the role of macroprudential policy for financial stability in east asia’s emerging economies

8/6/2019 The Role of Macroprudential Policy for Financial Stability in East Asia’s Emerging Economies

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OBHC [erfcmk \op`r Q`rc`s

Rj` Xen` ei Goareprub`mtcon \encayier Icmomacon Qtohcnct y cm @ost Osco–s @g`rkcmk @aemegc`s

Sumk Ajun \orf

Me. 8:2Goy 8<??

Oscom B`v`nepg`mt Homf Cmstctut`



Rj` [erfcmk \op`r s`rc`s cs o aemtcmuotcem ei tj` ierg`rny mog`b Bcsausscem \op`r s`rc`s6tj` mugh`rcmk ei tj` pop`rs aemtcmu`b wctjeut cmt`rruptcem er ajomk`. OBHC–s werfcmkpop`rs rìnàt cmctcon cbòs em o tepca omb or` pest`b emncm` ier bcsausscem. OBHC `maeurok`sròb`rs te pest tj`cr aegg`mts em tj` gocm pok` ier òaj werfcmk pop`r (kcv`m cm tjàctotcem h`new). Qeg` werfcmk pop`rs goy b`v`nep cmte etj`r iergs ei puhncaotcem.

Qukk`st`b actotcem4

\orf, S. A. 8<??. Rj` Xen` ei Goareprub`mtcon \encay ier Icmomacon Qtohcncty cm @ost Osco–s@g`rkcmk @aemegc`s. OBHC [erfcmk \op`r 8:2. Refye4 Oscom B`v`nepg`mt Homf Cmstctut`. Ovocnohn 4 jttp4//www.obhc.erk/werfcmk-pop`r/8<??/<0/89/2009.goareprub`mtcon.pencay.icmomacon.stohcncty.òst.osco/

\nòs` aemtoat tj` outjer(s) ier cmiergotcem oheut tjcs pop`r.

@gocn4 yumkapLferò.oa.fr

Sumk Ajun \orf cs bcstcmkucsj`b prei`sser ei cmt`rmotcemon stubc`s ot Ferò Pmcv`rscty,Qèun, omb r`sòraj prei`sser omb bcràter ei tj` A`mt`r ei Cmt`rmotcemon Aegg`ra` ombIcmoma` ot tj` Krobuot` Qajeen ei Cmt`rmotcemon Qtubc`s, Qèun Motcemon Pmcv`rscty. Omòrnc`r v`rscem ei tjcs pop`r wos pr`s`mt`b te tj` Homfcmk X`kunotcem omb IcmomaconQtohcncty cm Oscom @g`rkcmk Gorf`ts aemi`r`ma` erkomcz`b hy tj` Oscom B`v`nepg`mt

Homf Cmstctut`, Ajcmo Homfcmk X`kunotery Aeggcsscem (AHXA), omb Cmt`rmotcemonGem`tory Iumb, cm H`cdcmk em 89 Goy 8<?<. Rj` outjer cs krotìun te KcevommcB`nn–Orcaaco, @swor \rosob, Cnjyeaf Qjcg, Jyum Qemk Qjcm, omb \jcncp Rurm`r ier tj`craegg`mts em òrnc`r broits ei tjcs pop`r.

Rj` vc`ws `xpr`ss`b cm tjcs pop`r or` tj` vc`ws ei tj` outjers omb be met mà`ssorcnyrìnàt tj` vc`ws er pencac`s ei OBHC, tj` Oscom B`v`nepg`mt Homf (OBH), cts Heorb eiBcràters, er tj` kev`rmg`mts tj`y r`pr`s`mt, er tj` vc`ws ei tj` CBH er cts g`gh`raeumtrc`s, OBHC be`s met kuoromt`` tj` oaauroay ei tj` boto cmanub`b cm tjcs pop`r omboaa`pts me r`spemschcncty ier omy aems`qu`ma`s ei tj`cr us`. R`rgcmeneky us`b goy metmà`ssorcny h` aemscst`mt wctj OBH eiicacon t`rgs.

Oscom B`v`nepg`mt Homf Cmstctut`Fosugckos`fc Hucnbcmk :I1-8-0 Fosugckos`fc, Ajcyebo-fuRefye ?<<-9<<:, Dopom

R`n4 +:?-1-1031-00<<Iox4 +:?-1-1031-00;?PXN4 www.obhc.erk@-gocn4 cmieLobhc.erk

© 8<?? Oscom B`v`nepg`mt Homf Cmstctut`



OBHC [erfcmk \op`r 8:2 \orf

Ohstroat

Rjcs pop`r omonyz`s tj` ren` omb saep` ei goareprub`mtcon pencay cm pr`v`mtcmk icmomaconcmstohcncty cm tj` aemt`xt ei @ost Oscom àemegc`s. Ct omonyz`s tj` h`jovcer ei tj` jeuscmkgorf`t cm o bymogca s`ttcmk te cb`mtciy seg` ei tj` ioaters r`spemschn` ier tj` venotcncty eijeuscmk gorf`ts omb tj`cr susa`ptchcncty te heeg-hust ayan`s, wjcaj ct cb`mtcic`s os o f`yseura` ei icmomacon cghonoma`s cm tj`s` àemegc`s. Ct tj`m bcsauss`s tj` aouson m`xush`tw``m prca` omb icmomacon stohcncty omb tj` ren`s omb aegpn`g`mtory motur` eigoareprub`mtcon omb gem`tory pencac`s cm obbr`sscmk okkr`kot` rcsf cm tj` icmomacon syst`g.Rj` pop`r cb`mtcic`s aurr`may omb goturcty gcsgotaj`s, wjcaj aemtrchut`b te tj` ?33;‑?33: Oscom icmomacon arcscs, os emkecmk aema`rms cm tj`s` àemegc`s ontjeukj tj` jckj n`v`ns eir`s`rv`s cm tj` r`kcem mew oat os o huii`r.

D@N Anosscicaotcem4 @08, @0:, K<?, K?0, K8:




Aemt`mts

?. Cmtrebuatcem ................................................................................................................ 1

8.

Icmomacon Cmstohcncty cm o New-cminotcem @mvcremg`mt, Qyst`gca Xcsf, ombGoareprub`mtcon \encay .......................................................................................................... 2

8.? [jy cs \rca` Qtohcncty met `meukj5 ................................................................... 2

8.8 Qyst`gca Xcsf omb Goareprub`mtcon \encay ....................................................... 0

1. Heeg‑Hust Ayan` cm Xòn \rep`rty Gorf`ts omb @iiàtcv`m`ss ei Goareprub`mtcon\encay

1.? Ajoroat`rcstcas ei tj` Xòn @stot` Gorf`t ........................................................ ;

1.8 Quhstctutcmk Jeuscmk ier Icmomacon Oss`ts ........................................................ :

1.1 Icmomacon Oaa`n`roter omb @xtropenotcv` @xpàtotcems cm tj` Jeuscmk Gorf`t ... 3

2. Rj` Xen` omb @iiàtcv`m`ssei Goareprub`mtcon \encay cm Qtohcnczcmktj` JeuscmkGorf`t

2.? Iumkchcncty ei Gem`y4 Cmìiàtcv`m`ss ei Q`nàtcv` Ar`bct Aemtren.................... ?<

2.8 Goareprub`mtcon omb Gem`tory \encay4 Or` Rj`y Cmb`p`mb`mt5 ..................... ?<

2.1 Ferò–s @xp`rc`ma` wctj Goareprub`mtcon \encay ............................................ ??

0. Aurr`may omb Goturcty Gcsgotaj`s os o Qeura` ei Icmomacon Cmstohcncty ................... ?1

0.? Rj` Qaon` omb \`rvoscv`m`ss ei Goturcty omb Aurr`may Gcsgotaj`s ............ ?2

0.8 Aous`s ei Rwcm Gcsgotaj`s .......................................................................... ?0

9. Rwcm Gcsgotaj`s omb Goareprub`mtcon \encay ......................................................... ?;

9.? Aeunb Gcsgotaj`s h` Gctckot`b hy \rub`mtcon X`kunotcems5 .......................... ?;

9.8 O Knehon Ncqucbcty Qoi`ty M t ......................................................................... ?3

;. Aemanubcmk X`gorfs ............................................................................................... 8<

Xì r`ma`s ......................................................................................................................... 8?

Opp`mbcx ............................................................................................................................. 82




?. CMRXEBPARCEM

@pcseb`s ei icmomacon arcs`s cm hetj obvoma`b omb `g`rkcmk àemegc`s ev`r tj` postbàob` omb o joni nòv` ncttn` beuht tjot tj` stohcncty ei aemsug`r prca`s be`s met

mà`ssorcny `msur` icmomacon stohcncty. Ontjeukj tj`r` cs me umcv`rsonny oaa`pt`b bìcmctcemomb ep`rotcemon gòsur` ei icmomacon stohcncty, wcb` swcmks cm oss`t prca`s omb tj`heeg‑hust ar`bct ayan`s burcmk guaj ei tj` kròt geb`rotcem `ro hòr wctm`ss te tjìoat tjot prca` stohcncty cs met o suiicac`mt aembctcem ier icmomacon stohcncty cm `ctj`r obvoma`ber `g`rkcmk àemegc`s. @ost Osco jos h``m me `xa`ptcem. Rj` prca`s ei steafs ombjeuscmk jov` bcspnoy`b wcb` swcmks wj`ròs aemsug`r prca`s jov` r`gocm`b r`notcv`nystohn` (os sjewm cm tj` opp`mbcx). Rj`s` bcv`rk`mt gev`g`mts jov` aost beuht em tj`pr`sugptcem tjot prca` stohcncty weunb `msur` stohcncty ei icmomacon gorf`ts ombcmstctutcems.

Cm tj` rum-up te tj` ?33;‑?33: Oscom icmomacon arcscs, tj` heeg cm tj` ròn `stot` gorf`tscm gomy `g`rkcmk àemegc`s cm Osco, wjcaj wos iu`n`b cm port hy aopcton cminews,r`sunt`b cm cmaròs`b icmomacon cghonoma`s tjot w`r` gomci`st`b cm seorcmk oss`t prca`s,o nork` cmaròs` cm n`v`rok` cm icmomacon cmstctutcems omb aerperotcems, omb b`t`rcerotcem eitj` aurr`may omb goturcty gcsgotaj`s cm tj` honoma` sj``ts ei homfs omb etj`rmemhomf icmomacon cmstctutcems. Rj` augunotcv` ìiàts ei tj`s` cghonoma`s `v`mtuonnyteuaj`b eii o icmomacon g`ntbewm.

Cm tj` oit`rgotj ei tj` ?33;‑?33: arcscs, @ost Oscom àemegc`s‒cm portcaunor tjes` jcthy tj` arcscs‒gob` aema`rt`b ìierts te cgprev` tj` ìicac`may omb stohcncty ei tj`cricmomacon syst`gs. Homfs omb etj`r memhomf icmomacon cmstctutcems str`mktj`m`b rcsfgomok`g`mt, cgprev`b kev`rmoma`, omb iertcic`b tj`gs`nv`s wctj `qucty aopcton ger`tjom wjot cs m``b`b te g``t tj` Homf ier Cmt`rmotcemon Q`ttn`g`mts (HCQ) aopctonob`quoay r`qucr`g`mts. Em tj` goareàemegca pencay iremt, tj`s` aeumtrc`s jov``ghroa`b ger` in`xchcncty cm gomokcmk tj` `xajomk` rot` syst`g. Re aegpn`g`mt tj`s`

rìergs tj`y jov` onse ogoss`b nork` ier`ckm `xajomk` r`s`rv`s os cmsuroma` okocmstiutur` arcs`s.

Jew`v`r, t`m yòrs oit`r ràev`rcmk ireg tj` Oscom icmomacon arcscs, seg` ei tj`sàeumtrc`s i`nn vcatcg te tj` 8<<:‑8<<3 knehon àemegca arcscs. Os ct turm`b eut, tj`y w`ròs vunm`rohn` te r`s`rv` aurr`may ncqucbcty sjertok`s os tj`y job h``m cm ?33;. [j`mier`ckm n`mb`rs omb cmv`sters ncqucbot`b tj`cr cmv`stg`mts cm beg`stca icmomacon oss`ts errìus`b te r`m`w tj`cr neoms te @ost Oscom homfs cm tj` sàemb joni ei 8<<:, aeumtrc`ssuaj os tj` X`puhnca ei Ferò (j`maìertj Ferò) omb Qcmkoper` job te s``f o aurr`mayswop ncm` wctj tj` Pmct`b Qtot`s (PQ) I`b`ron X`s`rv` te ovecb o ncqucbcty arcscs.

Gest `g`rkcmk àemegc`s cm @ost Osco or` y`t te b`v`nep pencay cmstrug`mts ìiàtcv` cmsustocmcmk icmomacon stohcncty. Cm aeumtrc`s obeptcmk cminotcem tork`tcmk os tj` irog`werf ei

gem`tory pencay, tj` gocm teen us`b, tj` pencay rot`, cs nork`ny tc`b up wctj omajercmk`xpàtotcems em tj` iutur` rot` ei cminotcem. Icsaon pencay, em tj` etj`r jomb, cs gestnyr`s`rv`b ier aeumt`rayancaon okkr`kot` b`gomb gomok`g`mt. Cm rònczotcem ei tj` ncgct`bsaep` ei gem`tory omb icsaon pencay ier sàurcmk icmomacon stohcncty, tj` HCQ cs obveaotcmktj` us` ei „goareprub`mtcon‗ pencay‒o ràonchrotcem ei „gcareprub`mtcon‗ r`kunotcems iergoareàemegca purpes`s‒os o gòms ei soi`kuorbcmk àemegc`s okocmst tjòaaugunotcem ei icmomacon cghonoma`s.

Rj` purpes` ei tjcs stuby cs te omonyz` tj` ren` omb saep` ei goareprub`mtcon pencay cmaemtrenncmk tj` h`jovcer ei icmomacon cmstctutcems cm gomokcmk oss`ts omb ncohcnctc`s omb




2

gorf`t iocnur`s tjot r`mb`r tj` icmomacon syst`g vunm`rohn` te p`rcebca arcs`s cm tjàemt`xt ei tj` @ost Oscom àemegy. Ier tjcs purpes`, tjcs pop`r cb`mtcic`s twe goderseura`s ei icmomacon cmstohcncty tjot jov` pnoku`b gomy @ost Oscom `g`rkcmkàemegc`s‒spàunotcem omb tj` heeg‑hust ayan` cm tj` jeuscmk gorf`t os or`pr`s`mtotcv` ei ròn prep`rty gorf`ts, omb tj` honoma` sj``t gcsgotaj`s ei aurr`mayomb goturcty ot homfs omb etj`r icmomacon cmstctutcems, wjcaj w`r` ot tj` tep ei tj` ncst ei

icmomacon irocntc`s ei @ost Osco–s `g`rkcmk àemegc`s ot tj` tcg` ei tj` Oscom icmomaconarcscs.

Qàtcem 8 bcsauss`s tj` aouson m`xus h`tw``m prca` omb icmomacon stohcncty omb tj` renòmb aegpn`g`mtory motur` ei goareprub`mtcon pencay cm obbr`sscmk syst`gca rcsf tjot tjìcmomacon syst`g cs `xpes`b te ot omy pecmt cm tcg` omb ev`r tj` huscm`ss ayan`. Qàtcem1 omonyz`s tj` h`jovcer ei tj` jeuscmk gorf`t cm o bymogca s`ttcmk te cb`mtciy seg` eitj` ioaters r`spemschn` ier cts venotcncty omb susa`ptchcncty te tj` heeg‑hust ayan`. Qàtcem2 ott`gpts te `vonuot` tj` ìiàtcv`m`ss ei goareprub`mtcon pencay cm nòmcmk okocmst tj`heeg‑hust ayan` cm tj` ròn prep`rty gorf`t. Qàtcem 0 cs b`vet`b te om `xogcmotcem eitj` aous`s omb aems`qu`ma`s ei tj` aurr`may omb goturcty gcsgotaj`s os o seura` eiicmomacon cmstohcncty cm o aress-sàtcemon bcg`mscem. Rjcs cs iennew`b cm sàtcem 9 hy omoss`ssg`mt ei tj` ìiàtcv`m`ss ei goareprub`mtcon pencay cm obbr`sscmk tj` syst`gcarcsf tjot tj` twcm honoma` sj``t cghonoma`s aeunb kcv` rcs` te. Aemanubcmk r`gorfs or` cmo icmon sàtcem.

8. ICMOMACON CMQROHCNCRS CM O NE[-CMINORCEM@MYCXEMG@MR, QSQR@GCA XCQF, OMBGOAXE\XPB@MRCON \ENCAS

8.? [jy cs \rca` Qtohcncty met `meukj5

Hìer` o s`rc`s ei icmomacon arcs`s wròf`b jovea em o mugh`r ei `g`rkcmk àemegc`scm Osco omb etj`r ports ei tj` wernb cm tj` not` ?33<s omb òrny 8<<<s, tj` begcmomt vc`wjob h``m tjot icmomacon stohcncty, jew`v`r bìcm`b, wos pr`bcaot`b em prca` stohcncty(Qajwortz ?330).?

Qcma` tj` òrny 8<<<s, jew`v`r, tjcs vc`w jos h``m r`korb`b wctj krewcmk sf`ptcacsg osct jos hàeg` `vcb`mt tjot icmomacon cghonoma`s cm tj` ierg ei tj` heeg omb hust,`xa`sscv` n`v`rok` cm icmomacon cmstctutcems omb jeus`jenbs, omb b`t`rcerotcem cm goturctyomb aurr`may gcsgotaj`s cm tj` honoma` sj``ts ei homfs omb etj`r icmomacon cmstctutcemsaeunb hucnb up cm o mem-cminotcemory `mvcremg`mt. Cm obbctcem, tj` umwcmbcmk ei tj`s`

cghonoma`s aeunb b`stohcncz` tj` icmomacon syst`g omb `v`m trckk`r o icmomacon arcscs.

@xogcmcmk tj` jcstery ei icmomacon cmstohcncty cm tj` PQ ireg ?;:3 te?339, tek`tj`r wctj tj` `xp`rc`ma`s ei tj` Pmct`b Fcmkbeg omb Aomobo, Herbe omb[j``neaf (?33:) okr``b wctj Qajwortz hy soycmk tjot o gem`tory pencay tjot ieaus`s emncgctcmk inuatuotcems cm tj` prca` n`v`n weunb t`mb te preget` icmomacon stohcncty.

Cm b`sarchcmk tj` bcv`rk`ma` h`tw``m prca` omb icmomacon stohcncty, o s`rc`s ei pop`rspuhncsj`b hy tj` stoii ei tj` HCQ jov` aecm`b o m`w t`rg, fmewm os tj` „porobex eiicmomacon cmstohcncty,‗ cm wjcaj „tj` icmomacon syst`g neefs stremk`st wj`m ct cs gest irokcn`‗

? Oaaerbcmk te Qajwortz (?330), em` ei tj` goder aous`s ei icmomacon cmstohcncty cs inuatuotcems cm tj` cminotcem

rot` wjcaj t`mb te ogpnciy tj` uma`rtocmty cm `stcgotcmk tj` pet`mtcon ròn r`turms em cmv`stg`mts omb gests`v`r` pcseb`s ei cmstohcncty eaaurr`b typcaonny cm bcscminotcemory mvcremg`mts.




0

(Herce omb Br`jgomm 8<<3).8

Burcmk tj` post twe bàob`s ei tj` kròt geb`rotcem o new omb stohn` rot` ei cminotcem cmom `mvcremg`mt ei kròt`r pr`bcatohcncty ei àemegca pencay iest`r`b o ions` s`ms` eisoi`ty omb aegpnoa`may wctj r`korb te icmomacon stohcncty. Rek`tj`r wctj o new`r aest eiherrewcmk hreukjt oheut hy prca` stohcncty, tjcs i``ncmk ei sàurcty n`b te o ionn cm tjòv`rscem te rcsf tofcmk, wjcaj cm turm r`sunt`b cm `xa`sscv` n`v`rok` cm icmomaconcmstctutcems omb jeus`jenbs. [j`m aeghcm`b wctj „preayancaoncty‗ ei n`mbcmk ot homfs ombetj`r icmomacon cmstctutcems, tj` kròt`r opp`tct` ier rcsf aungcmot`b cm o jckj b`kr`` eivenotcncty ei prca`s omb tj` heeg‑hust ayan` cm ròn omb icmomacon oss`t gorf`ts.

Herce omb [jct` (8<<2) osf, ier cmstoma`, „[jy jos tj` iunnpòa` bcvcb`mb ei tj` wor okocmst cminotcem est`mschny met got`rconcz`b5‗ Aoruomo (8<?<)anocgs tjot tj` 8<<:‑8<<3 arcscs cs ometj`r `pcseb` prevcmk tjot oajc`vcmk stohcncty eiaemsug`r prca`s tjreukj gem`tory pencay cs met `meukj te `msur` icmomacon stohcncty.[jot cs tj`m tj` aouson m`xus h`tw``m prca` omb icmomacon stohcncty5

O new rot` ei cminotcem goy met mà`ssorcny kuoromt`` icmomacon stohcncty, hut o jckj rot` eicminotcem goy aecmacb` wctj ionncmk oss`t prca`s, os sjewm cm sàtcem 2.1 Rjcs gòms tjotìiàtcv`m`ss ei pencac`s ier icmomacon stohcncty weunb jcmk` em o anòr umb`rstombcmk omb`gpcrcaon cb`mtcicaotcem ei tj` m`xus h`tw``m prca` omb icmomacon stohcncty. Hut suaj

cb`mtcicaotcem jos h``m aegpncaot`b hy tj` bciicaunty ei bìcmcmk omb gòsurcmk icmomaconstohcncty. Rj`r` cs me k`m`ron okr``g`mt em om ep`rotcemon bìcmctcem ei icmomacon stohcnctytjot cs oppreprcot` omb ict ier pencay purpes`s. Pmncf` prca` stohcncty, wjcaj aom h`r`pr`s`mt`b cm t`rgs ei o prca` cmb`x, icmomacon stohcncty bìc`s suaj pràcs`gòsur`g`mt. Ier tj` purpes` ei tjcs pop`r ct weunb suiica` te us` o bìcmctcem b`sarch`bcm o quonctotcv` t`rg, suaj os tj` stohcncty ei f`y icmomacon cmstctutcems omb gorf`ts.1

8.8 Qyst`gca Xcsf omb Goareprub`mtcon \encay

Oaaerbcmk te o Aeggctt`` em tj` Icmomacon Qyst`g (AKIQ) pop`r ( HCQ 8<?<), syst`gcarcsf cs „o rcsf ei bcsruptcem te icmomacon s`rvca`s tjot cs aous`b hy om cgpocrg`mt ei onn erports ei tj` icmomacon syst`g omb jos tj` pet`mtcon te jov` s`rceus m`kotcv`

aems`qu`ma`s ier tj` ròn àemegy(\ok` 8).‗ Herce (8<<3) omb Jommeum (8<?<) cb`mtciytwe typ`s ei bcsruptcem tjot aeunb aous` tj` oaaugunotcem ei icmomacon cghonoma`s. Em`typ` cs icmomacon ayan`‒tj` preayancaoncty ev`r tj` huscm`ss ayan` cm n`mbcmk ot homfs ombetj`r memhomf icmomacon cmstctutcems. Ometj`r typ` cs aress-bcg`mscemon bcsruptcem orcscmkireg bcràt `xpesur` ei icmomacon cmstctutcems te o s`t ei aeggem sjeafs er rcsf ioaters, oscm tj` aos` ei jenbcmk tj` sog` er scgcnor oss`ts, er cmbcràt `xpesur` tjreukj m`twerfncmfs, os cm tj` aos` ei ossugcmk aeumt`rporty rcsfs.2

Ontjeukj gem`tory pencay sjeunb h` om cmt`kron aegpem`mt ei omy pencay irog`werf iergomokcmk syst`gca rcsf, ct jos cts ncgctotcems, cm portcaunor wj`m aemsug`r omb oss`tprca`s gev` cm tj` eppesct` bcràtcems. Cm àemegc`s obeptcmk cminotcem tork`tcmk, tj`pencay rot` cs met om ìicac`mt teen te r`strocm `xa`sscv` n`v`rok` omb rcsf tofcmk. Ierl`xogpn`, o jckj`r pencay rot` goy h` ohn` te stohcncz` jckj oss`t prca`s, hut wj`mspàunotcem s`ts cm ct cs ncf`ny te be se ot tj` aest ei o nork`r eutput kop ci aemsug`r prca`

8 Q`` Herce omb New` (8<<8), Herce omb [jct` (8<<2), [jct` (8<<9), Herce omb Qjcg (8<<;), omb Aoruomo

(8<?<).1 Etj`r bìcmctcems cmanub` em` hy tj` @urepòm A`mtron Homf (@AH), wjcaj bìcm`s icmomacon stohcncty os "oaembctcem wj`r`hy tj` icmomacon syst`g cs ohn` te wctjstomb sjeafs wctjeut kcvcmk woy te augunotcv`prea`ss`s, wjcaj cgpocr tj` onneaotcem ei sovcmks te cmv`stg`mt eppertumctc`s omb tj` prea`sscmk eipoyg`mts cm tj` àemegy‗ (\obeo-Qajceppo 8<<1).

2 Q`` Areaf`tt (8<<<), Herce (8<<1), omb [jct` (8<<2) em tj` preayancaoncty ei n`mbcmk.




9

cminotcem cs h`new tj` tork`t rot` (Hnomajorb, B`nn–Orcaaco, omb Goure 8<?<). Rjcsncgctotcem jos oreus`b cmt`r`st cm, omb hreukjt em, ìierts te b`v`nep omb rìcm`goareprub`mtcon pencay os o gòms ei gomokcmk `xa`sscv` n`v`rok`, preayancaoncty cmhomf n`mbcmk, omb ròn omb icmomacon oss`t spàunotcem.

Goareprub`mtcon pencay cs bìcm`b os „tj` us` ei prub`mtcon teens wctj tj` `xpncact ehdàtcv`

ei pregetcmk tj` stohcncty ei tj` icmomacon syst`g os o wjen`, met mà`ssorcny ei tj`cmbcvcbuon cmstctutcems wctjcm ct‗ (An`g`mt 8<?<). Re h` ger` spàcica, goareprub`mtconpencay jos twe ehdàtcv`s4 em` cs te gctckot` tj` icmomacon ayan` er preayancaoncty ev`r tcg`,omb tj` etj`r cs te gof` tj` icmomacon syst`g ger` r`scnc`mt kcv`m tj` ayan` hygeb`rotcmk syst`gca rcsf aous`b hy „cmt`rncmfok`s h`tw``m tj` aeggem `xpesur`s ei onnicmomacon cmstctutcems‗ ot o pecmt cm tcg` (AKIQ 8<?<6 Jommeum 8<?<). Re h` sur`, tjèhdàtcv`s or` met gutuonny `xanuscv`, os kròt`r icmomacon syst`g r`scnc`ma` weunb`mohn` tj` syst`g te h`tt`r nòm okocmst icmomacon ayan`s.

O nork` mugh`r ei gcareprub`mtcon cmstrug`mts aeunb h` ràonchrot`b ier goareàemegcaehdàtcv`s ei sustocmcmk icmomacon stohcncty. 0 Rj`s` teens or` hoscaonny b`sckm`b ombcgpn`g`mt`b te ncgct tj` bcstr`ss ei cmbcvcbuon icmomacon cmstctutcems, hut Jommeum (8<?<)orku`s tjot tj`y aeunb h` utcncz`b te gctckot` syst`gca rcsf os tj`y aom aegpn`g`mt tj`

cmstrug`mts ei gem`tory pencay. Qeg` ei tj` cmstrug`mts tjot goy h` us`b te str`mktj`micmomacon syst`g r`scnc`ma` cmanub` aopcton omb ncqucbcty r`qucr`g`mts omb r`strcatcems emn`v`rok` cm portcaunor typ`s ei n`mbcmk omb aurr`may gcsgotaj`s. Cm portcaunor, r`kunoteryoutjerctc`s goy s`porot` eut vcton r`qucr`g`mts te rìnàt tj`cr pet`mtcon tjròt te tj`stohcncty ei tj` icmomacon syst`g (Herce 8<<3).9

O jest ei gcareprub`mtcon teens goy onse h` rèrc`mt`b te j`np n`ss`m preayancaoncty. Rj`ycmanub` aeumt`rayancaon aopcton ajork`s, ierworb-neefcmk prevcscemcmk ier neom ness`s,aopcton aems`rvotcem run`s ier homfs tjot `msur` prub`mt preict r`t`mtcem, tj` neom‑te-vonu` rotce, tj` r`poyg`mt p`rceb, gorkcm r`qucr`g`mts, aopcton r`qucr`g`mts okocmstròn `stot` n`mbcmk, omb tj` aeumt`rayancaon obdustg`mt ei `xpesur` te tj` ròn `stot`sàter, te h` tckjt`m`b cm tj` upswcmk omb nees`m`b cm tj` bewmswcmk pjos` (Jommeum8<?<).

;

Ct sjeunb h` met`b tjot tj` prà`bcmk aot`kerczotcem cs hos`b em hreob aerr`spemb`ma`h`tw``m tj` cmstrug`mts omb tj` twe ehdàtcv`s ei goareprub`mtcon pencay, os seg` eitj`s` cmstrug`mts, suaj os tj` neom‑te-vonu` rotce, aom cgprev` tj` r`scnc`ma` ei tjìcmomacon syst`g hut onse s`rv` os om outegotca stohcncz`r ier tj` syst`g (AKIQ 8<?<).

Rj`s` teens aeunb h` obdust`b ir`qu`mtny omb quomtctotcv`ny.

Cm aemtrenncmk syst`gca rcsf ev`r, omb ot o pecmt cm tcg` cm, o aress-sàtcemon bcg`mscem,jew be`s goareprub`mtcon pencay werf5 Jew ìiàtcv` cs ct5 Cs ct cmb`p`mb`mt er

0 AKIQ (8<?<) omb Jommeum (8<?<) prevcb` o ncst ei tj`s` cmstrug`mts aot`kercz`b hy tj` bcsruptcems te tj`

icmomacon syst`g tj`y aemstrocm. AKIQ (8<?<) bcsauss`s jew te b`sckm goareprub`mtcon irog`werfs ombr`vc`ws `xp`rc`ma` cm o romk` ei aeumtrc`s.

9

Herce (8<<3) prepes`b o tep-bewm oppreoaj cm `gpneycmk prub`mtcon teens cm wjcaj tj` aemtrchutcem ei òajcmstctutcem te syst`gwcb` rcsf cm aonaunot`b. Em tj` hoscs ei tjcs cmiergotcem, jckj`r stomborbs or` cgpes`bem cmstctutcems wctj o nork`r aemtrchutcem.

; Rj`s` cmstrug`mts aom h` aegpn`g`mt`b hy bymogca prevcscemcmk, hut wctj aoutcem. Rjcs cs hàous` tj`

bymogca prevcscemcmk saj`g` goy jov` om cmj`r`mt hcos okocmst sgonn omb g`bcug-scz`b icrgs ombjeus`jenbs, wjcaj jov` cmaròscmkny oaaeumt`b ier o nork` sjor` ei austeg`rs ot homfs. Nork` icrgs jovòaa`ss te cmt`rmotcemon os w`nn os beg`stca aopcton gorf`ts ier tj` icmomacmk ei tj`cr cmv`stg`mt. B`mc`bar`bct ot homfs, tj`y aeunb cssu` aegg`racon pop`r, hembs, omb `quctc`s te rocs` iumbs tj`y m``b. Rj`sìcmomacmk ont`rmotcv`s or` eit`m met ovocnohn` te sgonn omb g`bcug-scz`b icrgs. Burcmk om àemegca heeg,bymogca prevcscemcmk goy bcsarcgcmot` okocmst sgonn omb g`bcug-scz`b icrgs, wjcaj or` ncf`ny te h`p`ra`cv`b os jckj-rcsf anc`mts.




;

aegpn`g`mtory te gem`tory pencay5 Re omsw`r tj`s` qu`stcems, cm tj` iennewcmk twesàtcems tjcs pop`r icrst cb`mtcic`s twe seura`s ei icmomacon cmstohcncty cm @ost Osco. Em` cstj` ròn oss`t gorf`t heeg‑hust ayan`, omb tj` etj`r cs tj` aurr`may omb goturctygcsgotaj`s cm tj` honoma` sj``ts ei homfs omb etj`r icmomacon cmstctutcems. Rj` aous`sei tj`s` twe seura`s ei cmstohcncty wcnn tj`m h` `xogcm`b te `vonuot` tj` saep` ombìiàtcv`m`ss ei goareprub`mtcon pencay cm aemtrenncmk tj` rcsfs tj`y pr`s`mt. Qàtcem 1

omonyz`s tj` struaturon ajoroat`rcstcas ei tj` jeuscmk gorf`t, omb tj` bymogcas eihuhhn`s cm ct.:

1. HEEG‑HPQR ASAN@ CM X@ON \XE\@XRS GOXF@RQ OMB @II@ARCY@M@QQ EI GOAXE\XPB@MRCON\ENCAS

Rj` twcm gcsgotaj`s or` tof`m up cm sàtcem 2.

Rj` twe `pcseb`s ei icmomacon arcscs cm tj` post bàob` omb o joni jov` pr`s`mt`bkrewcmk `vcb`ma` tjot tj` gorf`ts ier ròn prep`rtc`s omb `quctc`s or` prem` tespàunotcem omb huhhn`s omb tjot tjcs susa`ptchcncty jos h``m em` ei tj` gest bogokcmk

irocntc`s ei @ost Osco–s icmomacon syst`g.3

1.? Ajoroat`rcstcas ei tj` Xòn @stot` Gorf`t

Cm tj` rum-up te tj` ?33;‑?33: Oscom icmomaconarcscs, `xa`sscv` cmv`stg`mt `xa``bcmk tj` ov`rok` cm jeuscmk omb etj`r typ`s ei ròn`stot`, guaj ei wjcaj wos icmoma`b hy ier`ckm aopcton cminews, s`t eii ròn oss`tspàunotcem. Rj` suhs`qu`mt heeg i`b cmte huhhn`s, wjcaj `v`mtuonny hurst, b``p`mcmkomb `xoa`rhotcmk tj` gomok`g`mt ei tj` arcscs. Cm tj` post i`w yòrs, tj` \èpn`–sX`puhnca ei Ajcmo, Qcmkoper`, omb Jemk Femk, Ajcmo jov` wctm`ss`b seorcmk prca`s eijeuscmk, wjcaj cs s``m os o sckm ei m`w spàunotcv` huhhn`s cm tj` gofcmk. Rj`s` postomb aurr`mt b`v`nepg`mts cm tj` jeuscmk gorf`t prevcb` om cmt`r`stcmk aos` ier`xogcmcmk tj` aous`s omb aems`qu`ma`s ei, omb tj` ìiàtcv`m`ss ei, goareprub`mtconpencay cm soi`kuorbcmk okocmst icmomacon cmstohcncty cm `g`rkcmk @ost Osco.

Xòn `stot` cmanub`s nomb, r`scb`mtcon jeuscmk, omb o vorc`ty ei aegg`racon ròn `stot`. Ontjeukj jeuscmk omb etj`r typ`s ei ròn `stot` jov` trobctcemonny s`rv`b os cmv`stg`mtv`jcan`s ier wòntj oaaugunotcem, gomy jeus`jenbs omb icrgs jenb tj`g ier tj`crs`rvca`s rotj`r tjom ier pertience cmv`stg`mt.?<

Rj` j`t`rek`m`cty omb gorf`t s`kg`mtotcem sukk`st tjot bcii`r`mt anoss`s ei ròn `stotòr` ncf`ny te h` peer suhstctut`s ier em` ometj`r omb ier icmomacon oss`ts. Os o r`sunt, tj`prca` ei òaj anoss ei ròn `stot` cs nork`ny b`t`rgcm`b hy cts suppny omb b`gomb omb csgestny umoiiàt`b hy ajomk`s cm tj` prca`s ei etj`r typ`s ei ròn omb icmomacon oss`ts.

Rj` ohs`ma` ei o stomborb umct ei ròn`stot` jogp`rs gorf`t tromsoatcems, omb nork`ny ier tj`s` ròsems tj` gorf`ts ier nomb,jeuscmk, omb aegg`racon ròn `stot` or` j`t`rek`mèus, cnncqucb, omb s`kg`mt`b.

: Ier o ger` rckereus omonyscs ei tj` preayancaoncty cm Ferò–s ròn `stot` gorf`t, s`` \orf omb [ypnesz(8<<:).

3 Oaaerbcmk te Kncmbre, Quhjomdc, Qz`te, omb Tju (8<<:), spàunotcem cm tj` jeuscmk gorf`t cs aemscb`r`b te

h` em` ei tj` goder seura`s ei icmomacon cghonoma` tjot pes` syst`gca rcsfs te tj`s` àemegc`s. Tju(8<<9) onse pecmts te heegs omb husts cm tj` ròn `stot` gorf`t os jovcmk pnoy`b o aruacon ren` cmtrckk`rcmk omb wers`mcmk tj` ?33;‑?33: Oscom icmomacon arcscs.

?< Cm gomy @ost Oscom `g`rkcmk àemegc`s tjot jov` suii`r`b ireg jckj omb umpr`bcatohn` cminotcem, jeuscmkjos h``m em` ei tj` gest seukjt-oit`r oss`ts ier wòntj oaaugunotcem. Cm Ferò, ier `xogpn`, tj` tetongorf`t vonu` ei jeuscmk wos `stcgot`b te h` tjr`` tcg`s nork`r tjom kress beg`stca prebuat (KB\) cm8<<9.




:

Rj`s` iòtur`s goy prevcb` rotcemon` ier tj` pencay outjerctc`s te cmt`rv`m` cm tj`s`gorf`ts wj`m tj`y s`` sckms ei spàunotcem. Rj`y aeunb be tjcs hy cmvefcmkgcareprub`mtcon r`kunotcems te aurtocn homf icmomacmk ier ròn `stot` cmv`stg`mt ombtoxotcem em prep`rty tromsoatcems rotj`r tjom ajomkcmk tj` stoma` ei goareàemegcapencac`s suaj os gem`tory pencay.

1.8 Quhstctutcmk Jeuscmk ier Icmomacon Oss`ts

Hìer` tj` ems`t ei icmomacon nch`ronczotcem tjot h`kom cm tj` òrny ?3:<s omb wjcaj josspurr`b tj` `xpomscem omb bcv`rscicaotcem ei jeuscmk icmoma`, tj`r` wos me umcic`bmotcemon jeuscmk gorf`t cm @ost Osco–s `g`rkcmk àemegc`s. Cm ioat, tj`r` w`r` gomyj`t`rek`mèus jeuscmk gorf`ts s`kg`mt`b hy r`kcem omb bcii`r`mtcot`b hy jeuscmktyp`. [ctj tj` aemtcmucmk `xpomscem omb bcv`rscicaotcem ei tj` jeuscmk icmomacon syst`g,jew`v`r, tj`s` s`kg`mt`b gorf`ts jov` cmaròscmkny h``m cmt`krot`b cmte o umcic`bmotcemon jeuscmk gorf`t tjot cs nork` omb ncqucb cm gomy @ost Oscom `g`rkcmkàemegc`s. Rjcs gorf`t cmt`krotcem jos h``m cmstrug`mton cm new`rcmk tromsoatcem aestsomb cmaròscmk gorf`t ncqucbcty, wjcaj jov` cm turm gob` jeuscmk o trobohn` oss`t ombkeeb suhstctut` ier icmomacon oss`ts.

Os o r`sunt, jeuscmk b`gomb jos hàeg` ger` s`msctcv` te ajomk`s cm goareàemegcavorcohn`s, suaj os tj` prca`s ei hembs omb `quctc`s omb tj` `xajomk` rot`. Tju (8<<9)icmbs o stremk pesctcv` r`notcemsjcp h`tw``m prca`s ei ròn `stot` omb tjes` ei `quctc`s,sukk`stcmk tjot cm aeumtrc`s wctj o w`nn-b`v`nep`b omb ìicac`mt gertkok` gorf`t tj` tweoss`ts or` ncf`ny te h` keeb suhstctut`s ier òaj etj`r.??

Ier om omonyscs ei tj` bymogcas ei jeuscmk gorf`t spàunotcem, ct cs aemv`mc`mt te bcvcb`huy`rs ei jeuscmk cmte twe bcii`r`mt typ`s. Rj` icrst typ` cmanub`s tjes` huy`rs aegcmkcmte tj` gorf`t ier aemsugptcem ei jeuscmk s`rvca`s, omb tj` sàemb or` spàunotcv`cmv`sters. Huy`rs cm tj` icrst aot`kery r`mt tj` jeus`s tj`y purajos` te tj`gs`nv`s6gomy ei tj`g be met spàunot` em jeuscmk prca`s. Huy`rs cm tj` sàemb kreup or` tjes`cmv`stcmk cm jeuscmk os om oss`t ier aopcton kocms6 tj`y or` gestny spàunoters.

Rj` sog` stuby onse prevcb`s`vcb`ma` tjot ajomk`s cm tj` `xajomk` rot` jov` o sckmcicaomt cgpoat em jeuscmk prca`scm aeumtrc`s tjot obept in`xchn` `xajomk` rot` syst`gs wj`r` aurr`may oppràcotcem csosseacot`b wctj o jeuscmk heeg omb b`pràcotcem wctj o gorf`t aemtroatcem. Ct cs onses``m tjot burcmk tj` heeg p`rceb ier`ckm cmv`sters gev` jòvcny cmte @ost Oscomprep`rty gorf`ts omb r`tròt `m goss` wj`m o bewmturm h`kcms, os tj`y bcb burcmk tj`?33;‑?33: Oscom icmomacon arcscs.

Em tj` suppny scb`, tj` ovocnohcncty ei jeuscmk aemscsts ei `xcstcmk jeus`s em tj` gorf`tier son` omb cmv`mtery ei m`wny hucnt jeus`s. Qcma` ct tof`s tcg` te hucnb m`w jeus`s ombgest jeus` ewm`rs or` met ncf`ny te put up tj`cr jeus`s ier son` cm r`spems` te o jeuscmkgorf`t heeg, tj` suppny ei jeuscmk t`mbs te h` cms`msctcv` te ajomk`s cm jeus` prca`s cmtj` sjert rum. Om `xek`meus cmaròs` cm b`gomb tj`rìer` be`s met `ncact guaj ei osuppny r`spems` omb cs tj`rìer` ncf`ny te rocs` prca`s cm tj` jeuscmk gorf`t ger` tjom ctweunb cm etj`r icmomacon gorf`ts, sukk`stcmk tjot guaj ei tj` gorf`t anòrcmk tof`spnoa` tjreukj prca` ajomk`s.

?? Q`` onse Herce omb GaKucr` (8<<2) ier stremk ncmfs h`tw``m `qucty prca` omb jeus` prca` gev`g`mts.




3

1.1 Icmomacon Oaa`n`roter omb @xtropenotcv` @xpàtotcems cm tj`Jeuscmk Gorf`t

[j`m tj`r` `xcsts o w`nn-b`v`nep`b jeuscmk icmoma` syst`g, cmv`stg`mts cm jeuscmk or`gestny icmoma`b hy neoms erckcmot`b hy homfs omb etj`r gertkok` n`mb`rs ier wjcaj ròn

`stot` prep`rtc`s or` pn`bk`b os aennot`ron. Rj`rìer`, nork`r ovocnohcncty ombbcv`rscicaotcem ei jeuscmk icmoma` weunb r`sunt cm om cmaròs` cm tj` pesctcv` aerr`notcemh`tw``m jeuscmk prca`s omb tj` suppny ei homf ar`bct. Rjcs aerr`notcem `stohncsj`s ostremk ncmf h`tw``m tj` jeuscmk prca` omb homf ar`bct ayan`s.?8 Rjcs ncmf tj`m oatcvot`stj` icmomacon oaa`n`roter gàjomcsg tjot aeunb put tj` jeuscmk prca` em om cgpnescv`potj te aròt` o huhhn`.?1

Rj` aennot`ron vonu` ei jeus`s cmaròs`s wctj tj` jckj`r prca`s ei jeuscmk. Rjcs cmaròsònnews jeuscmk cmv`sters te sàur` ger` gertkok` neoms wctj ger` ioverohn` t`rgs tjomhìer`. Rjot cs, tj` rcs` cm jeus` prca`s new`rs tj` aest omb cmaròs`s tj` ovocnohcncty eigertkok` ar`bct te jeus` huy`rs os tj`cr icmomacon pesctcems gòsur`b hy tj`cr jeusàennot`ron vonu`s cgprev`. Rj` herrew`rs cm tj` icrst aot`kery goy tj`m h` ohn` te `xtroatobbctcemon `qucty te icmoma` tj`cr m`xt jeus`, omb ier tj` sog` ròsem spàunotcv` huy`rs

wcnn h` ohn` te purajos` ger` jeus`s. Hàous` ei tj`s` sàembory omb augunotcv`ìiàts ei tj` cmaròs` cm jeuscmk icmoma` omb b`gomb, jeuscmk prca`s aemtcmu` te seorcm o jeuscmk heeg.

[j`m tj` icmomacon oaa`n`roter gàjomcsg cs s`t cm getcem, ajomk`s cm aurr`mt jeuscmkprca`s or` ncf`ny te h` b`t`rgcm`b hy tj`cr pr`vceus ajomk`s cm obbctcem te tj` b`vcotcemsireg tj` iumbog`mton jeuscmk vonu`s omb tj` aemt`gperomèus obdustg`mt te ajomk`scm tj` iumbog`mtons. Rjot cs, om cmctcon prca` cmaròs` cmbua`s om obbctcemon b`gomb ierjeuscmk ier cmv`stg`mt purpes`s os ct k`m`rot`s om `xpàtotcem ei o aemtcmueus cmaròs`cm jeuscmk prca`s te ottroat spàunotcv` huy`rs, pusjcmk up tj` jeus` prca`s iurtj`r ombtj`r`hy s`ttcmk eii o prca` bymogcas tjot aeunb hucnb o huhhn`. Rj` icmomacon oaa`n`rotergàjomcsg goy tj`m `xpnocm wjy cmv`sters cm tj` jeuscmk gorf`t or` ncf`ny te h` kucb`bhy om `xtropenotcv` `xpàtotcem.

2. RJ@ XEN@ OMB @II@ARCY@M@QQEIGOAXE\XPB@MRCON \ENCAS CM QROHCNCTCMKRJ@JEPQCMK GOXF@R

Re bcsauss tj` saep` omb ìiàtcv`m`ss ei goareprub`mtcon pencay cm nòmcmk okocmsticmomacon ayan`s, tjcs sàtcem aemscb`rs o sctuotcem cm wjcaj aemsug`r prca`s or` met`xpàt`b te rcs` h`yemb o tork`t romk` hut tj`r` or` sckms ei cmacpc`mt spàunotcem tjotgoy aròt` o huhhn` cm tj` jeuscmk gorf`t. Ioa`b wctj krewcmk cmstohcncty cm tj` jeuscmkgorf`t, tj` a`mtron homf aeunb cmaròs` tj` pencay rot` te suppr`ss umworromt`b jckj

`xpàtotcems ei aopcton kocms, hut weunb h` r`nuatomt te be se umn`ss tj` spàunotcem wosncf`ny te cmaròs` cminotcemory pr`ssur`. Icsaon outjerctc`s goy rocs` tj` prep`rty tox rotòmb cgpes` obbctcemon tox`s em tj` tromsoatcems cm, omb tromsi`r ei, prep`rtc`s hut tj`s`typ`s ei toxotcem goy met h` b`scrohn` os tj`y bcstert prep`rty gorf`ts omb cgpocr tj`crìicac`may.

?8 Tju (8<<9) icmbs tjot homf ar`bct cs pesctcv`ny r`not`b te jeus` prca`s cm onn aeumtrc`s j` `xogcm`s.

?1 Em tj` icmomacon oaa`n`roter, s`` H`rmomf` (8<<;).




?<

Os o tjcrb ont`rmotcv` pencay gòsur`, icmomacon r`kunotery outjerctc`s goy aemscb`rcgpescmk gcareprub`mtcon r`kunotcems em gertkok` n`mbcmk ot homfs omb etj`r memhomficmomacon cmt`rg`bcorc`s ier tj` goareàemegca purpes` ei stohcnczcmk tj` jeuscmkgorf`t. Cm tjcs r`korb, r`kunotery outjerctc`s aeunb `gpney twe typ`s ei goareprub`mtconcmstrug`mts. Rj` icrst cmanub`s seg` ei tj` gcareprub`mtcon cmstrug`mts‒suaj os tj`neom‑te-vonu` omb b`ht‑te-cmaeg` rotces, wjcaj or` obdust`b te aemtren tj` suppny ei

ar`bct te o portcaunor sàter suaj os jeuscmk. Rj` sàemb typ` aegprcs`s tjes` teens ieraemtrenncmk tj` suppny ei okkr`kot` homf ar`bct suaj os aeumt`rayancaon aopcton ajork`s,bymogca neom-ness prevcscemcmk, omb aopcton aems`rvotcem run`s ier homfs. Rj`s` teens or`gestny cgpn`g`mt`b te geb`rot` preayancaoncty cm homf n`mbcmk. Cgpn`g`mtotcem ei tj`s`twe typ`s ei cmstrug`mts `mtocns quomtctotcv`‒rotj`r tjom prca`‒aemtren ei tjòvocnohcncty ei sàter os w`nn os okkr`kot` homf ar`bct.

2.? Iumkchcnc ty ei Gem`y4 Cmìiàtcv`m`ss ei Q nàtcv` Ar`bctAemtren

Cm om ìiert te stov` eii o jeuscmk gorf`t heeg, suppes` tjot tj` r`kunotery outjerctc`snew`r tj` twe gcareprub`mtcon rotces‒tj` neom-te‑vonu` omb b`ht-te‑cmaeg` rotces‒ombtjot tj`r` cs me ajomk` cm gem`tory pencay. Rj` squ``z` em gertkok` n`mbcmk cs ncf`ny tebcsaeurok` herrewcmk ier aemsugptcem b`gomb (tj` purajos`s ei jeus`s ier tj`crs`rvca`s) hut met mà`ssorcny herrewcmk ier cmv`stg`mt b`gomb hy tjes` s``fcmk jckj`raopcton kocms ci jeuscmk prca`s or` `xpàt`b te rcs` aemtcmueusny. Pmb`r tj`sàcraugstoma`s, os nemk os tj` n`v`n ei teton homf n`mbcmk cs nìt umajomk`b, homfs wcnn hòhn` te `xt`mb ger` ei etj`r typ`s ei huscm`ss omb aemsug`r neoms wctj tj` iumbsr`nòs`b ireg aurtocn`b jeuscmk icmoma`. Hut ci tj` `xpàt`b ròn r`turm em jeuscmkcmv`stg`mt cs p`ra`cv`b te h` jckj`r tjom tj` r`turms em etj`r oss`ts, gomy ei tj`herrew`rs tofcmk eut etj`r memgertkok` homf neoms or` ncf`ny te cmv`st tj` hunf ei tj`crneom prea``bs cm jeuscmk.?2

Kcv`m tj` iumkchcncty ei gem`y, ct oppòrs tjot, cm aeumtrc`s wj`r` jeuscmk jos hàeg` okeeb suhstctut` ier icmomacon oss`ts omb homfs begcmot` icmomacon cmt`rg`bcotcem omb tjìcmomacon syst`g os o wjen`, r`strcatcems em gertkok` n`mbcmk onem` goy met h` ìiàtcv`cm pr`v`mtcmk o jeuscmk gorf`t huhhn`6 tj`y m``b te h` aegpn`g`mt`b hy om ev`ronnauthoaf ei okkr`kot` homf ar`bct tjreukj, ier cmstoma`, om cmaròs` cm neom-nessprevcscemcmk. Hut ema` jeuscmk spàunotcem kotj`rs iera` (os sjewm hy tj` Feròm`xp`rc`ma` bcsauss`b cm sàtcem 2.1), `v`m tj` scguntomèus squ``z` em hetj tj` sàteromb okkr`kot` suppny ei homf ar`bct goy met h` ìiàtcv`. Rjcs cs hàous`, b`spct` tjèv`ronn tckjt`mcmk ei homf ar`bct, seg` ei tj` neoms `xt`mb`b te mem-jeuscmk herrew`rsaeunb h` browm owoy te h` cmv`st`b cm jeuscmk os nemk os ròn prep`rty spàunotcempcafs up sp``b.

Rjcs r`sunts ireg tj` iumkchcncty ei gem`y omb cgp`riàtcemscm `x-pest neom us` gemctercmk tjot goy met h` ohn` te pr`v`mt tj` neom bcv`rscem.

2.8 Goareprub`mtcon omb Gem`tory \encay4 Or` Rj`yCmb`p`mb`mt5

Cm tj` prà`bcmk bcsausscem, tckjt`mcmk ei goareprub`mtcon pencay cs ncf`ny te gev` homfste rocs` cmt`r`st rot`s em tj`cr neoms. Ct wcnn onse brcv` gomy ei tj`cr neom austeg`rs eut ei

?2 O jeuscmk gorf`t heeg eit`m aecmacb`s wctj nomb spàunotcem. Huscm`ss herrew`rs goy bàcb` te us` oicx`b cmv`stg`mt neom te hucnb o pnomt em o nork`r sct` ei nomb tjom etj`rwcs`.




??

tj` homf neom gorf`t omb cmte gem`y omb aopcton gorf`ts ier bcràt icmomacmk ot o jckj`raest. Rjcs cmaròs` cm b`ht omb `qucty icmomacmk wcnn tj`m cmaròs` gorf`t cmt`r`st rot`s. Citjcs jopp`ms, aemtroatcemory goareprub`mtcon pencay wcnn bogp`m tj` okkr`kot` b`gombier keebs omb s`rvca`s (wctj o pesschn` `xa`ptcem ei aemstruatcem cmv`stg`mt) os gomypet`mtcon herrew`rs wctjeut oaa`ss te tj` aopcton gorf`t wcnn brep eut ei tj` homf neomgorf`t, wjcn` ct jos ncgct`b ìiàts em suppr`sscmk jeuscmk gorf`t spàunotcem. Rj`

tckjt`r stoma` ei goareprub`mtcon pencay goy tj`rìer` wcb`m tj` eutput kop, b`p`mbcmkem tj` `xt`mt te wjcaj homf neoms or` sjcit`b te jeuscmk icmoma`. Goareprub`mtcongòsur`s goy str`mktj`m tj` icmomacon syst`g hut be met mà`ssorcny `mjoma` icmomacongoareàemegca stohcncty. Ct iennews tj`m tjot ci tj` pencay rot` cs o peer teen te bòn wctjicmomacon gorf`t cmstohcncty se or` goareprub`mtcon gòsur`s peer teens ier geb`rotcmkicmomacon ayan`s.

Rj` prà`bcmk bcsausscem rocs`s om cgpertomt qu`stcem os te wj`tj`r tj` bcvcscem einoher cm pencay gomok`g`mt, cm wjcaj tj` a`mtron homf iennews om cmt`r`st rot` run` cmaembuatcmk gem`tory pencay ier prca` stohcncty wjcn` r`kunotery outjerctc`s or` `mkok`b cmquomtctotcv` aemtren cm gomokcmk goareprub`mtcon pencay ier icmomacon stohcncty, cs o vcohn`cmstctutcemon orromk`g`mt.

Rjcs qu`stcem orcs`s hàous` gest ei tj` goareprub`mtcon cmstrug`mts nòmcmk okocmsticmomacon ayan`s werf tjreukj ajomk`s cm tj` ovocnohcncty ei sàter omb okkr`kot` ar`bctomb cm tjcs r`spàt or` scgcnor te r`s`rv` r`qucr`g`mts. Rjot cs, goareprub`mtcon teensep`rot` tjreukj ìiàts em homf n`mbcmk‒ajomk`s cm homf neoms aous` cmv`stg`mt ombaemsug`r sp`mbcmk te ajomk`. Qcma` tjcs homf n`mbcmk ajomm`n cs em` ei gomy ajomm`nsei gem`tory pencay, ct iennews tjot, cm `g`rkcmk àemegc`s wj`r` tj` homfcmk syst`gbegcmot`s icmomacon cmt`rg`bcotcem, os ior os tj` ajomm`n ei tromsgcsscem cs aema`rm`b,goareprub`mtcon pencay kòr`b te aemtrenncmk preayancaoncty cm homf n`mbcmk omb gem`torypencay tork`t`b em prca` stohcncty or` em` omb tj` sog`, ontjeukj tj`y jov` bcii`r`mtehdàtcv`s.

2.1 Ferò–s @xp`rc`ma` wctj Goareprub`mtcon \encay

O rà`mt surv`y hy tj` HCQ em tj` us` ei goareprub`mtcon cmstrug`mts cm 11 aeumtrc`ssjews tjot cm gest aos`s tj` ehdàtcv` wos te `mjoma` tj` r`scnc`ma` ei tj` icmomaconsyst`g rotj`r tjom geb`rot` icmomacon ayan`s omb tjot tj` `vcb`ma` em tj` ìiàtcv`m`ssei goareprub`mtcon gòsur`s cs met aemanuscv` (AKIQ 8<?<). Cm port tj`s` icmbcmks or`suppert`b hy tj` rà`mt `xp`rc`ma` wctj gomokcmk tj` ròn `stot` heeg cm Ferò. Ev`ro ;-yòr p`rceb h`kcmmcmk cm 8<<?, tj` Kev`rmg`mt ei Ferò tckjt`m`b gem`tory pencayomb cgpes`b vorceus goareprub`mtcon omb tox gòsur`s em ?8 eaaoscems te hròf eii omcgp`mbcmk p`rceb ei ròn `stot` spàunotcem.

Cm Eateh`r 8<<1, tj` kev`rmg`mt met emny cmaròs`b tj` pencay rot` hut onse new`r`b tj`neom‑te-vonu` rotce te 2<% ireg 9<% em gertkok` neoms wctj goturctc`s ei n`ss tjom t`myòrs ier oportg`mt purajos`s.?0

?0

Cm Ferò tj`r` cs o ncqucb gorf`t ier oportg`mts, wjcaj or` stomborbcz`b cm t`rgs ei scz` omb or` oatcv`nytrob`b. Cm portcaunor, sgonn`r oportg`mts or` òscny gorf`tohn`, gofcmk tj`g o trobohn` cmv`stg`mt oss`tomb o keeb suhstctut` ier icmomacon oss`ts.

Hut tj` neom‑te-vonu` rotce aemtren turm`b eut te h` n`sstjom ìiàtcv` hàous` ei nòfok`‒homfs w`r` ohn`, omb cm ioat stort`b, te `xt`mbgertkok` neoms wctj goturctc`s nemk`r tjom t`m yòrs te ovecb tj` r`strcatcem. Re pnuk tjcsneepjen`, twe yòrs not`r gertkok` n`mbcmk wos tckjt`m`b iurtj`r hy new`rcmk tj` neom‑ vonu` rotce em tjes` neoms wctj goturctc`s nemk`r tjom t`m yòrs ier tj` purajos` ei om




?8

oportg`mt vonu`b ot ger` tjom [9<< gcnncem (opprexcgot`ny PQ$9<<,<<<). Ot tj` sog`tcg` tj` b`ht‑te-cmaeg` rotce wos new`r`b te h`new 2<% ier oportg`mt icmomacmk cmseg` ei tj` bcstrcats ei tj` Qèun g`trepenctom orò wj`r` tj`r` w`r` sckms ei ròn `stot`spàunotcem, omb cm 8<<3 tjcs r`strcatcem wos `xt`mb`b te tj` `mtcr` Qèun g`trepenctomorò.

B`spct` tj` cgpn`g`mtotcem ei tj`s` goareprub`mtcon gòsur`s, jeuscmk spàunotcem bcbmet suhscb`. Ct wos anòr tjot stremk`r bes`s ei omtcspàunotcem gòsur`s w`r` m``b`b.Rj`s` gòsur`s cmanub`b tj` r`qucr`g`mt ier r`kcstrotcem ei omb cgpesctcem ei tromsi`romb tromsoatcem tox`s em prep`rtc`s, wjcaj `v`mtuonny `mb`b tj` heeg cm tj` jeuscmkgorf`t. Cm r`trespàt ct cs umanòr wj`tj`r tj` ròn `stot` spàunotcem weunb jov` h``mhreukjt umb`r aemtren ci tj` kev`rmg`mt job met r`sert`b te tj` tox omb etj`r bcràtaemtren gòsur`s. Ct cs bciicaunt te `xogcm` `gpcrcaonny tj` `xt`mt te wjcaj tj` 8<p`ra`mtok` pecmt r`buatcem cm tj` neom‑te-vonu` rotce aemtrchut`b te snewcmk bewm ci metsteppcmk tj` spàunotcem. Cm r`trespàt ct wos ger` ei o syghenca gev` em tj` port ei tj`r`kunotery ok`may‒tj` Icmomacon Qup`rvcsery Q`rvca` (IQQ)‒te sckmon tjot ct woss`rceus oheut stohcnczcmk `xpàtotcems em iutur` prca`s ei oportg`mts, ontjeukj ct csumanòr os te jew suaa`ssiun tj` sckmoncmk wos.

Cm k`m`ron, tj` ìiàtcv`m`ss ei goareprub`mtcon teens goy vory b`p`mbcmk em tjàcraugstoma`s cm wjcaj tj`y or` cgpn`g`mt`b. [j`m tj` aemsug`r prca` cmb`x (A\C)omb oss`t prca`s gev` cm tj` sog` bcràtcem, ct cs ncf`ny tjot tj` stoma` ei hetj gem`toryomb goareprub`mtcon pencay weunb h` tj` sog`‒tj`y r`cmiera` òaj etj`r te r`ster`hetj prca` omb oss`t gorf`t stohcncty. ?9

Cm portcaunor, tj` aemincat h`tw``m tj` twe pencac`s oppòrs te h` ger` s`v`r` ci rcscmkaemsug`r prca`s or` oaaegpomc`b hy stokmotcem cm tj` jeuscmk gorf`t, os sjewm hy tj`rà`mt `xp`rc`ma` cm Ferò. Cm Oukust 8<?< tj` a`mtron homf rocs`b tj` pencay rot` os ctwos aema`rm`b oheut tj` hucnbup ei cminotcemory pr`ssur`. Ot tj` sog` tcg`, r`kunoteryoutjerctc`s ncit`b tj` b`ht-te-‑cmaeg` rotce em spàcica gertkok` neoms te r`vcv` tj`sokkcmk b`gomb ier jeuscmk neoms. Ontjeukj ct cs tee òrny te dubk`, tj` jckj`r b`ht‑te-cmaeg` rotce bcb met s``g te jov` `ncact`b omy pesctcv` jeuscmk gorf`t r`spems`.

Em tj` etj`r jomb, wj`m gev`g`mts eiaemsug`r omb oss`t prca`s bcv`rk`, tj` twe pencac`s rum cmte aemincat wctj òaj etj`r, oscm tj` aos` ei stohn` A\C omb rcscmk oss`t prca`s cm sàtcem 2.

?;

Goareprub`mtcon teens suaj os tj` neom‑te-vonu` omb b`ht‑te-cmaeg` rotces or` rotj`rcmin`xchn` cmstrug`mts tjot aommet h` icm`-tum`b ir`qu`mtny te ont`r prca` `xpàtotcems cmròn prep`rty gorf`ts. Iumkchcncty ei gem`y gof`s tj`cr ìiàtcv`m`ss ot h`st oghckueus.Goareprub`mtcon pencay ier aemtrenncmk tj` quomtcty ei okkr`kot` ar`bct m``bs te hàeerbcmot`b wctj tj` aembuat ei gem`tory pencay hut, kcv`m tj` bcii`r`mt pencay ehdàtcv`somb oppreoaj`s te pencay gomok`g`mt ei tj` gem`tory omb r`kunotery outjerctc`s, suajaeerbcmotcem weunb h` bciicaunt te cmstctutcemoncz`.

?:

?9 O rà`mt HCQ r`pert (AKIQ 8<?<) orku`s tjot tj` us ei goareprub`mtcon pencac`s tork`tcmk tj` ròn `stot`

sàter cm Oscom aeumtrc`s j`np`b gof` homfcmk syst`gs ger` r`scnc`mt te ròn `stot` bewmturms hut bcb metgof` guaj bcii`r`ma` te `ctj`r tj` str`mktj ei tj` heeg er tj` b`ptj ei tj` hust.

Icmomacon r`kunotery outjerctc`s weunbicmb ct bciicaunt te bàcb` em tcgcmk omb tj` `xt`mt ei obdustg`mt ei teens. Ier ìiàtcv`gomok`g`mt ei goareprub`mtcon pencay, r`kunotery outjerctc`s sjeunb h` ohn` te b`tàt

sckms ei ròn oss`t spàunotcem w`nn hìer` ct k`ts eut ei aemtren, omb cb`mtciy tj` turmcmk

?; Burcmk tj` icrst ; gemtjs ei 8<?<, aemsug`r prca`s res` hy oheut ?% wj`ròs jeuscmk prca`s cm seg`ports ei tj` Qèun g`trepenctom orò h`kom te ionn, h`kcmmcmk cm tj` sàemb quort`r ei 8<?<.

?: Rj` r`kunotery outjerctc`s goy jov` met b`v`nep`b tj` `xp`rtcs` er auntur` ei goareprub`mtcon pencay,wjcn` tj` a`mtron homf aommet `x`racs` sup`rvcsery aemtren ot tj` n`v`n ei cmbcvcbuon cmstctutcems. Rj`s`cmstctutcemon aemstrocmts aeunb jogp`r aeerbcmotcem h`tw``m tj` twe pencay outjerctc`s.




?1

pecmts cm ayancaon b`v`nepg`mts cm tj` àemegy. @qucppcmk r`kunotery outjerctc`s wctjtjcs goareàemegca ieràostcmk iumatcem weunb gòm `mtrustcmk tj`g wctj o ren` cm tjàembuat ei gem`tory pencay. Ct cs met anòr wjot tjot ren` sjeunb h`.

0. APXX@MAS OMB GORPXCRS GCQGORAJ@Q OQ O

QEPXA@ EI ICMOMACON CMQROHCNCRS?3

O sàemb seura` ei icmomacon cmstohcncty tjot jos aous`b guaj omkucsj te gomy @ost Oscom `g`rkcmk àemegc`s jos h``m tj` prep`mscty ei icmomacon cmstctutcems te jenboss`ts omb ncohcnctc`s tjot or` gcsgotaj`b cm t`rgs ei goturcty omb aurr`may. Rj` twcmgcsgotaj`s or` o typcaon `xogpn` ei syst`gca rcsf cm o aress-sàtcemon bcg`mscem tjotgomy `g`rkcmk àemegc`s or` `xpes`b te (pnòs` put ieetmet` ?3 j`r`). [j`m homfsomb etj`r memhomf icmomacon cmstctutcems jenb nemk-t`rg omb new-ncqucbcty oss`ts, suaj osnemk-t`rg neoms (b`megcmot`b cm hetj beg`stca omb ier`ckm aurr`may) iumb`b hyherrewcmk ireg hetj beg`stca omb `xt`rmon wjen`son` iumbcmk gorf`ts, tj`y `xpes`tj`gs`nv`s te o ncqucbcty omb senv`may arcscs wj`m gorf`t ncqucbcty cm hetj beg`stca ombr`s`rv` aurr`mac`s subb`mny `voperot`s. Ci homfs aeggct scgcnor gcsgotaj`s oaress tj`heorb, om `xt`rmon sjeaf suaj os o subb`m r`v`rson cm aopcton inews aeunb `mbomk`r tj`soi`ty ei tj` `mtcr` icmomacon syst`g.

Burcmk tj` ?33; Oscom icmomacon arcscs, aurr`may gcsgotaj`s h`tw``m ier`ckm aurr`mayoss`ts omb ncohcnctc`s cm homf honoma` sj``ts w`r` ot tj` tep ei tj` ncst ei icmomaconvunm`rohcnctc`s ei Oscom homfs tjot `xoa`rhot`b, ci met trckk`r`b, tj` icmomacon g`ntbewm. Omugh`r ei stubc`s ottrchut` tj`cr aous`s te tj` gorf`t iocnur`s osseacot`b wctjosygg`trca cmiergotcem omb geron jozorb.8<

Cm tj` rum-up te tj` 8<<:‑8<<3 knehon àemegca arcscs, ct oppòrs tj` aurr`may gcsgotajei @ost Oscom icmomacon cmstctutcems wos geb`rot` aegpor`b te tj` gosscv` b`t`rcerotcemtjot job tof`m pnoa` prcer te tj` ?33;‑?33: arcscs, ontjeukj tjcs goy met h` tj` aos` ier

tj` goturcty gcsgotaj. Rj` 8<<: knehon àemegca arcscs jos jckjnckjt`b tj` krovcty eitj` goturcty gcsgotaj os o goder aous` ei tj` arcscs, met emny cm `g`rkcmk hut onseobvoma`b àemegc`s.

Rjcs pop`r orku`s tjot tj`r` w`r` ger`gumbom` aous`s.

8?

Os sjewm cm tj` iennewcmk suh-sàtcem, cm `g`rkcmk àemegc`swctj ier`ckm aurr`may ncohcnctc`s, goturcty gcsgotaj`s aròt` o ger` s`rceus syst`gca rcsfos tj`y or` cmvorcohny oaaegpomc`b hy aurr`may gcsgotaj`s. Rj` sàtcem bcsauss`s jewtj` icmomacon cghonoma`s st`ggcmk ireg tj` twcm gcsgotaj`s orcs` omb wj`tj`r tj`yaeunb h` gctckot`b tjreukj goareprub`mtcon pencay.

?3 Rjcs sàtcem brows em \orf (8<<3).

8< Kenbst`cm omb Rurm`r (8<<2) orku` tjot onn pregcm`mt icmomacon arcs`s cm `g`rkcmk àemegc`s cm tj` ?33<somb tj` òrny 8<<<s sjor` em` strcfcmk ajoroat`rcstca‒o nork` aurr`may gcsgotaj. Q`` onse Ajomk ombY`nosae (8<<<)6 Aers`ttc, \`s`mtc, omb Xeuhcmc (?333)6 omb Xebrcf omb Y`nosae (?333).

8? Hrumm`rg`c`r `t on. (8<<3) pecmt eut tjot em` ei tj` gest arctcaon n`ssems ei tj` 8<<:‑8<<3 arcscs cs tjot tj`goturcty gcsgotaj ei sjert-t`rg iumbcmk ei nemk-t`rg oss`ts wctj pet`mtconny new gorf`t ncqucbcty jos h``mtj` gocm seura` ei icmomacon cmstohcncty.




?2

0.? Rj` Qaon` omb \`rvoscv`m`ss ei Goturc ty omb Aurr`mayGcsgotaj`s

Kenbst`cm omb Rurm`r (8<<2) aemstruat`b o gòsur` ei aurr`may gcsgotaj fmewm os tjòkkr`kot` ìiàtcv` aurr`may gcsgotaj (O@AG).88

Qcma` tj`m tj` sctuotcem jos òs`b os tj` O@AG jos r`gocm`b cm pesctcv` t`rrctery cmgest aeumtrc`s, ontjeukj, rìnàtcmk tj` bàncm` cm m`t ier`ckm oss`ts aous`b hy tj` 8<<:knehon àemegca arcscs, ct sncpp`b cm onn sogpn` @ost Oscom aeumtrc`s cm 8<<:. Rj`b`t`rcerotcem jos h``m gest premeuma`b cm Ferò‒cts O@AG sncb ireg 8<<0, turmcmk cmteo m`kotcv` ickur` cm 8<<: bu` te o sjorp bàncm` cm aopcton cminews.

Ickur` ? pr`s`mts O@AGs ei Osco–s

`g`rkcmk àemegc`s. O m`kotcv` mugh`r ier tj` O@AG, wjcaj r`sunts ireg o m`kotcv`pesctcem em m`t ier`ckm aurr`may oss`ts, cmbcaot`s o jckj b`kr`` ei gcsgotajcmk. Rj``stcgot`s sjew tjot Cmbem`sco, Ferò, tj` \jcncppcm`s, omb Rjocnomb job onn `rr`b emn`ttcmk tj` aurr`may gcsgotaj b`t`rcerot` te o m`kotcv` n`v`n hìer` tj` ?33;‑?33:arcscs.

Ickur` ?4 Aurr`may Gcsgotaj`s ei Osco–s @g`rkcmk @aemegc`s, ?332‑8<<:

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Met`s4 Xà`mt ickur`s prevcb`b hy \jcnncp Rurm`r ot tj` HCQ6 \XA rì`rs te \èpn`–s X`puhnca ei Ajcmo

Qeura`4 Kenbst`cm omb Rurm`r (8<<2)

88 Kenbst`cm omb Rurm`r (8<<2) bìcm` om okkr`kot` ìiàtcv` aurr`may gcsgotaj (O@AG) os iennews4

O@AG 7 MIAO/ZKQ (IA/RB), wj`r`

MIAO 7 m`t ier`ckm aurr`may oss`ts (+) er ncohcnctc`s (-)6

ZKQ 7 `xperts ei keebs omb s`rvca`s (motcemon cmaeg` oaaeumt), wj`m MIAO cs m`kotcv`6

GKQ 7 cgperts ei keebs omb s`rvca`s (motcemon cmaeg` oaaeumt), wj`m MIAO cs pesctcv`6 omb

IA/RB 7 ier`ckm aurr`may sjor` ei teton b`ht.




?0

@v`m wj`m tj` O@AG cs pesctcv`, os met`b òrnc`r o aeumtry aeunb rum cmte o icmomaconarcscs ci r`s`rv` aurr`may ncqucbcty vomcsj`s wj`m ct cs `xpes`b te o nork` goturctygcsgotaj h`tw``m ier`ckm aurr`may oss`ts omb ncohcnctc`s. Re h` o usìun pr`bcater er omòrny wormcmk cmbcaoter ier o icmomacon arcscs, tj`rìer`, tj` O@AG goy m``b te h`

obdust`b ier tj` goturcty gcsgotaj. Cm tj` ohs`ma` ei tj` homfcmk boto m``b`b ier tjàemstruatcem ei o gòsur` ei tj` goturcty gcsgotaj, \orf (8<?<) `xogcm`s os prexc`sajomk`s cm tj` neom‑b`pesct rotce omb sjert-t`rg ier`ckm ncohcnctc`s r`notcv` te ier`ckm`xajomk` r`s`rv`s ier o quonctotcv` oss`ssg`mt ei tj` `xt`mt ei tj` gcsgotaj. Cmk`m`ron, o rcs` cm tj` neom‑b`pesct rotce cmbcaot`s tjot homfs r`ny ger` em hetj beg`stcaomb ier`ckm wjen`son` gorf`t iumbcmk tjom em aer` b`pescts. Rjcs wcnn aous` om cmaròs`cm tj` goturcty gcsgotaj.

Qcgcnorny, om cmaròs` cm sjert-t`rg ier`ckm ncohcnctc`s r`notcv` te ier`ckm `xajomk`r`s`rv`s cs ncf`ny te okkrovot` tj` goturcty gcsgotaj scma` ct gòms tjot homfs sàur` ger` `xt`rmon iumbcmk ireg tj` sjert `mb ei knehon icmomacon gorf`ts. J`r` em` aeunb us`tj` venug` ei teton ier`ckm ncohcnctc`s rotj`r tjom tj` n`v`n ei ier`ckm `xajomk` r`s`rv`s oso saon` vorcohn`. Jew`v`r, tj` n`v`n ei ier`ckm `xajomk` r`s`rv`s prevcb`s obbctcemon

cmiergotcem em o aeumtry–s vunm`rohcncty te ncqucbcty arcscs os tj` rotce ei sjert-t`rg ier`ckmncohcnctc`s te ier`ckm `xajomk` r`s`rv`s cs eit`m r`korb`b os o horeg`t`r ier om ob`quotògeumt ei ier`ckm `xajomk` r`s`rv`s te h` j`nb cm `g`rkcmk àemegc`s.

\orf (8<?<) sjews tjot h`tw``m 8<<< omb 8<<: tj` neom‑b`pesct rotces w`r` stohn` ombstoy`b w`nn h`new ?<<% cm gest aeumtrc`s `xa`pt ier Ferò omb Rjocnomb, wj`r` tj`rotces ancgh`b up te ?10% (Ferò) omb ?<0% (Rjocnomb) cm 8<<:. Em tj` `xt`rmon ncohcnctyscb`, sjert-t`rg ier`ckm ncohcnctc`s os o prepertcem ei ier`ckm `xajomk` r`s`rv`s cm segèi tj` @ost Oscom aeumtrc`s wj`r` boto or` ovocnohn` w`r` w`nn h`new tj` goxcgug n`v`nonnew`b ier hy tj` Kr``mspom‑Kucbettc‑Icsaj`r run`, wjcaj pr`sarch`s om ogeumt eir`s`rv`s `quon te tj` aeumtry–s sjert-t`rg ier`ckm aurr`may ncohcnctc`s.

Rj` twe rotces tek`tj`r wctj ajomk`s cm tj` O@AG sukk`st tjot onn @ost Oscom

àemegc`s umb`r r`vc`w oppòr`b te jov` h``m cm o guaj stremk`r icmomacon pesctcemtjom cm ?33; te wctjstomb omb r`gocm eutscb` tj` bomk`r zem` ei o aurr`may arcscs.Burcmk tj` ieurtj quort`r ei 8<<:, oit`r tj` aennops` ei N`jgom Hretj`rs, jew`v`r,Ferò aog` anes` te ioacmk cmsenv`may ei gomy ei cts icmomacon cmstctutcems.

0.8 Aous`s ei Rwcm Gcsgotaj`s

X`korbn`ss ei tj`cr motcemoncty, homfs or` ep`m te goturcty gcsgotajcmk bu` te o mugh`rei cmj`r`mt ajoroat`rcstcas ei homf cmt`rg`bcotcem. Em` suaj ajoroat`rcstca cs tj` b`htgoturcty tromsiergotcem tj`y or` `mkok`b cm. Ometj`r cs preayancaoncty cm tj`cr n`mbcmk ombherrewcmk, omb o tjcrb cs r`notcemsjcp homfcmk wj`r` homfs `stohncsj nemk-t`rgr`notcemsjcps wctj tj`cr neom austeg`rs.

Onn homfs, wj`tj`r tj`y or` ep`rotcmk ireg obvoma`b er `g`rkcmk àemegc`s, òrm osuhstomtcon sjor` ei tj`cr preicts hy herrewcmk ireg tj` sjert `mb ei tj` icmomacon gorf`t(os cm tj` aos` ei oaa`ptcmk sjert t`rg b`pescts omb cssucmk a`rtcicaot`s ei b`pescts ABs)omb n`mbcmk nemk (os cm tj` aos` ei icmomacmk nemk-t`rg huscm`ss cmv`stg`mt cm obbctcemte sjert-t`rg werfcmk aopcton).81

81

Hrumm`rg`c`r `t on. (8<<3) orku` tjot tj`r` or` gomy aovòts te tjcs k`m`ronczotcem omb tjot tj` gcsgotajcs o gott`r ei b`kr``.

Rj` goturcty gcsgotaj „rìnàts tj` umb`rnycmk struatur`




?9

ei tj` àemegy cm wjcaj cmbcvcbuons jov` o prì`r`ma` ier ncqucbcty hut tj` gest preictohn`cmv`stg`mt eppertumctc`s tof` o nemk tcg` te poy eii. Homfs or` om ìicac`mt woy eihrcbkcmk tj` kop h`tw``m tj` goturcty struatur` `gh`bb`b cm tj` tàjmeneky ombncqucbcty prì`r`ma`‗. (Onn`m omb Kon` 8<<;4 03)

Ireg tj` p`rspàtcv` ei om cmbcvcbuon homf, ct weunb h` ròsemohn` te ossug` tjot,

umb`r mergon acraugstoma`s, ct weunb jov` om ob`quot` b`pesct hos` omb oaa`ss tewjen`son` iumbcmk gorf`ts te icmoma` cts nemk-t`rg neoms omb cmv`stg`mts cm sàurctc`s.Cm ioat, gest homfs weunb gof` tj` sog` ossugptcem. Omy t`gperory bciicauntc`s cmsjert-t`rg iumbcmk gorf`ts cm beg`stca aurr`may aeunb òscny h` bònt wctj hy tj` a`mtronhomf. Hut b`p`mb`ma` em ier`ckm aurr`may iumbcmk cs quct` bcii`r`mt. [j`m r`s`rvàurr`may ncqucbcty brc`s up, tj` a`mtron homf aom g``t emny o ncgct`b ogeumt ei tj`cmaròs` cm tj` b`gomb ier r`s`rv` aurr`may ncqucbcty.

Re h` sur`, seg` ei tj` cmbcvcbuon homfs goy h` ohn` te ovecb o ncqucbcty arcscs hut tjìcmomacon syst`g os o wjen` aommet wj`m ct cs ioa`b wctj o sjorp bàròs` cm m`t aopctoncminews. @v`m wj`m homfs cm `g`rkcmk àemegc`s r`n`mb cm r`s`rv` aurr`mac`s, tj`ygoy met h` ohn` te ovecb o aurr`may gcsgotaj, hàous` neaon herrew`rs cmanub` met emny`xpert`rs wctj aosj inews cm bennors omb ùres hut onse herrew`rs ireg tj` memtrobohn`

sàter ier cgperts wctjeut tj`g. Os Rurm`r (8<?<) pecmts eut, tj` gosscv` okkr`kot` b`p`mb`ma` ei mem-PQ icmomaconicrgs em wjen`son` sjert-t`rg bennor iumbcmk gorf`ts aròt`b o goder syst`gca rcsf cm8<<:. [j`m b`pescters nìt tj` homfs `m goss` omb ncqucbcty cm sjert-t`rg iumbcmkgorf`ts bcsoppòr`b rotj`r subb`mny, tj` `mtcr` homfcmk sàter ei `g`rkcmk àemegc`ssuii`r`b ireg s`v`r` PQ bennor ncqucbcty sjertok`s. Cm seg` aeumtrc`s, tj` ncqucbcty arcscstjròt`m`b tj` senv`may ei tj`cr homfcmk cmbustry. Ct sjeunb h` met`b tjot, umncf` tj`craeumt`rports ireg `g`rkcmk àemegc`s, icmomacon icrgs ireg r`s`rv` aurr`may aeumtrc`s(tj` PQ omb g`gh`rs ei tj` @urepòm Gem`tory Pmcem) `mkok`b cm aress-herb`ricmomacon cmt`rg`bcotcem or` nork`ny cggum` te suaj o ncqucbcty sjertok`.

Cm k`m`ron, homfs or` r`notcemsjcp n`mb`rs. Rj`y murtur` anes` nemk-t`rg r`notcemsjcps

wctj tj`cr neom austeg`rs, wjcaj j`nps ev`raeg` tj` osygg`try cm cmiergotcem tecgprev` tj` sar``mcmk omb gemctercmk prea`ss. Homfs reutcm`ny renn ev`r sjert- os w`nn osnemk-t`rg neoms te tjes` neom austeg`rs wctj o keeb ar`bct stombcmk. Rj` homfs onsefmew tjot gest ei tj`cr neom austeg`rs or` se oaausteg`b te tj` neom rennev`r tjot tj`yweunb met h` pr`por`b te r`poy tj`cr neoms `v`m wj`m tj`y or` bu`, met te g`mtcempoycmk tj` neoms hoaf hìer` tj`y gotur`. Rj`rìer`, `v`m wj`m tj`y or` ioa`b wctjncqucbcty sjertok`s, homfs weunb met aemscb`r rìuscmk r`m`won ei gest ei tj`cr jeus`jenbomb huscm`ss neoms ier iòr ei nescmk tj` neom austeg`rs wctj nemk-stombcmk r`notcemsjcpsumtcn tj`y `xjoust onn etj`r eptcems.

\reayancaoncty ev`r tj` huscm`ss ayan` cs ometj`r ajoroat`rcstca ei homfcmk tjot`xoa`rhot`s tj` twcm gcsgotaj`s. Burcmk tj` ayancaon upturm, tj` yc`nb aurv` k`tsst``p`r te aròt` cma`mtcv`s ier homfs te r`ny ger` em sjert-t`rg iumbcmk ier tj` krewcmk

b`gomb ier tj`cr neoms. Cm portcaunor, homfs goy herrew ger` cm venug` omb ireg tj`sjert `mb ei cmt`rmotcemon gem`y gorf`ts ci beg`stca cmt`r`st rot`s or` jckj`r. Os or`sunt, hetj tj` goturcty omb aurr`may gcsgotaj`s b`t`rcerot`.

[j`m o ayancaon bewmturm s`ts cm, ier`ckm cmv`sters umneob tj`cr jenbcmks ei beg`stcasàurctc`s omb ier`ckm homfs rìus` te r`m`w tj`cr sjert-t`rg neoms ot o tcg` wj`mbeg`stca homfs omb etj`r icmomacon cmstctutcems icmb ct cmaròscmkny bciicaunt te ràonn tj`crier`ckm aurr`may neoms `xt`mb`b te neaon austeg`rs er ncqucbot` ier`ckm aurr`may oss`tstj`y jenb. O suhs`qu`mt bàncm` cm m`t aopcton cminews `xoa`rhot`s aurr`may gcsgotajcmk




?;

omb, b`p`mbcmk upem tj` gokmctub`, tj` aurr`may gcsgotaj aeunb prevef` o r`s`rvàurr`may ncqucbcty arcscs.82

Burcmk tj` bewmturm, tj` a`mtron homf cs `xpàt`b te nees`m up gem`tory pencay tepr`v`mt ar`bct aemtroatcem. Ontjeukj om `xpomscemory gem`tory pencay ei auttcmk tj`pencay rot` cs aonn`b ier te ier`stonn bìnotcem, ct aeunb b``p`m tj` ncqucbcty arcscs os ct

wòf`ms tj` aurr`may omb j`ma` cmbua`s iurtj`r aopcton eutinews. Ev`r tj` huscm`ssayan`, tj`r` cs o ncgct te wjcaj gem`tory pencay aom gctckot` tj` cmaròs` cm tj` twcmgcsgotaj`s. Rjcs ncgctotcem goy prevcb` tj` rotcemon` ier str`mktj`mcmk goareprub`mtconpencay cm aeep`rotcem wctj gem`tory outjerctc`s hut, os orku`b cm tj` iennewcmk sàtcem, ctsìiàtcv`m`ss r`gocms umanòr.

9. R[CM GCQGORAJ@Q OMB GOAXE\XPB@MRCON\ENCAS

9.? Aeunb Gcsgotaj`s h` Gctckot`b hy \rub`mtcon X`kunotcems5

Kenbst`cm omb Rurm`r (8<<2) prepes` r`strcatcems suaj os cgpescmk ncgcts em m`t ier`ckm`xajomk` pesctcems, ier`ckm `xajomk` ncohcnctc`s, omb homf jenbcmks ei sàurctc`sb`megcmot`b cm ier`ckm aurr`mac`s. Rj`y onse ràegg`mb cmtrebuacmk ger` r`strcatcv`run`s ier ncqucbcty rcsf gomok`g`mt omb o jckj`r r`s`rv` r`qucr`g`mt em ier`ckm aurr`mayb`pescts. X`qucr`g`mts em tj` rotce ei ier`ckm aurr`may neoms te b`pescts goy h` obb`bte tjcs ncst (Jommeum 8<?<).80

O strcat r`kunotery r`strcatcem b`sckm`b te pr`v`mt aurr`may gcsgotaj`s weunb bcatot` tjothomf n`mbcmk omb b`ht aemtroats h` gob` cm tj` aurr`mac`s cm wjcaj b`pescts omb ier`ckmiumbcmk or` b`megcmot`b omb cm wjcaj herrewcmk austeg`rs òrm r`v`mu`s. Cm om`xtr`g` aos`, neoms te neaon austeg`rs wje òrm emny cm o neaon aurr`may sjeunb h``xanub`b ireg homfs– ier`ckm aurr`may n`mbcmk. [eunb suaj o r`kunotery r`strcatcem h`ìicac`mt er, ger` cgpertomtny, `mieraòhn`5

Cm tjcs sàtcem ct cs orku`b tjot tj`s` r`kunotcems aeunbbcstert r`seura` onneaotcem omb, cm o arcscs sctuotcem, tj`y or` ncf`ny te h` cmìiàtcv`, ostj` Feròm `xp`rc`ma` sjews.

Quaj o r`kunotcem cs met ìicac`mt hàous` homfs or` ncf`ny te bcsarcgcmot` cm ier`ckmaurr`may n`mbcmk okocmst tjes` herrew`rs ireg tj` memtrobohn` sàter wctjeut ier`ckmaurr`may r`v`mu`s. Aegpncoma` wctj tj` aurr`may gcsgotaj r`kunotcem weunb gòm tjothomfs weunb n`mb cm ier`ckm aurr`may gestny te tj` herrew`rs ireg tj` trobohn` sàter. Cihomfs n`mb te icrgs cm tj` memtrobohn` sàter tj`y goy ajork` o jckj`r pr`gcug.Rj`rìer`, tj` r`kunotcem cs ncf`ny te bcstert r`seura` onneaotcem omb `v`m r`torb tj`b`v`nepg`mt ei tj` memtrobohn` sàter.

Cs tj` r`kunotcem `mieraòhn`5 Re onn`vcot` tj` twcm gcsgotaj prehn`gs, Ferò–s icmomaconsup`rvcsery s`rvca` cgpes`s o ier`ckm aurr`may ncqucbcty r`kunotcem cm wjcaj homfs or`

82 Aopcton inews cm `g`rkcmk gorf`ts t`mb te h` preayancaon, os sjewm hy Fogcmsfy, X`cmjort, omb Y`kj(8<<2)6 Aemt`ssc, B`\oa`, omb Iromacs (8<<:)6 omb Aorbor`nnc, @n`fbok, omb Oytjom Xes` (8<<3).

80Cm obbctcem, tj`s` r`kunotery r`strcatcems goy h` aegpn`g`mt`b hy etj`r gòsur`s ncgctcmk goturctygcsgotajcmk, suaj os (c) ncmfcmk tj` anoss ei oss`ts ier wjcaj sjert-t`rg iumbcmk cs sàur`b te tj` goturctyei tj` iumbcmk, `.k., r`strcatcmk homfs te jenbcmk emny sjert-t`rg soi` omb ncqucb oss`ts ier sjert-t`rgiumbcmk6 omb (cc) cgpescmk o jckj`r aopcton ajork` em icmomacon cmstctutcems wctj iumbcmk ncqucbcty rcsfst`ggcmk ireg jenbcmk nemk-t`rg oss`ts wctj new gorf`t ncqucbcty iumb`b hy sjert-t`rg ncohcnctc`s(Hrumm`rg`c`r `t on. 8<<3).




?:

r`qucr`b te r`n`mb cm ier`ckm aurr`mac`s te neaon herrew`rs ot nòst :0% ei tj`cr ier`ckmaurr`may iumbs goturcmk wctjcm tjr`` gemtjs (?0% ier beg`stca aurr`may neoms). Rj`goturcty ei tj` neaon ier`ckm aurr`may neoms gust onse h` n`ss tjom tjr`` gemtjs. Rjìcmomacon sup`rvcsery s`rvca` onse `miera`s ometj`r ncqucbcty r`strcatcem cm wjcaj homfs or`r`qucr`b te f``p tj` rotce ei m`t sjert-t`rg ier`ckm aurr`may oss`ts goturcmk wctjcm ;boys te teton ier`ckm aurr`may oss`ts ot o pesctcv` n`v`n, omb ot ger` tjom ‑?<% ier

oss`ts goturcmk wctjcm n`ss tjom 1< boys. Em tj`cr honoma` sj``ts homfs be aegpny wctjtj`s` r`kunotery gòsur`s, hut cm ròncty tj`y be met. Cmb``b, ci tj`s` prub`mtcongòsur`s job h``m ehs`rv`b te tj` n`tt`r, em` gckjt orku` tjot Ferò sjeunb jovòvecb`b tj` rum em tj` a`mtron homf r`s`rv`s burcmk tj` ieurtj quort`r ei 8<<:, hut ct bcbmet.

Cm ròncty ct oppòrs tjot homf aegpncoma` jos met pr`v`mt`b, er `v`m geb`rot`b, tj`p`rvoscv`m`ss ei tj` twe honoma` sj``t gcsgotaj`s. Rjcs cs nork`ny hàous` tj` homfsf`pt em r`m`wcmk tj`cr beg`stca omb ier`ckm aurr`may neoms, r`korbn`ss ei tj`crgoturctc`s, wctj tj` `xpàtotcem tjot tj`y weunb jov` aemtcmucmk oaa`ss te knehonwjen`son` iumbcmk gorf`ts.

Rjcs noxcty cm aemtcmk`may pnommcmk ier ncmcmk up ncqucbcty cm o arcscs be`s met mà`ssorcny

rìnàt o s`rceus geron jozorb em tj` port ei Feròm homfs, hàous` tj` post `xp`rc`ma`wctj tj` ?33;‑?33: Oscom icmomacon arcscs gust jov` toukjt tj`g tjot tj` kev`rmg`mtaeunb met aeg` te tj`cr ocb cm o arcscs aous`b hy new r`s`rv` aurr`may ncqucbcty. Cmstòb,tj` noxcty goy jov` ger` te be wctj r`notcemsjcp homfcmk omb rìnàt tj` ioat tjotaegpncoma` gòms tj` ness ei aegp`tctcv`m`ss wctj r`korb te ier`ckm aegp`tcters cmknehon icmomacon cmt`rg`bcotcem.

Ci tj` r`kunotery r`strcatcems prev` te h` cmìiàtcv`, kev`rmg`mts ei `g`rkcmk àemegc`sgoy cmvef` gòsur`s tjot or` ger` bcràt suaj os prevcbcmk kev`rmg`mt kuoromt``s emier`ckm neoms omb cgpescmk aopcton aemtren. Re r`ster` ier`ckm cmv`ster aemicb`ma`, em ?8Eateh`r 8<<: tj` Kev`rmg`mt ei Ferò cssu`b sev`r`ckm kuoromt``s em m`w ier`ckmneoms up te $?<< hcnncem goturcmk hìer` tj` `mb ei Dum` 8<<3. Qcgcnor kuoromt``s jobiocn`b te onnoy iòrs ei icmomacon g`ntbewm ot tj` h`kcmmcmk ei tj` Oscom icmomacon arcscs cm?33;, omb tj`y iocn`b okocm6 os cm ?33;, gorf`t portcacpomts scgpny ckmer`b tj`kuoromt``s. Ier`ckm ar`bcters scgpny be met h`nc`v` cm kev`rmg`mt pregcs`s wj`meiicacon r`s`rv`s or` cmob`quot` te g``t ier`ckm b`hts aegcmk bu` ier r`poyg`mt.

Os ier bcràt aemtren gòsur`s, tj`r` cs om `g`rkcmk aems`msus em tj` m``b te aembuatr`s`rv` cmt`rv`mtcem omb cgpes` tox`s omb etj`r r`strcatcems em sjert-t`rg aopctoncminews. @v`m tj` Cmt`rmotcemon Gem`tory Iumb jos seit`m`b cts eppesctcem te cmt`rv`mtcemcm tj` ier`ckm `xajomk` gorf`t omb cgpescmk aopcton aemtren (Hnomajorb, B`nn–Orcaaco, ombGoure 8<?<6 Estry `t on. 8<??). [jot`v`r tj` h`mìcts omb aests ei aopcton aemtren ombier`ckm `xajomk` gorf`t cmt`rv`mtcem, motcemon pencay outjerctc`s weunb met rìrocm iregcmvefcmk tj`s` gòsur`s ci tj` venotcncty ei tj` `xajomk` rot` rcs`s te om `xa`sscv` n`v`nomb `mbomk`rs stohcncty ei tj` beg`stca icmomacon syst`g os o r`sunt ei venotcn` aopcton

gev`g`mts.89

89

Emny wj`m Ferò sàur`b o swop ncm` ei $1< hcnncem ireg tj` PQ I`b`ron X`s`rv` em 1< Eateh`r 8<<: bcbtj` ier`ckm `xajomk` gorf`t s`ttn` bewm seg`wjot, ontjeukj ct wos met ier v`ry nemk‒tj` wem-bennor`xajomk` rot` b`pràcot`b hy ger` tjom ?0% 1 w``fs oit`r tj` swop job h``m ommeuma`b. Rj` I`b`ronX`s`rv`–s ncqucbcty suppert wos oppor`mtny met `meukj te r`gev` uma`rtocmtc`s surreumbcmk Ferò–s ohcnctyte s`rvca` cts ier`ckm b`ht. Ferò onse sàur`b neaon swop ncm`s wctj tj` a`mtron homfs ei tj` \èpn`–sX`puhnca ei Ajcmo omb Dopom, òaj ogeumtcmk te om `qucvon`mt ei $1< hcnncem, em ?1 Bà`gh`r 8<<:. Rjcsobbctcemon suppert, tek`tj`r wctj tj` cmbcaotcem tjot tj` I`b`ron X`s`rv` weunb r`m`w tj` swop




?3

9.8 O Knehon Ncqucbc ty Qoi`ty M`t

Rj` PQ cs nork`ny ir`` ireg aurr`may gcsgotaj`s hàous` cts aurr`may‒tj` bennor‒csus`b ier o jckj prepertcem ei cmt`rmotcemon homfcmk huscm`ss. Cts a`mtron homf aom onwoys

prcmt ger` gem`y te tjwort omy cgp`mbcmk ncqucbcty arcscs aous`b hy b`t`rcerotcem eigoturcty gcsgotaj`s. Os Qjoi`r (?3:8) pecmts eut, tj` rcs` ei cmt`rmotcemon homfcmkaròt`b o m``b ier o n`mb`r ei nost r`sert cm tj` ùre aurr`may gorf`ts. Hut a`mtron homfsireg tj` Kreup ei ?< (K-?<) aeumtrc`s aeunb met okr`` em jew te aròt` suaj omcmstctutcem cm tj` ?3;<s, nòbcmk tj`g te bàcb` met te `stohncsj omy run`s omb prea`bur`sier tj` prevcscemcmk ei sjert-t`rg ncqucbcty (Rurm`r 8<<3). Burcmk tj` 8<<: àemegca arcscsct wos tj` ieur ier`ckm a`mtron homfs ei Aomobo, Dopom, Qwctz`rnomb, omb tj` Pmct`bFcmkbeg, tek`tj`r wctj tj` @urepòm A`mtron Homf, tjot job umncgct`b bennor swop ncm`swctj tj` I`b`ron X`s`rv`.

Gest a`mtron homfs ei `g`rkcmk àemegc`s w`r` kcv`m me suaj oaa`ss. Onn tjcs kcv`shomfs cm obvoma`b aeumtrc`s o aegp`tctcv` obvomtok` cm cmt`rmotcemon icmomacon

cmt`rg`bcotcem. Rjcs gòms tjot, `v`m burcmk tromqucn p`rcebs, tj` cmt`rmotcemon gem`toryomb icmomacon syst`gs be met prevcb` o n`v`n pnoycmk ic`nb ier `g`rkcmk gorf`t àemegc`scm knehon icmoma`. Ireg tj`cr pecmt ei vc`w, tjcs hcos, wjcaj cs `qucvon`mt te o mem-r`s`rvàurr`may bcsaeumt, rocs`s tj` cssu` ei iocrm`ss omb `v`m qu`stcems tj` rotcemon` ei tj`gcmt`krotcmk cmte tj` knehon icmomacon syst`g te tj` `xt`mt tjot ct wòf`ms tj`craegp`tctcv`m`ss.

Os orku`b cm tj` prà`bcmk sàtcem, tj`r` or` i`w ìiàtcv` gòsur`s `g`rkcmkàemegc`s aom tof` te pr`v`mt, omb onn`vcot` tj` aems`qu`ma`s ei, tj` aurr`maygcsgotaj. Rjcs ncgctotcem aonns ier guntcmotcemon ìierts ot cmstctutcemonczcmk o knehonsyst`g ei r`s`rv` aurr`may ncqucbcty suppert ot hetj r`kcemon omb knehon n`v`ns te hòatcvot`b cm o arcscs sctuotcem wj`m portcacpotcmk g`gh`rs suii`r ireg sjert-t`rg r`s`rvàurr`may ncqucbcty sjertok`s. Rj` PQ bennor jos h``m o b` ioate knehon aurr`may omb, os

o bcstomt sàemb aombcbot`, tj` ùre jos `g`rk`b os ometj`r r`s`rv` aurr`may,ontjeukj tj` rà`mt ùre arcscs jos aost beuht em cts iutur` cm tjcs ren`.

Os tj` prevcb`rs ei knehon g`bco ei `xajomk` omb ster`s ei vonu`, tj` r`s`rv` aurr`mayaeumtrc`s m``b te hòr r`spemschcncty ier aemtrenncmk omb stohcnczcmk tj` knehon suppny eincqucbcty. Cm ossugcmk tj`cr knehon ren`, tj` I`b`ron X`s`rv` omb @urepòm A`mtron Homfgoy aemscb`r aemstruatcmk o knehon aurr`may swop m`twerf te suppny ncqucbcty cm o arcscswj`m homfs omb etj`r icmomacon cmstctutcems r`tròt ireg tj` gorf`t.

Rj` m`twerf g`gh`rsjcp aeunb h` `mnork`b te cmanub`, cm obbctcem te tj` aurr`mtg`gh`rs, seg` ei tj` `g`rkcmk àemegc`s oatcv` cm cmt`rmotcemon icmomacon gorf`ts tesuppert tj`g cm aos` tj`y m``b sjert-t`rg PQ bennor er ùre ncqucbcty te pr`v`mtaemtokcem ei o ncqucbcty arcscs. 8;

okr``g`mt, sow tj` aemicb`ma` ei ier`ckm cmv`sters cm tj` Feròm àemegy cgprev`, omb stohcncty cm tjìer`ckm `xajomk` gorf`t r`turm`b teworbs tj` `mb ei tj` icrst quort`r ei 8<<3.

Ot tj` sog` tcg`, tj` swop m`twerf aeunb h`

aegpn`g`mt`b hy m`w omb obbctcemon ar`bct ioacnctc`s ot tj` Cmt`rmotcemon Gem`tory Iumbsuaj os tj` in`xchn` ar`bct ncm` (IAN) omb `xpombcmk omb aemsencbotcmk r`kcemon ncqucbcty

8; Rj`r` cs aema`rm tjot tj` `xpomscem ei tj` swop m`twerf aeunb aròt` geron jozorb prehn`gs cm `g`rkcmkàemegc`s, hut ct cs bciicaunt te h`nc`v` tjot `g`rkcmk àemegc`s weunb h` bcspes`b te noxcty cm gomokcmktj`cr goareàemegca pencay scgpny hàous` tj`y jov` oaa`ss te tj` swop ncm`s.




8<

suppert orr omk`g`mts suaj os tj` Ajcomk Goc Cmctcotcv` Guntcnot`ronczotcem ogemk OQ@OM+18:

;. AEMANPBCMK X@GOXFQ

g`gh`r stot`s.

Cm tj` wof` ei tj` 8<<:‑8<<3 knehon icmomacon arcscs, tj`r` jos h``m krewcmk aema`rmoheut tj` b`stohcnczotcem ei tj` icmomacon syst`g cm o new-cminotcem `mvcremg`mt. Em` eitj` n`ssems ei tj` kròt geb`rotcem cs tjot prca` stohcncty cs met o suiicac`mt aembctcem iericmomacon stohcncty, ontjeukj ct r`gocms tru` tjot sustocm`b cminotcem `maeurok`sspàunotcem, omb ohrupt bàncm` cm tj` rot` ei cminotcem aeunb aous` om cmaròs` cmicmomacon cmstctutcem iocnur`s omb sckmcicaomt icmomacon str`ss tjreukjeut tj` àemegy.

Gem`tory pencay, os ct cs tork`t`b te prca` stohcncty, goy met h` om ìiàtcv` gòms tepr`v`mt o icmomacon arcscs er gomok` ct h`tt`r wj`m ct eaaurs. Icsaon pencay cs trobctcemonnyr`s`rv`b ier okkr`kot` b`gomb gomok`g`mt.

Jorm`sscmk icmomacon stohcncty tj`rìer` r`qucr`s om obbctcemon cmstrug`mt, ombrèrc`mtotcem ei gcareprub`mtcon r`kunotcems jos h``m preget`b os suaj o gòsur`. Rjcs

pop`r jos `xogcm`b tj` `xt`mt te wjcaj tj` r`kunotery teens, wjcaj or` hoscaonnyb`sckm`b te soi`kuorb seumbm`ss ei cmbcvcbuon icmomacon cmstctutcems, aeunb h`cgpn`g`mt`b te geb`rot` tj` heeg‑hust ayan` cm tj` ròn `stot` gorf`t hy ajomkcmksàter omb okkr`kot` venug`s ei homf ar`bct. Rjcs pop`r orku`s tjot goareprub`mtconpencay ep`rot`s tjreukj tj` homf ar`bct ajomm`n, os be`s gem`tory pencay, omb ctsìiàtcv`m`ss cs oghckueus. Os ior os tj` tromsgcsscem gàjomcsg cs aema`rm`b, tj` twepencac`s or` em` omb tj` sog`.

Rrobctcemonny, homfs or` spàconcz`b cm oss`t tromsiergotcem. Os suaj tj`y or` `xpes`b tegoturcty gcsgotaj`s cm tj`cr honoma` sj``ts omb j`ma` pet`mtconny te o ncqucbcty arcscs,wjcaj eit`m prevef`s o homf rum. Cm `g`rkcmk àemegc`s, homfs oatcv` cm cmt`rmotcemonicmomacon cmt`rg`bcotcem or` ep`m te ometj`r rcsf tjot aeunb umb`rgcm` tj`cr seumbm`ss‒ c.`., aurr`may gcsgotaj os tj`y icmoma` tj`cr neaon aurr`may n`mbcmk hy herrewcmk cm

ier`ckm aurr`mac`s. Yorceus r`kunotery r`strcatcems goy met h` ìiàtcv` cm pr`v`mtcmkhomfs ireg aeggcttcmk tj` gcsgotaj, hàous` os nemk os homfs or` `mtr`maj`b cm nemk-t`rg r`notcemsjcp homfcmk tjot syst`gcz`s tj` rennev`r ei neoms os o reutcm` proatca` tj`yicmb ct bciicaunt te aegpny wctj r`kunotery sup`rvcscem. Ci tj`s` r`kunotcems or` strcatny`miera`b tj`r` cs tj` bomk`r tjot tj`y aeunb ncgct tj` saep` ei oss`t‑ncohcnctygomok`g`mt ei homfs omb j`ma` umb`rgcm` tj`cr aegp`tctcv`m`ss cm cmt`rmotcemonicmomacon cmt`rg`bcotcem wctj r`korb te tj`cr aeumt`rports ireg obvoma`b er r`s`rvàurr`may aeumtrc`s wjcaj or` met suhdàt te o scgcnor aemstrocmt.

[j`m o subb`m r`v`rson cm aopcton inews eaaurs, `v`m w`nn-r`kunot`b omb seumb homfs cm`g`rkcmk àemegc`s or` ncf`ny te h` ioa`b wctj senv`may rcsf os tj`y or` b`mc`b oaa`sste `xt`rmon wjen`son` iumbcmk gorf`ts. Rjcs rcsf cs em` ei tj` gocm ròsems wjy gomy

`g`rkcmk àemegc`s jenb `xa`sscv` ogeumts ei ier`ckm `xajomk` r`s`rv`s omb goym``b te cmt`rv`m` cm tj` ier`ckm `xajomk` gorf`t omb cgpes` aopcton aemtren. Qcma`jenbcmk nork` ogeumts ei r`s`rv`s cs aestny omb aeunb `xoa`rhot` knehon trob`cghonoma`s, aemstruatcmk o knehon ncqucbcty soi`ty m`t tjot aeunb g``t tj` sjert-t`rgr`s`rv` aurr`may ncqucbcty m``bs weunb s`rv` os o ger` ìiàtcv` gòms ei soi`kuorbcmkokocmst pr`v`mtcmk r`s`rv` aurr`may ncqucbcty arcs`s cm `g`rkcmk àemegc`s.

8: OQ@OM+1 cs tj` g`gh`r aeumtrc`s ei tj` Osseacotcem ei Qeutjòst Oscom Motcems pnus tj` \èpn`–sX`puhnca ei Ajcmo, Dopom, omb Ferò.




8?

X@I@X@MA@Q

Onn`m, I. omb B. Kon`. 8<<;. Pmb`rstombcmk Icmomacon Arcs`s. Anor`mbem Nàtur` cmIcmoma`. M`w Serf4 Exierb Pmcv`rscty \r`ss.

Homf ier Cmt`rmotcemon Q`ttn`g`mts (HCQ). 8<?<. Goareprub`mtcon cmstrug`mts ombirog`werfs4 o steaftofcmk ei cssu`s omb `xp`rc`ma` hy Aeggctt`` em tj` KnehonIcmomacon Qyst`g. HCQ \op`r Me 1:. Hos`n, Qwctz`rnomb4 Homf ier Cmt`rmotcemonQ`ttn`g`mts (HCQ).

H`rmomf`, H.Q. 8<<;. Rj` Icmomacon Oaa`n`roter omb tj` Ar`bct Ajomm`n. O sp`àj ot tjÀr`bct Ajomm`n ei Gem`tory \encay cm tj` Rw`mty-icrst A`mtury Aemi`r`ma`.

Otnomto, KO4 I`b`ron X`s`rv` Homf ei Otnomto. Dum`.

Hnomajorb, E., K. B`nn–Orcaaco, omb \. Goure. 8<?<. X`tjcmfcmk Goareàemegca \encay.FBC/Cmt`rmotcemon Gem`tory Iumb (CGI) [erfsjep em Xàemstruatcmk tj` [ernb@aemegy. Qèun4 80 I`hruory.

Herbe, G.B. omb B. [j``neaf. ?33:. \rca` Qtohcncty omb Icmomacon Qtohcncty4 Rj`

Jcstercaon Xàerb. I`b`ron X`s`rv` Homf ei Qt. Neucs X`vc`w. Eateh`r.

Herce, A. 8<<1. Reworbs o goareprub`mtcon irog`werf ier icmomacon sup`rvcscem ombr`kunotcem5 HCQ [erfcmk \op`r ?8:. I`hruory.

‒‒‒. 8<<3. Cgpn`g`mtcmk tj` goareprub`mtcon oppreoaj te icmomacon r`kunotcem ombsup`rvcscem. Icmomacon Qtohcncty X`vc`w ?14 Homqu` b` Iroma`. Q`pt`gh`r.

Herce, A. omb G. Br`jgomm. 8<<3. Reworbs om ep`rotcemon irog`werf ier i cmomaconstohcncty4 ‚Iuzzy– Gòsur`g`mt omb cts Aems`qu`ma`s. HCQ [erfcmk \op`r 8:2.Dum`.

Herce, A. omb \. New`. 8<<8. Oss`t prca`s, icmomacon omb gem`tory stohcncty4 @xpnercmk tj`m`xus. HCQ [erfcmk \op`r ??2. Duny.

Herce, A. omb \. GaKucr`. 8<<2. Rwcm \òfs cm @qucty omb Jeuscmk \rca`s5 HCQ_uort`rny X`vc`w ;3‑31. Goraj.

Herce, A. omb C. Qjcg. 8<<;. [jot aom (goare-)prub`mtcon pencay be te suppert gem`torypencay5 HCQ [erfcmk \op`r 828. Bà`gh`r.

Herce, A. omb [. [jct`. 8<<2. [jctj`r gem`tory omb icmomacon stohcncty5 Rj` cgpncaotcemsei `venvcmk pencay r`kcg`s. HCQ [erfcmk \op`r ?2;. I`hruory.

Hrumm`rg`c`r, G., O. Areaf`tt, A. Keebjort, O.B. \`rsoub, omb J. Qjcm. 8<<3. RjÌumbog`mton \rcmacpn`s ei Icmomacon X`kunotcem. K`m`vo X`perts em tj` [ernb@aemegy ??.

Aorbor`nnc, X., Q. @n`fbok, omb G. Oyjom Fes`. 8<<3. Aopcton cminews4 Goareàemegcacgpncaotcems omb pencay r`spems`s. CGI [erfcmk \op`r <3/2<.

Aoruomo, D. 8<?<. Goareprub`mtcon pencay4 [erfcmk Reworbs O M`w Aems`msus.X`gorfs ot tj` jckj-n`v`n g``tcmk em Rj` @g`rkcmk Irog`werf ier IcmomaconX`kunotcem omb Gem`tory \encay4 HCQ Icmomacon Qtohcncty Cmstctut` omb CGI Cmstctut`.

Oprcn.

Ajomk, X. omb O. Y`nosae. 8<<<. Homfs, B`ht Goturcty omb Icmomacon Arcscs. Deurmon eiCmt`rmotcemon @aemegcas 0?4?93‑32.




88

An`g`mt, \. 8<?<. Rj` t`rg ‚goareprub`mtcon–4 erckcms omb `venutcem. HCQ _uort`rnyX`vc`w. Goraj.

Aemt`ssc, Q., \. B`\oa`, omb D. Iromacs. 8<<:. Rj` ayancaon prep`rtc`s ei bcsokkr`kot`baopcton inews. [erfcmk \op`rs 8<<:-<2?4 I`b`ron X`s`rv` Homf ei Qt. Neucs.

Aers`ttc, K., \. \`s`mtc, omb M. Xeuhcmc. ?333. [jot Aous`b tj` Oscom Aurr`may omb

Icmomacon Arcscs5 Dopom omb tj` [ernb @aemegy ??41<0‑;1.

Areaf`tt, O. 8<<<. Gorrycmk tj` Gcare- omb Goare-prub`mtcon Bcg`mscems ei IcmomaconQtohcncty. @n`v`mtj Cmt`rmotcemon Aemi`r`ma` ei Homfcmk Qup`rvcsers j`nb cm Hos`n,8<‑8? Q`pt`gh`r 8<<<.

Kncmbre, @., R. Quhjomcd, D. Qz`te, omb J. Tju. 8<<:. Or` Osco-\oacica jeuscmk prca`s teejckj ier aegiert5 HCQ [erfcmk \op`rs. Domuory 8<<:.

Kenbst`cm, G. omb \. Rurm`r. 8<<2. Aurr`may Gcsgotaj`s ot A`mt`r ei Icmomacon Arcs`s cm@g`rkcmk @aemegc`s. [osjcmktem, BA4 \`t`rsem Cmstctut` ier Cmt`rmotcemon@aemegcas.

Jommeum, J. 8<?<. Reworbs o Knehon Icmomacon Qtohcncty Irog`werf. Qeutjòst Oscom

A`mtron Homfs (Q@OA@M) Kev`rmers 20tj Aemi`r`ma`. I`hruory.Juomk, S. 8<<3. Qtrot`kc`s ier Oscom @xajomk` Xot` \encay Aeep`rotcem. \op`r

pr`s`mt`b te tj` aemi`r`ma` em Oscom @aemegca cmt`krotcem4 Icmomacon ombGoareàemegca Cssu`s H`cdcmk. Goy 8<<3.

Fogcmsfy, K. N., A. G. X`cmjort, omb A. O. Y`kj. 8<<2. [j`m ct Xocms, ct \eurs4 \re-ayancaon Aopcton Inews omb Goareàemegca \encac`s. Motcemon Huròu ier@aemegca X`sòraj [erfcmk \op`rs ?<;:<.

Estry, Demotjom B., Otcsj X. kjesj, Forn Joh`rg`c`r, Nua No`v`m, Goraes Ajogem,Gojvosj Q. _ur`sjc, omb Ommogorco Fef`mym`, 8<??. Gomokcmk Aopcton Cminews4[jot Reens te Ps`5 CGI Qtoii Bcsausscem Met` QBM/??/<9, Cmt`rmotcemonGem`tory Iumb

\obeo-Qajceppo, R. 8<<1. A`mtron homfs omb icmomacon stohcncty. Doforto. ; Duny. Ovocnohn`jttp4//www.àh.cmt/pr`ss/f`y/bot`/8<<1/jtgn/sp<1<;<;.`m.jtgn

\orf, S. A. 8<<3. Knehon @aemegca Xà`sscem omb @ost Osco4 Jew Jos Ferò Gomok`btj` Arcscs omb [jot Jos Nòrm`b. Homf ei Ferò [erfcmk \op`r 8<34 Cmstctut` ierGem`tory omb @aemegca X`sòraj. Mev`gh`r.

‒‒‒. 8<??. Xìerg ei tj` Knehon X`kunotery Qyst`g4 \`rspàtcv`s ei @ost Oscom@g`rkcmk @aemegc`s. Cm Ommuon [ernb Homf Aemi`r`ma` em B`v`nepg`mt@aemegcas 8<?< (knehon)4 N`ssems ireg @ost Osco omb tj` Knehon Icmomacon Arcscs.S. Ncm omb H. \n`sfevca (`bs). [osjcmktem BA4 [ernb Homf

\orf, S. A. omb A. [ypnesz. 8<<:. Cminotcem Rork`tcmk cm Ferò4 Quaa`ss, Keeb Nuaf er

Hob Nuaf5 Cm R`m Sòrs oit`r tj` Feròm Arcscs4 Arcscs, Obdustg`mt omb Nemk-rum@aemegca Krewtj, `bct`b hy G. Forosunu omb B.S. Somk. 4 Qèun4 Ferò Cmstctutìer Cmt`rmotcemon @aemegca \encay.

Xebrcf, B. omb O. Y`nosae. ?333. Qjert-R`rg Aopcton Inews. Ommuon [ernb HomfAemi`r`ma` em B`v`nepg`mt @aemegcas.

Qjoi`r, D. X. ?3:8. Rj` Rjèry ei o N`mb`r ei Nost X`sert cm Cmt`rmotcemon HomfcmkGorf`ts. Homf ei Cmt`rmotcemon Q`ttn`g`mts. A.H. 1:?.




81

Qajwortz, O.D. ?330. [jy Icmomacon Qtohcncty B`p`mbs em \rca` Qtohcncty. @aemegca Oiiocrs 8?‑0. Outugm.

Rurm`r, \. 8<<3. A`mtron Homfs, Ncqucbcty, omb tj` Homfcmk Arcscs. Cm Rcg` ier o Ycschn`Jomb4 N`ssems ireg tj` 8<<: [ernb Icmomacon Arcscs. 8<<3. Q. Krciictj-Dem`s, D.

Omtemce Eaogpe, omb D.@. Qtcknctz, `bs. ?<?‑80. Exierb, Pmct`b Fcmkbeg4 Exierb

Pmcv`rscty \r`ss. ‒‒‒. 8<?<. Rj` Kròt Ncqucbcty Ir``z`4 [jot be`s ct gòm ier cmt`rmotcemon homfcmk5

\op`r pr`s`mt`b te tj` Oscom B`v`nepg`mt Homf Cmstctut`‑CGI‑Ajcmo HomfcmkX`kunotery Aeggcsscem aemi`r`ma` em Homfcmk X`kunotcem omb IcmomaconQtohcncty cm Oscom @g`rkcmk Gorf`ts cm H`cdcmk. 80‑89 Goy.

[jct`, [. 8<<2. Gofcmk Goareprub`mtcon Aema`rms Ep`rotcemon. Icmomacon QtohcnctyQygpescug erkomcz`b hy tj` M`tj`rnombs Homf j`nb cm Ogst`rbog em 80‑89Eateh`r.

‒‒‒. 8<<9. Cs prca` stohcncty `meukj5 HCQ [erfcmk \op`r 8<0. Oprcn.

Tju, J. 8<<9. Rj` Qtruatur` ei Jeuscmk Icmoma` Gorf`ts omb Jeus` \rca`s cm Osco. HCQ_uort`rny X`vc`w. Bà`gh`r.




82

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Ajomk`s cm tj` Aemsug`r \rca` Cmb`x omb \rca`s ei Jeuscmk omb @quctc`s cmQ`nàt`b Oscom Aeumtrc`s

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Qeura`4 Homf ei Rjocnomb, Qteaf @xajomk` ei Rjocnomb

the role of macroprudential policy for financial stability in east asia’s emerging economies

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