Adjustments of Capital Account Restrictions and Exchange Rate Regimes in East Asia

8/9/2019 Adjustments of Capital Account Restrictions and Exchange Rate Regimes in East Asia

1/29

BIKO Qmrnoha Sbper Zeroes

Bilustdehts mf Jbpotb` Bjjmuht [estrojtomhs

bhi Exjgbhae [bte [eaodes oh Ebst Bsob

Hbmyuno _msgohm, Zbgmnm Nblo,bhi Ybdmh Bsmhudb

Hm. 527Dbrjg ;325

Bsobh Ieve`mpdeht Kbhn Ohstotute


2/29

Yge Qmrnoha Sbper seroes os b jmhtohubtomh mf tge fmrder`y hbdei Iosjussomh Sbper seroes>tge hudkeroha mf tge pbpers jmhtohuei wotgmut ohterruptomh mr jgbhae. BIKO‟s wmrnohapbpers refèjt ohotob` oiebs mh b tmpoj bhi bre pmstei mhòhe fmr iosjussomh. BIKO ehjmurbaesrebiers tm pmst tgeor jmddehts mh tge dboh pbae fmr ebjg wmrnoha pbper (aoveh oh tgejotbtomh ke`mw). Zmde wmrnoha pbpers dby ieve`mp ohtm mtger fmrds mf pukòjbtomh.

Zuaaestei jotbtomh<

_msgohm, H., Z. Nblo, bhi Y. Bsmhudb. ;325. Bilustdehts mf Jbpotb` Bjjmuht [estrojtomhsbhi Exjgbhae [bte [eaodes oh Ebst Bsob. BIKO Qmrnoha Sbper 527. Ymnym< BsobhIeve`mpdeht Kbhn Ohstotute. Bvbo`bkè< gttp tbsmhudbCodf.mra

Hbmyuno _msgohm os Iebh bhi JEM mf tge Bsobh Ieve`mpdeht Kbhn Ohstotute. ZbgmnmNblo os Srmfessmr, Iepbrtdeht mf Ejmhmdojs, Neom Uhoversoty. Ybdmh Bsmhudb osEjmhmdost, Iekt Smòjy Iovosomh, Ztrbteay Smòjy bhi [evoew Iepbrtdeht, Ohterhbtomhb`Dmhetbry Fuhi.

Yge voews expressei oh tgos pbper bre tge voews mf tge butgmr bhi im hmt hejessbro`yrefèjt tge voews mr pmòjoes mf BIKO, BIK, ots Kmbri mf Iorejtmrs, mr tge amverhdehtstgey represeht. BIKO imes hmt aubrbhtee tge bjjurbjy mf tge ibtb ohjùiei oh tgos pbperbhi bjjepts hm respmhsokoòty fmr bhy jmhsequehjes mf tgeor use. Yerdohm`may usei dbyhmt hejessbro`y ke jmhsosteht wotg BIK mffojob` terds.

Qmrnoha pbpers bre suklejt tm fmrdb` revosomh bhi jmrrejtomh kefmre tgey bre fohbòzeibhi jmhsoierei pukòsgei.

Bsobh Ieve`mpdeht Kbhn OhstotuteNbsudoabseno Kuoìoha 7F

:-;-5 Nbsudoabseno, Jgoymib-nuYmnym 233-6337, Lbpbh

Ye`< +72-:-:5?:-5533Fbx< +72-:-:5?:-5512U[@< www.biko.mraE-dbo`< ohfmCbiko.mra

© ;325 Bsobh Ieve`mpdeht Kbhn Ohstotute

mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


3/29

BIKO Qmrnoha Sbper 527 _msgohm, Nblo, bhi Bsmhudb

Bkstrbjt

Ygos pbper iosjusses bilustdehts mf jbpotb` bjjmuht restrojtomhs bhi exjgbhae rbte reaodesoh Ebst Bsob. Dmhetbry butgmrotoes gbve twm mptomhs fmr tgese bilustdehts< arbiub`bilustdehts mr rbpoi bilustdehts. Qe bhb`yze tge jmsts bhi kehefots fmr kmtg bilustdeht

mptomhs oh ebjg breb, o.e., jbpotb` bjjmuht restrojtomhs bhi exjgbhae rbte reaode. Yge pbperprmvoies prmdoheht jmuhtry jbses fmr ebjg bilustdeht mptomh tm edpgbsoze tge kehefots fmrpmòjydbners. Qe tgeh prmpmse fmur trbhsotomh pmòjy mptomhs fmr Ebst Bsobh jmuhtroes bodohatm re`bx jbpotb` bjjmuht restrojtomhs bhi ohjrebse fèxokoòty oh exjgbhae rbtes frmd foxeireaodes wotg jbpotb` bjjmuht jmhtrm`s.

LE@ J`bssofojbtomh


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Jmhtehts

2. Ohtrmiujtomh ................................................................................................................ :

2.2

@oterbture [evoew ........................................................................................... 9

;. [ejeht Ieve`mpdehts oh Jbpotb` Bjjmuht [estrojtomhs bhi Exjgbhae [eaodes oh BZEBH+: .................................................................................................................. 5

:.

Bilustdehts mh Jbpotb` Bjjmuht [estrojtomhs ........................................................... 23

:.2 Kehefots bhi Jmsts fmr Arbiub` bhi [bpoi Jbpotb` Bjjmuht Bilustdehts ..... 23 :.; Jmuhtry Experoehje mf Arbiub` Jbpotb` Bjjmuht @okerbòzbtomh..................... 2; :.: Jmuhtry Experoehje mf [bpoi Jbpotb` Bjjmuht @okerbòzbtomh ........................ 2:

9. Bilustdehts mh Exjgbhae [bte Fèxokoòty ............................................................... 25

9.2 Kehefots bhi Jmsts mf Arbiub` bhi [bpoi Ohjrebses oh Exjgbhae [bteFèxoko òty ...................................................................................................... 25

9.; Jmuhtry Experoehjes mf Exjgbhae [bte Fèxokoòty ....................................... 26

5.

Yrbhsotomh Smòjy Mptomhs fmr Dmhetbry Butgmrotoes ................................................... 27

6. Jmhjùsomh ............................................................................................................... ;3

[eferehjes ......................................................................................................................... ;;

Bppehiox 2< Jbpotb` Bjjmuht Dbhbaedeht Debsures oh Ederaoha Dbrnet Jmuhtroes ......... ;5

Bppehiox ;< Exjgbhae [bte Fùjtubtomhs ............................................................................ ;1


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2. OHY[MIUJYOMH

Iuroha tge `bst twm iejbies, Ebst Bsobh jmuhtroes gbve uhieramhe ieve`mpdehts ohkmtg jbpotb` bjjmuht debsures bhi exjgbhae rbte reaodes. Mh tge fmrder, tge[epukòj mf Nmreb, Db`bysob, bhi Ygbo`bhi ohtrmiujei debsures mh tgeor jbpotb`bjjmuht restrojtomhs tm oddeiobte`y rebjt oh jbses mf exmaehmus sgmjns mr suraes ohjbpotb` ohf`mws, tgeh re`bx arbiub``y bfterwbri. Mh tge `btter, smde Ebst Bsobhjmuhtroes, sujg bs tge Sempè‟s [epukòj mf Jgohb (S[J) bhi Db`bysob ievobtei frmd bjmhvehtomhb` peaaei brrbhaedeht bssmjobtei wotg bh ohjrebse oh fèxokoòty mf exjgbhaerbtes, wgoè mtgers, Ohimhesob bhi Ygbo`bhi, iepbrtei frmd b dbhbaei f`mbtoha reaodeky reiujoha tge frequehjy mf ohtervehtomhs.

Dmhetbry butgmrotoes gbve tm jgmmse pmòjy mptomhs mh tge twm bfmredehtomhei brebs.Ygey gbve twm mptomhs fmr bilustdehts tm jbpotb` bjjmuht restrojtomhs< arbiub`bilustdehts mr rbpoi bilustdehts. Zodo`br`y, fmr exjgbhae rbte reaode bilustdehts,tgey dust jgmmse ketweeh arbiub` bilustdehts mr rbpoi bilustdehts.

Ygere bre prms bhi jmhs fmr ebjg mptomh tge dmhetbry butgmrotoes dust jmhsoier oh tgetwm brebs. Yge iesorbkè jgmoje iepehis mh tge ohiovoiub` jmuhtry‟s jorjudstbhjes bhipmòjy tbraets, wotg tge jmhsequehjes refèjtei oddeiobte`y oh tge we`fbre mf tgejmuhtry.

Iespote tge odpmrtbhje mf tge jgmojes oh tge twm brebs, tgere os òdotei iosjussomh ohtge òterbture mh tge prms bhi jmhs mf tge mptomhs tge dmhetbry butgmrotoes gbve, bhi hmietboèi jmdpbrosmhs mf jbse stuioes mf tgese mptomhs.2 Yge jurreht pbper bttedpts tmfo`` oh tgese abps oh tge òterbture. Oh pbrtoju`br, we bod tm bhswer tge fm``mwoha twmodpmrtbht questomhs fmr Ebst Bsobh jmuhtroes. Qgbt bre tge kehefots bhi jmsts fmrmptomhs mh (2) jbpotb` bjjmuht bilustdehts, bhi (;) exjgbhae rbte reaodes= Qgbt bretge pmssokè mptomhs fmr Ebst Bsobh jmuhtroes tgbt bre jmhfrmhtei ky jbpotb` bjjmuht

restrojtomhs bhi ̀ odotei exjgbhae rbte fèxokoòty=

Odpòjbtomhs fmr tge forst questomh bre bs fm``mws. Fmr bilustdehts mf jbpotb` bjjmuhtrestrojtomhs, arbiub` bilustdehts jbh prmvoie b sbfeaubri babohst furtger turkuèhje ohohterhbtomhb` dbrnets bhi jrebte krebtgoha spbje tm pursue ejmhmdoj bilustdehts bhibjjeèrbte mtger hejessbry refmrds. Yge jmuhtry jbh b`sm kehefot frmd tge sdb`èrwe`fbre `msses bssmjobtei wotg tge `mw vm`btoòty mf ots exjgbhae rbte. Ohiob oh 2??2‚2??? bttedptei tm kehefot frmd tgese derots mf arbiub` bilustdeht. Gmwever,butgmrotoes dby b`terhbtove`y ehlmy tge kehefots mf rbpoi bilustdehts, tgrmuag wgojgbutgmrotoes jbh rejeove jmhtohumus jbpotb` ohf`mws oddeiobte`y bfter tge redmvb` mfjmhtrm`s. [bpoi òkerbòzbtomh jbh ge`p tm odprmve jreiotmrs‟ jmhfoiehje bhi reestbkòsgtgeor jreiokoòty. Nehyb oh 2??2‚2??5 bhi Seru oh 2??3‚2??2 bre prmdoheht jbses mf

rbpoi bilustdehts oh jbpotb` bjjmuht restrojtomhs.Fmr sgofts oh exjgbhae rbte reaodes, arbiub` bilustdehts jbh b``mw dmhetbrybutgmrotoes tm kehefot frmd dohodozoha ohterest rbte bhi exjgbhae rbte vm`btoòty.Dmremver, tgere os èss uhjertbohty oh expejtei exjgbhae rbtes fm``mwoha òdoteibilustdehts oh exjgbhae rbtes. Jmhverse`y, wotg rbpoi bilustdehts, tge jmuhtry jbhkehefot frmd gbvoha hm bilustdeht tode mr jmsts. Yge jmuhtry jbh pmtehtob``y rejeovetge kehefots mf ohjrebsei exjgbhae rbte fèxokoòty oddeiobte`y bfter ot redmves b``debsures mh exjgbhae rbtes. Jèbr`y, ot imes hmt heei tm tbne severb` steps tm re`bxdebsures mr suffer tge jmsts bssmjobtei wotg re`bxbtomh.

2

Broymsgo et b`. (;333) suddbroze severb` jbse stuioes mf jbpotb` bjjmuht jmhtrm`s frmd tge mperbtomhb`perspejtove.

:


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Mh tge sejmhi ossue, we prmpmse fmur trbhsotomh pmòjy mptomhs fmr Ebst Bsobh jmuhtroesbodoha tm re`bx jbpotb` bjjmuht restrojtomhs bhi ohjrebse fèxokoòty oh exjgbhae rbtesfrmd foxei reaodes wotg jbpotb` bjjmuht jmhtrm`s. Fmr b sgoft tm b kbsnet pea, tgebutgmrotoes jbh tbne twm bpprmbjges< arbiub` bilustdehts tm jbpotb` bjjmuhtrestrojtomhs bhi exjgbhae rbtes mr rbpoi bilustdehts tm jbpotb` bjjmuht restrojtomhs bhiexjgbhae rbtes. Oh jmhtrbst, b sgoft tm b f`mbtoha reaode ohvm`ves twm mptomhs< rbpoibilustdehts mf jbpotb` bjjmuht restrojtomhs bhi exjgbhae rbtes wotgmut bhyohtervehtomhs (tmwbri b f`mbtoha reaode) mr wotg ohtervehtomhs (tmwbri b dbhbaeif`mbtoha reaode). Rubhtotbtove bhb`ysos mf tge S[J bhi Ygbo`bhi ky _msgohm, Nblo, bhi Bsmhudb (;325b) sgmws tgbt tge forst-kest smùtomhs ioffer ketweeh tge S[J bhiYgbo`bhi, eveh wgeh kmtg bttedpt tm stbkoòze proje ève`s> rbpoi bilustdehts mf jbpotb`bjjmuht restrojtomhs bhi exjgbhae rbtes tmwbri b f`mbtoha reaode bre iesorbkè fmr tgeS[J, wgerebs arbiub` bilustdehts mf jbpotb` bjjmuht restrojtomhs bhi exjgbhae rbtestmwbri b kbsnet pea bre preferbkè fmr Ygbo`bhi.

Yge rest mf tge pbper os mrabhozei bs fm``mws. Zejtomh ; mvervoews rejeht ieve`mpdehtsoh jbpotb` bjjmuht restrojtomhs bhi exjgbhae rbte reaodes oh BZEBH+: jmuhtroes oh tge

pmst-Bsobh fohbhjob` jrosos peromi. Zejtomh : jmdpbres arbiub` bhi rbpoi jbpotb`bjjmuht bilustdehts. Arbiub` bhi rbpoi exjgbhae rbte bilustdehts bre jmhtrbstei ohZejtomh 9. Qe prmpmse trbhsotomh pmòjy mptomhs fmr tge dmhetbry butgmrotoes bhi sgmwqubhtotbtove estodbtes fmr ebjg pmòjy fmr tge jmdpbrosmh. B sgmrt jmhjùsomhsuddbrozes mur iosjussomh.

2.2 @oterbture [evoew

Ygos pbper os re`btei tm stuioes ky Mstry et b`. (;323, ;322b, ;322k)> Broymsgo et b`.(;333)> Eiwbris bhi [oamkmh (;322)> Fmrkes (;331)> Nbwbo bhi Ybnbao (;339, ;337)>bhi Jgbdmh bhi Abrjob (;329), wgojg exbdohe bilustdehts mf jbpotb` bjjmuht

restrojtomhs oh ederaoha dbrnet jmuhtroes.

;

Mstry et b`. (;323, ;322b, ;322k) fmjus ohpbrtoju`br mh tge jmhiotomhs uhier wgojg jmhtrm`s dby ke lustofoei. Broymsgo et b`. (;333)prmvoie b ietboèi bhb`ysos mf spejofoj jmuhtry jbses tm sgei òagt mh tge pmtehtob` jmstsmr kehefots mf jbpotb` jmhtrm`s. Mh effejtovehess mf jmhtrm`s oh jmuhtry jbses, Eiwbrisbhi [oamkmh (;33?) fohi b strmhaer (kut sto`` dmiest) effejt mf Jgoèbh jmhtrm`s mh tgeexjgbhae rbte, wgoè Fmrkes (;331) bhb`yzes tge pmtehtob` jmsts mf tge Jgoèbhjmhtrm`s, fohioha tgbt tgey ohjrebsei fohbhjoha jmsts, pbrtoju`br`y fmr sdb`` bhi deioud-sozei ehterproses. Jgbdmh bhi Abrjob (;329) fohi tgbt jbpotb` jmhtrm` debsures ohKrbzo` frmd `bte ;33? gbi smde sujjess oh seadehtoha tge Krbzoòbh ejmhmdy frmda`mkb` fohbhjob` dbrnets.:

Yge pbper b`sm jmhtrokutes tm tge òterbture mh bilustdehts mf exjgbhae reaodes ohederaoha dbrnet jmuhtroes, fmr ohstbhje, stuioes ky [mamff et b`. (;33:), Agmsg (;33?),Iuttbauptb, Ferhbhiez, bhi Nbrbjbiba (;339) bhi _msgohm, Nblo, bhi Bsmhudb(;329b, ;325b). [mamff et b`. (;33:) braue tgbt re`btove`y ieve`mpei ederaoha dbrnetejmhmdoes wotg mpeh jbpotb` bjjmuhts bppebr tm aboh frmd exjgbhae rbte fèxokoòty.Agmsg (;33?) fohis tgbt bdmha ederaoha dbrnet jmuhtroes, tgere os soahofojbhtgm``mwoha mut mf tge ohterdeiobte reaode j`bssofojbtomh bhi tge prmpmrtomh mf kmtg ie lure bhi ie fbjtm f`mbtoha exjgbhae rbte reaodes gbs ohjrebsei. Oh b sodo`br dbhher,

; Kbkb bhi Nmnehyhe (;322) sgmw tgbt jmhtrm`s oh Krbzo`, Jm`mdkob, tge [epukòj mf Nmreb, bhi Ygbo`bhioh tge ;333s bre aeherb``y bssmjobtei wotg b iejrebse oh ohf`mws bhi b èhatgehoha mf dbturotoes, kut tgere`btomhsgop os hmt stbtostojb``y soahofojbht oh b`` jbses bhi tge effejts bre tedpmrbry.

: Jèdehts bhi Nbdo` (;33?) fohi tgbt tge ;331‚;337 Jm`mdkobh uhreduherbtei reserve requoredeht

(U[[) ioi hmt gbve b soahofojbht odpbjt mh tge vmùde mf hmh-FIO f`mws mr dmierbte exjgbhae rbtepressures.

9


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Iuttbauptb, Ferhbhiez, bhi Nbrbjbiba (;339) imjudeht tgbt b armwoha hudker mfjmuhtroes gbve bimptei dmre fèxokè reaodes mver tge pbst iejbie bhi bdmha tgejmuhtroes tgbt vmùhtbro`y sgoftei tm fèxokè reaodes, tge trbhsotomhs gbve mfteh keeharbiub`. @bst`y, _msgohm, Nblo, bhi Bsmhudb (;329b, ;325b) bhb`yze tge mptodb`trbhsotomh pbtg frmd b foxei reaode tm b kbsnet pea mr f`mbtoha reaode oh Ebst Bsob. 9,5,6

;. [EJEHY IEVE@MSDEHYZ OH JBSOYB@ BJJMUHY[EZY[OJYOMHZ BHI EWJGBHAE [EAODEZ OHBZEBH+:

Ygos sejtomh mvervoews rejeht ieve`mpdehts oh jbpotb` bjjmuht restrojtomhs bhiexjgbhae rbte reaodes bimptei ky tge BZEBH+: jmuhtroes oh tge pmst-Bsobh fohbhjob`jrosos peromi. Iuroha tge peromi, tge [epukòj mf Nmreb, Db`bysob, bhi Ygbo`bhiohtrmiujei debsures mh jbpotb` bjjmuht restrojtomhs tm quojn`y rebjt tm exmaehmussgmjns bhi suraes oh jbpotb` ohf`mws, tgeh re`bx arbiub``y bfterwbri.1 Zmde Ebst Bsobhjmuhtroes, tge S[J bhi Db`bysob, ievobtei frmd b jmhvehtomhb` peaaei brrbhaedehtbssmjobtei wotg bh ohjrebse oh fèxokoòty mf exjgbhae, wgoè mtgers, Ohimhesob bhiYgbo`bhi, iepbrtei frmd b dbhbaei f`mbtoha reaode ky reiujoha tge frequehjy mfohtervehtomhs.

Ybkè 2 repmrts jbpotb` bjjmuht dbhbaedeht debsures oh Db`bysob, Ygbo`bhi, bhi tge[epukòj mf Nmreb. Yge Db`bysobh butgmrotoes ohtrmiujei jbpotb` jmhtrm`s oh Zeptedker2??7, bodei bt eòdohbtoha mffsgmre rohaaot bjtovotoes bhi restrojtoha pmrtfmòm jbpotb`mutf`mws. Bs tge ejmhmdy kejbde dmre resoòeht bhi stbkoòzei, gmwever, jmhtrm`s mhpmrtfmòm mutf`mws were ebsei bhi evehtub``y redmvei. Yge 2;-dmhtg gmìoha peromirestrojtomh mh pmrtfmòm jbpotb` wbs rep`bjei ky b twm-toer, proje-kbsei exot systed ohFekrubry 2???, wgojg wbs furtger ebsei bhi reiujei oh Zeptedker 2??? bhi Fekrubry

;332, bhi fohb``y eòdohbtei oh Dby ;332. Mffsgmre trbhsbjtomhs oh rohaaot redboheiprmgokotei bhi re`bxei oh Bpro` ;339.

9 Zeverb` stuioes sgmw tgbt b kbsnet pea os dmre iesorbkè tgbh b im``br pea, fmr ohstbhje Otm, Mabwb, bhiZbsbno (2??7)> Otm bhi Sbrn (;33:)> Nbwbo (;339)> Mabwb bhi Otm (;33;)> _msgohm, Nblo, bhi Zuzuno(;339)> _msgohm, Nblo, bhi Bsmhudb (;339)> Zgomlo (;336b, ;336k)> bhi Kori bhi [blbh (;33;).

5 Mtger òterbture iosjusses tgbt b f`mbtoha reaode os b`sm bh mptomh fmr Ebst Bsobh jmuhtroes. Zee Bibdsbhi Zedk`bt (;339), Zussbhanbrh, bhi Vojgybhmhi (;331), bhi _msgohm, Nblo, bhi Bsmhudb (;339).

6 _msgohm, Nblo, bhi Bsmhudb (;329k) exp`mre wgetger bjtub` exjgbhae rbte pmòjoes odpèdehtei ky Ebst Bsobh jmuhtroes fm``mw mr ievobte frmd tgemretojb``y ‐iesorbkè— pmòjoes mver tge deioud bhi `mha terds.

1

Bppehiox 2 suddbrozes jbpotb` bjjmuht debsures oh mtger ederaoha dbrnet jmuhtroes, Krbzo` bhiJm`mdkob, oh ;335‚;32:.

5


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Ybkè 2< Jgbhaes oh Jbpotb` Bjjmuht Dbhbaedeht Debsures iuroha 2??7‚;323

Jmuhtry Seromi Dblmr Smòjy Debsures

[epukòj

mf Nmreb

;332‚

;337

Mutf`mw @okerbòzbtomh

@odots mh iepmsots bkrmbi were eòdohbtei. Yge òdot mh èhioha tm hmhresoiehts wbsohjrebsei bhi resoiehts‟ persmhb` jbpotb` trbhsfers were òkerbòzei oh ;332. Yge jeoòhamh jmdderjob` jreiots wbs ohjrebsei oh ;33;. Yge òdot mh ohiovoiub`s‟ fmreoah iorejtohvestdeht (FIO) wbs rbosei tm $: do`òmh bhi mh jertboh reb` estbte purjgbses tm$533,333 oh ;335. Fm``mwoha b furtger ohjrebse, tgey were eòdohbtei oh Dbrjg ;336.

Yge ruès fmr tge repbtrobtomh mf prmjeeis frmd jbpotb` trbhsbjtomhs were furtger ebsei,bhi b`` bpprmvb` requoredehts fmr jbpotb` trbhsbjtomhs were jgbhaei tm hmtofojbtomhrequoredehts oh Lbhubry ;336. Yge tgresgmì fmr promr hmtofojbtomh mf wmh-iehmdohbtei`mbhs tm hmhresoiehts wbs rbosei tm Q23 ko`òmh oh ;336 bhi tm Q:3 ko`òmh oh ;331.[eb` estbte purjgbses bhi estbkòsgdeht mf kbhn krbhjges bkrmbi were furtgeròkerbòzei iuroha ;331‚;337.

Db`bysob 2??7‚;332

Mutf`mws Jmhtrm`s

Oh Zeptedker 2??7, b 2;-dmhtg wbotoha peromi wbs odpmsei fmr hmhresoiehts tmjmhvert rohaaot prmjeeis frmd tge sbè mf Db`bysobh sejurotoes geì oh exterhb`bjjmuhts. Ygos restrojtomh exjùiei FIO f`mws, repbtrobtomh mf ohterest, iovoiehis, fees,jmddossomhs, bhi rehtb` ohjmde frmd pmrtfmòm ohvestdeht. Hm sujg restrojtomh exosteiprevomus`y.

Oh Fekrubry 2???, tge 2;-dmhtg gmìoha peromi ruè fmr repbtrobtomh mf pmrtfmòm jbpotb`wbs rep`bjei wotg tge odpmsotomh mf b arbiubtei systed mf exot èvy mh tge repbtrobtomhmh tge prohjopb` mf jbpotb` ohvestdehts dbie promr tm 25 Fekrubry 2???. Oh Zeptedker2???, tge twm-toer èvy systed wbs rep`bjei wotg b f`bt 23% èvy mh repbtrobtomh mfprmfots mh pmrtfmòm ohvestdeht, orrespejtove mf wgeh tge prmfots were repbtrobtei. Yge

23% exot èvy mh prmfots repbtrobtei bfter 2 yebr wbs bkmòsgei oh Fekrubry ;332.Srmfots repbtrobtei wotgoh 2 yebr redbohei suklejt tm tge 23% èvy. Oh Dby ;332, tge23% exot èvy mh tge repbtrobtomh mf pmrtfmòm prmfots wbs redmvei jmdpète`y.

2??7‚

;337

[ohaaot Yrbhsbjtomhs

B requoredeht wbs ohtrmiujei oh Zeptedker 2??7 tm repbtrobte b`` rohaaot geì mffsgmre,ohjùioha rohaaot iepmsots oh mversebs kbhns, ky 2 Mjtmker 2??7> tgos requorei bpprmvb`ky Kbhn Heabrb Db`bysob tgerebfter. Bh bpprmvb` requoredeht wbs odpmsei mhtrbhsfers mf fuhis ketweeh exterhb` bjjmuhts bhi fmr tge use mf fuhis mtger tgbh fmrperdottei purpmses (o.e., tge purjgbse mf rohaaot bssets). @ojehsei mffsgmre kbhns,wgojg gbi prevomus`y keeh bkè tm trbie up tm perdottei òdots, were prmgokotei frmdtrbioha oh rohaaot bssets.

Oh Zeptedker 2???, tm prmvoie fmreoah ohvestmrs wotg dmre fèxokoòty oh dbhbaoha tgeorpmrtfmòms bhi rosns, Kbhn Heabrb Db`bysob re`bxei jmhtrm`s mh èhioha oh rohaaot tmfmreoah stmjnkrmnoha jmdpbhoes. Oh Bpro` ;339, resoieht jmdpbhoes wotg imdestojkmrrmwoha were b``mwei tm mpeh hmh-expmrt fmreoah jurrehjy bjjmuhts wotg òjehseimhsgmre kbhns oh Db`bysob tm retboh fmreoah jurrehjy rejeovbkès mtger tgbh expmrtprmjeeis wotg hm òdot mh tge mverhoagt kb`bhjes.

[esoieht jmdpbhoes wotgmut imdestoj kmrrmwoha were b``mwei tm mpeh hmh-expmrtfmreoah jurrehjy bjjmuhts (FJBs) oh òjehsei mffsgmre kbhns oh @bkubh up tm bhmverhoagt òdot mf $533,333 mr ots equovbèht. [esoieht ohiovoiub`s wotg fuhis bkrmbi(hmt jmhvertei frmd rohaaot) were b``mwei tm dbohtboh hmh-expmrt FJBs mffsgmre wotgmutbhy òdot odpmsei mh mverhoagt kb`bhjes. Yge requoredeht tm sukdot b dmhtg`ystbtedeht, Ztbtedeht MB, ky resoieht jmdpbhoes dbohtbohoha FJBs wotg òjehseimffsgmre kbhns oh @bkubh mr mversebs kbhns wbs bkmòsgei oh Lbhubry ;337.

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Ygbo`bhi ;336‚

;337

Uhreduherbtei [eserve [equoredeht

B 2-yebr uhreduherbtei reserve requoredeht (U[[) mf :3% wbs put oh p`bje fmrjbpotb` ohf`mws, exjept fmr FIO bhi bdmuhts hmt exjeeioha $;3,333, mh 2? Iejedker;336. Ebr`y repbtrobtomh wbs suklejt tm b refuhi mf mh`y twm-tgoris mf tge U[[. Equoty

ohvestdehts trbiei mh tge stmjn exjgbhae were exedptei frmd tge requoredeht frmd;; Iejedker ;336. Ygere were biiotomhb` exedptomhs oh ebr`y ;331. Jertbohohvestdehts oh prmperty fuhis bhi `mha-terd fmreoah kmrrmwoha hmt exjeeioha $2do`òmh were dbie exedpt frmd tge U[[ oh Iejedker ;331. Yge U[[ wbs eòdohbteimh : Dbrjg ;337.

;33:‚

;337

Ohf`mw Jmhtrm`s

Zgmrt-terd kbgt kmrrmwoha frmd hmhresoiehts wbs òdotei tm K53 do`òmh, bhi b òdot mfK:33 do`òmh wbs ohtrmiujei mh hmhresoiehts‟ kbgt bjjmuhts oh ;33:. Hmhresoiehts‟bjjmuhts jbrroei hm ohterest exjept fmr foxei ohjmde bjjmuhts wotg dbturotoes mf bt èbst6 dmhtgs. Kbhns were hmt b``mwei tm ossue mr se`` ko``s mf exjgbhae oh kbgt mf bhydbturoty tm hmhresoiehts frmd 25 Hmvedker ;336.

Ze``-bhi-kuy-kbjn trbhsbjtomhs mf iekt sejurotoes were prmgokotei bhi b :-dmhtggmìoha peromi mh ohvestdehts oh amverhdeht iekt sejurotoes wbs ohtrmiujei mh 9Iejedker ;336> b K53 do`òmh òdot wbs p`bjei mh kbhns‟ kmrrmwoha mf kbgt wotgdbturotoes mf èss tgbh 6 dmhtgs frmd hmhresoiehts. Yge òdot mh kbhns‟ kbgt kmrrmwohabhi kbgt trbhsbjtomhs jmdpbrbkè tm kmrrmwoha frmd hmhresoiehts wotgmut uhier`yohatrbie mr ohvestdeht oh Ygbo`bhi wbs iejrebsei tm K23 do`òmh mh : Dbrjg ;337.

;33;‚

;337


Ohvestdehts oh edp`myee stmjn mptomh p`bhs bhi reb` estbte up tm b òdot bhi èhioha tmbffoòbtei jmdpbhoes wbs b``mwei oh ;33;, bhi bh baareabte òdot wbs estbkòsgei mhfmreoah ohvestdehts mf ohstotutomhb` ohvestmrs oh ;33:. Fmreoah jmdpbhoes were b``mweitm ossue kbgt-iehmdohbtei kmhis suklejt tm bpprmvb` ky tge Dohostry mf Fohbhje oh

;336.Zoahofojbht mutf`mw òkerbòzbtomh stbrtei oh ;331 wotg arbiub` ohjrebses oh tge dbxodudYgbo jotozehs jmuì ohvest oh fmreoah bffoòbtes< $53 do`òmh oh Lbhubry ;331 bhi $233do`òmh oh Fekrubry ;337. Yge jeoòha mh ohstotutomhb` ohvestmr fmreoah pmrtfmòmohvestdehts wbs ohjrebsei tm $53 do`òmh oh Lbhubry ;331. Oh Lu`y ;331, tge dbxodudfmr reb` estbte purjgbses bhi mtger persmhb` redottbhjes bkrmbi wbs ohjrebsei tm $2do`òmh bhi òstei jmdpbhoes were b``mwei tm dbne mutwbri FIO mf up tm $233 do`òmh.

Yge òdots mh èhioha bkrmbi were ohjrebsei tm $233 do`òmh bhi ots sjmpe expbhiei ohFekrubry ;337> tge dbxodud mh reb` estbte purjgbses wbs ohjrebsei tm $5 do`òmh. OhDbrjg ;337, kbhns were b``mwei tm èhi kbgt tm mr ehabae oh jmdpbrbkètrbhsbjtomhs, o.e., swbp wotg hmhresoiehts up tm K:33 do`òmh, bhi pmrtfmòm ohvestdehtsky resoieht ohiovoiub`s were b``mwei tgrmuag provbte fuhis bhi sejurotoes jmdpbhoes.

Zmurjes< Broymsgo et b`. (;333)> Kbkb bhi Nmnehyhe (;322)> Ohterhbtomhb` Dmhetbry Fuhi (;329)> Nbwbo bhiYbnbao (;339)> Deesmn et b`. (;332).

Oh tge jbse mf Ygbo`bhi, òdots mh kbgt iepmsots fmr hmhresoiehts were ohtrmiujei oh;33: bhi smde jbpotb` jmhtrm`s were b`sm toagtehei oh Hmvedker bhi Iejedker ;336.Yge butgmrotoes ohtrmiujei bh uhreduherbtei reserve requoredeht (U[[) mf :3%.7 Ygoswbs bilustei severb` todes uhto` ot wbs fohb``y eòdohbtei oh Lbhubry ;337. Oh jmhtrbst, ohtge [epukòj mf Nmreb, tge butgmrotoes prmaressove`y òkerbòzei jbpotb` mutf`mws.

7 Fohbhjob` ohstotutomhs were requorei tm wotggmì :3% mf b`` fmreoah jurrehjy purjgbsei mr exjgbhaeibabohst kbgt exjeeioha $;3,333. Yge bdmuht wotggeì wbs refuhiei bfter 2 yebr mh prmmf tgbt tge fuhisgbi keeh nept oh Ygbo`bhi fmr bt èbst 2 yebr. Ym furtger iosjmurbae sgmrt-terd ohf`mws, fuhis trbhsferrei

bkrmbi wotgoh 2 yebr were effejtove`y tbxei bt b rbte mf 23% kejbuse mh`y twm-tgoris mf tge :3% wotggeìjmuì ke refuhiei. Zee dmre oh Kbkb bhi Nmnehyhe (;322).

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[e`bxbtomh mf tge jmhtrm`s mh mutwbri ohvestdehts wbs bjjeèrbtei, pbrtob``y tm stedbpprejobtomh pressures, resu`toha oh tge eòdohbtomh mf dmst mf tge jmhtrm`s ky ;331.

Foaure 2 pmrtrbys fùjtubtomhs mf exjgbhae rbtes mf BZEBH+: jurrehjoes babohst tgeUZ im``br, hmrdbòzei wotg respejt tm pre-jrosos (Lbhubry 2??1) vbùes.? Jèbr`y, dmst

BZEBH+: jurrehjoes exjept tge Jgohese rehdohko, Db`bysobh rohaaot, bhi Lbpbheseyeh ieprejobtei iuroha tge pmst-jrosos peromi.23 Qotg tge mhset mf tge Bsobh fohbhjob`jrosos, tgese jmuhtroes bkbhimhei tgeor ie fbjtm im``br-pea reaodes bhi b``mwei tgeorjurrehjoes tm fùjtubte. Fèxokoòty oh exjgbhae rbtes wbs hejessbry fmr tgese jmuhtroesbs tgey heeiei tm dotoabte tge trbhsdossomh mf exterhb` sgmjns bhi b``mw tgeorexjgbhae rbtes tm ke ieterdohei bt tge bpprmprobte ève`s, lustofoei ky dbjrmejmhmdojfuhibdehtb`s.

Foaure 2< Hmdohb` Exjgbhae [btes mf BZEBH+: Jurrehjoes babohst tge UZ Im``br(Lbhubry 2??142)

3.5

2.3

2.5

;.3

;.5

Db`bysob Sgoòppohes Zohabpmre Ygbo`bhi S[J Nmreb, [epukòj mf Lbpbh

S[J 4 Sempè‟s [epukòj mf Jgohb.

Hmte< Ohimhesob gbs keeh exjùiei iue tm ̀ brae fùjtubtohs oh ots exjgbhae rbte iuroha 2??1‚2??7.

Zmurje< ODF Ohterhbtomhb` Fohbhjob` Ztbtostojs.

? Foaure B2 ohjùies exjgbhae rbte fùjtubtomhs oh Ohimhesob.23

Yge Ohimhesobh rupobg redbohei jmhstbht iuroha tge pmst-jrosos peromi, kut gbi b`rebiy ieprejobteisukstbhtob``y iuroha tge jrosos peromi (Lu`y 2??1‚Iejedker 2??7).

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Mh tge jmhtrbry, tge S[J bhi Db`bysob, oh pbrtoju`br, experoehjei arbiub`bpprejobtomhs mf tgeor jurrehjoes fm``mwoha tgeor iepbrture frmd ie fbjtm im``br-peareaodes oh Lu`y ;335.22 Ygey heeiei fèxokoòty oh tgeor exjgbhae rbtes fmr bilustdehtstm exterhb` odkb`bhjes bhi mptei tm sgoft wgeh dmst mf tge Ebst Bsobh ejmhmdoes gbib`rebiy fu``y rejmverei frmd tge jrosos bhi a`mkb` dbrnet jmhiotomhs were fbor`yfbvmrbkè.

[ejeht trbhsotomhs mf ie lure exjgbhae rbte reaodes oh BZEBH+: mver 2???‚;323 bresuddbrozei oh Ybkè ;. 2; Bjjmrioha tm ODF (;329), ie lure exjgbhae rbtebrrbhaedehts bre tgmse tgbt butgmrotoes mffojob``y bhhmuhje, bhi bre iofferehtobtei frmdtge ie fbjtm j`bssofojbtomh kbsei mh brrbhaedehts mh dbrnet-ieterdohei exjgbhaerbtes bs oh O`zetzno, [eohgbrt, bhi [mamff (;323). Ot os hmtewmrtgy tgbt dmst jmuhtroes oh BZEBH+:, exjept Lbpbh, sgoftei frmd mhe reaode tm bhmtger oh tge pmst-BsobhFohbhjob` Jrosos peromi mr bt èbst jgbhaei tm smde sdb`` iearee. Bdmha tged, we seetwm pbtterhs mf reaode jgbhaes. Mhe os b ievobtomh frmd b jmhvehtomhb` peaaeibrrbhaedeht bssmjobtei wotg bh ohjrebse oh fèxokoòty mf tge exjgbhae rbte, bs oh tgeS[J bhi Db`bysob. Yge mtger os b iepbrture frmd b dbhbaei f`mbtoha reaode mwoha tm

b reiujtomh oh ohtervehtomhs, bs oh Ohimhesob bhi Ygbo`bhi.

Ybkè ;< Yrbhsotomhs mf Ie Lure Exjgbhae [bte [eaodes oh BZEBH+:

Jmuhtry 2???b ;335b ;337k ;323k

Ohimhesob Ohiepehieht`yf`mbtoha

Dbhbaei f`mbtoha wotg hmpre-ieterdohei pbtg fmr

tge exjgbhae rbte

F`mbtoha Ztbkoòzeibrrbhaedehtj

Db`bysob Jmhvehtomhb`peaaei

brrbhaedeht


tge exjgbhae rbte

F`mbtohai Mtgerdbhbaei

brrbhaedehte

Sgoòppohes Ohiepehieht`yf`mbtoha

Ohiepehieht`y f`mbtoha F`mbtohaf F`mbtohaf

Zohabpmre Dbhbaei f`mbtohawotg hm

pre-ieterdoheipbtg fmr tge

exjgbhae rbte


tge exjgbhae rbte

F`mbtohaa Mtgerdbhbaei

brrbhaedehte

Ygbo`bhi Ohiepehieht`yf`mbtoha


tge exjgbhae rbte

F`mbtohaf F`mbtohaf

S[J Jmhvehtomhb`peaaei

brrbhaedeht

Jmhvehtomhb` peaaeibrrbhaedeht

Ztbkoòzeibrrbhaedeht

Jrbw`-ònebrrbhaedeht

22 Db bhi DjJbuèy (;322) fohi tgbt oh tge ;-yebr peromi frmd doi-;336 tm doi-;337, tge rehdohkostrehatgehei arbiub``y babohst trbioha pbrther jurrehjoes wotgoh b hbrrmw kbhi.

2; ODF (;33?) exp`bohs oh Brtojè OV, Zejtomh ;(b) mf tge ODF‟s Brtojès mf Bareedeht bhi Sbrbarbpg 26 mftge ;331 Zurveo``bhje Iejosomh Hm. 2:?2?-(31/52) tgbt ebjg dedker os requorei tm hmtofy tge fuhi mf tgeexjgbhae brrbhaedehts ot ohtehis tm bpp`y bhi tm hmtofy tge fuhi prmdpt`y mf bhy jgbhaes oh otsexjgbhae brrbhaedehts.

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12/29


Lbpbh Ohiepehieht`yf`mbtoha

Ohiepehieht`y f`mbtoha Free f`mbtohaf Free f`mbtohaf

Nmreb,

[ep. mf

Ohiepehieht`y

f`mbtoha

Ohiepehieht`y f`mbtoha Free f`mbtohaf F`mbtohaf


Hmtes< b Yge jbteamroes mf exjgbhae rbte brrbhaedehts mver 2???‚;331 bre< (2) gbri peas jmdprosoha (b)exjgbhae brrbhaedehts wotg hm sepbrbte èab` tehier bhi (k) jurrehjy kmbri brrbhaedehts> (;) smft peasjmhsostoha mf (b) jmhvehtomhb` peaaei brrbhaedehts, (k) peaaei exjgbhae rbtes wotgoh gmrozmhtb` kbhis, (j)jrbwòha peas, bhi (i) jrbwòha kbhis> bhi (:) f`mbtoha reaodes, uhier wgojg tge exjgbhae rbte os dbrnetieterdohei bhi jgbrbjterozei bs (b) ohiepehieht f`mbtoha mr (k) dbhbaei f`mbtoha wotg hm pre-bhhmuhjei pbtgfmr tge exjgbhae rbte. Zee ODF (;337).

k Yge jbteamroes mf exjgbhae rbte brrbhaedehts mver ;337‚;323 bre< (2) gbri peas jmdprosoha (b) exjgbhaebrrbhaedehts wotg hm sepbrbte èab` tehier bhi (k) jurrehjy kmbri brrbhaedehts> (;) smft peas jmhsostoha mf(b) jmhvehtomhb` peaaei brrbhaedehts, (k) peaaei exjgbhae rbtes wotgoh gmrozmhtb` kbhis, (j) jrbwòha peas,(i) stbkoòzei brrbhaedehts, bhi (e) jrbw`-òne brrbhaedehts> (:) f`mbtoha reaodes, uhier wgojg tge exjgbhaerbte os dbrnet ieterdohei bhi jgbrbjterozei bs (b) f`mbtoha mr (k) free f`mbtoha> bhi b resoiub` jbteamry, mtgerdbhbaei brrbhaedehts. Zee ODF (;329).

j Yge exjgbhae rbte os ieterdohei ky supp`y bhi iedbhi oh tge fmreoah exjgbhae dbrnet. Kbhn Ohimhesob,gmwever, dby ohtervehe oh tge fmreoah exjgbhae dbrnet’bs pbrt mf b pmòjy dox’wgehever hejessbry tmbjgoeve tge ohf`btomh tbraet, bs we`` bs tge stbkoòty mf tge rupobg exjgbhae rbte. Oh jmhiujtoha tge ohtervehtomh,Kbhn Ohimhesob imes hmt tbraet b spejofoj ève` mf rupobg exjgbhae rbte mr dbohtboh exjgbhae rbte dmvedehtsoh b spejofoj kbhi.

i Yge rohaaot os dbhbaei wotg referehje tm b jurrehjy kbsnet. Yge jmdpmsotomh mf tge kbsnet os hmt iosj`msei.Effejtove ; Fekrubry ;33?, tge j`bssofojbtomh mf tge ie fbjtm exjgbhae rbte brrbhaedeht wbs jgbhaei frmddbhbaei f`mbtoha wotg hm preieterdohei pbtg fmr tge exjgbhae rbte tm f`mbtoha, retrmbjtove`y tm :3 Bpro` ;337,iue tm tge revosomh mf tge j`bssofojbtomh detgmim`may.

e Kbhn Heabrb Db`bysob mperbtes b ie lure dbhbaei f`mbt fmr tge rohaaot wotg referehje tm b jurrehjy kbsnet.Yge jmdpmsotomh mf tge kbsnet os hmt iosj`msei. Bs b resu`t mf tge rohaaot trbjnoha b jmdpmsote, b`tgmuag hmtj`mse`y ehmuag tm ke j`bssofoei bs b stbkoòzei brrbhaedeht babohst b jmdpmsote, tge ie fbjtm exjgbhae rbtebrrbhaedeht os j`bssofoei bs mtger dbhbaei brrbhaedeht. Fmr Zohabpmre, tge ie lure exjgbhae rbtebrrbhaedeht os f`mbtoha. Yge Zohabpmre im``br os b``mwei tm fùjtubte wotgoh b tbraetei pmòjy kbhi bhi osdbhbaei babohst b kbsnet mf jurrehjoes mf tge jmuhtry‟s dblmr trbioha pbrthers bhi jmdpetotmrs.

f Bjjmrioha tm ODF (;33?), b f`mbtoha exjgbhae rbte os `brae`y dbrnet ieterdohei, wotgmut bh bsjertbohbkè mrpreiojtbkè pbtg fmr tge rbte. Oh pbrtoju`br, bh exjgbhae rbte tgbt sbtosfoes tge stbtostojb` jroterob fmr b stbkoòzeimr b jrbw`-òne brrbhaedeht wo`` ke j`bssofoei bs sujg uhèss ot os jèbr tgbt tge stbkoòty mf tge exjgbhae rbte oshmt tge resu`t mf mffojob` bjtomhs. Fmreoah exjgbhae dbrnet ohtervehtomh dby ke eotger iorejt mr ohiorejt, bhiserves tm dmierbte tge rbte mf jgbhae bhi preveht uhiue fùjtubtomhs oh tge exjgbhae rbte. Furtgerdmre, tgosf`mbtoha exjgbhae rbte jbh ke j`bssofoei bs free f`mbtoha of ohtervehtomh mjjurs mh`y exjeptomhb``y bhi bods tmbiiress iosmrier`y dbrnet jmhiotomhs, bhi of tge butgmrotoes gbve prmvoiei ohfmrdbtomh mr ibtb jmhfordoha tgbtohtervehtomh gbs keeh òdotei tm bt dmst tgree ohstbhjes oh tge prevomus 6 dmhtgs, ebjg `bstoha hm dmre tgbh :kusohess ibys.

a Yge Zohabpmre im``br os b``mwei tm fùjtubte wotgoh b tbraetei pmòjy kbhi bhi os dbhbaei babohst b kbsnetmf jurrehjoes mf tge jmuhtry‟s dblmr trbioha pbrthers bhi jmdpetotmrs. Yge vbromus jurrehjoes bre bssoaheiweoagts oh bjjmribhje wotg tge odpmrtbhje mf tge jmuhtroes tm Zohabpmre‟s trbie re`btomhs wotg tge wmrì. Ygeexjgbhae rbte pmòjy os bhhmuhjei every 6 dmhtgs oh tge Dmhetbry Smòjy Ztbtedeht, typojb``y oh terds mfjgbhaes tm tge s`mpe mf tge pmòjy kbhi. Yge UZ im``br os tge ohtervehtomh jurrehjy.

Zmurje< ODF Bhhub` [epmrt mh Exjgbhae [bte Brrbhaedehts bhi Exjgbhae [estrojtomhs (;337, ;33?, ;329).

:. BILUZYDEHYZ MH JBSOYB@ BJJMUHY[EZY[OJYOMHZ

:.2 Kehefots bhi Jmsts fmr Arbiub` bhi [bpoi Jbpotb` BjjmuhtBilustdehts

Yge dmhetbry butgmrotoes gbve twm mptomhs tm re`bx jbpotb` bjjmuht restrojtomhs< (B)arbiub` òkerbòzbtomh bhi (K) rbpoi òkerbòzbtomh. Ygere bre kmtg kehefots bhi jmsts

bssmjobtei wotg ebjg pmòjy mptomh bs suddbrozei oh Ybkè :.

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Ybkè :< Kehefots bhi Jmsts mf Mptomhs fmr Jbpotb` Bjjmuht @okerbòzbtomh

Mptomh mf [edmvb` mfJbpotb` Bjjmuht[estrojtomhs

Kehefots Jmsts

Arbiub` Zbfeaubri babohst turkuèhje ohtge ohterhbotmhb` jbpotb` dbrnets(stbkoòzoha ohterest rbtes)

@odotei jbpotb` ohf`mws iurohabilustdeht peromis

Krebtgoha spbje tm pursueejmhmdoj bilustdehts bhi tmbjjeèrbte mtger refmrds

Bilustdeht (odpèdehtbtomh)jmsts

@mw vm`btoòty mf exjgbhae rbtes @mss oh reputbtomh frmdohterhbtomhb` jreiotmrs

- Exterhbòty mh FIO f`mws

[bpoi Jmhtohmus jbpotb` ohf`mws(bssmjobtei wotg hm bilustdehtperomi)

@bjn mf sbfeaubri babohstturkuèhje oh tge ohterhbtomhb`jbpotb` dbrnets

Hm bilustdeht (odpèhetbtomh)jmsts

Hm krebtgoha spbje tm pursueejmhmdoj blustdehts mrbjjeèrbte refmrds

Hm reputbtomh `mss Goag vm`btoòty mf ohterest rbtesiuroha rbpoi redmvb`

Hm exterhbòty mh FIO f`mws Goag vm`btoòty mf exjgbhae rbtesiuroha rbpoi redmvb`

FIO 4 fmreoah iorejt ohvestdeht.

Zmurje< Nbwbo bhi Ybnbao (;339) bhi butgmrs.

Ygree kehefots mf arbiub` òkerbòzbtomh ieserve bttehtomh. Forst, arbiub` bilustdeht mfjbpotb` bjjmuht debsures prmvoies b sbfeaubri babohst furtger turkuèhje ohohterhbtomhb` dbrnets. 2: Ot ehsures arebter dmhetbry pmòjy butmhmdy tm stbkoòzeohterest rbtes. Jèbr`y, jbpotb` ohf`mws bhi mutf`mws bre òdotei bhi bt èbst uhier tgejmhtrm` mf tge dmhetbry butgmrotoes iuroha tge bilustdeht peromi. Ygese f`mws im hmtehibhaer tge sjmpe mf tge dmhetbry pmòjy. Zejmhi, oh òhe wotg tge prevomus pmoht, tgearbiub` bilustdehts jrebte krebtgoha spbje tm pursue ejmhmdoj bilustdehts bhi tm

bjjeèrbte mtger hejessbry refmrds. [btger tgbh rebjtoha tm exmaehmus sgmjnsbssmjobtei wotg sgofts, tge butgmrotoes bre bkè tm fmjus mh odpèdehtoha hejessbryrefmrds. Fohb``y, aoveh òdotei jbpotb` ohf`mws bhi mutf`mws, tge exjgbhae rbte kejmdesèss vm`btoè bhi jbuses èss iosruptomh tm tge ejmhmdy. Zdb`` mpeh ejmhmdoes wotg`brae jbpotb` bhi trbie bjjmuhts, oh pbrtoju`br, ehlmy tge bivbhtbae mf èss vm`btoòty ohexjgbhae rbtes.

Mh tge heabtove soie, arbiub` bilustdehts ehtbo` smde smurjes mf jmsts< (2) Iuroha tgebilustdeht peromi, jbpotb` ohf`mws tm tge ejmhmdy bre òdotei, wgojg heabtove`y bffejtsarmwtg> (;) tgere bre requorei odpèdehtbtomh mf re`bxoha smde debsures bt ebjg step

2:

Nbwbo bhi Ybnbao (;339) edpgbsoze tge kehefots mf jmhtrm`s mh jbpotb` mutf`mws oh Db`bysob bhi exp`bohgmw tgey represehtei b hbtomhb` sbfeaubri babohst furtger turkuèhje oh ohterhbtomhb` fohbhjob` dbrnets.

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mf tge bilustdeht prmjess> (:) èbvoha jbpotb` bjjmuht restrojtomhs oh p`bje jrebtesuhjertbohty fmr fmreoah jreiotmrs, ermies jmhfoiehje, bhi jbh jbuse jreiotmrs tm fmrdkobsei expejtbtomhs> bhi (9) iespote tge expòjot exedptomh mf FIO frmd jbpotb` bjjmuhtrestrojtomhs, FIO ohf`mws bre heabtove`y bhi ohiorejt`y ohfùehjei ky restrojtomhs mhpmrtfmòm f`mws.29

Oh jmhtrbst, tge butgmrotoes ehlmy tgree smurjes mf kehefots tgrmuag tge rbpoibilustdehts. Forst, ohstbhtbhemus`y bfter tge redmvb` mf tge jbpotb` restrojtomhs, tgebutgmrotoes rejeove jmhtohumus jbpotb` ohf`mws tgbt suppmrt armwtg. Zejmhi, bs tgebutgmrotoes redmve b`` jbpotb` jmhtrm` debsures bt mhje, tgere bre hm jmsts requorei fmrodpèdehtoha redbohoha debsures. Ygori`y, tge rbpoi òkerbòzbtomh ge`ps odprmve tgejmhfoiehje bhi jreiokoòty mf jreiotmrs sohje bhy uhjertbohty aeherbtei ky jbpotb`restrojtomhs os eòdohbtei. @bst`y, tgere bre fewer spo``mvers tm FIO ohf`mws tm tge jmuhtrybs fmreoah fords bre èss sneptojb` mf ieve`mpdehts tm jbpotb` bjjmuhts.

Fmr tge jmsts mf tge arbiub` bilustdehts, tgey `bjn b sbfeaubri babohst turkuèhje ohtge ohterhbtomhb` jbpotb` dbrnets. Oh b sodo`br veoh, tge arbiub` bilustdehts im hmt

jrebte bhy krebtgoha spbje fmr tge butgmrotoes tm pursue ejmhmdoj bilustdehts mr tmbjjeèrbte refmrds. Oh tgos reabri, tge butgmrotoes heei tm rebjt oddeiobte`y tmexmaehmus sgmjns bffejtoha tge ejmhmdy. Dmremver, rbpoi bilustdehts mf jbpotb`bjjmuht debsures troaaer uhexpejtei dbrnet uhjertbohty bhi fbjoòtbte oddeiobtejbpotb` f`mws. Bs b jmhsequehje, ohterest rbtes bhi exjgbhae rbtes kejmde dmrevm`btoè, wgojg heabtove`y bffejts tge ejmhmdy.

:.; Jmuhtry Experoehje mf Arbiub` Jbpotb` Bjjmuht@okerbòzbtomh

Hext, we exp`mre tge jbse mf arbiub` jbpotb` bjjmuht òkerbòzbtomh oh Ohiob mver 2??2‚2???. Broymsgo et b`. (;333) suddbroze tge sequehjes mf refmrds oh Ohiob bs fm``mws.Yrbie, jurreht pbydehts, bhi fmreoah iorejt ohvestdeht were òkerbòzei forst oh 2??2.Ygeh tge stbrt mf fohbhjob` systed refmrd bhi tge òkerbòzbtomh mf pmrtfmòm equotyohvestdeht fm``mwei oh 2??;. Biiotomhb` òkerbòzbtomh mf pmrtfmòm bhi fmreoah iorejtohvestdeht wbs uhiertbneh oh 2??: bhi 2??9, oh pbrb`è` wotg furtger refmrds mf trbiepmòjoes, jurreht fmreoah exjgbhae trbhsbjtomhs, bhi tge fohbhjob` sejtmr. Yge arbiub`reiujtomh oh tge jbsg reserve requoredeht bhi stbtutmry òquoioty requoredeht tgbtkeabh oh 2??2‚2??; jmhtohuei, bhi amverhdeht reòbhje mh jehtrb` kbhn fohbhjohawbs òdotei, ohter bòb, tm suppmrt tge dmve tm ohiorejt dmhetbry pmòjy ohstrudehts.Ygere wbs b tedpmrbry toagtehoha mf restrojtomhs mh pmrtfmòm equoty ohf`mws oh 2??5,fm``mwei ky b resudptomh mf b arbiub` fmrwbri dmvedeht oh fohbhjob` sejtmrrestrujturoha bhi jbpotb` bjjmuht òkerbòzbtomh, ohjùioha dmst hmtbk`y steps tm `mmseh

restrojtomhs mh exterhb` jmdderjob` kmrrmwoha bhi kbhns‟ fmreoah kmrrmwoha bhièhioha oh 2??1 bhi 2??7.

Bs pmohtei mut oh Broymsgo et b`. (;333), Ohiob‟s bpprmbjg tm jbpotb` bjjmuhtòkerbòzbtomh tgerefmre edpgbsozei `mmsehoha restrojtomhs mh `mhaer-terd bhimwhersgop-kbsei ohf`mws forst, wotg sgmrter-terd trbhsbjtomhs bhi mutf`mws keohaòkerbòzei mh`y mhje jmhsoierbkè prmaress gbi keeh dbie oh fohbhjob` sejtmr refmrd.Ygos bpprmbjg refèjtei tge èssmhs mf tge 2??2 jrosos.

Oh biiotomh, bsoie frmd tge kmì debsures tbneh oh 2??2‚2??;, Ohiob gbs esjgewei b‐koa kbha— bpprmbjg tm jbpotb` bjjmuht òkerbòzbtomh bhi fohbhjob` sejtmr refmrd,

29 Nbwbo bhi Ybnbao (;339) pmoht mut tgbt tge odpmsotomh mf seèjtove jmhtrm`s dby b`sm gbve èi fmreoah

fords tm tbne b dmre jbutomus bpprmbjg tmwbri dbnoha hew iorejt ohvestdehts wgeh Db`bysobodpèdehtei jbpotb` jmhtrm`s mh mutf`mws.

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preferroha ohstebi tm dmve sodu`tbhemus`y, jbutomus`y, bhi stebio`y mh dbhy frmhts btmhje. Yge jbutomus pbje mf jbpotb` bjjmuht òkerbòzbtomh gbs keeh `brae`y dmtovbtei kyb iesore tm forst put oh p`bje tge bpprmprobte prejmhiotomhs, ohjùioha smuhidbjrmejmhmdoj pmòjoes bhi b stbkè fohbhjob` systed. 25 Yge refmrd mf tge `brae`ystbte-jmhtrm`èi kbhnoha systed gbs prmveh tm ke pbrtoju`br`y ioffoju`t.

Oh sgmrt, Ohiob‟s bpprmbjg oh 2??2‚2??? bodei tm tbne bivbhtbae mf tge derots mfarbiub` jbpotb` bjjmuht bilustdehts< dbohtbohoha b sbfeaubri bhi gbve krebtgohaspbje tm pursue ejmhmdoj bilustdehts.

:.: Jmuhtry Experoehje mf [bpoi Jbpotb` Bjjmuht@okerbòzbtomh

Broymsgo et b`. (;333) imjudeht smde jmuhtry experoehjes mf rbpoi jbpotb` bjjmuhtòkerbòzbtomh. Bdmha tged, tge dmst prmdoheht jbses bre (o) Nehyb oh 2??2‚2??5 bhi(oo) Seru oh 2??3‚2??2.26

Nehyb edkbrnei mh b woie-rbhaoha òkerbòzbtomh prmarbd ohjùioha re`bxoharestrojtomhs mh fmreoah jurrehjy trbhsbjtomhs. B soahofojbht step tmwbri òkerbòzbtomh mfjurreht bhi jbpotb` bjjmuht trbhsbjtomhs wbs dbie oh 2??2 wotg tge ohtrmiujtomh mffmreoah exjgbhae kebrer jertofojbtes mf iepmsots (FEKJs), wgojg were bvbo`bkè tmresoiehts bhi hmhresoiehts bòne, trbiei oh tge sejmhibry dbrnet wotg hm heei fmròjehses mr reaostrbtomh. Bt tge sbde tode, smde ehterproses were perdottei tm gmìfmreoah jurrehjy-iehmdohbtei bjjmuhts bkrmbi mr wotg butgmrozei kbhns imdestojb``y. Bs b jmhsequehje, kbhns were b``mwei tm jmhiujt kusohess oh fmreoah jurrehjy bhikuy bhi se`` fmreoah exjgbhae jmhtrbjts bt dbrnet-ieterdohei rbtes wotgmut bhyrestrojtomhs mh tge bjjmuht mr tge peromi jmverei. Oh 2??9, tge Nehybh sgo`òha kejbdefu``y jmhvertokè bhi Nehyb bjjeptei tge mkòabtomhs mf Brtojè VOOO.

Fohb``y, oh 2??5, b`` redbohoha fmreoah exjgbhae jmhtrm`s were eòdohbtei bhi tgebutgmroty tm òjehse bhi reau`bte fmreoah exjgbhae trbhsbjtomhs wbs trbhsferrei tm tgejehtrb` kbhn. Oh tge jmurse mf 2??5, restrojtomhs mh ohvestdeht ky fmreoahers oh sgbresbhi amverhdeht sejurotoes were eòdohbtei. B`` redbohoha restrojtomhs mh jbpotb`bjjmuht trbhsbjtomhs were redmvei wotg b few exjeptomhs< b jeoòha mh purjgbses mfequoty ky hmhresoiehts (93% mh baareabte, 5% fmr ohiovoiub` ohvestmrs)> bpprmvb` frmdtge Jbpotb` Dbrnets Butgmroty promr tm tge ossubhje mf sejurotoes `mjb``y ky hmh-resoiehtsmr bkrmbi ky resoiehts bs we`` bs ierovbtove sejurotoes> bhi amverhdeht promr bpprmvb`fmr tge purjgbse mf reb` estbte.

Iespote tge ohtrmiujtomh mf tgese òkerbòzbtomh debsures, Nehyb experoehjei b sgbrpejmhmdoj imwhturh frmd `bte 2??2 mhwbri. AIS armwtg iejeèrbtei frmd 9.1% oh

2??3 tm ‚3.7% oh 2??;, wgoè ohf`btomh ohjrebsei frmd ;2.7% tm 5:.5% iuroha tge sbdeperomi. Furtger ieteromrbtomhs oh ejmhmdoj jmhiotomhs bssmjobtei wotg bkuse mf pukòjfuhis iuroha tge iedmjrbtoj eèjtomhs krmuagt Nehyb ohtm b fu``-fèiaei jrosos oh ebr`y2??:. Yge dmhey supp`y jmhtohuei tm ohjrebse tgrmuagmut tge peromi, ohf`btomh

25 Oh 2??1, b jmddottee mf experts (tge Jmddottee mh Jbpotb` Bjjmuht Jmhvertokoòty, mr ‐YbrbpmreJmddottee—) wbs bppmohtei tm uhiertbne prepbrbtmry wmrn tmwbri fu`` jbpotb` bjjmuht jmhvertokoòty. Ygerepmrt mf tge jmddottee estbkòsges b hudker mf prejmhiotomhs fmr òkerbòzbtomh. Fosjb` jmhsmòibtomh,`mwer ohf`btomh, bhi b strmhaer fohbhjob` systed were seeh bs jrujob`.

26 Zodo`br`y, Braehtohb ohotobtei tge prmjess mf eòdohbtoha restrojtomhs mh ohterhbtomhb` jurreht bhi jbpotb`pbydehts bhi trbhsfers oh 2?7? bhi jmdpètei tge prmjess oh 2??2 uhier tge Jmhvertokoòty S`bh. Ygebimptomh mf b jurrehjy kmbri wbs fm``mwei ky b redbrnbkè ohjrebse oh jbpotb` ohf`mws oh 2??2‚2??9,

refèjtoha tge redmvb` mf èab` restrojtomhs, tge provbtozbtomh prmarbd, bhi tge reau`brozbtomh mf re`btomhswotg exterhb` jreiotmrs tgrmuag tge Sbros Jùk bhi Krbiy mperbtomhs.

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bjjeèrbtei furtger, bhi exterhb` pbydehts brrebrs ederaei fmr tge forst tode oh `bte2??;. Zeverb` jmdderjob` kbhns were b``mwei tm dbohtboh mverirbfts wotg tge jehtrb`kbhn, mktboh expmrt pre-sgopdeht fohbhjoha fbjoòtoes, irbw jgejns babohst ohsuffojoehtfuhis, bkuse tge jèbroha systed, bhi ie`by pbydehts. B hudker mf kbhns persosteht`yvom`btei tge stbtutmry jbsn bhi bverbae reserve rbtoms. Fm``mwoha tgeor òkerbòzbtomh,ohterest rbtes ohjrebsei bhi kejbde pmsotove oh reb` terds. Fohb``y, tge sgo`òhaieprejbtei rbpoi`y.

Zodo`br`y, Seru odpèdehtei b woie-rbhaoha prmarbd bodei bt ̀ okerbòzoha dmst sejtmrs,ohjùioha òkerbòzbtomh mf tge jbpotb` bjjmuht oh 2??3. Yge du`topè exjgbhae rbte tgbtgbi keeh put oh p`bje oh tge doi-2?73s tm prmtejt tge kb`bhje mf pbydehts wbs uhofoeioh 2??3. Yge exjgbhae rbte wbs b``mwei tm f`mbt, qubhtotbtove odpmrt restrojtomhs wereòftei, tge prevomus`y jmdpèx tbroff systed wbs jmhsmòibtei, bhi expmrt suksoioes wereeòdohbtei.

Hew èaos`btomh mh fmreoah ohvestdeht wbs suksequeht`y ohtrmiujei oh Buaust bhiHmvedker 2??2 bs pbrt mf tge òkerbòzbtomh prmarbd. Ygese jgbhaes were dbie pbrt

mf tge hew jmhstotutomh ehbjtei oh Lbhubry 2??9. Yge jmhstotutomh suklejtei hbtomhb`bhi fmreoah ohvestmrs tm tge sbde terds, b`tgmuag fmreoah ohvestdeht wbs requorei tmke reaosterei wotg tge Hbtomhb` Jmddossomh mh Fmreoah Ohvestdeht bhi Yejghm`may.Fmreoah ohvestmrs were b``mwei tm free`y redot prmfots mr iovoiehis (tge prevomus systedestbkòsgei b jeoòha mh redottbhje mf prmfots equb` tm ;3% mf tge ohvestdeht, wotgexjeptomhs arbhtei tm smde sejtmrs)> free`y re-expmrt jbpotb`> bjjess imdestoj jreiot>bjquore sgbres mwhei ky hbtomhb`s> bhi jmhtrbjt ohsurbhje fmr tgeor ohvestdeht bkrmbi.Expmrters bhi odpmrters were perdottei tm uhiertbne fmreoah exjgbhae trbhsbjtomhs ohtge dbrnet wotgmut ohterdeiobtomh ky tge jehtrb` kbhn, bhi fu`` jmhvertokoòty mf tgejurrehjy (tge ‐sm`—) wbs aubrbhteei ky tge jmhstotutomh. [esoiehts bhi hmhresoiehtswere perdottei tm mpeh fmreoah jurrehjy-iehmdohbtei bjjmuhts oh bhy fohbhjobòhstotutomh mfferoha sujg bjjmuhts, b`tgmuag iofferehtobtei (goager) reserve requoredehts

mh fmreoah jurrehjy iepmsots were dbohtbohei tgrmuagmut. Oh suksequeht yebrs, fmreoahohvestdeht ohjrebsei sukstbhtob`̀ y, wotg b stmjn mf fmreoah iorejt ohvestdeht rosoha frmd$2.: ko`òmh oh 2??3 tm $6 ko`òmh oh 2??5.

Jmhtrbry tm Nehyb, jbpotb` bjjmuht òkerbòzbtomh oh Seru wbs uhiertbneh wgeh UZohterest rbtes were iejòhoha bhi imdestoj ohterest rbtes were goag, refèjtoha bh bhto-ohf`btomhbry dmhetbry pmòjy. Ygese jorjudstbhjes, tmaetger wotg b soahofojbhtodprmvedeht oh fuhibdehtb`s resu`tei oh sustbohei jbpotb` ohf`mws bhi, wotg tgebimptomh mf tge f`mbtoha exjgbhae reaode, oh b sgbrp bpprejobtomh mf tge jurrehjy<ketweeh 2??3 bhi 2??5 tge reb` effejtove exjgbhae rbte bpprejobtei ky ;5%. Ygejurreht bjjmuht iefojot ohjrebsei soahofojbht`y frmd :.7% mf AIS oh 2??3 tm 1.:% oh2??5, kefmre iejòhoha smdewgbt tgerebfter (ketweeh 5% bhi 6% mf AIS iuroha tge

peromi 2??6‚2??7). Eveh sm, strmha provbte jbpotb` ohf`mws ge`pei tm `brae`y fohbhje tgosiefojot.

Ym suddbroze, kmtg Nehybh bhi Seruvobh butgmrotoes smuagt tge kehefots mf rbpoijbpotb` bjjmuht bilustdeht, oh pbrtoju`br jmhtohumus jbpotb` ohf`mws wotg hm bilustdehtjmsts. Ygrmuag rbpoi jbpotb` bjjmuht òkerbòzbtomh, b jmuhtry os dmre òne`y tm keexpmsei tm ioffereht types mf exterhb` sgmjns. Bs o`ùstrbtei oh tge jbses mf Nehyb bhiSeru, wgetger b jmuhtry kejmdes vu`herbkè tm exmaehmus sgmjns bhi sufferssoahofojbht `msses iepehis mh tge dbjrmejmhmdoj fuhibdehtb`s mf tge jmuhtry bhi tgesmuhi dbjrmejmhmdoj pmòjoes ot odpèdehts, rbtger tgbh tge jmhsequehje mf rbpoiredmvb` mf jbpotb` bjjmuht restrojtomhs otse`f.

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9. BILUZYDEHYZ MH EWJGBHAE [BYE F@EWOKO@OY_

9.2 Kehefots bhi Jmsts mf Arbiub` bhi [bpoi Ohjrebses ohExjgbhae [bte Fèxokoòty

Zodo`br tm jbpotb` bjjmuht òhebrozbtomh, tgere bre twm mptomhs tgbt tge dmhetbrybutgmrotoes jbh odpèdeht tm ohjrebse fèxokoòty oh exjgbhae rbtes< (B) arbiub`bilustdehts bhi (K) rbpoi bilustdehts. Kmtg mptomhs ehtbo` kehefots bhi jmsts fmrpmòjydbners bs repmrtei oh Ybkè 9. Fmr tge fmrder bpprmbjg, tge dmhetbry butgmrotoestbne bivbhtbae mf dohodozoha heabtove ohfùehjes iue tm òdotei vm`btoòty oh ohterestrbtes bhi exjgbhae rbtes tgrmuag sdmmtg bilustdehts. Dmremver, tgere os èssuhjertbohty oh expejtei exjgbhae rbtes fm``mwoha òdotei bilustdehts oh exjgbhaerbtes. Yge mtger soie mf tge jmoh os tgbt bilustdehts requore èhatgy peromis bhiodpèdehtbtomh jmsts. Yge pmòjydbners fbje mppmrtuhoty jmsts mf hmt rebjgoha tgeiesorei reaode quojn`y, aoveh tge èhatgy bilustdehts uhiertbneh. Arbiub``y bilustoha

exjgbhae rbte fèxokoòty iedbhis severb` steps tm debsures mh exjgbhae rbtes, o.e.,upper mr `mwer kbhis oh exjgbhae rbtes, weoagts mh exjgbhae rbtes oh tge jurrehjykbsnet.

Fmr tge rbpoi bpprmbjg, tge jmuhtry kehefots frmd gbvoha hm bilustdeht tode mr jmsts.Yge jmuhtry jbh pmtehtob``y rejeove tge kehefots mf ohjrebsei exjgbhae rbte fèxokoòtyoddeiobte`y bfter ot redmves b`` debsures mh exjgbhae rbtes. Ot jèbr`y imes hmt heeitm tbne severb` steps tm re`bx debsures mr suffer tge jmsts bssmjobtei wotg re`bxoha tgedebsures. Bs tge jmuhtry‟s exterhb` ehvormhdeht, oh pbrtoju`br ots expmsure bhi kuffertm exmaehmus sgmjns, jgbhaes irbdbtojb``y fm``mwoha rbpoi bilustdeht, tge ejmhmdyjbh ke severe`y bffejtei ky ohterest rbte bhi exjgbhae rbte fùjtubtomhs ky fuhjtomhohabs bh butmdbtoj stbkoòzer tm exmaehmus sgmjns. Heeièss tm sby, expejtei exjgbhaerbtes kejmde dmre uhjertboh, wgojg heabtove`y bffejts tge kegbvomr mf expmrters bhiodpmrters.

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Ybkè 9< Kehefots bhi Jmsts fmr Mptomhs mf Ohjrebsoha Fèxokoòty mf Exjgbhae[btes

Mptomh mf Ohjrebsoha Fèxokoòtymf Exjgbhae [btes

Kehefots Jmsts

Arbiub` @odotei ohterest rbte vm`btoòty Yode tm rebjg tge stbkèreaode

@odotei exjgbhae rbte vm`btoòty Bilustdeht jmsts (settohakbhis, jgbhaoha weoagts)

@odotei expejtei exjgbhaerbte vm`btoòty

Zuiieh Hm exjgbhae rbte bilustdehtperomi

Goag ohterest rbte vm`btoòty

Hm exjgbhae rbte bilustdehtjmsts

Goag exjgbhae rbte vm`btoòty

Goag expejtei exjgbhaerbte uhjertbohty

Zmurje< Butgmrs‟ jmdpo`btomh.

9.; Jmuhtry Experoehjes mf Exjgbhae [bte Fèxokoòty

9.;.2 Arbiub` Exjgbhae [bte Bilustdehts

Zmde jmuhtroes gbve experoehjei arbiub` bilustdehts mf tgeor exjgbhae rbtes tmwbrib free f`mbtoha reaode< fmr ohstbhje, Jgoè oh 2?7;‚;337, Osrbe` oh 2??3‚;339, bhiSm`bhi oh 2??2‚2??7.

Forst, Jgoè ievobtei frmd b foxei reaode tm jrbwòha kbhis oh 2?7;. Ot arbiub``ywoiehei ots jrbwòha kbhi reaode mver b peromi mf dmre tgbh ;3 yebrs (2?7;‚;337)bhi fohb``y rebjgei b free f`mbtoha reaode oh ;337.21 Iuroha tge bilustdeht peromi, tgeexjgbhae rbte babohst tge UZ im``br wbs mh b arbiub` ieprejobtoha trehi bs sgmwh ohFoaure ;, Sbhe` B. Oh b sodo`br veoh, Sm`bhi iepbrtei frmd b foxei reaode tm jrbwòhakbhis oh 2??2 bhi arbiub``y woiehei ots jrbwòha-kbhi reaode mver 7 yebrs (2??2‚2??7) kefmre rebjgoha b free f`mbtoha reaode oh 2???. B`tgmuag Sm`bhi experoehjei bsgbrp ieprejobtomh kefmre dmvoha tm jrbwòha kbhis oh Lbhubry 2???, ot fm``mwei barbiub` ieprejobtomh mver bh bilustdeht peromi (2??2‚2??7). Yge exjgbhae rbte

ieprejobtei frmd 2 z`mty per UZ im``br oh Iejedker 2??3 tm :.1 z`mty per UZ im``br bssgmwh oh Foaure ;, Sbhe` B.

Oh aeherb`, Osrbe`‟s experoehje resedkès tgmse mf Jgoè bhi Sm`bhi, kut wotg dmrearbiub` bhi òdotei bilustdehts iuroha tge trbhsotomh. Oh 2??3, Osrbe` iepbrtei frmd bfoxei reaode tm b jrbwòha pea bhi dmvei furtger tm jrbwòha-kbhi reaode oh 2??2.Osrbe` arbiub``y woiehei bhi hbrrmwei ots jrbwòha kbhis mver tge peromis 2??2‚;332. Bfter b tedpmrbry returh tm b jrbwòha pea fmr b sgmrt peromi mf tode (;33;‚;339), otrebjgei b f`mbtoha reaode oh ;335. Sbhe` K oh Foaure ; o`ùstrbtes gmw tge hmdohb`

21 [eaodes ohiojbtei oh tge text fm``mw ODF j`bssofojbtomh oh O`zetzno, [eohgbrt, bhi [mamff (;323). Jmhtrbrytm tgos, Iuttbauptb, Ferhbhiez, bhi Nbrbjbiba (;339) ohiojbtei tgbt Jgoè sgoftei frmd jrbwòha peas tm

jrbwòha kbhis bhi arbiub``y woiehei tgeor jrbwòha-kbhi reaodes mver 29 yebrs, promr tm bimptoha bf`mbtoha reaode.

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exjgbhae rbte babohst tge UZ im``br ieprejobtei arbiub``y mver tge bilustdeht peromi(2??3‚;339).

Foaure ;< Hmdohb` Exjgbhae [btes babohst tge UZ Im``br (Lbhubry 2??3 4 2)

(B) Jgoè bhi Sm`bhi oh 2?75‚;333

3

2

;

:

9

5

Jgoè Sm`bhi

(K) Osrbe` oh 2??3‚;335

3.3

3.5

2.3

2.5

;.3

;.5

:.3

Osrbe`


9.;.; [bpoi Exjgbhae [bte Bilustdehts

Ebst Bsobh jmuhtroes experoehjei rbpoi bilustdehts oh exjgbhae rbtes fm``mwoha tgemhset mf tge Bsobh fohbhjob` jrosos oh 2??1.27 Yge dmst prmdoheht wbs Ygbo`bhi, wgojgdmvei oddeiobte`y frmd b foxei reaode tm b free f`mbtoha reaode oh 2??1, bjjmrioha tmtge ie lure ODF j`bssofojbtomh. B`tgmuag jèbr sgofts oh ie lure reaodes were hmt repmrteimffojob``y, Ohimhesob, tge Sgoòppohes, bhi tge [epukòj mf Nmreb experoehjei rbpoi

27 Ygere were mtger ederaoha dbrnet jmuhtroes experoehjoha rbpoi exjgbhae rbte bilustdehts brmuhi tge

Bsobh fohbhjob` jrosos< Braehtohb oh ;33;, Krbzo` oh 2???, bhi Ejubimr oh 2??1. B`` mf tged werebssmjobtei wotg iekt jroses mr jurrehjy jroses.

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exjgbhae rbte ieprejobtomhs bt tge stbrt mf tge jrosos bhi exjgbhae rbtes fùjtubteijmhsoierbk`y bfterwbri. Bjjmrioha tm tge ie fbjtm exjgbhae rbte reaode j`bssofojbtomhky O`zetzno, [eohgbrt, bhi [mamff (;323), tgese jmuhtroes sgoftei frmd pre-bhhmuhjeipea/jurrehjy kmbri brrbhaedehts mr hm sepbrbkè èab` tehier tm b pre-bhhmuhjeijrbwòha pea oh R:‚R9 2??1, bs sgmwh oh Ybkè 5. @bter, bfter jmuhtroes rejmvereifrmd tge jrosos, tgey iejrebsei fèxokoòty oh exjgbhae rbtes bhi revertei tm b pre-bhhmuhjei gmrozmhtb` kbhi hbrrmwer tgbh mr equb` tm ²;% bfter tge jrosos.

Ybkè 5< Jgbhaes oh Ie Fbjtm Exjgbhae [bte [eaodes oh Ebst Bsob

Jmuhtry Ibte Mroaohb` Ie Fbjtm [eaode Hew Ie Fbjtm [eaode

Ohimhesob Buaust2??1

Sre-bhhmuhjei pea mrjurrehjy kmbri brrbhaedeht

Sre-bhhmuhjei jrbwòha pea

Sgoòppohes Lu`y 2??1 Hm sepbrbte èab` tehier Sre-bhhmuhjei jrbwòha pea

Ygbo`bhi Lu`y 2??1 Hm sepbrbte èab` tehier Sre-bhhmuhjei jrbwòha pea

[epukòj mfNmreb

Iejedker2??1

Sre-bhhmuhjei pea mrjurrehjy kmbri brrbhaedeht

Sre-bhhmuhjei jrbwòha pea

Zmurje< O`zetzno, [eohgbrt, bhi [mamff (;323)

5. Y[BHZOYOMH SM@OJ_ MSYOMHZ FM[ DMHEYB[_BUYGM[OYOEZ

Oh tgos sejtomh, we prmpmse fmur pmòjy mptomhs fmr Ebst Bsobh jmuhtroes bttedptoha tmre`bx jbpotb` bjjmuht restrojtomhs bhi ohjrebse fèxokoòty oh tgeor exjgbhae rbtes frmd bfoxei reaode wotg jbpotb` bjjmuht jmhtrm`s.2? Oh pbrtoju`br, we jmhsoier pmssokè pbtgstmwbri b kbsnet pea mr f`mbtoha reaode uhier free jbpotb` dmkoòty, bs sgmwh oh Foaure:.;3 Fmr tge sgoft tm b kbsnet-pea reaode, tgere bre twm pmssokè prmjesses tge jmuhtryjbh tbne. Smòjy (O) stbrts wotg b im``br-pea reaode wotg strojt jbpotb` jmhtrm`s(jmrrespmhioha tm B), prmjeeis tm b kbsnet-pea reaode wotg `mmse jbpotb` jmhtrm`s (K),bhi fohb``y rebjges tge kbsnet pea wotg hm jbpotb` jmhtrm`s (J), tgbt os, b arbiub`bilustdeht mf kmtg jbpotb` jmhtrm`s bhi tge exjgbhae rbte. B`terhbtove`y, pmòjy (OO)stbrts frmd b im``br-pea reaode wotg strojt jbpotb` jmhtrm`s (B), tgeh suiieh`y sgofts tm bkbsnet-pea reaode wotgmut jbpotb` jmhtrm`s ky redmvoha tge jmhtrm`s suiieh`y (J), tgbtos, b suiieh sgoft mf kmtg jbpotb` jmhtrm`s bhi tge exjgbhae rbte. Qgoè pmòjy (O) tbnesbivbhtbae mf tge arbiub` bilustdeht mf jbpotb` jmhtrm`s bhi tge exjgbhae rbte, pmòjy

(OO) kehefots frmd b suiieh redmvb` mf jbpotb` jmhtrm`s bhi ohjrebse oh fèxokoòty oh tgeexjgbhae rbte. Jèbr`y, tge trbhsotomh peromi (sgmwh ky reaode ^KT oh Foaure :)jmrrespmhioha tm tge bilustdeht peromis mf tge jbpotb` jmhtrm`s bhi exjgbhae rbteiofferehtobtes tge twm pmòjoes.

Yge sgoft tm b f`mbtoha reaode b`sm ohvm`ves mhe mf tgese twm prmjesses. Smòjy (OOO)stbrts wotg b im``br-pea reaode wotg strojt jbpotb` jmhtrm`s (B) bhi suiieh`y sgofts tm b

2? _msgohm, Nblo, bhi Bsmhudb (;325k) jmhsoier b iesorbkè trbhsotomh pbtg fmr Ebst Bsobh jmuhtroes aovehtge S[J‟s trbhsotomh tm b hew exjgbhae rbte reaode.

;3 _msgohm, Nblo, bhi Bsmhudb (;32;) bhb`yze wgetger bimptoha b kbsnet pea rbtger tgbh b f`mbtoha reaodeos mptodb` fmr Ebst Bsobh jmuhtroes uhier severb` ohstrudeht ruès. Ygey fohi tgbt b jmddotdeht tm tge

kbsnet weoagt ruè os superomr tm mtger ohstrudeht ruès uhier b f`mbtoha reaode fmr sdb``, mpeh ederaohadbrnet jmuhtroes òne Zohabpmre bhi Ygbo`bhi.

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free f`mbtoha reaode ky redmvoha jbpotb` jmhtrm`s bhi bilustoha tge exjgbhae rbte (I).Smòjy (OV) stbrts wotg b im``br-pea reaode wotg strojt jbpotb` jmhtrm`s bhi suiieh`y sgoftstm b dbhbaei f`mbtoha reaode ky redmvoha jbpotb` jmhtrm`s. Uhier b dbhbaei f`mbtohareaode, of tge exjgbhae rbte fùjtubtes soahofojbht`y, tge dmhetbry butgmroty ohtervehesoh tge fmreoah exjgbhae dbrnet tm dbohtboh ots exjgbhae rbte bt tge foxei rbte (E).Mtgerwose, ot b``mws tge exjgbhae rbte tm fùjtubte bs `mha bs ot imes hmt ievobtesukstbhtob``y frmd tge iesorei ève` (I). Qgbt iofferehtobtes pmòjy (OV) frmd pmòjy (OOO) ostgbt tge jmuhtry ohtervehes oh tge fmreoah exjgbhae dbrnet wgeh `brae exjgbhae rbtefùjtubtomhs tgrebteh tm biverse`y bffejt tge ejmhmdy.

Foaure :< Smòjy Mptomhs tmwbri Iesorbkè [eaodes

Zmurje< Butgmrs‟ o`ùstrbtomh.

Kbsei mh sodu`btomh exerjoses mh tge S[J bhi Ygbo`bhi, _msgohm, Nblo, bhi Bsmhudb(;325b) prmvoie qubhtotbtove estodbtes mf judu`btove `msses mh ebjg trbhsotomh pmòjymptomh wgeh tge dmhetbry butgmrotoes bttedpt tm stbkoòze ohf`btomh rbtes. ;2 Ywmodpmrtbht fohiohas ederae frmd Ybkè 6. Forst fmr tge S[J, tge forst-kest pmòjy mptomhfmr tge dmhetbry butgmrotoes os tm sgoft rbpoi`y tm b f`mbtoha reaode. Oh tgos jbse, tgebutgmrotoes odpèdeht rbpoi jbpotb` jmhtrm` bhi exjgbhae rbte bilustdehts. Bivbhtbaesmf rebjgoha tge iesorbkè reaode wotg free jbpotb` dmkoòty mutweoag tge pmtehtob` jmsts

bhi iosturkbhjes tm tge ejmhmdy bssmjobtei wotg b rbpoi sgoft. Yge arbiub` sgoft tm bkbsnet pea jmdes bs tge sejmhi-kest smùtomh fmr tge jmuhtry. Yge butgmrotoes kehefotfrmd tge krebtgoha spbje prmvoiei ky tge arbiub` bilustdehts tm kmtg tge jbpotb`bjjmuht bhi exjgbhae rbte.

;2 Zodo`br`y, _msgohm, Nblo, bhi Bsmhudb (;329k, ;325b) repmrt tge jbse mf mutput stbkoòty.

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Ybkè 6< Jmdpbrosmh mf Fmur Yrbhsotomh Smòjy Mptomhs

B. Sempè‟s [epukòj mf Jgohb

Smòjy (O) Smòjy (OO) Smòjy (OOO) Smòjy (OV) (YE45)b

Ztbkè reaode Kbsnetpea

Kbsnet pea F`mbtoha Dbhbaei f`mbtoha

Jbpotb` bjjmuht bilustdeht Arbiub` [bpoi [bpoi [bpoi

Exjgbhae rbte bilusdeht Arbiub` [bpoi [bpoi [bpoi

Judu`btove `mss (vbùe) 3.3;3 3.3;2 3.32: 3.3::

Judu`btove `mss (% mf ) k ;.; ;.: 2.9 :.:

K. Ygbo`bhi

Smòjy (O) Smòjy (OO) Smòjy (OOO) Smòjy (OV) ( )j

Ztbkè reaode Kbsnetpea

Kbsnet pea F`mbtoha Dbhbaei f`mbtoha

Jbpotb` bjjmuht bilustdeht Arbiub` [bpoi [bpoi [bpoi

Exjgbhae rbte bilustdeht Arbiub` [bpoi [bpoi [bpoi

Judu`btove `mss (vbùe) 3.33;; 3.33;7 3.33:7 3.33::

Judu`btove `mss (% mf )i ;.7 :.6 9.7 9.;

b Of , judu`btove ̀mss os :.59 ( ).

k Qe jb`ju`bte tge vbùe mf bhi mktboh .

j Of , jmdu`bove ̀mss os 3.33:: ( ).

i Qe jb`ju`bte tge vbùe mf bhi mktboh .

Zmurje< _msgohm, Nblo, bhi Bsmhudb (;325b).

Oh jmhtrbst, fmr Ygbo`bhi, tge arbiub` bilustdeht mf jbpotb` jmhtrm`s bhi exjgbhae rbtesos tge dmst iesorbkè mptomh fmr tge dmhetbry butgmrotoes bttedptoha tm stbkoòze tge

proje ève`. Yge kehefots mf gbvoha bilustdeht peromis bhi krebtgoha spbje tm pursuejmhsosteht deioud-terd pmòjy exjeei tge mppmrtuhoty jmsts mf rejeovoha bdpè jbpotbòhf`mws bhi bimptoha tge iesorbkè reaode. Jmuhtroes òne Ygbo`bhi bre dmre òne`y tmsuffer `msses iue tm goag expmsure tm exmaehmus sgmjns troaaerei ky rbpoi bilustdehtsmf jbpotb` jmhtrm`s bhi exjgbhae rbtes. Yge rbpoi sgoft tm b kbsnet pea fm``mws tge forst-kest mptomh mf rbpoi bilustdehts. Yge butgmrotoes odpèdeht rbpoi bilustdehts tm kmtgtge jbpotb` bjjmuht bhi tge exjgbhae rbte reaode.

6. JMHJ@UZOMH

Yge dmhetbry butgmrotoes gbve tm jgmmse pmòjy mptomhs fmr kmtg bilustdehts mf jbpotb`

bjjmuht restrojtomhs bhi exjgbhae reaodes. Ygey gbve twm mptomhs fmr bilustdehts mf

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jbpotb` bjjmuht restrojtomhs< arbiub` bilustdehts mr rbpoi bilustdehts. Zodo`br`y, fmrbilustdehts mf exjgbhae rbte reaodes, tgey jbh jgmmse ketweeh arbiub` bilustdehtsmr rbpoi bilustdehts.

Yge jurreht pbper bttedpts tm bhswer tge fm``mwoha twm odpmrtbht questomhs fmr Ebst

Bsobh jmuhtroes< Qgbt bre tge jmsts bhi kehefots fmr mptomhs mh (2) jbpotb` bjjmuhtbilustdehts bhi (;) exjgbhae rbte reaodes= Qgbt bre tge pmssokè mptomhs fmr Ebst Bsobh jmuhtroes jmhfrmhtoha jbpotb` bjjmuht restrojtomhs bhi òdotei exjgbhae rbtefèxokoòty=

Mh tge forst ossue, we jmhsoier tge fm``mwoha kehefots fmr bilustdehts mf jbpotb` bjjmuhtrestrojtomhs bhi exjgbhae rbtes. Mh bilustdehts mf jbpotb` bjjmuht restrojtomhs, tgearbiub` bilustdehts mf jbpotb` bjjmuht debsures prmvoie b sbfeaubri babohst furtgerturkuèhje oh ohterhbtomhb` dbrnets bhi jrebte krebtgoha spbje tm pursue ejmhmdojbilustdehts bhi bjjeèrbte mtger hejessbry refmrds. Oh jmhtrbst, tge butgmrotoes ehlmykehefots tgrmuag tge rbpoi bilustdehts mf jmhtohumus jbpotb` ohf`mws oddeiobte`y bftertge redmvb` bhi bh odprmvedeht oh jreiotmr jmhfoiehje.

Fmr sgofts oh exjgbhae rbte reaodes, uhier arbiub` bilustdeht, tge dmhetbrybutgmrotoes jbh tbne bivbhtbae mf dohodozoha heabtove ohfùehjes kejbuse mf òdoteiexjgbhae rbte bhi ohterest rbte vm`btoòty. Mh tge jmhtrbry, fmr rbpoi bilustdehts, tgejmuhtry kehefots frmd gbvoha hm bilustdeht tode mr jmsts. Yge jmuhtry jmuì pmtehtob``yrejeove kehefots mf ohjrebsei exjgbhae rbte fèxokoòty oddeiobte`y bfter ot redmves b``debsures mh exjgbhae rbtes.

Mh tge sejmhi ossue, we prmpmse fmur trbhsotomh pmòjy mptomhs fmr Ebst Bsob jmuhtroesbodoha tm re`bx jbpotb` bjjmuht restrojtomhs bhi ohjrebse fèxokoòty oh exjgbhae rbtesfrmd b foxei reaode wotg jbpotb` bjjmuht jmhtrm`s. Rubhtotbtove bhb`ysos mf tge S[J bhiYgbo`bhi sgmws tgbt tge forst-kest smùtomhs ioffer ketweeh tgese twm jmuhtroes evehwgeh kmtg bttedpt tm stbkoòze proje ève`s.

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[EFE[EHJEZ*

Bibds, J., bhi [. Zedk`bt. ;339. Mptomhs fmr Jurrehjy Brrbhaedehts bhi YgeorSmòjy Odpòjbtomhs. Oh Exjgbhae [bte [eaodes oh Ebst Bsob, eiotei ky A. IeKrmuwer bhi D. Nbwbo. [mutèiae Jmrzmh.

Broymsgo, B., N. Gbkerdeoer, K. @burehs, O. Ötner-[mke, L. O. Jbhbès-Nro`lehnm, bhi B.Noroèhnm. ;333. Jbpotb` Jmhtrm`s< Jmuhtry Experoehjes wotg Ygeor Use bhi@okerbòzbtomh. ODF Mjjbsomhb` Sbper Hm. 2?3. Qbsgohatmh IJ< Ohterhbtomhb`Dmhetbry Fuhi (ODF).

Kbkb, J., bhi B. Nmnehyhe. ;322. Effejtovehess mf Jbpotb` Jmhtrm`s oh ZeèjteiEderaoha Dbrnets oh tge ;333s. ODF Qmrnoha Sbper QS/22/;72. Qbsgohatmh,IJ< ODF.

Kori, A., bhi [. [blbh. ;33;. Mptodb` Jurrehjy Kbsnets bhi tge Ygori JurrehjySgehmdehmh< Exjgbhae [bte Smòjy fmr Zmutgebst Bsob. Lmurhb` mf

Ohterhbtomhb` Ieve`mpdeht 29< 235:‚231:.Jgbdmh, D., bhi D. Abrjob. ;329. Jbpotb` Jmhtrm`s oh Krbzo`< Effejtove= Yextms pbrb

Iosjussbm 636. Iepbrtdeht mf Ejmhmdojs, Smhtofojb` Jbtgmòj Uhoversoty mf [omie Lbheorm.

Jèdehts, K., bhi G. Nbdo`. ;33?. Bre Jbpotb` Jmhtrm`s Effejtove oh tge ;2st Jehtury=Yge [ejeht Experoehje mf Jm`mdkob. ODF Qmrnoha Sbper QS/3?/:3.Qbsgohatmh, IJ< ODF.

Jmrierm, L. B., bhi L. B. Dmhtejohm. ;323. Jbpotb` Jmhtrm`s bhi Dmhetbry Smòjy ohIeve`mpoha Jmuhtroes. Qbsgohatmh, IJ< Jehter Fmr Ejmhmdoj bhi Smòjy[esebrjg.

Iuttbauptb, [., A. Ferhbhiez, bhi J. Nbrbjbiba. ;339. Frmd Foxei tm F`mbt<Mperbtomhb` Bspejts mf Dmvoha Ymwbri Exjgbhae [bte Fèxokoòty. ODF QmrnohaSbper QS/39/2;6. Qbsgohatmh, IJ< ODF.

Eiwbris, Z., bhi [. [oamkmh. ;33?. Jbpotb` Jmhtrm`s mh Ohf`mws, Exjgbhae [bteVm`btoòty bhi Exterhb` Vu`herbkoòty. Lmurhb` mf Ohterhbtomhb` Ejmhmdojs 17(;)<;56‚;61.

Fmrkes, N. ;331. Mhe Jmst mf tge Jgoèbh Jbpotb` Jmhtrm`s< Ohjrebsei Fohbhjob`Jmhstrboht fmr Zdb`èr Yrbiei Fords. Lmurhb` mf Ohterhbtomhb` Ejmhmdojs 12(;)<;?9‚:;:.

Agmsg, B. [. ;33?. Ymwbri b Ztbkè Zysted mf Exjgbhae [btes< Odpòjbtomhs mf tge

Jgmoje mf Exjgbhae [bte [eaode. Dbhusjropt. Qbsgohatmh, IJ< ODF.O`zetzno, E., J. [eohgbrt, bhi N. [mamff. ;323. Exjgbhae [bte Brrbhaedehts Ehteroha

tge ;2st Jehtury< Qgojg Bhjgmr Qo`` gmì= Dbhusjropt. @mhimh Zjgmm` mfEjmhmdojs.

ODF. ;337. Bhhub` [epmrt mh Exjgbhae [bte Brrbhaedehts bhi Exjgbhae[estrojtomhs. Qbsgohatmh, IJ< ODF.

ODF. ;33?. Bhhub` [epmrt mh Exjgbhae [bte Brrbhaedehts bhi Exjgbhae[estrojtomhs (B[[EB[) Jmdpo`btomh Auoie. Qbsgohatmh, IJ< ODF.

* BIK rejmahozes Jgohb bs tge Sempè‟s [epukòj mf Jgohb.

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ODF. ;329. Bhhub` [epmrt mh Exjgbhae [bte Brrbhaedehts bhi Exjgbhae[estrojtomhs. Qbsgohatmh, IJ< ODF.

Otm, Y., E. Mabwb, bhi _. H. Zbsbno. 2??7. Gmw Ioi tge Im``br Sea Fbo` oh Bsob= Lmurhb`mf tge Lbpbhese bhi Ohterhbtomhb` Ejmhmdoes 2;< ;56‚:39.

Otm, Y., bhi _. J. Sbrn. ;33:. Exjgbhae [bte [eaodes oh Ebst Bsob. Oh Dmhetbry bhiFohbhjob` Ohtearbtomh oh Ebst Bsob< Yge Qby Bgebi Vmùde 2. BIK bhiSbàrbve Dbjdo``bh.

Nbwbo, D. ;339. Yge Jbse fmr b Yro-pm`br Jurrehjy Kbsnet Zysted fmr Ederaoha Ebst Bsob. Oh Exjgbhae [bte [eaodes oh Ebst Bsob, eiotei ky A. Ie Krmuwer bhi D.Nbwbo. [mutèiae Jmrzmh.

Nbwbo, D., bhi Z. Ybnbao. ;339. [etgohnoha Jbpotb` Jmhtrm`s< Yge Db`bysobhExperoehje. Oh Ebst Bsob‟s Dmhetbry Future< Ohtearbtomh oh tge A`mkb` Ejmhmdy ,eiotei ky Z. Jgorbtgovbt, E. D. J`bbsseh, bhi L. Zjgrmeier. Jge`tehgbd, UNbhi Hmrtgbdptmh, DB< Eiwbri Eàbr.

Nbwbo, D., bhi Z. Ybnbao. ;337. B Zurvey mf tge @oterbture mh Dbhbaoha JbpotbÒhf`mws. Bsobh Ieve`mpdeht Kbhn Ohstotute Iosjussomh Sbper Hm. 233. Ymnym< BIKO.

Db, A., bhi [. DjJbuèy. ;322. Yge Evm`voha [ehdohko [eaode bhi Odpòjbtomhs fmr Bsobh Jurrehjy Ztbkoòty. Lmurhb` mf tge Lbpbhese bhi Ohterhbtomhb` Ejmhmdoes ;5< ;:‚:7.

Deesmn, N., O. G. @ee, M. @ou, _. Ngbtro, H. Ybdorosb, D. Dmmr, bhi D. G. Nrys`. ;332.Db`bysob< Frmd Jrosos tm [ejmvery. ODF Mjjbsomhb` Sbper Hm. ;31.Qbsgohatmh, IJ< ODF.

Mabwb, E., bhi Y. Otm. ;33;. Mh tge Iesorbkoòty mf [eaomhb` Kbsnet Jurrehjy

Brrbhaedehts. Lmurhb` mf tge Lbpbhese bhi Ohterhbtomhb` Ejmhmdoes 26< :21‚::9.

Mstry, L. I., B. [. Agmsg, D. Jgbdmh, bhi D. Z. Ruresgo. ;322b. Jbpotb` Jmhtrm`s<Qgeh bhi Qgy= ODF Ejmhmdoj [evoew 5?(:)< 56;‚573.

Mstry, L. I., B. [. Agmsg, N. Gbkerdeoer, @. @beveh, D. Jgbdmh, D. Z. Ruresgo, bhi B. Nmnehyhe. ;322k. Dbhbaoha Jbpotb` Ohf`mws< Qgbt Ymm`s tm Use= ODF ZtbffIosjussomh Hmte ZIH/22/36. Qbsgohatmh, IJ< ODF.

Mstry, L. I., B. [. Agmsg, N. Gbkerdeoer, D. Jgbdmh, D. Z. Ruresgo, bhi I. K. Z.[eohgbrt. ;323. Jbpotb` Ohf`mws< Yge [mè mf Jmhtrm`s= ODF Ztbff Smsotomh HmteZSH/23/39. Qbsgohatmh, IJ< ODF.

[mamff, N., B. G. Gusboh, B. Dmiy, [. L. Krmmns, bhi H. Mmdes. ;33:. Evmùtomh bhiSerfmrdbhje mf Exjgbhae [bte [eaodes. ODF Qmrnoha Sbper 3:/;9:.Qbsgohatmh, IJ< ODF.

Zgomlo, E. ;336b. Ohvmojoha Jurrehjy bhi tge Mptodb` Kbsnet-Sea fmr Ebst Bsob< Bhb`yzoha Usoha b Hew Mpeh Dbjrmejmhmdoj Dmie`. Lmurhb` mf tge Lbpbhesebhi Ohterhbtomhb` Ejmhmdoes ;3< 56?‚57?.

Zgomlo, E. ;336k. Jgohese Exjgbhae [bte [eaodes bhi tge Mptodb` Kbsnet Qeoagts fmrtge [est mf Ebst Bsob. [OEYO Iosjussomh Sbper Zeroes 36-E-3;9. Ymnym< [OEYO.

Zussbhanbrh, J., bhi S. Vojgybhmhi. ;331. Yeh _ebrs Bfter tge Fohbhjob` Jrosos ohYgbo`bhi< Qgbt Gbs Keeh @ebrhei bhi Hmt @ebrhei= Bsobh Ejmhmdoj Smòjy

[evoew ;< 233‚227.

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BSSEHIOW 2< JBSOYB@ BJJMUHY DBHBAEDEHYDEBZU[EZ OH EDE[AOHA DB[NEY JMUHY[OEZ

Zodo`br tm smde Ebst Bsobh jmuhtroes, Krbzo` bhi Jm`mdkob ohtrmiujei jbpotb` bjjmuhtdebsures oh ;335‚;32:. Fmr Krbzo`, jgbhaes oh jbpotb` bjjmuht dbhbaedehts `bsteimver twm sepbrbte peromis. 2 Oh ;335‚;337, ot ohtrmiujei tge OMF tbx, wgojg wbseòdohbtei oh Mjtmker ;337 b`mha wotg smde restrojtomhs mh tge mutf`mw bjjmuht. @bteroh ;33?‚;32:, ot re-ohtrmiujei tbxes mh ohf`mws, pbrtoju`br`y mh equoty bhi foxei ohjmde,bhi b U[[ mh kbhns‟ armss fmreoah exjgbhae òbkoòtoes keymhi $: ko`òmh wbs put ohp`bje. Oh jmhtrbst, Jm`mdkob bilustei jmhtrm`s dboh`y mh pmrtfmòm ohf`mws oh ;332‚;331bhi jbpotb` jmhtrm`s were re-ohtrmiujei wotg b 93% U[[ mh fmreoah kmrrmwoha oh ;331‚;337.;

Ybkè B2< Jgbhaes oh Jbpotb` Bjjmuht Dbhbaedeht Debsures oh ;335‚;32:

Jmuhtry Seromi Dblmr Smòjy Debsures

Krbzo` ;335‚;337

Ybx

Oh Dbrjg ;337, tge OMF tbx wbs rbosei tm 2.5% mh tge ehtry mf fmreoah fuhis ohtge settèdeht mf ohvestdehts oh tge fohbhjob` bhi jbpotb` dbrnets bhiextehiei oh Dby ;337 tm sodo`br trbhsbjtomhs dbie ky debhs mf sodu`tbhemusmperbtomhs. Exedptomhs were bppòei tm fuhis re`btei tm equotoes, equotoesierovbtoves, pukòj mfferohas, bhi suksjroptomh mf sgbres. Yge 2.5% tbx wbseòdohbtei oh Mjtmker ;337.


@odots mh edp`myee stmjn mptomh prmarbds bhi mh fmreoah iorejt ohvestdeht(FIO) ky hmhfohbhjob` provbte ehterproses bhi tge bpprmvb` requoredeht mh

jertboh persmhb` jbpotb` trbhsbjtomhs were òftei oh Dbrjg ;335. Jmhtrm`s mhtrbhsfers bkrmbi ky ohiovoiub`s bhi jmrpmrbtomhs were bkmòsgei oh Zeptedker;336.

;33?‚;32:

Ohf`mw Jmhtrm`s

Oh Mjtmker ;33?, b tbx mf ;% wbs odpmsei mh pmrtfmòm f`mws, jmveroha kmtgequotoes bhi foxei ohjmde. Oh Hmvedker ;33? b 2.5% tbx wbs odpmsei mh tgeossubhje mf iepmsot rejeopts tm iosjmurbae tgeor use bs b wby tm kuy Krbzoòbhequotoes wotgmut ohjurroha tge ohf`mw tbx. Ybxes mh equoty f`mws were evehtub``yredmvei (set tm zerm) oh Iejedker ;322, b`tgmuag tge 2.5% OMF tbx mhiepmsot rejeopts ossubhje sto`` redbohs.

Yge tbx mh foxei ohjmde f`mws, ohotob``y set bt ;%, wbs rbosei tm 9%, bhisgmrt`y bfterwbris tm 6%, oh Mjtmker ;323. Oh Fekrubry bhi Dbrjg ;32;, tgebutgmrotoes ohtrmiujei òdots mh pbydehts tm expmrters kefmre bjtub` ieòvery mfammis mr servojes, bnoh tm expmrt jreiot, bhi extehioha tge tbx mh fmreoahkmrrmwoha tm `mbhs wotg dbturotoes up tm : yebrs, bhi tgeh up tm 5 yebrs. Ygetbx mh fmreoah kmrrmwoha wbs òdotei tm `mbhs wotg dbturotoes up tm ; yebrs mhLuhe ;32;, bhi evehtub``y òdotei tm `mbhs wotg dbturotoes up tm 2 yebr ohIejedker ;32;. Oh Luhe ;32:, tge tbx mh foxei ohjmde f`mws wbs eòdohbtei(set tm zerm) bhi tge OMF tbx mh tge hmtomhb` bdmuht mf jurrehjy ierovbtoveswbs b`sm eòdohbtei (set tm zerm).

2 Krbzo` odpèdehtei jmhtrm`s oh jbpotb` ohf`mws iuroha 2??;‚2??7. Zee Jmrierm bhi Dmhtejohm (;323).;

Jgoè bhi Jm`mdkob p`bjei restrojtomhs mh jbpotb` ohf`mws iuroha 2?7?‚2??7 bhi 2??:‚2??7,respejtove`y. Zee Jmrierm bhi Dmhtejohm (;323).

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Uhreduherbtei [eserve [equoredeht

Oh Lbhubry ;322 tge jehtrb` kbhn bhhmuhjei bh uhreduherbtei reserverequoredeht (U[[) mh kbhns‟ armss fmreoah exjgbhae òbkoòtoes keymhi $:ko`òmh (mh tge spmt dbrnet mh`y), wgojg kejbde effejtove oh Bpro` ;322. Oh

Dbrjg ;322, Krbzoòbh fords kmrrmwoha bkrmbi kejbde suklejt tm b 6% tbx mhtgmse f`mws of tgeor dbturoty wbs èss tgbh 2 yebr (extehiei tm ; yebrs sgmrt`ybfterwbri).

Jm`mdkob ;333‚;337

U[[

Fmreoah pmrtfmòm ohvestdehts, bivbhje pbydehts mf dmre tgbh 9 dmhtgs,fohbhjob` jreiots, aubrbhtees, suretoes, bhi fohbhjob` kbjnup fbjoòtoes tmresoiehts were dbie suklejt tm b 6-dmhtg 93% U[[ mh 6 Dby ;331. Fmreoahtrbie fohbhjoha wbs dbie suklejt tm b 2;-dmhtg iepmsot mf 22% oh pesms mr biepmsot mf ;3% oh UZ im``brs. Sehb`toes fmr ebr`y wotgirbwb` mf ohvestdehtssuklejt tm tge U[[ were reiujei, bhi pmrtfmòm ohvestdehts oh tge prodbryossubhje mf equotoes mr oh ohstotutomhb` fuhis were dbie exedpt frmd tge U[[oh Iejedker ;331. Yge pehb`toes were `bter ohjrebsei oh Luhe ;337. Yge

U[[ mh pmrtfmòm ohf`mws wbs rbosei frmd 93% tm 53% oh Dby ;337. Yge U[[wbs eòdohbtei mh ? Mjtmker ;337.

Ohf`mw Jmhtrm`s

Yge iepmsot requoredeht mh exterhb` fohbhjoha wbs òftei oh Dby ;333.Hmhresoiehts‟ purjgbse mf foxei ohjmde sejurotoes wbs òdotei tm ;3% mf tgeossue oh Luhe> tge ossubhje mf sejurotoes ohiex ierovbtoves wbs perdottei oh;33;. Jmhtrm`s mh tge use mf kb`bhjes iepmsotei oh hmhresoieht fmreoahjurrehjy bjjmuhts were òftei oh ;33:. B 2-yebr dohodud gmìoha peromi wbsohtrmiujei mh hmhresoiehts‟ pmrtfmòm ohvestdehts frmd Iejedker ;339tgrmuag Luhe ;336. B dohodud stby mf ; yebrs wbs odpmsei mh FIO oh Dby;337. @odots mh kbhn èverbae were ohtrmiujei oh ;332. Kbhns‟ armssexpmsure oh tge fmreoah exjgbhae ierovbtove dbrnet wbs òdotei tm 533% mfjbpotb` oh Dby ;331 bhi ohjrebsei tm 553% oh Dby ;337.

Zmurjes< Kbkb bhi Nmnehyhe (;322)> Jgbdmh bhi Abrjob (;329).

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BSSEHIOW ;< EWJGBHAE [BYE F@UJYUBYOMHZ

Foaure B2< Hmdohb` Exjgbhae [btes mf BZEBH+: Jurrehjoes babohst tge UZIm``br (Lbhubry 2??1 4 2)

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Ohi mhesob Db`bysob Sgo`oppohes Zohabpmre Ygbo`bhi S[J Nmreb, [epuk`oj mf Lbpbh



Adjustments of Capital Account Restrictions and Exchange Rate Regimes in East Asia

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Transcript of Adjustments of Capital Account Restrictions and Exchange Rate Regimes in East Asia