Modern Currency Wars: The United States versus Japan

7/27/2019 Modern Currency Wars: The United States versus Japan

1/25

N@OE Qhrcema Znpkr \kreks

Bh`krm Lurrkmly Qnrs4Pfk [metk` \tntks vkrsus Dnpnm

_hmni` BlCemmhm nm`Tfnh Ieu

Mh. 0


2/25

Pfk Qhrcema Znpkr skreks es n lhmtemuntehm hg tfk ghrbkriy mnbk` @eslussehm Znpkr skreks3tfk mubokrema hg tfk pnpkrs lhmtemuk` wetfhut emtkrruptehm hr lfnmak. N@OEs whrcemapnpkrs rkgiklt emeteni e`kns hm n thpel nm` nrk phstk` hmiemk ghr èslussehm. N@OE kmlhurnaksrkn`krs th phst tfker lhbbkmts hm tfk bnem pnak ghr knlf whrcema pnpkr (aevkm em tfkletntehm okihw). \hbk whrcema pnpkrs bny `kvkihp emth htfkr ghrbs hg puoielntehm.

\uaakstk` letntehm4

BlCemmhm, _., nm` T. Ieu. ?:>:/;5>:.bh`krm.lurrkmly.wnrs.usn.vs.dnpnm/

Ziknsk lhmtnlt tfk nutfhrs ghr emghrbntehm nohut tfes pnpkr.

Kbnei4blcemmhmJstnmghr`.kù3 ieuzfnhkiwemJabnei.lhb

_hmni` BlCemmhm es Zrhgksshr Kbkretus hg Klhmhbels, \tnmghr` [mevkrsety. Tfnh Ieu es narnùntk em Bnmnakbkmt \lekmlk nm` Kikltrelni Kmaemkkrema, \tnmghr` [mevkrsety.

Pfk vekws kxprkssk` em tfes pnpkr nrk tfk vekws hg tfk nutfhr nm` `h mht mklkssnreiyrkgiklt tfk vekws hr phieleks hg N@OE, tfk N@O, ets Ohnr` hg @erklthrs, hr tfk ahvkrmbkmts

tfky rkprkskmt. N@OE `hks mht aunrnmtkk tfk nllurnly hg tfk `ntn emliu`k` em tfes pnpkrnm` nllkpts mh rksphmseoeiety ghr nmy lhmskqukmlks hg tfker usk. Pkrbemhihay usk` bnymht mklkssnreiy ok lhmsestkmt wetf N@O hggeleni tkrbs.

Nsenm @kvkihpbkmt Onmc EmstetutkCnsubeanskce Oueièma 6G

::-7::6, Dnpnm

Pki4 +6>-


3/25

N@OE Qhrcema Znpkr 05?:s nm` >551>. Mhw, wetfhutbulf gknr hg rktnientehm, tfk [\ lnm emetentk bhrk iebetk` lurrkmly wnrgnrkns wetf NbkrelnmDnpnm onsfema grhb tfk intk >51:s th be`->55:s th npprklentk tfk ykm, hr Lfemn onsfemasemlk ?::? th npprklentk tfk rkmbemoe. Dnpnm sullubok` th tfes onsfema, nm` tfk ykmnpprklentk` thh bulf em >56;, wetf tfk rksuit tfnt Dnpnm gkii emth n zkrh-emtkrkst ieque`ety trnpnm` klhmhbel stnamntehm ghr nibhst twh `kln`ks. Fhwkvkr, em ?:>

DKI Linssegelntehm4G, G


4/25

N@OE Qhrcema Znpkr 0. Ahi` \tnm`nr` nm` tfk Arknt @kprkssehm .................................................................. _kgkrkmlks ......................................................................................................................... ?


5/25

N@OE Qhrcema Znpkr 0. AHI@ \PNM@N_@ NM@ PFK A_KNP @KZ_K\\EHM

Em tfk >5?:s nm` >55?; tfk Oretesf Lfnmlkiihr hg tfk Kxlfkqukr,Qemsthm Lfurlfeii, trek` th rksthrk nm emtkrmntehmni stnm`nr` oy pkaaema tfk prelk hg ahi`nt 0.67 pkr humlkets prk->5>0 pnrety. Bnmy htfkr mntehms ghiihwk` suet. Out em intk>5?7, Grnmlk, wfelf fn` emgintk` nm` `kprklentk` ets lurrkmly gnr okihw ets prk-wnrpnrety, gemniiy bnmnak` th stnoeiezk ets lurrkmly oy sfnrpiy rnesema emtkrkst rntks, tfkgnbhus Zhemlnr \tnoeiezntehm. Pfes um`krvniuk` tfk grnml nanemst tfk phum`, nm`,thaktfkr wetf tfk feafkr emtkrkst rntks em Grnmlk, okanm th `rnem ahi` grhb Oretnem.@kspetk ets `kprkssk` klhmhby nm` feaf umkbpihybkmt em tfk >5?:s, Oretnem ckpt etshwm emtkrkst rntks feaf th prhtklt ets sikm`kr ahi` rkskrvks.

Pfes ahi` `rnem tfkm lnusk` n onmcema pnmel em Akrbnmy, ghrlema et th nlle`kmtniiy`kvniuk em >5. Pfk Oretesf bhrk `kieokrntkiy nonm`hmk` tfk ahi` stnm`nr` em\kptkbokr >5 wetf n `kkp `kvniuntehm, nm` Dnpnm ghiihwk` em @klkbokr >5. Pfk[\ fn` mht lfnmak` ets prk-wnr ahi` pnrety hg $?: pkr humlk, out ns n sngk fnvkm etfn` steii nllubuintk` bulf hg tfk whri`s ahi`. Em >550;, tfk bndhr emùstreni lhumtreks htfkr tfnm tfk [\ wkrk`nbnak` oy tfk wnr, fn` hpkm hr rkprkssk` emgintehm, nm` lhmtrhis hm ghrkeamkxlfnmak trnmsnltehms. Oklnusk hmiy tfk [.\ fn` nm hpkm nm` stnoik gemnmleni systkb,ghrkeam onmcs nm` lhrphrntehms mnturniiy okanm usema tfk `hiinr ns tfk cky vkfeliklurrkmly ghr liknrema emtkrmntehmni pnybkmts nm` ghr emvhelema emtkrmntehmni trn`k gihws.Ghrkeam ahvkrmbkmts stnrtema fhièma tfker rkskrvks em `hiinrs, wfelf fn` oklhbk tfkhggeleni emtkrvkmtehm lurrkmly kvkm okghrk tfk >50; Orktthm Qhh`s narkkbkmt hoieak`tfkb th `klinrk hggeleni `hiinr kxlfnmak pnreteks. Out wetf ghrkeam lhumtreks nii spklegyema`hiinr kxlfnmak rntk pnreteks, tfes ikgtnm` steii iknvkstfk lkmtkr lhumtry wetfhut nèrklt kxlfnmak rntk phiely hg ets hwm.

Nbnzemaiy tfes `hiinr-onsk` systkb fns pkrsestk` grhb >50; th tfk prkskmt `ny.?

?Pfk `hiinrs trnubntel festhry em tfes lkmtrni rhik es nmniyzk` em BlCemmhm ?:>


6/25

N@OE Qhrcema Znpkr 0,tfk Gk` lut ets hvkrmeaft gum`s rntk th dust >% em intk ?::?nm` tfkm fki` et `hwm ghrnibhst ? yknrs sh ns th lrkntk ouooiks em tfk prhpkrty, lhbbh`ety, nm` sthlc bnrckts(Pnyihr ?::5). Pfk htfkr kpesh`k lnbk wetf tfk lhiinpsk em tfksk ouooiks lrkntema tfk[\ suoprebk bhrtanak lreses em ?::6. Em rksphmsk th tfk kmsuema rklkssehm, tfk Gk`tfkm lut tfk [\ emtkronmc rntk th vertuniiy zkrh em @klkbokr ?::6wfkrk et rkbnemsth`ny. Qetf sfhrt-tkrb emtkrkst rntks nt zkrh semlk ?::5, tfk Gk` fns emetentk` vnrehusrhum`s hg qunmtetntevk knsema oy ouyema ihma-tkrb Prknsury ohm`s, nsskt-onlck`bhrtanak sklureteks, nm` htfkr ihma-tkrb emstrubkmts sh ns th rk`ulk ihma-tkrb rntks

ns wkii. Qk nrk lurrkmtiy em tfk tfer` rhum` hg bnssevk ^K wetf tfk Gk` ouyema $6;oeiiehm hg ihmakr-tkrb [\ sklureteks pkr bhmtf.


7/25

N@OE Qhrcema Znpkr 04 Bhmky Bnrckt Emtkrkst _ntk(BB_) nm` Ihma Pkrb Ohm` Ueki` (IPOU),

[\ nm` Dnpnm (%)

\hurlk4 KE[ ntn3 lniluintehms oy nutfhrs.

Qfy nrk mknr zkrh emtkrkst rntks n phtkmteni okaanr-tfy-mkeafohr kxlfnmak rntk phiely8

[itrn-ihw emtkrkst rntks em tfk [\ pkreh`elniiy umiknsf gihh`s hg fht bhmky emthkbkraema bnrckts wetf feafkr arhwtf nm` mnturniiy feafkr emtkrkst rntks. Nmy kbkraemabnrckt lkmtrni onmc es tfkm gnlk` wetf nm umlhbghrtnoik lfhelk4 ketfkr ikt ets kxlfnmakrntk npprklentk nanemst tfk `hiinr nm` tfus ihsk kxphrt lhbpktevkmkss nanemst etsmkeafohrs, hr emtkrvkmk fknveiy th ouy `hiinrs th sbhhtf kxlfnmak giultuntehms nm`tfkrkoy ihsk bhmktnry lhmtrhi. \emlk ?::?, kbkraema bnrckts fnvk nlquerk` bhrk tfnm$7 treiiehm em ghrkeam kxlfnmak rkskrvks (Geaurk ?) nm` tfker lhmsubkr prelk em`kx (LZE)emgintehm fns okkm bhrk tfnm 0 pkrlkmtnak phemts feafkr tfnm em tfk [\ `kspetk, hm mktoninmlk, fnvema npprklentk` em mhbemni tkrbs nanemst tfk `hiinr (Geaurk


8/25

N@OE Qhrcema Znpkr 0? nm` hm tfk

Z_L em Duiy ?:>?, nssubema mh lfnmak em rkskrvks em tfksk bhmtfs


9/25

N@OE Qhrcema Znpkr 0, tfk `hiinrs mhbemni kggkltevk kxlfnmak rntk `kprklentk` oy nohut


10/25

N@OE Qhrcema Znpkr 0::)

\hurlk4 [\ Gk`krni _kskrvk.

Grhb ?::? th ?:>>, tfk `hiinrs mhbemni kggkltevk kxlfnmak rntk `kprklentk` oy nohut

hmwnr`, tfk rnpe` oueiùp sthppk` nanem wetf tfkumrkshivk` kurhzhmk onmcema lreses. Onmcema lresks em tfk [\ nm` Kurhpk nrkemtkrtwemk` ns tfker onmcs ohrrhw hr ikm` th knlf htfkr. Oklnusk tfksk emtkrmntehmni

onmcs prhve`k bulf hg tfk gumèma ghr tfk lnrry trn`ks okfem` tfk fht bhmky gihws, nmemtkrmntehmni lreses ghrlks tfkb th rktrkmlf nm` tfk gihws th rkvkrsk.

Em be`-?:>5 Dumk tfnt tfk Gk` beafttnpkr hgg ets prharnb hg ouyema fuak nbhumts hg [\ Prknsury ohm`s nm` htfkr ihma-tkrb emstrubkmts. Fk lnrkguiiy fkàk` fes phsetehm oy snyema tfnt lkrtnem prk-lhmètehmsfn` th ok bktmhtnoiy n gnii em tfk umkbpihybkmt rntk th 7.;% okghrk tnpkrema lhuiòkaem. Out tfk bnrckts eamhrk` nii fes lnrkgui lnvknts. Ihma-tkrb emtkrkst rntks rhsk,grhb >.;% th ?.;% em tfk [\, nm` sthlc bnrckts lrnsfk` nrhum` tfk whri`pnrteluinriy em kbkraema bnrcktsns fht bhmky gihwk` onlc th tfk lkmtkr lhumtryiknèma th n strkmatfkmema hg tfk `hiinr em tfk ghrkeam kxlfnmaks.


11/25

N@OE Qhrcema Znpkr 0). Nii ghur lkmtrni onmcs fnvk nish kmanak` em bnssevk qunmtetntevk knsemakxpnm`ema tfker oninmlk sfkktstfnt, semlk ?::6, ihhc sebeinr (Geaurk ;).

Geaurk ;4 \ezk hg Lkmtrni Onmc Oninmlk \fkkt (% hg A@Z)

\hurlk4 Oihhbokra, HKL@ \tnt.


12/25

N@OE Qhrcema Znpkr 0:

Geaurk 74 A@Z Qkeaftk` @eslhumt _ntk hg O_EL\ nm` A51>), Dnpnm wns nm knriy velteb hg lurrkmlywnrgnrk. Grhb tfk be`->51:s th tfk be`->55:s, Dnpnms rkintevkiy feaf rntk hg snvemasik` th lurrkmt nllhumt surpiusks tfnt wkrk pnrteluinriy hovehus wfkm lhbpnrk` wetf tfkoeintkrni trn`k `kgelets hg tfk snvemas-`kgelekmt [\ (skk tfk ikgt-fnm` pnmki hg Geaurk 1)Dnpnm wns nllusk` hg `kieokrntkiy um`krvniuema tfk ykm nanemst tfk `hiinr th emlrknskets kxphrts. Pfk rksuit wns Nbkrelnm Dnpnm onsfema, wetf tfrknts hg tnreggs nm` quhtns

hm ebphrts hg ahh`s grhb Dnpnm, umikss tfk ykm npprklentk`.


13/25

N@OE Qhrcema Znpkr 0>

Geaurk 14 Oeintkrni Prn`k Oninmlks hg Dnpnm nm` Z_L vkrsus tfk [\

(pkrlkmtnak hg [\ A@Z, >56;-?:>?)

\hurlk4 Lkmsus Ourknu, EBG.

Pfes rksuitk` em tfk gnbhus Zinzn Nllhr` em >56;4 n mkahtentk` sfnrp npprklentehm hg

tfk ykm, ngtkr wfelf tfk ykm lhmtemuk` th npprklentk umtei Nprei >55;. Pfk phietelninllusntehm tfnt Dnpnm fn` um`krvniuk` tfk ykm es qukstehmnoik. Nllhr`ema th tfk ZkmmQhri` Pnoiks (Fksthm kt ni ?:>?), tfk ykm wns hvkrvniuk` lhbpnrk` wetf etspurlfnsema phwkr pnrety (ZZZ) grhb >56; tfrhuaf ?:>? (Geaurk 6). Nitfhuaf ZZZ eshmiy hmk gnlthr nggkltema tfk kxlfnmak rntk, tfk ykms ikvki wkii nohvk ets ZZZ wns nmebphrtnmt gnlthr em Dnpnms lhmtemuk` stnamntehm tfrhuaf ?:>?.


14/25

N@OE Qhrcema Znpkr 0?

Geaurk 64 Dnpnm Kxlfnmak _ntk (Ukm/@hiinr) nm` Zurlfnsema Zhwkr Znrety,prhdkltk` emth ?:>, [email protected] Zrhdkltk` oy iemknr bh`ki4 Dnpnm ZZZ pkrlkmtnak lfnmak 2 :.:5;->.:? ththulf dust 6: em Nprei >55;, wns `esnstrhus ghr tfk Dnpnmksk klhmhby. Emeteniiy, tfkkxpkltntehm hg n feafkr ykm gk` n skmsk hg treubpfniesb ikn`ema th bnssevk ouooiks emtfk sthlc nm` prhpkrty bnrckts oy >55:. Qfkm tfk ouooiks ourst em >55>, tfk ykmlhmtemuk` th resk umtei Nprei >55; grhb Nbkrelnm prkssurk. Pfk klhmhby siubpk` grhbtfksk ourstema ouooiks nm` grhb kxlfnmak rntk hvkrvniuntehm. Nitfhuaf hggelenikxlfnmak emtkrvkmtehm wns quetk grkqukmt em lreses pkreh`s (Geaurk 5), tfk Onmc hg Dnpnm(OHD) wns mht tryema th `kvniuk. _ntfkr et wns dust rksestema, mht vkry sullkssguiiy, tfktkm`kmly hg tfk ykm th ah kvkr feafkrwfelf ik` ets inrak ouei`-up hg `hiinr kxlfnmakrkskrvks.


15/25

N@OE Qhrcema Znpkr 056:s nm` emth tfk be`->55:s, tfk OHD rkùlk` emtkrkst rntks em hr`kr th lurogurtfkr emlrknsks em tfk ykm. Nfkn` hg tfk [\, oy >551 tfk OHD fn` skt ets sfhrt-tkrbemtkrkst rntk nt vertuniiy zkrh wfkrk et rkbnems th`ny (Geaurk >)`nbnaema `hbkstelgemnmleni emtkrbkèntehm hvkr ets twh ihst `kln`ks hg klhmhbel stnamntehm wetf`kgintehm. Ihw emtkrkst rntks, thaktfkr wetf n spkleni lfnrnltkrestel hg Dnpnms klhmhbelsystkb, tfk onmcs gknr tfnt ihnm `kgnuits whui` wepk hut tfker lnpetni, ik` onmcs th aevkmkw ihw-emtkrkst ihnms th hi` ohrrhwkrs th pny hgg tfker hi` ihnms em `nmakr hg `kgnuit.Pfk rksuit wns tfnt bnmy umprhgetnoik kmtkrpresks em Dnpnm oklnbk cmhwm nszhboeks, kxestema hmiy oy okema prhppk` up oy ihw-emtkrkst onmc ihnms (Nfknrmk kt ni?::;, Lnoniikrh kt ni ?::7)

Ph ok gner th tfk Dnpnmksk bhmktnry nutfhreteks, Dnpnms zkrh-emtkrkst iequeèty trnp wnskxtkrmniiy ebphsk`. Nbkrelnm Dnpnm onsfema grhb tfk intk >51:s th tfk be`->55:sskt up tfk kxpkltntehm hg nm kvkr-feafkr ykm tfnt lnusk` fht bhmky th gihh` emth tfkklhmhby sh tfk ykm oklnbk hvkrvniuk` (nt 6: ykmpkr `hiinr em Nprei >55;) nm` tfk

prelk ikvki okanm th gnii ns bulf ns n `kln`k knriekr.0

N lfrhmel trn`k surpius nm` `kgintehm, thaktfkr wetf Dnpnms ihw kxtkrmni `kot rnteh,bn`k tfk ykm n sngk-fnrohr lurrkmly ùrema tfk ?::6 lreses. Geaurk >: sfhws tfkrkintevkiy ihw emgintehm em Dnpnm. Qfkm [\ wns struaaiema grhb tfk ngtkrbntf hg

Oy tfk premlepik hg hpkm emtkrkstpnrety, tfk kxpkltntehm hg n feafkr ykm etskig pusfk` emtkrkst rntks `hwm. Oy >551 ohtfbnrckt kxpkltntehms hg nm kvkr feafkr ykm nm` `kspkrntk nttkbpts oy tfk OHD thstebuintk tfk siubpema klhmhby oy knsy bhmky rksuitk` em n iequeèty trnp4 vertuniiyzkrh sfhrt-tkrb rntks nm` ihma-tkrb rntks ikss tfnm >%. Em spetk hg tfk `nbnak thDnpnms klhmhby, tfk kvkr-feafkr ykm wns umnoik th lhrrklt tfk lfrhmel trn`keboninmlk oktwkkm tfk [\ nm` Dnpnm (ênh ?::1).

0 Pfes shrry tnik hg `kgintehm em Dnpnm es spkiik` hut bhrk guiiy em BlCemmhm nm` Hfmh (>551).


16/25

N@OE Qhrcema Znpkr 00

suoprebk bhrtanak lreses, nm` tfk kurhzhmk suggkrema umprklk`kmtk` shvkrkeam `kotnm` onmcema lresks, tfk Dnpnmksk ykm, thaktfkr wetf tfk \wess grnml nm` ahi`, oklhbktfk sngk fnvkm ghr emtkrmntehmni lnpetni emgihws (Fnoeo kt ni ?:>?, _nmni`h nm`\`kriem` ?:>:). Pfes pfkmhbkmhm bny ok kspkleniiy fnrbgui th Dnpnms klhmhby4wfkm tfk resc es feaf nm` whri` arhwtf gnlks n fkn`wem`, Dnpnm bny suggkr nmn``etehmni oihw grhb lurrkmly npprklentehm. Pfk `kkpkr Dnpnm es trnppk` em `kgintehm,tfk strhmakr sulf nm kggklt bny ok.

Geaurk >:4 Emgintehm _ntk hg Bndhr N`vnmlk` Klhmhbeks (?:::-?:>?)

\hurlk4 KE[ ntn3 lniluintehms oy nutfhrs.

Emlrknsks em ghrkeam phrtghieh emvkstbkmt em Dnpnm fnvk lhmgerbk` tfes pfkmhbkmhm(Geaurks >> nm` >?) Pfk \wess Mntehmni Onmc stkppk` em th prkvkmt gurtfkr npprklentehmhg tfk \wess Grnml hm >> \kptkbokr ?:>>3 Dnpnm nish nltk`, out wnsmt gerb kmhuaf thlhmvemlk tfk bnrckt. Pfk ykm rhsk th ets feaf ghr `kln`ks `kspetk tfk Arknt Knst Dnpnmknrtfqunck nm` tsumnbe. Pfk hvkrvniuntehm hg tfk ykm wns rklhamezk` emtkrmntehmniiynm` em Bnrlf ?:>>, ghr tfk gerst tebk semlk ?:::, tfk A1 nmmhumlk` dhemt emtkrvkmtehm th

prkvkmt tfk ykm grhb gurtfkr npprklentehm. Out tfk ykm steii rkbnemk` nt n feaf ikvkitfrhuaf ?:>?.


17/25

N@OE Qhrcema Znpkr 0;

Geaurk >>4 Phtni Zhrtghieh Emvkstbkmt (^unrtkriy)

\hurlk4 Dnpnm Bemestry Hg Gemnmlk.

Geaurk >?4 Bhmky Bnrckt Emstrubkmts (^unrtkriy)

\hurlk4 Dnpnm Bemestry hg Gemnmlk.


18/25


_kbnrcnoiy, tfes kxlfnmak rntk hvkrvniuntehm trnp instk` grhb tfk be`->56:s reafttfrhuaf ?:>? ns bknsurk` oy `kventehms hg tfk ykm grhb ets purlfnsema phwkr pnrety(Geaurk 6). Dnpnm fns em`kk` suggkrk` grhb lurrkmly wnrgnrkumùk kxlfnmaknpprklentehm rksuitema em nibhst twh `kln`ks hg stnamntehm.

;. DNZNM N\ Z_K@NPH_8

Em ?:>?, \femzh Nok wnskikltk` Zrebk Bemestkr hm n pintghrb hg kxpnmèma tfk oninmlk sfkkt hg tfk Onmc hgDnpnm nm` skkcema n feafkr emgintehm tnrakt. Ghr ?:>? th bhrk tfnm >:: oy Bny ?:>< (nohut ?;%), nm` `kprklentk` rkintevk th htfkrKnst Nsenm lurrkmlekswfelf tkm` th trnlc tfk `hiinr nm`/hr rkmbemoe.

Nt tfk tebk hg wretema (Dumk ?:>.?treiiehm lhbbkrleni pnpkr purlfnsema prharnb em Dumk. Oy lhbpnreshm, OHD fhièmas hgDAOs fn` okkm emlrknsema nt nohut U:.1 treiiehm pkr bhmtf grhb ?::6 th ?:>?. Geaurk>< emèlntks tfk sfnrpiy emlrknsk` pnlk hg tfk OHDs oninmlk sfkkt kxpnmsehm grhb?:>? th ?:>% th ?%, wfelf essupphsk` th ebpnlt kxlfnmak rntk tfrhuaf feafkr emgintehm kxpkltntehms.

Geaurk >


19/25


Pfk `rnbntel oninmlk sfkkt kxpnmsehm oy tfk OHD es mht hut hg iemk wetf sebeinrkxpnmsehms em tfk oninmlk sfkkts hg htfkr bndhr lkmtrni onmcs semlk be`-?::6. Geaurk; sfhws tfk oninmlk sfkkt kxpnmsehm hg tfk OHD lhbpnrk` wetf tfhsk hg tfk Gk`, tfkKLO nm` tfk Onmc hg Kmainm`. \emlk ?:>56? th ?::>, nmmuni hutput lfnmaks em htfkr Knst Nsenm klhmhbeks hutput wkrkemvkrskiy lhrrkintk` wetf tfk ykm/`hiinr kxlfnmak rntk (BlCemmhm nm` \lfmnoi ?::). Qfkm tfk ykm wns wknc nanemst tfk `hiinr, tfk htfkr Knst Nsenmklhmhbeks (wfelf wkrk bnemiy pkaak` th tfk `hiinr) siubpk` nm` velk vkrsn. Qkup`ntk` tfes rksuit usema qunrtkriy `ntn ghr >550?:>? wetf n sieaftiy trebbk` bh`ki ;

> ? 4 Em`hmksen3_kpuoiel hg Chrkn3 Bninysen3 tfk Zfeieppemks3 \emanphrk3 Pnepke,Lfemn3 nm` Pfneinm`.Qk nish tkstk` et hm KN?, wfelf es KN> pius tfk Z_L. Pfk rksuits nrk em Pnoik >. Bhstklhmhbeks, kxlkpt tfk Z_L nm` Em`hmksen, sfhw strhma `kpkm`kmlk hm [\ arhwtf nswkii ns hm tfk ykm/`hiinr kxlfnmak rntks. Nii tfk klhmhbeks kxlkpt tfk Z_L fnvkmkantevk [\@DZU lhkggelekmts4 % hr ;% ikvki sh tfntgiultuntehms em tfk ykm/`hiinr rntk skkb th ebpnlt tfk sbniikr Knst Nsenm klhmhbeksstrhmaiy.


20/25


Pnoik >4 Cwnm Bh`ki hg Giultuntehms em Knst Nsenm Hutput, >550?:>?

Pnrakt Klhmhbeks[\ A@ZArhwtf

[\@/DZU BhmtfiyNvkrnak

N`d. _-\qunrk

@uroemQntshm

KN> Nvkrnak :.6:** -:.>:** :.?; :.>)

Bninysen >.:7** -:.>6)

Pfneinm` :.1;* -:.>? :.;>(?.4 Em`hmksen3 _kpuoiel hg Chrkn3 Bninysen3 Zfeieppemks3 \emanphrk3 Pnepke,Lfemn3 Pfneinm`. KN?4KN>+ Z_L

Oklnusk hg tfky feaf nuthlhrrkintehm em qunrtkriy kxlfnmak rntk ntn, wk trebbk` Cwnms bh`ki (Cwnm ?::>)oy `rhppema tfk inaak` tkrb.

* 2 seamegelnmt nt ;% ikvki

** 2 seamegelnmt nt >% ikvki

Pfes strhma emvkrsk kggklt hg tfk ykm/`hiinr rntk hm tfk sbniikr Knst Nsenm klhmhbeks(tfk Z_L es mh ihmakr sbnii) fns twh èbkmsehms. Gerst, wfkm tfk ykm npprklentksnanemst tfk `hiinr, et nish npprklentks nanemst tfk whm, onft, remaaet, rupenf, nm` sh hm,wfelf tkm` th fnvk bhrk stnoik `hiinr kxlfnmak rntks. \h tfk sbniikr KN lhumtreks gemèt knsekr th kxphrt th Dnpnm etskig nm` th lhbpktk wetf Dnpnmksk kxphrts th tfer`bnrckts.

\klhm`, Dnpnm es n lrkèthr klhmhby nm` fns okkm n bndhr shurlk hg èrklt emvkstbkmtth htfkr Knst Nsenm klhmhbeks. Em`kk`, inrak Dnpnmksk lhrphrntehms sulf ns Phyhtn,Messnm, \hmy, Bntsusfetn, nm` sh hm, fnvk skt up ornmlf pinmt hpkrntehms em htfkrNsenm lhumtreks. Out tfes shurlk hg èrklt emvkstbkmt es lylielni wetf tfk ykm/`hiinrkxlfnmak rntk. Qfkm tfk ykm es feaf nm` Dnpnm fns oklhbk n rkintevkiy kxpkmsevkpinlk th prhùlk, Dnpnmksk gerbs èsemvkst grhb Dnpnm nm` emvkst bhrk em tfk sbniikrNsenm klhmhbeks (nm` em tfk [\ etskig). Hutput es rkniihlntk` nwny grhb tfk pnrkmtgerbs em Dnpnm th tfker Knst Nsenm suoseènreks wfhsk kxphrts emlrknsk, ns pkr hur gerstkggklt.

Out wfkm tfk ykm oklhbks umusuniiy wknc nanemst tfk `hiinr, tfksk phsetevk kggkltsquelciy umwem` nm` tfk sbniikr Knst Nsenm klhmhbeks tkm` th siubp. Pfker kxphrts,

inrakiy emvhelk` em `hiinrs, gnii nihma wetf emwnr` èrklt emvkstbkmt grhb Dnpnm. Hmk hg


21/25


tfk bhst `rnbntel kpesh`ks wns tfk gnii em tfk ykm em >55;>557 dust okghrk tfk arkntNsenm lreses hg >551. Pruk, tfk lreses etskig wns bnemiy ùk th sfhrt-tkrb hvkrohrrhwemaem `hiinrs nm` ykm oy gevk lhumtreks4 Em`hmksen, _kpuoiel hg Chrkn, Bninysen,Zfeieppemks, nm` Pfneinm`. Out wfkm tfk ouooik ourst em >551, tfk mkantevk klhmhbelebpnlt hm tfksk lhumtreks wns naarnvntk` oy tfk wknckr vniuk hg tfk ykm.

Mh whm`kr htfkr Nsenm lhumtreks nrk `kkpiy lhmlkrmk` oy tfk rklkmt sfnrp gnii em tfkykms vniuk grhb 6: th >:: ykm pkr `hiinr ngtkr @klkbokr ?:>?. Fhwkvkr, okyhm`giultuntehms em tfk ykm/`hiinr kxlfnmak rntk et es nish ebphrtnmt th lhmse`kr tfk bhrkakmkrni emtkr`kpkm`kmlk hg Knst Nsenm klhmhbeks. Qk up`ntk tfk prkvehus butuni`ktkrbemnmts bh`ki (BlCemmhm nm` \lfmnoi ?::550?:>?4

>

> ? < 0 ;

NsenmKlhmhby [\ DZ LM _KN

t t t t t t y y y y y u 2 + + + + +

Qfkrk ty

es mhw qunrtkriy A@Z arhwtf nm`>_KN

ty es tfk nvkrnak arhwtf rntk hg tfk rksthg KN> lhumtry arhup.

Pfk rksuit es prkskmtk` em Pnoik ?. Lhbpnrk` wetf Pnoik >, tfkrk nrk shbk bemhrlhmgielts em tfk seam hg tfk kstebntk` lhkggelekmts ùk th lhiemknrety. Fhwkvkr, tfk rksuitsem Pnoik ? onselniiy supphrt tfk strhma phsetevk ebpnlt hg giultuntehms em Dnpnms arhwtfhm skikltk` Knst Nsenm klhmhbeks. Bhrk surpresema, eg hmk lhmse`krs nii tfk sbniikrNsenm klhmhbeks lhiikltevkiy, qunrtkriy giultuntehms em Nbkrelnm hutput nggklt tfk KnstNsenm klhmhby fnrìy nt nii. Pfk rkarkssehm lhkggelekmt ghr KN> em Pnoik ? es mhtseamegelnmtiy èggkrkmt grhb zkrh. Pnoik ? nish sfhws tfnt lfnmaks em ohtf tfk Z_Lsnm` Dnpnms hutput hm tfk KN> lhumtreks nrk mhw vkry seamegelnmtrkgikltema tfkarkntkr emtkarntehm hg tfk Knst Nsenm klhmhby.


22/25

N@OE Qhrcema Znpkr 0550?:>?

PnraktKlhmhbeks

[\ A@ZArhwtf

DnpnmA@Z

ArhwtfZ_L A@ZArhwtf

_kst hgKN>

Arhwtf N`d. _-\qunrk

Z_L :.:< :.>> :.::(:.?0) (>.>0)-:.:6 :.:.1)

_kpuoiel hgChrkn :.;0** :.>)Bninysen :.


23/25


Fyphtfktelniiy, lhrrkltema tfk hvkrvniuntehm hg tfk ykm sfhui` rksthrk Dnpnms A@Z thshbk `karkk3 nm` tfes es ieckiy th hggskt tfk n`vkrsk kggklt hm tfk sbniikr Knst Nsenmklhmhbeks grhb arkntkr Dnpnmksk kxphrt lhbpktetehm grhb n `kprklentema ykm.Fhwkvkr, `kieokrntkiy `kprklentema tfk ykm gnr okihw ets gner ZZZ prelk bny mht oksustnemnoiknm` bny wkii prhvhck n rkturm hg Nbkrelnm Dnpnm onsfema th npprklentktfk ykm.

Ukt, tfkrk nrk rknshms th `huot Br. Noks pinm. Et es rkphrtk`7

Pfnt hutlhbk whui` ok nanemst htfkr nrrhws hg Nokmhbels, emliuèma oueièma nstrhmakr pnrtmkrsfep wetf [\. Pfk uitebntk ahni ghr Dnpnm es th ohhst emgintehm nm`tfkrkghrk klhmhbel arhwtf, wfeik lhmtrhiiema tfk sezk hg ahvkrmbkmt `kot. Nitfhuaf em

tfk bkèub tkrb kxlfnmak rntk lhrrkltehm hg nm hvkrvniuk` ykm bny gnleietntk tfesahni, pusfk` th nm kxtrkbk et weii prhvk emthikrnoik th htfkr lhumtreks nm` mht hmiy emNsen. Et lhui` orema onlc Dnpnm onsfema oy tfk [\ etskig. \h, et es em tfk emtkrkst hgDnpnm th rkstrelt ets stebuius pnlcnak th `hbkstel bhmktnry emstrubkmts, nm` th rkspklttfk lhmlkrm hg ets trnèma pnrtmkrs hvkr tfk ykm/`hiinr kxlfnmak rntk.

tfnt tfk Zrebk Bemestkrsupphrtk` purlfnsema ghrkeam ohm`s th `kprklentk ykm, nitfhuaf Dnpnm è` mht ghiihwtfrhuaf wetf tfes pinm. [mieck qunmtetntevk knsema, wfhsk kxlfnmak rntk ebpnlt bny okn oyprhùlt, tfk bnssevk purlfnsks hg ghrkeam nsskts, hr htfkr strhma seams hg iemcemabhmktnry phiely th kxlfnmak rntk, nrk mknriy n `klinrntehm hg lurrkmly wnrgnrk, nm`bny ikn` th n truk lurrkmly wnr.

Out fhw lnm wk lniluintk n `ksernoik nm` gner ykm/`hiinr kxlfnmak rntk8 Pfk ZZZrntk (sfhwm em Geaurk 6) es hmiy n sihwiy bhvema vnrenoik rkgikltema sihw bhvkbkmts emprelk ikvkis em ohtf Dnpnm nm` tfk [\. Et lnm hmiy ok lniluintk` wetf n lhmse`krnoik inagrhb prelk ikvkis em tfk Zkmm Qhri` Pnoiks. Em lhmtrnst, tfk gihntema bnrckt-`ktkrbemk`rntk lnm bhvk quelciy nm` sfhw dnaak` inrak lfnmakssulf ns tfk ?;% `kprklentehmhg tfk ykm em ?:>< (wfelf ebpieks tfk [\ rknlfks ets ?% tnrakt nm` Dnpnm rklhvkrsgrhb `kgintehm), tfk prhdkltk` ZZZ em ?:>< whui` ok nohut U>:: pkr `hiinrns sfhwmoy tfk `nsfk` iemk em Geaurk 6. Pfus wk lnm prksubk tfnt tfk OHD fns nirkn`ynllhbpiesfk` ets bessehm hg lhrrkltema tfk hvkrvniuk` ykm nm` gurtfkr `kprklentehm esumwnrrnmtk`. Pfk ZZZs `regtema wetf tfk emgintehm èggkrkmlk sfhui` nish rkbem` tfkOHD nohut tfk urakmly hg ets bessehm4 tfk ihmakr et tncks th ohhst `hbkstel emgintehm emDnpnm, tfk ihwkr (bhrk npprklentk`) tfk ykms gner bnrckt vniuk weii ok em tkrbs hgZZZ wetf tfk `hiinr.

Grhb n ZZZ hg vekw, tfk ykm skkbs th fnvk rklhvkrk` grhb ets prkvehus lfrhmelhvkrvniuntehm nanemst tfk `hiinr wetfem n rknshmnoik rnmak. Out em tfk sfhrt rum, tfktrnmsetehm th n ihwkr ykm skkbs ieckiy th sihw kxphrts nm` `kprkss emlhbks em tfksbniikr Knst Nsenm klhmhbeks. Em tfk ihma rum, fhwkvkr, n bhrk stnoik nm`npprhprentkiy vniuk` ykm sfhui` ok okmkgeleni th Dnpnm nm` tfk htfkr Nsenm klhmhbeks.

7fttp4//www.oihhbokra.lhb/mkws/?:>->.:?56:?:>?, _-squnrk2:.11


24/25

N@OE Qhrcema Znpkr 0:: ykm pkr `hiinr esnohut reaft grhb tfk ZZZ phemt hg vekw. Fhièma tfk rntk tfkrk es tfk cky th nvheèmalurrkmly wnrs em tfk guturk4 tfkrk mkk` ok mh bhrk Dnpnm onsfema hr Lfemn onsfemagrhb tfk [\ hr Kurhpk.

Out Dnpnm es steii em n `kgintehmnry trnp. Eg tfk OhD spremas tfk trnp nm` ohhsts emgintehm thn mhrbni ikvki ns prhbesk`, bnrckt prkssurk hm tfk ykm th npprklentk weii lhmtemuk.Mkvkrtfkikss, Dnpnm sfhui` lhmùlt ets phiely wetf hmiy `hbkstel thhis, nm` rkgrnemgrhb èrkltiy emtkrvkmema em tfk ghrkeam kxlfnmak bnrckt th `kprklentk tfk ykm.

Kvkm wetf sulf rkstrnemt, fhwkvkr, tfk ebpnlt hg Dnpnms mkw bhmktnry phiely onsk`bnemiy hm qunmtetntevk knsema lhmtnems n lhmtrnèltehm. Hm tfk hmk fnm`, tfk OHD fnsemlrknsk` ets ihmarum emgintehm tnrakt th ?% pkr yknr. Eg tfk bnrckt okiekvks tfnt tfkOHD weii ok sullkssgui, tfk kxpkltntehm hg feafkr emgintehm sfhui` emlrknsk emtkrkst rntkshm ihma-tkrb DAOs. Hm tfk htfkr fnm`, tfrhuaf bnssevk qunmtetntevk knsema oy ouyemaihmakr-tkrb ykm sklureteks, tfk OHD es tryema th ghrlk ihma-tkrb rntks `hwm. Pfk rksuites turbhei em tfk bnrckt ghr ihma-tkrb DAOs. Nmy femt hg n rkinxntehm hg Dnpnms ^K

lnusks ihma-tkrb ohm` rntks th dubp wetf èslrktk gniis (npprklentehms) em tfk ykm/`hiinrrntk.

Lurrkmtiy, tfk [\ Gk` gnlks n sebeinr èikbbn. Et lnmt kxet ets ^K wetfhut ihma-tkrbohm` rntks dubpema. Nmy tebk Gk` Lfnerbnm Okm Okrmnmck bkkts tfk prkss nm`suaaksts tfnt ohm` purlfnsks beaft tnpkr hgg (fes kxprkssehm), ihma-tkrb emtkrkstrntks dubp nm` ohm` prelks gniinm kggklt naarnvntk` oy tfk kxtrkbkiy ihw nvkrnakemtkrkst rntks. Hmk rksuit hg tfes vhinteiety es tfnt tfnt ohm` `knikrs nrk rkùlema tfkeremvkmthreks hg ohm`s sh ns th lnusk skvkrk eiiequeèty em tfk ohm` bnrckt. Emvkmthreks hg`knikr onmcs fn` gniikm grhb n pknc hg nohut $?< rkn` Ohm` Emvksthrs Fkn` ghr tfkFeiis nm` okihw et Emvksthrs fnvk puiik` bhmky hut hg nsskts rnmaema grhb ihwkr-rntk`lhrphrntk ohm`s th uitrn sngk [\ Prknsurys em subs umskkm semlk tfk gemnmleni lreses.

.

5Pfes lreses nt tfk ihma-tkrb km` hg tfk bnrckt es lhbphum`k` oy zkrh sfhrt-tkrbemtkrkst rntks. Qfkm emvksthrs gikk grhb ohm` gum`s emth bhmky-bnrckt butuni gum`s hronmc `kphsets, onmcs nm` bhmky bnrckt gum`s tkm` th gnei ns gemnmleni emtkrbkènrekswfkm emtkrkst rntks nrk lihsk th zkrh.>:

\h tfk OHD nm` Gk` skkb th ok em tfk snbk ohntmht th bkmtehm tfk KLO nm` Onmchg Kmainm`. Fhw tfky sfhui` nlt dhemtiy th sprema tfk mknr zkrh emtkrkst gemnmleni trnpghr ohtf sfhrt-tkrb nm` ihma-tkrb gemnmlkes n ihma sthry ghr nmhtfkr tebk. Out

butuniiy stnoeiezema kxlfnmak rntks nm` emtkrkst rntks, nt bh`krntkiy phsetevk ikvkis, nrknm ebphrtnmt pnrt hg tfk sthry.

6Gemnmleni Pebks, >1 Dumk ?:>7.

5Qnii \trkkt Dhurmni, >5 Dumk ?:>.

>:BlCemmhm, _hmni`, Gk` \tebuius lfhcks emèrklt gemnmlk th \BKs, Lkmtrnionmcema.lhb Dumk ?:>


25/25

N@OE Qhrcema Znpkr 0.

Fnoeo, Bnurezeh B., nm` Ieveh \trnlln. ?:>?. Akttema okyhm` lnrry trn`k4 Qfnt bncksn sngk fnvkm lurrkmly8 Dhurmni hg Emtkrmntehmni Klhmhbels. 61.>. pp. ;:-70.

Fntthre, Bnsnzube, nm` Fyum \hma \fem. ?::1. Pfk orhn` ykm lnrry trn`k. Mh. :1-K->5.Phcyh4 Emstetutk ghr Bhmktnry nm` Klhmhbel \tuèks, Onmc hg Dnpnm, ?::1.

Fksthm, Ninm, _hokrt \ubbkrs nm` Okttemn Ntkm. ?:>?. Zkmm Qhri` Pnoik Wkrsehm 1.>,Zfein`kipfen4 Lkmtkr ghr Emtkrmntehmni Lhbpnreshms hg Zrhùltehm, Emlhbk nm`Zrelks nt tfk [mevkrsety hg Zkmmsyivnmen.

Cwnm, L.F. ?::>. Ukm Oihl4 Phwnr` Klhmhbel Emtkarntehm em Nsen. Qnsfemathm, @L4Orhhcemas Emstetutehm.

BlCemmhm, _hmni`. ?::;.

XXXXXXXXXX. ?:>551. @hiinr nm` Ukm4 _kshivema Klhmhbel

Lhmgielt Oktwkkm tfk [\ nm` Dnpnm. Lnboreàk, BN4 BEP Zrkss.

BlCemmmhm, _hmni` E. nm` Aumtfkr \lfmnoi. ?:::71->:76.

ênh, Fhma. ?::1. Kxlfnmak _ntk Lfnmaks nm` Prn`k Oninmlks um`kr tfk @hiinr\tnm`nr`. Dhurmni hg Zhiely Bh`kiema, ?5. pp. 17;-6?.

_nmni`h, Nmakih, nm` Znui \`kriem`. ?:>:. \ngk Fnvkm Lurrkmleks. _kvekw hgGemnmlk. >0.

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