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Kjross tcd Mrdkt Ehvhed

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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K ughqud jo``kaorkthvd kjjougt

ol tcd jkusds kge dlldjts ol

tcd gkgjhk` jrhshs ay

Coovdr Hgsthtuthog

kge

Aroofhgms Hgsthtuthog

KJQOZZ UCD

MQDKU

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Gdw ^drspdjthvds ogtcd Lhgkgjhk` Jrhshs

Bkrthg Gdh` Akh`y kgeIocg A. Uky`or

Ztkglore Tghvdrshty | Ztkglore, Jk`hlorghk

EH\HED

Bkrthg Gdh` Akh`y

Zcdh`k J. Akhr

K`kg Z. A`hgedr

Bhjckd` E. Aoreo

Iocg C. Jojcrkgd

Qhjkreo Q. Ed`g

Ekrrd`` Eud

Eoum`ks I. D``hott

^dtdr Q. Lhscdr

Qkgek`` E. Muygg

Bhjckd` Z. Cd`ldr

Zhbog Ch`pdrt

K``kg C. Bd`tzdr

^ku` Zk`tzbkg

Fdggdtc D. Zjott

Mdormd ^. Zcu`tz

Ekvhe K. Zfdd`

Ztdvd Ztrogmhg

@kwrdgjd C. Zubbdrs

Iocg A. Uky`or

Fdvhg B. ]krsc

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Ucd Coovdr Hgsthtuthog og ]kr, Qdvo`uthog kge ^dkjd, lougede kt ZtkgloreTghvdrshty hg ay Cdradrt Coovdr, wco wdgt og to adjobd tcd tchrty-rst

prdshedgt ol tcd Tghtde Ztktds, hs kg hgtdrehsjhp`hgkry rdsdkrjc jdgtdr lor kevkgjde

stuey og eobdsthj kge hgtdrgkthogk` kkhrs. Ucd vhdws dxprdssde hg hts pua`hjkthogskrd dgthrd`y tcosd ol tcd kutcors kge eo got gdjdsskrh`y rdfidjt tcd vhdws ol tcd stk,ojdrs, or Aokre ol Ovdrsddrs ol tcd Coovdr Hgsthtuthog.

COO\DQ HGZUHUTUHOG

Ztkglore Tghvdrshty

Ztkglore, Jk`hlorghk, -

www.coovdr.orm

Ucd Aroofhgms Hgsthtuthog hs k prhvktd gogprot ormkghzkthog edvotde to rdsdkrjc, deujkthog,kge pua`hjkthog og hbportkgt hssuds ol eobdsthj kge lordhmg po`hjy. Hts prhgjhpk` purposd hs toarhgm tcd chmcdst quk`hty hgedpdgedgt rdsdkrjc kge kgk`yshs to adkr og jurrdgt kge dbdrmhgm

po`hjy proa`dbs. Ucd Hgsthtuthog wks lougede og Edjdbadr , , to bdrmd tcd kjthvhthds oltcd Hgsthtutd lor Movdrgbdgt Qdsdkrjc, lougede hg , tcd Hgsthtutd ol Djogobhjs, lougedehg , kge tcd Qoadrt Aroofhgms Mrkeuktd Zjcoo` ol Djogobhjs kge Movdrgbdgt, lougedehg .

UCD AQOOFHGMZ HGZUHUTUHOG

Bksskjcusdtts Kvdgud, G.].

]kschgmtog, E.J.

www.aroofhgms.deu

Coovdr Hgsthtuthog ^rdss ^ua`hjkthog Go.

Coovdr Hgsthtuthog kt @d`kge Ztkglore Iughor Tghvdrshty,

Ztkglore, Jk`hlorghk, -

Jopyrhmct ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty

K`` rhmcts rdsdrvde. Go pkrt ol tchs pua`hjkthog bky ad rdproeujde, storde hg k

rdtrhdvk` systdb, or trkgsbhttde hg kgy lorb or ay kgy bdkgs, d`djtroghj, bdjckghjk`,

pcotojopyhgm, rdjorehgm, or otcdrwhsd, whtcout wrhttdg pdrbhsshog ol tcd pua`hscdr kge

jopyrhmct co`edrs.

Lor pdrbhsshog to rdusd bktdrhk` lrobKjross tcd Mrdkt Ehvhed,HZAG----,p`dksd kjjdss www.jopyrhmct.job or jogtkjt tcd Jopyrhmct J`dkrkgjd Jdgtdr, Hgj.

(JJJ), Qosdwooe Erhvd, Ekgvdrs, BK , --. JJJ hs k got-lor-prot

ormkghzkthog tckt provheds `hjdgsds kge rdmhstrkthog lor k vkrhdty ol usds.

Lhrst prhgthgm

Bkgulkjturde hg tcd Tghtde Ztktds ol Kbdrhjk

Jktk`omhgm-hg-^ua`hjkthog Ektk hs kvkh`ka`d lrob tcd @harkry ol Jogmrdss.

HZAG ---- (j`otc 9 k`f. pkpdr)

HZAG ---- (dpua)

HZAG ---- (boah)

HZAG ---- (^EL)

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Jogtdgts

Hgtroeujthog

Bkrthg Gdh` Akh`y kge Iocg A. Uky`or

^KQU H Jkusds kge Dlldjts ol tcd Lhgkgjhk` Jrhshs

Jckptdr Cow Dllorts to Kvohe ^kst Bhstkfds Jrdktde

Gdw Ogds9 Zobd @dssogs lrob tcd Jkusds kgeJogsdqudgjds ol tcd Qdjdgt Lhgkgjhk` Jrhshs

Zcdh`k J. Akhr kge Qhjkreo Q. Ed`g

Jckptdr @ow Dquh`harhub, Qdk` Qktds, Lhgkgjhk` Jrhshs,

kge Zdju`kr Ztkmgkthog

@kwrdgjd C. Zubbdrs

Jckptdr Jkusds ol tcd Lhgkgjhk` Jrhshs kge tcd

Z`ow Qdjovdry9 K Udg-Xdkr ^drspdjthvd

Iocg A. Uky`or

Jckptdr Qdtchgfhgm Bkjro9 Qdkssdsshgm

Bhjro-lougekthogs

Fdvhg B. ]krsc

^KQU HH Ucd Ldedrk` Qdsdrvds Qo`d

Jckptdr Ucd Ldedrk` Qdsdrvd ^o`hjy, Adlord,

Eurhgm, kge Kltdr tcd Lk``

K`kg Z. A`hgedr

Jckptdr Ucd Ldedrk` Qdsdrvds Qo`d9Kjthogs Adlord,

Eurhgm, kge Kltdr tcd ^kghj hg tcd

Chstorhjk` Jogtdxt ol tcd Mrdkt Jogtrkjthog

Bhjckd` E. Aoreo

Jckptdr Bhstkfds Bked kge @dssog (Adhgm) @dkrgde9

Hbp`hjkthogs lor tcd Ldes Bkgektd

^dtdr Q. Lhscdr

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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vh Jogtdgts

Jckptdr K Z`ow Qdjovdry whtc @ow Hgfikthog

K``kg C. Bd`tzdr

^KQU HHH Hs Uoo Ahm to Lkh` Ovdr? Krd ]d Qdkey lor tcd Gdxt Jrhshs?

Jckptdr Cow Hs tcd Zystdb Zkldr? ]ckt Bord Hs Gddede?

Bkrthg Gdh` Akh`y kge Eoum`ks I. D``hott

Jckptdr Uowkre k Qug-lrdd Lhgkgjhk` Zystdb

Iocg C. Jojcrkgd

Jckptdr Lhgkgjhk` Bkrfdt Hglrkstrujturd9

Uoo Hbportkgt to Lkh` Ekrrd`` Eud

Jckptdr Uoo Ahm to Lkh` lrob kg Djogobhj ^drspdjthvd

Ztdvd Ztrogmhg

^KQU H\ Akgfruptjy, Akh`out, Qdso`uthog

Jckptdr Lrkbhgm tcd UAUL ^roa`db9 Ucd ^ktc to k Zo`uthog

Qkgek`` E. Muygg

Jckptdr Edshmghgm k Adttdr Akgfruptjy Qdso`uthog

Fdggdtc D. Zjott

Jckptdr Zhgm`d ^ohgt ol Dgtry kge tcd Akgfruptjy K`tdrgkthvd

Ekvhe K. Zfdd` Ir.

Jckptdr ]d Gdde Jckptdr Kge]d Gdde Uht`d HH

Bhjckd` Z. Cd`ldr

Qdbkrfs og Fdy Hssuds Lkjhgm Lhgkgjhk` Hgsthtuthogs

^ku` Zk`tzbkg

Jogj`uehgm Qdbkrfs

Mdormd . Zcu`tz

Zubbkry ol tcd Jobbdgtkry

Zhbog Ch`pdrt

M`osskry

Jogtrhautors

Hgedx

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Hgtroeujthog

Bkrthg Gdh` Akh`y kge Iocg A. Uky`or

Ucd gkgjhk` jrhshs o kge tcd rdsu`thgm rdjdsshog edvkstktde

tcd Kbdrhjkg djogoby kge jkusde TZ po`hjybkfdrs to rdtchgf

tcdhr kpprokjcds to bkior gkgjhk` jrhsds. Zhx ydkrs ckvd pkssde

shgjd tcd jo``kpsd o @dcbkg Arotcdrs, aut qudsthogs pdrshst kaout tcd

adst wkys to kvohe uturd gkgjhk` jrhsds kge rdspoge to tcosd tckt ojjur

kgywky.

Og Ojtoadr , , tcd Aroofhgms Hgsthtuthog kge tcd Coovdr Hgsthtu-

thog iohgt`y costde k jogdrdgjd keerdsshgm tcdsd hssuds. Uwdgty-our djo-

gobhj kge dmk` sjco`krs ehsjussde tcd jrhshs, hts ddjt og tcd TZ djogoby,

kge tcd wky kcdke. Ucd jogdrdgjd toof p`kjd shbu`tkgdous`y hg ]ksc-

hgmtog, E.J., kge Ztkgore, Jk`horghk, whtc shbu`jksthgm adtwddg tcd

`ojkthogs or bkxhbub hgtdrkjthog kbogm pkgd`hsts kge kuehdgjd bdb-adrs. K ehvdrsd mroup o pkgd`hsts bked or k eky o `hvd`y ehsjusshog kge

hgtdrdsthgm edaktd. Ks pkrthjhpkgts worfde to hedgthy tcd wky orwkre,

tcdy chmc`hmctde tcd gdde or po`hjhds tckt jkg kedquktd`y cd`p us kvohe

or edk` whtc uturd jrhsds. ]ch`d tcdrd wks k ehvdrshty o vhdws prdsdgtde,

tcdrd wdrd sobd hbportkgt krdks o kmrddbdgt kge tcd dxpdrts kmrdde og

tcd gdde or urtcdr ehsjusshogs to dxpkge tcd rkgmd o jogsdgsus.

Uchs vo`ubd hs tht`deKjross tcd Mrdkt Ehvhed9 Gdw ^drspdjthvds og tcd

Lhgkgjhk` Jrhshs. Ucd tht`d hssybao`hj, rst o k``, o tcd rkgmd o ehdrdgt

mroups kge ophghogs aroumct tomdtcdr, hgj`uehgm, or dxkbp`d, tcosd wco

ckvd addg ckrsc`y jrhthjk` o tcd Ldedrk` Qdsdrvd Aokre kge tcosd wco

mhvd chmc bkrfs to tcd Ldes rdsjud dorts kge ugusuk` po`hjy bdksurds.

Hg keehthog, wch`d aotc Aroofhgms kge Coovdr krd proue o tcd rkgmd o

sjco`krs whtchg dkjc hgsthtuthog wco dbarkjd ehdrdgt po`hthjs kge djo-

gobhj pch`osopchds, Aroofhgms hs oldg sddg ks jdgtdr dl wch`d Coovdr hs

jdgtdr rhmct. Zo ht wks kg hbportkgt stdp to ugedrtkfd tchs iohgt jogdrdgjdks k wky o dxpkgehgm tcd ehk`omud krouge bogdtkry kge rdmu`ktory po`-

hjy. Ucd mok` hs to bkxhbhzd kmrddbdgt hg tcdsd hbportkgt po`hjy krdks,

aotc o wchjc gdde jogthguhty hg oredr to mhvd jdrtkhgty to bkrfdt pkr-

thjhpkgts kge jhthzdgs tckt tcd ru`ds o tcd mkbd wh`` got jckgmd whtc dkjc

swhgm hg tcd ]chtd Cousd or Jogmrdss.

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Uchs vo`ubd ojusds og tcd gkgjhk` jrhshs, tcd TZ rdspogsd,

kge tcd `dssogs `dkrgde or uturd rdmu`ktory po`hjy. Ht jogtkhgs pkpdrs

wrhttdg ay tcd jogdrdgjd pkgd`hsts kge sdrvds to arokedg tcd ehsjusshog

kaout potdgthk` rdorbs. Kldr tchs hgtroeujtory jckptdr, ^krt H o tcdaoof dxp`khgs tcd jkusds kge ddjts o tcd gkgjhk` jrhshs. ^krt HH ojusds

og tcd ro`d p`kyde ay tcd Ldedrk` Qdsdrvd adord, eurhgm, kge kldr tcd

pkghj. krt HHH keerdssds tcd jogjdpt o too ahm to kh` (UAUL), kge

^krt H\ jogshedrs akgfruptjy, akh`out, kge rdso`uthog. Ucd vo`ubd j`osds

whtc rdbkrfs og tcd fdy hssuds kjhgm gkgjhk` rdorbs kge tcoumcts og

tcd fdy gehgms o tcd jogdrdgjd kge tcd wky kcdke or djogobhj po`hjy.

Jkusds kge Dlldjts ol tcd Lhgkgjhk` Jrhshs

Ucd vo`ubd admhgs whtc kg kssdssbdgt ay Zcdh`k Akhr kge Qhjkreo Ed`g

o tcd ^dw Jckrhtka`d Urusts og tcd wkys hg wchjc jorrdjthvd rdmu`ktory

po`hjy oldg mhvds rhsd to gdw proa`dbs kge rhsfs hg tcd gkgjhk` systdb.

Ucdy gotd tckt gdw po`hjhds wchjc tkfd `dssogs `dkrgde rob prdvhous

jrhsds hgto kjjougt oldg edvd`op hgto a`hge spots tckt ud` uturd jrh-

sds. Ucdy admhg ay dxkbhghgm vd fdy erhvdrs o tcd jrhshs9 chmc`ykjjobboekthvd bogdtkry po`hjy, tcd coushgm auaa`d, tcd rhsd o sdju-

rhthzkthog, tcd sd`-rdmu`kthgm bkrfdts bytc, kge tcd hedk o too ahm to

kh`. Akhr kge Ed`g krmud tckt tcd kjjobboekthvd bogdtkry po`hjy sddg

hg rdjdgt ydkrs cks ahksde tcd gkgjhk` systdb towkre rhsf-tkfhgm kge

kmkhgst rhsf-kvdrshog. Ucdy rdbhge tcd rdkedr o tcd poshthvd ddeakjf

`oop jrdktde hg tcd coushgm bkrfdt hg tcd ydkrs `dkehgm up to tcd

jrhshs kge summdst tckt gkgjhk` kssdt prhjds kge rdjdgt Lde kjthogs rkhsd

sdrhous qudsthogs kaout tcd stkah`hty o tcd bkrfdt ks k wco`d kge tcd

posshah`hty o uturd auaa`ds. Ucd kutcors pohgt to tcd ro`d sdjurhthzkthog

p`kyde hg tcd coushgm auaa`d kge gotd tckt tcd sdjurhthzkthog boed` wks

k rdspogsd to tcd s skvhgms kge okg jrhshs. Ucdy mo og to edsjrhad tcd

rdmu`ktory po`hjy jckgmds tckt wdrd aorgd o tcd kh`de sd`-jorrdjthgm

kpprokjc to bkrfdts, dgorjdbdgt, kge ovdrshmct. Aut tcdy pohgt out tckt

tcd gdw jobbkge-kge-jogtro` strktdmy hs k`so jogjdrghgm adjkusd ht rhsfs

adjobhgm ovdr`y edpdgedgt og bhjrobkgkmdbdgt kge rdmu`ktory ehs-jrdthog. Hbp`hjht movdrgbdgt support or `krmd gkgjhk` hgsthtuthogs kge

movdrgbdgt-spogsorde dgtdrprhsds, Akhr kge Ed`g sky, ckbpdrde ehsjh-

p`hgd whtchg tcd bkrfdt kge probotde k ekgmdrous `dvd` o rhsf-tkfhgm.

Ucd pkpdr jogj`ueds whtc summdstde prkjthjds tckt tdbpdr `dssog-`dkrghgm

whtc rdspogshah`hty. Ucd kutcors dgjourkmd rdmu`ktory po`hjybkfdrs to

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Hgtroeujthog

trust go ogd, hgj`uehgm tcdbsd`vds6 to rdbdbadr wckt movdrgbdgt kge

bkrfdts eo wd`` kge wckt tcdy eo poor`y6 kge to ojus og strogm, shbp`d

ru`ds. Ay k`` bdkgs, tcdy sky, so`vd tcd ugedr`yhgm proa`db. Aut wd bust

rdbkhg k`drt to ugdxpdjtde jogsdqudgjds o our so`uthogs kge prdpkrdoursd`vds to quhjf`y kge kpproprhktd`y keerdss gdw rhsfs to tcd gkgjhk`

systdb.

@kwrdgjd Zubbdrs o Ckrvkre Tghvdrshty dxp`ords wcdtcdr tcd TZ

djogoby hs jurrdgt`y hg k stktd o sdju`kr stkmgkthog, ugka`d to kjchdvd

skthskjtory mrowtc kge u`` dbp`oybdgt ugedr stka`d gkgjhk` jogehthogs

ks tcd zdro owdr aouge og gobhgk` hgtdrdst rktds ekbpdgs edbkge ad`ow

dquh`harhub `dvd`s. Zubbdrs supports tchs cypotcdshs ay gothgm tckt tcd

djogoby bdrd`y mrdw boedrktd`y hg tcd vd ydkrs dkehgm up to tcd Mrdkt

Qdjdsshog, gotwhtcstkgehgm `ow hgtdrdst rktds kge auaa`ds hg gkgjhk`

bkrfdts, kge kh`de to phjf up dvdg kldr tcd rdjdsshog wks ovdr kge tcd

gkgjhk` systdb rdpkhrde. Cd pohgts to strujturk` jckgmds hg tcd djogoby

wchjc ckvd hgjrdksde tcd propdgshty to skvd kge rdeujde tcd propdgshty

to spdge kge hgvdst, aotc `dkehgm to `owdr dquh`harhub rdk` hgtdrdst rktds,

kge to dvhedgjd or gdmkthvd rdk` hgtdrdst rktds rob jkphtk` bkrfdts kge

djogobhj rdsdkrjc. Aksde og tchs kgk`yshs o jurrdgt djogobhj jogeh-thogs, Zubbdrs jkuthogs kmkhgst aotc po`hthjk` pksshvhty kge ugjogvdg-

thogk` bogdtkry po`hjhds khbde kt rdeujhgm rdk` hgtdrdst rktds. Ucdrd hs

`htt`d dvhedgjd tckt k pksshvd po`hthjk` stkgjd or purd ojus og `ogm-rug

po`hjhds wh`` `dke to skthskjtory djogobhj mrowtc wcdg tcd djogoby

hs hg k `hquhehty trkp. ]ch`d ugjogvdgthogk` bogdtkry po`hjy bdksurds

jkg hgjrdksd edbkge ay `owdrhgm djogobhjk``y hbportkgt hgtdrdst rktds,

tcdy jobd whtc ugedshrka`d shed ddjts sujc ks aoosthgm ugkttrkjthvd

hgvdstbdgts, jrdkthgm ugjdrtkhgty, kge dgjourkmhgm dxjdsshvd rhsf-tkfhgm.

Hgstdke, Zubbdrs rdjobbdges rkhshgm edbkge kt dvdry possha`d `dvd` o

tcd hgtdrdst rktd ay rkhshgm movdrgbdgt spdgehgm, hbprovhgm hgdjhdgt

rdmu`kthogs tckt jurrdgt`y co`e akjf edbkge, kge strdgmtcdghgm ogm- rug

supp`y-shed ugekbdgtk`s to hgjrdksd jogsubdr kge aushgdss jogedgjd.

Zujc bdksurds wh`` quhjf`y put tcd djogoby akjf to worf kge jkg dvdg

rdeujd uturd edat auredgs.

Iocg Uky`or o tcd Coovdr Hgsthtuthog summdsts tckt kssdssbdgts otcd jrhshs tckt `oof to k gkrrow strdtjc o thbdusuk``y Zdptdbadr

tcroumc Govdbadr o bhss tcd ahmmdr phjturd. K whedr whgeow,

rob tcroumc , hs bord usdu` kge rdvdk`s tckt movdrgbdgt po`-

hjy (gkbd`y bogdtkry po`hjy, rdmu`ktory po`hjy, kge kg ke coj akh`out po`-

hjy) p`kyde tcd `krmdst jogtrhauthgm ro`d hg tcd jrhshs. Cd tkfds hssud whtc

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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tcd edvhkthog rob trhde-kge-trud po`hjhds kge skys tckt tcdsd edvhkthogs

jrdktde k aoob-kge-aust jyj`d kge ud`de aotc tcd jrhshs htsd` kge tcd

poor rdjovdry. Zpdjhjk``y, cd pohgts to tcd Ldes `ow hgtdrdst rktd po`hjy

hg , ugdgorjde gkgjhk` rdmu`kthogs, jobp`dx Eoee- Lrkgfrdmu`kthogs, dxp`oehgm dedrk` edat, kge ehsjrdthogkry bogdtkry po`hjy.

Uky`or jogj`ueds whtc k rky o copd9 h wd kjjdpt tckt po`hjy hs tcd proa-

`db, wd k`so fgow tckt po`hjy, got sobd otcdr d`dbdgt o tcd djogobhj

systdb, gddes to ad xde. K`tcoumc cd kebhts tckt toekys po`hjy strktdmy

jkgt ad hedgthjk` to tckt o edjkeds pkst, cd gogdtcd`dss hbp`ords us to

rdturg to prkjthjds tckt sujjdssu``y fdpt tcd djogoby worfhgm.

Fdvhg ]krsc, k`so o Coovdr, prdsdgts k pdrspdjthvd tckt jobp`dbdgts

tcd otcdrs hg tchs sdjthog o tcd vo`ubd. Cd wrhtds tckt wch`d tcd TZ mov-

drgbdgts po`hjy rdspogsd to tcd jrhshs rdbkhgs jogtrovdrshk`, wd

bust k`so tkfd hgto kjjougt tcd systdbhj ddjts o tcd jckgmds hg po`hjy og

djogobhj kmdgts. Uo eo so, wd gdde k roaust ugedrstkgehgm o tcd adckv-

hork` rdspogsds to gdw po`hjhds. Cd tcdrday dxp`ords tcd ro`d tckt boed`hgm

p`kys og po`hjy, wrhthgm tckt mdtthgm tcd boed` rhmct kppdkrs to ad k prd-

eobhgkgt kjtor hg mdtthgm po`hjy rhmct. ]krsc tcdg ojusds og wckt cd

jk``s tcd gdw stkah`hty kmdgek o djogobhj po`hjy wchjc cks dbdrmde robtcd gkgjhk` jrhshs. Cd hs jogjdrgde tckt tchs wd``-hgtdgthogde kpprokjc to

po`hjy wh`` too rdkeh`y kjjdpt stkthsb ks k bdkgs to rdshst dvdg tcd bord

adghmg turau`dgjd hg tcd djogoby or hg sdjtors o tcd djogoby. Zobd

turau`dgjd, cd krmuds, hs got ugcdk`tcy or tcd djogoby, kge hgedde ht hs

fdy to strogm, sustkhgka`d djogobhj mrowtc kge prospdrhty.

Ucd Ldedrk` Qdsdrvd Qo`dUcd sdjoge pkgd` o tcd jogdrdgjd ojusde og tcd ro`d p`kyde ay tcd

Ldedrk` Qdsdrvd adord, eurhgm, kge kldr tcd jrhshs. K`kg A`hgedr

o ^rhgjdtog Tghvdrshty opdgde tcd ehk`omud, gothgm tckt wch`d tcd Ldes

kjthogs adord kge eurhgm tcd jo``kpsd o @dcbkg Arotcdrs og Zdptdb-

adr , , wdrd mdgdrk``y ugskthskjtory, ht edsdrvds dxjd``dgt mrkeds

or hts suasdqudgt pdrorbkgjd. K`tcoumc got k`ogd hg tcd a`kbd or tcd

dvdgts `dkehgm up tcd jrhshs, tcd Lde gogdtcd`dss adkrs k shmghjkgtporthog o tcd a`kbd adjkusd ht cke ughqud systdbhj rdspogshah`hthds6 wks

kge hs tcdprhbus hgtdr pkrdskbogm gkgjhk` rdmu`ktors6 kge cke spdjhk`

jogsubdr protdjthog kge bortmkmd-rd`ktde rdspogshah`hthds. Hg tcd dkr`y

s, tcd Lde hmgorde tcd dkr`y wkrghgm shmgs o hbpdgehgm djogobhj

strumm`ds kge u`thbktd`y kh`de to usd hts `dmk` kutcorhty to bhthmktd tcd

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

8/10/2019 Across the Great Divide: New Perspectives on the Financial Crisis, Edited by Martin Neil Baily and John B. Taylor

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Hgtroeujthog

shtukthog. Cowdvdr, ht kjfde tcd powdr to jobp`dtd`y x tcd proa`dbs tckt

jrdktde kge ud`de tcd jrhshs, kge tcd adckvhor o tcd Zdjurhthds kge

Dxjckgmd Jobbhsshog (ZDJ) kge otcdr rdmu`ktory aoehds jdrtkhg`y ehe

got cd`p bkttdrs. A`hgedr mods og to edsjrhad tcd Ldes bog-dtkry po`hjy ks too `oosd aut u`thbktd`y ks k bhgor bhstkfd tckt jkusde

rd`kthvd`y `htt`d ckrb to tcd djogoby. Ucd Ldes ahmmdst bhstkfd, cd wrhtds,

wks k``owhgm @dcbkg Arotcdrs to kh` spdjtkju`kr`y hgstdke o hgtdrvdg-

hgm kge `okghgm tcd gdjdsskry uges. Kldr @dcbkg Arotcdrs kh`de, cow-

dvdr, tcd Lde keerdssde tcd gdw bkrfdt jhrjubstkgjds quhjf`y kge edl`y.

A`hgedr kues tcd Ldes usd o jogtrovdrshk` ugjogvdgthogk` bogdtkry po`-

hjhds, aut rdbhges tcd rdkedr tckt sujc po`hjhds wh`` dvdgtuk``y ckvd to ad

wouge eowg.

Bhjckd` Aoreo, o Qutmdrs Tghvdrshty kge tcd Coovdr Hgsthtuthog, prd-

sdgts kg dxkbhgkthog o tcd Ldes ro`d hg tcd jrhshs tckt hs rhjc hg chstorhjk`

kgk`yshs. Cd gotds tckt edsphtd tcd popu`krhty o jobpkrhsogs adtwddg tcd

Mrdkt Edprdsshog kge tcd rdjdsshog, tcd jrhsds krdgt dxkjt`y kgk`-

omous kge hg sobd rdspdjts, akshgm po`hjy og tcd `dssogs o tcd Mrdkt

Edprdsshog bky ckvd dxkjdraktde tcd rdjdgt djogobhj strdss kge ckvd

jkusde sdrhous proa`dbs tckt jou`e jogtrhautd to tcd gdxt jrhshs. Hg tcdjrhshs o tcd s tcd bogdy supp`y kge tcd edposht-to-jurrdgjy-rktho

jo``kpsde6 hg tcd rdjdgt jrhshs aotc rosd. Ucd jrhshs skw gogd o

tcd jobbdrjhk` akgf rugs tckt bkrfde tcd Mrdkt Edprdsshog drk, kge

wks u`thbktd`y kg hgso`vdgjy hssud rktcdr tckg k `hquhehty hssud. Ucd Lde

kttdbptde to so`vd tcd jrhshs ushgm `dssogs `dkrgde rob tcd Mrdkt

Edprdsshog, kge hg bkgy wkys tcd rdsu`ts wdrd `kjf`ustdr. Aoreo edsjrhads

tcd Ldes rdjdgt `hquhehty po`hjy, jrdeht po`hjy, akh`outs, kge qukgthtkthvd

dkshgm ks sdrhous`y fikwde kge ekbkmhgm to tcd Ldes rdputkthog.

^dtdr Lhscdr o A`kjfrojf iohgs tcd jogvdrskthog whtc tcoumcts og

cow tcd `dssogs `dkrgde kaout tcd Lde rob to jkg cd`p muhed

uturd po`hjy. Cd hedgthds tcrdd bkior `dssogs rob tcd jrhshs. Lhrst, dhtcdr

tcd Lde scou`e uth`hzd supdrvhshog kge rdmu`kthog to bkgkmd dxjdsshvd

`dvdrkmd or ht scou`e `dkg kmkhgst tcd whge. Cd strdssds tcd hbportkgjd

o ushgm supdrvhsory too`s to probotd gkgjhk` stkah`hty. Zdjoge, bork`

ckzkre hs adst keerdssde adord, got eurhgm, k bkior djogobhj jrhshs.Cd sdds tcd Lhgkgjhk` Ztkah`hty Ovdrshmct Jougjh` tckt edshmgktds sys-

tdbhjk``y hbportkgt gkgjhk` hgsthtuthogs ks kg hbportkgt hbprovdbdgt

hg rdmu`kthog. Kge tchre, tcd Lde bust kvohe jrklhgm po`hjhds tckt krd

scort-shmctde kge bust adkr hg bhge potdgthk``y pdrvdrsd jogsdqudgjds.

Cd krmuds tckt tcdrd hs k `ogm `hst o potdgthk``y kevdrsd jogsdqudgjds

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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o tcd Ldes dxtrkorehgkry po`hjhds. Lhscdr u`thbktd`y rdjobbdges tckt

wd tkfd tchs post-jrhshs opportughty to rdvhdw tcd Ldes bkgektd9 wd jkg

usd `dssogs `dkrgde rob tcd rdjdsshog to upektd tcd Ldes oaidjthvds kge

jogstrkhgts.K``kg Bd`tzdr o tcd Coovdr Hgsthtuthog edvotds chs pkpdr to dxp`khghgm

tcd `ow hgfikthog kge s`ow mrowtc tckt ckvd p`kmude tcd rdjovdry rob

tcd jrhshs. Cd hgehjktds tckt tcd fikt rdspogsd to tcd rdjdgt mrowtc

o rdsdrvds hs eud to our fdy proa`dbs. Lhrst, tcd Lde bhstkfdg`y skw

tcd jrhshs ks k prhgjhpk``y bogdtkry proa`db kge kjtde kjjorehgm`y,

dvdg tcoumc jurrdgt djogobhj hssuds krd bost`y rdk`. Zdjoge, tcd Lde cks

got kggougjde or keoptde k strktdmy tckt hgjrdksds jogedgjd. Uchre,

hgjrdksde akgf rdsdrvds krd bost`y dxjdss rdsdrvds6 wcdg akgfs krd pkhe

hgtdrdst og dxjdss rdsdrvds tcdy krd ehsjourkmde rob `dgehgm. Kge ourtc,

jrdeht k``ojkthog hs got k usdu` too` to mdgdrktd dxpkgshog. Cowdvdr,

Bd tzdr gotds tckt bhstkfds bked eurhgm tcd jrhshs wdrd got k`` bked

ay tcd Lde. Ucd kebhghstrkthog k`so bked sdvdrk` jrhthjk` drrors og s-

jk` po`hjy9 () Jogmrdss wks mhvdg prhbkry rdspogshah`hty or tcd Kbdr-

hjkg Qdjovdry kge Qdhgvdstbdgt Kjt (KQQK) o 6 () proeujthvhty

wks gdm`djtde6 () hgehvheuk` kge jorporktd tkxds wdrd got pdrbkgdgt`yrdeujde6 kge () dxpdjtkthog o uturd tkx hgjrdksds wks got keerdssde. Cd

skys tckt tcd Lde jkgt ckvd k `ogm-tdrb hbpkjt og rdk` jkusds o s`ummhsc

mrowtc6 kge tcd kebhghstrkthogs kh`urd to bhthmktd tcd pua`hjs ugjdr-

tkhgty worsdgde tcd poor rdjovdry. Cd jogj`ueds ay pohgthgm out tckt

tcd og`y otcdr s`ow rdjovdry hg TZ chstory () wks bkrfde ay

po`hjhds shbh`kr to tcosd usde hg tcd jrhshs.

Hs Uoo Ahm to Lkh` Ovdr? Krd ]dQdkey lor tcd Gdxt Jrhshs?

Bkrthg Akh`y kge Eoum`ks D``hott o tcd Aroofhgms Hgsthtuthog opdg tcd

jogvdrskthog og too ahm to kh`, gothgm tckt adjkusd wd jkgt kgthjhpktd

tcd dxkjt gkturd o tcd gdxt djogobhj jrhshs, tcd gkgjhk` systdb bust ad

hgsu`ktde kge stka`d dgoumc to kasora scojfs. Zobd promrdss cks k`rdkey

addg bked og tchs rogt, pkrthju`kr`y tcroumc hgjrdksds hg jkphtk` rkthos kgegdw hquhehty rdquhrdbdgts. Aut tcdrd hs sth`` worf to ad eogd. Ucd kutcors

jk`` or po`hjybkfdrs to rkhsd jkphtk` kge `hquhehty `dvd`s sth`` urtcdr or

tcd bost systdbhjk``y hbportkgt gkgjhk` hgsthtuthogs. Uchs, tcdy wrhtd,

whedgs skdty bkrmhgs, bhghbhzds potdgthk` tkxpkydr kge sojhdtk` `ossds,

kge hgjdgthvhzds vo`ugtkry rdeujthog o systdbhj hbportkgjd wcdg djo-

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

8/10/2019 Across the Great Divide: New Perspectives on the Financial Crisis, Edited by Martin Neil Baily and John B. Taylor

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Hgtroeujthog

gobhjk``y dksha`d. Ucdy k`so rdjobbdge tckt tcd `dmk` rkbdworfs or

rdso`uthog ad rdorbde so tckt rbs (dvdg systdbhjk``y hbportkgt rbs)

jkg kh` whtcout tcrowhgm tcd gkgjhk` systdb hgto ehskrrky. Lhgk``y, tcdy

summdst wd jrdktd bdjckghsbs to provhed bkjropruedgthk` ovdrshmct totcd gkgjhk` systdb hg oredr to adttdr bkgkmd systdbhj rhsfs. Ucdy rdht-

drktd tckt tcd gkgjhk` systdb hs k`rdkey bord rdsh`hdgt to tcd gdxt scojf

kge jogj`ued ay gothgm tckt bord worf hs gddede, pkrthju`kr`y hg tcd krdks

o pua`hj pdrjdpthog, ru`d hbp`dbdgtkthog, trkgspkrdgjy, kge qukgthtkthvd

kgk`yshs.

Iocg Jojcrkgd o tcd Tghvdrshty o Jchjkmo skys tckt UAUL hsgt ovdr,

kge wdrd got prdpkrde or tcd gdxt jrhshs. Dvdg h wd wdrd hg k poshthog to

keerdss k rdpdkt o tcd jrhshs, chstory td``s us tckt tcd gdxt djogobhj

jrhshs wh`` ad ehdrdgt rob tcd `kst ogd kge wh`` rdquhrd k jobp`dtd`y

ehdrdgt rdspogsd. ]d jkg, cowdvdr, rdrkbd our pdrspdjthvd o tcd

jrhshs kge tchgf o ht ks k rug. Hts got hgsthtuthogs tckt prdsdgt rhsf to tcd

gkgjhk` systdb, aut rug- progd kssdts. ]ch`d bkgy pdop`d rdshst akgghgm

rug-progd kssdts, skyhgm tckt aorrowhgm wh`` adjobd bord dxpdgshvd kge

akgfs ugka`d to trkgsorb hquhehty kge bkturhty, Jojcrkgd skys tckt tchs

hs kg outektde gothog. Cd summdsts k tkx og edat, dspdjhk``y scort-tdrbruggka`d edat, whtc tcd mok`s o edjrdkshgm krmubdgts kaout rhsf wdhmcts

kge jkphtk` rkthos, rdeujhgm tcd gdde or akgf kssdt rdmu`kthog, kge bhg-

hbhzhgm tcd jurrdgt bdss o jrogyhsb kge po`hthjhzkthog tckt p`kmuds tcd

jurrdgt rdmu`ktory projdss. Ucd rdsu`t wh`` ad k wd``-hgsu`ktde gkgjhk`

systdb tckt kasoras aoobs kge austs rktcdr tckg rd`hkgjd og rdmu`ktors

to bkgukjturd k wor`e rdd rob bkrfdt ups kge eowgs.

Ekrrd`` Eud o Ztkgore Tghvdrshty dxkbhgds tcd hbpkjts o k possh-

a`d kh`urd o rbs tckt provhed shmghjkgt gkgjhk` bkrfdt hgrkstrujturd

(LBH). Hg tcd Tghtde Ztktds, LBH rbs j`dkr ovdr-tcd-jougtdr edrhvkthvds

or trh-pkrty rdpurjcksd kmrddbdgts (rdpos). Eud krmuds tckt sujc k

kh`urd wou`e ckvd sdvdrd kevdrsd ddjts og tcd dgthrd gkgjhk` systdb.

Cowdvdr, dxhsthgm kh`urd rdso`uthog kpprokjcds or proposde rdorbs

wcdtcdr tcroumc kebhghstrkthvd projdeurds ugedr Uht`d HH o tcd Eoee-

Lrkgf Kjt or tcroumc akgfruptjy `kwkrd got ka`d to rdso`vd tcdsd

rbs hg k wky tckt wou`e prdvdgt tcdsd ddjts. Lor dxkbp`d, tcd shgm`d-pohgt-o-dgtry kpprokjc to rdso`uthog wou`e got kpp`y hg sujc jksds.

Eud mhvds tcd dxkbp`d o two `krmd, jobp`dx akgfs9 I.^. Bormkg Jcksd

kge Akgf o Gdw Xorf Bd``og. Uomdtcdr tcdy provhed kaout . trh``hog

o trh-pkrty rdpo j`dkrhgm pdr eky hg tcd Tghtde Ztktds, kge tcdy krd aotc

dgmkmde hg otcdr `hgds o aushgdss tckt dgtkh` rhsf- tkfhgm. K kh`urd o

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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ogd o tcdsd akgfs wou`e jut o kjjdss to trh- pkrty rdpo gkgjhgm, wchjc

jou`e rdsu`t hg rd sk`ds o sdjurhthds.

Ztdvd Ztrogmhg o Mo`ebkg Zkjcs kge chs jokutcors prdsdgt kg opth-

bhsthj krmubdgt tckt ojusds og tcd gdw`y strdgmtcdgde or gdw`y jrdktde`hgds o eddgsd kmkhgst kh`urd, rktcdr tckg og tcd rdbkhghgm rdso`uthog

cure`ds. Kgk`yshs o tcdsd tcrdd `hgds o eddgsdbord kge adttdr jkp-

htk`, jkphtk` hgjdgthvds or akgfs to rdjkphtk`hzd dkr`y hg k strdssde shtuk-

thog, kge tcd edat schd`escow tckt tcd TZ gkgjhk` systdb hs kr skdr

toeky tckt ht wks hg tcd pkst. K`tcoumc bord worf gddes to ad eogd og

rdorbhgm rdso`uthog projdssds, tcdsd gddede hbprovdbdgts scou`e ad

p`kjde hg djogobhj pdrspdjthvd kge got usde to edbogstrktd kg ovdrk``

`kjf o stkah`hty hg tcd gkgjhk` systdb. Cd j`osds ay gothgm tckt adjkusd

rdso`uthog hs gddede og`y hg tru`y dxtrkorehgkry jhrjubstkgjds, po`hjy-

bkfdrs bust jogeujt tcoroumc jost-adgdt kgk`ysds o jost`y proposde

so`uthogs.

Akgfruptjy, Akh`out, Qdso`uthog

Qkgek`` Muygg o Ekvhs ^o`f & ]krewd`` opdgs tcd ourtc pkgd` whtcurtcdr ehsjusshog o tcd UAUL proa`db kge summdsthogs or k so`uthog. Cd

edsjrhads tcd UAUL hssud ks k Coasogs jcohjd adtwddg tkxpkydr-ugede

akh`outs kge k potdgthk` jo``kpsd o tcd gkgjhk` systdb, kge gotds tckt tcd

pua`hj usuk``y jcoosds akh`out. Muygg summdsts k tchre opthog, cowdvdr9

k chmc-spdde rdjkphtk`hzkthog o k gkgjhk` mroup tckt hbposds `ossds og

sckrdco`edrs kge otcdr jrdehtors aut kvohes uggdjdsskry vk`uds edstruj-

thog kge prdsdrvds tcd mroups mohgm-jogjdrg vk`ud. Kldr ehsjusshgm

tcd hbp`hjkthogs o tcd Oredr`y @hquhekthog Kutcorhty (O@K) kge tcd

shgm`d-pohgt-o-dgtry rdjkphtk`hzkthog bdtcoe, cd u`thbktd`y summdsts k

sdjurhty hquhehty provhshog hg Jckptdr o tcd Akgfruptjy Joed. Jckp-

tdr jou`e bord ddjthvd`y hbht tcd gdde or O@K h tcd Ldedrk` Qdsdrvd

wdrd kutcorhzde to provhed sdjurde `hquhehty to k arhemd gkgjhk` job-

pkgy h tcrdd jogehthogs wdrd bdt9 () tcd arhemd gkgjhk` jobpkgy hs

wd``-jkphtk`hzde, () tcd `hquhehty hs u``y sdjurde, kge () tcd `hquhehty hs

provhede kt pdgk`ty rktds. Hg jksds whtcout sujhdgt sdjurde hquhehty, tcdarhemd gkgjhk` jobpkgy wou`e ad orjde to sd`` hts h``hquhe kssdts kt rd

sk`d prhjds. Zujc rd sk`ds krd hfd`y to sprdke tcroumcout tcd gkgjhk` sys-

tdb kge put ht hg sdrhous idopkrey, rdquhrhgm dhtcdr O@K or akh`outs. Kgthj-

hpkthgm djogobhj kge po`hthjk` krmubdgts kmkhgst chs proposk`, Muygg

j`osds ay gothgm tckt gdhtcdr tcd Ldes ehsjougt whgeow gor kg dxpkgede

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

8/10/2019 Across the Great Divide: New Perspectives on the Financial Crisis, Edited by Martin Neil Baily and John B. Taylor

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Hgtroeujthog

ehsjougt whgeow krd akh`outs kge tckt go bktdrhk` rhsf hs posde to tcd

Lde ay chs summdsthog.

Fdg Zjott o Ztkgore ed`vds urtcdr hgto tcd gdde or adttdr akgfruptjy

rdso`uthog kge summdsthogs or hbprovde po`hjy. Hg kg O@K rdjdhvdrschp,cd skys, tcd rdjdhvdr usds k shgm`d pohgt o dgtry to tkfd ovdr k kh`de

hgsthtuthog kge trkgsdr hts aushgdss to k gdw arhemd jobpkgy. Cowdvdr,

cd tkfds hssud whtc tcd dxtdgt kge usd o ehsjrdthogkry powdrs vdstde hg

tcd rdjdhvdr ks pkrt o tcd O@K projdss. Hg pkrthju`kr, cd hs jogjdrgde ay

tcd rdjdhvdrs ehsjrdthog ovdr wchjc `hkah`hthds mo to tcd arhemd jobpkgy

kge wchjc stky hg tcd edators dstktd6 tcd vk`ukthog o kssdts trkgsdrrde

to tcd arhemd jobpkgy6 kge tcd k``ojkthog o `ossds kt aotc tcd pkrdgt

co`ehgm jobpkgy `dvd` kge tcd suashehkry `dvd`. Zjott k`so keerdssds bkior

jogjdrgs rdmkrehgm iuehjhk` ovdrshmct kge projdeurk` khrgdss hg tcd ehs-

jrdthogkry dgvhrogbdgt. Cd jogj`ueds tckt tcd dx kgtdprojdeurd, wchjc

rdquhrds tcd sdjrdtkry o tcd trdksury to `d k pdththog hg TZ ehstrhjt jourt

hg ]kschgmtog, E.J., kge or k iuemd to edtdrbhgd wcdtcdr jdrtkhg stkt-

utory jogehthogs krd bdt, hs kg dbpty orbk`hty. Ucd dx postprojdeurd

hs k`so fikwde9 k`tcoumc tcdrd hs kg kppdk` projdss, stkys krd prochahtde,

kge dvdg h ogd u`thbktd`y rdjdhvde k ru`hgm hg ogds kvor, ht bky ad too`ktd kt tckt pohgt to rdbdey tcd shtukthog. Cd mods og to gotd tckt Jckp-

tdr protojo`s krd kr `dss ehsjrdthogkry kge, mhvdg tcdhr trdktbdgt o

jrdehtors, krd wd``-dquhppde to probotd ehsjhp`hgde rhsf-tkfhgm kge dxhst

hg kjjorekgjd whtc jogsthtuthogk` stkgekres. Cowdvdr, kgy trkgsdr o k

fiougedrhgm aushgdss to k arhemd jobpkgy mhvds rhsd to sobd proa`dbs,

wcdtcdr tcd trkgsdr ckppdgs hg Uht`d HH or hg Jckptdr . Qdvhshogs to

tcd akgfruptjy joed jkg keerdss sobd o tcdsd hssuds, aut otcdr proa-

`dbs wh`` ckvd to ad rdbdehde outshed o tcd akgfruptjy joed. Zjott jk``s

or po`hjybkfdrs to a`ojf rugs ay scort-tdrb jrdehtors, kssurd tcd arhemd

jobpkgy cks kedquktd jkphtk`, kge j`krhy `hquhehty rdquhrdbdgts hg k wky

tckt hgsth``s jogedgjd.

Ekvhe Zfdd` o tcd Tghvdrshty o ^dggsy`vkghk keerdssds tcd shgm`d-

pohgt-o-dgtry rdso`uthog strktdmy hg wchjc akgf rdmu`ktors p`kjd k

gkgjhk` hgsthtuthogs co`ehgm jobpkgy hgto rdso`uthog6 trkgsdr hts kssdts,

scort-tdrb `hkah`hthds, kge sdjurde oa`hmkthogs to k arhemd jobpkgy6 kge`dkvd hts stojf kge `ogm-tdrb edat adchge. Zujc k trkgsdr wou`e jrd-

ktd k wd``-jkphtk`hzde gdw hgsthtuthog. Cdrk`ede ay sobd ks k rdmu`ktory

sh`vdr au``dt, tcd shgm`d-pohgt-o-dgtry strktdmy hbposds dwdr edbkges

og rdmu`ktors, bhghbhzds tcd rhsf to ordhmg suashehkrhds, provheds k

j`dkr sdt o ru`ds, kge scou`e rdeujd tcd rhsf o rugs. Gogdtcd`dss, tcd

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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.

shgm`d-pohgt-o-dgtry strktdmy eods ckvd sdvdrk` jrhthjk` vu`gdrkah`hthds.

Lhrst, adjkusd ht provheds kg opthog or gkrrow`y tkrmdtde hgtdrvdgthog,

ht bky hgjrdksd rdmu`ktors wh``hgmgdss to hgtdrvdgd6 cowdvdr, ht bky ehs-

jourkmd rdmu`ktors rob hgtdrvdghgm hg bord jobp`dx shtukthogs, sujcks k bdssy jrhshs kt k bkior suashehkry. Kttdbpts to rdso`vd sujc k proa-

`db tcroumc shgm`d-pohgt-o-dgtry projdssds bhmct ad ugsujjdssu`, or

jou`e `dkvd tcd troua`de hgsthtuthog hg movdrgbdgt ckges or ydkrs. Qdm-

u`ktors krd k`so ug`hfd`y to kttdbpt shgm`d-pohgt-o-dgtry rdso`uthog og

two or bord systdbhjk``y hbportkgt hgsthtuthogs shbu`tkgdous`y, bkfhgm

tchs kg hbpdrdjt too` or ckge`hgm k bkior djogobhj jrhshs. Lhgk``y, tcd

shgm`d-pohgt-o-dgtry systdb ehs-hgjdgthvhzds edrhvkthvds boghtorhgm kge

hgjdgthvhzds tcd usd o edrhvkthvds kge otcdr scort-tdrb gkgjhgm opthogs,

keehgm hgstkah`hty to tcd gkgjhk` systdb. Zfdd` j`osds ay gothgm tckt tcd

shgm`d-pohgt-o-dgtry kpprokjc scows shmghjkgt probhsd ks k rdso`u-

thog too` aut ht eods ckvd `hbhtkthogs tckt bkfd otcdr jorrdjthvd po`hjhds

gdjdsskry.

Bhjckd` Cd`dr o Jhthmroup krmuds tckt tcd Tghtde Ztktds gddes aotc

Uht`d HH kge Jckptdr , skyhgm tckt tcd jougtry gddes to ckvd bord too`s

hg tcd too`aox wcdg k `krmd gkgjhk` hgsthtuthog kh`s, got dwdr. Kg ddj-thvd rdso`uthog projdss bust dkturd kssurkgjds tckt `hquhehty hs kvkh`ka`d,

muhed`hgds or quk`hde gkgjhk` jogtrkjts `hfd edrhvkthvds, k rdspogsh-

a`d kutcorhty whtc tcd gdjdsskry dxpdrthsd kge rdsourjds, provhshogs or

jogthguhty o jrhthjk` sdrvhjds or jogsubdrs, kge hbposhthog o `ossds

og stojfco`edrs, jrdehtors, kge rdspogsha`d bkgkmdbdgt, got tkxpkydrs.

Uht`d HH keerdssds tcdsd htdbs, kge so eods Jckptdr , aut tcdy krd eh-

drdgt too`s tckt bky got k`wkys ad usde hgtdrjckgmdka`y. Zobd jrhsds

bky rdspoge adst to tcd Uht`d HH projdeurds6 otcdrs bky sdd adst rdsu`ts

rob Jckptdr . Ht wou`e ad k bhstkfd, Cd`dr skys, to uggdjdsskrh`y hbht

rdmu`ktors opthogs.

Qdbkrfs og Fdy Hssuds Lkjhgm Lhgkgjhk` Qdlorbs

^ku` Zk`tzbkg o Ucd J`dkrhgm Cousd keerdssds tcd bkior proa`dbs kj-

hgm tcd gkgjhk` systdb, chmc`hmcthgm chs ormkghzkthogs ro`d hg tcd akgf-hgm hgeustry, tcd hgeustry poshthog og fdy bkjropruedgthk` ru`ds, kge

rdjobbdgekthogs kge oasdrvkthogs og cow to hbprovd tcd pkjd kge

quk`hty o Eoee-Lrkgf ru`dbkfhgm. Ks k rdjdgt`y edshmgktde systdbhjk``y

hbportkgt gkgjhk` bkrfdt uth`hty (ZHLBT), Ucd J`dkrhgm Cousd Kssojh-

kthog kge hts bdbadrschp o dhmctddg krmd kge ehvdrsd jobbdrjhk` akgfs

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Hgtroeujthog

krd ehrdjt`y kdjtde ay tcd tophjs ehsjussde hg tchs vo`ubd kge krd hg k

ughqud poshthog to spdkf to tcd rkbhjkthogs o proposde rdorbs og tcd

akgfhgm hgeustry.

Zk`tzbkg dxprdssds jogjdrg kaout bkjropruedgthk` po`hjy, gothgm tcktbhstkfds bked hg tcd bkjropruedgthk` rdk`b krd `hfd`y to ad jorrdspoge-

hgm`y `krmdr tckg tcosd bked hg tcd bhjropruedgthk` krdgk, hgvo`vhgm

bkjrodjogobhj jogsdqudgjds tckt bky p`kjd tcd dgthrd djogoby kt rhsf.

Zhbh`kr`y, tcdrd hs jogjdrg whtchg tcd akgfhgm hgeustry tckt bkjropru-

edgthk` rdmu`kthog jou`e ad trkgsorbde hgto k po`hjy tckt kvors jdrtkhg

bkrfdts, aushgdssds, or proeujts. Lhgk``y, bkjropruedgthk` rdmu`kthog hs

ay gkturd k ogd-shzd-ts-k`` rdmu`ktory bdtcoeo`omy, kge ht hs jck``dgmhgm

kt adst to kpp`y ckre-kge-kst ru`ds to vkrhde kge ehsthgjthvd ormkghzkthogs.

Lhtthgm squkrd pdms hgto rouge co`ds hs gdvdr kg dksy tksf, cd skys.

Zk`tzbkg ehsjussds tcd poshthog o Ucd J`dkrhgm Cousd og tcd tophjs

o jkphtk`, `ogm-tdrb edat, tcd `dvdrkmd rktho, `hquhehty, kge shgm`d joug-

tdrpkrty `hbhts. Cd djcods Cd`dr ay skyhgm tckt wch`d chs ormkghzkthog

supports Uht`d HH, ht k`so supports dmhs`kthvd kge rdmu`ktory hbprovdbdgts

to tcd Uht`d H projdss. Cd j`osds whtc oasdrvkthogs kge summdsthogs to

dgckgjd tcd ru`dbkfhgm projdss9 () Eoee-Lrkgf gotwhtcstkgehgm, tcdpkjd o ru`d hbp`dbdgtkthog cks k`rdkey kjjd`drktde hg tcd bkrfdtp`kjd6

() wcdg pdrdjt po`hjy shbp`y tkfds too ogm to orbu`ktd kge hbp`dbdgt,

mooe kge bkgkmdka`d rdorb stkrts to `oof adttdr tckg pdrdjt6 () stkmde

hbp`dbdgtkthog hs gddede adjkusd ht k``ows or scort-tdrb (h boedst)

hbprovdbdgts kge rdjomghzds tckt rdorb worf rdbkhgs ugghscde6 kge

() bord trkgspkrdgt dbphrhjk` kgk`yshs hs gddede to dgsurd tckt rdorbs

worf ks hgtdgede kge krd hg tcd adst hgtdrdst o tcd djogoby.

Jogj`uehgm Qdbkrfs

Hg chs jogj`uehgm rdbkrfs, Mdormd Zcu`tz dbpckshzds tckt tcdrd wks

bord kmrddbdgt cdrd tckg pdop`d bky ckvd dxpdjtde kt tcd admhgghgm o

tcd bddthgm, summdsthgm tcdrdord tckt pdrckps tcd jogdrdgjd cd`pde to

gkrrow tcd mrdkt ehvhed.

Cd admkg ay gothgm tckt bkgy kt tcd jogdrdgjd kmrdde tckt tcd Ldescou`e mo akjf to pkyhgm zdro hgtdrdst og rdsdrvds, kge tckt tcdrd wks

mdgdrk` kmrddbdgt tckt k kh`urd o tcd rdmu`ktory systdb wks k shmghjkgt

kjtor hg tcd gkgjhk` jrhshs. Ucoumc ehskmrddbdgt rdbkhgde og wcy tchs

ckppdgde kge wckt scou`e ad eogd kaout ht, hg chs vhdw, rdmu`ktory jkp-

turd wks k ahm proa`db, bujc ks Mdormd Zthm`dr wkrgde ydkrs kmo. Qdorb

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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.

tcdrdord scou`e ojus og shbp`ddksy to ugedrstkge kge boghtorrdm-

u`ktory ru`ds, sujc ks j`dkr`y stktde jkphtk` kge `hquhehty rdquhrdbdgts.

Kgotcdr krdk o kmrddbdgt cd dbpckshzde wks tcd hbportkgjd o `ogm-

tdrb, strktdmhj tchgfhgm. ]htcout j`krhty hg projdeurds, hts dksy to mdt otrkjf, cd skhe. Kge cd dxprdssde jogjdrg kaout tcd `dmhthbktd qudsthogs

VtcktR wdrd rkhsde kaout wckt tcd Lde cks eogd hg kg hgsthtuthogk` wky,

gothgm tckt tcd Lde kjde tcd proa`db o bhsshog jrddp kge tckt ht go

`ogmdr kppdkrde to ad tcd `hbhtde purposd ormkghzkthog ht ogjd wks.

Cd kmrdde whtc bkgy kt tcd jogdrdgjd tckt tcd ekbkmd to tcd gkgjhk`

systdb cke `krmd`y addg rdpkhrde, aut worrhde tckt tcd rdk` djogoby wks

sth`` mrowhgm s`ow`y, edsphtd tcd cumd sthbu`us rob bogdtkry kge sjk`

po`hjy. Ucd `dssog hs to jogjdgtrktd og tcd rdk` djogobyrdeujd po`hjy

ugjdrtkhgty, mdt k souge rdmu`ktory systdb hg p`kjd, kge rdorb tcd pdr-

sogk` kge jorporktd hgjobd tkx systdb9 Ucdyrd tcd fhges o tchgms tckt

wou`e mdt tcd rdk` djogoby mohgm.

Cd gotde tckt pdop`d kt tcd jogdrdgjd hgsthgjthvd`y rdk`hzde tckt akh`-

outs jckgmd pdop`ds adckvhor hg k vdry ugedshrka`d wky. Ucus wd gdde

to `oof or wkys tckt dgjourkmd pdop`d hg `dkedrschp poshthogs to rdshst

akh`out kge, bord mdgdrk``y, ckvd tcd jourkmd to hbp`dbdgt mooe po`hjy.Ks cd put ht9 ]ckt Hb skyhgm cdrd hs tckt hg oredr or k`` o tcd ksjhgkthgm

kge hbportkgt hssuds you ckvd addg tk`fhgm kaout hg tchs jogdrdgjd to

worf, tcdrd ckvd to ad sobd pdop`d kt tcd top whtc muts wco krd wh``hgm

to `oof kt tcdsd tchgms kge sdd tcdb tcroumc. Ht hsgt dksy.

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

8/10/2019 Across the Great Divide: New Perspectives on the Financial Crisis, Edited by Martin Neil Baily and John B. Taylor

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^KQU H

Jkusds kge Dlldjts ol tcd Lhgkgjhk` Jrhshs

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

8/10/2019 Across the Great Divide: New Perspectives on the Financial Crisis, Edited by Martin Neil Baily and John B. Taylor

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Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

8/10/2019 Across the Great Divide: New Perspectives on the Financial Crisis, Edited by Martin Neil Baily and John B. Taylor

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JCK^UDQ

Cow Dllorts to Kvohe ^kst

Bhstkfds Jrdktde Gdw Ogds

Zobd @dssogs lrob tcd Jkusds kge Jogsdqudgjds

ol tcd Qdjdgt Lhgkgjhk` Jrhshs

Zcdh`k J. Akhr kge Qhjkreo Q. Ed`g

Chstory eodsgt rdpdkt htsd`l, aut ht eods rcybd.

Zubbkry

Bujc cks addg wrhttdg kaout tcd jkusds o tcd gkgjhk` jrhshs. Got

dgoumc kttdgthog, cowdvdr, cks addg ojusde og cow rdmu`ktors kttdbpts

to jorrdjt or adckvhors tckt `de or jogtrhautde to prdvhous jrhsdspkr-

thju`kr`y tcd skvhgms kge `okg jrhshs kge tcd Mrdkt Edprdsshogjrdktde

gdw proa`dbs wchjc ju`bhgktde hg tcd gkgjhk` jrhshs kge jogthgud

to prdsdgt ogmohgm rhsfs to tcd gkgjhk` systdb. Hg bkgy hgstkgjds, po`-

hjhds keoptde to keerdss tcd `dssogs `dkrgde rob ogd jrhshs dvdgtuk``y

mrdw hgto rdmu`ktory a`hge spots kge krthjhk` bkrfdt ksybbdtrhds tckt

cd`pde ud` tcd gdxt. ]ckt tcdg krd po`hjybkfdrs to eo? Og ogd ckge,

tcdy gdde to `dkrg rob tcd pkst kge jorrdjt or movdrgbdgt `kpsds kge

bhsstdps o prhor ydkrs. Og tcd otcdr ckge, tcdy gdde to eo so hg k wkytckt eodsgt jrdktd gdw proa`dbs. Movdrgbdgt po`hjybkfdrs gdde got

ad jkumct adtwddg tcd provdrahk` rojf (tcosd wco jkggot rdbdbadr tcd

pkst krd jogedbgde to rdpdkt ht) kge k ckre p`kjd (rst, eo go ckrb). Uchs

pkpdr sddfs to h``ustrktd tcd oasdrvkthog kge odr sobd tcoumcts og cow

wd bhmct ge k wky tcroumc tchs jck``dgmd.

Fdy erhvdrs ol tcd gkgjhk` jrhshs]d admhg whtc k rdvhdw o jobbog`y jhtde fdy erhvdrs o tcd gkgjhk`

jrhshs. Bujc worf cks addg eogd og tcdsd jkusds,kge wd eo got dgedkvor

Ucd tcoumcts dxprdssde cdrd krd tcd kutcors owg kge eo got gdjdsskrh`y rdfidjt

tcd vhdws o tcdhr ormkghzkthogs.

. Zdd, d.m., Lhgkgjhk` Jrhshs Hgquhry Jobbhsshog, Lhgk` Qdport.

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

8/10/2019 Across the Great Divide: New Perspectives on the Financial Crisis, Edited by Martin Neil Baily and John B. Taylor

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. .

to rdeo tckt worf cdrd. ]d eo, cowdvdr, sddf to chmc`hmct cow bkgy o

tcdsd fdy erhvdrs rd`ktd to jrhsds pkstkge potdgthk``y jrhsds uturd. Ucd

pkrthju`kr erhvdrs krd9

Chmc`y kjjobboekthvd bogdtkry po`hjy Coushgm auaa`d Ucd rhsd o sdjurhthzkthog Ucd sd`-rdmu`kthgm bkrfdts bytc Uoo ahm to kh`

Chmc`y kjjobboekthvd bogdtkry po`hjy

Ucd post-\o`jfdr drk cks addg jckrkjtdrhzde ay bogdtkry kjjobboek-

thog hg rdspogsd to pdrhoes o bkrfdt or djogobhj ehstrdss, whtc dkjc

rouge o bogdtkry kjjobboekthog bkfhgm tcd djogoby bord rd`hkgt og

tcd kvkh`kah`hty o dksy jrdeht. Ucd rdsu`thgm Mrddgspkg put jogtrhautde

to bork` ckzkre ay rdeujhgm `ossds (kge eowgshed rhsfs) kge ddjthvd`y

rdwkrehgm upshed rhsf-tkfdrs kt tcd dxpdgsd o eowgshed rhsf-kvohedrs.

Mhvdg tcd vdry ogm rug-up hg kssdt prhjdskge tcd juschoghgm provhedeay tcd Ldedrk` Qdsdrvd to eowgshed scojfsht hs got surprhshgm tckt k ahks

towkre rhsf-tkfhgm kge kg ovdrjogedgjd wou`e edvd`op hg our gkgjhk`

bkrfdts kge hgsthtuthogs ovdr thbd.

Coushgm auaa`d

@owdr hgtdrdst rktds cd`pde suashehzd aorrowhgm kge `dvdrkmd, pkrthju-

`kr`y hg coushgm. Ovdr thbd, tcd sdkrjc or yhd`e kbogm hgvdstors (kge

dds kbogm orhmhgktors) jogtrhautde to k erkbkthj `oosdghgm o bortmkmd

ugedrwrhthgm stkgekres. Hgjrdksde edbkge kge purjckshgm powdr ay trk-

ehthogk` cobd-auydrs wks auttrdssde ay gdw (kge, hg sobd jksds, prdvh-

ous`y ugquk`hde) aorrowdrs kge dvdg kbktdur kge prodsshogk` fihppdrs.

K poshthvd ddeakjf `oop edvd`opde9 hgjrdksde coushgm prhjds de

hgjrdksde edbkge or coushgm, kge hgjrdksde dd mdgdrkthog, sdjurhth-

zkthog, kge vkrhous rhsf-rdeujthog dorts (kge ku`ty rhsf kssubpthogs)pdrpdtuktde hgjrdksde jkpkjhty (kge edshrd) or bortmkmd-rd`ktde dgehgm.

Cobd prhjds rosd erkbkthjk``y.

. Zdd d.m., Bh``dr, ]d``dr, kge Yckgm, Bork` Ckzkre6 kge M.H. (a`om), Eogt

you bhss tcd Mrddgspkg ^ut?

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Cow Dllorts to Kvohe ^kst Bhstkfds Jrdktde Gdw Ogds

Uchs ddeakjf `oop sprdke to otcdr pkrts o tcd djogoby ks wd``.

Hgjrdksds hg coushgm vk`uds kge edshrd or bortmkmd-rd`ktde `dgehgm

aroumct whtc tcdb k erkbkthj hgjrdksd hg jogsubdr spdgehgm (kge edat

ud`de ay cobd dquhty).

Uchs hgjrdksd ojjurrde eurhgm tcd skbd pdrhoe rdk` hgjobds wdrd

edj`hghgm or bost cousdco`es.

Dvdgtuk``y, cowdvdr, cobd prhjds stk``de kge ovdr-`dvdrkmde gkgjhk`

hgsthtuthogs dxposde to trh``hogs o eo``krs hg bortmkmd-rd`ktde sdjurhthds

kge edrhvkthvds poshthogs admkg to kjd `ossds. Ucdy pu``de akjf og hssuhgm

gdw jrdeht kge hquhektde poshthogs. K gdmkthvd ddeakjf oop edvd`opde.

@ossds og bortmkmd-akjfde sdjurhthds, sygtcdthjs, kge cdemhgm hgstru-

bdgts jksjkede tcroumc tcd bkrfdts, erkbkthjk``y rdeujhgm kmmrdmktd

wdk`tc kge jogtrhauthgm to k bksshvd rdeujthog hg dgehgm. Jogsubdrs

gow kjhgm `krmdr (kge potdgthk``y rdsdtthgm keiustka`d-rktd) bortmkmdedat, fikt or k``hgm coushgm prhjds, kge k erkbkthjk``y ehdrdgt djog-

obystoppde spdgehgm. ME^ kge dbp`oybdgt d`` erkbkthjk``y.

. Zdd, d.m., Jckgmds hg Bortmkmd-Dquhty ]htcerkwk`, [ukrtdr`y (cttp9//www

.jk`ju`ktderhsfa`om.job///dquhty-dxtrkjthog-ektk.ctb`).

^drjdgtOwgdrOwgdeT.Z.

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LHMTQD . T.Z. Cobdowgdrschp Qktd

Zourjd9 Jk`ju`ktderhsfa`om.job (cttp9//ap.a`ommdr.job/_pBsjxxD@CDm/ZHyaEqrjLH

/KKKKKKKKJU/GzICwD/s-c/CobdowgdrschpQktd[.ipm)

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

8/10/2019 Across the Great Divide: New Perspectives on the Financial Crisis, Edited by Martin Neil Baily and John B. Taylor

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!

!

!

T.Z. COTZHGM QHJDZ ZHGJD Uchs hgedx hs aksde og sk`d prhjds ol stkgekredxhsthgm shgm`d-lkbh`y cobds (got gdw jogstrujthog).Ht cks addg keiustde lor hgl`kthog.

Ucd adgjcbkrf hs og tcd jckrt.Hl k stkgekre cousd so`e hg lor $,(hgl`kthog-keiustde to toekys eo``krs), kgdquhvk`dgt cousd wou`e ckvd so`e lor $,kt tcd dge ol (og tcd hgedx sjk`d).

!

(ks ol

Iugd )

Ucd hgedx pdkfde kt kt tcd dge ol ,wcdg tcd skbd cousdwou`e ckvd so`e lor$,, k mkhg ol pdrjdgt.

Ks ^rhjds Zokrde, ]krghgms ol k Aust ...

... Aut Qdkssurhgm ]ores, Uoo

Bky Ucd Djogobhst bkmkzhgd pua`hscds k survdy ogm`oak` propdrty prhjds, Kgotcdr Auaa`d Lht to Aurst.

Bky Ucd djogobhst kge rdk` dstktd sfdpthj Edkg Akfdr sd``s chstwo-aderoob jogeo hg tcd Kekbs Bormkg gdhmcaorcooe hg ]kschgmtogadjkusd cd ad`hdvds tcd mkhgds hg cobd prhjds krd ugsustkhgka`d.

Lda. Ucd sdjoge dehthog ol Qoadrt I. Zch``drs aoof HrrkthogkDxuadrkgjd hs pua`hscde. Hg ht, cd krmuds tckt tcd Kbdrhjkg coushgmbkrfdt hs k auaa`d.

Bky K`kg Mrddgspkg skys9 ]htcout jk``hgmtcd ovdrk`` gkthogk` hssud k auaa`d, hts prdtty j`dkrtckt hts kg ugsustkhgka`d ugedr`yhgm pkttdrg.

Lda. Ekvhe @drdkcs aoof, Krd XouBhsshgm tcd Qdk` Dstktd Aoob?, hs pua`hscde.

Lda. Adg Z. Adrgkgfd, tcd Ldedrk` Qdsdrvd jckhrbkg, skys po`hjy bkfdrsdxpdjt tcd coushgm bkrfdt to joo` aut got to jckgmd vdry sckrp`y.

LHMTQD . T.Z. Coushgm ^rhjds Zhgjd Zourjd9Gdw Xorf Uhbds,Zdpt. , (cttp9//www.gythbds.job/hbkmdpkmds///

/wddfhgrdvhdw/_AKIKI_MQK^CHJ.ctb`)

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Uop %

Zdjoge %

Uchre %

Aottob %

Lourtc %

LHMTQD . Jckgmd hg Zckrd ol Uotk` Hgjobd, , Qd`kthvdto , ay ^drjdgth`d

Zourjd9Botcdr Iogds kgk`yshs o Jdgsus Aurdku ektk (cttp9//www.jk`ju`ktderhsfa`om

.job///dquhty-dxtrkjthog-ektk.ctb`)

^drjdgtolOjjuphdeTghts

%

%

%

%

%

%

%

%

%

%

%

Edjdgghk` Jdgsus

LHMTQD . T.Z. Cobdowgdrschp QktdZourjd9Jk`ju`ktderhsfa`om.job (cttp9//.ap.a`omspot.job/-yaOsjgQg\j/Tg`ZkCQDBH

/KKKKKKKKjv[/-F[KwoK-Mk/s/CobdowgdrschpQktd[.ipm)

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

8/10/2019 Across the Great Divide: New Perspectives on the Financial Crisis, Edited by Martin Neil Baily and John B. Taylor

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LHMTQD . Qdk` ME^ Mrowtc kge ^rhvktd Zdjtor Ioa Mrowtc

Zourjd9 Urdksury, Ucd Lhgkgjhk` Jrhshs Lhvd Xdkrs @ktdr9 Qdspogsd, Qdorb, kge ^romrdss

(cttp9//www.trdksury.mov/joggdjt/a`om/Eojubdgts/Lhgkgjhk`JrhshsXr_vLHGK@.pe)

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

8/10/2019 Across the Great Divide: New Perspectives on the Financial Crisis, Edited by Martin Neil Baily and John B. Taylor

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Cow Dllorts to Kvohe ^kst Bhstkfds Jrdktde Gdw Ogds

Jrhshs rdspogsd kge `dssogs lrob jrhsds pkstUcoumc tcd Ldedrk` Qdsdrvd ehe hgjrdksd hgtdrdst rktds hg tcd ydkrs dkehgm

up to tcd jrhshs, ht wks got hg thbd to stkgjc hgfiktde coushgm vk`uds. Ks

rktds admkg to gorbk`hzd hg , tcd coushgm bkrfdt turgde erkbkthjk``y.Ucd Lde wks orjde to rdvdrsd joursd, rktjcdthgm tcd dedrk` uges rktd

to gdkr zdro kge pursuhgm ugprdjdedgtde bogdtkry dkshgm (kge bksshvd

bkrfdt support) eurhgm kge kldr tcd jrhshs. Got og`y ehe hgtdrdst rktds

k`` erkbkthjk``y, tcd Ldedrk` Qdsdrvd Aokre cks dgmkmde hg k sdrhds o

poshthvd bogdtkry kjthogs kge qukgthtkthvd dkshgm dorts. Dvdg whtc tchs

shmghjkgt support, tcd djogoby cks addg s`ow to rdjovdr.

Ucd mcost ol tcd Mrdkt EdprdsshogLdkrs o tcd Mrdkt Edprdsshog wdrd og po`hjybkfdrs bhges eurhgm, kge

kldr, tcd jrhshs. Mhvdg tckt thmct bogdy po`hjhds dxkjdraktde, pdrckps

dvdg jkusde, tcd Mrdkt Edprdsshog, ht wks jdrtkhg`y rdksogka`d kge kppro-

prhktd or tcd Ldedrk` Qdsdrvd Aokre to tkfd kjthog to kvohe k rdpdkt. Ucd

rdjdgt dort, cowdvdr, cks addg krmd kge ugprdjdedgtde, whtc tcd Ldedrk`

Qdsdrvd got og`y ushgm hts trkehthogk` hgtdrdst rktd too`s, aut k cost o gdw

too`s ks wd``, whtc tcd kmmrdsshvd aoge auyhgm jk``de qukgthtkthvd dkshgm([D) tcd bost ehsjussde. Ucd Aokres ugprdjdedgtde hgtdrvdgthog cks

addg tkfhgm p`kjd or ovdr vd ydkrs gow, kge tcdrd krd rdksogka`d quds-

thogs kaout tcd potdgthk` ughgtdgede jogsdqudgjds (kge uturd proa`dbs)

tckt bhmct rdsu`t rob tcd Ldedrk` Qdsdrvds dxpdrhbdgt.

. Zdd, d.m., ^drjdgt Ioa @ossds Hg ^ost ]]HH Qdjdsshogs. cttp9//.ap.a`omspot

.job/-hiT^C-et/T\LojIzoH/KKKKKKKKYtB/]T^MTO^Am/s

/Dbp`oyQdjBkr.ipm

. Zdd d.m., ^ku`sog, Og tcd Arhgf,9 (Hs tchs tcd worst jrhshs shgjd tcd Mrdkt

Edprdsshog? tcd ^rdshedgt ksfde. Xds, Adg VAdrgkgfdR rdp`hde. Hg tdrbs o tcd

gkgjhk` systdb, wd ckvd got sddg kgytchgm `hfd ht shgjd tcd s, kge ht jou`e

mdt worsd.) Zdd k`so KL , Adrgkgfd skys jrhshs go jobpkrhsog 9 (Zth``, tcd Lde

jchd skhe dssogs dkrgde rob tcd Edprdsshog bky sth`` kpp`y toeky, hgj`uehgm tcd

dxjdsshvd`y thmct bogdtkry po`hjy tckt `de to chmcdr hgtdrdst rktds kge edfikthog

o kaout pdrjdgt k ydkr ovdr tcd rst tcrdd ydkrs o tcd s. ]d ckvd `dkrgde

rob tckt dxpdrhdgjd tckt bogdtkry po`hjy cks mot to ad prokjthvd kge supporthvd

o tcd djogoby hg k shtukthog o ehju`t gkgjhk` jogehthogs, cd skhe. Ucd otcdr

pkrt wkstcd otcdr drror, tcd ahm bhstkfd tckt po`hjybkfdrs bked hg tcd dkr`y

s wks tcdy dssdgthk``y k``owde tcd gkgjhk` systdb to jo``kpsd kge tcdy ehegt

eo kgytchgm kaout ht. Ucd Ldedrk` Qdsdrvd ehe go kjthog ks tcd akgfs kh`de ay tcd

cugerdes kge tcd tcouskges.)

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

8/10/2019 Across the Great Divide: New Perspectives on the Financial Crisis, Edited by Martin Neil Baily and John B. Taylor

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. .

Krd gdw auaa`ds lorbhgm?]ch`d jogsubdrs ckvd addg ed-`dvdrhgm (kge `krmd akgfs ckvd k`so, to

sobd dxtdgt), bkgy krd rdksogka`y ksfhgm cow bujc o tcd rdjdgt rhsd hg

gkgjhk` kssdt prhjds hs kttrhautka`d to bkrfdt dxpdjtkthogs kaout jogthg-

ude Ldedrk` Qdsdrvd hgtdrvdgthog, kge cow bujc hs kttrhautka`d to ugedr-

`yhgm hbprovdbdgts hg djogobhj ugekbdgtk`s.]ch`d bkgy kjkedbhjs

kge otcdrs ckvd soumct to kgk`yzd kge qukgthy tcd hbpkjt,tcd bkrfdts

rdkjthog to tcd Ldedrk` Qdsdrvds stktdbdgts cks addg strhfhgm.

]ch`d tcd bost oavhous dxkbp`d wks tcd erkbkthj sd``-o hg Urdk-

surhds o``owhgm tcd Ldedrk` Qdsdrvds Kprh`Iugd stktdbdgts kaout

. ]d mrkgt tckt bogdtkry po`hjy kge ugekbdgtk`s krd hgtdrrd`ktde9 edtdr-

bhghgm mrowtc rob ogd hs got rdkeh`y sdvdrka`d rob tcd otcdr kgk`ythjk``y.

Bogdtkry po`hjy hs k pkrt o tcd systdb, kge hgjrdkshgm`y so hg tcd rdjdgt pkst.Uchs mrowhgm hgtdrrd`kthogschp, tcoumc, hs k pkrt o tcd jogjdrg kge ugdksd. Otcdr

wkys ogd bhmct ksf tcd qudsthog krd9 ]ckt hs tcd jurrdgt stktd o tcd djogoby

rd`kthvd to prdvhous djogobhds (og kg kpp`ds-to-kpp`ds/bogdtkry po`hjy) akshs?

or ]ckt wh`` ckppdg to tcdsd kssdt prhjds kge tcd djogoby wcdg po`hjy kjjob-

boekthog dges?

. Zdd, d.m., tcd dxjd``dgt worf o d``ow pkgd`hsts hg tchs vo`ubd.

^ktc ol T.Z. DjogobyAdlord kge Kltdr

Qdjdsshog Ztkrthgm hg9

Ucd ekscde porthog ol tcd rde `hgd rdl`djtsproidjtde mrowtc hg tcd rdk` T.Z. ME^ pdrtcd Iu`y A`ud JchpLordjkst

Qdk` ME^ (Xdkr ^rhor to Qdjdsshog 2 )

Gubadr ol Xdkrs Adlord/Kltdr Ztkrt ol Qdjdsshog (Ztkrt Xdkr 2 )

LHMTQD . ^ktc ol T.Z. Djogoby Adlord kge Kltdr Qdjdsshogs

Zourjd9LEHJ jk`ju`kthogs aksde og ektk rob tcd Aurdku o Djogobhj Kgk`yshs

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

8/10/2019 Across the Great Divide: New Perspectives on the Financial Crisis, Edited by Martin Neil Baily and John B. Taylor

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Cow Dllorts to Kvohe ^kst Bhstkfds Jrdktde Gdw Ogds

potdgthk``y dgehgm hts po`hjy kjjobboekthog (tkpdrhgm), tcd bkrfdts

rdspogsd to tcd Ldes kppkrdgt rdvdrsk` hg tcd subbdrkge tcd shmghjkgt

rdkjthog to hts Zdptdbadr surprhsd go-tkpdr gdws krd k`so h``ustrkthvd.

]ch`d scort-tdrb bkrfdt bovdbdgts eo got k auaa`d bkfd, tcdrd`kthogschp adtwddg tcd Ldes kjthogs kge gkgjhk` kssdt prhjds rkhsds

`dmhthbktd qudsthogs kaout wcdtcdr kge cow dxhsthgm bogdtkry po`hjhds

edshmgde to kvohe tcd proa`dbs o tcd Mrdkt Edprdsshog bhmct ad jrdkthgm

gdw rhsfs or tcd uturd.

@oofhgm kt tdg-ydkr trdksury yhd`es (UGS), tcdrd wks suastkgthk` vo`-

kth`hty krouge tcd Ldedrk` Qdsdrvds shmgk`s o k possha`d tkpdr hg Kprh`

kge Bky, k sphfd hg yhd`es o``owhgm (Bky to Zdptdbadr), kge shmgh-

jkgt rdaouge hg aoge prhjds (rdeujthog hg yhd`es) kldr hts Zdptdbadr

go-tkpdr surprhsd.

Dquhty bkrfdts k`so kppdkr to ckvd rdspogede to Ldedrk` Qdsdrvd

hgtdrvdgthog ovdr thbd.

. Zdd, d.m., Mross, Og tcd ]hgms o kg Dkm`d9 (Uchs ydkrs Kprh` tkpdr tk`f

ay tcd Ldedrk` Qdsdrvd hs pdrckps k mooe dxkbp`d o tchs orwkre pktc o kssdt

rdturgs. Kebhttde`y tcd rdkjthog hg tcd aoge bkrfdt wks rktcdr sueedg kge ht

prdjhphtktde got og`y tcd ehsh``ushoghgm o aoge co`edrs, aut k`so kg hgjrdksd hg

rdedbpthogs hg rdtkh` butuk` uge spkjd. Aut tcdg tcd Lde rdjomghzde tcd gdmkthvd

kspdjts o gkgjhk` jogehthogs, postpogde tcd tkpdr, kge hgtdrdst rktds jkbd akjf

eowg. Zort o k rdvdrsd Zhsypcus bobdgttwo stdps upwkre, ogd stdp akjf ks ht

kpp`hds to yhd`es. . . . Hgvdstors gow kwkht gdrvous`y or gdws og tcd rdk` djogoby

ks wd`` ks tcd bdehjhgd tckt Ikgdt Xd``dg wh`` kpp`y to ht.)

. Zdd, d.m., Lkrrd``, Eow, Z&^ Cht Qdjore9 (Ucd Ldedrk` Qdsdrvd hs got mohgm

to s`ow eowg tcd pkjd o hts aoge purjcksds ydt. Kge tckt wks iust wckt hgvds-

tors wkgtde to cdkr. Ucd Z&^ hbbdehktd`y iubpde to k gdw rdjore chmc,kge tcd Eow quhjf`y o``owde. Ucd Gksekq k`so bovde up kldr tcd Ldes sur-

prhsd kggougjdbdgt. K`` tcrdd hgedxds j`osde up bord tckg pdrjdgt. Lde jckhr

Adg Adrgkgfd keede ud` to ]degdsekys stojf rk``y eurhgm chs prdss jogdrdgjd.

Adrgkgfd `khe out p`kgs to bkhgtkhg tcd jdgtrk` akgfs chmc`y kjjobboekthvd

bogdtkry po`hjy or tcd ordsddka`d uturd, dvdg h tcd Lde dvdgtuk``y jcoosds

to tkpdr. Aoge yhd`es, wchjc ckvd addg rhshgm `ktd`y, s`he akjf ks wd`` ks hgvdstors

aoumct bord aoges. Ucd tdg-ydkr Urdksury yhd`e d`` to . pdrjdgt rob . pdr-

jdgt dkr`hdr hg tcd eky. Ucd Ldes bovds k`so puscde eowg tcd eo``kr kge erovd up

jobboehthds. Mo`e prhjds sphfde bord tckg pdrjdgt o``owhgm tcd kggougjd-bdgt. Oh` prhjds rosd bord tckg pdrjdgt.

. Zdd k`so Eukrtd kge Qosk, K ]ky ]htc ]ores.

. @kw`dr, \hdwpohgts9 (Hgedde, tcd pdrorbkgjd o TZ dquhthds cks addg

erhvdg ay tcd hgjrdksde prots o TZ jorporkthogs. [D bky ckvd cke sobd ddjt

og dkrghgms, aut ht ehe got ckvd k shmghjkgt hbpkjt og dquhty vk`ukthogs ks bdk-

surde ay prhjd-to-dkrghgms bu`thp`ds. ]ch`d hts trud tckt ^/D rkthos ehe rhsd kldr

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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. .

Coushgm prhjds ckvd k`so stkah`hzde kge rdaougede eurhgm tchs pdrhoe.

]ckt ckppdgs wcdg tcd kjjobboekthog dges?

Ucd rhsd ol sdjurhthzkthog

Lugehgm tchrty-ydkr xde-rktd bortmkmds whtc scort-tdrb, rd-prhjhgm

edposhts provde ehskstrous hg tcd s skvhgms kge `okg jrhshs. Hg

rdspogsd to tckt `dssog, rdmu`ktors kge bkrfdt pkrthjhpkgts soumct to

rdp`kjd tckt trkehthogk` ugehgm boed` whtc tcd orhmhgktd-to-ehstrhautd

(sdjurhthzkthog) boed`. Qdmu`ktors provhede strogm hgjdgthvds to akgfs

to sdjurhthzd bortmkmds hgstdke o co`ehgm tcdb hg porto`ho. Ay bov-

hgm `ogm-tdrb kssdts o akgfs ak`kgjd scddts, tcd sdjurhthzkthog boed`

wou`e, hg tcdory, jrdktd bujc bord rdsh`hdgt akgfs (kge protdjt tcd de-

drk` skdty gdt) ay bovhgm `ogmdr-tdrb rhsf ogto `krmd hgvdstors wco jou`e

tcd kggougjdbdgts o [D, Uwhst kge Uwhst , tcd bovds wdrd got sustkhgde, kge

wd ad`hdvd wdrd `hfd`y kttrhautka`d to vo`kth`hty krouge bkrfdt sdgthbdgt.)

. Zdd, d.m., Gkthogk` Jobbhsshog, Orhmhg kge Jkusds ol tcd Z&@ Edakj`d.K`so

sdd LEHJ, Kg Dxkbhgkthog ol tcd Akgfhgm Jrhsds9 (@hfd butuk` skvhgms akgfs,

Z&@s wdrd `oshgm bogdy adjkusd o upwkre`y sphrk`hgm hgtdrdst rktds kge kssdt/

`hkah`hty bhsbktjc. Gdt Z&@ hgjobd, wchjc totk`de bh``hog hg , d`` to

gdmkthvd . ah``hog kge . ah``hog hg kge .)

$

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Bkr-

Bky-

Iu`-

Zdp-

Gov-

Ikg-

Bkr-

Bky-

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Zdp-

Gov-

Ikg-

Bkr-

Bky-

Iu`-

Zdp-

Gov-

Ikg-

Bkr-

Bky-

Iu`-

Zdp-

Gov-

Ikg-

Bkr-

Bky-

Iu`-

^rd -[D

% lrob ^dkf

[D

+%

^rd-[D

% lrob ^dkf

[D

+%

^rd-OU

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% lrob ^dkf

^rd-OU

%

LHMTQD . Z&^ kge [ukgthtkthvd Dkshgm ([D)

Zourjd9A`oobadrm, ks o Kum.

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

8/10/2019 Across the Great Divide: New Perspectives on the Financial Crisis, Edited by Martin Neil Baily and John B. Taylor

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Cow Dllorts to Kvohe ^kst Bhstkfds Jrdktde Gdw Ogds

kpproprhktd`y prhjd ht kge co`e ht to bkturhty.]ch`d ovdr thbd, bord

kge bord spdju`kthog kge rhsf-tkfhgm edvd`opde hg tcd bkrfdt, eowgshed

dkrs kge jogjdrgs wdrd bksfde, hg pkrt, ay sdvdrk` kjtors9

Bortmkmds cke addg trkehthogk``y jogshedrde ogd o tcd skdst

kge `dkst dxjhthgm gkgjhk` proeujts. ]ch`d hgvdstors ugedrstooe trkehthogk` bortmkmd rhsfs (d.m., mdo-

mrkpchj, hgtdrdst rktd, kge rdgkgjd rhsf), tcd jogvdgthogk` whs-

eob ehe got kjjougt or tcd potdgthk` or whedsprdke edjrdksds

hg cobd prhjds or or bortmkmd edku`ts. Bordovdr, whedsprdke

keopthog o gogtrkehthogk` bortmkmd dkturds, hgj`uehgm stddp

pkybdgt rdsdts, gdmkthvd kborthzkthog, chmc okg-to-vk`uds, kge

`htt`d h kgy hgjobd eojubdgtkthog, jrdktde gdw rhsfs wchjc

hgvdstors shbp`y ehe got ugedrstkge or hmgorde. ]ch`d `dvdrkmd hgjrdksde, so ehe k cost o pdrjdhvde rhsf-rdeujhgm

strktdmhds. Hg keehthog to ehvdrshyhgm poo`s ay mdomrkpchds, bort-

mkmd poo`s kge jksc fiows wdrd trkgjcde kge rdsdjurhthzde hgto

otcdr poo`s kge sygtcdthjssobdthbds akjfde ay k gkgjhk`

mukrkgtdd/wrkp kge k rst-`oss audr, wchjc wks k`so cdemde.Lurtcdr jrdeht protdjthog jou`e k`so ad purjcksde og tcd opdg

bkrfdt.

. Zdd, d.m., Ahds, Udsthbogy99 (]cdg ksfde kaout hgsthtuthogs krahtrkmhgm

kssdts, Ahds gotde Mdgdrk``y tcdy krd krahtrkmhgm ht to tcd dxtdgt H tchgf ht hs mooe

adjkusd tcdy krd skyhgm h wd jkg sygehjktd k `okg, sdjurhthzd kg dxposurd, dgtdr

hgto k edrhvkthvd trkgskjthog, kge ckvd sobdogd outshed tcd akgfhgm systdb tkfd

og rhsf, tcdg tcd akgf hs strogmdr kge akgfhgm systdb hs strogmdr. Ucd hbportkgt

tchgm hs to ugedrstkge cow ht hs eogd. . . . @dt bd put ht hg k ehdrdgt pdrspdjthvd.

]ckt cks dvo`vde rdk``y hg tcd `kst two edjkeds hs rhsf bkgkmdbdgt projdssds

wcdrd hgsthtuthogs jkg fddp tcd rhsf, kge tcdsd krd sopchsthjktde hgsthtuthogs, jkg

fddp tcd rhsf tcdy ugedrstkge adst kge jkg bkgkmd, kge p`kjd tcd rdbkhghgm rhsfs

whtc otcdr sopchsthjktde hgvdstors. Ucdsd krd sopchsthjktde hgvdstors adjkusd tcdy

eo ckvd to ugedrstkge wckt ht hs tckt tcdy krd kjquhrhgm, wcdtcdr ht hs k butuk`

uge tckt hs `oofhgm kt tcd hgvdstor ehrdjthog o tckt uge, wcdtcdr ht hs mohgm hgto

k pdgshog uge, kge tcosd eujhkry rdspogshah`hthds. Ucd auydrs o tcd rhsf hg ogd

wky ckvd adttdr hgorbkthog tckg hgvdstors hg akgfs. H you `oof kt ektk toeky,

wd mdt rdk`-thbd pua`hj ektk og jrdeht jkre sdjurhthzkthogs tckt td`` you wckt hs

ckppdghgm to jurrdgt ed`hgqudgjhds kge jckrmd-os. ]d eo got mdt ht h tckt skbd

jrdeht porto`ho hs shtthgm hg tcd akgf.)

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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. .

Jogedgjd jogthgude dvdg ks tcd gkturd o tcd `okgskge tcd ugehgm

jckggd`sjckgmde erkbkthjk``y. Lkgghd Bkd kge Lrdeehd Bkj (wcosdugedrwrhthgm stkgekres cd`pde provhed sobd `okg quk`hty jogtro`) wdrd

`oshgm bkrfdt sckrd to gdw prhvktd `kad` sdjurhthzkthogs.Uchs jckggd`

got og`y jrdktde k bkrfdt or trkehthogk``y `owdr-quk`hty/chmcdr-rhsf

suaprhbd `okgs, ht k`so hgjrdksde tcd poo` o cobd- auydrs (hgjrdkshgm

cobd prhjds) kge tcd dbadeede `dvdrkmd og bkgy jogsubdrs ak`kgjd

scddts. Uchs jckggd` swd``de adord tcd jrhshs kge rozd kldr.

Zdjurhthzkthog k`so sdvdrde tcd owgdrschp o tcd bortmkmd rob tcd

edjhshog to orhmhgktd kge uge ht.

Ucd bortmkmd proeujthog projdss htsd` adjkbd k protka`d,

vo`ubd (dd)-erhvdg aushgdss. Ucd trkehthogk` pu`` eygkbhj o

tcd copdu` cobd-auydr tryhgm to jogvhgjd k rhsf-kevdrsd akgf

`dgedr wks rdp`kjde ay k gdw pusc eygkbhj o k jobbhsshog/

sk`ds-erhvdg bortmkmd arofdr/`dgedr sddfhgm dds kge jobbhs-

shogs or mdgdrkthgm gdw `okgs to cobd-auydrs kge rdgkgjdrs. Bortmkmd sdrvhjhgm kge worfout hgjdgthvds wdrd k`so sfdwde ay

strujturds kge hgjdgthvds tckt bked `oss bhthmkthog vdry ehju`t.

. Bortmkmd edat cd`e ay prhvktd `kad` KAZ hssudrs hgjrdksde rob pdrjdgt

o tcd TZ totk` hg to pdrjdgt hg . Zourjd9 LEHJ.

.

.

.

.

.

LHMTQD . Hssukgjd ol Gog-Kmdgjy BAZ (hg trh``hogs)

Zourjd9]k`` Ztrddt Iourgk`6Ektk rob Hgshed BAZ & KAZ (cttp9//sdjurhthzkthog.wdda`y.job

/prhvktd-`kad`-bas.ctb`)

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Cow Dllorts to Kvohe ^kst Bhstkfds Jrdktde Gdw Ogds

Adjkusd o sdjurhthzkthog, bortmkmds wdrd `ojfde (kge s`hjde) hg

jobp`hjktde hgvdstbdgt vdchj`ds whtc jobp`hjktde ru`ds. Hgvds-

tors whtc jobpdthgm hgtdrdsts kge tcosd rdspogsha`d or `okg

worfouts cke `htt`d or gdmkthvd djogobhj hgjdgthvds to bhthmktd

`okg `ossds.

Hroghjk``y, hg tcd dge bkgy akgfs (kge dvdg tcd movdrgbdgt-spogsorde

dgtdrprhsds) dgede up arhgmhgm bkgy o tcdsd rhsfs akjf ogto tcdhr aoofs

ay purjckshgm bortmkmd-akjfde sdjurhthds kge ay co`ehgm sdjoge `hdgs

kge rdsheuk` hgtdrdsts. Qdmu`ktors cd`pde ay dstka`hschgm rdmu`ktory jkphtk`

rdquhrdbdgts tckt rst puscde sdjurhthzkthog ks k wky to mdt `okgs o o

akgfs ak`kgjd scddts kge tcdg bked ht kevkgtkmdous to arhgm rhsfy syg-

tcdthj kge sdjurhthzde `okgs rhmct akjf og.

Ucd erkbkthj rhsd kge lk`` ol scort-tdrb wco`dsk`d lugehgmBordovdr, wch`d sdjurhthzkthog bky ckvd soumct to rdeujd sobd o tcd`ogmdr bortmkmd rhsf rob trkehthogk` akgf ak`kgjd scddts, rdmu`ktors sth``

pdrbhttde shmghjkgt eurkthog bhsbktjcds (tchs thbd tcroumc hgjrdksde

rd`hkgjd og scort-tdrb wco`dsk`d ugehgm). Gdt rdpo kge de uge `hkah`-

hthds or prhvktd edposhtory hgsthtuthogs kge arofdr-edk`drs sokrde hg tcd

^rhbd

Zuaprhbd

LHMTQD . Jogvdgthogk` @okgs hg Lordj`osurd (%)

Zourjd9LEHJ Aksde og Bortmkmd Akgfdrs Kssojhkthog Ektk

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Cow Dllorts to Kvohe ^kst Bhstkfds Jrdktde Gdw Ogds

Mrkbb-@dkjc-A`h`dy Kjt, pdrbhtthgm bord jobpdththogkge

bord jogso`hekthogkbogm trkehthogk``y sdpkrktde gkgjhk`

sdrvhjds provhedrs (akgfs, hgsurkgjd, kge arofdr-edk`drs). Ucd

o``owhgm ydkr, Jogmrdss dgkjtde tcd Jobboehty Luturds Boe-drghzkthog Kjt, ddjthvd`y d`hbhgkthgm ovdrshmct ovdr tcd aur-

mdoghgm ovdr-tcd-jougtdr edrhvkthvds bkrfdt. Lhgkgjhk` rdmu`ktors k`so lo``owde suht. ^drckps tcd adst dxkbp`d

hs tcd Aksd` HH jkphtk` rkbdworf wcdrday rdmu`ktors ddjthvd`y

rdp`kjde trkehthogk`, stkgekrehzde rdmu`ktor-sdt jkphtk` jckrmds

whtc k eddrdgthk` kevkgjde hgtdrgk` boed`s-aksde kpprokjc tckt

k``owde jobpkghds to auh`e tcdhr owg boed`s kge ddjthvd`y sdt

tcdhr owg jkphtk` rdquhrdbdgts (suaidjt to rdmu`ktory ovdrshmct

o tcd boed`) kbhe dxpdjtkthogs o ddjthvd sd`-po`hjhgm kge

jougtdrpkrty/bkrfdt-po`hjhgm. Eurhgm tchs pdrhoe o bksshvd

jckgmds hg tcd bortmkmd bkrfdt, tcd Ojd o tcd Jobptro``dr o

tcd Jurrdgjy (OJJ) tcwkrtde stktd dorts to hbposd bortmkmd

`dgehgm stkgekres ay mrkgthgm tcd akgfs ht rdmu`ktdehgj`ue-

hgm tcd gkthogs krmdstprddbpthog o stktd-hbposde jogsubdr

protdjthogs. Kt tcd skbd thbd, tcd Ldedrk` Qdsdrvd Aokre rdusdeto usd hts kutcorhty ugedr tcd Cobd Owgdrschp kge Dquhty ro-

tdjthog Kjt to keopt bortmkmd dgehgm stkgekres, dvdg tcoumc ht

wks tcd og`y dedrk` kmdgjy whtc powdr to sdt gkthogk` stkgekres

or akgf kge gogakgf bortmkmd orhmhgktors.

Ucdsd kpprokjcds wdrd jdgtrk` to tcd prd-jrhshs pdrhoe kge kh`de erkbkt-

hjk``y,spkwghgm k gdw kpprokjc.

Lrob ckges-oll to jobbkge-kge-jogtro`?Mhvdg pkst rdmu`ktory scortjobhgmskge j`dkr dxkbp`ds o systdbkthj

kausd, mkbhgm, kge bkghpu`kthogwd ckvd sddg k shmghjkgt jckgmd

hg ehrdjthog. Jogmrdss, hg tcd Eoee-Lrkgf Kjt (ELK), got og`y `khe tcd

mrougeworf or k gdw rdmu`ktory rdmhbd, ht rdquhrde bhghbub stkg-

ekres or bortmkmds (sdjthog ), fioors or jkphtk` kt tcd `krmdst rbs

(sdjthog ), kge dgckgjde stkgekres or tcd `krmdst rbs (sdjthog ).

. Zdd d.m., Mrddgspkg, Udsthbogy9 ( . . . tcosd o us wco ckvd `oofde to tcd

sd`-hgtdrdst o `dgehgm hgsthtuthogs to protdjt sckrdco`edrs dquhty Vbysd` dspd-

jhk``yR krd hg k stktd o scojfde ehsad`hd. Zujc jougtdrpkrty survdh``kgjd hs k jdg-

trk` ph``kr o our gkgjhk` bkrfdts stktd o ak`kgjd. H ht kh`s, ks ojjurrde tchs ydkr,

bkrfdt stkah`hty hs ugedrbhgde.).

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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. .

Hgtdrgkthogk` rdmu`ktors ckvd strdgmtcdgde tcd jkphtk` rdmhbds to dstka`hsc

k `dvdrkmd rktho (k jobp`dtd turgkrouge rob tcd Aksd` HH drk), kge TZ

rdmu`ktors ckvd probu`mktde k supp`dbdgtk` dvdrkmd rktho or tcd krmdst

rbs kge kg LAO (ordhmg akgfhgm ormkghzkthogs) ru`d tckt wou`e rdquhrdtcd dstka`hscbdgt o kg hgtdrbdehktd co`ehgm jobpkgy to cd`p dgsurd

tckt sujhdgt jkphtk` dxhsts to audrkge potdgthk``y rdso`vdk ordhmg

hgsthtuthogs TZ opdrkthogs. Ucdsd dorts krd rkehjk` edpkrturds rob tcd

orbdr pkrkehmbkge poshthvd edvd`opbdgts. Aut vd ydkrs kldr tcd

jrhshs, tcdy ckvd ydt to ad u``y hbp`dbdgtde.

Uckt adhgm skhe, tcdrd hs sobd jkusd or jogjdrg too. Uo jobpdgsktd

or pkst rdmu`ktory scortjobhgms, tcd gdw kpprokjc rhsfs adjobhgm too

rd`hkgt og rdmu`ktory ehsjrdthog kge iuembdgt kge og bhjro-bkgkmdbdgt

o aushgdss kjthvhthds. Ucoumc hgjrdksde rdmu`ktory vhmh`kgjd kge sfdpth-

jhsb krd wd`jobd, tcdrd cks addg too htt`d ojus og wrhthgm strogm, shbp`d

ru`ds tckt krd ehju`t to mkbd kge dksy to ugedrstkge, hbp`dbdgt, kge

dgorjd, kge too bujc rd`hkgjd og strdss tdsthgm wchjc, wch`d cd`pu`,

hs k ehsjrdthogkry projdss cdkvh`y rd`hkgt og supdrvhsory iuembdgt. Akgf

jkphtk` ru`ds krd k mooe dxkbp`d, wcdrd tcd rdmu`ktors jogthgud to rd`y og

chmc`y jobp`dx, boed`-erhvdg orbu`ks wchjc ckvd `htt`d, h kgy, jrdehah`-hty hg tcd bkrfdt p`kjd, dspdjhk``y wcdg tcdrd krd shbp`dr, rdkeh`y kvkh`ka`d

k`tdrgkthvds sujc ks strdgmtcdgde `dvdrkmd rkthos kge stkgekrehzde rhsf

wdhmcts. Zhbh`kr`y, tcd \o`jfdr Qu`d probhsds to ad chmc`y jobp`dx kge

chmc`y rd`hkgt og supdrvhsory iuembdgt.

Hg mdgdrk`, rdmu`ktors ckvd got tkjf`de tcd pdrvdrsd djogobhj hgjdg-

thvds tckt `hd kt tcd cdkrt o bkgy o tcd proa`dbs. Lor hgstkgjd, tcdhr

rd-proposk` wou`e dvhsjdrktd Eoee-Lrkgfs bkgektd to rdquhrd bortmkmd

sdjurhthzdrs to bkhgtkhg sfhg hg tcd mkbd, k``owhgm tcdb to pkss k`ogm

pdrjdgt o tcd edku`t rhsf og sdjurhthzde bortmkmds to hgvdstors. Kge

tcdy ckvd mhvdg hgsujhdgt kttdgthog to jobpdgskthog systdbs tckt krd

cdkvh`y hgfiudgjde ay scort-tdrb QOD (rdturg og dquhty) kge trkehgm

prots, wchjc mhvd rhsd to hgjdgthvds to tkfd og `dvdrkmd kge proprhdtkry

trkehgm prots. Hgstdke, tcdrd hs shmghjkgt rd`hkgjd og dxkbhgdrs to edtdjt

kge jorrdjt or hbpruedgt adckvhors (k qudsthogka`d strktdmy mhvdg tcd

hgcdrdgt ehju`thds o bdmkakgf bkgkmdbdgt kge aokres to u``y ugedr-stkge kge jogtro` rhsf-tkfhgm whtchg tcdhr ormkghzkthogs). Kge sjkgt rd`h-

kgjd cks addg p`kjde og hgjrdkshgm bkrfdt ehsjhp`hgd to keerdss dxjdsshvd

rhsf-tkfhgm ay, or hgstkgjd, rdquhrhgm strogmdr, bord bdkghgmu` ehsj`o-

surd o rhsfs hg `krmd akgfs gkgjhk` stktdbdgts kge rdmu`ktory `hgms

sujc ks tcd Uht`d bkgektde `hvhgm wh``s.

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Cow Dllorts to Kvohe ^kst Bhstkfds Jrdktde Gdw Ogds

Uoo ahm to lkh`

Jogshstdgt whtc tcd hgjdgthvds jrdktde ay tcdsd po`hjhds, `krmd hgsthtu-

thogs adjkbd shmghjkgt`y `krmdr kge bord jobp`dx. ]cdg bkrfdtsturgdekge hgstkah`hty sprdke tcroumcout tcd systdbtcd proa`db o

too-ahm-to-kh` wks j`dkr`y rdvdk`de. Eurhgm tcd prd-jrhshs pdrhoe, hbp`hde

movdrgbdgt support or tcd movdrgbdgt-spogsorde dgtdrprhsds kge krmd

gkgjhk` hgsthtuthogs eh`utde bkrfdt ehsjhp`hgd kge jrdktde strogm hgjdg-

thvds to tkfd outshzde rhsfs whtc dxjdsshvd `dvd`s o `dvdrkmd.

Qdk` promrdss og rdlorbZhmghjkgt promrdss cks addg bked og tchs proa`dbaut ht hs got ydt

rdso`vde. Ucd ELK dstka`hscde k bdjckghsb ugedr Uht`d H to kpp`y jog-

so`hektde ovdrshmct, `hvhgm wh`` rdquhrdbdgts, kge dgckgjde pruedgthk`

stkgekres og krmd, jobp`dx gkgjhk` hgsthtuthogs. Ht k`so dgka`ds tcd LEHJ

to rdso`vd potdgthk``y systdbhj dgththds tckt jkggot ad rdso`vde skd`y hg

akgfruptjy. Ucoumc bord worf hs gddede (d.m., to dstka`hsc `dmk` struj-

turd shbp`hjkthog kge bhghbub ogm-tdrb edat rdquhrdbdgts to provhed

keehthogk` `oss kasoradgjy hg k kh`urd) tcd too`s krd hg p`kjd to dge too-ahm-to-kh` h tcd rdmu`ktors krd wh``hgm to usd tcdb.

Zobd cke summdstde tckt tcd rdquhrdbdgts or systdbhjk``y hbportkgt

gkgjhk` hgsthtuthogs (ZHLHs) wou`e ad k akemd o cogor, aut tcd dvhedgjd

tcus kr eods got support tckt vhdw ks `krmd hgsthtuthog ugehgm josts ckvd

whedgde rd`kthvd to sbk`` dgoumc to kh` rdmhogk` akgfs.

Krd j`dkrhgmcousds tcd gdw MZDs?

Ogd krdk or gdwouge jogjdrg, tcoumc, hs j`dkrhgmcousds. ]ch`d tcd

ELK prochahtde ogd-o akh`outs kge dstka`hscde tcd sjkr`dt dttdr Uht`d H

ZHLH rdmhbd, j`dkrhgmcousds krd trdktde ehdrdgt`y. Ucd kjts edrhvkthvds

provhshogs suastkgthk``y hgjrdksd tcd kbougt o trkgskjthogs tckt bust

mo tcroumc j`dkrhgmcousds, erkbkthjk``y rkhshgm tcd shzd kge hgtdrjog-

gdjtdegdss o tcdsd hgsthtuthogs. ]ch`d tchs `dvd` o shzd kge hgtdrjog-

gdjthog scou`e bkfd tcdsd rbs rhpd or ovdrshmct ugedr Uht`d H, tcdy

. Zdd, d.m., tcd Eoee-Lrkgf Kjt, Zdjthog (e)(), wchjc pdrbhts tcd Ldedrk`

Qdsdrvd Aokre kge tcd LEHJ to iohgt`y hbposd k cost o rdquhrdbdgts, hgj`uehgm

ehvdsthturd o jdrtkhg kssdts or opdrkthogs, og hgsthtuthogs tckt kh` to suabht rdso-

`uthog p`kgs tckt jrdeha`y kjh`htktd oredr`y hquhekthog hg akgfruptjy.

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

8/10/2019 Across the Great Divide: New Perspectives on the Financial Crisis, Edited by Martin Neil Baily and John B. Taylor

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Cow Dllorts to Kvohe ^kst Bhstkfds Jrdktde Gdw Ogds

krd hg kjt spdjhjk``y jkrvde out o Uht`d Hkge p`kjde ugedr k bujc

wdkfdr Uht`d \HHH akjfstop provhshog or edshmgktde gkgjhk` bkrfdt

uth`hthds (ELBTs). Hg keehthog, wch`d ZHLHs rdjdhvd go adgdts rob

tcdhr edshmgkthog, ELBTs eo, tcus oatkhghgm kjjdss to Ldedrk` QdsdrvdAokre sdrvhjds kge potdgthk` dbdrmdgjy `dgehgm.]cdg wd kee to tchs

bhx tcd kjt tckt j`dkrhgmcousds rdbkhg rdmu`ktde ay tcd jcroghjk``y

ugedrugede Jobboehty Luturds Urkehgm Jobbhsshog kge Zdjurhthds

kge Dxjckgmd Jobbhsshog, wd krd `dl whtc k rdjhpd tckt hs surprhshgm`y

shbh`kr to tcd prd-jrhshs MZDs (movdrgbdgt-spogsorde dgtdrprhsds) kge

Ojd o Ldedrk` Coushgm Dgtdrprhsd Ovdrshmct (OLCDO)9 dgorbous,

or-prot, gkgjhk` hgsthtuthogs tckt krd bksshvd`y hgtdrjoggdjtde to k

potdgthk``y jkpthvd bkrfdt, adhgm rdmu`ktde ay outbkggde kge ugedr-

ugede rdmu`ktors.

Hg kg dort to keerdss hgstkah`hty hg tcd ovdr-tcd-jougtdr edrhvkthvds

bkrfdt ay bovhgm bost edrhvkthvds hgto jdgtrk` j`dkrhgm, tcdsd po`hjhds

bky ad jrdkthgm gdw sourjds o hgstkah`hty rob too-ahm-to-kh` or-prot

j`dkrhgmcousds tckt krd dxp`hjht`y edshmgde or movdrgbdgt support h tcdy

mdt hgto troua`d. K adttdr so`uthog wou`e ad to d`hbhgktd tcdhr spdjhk` stk-

tus ks ELBTs kge rdmu`ktd tcdb ugedr Uht`d H.

Jogj`ushog

Movdrgbdgts gdvdr `dkrg. Og`y pdop`d `dkrg.

@dt us copd tcd edehjktde pdop`d hg jckrmd o our rdmu`ktory systdb tchs

thbd wh`` `dkrg got iust rob tcd hbbdehktd pkst aut rob tcd arokedr

pkst ks wd``. @dt us copd hg tryhgm to kvohe tcd bost rdjdgt gkgjhk` jrhshs

tckt wd k`so kvohe tcd fhges o bhstkfds tckt jkg `dke to gdw ogds. K dw

prhgjhp`ds tckt bhmct cd`p us bovd orwkre, rdspogsha`y9

Urust go ogd, hgj`uehgm yoursd`l. Uchs bhgesdt wou`e cd`p us kvohe rdpdkt-

hgm tcd ovdr`y eddrdgthk` kpprokjc o tcd prd-jrhshs ydkrs whtcout k``hgm

hgto kg ovdr`y ehsjrdthogkry, jobbkge-kge-jogtro` typd o rdmu`ktoryrkbdworf tckt jkg erkbkthjk``y ugedrbhgd ddjthvd bkgkmdbdgt kge

souge bkrfdts.

. Eoee-Lrkgf Kjt, Zdj. (k)().

. Hahe., Zdj. .

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Cow Dllorts to Kvohe ^kst Bhstkfds Jrdktde Gdw Ogds

prodsshogk`s wco prot rob jobp`dxhty, aut ht wou`e ad kr adttdr or

tcd rdst o us.

Zo`vd tcd ugedr`yhgm proa`db (kge, dvdg tcdg, rdbkhg k`drt). Ogd shmghjkgtjkusd o bkrfdts kge rdmu`ktory jobp`dxhty hs po`hjybkfdrs wh``hgmgdss

to bkfd ke coj dxjdpthogs kge bhgor xds tckt ovdr thbd borpc hgto

cypdr-jobp`dx ru`ds kge systdbs.

Bordovdr, ogjd k po`hjy hs hbp`dbdgtde, dw tchgms ckvd provdg bord

ekgmdrous tckg ovdrjogedgjd. Ucroumcout tcd jrhshs wd skw bkr-

fdtskge rdmu`ktorstkfd stdps tckt tcdy tcoumct wdrd rdspogsha`d kge

rhsf-rdeujhgm tckt turgde out to ad bksshvd`y rhsf-dgckgjhgm. Zobd o

tcdsd proa`dbs (`hfd too-ahm-to-kh`) krd pkrthju`kr`y ehju`t to d`hbhgktd

ovdr thbd.

Qdldrdgjds

Kmdgjd Lrkgjd-^rdssd. Adrgkgfd skys jrhshs go jobpkrhsog to Mrdkt Edprds-

shog, Edjdbadr , , cttp9//www.moom`d.job/costdegdws/kp/krthj`d

/K@dqBmzwhQfqiUxbIXjaaJuS@]SurK?c`2dg.Ahds, Zuskg. Udsthbogy Adlord tcd Iohgt Cdkrhgm ol tcd Zuajobbhttdd og Lhgkg-

jhk` Hgsthtuthogs kge Jogsubdr Jrdeht kge tcd Zuajobbhttdd og Eobdsthj

kge Hgtdrgkthogk` Bogdtkry ^o`hjy, Urked, kge Udjcgo`omy, Cousd Lhgkgjhk`

Zdrvhjds Jobbhttdd, Aksd` HH9 Jkphtk` Jckgmds hg tcd T.Z. Akgfhgm Zystdb kge

tcd Qdsu`ts ol tcd Hbpkjt Ztuey,Bky , , cttp9//www.mpo.mov/esys/pfm

/JCQM-ccrm/pe/JCQM-ccrm.pe.

Eoee-Lrkgf ]k`` Ztrddt Qdorb kge Jogsubdr ^rotdjthog Kjt (Eoee-Lrkgf

Kjt), ^ua`hj @kw , Iu`y , .

. ]d rdjomghzd tckt otcdr kjtors, pkrthju`kr tcd po`hjybkfhgm projdss,

k`so jogtrhautd to tchs jobp`dxhty. ruedgt po`hjybkfhgm hs oldg ckbstrugm ay k

projdss auh`t or mrhe`ojf, sbk`` xds or jobp`dxhty-jrdkthgm jobprobhsd. Ztrogm,

shbp`d so`uthogs krd oldg tcd bost ehju`t to dgkjt.

. Ogd gdde oof go urtcdr tckg tcd dvo`uthog o bogdy bkrfdt uge rdorb

or kg dxkbp`d o tchs pcdgobdgog. Qktcdr tckg kjjdpthgm kge keerdsshgm htsorhmhgk` shg o pdrbhtthgm k stka`d gdt kssdt vk`ud (GK\), wd ckvd sddg tcd ZDJ

hbp`dbdgt gdw rdorb kldr rdorb. Ovdr tcd ydkrs ht cks thmctdgde tcd sjopd

o d`hmha`d sdjurhthds, rdeujde bkturhthds, hgjrdksde ehsj`osurd, kge strdgmtcdgde

`hquhehty rdquhrdbdgts, kbogm otcdr tchgms. Zdd ZDJ, ^roposde Qu`d. Gow tcd

kmdgjy hs jogshedrhgm dhtcdr () mktds kge dds or () stka`d GK\ jkrvd-outs or

jdrtkhg hgvdstors (rdtkh`) kge kssdt jktdmorhds (kmdgjhds).

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Jogtrhautors

Bkrthg Gdh` Akh`y hs k sdghor d``ow hg tcd Djogobhj Ztuehds ^romrkb kt

tcd Aroofhgms Hgsthtuthog kge tcd Adrgkre @. Zjcwkrtz Jckhr hg Djogobhj

^o`hjy Edvd`opbdgt. Cd hs k`so tcd ehrdjtor o tcd Aushgdss kge ^ua`hj

^o`hjy Hghthkthvd. Akh`y rdiohgde Aroofhgms hg Zdptdbadr to edvd`op k

promrkb o rdsdkrjc og aushgdss kge tcd djogoby. Cd hs stueyhgm mrowtc,

hggovkthog, kge cow to spdde tcd rdjovdry. Cd hs k sdghor kevhsdr to tcd

BjFhgsdy M`oak` Hgsthtutd, k sdghor ehrdjtor o K`arhmct Ztogdarhemd

Mroup, k bdbadr o tcd Zqukb @kfd Mroup o gkgjhk` djogobhsts, jo-

jckhr o tcd Ahpkrthskg ^o`hjy Jdgtdrs Lhgkgjhk` Qdorb Hghthkthvd, kge

k ehrdjtor o tcd ^codghx Jobpkghds o Ckrtore, Joggdjthjut. Akh`y

dkrgde chs ^cE hg djogobhjs hg kt tcd Bksskjcusdtts Hgsthtutd o

djcgo`omy. Kldr tdkjchgm kt BH kge Xk`d, cd adjkbd k sdghor d``ow

kt tcd Aroofhgms Hgsthtuthog hg kge k prodssor o djogobhjs kt tcd

Tghvdrshty o Bkry`kge hg . Akh`y wks tcd Jckhrbkg o tcd Jougjh`o Djogobhj Kevhsdrs ugedr ^rdshedgt J`hgtog rob to kge k

bdbadr o tcd Jkahgdt. Cd hs tcd kutcor o bkgy prodsshogk` krthj`ds kge

aoofs, tdsthds rdmu`kr`y to Cousd kge Zdgktd jobbhttdds, kge hs oldg

quotde hg tcd prdss.

Zcdh`k J. Akhr sdrvde ks jckhrbkg o tcd Ldedrk` Edposht Hgsurkgjd Jor-

porkthog rob Iugd tcroumc Iu`y . Lrob to , scd wks tcd

Edkgs ^rodssor o Lhgkgjhk` Qdmu`ktory ^o`hjy or tcd Hsdgadrm Zjcoo` o

Bkgkmdbdgt kt tcd Tghvdrshty o Bksskjcusdtts-Kbcdrst. Zcd k`so sdrvde

ks ksshstkgt sdjrdtkry or gkgjhk` hgsthtuthogs kt tcd TZ Edpkrtbdgt o tcd

rdksury ( to ), sdghor vhjd prdshedgt or movdrgbdgt rd`kthogs o

tcd Gdw Xorf Ztojf Dxjckgmd ( to ), jobbhsshogdr kge kjthgm

jckhrbkg o tcd Jobboehty Luturds rkehgm Jobbhsshog ( to ),

kge rdsdkrjc ehrdjtor, edputy jougsd`, kge jougsd` to Zdgktd Bkiorhty

@dkedr Qoadrt Eo`d ( to ). Zcd rdjdhvde k akjcd`ors edmrdd robtcd Tghvdrshty o Fkgsks kge k IE rob tcd Tghvdrshty o Fkgsks Zjcoo`

o @kw. Zcd hs k sdghor kevhsdr to tcd ^dw Jckrhtka`d rusts kge cdkes

tcd Zystdbhj Qhsf Jougjh`, k mroup o orbdr rdmu`ktors kge gkgjhk`

po`hjy dxpdrts jobbhttde to keerdsshgm rdmu`ktory kge strujturk` hssuds

rd`kthgm to systdbhj rhsf hg tcd Tghtde Ztktds. Zcd sdrvds og tcd aokres o

Cost Cotd`s, Mrupo Zkgtkgedr, tcd Qkge Jorporkthog, kge tcd \o`jfdr

Jopyrhmct 1>;5 ay tcd Aokre ol Urustdds ol tcd @d`kge Ztkglore Iughor Tghvdrshty. K`` rhmcts rdsdrvde.

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Jogtrhautors

hgsthtutd. Zcd hs k`so k bdbadr o tcd Hgtdrgkthogk` Kevhsory Jougjh` to

tcd Jchgk Akgf Qdmu`ktory Jobbhsshog.

K`kg Z. A`hgedr hs tcd Moreog Z. Qdgtsjc`dr Bdborhk` ^rodssor oDjogobhjs kge ^ua`hj Kkhrs kt ^rhgjdtog Tghvdrshty. Cd k`so hs vhjd

jckhrbkg o tcd ^robogtory Hgtdrgkgjhk` Gdtworf, k gkgjhk` sdrvhjds

jobpkgy. Cd cks addg k bdbadr o tcd ^rhgjdtog Tghvdrshty kju`ty shgjd

, tkfhgm thbd o rob to or movdrgbdgt sdrvhjd, wcdrd cd

sdrvde rst ks k bdbadr o ^rdshedgt Ah`` J`hgtogs orhmhgk` Jougjh` o

Djogobhj Kevhsdrs kge tcdg ks vhjd jckhrbkg o tcd Aokre o Movdr-

gors o tcd Ldedrk` Qdsdrvd Zystdb. A`hgedr hs tcd kutcor or jo-kutcor

o twdgty aoofs, hgj`uehgm tcd tdxtaoof Djogobhjs9 rhgjhp`ds kge o`hjy

whtc ]h``hkb Akubo`, rob wchjc wd`` ovdr two kge k ck` bh``hog jo`-

`dmd stuedgts ckvd dkrgde hgtroeujtory djogobhjs. A`hgedrs ktdst aoof,

Kldr tcd Bushj Ztoppde9 Ucd Lhgkgjhk` Jrhshs, tcd Qdspogsd, kge tcd ]orf

Kcdke, wks pua`hscde hg Ikgukry . Cd k`so hs k rdmu`kr jo`ubghst or

Ucd ]k`` Ztrddt Iourgk`kge kppdkrs rdqudgt`y og td`dvhshog kge rkeho.

Cd hs k bdbadr o tcd aokre o ehrdjtors o tcd Jougjh` og Lordhmg Qd`k-

thogs kge hg cd wks d`djtde k Ehsthgmuhscde Ld``ow o tcd KbdrhjkgDjogobhj Kssojhkthog. Cd dkrgde chs akjcd`ors edmrdd rob ^rhgjdtog

Tghvdrshty, chs bkstdrs edmrdd rob tcd @ogeog Zjcoo` o Djogobhjs,

kge chs eojtorktd rob tcd Bksskjcusdtts Hgsthtutd o djcgo`omy, k`` hg

djogobhjs.

Bhjckd` E. Aoreo hs Aokre o Movdrgors ^ro