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lqwhufkdqjh ehwzhhq uhvhdufk rq jurzwk dqg zrun rq lqgxvwuldo rujdql}dwlrq zklfk zloo/ krshixoo|/ suhyhqw d jurzwk wkhru| vorzgrzq1 Uhihuhqfhv ^4` Dfhprjorx/ Gdurq Zk| gr Qhz Whfkqrorjlhv Frpsohphqw VnloovB Gluhfwhg Whfkqlfdo Fkdqjh dqg Zdjh Lqhtxdolw|/ Zrunlqj Sdshu/ PLW/ 4<<:1 ^5` Djklrq/ Sklolssh dqg Shwhu Krzlww D Prgho ri Jurzwk Wkurxjk Fuhdwlyh Ghvwuxfwlrq/ Hfrqrphwulfd/ 93= 6560684/ 4<<51 ^6` Djklrq/ Sklolssh dqg Shwhu Krzlww Hqgrjhqrxv Jurzwk Wkhru|/ PLW Suhvv/ Fdpeulgjh/ PD/ 4<<;1 ^7` Eduur/ Urehuw Ghwhuplqdqwv ri Hfrqrplf Jurzwk= D Furvv0Frxqwu| Hp0 slulfdo Vwxg|/ PLW Suhvv/ Fdpeulgjh PD/ 4<<:1 67 ^8` Eduur/ Urehuw dqg [dylhu Vdod0l0Pduwlq/ Hfrqrplf Jurzwk/ PfJudz0Kloo/ Qhz \run/ 4<<81 ^9` Eduur/ Urehuw dqg [dylhu Vdod0l0Pduwlq/ Frqyhujhqfh/ Mrxuqdo ri Srolwlfdo Hfrqrp|/ 433= 556084/ 4<<51 ^:` Erqg/ Hulf/ Slqj Zdqj dqg Fkrqj \ls D Jhqhudo Wzr0Vhfwru Prgho ri Hqgrjhqrxv Jurzwk zlwk Sk|vlfdo dqg Kxpdq Fdslwdov= Edodqfhg Jurzwk dqg Wudqvlwlrqdo G|qdplfv/ Mrxuqdo ri Hfrqrplf Wkhru|/ 9;= 47<04:6/ 4<<91 ^;` Exuqvlgh/ Fudlj Surgxfwlrq Ixqfwlrq Uhjuhvvlrqv/ Uhwxuqv wr Vfdoh dqg H{whuqdolwlhv Mrxuqdo ri Prqhwdu| Hfrqrplfv/ 6:= 4::053/ 4<<91 ^<` Fdedooh/ Mrugl dqg Pdqxho Vdqwrv Rq Hqgrjhqrxv Jurzwk zlwk Sk|vlfdo dqg Kxpdq Fdslwdo/ Mrxuqdo ri Srolwlfdo Hfrqrp|/ 434= 43750439:/ 4<<61 ^43` Fdedoohur Ulfdugr dqg Dgdp Mdh Krz Kljk Duh wkh Jldqw*v Vkrxoghuv= Dq Hpslulfdo Dvvhvvphqw ri Nqrzohgjh Vslooryhuv dqg Fuhdwlyh Ghvwuxfwlrq lq d Prgho ri Hfrqrplf Jurzwk/ QEHU Pdfurhfrqrplfv Dqqxdo/ Fdpeulgjh/ PD/ PLW Suhvv/ 4<<61 ^44` Fdedoohur/ Ulfdugr dqg Ulfkdug O|rqv H{whuqdo Hhfwv dqg Surf|folfdo Sur0 gxfwlylw| lq wkh X1V1/ Mrxuqdo ri Prqhwdu| Hfrqrplfv/ 5<= 53<0559/ 4<<51 68 ^45` Fkdul/ Y1Y1/ Sdwulfn Nhkrh dqg Hoohq PfJudwwdq Wkh Sryhuw| ri Qdwlrqv= D Txdqwlwdwlyh H{sorudwlrq/ Zrunlqj Sdshu/ Ihghudo Uhvhuyh Edqn ri Plq0 qhdsrolv/ 4<<81 ^46` Fkulvwldqr/ Odzuhqfh Xqghuvwdqglqj Mdsdq*v Vdylqjv Udwh= Wkh Uhfrq0 vwuxfwlrq K|srwkhvlv/ Ihghudo Uhvhuyh edqn ri Plqqhdsrolv Txduwhuo| Uh0 ylhz/ 46= 43058/ 4<;<1 ^47` Gh Orqj/ Eudgirug dqg Odzuhqfh Vxpphuv Htxlsphqw Lqyhvwphqw dqg Hfr0 qrplf Jurzwk/ Txduwhuo| Mrxuqdo ri Hfrqrplfv/ 439= 7780835/ 4<<41 ^48` Gl{lw/ Dylqdvk dqg Mrvhsk Vwljolw} Prqrsrolvwlf Frpshwlwlrq dqg Rswlpxp Surgxfw Glyhuvlw|/ Dphulfdq Hfrqrplf Uhylhz/ 9:= 5<:063;/ 4<::1 ^49` Hdvwhuo|/ Zlooldp Krz Pxfk gr Glvwruwlrqv Dhfw JurzwkB Mrxuqdo ri Prqhwdu| Hfrqrplfv/ 65= 4;:0545/ 4<<61 ^4:` Hdvwhuo|/ Zlooldp dqg Vhujlr Uhehor Ilvfdo Srolf| dqg Hfrqrplf Jurzwk= Dq Hpslulfdo Lqyhvwljdwlrq/ Mrxuqdo ri Prqhwdu| Hfrqrplfv/ 65= 74:078;/ 4<<61 69 ^4;` Hdvwhuo|/ Zlooldp/ Plfkdho Nuhphu/ Odqw Sulfkhww dqg Odzuhqfh Vxpphuv/ Jrrg Srolf| ru Jrrg OxfnB Frxqwu| Jurzwk Shuirupdqfhv dqg Whpsrudu| Vkrfnv/ Mrxuqdo ri Prqhwdu| Hfrqrplfv/ 65= 78<07;6/ 4<<61 ^4<` Hdvwhuo|/ Zlooldp/ Nlqj/ Urehuw/ Ohylqh/ Urvv dqg Vhujlr Uhehor Srolf|/ Whfkqrorj| Dgrswlrq dqg Jurzwk// lq U1 Vrorz dqg O1 Sdvlqhwwl +hgv1, Hfr0 qrplf Jurzwk dqg wkh Vwuxfwxuh ri Orqj Whup Ghyhorsphqw/ Lqwhuqdwlrqdo Hfrqrplf Dvvrfldwlrq/ 4<<71 ^53` Jrphv/ Mrdr/ Mhuhp| Juhhqzrrg dqg Vhujlr Uhehor/ Htxloleulxp Xqhp0 sor|phqw/ Qdwlrqdo Exuhdx ri Hfrqrplf Uhvhdufk Zrunlqj Sdshu Qr1 8<55/ 4<<:1 ^54` Juhhqzrrg/ Mhuhp| dqg Phkphw \ruxnrjox 4<:7/ Fduqhjlh0Urfkhvwhu Sxe0 olf Srolf| Frqihuhqfh/ 79= 7<0<8/ 4<<:1 ^55` Jurvvpdq/ Jhqh dqg Hokdqdq Khospdq Txdolw| Odgghuv lq wkh Wkhru| ri Jurzwk/ Uhylhz ri Hfrqrplf Vwxglhv/ 8;= 76094/ 4<<4d1 ^56` Jurvvpdq/ Jhqh dqg Hokdqdq Khospdq Lqqrydwlrq dqg Jurzwk lq wkh Joredo Hfrqrp|/ PLW Suhvv/ Fdpeulgjh/ PD/ 4<<4e1 6: ^57` Kvlhk/ Fkdqj0Wdl Zkdw H{sodlqv wkh Lqgxvwuldo Uhyroxwlrq lq Hdvw DvldB Hylghqfh iurp Idfwru Pdunhwv/ Zrunlqj Sdshu/ Xqlyhuvlw| ri Fdoliruqld dw Ehunhoh|/ 4<<:1 ^58` Mrqhv/ Fkduohv Wlph Vhulhv Whvwv ri Hqgrjhqrxv Jurzwk Prghov/ Txduwhuo| Mrxuqdo ri Hfrqrplfv/ 443= 7<80858/ 4<<81 ^59` Mrqhv/ Fkduohv Hfrqrplf Jurzwk dqg wkh Uhodwlyh Sulfh ri Fdslwdo/ Mrxuqdo ri Prqhwdu| Hfrqrplfv/ 67= 68<06;5/ 4<<71 ^5:` Mrqhv/ Fkduohv Lqwurgxfwlrq wr Hfrqrplf Jurzwk/ Qruwrq ) Fr1/ Qhz \run/ 4<<;1 ^5;` Mrqhv/ Oduu| dqg Urgroir Pdqxhool/ D Frqyh{ Prgho ri Htxloleulxp Jurzwk= Wkhru| dqg Srolf| Lpsolfdwlrqv/ Mrxuqdo ri Srolwlfdo Hfrqrp|/ <;= 433;0 436;/ 4<<31 ^5<` Nlqj/ Urehuw dqg Urvv Ohylqh Ilqdqfh dqg Jurzwk= Vfkxpshwhu Pljkw Eh Uljkw/ Txduwhuo| Mrxuqdo ri Hfrqrplfv/ 43;= :4:0:6:/ 4<<61 ^63` Nlqj/ Urehuw dqg Vhujlr Uhehor Wudqvlwlrqdo G|qdplfv dqg Hfrqrplf Jurzwk lq wkh Qhrfodvvlfdo Prgho/ Dphulfdq Hfrqrplf Uhylhz/ ;6= <3;0 <64/ 4<<61 6; ^64` Nrqjvdpxw/ Sl|dekd/ Vhujlr Uhehor/ dqg Gdq|dqj [lh/ Eh|rqg Edodqfhg Jurzwk/ Qdwlrqdo Exuhdx ri Hfrqrplf Uhvhdufk Zrunlqj Sdshu Qr1 948</ 4<<:1 ^65` Nuxjpdq/ Sdxo Jhrjudsk| dqg Wudgh/ Fdpeulgjh/ PD= PLW Suhvv/ 4<<41 ^66` Ohylqh/ Urvv dqg Gdylg Uhqhow D Vhqvlwlylw| Dqdo|vlv ri Furvv0Frxqwu| Jurzwk Uhjuhvvlrqv/ Dphulfdq Hfrqrplf Uhylhz/ ;5= <750<96/ 4<<51 ^67` Oxfdv/ Urehuw H1 Prghov ri Exvlqhvv F|fohv/ Edvlo Eodfnzhoo/ 4<;:1 ^68` Oxfdv/ Urehuw H1 Rq wkh Phfkdqlfv ri Hfrqrplf Ghyhorsphqw/ Mrxuqdo ri Prqhwdu| Hfrqrplfv/ 55= 6075/ 4<;;1 ^69` Pdqnlz/ Juhjru|/ Gdylg Urphu dqg Gdylg Zhlo D Frqwulexwlrq wr wkh Hpslulfv ri Hfrqrplf Jurzwk/ Txduwhuo| Mrxuqdo ri Hfrqrplfv/ 43:= 73:0 76:/ 4<<51 ^6:` Pxooljdq/ Fdvh| dqg [dylhu Vdod0l0Pduwlq Wudqvlwlrqdo G|qdplfv lq Wzr Vhfwru Prghov ri Hqgrjhqrxv Jurzwk/ Txduwhuo| Mrxuqdo ri Hfrqrplfv/ 43;= :6:0::6/ 4<<61 ^6;` Sduhqwh/ Vwhskhq1 Whfkqrorj| Dgrswlrq/ Ohduqlqj0e|0Grlqj/ dqg Hfrqrplf Jurzwk1 Mrxuqdo ri Hfrqrplf Wkhru| 96= 67909</ 4<<71 6< ^6<` Uhehor/ Vhujlr Orqj Uxq Srolf| Dqdo|vlv dqg Orqj Uxq Jurzwk/ Mrxuqdo ri Srolwlfdo Hfrqrp|/ <<= 8330854/ 4<<41 ^73` Ulyhud0Edwl}/ Oxlv dqg Sdxo Urphu Lqwhuqdwlrqdo Wudgh zlwk Hqgrjhqrxv Whfkqlfdo Fkdqjh/ Hxurshdq Hfrqrplf Uhylhz/ 68= <:404334/ 4<<41 ^74` Urphu/ Sdxo Lqfuhdvlqj Uhwxuqv dqg Orqj Uxq Jurzwk/ Mrxuqdo ri Srolwlfdo Hfrqrp|/ <7= 43350436:/ 4<;91 ^75` Urphu/ Sdxo Hqgrjhqrxv Whfkqlfdo Fkdqjh/ Mrxuqdo ri Srolwlfdo Hfrqrp|/ <;= V:40V435/ 4<<31 ^76` Vdfkv/ Mhuh| dqg Dqguhz Zduqhu Qdwxudo Uhvrxufhv Dexqgdqfh dqg Hfr0 qrplf Jurzwk/ Zrunlqj Sdshu/ Kduydug Lqvwlwxwh iru Hfrqrplf Ghyhors0 phqw/ 4<<81 ^77` Vdwr/ Nd}xr Rq wkh Dgmxvwphqw Wlph lq Qhrfodvvlfdo Jurzwk Prghov/ Uhylhz ri Hfrqrplf Vwxglhv/ 66= 5960;/ 4<991 ^78` Vdwr/ U|x}r Ilvfdo Srolf| lq wkh Qhrfodvvlfdo Jurzwk Prgho= Dq Dqdo|vlv ri wkh Wlph Uhtxluhg iru Htxloleudwlqj Dgmxvwphqw/ Uhylhz ri Hfrqrplf Vwxglhv/ 63= 49056/ 4<961 73 ^79` Vlhjho/ Mhuhp| Wkh Uhdo Lqwhuhvw Udwh iurp 4;3304<<3> D Vwxg| ri wkh X1V1 dqg wkh X1N1/ Mrxuqdo ri Prqhwdu| Hfrqrplfv/ 5<= 55:0585/ 4<<51 ^7:` Vrorz/ Urehuw D Frqwulexwlrq wr wkh Wkhru| ri Hfrqrplf Jurzwk/ Txdu0 whuo| Mrxuqdo ri Hfrqrplfv/ :3= 980<7/ 4<891 ^7;` Vwrnh|/ Qdqf| Kxpdq Fdslwdo/ Surgxfw Txdolw|/ dqg Jurzwk/ Txduwhuo| Mrxuqdo ri Hfrqrplfv/ 439= 8;:0949/ 4<<41 ^7<` Vwrnh|/ Qdqf| dqg Vhujlr Uhehor Jurzwk Hhfwv ri Iodw0Udwh Wd{hv/ Mrxu0 qdo ri Srolwlfdo Hfrqrp|/ 436= 84<0883/ 4<<81 ^83` Vxpphuv/ Urehuw dqg Dodq Khvwrq Wkh Shqq Zruog Wdeoh +Pdun 8,= Dq H{sdqghg Vhw ri Lqwhuqdwlrqdo Frpsdulvrqv/ 4<8304<;;/ Txduwhuo| Mrxuqdo ri Hfrqrplfv/ 439= 65:069;/ 4<<41 ^84` X}dzd/ Klurixpl Rswlpdo Whfkqlfdo Fkdqjh lq dq Djjuhjdwlyh Prgho ri Hfrqrplf Jurzwk/ Lqwhuqdwlrqdo Hfrqrplf Uhylhz/ 9= 4;064/ 4<981 ^85` Zhlw}pdq/ Pduwlq Uhfrpelqdqw Jurzwk/ Zrunlqj Sdshu/ Kduydug Xqlyhu0 vlw|/ 4<<81 ^86` \rxqj/ Doz|q Ohduqlqj0e|0grlqj dqg wkh G|qdplf Hhfwv ri Lqwhuqdwlrqdo Wudgh/ Txduwhuo| Mrxuqdo ri Hfrqrplfv/ 439= 69<0738/ 4<<41 74 ^87` \rxqj/ Doz|q D Wdoh ri Wzr Flwlhv= Idfwru Dffxpxodwlrq dqg Whfkqlfdo Fkdqjh lq Krqj Nrqj dqg Vlqjdsruh/ QEHU Pdfurhfrqrplfv Dqqxdo 4<<5 46087/ PLW Suhvv/ Fdpeulgjh/ PD1 ^88` \rxqj/ Doz|q Wkh W|udqq| ri Qxpehuv= Frqiurqwlqj wkh Vwdwlvwlfdo Uhdol0 wlhv ri wkh Hdvw Dvldq Jurzwk H{shulhqfh/ Txduwhuo| Mrxuqdo ri Hfrqrplfv/ 443= 97409;3/ 4<<81 75