Costache - Seeking Out the Antecedents

8/22/2019 Costache - Seeking Out the Antecedents

1/19

6((.,1*2877+($17(&('(176

2)7+(0$;,0,$17+(25


2/19

6HHNLQJ2XWWKH$QWHFHGHQWVRIWKH0D[LPLDQ7KHRU\RI(YHU\WKLQJ

GRLQJ,FKDOOHQJHWKHVXUSULVLQJGLVLQWHUHVWPDQLIHVWHGE\FRQWHPSRUDU\

VFKRODUVKLS LQ 6W *UHJRU\ ZKHQ VHHNLQJ RXW WKH DQWHFHGHQWV RI WKH

&RQIHVVRUV HODERUDWLRQV %\ VKHGGLQJQHZ OLJKW RQ WKH 7KHRORJLDQV

2UDWLRQVHFWLRQVDQGDQGLWVFRQWULEXWLRQWRWKHSURFHVVWKDW

OHG WR WKH0D[LPLDQ FRQVWUXFW WKLV SDSHU LQWHQGV WR EULQJ DPRGHVW

WULEXWHWR6W*UHJRU\DQGKLVOHJDF\

6W0D[LPXV7KHRU\RI(YHU\WKLQJ

7KH RSHQLQJ VHFWLRQ RI 'LIFXOW\ FRQVWLWXWHV D WUHPHQGRXV

FRQWULEXWLRQWRWKH&KULVWLDQZRUOGYLHZZKLFKVKRXOGEHFRQVLGHUHGDOEHLWLQDEURDGVHQVHDVFRJQDWHZLWKWKHFXUUHQWTXHVWIRUDWKHRU\RI

HYHU\WKLQJ,QGHHG6W0D[LPXVDWWHPSWHGWRPDSWKHXOWLPDWHHOHPHQWV

RIUHDOLW\DVUHSUHVHQWHGE\%\]DQWLQHFRVPRJUDSK\7KLVHIIRUWHPHUJHV

IRU LQVWDQFHLQKLV VWUHQXRXVFRQWHPSODWLRQRIGLYLQHWKRXJKWV

ZKLFK ERWK WUDYHUVH DQG EULGJH DOO UHDOPV WKH XQFUHDWHG WKH DQJHOLF

QRRVSKHUHWRSDUDSKUDVH7HLOKDUGGH&KDUGLQVFRLQDJHWKHFRVPRV

WKHELRVSKHUHDQGWKHKXPDQGRPDLQ:LWKRXWEHLQJDUWLFXODWHGLQ WKHVRSKLVWLFDWHGODQJXDJHRIFRQWHPSRUDU\PDWKHPDWLFVWKLVFRQFHSWLVQR

OHVVDWKHRU\RIHYHU\WKLQJ,QIDFWDQGNHHSLQJWKHSURSRUWLRQVWKH

&RQIHVVRUV QXPHURORJLFDO GLJUHVVLRQV PLJKW VXJJHVW DQ LQWHQWLRQ WR

JLYHWKH&KULVWLDQZRUOGYLHZDQDOWHUQDWLYHPDWKHPDWLFDOVKDSHSHUKDSV

HYRFDWLYHRIWKH3\WKDJRUHDQV\VWHP7KLVDVSHFWEULQJVWKH0D[LPLDQ

FRQVWUXFWHYHQFORVHUWRWKHFXUUHQWQRWLRQRIDWKHRU\RIHYHU\WKLQJ

7KDW VDLG ZH PRYH WR DQDO\VH WKH IHDWXUHV SHUWDLQLQJ WR 6W

0D[LPXVZRUOGYLHZ$VSUHVHQWHGLQ'LIFXOW\WKHZKROHRIUHDOLW\

HQFRPSDVVHVYHLUUHGXFLEOHGLYLVLRQVRUSRODULWLHV,QP\WUDQVODWLRQ

WKHWH[WUHDGVDVIROORZV

7KHUVW>SRODULW\@>@VHSDUDWHVWKHHQWLUHFUHDWHGQDWXUH

>@IURPWKHXQFUHDWHGQDWXUH

>@7KH VHFRQG LV WKDW DFFRUGLQJ WRZKLFK WKH HQWLUH EHLQJ WKDW KDV

UHFHLYHGH[LVWHQFHIURP*RGE\FUHDWLRQLVGLIIHUHQWLDWHGLQWRLQWHOOLJLEOH

DQGVHQVLEOH7KHWKLUGLVWKDWE\ZKLFKWKHVHQVLEOH

EHLQJ LV GLYLGHG LQWR VN\ DQG HDUWK 7KH IRXUWK LV


3/19

3KURQHPD 9ROXPH

WKDWE\ZKLFKWKHHDUWKLVGLYLGHGLQWRSDUDGLVHDQGWKHLQKDELWHGZRUOG

$QGWKHIWKLVWKDWE\ZKLFKWKHKXPDQ

EHLQJOLNHDFRPSUHKHQVLYHZRUNVKRSRIHYHU\WKLQJDQGZKLFKPHGLDWHV

SK\VLFDOO\EHWZHHQWKHHGJHVRIDOOSRODULWLHV>@LVGLYLGHGLQWRPDOHDQGIHPDOH

7KHYHSRODULWLHVRIIHUDQHQFRPSDVVLQJGHVFULSWLRQRIUHDOLW\ZKLFK

FRPSULVHVERWKFXOWXUDODQGVFULSWXUDOIHDWXUHVWKHUVWWKHPRVWEDVLF

&KULVWLDQGLYLVLRQRIEHLQJFRQVLGHUVWKHXOWLPDWHRQWRORJLFDOULIWDWWKH

KHDUWRIUHDOLW\ZKLFKVHSDUDWHV WKHXQFUHDWHGDQGFUHDWHG UHDOPV WKH

VHFRQGWKHJUHDW3ODWRQLFGLYLVLRQDGGUHVVHVWKHGLYHUVLW\SHUWDLQLQJWR

WKHZKROHRIFUHDWLRQFRQVLVWLQJRIWKHLQWHOOLJLEOHDQGWKHVHQVLEOHWKHWKLUGWKH$ULVWRWHOLDQGLYLVLRQUHIHUVWRWKHVHQVLEOHGRPDLQVXEGLYLGHG

LQWRVN\DQGWKHHDUWKWKHIRXUWKUHLWHUDWLQJ*HQHVLVLGHQWLHVRQ

HDUWKWKHLQKDELWHG]RQHDQGWKHSDUDGLVHDQGWKHIWKHYRNLQJ*HQHVLV

KLJKOLJKWVWKHJHQGHUGLYLVLRQDVWKHIXQGDPHQWDOSRODULW\RIKXPDQNLQG

6W0D[LPXVSUHVHQWVWKHYHGLYLVLRQVDVH[LVWHQWLDOFKDOOHQJHV

7KHKXPDQEHLQJDSSHDUVWREHDSSRLQWHGE\WKHFUHDWRU/RJRVZLWKWKH

WDVNRIRYHUFRPLQJWKHVHFKDOOHQJHVE\WDSSLQJLQWRWKHGLYLQHUDWLRQDOLW\

WKDWSHUPHDWHVFUHDWLRQ7KHDFFRPSOLVKPHQWRIWKLVWDVNLVSRVVLEOHRQO\

IRUWKRVHWKDWOLYHYLUWXRXVO\VLQFHYLUWXHFRUUHVSRQGVWRWKHXELTXLWRXV

JURXQGRIGLYLQHUDWLRQDOLW\7KHXQLI\LQJSURFHVVDGYDQFHVLQWKHUHYHUVH

RUGHURI WKHYHGLYLVLRQV DV IROORZV UVW WKHKXPDQ V\QWKHVLVE\

ZD\RIRYHUFRPLQJWKHJHQGHUGLYLVLRQVHFRQGWKHXQLRQEHWZHHQWKH

LQKDELWHGZRUOGDQGSDUDGLVHWKLUGWKHXQLRQRIHDUWKDQGVN\DVWKH

WZRPDLQ]RQHVRIWKHYLVLEOHUHDOPIRXUWKWKHV\QWKHVLVRIWKHYLVLEOH

DQGLQYLVLEOHGRPDLQVDQGIWKWKHFRPPXQLRQRIWKHFUHDWHGDQGWKH

XQFUHDWHG7H[WXDOO\DQGDJDLQLQP\WUDQVODWLRQ6W0D[LPXVVWDWHGDV

IROORZV

>7@KHKXPDQEHLQJZDVLQWURGXFHGDPRQJ>WKHRWKHU@EHLQJVDVDQDO

JUDFHDQGDQDWXUDOOLQNRIVRUWVWKDWLQJHQHUDO

PHGLDWHV E\ LWV RZQ SDUWV EHWZHHQ H[WUHPLWLHV EULQJLQJ WRXQLW\

LQLWVHOIWKHPDQ\>WKLQJV@WKDWDUHSK\VLFDOO\VHSDUDWHG>@%\WKH

XQLRQWKDWEULQJVWRJHWKHUDOOWKLQJVWR*RGWKHLUFDXVHEHJLQQLQJZLWK

LWVRZQGLYLVLRQ>LHWKHIWK@DQGDGYDQFLQJVHTXHQWLDOO\DQGRUGHUO\


4/19


WKURXJKWKHLQWHUPHGLDWH>SRODULWLHV@>WKHKXPDQEHLQJ@UHDFKHVWKHHQG

RIWKHDVFHQVLRQDFFRPSOLVKHGWKURXJKDOOWKHUHDOPVE\XQLRQZLWK*RG

LQZKRPWKHUHLVQRGLYLVLRQ

1HYHUWKHOHVV KXPDQLW\ UHOLQTXLVKHG LWV WDVN DQG E\ DEDQGRQLQJ WKH

YLUWXRXVOLIHVW\OHEHFDPHWKHRULJLQRIZKDWFDQEHGHSLFWHGDVQHJDWLYH

ZDYHV7KHVHFDWDVWURSKLFDIWHUVKRFNVFDXVHGWKHSRODULWLHVWRVKDUSHQ

WKUHDWHQLQJ WR GLVUXSW WKH IDEULF RI WKH XQLYHUVH D SKHQRPHQRQ

UHSUHVVHGE\WKHSURYLGHQWLDOLQWHUYHQWLRQRI*RG7KHSURFHVVRIJUDGXDO

XQLFDWLRQZDVERRVWHGDQHZE\WKH LQFDUQDWLRQDQGVDOYLFHFRQRP\

RI WKH/RJRVRXU/RUG&KULVW WKURXJKZKLFKDOOYH V\QWKHVHVZHUH

DFFRPSOLVKHG

$OWKRXJKZRUWKZKLOHIRUWKH&KULVWLDQZRUOGYLHZLQJHQHUDOKHUH

LVQHLWKHUWKHSODFHIRUDGHWDLOHGDQDO\VLVRIWKLVPDJQLFHQWFRQVWUXFW

ZLWK LWV WKHRFHQWULF DQWKURSRORJ\ HYDOXDWHG FRVPRORJLFDOO\ QRU DQ

LQYHVWLJDWLRQ RI LWV FXOWXUDO DQG WKHRORJLFDO UDPLFDWLRQV ,PXVW WXUQ

QRZWRWKHYDULRXVRSLQLRQVRQWKHVRXUFHVRI6W0D[LPXVWKHRU\

6HHNLQJ2XWWKH$QWHFHGHQWVRIWKH0D[LPLDQ7KHRU\

/RRNLQJIRUWKHVRXUFHVRIWKHWKHRU\PDQ\VFKRODUVDVVXPHGWKDWWKHUH

VKRXOGKDYHEHHQDGHYHORSPHQWRIWKHLGHDIURPVLPSOHUIRUPVWRWKH

PDWXUHHODERUDWLRQE\WKH&RQIHVVRU(YHQWKRXJK LQ+DQV8UV

YRQ%DOWKDVDUKLJKOLJKWHGWKHRULJLQDOLW\RIWKH0D[LPLDQV\QWKHVLVDQG

ZDUQHGDJDLQVWUHGXFLQJLWWRWKHQXPHURXVVRXUFHVLWUHZRUNHGODWHUVFKRODUVPDQLIHVWHGDSHUVLVWHQWLQWHUHVWLQSLQSRLQWLQJWKHRULJLQRIWKH

&RQIHVVRUVWKHRU\7KXVRQO\DIHZ\HDUVDIWHUWKHUVWHGLWLRQRIWKH

&RVPLF/LWXUJ\LQ9ODGLPLU/RVVN\VHHPVWRKDYHLPSOLHGWKDW

WKHWKHRU\VWHPVIURPWKHSDWULVWLFFRQVHQVXVUHJDUGLQJWKHGLYHUVLW\RI

FUHDWLRQEURXJKWWRXQLW\E\WKHKXPDQEHLQJ+RZHYHUKLVDOOXVLRQV

WR6W%DVLOWKH*UHDW6W*UHJRU\RI1\VVDDQG6W,VDDFWKH6\ULDQIDLOWR

GRFXPHQWDGLUHFWFRQQHFWLRQ7KHVDPHJRHVIRU*HRUJHV)ORURYVN\VORRVHUHIHUHQFHVWR3KLOR6W*UHJRU\RI1\VVDDQG1HPHVLXVRI(PHVVD

)RUW\\HDUVDIWHUWKHUVWHGLWLRQRI/RVVN\VZRUN/DUV7KXQEHUJ


5/19

3KURQHPD 9ROXPH

GLVFXVVHGPRUHWKRURXJKO\WKHVRXUFHVRI6W0D[LPXVFRQVWUXFW,QGHHG

KHVXUYH\HGDVHULHVRIFODVVLFDODQG&KULVWLDQWKLQNHUVIRFXVLQJRQWKHLU

FRQWULEXWLRQVWRWKHFRQFHSWRIPLFURFRVPDVDQLPSRUWDQWVWDJHLQWKH

UHHFWLYHSURFHVVWKDWOHGWRWKH0D[LPLDQWKHRU\7KHLQFOXVLRQLQ

WKLVVXUYH\RIWKHHPSOR\PHQWRIPLFURVFRVPRVE\6W*UHJRU\WKH

7KHRORJLDQ FI2UDWLRQ LV QRWHZRUWK\ 7KH 6ZHGLVK VFKRODU

FRQFHQWUDWHGKRZHYHURQ6W*UHJRU\RI1\VVDV2QWKH0DNLQJRI0DQ

DQG 7KH *UHDW &DWHFKHWLFDO 2UDWLRQ WRJHWKHU ZLWK 1HPHVLXV

RI(PHVDV2QWKH1DWXUHRI0DQ +HFRQVLGHUHGWKHVHSDVVDJHV

WR KDYH KDG D FUXFLDO LPSDFW XSRQ 6W 0D[LPXV DQG SURYLGHG EULHI

GHVFULSWLRQVRIWKHUHVSHFWLYHFRQWH[WV7KXVWKHSDVVDJHVLQ6W*UHJRU\

RI1\VVDH[DOWKXPDQGLJQLW\ZKLFKFRQVLVWVLQWKHIDFWRIEHLQJLQ*RGV

LPDJHZLWKLQDQDWWHPSWWRJLYHD&KULVWLDQVSLQWRWKHSKLORVRSKLFDO

FRQFHSWRIPLFURFRVP,QWXUQIRU7KXQEHUJWKHFKDSWHUIURP1HPHVLXV

UHHFWVPRUHSKLORVRSKLFDOO\XSRQWKHXQLI\LQJWDVNDVFULEHGE\*RGWR

KXPDQNLQG7KLVODVWDVSHFWKRZHYHULVQRWVXSSRUWHGE\WKHWH[W

'UDZLQJRQ7KXQEHUJVZRUNZKLFKKHTXRWHG-RKQ0H\HQGRUII

LQWURGXFHG KLV YHU\ VXFFLQFW GHVFULSWLRQ RI WKH 0D[LPLDQ WKHRU\ E\

HPSKDVLVLQJ WKDW WKH &DSSDGRFLDQV DOUHDG\ DGGUHVVHG WKH WRSLF RI

KXPDQNLQGVWDVNWKURXJKWKHLUFRSLRXVXVHRIWKHFRQFHSWRIPLFURFRVP

0RUHUHFHQWO\WKHTXHVWIRUDQWHFHGHQWVFRQWLQXHGZLWK$QGUHZ

/RXWKZKRSUHIDFHGKLV WUDQVODWLRQ RI'LIFXOW\E\SRLQWLQJWR6W

*UHJRU\RI1\VVDDVLWVSULPDU\VRXUFH+HUHIHUUHGWRWZRSDVVDJHV

LQ 1\VVHQV$JDLQVW (XQRPLXV , DQG ,,, DGGLQJ WKHLU

VXSSRVHGFRUUHVSRQGHQWV LQWKH FULWLFDOHGLWLRQRI-DHJHU\HWZLWKRXW

SURYLGLQJGHWDLOV5HDGLQJWKHWZRSDVVDJHVLQWKHFULWLFDOHGLWLRQRQH

GLVFRYHUVWKDWWKHUVWWUHDWVWKH3ODWRQLFGLYLVLRQRIEHLQJZKLFKUHIHUV

WRWKHLQWHOOLJLEOHDQGVHQVLEOHGRPDLQV7KH

WH[WDVVRFLDWHVWKH WZRFODVVLFDOWHUPVDQG WKHLUVFULSWXUDOHTXLYDOHQWV

WKHVHQVLEOHEHLQJLGHQWLHGZLWKWKHYLVLEOH

DQGWKHLQWHOOLJLEOHZLWKWKHLQYLVLEOH7KHSDVVDJH

IXUWKHU DGGUHVVHV WKH FRPSOH[LW\ RI WKH LQWHOOLJLEOH DVFULELQJ WR WKH

3ODWRQLFFRQFHSWD&KULVWLDQJLVWE\KLJKOLJKWLQJDPRUHSURIRXQGGXDOLW\


6/19

LQJUDLQHGZLWKLQLWWKHRQWRORJLFDOULIWEHWZHHQWKHXQFUHDWHG

DQGFUHDWHGUHDOPV7KHVHFRQGSDVVDJHSRLQWVRXWWKHLJQRUDQFH

RU ODFN RI LQVLJKW RI FUHDWLRQ UHJDUGLQJ*RGV HVVHQFH

7KHWRSLFVGLVFXVVHGE\6W*UHJRU\LQWKHWZRSDVVDJHVDUHXQGHQLDEO\

UHLWHUDWHGE\WKH0D[LPLDQWKHRU\RIHYHU\WKLQJ

1HYHUWKHOHVVZKHQSURSRVLQJ WKHSDVVDJHV IURP6W*UHJRU\RI

1\VVD DV VROH VRXUFHV RI WKH0D[LPLDQ WKHRU\ /RXWK VHHPV WR KDYH

EHHQXQDZDUHRIDWHQVLRQEXLOWZLWKLQKLVRZQDVVHUWLRQV7KXVZKHQ

LQWURGXFLQJKLV WUDQVODWLRQRI'LIFXOW\ KH FDVXDOO\ QRWHG WKDW WKH

FKDSWHULVLQVSLUHGE\DIDPRXVDQGLQXHQWLDOSDVVDJH LQ6W*UHJRU\

WKH7KHRORJLDQV2UDWLRQ LQ KLV WUDQVODWLRQ UHDGLQJDV IROORZV

DQGQDWXUHVDUHLQVWLWXWHGDIUHVKDQG*RGEHFRPHVPDQ 2QHZRXOG

KDYH H[SHFWHG D GHYHORSPHQW RI WKLV VWDWHPHQW LQVWHDG /RXWK FKRVH

WR DGGUHVV WKH UHFHSWLRQ RI WKH SKUDVH LQ WKH %\]DQWLQH WUDGLWLRQ DQG

LWV:HVWHUQSDUDOOHOV)XUWKHUPRUHRQO\DIHZOLQHVEHORZWKHUHPDUN

FRQFHUQLQJWKHLQVSLUDWLRQRIWKHFKDSWHUKHSRLQWHGWRWKHWZRSDVVDJHV

LQ 6W*UHJRU\RI1\VVDZKLFK , VXPPDULVHG DERYH DV WKH VRXUFH RI

WKH WKHRU\$SDUWIURP WKLV VXGGHQ VKLIWRQHPLJKWZRQGHU DERXW WKH

VLJQLFDQFHRIWKH7KHRORJLDQVSKUDVHLQDFKDSWHUVXSSRVHGO\GUDZLQJ

RQ6W*UHJRU\RI1\VVD/RXWKQRWHGWKDWWKHSKUDVHUHDSSHDUVDWWKHHQG

RIWKHFKDSWHUE\ZKLFK,SUHVXPHKHLPSOLHGWKDWWKH7KHRORJLDQV

WKRXJKWZDVQRWDWLWVFHQWUH+LVLQIRUPDWLRQKRZHYHULVHUURQHRXV

(YHQLQWKHHYHQWRIKLVUHPDUNEHLQJVRXQGZKLFKLVQRWWKHFDVHWKLV

E\QRPHDQVZRXOGVROYHWKHFRQXQGUXP

0RUHUHFHQWO\DQGDJDLQDWWHPSWLQJWRWUDFHWKHDQWHFHGHQWVRI

WKH0D[LPLDQWKHRU\$GDP&RRSHUPHQWLRQHGRQFHPRUH1HPHVLXVRI

(PHVDV2QWKH+XPDQ1DWXUHZKLOVWUHIHUULQJWRDQRWKHUZRUNE\6W

*UHJRU\RI1\VVDWKH'LDORJXHRQ6RXODQG5HVXUUHFWLRQ3*%

:LWKLQWKHVDPHFRQWH[WDQGWRKLVFUHGLWKHGLVFXVVHG6W*UHJRU\WKH

7KHRORJLDQV2UDWLRQ\HWRQO\ZLWKUHIHUHQFHWR'LIFXOW\ZKHUH

WKHUHOHYDQWSDVVDJHLVTXRWHGYHUEDWLP,QVSLWHRIWKLVUHVWULFWLRQRI

DOOWKHVFKRODUVUHYLHZHGDERYH&RRSHUVWDQGVDORQHLQKLVLQWXLWLRQRI

2UDWLRQDVDVRXUFHIRUWKH&RQIHVVRUVZRUOGYLHZ



7/19

3KURQHPD 9ROXPH

,QWKHIROORZLQJ,VKDOODGGUHVVWKHFXUUHQWFODLPVUHJDUGLQJWKH

DQWHFHGHQWVRIWKH0D[LPLDQWKHRU\LQ6W*UHJRU\RI1\VVDDQG1HPHVLXV

ZKLOVWSRLQWLQJWR2UDWLRQDVDIRUJRWWHQZULWWHQVRXUFHIRU'LIFXOW\

7KLVGRHVE\QRPHDQVLPSO\WKDW,LQWHQGWRUHGXFHWKH&RQIHVVRUV

FRQWULEXWLRQWRDQRWKHUDQGVXSSRVHGO\PRUHSODXVLEOHVRXUFH,MXVWZLVK

WRKLJKOLJKWDIHZUHDVRQVZK\WKH7KHRORJLDQVOHJDF\VKRXOGQRWEH

LJQRUHG$IWHUDOOWRXVH7KXQEHUJVZRUGV6W0D[LPXVZDVDGHHS

DGPLUHURI*UHJRU\RI1D]LDQ]XVWKHJUHDW5KHWRUDPRQJWKH)DWKHUV

,ZLOO EHJLQ E\ FRQVLGHULQJ WKH UHSHDWHG DIUPDWLRQV UHIHUULQJ

WR1HPHVLXV7UHDWLVHRQ WKH1DWXUH RI 0DQ DV DPDLQ VRXUFH RI WKH

0D[LPLDQFRQVWUXFW2QHGRHVQRWQHHGDQH[KDXVWLYHDQDO\VLVWRUHDOLVH

KRZ LQ WKHLU HQWKXVLDVP IRU 1HPHVLXV WKH DERYH VFKRODUV IDLOHG WR

QRWLFHWKHVWULNLQJVLPLODULWLHVEHWZHHQWKHRIWHQHYRNHGFKDSWHURIKLV

WUHDWLVHDQGSDVVDJHVIURP6W*UHJRU\RI1\VVD)RULQVWDQFH1HPHVLXV

UHQGHUHGDOPRVWYHUEDWLPWKHHYROXWLRQDU\GHSLFWLRQRIOLIHLQ1\VVHQV

2Q WKH0DNLQJ RI 0DQ +LV LQWHUHVW LQ WKH&DSSDGRFLDQV GLG

QRW VWRS WKHUH WKRXJK1HPHVLXV VHHPV WR KDYH DOVRERUURZHG IURP

6W %DVLO WKH*UHDW WKH YLVLRQRI FUHDWLRQV XVHIXOQHVV IRU KXPDQNLQG

DVGLVFXVVHGLQ+H[DHPHURQDQG/LNHZLVHDQGYHU\UHOHYDQW

WR RXU WRSLF KH SDUDSKUDVHG 6W *UHJRU\ WKH 7KHRORJLDQV 2UDWLRQ

ZKLFKGHSLFWVFUHDWLRQDVEURXJKWWRXQLW\ZLWKLQWKHKXPDQ

PLFURFRVP7KHVHVLPLODULWLHVOHDGWRRQHDQGRQO\FRQFOXVLRQE\DOO

DFFRXQWVVXUYLYLQJWKH&DSSDGRFLDQVDQGEHLQJWKHLUUVWUHYLHZHU

1HPHVLXVRIIHUHGDYHU\VNLOIXOVXPPDU\RIWKHLUFRQWULEXWLRQVZLWKRXW

DGGLQJPXFKWRWKHLUOHJDF\7KHUHIRUHWKHLPSDFWRIKLVV\QWKHVLVXSRQ

6W0D[LPXVQRWZLWKVWDQGLQJJLYHQWKHODWWHUVSHUIHFWIDPLOLDULW\ZLWK

WKH&DSSDGRFLDQVZHFDQFRQGHQWO\DVVHUWWKDW1HPHVLXVZRUNFDQQRW

UHSUHVHQWWKHSULPDU\VRXUFHRIWKHWKHRU\XQGHUFRQVLGHUDWLRQ%HIRUH

PRYLQJDQ\IXUWKHURQHPRUHSRLQWLVLQRUGHUZKLFKHPHUJHVIURPWKH

SUHYLRXVGLVFXVVLRQ,QRWHGHDUOLHUWKDW7KXQEHUJVEHOLHILQDPLQLVWU\

RI XQLFDWLRQ H[HUFLVHG E\ KXPDQNLQG DV VXSSRVHGO\ PDLQWDLQHG E\

1HPHVLXVQGVQRWH[WXDOFRQUPDWLRQ,QGHHGZKDWZHVHHDWWKHHQG

RIWKHUVWFKDSWHURIKLVZRUNGRHVQRWPDWFKHLWKHUWKHDPSOLWXGHRU

WKHYLJRXURIWKH&RQIHVVRUVHODERUDWLRQV,QRWKHUZRUGVHYHQWKRXJK


8/19

KH UHLWHUDWHG WKH RQWRORJLFDO FRQYHUJHQFHRI WKH UHDOPV LQ WKH KXPDQ

PLFURFRVPDVSRQGHUHGE\WKHWZR*UHJRULHV1HPHVLXVV\QWKHVLV

GLGQRWDGGWRWKHLUFRQWULEXWLRQVDQGFDQQRWEHWDNHQDVDVLJQLFDQW

DGYDQFHPHQWRIWKHLGHD

,WXUQQRZWRWKHVFKRODUO\RSLQLRQUHJDUGLQJWKHGHSHQGHQFHRI

WKHWKHRU\RIHYHU\WKLQJRQ6W*UHJRU\RI1\VVDDVLWVPDMRULQVSLUDWLRQ

,WVKRXOGEHQRWHGIURPWKHRXWVHWWKDWWKH&RQIHVVRUVSURIXVHGUDZLQJ

RQ6W%DVLOV\RXQJHUEURWKHULVGRXEWOHVV7KDWVDLGZKHQGHDOLQJZLWK

'LIFXOW\DQGWKHWKHRU\RIHYHU\WKLQJWKHUHLQWKHLGHDRI6W0D[LPXV

UHO\LQJ RQ 6W *UHJRU\ RI 1\VVD LQVWHDG RI WKH 7KHRORJLDQ GRHV QRW

PDNHPXFKVHQVH7KLVREVHUYDWLRQHPHUJHVIURPEDVLFKHUPHQHXWLFDO

SULQFLSOHV UHTXLULQJ DQ\ JLYHQSDUDJUDSK WR EH FRQVLGHUHGUVWZLWKLQ

LWVLPPHGLDWHOLWHUDU\FRQWH[W$VDPDWWHURIIDFWWKHHDUOLHU%RRN RI

'LIFXOWLHVZULWWHQDURXQGLQ1RUWK$IULFDDQGGHGLFDWHGWR-RKQ

RI&\]LFXVPDLQO\DGGUHVVHVREVFXUHSDVVDJHVIURP6W*UHJRU\WKH

7KHRORJLDQDQGLVREYLRXVO\PHDQWDVDQLQWHUSUHWLYHIUDPHZRUNIRUKLV

WKRXJKW)ORURYVN\SRLQWVRXWDSWO\WKDWWKH%RRN RI 'LIFXOWLHVLVWKH

UVWSDWULVWLF DWWHPSW WRFRQVLVWHQWO\LQWHUSUHW WKH*UHJRULDQ WKRXJKW

6SHDNLQJIURPDPHWKRGRORJLFDOYLHZSRLQWWKLVLQWHUSUHWLYHIUDPHZRUN

SRLQWVWRWKH7KHRORJLDQDVDPDLQVRXUFHIRU6W0D[LPXVWKHRU\QRW

1\VVHQRUDQ\RWKHUDXWKRUIRUWKDWPDWWHU7UXHWKH%RRNRI'LIFXOWLHV

LVHQULFKHGE\DIHZH[SOLFLWUHIHUHQFHVWRRWKHU&KXUFKIDWKHUVDOWKRXJK

QRW 6W *UHJRU\ RI 1\VVD \HW WKLV E\ QR PHDQV FKDQJHV LWV IRFXV

7KHUHIRUHHYHQWKRXJKWKHUHOHYDQWZRUNVRIWKHWZR&KXUFKIDWKHUVLH

1\VVHQDQGWKH7KHRORJLDQZHUHSXEOLVKHGZLWKLQWKHVDPHWLPHIUDPH

RIWKH\HDUVDQGWKHKHUPHQHXWLFDOVLJQLFDQFHRIWKHFRQWH[W

VKRXOGWDNHSUHFHGHQFH

1RZ OHW XV YHULI\ ZKHWKHU RU QRW WKH HYRNHG KHUPHQHXWLFDO

SULQFLSOHVKDYHEHHQREVHUYHGE\6W0D[LPXV7RJLYHMXVWDQH[DPSOH

LQWKHODWHU'LIFXOWLHVGHGLFDWHGWRDSUHVE\WHU7KRPDVDQGSXEOLVKHG

RQO\DIHZ\HDUVDIWHUWKHRULJLQDO%RRN RI 'LIFXOWLHVWKH&RQIHVVRU

SRQGHUHG WKH WKHDQGULF &KULVW LQ FKDSWHUV ZLWKRXWPHQWLRQLQJ

WKHWHFKQLFDOWHUP7KHFDXVHRIKLVDYRLGLQJWKHWHUPLVVWUDLJKWIRUZDUG



9/19

3KURQHPD 9ROXPH

DQGYHU\ UHOHYDQWKHUHE\DOO DFFRXQWV 6W*UHJRU\ WKH7KHRORJLDQ

ZKRVH&KULVWRORJLFDOWKLQNLQJZDVFRQVLGHUHGWKHUHQHYHUHPSOR\HG

WKHWHUPWKHDQGULFRULWVGHULYDWLYHVLQVWHDGSUHIHUULQJWKHV\QRQ\PRXV

FRPSRVLWH1HYHUWKHOHVVZKHQ6W0D[LPXVH[SORUHGLQFKDSWHUD

SDVVDJHIURPWKH'LRQ\VLDQFRUSXVKHPDGHDEXQGDQWXVHRIWKHWHUP

WKHDQGULFZKLFKSHUWDLQHGWRLW:HFDQVXUPLVHIURPWKLVH[DPSOHWKDW

VLPLODUO\6W0D[LPXVLQWHUSUHWHGWKH*UHJRULDQSKUDVHZKLFKVHUYHGDV

DSUHWH[WIRU'LIFXOW\ZLWKLQWKHFRQWH[WZKHUHLWEHORQJHGQDPHO\

WKHWKRXJKWRI6W*UHJRU\WKH7KHRORJLDQ7KLVFRQFOXVLRQVWDQGVHYHQ

WKRXJK WKH SKUDVH LQ TXHVWLRQ D SRHWLF PHWDSKRU RI WKH LQFDUQDWLRQ

KDVQRH[SOLFLWFRVPRORJLFDOEHDULQJLQGHHGWKHUHZRXOGKDYHEHHQQR

UHDVRQIRU6W0D[LPXVWRUHO\RQ1\VVHQRUDQRWKHUDXWKRULQRUGHUWR

FODULI\ZKDWWKH7KHRORJLDQPHDQW$VDPDWWHURIIDFWDQ\GLUHFWXVHLQ

'LIFXOW\RILGHDVIURPRWKHUDXWKRUVOLNH6W*UHJRU\RI1\VVDUHPDLQV

LPSUREDEOH0\FRQYLFWLRQLVEDVHGRQWKHIDFWWKDWWRZDUGWKHHQGRIWKH

FKDSWHU6W0D[LPXVGLGUHIHUWRDQRWKHUVRXUFHLHWKH'LRQ\VLDQ2QWKH

'LYLQH1DPHVPHQWLRQLQJWKHDXWKRUE\QDPH7KXVLQWKHHYHQWRI

KLVGUDZLQJRQ6W*UHJRU\RI1\VVDVLGHDVWKH&RQIHVVRUVKRXOGKDYH

DOVRQDPHGWKHDXWKRUZKLFKKHGLGQRW$OOWKHVHREVHUYDWLRQVOHDGWR

WKHFRQFOXVLRQWKDWIRUKLVHODERUDWLRQVLQ'LIFXOW\6W0D[LPXVZDV

SULPDULO\ LQGHEWHG WR6W*UHJRU\ WKH7KHRORJLDQ7UXH2UDWLRQ

FRQYH\VDOPRVWWKHVDPHPHVVDJHDVWKHUVWSDVVDJHUHIHUUHGWRE\/RXWK

LQ1\VVDV$JDLQVW(XQRPLXVVHHDERYH7KHUHLVKRZHYHUDQRWDEOH

GLIIHUHQFHEHWZHHQWKHWZRWH[WVZKHUHDV2UDWLRQPDLQO\GHDOV

ZLWKWKH3ODWRQLFGLYLVLRQRIEHLQJ6W*UHJRU\RI1\VVDGLVWLQJXLVKHG

ZLWKLQ WKH LQWHOOLJLEOH WKHXOWLPDWHULIWEHWZHHQFUHDWHGDQGXQFUHDWHG

7KDWVDLGZKHQWUHDWLQJWKHUHDOPRIWKHRORJ\WKHLQQHUOLIHRI*RG

DQGWKHDQJHOLFEHLQJVLQWKHEURDGHUFRQWH[WRI 2UDWLRQWKH

7KHRORJLDQPDGHWKHVDPHVKDUSGLVWLQFWLRQEHWZHHQWKHGLYLQHDQGWKH

FUHDWHG

5HJDUGLQJ WKH VHFRQG WH[W HYRNHG E\ /RXWK SRLQWLQJ RXW WKH

LJQRUDQFHRIFUHDWLRQDVSHUFHLYHGE\1\VVHQLQGHHGDIHDWXUHUHLWHUDWHG

E\'LIFXOW\LWVKRXOGEHQRWHGWKDWWKLVWHDFKLQJZDVVKDUHGE\

DOO &DSSDGRFLDQV ,W UHFXUUHQWO\ HPHUJHGZLWKLQ WKHLU UHVSHFWLYH DQWL


10/19

(XQRPLDQGLVFRXUVHVDQGZHDOVRQGLWLQ2UDWLRQLQWKHYHU\

FRQWH[WRILQWHUHVWKHUH2QHZD\RUWKHRWKHUWKH7KHRORJLDQVOHJDF\

FDQQRWEHLJQRUHGLQRXUTXHVWIRUWKHVRXUFHVRIWKH0D[LPLDQWKHRU\RI

HYHU\WKLQJDQGWRLW,QRZWXUQ

$QWHFHGHQWVRIWKH0D[LPLDQ7KHRU\LQ6W*UHJRU\WKH7KHRORJLDQ

%HIRUHPRYLQJWRWKHDQDO\VLVRIWKHUHOHYDQWSDVVDJHVDQRWKHUVLJQLFDQW

HOHPHQWVKRXOGEHWDNHQLQFRQVLGHUDWLRQ$VDOUHDG\QRWHGWKH*UHJRULDQ

VHQWHQFHWKDWIRUPVWKHSUHWH[WIRU'LIFXOW\WKHQDWXUHVUHQHZDQG*RG

EHFRPHVPDQLVWDNHQIURP2UDWLRQZKLFK6W*UHJRU\GHOLYHUHG

LQ&RQVWDQWLQRSOHMXVWDIHZGD\VDIWHU2UDWLRQFRQVLGHUHGKHUH7KLV

GHWDLOLVRIJUHDWKHUPHQHXWLFDOVLJQLFDQFH,QGHHGE\H[SORULQJDZLGH

UDQJHRIFRQQRWDWLRQVSHUWDLQLQJWRWKH/RUGVHSLSKDQ\2UDWLRQV

FRQVWLWXWHDWKHPDWLFDOO\DQGPHWKRGRORJLFDOO\FRQVLVWHQWLQGLVVROXEOH

ZKROH )RU H[DPSOH2UDWLRQ HODERUDWHV RQ WKH VDPH LGHD DV

WKHIDPRXVVHQWHQFHIURP2UDWLRQ,WLVLPSRVVLEOHWRLPDJLQH6W

0D[LPXVZKRZDVVXFKDPHWLFXORXVUHVHDUFKHURIWKH*UHJRULDQZRUNV

DVXQDZDUHRIOLNHFRQQHFWLRQV7KLVLVZK\HYHQWKRXJK'LIFXOW\

GRHVQRWH[SOLFLWO\UHIHUWR2UDWLRQLWVLQXHQFHFDQEHGLVFHUQHGLQ

WKHVXEWH[WRIWKHFKDSWHU

7REHVXUHDVQRWHGE\&RRSHUVHHDERYH6W0D[LPXVZDVYHU\

IDPLOLDUZLWK WKH*UHJRULDQZULWLQJ LQTXHVWLRQDQGDFWXDOO\ LQFOXGHG

D ODUJHSDVVDJH IURP2UDWLRQ LQ KLV'LIFXOW\

7KHSDVVDJHUHQGHUHGE\WKH&RQIHVVRUUHDGVDVIROORZVP\WUDQVODWLRQ

$WUVW WKHPLQG > LQWHOOLJLEOHRU LQYLVLEOHZRUOG@DQGWKHVHQVH

>VHQVLEOHRUYLVLEOHZRUOG@ZHUHGLVWLQFWIURPRQHRWKHU

HDFKUHPDLQLQJZLWKLQWKHLUVSHFLFERXQGDULHV

DQGEHDULQJLQWKHPVHOYHVWKHPDMHVW\RIWKHGHPLXUJH

/RJRVDVVLOHQWZRUVKLSSHUVDQGVWURQJSUHDFKHUVRIWKHJUHDWZRUN6R

IDUWKHUHZDVQHLWKHUD IXVLRQRIWKHWZRQRUD

PL[LQJRIWKHRSSRVLWHVVRDVWRPDNHNQRZQD

VXSHULRUDQGJHQHURXVZLVGRPFRQFHUQLQJ>FUHDWHG@EHLQJV>/LNHZLVH

WKHUHZDV@ QRNQRZOHGJHRI WKHZKROH ULFKQHVVRI >GLYLQH@ JRRGQHVV

6XFK >JRRGQHVV@ QHHGLQJ WR EH PDGH REYLRXV WKH FUDIWVPDQ /RJRV



11/19

3KURQHPD 9ROXPH

ZLOOHGWRPDNHWKHPDQDVDVLQJOHOLYLQJEHLQJFRQVLVWLQJRIERWK

QDPHO\ WKH LQYLVLEOH DQGYLVLEOH QDWXUHV 7DNLQJ

WKHUHIRUHWKHERG\IURPWKHDOUHDG\VWUXFWXUHGPDWWHU

DQGEORZLQJRXWIURPKLPVHOIWKHEUHDWKZKLFKDFFRUGLQJWR6FULSWXUHLVWKHFRQVFLRXVVRXODQGWKHLPDJHRI*RGKH

SODFHGRQHDUWKWKHKXPDQEHLQJDVDNLQGRIVHFRQGZRUOGJUHDWZLWKLQ

WKHVPDOORQHDQRWKHUDQJHOD

FRPSRVLWHZRUVKLSSHU

,Q LWV RULJLQDO VHWWLQJ WKH WH[W FRQWLQXHV ZLWK D VHULHV RI SDUDGR[LFDO

VWDWHPHQWVFRQFHUQLQJWKHKXPDQEHLQJVVWUXFWXUHDQGYRFDWLRQ

$OWKRXJKWKHDERYHH[FHUSWGRHVQRWOLWHUDOO\DSSHDULQ'LIFXOW\

LWVWUDFHVDUHVWLOOYLVLEOH2UDWLRQLQGHHGSUHVHQWVWKHKXPDQ

EHLQJZLWKLQDFRVPLFVHWWLQJDQGDVEULGJLQJ WKH WZRVLGHVRI UHDOLW\

QDPHO\ WKH LQWHOOLJLEOHDQG WKH VHQVLEOHZHDOUHDG\HQFRXQWHUHGWKHVH

DVSHFWVLQWKHDQDO\VLVRIWKH0D[LPLDQWKHRU\7KHVLPLODULWLHVGRQRW

HQG KHUH WKRXJK /LNH WKH VRWHULRORJLFDO IUDPHZRUN RI WKH WKHRU\ RI

HYHU\WKLQJDVUHSUHVHQWHGE\'LIFXOW\WKHFRQWH[WRIWKHSDUDJUDSKRI LQWHUHVW KHUH FRQVWLWXWHV D FRPSUHKHQVLYH QDUUDWLYH RIFUHDWLRQ DQG

VDOYDWLRQ 0RUH SUHFLVHO\ 2UDWLRQ GHVFULEHV WKH PDNLQJ

RI WKH DQJHOLF DQG YLVLEOH GRPDLQV FKDSWHU LQWURGXFHV WKH KXPDQ

EHLQJDV DQ LQWHUIDFH IRU WKH WZR UHDOPVDOVRSRLQWLQJ WR LWV YRFDWLRQ

WR GHLFDWLRQ FKDSWHU QDUUDWHV WKH SDUDGLVDO H[SHULHQFH DQG WKH

H[LVWHQWLDOIDLOXUHRIKXPDQNLQGDQGQDOO\FKDSWHU SUHVHQWVWKH

DQWLGRWHRIWKLVIDLOXUHDVDGPLQLVWHUHGE\WKHGLYLQHSHGDJRJ\LQKLVWRU\FXOPLQDWLQJLQWKHLQFDUQDWLRQRI*RGWKH/RJRV/RRNLQJFORVHO\WRRXU

WH[W2UDWLRQ HYRNHV WZRRI WKHYH0D[LPLDQ SRODULWLHV WKH

VHFRQGDQGWKHIWKZKLFKUHIHUWRWKHLQWHOOLJLEOHDQGWKHVHQVLEOH

DQGWKHKXPDQEHLQJKRZHYHUGHSULYHGRIJHQGHUFRQQRWDWLRQV7KH

*UHJRULDQSDVVDJHHQGVZLWKWKHSDUDGR[RIWKHKXPDQEHLQJDVDVHFRQG

DQG JUHDWHU FRVPRVZKLFK LQ LWVFRPSOH[ DUFKLWHFWXUH UHFDSLWXODWHV

DQG WUDQVFHQGV WKH SHUIHFWO\ DUWLFXODWHGZKROHQHVV RI WKH XQLYHUVH7KLVYHU\DVSHFWFRUUHVSRQGVWRWKH&RQIHVVRUVYLVLRQWKDWGHSLFWVWKH

XQLHGDQGSHUIHFWHGXQLYHUVHDVOLNHDQRWKHUKXPDQEHLQJ

1HYHUWKHOHVVWKHWZRDFFRXQWVGRQRWFRLQFLGHLQDOO


12/19


UHVSHFWV7KHPDLQGLIIHUHQFHFRQVLVWVLQWKDWZKHUHDVWKHV\QWKHVLVRIWKH

LQWHOOLJLEOHDQGWKHVHQVLEOHLQ6W*UHJRU\RFFXUVZLWKLQWKHSV\FKRVRPDWLF

PDNHXSRIWKHKXPDQQDWXUHLQ6W0D[LPXVWKLVGHWDLOLVLPSOLHGEXWQRW

PHQWLRQHG%HVLGHWKLVYDULDQFHWKHWZRIDWKHUVFRQYH\RQHPHVVDJH

WKHUHLVDFORVHFRQQHFWLRQEHWZHHQKXPDQH[LVWHQFHDQGWKHFRKHVLRQRI

WKHXQLYHUVH7KLVFRQFOXVLRQDOORZVIRUDIHUWLOHUHDGLQJRIWKHLULGHDVLQ

GLDORJXHZLWKWKHPRGHUQQRWLRQRIWKHDQWKURSLFFRVPRORJLFDOSULQFLSOH

0RYLQJWR WKHVHFRQGSDUDJUDSKRI LQWHUHVWLQ2UDWLRQ

ZHHQFRXQWHUDYHU\GLIIHUHQW\HWQRWXQUHODWHGDSSURDFK7KHZKROH

FKDSWHUFRQVWLWXWHVDGR[RORJLFDOUHFDSLWXODWLRQRIWKHHYHQWVUHFRXQWHG

LQ WKH 1DWLYLW\ QDUUDWLYHV LQWHUSUHWLQJ WKH VDOYLF HSLVRGHV DV PHDQV

E\ZKLFK&KULVW DFFRPSOLVKHG WKH XQLRQ RI KHDYHQ DQG HDUWK DQG RI

HYHU\WKLQJ HOVH 7KLV LQWHUSUHWDWLRQ FRUUHVSRQGV WR WKH &RQIHVVRUV

PXVLQJVRQ&KULVWDVPHGLDWRU$JDLQWKH*UHJRULDQSDVVDJHVKRXOG

EH FRQVLGHUHG LQ LWV LPPHGLDWH VHWWLQJ RI FKDSWHUV VHFRQG KDOI

WR IRUZKLFK LWVHUYHV DV DFRQFOXVLRQ7KHSDVVDJHV H[SORUH WKH

P\VWHU\RI&KULVWDVWKH*RGPDQZKRE\KLVNHQRVLVEURXJKWGLYLQLW\

DQGKXPDQNLQGWRWKHLUXWPRVWSUR[LPLW\IRUWKHEHQHWRIWKHODWWHU7KH

NHQRVLVRIWKH/RJRVLQFDUQDWHLVUHQGHUHGLQSRZHUIXOWRQHVWKURXJKD

VHULHVRIDQWLQRPLHVVXFKDVWKHXQFUHDWHGRQHLVFUHDWHGWKHOLPLWOHVV

RQHLVERXQGHGHWFPHDQWWRSUHYHQWLWVPLVLQWHUSUHWDWLRQ&KDSWHUV

DQG LQ IDFW GHIHQG WKH P\VWHU\ E\ DUWLFXODWLQJ WKH XQLW\ RI

*RGKHDGDQGKXPDQNLQGLQWKHRQHSHUVRQRIWKHWZRIROG

&KULVW&ORVHUWRWKHWH[WRILQWHUHVWLQFKDSWHU6W*UHJRU\PDGHD

FUXFLDOSRLQWKLJKOLJKWLQJWKHPHDQLQJRIWKHIHVWDOVHDVRQDVDUHYHODWLRQ

RIWKHRQHUHDVRQEHKLQGWKHP\VWHU\RILQFDUQDWLRQWR

DFKLHYHP\SHUIHFWLRQP\UHVKDSLQJDQGP\UHWXUQWRWKHUVW$GDP

:LWKWKLVODVWVWDWHPHQWZKLFK,

UHDGDVUHIHUULQJWRDUHWXUQWR$GDPVXQLI\LQJYRFDWLRQZHDUHOHG

VWUDLJKWWRWKHWKHRU\RIHYHU\WKLQJ

9HU\OLNHO\GHVSLWH6W*UHJRU\QRWUHIHUULQJWRDQ\PDFURFRVPLF

HFKRHV RI WKH GHWHULRUDWLRQ RI WKH KXPDQ VSKHUH DQ DVSHFW IDU EHWWHU

HPSKDVLVHGE\WKH&RQIHVVRUWKHXQGHUVWDQGLQJRIWKHIHVWDOVHDVRQDV


13/19

3KURQHPD 9ROXPH

EULQJLQJKXPDQLW\EDFNWRLWVYRFDWLRQLQGLFDWHVVXFKFRQQHFWLRQZLWKWKH

WKHRU\)XUWKHUGHYHORSHGE\6W0D[LPXVWKLVQRWLRQFDQEHGLVFHUQHG

LQWKHGHSLFWLRQRI&KULVWDVEULQJLQJDERXWWKHXQLRQRIWKHXQFUHDWHG

DQGFUHDWHGDQGE\H[WHQVLRQRIDOOWKHUHDOPVZLWKLQWKHFRQQHVRI

FUHDWLRQ7KLVKDVEHHQIURPWKHRXWVHWWKHWDVNDSSRLQWHGWRKXPDQNLQG

DOWKRXJKWKH7KHRORJLDQGRHVQRWH[SOLFLWO\VD\VR6W0D[LPXVOOVWKLV

JDSDVZHKDYHVHHQE\VWDWLQJWKDWKXPDQLW\VIDOOLVWDQWDPRXQWWRRXU

IDLOXUHWRXQLWHWKHUHDOPV6W*UHJRU\VKRZVKRZHYHUDVLPLODUJUDVS

ZKHQSRLQWLQJRXWWKDWLQFHOHEUDWLQJWKHVDOYDWLRQZURXJKWE\&KULVW

WKXVE\OLWXUJLVLQJZHWUXO\MRLQDOOWKHUHDOPV+HWKXVH[KRUWV

*ORULI\ >&KULVW@ ZLWK WKH VKHSKHUGV VLQJ K\PQV ZLWK DQJHOV GDQFH

ZLWKWKHDUFKDQJHOV/HWWKLVIHVWLYDOEHFRPPRQWRWKHKHDYHQO\DQG

HDUWKO\SRZHUV>@)RU

,EHOLHYHWKDWWKH\WRJHWKHUUHMRLFHDQGFHOHEUDWHWRGD\

,QVSLUHG E\ WKH ZRUVKLSLQJ PLOLHX WDNHQ DV DPHHWLQJ SODFH IRU WKH

DQJHOLFDQGKXPDQFKRLUV6W*UHJRU\VYLVLRQSUHFHGLQJE\DFHQWXU\

WKH'LRQ\VLDQOLWXUJLFDOP\VWLFLVPUHYHDOVWKH&KULVWLDQEDFNJURXQGRIWKH WKHRU\ RIHYHU\WKLQJ&HQWXULHV DIWHU WKH7KHRORJLDQ6W0D[LPXV

UHLWHUDWHGWKLVKROLVWLFZRUOGYLHZE\LQFOXGLQJWKHXQLRQRIWKHDQJHOLF

DQGFRVPLFUHDOPVDVWKHIRXUWKVWDJHRIWKHXQLI\LQJSURFHVVDQGE\

UHSUHVHQWLQJWKHOLWXUJ\DVDXQLRQRIDQJHOLFDQGKXPDQGR[RORJLHV

&ORVLQJ5HPDUNV

7KHDUWLFOHKDVUHYLHZHGWKHPDLQVFKRODUO\DUJXPHQWVUHIHUULQJWRWKH

SDWULVWLFDQWHFHGHQWVRI WKH0D[LPLDQWKHRU\RIHYHU\WKLQJDVGHSLFWHG

LQ'LIFXOW\ :H GLVFRYHUHG WKDW GHVSLWH WKH HVWDEOLVKHG VFKRODUO\

FRQVHQVXV WKH &RQIHVVRU GLG QRW SULPDULO\ EXLOG RQ 6W *UHJRU\ RI

1\VVDDQG1HPHVLXVRI(PHVDVUHVSHFWLYHZULWLQJVHYHQWKRXJKWKHLU

LQXHQFHFDQQRWEHGHQLHG,QVWHDGZHGLVFHUQHGWKDW6W*UHJRU\WKH

7KHRORJLDQV WKRXJKW SOD\HG DPRUH VLJQLFDQW UROH WKDQ DGPLWWHGE\

SUHYLRXV VFKRODUV ERWK IURP WKH YLHZSRLQW RI WKH LGHD RI WKH UHDOPV

DVXQLWHGDURXQGWKHKXPDQEHLQJDQGWKHOLWXUJLFDOIUDPHZRUNRIWKH

ZKROHWKHRU\,WKDVOLNHZLVHEHFRPHFOHDUWKDW6W0D[LPXVZDVQRWD

VHUYLOHLPLWDWRURIWKH7KHRORJLDQ:KLOVWWKHUHOHYDQWSDVVDJHVIURP6W


14/19


*UHJRU\EH\RQGWKHLUGDULQJWXUQVGHSLFWDVWDWLFDQGRQWRORJLFDOLFRQ

RIUHDOLW\LQVSLUHGE\WKHFODVVLFDOFRQFHSWRIPDQDVPLFURFRVPDQGWKH

WKHRU\ RI UHFDSLWXODWLRQ WKH&RQIHVVRU RIIHUV D G\QDPLFSHUVSHFWLYH

H[LVWHQWLDOLQQDWXUH,QOLJKWRIWKLVGHYHORSPHQWWKHKXPDQEHLQJGRHV

QRWVLPSO\UHHFWWKHVWUXFWXUHRIWKHXQLYHUVHDV6W*UHJRU\KROGVEXW

UHSUHVHQWVLQVWHDGDVWUXFWXULQJIRUFHDWZRUNLQWKHZRUOG,QVSLWHRI

WKHVHGLIIHUHQFHVWLPHKDVFRPHWRJLYHGXHFUHGLWWR6W*UHJRU\WKH

7KHRORJLDQDVDQDQWHFHGHQWRIWKH0D[LPLDQWKHRU\RIHYHU\WKLQJ

$FNQRZOHGJPHQWV

, DP JUDWHIXO WRP\ FROOHDJXH DQG IULHQG3KLOLS.DULDWOLVDQG WR WKH

UHIHUHHVIRUWKHLUSDWLHQWUHFWLFDWLRQRIP\VW\OLVWLFVKRUWFRPLQJVDQG

WKHLUFRQVWUXFWLYHFULWLFLVP

???

127(6

3* ' )RU DQ (QJOLVK YHUVLRQ VHH $QGUHZ /RXWK 0D[LPXV WKH

&RQIHVVRU/RQGRQDQG1HZ


15/19

3KURQHPD 9ROXPH

3HQJXLQ%RRNV6HHDOVR-RKQ'%DUURZ 7KH&RQVWDQWV

RI 1DWXUH )URP $OSKD WR2PHJD WKH 1XPEHUV 7KDW (QFRGH WKH 'HHSHVW

6HFUHWVRIWKH8QLYHUVH1HZ


16/19


&I ,ELGHP 6HH DOVR LGHP0DQ DQG WKH &RVPRV 7KH 9LVLRQ RI 6W

0D[LPXVWKH&RQIHVVRU&UHVWZRRG1


17/19

LQWURG E\ 1RQQD 9HUQD +DUULVRQ &UHVWZRRG 1


18/19


3*$%&

3*'$

,DPLQGHEWHGWR)U%RJGDQ%XFXUIRUWKHVXJJHVWLRQVWKDWOHGWRWKHLPSURYHPHQWRIP\LQLWLDOYHUVLRQRIWKLVSDVVDJH

5HJDUGLQJ WKLV SDUDGR[LFDO DVSHFW LW LV WUXH 6W *UHJRU\ RI 1\VVD EURXJKW

IXUWKHUFODULFDWLRQE\VSHDNLQJRIWKHKXPDQEHLQJDVDQLQWHUPHGLDU\>@

EHWZHHQWKHGLYLQHDQGERGLOHVVQDWXUHDQGWKHLUUDWLRQDODQGDQLPDOOLIH2Q

WKH0DNLQJRI0DQ3*%&7KLVSKUDVHWRP\NQRZOHGJHQRW

FRQVLGHUHGE\WKRVHVHHNLQJLQ1\VVHQWKHDQWHFHGHQWVRIWKH0D[LPLDQWKHRU\

VWLUUVWKHLQWHUHVWRI3HWHU&%RXWHQHII%HJLQQLQJV$QFLHQW&KULVWLDQ5HDGLQJV

RIWKH%LEOLFDO&UHDWLRQ1DUUDWLYHV*UDQG5DSLGV%DNHU$FDGHPLF

6HHWKHZKROHSDUDJUDSKLQ3*&%

)RUDVXPPDU\RIWKHRUDWLRQVHH0F*XFNLQ6DLQW*UHJRU\RI1D]LDQ]XV

)RUDQDQDO\VLV RI WKH FRQWH[WSHUWDLQLQJ WR2UDWLRQ DQGUHODWHGZRUNV

LQ D FRPSOH[ WKHRORJLFDO DQWKURSRORJLFDO DQG FRVPRORJLFDO SHUVSHFWLYH VHH

5DGIRUG5XHWKHU*UHJRU\RI1D]LDQ]XV

3*&&6HHDIHZUHPDUNVRQWKLVJURXSRIFKDSWHUVH[WHQGHGWR

LQ&KULVWRSKHU$ %HHOH\*UHJRU\RI1D]LDQ]XVRQWKH7ULQLW\DQGWKH

.QRZOHGJHRI*RG,Q


19/19

3KURQHPD 9ROXPH

/LWHUDOO\LQWKHRULJLQDO2UDWLRQ

3*&

3*$%

&I2UDWLRQ3*&

2UDWLRQ3*&

&I'LIFXOW\3*&

&I'LIFXOW\3*&%VT

2QWKHOLWXUJLFDOGLPHQVLRQEULH\7ROOHIVHQ7KHRVLVDFFRUGLQJWR*UHJRU\

2UDWLRQ3*$%

&I'LIFXOW\3*$

&I0\VWDJRJ\3*%&

5HY 'RUX &RVWDFKH UHFHLYHG KLV 'RFWRU RI 7KHRORJ\ GHJUHH IURP WKH 8QLYHUVLW\

RI %XFKDUHVW LQ +H LV D SUHVE\WHU XQGHU WKH *UHHN 2UWKRGR[ $UFKGLRFHVH

RI $XVWUDOLD DQG D 6HQLRU /HFWXUHU LQ 3DWULVWLFV DW 6W $QGUHZV *UHHN 2UWKRGR[

7KHRORJLFDO&ROOHJH6\GQH\+LVUHVHDUFK LQWHUHVWVDUH LQ WUDGLWLRQDOSDWULVWLF WKHRORJ\

WUDQVGLVFLSOLQDULW\DQGWKHGLDORJXHRIVFLHQFHDQGWKHRORJ\&XUUHQWO\KHLVXQGHUWDNLQJ

DQLQWHUSUHWDWLRQRI*HQHVLVZLWKLQWUDGLWLRQDQGLQWKHOLJKWRIFRQWHPSRUDU\FKDOOHQJHV

Costache - Seeking Out the Antecedents

Documents

Transcript of Costache - Seeking Out the Antecedents