mishkin 1996 the channels of monetary transmission

29
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Page 1: Mishkin 1996 the Channels of Monetary Transmission

JOC ! !AGU [0 [C 01flCGbi.bp2 w p dnocq iiqqioru cxbJ!c bci.wiaiou bLoA!qcq qrn njj cLcqri ucjnqpi ©© pX cquc 'jj Lj2 I.G2CLACq 2POU accou oj tcxi uo o cxcccq wo

ECOUOW!C JçC2CLCJJ

MCM A0LjC [pG GGLj GLAG 2A[CW COJffUJP! f AGL2!A OL [pG M[!OJI Bm.fl OVu obuoua cxbi.cacj •LG [0 0 [P U[p0L uiiq '°l °. }1GL1 B"! OjbbcL bn.i o i.cccp bioiui !u cououiic ncwou joucwzA ECOUOUJ!GU-jIjjçG ELJCG flJrffJLX 4- I qrnujc DOLOflJ)i 2°P°! OL pcjbnj couJwcui JJJ2i.cbmq oi 1G Budnc qc L ucc-nupcL2!1c coujpLcucc ,jprnuciq cciuqioNtpo,, w9uJ-

EGPL1L? JQIJJpI4q NV OJ

JO?O 2CPI1GU2 AGUfIGI.4vnowvr BflKEVfl Oh ECOMONIC I�E2EVICH

J0LJCTU b1bGL tQ1

LGqG4c AI2JJU

NOI4ELVIA bOI'ICA.LKVM2NI22IOM: r'E22oM2 hOI

Ji-JE CHVI4YIEr'2 Oh NO]'1E1VIA

MBEB IiA01c1C1140 bVbEK 2EKIE2

Page 2: Mishkin 1996 the Channels of Monetary Transmission

Uq VIBEK4QM A04C1 4) JØØ4fl r!P'.Q 21LGQEIL1 !�G2CLA JIJJC 0j J4CM AOLI(hL1GUC WIJJJCIU

jL0W qJ 0L po ccup. pujc uiju pca couqnc woijcwi.) bojicA

bucc2e cuq Ipcu ou o fJJC 2o-cflcq CLQ cpuucj jpc bbcL Ipcu qcnc pc !uibJ!cou

VL1IU M!tjJ u2qw0uJ TUtCLQ LQ CJJ11JIJGj 0i1J OU 10 CpUUJ2 0bCL9pU fpLonp OiJJCL

1xibci bLoAqc u OACLI4QM Oj flJC P.9U2UJ!2!0U wccp9uwa o UJoUCWLA boJ!cA

VBLKVC1

NO'1ELVJ�A hOFICA1VW2YU22IOM: FE220M2 hOK

IHE CHVL.114Er2 Oh NOI4RLVKA

hCPLR1L JQrIBEK oqqiJ VbCL 4Q4

Page 3: Mishkin 1996 the Channels of Monetary Transmission

noitrnboiinl .1

3Ldsnisiw2 3iornoiq ol wod luods 2no122u321b ni 3si2 i3in3 Is won 21 '3i1oq '(tsi3floM

si1idsi2 03 tool s 25 1312u1 211 1201 21311 s311oq 1s32iI .mono 1i iii noiisftni wol bns f1iwo1

nisido 01 211011313 oi1oq ls3th 3mii 01 iiLids r1i luods aiduob lo 32uEd 'ff1OflO33 31S5IS 3(11

rilod 113(11 i 11u231 3rlT .2113i13b ibud jijods 2fflflO3 2E 113w 25 rno3iuo noiisi!idsi2 31d51i23b

noilsilni bns iuqiuo lo noi1si1idsi2 3rti isdi 3is3ovbs 21S in31 iii 2nsioililoq bus 2l2imono33

3riq lo 3viiloqqu2 iom 31no33d o21s 2511 noi223lcnq 231m011033 3(IT .ziIoq 'fsi3nom 01 1131 3d

11332 3v51i 3w is 1113331 11 b33bnI .lnsd 1siin33 £ iol Iso Isrni1q rnri-no1 il1 ac ii1ids12

-I3blo 111 13vi13so1q isi i2sI3ini ni2is1 lo is1i2 s niu21uq 23hinuo3 nsm ni aAusd 15111133

3d 03 l3blo nI .vjnono b3is3th3vo us moil niris noiisflni ni 325313111 us in3vsIq 01

lo 11131(1223225 3151u335 (IS 3V511 121Jm 23iiflOfIiIJB (Is13nom 3111 32i1q13Ifl3 (15 113u2 (11 1U1223331J2

3(13 10 nibns12l3bnu fiR nhiupsi 2lJIIi mono 3(11 (10 231311 oq 113111 lo 133113 bns nimu1 3(11

.'mono33 3(11 213311E 3i1Oq (1Si3fl0f1I (131(1W (f1J01f11 2m21(151133m

\3i1oq \(Isi3fIOm lo 2(fl21fl51133m no1221m2n1311 3(11 lo W3IV13VO (Is 3bivolq I iqsq ir11 nI

3111 ifliw 31532 lviii I .oiqoi 21(11 (10 31u1s13111 niwoi Ibiqsi 3(11 (10 23v1133q219q 'm 3VI bns

233nq 13225 13(110 (IguolfIl gnhlsl3qo 213f1n13113 221J321b 01 no o 2E3nns113 3151 123131111 IsnoilibsIt

noiln3iis (13153231 lo lol £ 1Iivi335I n33d 2511 ([31(1W 1311(113(k) 31b313 b31153-o2 3(13 221J32ib n3rIi bus

113(11 111 'Lno ion ins31oqmi 21 2m2insrk)3m flOi22iffl2fIS1i 323(11 nibnsivi3bnU .21S 1(1335! ni

ws-ib 111w 1 ul3iulw (3i[oq 'ç!si3nom 101 21102231 lnslioqrni 3vs11 'rti 3ws33d 0215 lud ,ulgii nwo

.qsq 3113 lo tisq nibu13no3 3(11 li flJo

Page 4: Mishkin 1996 the Channels of Monetary Transmission

I9nfl1dD ir$I 919inI IanoiiibwiT .11

tnnsib isi-iiini thiw m2icIsrfom noiimfuiii isi3nom ffi b wivivo rfi 11si2 I

A 515 birs is fiu1 vo icib 3iuisi3iiL di ii siuis3I bisbnsi s nd vsiI fIi uszci

nd siI rbidw lthom Aoodix3l MJI in)I 3iBd 3d1 fri minsdm rroiimnsii isirrorri

.3irnono33oi3sm fri flhf13Si lo 5Ju1L6m S

c! ns mzinstbm nokimngjj isnom dJ lo w3iv MJI irsi n)L Isiroilibsil iiT

:froifisqx -isinom s lo 3th niwotf 3i1sm31132 iiiwoIIo1 rti d bh3iis16uIo

(I)

isi 1iini !ssr tii ilsi s ol nibs! oiLoq (u3i3nom isnoiiisqx irs is3ibn! t 19i 13f1w

bi3ffi ( t I) nibn3q in3mivni iii h s rikus j511qs3 b 1o3 fIi i3woI friul iii ibiriw ( .( t '1) luqluo iii h s bns bnsrnb sis iii sini irE ol nibs31

2ni2ud r1uoir1i nuisiqo 25 I3nnsth 2irIi bsi2sffqm3 llsniiio nA duoriflA

iiods 2f10i2i33b 2131J2fl03 isrir b3SifIo33i 1b153251 18151 fribfl3q2 ifl3mi28vft! iuocJs 2noiEib

3151 123131111 3111 eur1T .2noi2ib 11131n123v11i 815 0215 3iuiibn3qx3 3Idslub 13U2flO3 bits ni2uod

13U20O 01 llsup3 23iIqqE 3vocis 311sm81132 3(11 (Ii b3fluIiIJO noi22im2nsii (1si3from lo 1311115113

.3luiibn3qx3 31(15mb i3mu2no3 bits nizuorf Isiin3bi23l 2in3231q31 I ibidw iii nibrI3q2

3111 no 2125f1qm3 211 21 m2insdo8m noi22im2nsli 31E1 12313mm 3111 b 31111531 mirshOqini irA

.2noi2133b 223ni2ud bns 131flu21103 2138115 rloirtw 113111 2S 31s1 12313mm Isnimon 8111 nsrli ioilisi ii 21 isdi 3isl 12313ini ml3m-rIod2 3111 ion bits isi 123131111 m13m-nQi 1531 3111 n3flo 2131 jioiiibbs in

Page 5: Mishkin 1996 the Channels of Monetary Transmission

C

m131-rroda 3r11 Iii agnErb iBril ii ai woH .nibnqa no i3Bqfni iom di nivBr1 as b3w3iv

1s51 r1i ni nsd3 nibnoqa3no3 s ni iIuai Ansd ts1in3 s d b3ubrn isi Ia51in1 1nimon

inoian.sqx isdi oa aohq Aoiia ai '. i1T Vabnod rrn3i-no1 bits horfa diod no 3151 128131(11

tsi rnl3i-floda rfi aiwo1 oats 31st iai3ini !snimon m131-florla rfi aiwo1 rbidw 'oi1oq (ui13nom

3rlT .anoiisb3qx3 Isnoiisi diiw bhow s iii nv 3irIi 3d Ilila bluow aiili bits 3is1 123131ni

its ai 3151 125131ni no1 3f11 isrIi 231s12 thiriw 31ui3u1i2 m131 3(11 10 aiadioqd anoiisi33qx3

rrri1-txor1a L631 i3wol 3111 15111 a1a31Ja a3is1 123181ni fin3i-ilofIa 31u1111 b3i3qx3 lo 3S13Vi3

113(11 231s1 123131ni 1551 l3wol 32311T .31st last3ini m13i-no1 Issi 3111 111 11it s 01 abs1 3351 iast3lni

31(15mb l3muano3 in3mla3vni i1i2uof1 fsiin3biast n3mla3vni b3xit aa3niaud uI 28th 01 bsI

.iuqiuo 335 rags ui 3211 d1 33ubolq 1131(1w Io Its 1n3m123vni (1oin3vni bits 3luiibn8qx3

Isnimorr 3(11 usrIl 18rf1si nibn3qa no ai3sqmi isdi isi 1a3ini 1631 orfi ai Ii isri) Is1 suIT

f13V3 mono 3(11 3iEIumuia ffS3 iloq unorn wouf iol rnainr1n insnoqmi its a3bivrnq 3161

323131111 Isnimon (111W .3boaiq3 isnoii6fl3b £ nhub oi b ioofl 13 liii 231s1 32313ifli Isnimon li

33nq b3iqx3 3113 32161 itSO (1 t&) 1qqua '3flOffl 3(13 1i noiansqx3 its ,o1s lo ioofl ii is 23i61

(1 .) 8161 i2313in1 1631 8(11 gnFI3woI d3m(1i ( 'iv) noiisflrti b3iosqx3 3z1131( bus (4f 9L) 13v31

31(1 dguoicll nibn3qa niis1umi3a bits 013s is bxfl 21 8361 323181fli Isnimon 3111 n3flw (13V3

.3.1 :3vocfs I3nnsrl3 3161 i2SI3lni

()

tsnimon n3rfw fl3V3 3v1i33113 3d Ilila 1153 oi1oq 1si3nom isli a3isoibni audi mainsthorn airiT

aidi bbnI .a3ithodius 1si3nom 3111 d o1s ol riwob n3vilb nd b63116 3v13f1 23151 323131fli

Page 6: Mishkin 1996 the Channels of Monetary Transmission

A3u12 ion w mono 2.U rii f!w to 2noi221J321b ithsinorn ni inrn1 A ii i rn2insrIm

bLuo3 i1oq uiinom noinqx iriw bns noiaiq3U isiD th nhi,b qsii siibiupi! s fir

.boFi3q 2ith github iuqiuo ni 9nibb qlsd2 th bin3v31q vsd

bn 2I3nnsrb 3izi iiini no d3is31 in33i 31i1 lo V1U2 1f131133X3 ns ii'I (QI) io1sT

31s1 123131ni I&iinsi2du2 iol n3biv3 1ohiqm3 grloli2 21 ifi ifft rroiii2oq &Ii 23L61 rf

noi22rm2nsii 'isinom is1-ir3ini r1r gnbIEm gnibn3q2 inmievni bn 13fflU2fi3 no

13th11 nm ousd no 1si2vo1ino3 IrIgici ii 21 noiii2oq 2H .no gnoii2 m2insrbrn

vi1 ibu12 th3iliqm3 irIi wiv vi1srrii1s n 3vsrl Q1) 1311130 bn 3Ansnl3fl 3lqmBx3 iol

.11iq lo 1o r1i ilguoull z3lsi 123131ni lo 21331t3 iflB3iIingi2 gnivti1n3bi ni 'i1u3fftib 1s31g bstf

noi22im2n-11 (1Ei3norn 1i1-1z13ini to 31u1i11 Isoiliqin3 3113 213 b1231 3d1 bbnI

2m2insrb3m noi22im2n1i td1o iol r131z 3111 io1 2utumii 11i b3bivoIq gnivBIl s 2m2i11S1133m

.13nnrf 3 iibi 3111 '(11i33qe3 '(3i1oq (lBi3norn k

I9nnfrEJ 31q t9A 19(110 .111

2133fl3 \(3iloq vtsl3nom gnis1J1nS lol rngibsmq MJI 3111 01 noii33ldo i2ni3nom A A

nsm no nsfli 1311151 1st 32313irn 3(11 hq izs 3fl0 '(mo no zsu3ot Ii isdi i cnono di no

33225 3V1i5131 131110 113111W (Ii m21nJ31133m flOi22lffl2flSli £ ffOiZiVfI3 2i2fl13i3110M '.z33r1q 13225

131110 323111 lo noiirngo33$I .'(rnono33 di olno 2333113 Isi3nom iim2nBli 113183w 1831 bns 233nq

0218 orlw insilgiboM oonsil 25 fI3lJa 2fl5123f1'(3)I '(d hind 2I3bom oiosm lo 311531 5 21 213fifl5d3

.(Q1) 13si18M s 8fqmEx8 1OI

Page 7: Mishkin 1996 the Channels of Monetary Transmission

.fnin&133rrI noi22imnE1i \(IEinom rIi oi iSOiifl3 f1id J11 rrq i3rfio 3di rIi no 5IuiE13jiI rIi ni noi1n5fl Ithini2du vi&i isrfi 2bnod bid i2s A ow 31S 5IrIT

.iiiup bns risdox3 ni31o1 -- rn nsth3m noiimnsii

I9fIfl1f1D 9i1$I 9gfIIUbXa

in3vbB 3di bits bhow di iuoduoir1i 2&monoo 10 noiisi!snoitsrn3ini niwoi i11 rijiW

noiim2ns1i iLoq u1i3nom oi bisq nd sr1 noiin3iis iom isi n&bx3 1dix3fl lo

m2insrbm noiirnnsii 2i111 bbnI .rIoqxs 1n no iT13 1si 3nE113x riuoir1 niizIqo

.nthtsd bits nom bits 3imonoo1osm ni a1oodixi nibsf 3th ni iuis1 bisbnsi s won i L1s1 Jsi iiini 1s51 oiie3mob n31lw uszd aiu13 ist ii1ni 3vLov1Ii oIE t3nnsrk iiIT

riiio1 iii b3isnimonb iioqb oi viis131 3viis1iis L moocJ iioq3b isliob 3iimob

iioqb 'nnu 131110 01 3vi15131 iioq3b icliob lo 3u1sv 3111 111 LIsl s 01 nibsI 813fl3TIIJ3

3fl3T1u3 i1rnob 3111 lo 3u1sv l3woI 3liT .( 4 '(d b3ion3b) isliob r1i lo noiisb1q3b s isril

(t YM) hoqx3 13n fti h s n12us3 d5I311i boo ni5to1 fisill 13q53f13 boo 3i1231T1ob Asm

m2insrb3m noiim2nsii istnorn 3111 iol i1Em3rk 3rIT .iuqiuo 3is31ggs iii n3ff bits

:iJr1i 2i 31s1 3nSf13x3 3111 11uoic1i niis13qo

()

3ii23fflob 3111 io11s v3iloq (Is13ftorn won iii !oi lnsrroqrni its s!q 13nns113 3151 nsfbx3 ic1T

ioFsT bits (QQ!) nnsM bits -i3qooH 1ns'iH s rbu rh1s31 1n33i ni ln3biv3 i s 'mono33

Page 8: Mishkin 1996 the Channels of Monetary Transmission

.(QQ1)

I9fIflhUID iiupa

riokimgnsij ui3norn 3d1 ol lnEnoqmi 31fi isfil 233nq 1iup3 gnivlovni a1nnsr13 owl is fiT

.noilqmv2no3 no 11 thIsw bns 1nmj3vni lo ofli p 'nidoT 3vlovni 323(11 :m2insdo3m

(ai1oq vlsi3noIn fl3if!w lo nsm d m2insrb3rn s 23bivrnq io3rfT p nidoT .C1O9fIT p nidoT

nidoT .(QÔQI) nidoT ) i1iup3 1o noilsiilsv 3(11 flO 2i&1h 21i duofti monoo3 3(11 21)3115

dirI i 1! .Lsliqso lo 1203 1n3rn3351q31 3(11 d bsbkvib mir1 10 3ulsv 1hfim 3(11 nh13b

bits lnstq wn bits jsiiqs3 lo 1203 1n3m3351q51 &lt 01 3v11s131 r1irf i 2m111 lo 33nq 1hsm 3(11

113111 1153 insqmo) .miiI zz3niaud lo 3u16v 13*tsm 3111 01 3vilsl3l qs31i3 i 1s1iqs ln3mqiJJp3

315 d1 ln3mqiup3 bits 1n.slq 3113 lo 1203 3u11 01 3vi15151 Ii iol 33nq i1ir1 s 1 bits 1wp3 31J221

eboo in3m1vni wn lo 101 s ud ffS3 amift 32usd 3211 111w nibn3q2 1n3mivni wriT .niud

.iiup8 lo ui ILsm2 s Ino fihiw

32u533d 2boo in3cnl23vni wn 325r13Tuq ion Iliw 2rnlfl wo1 21 11311w bnsrl 13(110 3111 riO

3llup3s 01 lnsw 23insqmoo 1! .1sflq53 lo 1203 3(11 01 8v!15151 wol ai 2mliI lo 3lJlfiv i3*1sm 3(13

.bs3lani Lsiiqs3 blo tiups bits \Iqs3r13 mill l3rIions ud 11B3 3r11 wo1 21 % n3liw Isuiqs3

.wol 3d n3111 Iliw riibn3q2 in3ml23vflI

ln3mi23vni bits 2'nidoT nwi3d 212ix3 Anil s isdi 21 110122u321b 21(11 lo xui 3rIT

3(11 11311w \(1oi2 l2hst3nom s ni V233nq (1iup3 1n1ls (3i1oq (1s13nom idim wort lufi .nibn3qe

3111 ub3i 01 23111 02 bits 21115w Ii nsrli nom iom 2s11 ii 2bnil 3iIduq 3111 3th 1qqu2 nom

Page 9: Mishkin 1996 the Channels of Monetary Transmission

V

offI iii i oiom bnoqa n& oilduq orfi 33131q onO .nibnoq iiorfi nioioni d onom b gnib1od

oiom A .oi1q iioifi niisi '1inoup32no3 bits iiiupo ioI bnsmob orfi fli2S313fli ioAisrn A3oi

nicnmo1 oisi 1oioini iii hit orli zoe ii oauszod noiwI3noO ishimi s oi omoo (io1 nsion'o)I

doiorfi oiiiupo 01 oviisloi oviiosiiis o1 bnod nb1sm 3i1oq ts19nom inoinsqxo moil

1iupo ioi1iif isth 1351 sf11 dliw 2wsiv 828f11 ninidmoD .sth 01 siliups 10 oohq sill ni2uso

01 2bsol (t 'i) riibnoq inomisvni ii1ir1 will bits (t ) isdirL s oi bsol 111w (t ,k) asohq

:3i10q (Is18nom lo m2iflSl133m noi22ifn2nsll iiiwo11o1 3111

(4)

233flq \iiup3 fluoiuli n0i2211fl211511 (1J3isflO1fl ioI 1311115113 sviisinsils nA .2t39TI3 dtIsW

d bois3ovbs 1noi12 nood sd lsnnsrb 2irlT .noiiqmu2noo no i3o11o dhlsow r(uoirlt 21U330

10 bisoa ii i ni I1fl5flU3 21 1131(1W 10 noi2iov s 1bom qM id bits insi1iboM 031151i

sbv-s1i1 2'insi1iboM ni .(IVQI) insi1iboM ss -- ms12y svises$I IsisbsI 3111 lo 21oirIsvoO

21113111W 213fflU2ff03 lo 2331U023i omiioIiI sill d bonimisiob 21 nibnsq fxoiiqmlJ2no3 jsbom

lo insnoqmo3 ioLsm A .rfiisow Lsi3nsnfl bits Isnqss Issi js11q53 nsmur( diod 1o qu obsrn

dihiow lsi3nsnfl lo sulsv 3111 sth 2sohq 13oi2 nsrfW .a130i2 nomrnoo 21 rIiLGsw 1Si3flSftfl

.oth bhiod2 noiiqrnu2noo bits 2i8U2fl03 lo 3(1Iii31i1 sill gni2soi3111 2uffi 2s2ssi3ni

2s3nq )13o12 uI oth £ oh bsol nso 3i1oq isisnom isnoirrsqxs lsth nss bssihi ovsr( sw 33fli

:m2insd3sm noi2aim2nsi1 ialsrrom isilions svsrl nsr(i ow ( t k)

() t noiiqfnu2no3 t dilssw t % = t I4

Page 10: Mishkin 1996 the Channels of Monetary Transmission

8

3vods b3dn323b 13nnr13 2nidoT bns th!sw rfi b uilofi .I9nfl1uID it1 bn&1 bn gnkuoH

1b11obrIisii2 iIqq *towmzfi p nidoT dT .Jiup 10 noiiinitb !S1n3 iiup £ iol wollj

i3r1i aii ff3iflw 33nq uorf iii 32fi13ni nA .'1iup3 i ni2LJoff i3r1w ih&n niLJofI cIi oi

niiIumii d13di niuouI ioI p a'nidoT ni ah £ 01 bs! 1eo3 in3m331q31 ol viiS!31 23nq

Io ln3noqmo3 instioqmi I3m5I1x3 as nq bnl$1 bns niuod hsLirni .noii3ubolq au

1Ei3noM .utoiiqmuanoa nkisi sd13di 41183w aini a3hq a3ufi iii ath oa bas ubIsw

auth vods b3dh3ab afnairuiub3m 3d1 riuoufi a3nq niauorf bns bnsl aaiii ul3iffw flOiaf!SqX3

oaIE mainEfb3m noiaaifnansij I13nom 3111 31o15r3r1T .brisrn3b 3is31s in oth £ 01 abs1

.aI3nnsrf3 hq grniauorl buns basE 3111 u1uoith 23n$l3qo

I9nfICfO iib9l) .VI

3111 rnslqx3 ai113 1si 1e13ini woni luodis ano1 Isnoiin3vnoa rfi 1111w ff0113 tiiaaiU

u1j 10 w3iv wn £ 01 b31 asrt a1aas b3vi1-no1 no 3iuuibn3qx3 no iloq rs18nom 10 i3sqmi

Isi3nsnfl iii noilsmiolni 3nj3mmas 23i2sdqm3 lisuli rnatnsrb3m noiaaimansil (usi3nom

lo 11u251 £ 25 325 usd1 noiaaimauns'Ii (Isi3nom lo aI3nnsrIo 3i2Ed owl 315 313rfT .e13)hSm

133112-3ons!sd uIi buns I3nnsrl3 nibn3! Amid 3111 :ai3Alsm 1ib313 n• am3Idolq noiismiolni

lo insrnzio1ris buns noisi1hv 'Iio 'd bei83i am3ldolq ol 18131 oals amdoiq noiismio1n1 nolismiolni 3i1i3rnm2S 01 bsic1t 18ao13 ens noiis3itnsv buns inem&noThe 1iaoD .ai3s1ino) 1isinisrii1

bns noil&iIil3v erli nIw anozssn lojsm erli lo eno ai noiismlolni 3ni8mm'as lo $3fleiatxe edi 32u835d .'tiao3 02 ss a1s1tno3 Isknrn11 lo inemeno1ne

Page 11: Mishkin 1996 the Channels of Monetary Transmission

Q

1311(15113

J9nn1fID nibwJ Aiufl

3111 lii 31o1 1iq s 1q sAnd ir1i w3iv 3111 110 biid i 13nnBth nibn31 Ansd 3rIT

noiiirnio1ni 3i3mm(as 3v1o 01 b3iiu 113w 11Ei33q3 515 '(3111 3uE33d m3iV LSf3flsflfl

3vH ion 111w 2l3woTlod niflo 1oi siq a1n.sd lo usE .i3*1m t1b313 ni m31do1q

i33113q on i 313111 25 no1 2A .AnscJ moil woTtod sth 22311111 2i8A1Em libsto 3111 01 223Z)3J

1311115113 nibn31 Ansd rtj ndi bnij1 lo 23311102 131110 rIliw 2ii2oq3b lrisd lisisi lo '(iilidsiuiiiadu2

2825513n1 iioidw oiloq s(Isi3rrom '(Isnoi2nsqx3 .2wolIoI as 231s13qo noi22im2rlsli '(1Si3utom 10

Ansd noviD .oldsfisvs 2nsol 1nsd lo '(iiinsup 3111 2313fl1 iiaoq3b Ansd bns iosi lni$d

in3rni23vni uso Iliw 2(1501 111 ossioni 2ith twoiiod 1nsd lo 22513 01 2bn3l as 3101 5133q2

2i 13Tt3 '(oiIoq '(lsI3nom 3111 '(IL53i1B1fl3fIZ2 .h ol nibn3q2 (13m1121103 '(1dioq bits)

() t '{ = t 4= t 2(1501 ?!nsd ? 2n2oq3b Ansd t M

no 103113 18is31 s 3vsrI lliw '(oiIoq '(uiionom isrfi 2! w81v iibsio 3111 lo noiisoilqrni insiloqmi ciA

2rrrrfl 31E1 no 111w ii nsrfi 211501 Ansd no In3bn3q9b 3iom 315 isdi zrniiI 13115m2 '(d olUiibn3qXo

r1ijoir1i nio iuo11iiw 213)hsm bnod bits Aooi2 rtuoic1i 213*lsm 1ib313 3(11 223335 '(IiOSIib nso isifi

(QQ1) lsIfl3D bns 3Ansrn3a iii biwoI 3d ns 31u1518i11 I8nnsfk iib3l3 8f1i1o 2'(3V1U2 1113331 111311&.)x3e

.(QQ1) bisdduH bits (Q?1) ifl8fkD

Page 12: Mishkin 1996 the Channels of Monetary Transmission

OL Gxwb1 jçwA (Io3) uq IflIL (J

W013J jrntq bkopjcun 1L JU JGuqiu o C2G JLW2 F'OMCL uc MO!4JJ WC1U2 fJJIf JGIJGL !U

UJLJ(C12 JJJG JOMGI. pc U MOI4 O p11!U22 JLUJ2 pc WOLC 2AGLG qic AGL2 GJCCfiOU uq

pcc cp9uucJ 9Jao L!2C2 ii.ow ip bLccuc o Awwuc uq,ouirnpou bLopJcw2 iu CLGqI

CJGL IJJ 1JJ12 i IJJG C1 OL fpc OfliGi. CLGq! CpIJIJGJ IpG JUCG-2JJGG1 CJJUUGJ JJJG p9J91Jcc-

ponp fpc puc cuqiu cp9lJuGJ urnA pc qccjiuiii rn !wboI4ucc ii pA uo wG1J2

W3P1UCG-PGG1 CPIJII

IG2 bocij

ps pmp i.c bjAiu i JG2 iJJJboWmf LOJG !U CLGI W14(G12 LGuqGUU pG pruy jcuqnJ cpuucJ

pJJ !GuqU pfI2iUG2 Mp!Cp 2 OCCI1UJLJ MoLjqMJqc (c Eq"'q uq jipjau (j)) wcusi.c uo LGdniLcq fO pc prcjq nb pA w,dnJLcq cuc ccouq 1p qccjiu o, ipc iLqwouj

qccJ!UG JU pIJJ( LG2GLAG iiq JO2 O LGW!J qGb02 pA !fl!U CD W91JCG !UGLG2f LG2 pIf

COUfLCjIOU ft1flJ }JGG LGflIOLA LG2fUC!OU pojipcq p1JJc C9U WOLG G2IJA Lcbouq o

i pq OL pujc o i.cbjcc€ qcboi joticq oni o piijqu Aw qnuu woucaA

(cD) MGLG 2flplGctGq o LcdnILcwGlJf2 uq i.njtou 5 qGboan LSIG GCijuJ2 pcp irnqc

ou prujc MP!CP piuqcL IJJCIL spijiA O L9IG f1Uq2 hLJOL 10 1G wiq-jgo CCL I jc1C oqcbou

11 OUCC M i IJJC CIILLCUI fl LCflJ0!.A jI3WGMOLy UO j0IJCL iwbo LC1UCf!OU

LCOU2 10 2flbCC1 fp IJJG piujc jcuqui CJJUUGJ JU fpC flU!fcq 2WfG2 UJSA U01 pc

DOflPI2 P0ff1 IPC p9UJc jcuqiu cpiJucj JJAC pccU L1Cq IIJ jJJG Ji1CLfflLC JJJCLC JLC

p1JJcv

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Page 13: Mishkin 1996 the Channels of Monetary Transmission

II

A .irtid ii noi11 1ovbB moil 23ao1 oa briE nsoL li3u!i ioI Is13iEII03 2231 3vEri 1z3113

riibn3I b32sIb 01 2bs! wdi rn3Idotq noi11a 13vbE 3(11 28261 (13111w rItiow in ni 3nikb

Lsiom 3(11 2325313n1 o21s arnifl 3ni2ud lo ritiow in l3woI 3LiT .nibn3q2 1113ffl123vf1i 3311131111 01

nivi rrnft 113111 iii 3A1332 1iup3 iwo1 B vr1 21nwo 1&11 nsom Ii 32uod m3ldolq bisr1

in3mJa3vni 131 tart rio nb!si 33ni .2i33o1q in8fnia8vni p1ah ni sn ol 3viin33rIi iom fn3Iti

arnifl aa3niaud ni Eib £ A3sd bisq 3d ion 111w ai3bn3L iti 'L3Ait iom ii a3Asm 2i33o1q

.rIibn8qa in3mia3vni ni n3d bits nibn8I fri 3a11b 13 oi 2b1331 iIriow in (IBnoi2nsqxa .2Bw lirtva iii aif12-s3nI3Isd 'amifl 1TIE 11133 si!oq

131h133 b,clh3a3b 231111 noIs (t ,1) 233hq 1iup3 iii ah s aairno rbirlw (t 't&) 3i1oq 11313rrorn

3i31gz bas (t ') nibn3qa 11131n123vni 13r1ic1 01 2b1331 oa bits arirtil b rillow 33n 8111 z3zis1

aiilT .acn3Idolq b1sd Isiom bits noii132 a13vbs lii 3a3lb 3(11 lo 321JE33d (t '1) bnsm3b

:rroiaalmallEli '(tsi3nom lo 1311(113113 1331Ia-3311s1sd 3110 iol 3i113m3f132 rnwo11o1 3(11 01 2b531

bissrf Lsiom 2 1' (101133132 3213VbE P = 1' &

P '1 t 1' nibnL

Jn3rn3volqrni 118 23211133 oats 231131 123131111 Isnimon 213W01 (131(1W 3i1Oq (IEl3nom (Isnoi2nsqxa

brrs 1101133132 3213vb13 ni3ub31 d313di wofl (12133 232151 ii 32US33d 2133112 33rlslsd amifl ni

133112-oonsIsd IsnoilibbE ni iol 3ilEm3tha niwo1Lo1 3(11 01 ab,1 airiT .am3Idolq bisxsrl Lsiom

13111113113

(8) t wofl 112133 C= =

Page 14: Mishkin 1996 the Channels of Monetary Transmission

t'( = t I = ? gnibn3l = 4 bissiI Isiom 4 noth1 i3vbB

iifE 113111 isi iai31ni Isnimon ei Ii id1 i min13rbrn noia2irnni311 idi to 3iuis1 inEttoqrni tiA

ii iiirri [snoilibEli di rnoil i3u1ib minsdm 3isi iiini id1 wilT .wofl rl mifl

113111 oiii 1i3ini Isnimon 11i nEdi i3rligI !si 11i i Ii 113i11W ni 13iFIs3 b3wib ff1uu1S11331fl

2ifli Ill 31o1 IJ3i33q £ e(B1q 31131 iaSI3ini m131-tIorla 3111 iomi3rlfluI .ifl3ffli3VfIi 21331113

id3b m133-gnoI nsrli 13111131 m181-iloik no ain3mssq 1a13ini ai ii ausd mainsflo8m rroiaaimansil

.wofl ilaso mill no iosqmi ia3is31 3111 3vsrI 1!soiq1 313111

\1si3nom (tsnoiansqx3 doidw rlguoirli noiio1a a13vbs riiv1ovni rnairisr1om b3istsi A

gninoiisl iibsio f1i a3v!ovni iuqiuo 8is313gs 8islumuia nso a31131 123183(11 218w01 isdi oi!oq

aaso ni aiuoo ninoitsI iib3lo (18Q1) aai3W bits siiIii d b311$lianom3b eA .non3morl3tlq

eidl .3151 1a11nt 13r1id £ sq 01 ni11iw 5113 rli n3rlw fl3V3 ansol b3in3b 3113 al3wonod 31311w

ortw ano 3111 '1i3sx3 315 ai33o1q in3fnia3vni iab1ah 11i 111kw amill bits alsubivibni 32usod 2k

Iliw d1 aboooua in3rniaovni Ath-flifi 3111 ti 3Of1i2 23151 123131ni Ja3fIgifl 3111 sq 01 ni1Iiw 315

rn3ldolq noiioa 3213vb13 8113 325513n1 aisi 128131n1 13f1irf audT .23fl6i0118f13d isrnhq 3111 3d

a1si 125 3m! ai3wo! oi1oq (Isi3nom (1snoi2nsqx3 1181-lW .1k oubi a3isl iaSI3ini 13w01 bits

3113 al3bn3l audi bits ansol nibnsm3b 320113 lo noiiosñ 13rtid s 3113 ai3woriod 3noiq-Ath 2231

8111 lo 2115q b 23(111 3113 noLI$ 1uq1uo bits in3mi23vni iliod niaisi bn31 01 ni1!iw SIOm

.3vods oilsm3rloe

IE13n8 3111 no 2133113 soi1oq r1uour1i a3lsl3qo 13(11151-b 133112-3onsIsd bull A

b3isqbilnsnu its am18i Isnimon 11k b3xfl '1Isu1osflnoo 3113 2in3msq ld3b 32u5338 .13v31 8onq

nobmd 3111 232s3133b) afnu3i 1s31 ni 231111!c1511 amifl b 3ulsv 3111 ai3woI 13v31 ortq 31-h flk 3

Page 15: Mishkin 1996 the Channels of Monetary Transmission

El

i&Ii noinsqx -m1noM amii1 ifi lo 3u1sv tsi iii iwoI ion bluorfa lud (id3b 3111 lo

floifiw rthow 13n tsi isi 31oh1di (1 k) 13v31 3ohq rIi ni 3th b3iBqi3ilnBnu ns ol b1 in3mivni iii th oi nibl d313rI1 m3ldo1q biisd Isiom bnB noiit ivbs 213wo1

.wol3d 3iism3rt3 3111 iii s iuqiuo 3isg3igs bns nibn3q

(Q) r noii& 13vbs = t k b3iBqi3!ifrsnU t

1' '{ = t X = t nibn31 bissr1 Isiom %

3is3iE no iz113 inslioqini aijil 13v31 33r1q 3111 fi ain3m3vom b3isq!3!lnsnu isril wiv 3fIT

di lo wiv noiisll3b-id3b 3111 iii 3iuis1 31 3111 j ii :3irnono33 ni noiiibsii noL s asri bnsm3b

.(EEQI) ikiI gniviI 'd b32uoq23 noi25Iq3U 153iD

th&fl1 i99d-9rnRI1fl blod9woH

23f1iud d nibn3q no u3o1 l3nnsfla 1ib313 3111 flO 3w1si31i1 di lo 1om c1uothlA

no 1is1u3iiIsq nibn3qa 13fflIJf1O3 01 113w s 'l1sup3 1qqs bluorI l3nnsfb iib3i3 3111 miu1

norJ3siino3 lsi3nom s d b3oubni nibn31 Ansd ni 23ni1oU .niuor1 bris 3Idsiub 13muno3

axs 3v511 Ion ob orlw 13iUflO3 d asrbiuq niwoi1 bns 3lds1ub ni 3ni1b s U53 bluor1

ni noiislori3i3b s usa isi ii31ni ill 32s5I3ni 1isLirni .flb3i3 lo 21U02 i3rIio 01

.b3I11s 1i3vbs i wofl 11253 213fflhJ2flO3 32U1133d 2irf2-33ns1sd blod32lJoli

213U23 flijoifli 31513qo 5ffl 1311115113 ir12-ns1sd r1i woil Is nb1ool lo sw 131lionA

Page 16: Mishkin 1996 the Channels of Monetary Transmission

wOUGISLA bo,!CA obcLs11u fpi.onp 1G Jiuy PC1MGGU woucA suq cdnilA bucc2:

JiJ(GJipoOq 0 2f1GL!1i UUSIJC!SJ q21Lc22 JJJ2 JCS2 10 SIJO1JJGL 1LS1J21JJ22!0U IJJGCpSU!2W 0L

JJ2G PGCSfl2G COIJ2flWGL2 SAG S WOLG 2GCflLG UU9UCW! b0211!OU suq S JOMGL G2111JJ51G 0 IPG

bucc2 U2G 1PG A9JfIG 0 UIJSIJC!SI 522G12 U2C2 S2 MCJJ COU2IIWGL qni.spJc GXbGIJqI1fILG MIII 5120

jOM suq IPGA MIJJ PG WOLG M!JJ!1J 10 bflLCpS2G COIJ2IIIJJG!. qflI.5pJc2 OL p0fI2iu flGU 210CJ(

0 U'JJ1 522C12 1.G]SIJAG 10 IPG!L qcp1z IIJG!L G2IHJJS1G 0j IIJG bLopspJJiiA 0 U''!! qi2fI.c22 12

IPG I!IcdllpoocI 01. 2I1U.GL!U UUSJJC!9I q121LG2V MJJCIJ COU2fIWGL2 JJSAG S JSI.G SUJOfIUI

v COU2(1WGL2 P515UCC 2JJGGI ponjq pc 913 IWbOLWIJI Iuuncucc 013 p12 01. GL c21!WS1G oi

WOLC jithiiq uusucwi 522G12

qJ2rLc22 IpeA onjq LSIpcI. pe pojqiu GMG1. iJJJdnq COU2JIUJCI. fIL5JC 01. p011 2i1J S22Gf 2 suq

L512C luG CP. HGUCG 1C01J211WCL2 CXbGCI S 1GL iccppooq 0 uqiu 1PGUJ2G1/G2 113 UUSUC5J

! ipe pSuic 2l0C2 01. p0uq2) jpcA conjq c5211A 2GJj 1GW dnicjqX tOL qJdn. 1njj uJsLjcc1 AsJnc suq

LG2C9LCp 013 1G CLcqil cpsuucj) 1 C01JfLS21 II COU2IIWGL2 pcjq 1JU9IJC!51 522G12 (2ncp 112 woucA

IJJ91J!c21111i0U 0 Ipe ,JGUJOU2 bLopJcw41 qc2cupcq pA VYGLJOII (ixo) MJJ!Cp JJGjbGq 21!WflJ51G

pGCSI12G IPGA conjq 1301 G1 IPG jffJj A9J11G 0 1G2G 522G12 113 S q121LG22 2111G (1p12 12 1n21 s

uccqcq 10 !I IPG!L COU2flIJJGI. flLSJG2 01. OfI2U 10 L912G woucA IpeA MonJq cxbcci s p J022

flLSPJG2 Suq p0fl2i1J siC AGLA rjjidniq 522G12 fl 112 9 LG2IIjI 0j S p914 IUCOWC 20CJC COU2IIWGL2

013 ICUGL2 qC21Lc 10 jcuq CC11f12G 0 S2AWWCfIJC 1UI0LWS1!0U SPOflI LpcIL dnsp1A COIJ2IIWGL

A1GM psJ9IJCC-211GG1 GCC12 MOLJC 1PL0flJi IPG!L !IJJbICI 011 COIJ2I1WGL21 qG2iLc 10 2bcuq LSIPGL IJJSU

pGJ !Wb01.WU1 SC10L2 qrruu IPG QLGSI DGbLc22!013 (J,p2pj ' (ix)) 111 IJJG jdniq!iA-qcc12

12 10 COU2IqGL JidntqilA GC12 ou COU2flWGL qnLSpjc Suq JOfl2U cxbcuqiulLc2 -- ionuq 10 5AG

N

Page 17: Mishkin 1996 the Channels of Monetary Transmission

woucgi.A bojicA cu bjA iiJ IWbOLWUI LOIG !U bLoqnciu u9uciJ cLJ2c2 p2pJuu (io)

JJ2 pGCU OIIIIIIJGq JU JCWUJCG (J) siiq I2PJU1J (JJ J4) 2flG212 11J1 COU1I2C1iOIJA

COUIISCIJOU IU GCOUOWJC CfiM1A JJJG ,2AWWG1IJC !U.0LWP0U IJJGOLA 0 UU9IJC1I CLI2G2 MpiqJ

10 flJO2G MO IJIAG IPG W021 bi.oqncfiAc !UAG2IWGUI ObbOLIIIUWG2 jpc LG2flJf 12 2jrnLb

IAb qG2cupcq OAG 20 1JJJ1 UUCfJ U1LJCG12 9LG UO J0UGL 1JG fO GjJC!GtJ1JA CP91JUGI fIuq2

10 U1J91JCiJ W911CG12 1P1 21J91.b1A 9Uq 2GAGLGJA !UCLG922 2AWWG1UC !IJ14OLUJWOU bLopJcw2 O IIJG

UJOUGI9IJt bOJ!CA GJJGC12 OLJ IPG GC0UOW? AI 1JU91JCW CL1212 V JIJ9UCWJ CL1212 !2 q2Lnbliou

V1 GXILGWC 0LW 0 fiG CLGqII C1JUGJ2 qccupcq 0AG bLoAJqc U IUJbOLI91JI LOIIIG 0L

E!U11C!I CL!G

lUG 11UM!II!UUG22 O COU2fIWGL2 10 2bCuq

1112 UO1 fiG f1UMJJ1UUG22 0 JGIJfGL2 fO fGU jO COU2flWGL2 1JJ1 Cfl2G2 GxbGuqIlnLG fo qcjiuc pnj

OLJ1A qqJGLGUCG PGIMGGU 1JJ12 AIGM O C2Ji-lJ0M GJGC12 uq 1P1 OfllJiUGq JU 2CpGW11C (g) !2

qnLpjc 0Oq2 OL JJ0fI21IJ IPfl2 LGqnC!u 2bcuqiu OU IJJGW miq PGUCG LG1G 0111b111 Ipe

IJ0M !UCLG2G2 fiG J!yGJipOOq 0 UUIJCJ9J (J21LG22 MpiCp LGflCG2 fiG CJG2ILG 0 COLJ2flWGL2 10 jiojq

JG2 10 f qGcJiuG JU 2bcuqiu on COU2flWGL flLJG2 uq JJOfl2J V qGCJJUG !U COU2fIIJJGL C2JJ

IJJ0UG19L) C0IJ1LC110U MpICJJ U712G2 IUIGLG2I 121G2 uq IPGLGP?t LGI1CG2 C2 UOM 10 COU2ITUJCL2

jG iJpdniqtlA 0 COU2(IUJQL Qf1LJG uq pOfl2!U 22G12 bLoAiqc2 9UOIJJGL LC20U MpA

IIICG!IpOOq 0 USUC18J q121LG22 GOLJ2flWGL qnirpjc sruq ponpi GXbGUqJIIILG 1

UUUCi9I 22G12 , (jo)

Page 18: Mishkin 1996 the Channels of Monetary Transmission

boi2 ( isi i13ini ni 23s13fli (I 212fl3 Isionsnfl s 3iomcnq 1153 isiii 21oi351 vfl niftuo

bits inistI33rw iii 5513n! (1 jv31 iiq iit ni nibb b3isqioiinsnu its ( nibb i3*IJIfn

.23in&q An&J ( 3nimmvs oi bsI 1153 iLoq fIs13nofn (Isnoti3slinoa woii woi1 noiuaaib 13ihs3 iuO

irti iifl 3111 b i1U31 B 25 (0fl033 3111 111 noii3SllnoO £ 321153 isrIl 2m3Idolq noiismiolrri

32u533d noi1331 13vbs 232531311! 2ii 123131111 232151 113111w rIoii3slirIoo (15t3ff0ffl A .tioi3sl

iiini iitgi11 31i1 vsq o1 3101313111 bits aAth 13id As1 01 ni11iw 315 orlw 21n3ji 31ffl011033

rbirlw a1s1 1I3ini ii1gir1 cr11 j,oiiibbs it! .woiiod 01 2uoixns i2om no r1i 3d 111w 1si bits tns&srl Lsiom srrti 113111w noi3i2oq 133112 8311515d 113111 hun wofl rkso rnifl 331Jb31

.rn3nIl oh bn3I 01 nilhiw 3d 111w 21*ts1n 15111 1Ai1 31 Ii niAsm m31do1q nOib3I32 32vbs

lo 11110w 1311 4i 213wo1 d3irIw 3hq A3012 ni 311u133b s 23auboiq o21s noiis1hnio3 lsi3noM

.1*ism 11b5!3 111 2fft3ldolq bisssd Isionit bits 1101133132 3213vb5 f1i25313flf niss mifl

32u533d 4irfw 13v31 33riq n11 ni 3niI33b b3lsqi3ilnsnu its 33uboiq 0215 1153 11o11351111o3 1si3noM

(€EQ1) 13n12iI ni oiisn3 noiisfl3b-id3b s oh 2b531 m131 Isnimon iii b1snimon3b i ithb

biss.snl Isiom bits noii33I32 32I3vbs 2325513111 nlflow 1311 nnnfl iii 3niI33b nii1u23l 3n11 &ñrlw iii

bs3I 1153 \3i1Oq (1SJ3flom woui 2worl2 3v0d5 21311115113 flb513 3111 lo 2i2!13fl5 1110 2JJn1T .2m3Idolq

bits m31dolq noiismiolni 3rt13mm2s b32s31311i lo 3m511x3 115 21 113111w 2i3 15131151111 £ 01

.1101135111103 3imonoz)3 qlsnl2 £ 01 b631 d3l3dh

(1Snoii3s1hn1o3 'd b3lsIumii2 3d o216 1153 2h3 Isionsnfl nhiomo1q 21o13s1 owl 12s1 3nlT

\11S31q1 3i1oq (iSi311om (tiiflO!13S1iaO3 mail 1111231 it53 113111w noi223331 A .3i1oq Is13nom

oh l3blsfl Ii nb1srn 211111 213s11noa ld3b moll 211oBq 3111 huods 1nISi133nu b325513111 iii 21111231

noilsmiolni 23)15W 5101313111 'inis1133nU iii 325313111 3nIT .th.ii 11b313 bsd rnoil boos iuo 1133132

Page 19: Mishkin 1996 the Channels of Monetary Transmission

VI

113111W 310 m3ldolq noi13313 313vbi3 3111 biui 3r113m1nv2s 310ff! 113V3 13*IEm [&i3ffBflfl ni

o1s nii3 noi1o1ino3 isinoM .'iivi13s 3imono33 ni 3n1133b s au 2u111 bns gnibn3l b3qtni

33nLsd m1ft iii noiisloh3l3b £ ol bI ns ii 3vsli w s ,32u3d 3inBq Ansd 3lomOlq

3iEn1m2ib 01 31ds 3d ion sm 1oiioq3b u3H o 01 rioI AIIBd 3U3 lEfLI 2133112

wsibtiliw ol DInEd 3111 01 (niri) ul2in 'r1i nBoI bid 2IJi3V boos 3bBm 3v&1 isdi aAnsd n33wi3d

113111 32513ni 01 aAnid lo 31i23b 3111 brts ali2oq3b iii n0113s11n03 r1i1Iu231 311T .2brnñ 113113

£ 01 2bI n3ril 2Iswslbrliiw li2oq3b 3111 moil 23vIm3fLi iio1q 01 2iizoq3b 01 3v116131 23V13231

s11swd3 bns n&nbehI ni b3dh323b 113w 02 I a 1ieoq3b bris 2n6o1 lii fl0113611fl03 3lqiiIum

aAnJld 13i1-1 w w aA .3inBq !nd s 01 2bs& bnil 23luIisl Anjid 131110 2310f1101q isril (F.I)

3i113mm'2B 3V102 01 b3111J2 113W 02 316 '3r11 3211633d m312y2 16131161111 3111 (II 3101 16i33q2 £ 3V611

2331U02 113113 111 bn aAnsd lo l3dfnun 3111111 3n1133b 3111 .213)hsm 11b313 iii 2m3ldolq noijEinlolni

bns r1oiiI32 3213vb6 3v1o2 01 m3i2'2 16131161111 3111 b iiIidB 3111 233ub31 211601 3AJim 01 2bnuI lo

3n1133b £ bns 1113m123vn1 111 noii3ub3l £ f1i2UB3 d313111 ai3A1srn i1b313 ni 2m3Idolq birf Isiom

.iivii3s 31ff10f1033 111

£ 1111w nu3d 3v61! 2.U 3111 111 23th3 16131161111 l2om (IQQI) nthI2iM iii b3in3mu3ob 2A

3(11 13116 niths 1nistI33nu ni 3as13ni as bns 4asio 13*16111 )13o12 £ 231E1 123131111 111 3211 CflSfl2

IIIIW .3i1oq 1i3nOm 1snoi13E1ino3 d b8iomolq 316 113111w 10 Its f10i223331 £ 10 11612

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