relationship between trade liberalization, growth and bop in developing countries_ timothy mahea
TRANSCRIPT
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8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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Ynfoq`lm{g`z inqtnnm
Qyoan F`inyof`{oq`lm&
Dyltqg oma Iofomkn lhZopcnmq{ `m Anxnflz`md
Kl~mqy`n{2
Om Nklmlcnqy`k
[q~ap
O{gle Zoy`eg
GTTO A@[K^[[@LM ZOZNY
Goci~yd`{kgn{ Tnf#T`y{kgoh{#Oykg`x 'GTTO)Goci~yd @m{`~n lh @mnymo`lmof Nklmlc`k{
9::1
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8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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Goci~yd`{kgn{ Tnf#T`y{kgoh{#Oykg`x 'GTTO)
Goci~yd @m{`~n lh @mnymo`lmof Nklmlc`k{
Mn~ny B~mdhnym{`nd 9? 9:;14 Goci~yd& Dnycomp
Qnfnhlm2 :1:,197 ;1 ;>>
Qnfnhow2 :1:,197 ;1 1>?
n#co`f2 gttoJgtto-an@mnymn2 gz2,,ttt-gtto-an
Qgn GTTO `{ o cnciny lh2
T`{{nm{kgoh{dncn`m{kgoh Dlhy`na T`fgnfc Fn`im`r 'TDF)
Oyin`{dncn`m{kgoh an~{kgny t`y{kgoh{t`{{nm{kgohf`kgny Hly{kg~md{`m{`~n
'OYDN)
O{{lk`o`lm a@m{`~{ N~ylznm{ an Klmblmk~yn Nklmlc`q~n 'O@NKN)
mailto:[email protected]://www.hwwa.de/http://www.hwwa.de/mailto:[email protected] -
8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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GTTO A`{k~{{`lm Zozny
Ynfoq`lm{g`z inqtnnm Qyoan
F`inyof`{oq`lm& Dyltqg oma
Iofomkn lh Zopcnmq{ `m Anxnflz`md
Kl~mqy`n{2Om Nklmlcnqy`k [q~ap
O{gle Zoy`eg
GTTO A`{k~{{`lm Zozny 978
gz2,,ttt-gtto-an
Goci~yd @m{`~n lh @mnymo`lmof Nklmlc`k{ 'GTTO)
Mn~ny B~mdhnym{`nd 9? 9:;14 Goci~yd& Dnycomp
n#co`f2 gttoJgtto-an
Qg`{ zozny to{ zynzoyna tg`fn gn o~gly to{ x`{``md gn Goci~yd @m{`~n lh
@mnymo`lmof Nklmlc`k{& Goci~yd& Dnycomp- Qgn o~gly t`{gn{ l gome Ay- Koy{nm
Gnhneny oma zoy`k`zom{ o gn {nc`moy hly gn`y ~{nh~f klccnm{ oma gn Fnxnyg~fcn
Qy~{ hly gn Ncny`~{ otoya-
Na`na ip gn Anzoycnm Tlyfa Nklmlcp
Gnoa2 ZA Ay- Koy{nm Gnhneny
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8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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GTTO A@[K^[[@LM ZOZNY 978
B~fp 9::1
Ynfoq`lm{g`z inqtnnm Qyoan
F`inyof`{oq`lm& Dyltqg oma Iofomkn
lh Zopcnmq{ `m Anxnflz`md
Kl~mqy`n{2Om Nklmlcnqy`k [q~ap
OI[QYOKQ
Qgn libnk`xn{ lh g`{ zozny oyn l {~ap gn `czok lh f`inyof`{o`lm lm yoan anh`k`{ oma
k~yynm okkl~m{ lh anxnflz`md kl~my`n{- @ `{ nwznkna go yoan f`inyof`{o`lm tl~fa
zylcln nklmlc`k dyltg hylc gn {~zzfp {`an ip fnoa`md l o clyn nhh`k`nm ~{n lh
yn{l~ykn{& ip nmkl~yod`md klczn``lm& oma ip `mkyno{`md gn hflt lh `ano{ oma
emltfnadn okyl{{ mo`lmof il~maoy`n{- Qyoan f`inyof`{o`lm kl~fa fnoa l ho{ny `czly
dyltg gom nwzly dyltg oma gnmkn gn {~zzfp {`an inmnh`{ cop in lhh{n ip gn
~m{~{o`moifn iofomkn lh zopcnm{ zl{``lm- Qg`{ {~ap ~{n{ zomnf aoo lh 19 kl~my`n{
'ilg `cn#{ny`n{ oma kyl{{#{nk`lm a`cnm{`lm) l n{`con gn nhhnk lh yoan
f`inyof`{o`lm oma dyltg lm yoan iofomkn tg`fn klmylff`md hly lgny hokly{ {~kg o{`mklcn nyc{ lh yoan- Qgn cobly h`ma`md lh gn {~ap `{ go yoan f`inyof`{o`lm
zylcln{ dyltg `m cl{ ko{n{& 'Zoy ? lh g`{ {~ap) gn dyltg `{nfh go{ o mndo`xn
`czok lm yoan iofomkn oma g`{ `m ~ym kl~fa goxn mndo`xn `czok{ lm dyltg gyl~dg
anny`lyo`lm `m yoan iofomkn oma oaxny{n nyc{ lh yoan- L~y klmkf~{`lm `{ go yoan
f`inyof`{o`lm kl~fa klm{yo`m dyltg gyl~dg oaxny{n `czok lm iofomkn lh zopcnm{-
Enp Tlya{2 Zomnf aoo& @mklcn Qnyc{ lh Qyoan& Apmoc`k Lz`c`{o`lm& Apmoc`k
zomnf clanf
BNF#Kfo{{`h`ko`lm2 K9?& K99& K9;& H?;& H?1& H;9
O{gle Zoy`eg
[kgllf lh Nklmlc`k{ oma [lk`of [~a`n{
^m`xny{`p lh No{ Omdf`o& Mlyt`kg
MY1 4QB& ^m`na E`mdalc
Zglmn2 %11#?8:;#>094?1
How2 %11#?8:;#9>:1;1
n#co`f2 O-Zoy`egJ~no#ok#~e
mailto:A.Parikh@uea-ac-ukmailto:A.Parikh@uea-ac-uk -
8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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@mqyla~kq`lm
Qg`{ {~ap nwnma{ gn zynx`l~{ tlye 'Zoy`eg oma [`yi~& 9::1) tgnyn {o`k clanf{ goxn
innm ~{na l {~ap gn ynfo`lm{g`z intnnm yoan f`inyof`{o`lm oma nklmlc`k dyltg oma
gn bl`m `czok lh f`inyof`{o`lm oma dyltg lm yoan iofomkn- L~y zynx`l~{ clanf{ oma
omofp{`{ kom in ~{nh~f l ayot knyo`m `mhnynmkn{ i~ lgnyt`{n& ` to{ omofp`koffp fn{{
{ylmd o{ gnyn nw`{na zylifnc{ lh {ny`of klyynfo`lm t`g nklmlcny`k n{`co`lm lm
zomnf ly `cn {ny`n{ aoo- Clynlxny& {znk`h`ko`lm lh yoan iofomkn ynfo`lm{g`z a`a ml
klm{`any o c~f`xoy`on apmoc`k {znk`h`ko`lm io{na lm lz`c`{o`lm gnlyp `m
`mnymo`lmof nklmlc`k{- Gltnxny& gn {~ap g`dgf`dgna {lcn cobly {n{ lh xoy`oifn{
tg`kg kom in klm{`anyna `m o apmoc`k {n`md- Qgn libnk`xn{ lh g`{ {~ap oyn l nwoc`mn
gn `czok lh f`inyof`{o`lm& dyltg oma yoan zlf`kp xoy`oifn{ lm gn yoan iofomkn oma
k~yynm okkl~m iofomkn{ `m o zomnf hyocntlye hly anxnflz`md kl~my`n{ tgnyn gn aoo
oyn hly nokg kl~myp lxny `cn oma gn{n kl~my`n{ oyn off ynona ldngny- Tn of{l
n{`con apmoc`k clanf{ lm zomnf aoo-
Tn h`y{ anh`mn gn k~yynm okkl~m `m o clyn ozzylzy`on commny gom b~{ gn yn{`a~of
hylc gn iofomkn lh nwzly{ lh dlla{ oma {nyx`kn{ fn{{ `czly{ lh dlla{ oma {nyx`kn{- O
k~yynm okkl~m anh`k` kom in anh`mna o{ gn kl~myp{ nwkn{{ lh `mxn{cnm lxny {ox`md{-
Gltnxny& gn {ox`md oma `mxn{cnm hflt{ ynzlyna `m comp mo`lmof `mklcn okkl~m{ al
ml klmhlyc kfl{nfp l gn gnlyn`koffp klyynk klmknz{ lh {ox`md oma `mxn{cnm tgnm
`mnymo`lmof koz`of cli`f`p `{ nwnm{`xn- G`{ly`koffp& k~yynm okkl~m iofomkn{ tnyn
{coff `m zl{#?01> zny`la- @m``offp g`{ to{ inko~{n lh lhh`k`of yn{y`k`lm{ lm
`mnymo`lmof koz`of clxncnm{ o{ cl{ `ma~{y`of`{na kl~my`n{ k~yynmk`n{ tnyn
`mklmxny`ifn ~m`f ?0>0- Ohny gn noyfp ?04:{ mn `mnymo`lmof koz`of hflt{ goxn
nwzomana o{ o yn{~f lh znylalffoy ynkpkf`md& gn ynclxof lh comp `ma~{y`of kl~myp
yn{y`k`lm{ lm `mnymo`lmof zopcnm{ hlfflt`md gn oalz`lm lh hflo`md nwkgomdn yon{
oma gn nkgmlfld`kof nxlf~`lm `m gn h`momk`of `ma~{yp- Qg`{ cnom{ go tn goxn l
klm{`any anh`m``lm lh k~yynm okkl~m tg`kg `{ {nm{``xn l koz`of `mhflt{ oma l~hflt{
`mkf~a`md {nyx`kn zopcnm{-
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@m {nk`lm 9 lh gn zozny tn zylx`an klczoy`{lm lh gn ankoan ?00:{ t`g ?07:{ `m nyc{
lh yoan iofomkn oma nklmlc`k dyltg `m anxnflz`md kl~my`n{ oma ynd`lm{ lh gn{n
anxnflz`md kl~my`n{- @m {nk`lm ; tn zylx`an o clanf l f`me yoan iofomkn ly k~yynm
okkl~m t`g gn alcn{`k dyltg- Qg`{ `{ io{na lm gn klm{~cz`lm {cllg`md zy`mk`zfn
hly gn mo`lm oma hlfflt{ apmoc`k lz`c`{o`lm ~many k~yynm okkl~m klm{yo`m- @m
{nk`lm 1& gn klyyn{zlma`md apmoc`k clanf `{ n{`cona ~{`md apmoc`k zomnf aoo
nkgm`q~n- Tn h`y{ offlt hly gn nmaldnm`p lh dyltg xoy`oifn `m {~kg o zylkna~yn oma
gnm tn znyc` lgny xoy`oifn{ l in ynona nmaldnml~{fp t`g dyltg- @m {nk`lm >& tn
oncz ynd`lmof omofp{`{ hly tl ynd`lm{ mocnfp Ohy`ko oma Fo`m Ocny`ko '`mkf~a`md
O{`om kl~my`n{) oma zyn{nm {lcn lh gn klmyo{`md hno~yn{ lh gn yn{~f{- [`mkn tn
goxn lmfp {coff m~ciny lh O{`om kl~my`n{ `m l~y {oczfn& o {nzoyon omofp{`{ to{ ml
klma~kna ofgl~dg gnp hlyc o zoy lh gn 19 kl~my`n{ oma of{l lh Fo`m Ocny`kom
ynd`lm- @m {nk`lm 8& tn ayot {lcn klmkf~{`lm{ lh gn {~ap-
9 Mlm#h~nf nwzlyq`md anxnflz`md kl~mqy`n{ nwkf~a`md Kg`mo
Tn klm{`any gn zny`la ?07:#?070 ankoan oma klczoyn ` t`g ?00:#?000 ankoan o{ hoy
o{ yoan iofomkn oma k~yynm okkl~m anh`k`{ oyn klmknymna hly anxnflz`md kl~my`n{-
Qgnyn to{ o {ylmd `czylxncnm `m nwnymof iofomkn lh anxnflz`md kl~my`n{- Tg`fn gn
`czylxncnm `m gn nwnymof okkl~m{ a~y`md gn ky`{`{ oma oab~{cnm zny`la lh gn noyfp#
?07:{ tnyn o{{lk`ona co`mfp t`g `czly klczyn{{`lm oma hoff`md dyltg& gn
ynfo`lm{g`z intnnm nwnymof okkl~m oma dyltg inkocn x`y~l~{ oma xnyp ~m~{~of hly
gn {gly zny`la intnnm ?07; oma ?07> tgnm nwnymof okkl~m{ `czylxna t`g y`{`md
dyltg- Qgnm& gnyn to{ o {ylmd anny`lyo`lm `m gn nwnymof zl{``lm intnnm gn pnoy{
?07477 oma gn c`a#?00:{ t`g o {t`md ioke l o anh`k` fnxnf {`c`foy l go lh gn
zynx`l~{ ankoan- Qtl hno~yn{ lh gn zl{#?074 zny`la {oma l~- '`) Qgn zny`la ?0740:
to{ kgoyokny`rna ip `mkyno{`md nwnymof anh`k`{ oma {flt`md dyltg& `-n- o klm{nffo`lm&
tg`kg `{ kfnoyfp ~m{~{o`moifn `m gn flmd y~m- A~y`md g`{ zny`la comp anxnflz`md
kl~my`n{ of{l ~manytnm o ynd`cn kgomdn `m gn`y yoan zlf`kp `m gn {nm{n go gnp
a`{comfna q~om`o`xn yn{y`k`lm{ oma yna~kna oy`hh{& oma go gnp co`mo`mna g`{
{omkn `m {z`n lh o tly{nm`md yoan okkl~m- @m lgny tlya{& gnp {lzzna ~{`md yoan
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zlf`kp cno{~yn{ hly iofomkn#lh#zopcnm{ z~yzl{n{- '``) Nxnm gl~dg nklmlc`k dyltg `m
anxnflz`md kl~my`n{ z`kena ~z clanyonfp ohny ?00:& gn yon{ okg`nxna oyn o{{lk`ona
t`g g`dgny nwnymof anh`k`{ 'l DAZ yo`l{) gom `m zynx`l~{ zny`la{- Qg`{ cnom{ go
lxny gn zo{ ankoan gnyn go{ innm om `mkyno{n `m gn nwnymof h`momk`md ynq~`yncnm
o{{lk`ona t`g omp d`xnm dyltg yon- O{ o cony lh hok& gn ynfo`lm{g`z intnnm
dyltg oma gn nwnymof zl{``lm lh gn zo{ hnt pnoy{ c`c`k{ go lh gn zny`la zy`ly l
gn nklmlc`k ky`{`{ lh gn noyfp#?07:{-
Qgn nxlf~`lm lh gn k~yynm okkl~m zl{``lm `m gn mlm#h~nf#nwzly`md#anxnflz`md
kl~my`n{ nwkf~a`md Kg`mo go{ innm foydnfp annyc`mna ip gn nxlf~`lm lh gn`y yoan oma
`mklcn okkl~m{& tg`fn gn`y iofomkn{ lm {nyx`kn{ oma k~yynm yom{hny{ goxn ml innm
{~ibnk l `czlyom kgomdn{ lxny gn zo{ gynn ankoan{-?
Qgn ankf`mn `m tlyfa `mnyn{
yon{ {`mkn ?070 go{ yna~kna gn zyn{{~yn lh ani {nyx`kn zopcnm{ lm gn k~yynm okkl~m
i~ g`{ go{ ml yom{fona `ml fltny k~yynm#okkl~m anh`k`{ a~n l gn ynmntna
anny`lyo`lm `m gn yoan okkl~m- Intnnm gn ?07:{ oma gn ?00:{& yoan anh`k`{ lh
anxnflz`md kl~my`n{ `mkyno{na {ylmdfp t`g gn yon lh dyltg ynco`m`md ip oma foydn
~mkgomdna- Qgnyn oyn o hnt mloifn nwknz`lm{ hylc g`{ io{`k zonym lh o {`c`foy
anh`k`,DAZ yo`l oma o fltny dyltg yon `m gn ?00:{ klczoyna t`g gn ankoan zy`ly l
?07:{2
gn oxnyodn nwnymof yoan zl{``lm lh anxnflz`md kl~my`n{ `mkf~a`md gn cobly
h~nf#nwzly`md kl~my`n{ go{ tly{nmna gyl~dgl~ gn zny`la5
gn dyl~z lh mlm#h~nf nwzly`md kl~my`n{ `m {~i#[ogoyom Ohy`ko go{ nwzny`nmkna
o tly{nm`md lh ilg `{ nwnymof zl{``lm oma `{ dyltg yon5
gn dyl~z lh mlm#h~nf anxnflz`md O{`o nwkf~a`md Kg`mo yo`{na `{ dyltg yon
tg`fn `czylx`md `{ nwnymof zl{``lm a~y`md gn ?07:{5 ` `{ gn lmfp ynd`lm hly
tg`kg gn ynfo`lm{g`z `m gn h`y{ gofh lh gn ?00:{ `{ ml {~i{om`offp a`hhnynm
hylc go `m gn ?04:{-
?
Qgn DAZ#yo`l lh gn {nyx`kn{ okkl~m go{ hf~k~ona intnnm : oma :-> zny knm& tg`fn go lh gn
k~yynm yom{hny{ go{ hf~k~ona intnnm ?-> oma 9-: zny knm- T`g gn h~nf#nwzly`md anxnflz`md
kl~my`n{ `mkf~ana& gn oxnyodn {nyx`kn{,DAZ yo`l inklcn{ :-7 l ;-: zny knm oma go lh gn k~yynm
yom{hny,DAZ yo`l : l :-7 zny knm- Hly ano`fna ncz`y`kof nx`anmkn& {nn Qoifn O;? `m @mnymo`lmof
Clmnoyp H~ma& Tlyfa Nklmlc`k L~qflle& xoy`l~{ `{{~n{-
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[o`{`kof nx`anmkn {glt{ go ohny o klm`m~l~{ `mkyno{n lh ilg nwzly{ oma `czly{ lh
anxnflz`md kl~my`n{ a~y`md gn ?04:{& gn`y nwzly{ {odmona oma gn`y `czly{ aylzzna
a~y`md gn h`y{ gofh lh gn ?07:{- Ip klmyo{& ilg `czly{ oma nwzly{ goxn y`{nm
{ylmdfp {`mkn ?078- Flle`md o ynd`lmof {~i#dyl~z{ {~ddn{{ go gn ayo{`k
`czylxncnm `m gn yoan iofomkn lh mlm#h~nf anxnflz`md Ocny`ko a~y`md gn ?07:{ tnyn
a~n l o {f`dg `mkyno{n `m nwzly{ i~ co`mfp a~n l o xnyp {~i{om`of klczyn{{`lm lh
`czly{- Qg`{ klmyo{{ {goyzfp t`g gn nwzny`nmkn lh mlm#h~nf anxnflz`md O{`o
nwkf~a`md Kg`mo tgl{n yoan iofomkn `czylxna `m gn ?07:{ a~n co`mfp l o xnyp {ylmd
`mkyno{n `m nwzly{#klmyoyp l anxnflz`md Ocny`ko& `czly{ of{l `mkyno{na- Gnmkn& tg`fn
`czly klczyn{{`lm `{ f`enfp l goxn kglena nklmlc`k dyltg `m anxnflz`md Ocny`ko&
y`{`md `czly{ tnyn o{{lk`ona t`g y`{`md dyltg oma y`{`md nwzly{ `m anxnflz`md O{`o-
[~i#[ogoyom Ohy`ko `{ gn lgny anxnflz`md ynd`lm go nwzny`nmkna {ylmd `czly
klczyn{{`lm a~y`md gn ?07:{ oma& klmyoyp l gn {`~o`lm `m anxnflz`md Ocny`ko& g`{
nwzny`nmkn go{ ml xnyp c~kg `czylxna lxny gn zo{ hnt pnoy{-
@ma`x`a~of kl~mqyp nwzny`nmkn
Qgn nwnymof yoan zl{``lm anny`lyona `m gn cobly`p lh kl~my`n{& tg`fn gn cobly`p lh
kl~my`n{ nwzny`nmkna y`{`md dyltg yon{ intnnm gn ?07:{ oma gn ?00:{- Gltnxny& ?>
l~ lh gn 90 kl~my`n{ t`g o anny`lyo`md nwnymof yoan zl{``lm oma y`{`md dyltgintnnm gn ?07:{ oma gn ?00:{ oyn `m anxnflz`md Ocny`ko 'Qoifn ?)- @ `{ of{l
mlntlygp go& intnnm gn ?07:{ oma gn ?00:{& off gn anxnflz`md kl~my`n{& tg`kg
goxn innm ohhnkna cl{ ip gn ynknm h`momk`of ky`{`{& '`-n- Iyor`f& @malmn{`o& Elyno&
Cofop{`o oma Qgo`foma) nwzny`nmkna o tly{nm`md `m gn`y nwnymof yoan zl{``lm oma g~{
om `mkyno{n `m gn`y nwnymof h`momk`md ynq~`yncnm{-
O znygoz{ {lcntgo {~yzy`{`md hno~yn `{ go [`mdozlyn `{ gn lmfp co`m nwzlyny lh
com~hok~yn{ tgl{n nwnymof yoan zl{``lm go{ `czylxna intnnm gn ?07:{ oma gn
?00:{& tg`fn go lh Glmd Elmd& Elyno& Cofop{`o& Cnw`kl& Qo`tom& Qgo`foma oma Q~yenp
go{ tly{nmna- @ {gl~fa ml in hlydlnm& gltnxny& go nwzly{ t`g o klczoyo`xnfp
g`dg#`mklcn nfo{`k`p lh ancoma nmklczo{{n{ o c~kg iyloany {znky~c gom
com~hok~yn{- [lcn kl~my`n{ `m gn {oczfn goxn innm oifn l `mkyno{n nwzly{ lh odyl#
`ma~{y`of dlla{& {~kg o{ hly nwoczfn Kg`fn& tgnyn nwzly noym`md{ hylc hy~` oma h`{gnyp
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oma hlyn{yp zyla~k{ goxn& ldngny& klcn l y`xof gl{n hylc klzzny& oma g`{ go{ gnfzna
gny l okg`nxn ilg `mkyno{na dyltg oma om `czylxna nwnymof zl{``lm intnnm gn
?04:{ oma gn ?00:{-
; Qgnlynq kof io{n lh k~yynmq okkl~mq oma DAZ dyltqg ynfoq lm{g`z
@m g`{ {nk`lm tn zylzl{n o apmoc`k clanf l {~ap gn ynfo`lm{g`z intnnm DAZ
dyltg oma yoan iofomkn l DAZ yo`l{- Qg`{ gnlyn`kof clanf `{ foydnfp hly anxnflzna
kl~my`n{ i~ ` zylx`an{ gn hyocntlye hly gn ynfo`lm{g`z intnnm yoan iofomkn oma
DAZ dyltg yon{ tgnm ani#DAZ yo`l `{ klm{om-
Tn klm{`any o {coff lznm nklmlcp `mgoi`na ip o ynzyn{nmo`xn odnm t`g om `mh`m`n`cn gly`rlm- Qgn nklmlcp {oy{ `m zny`la oma klm`m~n{ hlynxny- Tn mlycof`rn
zlz~fo`lm {`rn l ~m`p- Qgn ~`f`p h~mk`lm hly `mh`m`n zny`la `{
)^'K^') {{
{
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8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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nm`yn h~~yn- Qgn ynfo`lm{g`z intnnm yoan iofomkn o{ o zylzly`lm l DAZ oma gn
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okkl~m o{ znlzfn tl~fa ilyylt laop odo`m{ gn g`dgny h~~yn `mklcn- @m gn lxnyfozz`md dnmnyo`lm{
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8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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lh yoan {glke{ oma of{l gyl~dg f`inyof`ro`lm zlf`kp `m o anxnflz`md nklmlcp- O
nczlyoyp anny`lyo`lm `m nyc{ lh yoan kom ko~{n o k~yynm okkl~m anh`k`& tgnyno{ o
znycomnm anny`lyo`lm tl~fa ko~{n om `ccna`on {g`h l gn mnt fltny klm{~cz`lm
fnxnf klm{`{nm t`g nwnymof iofomkn-
@h tn o{{~cn go gn tlyfa ynof yon lh `mnyn{ `{ ml klm{om i~ `{ nq~of l gn dyltg
yon `m anxnflzna nklmlc`n{ gnm tn goxn o clanf nq~o`lm hly yoan iofomkn l DAZ
yo`l tgnyn KO3I{%?I{ 3 yI{ % QI{ oma gn yo`l lh k~yynm okkl~m l DAZ `{
nq~`xofnm l QI,DAZ%yI,DAZ 3 H'DAZ dyltg& Zyla~k`x`p {glke{)- O{ zyla~k`x`p
{glke{ oyn a~n l nyc{ lh yoan kgomdn{& dyltg `m gn anxnflzna tlyfa oma
f`inyof`ro`lm ynd`cn{& tn ~{n gn{n o{ annyc`mom{ lh zyla~k`x`p {glke{ `m yoan
iofomkn l DAZ yo`l{-
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F`inyof`ro`lm) ';-??)-
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lh aoo- Of{l& ~many {lkgo{`k hyocntlye tgnm l~z~ hlfflt{ o mlm#{o`lmoyp zog gn
ynfo`lm{g`z intnnm yoan iofomkn oma l~z~ dyltg inklcn{ mndo`xn- F`inyof`{o`lm
kl~fa `myla~kn mlm#{o`lmoy`p `m l~z~ ingox`l~y tg`kg tn ~mhly~monfp kl~fa ml
`mxn{`don t`g cnynfp ;: li{nyxo`lm{ hly nokg kl~myp oma `m {lcn ko{n{ ` `{ nxnm
fn{{- Clynlxny& f`inyof`ro`lm kl~fa iy`md {y~k~yof kgomdn oma nxnm tgnm ~m` yll
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ip gn dyltg yon `m anxnflzna kl~my`n{- [l& l~y n{`co`md nq~o`lm hly KO,DAZ `{2
KO,DAZ3H 'Tlyfa @mnyn{ Yon& DAZ dyltg& Qnyc{ lh Qyoan& F`inyof`ro`lm) ';-?9)
oma gn Tlyfa @mnyn{ yon `{ annyc`mna ip gn dyltg yon `m anxnflzna nklmlc`n{-
clanf& gn zyla~k`x`p dyltg kl~fa yo`{n gn foil~y `mklcn lh pl~md tlyeny{ i~ aln{ ml ohhnk gn
todn `mklcn{ lh gn lfany tlyeny{- O{ pl~md {oxny{ t`ff kl~m clyn gnox`fp `m oddyndon {ox`md gom
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8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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@m gn oilxn ynfo`lm{g`z{& tn nwznk `mnyok`lm{ intnnm f`inyof`ro`lm oma DAZ dyltg
oma f`inyof`ro`lm oma nyc{ lh yoan- Qgn coyd`mof nhhnk lh DAZ dyltg lm QI,DAZ
t`ff in mndo`xn 'ly zl{``xn okklya`md l lmn x`nt) o{ anxnflz`md kl~my`n{ oyn f`enfp l
dylt ho{ny gom anxnflzna kl~my`n{ oma gn`y `czly zylznm{`p t`ff in g`dgny gom
nwzly zylznm{`p `m gn {gly#y~m- Clynlxny& gn coyd`mof `czok lh gn nyc{ lh yoan
t`ff in zl{``xn o{ o hoxl~yoifn kgomdn `m gn nyc{ lh yoan lh anxnflz`md nklmlc`n{ t`ff
fnoa l om `czylxncnm `m QI,DAZ yo`l- Qgn g`dgny dyltg `m anxnflzna nklmlc`n{
t`ff `czylxn gn yoan iofomkn l DAZ yo`l o{ gn anxnflz`md kl~my`n{ oyn f`enfp l
nwzly clyn l gn anxnflzna tlyfa '{`mkn dyltg `m gn `ma~{y`of`rna tlyfa kynon{
ancoma hly klccla``n{ oma yot#cony`of{ `mkf~a`md `mnycna`on zyla~k{)-
1 Qyoan iofomkn oma dyltqg ynfoq`lm{g`z{& {qy~kq~yof kgomdn oma Apmoc`k Zomnf
Clanf{
Tn n{`cona o apmoc`k clanf t`g lmn oma tl fod{ oma zynhnyna gn clanf t`g lmn
fod- Off nq~o`lm{ tnyn n{`cona ip Dnmnyof {na Cngla lh Clcnm{- Inhlyn gn{n
clanf{ tnyn n{`cona tn klm{`anyna {o`k zomnf aoo clanf{ 't`gl~ fod{) oma
lio`mna n{`con{ hylc h`wna nhhnk{ oma yomalc nhhnk{ clanf{8- Tn ty`n gn nq~o`lm
hly o apmoc`k clanf `m gn hlfflt`md hlyc2
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p`q `{ gn yoan iofomkn ly k~yynm okkl~m l DAZ `m znyknmodn{& W`q `{ o {n lh
nwzfomolyp xoy`oifn{ mocnfp f`inyof`ro`lm& dyltg `m ynof DAZ& z~ykgo{`md zltny lh
nwzly{ 'nyc{ lh yoan)& oma `mnyok`lm{ lh f`inyof`{o`lm t`g z~ykgo{`md zltny lh
nwzly{ oma lh f`inyof`{o`lm t`g gn dyltg yon `m ynof DAZ `m anxnflz`md oma
anxnflzna nklmlc`n{- q `{ gn nhhnk{ lh `cn ly pnoy a~cc`n{ oma cop in ynzyn{nmna
o{ kpkf`kof `czok{ lm yoan iofomkn l DAZ znyknmodn{- Tgnm gn anznmanm xoy`oifn `{
lfa a`{{oxny{& {ox`md t`ff nma l y`{n oma gn k~yynm okkl~m l `czylxn- 'Li{hnfa ?00>)-
8Yn{~f{ lh gn{n kom in lio`mna hylc gn o~gly- Qgn{n clanf{ ~{`md zomnf aoo omofp{`{ a`hhny okklya`md
l tgngny gnp yno `mnyknz zoyocnny{ o{ yomalc ly h`wna okyl{{ gn {oczfn- Qgn n{`coly{ `m gn
yomalc nhhnk{ clanf oyn gn dnmnyof`rna fno{ {q~oyn{ n{`coly{& oma gnp klci`mn gn t`g`m oma
intnnm kl~myp n{`coly{ ~{`md gn klyyn{zlma`md yn{`a~of xoy`omkn{ o{ tn`dg{- Hly nfncnmoyp zomnf
aoo nkgm`q~n{ {nn Blgm{lm '?008)- Hly {znk`of ynocnm lh zomnf aoo clanf{& {nn Iofod` '?00>) oma
Tllfay`adn '9::9)-
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8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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k~yynm okkl~m l DAZ znyknmodn{& tn ~{n gn ani ynfona xoy`oifn{ mocnfp ani
{nyx`kn l zopcnm{ yo`l{& omm~of dyltg `m okk~c~fona flmd#nyc ani oma znyknmodn
kgomdn `m tlyfa `mnyn{ yon{4-
Tn nwznk gn {`dm lh gn klnhh`k`nm{ l in zl{``xn t`g yn{znk l z~ykgo{`md zltny lh
nwzly{ oma dyltg `m anxnflzna nklmlc`n{ tg`fn tn nwznk mndo`xn {`dm t`g yn{znk
l dyltg `m ynof DAZ oma l`f zy kn{- Qtl#pnoy fod{ oyn ~{na lm gn o{{~cz`lm go fod{
oyn ml f`enfp l in flmdny-
Nxnm `hp`q#? oma q oyn ml klyynfona& oma qaln{ ml ozzylokg `mh`m`p 'q3;? `m l~y ko{n)
gnm n{`co`lm ip h`wna nhhnk{ ly yomalc nhhnk{ `{ ml klm{`{nm nxnm `hm 'm~ciny lh
kl~my`n{) dln{ l `mh`m`p- Oynffoml oma Ilma '?00?) {~ddn{ om ofnymo`xn zylkna~yn
go klyynk{ ml lmfp hly gn i`o{ `myla~kna ip gn foddna nmaldnml~{ xoy`oifn& i~ of{l
znyc`{ o andynn lh nmaldnmn`p `m gn lgny yndyn{{ly{ '{~kg o{ Dyltg xoy`oifn lm gn
y`dg goma {`an xoy`oifn o{ o {~i{n lhW coy`w)- Qgn Dnmnyof`rna Cngla lh Clcnm{
N{`coly h`y{ a`hhnynmkn{ nokg xoy`oifn oma gnm ~{n{ gn foddna xof~n{ lh nokg lh gn
xoy`oifn{ o{ `m{y~cnm{- [znk`h`koffp&
`q`q`q`q`q ppp %%%3 IW99?? '1-9)
Qgn h`y{ gynn li{nyxo`lm{ oyn fl{ a~n l fod{ oma a`hhnynmk`md- O{{~c`md go qoyn ml
o~lklyynfona hly nokg ` o q31& p`? oma p`9 oyn xof`a `m{y~cnm{ hly foddna xoy`oifn{-
[`c`foyfp& o q3>& p`?& p`9 oma p`; oyn xof`a `m{y~cnm{- Tn g~{ n{`con gn apmoc`k
clanf ~{`md gn oilxn zylkna~yn-7
4
Tn nwznk gn k~yynm okkl~m l anny`lyon t`g om `mkyno{n `m ani& `mkyno{n `m {nyx`kn zopcnm{ oma om`mkyno{n `m tlyfa `mnyn{ yon{- Nwznkna {`dm{ oyn mndo`xn t`g yn{znk l nokg lmn lh gnc-
7Clmn Koyfl {`c~fo`lm go{ {gltm go hly zomnf{ t`g q3> ly 8& gn i`o{ lh gn klnhh`k`nm{ lh foddna
anznmanm xoy`oifn kom in {`dm`h`kom& ofgl~dg gn i`o{ hly gn klnhh`k`nm{ lm lgny y`dg goma {`an
xoy`oifn{ nma{ l in c`mly-
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8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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Yn{~fq{ lh Oynffoml#Ilma N{q`coq`lm lm qgn Tglfn [oczfn hly qgn Nmq`yn zny`la oma
{~i#Zny`la{
@m Qoifn{ 9O& 9I oma 9K& gn yn{~f{ lh apmoc`k clanf{ oyn zyn{nmna hly gn zny`la
?07:#?000 ~{`md o {oczfn aoo lh 19 kl~my`n{- Qgn zomnf `{ ~miofomkna o{ tn al ml
goxn aoo hly off gn pnoy{ hly off kl~my`n{- Aoo hly noyf`ny zny`la tnyn ml klm{`{nmfp
oxo`foifn oma gnmkn tn goxn nwkf~ana zny`la ?04: l ?040- L~y {~ap `{ lxny gn zny`la
?07:#?000- H`y{ a hhnynmkn{ ynclxn gn h`wna nhhnk{ oma d`xnm gn apmoc`k{& tn
`myla~kn foddna nhhnk{ lm kgomdn{ `m QIDAZ? oma KODAZ? `m yn{znk`xn yoan
iofomkn oma k~yynm okkl~m nq~o`lm{- Tn {lcn`cn{& h`ma go ilg dyltg oma foddna
dyltg nhhnk{ oyn mndo`xn lm yoan iofomkn- 'Qoifn 9K)- Qg`{ of{l klmh`yc{ go gn
ho{ny alcn{`k dyltg nhhnk{ yoan iofomkn oaxny{nfp- F`inyof`{o`lm `mkyno{n{ k~yynm
okkl~m anh`k`{ o{ `m Qoifn 9O- Lxnyoff f`inyof`{o`lm anny`lyon{ yoan anh`k`{ i~ `{
nhhnk{ klcn gyl~dg nyc{ lh yoan `mnyok`lm t`g f`inyof`{o`lm- @m Qoifn 9O&
f`inyof`{o`lm `{ ~{na o{ o a~ccp oma of{l o {flzn a~ccp tgnyn ` `{ `mnyok`md t`g
`mklcn nyc{ lh yoan- Qg`{ cnom{ go f`inyof`{o`lm ohhnk{ nyc{ lh yoan oma gn nyc{
lh yoan t`g f`inyof`{o`lm go{ o mndo`xn `czok lm yoan iofomkn- @m Qoifn 9I& l~y
yn{~f{ `ma`kon go f`inyof`{o`lm lm `{ ltm go{ o mndo`xn `czok ofgl~dg gn
klnhh`k`nm `{ ml {`dm`h`kom- Dyltg `m anxnflzna tlyfa nma{ l `czylxn yoan iofomkn
`m anxnflz`md kl~my`n{ tg`fn ` nma{ l tly{nm k~yynm okkl~m iofomkn okklya`md l
yn{~f{ lh Qoifn 9I- @m Qoifn{ 9I oma 9K `cn a~cc`n{ oyn ~{na tg`fn Qoifn 9O aln{ ml
~{n `cn a~cc`n{- Q`cn a~cc`n{ `ma`kon go gnyn oyn o~lmlcl~{ nhhnk{ oma {~kg
nhhnk{ kl~fa in klyynfona t`g kl~myp#`mxoy`om oaxomkna kl~my`n{ dyltg yon{- Qgn
nyc{ lh yoan goxn {`dm`h`kom zl{``xn nhhnk{ lm yoan iofomkn i~ `mnyok`lm t`g
f`inyof`{o`lm xoy`oifn go{ mndo`xn nhhnk- 'Qoifn 9O)-
>- Ynd`lmof Omofp{`{ oma [~i#Zny`la Clanf{
@ c`dg in tlygtg`fn l flle o gn yn{~f{ ip ynd`lm{ oma ip {~i#zny`la{- @{ gnyn omp
nx`anmkn lh kgomdn `m gn ynfo`lm{g`z intnnm yoan iofomkn oma nklmlc`k dyltg
intnnm a`hhnynm {~i#zny`la{< L~y ^MKQOA '?000) {~ap anclm{yona go gn
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8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
16/28
?9
ynfo`lm{g`z intnnm yoan iofomkn oma DAZ dyltg kl~fa goxn kgomdna hylc lmn ankoan
l gn mnw- @m lyany l {~ap g`{ o{znk tn {goff nwoc`mn gn n{`con{ lh gn zny`la{
?07:#70 oma ?00:#00 ~{`md gn aoo lh o{ comp kl~my`n{ o{ zl{{`ifn `m nokg lh gn{n
zny`la{- @ `{ gn n{`co`lm io{na lm zomnf aoo oma tn ~{n gn If~manff#Ilma '?007)
apmoc`k zomnf n{`coly- Tn mlt al ml n{`con k~yynm iofomkn l DAZ nq~o`lm- Off
yn{~f{ ynhny l QIDAZ? oma gnp oyn lio`mna ~{`md [p{nc DCC oma nq~o`lm DCC
o{ gnp oyn nwzfo`mna `m Ilma '9:::)- Qgn{n yn{~f{ oyn zyn{nmna `m Qoifn{ ;O oma ;I-
Qnyc{ lh yoan goxn {`dm`h`kom nhhnk{ lm yoan iofomkn a~y`md ?07:#70 zny`la t`g gn
tl {nz {p{nc DCC- Dyltg xoy`oifn aln{ ml goxn {`dm`h`kom ynfo`lm{g`z t`g
QIDAZ? oma g`{ cnom{ go ofgl~dg gn ynfo`lm{g`z `{ mndo`xn& ` aln{ ml goxn
goych~f nhhnk{ lm yoan iofomkn- 'Qoifn ;O) F`inyof`{o`lm lm `{ ltm aln{ ml goxn
{`dm`h`kom `czok lm QIDAZ? a~y`md ?07:#70 zny`la- Qgnyn {nnc{ l in {`dm`h`kom
nx`anmkn go gn ynfo`lm{g`z intnnm yoan iofomkn oma DAZ dyltg `{ mndo`xn `m
?00:#9::: ankoan tg`fn ofgl~dg gn ynfo`lm{g`z `{ mndo`xn& ` `{ ml {`dm`h`kom hly gn
zynx`l~{ ankoan 'Qoifn ;I)- F`inyof`{o`lm `{ nma`md l goxn mndo`xn `czok lm
QIDAZ? a~y`md gn zny`la ?00:#9:::- Tn g~{ n{oif`{g go {lcn lh gn klmkf~{`lm{
tn cnm`lmna `m [nk`lm 9 oyn xof`a okklya`md l gn apmoc`k zomnf n{`coly-
Qoifn 1 ynzly{ yn{~f{ hly Ohy`kom kl~my`n{ hly tl {~i#zny`la{ ?07:#70 oma ?00:#00-
Hly gn h`y{ zny`la& off `cn a~cc`n{ tnyn `m{`dm`h`kom- Tn goxn om ~miofomkna zomnf
i~ tgnm li{nyxo`lm{ oyn a`hhnynmkna l~ tn goxn xnyp hnt li{nyxo`lm{ hly nokg ankoan
lh ?07:#70 oma ?00:#9:::- Qgn foddna anznmanm xoy`oifn go{ o {coff klnhh`k`nm
ofgl~dg {`dm`h`kom- Qgn {`dm lh dyltg xoy`oifn hly ?00:#9::: ankoan `{ mndo`xn oma
{`dm`h`kom i~ ml hly ?07:#70 zny`la- F`inyof`{o`lm go{ o mndo`xn oma {`dm`h`kom
klnhh`k`nm hly gn ?00:#9::: zny`la oma om `mkyno{n `m f`inyof`ro`lm cop fnoa l ?-0>
znyknmodn zl`m ankf`mn `m yoan iofomkn- Hly gn h`y{ zny`la& oaxomkna kl~my`n{ dyltg
go{ o {`dm`h`kom ylfn l zfop `m `czylx`md yoan iofomkn- Lxnyoff& tn h`ma go gn
ynfo`lm{g`z `{ a`hhnynm intnnm tl zny`la{ oma l~y gpzlgn{`{ oil~ f`inyof`ro`lm0
oma
0
Tn ~{na lgny xoy`o`lm{ lh gn nq~o`lm{ hly K~yynm okkl~m oma Qyoan iofomknxoy`oifn{- Dyltg to{ mnxny {`dm`h`komfp ynfona l yoan iofomkn ly k~yynm okkl~m `m
gn h`y{ zny`la- F`inyof`{o`lm go{ yna~kna ilg yoan okkl~m oma k~yynm okkl~m
iofomkn{ `m Ohy`ko `m gn zny`la ?00:#9:::- Qgn alc`mom mndo`xn nhhnk lm yoaniofomkn klcn{ hylc `{ `mnyok`lm{ t`g nyc{ lh yoan- F`inyof`{o`lm cop anny`lyon
-
8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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?;
alcn{`k dyltg ilg gox`md anny`lyo`md `czok{ lm yoan iofomkn `m gn ?00:#9:::
`cn zny`la& `{ klmh`ycna-
@m Qoifn >& tn ~{n gn nm`yn {oczfn hly Ohy`kom oma Fo`m Ocny`kom nklmlc`n{- Hly
Ohy`kom nklmlcp& dyltg `m oaxomkna kl~myp zfop{ o zl{``xn oma {`dm`h`kom ylfn `m
`czylx`md yoan iofomkn- Qg`{ cop `czfp go gn ingox`l~y lxnyoff `{ xnyp a`hhnynm
intnnm tl zny`la{- Hly Fo`m Ocny`kom nklmlc`n{& dyltg go{ o mndo`xn `czok lm
yoan iofomkn5 om `mkyno{n `m `mklcn nyc{ lh yoan `czylxn{ yoan iofomkn& f`inyof`ro`lm
`{ ml {`dm`h`kom oma apmoc`k clanf `{ zfo~{`ifn- Comp `cn a~cc`n{ hly Fo`m
Ocny`ko oyn {`dm`h`kom {l gnyn `{ o dyno anof lh o~lmlcl~{ nhhnk lm yoan iofomkn oma
o{ om`k`zona& gn nhhnk `{ zl{``xn ~z l ?077 oma o{ tn cnm`lmna inhlyn g`{ to{ gn
zny`la tgnm ilg yoan iofomkn oma nklmlc`k dyltg `czylxna- Qgn ankoan lh ?00: hly
Fo`m Ocny`ko?: {glt{ o tly{nm`md lh yoan iofomkn oma g`{ `{ koz~yna l {lcn nwnm
`m `cn a~cc`n{-
@m Qoifn 8& tn zylx`an yn{~f{ lh Fo`m Ocny`kom yoan iofomkn nq~o`lm{ hly tl
a`hhnynm zny`la{- Tn h`ma go gn dyltg klnhh`k`nm{ oyn ml {`dm`h`kom hly gn h`y{
zny`la tg`fn hly gn {nklma zny`la gnp oyn g`dgfp {`dm`h`kom oma mndo`xn {~ddn{`md
go dyltg anny`lyon{ yoan iofomkn- Qgn dyltg `m oaxomkna kl~my`n{ `czylxn{ yoan
iofomkn `m Fo`m Ocny`kom oma O{`om nklmlc`n{- Qnyc{ lh yoan goxn zl{``xn `czok lm
yoan iofomkn `m ilg zny`la{ tg`fn f`inyof`ro`lm lm `{ ltm `{ ml {`dm`h`kom `m n`gnyzny`la- Odo`m tgnm tl zny`la{ oyn {~a`na {nzoyonfp oma t`g gn h`y{ a`hhnynmk`md gn
m~ciny lh li{nyxo`lm{ `{ {coff- L~y [p{nc#DCC a`a ml zyla~kn {`dm`h`kom yn{~f{ lm
o foydn m~ciny lh xoy`oifn{-
nyc{ lh yoan o{ `czly{ nwzoma o o ho{ny yon oma `czly zy`kn{ c`dg y`{n ho{ny gomnwzly zy`kn{ fnoa`md l anny`lyo`lm `m nyc{ lh yoan oma g`{ `m ~ym kl~fa fnoa l yoan
iofomkn anny`lyo`lm- Hly Ohy`kom nklmlc`n{& f`inyof`{o`lm `mnyok`md t`g dyltg go{ o
zl{``xn `czok lm yoan iofomkn-?:
Tn lmfp klm{`anyna yoan iofomkn l DAZ oma tl clanf{& lmn t`g `cn a~cc`n{ oma
omlgny t`gl~ `cn a~cc`n{ oyn n{`cona- Dyltg `{ {`dm`h`komfp mndo`xnfp ynfona lyoan iofomkn `m ilg clanf{- Tgo tn kom `mhny gnyn `{ go ho{ny nklmlc`k dyltg `m
O{`om oma Fo`m Ocny`kom kl~my`n{ tl~fa fnoa l o ankf`mn `m yoan iofomkn o{ `czly
dyltg hoy nwknna{ nwzly dyltg- [~yzy`{`mdfp& dyltg `m oaxomkna kl~my`n{ aln{ mlynclxn zyn{{~yn lm yoan iofomkn ly k~yynm okkl~m iofomkn-
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8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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?1
8- [~ccoyp oma Klmkf~{`lm2
Lmn lh gn cobly `{{~n{ `{ gn koz`of h`momk`md ynq~`yncnm{ `m gn zyn{nmkn lh yoan
anh`k`{ `m gn {gly oma cna`~c y~m hly anxnflz`md nklmlc`n{- Dfliof`{o`lm go{ coan
ilg anxnflz`md oma anxnflzna kl~my`n{ g`dgfp `mnyanznmanm- @h anxnflz`md kl~my`n{
tnyn l kokg ~z t`g anxnflzna kl~my`n{ `m gn`y zny koz`o `mklcn& nmlycl~{ gnfz hylc
anxnflz`md kl~my`n{ cop in mnnana hylc anxnflzna kl~my`n{ ip top lh koz`of
h`momk`md- L~y {~ap {nnc{ l `ma`kon go gnyn oyn a`hhny`md zonym{ lm yoan anh`k`{
okyl{{ xoy`l~{ dnldyozg`kof ynd`lm{ oma of{l a~y`md gn ankoan lh ?00:#?000- Qyoan
f`inyof`ro`lm go{ `mkyno{na gn `czly{ lh comp anxnflz`md kl~my`n{ oma ofgl~dg ohny
`m``of zgo{n lh `czly dyltg nwzly{ z`kena ~z `m {lcn anxnflz`md kl~my`n{& lm gn
tglfn& ` ynco`mna `m{~hh`k`nm l moyylt gn yoan anh`k`{- Yoz`a f`inyof`{o`lm to{
{lcn`cn{ hlffltna ip foydn `mhflt{ lh koz`of& k~yynmkp ozzynk`o`lm oma cl~m`md
yoan anh`k`{& i~ ` lhnm nmana ~z t`g o ky`{`{ `mxlfx`md ynxny{of lh koz`of `mhflt{&
klffoz{n oma lxny{gll`md lh nwkgomdn yon{& {goyz k~{ lh `czly{ oma o annz nklmlc`k
klmyok`lm-
Tn h`ma go yoan f`inyof`ro`lm aln{ goxn {`dm`h`kom ynfo`lm{g`z t`g nklmlc`k dyltg
oma,ly yoan anh`k`{ `m {gly l cna`~c#y~m- K~yynm okkl~m anh`k`{ goxn {lcn`cn{
`mkyno{na inko~{n lh yoan f`inyof`ro`lm `m Ohy`kom nklmlc`n{ a~y`md gn zny`la ?07:#
?000- L~y {`dm`h`kom ynfo`lm{g`z intnnm f`inyof`ro`lm oma yoan anh`k`{ oma nklmlc`k
dyltg oma yoan anh`k`{ `{ hly Fo`m Ocny`kom oma O{`om nklmlc`n{ hly gn fony
ankoan- Qg`{ {nnc{ l `ma`kon go gn`y koz`of h`momk`md ynq~`yncnm{ oyn c~kg g`dgny
gom gn tlyfa klcc~m`p go{ innm oifn l zylx`an oma yoz`a f`inyof`ro`lm go{ lhnm
ko~{na h`momk`of ky`{`{ oma ani zylifnc{ `m Fo`m Ocny`kom oma {lcn O{`om nklmlc`n{-
L~y {~ap go{ comp f`c`o`lm{ o{ gn aoo `moanq~ok`n{ alc`mon gn clanf n{`co`lm-
Qgn cno{~yn{ lh yoan f`inyof`ro`lm {~kg o{ [okg{#Toymny '?00>) ly Tokr`oyd '9::?) al
ml oen `ml okkl~m a`hhnynm `mnm{``n{ lh f`inyof`ro`lm `m a`hhnynm `cn zny`la{- L~y
{~ap go{ ml klm{`anyna f`inyof`ro`lm oncz ip omp anxnflzna nklmlcp- Qoy`hh oma
mlm#oy`hh ioyy`ny{ lm o {`dm`h`kom {kofn nw`{ `m anxnflzna kl~my`n{ hly ody`k~f~yof
zyla~k{ ncnyd`md hylc anxnflz`md nklmlc`n{-
-
8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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?>
Ynhnynmkn{
Oynffoml& C- oma Ilma& [- Y- '?00?)& [lcn Qn{{ lh [znk`h`ko`lm hly Zomnf Aoo2 Clmn
Koyfl Nx`anmkn oma om Ozzf`ko`lm l Nczflpcnm Nq~o`lm{& Ynx`nt lh Nklmlc`k
[q~a`n{& Xlf->7& zz-94404-
Iofod`& I- '?00>)&Nklmlcnqy`k Omofp{`{ lh Zomnf Aoqo& Blgm T`fnp ( [lm{-
If~manff Y- oma Ilma [- '?007) @m``of Klma``lm{ oma Clcnm Yn{y`k`lm{ `m Apmoc`k
Zomnf Aoo Clanf{&Bl~ymof lh Nklmlcnqy`k{& 74& ??>#?1;
Ilma& [- Apmoc`k Zomnf Aoo Clanf{2 O D~`an l C`kyl Aoo Cngla{ oma Zyok`kn
@m{`~n lh H`{kof [~a`n{& Flmalm& Zozny :0,:9-
@mnymo`lmof Clmnoyp H~ma& Tlyfa Nklmlc`k L~qflle& xoy`l~{ `{{~n{-
Blgm{lm& B- '?008)&Nklmlcnqy`k Cnqgla{& Mnt Plye2 CkDyot G`ff-
Li{hnfa& C- '?00>)& Qgn @mnynczlyof Ozzylokg l gn K~yynm Okkl~m& Kgozny ;1 `m
Gomaille lh @mqnymoq`lmof Nklmlc`k{& Xlf-@@@& na`na ip D- Dyl{{com oma
E- Yldlhh& Nf{nx`ny [k`nmkn I-X-
Li{hnfa& C- oma Yldlhh& E- '?004)& Hl~maoq`lm{ lh @mqnymoq`lmof Cokylnklmlc`k{&
Kociy`adn CO2 Okoanc`k Zyn{{-
Zoy`eg& O- oma [`yi~& K- '9::1)& Ynfo`lm{g`z Intnnm Qyoan F`inyof`{o`lm& Nklmlc`k
Dyltg oma Qyoan Iofomkn2 Om Nklmlcny`k @mxn{`do`lm& GTTO A`{k~{{`lm Zozny
Ml- 979& Goci~yd @m{`~n lh @mnymo`lmof Nklmlc`k{& Goci~yd&?#>:
[okg{& B- oma Toymny& O- '?00>)& Nklmlc`k Ynhlyc oma gn Zylkn{{ lh Dfliof
@mndyo`lm&Iylle`md{ Zozny{ lm Nklmlc`k Okq`x`qp& Xlf-?& zz-???7-
^MKQOA '?000)& Qyoan oma Anxnflzcnmq Ynzlyq& ^m`na Mo`lm{& Dnmnxo& [t`rnyfoma-
Tllfay`adn& B- C- '9::9)& Nklmlcny`k Omofp{`{ lh Kyl{{ [nk`lm oma Zomnf Aoo&Kociy`adn CO-
Tokr`oyd& Y- '9::?)& Cno{~y`md qgn apmoc`k do`m{ hylc qyoan& Tlyfa Iome Nklmlc`k
Ynx`nt& Xlf- ?> ';)& zz- ;0;#190-
Tlyfa Iome '?007)& Dfliof Nklmlc`k Zny{znkq`xn{ ?007,00& To{g`mdlm AK2 Tlyfa
Iome-
-
8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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?8
Qoifn ?Qyoan okkl~m l DAZ yo`l oma DAZ dyltg2 ?07008 klczoyna t`g ?07977
@czylx`md yoan okkl~m Anny`lyo`md yoan okkl~m
Clyn gom ?:. > l ?:. 9 l >. : l 9. : l 9. 9 l >. >
Clyn gom>. dyltg[py`o F`ipo @yom DD
; l >. ZMD[`mdozlyn
BlyaomQy`m`aoaomaQliodl
Doilm Oydnmq`mo Ilf`x`o DFCMZ^
? l ;. Inm`mM`dny`o
[o~a`Oyoi`o
Cof` M`dny Nk~oaly Kg`fnH`b`@malmn{`oZny~Qgo`foma
EC
Y`{`mdDyltg
: l ?. Xnmnr~nfo Iomdfoan{gKlflci`o[y` FomeoQ~m`{`o
Kln a$@xly`n Alc`m`komYnz-Glma~yo{Boco`ko
Mnzof
Z
Hoff`mdDyltg
: l ?. D~`mno I`{{o~ Klmdl KOYKg`mo[nmndof
@ma`o Kl{o Y`koRoci`o
C
? l ;. I~ye`mo Ho{l Zoe`{qom Ofdny`oKpzy~{Clylkkl
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; l >. Kgoa Qldl Ioyioal{NdpzqGo``
[`nyyo Fnlmn Q
Clyn gom>.
Kocnyllm @yoq Il{tomoAnclkyo`kYnz lh Klmdl
Ytomao
I~y~ma`
?7 i`d kl~my`n{ `m ilfa 'anh`mna o{ foydn{ DAZ `m ?00:#0> oma DAZ dynony gom ^[ !8: i`ff`lm `m ?004 nwkf~a`md gn cobly l`f#nwzl[`mdozlyn)- 0 cobly l`f nwzly`md kl~my`n{ `m `of`k{- 0 co`m nwzlyny{ lh com~hok~yn{ ~manyf`mna-
Off aoo hylc NQ[ nwknz aoo lm k~yynm DAZ oyn hylc Tlyfa Anxnflzcnm @ma`koly{ hly Dgomo& @ma`o& Boco`ko& Cofop{`o& Co~y`om`o& M`dn
Fnlmn& [y` Fomeo& Qgo`foma& Qy`m`aoa oma Qliodl& R`cioitn- O{ ml aoo lm k~yynm DAZ oyn oxo`foifn hly ?008 hly Ioyioal{& Ilf`x`o& Docioma [~aom& gn {nklma zny`la klczy`{n{ lmfp ?0700> hly gn{n kl~my`n{-
-
8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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?4
Qoifn 9O
Yndyn{{`lm Klnhh`k`nm{& R#{o`{`k2 Oynffoml#Ilma Apmoc`k Zomnf N{`co`lm ?07:#00
'19 kl~mqy`n{ ^miofomkna Zomnf)
QIDAZ? KODAZ?
Mocn lh gnXoy`oifn
Klnhh`k`nm R#{o`{`k Klnhh`k`nm R#{o`{`k
QIDAZ'#?) :-4;;>""" 90-11
KODAZ'#?) :->?07""" 7-::
DYLTQG #:-:;18" #?-0; :-::9: :-?9
F@IDYLTQG :-:?90 :-1;
ZZ@ :-:?19""" ;-;> :-::9? ?-80
F@INY :-;?84 :->1 #:-;119" #?-0:
F@IZZ@ #:-:?:1"" #9-;>
OAXDY :-::?7 :-?1 :-:9;1""" ;-:9
ANIQ[Y ?-;;8> :-47
DFQALF #:-::>7"" #9-?9K@MQNYN[Q :-::9> ?-0?
KLM[QOMQ :-:170"" 9-48 :-:;4;"" 9-47
H`y{ Lyany OK #?9-01 ':-:::) #;-:1 ':-::91)
[nklma Lyany
OK
?-77 ':-:8:1) ?-99 ':-99:7)
Tofa 9 914-07 '7 AH)M~ciny lh Li{ 777 710
[oydom Qn{ 9 8>>-;> ':-::)Q`cn A~cc`n{ oyn ml ~{na-
"""[`dm`h`kom o ?. fnxnf& ""[`dmh`kom o >. fnxnf& "[`dm`h`kom o ?:. fnxnf
-
8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
22/28
?7
Qoifn 9I
Yndyn{{`lm Klnhh`k`nm{& R#{o`{`k lh Oynffoml#Ilma Apmoc`k Zomnf N{`co`lm ?07:#00
'19 kl~mqy`n{ ^miofomkna Zomnf) T@QG Q@CN A^CC@N[
QIDAZ? KODAZ?
Mocn lh gn
Xoy`oifn
Klnhh`k`nm R#{o`{`k Klnhh`k`nm R#{o`{`k
QIDAZ'#?) :-41:8""" 9:-7;
KODAZ'#?) :-188>""" 7->8
DYLTQG #:-:981 #?-9: :-:?9;8 :-81
DYLTQG'#?)
ZZ@ :-::>7""" ;-81 :-::91 ?-8?
F@INY #:->78: #?-;0 #:-94:> #:-40
OAXDY :-:?8? :-8? #:->8>>"" #9-97
F@IDYLTQG #:-::89 #:-?7
ANIQ[Y ?-1947 :-0:
DFQALF :-::>; :-44
K@MQNYN[Q :-:8?7"" 9-;?KLM[QOMQ ?-889>"" 9-;;
H`y{ Lyany OK #7-7:':-:::) #;-4>':-:::9)
[nklma Lyany
OK
?-80':-:0:8) :-49 ':-1874)
Tofa 9 807-84 '99AH) ?141-4: '9;AH)M~ciny lh Li{ >;4 809
[oydom Qn{ 9 ;99-08':-:::)Pnoy A~cc`n{ ~{na-"""[`dm`h`kom o ?. fnxnf& ""[`dmh`kom o >. fnxnf& "[`dm`h`kom o ?:. fnxnf
-
8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
23/28
?0
Qoifn 9K
Yndyn{{`lm Klnhh`k`nm{& R#{o`{`k lh Oyoffnml#Ilma Apmoc`k Zomnf N{`co`lm ?07:#00
'19 kl~mqy`n{ ^miofomkna Zomnf) T@QG Q@CN A^CC@N[
QIDAZ? KODAZ?
Mocn lh gn
Xoy`oifn
Klnhh`k`nm R#{o`{`k Klnhh`k`nm R#{o`{`k
QIDAZ'#?) :-4:97""" 8-?8
KODAZ'#?) :-11;8""" 4-09
DYLTQG #:-:;8: #?-;9 #:-:?9; #:-81
DYLTQG'#?) #:-:;;>"" #9-9; :-::;0 :-1>
ZZ@ :-:?1?"" 9-40 :-::49"" 9-;7
F@INY :-4?70 ?-?: :-1019 ?-:7
F@IZZ@ #:-::>;" #?-40
OAXDY :-:>80"" 9-?4 :-:988 ?-;?
OAXDY'#?) #:-?:7; #;-8? #:-:4;;""" #;-:7
F@IDYLTQG
ANIQ[Y ?-9:?> :-40DFQALF :-::89 :-0>
K@MQNYN[Q :-::9> :-71
KLM[QOMQ :-:;>? :->; :-?;?>"" 9-99
H`y{ Lyany OK #;-?: ':-::?0) #;-79 ':-:::?)
[nklma Lyany
OK
?-:4 ':-971>) :-4? ':-17)
Tofa 9 ;>0-:; '9; AH) ;:9>->9 '9>AH)
M~ciny lh Li{ >;4 809
[oydom Qn{ 9
Pnoy A~cc`n{ ~{na-
"""[`dm`h`kom o ?. fnxnf& ""[`dmh`kom o >. fnxnf& "[`dm`h`kom o ?:. fnxnf
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8/6/2019 Relationship Between Trade Liberalization, Growth and BOP in Developing Countries_ Timothy Mahea
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Qoifn ;O
If~manff#Ilma Apmoc`k Zomnf N{`coly{ t`g [p{nc DCC oma A`hhnynmkn DCC hlyQIDAZ? lh 19 Kl~my`n{& ?07:#?070
[p{nc DCC A@HH#DCC
Mocn lh gn
Xoy`oifn
Klnhh`k`nm #{o`{`k Klnhh`k`nm #{o`{`k
QIDAZ'#?) :-0?94""" 9:-10 :-4:?4""" ;-1?
DYLTQG #:-:1:: #?->9 #:-:98; #?-91
ZZ@ :-:?:0""" 9-?9 :-::0; ?-;4
OAXDY :-:444 ?-8? :-??:? ;-97
F@INY #?-9:?9 #?-9: #:-7947 #:-70
Pnoy7? #:-;9:4 #:-1? :-?:1> ?-?9
Pnoy79 ?-;;7? ?-88 ?-8?89""" ;-9:
Pnoy71 :-?;18 :-;8 :-;;1? :-71
Pnoy7> :-1?:; :-09 :-7?88"" 9-:;
Pnoy78 :->408 :-0: ?-9;>>""" ;-;;
Pnoy77 #:-8;?: #?-4>" #:-19>> #?-97Pnoy70 :-9:>> :-10 :-?748 :-14
Klm{om #?-:1?? #?->7 ######
OY'?) #9-48':-::8)""" #9-;? ':-:9?)"""
OY'9) ?-:>':-901) ?-:0 ':-941)
Gom{nm Qn{ 9'?:?)398-74'?-::) 9'08)39;-87'?-::)Ml- lh Li{- ;:? 9>0
""" [`dm`h`kom o ?. fnxnf5 ""[`dm`h`kom o >. fnxnf& "[`dm`h`kom o ?:. fnxnf
Mln{2
?- Pnoy a~cc`n{ oyn `mkf~ana `m gn {nklma zny`la oma o{ gnp tnyn `m{`dm`h`kom `mgn h`y{ zny`la& gnp tnyn nwkf~ana-
9- O{pczl`k {omaoya nyyly{& o{pczl`koffp yli~{ l gnnyl{knao{`k`p oynynzlyna `m zoynmgn{n{-
;- H`y{ lyany OK oma {nklma lyany OK oyn n{{ lh h`y{#lyany oma {nklma#lyany {ny`ofklyynfo`lm `m gn h`y{ a`hhnynmkna yn{`a~of{& o{pczl`koffp a`{y`i~na o{ M':&?)
~many gn m~ff lh ml {ny`of klyynfo`lm-
1- [oydom `{ o n{ lh lxny#`anm`hp`md yn{y`k`lm{& o{pczl`koffp a`{y`i~na o{ 9
~many gn m~ff lh `m{y~cnm xof`a`p& t`g andynn{ lh hynnalc ynzlyna `m
zoynmgn{n{->- Qgn `m{y~cnm{ ~{na `m nokg nq~o`lm oyn2 DCC 'A@H)# QIDAZ`#9-QIDAZ`?&
DYLTQG`#?-DYLTQG`?& ZZ@`#?--ZZ@`? oma OAXDY#?--OAXDY?
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9?
Qoifn ;I
If~manff#Ilma Apmoc`k Zomnf N{q`coqly{ t`qg [p{qnc DCC oma A`hhnynmkn DCC
hly QIDAZ? lh 19 Kl~mqy`n{& ?00:#9:::
[p{nc DCC A@HH#DCC
Mocn lh gn
Xoy`oifn
Klnhh`k`nm #{o`{`k Klnhh`k`nm #{o`{`k
QIDAZ'#?) :-01;0""" ?;-07 :->:?8""" >-;7
DYLTQG #:-:789" #?-49 #:-?9?1""" #9-88
DYLTQG'#?) #:-:19; #:-79 #:-?:??""" #;-4:
ZZ@ :-::>;""" ;-?4 :-::87"" 9-;8
OAXDY :-::>1 :-?4 #:-:974 #?-97
F@INY #?-9119 #?-?; #?-?;9> #?->>
Pnoy9 #:-;9:4 #:-1? #:-?1:> ?-;0
Pnoy; ?-;;7? ?-88 #:-90>: #:-41
Pnoy1 :-?;18 :-;8 #:-;4:7 #?-97
Pnoy> :-1?:; :-09 :->>07" ?-4>
Pnoy8 :->408 :-0:Pnoy4 :-;987 :-0>
Pnoy7 #:-8;?: #?-4>"
Pnoy0 :-9:>> :-10 :-:80> :-99
Pnoy?: #:-??41 #:-9: :-:08> :-9?
Klm{om #?-:1?? #?->7 ######
OY'?) #9-48':-::8)""" #9->0 ':-:?)"""
OY'9) ?-:>':-901) #?-:>':-90;)
Gom{nm Qn{ 9'?:?)398-74'?-::)
9'??9)3?0->1'?-::)
Ml- lh Li{n ;:? 998
""" [`dm`h`kom o ?. fnxnf5 ""[`dm`h`kom o >. fnxnf& "[`dm`h`kom o ?:. fnxnf
Mlqn{2
?- Pnoy a~cc`n{ oyn `mkf~ana `m gn {nklma zny`la oma o{ gnp tnyn `m{`dm`h`kom `mgn h`y{ zny`la& gnp tnyn nwkf~ana-
9- O{pczl`k {omaoya nyyly{& o{pczl`koffp yli~{ l gnnyl{knao{`k`p oynynzlyna `m zoynmgn{n{-
;- H`y{ lyany OK oma {nklma lyany OK oyn n{{ lh h`y{#lyany oma {nklma#lyany {ny`ofklyynfo`lm `m gn h`y{ a`hhnynmkna yn{`a~of{& o{pczl`koffp a`{y`i~na o{ M':&?)~many gn m~ff lh ml {ny`of klyynfo`lm-
1- [oydom `{ o n{ lh lxny#`anm`hp`md yn{y`k`lm{& o{pczl`koffp a`{y`i~na o{ 9
~many gn m~ff lh `m{y~cnm xof`a`p& t`g andynn{ lh hynnalc ynzlyna `m
zoynmgn{n{-
>- Qgn `m{y~cnm{ ~{na `m nokg nq~o`lm oyn2 DCC 'A@H)# QIDAZ?`9-QIDAZ?`?&DYLTQG`#9-DYLTQG`?& ZZ@`#?--ZZ@`? oma OAXDY#?--OAXDY?- @m{p{nc#DCC& gn oilxn `m{y~cnm{ oyn ~{na `m gn a`hhnynmkna nq~o`lm{ oma
QIDAZ?`#?&DYLTQG`#?&OAXDY#?& oma ZZ@`#?
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99
Qoifn 1
Yndyn{{`lm Klnhh`k`nmq{& q#{qoq`{q`k lh Ilma#If~manff Apmoc`k Zomnf N{q`coq`lm
?07:#9:::2 OHY@KO2 T`qg lyT`qgl~q Q`cn A~cc`n{QIDAZ?2?07:#70 QIDAZ? ?00:#9:::Lmn [nz A@H#DCC Lmn [nz A@H#DCC
Mocn lh gnXoy`oifn
Klnhh`k`nm #{o`{`k Klnhh`k`nm #{o`{`k
QIDAZ'#?) :-;101""" ;-09 :-90:;" ?-4;
DYLTQG #:-::4; #:-98 #:-:4?7 #?->9
DYLTQG '#?) #:-:??> #:-19 #:-??97"" #9-;?
ZZ@ :-:?48"" 9->4 #:-:::1 #:-?9
F@INY #:-;949 #:-8: #?-010:"" #9-19
OAXDY :-:4?8"" 9-:8 :-:9>; :->8
Pnoy 09 #?-;88>"" #9-9:
Pnoy 0; #?-8;>?"" #9-44
Pnoy 01 #:-;0:; #:-88
Pnoy 08 #:-?;04 #:-?4
Pnoy 04 #:-??;0 #:-?4
Pnoy 07 #?-:4>>" #?-4:
Pnoy 00 :-91;? :-;8
KLM[QOMQ #### #### ###### #####
H`y{ Lyany OK #9-09 ':-::1) #?-1: ':-?89)
[nklma LyanyOK
#?-?9 ':-98) #:-?8 ':-74?)
M~ciny lh Li{ 44 ;>
[oydom Qn{ 9 48-87':-??>) 18-70
"""[`dm`h`komq oq ?. fnxnf& ""[`dm`h`komq oq >. fnxnf oma " [`dm`h`komq oq ?:. fnxnf
Mln{2
8- Pnoy a~cc`n{ oyn `mkf~ana `m gn {nklma zny`la oma o{ gnp tnyn `m{`dm`h`kom `mgn h`y{ zny`la& gnp tnyn nwkf~ana-
4- O{pczl`k {omaoya nyyly{& o{pczl`koffp yli~{ l gnnyl{knao{`k`p oynynzlyna `m zoynmgn{n{-
7- H`y{ lyany OK oma {nklma lyany OK oyn n{{ lh h`y{#lyany oma {nklma#lyany {ny`ofklyynfo`lm `m gn h`y{ a`hhnynmkna yn{`a~of{& o{pczl`koffp a`{y`i~na o{ M':&?)
~many gn m~ff lh ml {ny`of klyynfo`lm-
0- [oydom `{ o n{ lh lxny#`anm`hp`md yn{y`k`lm{& o{pczl`koffp a`{y`i~na o{ 9
~many gn m~ff lh `m{y~cnm xof`a`p& t`g andynn{ lh hynnalc ynzlyna `mzoynmgn{n{-
?:-Qgn `m{y~cnm{ ~{na `m nokg nq~o`lm oyn2 DCC 'A@H)# QIDAZ`#9-QIDAZ`?&DYLTQG`#9-DYLTQG`?& ZZ@`#?--ZZ@`? oma OAXDY#?--OAXDY?
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9;
Qoifn > 2 Yndyn{{`lm Klnhh`k`nmq{& q#{qoq`{q`k Ilma#If~manff Apmoc`k Zomnf
N{q`coq`lm2 OHY@KO oma Foq`m Ocny`ko hly ?07:#9:::
OHY@KO FOQ@M OCNY@KO
Mocn lh gn
Xoy`oifn
Klnhh`k`nm #{o`{`k Klnhh`k`nm #{o`{`k
QIDAZ'#?) :-8:88""" 0-;1 :-8480""" 8-::
DYLTQG :-:?:> :-19
DYLTQG'#?) #:-::;; #:-?1 #:-:4::""" #1-??
ZZ@ :-::;7 :-00 :-::89""" ;-;?
F@INY #:-19;0 #:-44 #:-:4?4 #:-94
OAXDY :-??7>"" 9-;7 :-:97>" ?-4?
Pnoy ; ?-0747""" ;-40
Pnoy 1 ?-9:0:"" 9-0;
Pnoy > ?-0;?8"" 9-7?
Pnoy 8 ?-84?:""" ;-19
Pnoy 4 ?-4>9?""" ;-0:Pnoy 7 ?-?8>1"" 9-9>
Pnoy 0 ?-8>?1""" 1-90
Pnoy ?: :-7;:;"" 9-87
Pnoy ?;o
#?-171:"" #?-04
KLM[QOMQ :-::77 :-?>
H y{ Lyany OK #1-;8 ':-:::)
[nklma Lyany
OK
?-?1 ':-9>>)
M~ciny lh Li{ ?;0
[oydom Qn{ 9 ?;?-9; ':-:81)
oLmfp {`dm`h`komq pnoy nhhnkq{ oyn ynzlyqna """[`dm`h`komq oq ?. fnxnf& ""[`dm`h`komq
oq >. fnxnf& "[`dm`h`komq oq ?:. fnxnf
Mlqn{2
?-Pnoy a~cc`n{ oyn `mkf~ana `m gn {nklma zny`la oma o{ gnp tnyn `m{`dm`h`kom `mgn h`y{ zny`la& gnp tnyn nwkf~ana-
9-O{pczl`k {omaoya nyyly{& o{pczl`koffp yli~{ l gnnyl{knao{`k`p oyn ynzlyna
`m zoynmgn{n{-;-H`y{ lyany OK oma {nklma lyany OK oyn n{{ lh h`y{#lyany oma {nklma#lyany {ny`of
klyynfo`lm `m gn h`y{ a`hhnynmkna yn{`a~of{& o{pczl`koffp a`{y`i~na o{ M':&?)
~many gn m~ff lh ml {ny`of klyynfo`lm-
1-[oydom `{ o n{ lh lxny#`anm`hp`md yn{y`k`lm{& o{pczl`koffp a`{y`i~na o{ 9~many gn m~ff lh `m{y~cnm xof`a`p& t`g andynn{ lh hynnalc ynzlyna `m zoynmgn{n{-
>-Qgn `m{y~cnm{ ~{na `m nokg nq~o`lm oyn2 DCC 'A@H)# QIDAZ`#9-QIDAZ`?&DYLTQG`#9-DYLTQG`?& ZZ@`#?--ZZ@`? oma OAXDY#?--OAXDY?
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Qoifn 8
Yndyn{{`lm Klnhh`k`nmq{& q#{qoq`{q`k Ilma#If~manff Apmoc`k Zomnf N{q`coq`lm ?07:#002 Fo`m Ocny`ko oma O{`o
QIDAZ?2 ?07:#?0702 A@H DCC QIDAZ?2?00:#9:::2A@H DCC
Mocn lh gn
Xoy`oifn
Klnhh`k`nm #{o`{`k Klnhh`k`nm #{o`{`k
QIDAZ'#?) :-414;""" 1-0: :->:88""" 7-10
DYLTQG #:-:>14 #?-1? #:-?840""" #;-8>
DYLTQG'#?) #:-:;44 #?-97 #:-:0:>"" #9-89
ZZ@ :-:?:;"" 9-:1 :-::07>""" 1-74
F@INY #:-4:07 #?-?: :-7880 ?-99
OAXDY :-?947""" ;-11 #:-:1:7 ?-8>
KLM[QOMQ :-?:47 ?-;1 #:-9?>7"" #9-9?
H`y{ Lyany OK #9-99 ':-:94) #9-18 ':-:?1)
[nklma LyanyOK
?-18 ':-?1>) #:-1; ':-887)
M~ciny lh Li{ ?79 ?44[oydom Qn{ 9 ?:-8; '?-::) ?:-;> '?-::)-"""[`dm`h`kom o ?. fnxnf& ""[`dm`h`kom o >. fnxnf& "[`dm`h`kom o ?:. fnxnfMln{2
?- Pnoy a~cc`n{ oyn `mkf~ana -
9- O{pczl`k {omaoya nyyly{& o{pczl`koffp yli~{ l gnnyl{knao{`k`p oyn ynzlyna
`m zoynmgn{n{-;- H`y{ lyany OK oma {nklma lyany OK oyn n{{ lh h`y{#lyany oma {nklma#lyany {ny`of
klyynfo`lm `m gn h`y{ a`hhnynmkna yn{`a~of{& o{pczl`koffp a`{y`i~na o{ M':&?)
~many gn m~ff lh ml {ny`of klyynfo`lm-
1- [oydom `{ o n{ lh lxny#`anm`hp`md yn{y`k`lm{& o{pczl`koffp a`{y`i~na o{ 9
~many gn m~ff lh `m{y~cnm xof`a`p& t`g andynn{ lh hynnalc ynzlyna `m zoynmgn{n{->- Qgn `m{y~cnm{ ~{na `m nokg nq~o`lm oyn2 DCC 'A@H)# QIDAZ `#9-QIDAZ`?&
DYLTQG`#9-DYLTQG`?& ZZ@`#?--ZZ@`? oma OAXDY#?--OAXDY?