institutions for economic and financial integration in asia: trends and prospects

8/4/2019 Institutions for Economic and Financial Integration in Asia: Trends and Prospects

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9' NG[]N]X]NLG[ ELR RHANLGIJ HKLGLFNKNG]HARI]NLG? IGIJ^]NKIJ ERIFHQLRC

]`h qhjj&cglqg ‚Biji{{i‖ {k`hfh mh{krnbnga }`h trlkh{{ le hklglfnk rhanlgijn{f ngkjxmh{

enuh {}iah{ le trlarh{{nuh ng}hari}nlg? i erhh }rimh irhi* i kx{}lf{ xgnlg* i {ngajh firch}* iklfflg kxrrhgk~* igm i tljn}nkij xgnlg' Q`njh }`n{ {hyxhgknga n{ {xttl{hm }l ittj~ }l ig~le }`h qlrjm„{ rhanlg{* ng trik}nkh n} n{ i rhejhk}nlg le Hxrlthig nmhi{* rhejhk}nga gl} lgj~Hxrlth„{ hklglfnk rhijn}~* bx} ij{l n}{ t`njl{lt`nkij elxgmi}nlg{ igm }`h xgmhrj~nga tljn}nkijmhbi}h Biji{{i 9>59.'

Ij}`lxa` }`h nmhi le hklglfnk rhanlgijn{f ng I{ni ì{ bhhg”igm }l i khr}ing hp}hg} {}njjn{”ngejxhgkhm b~ }`h }`hlrh}nkij igm trik}nkij mhuhjltfhg}{ hpthrnhgkhm ng Hxrlth* n} ì{yxn}h mneehrhg} lrnang{' I{ rhkhg} {}xmnh{ ìuh {`lqg* }`h trlkh{{ le hklglfnk rhanlgijn{f ngI{ni ì{ bhhg trnfirnj~ ngmxkhm b~ firch} elrkh{' Kllrmngi}hm ng}hraluhrgfhg}ij ngn}ni}nuh{elr kllthri}nlg* ngkjxmnga }`h krhi}nlg le rhanlgij ng{}n}x}nlg{* ìuh jiaahm bh`ngm' XgjnchHxrlth* hklglfnk ng}hari}nlg ng I{ni ì{ hfhrahm qn}`lx} i arigm tjig elr krhi}nga i xgn}hmerlg} ikrl{{ }`h klxg}rnh{ ng }`h rhanlg IMB 24403 Mr~{mijh 24453 Ciqin 24483 Th}rn 24453[lh{i{}rl 2445.'

Rhanlgij ng{}n}x}nlg{ ìuh tji~hm ig nftlr}ig} rljh ng brnganga I{ni* lr i} jhi{} tir}{ le n}*}lah}`hr' Bx} }`h ngkrhi{hm hklglfnk ng}hrmhthgmhgkh hpthrnhgkhm luhr }`h ji{} ehqmhkimh{ ì{ bhhg mh}hrfnghm b~ }`h jlank le firch}{ flrh }ìg aluhrgfhg} tljnknh{' Elrhpiftjh* }`h hfhrahgkh le Hi{} I{nig trlmxk}nlg gh}qlrc{ ng ngmx{}rnh{ {xk` i{ hjhk}rlgnk{igm ix}lflbnjh{ ì{ jirahj~ bhhg mh}hrfnghm b~ enrf{„ rhjlki}nlg mhkn{nlg{* ngmhthgmhg}erlf ng}hraluhrgfhg}ij tjig{ elr rhanlgij kllthri}nlg IMB 24403 Igml igm Cnfxri 24483I}`xclriji 2448.'

Xgnji}hrij ngn}ni}nuh{ b~ ngmnunmxij I{nig klxg}rnh{”ng eiulr le hklglfnk jnbhrijnzi}nlg igminfnga }l krhi}h ngkhg}nuh{ }l i}}rik} nguh{}fhg} igm trlfl}h hptlr}{”ìuh eiknjn}i}hm }`n{

trlkh{{' Bi{hm lg }`h flmhj trlunmhm b~ Oitig igm I{ni„{ ghqj~ ngmx{}rnijnzngahklglfnh{* 9

Ng}hraluhrgfhg}ij ngn}ni}nuh{ elr rhanlgij kllthri}nlg {}ir}hm tji~nga i {nagnenkig} rljh ngel{}hrnga hklglfnk ng}hari}nlg lgj~ ie}hr }`h I{nig engigknij krn{n{ le 9>>1‛>0* q`hg }`hI{nig flmhj le mhuhjltfhg} xgmhrqhg} i fiolr }h{}' ]`h krn{n{ qi{ nftlr}ig} }l rhijnzh }`hjnfn}{ le ig ittrlik` }l rhanlgijn{f trnfirnj~ bi{hm lg firch} elrkh{ igm }l rhklg{nmhr }`hfikrlhklglfnk figiahfhg} ti}}hrg eljjlqhm b~ I{nig klxg}rnh{* q`nk` trluhm }l bhngheehk}nuh* }ll rn{c~* igm klftjikhg}' I{nig tljnk~fichr{ rhijnzhm }`h jikc le rhanlgijfhkìgn{f{ q`nk` klxjm ìuh `hjthm iulnm }`h krn{n{ igm x{hm }l trhuhg} ex}xrh krn{h{']`h~ ij{l xgmhr{}llm }`h ng}rng{nk qhicgh{{h{ le I{nig engigknij {~{}hf{ igm }`hnr tllr{}i}h le mhuhjltfhg}' Igm i{ i rh{xj} le hp}hg{nuh mnijlaxh iflga I[HIG klxg}rnh{* tjx{Oitig* }`h TRK* igm }`h Rhtxbjnk le Clrhi I[HIG#;.* }`h~ qhrh ibjh }l krhi}h {huhrijghq ngn}ni}nuh{ elr rhanlgij kllthri}nlg'

mxrnga }`h 9>04{ fhfbhr{ le }`h I{{lkni}nlg le [lx}`hi{} I{nig Gi}nlg{I[HIG. {xk` i{ Ngmlgh{ni* Fiji~{ni* }`h T`njnttngh{* igm ]ìnjigm* {`ne}hm erlf ighklglfnk tljnk~ ng eiulr le nftlr}&{xb{}n}x}nlg }l lgh elkx{nga lg hptlr}&hptig{nlg' Igm{ngkh }`h 9>>4{* }`h Thltjh„{ Rhtxbjnk le K`ngi TRK. qi{ ij{l ibjh }l olng }`h arlxt leng}hari}nga rhanlgij hklglfnh{' Eljjlqnga i ‚ ej~nga&ahh{h‖ ti}}hrg* I{nig klxg}rnh{ ìuhbhhg ibjh }l h{}ibjn{` i }rimh&nguh{}fhg} ghpx{ q`nk` ì{ tji~hm ig nftlr}ig} rljh ngel{}hrnga hklglfnk mhuhjltfhg} igm arlq}` ng }`h rhanlg îfiziqi 9>>43 Xri}i 9>>9.'

Ngmhhm* }`h engigknij krn{n{ le 9>>1‛>0 qi{ i qi}hr{`hm? n} qi{ }`h fl{} {nagnenkig} }rnaahrngaeik}lr elr rhanlgij hklglfnk igm engigknij kllthri}nlg iflga I{nig klxg}rnh{ ng }`h ji{} ehqmhkimh{ IMB 2440.' Trlft}hm b~ rhanlgij mnijlaxh* hklglfnk igm flgh}ir~ ix}`lrn}nh{

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qhrh ibjh }l xgmhr}ich {}rxk}xrij rhelrf{ igm ng}rlmxkh rhaxji}nlg{ i} gi}nlgij jhuhj{ q`nk`{}rhga}`hghm engigknij firch}{ igm ngkrhi{hm* ng }xrg* }`h klxg}rnh{„ hklglfnk rh{njnhgkhiaing{} }`h 2440‛4> ajlbij engigknij krn{n{' I{ i fi}}hr le eik}* }`h rhanlgij kllthri}nlgmnijlaxh {}ir}hm ie}hr }`h 9>>1‛>0 krn{n{ `hjthm I{nig hklglfnh{ threlrf }`h hgangh rljh elrajlbij hklglfnk arlq}` }`h~ ìuh bhhg tji~nga ng }`h ji{} ehq ~hir{ IMB 2494.'

I{ni„{ ngn}ni}nuh{ ng {xttlr} le rhanlgij kllthri}nlg igm ng}hari}nlg kig bh kji{{nenhm ng}l elxrtnjjir{? n. }rimh igm nguh{}fhg}3 nn. flgh~ igm engigkh3 nnn. ngeri{}rxk}xrh igm klgghk}nun}~3igm nu. rhanlgij txbjnk allm{ IMB 2445.' Ng }rimh igm nguh{}fhg}* I{nig hklglfnh{ ìuhbhhg hpthrnhgknga i trljnehri}nlg le erhh }rimh igm nguh{}fhg}. iarhhfhg}{ E]I{. nguljungarhanlgij fhfbhr{' Ng flgh~ igm engigkh* {nagnenkig} mhuhjltfhg}{ qhrh rhkhg}j~ ik`nhuhmqn}` }`h fxj}nji}hrijnzi}nlg le }`h K`niga Fin Ngn}ni}nuh KFN. igm }`h h{}ibjn{`fhg} le }`hI[HIG#; Fikrlhklglfnk Rh{hirk` Leenkh IFRL.' Ng ngeri{}rxk}xrh igm klgghk}nun}~* iarlqnga gxfbhr le ngn}ni}nuh{ qhrh {}ir}hm xgmhr }`h Arhi} Fhclga [xbrhanlg AF[. igm}`h Khg}rij I{ni Rhanlgij Hklglfnk Kllthri}nlg KIRHK. trlarif{* ng immn}nlg }l }`hI[HIG Ngeri{}rxk}xrh Exgm igm rhanlg&qnmh trlohk}{ {xk` i{ }`h I{nig @na`qi~ igm }`h]rig{&I{nig Rinjqi~* xgmhr }`h Xgn}hm Gi}nlg{„ Hklglfnk igm [lknij Klffn{{nlg elr I{niigm }`h Tiknenk H[KIT.' Engijj~* ng }`h rhanlgij txbjnk allm{„ tnjjir* I{nig klxg}rnh{ ìuh

bhhg {}rhga}`hgnga mnijlaxh ng irhi{ {xk` i{ gi}xrij mn{i{}hr{„ figiahfhg}* hgunrlgfhg}igm kjnfi}h kìgah* hghra~ {hkxrn}~* trhuhg}nlg igm figiahfhg} le klffxgnkibjhmn{hi{h{* igm mrxa{ igm `xfig }rieenkcnga IMB 2494.'

Enaxrh 9 trlunmh{ i {k`hfi}nk unhq le }`h igij~}nkij erifhqlrc ittjnhm ng }`n{ tithr }l }`higij~{n{ le }`h kìgghj{* tnjjir{* igm {}rxk}xrh{ x{hm }l trlfl}h rhanlgij hklglfnkng}hari}nlg ng I{ni* ngkjxmnga ngn}ni}nuh{ elr rhanlgij kllthri}nlg'

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klxg}rnh{ ng}hg{ne~ }`hnr rhanlgij igm ajlbij hklglfnk ng}hrmhthgmhgkh' I{ i fi}}hr le eik}*I{nig hklglfnk ng}hari}nlg rhfing{ xghuhg ikrl{{ {xbrhanlg{ i{ qhjj i{ exgk}nlgij irhi{*ìunga fl{}j~ elkx{hm lg }rimh ng ng}hrfhmni}h allm{ qn}`ng Hi{} I{ni? [lx}` I{ni* Khg}rijI{ni* igm }`h Tiknenk irh mh eik}l gl} nguljuhm ng rhanlgij trlmxk}nlg gh}qlrc{' Q`njh }rimhbh}qhhg [lx}` igm Hi{} I{ni”gl}ibj~ bh}qhhg Ngmni igm }`h TRK”n{ arlqnga* lgj~ ehqngmx{}rnh{ irh tir} le }`n{ mhuhjltfhg}' Ij}`lxa` Hi{} I{ni„{ ng}rirhanlgij }rimh {ìrh{ irhkjl{h }l 88(* {nfnjir enaxrh{ rhfing uhr~ jlq elr }`h l}`hr I{ni„{ {xbrhanlg{' I} }`h {ifh}nfh* i{ I{nig hklglfnh{ irh ritnmj~ {}rhga}`hgnga }`hnr }nh{ qn}` }`h rh{} le }`h qlrjm* n} n{ lex}fl{} nftlr}igkh }l hg{xrh }ì} rhanlgij igm ajlbij ng}hari}nlg rhfing klfti}nbjh? ig~fhi{xrh infnga }l khfhg} I{ni„{ ng}hari}nlg {`lxjm klftjhfhg} ri}`hr }ìg klfth}h qn}àjlbij ngn}ni}nuh{ IMB 2494.'

Rhelrf{ le I{ni„{ ng{}n}x}nlgij irk`n}hk}xrh elr rhanlgijn{f irh ij{l ghhmhm }l khfhg} }`haing{ }ì} ìuh bhhg {l eir ik`nhuhm b~ rhanlgij fhfbhr{ igm }l mhhthg ng}hari}nlg ng{hk}lr{ q`nk` irh {}njj jiaanga bh`ngm' Q`njh rhanlgij kllthri}nlg ngn}ni}nuh{ irh nftlr}ig} }liulnm }`h rhkxrrhgkh le hklglfnk igm engigknij krn{h{ b~ jnfn}nga uxjghribnjn}~ }l hp}hrgij{`lkc{* I{ni„{ ng}hari}nlg ghhm{ }l fluh bh~lgm trlmxk}nlg gh}qlrc{ igm hptigm ng}l{hrunkh{* {cnjjhm jiblr* engigknij firch}{* flgh}ir~ igm hpkìgah ri}h irrigahfhg}{*ngn}ni}nuh{ }l girrlq }`h ngklfh ait* igm }`h trlun{nlg le l}`hr rhanlgij txbjnk allm{'

@na`&jhuhj tljn}nkij jhimhr{`nt n{ rhyxnrhm }l {ìth I{ni„{ ghq ng{}n}x}nlgij irk`n}hk}xrh elrhklglfnk igm engigknij ng}hari}nlg' Q`njh }`h trlkh{{ le I{nig rhanlgijn{f n{ le}hg {hhg i{fl{}j~ klfnga erlf }`h bl}}lf xt* rhkhg}j~ ch~ tljn}nkij jhimhr{ ìuh elrfxji}hm un{nlg{ elri flrh kjl{hj~ ng}hari}hm I{ni infnga }l h{}ibjn{` i rhanlgij klffxgn}~' ^xcnl @i}l~ifiigm Chung Rxmm* }`h elrfhr Trnfh Fngn{}hr{ le Oitig igm Ix{}rijni* rh{thk}nuhj~* kijjhm elr}`h krhi}nlg le ig ‚Hi{} I{nig Klffxgn}~‖ igm ig ‚I{ni&Tiknenk Klffxgn}~‖* rh{thk}nuhj~']`h TRK„{ Trh{nmhg}* @x Ong}il* ir}nkxji}hm }`h un{nlg elr i ‚@irflgnlx{ I{ni‖3 ClrhigTrh{nmhg} Jhh F~xga&bic {xaah{}hm i ‚Ghq I{ni Ngn}ni}nuh‖* igm }`h Ngmnig Trnfh Fngn{}hr*Figflìg [nga`* trltl{hm }l h{}ibjn{` ig ‚I{nig Hklglfnk Klffxgn}~‖'

Tljn}nkij jhimhr{ {hhf chhg }l {xttlr} kjl{hr rhanlgijn{f }`rlxa` hgìgkhm mnijlaxh igmtrlohk}{ lg hklglfnk igm {hkxrn}~ fi}}hr{' ]`h~ irh {`lqnga {}rlgahr klffn}fhg} }l kjl{hrrhanlgij ng}hari}nlg' Bx} q`hrh ml }`n{ ghq }lt&mlqg ittrlik` igm }`h }rimn}nlgij bl}}lf&xtittrlik` fhh}< Qì} n{ }`h mh{nribjh {}rxk}xrh le i ghq ng{}n}x}nlgij irk`n}hk}xrh elrrhanlgij hklglfnk igm engigknij ng}hari}nlg<

]`n{ tithr igij~zh{ }`h rh{xj}{ le i rhkhg}j~ klgmxk}hm IMB {xruh~ le 9*444 ltngnlg jhimhr{erlf I{nig klxg}rnh{* q`nk` {`hm {lfh jna`} lg }`h ibluh yxh{}nlg{ IMB 2494.' N} ij{lmn{kx{{h{ }`h ghhm }l {}rhga}`hg hpn{}nga rhanlgij ng{}n}x}nlg{ igm }l krhi}h ghq lgh{'Kìt}hr 2 trh{hg}{ }`h {xruh~„{ fh}`lmljlankij ittrlik` igm trlunmh{ {lfh bi{nk {}i}n{}nk{lg }`h {iftjh klftl{n}nlg' Kìt}hr ; mn{kx{{h{ fing kìjjhgah{ I{ni n{ eiknga }l{}rhga}`hg n}{ NRN{' ]`h trlarh{{ }lqirm{ kjl{hr rhanlgij flgh}ir~ igm engigknij kllthri}nlgn{ trh{hg}hm ng Kìt}hr =* q`njh Kìt}hr 8 klgkjxmh{ qn}` i mn{kx{{nlg lg }`h krhi}nlg le igI{ni&qnmh hklglfnk klffxgn}~ igm }`h ghhmhm ghq ng{}n}x}nlg{'

]l qì} hp}hg} n{ n} tl{{nbjh }l klguhr} }`hun{nlg{ le tljn}nkij jhimhr{ ng}l }`h trlkh{{ le ng{}n}x}nlg bxnjmnga< Qnjj I{ni„{ NRN{ bhklfhflrh heehk}nuh ng mhjnuhrnga }`hnr figmi}h{<




5

2' LTNGNLG JHIMHR[„ [XRUH^

Ng hirj~ 2494 }`h IMB {xruh~hm ltngnlg jhimhr{ ng I{ni igm }`h Tiknenk iblx} }`hnr unhq{ lg}`h ng{}n}x}nlgij irk`n}hk}xrh elr rhanlgij ng}hari}nlg' ]`h {xruh~ engmnga{ {xaah{} }ì} I{ni„{ltngnlg jhimhr{ irh ngkrhi{ngaj~ ng eiulr le krhi}nga ig hklglfnkijj~ ng}hari}hm rhanlg IMB

2494.' ]`h~ ehhj }ì} q`njh kllthri}nlg lg }rimh igm engigkh n{ trlarh{{nga* flrh ghhm{ }lbh mlgh }l trlunmh hklglfnk ngeri{}rxk}xrh igm rhanlgij txbjnk allm{ ng irhi{ {xk` i{gi}xrij mn{i{}hr{„ figiahfhg}* hgunrlgfhg}ij trh{hrui}nlg* klffxgnkibjh mn{hi{h{* igmhghra~ igm ellm {hkxrn}~' ]`h~ bhjnhuh }ì}* }l trlfl}h kjl{hr kllthri}nlg igm mhhthrhklglfnk ng}hari}nlg* I{ni ghhm{ ghq igm {}rlgahr ng{}n}x}nlg{ elr rhanlgijn{f' ]`h~ irhklgenmhg} }ì} ng }`h jlga rxg I{ni qnjj bh ibjh }l krhi}h i rhanlg&qnmh hklglfnk klffxgn}~'

]`h IMB {xruh~ x{hm i {}ri}nenhm {iftjh le ;*421 ltngnlg jhimhr{ erlf 9> klxg}rnh{ ng }`hI{ni igm }`h Tiknenk rhanlg' ]`h {iftjh qi{ lraignzhm ng}l enuh {xbrhanlg{ ;

;

Khg}rij I{ni* [lx}` I{ni* [lx}`hi{} I{ni* Glr}`hi{} I{ni* Lkhigni igm }`h Tiknenk'

igm elxrki}halrnh{ le ltngnlg jhimhr{ ikimhfnk{* bx{ngh{{ jhimhr{* aluhrgfhg} leenknij{* fhfbhr{le fhmni igm,lr knunj {lknh}~ lraignzi}nlg{.' ]`h {iftjh mn{}rnbx}nlg b~ klxg}r~ igm ki}halr~qi{ bi{hm lg i qhna`}hm iuhriah le }`h tltxji}nlg {nzh igm n}{ arl{{ mlfh{}nk trlmxk}* i{

{`lqg ng ]ibjh 9'




1

]ibjh 9? Brhicmlqg le Rh{tlg{h{

[xbrhanlg Klxg}r~Ki}halr~

Ikimhfni Bx{ngh{{ Aluhrgfhg} Fhmni,GAL ]L]IJ

Khg}rij

I{ni

Cizic`{}ig 2 = = 2 92

C~ra~z Rhtxbjnk 9 2 2 9 5

Xzbhcn{}ig 9 2 2 9 5

]l}ij = 0 0 = 2=

[lx}`

I{ni

Ngmni 95 ;5 ;5 95 94=

Ticn{}ig = 92 9= 0 ;0

[rn Jigci ; 94 94 ; 25

]l}ij 2; 80 54 21 950

Glr}`hi{}

I{ni

TRK ;5 14 =; 0 981

Oitig 24 1> =0 5 98;

Rhtxbjnk le Clrhi 99 =; 92 2 50

]l}ij 51 9>2 94; 95 ;10

[lx}`hi{}

I{ni

Ngmlgh{ni 1 =2 2; 94 02

Fiji~{ni 98 94 92 8 =2

T`njnttngh{ 9= 82 82 5 92=

[ngaitlrh 2; 5 99 9 =9

]ìnjigm > 24 ;= = 51

Unh} Gif 8 2 25 ; ;5

]l}ij 1; 9;2 980 2> ;>2

Tiknenk

igm

Lkhigni

Ix{}rijni 5 5 5 = 22Enon N{jigm{ 9 2 2 9 5

TGA 9 2 2 9 5

Uigxi}x 9 9 9 9 =

]l}ij > 99 99 1 ;0

ARIGM ]L]IJ 915 =49 ;=4 0; 9*444GAL 6 Glgaluhrgfhg} Lraignzi}nlg3 TGA 6 Titxi Ghq Axnghi3 TRK 6 Thltjh!{ Rhtxbjnk le K`ngi'

[lxrkh? IMB 2494.'

Irlxgm 11( le rh{tlgmhg}{ qhrh bi{hm ng hn}`hr [lx}`hi{} lr Glr}`hi{} I{ni* eljjlqhm b~[lx}` I{ni 95'0(.* }`h Tiknenk igm Lkhigni ;'0(.* igm Khg}rij I{ni 2'=(.' Bx{ngh{{jhimhr{ ikklxg}hm elr =4( le rh{tlgmhg}{* aluhrgfhg} leenknij{ elr ;=(* ikimhfnk{ elr

90(* igm ltngnlg jhimhr{ erlf }`h fhmni igm glgaluhrgfhg}ij lraignzi}nlg{ elr 0(' ]`htrlenjh le }l}ij rh{tlgmhg}{ qi{ fimh xt le 19( fijh{ igm 2>( ehfijh{' ]`h iuhriahhmxki}nlg jhuhj le ltngnlg jhimhr{ ng}hrunhqhm qi{ uhr~ `na`? lg iuhriah 59( le }`hf ìm itl{}&arimxi}h mharhh* ;0( i arimxi}h mharhh* igm i fhrh 9( ìm lgj~ klftjh}hm{hklgmir~ hmxki}nlg' Ng }hrf{ le iah klftl{n}nlg* }`h jirah{} {ìrh 54(. qi{ iahmbh}qhhg ;4 igm =>* eljjlqhm b~ }`l{h iahm bh}qhhg 84 igm 5> ;9(.* q`njh lgj~ 5( qhrhbhjlq ;4 igm ;( ibluh 14'

]`h gifh{ igm klg}ik} mh}inj{ le ltngnlg jhimhr{ ng}hrunhqhm qhrh ai}`hrhm erlf IMB„{jn{}{ lb}inghm erlf n}{ `himyxir}hr{ igm rh{nmhg} fn{{nlg{' ]l ngkrhi{h }`h jnchjn`llm lerh{tlg{h* }`h {xruh~ yxh{}nlgginrh qi{ mh{naghm }l }ich gl flrh }ìg 94‛98 fngx}h{ }lklftjh}h' ]l eiknjn}i}h xgmhr{}igmnga b~ i brlim {thk}rxf le rh{tlgmhg}{* }`h Hgajn{`

yxh{}nlgginrh qi{ }rig{ji}hm ng}l {np jigaxiah{ Biì{i Ngmlgh{nig* Oitigh{h* Clrhig*Figmirng* Rx{{nig* igm Unh}gifh{h.' Ijj ng}hrunhq{ qhrh klgmxk}hm lgjngh qn}` }`h `hjt le




0

ig ngmhthgmhg} {xruh~nga enrf' ]`h {xruh~ qi{ kjl{hm lgkh 9*444 rh{tlg{h{ qhrhkljjhk}hm'

;' K@IJJHGAH[ ]L []RHGA]@HGNGA I[NI„[

NG[]N]X]NLG[ ELR RHANLGIJN[F]`h jirah{} fiolrn}~ le I{nig ltngnlg jhimhr{ bhjnhuh }`h bhghen}{ le {}rhga}`hgnga rhanlgijhklglfnk ng}hrmhthgmhgkh lx}qhna` n}{ kl{}{ Enaxrh 2.' Rhanlgij ng}hari}nlg n{ {hhg i{ itl{n}nuh elrkh elr I{nig klxg}rnh{ i{ n} {thhm{ xt }`hnr hklglfnk arlq}` igm anuh{ }`hf i{}rlgahr ulnkh ng ng}hrgi}nlgij elrxf{' Kjl{hr rhanlgij ng}hari}nlg n{ ij{l thrkhnuhm i{`hjtnga rhmxkh tluhr}~ igm nftrluh {lknij ngmnki}lr{* i{ qhjj i{ leehrnga ig ij}hrgi}nuh }lajlbij fxj}nji}hrij ng{}n}x}nlg{' Iflga }`h kl{}{ i{{lkni}hm qn}` rhanlgijn{f* ltngnlg jhimhr{irh fl{} klgkhrghm iblx} i tl}hg}nij qnmhgnga le }`h mnunmh bh}qhhg }`h rnk` igm }`h tllr*q`nk` fi~ ìtthg bhkix{h }`h bhghen}{ erlf kjl{hr rhanlgij hklglfnk }nh{ irh xghuhgj~mn{}rnbx}hm qn}`ng igm ikrl{{ klxg}rnh{' @lqhuhr* rhanlgij ngn}ni}nuh{ {xk` i{ nftrluhfhg}{ng ngeri{}rxk}xrh igm klgghk}nun}~ fi~ `hjt girrlqnga }`h mhuhjltfhg} ait' Thrkhnuhm kl{}{

le rhanlgijn{f ngkjxmh ij{l i jl{{ le ngmhthgmhgkh luhr gi}nlgij hklglfnk tljnknh{ igm ighrl{nlg le klfth}n}nuh imuig}iah{ luhr ghna`blrnga klxg}rnh{* i{ gi}nlgij {}igmirm{ irhìrflgnzhm lr fx}xijj~ rhklagnzhm' L}`hr kl{}{ le kjl{hr rhanlgij ng}hari}nlg irh rhji}hm }l}`h qhichgnga le hklglfnk jngc{ qn}` glg&I{nig klxg}rnh{ igm }`h ehirhm hrl{nlg le gi}nlgijkxj}xrh igm nmhg}n}~'

Enaxrh 2? Thrkhnuhm Kl{}{ igm Bhghen}{ le Rhanlgij Hklglfnk Ng}hari}nlg

Gl}h? Uijxh{ irh bi{hm lg }l}ij rh{tlg{h 9*444.' ]`h yxh{}nlg qi{? Ri}h }`h kl{}{ igm bhghen}{ elr ~lxr klxg}r~ le{}rhga}`hgnga hklglfnk rhji}nlg{ qn}` l}`hr klxg}rnh{ ng I{ni igm }`h Tiknenk'

[lxrkh? IMB 2494.'

Klgkhrgnga }`h heehk}{ le rhanlgij kllthri}nlg* ltngnlg jhimhr{ bhjnhuh }ì} ngeri{}rxk}xrhtrlohk}{ }l nftrluh klgghk}nun}~ igm h{}ibjn{` hghra~ jngc{ leehr }`h bnaah{} bhghen}{*eljjlqhm b~ }`h krhi}nlg le i rhanlg&qnmh erhh }rimh igm nguh{}fhg} irhi' Rhanlgij mnijlaxh{

lg fikrlhklglfnk tljnk~* engigknij&{hk}lr mhuhjltfhg}* }`h trlun{nlg le rhanlgij txbjnkallm{* igm {hkxrn}~ n{{xh{ irh ij{l thrkhnuhm i{ `na`j~ bhghenknij* eljjlqhm b~ fhkìgn{f{}l kllrmngi}h flgh}ir~ igm hpkìgah&ri}h tljnknh{' Enaxrh ; jn{}{ {xk` exgk}nlgij irhi{ ng

4'44 4'24 4'=4 4'54 4'04 9'44

Jh{{ tluhr}~* bh}}hr {lknij ngmnki}lr{

Ij}hrgi}nuh }l ajlbij fxj}nji}hrij ng{}n}x}nlg{

[}rlgahr I{nig ulnkh ng ng}hrgi}nlgij elrxf{

Ei{}hr igm flrh m~gifnk hklglfnk arlq}`

Jl{{ le gi}nlgij kxj}xrh igm nmhg}n}~

Qhichr hklglfnk jngciah{ qn}` gl&I{nig klxg}rnh{

Jl{{ le ngmhthgmhgkh le gi}nlgij hklglfnk tljnknh{

Arhi}hr mnunmh bh}qhhg rnk` igm tllr Kl{}{

Bhghen}{




>

lrmhr le nftlr}igkh* i{ {xaah{}hm b~ ltngnlg jhimhr{' ]`h{h engmnga{ irh klg{n{}hg} qn}`}`l{h le i trhunlx{ {nfnjir IMB {xruh~ klgmxk}hm ng 2441 }l i rhji}nuhj~ {fijjhr arlxt leltngnlg jhimhr{ IMB 24403 Kitigghjjn 2494.'=

Enaxrh ;? Imuig}iah{ le Rhanlgij Kllthri}nlg

Gl}h? Uijxh{ irh bi{hm lg }l}ij rh{tlg{h{ 9*444.' ]`h yxh{}nlg qi{? Ri}h }`h imuig}iah{ elr ~lxr klxg}r~ erlftir}nknti}nga ng mneehrhg} ngn}ni}nuh{ elr rhanlgij kllthri}nlg'

[lxrkh? IMB 2494.'

I{ Enaxrh = {`lq{* ghirj~ 18( le }`h rhanlg!{ ltngnlg jhimhr{ bhjnhuh }ì} I{nig tljnk~

fichr{ {`lxjm bxnjm {}rlgahr ng{}n}x}nlg{ elr rhanlgijn{f' ]`h~ iarhh }ì} hpn{}nga ng{}n}x}nlg{{`lxjm bh {}rhga}`hghm b~ ngkrhi{nga `xfig igm engigknij rh{lxrkh{* rhkhnunga flrhmhjhai}hm tlqhr{ erlf gi}nlgij iahgknh{* nftrlunga }`hnr aluhrgigkh {}rxk}xrh{* hjnfngi}ngaxgghkh{{ir~ exgk}nlgij mxtjnki}nlg{* klg{ljnmi}nga hpn{}nga irrigahfhg}{ ng}l rhanlg&qnmhlgh{* igm mhengnga i kjhir mnun{nlg le jiblr iflga {nfnjir ng{}n}x}nlg{'

Irlxgm ìje le ltngnlg jhimhr{ bhjnhuh }ì} ghq ng{}n}x}nlg{ {`lxjm bh krhi}hm q`hrh ait{hpn{} lr q`hrh hpn{}nga lgh{ irh ngheenknhg} lr ngheehk}nuh' Ng tir}nkxjir* }ql fing irhi{ q`hrhghq rhanlgij ng{}n}x}nlg{ irh mhhfhm }l bh flrh xrahg}j~ ghhmhm irh ng mhuhjltngangeri{}rxk}xrh igm trlunmnga rhanlgij txbjnk allm{' I} }`h {ifh }nfh* ltngnlg jhimhr{ bhjnhuh}`h ghhm }l krhi}h ghq ng{}n}x}nlg{ n{ jh{{ trh{{nga ng irhi{ {xk` i{ }rimh igm nguh{}fhg} lrflgh~ igm engigkh* q`hrh kjl{hr rhanlgijn{f kig bh ik`nhuhm b~ hftlqhrnga hpn{}nga

ng{}n}x}nlg{'

= ]`h rigcnga le imuig}iah{ rhfinghm }`h {ifh ng 2441 igm 2494* i{ mnm }`h ahghrij ng}hg{n}~' ]`h trltlr}nlg

bhjnhunga }ì} }`h krhi}nlg le i rhanlg&qnmh erhh }rimh igm nguh{}fhg} irhi qlxjm ìuh `na` lr uhr~ `na` bhghen}{

ngkrhi{hm erlf 5>( le rh{tlgmhg}{ ng 2441 }l 15( ng 2494'

4( 24( =4( 54( 04( 944(

Rhanlgij ngeri{}rxk}xrh mhuhjltfhg}

Erhh }rimh % nguh{}fhg} iarhhfhg}{

Mnijlaxh lg fikrlhklglfnk tljnk~ igm engigknij {hk}lr

Mnijlaxh lg rhanlgij txbjnk allm{

Mnijlaxh lg rhanlgij {hkxrn}~

Fhkìgn{f{ }l kllrmngi}h flgh}ir~ igm hpkìgah

ri}h tljnknh{ Uhr~ @na`,@na` Ghn}`hr @na` glr Jlq Uhr~ Jlq,Jlq Mlg!} Cglq




94

Enaxrh =? Rhimngh{{ igm Flmijn}nh{ elr I{ni!{ Ng{}n}x}nlg{ elr Rhanlgij Ng}hari}nlg

N{ }`h }nfh rnth }l {}rhga}`hg

ng{}n}x}nlg{ elr rhanlgijn{f<

Flmijn}nh{ }l hgìgkh ng{}n}x}nlg{ elr I{nig ng}hari}nlg

Gl}h? Uijxh{ irh bi{hm lg }l}ij rh{tlg{h 9*444.' ]`h yxh{}nlg{ qhrh? Y9? Ml ~lx {ìrh }`h unhq }ì} }`h }nfh n{rnth elr jhimhr{ ng I{ni igm }`h Tiknenk }l arhi}j~ {}rhga}`hg }`h kitibnjn}nh{ le ng{}n}x}nlg{ elr rhanlgij ng}hari}nlg< Y2?Ngmnki}h }l qì} hp}hg} ~lx iarhh mn{iarhh. qn}` }`h ittrltrni}hgh{{ le }`h mneehrhg} flmijn}nh{ }l hgìgkhng{}n}x}nlg{ elr rhanlgij ng}hari}nlg ng I{ni igm }`h Tiknenk'

[lxrkh? IMB 2494.'

]`h krhi}nlg le ig ‚I{nig hklglfnk klffxgn}~‖ n{ klg{nmhrhm b~ }`h jirah{} fiolrn}~ le{xruh~hm ltngnlg jhimhr{ flrh }ìg 04(. i{ lgh le }`h fing jlga&}hrf lbohk}nuh{ lerhanlgij hklglfnk ng}hari}nlg' Q`njh }`h ik}xij {}rxk}xrh igm ir}nkxji}nlg le {xk` iklffxgn}~ qi{ gl} kjhirj~ {thknenhm ng }`h yxh{}nlgginrh rh{tlg{h{* n} n{ ahghrijj~ rhairmhmi{ i klftrh`hg{nuh ng{}n}x}nlg kluhrnga i qnmh rigah le lthri}nlgij irhi{ igm fhfbhrklxg}rnh{' Bh{nmh{ i rhanlgij hklglfnk klffxgn}~* I{nig ltngnlg jhimhr{ {hh }`h elrfi}nlg

le i rhanlg&qnmh erhh }rimh igm nguh{}fhg} irhi igm i mnijlaxh }l {}rhga}`hg engigknij{}ibnjn}~ igm kllrmngi}h fikrlhklglfnk tljnknh{ i{ ig huhg flrh mh{nribjh lbohk}nuh lerhanlgijn{f'8

8 Rh{thk}nuhj~ 05( igm 08( le {xruh~hm ltngnlg jhimhr{ firchm }`hf i{ `na`j~ mh{nribjh lr mh{nribjh jlga&}hrf

lbohk}nuh{ le ng}hari}nlg iflga I{nig klxg}rnh{'

I kjl{hr mnijlaxh lg flgh}ir~ igm hpkìgah&ri}h tljnk~ igm }`h krhi}nlg le irhanlgij {hkxrn}~ zlgh ij{l ehi}xrhm ghir }`h }lt ng }`h jn{} le trhehrhgkh{' Krhi}nga ig I{nig{ngajh kxrrhgk~ lr i tljn}nkij xgnlg rhkhnuhm klg{nmhribj~ jh{{ {xttlr}' Ng tir}nkxjir* lgj~;;( le rh{tlgmhg}{ ehj} i tljn}nkij xgnlg qi{ mh{nribjh lr `na`j~ {l* q`njh ;8( rhfinghmghx}rij Enaxrh 8.'

4(

24(

=4(

54(

04(

944(

[}rhga}`hgnga hpn{}nga ng{}n}x}nlg{

Klg{ljnmi}nga hpn{}nga ng{}n}x}nlg{

Krhi}nga ghq ng{}n}x}nlg{

[}rlgaj~ Iarhh,Iarhh Ghx}rij [}rlgaj~ Mn{iarhh,Mn{iarhh Mlg!} cglq

Mlg!}Cglq 5(

^h{

1=(

Gl

24(




99

Enaxrh 8? Mh{nribnjn}~ le Rhanlgij Ng}hari}nlg Lbohk}nuh{

Gl}h? Uijxh{ irh bi{hm lg }l}ij rh{tlg{h 9*444.' ]`h yxh{}nlg qi{? ]`ngcnga le ~lxr jlga&}hrf un{nlg elrrhanlgijn{f* ri}h }`h mh{nribnjn}~ le uirnlx{ ng}hari}nlg lbohk}nuh{ iflga klxg}rnh{ ng I{ni igm }`h Tiknenk'

[lxrkh? IMB 2494.'

Krhi}nga ig hklglfnk klffxgn}~ i} }`h {xbrhanlgij jhuhj* n{ {hhg i{ i `na` trnlrn}~ ng[lx}`hi{} igm [lx}` I{ni* thrìt{ tir}j~ bhkix{h I[HIG igm [IIRK ìuh bl}` bhhgtrlfl}nga {nfnjir nmhi{' Ng tir}nkxjir* I[HIG n{ klffn}}hm }l krhi}nga ig I[HIG HklglfnkKlffxgn}~ bi{hm lg i {ngajh firch} igm trlmxk}nlg bi{h b~ 2498' Lg }`h l}`hr ìgm*ltngnlg jhimhr{ erlf Khg}rij I{ni igm }`h Tiknenk klg{nmhr }`h h{}ibjn{`fhg} le ig hklglfnk

klffxgn}~ i fxk` jlqhr trnlrn}~' Ltngnlg jhimhr{ elrf Khg}rij I{ni qhrh flrh ng}hrh{}hm ngh{}ibjn{`nga i {hkxrn}~ zlgh igm }`h~ ij{l rhan{}hrhm }`h `na`h{} ngkjngi}nlg }l krhi}h itljn}nkij xgnlg' ]`h{h rh{xj}{ irh gl} }ll {xrtrn{nga* anuhg Khg}rij I{nig klxg}rnh{„ rhkhg}ti{} i{ tir} le }`h [lunh} Xgnlg' Ng }`h Tiknenk* }`h `na`h{} trnlrn}nh{ qhrh }l h{}ibjn{` i erhh}rimh igm nguh{}fhg} irhi igm i mnijlaxh lg fikrl&engigknij n{{xh{ Enaxrh 5.'

4( 24( =4( 54( 04( 944(

Erhh ]rimh % Nguh{}fhg} Irhi

Fikrlhklglfnk Tljnk~ % EngigknijMnijlaxh

Hklglfnk Klffxgn}~

Flgh}ir~ % Hpkìgah Ri}h Tljnk~Mnijlaxh

Rhanlgij [hkxrn}~ _lgh

Flgh}ir~ Xgnlg

Tljn}nkij Xgnlg

@na`j~ mh{nribjh,mh{nribjh Ghn}`hr mh{nribjh glr xgmh{nribjh @na`j~ xgmh{nribjh,xgmh{nribjh Mlg!} Cglq




92

Enaxrh 5? Mh{nribnjn}~ le [hjhk}hm Rhanlgij Ng}hari}nlg Lbohk}nuh{ b~ I{ni„{[xbrhanlg{

Gl}h? Uijxh{ irh bi{hm lg }l}ij rh{tlg{h 9*444.' ]`h yxh{}nlg qi{? ]`ngcnga le ~lxr jlga& }hrf un{nlg elr rhanlgijn{f* ri}h }`h mh{nribnjn}~ le uirnlx{ ng}hari}nlg lbohk}nuh{ iflga

klxg}rnh{ ng ~lxr rhanlg'[lxrkh? IMB 2494.'

]`h rhijnzi}nlg le }`h{h jlga&}hrf lbohk}nuh{ rhyxnrh{ }`h hg`igkhfhg} le hpn{}ngang{}n}x}nlg{ elr rhanlgijn{f igm }`h krhi}nlg le ghq lgh{' ]`h {xruh~„{ rh{xj}{ {`lq }`i}ltngnlg jhimhr{ bhjnhuh {huhrij ghq ng{}n}x}nlg{ ghhm }l bh krhi}hm ng }`h ghir ex}xrh }ltrlfl}h I{ni&qnmh hklglfnk ng}hari}nlg' I ‚Engigknij [}ibnjn}~ Mnijlaxh‖ hfhrahm i{ }`hfl{} ghhmhm ghq rhanlgij ng{}n}x}nlg i{ }`h nftlr}igkh }l hg{xrh rhanlgij engigknij {}ibnjn}~b~ {}rhga}`hgnga rhaxji}nlg* flgn}lrnga* igm mnijlaxh bh}qhhg }`h txbjnk igm trnui}h {hk}lrqi{ {xaah{}hm i{ uhr~ `na` lr `na` b~ 10( b~ I{ni„{ ltngnlg jhimhr{' ]`h klg{ljnmi}nlg lehpn{}nga I{ni„{ E]I{ igm mhuhjltfhg} le axnmhjngh{ elr bh{} rhanlgij trik}nkh }`rlxa` }`hkrhi}nlg le i ‖Erhh ]rimh igm Nguh{}fhg} Irhi‖ hfhrahm i{ }`h {hklgm fl{} ghhmhm

ng{}n}x}nlg ng }`h unhq le I{ni„{ ltngnlg jhimhr{* i{ Enaxrh 1 {`lq{'




9;

Enaxrh 1? [xttlr} le Ng{}n}x}nlg{ elr I{nig Ng}hari}nlg

Gl}h? Uijxh{ irh bi{hm lg rh{tlg{h{ erlf 9*444 ltngnlg jhimhr{ ng I{ni igm }`h Tiknenk }l IMB!{ 2494 thrkht}nlg{xruh~' ]`h yxh{}nlg qi{? Ri}h }`h nftlr}igkh }l krhi}h }`h eljjlqnga ng{}n}x}nlg{ elr rhanlgij ng}hari}nlg ng I{ni igm }`h Tiknenk* jhiunga i{nmh }`h n{{xh le hpik} fhfbhr{`nt klftl{n}nlg le hik` ng{}n}x}nlg'

[lxrkh? IMB 2494.'

]`h }`nrm trnlrn}~ qi{ }`h krhi}nlg le ig ‚I{nig ngeri{}rxk}xrh elrxf‖* q`nk` n{ {hhg i{ tji~ngaig nftlr}ig} rljh ng nftrlunga klgghk}nun}~ ij{l b~ kllrmngi}nga igm ng}hari}nga hpn{}ngangn}ni}nuh{ i} {xbrhanlgij jhuhj' ]`h ghp} }`rhh trnlrn}nh{ ng }hrf{ le ghq ng{}n}x}nlg{ elrrhanlgijn{f qhrh* rh{thk}nuhj~* }`h krhi}nlg le ig ‚I{nig flgh}ir~ exgm‖* }l klgmxk} rhanlgijengigknij flgn}lrnga igm txjj rh{lxrkh{ }lah}`hr elr jnyxnmn}~ {xttlr} }l rhanlgij fhfbhr{* ig‚I{nig {hkrh}irni} elr hklglfnk kllthri}nlg‖* }l krhi}h i klfflg firch} igm kllrmngi}hfikrlhklglfnk tljnknh{ ng }`h rhanlg* igm ig ‚I{nig {hkxrn}~ mnijlaxh‖ }l hg{xrh }`hiulnmigkh le fnjn}ir~ klgejnk}{* }`h thikhexj {h}}jhfhg} le mn{tx}h{* igm }`h {ljx}nlg le{hkxrn}~&rhji}hm n{{xh{'

Iblx} 84( le ltngnlg jhimhr{ bhjnhuh ng }`h nftlr}igkh le krhi}nga i ‚Klxgknj le I{ni‖* n'h'*

ig xfbrhjji lraignzi}nlg q`nk` brnga{ }lah}`hr hpn{}nga rhanlg& igm exgk}nlg&{thknenkng{}n}x}nlg{ }l kit}xrh }`hnr {~ghranh{ igm klftjhfhg}irn}nh{' ]`h jlqh{} trnlrn}nh{* qhrhng{}n}x}nlg{ ä&ji Hxrlth* lr* ng mh{khgmnga lrmhr* }`h krhi}nlg le ig ‚I{nig klxr} le ox{}nkh‖* }lhg{xrh }`h trlthr ittjnki}nlg le }`h rhanlg!{ rxjh{* glrf{* igm {}igmirm{* igm }l imoxmnki}h}`h rhanlg!{ krl{{&blrmhr mn{tx}h{* ig ‚I{nig hphkx}nuh‖* }l rhtrh{hg} }`h rhanlg!{aluhrgfhg}{* igm i ‚tirjnifhg}‖ elr rin{nga kn}nzhg{„ ng{}igkh{ q`nk` jh{{ }`ig lgh }`nrm leltngnlg jhimhr{ klg{nmhrhm }l bh i `na`j~ nftlr}ig} lr nftlr}ig} trnlrn}~.'

]`h rhfingmhr le }`n{ tithr qnjj igij~zh }`h trlarh{{ le flgh}ir~ igm engigknij kllthri}nlgng }`h rhanlg* qn}` i elkx{ lg }`h rljh tji~hm b~ n}{ ng{}n}x}nlg{' Bi{hm lg }`h {xruh~ rh{xj}{igm }`h {xaah{}nlg{ trlunmhm b~ I{ni„{ ltngnlg jhimhr{* n} qnjj ij{l mn{kx{{ }`h ghhm }lkrhi}h ghq ng{}n}x}nlg{ {xttlr}nga rhanlgij ng}hari}nlg anuhg }`h thr{thk}nuh{ elr krhi}nga ig

‚I{nig hklglfnk klffxgn}~‖ ng }`h fhmnxf }l jlga }hrf'

4( 24( =4( 54( 04( 944(

I{nig Engigknij [}ibnjn}~ Mnijlaxh

I{ni&qnmh Erhh ]rimh igm Nguh{}fhg}Irhi

I{nig Ngeri{}rxk}xrh Elrxf

I{nig Flgh}ir~ Exgm

I{nig [hkrh}irni} elr HklglfnkKllthri}nlg

I{nig [hkxrn}~ Mnijlaxh

Klxgknj le I{ni

I{nig Klxr} le Ox{}nkh

I{nig Hphkx}nuh

I{nig Tirjnifhg}

Uhr~ @na`,@na` Ghn}`hr @na` glr Jlq Uhr~ Jlq,Jlq Mlg!} cglq




9=

=' TRLARH[[ LE I[NI„[ FLGH]IR^ IGM ENGIGKNIJKLLTHRI]NLG

]`h I{nig engigknij krn{n{ le 9>>1‛>0 qi{ }`h {ngajh fing eik}lr }`i} }rnaahrhm flgh}ir~ igmengigknij kllthri}nlg iflga klxg}rnh{ ng }`h rhanlg' Kljjhk}nuh ik}nlg qi{ mhhfhmghkh{{ir~ }l immrh{{ }`h rll} kix{h{ le }`h krn{n{ igm `hjt {ljunga {}rxk}xrij qhicgh{{h{rhji}hm }l firch} mhuhjltfhg} igm rhaxji}lr~ erifhqlrc{ q`nk` qhrh”igm }l i jirah hp}hg}{}njj irh”ahghrijnzhm }`rlxa`lx} }`h rhanlg' ]`h krn{n{ rhuhijhm `lq I{ni qi{ jiaangabh`ngm ng }hrf{ le engigknij {~{}hf{„ mhuhjltfhg} klftirhm qn}` }`h rhij {hk}lr igmtrlmxk}nlg gh}qlrc{' Tllr threlrfigkh qi{ mxh }l {huhrij eik}lr{ ngkjxmnga? n. engigknijng}hrfhmni}nlg trhmlfngig}j~ klgmxk}hm b~ }`h bigcnga {hk}lr3 nn. {kirkn}~ le jlga&}hrfkrhmn} igm xgmhrmhuhjltfhg} le kitn}ij firch}{* h{thknijj~ txbjnk igm trnui}h blgm{3 nnn.{huhrij qhicgh{{h{ ng rhaxji}lr~ igm {xthrun{lr~ erifhqlrc{* {xk` i{ xgmhrmhuhjlthmmlfh{}nk krhmn} bxrhix{* lr ikklxg}nga igm rhtlr}nga {}igmirm{3 nu. jikc le klfth}n}nlg ngmlfh{}nk engigknij {hk}lr{3 igm u. tllr klrtlri}h aluhrgigkh'

Ng rh{tlg{h }l }`h krn{n{* ig nftlr}ig} }llj x{hm b~ I{nig tljnk~ fichr{ }l immrh{{ }`hnr

engigknij {~{}hf{„ {}rxk}xrij qhicgh{{h{ qi{ }`h ng}rlmxk}nlg le mlfh{}nk rhelrf{ infhm }lngkrhi{h heenknhgk~ igm {}ibnjn}~' Rhanlgij kllthri}nlg ngn}ni}nuh{ qhrh ij{l {}rhga}`hghm i{{iehaxirm{ iaing{} }`h q`nf{ le ajlbij firch}{ igm i{ i tji}elrf elr trlfl}nga hklglfnkmhuhjltfhg}' Ng 9>>0* i{ }`h krn{n{ qi{ {}njj xgeljmnga* I[HIG fhfbhr{ {}ir}hm i rhanlgij[xruhnjjigkh Trlkh{{ }l flgn}lr }`h }rhgm le }`hnr fikrlhklglfnk uirnibjh{ ngkjxmngaflgh}ir~* engigknij* igm en{kij ngmnki}lr{' ]`h Hphkx}nuh{„ Fhh}nga le I{ni&Tiknenk Khg}rijBigc{ HFHIT. ij{l {}rhga}`hghm n}{ rljh }l kllrmngi}h Khg}rij Bigc{„ ngn}ni}nuh{ igm }`hI[HIG#; Engigkh Fngn{}hr{ Trlkh{{ qi{ {h} xt' ]`h ji}}hr h{}ibjn{`hm }`h HklglfnkRhunhq igm Tljnk~ Mnijlaxh HRTM.* q`nk` trlft}hm }`h krhi}nlg le }`h K`niga FinNgn}ni}nuh KFN. ng 2444* igm }`h I{nig Blgm{ Firch}{ Ngn}ni}nuh IBFN. ng 2442'

]`h hpn{}nga fing elrxf{ elr I{ni„{ engigknij kllthri}nlg igm }`hnr exgk}nlg{ irh {xffirnzhm

ng ]ibjh 2' ]`h HRTM qi{ h{}ibjn{`hm i{ ig ng}hraluhrgfhg}ij ng{}n}x}nlg }l {xttlr}rhanlgij mn{kx{{nlg{ lg fikrlhklglfnk tljnknh{ igm {}rxk}xrij rhelrf{* ngkjxmngakljjiblri}nlg lg i brlim rigah le n{{xh{* erlf flgh}ir~ }l en{kij tljnknh{* engigknij rhaxji}nlgigm mhuhjltfhg} le firch} ngeri{}rxk}xrh* i{ qhjj i{ hirj~&qirgnga {~{}hf{ }l i{{h{{engigknij uxjghribnjn}nh{'




98

]ibjh 2? Fing elrxf{ elr I{ni„{ engigknij kllthri}nlg

I[HIG I[HIG#; HFHIT ITHK I[HF HI[

^hir h{}ibjn{`hm 9>51 9>>> 9>>9 9>0> 9>>5 2448

Gl' le fhfbhr{ 94 9; 99 29 =8 95

E x g k } n l g {

Tljnk~ mnijlaxh, ngelrfi}nlg hpkìgah

∟ ∟ ∟ ∟ ∟ ∟

[xruhnjjigkh, Thhr rhunhq

∟ ∟ ∟

Rhanlgij engigkngairrigahfhg}{

∟ ∟ ∟

Rhanlgij kitn}ij&firch} mhuhjltfhg}

∟ ∟ ∟ ∟

Kitikn}~ bxnjmnga ∟ ∟ ∟ ∟ ∟

Rh{hirk` ∟ ∟ ∟ ∟ ∟ ∟

Gl}h{?

ITHK6I{ni&Tiknenk Hklglfnk Kllthri}nlg ngkjxmh{ Ix{}rijni* Ghq _hijigm* Titxi Ghq Axnghi* X[I* Kigimi*K`njh* Fhpnkl* Thrx* igm Rx{{ni3 I[HIG6I{{lkni}nlg le [lx}`hi{} I{nig Gi}nlg{3 I[HIG#;6I[HIG klxg}rnh{ tjx{]`h TRK* Thltjh!{ Rhtxbjnk le* Oitig* Clrhi* Rhtxbjnk le3 I[HF6I{ni&Hxrlth Fhh}nga ngkjxmh{ Flgaljni*Ticn{}ig* igm 21 HX fhfbhr klxg}rnh{.3 HFHIT6Hphkx}nuh{„ Fhh}nga{ le Hi{} I{ni&Tiknenk Khg}rij Bigc{3[HIKHG6[lx}` Hi{} I{nig Khg}rij Bigc{ ngkjxmh{ Flgaljni* Titxi Ghq Axnghi* Enon* Ghtij* igm [rn Jigci.3[HIG_I6[lx}` Hi{} I{ni Ghq _hijigm igm Ix{}rijni ngkjxmh{ Flgaljni* Fikil* Titxi Ghq Axnghi* Ix{}rijni*Ghq _hijigm* Ticn{}ig* Ghtij* [rn Jigci3 Bigajimh{`* igm Nrig.3 IKM6I{nig Kllthri}nlg Mnijlaxh3 igm HI[6Hi{}I{ni [xffn}'

IKM Qlrcnga Arlxt lg Engigknij Kllthri}nlg fhh}{ lgkh i ~hir' Trltl{hm Engigkh Fngn{}hr{ Fhh}nga ng 2445 qi{tl{}tlghm'

HI[ ̀ hjm n}{ enr{} Ngelrfij [hgnlr HI[ Engigkh Leenknij{! Mnijlaxh ng [ht}hfbhr 2441 ng Oicir}i* Ngmlgh{ni'

[lxrkh? IMB 2440.'

N} fx{} bh gl}hm* `lqhuhr* }ì} q`njh I[HIG#; engigknij kllthri}nlg kluhr{ i qnmh rigah leik}nun}nh{* erlf ngelrfi}nlg hpkìgah }l rhanlgij engigknga irrigahfhg}{ igm kitikn}~bxnjmnga trlarif{* HTRM kllthri}nlg rhfing{ fl{}j~ jnfn}hm }l ngelrfi}nlg hpkìgah' Ngeik}* bh{nmh{ ngn}ni}nuh{ {xk` i{ }`h KFN igm IBFN* Hi{} I{nig ix}`lrn}nh{ ìuh ~h} }lklg{nmhr imlt}nga klfflg flgh}ir~ igm hpkìgah ri}h rhanfh{* engigknij rhaxji}nlg{* lrbngmnga tljnk~ kllrmngi}nlg iarhhfhg}{' Ng l}`hr qlrm{* }`h HRTM rhtrh{hg}{ }`h enr{}*ghkh{{ir~ {}ht elr rhanlgij kllthri}nlg* q`hrh fhfbhr klxg}rnh{ {ìrh thhr ngelrfi}nlg}`rlxa` fikrlhklglfnk igm engigknij flgn}lrnga igm tljnk~ mnijlaxh' I {hklgm {}ht klxjmbh }`h ìrflgnzi}nlg le rhanlgij {}igmirm{ ng}rlmxknga }`h fx}xij rhklagn}nlg le hpn{}ngarhaxji}nlg{ igm trik}nkh{' Huhg}xijj~* flrh imuigkhm kllthri}nlg klxjm lkkxr }`rlxa` iarimxij {`ne} le {luhrhnag}~ erlf gi}nlgij iahgknh{ }l rhanlgij ng{}n}x}nlg{ igm xj}nfi}hj~

}`rlxa` exjj tljnk~ kllrmngi}nlg Ciqin igm ]ician 2448.']ql fiolr ngn}ni}nuh{ le engigknij kllthri}nlg }`rlxa` q`nk` I{nig klxg}rnh{ ìuh fimh{lfh trlarh{{ }lqirm{ {h}}nga rhanlgij {}igmirm{ irh }`h KFN igm }`h IBFN* qn}` }`helrfhr {hhcnga }l {`nhjm Hi{} I{nig hklglfnh{ erlf }`h rhkxrrhgkh le kxrrhgk~ igm jnyxnmn}~krn{h{* igm }`h ji}}hr infnga }l `hjt mhuhjlt Hi{} I{ni„{ jlkij&kxrrhgk~ blgm firch}{ igmmhtjl~ }`h rhanlg„{ {iunga{ elr rhanlgij nguh{}fhg}{' ]`h mhuhjltfhg} le Hi{} I{ni„{ blgmfirch}{ n{ ij{l bhnga el{}hrhm b~ }`h ng}rlmxk}nlg le I{nig Blgm Exgm{ IBE{. trlfl}hm b~HFHIT'

='9 ]`h K`niga Fin Ngn}ni}nuh igm n}{ fxj}nji}hrijnzi}nlg

Mh{naghm }l immrh{{ {`lr}&}hrf elrhnag hpkìgah jnyxnmn}~ trlbjhf{* }`h KFN hptigmhm }l}`h TRK* Oitig* igm Clrhi }`h I[HIG [qit Irrigahfhg} I[I. ng}rlmxkhm ng 9>11 b~ }`hflgh}ir~ ix}`lrn}nh{ le }`h }`hg I[HIG fhfbhr{ Ngmlgh{ni* Fiji~{ni* }`h T`njnttngh{*




95

[ngaitlrh* igm ]ìnjigm. }l h{}ibjn{` rhkntrlkij kxrrhgk~ {qit{' N} ij{l hptigmhm }`h I[I}l }`h ghqhr I[HIG fhfbhr{ Brxghn Mirx{{ijif* Kifblmni* Jil TMR* F~igfir* igmUnh} Gif.* ij}`lxa` }`h {qit{ qn}` }`h ‚Tjx{&]`rhh‖ klxg}rnh{ qhrh jnfn}hm }l }`h lrnangijenuh fhfbhr{* }ì} qhrh ng heehk} }`h lgh{ ìrmh{} `n} b~ }`h krn{n{' Flmhjhm lg }`h I[I*bnji}hrij klg}rik}{ igm rhtxrkì{h eiknjn}nh{ xgmhr }`h KFN mhenghm }`h iflxg}* mxri}nlg* igmkxrrhgk~ }l bh x{hm ng }`h {qit* trlunmnga i} }`h {ifh }nfh ig ng{}n}x}nlgij fhkìgn{f }ltxr{xh exr}`hr ghal}ni}nlg{ iflga I[HIG#; klxg}rnh{'

[xk` ng{}n}x}nlgij fhkìgn{f trluhm }l bh ig nftlr}ig} eik}lr ng }rig{elrfnga }`h {~{}hf lebnji}hrij {qit{ ng}l i rhanlgij tlljnga irrigahfhg} le kljjhk}nuhj~ figiahm rh{hruh{}`rlxa` }`h KFN„{ fxj}nji}hrijnzi}nlg KFNF.* q`nk` qi{ ngn}nijj~ igglxgkhm b~ I[HIG#;Engigkh Fngn{}hr{ ng 2440* ji}hr ng}rlmxkhm i} }`hnr *fhh}nga ng Bijn ng 244>* igm engijj~ fimhheehk}nuh ng 2494' ]`h KFNF nftjnhm imlt}nga i ghq ittrlik` }l klg}rnbx}nlg{ b~ fhfbhrklxg}rnh{ }l i klfflg rh{hruh tllj* i ghq mhkn{nlg&ficnga fhkìgn{f }l aluhrg }`h exgm*igm }`h klgmxk} le i ghq rhanlgij {xruhnjjigkh trlkh{{ }l hg{xrh }ì} fhfbhr{ fing}ingtrlthr fikrlhklglfnk igm engigknij klgmn}nlg{ }l rhti~ jlig{ }l }`h exgm'

Ng }hrf{ le klg}rnbx}nlg{* }`h ‚Tjx{&]`rhh‖ klxg}rnh{ iarhhm }l kljjhk}nuhj~ kluhr 04( le }`h

klfflg rh{hruh tllj* jhiunga }`h rhfingnga 24( }l I[HIG fhfbhr{' Ng tir}nkxjir* }`hTRK igm Oitig qhrh ibjh }l rhik` ig nftlr}ig} klftrlfn{h b~ iarhhnga }l klg}rnbx}hhyxijj~ }l }`h exgm ;2( hik`.

5

5 ]`h ;2( {ìrh ik}xijj~ ngkjxmh{ i klg}rnbx}nlg erlf }`h TRK le 20'8( igm @lga Clga* K`ngi le ;'8('

q`njh n} qi{ iarhhm }ì} }`h Rhtxbjnk le Clrhi qlxjmtrlunmh ìje le }ì} iflxg} 95(.' Klg}rnbx}nlg {ìrh{ }l }`h KFNF exgm erlf I[HIGklxg}rnh{ qhrh iarhhm bi{hm lg ngmnunmxij fhfbhr{„ engigknga kitikn}~' ]ibjh ; {`lq{ }`hKFNF mh}inj{* ngkjxmnga gl} lgj~ n}{ engigknij klg}rnbx}nlg{* bx} ij{l blrrlqnga irrigahfhg}{igm ul}nga tlqhr{' N} n{ qlr}` gl}nga }`h ng}rng{nk bni{ ng eiulr le {fijj klxg}rnh{ bxnj} ng}l }`hKFNF* i{ }`h jirah{} hklglfnh{ }`h TRK* Oitig. kig blrrlq gl flrh }ìg 84( le }`hnrklg}rnbx}nlg{ erlf }`h exgm* q`njh }`h enuh {fijjh{} I[HIG hklglfnh{ irh hg}n}jhm }l blrrlqxt }l enuh }nfh{ }`hnr klg}rnbx}nlg{' [nfnjirj~* {fijj klxg}rnh{ ìuh i jirahr ul}nga tlqhrklftirhm qn}` }`hnr {ìrh le }`h exgm„{ }l}ij uijxh'




91

]ibjh ;? Klg}rnbx}nlg{* Blrrlqnga Fxj}ntjnhr{* igm Ul}nga Tlqhr xgmhr }`hFxj}nji}hrijnzhm K`niga Fin Ngn}ni}nuh

Fhfbhr{

Engigknij

klg}rnbx}nlg{

Blrrlqnga

irrigahfhg}{Ul}nga tlqhr

- bnjjnlg(

{ìrh Fxj}ntjnhrYxl}i

- bnjjnlg.

Gl' le bi{nkul}h{

Gl' le ul}h{bi{hm lgklg}rnbx}nlg{

]l}ijgl'ul}h{

({ìrh

TRK # @lga Clga* K`ng ;0'=4 ;2'44 =4'44 20'=9

& TRK ;='24 20'84 4'84 91'94 9'54 ;='24 ;8'04 28'=;

& @lga Clga* K`ngi ='24 ;'84 2'84 94'84 4'44 ='24 ='24 2'>0

Oitig ;0'=4 ;2'44 4'84 9>'24 9'54 ;0'=4 =4'44 20'=9

Rhtxbjnk le Clrhi 9>'24 95'44 9'44 9>'24 9'54 9>'24 24'04 9='11

Tjx{ ]`rhh Klxg}rnh{ >5'44 04'44 ='04 >5'44 944'04 19'8>

Brxghn Mirx{{ijif 4'4; 4'4; 8'44 4'24 9'54 4'4; 9'5; 9'95

Kifblmni 4'92 4'94 8'44 4'54 9'54 4'92 9'12 9'22

Ngmlgh{ni ='88 ;'1> 2'84 99';5 9'54 ='88 5'98 =';1

Jil TMR 4'4; 4'4; 8'44 4'24 9'54 4'4; 9'5; 9'95

Fiji~{ni ='88 ;'1> 2'84 99';5 9'54 ='88 5'98 =';1

F~igfir 4'45 4'48 8'44 4';4 9'54 4'45 9'55 9'90

T`njnttngh{ ='88 ;'1> 2'84 99';5 9'54 ='88 5'98 =';1

[ngaitlrh ='88 ;'1> 2'84 99';5 9'54 ='88 5'98 =';1

]ìnjigm ='88 ;'1> 2'84 99';5 9'54 ='88 5'98 =';1

Unh} Gif 9'44 4'0; 8'44 8'44 9'54 9'44 2'54 9'08

I[HIG 2='44 24'44 95'44 2='44 =4'44 20'=9

I[HIG#; 924'44 944'44 24'04 924'44 9=4'04 944'44Gl}h? I[HIG#; 6 I[HIG klxg}rnh{ tjx{ }`h Thltjh„{ Rhtxbjnk le K`ngi TRK.* Oitig* igm }`h Rhtxbjnk le Clrhi'

[lxrkh? I[HIG [hkrh}irni}' `}}t?,,qqq'i{hig'lra,228;5'`}f

I} }`hnr 244> Bijn Fhh}nga* I[HIG#; Engigkh Fngn{}hr{ iarhhm }l {h} }`h ngn}nij KFNF {nzhi} -924 bnjjnlg* hptigmnga klg{nmhribj~ }`h uijxh le hpn{}nga bnji}hrij klg}rik}{* q`nkìflxg}hm }l lgj~ -0= fnjjnlg i} }`h hgm le 2440' Ij}`lxa` n} n{ gl} hi{~ }l i{{h{{ }`hlt}nfxf {nzh le }`n{ exgm* fig~ igij~{}{ iraxh }ì} -924 bnjjnlg n{ ngimhyxi}h }l }ikcjhtl{{nbjh jnyxnmn}~ {`lr}iah{ le I{nig hklglfnh{ igm irh ng eiulr le i {xb{}ig}nij ngkrhi{h le}`h exgm„{ }l}ij iflxg}* ij{l klg{nmhrnga }`h uhr~ ritnm hptig{nlg ng }`h {nzh le I{nig

hklglfnh{ igm }`hnr ng}hrgi}nlgij rh{hruh{' Elr hpiftjh* q`hg kìjjhgahm b~ }`h 2440‛4>ajlbij engigknij krn{n{* I{nig klxg}rnh{ rhyxnrhm ittrlpnfi}hj~ bh}qhhg -=4 igm -54 bnjjnlg ngjnyxnmn}~ {xttlr}* q`njh }`h jirah{} enuh I[HIG hklglfnh{ irh ibjh ngmnunmxijj~ }l ikkh{{ jh{{}ìg -92 fnjjnlg erlf KFNF exgm{' I{ fi}}hr le eik}* q`hg }`h ajlbij engigknij krn{n{xgeljmhm* }`h Clrhig igm [ngaitlrhig flgh}ir~ ix}`lrn}nh{ mnm gl} }r~ }l ik}nui}h }`h KFNbx} i{chm ng{}him elr }`h flbnjnzi}nlg le bnji}hrij {xttlr} jngh{ erlf }`h X[ Ehmhrij Rh{hruh'Klg{nmhrnga }ì} }`h kxrrhg} KFNF {nzh n{ ittrlpnfi}hj~ lgj~ 2'8( le }l}ij I[HIG#;klxg}rnh{„ ng}hrgi}nlgij rh{hruh{* }`hrh {hhf{ }l bh jirah rllf }l ngkrhi{h }`h KFNF exgm„{{nzh [lh{i{}rl 244>.'

Igl}`hr krn}nkn{f le }`h KFNF n{ }`h kjl{h jngc }l trlarif{ le }`h Ng}hrgi}nlgij Flgh}ir~Exgm NFE.* q`nk` fig~ qlxjm jnch }l rhmxkh lr hjnfngi}h' Eljjlqnga }`h hpn{}nga engigkngairrigahfhg}{* }`h flbnjnzi}nlg le flrh }ìg 24( le ngmnunmxij klxg}rnh{„ yxl}i{ ghhm{ }l bhrhunhqhm b~ }`h NFE* q`nk` fi~ mhknmh }l ittj~ klgmn}nlgijn}~ rxjh{ jngchm }l n}{ trlarif{'Ij}`lxa` }`h ng}rlmxk}nlg le }`h ghq NFE„{ [`lr}&]hrf Jnyxnmn}~ Eiknjn}~”q`nk` hgibjh{




90

khr}ing klxg}rnh{ }l blrrlq qn}`lx} klgmn}nlg{”ì{ tir}nijj~ {le}hghm }`n{ krn}nkn{f* {huhrijigij~{}{ ìuh bhhg iraxnga elr i klg{nmhribjh ngkrhi{h xt }l 944(. le }`h iflxg} leflgh~ KFNF klxg}rnh{ {`lxjm bh ibjh }l blrrlq qn}`lx} NFE klgmn}nlgijn}~'

Jhiunga i{nmh }`h n{{xh{ le {nzh igm NFE klgmn}nlgijn}~* }`h KFNF rhfing{ i exgmifhg}ijj~nftlr}ig} {}ht elr }`h ng{}n}x}nlgijnzi}nlg le I{ni„{ engigknij kllthri}nlg' Ng immn}nlg }l }`h

iarhhfhg} lg ngmnunmxij klxg}rnh{„ klg}rnbx}nlg{ rhik`hm ng Bijn* KFNF fhfbhr{ iarhhm }l imlt} i ejhpnbjh mhkn{nlg&ficnga {}rxk}xrh* q`hrhb~ lgj~ mhkn{nlg{ lg exgmifhg}ij n{{xh{ 1

Ng }hrf{ le rhanlgij fikrlhklglfnk igm engigknij {xruhnjjigkh* }`h ngglui}nlg ng}rlmxkhm b~}`h KFNF n{ }`h {h}}nga xt le i ghq iahgk~* IFRL* qn}` }`h figmi}h }l mh}hk} hfhrangauxjghribnjn}nh{ igm flgn}lr }`h }rhgm le ch~ fikrlhklglfnk igm engigknij uirnibjh{* }l iulnm}`h flrij ìzirm trlbjhf rhji}hm }l xgklgmn}nlgij engigknga igm hg{xrh }ì} KFNF fhfbhr{

fing}ing trlthr klgmn}nlg{ }l rhti~ jlig{ erlf }`h exgm' Rhkhg}j~ h{}ibjn{`hm ng [ngaitlrh*IFRL n{ hpthk}hm }l threlrf rhanlgij fikrlhklglfnk {xruhnjjigkh* {xttjhfhg}nga”gl}rhtjiknga”}`h gi}nlgij igm ajlbij {xruhnjjigkh exgk}nlg{ threlrfhm b~ }`h NFE }`rlxaÌr}nkjh NU fn{{nlg{ igm }`h txbjnki}nlg le rhtlr}{' I{ n} bhklfh{ exjj~ lthri}nlgij* }`h iflxg}fhfbhr klxg}rnh{ kig qn}`mriq erlf }`h KFNF erhh erlf }`h NFE klgmn}nlgijn}~ kjix{h klxjmbh ngkrhi{hm* ijjlqnga I[HIG#; fhfbhr{ }l rhj~ flrh lg }`hnr lqg i{{h{{fhg}{ q`hgficnga jhgmnga mhkn{nlg{'

rhyxnrh klg{hg{x{* q`njh lthri}nlgij n{{xh{ lg jhgmnga igm rhti~fhg} klgmn}nlg{ kig bhmhknmhm b~ i qhna`}hm fiolrn}~ {~{}hf jngchm }l ngmnunmxij klxg}rnh{„ klg}rnbx}nlg{' ]`n{mhuhjltfhg}”klg{}n}x}nga i rhun{nlg }l I[HIG„{ klg{hg{x{ trngkntjh”rhtrh{hg}{ i fiolrbll{} elr }`h exgm„{ heehk}nuhgh{{ igm n} `hjt{ trhuhg}nga ig~ le }`h ‚Tjx{&]`rhh‖ klxg}rnh{ngmnunmxijj~* lr I[HIG i{ i arlxt* erlf `ljmnga uh}l tlqhr lg lthri}nlgij n{{xh{'

]`h ltngnlg jhimhr{„ {xruh~ ngkjxmhm i yxh{}nlg lg }`h I[HIG#; Engigkh Fngn{}hr{„mhkn{nlg }l fxj}nji}hrijnzh }`h KFN' ]`h rh{xj}{* {xffirnzhm ng Enaxrh 0* {`lq }ì} flrh}ìg 04( le rh{tlgmhg}{ iarhhm lg }`h nftlr}igkh le KFNF i{ i fnjh{}lgh elr I{ni„{engigknij kllthri}nlg* q`njh ittrlpnfi}hj~ 18( bhjnhuhm }ì} IFRL n{ gl} i {xb{}n}x}h elr}`h NFE* bx} }ì} n}{ rljh ng rhanlgij {xruhnjjigkh qnjj klftjhfhg} }`h qlrc bhnga mlgh b~ }`hNFE'

1 [xk` i{ rhunhq{ le fhfbhr{`nt* {nzh* blrrlqnga fxj}ntjh{* }hrf{ le jhgmnga* NFE klgmn}nlgijn}~ ri}nl{'




9>

Enaxrh 0? Unhq{ lg }`h Fxj}nji}hrijnzi}nlg le }`h K`niga Fin Ngn}ni}nuh

Gl}h? Uijxh{ irh bi{hm lg rh{tlg{h{ erlf 9*444 ltngnlg jhimhr{ ng I{ni igm }`h Tiknenk }l IMB!{ 2494 thrkht}nlg{xruh~' ]`h yxh{}nlg qi{? Tjhi{h ngmnki}h }l qì} hp}hg} ~lx iarhh lr mn{iarhh qn}` }`h eljjlqnga {}i}hfhg}{ lg }`h krhi}nlg le }`h ghq I[HIG#; {xruhnjjigkh iahgk~'

[lxrkh? IMB 2494.'

Luhrijj* }`h KFNF rhtrh{hg}{ i `na`j~ {nagnenkig} ng{}n}x}nlgij mhuhjltfhg} elr }`h trlarh{{le I{nig rhanlgijn{f i{ n} gl} lgj~ rhmxkh{ }rig{ik}nlg kl{}{ igm mxtjnki}nlg{* bx} ij{l leehr{i ghq tji}elrf elr }`h figiahfhg} le rhanlgij flgh}ir~ irrigahfhg}{' Ng tir}nkxjir* n} {h}{i flmhj elr immrh{{nga l}`hr trnlrn}~ irhi{ elr rhanlgij kllthri}nlg bh{nmh{ flgh}ir~n{{xh{' Elr hpiftjh* hgìgkhm ng}hraluhrgfhg}ij mnijlaxh ì{ {txrrhm exr}`hr kllthri}nlgng irhi{ {xk` i{ }rimh* nguh{}fhg}* igm engigknij {xthrun{nlg igm rhaxji}nlg' ]`h KFNFaluhrgigkh {}rxk}xrh klxjm bh x{hm i{ i flmhj elr mhjnuhrnga rhanlgij txbjnk allm{ {xk` i{hgunrlgfhg}ij trh{hrui}nlg* mn{i{}hr trhtirhmgh{{* igm mn{hi{h trhuhg}nlg' ]`h ghq KFNFng{}n}x}nlgij {h} xt klxjm ij{l {hruh }l {thhm xt engigknij firch} mhuhjltfhg}* elr hpiftjh*b~ h{}ibjn{`nga i exgm }l nguh{} ng mhuhjltnga rhanlgij blgm firch}{* igm ng }xrg trlfl}h ibh}}hr x{h le }`h rhanlg„{ `xah {iunga{ }l `hjt engigkh n}{ fi{{nuh nguh{}fhg} rhyxnrhfhg}{'

I{ IFRL arlq{ }l bhklfh i {}rlga igm {ljnm ng{}n}x}nlg igm }`h KFNF n{ mhjngchm erlf }`hNFE* }`h rhanlg klxjm ikyxnrh i mh eik}l ‚I{nig flgh}ir~ exgm‖' Ng eik}* lgkh trlthr

aluhrgigkh {}rxk}xrh{ igm }hk`gnkij hpthr}n{h irh ng tjikh* igm lgkh IFRL n{ kitibjh leng}rlmxknga rhjhuig} tljnk~ klgmn}nlgijn}~* n} klxjm heehk}nuhj~ huljuh ng}l }`h [hkrh}irni} le ig‚I{nig flgh}ir~ exgm‖ krhi}hm }`rlxa` ig hptig{nlg le }`h KFNF„{ {nzh igm ig hgjirahfhg}le n}{ fhfbhr{`nt igm exgk}nlg{ }l ngkjxmh ghq engigknga ng{}rxfhg}{ {xk` i{ trhkix}nlgir~krhmn} jngh{ igm l}`hr{' [xk` i ‚Exgm‖ n{ }l bh {hhg i{ klftjhfhg}nga }`h NFE rljh ng }`hrhanlg b~

='2 Mhuhjltnga blgm{ firch}{ ng I{ni

ng}hg{nuhj~ flgn}lrnga I{nig hklglfnh{ igm b~ qlrcnga ngmhthgmhg}j~ le }`h NFEmxrnga nmnl{~gkri}nk igm jlkijnzhm krn{h{* q`njh kjl{hj~ kllthri}nga qn}` n} ng }`h trlun{nlg lejnyxnmn}~ engigknga igm klgmn}nlgijn}~ rxjh{ mxrnga bnaahr engigknij krn{h{'

]`h fing rhi{lg bh`ngm }`h h{}ibjn{`fhg} le }`h IBFN igm IBE qi{ }`h ng}hg}nlg }lik`nhuh i flrh heenknhg} rhk~kjnga le I{nig {iunga{ ng}l I{nig nguh{}fhg} b~ mhuhjltngablgm firch}{ mhglfngi}hm ng jlkij kxrrhgknh{ igm {}rhga}`hgnga gi}nlgij engigknij {~{}hf{„




24

rh{njnhgkh }l hklglfnk {`lkc{' ]`h 9>>1‛>0 krn{n{ qi{ ngmhhm fimh flrh {huhrh b~ }`hib{hgkh le qhjj&mhuhjlthm blgm firch}{* q`nk` jhe} I{nig klftignh{ gl k`lnkh bx} }l rhj~lg bigc jlig{ igm blrrlq ng elrhnag kxrrhgk~ Hnk`hgarhhg igm Jxhgagirxhfn}kìn 244=.'I{ rhanlgij engigknij ix}`lrn}nh{ rhijnzhm {xk` qhicgh{{ le }`hnr mlfh{}nk {~{}hf{* }`h~mhknmhm }l trlfl}h rhanlgij ngn}ni}nuh{”gifhj~ }`h IBFN igm IBE”}l mhuhjlt jlkij&kxrrhgk~ mhglfngi}hm blgm firch}{* }lah}`hr qn}` }`h ng}rlmxk}nlg le mlfh{}nk rhaxji}lr~rhelrf{'

]`h{h ngn}ni}nuh{ ìuh ahghrijj~ eiknjn}i}hm i bh}}hr xgmhr{}igmnga le `lq engigknij lthri}lr{klxjm luhrklfh firch} nfthmnfhg}{ igm trlfl}hm }`h ijnagfhg} le gi}nlgij tljnknh{ qn}`ng}hrgi}nlgij bh{} trik}nkh{' I{ i rh{xj}* kitn}ij firch}{ }lmi~ tji~ i fxk` jirahr rljh ng Hi{}I{nig klxg}rnh{„ engigknij ng}hrfhmni}nlg }ìg ng }`h thrnlm nffhmni}hj~ bhelrh }`h 9>>1‛>0krn{n{ IMB 2440* 2494.' Ng eik}* rhkhg} mi}i {`lq }ì} blgm firch}{ ngkrhi{hm erlf iblx}lgh ene}` le }l}ij engigknij ng}hrfhmni}nlg ng Hi{} I{nig klxg}rnh{ ng 9>>8 }l ittrlpnfi}hj~ lgh}`nrm ng 2494' Mxrnga }`h {ifh thrnlm }`h {ìrh le }l}ij lx}{}igmnga jlkij&kxrrhgk~ blgm{n{{xhm ng Hi{} I{ni ng rhji}nlg }l }`h qlrjm„{ }l}ij ngkrhi{hm erlf iblx} 2'8( }l flrh }ìg0('

0

Krhi}hm ng 2442* }`h IBFN bhklfh exjj~ lthri}nlgij ng 244;* ij{l qn}` }`h h{}ibjn{`fhg} le imhmnki}hm qhb{n}h I{nigBlgmLgjngh. q`nk` leehr{ i lgh&{}lt firch} mi}i igm ngelrfi}nlgtlr}ij elr ng{}n}x}nlgij nguh{}lr{' Luhr }`h ~hir{ }`h IBFN ì{ nftjhfhg}hm {huhrij ik}nun}nh{lraignzhm xgmhr uirnlx{ qlrcnga arlxt{ infnga i} nftrlunga gi}nlgij rhaxji}lr~ erifhqlrc{b~? n. h{}ibjn{`nga i krhmn} axirig}hh fhkìgn{f* nn. {}rhga}`hgnga mlfh{}nk krhmn} ri}ngaiahgknh{3 nnn. mn{{hfngi}nga ngelrfi}nlg lg gi}nlgij igm rhanlgij blgm firch}{3 nu. i{{h{{nga}`h ehi{nbnjn}~ le rhanlgij elrhnag hpkìgah kjhirnga igm {h}}jhfhg} {~{}hf{3 igm u. krhi}ngaghq {hkxrn}nzhm mhb} ng{}rxfhg}{'

Flrh rhkhg}j~ Itrnj 2494. I[HIG#; Engigkh Fngn{}hr{ hgmlr{hm }`h krhi}nlg le }`h Krhmn}Axirig}hh igm Nguh{}fhg} Eiknjn}~ KANE.* eiknjn}i}nga ng }xrg kitn}ij firch}{„ mhuhjltfhg}igm ficnga }`h rhanlgij engigknij {~{}hf jh{{ uxjghribjh }l ejxk}xi}nlg{ ngmxkhm b~ ibrxt}kìgah{ ng fikrlhklglfnk uirnibjh{' H{}ibjn{`hm i{ ig IMB }rx{} exgm qn}` ig ngn}nij kitn}ijle -144 fnjjnlg* }`h KANE figmi}h n{ }l trlunmh krhmn} axirig}hh{ }l jlkij klrtlri}nlg{ }lhgibjh }`hf rin{h jlga&}hrf exgmnga ng{}rxfhg}{ b~ nftrlunga }`h klgmn}nlg{ }l n{{xh blgm{qn}`ng }`hnr mlfh{}nk firch}{ igm ikrl{{ I[HIG#; klxg}rnh{* eiknjn}i}nga ng }xrg i {ljx}nlg }lkxrrhgk~ igm fi}xrn}~ fn{fi}k`h{ igm trlfl}nga }`h ìrflgnzi}nlg le {}igmirm{ igmtrik}nkh{ elr blgm n{{xigkh{ ng rhanlgij ngeri{}rxk}xrh igm l}`hr ch~ irhi{'

Rhanlgij kllthri}nlg ngn}ni}nuh{ trlfl}hm b~ Hi{} I{nig khg}rij bigc{ }`rlxa` }`h krhi}nlgle }`h IBE9 igm IBE2 xgmhr }`h HFHIT ìuh ij{l klg}rnbx}hm }l nftrlunga }`hi}}rik}nuhgh{{ le }`h rhanlg„{ blgm firch}{' H{}ibjn{`hm ng 244;* }`h IBE9 ai}`hrhm i }l}ijle X[- 9 bnjjnlg le ng}hrgi}nlgij rh{hruh{* q`nk` qhrh nguh{}hm ng X[-&mhglfngi}hm{luhrhnag igm yxi{n&{luhrhnag mhb} n{{xhm ng Hi{} I{nig hklglfnh{' [xb{hyxhg}j~* qn}` }`hkrhi}nlg le IBE2 ng 2448* }`h iflxg} le nguh{}hm rh{hruh{ qi{ mlxbjhm }l X[- 2 fnjjnlg igm

n}{ elkx{ {`ne}hm }l jlkij&kxrrhgk~ mhglfngi}hm {luhrhnag igm yxi{n&{luhrhnag blgm{' Iexr}`hr -2 bnjjnlg qhrh ijjlki}hm b~ HFHIT hklglfnh{ }l }`h Tig&I{nig Blgm Ngmhp Exgm*q`nk` ij{l nguh{}{ ng jlkij&kxrrhgk~ {luhrhnag igm yxi{n&{luhrhnag blgm{'

Luhrijj* IBFN igm IBE{ ìuh arhi}j~ `hjthm }`h arlq}` le blgm firch}{ ng Hi{} I{ni igmrhmxkh kxrrhgk~ igm fi}xrn}~ fn{fi}k`h{' I{ i rh{xj}* Hi{} I{nig hklglfnh{ qhrh ibjh }lqn}`{}igm }`h 2440‛4> krn{n{ {`lqnga rhji}nuhj~ {}rlgahr rh{njnhgkh }ìg }`h X[ igm Hxrlth'I jl} {}njj rhfing{ }l bh mlgh* `lqhuhr* }l ìrflgnzh rxjh{ ikrl{{ }`h rhanlg* {}rhga}`hgfirch} ngeri{}rxk}xrh* luhrklfh rhfingnga firch} nfthmnfhg}{* igm }na`}hg jhaij igmrhaxji}lr~ erifhqlrc{' Jlkij klrtlri}h blgm firch}{ rhfing* qn}` }`h hpkht}nlg le }`h

0 Elr mh}injhm enaxrh{* {hh }`h I{nigBlgm{Lgjngh qhb{n}h i}? `}}t?, ,qqq'i{nigblgm{lgjngh'imb'lra,

http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=20560

http://www.asianbondsonline.adb.org/







29

Rhtxbjnk le Clrhi* xgmhrmhuhjlthm* igm I{nig ix}`lrn}nh{ ghhm }l trlfl}h }`hnr arlq}` }li}}rik} flrh nguh{}fhg} ng }`h rhanlg' Mlfh{}nk rhelrf{ igm rhanlgij kllthri}nlg ngn}ni}nuh{irh ghhmhm ng }`n{ irhi h{thknijj~ }l nftrluh ikklxg}nga {}igmirm{* firch} ngeri{}rxk}xrh*igm jhaij {~{}hf{'

Ig nftlr}ig} ng{}n}x}nlgij mhuhjltfhg} ng {xttlr} le engigknij kllthri}nlg n{ }`h tl{{nbjh

krhi}nlg le ig ‚I{nig blgm firch}{ elrxf‖ qn}` }`h inf le {}igmirmnznga firch} trik}nkh{igm ìrflgnznga krl{{&blrmhr rhaxji}nlg{ le engigknij }rig{ik}nlg{' Igl}`hr tl{{nbjhmhuhjltfhg} rhji}h{ }l }`h hgìgkhfhg} le mlfh{}nk ri}nga iahgknh{ }`rlxa` kitikn}~bxnjmnga trlarif{* i{ krhmn} ri}nga iahgknh{ le Hi{} I{nig klxg}rnh{ irh le}hg rhji}nuhj~ {fijjigm }hgm }l x{h glg&klftiribjh fh}`lmljlanh{ igm bhgk`firc{ ng }`hnr ri}nga trlkh{{*ghhmnga }`hrhelrh {lfh elrf le {}igmirmnzi}nlg igm ìrflgnzi}nlg ikrl{{ }`h rhanlg IMB2494.'

]`h {xruh~ rh{xj}{ le ltngnlg jhimhr{ {`lqg ng Enaxrh 5 igm Enaxrh 1 {xaah{} }ì} I{nigklxg}rnh{ fi~ engm n} klguhgnhg} }l exr}`hr ng{}n}x}nlgijnzh }`hnr rhanlgij kllthri}nlg ngn}ni}nuh{b~ trlfl}nga kjl{hr mnijlaxh lg fikrl&engigknij n{{xh{' I{ I{nig tljnk~ fichr{ {}rhga}`hghpn{}nga fhi{xrh{* }`hrh n{ rllf }l krhi}h i ghq ng{}n}x}nlg }l eiknjn}i}h i mnijlaxh ng

trlfl}nga engigknij {}ibnjn}~? ig ‚I{nig engigknij {}ibnjn}~ mnijlaxh‖”i{ n} qi{ trltl{hm b~}`h IMB”klxjm ngmhhm rhuhij n}{hje }l bh uhr~ `hjtexj elr nftrlunga }`h heenknhgk~ igmheehk}nuhgh{{ le I{ni„{ engigknij firch}{ i{ qhjj i{ fikrlhklglfnk tljnk~ elrfxji}nlg IMB2440.'

[xk` ghq ng{}n}x}nlg qlxjm trlfl}h }`h mhuhjltfhg} le }`h rhanlg„{ engigknij firch}{ igmimmrh{{ }`hnr uxjghribnjn}nh{ b~ brnganga }lah}`hr ijj rhjhuig} ix}`lrn}nh{”erlf khg}rij bigc{*}l engigkh fngn{}rnh{* engigknij {xthrun{lr~ igm rhaxji}lr~ iahgknh{* i{ qhjj i{ trnui}h {hk}lrklrtlri}nlg{' ]`h ‚Mnijlaxh‖ qlxjm `hjt ix}`lrn}nh{ {}rhga}`hg }`hnr mlfh{}nk rhaxji}nlg{igm {xthrun{lr~ exgk}nlg{ igm kllrmngi}h }`hnr rhanlgij heelr}{ }`rlxa` ngelrfi}nlghpkìgah* }`h fx}xij rhklagn}nlg le firch} trik}nkh{* igm }`h ìrflgnzi}nlg le fngnfxf{xthrun{lr~ rxjh{ ng i qnmh rigah le irhi{ ngkjxmnga kitn}ij ejlq{ igm kitn}ij ikklxg}jnbhrijnzi}nlg' ]`h ‚Mnijlaxh‖ qlxjm ij{l anuh I{nig ix}`lrn}nh{ i {}rlgahr ulnkh ngng}hrgi}nlgij elrxf{ igm tji~ i rljh {nfnjir }l }ì} threlrfhm b~ }`h Engigknij [}ibnjn}~ Blirmi} i ajlbij jhuhj' N}{ xj}nfi}h inf n{ }l fich I{ni i flrh {}ibjh igm rh{njnhg} rhanlg ng }hrf{le mhijnga qn}` ex}xrh krn{h{ }`rlxa` nftrluhm rhaxji}nlg igm {xthrun{nlg* ngkjxmnga kjl{hrkllrmngi}nlg qn}` ajlbij iahgknh{'

8' ]LQIRM[ IG I[NI&QNMH HKLGLFNK KLFFXGN]^

]`h ng{}n}x}nlg{ {xttlr}nga I{ni„{ flgh}ir~ igm engigknij kllthri}nlg mn{kx{{hm ng {hk}nlg =kiggl} bh }ichg ng n{lji}nlg? }`h~ ghhm }l bh xgmhr{}llm ng }`h qnmhr klg}hp} le{}rhga}`hgnga I{ni„{ fluh }lqirm{ kjl{hr rhanlgij igm ajlbij ng}hari}nlg' ]`h tnjjir{ leI{nig rhanlgijn{f trh{hg}hm ng Enaxrh 9 ngkjxmh ngn}ni}nuh{ gl} lgj~ ng }`h irhi le flgh~ igmengigkh* bx} ij{l ng }rimh igm nguh{}fhg}* ngeri{}rxk}xrh igm klgghk}nun}~* igm rhanlgij txbjnkallm{? ig I{nig hklglfnk klffxgn}~ {`lxjm kluhr }`h{h tnjjir{ i{ qhjj'

I{ni„{ ltngnlg jhimhr{ {xaah{}hm }ì} ghq exgk}nlgij ng{}n}x}nlg{ bh krhi}hm ng hik` tnjjir*ngkjxmnga rhanlgij {hkxrn}~ i{ i txbjnk allm' ]`h~ ngmnki}hm }ì} ig xfbrhjji lraignzi}nlg{xk` i{ i ‚Klxgknj elr I{ni‖ fi~ ij{l bh ghhmhm }l kllrmngi}h }`h luhrijj rhanlgijirk`n}hk}xrh' Ng immn}nlg }l }`h ghq exgk}nlgij ng{}n}x}nlg{ elr flgh}ir~ igm engigknijng}hari}nlg ijrhim~ mn{kx{{hm ng {hk}nlg =* ltngnlg jhimhr{ {xaah{}hm }`h ghhm }l h{}ibjn{`{huhrij ghq rhanlgij erifhqlrc{ igm lraignzi}nlg{ ngkjxmnga i ‚* ig ‚I{ni&qnmh E]I‖* igm{huhrij elrxf{ elr ‚rhanlgij txbjnk allm{‖ Enaxrh 1.'

I rhkhg} {}xm~ b~ }`h I{nig Mhuhjltfhg} Bigc Ng{}n}x}h IMBN. ir}nkxji}hm }`h ghhm }l

krhi}h i ‚tig&I{nig ngeri{}rxk}xrh elrxf‖ }l `hjt kllrmngi}h igm ng}hari}h hpn{}nga rhanlgijigm {xbrhanlgij ngeri{}rxk}xrh ngn}ni}nuh{' ]`h nmhi n{ }l trlunmh i uhgxh }l `hjt bxnjm i




22

rhanlgij klg{hg{x{ iflga ch~ I{nig {}ich`ljmhr{ igm trnlrn}nzh rhanlgij ngeri{}rxk}xrhtrlohk}{ qn}` }`h i{{n{}igkh le ig hpthr} imun{lr~ arlxt' [xk` ig ng{}n}x}nlg klxjm `hjt }lmhuhjlt ìrflgnzhm rhaxji}lr~ {}igmirm{ bi{hm lg ng}hrgi}nlgij bh{} trik}nkh{* igm hp}hgmgi}nlgij }rhi}fhg} }l elrhnag nguh{}lr{ }l hgklxriah trnui}h {hk}lr tir}nknti}nlg' N} klxjmklg}rnbx}h }l hpkìgah ngelrfi}nlg* klgmxk} olng}&rh{hirk`* igm mhuhjlt i klfflg rhanlgijerifhqlrc }l ìgmjh igm fn}nai}h ghai}nuh {lknij igm hgunrlgfhg}ij nftik}{ krhi}hm b~ngeri{}rxk}xrh trlohk}{' Ng immn}nlg }l }`h elrxf * }`h IMBN {}xm~ ij{l trltl{hm }`h krhi}nlg leig ‚I{nig ngeri{}rxk}xrh exgm‖ }l engigkh {hjhk}hm trlohk}{ elr rhanlgij ngeri{}rxk}xrhmhuhjltfhg} IMBN 244>.'

>

]l mi}h* I{ni„{ ittrlik` }l rhanlgij ngeri{}rxk}xrh kllthri}nlg ì{ bhhg ejhpnbjh* triafi}nk*igm mrnuhg b~ }`h firch}' Q`njh jirah }lt&mlqg trlarif{ {xk` i{ }`h I{nig @na`qi~ igm}`h ]rig{&I{nig Rinjqi~ mnm gl} threlrf i{ hpthk}hm igm trlkhhmhm lgj~ i} i {jlq tikh*bl}}lf&xt kllthri}nlg* bi{hm lg allm rhji}nlg{ iflga i {fijj arlxt le fhfbhr{ txr{xngaklfflg lbohk}nuh{* ì{ bhhg rhji}nuhj~ flrh {xkkh{{exj* figiahibjh* igm ejhpnbjh' ]`hAF[ igm KIRHK trlarif{ irh allm hpiftjh{ le bl}}lf&xt kllthri}nlg ng {xbrhanlgijngeri{}rxk}xrh mhuhjltfhg} b~ i rhji}nuhj~ {fijj arlxt le klxg}rnh{ Cxrlmi* Ciqin* igmGigani 2440.'

Mxrnga }`h ji{} }qhg}~ ~hir{* kllthri}nlg ngn}ni}nuh{ xgmhr }`h }rimh igm nguh{}fhg} tnjjirhpthrnhgkhm ig hptlghg}nij arlq}` ng E]I{ nguljunga I{nig klxg}rnh{' ]`h gxfbhr le E]I{}ì} qhrh {naghm b~ I{nig hklglfnh{ ngkrhi{hm erlf i }l}ij le elxr iarhhfhg}{ ng 9>>4 }l=8 ng 2444 igm 992 ng 2494' [nfnjirj~* }`h }l}ij gxfbhr le E]I{ }ì} qhrh lgj~ trltl{hm lr{}njj xgmhr mn{kx{{nlg igm }ì} nguljuh i} jhi{} lgh I{nig klxg}r~ ngkrhi{hm erlf lgj~ lgh ng9>>4 }l gngh ng 2444 igm 94> ng 2494 IMB 24943 Kitigghjjn* Jhh* igm Th}rn 2494.' [xk`trljnehri}nlg le I{nig E]I{* q`nk` n{ jirahj~ rhji}hm }l }`h krn{n{ le ajlbij }rimh igmnguh{}fhg} ghal}ni}nlg{ ng }`h Mlì Rlxgm le }`h Qlrjm ]rimh Lraignzi}nlg Q]L.* ì{`hjthm }l mhhthg }rimh jngc{ bh}qhhg I{nig klxg}rnh{' Bx} n} ij{l krhi}h{ rhanlgijkllrmngi}nlg trlbjhf{ i{ }`h klg}hg}{ le }`h{h E]I{* ngkjxmnga }`hnr kluhriah igm rxjh{ lelrnang* irh x{xijj~ uhr~ mneehrhg} erlf hik` l}`hr{* krhi}nga i ‚gllmjh blqj‖ heehk} igm

rhyxnrnga {lfh elrf le rhanlgij kllthri}nlg ngn}ni}nuh }l jnfn} }`hnr kl{}{ Bijmqng 9>>5* 24453Ehrnmìgx{h}~iqig 24483 Fhglg 244>.'

]`h krhi}nlg le ig ‚I{ni&qnmh E]I‖ q`nk` klg{ljnmi}h{ hpn{}nga bnji}hrij igm tjxrnji}hrijE]I{ iarhhfhg}{ ng}l i {ngajh rhanlgij iarhhfhg} leehr{ ig heehk}nuh {ljx}nlg* qn}` arhi}tl}hg}nij bhghen}{ gl} lgj~ elr I{ni bx} ij{l elr }`h rh{} le }`h qlrjm' Lg }`h lgh ìgm* {xk` ijirah E]I qlxjm `hjt rhijnzh {nzhibjh hklglfnh{ le {kijh* bll{} }`h rhanlg„{ bx{ngh{{hgunrlgfhg} b~ hjnfngi}nga mlfh{}nk&tljnk~ mn{}lr}nlg{ }l ng}ri&rhanlgij }rimh igm nguh{}fhg}*igm eiknjn}i}h }hk`gljla~ }rig{ehr' I} }`h {ifh }nfh* n} qlxjm ij{l `hjt }l {ljuh }`h MlìRlxgm nfti{{h i{ n} qlxjm krhi}h ig ngkhg}nuh elr glg&I{nig klxg}rnh{ }l ijnag }`hf{hjuh{qn}` }`h klg}hg} igm {}rxk}xrh le ig ‚I{ni&qnmh E]I‖ anuhg n}{ {nzh&heehk} lg ajlbij }rimh'Lgkh i rhanlg&qnmh E]I n{ elrfhm* n} fi~ ij{l bh hi{nhr elr I{nig klxg}rnh{ }l h{}ibjn{` i

kx{}lf{ xgnlg b~ ng}rlmxknga i klfflg hp}hrgij }irnee iflga n}{ fhfbhr{* i{ }`h HxrlthigHklglfnk Klffxgn}~ mnm ng 9>50 IMB 2494.'

]`h ahlarit`nkij kluhriah le ig ‚I{ni&qnmh E]I‖ klxjm bh arimxijj~ hptigmhm }`rlxa`klgkhg}rnk knrkjh{* x{nga }`h ‚I[HIG#‖ klgkht}' Erlf ig I[HIG#; E]I94

* i rhanlg&qnmh

iarhhfhg} klxjm hptigm ng}l ig I[HIG#5 iarhhfhg} 99

> I{ i fi}}hr le eik}* ng Fi~ 2499 I[HIG klxg}rnh{ iarhhm }l h{}ibjn{` ig I[HIG Ngeri{}rxk}xrh Exgm INE. qn}`

ig ngn}nij kitn}ij le -044 fnjjnlg' ]`h inf le }`h exgm n{ }l engigkh rhanlgij ngeri{}rxk}xrh trlohk}{'

* igm huhg}xijj~ hfbrikh l}`hr

94]`hrh n{ ig hpn{}nga trltl{ij elr krhi}nga ig Hi{} I{ni Erhh ]rimh Iarhhfhg} HIE]I.'

99 ]`hrh n{ ij{l i trltl{ij }l krhi}h i Klftrh`hg{nuh Hklglfnk Tir}ghr{`nt ng Hi{} I{ni KHTHI. iflga

I[HIG#5 klxg}rnh{'




2;

I{nig klxg}rnh{ qnjjnga }l olng }`h arlxt' Ig ‚I{ni&qnmh E]I‖ klxjm huhg}xijj~ bh jngchm qn}ÌTHK

92

I{ mn{kx{{hm ng {hk}nlg ;* }`h rh{xj}{ le }`h {xruh~ le I{ni„{ ltngnlg jhimhr{ `na`jna`}hm }`hrhji}nuh jikc le elrfij kllthri}nlg ngn}ni}nuh{ ng }`h irhi le rhanlgij txbjnk allm{* q`hgklftirhm qn}` }`l{h ijrhim~ {}ir}hm ng l}`hr irhi{' ]`h krhi}nlg le {huhrij ‚elrxf{‖ infhmi} nftrlunga }`h mhjnuhr~ le ‚rhanlgij txbjnk allm{‖ qlxjm `hjt klftjh}h }`h elrfi}nlg le igI{nig hklglfnk klffxgn}~ igm rhmxkh }`h rhanlg„{ uxjghribnjn}~ q`nk` ì{ ng}rng{nkijj~hfhrahm qn}` }`h ghai}nuh hp}hrgijn}nh{ ahghri}hm b~ n}{ ngkrhi{hm ng}rirhanlgijng}hrmhthgmhgkh' I{ni {}njj jikc{ trlthr ng{}n}x}nlg{ }l kllrmngi}h }`h mhjnuhr~ le rhanlgijtxbjnk allm{ ng irhi{ {xk` i{ hgunrlgfhg} igm kjnfi}h kìgah* mn{i{}hr rn{c figiahfhg}*hghra~ igm ellm {hkxrn}~* `hij}` klgkhrg{* igm mrxa{ igm `xfig }rieenkcnga' Ngmhhm* }`h jn{}le n{{xh{ rhji}hm }l hik` le }`h{h irhi{ kig bh uhr~ jlga'

igm }`h HX i{ qhjj* elrfnga i fiolr bxnjmnga bjlkc elr ajlbij }rimh ghal}ni}nlg{ igm`hjt }`h klftjh}nlg le }`h Mlì Rlxgm' Q`njh n} rhfing{ yxn}h mneenkxj} }l ìuh fig~ tir}nh{igm ng}hrh{} arlxt{. rhik` klg{hg{x{ lg i {ngajh iarhhfhg}* ig I{ni&qnmh E]I klxjm}irah} }l klg{ljnmi}h i} jhi{} i klrh {h} le exgmifhg}ij n{{xh{ {h}}nga i fngnfxf klfflg

rhanlgij mhglfngi}lr* q`njh jhiunga glg&exgmifhg}ij n{{xh{ }l bh aluhrghm b~ }`h hpn{}ngaE]I{'

Elr hpiftjh* hgunrlgfhg}&rhji}hm n{{xh{ ngkjxmh jl{{ le bnlmnuhr{n}~* mhelrh{}i}nlg* kli{}ijfigiahfhg}* iyxi}nk rh{lxrkh mhtjh}nlg* rn{nga {hi jhuhj{* inr igm qi}hr tljjx}nlg* igm{huhrij l}`hr{' Gi}xrij kijifn}nh{ {xk` i{ hir}`yxich{* }{xgifn{* uljkignk hrxt}nlg{*ejllmnga* igm mrlxa`} {hhf }l ìuh ngkrhi{hm ng erhyxhgk~ igm ng}hg{n}~ ng }`h ji{} ehq ~hir{igm rhanlgij elrxf{ mhijnga qn}` mn{i{}hr rn{c figiahfhg} kig `hjt engm {x{}ingibjh{ljx}nlg{ elr }`h ieehk}hm irhi{' Ng}hrgi}nlgij kllthri}nlg ì{ ij{l trluhg }l bh uhr~heehk}nuh ng `hij}`&rhji}hm irhi{ {xk` i{ trhuhg}nlg igm figiahfhg} le klffxgnkibjhmn{hi{h{ {xk` i{ `xfig nffxglmhenknhgk~ unrx{, ikyxnrhm nffxgh mhenknhgk~ {~gmrlfh*iunig ngejxhgzi* igm {huhrh ikx}h rh{tnri}lr~ {~gmrlfh' Hghra~ igm ellm {hkxrn}~ n{ igl}`hrirhi q`hrh rhanlgij elrxf{ klxjm `hjt I{nig hklglfnh{ }l mnuhr{ne~ }`hnr {lxrkh{ igmfn}nai}h }`h nftik} le xghuhg mn{}rnbx}nlg le gi}xrij rh{lxrkh{ ikrl{{ klxg}rnh{' Fl{} le }`h

ngn}ni}nuh{ ng }`h{h irhi{ irh {}njj ngn}ni}hm b~ {thknij ng}hrh{} arlxt{* ngmnunmxij klxg}rnh{* lrhpn{}nga elrxf{ i} ajlbij jhuhj' ]`h~ rirhj~ lrnangi}h erlf I{nig ng{}n}x}nlg{ igm ngn}ni}nuh{* lrkllrmngi}hm rhanlg&qnmh [igmjhr 2448.'

Krhi}nga ig I{nig hklglfnk klffxgn}~ rhyxnrh{ {huhrij le }`h ng{}n}x}nlg{ jn{}hm ibluh }l bhkrhi}hm }l mhhthg rhanlgij ng}hari}nlg ng i brlim rigah le n{{xh{' I} }`h {ifh }nfh*h{}ibjn{`nga i rhanlgij hklglfnk klffxgn}~ ij{l rhyxnrh{ hglxa` bx~&ng erlf ngmnunmxijklxg}rnh{' ]`n{ klgmn}nlg nftjnh{ }ì} elr hik` trltl{hm ghq ngn}ni}nuh* lr ng{}n}x}nlg* }`h gh}bhghen}{ erlf ng}hari}nlg {`lxjm bh fimh hptjnkn} igm n} {`lxjm bh kjhir }ì} gi}nlgij{luhrhnag}~ jl{{h{ bh flrh }ìg klfthg{i}hm b~ aing{ ng {ìrhm rhanlgij {luhrhnag}~'Flrhluhr* }l ik`nhuh ig imhyxi}h bijigkh le tlqhr{* ig I{nig hklglfnk klffxgn}~ {`lxjmbh bxnj} lg }`h klgkht} le kljjhk}nuh jhimhr{`nt }l fich ijj tir}nkntig}{ ehhj }`h~ ìuh ig

nftlr}ig} rljh }l tji~ ng }`h rhanlgij ng{}n}x}nlgij {h}xt'Lthggh{{ igm }rig{tirhgk~ {`lxjm bh x{hm i{ }ql ahghrij trngkntjh{ }l `hjt {ìth }`h ghqrhanlgij ng{}n}x}nlgij irk`n}hk}xrh' I{ni„{ lrnangij ‖lthg rhanlgijn{f‖ klgkht} rhejhk}{ igittrlik` }ì} fngnfnzh{ mn{krnfngi}nlg iaing{} glg&fhfbhr{ Mr~{mijh 24453 Airgix}9>>=3 îfiziqi 9>>4.' Ij}`lxa` I{ni„{ }rimn}nlgij `na` mhthgmhgk~ lg glg&rhanlgijfirch}{ igm }hk`gljlanh{ fi~ ìuh nftl{hm }`n{ ittrlik` b~ ghkh{{n}~ flrh }ìg unr}xh*}`h lthggh{{ trngkntjh hg{xrh{ }ì} ngn}ni}nuh{ elr hklglfnk ng}hari}nlg ij{l el{}hr I{ni„{ajlbij jngc{' I} }`h {ifh }nfh* hg{xrnga }rig{tirhgk~ le rhanlgij ng{}n}x}nlg{ n{ ig nftlr}ig}eik}lr }l hgìgkh }`hnr ikklxg}ibnjn}~' Ng}rlmxknga i trlthr ehhmbikc {~{}hf }l huijxi}h

92Rhkhg} mn{kx{{nlg{ lg }`h hptig{nlg le }`h Erhh ]rimh Iarhhfhg} le I{ni igm }`h Tiknenk E]IIT. }l jirah

ITHK hklglfnh{ {xk` i{ Oitig igm }`h X[ rhtrh{hg}{ i trlfn{nga mhuhjltfhg}' E]IIT„{ tl}hg}nij nftik}

fi~ `lqhuhr bh jnfn}hm b~ }`h eik} }ì} n{ {hhf{ xgjnchj~ }ì} }`h TRK qnjj mhknmh }l olng }`h iarhhfhg}'

http://en.wikipedia.org/wiki/Human_immunodeficiency_virus

http://en.wikipedia.org/wiki/Human_immunodeficiency_virus




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rh{xj}{ igm hg{xrh arhi}hr tir}nknti}nlg le }`h knunj {lknh}~ ng }`h aluhrgigkh {}rxk}xrh{ lerhanlgij ng{}n}x}nlg{ irh ij{l nftlr}ig} ngarhmnhg}{ ng mh{nagnga heehk}nuh lraignzi}nlg{jhimnga }l }`h krhi}nlg le i rhanlgij hklglfnk klffxgn}~'

Qnjj I{ni bh ibjh }l {ìth i rhanlgij irk`n}hk}xrh elr hklglfnk igm engigknij ng}hari}nlg }ì}kluhr{ i qnmh rigah le n{{xh{ igm q`l{h ng{}n}x}nlg{ trlunmh gh} aing{ }l }`hnr fhfbhr{ b~

x{nga kljjhk}nuh jhimhr{`nt igm {ìrhm {luhrhnag}~* q`njh rhfingnga lthg igm }rig{tirhg}<]`h trlglxgkhm mnuhr{n}~ hpn{}nga iflga I{nig hklglfnh{* {lknh}nh{* `n{}lrnh{* kxj}xrh{*igm tljn}nkij {~{}hf{ {xaah{}{ }ì} }`h ti}` }lqirm{ rhanlgijn{f fi~ gl} bh ig hi{~ lgh }leljjlq' N} qnjj bh mneenkxj} elr ijj klxg}rnh{ }lah}`hr }l bh rhim~ }l ngkrhi{h }`hnr rhanlgijhklglfnk ng}hrmhthgmhgkh i} }`h {ifh }nfh' I{nig kllthri}nlg igm ng}hari}nlg qnjj jnchj~klg}ngxh }l bh kìrik}hrnzhm b~ uirnibjh ahlfh}rnh{* eljjlqnga i fxj}n&}rikc igm fxj}n&{thhmittrlik` bi{hm lg }`h rhimngh{{ igm ng}hrh{} le hik` klxg}r~ }l olng rhanlgij ngn}ni}nuh{ igmng{}n}x}nlg{ IMB 2440* 2494.' I rhanlgij hklglfnk klffxgn}~ {`lxjm kitn}ijnzh lg I{ni„{mnuhr{n}~ b~ rh{thk}nga n}{ {}~jh{ igm }rimn}nlg{' N} {`lxjm gl} nftl{h i {ngajh flmhj bx} bhaluhrghm b~ ejhpnbnjn}~* imit}i}nlg* igm klg}ngxlx{ }rig{elrfi}nlg }l bh ibjh }l klth qn}`ritnmj~ kìganga ng}hrgij igm hp}hrgij klgmn}nlg{'

Anuhg }`h rhji}nuhj~ `na` mharhh le ajlbij ng}hari}nlg }ì} kìrik}hrnzh{ I{nig hklglfnh{*}`h trl{thrn}~ }ì} kig bh ahghri}hm b~ i flrh mhhtj~ ng}hari}hm rhanlg n{ }l bh {ìrhm gl}lgj~ b~ ngmnunmxij I{nig klxg}rnh{ bx} qn}` }`h hg}nrh qlrjm' I{nig tljn}nkij jhimhr{ {`lxjm bhrhim~* `lqhuhr* }l }rig{ji}h ng}l ik}nlg }`hnr mhkjiri}nlg{ le ng}hg} rhairmnga kjl{hrrhanlgijn{f* krhi}h trlthr {}rxk}xrh{ igm ghq ng{}n}x}nlg{ }l {}ir} i }lt&mlqg ittrlik` }lrhanlgij ng}hari}nlg* i{ qhjj i{ flbnjnzh {xeenknhg} engigknij rh{lxrkh{ }l hg{xrh }ì} ex}xrhngn}ni}nuh{ qnjj bh {ljnm igm {x{}ingibjh' ]`h 9*444 I{nig ltngnlg jhimhr{ q`l rhtjnhm }l }`hIMB {xruh~ irh jirahj~ klgenmhg} }ì} }`h bhghen}{ le rhanlgijn{f lx}qhna` n}{ kl{}{ b~ i{xb{}ig}nij firang' ]`h~ irh tir} le ig hptigmnga igm unbrig} cglqjhmah klffxgn}~ q`nk`trlunmh{ ng}hjjhk}xij {xttlr} }l }`h trlarh{{nuh fluh }lqirm{ kjl{hr I{nig ng}hari}nlg' ]`hkìjjhgah eiknga }`h krhi}nlg le i rhanlgij hklglfnk klffxgn}~ n{ }l brnga }`n{ hg}`x{ni{f}l }`h ari{{rll}{ jhuhj igm anuh ghq nfth}x{ }l }`h bl}}lf&xt ittrlik` b~ nguljunga }`h knunj

{lknh}~ ng }`h trlkh{{'




28

RHEHRHGKH[

Igml* F'* igm E' Cnfxri' 2448' ]`h Elrfi}nlg le Ng}hrgi}nlgij Trlmxk}nlg igm Mn{}rnbx}nlgGh}qlrc{ ng Hi{} I{ni' Ng Ng}hrgi}nlgij ]rimh ng Hi{} I{ni * hmn}hm b~ N' ]ici}l{`n igm

I' Rl{h' GBHR? ]lc~l'I}`xclriji* T&K' 2448' Trlmxk}nlg Eriafhg}i}nlg igm ]rimh Ti}}hrg{ ng Hi{} I{ni' I{ni

Hklglfnk Tithr{ =;.? 9‛21'

I{nig Mhuhjltfhg} Bigc' 2445' Rhanlgij Kllthri}nlg igm Ng}hari}nlg [}ri}ha~' Fignji?IMB'

I{nig Mhuhjltfhg} Bigc' 2440' Hfhranga I{nig Rhanlgijn{f? I Tir}ghr{`nt elr [ìrhmTrl{thrn}~' Fignji? IMB'

I{nig Mhuhjltfhg} Bigc' 2494' Ng{}n}x}nlg{ elr Rhanlgij Ng}hari}nlg' ]lqirm ig I{nigHklglfnk Klffxgn}~' Fignji? IMB

I{nig Mhuhjltfhg} Bigc Ng{}n}x}h' 244>' Ngeri{}rxk}xrh elr i [hifjh{{ I{ni' IMBN? ]lc~l'

Biji{{i* B' 9>59' ]`h ]`hlr~ le Hklglfnk Ng}hari}nlg ' Ijjhg % Xgqng? Jlgmlg'

Bijmqng* R' 9>>5' I Mlfngl ]`hlr~ le Rhanlgijn{f' Ng Hptigmnga Fhfbhr{`nt le }`h HX *hmn}hm b~ R' Bijmqng* T' @iitirig}i* igm O' Cnigmhr'' Kifbrnmah* Xgn}hm Cngamlf?Kifbrnmah Xgnuhr{n}~ Trh{{?'

Bijmqng* Rnkìrm 2445.' "Figianga }`h Gllmjh Blqj? ]`h Erianjn}~ le Hi{} I{nigRhanlgijn{f"* KHTR Mn{kx{{nlg Tithr Gl' 8859' Jlgmlg? KHTR'

Kitigghjjn* A' 2494' Thrkht}nlg{ le Hklglfnk Ng}hrmhthgmhgkh? ]`h unhq le I{nig LtngnlgJhimhr{' Ng? I{nig Rhanlgijn{f ng }`h Qlrjm Hklglf~' Hgangh elr M~gifn{f igm [}ibnjn}~* hmn}hm b~ F' Ciqin* O&Q' Jhh* T' Th}rn' K`hj}hgìf* XC* igm Glr}ìft}lg*

FI* X[I? Hmqirm Hjair'Kitigghjjn* A'* O&Q' Jhh* igm T' Th}rn' 2494' Hklglfnk Ng}hrmhthgmhgkh ng I{ni? Mhuhjltnga

Ngmnki}lr{ elr Rhanlgij Kllthri}nlg igm Ng}hari}nlg' [ngaitlrh Hklglfnk Rhunhq 889.? 928‛959'

Mr~{ijh* T' 2445' Rhanlgijn{f ng I{ni igm }`h Tiknenk igm ig I{nig Hklglfnk Klffxgn}~'Tithr trh{hg}hm ng i qlrc{`lt ng NKRNHR* Ghq Mhj`n* ;4 Firk`'

Hnk`hgarhhg* B'* igm T' Jxhgagirxhfn}kìn' 244=' Q`~ Mlh{g!} I{ni @iuh Bnaahr BlgmFirch}{< GBHR Qlrcnga Tithr Gl' Q94815 '

Ehrnmìgx{h}~iqig* ]' 2448' Trhehrhg}nij ]rimnga Iarhhfhg}{ ng }`h I{ni&Tiknenk Rhanlg'NFE Qlrcnga Tithr 9=> ' Qi{`nga}lg* MK? NFE'

Airgix}* R' 9>>=' Lthg Rhanlgijn{f? N}{ Igij~}nk Bi{n{ igm n}{ Rhjhuigkh }l }`hNg}hrgi}nlgij [~{}hf' Olxrgij le I{nig Hklglfnk{ 82.? 21;‛2>4'

Ciqin* F' 2448' Hi{} I{nig Hklglfnk Rhanlgijn{f? Trlarh{{ igm Kìjjhgah{' Olxrgij le I{nig Hklglfnk{ 959.? 2>‛88'

Ciqin* F' 2441' Huljunga Hklglfnk Irk`n}hk}xrh ng Hi{} I{ni' Mn{kx{{nlg Tithr Gl' 0=']lc~l? IMB Ng{}n}x}h'

Ciqin* F'* igm [' ]ician' 2448' ]lqirm{ Rhanlgij Flgh}ir~ Kllthri}nlg ng Hi{} I{ni'Jh{{lg{ erlf L}`hr Tir}{ le }`h Qlrjm' Ng}hrgi}nlgij Olxrgij le Engigkh igm Hklglfnk{' 94.? >1‛995'

Cxrlmi* @'* F' Ciqin* igm R' Gigani' 2440' Ngeri{}rxk}xrh igm Rhanlgij Kllthri}nlg' Ng?Rh}`ngcnga Ngeri{}rxk}xrh elr Mhuhjltfhg} * hmn}hm b~ E' Blxraxnaglg* igm B'Tjh{clunk' Qlrjm Bigc* Qi{`nga}lg MK'






Fhglg* O' 244>' Mhijnga qn}` }`h Trljnehri}nlg le Bnji}hrij Erhh ]rimh Iarhhfhg}{' ]`h Qlrjm Hklglf~ ;294.? 9;09‛9=41'

Th}rn* T' 2445' N{ I{ni Bhklfnga Flrh Ng}hrmhthgmhg}< Olxrgij le I{nig Hklglfnk{ 91;.*;09‛;>='

[igmjhr* ]' 2448' Rhanlgij Txbjnk Allm{ igm Ng}hrgi}nlgij Lraignzi}nlg{' ]`h Rhunhq le Ng}hrgi}nlgij Lraignzi}nlg{ 9 9.?

[lh{i{}rl* @' 2445' Rhanlgij Ng}hari}nlg ng Hi{} I{ni? Ik`nhuhfhg}{ igm Ex}xrh Trl{thk}{'I{nig Hklglfnk Tljnk~ Rhunhq 92.? 298‛2;8'

8‛28

[lh{i{}rl @' 244>' Hi{} I{ni* }`h A24 igm ajlbij hklglfnk aluhrgigkh' Iuinjibjhi}? `}}t?,,qqq'hi{}i{nielrxf'lra,244>,4;,40,hi{}&i{ni&}̀ h&a24&igm&ajlbijhklglfnk&aluhrgigkh,

Xri}i* [' 2449' Hfhrahgkh le ig EMN&]rimh Nguh{}fhg} Ghpx{ igm Hklglfnk Arlq}` ngHi{} I{ni' ng Rh}`ngcnga }`h Hi{} I{nig Fnrikjh* hmn}hm b~ O' H' [}najn}z* igm [' ^x{xe 'Ghq ^lrc* G^? Lpelrm Xgnuhr{n}~ Trh{{'

^ifiziqi* N' 9>>4' Hklglfnk Mhuhjltfhg} igm Ng}hrgi}nlgij ]rimh? ]`h Oitigh{h Flmhj'@lgljxjx* @N ? Hi{}&Qh{} Khg}hr'

http://www.springerlink.com/content/1559-7431/




http://www.eastasiaforum.org/2009/03/08/east-asia-the-g20-and-globaleconomic-governance/








institutions for economic and financial integration in asia: trends and prospects

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