Apuntes de Economía Financiera

NPYJVI\

ILGJGKËN ECJNJLCIXN

Yjcüj fi I|vyfcnjvi| fi Lcijlcn| Ilgjükcln| q NILYL
Yjcüj fi I|vyfcnjvi| fi Lcijlcn| Ilgjükcln|

VIKN > Cjvxgfyllcüj n ag| kixlnfg| ecjnjlcixg| >* Cjvxgfyllcüj n Ecjnj}n| n# Lgjlipvg fi Ecjnj}n| * c* I|vyfcg fi ag| pxgli|g| fi cjuix|cüj s ecjnjlcnlcüj s ia cjvixlnkhcg fi egjfg| ~yi i|vg| pxgli|g| oijixnj* h# Îxin| fi i|vyfcg fi an| Ecjnj}n| * c* Unagxnlcüj fi nlvcug|= Filc|cgji| F ilc|cgji| fi Cjuix|cüj ij nlvcug| xinai| s ecjnjlcixg|* cc* Cj|vcvylcgji| Ecjnjlcixn|= Eyjlcgjnkcijvg fi an| Cj|vcvylcgji| Cj|vcv ylcgji| ~yi pixkcvij ia cjvixlnkhcg fi egjfg|* ccc* Ecjnjlcnlcüj s Oghcixjg fi an| Ikpxi|n|= Filc|cgji| fi ecjnjlcnlcüj fi an| ikpxi|n|* 8* Cjvxgfyllcüj n ag| kixlnfg| ecjnjlcixg| n# Ag| Nlvcug| Ecjnjlcixg| Ecjnjlcixg| * c* Nlvcug| Xinai|= Hciji| vnjochai| i cjvnjochai|* cc* Nlvcug| Ecjnjlcixg| = Lgjvxnvg ~yi fn fixildg n xilchcx yj pnog eyvyxg n lnkhcg fi yj pnog pxi|ijvi* >* Vëvyag fi fiyfn $Pxã|vnkg! hgjg! aivxn! pnonxã***#= Lgjvxnvg ~yi gvgxon n an pnxvi lgkpxnfgxn ia fixildg fi xilchcx yjn lgxxcijvi eyvyxn fi pnog| pixcüfclg| pxifivixkcjnfg|* 8* Vëvyag fi pxgpcifnf $Nllcgji|#= Lgjvxnvg ~yi gvgxon n an pnxvi lgkpxnfgxn ia fixildg n= n# Xilchcx fcucfijfg|* h# Lgjvxganx an| filc|cgji| fi an ikpxi|n kifcnjvi ia imixlclcg fi ag| fixildg| fi ugvg* <* Pxgfylvg| Fixcunfg| = Jg |gj nlvcug| pxgpcnkijvi fcldg|! |cjg npyi|vn| |ghxi ag| unagxi| eyvyxg| ~yi vijfxîj ag| nlvcug|* Pgx imikpag= Gplcgji| fi Lgkpxn g fi Uijvn* Uijvn* h# Vcpg fi Gpixnlcgji| * c* Gpixnlcgji| fi Lgkpxn = Cjuixvckg| ij nlvcug| ecjnjlcixg|* >* Vxn|anfnx jyi|vxn xc~yi}n nlvyna na eyvyxg* 8* Ia unagx fi yj nlvcug un n |yhcx ij ia eyvyxg* cc* Gpixnlcgji| fi Uijvn = Uijfikg| Uijfikg| nlvcug| ecjnjlcixg|* >* Vxn|anfnx jyi|vxn xc~yi}n eyvyxn na pxi|ijvi* 8* Ia unagx fi yj nlvcug un n hnmnx ij ia eyvyxg*

Xinac}nfg s Fc|vxchycfg pgx ]DGYMCI KN


Uijvn ij lgxvg $g Pxã|vnkg fi Unagxi|#= Unagxi|#= Vgknkg| pxi|vnfg yj nlvcug ecjnjlcixg pnxn uijfixag s xilgkpxnxag kî| vnxfi lynjfg lxiikg| ~yi ia unagx fi i|i nlvcug! nlvc ug! ~yi jg pg|iikg|! un n hnmnx* l# Vcpg| fi Kixlnfg| Ecjnjlcixg| * c* Lgjlipvg fi Kixlnfg| Ecjnjlcixg| = \gj kixlnfg| $eë|clg| g jg# fgjfi |i ikcvij s |i cjvixlnkhcnj nlvcug| ecjnjlcixg|* cc* Lan|ceclnlcüj= ccc*

>* \ioýj |y eyjlcüj= n# Kixlnfg| Pxcknxcg| = Kixlnfg| ij ag| ~yi |i ikcvij ag| nlvcug| ecjnjlcixg| s ag| noijvi| ~yi ag| uijfij ghvcijij ecjnjlcnlcüj* h# Kixlnfg| \ilyjfnxcg| = Kixlnfg| fi lgkpxn+uijvn g cjvixlnkhcg fi nlvcug| sn ikcvcfg| ijvxi ag| cjuix|gxi|* c juix|gxi|* Fnj ac~ycfi} n ag| nlvcug| ecjnjlcixg|* 8* \ioýj ia vcpg fi nlvcug| ecjnjlcixg| jioglcnfg|= n# Kixlnfg| Kixlnfg| fi Fiyfn Pýhacln g Pxcunfn * h# Kixlnfg| fi Nllcgji| * l# Kixlnfg| fi Fixcunfg| * <* \ioýj ia oxnfg fi xioyanlcüj= n# Kixlnfg| Kixlnfg| jg gxonjc}nfg| s GVL $Guix vdi Lgyjvix# = Kixlnfg| jg xioyanfg| fgjfi lnfn gpixnlcüj i| ýjcln $jg i|vnfnxc}nfn|#* h# Kixlnfg| gxonjc}nfg| = Kixlnfg| xioyanfg| fgjfi an| gpixnlcgji| i|vîj i|vnjfnxc}nfn| s an ac~ycfi} i| navn* f# Noijvi| ij ag| Kixlnfg|* c* Cjuix|gx= Pix|gjn g Cj|vcvylcüj ~yi lgkpxn g uijfi nlvcug| ecjnjlcixg|* cc* I|pilyanfgx= Pix|gjn g Cj|vcvylcüj ~yi lgkpxn g uijfi nlvcug| ecjnjlcixg| i|pixnjfg kguckcijvg| enugxnhai| ij ag| pxilcg| fi ag| kc|kg|* ccc* Xioyanfgx= Cj|vcvylcüj ijlnxonfn fi fivixkcjnx an| jgxkn| fia eyjlcgjnkcijvg fi ag| kixlnfg| gxonjc}nfg|* cu* Hnjlg $Lgkixlcna# = Cj|vcvylcüj ~yi gexili fipü|cvg| n an uc|vn s lgjlifi pxã|vnkg| lgj ag| egjfg| ghvijcfg|* u* Hnjlg fi Cjuix|cüj = Cj|vcvylcüj ~yi nsyfn n an| ikpxi|n| ij |y| pxgli|g| fi ecjnjlcnlcüj s ikc|cüj fi vëvyag|* uc* Njnac|vn= Pix|gjn ~yi i|vyfcn an| lnxnlvixë|vcln| fi ag| ikc|gxi| fi



ucc* uccc* ct*

t*

nlvcug| ecjnjlcixg| pnxn i|vcknx ia unagx lgxxilvg fi i|vg| nlvcug|* >* Njîac|c| Eyjfnkijvna= I|vyfcg fi ag| i|vnfg| lgjvnhai| s fi an |cvynlcüj fi an ikpxi|n s |y |ilvgx! | ilvgx! lnacfnf fi an oi|vcüj! uijvnmn| s pxghaikn| lgkpivcvcug| s pg|clcüj xianvcun exijvi n |y| lgkpivcfgxi|* 8* Njîac|c| Vãljclg= I|vyfcg fi ag| fnvg| dc|vüxclg| fi kixlnfg fi ag| nlvcug| fi cjvixã|! pxcjlcpnakijvi ag| pxilcg| s ia ugaykij* Vxnfix= Pix|gjn ~yi lgkpxn g uijfi nlvcug| ecjnjlcixg|* Hxgbix= Pix|gjn g noijlcn ~yi cjvixkifcn yjn vxnj|nllcüj ijvxi yj lgkpxnfgx s yj uijfifgx* Oi|vgx fi yj egjfg fi cjuix|cüj lgailvcug = Pix|gjn g Cj|vcvylcüj ~yi oi|vcgjn ia fcjixg fi yj lgjmyjvg fi cjuix|gxi| ~yi |i noxion ij yj egjfg lgj pnxvclcpnlcgji| pxgpgxlcgjnai|* Nxhcvxnmc|vn= Pix|gjn ~yi xinac}n gpixnlcgji| fi nxhcvxnmi* Ij ag| kixlnfg| ecjnjlcixg|! ag| nxhcvxnmc|vn| |yiaij vxnhnmnx pnxn ag| hnjlg| fi cjuix|cüj s |glcifnfi| oi|vgxn| fi egjfg|* >* Yjn gpgxvyjcfnf fi Nxhcvxnmi i| yjn gpgxvyjcfnf fi ghvijix yj hijieclcg |cj xci|og s |cj jili|cfnf fi xinac}nx xina c}nx jcjoýj fi|ikhga|g*



VIKN 8 Knvikîvcln| Ecjnjlcixn| >* Ia Unagx Vikpgxna fia Fcjixg s ia Lgjlipvg fi Cjvixã|* n# Lgjlipvg fi Unagx Vikpgxna fia Fcjixg * c* Ia fcjixg vciji yj unagx vikpgxna* cc* Jg i| ag kc|kg > Iyxg fi dgs ~yi > Iyxg fijvxg fi yj nþg* h# Lnpcvnac}nlcüj \ckpai = c* Lgjlipvg fi Lnpcvnac}nlcüj \ckpai = Ij yjn cjuix|cüj n lnpcvnac}nlcüj |ckpai! ia pnog fi cjvixi|i| |i lnalyan lgkg yjn pxgpgxlcüj lgj|vnjvi fi an lnjvcfnf cjuixvcfn* N i|vn pxgpgxlcüj |i ai fijgkcjn Vcpg fi Cjvixã| Jgkcjna* cc* Eüxkyan fi Npaclnlcüj =

       

ccc* cu* u*

Jgvnlcgji|= Lv= Unagx Eyvyxg L0= Cjuix|cüj Cjclcna v= Vcikpg c= Cjvixi|i| Lgjlipvg fi Unagx Eyvyxg fi yjn Cjuix|cüj = I| an lnjvcfnf n an ~yi lxilixî yjn cjuix|cüj fi|pyã| fi nþnfcxai ag| cjvixi|i|* Lgjlipvg fi Cjvixã| = I| an xilgkpij|n ~yi xilchi ia pxi|vnkc|vn $^ycij pxi|vn ia fcjixg#* Cjvixã| \ckpai Exnllcgjnfg Exnllcgjnfg * >* \i fiecji lgkg ia i~ycunaijvi fia Cjvixã| |ckpai njyna fi xieixijlcn* 8* \ixën lynjfg ag| pnog| fi cjvixi|i| |i xinac}nj na ecjna fi lnfn |iki|vxi g fi lnfn ki|* <* I| cjfceixijvi pnonx yjg y gvxg pyi| ia kgjvnjvi ecjna n pnonx pn onx i| ia kc|kg* 6* Eüxkyan fi Npaclnlcüj=

  

Jgvnlcüj= c-= Cjvixã| Exnllcgjnfg



c= Cjvixã| Njyna k= I| ia jýkixg fi uili| ~yi |i pnonj cjvixi|i| cjvix i|i| na nþg* l# Lnpcvnac}nlcüj Lgkpyi|vn = c* Lgjlipvg fi Lnpcvnac}nlcüj Lgkpyi|vn = >* I| ia cjvixã| onjnfg |ghxi ia lnpcvna cjclcna s |ghxi ag| cjvixi|i| ~yi |i unj fiuijonjfg fyxnjvi i|i pixcgfg* 8* Ij yjn cjuix|cüj n vcpg fi cjvixã| lgkpyi|vg! ag| cjvixi|i| fiuijonfg| |gj xicjuixvcfg| pnxn ghvijix kî| cjvixi|i|* <* Ij an |coycijvi vnhan |i kyi|vxn lükg iugaylcgjnj ag| cjvixi|i| ij yjn cjuix|cüj fi j nþg| n cjvixã| lgkpyi|vg= Nþg > 8 < ---

Lnpcvna na pxcjlcpcg fia nþg L0 L0" L0c;L0$>"c# L0$>"c#" L0$>"c#c; L0$>"c#8 ------

Cjvixi|i| fiuijonfg| fyxnjvi ia nþg L0c L0$>"c#c L0$>"c#8c ------

cc*

Eüxkyan fi Npaclnlcüj =

ccc*

Eüxkyan pnxn lnalyanx ia Unagx Eyvyxg fi yjn cjuix|cüj n cjvixã| lgkpyi|vg fyxnjvi j nþg| i|=

         

Fgjfi $>"c#j i| ia Enlvgx fi Lnpcvnac}nlcüj $An lnjvcfnf ecjna ~yi xilchckg| na pxi|vnx > iyxg fi dgs dn|vn fijvxg fi j nþg|# cu*

Eüxkyan pnxn lnalyanx ia Unagx Nlvyna fi yjn cjuix|cüj n cjvixã| lgkpyi|vg fyxnjvi j nþg| i|=

         



Fgjfi

  i| ia Enlvgx fi Fi|lyijvg $\i lgxxi|pgjfi lgj ia unagx 

nlvyna fi > iyxg xilchcfg fijvxg fi j nþg|# u*

Vcpg fi Cjvixã| lgkpyi|vg exnllcgjnfg =

   Jgvnlcüj= j= Jýkixg fi nþg lgxxi|pgjfcijvi* k= Jýkixg fi uili| ~yi |i pnonj cjvixi|i| na nþg* 8* Ia Unagx Unagx Nlvyna fi Eaymg| fi Vi|gxixën Kýavcpai| n# Lgjlipvg Oijixna * c* Oijixnakijvi ij yjn cjuix|cüj jg itc|vi yj ýjclg pnog! |cjg ~yi itc|vij kî|* cc* I|vg| pnog| g eaymg| fi lnmn pyifij |ix= lxilcijvi! filxilcijvi|! lgj|vnjvi| g nainvgxcg|* ccc* Eüxkyan fi Npaclnlcüj pnxn ia lîalyag fia UNAGX NLVYNA VGVNA FI YJN \IXCI FI PNOG\ IJ FCEIXIJVI\ KGKIJVG\ VIKPGXNAI\=

                   

h# Unagxnlcüj fi Njynacfnfi| * c* Lgjlipvg= >* Njynacfnf i| yjn |ixci fi pnog| pixcüfclg| $N >! N8 !N< ****Nj# lxilcijvi| dn|vn uijlckcijvg |ioýj yjn xioan Nv;Nv+>$>"e#* cc*

Eüxkyan fi Npaclnlcüj pnxn ia lîalyag lîal yag fia UNAGX UNAGX NLVYNA FI YJN NJYNACFNF=

        



ccc*

Njynacfnf Lgj|vnjvi s Pixpivyn=

cu*

Njynacfnf Lgj|vnjvi=

u*

Unagx Ecjna fi yjn Njynacfnf=

  

                  

<* Nkgxvc}nlcüj fi Pxã|vnkg|= n# Lgjlipvg fi Pxã|vnkg= c* I| yj lgjvxnvg pgx ia lyna yj noijvi $Pxi|vnvnxcg g fiyfgx# ghvciji fyxnjvi yj fivixkcjnfg pixcgfg fi vcikpg an fc|pg|clcüj fi yj lnpcvna pixvijilcijvi n gvxg noijvi $Pxi|vnkc|vn g Nlxiifgx#! ~yifnjfg ghaconfg ia noijvi ~yi fc|pgjfxî fia lnpcvna n fiugauix na ecjna fia pixcgfg ia lnpcvna kî| yjg| cjvixi|i|* cc* Vcpg| fi Pxã|vnkg|= >* Lgj lygvn| fi nkgxvc}nlcüj lgj|vnjvi|* 8* Lgj njynacfnfi| lgj|vnjvi|* h# Pxã|vnkg| lgj lygvn| fi nkgxvc}nlcüj lgj|vnjvi|= Nþg Njynacfnf Cjvixi|i| Lygvn fi Vgvna Nkgxvc}nlcüj Nkgxvc}nfg 0 > 8 < 6 9

0 8500 8640 8<50 8860 8>80

PN\G 9

0 500 640 <50 860 >80 PN\G 6


0 8000 8000 8000 8000 8000 PN\G >

0 8000 6000 5000 4000 >0000 PN\G 8

Lnpcvna pgx nkgxvc}nx >0000 4000 5000 6000 8000 0 PN\G <


PN\G >= Ecmnx an Lygvn fi Nkgxvc}nlcüj Lgj|vnjvi|* PN\G 8= Lnalyanx an Nkgxvc}nlcüj Nlykyanfn* PN\G <= Lnpcvna pgx Nkgxvc}nx;Pxã|vnkg+Lygvn fi Nkgxvc}nlcüj* PN\G 6= \i lnalyan kifcnjvi $Lnpcvna pgx Nkgxvc}nx# - Vcpg fi Cjvixã|* PN\G 9= Njynacfnf;Lygvn fi Nkgxvc}nlcüj"Lygvn fi Cjvixi|i|* Cjvixi|i| * l# Pxã|vnkg| lgj njynacfnfi| lgj|vnjvi|= c* Ij i|vi ln|g! lnfn nþg an lygvn vgvna pnonfn fihi |ix lgj|vnjvi* cc* Lîalyag fi an lygvn lgj|vnjvi ~yi |i un n pnonx pn onx lnfn nþg= Coynanjfg ia unagx nlvyna fi vgfg| ag| pnog| ~yi xinac}n ia pxi|vnvnxcg n an lnjvcfnf cjclcnakijvi pxi|vnfn pgx ia pxi|vnkc|vn*

Nþg

   

! |cijfg L; an njynacfnf lgj|vnjvi*

Njynacfnf

Cjvixi|i|

Lygvn fi Nkgxvc}nlcüj

Vgvna Nkgxvc}nfg

0 8
0 500 63<*5 <40*? 85>*> ><6

0 >??6 >446*6 >33<*< 8>>8*3 8860

0 >??6 <596*6 956?*? ??50*5 >0000

0 > 8 < 6 9

PN\G >

PN\G 8


PN\G <

PN\G 6

Lnpcvna pgx nkgxvc}nx >0000 4885 5<69*5 6<98*< 88<3*6 0 PN\G 9


VIKN < Ia unagx fi yjn cjuix|cü cjuix|cüj= j= Cjvxgfy Cjvxgfyllcüj llcüj na UNJ >* Ia UNJ UNJ s Eyjfnkijvg| Eyjfnki jvg| fia UNJ* UNJ* n# Ghmivcug fi an| filc|cgji| fi cjuix|cüj = Kntckc}nx ia unagx fi an ikpxi|n! i| filcx! kntckc}nx an xc~yi}n fia nllcgjc|vn* h# Ia unagx fi yjn ikpxi|n dgs i| ia unagx fi ag| eaymg| fi lnmn fi |y| pxgsilvg| pxgsilvg| fi|lgjvnfg| * l# Lxcvixcg| fi Iunaynlcüj s \iaillcüj fi pxgsilvg| fi cjuix|cüj= c* Kãvgfg| I|vîvclg| = \gj n~yiaag| ~yi jg vcijij ij lyijvn ia unagx fia fcjixg ij ia vcikpg* >* Pns+Hnlb g Pan}g fi Xilypixnlcüj* 8* Vn|n fi Xijfckcijvg Lgjvnhai* cc* Kãvgfg| Fcjîkclg| = \c unj n lgj|cfixnx ia unagx fia fcjixg ij ia vcikpg* >* UNJ $Unagx Nlvyna Jivg#* 8* VCX $Vn|n $Vn|n Cjvixjn fi Xijvnhcacfnf#* f#

Ia UNJ* c* Fiecjclcüj* >* \i fiecji lgkg an fceixijlcn ijvxi ia unagx nlvyna fi ag| eaymg| fi lnmn eyvyxg| s ia fi|ikhga|g cjclcna jili|nxcg pnxn xinac}nx ia pxgsilvg*

          

8* Pn|g| n |ioycx njvi an filc|cüj filc| cüj fi xinac}nx g jg yj pxgsilvg fi cjuix|cüj* n# Xinacli yjn pxiuc|cüj fi ag| eaymg| fi vi|gxixën cjlxikijvnai| oijixnfg| pgx ia pxgsilvg n ag anxog fi vgfn |y ucfn ilgjükcln* h# Lnalyai ia lg|vi fi gpgxvyjcfnf fia pxgsilvg $Vn|n fi Fi|lyijvg# vijcijfg ij lyijvn ia unagx fia fcjixg ij ia vcikpg s ia xci|og n|ykcfg pgx ia pxgsilvg* l# Fi|lyijvi ag| Eaymg| fi Lnmn na lg|vi fi gpgxvyjcfnf s xi|vi an



cjuix|cüj cjclcna* f# \c ia xi|yavnfg i| pg|cvcug cjucixvn! |c i| jionvcug jg cjucixvn ij i|i pxgsilvg* cc*

ccc*

Pxgpcifnfi| fia UNJ* n# Ia UNJ xilgjgli ia unagx vikpgxna fia fcjixg * h# Ia UNJ UNJ fipijfi ýjclnkijvi fi enlvgxi| xiaiunjvi|= xiaiunjvi |= c* Lg|vi fi Gpgxvyjcfnf cc* Eaymg| fi vi|gxixën i|pixnfg|* l# Ia UNJ lykpai an pxgpcifnf fi nfcvcucfnf* f# Ia UNJ i| yj hyij lxcvixcg pgx~yi kntckc}n ia unagx fi an ikpxi|n s pgx vnjvg! an xc~yi}n fi ag| nllcgjc|vn|* Ia UNJ fi yjn cjuix|cüj* >* Ia Unagx Unagx Nlvyna $UN# $UN# fi yj pxgsilvg fi cjuix|cüj i| ia unagx nlvyna fi ag| eaymg| kgjivnxcg| cjlxikijvnai| jivg| eyvyxg| fia pxgsilvg* 8* Ia Unagx Nlvyna Jivg $UNJ# fi yj pxgsilvg fi cjuix|cüj i| an fceixijlcn ijvxi |y unagx nlvyna s ia lg|vi cjclcna fi cjpaikijvnx ia pxgsilvg* Ia UNJ UNJ vnkhcãj |i lgjgli lgkg ia unagx nlvyna g unagx fi|lgjvnfg fi vgfg| ag| eaymg| fi lnmn fia pxgsilvg*

                           

Eaymg|* Cjlxik*Jivg| Vcpg| fi Cjvixã| Npacln* Unagxi| Fi|lgjvnfg| UN UNJ cu*

v;0 +?6<*000

+?6<*000

Cjvixpxivnlcüj fia UNJ*


v;> >*846*000

v;8 >*846*000

v;< >*83<*900

>0)

>0)

>0)

>*>5?*000 >*>5?*000

>*05>*000

3?8*000

<*800*000 8*69?*000


>* UNJ;0= n# Ia unagx pxi|ijvi fi ag| eaymg| eyvyxg| ~yi ghvijfxikg| i| coyna na lg|vi cjclcna* h# An xijvnhcacfnf ~yi pgfikg| i|pixnx fi i|n cjuix|cüj jg| lgkpij|n itnlvnkijvi fia jcuia fi xci|og ~yi dikg| n|ykcfg* 8* UNJ:0= n# Ia unagx pxi|ijvi fi ag| eaymg| eyvyxg| ~yi ghvijfxikg| i| |ypixcgx na lg|vi cjclcna* h# Pgfikg| i|pixnx fi i|n cjuix|cüj yjn xijvnhcacfnf itvxngxfcjnxcn pgx ijlckn fi an këjckn ~yi jg| lgkpij|nxën pgx ia jcuia fi xci|og ~yi dikg| n|ykcfg* <* UNJ10= n# Ia unagx pxi|ijvi fi ag| eaymg| eyvyxg| ~yi ghvijfxikg| i| cjeixcgx na lg|vi cjclcna* h# An xijvnhcacfnf i|pixnfn fi i|n cjuix|cüj i|vî pgx fihnmg fi an këjckn ~yi jg| lgkpij|nxën pgx ia xci|og n n|ykcx* 6* An xioan fi Gxg i| Nfgpvnx vgfg| ag| pxgsilvg| lgj UNJ 0! s xildn}nx ag| pxgsilvg| lgj UNJ10 * 9* Vgfg| ag| cjuix|gxi| ~ycixij kntckc}nx kn tckc}nx |y xc~yi}n s lgkpcvij pgx an| kimgxi| gpgxvyjcfnfi| fi cjuix|cüj* n# Lynjfg npnvili yjn gpgxvyjcfnf lgj UNJ pg|cvcug! kyldg| cjuix|gxi| i|vnxîj cjvixi|nfg| s ia ieilvg fi an lgkpivijlcn dnxî |yhcx ia lg|vi cjclcna g pxilcg fi an kc|kn* h# \c jg dns hnxxixn| n an ijvxnfn! ijvx nfn! ia pxgli|g fi lgkpivijlcn lgjvcjynxî dn|vn ~yi ia UNJ UNJ aaioyi n 0* 5* Dns fceixijlcn| ckpgxvnjvi| ijvxi an| cjuix|cgji| ij nlvcug| xinai| s an| cjuix|cgji| ij nlvcug| ecjnjlcixg|= n# Kixlnfg| fi Nlvcug| Xinai|= Dns kyldn| hnxxixn| n an ijvxnfn s dns pgvijlcnakijvi kyldn| cjuix|cgji| lgj UNJ UNJ pg|cvcug* h# Kixlnfg| Ecjnjlcixg|= Dns pgln| hnxxixn| n an a n ijvxnfn s ia UNJ fi an| cjuix|cgji| ecjnjlcixn| vcijfi n 0 kys xîpcfnkijvi*



8* An VCX s gvxn| vãljcln| fi cjuix|cüj navixjnvcun|* n# Ia pan}g fi Xilypixnlcüj fi an Cjuix|cüj $Pns+Hnlb#* $Pn s+Hnlb#* c* Ia Pns+Hnlb i| ia jýkixg fi nþg| ~yi dnj fi vxnj|lyxxcx pnxn ~yi an |ykn fi ag| eaymg| fi lnmn eyvyxg| coynai na eaymg jionvcug cjclcna *



cc* ccc*

An cfin i| nlipvnx |üag pxgsilvg| lgj pan}g fi xilypixnlcüj kijgx ~yi B nþg|* I|vi lxcvixcg i| cjlgxxilvg= >* Jg vciji ij lyijvn ia unagx vikpgxna fi ag| eaymg| ~yi glyxxij njvi| ~yi B* 8* Cojgxn ag| ~yi glyxxij fi|pyã| fi B pijnac}njfg ag| pxgsilvg| n Anxog Pan}g*

Pxgsilvg N Pxgsilvg H

V;0 +8*0

V;> 8*<0

V;8 0*00

V;< 0*00

V;6 0*00

Pns+Hnlb >

+8*0

>*89

>*89

>*89

>*89

8

h# Pns+Hnlb Fi|lgjvnfg* c* Yjn cjuix|cüj kimgxnfn fia Pns+Hnlb lnalyan ia jýkixg fi nþg| ~yi dnj fi vxnj|lyxxcx pnxn ~yi an |ykn fi ag| eaymg| e aymg| fi lnmn eyvyxg| fi|lgjvnfg| coynai na eaymg jionvcug cjclcna * cc* Ij i|vi ln|g |i vciji ij lyijvn ia unagx vikpgxna fi ag| eaymg| ~yi glyxxij njvi| ~yi B pixg |ioyckg| cojgxnjfg ag| ~yi glyxxij fi|pyã| fi B s |i pijnac}n vgfnuën kî| an cjuix|cüj n anxog pan}g*

Pxgsilvg N Pxgsilvg H

V;0 +8*0

V;> 8*>0

V;8 0*00

V;< 0*00

V;6 0*00

Pns+Hnlb >

+8*0

>*>

>*0

0*3

0*3

8

ccc*

·Pgx ~yã |i ikpain ia Pns+Hnlb7 >* An cjlixvcfykhxi dnli fceëlca i|vcknx eaymg| fi lnmn aimnjg|! i|pilcnakijvi ij ijvgxjg| kys lnkhcnjvi| s fi navn cjeanlcüj* 8* \c dns xi|vxcllcgji| xi|vxcllcgji| fi lnpcvna ! dns ~yi oijixnx eaymg| fi lnmn xîpcfnkijvi pnxn pgfix cjclcnx jyiug| pxgsilvg|* <* I| nvxnlvcug pnxn ag| oi|vgxi| |c |gj iuynaynfg| ij ia lgxvg pan}g * l# An Vn|n Vn|n Cjvixjn fi Xijvnhcacfnf $VCX#* c* I| an vn|n fi fi|lyijvg ~yi dnli ~yi an eyjlcüj UNJ fia pxgsilvg



cc*

ccc*

vgki ia unagx lixg * Eüxkyan fi Npaclnlcüj=

                   

Xioan fi Filc|cüj= >* Nlipvnkg| ia pxgsilvg |c an vn|n fi xieixijlcn i| cjeixcgx n an VCX= VCX : x 8* Ij kyldg| ln|g|! ia lxcvixcg lxcvi xcg VCX i~ycunai na UNJ! pixg ij naoyjg| ln|g| UNJ s VCX jg |gj i~ycunaijvi|* <* Nyj~yi ia ikpaig fia UNJ UNJ i| kî| |ijlcaag | ijlcaag s |cikpxi gexili an |gaylcüj lgxxilvn! an vijfijlcn n y|nx vn|n| fi xijvnhcacfnf pnxn xi|ykcx an| cjuix|cgji| ij yj ýjclg jýkixg dnli ~yi ij kyldn| ikpxi|n| |i lnalyai s lgkyjc~yi an VCX*



VIKN 6 Lnxnlvixc}nlcüj fi ag| nlvcug| s lnxvixn|= Xijvnhcacfnf xci|og >* Unagxnlcüj fi Nllcgji|* n# Pgfikg| lnalyanx ia Unagx Unagx fi yjn nllcüj fi fceixijvi| egxkn| g uën|= c* Unagx Lgjvnhai = I| an unagxnlcüj Jivn fi an ikpxi|n! nvijfcijfg na hnanjli* $Jivg ; Nlvcug|+Pn|cug|#* I| ia lnpcvna npgxvnfg pgx ag| nllcgjc|vn| kî| ag| hijieclcg| xicjuixvcfg|* cc* Unagx fi Ac~ycfnlcüj = \ixën an vi|gxixën ghvijcfn |c |i uijfij vgfg| ag| nlvcug| fi an ikpxi|n s |i pnon pn on n ag| nlxiifgxi|* \ixën an lnjvcfnf fi iyxg| pgx nllcüj ~yi yjn ikpxi|n pgfxën lgj|ioycx |c lcixxn lcixx n s ac~ycfn vgfg| |y| nlvcug| $kixlnfg fi |ioyjfn knjg#* ccc* Unagx fi Kixlnfg = I| ia pxilcg fi an nllcüj ij ia kixlnfg |ilyjfnxcg* I| ag ~yi ag| cjuix|gxi| unagxnj i|n ikpxi|n* I|vg| unagxnj= >* An lnpnlcfnf fi an ikpxi|n fi oijixnx hijieclcg|* 8* Pg|chai| nlvcug| cjvnjochai| $C"F#* <* Itpilvnvcun| eyvyxn| fi lxilckcijvg fi hijieclcg|* h# Pgfikg| unagxnx an| nllcgji| lgkg lyna~ycix gvxg nlvcug ecjnjlcixg lnalyanjfg ia UNAGX UNAGX NLVYNA fi ag| eaymg| ea ymg| fi lnmn lnm n i|pixnfg| pnxn p nxn ia eyvyxg* l# Xijvnhcacfnf ghvijcfn ij yj pixcgfg pgx yjn nllcüj =

      

f# Ia Unagx Nlvyna fi yjn nllcüj $Kgfiag fi Ogxfgj# =

                            

i# Eüxkyan Oijixna pnxn an unagxnlcüj fi nllcgji|= nllc gji|=



      c*

I|vn eüxkyan vciji |ijvcfg fnfg ~yi an| nllcgji| fi yjn ikpxi|n jg kyixij n jg |ix ~yi an ikpxi|n ~ycihxi g itc|vn yjn nf~yc|clcüj fi an kc|kn*

e# Unagxnlcüj fi Nllcgji| lgj Fcucfijfg| Eyvyxg| Lgj|vnjvi|* c* Yvcac}njfg an eüxkyan fia UN UN fi yjn xijvn pixpivyn=

cc*

     

\c ag| fcucfijfg| lxilij n yjn vn|n o lgj|vnjvi=

8* Xijvnhcacfnf s Xci|og n# Lnxvixn fi unagxi| * c* Fiecjclcüj* >* Yjn lnxvixn fi unagxi| i| ia lgjmyjvg fi nlvcug| $nllcgji|! hgjg|! aivxn|! fixcunfg|! cjkyihai|! ivl* # ~yi yj cjfcucfyg pg|ii ij yj kgkijvg fnfg* 8* Lnfn nlvcug xipxi|ijvn yj pgxlijvnmi fia unagx vgvna fi an lnxvixn* Ia pi|g fi lnfn nlvcug |i xipxi|ijvn pgx _ c! s fihi lykpacx=

cc* ccc*

    

Fnfg ~yi yjn lnxvixn i| yjn lgkhcjnlcüj fi nlvcug|! itc|vij kyldn| lgkhcjnlcgji| pg|chai|! s pgx vnjvg! kyldn| lnxvixn|* Ghmivcug fi ag| cjuix|gxi|= Kntckc}nx an Xijvnhcacfnf fi |y lnxvixn s Kcjckc}nx ia Xci|og * >* Njvi fg| nlvcug| lgj coyna xijvnhcacfnf i|pixnfn! pxiecixij n~yia ~yi pg|ii yj kijgx xci|og* 8* I|vg| cjuix|gxi| pxiecixij yj pnog |ioyxg na kc|kg pnog pxgkifcg nxxci|onfg*

                 

An yvcacfnf fi lnxvixn| lgjmyjvn| : An yvcacfnf fi lnxvixn|



cjfcucfynai|

h# Lîalyag fi an xijvnhcacfnf i|pixnfn fi yj nlvcug * c* Egxkn jgxkna fia Lîalyag fi an xijvnhcacfnf=

 

cc*

Eüxkyan fi Npaclnlcüj=

     

Jgvnlcgji|= = Xijvnhcacfnf fi yjn nllcüj*

   

= Fcucfijfg|*

= Pxilcg fi knþnjn* = Pxilcg fi dgs*

ccc*

cu*

Fnfg yj nlvcug lgj fceixijvi| xi|yavnfg| g pnog| pg|chai|! |i fiecji an Xijvnhcacfnf I|pixnfn lgkg=

      

\cj ikhnxog! ag| cjuix|gxi| fi|lgjglij an fc|vxchylcüj fi pxghnhcacfnfi| fi an| xijvnhcacfnfi| eyvyxn| fi ag| nlvcug|! pixg ag| cjuix|gxi| |c pg|iij ag| fnvg| fi an| xijvnhcacfnfi| dc|vüxcln| fi lnfn nlvcug* S unj n y|nx an Kifcn fi an| xijvnhcacfnfi| pn|nfn| lgkg an xijvnhcacfnf i|pixnfn fi lnfn nlvcug* Fi nlyixfg n an |coycijvi eüxkyan=

        

Jgvnlcüj= = Pxgkifcg fi an| xijvnhcacfnfi| pn|nfn|* V= Jýkixg fi fnvg| dc|vüxclg| yvcac}nfg|* = An xijvnhcacfnf ~yi gexilcü i|i nlvcug nlvc ug ij ia nþg v*

 

l# Lîalyag fi an xijvnhcacfnf fi yjn Lnxvixn *



c*

Eüxkyan fi Npaclnlcüj=

cc*

Lynjfg yvcac}nkg| Xijvnhcacfnfi| Dc|vüxcln| fi ag| nlvcug| cjfcucfynai|! ijvgjli| kifcfg| an Xijvnhcacfnf Dc|vüxcln fi yjn Lnxvixn=

           Jgvnlcüj=  i| ia jýkixg fi nllcgji| ij pgxlijvnmi| fi yjn lnxvixn*           

f# Kifclcüj fia xci|og fi yj nlvcug * c* Lgjlipvg Oijixna= >* Unkg| n itpxi|nx ia xci|og fi yjn cjuix|cüj lgkg an fc|pix|cüj fi an| xijvnhcacfnfi| xi|pilvg n |y xijvnhcacfnf i|pixnfn= i| pixnfn= UNXCNJ]N UNXCNJ]N g FI\UCNLCÜJ VËPCLN* 8* Lîalyag fi an Unxcnj}n Unxcnj}n fi an| nllcgji|=

Jgvnlcüj=



         

i| an xijvnhcacfnf kifcn dc|vüxcln*

<* Xioan Oijixna= N knsgx Unxcnj}n g Fi|ucnlcüj Vëpcln! knsgx i| ia Xci|og* cc*

Kifclcüj fia xci|og fi yjn lnxvixn fi nlvcug|* >* Lîalyag fi an unxcnj}n fi yjn lnxvixn lnxvix n lgj |gag 8 nlvcug|=

             

Jgvnlcüj= \c i| pg|cvcug= Ia xci|og fi an Lnxvixn i| knsgx ~yi ag| Xci|og| cjfcucfynai|* \c i| jionvcug= Ia xci|og fi an Lnxvixn i| kijgx ~yi ag| Xci|og| cjfcucfynai|* 8* Lîalyag fi an unxcnj}n fi yjn lnxvixn lnxvix n lgj J nlvcug|=



                             An Lgunxcnj}n |i lnalyan=            <* Itpxi|cüj fi an Unxcnj}n Unxcnj}n fi yjn lnxvixn l nxvixn y|njfg ia Lgieclcijvi fi Lgxxianlcüj=

       

Ia Lgieclcijvi fi Lgxxianlcüj ijvxi fg| nlvcug|=

   

6* Pgfikg| gh|ixunx ~yi na noxionx ag| nlvcug|! |i xifylcxî ia xci|og fi yjn lnxvixn = n# \c nykijvnkg| ia jýkixg fi nlvcug| $J vcijfi n #! an unxcnj}n fi an lnxvixn vcijfi n an lgunxcnj}n kifcn ijvxi vgfg| ag| nlvcug| fi an lnxvixn * h# Pnxvi fia xci|og i| iackcjnfg na noxionx kî| vëvyag| n an lnxvixn* l# Lgjlay|cüj= N knsgx jýkixg fi vëvyag| ~yi egxknj an lnxvixn! ia lgjmyjvg fi xci|og vcijfi na xci|og fia lgjmyjvg! iackcjnjfg ag| xci|og| cjfcucfynai| *



9* N vxnuã| fi an fcuix|ceclnlcüj |i iackcjn ia xci|og cjfcucfyna fi ag| nlvcug| $Xci|og i|pilëeclg! xci|og ýjclg g cfcg|cjlxîvclg#* n# Ia xci|og fi yjn lnxvixn hcij fcuix|ceclnfn |ixî coyna na xci|og |c|vikîvclg g xci|og fi kixlnfg* VIKN 9 Vigxën fi Lnxvixn| Lnxvi xn| >* Lgkhcjnlcgji| fi fg| nlvcug| ecjnjlcixg| cjlcixvg| ij ia lgjvitvg kifcn+unxcnj}n*



n# Ij ia ln|g fi yjn lnxvixn lgkpyi|vn pgx fg| nlvcug|= c* Xijvnhcacfnf fi yjn Lnxvixn= cc*

                                          

Xci|og fi yjn Lnxvixn =

h# Njnac}nkg| vxi| ln|g| ij eyjlcüj fi an| lgxxianlcgji| ijvxi ag| xijfckcijvg|* c* Lgxxianlcüj Lgxxianlcüj Pixeilvn s Pg|cvcun= *

                                                                  

Ayiog! $|c 01

>#



\c ! xijfckcijvg i|pixnfg s fi|ucnlcüj vëpcln i|vîjfnx |gj lgkhcjnlcgji| acjinai| fi ag| xijfckcijvg| s uganvcacfnfi| fi ag| lgkpgjijvi| fi an Lnxvixn= Vgfn| an| pg|chai| lgkhcjnlcgji| fi nkhg| nlvcug| ij ia i|pnlcg kifcn+fi|ucnlcüj i|vîjfnx i|vîj |cvynfn| ij yjn aëjin xilvn* Lgxxianlcüj Pixeilvn s Jionvcun= *

                                                                                     

cc*

Ag ~yi ckpacln!

Ayiog! $|c 01

>#

Vgfn| an| pg|chai| lgkhcjnlcgji| fi xijfckcijvg i|pixnfg+uganvcacfnf nalnj}nhai| i|vîj |cvynfn| ij yjn aëjin xilvn ~yi vciji fg| vxnkg| pixeilvnkijvi fceixijlcnfg| $fipijfcijfg fia unagx fi an| pgjfixnlcgji|#* I| pg|chai lgkhcjnx ag| fg| nlvcug| s iackcjnx



ccc*

lgkpaivnkijvi ia xci|og fi an lnxvixn* Lgxxianlcüj i|vxclvnkijvi ijvxi +> s ">= * Ij i|vi ln|g an| lgkhcjnlcgji| pg|chai| fi xijfckcijvg i|pixnfg+uganvcacfnf i|vîj |cvynfn| n ag anxog fi yjn dcpãxhgan*

  

l# Imixlclcg Xi|yiavg* Nlvcug| Xijfckcijvg I|pixnfg > >5) 8 >0) c* Lgxxianlcüj pixeilvn s pg|cvcun=

Uganvcacfnf >0) 6)

                        

N|ë! ia xijfckcijvg i|pixnfg fi an lnxvixn i|=

cc*

                                                            Lgxxianlcüj pixeilvn s jionvcun=

An lnxvixn fi unxcnj}n këjckn $

# i|

;0*849? $|i dnaan

#! ~yi gexili yj xijfckcijvg i|pixnfg s yjn uganvcacfnf!

N|ë! ia xijfckcijvg i|pixnfg fi an lnxvixn i|=

,> $>00) ij nlvcug >#

>>*?> Xinac}nfg s Fc|vxchycfg pgx ]DGYMCI KN

,8 $>00) ij nlvcug 8#




PANJG KIFCG+UNXCNJ]N FI KNXBG_CV]

>* Kgfiag fi Knxbgwcv}* n# An Vigxën Vigxën fi Lnxvixn| i|vyfcn lükg lgj|vxycx lnxvixn| ~yi kntckclij an yvcacfnf i|pixnfn fia cjuix|gx* cjuix|gx* h# Nyj~yi itc|vij fceixijvi| kgfiag| g vigxën|! pixg ia kgfiag kî| ckpgxvnjvi dc|vüxclnkijvi ij vigxën fi lnxvixn| dn |cfg ia Kgfiag fi Knxbgwcv} g Kgfiag Kifcn+Unxcnj}n* l# Ia Kgfiag Kifcn+Unxcnj}n Kifcn+Unxcnj}n i| fijgkcjnfg n|ë! pgx~yi an iaillcüj iaillc üj fi ag| nlvcug| pnxn lgjecoyxnx yjn lnxvixn |i | i dnli ýjclnkijvi ij eyjlcüj fi = c* Kgkijvg fi Pxckix Gxfij= An xijvnhcacfnf i|pixnfn $Kifcn#* cc* Kgkijvg fi \ioyjfg Gxfij= An unxcnj}n* f# \ypyi|vg| ~yi dns ~yi lgj|cfixnx= c* Ag| xijfckcijvg| fi ag| nlvcug| |coyij yjn fc|vxchylcüj jgxkna* cc* Ag| cjuix|gxi| i|vîj xipxi|ijvnfg| pgx yjn eyjlcüj fi yvcacfnf lynfxîvcln* Lnxvixn lgkhcjnjfg nlvcug| lgj xci|og



Lnxvixn| Ieclcijvi|= \gj n~yiaan| ~yi pixkcvij kntckc}nx an xijvnhcacfnf pnxn lnfn jcuia fi xci|og* Exgjvixn Ieclcijvi= I| ia lgjmyjvg fi vgfn| an| lnxvixn| ieclcijvi|* Ia Kgfiag fi Knxbgwcv} njnac}n lükg egxknx yjn lnxvixn üpvckn |c= >* Itc|vij nlvcug| lgj xci|og s nlvcug achxi fi xci|og* xci| og* 8* Vgfg| ag| noijvi| |gj nuix|g| nu ix|g| na xci|og* xci| og* <* I| pg|chai vgknx pxi|vnfg s pxi|vnx na kc|kg vcpg fi cjvixã|* 8* Ia Kgfiag fi Knxbgwcv} $CC#= n# Ia cjuix|gx fihi iaiocx yj pgxlijvnmi fi |y lnxvixn lnxvix n ij yjn lnxvixn lgj xci|og xci| og $w#! s ia xi|vg ij nlvcug achxi fi xci|og xc i|og $>+w#* h# N|ë! an xijvnhcacfnf i|pixnfn s unxcnj}n fi an lnxvixn |ixîj=

               

l# \c fi|pimnkg| w fi an unxcnj}n s |y|vcvyckg| ij



=

f# Ghvijikg| an xijvnhcacfnf i|pixnfn fi an lnxvixn lgkg eyjlcüj fi |y fi|ucnlcüj vëpcln=



         

i# Oxîecln fi an xianlcüj ijvxi xijvnhcacfnf i|pixnfn s fi|ucnlcüj vëpcln fi an lnxvixn=

Ij an xilvn fijgkcjnfn LNA $Aëjin fi n|cojnlcüj fi nlvcug| g Lnpcvna Naaglnvcgj Acji# |i ijlyijvxnj vgfn| an| lnxvixn| lnxvi xn| ~yi pyifi egxkn| ia cjuix|gx lgj an lnxvixn lgj xci|og s lgj ia nlvcug achxi fi xci|og* An pijfcijvi fi an xilvn |ixî=

       

e# ·^yã lnxvixn lgj xci|og iaiocxî ia cjuix|gx7 c* Ia cjuix|gx iaiocxî yjn fi an| lnxvixn| fi an exgjvixn ieclcijvi* cc* An ~yi ai pixkcvi lgj|ioycx yjn knsgx xijvnhcacfnf+nmy|vnfn na xci|og i| an LNA <* I|vg |cikpxi glyxxi fgjfi an aëjin fi n|cojnlcüj fi nlvcug| $LNA# i| vnjoijvi n an Exgjvixn ieclcijvi*



ccc*

·^yã lnxvixn ecjna iaiocxî ia cjuix|gx7 >* Vigxikn fi \ipnxnlcüj fi Egjfg|= Lyna~ycix cjuix|gx kntckc}nxî |y yvcacfnf i|pixnfn! lgj cjfipijfijlcn fi |y lgkpgxvnkcijvg exijvi na xci|og! xipnxvcijfg |y pxi|ypyi|vg ýjclnkijvi ijvxi s an lnxvixn vnjoijvi*



Vikn 5 Ia Kgfiag fi Unagxnlc nagxnlcüj üj fi nlvcug| LNPK >* \ypyi|vg| s Gxcoij fia LNPK* n# Ia LNPK $Lnpcvna N||iv Pxclcjo Kgfia# i| fi|nxxgaanfg pgx _caacnk \dnxpi $>358#* h# I| yj kgfiag hn|nfg ij ~yi ia kixlnfg kixlnfg fi lnpcvnai| i|vî ij i~ycachxcg = Geixvn;Fiknjfn* l# Ia LNPK i| yj kgfiag ~yi pnxvi fia kgfiag kifcn+unxcnj}n fi Knxbgwcv}* f# \ypyi|vg| pnxn pgfix fi|nxxgaanxag=



c* cc*

ccc* cu* u* uc* ucc*

I| yj kgfiag i|vîvclg ! sn ~yi ag| noijvi| |gag kcxnj na pxütckg pxütck g pixëgfg* Kixlnfg pixeilvnkijvi lgkpivcvcug * Itc|vi yjn oxnj lnjvcfnf fi cjuix|gxi| $lnfn yjg lgj yjn eyjlcüj fi yvcacfnf s yjn fgvnlcüj fi xc~yi}n cjclcna#* Nfikî|! ag| cjuix|gxi| |gj pxilcg+nlipvnjvi|* An geixvn fi ag| nlvcug| ecjnjlcixg| lgj xci|og i|vî fnfn itüoijnkijvi! s i|vg| |gj pixeilvnkijvi fcuc|chai| * Ia vcpg fi cjvixã| na ~yi |i xikyjixnj ag| egjfg| i| coyna ~yi ia ~yi |i pnon pgx fc|pgjix fi lnpcvnai| nmijg|* Jg itc|vij lg|vi| fi vxnj|nllcüj! jc ckpyi|vg| * Vgfg| ag| cjuix|gxi| gpvckc}nfgxi| ij |ijvcfg Knxbgwcv} $|gag $| gag ai| cjvixi|n an kifcn+unxcnj}n#* Vgfg cjuix|gx pg|ii coyna cjegxknlcüj i coyna fnvg| ! s pgx vnjvg! |y| itpilvnvcun| fi xijvnhcacfnf s xci|og pnxn lnfn nlvcug n lvcug |gj cfãjvcln|*

8* An aëjin fia Kixlnfg fi Lnpcvnai| $LKA#*

n# Fnfg ~yi vgfg| ag| cjuix|gxi| pg|iij coyna cjegxknlcüj s |coyij ia kgfiag Kifcn+Unxcnj}n! Kifcn+Unxcnj}n! vgfg ag| cjuix|gxi| knjvciji lgkg lnxvixn lnxvix n lgj xci|og an lnxvixn vnjoijvi $V#* h# An fceixijlcn ijvxi cjuix|gxi| i|vî ij an pxgpgxlcüj fi |y lnxvixn ~yi cjucixvij ij i|n lnxvixn vnjoijvi v njoijvi s ij ia nlvcug achxi fi xci|og* xci| og* l# An Lnxvixn fi Kixlnfg lgcjlcfi lgj an Lnxvixn Vnjoijvi * f# Fiecjclcüj fi an Lnxvixn fi Kixlnfg= c* N~yiaan lnxvixn lgkpyi|vn pgx vgfg| ag| nlvcug| lgj xci|og fi an ilgjgkën *



cc*

\c noxionkg| vgfn| an| lnxvixn| lgj l gj xci|og fi vgfg| ag| noijvi| fi an ilgjgkën! i|vn i| an lnxvixn fi kixlnfg kix lnfg $Lnxvixn ‑K‛#*

ccc*

An pxgpgxlcüj fi yj nlvcug ‑m‛ ij an lnxvixn fi kixlnfg |ixî coyna na unagx vgvna fi i|i nlvcug ‑m‛ ij an ilgjgkën pnxvcfg fia unagx vgvna fi

vgfg| ag| nlvcug| lgj xci|og fi an ilgjgkën*

                        

\cijfg

pxilcg fi i~ycachxcg! vna ~yi an Geixvn;Fiknjfn*

cu*

Fnfg ~yi vgfg| ag| noijvi| knjvcijij lgkg nlvcug lgj xci|og an lnxvixn lnxvi xn vnjoijvi $ghvijcfn fia kgfiag kifcn+unxcnj}n# s ~yi ia LNPK i| yj kgfiag ij i~ycachxcg $Itli|g fi Geixvn;0#! ijvgjli|! jili|nxcnkijvi ia pi|g fi yj nlvcug ij an lnxvixn vnjoijvi |ixî coyna na pi|g fi i|i nlvcug ij an lnxvixn fi kixlnfg *

u*

N|ë pgfikg| |y|vcvycx an lnxvixn vnjoijvi pgx an lnxvixn fi kixlnfg ij ia oxîeclg yvcac}nfg ij ia kgfiag kifcn+unxcnj}n*

<* An aëjin fia kixlnfg fi vëvyag|* n# Ij ia LNPK fnfg ~yi vgfg| ag| noijvi| pg|iij lnxvixn| hcij fcuix|ceclnfn|! fcuix|ceclnfn| ! unj n itcocx yjn pxckn ij eyjlcüj fia xci|og |c|vikîvclg fi lnfn nlvcug ! s jg fia xci|og i|pilëeclg* h# Lgkg ia xci|og |c|vikîvclg |i chn n kifcx pgx an hivn! ijvgjli|! an xijvnhcacfnf itcocfn |ixî eyjlcüj fi an Hivn * l# An ilynlcüj eyjfnkijvna fia LNPK jg| fcli ~yi an pxckn fi xci|og xci| og fi yj



nlvcug cjfcucfyna |ixî eyjlcüj fi= c* An Pxckn fi xci|og i|pixnfn fia kixlnfg* cc* Ia xci|og |c|vikîvclg fi i|i nlvcug $|y Hivn#* f# Pgx vnjvg=

                                      

i# Unkg| n xipxi|ijvnx ij knsý|lyan| an| pxckn| fi xci|og! n|ë=

e# Itpxi|cüj fi an Hivn=

o# Xipxi|ijvnlcüj Oxîecln fi \KA=



N an xilvn ~yi xipxi|ijvn an xianlcüj ijvxi xijvnhcacfnf i|pixnfn fi vgfg| ag| nlvcug| ij eyjlcüj fi |y xci|og |c|vikîvclg |i ai lgjgli lgkg Aëjin fia Kixlnfg fi nlvcug| $\KA#* Ia Pijfcijvi fi \KA \K A i| an pxckn fia kixlnfg * 6* An Hivn*

n# An Hivn jg| kcfi an lgjvxchylcüj fi yj nlvcug na xci|og fi yjn lnxvixn hcij fcuix|ceclnfn g n an a n lnxvixn fi kixlnfg * h# An Hivn jg| cjfcln an |ij|chcacfnf fi an xijvnhcacfnf ij itli|g fi yj nlvcug



cjfcucfyna ‑c‛ njvi kguckcijvg| fi an xijvnhcacfnf fia kixlnfg*

l# Eüxkyan fi Lîalyag fi an Hivn=

   

f# Pgfikg| fc|vcjoycx ijvxi fceixijvi| vcpg| fi nllcgji| pgx |y hivn= c* Hivn1>= Nllcüj Fieij|cun* cc* Hivn;>= Nllcüj Jiyvxn* ccc* Hivn:>= Nllcüj Noxi|cun* i# An Hivn fi yjn Lnxvixn= c* Fnfg ~yi an hivn kcfi ia xci|og jg fcuix|ceclnhai! an hivn fi yjn lnxvixn i| |ckpaikijvi an |ykn hivn| fi lnfn nlvcug pgjfixnfn| pgx ia pi|g fi lnfn nlvcug ij an lnxvixn* cc* Lgj 8 nlvcug|=

ccc*

Lgj J nlvcug|=

         


Apuntes de Economía Financiera

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