an,vnjt.eln fe b]ejgdn?
v> a[grgst
(iv.javaxiSvilis sax. saxelmwifo universitetis ekonomikis fakultetis aspiranti)
.klk kjn gfoltelnv bgysnlpt ugydnfgjt.g;n ,dtcyt.nv ;n;n ygonln an,vnjt.eln vgdglemk-vgrejvk jt'nbn;gy< jkblnv ;jkvg] ,dtcynv tjkdyeln dglemg bn.belng tjf gy jgb;tynbt e][kej dglemgv ;g bnbkn,]tdg vgrbgk; dnojk gjtglin< b]ejgd vgdglemk-vgrejvk jt'nbpt ug;g;nv> gvtTn jt'nbnv ;jkv tjkdyeln dglemnv qnjt.elt.g vgdglemk .gpgjpt gjvt.eln bkf[kdyg-bnok;t.nv vgaesdtlpt ugynvgpqdjt.g> gbgvfgy< ugbkckaty b]ejgdn vgdglemk-vgrejvk jt'nbnv 2 vg[tv:jtuelnjt.g; b]ejgd ;g fgdnvealg; b]ejgd vgdglemk rejvt.v> fe hnjdtl itbf[dtdgin ,dtcynv aelg;-vgrjt;nmk jtuelnjt.nv kjugykt.n ;jk;g;jk gmgjt.ty nymtjdty]nt.v in;g vgdglemk .gpgjpt< btkjt itbf[dtdgin vgdglemk .gpgjn bflngyg; fgdnveaglng xgjtdnvgugy> kjndt vg[nv ;jkv vgdglemk .gpgjn bflngyg; tbcgjt.g vg.gpjk .tjrtmt.nv aey,]nkynjt.gv< [klk vg[tlbonak nymtjdty]nt.n vgdglemk .gpgjpt ;n;n vgrejvk jctdt.nv fgdn;gy g]nlt.nvgrty gjnv bnbgjfeln>
vgtjfgikjnvk dgzjk.nv ln.tjglnpg]nnvg ;g rghnmglnv vojgan mtbht.nf bk.nlnpg]nnv hnjk.t.in vgdglemk jt'nbt.nv it]dlgb ugjrdtel ,dtcyt.pt ;g;t.nfg; nbk,bt;g< jg] bgf vojga trkykbnrej pj;gin ugbkn[gmg> feb]gqg< vgb[jtf gpngin ;goct.eln anygyvejn rjnpnvn< jkbtln] itb;ukbin bkt;k bflngyg; anygyvej .gpjt.v< ][g;ckav< jkb ulk.glnpg]ng agj;gv [;nv gbg fe nb ,dtcynv bntj ugmgjt.el gjgg;t,dgmej anygyvej-trkykbnrej hklnmnrgv< jkbtln]< fgdnv b[jnd< rjnpnvnv tjf-tjfn bfgdgjn ocgjk [;t.g>
onygb;t.gjt vmgmng itt[t.g ugydnfgjt.g; ,dtcyt.in ergygvrytl htjnk;in bnb;nygjt vgdglemk-vgrejvk jt'nbt.nv tdkle]ngv> vmgmnnv bnpgyng ugyn[nlkv< jgmkb ug;g;nv ugydnfgjt.g;n ,dtcyt.nv ebjgdltvk.g an,vnjt.eln;gy jtuelnjt.g; b]ejgd gy fgdnvealg; b]ejgd vgdglemk rejvt.pt< itagvt.elng trkykbnrnv aey,]nkynjt.nv [gjnv[n v[dg;gv[dg vgdglemk jt'nbnv hnjk.t.in< vgdglemk jt'nbt.nv itjxtdnv hjk]tvn ;g nv ]dlnlt.t.n< jkblt.n] fgy v;tdv bvkalnkin vojgan mtbht.nf bnb;nygjt rghnmglnv bksjgk.gv>
an,vnjt.eln;gy b]ejgd vgdglemk rejvt.pt
an,vnjt.eln;gy b]ejgd vgdglemk rejvt.pt ug;gvdlnv hjk]tvn vgfgdtv nqt.v .jtmky-de;vnv vnvmtbnv jqdtdn;gy> vgocnv tmghpt ugydnfgjt.g;n ,dtcyt.nv ebjgdltvk.g gujstlt.;g tjkdyeln dglemnv bn.bgv tjf e][kej dglemgpt< snjnfg;g; gii ;klgjvg ;g ajgyuel ajgyrpt< gy v[dg;gv[dg dglemt.nv rglgfgpt< jkukjn]gg vgtjfgikjnvk vgdglemk aky;nv bntj 1969 otlv itbkqt.eln ygvtv[k.nv vht]nglejn ealt.g>
ptbkgqyniyeln hjk]tvn agjfkd;t.g 80-ngyn olt.nv ;gvgocnvn;gy> gvt bguglnfg;< fe 1975 otlv ugydnfgjt.g;n ,dtcyt.nv 87% nctyt.;g an,vnjt.el vgdglemk rejvt.v< 1995 otlv tv bgxdtyt.tln 50%-v itg;uty;g> ]dlnlt.nv mtbhn rn;td eajk fdglvgxnyk [;t.g< fe gyglnpnvgfdnv ugbkdnctyt.f ,dtcyt.nv trkykbnrnv bk]elk.t.v> fe 1975 otlv an,vnjt.eln vgdglemk rejvt.nv b,kyt ,dtcyt.pt bflngyg; bvkalnk vgdgzjk .jeydnv 70% bk;nk;g< 1996 olnvgfdnv bgy b[klk; 20% itg;unyg> g,dt ey;g gqnyniykv< jkb ergygvrytl olt.gb;t< gpnnvg ;g lgfnyejn gbtjnrnv pkuntjfn ,dtcgyg kan]nglejg; gqngjt.;g jtuelnjt.g; b]ejgd gy fgdnvealg; b]ejgd vgdglemk-vgrejvk jt'nbv< jtglejg; rn vgdglemk rejvn rdlgd bynidytlkdgyn ptbk,bt;t.nv ,dti nbckat.k;g>
ugbkygrlnvng pkuntjfn ,dtcgyg> bguglnfg;< ajgyueln ajgyrnv pkygin itbgdgln gajnreln 14 ,dtcgyg< jkbtlfg] 1948 oln;gy vgrefgjn dglemg ajgyuel ajgyrpt /,ky;gf bn.beln> b]ejgdn;gy an,vnjt.el vgdglemk-vgrejvk jt'nbv ;ge.jey;g gjutymnyg< vg;g] 1991 oln;gy t>o> `vgdglemk vg.zkv~ (
currency board) hjg,mnrg bk,bt;t.v> 1983 oln;gy gyglkunej hjg,mnrgv bnbgjfgdv /ky-rkyun> ergygvrytl [gyv gvtdt bkn,]yty tvmkytfn ;g .elugjtfn>jkukj] gqnyniyg< vgdglemk jt'nbt.nv it]dlgv tdkle]nejn [gvngfn /,ky;g> 1973 oln;gy< t>n> .jtmky-de;vnv vnvmtbnv jqdtdn;gy bkcklt.eln< pkuntjfn ,dtcgyg vgrefgjn dglemnv bn.bgv rdlgd gii ;klgjpt g[;ty;g> gqyniyeln hjg,mnrg bynidytlkdyg; n]dlt.g 80-ngyn olt.nv ;gvgocnvin< gii ;klgjnv rejvnv vgujsyk.n pj;nv ugbk>
vgdglemk-vgrejvk jt'nbt.nv ]dlnlt.g ugbknodng gujtfdt 80-ngy olt.in ugydnfgjt.g; ,dtcyt.in nyalg]nnv g,vtltjg]ngb> ,dtcyt.n< jkblt.n] fgdngyf vgdgzjk hgjmynkjt.fgy it;gjt.nf bgqgln nyalg]nnv ;kynf ugbknjxtk;yty< vgtjfgikjnvk .gpgjpt rkyrejtymeygjngyk.nv gqvg;utyg; nselt.eln ncdyty bkt[;nygf tjkdyeln dglemt.nv ;tdgldg]ng> gbnv ugbk< pkuntjfn ,dtcgyg nctyt.;g `b]k]gd~ vgdglemk rejvt.v (
crawling peg)< jk]g ;jk;g;jk [;t.g vgdglemk rejvnv rkjt,mnjt.g< snjnfg;g; ;tdgldg]ng nyalg]nnv ;kynv itvg.gbnvg;> gbgv ugj;g< nv ,dtcyt.n< jkblt.n] dtj g[tj[t.;yty nyalg]nnv bkfkrdgv< rdlgd nctyt.;yty an,vnjt.el vgdglemk rejvt.v< jkukj] vmg.nlnpg]nnv bnqotdnv snjnfg; nyvmjebtymv> vgdglemk rejvpt kjntymnjt.eln bgrjktrkykbnrejn vmg.nlnpg]nnv hjkujgbt.n bkrltdg;ngyn nck ;g nun ;gg[lkt.nf 10 fdnv agjult.v gj v]nl;t.k;g>pkuntjfbg ,dtcgygb vgrefgj fgdpt ugbkv]g;g gvtdt bftln vtjng vgugjtk ikrt.nvg> rtjsk;< 80-ngy olt.in ;jk;g;jk [;t.k;g vgtjfgikjnvk aelg; .gpjt.pt vghjk]tymk ugygrdtft.nv vojgan pj;g (bguglnfg;< 80-ngyn olt.nv ;gvgocnvin ygdfk.pt agvt.nv erdt [tlbtkjt; pj;gb bynidytlkdyg; gvong vghjk]tymk ugygrdtft.nv ;kyt)< ny;evmjnel ,dtcyt.in g;unln /,ky;g trkykbnrejn pj;nv itytlt.gv< rjnpnvt.v vgugjtk dglt.nv bkbvg[ejt.gin ;g v[dg> [inj itbf[dtdt.in rkyney,mejnv gbudgjn ugegjtvt.nf ugbkodteln hjk.ltbt.n;gy fgdnv ;gqotdnvgfdnv vgznjk nck gjgbgjmk tjfwtjg; ;tdgldg]nt.n< gjgbt; vgdglemk-vgrejvk jt'nbnv ]dlnlt.t.n> 90-ngy olt.in rghnmglnv bksjgk.nv vojgabg ln.tjglnpg]ngb ;g itvg.gbnvg; rghnmglnv ygrg;t.nv vojgabg pj;gb bynidytlkdyg; ugpgj;g vgugjtk `ikrt.nv~ jnvrn>
ugbk];nlt.g ][g;ckav< jkb nv ,dtcyt.n jkblt.n] tvojgadngy vgugjtk dgzjk.nv ;g e][kejn nydtvmn]nt.nv pj;gv< vel eajk btmg; bnbgjfgdty b]ejgd vgdglemk rejvt.v> gbgvfgy< pkuntjfn ,dtcgyg wtj rn;td gj gsltdv vgrefgj tjkdyel dglemgv bflngyg; fgdnvealg; bksjgk.nv vgieglt.gv> (bguglnfg; xnytfnv vg[gl[k jtvhe.lnrg ;g v[dg)> gbgvfgy< gjngy jnun ,dtcyt.n< jkblt.n] ugbknjxtdngy vevmn ;g ygrlt.g; lnrdn;ejn .gpjt.nf< vg;g] b]njt pkbnv vgdglemk ugjnut.t.n [injg; nodtdty bynidytlkdgy vgrejvk
cdlnlt.t.v> gvtfn ,dtcyt.n bnbgjfgdty v[dg;gv[dg qkynvsnt.t.v< jgfg fgdn;gy gn]nlky vgdglemk .gpjt.pt ajgubtymeln< bgujgb brdtfjn ]dlnlt.t.n (dglemnv rejvnv jkukj] gotdg< gvtdt bnvn ;gotdg e][kejn dglemt.nv bnbgjf) ;g bkf[kdyg-bnok;t.gv ikjnv ogjbk,bynln brdtfjn ;nvhjkhkj]nt.n>
bgrjktrkykbnrejn vmg.nlejk.g v[dg;gv[dg mnhnv vgdglemk-vgrejvk jt'nbnv hnjk.t.in
fe onyg htjnk;t.in nb ,dtcyt.in< jkblt.n] nctyt.;yty an,vnjt.el vgdglemk rejvt.v< itnbxytk;g nyalg]nnv it;gjt.nf ;g.gln mtbht.n< 80-ngyn olt.nv tbhnjneln ugbk];nlt.g gb ugyv[dgdt.nv fgy;gfgy yndtlnjt.gv ][g;ckav> nundt ey;g nf,dgv trkykbnrej pj;gpt]> feb]gqg< hjg,mnrg gvtdt g;gvmejt.v< jkb vgdglemk rjnpnvt.nvgugy ;gpqdteln gj ncdyty jkukj] an,vnjt.eln< gvtdt b]ejgdn vgdglemk-vgrejvk jt'nbnv b,kyt ,dtcyt.n> bguglnfg;< 1975 oln;gy 1996 olgb;t htjnk;in 116 ,dtcyn;gy< vg;g] tjkdyeln dglemnv ;tdgldg]ng v[dg;gv[dg olt.nv bgysnlpt 25%-pt btmn nck< fnf,bnv yg[tdgjn nctyt.;g b]ejgd vgdglemk-vgrejvk vnvmtbgv> vgdglemk rjnpnvt.n ygrlt.g; an,vnj;t.g nb ,dtcyt.in< jkblt.n] b]ejgdn vgdglemk rejvt.nv hgjglelejg; ugbknjxtk;yty vmg.nlejn bgrjktrkykbnrejn ny;nrgmkjt.nfg ;g slntjn ;g ug;g[;nveygjngyn vganygyvk< eajk rkyrjtmelg;< rn vg.gyrk vnvmtbnf>
vgdglemk-vgrejvk jt'nbnv itjxtdg
vgrbgk; ;n;n [ynv bgysnlpt< trkykbnvmt.nv bntj it;gjt.nf hgmgjg ,dtcyt.nvgfdnv< jkblt.n] bynidytlkdyg; ncdyty ;gbkrn;t.eln vgugjtk dgzjk.gpt (nbhkjmvg ;g t,vhkjmpt)< jtrkbty;t.eln nck an,vnjt.eln vgdglemk-vgrejvk jt'nbnv ugbkctyt.g> ugydnfgjt.g;bg ,dtcgygb ey;g itgjxnkv nvtfn vgdglemk-vgrejvk jt'nbn< jkbtln] epjeydtlckav ogjbkt.nv bk]elk.nvg ;g vgtjfk bk[bgjt.nv pj;gv< agvt.nv ;kynvg ;g v[dg bgrjktrkykbnrejn hgjgbtmjt.nv vmg.nlejk.gvg ;g bgf bnynbglej jctdt.v> vgdglemk-vgrejvk jt'nbnv itjxtdg ;gbkrn;t.elng ,dtcynv trkykbnrgpt ptbk,bt;t.nv bkb[;tyn `ikrt.nv~ .eyt.gvg ;g ogjbkbgdlk.nv itvogdlgpt< trkykbnrnv vmje,mjel bg[gvngft.lt.pt ;g v[dg> an,vnjt.eln vgdglemk rejvt.n eajk btmg; ehjngyng nb ,dtcyt.nvgfdnv< vg;g] bgrjktrkykbnrejn gjgvmg.nlejk.g snjnfg;g; bkytmgjeln [gvngfnvgg - jkukjn]gg aelpt bkf[kdynv gy aelnv bgvnv ]dlnlt.g ;g< itvg.gbnvg;< vg,bt t[t.g agvt.nv ;kynv ]dlnlt.gv> b]ejgdn rejvn< t>n> bk,ynlk.nv bgqgln [gjnv[n< ebwk.tvng nb ,dtcyt.in< vg;g] gjgvmg.nlejk.g jtglejn [gvngfnvgg< rtjsk;< nun bkb;nygjtk.v gbg fe nb vg,kytlpt< gy vg,kytlfg wueapt< bkvg[ltk.nv b[jn;gy bkf[kdynv ]dlnlt.gpt< gy ergdinj;t.g mt,ynrej hjkujtvv< vgugjtk [gvngfnvgg ;g v[dg>
an,vnjt.eln vgdglemk-vgrejvk jt'nbn [tlv eock.v [tlnvealt.nvg;bn y;k.nv bkhkdt.gv ;g nyalg]nnv ;kynv vojga ;g]tbgv> an,vnjt.eln vgdglemk rejvt.nv ;jkv aelg;-vgrjt;nmk hklnmnrg rky]tymjnjt.elng vmg.nlejn rejvnv itygjxeyt.nv epjeydtlckagpt> gbgvfgy< anvrglejn hklnmnrg] gb bnpynv itvg.gbnvn ey;g nckv< jg]< vg.klkk wgbin< gb]njt.v [tlnvealt.nv bk,ynlk.nv [gjnv[v> ,dtcgyg< jkbtln] bnbgjfgdv an,vnjt.el vgdglemk rejvt.v< bkrlt.elng itvgslt.lk.gv bnbgjfkv rghnmglnv .gpjt.v< jg;ugyg] e][kejn dgl;t.elt.t.nv ugpj;g ;g< itvg.gbnvg;< rghnmglnv itbk;nyt.g nodtdv vghjk]tymk ugygrdtft.nv itb]njt.gv< jg] fgdnv b[jnd< ugbknodtdv vgdglemk rejvpt ptoklgv>
bgygb;t< vgygb anygyvejn .gpgjn y;k.gv e][g;t.v ,dtcgygin gjvt.el an,vnjt.el vgdglemk-vgrejvk jt'nbv< tv bynidytlkdyg; eock.v [tlv nyalg]nnv bklk;nynv itpqe;dgv> gb ergygvrytlv trkykbnrej ftkjngin tok;t.g ,jkynreln nyalg]nnv bfgdgjn ocgjk> feb]gqg< gbudgjn hklnmnrg uelnv[bk.v vtjnkpeln bgvimg.nv jnvrv< jkbtln] bginy nxtyv fgdv< jk;tvg] [tlnvealt.g vgieglt.gv gy y;k.gv rgjugdv< itnygjxeytkv an,vnjt.eln rejvt.n> g, rn;td tjf[tl gqdyniygdf< jkb an,vnjt.el rejvin e][kejn dglemt.nv bnbgjf tjkdyeln dglemnv rejvnv dnojk gjtglin bksjgk.g nuelnv[bt.g>
[tlnvealt.nv bntj gqt.eln dgl;t.elt.g< an,vnjt.eln vgdglemk rejvt.nv itygjxeyt.nv itvg[t.< bnf eajk ygrlt.g; vgy;k [;t.g< jg] eajk ygrlt.ng ,dtcynv trkykbnrnv aey,]nkynjt.nv tat,mngyk.nv [gjnv[n> bguglnfg;< vghjk]tymk ugygrdtft.nv bgqgl ;kytpt itygjxeyt.g vgdglemk rejvt.nv vmg.nlejk.nvgfdnv< jgvg] ;jk;g;jk g,mnejg; bnbgjfgd;yty lgfnyejn gbtjnrnvg ;g v[dg ,dtcyt.n< ugjrdtel tmghpt itvgslt.tlng fgdg; ug[;tv vgdglemk rejvt.nv btjctk.nv ugbkbodtdn tjf-tjfn snjnfg;n ag,mkjn ;g tv ugyvgrefjt.nf bginy< jk;tvg] bgqgln vghjk]tymk ugygrdtft.n vgajf[tv e,byngy trkykbnrnv ugydnTgjt.gvg ;g vg.gyrk vnvmtbnv vnwgyvgqtv>
nb ,dtcyt.in< jkblt.n] dtj g[tj[t.ty vgrefgjn anygyvt.nv bgjfdgv ;g olt.nv bgysnlpt nfbtyty anvrglej ;tan]nmv< ;g gbgvfgygdt nctyt.ty an,vnjt.el vgdglemk-vgrejvk jt'nbv< g;unln g,dv vgtjfgikjnvk vgdglemk jtptjdt.nv itb]njt.gv ;g vgugjtk dglnv grebelg]ngv> b]ejgdn vgdglemk rejvt.n eajk vojgag; [;ngy agj;gv gjgg;trdgmej anygyvej-trkykbnrej hklnmnrgv ;g gb[tlty bnv ;gyg[gjwt.v> tv rn vgdglemk rejvt.nv ;n; ;nghgpkyin btjctk.nfg ;g agvt.nv vojgan ]dlnlt.nf [;t.g>
b]ejgdn vgdglemk rejvt.n bgytdjnjt.nv ug]nlt.nf btm vgieglt.gv ,byngy> nvnyn gvtdt yt.gv jfgdty [tlnvealt.gv ;geidgv nyalg]nnv ugjrdteln pj;g< jkbtln]< fgdnv b[jnd< gjnv vgug;gvg[g;k itbkvgdlt.nv pj;nv tjf-tjfn gjghnj;ghnjn upg> feb]gqg gbudgj hklnmnrgv vtjnkpeln vginijkt.g g[lgdv fgy< jg;ugyg] ug]nlt.nf sytln [;t.g nyalg]nnv rkymjkln ;g nyalg]nnv bklk;nyn n,]tdg nyalg]nnv brdt.gd ocgjk;>
[inj itbf[dtdt.in< vgdglemk-vgrejvk jt'nbnv itjxtdg ,dtcynv trkykbnrejn dnfgjt.nv hgjgltlejg;< bynidytlkdyg;gg ;gbkrn;t.eln hklnmnrej bkvgpjt.t.pt> bguglnfg;< hklnmnrejn hjnpbn;gy itnslt.g eajk sdnjn xgy;tv an,vnjt.eln vgrejvk-vgdglemk jt'nbnv it]dlg< dn;jt b]ejgdn vgdglemk rejvt.nv itbf[dtdgin vg.gpjk .tjrtmt.nv ptbk,bt;t.nf vgdglemk rejvt.nv fgyg;gfgyk.nfn ]dlnlt.g>
an,vnjt.eln vgdglemk-vgrejvk jt'nbnv itjxtdnvgv< bynidytlk.g tynzt.g nbgv< ,dtcynv tjkdyeln dglemg bn.belng tjf rkyrjtmel dglemgpt fe e][kejn dglemt.nv rglgfgpt> gjxtdgyn ;gbkrn;t.elng itvgjxtd e][kej ,dtcgygvg fe ,dtcyt.fgy vgugjtk dgzjk.nv bk]elk.gpt ;g nb dglemgpt< jkbtlin] ;tykbnynjt.elng ,dtcynv vgugjtk dgln> jk;tvg] tjkdyeln dglemnv rejvn bn.belng tjf jkbtlnbt e][kejn dglemnv rejvfgy< gb ergygvrytlnv rejvnv btjctk.g v[dg e][kejn dglemt.nv bnbgjf nbfgdnfdt uelnv[bk.v gbgdt dglemt.nv bnbgjf tjkdyeln dglemnv rejvnv jctdt.v> vgdglemk rglgfnv itbf[dtdgin .eyt.jndng jctdnv gbhlnme;g bynidytlkdyg; b]nj;t.g>
ugydnfgjt.g; ,dtcyt.in rghnmglnv it;nyt.nv hjk]tvn
ugydnfgjt.g; ,dtcyt.in rghnmglnv ;n;n k;tyk.nf it;nyt.g nodtdv tjkdyeln dglemnv rejvnv gotdgv> nb itbf[dtdt.in< jk]g [tlnvealt.g n]gdv dglemnv rejvv gotdnvgugy< fgy;gfgy noct.g nyalg]nnv mtbhnv pj;g< jg] vg.klkk; nodtdv jtglejn ug]dlnfn rejvnv pj;gv g;unlk.jndn (nuelnv[bt.g ,dtcgyg vg;g] it;nv e][k rghnmgln) nyalg]nnv pj;nv ugbk> bkpqdgdt.eln rghnmglnv vmtjnlnpg]nnv bnpynf ]tymjglejn .gyrt.n bnbgjfgdty qng .gpjnv khtjg]nt.v< jkblnv ;jkvg] vg[tlbonak agvngyn ,gqgl;t.nv - vg[gpnyk dgl;t.elt.t.nv ugcn;dg gb]njt.v vganygyvk vnvmtbnv lnrdn;ejk.gv>
gqyniyeln bt,gynpbn bk,bt;t.v b[klk; bkrltdg;ngy htjnk;in>wtj tjTn nbnmkb< jkb vmtjnlnpg]ng [tlv eilnv vghjk]tymk ugygrdtft.nv itb]njt.gv> bgqgln vghjk]tymk ugygrdtft.nv itygjxeyt.g vmnbelv gsltdv rghnmglnv itb;ukbn ygrg;t.nv itbk;nyt.gv> btkjt< vgtjfgikjnvk rghnmglnv .gpjt.fgy it;gjt.nf< g;unlk.jndn anygyvejn .gpjnv b]njt bgvimg.nv ugbk vmtjnlnpg]nnv [tj[n fgy;gfgy ygrlt.g; tat,mejn [;t.g> btvgbt< vmtjnlnpg]ngv g[lgdv anvrglejn ;gyg[gjwt.n< jg] gnvg[t.g v[dgk.nf vgtjfgikjnvk jtptjdt.pt ;gjn][eln ;g [tlnvealt.nv bntj in;g dglnv bkbvg[ejt.nvgfdnv ug;gvg[;tl vghjk]tymk ugygrdtft.v ikjnv>
rghnmglnv itbk;nyt.nv itb;ukbn pj;nvgv [tlnvealt.g ;ut.g ;nltbnv onygit:hnjdtln< itnygjxeykv agvt.nv vmg.nlejn ;kyt< ;g btkjt< itnygjxeykv vmg.nlejn< eajk rkyrjtmelg; rkyrejtymeygjngyn (vge.gjng vgugjtk dgzjk.gpt) ug]dlnfn rejvn> .eyt.jndng< e][ktln nydtvmkjt.nvgfdnv fgy;gfgyk.nf ]yk.nln [;t.g bgvhnystln ,dtcynv onygit b;ugjn ptbkgqyniyeln 2 gbk]gyg< ;g vgnydtvmn]nk rlnbgmnv k;ygdn ]dlnlt.nv itbf[dtdgin rghnmglnv itbk;nyt.nv hjk]tvn vojgag;dt nqt.v ere,]tdnf [gvngfv>
dnygn;gy qng .gpgjpt khtjg]nt.n gj nsltdg bkpqdgdt.eln rghnmglnv vmtjnlnpg]nnv tat,mej vgieglt.gv< ugydnfgjt.g;n ,dtcyt.n vel eajk btmg; nctyt.ty ;gbgmt.nf nyvmjebtymt.v> gvtft.ng< vgdgl;t.elk jtptjdt.nv ykjbnv ugpj;g< vg.newtmk gyugjnit.nv rkbtj]neln .gyrt.n;gy ]tymjglej .gyrin ug;gmgyg< qng vgdglemk hkpn]nnv lnbnmt.nv pj;g> ]tymjglejn .gyrt.n< gvtdt bnbgjfgdty vdkhnv vg[nv vgdglemk ugjnut.t.v< jkblnv ;jkvg] [;t.g ,dtcgygin itbkveln e][kejn dglemnv ygrg;t.nv itvcn;dg tjkdyeln dglemnf< bkbgdglin bgfn rdlgd ugcn;dnv hnjk.nf> gqyniyel khtjg]ngv< qng .gpgjpt khtjg]nt.nv bvugdvg;< ugjrdteln k;tyk.nv anvrglejn ;gyg[gjwt.n v;tdv fgy> pku itbf[dtdt.in [tlnvealt.g vg.klkk; pj;nv tjkdyeln dglemnv rejvnv jctdnv gbhlnme;gv< jnfg] eidt.;g vgrefgjn dglemnv ug]dlnfn rejvnv gotdgv> b[klk; jnu itbf[dtdt.in [tlnvealt.g bnbgjfgd;g rghnmglnv gyugjnit.pt itpqe;dt.nv ;gotvt.gv>
cdtlg ptbkf xgbkfdlnln nyvmjebtymnv ugbkctyt.nf ugydnfgjt.g; ,dtcyt.v vgieglt.g tsltdg ugjrdteln htjnk;nv bgysnlpt itgb]njky dglemnv rejvpt ptoklg ;g nyalg]nnv mtbht.n> feb]g< rghnmglnv itbk;nyt.g< vg.klkk wgbin< bgny] nodtdv jtglejn ug]dlnfn rejvnv gotdgv okygvokjk.nv g[gl otjmnlgb;t>
fe xdtyv bntj ptbkf ugy[nlel< rtjsk; rn< rghnmglnv bk;nyt.nv hjk]tvv g;unln g,dv ,dtcgygin< jkbtln] nctyt.v an,vnjt.el vgdglemk-vgrejvk jt'nbv< vg;g] bkytmgjeln hklnmnrg bflngyg; rky]tymjnjt.elng vgdglemk rejvpt< bginy bftln vnbsnbt bk;nv anvrglej hklnmnrgpt> bgujgb< [injg; b]njtg anvrglejn hklnmnrnv tlgvmnejk.nv [gjnv[n< jg;ugyg] vojgan mtbht.nf dtj [tj[;t.g jkukj] vg[tlbonak [gjwt.nv itb]njt.g< gvtdt ug;gvg[g;t.nv vojgan pj;g> g,t;gy ugbkb;nygjt< ,dtcgyg< jkbtlvg] gj iteslng vojgag; it]dglkv anvrglejn hklnmnrg< ehjngyng nctyt.;tv b]ejgd vgdglemk rejvt.v> jk;tvg] [tlnvealt.g bnbgjfgdv b]ejgd vgdglemk rejvt.v ;g rghnmglnv bk;nyt.nv pj;nvgv [;t.g tjkdyeln dglemnv ug]dlnfn rejvnv gotdg< gbnf ugbgajf[nlt.tln vnuygln tsltdg .gpgjv: ug]dlnfn rejvnv vojgan gotdg ckdtlfdnv bkgvogdt.v itb;ukbin bnv ;tdgldg]ngv> gvtf hnjk.t.in< bkvglk;ytln vgdglemk jnvrn< ygrlt.g; bnbpn;dtlv [;nv e][ktln nydtvmkjt.nv b[jn;gy vhtrelg]nnv bnpynf bgvhnystl ,dtcgygin bkrltdg;ngyn nydtvmn]nt.nv ugy[kj]ntlt.gv>
vg.gyrk vnvmtbg
ugydnfgjt.g; ,dtcyt.in< 90-ngyn olt.nv ;gvgocnvn;gy< rghnmglnv vojgan mtbht.nf it;nyt.gb ;g itvg.gbnvg; bgvhnystl ,dtcyt.in lnrdn;ejk.nv pj;gb< bynidytlkdyg; ugpgj;g vg.gyrk nyvmnmemt.nv vgrjt;nmk hkjmatlt.n> gvtf vgrjt;nmk t,vhgyvngv bgvhnystln ,dtcynv trkykbnrnv vojga pj;gvfgy ;grgdinjt.eln khmnbnpbn< ;g btkjt< g,mndt.pt< ugyvgrefjt.nf esjgd ,kyt.gpt< agvt.nv pj;g< jg] fgdnv b[jnd pj;nv unjgkin xg;t.eln g,mndt.nv qnjt.elt.gv> fe vg.gyrk vnvmtbg gj t,]tdg g;trdgmejn vg.gyrk pt;gb[t;dtlk.nvg ;g jtuelnjt.nv ,dti< bginy rkbtj]neln .gyrt.nv hkjmatlin gqbkxy;t.g tjfnv b[jnd< vgrbgk; vgjnvrk g,mndt.n< jkukjn]gg ]dglt.g;n qnjt.elt.nv b,kyt in;g g,mndt.n (nuelnv[bt.g ,dtcynv inuynf gjvt.eln v[dg;gv[dg g,mndt.n)< btkjtv b[jnd< e][kej dglemgin ugbk[gmeln dgl;t.elt.t.n> nydtvmkjt.nv b[jn;gy y;k.nv ;grgjudg ;g dglemt.nv ;tdgldg]nt.n vojgag;dt [;t.g rkbtj]neln .gyrt.nvgfdnv vtjnkpeln ;gygrgjut.nv bnptpn< jg] n,]tdg bgrjktrkykbnrejn [gvngfnv hjk.ltbg;> gqyniyeln ;gvmej;t.g gpnnv ,dtcyt.nv ugbk];nlt.nf> tv ,dtcyt.n ugjrdteln olt.nv bgysnlpt vojgan trkykbnrejn pj;nv agpn;gy< jkbtlvg] trkykbnvmt.n `trkykbnrej vgvogelv~ eok;t.;yty< anygyvejn rjnpnvnv mglqgin ugt[dndyty>
ergygvrytln anygyvejn rjnpnvnv bfgdgjn ugrdtfnlt.n slntjn vg.gyrk vnvmtbnv it,bygin b;ukbgjtk.v> tv fgdnv b[jnd< v[dg bftl jnu qkynvsnt.t.fgy tjfg;< brg]j vg.gyrk pt;gb[t;dtlk.gvg ;g ;thkpnmt.nv ;gpqdtdnv aky;t.nv it,bygv nfdglnvonyt.v> [injg;< wgzdejn jtg,]nnv it;tug; vg.gyrk vnvmtbnv vnvmtbejn rjnpnvnv fgdn;gy g]nlt.nv bnpynf< [tlnvealt.g nselt.eln [;t.k;g bkt[;nyg anygyvejn nyt,]nt.n> gbgv dtj ug;gejxg fdnf gii< jkbtln] ;jk;g;jk t[bgjt.k;g ugrkmjt.nv pqdgjpt b;ugj vg.gyrk nyvmnmemt.v> bgu> ergygvrytln gfoltelnv ;gvgocnvin< gii bfgdjk.gb ugrkmjt.eln vg.gyrk nyvmnmemt.nv - (
savings and loans) ;thkpnmkjt.nv ;g]dnv bnpynf 500 blj;> gii ;klgjn ugnqk> gb nyvmnmemt.nv vg,bngyk.nv vatjkv< snjnfg;g; esjgdn ,kyt.nv itvgstyg; ujstldg;ngyn vgbkb[bgjt.lk vtv[t.nv ug]tbg itg;uty;g> 80-ngy olt.in vghjk]tymk ugygrdtft.nv vojgabg pj;gb< .eyt.jndng< tv vg.gyrk nyvmnmemt.n ugrkmjt.nv pqdgjpt bnncdgyg>rghnmglnv gyugjninv ln.tjglnpg]ng
ergygvrytl olt.in< jkukj] erdt gqnyniyg< ugydnfgjt.g; ,dtcyt.in vojgag; bnb;nygjtk.;g rghnmglnv gyugjninv ln.tjglnpg]ng> gjnv ,dtcyt.n< vg;g] rdlgd jxt.g ugjrdteln itpqe;dt.n< pku itbf[dtdt.in rghnmglnv ug;nyt.nv< pkuwtj rn bnv itbk;nyt.gvfgy ;grgdinjt.nf> rghnmglnv gyugjninv vjeln ln.tjglnpg]ng eajk btmg; eock.v [tlv trkykbnrnv tat,mej aey,]nkynjt.gv< jg;ugy nun vgieglt.gv gsltdv e][ktl nydtvmkjv rghnmgln itnmgykv n,< vg;g] nunv btm bkut.gv bnnqt.v> gbgvfgy< g;unlk.jnd nydtvmkjt.v vgieglt.g tsltdgf itnvcn;ky e][kejn ,dtcyt.nv g,mndt.n< jnfg] bkg[;tyty vgrefgjn hkjmatlnv ;ndtjvnanrg]ngv>
feb]g< rghnmglnv gyugjninv ln.tjglnpg]nnv itbf[dtdgin< b[klk; nv ,dtcgyg gqotdv bnpgyv< jkbtln] [gvngf;t.g vmg.nlejn trkykbnrejn bgxdtyt.lt.nf< wgyvgqn ;g slntjn vg.gyrk vnvmtbnfg ;g nvtfn vgdglemk-vgrejvk jt'nbnf< jkbtln] epjeydtlckav bk,ynlk.nv bgqgl [gjnv[v>
jg] eajk nymtujnjt.eln [;t.g ,dtcgyg vgtjfgikjnvk vganygyvk .gpjt.in< bnf eajk jfel;t.g rghnmglnv ]dglt.g;n ygrg;t.nv bgjfdg> bgjmndn upg< jgfg fgdn;gy n,ytv g]nlt.eln rghnmglnv bksjgk.nv ugbk itvgslt.tln egjckanfn it;tut.n< b;ukbgjtk.v nbgin< jkb bgvhnystln ,dtcgyg itt]g;kv ygrlt.g; nckv ;gbkrn;t.eln bkrltdg;ngy rghnmglpt> bgujgb< g,dt ey;g gqnyniykv< jkb vgrbgk; jfelng ugbkck ,dtcgygin itbkveln rghnmgln< jkbtlbg] itnslt.g ugbknodnkv ;tvmg.nlnpg]ng nb rghnmglnvgugy< jkbtln]< hnjn,nf< [tlv eock.v ,dtcynv vgdglemk fe anygyvejn .gpjt.nv vmg.nlej aey,]nkynjt.gv> gvtdt< [inj itbf[dtdt.in< gjgvgvejdtln n,yt.k;g [tln itudtiglg bkrltdg;ngyn rghnmglnv itbk;nyt.nvgfdnv< jg;ugyg] tv ergygvrytln [tlv eock.v lnrdn;ejk.nv pj;gv>
gb hjk]tvin ;n;n ynidytlk.g tynzt.g ,dtcgygin bk,bt; vgdglemk-vgrejvk jt'nbv< jkbtlvg]< jkukj] ptbkfg] nf,dg< fnfkteln ,dtcgyg vgrefgjn bkvgpjt.t.n;gy ;g b;ukbgjtk.n;gy ugbkb;nygjt njxtdv> tjfn jgb rn ][g;ng< yt.nvbntjn vgdglemk-vgrejvk jt'nbt.nv bk,bt;t.nv hnjk.t.in< bgrjktrkykbnrejn vmg.nlejk.nv bnqotdnvg ;g bnvn itygjxeyt.nvgfdnv snjnfg;n bynidytlk.g tynzt.g gbg fe nb ,dtcynv bntj itjxtel trkykbnrej ;g anygyvej hklnmnrgv> b[klk; vmg.nlejn bgrjktrkykbnrejn hgjgbtmjt.nv itygjxeyt.nf [tj[;t.g ,dtcynv trkykbnrnv pj;nv ;nygbnejk.nvg ;g gb hjk]tvnv ite,]tdg;k.nv epjeydtlckag> gvtf hnjk.t.in ,dtcgygv vgieglt.g tsltdg ugbknbeigkv ugjrdteln nbeynmtmn< jkbtln] bynidytlkdyg; n]gdv bgv ;jk;g;jk fgdv bk[dteln vginygk fe vgugjtk [gvngfnv ikrt.nvgugy>
;gvrdyg
ergygvrytl olt.gb;t tbhnjneln ugbk];nlt.nv itvg.gbnvg;< nv ugydnfgjt.g;n ,dtcyt.n< jkblt.n] nctyt.;yty an,vnjt.el vgdglemk rejvt.v< [gvngf;t.k;yty nyalg]nnv it;gjt.nf ;g.gln ;g vmg.nlejn ;kynf> .klk olt.nv ugbk];nlt.g ][g;ckav< jkb nyalg]nnv mtbht.n vojgag; nrlt.v nb ugydnfgjt.g; ,dtcyt.in< jkblt.bg] an,vnjt.el vgdglemk rejvt.v< b]ejgdn vgdglemk rejvt.n gjxntv> vgdglemk-vgrejvk jt'nbt.nv it]dlg ge]nlt.tln [;t.g ugydnfgjt.g;n ,dtcyt.nv vgtjfgikjnvk anygyvej .gpjt.in vojgan xgjfdnv hgjgltlejg;> ulk.glnpg]ng< fgdnv b[jnd< ugydnfgjt.g;n ,dtcyt.nv bgrjktrkykbnrejn hklnmnrnv ;nv]nhlnynv ugbrg]jt.gv nf[kdv>
an,vnjt.eln vgdglemk-vgrejvk jt'nbnv ;jkv< aelg;-vgrjt;nmk hklnmnrg rky]tymjnjt.elng ug]dlnfn rejvnv vmg.nlejk.nv itygjxeyt.gpt> gvtf ;jkv< vgugjtk fe vginygk ikrt.nv bftln vnbsnbt anvrglej hklnmnrgpt bk;nv> b]ejgdn vgdglemk-vgrejvk jt'nbnvgv bgqglng bkytmgjeln hklnmnrnv ;gbkern;t.lk.nvg ;g bnvn bk,ynlk.nv [gjnv[n>
nyalg]nnv bgqgln mtbht.nv ;jkv< bkrltdg;ngyn vmg.nlnpg]nnv hjkujgbnv jtglnpg]nnvgfdnv ,dtcgyg njxtdv an,vnjt.el vgdglemk rejvt.v> itb;ukbin< erdt bgrjktrkykbnrejn vmg.nlnpg]nnv agpgin itvdlnvgv rghnmglnv gyugjninv ln.tjglnpg]nnvg ;g rghnmglnv bksjgk.nv bgjfdnvgfdnv ;qnv otvjnuin ;ut.g b]ejgd vgdglemk rejvt.pt ug;gvdlnv ge]nlt.lk.g>