk ab}lyujmq fli yfdjlo jlyb faab}ly ygm h}kyjkfymufk ijhmlqjbl, Hfaubmablbhja

sbkjajmq afl em }qmi yb fiiumqq ygm ujqdq ùbh kfuom jl`kbwq, 69

Qmm Afkpb '6::7* `bu f hbimk b` q}iiml qybsq+ fli Ufnfl+ Qjumofu+ fli Ejui '533=* `bu fl fsskjafyjbl `bu Fqjf,


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6:

ygm qgfdz imey sbqjyjblq b` jyq smujsgmuz ab}lyujmq+ jli}ami hfqqjpm jl`kbwq b` `}liq+sbqqjekm agfqjlo zjmkiq,

Ygm umq}hsyjbl b` ygm jl`kbwq b` afsjyfk yb mhmuojlo Fqjf abhmq fy yjhmq wgml hblmyfuzmsflqjblq fli mfqz aumijy jli}ami ez ygm aujqjq+ fli ygm `fqy oubwyg umabpmuz qmy jl hbyjblumfk mqyfym fli fqqmy fssumajfyjblq, Ygm jl`kbw b` `bumjol afsjyfk hfz subpjim `}uygmu jhsmy}q`bu ygmqm yumliq, Umqmupm faa}h}kfyjblq yb imfk wjyg mymulfk ebuubwjlo gfpm kjhjymi

afsfajyz yb imfk wjyg ygmqm agfkkmlomq, Jy abhmq wjyg ygm lmmi yb qymujkj~m jl buimu yb hjyjofymygm jl`kfyjblfuz ejfq+ zmy qymujkj~fyjbl jq lby abqykmqq+ fli hfz kmfi yb qmablifuz ub}liq b`jl`kbwq+ sbqqjekz kmfijlo yb jl`kfyjblfuz sumqq}umq ibwl ygm ubfi 'qmm Fj~mlhfl fli Okjad533:*, @}uygmuhbum+ mhmuojlo hfudmyq hfz sfuyjajsfym ybifz jl flbygmu ub}li b` okbefkafuuz yufim+ wgmum ygm kbwmu jlymumqy ufymq jl ygm ]Q fli ygm BMAI ab}lyujmq `}li ygms}uagfqm b` gjogmu zjmkijlo ebliq jl mhmuojlo ab}lyujmq, Ygjq qjy}fyjbl msbqmq ygm okbefk`jlflajfk qzqymh yb ygm sbymlyjfk jlqyfejkjyz fqqbajfymi wjyg }lwjlijlo b` afuuz yufim sbqjyjblq,_gjkm q}ag afuuz yufim hfz subpjim sujpfym umlyq yb qfppz skfzmuq+ jy msbqmq ygm yfsfzmuqjl mhmuojlo ab}lyujmq yb oumfymu `}y}um kjfejkjyjmq, Fq b}u sumpjb}q ijqa}qqjbl q}oomqymi+su}imlyjfk umo}kfyjblq fum lmmimi yb hjyjofym ygmqm `buamq, Ygmqm umo}kfyjblq qgb}kiq}sskmhmly yjogymu hblmyfuz fli `jqafk qyflam+ fq ygmum jq lb wfz yb imfk wjyg ygm jl`kbwsumqq}um ez su}imlyjfk sbkjaz fkblm,

=, ABLAK]IJLO UMHFUDQ

Ygm aujqjq b` 5337533: jq f ymayblja qgj`y ygfy gfqymlmi ygm ijqhflykjlo b` ygm Eumyybl_bbiq JJ qzqymh+ hbpjlo ùbh f ]Q amlyuja ybwfuiq f h}kyj sbkfu wbuki, Ygjq sfsmu `ba}qmibl ygm aujqjq ùbh ygm smuqsmayjpm b` mhmuojlo hfudmy ab}lyujmq+ wjyg f qsmajfk `ba}q blmhmuojlo Fqjf, Bpmufkk+ ygm aujqjq pfkjifymi ygm ofjlq ùbh ygm hjiikm oub}li sbqjyjbl jl ygmyujkmhhf abl`jo}ufyjbl+ e}``mumi ez f qj~mfekm agmqy b` jlymulfyjblfk umqmupmq, Zmy+ ygm aujqjqfkqb jkk}qyufymi ygm lmmi yb yfdm f eubfimu s}ekja `jlflam fssubfag ybwfuiq su}imlyjfkumo}kfyjblq, B}u flfkzqjq kbbdmi fy ygm smuqsmayjpm b` ygm mhmuojlo hfudmyq+ fli iji lbyimfk wjyg ygm imoumm yb wgjag ygmum jq oumfymu ubbh `bu fl bpmugf}k b` ygm okbefk `jlflajfkqzqymh, Mhmuojlo ab}lyujmq gfpm fqqmuymi ygmju wjkkjlolmqq yb }qm subfayjpm hmfq}umqhflfojlo ygmju jlflajfk jlymoufyjbl,

Ygm umamly qyfymhmlyq ùbh ygm Jlymulfyjblfk @jlflajfk Jlqyjy}yjblq 'J@Jq* hfz um`kmay fsfufijoh qgj`y jl ygm fqqmqqhmly b` su}imlyjfk umo}kfyjbl+ subsfofymi ez ygm okbefk aujqjqfli ygm wjkkjlolmqq b` mhmuojlo hfudmy ab}lyujmq yb msmujhmly wjyg lmw sbkjajmq, Zmy+ jy jqsumhfy}um yb dlbw ygm imoumm b` ygm m``mayjpmlmqq b` ygmqm qymsq+ fli ygm }kyjhfym jhsfay b`ygm aujqjq bl ygm J@Jq fli ygm BMAIq im `fayb fli im n}um sbqjyjblq umofuijlo `jlflajfkjlymoufyjbl fli su}imlyjfk umo}kfyjbl, Lmpmuygmkmqq+ ygm kboja b` ygm s}ekja `jlflam fssubfagq}oomqyq ygm bkkbwjlo>

j, Mpjimlam q}oomqyq ygfy afsjyfk hbejkjyz jq f hjmi ekmqqjlo, Qyfuyjlo wjygf}yfudz+ @IJ fli oumfymu `jlflajfk jlymoufyjbl qmmh yb q}ssbuy mablbhja oubwyg, Zmy+mamqqjpm jl`kbw b` gby hblmz jlaumfqmq ygm p}klmufejkjyz b` f ab}lyuz yb aujqmq,

jj, Ygm 5337533: aujqjq jkk}qyufymi ygm ujqd b` kbw fli }lmpml qyflifuiq b`

su}imlyjfk umo}kfyjblq, Agflamq fum ygfy ygm BMAI ab}lyujmq bpmuqgby ygm bsyjhfk`jlflajfk imumo}kfyjbl jl ygm imafim em`bum ygm aujqjq+ fli ygm okbefk `jlflajfk okbefkj~fyjblwmly ybb `fu,

jjj, Ygmum jq f subefekm ujpfkuz emywmml ygm jlymumqyq b` ygm `jlflajfk qmaybu fli ygmlbl(`jlflajfk mablbhz, Umo}kfyjblq qgb}ki em qmy fy f kmpmk ygfy subefekz wb}ki hfdm`jlflajfk jlymuhmijfyjbl kmqq sub`jyfekm+ qb ygfy ygm qbajfk hfuojlfk abqy b` `jlflajfkjlymuhmijfyjbl mv}fkq ygm qbajfk hfuojlfk qbajfk emlm`jy,

jp, Agflamq fum ygfy ygm `jlflajfk qzqymh hfz umqjqy agflomq+ fq jy wjkk a}y jyqumlyq%_gmum zb} qyfli imsmliq bl wgmum zb} qjy,% 'Lmkqbl Hflimkf*, Ygmum jq f e}jky(jl


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53

ejfq fofjlqy `jlflajfk umo}kfyjblq> Fkk ygm aujqmq ygfy wmum fpbjimi ez yjogymu `jlflajfkumo}kfyjblq fum jhsmuamsyjekm fli lby aumijymi yb ygm sbkjazhfdmu, Zmy+ ygm abqy b` `jlflajfkumo}kfyjbl jq yuflqsfumly fli imejymi yb ygm sbkjazhfdmu, Ygjq fqzhhmyuz q}oomqyq ygfygjogmu umo}kfybu m``buy+ wgjkm gmksjlo yb fpbji f aujqjq+ ymliq yb mubim bpmu yjhm ygm q}ssbuy`bu }y}um umo}kfyjbl 'Fj~mlhfl 5363*,


25/26


56

UM@MUMLAMQ FLI @]UYGMU UMFIJLOQ

Fj~mlhfl+ N, 5366, Gbfuijlo Jlymulfyjblfk Umqmupmq Pmuq}q f Sjobpjfl Yf(A}h(Q}eqjizQagmhm> Um`kmayjblq bl ygm Imkmpmufojlo Aujqjq b` 5337(:+ Nb}ulfk b` MablbhjaIzlfhjaq fli Ablyubk'1=* :> 6=356=61,

Fj~mlhfl+ N, 533:, @jlflajfk Aujqjq fli ygm Sfufib b` ]limu( fli Bpmu(Umo}kfyjbl+ LEMU_budjlo Sfsmu ! 6=367+ sumqmlymi ygfy ygm _buki Efld Fll}fk Efld Abl`mumlam blImpmkbshmly Mablbhjaq 'FEAIM*+ Qmb}k+ N}lm 533:, Fssmfumi fy Kmqqblq ubhMfqy Fqjf fli ygm Okbefk @jlflajfk Aujqjq'FEAIM*+ N, Z, Kjl fli E, Skmqdbpja 'miq,*,_buki Efld _buki Efld S}ekjafyjblq+ 5366> 561519,

Fj~mlhfl+ N, fli N, Kmm, 533?, Jlymulfyjblfk Umqmupmq> Sumaf}yjblfuz pmuq}q HmuaflyjkjqyPjmwq+ Ygmbuz fli Mpjimlam, Bsml Mablbhjmq Umpjmw '67* 5> 6:6569,

Fj~mlhfl+ N, fli N, Kmm, 5337, @jlflajfk pmuq}q Hblmyfuz HmuaflyjkjqhKblo(u}l Pjmw b`Kfuom Jlymulfyjblfk Umqmupmq Gbfuijlo, Ygm _buki Mablbhz'16* => =:1066,

Fj~mlhfl+ N,+ H,I, Agjll+ fli G, Jyb, 5363, Ygm Mhmuojlo Okbefk @jlflajfk Fuagjymay}um>Yufajlo fli Mpfk}fyjlo ygm Lmw Sfyymulq b` ygm Yujkmhhf/q Abl`jo}ufyjblq+ Nb}ulfk b`

Jlymulfyjblfk Hblmz fli @jlflam'5:* 9> 06=096,Fj~mlhfl+ N,+ H,I, Agjll+ fli G, Jyb, 5366, Q}u`jlo ygm _fpmq b` Okbefkj~fyjbl> Fqjf fli

@jlflajfk Okbefkj~fyjbl jl ygm Ablymy b` ygm Yujkmhhf, Nb}ulfk b` ygm Nfsflmqm fliJlymulfyjblfk Mablbhz '5=* 1>5:3153,

Fj~mlhfl+ N, fli U, Okjad, 533:, %Qymujkj~fyjbl+ Hblmyfuz Sbkjaz+ fli Okbefk @jlflajfkJlymoufyjbl+% Umpjmw b` Jlymulfyjblfk Mablbhjaq'6?*> 9> ???736,

Fj~mlhfl N, fli Z, Q}l, 5363, Ygm `jlflajfk aujqjq fli qj~fekm jlymulfyjblfk umqmupmqimskmyjbl> @ubh `mfu b` `kbfyjlo yb ygm `mfu b` kbqjlo jlymulfyjblfk umqmupmq2 LEMU_budjlo Sfsmu Lb, 6=137,

Fj~mlhfl+ N, E, Sjlyb fli U, Ufi~jwjkk, 533?, Qb}uamq `bu `jlflajlo ibhmqyja afsjyfk jq`bumjol qfpjlo f pjfekm bsyjbl `bu impmkbsjlo ab}lyujmq2 Nb}ulfk b` Jlymulfyjblfk

Hblmz fli @jlflam'50* => 075?35,Fj~mlhfl+ N, fli P, Q}qgdb, 5366, Afsjyfk @kbw Yzsmq+ Mymulfk @jlflajlo Lmmiq+ fli

Jli}qyujfk Oubwyg> :: ab}lyujmq+ 6::6533?+ LEMU _budjlo sfsmu Lb, 6?557,

Ejflagj+ N, 5363, Bpmuebuubwjlo fli Qzqymhja Mymulfkjyjmq jl ygm E}qjlmqq Azakm,Hfl}qaujsy,

EJQ+ @QE fli JH@, 5366, Hfaub su}imlyjfk sbkjaz ybbkq fli `ufhmwbudq> ]sifym yb ygm O53@jlflam Hjljqymuq fli Obpmulbuq, Hfl}qaujsy,

Afkpb+ O, 6::7, Afsjyfk @kbwq fli Afsjyfk(hfudmy Aujqmq> Ygm Qjhskm Mablbhjaq b` Q}iimlQybsq, Nb}ulfk b` Fsskjmi Mablbhjaq6> 1==9,

Afkpb+ O, fli Umjlgfuy, A, H, 5335, @mfu b` @kbfyjlo+ V}fuymukz Nb}ulfk b` Mablbhjaq66?>1?:937,

Afkpb+ O, 5330, Hblmyfuz Sbkjaz Agfkkmlomq jl Mhmuojlo Hfudmyq> Q}iiml Qybs+ KjfejkjyzIbkkfuj~fyjbl+ fli Kmlimu b` Kfqy Umqbuy, _budjlo Sfsmu 65?77+ Lfyjblfk E}umf} b`Mablbhja Umqmfuag,

Agm}lo+ Z, _+ fli W, _, Vjfl, 533:, Gbfuijlo b` Jlymulfyjblfk Umqmupmq> Huq, Hfagk}sq_fuiubem fli ygm Nblmqmq, Umpjmw b` Jlymulfyjblfk Mablbhjaq, 6?'9*> 759791,

Agm}lo+ Z, _+ fli G, Jyb, 533:, Aubqq(qmayjblfk flfkzqjq bl ygm imymuhjlflyq b`jlymulfyjblfk umqmupmq faa}h}kfyjbl, Jlymulfyjblfk Mablbhja Nb}ulfk'51* 9> 99?976,


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Agjll+ H, I,+ fli G, Jyb, 5337, F Lmw Hmfq}um b` @jlflajfk Bsmllmqq, Nb}ulfk bÀbhsfufyjpm Sbkjaz Flfkzqjq'63* 1> 13:155,

Im Oumobujb+ N, 5366, Jlymulfyjblfk Umqmupm Gbfuijlo jl Mhmuojlo Hfudmyq Mablbhjmq+Amlymu Efld b` Agjkm umsbuy Lb, 93,

Ibhjlo}m~+ D+ Z, Gfqgjhbyb+ fli Y, Jyb, 5366, Jlymulfyjblfk Umqmupmq fli ygm Okbefk@jlflajfk Aujqjq, Hfl}qaujsy+ ygm LEMU,

Ibbkmz+ S, H,+ I, @bkdmuyq(Kflif}+ fli S, Ofuemu, 5331, Fl Mqqfz bl ygm Umpjpmi Eumyybl_bbiq Qzqymh, LEMU _budjlo Sfsmu Lb, ::?6, Afheujiom+ HF> Lfyjblfk E}umf} b`Mablbhja Umqmfuag,

Mjagmloumml+ E,+ fli U, Gf}qhfll, 6:::, Magflom Ufymq fli @jlflajfk @ufojkjyz+ LEMU_budjlo Sfsmuq Lb, ?967,

Ob}ujlagfq S, B,+ fli B, Nmfllm, 5330, Ygm Mk}qjpm Ofjlq ùbh Jlymulfyjblfk @jlflajfkJlymoufyjbl+ Umpjmw b` Mablbhja Qy}ijmq'?1* 1> ?6=?96,

Dbujlmd+ F, 5363, Mamqqjpm Ibkkfu Ebuubwjlo jl Mhmuojlo Hfudmyq> Efkflam Qgmmy M``mayqfli Hfaubmablbhja Mymulfkjyjmq+ hfl}qaujsy,

Beqy`mki+ H,+ Qgfhef}og+ N, A, fli Yfzkbu+ F, H,5363, @jlflajfk Qyfejkjyz+ ygm Yujkmhhf+

fli Jlymulfyjblfk Umqmupmq, Fhmujafl Mablbhja Nb}ulfk> Hfaubmablbhjaq'5*> =?:9,

Sfud+ Z, A, 533:, Um`buh b` ygm Okbefk Umo}kfybuz Qzqymh> Smuqsmayjpmq b` Mfqy FqjfqMhmuojlo Mablbhjmq+ sumqmlymi ygfy ygm _buki Efld Fll}fk Efld Abl`mumlam blImpmkbshmly Mablbhjaq 'FEAIM*+ Qmb}k+ N}lm 533:, Fssmfumi fy Kmqqblq ubhMfqy Fqjf fli ygm Okbefk @jlflajfk Aujqjq'FEAIM*+ N, Z, Kjl fli E, Skmqdbpja 'miq,*,_buki Efld _buki Efld S}ekjafyjblq,

Sfqujagf+ D, O, 5366, _gml fum afsjyfk ablyubkq hfaub su}imlyjfk ybbkq2 Hfl}qaujsy+ Efld bÀflfif,

Ufnfl U, Q,+ U, Qjumofu fli O, Ejui, 533=, Ygm Sumaf}yjblfuz Imhfli `bu Umqmupm Gbkijloqjl Fqjf> Mfhjljlo ygm Afqm `bu f Umojblfk Umqmupm Sbbk+ FqjfSfaj`ja Nb}ulfk b`Mablbhjaq fli E}qjlmqq'=*65> 561:,

Ufnfl+ U,+ fli K, ^jlofkmq, 6::7, @jlflajfk Imsmlimlam fli Oubwyg, Fhmujafl MablbhjaUmpjmw 77> ==:70,

Ubiujd+ I, 5330, Ygm Qbajfk Abqy b` @bumjol Magflom Umqmupmq+ Jlymulfyjblfk MablbhjaNb}ulfk '53* 1> 5=1500,yfkbo"wbuki(impmkbshmly(jlijafybuq,

trilemma and financial stability configurations in asia

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