Tiger Economies Under Threat: A Comparative Analysis of Malaysia's Industrial Prospects and Policy Options

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 Vcùn Caana td Dutput Vcùn, 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` Wuoìb 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 Wjiìppihns, ?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 _npuoìb 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 Wjiìppihns, ?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 vdùkn is dhn df c snrins df puoìbctidhs 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 \drà 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 wduà ìen 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 Wdìby cha Jukch _nsdurbns Anvn`dpknht Fuha fdrtjn rnsncrbj cha tjn puoìbctidh 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 Cònrt ]nufcbe. @dpckuarc Bjcercodrti prdviana nxbn`-`nht rnsncrbj suppdrt tjrduljdut, cha tjn nxpnrt cssistchbn prdviana oy _nonbbcRului, Wcuìhc Rihtik-Codclyn, Cuarny Eitsdh-\c`tnrs, cha Ikrch Jcffiznhdrkdus`y fcbiìtctna tjn prdaubtidh df tjis vdùkn. Cs ih tjn pcst, wn rnìnajncvi`y dh Wctribic Ectcyckc, Bihay Fisjnr, cha Hdrc _iad`ffi ct tjn \drà Oche

Dfffibn df tjn Wuoìsjnr td kchcln tjn dpnrctidh frdk stcrt td ffihisj, cha tjnnaitdrs ct Wuoìbctidhs Wrdfnssidhc`s dhbn clcih aia c ffihn mdo df naitihl tjn kch-usbript. Dur anot td tjnk lrdws `dhlnr witj ncbj subbnnaihl puoìbctidh.

Cbehdw`nalknhts

xv


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Codut tjn Cutjdrs

Rjcjia Yusufis nbdhdkib cavisnr ih tjn \drà Oche Ihstitutn df tjn \drà Ochecha burrnht`y kchclns c kcmdr prdmnbt dh Ncst Csics Wrdspnbts. Jn wcs tjn airnb-tdr fdr tjn \drà Anvn`dpknht _npdrt 3999/?777, Nhtnrihl tjn ?3st Bnhtury chajcs jnà 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 puoìbctidhs ihbùan 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

xix


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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 Ancìhl 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 Wdìby (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 Wdìby (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

ÊK ^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 Wjiìppihns 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 pdìtibc` bjchlns tjct dbburrna ihIhadhnsic cha tjn Wjiìppihns 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 stikuùs pcbecln tdtcìhl _K 67 oi`ìdh (^R$36

oi`ìdh, 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 tcbeìhl tjnk. Qjn bjcptnr c`sd dutìhns tjn bdhtnhts dftjn vdùkn cha fdrnsjcadws tjn prihbipc` ffihaihls cha bdhbùsidhs.

Orinf Anvn`dpknht Jistdry df tjn Fdur RdutjncstCsich Qilnrs

Wridr td tjn ffirst stirrihls df ihaustricìzctidh ih tjn 3967s, tjn fdur RdutjncstCsich bduhtrins jca hdt nxpnrinhbna prnpcrctdry prdtdihaustricìzctidh, `cbena cb`css df nhtrnprnhnurs dtjnr tjch tjn dhns nhlclna ih bdkknrbn cha pntty trcan,cha jca hdtjihl rnsnkoìhl tjn annp`y nhtrnhbjna bu`turns df ìtnrcby 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 Wjiìppihns, 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 ldà 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 tjrnsjdà df ihaustricìzctidh, tjn fdur `ncaihl Rdutjncst Csichnbdhdkins anpnhana jncvi`y dh hcturc` rnsdurbns, uhìen tjn fdur Qilnrnbdhdkins cha uhìen 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 onlihouiàihl 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 pdìbyprdo`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 ìhn witj tjn \csjihltdhBdhsnhsus, td put tjn Wjiìppihns 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 bcpcoiìtins, 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. Outuhìen tjn drilihc` Ncst Csich Qilnr nbdhdkins, tjn Rdutjncst Csich Qilnrs jcvnynt td ouià 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`docòrcha 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 ìtt`n ihhdvctidh. Kdrn aisquintihl is tjn spcrsnhnss dfocbewcra ìhes frdk KHB dpnrctidhs, wjibj wduà 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 ìhes knchs tjct adknstib vcùncaana 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` ìhes onlch ih tjn ncr`y3997s, cha fdr kdrn tjch c anbcan, tjn ldvnrhknht jcs cttnkptna td ikprdvn tjnqucìty df sei``s cha td nhbdurcln rnsncrbj cha anvn`dpknht (_&A) sd cs tdihaubn ihhdvctidh cha td stiku`ctn vcùn-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 anbìhihl 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 ìen tjn ihaustrins df dtjnr Rdutjncst Csich bduhtrins, jcs prdvnhtjus fcr td on `nss ayhckib cha ihhdvctivn. First is tjn `dhl-stchaihl rnìchbn dhKHBs td prdvian Kc`cysic witj nxpdrt-drinhtna p`ctfdrks cha tjn ihcoiìty td ih-aubn fdrnilh bdkpchins td fdrln cha annpnh ocbewcra ìhes cha td lnhnrctnehdw`naln spi``dvnrs oy snneihl dut cha b`dsn`y ihvd`vihl `dbc` suppìnrs ih tjnkchufcbturn df ihbrncsihl`y kdrn bdkp`nx bdkpdhnhts cha suocssnkoìns. 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 ìhes crisihl frdk tjn



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prnsnhbn df KHBs, out it wcs c``dwna td sìp, ih pcrt onbcusn ru`ns rnquirihl `dbc`sdurbihl wnrn hdt nhfdrbna fdr fncr df arivihl tjn KHBs cwcy. Out dtjnrrncsdhscssdbictna witj tjn qucìty df sei``s, fdr nxckp`nnxp`cih Kc`cysicsihcoiìty td nxp`dit tjn prnsnhbn df KHBs.

Rnbdha, Kc`cysic (uhìen 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 rncìty, rnbdlhizihl tjct adihl sd kiljt tcenanbcans. Qjny nkpjcsizna tjn qucìty 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 bcìonr 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-hcìzna 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`docìzna wdrà, c aube tjct rn-kcihs stctidhcry is c sittihl aube fdr bdkpntitdrs. Qjn ru`ns cssdbictna witj tjnHnw Nbdhdkib Wdìby (HNW) bdhstrcih Kc`cysics nffdrts td rcisn tjn qucìty df itsstuanht oday, tncbjihl, cha rnsncrbj, out tjn ldvnrhknht jcs onnh `nss tjch rns-dùtn cha `nss tjch brnctivn ih ncsihl tjn ru`ns tjct oiha tjn cakihistrctdrs dfpuoìb 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 qucìty df tnrticry naubctidh chaih prdkdtihl rnsncrbj.

Qjira, ih Kc`cysic cha tjn tjrnn dtjnr Rdutjncst Csich bduhtrins, tjn vdùkn 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 nìtnsadkihctn tjn ihaustric``chasbcpn, cha tjn jilj `nvn` df bdhbnhtrctidh rcisns nhtry ocrrinrs fdr hnw ffirkscha ihjioits tjn lrdwtj df nxistihl ffirks tjct bduà bjc``nhln tjn ihbukonhts

Rdutjncst Csic Fcbns Kduhtihl Bdkpntitidh 33

?7Rnn \drà 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 puoìb bdrpdrctidh (chywjnrn ih tjn wdrà) wjdsn drlchizctidh, kchcln-knht systnk, cha ihbnhtivns p`cbn c jilj prnkiuk dh ihitictivn, ihhdvctivnhnss,cha rise tceihl. Qjn bu`turn df LBBs tjn wdrà 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 puoìb nhtitins crn arivnh oy tjnir prihbipc` sjcrnjdànr tdkcxikizn prdffitsctisfcbtdry prdffits crn usuc``y nhdulj.??

Ih Kc`cysic, tjn ayhckisk df tjn kcrent nhvirdhknht is furtjnr cffnbtna oytjn dìldpdìstib strubturn df ousihnss. Nvnh tjdulj fdrkc` ocrrinrs td trcan, fdrnxckp`n, crn `dw cha tjn ousihnss bìkctn 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 ìhena witj pdwnrfu` ldvnrhknht clnhbinsackpnhs bdkpntitidh frdk hnw nhtrchts dr fdrnilh ffirks. Bdhsdìactidh 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 bdhsdìactidh c`sdìkits tjn nhtry df ffirks.

Qjn ihtrdaubtidh df tjn Hnw Nbdhdkib Wdìby ih 3993 `na td tjn nknrlnhbn dfc Kc`cy ousihnss nìtn dwhihl `crln nhtnrprisns. Kchy Kc`cysich bdhl`dknrctnsusna c jdàihl bdkpchy strubturn td dwh ffirks cha td lrdw tjn ousihnss lrdup

tjrdulj brdss-sjcrnjdàihls 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 nxioiìty cha ihbrncsns tjn spnna df rn-

spdhsn td dppdrtuhitins, out cs Rtuawn`` (?77).?2Wdìbins 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 ì-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 bdkpìna witj tjn domnbtivns df tjn HNW (@nn ?777Kc`cy ffirks ìstna 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 wdrà, tjn ihhdvctidh arivihl bdkpntitivnhnss cha prdffitcoi`-ity `crln`y anpnhas dh tjn strctnlins cha anbisidhs df ffirks. Ldvnrhknhts, rnsncrbjnhtitins, cha uhivnrsitins bch fcbiìtctn cha prdvian tjn ihstitutidhs, tjn tc`nht, chasdkn df tjn rnsdurbns, out ffirks crn tjn dhns tjct ad tjn cppìna 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

bcpitcìzctidh 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 fckiìns. Cftnr tjn brisis df 399< td 399:, tjn ffihchbns df c qucrtnr df tjn fckiìns

wnrn oca`y ackclna, cha sdkn df tjnsn fckiìns `dst tjnir bdhtrd`ìhl sjcrns ih oches

(Wjdhlpcibjit cha Ocenr ?77:5 Wd`siri cha \iwcttchcechtchl ?776). Jdwnvnr, nvnh cftnr

tjn brisis, ffirks tjct crn pdìtibc``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 kdoiìzihl 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 pdìbins (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 vcùn df nquity

jdàihlsbdkpn``na tjnsn ffirks td sn`` dff tjnir stdbejdàihl ih dtjnr ffirks (brdss-

sjcrnjdàihl) 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 oydìldpdìnscha, ih pcrtibu`cr, oy puoìb bdrpdrctidhswi`` on `nss dpnh tdbjchln cha ihhdvctidh.

Qjn Rdutjncst Csich Qilnr nbdhdkins jcvn bnrtcih`y cbehdw`nalna tjn vcùn dfdpnhhnss cha bdkpntitidh. Ih fcbt, tjnir pnrfdrkchbn is ih hd skc`` pcrt tjn dut-bdkn df tjnir nffdrts td ikprdvn tjn ousihnss bìkctn. 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 scìnhbn df puoìb bdr-pdrctidhs dr privctn kdhdpdìns dr onbcusn tjn lddas dr snrvibns crn hdt trcaco`n.It is aifffibu`t td anìhnctn tjn lrcactidhs df bdkpntitidh, out bcsuc` nkpiribiskwduà 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 wduà 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 wdrà 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 nvcùctihl c bduhtrysnbdhdkib bcpcoiìtins cha bdkpntitivnhnss rn`ctivn td its trcaihl pcrthnrs. Luianaoy tjn cvci`coiìty df tjn hnnana actc, tjis stuay kcrsjc`s c vcrinty df tjnsn knc-surns td cssnss kchufcbturihl cha tnbjhd`dlibc` bcpcoiìtins ih Kc`cysic. \jnrnpdssio`n, it bdkpcrns tjnsn bcpcoiìtins witj tjdsn df dtjnr Rdutjncst cha Hdrtj-ncst Csich nbdhdkins. Qjnsn kncsurns sjdw jdw bdkpcrctivn cavchtcln is nvd`v-ihl cha tjn ìen`y crncs df bdkpntitivnhnss ih tjn futurn. Oy jiljìljtihl tjnstrnhltjscha c`sd tjn vu`hnrcoiìtinsdf tjn Kc`cysich nbdhdky ih rn`ctidh tddtjnr Ncst Csich nbdhdkins, tjn chc`ysis anffihns Kc`cysics dptidhs cha sullnsts


?6Bcssny @nn (?77


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jdw burrnht pdìbins 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`ùkihctnstjn bjc``nhlns fcbihl tjn dtjnr Rdutjncst Csich bduhtrins cha pdihts td pdìbins 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 bduà 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 \drà Nbdhdkib Fdruk, tjn \dràOche, 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 bcpcoiìtins cha pdtnhtic` df tjnKc`cysich nbdhdky cha prdvian c snhsn fdr wjnrn futurn bdkpcrctivn cavchtclnkcy ìn ih c bjchlihl l`doc` nhvirdhknht.

Qjn ffihaihls cha ihaibctdrs cssnko`na ih tjis odde `nca td rnbdkknhactidhsfdr pdìbins cffnbtihl tjn airnbtidh df ihaustric` anvn`dpknht, FAI, _&A spnhaihlcha its bdkpdsitidh, tjn lndlrcpjy df ihaustricìzctidh, cha tjn ouiàihl dfjukch bcpitc`. Onttnr pdìbins ih ncbj df tjnsn crncs bduà 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 pdìbins,Kc`cysic cha tjn dtjnr Rdutjncst Csich Qilnrs wi`` c`sd hnna td pursun, ih pcrc``n`,sdbidpdìtibc` pdìbins cha pdìbins cffnbtihl bdkpntitidh cha ihaustric` drlchizc-tidh. Fdr nxckp`n, rcisihl tjn qucìty 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 sdùtidhs td burrnht prdo`nks cha td prdo`nks dhtjn jdrizdh.

Qilnr ih tjn Rpdtìljt

\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 ffinà witj rn-spnbt td pnr bcpitc LAW cha kchufcbturihl bcpcoiìtins 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 ìfnbyb`ns ct wjibj tjn trchsitidh td jiljnr vcùn-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 bìkoihlup 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 kdoiìzn 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 tjnnvdùtidh 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 bcpcoiìty 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.


? 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 vcùn 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 vcùn caana tjrduljocbewcra cha fdrwcra ìhes. 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 bcpcoiìty is ihbrncsihl itt`n if ct c`` anspitn jiljnr spnha-ihl dh rnsncrbj cha anvn`dpknht (_&A) cha sdkn wianhihl df cppìnarnsncrbj oy KHBs.

Livnh tjnsn bdhaitidhs, wi`` tjn kchufcbturihl suosnbtdr snt tjn pcbn dfKc`cysics lrdwtj4 If sd, jdw wduà 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 sjduàon ihbrncsihl.9

Nvdùtidh 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 ihbùans 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 ?.< Vcùn Caana pnr \drenr ih Kc`cysic cha Its Lrdwtj _ctns, 39:3,

3997, cha ?77?

Vcùn caana pnr wdrenr Cvnrcln chhuc` lrdwtj df(bdhstcht ?777 R$) vcùn 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 ?.? Vcùn-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 Vcùn Caana td Dutput Vcùn, 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 suppìns, 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 tjnWjiìppihns, 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 Wjiìppihns td `nvn`s bdkpc-rco`n witj tjn dtjnrs. \jntjnr tjis stcoiìty wi`` pnrsist dvnr tjn knaiuk tnrk isch dpnh qunstidh. Suitn rnkcreco`y, tjn sjcrn df kchufcbturihl jcs bìkona ihKc`cysic, Ihadhnsic, cha Qjci`cha cha jcs rnkcihna ordca`y tjn sckn ih tjnWjiìppihns. 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 bìko 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.


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 \drà 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 ancìhl witj ìbnhsns. C`tjdulj tjn bdst df bdkpìchbn 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


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

Wjiìppihns 332 3?6 322 317

Rdurbns=\drà 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 vcùn caana oy ffirks wi`` bdhtihun td p`cyc `ncaihl rd`n. Kc`cysic is ch uhusuc``y dpnh nbdhdky.3 Qdtc` trcan (nxpdrts pùs

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 vdùkn cha adknstib vcùn 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 anbìhna ih ?779, c rnvivc` wi`` on cfuhbtidh df ihbrncsna kcrent sjcrn fdr nxistihl prdaubts, prdaubt aivnrsiffibctidh,jiljnr uhit vcùns df nxpdrts, cha pnhntrctidh ihtd hnw kcrents. Rubj c rnvivc`wi`` on ncsinr if tjn nxpchsidh df ihtnrhctidhc` trcan quibe`y rnturhs td ncrìnr

trnha rctns. It bduà 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 _npuoìb dfEdrnc, cha tjn Wjiìppihns (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 pùkknt 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

Wjiìppihnsc

N`nbtrdhib cha n`nbtribc` prdaubts 19.7 1


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7 ?7 17 67

bdkpdsitidh (%)

:7 377

Bjihc ?77

Ihadhnsic ?77

Mcpch ?77

Kc`cysic ?77

Wjiìppihns ?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

Wjiìppihns

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`. Cosdùtnvcùn 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 ikpìns 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.: ìsts 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 ìsts Kc`cysics tdp 37 nxpdrts td tjn ^.R. kcrent oy trcan vcùn,nxbùaihl 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


c. Actc crn frdk 39939?.


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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 Kdhdìtjib 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 ìen`y p`ywdda is ckdhl tjn tdp 37 onbcusn df tjn vcùn-td-wniljt (ouè) 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 sìljtnaln ih kdhdìtjib 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 Kdhdìtjib 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 (ihbùaihl bdhns) df pd`yknrs 7.7 37.? 37.? 37.6df ntjy`nhn


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 ùkonr. 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.:ihbùaihl syhtjntib l`ybnrd`

3>3939 Ihaustric` kdhdbcrodxyìb 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-tcè 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 ìen`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 (ihbùaihl 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, uhìen 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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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


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> 7.7Lcuìnr, @nkdihn, cha hc`-Ensnhbi (?77,777

7

vcùn(^R$ki`ìdh)

37,777

>,777

Kc`cysic

Edrnc, _np. dfMcpchIhadhnsic

Wjiìppihns 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 bybìbc` nxpdrts.36

Cs hdtna oy Ikos cha \cbzicrl (?772), it is tjn jilj-ihbdkn bduhtrins tjctcrn onbdkihl kdrn spnbicìzna. 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 bybìbc` bdkpdhnht is fcir`y `crln,sullnstihl tjct tjn nxpdrt snbtdr is sti`` quitn uia cha ct ch ihtnrknaictn stcln dfspnbicìzctidh. 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 vcùn. 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 (%) Bybìbc` (%) 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 bybìbc` 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 \cènhjdrst ?77:).


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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 anbìhihl sei`` cha tnbjhd`dly ihtnhsity df prdaubtidh.

Qjn fcstnst-lrdwihl n`nbtrdhibs nxpdrts frdk Kc`cysic witj rnlcra td vcùn crnìstna 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 spnbicìzn 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 ?71.9silhcìhl cppcrctus

97??97 Wcrts cha cbbnssdrins fdr rcaictidh :3,277 37,777,777 399.7cppcrctus

:>1?39 Kdhdìtjib ihtnlrctna

Tiger Economies Under Threat: A Comparative Analysis of Malaysia's Industrial Prospects and Policy Options

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