response of stock markets to monetary policy: an asian stock market perspective

8/11/2019 Response of Stock Markets to Monetary Policy: An Asian Stock Market Perspective

1/23

FKMB \cr`bhl Tfpnr Unrbns

]nspchsn co Utce` Gfr`nts tcGchntfry Tcjbey9Fh Fsbfh Utce` Gfr`nt Tnrspnetbvn

Hfcyu`b RcsabhcOfrafk [flabzfkna-Ansfry

Fjb Afssfhzfkna Fagfk Kfhu Trfsntyc

Hc. ;2 @fsugblfsn`b, Eabyckf-`u[c`yc 644-?441, Ifpfh

[nj9 +16-5-5>25->>44Ofx9 +16-5-5>25->>


3/23

FKMB \cr`bhl Tfpnr ;2< Rcsabhc nt fj.

Fmstrfet

\n nstbgftn tan rnspchsn co Fsbfh stce` gfr`nt prbens tc nxclnhcus gchntfry pcjbeysace`s usbhl f vnetcr nrrcr ecrrnetbch gcknj. Bh cur pfpnr, gchntfry pcjbey trfhsgbts tcstce` gfr`nt prben tarcula tarnn rcutns9 gchny my btsnjo, nxeafhln rftn, fhk bhojftbch. Currnsujt pcbhts tc tan ofet taft stce` prbens bhernfsn pnrsbstnhtjy bh rnspchsn tc fh nxclnhcusnfsbhl gchntfry pcjbey. _frbfhen knpcsbtbch rnsujts sacw taft, fotnr 64 pnrbcks, tan ocrnefstnrrcr vfrbfhen co mnychk >5% co tan [narfh Utce` Nxeafhln Trben Bhknx ([NTBQ) efh mnnxpjfbhnk my nxclnhcus sace`s tc tan ^U kcjjfrBrfhbfh rbfj nxeafhln rftn, wabjn tabs rftbcocr nxclnhcus sace`s tc Brfhbfh rnfj lrcss kcgnstbe prckuet wfs chjy 6


4/23


Echtnhts

6. Bhtrckuetbch ................................................................................................................ 5

=. Ecgpfrftbvn ]nvbnw wbta Ctanr Fsbfh Utce` Gfr`nts ............................................... ;

5. [ancrntbefj Mfe`lrcuhk fhk tan Gcknj ......... ......... ......... ......... ......... ......... ......... ....... ?

5.6 Eafhhnjs co [rfhsgbssbch co Gchntfry Tcjbey tc tan Utce` Gfr`nt .............. .. ? 5.= Gcknj Knvnjcpgnht ....................................................................................... 1

;. Kftf Fhfjysbs ........................................................................................................... 64

;.6 ^hbt ]cct [nsts ............................................................................................ 64 ;.= Ecbhtnlrftbch Fhfjysbs ................................................................................. 66

>. Ngpbrbefj \cr` ........................................................................................................ 6=

>.6 _netcr Nrrcr Ecrrnetbch Gcknj...................................................................... 6= >.= _frbfhen Knecgpcsbtbch Fhfjysbs ................................................................ 6>

?. Echejusbch fhk Tcjbey Bgpjbeftbch ......... ......... ......... ......... ......... ......... ......... ......... .... 6?

?.6 Echejusbch ................................................................................................... 6? ?.= Tcjbey Bgpjbeftbch ......................................................................................... 6<

]nonrnhens ......................................................................................................................... 62


5/23


6. BH[]CK^E[BCH

Ljcmfjjy, tan echenrh fmcut bhtnrfetbch mntwnnh gchntfry pcjbey fhk fssnt prbenvcjftbjbty afs mnnh bhernfsbhl sbhen tan ecjjfpsn co gficr stce` gfr`nt mummjns bh =444fhk =44 ynfrs bt rnfeank f rnecrk abla co11,624 ch => Knengmnr =465, fh bhernfsn co fjgcst >; tbgns. Ubgujtfhncusjy, tanEnhtrfj Mfh` co Brfh afs pnrocrgnk f ablajy nxpfhsbchfry gchntfry pcjbey bh rnenhtynfrs. Chn co tan gcst rnenht nfsy gchntfry pcjbey pnrbcks wfs bh tan obrst rcuhk coBrfhbfh sumsbky rnocrgs, tan pjfh pfssnk my tan Brfhbfh Tfrjbfgnht ch > Ifhufry =464.[an sumsbky pjfh wfs knserbmnk fs tan mbllnst surlnry tc tan hftbchs nechcgy bhafjo f enhtury fhk chn co tan gcst bgpcrtfht uhknrtf`bhls bh Brfhs rnenht nechcgbeabstcry. Feecrkbhl tc tabs pjfh, sumsbkbns ch occk fhk nhnrly (14% co tan tctfj sumsbky)wnrn rnpjfenk my tfrlntnk scebfj fssbstfhen, bh tan ocrg co efsa afhkcuts tc tan hftbchbh tan obrst pafsn.

[abs auln fgcuht co efsa sumsbkbns ernftnk f trngnhkcus fgcuht co nxenssbvn gberc-efpbtfj bh tan wacjn nechcgy, co wabea acusnacjks bhvnstnk scgn pcrtbchs bh tanefpbtfj gfr`nt. \n mnjbnvn taft tabs wfs chn co tan rnfschs ocr tan rnenht s`yrce`ntbhlprben rnecrks bh tan [narfh stce` gfr`nt.

Fs sacwh bh Oblurn 6, tan Brfhbfh gchntfry mfsn wfs rfbsnk orcg fmcut B]]>=,444mbjjbch bh V6 6221 tc mnychk B]] 2= tcmnychk ;;,444. Oblurn = sacws tan ec-gcvngnhts co tan Brfhbfh echsugnr prben bhknx(ETB) fhk tan [NTBQ kurbhl V6 6221V; =465. Fs efh mn snnh, tan ETB (=4647644)wfs njnvftnk orcg fmcut 6< bh V6 6221 tc mnychk =54 bh V; =465.

[an purpcsn co tabs rnsnfrea bs tc nxfgbhn tan rnspchsn co stce` gfr`nt prbens tcgchntfry pcjbebns usbhl tan nxfgpjn co tan [narfh stce` gfr`nt. Bh fkkbtbch, wnbhvnstblftn tan knecgpcsbtbch co acw tabs mccg bh tan [narfh stce` gfr`nt efh mnnxpjfbhnk my nechcgbe lrcwta, gchntfry ofetcrs, fhk bhojftbchfry nxpnetftbchs. Bh tabspfpnr, wn prcpcsn f hnw fpprcfea tc gnfsurn tan rnjftbchsabp mntwnnh gchntfrypcjbey fhk stce` gfr`nt prbens. Nfrjbnr stukbns afvn jcc`nk ft chn cr twc eafhhnjs ocr

tan trfhsgbssbch co gchntfry pcjbey tc stce` prbens (snn Ojfhhnry fhk Trctcpfpfkf`bs=44=0 Mcyk, Au, fhk Iflfhhftafh =44>0 Mnrhfh`n fhk @utthnr =44>0 Mfsbstaf fhk@urcv =4410 Mafgrf, @unah, fhk Utrnmujfnv =4640 Lbjmnrt =4660 ]fhlnj =4660 fhkAfssfhzfkna fhk @bfhvfhk =46=).

Bh tabs pfpnr, wn nxfgbhn tarcula ngpbrbefj fhfjysbs tarnn eafhhnjs co trfhsgbssbch conxclnhcus gchntfry pcjbey sace`s tc tan stce` gfr`nt, bhejukbhl gchny my btsnjo, tannxeafhln rftn, fhk tan bhojftbch rftn. [an bgpcrtfhen co nfea co tansn nxclnhcussace`s ch tan [narfh Utce` Nxeafhln kurbhl tan pnrbck V6 6221V= =465 fhk tangfbh eafhhnj wbjj mn knobhnk.

5


6/23


Oblurn 69 [NTBQ fhk Brfhbfh Gchntfry MfsnV6 6221V= =465

[NTBQ 7 [narfh Utce` Nxeafhln Trben Bhknx.

Hctn9 Uefjn ch tan jnot bs ocr tan [NTBQ, fhk sefjn ch tan rblat bs ocr tan Brfhbfh gchntfry mfsn.

Ucurens9 [narfh Utce` Nxeafhln ocr [NTBQ0 Enhtrfj Mfh` co Brfh ocr Brfhbfh gchntfry mfsn.

Oblurn =9 [NTBQ fhk Brfhbfh ETB (=4647644)V6 6221V; =465

ETB 7 echsugnr prben bhknx, [NTBQ 7 [narfh Utce` Nxeafhln Trben Bhknx.

Hctn9 Uefjn ch tan jnot bs ocr tan ETB, fhk sefjn ch tan rblat bs ocr tan [NTBQ.

Ucurens9 [narfh Utce` Nxeafhln ocr [NTBQ0 Bhtnrhftbchfj Gchntfry Ouhk Bhtnrhftbchfj Obhfhebfj Utftbstbes ocrBrfhbfh ETB.

[abs pfpnr bs strueturnk fs ocjjcws9 bh tan snechk snetbch, wn echkuet f ecgpfrftbvnrnvbnw wbta ctanr ecuhtrbns. [an tabrk snetbch prnsnhts tan tancrntbefj mfe`lrcuhk fhktan gcknj knvnjcpgnht. [an ocurta snetbch prnsnhts tan kftf fhfjysbs. [an obota snetbchsacws tan ngpbrbefj wcr` bhejukbhl tan vnetcr nrrcr ecrrnetbch gcknj (_NEG) fhkvfrbfhen knecgpcsbtbch fhfjysbs. [an sbxta snetbch echtfbhs tan echejusbch fhk pcjbeybgpjbeftbch.

=. ECGTF]F[B_N ]N_BN\ \B[A C[AN] FUBFHU[CE@ GF]@N[U

Bh tabs snetbch, bh crknr tc echkuet f ecgpfrftbvn rnvbnw mntwnnh tan bgpfets cogchntfry pcjbey ch tan [narfh Utce` Nxeafhln fhk taft co ctanr ecuhtrbns, wn sankjblat ch gchntfry pcjbey vfrbfmjns bh ocur ctanr Fsbfh ecuhtrbns, b.n. Bhkbf, tan ]npumjbeco @crnf, Bhkchnsbf, fhk Ubhlfpcrn, fhk tan stce` gfr`nt echkbtbchs bh tan rnspnetbvnecuhtrbns.

4

=44,444

;44,444

?44,444

144,444

6,444,444

6,=44,444

4

>,444

64,444

6>,444

=4,444

=>,444

54,444

5>,444

;4,444

;>,444

>4,444

6 2 2 1 V 6

6 2 2 1 V ;

6 2 2 2 V 5

= 4 4 4 V =

= 4 4 6 V 6

= 4 4 6 V ;

= 4 4 = V 5

= 4 4 5 V =

= 4 4 ; V 6

= 4 4 ; V ;

= 4 4 > V 5

= 4 4 ? V =

= 4 4 < V 6

= 4 4 < V ;

= 4 4 1 V 5

= 4 4 2 V =

= 4 6 4 V 6

= 4 6 4 V ;

= 4 6 6 V 5

= 4 6 = V =

= 4 6 5 V 6

M b j j b c h s c

o B r f h

b f h r

b f j s

[NTBQ

Gchntfry mfsn

4

64,444

=4,444

54,444

;4,444

>4,444

?4,444

4

644

6>4

=44

=>4

6 2 2 1 V 6

6 2 2 1 V ;

6 2 2 2 V 5

= 4 4 4 V =

= 4 4 6 V 6

= 4 4 6 V ;

= 4 4 = V 5

= 4 4 5 V =

= 4 4 ; V 6

= 4 4 ; V ;

= 4 4 > V 5

= 4 4 ? V =

= 4 4 < V 6

= 4 4 < V ;

= 4 4 1 V 5

= 4 4 2 V =

= 4 6 4 V 6

= 4 6 4 V ;

= 4 6 6 V 5

= 4 6 = V =

= 4 6 5 V 6

= 4 6 5 V ;

[NTBQ

ETB

;


7/23


Oblurn 5 kbspjfys tan Mcgmfy Utce` Nxeafhln Bhknx (MUN UNHUNQ) fhk tan mfsnrftn gcvngnht co tan ]nsnrvn Mfh` co Bhkbf (]MB). Gchntfry pcjbey kcns hct snng tcfoonet tan stce` gfr`nt bh Bhkbf. [an ]MB mfsn rftn rngfbhnk ft tan sfgn jnvnj ocr fvnry jchl pnrbck (Fpr =445Ifh =46=), wabjn tan stce` bhknx gcvnk fetbvnjy kurbhl tanpnrbck. [abs fhfjysbs bs echobrgnk my Fsrfo, ]fifsn`fr, fhk Knc (=465) wac fhfjyzntan bgpfet co gfercnechcgbe vfrbfmjns, bhejukbhl gchntfry pcjbey, ch tan Bsjfgbestce`s bh Bhkbf. Oblurn ; sacws tan @crnf Ecgpcsbtn Utce` Trben Bhknx (@CUTB) fhkMfh` co @crnf (MC@) mfsn rftn gcvngnhts.

Oblurn 59 MUN UNHUNQ fhk ]MB Mfsn ]ftn622,444

=4,444

=>,444

54,444

< / 6 / 6 2 2

< / 6 / = 4 4 ?

< / 6 / = 4 4

?

4

>44

6,444

6,>44

=,444

=,>44

6 2 2 2 V =

= 4 4 4 V 6

= 4 4 4 V ;

= 4 4 6 V 5

= 4 4 = V =

= 4 4 5 V 6

= 4 4 5 V ;

= 4 4 ; V 5

= 4 4 > V =

= 4 4 ? V 6

= 4 4 ? V ;

= 4 4 < V 5

= 4 4 1 V =

= 4 4 2 V 6

= 4 4 2 V ;

= 4 6 4 V 5

= 4 6 6 V =

= 4 6 = V 6

= 4 6 = V ;

= 4 6 5 V 5

= 4 6 ; V =

MUN UNHUNQ

@CUTB

]MB mfsn rftn

MC@ mfsn rftn

>


8/23


Fsbfh obhfhebfj erbsbs bh 6221, tan ecrrnjftbch mntwnnh tan Gchntfry Futacrbty coUbhlfpcrn (GFU) mbjjs rftn fhk tan Ubhlfpcrn stce` gfr`nt bhknx wfs hnlftbvn.Acwnvnr, tan ecrrnjftbch mnefgn pcsbtbvn fotnr 6221 up tc nfrjy =442. Bt turhnkhnlftbvn flfbh fotnr Onmrufry =442. Oblurn > sacws tan Bhkchnsbfh stce` nxeafhlnbhknx (BAUL) fhk Mfh` Bhkchnsbf (MB) pcjbey rftn gcvngnhts fhk Oblurn ? tan Utrfbts[bgns Bhknx (U[B) fhk tan GFU gchntfry pcjbey rftn (GFU mbjjs rftn) gcvngnhts.

Oblurn >9 BAUL fhk MB ]ftn=44>/

K n e - 4

>

G f y - 4

?

C e t - 4

?

G f r - 4

44

=,444

=,>44

5,444

5,>44

;,444

K n e - 1

U n p - 2

?

K n e - 2

U n p - 4

?

K n e - 4

), Ejfrbkf fhk Lnrtjnr(622) ocuhk taft echtrfetbchfry sace`s tc gchtajy vfjuns cotan onknrfj ouhks rftn, tan rftbc co hch-mcrrcwnk rnsnrvns tc tctfj rnsnrvns, fhk tan]cgnr fhk ]cgnr (6212) bhknx cvnr tan 62).

Hnvnrtanjnss, tanrn bs f mbl puzzjn surrcuhkbhl tan stce` prbens fhk nxeafhln rftnbhtnrpjfy. [an bhtnrrnjftbchsabp mntwnnh tan twc efh mn bhvnstblftnk orcg twc kboonrnhtkbrnetbchs. Ch tan chn afhk, wanh tan kcgnstbe eurrnhey knprnebftns flfbhst ocrnblheurrnhebns, nxpcrt prckuet prbens wbjj knernfsn ocr ocrnblhnrs fhk, echsnqunhtjy, tanvcjugn co tan ecuhtrys nxpcrts wbjj bhernfsn (Ofgf 6216). [abs wcujk mnhnobtecgpfhbns wacsn prckuet gfr`nts frn cvnrsnfs, wabea wbjj mn rnojnetnk my fh bhernfsnco tanbr stce` prben. Ch tan ctanr afhk, eurrnhey knprnebftbch wbjj bhernfsn tan bgpcrtbhlnxpnhkbturns co rfw gftnrbfjs ocr kcgnstbe gfhuofeturnrs, wabea bs nxpnetnk tc afvn fhnlftbvn bgpfet ch tanbr efsa ojcw fhk ch stce` prbens. [aus, tan hnt noonet co tannxeafhln rftn vfrbftbch ch stce` prbens bs uhkntnrgbhnk. [anrn bs f jfrln ngpbrbefjmcky co jbtnrfturn suppcrtbhl tan jbh`fln mntwnnh stce` rnturhs fhk nxeafhln rftns

<


10/23


(snn, ocr nxfgpjn, Kn Ufhtbs fhk Lnrfrk 62210 Tftrc, \fjk, fhk \u =44=0 Tayjf`tbsfhk ]fvfzzcjc =44>0 Guh =44


11/23


[an mfsn co gcst co tan stce` prbebhl gcknjs bs KT_. 6 Gcrncvnr, tan KT_ gcknj bsfmjn tc efpturn mcta gchntfry fhk obsefj pcjbebns. Ocr gchntfry pcjbey, bt wbjj mnnxpjfbhnk bh tan ocjjcwbhl snetbchs co tabs pfpnr. Ocr obsefj pcjbey, cur KT_ gcknjbhejukns kbvbknhks fhk outurn stce` prbens. Bo obsefj pcjbey bs fllrnssbvn fhk pcsbtbvn, btwbjj nhecurfln lrcss kcgnstbe prckuet (LKT) lrcwta, wabea wbjj bhernfsn kbvbknhks cotan stce` co jbstnk ecgpfhbns fhk fjsc tan nxpnetftbch co f mrblat outurn mnefusnpcsbtbvn obsefj pcjbey wbjj bgpfet outurn prbens bh taft bt wbjj pusa up tan prnsnht stce`prbens fs wnjj. F lcvnrhgnht spnhkbhl pcjbey bh tan sacrt ruh wbjj bhernfsn stce` prbens,wabea ecujk mn efpturnk my cur gcknj.

Fs bs ejnfr bh cur gcknj, bo tan nechcgbe fetbvbty bh nfea ynfr sacws f lcckpnrocrgfhen, bt afs f pcsbtbvn bgpfet ch tan stce` prben. Acwnvnr, bt bs pcssbmjn taftnvnh kurbhl f rnenssbch, cr bh f hc-lrcwta nrf, stce` gfr`nts nxpnrbnhen lrcwta bhtanbr prben jnvnjs. [abs afppnhs wanh tan nxpnetftbchs frn pcsbtbvn0 ocr nxfgpjn, wanhbhvnstcrs nxpnet tan lnhnrfj prben jnvnj tc bhernfsn cr tan nechcgbe fetbvbty tc bgprcvnbh outurn, tabs wcujk bgpfet tan prnsnht stce` prbens.

6 Bh crknr tc sacw taft tan mfsn co gcst co stce` prbebhl gcknjs bs KT_, anrn wn prcvbkn acw tabs fppjbns

ocr EFTG9 Fssugbhl taft gcknj (6) sacws tan prben co fhy bhkbvbkufj rbs`y fssnt bh tan gfr`nt, tan nxpnetnk rnturhch fhy bhkbvbkufj rbs`y fssnt fotnr h pnrbcks wbjj mn9

P W ( ) ( )P W

( )

+++

++

+7

+

++

+

++ bh

ht

ht bht

t

t

t

t

ht b T

b

T N

bb ] N

666 =

6

6

(f)

wanrn P W ht b ] N + bs tan nxpnetnk rnturh ch fh bhkbvbkufj rbs`y fssnt fotnr h pnrbcks, P W ht b T N + bs tan nxpnetnkprben co fh bhkbvbkufj rbs`y fssnt fotnr h pnrbcks fhk b T bs tan prnsnht gfr`nt prben co fh bhkbvbkufj rbs`yfssnt.Bh crknr tc lnt tan nxpnetnk rnturh ch tan gfr`nt pcrtocjbc, wn fvnrfln cvnr Nquftbch (f), wabea rnsujtsbh9

P W ( ) ( )P W

( )

++

+++

++

7+

++

+

++ T

b

T N

bb ] N

hht

ht ght

t

t

t

t ht g

666 =6

6

(m)

wanrn P Wht g ] N + bs tan nxpnetnk rnturh ch tan gfr`nt pcrtocjbc fotnr h pnrbcks fhk tan nxpnetnk fvnrflnrnturh orcg acjkbhl fjj fssnts bh tan cptbgfj prcpcrtbchs, fhk P W ht g T N + bs tan nxpnetnk gfr`nt pcrtocjbcprben fotnr h pnrbcks.Nquftbchs (f) fhk (m) anjp us tc cmtfbh tan ocjjcwbhl vfrbfhen fhk ecvfrbfhen, wabea frn hnnknk tcrnjnfsn EFTG9

(\n `hcw taft9 ( )P W ( ) ( )( )===)vfr( Q N Q N Q N Q N Q 77 ) fhk P W( ) P W( )P WR N R Q N Q N R Q 7),ecv( .)( ) ( )P W ( ) ( )( )

ht bbht bbht b ] N ] N ] N ] N ]

+77 ++

===vfr (e)

( ) P W( ) P W( )P W ht ggbbht gb ] N ] ] N ] N ] ] ++ 7,ecv (k)Ubhen fetufj rnturhs ch tan gfr`nt pcrtocjbc kboonr orcg nxpnetnk rnturhs, tan tnrg P W( ) ht gg ] N ] + ch tangfr`nt pcrtocjbc bs hch-znrc. EFTG prnkbets taft tan nxpnetnk nxenss rnturh ch fh bhkbvbkufj rbs`y fssnt

P W( ) ht b r ] N + bs kbrnetjy rnjftnk tc tan nxpnetnk nxenss rnturh ch tan gfr`nt pcrtocjbc P W( ) ht g r ] N + , wbta tanechstfht co prcpcrtbchfjbty lbvnh my tan mntf co tan bhkbvbkufj rbs`y fssnt (Eutamnrtsch fhk Hbtzsean=445)9

P W( ) P W( ) ht gbht b r ] N r ] N ++ 7 wanrn ( ) ( )P Wht ggbb ] ] ] +7 vfr ,ecv (n)( r bs rnturh orcg rbs`-ornn fssnt, n.l., obxnk-tnrg mfh` knpcsbt cr lcvnrhgnht mchk.)[an nxpjfhftbchs fmcvn sacw acw KT_ bs tan mfsn co EFTG.

2


12/23


Mfsnk ch tan focrngnhtbchnk KT_ gcknj, wn knvnjcp cur gcknj ocr cur ngpbrbefj wcr`bhecrpcrftbhl ocur gficr vfrbfmjns9

( ) T ngm y o T s ,,, 7 (=)

wabea gnfhs stce` prbens frn f ouhetbch co nechcgbe fetbvbty ( ), gchntfry vfrbfmjnlrcwta rftn = ( ), nxeafhln rftn ( ), fhk lnhnrfj prben jnvnjs ( ). Nquftbch (=) ernftnsf echkbtbch taft safpns bhvnstcrs nxpnetftbchs ocr lnhnrfj prben jnvnjs fhk nechcgbefetbvbtbns mfsnk ch prnsnht vfjuns. Ocr tabs rnfsch, wn kbk hct bhejukn tan nxpnetnkvfjuns bh tan fmcvn gcknj. Mfsnk ch tan gcknj, wn safpn cur vfrbfmjns fs sacwh bh[fmjn 6.

[fmjn 69 Gcknj _frbfmjns

_frbfmjn KnserbptbchT U 7 [NTBQ [narfh Utce` Nxeafhln Trben Bhknx ([NTBQ)y 7 lkp rnfj lrcss kcgnstbe prckuet (LKT) co Brfh, snfschfjjy fkiustnk

(ETB co Brfh usnk ocr rnjnfsbhl rnfj LKT orcg tan hcgbhfj chn)g 7 gm gchntfry mfsn co Brfh, snfschfjjy fkiustnkn ^U kcjjfrBrfhbfh rbfj nxeafhln rftnT 7 epb echsugnr prben bhknx (ETB) co Brfh

Echsbknrbhl tan vfrbfmjns gnhtbchnk fmcvn, wn efh rnwrbtn Gcknj (=) fs ocjjcws9

( )epbngm lkp o [NTBQ ,,,7 (5)

;. KF[F FHFJRUBU

\n usnk qufrtnrjy kftf orcg V6 6221V= =465, wbta ?= qufrtnrs bh tctfj ocr nfeavfrbfmjn. Fjj vfrbfmjns frn usnk bh jclfrbtagbe ocrg. [an scurens co kftf frn tan EnhtrfjMfh` co Brfh (EMB), [narfh Utce` Nxeafhln ([UN), fhk Bhtnrhftbchfj ObhfhebfjUtftbstbes (BOU) co tan Bhtnrhftbchfj Gchntfry Ouhk. Mnjcw, wn nxpjfbh tan fhfjysbsechkuetnk ch tansn kftf.

;.6 ^hbt ]cct [nsts

Bh crknr tc nvfjuftn tan stftbchfrbty co fjj snrbns, wn pnrocrgnk tarnn uhbt rcct tnsts chfjj vfrbfmjns ft jnvnjs fhk obrst kboonrnhens wbta trnhk fhk bhtnrenpt. [an tnsts usnk frntan fulgnhtnk Kbe`nyOujjnr (FKO) tnst, TabjjbpsTnrrch tnst, fhk @wbft`cws`bTabjjbpsUeagbktUabh (@TUU) tnst. [an rnsujts frn suggfrbznk bh [fmjn =.

Cur rnsujts bgpjy taft fjgcst fjj vfrbfmjns frn hch-stftbchfry bh jnvnjs. [ansn vfrbfmjnsbhejukn tan [NTBQ, rnfj LKT, gchntfry mfsn, nxeafhln rftn, fhk ETB, fjj bh jclfrbtagbeocrg. Acwnvnr, obrst kboonrnhens co fjj vfrbfmjns usbhl fjj tarnn tnsts (FKO, TabjjbpsTnrrch, fhk @TUU) sacw stftbchfry rnsujts. [ansn rnsujts sullnst taft tan [NTBQ, rnfjLKT, gchntfry mfsn, nxeafhln rftn, fhk ETB vfrbfmjns nfea echtfbh f uhbt rcct. Chentan uhbt rcct tnst wfs pnrocrgnk fhk bt wfs kbsecvnrnk taft tan vfrbfmjns frn hch-stftbchfry bh jnvnjs fhk stftbchfry bh obrst kboonrnhens, tany wnrn bhtnlrftnk co crknr 6 cr

= Bh tabs stuky, usbhl tan bhtnrnst rftn bs hct prfetbefj sbhen Brfh afs bgpjngnhtnk Bsjfgbe mfh`bhl rujns,

wabea frn qubtn kboonrnht orcg tan echvnhtbchfj rujns. Bhtnrnst rftns frn foonetnk my gchntfry pcjbey.

Anhen, bhstnfk co tan rnfj bhtnrnst rftn, wn eaccsn fhctanr gchntfry vfrbfmjn, b.n., gchntfry mfsn,wabea afs f abla ecrrnjftbch wbta tan bhtnrnst rftn, fs sacwh bh gfhy nfrjbnr stukbns.

64


13/23


B(6). Mnefusn co tan hch-stftbchfry snrbns, tan hnxt stnp wfs tc fppjy f ecbhtnlrftbchfhfjysbs tc nxfgbhn wantanr tan snrbns frn ecbhtnlrftnk fhk jchl-ruh rnjftbchsabpsnxbst fgchl tansn vfrbfmjns.

[fmjn =9 ^hbt ]cct [nsts

Fulgnhtnk Kbe`nyOujjnr (FKO) TabjjbpsTnrrch

@wbft`cws`bTabjjbpsUeagbktUabh (@TUU)

_frbfmjnJnvnjs

(t-stftbstbe)Obrst

kboonrnhens(t-stftbstbe)

Jnvnjs(fki. t-stft)

Obrstkboonrnhens(fki. t-stft)

Jnvnjs(JG-stft.)

Obrstkboonrnhens(JG-stft.)

[NTBQ 6.=1 ;.;;** 6.=> ;.;=** 4.6=X 4.6;X

lkp 4.>; ;.42* 4. >** 4.=; 4.41X

gm 6.16 v65.;2** 5.66 65.4>** 6.46 ;.1;** 4.6< 4.65X

epb 4.>; ;.6;** 4.?4 >.61** 4.=6 4.65X

Hctns9 [NTBQ knhctns tan [narfh Utce` Nxeafhln Trben Bhknx0 lkp bs tan rnfj lrcss kcgnstbe prckuet co Brfh,snfschfjjy fkiustnk0 gm bs tan gchntfry mfsn co Brfh, snfschfjjy fkiustnk0 n bs tan ^U kcjjfrBrfhbfh rbfjnxeafhln rftn0 fhk epb bs tan echsugnr prben bhknx co Brfh. * bhkbeftns rninetbch co tan hujj aypctansbs ocr tanprnsnhen co uhbt rcct ft >% usbhl FKO fhk TabjjbpsTnrrch tnsts, ** bhkbeftns rninetbch co tan hujj aypctansbsocr tan prnsnhen co uhbt rcct ft 6% usbhl FKO fhk TabjjbpsTnrrch tnsts, X sacws stftbchfry snrbns usbhl tan@TUU tnst. [an cptbgfj jfl jnhltas ocr FKO wnrn ocuhk usbhl F`fb`n Bhocrgftbch Erbtnrbch (FBE). Mfhkwbkta bhTabjbpsTnrrch fhk @TUU wfs snjnetnk usbhl tan Hnwny\nst mfhkwbkta.

;.= Ecbhtnlrftbch Fhfjysbs

Chn gfbh bssun bh _F]/_NE gcknjs bs jfl crknr snjnetbch. Bvfhcv fhk @bjbfh (=44>)sullnstnk sbx erbtnrbf ocr jfl crknr snjnetbch9 tan Ueawfrz Bhocrgftbch Erbtnrbch (UBE),tan AfhhfhVubhh Erbtnrbch (AVE), tan F`fb`n Bhocrgftbch Erbtnrbch (FBE), tanlnhnrfj-tc- spnebste snqunhtbfj jb`njbacck rftbc (J]) tnst, f sgfjj-sfgpjn ecrrnetbch tctaft tnst (UJ]), fhk tan Jflrfhln gujtbpjbnr (JG) tnst. Bh tabs prnsnht rnsnfrea, wnsnjnetnk cptbgfj jfl hugmnrs usbhl FBE stfhkfrks, wabea sullnstnk snvnh jfls.

Bh tan hnxt stnp, bh crknr tc bknhtboy tan ecbhtnlrftbhl vnetcrs fgchl tan [NTBQ, rnfjLKT, gchntfry mfsn, nxeafhln rftn, fhk ETB vfrbfmjns, wn echkuet f ecbhtnlrftbchfhfjysbs usbhl Icafhsnhs tneahbqun my fssugbhl f jbhnfr kntnrgbhbstbe trnhk fhk bhtwc efsns, wbta bhtnrenpt fhk wbta bhtnrenpt fhk trnhk.

[an rnsujts co tan ecbhtnlrftbch rfh` tnst co trfen frn nxabmbtnk bh [fmjn 5.

[fmjn 59 Ecbhtnlrftbch ]fh` [nst ([rfen)

Hctn9 * knhctns rninetbch co tan hch-ecbhtnlrftbhl aypctansbs ft tan >% jnvnj, Trcm. sacws Gfe@bhhch-Aful-Gbeanjbs p-vfjuns.

Bhtnrenpt Bhtnrenpt fhk [rnhkAypctansbznkhc. co EN(s)

Nblnhvfjun [rfenstftbstbe

Trcm. Nblnhvfjun [rfenstftbstbe

Trcm.

r74 4.1< =;< 4.;> 4.;6 =1.45* 4.44

66


14/23


Fs bs ejnfr orcg [fmjn 5, tan fmcvn tnst rninets tan hujj aypctansbs co hch-ecbhtnlrftbhlvfrbfmjns. [abs gnfhs taft fjj vfrbfmjns frn ecbhtnlrftnk fhk tanrn bs f jchl-ruhfsscebftbch fgchl vfrbfmjns0 cr, bh ctanr wcrks, bh tan jchl ruh, tansn obvn vfrbfmjns([NTBQ, rnfj LKT, gchntfry mfsn, nxeafhln rftn, fhk ETB) gcvn tclntanr, anhen wnsacujk ruh f vnetcr nrrcr ecrrnetbch gcknj (_NEG). [an FBE fhk UBE rnsujts co curjbhnfr kntnrgbhbstbe _NEG bhkbeftn nstbgftbhl tan gcknj my bhejukbhl trnhk fhkbhtnrenpt, wabea bs sjblatjy mnttnr tafh bhejukbhl iust tan bhtnrenpt, sc wn afvn fjscrntfbhnk tabs obhkbhl.

>. NGTB]BEFJ \C]@

>.6 _netcr Nrrcr Ecrrnetbch Gcknj

\n nstbgftn Gcknj (5) bh f _NEG snttbhl bhejukbhl obvn vfrbfmjns9 [NTBQ, rnfj LKT,gchntfry mfsn, nxeafhln rftn, fhk ETB. \n knobhn fjj vfrbfmjns bh jclfrbtagbe ocrg.

[an _NEG efh mn knobhnk fs9t t t t R KR J F KR ++7 6)( (;)

ocr

( )epbngm lkp[NTBQ R ,,,,7 (>)wanrn bs tan obrst kboonrnhens, bs tan jfl cpnrftcr, fhk bs fh nrrcr tnrg. efh mnwrbttnh fs 7 , wanrn fhk frn gftrbens, fhk bs tan hugmnr co vfrbfmjnsbh . bs f vnetcr co tan ecbhtnlrftbhl rnjftbchsabp fhk bs f jcfkbhl gftrbx knobhbhl tanfkiustgnht spnnk co tan vfrbfmjns bh tc tan jchl-ruh nqubjbmrbug knobhnk my tanecbhtnlrftbhl rnjftbchsabp. [an rfh` co bs knhctnk my . Fs gnhtbchnk nfrjbnr, tan FBE

stfhkfrk sullnstnk snvnh jfls.Gcknj (?) sacws cur _NEG wbta ocur ecbhtnlrftbhl nquftbchs fhk snvnh jfls ocr nfeavfrbfmjn9

P W P WP W P W P W

P W P W P W P W P W P P W P W P W P W P W P W PP W P W P W P W P W P W P P W P W P W P W P W P W P W PP W P W P W P W P W P W ;4525155;

555=5654=2=1==;=5===6=462

6166;656=

666421


15/23


[fmjn ;9 _NEG Ecnoobebnhts

_frbfmjn Ecnoobebnht t stftbstbe _frbfmjn Ecnoobebnht t stftbstbe

EcbhtNq6 -=..=1; ***

EcbhtNq= -4.4;= -4.4;= K(gm (-;)) ;.2


16/23


fssnts, bhejukbhl stce` gfr`nt safrns (Augpn fhk Gfegbjjfh =442), anhen rfbsbhlstce` prbens. [an obhfj gneafhbsg bs taft fh bhernfsn bh gchny suppjy gfy pcsbtbvnjybhojunhen lnhnrfj prben jnvnjs. [aus, tabs wcujk safpn gfhy pncpjns nxpnetftbchs ocrouturn prben jnvnjs. [abs wcujk rnsujt bh fh bhernfsn bh kngfhk co safrns, wabea ourtanrjnfks tc fh bhernfsn bh stce` gfr`nt prbens.

[an snechk gchntfry vfrbfmjn bh cur survny bs tan rnfj nxeafhln rftn co tan ^U kcjjfrfhk tan Brfhbfh rbfj. [an ecnoobebnhts ocr tabs vfrbfmjn frn pcsbtbvn ocr scgn jfls fhkhnlftbvn ocr ctanrs. Acwnvnr, tf`bhl bhtc feecuht chjy sblhbobefht ecnoobebnhts, tanpcsbtbvn sblhs cuthugmnr tan hnlftbvn chns.

Oblurn ,444

;4,444

6 2 2 1 V 6

6 2 2 1 V ;

6 2 2 2 V 5

= 4 4 4 V =

= 4 4 6 V 6

= 4 4 6 V ;

= 4 4 = V 5

= 4 4 5 V =

= 4 4 ; V 6

= 4 4 ; V ;

= 4 4 > V 5

= 4 4 ? V =

= 4 4 < V 6

= 4 4 < V ;

= 4 4 1 V 5

= 4 4 2 V =

= 4 6 4 V 6

= 4 6 4 V ;

= 4 6 6 V 5

= 4 6 = V =

= 4 6 5 V 6

= 4 6 5 V ;

[NTBQ

Nxeafhln rftn

6;


17/23


Ocr tan jfst vfrbfmjn bh cur gcknj, wabea bs ETB, tan gcst sblhbobefht rnsujt bs ocr tansnvnhta jfl, wabea sacws f pcsbtbvn bgpfet ch tan [NTBQ. [abs rnsujt sacws taft fablanr bhojftbch rftn bhojunhenk stce` gfr`nt prbens fotnr snvnrfj qufrtnrs. [an gfbheafhhnj co trfhsgbssbch co ETB bhojftbch tc tan [NTBQ bs tarcula nxpnetftbchs, wabea bstan rblat pfrt co cur Gcknj (6). Bt bs pcssbmjn taft kurbhl f rnenssbch cr hc-lrcwta nrf,stce` gfr`nts nxpnrbnhen lrcwta bh tanbr prben jnvnjs. [abs afppnhs wanh tannxpnetftbchs frn pcsbtbvn. Ocr nxfgpjn, bo bhvnstcrs nxpnet tan lnhnrfj prben jnvnjbhernfsn cr nechcgbe fetbvbty tc bgprcvn bh tan outurn, tabs wcujk afvn f pcsbtbvn bgpfetch tan prnsnht stce` prbens. [abs bs waft afs mnnh afppnhbhl bh tan Brfhbfh nechcgyrnenhtjy. Brfh nxpnrbnhenk abla bhojftbch rftns fhk jcw cr nvnh hnlftbvn LKT lrcwtarftns bh =46= fhk =465. Acwnvnr, stce` gfr`nt bhkbens sacw anfjtay fhk upwfrktrnhks. [abs afppnhnk gfbhjy mnefusn co bhvnstcrs nxpnetftbchs. Bhvnstcrs safpn tanbrprben nxpnetftbchs mfsnk ch tan eurrnht sbtuftbch, wabea ft prnsnht bs bhojftbchfry bhBrfh. Anhen, tany frn nxpnetbhl ablanr prbens bh outurnfhk ablanr stce` prbens fswnjjwabea bs way tany afvn rfbsnk tanbr prnsnht kngfhk ocr bhvnstbhl bh tan nqubtygfr`nt. Bh crknr tc obhk cut waft prcpcrtbch co tabs mccg bh tan stce` gfr`nt bs efusnk

my rnfj nechcgbe fetbvbtbns fhk acw guea bs efusnk my gchntfry nfsbhl fhk tanbhojftbch rftn, wn ruh f vfrbfhen knecgpcsbtbch fhfjysbs.

>.= _frbfhen Knecgpcsbtbch Fhfjysbs

Bh tan usufj _F]/_NE orfgnwcr`, tan pcrtbch co tan tctfj vfrbfhen co fh cmsnrvnkvfrbfmjn taft bs kun tc tan vfrbcus strueturfj sace`s bs efjjnk vfrbfhen knecgpcsbtbch.[an vfrbfhen knecgpcsbtbch bhkbeftns wabea chn co tan gfercnechcgbe ofetcrs efhprcvbkn nxpjfhftcry pcwnr ocr f vfrbftbch bh stce` prbens cvnr kboonrnht pnrbcks(Jut`npcaj =44>).

[fmjn >9 Ocrnefst Nrrcr _frbfhen Knecgpcsbtbch co [NTBQ

Tnrbck U.N. [NTBQ lkp gm n epb

6 4.4? 644.44 4.44 4.44 4.44 4.44

= 4.42 ?;.>? 4.=> 6.;= =2.61 ;.>2

5 4.65 >4.?; =.6< ;.1< 5=.>2 2. >?.1< =.4< ;.>> =>.4> 66.; 4.6? >>.61 =.== >.25 =>.?> 66.46

? 4.6< ;1.;; =.5; ;.2? 55.>

< 4.=5 5=.;5 2.6; < ?.;>

1 4.=; 54.15 66.=

?.1= ;6.=> 2.1;

2 4.=1 =5.61 66.6

>.42 >5.=6 =.?5 >.21

6> 4.>; =?.>= 2.45 6>.;5 ;5.=2 >.


18/23


gcrn tafh >2% co [NTBQ ocrnefst nrrcr vfrbfhen efh mn nxpjfbhnk my nxclnhcussace`s tc twc gchntfry ofetcrstan gchntfry mfsn fhk tan ^U kcjjfrBrfhbfh rbfjnxeafhln rftn. Fs tbgn pfssns, tabs pnrenhtfln bhernfsns tc ?=.?5% fhk ;?% co[NTBQ ocrnefst nrrcr vfrbfhens fotnr 64 pnrbcks fhk =4 pnrbcks, rnspnetbvnjy. Fotnr 64pnrbcks, tan rnfj LKT co Brfh nxpjfbhs 6?.2;% co ocrnefst nrrcr vfrbfhen co tan [NTBQfhk tabs bgpfet ofkns bh ocrwfrk pnrbcks, fs fotnr =4 pnrbcks bt knernfsns tc chjy6.2=%. [an jfst vfrbfmjn, wabea bs ETB, nxpjfbhs >.21% co [NTBQ ocrnefst nrrcrvfrbfhen fotnr 64 pnrbcks fhk 6.6;% fotnr =4 pnrbcks. Cur vfrbfhen knecgpcsbtbchrnsujts sacws taft f sgfjj pcrtbch co tan ojuetuftbchs bh tan [narfh stce` gfr`nt bs kuntc Brfhbfh nechcgbe lrcwta ecgpfrnk tc gchntfry ofetcrs, wabea bs bh feecrkfhen wbtatan prnsnht stftus co tan Brfhbfh nechcgy. Co rnenht, tan Brfhbfh nechcgy bs sarbh`bhlfhk suoonrbhl orcg echtbhucus rnenssbchs wbta znrc cr hnlftbvn lrcwtas ocr LKT, muttan stce` gfr`nt bs sacwbhl s`yrce`ntbhl prbens fhk afs vnry cotnh abt hnw rnecrks,wabea, feecrkbhl tc cur rnsujts, bs hct gfbhjy kun tc nechcgbe lrcwta mut kun tc

bhojftbchfry nxpnetftbchs fhk gchntfry ofetcrs. Fs cur ON_K rnsujts sacw, tan gfbh rnfsch ocr tabs s`yrce`ntbhl prben bhernfsn bh tan[narfh stce` gfr`nt bs nfsy gchntfry pcjbey. Uuea nxpfhsbchfry gchntfry pcjbeygfbhjy wfs ocjjcwnk kurbhl tan tnrg co tan ocrgnr lcvnrhcr co tan Enhtrfj Mfh` co Brfhfhk bhojftnk tan [NTBQ krfstbefjjy. Ch tan echtrfry, lbvnh tan fpprcprbftn tblatnhbhlgchntfry pcjbey taft tan hnw lcvnrhcr 5 bs ocjjcwbhl tc afjtnr tan ecuhtrys bhojftbch rftn,wn sacujk enrtfbhjy nxpnet sjullbsa lrcwta cr nvnh f knejbhn bh tan [NTBQ fhk f rnturhtc tan rnfj lrcwta pfta orcg tabs frtbobebfj chn. [an gcst rnenht ojuetuftbchs bh tabsgfr`nt foobrg cur fssnrtbch. [an [NTBQ stfrtnk tc knejbhn orcg


19/23


([NTBQ, rnfj LKT, gchntfry mfsn, nxeafhln rftn, fhk ETB) gcvn tclntanr. [cfkkrnss tabs bssun, wn knvnjcpnk f vnetcr nrrcr ecrrnetbch gcknj (_NEG).

Cur rnsujts sacw taft tan bgpfet co tan rnfj LKT lrcwta rftn ch tan [NTBQ lrcwta rftnwfs sblhbobefht fhk pcsbtbvn bh enrtfbh jfls, bgpjybhl taft mnttnr nechcgbe echkbtbchs wbjj

mccst tan stce` gfr`nt prben bhknx. [abs rnsujt fjsc kngchstrftns taft lcck nechcgbeechkbtbchs frn hct hnenssfrbjy bhstfhtjy gfhbonstnk bh tan stce` gfr`nts0 bt tf`nssnvnrfj qufrtnrs mnocrn lcck nechcgbe echkbtbchs frn rnojnetnk tanrn.

Ocr tan obrst gchntfry ofetcr bh cur survny, gchntfry mfsn, tan rnsujts sacw strbetjysblhbobefht fhk pcsbtbvn vfjuns. Eafhlns bh tan gchny suppjy gfy pcsbtbvnjy bhojunhentan safrn prben ocr tarnn rnfschs. [an obrst rnfsch bs taft fh bhernfsn bh gchny suppjywbjj afvn f pcsbtbvn bgpfet ch tan stce` gfr`nt tarcula tan pcsbtbvn bgpfet chnechcgbe fetbvbty. [an snechk rnfsch bs bh jbhn wbta f pcrtocjbc tancry taft rnjftns fhbhernfsn bh tan gchny suppjy tc f pcrtocjbc sabot orcg hch-bhtnrnst mnfrbhl gchny tcobhfhebfj fssnts bhejukbhl stce` gfr`nt safrns (Augpn fhk Gfegbjjfh =442), anhenrfbsbhl stce` prbens. [an jfst rnfsch bs taft fh bhernfsn bh tan gchny suppjy gfy

pcsbtbvnjy bhojunhen lnhnrfj prben jnvnjs. Ubhen gfhy pncpjn safpn tanbr nxpnetftbchsmfsnk ch eurrnht prben jnvnjs, tabs rnsujts bh f rbsn bh tanbr nxpnetftbch ocr lnhnrfj prbenjnvnjs fhk stce` prbens. Anhen, tany bhernfsn tanbr kngfhk ocr pureafsbhl safrns, fhk,taus, eurrnht stce` gfr`nt prbens wbjj sabot up.

[an snechk gchntfry vfrbfmjn bh cur survny bs tan ^U kcjjfrBrfhbfh rbfj nxeafhln rftn.[an ecnoobebnhts ocr tabs vfrbfmjn frn sacwh fs pcsbtbvn ocr scgn jfls fhk hnlftbvn ocrctanr jfls, mut tan sblh co tan gcst sblhbobefht chn bs pcsbtbvn, bgpjybhl taft fhfpprnebftbch co tan nxeafhln rftn wcujk bhojftn tan [NTBQ.

Fs ocr ETB, wabea bs tan jfst vfrbfmjn fhfjyznk bh cur gcknj, tan gcst sblhbobefht rnsujtbs ocr tan snvnhta jfl, wabea sacws f pcsbtbvn bgpfet ch tan [NTBQ. [abs rnsujt sacwstaft f ablanr bhojftbch rftn bhojunhenk stce` gfr`nt prbens fotnr snvnrfj qufrtnrs. [an

eafhhnj co trfhsgbssbch co ETB bhojftbch tc tan [NTBQ bs gfbhjy tarcula nxpnetftbchs. Btbs pcssbmjn taft kurbhl tan rnenssbch cr hc-lrcwta nrf, stce` gfr`nts nxpnrbnhenlrcwta bh tanbr prben jnvnjs. Brfh afs bh rnenht ynfrs mnnh nxpnrbnhebhl abla bhojftbchrftns, wbta jcw cr nvnh hnlftbvn lrcwta rftns co LKT. Acwnvnr, stce` gfr`nt bhkbensfrn sacwbhl anfjtay fhk upwfrk trnhks. [abs afppnhnk gfbhjy mnefusn co bhvnstcrsnxpnetftbchs. [any frn nxpnetbhl ablanr prbens bh outurn, fhk ablanr stce` prbens fswnjj, wabea bs way tany afvn rfbsnk tanbr prnsnht kngfhk ocr bhvnstbhl bh tan nqubtygfr`nt.

[an rnsujt co tan ON_K ocr tan [NTBQ sacws taft f sgfjj pcrtbch co ojuetuftbchs bh tan[narfh stce` gfr`nt bs kun tc nechcgbe lrcwta. Cur rnsujts sacw taft gchntfryofetcrs, nspnebfjjy nxeafhln rftn fhk bhojftbchfry nxpnetftbchs, afvn gfbhjy safpnk tan

rnenht upwfrk sacctbhl bh tabs gfr`nt.

?.= Tcjbey Bgpjbeftbch

Gchntfry pcjbey bs cotnh rnprnsnhtnk my tan [fyjcr rujn.> Bt jcc`s ft bhojftbch fs f gfbh

cminetbvn fhk nechcgbe lrcwta fs f snechk. [ansn frn tan twc tfrlnts ocrnefst myenhtrfj mfh`s bh gfhy ecuhtrbns. Acwnvnr, tabs stuky sacws taft eafhlns bh gchntfrypcjbey foonet stce` prbens tarcula tarnn rcutns9 gchny my btsnjo, nxeafhln rftn, fhk

> [an [fyjcr rujn bs fs ocjjcws9 o y yf T T fr +7 =*6

wanrn, r bs sacrt-tnrg bhtnrnst rftn (n.l. tan onknrfj ouhk rftn bh tan ^hbtnk Utftns cr efjj rftn bh Ifpfh),

bs tan rftn co bhojftbch,

bs tan knsbrnk rftn co bhojftbch, bs rnfj LKT, fhk bs LKT bh oujjngpjcygnht.

6<


20/23


bhojftbchfry nxpnetftbch. \anh bt jcc`s jb`n tan nechcgy bs bh f mummjn, tan enhtrfj mfh`sacu jk fjsc jcc` ft fssnt prbens fhk stce` prbens, fhk hct chjy ft bhojftbch fhk tan LKTlfp.

? [abs stuky sacws taft stce` prbens frn vnry guea foonetnk my gchntfry pcjbey.

Fe`hcwjnklgnhts\n wcujk jb`n tc tafh` Trco. Gfsfc Clf`b, Trco. Ecjbh Ge@nhzbn, fhk fjj pfrtbebpfhts cotan Tumjbe Nechcgbes Ungbhfr ft @nbc ^hbvnrsbty wac prcvbknk us wbta prnebcussullnstbchs fhk ecggnhts tc bgprcvn tabs pfpnr.

? \anh tan nechcgy jcc`s jb`n bt bs bh f mummjn, gchntfry futacrbtbns afvn tc jcc` ft fssnt prbens, stceprbens fhk tan nxeafhln rftn gfr`nt, fhk hct chjy ft bhojftbch fhk tan LKT lfp, sc tan nxtnhknkvnrsbch co tan fmcvn nquftbch bs fs ocjjcws9 nf T f y yf T T fr U

o ;5=

*6 +++7

wanrnU T bs tan stce` prben bhknx lrcwta rftn fhk n bs tan hcgbhfj nxeafhln rftn.

61


21/23


]NON]NHENU

Fsrfo, U., [. ]fifsn`fr, fhk G. Knc. =465. Frn [anrn Fhy Kyhfgbe Bhtnrfetbch coUafrbfa Bhknx wbta Gferc Nechcgbe Bhkbeftcrs3 Fh Ngpbrbefj Fhfjysbs co Bhkbfh

Utce` Gfr`nt. Bhtnrhftbchfj Icurhfj co Ngnrlbhl ]nsnfrea bh Gfhflngnht&[neahcjcly =(1)9 16;.

Mfljbfhc, O.E., fhk E.F. Ofvnrc. 6222. Bhocrgftbch orcg Obhfhebfj Gfr`nts fhk _F]Gnfsurns co Gchntfry Tcjbey. Nurcpnfh Nechcgbe ]nvbnw ;59 1=>15.

Mfsbstaf, F., fhk F. @urcv. =441. Gfercnechcgbe Eyejns fhk tan Utce` Gfr`nts]nfetbch tc Gchntfry Tcjbey. Icurhfj co Mfh`bhl fhk Obhfhen 5=9 =?4?=?6?.

Mnrhfh`n, M.U., fhk @.H. @utthnr. =44>. \aft Nxpjfbhs tan Utce` Gfr`nts ]nfetbch tcOnknrfj ]nsnrvn Tcjbey3 Icurhfj co Obhfhen ?49 6==66=>


22/23


Ojfhhnry, G.I., fhk F.F. Trctcpfpfkf`bs. =44=. Gfercnechcgbe Ofetcrs Kc Bhojunhen Fllrnlftn Utce` ]nturhs. ]nvbnw co Obhfhebfj Utukbns 6>9 6.

Jnwbs, @.@. 622>. Frn Ocrnblh Nxeafhln Bhtnrvnhtbch fhk Gchntfry Tcjbey ]njftnk,fhk Kcns Bt ]nfjjy Gfttnr3 Icurhfj co Musbhnss ?19 61>=6;.

Jut`npcaj, A. =44>. Hnw Bhtrckuetbch tc Gujtbpjn [bgn Unrbns Fhfjysbs . Mnrjbh9Uprbhlnr-_nrjfl.

Guh, @.E. =44662. Utce` Trbens fhk Nxeafhln ]ftn Kyhfgbes.Icurhfj co Bhtnrhftbchfj Gchny fhk Obhfhen =;9 645664>5.

Trfptbhbhlsba, G. =465. [an Noonet co Gchntfry Tcjbey ch Gfercnechcgbe Utfmbjbty fhkUtce` Gfr`nt9 Nvbknhen orcg Bhkchnsbf. F^ Icurhfj co Gfhflngnht 2(6)9 65==.

]fhlnj, I.L. =466. Gfercnechcgbe Hnws, Fhhcuhengnhts, fhk Utce` Gfr`nt IugpBhtnhsbty Kyhfgbes. Icurhfj co Mfh`bhl fhk Obhfhen 5>9 6=?56=


23/23


Ubgs, E.F. 622=. Bhtnrprntbhl tan Gfercnechcgbe [bgn Unrbns Ofets9 [an Noonets coGchntfry Tcjbey. Nurcpnfh Nechcgbe ]nvbnw 5?9 26444.

[flabzfkna-Ansfry, O., fhk H. Rcsabhc. =465. \abea Ubkn co tan Nechcgy Bs FoonetnkGcrn my Cbj Trbens9 Uuppjy cr Kngfhk3 ^hbtnk Utftns Fsscebftbch ocr Nhnrly

Nechcgbes (^UFNN) ]nsnfrea Tfpnr , Hc. 65-652, Cabc, ^U.[flabzfkna-Ansfry, O., fhk H. Rcsabhc. =46;. Gchntfry Tcjbebns fhk Cbj Trben

Kntnrgbhftbch9 Fh Ngpbrbefj Fhfjysbs. CTNE Nhnrly ]nvbnw 519 6=4.

[flabzfkna-Ansfry, O., H. Rcsabhc, L. Fmkcjb, fhk F. Ofrzbhvfsa. =465. Fh Nstbgftbchco tan Bgpfet co Cbj Uace`s ch Erukn Cbj Nxpcrtbhl Nechcgbns fhk [anbr [rfknTfrthnrs. Orchtbnrs co Nechcgbes bh Eabhf 19 >26.

[cwhsnhk, ].G. 6215. Ocrnefstbhl tan Ocrnefst co tan Ctanrs. Icurhfj co TcjbtbefjNechcgy 269 >;?>11.

Rcsabhc, H., [. Hf`fgurf, fhk R. Uf`fb. =465. Bhtnrhftbchfj Ecgpfrbsch co Mummjnsfhk Mummjn Bhkbeftcrs. FB & Ucebnty =2(5)9 ;=

response of stock markets to monetary policy: an asian stock market perspective

Documents