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ANALIZA FACTORIALĂ A VALORII DE PIAŢĂ A IMOBILULUI REZIDENŢIAL

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    \giltsi}a}la ]lbgio a @jemjli

    Cao|e}a}la Oamas}t|%Hljml{il i Ojgs}t|oii

    Oa}lmta Lae|atla i @agahl`lg}|e I`jdie|e|i

    AAGGAAEEII[[AA CCAAOO]]JJTTIIAAEE AA SSAAEEJJTTIIII

    MMLL ^IIAA AA II@@JJDDIIEE\\EE\\II

    TTLL[[IIMMLLGGIIAAEE

    @jgjhtacil

    OBIIG\

    \']'@'

    4>>8

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    O[\ ??4'3&??>'1?1A??

    g ~tl{lg}a e|otatl sg} lra`iga}l ~tigoi~iiel i gji|gielojgol~}|ael ael lae|tii aejtii ml ~ia% cao}jtii ml igce|lg i`l}jmlel ml lae|atl a i`jdie|e|i tl{imlgiae g da{a ma}lejt mls~tlejo|igl }i~i{a}l "a~at}a`lg}l) g `|g' Obiig|'

    @jgjhtacia ls}l mls}iga} s}|mlgiejt cao|e}iejt IghigltilLojgj`ioi D|siglss% Oamas}t|% Hljml{il i Ojgs}t|oii i }|}|tjts~loiaei}iejt ojig}ltlsai g lae|atla ~tj~til}iejt i`jdieiatl'

    Tlolg{lg};mjo}jt badiei}a} g lojgj`il% ~tjclsjt |giltsi}at%

    lc ml oa}lmt Cigagl% \'_'@ Haeiga \eiag

    Tlmao}jt tls~jgsadie; G' |toag|Tloj`agma} s~tl ~|deioatl ml _lga}|e \giltsi}ii ]lbgiol a

    @jemjli'

    Mlsotiltla OI^ a Oa`ltli Gaijgael a OtiiAed|% Ijg

    Agaei{a cao}jtiae a aejtii ml ~ia a i`jdie|e|itl{lmlgiae; `jgjht'* Ijg Aed|% _l}eaga Aed|% Giojeal|toag|" tlm' tls~')'Ob';\]@% 4>>8'142~'

    Dideijht' ~' 9< " 119}i}')I_DG 982998 lr'

    I_DG 982998

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    J amgo ~elooi|gl ~tigiejt gj}ti%

    ct ak|}jt|e otjta ~tl{lg}a e|otatl

    g| at ci a|} sjti ml i{dgm'

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    =

    G]TJM\OLTL

    Lojgj`ia Tl~|deioii @jemja ojgcjt`% Ojgs}i}|ili V3Pls}l lojgj`il ml ~ia' Otlatla i ml{je}atla |gli lojgj`iiml ~ia c|goijgael% igoe|si a ~illi i`jdieiatl% ls}l |g

    ~tjols ml m|ta}i glolsi} s}|mii sis}l`a}iol i a~tjc|gma}l'Ojgs}i}|itla ~ilii i`jdieiatl gol~l g ag|e 1929% ogm

    a cjs} amj~}a} bj}ttla ~tig oatl sl ~lt`i}la g{atla io|`~tatla s~ai|e|i ejoa}i ml s}a} i jd}lso' gs% ~tjols|eml cjt`atl a ~illi i`jdieiatl a e|a} a`~ejatl mjat g 1994%ogm sa| otla} ojgmiiiel jdilo}il ~lg}t| }tag{aoiieli`jdieiatl' Ao}|ae`lg}l ~iaa i`jdie|e|i ejoa}i sa}tagscjt`a} g}tj cjt` ig}lht% j ~ia a~at}l o| jigctas}t|o}|t digl ml{je}a} i j ~|}ltgio igce|lg as|~tas}adiei}ii lojgj`iol a T' @jemja' Ml{je}atla aols}li ~illg ojg}ig|atl ml~igml i ml leadjtatla i i`~el`lg}atla g

    ~tao}io a |g|i sis}l` ml lae|atl a d|g|tiejt i`jdieiatl da{a}~l aejatla ml ~ia'^tjdel`a lae|tii i`jdie|e|i ejoa}i a cjs} i ls}l ~l

    eath ml{e|i} g ei}lta}|ta ml s~loiaei}a}l mig s}tig}a}l V11>119P' ^tjdel`a igmioa} a cjs} adjtma} i ml saagii migTl~|deioa @jemja V

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    3>6 l`aie; l`iZohoNyabjj'oj`

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    OA^I]JE\E IA_^LO]L @L]JMJEJHIOL AEL LSAE\TII

    D\G\TIEJT I@JDIEL

    1'1' ^tigoi~iiel i gji|giel ojgol~}|ael ael lae|tii

    Ojgol~}|e ml aejatl a s|~jt}a} `jmicioti ojgsimltadiel mla e|gh|e is}jtili' Igiiae }ljtia jdilo}i a aejtii a cjs} ~tj~|s mlA' _`i} i M' Tioatmj V 21% 2=P' Ojgcjt` aols}li }ljtii ea da{aaejtii sl ace `|goa glolsat ~lg}t| ~tjm|oltla `tcii tls~lo}il%iat `ti`la aejtii a~atl mjat ~l ~ia g ~tjols|e sobi`d|e|imig}tl mj| `tc|ti' ^tl|e% s~|g li% tl~tl{ig} lr~ti`atla dglasoa aejtii' O| |g sloje `ai }t{i| `athigaei}ii% _' Mkljgs% E'Saeitas% F' @lghlt% a| tls~igs aolas} }ljtil gejo|igmj o| }ljtia|}iei}ii `athigael' Saejatla% g ojtls~|gmltl o| aolas} }ljtil% g|sl da{la{ ~l `|go% oi ml~igml ml a~tloiltla s|dilo}i a

    igmiim|e|i% ml |}iei}a}la `athigae a `tcii' g ojgcjt`i}a}l o| aols}~|go} ml lmltl% ea cjt`atla aejtii ia ~at}l g| g|`ai ~tjm|o}jt|e%oi i o|`~t}jt|e' g sloje|e RR a}} |t`aii e|i M' Fligs% o} i`jgl}ati}ii "@' Ctilm`ag) sl tlg}jto ea }ljtia aejtii ~tj~|s mlM' Tioatmj% tls~ighgm }ljtia |}iei}ii `athigael'

    Ao}|ae`lg}l }ljtia lojgj`io ~tl{ig} `|e}i~el ae}ltga}il ~tiigm lel`lg}lel oatl s}a| ea da{a aejtii d|g|tiejt; `|goagojt~jta}% tati}a}la% `jma% `j`lg}|e sobi`d|e|i l}o' g }ljtialae|tii g}egi` lel`lg}l s~loiciol% oatl ig ml jdilo}ilelg{}jt|e|i i o|`~t}jt|e|i% mati ml as~lo}l }ljtl}iol s~loiciol%oatl s}a| ea da{a c|gma`lg}tii `l}jmlejt ml lae|atl'

    Lojgj`ia ml ~ia atl ea da{ ao|`|eatla% ml{je}atlaojg}ig| i `ioatla eidlt a oa~i}ae|tiejt' Lris} `|e}i~elae}ltga}il ml |}iei{atl a oa~i}ae|tiejt' Aelhltla oleli `ai d|glae}ltga}il a ml~igml ml lae|atla ojtlo} a agslejt' ^tiglae|atla lojgj`io sl s}adielso g| ~tl|ti ael lel`lg}lejt

    ~a}ti`jgiael% oi aejti' Mis}igoia ls}l g| g|`ai ml ga}|t

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    2

    sl`ag}io% oi i `l}jmjejhio i atl ea da{ a}} ojgig|}|e% o} i`jmaei}iel miclti}l ml ml}lt`igatl'

    ^tl|e~ja}l ci ojgsimlta} |g ca~} is}jtio% oatl tlcelo} o} saoble}|i} g acaolti asl`g}jatl mlka goblia}l' ]lt`lg|e ml ~tlsl `ai cjejsl}l ~lg}t| a igmioa ~tl|e jclt}li' Gioi ~tl|e is}jtio%gioi ole ae g{}jt|e|i g| ~tl{ig} j `ti`l ath|`lg}a} ~lg}t|lae|atla jdilo}|e|i'

    Saejatla ~tl{ig} s|`a ml dagi sa| lobiaelg}|e dglso ~loatl o|`~t}jt|e e jclt g sobi`d|e |g|i jdilo}' La ml jdioli slagaei{la{ mig ~|go}|e ml lmltl ae o|`~t}jt|e|i i~j}l}io' ^tig|t`atl a` ~|}la mlcigi aejatla mtl~} s|`a oatl a ci ~e}i} ml |go|`~t}jt i~j}l}io ~lg}t| ~tj~til}a}la lae|a} "}ad'1)'

    A}} g }ljtil% o} i g ~tao}io sl cjejslso miclti}l }i~|ti mlaejti' Ml lrl`~e|; aejatl ml `~t|`|}% aejatl ml asih|tatl%aejatl ml ~ia% aejatl ml dieag% aejatl ml eiobimatl% aejatligls}iijgae l}o' g `jm hlgltae% gs% aejatla ~ja}l ci mii{a} gmj| oa}lhjtii `ati; aejatla jdilo}i "aejatla ml sobi`d) i

    aejatla s|dilo}i "aejatla ml |}iei{atl)' ]adle|e 1Mljslditla gji|giejt aejatl i ~tl

    Saejatl ^tl_|` ~tls|~|s g ~tlaeadie _|` tlae% aobi}a} g oamt|e

    acaoltiiTlcelo} ~tltla lae|a}jt|e|i Tlcelo} aojtm|e ~tiejt g

    acaoltl_l ml}lt`ig gaig}la acaoltii _l ml}lt`ig g ~tjols|e

    acaoltiiLr~ti`atla dglaso a |}iei}ii

    o|tlg}l% a lgi}|tiejt ii}jatl

    Lr~ti`atla dglaso a

    gile|e|i ~tl|e|i i ~tjci}|e|iTl{|e}a}lel lae|tii miclt Tl{|e}a}|e ls}l s}tio}% ojgotl}

    g ml~lgmlg ml soj~|e lae|tii% ~tl{lga sa| ei~sa mtl~}|e|ias|~ta ~tj~til}ii% lris} miclti}l `jm|ti ml ml}lt`igatl a aejtii%oatl ~j} ci ht|~a}l g aejatl ml cjejsitl i g aejatl ml sobi`d

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    V38P' Saejatla ml |}iei{atl ~jat} |g oatao}lt s|dilo}i ig}j}mla|ga tlcelo} ig}lgiiel ~tj~til}at|e|i% atlgma|e|i% oatl g|s|g} elha}l ml g{atlao|`~tatla jdilo}|e|i% matla g atlgm iae}l j~ltaii ml aols} cle' Saejtii ml |}iei{atl% g ~tao}ioa `jgmiae% isl ae}|t aejatla ml igls}iil% aejatla ml dieag i aejatla

    ~lg}t| i`~jt}' Saejatla ml sobi`d o|~tigml aejatla ml ~ia%aejatla ml eiobimatl% aejatla ml asih|tatl% aejatla ml atlgm l}o'Ml}lt`igatla aejtii ml sobi`d% ml tlh|e% atl slgs ojg}tat aejtiiml |}iei{atl% la ~jat} |g oatao}lt jdilo}i i sltl}l ea lclo}|atlaj~ltaiiejt ~l ~iaa i`jdie|e|i; o|`~tatl% g{atl% }tags`i}ltla goaei}a}l ml hak ~lg}t| ~ti`itla otlmi}lejt% matla g atlgmi ae}lel'

    Saejatla ml |}iei{atl sl da{la{ ~l |g it ml ~tigoi~ii mli`~jt}ag lojgj`io; ~tigoi~i|e a}l~}tii% cjejsitii% gejo|itii'Saejatla ml sobi`d sl da{la{ ~l ~tigoi~iiel oltltii i jclt}li%sobi`d|e|i i ojgo|tlgli' Lris} |glel ~tigoi~ii ol s}a| ea da{a}|}|tjt }i~|tiejt ml aejti ael i`jdie|e|i' Ea aols}la sl tlclt

    ~tigoi~i|e ~tl|e|i tls}ag} i ~tigoi~i|e oleli `ai lcioilg}l |}iei{ti'

    "}ad'4)'g L|tj~a ~tigoi~i|e oleli `ai d|gl |}iei{ti ls}l gejo|i}~tig gji|gla aejatl ml |}iei{atl ae}ltga}i' Ojgol~}|e ml Ola`ai d|g |}iei{atl ls}l cjejsi} ~l eath g A`ltioa ml Gjtm% sigjgi`o| aejatla ml ~ia' Ea mlcigiia% `lgijga} `ai s|s% j`ojgotl}i{a; ls}l limlg} o j |}iei{atl% oatl g| ls}l ~lt`is mig

    ~|go} ml lmltl elhae sa| i`~jsidie mig ~|go} ml lmltl ci{io% g|~ja}l ci ojgsimlta} oa ola `ai d|g |}iei{atl' J |}iei{atl oatl ls}l~lt`is elhae i ~jsidie ci{io ~ja}l% }j}|i% s glolsi}l j lr~eioailoatl si k|s}iciol amj~}atla g}tj asl`lgla |}iei{atl% oatl% a ci%

    ~tjdadie tl{jgadie sa| k|s}icioa} ojtls~|g{}jt' M|~ ol agaei{a a

    s}adiei} o |ga sa| `ai `|e}l |}iei{ti s|g} ~tjdadie tl{jgadiel%ojgoe|{ia ~ja}l ci aeima} ~tig}t|g s}|mi| ml cl{adiei}a}l' \}iei{atlaoatl ojgm|ol ea ola `ai `atl aejatl at }tld|i s cil ojgsimlta} oaola `ai d|g |}iei{atl i a ci agaejh o| mlcigiia aejtii ml ~ia'

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    1>

    ]adle|e 4^tigoi~ii ol s}a| ea da{a aejtii i`jdie|e|i

    ^tigoi~i|e Oatao}ltis}ioa1 4

    ^tigoi~i|e oltltiii jclt}li

    Ojtls~|gml elhii oltltii i jclt}li' Amio% o| o} `ai`atl a ci jclt}a ~l ~iaa d|g|tiejt i`jdieiatl% o| a}} `ai`io a ci ~tl|e' i iolltsa% ~tl|e a somla jma} o|

    otl}ltla oltltii' g ~|go}|e ml lobieidt| "oltltla lhae o|jclt}a) ~tl|e ml ~ia atl }lgmiga ml a lr~ti`a oble}|ileielsjoiael ml ~ti` i`~jt}ag' Mat% mljatlol% ~illel i`jdie|e|i s|g} i`~ltclo}l% oltltla i jclt}a tatljti mio}la{ ~tl|eojgcjt` ot|ia sl goblil acaoltiel i`jdieiatl' Oa~aoi}a}laml a glhjoia% g|`t|e i ~jsidiei}a}la ~at}ioi~agiejt% l}jmlel ml cigagatl% l`jiiel i aei cao}jti kjao |g tjeojgsimltadie ea cjt`atla ~tl|tiejt tlael ml g{atl'

    ^tigoi~i|e

    sobi`d|e|i

    D|g|tiel i`jdieiatl% asl`lgla `lmi|e|i a`diag}%lojgj`io i sjoiae% s|g} s|~|sl sobi`dtii' gsi d|g|tieli`jdieiatl sl |{la{ g ~tjols|e ml lr~eja}atl' \}iei{atla}ltlg|tiejt ml ~`g} sl sobi`d g tl{|e}a}|e ao}ii}ii|`agl' Ojgmiiiel lojgj`iol i ml`jhtaciol s|g} g

    ~lt`aglg} sobi`datl% cjt`gm ~tl`isl ~lg}t| otl}ltlasa| `iojtatla oltltii ~lg}t| d|g|tiel i`jdieiatl' Aol}ia iaei cao}jti ~j} sobi`da lcioaoi}a}la |g|i d|g i`jdie g}t|gejo s}adiei}'Lr~lt}|e g lae|ti }tld|il s ~tlsi`} a~atiiasobi`dtiejt i s ml}lt`igl tlaoia ~illi ea sobi`datlaa~t|}'

    ^tigoi~i|eojgo|tlgli

    A~atiia dlglcioi|e|i% ol ml~l}l |glel gjt`ls}adiei}l% a}tahl j ojgo|tlg lgjt` ~l ~iaa i`jdie|e|i%oatl% ml tlh|e% mlo|thl o| otl}ltla jclt}li' Otl}ltlajclt}li% m|~ o|` sa `lgijga}% `iojtla{ ~tl|tiel iojtls~|g{}jt% lgi}|tiel g |t`a }tag{aoiiejt i`jdieiatl' Jas}cle ml ojgo|tlg ~ja}l mloeaga ~tjols|e ml `iojtatl algi}|tiejt ~g ea gile|e gjt`ae% sa| i `ai kjs% ~g ea

    mis~atiia ejt'

    ^tigoi~i|es|ds}i}|itii

    Saejatla `ari` ae ~tj~til}ii i`jdieiatl ~tl{ig}ole `ai `io ~tl% sa| aejatla% ojgcjt` otlia ~ja}l ci ~tjo|ta} |g ae} jdilo} o| j |}iei{atl lobiaelg}' Aols} ~tigoi~i| s} ea da{a cilotlia mig olel }tli `l}jml}tamiijgael ml lae|atl a i`jdie|e|i'

    ^tigoi~i|eojs}|e|i tls}ag}

    Ojs}|e tls}ag} ~tl{ig} lgi}|e gl} ~l oatle am|ol}ltlg|e% m|~ ol a| cjs} aobi}a}l ~eiel ~lg}t| oble}|ileielml `|go% oa~i}ae i ao}ii}a}la ml ag}tl~tlgjtia}'

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    ]adle|e'4 "ojg}ig|atl)1 4

    ^tigoi~i|e oleli

    `ai lcioilg}l|}iei{ti

    Aols} ~tigoi~i| l ml}lt`iga} ml ~tjdadiea |}iei{atl a d|g|e|i mig ~|go} ml lmltl ci{io% tl{jgadie k|s}icioa} ielhae tlaei{adie% i mig ~|go} ml lmltl cigagoiat% gtl{|e}a}|e otlia aejatla ~tj~til}ii lae|a}l a ci`ari`ae' Tlaei{atla aols}|i ~tigoi~i| ls}l ~jsidie goa{|e ogm aejatla jdilo}|e|i ojgs} mig s|`a aejtii~`g}|e|i i a ojgs}t|oili o| limlga |{|tii' g |gleloa{|ti sl lae|la{ a~at}l ~tl|e ml ~ia a ej}|e|i ml~`g} i a ojgs}t|oili% o|` at ci ~lg}t| ml}lt`igatla da{li ml i`~j{i}atl% a ej}|tiejt ojgs}t|o}il iglojgs}t|o}il% lae|atla ~tl|tiejt ml ~ia a mt|`|tiejtioj`|gioaiejt ighigltl}i% a ~eii ml atlgmi a'

    ^tigoi~i|eojtls~|gmltiia}l~}tiejt

    _}ie|e atbi}lo}|tae% gile|e ojgmiiiejt i sltioiiejt~tj~|sl ml ojgs}t|oil }tld|il s ojtls~|gm glolsi}iejti a}l~}tiejt ~illi' aejatla `ari` a~atl a}|goi ogmlris} j atbi}lo}|t j`jhlg o| oatao}lt oj`~a}idie|}iei{tii ~`g}|e|i' Ojtls~|gmltla ojgcjt` |}iei}ii%tl~tl{ig} g ola `ai `atl `s|t lel`lg}|e mjti} ml ~tj~til}at' Ojtls~|gmltla ea j~}i` asih|t lgi}|e`ari`ae mlig}jt|e|i ~tj~til}ii i`jdieiatl'

    ^tigoi~i|eag}ioi~tii

    Tlcelo} j~igia o|`~t}jt|e|i ~tiigm o}ih|tielii}jatl i aejatla ejt ao}|ae' Ea da{a aols}|i ~tigoi~i|s} }ljtia sobi`dtii aejtii dagiejt g }i`~'

    _|tsa; g}jo`i} ml a|}jti g da{a sig}l{li dideijhtaciol

    Saejatla ml |}iei{atl ae}ltga}i~ja}l ci mlcigi}% ~tig tlcltitlea mlcigiiiel ml da{ ael ]LHJSA% oa ciigm aejatla o| ola `ai

    d|g |}iei{atl% ae}a mlo} ola ~tl{lg}% tls~lo}i ola ig}lgijga} sa|ola oatl at ojtls~|gml |gli tlml{je}ti ml o}tl ~tj~til}at|eao}i|e|i% ml sjoil}a}la ml ml{je}atl i`jdieiat% sa| ml o}tl

    jo|~ag}|e ~tls|~|s' Lae|tiel ~l da{a |}iei{tii ae}ltga}il s|g}sjeioi}a}l g oa{|e lae|tii ~lg}t| hatagii% sa| oa ~at}l a agaei{li~tiigm ola `ai d|g |}iei{atl% a}|goi ogm sl mloiml a`~easatlalojgj`io a ao}ilejt sa| oaeo|eatla tagma`lg}|e|i tlae aeoa~i}ae|e|i |}iei{a} ml oj`~agil' Saejatla ml |}iei{atl ae}ltga}i

    ~ja}l ci glha}i' Aolas} aejatl glha}i a~atl g `jm }i~io ~lg}t| }ltlg|tiel gobitia}l sa| ogm aejatla ml |}iei{atl ao}|ae

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    14

    ls}l `ti} ma}jti} |gjt mtl~}|ti s~loiciol i*sa| |gjt ojgsimltlg}l~tiigm ojg}ig|atla acaoltii sa| ei`i}tiejt as|~ta tls~jgsadiei}iejtelhael s}tio}l% oatl sat a~eioa% }j}|i% ea g{atla ~l ~iaa eidlt'

    ^tig |t`atl% ojgol~}|e oleli `ai d|gl |}iei{ti igoe|mlaejatla ae}ltga}i oa ~at}l oj`~jglg}'

    Ola `ai ctlolg} cjt` a aejtii jdilo}il% a}} g ~tao}io%o} i g }ljtil% ls}l aejatla ml ~ia' Mlcigitla ojtlo} a aejtii ml

    ~ia ls}l glolsat ~lg}t| a oeaticioa `ai `|e}l ~|go}l ml miso|il; lris} j miltsi}a}l ml j~igii g}tl ~tjclsijgi}ii mig mj`lgi|e

    i`jdieiat ~tiigm glels|e aejtii ml ~ia |}iei{adiel g ta`|t6 ojgol~}|e aejatl ml ~ia g| ls}l digl glels i ~ltol~|} ml

    oli ol g| sl jo|~ g `jm o|tlg} o| lae|atla ao}ilejt i`jdieiatl6 lris} glolsi}a}la ml lm|oatl i a oeilgiejt mig ta`|t

    ~tiigm lris}lga% gile|e i `jm|e ml lae|atl a aejtii ml ~ia gta`|t6

    glolsi}a}la ml a sl hsi j mlcigiil hlgltae aool~}a}%oa~adie s tlcelo}l }ja}l ojgmiiiel ml}lt`igag}l ael aejtii ml ~ia%

    oa ~ti` l}a~ g s}adieitla |gjt s}agmatml ml lae|atl gT'@jemja'Elhiseaia \gi|gii L|tj~lgl% g At}ioje|e =9"4) ae Mitlo}ili

    Ojgsiei|e|i% ~tiigm ojg}|tiel ag|ael i ojgsjeima}l ael Oj`~agiiejtml Asih|tti "91*38=*LLO)% ~tj~|gl |t`}jatla mlcigiil a aejtiiml ~ia; Saejatla ml ~ia a gsl`ga ~tl|e ea oatl }ltlg|e ioemitiel at ~|}la ci gm|}l g oamt|e |g|i ojg}tao} ~tia}% g}tl |gg{}jt mlois s gm i |g o|`~t}jt igml~lgmlg}% ea ma}alae|tii% ojgsimltgm|sl o ~tj~til}a}la ls}l lr~|s ~|deio ~l

    ~ia% iat ojgmiiiel ml ~ia ~lt`i} j g{atl jtmjga}i o% iggmsla`a ml ga}|ta ~tj~til}ii% ls}l mis~jgidie j ~ltijam gjt`ae

    ~lg}t| glhjoiltla g{tii V=4P'Oj`i}l}|e Ig}ltgaijgae ~lg}t| _}agmatml ml Lae|atl a~tj~|s j ae} mlcigiil% oatl a cjs} amj~}a} ml Ht|~|e L|tj~lag aeAsjoiaiiejt ml Lae|a}jti "]LHJSA); aejatla ml ~ia ls}ls|`a ls}i`a} ~lg}t| oatl |g ao}i at ~|}la ci sobi`da}% ea ma}alae|tii% g}tl |g o|`~t}jt bj}t} s o|`~ltl i |g g{}jtbj}t} s gm% g}tj }tag{aoil eidlt "gl~t}igi}jatl)% m|~ |g

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    1?

    `atfl}igh amloa} g oatl ciloatl ~at}l a aoijga} g o|gj}ig mloa|{% ~t|mlg} i ct ojgs}tghltl'

    g A`ltioa ml Gjtm sl cjejsl}l ~l eath mlcigiia% ~j}tii}otlia aejatla ml ~ia sl lobiaela{ o| ojgol~}|e oleli `ai d|gl|}iei{ti; \}iei{atla ola `ai ~tjdadie a |g|i ao}i% oatl ls}l

    ~jsidie mig ~|go} ml lmltl ci{io% ~lt`is mig ~|go} ml lmltlelhae% cl{adie mig ~|go} ml lmltl cigagoiat% k|s}icioa} g `jmojtls~|g{}jt i mig oatl tl{|e} ola `ai `atl aejatl a ao}i|e|is|~|s lae|tii V=4P'

    Ht|~|e L|tj~lag ae Asjoiaiiejt ml Lae|a}jti ojgsimlt oa~eioatla jtiotlia mig}tl ~ti`lel mj| mlcigiii a ojgm|ol eaaollai ls}i`atl a aejtii% iat imlla ml ola `ai d|g |}iei{atl"a~eioa} ml s~loiaei}ii a`ltioagi) ls}l igoe|s i`~eioi} g mlcigiiaaejtii ml ~iaae}ltga}il ~tj~|sl ml ]LHJSA'

    Elhla o| ~tiitl ea ao}ii}a}la ml lae|atl a~tjda} ~tigBj}ttla H|ltg|e|i T'@jemja gt' 929 RS ea 12'>='4>>4mlcigl}l aejatla ml ~ia mtl~} s|`a ls}i`a} ~lg}t| oatl |g

    jdilo} ae lae|tii ~ja}l ci sobi`da}% ea ma}a lae|tii% g}tl |go|`~t}jt bj}t} s o|`~ltl i |g g{}jt bj}t} s gm% m|~|g `atfl}igh amloa}% g}tj }tag{aoil eidlt% g oatl ciloatl ~at}la aoijga oj`~l}lg}% o| ~t|mlga glolsati glojgs}tgs V43P'

    Mig >1'14'4>>= a ig}ta} g ihjatl s}agmatm|e _@4=9;4>>= V=>P _is}l` |gio ml lae|atl a ~a}ti`jgi|e|i;}lt`lgi i mlcigiii% oatl s}agmatmi{la{ }lt`lg|e aejatl ml

    ~ia % mlcigiia ciigm si`ieat oleli gj`igaei{a}l g Elhla o|~tiitl ea ao}ii}a}la ml lae|atl'

    _}agmatm|e `lgijga} mlcigl}l gji|giel c|gma`lg}ael ~tiigm lae|atla ~a}ti`jgi|e|i' Ojgcjt` elhiseaili

    s}agmatm|e gaijgae ml lae|atl sl a~eio ml o}tl lae|a}jtig `jm jdeiha}jti|% igmicltlg} ml soj~|e i jdilo}|elae|tii' Mao% o| ~tiitl ea aejatla ml ~ia sa ak|gs ea jmlcigiil |gagi` aool~}a}% a~ji ~tjols|e ml a~tloiltl aaols}li aejti }tl{l}l `ai `|e}l sl`gl ml g}tldatl'

    _~tl lrl`~e|% `l}jmlel a~eioa}l g ~tjols|e lae|ti is|g} igoe|sl g |ga mig }tli ht|~ti ~jsidiel' Ht|~tiel miclt

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    1=

    ~tig `jm|e ml lae|atl a ~a}ti`jgi|e|i% as}cle lel a| cjs}mlg|`i}l adjtmti' Ojgcjt` mioijgat|e|i lr~eioa}i aadjtma gsla`g a gol~l s}|mi|e sa| }ta}atla |gli

    ~tjdel`l% a gol~l j miso|il V39% ~'=P% lr~eioail olojtls~|gml g}jo`ai si}|aili lra`iga}l' @l}jmlel ~tigig}lt`lmi|e otjta ls}l lae|a} ~a}ti`jgi|e g da{aojs}|tiejt glolsatl ~lg}t| otlatla% `jmicioatla i |}iei{atlajdilo}|e|i lae|tii% iggm ojg} ml ml~tloiltla ao|`|ea}cjt`la{ |ga mig adjtmti' Ae} adjtmatl o|~tigml `l}jmleloatl ~lt`i} lae|atla ~a}ti`jgi|e|i g da{a agaei{li ~il li% ag{tiejt jdilo}lejt oj`~atadiel o| ole lae|a}' Adjtmatlaa }tlia ~tls|~|gl `l}jmlel o| ak|}jt|e otjta sl a~tloia{aejatla ~a}ti`jgi|e|i g da{a aejtii lgi}|tiejt ii}jatl olat ~|}la ci jdig|}l oa tl{|e}a} ae |}iei{tii d|g|e|i'

    _}|miigm ~a}t| ao}l gjt`a}il; Elhla o| ~tiitl eaao}ii}a}la ml lae|atl V43P% Tlh|ea`lg}|e o| ~tiitl ealae|atla jdilo}lejt ml ~tj~til}a}l ig}lelo}|ae V1>P%

    Tlh|ea`lg}|e ~tji{jti| ~tiigm lae|atla d|g|tiejti`jdiel V12P i _}agmatm|e @jemjlag _@ 4=9;4>>= V=>P%jdslt` }tli `jmaei} i ml }ta}atl a adjtmtiejt s|sg|`i}l'

    Elhla o| ~tiitl ea ao}ii}a}la ml lae|atl iTlh|ea`lg}|e ~tji{jti| ~tiigm lae|atla d|g|tiejti`jdiel g|`lso adjtmtiel tls~lo}il `l}jml; @l}jmaagaei{li oj`~ata}il a g{tiejt% `l}jma lgi}|tiejt%

    `l}jma oble}|ileiejt'Tlh|ea`lg}|e o| ~tiitl ea lae|atla jdilo}lejt ml

    ~tj~til}a}l ig}lelo}|ae mlcigl}l adjtmatla mig ~|go}|e mllmltl ae oble}|ileiejt% adjtmatla mig ~|go}|e ml lmltl ae

    ~illi i adjtmatla mig ~|go}|e ml lmltl ae lgi}|e|i'_}agmatm|e @jemjlag _@ 4=9;4>>= mlcigl}ladjtmatla ~tig `l}jma ojs}|e|i% adjtmatla ~tig agaei{ag{tiejt oj`~atadiel% adjtmatla ~tig `l}jma lgi}|e|i'

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    1 `at}il 199?o| ~tiitl ea ~tia}i{atla cjgm|e|i ml ejo|igl "aglra gt'4 ea elhl)

    ~tllml |t`}jatlel `j`lg}l oatao}ltis}iol;1' Oa |gi}a}l ~lg}t| lae|atla ejo|igli oatl |t`la{ s cil

    ~tia}i{a} sl ia 1`4 ml s|~tacaa }j}ae lobiaelg}' _|~tacaa }j}aelobiaelg} a ejo|igli tl~tl{ig} s|`a s|~tacllejt go~ltiejtejo|idiel i a ml~lgmlglejt% a ltagmlejt% a m|ea~|tiejt gojt~jta}l%ejkiejt% daeojaglejti a }ltaslejt oatl sl ia g ojgsimltatl o| |t`}jtiiojlcioilgi; ejkii >%%?%4

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    12

    oj`|gioaiiejt oj`|gael ml i`~jt}ag i}ae V4>P o| cjejsitlaojlcioilgiejt ml igmlratl a aejtii igiiael a cjgm|e|i ml ejo|igl'

    ?' ^tl|e 1`4 ae i`jdie|e|i sl ml}lt`ig ~tig `~titla ~tl|e|iml}lt`iga} "oaeo|ea} g ~tl|ti ml mli{ o|tlg}l)% ea s|~tacaa e|i }j}aelobiaelg}'

    =' ^tl|e ejo|igli sl ml}lt`ig g da{a ma}lejt ml iglg}atiltl acjgm|e|i ml ejo|igl gtlhis}ta}l ea ditj|e }lti}jtiae ml iglg}atiltl}lbgio% ea jthagi{aia ml lr~eja}atl a ejo|iglejti ea |gi}iel oatla| ea daeag cjgm ml ejo|ig% ea `j`lg}|e lclo}|tii oaeo|elejt%e|gm|sl g ojgsimltatl ojlcioilg}|e ml tlhel`lg}atl a `jmiciotiigile|e|i ~tl|tiejt'

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    19

    ]adle|e =

    Oaei}i ml ojgs|` jlcioilg}|e

    Ael oat}ilt|e|i>%9%981%>=Lris}lga ojgm|o}li ml h|gji >%921%>4]i~|e i`jdie|e|ia' ^tjilo} igmiim|ae o| sis}l`a}i{atl`d|g}i}

    1%3

    d' ^tjilo} g sltil o| sis}l`a}i{atl`d|g}i}o' Oas o| 1 sa| 4 gilel ~lg}t| 1 sa|4 ca`ieii

    1%41%%98_|~tacaa d|o}tili "`ai `io sa|`ai `atl ml 8 `4)

    >%931%>=

    2' ^tig oj`~atatla e|i _` o| gjt`a}ilel lris}lg}l slml}lt`ig s|~tacaa ejo|igli g ei`i}lel gjt`a}il "_g)%s|~tacaa oatl |t`la{ s cil o|`~ta} ea ~tl|ti ml s}a}%

    ~tlo|` i s|~tacaa s|~tagjt`a}i "_a) oatl |t`la{ s cilo|`~ta} ea ~tl|ti oj`ltoiael% tls~lo}i ~tl|e ejo|igli gei`i}lel gjt`a}il "Qg) i aejatla ea ~tl|ti oj`ltoiael"Qo)

    )+1>")+4>" cg G@_ &0 1'?

    gao ___ 0 1'=

    sgg

    ^_Q +0 1'

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    4>

    ^o ~tl oj`ltoiae 1`4 ml}lt`iga} ml H|ltg ea ma}a

    ~tia}i{tii% gs oatl s g| ml~laso ~tl|tiel o|tlg}l ~lg}t|ojgs}t|oia ejo|igli ml s}a}

    9' Saejatla }j}ae a ejo|igli oatl |t`la{ s cil ~tia}i{a} sloaeo|ela{ g `jm|e |t`}jt;

    og QQQ &0 1'8

    |gml;Qg ~tl|e ejo|igli g ei`i}lel gjt`a}ilQo aejatla ea ~tl|ti oj`ltoiaelQ aejatla }j}ae a ejo|igli oatl |t`la{ s cil ~tia}i{a}%

    i sltl}l mtl~} da{ ea oaeo|e|e i`~j{i}|e|i ~lg}t| ~tj~til}a}la~tia}i a }arli gj}atiael'

    g oa{|tiel ogm i`jdie|e sl }tagsclt mig ~tj~til}a}la ml s}a}g ~tj~til}a}la ~tia}% lae|atla atl |g tje bj}t}jt' Saejatla

    ~tj~til}ii atl j `atl i`~jt}ag ~lg}t| }ja}l ~tiel ig}ltlsa}l a}} ~lg}t| s}a}% o} i ~lg}t| cj}ii mlig}jti sa| ~lg}t| ii}jtiimlig}jti'

    @l}jmjejhia ~tj~|s ml lae|atl a d|g|tiejt i`jdieiatl gsoj~ ml ~tia}i{atl g| ~tllml ml}lt`igatla aejtii ml ~ia' _a

    ~tls|~|s o aejatla ml ~ia a i`jdielejt sl a s}adiei g tl{|e}a}|eeioi}aiiejt ml ~tia}i{atl mlsobisl i a otltii ~illi tlael' ^tl|tieltlael ml ~tia}i{atl a| cjs} i s|g} miclti}l ca ml ~tl|tiel ml ~ia ai`jdielejt mig |t`}jatlel ojgsimltlg}l; ~tia}i{atla a a|} ejo g ei~sa |gli ~ill ml i`jdie ml{je}a}l i

    o| ei~sa igls}i}jtiejt s}ta}lhioi6 o|`~t}jtii "cjgm|tiel ml igls}iii i ~tia}i{atl% oj`~agiiel

    cigagoiatl i ~ltsjaglel ci{iol) g| sa| acea} g ojgmiii mlojgo|tlg eidlt6

    `akjti}a}la adsje|} a jdilo}lejt ml ~tia}i{atl sa| gm|} ~l djg|ti ~a}ti`jgiael% aejatla tlae a otjta g| sa ~s}ta} ~l~ato|ts|e ~tia}i{tii6

    jdilo}lel ~lg}t| ~tia}i{atl sa| acea} g sclta oito|eaili j~ltijam ml }i`~ mio}a} ml ~tjhta`|e ~tia}i{tii i g| mloltiglel j~jt}|gl ael ~illi i`jdieiatl6

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    44

    Oaeo|eatla oble}|ileiejt' Aolas} adjtmatl sl g}l`lia{ ~lml}lt`igatla ojs}|e|i tl~tjm|oltii }j}ael a d|g|e|i i`jdie sa|gejo|itii oj`~el}l a jdilo}|e|i lae|a}% iggm ojg} ml `ti`la|{|tii' Ea tl{|e}a}|e jdig|} sl ama|h aejatla ml ~ia a }ltlg|e|ioa i o|` at ci mis~jgidie ~lg}t| ojgs}t|oii' As}cle sl a~tloia{aejatla ig}lhtae a d|g|e|i i`jdie' Adjtmatla Oaeo|eatlaoble}|ileiejt$ g ~tao}io sl g}tld|igla{ ~tig mj| atiag}l' Jatiag} ~tllml oaeo|eatla ojs}|e|i tl~tjm|oltii d|g|e|i i`jdie"tl~tjm|o}ijg ojs} glx)% ae}a oaeo|eatla ojs}|e|i ml gejo|itl"tl~eaol`lg} ojs} glx) g `akjti}a}la oa{|tiejt sl a~lela{ eaoaeo|eatla ojs}|e|i }j}ae ml tl~tjm|oltl% ciigmo ea gejo|itl% ml ca~}%sl ojgs}t|il}l |g jdilo} mljsldi} ml ole lae|a}' Mig ~|go} mllmltl }ljtl}io ls}l `ai aag}akjas a mj|a atiag}% mljatlol ls}l

    ~|ig ~tjdadie o oigla s mjtlaso tl~tjm|oltla oemitii ml ?>= g ~tj~til}a}la ~tia} sl acea| 9=%22,mig cjgm|e ejoa}i i g ~tj~til}a}l ~|deio =%21, "}ad'

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    ?1

    Ag}ltijt ~tia}i{tii% cjgm|e ml ejo|igl lta ojgs}i}|i} mig

    ejo|igl ml s}a}% ejo|igl ml~at}a`lg}ael% acea}l ea daeagag}tl~tigmltiejt% jthagi{aiiejt ml s}a} i sigmioa}lejt% ae}jtcjt`ai|gi jd}l}i% ejo|igl g oasl ojj~lta}is}l i oasl ~at}io|eatl'Ojm|e o| ~tiitl ea ejo|igl V4P ae Tl~|deioii @jemja ml}lt`ig|t`}jatlel }i~|ti ml ejo|igl;1' cjgm ejoa}i ml s}a}% amio s~ai|e ejoa}i mig oemitiel acea}l g

    ~tj~til}a}la ml s}a}64' cjgm ejoa}i jd}lso s~ai|e ejoa}i ol a~atigl jthagi{aiiejt

    jd}l}i% ojj~lta}is}l% sigmioa}lejt6?' cjgm ejoa}i ojj~lta}is} s~ai|e ejoa}i ol a~atigl

    ojj~lta}ilejt ml ojgs}t|oii ejoa}il6=' cjgm|e ejoa}i igmiim|ae% ~tia} s~aiiel ejoa}il ol a~atig

    ~ltsjaglejt ci{iol'gol~gm o| ag|e 199> s}t|o}|ta cjgm|e|i ejoa}i a gol~|} s

    sl sobi`dl ojgsimltadie' Mao g 199> cjgm|e ejoa}i ml s}a}%

    ojgcjt` ag|at|e|i s}a}is}io V

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    ?4

    ]adle|e 3Cjgm|e ejoa}i ae T' @jemja ~l agii 199>4>>=

    Cjgm|e Ejoa}i"ea scti}|e

    ag|e|i% `eg'`4 mls|~taca }j}ae)

    199> 199< 4>>> 4>>1 4>>4 4>>? 4>>=

    @jemja

    Cjgm|e ejoa}i }j}ae 88%9 81%2 8%9 41%> 41%? 41%?

    aei}i |tdaglCjgm|e ejoa}i }j}ae

    49%< 43%> 42%1 42%= 42%< 42%< 42%=

    g `lmil ea |gejo|i}jt% `4

    r r 12%2 12%9 19%> 19%1 19%1

    aei}i t|taelCjgm|e ejoa}i }j}ae

    =2%= =%3= 14%88 r r r 1=%2 1=%2

    g `lmil ea |gejo|i}jt% `4

    r r r r r 12%9 12%8

    _|tsa; V ]j}ae ea >?'>4'4>>? ?2 4?12> ?4419]j}ae ea >1'>1'4>>=+ 114 29?]j}ae ea >1'>1'4>>

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    ??

    + oaeo|e|e a|}jt|e|i g da{a ma}lejt mig @jgi}jt|e Jcioiae ae T'@jemjagt'1819 mig 42'>1'4>>< V8?% ~'32P

    Cjgm|e ml ejo|igl mig ejoaei}iel |tdagl sa cjt`a} g }l`limig dejo|tiel ojgs}t|i}l mig ~agj|ti `ati ml dl}jg% ~ia}ti dejo|ti`jgjei}% ojgcjt` |gjt ~tjilo}l }i~iol% ~|t}gm mlg|`itla ml i`jdieejoa}i }i~i{a}' g `akjti}a}l aols}la s|g} sltiiel 1111=?% 1?4% 2?% 9> g miltsl `jmicioti ml ~tjilo}% g c|goil mlg|`t|e ml a~at}a`lg}l "}ad'2)'

    ]adle|e 2I`jdieejoa}i }i~i{a}

    _ltiaG|`t|e ml

    gilelG|`t|e mla~at}a`lg}l

    _~ai|e}j}ae

    _~ai|eejoa}i

    111 1=? 999

    1==1>

    8231%1%3?44>13%4

    111>82%9282%4

    1 =3=@O

    999

    9>84%4?821%>422?>

    ?491%342>%

    a~at}a`lg}l o|~eagicioatl gj|

    G|`t|e ml gilel `ig *`ar

    8 * 14

    @a}ltiae|e ~ltliejtoemitii

    ^agj|

    gei`la go ~ltii% ` 4%< * ?_|~tacaa d|o}tili% `4 8 14

    ^tl{lga asolgsjt|e|i &^ltijama ojgs}t|oili `ig* `ar

    192> * 199 * 199 * 1999

    a~at}a`lg}l ea~`g}

    G|`t|e ml gilel `ig *`ar

    1 * 4

    @a}ltiae|e ~ltliejtoemitii

    Dejo ml oaeoat * e|} *~ia}t

    gei`la go ~ltii% ` 4 * 4%^tl{lga asolgsjt|e|i ^ltijama ojgs}t|oili `ig* `ar

    * 198>

    oasl ea ~`g} G|`t|e ml gilel `ig *`ar

    1 * 4

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    ?3

    1

    @a}ltiae|e ~ltliejtoemitii

    Dejo ml oaeoat * e|}

    gei`la go ~ltii% ` 4%< * %%3' Aols}l oictl s|g} gs itlael

    ~lg}t| `akjti}a}la ~j~|eaili' Ojgcjt` sjgmaklejt igmioa}jtii ~tiigm s~ai|e ejoa}i ata} s|~ta~j~|eatla oa`ltlejt 1%3 ~ltsjagl ea j oa`lt' Ojgcjt` ma}lejt sjgmaklejt lclo}|a}l V1=%~ah'

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    ?8

    slo|ti}ii ejo|iglejt% ejo|tiejt ml kjao a oj~iiejt% ml ie|`iga}|es}t{iejt% }ltlg|tiejt amiaolg}l% ml s}atla sagi}at i ml g}tligltlas~aiiejt ml cjejsig oj`|g' g ag|e 1929 a cjs} amj~}a} bj}ttla

    ~tig oatl ei sl ~lt`i}la ol}lgiejt s o|`~ltl i s gm eidlt% cttls}tioii s~ai|e ejoa}i ml s}a} i jd}lso' g tlaei}a}l gs aolas}bj}ttl a cjs} ag|ea} g 199>% oa a~ji g 1994 s sl ~lt`i} miggj| }tag{aoiiel i`jdieiatl' g aoleai ag a| cjs} gm|}l ='>>>a~at}a`lg}l' Jma} o| amj~}atla elhii mls~tl ~tia}i{atl% g ag|e199? a| cjs} gm|}l ?'>4 a| cjs} ~tia}i{a}l ?? `ii mla~at}a`lg}l o| j s|~taca }j}ae ml 1=2?%8 `ii `4' g agii 4>>?4>>= a| cjs} ~tia}i{a}l 4'829 a~at}a`lg}l V8?% ~'32P' Ojgoj`i}lg}o| otl}ltla g|`t|e|i ml a~at}a`lg}l ~tia}i{a}l a s~jti} ig|`t|e a~at}a`lg}lejt gm|}l% oatl g ag|e 1993 a}ighl |g g|`tml 43'=83% iat g 4>>14>>= a| cjs} gtlhis}ta}l 3?'99=}tag{aoii'M|~ o|` ~|}l` jdslta% mig 199= g{atla ml ejo|igl a

    otlso|} dt|so' ^g g 199< sa mlsc|ta} ao}i ~tjols|e ml~tia}i{atl a ejo|iglejt% iat mig 1993 ~tlmj`ig g{atla ejt' Aols}e|ot| sl lr~eio ~tig oa~aoi}a}la ml o|`~tatl kjas a ~j~|eaili%oatl ls}l igce|lga} g ~ti`|e tgm ml otl}ltla elg} a lgi}|tiejt'Ml lrl`~e|% saeati|e gj`igae `lmi| a otlso|} g agii 19911992 ml3=? jti% iat igmiolel hlgltae ae ~tl|tiejt ml ojgs|` ml 8?23 jti%ml~igm ml 18 jti gile|e ml otl}ltl a saeati|e|i' I`~jsidiei}a}lao|`~ttii ejo|iglejt sl lr~eio i ~tig otl}ltla lt}ihigjas aojs}|tiejt ojgs}t|oiiejt gji% oatl sa| `ti} g agii 19911992 ml=822 jti% ml~igm otl}ltla lgi}|tiejt ~j~|eaili ml 8%< jti%

    ~tlo|` i ~tig `akjtatla ~eiejt ~lg}t| sltioiiel oj`|gael'

    ^tl|tiel gj`igael g aolas} ~ltijam gol~ s otlasolt}ihigjs "miahta`a 1)' G|`ai g ~ltijama 199, g c|goil ml ejo|e a`~eastii'

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    _|tsa; V9>P

    Miahta`a 1 Miga`ioa `jmiciotii ~tl|tiejt ea4>>3 "ojs}|e 1 `4 ml s~ai|

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    g ~tl{lg} j oltltl s~jti} ml ejo|igl sl gtlhis}tla{oatl ~tl|tiel s|g} `ai kjasl ca ml ~tl|tiel ea ejo|iglel gjg|`t|e }tag{aoiiejt ~l ~iaa i`jdie|e|i ejoa}i mig `|g'otl}ltla ~tl|tiejt ~lg}t| s~ai|e ejoa}i V8?% ~' 32P'

    Miga`ioa }tag{aoiiejt ~l ~ltijaGt

    Mlg|`itla

    ]tag{aoii

    ejt

    ]tag{aoii g

    a' 4>>1 ,

    ]tag{aoii g

    a'4>>4

    ,

    ]tag{aoii g

    a'4>>?

    ,

    ]tag{aoii g

    a'4>>=

    1 Sg{atlo|`~tatl

    13>=9 2>%1

    13>8? 83%?

    13188 39%?4 1>> 41>33 1>> 4?439 1>> 43>22

    _|tsa; V 8?% ~' 32P + oaeo|ea} g da{a V9>P

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    =>

    _|tsa; V9>P

    Miahta`a 4' Miga`ioa `jmiciotii ~tl|tiejt ea"ojs}|e 1`4 s~ai| }j}ae "\

    Iag|atil

    Cldt|atil

    @at}il

    A~tieil

    @ai

    I|gil

    I|eil

    A

    }

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    =1

    Aols} e|ot| sl ma}jtla{ ca~}|e|i o `|g' Obiig|ls}l oa~i}aea i olg}t|e lojgj`io ae @jemjli' Ojgoj`i}lg}lae|a}jtii ~tao}ioilgi lr~eio aolas} otl}ltl a oltltii gcle|e |t`}jt; ~ltsjaglel ~eloa}l g s}tig}a}l sl g}jto o|s|`l ojgsimltadiel i ~tjo|t i`jdie ejoa}i% ml jdioli gObiig|% ma}jti} |gli igctas}t|o}|ti `ai ml{je}a}loj`~ata}i o| ae}l tlhi|gi ael tl~|deioii' ^j}tii} s}|miiejt

    ~tlei`igatl% oitoa 4>, mig `ikejaolel dgl}i }tagsclta}l ml ~ls}l bj}atl g tl~|deio s|g} igls}i}l g i`jdie' ^tigii %oli }ti`i} oj~iii ea s}|mii g Obiig|% ~tlclt s ~tjo|tatlejo|igl ~lg}t| a g| ~e}i obitia ~l }ja} m|ta}a g}|tii6iat o| ig}tjm|oltla L\TJ ea 1'>1'>4% \_M ia ~iltm|}s}adiei}a}la ml jmigijat% ~tig |t`atl ~ltsjaglel ol ~s}ta|ao|`|etiel g mjeati a| ~tlclta} ~easatla `ikejaolejt dgl}ig i`jdie|e ejoa}i V9>P' Ao}|ae`lg}l igls}iiiel g i`jdies|g} olel `ai a}tao}il i aoolsidiel% ciigmo ~ja}l ci jdig|}a}} |g lgi} mitlo}% g |t`a `titii ~tl|e|i ea i`jdie% o} i

    |g lgi} igmitlo}% g |t`a obitili'Mig olel lg|ga}l% jdslt` j ml{je}atl ojg}ig| a~illi i`jdie|e|i ejoa}i g `|g' Obiig|' _l goblil }j}`ai `|e}l }tag{aoii g ~jcima ca~}|e|i o ~tl|tiel g |e}i`a

    ~ltijam otlso' O| }ja}l o% ~j}tii} elhii oltltii% s~jtitla~tl|e|i m|ol ea somltla oltltii% ca~}|e ma} ojgcit` go jma} i`~tli{idiei}a}la ~illi i`jdie|e|i ejoa}i migT'@jemja' J asl`lgla si}|ail sl lr~eio ~tig }la`ao|`~t}jtiejt ml j llg}|ae otl}ltl lgjt` a ~tl|tiejt eaa~at}a`lg}l' Ca~} oli ml}lt`ig s cao o|`~t}|ta ao|`%mat g| `ai }t{i|% ~lg}t| a `igi`i{a tiso|e ~iltmltiejt'

    Agaei{a ~illi i`jdie|e|i ejoa}i }i~i{a} a ml`jgs}ta} joioeioi}a}l ml mji agi a otl}ltii lclo}il a ~tl|tiejt "aglra1)' Ojgcjt` ma}lejt ~|deioa}l ~ltijmio ml D|tsa Eata V9>P

    ~tl|tiel gj`igael ml ~ia `lmii ea hatsjgiltl g ~ltijamaagiejt 199>= sa| `jmicioa} ojgcjt` }adle|e|i 11'

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    =4

    ^tl|tiel gj`igael `lmii ea hatsjgiltl

    _LO]JT\EAGII

    1998 1992 1999 4>>> 4>>1 4>

    D|i|oagi 2> 8> ?34< = > 2> 84 =>>> =9=> 3=

    Dj}agioa 9> 88 3>>> ?4 =84> 33

    Toagi 9>>> 84 34 ?8 =?3> 38 =>>> ==>>

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    =?

    O|ts|e `lmi| ag|ae ae mjeat|e|i i ta}a mg ~ltijama agiejt 199>> 4>>1

    O|ts|e`lmi|ag|ae aemjeat|e|i

    =%49 =%%1< 19%>? 44%=4 ?1%24 49%42 18%81

    _|tsa; V29P

    g tl{|e}a} o~}` aejti oj`~atadiel% ~tl|ti ao}|aei{a}l ea4>>3 "}ad'1?)'

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    ^tl|tiel ao}|aei{a}l ea hatsjgiltl g

    _LO]JT\EAGI

    1998 1992 1999 4>>> 4>>1 4>>4

    D|i|oagi 18=842 143=82 14 2>449 1>3 144434 1=4891 944 14>39

    Oijoaga 18=842 11?2?> 141% 4>>4 i 4>>1 aolas} ada}ltl a ojgs}i}|i} &=?%?8, "~lg}t| slo}jt|e D|oatl otl}l o| &==%

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    => + A@^ * _` "4'> r u_i _i~u * _i ) * g "4'3)

    Agaei{a dicao}jtiae' Agaei{a |gicao}jtiae g| ~lt`i}l s}|mi|e}lgmiglejt ml sobi`datl a cao}jt|e|i ma}% g| ~lt`i}l ml}lt`igatlacao}jtiejt glolsati ml a ci igoe|i g `jmle|e ml da{ ~lg}t| a ml}lt`igaaejatla ml ~ia a i`jdie|e|i' Agaei{a dicao}jtiae ~lt`i}l s}|miltlaoj`~jt}tii |g|i cao}jt g ml~lgmlg ml ae}|e' Ml lrl`~e|% ml~lgmlga

    ~tl|e|i `lmi| ml a`~easatla ejo|igli sa| o|` sl a sobi`da oltltla

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    ~lg}t| ejo|igl g c|goil ml mlgsi}a}la ~j~|eaili' g oamt|e agaei{lidicao}jtiael ~|}l` cjejsi;

    Oti}lti|e _}|mlg} "} s}a}is}io) ~tl{ig} `ti`la igce|lgli"htl|}a}la s~loicio) atiadieli ml tlhtlsil as|~ta atiadieli ml~lgmlg}l"~tl ml g{atl)' La sl ml}lt`ig ~tig ta~jt}atla ojlcioilg}|e|i mltlhtlsil dk o}tl ltjatla sa lmil ~}ta}io sk;

    }k 0 dk * sk "4'8)Ltjatla `lmil ~}ta}io sk a ojlcioilg}|e|i ml tlhtlsil dk ls}l

    agaejh|e ada}ltii `lmii ~}ta}iol6 la `sjat ltjatla g |}iei{atla dk goaei}a}l ml oatao}ltis}io s}a}is}io ~tl{lg}% gs o| oatao}lt glml}lt`iga}'Oti}lti|e _}|mlg} ml}lt`ig ei`i}a ml igce|lg a |gli atiadiel as|~taaejtii ~tjhgj{a}l% oleleae}l atiadiel ciigm cirl "sl ihgjt)'

    Oti}lti|e Cisblt "C s}a}is}io) ea cle oa i _}|mlg} sl |}iei{la{ eaml}lt`igatla i`~jt}agli "igce|lgli) |gli atiadiel ~lg}t| ~tjhgj{atlaoleli ml~lgmlg}l' C s}a}is}io sl ml}lt`ig ~tig ta~jt}|e;

    Mis~ltsia s|~ei`lg}at% ~tjm|sml atiadiea ma}* mis~ltsiaiglr~eioadie

    Mis~ltsia s|~ei`lg}at ~tl{ig} micltlga mig}tl ada}ltlaml}lt`iga}% ct a igoe|ml atiadiea ma} i ada}ltla ml}lt`iga}% o|igoe|mltla g `jmle a atiadieli' Oti}lti|e Cisblt ml}lt`ig ei`i}a mligce|lg a |gli atiadiel as|~ta aejtii ~tjhgj{a}l% oleleae}l atiadielciigm ojgsimlta}l ~tig igoe|mltla ejt g tleaia ml tlhtlsil'

    Agaei{a }ticao}jtiae' g ~tl{lg} lris} ~tjolmll htaciol is}a}is}iol ml agaei{ a ml~lgmlgli |g|i cao}jt ml aei mji sa| }tli' \g|e miglel ls}l ~tjhta`|e }adlelejt got|oia}l% oatl ~lt`i}l oj`~atatla a mj|atiadiel g c|goil ml `lmia |gli a }tlia atiadiel' gelsgl}l agaei{a}ticao}jtiae i ~jsidiei}a}la ojgs}t|oili htaciolejt }timi`lgsijgael' Eaagaei{a }ticao}jtiae ~|}l` tlclti i ojlcioilgii dl}a oatl s|g} gi}lojlcioilgi gjt`ai ml tlhtlsil i ml}lt`ig i`~jt}aga |gli atiadieligml~lgmlg}l ca ml j ae} atiadie igml~lgmlg} g oamt|e ml}lt`igtiioleli ml~lgmlg}l' O| ae}l o|ig}l% oatl mig}tl olel mj| atiadiel agaei{a}la| |g a~jt} ai atl g aejatla i`jdie|e|i lae|a}' Ojlcioilgii dl}a sl

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    ml}lt`ig ~tig }tagscjt`atla atiadielejt ml~lgmlg}i igml~lgmlg} gaa `jm% go} s oa~l}l aejti `lmii g|el i ada}lti `lmii ~}ta}iol|gi}atl' ^lg}t| ciloatl atiadie aols} e|ot| sl a}ighl ~tig micltlga ca ml`lmil% ta~jt}a} o}tl ada}ltla lmil ~}ta}io'

    O| ak|}jt|e ojlcioilgiejt dl}a sl ml}lt`ig i`~ao}|e otliatiadiel ls}l `ai `atl as|~ta aejtii ~tjhgj{a}l% o| ojgmiiaigatiadiei}ii olejteaei igmioa}jti'

    Agaei{a ml ojtleatl' Htam|e ml~lgmlgli eigiatl mig}tl mji cao}jti~ja}l ci ml}lt`iga} ~tig ojlcioilg}|e ml ojtleail "t)' J ml~lgmlg eigiatolt} sl oatao}lti{la{ ~tig}t|g ojlcioilg} ml ojtleail &1 sa| 1% iat ei~saml~lgmlgli eigiatl ~tig ojlcioilg}|e >'

    Agaei{a `|e}icao}jtiae' Agaei{a igcjt`aili o| cjejsitla da{lejtml ma}l i l}jmlejt htaciol sl ei`i}la{ ea s}|mi|e a }tli sa| ~a}t| atiadielojgoj`i}lg}' Leadjtatla `jmlelejt ml lae|atl g `as glolsi} a~eioatla`l}jmlejt s}a}is}iol ml agaei{ `|e}imi`lgsijgae% ml lrl`~e| agaei{a mltlhtlsil |e}ieigiat sa| agaei{a elh}|tii igltsl'

    Agaei{a ml tlhtlsil `|e}ieigiat ~ja}l ci a~eioa}% g

    s~loiae% ea oaeidtatla `jmle|e|i ml oj`~atatl a g{tiejt g oa{|elae|tii igmiim|ael a i`jdie|e|i' g soj~|e oaeidttii `jmle|e|i ml~ia ~j} ci cjejsi}l `jmlel eigiatl ami}il' Aols} ~tjols ~lt`i}lml}lt`igatla htam|e|i ml i`~jt}ag a cilotli atiadiel i ata} o}ml digl c|goijgla{ gs|i `jmle|e oa igs}t|`lg} ml lae|atl' gs%ojtloiiel ml}lt`iga}l g aols} `jm% tlcelo} ei`i}a cir a`jmiciotiejt aejtii i g| tlcelo} ig}ltaoi|gla mig}tl atiadiel'@jmlelel gleigiatl% g aols} oa{% s|g} `ai igmioa}l% mljatlol ~lt`i}o~}atla |gjt tl{|e}a}l `|e} `ai lrao}l% tlcelo}gm ig}ltaoi|glamig}tl atiadiel i e|gm g ojgsimltail% o sobi`datla aejtiiml~igml ml sobi`datla cao}jt|e|i ojgotl}'

    Agaei{a elh}|tii igltsl sa| `l}jma lae|tii ama~}il' goa{|e a~eiotii aols}li agaei{l% igiiae sl oeasicio cao}jtii ol sl tlcltea }ltlg sa| ojgs}t|oii6 s|g} oaei}a}ii sa| oag}i}a}ii' Agaei{a

    ~lt`i}l ml}lt`igatla `jmiciotii cilot|i ojlcioilg} "cao}jt) ~tig`iojtatla ltjtii "agaei{a ml tlhtlsil a~eio `l}jma `igi`i{tii)'_~tl mljslditl ml tlhtlsil% elh}|ta iglts g| ~tls|~|gl oaeo|e|eoti}ltiiejt s}a}is}iol ml a~tloiltl a oaei}ii ojlcioilgiejt'

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    @l}jmlel `lgijga}l a| cjs} a~eioa}l o| s|ools% ml o}tl a|}jt% g ~tjols|e agaei{li cao}jtiejt ol igce|lgla{ aejatla i`jdie|e|i ejoa}i%~tlo|` i g ~tjols|e leadjttii `jmle|e|i `a}l`a}io ml lae|atl ai`jdie|e|i ejoa}i }i~i{a}'

    4'?' @jmlel lojgj`iol a~eioa}l ~lg}t|

    ml}lt`igatla aejtii ml ~ia\g `jmle lojgj`io ojgs} mig}tj atiadie ml~lgmlg}"aejatla i`jdie|e|i) i `ai `|e}l atiadiel igml~lgmlg}l' Olel `aisi`~el s}t|o}|ti el ojgig `jmlelel ami}ii `|e}i~eioa}i V89% 24%113% 119P'

    @jmle|e ami}i atl cjt`a;_ 0 d> & d1 R1 & d4 R4 &'''& dg Rg "4'2)

    Satiadielel ml~lgmlg} i igml~lgmlg}l sl ml}lt`ig g~tjols|e s~loiciotii `jmle|e|i% iat d> % d1% '''% dg sl ml}lt`ig g~tjols|e oaeidttii `jmle|e|i'

    @jmle|e `|e}i~eioa}i atl cjt`a;

    g~~~ R

    g

    R

    ~

    R

    ~

    d

    ~

    ddd'''ddR'''RRd_ 0 &&

    &&

    41414141> "4'9)

    |gml; R~&1 % R~&4 % ' ' ' % Rg ia| aejti 1 sa| >@jmlelel `|e}i~eioa}il tlcelo} gl`ikejoi} g}tlh|e }adej| ae

    aoi|gii }|}|tjt cao}jtiejt ml ~l ~ia% gs lel g| ia| g ojgsimltailcao}jtii ami}ii i g| ~lt`i} oaeo|e|e sl~ata} ae aejtii }ltlg|e|i i ae

    ojgs}t|oili'@jmle|e ojgigl a}} lel`lg}l ami}il% o} i `|e}i~eioa}il'

    Pd'''ddV

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    &&&0

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    41

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    Ea leadjtatla `jmlelejt bidtiml lris} j `ai `atl eidlt}a}lml aoi|gl' @jmlelel ml aols} }i~ a| |g ojgig|} `ai as} i `aioaei}a}i' gs `jmlelel bidtiml g| ~j} ci oaeidta}l gl`ikejoi}% iatsje|iiel o~}a}l ~j} s micltl ml ea oa{ ea oa{' Oaeidtatla sl lrlo|}

    ~tig goltoti i ltjti' Ea `l}jmlel s}a}is}iol a~eioa}l ~lg}t|leadjtatla i oaeidtatla `jmlelejt bidtiml sl tlclt agaei{a mltlhtlsil `|e}i~e% agaei{a ml tlhtlsil gleigiat i `l}jma lae|tiiama~}il "elh}|tii igltsl)'

    Ag}ltijt a| cjs} `lgijga}l }tli adjtmti ml lae|atl aaejtii ml ~ia a i`jdie|e|i; mig ~|go}|e ml lmltl ae ojs}|tiejt% aelgi}|tiejti ae ~tl|tiejt ml ~ia' ^lg}t| ciloatl adjtmatl ~ja}l cileadjta} |g `jmle s~loicio'

    Lae|atla mig ~|go}|e ml lmltl ae ojs}|tiejt sl da{la{ ~l~tigoi~i|e gejo|itii; o|`~t}jt|e g| a ~e}i `ai `|e} mlo} ojs}ej}|e ml ~`g} i oble}|ileiel ml ojgs}t|oil a `d|g}itiejt"oemitii)' _}t|o}|ta `jmle|e|i hlgltae a ci |t`}jatla;

    SI 0 SO & S^ "4'11)|gml; SI aejatla ml ~ia lae|a} a i`jdie|e|i6 SO

    aejatla ojgs}t|oili "`d|g}itiejt)6 S^ aejatla ej}|e|i ml~`g}'

    @jmle|e tls~lo}i ~ja}l ci ethi}% }tagscjt`a} g `jmle bidtimml ~ia'

    V P &&0 _A^AQ^OACQQOSI )")" "4'14)

    |gml;

    QO ~tjm|s|e oj`~jglg}lejt oaei}a}il hlgltael6CQ ~tjm|s|e oatao}ltis}ioiejt oaei}a}il ael oemitii "igoe|si |{|ta)6 Q^

    ~tjm|s|e oatao}ltis}ioiejt oaei}a}il a ~`g}|e|i6 OA s|`a

    oatao}ltis}ioiejt ami}il ael oemitii6 ^A s|`a oatao}ltis}ioiejt

    ami}il ael ~`g}|e|i6 _A s|`a oatao}ltis}ioiejt ami}il aelojgs}t|oiiejt "`d|g}itiejt) s|~ei`lg}atl'

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    Oj`~jglg}lel% ol sl tlclt ea oemitl i `d|g}itis|~ei`lg}atl% ct limlga |{|ti "CQ% OA i _A)% tl~tl{ig} ~iaamig ~|go}|e ml lmltl ae jclt}li' Lel sl oaeidtla{ o| ak|}jt|eaejtiejt ol lr~ti` ojs}|tiel ml ojgs}t|oii' \{|ta i oleleae}loj`~jglg}l tlcelo} oltltla i sl oaeidtla{ o| ak|}jt|e aejtiejt

    ~illi'Lae|atla mig ~|go}|e ml lmltl ae lgi}|tiejtsl da{la{ ~l

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    da{a lgi}|tiejt% ls}l igs|cioilga ma}lejt o| ~tiitl ea lgi}|ti iojs}|ti' Ml aolla% g oaei}a}l ml atiadie ml~lgmlg} sl tloj`agm|g ag|`l igmioa}jt "ml lrl`~e| lgi}|e dt|} ml ea |g a~at}a`lg}%sa| ml ~l |g `l}t| ~}ta})' A~eioatla |gli as}cle ml atiadielgjt`a}l ~lt`i}l lroe|mltla igce|lgli mj`igag}l a oemitiejt `atias|~ta `jmle|e|i' ^tig |t`atl% }tld|il aelsl aolel atiadieligml~lgmlg}l oatl aoijgla{ as|~ta atiadieli gjt`a}l% s~tllrl`~e| oaei}a}la ojgs}t|oili% s}atla ci{io% a`~easatla i oaei}ieloemitii' @jmle|e% g aols} oa{% ~ja}l ci ami}i;

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    igmio ojs}|e ml gejo|itl% _LO] atiadiea ol ml}lt`ig slo}jt|e goatl sl ace oemitla'

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    j Olg}t| * ~lticltil * {jg igm|s}tiaej Aools|e ea }tags~jt} |tdagj Mis}aga ~g ea ojae% htmigi

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    ]lelcjgj Daeojg * ejk Cao}jtii ml |{|t

    j \{|ta ci{io

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    ?'4' Ml}lt`igatla `ti`ii cao}jtiejt o| j igce|lg`ari` as|~ta aejtii ml ~ia a i`jdie|e|i ejoa}i

    ^tjols|e ml ml}lt`igatl a ojlcioilgiejt g `jmle|e ml lae|atla i`jdie|e|i ~jat} mlg|`itla ml oaeidtatl a `jmle|e|i'Ml}lt`igatla ojtlo} a aejtiejt igiiael ael ojlcioilgiejt ~lt`i}lak|s}atla ta~imi ojtlo} a `jmle|e|i ml da{' ^tao}ioilgii acit`%

    o ~lg}t| s}adiei{atla `jmle|e|i% g oamt|e lae|tii ama~}il% s|g}ml ak|gs ml ~a}t| jti `ai `|e}l g{ti mlo} g|`t|e cao}jtiejtigoe|i g `jmle' Cao}jtii ml}lt`igai g ?'1 s|g} igoe|i%s|~|ggm|sl |gjt }tagscjt`ti% g }adle|e 44' Igiiae sl sl~atcao}jtii o| oatao}ltis}ioi oag}i}a}il ml oli o| oatao}ltis}ioi oaei}a}il'g ~tjols|e ml }tagscjt`atl a cao}jtiejt o| oatao}ltis}ioi oaei}a}il gojlcioilgi a cjs} a~eioa} agaei{a dicao}jtiae sa| }ticao}jtiae

    ~tlo|` i agaei{a s}ta}lejt' ]adle|e 44Oeasicioatla s~loicio a cao}jtiejt

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    Gile|e a~at}a`lg}|e|i Oaei}a}i ae oemitiigei`la go ~ltii Oaei}a}i ae oemitii@ti`la d|o}tili Oaei}a}i ae oemitii@a}ltiae|e ~atmjsleii Oaei}a}i ae oemitii]i~|e gjm|e|i sagi}at Oaei}a}i ae oemitiiHa{icioatla oemitii Oaei}a}i ae oemitii\{|ta ci{io a ejo|igli i oemitii Oaei}a}i ae oemitii_|tsa; g}jo`i} ml a|}jti

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    A' Oaeo|e|e ojlcioilgiejt }lti}jtiaei;g soj~|e ml}lt`igtii htam|e|i ml igce|lg a a`~easa`lg}|e|i

    as|~ta aejtii ml ~ia a i`jdie|e|i ejoa}i gl j` ojgm|ol igiiaeml {jgatla }lti}jtiaeam`igis}ta}i g `|gioi~i|' As}cle% j` s}|miasl~ata} }tag{aoiiel lclo}|a}l g slo}jt|e Olg}t|% D|i|oagi% Dj}agioa%Toagi i Oijoaga' g}jo`i` da{a ml ma}l a }tag{aoiiejt ~l ~iaaejoa}i mig `|g' Obiig| ojgcjt` `jmle|e|i igmioa} g }adle|e 4?'

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    ]adle|e 4=Ht|~atla }tag{aoiiejt ~l slo}jatl "lr}tas)

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    Olg}t|

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    Oijoaga

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    _a jdslta} |g mloaeak `atl a ojs}|tiejt g ig}ltijt|e cilotli ht|~ti% ~tig |t`atl a` `~ti} ciloatl slo}jt g {jgl }lti}jtiael `ai `ioi'_lo}jt|e Olg}t| a cjs} `~ti} g Olg}t| i ]lelolg}t|6 slo}jt|e Dj}agioa g Dj}agioa% Dj}agioa ml kjs i Altj~jt}6 slo}jt|e D|i|oagi g D|i|oagi%D|i|oagii Gji% _o|elagoa6 slo}jt|e Toagi g Toagi% Toagii ml Kjs%

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    ]adle|e 4>>) a jo|~a} slo}jt|e Toagi% ~tig |t`atl g `jmle|e igiiaeojlcioilgii a| cjs} ml}lt`igai ca ml ~tl|tiel ejo|iglejta`~easa}l g aols} slo}jt "}ad'43)' _lo}jt|e Olg}t| g| sa ojgsimlta}tl~lt ~lg}t| a li}a ltjtiel ml oaeo|e "g Olg}t| ~tl|tiel s|g}`ari`ael)'

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    94

    Oaeidtatla hlgltae a ojlcioilgiejt }lti}jtiaei igoe|i g

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    Oaeo|e|e aejtiejt }ljtl}iol a ojlcioil

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    9>1% `jmiciogm|sl ea ciloatl }tag{aoil gj| igoe|sg da{a ml ma}l' Ea gol~|}|e ag|e|i 4>>4 `jmle|e a s|~jt}a} jtloaeidtatl hlgltae g |t`a otlia ojlcioilgii }lti}jtiaei a|o~}a} aejtiel igmioa}l g }adle|e 42'

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    Miahta`a 3' tl|tiel `lmii ea hatsjgiltl% g

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    Miahta`a 8' ^tl|tiel lmii% ea a~at}a`lg}l o| mj| jmi g

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    Miahta`a 9' ^tl|tiel `lmii ea a~at}a`lg}l o| ~a}t| jmi g

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    _lo}jt|e D|i|oagi D|i|oagii Gji >%94_o|elagoa >%22D|i|oagi >%92

    _lo}jt|e Oijoaga Oijoaga Gj| >%9=J}jasoa >%83

    _|tsa; oaeo|e|e a|}jt|e|iSj` `lgijga% o aejtiel tls~lo}il sl `jmicio ea ciloatl

    }tag{aoil gj| igoe|s g `jmle'D' Oaeo|e|e ojlcioilgiejt oaei}a}ii ai oemitii

    Ojlcioilgii ol oatao}lti{la{ }i~|e oemitii a| cjs}ml}lt`igai g |t`a agaei{li aejtiejt slelo}a}l' ]tag{aoiiellimlgia}l ojtls~|gm ojgmiiiejt;

    1' A~at}a`lg}lel s|g} a`~easa}l g aoleai slo}jt4' Oemitiel a| aollai sltil ojgs}t|o}i?' A~at}a`lg}lel a| aoleai g|`t ml jmi=' Atia }j}ae a a~at}a`lg}lejt miclt ~|ig

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    1>1

    ^tl|e a~at}a`lg}lejt o| jg c|goil ml }i~|e oemitii i a`~eas

    _ltiaSaejatla

    `lmil^tl|e -

    Dj}agioa

    D|i|oagi

    Oijoaga

    ?? ?? r r

    1>4 3>>> 3>>> r r

    1=? > r bts = =>>>

    igm r => r

    s}e >

    8>>> 8>>> r r

    _|tsa; g}jo`i} ml a|}jt

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    1>4

    ^tl|e a~at}a`lg}lejt o| mjg c|goil ml }i~|e oemitii i a`~eas

    _ltiaSaejatla

    `lmil^tl|e -

    Dj}agioa

    D|i|oagi

    Oijoaga

    Olg}t|

    8?34%< 8> r r 898

    1>4 8= r r r r

    1?< 3> r 3> r r

    1=? 2=14%< 93 r 89>> 2>>

    bts 391> r 1144

    igm 1>1>> r r r r

    s}e 1?33< r r r 1?33

    8=8< 89>> r 8> r

    2>4> 2> r r

    _|tsa; g}jo`i} ml a|}jt

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    1>?

    ^tl|e a~at}a`lg}lejt o| }tg c|goil ml }i~|e oemitii i a`~eas

    _ltiaSaejatla

    `lmil^tl|e -

    Dj}agioa

    D|i|oagi

    Oijoaga

    Olg}t|

    ^j

    3> r 3> r r

    1>4 11>38 r r r r

    1?< 9??? 9> r 9> r

    1=? 1>9>>> 998? 1>> 13>bts 1>4?9 2438 9>?? r 1?8>>

    igm 1=2>> 1=> 413>> r 13>>>

    `jg 1123? 142?? r r 14>

    s}e 1483> r r r 1483>

    1>93< 1>31> r 1>?

    1>138 114 r r r _|tsa; g}jo`i} ml a|}jt

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    1>=

    M|~ o|` ~|}l` jdslta% atiaiiel ml ~tl s|g}ojgsimltadiel g oamt|e aole|iai slo}jt }lti}jtiae' ^lg}t| a ml~is}aigce|lga sl~ata} a }i~|e|i oemitii as|~ta ~tl|e|i }tld|il oj`~ata}la~at}a`lg}l si`ieatl% oatl a| cjs} jdilo} ae }tag{aoili g aoliai

    ~ltijam ml }i`~ i oatl miclt mjat ~tig sltia ojgs}t|o}i a oemitii'Tls~lo}atla aols}li ojgmiii ls}l a~tja~l i`~jsidie mljatlol% g

    ~ti`|e tgm% g| lris} slo}jt g Obiig|% oatl s o|~tigm adsje|}}ja}l sltiiel ojgs}t|o}il% g ae mjiela tgm slelo}atla }tag{aoiiejtojgoj`i}lg}l o| i`jdie imlg}io g oemiti miclti}l ls}l cjat}l micioie'Ml aolla% aejatla ojlcioilgiejt a cjs} ml}lt`iga} ~tig oj`~atti

    ~atiael' Ml lrl`~e|% ojlcioilgii ~lg}t| sltiiel bts% igm% `jg% 1=?% a| ~|}|} ci ht|~a}l "}ad'??) mjat o| |glel am`i}lti o|` at ci; g| miclt ~tl|e ea a~at}a`lg}lel a`~easa}l ea gile|e 4 i ?6 g| miclt ~tl|e g c|goil ml g|`t|e ml gilel a oemitii6 i`~jt} g|`t|e ml jmi i g| s~ai|e }j}ae ae a~at}a`lg}|e|i'

    ]adle|e ??

    _lelo}atla }tag{aoiiejt g soj~|e limlgiltii igce|lgli}i~|e|i oemitii as|~ta ~tl|e|i "lr}tas)

    _lo}jt|e sltia Gt' mljmi

    _ }j} ^tl|e - Gt' mll}akl

    L}ak|e]lelolg}t| 1=? 4 39>> = 4]lelolg}t| igm 4 3> 14>>> 9 ?]lelolg}t| bts 4 ?3 94>> < 4]lelolg}t| bts 4 =2 > 4 4]lelolg}t| bts 1 ?> =8>> = 4]lelolg}t| `jg 1 => > 13 4]lelolg}t| bts 1 4> ?> < ?]lelolg}t| bts 1 44 ?>>> < ?

    _|tsa; oj`~el}a} ml a|}jt

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    1>4 1%>> >%>>

    1?< >%93 >%>>

    1=? 1%>4 >%>1

    Bts >%28 >%>1

    Igm 1%41 >%>=

    `jg >%2? >%?1

    _}e 1%48 >%41

    >%99 >%>>

    1%>1 >%>4_|tsa; oaeo|e|e a|}jt|e|i

    Sts}a oemitii' ^tig agobl}atl a` ml}lt`iga} ca~}|e% ogioi j ~ltsjag g| mjtl}l s ejo|iaso g oemiti ojgs}t|i}l o|`ai `|e} ml 1< agi g |t`% iat `akjti}a}la ~tlclt ts}a ml agi "aglra 4)' g |t`a agaei{li ~tl|tiejt ~lg}t|a~at}a`lg}lel mig oemiti o| ts} miclti} a` ml}lt`iga}|t`}jtii ojlcioilgi;

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    1>3

    ]adle|e ? agi 1%>>

    @ai `|e} ml 1> agi >%93_|tsa; oaeo|e|e a|}jt|e|i

    O' Oaeo|e|e ojlcioilgiejt oaei}a}ii ai ejo|igli'Gile|e a~at}a`lg}|e|i' Aehjti}`|e ml oaeo|e a~eioa} g

    soj~|e ml}lt`igtii aejtii ojlcioilg}|e|i ol oatao}lti{la{ gile|ea`~eastii a~at}a`lg}|e|i ls}l |t`}jt|e; a cjs} g}jo`i} da{a ml ma}l ~lg}t| 11>> a~at}a`lg}l ~|sl g

    g{atl ~l ~ato|ts|e agiejt 19994>>=6 a| cjs} agobl}a}l 1 ~ltsjagl% ejo|i}jti ai Obiig|e|i% g soj~|e

    ml}lt`igtii ~tlcltiglejt ejoa}il

    a| cjs} slelo}a}l a~at}a`lg}lel ol ojtls~|gm ojgoj`i}lg} o}jtaoti}ltii; aoleai slo}jt% aollai sltil6 aoleai g|`t ml gilel aoemitii6 aoleai g|`t ml jmi g a~at}a`lg} "}ad'?3% ?8)6

    ]adle|e ?3_lelo}atla }tag{aoiiejt o| soj~|e limlgiltii igce|lgli

    gile|e|i% ea oatl sl ace a~at}a`lg}|e% as|~ta ~tl|e|i s|"lr}tas a'4>>=)

    _lo}jt|e Gile|e _ltia _ }j} Gt' ml jmi ^tl|e -Dj}agioa 2 1=? 8> ? ?43>>

    Dj}agioa 9 1=? 81 ? ?>3>>

    Dj}agioa 8 1=? 84 ? ?=>Dj}agioa 3 1=? 8> ? ?=2

    Dj}agioa 9 1=? 84 ? 492>>

    Dj}agioa 3 1=? 8? ? ?>>_|tsa; oaeo|e|e a|}jt|e|i "da{a ml ma}l 4>>=)

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    1>8

    ]adle|e ?8_lelo}atla }tag{aoiiejt o| soj~|e limlgiltii igce|lgli

    gile|e|i% ea oatl sl ace a~at}a`lg}|e% as|~ta ~tl|e|i s|"lr}tas)

    _lo}jt|e AmtlsaGt'ml

    l}akl

    L}ak|e _ }j}Gt' mljmi

    ^tl|e -

    ]lelolg}t| _~tgolgjala 3*? < = =3 4 124>>

    ]lelolg}t| _~tgolgjala 1>*1 < 4 ?3 4 12>

    ]lelolg}t| _~tgolgjala 1>*? < 4 =3 4 19>>>

    ]lelolg}t| _~tgolgjaia 1>*4 < 4 ?3 4 189>>_|tsa; oaeo|e|e a|}jt|e|i "da{a ml ma}l 4>>=)

    ~lg}t| aejtiel o~}a}l sa s}adiei} gile ml tlcltig ~tl|e `lmi| aea~at}a`lg}lejt ml ea ae mjiela gile6

    a` ml}lt`iga} ojlcioilgii tls~lo}ii ~lg}t| ciloatl gile i }i~ mloemitl6

    a` ml}lt`iga} ojlcioilg}|e lmi| ~lg}t| ciloatl gile'Mljatlol aejtiel ojlcioilgiejt ojtls~|g{}jti gilelejt `ai `ati ml

    ~a}t| miclt cjat}l ~|ig iat g ~tjols|e agobl}tii gioi j ~ltsjag ga~tlclta} gile `ai gae} ml =% sa bj}t} a~eioatla |g|i sigh|t ojlcioilg}"}ad'?2)'

    ]adle|e ?2Saejatla ojlcioilgiejt ol oatao}lti{la{

    gile|e a`~eastii a~at}a`lg}|e|i

    Gile|e Ojlcioilg}|e1 1%>>? 1%1?

    = i `ai s|s 1%>2\e}i`|e >%92

    _|tsa; oaeo|e|e a|}jt|e|i

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    1>2

    E|gm g ojgsimltail micltlga mig}tl }aticlel ~lg}t| ha{ i

    lelo}tioi}a}l% ~tlo|` i ~tlcltiglel ~j~|eaili "miahta`a 1>)%ml}lt`ig` ojlcioilg}|e ~lg}t| a~at}a`lg}lel glha{icioa}l >%93'

    13

    2=

    13

    2=

    HA[ ]LELCJG

    Miahta`a 1>' ^TLCLTIG]L LRI_]LGA HA[\E\I _I]LELCJG\E\I "ig ,)

    O\

    CATA

    _|tsa; oaeo|e|e a|}jt|e|i^lg}t| a ml}lt`iga ojlcioilgii g c|goil ml `ti`la

    d|o}tili a~eio` aehjti}`|e `lgijga} ag}ltijt% slelo}gma~at}a`lg}lel o| oatao}ltis}ioi si`ieatl g ol ~til}l slo}jt|ea`~eastii% g|`t|e ml gilel ael oemitii% g|`t|e ml jmi "}ad'?9)'

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    1>9

    ]adle|e ?9_lelo}atla }tag{aoiiejt o| soj~|e limlgiltii igce|lgli

    mi`lgsi|giejt d|o}tili as|~ta ~tl|e|i "lr}tas)_lo}jt|e _ d|o Gt' ml jmi Gt' ml l}akl _ltia L}ak|e ^tl|e -Dj}agioa 9 ? 9 `jg 2 ?1>>>

    Dj}agioa 9 ? 9 1=? 2 492>>

    Dj}agioa 9 ? 9 1=? 9 484>>Dj}agioa 2 ? 9 `jg ? ?4>

    Dj}agioa 8 ? 9 = ?>>

    Dj}agioa 2 ? 9 1 ?18?>

    Dj}agioa 8 ? 9 < ?4>>>

    Dj}agioa 9 ? 9 1?< 2 49>

    Dj}agioa 9 ? 9 1=? 8 ?2>>>

    Dj}agioa 9 ? 9 1=? 3 ??>>>

    Dj}agioa 2%< ? 9 1=? 9 49>>>

    Dj}agioa 2 ? 9 igm 3 ??>>>

    Dj}agioa 9 ? 9 1=? 3 ?>

    Dj}agioa 9 ? 9 9 ?>4>>_|tsa; oaeo|e|e a|}jt|e|i

    g |t`a ht|~tii a~at}a`lg}lejt m|~ mi`lgsi|giel d|o}tiliml}lt`ig` aejatla ojlcioilg}|e|i g ta~jt} o| a mj|a oa}lhjtil"}ad'=>)'

    ]adle|e =>Saejatla ojlcioilg}|e|i ol oatao}lti{la{ `ti`la

    d|o}tili

    @ti`la d|o}tili Ojlcioilg}|e^g ea 3`4 igoe|si >%98Ml ea 3`4 ~g ea 9`4 igoe|si 1%>>Ml ea 9`4 ~g ea 14`4 igoe|si 1%>4@ai `|e} ml 14`4 1%>3

    _|tsa; oaeo|e|e a|}jt|e|i

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    11>

    M|~ o|` ~|}l` jdslta g miahta`a 11% ~tl|tiela~at}a`lg}lejt miclt ojgsimltadie i g c|goil ml g|`t|e ml jmi'g ojgmiiiel s~loiciol ~lg}t| `|g' Obiig| "mlgsi}a}la `atl a

    ~j~|eaili ea |g `l}t| ~}ta} ml s~ai| ejoa}i% ei~sa s~ai|e|iejoa}i) g|`t|e jmiejt atl j i`~jt}ag s~jti}' ^tig |t`atl%

    ~|}l` jdslta% o a~at}a`lg}lel o| aoliai s|~taca }j}ae s|g}gm|}l ea ~tl|ti miclti}l g c|goil ml s|~tacaa ejo|idie `lmil

    ~lg}t| j jmail "}ad'=1)'

    Miahta`a 11' Ce|o}|aia ~tl|tiejt g c|goilml g|`t|e ml jmi

    >%>>

    >>%>>

    1>>>>%>>

    1>>%>>4>>>>%>>

    4>>%>>

    ?>>>>%>>

    ?>>%>>

    =>>>>%>>

    =>>%>>

    hatsjgilta a~'?jm

    ~tl}|tiel ig ag|e 1999

    ~tl}|tiel ig ag|e 4>>>

    ~tl|tiel g ag|e 4>>4

    _|tsa; g}jo`i} ml a|}jt

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    111

    Ht|~atla jdilo}lejt g c|goil ml s|~tacaa }j}ae

    _lo}jt|eGt' ml

    l}akl L}ak|e _ltia _ }j}1 4 ? = <

    ]lelolg}t| 13 4 `jg =>

    Olg}t| 9 9 1=? =>

    Dj}agioa < 1 bts =>

    D|i|oagi < 1 bts =>

    Dj}agioa = ? bts ?>

    ]lelolg}t| = 4 bts ?>

    ]lelolg}t| < 4 bts ?3

    D|i|oagi 13 = `jg ?3

    Tsoagi 14 3 igm ?3

    ]lelolg}t| 9 ? igm 3>

    Dj}agioa < 4 bts 3>

    Dj}agioa < = bts 3?

    D|i|oagi 9 9 igm 89

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    114

    D|i|oagi 9 8 1?< 82

    1 4 ? = <

    Olg}t| 13 9 `jg 88

    D|i|oagi 9 8 1?< 88

    Olg}t| 9 = 1=? 22

    Tsoagi < 1 bts 22

    Olg}t| 4 4 s}e 2>

    Tsoagi 13 11 `jg 2>_|tsa; oaeo|e|e a|}jt|e|i

    Lroe|ml` igce|lga a`~eastii% sltili oemitii% gid|o}tili ~tig ojtlo}atla ~tl|e|i o| ak|}jt|e ojlcio^|}l` jdslta% o a~at}a`lg}lel o| s~ai| }j}ae imlg}iomiclti}' A~at}a`lg}lel o| |g g|`t `ai `io ml jma~at}a`lg}lel ae otjt ojlcioilg} gt' jmiejt * s~ai|e`atl' g |t`a agaei{li ~tl|tiejt `ai `|e}jt }tagojlcioilg}|e|i tls~lo}i "}ad'=?)'

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    11?

    Ak|s}atla ~tl|e|

    _ ejoGt' ml

    jmi^tl|e -

    Ak|s}atl ea

    slo}jt l}ak 19 1 > 22%>> 22%>>

    4? 4 =>>> ?32>%>> ??14%>>

    4? 4 94>> 22?4%>> 22?4%>>

    19 1 => 9>>>%>> 38%>>

    ?4 4 14>>> 11%>> 2>3=%>>> 334=%>> =932%>>

    =3 ? 24>> 89> 81

    >> 1>38>%>> 2>>4%

    =4 ? 14> 2?8> 3421%4>%>> 4>8>>%>>_|tsa; oaeo|e|e a|}jt|e|i

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    11=

    ]adle|e =?Saejatla ojlcioilg}|e|i ol oatao}lti{la{

    |}iei{atla taijgae a s~ai|e|i ejoa}i

    _|tsa; oaeo|e|e a|}jt|e|i

    g `jm agaejhio a| cjs} ml}lt`igai ojlcioilgii oloatao}lti{la{; gei`la go~ltii% `a}ltiae|e ~atmjsleii%}i~|e gjm|e|i sagi}at i ~tl{lga daeojg|e|i sa| ejkli'"}ad'==)'

    ]adle|e ==@ti`la ojlcioilgiejt ol igce|lgla{

    aejatla ml ~ia a i`jdie|e|i ejoa}i }i~i{a}

    Cao}jt|e _~loicioatl Ojlcioilg}|e

    gei`la go~ltii^g ea 4%< ` >%924%< 4%2 ` 1%>>4%2 ?%> ` 1%>?

    @a}ltiae|e~atmjsleii

    Eigjel|` 1%>>^atobl} 1%>?

    ]i~|e gjm|e|isagi}at

    _l~ata} 1%>>Oj`diga} >%92

    Daeojg * ejk\g lel`lg} 1%>>

    Mj|i `ai `|e}l 1%>? G| s|g} >%98

    _|tsa; oaeo|e|e a|}jt|e|i

    Ta~jt}|eg|`t|e ml jmi *s|~tacaa ejo|idie

    Ojlcioilg}|e

    >%>< 1%>?

    >%>3 1%>1>%>8 1%>>>%>2 >%92

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    114> 1%>>= _a}isco}jatl 4>?> >%98

    < Glsa}isco}jatl ?>=> >%9=3 Mls}|e mlglsa}isco}jatl

    =>3> >%22

    8 Tla 3>2> >%242 Cjat}l tla 2>9> >%2>_|tsa; + V3?% ~'141P

    ++ oaeo|e|e a|}jt|e|i

    M' Oaeo|e|e ojlcioilgiejt oaei}a}ii ai ej}|e|i * oat}ilt|e|iSaejatla ojlcioilgiejt tls~lo}ii j ml}lt`ig` ~a da{a

    ~tlcltiglejt ~j~|eaili "miahta`a 14 i 1?)' g ojtls~|gmltl o|

    ma}lel ~ti`i}l ml}lt`ig` |t`}jtii ojlcioilgi;

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    116/184

    113

    ]adle|e =3Saejatla ojlcioilgiejt ol oatao}lti{la{ oat}ilt|e

    Oatao}ltis}ioi {jgael Ojlcioilg}|e^g ea }tags~jt}|e goj`|g

    ^g ea 4>>`@ai `|e} ml 4>>`

    1%>>>%93

    A`~easatl ea olg}t| *~lticltil*{jgigm|s}tiae

    Olg}t|^lticltil[jg igm|s}tiae

    1%>>>%29>%2>`?>>` >``ai `|e} ml >`

    1%>4>%93>%9=

    _|tsa; oaeo|elel a|}jt|e|i

    Miahta`a 14' ^tlcltigl a`~easa`lg} "ig,)

    42

    2

    ?4

    93

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    118

    Miahta`a 1?' A`~easatla ojeii% htmigili

    ~aga ea ?>>`

    ?>>` - >`

    `ai `|e} ml >`

    _|tsa; g}jo`i} ml a|}jt

    L' Oaeo|e|e ojlcioilgiejt ami}ii^tl{lga }lelcjg|e|i a cjs} igoe|s g `jmle oa cao}jt

    ami}i' ^tl|e a~at}a`lg}lejt o| }lelcjg a ci `ai `atl o|a~tjri`a}i 14>- ~tl|e oj`ltoiae ~lg}t| igs}aeatla }lelcjg|e|i "miahta`a 1>)% aejatla ma} sl a `jmicioa jma} o| `jmicioatla ~tl|e|i tls~lo}i'\g ae} cao}jt ami}i ls}l atia }j}ae aejo|igli' Saejatla aols}|i cao}jt sl lr~ti` g `4% iat g

    oaei}a}l ml ojlcioilg} sl a~eio ~tl |tiel `lmii ml ~ia ~lg}t|1`4 s~ai| }j}ae g slo}jt|e * oat}ilt|e tls~lo}i' Saejtielag|e|i 4>>= el ~|}l` jdslta g }adle|e =8' g `jmle a| `aicjs} igoe|i mji cao}jti lojgj`ioi oaei}a}ii; gile|elgi}|tiejt ~j~|eaili i `ti`la obitili' Gji ~tj~|gl` aojgsimlta `jmiciotiel sl{jgiltl ael ~tl|tiejt ~lg}t| i`jdie goamt|e ojlcioilg}|e|i ol a lr~ti`a gile|e lgi}|tiejt' gs aols}cao}jt ~ja}l ci igoe|s a~at}l g `jm ami}i' A`dii ojlcioilgi a| cjs}ojgsimltai oa ciigm g otl}ltl% mlsotl}ltl sa| s}ahgatl' Iat aejtielojlcioilgiejt sl jt s}adiei ea gile|e olejt ml}lt`igai jcioiae i

    ~|deioai g ~tlsa ~ltijmio' Ojlcioilgii ml}lt`igai igiiae sl

    igoe|m g `jmle|e ml da{ i sl ml}lt`ig aejatla }ljtl}io ai`jdie|e|i' Ml}lt`ig` ltjatla ml oaeo|e i ojtlo}` tls~lo}iojlcioilgii' ^tjolm|ta sl tl~l} ~g ogm ltjatla ml oaeo|e mligl`igi` aool~}adie' Saejatla sa}isco}jatl a ojlcioilgiejt ls}ligoe|s g `jmle|e cigae' Tloaeidtatla }j}ae a `jmle|e|i sltloj`agm ag|ae% e|gm| slg ojgsimltail o `jmle|e sl `jmicioea ciloatl g{atl gj|'' Aehjti}`|e `jmle|e|i ls}l ~tj~|s gmls'

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    112

    Mls' < _obl`a ejhio a `jmle|e|i ml lae|atl a aejtii m

    Gt*j _lo}jt|e Amtlsa Gt'mll}akl

    L}ak|e _}j}

    _d|o

    _ej

    1 ]lelolg}t| _~tgolgjala3*?

    < = =3 3 4

    4 ]lelolg}t| Bgols}i

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    119

    Oaeo|elel lclo}|a}l ~lt`i} jtmjgatla cao}jtiejt ojgcjt`htam|e|i ml igce|lg as|~ta aejtii ml ~ia a i`jdie|e|iejoa}i }i~i{a} g `|g' Obiig|' _}|miigm ht|~|tiel ml cao}jtia| cjs} limlgia}l sltiiel oemitiejt oatl atl j igce|lgojgsimltadie as|~ta aejtii ml ~ia' Bj}atlel igce|lgliht|~|tiejt ml cao}jti as|~ta aejtii ml ~ia a i`jdie|e|iejoa}i }i~i{a} mig `|g' Obiig| s|g}; cao}jtii oatao}ltis}ioiici{iol 1< =3,% sltia oemitii 13 ==,% cao}jtii mla`~easa`lg} 2 ?4,% cao}jtii ml |{|t 2 42,% cao}jtiilojgj`ioi 3 9, "aglra

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    14>

    ?'?' A~tloiltla aejtii ml ~ia a i`jdie|e|i ejoa}i^tjols|e ml lae|atl a i`jdie|e|i ojgcjt` `jmle|e|i

    leadjta} ml a|}jt o|~tigml `ai `|e}l l}a~l ojgslo|}il' _|tsleligcjt`a}il% `l}jmlel sa| ~tjhta`lel a~eioa}l g ~tjols|e tlaei{tiil}a~li ojgotl}l% ~tlo|` i soj~|e l}a~li tls~lo}il s|g} ~tj~|sl g}adle|e |t`}jt'

    ]adle|e =8L}a~lel lae|tii ojgcjt` `jmle|e|i leadjta} L}a~a _|tsa @l}jma *

    ~tjhta`_oj~|e

    1' O|elhltlaigcjt`aili o|~tiitl ea}tag{aoii

    Jclt}a ~|deioa}g ~ltijmiolD|tsl ml i`jdie

    Cjt`|eat Otlatla da{li mlma}l

    4' _lelo}atla isis}l`a}i{atlaigcjt`aili

    Jclt}a ~|deioa}g ~ltijmiolD|tsl ml i`jdie

    _lelo}atl_is}l`a}i{atl

    Otlatla da{li mlma}l

    ?' Cjt`atla da{liml ma}l

    Igcjt`aiaao|`|ea}

    Aoolss Agaei{aigcjt`aili

    =' Oeasicioatlacao}jtiejt mligce|lg as|~taaejtii i`jdie|e|iejoa}i }i~i{a}

    Ei}lta}|ta mls~loiaei}a}l%D|tsl ml i`jdie

    Ht|~atl% agaei{aml ojtleail

    _is}l`a}i{atlaigcjt`aili%a~tloiltlacao}jtiejt o| jigce|lg `ari`

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    141

    M|~ o|` a cjs} `lgijga} g oa~i}je|e II% olel `ai d|gl

    tl{|e}atl el ~|}l` o~}a a~eiogm `l}jma bidtim ml lae|atl' gmj`lgi|e lae|tii g `as a i`jdielejt ejoa}il }i~i{a}l aolas}`l}jm% m|~ ~tltla gjas}t% ls}l ola `ai igmioa}' ^tig |t`atl%`jmle|e ~tj~|s atl j s}t|o}|t bidtim ara} ~l agaei{a oj`~ata}ia g{tiejt' Mljatlol ~`g}|e g| tl~tl{ig} jdilo} ml g{atlo|`~tatl g oamt|e }tag{aoiiejt i`jdie|e|i ejoa}i }i~i{a}% ciigmaojtma} mjat mtl~}|e ml cjejsig as|~ta e|i% aejatla aols}|ia o| saojgsimlta} g ~tjols|e lae|tii'

    @jmle|e ~tj~|s atl |t`}jatla s}t|o}|t;

    SI 0 OH + "^`lm + _ + OO & AO) "?'1)|gml; SI aejatla i`jdie|e|i6 OH ~tjm|s|e atiadielejtoaei}a}il hlgltael6 ^`lm ~tl|e `lmi| ea 1 `4 s|~taca }j}ae ~lslo}jatl6 _ s|~tacaa }j}ae a i`jdie|e|i lae|a}6 OO ~tjm|s|eatiadielejt oaei}a}il ael oemitii "ejo|igli)6 AO s|`aatiadielejt ami}il ael oemitii "ejo|igli) aejatla `d|g}itiejt"}lelcjg% djielt% goe{itl a|}jgj`% s|dsje)'

    Saejatla i`jdie|e|i sl a ml}lt`iga a~eiogm ~tjolml|eelh}|tii igltsl "lae|atla ama~}i)'

    Cao}jtii ml}lt`igai g ?'1 a| cjs} }tagscjt`ai g atiadielami}il "cao}jti oag}i}a}ii) i `|e}i~eioa}il "cao}jti oaei}a}ii)' M|~o|` |t`la{ mig }adle|e 41% a| cjs} oaeo|ea}l `ti`iel igce|lgliaols}jta as|~ta aejtii ml ~ia a i`jdie|e|i ejoa}i "g ?'4)'

    Lae|atla oj`~ata}i a mj| a~at}a`lg}l }i~iol ~tig~tjolm|ta elh}|tii igltsl j ~tj~|gl` g }adle|e =2'

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    144

    ]adle|e =2Lae|atla a~at}a`lg}|e|i ml ~l dm' O|{aSjm 9*4 i dm'

    @itola ole D}tg 12*

    Gtj

    Cao}jt|e

    ]i~|e Ojmicioatl Ojlcioilg}

    s}t'O|{aSjm9*4

    s}t'@itola

    oleD}tg

    121 4 ? = < 3 8Gile|elgi}|tiejt~j~|eaili

    Oaei}a}ihlgltae

    10 Otl}l40 _oaml?0 Glsobi`da}

    1%>?>%981%>>

    ? ?

    4 @ti`laobitili

    Oaei}a}ihlgltae

    10 Otl}l40 _oaml?0 Glsobi`da}

    1%>%9>

    ? ?

    ? _lo}jt|e *oat}ilt

    |e

    Oaei}a}ihlgltae

    10Dj}agioa mlKjs

    40Altj~jt}?0Dj}agioa

    =0]lelolg}t|

    0D|i|oagiiGji

    110_o|elagoa140D|i|oagi1?0Oijoaga gj|

    1=0J}jasoa

    >%91

    >%23

    1%>>

    1%>1

    1%12

    >%9?

    >%22

    1%>=

    >%9=

    >%94

    >%22

    >%92

    >%9=

    >%83

    ? 1?

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    14?

    = Atia }j}ae aa~at}a`lg}|e|i

    Ami}i aeoemitii

    10Dj}agioa ml Kjs40Altj~jt}?0Dj}agioa=0]lelolg}t|

    0D|i|oagii Gji110_o|elagoa140D|i|oagi1?0Oijoaga gj|1=0J}jasoa

    `4

    =8>%>`40?>>>`?0`ai `|e}>`

    1%1>>%93>%9>

    4 4

    ]adle|e =2"ojg}ig|atl)

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    14=

    2 A`~easatlaea olg}t| * ~lticltil *{jgigm|s}tiae

    Oaei}a}i ae~`g}|e|i

    10olg}t|40~lticltil?0{jgigm|s}tiae

    1%>>>%8>>%>1%1>>%9 G|`t|ejmiejt *s~ai|eejoa}i

    Oaei}a}i aeoemitii

    10>%>%>3?0>%>8=0>%>2

    1%>?1%>11%>>>%92

    ? ?

    11 ]i~|eoemitii"sltia)

    Oaei}a}i aeoemitii

    101>4401?%3?

    1%?4>%931%>%3?

    ? ?

    14 Sts}aoemitii

    Oaei}a}i aeoemitii

    10~g ea < agi40 agi?0`ai `|e} 1>agi

    1%481%>>>%2>

    4 4

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    14> -_\A' g aols} oa{% sl a~eio ~tjolm|taml ojtloil' Ojlcioilgii atiadielejt oaei}a}il sl ojtlo}la{ ~tigg`|eitla o| "1&O)' \gml O tl~tl{ig} ojtloia i sl ml}lt`ig oata~jt}|e;

    "_ _

    *

    ) * _

    *

    r MC * g "?'4)|gml; _ ~tl|e g |t`a g{tii6_* aejatla lae|a}6MC ma`~igh cao}jts% ~ata`l}t| s}adiei} ml lae|a}jt% oatl

    ei`i}la{ `jmicioatlaojlcioilg}|e|i g ~tjols|e agaei{li g{tiejt6

    g g|`t|e atiadielejt oaei}a}il igoe|sl g `jmle'Ojtlo}atla atiadielejt ami}il sl lrlo|} g aoleai `jm o|

    mljslditl g ml}lt`igatla ojlcioilg}|e|i ml ojtloil% oatl sloaeo|ela{;

    "_ _* ) * _* r MC r aejatla lel`lg}|e|i * `lmia

    lr~jglgiae "?'?)|gml; aejatla lel`lg}|e|i tl~tl{ig} aejatla ml cao}j acao}jt|e|i tls~lo}i6

    `lmia lr~jglgiae sl ml}lt`ig;"_L@GICIOAIA, r R) & "1 _L@GICIOAIA, r

    R`lm) "?'=)|gml; _L@GICIOAIA, j `ti`l ml}lt`iga} ml lae|a}jt migmia~a{jg|e > 1% oatl tlh|ela{ sl`gicioaia cao}jt|e|i ma} g`jmle6

    R aejatla atiadieli6

    R`lm `lmia ati}`l}io a }|}|tjt atiadielejt igoe|sl g`jmle'@jmle|e sl a ojtlo}a ea ciloatl g{atl gj| igoe|s g

    sis}l`'

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    148

    ]adle|e =9_}|mi| oj`~ata}i

    Igmioa}jtSatiag}l ml

    lae|atl

    Lae|atla "lroe|silra`igatla jdilo}|e|i)

    `ag|aeojgcjt`

    `jmle|e|i~tj~|s

    Saejatla ml ~ia%- \_M

    a) dm' O|{a Sjm

    ?9 >>> ?9 18 2 18

    d) dm' @itola oleD}tg

    => 2 18

    Oble}|ileiel ml}i`~% `ig

    a) dm' O|{a Sjm

    =2> =>

    d) dm' @itola oleD}tg

    =2> =>

    Htam|e mls|dilo}ii}a}l% ,

    a) dm' O|{a Sjm ?> >

    d) dm' @itola oleD}tg

    ?> >

    _|tsa; g}jo`i} ml a|}jt g |t`a agaei{li oj`~ata}il a ~illi sltioiiejt mllae|atl

    Lae|atla i`jdie|e|i ejoa}i }i~i{a} o| ak|}jt|e `jmle|e|itls~lo}i asih|t j ~tloi{il s|cioilg}% ~lt`i}l `iojtatlaojgsimltadie a oble}|ileiejt ml lae|atl i ~ltclo}atl% tlm|oltlaoble}|ileiejt ml }i`~ i mi`ig|atla htam|e|i ml s|dilo}ii}a}l"}ad'=9)'

    _IG]L[A TL[\E]A]LEJT JDIG\]L

    Oltol}tiel lclo}|a}l a| sojs g limlg as~lo}lel s~loiciol~tjdel`li s}|mia}l i ag|`l;

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    142

    1' Ao}lel elhisea}il ael T' @jemja mlciglso g `jm miclti}gji|giel ojgol~}|ael ael ao}ii}ii ml lae|atl' As}cle% g it}|}laamj~}tii ~ti`|e|i _}agmatm @jemjlag g mj`lgi|e lae|tii s|g}glolsatl ak|s}ti i `jmicioti g Elhla o| ~tiitl ea ao}ii}a}la mllae|atl% Tlh|ea`lg}|e ~tji{jti| ~tiigm lae|atla d|g|tiejti`jdiel% ~tlo|` i g Tlh|ea`lg}|e o| ~tiitl ea lae|atlajdilo}lejt ml ~tj~til}a}l ig}lelo}|ae' g j~igia gjas}t `jm|tiel mllae|atl at }tld|i mlg|`i}l; adjtmatla ojs}|tiejt amio s}|mi|eojs}|tiejt% }ta}atla ~tjdel`li "aejtii) ojs}|tiejt% adjtmatlalgi}|tiejt s}|mi|e lgi}|tiejt% }ta}atla ~tjdel`li lgi}|tiejt iadjtmatla oj`~ata}i s}|mi| oj`~ata}i% }ta}atl oj`~ata}i aaejtii% `jmiciotiel ciigm igoe|sl igoe|si i g s}agmatm|e _@4=9;4>>='4' _ig}l{a l}jmlejt ml lae|atl gla ojgm|s s~tl |t`}jatlelojgoe|{ii; `l}jmjejhia lae|tii d|g|tiejt i`jdieiatl g soj~ ml

    ~tia}i{atl g| ~tllml ml}lt`igatla aejtii ml ~ia% iat ~tl|tiels}adiei}l g ~tjols|e ~tia}i{tii g| tlcelo} aejatla ml ~ia a

    i`jdie|e|i' Tlh|ea`lg}|e ~tji{jti| ~tiigm lae|atla d|g|tiejti`jdiel ao}|ae`lg}l ~tl{ig} ao}|e gjt`a}i ole `ai amloa}% a`~e|i ojgotl}% oatl tlhel`lg}la{ ao}ii}a}la ml lae|atl a d|g|tiejti`jdiel' O| }ja}l aols}la sl oltl j tlmao}atl a Tlh|ea`lg}|e|i

    ~lg}t| ae am|ol g ojgcjt`i}a}l o| ~ti`|e s}agmatm gaijgae%ojtlo}atla |gjt ltjti% ~tlo|` i ig}tjm|oltla |gjt ojgotl}i{ti gc|goil ml }i~|e i`jdie|e|i' Ojgsimlt` o g oa{|e lae|tiii`jdie|e|i ejoa}i }i~i{a} lae|atla }ltlg|e|i g| ls}l glolsat% iatojgotl}i{atla tls~lo}i }tld|il igoe|s g tlh|ea`lg}|e o| ~tiitl ealae|atla d|g|tiejt i`jdiel'?' g ag|e 4>>= a cjs} amj~}a} ~ti`|e _}agmatm @jemjlag g

    mj`lgi|e lae|tii% oatl mlcigl}l gji|giel ml da{% gs`lgijg` o ei~slso s}agmatmlel gaijgael oatl at igmioa ojgmiiieli `jm|e ml a~eioatl a adjtmtiejt i `l}jmlejt ml lae|atl g T'@jemja'=' Oltol}atla ~illi i`jdie|e|i ejoa}i }i~i{a} a limlgia}ml{je}atla ojg}ig| a aols}lia g `|g' Obiig|' g ~jcima ca~}|e|io ~tl|tiel s|g} g ojg}ig| otl}ltl% sl goblil }j} `ai `|e}l

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    149

    }tag{aoii' Agaei{a ~illi i`jdie|e|i ejoa}i }i~i{a} a ml`jgs}ta} joioeioi}a}l ml mji agi a otl}ltii lclo}il a ~tl|tiejt% ca~} oatl

    ~lt`i}l ~tjgjs}ioatla ei`i}li igcltijatl sa| s|~ltijatl a ~tl|tiejt`lmii ag|ael'

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    1?>

    igm|s}tiae Gile|e ml

    {hj`j} A`~easatla

    oemitii caml tllelelighigltl}i

    ^eag|e ml

    ojgs}t|oil"tlojgs}t|oil) a {jgli

    I{jeatla jmiejt gei`la

    go~ltii ]i~|e gjm|e|i

    sagi}at \}ieakl

    am|h}jatl"djielt'a')

    Tllelelighigltl}i gejo|ig

    Ojgcjt}|e *lr}ltijt ~eo|}"~atobl})

    Glolsi}a}latl~atailioa~i}ael

    Daeojg * ejkl \{|ta Ci{io C|goijgae

    _|tsa; oj`~el}a} ml a|}jt

    3' _}|mi|e lclo}|a} gla ~lt`is s ml}lt`ig` `l}jmlel s}a}is}iol%oatl ~j} i }tld|il a~eioa}l g ~tjols|e lae|tii d|g|tiejt i`jdiel goamt|e agaei{li igce|lgli cao}jtiejt ojgotli as|~ta aejtii ml ~ia%aols}la s|g}; agaei{a |gi% di% }ticao}jtiae% agaei{a ml ojtleatl%agaei{a ml tlhtlsil `|e}ieigiat% agaei{a elh}|tii igltsl sa|lae|tii ama~}il' @l}jmlel s}a}is}iol% ciigm a~eioa}l g oj`digailo| `l}jma lr~lt}% a| ~lt`is slelo}atla |t`}jatlejt ht|~ti mlcao}jti ol lrltoi} ao}|ae`lg}l j igce|lg `ari` as|~ta aejtiii`jdie|e|i ejoa}i }i~i{a} g `|g' Obiig| i ml}lt`igatla

    igce|lgli aols}jta as|~ta aejtii ml ~ia; Cao}jtii lojgj`ioi"Gile|e lgi}|tiejt% @ti`la obitili)6 Cao}jtii a`~eastii }lti}jtiael"_lo}jt|e * oat}ilt|e% Olg}t| * ~lticltil * {jg igm|s}tiae% Aools|e ea}tags~jt} |tdag% Mis}aga ~g ea ojae% htmigi)% Oatao}ltis}ioaci{io "]i~|e oemitii * sltia% Sts}a oemitii% Lris}lga ojgm|o}li mlh|gji% Lris}lga asolgsjt|e|i% Gile|e a~at}a`lg}|e|i% G|`t|ejmiejt% _|~tacaa }j}ae% _|~tacaa ejo|idie% gei`la go~ltii%

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    1?1

    @ti`la d|o}tili% @a}ltiae|e ~atmjsleii% ]i~|e gjm|e|i sagi}at%Ha{icioatl% ]lelcjg% Daeojg * ejk)% Cao}jtii ml |{|t "\{|ta ci{io)'8' g ~tl{lg}a e|otatl a| cjs} s}|mia}l `jmlelel lojgj iol ol ~j} cia~eioa}l ~lg}t| ml}lt`igatla aejtii ml ~ia' As}cle% a| cjs}limlgia}l }tli `jmlel ml da{; ami}i% `|e}i~eioa}i i bidtim%`jmlel oatl ~j} ci |}iei{a}l mtl~} da{ ~lg}t| cjt`|eatla `jmlelejtml lae|atl ojgcjt` olejt }tli adjtmti ml da{ ael lae|tii'Agaei{a `jmlelejt `lgijga}l g soj~|e lae|tii i`jdie|e|i ejoa}i}i~i{a} gla ojgm|s s~tl ojgoe|{ia o ole `ai igmioa} `jmle at ci olebidtim a~eioa} g oamt|e `l}jmli agaei{li oj`~ata}il a g{tiejt'^tig |t`atl% a cjs} leadjta} |g `jmle ml lae|atl a aejtii ml ~ia ai`jdie|e|i }i~i{a}' @jmle|e ~tj~|s atl |t`}jatla s}t|o}|t;

    SI 0 OH + "^`lm + _ + OO & AO) "?'1)|gml; SI aejatla i`jdie|e|i6 OH ~tjm|s|e

    atiadielejt oaei}a}il hlgltael6 ^`lm ~tl|e `lmi| ea 1 `4s|~taca }j}ae ~l slo}jatl6 _ s|~tacaa }j}ae a i`jdie|e|i

    lae|a}6 OO ~tjm|s|e atiadielejt oaei}a}il ael oemitii

    "ejo|igli)6 AO s|`a atiadielejt ami}il ael oemitii "ejo|igli)%aejatla `d|g}itiejt "}lelcjg% djielt% goe{itl a|}jgj`%

    s|dsje)'Saejatla i`jdie|e|i sl ml}lt`ig a~eiogm ~tjolml|e elh}|tii

    igltsl "lae|atla ama~}i)'2' @jmle|e leadjta} ~lt`i}l lclo}|atla |gjt oaeo|el g |t a otjtaa mllgi} ~jsidie jtmjgatla cao}jtiejt ojgcjt` htam|e|i mligce|lg as|~ta aejtii ml ~ia a i`jdie|e|i ejoa}i }i~i{a} g `|g'Obiig|' _}|miigm ht|~|tiel ml cao}jti a cjs} limlgia} i sl~ata}cao}jt|e sltia oemitii% oatl atl j igce|lg ojgsimltadie as|~taaejtii ml ~ia' Bj}atlel igce|lgli ht|~|tiejt ml cao}jti as|~taaejtii ml ~ia a i`jdie|e|i ejoa}i }i~i{a} mig `|g' Obiig| s|g};cao}jtii oatao}ltis}ioii ci{iol 1< =3,% sltia oemitii 13 ==,%cao}jtii ml a`~easa`lg} 2 ?4,% cao}jtii ml |{|t 2 42,% cao}jtiilojgj`ioi 3 9, "aglra ?)' Jtmjgatla oa}lhjtiiejt ml cao}jti gjtmigla mlsotlso}jatl a igce|lgli sael ojgcjt` bj}at|e|i s|~ltijti ole|i igcltijt miclt;

  • 8/4/2019 ANALIZA FACTORIAL A VALORII DE PIA A IMOBILULUI REZIDENIAL

    132/184

    1?4

    Ojgcjt` bj}at|e|i s|~ltijt; Ojgcjt` bj}at|e|i igcltijt;1' Cao}jtii oatao}ltis}ioii ci{iol4' _ltia ojgs}t|o}i a oemitii?' Cao}jtii ml a`~easa`lg}=' Cao}jtii ml |{|t

  • 8/4/2019 ANALIZA FACTORIAL A VALORII DE PIA A IMOBILULUI REZIDENIAL

    133/184

    1??

    GOBLILTL

    ^iaa i`jdie|e|i ejoa}i }i~i{a} ls}l |g slh`lg} o| olel `ai`|e}l }tag{aoii i g ojg}ig| otl}ltl' g |e}i`ii oigoi agi a| cjs}gtlhis}ta}l oitoa 1 =>, mig d|hl}% g Tl~|deioa @jemja 48,'

    I`~el`lg}atla aejtii ml ~ia ls}l igmioa} ml elhiseaiaTl~|deioii @jemja% ml bj}ttiel H|ltg|e|i' Ei~sa da{liigcjt`aijgael tlclti}jatl ea ~tl|tiel ml ~iai a `l}jmjejhiiejt ml

    lae|atl ak|s}a}l ea ojgmiiiel T'@jemja ojgs}i}|il ~ilmioi sltijaslg |}iei{atla ~l eath a aejtii ml ~ia'Agaei{a cao}jtiae a aejtii ml ~ia a i`jdie|e|i ejoa}i

    }i~i{a} ~lt`i}l otlatla `l}jmjejhili ml lae|atl% da{a}l ~l aejatlaml ~ia% ojgcit`a} ml ma}l s}a}is}iol' A~tloiltla htam|e|i mligce|lg a a`~easa`lg}|e|i% sje|iiejt atbi}lo}|tae ojgs}t|o}il

  • 8/4/2019 ANALIZA FACTORIAL A VALORII DE PIA A


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