the political economy of reducing the us dollar’s role as a global reserve currency

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 DMAE \hqfeol [d{jq Rjqejr ]gj [hie}ebdi Jbhohnu h` Qjmzbeol }gj Zoe}jm R}d}jr Mhiidqr Qhij dr d Lihadi Qjrjqpj Bzqqjobu Chrj` ]/ Ud{ Oh/ 2;1 Cziu 1;44 Dredo Mjpjih{njo} Adof Eor}e}z}j

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Page 1: The Political Economy of Reducing the US Dollar’s Role as a Global Reserve Currency

8/6/2019 The Political Economy of Reducing the US Dollar’s Role as a Global Reserve Currency

http://slidepdf.com/reader/full/the-political-economy-of-reducing-the-us-dollars-role-as-a-global-reserve 1/29

DMAE \hqfeol [d{jq Rjqejr

]gj [hie}ebdi Jbhohnu h` Qjmzbeol}gj Zoe}jm R}d}jr Mhiidq―r Qhij dr dLihadi Qjrjqpj Bzqqjobu

Chrj` ]/ Ud{

Oh/ 2;1Cziu 1;44 

Dredo Mjpjih{njo} Adof Eor}e}z}j

Page 2: The Political Economy of Reducing the US Dollar’s Role as a Global Reserve Currency

8/6/2019 The Political Economy of Reducing the US Dollar’s Role as a Global Reserve Currency

http://slidepdf.com/reader/full/the-political-economy-of-reducing-the-us-dollars-role-as-a-global-reserve 2/29

]gj \hqfeol [d{jq rjqejr er d bho}eozd}eho h` }gj `hqnjqiu odnjm Merbzrreho [d{jq rjqejr6}gj oznajqeol h` }gj {d{jqr bho}eozjm |e}ghz} eo}jqqz{}eho hq bgdolj/ DMAE―r |hqfeol{d{jqr qj`ijb} eoe}edi emjdr ho d }h{eb dom dqj {hr}jm hoieoj `hq merbzrreho/ DMAE jobhzqdljr

qjdmjqr }h {hr} }gjeq bhnnjo}r ho }gj ndeo {dlj `hq jdbg |hqfeol {d{jq 'lepjo eo }gjbe}d}eho ajih|%/ Rhnj |hqfeol {d{jqr ndu mjpjih{ eo}h h}gjq `hqnr h` {zaiebd}eho/

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Ud{) C/ 1;44/ ]gj [hie}ebdi Jbhohnu h` Qjmzbeol }gj Zoe}jm R}d}jr Mhiidq―r Qhij dr d LihadiQjrjqpj Bzqqjobu/ DMAE \hqfeol [d{jq 2;1/ ]hfuh3 Dredo Mjpjih{njo} Adof Eor}e}z}j/Dpdeidaij3 g}}{3((|||/dmae/hql(|hqfeol.{d{jq(1;44(;<(15(=0<;/{hie}ebdi/jbhohnu/zr/mhiidq/qhij( 

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Dredo Mjpjih{njo} Adof Eor}e}z}jFdrzneldrjfe Azeimeol [email protected].: Fdrzneldrjfe) Bgeuhmd.fz]hfuh 4;;.0;;7) Cd{do

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 ¥ 1;44 Dredo Mjpjih{njo} Adof Eor}e}z}j

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DMAE \hqfeol [d{jq 2;1 Ud{

Dar}qdb}

Ndou gdpj dqlzjm }gd} }gj ndchq rhzqbj h` }gj jwer}eol lihadi ndbqhjbhohneb enadidobjrdqj }gj }|eo mj`ebe}r h` }gj Zoe}jm R}d}jr 'ZR%/ Gh|jpjq) }gjqj er r}eii d mjad}j dahz} |gj}gjq}gj lihadi enadidobjr eomjjm {hrj d reloe`ebdo} }gqjd} }h }gj |hqim jbhohnu/ ]ger nd}}jq errj}}ijm au dqlzeol }gd} }gj lihadi enadidobjr db}jm dr d ’gdomndemjo„ }h }gj 1;;7 `eodobedibqerer/ Hoj |du }h qjmzbj lihadi enadidobjr er }h qj`hqn }gj eo}jqod}ehodi nhoj}dqu rur}jndom qjmzbj }gj qhij h` }gj ZR mhiidq dr d qjrjqpj bzqqjobu/ Qhajq} ]qe``eo |dr hoj h` }ghrjbqe}ebdi h` }ger ’jwhqae}do}„ {qepeijlj lqdo}jm }h }gj ZR) |gebg ndfjr e} ah}g d rur}jn ndfjqdom {qepeijlj }dfjq/ ]gj ]qe``eo Meijnnd bd{}zqjr }gj `zomdnjo}di eor}daeie}u }gd} zomjqiejr}gj mhiidq qjrjqpj rur}jn/ Gh|jpjq) }gjqj dqj ndchq har}dbijr }h }ger {qh{hrdi/ Rhnjdodiur}r eobizmeol ]qe``eo be}jm }gj ZR rjbzqe}u znaqjiid dr }gj {qendqu qjdrho }gj ZR dom e}rndchq diiejr |hzim |do} }h qj}deo }gj qhij h` }gj mhiidq eo lihadi }qdmj dom `eodobj mjr{e}j }gjzomjqiueol eojtze}ejr eo }gj rur}jn/ ]ger er qjid}jm }h }gj enadidobj eo lihadi lhpjqodobj|gebg er idqljiu ZR.bjo}qeb/ ]gj enadidobj eo lihadi lhpjqodobj er dirh qj`ijb}jm eo }gjmhneodobj h` }gj ZR `eodobedi rur}jn aqhzlg} dahz} au }gj ’`eqr}.nhpjq dmpdo}dlj„/Ajbdzrj h` }gj eojq}ed aqhzlg} dahz} au }gj enadidobj eo lihadi lhpjqodobj) jbhohneb

dqlznjo}r }h qj`hqn }gj eo}jqod}ehodi nhoj}dqu rur}jn dqj iefjiu }h aj }qzn{jm au {hie}ebdiqjdie}u/ ]gj {d{jq dodiusjr |gj}gjq bzqqjo} j``hq}r eo Jdr} Dred eo }jqnr h` `eodobedi domnhoj}dqu bhh{jqd}eho dom qjadidobeol h` jbhohneb lqh|}g bhzim reloe`ebdo}iu ne}eld}j }gjdmpjqrj en{db}r h` d lihadi rur}jn }gd} |eii r}eii aj mhneod}jm au }gj ZR mhiidq eo }gj`hqjrjjdaij `z}zqj/ E} dirh jw{ideor |gu }gj [jh{ij―r Qj{zaieb h` Bgeod '[QB% er zoiefjiu }hndfj reloe`ebdo} zoeid}jqdi dmczr}njo}r }h qjmzbj lihadi ndbqhjbhohneb enadidobjr/

CJI Bidrre`ebd}eho3 @24) @22 

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DMAE \hqfeol [d{jq 2;1 Ud{

Bho}jo}r

4/  Eo}qhmzb}eho  //////////////////////////////////////////////////////////////////////////////////////////////////////////////// 2

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2/  ]gj Qhij h` }gj ZR Mhiidq  //////////////////////////////////////////////////////////////////////////////////////// 44

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DMAE \hqfeol [d{jq 2;1 Ud{

2

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Czr} }|h ujdqr d`}jq }gj 1;;7 lihadi `eodobedi dom jbhohneb bqerer) ndou jbhohnejr dqjlqd{{ieol |e}g }gj {qhaijn h` d qd{emiu mj{qjbed}eol ZR mhiidq 'gjqjd`}jq qj`jqqjm }h dr ’mhiidq„%/Jwbgdolj qd}j phid}eie}u gdr ajjo d qjbzqqeol {qhaijn reobj }gj mhiidq.lhim jwbgdolj r}domdqm

|dr dadomhojm eo 45<2 '@elzqj 4%/ ]ger |dr bhn{hzomjm au d rgdq{ eobqjdrj eo lihadindbqhjbhohneb enadidobjr mzqeol }gj {dr} mjbdmj/ H` lqjd}jr} bhobjqo eo nd}}jqr qjid}jm }h}gj eo}jqod}ehodi nhoj}dqu rur}jn dqj }gj {jqehmeb `eodobedi dom bzqqjobu bqerjr }gd} gdpjaz``j}jm }gj lihadi jbhohnu/ Rhnj jw{jq}r gdpj dqlzjm }gd} }gj phid}eij jwbgdolj qd}jr) idqljndbqhjbhohneb enadidobjr) dom eobqjdreoliu `qjtzjo} `eodobedi bqerjr dqj idqljiu mzj }h doeo}jqod}ehodi nhoj}dqu rur}jn }gd} er eogjqjo}iu zor}daij dom eojtze}daij 'Hbdn{h) 1;;56]jzoerrjo dom Dffjqndo) 1;;<6 ]jzoerrjo dom Dffjqndo) 1;;0%/

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Rhzqbj3 \hqim mjpjih{njo} Eomebd}hqr) \hqim Adof

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DMAE \hqfeol [d{jq 2;1 Ud{

=

Bgd{}jq 1 mjrbqeajr }gj eo}jqod}ehodi nhoj}dqu rur}jn dom dodiusjr e}r `zomdnjo}di {qhaijnr/]gj nhr} reloe`ebdo} errzj eo }gj dodiurer er |gj}gjq }gjrj r}qzb}zqdi {qhaijnr gdpj `zjijm }gjlihadi ndbqhjbhohneb enadidobjr dom |gj}gjq }gj id}}jq {idujm d fju qhij eo }gj 1;;7 bqerer/]gj dqlznjo} gdr en{hq}do} {hiebu en{iebd}ehor/ @hq jwdn{ij) e` }gj r}qzb}zqdi {qhaijnr h` }gjeo}jqod}ehodi nhoj}dqu rur}jn gdm d neoendi qhij) }gjo }gj 1;;7 bqerer |hzim aj d |dfj.z{ bdiieo }jqnr h` h}gjq dr{jb}r h` }gj `eodobedi rur}jn) {dq}ebzidqiu }gj qjlzid}hqu `qdnj|hqf/ D}}jo}eho

|eii }gjo aj mepjq}jm d|du `qhn qj`hqneol }gj eo}jqod}ehodi nhoj}dqu rur}jn/

Bgd{}jq 2 mjdir |e}g hoj h` }gj fju `jd}zqjr h` }gj eo}jqod}ehodi nhoj}dqu rur}jn3 }gj qhij h`}gj mhiidq dr d lihadi bzqqjobu dom qjrjqpj drrj}/ ]gj merbzrreho ajleor |e}g }gj |jii.foh|o]qe``eo Meijnnd dom }gjo `hbzrjr }gj mjad}j ho |gj}gjq }gj jwhqae}do} {qepeijlj4

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er db}zdiiu dojld}epj `jd}zqj/ ]gj ajoj`e}r h` }gj mjj{ dom ietzem lihadi `eodobedi ndqfj}r }gd} qjrzi}jm `qhn}ger {qepeijlj ndu gdpj h``rj} }gj bhr}r qjrzi}eol `qhn }gj zor}daij dom eojtze}daij `jd}zqjr h`}gj eo}jqod}ehodi nhoj}dqu rur}jn/

Eo Bgd{}jq =) }gj {hie}ebdi jbhohnu h` qjmzbeol }gj mhiidq―r qhij dr d lihadi qjrjqpj bzqqjobu ermerbzrrjm/ Njdrzqjr }h qjmzbj lihadi enadidobjr bdo aj bhoremjqjm |e}ghz} gdpeol }h eophipj}gj qhij h` }gj ZR mhiidq/ Gh|jpjq) }gjrj dirh gdpj en{iebd}ehor `hq lihadi lhpjqodobj/ ]gjiefjiu re}zd}eho er mhneodobj h` }gj mhiidq `hq }gj `hqjrjjdaij `z}zqj/ [hrreaij {hiebu {qjrbqe{}ehordqj {z} `hq|dqm eo Rjb}eho P/

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Bgdqijr mj Ldziij h` @qdobj az} db}zdiiu bheojm au ger }gjo `eodobj neoer}jq Pdijqu Lerbdqm m― Jr}deol/

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DMAE \hqfeol [d{jq 2;1 Ud{

:

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Ndqfj} `deizqj er }gj `ie{ remj h` }gj `zomdnjo}di `id|r h` }gj rur}jn |gebg dqj mjrbqeajm

rzbbeob}iu au Hbdn{h '1;;5%/ ]gj `eqr} er }gd} }gjqj er d mj`id}ehodqu aedr eo }gj lihadi jbhohnureobj }gjqj er oh azei}.eo njbgdoern }h drrer} bhzo}qejr |e}g bzqqjo} dbbhzo} mj`ebe}r eo }gjeqdmczr}njo}/ Njdo|geij) jbhohnejr |e}g rzq{izrjr hoiu gdpj do eo}jqodi qjdrho }h dmczr} dom}ger er qjid}jm }h eo`id}ehodqu {qjrrzqj/ ]gju mh oh} gdpj do ’jw}jqodi„ rhzqbj h` {qjrrzqj”}gjjtzepdijo} h` bqjme}hqr `hq mj`ebe} bhzo}qejr”}h nhpj }h|dqmr adidobj/ ]gj rjbhom `jd}zqj er}gd} }gj rur}jn er zor}daij) |gebg er do hz}bhnj h` }gj ]qe``eo Meijnnd/ ]ger dr{jb}) |gebgqjid}jr }h }gj mhneodo} qhij h` }gj mhiidq) |eii aj merbzrrjm eo nhqj mj}dei eo Rjb}eho EEE/ @eodiiu)}gj rur}jn er eojtze}daij ajbdzrj zomjq }gj `emzbedqu mhiidq r}domdqm qjrhzqbjr dqj }qdor`jqqjm`qhn jbhohnejr dbbznzid}eol `hqjelo jwbgdolj qjrjqpjr }h }gj ndchq jbhohnejr }gd} errzj }gjlihadi qjrjqpj bzqqjobejr/

]gj nhqj en{hq}do} errzj er |gj}gjq hq oh} }gj `emzbedqu mhiidq r}domdqm er rzr}deodaij/ ]gj |du}ger errzj er dmmqjrrjm eo }ger {d{jq er }h mj}jqneoj |gj}gjq }gj `emzbedqu mhiidq r}domdqm

bho}qeaz}jm reloe`ebdo}iu }h }gj 1;;7 lihadi `eodobedi dom jbhohneb bqerer/ ]ger }h{eb er merbzrrjmnhqj jw}jorepjiu eo Rjb}eho EE/A |e}g qj`jqjobj }h }gj lihadi ndbqhjbhohneb enadidobjr/ E` }gj`emzbedqu mhiidq r}domdqm mem oh} bho}qeaz}j }h }gj 1;;7 bqerer”hq }gj qjid}eho er |jdf”}gjo }gjmjad}j dahz} }gj `hqnjq―r rzr}deodaeie}u bdo aj qjrhipjm adrjm ho }gj dqlznjo}r }gd} gdpjajjo ndmj {qehq }h }gj bqerer/

1/1 Jw{ideoeol Lihadi Ndbqhjbhohneb Enadidobjr

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]ger rjb}eho mjrbqeajr gh| }gj enadidobjr dqj d ndoe`jr}d}eho h` }gj fju `jd}zqjr h` }gj`emzbedqu mhiidq rur}jn/ ]gj ndeo errzj }gjo ajbhnjr |gj}gjq }gj lihadi enadidobjr dqjrzr}deodaij/ ]gjqj dqj jrrjo}ediiu }|h bho}jomeol pej|r) idajijm je}gjq dr hq}ghmhw pr/gj}jqhmhw '\ge}j) 1;;<% hq jtzeieaqezn pr/ merjtzeieaqezn 'Rjqpjo dom Olzujo) 1;4;%/ ]gjrjbd}jlhqejr bhqqjr{hom |e}g jdbg h}gjq3 hq}ghmhw bhqqjr{homr }h jtzeieaqezn) |geij gj}jqhmhwbhqqjr{homr }h merjtzeieaqezn/

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]gj „ijrr hq}ghmhw„ pej| jw{hzomjm au \ge}j '1;;<% pej| er do jw}joreho h` }gj ’merjtzeieaqezn„d{{qhdbg/ ]gj dodiurer bhnaeojr }gj {gjohnjoho h` drunnj}qeb nhoj}dqu {hiebu dom }gjieajqdiesd}eho h` }gj lihadi `eodobedi rur}jn/ ]gjrj }|h `db}hqr jw{ideo }gj {jqehm h` jdru bqjme}dom ih| eo}jqjr} qd}jr mzqeol nhr} h` }gj 455;r dom 1;;;r/

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]gj idr} }|h {heo}r |jqj rgdqjm au [qh`jrrhq @zfzmd/

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jbhohneb bhh{jqd}eho dom eo}jlqd}eho }h {qhlqjrr) dom `hq }gj qjleho }h aj reloe`ebdo}iueorzid}jm `qhn }gj pdldqejr h` }gj lihadi jbhohnu/

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Doh}gjq h{}eho er en{ijnjo}eol bd{e}di bho}qhir) |gebg gdpj {qhpjo aj j``jb}epj eo rjpjqdijbhohnejr 'rjj `hq jwdn{ij J{r}jeo) Lqdaji) dom Chnh) 1;;=%/ Gh|jpjq) |e}g }gj dmpjo} h`lqjd}jq `eodobedi eo}jlqd}eho) bd{e}di bho}qhir) {dq}ebzidqiu ho eo`ih|r) gdpj }h aj jomhqrjm d} }gjeo}jqod}ehodi ijpji }h aj j``jb}epj 'Lqjopeiij) 1;;<%/ Lepjo }gd} }ger |hzim qjtzeqj EN@jomhqrjnjo}) eo}jqod}ehodi adbfeol h` dou `hqn h` bd{e}di bho}qhir er zoiefjiu/ Gjobj)jomhqrjnjo} d} }gj qjlehodi ijpji |hzim aj d rjbhom ajr} rhiz}eho/

Eo }gj iholjq }jqn) }gj qjleho rghzim {zqrzj qjadidobeol/ Reobj d `dphqdaij jw}jqodijopeqhonjo} er bqzbedi `hq dbgejpeol rzr}deodaij jbhohneb lqh|}g dom }gj }eneol h` qjbhpjqu h`eomzr}qediesjm jbhohnejr er zobjq}deo) qjadidobeol }gj rhzqbjr }h|dqm lqjd}jq mhnjr}eb domqjlehodi mjndom er en{hq}do}/ Eo }ger bho}jw}) e} er en{hq}do} }h mer}eolzerg aj}|jjo qjadidobeold} }gj qjlehodi ijpji dom qjadidobeol d} }gj od}ehodi ijpji 'hq mhnjr}eb ijpji% dom }h drrjrr gh|

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Ahw 43 Jn{eqebdi Jpemjobj Qjid}jm }h Lihadi Ndbqhjbhohneb Enadidobjr

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M,Dqer}d) C/ dom R/ Lqe``e}g.Chojr/ 1;;0/ ]gj Meijnndr dom Mdoljqr h` }gj Azeim.Z{ h` ZR Mja}3[qh{hrdir `hq [hiebu Qjr{horjr/ Eo Lihadi Enadidobjr dom }gj ZR Mja} [qhaijn3 Rghzim Mjpjih{eol Bhzo}qejr Rz{{hq} }gj ZR Mhiidq8) jme}jm au C/ C/ ]jzoerrjo dom D/Dffjqndo/ ]gj Gdlzj3 @HOMDM/

Jebgjolqjjo) A/ 1;;5/ ]gj Mhiidq Meijnnd3 ]gj \hqim,r ]h{ Bzqqjobu @dbjr Bhn{j}e}eho/@hqjelo D``deqr 77':%3 :2‒07/

J{r}jeo) L/) E/ Lqdaji) dom F/ R/ Chnh '1;;=%3 Bd{e}di Ndodljnjo} ]jbgoetzjr eo Mjpjih{eolBhzo}qejr3 Do Drrjrrnjo} h` Jw{jqejobjr `qhn }gj 455;r dom Ijrrhor `hq }gj @z}zqj/ZOB]DM L.1= Merbzrreho [d{jq Rjqejr Oh/ 1< 'Ndqbg%/

@qdofji) C/ 1;;7/ Oeoj Qjdrhor \j Dqj Lepjo Oh} }h \hqqu Dahz} }gj ZR Mj`ebe}r/ Qjperjm{d{jq `qhn Bhnnerreho ho Lqh|}g dom Mjpjih{njo} |hqfrgh{ ho Lihadi ]qjomr domBgdiijoljr) Rj{}jnajq 1;;<) Udij Zoepjqre}u/ Mh|oihdmjm`qhn |||/gfr/gdqpdqm/jmz(`r(///(Lqh|}gBhnnrroQjdrhor\hqquMj`ebe}r/{m`/ 

Lei{eo) Q/ 457</ ]gj [hie}ebdi Jbhohnu h` Eo}jqod}ehodi Qjid}ehor / [qeobj}ho OC3 [qeobj}hoZoepjqre}u [qjrr/

Lqjopeiij) R/ 1;;</ Lihadiesd}eho dom Bd{e}di @ih|r3 Zo`eoergjm Azreojrr eo }gj Eo}jqod}ehodi@eodobedi Dqbge}jb}zqj/ Ih|qu Eor}e}z}j `hq Eo}jqod}ehodi [hiebu [jqr{jb}epjr '@jaqzdqu%/

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DMAE \hqfeol [d{jq 2;1 Ud{

10

Lqjopeiij) R/ 1;4;/ ]gj Jphipeol [hr}.bqerer \hqim/ DMA Jbhohnebr \hqfeol [d{jq Rjqejr Oh/1;</ Mh|oihdmjm `qhn |||/dma/hql(Mhbznjo}r(\hqfeol.[d{jqr(1;4;(Jbhohnebr.\[1;</{m`/ 

Chojr) J/ 1;;5/ Rge`}eol }gj @hbzr3 ]gj Oj| [hie}ebdi Jbhohnu h` Lihadi NdbqhjbhohnebEnadidobjr/ RDER Qjpej| 15'1%3 04 ‒<2/

Ndr}domzoh) N/ 1;;5/ Rur}jn Ndfjq dom [qepeijlj ]dfjq Z/R/ [h|jq dom }gj Eo}jqod}ehodi[hie}ebdi Jbhohnu/ \hqim [hie}ebr 04'4%3 414‒4:=/

Nd}jhr u Idlh) E/) Q/ Mz}}dlz{}d) dom Q/ Lhudi/ 1;;5/ ]gj Mjad}j ho }gj Eo}jqod}ehodiNhoj}dqu Rur}jn/ EN@ R}d`` [hre}eho Oh}j ;5(10/ Eo}jqod}ehodi Nhoj}dqu @zom/

NbFeooho) Q/E/ 1;4;/ \gu Jwbgdolj Qd}j Bgdoljr \eii Oh} Bhqqjb} Lihadi ]qdmj Enadidobjr/REJ[Q {hiebu aqej`/ R}do`hqm Eor}e}z}j `hq Jbhohneb [hiebu Qjrjdqbg/ R}do`hqm) BD/

Ohqih``) B/ 1;4;/ Dnjqebd―r Lihadi Dmpdo}dlj3 ZR Gjljnhou dom Eo}jqod}ehodi Bhh{jqd}eho /Oj| Uhqf) OU3 Bdnaqemlj Zoepjqre}u [qjrr/

Har}`jim) N/ dom F/ R/ Qhlh``/ 1;;5/ Lihadi Enadidobjr dom }gj @eodobedi Bqerer3 [qhmzb}r h`Bhnnho Bdzrjr/ [d{jq {qj{dqjm `hq }gj @jmjqdi Qjrjqpj Adof h` Rdo @qdoberbh Dred

Jbhohneb [hiebu Bho`jqjobj) Hb}hajq 47‒1;) 1;;5) Rdo}d Adqadqd) BD/Mh|oihdmjm `qhn |||/en`/hql(jw}jqodi(o{(qjr(rjneodqr(1;4;({dqer(///(har}`jim/{m`/ 

Hbdn{h) C/D/ 1;;5/ R{jbedi Mqd|eol Qelg}r dom }gj Qj`hqn h` }gj Lihadi Qjrjqpj Rur}jn/Eo}jqlhpjqonjo}di Lqhz{ h` ]|jo}u.@hzq/ Mh|oihdmjm `qhn |||/l1=/hql(cdh;5;5/{m`/ 

H``ebj h` }gj [qjrr Rjbqj}dqu '1;44%/ Z/R/.Bgeod Cheo} R}d}jnjo} 'Cdozdqu 45%/ Mh|oihdmjm`qhn g}}{3((|||/|ge}jghzrj/lhp(}gj.{qjrr.h``ebj(1;44(;4(45(zr.bgeod.cheo}.r}d}jnjo}/

[dmhd.Rbgeh{{d) ]/ 1;4;/ ]gj lghr} h` Adobhq3 }gj jbhohneb bqerer dom lihadi nhoj}dqumerhqmjq/ Zoepjqre}j bd}ghietzj mj Ihzpdeo) @hzomd}eho Eo}jqod}ehodij Qhajq} ]qe``eo/Mh|oihdmjm`qhn g}}{3((|||/zbihzpdeo/aj(b{r(zbi(mhb(}qe``eo(mhbznjo}r(][RXJOX`eodijXbijdo/{m`/ 

Rdbbhndooe) @/ 1;4;/ ]gj lihadi bqerer dom }gj `z}zqj h` }gj eo}jqod}ehodi nhoj}dqu rur}jn/ AERQjpej| ::(1;4;/ Mh|oihdmjm `qhn |||/aer/hql(qjpej|(q4;;=1<j/{m`/ 

Rjqpjo) I dom G/ Olzujo/ 1;4;/ Lihadi Enadidobjr Aj`hqj dom D`}jq }gj Lihadi Bqerer/ [hiebuQjrjdqbg \hqfeol [d{jq :2:=/ ]gj \hqim Adof/ Mh|oihdmjm `qhn

|||.|mr/|hqimadof/hql(jw}jqodi(mj`dzi}(///(\[R:2:=/{m`/

Rhzneojo) F/ 1;4;/ Mem lihadi enadidobjr bdzrj }gj bqerer8 PHW/ Mh|oihdmjm `qhn

g}}{3((|||/phwjz/hql(eomjw/{g{8t>ohmj(:4<:/ 

]jzoerrjo) C/C/ 1;;0/ Rghzim Mjpjih{eol Bhzo}qejr Rz{{hq} }gj ZR Mhiidq8 Au \du h`Eo}qhmzb}eho/ Eo Lihadi Enadidobjr dom }gj ZR Mja} [qhaijn3 Rghzim Mjpjih{eol Bhzo}qejr Rz{{hq} }gj ZR Mhiidq8) jme}jm au C/ C/ ]jzoerrjo dom D/ Dffjqndo/ ]gjGdlzj3 @HOMDM/

]jzoerrjo) C/C/ 1;;5/ \gu rghzim |j gdpj ier}jojm aj}}jq }h Qhajq} ]qe``eo8 @HOMDM @hqzn hoMja} dom Mjpjih{njo}/ Mh|oihdmjm`qhn g}}{3((|||/`homdm/hql(r}d}eb(pej|(r{jjbg&Cdo&Chhr}/ 

]jzoerrjo) C/C/ dom D/ Dffjqndo) jmr/ 1;;0/ Lihadi Enadidobjr dom }gj ZR Mja} [qhaijn3 Rghzim Mjpjih{eol Bhzo}qejr Rz{{hq} }gj ZR Mhiidq8 ]gj Gdlzj3 @HOMDM/

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DMAE \hqfeol [d{jq 2;1 Ud{

]jzoerrjo) C/C/ dom D/ Dffjqndo) jmr/ 1;;</ Lihadi Enadidobjr dom Mjpjih{eol Bhzo}qejr3 Qjnjmejr `hq d @deieol Eo}jqod}ehodi @eodobedi Rur}jn / ]gj Gdlzj3 @HOMDM/

]qe``eo) Q/ 45<7/ ]gj Eo}jqod}ehodi Qhij dom @d}j h` }gj Mhiidq/ @hqjelo D``deqr :<'1%3 105‒170/

Perbh) E/ 1;;5/ ]gj lihadi bqerer .}gj qhij h` {hiebejr dom }gj eo}jqod}ehodi nhoj}dqu rur}jn/ AERQjpej| 7<(1;;5/ Mh|oihdmjm `qhn |||/aer/hql(qjpej|(q;5;<4:j/{m`/ 

Perbh) E/ 1;4;/ Lihadi Enadidobjr) }gj @eodobedi Bqerer dom }gj Eo}jqod}ehodi Nhoj}dqu Rur}jn/\hqim Jbhohnebr 44'4%3 05 ‒71/

\ge}j) \/Q/ 1;;</ ]gj Ojjm `hq d Iholjq [hiebu Ghqesho3 D Ijrr Hq}ghmhw D{{qhdbg/„ EoLihadi Enadidobjr dom Mjpjih{eol Bhzo}qejr3 Qjnjmejr `hq d @deieol Eo}jqod}ehodi @eodobedi Rur}jn ) jme}jm au C/C/ ]jzoerrjo dom D/ Dffjqndo/ ]gj Gdlzj3 @HOMDM/

Sghz Wedhbgzdo 1;;5/ Qj`hqn }gj eo}jqod}ehodi nhoj}dqu rur}jn/ AER Qjpej| =4(1;;5/

Mh|oihdmjm `qhn |||/aer/hql(qjpej|(q;5;=;1b/{m`/