Macroeconomia Mundel Fleming Modelo Dinamico

 

 

’G×J OH IG XCERH[VGIE\GFEÖC OH IG VGIXO— XCERH[VEOGO CGFEJCGI OH _[XLEIIJ

  BGFXI_GO OH FEHCFEGV HFJCÖDEFGV HVFXHIG OH HFJCJDÄG

FX[VJ<

 Dgfrjhfjcjdäg EE 

OJFHC_H<

 Lguies Wuesph, Ogveo  Ogveo 

_HDG<  Gcçieses Hdpärefj Oh ]jiätefg ] jiätefg Djchtgreg< Frjgfeg Rs. Hsijvhceg HV_XOEGC_HV<

 Bijreçc Djstgfhrj, Ljså Dgcuhi   Ihevg [hyhs, De`uhi Çc`hi   Dgfhoj ohi Rgiih, Dhrfhohs Gthchg  ]grhohs Veivg, Gcg ]gjig Rgrhig Hustgquej, Iecosgy Jihcng Rhroh [jlgs, @hrgioech Gctajgcht 

 

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DGF[JHFJCJDÄG EE

 

Fjcthceoj  GCÇIEVEV HD]Ä[EFJ OH ]JIÄ_EFG DJCH_G[EG< F[JGFEG RV. HVIJRHCEG................................................................................; HVIJRHCEG................................................................................;  Gkstrgft ...............................................................................................; .............................................................................................; 7. Ectrjouffeöc........ ................. ................. ................. ................. ................. ................................ ..............................6 .......6 ;. Hi Djohij.....................................................................................2 ;.7.. Djo ;.7 Djohij hij ooecç ecçdef defjj oh hxp hxpjrt jrtgfe gfejch jchs. s......................................7= .....................................7= 6. ]ruhkgs hdpärefgs........ hdpärefgs................ ................. .................. ................. .....................................7; .............................7; 6.7. [h`rhsejchs............................................................................78 [h`rhsejchs............................................................................78 6.;. Oesfuseöc........ Oesfuseöc................. ................. ................. .................................................... ............................................. 70 6.6 Vjiufeöc ................ ................. .................. ....................... ................................................71 ..................................71 6.? Vjiufeöc........ [hsuitgojs [hsuitgojs...............................................................................71 ...............................................................................71 ?. Fjcfiusejchs........ ................. .................. ................. ................. .............................. ...................................;= ..............;=  HI DJOHIJ OHI JRH[VAJJ_EC@ ]G[G XC FGVJ ]H[XGCJ ................. ......... ................. .................. ................. ................. ................. ................. ....................................... ....................................;7 ......;7  [hbhrhcfegs.........  [hbhrhcfegs ................. ................. .................. ................. ......................... ...........................................;8 ..........................;8

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DGF[JHFJCJDÄG EE

 

 Gcçieses Hdpärefj Oh ]jiätefg ]jiätefg Djchtgreg< Frjgfeg Frjgfeg Rs.  Hsijvhceg  Gkstrgft  _aes grtefih gtthdpts tj hxpigec tah hdperefgi fgusgiety khtwhhc hxpjrts gco dgoh tah rhgi hxfagc`h rgth. Et es kgsho jc tah Ducohii-Bihdec` djohi, weta tah djoebefgtejcs ky Reognjvef (;==8), kgsho jc g sedpih oycgdefs jb jptedezgtejc jb tah hxpjrt bucftejc sfahouiec`, ec g sdgii jphc spgfh jb tah hfjcjdy, pgyec` sphfegi gtthctejc tj tah gcgiyses tah rhgi hxfagc`h rgth gco tah edpgft jb tah rhgi hxfagc`h rgth jc hxpjrts. _ah ojfudhct ohvhijps g sedpih djohi kgsho jc tah rhigtejcsaep jb hxpjrts weta tah ecthrhst rgth oebbhrhctegi, tah hxthrcgi ohdgco bjr ojdhstef `jjos, gco tah rhgi hxfagc`h rgth. _ah rhshgrfa tahc thsts tah djohi weta hdperefgi ogtg brjd Frjgteg gco Vijvhceg. _ah hdperefgi gcgiyses ec tah ojfudhct becos tagt tahrh es g vhry iedetho rhigtejcsaep khtwhhc tah ecthrhst rgth oebbhrhctegi, bjrhe`c ohdgco gco hxpjrts. Ajwhvhr, tahrh es g strjc` rhigtejcsaep  khtwhhc hxpjrts gco tah rhgi hxfagc`h rgth. Pahc thstho hdperefgiiy, tah djohi fjcberds tagt tah ijjsh hxfagc`h rgth djchtgry pjiefy ec Vijvhceg wgs bgr suphrejr tj tah bexho hxfagc`h rgth djchtgry pjiefy ec Frjgteg.  Nhy wjros sjij derg ijs rhsuitgojs oh igs pjiätefgs djchtgregs edpihdhctgogs. Hc hbhftj, hi ojfudhctj hvgiüg hdpärefgdhcth ojs pjiätefgs djchtgregs oebhrhcths edpihdhctgogs, ucg hc Frjgfeg y ig jtrg hc Hsijvhceg, fjc uc hcbjquh hsphfegi hc igs hxpjrtgfejchs. hxpjrtgfejchs. ]hrj gcths oh dergr ig aestjreg hsphfäbefg, ohkhrägdjs dergr hi pgcjrgdg `hchrgi. Ijs precfepgihs prjkihdgs hfjcödefjs oh ijs pgäshs rhfeåc bjrdgojs sh puhohc bjrduigr  oh ig se`uehcth dgchrg< g) ºFöd ºFödjj pgsgr oh ig pjiät pjiätefg efg besfgi sjfe sjfegiest giestgg (hi `jke `jkehrcj hrcj hs ouh÷j oh tjoj) g igs  pjiätefgs besfgihs fgpetgiestgs oh pgrtefepgfeöc `ukhrcgdhctgi `ukhrcgdhctgi iedetgog (se ig agy): Hsth prjfhsj ohkäg rhgiezgrsh, gi dhcjs hc thjräg, fjc hi däcedj oh fjstj sjfegi y hi dçxedj oh khchbefej sjfegi.  k) ºFödj bjrduigr ucg pjiätefg djchtgreg y hstgkihfhr ucg gutjreogo djchtgreg fhctrgi fjc jklhtevjs y dåtjojs figrgdhcth ohbeceojs: Hi precfepgi prjkihdg fjc ig fjcbe`urgfeöc oh ig pjiätefg djchtgreg buh ig hihffeöc oh ig ahrrgdehctg öptedg oh  pjiätefg djchtgreg. Hsth ojfudhctj cj gcgiezg ig pjiätefg besfgi, ig prevgtezgfeöc j fugiquehr jtrj tepj oh ohsgrrjiij oh igs hfjcjdägs fgpetgiestgs oh iekrh dhrfgoj quh agc hdprhcoeoj ijs pgäshs oh ig hx Uu`jsigveg. Hc fgdkej, hsth ojfudhctj gcgiezg ojs rh`ädhchs djchtgrejs jpuhstjs (Hsijvhceg y Frjgfeg) y trgtg oh frhgr, g cevhi hdpärefj, uc hstuoej oh ijs hbhftjs rhgihs oh igs jpfejchs oh pjiätefg djchtgreg. Ig fuhsteöc bucogdhctgi sjkrh ig pjiätefg djchtgreg hs hi thdg oh ig ecbigfeöc, dçs hsphfäbefgdhcth hi fjctrji oh ig ecbigfeöc. Hc igs phquh÷gs hfjcjdägs gkehrtgs fjc iekrh biuftugfeöc oh fgpetgi, hi fjctrji oh ig ecbigfeöc sh trgoufh hc hi fjctrji oh igs hxphftgtevgs, fjdj sh prhshctg hc Vgr`hct (755;). Ijs pgäshs rhfeåc bucogojs vevägc kglj sesthdgs sjfegiestgs fhrrgojs fjc tepjs oh fgdkej beljs (j tepjs oh fgdkej hstreftgdhcth ohthrdecgojs pjr hi Kgcfj Cgfejcgi oh Uu`jsigveg). Ohkeoj g ig gitg ecbigfeöc hc ig oåfgog oh 751= y ig echstgkeieogo `hchrgi ohi oecgr (djchog ?

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DGF[JHFJCJDÄG EE

 

oh Uu`jsigveg), ig dgyjräg oh ig `hcth hc ig hx Uu`jsigveg prhbereö dgcthchr sus ec`rhsjs y gajrrjs, hc djchog hxtrgclhrg, precfepgidhcth dgrfjs gihdgchs. G oebhrhcfeg oh jtrjs  pgäshs hx sjfegiestgs quh thcägc uc gffhsj duy iedetgoj g igs oevesgs, Uu`jsigveg hrg uc fgsj hsphfegi. Agkäg ucg hctrgog fjcstgcth oh oevesgs ohi turesdj y oh ijs yu`jsigvjs quh trgkglgkgc hc Hurjpg jffeohctgi. Fugcoj Uu`jsigveg sh vecj gkglj, ig prh`uctg precfepgi tgctj pgrg hi `jkehrcj fjdj pgrg hi puhkij hrg< ºquå agfhr fjc hi tepj oh fgdkej: ]rjctj sh ohsgrrjiigrjc ojs hsfuhigs jpuhstgs. Xcg hsfuhig quh phcsö quh ij dhljr hrg dgcthchr belj hi tepj oh fgdkej. Hi precfepgi gr`udhctj buh quh g trgvås oh uc sesthdg hstgkih j belj tepj oh fgdkej, hi kgcfj fhctrgi thcoräg uc bçfei dhfgcesdj oh fjctrji oh ig fgcteogo oh oechrj hc ig hfjcjdäg y, fjdj tgi, ig ecbigfeöc hstgräg fjcthceog. Gohdçs, igs  phrfhpfejchss y hxphftgtevgs oh uc ecthrfgdkej hstgkih ig tgsg frhgräg ucg hxphftgtevg oh  phrfhpfejch ucg djchog hstgkih fjc kglg ecbigfeöc. Hsth gr`udhctj buh duy edpjrtgcth hc Frjgfeg, ojcoh ohspuås oh ig `uhrrg aukj uc phräjoj oh aephrecbigfeöc, fjdj ohsfretj hc [jagtecsne ht gi (7558). Ig sh`ucog hsfuhig quhräg ohprhfegr fjcstgcthdhcth hi tepj oh fgdkej, j edpihdhctgr uc tepj oh fgdkej "ohsiezgcth". Vh frhäg quh tgi pjiätefg oh ohprhfegfeöc fjcstgcth ohkeietgräg ig djchog cgfejcgi y hsteduigräg igs hxpjrtgfejchs, ucg pgrth edpjrtgcth ohi ]EK. ]grg ucg hfjcjdäg phquh÷g y gkehrtg, ucg ohprhfegfeöc (rhgi) y hi frhfedehctj oh igs hxpjrtgfejchs  puhohc shr ucg buhcth fjcseohrgkih oh frhfedehctj hfjcödefj. Ohsoh uc puctj oh vestg dgthdçtefj, hstg pjiätefg tgdkeåc puhoh hxpiefgrsh fjdj hi prjkihdg oh prj`rgdgfeöc oecçdefg ohi tepj oh fgdkej rhgi prhshctgoj hc ReognjveĀ (;==8k).  Hc hshcfeg, ucg pjiätefg oh ohprhfegfeöc ohi tepj oh fgdkej rhgi fjcstgcth hrg ucg pjiätefg dhrfgctei oh tepj "hdpjkrhfhr gi vhfecj", phrj fjc ucg vhctglg edpjrtgcth< cj agkäg  prhjfupgfeöcc pjr ig ohprhfegfeöc oh ig fjctrgpgrth j ucg `uhrrg fjdhrfegi. Ijs pgäshs oh ig  prhjfupgfeö XH, ojcoh sh oere`ehrjc ig dgyjräg oh igs hxpjrtgfejchs frjgtgs y hsijvhcgs, cucfg ohprhf ohp rhfegr egräg äg sus djc djchog hogss fjdj fjdj rhs rhspuh puhstg stg g ig pji pjiäte ätefg fg djchtg djchtgreg reg frjgtg frjgtg j hs hsijv ijvhc hcg, g, hsphfegidhcth fjc hi _rgtgoj oh Dggstrefat y hi prjfhsj oh fjcstruffeöc oh ucg djchog Xceöc. ]jr jtrj igoj, ig JDF; edpeoh fugiquehr grgcfhi h edpjsefejchs gougchrgs, phrj cj hstepuig cgog sjkrh ig pjiätefg djchtgreg. Hctjcfhs, ohsoh hi puctj oh vestg oh ig thjräg oh  luh`js, hrg pjsekih edpihdhctgr fugiquehrg oh igs pjiätefgs djchtgregs. Buh uc phräjoj ücefj hc djdhctj, fugcoj ojs pgäshs tuvehrjc quh ohfeoer quå fgdecj tjdgr. Ig hihffeöc buh hctrh uc fgdecj oh hstgkeieogo y sh`ureogo (belj tepj oh fgdkej)> j uc fgdecj oh ecfhrteou ecfh rteoudkrh dkrh,, phrj fjc ucg pjsekih pjsekih `rgc rhfjdphcsg. rhfjdphcsg.6  Dufajs oh hstjs oeihdgs sh  prhshctgrjc hc [ekcengr (7555). Hi precfepgi prjkihdg fjc hi tepj oh fgdkej pgrg gdkgs hsfuhigs buh ig ohthrdecgfeöc oh ig trgcsdeseöc ohi ecthrfgdkej tgsg oh ecbigfeöc, hs ohfer< ºagkrç gi`ucg ohprhfegfeöc: ºU ig ohprhfegfeöc sh trgouferç hc ecbigfeöc ucj pjr ucj, j agkrç uc hbhftj oh sjkrh edpuisj: Ve hi hxfhsj buhrg hi fgsj, hctjcfhs hi gr`udhctj g bgvjr ohi tepj oh fgdkej dövei shräg cuij. ]hrj ajy thchdjs ucg jpjrtuceogo oh vhr hdpärefgdhcth ijs rhsuitgojs oh ojs oebhrhcths  pjiätefgs. Hsth grtäfuij gcgiezg uc hxphredhctj cgturgi quh ag jfurreö hc ig veog rhgi. Ijs ojs "sulhtjs oh pruhkg" sjc Hsijvhceg y Frjgfeg, ojs pgäshs sedeigrhs quh agc tjdgoj ojs oebhrhcths fgdecjs. Hi gsphftj dçs ecthrhsgcth oh hsth grtäfuij hs cj uc ohsgrrjiij oh uc 8

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DGF[JHFJCJDÄG EE

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Ig Jr`gcezgfeöc Ducoegi ohi Fjdhrfej (JDF) hs ig ücefg jr`gcezgfeöc ecthrcgfejcgi quh sh jfupg oh igs cjrdgs quh

 

djohij fjc hi bec oh prjkgr grtebefegidhcth ijs supuhstjs ohi djohij. Dçs kehc, hi gsphftj dçs ecthrhsgcth oh hsth grtäfuij hs ig hxpiefgfeöc oh ijs rhsuitgojs oh igs pjiätefgs hc ijs üitedjs 7= g÷js. Hc Hsijvhceg sh gpiefö ucg pjiätefg, uc tepj oh fgdkej dövei. Vh kgsgkg hc ucg rh`ig sedpih< ohprhfegr hi tepj oh fgdkej g ig desdg tgsg quh ig ecbigfeöc j dçs. Hi tepj oh fgdkej sh ohprhfeö ihctgdhcth fjc hi tehdpj. Hc hshcfeg, sh trgtgkg oh ucg bjfgiezgfeöc vhftjregi ohi tepj oh fgdkej rhgi, fjdj vhrhdjs dçs gohigcth. Hi fgdecj ohi vhftjr sh hstgkihfeö fjc hi bec oh ij`rgr ojs jklhtevjs< g) Oh Ohpr prhf hfeg egrr hi tepj tepj oh fgdk fgdkej ej rhgi rhgi y, pj pjrr tg tgct ctj, j, fj fjcs cstg tgct cthd hdhc hcth th ag agfh fhrr qu quhh ij ijss  prjouftjs hsijvhcjs shgc dçs fjdphtetevjs fjdphtetevjs hc hi ducoj dhrfgoj.  k) Hvetgr `rgcohs hctrgogs oh fgpetgi hc Hsijvhceg y gsä oesdecuer ig ohuog hxthrcg. Ig hstrgth`eg frjgtg buh oebhrhcth. Ohspuås oh ig `uhrrg hc Frjgfeg, aukj uc phräjoj oh aephrecbigfeöc. Hc uc puctj ig ecbigfeöc hrg ohi 6=% dhcsugi. Iuh`j, hc 755? vecj hi  prj`rgdg oh hstgkeiezgfeöc quh pusj bec g ig ecbigfeöc. G bec oh dgcthchr ig ecbigfeöc kglj fjctrji, hi ACK (Arvgtsng Cgrjocg Kgcng, Kgcfj Cgfejcgi oh Frjgfeg) ohfeoeö dgcthchr  hi tepj oh fgdkej gprjxedgogdhcth hc ij desdj. ACK ohfigrö quh su prjpösetj hrg dgcthchr ig jsfeigfeöc ohi tepj oh fgdkej gi däcedj. [hgffejcgcoj g ijs sajfns ohi tepj oh fgdkej. Hstj hc hbhftj aezj ohi tepj oh fgdkej nucg (djchog oh Frjgfeg), ucg shreh rhvhrsekih dhoeg, fjc jsfeigfejchs agstg hi 6% oh ig dhoeg. Hctjcfhs hi ücefj jklhtevj oh ig pjiätefg djchtgreg buh ig hstgkeieogo ohi tepj oh fgdkej. Ig pjiätefg djchtgreg cj sh prhjfupgkg pjr igs hxpjrtgfejchs, igs edpjrtgfejchs, ohuog hxthrcg j fugiquehr jtrg vgregkih hfjcödefg, sjij ig hstgkeieogo ohi tepj oh fgdkej. Hi djohij oh hsth grtäfuij sh kgsg hc ucg oecçdefg sedpih jptedezgfeöc oh ig  prj`rgdgfeöc oh ig bucfeöc oh hxpjrtgfeöc hc uc phquh÷j hspgfej gkehrtj oh ig hfjcjdäg. Vh ohoefg hsphfegi gthcfeöc gi gcçieses ohi tepj oh fgdkej rhgi y hi edpgftj ohi tepj oh fgdkej rhgi sjkrh hxpjrtgfejchs. Hi djohij sh pruhkg hdpärefgdhcth, fjdpgrgcoj ijs rhsuitgojs oh igs ojs pjiätefgs djchtgregs. Hi ojfudhctj hstç jr`gcezgoj oh ig se`uehcth dgchrg< ig sh`ucog pgrth ohsgrrjiig hi djohij, ig thrfhrg pgrth fjdpgrg hi djohij y ijs ogtjs hdpärefjs fjc gi`ucjs rhsuitgojs ecthrhsgcths, y ig fugrtg pgrth ij fjcfiuyh.

2

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DGF[JHFJCJDÄG EE

 

;.Hi Djohij Fugcoj ijs kgcfjs fhctrgihs oh Hsijvhceg y Frjgfeg buhrjc ohthrdecgcoj sus rhsphftevgs  pjiätefgs fjc rhsphftj gi ecthrfgdkej oh su tepj oh fgdkej, ig iethrgturg sjkrh hi tepj oh fgdkej rhgi y igs hfjcjdägs hrgc rhigtevgdhcth phquh÷gs. Agstg hsh djdhctj, ig dçs edpjrtgcth ecvhste`gfeöc rhgiezgog sjkrh hfjcjdägs gkehrtgs buh hi trgkglj bucogdhctgi oh [jkhrt Ducohii (7521), y ig ecvhste`gfeöc rhgiezgog pjr [uoy Ojrckusa (7511). Gohdçs, gi`ucgs tåfcefgs oh hfjcjdäg fjdputgfejcgi (djohijs oh hxphftgtevgs rgfejcgihs  prjsphftevgss?) cj sh agkägc ohsgrrjiigoj hc hsh djdhctj y hi pjohr oh ig fjdputgojrg hrg  prjsphftevg  kglj. Ajy hc oäg, hi hstgoj oh ig thjräg hfjcödefg fjc rhsphftj g igs hfjcjdägs gkehrtgs hs errhfjcjfekih ohsoh hi hstgoj oh ig thjräg hfjcödefg agfh quecfh g÷js. Hc ijs üitedjs quecfh g÷js, ag agkeoj dufajs ecthctjs hxetjsjs hc ig frhgfeöc oh uc djohij oh trgkglj  pgrg ucg phquh÷g hfjcjdäg gkehrtg, sjkrh tjoj ijs hsbuhrzjs oh @gie ht gi (;==8), Kgii (7555) y [j`jbb y Jkstbhio (;===, ;==;). _gdkeåc ag agkeoj `rgcohs gvgcfhs hc hi ohsgrrjiij oh tåfcefgs fjdputgfejcgihs fjdj sh prhshctg hc ijs trgkgljs oh Iluc`qvest y Vgr`hct (;==?) y Agcshc y Vgr`hct (;==2). Ohspuås oh ig freses djchtgreg gseçtefg, dhxefgcg, rusg y gr`hctecg, sh aezj hveohcth quh ig hfjcjdäg fjdj ucg fehcfeg cj fjdprhcoh fjdpihtgdhcth hi bucfejcgdehctj oh ijs dhfgcesdjs quh ecvjiufrgc hi tepj oh fgdkej rhgi y ig trgcsefeöc oh tepj oh fgdkej belj g tepj oh fgdkej bihxekih. [hfehcthdhcth, ig ecvhste`gfeöc oh Gezhcdgc y @iefn (;==8) hstuoeg hi fjdpjrtgdehctj oh ijs tepjs oh fgdkej beljs y ig trgcsefeöc oh uc tepj oh fgdkej belj g uc tepj oh fgdkej bihxekih. Gezhcdgc y @iefn gcgiezö hi fjstj oh uc fgdkej oh uc rå`edhc belj g uc fgdkej tepj oh fgdkej oh rå`edhc bihxekih y iih`ö g ucg sjrprhcohcth fjcfiuseöc. Oh igs 26 ecstgcfegs oh djchog oh fgdkej oh rå`edhc, 6; buhrjc fjcseohrgojs ohsjrohcgoj ohsjrohcgojs. s. sec hdkgr`j, ig ourgfeöc ohi rå`edhc luh`g uc pgphi edpjrtgcth. Agkäg ;= fgsjs hc ijs quh uc rå`edhc belj hrgtgsg dçsohigr`j quh ;==ch`gtevg dhshs. Oh ijs ;= fgsjs ohprjouffeöc fgdkej oh rhgi rå`edhc,fgdkegrej 72 tuvehrjc ucg frhfedehctj y ucg fgäog hc ig ucg vhz quh sh aezj hi pgsj gi rå`edhc oh fgdkej bihxekih, ? tuvehrjc ucg tgsg pjsetevg oh  prjouffeöc rhgi, y uc fgsj buh chutrgi. Hstjs rhsuitgojs jbrhfhc uc pjohrjsj gr`udhctj hdpärefj fjctrg uc rå`edhc oh tepj oh fgdkej belj8, hsphfegidhcth g igr`j pigzj. Ig fjcfiuseöc ohi grtäfuij oh Gezhcdgc y @iefn sh puhoh rhsuder oh ig se`uehcth dgchrg< fugctj dçs igr`j shg hi rå`edhc oh tepj oh fgdkej belj, dgyjr hs hi fjstj oh fgdkegr gi rå`edhc bihxekih. Agy vgrejs djohijs quh ecthctgc rhtrgtgr hi fjdpjrtgdehctj oh ucg phquh÷g hfjcjdäg gkehrtg. Xcj ag seoj prhshctgoj hc Kgii (7555), y dufajs sh agc prhshctgoj hc ijs trgkgljs oh Jkstbhio y [j`jbb. Hc hsth ojfudhctj trgkglgrhdjs fjc ucg djoebefgfeöc ohi djohij Ducohii-Bihdec` hxpiefgoj hc Reognjvef (;==8g). Hsth trgkglj hs, hc hbhftj, ig fjctecugfeöc oh ig kgsh thörefg rhgiezgog hc Reognjvef (;==8g y ;==8k). 0

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DGF[JHFJCJDÄG EE

 

Hi djohij precfepgi sh puhoh djstrgr oh ig se`uehcth dgchrg< ?

 Gquä hi gutjr hstç fjcseohrgcoj precfepgidhcth hi djohij oh hxphftgtevgs rgfejcgihs prhshctgoj hc Vgr`hct y Agcshc (;==2).  Cgturgidhcth, hsth gr`udhctj cj  y 4 sh fsjstehch + s + `se+(uchxpgäs ‖  ℗ tehch ) uc tepj oh fgdkej belj pgrg hctrgr hc ucg uceöc djchtgreg.

8

(;)

h4f+E+`+(b‖o) f 4 f j ( -r, y ) + G + f ( y, -r, -H/], P/] P/] ) > G4 z +  ( y, H/] ) E 4 e ( -r )j + e ( FD ) ‖ eG* ( FD, H/] ) 4 ej + p hx 4 hxj ( H/] ) + G* ( y* ) · β ( FD, H/] ) 4 hxj + x

(2) (0)

` 4 `j  y 4 ]KE   y *  4 ]KE ohi rhstj ohi ducoj  h 4 `gstjs  f 4 fjcsudj  s 4 gajrrjs  ` 4 `gstjs `ukhrcgdhctgihs  hx 4 hxpjrtgfejchs  ed 4 edpjrtgfejchs  E 4 ecvhrsejchs  r 4 tepjs oh ecthrås e cthrås rhgihs  b 4 ecvhrseöc frjgtg hc hi rhstj hc hi ducoj  d ucoj  o 4 ecvhrseöc hxtrgclhrg hc Frjgfeg  f j 4 fjcsudj gutöcjdj  G 4 Ohdgcog frjgtg oh edpjrtgfejchs  P 4 sgigrej  ] 4 cevhi oh prhfejs  FD 4 tepjs oh ecthrås ducoegihs  ` j  4 `gstjs ohi `jkehrcj gutöcjdj  e j  4 ecvhrsejchs gutöcjdgs hx j  4 hxpjrtgfejchs gutöcjdgs ed j  4 edpjrtgfejchs gutöcjdgs G*  4 ohdgcog hxtrgclhrg oh edpjrtgfejchs frjgtgs  |

(6) (?) (8)

ed 4 f ( y ) + edj · β ( FD, H/] ) 4 edj + d

1

(7)

DGF[JHFJCJDÄG EE

 

Oh igs hfugfejchs gcthrejrhs, pjohdjs jkthchr ig furvg EV pgrg ucg phquh÷g hfjcjdäg gkehrtg< y 4 f j ( -r, y ) + f ( y, -r, -H/], P/] ) + e j( -r ) + `j + edj + hxj + ^ G+p+d+xT

(1)

]grg ig furvg ID, usgrhdjs ucg bucfeöc ID nhychsegcj hstçcogr<

r 4

a y ∛ x ∛iύ 

(5)

i r   

Xcg vhz quh `rgbefgdjs igs ojs hfugfejchs, jkthcorhdjs ucg Djohij nhychsegcj oh phquh÷g hfjcjdäg gkehrtg<

E      V    

 F     D    

 I      D    

Hsth djohij, hc hbhftj, hs ig vhrseöc Ducohii-Bihdec` ohi djohij oh hfjcjdäg fhrrgog   y    EV-ID. Hs uc nhychsegcj hstçcogr djohij dgfrjhfjcödefj hstçtefj. Vh supjch quh hi dhrfgoj igkjrgi sh gfigrg y quh tjojs ijs fgdkejs sjc ecstgctçchjs. Igs hxphftgtevgs cj hctrgc hc hi djohij y ijs prjfhsjs vgregcths hc hi tehdpj cj luh`gc cec`üc pgphi, pjr ij quh cj agy jphrgojrhs oh rhtrgsj. Jkvegdhcth, hsth tepj oh djohij cj hs gprjpegoj ce ahrrgdehctg djohrcg hc ig thjräg hfjcödefg gftugi. Ajy thchdjs ahrrgdehctgs dgthdçtefgs pgrg ohsgrrjiigr djohijs dçs oecçdefjs, pjr ij quh bucfejcgrç fjc ucg vhrseöc gftugiezgog ohi djohij. Ig kgsh thörefg oh ReognjveĀ (;==8k) ecthctg frhgr ucg jptedezgfeöc oh ig bucfeöc oh hxpjrtgfeöc. Ig kgsh oh hstg jptedezgfeöc sjc igs dgthdçtefgs oh ig prj`rgdgfeöc oecçdefg. Hi hcbjquh fhctrgi oh ReognjveĀ (;==8k) hstç hc igs bucfejchs< 5

|

DGF[JHFJCJDÄG EE

 

ed 4 f ( y ) + edj · β ( FD, H/] ) 4 edj + d

( 7= )

hx 4 hxj ( H/] ) + G* ( y* ) · β ( FD, H/] ) 4 hxj + x

( 77 )

Hstgs ojs bucfejchs rhprhshctgc igs bucfejchs hstçtefgs pgrg hxpjrtgfejchs h edpjrtgfejchs hc ucg phquh÷g hfjcjdäg gkehrtg. _rgkglj prhvej ag trgcsbjrdgoj thörefgdhcth hstgs bucfejchs oh hstçtefgs g bjrdgs oecçdefgs. Hstg trgcsbjrdgfeöc ag dgrfgoj hi fjdehczj oh uc djohij fgpgz oh ogr fuhctg oecçdefg öptedg oh ig bucfeöc oh hxpjrtgfeöc pgrg ucg  phquh÷g hfjcjdäg gkehrtg.

  Djohij oecçdefj oh hx hxpjrtgfejchs. pjrtgfejchs.

;.7.

]grg ohsgrrjiigr hi djohij, thcorhdjs quh agfhr gi`ucgs supjsefejchs sjkrh hi djohij. Ig  predhrg supjsefeöc shrç quh agy c aj`grhs hc hfjcjdäg. G phsgr oh quh hi cüdhrj oh aj`grhs hs `rgcoh, agy uc rhprhshctgcth g`hcth quh sh gshdhlg gi rhstj oh ijs aj`grhs. Hi precfepgi prjkihdg quh hcbrhctg hi aj`gr hs födj dgxedezgr ig uteieogo hc uc phräjoj oh tehdpj ecbecetj. Ig uteieogo prjvehch ohi fjcsudj< ∓

∮

dgx  λ

∛7

=

 f 7∛α 7∛ α

( )

 α

7

∛α

ot 

(7;)

Vulhtj g< t ∛7

f t 4 w t ∛ swt  + Ϗ t 

∗ (7 +r ) ∛ ∛ sw t 

e

7

e

e

=

=9λ97 Ojcoh w hs hi sgigrej quh rhfekh hi aj`gr, s hs fjcstgcth tgsg oh gajrrj, y Ϗ hs ig pjrfeöc oh gajrrj quh ijs aj`grhs ohfeohc pgrg iequeogr hc hi phräjoj t, = ≯ Ϗ ≯ 7. Hsth cüdhrj hs hstjfçstefj pgrg fgog oh]hrj tehdpj. Ighstgdjs bucfeöc trgtgcoj 7; cjs ogfjc ig jptedezgfeöc prjkihdg  pgrg hi aj`gr ogoj su phräjoj fjcsudj. ohsoh ucg phquh÷g hfjcjdäg gkehrtg hs chfhsgrej ohbecer hi fjcsudj. Hi aj`gr tehch ig jpjrtuceogo oh fjcsuder ojs tepjs oh kehchs, kehchs cgfejcgihs y kehchs hxtrgclhrjs. Hc ig hfugfeöc 76 sh ohbech oefaj fjcsudj tjtgi< f a4 (7 ∛α ) f o + α f b 

(76)

Ojcoh ϗ rhprhshctg ig brgffeöc oh kehchs fjcsudeojs, tjtgiezgcoj 7> hi sukäcoefh o rhprhshctg ijs kehchs cgfejcgihs y hi sukäcoefh b rhprhshctg ijs kehchs hxtrgclhrjs> y f hs hi vhftjr oh kehchs fjcsudeojs.   =|

DGF[JHFJCJDÄG EE

 

Ve tjdgdjs ig bucfeöc oh uteieogo fjdj<

( ∛  )  f

u (fa )4

7

∛α

 α 7

∛α

(7?)

α

7

Fjdkecgcoj igs hfugfejchs 76 y 7? jkthchdjs< 7

 (( 7∛α ) fo + α fb  )

(

u (fa )4

7

∛α

∛α

 α 7

∛α

 )

(78)

Hi fjstj oh fjcsudj sh puhoh ohbecer oh ig se`uehcth dgchrg< t ∛7

Vulhtj g<

 

f t 4w t ∛ swt  + Ϗ t 

∗ ( 7 + r ) ∛ ∛ sw t 

7

, hctjcfhs f 4 ]   pgrg fgog  phrejoj oh tehdpj.

e

e

e

=

c

dgx ]4

∗ º º º)

(72)

=

Hi prhfej (]) `gstgoj hc kehchs hs ig sudg tjtgi oh prhfejs pg`goj pjr kehchs cgfejcgihs dçs prhfejs pg`gojs pjr kehchs hxtrgclhrjs> ρ hc hi phräjoj t rhprhshctg hi tepj oh fgdkej> y χ hs hi prhfej ohi kehc.

  Äcoefh oh fgdkej rhgi 

;.;.

Ig se`uehcth pgrth oh hsth trgkglj ohsgrrjiig uc äcoefh ohi tepj oh fgdkej rhgi y hlhfutg rh`rhsejchs sedpihs oh DFJ pgrg hstgkihfhr fuçihs oh igs vgregkihs gcths dhcfejcgogs tehchc uc edpgftj hc igs hxpjrtgfejchs y hc quå dhoeog. Hi prjpösetj oh ig rh`rhseöc DFJ cj hs pgrg shr uteiezgoj fjdj uc dhfgcesdj oh prjcöstefj, secj pgrg fjcberdgr j ch`gr ig fgusgieogo y ig fjchxeöc hctrh igs vgregkihs. _gdkeåc agkrç ucg pruhkg shpgrgog pgrg hi tepj oh fgdkej cjdecgi. ]redhrj thchdjs quh frhgr uc äcoefh ohi tepj oh fgdkej rhgi pgrg Frjgfeg y Hsijvhceg. Ig cjtgfeöc oh ijs ogtjs uteiezgojs y hi prjfhsj oh frhgfeöc ohi äcoefh sh hcfuhctrgc hc hi gpåcoefh oh ogtjs gi becgi ohi ojfudhctj. Hi jklhtevj precfepgi ohi äcoefh hs djstrgr oh dgchrg sedpih y oerhftg hi djvedehctj ohi tepj oh fgdkej rhgi hc hi tehdpj. Hi äcoefh ohi tepj oh fgdkej rhgi hc hi djohij hs< t 

ɱe4 Ɉ

∊ =

7

(h

hx t 

∛ ht ℗) + 7

(70)

Ξ - fjcstgcth, hi vgijr ecefegi ohi äcoefh 755? 4 7==  

|

DGF[JHFJCJDÄG EE

 

hx 

4 vgregfeöc ohi prhfej hc Frjgfeg j Hsijvhceg (vgregfeöc pjrfhctugi j ecbigfeöc), dçs ig gprhfegfeöc ohi tepj oh fgdkej, dhcjs ig ohprhfegfeöc ohi tepj oh fgdkej hc hi phräjoj. ed  h 4 ecbigfeöc ducoegi, hc hsth fgsj ecbigfeöc hc ig XH. h

Hi äcoefh frhgoj gquä hs duy sedpih. Ve hi äcoefh hstç kglgcoj, hstj se`cebefg quh ijs  prhfejs hc hi pgäs ojdåstefj hstçc gudhctgcoj dçs quh ijs prhfejs hc hi rhstj ohi ducoj. Hstj se`cebefg quh hi tepj oh fgdkej rhgi sh hstç gprhfegcoj. Ijs kehchs cgfejcgihs sjc dçs fgrjs, dçs kgrgtjs sh prjoufh hi hbhftj ]jrdçs jtrjrçpeoj igoj, sequh hi äcoefh ijs hstçhxtrgclhrjs sukehcoj, sjc ijs prhfejs hc hiyrhstj ohi ducoj hstçcsustetufeöc. gudhctgcoj ijs prhfejs hc hi pgäs ojdåstefj, hi tepj oh fgdkej rhgi sh ohprhfeg y ijs aj`grhs fjdhczgrçc g sustetuer kehchs hxtrgclhrjs pjr kehchs ojdåstefjs. Vh`üc ig thjräg kçsefg, ig oesdecufeöc oh hsth äcoefh ohkhräg thchr uc hbhftj ch`gtevj sjkrh igs hxpjrtgfejchs hc ucg hfjcjdäg phquh÷g y gkehrtg.

6. ]ruhkgs hdpärefgs Gcths oh fjdhczgr hi gcçieses oh rh`rhseöc, vhgdjs hi tepj oh fgdkej cjdecgi ourgcth uc  A[N   phräjoj oh oehz g÷js pgrg Frjgfeg y Hsijvhceg. Hi tepj oh fgdkej uteiezgoj hs hi oh ig ig A[N  (föoe`j ecthrcgfejcgi oh djchog pgrg< Nucg) brhcth gi hurj y hi töigr brhcth gi hurj hc hi  phräjoj =7 /7558 agstg =7 / ;==8. Ohkhdjs gfigrgr quh ig Nucg hs ig djchog djchog cgfejcgi  cgfejcgi oh Frjgfeg Frjgfeg,, hdeteog pjr hi Kgcfj Cgfejcgi Frjgtg y hi töigr buh ig ohcjdecgfeöc oh ig djchog oh Hsijvhceg Hsijvhceg ohsoh  ohsoh hi 1 oh jftukrh oh jftukrh oh 7557 7557 agstg  agstg hi 67 oh oefehdkrh oh ;==2. Fjdj jkshrvgdjs hc hi `rçbefj, hs figrj quh hi tepj oh fgdkej oh igs nucgs ag hstgoj hc uc rgc`j duy hstrhfaj ohsoh dhoegojs oh 7551 agstg ig gftugieogo. Ig dhoeg oh tjoj hi  phräjoj hs 0,;1> fjc ucg ohsvegfeöc hstçcogr oh =,66. Hi däcedj oh ig shreh hs 2,27 y hi dçxedj hs 0,06. Hi iädeth ecbhrejr hstç g =,20 nucg oh ig dhoeg oh gprjxedgogdhcth hi 5%. Hi iädeth suphrejr hstç g =,?8 nucg oh ig dhoeg ohi 2%, ij quh ecoefg hshcfegidhcth ucg rhsesthcfeg gi gizg. Hc hi `rçbefj duhstrg quh> ohsoh precfepejs oh 7555, ig nucg ag hstgoj buhrthdhcth fjctrjigog. Hi tepj oh fgdkej cj hs belj, phrj sh ag dgcthceoj hc ucg kgcog duy hstrhfag. Gajrg, ogog ig thjräg ohi djohij, tgi fjdpjrtgdehctj hfjcödefj ohkhräg shr ch`gtevj pgrg igs hxpjrtgfejchs hc Frjgfeg, hctjcfhs se hxesth ucg oebhrhcfeg oh prhfejs fjcseohrgkih hctrh Frjgfeg y hi pgäs quh edpjrtg prjouftjs frjgtgs. Hi desdj gcçieses sh puhoh agfhr  fjc hi töigr, hctjcfhs ig dhoeg oh ig shreh hs ;=7,016. Hi puctj dçs gitj hs ;65,55 y hi däcedj oh ig shreh hs 78=,01. Fgkh sh÷gigr quh hi vgijr däcedj jfurrh gi fjdehczj oh ig shreh, y hi vgijr dçs gitj jfurrh agfeg hi becgi oh ig shreh. Vh puhoh vhr figrgdhcth quh hxesth ucg ohprhfegfeöc cjdecgi (oesdecufeöc ohi prhfej oh ig djchog cgfejcgi hxprhsgoj hc ucg djchog hxtrgclhrg)  hxtrgclhrg)   phrsesthcth phrsesthcth ohi tepj oh fgdkej ohi töigr brhcth gi hurj. Hc ijs `rçbefjs se`uehcths, ig nucg hs ucg iächg rhftg> dehctrgs quh hi töigr hs fgse ucg bucfeöc iechgi fjc ucg phcoehcth fjcstgcth. @rçbefj 7< _epj oh fgdkej cjdecgi, Frjgfeg   ;|

DGF[JHFJCJDÄG EE

   

 Ig phcoehcth thrdecg y sh hstgkeiezg ucg vhz quh Hsijvhceg hctrö hc ig Xceöc Hurjphg y tuvj quh hstgkeiezgr hi tepj oh fgdkej pgrg prhpgrgrsh pgrg ig XHD (Xceöc Hfjcödefg y Djchtgreg). Ig fugi hs hi çrhg bjrdgog pjr hi fjcluctj oh pgäshs>ohctrj oh ig Xceöc Hurjphg,, quh fjdpgrthc cj söij uc dhrfgoj, secj tgdkeåc ucg desdg djchog, hi hurj Hurjphg hurj,, pjr  ij quh hc hiijs sh hlhfutg ucg pjiätefg ucg  pjiätefg djchtgreg djchtgreg   ücefg. Gohdçs, fjjroecgc igs pjiätefgs hfjcödefgs. Gajrg vhrhdjs hi äcoefh oh fgdkej rhgi. Hi tepj oh fgdkej rhgi oh Frjgfeg hs< Fjdj duhstrgc ijs `rçbefjs, ag agkeoj ucg ojkih gprhfegfeöc. Fjc hi tehdpj, gdkjs  pgäshs agc hxphredhctgoj uc djvedehctj hc ig kglg ohi tepj oh fgdkej rhgi. Vh puhohc hcfjctrgr rhsuitgojs sedeigrhs hc Bihrh (;==?) y Fjrefhiie y Lgzkhf (;==?). Hstjs sjc ijs vgijrhs rhgihs pgrg hi äcoefh oh gfuhroj fjc ijs fçifuijs ohi gutjr oh ig Hfugfeöc 70. Fugorj 7< Äcoefh oh tepj oh fgdkej rhgi 

 G÷j 755?/7 7558/7 7552/7

7550/7 7551/7 7555/7 ;===/7 ;==7/7 ;==;/7 ;==6/7 ;==?/7

  6|

Äcoefh Hsijvhceg

7== 7=6.27;862 7=;.00162;6 7==.87256?1 5?.5=876;1 58.1?2220?7 50.;7227028 5?.;1615568 5;.816=?58; 5=.18;68==8 15.5==75850

Äcoefh Frjgfeg

7== 77;.;??60 77;.=2282 7=1.602?1 7=6.20=65 58.885;? 11.?21;?8 18.65;850 8215  Buhcth< fçifuijs 1 oh2.?=Reognjvef, 12.0?6218   1?.660778

DGF[JHFJCJDÄG EE

   

Jkshrvgcoj hi fugorj 7, pjohdjs ogrcjs fuhctg oh quh, ig tgsg hsijvhcg fgyö uc 7?% y ig tgsg frjgtg fgyö uc ;8% ohsoh sus pefjs hc 7558. Gajrg, ogoj quh hi äcoefh fjdehczg fjc 755? fugcoj hs e`ugi g 7==, agy vgregs fjsgs quh agy quh ohfer gcths oh gcgiezgr hi äcoefh< 7. Ig pjiätef pjiätefgg hsijvhcg ag seoj fjcstg fjcstgcth. cth. Ig pjiätefg djch djchtgreg tgreg ag ecthctgoj ecthctgoj hvetgr  ucg fgäog ohi tepj oh fgdkej rhgi. Hc prjdhoej, hc ijs üitedjs oehz g÷js, hi äcoefh sh ohprhfeö dhcjs ohi 7% fgog g÷j. ;. Hi sgitj ecefegi ecefegi oh Frjgfeg Frjgfeg hc 7558 puho puhohh ecthrp ecthrprht rhtgrs grshh fj fjdj dj uc ucgg shfuh shfuhig ig ohi  phräjoj oh aephrecbigfeöc dçs quh fjdj hi hbhftj oh uc fgdkej rgoefgi hc ig  pjiätefg djchtgreg. 6. ]johdjs vh vhrr ojs fajquh fajquhss oestectjs hc hhii äcoefh hc Buhcth< 755 75511 fugcoj hi hi töigr ig nucg sh sh fçifuijs oh yReognjvef, gprhfegrjc orçstefgdhcth.   ?. Aukj uc fgdkej oh pjiätefg pjiätefg hc Frjgf Frjgfeg. eg. Oh 755? g 7552 hi äcoefh hs fgse fgse ucebjrdh,  phrj ohsoh 7550 hi äcoefh sh gprhfeg orçstefgdhcth agstg ;==;, fugcoj sh hstgkeiezg. 8. 76,?? Hc hi puctjs. des desdj dj igpsj oh tehdp tehdpj (75 58-;== ;==?), ?), hi äcoefh äco hc Hsijv Hsijvhce hcegg shfgyö rhoulj rhou;0,57 lj hc Hc Frjgfeg, hcj hi(7558desdj phräjoj ohefh tehdpj, hi äcoefh  puctjs dçs ohi ojkih ohi djvedehctj hc Hsijvhceg.

@rçbefj ;< _epj oh fgdkej cjdecgi, Hsijvhceg

 Buhcth<  

  ?|

fçifuijs

oh

Reognjvef,

DGF[JHFJCJDÄG EE

   

_E]J OH FGDKEJ [HGI F[JGFEG 778 77= 7=8 7== 58 5= 18 1= 08 0= 755 5?/7 75

7558/7

7552 52/7 /7

7550/7

7551/7

7555 55/7 /7

;== ;= ==/7

;== ;= =7/7

;==;/7

;==6/7

;== ;= =?/7

@rçbefj 6< _epj oh fgdkej rhgi, Frjgfeg

Oh hstj hstjss ogtj ogtjss pjoh pjohdj djss fjcf fjcfiu iuer er quh quh hi fajq fajquh uh oh ohii te tepj pj oh fg fgdk dkej ej rh rhgi gi sj sjkr krhh ig igss hxpjrtgfejchs ohkhräg shr dufaj dçs ohsbgvjrgkih sjkrh igs hxpjrtgfejchs frjgtgs, quh, sjkrh igs hxpjrtgfejchs hsijvhcgs, hc hi desdj phräjoj oh tehdpj, kglj hi supuhstj oh quh hi tepj oh fgdkej rhgi tehch uc hbhftj sjkrh igs hxpjrtgfejchs. Hstg supjsefeöc güc ohkh  prjkgrsh hdpärefgdhcth. hdpärefgdhcth. Rjivehcoj g ig hfugfeöc 78, vhdjs quh ig uteieogo sh kgsg hc hi fjcsudj y, g pgrter oh ig hfugfeöc 72, vhdjs quh> se ijs kehchs cgfejcgihs sh gkgrgtgc. Hctjcfhs ijs aj`grhs sustetuerçc ijs kehchs cgfejcgihs pjr kehchs hxtrgclhrjs. G pgrter oh ijs rhsuitgojs ohi djvedehctj ohi tepj oh fgdkej rhgi, pjohdjs fjcfiuer quh hi hbhftj sustetufeöc hc Frjgfeg ohkhräg shr dufaj dçs ohsbgvjrgkih pgrg ig prjouffeöc cgfejcgi quh hc Hsijvhceg.

6.7. [h`rhsejchs

 Buhcth<  

fçifuijs

oh

Reognjvef,

Gajrg vhrhdjs rh`rhsejchs hc vgregs vgregkihs pgrg jkshrvgr hi edpgftj `hchrgi ohi tepj oh fgdkej rhgi, hi oebhrhcfegi oh tepjs oh ecthrås y ig ohdgcog hxthrcg oh hxpjrtgfejchs.  Cjs hcfgr`grhdjs oh ig rh`rhseöc kçsefg oh däcedjs fugorgojs jroecgrejs, ig fugi tehch ig se`uehcth bjrdg<

hx 4 η + λ7 ζ + λ; ο + λ6 θ ζ ‖ Rgijr oh rh`estrj G* ο ‖ Rgijr oh rh`estrj γ θ ‖ Rgijr oh rh`estrj ΢ Ig becgieogo oh oefag rh`rhseöc> cj hs pjohr prhohfer hi djvedehctj buturj ohi tepj oh fgdkej rhgi ce shrver fjdj djohij. Gajrg kehc, tgdkeåc sh pjorägc jkthchr rhsuitgojs dhljrhs fjc dçs prhfeseöc, pgrg ig prhoeffeöc uteiezgcoj ijs dåtjojs RG[ fjdj hc Hfahkgud y Farestegcj (;==8) j tgdkeåc uc prjfhoedehctj BGRG[ ohsgrrjiigoj rhfehcthdhcth fjdj prjpuhstj pjr Khrcgcnh ht gi (;==8). Hc hsth fgsj, uteiezgrhdjs rh`rhsejchs DFJ pgrg pjohr eohctebefgr fjc se`cebefgfeöc hstgoästefg fuçihs oh igs vgregkihs tehchc uc edpgftj hc igs hxpjrtgfejchs y quå vgregkihs cj tehchc edpgftj hc igs hxpjrtgfejchs. 8

|

DGF[JHFJCJDÄG EE

 

Igs trhs vgregkihs precfepgihs sjc< tepj oh fgdkej rhgi (fjdj sh prhshctg hc hi äcoefh gcthrejr), oebhrhcfegi oh tepjs oh ecthrås y frhfedehctj hc hi pgäs gi quh hxpjrtgc Frjgfeg y Hsijvhceg, hc hsth fgsj frhfedehctj hc ig XH. Ijs rhsuitgojs oh ig rh`rhseöc gquä sjc pgrg Frjgfeg. ]hrj ijs rhsuitgojs oh ig rh`rhseöc  pgrg Hsijvhceg sh hcfuhctrgc hc hi gpåcoefh. Hi rhsuitgoj dçs sjrprhcohcth oh ig rh`rhseöc buh hi ahfaj oh quh hi oebhrhcfegi oh tepjs oh ecthrås y hi frhfedehctj hc ig XH cj buhrjc hstgoästefgdhcth se`cebefgtevjs. hx 4 7=.60 ‖ 8.0;ζ ‖ ?.711ο + =.862θ (76.6;) (-=.8;) (-7.=7) (6.85) Ijs vgijrhs oh ig hstgoästefg t hstçc hctrh pgråcthses @rçbefg ?< _epj oh fgdkej rhgi, Hsijvhceg. _E]J OH FGDKEJ [HGI HVIJRHCEG 778 77= 7=8 7== 58 5= 18 1= 08 0= 755?/ 7

7558/ 7

7552/7

7550/ 7

7551/ 7

7555/ 7

;===/ 7

;==7/ 7

 Buhcth<  

;==;/ 7

fçifuijs

;==6/ 7

oh

;==?/ 7

Reognjvef,

Fjdj sh jkshrvg, ce hi oebhrhcfegi oh tepjs oh ecthrås ce hi frhfedehctj sjc se`cebefgtevjs. Hi ücefj hihdhctj hstgoästefgdhcth se`cebefgtevj oh ig hfugfeöc hs hi äcoefh oh tepj oh fgdkej rhgi. Oh hstj sh ohsprhcoh ig fjcfiuseöc oh quh, pgrg ecfrhdhctgr igs hxpjrtgfejchs> uc pgäs ohkhräg ohprhfegr hi tepj oh fgdkej rhgi. _gdkeåc hxesth uc pjsekih prjkihdg fjc hi tgdg÷j phquh÷j oh ig duhstrg> phrj ogoj quh hi phräjoj oh tehdpj fjcseohrgoj hs phquh÷j, igs ?= jkshrvgfejchs sjc igs ücefgs pjsekihs. G pgrter oh hstg rh`rhseöc pjohdjs pgsgr g ig rh`rhseöc oh bgftjr ücefj, y rh`rhsgcoj sjij ijs vgijrhs oh igs hxpjrtgfejchs hc hi äcoefh oh tepj oh fgdkej rhgi jkthchdjs< hx 4 7=.72;8 + =.887?θ (76.1?) (6.05)  Cuhvgdhcth,, hi äcoefh ohi tepj oh fgdkej rhgi hs hxtrhdgogdhcth se`cebefgtevj y fjcberdg  Cuhvgdhcth ijs supuhstjs ohi djohij.   2|

DGF[JHFJCJDÄG EE

 

Oh ahfaj, hs duy se`cebefgtevj y [ fugorgoj hstç gi ;2%, ij fugi hs rhigtevgdhcth gitj pgrg ucg rh`rhseöc oh ucg sjig vgregkih. _gdkeåc sh ohkh thchr hc fuhctg quh hstjs sjc vgijrhs ij`grätdefjs> pjr ij quh uc se`cj pjsetevj ohigcth oh ë tehch shcteoj. G dhoeog quh hi äcoefh sukg uc 7%, igs hxpjrtgfejchs sukerçc uc =,88%. Ijs rhsuitgojs pgrg hi pgäs oh Hsijvhceg sjc duy sedeigrhs g ijs jkthceojs pgrg hi pgäs oh Frjgfeg> y hiij sh duhstrg hc hi gpåcoefh fjc hi rhstj oh rhsuitgojs.

6.;. Oesfuseöc Ig pruhkg oh ogtjs rhfagzg igs edpiefgfejchs thörefgs oh Reognjvef (;==8). Åi gberdg quh ohkhrägc hxester trhs vgregkihs precfepgihs pgrg ig hsteduigfeöc oh igs hxpjrtgfejchs> sec hdkgr`j, igs pruhkgs hdpärefgs rhfagzgc hsg aepöthses y cjs ohlgc fjc ucg sjig vgregkih< hi tepj oh fgdkej rhgi. Ig ücefg pjiätefg rhgiestg pgrg ucg hfjcjdäg phquh÷g y gkehrtg hs, sh`uer ohprhfegcoj hi tepj oh fgdkej rhgi. G trgvås oh ig ohprhfegfeöc rhgi ohi tepj oh fgdkej, ucg phquh÷g hfjcjdäg gkehrtg jkie`g g ijs aj`grhs g sustetuer kehchs ojdåstefjs pjr hxtrgclhrjs. ]hrj agy ojs prjkihdgs fjc hstg iö`efg< 7. Hi predhr prjkihdg> hs hi ahfaj oh quh hi tepj oh fgdkej rhgi cj puhoh ohprhfegrsh fjcstgcthdhcth. Ig rgzöc oh hstj sjc igs edpjrtgfejchs gutöcjdgs. Hstgdjs gcth ucg  phquh÷g hfjcjdäg gkehrtg y hxesthc gi`ucgs edpjrtgfejchs quh chfhsetg ucg phquh÷g hfjcjdäg gkehrtg pgrg bucfejcgr fjrrhftgdhcth, y agy gi`ucjs kehchs ojcoh hi hbhftj sustetufeöc hs edpjsekih. Igs edpjrtgfejchs gutöcjdgs sjc pgrth oh ig Hfugfeöc 8. ;. Ig sh`ucog rgzöc hs ig cgturgihzg ohi prjkihdg. Cj hs pjsekih hstgkihfhr ucg dhtg pgrg ig ohprhfegfeöc ohi tepj oh fgdkej rhgi pgrg sehdprh. _gi ohprhfegfeöc fjcstgcth ohi tepj oh fgdkej rhgi hc bjrdg iechgi j hxpjchcfegi (pjr pjrfhctglh fjcstgcth) pgrhfh gitgdhcth ecvhrjsädei hc hi ducoj rhgi. ]hrj thchdjs ucg sjiufeöc g oefaj prjkihdg, ig fugi hs ig se`uehcth< Ve ig phquh÷g hfjcjdäg gkehrtg cj puhoh ohprhfegr fjcstgcthdhcth su djchog ecohbeceogdhcth> phrj ucg phquh÷g hfjcjdäg gkehrtg puhoh jptedezgr ig ohprhfegfeöc / gprhfegfeöc rhgi, ij quh ahdjs vestj hdpärefgdhcth hc hi fgsj oh Hsijvhceg. Hi äcoefh oh fgdkej rhgi sh hstç gprhfegcoj, phrj `rgfegs g ucg pjiätefg djchtgreg gohfugog. Hc ig fugi, ig ohprhfegfeöc rhgi sh ag ohsgfhihrgoj y fjctrjigoj. ]jr jtrj igoj> hc hi fgsj oh Frjgfeg hstgdjs vehcoj ucg bgitg oh pjiätefg djchtgreg ohbeceog. Ig fugi se`cebefg quh söij hxesth ig prhshrvgfeöc ohi stgtus quj< uc tepj oh fgdkej belj sec edpjrtgr hi fjstj. U sh ag ohlgoj quh hi tepj oh fgdkej rhgi biuftüh gdpiegdhcth> ohkeoj gi fjcseohrgkih oebhrhcfegi oh tepjs oh ecthrås, ij quh ag  prjvjfgoj ucg hcjrdh ohuog hxthrcg y uc hcjrdh oåbefet pjr fuhctg fjrrehcth.

  0|

DGF[JHFJCJDÄG EE

 

6.6 Vjiufeöc Fjdj pjohdjs vhr hc igs rh`rhsejchs, hi bgftjr dçs edpjrtgcth pgrg hi frhfedehctj oh igs edpjrtgfejchs hs hi tepj oh fgdkej rhgi. Hctjcfhs, pgrg quh ig hfjcjdäg thc`g frhfedehctj hc igs hxpjrtgfejchs, hs chfhsgrej jptedezgr hi tepj oh fgdkej rhgi. Vec hdkgr`j, hi tepj oh fgdkej rhgi cj hs sjij ucg vgregkih quh sh puhoh fgdkegr bçfeidhcth. Ve dergdjs ig hfugfeöc 70, vhdjs quh ijs prhfejs hc hi pgäs hstçc buhrg oh cuhstrj fjctrji. Hc jtrgs pgigkrgs, fjctrjigr hi tepj oh fgdkej rhgi hs uc prjkihdg oh  prj`rgdgfeöc oecçdefg hstjfçstefg. hstjfçstefg. Hsth prjkihdg sh puhoh rhprhshctgr hc ig hfugfeöc 71. R   (( hx )4dgxu ( f ) + λHhx ¿ ∡ hx R ( hx ¿ ) 

(71)

Hdpärefgdhcth> se jkshrvgdjs ijs äcoefhs oh tepj oh fgdkej oh Frjgfeg y Hsijvhceg, vhdjs quh hi äcoefh oh fgdkej rhgi oh Hsijvhceg hs ucg sjiufeöc g ig hfugfeöc. Gucquh hi äcoefh cj sh duhvh hc ig oerhffeöc ohshgog (hi äcoefh sh hstç gprhfegcoj hc iu`gr oh ohprhfegrsh), vhdjs quh hi äcoefh hs sugvh fjc ucg vjigteieogo duy phquh÷g. Hi tepj oh fgdkej rhgi oh Frjgfeg, pjr jtrj igoj, hs sgivglh y vjiçtei.

6.? [hsuitgojs Oefaj trgkglj oh ecvhste`gfeöc oh jrehctgfeöc hdpärefg> jkshrvgrhdjs ijs rhsuitgojs hdpärefjs oh ig pjiätefg djchtgreg hih`eog. Gi gcgiezgr hi djohij> ig precfepgi prhoeffeöc hs quh, ohkeoj g igs jsfeigfejchs ohi tepj oh fgdkej rhgi, sh prjouferç uc hbhftj sustetufeöc. Ve hi tepj oh fgdkej rhgi sh gprhfeg, ijs  kehchs cgfejcgihs gudhctgrçc gudhctgrçc oh prhfej y jkie`grçc g ijs aj`grhs rgfejcgihs g sustetuer  kehchs cgfejcgihs pjr hxtrgclhrjs. Hsth hbhftj sustetufeöc prjvjfgrç `rgcohs oåbefets fjdhrfegihs phrsesthcths y hc fgsj oh quh cj hxestgc dhoejs ecthrcjs githrcgtevjs pgrg becgcfegr hi oåbefet, hi pgäs thcorç uc `rgc gudhctj oh ig ohuog hxthrcg. G pgrter oh ijs ogtjs quh ahdjs jkshrvgoj sjkrh hi tepj oh fgdkej rhgi, hi djohij cjs  prhshctg quh hi pgäs oh Hsijvhceg ohkhräg thchr uc phquh÷j oåbefet fjdhrfegi y ucg phquh÷g ohuog hxthrcg. ]jr jtrj igoj, Frjgfeg, sh`üc hi djohij, ohkhräg thchr uc `rgc oåbefet fjdhrfegi y ucg `rgc ohuog hxthrcg. Gajrg vhrhdjs ijs ogtjs y fjdprjkgrhdjs se igs  prhoeffejchs ohi djohij sjc fjrrhftgs. Hc ijs üitedjs oehz g÷js> Frjgfeg ag hxphredhctgoj uc oåbefet fjdhrfegi phrsesthcth y ig ohuog hxthrcg sh ag oespgrgoj, fjdj sh jkshrvg hc ijs ogtjs se`uehcths. Ourgcth hi desdj phräjoj> Hsijvhceg ag thceoj ucg kgigczg oh pg`js hstgkih y ucg ohuog hxthrcg rhigtevgdhcth khce`cg. ]jr hiij> hi djohij hs gksjiutgdhcth fjrrhftj hc sus prhoeffejchs sjkrh hi hbhftj ohi tepj oh fgdkej rhgi sjkrh ig kgigczg fjdhrfegi y ig ohuog hxthrcg. Fjdj jkshrvgdjs, ijs ogtjs hdpärefjs agc djstrgoj ig jrehctgfeöc ecfjrrhftg oh ig pjiätefg djchtgreg frjgtg y ig jrehctgfeöc fjrrhftg oh ig pjiätefg djchtgreg hsijvhcg. Ig hihffeöc ecfjrrhftg oh ig pjiätefg djchtgreg ag prjvjfgoj quh Frjgfeg thc`g ucg `rgc ohuog y ucg hfjcjdäg  phrsesthcthdhcth  phrsesthcthdh cth echptg> pjr jtrj igoj, hstg ruecg hfjcödefg sh ag hvetgoj hc hi fgsj oh Hsijvhceg

  1|

DGF[JHFJCJDÄG EE

   

_gkig ;< Ecoefgojrhs hfjcödefjs oh Hsijvhceg  Hsijvhceg

 

7558

7552

7550

7551

7555

;===

;==7

;==;

;==6

;==?

 Hxpjrtgfejchs oh kehchs y  shrvefejs

-

7.;2?.18

7.812.12

7.051.;7

7.10?.6=

;.720.21

;.8?=.1;

;.56=.==

6.788.1?

6.28;.62

 Edpjrtgfejchs oh kehchs y  shrvefejs

-

7.6=?.;6

7.272.=2

7.185.08

;.=?=.2=

;.;6=.61

;.272.;0

;.576.2?

6.712.8=

6.217.?=

-65.60

-;5.;

-27.8?

-722.;5

-2;.0=

-08.?2

72.68

-6=.2?

-;5.=?

-7

-7

-7

-?

-6

-7

7

=

-7

 Hxfhohcth fjc hi    rhstj ohi ducoj  Oåbefet fjdj %   oh @O] 

-;

Frjgfeg

 

7552

7550

7551

7555

;===

;==7

;==;

;==6

;==?

 Oåbefet hc fuhctg fjrrehcth fjdj % -?,1 oh @O]   Ohuog hxthrcg   ?.;1?

-7;,6

-2,1

-0

-;,8

-6,0

-1,0

-0,6

-8,;

2.027

5.706

7=,7=7

7;.7=5

76.?81

78.=88

75.177

;;.017

 Ohuog hxthrcg ;0 fjdj % oh @O]    ;0

61

?0,2

8?,7

2=,2

2=,0

2;,; Kgcfj0Fhctrgi 0,2 gi oh 1Hsijvhceg ;,8  Buhcth< Fhctr

 _gkig 6< Ecoefgojrhs hfjcödefjs, Frjgfeg.

 Buhcth< Kgcfj Fhctrgi Fhctrgi oh Frjgfeg

  5|

DGF[JHFJCJDÄG EE

 

?. Fjcf Fjcfiusejc iusejchs hs Hi prjpösetj oh hstg ecvhste`gfeöc buh gcgiezgr hi ohsgrrjiij oh igs pjiätefgs djchtgregs hc ojs pgäshs< Hsijvhceg y Frjgfeg. ]grg hiij, hsth ojfudhctj pruhkg uc djohij kgsgoj hc ig jptedezgfeöc oecçdefg ohi tepj oh fgdkej rhgi. Xcg vhz ohsgrrjiigoj hi djohij, hi gcçieses hdpärefj sgfg g ig iuz ojs puctjs. j j

  Ig ohdgc ohdgcog og hxthrcg oh kehchs cg cgfejcgihs fejcgihs   Hi oebhrhcf oebhrhcfegi egi oh ig tgsg oh ecthrås rhgi rhgi

Ijs puctjs dhcfejcgojs gcthrejrdhcth cj luh`gc uc pgphi edpjrtgcth hc hi cevhi oh hxpjrtgfejchs oh ucg hfjcjdäg phquh÷g y gkehrtg. ]jr ij tgctj, sh ohsfgrtgc igs ojs vgregkihs quh hi djohij prhoefh edpjrtgcths. Ig ücefg vgregkih quh quhog hstgoästefgdhcth edpjrtgcth pgrg hi cevhi oh hxpjrtgfejchs hc ucg hfjcjdäg phquh÷g y gkehrtg hs hi tepj oh fgdkej rhgi. Ig rh`rhseöc sedpih oh DFJ (Däcedjs Fugorgojs Jroecgrejs) fjcberdg quh hxesth ucg buhrth rhigfeöc hstgoästefg hctrh igs hxpjrtgfejchs y hi tepj oh fgdkej rhgi, fjdj  prhoelj jre`ecgidhcth hi djohij. Ohspuås oh igs pruhkgs hstgoästefgs, ijs ogtjs hdpärefjs sh gcgiezgc fjcberdgc fjdpihtgdhcth hi djohij. Xcg djchog rhgi buhrth fjc thcohcfeg g igy gprhfegfeöc  prjvjfgrç uc `rgc ohshqueiekrej fjdhrfegi y uc frhfedehctj phrsesthcth oh ig ohuog hxthrcg. Fjdj vhdjs hc ijs ogtjs oh Frjgfeg, ucg djchog hc fjcstgcth gprhfegfeöc hc tårdecjs rhgihs ag prjvjfgoj uc oåbefet fjdhrfegi `rgcoh y fgog vhz dgyjr y uc frhfedehctj hxpjchcfegi oh ig ohuog hxthrcg. Ve dergdjs hi trgkglj oh ecvhste`gfeöc fjdj uc hstuoej hdpärefj, cj hs duy oebäfei fjcfiuer quå pjiätefg rhsuitö shr ig fjrrhftg y fuçi buh hi fjstj (khchbefej) oh ig pjiätefg hih`eog. Fugcoj sh pruhkg hdpärefgdhcth, hi djohij fjcberdg quh ig pjiätefg djchtgreg oh tepj oh fgdkej bihxekih hc Hsijvhceg buh duy suphrejr g ig pjiätefg djchtgreg oh tepj oh fgdkej belj hc Frjgfeg.

;=

|

DGF[JHFJCJDÄG EE

 

 HI DJOHIJ OHI JRH[VAJJ_EC@ JRH[VAJJ_EC@ ]G[G X XC  C  FGVJ ]H[XGCJ  Djohij

Hc hi

;

|

DGF[JHFJCJDÄG EE

 

]hrü, hxesth ucg rhigfeöc ecvhrsg hctrh hi tepj oh fgdkej y ig tgsg oh ecthrås cgfejcgi, ij quh fjcfuhrog fjc hi dgrfj thörefj prjpuhstj pjr hi djohij Ducohii - Bihdec` oecçdefj. Gohdgs, pgrhfh hxester ucg rhigfeöc oerhftg hctrh hi ij`gretdj ohi Äcoefh oh ]rhfejs gi Fjcsudeojr (E]F) fjc hi tepj oh fgdkej, ij quh tgdkeåc fjcfuhrog fjc hi djohij. Vec hdkgr`j, hi hihvgoj pjrfhctglh oh ig ohuog hc oöigrhs quh fgrgfthrezg g ig hfjcjdäg  phrugcg jfgsejcgräg ucg rhfhseöc gcth uc gudhctj ohi tepj oh fgdkej cjdecgi, ij fugi fjctrgoefh ig prhoeffeöc ohi djohij oh quh ucg sukeog hc hi tepj oh fgdkej jfgsejcgrç uc ecfrhdhctj hc hi prjouftj. Hc hi `rçbefj sh duhstrg ig hvjiufeöc oegreg ohi tepj oh fgdkej  pgrg hi phräjoj bhkrhrj-cjvehdkrh gyuogr shptehdkrh ;===, g÷j hc hi fugi sufhoehrjc ahfajs quh ecfrhdhctgrjc ig ecfhrteoudkrh (rehs`j pgäs) sjkrh hi ohstecj ohi ]hrü pjr ig freses pjiätefg quh sh veveö. Hctrh hstjs ahfajs ohstgfgc ig predhrg y sh`ucog vuhitg hihftjrgihs, y ig trgcsdeseöc ohi veohj Njure-Djcthsecjs, fjcstetuyåcojsh hsth üitedj hi bgftjr figvh quh fjcoulj g ig rhcucfeg ohi prhseohcth oh turcj. Ourgcth hsth phräjoj sh  puhoh jkshrvgr ucg sukeog krusfg (jvhrsajjtec`) ohi tepj oh fgdkej lustj iuh`j quh gfjcthfehrjc fgog ucj oh ijs ahfajs ohsfretjs, y pjsthrejrdhcth ucg rhouffeöc ohi tepj oh fgdkej agstg hstgkeiezgrsh hc uc cuhvj cevhi, dçs hihvgoj quh hi ecefegi. Hstj fjcberdg ig vgieohz ohi djohij hc fuhsteöc pgrg hxpiefgr ig hvjiufeöc ohi tepj oh fgdkej, hc hsth fgsj  pgrtefuigr, gcth uc ecfrhdhctj ohi rehs`j pgäs.  pgäs.  @rçbefg 8< Hvjiufeöc ohi _epj oh fgdkej ecbjrdgi.

 Buhcth< KF[

;;

|

DGF[JHFJCJDÄG EE

 

[hgffejcgcoj gi ecfrhdhctj ohi rehs`j pgäs, ijs ecvhrsejcestgs vhc cuhstrg hfjcjdäg fjc dgyjr fueogoj. Ve ijs fgpetgihs sgihc ohi pgäs, pjr ig dhcjr rhctgkeieogo hsphrgog oh ijs ecvhrsejcestgs hc cuhstrj pgäs, hstjs rhgse`cgrçc pgrth ohi fgpetgi quh dgctehchc gfç agfeg jtrjs pgäshs, ij quh prjouferç ucg prhseöc gi gudhctj ohi tepj oh fgdkej (↗ H).

 

Glusth Ihctj ohi ]rjouftj

 Ecefegidhcth hi tepj oh fgdkej (_F) hstç hc 6.?8, sgitgcoj g 6.8=2 uc oäg gcths oh igs hihffejchs, pgrg iuh`j hstgkeiezgrsh hc 6.?110. Oägs prhvejs g ig sh`ucog vuhitg hihftjrgi, hi tepj oh fgdkej vuhivh g sgitgr g 6.8;, hstgkeiezçcojsh iuh`j hc hc 6.?5.

]jr hi gudhctj ohi rehs`j pgäs, ig furvg h 4 = sh trgsigog g ig ohrhfag ojs vhfhs< e) ee)

prh prhveg vegdh dhcth cth g ig predhr predhrgg vuh vuhitg itg hih hihftj ftjrgi rgi prhveg prhvegdh dhcth cth g ig sh sh`uc `ucog og vuh vuhitg itg hih hihftj ftjrgi rgi

Oh jtrj igoj, fjdj sh ohrevg oh ig hfugfeöc oh pgreogo. Vh prjoufh uc hxfhsj oh ohdgcog oh oöigrhs pjr ig sgieog oh fgpetgihs quh jfgsejcg ucg dgyjr rhctgkeieogo oh igs ecvhrsejchs hc hi hxthrejr< Hsth ohshqueiekrej dhrfgoj oh oevesgs prjoufh ucg prhseöc gi gudhctj ohi tepj oh fgdkej<

hc

hi

Ig ohprhfegfeöc ecfrhdhctg cuhstrg ohdgcog g`rh`gog väg ig dhljrg hc kgigczg fjdhrfegi,  phrj hi glusth sh prjoufh oh bjrdg dçs ihctg<

;6

|

DGF[JHFJCJDÄG EE

 

Hi dgyjr cevhi oh ec`rhsjs gudhctg ig ohdgcog oh oechrj hc ig hfjcjdäg, ij quh, ogog ucg jbhrtg oh oechrj fjcstgcth, prjoufh uc ecfrhdhctj hc ig tgsg oh ecthrås quh vuhivh dçs gtrgftevjs g ijs kjcjs ojdåstefjs rhsphftj g ijs hxtrgclhrjs, prjoufeåcojsh ucg dhcjr  ohdgcog oh oöigrhs y oh hstg bjrdg ucg gprhfegfeöc<

Hstj jfurrh ; vhfhs (; Jvhrsajjtec`)

 [hbhrhcfegs ;?

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DGF[JHFJCJDÄG EE

 

7. Goog, Lhrjdh y Fjjphr, [usshii (;==6). Oecçdefg (;==6).  Oecçdefg Hfjcjdäg< dåtjojs dåtjojs fugctetgtevjs y gpiefgfejchs. DE_ gpiefgfejchs.  DE_ ]rhcsg. ;. Gezhcdgc, Ljsaug y @iefn, [huvhc (;==8 ). Recfuigoj [h`ädhchs fgdkegrejs< ºucg ºucg trgdpg:: Ojfudhctj oh trgkglj CKH[ w7728;. trgdpg 6. Kgii, Igurhcfh (7555). [h`igs (7555). [h`igs oh pjiätefg pgrg hfjcjdägs gkehrtgs.Hc gkehrtgs.Hc [h`igs oh  pjiätefg djchtgreg, djchtgreg, ho. Ljac _gyijr. Xcevhrseogo oh Faefg`j ]rhss. ?. Khc V. Khrcgcnh, Lhgc Kjevec y ]ejtr Hiegsz (;==8). Dhoer (;==8). Dhoer ijs hbhftjs oh ig pjiätefg djchtgreg< uc bgftjr hcbjquh gutjrrh`rhsevj oh vhftjrhs gudhctgojs (BGRG[).  (BGRG[).  Wugrthriy Ljurcgi jb Hfjcjdefs 7;= (7)< 610-?;;. 8. Farestegcj, Igwrhcfh, Hefahckgud, Dgrtec y Re`bussjc, [jkhrt (;==8). Hvgiugfeöc (;==8). Hvgiugfeöc oh RG[ hstrufturgihs. Ojfudhctj oh trgkglj, Cjrtawhsthrc Xcevhrsety. 2. Fjrefhiie, Bgkrezej y Lgzkhf, Kjstlgc (;==?). [hgi (;==?).  [hgi oecçdefg ohi tepj oh fgdkej hc igs hfjcjdägs hc trgcsefeöc. Hstrufturgi Fgdkej y oecçdefg hfjcödefg 78 (7)< 167==. 0. Ojrckusa, [uoy (7511). Hfjcjdäg (7511). Hfjcjdäg Gkehrtg Dgfrjhfjcjdäg< Dgfrjhfjcjdäg< cuhvgs oerhffejchs oerhffejchs.. Hc ohsgiechgfeöc ohsgiechgf eöc oh_epjs oh fgdkej, ho _.[. Dgrstjc, Xcevhrseogo oh Faefg`j ]rhcsg. 1. Bihrh, Iung (;==?). [hgice Hbhntevce Ohvezce _hfgl _jigrlg hc Njcnurhcfcjst. ]rengze gcgiezgr QEE / 7. Kgcfj Fhctrgi oh Hsijvhceg 5. @gie, hc Ljroe y Djcgfhiie, _jddgsj (;==8). (;==8). Djchtgrej  DjchtgrejIlukilgcg. ]jiätefg y vjigteieogo ohi tepj oh oh fgdkej hc ucg phquh÷g gphrturg Hfjcjdäg. Hfjcjdäg. [hveseöc  [hveseöc oh hstuoejs hfjcödefjs, 0; (6)< 0=0-06?. 7=. Iufgs, [jkhrt H. Lr. y Vgr`hct, _ajdgs L (7517). Ohspuås (7517).  Ohspuås hfjcjdäg nhychsegcg. Hc hxphftgtevgs rgfejcgihs y prçftefg hfjcjdåtrefg, hos [jkhrt H. Iufgs, Lr. y _ajdgs L. Vgr`hct. Decchgpjies< Decchgpjies< ]rhcsg oh ig Xcevhrseogo oh Decchsjtg. 77. Iufgs, [jkhrt H., Lr. (750;). Hxphftgtevgs y hi Chutrgieogo ohi oechrj. [hvestg oh thjräg hfjcödefg ? (7)< 7=6-7;?. 7;. Ducohii, [jkhrt (7521). Hfjcjdäg (7521). Hfjcjdäg Ecthrcgfejcgi  Ecthrcgfejcgi . Cuhvg Ujrn< Dgfdeiigc. 76. Duta, Ljac B. (7527). Hxphftgtevgs rgfejcgihs y thjräg oh ijs djvedehctjs oh prhfejs. Hfjcjdåtrefg ;5 (2)< 678‖668. 7?. Jkstbhio, Dgurefh y [j`jbb, Nhcchta (;=== ). (;=== ). Cuhvgs oerhffejchs pgrg djohijs hstjfçstefjs oh hfjcjdäg gkehrtg. [hvestg oh Hfjcjdägs Ecthrcgfejcgihs 8= (;)< 770-786. 78. Jkstbhio, Dgurefh y [j`jbb, Nhcchta (;==; ). (;==; ). Ijs shes precfepgihs hce`dgs oh ig dgfrjhfjcjdäg ecthrcgfejcgi< ºhxesth ucg fgusg fjdüc: Ojfudhctj fjdüc: Ojfudhctj oh trgkglj  CKH[ w 0000. 72. [ekcengr, Evgc (7555). Grrh`ijs (7555). Grrh`ijs djchtgrejs y rå`edhc oh tepj oh fgdkej hc ucg  phquh÷g hfjcjdäg hc trgcsefeöc trgcsefeöc (Hsijvhceg).  (Hsijvhceg). Hc ecfiuseöc oh pgäshs oh Hurjpg Fhctrgi hc ig Xceöc Djchtgreg Hurjphg, hos, ]gui oh @rguwhy Rigoeder Igvrgf. Kjstjc< Ojrorhfat> Ijcorhs< Hoetjrhs gfgoådefjs oh Niuwhr.

;8

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DGF[JHFJCJDÄG EE

 

70. [jagtecsne, Ŵhilnj> GcuŧeĀ, \jrgc> ŭjclh, Rhieder (7558). ]jcth Cesnu Ecbigfelu. Rigog [hpukienh Arvgtsnh. 71. [j`jbb, Nhcchta, [hecagrt, Fgrdhc y Vgvgstgcj, De`uhi (;==6 ). Ectjihrgcfeg g ig ohuog. ]gphihs Krjjnec`s hc Gfteveogo hfjcödefg 7< hfjcödefg 7< 7-2;. 75. Vtjnhy, Cgcfy y Iufgs, Lr., [jkhrt H. (fjc Howgro F. ]rhsfjtt) (7515)  Dåtjojs rhfursevjs hc hfjcjdäg Oecçdefg. Fgdkreo`h, Oecçdefg.  Fgdkreo`h, Dgss .< Agrvgro Xcevhrsety ]rhss. ;=. Vgr`hct, _ajdgs (755;). Hxphftgtevgs (755;). Hxphftgtevgs rgfejcgihs y Ecbigfeöc. Ecbigfeöc. Cuhvg Ujrn< Agrphr gco [jw, sh`ucog hoefeöc. ;7. Vgr`hct, _ajdgs y Iluc`qevst, Igrs (;==? ). [hfursevj _hjräg dgfrjhfjcödefg. Vh`ucog hoefeöc, DE_ ]rhss. Dgfrjhfjcjdäg. Lucej ;;. Vgr`hct, _ajdgs y Agcshc, Igrs (;=== ). Bgitj [jkusthz hc Dgfrjhfjcjdäg. ecåoetj. ;6. Vgr`hct, _ajdgs> Agcshc, Igrs (;==2). [jkusthz. Dgcusfretj oh iekrj ecåoetj. ;? ReognjveĀ, Chvhc (;==8). Djohij (;==8). Djohij Ducohii-Bihdec` y su gpiefgkeieogo gpiefgkeieogo hc ucg phqu phquh÷g h÷g hfjcjdäg gkehrtg. gkehrtg. Hfjcjdäg 77 (6)< 65;-?;?. hxpjrtgfejchs.   ;8. ReognjveĀ, Chvhc (;==8). _hjräg oh igs hxphftgtevgs rgfejcgihs y hxpjrtgfejchs.  Hfjcjdäg 7; y(7)< 786-706. ;2. Ledåchz, Faegc` Igaurg (;==;). Dgfrjhfjcjdäg< Hcbjquhs y Djohijs (;==;). Dgfrjhfjcjdäg< Djohijs Cuhvjs  Hlhrfefejs [hsuhitjs. Hfjcjdäg [hsuhitjs. Hfjcjdäg Kagcogre, L. (Ho.) Hxfagc`h [gth Dgcg`hdhct Xcohr Xcfhrtgecty, DE_ ]rhss, Fgdkreo`h, DG, (7518). Kagcogre, L. gco ]utcgd, K.A. (Hos.) Hfjcjdef Ecthrohphcohcfh gco Bihxekih Hxfagc`h [gths, DE_ ]rhss, Fgdkreo`h, DG, (7516). Krgcsjc, Krgcsj c, P.A P.A.. gco Kue Kuethr thr,, P.A P.A.. (75 (7516) 16) "Djcht "Djchtgry gry gco Besfg Besfgii ]jief ]jiefyy weta weta Bihxek Bihxekih ih Hxfagc`h [gths", ec Kagcogre, L. & ]utcgd, K. A. (7516). Krgcsjc, P.A. gco Ahcohrsjc, O.P. (7518) "_ah Vphfebefgtejc gco Ecbiuhcfh jb Gssht Dgrnhts", Fagpthr 78 ec Agcokjjn jb Ecthrcgtejcgi Hfjcjdefs, EE, hoetho ky [.P. Ljchs gco ].K. Nhchc, Hishvehr Vfehcfh ]ukiesahrs, K.R. Faegrhiig, F. (7512) "]hrbhft Bjrhse`at Djohis gco tah Oycgdef Ecstgkeiety ]rjkihd brjd g Ae`ahr Rehwpject", Hfjcjdef Djohiiec`, Jftjkhr 7512, ;16-;5;. Faegrhiig, F. (755=) "Hxfhssevh Hxfagc`h [gth Rgregkeiety - G ]jssekih Hxpigcgtejc Xsec`  Cjc-iechgr Hfjcjdef Oycgdefs" Hurjphgc Ljurcgi jb ]jietefgi Hfjcjdy, 2, 678-68;, (755=). Ojrckusfa, [. (7502) "Hxphftgtejcs gco Hxfagc`h [gth Oycgdefs", Ljurcgi jb ]jietefgi Hfjcjdy, 1?, 7727-7702, (7502). Brhcnhi, L.G. gco [jore`uhz, F.G. (751;) "Hxfagc`h [gth Oycgdefs gco tah Jvhrsajjtec` Aypjtahses", EDB Vtgbb ]gphrs, ;5, 7-6=, (751;).

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DGF[JHFJCJDÄG EE

 

@hjr`h,, O. @hjr`h O.G.[ G.[.. gco Jxi Jxihy, hy, I._ I._.. "Vtruf "Vtruftur turgi gi Vtg Vtgkei keiety ety gc gcoo Djohi Djohi Ohse` Ohse`c", c", Hf Hfjcj jcjdef def Djohiiec`, ;, 6=0-672, (7518). @rgy, D. gco V.L. _urcjvsny, 7505, "_ah Vtgkeiety jb Hxfagc`h [gth Oycgdefs Xcohr  ]hrbhft Dyjpef Bjrhse`at", Ecthrcgtejcgi Hfjcjdef [hvehw, ;=, 2?6-22=. Ngrgfgj`iu, @. gco A.P. Xrspruc`, "Hxfagc`h [gth Oycgdefs Xcohr @rgougi ]jrtbjiej Golustdhct", Ljurcgi jb Dgfrjhfjcjdefs, 7=, 828-815, (7511). Njure, ].L.B. (7516) "Kgigcfh jb ]gydhcts gco tah Bjrhe`c Hxfagc`h Dgrnht< G Oycgdef ]grtegi Hqueiekreud Djohi", ec L. Kagcogre gco K.A. ]utcgd (7516). Dgrstjc, [.F. (7518) "Vtgkeiezgtejc ]jiefehs ec Jphc Hfjcjdehs", Fagpthr 70 ec Agcokjjn  jb Ecthrcgtejcgi Hfjcjdefs, hoetho ky [.P. Ljchs gco ].K. Nhchc, Hishvehr Vfehcfh ]ukiesahrs K.R. Dussg, D.I. (7518) "Jbbefegi Ecthrvhctejc gco Hxfagc`h [gth Oycgdefs", ec Kagcogre, L. (7518).

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DGF[JHFJCJDÄG EE