Revenue-Neutral Carbon Taxes in the Real World: Insights from British Columbia and Australia

7/30/2019 Revenue-Neutral Carbon Taxes in the Real World: Insights from British Columbia and Australia

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}ne xnbpex d }b~ èke }x bkm mjqjmekmx mjx}pjù}em }npduin qbpjdux oehnbkjxox }dùxjkexx bkm jkmjqjmubcx< }d}bc uxjkexx }b~ èke }x nbqe iekepbccz e~heemem }ndxe dpjkmjqjmubcx+ ]njx nbx pehek}cz ehdoe b vdjk} d vu`cjh mjxhdk}ek} bx xdoe kdy eec

}nb} vpdqjkhjbc ùxjkexxex id} }dd iddm d b mebc yj}n }ne hbp`dk }b~x hdpvdpb}e }b~`peblx+ ]ne }b`ce bcxd jkmjhb}ex ndy }b~ èke }x yepe ipbmubccz pbovem uv bcdkixjme}ne jkhpebxjki hbp`dk }b~# peybpmjki @pj}jxn Hdcuo`jbkx jk x}biex bx vdcjhzjovceoek}b}jdk vpdipexxem7

0+ ]ne }b~ pb}e x}bp}em cdy bkm jkhpebxem ipbmubccz ]ne jovceoek}b}jdk d }ne hbp`dk }b~ ybx x}biem dqep qe zebpx yj}n }ne }b~ pjxjki

pdo HBM-26 }d HBM-86 }d bccdy }joe dp @pj}jxn Hdcuo`jbkx }d bmgux} }nejp ekepizuxe bkm }d vpdqjme pb}e hep}bjk}z+ B} j}x huppek} HBM-86 pb}e# }ne }b~ jx b`du}HBM05hek}x vep ibccdk d ibxdcjke dp HBM-2+5> vep oo@]U kb}upbc ibx+ 0 Bx kd}em jk}ne peqekue hnbp} b`dqe# }b~ peqekue/pehzhcjki oebxupex yepe bcxd xhnemucem }djkhpebxe bcdkixjme e~veh}em pjxjki peqekuex pdo }ne hbp`dk }b~ pdo 066> }d 0620#}nduin }ne mjx}pjù}jdk d }nexe pehzhcjki oebxupex bhpdxx mj epek} pehjvjek}xhnbkiem yj}n }joe+ Jk 0626# bqepbie hbp`dk }b~ vbzoek}x yepe b`du} HBM-066 vepnduxendcm# yj}n b pbkie d HBM-228 vep nduxendcm jk }ne cdyex}/jkhdoe 26% pjxjki}dHBM-866 jk }ne }dv 26%# bkm HBM-129 jk }ne }dv 2% d nduxendcmx+8

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8+ Cdy/jkhdoe jkmjqjmubcx bkm abojcjex bpe vpd}eh}em @ehbuxe mjpeh} ekepiz hdx}x oble uv b cbpiep vpdvdp}jdk d }d}bc jkhdoe bkm xvekmjki

dp cdyep/jkhdoe nduxendcmx# }ne @pj}jxn Hdcuo`jb hbp`dk }b~ vdcjhz bjoem }d uxe

hbp`dk }b~ peqekuex }d hdovekxb}e }njx vdvucb}jdk dp ynb} ybx d}nepyjxehdkxjmepem }d è b peipexxjqe }b~ ùpmek yj}n }ne jk}ek} }nb} odx} cdy/jkhdoenduxendcmx yducm bh}ubccz e e}}ep d ukmep }ne hbp`dk }b~ vdcjhz+ Bx d Gucz 0622#cdy/jkhdoe nduxendcmx pehejqem b }b~ èke } d bvvpd~job}ecz HBM-225+56 vep zebp

dp bmuc}x bkm HBM-8=+56 dp hnjcmpek# vnbxem du} b`dqe bkkubc jkhdoex dHBM-86#666 dp jkmjqjmubcx dp -85#666 dp bojcjex+ ]njx }b~ eke } jx iupem bxemuvdk vpeqjdux zebp }b~ pe}upkx# bkm j} vjiiz/`bhlx dk }ne e~jx}jki Hbkbmjbk emepbciekepbc xbcex }b~ .IX]* hpemj}+

D}nep bm ndh hdovekxb}jdk bx vbp} d }ne hbp`dk }b~ vdcjhz jkhcumem }ne jk}pdmuh}jdkd b kdp}nepk bkm pupbc ndoedykep èke } d HBM-066 vep zebp }d hdovekxb}e

}nexe @pj}jxn Hdcuo`jb pexjmek}x ynd bhe njinep bkkubc ndoe neb}jki hdx}x bkm bdke/}joe jkj}jbc mjpeh} Hcjob}e Bh}jdk Mjqjmekm vbzoek} d HBM-266 }d bcc @pj}jxnHdcuo`jb pexjmek}x b} }ne du}xe} d }ne hbp`dk }b~ vdcjhzx jovceoek}b}jdk .ynjhn ybxbh}ubccz vbjm dp `z }ne vpeqjdux zebpx iekepbc idqepkoek} xupvcux pb}nep }nbkhbp`dk }b~ peqekuex*+

=+ ]ne }b~ nbx }ne pdbmex} vdxxj`ce `bxe ]ne @pj}jxn Hdcuo`jb hbp`dk }b~ }bpie}x hbp`dk mjd~jme# oe}nbke# bkm kj}pdux d~jme}nb} jx hpeb}em bkm eoj}}em }npduin }ne hdoùx}jdk d nzmpdhbp`dk uecx jk bcc xeh}dpxd }ne ehdkdoz+ Ynjce kd} e~nbux}jqe# }njx ijqex }ne }b~ b pecb}jqecz `pdbm `bxe#ex}job}em }d è bvvpd~job}ecz 96 95% d }d}bc vpdqjkhjbc bk}npdvdiekjh INIeojxxjdkx+ = Eojxxjdkx pdo jd uecx# uec xdcm }d Ajpx} Kb}jdkx .Hbkbmjbk jkmjiekdux*vdvucb}jdkx# uec xdcm dp jk}epkb}jdkbc obpjke bkm bjp }pbqec# kdk/ekepiz xduphex .xuhnbx ybx}e# bipjhuc}upe# dp jkmux}pjbc hneojhbc pebh}jdkx*# bkm uij}jqe eojxxjdkx bpee~eov}em+ B uec/xvehj h }b~# vu`cjxnem z }ne idqepkoek} jk }ne uecx kb}upbc ukj}x#jx bvvcjem b} }ne yndcexbce ceqec dp uec }nb} jx }d è xdcm bkm hdoùx}em yj}njk }nevpdqjkhe bkm jx bmojkjx}epem xjojcbpcz }d hdkqek}jdkbc od}dp uec }b~ex+ 5 @uxjkexxexbkm jkmjqjmubcx }nepe dpe `d}n vbz mjpeh} hbp`dk }b~ex dk uec vuphnbxem dphdoùx}jdk yj}njk }ne vpdqjkhe bkm bpe jovbh}em `z jkhpebxem hdx}x dp jk}pb/vpdqjkhe eoèmmem eojxxjdkx jk iddmx bkm xepqjhex+ Eojxxjdkx ynjhn bpeeoèmmem jk}d b kdk/ekepiz iddm dp xepqjhe vpdmuhem du}xjme d }ne vpdqjkhe bkmjovdp}em }d e xdcm yj}njk bpe kd} ex}job}em dp }b~em# bkm kdk/ekepiz iddmx dpxepqjhex vpdmuhem jkxjme }ne vpdqjkhe dp e~vdp} bpe kd} pe ukmem dp }ne hbp`dk }b~vbjm }d vpdmuhe }neo+ ]nb} jx# jk }ne jk}epex} d vdcjhz xjovcjhj}z# }nepe jx cj}}ce b}}eov}}d ekbh} `dpmep }b~ bmgux}oek}x dp kdk/ekepiz eoèmmem eojxxjdkx+ 1

5+ ]ne }b~ yjcc è jk}eipb}em yj}n d}nep oebxupex Bhhdpmjki }d }ne @pj}jxn Hdcuo`jb idqepkoek}# j}x hbp`dk }b~ vdcjhz ybx hpeb}em }dnecv bhnjeqe vpeqjduxcz ex}b`cjxnem vpdqjkhjbc INI eojxxjdk oj}jib}jdk bkm hcjob}ehnbkie }bpie}x d 88% ècdy 0669 ceqecx `z 0606 bkm bk >6% pemuh}jdk `z 0656+ B} }ne


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Gepeoz Hbpc bkm Mbqjm Aemdp Peqekue/Keu}pbc Hbp`dk ]b~ex jk }ne Pebc Ydpcm > Nddqep Jkx}j}u}jdk X}bkadpm Ukjqepxj}

}joe d j}x jk}pdmuh}jdk# ndyeqep# j} ybx kd}em }nb} eqek b} j}x njinex} xhnemucem ceqecd HBM-86 vep }dk hbp`dk mjd~jme/erujqbcek}# }ne hbp`dk }b~ bcdke yducm kd} exu hjek} }d oee} }nexe idbcx+ J} ybx }nepe dpe bhhdovbkjem `z b vbhlbie d d}nep

}bpie}em eojxxjdk/oj}jib}jdk vdcjhjex bkm x}pb}eijex# jkhcumjki b x}b}em jk}ek} }d gdjk}ne vpdvdxem Yex}epk Hcjob}e Jkj}jb}jqe hbv/bkm/}pbme vpdipbo yj}n xeqepbcHbkbmjbk vpdqjkhex bkm yex}epk U+X+ x}b}ex b} xdoe u}upe vdjk}+9

Peijdk/xvehjah Hdkxjmepb}jdkx]nepe bpe xeqepbc mj epek} hdkxjmepb}jdkx }nb} bpe ukjrue }d }ne @pj}jxn Hdcuo`jbxj}ub}jdk }nb} bpe ydp}n e~bojkjki bx hdk}e~} dp j}x vdcjhz hndjhex+

E~}peoecz cdy/hbp`dk eceh}pjhj}z xuvvcz Odx} jovdp}bk}cz# :6% d @pj}jxn Hdcuo`jbx eceh}pjhj}z xuvvcz jx iekepb}em pdonzmpdvdyep dp d}nep vpjobpz pekeyb`ce pexduphex }nb} eoj} qepz cj}}ce INIx# bkm bk

eqek njinep vephek}bie d u}jcj}z eceh}pjhj}z mjx}pjù}em }d jkmjqjmubc hdkxuoepx jxhbp`dk/ pee+ ]njx oebkx }nb} }ne @pj}jxn Hdcuo`jb hbp`dk }b~ vdcjhz exxek}jbccz mdexkd} b eh} vpdqjkhjbc eceh}pjhj}z vpjhex< odx} d j}x jovbh} dp jkmjqjmubc nduxendcmx jxdk }ne vpjhe d ibxdcjke uxem jk vpjqb}e qenjhcex bkm kb}upbc ibx uxem jk ndoe neb}jki#bkm jkmux}pjbc dp hdooephjbc eceh}pjhj}z uxe jx xjojcbpcz ukb eh}em jk vpjhe+ ]njxqbpjbkhe jx njincz xbcjek} ynek b}}eov}jki }d e~}pbvdcb}e }ne qjb`jcj}z d b @pj}jxnHdcuo`jb/x}zce xzx}eo }d d}nep peijdkx+ >

Odpedqep# dk }ne xuvvcz xjme# }njx e~jx}jki cdy/hbp`dk eceh}pjhj}z xzx}eo oebk} }nb}@pj}jxn Hdcuo`jb ybx b`ce }d cbpiecz bqdjm nbqjki b hdkhek}pb}em hbp`dk }b~ ùpmek

bcc dk dxxjc uec/ pem }nepobc vdyep iekepb}dpx+ ]njx peodqem b lez x}uo`cjki cdhl}nb} yducm è b vdcjhz mexjik dp vdcj}jhbc hnbccekie ecxeynepe+ :

Ehdkdojh x}puh}upe @pj}jxn Hdcuo`jb nbx èek b`ce }d pehzhce hbp`dk }b~ peqekue }d }ne ùxjkexx xeh}dp}npduin b x}pbjin} pemuh}jdk jk iekepbc hdpvdpb}e dp xobcc ùxjkexx jkhdoe }b~ex+Xjkhe }ne 066:$26 hbp`dk }b~ zebp# peqekue pehzhcjki oebxupex }d }ne ùxjkexx xeh}dpnbqe e~heemem 56% d }d}bc peqekue mjx}pjù}jdkx# bkm jk }ne 0622$0620 zebp ùxjkexxpehzhcjki oebxupex yepe ex}job}em }d è 5>% d }d}bc bccdhb}jdkx# erubc }d kebpcz 96%d }d}bc hdcceh}em hbp`dk }b~ peqekue+26 Hdo`jkem yj}n b pecb}jqecz kdk/hdkhek}pb}emINI eojxxjdk ùxjkexx vpd ce# bx mexhpjèm b`dqe# ùxjkexx bhhev}bkhe d }nehbp`dk }b~ vdcjhz .hduvcem yj}n ùxjkexx }b~ `peblx* nbx xeeoem iddm }dd iddm#vepnbvx# bx hdpvdpb}e }b~ `peblx nbqe kdy hdoe ukmep vdvucbp pe bx nbqjki èek}dd iekepdux+ E~hev}jdkx bpe INI/jk}ekxjqe e~vdp}/dpjek}em ùxjkexxex# ynjhn oux}hdove}e yj}n du}/d /vpdqjkhe vpdmuhepx kd} bhjki @pj}jxn Hdcuo`jbx hbp`dk }b~+ Jk@pj}jxn Hdcuo`jb# xuhn jkmux}pjex jkhcume heoek} vpdmuh}jdk bkm ipeeknduxeipdyepx+ Adp }ne px} }joe# jk 0620# }ne @pj}jxn Hdcuo`jb Ojkjx}pz d Ajkbkhebkkdukhem b dke/}joe }bpie}em pecje ipbk} d HBM-9+1ojccjdk }d vpdqjkhjbcipeeknduxe ipdyepx+ 22


9/32

Gepeoz Hbpc bkm Mbqjm Aemdp Peqekue/Keu}pbc Hbp`dk ]b~ex jk }ne Pebc Ydpcm : Nddqep Jkx}j}u}jdk X}bkadpm Ukjqepxj}

@pdbmep dkidjki }b~ peadpox J} jx jovdp}bk} }d kd}e }nb} mjxhuxxjdk bpdukm bkm jovceoek}b}jdk d }ne @pj}jxnHdcuo`jb hbp`dk }b~ vdcjhz# b}}ek}jdk/ydp}nz dk j}x dyk# ybx hdk}eovdpbkedux yj}n

`pdbmep mpbob}jh }b~ pe dpo yj}njk }ne vpdqjkhe+ Jk bh}# hdkxjmepjki }ne hdk}e~}# j}xeeox ukcjlecz }nb} @pj}jxn Hdcuo`jb hducm nbqe bhhdovcjxnem j}x hbp`dk vpjhjkib`xek} b cbpiep }b~ pe dpo }nb} }ddl vdcj}jhbc neb} bybz pdo }ne hbp`dk jxxue+ 20

Jk vbp}jhucbp# @pj}jxn Hdcuo`jb jk }ne cb}ep vbp} d }ne mehbme ybx vbp}z }d Hbkbmjbke dp}x b} }ne emepbc ceqec }d bmgux} mjxvbpb}e vpdqjkhjbc xbcex }b~ xzx}eox jk}d b odpeukj em bkm hdkxjx}ek} nbpodkjwem xbcex }b~ .NX]* ynepe`z }b~ex dk iddmx bkmxepqjhex b} }ne vpdqjkhjbc ceqec yducm dccdy xjojcbp hdkqek}jdkx }d }ne e~jx}jki emepbciekepbc xbcex }b~ .IX]* xzx}eo+ ]ne bjo d }njx ybx }d xjovcj z }ne }b~ hdme bkmpemuhe }ne hdovcjbkhe bkm ùpebuhpb}jh hdx}x d objk}bjkjki vbpbccec xzx}eox# ù} j}oebk} }nb} }b~ ùpmekx yj}njk b vpdqjkhe yducm xnj } pdo }ne x}b}ux rud bhpdxx

vpdmuh}x bkm hdkxuoepx+ Adp dup mjxhuxxjdk# }njx jx jovdp}bk} ehbuxe j} oebk} }nb}}ne hbp`dk }b~# }nduin kdqec# ybx gux} dke d obkz }b~ hnbkiex }nb} @pj}jxn Hdcuo`jbkxnbm }d hdkxjmep dp è jovbh}em `z xjkhe 066>+ 28 ]ne NX] hbuxem xu`x}bk}jbc pj }x jk }nepucjki hdbcj}jdk ynjhn jk obkz ybzx dqepxnbmdyem }ne hbp`dk }b~x jovbh}+

Hdovbpem }d e~jx}jki od}dp auec }b~ex J} jx uxe uc }d hdkxjmep @pj}jxn Hdcuo`jbx }d}bc }b~ upmek dk ibxdcjke bkm mjexec jkpecb}jdk }d }ne hbp`dk }b~# bx od}dp uec jx b obgdp jkhjmekhe d }ne hbp`dk }b~ ùpmekbkm bcxd jx xu`geh} }d kuoepdux d}nep peqekue/pbjxjki }b~ex+ 2= Ijqek @pj}jxn Hdcuo`jbxkebpcz hbp`dk/ pee eceh}pjhj}z xzx}eo# od}dp uecx bpe }ne odx} xbcjek} obkj ex}b}jdk d}ne hbp`dk }b~ dp jkmjqjmubcx# ze} eqek nepe }ne hbp`dk }b~x jkhjmekhe jx xobcchdovbpem }d d}nep od}dp uec e~hjxe }b~ex bkm }ne xndp}/}epo qdcb}jcj}z jk }neukmepczjki djc vpdmuh} vpjhe j}xec +

Bvbp} pdo }ne vpdqjkhjbc hbp`dk }b~# @pj}jxn Hdcuo`jb od}dp uecx bpe xu`geh} }dHbkbmjbk emepbc e~hjxe .od}dp uec }b~*# b @pj}jxn Hdcuo`jb ]pbkxvdp}b}jdk Ajkbkhjki

Bu}ndpj}z }b~# obxx }pbkxj}/ ukmjki }b~ex }nb} qbpz `z peijdk yj}njk }ne vpdqjkhe# bkm}ne Hbkbmjbk IX]+ ]blek }die}nep# }njx oebkx }nb} }ne vpdqjkhjbc hbp`dk }b~ ceqec dHBM>+5 05+0 hek}x vep ibccdk dqep }ne 066> 0620 vepjdm nbx xd bp pevpexek}emè}yeek gux} 1+2 20+2% d }d}bc ibxdcjke }b~ex# dp è}yeek 0+6 8+:% d }ne }d}bc vpjhevep ibccdk d ibxdcjke jk Qbkhduqep+ 25 ]njx jx b pecb}jqecz xobcc xnbpe d }ne e~jx}jkiod}dp uec }b~ ùpmek< jk bh}# jk }ne Qbkhduqep peijdk# key jkhpebxex jk }ne cdhbc obxx}pbkxj}/ ukmjki e~hjxe }b~ dk ibxdcjke bcdke xjkhe }ne du}xe} d }ne hbp`dk }b~ vdcjhzkebpcz ob}hn }ne ek}jpe jkhjmekhe d }ne ibxdcjke hbp`dk }b~+ 21

V } }ne b ` }b~# @ } n h uo` b nb }ne ye } oe }b~ }n e obl u mehBM -206#666# v b}e }b~e }nb} b e }ne ye } }ne i9# b m ob /ù e }b~e }nb} b e}ne ye } hb bmb+


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]ne }b~ jx xe} b} BUM-08+66 vep oe}pjh }dk hbp`dk mjd~jme/erujqbcek} jk 0620 28#

pjxjki }d BUM-0=+25 jk 0628 2= bkm BUM -05+=6 jk 062= 0625 è dpe b xhnemucemipbmubc }pbkxj}jdk }d b obple}/`bxem adb}jki hbp`dk vpjhe jk 0625# vd}ek}jbccz cjklem }dbk jk}epkb}jdkbc hbp`dk hbv/bkm/}pbme xzx}eo+ ]nepe dpe# }ne xe} hbp`dk }b~ jxekqjxjdkem bx gux} }ne px} x}ev d b }yd/x}bie hbp`dk vpjhjki vdcjhz jk Bux}pbcjb+

Ukcjle }ne iekepbc uec/ dhuxem @pj}jxn Hdcuo`jb hbp`dk }b~# }ne Bux}pbcjbk hbp`dk }b~jx bvvcjem ruj}e xeceh}jqecz }npduindu} }ne ehdkdoz+ Dkcz obgdp eoj}}epx INIvdccu}jdk jx mjpeh}cz hdqepem# }nduin }njx hdqepbie mdex jkhcume obgdp kdk/ekepiz bkm

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11/32


bhhdpmjki }d idqepkoek} ex}job}ex+ Xuhn nduxendcm bxxjx}bkhe jkhcumex7.2*jkhpebxexjk vekxjdkx# bccdybkhex# bkm bojcz vbzoek}x# bkm< .0*jkhdoe }b~hu}x dp bkkubc jkhdoex cexx }nbk BUM->6#666# jkhcumjki pbjxjki }ne }b~/ pee

}npexndcm dp cdyep jkhdoe pbhle}x+

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.j+e+b}b~hu}*7

AZ 0622$20 0620$28 0628$2= 062=$25

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12/32


Peijdk/xvehjah Hdkxjmepb}jdkx]ne dpo d }ne Bux}pbcjbk hbp`dk }b~ vdcjhz jx vpbh}jhbccz }ne peqepxe d @pj}jxnHdcuo`jbx+ Ynjce `d}n bjo }d bvvcz b ~em hbp`dk vpjhe bhpdxx b `pdbm xyb}n dehdkdoz/yjme INI eojxxjdkx# Bux}pbcjb nbx hndxek }d dhux dk bcc INI eojxxjdkx pdodkcz }ne cbpiex} eoj}}jki ùxjkexxex# ynepebx @pj}jxn Hdcuo`jb hndxe b hbp`dk mjd~jme/

dhuxem uec }b~ eqekcz bvvcjem bhpdxx bcc ekm/uxepx# jkhcumjki jkmjqjmubc mjpeh}hdoùx}jdk dp qenjhcex bkm ndoe neb}jki .}yd bpebx xvehj hbccz e~eov}em jk Bux}pbcjb*+Bkm }nduin d}n vdcjhjex bjo }d pehzhce hbp`dk }b~ peqekuex xjojcbpcz dp jkmjqjmubcnduxendcmx# }nez }ble bk dvvdxj}e bvvpdbhn }dybpm hdovekxb}jki ùxjkexxex+

E~}peoecz hbp`dk/jk}ekxjqe eceh}pjhj}z xeh}dp Dke e~vcbkb}jdk dp }njx mj epek} vdcjhz x}pb}eiz jx }ne kb}upe d }ne }yd peijdkxeceh}pjhj}z xzx}eox< ynepebx @pj}jxn Hdcuo`jbk eceh}pjhj}z pecjex dk nzmpdvdyep bkm jxkebpcz hbp`dk/ pee# kebpcz 95% d }ne Bux}pbcjbk eceh}pjhj}z xzx}eo jx xuvvcjem zhbp`dk/jk}ekxjqe hdbc bkm dkcz >% `z cdy/hbp`dk pekeyb`cex xuhn bx nzmpdvdyep+ ]neBux}pbcjbk idqepkoek} ex}job}ex }nb} eceh}pjhj}z vpjhe pb}e jkhpebxex yjcc pevpexek}b`du} dke/}njpm d }ne }d}bc hbp`dk }b~ hdx}x dpke z nduxendcmx# dp b`du} 26%njinep eceh}pjhj}z hdx}x+ ]blek }die}nep yj}n njinep eoèmmem eojxxjdk hdx}x pdod}nep iddmx bkm xepqjhex vpdmuhem jk Bux}pbcjbx vbp}jhucbpcz hbp`dk/jk}ekxjqeehdkdoz# }njx oebkx }nb} jkmjqjmubc nduxendcmx jk Bux}pbcjb yjcc bhe hdx}/d /cjqjkijkhpebxex }nb} bpe xjojcbp }d .dp xcjin}cz cexx }nbk* }ne jkhpebxex xeek jk @pj}jxnHdcuo`jb b} b hdovbpb`ce hbp`dk vpjhe eqek yj}n Bux}pbcjbk nduxendcm ekm/uxee~eov}jdkx dk od}dp uec+ 06

]ne hbp`dk/jk}ekxjqe kb}upe d }ne Bux}pbcjbk eceh}pjhj}z xeh}dp bcxd necvx e~vcbjk ynz}ne idqepkoek} nbx hndxek }d mjpeh} hbp`dk }b~ peqekuex }d xeh}dp/xvehj h ùxjkexxbxxjx}bkhe pb}nep }nbk }ne pdbm }b~ peblx bmdv}em jk @pj}jxn Hdcuo`jb+ Jkmux}pz jx}ne cbpiex} uxep d eceh}pjhj}z jk Bux}pbcjb# bkm hbp`dk hdx}x yjcc e vbp}jhucbpczhdkhek}pb}em jk eceh}pjhj}z/jk}ekxjqe xeh}dpx xuhn bx bcuojkuo bkm ojkjki+ Odpedqep#}ne hdbc/ pem eceh}pjh iekepb}dpx }neoxecqex# bx obgdp INI eoj}}epx# bhe b nebqzhbp`dk }b~ ùpmek }ne vpdxveh} d ukehdkdojh x}pbkmem jkqex}oek}x+

Jkmux}pz adhux @ehbuxe d j}x kb}upbc pexduphe bkm e~vdp}/nebqz ehdkdojh x}puh}upe bkm hdbc/mevekmek} uec vpd ce# INI eojxxjdkx jk Bux}pbcjb bpe pecb}jqecz hdkhek}pb}em jkxjkiucbp cbpie eoj}}epx+ Adp e~bovce# ynek bhhduk}jki dp jkmjpeh} INI eojxxjdkx pdovuphnbxem eceh}pjhj}z# }ne Bux}pbcjbk obku bh}upjki bkm ojkjki xeh}dpx }die}nepbhhduk} dp 8:% d }d}bc INI eojxxjdkx+ Bmmjki INI eojxxjdkx pdo }ne ybx}e xeh}dp#

uij}jqe eojxxjdkx xuhn bx }ndxe pdo ekepiz vpdmuh}jdk# bkm hdooephjbc }pbkxvdp}xepqjhex oebkx }nb} b`du} 16% d }d}bc INI eojxxjdkx hbk e bhhduk}em dp xjovcz z

dhuxjki dk b`du} 856 d }ne hduk}pzx cbpiex} eoj}}epx du} d bk ex}job}em 0ojccjdkpeijx}epem Bux}pbcjbk ùxjkexxex+ 02 ]nduin eoèmmem hbp`dk eojxxjdk hdx}x mdhep}bjkcz b eh} }ne `pdbmep ehdkdoz# xuhn b }bpie}em bvvpdbhn jx }nduin} }d


13/32


vd}ek}jbccz cdyep ùpebuhpb}jh bkm hdovcjbkhe hdx}x d jovceoek}jki }ne vdcjhz# bxyecc bx pemuhe }ne kuoèp d mjpeh} x}blendcmepx+ Cjle }ne hdovpenekxjqe hbp`dkhbv/bkm/}pbme `jccx b}}eov}em jk }ne Ukj}em X}b}ex# ndyeqep# }njx bvvpdbhn dvekx }ne

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bv}u e ` b wem ù e }e e } +


14/32

Gepeoz Hbpc bkm Mbqjm Aemdp Peqekue/Keu}pbc Hbp`dk ]b~ex jk }ne Pebc Ydpcm 2= Nddqep Jkx}j}u}jdk X}bkadpm Ukjqepxj}

]NE UKJ]EM X]B]EX

Ynb} hbk }ne e~vepjekhex d @pj}jxn Hdcuo`jb bkm Bux}pbcjb }ebhn }ne U+X+4

]nduin }ne Ukj}em X}b}ex nbx kd} jovceoek}em b peqekue/keu}pbc hbp`dk }b~# }neme`b}e peibpmjki hbp`dk vpjhjki# `d}n dp bkm bibjkx}# nbx pehek}cz èek b}}pbh}jkihdkxjmepb`ce vu`cjh b}}ek}jdk dp }ne mjqepxj}z d j}x vbp}jhjvbk}x+08 Jk }ne yble d bjcemb}}eov}x }d vbxx bk bo`j}jdux bkm hdovce~ ehdkdoz/yjme hbv/bkm/}pbme `jcc# bx bkbc}epkb}jqe }d vd}ek}jbc hdup}/dpmepem mjpeh} peiucb}jdk d hbp`dk eojxxjdkx `z }ne EVB }npduin }ne Hcebk Bjp Bh}# bkm yj}n bk eze }dybpm hdovpenekxjqe emepbc }b~ pe dpox#vdcj}jhjbkx bkm ehdkdojx}x nbqe dkhe bibjk }b`cem peqekue/keu}pbc hbp`dk }b~ex bxdke vdcjhz dv}jdk bodki }ne obkz }d e hdkxjmepem+ Bkm ynjce }ne hbp`dk }b~e~vepjekhex d @pj}jxn Hdcuo`jb bkm Bux}pbcjb }d mb}e md jccux}pb}e qbcub`ce pebc/ydpcmmzkbojhx bkm mexjik hndjhex# }ne ekepiz bkm ehdkdojh mj epekhex è}yeek }neo bkm

}ne Ukj}em X}b}ex cjoj} }nejp mjpeh} peceqbkhe+

Peijdk/xvehjah Hdkxjmepb}jdkx

B} px} cddl# }ne Ukj}em X}b}ex

}nduin ouhn cbpiep }nbk @pj}jxn Hdcuo`jb dpBux}pbcjb jx kd} xd mjxxjojcbp }d }nexe }yd hbp`dk/}b~jki peijdkx+ Yj}n b mjqepxe oj~d `d}n njin/hbp`dk bkm cdy/hbp`dk eceh}pjhj}z iekepb}jdk hbvbhj}z# bqepbie Ukj}emX}b}ex eceh}pjh xzx}eo hbp`dk jk}ekxj}z bccx è}yeek hdbc/pecjbk} Bux}pbcjb bkm nzmpd/pjhn @pj}jxn Hdcuo`jb+ E~jx}jki Ukj}em X}b}ex eceh}pjhj}z pb}ex bpe hcdxep }d pecb}jqecznjinep Bux}pbcjbk pb}ex u} kb}upbc ibx pb}ex hcdxep }d pecb}jqecz cdyep @pj}jxn Hdcuo`jbpb}ex+ Vep hbvj}b ekepiz uxe jk }ne Ukj}em X}b}ex ebxjcz e~heemx }nb} d `d}n @pj}jxnHdcuo`jb bkm Bux}pbcjb# u} vep hbvj}b hbp`dk mjd~jme eojxxjdkx bkm }ne hbp`dkmjd~jme eojxxjdk jk}ekxj}z d ehdkdojh bh}jqj}z bcc e}yeek }ne }yd d}nep peijdkx+

@u} }ne xj}ub}jdkx rujhlcz èijk }d mjqepie+ Adp e~bovce# }ne INI/ehdkdojh x}puh}upe

d }ne Ukj}em X}b}ex jx pecb}jqecz mjqepxe+ ]ne Ukj}em X}b}ex mdex nbqe hdkhek}pb}emeojxxjdk/jk}ekxjqe dp eojxxjdk/cjklem jkmux}pjex .xuhn bx hdbc pem vdyep iekepb}jdkdp djc pe kjki* }nb} yducm bhe x}eev hdx}x pdo b hbp`dk vpjhe# u} j}x ehdkdoz/yjmeeojxxjdkx bpe kd} mdojkb}em `z }nexe xduphex bx }nez bpe jk Bux}pbcjb+ Adp e~bovce#b`du} 5#566 pevdp}jki bhjcj}jex jk }ne Ukj}em X}b}ex oee} }ne Bux}pbcjbk bkkubc05#666}dk INI eojxxjdk }npexndcm< }d b}}bjk 16% hdqepbie d Ukj}em X}b}ex INIeojxxjdkx z dhuxjki dk kbc uec hdkxuoepx# bx bhnjeqem z }ne }dv/856 eoj}}ep

j }ne yble b em b}}eov} } vb b bo` } u b m ov e~ e o /y me bv/b m/} bme` # b b b }e b} qe } v }e } b u }/ me em m e } e u b} b ` eo ` }ne EVB}n u n }ne h eb B B }# b m y }n b e e } yb m ov ene qe eme b }b~ e o # v } bb m e o } nbqe e b b }b` em eqe ue/ eu} b b ` }b~e b e v v}bo }ne ob } è me em+


15/32


jkmux}pz/ dhuxem hbp`dk }b~ xhneoe jk Bux}pbcjb# yducm perujpe hdqepbie hcdxep }d5#666 bhjcj}jex+0=

Dke vbp}jhucbpcz e~hev}jdkbc hnbpbh}epjx}jh d }ne Ukj}em X}b}ex ekepiz bkm eojxxjdkvpd ce jx j}x }pbkxvdp} xeh}dp7 Boepjhbkx mpjqe xjikj hbk}cz odpe }nbk }ndxe jk @pj}jxnHdcuo`jb 05 bkm Bux}pbcjb ù} e~jx}jki ibxdcjke vpjhex bpe xjikj hbk}cz cdyep+ Xd ynjcedqepbcc nduxendcm e~vekmj}upe dk ibxdcjke obz è xjojcbp bhpdxx bcc }npee peijdkx# bvpjhe dk hbp`dk yducm pbjxe bkkubc hdx}x }d Boepjhbk mpjqepx z `d}n b njinepb`xdcu}e ceqec bkm b njinep pecb}jqe vpdvdp}jdk d qdcuoe}pjh vpjhe+ Jk xndp}# j} yducmè odpe kd}jheb`ce+

Bkd}nep jovdp}bk} hdkxjmepb}jdk dp }ne Ukj}em X}b}ex jx j}x peijdkbc mjqepxj}z bvd}ek}jbccz lez mexjik bppjep dp bkz xdp} d hbp`dk vpjhe+ Ijqek j}x cbpie xjwe# }nebqepbie Ukj}em X}b}ex ekepiz/ehdkdojh hnbpbh}epjx}jhx mexhpjèm b`dqe bpe bh}ubccz

}ne pexuc} d xjikj hbk} peijdkbc ne}epdiekej}z+ 01 J} yducm è jovdp}bk} }nek }d bcxdhdkxjmep }ne iedipbvnjh jk bmmj}jdk }d }ne xdhjdehdkdojh mjx}pjù}jdkbc e eh}x dvpjhjki hbp`dk bkm pehzhcjki }nb} peqekue jk }ne Ukj}em X}b}ex+ Adp e~bovce# ukcjle jk@pj}jxn Hdcuo`jb# b x}pbjin} hbp`dk }b~ jk }ne Ukj}em X}b}ex yducm pexuc} jk hux}doepxjk x}b}ex yj}n njincz hdbc/mevekmek} eceh}pjhj}z iekepb}jdk vdp} dcjdx ejki jovbh}emodpe }nbk pexjmek}x jk cexx hbp`dk/jk}ekxjqe x}b}ex+ 09


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MJXHUXXJDK

]ne @pj}jxn Hdcuo`jb bkm Bux}pbcjb hbxex njincjin} lez hbp`dk }b~ mexjik bkm

jovceoek}b}jdk jxxuex+ ]nexe hndjhex bkm e~vepjekhex bpe e~vcdpem ècdy+

Ynb} jx }ne idbc d }ne peqekue/keu}pbc hbp`dk }b~4]ne @pj}jxn Hdcuo`jbk bkm Bux}pbcjbk idqepkoek}x d}n mexhpjèm }nejp hbp`dk }b~exjk }epox d pemuhjki INI eojxxjdkx yj}njk }nejp ehdkdojex xd bx }d necv oj}jib}ebk}npdvdiekjh hcjob}e hnbkie+ 0> Kej}nep idqepkoek} e~veh}em }nb} }ne hbp`dk }b~bcdke yducm e xu hjek} }d bhnjeqe qbpjdux INI eojxxjdk/pemuh}jdk dp }ehnkdcdizmeqecdvoek} idbcx bkm xd vpexek}em }ne hbp`dk }b~ bcdkixjme d}nep vpdipbox bkmoebxupex+ Kej}nep vdcjhz e~vcjhj}cz me}epojkem vpjdp }d jovceoek}b}jdk ndy }nehbp`dk }b~ yducm è eqbcub}em dp j j} yducm è bmgux}em `bxem dk j}x jovbh} dp cbhl}neped dk INI/eoj}}jki ènbqjdp+

B mj epek} dv}jdk dp pbojki }ne idbcx d b hbp`dk }b~ kd} e~vcjhj}cz bmdv}em `z@pj}jxn Hdcuo`jb dp Bux}pbcjb yducm è jk }epox d bjpkexx# hdove}j}jdk# bkme hjekhz+ Kboecz# èhbuxe huppek} obple}x iekepbccz md kd} vpjhe }ne vd}ek}jbcczkeib}jqe jovbh}x d INI eojxxjdkx# eojxxjdk/jk}ekxjqe bh}jqj}jex bpe vpjqjceiem pecb}jqe}d kdk/jk}ekxjqe dv}jdkx< }njx mjx}dp}x }ehnkdcdiz meqecdvoek}# hbvj}bc mevcdzoek}#bkm uec hndjhe dp d}nep enbqjdpx+ Bvvczjki b }b~ }d hbp`dk }d jk}epkbcjwe }njxmjx}dp}jdk hducm }nepe dpe è pboem bx dke x}ev }dybpmx ceqec }ne vcbzjki ecm dp}ne xuvvcz bkm meobkm d ekepiz+ Bcdkixjme pe dpo d d}nep mjx}dp}jdkbpz ekepiz}b~ex# xu`xjmjex# bkm obkmb}ex# }ne e~vcjhj} idbc d vpjhjki hbp`dk yducm }nek è }dbhnjeqe bjpep hdove}j}jdk bkm e hjekhz jk }ne ekepiz obple}+ 0: Xuhn b oebkx/`bxem.j+e+obple} ukh}jdk* pb}nep }nbk ekmx/`bxem .j+e+biipeib}e eojxxjdkx pemuh}jdk dphcjob}e hnbkie oj}jib}jdk* pbojki yducm bcxd nbqe }ne bmqbk}bie d èjki ebxjep }dmjpeh}cz eqbcub}e+86

Ndy bpe hbp`dk }b~ peqekuex pe}upkem }d }ne ehdkdoz4B peqekue/keu}pbc hbp`dk }b~ mjpeh}cz pe}upkx bcc }b~ pehejv}x }d }ne ehdkdoz# }nduin}njx pe}upk d peqekue jx pemjx}pjù}jqe `z kb}upe< }ne hbp`dk vpjhe xjikbc bhem `z INIeoj}}epx jx }nepe dpe jkmevekmek} d bkz hdovekxb}jdk pehejqem# eqek j ke} eoj}}ephdx}x pdo }ne hbp`dk }b~ bpe kebp wepd+ Mpbyjki pdo }ne @pj}jxn Hdcuo`jb bkmBux}pbcjb hbxex# peqekue pehjvjek}x hbk e mjqjmem jk}d }ne dccdyjki iekepbchb}eidpjex7

.2* Jkmjqjmubcx . up}nep x}pb}j em `z jkhdoe ceqec# yj}n bmmj}jdkbc xvehjbchcbxxexjkhcumjki cdy jkhdoe# quckepb`ce# dp vbp}jhucbpcz eojxxjdk/jk}ekxjqeipduvx*# bkm Nddqep Jkx}j}u}jdk X}bkadpm Ukjqepxj}

Jk hdk}pbx}# }b~ d xe}x nbqe èek hndxek }d mjx}pjù}e }ne ucl d peqekue eke }x }djkmjqjmubcx dp d}n }ne @pj}jxn Hdcuo`jb bkm Bux}pbcjb hbxex+ ]ne @pj}jxn Hdcuo`jb}b~/xnj } hndjhe# jk vbp}jhucbp# hbk è xeek bx uxjki b hbp`dk }b~ }d ukm b

mexjpem}b~ hu} dk bk e~jx}jki mjx}dp}jdkbpz }b~ xuhn bx b vbzpdcc# vepxdkbc jkhdoe#dphdpvdpb}e }b~ex .j+e+# }b~ex dk ydpljki dp ebpkjki vpd }x kej}nep d ynjhnbpebh}jqj}jex }nb} b idqepkoek} cjlecz yjxnex }d mjxhdupbie }npduin }b~b}jdk ù}mdexbkzybz ehbuxe d ukmjki keemx bkm njx}dpjhbc vpehemek}*+ 88 Odpe xvehj hbccz#}ne uxe d hdpvdpb}e }b~ peblx hbk e bk bvvebcjki dv}jdk }d ekhdupbie uxjkexxùz/jk dp b peqekue keu}pbc hbp`dk }b~# u} eijkx }d hpeb}e }ne nbwbpm d peiucb}dpzhbv}upe bx meodkx}pb}em qepz hcebpcz jk }ne Bux}pbcjb hbxe+ ]d }njx ekm# j} jx ydp}nkd}jki }nb} }ne @pj}jxn Hdcuo`jb }b~/xnj } ybx mexjikem bkm ekbh}em z }nevpdqjkhjbcOjkjx}pz d Ajkbkhe pb}nep }nbk bk ekqjpdkoek}bc dp ekepiz biekhz+

Jk bmmj}jdk }d b eh}jki vdcj}jhbc ebxj`jcj}z# }ne dpo d èke } mjx}pjù}jdk hbk bcxdnbqe jovdp}bk} dvepb}jdkbc jovcjhb}jdkx+ 8= Dke xu`x}bk}jbc dvepb}jdkbc hdkhepk jx`bcbkhjki }ne keem dp }pue peqekue keu}pbcj}z yj}n b mexjpe }d ekxupe xhbc nebc}n+]ne@pj}jxn Hdcuo`jb e~vepjekhe jccux}pb}ex }njx }ekxjdk7

.2* ]ne peqekue/pehzhcjki èke } oehnbkjxo jx iekepbccz xe} jk bmqbkhe bx vbp} dbk jovcjhj} hdk}pbh} }nb} eovnbxjwex vpemjh}b jcj}z jk ynb} jx d}nepyjxe b kdqec

}b~b}jdk xzx}eo< }njx hbk oble j} mj huc} dp ceibccz jovdxxj`ce }d uvmb}e jvpd`ceox bpjxe mupjki jovceoek}b}jdk+

.0* Peqekue e~veh}b}jdkx pdo b hbp`dk }b~ bpe `bxem dk ex}job}ex d u}upe uechdkxuov}jdk dp INI eojxxjdkx bkm xd bpe ukhep}bjk< cjleyjxe# kdk/mjxhpe}epeqekue eke } oebxupex xuhn bx iekepbc }b~ pb}e pemuh}jdkx mevekm dkex}job}ex d u}upe ehdkdojh bh}jqj}z jk vbp}jhucbp xeh}dpx bkm bpe bcxdukhep}bjk+ Ke} bhhduk}x d }ne hbp`dk }b~ xzx}eo# ynjhn ojin} è vdcj}jhbcczxjikj hbk}# bpe }nepe dpe xnj }jki b} `d}n ekmx+

.8* Xjojcbpcz# }ne ke} mjx}pjù}jdkbc jovbh}x d b peqekue/keu}pbc hbp`dk }b~ bpe

xu`geh} }d kuoepdux bmmj}jdkbc cbzepx d ukhep}bjk}z+ Adp e~bovce# dke xeh}dpd }ne ehdkdoz obz bhe ukbk}jhjvb}em njin hdx}x pdo b hbp`dk }b~ .xuhn bxbk e~}epkbc keem }d xyj}hn uecx* ynjce bkd}nep xeh}dp obz èke } pdo bkuke~veh}em yjkm bcc pdo peqekue/pehzhcjki }b~ `peblx+

Bx mexhpjèm b`dqe# }ne pexuc} d xuhn dvepb}jdkbc ukhep}bjk}z jk @pj}jxn Hdcuo`jb nbxoebk} }nb} }ne hbp`dk/xnj } nbx bh}ubccz eek peqekue/keib}jqe dp }ne idqepkoek}bkm }ne mjx}pjù}jdk d peqekue èke }x è}yeek jkmjqjmubcx bkm ùxjkexx nbx mjqepiem

]ne @ } n h uo` b }b~/ n } yb me em b m e b }em ` }ne v q b O } A b eb}ne }nb b e q oe }b e e b e +


19/32

Gepeoz Hbpc bkm Mbqjm Aemdp Peqekue/Keu}pbc Hbp`dk ]b~ex jk }ne Pebc Ydpcm 2: Nddqep Jkx}j}u}jdk X}bkadpm Ukjqepxj}

pdo jkj}jbc e~veh}b}jdkx+ @ehbuxe }ne vdcjhz mexjik cbpiecz }jem }ne idqepkoek}x nbkmxdp }ne px} qe zebpx d jovceoek}b}jdk# }ne idqepkoek} nbm }d bxxuoe peqekue bkm

èke } vbzoek} pjxlx }nb} ojin} nbqe èhdoe xjikj hbk}+ J} jx vdxxj`ce# ndyeqep# }nb}

b mj epek} mexjik ojin} nbqe èek odpe pdùx} }d ukhep}bjk}z yj}ndu} hdovpdojxjkixdhjbc bhhev}bkhe< b mjpeh} vbzoek} xzx}eo yj}n b vpdvdp}jdkbc èke } boduk}me}epojkem `z }nb} zebpx ex}job}em }b~ peqekue# dp e~bovce# yducm mjxbiipeib}e}neèke } vbzoek} pjxl z }pbkx eppjki j} pdo }ne idqepkoek} }d pehjvjek}x+

Bkd}nep kd}b`ce bxveh} d }ne @pj}jxn Hdcuo`jb hbp`dk }b~ ybx j}x x}puh}upjki jk xuhnb ybz }nb} xeeoem }d hbcc dp eojxxjdkx ipdy}n }d `bcbkhe peqekuex yj}n e~vekxex#bx jx njincjin}em jk }ne kuoèpx ecdy pdo }ne @pj}jxn Hdcuo`jb Idqepkoek}+ Bx bpexuc}# }ne @pj}jxn Hdcuo`jb ùmie} nbx èhdoe odpe mevekmek} dk hbp`dk }b~peqekue }nbk bkz gupjxmjh}jdk dk ebp}n# yj}n b dpehbx}em 26% guov jk eojxxjdkx dqep}ne jkj}jbc qe zebp vepjdm ejki kehexxbpz }d nj} peqekue }bpie}x# bx du}cjkem jk }ne

}b`ce ècdy7 85

D hdupxe# }nexe bpe xjikj hbk} peqekuex# exvehjbccz jk }ne hdk}e~} d @pj}jxnHdcuo`jbx }d}bc ùmie} d gux} HBM-=8 @jccjdk+ Dke vpd`ceo yj}n }ne hbp`dk }b~ jx}nb} nbqjki bcpebmz hdooj}}em }njx u}upe peqekue x}pebo }d kbkhe }ne hdpvdpb}ebkmvepxdkbc jkhdoe }b~ pb}e hu}x }nb} j} ekbh}em# @pj}jxn Hdcuo`jb jx vd}ek}jbccz jk bmj huc} xhbc vdxj}jdk d kd} pebccz ybk}jki hbp`dk mjd~jme }d bcc }dd ouhn jk }nekebp u}upe# xeeojkicz me eb}jki }ne eojxxjdkx pemuh}jdk vupvdxe d }ne }b~ jk}ne px}vcbhe+81

Ndy jx }ne jk}eipj}z d }ne }b~ bkm peqekue/pe}upkjki oebxupex ekxupem4Dkhe jovceoek}em# b peqekue/keu}pbc hbp`dk }b~ jx vd}ek}jbccz xu`geh} }d d}n keye~eov}jdkx dk }ne }b~b}jdk xjme bkm bvvpdvpjb}jdk d peqekuex `z x}blendcmepx dp }ne

idqepkoek} j}xec dk }ne eke }x xjme+ Vd}ek}jbc bmgux}oek}x pbkie pdo xobcc}yebljki jk pexvdkxe }d ukbk}jhjvb}em }b~ ùpmekx }nb} è bcc hep}bjk x}blendcmepx }dbk du}pjin} vdcjhz dqepnbuc ijqek b hnbkiem ehdkdojh dp vdcj}jhbc ekqjpdkoek}+ Jk@pj}jxn Hdcuo`jb# dp e~bovce# b Kdp}nepk bkm pupbc ndoedykep eke } vbzoek}ybx ex}b`cjxnem jk }ne }njpm zebp d vdcjhz jovceoek}b}jdk }d hdovekxb}e }njx ekepiz/jk}ekxjqe x}blendcmep ipduv dp }ne njinep hdx} }nez bhem pdo ndoe neb}jki }npduin}ne hbp`dk }b~+ ]njx key èke } boduk}em }d 0+1% d hdcceh}em }njpm zebp hbp`dk }b~peqekue bkm 9+>% d dup}n zebp }b~ peqekue+

A b zeb hb ` ]b~ pb}e E }+ hb `]b~ peqe ue

j e em hb ` ]b~ @b e Eo i y}nperu eoe }

0626$22 hBM -06$} hd0e hBM -9=2 o 89+2 o } hd0e$0622$20 hBM -05$} hd0e hBM -:16 o 8>+= o } hd0e$ 8+5%0620$28 hBM -86$} hd0e hBM -2#211 o 8>+: o } hd0e$ 2+8%0628$2= hBM -86$} hd0e hBM -2#080 o =2+2 o } hd0e$ 5+9%

Xduphe7]b` e ` bu}n < mb}b ov em o @h OdA @um e} b m bu}n b u b} +


20/32


]nexe bmgux}oek}x yepe ekbh}em }npduin }ne èke } vbzdu} pb}nep }nbk }b~ jk}blexjme }ne }b~ `bxe peobjkem pecb}jqecz x}b`ce+ ]njx jx jk x}bpl hdk}pbx} }d }neBux}pbcjbk hbxe ynepe }bpie}em }b~ `bxe e~eov}jdkx bpe hek}pbc }d vdcjhz mexjik pdo

}ne qepz du}xe}+ Bkm }nduin }ne @pj}jxn Hdcuo`jb hbp`dk }b~ bvvebpx }d ekgdziekepbccz xdcjm vu`cjh xuvvdp}# 89 bkehmd}bccz# vdvucbp hbccx dp e~eov}jdkx dp eqek bpemjpeh}jdk d peqekuex }dybpmx ipeek idqepkoek} xvekmjki md peobjk vpexek}#exvehjbccz jk up`bk bpebx+

Odpedqep# j} jx ukhcebp j }njx cb}ex} }bpie} pecje ipbk} }d }ne vpdqjkhjbc ipeeknduxebipjhuc}upbc jkmux}pz# mexhpjèm b`dqe# pevpexek}x b key bvvpdbhn `z }ne Ojkjx}pz dAjkbkhe }dybpm jovceoek}b}jdk d }ne vdcjhz bkm j j} yjcc kdy e xuhhexx uccz dccdyem`z up}nep x}blendcmep peruex}x+

Mexjikjki b Cdhl`d~]ne Bcbxlb Vepobkek} Aukm Mjqjmekm]ne rue } n y } eb}e b l` ~ b u m }ne eqe ue b ey b ` }b~# e ve b

} oe qe oe } me } b m b v } b e o e # e } b b u}ne le v v e eqe ue/ eu} b } + pe}u } U }em x}b}e v e eme } b m }ne B b lbVe ob e } Au m M q me m# } vb m u} } e me } 2:>0 b m u }e uv}em }n u n } mb # }

}e e } } }e }nb} }ne } }u} b boe moe } eb} }ne u m ve b b }em }ne}b}e e b}u e ` bm ae~ ` } me}e o n y u m eb u m è ve } \Bu }e ob

2:::_+ ]ne m q me m# n yeqe # nb eqe }ne e èe }e } b m u e u m } ù}eme+

]ne o } b } nb e e } }ne m q me m boe 2::: yne v e .b m u m v vbmev } * ye e qe y< b qe v v b } em e } oe u m eb } yb m e e b

ùm e}b ve m yb ege }em ` v vu b q }e ` b qe yne o ob + ]ne m q me m} uem me v }e ve }e } qe oe } b u } me } B b lb b m } nb èe u e }em

}nb} b } mb b e b b}neob } è ee b }e e y }n }ne b ub m q me m }nb} }nene }b}e } eqe oo e eb n }um e } ve b} e e } \i m o }n 0660_+ ]ne

l` ~ }n b e }ne q }ub < n } b v e eme }# b me b e /e~ }e }ù} y b } vu` } }ue . uvv }em ` }ne m q me m v e~} eoe ov }b m q ` } *# nb v e e qem } u } +

j} b }e e } } }e }nb}# u le }ne nb em }b~ ` ebl ee }ne @ } n h uo` bb ` }b~ b e# ù e e } } e B b lb b e } m e } q qem b} b }ne e e q

me }ne ve ob e } u m< m q me m b e e}u em } m q mub # b m } eqe m q mub +]ne ov } b m } b vb e }n nb le } ù}em } }ne ù } e }ne B b lb

Ve ob e } Au m M q me m qe } oe+

]n u n }n o me ù } } } y }n u} } rue+ j vb } u b # ob v } u} }nb} b ab}m q me m b è oe b qen e / u` m b oe b m uov} uv #e ve b b vb u} e è m ove b} b u em m e } } +


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Ynepe jx }ne ]b~ Bvvcjem4Xe}}jki }ne jmebc hbp`dk }b~ `bxe jx b }pbmed è}yeek obljki hdqepbie bx `pdbm bxvdxxj`ce .}d ob~jojwe eojxxjdk oj}jib}jdk vd}ek}jbc# ae~j`jcj}z# bkm bjpkexx bhpdxx }neehdkdoz* bkm kbppdyjki }ne kuoèp d mjpeh}cz cjb`ce ek}j}jex dp eqek}x .}d ojkjojwebmojkjx}pb}jqe hdx}x# vdcjhz hdovce~j}z# bkm ibojki*+ ]ne qbpjem @pj}jxn Hdcuo`jbbkmBux}pbcjbk bvvpdbhnex }d `d}n bxveh}x jccux}pb}e }nb} vd}ek}jbc x}pb}eijex bpe }nepexuc} d `d}n ekepiz/ehdkdojh x}puh}upe bkm vdcj}jhbc hndjhe+

Kboecz# @pj}jxn Hdcuo`jb hndxe }d bvvcz j}x }b~ cbpiecz uvx}pebo bkm ce} j} c}ep`pdbmcz }npduin }ne ehdkdoz ynjce Bux}pbcjb jx dhuxjki odpe mdykx}pebo b} }ne

Mexjikjki b Cdhl`d~Uxjki b Hbp`dk ]b~ }d Ecjojkb}e bk E~jx}jki ]b~B }ne e ` e bvv b n } meb y }n eqe ue yn e e u }e } } e~v }

u` } }u}e ey eqe ue b e~ } eqe ue } ebo+ xu n b 2/ /2 } bme y u m è b } ue }b~ybv# ov e}e e o b} b m } gu } ob b emu b e~ } }b~+

] u } b}e n y }n u m y l ye b l b} }ne e~bov e b b ` }b~ }ne U }emx}b}e + ]ne eb oeb u b e b ` m ~ me eo obg e e v mu e }neU }em x}b}e nbqe ee u n 5 oe} } e e } eb \Ux EVB 0620# ee e y_+]ne e e# b b ` }b~ UxM -86 ve } y u m e m b` u} UxM -256 ` qe oe }

eqe ue + U le ob }ne eme b }b~e # n yeqe # yn n y b me ` bme e ob } q } # b ` }b~ eqe ue u m è e~ve }em } bmub b qe } oe b }ne e o è oe

e b ` }e qe+ x ynb} m e UxM -256 ` ù o eme b qe oe } eqe ue } mb 4

Hupek} Aemepbc ]b~ ]zvjhbc Peqekuex

ib e -05 `M e e -> : `d}ne Ob u b }u e $ Aue -0 8 B ] bqe $ A e n} , Vn e -22 20 `N nyb ] u } Au m xuvv eoe } -> `

hbv }b ib -=6 2=6 `hbv }b ib # oe 3266l$066l -26 25 È }b}e b m i } -06 86 `BO] m q mub -5 05

E~ e b m uov} }b~e b e e v }e } b }b e} b m }ne b e o b o# }n u nb ye # }nb b b ` }b~+ j vb } u b # m v b }ne eme b b e b m m e e }b~e

y u m b } e} b obg uoe b m ob ù e vb v }+ Aue b m } b v }}b~ e o b} .{UxM -55 ` * u m è vb em y }n e o b} bv }b b }b~e oem uo oe n u en m # e o b} }ne e }b}e b m } }b~e # b m e o b} }ne BO]

m q mub + d # }ebm# }ne bv }b b }b~ u m è ov e}e e o b}em+ B e e e e ev }# }ne p o e }b~ u} y u m nbqe } b` u} UxM -025 ` . }b} }e o *+ Y }n u nb }b~/ ybv o me # }ne e b e b y me qb e} v }e } b }b~ e o b} v} }nb} o n} è ` }nv } b b e } b m eb b` } b vb e } e u n } o } b}e }ne l u}u e }bove +


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obgdp hdkxuoep ceqec bkm b} }ne vdjk} d hdkxuov}jdk+ Bux}pbcjbx bvvpdbhn bccdyx j}}d è}}ep e~eov} hep}bjk vpd}eh}em xeh}dpx cjle vepxdkbc }pbkxvdp}+ Odpedqep# j}xek}j}z/`bxem bvvpdbhn xeek odpe hdoodkcz jk hbp`dk hbv/bkm/}pbme xhneoex 8>

xe}x Bux}pbcjb uv dp j}x jk}ekmem hdkqepxjdk }d bk jk}epkb}jdkbccz/cjklem hbv/bkm/}pbmeb }ep 0625+ @u} ynepebx Bux}pbcjbx mdykx}pebo hbp`dk }b~ hdqepx gux} 16% d }nehduk}pzx }d}bc INI eojxxjdkx .bkm oux} jkhcume uij}jqe eojxxjdkx }d bhnjeqe eqek}nb}*# @pj}jxn Hdcuo`jbx uvx}pebo ekepiz/ dhuxem }b~ hbk uc}job}ecz dvepb}e odpee hjek}cz yj}n j}x 96 95% hdqepbie d }d}bc INI eojxxjdkx+ @pj}jxn Hdcuo`jb bcxdkd}ex }nb} j}x qdcuoe}pjh bvvpdbhn ybx b`ce }d uxe e~jx}jki uec }b~ bmojkjx}pb}jdkjk pbx}puh}upe# bccdyjki dp xjovcep jovceoek}b}jdk+

Adp hdovbpjxdk# jk }ne Ukj}em X}b}ex# }ne hbp`dk mjd~jme eojxxjdkx pdo dxxjc uechdoùx}jdk bcdke bpe b`du} 9:% d }d}bc ipeeknduxe ibx eojxxjdkx+ 8: Bk uvx}pebo bkmojmx}pebo/ dhuxem ekepiz/dkcz hbp`dk }b~ yj}n jkhjmekhe dkcz dk djc pe kepx# hdbc

vpdmuhepx# bkm kb}upbc ibx vpdhexxdpx hducm pebcjx}jhbccz è e~veh}em }d hdqep b`du}96 95% d }d}bc Ukj}em X}b}ex ipeeknduxe ibx eojxxjdkx pdo ukmep gux} 0#566 }d}bccjb`ce ek}j}jex+=6

@dpmep Hdkxjmepb}jdkxObkz vpdvdxem hbp`dk vpjhjki vdcjhz mexjikx nbqe x}puiicem yj}n }ne ruex}jdk d`dpmep bmgux}oek}x }nb} jx# ndy }d vekbcjwe jovdp}x vpdmuhem jk du}/d /gupjxmjh}jdkpeijdkx }nb} md kd} bhe b xjojcbp hbp`dk vpjhe# ndy }d hdovekxb}e mdoex}jh e~vdp}epx

dp }nejp hbp`dk }b~ vbzoek}x# dp ndy }d bqdjm ceblbie d ehdkdojh bh}jqj}jex bhpdxxgupjxmjh}jdkbc `dpmepx+ Vdcj}jhbccz# xuhn hdove}j}jqekexx/pecb}em hdkhepkx nbqe eqekèek hj}em bx b vpjobpz gux}j hb}jdk dp ceijxcb}jqe jkbh}jdk dk hbp`dk vpjhjki+ J} jxjk}epex}jki }d kd}e }nek }nb} jk @pj}jxn Hdcuo`jbx vjdkeepjki peqekue/keu}pbc hbp`dk}b~ e dp}x# }ne jxxue d dpmep bmgux}oek}x ybx meeoem kd} }d e b xndyx}dvvep7pecb}jqecz xjovce vpdqjxjdkx yepe ekbh}em }d bmmpexx }ne px}/dpmep jxxue d uecjovdp}x bkm e~vdp}x# ynjce }ne xehdkm/dpmep jxxue d eoèmmem eojxxjdkx yj}njk}pbmem vpdmuh}x dp xepqjhex ybx exxek}jbccz ce } bxjme }d è eqbcub}em dqep }joe bxbh}ubc .bkm kd} xjovcz bk}jhjvb}em* uxjkexx jovbh}x yepe d`xepqem+ =2

Bkm ynjce }ne vpbiob}jh xvjpj} d @pj}jxn Hdcuo`jbx bvvpdbhn jx joj}b`ce# j} obz kd}è xu hjek} dp }pbme/nebqz hduk}pjex xuhn bx }ne Ukj}em X}b}ex+ Adp e~bovce# bxmexhpjèm b`dqe# eojxxjdk/jk}ekxjqe }pbme/e~vdxem jkmux}pjex xuhn bx pe kepjex#hneojhbcx# oe}bcx# heoek}# vbvep# dp eqek bipjhuc}upe jk hduk}pjex cjle Bux}pbcjb .dp }neUkj}em X}b}ex* hducm pebxdkb`cz è e~veh}em }d bhe keib}jqe ehdkdojh jovbh}x pdo bpecb}jqe mpdv jk mdoex}jh bkm jk}epkb}jdkbc hdove}j}jqekexx bibjkx} uk}b~em dpejikeoèmmem eojxxjdkx+ Adp j}x vbp}# Bux}pbcjb jx vcbkkjki }d meqd}e xjikj hbk} }b~peqekuex }dybpmx hdovekxb}jki xuhn jkmux}pjex mdoex}jhbccz jk }ne ebpcz zebpx d j}xhbp`dk }b~ yj}n }ne ndve }nb} ekduin d j}x }pbme vbp}kepx yjcc bmdv} xjojcbp dp eqeknbpodkjwem hbp`dk vpjhjki vdcjhjex jk}d }ne u}upe }d oj}jib}e }ne vpd`ceo+Vpexuob`cz# dqep }joe# xuhn `dpmep bmgux}oek}x ojin} è pekmepem ukkehexxbpz bx}pbme vbp}kepx bmdv} }nejp dyk hdooekxupb}e hbp`dk vpjhjki oehnbkjxox+ =0


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]ne Vdcj}jhx d b Hbp`dk ]b~Jk bmmj}jdk }d }ne vdcjhz bxveh}x d hbp`dk vpjhjki# e~vepjekhex b`pdbm bcxd nbqejovdp}bk} cexxdkx b`du} }ne vdcj}jhx d hbp`dk vpjhjki+

Jk @pj}jxn Hdcuo`jb# }ne obgdp ce }/yjki vbp}z yepe qepz hdkhepkem b`du} }ne e eh}xdk ydpljki hcbxx jkhdoex d xuhn b }b~# hbuxjki }neo }d jkj}jbccz dvvdxe j}+ Mexvj}e }nedvvdxj}jdk d }nexe }pbmj}jdkbc ce }/yjki vpdvdkek}x d ekqjpdkoek}bc peiucb}jdkx#ndyeqep# }ne hek}pjx} Cjèpbc vbp}z bhnjeqem pe/eceh}jdk b }ep j}x bmqdhbhz d }ne }b~+=8

Vepnbvx odx} jk}epex}jkicz# }ne hbp`dk }b~ vpdvdxbc ybx mexjikem `z }ne Cjèpbcxe~vcjhj}cz }d vucc ekqjpdkoek}bccz/ojkmem qd}epx pdo odpe ce }/yjki vbp}jex }d }neCjèpbc vbp}z# e eh}jqecz xvcj}}jki }ndxe vbp}jex+== Dke d`xepqep hdooek}em }nb} ]neKey Meodhpb}x# cem `z Hbpdc Gboex# ephecz dvvdxem }ne hbp`dk }b~# bpiujki }nb} j}exvehjbccz nup} pupbc pexjmek}x+ @u} }ne vbp}zx dvvdxj}jdk }d }ne }b~ hdx} }neo }nexuvvdp} d bcodx} bcc ekqjpdkoek}bc dpibkjwb}jdkx# ynjhn xjmem yj}n Hbovècc xdceczdk }ne jxxue# ynjce }ne kdkvbp}jxbk Hdkxepqb}jdk Hdukhjc cbukhnem b hbovbjik }eccjkiqd}epx }d hnddxe bkz`dmz u} Gboex+ =5

Eqek è dpe }ne pexuc}x hboe jk# xdoe hdooek}b}dpx èibk }d xvehucb}e dk }ne cjleczeceh}dpbc e eh} d }ne }b~+ Adp }neIcdè bkm Objc # Mjpl Oejxxkep pevdp}em dkxuiiex}jdkx }nb} }ne KMVx x}bkhe dk }ne hbp`dk }b~ ojin} nup} j} dk eceh}jdk mbz+ Jkvbp}jhucbp# ne eovnbxjwem }ne qjeyx d Nbppjx Mehjobx Xekjdp QV Ge Ybclep yndxuiiex}em }nb} }pbmj}jdkbc xd } ekqjpdkoek} qd}epx jk @pj}jxn Hdcuo`jb ynd uxubccz idjk}d eqepz eceh}jdk qdyjki }d qd}e Ipeek# ù} ekm uv idjki yj}n }ne KMV bpe kdyhdkxjmepjki x}bzjki Ipeek }d vukjxn }ne KMV+ =1

Ze} mexvj}e hbp`dk vpjhjkix pebxdkb`cz bqdpb`ce pehev}jdk `z }ne @pj}jxn Hdcuo`jbvu`cjh bkm }ne jk}pjiujki vdcj}jhx du}cjkem b`dqe# z 0622# ]ne }npee obgdp vpdqjkhjbcvbp}jex jk Dk}bpjd }ne idqepkjki Cjèpbcx# }ne Hdkxepqb}jqex bkm }ne KMV \nbm_e~vcjhj}cz qdyem kd} }d jk}pdmuhe b hbp`dk }b~ jk }nb} vpdqjkhe j }nez yjk }neuvhdojki vpdqjkhjbc eceh}jdk+ =9 X}vnbke Mjdk# d }ne Cjèpbcx# ynd pbk dk b xjojcbpIpeek Xnj } jk }b~b}jdk b} }ne kb}jdkbc ceqec jk 066># ybx pexdukmjkicz me eb}em b }epèjki dvvdxem z d}n Hbkbmbx hdkxepqb}jqex# ukmep X}evnek Nbpvep bkm }ne cjèpbcKMV# `d}n d yndo hpj}jhjwem njx hbp`dk }b~ vpdvdxbc# odmecem b }ep @pj}jxnHdcuo`jbx+ => Cddljki b} }ne @pj}jxn Hdcuo`jb hbxe# }ne eqjmekhe dp }ne vdcj}jhbc

ebxj`jcj}z d b peqekue/keu}pbc hbp`dk }b~ hducm e ex} mexhpjèm bx oj~em+ J} xeeoxodx} cjlecz }d dhhup jk }ne hdk}e~} d b `pdbmep dqepbcc }b~ pe dpo# bx dhhuppem jkBux}pbcjb bkm @pj}jxn Hdcuo`jb+

c l b} }ne @ } n h uo` b b e# }ne eq me e }ne v } b eb ` } b eqe ue/ eu} bb ` }b~ u m è è } me èm b o ~em+


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Gepeoz Hbpc bkm Mbqjm Aemdp Peqekue/Keu}pbc Hbp`dk ]b~ex jk }ne Pebc Ydpcm 0= Nddqep Jkx}j}u}jdk X}bkadpm Ukjqepxj}

HDKHCUXJDK

Jk }njx vbvep ye nbqe mexhpjèm }ne pebc/ydpcm mexjik hndjhex bkm vdcjhz e~vepjekhe

}d mb}e d }ne odx} xjikj hbk} obgdp key icd`bc dpbzx jk}d peqekue/keu}pbc hbp`dk}b~ex }nb} jx# }ndxe hbp`dk }b~ex }nb} pe}upk xu`x}bk}jbccz bcc d }nejp peqekuehdcceh}em }npduin }b~ èke }x bkm mjpeh} vbzoek}x }d jkmjqjmubcx+ Jk}epex}jkicz# dke d}ne ey }njkix xnbpem è}yeek }ne @pj}jxn Hdcuo`jbk bkm Bux}pbcjbk bvvpdbhnex jx}nb} }nez `d}n ekbh}em }nejp hbp`dk }b~ex jk }ne hdk}e~} d b hdovpenekxjqe }b~pe dpo vpdhexx+ Vdcjhz me}bjcx xuhn bx }b~ jkhjmekhe# xeh}dpbc hdqepbie# INI hdqepbie#ùxjkexx peqekue èke }x# bkm }ne xhnemuce d vdcjhz jovceoek}b}jdk bpe bh}ubccz bccruj}e mj epek}+ Bkm }joe yjcc }ecc ndy vu`cjh bkm vdcj}jhbc xuvvdp} dp Bux}pbcjbkxhneoe bpex jk hdovbpjxdk }d }ne @pj}jxn Hdcuo`jbk e~vepjekhe dqep }ne vbx}

qezebpx+

Adp e~bovce# j} jx njincz xbcjek} }nb} }ne dkcz cbpiecz xuhhexx uc peqekue/keu}pbc hbp`dk}b~ ekbh}em ydpcmyjme jk @pj}jxn Hdcuo`jb ybx dke }nb} exxek}jbccz e~eov}em }neeceh}pjhj}z xeh}dp+ Ye bpiuem }nb} }ne pebxdkx dp xuhn mjqepiek} bvvpdbhnex bpe mue jkvbp} }d vdcj}jhbc hndjhex# ù} }nez bpe bcxd ipdukmem jk }ne ruj}e mj epek} ekepiz bkmehdkdojh xzx}eox d }ne }yd peijdkx+ Dke cexxdk ye ojin} mpby }nek jx }nb} }ne vb}nd eqek xdoe}njki bx xeeojkicz x}pbjin} dpybpm bx b peqekue/keu}pbc hbp`dk }b~

pdo ehdkdojh }nedpz# }npduin }ne vdcj}jhbc vpdhexx# }d pebc/ydpcm jovceoek}b}jdk jxjk bh} cdki bkm yjkmjki+ =:

Odpedqep# nbqjki hdkxjmepem }ne @pj}jxn Hdcuo`jb bkm Bux}pbcjbk e dp}x# j} jx hcebp}dux }nb} b peqekue/keu}pbc hbp`dk }b~ hbkkd} è hdkxjmepem xjovcz pdo }nevepxveh}jqe d hcjob}e hnbkie oj}jib}jdk+ @ehbuxe b hbp`dk }b~ jx uc}job}ecz bk ekepiz}b~ .bcèj} b mj epek}jb}em dke*# j}# cjle bkz ukmboek}bc ekepiz xzx}eo pe dpo# xnducmjkx}ebm e pboem odpe pdbmcz7 z ndy j} b eh}x b hduk}pzx ekqjpdkoek} # `z ndy j}b eh}xekepiz xehupj}z # bkm `z ndy j} b eh}x }ne `pdbmep ehdkdoz +

]ne px} oebxupe

}ne ekqjpdkoek}

jx }ne kb}upbc mdobjk d b peqekue/keu}pbchbp`dk }b~ bkm xd dke hducm e~veh} j} }d xhdpe yecc jk }nb} peibpm+ Bx ye nbqe kd}emb`dqe# ndyeqep# obkz kdy e~veh} }nb} b vpjhe jkx}puoek} bcdke obz kd} è xu hjek}.dp e hjek}* }d oee} hcjob}e hnbkie oj}jib}jdk idbcx+ Adp e~bovce# }ne Ukj}em X}b}exbkm d}nep hduk}pjex hdk}jkue }d xu ep pdo b vepxjx}ek} ukmepjkqex}oek} z d}nvu`cjh bkm vpjqb}e xeh}dpx jk ebpcz/x}bie# cdki/}epo ekepiz P!M+ Uc}job}ecz# xjikj hbk}hcjob}e idbcx perujpe kd} gux} obpijkbc xnj }jki ù} bcxd ipdukm`pebljki key}ehnkdcdijex# bkm }nepe bpe iddm pebxdkx ynz b hbp`dk vpjhe bcdke yducm kd} xuvvdp}

]ne vb}n eqe oe}n b eeo } b n} yb m b b eqe ue/ eu} b b ` }b~ o

e o }ne # }n u n }ne v } b v e # } eb /y m ov eoe }b} b } b my m +


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ekduin P!M }d mecjqep }nexe+ B} }ne xboe }joe# b peqekue/keu}pbc hbp`dk }b~ oux} bcxde~vcjhj}cz meodkx}pb}e ndy j} hbk necv jovpdqe kd} gux} icd`bc ù} bcxd }ne cdhbcekqjpdkoek}bc hdkmj}jdkx }nb} peobjk }dv/d /ojkm dp bqepbie hj}jwekx+

]ne ekepiz xehupj}z jovbh}x d b peqekue/keu}pbc hbp`dk }b~ peobjk vbp}jhucbpczuke~bojkem+ Kej}nep @pj}jxn Hdcuo`jb kdp Bux}pbcjb e~vcjhj}cz jkqdlem ekepiz xehupj}zjk }nejp vpdipbo dpoucb}jdk `d}n Hbkbmb bkm Bux}pbcjb nbqe qepz cdy ekepiz jovdp}mevekmekhz ù} j} yducm è b lez hdkxjmepb}jdk jk }ne Ukj}em X}b}ex+ B peqekue/keu}pbc hbp`dk }b~ yducm b eh} kb}jdkbc ekepiz xehupj}z dk `d}n }ne hdkxuov}jdk bkmmdoex}jh vpdmuh}jdk xjmex d }ne ekepiz erub}jdk# bkm jk }epox d d}n qdcuoe bkm

dpo+ @ehbuxe d j}x vepqbxjqekexx# b hbp`dk }b~ hducm qepz yecc èhdoe# me abh}d# }neodx} xjikj hbk} ekepiz xehupj}z vdcjhz jk bk ekepiz jovdp}/mevekmek} obple}ehdkdoz vdxj}jqe dp keib}jqe+ Ye cebqe }njx jovdp}bk} jxxue }d up}nephdkxjmepb}jdk+

Ajkbccz# }neehdkdoz + B peqekue/keu}pbc hbp`dk }b~x jovbh} dk b peijdkx ehdkdoz jxcjlecz }d è }ne objk me`b}e `d}n vdcj}jhbccz bkm jk }epox d vdcjhz mexjik+ ]njx ybxhep}bjkcz }ne hbxe jk @pj}jxn Hdcuo`jb bkm Bux}pbcjb bkm yducm e dp }ne Ukj}em X}b}exbx yecc+ @u} ynjce ouhn d }nb} mjxhuxxjdk }upkx dk vpdgeh}em jovbh}x }d vbp}jhucbpjkmux}pjbc xeh}dpx# nduxendcm umie}x# eovcdzoek}# dp eqek xhbc nebc}n# }d hdkxjmepb hbp`dk }b~ jx bcxd bk jmebc }joe }d hdkxjmep }ne e~jx}jki ye` d }b~ex bkm xu`xjmjex}nb} dup idqepkoek}x ekbh} }npduindu} }ne ekepiz xzx}eo }dmbz+

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d k a u e c F 7

2 6 6

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= + = 9 %

= + = 9 %

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27/32


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d k a u e c F 7

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%

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d k a u e c F 7

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%

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%

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%


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d k a u e c F 7

2 6 6

6 + 6 6 %

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: + : : %

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= %

2 9 + 0

0 %

2 9 + 0

0 %

2 9 + 0 0 %

2 9 + 0

0 %

H b p `

Date post:	04-Apr-2018
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Revenue-Neutral Carbon Taxes in the Real World: Insights from British Columbia and Australia

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