Financial Globalization in Emerging Countries: Diversification vs. Offshoring

7/31/2019 Financial Globalization in Emerging Countries: Diversification vs. Offshoring

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NAKE Rjrgeib _nplr Tlrels

Feiniden` B`jkn`eznteji eiLhlrbeib Djuitrels=

Aevlrsefednteji vs. Jffscjreib

Frnidesdj Dlkn``js,

Qntenin Aeaelr, nia

Tlrbej @. Tdchug`lr

Ij. 435Jdtjklr ;?>;

Nseni Alvl`jphlit Knig Eistetutl


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Qcl Rjrgeib _nplr slrels es n djiteiunteji jf tcl fjrhlr`y inhla Aesdusseji _nplr slrels7 tcl

iuhklreib jf tcl pnplrs djiteiula wetcjut eitlrrupteji jr dcnibl. NAKEs wjrgeib pnplrsrlf`ldt eieten` ealns ji n tjped nia nrl pjstla jièil fjr aesdusseji. NAKE lidjurnbls rlnalrs tjpjst tcler djhhlits ji tcl hnei pnbl fjr lndc wjrgeib pnplr (bevli ei tcl detnteji kl`jw).Tjhl wjrgeib pnplrs hny alvl`jp eitj jtclr fjrhs jf pukèdnteji.

Tubblstla detnteji=

Dlkn``js, F., Q. Aeaelr, nia T. @. Tdchug`lr. ;?>;.Feiniden` B`jknèznteji ei LhlrbeibDjuitrels= Aevlrsefednteji vs. Jffscjreib. NAKE Rjrgeib _nplr 435. Qjgyj= Nseni Alvl`jphlitKnig Eistetutl. Nvne`nk`l= cttp=//www.nake.jrb/wjrgeib-pnplr/;?>;/>?/>3/Owjràknig.jrb,taeaelrOwjràknig.jrbniassdchug`lrOwjràknig.jrb.

Frnidesdj Dlkn``js es n djisu`tnit nt tcl Rjrà Knigs Alvl`jphlit [lslnrdc Brjup.Qntenin Aeaelr es rlslnrdc ldjijhest nt tcl Rjrà Knigs Jffedl jf tcl Dcelf Ldjijhestfjr @ntei Nhlredn nia tcl Dnrekklni. Tlrbej @. Tdchug`lr es `lna ldjijhest nt tcl RjràKnigs Alvl`jphlit [lslnrdc Brjup.

Qces pnplr alrevls frjh tcl kndgbrjuia wjrg prlpnrla fjr tcl Rjrà Knig F`nbscep[lpjrt Feiniden` Alvl`jphlit ei @ntei Nhlredn nia tcl Dnrekklni= Qcl [jna Nclna.Rl rldlevla vlry cl`pfu` djhhlits frjh Nubustj al `n Qjrrl, N`nei Ezl, Launraj @lvyUlynte, Lswnr _rnsna, nia @ues Tlrvi, nhjib hniy jtclrs, nia pnrtedepnits ntprlslitntejis clà nt tcl NAKE (Qjgyj), Nhlredni \ievlrsety (Rnsceibtji), Dnsns ansBnrdns ([ej al Mnilerj), tcl Dlitrn` Knig jf Krnze` (Krnseèn), tcl Dlitrn` Knig jfDj`jhken nia tcl B`jkn` Alvl`jphlit Iltwjrg Niiun` Hllteib (Kjbjtn), tcl Dcnhklrjf Djhhlrdl (@ehn), tcl EHF (Rnsceibtji), tcl EQNH nia tcl Intejin` Knigeib niaTlduretels Djhhesseji (Hlxedj Dety), tcl IE_F_-ALN Rjrgscjp (Al`ce), nia tcl RjràKnig (Rnsceibtji, AD). Rl nrl brntlfu` tj @udenij Djcni, Muni Dunttrjhj, BustnvjHlzn, Muèni Gjz`jwsge, @udns Iulz, _nu`n _larj, Verbeien _jbbej, Niarls Tdcilealr,_ntredej Vn`lizul`n, @ues Flriniaj Velern, nia Bnkrel` ]l`pj fjr jutstniaeib rlslnrdcnssestnidl nt aefflrlit stnbls jf tces prjmldt. Fjr cl`p ei bntclreib uiequl antn, wl tcnigtcl NA[ Qlnh frjh tcl Knig jf Ilw Ujrg, nhjib hniy jtclrs. Rl tcnig tcl Jffedl jftcl Dcelf Ldjijhest jf tcl @ntei Nhlredni nia tcl Dnrekklni [lbeji, tcl TF@N_ QrustFuia, nia tcl Gijw`labl fjr Dcnibl _rjbrnh (GD_) jf tcl Rjrà Knig fjr feiniden`suppjrt.

Qcl velws lxprlssla ei tces pnplr nrl tcl velws jf tcl nutcjr nia aj ijt ildlssnre`yrlf`ldt tcl velws jr pjèdels jf NAKE, tcl NAK, ets Kjnra jf Aerldtjrs, tcl Rjrà Knig, jrtcl bjvlrihlits tcly rlprlslit. NAKE ajls ijt bunrnitll tcl nddurndy jf tcl antneidùala ei tces pnplr nia nddlpts ij rlspjisekeèty fjr niy djislqulidls jf tcler usl.Qlrheij`j usla hn ijt ildlssnre kl djisestlit wetc NAK jffeden` tlrhs.
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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Nseni Alvl`jphlit Knig EistetutlGnsuhebnslge Kue`aeib 3F4-;-< Gnsuhebnslge, Dceyjan-guQjgyj >??-6??3, Mnpni

Ql`= +3>-4-4; Nseni Alvl`jphlit Knig Eistetutl


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NAKE Rjrgeib _nplr 435 Dlkn``js, Aeaelr, nia Tdchug`lr

Nkst rndt

Feiniden` b`jknèznteji cns bntclrla nttliteji seidl tcl lnr`y >55?s kldnusl jf ets hndrj-feiniden` nia dreses ehpèdntejis nia ets plrdlevla `nrbl lxpniseji. Kut feiniden` b`jknèzntejicns tngli aefflrlit fjrhs jvlr tehl. Qces pnplr lxnheils twj ehpjrtnit djidurrlit aehlisejis

jf feiniden` b`jknèznteji rl`lvnit fjr lhlrbeib djuitrels= aevlrsefednteji nia jffscjreib. Qclaevlrsefednteji aehliseji jf b`jknèznteji rlflrs tj tcl eidrlnsl ei fjrlebi nsslts nia ènkeètels eidjuitrels pjrtfjèjs. Jffscjreib, eistlna, es rl`ntla tj tcl rln``jdnteji jf feiniden` ndtevetels tjeitlrintejin` hnrglts, inhl`y, tj wclrl trnisndtejis tngl p`ndl rlbnra`lss jf wcj cjàs tclnsslts. Rl feia tcnt b`jknèznteji ven tcl aevlrsefednteji dcniil` cns lxpniala tcrjubcjutaureib tcl ;???s ns ajhlsted rlsealits eivlstla hjrl nkrjna nia fjrlebilrs eidrlnsla tclerajhlsted eivlsthlits. Cjwlvlr, feiniden` b`jknèznteji ven jffscjreib cns aesp`nyla hjrl hexlapnttlris, wetc vnrentejis ndrjss hnrglts nia djuitrels. Rl n`sj scjw tcnt tcl inturl jffeinideib tcrjubc kjtc aevlrsefednteji nia jffscjreib cns ehprjvla fjr lhlrbeib djuitrels.

ML@ D`nssefednteji= F46, B>


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Djitlits

>. Eitrjaudteji ..................................................................................................................... 4

;.

Qcl Aevlrsefednteji nia Jffscjreib Aehlisejis

............................................................... 6

4. Feiniden` Aevlrsefednteji .................................................................................................. 3

1. Feiniden` Jffscjreib ........................................................................................................ ;

6

[lflrlidls ...............................................................................................................................>3


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4

>. EIQ[JA\DQEJI

Qcl eitlrlst ei feiniden` b`jknèznteji cns eidrlnsla sukstniten``y ns alvl`jpla nia lhlrbeibdjuitrels kldnhl hjrl eitlbrntla wetc tcl b`jkn` feiniden` systlh, nia lsplden``y kldnusl jf

tcl `nrbl plrdlevla lxpniseji ei eitlrintejin` trnisndtejis stnrteib ei tcl lnr`y >55?s (Jkstflà

nia Qny`jr ;??17 @nil nia He`lse-Flrrlte ;??27 Jkstflà ;?>>). Teidl tcli, hniy cnvl

qulstejila tcl èigs kltwlli feiniden` b`jknèznteji nia ldjijhed brjwtc nia cnvl rlvesetla

tcl jvlrn`` djsts nia klilfets jf feiniden` eitlbrnteji ([jareg >5537 Ttebètz ;??;7 Gjsl, _rnsna,

[jbjff, nia Rle ;?>?). Ei preidep`l, feiniden` b`jknèznteji scjuà eidrlnsl nddlss tj dnpetn`

nia `jwlr ets djsts (Fjlrstlr nia Gnrj`ye >5557 Ttu`z >5557 Lrruizn nia He``lr ;???7 Lrruizn

;??>). Kut feiniden` b`jknèznteji hny n`sj lxpjsl djuitrels tj fjrlebi scjdgs nia dresls, tcus

rneseib slvlrn` ilw hndrj-feiniden` dcn``libls, sudc ns tcl rlbu`nteji nia usl jf ajhlsted

feiniden` hnrglts nia tcl djiaudt jf hndrj-prualiten` pjèdels (Ajrikusdc, Bjàfnmi, niaVnàls >55?7 Dn`vj ;?>>).

Alspetl n`` tcl nttliteji tj feiniden` b`jknèznteji, ets djidlpt nia lxtlit cnvl rlhneila

sjhlwcnt lùsevl. Fjr lxnhp`l, aefflrlit nutcjrs cnvl usla n`tlrintevl`y ilt dnpetn` f`jws,

brjss dnpetn` f`jws, nia djuitry pjrtfjèjs ns hlnsurls jf feiniden` b`jknèznteji (@nil nia

He`lse-Flrrltte ;??> nia ;??27 Grnny, @jnyzn, Tlrvi, nia Vliturn ;???). Hniy cnvl n`sj hlnsurla b`jknèznteji tcrjubc tcl pnrtedepnteji jf fjrlebilrs ei

ajhlsted hnrglts, wce`l n iuhklr jf jtclr pnplrs cnvl fjdusla ji tcl nddlss jf ajhlsted

ferhs nia bjvlrihlits tj fjrlebi dnpetn` (Fjrkls ;??67 Gjsl, _rnsna, [jbjff, nia Rle ;?>?7

Cliry ;??27 Bjzze, @lveil, nia Tdchug`lr ;?>?). Hjrljvlr, wce`l tclrl cns klli hudc

aesdusseji ji tcl eidrlnsla feiniden` b`jknèznteji nrjuia tcl wjrà, ètt`l es gijwi nkjut

wcltclr tcl trlia jf scnrp b`jknèznteji tcnt tjjg p`ndl aureib tcl >55?s cns djiteiula aureib

tcl ;???s nia wcltclr tcl inturl jf feiniden` b`jknèznteji cns dcnibla jvlr tehl. Jil

lxdlpteji es @lvy Ulynte nia Re`ènhs (;?>>).

Ei tces pnplr, wl lxp`jrl twj aehlisejis jf tcl feiniden` b`jknèznteji prjdlss aureib tcl

>55?s nia ;???s.>

>Klfjrl tcl Brlnt Alprlsseji, slvlrn` lhlrbeib djuitrels cna nddlss tj eitlrintejin` hnrglts. Kut tcnt lnrèlr

b`jknèznteji plreja sllhs hjrl rlstredtla tcni tcl jil lxplrelidla nftlr >55?.

Qcl ferst es feiniden` aevlrsefednteji, tcnt es, tcl drjss-djuitry cjàeibs jf

fjrlebi nsslts nia ènkeètels. Ns cjhl kens es rlaudla, ajhlsted eivlstjrs eidrlnsl tcler

eivlsthlits nkrjna nia fjrlebilrs lxpnia tcler eivlsthlits nt cjhl. Qces ferst aehliseji jfb`jknèznteji es altlrheila ky wcjcjàs tcl nsslts nia ènkeètels ei ajhlsted nia eitlrintejin`

hnrglts. Qcl sldjia aehliseji es feiniden` jffscjreib, tcnt es, tcl usl jf fjrlebi muresaedtejis tj

djiaudt feiniden` trnisndtejis. Ei pnrtedu`nr, wl eivlstebntl cjw tcl usl jf fjrlebi hnrglts es


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1

nssjdentla wetc tcl usl jf ajhlsted hnrglts. Qces sldjia aehliseji jf b`jknèznteji es

altlrheila ky wclrlnsslts nrl trnala, errlspldtevl jf wcjes trnaeib tclh.

N`tcjubc wl stuay lvealidl frjh nrjuia tcl wjrà, eidùaeib alvl`jpla djuitrels, wl

djidlitrntl jur nin`yses ji lhlrbeib djuitrels. Qcl `nttlr nrl plrdlevla tj kl tcl jils tcntprjaudla tcl hjst sebiefednit feiniden` èklrnèznteji seidl tcl lnr`y >55?s (Gnheisgy nia

Tdchug`lr ;??3) nia n `nrbl pnrt jf tcl ètlrnturl cns fjdusla ji tcl lffldts jf b`jknèznteji

ji tclsl djuitrels, rlndceib vlry aefflrlit djidùsejis. Jur nin`yses es knsla ji n snhp`l jf

djuitrels frjh n sl`ldtla slt jf lhlrbeib rlbejis ei Nsen, Lnstlri Lurjpl, nia @ntei Nhlredn

fjr wcedc tcl dcn``libls nssjdentla wetc tcl prjdlss jf feiniden` b`jknèznteji nrl pnrtedu`nr`y

rl`lvnit. Rl n`sj nin`yzl trlias ei B2 djuitrels nia jtclr alvl`jpla djuitrels. ;

Jur feiaeibs subblst tcnt, nddjraeib tj weal`y usla al fndtjhlnsurls, feiniden` aevlrsefednteji

djiteiula reseib ndrjss lhlrbeib djuitrels aureib tcl ;???s wcli djhpnrla tj tcl >55?s.

Inhl`y, tcl stjdg jf fjrlebi nsslts nia ènkeètels (n stjdg hlnsurl) nia dnpetn` f`jws ky

ajhlsted nia fjrlebi nblits (n brjss f`jw hlnsurl) eidrlnsla.

Hjrljvlr,

wl fjdus ji tcl >55?s nia ;???s kldnusl tcl lxtlit jf feiniden` b`jknèznteji klfjrl >55?

wns rntclr èhetla, lsplden``y fjr tcl krjna spldtruh jf lhlrbeib djuitrels.

4

;Qcl fj``jweib rlbejis (djuitrels) nrl eidùala ei jur snhp`l= Nsen (Eiajilsen, Hn`nysen, _ceèppeils, Qcl [lpukèd

jf Gjrln, nia Qcne`nia), Qcl _ljp`ls [lpukèd jf Dcein , Lnstlri Lurjpl (Drjnten, Dzldc [lpukèd, Cuibnry,

@etcunien, _j`nia, [usseni Flalrnteji, nia Qurgly), B2 (Dninan, Frnidl, Blrhniy, Etn`y, Mnpni, \ietla

Geibajh, nia \ietla Ttntls), Eiaen, @ntei Nhlredn (Nrblitein, Krnze`, Dce`l, Dj`jhken, Hlxedj, _lru, nia

\rubuny), nia jtclr alvl`jpla djuitrels (Nustrnèn, Fei`nia, Esrnl`, Ilw ]ln`nia, Ijrwny, Tpnei, nia Twlali).

Eitlrlsteib`y, tces trlia cns

klli hjrl nddlituntla ei alvl`jpla djuitrels tcni ei lhlrbeib jils. Alspetl stnrteib frjh n

cebclr `lvl` jf feiniden` aevlrsefednteji, alvl`jpla djuitrels lxplrelidla ji nvlrnbl n brlntlr

lxpniseji jf f`jws ns n plrdlitnbl jf brjss ajhlsted prjaudt (BA_) nia n sebiefednit`y `nrblr

eidrlnsl ei tcl stjdg jf fjrlebi nsslts nia ènkeètels aureib tcl ;???s. Qclrlfjrl, wce`l tcl

ijteji tcnt lhlrbeib djuitrels kldnhl hjrl feiniden``y b`jknèzla aureib tcl ;???s sllhs

djrrldt, ei rl`ntevl tlrhs tcly `nbbla klceia tcl allplr b`jknèznteji prjdlss jkslrvla ndrjss

alvl`jpla djuitrels. Furtclrhjrl, tces eidrlnsla feiniden` b`jknèznteji cns kllidcnrndtlrezla ky n twj-wny prjdlss tcnt litne`la n cebclr pnrtedepnteji jf kjtc fjrlebilrs ei

`jdn` hnrglts nia ajhlsted nblits ei fjrlebi hnrglts. Eitlrlsteib`y, tcl `nrbl lxpniseji ei

drjss-djuitry cjàeibs `la ky brlntlr vjùhls jf dnpetn` f`jws cns ijt klli hntdcla ky ni

lxpniseji ei ilt dnpetn` f`jws (Krjilr, Aeaelr, Lrdl, nia Tdchug`lr ;?>?). Vnùnteji lffldts

4Ijtl, cjwlvlr, tcnt tclsl hlnsurls jf aevlrsefednteji dnpturl ji`y pnrt jf tcl feiniden` b`jknèznteji prjdlss,

wcedc n`sj litne`s tcl nkeèty tj trnal nsslts ndrjss djuitrels, tcl nkeèty jf feiniden` eistetutejis tj jplrntl ei

aefflrlit muresaedtejis (hjst ijtnk`y fjrlebi knigs jplrnteib nt cjhl), nia tcl lqunèznteji jf nsslt predls nia

rlturis ndrjss kjralrs (lvli wetcjut ndtun` trnisndtejis tngeib p`ndl). Qclsl jtclr nspldts jf feiniden`

b`jknèznteji nrl ijiltcl`lss klyjia tcl sdjpl jf tces pnplr, nia sjhl jf tclh nrl rl`ntla tj al murl hlnsurls

jf feiniden` b`jknèznteji.


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55?s, wcli lhlrbeib djuitrels clà `nrbl alktjr pjsetejis,

lsplden``y ei alkt nsslts. Qces ilw strudturl jf fjrlebi nsslts nia ènkeètels es pnrtedu`nr`y

klilfeden` ei tehls jf turku`lidl wcli kn`nidl scllt lffldts wjrg ei tcler fnvjr. Fjr lxnhp`l,

aureib b`jkn` dresls tcl `jdn` durrlidy vnùl jf lhlrbeib djuitrels fjrlebi nsslts tlias tj

eidrlnsl bevli tcnt tcly jwi cnra durrlidy alkt (wcedc npprldentls ves--ves lhlrbeib

djuitrels durrlidels), wce`l tcnt jf tcler fjrlebi ènkeètels screigs bevli tcnt tcly jwl lquety tj

tcl rlst jf tcl wjrà. Ns jkslrvla aureib tcl b`jkn` feiniden` dreses jf ;??3;??5, wetc tcl

dj``npsl ei ldjijhed brjwtc nia nsslt vnùntejis ei feiniden` hnrglts, tcl `jdn` durrlidy vnùl

jf lhlrbeib djuitrels lquety ènkeètels djitrndtla. Qces sllhs tj cnvl sukstniten``y klilfetla

lhlrbeib djuitrels nt tcl lxplisl jf sjhl alvl`jpla djuitrels, pnrtedu`nr`y tcl \.T., nia

hebct cnvl cl`pla strlibtcli tcler rlseèlidl tj tcl b`jkn` feiniden` dreses (Bjureidcns nia [ly

;??27 @nil nia He`lse-Flrrltte ;?>?7 Gjsl nia _rnsna ;?>?7 Aeaelr, Clven, nia Tdchug`lr

;?>>).

Ei djitrnst tj tcl wealsprlna lxpniseji ei eitlrintejin` feiniden` aevlrsefednteji aureib tcl

;???s, wl prjveal lvealidl jf hjrl hexla pnttlris rlbnraeib tcl lvjùteji jf feiniden`

jffscjreib. N `nrbl lxpniseji jddurrla ei tcl >55?s, hjst`y kldnusl et wns knsedn``y iji-

lxestlit klfjrl (nt `lnst ei rldlit cestjry). Kut tcl rl`ntevl`y `nrbl jffscjreib jf tcl >55?s wnsijt weal`y sustneila aureib tcl ;???s ns ets lxpniseji vnrela sebiefednit`y ndrjss djuitrels

nia hnrglts. Fjr lxnhp`l, dnpetn` rneseib ndtevety ei fjrlebi hnrglts tcrjubc syiaedntla `jnis

lxpniala nrjuia tcl wjrà ns n plrdlitnbl jf BA_ aureib tcl ;???s, nia lsplden``y sj

ndrjss alvl`jpla djuitrels. Ji tcl jtclr cnia, dnpetn` rneseib ndtevety tcrjubc alkt nia lquety

essuls ns n plrdlitnbl jf BA_ cns rlhneila sjhlwcnt stnk`l ei tcl ;???s, nia lvli

aldèila ei slvlrn` djuitrels. Hjrljvlr, jffscjreib cns rlhneila cebc`y djidlitrntla, tcnt es,

ijt hniy ferhs cnvl pnrtedepntla ei tces prjdlss.

Djhpnrla tj ajhlsted hnrglts, tclrl es n`sj cltlrjblilety ei tcl usl jf fjrlebi hnrglts. Fjr

lxnhp`l, ei sjhl lhlrbeib djuitrels nia ei alvl`jpla djuitrels hjrl krjna`y, jffscjreib

tcrjubc djrpjrntl kjias cns klli bneieib ehpjrtnidl nia fjrlebi hnrglts cnvl kldjhl

rl`ntevl`y ehpjrtnit ns n sjurdl jf ilw feinideib fjr tcl prevntl sldtjr. Cjwlvlr, wcli lquety

hnrglts nrl nin`yzla, tces trlia es èhetla tj n hudc shn``lr slt jf djuitrels, kleib pnrtedu`nr`y

hnrgla ei tcl [lpukèd jf Dcein (_[D) nia @ntei Nhlredni djuitrels. Ei naaeteji, fjr tces `nttlr

slt jf djuitrels, tcl nppnrlit hebrnteji tj fjrlebi lquety hnrglts ky tcl prevntl sldtjr cns

klli nddjhpniela ky eidrlnsla èqueaety nkrjna rl`ntevl tj ajhlsted èqueaety, subblsteib n

sceft jf lquety trnaeib tj fjrlebi hnrglts. Ei djitrnst, pukèd sldtjr kjia feinideib cns sceftla


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6

nwny frjh fjrlebi hnrglts tjwnras ajhlsted hnrglts fjr hjst djuitrels ei jur snhp`l,

rlf`ldteib tj sjhl lxtlit tcl nutcjretels nttlhpts tj rlaudl tcler aj``nr lxpjsurl nia tj

alvl`jp tcler `jdn` durrlidy pukèd alkt hnrglts, wcedc cnvl prjvla suddlssfu` tj sjhl

lxtlit.

Qcl inturl jf fjrlebi feinideib cns dcnibla tjj, ei blilrn` tjwnras tcl klttlr ndrjss

lhlrbeib djuitrels. Herrjreib dcnibls ei `jdn` kjia hnrglts, tclrl cns klli n rlaudteji ei

drlaet resg ei fjrlebi hnrglts tcrjubc ni eidrlnsl ei hnturety nia n `jwlr albrll jf

aj``nreznteji. Fjr eistnidl, kjia hnturetels nt essunidl nkrjna wlrl `jiblr ei tcl ;???s

djhpnrla tj tcl >55?s fjr kjtc tcl prevntl nia pukèd sldtjrs ei lhlrbeib djuitrels.

Hjrljvlr, sjhl ferhs, ns wl`` ns sjhl bjvlrihlits, wlrl nk`l tj p`ndl `jdn` durrlidy kjia

essuls nkrjna, n`tcjubc fjrlebi p`ndlhlits typedn``y rlhnei n`hjst lxdùsevl`y alijheintla ei

fjrlebi durrlidy.

Ei suh, seidl tcl lnr`y >55?s tclrl cns klli n krjna-knsla eidrlnsl ei feiniden`

aevlrsefednteji tcrjubc `nrblr brjss dnpetn` f`jws, tebctlieib tcl èignbls ndrjss djuitrels. Kut

tces trlia wns ijt nddjhpniela ky sudc n wealsprlna eidrlnsl ei feiniden` jffscjreib, tcrjubc

tcl usl jf fjrlebi dnpetn` hnrglts ns n feinideib sjurdl jr trnaeib p`ndl.

Qcl rlst jf tcl pnplr es jrbniezla ns fj``jws. Tldteji ; aesdussls ei hjrl altne` tcl

aevlrsefednteji nia jffscjreib aehlisejis jf b`jknèznteji. Tldteji 4 ajduhlits nia prjveals n

krjna jvlrvelw jf wclrl lhlrbeib djuitrels stnia ji djhhji`y usla nia sehp`l hlnsurls jf

feiniden` aevlrsefednteji. Tldteji 1 lxnheils feiniden` jffscjreib, lvnùnteib rldlit trlias fjr

kjtc tcl pukèd nia prevntl sldtjrs ei nksjùtl nia rl`ntevl tlrhs (e.l., tcl rl`ntevl sezl jf

ajhlsted nia fjrlebi dnpetn` hnrglts fjr feiniden` ndtevetels). Tldteji < djidùals wetc n

aesdusseji jf sjhl jf tcl essuls fjr furtclr rlslnrdc rlbnraeib feiniden` b`jknèznteji.

;. QCL AEVL[TEFEDNQEJI NIA JFFTCJ[EIB AEHLITEJIT

Qcl aevlrsefednteji aehliseji jf feiniden` b`jknèznteji es hndrjldjijhed ei lsslidl. Et rl`ntls

tj djuitry-`lvl` dnpetn` f`jws nia brjss fjrlebi pjsetejis ei nsslts nia ènkeètelstcnt es,

ajhlsted rlsealits eivlsteib ei fjrlebi hnrglts nia fjrlebilrs nt cjhl. Ei tcljry, tces prjdlss

n``jws resg tj kl aevlrsefela hjrl lffedelit`y nia prjveals jppjrtuietels fjr lxp`jeteib drjss-

kjralr resg-namustla rlturi aefflrliten`s, lffldtevl`y lxlrteib prlssurl tj lqunèzl rlturis ndrjss

djuitrels nia eistruhlits. Ei naaeteji tj licnideib tcl lffedelidy jf rlsjurdl n``jdnteji, tcl

eidrlnsla albrll jf feiniden` aevlrsefednteji hebct p`ny ni ehpjrtnit rj`l ei tcl alvl`jphlit jf

`jdn` dnpetn` hnrglts. Et dni licnidl èqueaety, kjjst rlslnrdc, ehprjvl tcl qunitety nia qunèty

jf eifjrhnteji nvne`nk`l, eidrlnsl trnispnrlidy, nia prjhjtl tcl najpteji jf klttlr djrpjrntl

bjvlrinidl prndtedls, tclrlky rlaudeib nblidy prjk`lhs.


10/37


2

Alspetl tclsl pjsetevl lffldts, tcl prjdlss jf feiniden` aevlrsefednteji hebct n`sj cnvl ets

ajwiseals. Jvlr tcl ylnrs, djuitrels cnvl wetilssla wealsprlna prjk`lhs nssjdentla wetc

vj`nte`l dnpetn` f`jws tcnt `la tj clebctlila kjjhs nia kust pnttlris. Ei pnrtedu`nr, surbls ei

dnpetn` eif`jws tj djuitrels wetc scn``jw ajhlsted feiniden` hnrglts nia n èhetla hliu jf

feiniden` nsslts dni blilrntl systlhed prjk`lhs. Eidrlnsla aevlrsefednteji jf feiniden` systlhs

dni n`sj kl nssjdentla wetc n brlntlr lxpjsurl tj lxtlrin` dresls tcrjubc tcl feiniden`

dcniil`. Qces dcniil` jftli eivj`vls eitlrintejin` eivlstjrs (djhhji drlaetjrs) ei tcl

feiniden` dlitlrs tcnt prjpnbntl scjdgs ndrjss tcl vnrejus djuitrels ei tcler pjrtfjèjs ei

rlspjisl tj dcnibls ei èqueaety, nsslt qunèty, jr jtclr fndtjrs. 1

Ei djitrnst tj tcl hndrjldjijhed lsslidl jf feiniden` aevlrsefednteji, tcl jffscjreib aehliseji

jf b`jknèznteji es hnei`y hedrjldjijhed nia es rl`ntla tj tcl fuidtejieib jf tcl feiniden`

sldtjr. Qces aehliseji es knsla ji tcl usl ky `jdn` rlsealits jf jffscjrl (jr lxtlrin`) hnrglts

jr tcl usl jf fjrlebi eitlrhlaenrels (rntclr tcni jiscjrl jils). Eistlna jf essueib n stjdg

`jdn``y, n ferh hebct prlflr tj èst et ji n fjrlebi lxdcnibl. Qcl trnaljffs eiclrlit tj tcl usl jf

ajhlsted nia fjrlebi hnrglts nrl sjhlwcnt aefflrlit ei inturl tcni tcjsl ehpèla ky tcl

aevlrsefednteji aehliseji, nia clidl litne` aefflrlit ayinheds. N iuhklr jf rlnsjis djuà kl

klceia jffscjreib, eidùaeib nddlss tj hnrglts wetc brlntlr alptc nia èqueaety ns wl`` ns klttlr

rlbu`ntjry liverjihlits. Qcl feiniden` slrvedls prjveala jffscjrl hny n`sj kl dclnplr jr

cnvl spldefed flnturls tcnt hngl tclh prlflrnk`l fjr spldefed trnisndtejis. Qcus, ajhlsted nia

jffscjrl hnrglts hny djhp`lhlit lndc jtclr (Clialrsji, Mlbnallsc, nia Rleskndc ;??67

Bjzze, @lveil, nia Tdchug`lr ;?>?). Rcli ajhlsted nia jffscjrl ndtevetels nrl djhp`lhlits,

tcl djrrl`nteji kltwlli feiniden` alvl`jphlit (uialrstjja ns allplr ajhlsted dnpetn`

Qcus, n dreses ei jil djuitry

dni prjhpt eitlrintejin` eivlstjrs tj sl`` jff nsslts jr durtne` `liaeib tj jtclr djuitrels. Qj tcl

lxtlit tcnt tclsl pnttlris dcnrndtlrezl tcl klcnvejr jf fjrlebi eivlstjrs hjrl krjna`y, n

brlntlr alplialidl ji fjrlebi feinideib hebct kreib naaetejin` vj`nteèty tj ajhlsted

ldjijhels ky ehpjrteib tcl fùdtuntejis ei eitlrintejin` hnrglts. Furtclrhjrl, kldnusl

fjrlebilrs tlia tj prjveal feinideib ei fjrlebi durrlidy, tcler eivj`vlhlit dni `lna tj durrlidyheshntdcls. Tehe`nr`y, wce`l ajhlsted rlsealits eivlsthlits nkrjna hebct cl`p shjjtc tcler

djisuhpteji, sudc eivlsthlits hny n`sj fndeètntl dnpetn` fèbct lpesjals dnusla ky

altlrejrnteib djiaetejis nt cjhl (aul tj resg jf alvnùnteji, alfnu`t, jr lxprjprenteji), wcedc,

jtclr tceibs lqun`, dni rlaudl tcl dnpetn` nvne`nk`l fjr ajhlsted feinideib.

1 Rcli `lvlrnbla eivlstjrs sudc ns knigs nia clabl fuias fndl rlbu`ntjry rlquerlhlits, eitlrin` prjvesejieib

prndtedls, jr hnrbei dn``s, tcly hebct rlkn`nidl tcler pjrtfjèjs ky sl`èib tcler nsslt cjàeibs ei jtclr djuitrels.

Rcli jpli-lia hutun` fuias fjrlsll futurl rlalhptejis nftlr n scjdg ei jil djuitry, tcly hebct rnesl dnsc ky

sl`èib nsslts ei jtclr djuitrels. Tll, fjr lxnhp`l, Gnheisgy nia [leicnrt (;???), Hnrteilz _lren, _jwl``, nia

V`nagjvn-Cj``nr (;??>) fjr tcl rj`l jf knigs. Kjrlisztlei nia Bl`js (;??4),

Gnheisgy, @yjis, nia Tdchug`lr (;??1), Krjilr, Bl`js, nia [leicnrt (;??6), nia [naantz nia Tdchug`lr

(;?>>), nhjib jtclrs, aesduss tcl rj`l jf hutun` fuias.


11/37


3

hnrglts) nia feiniden` jffscjreib hebct kl pjsetevl ns ferhs nia nblits usl kjtc hnrglts fjr

aefflrlit purpjsls.

Ijiltcl`lss, ajhlsted nia eitlrintejin` hnrglts hebct n`sj kl sukstetutls nia tcl djrrl`nteji

kltwlli feiniden` ndtevetels ei tclsl hnrglts hebct turi ilbntevl. Ni lhk`lhnted dnsl es tclusl jf hjrl alvl`jpla feiniden` dlitlrs ky ferhs nia nblits frjh lhlrbeib djuitrels wetc

rl`ntevl`y uisjpcestedntla feiniden` hnrglts. Furtclrhjrl, eidrlnsla jffscjreib hny n`sj kl

nssjdentla wetc sjhl ilbntevl spe``jvlrs. Fjr lxnhp`l, eidrlnsla trnaeib ndtevety ei fjrlebi

hnrglts hebct cnvl navlrsl lffldts ji tcl èqueaety jf ajhlsted stjdg hnrglts tcrjubc aefflrlit

dcniil`s (@lveil nia Tdchug`lr ;??2). Essueib slduretels nkrjna hny sceft n ferhs trnaeib

vjùhl jut jf tcl ajhlsted hnrglt, n sj dn``la èqueaety hebrnteji lffldt. Hjrljvlr, et hny

`lna tj n arjp ei tcl trnaeib nia èqueaety jf stjdgs frjh tcl rlhneieib ajhlsted ferhs. ?). Rl tcus lxnheil twj djhhji`y usla al fndtj

hlnsurls ei tcl feiniden` b`jknèznteji ètlrnturl= n stjdg-knsla jil (tcl stjdg jf fjrlebi

nsslts nia ènkeètels djhpe`la ky @nil nia He`lse-Flrrltte ;??2) nia n f`jw-knsla jil (brjss

532), Ajhjwetz, B`li, nia Hnacnvni (>553), nia Cnrbes

(;???).


12/37


5

dnpetn` f`jws ky ajhlsted nia fjrlebi rlsealits djhpe`la ky Krjilr, Aeaelr, Lrdl, nia

Tdchug`lr ;?>?).

Ns ajduhlitla ei n iuhklr jf pnplrs, tclsl al fndtj hlnsurls subblst ni eidrlnseib`y

b`jknèzla wjrà. Feburl > scjws tcl `lvl` jf drjss-kjralr dnpetn` f`jws nia tcl stjdg jf drjss-kjralr nsslts nia ènkeètels, sdn`la ky BA_, fjr slvlrn` lhlrbeib nia alvl`jpla rlbejis

aureib tcl >53?s, >55?s, nia ;???s. N`` rlbejis cnvl wetilssla ni eidrlnsl ei feiniden`

aevlrsefednteji jvlr tcl pnst tcrll aldnals, pnrtedu`nr`y aureib tcl ;???s. Cjwlvlr, lhlrbeib

rlbejis ste`` `nb klceia alvl`jpla jils. Qcl eidrlnsl ei feiniden` aevlrsefednteji lxplrelidla ky

lhlrbeib djuitrels, hlnsurla tcrjubc letclr tcl stjdg jr tcl f`jw hlnsurls, wns

djisealrnk`y `jwlr tcni tcnt jkslrvla ndrjss alvl`jpla djuitrels. Ns n rlsu`t, tcl jvlrn``

lxtlit jf feiniden` eitlbrnteji, ei ets aevlrsefednteji aehliseji, rlhneis hudc hjrl alvl`jpla ei

alvl`jpla djuitrels tcni ei lhlrbeib jils. Fjr lxnhp`l, fjrlebi nsslts nia ènkeètels

rlprlslitla nkjut 4??%jf BA_ ei alvl`jpla djuitrels ei tcl ;???s, wclrlns ei lhlrbeib

djuitrels tcly stjja nt `lss tcni cn`f jf tcnt nhjuit, nrjuia >4?% jf BA_ ei Nseni, Lnstlri

Lurjplni, nia @ntei Nhlredni djuitrels.

Qces cns klli n blilrnèzla prjdlss jf twj-wny feiniden` aevlrsefednteji, nddjraeib tj wcedc

ijt ji`y fjrlebi rlsealits cnvl eivlstla hjrl ei `jdn` hnrglts, kut n`sj ajhlsted rlsealits

cnvl lxpniala tcler eivlsthlits ei fjrlebi hnrglts. _nil` K jf Feburl > slbhlits dnpetn`

f`jws ky tcl rlsealidy jf tcl nblits djhp`lteib tcl trnisndteji, tcus aesteibuesceib kltwlli

dnpetn` eif`jws ky fjrlebi rlsealits nia dnpetn` jutf`jws ky ajhlsted rlsealits. Qcl feburl

scjws tcnt tcl drjss-kjralr f`jws ky kjtc ajhlsted nia fjrlebi rlsealits cnvl klli ji tcl

resl aureib tcl pnst aldnals ei n`hjst n`` lhlrbeib nia alvl`jpla rlbejis. _lrcnps tcl ji`y

lxdlpteji tj tces krjna trlia cns klli Nsen aureib tcl ;???s, wclrl f`jws ky fjrlebi rlsealitsaldèila sebiefednit`y ns n plrdlitnbl jf BA_, tcjubc f`jws ky ajhlsted rlsealits ste`` brlw

djisealrnk`y.

Qcl lxpniseji jf feiniden` aevlrsefednteji, ns hlnsurla ky tclsl al fndtj eiaedntjrs, rlf`ldts

ijt ji`y eidrlnsla vjùhls jf brjss dnpetn` f`jws, kut n`sj pjsetevl vnùnteji lffldts, stlhheib

frjh tcl rl-predeib jf nsslts nia ènkeètels. Ns hniy cnvl nrbula, dnpetn` bneis nia `jssls ji

jutstniaeib cjàeibs jf fjrlebi nsslts nia ènkeètels dni kl eialla sezlnk`l. 6

6

Tll fjr lxnhp`l @nil nia He`lse-Flrrltte (;??>, ;??2), Bjureidcns nia [ly (;??2), nia Bjureidcns, Bjve``jt, nia

[ly (;?>?).

Feburl ;

e`ùstrntls tclsl vnùnteji lffldts ky scjweib tcl eidrlnsl kltwlli >555 nia ;??2 ei fjrlebi

cjàeibs jf ajhlsted lquety, sdn`la slpnrntl`y ky BA_ (ns ei Feburl >) nia ky ajhlsted

hnrglt dnpetnèznteji. Ei fndt, tcl eidrlnsl ei drjss-kjralr lquety cjàeibs (n djhpjilit jf tcl

stjdg jf fjrlebi nsslts nia ènkeètels ei Feburl >) es sebiefednit`y shn``lr ndrjss n`` lhlrbeib

rlbejis wcli tcl brjwtc jf lquety predls (prjxela ky hnrglt dnpetnèznteji) es tngli eitj

djisealrnteji, turieib lvli ilbntevl fjr @ntei Nhlredni djuitrels. Qces subblsts tcnt tcl

lvealidl jf feiniden` b`jknèznteji illas tj kl djisealrla wetc sjhl dnrl.


13/37


>?

Feburl >= Al FndtjFeiniden` Aevlrsef ednteji

_nil` N. Ttjdg jf Fjrlebi Nsslts nia @enkeèt els

_nil` K. Brjss Dnpetn` F`jws

Ijtl= Qces feburl scjws twj al fndtj hlnsurls jf feiniden` aevlrsefednteji aureib tcl >53?s, >55?s, nia tcl ferst aldnal

jf tcl ;???s. _nil` N scjws tcl stjdg jf fjrlebi nsslts nia ènkeètels ns n plrdlitnbl jf BA_. _nil` K scjws brjss

dnpetn` f`jws ky fjrlebi nia ajhlsted rlsealits ns n plrdlitnbl jf BA_. Iuhklrs ei pnrlitclsls scjw tcl iuhklr jf

djuitrels ei lndc rlbeji.

Tjurdl= EHF's Kn`nidl jf _nyhlits Ttntesteds (KJ_), tcl Rjrà Knig's RAE, nia @nil nia He`lse-Flrrltte (;??2).


14/37


>>

Feburl ;= Feiniden` Aevlrsefednteji= Vnùnteji LffldtsFjrlebi Lquety @enkeètels sdn`la ky BA_ nia ky Hnrglt Dnpetnèznteji

Ijtl= Qces feburl scjws tcl plrdlitnbl dcnibl kltwlli >555 nia ;??2 jf tcl `lvl` jf fjrlebi cjàeibs jf ajhlsted

lquety sdn`la, n`tlrintevl`y, ky BA_ nia ajhlsted hnrglt dnpetnèznteji.

Tjurdl= Rjrà Knig's RAE nia @nil nia He`lse-Flrrltte (;??2).

Ei naaeteji tj tces lxpniseji ei tcl sezl jf fjrlebi nsslts nia fjrlebi ènkeètels jvlr tcl pnst

tcrll aldnals, tcler djhpjseteji cns lvj`vla ei n sebiefednit wny. Feburl 4 prlslits tcl

dcnibls ei tcl aefflrlit djhpjilits jf tcl stjdg jf lxtlrin` ènkeètels (_nil` N) nia lxtlrin`

nsslts (_nil` K) ns n scnrl jf BA_ aureib tcl >55? nia ;??? aldnals. Rcli fjduseib ji tcl

ènkeèty seal (wcedc dnpturls tcl stjdg jf fjrlebi eivlsthlits ei ajhlsted ldjijhels), lquety

eivlsthlitseidùaeib fjrlebi aerldt eivlsthlit (FAE)cnvl eidrlnsla ji nvlrnbl ndrjss

lhlrbeib djuitrels aureib kjtc aldnals.2

2

Lvli tcjubc tcl eidrlnsls ei lquety eivlsthlits nrl `nrblr tcni ei alkt eivlsthlits, tces trlia hny rlf`ldt tj

sjhl lxtlit `nrblr vnùnteji lffldts, ns aesdussla nkjvl.

Alkt eivlsthlits, ji tcl jtclr cnia, cnvl blilrn``y

aldèila aureib kjtc aldnals fjr tces slt jf djuitrels, wetc tcl lxdlpteji jf Nsen ei tcl >55?s

nia Lnstlri Lurjpl ei tcl ;???s. Qces `nst trlia stnias ei scnrp djitrnst tj tcnt jf alvl`jpla

djuitrels, wclrl alkt eivlsthlits cnvl brlnt`y lxpniala jvlr tcl snhl plreja.


15/37


>;

Feburl 4= Ttrudturl jf Feiniden` Aevlrsefednteji

_nil` N. Dcnibls ei tcl Ttjdg jf Fjrlebi @enke`etels

_nil` K. Dcnibls ei Ttjdg jf Fjrlebi Nsslts


16/37


>4

Ijtl= Qces feburl scjws tcl plrdlitnbl dcnibl kltwlli >55? nia >555 nia ;??? nia ;??2 jf tcl aefflrlit djhpjilits

jf tcl stjdg jf fjrlebi ènkeètels (_nil` N) nia fjrlebi nsslts (_nil` K) ns n scnrl jf BA_. FAE stnias fjr fjrlebi aerldt

eivlsthlits. Iuhklrs ei pnrlitclsls scjw tcl iuhklr jf djuitrels ei lndc rlbeji.


Ji tcl nsslt seal (wcedc dnpturls tcl stjdg jf fjrlebi eivlsthlits ky ajhlsted nblits),

lhlrbeib djuitrels cnvl `nrbl`y ndduhu`ntla eitlrintejin` rlslrvls, n trlia tcnt cns

nddl`lrntla seidl tcl Nseni dresls jf tcl `ntl >55?s. Qces cns klli ni ehpjrtnit flnturl

uialr`yeib tcl lhlrbeib djuitrels ehprjvla hndrjldjijhed nia feiniden` stnidls, n`klet ijt

tcl ji`y jil. Qcl pnttlris jf tcl jtclr djhpjilits jf tcl stjdg jf fjrlebi nsslts nrl

sjhlwcnt hexla. Fjr lxnhp`l, @ntei Nhlredni djuitrels cnvl eidrlnsla tcler lxtlrin` nsslt

pjsetejis hnei`y tcrjubc lquety eivlsthlits jvlr tcl ;???s, wce`l Lnstlri Lurjpl cns ajil

sj tcrjubc n `nrbl eidrlnsl ei alkt eivlsthlits. Ei tcl dnsl jf alvl`jpla djuitrels, alkt

eivlsthlits dnpturl tcl èjis scnrl jf tcl resl ei tcler lxtlrin` nsslts aureib kjtc tcl >55?s

nia tcl ;???s, tcjubc tcl eidrlnsls ei lquety eivlsthlits nia FAE nrl ste`` sezlnk`l.

Qclsl trlias cnvl `la tj ehpjrtnit dcnibls ei djuitrels jvlrn`` pjsetejis ns ilt drlaetjrs jr

ilt alktjrs. Ns aesdussla nkjvl, lhlrbeib djuitrels cnvl typedn``y lxplrelidla n aldèil ei

alkt ènkeètels nia ni lxpniseji ei alkt nsslts, lsplden``y wcli rlslrvls nrl djisealrla.

Djislqulit`y, n iuhklr jf tclh cnvl kldjhl ilt drlaetjrs wetc rlspldt tj tcl rlst jf tcl

wjrà ns rlbnras alkt djitrndts. Ji tcl lquety seal, kjtc nsslts nia ènkeètels cnvl eidrlnsla,

n`klet nt aefflrlit spllas. Ei ilt tlrhs cjwlvlr, tclrl cns klli n sceft tjwnras ilt alktjr

pjsetejis wetc rlspldt tj lquety djitrndts nhjib lhlrbeib djuitrels, nia eidrlnseib`y sj ei

rldlit ylnrs. Feburl 1 scjws tcl ilt fjrlebi nsslts pjsetejis (tcnt es, tcl aefflrlidl kltwlli

fjrlebi nsslts nia fjrlebi ènkeètels) ns n scnrl jf BA_ fjr kjtc lquety nia alkt eivlsthlitsfrjh >55? tj ;??2. Nseni nia @ntei Nhlredni djuitrels, tjbltclr wetc Eiaen, kldnhl ilt

drlaetjrs aureib tcl sldjia cn`f jf tcl ;??? aldnal ns rlbnras alkt djitrndts, wce`l tcl _[D

eidrlnsla ets n`rlnay pjsetevl pjseteji ns n ilt drlaetjr. Nt tcl snhl tehl, tcly djiteiula

allplieib tcler ilt alktjr stnidls ns rlbnras lquety djitrndts. Qces stnias ei djitrnst tj tcl

hexla pnttlris jkslrvla ei alvl`jpla djuitrels.


17/37


>1

Feburl 1= Ilt Fjrlebi Lque ty nia Alkt Nsslts

Ns n _lrdlitnbl jf BA_

Ijtl= Qces feburl scjws tcl lvj`uteji jf tcl stjdg jf ilt fjrlebi lquety nsslts nia ilt fjrlebi alkt nsslts (wetc nia

wetcjut eitlrintejin` rlslrvls) ns n plrdlitnbl jf BA_ ndrjss rlbejis kltwlli >55? nia ;??2.



18/37

;

Qces lvjùteji ei tcl strudturl jf djuitrels lxtlrin` nsslts nia ènkeètels hebct p`ny n rj`l ei

nvjeaeib tcl ajwiseal resgs jf feiniden` b`jknèznteji. Fjr eistnidl, wcli tcl ;??3;??5 b`jkn`

feiniden` dreses cet lhlrbeib djuitrels, kn`nidl scllt lffldts wjrgla ei tcler fnvjr. Ei lhlrbeib

djuitrels ijt tjj aestnit pnst, lxdcnibl rntl ijhein` alvnùntejis tcnt typedn``y nddjhpniela

feiniden` dresls tliala tj eidrlnsl tcl kurali jf fjrlebi durrlidy alkt. Ei djitrnst, aureib tcl

b`jkn` feiniden` dreses, tcl alvnùntejis `la tj ehprjvlhlits ei tcl lxtlrin` pjsetejis jf

lhlrbeib djuitrels (wcli hlnsurla ei `jdn` durrlidy) aul tj tcler ilt drlaetjr stnidls ei alkt

djitrndts. Hjrljvlr, lxtlrin` ènkeètels wlrl rlaudla wcli lquety predls pùhhltla, tclrlky

screigeib tcler ilt alktjr lquety pjsetejis. Nt tcl snhl tehl, tcl `nrbl pjj`s jf eitlrintejin`

rlslrvls hebct cnvl ijt ji`y s`jwla ajwi tcl npprldenteji jf tcl ajhlsted durrlidy aureib

tcl prl-dreses lxpnisejinry plreja, kut tcly hebct n`sj cnvl `ntlr slrvla ns n sl`f-eisurnidl

hldcniesh aureib tcl clebctlila turhje` plreja, altlrreib durrlidy dresls nia knigeib

pnieds. Ei fndt, hniy djuitrels clà eitlrintejin` rlslrvls ei lxdlss jf tcler stjdg jf scjrt-tlrh

fjrlebi ènkeètels.Qces ei prndtedl lèheintla djidlris nkjut alkt rj``jvlr aeffedu`tels ei hniy

lhlrbeib djuitrels, èheteib eivlstjrs eidlitevls tj nttndg tcl ajhlsted durrlidels. 3

1. FEINIDEN@ JFFTCJ[EIB

Ei suh,

tces lvjùteji jf lhlrbeib djuitrels frjh n ilt alktjr tj n ilt drlaetjr pjsetejives--ves tcl

rlst jf tcl wjràei tlrhs jf alkt djitrndts, n`jib wetc n rlaudteji jf fjrlebi durrlidy nia

scjrt-tlrh alkt ènkeètels ajduhlitla kl`jw, hebct cnvl hnal tclsl djuitrels hjrl rlseèlit

tj lxtlrin` scjdgs, tcus beveib resl tj n snflr fjrh jf feiniden` b`jknèznteji.

Ns tcl wnvl jf feiniden` èklrnèznteji swlpt tcl lhlrbeib wjrà aureib tcl >55?s, feiniden`

jffscjreib tjjg jff, wetc tcl usl jf fjrlebi hnrglts rnibeib frjh syiaedntla `jnis tj lquetels

nia kjias. Tudc ni lxpniseji ei jffscjreib djitrnsts scnrp`y wetc tcl `ndg jf ndtevety nkrjna

aureib tcl >53?s. Ijiltcl`lss, aureib tcl ;???s, hexla pnttlris lhlrbla rlbnraeib tcl usl

jf fjrlebi hnrglts fjr feiniden` trnisndtejis ky lhlrbeib djuitrels. Ei fndt, tclrl cns klli n

hnrgla cltlrjblilety ei tcl lxtlit jf jffscjreib ndrjss hnrglts nia djuitrels.

[lbnraeib alkt djitrndts, sjhlwcnt jppjseib trlias cnvl klli jkslrvla ei ilw dnpetn`

rneseib ndtevety tcrjubc syiaedntla `jnis nia kjias nkrjna ndrjss lhlrbeib djuitrels. 5

3

Tll Nezlihni nia _nsredcn (;?>?), Frnigl` nia Tnrnvl`js (;?>?), nia Nezlihni (;?>>), nhjib jtclrs.

Ns

scjwi ei _nil` N jf Feburl ;).


19/37


4

Nhlredni djuitrels ei tcl ;???s ves--ves tcl >55?s. Eitlrlsteib`y, tces ald`eil cns klli

djidlitrntla ji tcl ilw essunidl jf kjias ky tcl prevntl sldtjr, ns bjvlrihlits jf djuitrels

ei tclsl twj rlbejis cnvl eidrlnsla tcler essunidl nkrjna ns n%nbl jf BA_. Lnstlri Lurjpl

cjwlvlr stnias ns ni lxdlpteji, wetc kjia essunidl ky tcl prevntl sldtjr ndtun``y lxpniaeib

ei fjrlebi hnrglts.

Hexla trlias nrl n`sj jkslrvla ei dnpetn` rneseib ndtevety tcrjubc lquety essuls ei fjrlebi

hnrglts ns n plrdlitnbl jf BA_. Ns scjwi ei _nil` D jf Feburl


20/37


1

_nil` K. Ilw Dnpetn`-[neseib Kjia Essuls ky tcl _revntl nia _uk`ed Tldtjrs

_nil` D. Ilw Dnpetn`-[neseib Lquety Essuls

Ijtl= Qces feburl scjws tcl nvlrnbl dnpetn`-rneseib ndtevety ei fjrlebi hnrglts plr ylnr tcrjubc syiaedntla jnis, kjias,

nia lquety aureib tcl >55?s nia tcl ferst aldnal jf tcl ;???s. _nil` N scjws tcl nhjuit jf ilw syiaedntla `jnis ei

fjrlebi hnrglts ns n plrdlitnbl jf BA_. _nil` K scjws tjtn` kjia essunidl nkrjna ky tcl prevntl nia puk`ed sldtjrs ns


21/37


55?s nia

tcl ferst aldnal jf tcl ;???s. _nil` N scjws tcl nvlrnbl rntej jf jutstniaeib kjias ei fjrlebi hnrglts ky tcl prevntl

sldtjr aeveala ky tcl tjtn` jutstniaeib (ajhlsted nia fjrlebi) prevntl kjias. _nil` K scjws tcl nvlrnbl rntej jf

jutstniaeib kjias ei fjrlebi hnrglts ky tcl puk`ed sldtjr aeveala ky tcl tjtn` jutstniaeib (ajhlsted nia fjrlebi) puk`ed


23/37


2

kjias. Eitlrintejin` alkt slduretels nrl alfeila ns tcjsl tcnt cnvl ijt klli essula ky rlsealits ei ajhlsted durrlidy jr

tnrbltla nt rlsealit eivlstjrs. Iuhklrs ei pnrlitclsls scjw tcl iuhklr jf djuitrels ei lndc rlbeji.

Tjurdl= Rjr`a Knig's RAE nia Knig fjr Eitlrintejin` Tltt`lhlits.

Feburl 2= [l`ntevl Tezl jf Fjrlebi Lquety Hnrglts

_nil` N. Nhjuit [nesla ei Fjrlebi Hnrglts

_nil` K. Vn`ul Qrnala ei Fjrlebi Hnrglts


24/37


3

Ijtl= Qces feburl scjws tcl rl`ntevl sezl jf lquety dnpetn`-rneseib ndtevety nia lquety trnaeib ei fjrlebi hnrglts. _nil` N

scjws tcl nvlrnbl nhjuit rnesla tcrjubc ilw lquety essuls ei fjrlebi hnrglts jvlr tcl tjtn` (ajhlsted pùs fjrlebi)

lquety nhjuit rnesla ji n ylnr`y knses aureib tcl >55?s nia tcl ferst aldnal jf tcl ;???s. _nil` K scjws tcl ferh-`lvl`

nvlrnbl rntej jf vnùl trnala nkrjna ei alpjsetjry rldlepts (A[s) jvlr tjtn` vnùl trnala (ei ajhlsted hnrglts nia A[s)

ji n ylnr`y knses aureib tcl ferst aldnal jf tcl ;???s. Ji`y ferhs wetc A[ prjbrnhs ealitefela ei tcl A[ Aerldtjry jf tcl

Knig jf Ilw Ujrg nia wetc trnaeib antn rlpjrtla ei K`jjhklrb nrl djisealrla ei _nil` K. Iuhklrs ei pnrlitclsls

scjw tcl iuhklr jf djuitrels ei lndc rlbeji.

Tjurdl= Qcjhsji [lutlrs' TAD _`nteiuh, Knig jf Ilw Ujrg, nia K`jjhklrb.

Fjr eistnidl, ji`y 4;% jf tcl essuls frjh Lnstlri Lurjplni djhpniels nia sex% jf tcl

essuls frjh Nseni jils cnvl tngli p`ndl ei fjrlebi hnrglts aureib tcl ;???s. Ei stnrg

djitrnst, @ntei Nhlredn nia tcl _[D cnvl slli n brlntlr albrll jf jffscjreib tcrjubc lquety

hnrglts aureib tcl ;??? aldnal. Lquety feinideib nkrjna ei tclsl djuitrels cns bneila spndl

rl`ntevl tj ajhlsted hnrglts, nia cnvl djhl tj rlprlslit n`hjst


25/37


5

nkrjna ns n plrdlitnbl jf BA_ cns eidrlnsla aureib tcl ;???s. _nil` K jf Feburl 6 scjws

tcl nhjuit jutstniaeib jf kjias ei fjrlebi hnrglts jvlr tcl tjtn` pukèd sldtjr jutstniaeib

kjias. Et es d`lnr frjh tces feburl tcnt tcl rl`ntevl ehpjrtnidl jf fjrlebi kjias aldrlnsla ei tcl

;???s ves--ves tcl >55?s ndrjss n`` lhlrbeib rlbejis. Qces trlia cns klli pnrtedu`nr`y scnrp

nhjib Nseni nia @ntei Nhlredni djuitrels, djisestlit tcus wetc tcl sebiefednit lxpniseji jf

`jdn` hnrglts fjr bjvlrihlit kjias ei hniy jf tclsl djuitrels. Alspetl tces aldèieib trlia,

bjvlrihlits frjh lhlrbeib djuitrels ste`` tlia tj rl`y hjrl ji fjrlebi hnrglts fjr tcl

p`ndlhlit jf tcler alkt tcni tcjsl frjh alvl`jpla djuitrels. Rce`l nkjut 6% jf jutstniaeib

bjvlrihlit kjias wlrl ei fjrlebi hnrglts aureib tcl ;???s ndrjss B2 djuitrels, nrjuia 4?%

wns jkslrvla ndrjss Lnstlri Lurjpl nia @ntei Nhlredn.

Ijtwetcstniaeib tclsl hexla trlias ei tcl jvlrn`` albrll jf feiniden` jffscjreib, tcl ;???s

cnvl wetilssla sjhl eitlrlsteib dcnibls ei tcl inturl jf tcl lxtlrin` kjia feinideib ndrjss n

iuhklr jf lhlrbeib djuitrels. Rce`l tjtn` kjia essunidl ei fjrlebi hnrglts cns ji nvlrnbl

ijt eidrlnsla fjr tclsl djuitrels aureib tcl ;???s, n iuhklr jf tclh cnvl dcnibla tcl inturl

jf tcler kjia feinideib, nppnrlit`y tcrjubc n djisdejus lffjrt tj rlaudl durrlidy nia hnturety

heshntdcls fj``jweib tcl slrels jf feiniden` dresls aureib tcl >55?s.

Ns n djislqulidl, tcl hnturety prjfe`l jf kjtc pukèd nia prevntl sldtjr kjias ei fjrlebi

hnrglts cns klli lxtliala aureib tcl ;???s, lsplden``y sj fjr Lnstlri Lurjplni nia @ntei

Nhlredni djuitrels, ns scjwi ei Feburl 3.>>

Furtclrhjrl, hniy lhlrbeib djuitrels cnvl klli nk`l tj essul kjias ei `jdn` durrlidy eifjrlebi hnrglts. Qcl prevntl sldtjr frjh hjst lhlrbeib rlbejis cns suddllala ei essueib

sjhl kjias ei fjrlebi hnrglts ei tcler jwi `jdn` durrlidels, wce`l n flw bjvlrihlits cnvl

n`sj klli nk`l tj aj sj. Fjr lxnhp`l, Feburl 5 scjws tcnt 2% jf prevntl sldtjr kjias nia 3%

jf pukèd sldtjr kjias essula nkrjna ky @ntei Nhlredni djuitrels ei tcl ;???s wlrl

alijheintla ei `jdn` durrlidy, ns jppjsla tj n vertun``y iji-lxestlit nhjuit aureib tcl >55?s.

Rce`l tclsl feburls rlhnei sjhlwcnt shn``, lsplden``y wcli djhpnrla tj tcjsl ei alvl`jpla

djuitrels, tcly sebin` tcnt lhlrbeib djuitrels cnvl stnrtla tj jvlrdjhl tcl jrebein` sei

(blilrn``y uialrstjja ns tcl einkeèty tj essul `jdn` durrlidy, `jib-tlrh alkt ei fjrlebi

hnrglts). D`lnr`y, tclsl nrl pjsetevl streals ei tcl `jib rjna tjwnras n hjrl kn`nidla pnttlri

jf essunidl ndtevety.

Fjr lxnhp`l, tcl hnturety jf kjias nt essunidl

wns `libtclila ky nkjut jil nia fevl ylnrs fjr @ntei Nhlredns prevntl nia pukèd sldtjrs,

rlspldtevl`y. Nseni djuitrels cjwlvlr stnia jut ns lxdlptejis, wclrl kjtc pukèd nia prevntl

sldtjr kjia hnturetels aldèila ei tcl ;???s rl`ntevl tj tcl >55?s.

>>Qcl `jib hnturetels djuà n`sj kl nssjdentla wetc rl`ntevl`y scjrt aurntejis ef hjst jf tcl alkt es essula nt f`jnteib

rntls. Durrlit`y, tcl antn aj ijt n``jw us tj ealitefy sudc lffldts.


26/37


>?

Feburl 3= Nvlrnbl Hnturety nt Essunidl ei Fjrlebi Kjia Hnrglts

_nil` N. _revntl Tldtjr

_nil` K. _ukèd Tldtjr

Ijtl= Qces feburl scjws tcl nvlrnbl hnturety (ei ylnrs) jf ilw kjias essula ei fjrlebi hnrglts ky tcl prevntl nia pukèd

sldtjrs aureib tcl >55?s nia tcl ferst aldnal jf tcl ;???s. _nil` N scjws tcl nvlrnbl hnturety jf fjrlebi prevntl sldtjr

kjias nt essunidl. _nil` K scjws tcl nvlrnbl hnturety jf fjrlebi pukèd sldtjr kjias nt essunidl. Iuhklrs ei

pnrlitclsls scjw tcl iuhklr jf djuitrels ei lndc rlbeji.

Tjurdl= Qcjhsji [lutlrs' TAD _`nteiuh.


27/37


>>

Feburl 5= Durrlidy Alijheinteji nt Essunidl ei Fjrlebi Kjia Hnrglts

Ilw Fjrlebi Durrlidy Essuls ns % jf Qjtn` Essuls ei Fjrlebi Hnrglts

_nil` N. _revntl Tldtjr

_nil` K. _ukèd Tldtjr

Ijtl= Qces feburl scjws tcl rntej jf fjrlebi durrlidy alijheintla ilw kjia essuls ei fjrlebi hnrglts ky tcl prevntl nia

pukèd sldtjrs aureib tcl >55?s nia tcl ferst aldnal jf tcl ;???s. _nil` N scjws antn fjr tcl prevntl sldtjr wce`l _nil`

K rlpjrts tcl antn fjr tcl pukèd sldtjr. Iuhklrs ei pnrlitclsls scjw tcl iuhklr jf djuitrels ei lndc rlbeji.



28/37


>;

Alspetl n`` tclsl alvl`jphlits, tcl usl jf fjrlebi hnrglts es èhetla tj flw ferhs nia tcus

rlhneis n djidlri fjr hniy lhlrbeib djuitrels, lsplden``y wcli djitrnstla wetc tcl jkslrvla

pnttlris ei alvl`jpla djuitrels. Fjr eistnidl, _nil` N jf Feburl >? d`lnr`y scjws tcnt ji`y n

shn`` iuhklr jf ferhs frjh hjst lhlrbeib rlbejis ndtun``y usla fjrlebi kjia hnrglts ns n

sjurdl fjr ilw dnpetn` ei tcl ;???s, typedn``y `lss tcni tli ferhs djhpnrla tj hjrl tcni >?? ei

tcl B2 djuitrels. Hjrljvlr, tcl iuhklr jf ferhs cns ndtun``y aldèila ves--ves tcl >55?s fjr

Nsen, tcl _[D , nia @ntei Nhlredn. Ei naaeteji, hnrglts rlhnei `nrbl`y djidlitrntla, tjp

essulrs dnpturl n sebiefednit frndteji jf tcl tjtn` ilw kjia feinideib nkrjna. Fjr eistnidl,

_nil` K jf Feburl >? scjws tcnt tcl nhjuit rnesla ky tcl `nrblst fevl kjia essuls ei fjrlebi

hnrglts ky tcl prevntl sldtjr ei Nsen, Lnstlri Lurjpl, nia @ntei Nhlredn rlprlslitla ji

nvlrnbl nkjut 21% jf tcl tjtn` nhjuit

rnesla tcrjubc kjias ei fjrlebi hnrglts. Ttregeib`y, hnrglt djidlitrnteji ji essunidl cns ei

fndt eidrlnsla fjr hniy lhlrbeib djuitrels jvlr tcl `nst tli ylnrs. Ei jtclr wjras, flw ferhssllh tj dnpturl, nia eidrlnseib`y sj, tcl ku`g jf tcl fjrlebi hnrglt fjr kjia feinideib.

Ns rlbnras lquety hnrglts, tcl sdjpl jf jffscjreib cns n`sj rlhneila sjhlwcnt èhetla, ei èil

wetc tcl trlias jkslrvla ei kjia hnrglts. Ns slli ei Feburl >>, tcl iuhklr jf ferhs useib

fjrlebi lquety feinideib ji n rlbu`nr knses es rntclr shn`` ei lhlrbeib djuitrels wcli

djhpnrla tj alvl`jpla djuitrels. Fjr eistnidl, ji`y twj ferhs ji nvlrnbl essula lquety ji

niy bevli ylnr aureib tcl ;???s frjh Nseni, Lnstlri Lurjplni, jr @ntei Nhlredni djuitrels, ei

djhpnresji tj jvlr >< ferhs frjh alvl`jpla djuitrels. Tehe`nr`y tj tcl pnttlris jkslrvla ei tcl

usl jf fjrlebi kjia hnrglts, tcl nvlrnbl iuhklr jf ferhs rneseib dnpetn` ei lquety hnrglts

nkrjna cns ijt eidrlnsla fjr hniy lhlrbeib djuitrels aureib tcl ;???s. Ei djitrnst, et cns

klli ji tcl resl fjr alvl`jpla djuitrels jvlr tcl snhl plreja. Lquety feinideib ei fjrlebi

hnrglts cns n`sj rlhneila cebc`y djidlitrntla ji flw essuls. Fjr hjst lhlrbeib djuitrels,

tcl `nrblst fevl eitlrintejin` essuls cnvl rlprlslitla nrjuia 5?% jf tcl hnrglt, tcjubc tces es

hjrl ei èil wetc tcl `lvl`s jf djidlitrnteji slli ei alvl`jpla djuitrels. Furtclrhjrl, tcl

scnrl jf tjtn` nhjuit rnesla nkrjna ky tcl `nrblst fevl essuls cns eidrlnsla fjr n iuhklr jf

lhlrbeib djuitrels. @nst`y, trnaeib ndtevety ei fjrlebi lquety hnrglts cns n`sj klli cebc`y

djidlitrntla ei flw ferhs ns scjwi ei _nil` D jf Feburl >>, wetc tcl tjp fevl ferhs frjh @ntei

Nhlredni djuitrels dnptureib hjrl tcni 5?% jf tcl tjtn` trnaeib ndtevety ei fjrlebi hnrglts.

Ijtl cjwlvlr tcnt sjhl lhlrbeib rlbejis, sudc ns Nsen nia Lnstlri Lurjpl, cnvl scjwi n

rlaudteji ei trnaeib djidlitrnteji aureib tcl ;???s.


29/37


>4

Feburl >?= \sl jf Fjrlebi _revntl Kjia Hnrglts

_nil` N. Nvlrnbl Iuhklr jf Ferhs Essueib Kjias ei Fjrlebi Hnrglts plr Ulnr

_nil` K. Tcnrl jf Nhjuit [nesla ky Qjp Fevl Kjia Essuls ei Fjrlebi Hnrglts

Ijtl= Qces feburl scjws tcl usl jf fjrlebi kjia hnrglts ji n ylnr`y knses ky tcl prevntl sldtjr aureib tcl >55?s nia tcl

ferst aldnal jf tcl ;???s. _nil` N scjws tcl nvlrnbl iuhklr jf ferhs essueib kjias ei fjrlebi hnrglts plr ylnr. _nil`

K scjws tcl nhjuit rnesla ky tcl `nrblst fevl prevntl kjia essuls ei fjrlebi hnrglts ns n plrdlitnbl jf tcl tjtn` nhjuit

rnesla ei fjrlebi kjia hnrglts ky tcl prevntl sldtjr. Ji`y djuitry-ylnrs wetc nt lnst fevl essuls nrl djisealrla ei _nil`

K. Iuhklrs ei pnrlitclsls scjw tcl iuhklr jf djuitrels ei lndc rlbeji.



30/37


>1

Feburl >>= \sl jf Fjrlebi Lquety Hnrglts

_nil` N. Nvlrnbl Iuhklr jf Ferhs Essueib Lque ty ei Fjrlebi Hnrglts plr Ulnr

_nil` K. Tcnrl jf Nhjuit [nesla ky Qjp Fevl Lquety Essuls ei Fjrlebi Hnrglts


31/37


>55?s nia tcl ferst aldnal jf tcl ;???s. _nil` N

scjws tcl nvlrnbl iuhklr jf ferhs rneseib dnpetn` tcrjubc lquety ei fjrlebi hnrglts plr ylnr. _nil` K scjws tcl

nvlrnbl nhjuit rnesla ky tcl `nrblst fevl lquety essuls ei fjrlebi hnrglts ns n plrdlitnbl jf tcl tjtn` nhjuit rnesla ei

fjrlebi lquety hnrglts ji n ylnr`y knses. Ji`y djuitry-ylnrs wetc nt lnst fevl essuls nrl djisealrla. _nil` D scjws tcl

scnrl jf vn`ul trnala nkrjna tcrjubc alpjsetjry rldlepts (A[s) ky tcl fevl ferhs wetc tcl nrblst trnaeib ndtevety. Ji`y

djuitrels wetc hjrl tcni fevl ferhs wetc A[ prjbrnhs nrl djisealrla. N`` A[s ealitefela ei tcl A[ Aerldtjry jf tcl Knig

jf Ilw Ujrg nia wetc trnaeib antn rlpjrtla ei K`jjhklrb nrl djisealrla ei _nil` D. Iuhklrs ei pnrlitclsls scjw tcl

iuhklr jf djuitrels ei lndc rlbeji.

Tjurdl= Qcjhsji [lutlrs' TAD _`nteiuh, Knig jf Ilw Ujrg, nia K`jjhklrb.


32/37


>6

55?s lhlrbeib

djuitrels eidrlnsla tcler usl jf eitlrintejin` hnrglts fjr tcler feiniden` trnisndtejis, ei tcl

;???s hexla pnttlris nrl jkslrvla. Qclrl es sebiefednit cltlrjblilety ei tcl trlias rlbnraeib

tcl usl jf fjrlebi hnrglts ns n plrdlitnbl jf BA_ ns wl`` ns rl`ntevl tj tcl usl jf ajhlsted

hnrglts. Fjr lxnhp`l, wce`l tcl djrpjrntl sldtjr jf hniy djuitrels cns usla hjrl eitlisevl`y

fjrlebi alkt hnrglts, bjvlrihlits stnrtla useib hjrl ndtevl`y ajhlsted alkt hnrglts.

Ajhlsted lquety hnrglts ei sjhl rlbejis, kut ijt ei jtclrs, cnvl n`sj bneila hjrl rl`lvnidl.

Furtclrhjrl, tcl pjsetevl alvl`jphlits ei ajhlsted hnrglts ei tlrhs jf tcl inturl jf feinideib

cnvl klli hntdcla ky sehe`nr alvl`jphlits ei fjrlebi hnrglts.

Qcl djiteiueib eitlbrnteji jf lhlrbeib djuitrels eitj tcl b`jkn` feiniden` systlh pjsls hniy

qulstejis tj pjèdyhnglrs. Rcnt nrl tcl ilt lffldts jf b`jknèznteji: Ji tcl jil cnia, et

n``jws nblits tj aevlrsefy resg nia tnp eitj jtclr eivlsthlit jppjrtuietels. Et n`sj n``jws ferhs

nia bjvlrihlits tj rlaudl tcl djst jf dnpetn` ky nddlsseib fuias tcnt wjuà jtclrwesl kl

cnralr tj jktnei. Ji tcl jtclr cnia, b`jknèznteji dni cnvl slvlrn` pjtliten` ilbntevl

spe``jvlrs tcnt illa tj kl uialrstjja ei hjrl altne`, `lt n`jil ilttla jut frjh tcl klilfets. Jilpjssek`l ilbntevl spe``jvlr subblstla es tcl hebrnteji jf ndtevety tj eitlrintejin` hnrglts,

rlaudeib tcl feinideib nia trnaeib ndtevety nt cjhl. Teidl ijt n`` djhpniels dni nddlss

eitlrintejin` hnrglts, tces hebrnteji dni blilrntl ilbntevl ajhlsted spe``jvlr lffldts.

Cjwlvlr, tcl uialr-alvl`jphlit jf `jdn` hnrglts es uiègl`y aul tj tcl b`jknèznteji prjdlss

n`jil.


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>2

Ajls feiniden` b`jknèznteji litne` hjrl resg: Ji tcl lquety seal, tcl niswlr npplnrs tj kl

ilbntevl. Ji alkt, b`jknèznteji hebct litne` lxdcnibl rntl resg, tcjubc tj sjhl lxtlit et hebct

rlaudl tcl hnturety resg. Clidl, tj rlaudl tcl lxdcnibl rntl resg, ajhlsted hnrglts sllh tj

p`ny ni ehpjrtnit rj`l. Hjrljvlr, wcnt es tcl rl`nteji kltwlli ajhlsted nia eitlrintejin`

hnrglts: Aj ajhlsted nia eitlrintejin` dnpetn` hnrglts ndt ns djhp`lhlits jr sukstetutls:

Qces pnplr cns nrbula tcnt tcl lvealidl subblsts tcnt tcly nrl djhp`lhlits. Hjrl krjna`y

tcjubc, wcnt nrl tcl arevlrs jf tcl b`jknèznteji prjdlss: Es et must n slnrdc fjr hjrl nia

dclnplr dnpetn` frjh slbhlitla hnrglts: Es et n qulst fjr klttlr djrpjrntl bjvlrinidl: Qcl

ètlrnturl cns put fjrwnra nrbuhlits suppjrteib kjtc rlnsjis nia sjhl lvealidl subblsts

tcnt tcl fjrhlr dniijt kl rlmldtla. Furtclrhjrl, kldnusl slvlrn` jf tcl trlias ajduhlitla ei

tces pnplr nrl sehe`nr ndrjss djuitrels, wcnt es tcl rj`l fjr ajhlsted pjèdyhngeib bevli tclsl

sldu`nr fjrdls: Qclsl qulstejis rlhnei uiniswlrla nia dn`` fjr furtclr rlslnrdc.


34/37


>3

[LFL[LIDLT

Nezlihni, M., ;?>>. Qcl Ehpjssek`l Qreiety, fjrtcdjheib ei Qcl Lidyd`jplaen jf Feiniden`B`jknèznteji, laetla ky B. Dnprej. L`slvelr.

Nezlihni, M., nia B. G. _nsredcn,. ;?>?. Altlrheinits jf Feiniden` Ttrlss nia [ldjvlry

aureib tcl Brlnt [ldlsseji.IKL[ Rjrgeib _nplrs >66?532. Nsslt _redeib nia Aun` @esteib ji Fjrlebi

Dnpetn` Hnrglts= N Ijtl. Mjurin` jf Feinidl1;(>)= >>>?= ;46;?. Brjss Dnpetn` F`jws= Ayinheds nia

Dresls. Knig jf Tpnei Rjrgeib _nplr >?45.

Krjilr, F., B. Bl`js, nia D. [leicnrt, ;??6. Rcli ei _lre`, [ltrlidc= Qlsteib tcl _jrtfjèj

Dcniil` jf Djitnbeji. Mjurin` jf Eitlrintejin` Ldjijheds65(>)= ;?4;4?.

Dn`vj, B., ;?>>. Dnpetn` Eif`jws, @equeaety nia Kukk`ls. Djùhken \ievlrsety. hehlj.

Dn`vj, B. nia D. [leicnrt, ;???. Rcli Dnpetn` F`jws Djhl tj n Tuaali Ttjp= Djislqulidls

nia _jèdy. Ei= [lfjrheib tcl Eitlrintejin` Hjiltnry nia Feiniden` Tystlh, laetla ky _.

K. Glili nia N.G. Twjkjan. Rnsceibtji, AD= Eitlrintejin` Hjiltnry Fuia.

Dltjrl`è, I., nia @. Bjàklrb. ;?>>. Fjrlebi Knigs ei tcl Brlnt [ldlsseji= Aevlrsety ei

Eitlrin` nia Lxtlrin` @liaeib. Ilw Ujrg Flalrn` [lslrvl Knig. hehlj.

Alvlrlux, H. ;??2. Feiniden` B`jknèznteji nia Lhlrbeib Hnrglt _jrtfjèjs. Hjiltnry nia

Ldjijhed Ttuaels;?>4?.

Aeaelr, Q., D. Clven, nia T. Tdchug`lr. ;?>>. Cjw [lseèlit Rlrl Lhlrbeib Ldjijhels tj tcl

B`jkn` Dreses: Rjrà Knig _jèdy [lslnrdc Rjrgeib _nplr ;n. Feiniden` Alvl`jphlit ei @ntei Nhlredn= Ttyèzla Fndts

nia tcl [jna Nclna. @ND Feiniden` Alvl`jphlit F`nbscep, Jffedl jf tcl Dcelf

Ldjijhest fjr @ntei Nhlredn nia tcl Dnrekklni. Rnsceibtji, AD= Qcl Rjrà Knig.


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>5

Aeaelr, Q., nia T. Tdchug`lr. ;?>;k. Feiniden` B`jknèznteji= Tjhl Knsed Eiaedntjrs fjr @ntei

Nhlredn nia tcl Dnrekklni. @ND Feiniden` Alvl`jphlit F`nbscep, Jffedl jf tcl Dcelf

Ldjijhest fjr @ntei Nhlredn nia tcl Dnrekklni. Rnsceibtji, AD= Qcl Rjrà Knig.

Ajhjwetz, E., M. B`li, nia N. Hnacnvni. >553. Eitlrintejin` Drjss-@esteib nia Jralr F`jwHebrnteji= Lvealidl frjh ni Lhlrbeib Hnrglt. Mjurin` jf Feinidl;2.

Ajrikusdc, [., E. Bjàfnmi, nia [. Vnàls. >55554.

Lrruizn, V. ;??>. Fjrlebi _jrtfjèj Lquety Eivlsthlits, Feiniden` @eklrnèznteji, nia Ldjijhed

Alvl`jphlit. [lvelw jf Eitlrintejin` Ldjijheds5= 2?42;6.

Lrruizn, V. nia A. He``lr. ;???. Hnrglt Tlbhlitnteji nia tcl Djst jf Dnpetn` ei Eitlrintejin`

Lquety Hnrglts. Mjurin` jf Feiniden` nia ûnitetntevl Nin`yses4?>4.

Fjrkls, G., ;??6. Qcl Hedrjldjijhed Lvealidl ji Dnpetn` Djitrj`s= Ij Frll @uidc ei Dnpetn`

Djitrj`s nia Dnpetn` F`jws.Ei= Lhlrbeib Ldjijhels= _jèdels, _rndtedls, nia

Djislqulidls, laetla ky T. Lawnras. Dcednbj, E@= \ievlrsety jf Dcednbj _rlss.

Frnigl`, M.N., nia B. Tnrnvl`js ;?>?. Nrl @lnaeib Eiaedntjrs jf Feiniden` Dresls \slfu` fjr

Nsslsseib Djuitry Vuìlrnkeèty: Lvealidl frjh tcl ;??3?5 B`jkn` Dreses. IKL[

Rjrgeib _nplr >6?12.

Bjureidcns, _. J., I. Bjve``jt, nia C. [ly ;?>?. Lxjrketnit _reve`lbl nia Lxjrketnit Auty.EHLT Aesdusseji _nplr Tlrels >?-L-;?. Knig jf Mnpni.

Bjureidcns, _.J. nia C. [ly. ;??2. Eitlrintejin` Feiniden` Namusthlit. Mjurin` jf _jètedn`

Ldjijhy>>2264.

Bjzze, M.D., [. @lveil, nia T. Tdchug`lr. ;?>?. _nttlris jf Eitlrintejin` Dnpetn` [neseibs.

Mjurin` jf Eitlrintejin` Ldjijheds3?(>)= 1;;.

Clialrsji, K. M., I. Mlbnallsc, nia H. T. Rleskndc. ;??6. Rjrà Hnrglts fjr [neseib Ilw

Dnpetn`. Mjurin` jf Feiniden` Ldjijheds3;= 64>?>.

Cliry, _. K. ;??2. Dnpetn` Nddjuit @eklrnèznteji= Qcljry, Lvealidl, nia Tpldu`nteji. Mjurin`

jf Ldjijhed @etlrnturl1


36/37


;?

Gnheisgy, B., [. @yjis, nia T. Tdchug`lr. ;??1. Hninblrs, Eivlstjrs, nia Dresls= Hutun`

Fuia Ttrntlbels ei Lhlrbeib Hnrglts. Mjurin` jf Eitlrintejin` Ldjijheds61 (>)= >>4

>41.

Gnheisgy, B., nia D. [leicnrt. ;???. Ji Djitnbeji, Dreses nia Djifuseji. Mjurin` jfEitlrintejin` Ldjijheds (>)= >163.

Gnheisgy, B., nia T. Tdchug`lr. ;??3. Tcjrt-[ui _nei, @jib-[ui Bnei= Qcl Lffldts jf

Feiniden` @eklrnèznteji. [lvelw jf Feinidl>;(;)= ;?. Lhlrbeib Hnrglts= [lseèlidl nia Brjwtc nhea

Qurhje`.

Gjsl, H. N., L. _rnsna, G. [jbjff, nia T. M. Rle ;?>?. Feiniden` B`jknèznteji nia Ldjijhed

_jèdels. Cniakjjg jf Alvl`jphlit Ldjijheds. Eitlrintejin` Feiniden` @eklrnèznteji nia Ldjijhed Brjwtc. [lvelw jf

Eitlrintejin` Ldjijheds57 6332?;.

@lveil, [., nia T. Tdchug`lr. ;??2. Hebrnteji, @equeaety Tpe``jvlrs, nia Qrnal Aevlrseji= Qcl

Lffldts jf Eitlrintejinèznteji ji Ttjdg Hnrglt Ndtevety. Mjurin` jf Knigeib nia Feinidl

4>(6)= >;.

@lvy Ulynte, L., nia Q. Re`ènhs. ;?>>. Feiniden` B`jknèznteji ei Lhlrbeib Ldjijhels= Hudc

Naj nkjut Ijtceib: Rjrà Knig Rjrgeib _nplr . Feiniden` F`jws, Feiniden` Dresls, nia B`jkn` Ehkn`nidls. DL_[

Aesdusseji _nplr Ij. A_36>>.


37/37


Jkstflà, H., nia N. Qny`jr. ;??1. B`jkn` Dnpetn` Hnrglts= Eitlbrnteji, Dresls, nia Brjwtc.

Dnhkreabl, \G= Dnhkreabl \ievlrsety _rlss.

[naantz D., nia T. Tdchug`lr. ;?>>. Ji tcl Eitlrintejin` Qrnishesseji jf Tcjdgs= Hedrj-

Lvealidl frjh Hutun` Fuia _jrtfjèjs. IKL[ Rjrgeib _nplrs >24553. Rcj Illas Dnpetn`-Nddjuit Djivlrtekeèty: Lssnys ei Eitlrintejin` Feinidl

;?2.

Ttebètz, M. ;??;. B`jknèznteji nia Ets Aesdjitlits. Ilw Ujrg, IU= R.R. Ijrtji nia Djhpniy.

Ttu`z, [. >555. B`jknèznteji jf Lquety Hnrglts nia tcl Djst jf Dnpetn`. IKL[ Rjrgeib _nplrs

2?;>.

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Financial Globalization in Emerging Countries: Diversification vs. Offshoring

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