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8/14/2019 Tiger Economies Under Threat: A Comparative Analysis of Malaysia's Industrial Prospects and Policy Options
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Rjcjia Yusuf cha Ecdru Hconsjikc
C BDKWC_CQIVN CHC@YRIR DF KC@CYRICR
IHA^RQ_IC@ W_DRWNBQR CHA WD@IBY DWQIDHR
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Qilnr Nbdhdkins
^hanr Qjrnct
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Qilnr Nbdhdkins
^hanr Qjrnct
C Bdkpcrctivn Chc`ysisdf Kc`cysics Ihaustric` Wrdspnbts
cha Wd`iby Dptidhs
Rjcjia Yusuf
Ecdru Hconsjikc
\csjihltdh, A.B.
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?779 Qjn Ihtnrhctidhc` Oche fdr _nbdhstrubtidh cha Anvn`dpknht / Qjn \dr`a Oche
3:3: J Rtrnnt H\
\csjihltdh AB ?7122
Qn`npjdhn= ?7?-1
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Bdhtnhts
v
Cbehdw`nalknhts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xvCodut tjn Cutjdrs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xvii
Coornvictidhs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .xix
Bjcptnr 3. Rdutjncst Csic Fcbns Kduhtihl Bdkpntitidh . . . . . . . . . . . . . . . . . . . 3Orinf Anvn`dpknht Jistdry df tjn Fdur Rdutjncst Csich Qilnrs. . . . . . . . . . . . . . . 1Qjn Ncst Csich Kdan` . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >Qjn Kc`cysich Nxpnrinhbn . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bjcptnr ?. Kc`cysic= Qjn Suihtnssnhtic` Kcturihl Qilnr Nbdhdky . . . . . . . . . . 3N`nbtrdhibs cha N`nbtribc` Nhlihnnrihl . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37>Cutd Wcrts Ihaustry. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379Wc`k Di`, Oidainsn`, cha Fdda Wrdaubts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332
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Bjcptnr 6. Bch Rdutjncst Csich Qilnr Nbdhdkins Onbdkn Ihhdvctivn4 . . . . . 339Ihaustric` @dbctidh . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339Suc ity df @codr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323Cbbnss td Fihchbn. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3>7
Bjcptnr 9_&A Rpnhaihl. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367Wctnhtihl Cbtivity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Cppnhaix B
_nsncrbj cha Anvn`dpknht Rpnhaihl oy Wrivctn Firks ih Kc`cysic . . . . . . . . . ?2>
Cppnhaix A
Ihanx df Ihhdvctidh _nvnc`na Bdkpcrctivn Cavchtcln . . . . . . . . . . . . . . . . . . . ?26.? Jyoritnbj cha Its Aculjtnr Firks ih Rch Ainld . . . . . . . . . . . . . . . . . . . . 31?6.2 Ihfdrkctidh cha Bdkkuhibctidh Qnbjhd`dly Ihvnstknht cha
@codr Wrdaubtivity Lrdwtj, 39:9?77> . . . . . . . . . . . . . . . . . . . . . . . . . . . 31:6.1 K? cs c Wnrbnhtcln df LAW, 399>?77< . . . . . . . . . . . . . . . . . . . . . . . . . . . 3>36.> Adknstib Brnait td Wrivctn Rnbtdr, 399>?77?6.6 Hukonr df Anc`s ih Kc`cysic, Rihlcpdrn, cha Qjci cha, Ihb`uaihl
C`` Rtclns, 3997?77< . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3>1
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:.3: Wnr Bcpitc LAW Lrdwtj cha @codr Fdrbn witj Qnrticry Naubctidh=Kc`cysic, 3967?777. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393.? Bdhtrioutidh df Clribu`turn . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >3.2 Nxpdrt Rtrubturn df Rdutjncst Csich Bduhtrins, 39?.: Cvnrcln \cln ih Kc`cysic cha Its Lrdwtj _ctns, 39:3, 3997, cha ?77? . . ?6?.9 _ctid df Vc`un Caana td Dutput Vc`un, 39:3, 3997, cha ?77? . . . . . . . . . . ?6.1 LAW cha Its Lrdwtj _ctns ih Fdur Bitins ih Kc`cysic . . . . . . . . . . . . . . . 3?>6.> FAI cha Its Lrdwtj _ctns ih Fdur Bitins ih Kc`cysic . . . . . . . . . . . . . . . . 3?66.6 Qdp 37 Hnt Hnw Nhtrchts ih Kchufcbturihl= Euc`c @ukpur,
399>?776 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3??776 . . . . . . . 3?:6.: Qdp 37 Hnt Hnw Nhtrchts ih Kchufcbturihl= Wnhchl, 399>?776 . . . . . . 3?96.9 Qdp 37 Hnt Hnw Nhtrchts ih Kchufcbturihl= Kc`cbbc, 399>?776 . . . . . 3276.37 Aistrioutidh df @codr Fdrbn oy Naubctidhc` Cttcihknht, ?77?
cha ?776 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3236.33 Rjcrn df Firks Qjct _npdrtna Vcbchbins fdr Vcridus Dbbupctidhs,
?77< . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3236.3? Qikn It Qcens td Fi` tjn Wdsitidh, ?77 Niljtj-Lrcan QIKRR Rbdrns fdr Kctjnkctibs fdr Rn`nbtna Ncst Csich
Nbdhdkins, 3999, ?772, cha ?77< . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32>6.36 Niljtj-Lrcan QIKRR Rbdrns fdr Rbinhbn fdr Rn`nbtna Ncst Csich
Nbdhdkins, 3999, ?772, cha ?77< . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3266.3< _cheihl df Rn`nbtna hivnrsitins ih Ncst Csic, ?77< cha ?77: . . . . . . . . . 326.?2 Ihfdrkctidh Qnbjhd`dly cha Ihhdvctidh Fduhactidh Ordcaocha
_cheihls, ?776 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3166.?1 Cvnrcln Rpnna df Ihtnrhnt Bdhhnbtidhs Dffnrna ih Kc`cysic, ?77: . . . . . 3166.?> Ihtnrhctidhc` Ochawiatj, 3999?77> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3126.?: Buku`ctivn Anc`s ih Kc`cysic, oy Rnbtdr, 3997?77< . . . . . . . . . . . . . . . . 3>>6.?9 Ihitic` Wuo`ib Dffnrihls oy Kc`cysich Firks. . . . . . . . . . . . . . . . . . . . . . . . 3>>
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C.3 Qdp 37 Bdkkdaitins witj Jiljnst _nvnc`na BdkpcrctivnCavchtcln ih Bjihc, ?77< . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?39
C.? Qdp 37 Bdkkdaitins witj Jiljnst _nvnc`na BdkpcrctivnCavchtcln ih Ihadhnsic, ?77< . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ??7
C.2 Qdp 37 Bdkkdaitins witj Jiljnst _nvnc`na BdkpcrctivnCavchtcln ih Mcpch, ?77 Qdp 37 Bdkkdaitins witj Jiljnst _nvnc`na BdkpcrctivnCavchtcln ih tjn Wji`ippihns, ?77< . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ??3
C.6 Qdp 37 Bdkkdaitins witj Jiljnst _nvnc`na BdkpcrctivnCavchtcln ih Rihlcpdrn, ?77< . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ???
C.< Qdp 37 Bdkkdaitins witj Jiljnst _nvnc`na BdkpcrctivnCavchtcln ih Qciwch, Bjihc, ?77< . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ???
C.: Qdp 37 Bdkkdaitins witj Jiljnst _nvnc`na BdkpcrctivnCavchtcln ih Qjci`cha, ?77< . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ??2
O.3 Qdp ?7 ^psbc`n Bdkkdaitins witj Jiljnst Anhsityih Bjihc, ?77771. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ??>
O.? Qdp ?7 ^psbc`n Bdkkdaitins witj Jiljnst Anhsityih Jdhl Edhl, Bjihc, ?77771 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ??6
O.2 Qdp ?7 ^psbc`n Bdkkdaitins witj Jiljnst Anhsityih Ihaic, ?77771 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?? Qdp ?7 ^psbc`n Bdkkdaitins witj Jiljnst Anhsityih tjn _npuo`ib df Edrnc, ?77771. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ??9
O.6 Qdp ?7 ^psbc`n Bdkkdaitins witj Jiljnst Anhsityih Kc`cysic, ?77771. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?27
O.< Qdp ?7 ^psbc`n Bdkkdaitins witj Jiljnst Anhsityih tjn Wji`ippihns, ?77771 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?23
O.: Qdp ?7 ^psbc`n Bdkkdaitins witj Jiljnst Anhsityih Rihlcpdrn, ?77771 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?2?
O.9 Qdp ?7 ^psbc`n Bdkkdaitins witj Jiljnst Anhsityih Qjci`cha, ?77771 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?22
B.3 Ornceadwh df Wrivctn _nsncrbj cha Anvn`dpknht Rpnhaihl. . . . . . . . . . ?2>A.3 Ihhdvctidh _nvnc`na Bdkpcrctivn Cavchtcln=
Qdp 37 Qnbjhd`dly B`cssns ih Bjihc, ?77
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xiv Bdhtnhts
A.> Ihhdvctidh _nvnc`na Bdkpcrctivn Cavchtcln=Qdp 37 Qnbjhd`dly B`cssns ih Rihlcpdrn, ?77< . . . . . . . . . . . . . . . . . . . . . ?29
A.6 Ihhdvctidh _nvnc`na Bdkpcrctivn Cavchtcln=Qdp 37 Qnbjhd`dly B`cssns ih Qjci`cha, ?77< . . . . . . . . . . . . . . . . . . . . . . ?29
N.3 Fihchbic` Ihbnhtivns fdr Ihhdvctidh Dffnrna ih Bjihc. . . . . . . . . . . . . . . . ?13F.3 Ruppdrt fdr Ihvnstknhts ih tjn Anvn`dpknht df Rei``s,
Qnbjhd`dly, cha Ihhdvctidh ih Qjci`cha . . . . . . . . . . . . . . . . . . . . . . . . . . ?11F.? Nxpchana Ruppdrt Wrdlrcks fdr Nhjchbihl Qnbjhd`dly
ih Ihaustry ih Qjci cha . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?16F.2 Ruppdrt uhanr tjn _nvisna Wd`iby dh Ihtn` nbtuc`
Wrdpnrty ih Qjci cha . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?1:
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Qjis vd`ukn is dhn df c snrins df puo`ibctidhs nknrlihl frdk c prdmnbt dh NcstCsics Wrdspnbts, bdspdhsdrna oy tjn ldvnrhknht df Mcpch. It wcs adhn ih b`dsnbd``codrctidh witj tjn Ncst Csic cha Wcbiffib _nlidhc` Dfffibn ih tjn \dr`a Ochecha tjn Ehdw`naln Nbdhdky Rnbtidh df tjn Nbdhdkib W`chhihl ^hit df tjn WriknKihistnrs Anpcrtknht. Qjn stuay onhnffittna frdk ihtnrcbtidh witj huknrdusffirks, uhivnrsity pnrsdhhn`, cha stctn-`nvn` cutjdritins cha ihstitutidhs ihKc`cysic. \n wdu`a `ien td nxprnss dur annp cpprnbictidh td Qch Rri Ar. Ru`cikchKcjodo, Actd Hdriycj Cjkca, cha Kr. E. Ydlnnsvcrch fdr tjnir suppdrt chanhbdurclnknht. \n lrctnfu``y cbehdw`naln tjn ffihchbic` ocbeihl df tjn ldvnrh-
knht df Mcpch tjrdulj its Wd`iby cha Jukch _nsdurbns Anvn`dpknht Fuha fdrtjn rnsncrbj cha tjn puo`ibctidh df tjn odde. Fdr tjnir jilj`y bdhstrubtivnbdkknhts cha sullnstidhs, wn tjche Ki`ch Orcjkojctt, Kcre Autz, Oruhd@cpdrtn, Vierck Hnjru, Ich Wdrtnr, Dkpdrh _nln`, Qctychc Rduoodtihc, KctjnwVnrljis, C` \cteihs, cha C`onrt ]nufcbe. @dpckuarc Bjcercodrti prdviana nxbn`-`nht rnsncrbj suppdrt tjrduljdut, cha tjn nxpnrt cssistchbn prdviana oy _nonbbcRului, Wcu`ihc Rihtik-Codclyn, Cuarny Eitsdh-\c`tnrs, cha Ikrch Jcffiznhdrkdus`y fcbi`itctna tjn prdaubtidh df tjis vd`ukn. Cs ih tjn pcst, wn rn`inajncvi`y dh Wctribic Ectcyckc, Bihay Fisjnr, cha Hdrc _iad`ffi ct tjn \dr`a Oche
Dfffibn df tjn Wuo`isjnr td kchcln tjn dpnrctidh frdk stcrt td ffihisj, cha tjnnaitdrs ct Wuo`ibctidhs Wrdfnssidhc`s dhbn clcih aia c ffihn mdo df naitihl tjn kch-usbript. Dur anot td tjnk lrdws `dhlnr witj ncbj subbnnaihl puo`ibctidh.
Cbehdw`nalknhts
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Codut tjn Cutjdrs
Rjcjia Yusufis nbdhdkib cavisnr ih tjn \dr`a Oche Ihstitutn df tjn \dr`a Ochecha burrnht`y kchclns c kcmdr prdmnbt dh Ncst Csics Wrdspnbts. Jn wcs tjn airnb-tdr fdr tjn \dr`a Anvn`dpknht _npdrt 3999/?777, Nhtnrihl tjn ?3st Bnhtury chajcs jn`a pdsitidhs ih tjn Oches rnlidhc` cha rnsncrbj anpcrtknhts. Jn rnbnivnajis O.C. ih nbdhdkibs frdk Bckorialn ^hivnrsity cha jis Wj.A. ih nbdhdkibsfrdk Jcrvcra ^hivnrsity.
Jn jcs writtnh nxtnhsivn`y dh anvn`dpknht issuns, witj c spnbic` fdbus dh NcstCsic. Jis kdst rnbnht puo`ibctidhs ihb`uan Wdstihaustric` Ncst Csich Bitins, bd-cutjdrna witj Ecdru Hconsjikc (?776)5 Achbihl witj Lichts, bd-naitna witj @.
C`ch \ihtnrs (?77
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CKA Cavchbna Kibrd AnvibnsCRNCH Cssdbictidh df Rdutjncst Csich Hctidhs
OIDR ocsib ihput-dutput systnk
BB@ Bckorialn Bdhsu`tchts
AAIQ aduo`n-anaubtidh ihbnhtivn fdr trcihihl
A_B ayhckib rnvnc`na bdkpntitivnhnss
A_BW ayhckib rnvnc`na bdkpntitivnhnss pdsitidh
NQA] Nbdhdkib cha Qnbjhd`dlibc` Anvn`dpknht ]dhn (Bjihc)
N^ Nurdpnch hidh
FAI fdrnilh airnbt ihvnstknht
LBB ldvnrhknht-bdhtrd``na bdrpdrctidh
LAW lrdss adknstib prdaubt
L_I ldvnrhknht rnsncrbj ihstitutn
LQCW L`doc` Qrcan Chc`ysis Wrdmnbt
J_AF Jukch _nsdurbn Anvn`dpknht Fuha (Kc`cysic)
JR jcrkdhizna systnk
JQ3 n`nbtrdhib cha n`nbtribc` prdaubts
JQ? dtjnr jilj-tnbj prdaubtsJQI] jilj-tnbj ihaustric` zdhn
IBQ ihfdrkctidh cha bdkkuhibctidh tnbjhd`dly
IKA Ihtnrhctidhc` Ihstitutn fdr Kchclnknht Anvn`dpknht
IWD ihitic` puo`ib dffnrihl
I_BC ihhdvctidh rnvnc`na bdkpcrctivn cavchtcln
IQ ihfdrkctidh tnbjhd`dly
IQC ihvnstknht tcx c``dwchbn
MBI Mdiht Bdkkissidh Ihtnrhctidhc`@NA `iljt-nkittihl aidan
@Q3 tnxti`ns, lcrknhts, cha fddtwncr
@Q? dtjnr dw-tnbjhd`dly prdaubts
Coornvictidhs
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KC_AI Kc`cysich Clribu`turc` _nsncrbj cha Anvn`dpknht Ihstitutn
KCVBCW Kc`cysic Vnhturn Bcpitc` Kchclnknht
KNRACS Kc`cysich Nxbjchln df Rnburitins Anc`ihl cha CutdkctnaQrcaihl
KIAC Kc`cysich Ihaustric` Anvn`dpknht Cutjdrity
KIKDR Kc`cysich Ihstitutn df Kibrdn`nbtrdhib Rystnks
KHB ku`tihctidhc` bdrpdrctidh
KWDO Kc`cysich Wc`k Di` Odcra
KRB Ku`tiknaic Rupnr Bdrriadr (Kc`cysic)
KQ3 cutdkdtivn prdaubts
KQ? prdbnss ihaustry
KQ2 nhlihnnrihl prdaubtsHCRACS Hctidhc` Cssdbictidh df Rnburitins Anc`nrs cha Cutdkctna
Sudtctidhs
HBN_ Hdrtjnrh Bdrriadr Nbdhdkib _nlidh (Kc`cysic)
HNW Hnw Nbdhdkib Wd`iby (Kc`cysic)
HRQAC Hctidhc` Rbinhbn cha Qnbjhd`dly Anvn`dpknht Clnhby(Qjci`cha)
DNBA Drlchisctidh fdr Nbdhdkib Bd-dpnrctidh cha Anvn`dpknht
D@R draihcry ncst squcrnsDRW? Rnbdha Dutsdurbn Wcrthnrs Wrdlrckkn (Kc`cysic)
WW prikcry prdaubts
WRAB Wnhchl Rei``s Anvn`dpknht Bnhtrn (Kc`cysic)
_C rnihvnstknht c``dwchbn
_O3 clrd-ocsna prdaubts
_O? dtjnr rnsdurbn-ocsna prdaubts
_&A rnsncrbj cha anvn`dpknht
_BC rnvnc`na bdkpcrctivn cavchtcln
RCIB Rjchljci Cutdkdtivn Ihaustry Bdrpdrctidh
RI_IK Rtchacras cha Ihaustric` _nsncrbj Ihstitutn df Kc`cysic
RIQB? Rtchacra Ihaustric` Qrcan B`cssiffibctidh rnvisidh ?
RKNs skc`` cha knaiuk-sizn nhtnrprisns
R&Q sbinhbn cha tnbjhd`dly
RQNK sbinhbn, tnbjhd`dly, nhlihnnrihl, cha kctj
RQNW? Rnbdha Rbinhbn cha Qnbjhd`dly Wd`iby (Kc`cysic)
QNFQ Qnbjhd`dly Qrchsfnr frdk _nsncrbj Ihstitutns td RKNs
(prdlrck) (Hdrwcy)QFW tdtc` fcbtdr prdaubtivity
QIKRR Qrnhas ih Ihtnrhctidhc` Kctjnkctibs cha Rbinhbn Rtuay
^EK ^hivnrsiti Enochlscch Kc`cysic
xx Coornvictidhs
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^K ^hivnrsity df Kc`cyc
^H Bdktrcan ^hitna Hctidhs Bdkkdaity Qrcan Rtctistibs Actcocsn
^HAW ^hitna Hctidhs Anvn`dpknht Wrdlrckkn
^HIAD ^hitna Hctidhs Ihaustric` Anvn`dpknht Drlchizctidh
^WK ^hivnrsiti Wutrc Kc`cysic
^RK ^hivnrsiti Rcihs Kc`cysic
^RWQD .R. Wctnht cha Qrcankcre Dfffibn
^QK ^hivnrsiti Qnehd`dli Kc`cysic
\NF \dr`a Nbdhdkib Fdruk
Coornvictidhs xxi
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Mcpch sjdwna tjn wcy. Its rnkcreco`n nbdhdkib rnbdvnry stcrtihl ih tjn ncr`y39>7s, cha sustcihna rcpia lrdwtj tjrdulj tjn ncr`y 39
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jn`p df ffisbc` cha trcan ihbnhtivns cha oy airnbtihl puo`ib`y dwhna ffihchbic` ihsti-tutidhs td bjchhn` brnait td prdvian tjn sn`nbtna suosnbtdrs witj pctinht bcpitc` dhfcvdrco`n tnrks.2 Qjn bd`dhic` cutjdritins ldvnrhihl Jdhl Edhl brnctna tjn nhvi-rdhknht bdhaubivn td ihaustric`izctidh out c``dwna tjn privctn snbtdr td tcen tjn`nca (Onrlnr cha @nstnr 399
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Kc`cysic ih tjn fdrnfrdht cha tjn Wji`ippihns ih fdurtj p`cbn. Oy tjn tikn tjnsnbduhtrins jca cavchbna ihtd tjn kia-39:7s, kchufcbturihl wcs b`ncr`y tjn `ncaihlsnbtdr, cha nxpdrts wnrn c kcmdrif hdt c`wcys adkihchtsdurbn df ankcha.
Qjn Ncst Csich brisis df 399< td 399: cha tjn pd`itibc` bjchlns tjct dbburrna ihIhadhnsic cha tjn Wji`ippihns crduha tjn turh df tjn bnhtury s`dwna lrdwtjtjrduljdut Rdutjncst Csic. Jdwnvnr, tjn pnrsistnhbn df tjis s`dwadwh aurihl?777 td ?77 pnrbnht ih ?779, cha tjn Kc`cysich nbdhdky is hdt
nxpnbtna td fu``y rnbdvnr frdk tjn s`dwadwh uhti` ?733 (Ourtdh ?779c). Qd bduhtnr tjnadwhturh, tjn ldvnrhknht ihtrdaubna c stiku`us pcbecln tdtc`ihl _K 67 oi``idh (^R$36
oi``idh, 9 pnrbnht df LAW) dh Kcrbj 37, ?779 (Ourtdh ?779b5 Hnttd ?779).
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Qjn oc`chbn df tjis bjcptnr prdvians tjn anvn`dpknhtc` cha ihtnrhctidhc` bdh-tnxts witj rnfnrnhbn td wjibj tjnsn qunstidhs wi`` on caarnssna. It nxp`cihs tjnoddes prnfnrrna chl`ns td tcbe`ihl tjnk. Qjn bjcptnr c`sd dut`ihns tjn bdhtnhts dftjn vd`ukn cha fdrnsjcadws tjn prihbipc` ffihaihls cha bdhb`usidhs.
Orinf Anvn`dpknht Jistdry df tjn Fdur RdutjncstCsich Qilnrs
Wridr td tjn ffirst stirrihls df ihaustric`izctidh ih tjn 3967s, tjn fdur RdutjncstCsich bduhtrins jca hdt nxpnrinhbna prnpcrctdry prdtdihaustric`izctidh, `cbena cb`css df nhtrnprnhnurs dtjnr tjch tjn dhns nhlclna ih bdkknrbn cha pntty trcan,cha jca hdtjihl rnsnko`ihl tjn annp`y nhtrnhbjna bu`turns df `itnrcby td on fduhaih Bjihc cha Mcpch.: Qjn wnc`tj df tjnsn bduhtrins rnsiana kcih`y ih tjnir hcturc`rnsdurbns cha tjn anvn`dpknht tjct dbburrna ih bd`dhic` tikns cha ih tjn ikkn-aictn cftnrkctj df ihanpnhanhbn. It wcs ocsna dh nxp`ditihl kihnrc`s, tikonr, chatjn nxpdrtco`n oduhtins anrivna frdk ribn cha trnn brdps lrdwh dh fnrti`n, wn``-wctnrna `cha. C`tjdulj tikonr rnsdurbns crn cpprdcbjihl nxjcustidh ih Kc`cysic,tjn Wji`ippihns, cha Qjci`cha cha tjn prdaubtidh df tih is adwh td c tribe`n ihKc`cysic,9 ribn, trnn brdp, cha ffisjnrins prdaubtidh rnkcihs vitc` td tjn pnrfdr-kchbn cha nxpdrts df tjnsn bduhtrins. Ihadhnsic cha Kc`cysic crn `crln prdaubnrs(cha hnt nxpdrtnrs) df di` cha lcs, cha Ihadhnsic onhnffits silhiffibcht`y frdk itsribj anpdsits df ld`a cha bdppnr drns. Hnvnrtjn`nss, cs c sjcrn df LAW, df nxpdrts,cha df lrdwtj, tjn bdhtrioutidh df tjn prikcry snbtdr is wn`` on`dw wjct it usna tdon ih c`` fdur bduhtrins, jcvihl fc``nh kdst stnnp`y ih Ihadhnsic (snn tco`ns 3.3cha 3.?).
Dh tjn tjrnsjd`a df ihaustric`izctidh, tjn fdur `ncaihl Rdutjncst Csichnbdhdkins anpnhana jncvi`y dh hcturc` rnsdurbns, uh`ien tjn fdur Qilnrnbdhdkins cha uh`ien Mcpch ih tjn 39>7s (c`tjdulj Qciwch, Bjihc, jca c jilj`yprdaubtivn clribu`turc` nbdhdky, cha nxpdrts df fcrk prdaubts rnkcihna ikpdr-tcht uhti` tjn ncr`y 3997s).37 Qd vcryihl anlrnns, six fcbtdrs sjiftna Rdutjncst Csicsanvn`dpknht trcmnbtdry cha nhco`na tjn Rdutjncst Csich nbdhdkins td onlihoui`aihl kchufcbturihl cbtivitins, wjibj ffirst supp`nknhtna cha tjnh aisp`cbnahcturc` rnsdurbnocsna ihaustrins cs tjn nhlihns df lrdwtj cha tjn sdurbns df nk-p`dyknht. Qceihl fu`` cbbduht df tjnsn fcbtdrs cha tjn rnlidhc` birbukstchbns ih
1 Qilnr Nbdhdkins ^hanr Qjrnct
:Kdrris-Ruzuei (3991) cha _cwsei (39
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tjn 3967s cha ncr`y 39
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ihtnrhctidhc` ffihchbic` ihstitutidhs. Fdurtj, Rdutjncst Csich ldvnrhknhts bcknuhanr prnssurn td cbbn`nrctn anvn`dpknht cha tjnrnoy hip chy hcsbnht ihsurlnh-bins snneihl td anstcoi`izn tjn nxistihl dranr.33 Fiftj, tjis domnbtivn bdkoihna witjtjn ihtnrnsts df ^.R. cha Mcpchnsn ku`tihctidhc` bdrpdrctidhs (KHBs) td lnd-lrcpjibc``y aivnrsify tjnir `codr-ihtnhsivn cssnko`y kchufcbturihl td bduhtrinswjnrn wclns wnrn `dwnr, tjnrnoy skddtjihl Rdutjncst Csics trchsitidh frdkhcturc` rnsdurbnocsna cbtivitins td kchufcbturihl. Fihc``y, tjn prdbnss wcs nxpn-aitna oy tjn prnsnhbn df strdhl, cutjdritcrich rnlikns ih c`` fdur bduhtrins fdrkdst df tjn 39
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nxpnrinhbna fcir`y snvnrn kcbrdnbdhdkib strnssns ih tjn ffirst jc`f df tjn 39:7s cs cbdhsnqunhbn df tjn di` sjdbe cha `cpsns ih pd`ibyprdo`nks tjct tjn dtjnr tjrnnbduhtrins wnrn co`n td bdhtcih. \jnh Wrnsianht Fian` V. _ckds tdde tjn dfffibn ih399?, jn ihtrdaubna c hukonr df rnfdrks, kdst`y ih `ihn witj tjn \csjihltdhBdhsnhsus, td put tjn Wji`ippihns dh c kdrn stco`n lrdwtj pctj (Onrhcrad chaQchl ?77:). \jct is hdtco`n dvnr tjn nhtirn pnrida frdk tjn ncr`y 39
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Ihaustric`izctidh cha tjn Bjchlihl Nxpdrt Kix
Qjn Kc`cysich stctns bdkkitknht td ihaustric`izn cha td ihvnst ih tjn suppdrt-ihl ihfrcstrubturn, tjn oudycht pnrfdrkchbn df tjn prikcry snbtdr, cha tjn ih-dw df FAI, oddstna Kc`cysic tdwcra c jiljnr lrdwtj pctj. Oy tjn nha df tjn39
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9
Qco`n 3.2 Nxpdrt Rtrubturn df Rdutjncst Csich Bduhtrins, 39 7.?: 3?.?: 2.61 7.36 1.6? 7. 3>.72 :.?> 7.:3 >.1< 1.>??77< 6.33 7.>7 9.>: 6.?9 3.:: 1.>3 >.:3
Kc`cysic 39? 7.:?39:7 :.:9 7.91 ?.27 3.3: 7.7: 3.26 ?.?93997 ?>. >.9> >.16 7.1? ?.32 9.96
?777 >2.:6 3. 7.>2 7.1 ?. 7.?1 ?.97 >.9 7.2< ?7.1> 37.>> 7.>< 2.26 6.11?777 27.1> 3.23 37.19 33.?1 2.:3 2.>: 3?.?9?776 ?>.?7 3.>< 3?.3< 9.36 6.6? 6.>: 3>.19
Rdurbn=^H Bdktrcan.
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tjnsn nbdhdkins trchsfdrkna tjnir nbdhdkins strubturc``y, cha tjny jcvn c``cbquirna bdhsianrco`n kchufcbturihl bcpcoi`itins, kdst hdtco`y ih n`nbtrdhibcha n`nbtribc` nhlihnnrihl, tnxti`ns, cha tjn cutdkdtivn ihaustry. Hd kdrn tjch cjchafu` df dtjnr anvn`dpihl nbdhdkins jcvn cbjinvna cs kubj ih 2> yncrs. Outuh`ien tjn drilihc` Ncst Csich Qilnr nbdhdkins, tjn Rdutjncst Csich Qilnrs jcvnynt td oui`a tjn ihailnhdus bcpcbity td ansilh, td ihhdvctn, cha td aivnrsifyihtd hnw cha kdrn prdffitco`n crncs witj ldda `dhl-ruh prdspnbts, cha vnry fnwdf tjnir ffirks jcvn brnctna rnlidhc`kubj `nss l`doc`orcha hckns. Qjny crncanpt ct cssiki`ctihl tnbjhd`dlins frdk dvnrsncs cha jcvn tjn prdaubtidhcha p`cht kchclnknht sei``s td kctbj tjn `codr prdaubtivity `nvn`s df ihaus-tric` bduhtrins ih tjn prdaubtidh df stchacraizna bdkkdaitins. Jdwnvnr,ihhdvctidhprdaubt dr prdbnssrnkcihs kcih`y c prnsnrvn df tjn KHBs5ihailnhdus ffirks ad vnry `itt`n ihhdvctidh. Kdrn aisquintihl is tjn spcrsnhnss dfocbewcra `ihes frdk KHB dpnrctidhs, wjibj wdu`a silhify prdlrnssivn ihaus-tric` annpnhihl, cs jcs dbburrna ih Edrnc cha Qciwch, Bjihc, cha cs is c`rncayuhanr wcy ih Bjihc. Qjis `cbe df ocbewcra `ihes knchs tjct adknstib vc`uncaana ih kchufcbturihl rnkcihs `dw. Kdrndvnr, hdhn df tjnsn bduhtrins jcshurturna `crln cha ayhckib prdaubnrs df trcaco`n snrvibns, `c Ihaic ih ihfdr-kctidh tnbjhd`dly cha `c Jdhl Edhl, Bjihc, cha `c Rihlcpdrn ih ffihchbn, `d-listibs, cha dtjnr ousihnss snrvibns.
Ih Kc`cysic, nffdrts td prdkdtn adknstib ihaustric` `ihes onlch ih tjn ncr`y3997s, cha fdr kdrn tjch c anbcan, tjn ldvnrhknht jcs cttnkptna td ikprdvn tjnquc`ity df sei``s cha td nhbdurcln rnsncrbj cha anvn`dpknht (_&A) sd cs tdihaubn ihhdvctidh cha td stiku`ctn vc`un-caaihl prdaubt aiffnrnhtictidh oyKc`cysich ffirks. Qjn tjrnn dtjnr bduhtrins jcvn tcenh skc``nr stnps ih tjnsn airnb-tidhs. Onbcusn tchlio`n nvianhbn df ch nknrlihl bu`turn df ihhdvctidh jcs onnhs`dw td surfcbn, ldvnrhknhtscwcrn df risihl bdkpntitivn prnssurnswdrry tjcttjn virtudus spirc` df tjn rnbnht anbcans kiljt aissipctn cha vinw anb`ihihl rctnsdf ihvnstknht cs c silh tjct tjn ousihnss bdkkuhitins crn ffihaihl tjct prdffitco`ndppdrtuhitins crn onbdkihl sbcrbn.
C b`dsnr `dde ct tjn Kc`cysich bcsn cha c bdhtrcstihl df Kc`cysics anvn`dp-knht witj tjct df Edrnc cha Qciwch, Bjihc, sullnsts fdur rncsdhs Kc`cysich ih-austry, kubj `ien tjn ihaustrins df dtjnr Rdutjncst Csich bduhtrins, jcs prdvnhtjus fcr td on `nss ayhckib cha ihhdvctivn. First is tjn `dhl-stchaihl rn`ichbn dhKHBs td prdvian Kc`cysic witj nxpdrt-drinhtna p`ctfdrks cha tjn ihcoi`ity td ih-aubn fdrnilh bdkpchins td fdrln cha annpnh ocbewcra `ihes cha td lnhnrctnehdw`naln spi``dvnrs oy snneihl dut cha b`dsn`y ihvd`vihl `dbc` supp`inrs ih tjnkchufcbturn df ihbrncsihl`y kdrn bdkp`nx bdkpdhnhts cha suocssnko`ins. C`-tjdulj tjn ihaustric` prnsnhbn df KHBs is silhiffibcht, tjnir ehdw`naln fddtprihtjcs rnkcihna skc``. Qjny jcvn kcan Kc`cysic cha tjn dtjnr Rdutjncst Csichbduhtrins wnc`tjinr, out tjnir bdhtrioutidh td anvn`dpknht is fcr `nss. QjnKc`cysich cutjdritins jca ch dppdrtuhity td ku`tip`y `ihes crisihl frdk tjn
37 Qilnr Nbdhdkins ^hanr Qjrnct
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prnsnhbn df KHBs, out it wcs c``dwna td s`ip, ih pcrt onbcusn ru`ns rnquirihl `dbc`sdurbihl wnrn hdt nhfdrbna fdr fncr df arivihl tjn KHBs cwcy. Out dtjnrrncsdhscssdbictna witj tjn quc`ity df sei``s, fdr nxckp`nnxp`cih Kc`cysicsihcoi`ity td nxp`dit tjn prnsnhbn df KHBs.
Rnbdha, Kc`cysic (uh`ien Edrnc cha Qciwch, Bjihc) jcs onnh s`dw td try tdbdhstrubt c bu`turn df nxbn``nhbn cha ihhdvctidh tjrdulj its sbjdd`s cha tnrticry-`nvn` ihstitutidhs. Edrnc5 Rihlcpdrn5 cha Qciwch, Bjihc, scw tjn hnna fdr subj cbu`turn cha tdde stnps td kcen it c rnc`ity, rnbdlhizihl tjct adihl sd kiljt tcenanbcans. Qjny nkpjcsizna tjn quc`ity df RQNK (sbinhbn, tnbjhd`dly, nhlihnnr-ihl, cha kctj) cha dtjnr sei` s, cha tjrdulj c bdkoihctidh df fdrnilh sbjdd ihlcha stncay ikprdvnknht ih tjn trcihihl prdviana oy `dbc` uhivnrsitins cha vdbc-tidhc` trcihihl fcbi itins, tjny rcisna tjn bc`ionr df tjn wdrefdrbn. Qjn ldvnrh-knhts ih tjnsn nbdhdkins, witj tjn ocbeihl df tjn ousihnss bdkkuhitins, kcantjn pursuit df ihhdvctidh tjrdulj rnsncrbj bnhtrc` td tjnir strctnlins df sustcih-ihl ihaustric` bdkpntitivnhnss. Odtj ldvnrhknhts jcvn urlna ihaustry td bncsn-`nss`y nvd`vn sd cs td rntcih its bdkpntitivn naln cha jcvn suppdrtna nxjdrtctidhswitj tchlio`n ihbnhtivns. Qjis cwcrnhnss df nxtnrhc` bdkpntitidh jcs onnh ihtnr-hc`izna oy tjn ousihnss snbtdr, cha td c lrnctnr anlrnn tjch ih dtjnr ihaustric iz-ihl bduhtrins, ihaustry ih Edrnc cha Qciwch, Bjihc, jcs wdrena b`dsn`y witj tjnldvnrhknht td rntcih c bdkpntitivn naln. Ih c l`doc`izna wdr`a, c aube tjct rn-kcihs stctidhcry is c sittihl aube fdr bdkpntitdrs. Qjn ru`ns cssdbictna witj tjnHnw Nbdhdkib Wd`iby (HNW) bdhstrcih Kc`cysics nffdrts td rcisn tjn quc`ity df itsstuanht oday, tncbjihl, cha rnsncrbj, out tjn ldvnrhknht jcs onnh `nss tjch rns-d`utn cha `nss tjch brnctivn ih ncsihl tjn ru`ns tjct oiha tjn cakihistrctdrs dfpuo`ib uhivnrsitins cha prnvnht uhivnrsitins frdk bdkpntihl, frdk rnbruitihl tc`-nhtna fcbu`ty, cha frdk tceihl tjn aifffibu`t stnps td nhjchbn stuanht pnrfdr-kchbn.?7 Jdwnvnr, tjn dtjnr tjrnn bduhtrins, c`tjdulj `nss suomnbt td sdbic` prns-surns, jcvn jca hd lrnctnr subbnss ih rcisihl tjn quc`ity df tnrticry naubctidh chaih prdkdtihl rnsncrbj.
Qjira, ih Kc`cysic cha tjn tjrnn dtjnr Rdutjncst Csich bduhtrins, tjn vd`ukn dfnhtrnprnhnursjip cha its brnctivity crn hdt sufffibinht td rcisn tjn tnkpd df ihhdvc-tidh. Qjn quc ity df naubctidh cha sei` s is dhn fcbtdr, cs prnvidus`y hdtna, out ih-austric` drlchizctidh, tjn strubturn df dwhnrsjip, cha tjn bdkpntitivnhnss df tjnkcrent nhvirdhknht crn c`sd df rn`nvchbn. Kcmdr bdhl`dknrctnsnitjnr fcki ydwhna dr bdhtrd``na oy wn``-bdhhnbtna ousihnss n`itnsadkihctn tjn ihaustric``chasbcpn, cha tjn jilj `nvn` df bdhbnhtrctidh rcisns nhtry ocrrinrs fdr hnw ffirkscha ihjioits tjn lrdwtj df nxistihl ffirks tjct bdu`a bjc``nhln tjn ihbukonhts
Rdutjncst Csic Fcbns Kduhtihl Bdkpntitidh 33
?7Rnn \dr`a Oche (?77
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(^hlnr 399:).?3 Qjn nxtrnkn`y `dw turhdvnr df tjn `ncaihl ffirks ih Kc`cysic chaih tjn dtjnr Rdutjncst Csich bduhtrins cha tjn fnw caaitidhs td tjn rches df tjn`crlnst ousihnss nhtitins rnnbt uhfcvdrco`y dh tjn ayhckisk df tjn ousihnssnhvirdhknht.
Fdurtj, tjn ikpdrtchbn df ldvnrhknht-bdhtrd``na bdrpdrctidhs (LBBs) ihIhadhnsic, Kc`cysic, cha td c `nssnr nxtnht tjn twd dtjnr bduhtrins furtjnr nrdansayhckisk cha ihhdvctivnhnss. Qjn ihbnhtivns ikpihlihl dh LBBs ad hdt prnais-pdsn tjnk td strivn cftnr bdkpntitivnhnss oy wcy df ihhdvctidh. Cha it is rcrn tdffiha c puo`ib bdrpdrctidh (chywjnrn ih tjn wdr`a) wjdsn drlchizctidh, kchcln-knht systnk, cha ihbnhtivns p`cbn c jilj prnkiuk dh ihitictivn, ihhdvctivnhnss,cha rise tceihl. Qjn bu`turn df LBBs tjn wdr`a dvnr aisbdurclns rise tceihl charcrn`y rnwcras ihhdvctidh, wjibj bch aisrupt acy-td-acy dpnrctidhs, rnaubn tjnsc`ns df nxistihl prdaubts, cha rnquirn caaitidhc` nffdrt ct kcrentihl cha bus-tdkizctidh. Ih fcbt, fnw puo`ib nhtitins crn arivnh oy tjnir prihbipc` sjcrnjd`anr tdkcxikizn prdffitsctisfcbtdry prdffits crn usuc``y nhdulj.??
Ih Kc`cysic, tjn ayhckisk df tjn kcrent nhvirdhknht is furtjnr cffnbtna oytjn d`ildpd`istib strubturn df ousihnss. Nvnh tjdulj fdrkc` ocrrinrs td trcan, fdrnxckp`n, crn `dw cha tjn ousihnss b`ikctn is bdhsianrna td on kdanrctn`y ldda,tjn adkihchbn df c fnw `crln, privctn`y dwhna ffirks cha df ldvnrhknht-bdhtrd``na nhtnrprisnsc`` b`dsn`y `ihena witj pdwnrfu` ldvnrhknht clnhbinsackpnhs bdkpntitidh frdk hnw nhtrchts dr fdrnilh ffirks. Bdhsd`iactidh dfKc`cysics adknstib ocheihl systnk uhanr ldvnrhknht luiachbn cftnr tjn brisis df399< cha 399: jcs rnaubna tjn hukonr df bdrn oches td must six, df wjibj twd crnldvnrhknht dwhna (Ldknz ?776).?2 Livnh tjn rn`ctivn`y uhanranvn`dpna ffihch-bic` kcrentnspnbic``y tjn `cbe df c`tnrhctivns td `dchstjis bdhsd`iactidh c`sd`ikits tjn nhtry df ffirks.
Qjn ihtrdaubtidh df tjn Hnw Nbdhdkib Wd`iby ih 3993 `na td tjn nknrlnhbn dfc Kc`cy ousihnss n`itn dwhihl `crln nhtnrprisns. Kchy Kc`cysich bdhl`dknrctnsusna c jd`aihl bdkpchy strubturn td dwh ffirks cha td lrdw tjn ousihnss lrdup
tjrdulj brdss-sjcrnjd`aihls cha ihtnr`dbeihl airnbtdrsjips, wjnrn twd dr kdrn
3? Qilnr Nbdhdkins ^hanr Qjrnct
?3Fcki`y dwhnrsjip cha tjn adkihchbn df fcki`y-bdhtrd``na bdhl`dknrctns crn c`sd fduha
ih tjn tjrnn dtjnr Rdutjncst Csich bduhtrins. Fcki`y dwhnrsjip bch jcvn cavchtclns on-
bcusn it prdvians ffirks witj anbisidh-kceihl nxioi`ity cha ihbrncsns tjn spnna df rn-
spdhsn td dppdrtuhitins, out cs Rtuawn`` (?77).?2Wd`ibins chhduhbna ih Cpri` ?779 prdkisn sdkn `ddsnhihl df tjn nhtry ocrrinrs td
kcmdrity fdrnilh-dwhna ihvnstknht ih oches (Kc`cysic= Hcmio Ncsns ?779).
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ffirks sjcrna knkonrs df tjn odcra df airnbtdrs (Ldknz ?776).?1,?> Qjn HNW c`sdihtrdaubna tjn Ihaustric` Bddraihctidh Cbt ih 39, rnquirihl ffirks td dotcih `i-bnhsns dhbn tjny jca ?> dr kdrn nkp`dynns (dr pcia-up bcpitc` nxbnnaihl _K?>7,777)5 tjis `nlis`ctidh wcs usna td bdhtrd` nhtry df ffirks cha td nhsurn tjctffirks bdkp`ina witj tjn domnbtivns df tjn HNW (@nn ?777Kc`cy ffirks `istna dh tjn Euc`c @ukpur Rtdbe Nxbjchln wcs subbnssfu` ih nxpcha-ihl its ousihnss ih kchufcbturihl. Ihstnca, tjn fdbus df tjnsn ffirks is dh ffihchbn,bdhstrubtidh, prdpnrty anvn`dpknht, cha tn`nbdkkuhibctidhs, wjnrn ldvnrh-knht pctrdhcln is kubj strdhlnr (Ldknz ?776).
Qjrduljdut tjn wdr`a, tjn ihhdvctidh arivihl bdkpntitivnhnss cha prdffitcoi`-ity `crln`y anpnhas dh tjn strctnlins cha anbisidhs df ffirks. Ldvnrhknhts, rnsncrbjnhtitins, cha uhivnrsitins bch fcbi`itctn cha prdvian tjn ihstitutidhs, tjn tc`nht, chasdkn df tjn rnsdurbns, out ffirks crn tjn dhns tjct ad tjn cpp`ina rnsncrbj cha
Rdutjncst Csic Fcbns Kduhtihl Bdkpntitidh 32
?1Ousihnss lrdups nxist ih kchy aiffnrnht bduhtrins. Rdkn df tjn hdtco`n dhns crn tjn
ousihnss jdusns ih Ihaic, enirntsu ih Mcpch, bjcnod`s ih Edrnc, cha lrupds nbdhkibds ih@ctih Cknribch bduhtrins (Bjchl ?776c). Ih Ncst Csic, ousihnss lrdups ih dhn fdrk dr
chdtjnr crn pnrvcsivn, cha tjny cbbduht fdr c `crln sjcrn df nbdhdkib cbtivitins. Ih Edrnc,
tjn tdp 27 bjcnod`s cbbduhtna fdr 17 pnrbnht df ihaustric` dutput ih 3996. Qjirtnnh df tjn
wncenr dhns suosnqunht`y wnht ocherupt cftnr tjn Csich brisis df 399< td 399: (Bjchl
?776o). @crln ousihnss lrdups cbbduhtna fdr ?1.2, ?1.9, cha 21.6 pnrbnht df tjn kcrent
bcpitc`izctidh ih Qjci`cha, Kc`cysic, cha Rihlcpdrn, rnspnbtivn`y, ih ?77?. Kchy df tjnsn
ousihnss lrdups wnrn suppdrtna oy ldvnrhknhts pursuihl tjnir nbdhdkib cha ihaustric`
anvn`dpknht domnbtivns. Onfdrn tjn brisis, tjn tdp ffivn ousihnss lrdups ih Qjci`cha wnrn c``
bdhhnbtna td kcih oches. Ih caaitidh, tjdsn ffirks wnrn kcih`y bdhtrd``na oy c fduhaihl
fcki`y dr fcki`ins. Cftnr tjn brisis df 399< td 399:, tjn ffihchbns df c qucrtnr df tjn fcki`ins
wnrn oca`y ackclna, cha sdkn df tjnsn fcki`ins `dst tjnir bdhtrd``ihl sjcrns ih oches
(Wjdhlpcibjit cha Ocenr ?77:5 Wd`siri cha \iwcttchcechtchl ?776). Jdwnvnr, nvnh cftnr
tjn brisis, ffirks tjct crn pd`itibc``y bdhhnbtna (cha l`doc``y drinhtna) sti`` dutpnrfdrk
tjdsn tjct crn hdt (Ikci ?776). Riki`cr`y, kchy df tjn ousihnss lrdups ih Ihadhnsic
dwhna oches cs c knchs df kdoi`izihl fuhas cha lcihihl cbbnss td brnait (Jchchi ?776).
Jdwnvnr, tjn rn`ctidhsjips witj ldvnrhknhts wnrn kdrn crks `nhltj ih Mcpch, Edrnc,
cha Rihlcpdrn tjch ih Ihadhnsic, Kc`cysic, cha Qjci`chac`tjdulj ih Edrnc bjcnod`s
jcvn cbtivn`y o`dbena cttnkpts oy ldvnrhknhts td nhcbt bdkpntitidh pd`ibins (Echl
?77>). Ih tjnsn `cttnr bduhtrins, tjn b`dsn bdhhnbtidhs witj ldvnrhknhts wnrn hnbnsscryfdr tjn subbnss df ousihnssns cha, ih tjn nvnht df c brisis, fdr tjnir survivc` (Bjchl ?776c).?>Cbbduhtihl rnfdrk ih Mcpchwjibj fdrbna ffirks td aisb`dsn tjn kcrent vc`un df nquity
jd`aihlsbdkpn``na tjnsn ffirks td sn`` dff tjnir stdbejd`aihl ih dtjnr ffirks (brdss-
sjcrnjd`aihl) cha ih oches (Cjkcamich ?776).
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tjrdulj tric` cha nrrdr cbtuc``y antnrkihn wjntjnr ihhdvctidh subbnnas. Dhn dftjn kdst aurco`n ffihaihls df nbdhdkib rnsncrbj is tjct kcrents adkihctna oyd`ildpd`inscha, ih pcrtibu`cr, oy puo`ib bdrpdrctidhswi`` on `nss dpnh tdbjchln cha ihhdvctidh.
Qjn Rdutjncst Csich Qilnr nbdhdkins jcvn bnrtcih`y cbehdw`nalna tjn vc`un dfdpnhhnss cha bdkpntitidh. Ih fcbt, tjnir pnrfdrkchbn is ih hd skc`` pcrt tjn dut-bdkn df tjnir nffdrts td ikprdvn tjn ousihnss b`ikctn. Qco`n ?.C.> ih tjn chhnx tdbjcptnr ? prnsnhts tjn rcheihls df tjn fdur bduhtrins ih ?77< cha clcih ih ?77:.Dpnhhnss cha bdkpntitidh jcvn tnhana td on uhnvnh= tjn trcaco`n snbtdrs adki-hctna oy KHBs crn uhaduotna`y dpnh cha bdkpntitivn, out ih dtjnr pcrts df tjnsnnbdhdkins, bdkpntitivn prnssurns crn wnce onbcusn df tjn sc`inhbn df puo`ib bdr-pdrctidhs dr privctn kdhdpd`ins dr onbcusn tjn lddas dr snrvibns crn hdt trcaco`n.It is aifffibu`t td an`ihnctn tjn lrcactidhs df bdkpntitidh, out bcsuc` nkpiribiskwdu`a sullnst tjct tjny crn silhiffibcht.?6 Qjny prdvian tjn `crlnr bdkpchinswjibj tnha td on aivnrsiffinawitj c busjidh, cha oy nhsurihl c rn`ctivn`y snburnstrnck df rnvnhun, tjny aikihisj tjn hnna td pursun kdrn nhtrnprnhnuric` strctn-lins tjct wdu`a nkpjcsizn ihhdvctidh.
Chc`yzihl Ihaustric` Bjchln ih Rdutjncst Csic
Ih ordca strdens, tjis aisbussidh anffihns tjn strctnlins, tjn cbjinvnknhts, cha tjnwncehnssns df tjn Rdutjncst Csich Qilnrs cha ihaibctns wjy tjny fnn` vu`hnrco`n ihc wdr`a wjnrn tjn futurn trnha ih l`doc` trcan is uhbnrtcih, wjnrn hnw bdkpnti-tdrs jcvn nknrlna, cha wjnrn FAI kiljt on `nss couhacht cha kiljt hdt prdvianc stnppihl-stdhn td tjn hnxt stcln df anvn`dpknht. ^hanr tjnsn birbukstchbns, tjnRdutjncst Csich Qilnrs crn jcvihl td rncssnss tjnir cbquirna bdkpcrctivn cavch-tclns ih trcaitidhc` rnsdurbn-ocsna prdaubts cha ih hnwnr kchufcbturns chasnrvibns cha crn jcvihl td sncrbj fdr strctnlins tjct wi`` prdvn nquc` td tjn hnwbjc``nhlns.
_nbnht rnsncrbj prdvians c hukonr df tnbjhiquns fdr nvc`uctihl c bduhtrysnbdhdkib bcpcoi`itins cha bdkpntitivnhnss rn`ctivn td its trcaihl pcrthnrs. Luianaoy tjn cvci`coi`ity df tjn hnnana actc, tjis stuay kcrsjc`s c vcrinty df tjnsn knc-surns td cssnss kchufcbturihl cha tnbjhd`dlibc` bcpcoi`itins ih Kc`cysic. \jnrnpdssio`n, it bdkpcrns tjnsn bcpcoi`itins witj tjdsn df dtjnr Rdutjncst cha Hdrtj-ncst Csich nbdhdkins. Qjnsn kncsurns sjdw jdw bdkpcrctivn cavchtcln is nvd`v-ihl cha tjn `ien`y crncs df bdkpntitivnhnss ih tjn futurn. Oy jilj`iljtihl tjnstrnhltjscha c`sd tjn vu`hnrcoi`itinsdf tjn Kc`cysich nbdhdky ih rn`ctidh tddtjnr Ncst Csich nbdhdkins, tjn chc`ysis anffihns Kc`cysics dptidhs cha sullnsts
31 Qilnr Nbdhdkins ^hanr Qjrnct
?6Bcssny @nn (?77
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jdw burrnht pd`ibins kiljt on kdaiffina cha supp`nknhtna sd cs td cbjinvn rctnsdf lrdwtj tjct crn cbbnptco`n cha c`sd sustcihco`n. Qjis cpprdcbj c`sd i``ukihctnstjn bjc``nhlns fcbihl tjn dtjnr Rdutjncst Csich bduhtrins cha pdihts td pd`ibins dfrn`nvchbn td tjnk cs wn``.
Qjn kncsurns nkp`dyna usn trcan actc td chc`yzn ihaustric` bjchln cha bdk-pntitivnhnss5 usn FAI cha adknstib ihvnstknht td antnrkihn wjct tjn kcrent pnr-bnivns td on tjn bdkpcrctivn cavchtclns df tjn Kc`cysich nbdhdky5 usn actc dh_&A cha dh pctnhtihl td lculn ihhdvctivnhnss cha tjn fdbus df tnbjhd`dlibc` ca-vchbn5 usn ihfdrkctidh dh tjn supp`y df sei``s cha tjn hukonrs df rnsncrbj uhi-vnrsitins cha ihstitutns td sjdw tjn sbc`n df tjn hctidhc` ihhdvctidh systnk5 ihai-bctn jdw kubj onhnffit lrdwtj cha ihhdvctidh bdu`a dotcih frdk nxp`ditihlcll`dknrctidh nbdhdkins ihjnrnht ih tjn kcmdr uroch bnhtnrs5 usn tjn lrdwtj ihtdtc` fcbtdr prdaubtivity td bcpturn ct tjn kcbrd`nvn` jdw kubj ikprdvnknhtKc`cysic jcs anrivna frdk nfffibinhby cha tnbjhd`dlibc` lcihs dvnr tjn pcst twdanbcans5 tcp tjn ihanxns bdkputna oy tjn \dr`a Nbdhdkib Fdruk, tjn \dr`aOche, cha dtjnr odains td trcbe tjn pnrbnivna bjchlns ih bdkpntitivnhnss cha ihihhdvctidh rncaihnss5 cha tjnh, witj tjn jn`p df sikp`n kdan`s, fdrnbcstKc`cysics nbdhdkib prdspnbts dh tjn ocsis df tjn pnrfdrkchbn df its trcaihl pcrt-hnrs, trnha rctns df pcst LAW lrdwtj, cha kdvnknhts ih eny vcrico`ns. Qcenh td-lntjnr, tjnsn kncsurns bdkprnjnhsivn`y cssnss tjn bcpcoi`itins cha pdtnhtic` df tjnKc`cysich nbdhdky cha prdvian c snhsn fdr wjnrn futurn bdkpcrctivn cavchtclnkcy `in ih c bjchlihl l`doc` nhvirdhknht.
Qjn ffihaihls cha ihaibctdrs cssnko`na ih tjis odde `nca td rnbdkknhactidhsfdr pd`ibins cffnbtihl tjn airnbtidh df ihaustric` anvn`dpknht, FAI, _&A spnhaihlcha its bdkpdsitidh, tjn lndlrcpjy df ihaustric`izctidh, cha tjn oui`aihl dfjukch bcpitc`. Onttnr pd`ibins ih ncbj df tjnsn crncs bdu`a rnihfdrbn ihaustric`bdkpntitivnhnss, stiku`ctn ihhdvctidh, cha ncsn wdrrins dvnr tjn pcbn df futurnanvn`dpknht. Jdwnvnr, td anrivn tjn kdst ki`ncln frdk snbtdr-spnbiffib pd`ibins,Kc`cysic cha tjn dtjnr Rdutjncst Csich Qilnrs wi`` c`sd hnna td pursun, ih pcrc``n`,sdbidpd`itibc` pd`ibins cha pd`ibins cffnbtihl bdkpntitidh cha ihaustric` drlchizc-tidh. Fdr nxckp`n, rcisihl tjn quc`ity df jukch bcpitc` cha brnctihl ch ihhdvctidhbu`turn rnquirn kdrn tjch must ihbrncsna spnhaihl dh naubctidh cha rnsncrbj. Qjnsdbinty kust dffnr dppdrtuhitins fdr c``5 jchasdkn`y rnwcra tc`nht, rise tceihl,cha ihhdvctidh5 cha nhbdurcln oriljt kihas td ihquirn, chc`yzn, anoctn, chatjrdulj tjis prdbnss crrivn ct sd`utidhs td burrnht prdo`nks cha td prdo`nks dhtjn jdrizdh.
Qilnr ih tjn Rpdt`iljt
\jy sihl`n dut Kc`cysic frdk ckdhl tjn fdur Rdutjncst Csich bduhtrins fdr spn-bic` cttnhtidh4 Qjn rncsdhs crn strciljtfdrwcra. Kc`cysic `ncas tjn ffin`a witj rn-spnbt td pnr bcpitc LAW cha kchufcbturihl bcpcoi`itins ih eny ihaustrins subj csn`nbtrdhibs, cha witj rnfnrnhbn td tnbjhd`dlibc` nxpnrtisn ih pc`k di` cha ruoonr.
Rdutjncst Csic Fcbns Kduhtihl Bdkpntitidh 3>
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Its ntjhib jntnrdlnhnity is pdtnhtic``y cavchtclndus frdk tjn stchapdiht df nhtrn-prnhnursjip cha ianc lnhnrctidh. @dw `nvn`s df pdvnrty crn chdtjnr cssnt.?< Onihltjn skc``nst ih tnrks df pdpu`ctidh, Kc`cysic is c`sd tjn kdst anpnhanht dh tjnihtnrhctidhc` kcrent. Ckdhl tjn Rdutjncst Csich bduhtrins, its kchufcbturihlcbtivitins crn ct tjn stcln ih tjnir `ifnbyb`ns ct wjibj tjn trchsitidh td jiljnr vc`un-caaihl cbtivitins is pdtnhtic``y fncsio`n cpcrt frdk onihl hnbnsscry td kcihtcih tjntnkpd df lrdwtj. Onbcusn it is ih tjn `nca, tjn Kc`cysich Qilnr is tjn kdst nxpdsnatd tjrncts frdk bdkpntitdrs ct nquivc`nht cha jiljnr `nvn`s df tjn fdda bjcih.Kc`cysic is c`sd crluco`y tjn dhn Qilnr tjct bch sjdw tjn dtjnrs c wcy df b`ikoihlup tjn fdda bjcih. Kc`cysic fnn`s kdst urlnht`y tjn prnssurn df bdkpntitidh frdknxpdrtnrs n`snwjnrn ih Csic. Out it c`sd jcs tjn ocsn df cbbuku`ctna `ncrhihl chaihfrcstrubturn cha bch kdoi`izn tjn ffihchbic` rnsdurbns, wjibj crn ckdhl tjnhnbnsscry ihlrnainhts fdr tjn hnxt stcln df anvn`dpknht.
Qjis odde is drlchizna cs fd``dws. Bjcptnr ? prdvians c orinf dvnrvinw df tjnnvd`utidh df tjn Kc`cysich nbdhdky. Qjn eny td uhanrstchaihl tjn lrdwtj prd-spnbts df ch nbdhdky is td lculn bdkpcrctivn cavchtcln. Bjcptnrs 2 cha 1 nxp`drntjn bdkpcrctivn cavchtcln df Kc`cysic oyusihl nxtnhsivn snts df tdd`s ocsna dh ais-cllrnlctna nxpdrt cha ikpdrt actc. Qjis nxckihctidh is fd``dwna oy c antci`nachc`ysis df tjrnn eny ihaustric` suosnbtdrs= (c) n`nbtrdhib bdkpdhnhts, (o) cutdkd-tivn pcrts, cha (b) pc`k di` cha fdda prdaubts (bjcptnr >). Bjcptnr 6 nxckihns tjnihhdvctidh bcpcoi`ity df Kc`cysic,c`sd oyusihl c vcrintydf kncsurns. Bjcptnr < cs-snssns tjn `dhl-ruh lrdwtj trnhas ih Kc`cysic, cha bjcptnr : cses wjntjnr Kc`cysiccha dtjnr Rdutjncst Csich nbdhdkins bch lrdw ct c siki cr pcbn cs ih tjn pcst. Qjnffihc` bjcptnr (bjcptnr 9) dffnrs c knhu df pd ibins td jn`p Kc`cysic kdvn tdwcratjn hnxt stcln df ihaustric` anvn`dpknht.
36 Qilnr Nbdhdkins ^hanr Qjrnct
? pnrbnht
df tjn pdpu`ctidh, adwh frdk ?.7 pnrbnht ih 399>.
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Kc`cysic lcihna ihanpnhanhbn ih 39> pnrbnht df lrdss adknstib prdaubt (LAW) cha 66 pnr-bnht df nkp`dyknht. Kdrn tjch tjrnn-qucrtnrs df Kc`cysics nxpdrt ncrhihlsanrivna frdk ruoonr cha tih (Ejc`cfc``c cha \noo ?7735 ]cecricj cha Cjkca3999). C anbcan `ctnr, Kc`cysic nkocrena dh c strctnly td nh`crln tjn sjcrn dfkchufcbturihl ih LAW cha td suostchtic``y culknht tjn bdhtrioutidh df kchu-
fcbturna nxpdrts td lrdwtj. Qjn hnw nkpjcsis dh ihaustric`izctidh wcs fdrkc`-izna oy tjn Ihvnstknht Ihbnhtivns Cbt df 396: cha tjn nstco`isjknht df tjnKc`cysich Ihaustric` Anvn`dpknht Cutjdrity (KIAC). Ih 39
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kchufcbturihl snbtdr, wjibj nkp`dyna dhn-qucrtnr df tjn `codr fdrbn. Odtj clri-bu`turn cha kihihl `dst lrduha= tjnir bdkoihna sjcrn df LAW cha nkp`dyknhtanb`ihna td ?3 pnrbnht cha 3:.> pnrbnht, rnspnbtivn`y (Nbdhdkist Ihtn``ilnhbn^hit 3996). Ih tjn spcbn df ?> yncrs, tjn strubturn df Kc`cysics nbdhdky jca
onnh trchsfdrkna, witj kchufcbturihl cha uroch snrvibns aisp`cbihl hcturc`rnsdurbnocsna prdaubts. @crln`y onbcusn df tjis trchsfdrkctidh, LAW lrdwtj cv-nrclna kdrn tjch 6 pnrbnht pnr yncr aurihl tjn 3967s td 3997s, cha pnr bcpitc LAWrdsn td ^R$2,>37 oy tjn kia-3997s (snn tco`n ?.3).
Rihbn ?777, Kc`cysics cvnrcln rctn df LAW lrdwtj jcs onnh kdrn tjch? pnrbnhtcln pdihts `dwnr tjch it wcs aurihl tjn 3997s (snn tco`n ?.3). Ih caaitidh,ontwnnh 399> cha ?777, tjn bdhtrioutidh df tjn ihbrncsn ih hnt nxpdrts td lrdwtjdsbi``ctna out wcs sti`` silhiffibcht (snn c`sd Jc`tkcinr cha dtjnrs ?77.? 2.? 1.> 2.?
Cvnrcln nxpdrt lrdwtj (%) 6.7 :.? 9.? 3?.<
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bdhsukptidh cha puo`ib ihvnstknht jcvn risnh rdoust`y. Kubj df tjn lrdwtjontwnnh ?777 cha ?776 bch on trcbna td tjdsn twd sdurbns df ankcha, cha tjis
trnha bdhtihuna ih ?77< (Kc`cysic= Adknstib Ankcha ?77.? 3.: 11.7
?77376 :.: 2:.7 7.> >?.) ?.>) 3.29tj p`ch pnrida tcrlnt (?77637) ?.?
3967:7 3.?39:7?777 7.>
Qjci`cha 39
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fdr tjnsn nbdhdkins is ihbrncsihl`y uhbnrtcih. Qjis uhbnrtcihty is uhanrsbdrna oyc hukonr df bdhaitidhs tjct crn spnbiffib td Kc`cysic out tjct ih vcryihl anlrnnscrn c`sd onihl nhbduhtnrna oy dtjnr Rdutjncst Csich bduhtrins=
L`doc` bdkpntitidh ih eny trcaco`n itnks is ihtnhsifyihl.
Nxpdrt vc`un caana is stclhctihl, wji`n nxpdrt aivnrsiffibctidh (oy prdaubt dranstihctidhs) is s`dwihl.
Qjn tnbjhd`dlibc` rcheihl df nxpdrts jcs rnkcihna `crln`y uhbjchlna fdr wn``dvnr c anbcan.
Fdrnilh airnbt ihvnstknht (FAI) is hnitjnr wianhihl hdr annpnhihl tjn nxpdrtprdaubt kix. It is c`sd hdt snrvihl td ihbrncsn adknstib vc`un caana tjrduljocbewcra cha fdrwcra `ihes. Cha FAI is hdt jn`pihl td silhiffibcht`y nhjchbnrnsncrbj bcpcbity. Kdrndvnr, FAI fn`` ih ?77: cha clcih ih ?779, cha c sjriheihldf ku`tihctidhc` bdrpdrctidh (KHB) dpnrctidhs ih Kc`cysic is ih tjn bcras.
Adknstib ihhdvctidh bcpcoi`ity is ihbrncsihl itt`n if ct c`` anspitn jiljnr spnha-ihl dh rnsncrbj cha anvn`dpknht (_&A) cha sdkn wianhihl df cpp`inarnsncrbj oy KHBs.
Livnh tjnsn bdhaitidhs, wi`` tjn kchufcbturihl suosnbtdr snt tjn pcbn dfKc`cysics lrdwtj4 If sd, jdw wdu`a tjn bdkpdsitidh cha tnbjhd`dlibc` bcpcoi`-ity df kchufcbturihl hnna td nvd`vn4 \i`` futurn nbdhdkib lrdwtj anpnha dh
ch cbbn`nrctihl trchsitidh td ch nbdhdkib strubturn ih wjibj tjn sjcrn df snr-vibns (trcaco`n cha hdhtrcaco`n) cha snrvibn nxpdrts is bdhsianrco`y `crlnr tjchit burrnht`y is4 Qd caarnss tjnsn qunstidhs, dhn kust tcen stdbe df wjnrn tjnKc`cysich nbdhdky is, df rnbnht trnhas cffnbtihl its anvn`dpknht, cha wjnrnKc`cysic rches ih bdkpntitivnhnss cha prdaubtivity. Kc`cysic is ct c stcln dfanvn`dpknht ih wjibj tjn bdhtrioutidh df QFW td lrdwtj pnrfdrkchbn sjdu`aon ihbrncsihl.9
Nvd`utidh df tjn Kchufcbturihl Ihaustry ih Kc`cysic
Ih 39:3, ihaustric` prdaubtidh ih Kc`cysic wcs adkihctna oy `dw-tnbj charnsdurbn-ocsna prdaubts subj cs fdda, tnxti`ns, wdda prdaubts, pntrdbjnkibc`s,cha ruoonr (snn ffilurn ?.3). N`nbtrib kcbjihnry (wjibj ihb`uans n`nbtrdhibs chaIQ-rn`ctna prdaubts) cbbduhtna fdr b`dsn td 3> pnrbnht. \itj tjn ihdw df FAI, tjnsjcrn df n`nbtrib kcbjihnry nxpchana td kdrn tjch ?7 pnrbnht df ihaustric`dutput ih 3997. Lrcauc``y, tjn ihaustric` dutput jcs sjiftna frdk `dw-tnbj charnsdurbn-ocsna lddas td knaiuk- cha jilj-tnbj lddas. Oy ?77?, n`nbtrib chalnhnrc` kcbjihnry cbbduhtna fdr b`dsn td 17 pnrbnht df ihaustric` dutput. Qjn
ikpdrtchbn df fdda, ruoonr, cha wdda jcs aikihisjna silhiffibcht`y sihbn 39:3.
?? Qilnr Nbdhdkins ^hanr Qjrnct
9Ju`tnh cha Iscessdh (?77
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Kc`cysic ?2
yncr
39:3
7
3997
?77?
?7 17 67
pnrbnht
:7 377
tnxti`ns
wncrihl cppcrn`, nxbnpt fddtwncr
wdda prdaubtspcpnr prdaubts
bjnkibc`s
pntrdbjnkibc`s
p`cstib
ruoonr
l`css
irdh cha stnn`
fdda prdaubts
fddtwncr, nxbnpt ruoonr dr p`cstib
`nctjnr prdaubts
hdhfnrrdus kntc`s
fcoribctna kntc` prdaubts
kcbjihnry, n`nbtribkcbjihnry, nxbnpt n`nbtribc`
prdfnssidhc` cha sbinhtifib nquipknht
trchspdrtctidh nquipknht
dtjnrs
Filurn ?.3 Ihaustric` Bdkpdsitidh oy Qypn df Kchufcbturn, Kc`cysic, 39:3,
3997, cha ?77?
Rdurbn= hitna Hctidhs Ihaustric` Anvn`dpknht Drlchizctidh Ihaustric` Rtctistibs Actcocsn (^HIAD IHARQCQ2).
Qjn trchspdrtctidh suosnbtdr scw rnspnbtco`n lrdwtj aurihl tjis pnrida out wcs
dvnrsjcadwna oy lrdwtj ih n`nbtrib cha lnhnrc` kcbjihnry.Qjn ihbrncsn ih Kc`cysics adknstib prdaubtidh is rnnbtna ih tjn ihbrncsn ih its
wdr`a sjcrn fdr tjnsn prdaubts. Ih 39:3, Kc`cysic wcs ch ihsilhiffibcht p`cynr ihn`nbtrdhibs cha kcbjihnry, out oy ?77?, it nknrlna cs c kcih p`cynr (c`tjduljskc``nr tjch Bjihc) ih tjnsn prdaubts (snn tco`n ?.6).37
Kdst ihaustric` suosnbtdrs nxpnrinhbna c jnc`tjy `codr prdaubtivity lrdwtj(kncsurna oy bjchlns ih vc`un caana pnr wdrenr). Cvnrcln chhuc` lrdwtj wcs jilj-nst fdr tjn bjnkibc` cha pntrdbjnkibc` ihaustrins, witj
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?1 Qilnr Nbdhdkins ^hanr Qjrnct
Qco`n ?.6 Kc`cysics Rjcrn ih \dr`a Wrdaubtidh, 39:3, 3997, cha ?77?
Rjcrn (%)
Rnbtdr 39:3 3997 ?77?Fdda prdaubts 7.1 7.2 7.9
Fddtwncr, nxbnpt ruoonr dr p`cstib 7.3 7.7 7.?
@nctjnr prdaubts 7.7 7.3 7.3
Qnxti`ns 7.? 7.? 7.>
\ncrihl cppcrn`, nxbnpt fddtwncr 7.3 7.2 7. 7.> 3.3
Wcpnr prdaubts 7.3 7.3 7.>
Bjnkibc`s 7.3 7.? 7.6Wntrdbjnkibc`s 7.2 7.2 ?.3
W`cstib 7.? 7.? 3.7
_uoonr 3.1 3.1 ?.?
L`css 7.? 7.2 7.:
Hdhfnrrdus kntc`s 7.> 7.? 7.6
Irdh cha stnn` 7.3 7.? 7.
Rdurbn= HIAD IHARQCQ2.
kcbjihnry ihbrncsna >.6 pnrbnht chhuc``y dh cvnrcln fdr tjn sckn pnrida. Riki`cr`y,trchspdrtctidh nquipknht cha n`nbtrib kcbjihnry nxpnrinhbna `codr prdaubtivitylrdwtj df crduha > pnrbnht (snn tco`n ?.
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Kc`cysic ?>
Qco`n ?.< Vc`un Caana pnr \drenr ih Kc`cysic cha Its Lrdwtj _ctns, 39:3,
3997, cha ?77?
Vc`un caana pnr wdrenr Cvnrcln chhuc` lrdwtj df(bdhstcht ?777 R$) vc`un caana pnr wdrenr (%)
Rnbtdr 39:3 3997 ?77? 39:397 3997?77? 39:3?77?
Fdda prdaubts 33,1,732 3:,?39 2.7 3.6 ?.?
Fddtwncr, nxbnpt ruoonr dr p`cstib 1,367 1,3?2 6,132 7.3 2.< ?.3
@nctjnr prdaubts 1,?:9 2,697 6,676 3.< >.7 ?.3
Qnxti`ns 1, 1,1:: >,:?: 1.3 ?.? 2.7
\dda prdaubts >,7?: 6,>73 :,169 ?.9 ?.? ?.>
Wcpnr prdaubts .< ?.> 2.9
Bjnkibc`s 3?,>36 1>,1,.> 3.> ,?>< >.1 6.3 >.:
_uoonr :,39 7.6 3.9 3.2
L`css 9,?61 3>,::9 ?1,622 6.? 2.< 1.:
Hdhfnrrdus kntc`s 3:,776 32,>26 ?7,9>6 2.3 2.< 7. ?1,:6: 37.2 3.? >.7
Fcoribctna kntc` prdaubts >,:9< 9,9>3 32,: 6.7 ?.< 1.3
Kcbjihnry, n`nbtrib 9 32,:99 ?.9 6.3 1.
7.?7
7.?>
7.27
7.2>
7.17
7.1>
7.>7
kcbjihnry, nxbnpt n`nbtribc`n`nbtrib kcbjihnry
Filurn ?.? Vc`un-Caana _ctids ih Kcbjihnry ih Rn`nbtna Ncst Csich Nbdhdkins
Rdurbn= HIAD IHARQCQ2.
Hdtn=Actc fdr Bjihc, Ihadhnsic, cha Rihlcpdrn crn frdk ?7725 actc fdr Mcpch, Edrnc, cha Kc`cysic crn frdk ?77?.
Qco`n ?.9 _ctid df Vc`un Caana td Dutput Vc`un, 39:3, 3997, cha ?77?
Rnbtdr 39:3 (%) 3997 (%) ?77? (%)
Fdda prdaubts 2> 26 ??Fddtwncr, nxbnpt ruoonr dr p`cstib ?9 21 29
@nctjnr prdaubts 27 ?> 23
Qnxti`ns ?9 ?: ?6
\ncrihl cppcrn`, nxbnpt fddtwncr 2> 2? 21
\dda prdaubts 2> 22 23
Wcpnr prdaubts 29 17 2:
Bjnkibc`s 27 2: 22
Wntrdbjnkibc`s ?7 ?> ??W`cstib 2? 2> 26
_uoonr ?2 ?< ? ?.3 :.9 37.9 :.3 :.7 9.13996?777 3.7 6.1 :.6 3.7 1.6 >.7?7737< 3.> >.2 37.? >.3 1.< 1.:
Nxpdrts lrdwtj (%)39979> 2.: 3?.1 9.9 32.1 36.13996?777 >.: 3>.7 1.? 36.7 :.9?7737< 6.3 ?2.> . 27.> 2>.: 29.9 27.9 2 2:.23996?777 ?6.: 21.3 2 ??.6 2?.7 2?.??7737< ?2.1 ?7.9 13.3 ?1.3 ?9.< ??.1
Lrdss scvihls (% df LAW)39979> 2?.2 16.: 13.6 ?6.3 26.> 2?.>3996?777 ?:.3 19.9 29.: ?1.: 2>.? 2 11.9 1>.6 ? 2?.>
Kchufcbturihl (% df LAW)39979> ?.3 2?.> ?6.? ?
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aurihl tjnsckn pnrida.Qjn pjysibc` ihfrcstrubturn is kdanrh cha wn`` kcihtcihna,cha Kc`cysic is hdt jckstruhl oy tjn pdwnr sjdrtclns onsnttihl Ihadhnsic, fdrnxckp`n. Qjn sbdpn fdr rcisihl QFW, tjn n`cstibity df fcbtdr supp`ins, tjn canqucbydf tjn ihfrcstrubturn, cha c ousihnss nhvirdhknht cpprnbico`y supnridr td tjct dfbdkpntitdrs subj cs Bjihc cha Ihaic c`` sullnst tjct Kc`cysic bch kdvn td cjiljnr lrdwtj pctj bdkknhsurctn witj its `nvn` df ihbdkn.33 Kc`cysics kcihtn-hchbn df lrdwtj rctns df 6 pnrbnht pnr yncr dr `nss, wjibj wcs tjn cvnrcln fdr Ruo-Rcjcrch Cfribc aurihl ?776 cha ?77. Qjn nxbnptidh is tjnWji`ippihns, wjibj jcs cvnrclna lrdwtj rctns frdk ?777 td ?77< tjct crn aduo`ntjdsn frdk 3997 td 399>. Cvnrcln chhuc` nxpdrt lrdwtj ih c`` fdur bduhtrins jcss`dwna, kdst strieihl`y ih Kc`cysic out c`sd ih Qjci`cha. Rihbn tjn `cttnr jc`f df?77:, nxpdrts df c`` Rdutjncst Csich nbdhdkins jcvn onnh arcllna adwh oy tjnl`doc` rnbnssidh. Rcvihls cs c sjcrn df LAW rnkcihna rncsdhco`y stco`n ih Ihadhnsic,Kc`cysic, cha Qjci`cha, wji`n tjny jcvn risnh ih tjn Wji`ippihns td `nvn`s bdkpc-rco`n witj tjn dtjnrs. \jntjnr tjis stcoi`ity wi`` pnrsist dvnr tjn knaiuk tnrk isch dpnh qunstidh. Suitn rnkcreco`y, tjn sjcrn df kchufcbturihl jcs b`ikona ihKc`cysic, Ihadhnsic, cha Qjci`cha cha jcs rnkcihna ordca`y tjn sckn ih tjnWji`ippihns. Dhbn clcih, tjn arckctib wncenhihl df nxpdrt ankcha stcrtihl ih?77: rcisns qunstidhs codut futurn trnhas ih kchufcbturihl cha its rd`n cs c `nca-ihl snbtdr.
Lrdwtj rctns df > pnrbnht td 6 pnrbnht frdk ?777 td ?77: wnrn rnspnbtco`n, chatjnsn rctnsdr nvnh jiljnr `nvn`skiljt wn`` on cbjinvco`n dvnr tjn knaiuktnrk dhbn tjn l`doc` nbdhdky rnbdvnrs. Jdwnvnr, if Kc`cysic cha dtjnr RdutjncstCsich bduhtrins crn td b`iko ocbe td c jilj-lrdwtj pctj, tjny wi ` hnna td brcft cfrnsj strctnly tjct arcws rnsiauc` kdknhtuk frdk c ffirst pjcsn df ihaustric izc-tidh hdw bdkihl td c b`dsn. Hdw is tjn tikn fdr c hnw strctnly tjct rnbdlhizns tjnjcrsjnr ihtnrhctidhc` trcaihl nhvirdhknht, tjct ffirk`y nkorcbns tjn hnbnssity fdrihstitutidhc` bjchlns cha suppdrts vildrdus nhtrnprnhnuric` ihitictivns, cha tjctnkpjcsizns ihhdvctidh td tcen tjn nbdhdky ihtd kdrn prdkisihl ihaustric`wctnrs.
27 Qilnr Nbdhdkins ^hanr Qjrnct
33Jdwnvnr, tjn rci`wcy systnk hnnas ch ihfusidh df bcpitc`.
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Chhnx ?.C Ihaibctdrs df Bdkpntitivnhnss
Bdkpntitivnhnss
IKAs rcheihl df Kc`cysics l`doc` bdkpntitivnhnss bjchlna `itt`n ontwnnh ?771cha ?77: (snn tco`n ?.C.3), c`tjdulj it ubtuctna ih ?771 cha ?77>. Bjihcs rche-ihl, jdwnvnr, jcs ikprdvna frdk ?? ih ?771 td 3< ih ?77:, surpcssihl c`` tjnnbdhdkins ih Ncst Csic nxbnpt fdr Rihlcpdrn cha Qciwch, Bjihc.
\jnh dhn `ddes ct tjn suobdkpdhnhts df Kc`cysics cllrnlctn bdkpntitivnhnssihaibctdr, twd fcbtdrs stcha dut. First, ontwnnh ?771 cha ?77:, tjnrn wcs virtuc``yhd bjchln td tjn ihfrcstrubturn bdkpdhnht, wjibj bdhsistnht`y rchena `dwnstckdhl tjn fdur suobdkpdhnhts usna oy IKA cha wjibj wcs c arcl dh bdkpnti-tivnhnss (snn tco`n ?.C.?). Rnbdha, ldvnrhknht nfffibinhby antnridrctna frdk ?771.
Ari``ihl adwh ihtd tjn pnrfdrkchbn df bdkpdhnhts df ihfrcstrubturn ih tjn pcstffivn yncrs, dhn ffihas tjct tdtc` jnc`tj nxpnhaiturn, nhnrly ihtnhsity, anpnhanhby
Kc`cysic 23
Qco`n ?.C.3 IKA L`doc` Bdkpntitivnhnss _cheihl, ?7717:
Nbdhdky ?771 ?77> ?776 ?77< ?77:
Rihlcpdrn ? 2 2 ? ?
Qciwch, Bjihc 3? 33 3< 3: 32
Bjihc ?? ?9 3: 3> 3 ?9 22 ? 17
Ihadhnsic 19 >7 >? >1 >3
Mcpch ?3 39 36 ?1 ??
Rdurbn=IKA ?77:.
Hdtn=Nbdhdkins crn dranrna oy rche ih ?77:.
Qco`n ?.C.? Ruobdkpdhnhts td IKA L`doc` Bdkpntitivnhnss _cheihls=
Kc`cysic, ?7727 ?776 ?77 : 37 3?
Ldvnrhknht nfffibinhby 31 36 ?2 39 ?3
Ousihnss nfffibinhby 3: 3? ?? 39 3>
Ihfrcstrubturn ?< ?> ?: ?< ?6
Rdurbn=IKA ?77:.
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2? Qilnr Nbdhdkins ^hanr Qjrnct
rctid, tdtc` _&A spnhaihl, cha _&A pnrsdhhn` pnr bcpitc cppncr cs tjn wncenstbdkpdhnhts (IKA ?772, ?771, ?77>, ?776, ?77
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22
Qco`n ?.C.1 \NF L`doc` Bdkpntitivnhnss _cheihls df Kc`cysic cha Its Kcmdr Bdkpntitdrs
Ihanx bdkpdhnhts Kc`cysic Qjci`cha Edrnc, _np. df Bjihc Ihadhnsic Rihlcpdrn
L`doc` bdkpntitivnhnss ihanx ?3 ?: 33 21 >1 27 : < :9 ?1Jnc`tj cha prikcry naubctidh ?6 62 ?< 63 2< 6
Jiljnr naubctidh cha trcihihl ?< 11 6 36Lddas kcrent nfffibinhby ?7 21 36 >: ?2 ?@codr kcrent nfffibinhby 36 33 ?1 >> 23 ?Fihchbic` kcrent sdpjistibctidh 39 >? ?< 33: >7 2Qnbjhd`dlibc` rncaihnss 27 1> < >7
Ihhdvctidh fcbtdrs suoihanx 39 29 < >7 21 32Ousihnss sdpjistibctidh 3: 17 9 >< 22 36Ihhdvctidh ?3 26 : 2: 13 33
Rdurbns=@dpnz-B`crds cha dtjnrs ?7765 Wdrtnr, Rbjwco, cha Rc`c-i-Kcrtih ?77
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bdkpntitivnhnss ihanxns sullnsts tjct naubctidh ct c`` `nvn`s cha cssdbictna tnbj-hd`dlibc` rncaihnss crn bdkprdkisihl Kc`cysics bdkpntitivnhnss witj Edrnc chaRihlcpdrn. Fdr Qjci`cha, jnc`tj cha prikcry naubctidh rchena tjn `dwnst, fd`-`dwna oy ffihchbic` kcrent sdpjistibctidh, ihstitutidhs, cha tnbjhd`dlibc` rncai-hnss, ih tjct dranr. Ihfrcstrubturn, kcbrdnbdhdky, jnc`tj cha prikcry naubctidh,cha tnbjhd`dlibc` rncaihnss wnrn tjn wncenst crncs fdr Ihadhnsic. Qjnsn wnce-hnssns crn hdt tdd aissiki`cr td tjdsn df Kc`cysic.
Ousihnss Nhvirdhknht
Bdkp`nknhtihl tjn ihaibctdrs df bdkpntitivnhnss is c hukonr df ihanxns an-visna td cssnss tjn lnhnrc` ousihnss nhvirdhknht. Dhn is tjn Adihl Ousihnss ih-aibctdr bdhstrubtna oy tjn \dr`a Oche. Ckdhl Ncst Csich nbdhdkins, tjn ousi-hnss nhvirdhknht fcbihl Kc`cysich ffirks is rn`ctivn`y fcvdrco`n (snn tco`n ?.C.>).Ontwnnh ?77> cha ?77:, tjnrn wnrn fnw bjchlns. Edrnc ardppna on`dw Kc`cysic.Bjihc, Ihaic, cha Ihadhnsic lrnct`y ikprdvna tjnir sbdrns. Jdwnvnr, privctnousihnssns ih tjdsn bduhtrins sti`` fcbn kdrn cavnrsn bdhaitidhs tjch ad ousi-hnssns n`snwjnrn.
Ckdhl tjn 37 bdkpdhnhts frdk wjibj tjn cllrnlctn Adihl Ousihnss ihaibc-tdr is bdhstrubtna, dh`y ? bdkpdhnhts rche jiljnr tjch tjn dvnrc`` ihaibctdr fdrKc`cysic (snn tco`n ?.C.6). Kc`cysic adns wn`` ih prdviaihl brnait td hnw ffirkscha ih prdtnbtihl ihvnstdrs. Jdwnvnr, stcrtihl c ousihnss is bukonrsdkn, anspitnrncay cbbnss td brnait fdr nstco isjna ffirks witj canquctn bd` ctnrc`. Qjn `dwnst-rctna bdkpdhnht is anc`ihl witj `ibnhsns. C`tjdulj tjn bdst df bdkp`ichbn tdibnhsn ih Kc`cysic is kcrlihc``y `crlnr tjch tjct fdr knkonr bduhtrins df tjnDrlchisctidh fdr Nbdhdkib Bd-dpnrctidh cha Anvn`dpknht (DNBA), tjn bdst ih
21 Qilnr Nbdhdkins ^hanr Qjrnct
Qco`n ?.C.> Adihl Ousihnss Ihaibctdrs, ?77679
Nbdhdky ?776 ?77< ?77: ?779
Rihlcpdrn ? 3 3 3
Mcpch 37 33 3? 3?
Qjci`cha ?7 3: 3> 32
Kc`cysic ?3 ?> ?1 ?7
Edrnc, _np. df ?< ?2 27 ?2
Qciwch, Bjihc 2> 1< >7 63
Bjihc 93 92 :2 :2
Ihadhnsic 33> 32> 3?2 3?9
Wji`ippihns 332 3?6 322 317
Rdurbns=\dr`a Oche ?77>c, ?776o, ?77
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tnrks df hukonr df prdbnaurns (?> ih Kc`cysic vnrsus 3> ih DNBA bduhtrins) cha
tjn hukonr df acys (?63 acys vnrsus 3>1 acys) crn b`dsn td aduo`n DNBA cvnrclns.Hdhntjn`nss, ih tnrks df its rcheihl fdr anc ihl witj `ibnhsns, Kc`cysic ikprdvnaits pdsitidh ih ?77:. Dtjnr crncs ih wjibj Kc`cysic scw ikprdvnknht wnrn trca-ihl cbrdss odranrs cha nhfdrbihl bdhtrcbts.
Kc`cysic 2>
Qco`n ?.C.6 Ihaiviauc` Bdkpdhnhts df Adihl Ousihnss _cheihls= Kc`cysic,
?77>7:
Ncsn df ?77> rche ?776 rche ?77< rche ?77: rche
Adihl ousihnss ?> ?> ?1 ?7
Rtcrtihl c ousihnss 66 6 ?3
Qrcaihl cbrdss odranrs 13 16 ?3 ?9
Nhfdrbihl bdhtrcbts 9
B`dsihl c ousihnss 1< >3 >1 >1
Rdurbns=\dr`a Oche ?77>c, ?776o, ?77 rcheihls jcvn onnh rnbc`bu`ctna td rnnbt bjchlns td tjn ?776 kntjdad`dly cha tjn caaitidh df
?7 hnw bduhtrins.
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Kc`cysics futurn nbdhdkib pnrfdrkchbn wi`` on strdhl`y ihunhbna oy snvnrc`fcbtdrs. Ckdhl tjnk, tjn lrdwtj cha bdkpdsitidh df nxpdrts suppdrtna oyihvnstknhts tjct ihbrncsn tjn adknstib vc`un caana oy ffirks wi`` bdhtihun td p`cyc `ncaihl rd`n. Kc`cysic is ch uhusuc``y dpnh nbdhdky.3 Qdtc` trcan (nxpdrts p`us
ikpdrts df lddas cha snrvibns) ckduhtna td ?37 pnrbnht df lrdss adknstib prda-ubt (LAW), wjibj is jiljnr tjch tjn rctid fdr dtjnr Ncst Csich nbdhdkins, witj tjnnxbnptidh df Rihlcpdrn (snn tco`n 2.3).?
Nxpdrt vd`ukn cha adknstib vc`un caana strdhl`y cffnbt tjn tnkpd df nbd-hdkib cbtivity cha pnr bcpitc ihbdkn. C`tjdulj nxpdrt ncrhihls bckn uhanr lrnctprnssurn aurihl tjn snbdha jc`f df ?77: cha anb`ihna ih ?779, c rnvivc` wi`` on cfuhbtidh df ihbrncsna kcrent sjcrn fdr nxistihl prdaubts, prdaubt aivnrsiffibctidh,jiljnr uhit vc`uns df nxpdrts, cha pnhntrctidh ihtd hnw kcrents. Rubj c rnvivc`wi`` on ncsinr if tjn nxpchsidh df ihtnrhctidhc` trcan quibe`y rnturhs td ncr`inr
trnha rctns. It bdu`a on fcr kdrn bjc``nhlihl if l`doc` rnbdvnry is s`dw cha ikpdrtankcha frdk tjn ^hitna Rtctns cha tjn Nurdpnch ^hidh (N^) rnkcihs wnce.
Lnhnrc``y, tjdsn ffirks tjct crn `crlnr cha kdrn sei`` ihtnhsivn cha tjct jcvncbjinvna codvn-cvnrcln prdaubtivity nvn`s vnhturn onydha tjn hctidhc` kcrent cha
2.3 pnrbnht pnr yncr cha wcs nxbnnana dh`y oy Bjihc, tjn _npuo`ib dfEdrnc, cha tjn Wji`ippihns (snn tco`n 2.?). Ontwnnh ?777 cha ?77 cha kia-?77: (snn ffilurn 2.2).1 Riki`cr trnhas bch on snnh ih nxpdrts oydtjnr Rdutjncst Csich bduhtrins. Nxpdrts df tjn tjrnn dtjnr Rdutjncst Csich bduhtrinstd tjn ^hitna Rtctns crn c`sd dh c adwhwcra trnha, out tjnir nxpdrts td Bjihc jcvnonnh risihl. C`` df tjn Rdutjncst Csich bduhtrins scw tjnir nxpdrts p`ukknt stcrtihlih tjn cst qucrtnr df ?77:.
C l`chbn ct ffilurns 2.1 cha 2.> sjdws tjct frdk 399> td ?77 ?777 ?77< (%), 399>?777 (%), ?7777 3996 399< 399: 3999 ?777 ?773
yncr
?77? ?772 ?771 ?77> ?776 ?77?77 3996 399< 399: 3999 ?777 ?773
yncr
?77? ?772 ?771 ?77> ?776 ?77?77 3996 399< 399: 3999 ?777 ?773
yncr
?77? ?772 ?771 ?77> ?776 ?77?77
Qco`n 2.1 @ncaihl Nxpdrt Rnbtdrs, 399> cha ?77 ?77
Nhlihnnrihl 37.6 3>.2
Dtjnr `dw-tnbjhd`dly prdaubts 3>.: 31.:
Ihadhnsic
Wrikcry prdaubts 26.7 2>.1
Clrd-ocsna prdaubts 3:.6 3
Qnxti`ns, lcrknhts, cha fddtwncr 3>.9 9.1
Mcpch
Nhlihnnrihl prdaubts ?6.> ?>..2
Clrd-ocsna prdaubts 3>.? 33.1Nhlihnnrihl prdaubts 3>.1 9.6
Wji`ippihnsc
N`nbtrdhib cha n`nbtribc` prdaubts 19.7 1
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16 Qilnr Nbdhdkins ^hanr Qjrnct
7 ?7 17 67
bdkpdsitidh (%)
:7 377
Bjihc ?77
Ihadhnsic ?77
Mcpch ?77
Kc`cysic ?77
Wji`ippihns ?77
Edrnc, _np. df ?77
Rihlcpdrn ?77
Qciwch, Bjihc ?77
Qjci`cha ?77
prdbnss ihaustry
nhlihnnrihl prdaubts
tnxti`ns, lcrknhts, cha fddtwncr
dtjnr `dw-tnbjhd`dly prdaubts
clrd-ocsna prdaubts
n`nbtrdhib cha n`nbtribc` prdaubts
dtjnr jilj-tnbjhd`dly prdaubts
cutdkdtivn prdaubts
dtjnr rnsdurbn-ocsna prdaubts
prikcry prdaubts
Filurn 2.< Bdkpdsitidh df Nxpdrts oy Qypn df Kchufcbturns, 399> cha ?77 3996 399< 399: 3999 ?777 ?773
yncr
?77? ?772 ?771 ?77> ?776 ?77
7.:7
7.6>
7.97
7.
7.67
7.:>
7.>7.>7
sjcrn(%)
Edrnc, _np. df
Qciwch, Bjihc Qjci`chaRihlcpdrn
Bjihc Mcpch
Wji`ippihns
Ihadhnsic
399> 3996 399< 399: 3999 ?777 ?773
yncr
?77? ?772 ?771 ?77> ?776 ?77
7.?
7., ?777, cha ?777 Qilnr Nbdhdkins ^hanr Qjrnct
Qco`n 2.< Fu`` Qikn Wnrida, 3997?776, witj Ruopnrida Aukkins
`h ikpdrts df bduhtry ifrdk Csich bduhtrym
D@R IV IV, LKK`h Bjihcs nxpdrts td bduhtry i 7.69 7.?1 7.>2: 7.:72 7.:7 >1.?1? >1.699(2:.26)** (3>.?7)** (36.36)**
Dosnrvctidhs 6 6 6
_-squcrna 7. pnrbnht `nvn`5 ** silhiffibcht ct tjn 3 pnrbnht `nvn`. Cosd`utnvc`un df t-stctistibs is ih pcrnhtjnsns.
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Chc`yzihl Bdkpcrctivn Cavchtcln cha Ihaustric` Bjchln >3
nstikctn dh tjn pnr bcpitc LAW df tjn ikpdrtihl bduhtry. Qjn eny vcrico`n is tjnbdnfffibinht nstikctn dh Bjihcs nxpdrts. Qjn nstikctn ih draihcry ncst squcrns (D@R)is pdsitivn cha silhiffibcht. Jdwnvnr, onbcusn nhadlnhnity is c bdhbnrh, D@R is hdt chcpprdprictn spnbiffibctidh. It is prdviana cs c onhbjkcre dh`y. Qjn prnfnrrna kntjdais td usn ihstruknhtc` vcrico`ns. Qjn bdnfffibinht nstikctns dh Bjihcs nxpdrts usihlihstruknhtc` vcrico`ns crn hnlctivn cha silhiffibcht. Qjis ffihaihl ikp`ins tjct chihbrncsn ih Bjihcs nxpdrts `ncas td c rnaubtidh ih nxpdrts frdk CRNCH bduhtrins.Qjn pnrida aukkins c`sd sjdw tjn ayhckibs df tjis bjchln. Qjn bdnfffibinht nsti-kctn fdr tjn pnrida frdk 3997 td 3996 is pdsitivn. Jnhbn, tjn nffnbt df Bjihcsnxpdrts dh dtjnr bduhtrins wcs skc``nr rn`ctivn td tjn 399< td ?777 pnrida. Qjn bdnf-ffibinht nstikctn dh tjn ?773 td ?77< pnrida is hnlctivn, tjus ikp`yihl tjct tjn nffnbtdf Bjihcs nxpdrts dh dtjnr bduhtrins jcs ihbrncsna. Qjnsn rnsu`ts bdhffirk tjn lnh-nrc` dosnrvctidh tjct tjn risn df Bjihcs nxpdrts is ihtnhsifyihl tjn bdkpntitivn prns-surns ih tjn l`doc` kcrent dh Rdutjncst Csich nbdhdkins ih pcrtibu`cr.
Qjn chc`ysis nxckihns dh`y tjn dvnrc`` oi`ctnrc` trcan dw ontwnnh twd bduh-trins. Qd lculn tjn bjchlihl bdkpntitivnhnss df Kc`cysich nxpdrts rn`ctivn tdtjdsn df Bjihc, dhn hnnas td nxckihn trnhas ih oi`ctnrc` trcans ct tjn bdkkdaity`nvn`. Ayhckib rnvnc`na bdkpntitivnhnss (A_B) is dhn subj kncsurn (Lc``cljnr,Kdrnhd-Oria, cha Wdrznbchsei ?77:). It is ocsna dh tjn bjchlihl kcrent (ikpdrt)sjcrns df c bdkkdaity i ontwnnh twd tikn pnridas. Jnrn, tjn kcih ihtnrnst is tjnbjchlihl ikpdrt sjcrn df Kc`cysich prdaubts ih tjrnn ikpdrtcht kcrents= tjnN^3>,3? Mcpch, cha tjn ^hitna Rtctns. Qjny rnprnsnht tjn kcmdr kcrents fdrKc`cysich nxpdrts. C pdsitivn A_B knchs tjct tjn sjcrn df Kc`cysich prdaubtsjcs ihbrncsna ih tjn ikpdrtihl bduhtry dr rnlidh. Furtjnrkdrn, oy bdkoihihl tjnA_B kncsurns fdr Bjihc cha Kc`cysic, it is pdssio`n td antnrkihn wjibj prdaubtsfrdk twd aiffnrnht bduhtrins crn ih airnbt bdkpntitidh. Fdr ihstchbn, if tjn A_B ishnlctivn fdr c bdkkdaity nxpdrtna oy Kc`cysic out is pdsitivn fdr Bjihc, tjnh tjnbdkkdaity is scia td on ih airnbt tjrnct. Jdwnvnr, if tjn A_B is pdsitivn fdr odtjbduhtrins, tjnh it is ih pcrtic` tjrnct. Qco`n 2.: `ists tjn prdpdrtidh df Kc`cysichnxpdrts tjct crn uhanr airnbt tjrnct cha pcrtic` tjrnct frdk Bjihc cbbdraihl tdsix-ailit bdkkdaity-`nvn` trcan actc. B`dsn td dhn-tjira df tjn prdaubts nxpdrtnaoy Kc`cysic td tjdsn tjrnn ikpdrtcht kcrents crn airnbt`y tjrnctnhna oy prdaubtsfrdk Bjihc. \jnh tjdsn prdaubts crn bdkoihna witj tjdsn uhanr pcrtic` tjrnct,>7 td 67 pnrbnht df Kc`cysich nxpdrts crn ih airnbt bdkpntitidh witj tjdsn frdkBjihc. Qjn ihtnhsifyihl bdkpntitidh is kdst visio`n ih tjn Nurdpnch kcrent, nvnhtjdulj dvnrc`` bdkpntitidh is ihbrncsihl ih c`` tjrnn kcrents.
Qco`n 2.9 `ists Kc`cysics tdp 37 nxpdrts td tjn ^.R. kcrent oy trcan vc`un,nxb`uaihl pntrd`nuk. Nxbnpt fdr tjn hdhsurlibc` ruoonr l`dvns, c`` dtjnr prdaubtscrn n`nbtribc` cha n`nbtrdhib bdkpdhnhts, rnnbtihl tjn dvnrc`` strubturn df
3?Qjn N^3> crn tjn 3> knkonrs df tjn N^ pridr td its nxpchsidh dh Kcy 3, ?771= Custric,On`liuk, Anhkcre, Fih`cha, Frchbn, Lnrkchy, Lrnnbn, Irn`cha, Itc`y, @uxnkodurl, tjnHntjnr`chas, Wdrtulc`, Rpcih, Rwnanh, cha tjn ^hitna Eihladk.
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>? Qilnr Nbdhdkins ^hanr Qjrnct
Kc`cysich nxpdrts. Ckdhl tjnsn tdp 37 prdaubts, Kc`cysic ihbrncsna its kcrent
sjcrn ih : df tjnk, ih sdkn bcsns quitn kcrena`y, subj cs bdkputnrs. Fdr tjdsnwjnrn Kc`cysic `dst kcrent sjcrn, Bjihc ihbrncsna its kcrent sjcrn. Qjnrnfdrn,tjdsn prdaubts crn uhanr airnbt tjrnct frdk Bjihc. Nvnh fdr tjn niljt prdaubtswjnrn Kc`cysic ihbrncsna its kcrent sjcrn, jdwnvnr, tjn prdaubts crn uhanrpcrtic` tjrnct, onbcusn Bjihcs ihbrncsn ih kcrent sjcrn wcs `crlnr. Ckdhl tjn
Qco`n 2.9 Ayhckib _nvnc`na Bdkpntitivnhnss Wdsitidh fdr Kc`cysics Qdp 37
Hdhdi` Nxpdrts td tjn ^hitna Rtctns, ?77 2?.>cppcrctus
:>?>?7 Qrchskit-rnbnivn cppcrctus fdr rcaid, :.: 1.< 1.7 23.3tn`nvisidh, cha sd fdrtj
:>1?39 Kdhd`itjib ihtnlrctna birbuits, nxbnpt ailitc` 3?.: 3>.2 ?.> 2.1
:>1?33 Kdhd`itjib ihtnlrctna birbuits, ailitc` 33.: 9.7 ?.: 9.?:>339 _uoonr l`dvns, dtjnr tjch surlibc` 1>.3 1:.7 ?.9 :.?
:>?>27 Qn`nvisidh bcknrcs 7.7 >.7 1.9 13.:
Rdurbn=Cutjdrs bc`bu`ctidhs usihl actc frdk ^H Bdktrcan.
Qco`n 2.: Anlrnn df Bdkpntitidh ontwnnh Kc`cysich cha Bjihnsn Nxpdrts,
3997?77 ?3.7 ?:.>Qdtc` 27.: 1 >:.>
McpchAirnbt tjrnct ?7.1 22.1 ?:.?Wcrtic` tjrnct ?>.6 3:.< ?7.9Qdtc` 16.7 >?.3 19.?
^hitna Rtctns
Airnbt tjrnct ?>.6
c
?:.1 ?:.9Wcrtic` tjrnct ?2.>c ??.1 ?6.7Qdtc` 19.3c >7.: >1.9
Rdurbn=Cutjdrs bc`bu`ctidhs usihl actc frdk ^H Bdktrcan.
c. Actc crn frdk 39939?.
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Chc`yzihl Bdkpcrctivn Cavchtcln cha Ihaustric` Bjchln >2
Qco`n 2.37 Ayhckib _nvnc`na Bdkpntitivnhnss Wdsitidh fdr Kc`cysics Qdp 37
Hdhdi` Nxpdrts td Mcpch, ?776.6 >>.9 7.9p`y6 kk
:>1?33 Kdhd`itjib ihtnlrctna birbuits, ailitc` 2.6 1.7 7.1 :.2
:>3.?>?7 Qrchskit-rnbnivn cppcrctus fdr rcaid, 7.2 3>.: 3>.6 11.2
tn`nvisidh, cha sd fdrtj
:>?997 Wcrts fdr rcaid dr tn`nvisidh trchskit-rnbnivn .1 11.: ?3.:n`snwjnrn spnbiffina, p`y6 kk
:>7937 Adknstib vcbuuk b`nchnrs 7.7 13.1 13.1 11317 Wjdtdsnhsitivn, pjdtdvd`tcib, dr iljt-nkittihl 7.< 32.9 32.2 ?:.6aidan snkibdhaubtdr anvibns
Rdurbn=Cutjdrs bc`bu`ctidhs usihl actc frdk H Bdktrcan.
32Kdst `ien`y p`ywdda is ckdhl tjn tdp 37 onbcusn df tjn vc`un-td-wniljt (ou`e) rctid.
37 prdaubts, Kc`cysic is hdt ih c bdkfdrtco`n pdsitidh ih chy prdaubts, onbcusn ihhd bcsn adns Kc`cysic jcvn c bdkkchaihl `nca dvnr Bjihc.
Qjn situctidh witj rnspnbt td Mcpch is ordca`y siki`cr (snn tco`n 2.37). Clcih, c`kdstc`` tjn prdaubts crn n`nbtrdhib bdkpdhnhts, nxbnpt fdr p`ywdda prdaubts.32 Dh`y tjnp`ywdda prdaubts crn hdt uhanr chy tjrnct frdk Bjihnsn nxpdrts. Qjn rnkcihihlniljt prdaubts crn nitjnr airnbt`y dr pcrtic``y tjrnctnhna oy Bjihcs nxpdrts.
Qjn stdry ih tjn N^3> is kubj tjn sckn, c`tjdulj tjn kcrent sjcrns dfKc`cysich prdaubts ih tjn N^3> crn quitn skc`` bdkpcrna witj tjdsn ih tjn^hitna Rtctns cha Mcpch (snn tco`n 2.33). Cpcrt frdk hdhsurlibc` ruoonr l`dvnscha scbes, kdst dtjnr nxpdrts frdk Kc`cysic td tjn N^ crn n`nbtrdhibs cha n`nb-trdhib bdkpdhnhts. Ih tjn N^3> kcrent, c`` prdaubts, nvnh hdhsurlibc` ruoonrl`dvns, crn uhanr silhiffibcht bdkpntitivn prnssurn frdk Bjihc, nxbnpt fdr c s`iljtnaln ih kdhd`itjib ihtnlrctna birbuits.
@ddeihl ct Kc`cysics tdp 37 nxpdrts td its tjrnn kdst ikpdrtcht kcrents ihai-bctns tjct Kc`cysic is suomnbt td bdkpntitivn prnssurn frdk Bjihc virtuc``y cbrdsstjn nhtirn spnbtruk df eny nxpdrts. Dh`y ih rnsdurbn-ocsna prdaubts (p`ywddaprdaubts cha ruoonr prdaubts) crn Kc`cysich nxpdrtnrs rn`ctivn`y snburn. C`sd, ihbdkpcrctivn tnrks, Kc`cysic adns hdt jcvn c strdhl prnsnhbn ih tjn N^ kcrent fdrn`nbtrdhib bdkpdhnhts, its kcih nxpdrt prdaubts.
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>1 Qilnr Nbdhdkins ^hanr Qjrnct
Qco`n 2.33 Ayhckib _nvnc`na Bdkpntitivnhnss Wdsitidh fdr Kc`cysics
Qdp 37 Nxpdrts td tjn N^3>, ?77sikpdrts A_BW
Wrdaubt Wrdaubt hckn 3997 ?77< Kc`cysic Bjihc
:11?33 Kdhd`itjib ihtnlrctna birbuits, ailitc` 3.< 6.3 1.> 1.?
:>?>?7 Qrchskit-rnbnivn cppcrctus fdr rcaid, 7.< ?.7 3.2 ?1.:tn`nvisidh, cha sd fdrtj
:13?>27 Qn`nvisidh bcknrcs 7.7 2.1 2.1 ?9.2
:>1317 Wjdtdsnhsitivn, pjdtdvd`tcib, dr iljt-nkittihl :.2 2.7 >.2 ?9.9aidan snkibdhaubtdr anvibns
:>?997 Wcrts fdr rcaid dr tn`nvisidh trchskit-rnbnivn 7.3 ?.: ?.< 3>.>nquipknht, hdt n`snwjnrn spnbiffina
173>39 _uoonr l`dvns, dtjnr tjch surlibc` 2>.? 12.< :.> 9.3
29?2?3 Rcbes cha ocls (ihb`uaihl bdhns) df pd`yknrs 7.7 37.? 37.? 37.6df ntjy`nhn
Rdurbn=Cutjdrs bc`bu`ctidhs usihl actc frdk ^H Bdktrcan.
Qjn chc`ysis is stctib ih tjn snhsn tjct it fdbusns dh tjn tdp 37 nxpdrtna prdaubtstd tjrnn kcrents ih ?77 pnrbnht df Kc`cysics nxpdrts.
Qjn situctidh ih Mcpch is quitn aiffnrnht. _ctjnr tjch n`nbtrdhibs, tjn kix dfKc`cysich nxpdrts fcvdrs bjnkibc`- cha rnsdurbn-ocsna prdaubts, subj cs pc`kdi`, vnlntco`n di`s, cha sdcps (snn tco`n 2.32). Qjnsn prdaubts jcvn c `crln kcrentsjcrn ih Mcpch, cha dh`y dhn prdaubt is pcrtic``y tjrnctnhna oy Bjihcs nxpdrts=vcbuuk b`nchnrs. Kc`cysics ayhckib nxpdrts td tjn N^3> crn siki`crcha crnc`sd kcih`y bjnkibc`- cha rnsdurbn-ocsna prdaubts, c`dhl witj n`nbtrdhib bdkpd-hnhts (snn tco`n 2.31). Ih bdhtrcst td tjn Mcpchnsn kcrent, Kc`cysich nxpdrts td tjnN^3> ad hdt jcvn adkihcht kcrent sjcrns, nxbnpt fdr `ukonr. Qjdsn prdaubtstjct crn pcrtic``y tjrnctnhna oy Bjihcs nxpdrts crn kcih`y n`nbtrdhib bdkpdhnhts.Kc`cysic sti`` rnkcihs bdkpntitivn ih dsbi``dsbdpns.
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Qco`n 2.3? Kc`cysics Kdst Ayhckib Nxpdrt Lddas td tjn ^hitna Rtctns, 3997?77?797 L`ybnrd` (l`ybnrihn), hdt n`snwjnrn spnbiffina, 3.7 >?.9 h.c. >3.:ihb`uaihl syhtjntib l`ybnrd`
3>3939 Ihaustric` kdhdbcrodxy`ib fctty cbias, hdt n`snwjnrn 37.1 67.< h.c. >7.2spnbiffina, cbia di`s
9727?7 Bctjdan rcy dsbi``dsbdpns, dsbi``dlrcpjs ?.> 13.9 1:.3 29.2
972717 Lcih dr aistdrtidh cha brdss-tc`e kntnrs cha sd fdrtj 7.3 2>.6 h.c. 2>.>
:>3929 Qurhtco`ns, witjdut rnbdra bjchlnrs 3.1 22.? 23.6 23.:
:1.> >3.3 ?>.>
117
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>6
Qco`n 2.32 Kc`cysics Kdst Ayhckib Nxpdrt Lddas td Mcpch, 3997?773337 Wc`k di`, bruan 7.1 99.9 99.> h.c.
3:7?77 Bdbdc sjn``s, juses, seihs, cha wcstn 2.: 377.7 96.? h.c.
3>36?7 Vnlntco`n fcts, di`s, dr frcbtidhs jyardlnhctna, 7.< >9.6 >:.9 3.6.< >6.1 h.c.
113?33 W`ywdda 3 dr ? dutnr p`y trdpibc` jcrawdda, p y6 kk 7.< >6.6 >>.9 7.9
:>1?97 Wcrts df n`nbtrdhib ihtnlrctna birbuits cha sd fdrtj 1.7 >:.: >1.: h.c.
:>1397 Wcrts df snkibdhaubtdr anvibns cha siki`cr anvibns 6.3 >3.> 3?.6
:>?6.: 1>.6 ?:.?dr rnbdra
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>, 3997?77ikpdrts (%) A_BW
QrcWrdaubt Wrdaubt hckn 3997 ?77< Kc`cysic Bjihc (^
117.< ?3.9 h.c.
173>33 _uoonr surlibc` l`dvns ?1.> 11.: ?7.? 6.7
3>3939 Ihaustric` kdhdbcrodxy`ib fctty cbias, hdt n`snwjnrn 3.1 3:.: 3.: 7.7
9727?7 Bctjdan rcy dsbi``dsbdpns, dsbi``dlrcpjs 7.< 32.2 3?.6 2.1
29?2?3 Rcbes cha ocls (ihb`uaihl bdhns) df pd`yknrs 7.7 37.? 37.? 37.6df ntjy`nhn
:139 _uoonr l`dvns, dtjnr tjch surlibc` 2>.? 12.< :.> 9.3
3173?7 _cttch usna prikcri`y fdr orciaihl 2.2 33.2 :.3 11.7
?93>
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>: Qilnr Nbdhdkins ^hanr Qjrnct
\jct crn tjn prdaubts ih wjibj Kc`cysic is `dsihl kcrent sjcrn tjn kdst4Rurprisihl`y, ih tjn ^.R. kcrent, bruan pc`k di` is tjn dhn tjct jcs `dst tjn kdstkcrent sjcrn ontwnnh 3997 cha ?776. Vnry `ien`y tjis `dss is onbcusn df tjn risn dfIhadhnsic cs ch nxpdrtnr df pc`k di`. Jdwnvnr, bruan pc`k di` lcihna tjn kdst kcr-ent sjcrn ih tjn Mcpchnsn cha N^3> kcrents, dffsnttihl tjn `dst kcrent sjcrn ih tjn^hitna Rtctns. Kchy prdaubts tjct `dst kcrent sjcrn ih tjn ^hitna Rtctns crnrnsdurbn-ocsna cha `dw-tnbj itnks, subj cs tnxti`n prdaubts cha dw-nha n`nbtrdhibs.Ih sdkn df tjnsn prdaubts (ihb`uaihl sdkn rnsdurbn-ocsna dhns), Bjihnsn prdaubtscrn aisp`cbihl Kc`cysich prdaubts ih tjn ^hitna Rtctns. Riki`cr`y, ih tjn Mcpchnsnkcrent, Kc`cysics rnsdurbn-ocsna cha `dw-tnbj prdaubts `dst kcrent sjcrns. Jdw-nvnr, uh`ien tjn bcsn ih tjn .R. kcrent, tjis dss wcs hdt sd`n`y onbcusn df tjn risn dfBjihc. Bjihc lcihna kcrent sjcrn ih dh`y fdur prdaubts, cha Bjihc adns hdt jcvnchy prnsnhbn ih tjn dtjnr prdaubts ih tjn Mcpchnsn kcrent. Ih tjn N^3> kcrent,rnsdurbn-ocsna prdaubts rnprnsnht tjn kcmdrity df prdaubts tjct `dst kcrent sjcrn,ih caaitidh td dw-tnbj itnks subj cs tnxti`ns. Clcih, tjn prnsnhbn df Bjihc is hdt sil-hiffibcht ih tjn N^3> fdr tjdsn prdaubts ih wjibj Kc`cysic `dst kcrent sjcrns.
Qjn kdvnknht ih Kc`cysics ayhckib rnvnc`na bdkpntitivnhnss pdsitidh(A_BW) oy tnbjhd`dly `nvn` ihaibctns tjct its nxpdrts crn `dsihl lrduha (snntco`ns 2.3> td 2.3),c`tjdulj `nss sd ih prikcry prdaubts (WW), dtjnr jilj-tnbj prdaubts (JQ?), cha
Qco`n 2.3> Ayhckib _nvnc`na Bdkpntitivnhnss Wdsitidh oy Qnbjhd`dly @nvn`
ih ^.R. Kcrent= Kc`cysic vnrsus Bjihc, 3993?77
@Q3 7.?2 7.?< 7.?: 1.:7 3.33 3:.23
@Q? 7.63 7.2< 7.79 9.16 1.>: 3?.9 6.6?
KQ2 7.6< 7.?1 7.?< 2.16 ?.9< :.?:
WW 7.3< 7.71 7.72 7.26 7.?3 7.?6
_O3 7.72 7.73 7.
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Chc`yzihl Bdkpcrctivn Cavchtcln cha Ihaustric` Bjchln >9
Qco`n 2.36 Ayhckib _nvnc`na Bdkpntitivnhnss Wdsitidh oy Qnbjhd`dly @nvn`
ih Mcpchnsn Kcrent= Kc`cysic vnrsus Bjihc, 3993?77 6.2? 3. ?:.9? 33..>? 36.19
KQ3 7.33 7.7? 7.31 3.19 ?.2: :.32
KQ? 7.96 7.99 7.?6 3.99 7.1< :.:>
KQ2 1.77 7.39 3.:> 9.2< 1.:9 3>.67
WW 7.37 7.31 7.32 7.?3 7.67 ?.29
_O3 ?.?6 3.66 3.?2 6.36 2.3< >.?6
_O? 7.17 7.27 7.3? 9.1> :.:1 3.66
Rdurbn=Cutjdrs bc`bu`ctidhs usihl actc frdk ^H Bdktrcan.
Hdtn=JQ3 n`nbtrdhib cha n`nbtribc` prdaubts5 JQ? dtjnr jilj-tnbjhd`dly prdaubts5 @Q3tnxti`ns, lcrknhts,
cha fddtwncr5 @Q? dtjnr dw-tnbjhd`dly prdaubts5 KQ3 cutdkdtivn prdaubts5 KQ? prdbnss ihaustry5 KQ2
nhlihnnrihl prdaubts5 WW prikcry prdaubts5 _O3 clrd-ocsna prdaubts5 _O? dtjnr rnsdurbn-ocsna prdaubts.
Qnbjhd`dly b`cssiffibctidh is ocsna dh @c`` (?777).
Qco`n 2.3< Ayhckib _nvnc`na Bdkpntitivnhnss Wdsitidh oy Qnbjhd`dly @nvn`
ih N^3>s Kcrent= Kc`cysic vnrsus Bjihc, 3993?779
KQ2 7.>? 7.7> 7.3? 3.>1 3.16 1.?2
WW 7.7> 7.71 7.72 7.36 7.7> 7.7Lcu`inr, @nkdihn, cha hc`-Ensnhbi (?77,777
7
vc`un(^R$ki``idh)
37,777
>,777
Kc`cysic
Edrnc, _np. dfMcpchIhadhnsic
Wji`ippihns Rihlcpdrn
yncr
399> 3996 399< 399: 3999 ?777 ?773 ?77? ?772 ?771 ?77> ?776 ?77?77
?777
?77?77
?777
?77?77
df Mcpch5 Edrnc5 Rihlcpdrn5 cha Qciwch, Bjihc, jca fnwnr hnw nhtrins tjch nxitscha rn`ctivn`y `dw pnrbnhtclns df byb`ibc` nxpdrts.36
Cs hdtna oy Ikos cha \cbzicrl (?772), it is tjn jilj-ihbdkn bduhtrins tjctcrn onbdkihl kdrn spnbic`izna. Ct tjn dtjnr nxtrnkn crn `dwnr-kiaa`n-ihbdknbduhtrins, subj cs Ihaic cha Ihadhnsic, tjct crn aivnrsifyihl rcpia`y. Kc`cysiccppncrs td on dh tjn busp. Hnw bdkkdaitins must duthukonr prdaubts aiscppncr-ihl frdk tjn nxpdrt ocsent. Jdwnvnr, tjn byb`ibc` bdkpdhnht is fcir`y `crln,sullnstihl tjct tjn nxpdrt snbtdr is sti`` quitn uia cha ct ch ihtnrknaictn stcln dfspnbic`izctidh. Qjn surprisn is Bjihc. Its nxpdrt ayhckibs crn onlihhihl td rnsnk-o`n tjdsn df c jilj-ihbdkn bduhtry.
\jct crn sdkn df tjn fcstnst-lrdwihl hnw nxpdrts (cs aistihbt frdk tjnfcstnst-ihbrncsihl nxpdrts rnpdrtna ih tco`n 2.2) frdk Kc`cysic4 Qco`n 2.?3 ists tjn?7 itnks tjct rnlistnrna tjn jiljnst lrdwtj ih vc`un. Qjny crn c kixna ocl= kdst`ybjnkibc`s cha prdbnssna prdaubts. \jntjnr tjny crn tjn dutbdkn df prdbnss
Qco`n 2.?7 Wnrbnhtcln df Bdkkdaitins Qjct Nhtnrna dr Nxitna Rn`nbtna Csich
Nxpdrt Ocsents, oy Bctnldry
Cppncrna chaNbdhdky Rtncay (%) Hnw (%) Aiscppncrna (%) vchisjna (%) Byb`ibc` (%) Wnrida
Bjihc :2.> 3.: 6.3 7.1 :.? 399>?77?77?77?77.< ?.: ?.6 ?.7 ?6.: 399>?77.6 1.2 33.? 1>.< 3996?77?77.> 399>?77 out stdppna nxpdrtihl onfdrn tjn nha df tjn pnrida5 cha byb`ibc` knchs tjct c bdkkdaity
wcs nxpdrtna irrnlu`cr`y aurihl tjn pnrida.
36Qjn lrdwtj df nxpdrts frdk c bduhtry bdkns kcih`y frdk ihtnhsivn kcrlih (ihbrncsn ihnxpdrts td tjn sckn kcrents) rctjnr tjch frdk nxpchsidh df tjn nxpdrt kcrent. Anvn`dp-
ihl bduhtrins snnk td jcvn aifffibu`ty sustcihihl c trcan dw witj c bduhtry (jilj nxitrctn), c`tjdulj tjn nhtry rctn is jilj. Qjis ffihaihl sullnsts tjct ffirksnspnbic``y skc``dhnsih anvn`dpihl bduhtrins nxpdrt skc`` quchtitins ffirst td tnst tjn nxpdrt kcrent chasuosnqunht`y anbian td nxit. Qjnsn ffirks kcy hnna onttnr kcrent ihfdrkctidh if tjny crntd survivn ih tjn nxpdrt kcrent (Ornhtdh, Hnwfcrknr, cha \c`enhjdrst ?77:).
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66 Qilnr Nbdhdkins ^hanr Qjrnct
ihhdvctidhs tjct jcvn rcisna tjn prdaubtivity df nxpdrtihl ffirks is aifffibu`t td tn``.Jdwnvnr, tjny crn df tjn `dw-tnbj vcrinty cha kirrdr tjn fnnaocbe frdk ffirks dhtjn anb`ihihl sei`` cha tnbjhd`dly ihtnhsity df prdaubtidh.
Qjn fcstnst-lrdwihl n`nbtrdhibs nxpdrts frdk Kc`cysic witj rnlcra td vc`un crn`istna ih tco`n 2.??. Virtuc``y c`` tjn prdaubts crn onihl prdaubna oy KHBs rctjnr
tjch oy Kc`cysich-dwhna ffirks. Kdst bch on b`cssiffina cs jilj-tnbj bdkkdaitinsrctjnr tjch cs ihhdvctivn prdaubts ihbdrpdrctihl cavchbns ih ehdw`naln. Kc`cysichffirks spnbic`izn ih prnbisidh kcbjihihl, ih kchufcbturihl tjn sikp`nr bdkpdhnhts,ih kceihl p`cstib cha kntc` pcrts, cha ih kceihl cutdkctidh nquipknht. Oybdkpcrisdh, Qjci`chas fcstnst-lrdwihl n`nbtrdhibs nxpdrts bdvnr kchy prdaubts fdr
Qco`n 2.?3 Fcstnst-Lrdwihl Hnw Nxpdrts frdk Kc`cysic, ?777797 Octtnry bcrodhs cha bcrodh n`nbtribc` 677 >13,?77 ?66.:itnks, hdt n`snwjnrn spnbiffina
:13.9
:>13?9 Qrchsistdrs, nxbnpt pjdtdsnhsitivn, 3:7,2797 N`nbtrib silhc`, scfnty cha trcfffib 33,>77 ?,7:7,:77 ?37.3bdhtrd``nr pcrts
:>1297 Wcrts df n`nbtribc` kcbjihns cha 37,677 3,62>,177 ?7>.1cppcrctus, hdt n`snwjnrn spnbiffina
:>2397 Wcrts df n`nbtrib sduha cha visuc` :9,>77 32,677,777 ?71.9silhc`ihl cppcrctus
97??97 Wcrts cha cbbnssdrins fdr rcaictidh :3,277 37,777,777 399.7cppcrctus
:>1?39 Kdhd`itjib ihtnlrctna