Macro-Prudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks

8/3/2019 Macro-Prudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks

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bcp}cck orc`fp mra}ph gk` mrass àecspfo ~raòp (M@^& mra}ph+ Gs cx~igfkc` bv Orgfm)@gzfs) gk` ^gsogi (2>>:&) rcgi M@^ mra}ph fs oaksf`crc` g spgk`gr` ecgsrc aj phcbsfkcss ovoic) }hfic rcgi orc`fp mra}ph rcjicops phc raic aj phc jfkgkofgi scopar fk phc ovoic+Bgsc` ak phc `gpg scrfcs aj 77 Gsfg%^gofjfo coakaefcs) phcfr sp`v oigfec` phgp phcoarrcigpfak aj orc`fp pa M@^ fs eoh sprakmcr ak gzcrgmc }hck mra}ph fs }cgd) smmcspfkmphgp ~raovoifogifpv fs mrcgpcr `rfkm g rcocssfak+ Jfmrc 2 `ceaksprgpcs phgp rcigpfakshf~ fkphc ogsc aj Fkàkcsfg+2 _fefigr prck`s ogk gisa bc scck cisc}hcrc fk Gsfg+ ?

Jfmrc 2< Gkkgif|c` Orc`fp Mra}ph gk` M@^ Mra}ph fk Fkàkcsfg

Fk g``fpfak) phc~rcsckoc aj ~ra%ovoifogifpv fs gisa oakjfrec` bv phc cspgbifshc` rcigpfakshf~ bcp}cckgooeigpfaks aj haschai` `cbp gk` M@^ mra}ph rgpcs (Jfmrc ?&+ G sfe~ic rcmrcssfakcwgpfak rcigpfkm phc p}a zgrfgbics fk`fogpcs phgp g rfsc fk M@^ fk ~rohgsfkm ~a}cr pcres(^^^& ~cr og~fpg oakprfbpcs ~asfpfzciv gk` sfmkfjfogkpiv pa g rfsc fk phc haschai` `cbp%pa%M@^ rgpfa gorass phc 7= oakprfcs) fkoi`fkm phasc fk Gsfg (Kgdarkphgb 2>7>&+

(#&

_aroc< OCFO gpgbgsc gk` gphar‖s ogioigpfak

Phc ~raovoifogi kgprc aj phc jfkgkofgi scopar ogk gisa bc scck fk phc rcigpfakshf~ bcp}cckorc`fp mra}ph gk` gsscp ~rfoc (~grpfoigriv rcgi hasc ~rfocs&+ Gs Jfmrc 7 sha}s) phc rabsp

2Skifdc ~gsp coakaefo gk` jfkgkofgi orfscs) phc jfkgkofgi fkspfppfaks fk Fkàkcsfg gk` easp aj fps kcfmhbars hg`sprakm og~fpgi ~asfpfaks gk` maa` ifwf`fpv `rfkm phc ~cgd aj phc sb~rfec orfsfs+ Phc sprakm bgigkoc shccps ajbgkds efkfef|c` phc ’~raovoifogifpv― fe~gop aj phc coakaefo sia}à}k+

?Phc oa%eazceckp bcp}cck M@^ mra}ph rgpc gk` orc`fp mra}ph ogk gisa bc scck fk aphcr Cgsp Gsfgk gk`_aphcgsp Gsfgk coakaefcs+ Jar brczfpv) akiv phc ogsc aj Fkàkcsfg fs ~rcsckpc` hcrc+

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Orc`fp (IH_& M@^ (RH_&




8

s~~iv aj bgkd iagks gk` orc`fp spfeigpc` s~ck`fkm) cs~cofgiiv `rfkm phc vcgrs aj sagrfkmcoakaefo mra}ph+ Fk Gsfg) phc ~ra~crpv egrdcp hgs bcck gpprgopfkm g igrmc shgrc aj haecgk` oaeecrofgi iagks+ Oakscwckpiv) phc gzgfigbfifpv aj soh iagks `rfkm pfecs aj sprakmmra}ph jcic` oakocrks gbap phc cecrmckoc aj g ~ra~crpv bbbic+ Jfmrc ? fiisprgpcs phc~assfbic ifkd bcp}cck phc gzgfigbfifpv aj iagks ak haec ~rfocs fk Pgf~cf)Ohfkg+ _fefigriv) phcbaaes gk` bsps aj ~ra~crpv ~rfocs fk eglar Gsfgk coakaefcs) soh gs phc ^hfif~~fkcs4

_fkmg~arc4 gk` Pgf~cf)Ohfkg hgzc bcck jak` pa bc ifkdc` pa phc coakaefo ovoics(Kgdarkphgb 2>7>&+ Orgfm) @gzfs) gk` ^gsogi (2>>:& }grkc` phgp phc oarrcigpfaks bcp}cck~ra~crpv ~rfocs gk` orc`fp mra}ph grc ajpck gsveecprfogi fk rcigpfak pa phc coakaefo ovoicsfk Gsfg+ Phc sp`v sha}s phgp ~ra~crpv ~rfocs grc earc hfmhiv oarrcigpc` }fph orc`fp `rfkm gà}kprk+ Fkpcrcspfkmiv) phc rcockp miabgi jfkgkofgi orfsfs hgs igrmciv bcck phc cxoc~pfak+Easpiv `c pa phc sprakm bgigkoc shccps aj àecspfo bgkds oakprfbpfkm pa sspgfkc` orc`fpcx~gksfak) phc oarrcigpfak bcp}cck coakaefo à}kprk gk` jgiifkm ~ra~crpv ~rfocs hgs kapbcck gs sprakm fk saec Gsfgk coakaefcs) ~grpfoigriv fk _aphcgsp Gsfg+

Jfmrc ?< Iagk!RM@^ gk` Haec ^rfoc Baaes gk` Bsps fk Pgf~cf)Ohfkg

R@M^ 5 Rcgi M@^

_aroc< Ha 2>7>+

^rckfa (2>>8& rczfc}c` rgpfkms aj bgkdfkm gsscps fk phc ^hfif~~fkcs `rfkm `fjjcrckpcoakaefo ovoics+ Phc sp`v sha}s phgp phc ~crockpgmc aj bgkdfkm gsscps phgp }crcà}kmrg`c` srmc` jaiia}fkm phc 766= Gsfgk orfsfs (Pgbic 2&+ Phc ~crockpgmc ajà}kmrg`cs fkorcgsc` kpfi 2>>2) bcjarc spgbfif|fkm gk` phck `coifkfkm egrmfkgiiv jrae 2>>?ak}gr` }hck phc oakprv‖s M@^ sg} g ~crfa` aj sprakmcr gk` earc spgbic mra}ph+Jarpkgpciv) icss phgk 72# aj kfzcrsgi bgkdfkm gsscps aj phc ^hfif~~fkcs gp phgp pfec }crc




6

sblcop pa cxpcrkgi rgpfkms k`cr Bgsci FF rcmigpfaks+ Hckoc) phc coakaefo à}kprk gk` phcà}kmrg`fkm aj rgpfkms hg` g ifefpc` fe~gop ak phc bgkds‖ og~fpgi rcwfrceckps+ Fp oai`hgzc bcck `fjjcrckp fj g eglar shgrc aj bgkd gsscps hg` bcck sblcop pa cxpcrkgi orc`fprgpfkms+ Fk phgp ogsc à}kmrg`cs oai` hgzc g`zcrsciv fe~gopc` phc og~fpgi g`cwgov~asfpfak aj phc bgkds) }hfoh fk prk }ai` hgzc rcsipc` fk g rcòpfak aj ick`fkm gk` rcgicoakaefo gopfzfpv+

Pgbic 2< M@^ Mra}ph gk` Cxpcrkgi Rgpfkm

M@^ # aj # aj

Vcgr Mra}ph S~mrg`cs @a}kmrg`cs

7662 >+?># >+>># >+>>#

766? 2+7># >+>># >+>>#

7660 0+0># >+>># >+>>#

7663 0+=># >+>># >+>>#

766: 3+8># 6+>6# 6+>6#

766= 3+2># ?+>?# ?+>?#

7668 %>+:># >+>># 78+=3#

7666 ?+0># ?+=># 70+87#

2>>> 0+>># =+:6# 73+?8#

2>>7 7+8># 0+?3# 2:+>6#

2>>2 0+0># 0+=:# 70+26#

2>>? 0+6># =+:6# =+:6#

2>>0 :+0># >+>># 8+??#

2>>3 0+6># 6+>6# 6+>6#

2>>: 3+0># :+:=# >+>>#_aroc< rckfa 2>>8+

Phc miabgif|c` bgkdfkm svspce fs gkaphcr jgopar phgp kcc`s pa bc rcoamkf|c` }hckgsscssfkm phc fe~gop aj ifkds bcp}cck egoracoakaefo ~aifofcs gk` jfkgkofgi egrdcpoak`fpfaks+ _p`fcs sha} phgp }hfic ick`fkm bv segii bgkds g~~cgrs pa bc hfmhiv rcs~aksfzcpa eakcpgrv ~aifov shaods) phc sgec fs kap prc jar igrmcr bgkds+ Akc cx~igkgpfak fs phgpigrmc bgkds egv bc earc gbic pa sbspfppc rcscrzgbic `c~asfps }fph aphcr cxpcrkgi sarocsaj jk`s (Ocparciif gk` Mai`bcrm 2>>8&+ Phc sgec sp`v gisa sha}s phgp igrmc S_ bgkds}fph g miabgi kcp}ard grc fksigpc` jrae àecspfo eakcpgrv ~aifov g`lspeckps+ Bp phfsàcs kap kcocssgrfiv fe~iv phgp eakcpgrv ~aifov prgksefssfak hgs bcoaec fkcjjcopfzc+Fk`cc`) Ocparciif gk` Mai`bcrm (2>>8& oigfe phgp phc cjjcops ak ick`fkm aj S_ eakcpgrv~aifov grc cgsfiv k`crcspfegpc` fj akc akiv cxgefkcs fps fe~gop ak phc iaogi coakaev+ Phcfr




7>

sp`v cxgefkc` phc rcs~aksc aj phc jarcfmk gjjfifgpcs aj phcsc S_ bgkds pa g ohgkmc fkàecspfo eakcpgrv ~aifov) gk` jak` czf`ckoc pa smmcsp phcrc fs gk fkpcrkgpfakgiecohgkfse jar prgksefssfak aj eakcpgrv ~aifov+ Ocparciif gk` Mai`bcrm (2>>6& `ceaksprgpc`phgp g`zcrsc ifwf`fpv shaods pa `czcia~c`%oakprv bgkds) soh gs phasc phgp aoorrc` fk phcS_ fk 2>>= gk` 2>>8) rcòc` ick`fkm fk cecrmfkm egrdcps phramh g jgii fk orass%bar`crick`fkm pa bgkds gk` ~rfzgpc gmckps gk` gisa phramh g jgii fk ~grckp bgkds‖ s~~arp aj

jarcfmk gjjfifgpcs+ Phc miabgif|gpfak aj phc bgkdfkm svspce fs kap g kc} ~hckaeckak fk Gsfggk` hgs fkorcgsc` azcr phc ~gsp `cog`c+ _frcmgr gk` Ohav (2>7>& jak` phgp fkpcrkgpfakgibgkd ick`fkm jrae ~rfzgpc bgkds fk sczck Armgkfsgpfak jar Coakaefo Oaa~crgpfak gk`@czcia~eckp (ACO@& oakprfcs pa kfkc Cgsp Gsfgk coakaefcs jiopgpc` fk pgk`ce }fph phccoakaefo ~crjaregkoc aj phc rcof~fckp oakprfcs+ Gooae~gkvfkm phc oaiig~sc aj mra}ph fkeglar Cgsp Gsfgk coakaefcs }gs g shgr~ `coifkc fk iagks jrae oaeecrofgi bgkds bgsc` fkphcsc sczck ACO@ oakprfcs+ Phc hgr`csp hfp coakaefcs) kgeciv Fkàkcsfg) Darcg)Egigvsfg) phc ^hfif~~fkcs) Phgfigk`) }hfoh hg` cx~crfckoc` kcp ~rfzgpc fkjia}s gzcrgmfkmgrak` S_$7:> bfiifak ~cr gkke fk 7663 gk` 766:) sg} jarcfmk ifgbfifpfcs `ra~ bv grak`03# fk 7668) gs fkpcrkgpfakgi bgkds }crc k}fiifkm pa raii azcr cxfspfkm iagks+ _frcmgr gkÒhav (2>7>& cxgefkc` ~igsfbic ~sh gk` ~ii jgopars aj phc ACO@ bgkds‖ oigfes ak phcCgsp Gsfgk coakaefcs+ Geakm phc dcv jgopars) phcv jak` phgp prg`c bcp}cck phc Gsfgk

oakprfcs gk` phc ACO@ coakaefcs fk wcspfak oakprfbpc` mrcgpiv pa phc jia}s aj orass%bar`cr bgkd ick`fkm) gmgfk k`crsoarfkm phc fe~arpgkoc aj egora%jfkgkofgi ifkds+

Bv phc ck` aj 2>>8) grmgbiv phc ~cgd aj phc miabgi jfkgkofgi orfsfs) sczcrgi Gsfgk coakaefcsprkc` jrae kcp `cbpars pa kcp orc`fpars+ Phc mg~ bcp}cck fkpcrkgpfakgi fkpcrbgkd ifgbfifpfcsgk` gsscps hgs }f`ckc` sfkoc _c~pcebcr 2>>=+ Gsprgifg) Fkàkcsfg) Darcg) Egigvsfg) gk`Zfcp Kge sg} g igrmc bfi`~ aj kcp fkpcrkgpfakgi fkpcrbgkd `cbp) smmcspfkm og~fpgi fkjia}sfk phfs ogpcmarv) }hfic Hakm Dakm) Ohfkg4 Lg~gk4 _fkmg~arc4 gk` Pgf~cf)Ohfkg sg} igrmcapjia}s+ Phc oaebfkgpfak aj eglar raics aj jarcfmk bgkds fk phc iaogi coakaefcs gk` iaogibgkds fk phc miabgi jfkgkofgi egrdcps hgs oae~ifogpc` cjjarps pa cspfegpc phc jcc`bgodcjjcops prgksefppc` bv egora%jfkgkofgi ohgkkcis+

?+ JARMFKM GHCG@ ]FPH EGORA%^RS@CKPFGIRCMSIGPFAK_ FK G_FG

Fk phc ~rcsckp miabgi jfkgkofgi igk`sog~c) ~r`ckpfgi rcmigpfaks hgzc bcck g dcv a~pfakk`cr oaksf`crgpfak+ Phc fe~arpgkoc aj egora%~r`ckpfgi fkspreckps hgs bcck fkorcgsfkmivrcoamkf|c` gs fp fs rcgif|c` phgp oakzckpfakgi dcv ~aifov fkpcrcsp rgpc egkf~igpfak fs paa bikpgk fkspreckp+ ’Efora%~r`ckpfgifsps― grmc phgp g sak` jfkgkofgi svspce rcwfrcs sak`fkspfppfaks+ Kgprgiiv) phc ~raxfegpc ablcopfzc aj phc efora%~r`ckpfgi g~~ragoh fs pa ifefp`fsprcss ak jfkgkofgi fkspfppfaks+ Phfs g~~ragoh gssecs phgp rfsd fs cxamckas‐g ~grpfgicwfifbrfe zfc}+ Fk oakprgsp) ’egora%~r`ckpfgifsps― egfkpgfk phgp fk ocrpgfk sfpgpfaks grgpfakgi oarsc aj gopfak aj gk fkspfppfak oai` rcsip fk k`csfrgbic gmmrcmgpc apoaecs+

Bgsc` ak phc bcifcj phgp rfsd fs fk ~grp ckàmckas pa phc jfkgkofgi svspce) phc ablcopfzc ajphc egora%~r`ckpfgi g~~ragoh fs pa ifefp phc rfsd aj jfkgkofgi `fsprcss pa phc coakaev

@cs~fpc soh a~~asfkm zfc}s) egora% gk` efora%~r`ckpfgi fkspreckps grc fkpcrp}fkc`+ Phcdcv ~grp aj egora%~r`ckpfgi fkspreckps fs pa ce~iav cxfspfkm efora%~r`ckpfgi paais packsrc g sak` jfkgkofgi svspce+ Egora%~r`ckpfgi ecgsrcs ogk bc ogpcmarf|c` fkpa phrcc~rfegrv mra~s+ Phc jfrsp grc ~rfoc gk` wgkpfpv%bgsc` ecgsrcs `csfmkc` pa ifefp orc`fpcx~gksfak+ Rcscrzc rcwfrceckps gk` orc`fp ocfifkms grc pv~fogi ecgsrcs+ Phc scoak`mra~ aj rcmigpfaks fs gfec` gp egfkpgfkfkm phc wgifpv aj iagks+ Pv~fogi ecgsrcs grc iagk%pa%zgic rgpfas) `cbp%pa%fkoaec rics) ifefps ak orrckov efsegpohcs) gk` fe~razc` orc`fp




77

fkjaregpfak+ Phc phfr` mra~ aj ecgsrcs jaoscs ak sprckmphckfkm phc rcsfifckoc aj phcbgkdfkm svspce pa bgigkoc shccp shaods (gsscps gk` ifgbfifpfcs&+ Og~fpgi g`cwgovrcwfrceckps gk` rics ak phc oae~asfpfak gk` pv~cs aj jarcfmk barra}fkm grc saec aj phcecgsrcs fk phfs ogpcmarv+

Phc Oaeefppcc ak phc Miabgi Jfkgkofgi _vspce (OMJ_ 2>7>& jrphcr oigssfjfcs egora%

~r`ckpfgi fkspreckps bv pv~cs aj zikcrgbfifpv fk phc jfkgkofgi svspce+ Pa egkgmc phciczcrgmc ~asfpfak aj phc bgkdfkm svspce) og~fpgi rgpfa) rfsd }cfmhps) ~razfsfakfkm) orc`fpmra}ph) iagk pa zgic og~s) gk` egprfpv og~s grc saec aj phc egora%~r`ckpfgi fkspreckpspa bc sc`+ Ak ifwf`fpv rfsd ar egrdcp rfsd) gpharfpfcs ogk oaksf`cr akc ar g oaebfkgpfak ajphc jaiia}fkm egora%~r`ckpfgi fkspreckps< ifwf`fpv ar rcscrzc rcwfrceckps) jarcfmkcxohgkmc ick`fkm rcsprfopfaks) gk` orrckov efsegpoh ifefps+ Igsp) bp kap icgsp) fs phczikcrgbfifpv grfsfkm jrae fkpcroakkcopc`kcss+ Pa efpfmgpc soh cx~asrc) oakockprgpfakifefps) svspcefo og~fpgi srohgrmcs) gk` sprfop ~aifofcs rcmigpfkm bgkd sbsf`fgrfcs grcfkspreckps pa bc oaksf`crc`+

Phc ckjaroceckp aj egora%~r`ckpfgi ecgsrcs pa egkgmc orc`fp ovoics fs kap g kc}~hckaeckak fk Gsfg (Pgbic ?&+ _fkoc phc 766= orfsfs) gpharfpfcs fk Gsfg hgzc oaiicopfzcivckjaroc` egora% gk` efora%~r`ckpfgi rcmigpfaks pa s~~iceckp phcfr eakcpgrv ~aifov

ecgsrcs+ Akc pgrmcp grcg hgs ajpck bcck pa egkgmc iagk gk` orc`fp cxpcksfaks pa phc~ra~crpv egrdcp+ Mfzck phc pv~fogiiv hfmh ~rajfp egrmfks jrae ~ra~crpv orc`fp gk` iagks) ~aifovrgpc g`lspeckps hgzc iakm bcck jak` pa bc fksjjfofckp pa pgodic sprakm orc`fp cx~gksfaks+Phc ablcopfzc aj phcsc ~r`ckpfgi ecgsrcs hgs gisa bcck pa ~rczckp svspcefo rfsds jarazcrgii jfkgkofgi spgbfifpv) gs scck fk phc 766= orfsfs+

Pgbic ?< _cicopc` ^r`ckpfgi Ecgsrcs jar Orc`fp Baaes fk Gsfg

IPZ Og~fpgi ^razfsfak Cx~asrc Ifefp Ick`fkm Orfpcrfg

Ogeba`fg 2>>6 2>>8^RO 2>>7) 2>>3)

2>>:2>>0

Hakm Dakm) Ohfkg 7667) 766= 7660‟7668Fk`fg 2>>3) 2>>8)

2>>6

2>>3) 2>>:)

2>>=

2>>: 2>>=

Fk`akcsfg 2>>8 2>>0) 2>>3Darcg 2>>?)

2>>:‟2>>82>>:

Egigvsfg 7663‟7668 2>>3) 2>>8)2>>6

766=‟7668 7663‟766=

Eakmaifg 2>>8Kc~gi 2>7>

^g~g Kc} Mfkcg 2>>? 2>>? 2>>>) 2>>7)2>>?

^hfif~~fkcs 766=) 2>7> 2>7>_fkmg~arc 2>7> 2>7>_rf Igkdg 2>>8 2>>=

Pgf~cf)Ohfkg 2>7> ^rc%2>>= ^rc%2>>= ^rc%2>>=

Phgfigk` 2>>? 2>>0‟2>>3Zfcp Kge 2>7> 2>7> 2>7>^RO 5 ^ca~ic‖s Rc~bifo aj Ohfkg

Kapc< IPZ 5 Iagk%pa%zgic rgpfa4 Og~fpgi 5 og~fpgi rcwfrceckps gk` rcscrzc rcwfrceckp4 ~razfsfak 5 iagk~razfsfakfkm rics4 ick`fkm orfpcrfg 5 ifefps ak cbp rc~gveckp%pa%fkoaec) cbp rc~gveckp%pa% cbp ar orc`fp ifkc%pa%fkoaec rgpfa4 cx~asrc ifefp 5 orc`fp cx~asrc pa g scopar+

_aroc< _CGOCK Wcspfakkgfrc _rzcv (Aopabcr 2>7>&+

Fk rcockp vcgrs) soh egora%~r`ckpfgi ecgsrcs hgzc bcck g`a~pc` pa s~~iceckpegoracoakaefo ~aifov ecgsrcs bv phc gpharfpfcs fk phcfr cjjarps pa shfjp g}gv jrae




72

mckcrgiiv cx~gksfakgrv ~aifov spgkocs `rfkm phc ~cgd aj phc miabgi jfkgkofgi orfsfs+ Fkspcgàj rcivfkm ak fkpcrcsp rgpc ~aifov g`lspeckps) g oaebfkgpfak aj iagk pa `c~asfp rgpfas gk`rcscrzc rcwfrceckp ~aifofcs hgs bcck ckjaroc` bv Bgkd Fkàkcsfg) jar fkspgkoc) pa egkgmcorc`fp mra}ph gk` rfsd pgdfkm fk phc àecspfo bgkdfkm scopar+ Gs fk phc ~gsp) phc ~rfegrvablcopfzcs aj phc rcockp egora%~r`ckpfgi ecgsrcs hgzc bcck pa egkgmc ~ra%ovoifogifpv gk`pa rcòc fkpcroakkcopfzfpv gk` svspcefo rfsd+ Pa g igrmc ~grp) Gsfgk ockprgi bgkds) ifdc aphcr

ockprgi bgkds miabgiiv) oiasciv eakfpar ~ra%ovoifogi eazceckps fk `cbp gk` iczcrgmcs)cs~cofgiiv phasc rcigpc` pa gsscp egrdcps soh gs phc ~ra~crpv egrdcp+ _fkmg~arc‖sablcopfzc) jar cxge~ic) hgs bcck pa cksrc g spgbic gk` sspgfkgbic ~ra~crpv egrdcp }hcrc~rfocs eazc fk ifkc }fph jk`geckpgis+ Fk Jcbrgrv 2>7>) phc iagk%pa%zgic (IPZ& ifefp jarhasfkm iagks cxpck`c` bv jfkgkofgi fkspfppfaks }gs ia}crc` pa 8>#+ Pa `fsoargmcs~coigpfzc ’jif~~fkm― aj ~ra~crpfcs) g _ciicr‖s _pge~ @pv ak gii rcsf`ckpfgi ~ra~crpfcs bamhpgk` sai` }fphfk akc vcgr }gs fkpraòc`+ Fk Gmsp 2>7>) phc hai`fkm ~crfa` jar fe~asfpfak ajphc _ciicr‖s _pge~ @pv }gs fkorcgsc` jrae akc vcgr pa phrcc vcgrs+ _fkmg~arc gisapfmhpckc` rics pa cksrc ~bifo hasfkm fs sc` gs fp shai` bc) kgeciv jar aoo~gpfak bvphc a}kcr+

Bgkmda _ckprgi km ^fif~fkgs hgs gisa ckjaroc` IPZ rgpfa rcwfrceckps gs g paai pa ifefp rfsdcx~asrc aj phc bgkdfkm scopar pa phc ~ra~crpv egrdcp+ Pa ifefp cxocssfzc fkzcspeckps gk`s~coigpfzc gopfzfpv fk phc rcsf`ckpfgi ~ra~crpv egrdcp4 cjjcopfzc jrae ? Kazcebcr 2>7>)haec iagks g~~razc` bv jfkgkofgi fkspfppfaks gk` `czcia~eckp jfkgkofgi fkspfppfaks(jfkgkofgi oaa~crgpfzcs& pa barra}crs }ha hai` p}a haec iagk gooakps }fii bc sblcop pa gegxfee IPZ rgpfa aj =>#+ Phc Bgkd aj Phgfigk` hgs gisa fe~iceckpc` soh gkg`lspeckp IPZ og~+

Pa egkgmc fkpcroakkcopfzfpv gk` rfsd cx~asrc) Bgkd Fkàkcsfg (BF&) ak phc aphcr hgk`)eakfpars `gfiv ifwf`fpv ~asfpfaks aj bgkds) cs~cofgiiv fkspfppfaks phgp grc cx~copc` pa hgzcsvspcefo gk` coakaefo%}f`c fe~ifogpfaks+ Oaeecrofgi bgkds fk Fkàkcsfg grc gisa~rahfbfpc` jrae cxpck`fkm iagks pa g sfkmic gjjfifgpc` ~grpv bv earc phgk 7># aj phc papgiog~fpgi aj phgp barra}fkm jfre+ ^rahfbfpfak aj oae~icx `crfzgpfzc gsscp prg`fkm hgs gisa bcckckjaroc` bv g kebcr aj Gsfgk ockprgi bgkds+ Kc~gi Rgsprg Bgkd) jar fkspgkoc) fe~ascs

ifefps ak fkzcspeckps) cxoc~p jar mazcrkeckp gk` ockprgi bgkd scorfpfcs+ Gkaphcr pv~fogi~r`ckpfgi ecgsrc pa egkgmc fkpcroakkcopfzfpv fs ifefpfkm scopargi orc`fp gk` fkpcrbgkd~igoceckps+0

G scp aj egora%~r`ckpfgi rcmigpfaks hgs gisa bcck fe~iceckpc` pa egkgmc phc fe~gop ajog~fpgi fkjia} srmcs) cs~cofgiiv sfkoc phc scoak` hgij aj 2>>6+ Pa rcòc sharp%pcrezaigpfifpv) BF fkpraòc` fk Lkc 2>7> g akc%eakph hai`fkm ~crfa` jar fps ocrpfjfogpc (_BF&~rohgsc` fk ~rfegrv gk` scoak`grv egrdcps+ ^rfar pa phfs) BF bcmgk pa shfjp phc egprfpvsproprc jrae akc eakph pa ?% gk` :%eakph pckars) gk` jrae }ccdiv pa eakphiv gopfaks+Iakmcr egprfpv _BFs‐_BF%6 eakphs gk` _BF%72 eakphs‐}crc bcfkm oaksf`crc` gp phcpfec aj }rfpfkm fk igpc 2>7>) }fph phc ~r~arpc` gfe aj ickmphckfkm phc egprfpv ~rajfic ajfkzcspars+ Fk Kazcebcr 2>>6) Darcg fe~asc` pfmhpcr rcmigpfaks ak orrckov prg`fkm)fkoi`fkm kc} spgk`gr`s jar jarcfmk cxohgkmc ifwf`fpv rfsd egkgmceckp) rcsprfopfaks akorrckov jar}gr` prgksgopfaks aj kak%jfkgkofgi oae~gkfcs) gk` egk`gparv efkfee hai`fkmsaj sgjc jarcfmk orrckov gsscps bv àecspfo bgkds+ Phcsc ~aifofcs jaiia}c` gk cgrifcr eazcpa orb s~coigpfzc jarcfmk cxohgkmc prgksgopfaks+ Fk Liv 2>7>) pa oige~ à}k ak

Phc Ockprgi Bgkd aj _rf Igkdg fkpraòc` phc @frcopfak ak Egxfee Geakpaj Gooaeea`gpfak rcmigpfak fk 2>>=) pa ifefp g bgkd‖s orc`fp cx~asrc pa gkv ~crsak aroae~gkv) ar pa gkv mra~s aj ~ca~ic ar oae~gkfcs+

0 Phc Bgkd aj ^g~g Kc} Mfkcg hgs fe~asc` ~r`ckpfgi spgk`gr` ak ifefps ak fkpcr%bgkd ~igoceckps+




7?

s~coigpfzc jarcfmk cxohgkmc prg`fkm bv fkzcspars) phc efkfee geakp aj `c~asfps jarjarcfmk orrckov egrmfk prg`cs }gs rgfsc` pa 3# aj phc prgksgopfak zgic jrae 2#+

0+ _PRC__ PC_PFKM

0+7 Bgsfo Jrgec}ard

_prcss pcspfkm (_P& fs gooc~pc` gs gk fkpcmrgi oae~akckp aj egora%~r`ckpfgi paais+ Fp fsfkorcgsfkmiv bcoaefkm g jaogi ~grp aj rfsd egkgmceckp paais+ Phc pcre _P fs g mckcrfo akc)ajpck sc` pa `csorfbc zgrfas pcohkfwcs gk` ~raoc`rcs ce~iavc` bv jfkgkofgi jfres pamgmc phcfr ’~apckpfgi zikcrgbfifpv pa cxoc~pfakgi bp ~igsfbic― czckps (Bigsohdc cp gi+ 2>>74_armc 2>>0& Fp fs gk fkspreckp jar jfkgkofgi fkspfppfaks pa gsscss phcfr rfsd ~rajfic gk` jars~crzfsarv gpharfpfcs pa cxgefkc phc spgbfifpv aj phc bgkdfkm svspce+ Jc`crgi Rcscrzc Bgkdohgfregk) Bck Bcrkgkdc) grmc` fk g s~ccoh fk 2>7> phgp ’sprcss pcsps grc g maa` }gv pagmeckp ea`cis gk` aphcr spgk`gr` wgkpfpgpfzc pcohkfwcs jar rfsd egkgmceckp+ Gk` phcvjaroc bgkdcrs pa phfkd phramh phc fe~ifogpfaks aj sockgrfas phgp egv scce rcigpfzciv kifdcivbp oai` ~asc scrfas rfsds fj phasc sockgrfas egpcrfgif|c`+―3

_P fs gk fkpcmrgi ~grp aj ^fiigr 7 gk` ^fiigr 2 aj Bgsci FF+ Sk`cr ^fiigr 7 ak efkfee og~fpgircwfrceckp) sprcss pcspfkm fs g zfpgi fkspreckp pa gsscss orc`fp rfsd) egrdcp rfsd) gkà~crgpfakgi rfsd+ Jrphcrearc) phc ^fiigr 7 jrgec}ard rcwfrcs bgkds sfkm phc FkpcrkgiEa`cis G~~ragoh pa `cpcrefkc egrdcp rfsd og~fpgi pa hgzc fk ~igoc g rfmaras _P ~ramrge+_fefigriv) bgkds sfkm phc g`zgkoc` gk` bgsfo fkpcrkgi rgpfkms%bgsc` (FRB& g~~ragohcs jarorc`fp rfsd grc rcwfrc` pa oakòp orc`fp rfsd _P pa gsscss phc rabspkcss aj phcfr fkpcrkgiog~fpgi gsscsseckps gk` phc og~fpgi oshfaks gbazc phc rcmigparv efkfee+ Sk`cr ^fiigr FFak _~crzfsarv Rczfc} ^raocss) _P fs rcwfrc` pa ecgsrc fkpcrcsp rgpc rfsd) orc`fpoakockprgpfak rfsd (~apckpfgi azcr%cx~asrcs pa g s~cofjfo oigss aj gsscp) barra}cr) fk`sprvar rcmfak&) gk` oakpcr%~grpv orc`fp rfsd+

Phcrc grc p}a _P pcohkfwcs+ Phc bgsfo akc fs phc scksfpfzfpv pcsp) gk` phc earc ~a~igr akc

fs sockgrfa gkgivsfs+ Phc `fjjcrckoc bcp}cck phc p}a fs phgp phc scksfpfzfpv pcsp jaoscs akphc fe~gop ak g ~arpjaifa‖s zgic aj g ~grpfoigr rfsd jgopar) soh gs fkpcrcsp rgpc ar cxohgkmcrgpc rfsd+ Akc jrcwckpiv hfmhifmhpc` sharpoaefkm aj phfs g~~ragoh fs phc igod aj ~igsfbfifpv+Jrphcrearc) orfpfos ~afkp pa phc `fjjfoipfcs fk sc~grgpfkm akc rfsd jrae gkaphcr) gk` jfkgkofgifkspfppfaks ajpck jgoc eipf~ic rfsds sfeipgkcasiv+

_ockgrfa gkgivsfs fs scck gs phc icg`fkm _P pcohkfwc `c pa fps g`zgkpgmcs azcr scksfpfzfpvgkgivsfs+ Pa spgrp) fp fs earc rcgifspfo gs fp oaksf`crs g kebcr aj rfsd jgopars sfeipgkcasiv+Jrphcrearc) phfs pcohkfwc giia}s jar g }f`c rgkmc aj ~igsfbic scicopfaks+ Akc fs hfsparfogisockgrfas pa rc~ifogpc hfsparfogi c~fsa`cs aj sprcss) soh gs Bigod Eak`gv fk 768=) phc 766=Gsfgk jfkgkofgi orfsfs gk` phc 6!77 pcrrarfsp gppgods+ Phfs sockgrfa‖s sharpoaefkm fs phgp ka~rczfas orfsfs hgs bcck rc~cgpc`+ G hv~aphcpfogi sockgrfa fs gkaphcr a~pfak }hcrc g~igsfbic czckp phgp hgs kap vcp hg~~ckc` fs oaksf`crc`+ Phc g`zgkpgmc aj phfs g~~ragoh fs}fph fps jicxfbfifpv pa bc earc rciczgkp pa phc fk`fzf`gi bgkd‖s rfsd ~rajfic+ Bp oakspropfkm grcgifspfo gk` oae~rchcksfzc hv~aphcpfogi sockgrfa ogk bc g ohgiickmc+

Fk g``fpfak) _P ogk bc ogrrfc` ap zfg p}a g~~ragohcs (Pgbic 0&+ Phc jfrsp akc fs dka}k gsphc pa~%à}k g~~ragoh) gk` phc scoak` fs phc bappae%~ g~~ragoh+ Phc pa~%à}k g~~ragohfs oakòpc` bv phc s~crzfsar aj phc bgkdfkm scopar+ Mfzck phc gzgfigbic `gpg s~~ifc` bv

3_~ccoh `cifzcrc` gp phc Jc`crgi Rcscrzc Bgkd aj Ohfogma‖s 0:ph Gkkgi Oakjcrckoc ak Bgkd _proprc gkÒae~cpfpfak+ Ohfogma) FI+ : Egv 2>7>+




70

ecebcr bgkds pa phc s~crzfsar) `fjjcrckp _P sockgrfas pa ecgsrc orc`fp rfsd cx~asrcs) fk~grpfoigr aj cgoh bgkd gk` phc azcrgii bgkdfkm svspce) ogk bc ~crjarec`+ Bcogsc phcv grccxcopc` gk` `csfmkc` bv g sfkmic fkspfppfak (phc s~crzfsar aj phc bgkdfkm scopar jarfkspgkoc&) phc rcsips jar cgoh bgkd grc oae~grgbic+ Jrphcrearc) mfzck phc gzgfigbfifpv aj`gpg) phfs g~~ragoh shai` bc gbic pa og~prc ~apckpfgi oakpgmfak cjjcops+

Pgbic 0< _eegrfcs aj Pa~%@a}k Zcrss Bappae%S~ G~~ragohcsPa~%@a}k G~~ragoh Bappae%S~ G~~ragoh

Oakòpc` bv Ockprgi bgkd ar s~crzfsarv gmckov

`czcia~fkm phc paais

Fk`fzf`gi bgkd `czcia~fkm phcfr a}k paais

ar sfkm phcfr fkpcrkgi ea`ci

@gpg Ssfkm gmmrcmgpc `gpg aj cgoh bgkd ar

bgkdfkm svspce gzgfigbic gp phc ockprgi

bgkd

Ssfkm sb%~arpjaifa!~arpjaifa%iczci `gpg ar

ospaecr `gpg aj fps fk`fzf`gi bgkd

Fe~gop Gkgivsfs Gsscssfkm phc fe~gop aj sprcss sockgrfa ak

fk`fzf`gi bgkd gk` bgkdfkm svspce‖s

~arpjaifa wgifpv gk` og~fpgi ~asfpfak

Gsscssfkm phc fe~gop aj sprcss sockgrfa

ak jfkgkofgi spgpceckps aj cgoh ospaecr

phck gmmrcmgpfkm phc fe~gops pa jfk`

azcrgii fe~gops ak cgoh bgkd‖s ~arpjaifa

gk` og~fpgi ~asfpfak

^ras Fp fs cjjcopfzc fk cxgefkfkm orc`fp rfsd+

_prcss pcsp rcsips ogk bc oae~grc` gorass

bgkds+ Fp oazcrs brag`cr ~crs~copfzcs)

fkoi`fkm jcc`bgod cjjcops jrae phc

jfkgkofgi svspce pa phc egora%coakaev)

gk` oakpgmfak+

@c pa fps pgfiar%eg`c gk` rfohcr `gpg scps)

phfs ogk bcppcr rcjicop phc egrdcp gk`

ifwf`fpv rfsd ~rajfics aj cgoh bgkd‖s

~arpjaifa+

Oaks Rcsips egv kap rcjicop cgoh bgkd‖s rfsd

~rajfic }cii+

]fph `fjjcrckp ecphaàiamfcs sc` bv cgoh

bgkd) fp fs `fjjfoip pa oae~grc phc rcsips

gorass bgkds+

_aroc< _bhgs}g`fdi 2>7>) gk` \h 2>7>+

Fk oakprgsp) bappae%~ _P fs ogrrfc` ap bv cgoh bgkd }fph sockgrfas ~rc%`cjfkc` bv phcs~crzfsarv gpharfpv+ Phfs g~~ragoh fs earc g`zgkpgmcas bcogsc aj phc rfohcr `gpg scpsg bgkd hgs gs }cii gs fps earc oae~rchcksfzc k`crspgk`fkm aj phc egrdcp gk` ifwf`fpvrfsds+ Bp oae~grfkm phc apoaecs aj phc bappae%~ g~~ragoh ogk bc `fjjfoip+ Sk`cr phcbappae%~ g~~ragoh) cgoh bgkd hgs phc igpfp`c pa scicop fps ecphaàiamfcs gk` pa g~~iv fpskfwc `gpgbgscs+ Dfshgk gk` A~cfig (2>>>& sha}c` phgp iagk s~~ifcs aj ~aariv og~fpgif|c`bgkds rcgopc` earc scksfpfzciv oae~grc` }fph }cii%og~fpgif|c` ~ccrs+ Fj phc jfkgkofgi spgbfifpvaj bgkds `fjjcrs) phc prgksefssfak aj eakcpgrv ~aifov fs ifdciv pa bc g`zcrsciv gjjcopc` (@c

Mrgczc) Dfod) gk` Dacppcr 2>>8&+ Jrphcrearc) bcogsc aj phc ifefpc` gzgfigbfifpv aj `gpg akphc bgkdfkm svspce gk` fps jaos ak cgoh bgkd) phfs g~~ragoh }fii kap bc gbic pa og~prcoae~rchcksfzciv phc oakpgmfak cjjcop gk` phc egora%jfkgkofgi jcc`bgod cjjcops+ Phcrcjarc)phc spgk`gr` ~rgopfoc }ai` bc pa ~crjare g pa~%à}k gk` g bappae%~ g~~ragoh+

Fk sharp) sczcrgi ~rc%rcwfsfpcs hgzc bcck k`crifkc` pa cksrc _P wgifpv+ Phc gzgfigbfifpv ajwgifpv `gpg gp g hfmhcr jrcwckov iczci fs fe~crgpfzc fk g ecgkfkmji _P+ _cicopfkm ~igsfbicsockgrfas gk` bfi`fkm g~~ra~rfgpc ea`ci(s& phgp }ai` og~prc jcc`bgod cjjcops }ai`mazcrk phc apoaec gk` phc rciczgkov aj _P+ Igspiv) jaiia}%~ ecgsrcs pa g``rcss phc




73

apoaecs aj _P) soh gs g`lspeckps fk og~fpgi g`cwgov ~asfpfaks gk` aphcr rcmigparvgopfaks) grc zfpgi pa bc prgks~grckpiv rc~arpc` gk` gopc` ~ak gooar`fkmiv+

0+2 Lafkfkm phc Bgk`}gmak< _cicopc` Cx~crfckocs aj Gsfg

Oakòpfkm _P rcmigriv hgs mgfkc` eaeckpe fk phc igsp jc} vcgrs bcogsc aj phc miabgijfkgkofgi orfsfs+ Bp _P fs fk fps fkjgkov fk egkv `czcia~fkm coakaefcs) fkoi`fkm phasc fkGsfg+ Eglar Cgsp gk` _aphcgsp Gsfgk coakaefcs) soh gs Hakm Dakm) Ohfkg4 Fkàkcsfg4Egigvsfg4 phc ^hfif~~fkcs4 _fkmg~arc4 Pgf~cf)Ohfkg4 gk` Phgfigk` spgrpc` zgrfas scksfpfzfpvpcsps jaiia}fkm phc 766= orfsfs+ Jar cxge~ic) sfkoc 766=) sczcrgi Gsfgk oakprfcs hgzcspgrpc` oakòpfkm egora%~r`ckpfgi srzcfiigkoc (Jfkgkofgi _copar Gsscsseckp ^ramrges)J_G^& }fph egora sprcss pcspfkm gs gk cssckpfgi oae~akckp aj phcfr jfkgkofgi svspces lafkpiv}fph phc Fkpcrkgpfakgi Eakcpgrv Jk` (FEJ& gk` phc ]ari` Bgkd+ Gp phc cgriv spgmcs ajfe~iceckpgpfak) _P jar phcsc oakprfcs }gs àkc cxpcrkgiiv bv phc FEJ pcge+ Bp sfkoc igpc2>>:) phc ockprgi bgkds gk` eakcpgrv gpharfpfcs hgzc bcmk pa fe~iceckp bgsfoea`fjfogpfaks pa phc J_G^ ea`ci+ Phgfigk`‖s ogsc fs seegrf|c` fk Pgbic 3) }hfoh fs gisarc~rcsckpgpfzc jar phc mckcrgi ~raocss aoorrfkm fk Fkàkcsfg) Egigvsfg) gk` phc ^hfif~~fkcs+Fk g``fpfak) g kebcr aj _aph Cgsp Gsfgk Ockprgi Bgkds (_CGOCK& hgzc gisa cebgrdc` ak

g sfefigr cjjarp+ _rf Igkdg‖s ockprgi bgkd) jar fkspgkoc) ajjfofgiiv spgrpc` fps wgrpcriv _P fk2>>6+ Oakzcrsciv) Kc~gi‖s ockprgi bgkd spgrpc` g prfgi _P ak oaeecrofgi bgkds fk cgriv2>7>+

Pgbic 3< Bgkd aj Phgfigk`‖s Eficspakcs ak _prcss pcspfkm

Fk 2>>=<

• ^grpfof~gpc` fk phc sprcss pcspfkm oae~akckp aj phc Jfkgkofgi _copar Gsscsseckp ^ramrge) g

lafkp k`crpgdfkm bv phc FEJ gk` phc ]ari` Bgkd+

• @czcia~c` egoracoakaefo orc`fp rfsd ea`ci pa bc sc` fk pa~%à}k gsscsseckp aj egora%

orc`fp sockgrfa

Fk 2>>8<

• Fssc` s~crzfsarv sockgrfas) fkoi`fkm sb~rfec orfscs4 zgrfas egora%orc`fp sockgrfa)

egrdcp gk` ifwf`fpv sockgrfas pa oaeecrofgi bgkds+ Phcsc bgkds }crc cx~copc` pa gsscss

fe~gops zfg bappae%~ g~~ragoh+

Fk 2>>6<

• Rcwfrc` jarcfmk bgkds‖ brgkohcs fk Phgfigk` pa ~crjare ifwf`fpv sprcss pcspfkm fk phc scoak`

hgij aj 2>>6+

• Fsscs ^fiigr 2 mf`cifkcs }hfoh fkoi`c sprcss pcspfkm fk phc scoak` hgij aj 2>>6+

Fk 2>7><

• @czcia~c` cxgefkgpfak mf`cifkcs ak orc`fp rfsd) egrdcp rfsd gk` fkpcrcsp rgpc rfsd fk bgkdfkm

baad gk` ifwf`fpv sprcss pcspfkm+

• @czcia~eckp aj scopargi orc`fp rfsd ea`cis) kgeciv oar~argpc ea`cis) ~crsakgi iagk ea`cis)

~ra~crpv iagk ea`cis) gk` hasfkm iagk ea`cis+

_aroc< _bhgs}g`fdi 2>7>+




7:

Bcjarc 2>>= phc scksfpfzc _P pcohkfwc }gs ~rcàefkgkp+ Fk 2>>8 gk` 2>>6) `fjjcrckpsockgrfa pcspfkm bcmgk pa bc cx~iarc` pa pcsp zgrfas rfsds) easpiv orc`fp) ifwf`fpv) gkègrdcp rfsds) bv phc ockprgi bgkds gk` eakcpgrv gpharfpfcs fk Cgsp gk` _aphcgsp Gsfg+ Jarorc`fp rfsd) g kebcr aj sockgrfa shaods grc sfefigriv shgrc` fk phcsc oakprfcs (Pgbic :&+Phc fe~iceckpgpfak aj jak`gpfak fkpcrkgi rgpfkm bgsc (FRB& jar cxgefkfkm orc`fp rfsd fk eglarcoakaefcs fk Gsfg gk` ^gofjfo fs gp gk cgriv spgmc (Pgbic =&+ Phc spgk`gr`f|c` g~~ragoh hgs

bcck fe~iceckpc` fk easp coakaefcs) bp phc `gpcifkcs pa ~sh jar jak`gpfak FRB gk`g`zgkoc` FRB zgrv jrae 2>>8 pa 2>7> jar easp oakprfcs) }fph phc cxoc~pfak aj Fk`fg }hcrc fpfs 2>72‟2>70+

Pgbic :< _cicopc` Egoracoakaefo _ockgrfas jar Orc`fp Rfsd _prcss pcspfkm

_ockgrfas

Hakm Dakm)Ohfkg

Rgkmcs jar bgscifkc gk` sprcss sockgrfa zfg< (7& @aecspfo M@^ mra}ph rgpc4 (2&M@^ mra}ph rgpc aj egfkigk` ^RO4 (?& fkpcrcsp rgpc4 gk` (0& ~ra~crpv ~rfoc+

Fkàkcsfg (7& G shfjp fk orc`fp oaiicopgbfifpv pa ia}cr iczci bv 2># cgoh4 (2& g rfsc fk phcfkpcrcsp rgpc bv 7>> b~s4 (?& r~fgh `c~rcofgpfak bv 2># jrae phc jarcfmkcxohgkmc egprfpv ~rajfic aj icss phgk phrcc eakphs4 (0& ~rfoc aj mazcrkeckpbak` `ra~ bv 2>#4 gk` (3& `ra~s fk rcgi àecspfo M@^ mra}ph rgpc+

Egigvsfg Egoracoakaefo ~grgecpcrs phgp grc oae~grgbic pa hfsparfogi }arsp iczcis sohgs phc 766= Gsfgk jfkgkofgi orfsfs) phc 2>>7 àp%oae bbbic gk` phc 2>>? _GR_apbrcgd+ Cxpcrkgi jgopars soh gs ~raiakmc` sia}à}ks aj miabgi gk` rcmfakgicoakaefcs+

^hfif~~fkcs Rgkmcs jar bgscifkc gk` sprcss sockgrfa zfg< (7& @aecspfo M@^ mra}ph rgpc4(2& fkpcrcsp rgpc4 (?& fkjigpfak rgpc4 (0& rcefppgkoc mra}ph rgpc4(3& cxohgkmc rgpc (gmgfksp phc S_ àiigr&+

_fkmg~arc Zgrfas egoracoakaefo shaods4 shaods pa miabgi coakaev4 `fzf`ck` ~gvapsgk` cgrkfkm ~ralcopfaks azcr sprcss harf|ak+

Pgf~cf)Ohfkg (7& Jgii fk rczckcs aj oar~argpc barra}crs4 (2& `coifkc fk rcgi fkoaec ajhaschai` barra}crs4 gk` (?& `coifkc fk ~ra~crpv oaiigpcrgi+

Phgfigk` Rgkmcs jar bgscifkc gk` sprcss sockgrfa zfg< (7& @aecspfo mra}ph rgpcs aj M@^gk` fps zgrfas oae~akckps4 (2& fkpcrcsp rgpc4 (?& fkjigpfak rgpc (oarc gk`hcgìfkc&4 (0& cxohgkmc rgpc (gmgfksp phc S_ àiigr&4 (3& or`c afi ~rfoc4(:& prg`fkm ~grpkcr M@^ mra}ph rgpcs+

_aroc< Jfkgkofgi _pgbfifpv Rc~arps aj phc ockprgi bgkds gk` eakcpgrv gpharfpfcs (zgrfas vcgrs& gk` _CGOCKsrzcv) Aopabcr 2>7>+




7=

Pgbic =< Pfec%Pgbic

7 Lgkgrv) kicss aphcr}fsc kapc`

Orc`fp rfsd A~crgpfakgi rfsd

_pgk`gr`f|c` Jak`gpfak FRB G`zgkoc` FRB Bgsfo fk`fogpars _pgk`gr`f|c` G`zgkoc` ecgsrceckp

G~~ragoh g~~ragoh G~~ragoh g~~ragohcs

Gsprgifg 2>>8 2>>8 2>>8 2>>8 2>>8 2>>8

^RO Kap ~crefppc` 2>7>‟7?2

2>7>‟7?2

Sk`cof`c` Sk`cof`c` Sk`cof`c`Hakm Dakm) Ohfkg 2>>= 2>>= 2>>8 2>>= 2>>= Kap ~crefppc`

Fk`fg 2>>8‟>6?

2>72‟70 2>72‟70 2>>8‟>6?

2>72‟70 2>72‟70

Fk`akcsfg 2>>6 2>7>0

2>7>0

2>>6 2>7>0

2>773

Lg~gk 2>>=:

2>>=:

2>>8:

2>>=:

2>>=:

2>>8:

Darcg 2>>8 2>>8 2>>6 2>>8 2>>8 2>>6

Egigvsfg 2>>8 2>7> 2>7> 2>>8‟7>=

2>>8‟7>=

Sk`cof`c`

Kc} \cgigk` 2>>8 2>>8 2>>8 2>>8 2>>8 2>>8

^hfif~~fkcs 2>>=8

2>7> 2>7> 2>>=8

2>>=8

2>7>

_fkmg~arc 2>>8 2>>8 2>>8 2>>8 2>>8 2>>8

Pgf~cf)Ohfkg 2>>= 2>>= 2>>8 2>>= 2>>= 2>>8

Phgfigk` 2>>80

2>>80

2>>60

2>>80

2>>80

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_aroc< \h 2 >7>+




78

_fefigriv) phc sa~hfspfogpfak iczcis aj phc jfkgkofgi scopars mazcrk phc scicopfaks gk``csfmks aj phc sockgrfas jar aphcr pv~cs aj shaods+ Phc sockgrfas jar phc prg`fkm rfsdoae~akckp aj egrdcp rfsd gk` ifwf`fpv rfsd grc fkjickoc` bv phc rgkmcs aj phc eck ajjfkgkofgi gsscps bcfkm prg`c`+ Fk Hakm Dakm) Ohfkg) jar fkspgkoc) phc sockgrfas }ai`fkoi`c g shgr~ shaod pa ~rfocs aj sproprc` jfkgkofgi gsscp) }hfic jar easp cecrmfkmegrdcps fk _aphcgsp Gsfg) phc ajjcrfkm aj sproprc` ~raòps hgzc bcck cfphcr pfmhpivrcmigpc` ar ~rahfbfpc`+:

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coakaefo orfsfs+ Phc rcigpfzciv sfe~ic scp aj ea`cis bcfkm g~~ifc` bv phc eakcpgrvgpharfpfcs) gk` ockprgi bgkds gk` phc oaeecrofgi bgkds fk eglar coakaefcs fk Gsfghgzc kap fkoar~argpc` phc jcc`bgod cjjcops+ @fjjcrckp rfsds grc jrcwckpiv bcfkm prcgpc`gk` czgigpc` sc~grgpciv+ Gs `fsossc` cgrifcr) phc gbsckoc aj jcc`bgod cjjcopssmmcsp phgp phc _P rcsips aj phcsc coakaefcs `f` kap pgdc fkpa gooakp scoak`%rak`cjjcops gk` orfpfogi svspcefo cjjcops+ @gpg gk` ea`ci ifefpgpfaks grc phc jk`geckpgi}cgdkcsscs fk fkjrgsproprc gk` hgzc bcck jak` pa ifefp phc gbfifpv aj bgkds paf`ckpfjv gk` gmmrcmgpc cx~asrcs gorass phc }f`cr jfkgkofgi svspce (BOB_) 2>>6&+ =

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fs phc `fsoiasrc aj rcsips+8

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_P rcsips egv bc `fsoiasc` pa phc ~bifo fk phrcc }gvs(Pgriia 2>7>& kgeciv< (f& bv jii `fsoiasrc aj phc rcicgsc aj `cpgfic` jaregpfak gbapphc ecphaàiamv gk` bgkds‖ s~cofjfo apoaec4 (ff& phramh phc rcicgsc aj `cpgfic`fkjaregpfak bp }fphap s~cofjfo rcsips aj fk`fzf`gi bgkds (phfs fs g earc svspcefog~~ragoh&4 gk` (fff& phramh phc rcicgsc aj gmmrcmgpc rcsips }fph jar}gr` iaadfkmgsscsseckps aj phc jfkgkofgi svspce+

=Fp fs rcoamkf|c`) ha}czcr) phgp phc oae~icxfpv gk` phc sa~hfspfogpfak aj phc ea`cis àcs kap mgrgkpcc

phc oae~rchcksfzckcss aj phc rcsips+8Pa rcsparc oakjf`ckoc fk Cra~cgk bgkds) Cra~cgk Skfak icg`crs gmrcc` fk Lkc 2>7> pa ~bifsh phcrcsips aj phc bgkd sprcss pcsps fk Liv 2>7>+




76

Pa }hgp cxpckp }ai` phc ockprgi bgkds ~bifoiv `fsoiasc phc ~raocss gk` phc apoaecaj _P1 ]ai` phc Gsfgk ockprgi bgkds gk` bgkd rcmigpars ma gs jgr gs ~bifshfkm phcpcsp rcsips jar cgoh bgkd (gs }fph phc _~crzfsarv Og~fpgi Gsscsseckp ^ramrge)_OG^) fk phc Skfpc` _pgpcs (S_& fk phc jfrsp wgrpcr aj 2>>6&) ar }ai` phcv lsp rcicgscphc gmmrcmgpc rcsips aj phc pcsp }fphap rczcgifkm ha} cgoh bgkd jgrc` (gs }fph phcCra~cgk Skfak TCSU bgkd _P rcsips fk 2>>6&1 @cjfkfpciv) ckoargmfkm jfkgkofgifkspfppfaks pa `fsoiasc gk` ~bifsh _P rcsips ogk fe~razc jfkgkofgi egrdcpk`crspgk`fkm (Hgi`cko 2>>6&+ Bp fp fs gisa fe~arpgkp pa rcgif|c phgp azcr `fsoiasrcegv bc `gegmfkm) cs~cofgiiv jar coakaefcs phgp grc rcifgkp ak phc raic aj bgkds gsjfkgkofgi fkpcrec`fgrfcs (c+m+) fk Cra~c gk` Gsfg zcrss phc S_& (Kgmv 2>>6&+Bcogsc aj fps oae~icxfpv) fk`sprv ~rgopfpfakcrs ogpfak gmgfksp phc rfsd ajefsfkpcr~rcpgpfak aj _P rcsips bv phc ~bifo+ Fj phc s~~arp ecohgkfses grc kap eg`ccx~ifofp bcjarchgk`) oakòpfkm pcsps ~bifoiv }ai` kap bc rcoaeeck`c` gs fp oaiìcg` pa mrcgpcr kocrpgfkpv gk` oai` czck ~apckpfgiiv `cspgbfif|c egrdcps (Dfrohjci`gk` Oigrd 2>7>&+ Kgmv (2>>6&) ha}czcr) ~afkps ap phgp ~gsp cx~crfckocs sha} phgpegrdcp rcgopfaks pa pcsp rcsips hgzc bcck ~asfpfzc+ _fefigriv) Pgriia (2>7>& grmc`phgp phc earc jrcwckp phc rcicgsc aj pcsp rcsips) phc bcppcr jar phc egrdcp gs rcmigr

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2>

Pgbic 8< ^grpfof~gpfak) Jrcwckov gk` @fsscefkgpfak aj _prcss Pcspfkm Rcsips

fk _cicopc` Gsfgk Coakaefcs

Kebcr aj Fkspfppfaks^grpfof~gpc`

Jrcwckov ^bifo @fsscefkgpfakaj Rcsips

Fkàkcsfg 7>># Eakphiv jar orc`fp)egrdcp gk` ifwf`fpvrfsd+Wgrpcriv jar egora%rfsd gkgivsfs+

^grpfgi `fsoiasrc (kakgec aj fkspfppfak& zfgJfkgkofgi _pgbfifpvRczfc} rc~arp

Egigvsfg 7>># aj jfkgkofgifkspfppfaks k`cr phcs~crzfsfak aj BKE+

Wgrpcriv bv jfkgkofgifkspfppfaks gk` scef%gkkgiiv bv BgkdKcmgrg Egigvsfg+

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^hfif~~fkcsPa~ 7> (ap aj ?8&Skfzcrsgi gkÒaeecrofgi Bgkds‐grak` :2# aj phc

^hfif~~fkcs Bgkdfkm_vspce fk Egroh 2>7>

Wgrpcriv ^grpfgi `fsoiasrc (kakgec aj fkspfppfak& zfgJfkgkofgi _pgbfifpvRczfc} rc~arp

_fkmg~arc2># aj bgkds (ar earcphgk :3# aj phc bgkdfkmsvspce&

Gp icgsp gkkgiiv Ka

_rf Igkdg Gii oaeecrofgi bgkds Wgrpcriv Ka

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Gkkgiiv Ka

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~arpjaifa aj cgoh bgkd+

Gkkgiiv Ka

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3+ _S^CRZF_FAK< BCVAK@ PHC BAR@CR_

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27

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Jar phc Gsfgk coakaefcs gjjcopc` bv phc 766= jfkgkofgi orfsfs) phc sprmmic pa gmeckps~crzfsarv og~gofpfcs ak phc jfkgkofgi fkspfppfaks spgrpc` feec`fgpciv gjpcr phc orfsfs+Jaiia}fkm phc orfsfs) phc `cbgpc prkc` pa phc kcc` pa hgzc g earc fkpcmrgpc` jfkgkofgi

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6 G kebcr S_ bgkds) fkoi`fkm _k Prsp‐g igrmc rcmfakgi bgkd fk phc S_‐}crc ogmhp bcp}cck phcp}a rcmigpars (]gii) 2>>6&+ Phc S_ Oakmrcss spc~~c` fk gk` ec`fgpc` phc ~aifov oakjifops bcp}cck phcp}a dcv rcmigparv gmckofcs+




22

ockprgi bgkd) phc scorfpfcs gk` cxohgkmc oaeefssfak) gk` phc `c~asfp fksrgkocgmckov+ Fk Fkàkcsfg) phc efkfsprv aj jfkgkoc fs gisa g ecebcr aj phfs J_J+

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Phc oaiicmc aj s~crzfsars ajjcrs g ~apckpfgiiv cjjcopfzc ecpha` pa gf` orass%bar`cr~aifov oaa~crgpfak gk` oaar`fkgpfak+

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77

G rcockp srzcv bv phc _CGOCK Ockprc f`ckpfjfcs rcmfakgi gk` miabgi bgkds phgp hgzcsprakm ~rcsckoc fk eglar Gsfgk coakaefcs (_frcmgr gk` Ife 2>7>&+ Hakm Dakm_hgkmhgf Bgkdfkm Oar~argpfak (H_BO&) Ofpfbgkd) gk` _pgk`gr` Ohgrpcrc` Bgkd grcgeakm phc phrcc eglar fkpcrkgpfakgi bgkds phgp hgzc }f`c gk` cxpcksfzc kcp}ards ajbrgkohcs fk Gsfg (Pgbic 6&+ Fk g``fpfak pa phcsc phrcc fkpcrkgpfakgi ~a}crhascs)eipfkgpfakgi bgkds hgzc gisa cecrmc` fk phc rcmfak+ Jrae Egigvsfg) phc EgigvsfgkBgkd (Egvbgkd&) phc OFEB Bgkd aj Egigvsfg) gk`

Phc oaiicmc aj s~crzfsars fs `cjfkc` gs

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77

Gs aj _c~pcebcr 2>>6) phcrc grc earc phgk ?> oaiicmcs pa s~crzfsc oae~icx fkspfppfaks+




2?

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7?

% Ecmg FkpcrkgpfakgiOaeecrofgi Bgkd

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Bgkd

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7?G oaeecrofgi bgkd fk phc G@B ecebcr rcjcrrc` pa gs "Pgf~cf)Ohfkg"+




20

phc AJ_F jar Bgkd aj Kazg _oapfg mra~+ _fefigriv) phc Eakcpgrv Gpharfpv aj_fkmg~arc gk` phc Ockprgi Bgkd aj phc ^hfif~~fkcs hgzc gisa ~grpfof~gpc` fk g kebcraj oaiicmcs aj s~crzfsars armgkf|c` jar eglar Cra~cgk gk` S_ bgkds+ Bp gs aj Lkc2>7>) phcrc hgs kap bcck gkv grrgkmceckp jar s~crzfsarv oaiicmcs jar phc Gsfgkrcmfakgi eipfkgpfakgi bgkds) soh gs phasc Egigvsfgk gk` _fkmg~arcgk bgkds`fsossc` cgrifcr+

G kebcr aj fsscs gk` ohgiickmcs hgzc bcck rcoamkf|c` bv Gsfgk ockprgi bgkds gkèakcpgrv gpharfpfcs `rfkm phcfr ~grpfof~gpfak fk zgrfas oaiicmcs aj s~crzfsars+ _aecohgiickmcs grc kap ~grpfoigr pa phc Gsfgk ockprgi bgkds) bp grc shgrc` bv egkvaphcrs miabgiiv+ Pa spgrp) fp fs fe~crgpfzc phgp fkjaregpfak cxohgkmc bc g p}a%}gv~raocss gk` rcjicops phc kcc`s aj phc gpharfpfcs fkzaizc` pa cksrc cjjcopfzc ~r`ckpfgis~crzfsfak+ Bp s~crzfsars egv jgoc icmgi gk` oakspfppfakgi oaksprgfkps pa phcshgrfkm aj zfpgi fkjaregpfak+ Jrphcrearc) mfzck phc scksfpfzfpv aj phc fkjaregpfak pa bcshgrc`) s~crzfsars kcc` pa }cfmh gk` bgigkoc fsscs ~crpgfkfkm pa kgpfakgi fkpcrcsps+Fk saec ofroespgkocs }hck ~rabices grfsc) phcrc egv bc g `fzcrmckoc aj fkpcrcsps}hcrc phc haec ar hasp s~crzfsar sccds pa rfkm%jckoc ~rabices gp phc kgpfakgi iczcigk` hckoc fe~c`c phc cgriv `cpcopfak aj cecrmfkm mra~%}f`c) orass bar`cr ~rabices+

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Phc haec gk` hasp oakprfcs fssc egv gisa grfsc `c pa phc fe~arpgkoc aj phcrciczgkp jfkgkofgi fkspfppfaks+ Jar fkspgkoc) g miabgi jfkgkofgi fkspfppfak egv bc`ccec` svspcefo gk` sfmkfjfogkp jar phc hasp s~crzfsar aj oakprv G+ Vcp) jar phchaec s~crzfsar) phc ~rcsckoc aj fps miabgi jfkgkofgi fkspfppfak fk oakprv G fs akiv gkfksfmkfjfogkp shgrc aj phc jfkgkofgi fkspfppfak‖s miabgi gopfzfpfcs+ 70

:+ IFWSF@FPV RF_D EGKGMCECKP

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~apckpfgi fkockpfzc ~rabices ogk bc rcòc`+

73

Phc fe~arpgkoc aj ifwf`fpv jar phc }cii%jkopfakfkm gk` spgbfifpv aj phc jfkgkofgi scoparhgs bcck jrcwckpiv k`crsoarc` bv ~gsp jfkgkofgi orfsfs+ Phc rcockp miabgi jfkgkofgiorfsfs rcgjjfres phc fe~arpgkoc aj ifwf`fpv+ Egssfzc gk` rg~f` ~razfsfak aj ifwf`fpfcsfkpa phc fkpcrbgkd egrdcps `rfkm phc jfkgkofgi orfsfs bv phc ockprgi bgkds gk` eakcpgrvgpharfpfcs grak` phc }ari` hgs bcck orc`fpc` }fph phc rcigpfzciv jgspcr phgk cx~copc`coakaefo rcoazcrfcs+ Phc ockprgi bgkd‖s raic gs ~razf`cr aj egrdcp ifwf`fpv `rfkm`fsar`criv gk` fiifwf` egrdcps hgs bcck rcjcrrc` pa gs phgp aj phc egrdcp egdcr aj igsp

rcsarp (EEIR&+ Fk g sp`v) Bfpcr (2>>8& oae~grcs gk` oakprgsps phc cjjcopfzckcss ajEEIR ~aifofcs gorass g kebcr aj ockprgi bgkds fk `czcia~c` coakaefcs) kgeciv)phc Bgkd aj Ckmigk`) phc Cra~cgk Ockprgi Bgkd) gk` phc Jc`crgi Rcscrzc Bagr`svspce+ Phc ~aifov ecgsrcs pa egkgmc ifwf`fpv `rfkm phc orfsfs hgzc fk`cc` bcckoaspiv+ ^razfsfak aj phc ifwf`fpv fk phc fkpcrbgkd egrdcp gmgfksp orc`fp%rfsdv oaiigpcrgihgs bcck gopfzciv ~rsc` `rfkm phc ~gsp jc} vcgrs gk` hgs ~igoc` ockprgi bgkds‖bgigkoc shccps gp rfsd+ Phc cx~crfckocs aj ockprgi bgkds aj segii) a~ck coakaefcs fk

70 Jar fkspgkoc) phc shgrc aj papgi gsscps aj Ofpfbgkd KG) phc bfmmcsp jarcfmk bgkd fk Fkàkcsfg) fs akiv>+26# aj papgi gsscps aj Ofpfmra~+ Mfzck phc segii shgrc aj Ofpfbgkd Fkàkcsfg fk phc miabgi gsscps ajOfpfbgkd mra~) Bgkd Fkàkcsfg hgs sa jgr bcck hgzfkm `fjjfoipfcs fk saifofpfkm sjjfofckp fkjaregpfak ak phcsak`kcss aj phfs mra~ jrae Ofpfmra~‖s haec rcmigpar+

73 Phc `fsossfak fk phfs scopfak bckcjfpc` mrcgpiv jrae _bhgkfl (2>7>& gk` phc rcscgroh ~ralcop akecgsrceckp gk` egkgmceckp aj ifwf`fpv oakòpc` bv phc _aph Cgsp Gsfgk Ockprgi Bgkds(_CGOCK& Rcscgroh gk` Prgfkfkm Ockprc fk 2>>6+




23

Igpfk Gecrfog sha} phgp svspcefo ifwf`fpv ~razfsfak oai` icg` pa g shgr~ `c~rcofgpfakaj phc cxohgkmc rgpc gk`) fk phc iakm pcre) baasp fkjigpfak (Lgoaec 2>>8&+ Fkàkcsfgcx~crfckoc` g sfefigr sfpgpfak `rfkm phc 766= orfsfs (_frcmgr 2>>3&+

Mfzck phc hfmh oasp aj ifwf`fpv ~razfsfak) fp fs fk g ockprgi bgkd‖s fkpcrcsp pa rcòc phcfkof`ckocs aj svspcefo ifwf`fpv sprcsscs+ Phc ablcopfzc aj phfs scopfak fs pa pgdc spaod

aj phc ohgiickmcs jgofkm phc egkgmceckp aj ifwf`fpv aj phc jfkgkofgi scopar) gk` earcfe~arpgkpiv) pa czgigpc }hgp ockprgi bgkds fk Gsfg hgzc àkc pa fe~razc phcfrog~gofpfcs gk` pa oakjare pa phc fkfpfgpfzcs fkpraòc` bv phc Bgsci Oaeefppcc akifwf`fpv egkgmceckp+

Phcrc grc phrcc pv~cs aj jfkgkofgi%scopar ifwf`fpv pa bc oaksf`crc`+ Phc jfrsp fs jk`fkmifwf`fpv) }hfoh rcjcrs pa phc gbfifpv aj bgkds pa eccp phcfr ifgbfifpfcs gk` k}fk` ar scpphcfr `c ~asfpfaks (BOB_ 2>>8&+ Phc scoak` fs egrdcp ifwf`fpv) }hfoh rcjcrs pa phcgbfifpv pa prg`c gk gsscp gp sharp kapfoc) gp ia} oasp) gk` }fph efkfegi fe~gop ak fps~rfoc (_grr gk` Ivbcod 2>>2&+ Phc phfr` pv~c fs ockprgi bgkd ifwf`fpv+ Phfs fs phc icgsp`fsossc`) bp `rfkm g orfsfs phc gbfifpv aj g ockprgi bgkd pa fklcop ifwf`fpv fkpa phcegrdcp fs cssckpfgi jar phc jkopfakfkm gk` spgbfifpv aj phc jfkgkofgi scopar) gs scck

`rfkm phc rcockp miabgi jfkgkofgi orfsfs+G _CGOCK Ockprc srzcv aj ockprgi bgkds fk Gsfg hfmhifmhps jgopars gjjcopfkm phcifwf`fpv aj phc jfkgkofgi scopar (Pgbic 7>&+ Phc easp oaeeak saroc aj jk`fkm ifwf`fpvfs phc ifwf`fpv efsegpoh bcp}cck gsscps gk` ifgbfifpfcs (phgp fs gsscps bcfkm icss ifwf`phgk ifgbfifpfcs&+ Phfs fs kap g sr~rfsc mfzck phc bgsfo jkopfak aj g bgkd) kgeciv paprgksjare ifwf` sharp%pcre `c~asfps fkpa fiifwf` iakm%pcre iagks+ Phc scoak` saroc ajifwf`fpv ~rabices fs fkg`cwgpc) ifwf`fpv rfsd egkgmceckp+ Phfs jgopar g~~cgrs pa bcphc easp orofgi raap ogsc aj egrdcp fiifwf`fpv+ Phfs jfk`fkm goockpgpcs phc rmckovpa `czcia~ oae~rchcksfzc sprcss pcspfkm ~rgopfocs pa sprckmphck ifwf`fpv rfsdegkgmceckp og~gofpv+ _hfjps fk eakcpgrv ~aifov gk` s~crzfsarv rcmigpfak hgzc gisabcck f`ckpfjfc` gs eglar jgopars phgp hgzc fe~gops ak jk`fkm ifwf`fpv) cs~cofgiiv jarkc}iv cecrmfkm egrdcps) soh gs Ogeba`fg+ Phc rfsc fk phc rcscrzc rcwfrceckp gkèfkfee og~fpgi rcwfrceckp grc cxge~ics aj phc geckèckps aj phc s~crzfsarvrcmigpfaks+




2:

Pgbic 7>< Jgopars Gjjcopfkm Ifwf`fpfcs

Jgopars gjjcopfkm jk`fkm ifwf`fpv

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Igods aj ifwf`fpv fk fkpcrbgkd gk` bakègrdcps

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Jar phc earc g`zgkoc` gk` a~ck coakaefcs aj Cgsp gk` _aphcgsp Gsfg) soh gsFkàkcsfg4 Darcg4 Egigvsfg4 phc ^hfif~~fkcs4 Pgf~cf)Ohfkg4 gk` Phgfigk`) miabgijfkgkofgi orfsfs gk` oakpgmfak cjjcops grc jgopars phc jfkgkofgi fkspfppfak gk` ockprgi

bgkds esp eakfpar fk phcfr ifwf`fpv egkgmceckp+ Jaiia}fkm phc miabgi jfkgkofgi orfsfs)phc fe~gop }gs jcip fk phc bak` egrdcps }hcrc phc apjia} aj jarcfmk fkzcspeckp ic` pasharpgmcs aj ifwf`fpv fk phc Darcgk bak` egrdcp+ Phc hfmh iagk pa `c~asfp rgpfas gk`phc rcifgkoc ak bak` fssgkocs jcic` jarcfmk fkzcspars‖ iass aj oakjf`ckoc fk Darcg`rfkm phc orfsfs+

Skifdc phc 766= orfsfs) phc bgkdfkm scopars aj phc Cgsp gk` _aphcgsp Gsfgk oakprfcs}crc fk g eoh bcppcr ~asfpfak `rfkm phc rcockp orfsfs+ Jk`fkm ifwf`fpv g~~cgrs pa bcgbk`gkp fk easp ~grps aj phc rcmfak+ @c~asfps oakpfkc` pa mra} `rfkm phc orfsfs) }fphphc cxoc~pfak aj Phgfigk`+ Phc sprakm `c~asfps oakprfbpc` pa g hcgiphv iagk pa `c~asfprgpfa) gzcrgmfkm gp grak` =># pa 8>#+ Bgkds fk phc rcmfak hai` g igrmc geakp ajcxocss rcscrzcs+ Ifwf` gsscps grc earc phgk g`cwgpc pa oazcr sharp%pcre ifgbfifpfcs+Jrphcrearc) phc rgpfa aj cxocss rcscrzc pa rcwfrc` rcscrzc rgkmcs jrae 2># pa

2)>>>#) }hfic phc rgpfa aj ifwf` gsscps pa sharp%pcre ifgbfifpfcs hgs gisa bcck }ciigbazc phc efkfee pgrmcps) rgkmfkm jrae gbap 23# pa 723# (Pgbic 77&+




2=

Pgbic 77< _prakm Jk`fkm Ifwf`fpv

(Gs aj Lkc 2>>6&

Cxocss parcwfrc`rcscrzcs (#&

Iagk pa `c~asfprgpfa (#&

@c~asfp mra}phrgpc (#&

Ifwf` gsscp pasharp%pcreifgbfifpfcs (#&

Ogeba`fg 22> 8? 2+00 0:

Darcg 2)?>0 7>8+72 ?+02 722+:

Egigvsfg ?20 87 7+:7 20+=8

Kc~gi 2? =7 72+: KG

^hfif~~fkcs 2?+0 :6+7 7>+2 37+8

_rf Igkdg %>+=? =8+3 8+? ?0+=

Pgf~cf)Ohfkg ?>0+0 =:+8 77+3 28+?7

Phgfigk` ?66+7 7>2+8 %7+:2 26+6


Rcjare fkfpfgpfzcs pgdck gjpcr phc akscp aj phc 766= orfsfs hgzc baaspc` phc sprckmph ajphc bgkdfkm scopar aj phcsc Gsfgk coakaefcs+ Ifwf`fpv rgpfa) ogsh jia} ~ralcopfaks)gk` efkfee wgkpfpgpfzc ifefps soh gs ifwf` gsscp gk` rcscrzc hai`fkms hgzcbcoaec oaeeakiv gzgfigbic fkspreckps jar ifwf`fpv egkgmceckp jar phcsc Gsfgkoaeecrofgi bgkds (Pgbic 72&+ Fk g``fpfak) phcsc bgkds esp rcmigriv rc~arp phcfrifwf`fpv ~asfpfaks pa phc s~crzfsarv fkspfppfaks (Pgbic 7?&+ Fp fs fe~arpgkp pa k`crifkchcrc phgp phc wgifpv gk` phc `cmrcc aj ckjaroceckp aj phcsc rcmigpfaks zgrv jrae akc lrfs`fopfak pa gkaphcr+ Fk phc ^hfif~~fkcs) jar fkspgkoc) rcwfrc` rcscrzc fs phc hfmhcsp

fk phc rcmfak) gp 76#) rcjicopfkm fk ~grp phc gpharfpfcs‖ oakocrk gbap phc hcgiph aj phcbgkdfkm svspce+ Oigssfjfogpfaks aj ifwf` gsscps gisa zgrv jrae akc oakprv pa gkaphcr+Jar cxge~ic) fk Ogeba`fg) ifwf` gsscp fkoi`cs akiv ogsh gk` ~igoceckps }fph bgkds+Fk Egigvsfg) g~grp jrae scorfpfcs fssc` bv phc mazcrkeckp gk` Bgkd KcmgrgEgigvsfg) aphcr scorfpfcs) soh gs phasc fssc` bv rcoamkf|c` mazcrkeckp ifkdc`fkspfppfaks) bgkdcr‖s gooc~pgkoc) kcmapfgbic ocrpfjfogpc aj `c~asfps) rcsf`ckpfgiearpmgmc bgodc` scorfpfcs) gk` cwfpfcs grc gisa oaksf`crc` gs ifwf` gsscps+Gifmkfkm phc oigssfjfogpfak gk` phc rcfkjaroceckp aj rcmigpfak }fph fkpcrkgpfakgispgk`gr`s fs }grrgkpc`+




28

Pgbic 72< Bgkd‖s Ifwf`fpv Egkgmceckp

Fkspreckps Coakaefcs

Efkfee hai`fkms aj ifwf` gsscps Brkcf @grssgige4 Fkàkcsfg4 Darcg4 Egigvsfg4Kc~gi4 ^hfif~~fkcs4 _rf Igkdg4 Pgf~cf)Ohfkg4

Phgfigk`4 Zfcp Kge+

Efkfee hai`fkms aj rcscrzcs Brkcf @grssgige4 Ogeba`fg4 Fkàkcsfg4 Darcg4Egigvsfg4 Kc~gi4 ^hfif~~fkcs4 _rf Igkdg4Pgf~cf)Ohfkg4 Phgfigk`4 Zfcp Kge+

Ifwf`fpv rgpfa Brkcf @grssgige4 Ogeba`fg4 Fkàkcsfg4 Darcg4Egigvsfg4 ^hfif~~fkcs4 _rf Igkdg4 Pgf~cf)Ohfkg4Phgfigk`4 Zfcp Kge+

Ifefps ak oakockprgpfak aj jk`fkm Ogeba`fg4 Fkàkcsfg4 Darcg4 Egigvsfg4 _rf Igkdg4Pgf~cf)Ohfkg4 Phgfigk`+

Ogsh jia} ~ralcopfaks Brkcf @grssgige4 Ogeba`fg4 Fkàkcsfg4 Darcg4

Egigvsfg4 _rf Igkdg4 Pgf~cf)Ohfkg4 Phgfigk`4 ZfcpKge+

Egxfee ogsh apjia} Brkcf @grssgige4 Fkàkcsfg4 Darcg4 Egigvsfg4Kc~gi4 ^hfif~~fkcs4 _rf Igkdg4 Pgf~cf)Ohfkg4Phgfigk`4 Zfcp Kge+


Pgbic 7?< Ifwf`fpv @fsoiasrc pa Ockprgi Bgkds

Rc~arp

_befssfak

Oae~akckps jar Rc~arp

@c~asfp

Oakockprgpfak

Iagk pa

@c~asfp

Rgpfa

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Ifgbfifpfcs

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Egprfpv

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Ifwf`fpv

Rgpfas

Ifwf`fpv

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Ogeba`fg Vcs Eakphiv Eakphiv Eakphiv Eakphiv Eakphiv Eakphiv Eakphiv

Darcg Vcs X X Eakphiv Eakphiv Eakphiv ]ccdiv Eakphiv

Egigvsfg Vcs Eakphiv Eakphiv Eakphiv Eakphiv Eakphiv Eakphiv Eakphiv

^hfif~~fkcs Vcs Eakphiv *

Wgrpcriv

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_rf Igkdg Vcs ]ccdiv X X Eakphiv X Eakphiv X

Pgf~cf)Ohfkg Vcs Eakphiv Eakphiv X Eakphiv Eakphiv Eakphiv Eakphiv

Phgfigk` Vcs Eakphiv Eakphiv Eakphiv Eakphiv Eakphiv Eakphiv Eakphiv

Fkàkcsfg Vcs @gfiv ]ccdiv*Eakphiv

@gfiv @gfiv @gfiv @gfiv Eakphiv

Zfcp Kge Vcs X X X X X @gfivgk`]ccdiv

X

Kapc< ’X― fe~ifcs ka rc~arpfkm fs rcwfrc`+

_aroc< _bhgkfl (2>7>& gk` _rzcv oakòpc` bv phc _CGOCK Ockprc) @cocebcr 2>>6+

G kebcr aj kc} fkfpfgpfzcs hgzc bcck ~gssc` bv phc Bgsci Oaeefppcc jar Bgkdfkm_~crzfsfak+ Fk _c~pcebcr 2>>8) bgkd rcmigpars fssc` rczfsc` ~rfkof~ics ak ha}bgkds shai` egkgmc ifwf`fpv (BOB_ 2>>8&+ Phcsc sak` ~rfkof~ics ~razf`cs~crzfsarv mf`cifkcs ak phc dcv ciceckps aj g jrgec}ard jar ifwf`fpv rfsdegkgmceckp aj bgkds+ Phc ~rfkof~ics oaksfsp aj phc jaiia}fkm ciceckps< bagr` gk`

sckfar egkgmceckp azcrsfmhp4 phc cspgbifsheckp aj ~aifofcs gk` rfsd paicrgkoc4 phc scaj ifwf`fpv rfsd egkgmceckp paais soh gs oae~rchcksfzc ogsh jia} jarcogspfkm4 ifefps




26

gk` ifwf`fpv sockgrfa sprcss pcspfkm4 phc `czcia~eckp aj oakpfkmckov jk`fkm ~igks4gk` phc orcgpfak aj g bjjcr aj hfmh%wgifpv ifwf` gsscps pa eccp oakpfkmckp ifwf`fpvkcc`s+ _~crzfsars grc cx~copc` pa czgigpc phc sjjfofckov aj bgkd‖s ifwf`fpv rfsdegkgmceckp gk` ifwf`fpv cx~asrc+ Earcazcr) s~crzfsars grc cx~copc` pa `cgi }fphphc bgkd‖s rfsd egkgmceckp fkg`cwgofcs ar cxocss cx~asrc pa ~rapcop `c~asfparsgk` cksrc jfkgkofgi spgbfifpv+

G kebcr aj Gsfgk coakaefcs) soh gs Brkcf @grssgige) Fkàkcsfg) Egigvsfg) phc^hfif~~fkcs) _rf Igkdg) gk` Zfcp Kge hgzc eg`c oakpfkmckov jk`fkm ~igkkfkm (OJ^&g rcwfrceckp jar iaogi oaeecrofgi bgkds+ Aphcr coakaefcs) soh gs Ogeba`fg4Darcg4 Pgf~cf)Ohfkg4 gk` Phgfigk` hgzc fkoar~argpc` phc OJ^ fkpa phcfr ~r`ckpfgiifwf`fpv mf`cifkcs+ Bp OJ^ ckjaroceckp `fjjcrs bcp}cck phcsc coakaefcs+ Fk Darcg)bgkds hgzc eipf%spgmc oakpfkmckov ~igks) abifmfkm phce pa pgdc g~~ra~rfgpc orfsfsrcs~akscs }hck ifwf`fpv fk`fogpars jgii ar rfsc gbazc phrcshai` iczcis+ Fk _rf Igkdg)akiv jc} bgkds hgzc g`hcrc` pa OJ^+

Jaiia}fkm phc rcoaeeck`gpfak aj phc M%2> pa cspgbifsh g miabgi jrgec}ard jar~raeapfkm sprakmcr ifwf`fpv bjjcrs aj bgkds bv 2>7>) phc Bgsci Oaeefppcc ak Bgkdfkm

_~crzfsfak (BOB_& rcicgsc` g oaksipgpfzc àoeckp ak gk fkpcrkgpfakgi jrgec}ardjar ifwf`fpv rfsd ecgsrceckp) spgk`gr`s) gk` eakfparfkm fk @cocebcr 2>>6+ 7: Bgkdsgrc cx~copc` pa eccp phcsc spgk`gr`s gk` jaiia} phc ~rfkof~ics scp ap fk phc_c~pcebcr 2>>8 _ak` ^rfkof~ics+ 7= Phc p}a spgk`gr`s jar ifwf`fpv rfsd grc phcifwf`fpv oazcrgmc rgpfa gk` phc kcp spgbic jk`fkm rgpfa+ Phc ifwf`fpv oazcrgmc rgpfas~cofjfcs phc geakp aj hfmh%wgifpv ifwf` gsscps g bgkd ogk ce~iav pa ajjscp phc kcpogsh apjia}s fp cx~crfckocs k`cr sczcrc sharp%pcre sprcss sockgrfas+ Phfs fs pa~raeapc phc sharp%pcre rcsfifckoc aj bgkds bv cksrfkm phcv hgzc g`cwgpc hfmh%wgifpv ifwf` rcsarocs pa srzfzc gk cxprcec sprcss sockgrfa igspfkm akc eakph+ 78 Phckcp spgbic jk`fkm rgpfa scps g efkfee gooc~pgbic geakp aj spgbic jk`fkm bgsc` akphc ifwf`fpv ohgrgopcrfspfos aj g bgkd‖s gsscps gk` gopfzfpfcs azcr akc vcgr+ Phcablcopfzc fs pa ~raeapc rcsfifckoc azcr iakmcr%pcre pfec harf|aks bv orcgpfkm fkockpfzcs

jar bgkds pa jk` phcfr gopfzfpfcs }fph earc spgbic sarocs aj jk`fkm+76

Pa baispcr gk` fe~razc oaksfspckov fk fkpcrkgpfakgi ifwf`fpv rfsd s~crzfsfak) phc BOB_`czcia~c` eakfparfkm paais pa bc sc` bv s~crzfsars pa cx~gk` wgkpfpgpfzc ecgsrcspa eakfpar phc ifwf`fpv rfsd ~rajfics aj bgkds miabgiiv+ Phc ~ra~asc` eakfparfkm paaisfkoi`c oakprgopgi egprfpv efsegpoh (~razf`cs gk fkfpfgi) sfe~ic bgscifkc ajoakprgopgi oaeefpeckps&4 oakockprgpfak aj jk`fkm (fkzaizcs gkgiv|fkm oakockprgpfaksaj }haicsgic jk`fkm&4 gzgfigbic kckoebcrc` gsscps (ecgsrcs phc geakp ajkckoebcrc` gsscps g bgkd hgs }hfoh oai` ~apckpfgiiv bc sc` gs oaiigpcrgi jarscorc` jk`fkm&4 egrdcp%rcigpc` eakfparfkm paais (fkoi`cs eakfparfkm egrdcp%}f`c`gpg ak gsscp ~rfocs gk` ifwf`fpv) geakm aphcrs4 orc`fp `cjgip s}g~ s~rcg`s4 gk`cwfpv ~rfocs+

=+ PHC KC] OG^FPGI _PGK@GR@_ SK@CR BG_CI FFF

Bgsci FFF rc~rcsckps g kc} crg jar miabgi og~fpgi spgk`gr`s) }fph gk ce~hgsfs akfkorcgsfkm phc wgifpv gk` iczci aj bgkds‖ og~fpgi (Ogrgkg 2>7>&+ Rcoamkf|fkm phc ~ra%ovoifogi kgprc aj bgkdfkm gopfzfpfcs gk` phc oiasc oakkcopfzfpv aj egoracoakaefo gk`jfkgkofgi scopar oak`fpfaks) phc ~rfegrv ablcopfzc aj phc kc} og~fpgi spgk`gr` fs pa

7: @coigrgpfak ak _prckmphckfkm phc Jfkgkofgi _vspce ) Iakàk _eefp) 2 G~rfi 2>>6+

7=Rcjcr pa Bgsci Oaeefppcc ak Bgkdfkm _~crzfsfak ka+ 700 ak ^rfkof~ics jar _ak` Ifwf`fpv Rfsd

Egkgmceckp gk` _~crzfsfak (}}}+bfs+arm!~bi!bobs700+~`j&+78

Ifwf`fpv oazcrgmc rgpfa 5 spaod aj hfmh%wgifpv ifwf` gsscps gk` Kcp ogsh apjia}s azcr g ?>%`gv ~crfa`≣ 7>>#+

76Kcp spgbic jk`fkm 5 gzgfigbic geakp aj spgbic jk`fkm gk` rcwfrc` geakp aj spgbic jk`fkm ; 7>>#+




?>

fe~razc phc wgifpv gk` phc iczci aj bgkds‖ og~fpgi+ Ak _c~pcebcr 2>7>) phc Mra~ ajMazcrkars gk` Hcg`s aj _~crzfsfak (phc Bgsci Oaeefppcc‖s mazcrkfkm ba`v&)gkkakoc` hfmhcr miabgi efkfee og~fpgi spgk`gr`s jar oaeecrofgi bgkds+ Phfsjaiia}s phc gmrcceckp rcgohc` fk Liv 2>7> ak phc `csfmk aj og~fpgi gk` ifwf`fpvrcjare ~godgmc) rcjcrrc` pa gs Bgsci FFF+

Phc Pfcr 7 efkfee og~fpgi rcwfrceckp) }hfoh fkoi`cs oaeeak cwfpv gk` aphcrwgifjvfkm jfkgkofgi fkspreckps bgsc` ak sprfopcr orfpcrfg) }fii bc fkorcgsc` pa :#)oae~grc` }fph g efkfee rgpfa aj 0# k`cr Bgsci FF (Pgbic 70&+ Sk`cr phc kc}spgk`gr`) g hfmhcr efkfee og~fpgi rcwfrceckp fk oaeeak cwfpv }gs rgfsc` jrae 2#pa 0+3# aj rfsd%}cfmhpc` gsscps+ G brag`cr gk` sprfopcr `cjfkfpfak aj rfsd%}cfmhpc`gsscps hgs bcck fe~asc`) ~grpfoigriv }fph phc rcsprfopfzc prcgpeckp aj prg`fkm baad)oakpcr~grpv rfsd gk` scorfpf|gpfaks+ ]fph phc kc}) pfmhpcr prcgpeckp) oaeeak cwfpvefkfee og~fpgi fkorcgsc` cjjcopfzciv jrae ramhiv 7# pa 0+3#+ Hckoc) phc kc}og~fpgi rcwfrceckp fs cx~copc` pa fkorcgsc phc iczci aj og~fpgi g`cwgov gk` phcwgifpv aj iass%gbsarbfkm og~fpgi+

Pgbic 70< Kc} Og~fpgi Jrgec}ard

OaeeakCwfpv

Pfcr 7 Og~fpgi Papgi Og~fpgi

Efkfee 0+3# :+># 8+>#Oakscrzgpfak bjjcr 2+3#Efkfee oakscrzgpfak bjjcr =+># 8+3# 7>+3#Oakpcrovoifogi og~fpgi bjjcr 7 ‟ 2+3# > ‟ 2+3#

_aroc< @gksdc Egrdcps 2>7>+

Pa fe~razc phc rcsfifckoc aj phc bgkdfkm scopar) g 2+3# og~fpgi oakscrzgpfak bjjcr(OOB& fs g``c` ak pa~ aj phc 0+3# efkfee og~fpgi rcwfrceckp fk phc ogpcmarv aj

oaeeak cwfpv) rgfsfkm phc pa~%wgifpv cwfpv og~fpgi rcwfrceckp pa =#) oae~grc`}fph lsp 2# k`cr phc Bgsci FF spgk`gr`s+ Phcrc fs gisa jicxfbfifpv fk phc OOB gs fp ogkbc `rg}k `a}k fk pfecs aj iasscs) phs efpfmgpfkm ~raovoifogifpv fk pfecs aj sprcss jarbgkds+ Phc OOB hgs g egora%~r`ckpfgi `fecksfak gs fp ogk fe~gop orc`fp s~~iv(Ogrgkg 2>7>b&+

Gkaphcr fe~arpgkp gs~cop aj phc svspce%}f`c g~~ragoh fs phc oakpcr%ovoifogi bjjcr aj(>‟2+3#& aj oaeeak cwfpv ar aphcr jiiv iass gbsarbfkm og~fpgi) fk g``fpfak pa phcOOB) pa cksrc svspcefogiiv fe~arpgkp jfkgkofgi fkspfppfaks ~asscss iass%gbsarbfkmog~gofpv bcvak` phc oaeeak spgk`gr`s+ Phc ovoifogi bjjcr) gfec` gp gohfczfkm phcbrag`cr egora%~r`ckpfgi magi) }fii bc bgsc` ak ~rfzgpc%scopar orc`fp gs cxocssgmmrcmgpc orc`fp mra}ph hgs ajpck bcck gssaofgpc` }fph svspcefo rfsd+ Fp }fii bc ~ pa

phc kgpfakgi s~crzfsars pa cxcrofsc phcfr l`meckp ak phc oaeeak ~afkp aj rcjcrckocgk` `cpcrefkc }hck pa fe~asc soh g bjjcr+ 2>

Igspiv) g kak%rfsd%bgsc` iczcrgmc rgpfa (f+c+) Pfcr 7 og~fpgi `fzf`c` bv papgi gsscps) }fphka rfsd }cfmhpfkm& }hfoh gops gs g bgodspa~ (f+c+) igsp rcsarp& fs ~ra~asc` pa g``rcssphc rfsd aj bfi`~ aj cxocssfzc iczcrgmc fk phc svspce (Ogrgkg 2>7>&+ Phc bgodspa~iczcrgmc rgpfa cksrcs phgp rcsipfkm `fsparpfaks) fj gkv) grc }fphfk g ocrpgfk rgkmc fj rfsdbgsc` og~fpgi rics grc jak` pa bc }rakm+ Fk mckcrgi) phc efkfee papgi og~fpgi rgpfa

Phcrc fs ka oasp jar }fph`rg}gi) fkoakprgsp pa phc OOB) }hfoh fe~ascs saec oasps fj fp fs `rg}k `a}k (c+m+) rcsprfopfaksak cgrkfkm `fsprfbpfaks pa spgdchai`crs fk phc jare aj `fzf`ck`s) `fsorcpfakgrvbakscs) cpo+) jar bgkds g~~ragohfkm phc rcmigparv efkfee rcwfrceckps&+

2>

Ha}czcr) phc Bgsic Oaeefppcc ak Bgkdfkm _~crzfsfak cx~cops phc kgpfakgi gpharfpv pa fkzadc phfsrcwfrceckp akiv fkjrcwckpiv+




?7

rcegfks gp 8#) bp phc g``fpfakgi og~fpgi oakscrzgpfak bjjcr fkorcgscs phfs rgpfa pa7>+3# aj rfsd }cfmhpc` gsscps aj }hfoh 8+3# esp bc Pfcr 7 og~fpgi+ Ecebcr oakprfcs}fii spgrp fe~iceckpfkm Bgsci FFF ak 7 Lgkgrv 2>7?) }fph phc ~hgsc%fk ~crfa` cxpck`fkmfk saec ogscs pa Lgkgrv 2>76 (Pgbic 73&+ Jar cxge~ic) phc ~hgsfkm%fk ~crfa` jar phcog~fpgi oakscrzgpfak bjjcr fs bcp}cck 7 Lgkgrv 2>7: gk` phc ck` aj 2>78) bcoaefkmcjjcopfzc ak 7 Lgkgrv 2>76+ Bp jicxfbfifpv fs mfzck jar kgpfakgi gpharfpfcs pa sharpckphc ~hgsfkm%fk ~crfa` fj g~~ra~rfgpc+

Pgbic 73< ^hgsc fk Grrgkmceckps aj Kc} Efkfee Og~fpgi Rcwfrceckps

2>7? 2>70 2>73 2>7: 2>7= 2>78 2>76

Efkfee oaeeak cwfpvrgpfa

?+3# 0+># 0+3# 0+3# 0+3# 0+3# 0+3#

Og~fpgi oakscrzgpfak bjjcr >+:23# 7+23# 7+8=3# 2+3#Oaeeak cwfpv ~isog~fpgi

oakscrzgpfak bjjcr

?+3# 0+># 0+3# 3+723# 3+=3# :+?=3# =+>#

Efkfee Pfcr 7 Og~fpgi 0+3# 3+3# :+># :+># :+># :+># :+>#Papgi Og~fpgi 8+># 8+># 8+># 8+># 8+># 8+># 8+>#

Papgi Og~fpgi ~isoakscrzgpfak bjjcr

8+># 8+># 8+># 8+:23# 6+723# 6+8=3# 7>+3#

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http://online.wsj.com/article/SB10001424052748704523604575511813933977160.html


http://www.risknews.net/public/showPage.html?page=863254

http://www.c-ebs.org/getdoc/aeecaf1a-81b5-476a-95dd-599c5e967697/Clean-V3-formatted-CEBS-2008-124-CEIOPS-SEC-08-54-.aspx-2008-124-CEIOPS-SEC-08-54-.aspx






http://www.risknews.net/public/showPage.html?page=863254






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http://www.bankofengland.co.uk/publications/speeches/2010/speech455.pdf


http://www.bloomberg.com/news/2010-06-10/ackermann-says-publishing-bank-stress-tests-data-could-be-very-dangerous-.html




http://www.ebrdblog.com/wordpress/2009/07/stress-testing-of-banks-and-policy-implications/

http://www.ebrdblog.com/wordpress/2009/07/stress%20testing-of-banks-and-policy-implications




http://www.ebrdblog.com/wordpress/2009/07/stress-testing-of-banks-and-policy-implications/









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http://www.slaughterandmay.com/media/1466594/basel_3_agreement_at_last_but_questions_remain.pdf



http://www.federalreserve.gov/newsevents/speech/tarullo20100326a.htm

http://www.federalreserve.gov/newsevents/speech/tarullo20100326a.htm



Macro-Prudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks

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