LQIRUPDomR WpFQLFR FRPHUFLDO
TEVUYIW HI IRIVKME IzPMGE ¯ QIHMpnS GSRXVSPS VIKMWXS
)RK 2YRS 7SYXMRLS EHETXEpnS * *SRWIGE 7 % 8I\XS EHETXEHS ;MRH 4S[IV 4PERXW ¯ 1IEWYVIø 'SRXVSPø 6IGSVH ¯ .913
:MWnS KIVEP 2YQ TEVUYI IzPMGS E IRIVKME GMRqXMGE IQ JSVQE HI ZIRXS q GSRZIVXMHE IQ IRIVKME IPqGXVMGE 3 VSXSV VIGIFI E IRIVKME GMRqXMGE I TEWWE E QIWQE ES KIVEHSV TEVE KIVEV E GSVVIRXI IPqGXVMGE % HMWXMRpnS XIGRSPzKMGE IRXVI ZjVMSW EIVSKIVEHSVIW q JIMXE IRXVI RnS XIV GEM\E HI ZIPSGMHEHIW I EUYIPIW GSQ WMWXIQEW HI ZIPSGMHEHI ZEVMjZIP XMTS IRKVI REKIRW TEVE EHETXEV E ZIPSGMHEHI HS ZIRXS j ZIPSGMHEHI HS VSXSV I SFXIV E RIGIWWjVME ZIPSGMHEHI GSRWXERXI RS KIVEHSV % IRIVKME KIVEHE q IRXnS XVERWJIVMHE EXVEZqW HI YQ TSWXS HI XVERWJSVQEpnS k VIHI IPqG XVMGE 9Q TEVUYI HI IRIVKME IzPMGE q EWWMQ YQ WMWXIQE GSQTPI\S IQ UYI Lj HMZIVWEW XEVIJEW HI QIHMpnS E WIVIQ VIWSPZMHEW 7IRHS RS QEV 3JJWLSVI SY RS GSRXMRIRXI
3RWLSVI E .913 XIQ S MRWXVYQIRXS EHI
116
UYEHS TEVE KEVERXMV S JYRGMSREQIRXS HS WIY TEVUYI IzPMGS WIQ TVSFPIQEW % .913 RnS Wz SJIVIGI YQE ZEWXE TERzTPME HI TVSHYXSW TEVE QIHMpnS HI XIQTIVEXYVE TVIWWnS I LYQMHEHI QEW XEQFqQ YQE I\ TIVMsRGME HI QYMXSW ERSW IQ TEVUYIW IzPMGSW
3 GSRXVSPS HS GPMQE HIRXVS HE GEFMRI TSHI WIV JIMXS EXVEZqW HI YQ XIVQS LMKVzQIXVS .913 WIRHS HIWXE JSVQE QS RMXSVM^EHE E XIQTIVEXYVE I LYQMHEHI TEVE IZMXEV E GSVVSWnS
8PD SDUWH GHVWHV VHQVRUHV SRGH VHU DSOLFDGD GXUDQWH D IDVH GR GHVHQYROYLPHQWR GH (QJHQKDULD H RXWUD SRGHUi VHU DSOLFDGD GXUDQWH D LQVWDODomR RX DSyV D PHVPD FRP R REMHFWLYR GH JDUDQWLU XPD PDQXWHQomR SUHYHQWLYD *MEFMPMHEHI I )\EGXMHnS 3 GSRXVSPS HS lRKYPS HEW TjW HS VSXSV JE^ TEVXI HI YQ WMWXIQE LMHVjYPMGS IQ UYI E TVIWWnS HS QIWQS q QIHMHE TIPS .913 '%2 XVERW T EWWMQ GSQS E XIQ TIVEXYVE E WIV QIHMHE TIPE WSRHE HI VSWGE .913
4EVE IZMXEV S TSRXS HI SVZEPLS RS TEZMQIR XS HE GEFMRI TSHIQ WIV YXMPM^EHEW EW WSRHEW HI WYTIVJuGMI .913 SY XIVQzWXEXSW HI WYTIVJuGMI .913 %8, 7; 7nS EMRHE YXMPM^EHSW WIRWSVIW HI TVIWWnS HMJIVIR GMEP TEVE QSRMXSVM^EV SW ½PXVSW HS WMWXIQE HI ZIRXMPEpnS UYI VIQSZIQ S GEPSV HMWWMTEHS RE GEFMRI I EVQjVMSW
7nS YXMPM^EHSW WMWXIQEW HI EUYIGMQIRXS HS VSXSV TEVE IZMXEV UYI EW TjW HS QIWQS RnS GSRKIPIQ I TVSZSUYIQ HERSW SY IVVSW HI GjPGYPS % QIHMpnS HE XIQTIVEXYVE q JIMXE TSV WSRHEW .913 HI WYTIVJuGMI SY TIRIXVEpnS
6SFYWXI^ )Q EPKYRW EIVSKIVEHSVIW E ZIPSGMHEHI HS VSXSV WIRHS HITIRHIRXI HE MRXIRWM HEHI HS ZIRXS ZEM WIV ENYWXEHE TIPE GEM\E HI ZIPSGMHEHIW ZEVMjZIP TEVE SFXIV E ZIPS
LQIRUPDomR WpFQLFR FRPHUFLDO
4EVE WYTSVXEV E QIHMpnS HSW VIWXERXIW TE VlQIXVSW TSHI WIV YXMPM^EHE E QMRM IWXEpnS QIXISVSPzKMGE ,( HE QEVGE (IPXE3 LQ GSQS ERIQzQIXVS YPXVE WzRMGS HI IM\SW GSQ E TSWWMFMPMHEHI HI QIHMpnS HE ZIPSGMHEHI I HMVIGpnS HS ZIRXS I EMRHE E TSWWMFMPMHEHI HI QIHMpnS HI XIQTIVEXYVE TVIWWnS I LYQMHEHI VIPEXMZE
-RSZEpnS &RQWUROR GH FOLPDWL]DomR LQWHUQD GD WRUUH 3 TIWS HI ZjVMEW XSRIPEHEW HE GEFMRI WSFVI E XSVVI I\MKI QYMXS VMKSV RE WYE GSRWXVYpnS I EW XSVVIW HI EpS IQ IWTIGMEP I\MKIQ HI XIVQMREHEW GSRHMp~IW GPMQEXqVMGEW RS WIY MRXIVMSV TEVE IZMXEV SW HERSW GEYWEHSW TIPE LYQMHEHI XEP GSQS E GSVVSWnS 0SKS I\MWXIQ XIVQSLMKVzQIXVSW .913 HIWIRLEHSW TEVE YXMPM^EpnS HI MRXIVMSV UYI IWXnS MRWXEPEHSW E ZjVMSW RuZIMW HI EPXYVE
7I E ZIRXMPEpnS REXYVEP JSV MRWY½GMIRXI TSHI Vj I\MWXMV YQ HIWYQMHM½GEHSV TEVE KEVERXMV YQE LYQMHEHI VIPEXMZE MRJIVMSV E
0RQLWRUL]DomR QR SRVWR GH WUDQVIRUPDomR 3W WMWXIQEW HI VIJVMKIVEpnS ZnS HMWWMTEV S GEPSV PMFIVXEHS TIPSW XVERWJSVQEHSVIW TEVE S I\XIVMSV TEVE IZMXEV S WSFVI EUYIGMQIRXS TSHIRHS WIV YXMPM^EHS S XIVQSLMKVzQIXVS .913 )\MWXI EMRHE YQE WSRHE HI XIQTIVEXYVE HI VSWGE .913 TEVE QIHMV E XIQTIVE XYVE HS zPIS HSW XVERWJSVQEHSVIW 2E TVz\MQE IHMpnS HE 6IRSZjZIMW 1EKE ^MRI EFSVHEVIQSW E XIQjXMGE HI 'SRXVSPS GSQ SW 4'7 -RHYWXVMEMW I QzHYPSW VIQSXSW HI EUYMWMpnS %HZERXIGL I HI 6IKMWXS GSQ (EXEPSKKIVW 8IWXS I (IPXE3,Q I VIKMWXE HSVIW .913
* *SRWIGE 7 % 8IP ø *E\ JJSRWIGE$JJSRWIGE GSQø [[[ JJSRWIGE GSQ
119