understanding the flow of funds and the financial crisis of 2008
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_n`orstin`knj tbo mcdw dm Mun`s Uystoh
in` tbo Mkninekic Erksks dm
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Pilco 9. I Munetkdnknj Mcdw dm Mun`s Uystoh wktb Pwd Oedndhke _nkts
Bdusobdc` I Bdusobdc` L
$9666 Knedho ([) $9666266 Ednsuhptkdn (E) 9
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Pilco
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Pilco 5. Bdusobdc` I \o`ueos Vrd`uetkdn td Zdra Dmm Oxeoss Knvontdry
Pbo mcdw dm mun`s systoh pciys in khpdrtint rdco kn tbo jrdwtb dm in oedndhylut kt ks ndt tbo sdureo dm oedndhke jrdwtb. Oedndhke jrdwtb roqukros kneroisos knrosdureos, cildr, in` toebndcdjy. Bdwovor, dneo tbks jrdwtb bis deeurro`, mkninekichiraots in` tbo mcdw dm mun`s systoh prdvk`o tbo hoins td hikntikn tbo kneroiso`covocs dm prd`uetkdn.
@kseusskdn Vdknt Edhpiro td`iys ohdjripbkes td tbo 9;=6s in` 9;:6s wbontbo lily lddhors woro ontorknj tbokr prkho ednsuhptkdn ijo mdr ohdjripbkeommoets dn tbo mcdw dm mun`s systoh.
PBO E\KPKEIC \DCO DM MKNINEKIC KNUPKP_PKDNU IN@ HI\AOPUKN PBO MCDZ DM M_N@U
Hitebknj Ldrrdwor in` Con`or
Zbon wo bivo dncy twd oedndhke unkts, kt ks qukto oisy td put Iin` Ltdjotbormdr tbo $
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Mkjuro 9. Pbo Nitkdnic Mcdw dm Mun`s Uystoh
oedndhkos dm seico knecu`o tbo pddcknj dm knmdrhitkdn edsts, trinsietkdn edsts, in`
inicysks edsts ierdss cirjo knvosthonts. Mun`s mcdw kntd mkninekic knstktutkdns knshicc `ondhknitkdns in` mcdw dut kn cirjo `ondhknitkdns. Mun`s icsd mcdw kntdmkninekic knstktutkdns kn sbdrt-td-kntorho`kito torho` hiturktkos in` mcdw dut kn cdnjhiturktkos. Mkniccy, loeiuso mun`s iro edntknuiccy mcdwknj kn in` dut dm mkninekicknstktutkdns, wo bivo ckquk`kty kntorho`kitkdn is wocc. Pbrdujb `kvorskmko`knvosthont pddcs, knstktutkdns ein prdvk`o spoekickzo` mkninekic knstruhonts tdsurpcus unkts hdro ommkekontcy it i cdwor edst in` cdwor rksa tbin surpcus unkts einiebkovo ly tbohsocvos.
Mkninekic Knstktutkdns
Is sbdwn kn Mkjuro 9, tboro iro tbroo typos dm mkninekic knstktutkdns mkninekic
hiraots, hdnotiry knstktutkdns in` ndnhdnotiry knstktutkdns pirtkekpitknj kn tbo mcdwdm mun`s systoh. Mkninekic hiraots hiteb surpcus in` omkekt unkts mdr con`knj in`ldrrdwknj. Hdnotiry knstktutkdns con` td omkekt unkts in` ldrrdw mrdh surpcus unktsly kssuknj hdnoy td tbo surpcus unkts. Pbks prdeoss ks andwn is hdnotkzknj `olt,wboroly tbo olt dm `omkekt unkts ks ednvorto` td hdnoy tbit ks tbon uso` wktbkn tbo
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oedndhy. Hdnotiry knstktutkdns suppcy hdnoy kn tbo mdrh dm pipor lkccs, edkns, in`eboeailco opdskts. I ndnhdnotiry knstktutkdn icsd ldrrdws mrdh surpcus unkts in`
con`s td `omkekt unkts. Bdwovor, tbo soeurktkos prdvk`o` ly tbo ndnhdnotiryknstktutkdn td tbo surpcus unkts d ndt iet is hdnoy lut ritbor iro kn`kroet soeurktkoskssuo` is i ckilkckty dm tbo mkninekic knstktutkdn. Pboso soeurktkos hoot spoekickzo`noo`s dm tbo surpcus unkts ly prdvk`knj knsurineo, ponskdns, hutuic mun`s, trustieedunts, ote. Pboso kn`kroet soeurktkos icsd bocp prdvk`o i rkeb in` `kvorso sot dmknvosthonts td tbo surpcus unkts td onedurijo tboh td pirtkekpito kn tbo mcdw dm mun`sly con`knj td `omkekt unkts. Pbo mcdw dm mun`s bis td ittriet icc dm tbo sivors in`
`kssivors td pirtkekpito kn dr`or td hikntikn tbo eurront covoc dm prd`uetkdn. _sknjero`kt hdnoy prdvk`os sivors wktb i `kvorso honu dm soeurktkos rinjknj mrdh nd-roturn, cdw-rksa, bkjb-ckquk`kty (hdnoy) td bkjb-roturn, bkjb-rksa, cdw-ckquk`kty(oqukty). Kt ks eruekic tbit tbo mcdw dm mun s systoh hikntikns tbo ednmk`oneo dm iccdm tbo oedndhke unkts wktbkn in oedndhy. Km ednmk`oneo ord`os, podpco wkcc coivo
tbo systoh in` rdps kn tbo prd`uetkdn dm jdd`s in` sorvkeos wkcc onsuo (roeosskdnin` oprosskdn).Kn Mkjuro 9, surpcus unkts trinsmor tbokr ecikhs td jdd`s in` sorvkeos td tbo
`omkekt unkts in` kn roturn, tboy roeokvo olt in` oqukty knstruhonts mrdh tbo omkektunkts. Pboso knstruhonts ein lo iequkro` tbrdujb tbo mkninekic hiraots dr tboy hiylo trinsmdrho` kntd hdnoy tbrdujb hdnotiry knstktutkdns in` kn`kroet soeurktkostbrdujb tbo ndnhdnotiry knstktutkdns.
Kn Pilco 0, wo soo in dvorvkow dm tbo mkninekic knstktutkdn systoh wktb isuhhiry dm tbokr licineo sboots tbit rosuct mrdh con`knj td `omkekt unkts wbkcoldrrdwknj mrdh surpcus unkts. Pbo knstktutkdns iro kvk`o` kntd hdnotiry knstktutkdns,lrdaor/`oicors, in` ndnhdnotiry knstktutkdns in` tbo virkdus knstruhonts loknjdmmoro` td surpcus unkts hiy lo soon.
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@kseusskdn Vdknt @kseuss bdw ly knvostknj kntd i rotkrohont ieedunt it iponskdn mun`, in kn`kvk`uic ks pirtkekpitknj kn tbo mcdw dm mun`s systoh.
Y_INPKP[ PBOD\[ DM HDNO[7 H]8DV
Zo noo` indtbor pkoeo dm knmdrhitkdn kn dr`or td un`orstin` tbo lusknoss eyecoin` tbo mcdw dm mun`s systoh. Pbo quintkty tbodry dm hdnoy (H]8DV) wis mknickzo`ly Krvknj Mksbor kn 9;99.
: Hdnoy tkhos tbo ]ocdekty dm hdnoy ks oquic td tbo
Dutput dm jdd`s in` sorvkeos tkhos Vrkeos (knmcitkdn/`omcitkdn). Ossontkiccy tbo mdurmietdrs bivo td rohikn kn licineo dvor tkho. Is wo kneroiso tbo hdnoy suppcy (H),tbo nuhlor dm trinsietkdns kneroisos wktbkn tbo oedndhy wbkeb coi`s td kneroisos
kn tbo dutput (D) dm jdd`s in` sorvkeos. _nmdrtunitocy, wo wkcc ovontuiccy run dutdm tbo rosdureos roqukro` td prd`ueo hdro dutput (D) in` km tbo hdnoy suppcy aoopsjrdwknj wbkco tbo dutput (D) stijnitos it tbo hixkhuh covoc dm prd`uetkdn, tbonknmcitkdn (kneroisos kn tbo prkeo covoc V) wkcc rosuct. Dno rosuct dm knmcitkdn ks tbit wowkcc oeroiso tbo hdnoy suppcy (H) wbkeb wkcc oeroiso tbo dutput (D) wbkeb wkcc
9= I`vineos kn Mkninekic O`ueitkdn
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Pilco 0. Dporitkdns dm Mkninekic Knstktutkdns kn _U Mcdw dm Mun`s Uystoh
Vinoc I7 Dporitkdns dm Hdnotiry KnstktutkdnsIssots Knstktutkdns Kssuo CkilkcktkosPixknj Vdwor _.U. Proisury Pdaon edkns, _U Ndtos,
Proisury Uoeurktkos
Proisury @olt Mo`oric \osorvo Mo`oric \osorvo Ndtos
Ednsuhor Cdins,Edhhorekic Cdins,Hdrtjijos, Eicc Cdins,Ero`kt Eir`s
Edhhorekic LinasUivknjs in` CdinsHutuic Uivknjs LinasEro`kt _nkdns
Eboeailco @opdskts,E@s, Ieeoptineos
Edhhorekic pipor, E@s,P-lkccs, Ieeoptineos,\opds
Hdnoy Hiraot HutuicMun`s
Hutuic Mun` UbirosEboeailco @opdskts
Vinoc L7 Dporitkdns dm Lrdaor/@oicors
Issots Knstktutkdns Kssuo CkilkcktkosUoeurktkos Lrdaor/@oicors Eicc Cdins
Vinoc E7 Dporitkdns dm Ndnhdnotiry Knstktutkdns
Issots KnstktutkdnsKssuo Kn`kroet
UoeurktkosUoeurktkos Hutuic Mun`s Hutuic Mun` Ubiros
\oic Ostito \.O.K.P.s Hutuic Mun` Ubiros
UoeurktkosHdrtjijos
Ckmo Knsurineo Ed. Eisb @opdsktsKnsurineo \osorvosInnuktkos
Uoeurktkos Vrdporty Knsurineo Ed. Knsurineo \osorvos
Uoeurktkos Vonskdn Mun`s Eisb @opdsktsInnuktkos
Uoeurktkos, \oic Issots Prust @opirthonts Prust Ieedunts
Hdrtjijos MNHI MNHI Ldn`s
Uoeurktkos JNHI Knsurineo \osorvo
Hdrtjijos, Kns.\osorvo JNHI Hutuic Mun` Knsuro` JNHI Ldn`s
Uoeurktkos, Cdins,Ero`kt Eir`s, Hdrtjijos
Ndn-Lina Mknineo EHD, ECD, E@D,\HLU, EHLU, E@U
ro`ueo tbo knmcitkdn. _nmdrtunitocy, wo usuiccy bivo td oxporkoneo i roeosskdn(`oeroiso kn dutput) kn dr`or td lrknj tbknjs liea kntd licineo.
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Pboromdro, kn dr`or td provont knmcitkdn is wo roieb tbo mucc ohpcdyhont dmrosdureos (hixkhkzknj dutput), wo noo` i eontric hdnotiry iutbdrkty td knmcuoneo
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tbo hdnoy suppcy.; Kn tbo _.U., wo `k` ndt bivo i truo eontric hdnotiry iutbdrkty
untkc tbo Mo`oric \osorvo wis eroito` kn 9;95. Hiny podpco d ndt un`orstin` tbit
tbo vicuo dm ero`kt hdnoy ks dltikno` mrdh tbo prd`uetkdn dm jdd`s in` sorvkeos kndur oedndhy. Hdnoy bis vicuo loeiuso kt hiy lo oxebinjo` mdr jdd`s in` sorvkeos.Km wo d ndt prd`ueo iny jdd`s in` sorvkeos, tbon tbo hdnoy bis nd vicuo. Hdnoyin` Ero`kt iro jonorito` tbrdujb tbo prd`uetkdn dm jdd`s in` sorvkeos in` tbo mcdwdm mun`s mrdh surpcus unkts td `omkekt unkts. Pbo `ohin` mdr hdnoy mrdh tbooedndhy ks otorhkno` ly tbo noo` td hiao trinsietkdns in` td hikntikn ckquk`kty.
Mrietkdnic \osorvo Linaknj Uystoh
Pbo mrihowdra tbit onilcos tbo quintkty tbodry dm hdnoy ks tbo mrietkdnic
rosorvo linaknj systoh. Bdusobdc` I opdskts hdnoy it i lina in` dncy i pdrtkdndm tbks ks aopt is rosorvos ly tbo lina. Pbo ihdunt tbit ks ndt hikntikno` mdr
rosorvos ks uso` td hiao cdins td dtbor kn`kvk`uics. Pbo cdin mrdh Bdusobdc` Is`opdskt ks uso` ly Bdusobdc` L. Bdusobdc` Lwkcc tbon eroito i now `opdskt,onilcknj now cdins td lo ednstrueto` td sulsoquont kn`kvk`uics. Pbus Kn`kvk`uic
Is knktkic `opdskt bis sueeoo`o` kn huctkpcyknjtbo hdnoy suppcy td in ihduntjroitor tbin tbo drkjknic opdskt. Ly ebinjknj tbo roqukro` rosorvo ritkd dn opdskts,tbo Mo`oric \osorvo knmcuoneos tbo huctkpckeitkdn dm opdskts tbrdujbdut tbo linaknjsystoh. Pbo prdlcoh it tbo hierd covoc ks tbit nd sknjco lina kneroisos tbo hdnoysuppcy. Oieb lina tiaos i opdskt, sots isk`o tbo rosorvo roqukrohont in` con`s tborohikn`or. Is tbo huctkpckeitkdn dm `opdskts wdra tbokr wiy tbrdujb tbo linaknjsystoh, wo bivo in oxpinskdn dm tbo hdnoy suppcy. Pbus, tboro bis td lo i eontrichdnotiry iutbdrkty sueb is tbo Mo`oric \osorvo td provont in dvorsuppcy dm hdnoyin` ero`kt.
Zbkco wo iro ieeustdho` td tbks huctkpckor loknj pdsktkvo, kt ein in` dos turnnojitkvo it tkhos. Ukneo tbo lina `dos ndt aoop icc dm Kn`kvk`uic Is `opdskt isrosorvos, km Kn`kvk`uic I`oek`os td wktb`riw tbo `opdskt, tbo lina hust ckquk`itowbitovor ietkvkty tboy bivo `dno wktb tbo hdnoy. Km tbo lina bis purebiso`soeurktkos, tboy hust socc tboh. Km tbo lina bis hi`o i cdin, tboy hust eicc tboldrrdwor in` bivo tboh ropiy tbit cdin. Pboso ietkdns mdreo skhkcir ietkdns mrdhdtbor pirtkos eroitknj i nojitkvo huctkpckor. Pbo nojitkvo eisei`knj ovont oeroisostbo ihdunt dm hdnoy in` ero`kt, rosuctknj kn omcitkdn. Km tboso ietkdns eiuso hiny
kn`kvk`uics td wktb`riw tbokr opdskts mrdh tbo lina, i lina runhiy onsuo wborohdro `opdskts iro wktb`riwn tbin tbo lina ein ckquomy issots ly eiccknj kn cdins.
PBO MO@O\IC \OUO\]O (PBO MO@)
Pbo Mo`oric \osorvo wis ndt eroito` td knmcuoneo tbo hdnoy suppcy, lut ritborwo `ksedvoro`, tbo noo` mdr i con`or dm tbo cist rosdrt. Kn tbo 9266s, tbo _.U.oedndhy wis oxeoptkdniccy vdcitkco. Linas wduc` oxpin` cdins td knecu`o hirjkniccdins td ldrrdwors (sulprkho con`knj ks tbo hd`orn torh) tbus kneroisknj tbo hdnoy
92 I`vineos kn Mkninekic O`ueitkdn
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suppcy. Zbon tbo oedndhy sticco`, linas wduc` edntknuo td oxpin` cdins tdhirjknic ldrrdwors. Mkniccy, tbo linas oxporkoneo` kneroiso` `omiucts, coi`knj td
tbo pulckes cdss dm ednmk`oneo kn tbo simoty dm tbokr hdnoy kn tbo linas. Ilina runwduc` rosuct wboro ovorydno runs td tbo lina td wktb`riw tbokr opdskts. Zbon tbolinas mikco`, tboro wis ndld`y td hiao edhhorekic (wdraknj eipktic) cdins tdedhpinkos in` mietdrkos wduc` stirt td ecdso, proekpktitknj roeosskdn in` bkjbunohpcdyhont. Pboso porkd`s woro dmton ieedhpinko` ly vkdcont wdraor rkdts. Lytbo 92;6s, G.V. Hdrjin `ksedvoro` tbit km ydu educ` stdp tbo lina run it tbo mkrstlina, ydu educ` stdp tbo pinke in` ivdk` tbo edccipso kn lina con`knj in` tborosuctknj roeosskdn. Zo noo`o` i con`or dm tbo cist rosdrt wbdso ero`kt ks sdkhpoeeilco tbit kt ks ilco td stdp lina runs. Hdrjins lina wis tbo o mietd eontriclina dm tbo _nkto` Utitos kn tbo 92;6s.
Kn tbo imtorhitb dm tbo Lina Vinke dm 9;6:, Ednjross boc` boirknjs in` coirno`ildut tbo con`or dm tbo cist rosdrt mrdh G.V. Hdrjin in` mrdh i tdur dm Ourdpoin
eontric linas. Is i rosuct, tboy pisso` tbo Mo`oric \osorvo Iet dm 9;95. PboMo`oric \osorvo (i.a.i. Pbo Mo`) wis sot up wktb tbo cojic pdwor td lo tbo con`or dmtbo cist rosdrt wktbkn dur mcdw dm mun`s systoh.
Lijobdt in` tbo Con`or dm tbo Cist \osdrt
Lijobdt (92:5) wrdto tbo mdccdwknj `urknj tbo 92:6s7 vory cirjo (`dhostke)cdins it vory bkjb ritos iro tbo lost roho`y mdr tbo wdrst hici`y dm tbo hdnoyhiraot wbon i mdrokjn `rikn ks i``o` td i `dhostke `rikn.
96Zictor Lijobdts
prknekpco ks dvor i eontury dc`. Bo k`ontkmkos tbo noo` mdr i eontric lina wktb tbocinjuijo vory cirjo (`dhostke) cdins. Icsd, bo k`ontkmkos tbo noo` td hikntikn tbomcdw dm mun`s wktb tbo cinjuijo lost roho`y.
Pbo lost roho`y ks td prdvk`o ckquk`kty td tbo mcdw dm mun`s td miekcktito tbordco dm hiraots in` knstktutkdns kn hitebknj ldrrdwor in` con`or. Ednjross roickzo`tbo hijnktu`o dm tbks noo`, in` tboy eroito` tbo Mo`oric \osorvo td khpcohont tbkssdun` prknekpco dm i eontric hdnotiry iutbdrkty tbit ein hiao vory cirjo `dhostkecdins kn dr`or td hikntikn ckquk`kty wktbkn tbo linaknj systoh (Con`or dm tbo Cist\osdrt). _nmdrtunitocy, kt ks hdro dm in irt tbin i sekoneo wbon `otorhknknj tbostrueturo dm tbdso vory cirjo cdins in` tbo vory bkjb ritos.
Mo`oric \osorvo Hin`itos
Pbo Ohpcdyhont Iet dm 9;0= wis in ittohpt ly tbo mo`oric jdvornhont td`ovocdp hierdoedndhke pdckey. Pbo iet onedurijos tbo mo`oric jdvornhont td
prdhdto hixkhuh ohpcdyhont, prd`uetkdn, in` purebisknj pdwor. PboBuhpbroy-Biwakns Iet dm 9;:: spoekmkeiccy hi`o tboso hin`itos tbo jdics dm tboMo`oric \osorvo. Pbks ks eurrontcy romcoeto` kn tbo Mo`oric \osorvos rdco knittohptknj td hikntikn prkeo stilkckty in` hixkhuh ohpcdyhont.
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Mkjuro
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Uoetkdn 95(5) dm tbo Mo`oric \osorvo Iet
5. @ksedunts mdr Kn`kvk`uics, Virtnorsbkps, in` Edrpdritkdns
Kn unusuic in` oxkjont ekreuhstineos, tbo Ldir` dm Jdvorndrs dm tboMo`oric \osorvo Uystoh, ly tbo immkrhitkvo vdto dm ndt coss tbin mkvohohlors, hiy iutbdrkzo iny Mo`oric \osorvo lina, urknj sueb porkd`s istbo sik` ldir` hiy `otorhkno, it ritos ostilcksbo` kn ieedr`ineo wktb tboprdvkskdns dm soetkdn 90, sul`kvkskdn (`), dm tbks Iet, td `ksedunt mdr inypirtkekpint kn iny prdjrih dr miekckty wktb lrdi`-liso` ockjklkckty, ndtos,`rimts, in` lkccs dm oxebinjo wbon sueb ndtos, rimts, in` lkccs dm oxebinjoiro kn`drso` dr dtborwkso soeuro` td tbo sitksmietkdn dm tbo Mo`oric \osorvolina7 Vrdvk`o`, Pbit lomdro `kseduntknj iny sueb ndto, `rimt, dr lkcc dmoxebinjo, tbo Mo`oric \osorvo lina sbicc dltikn ovk`oneo tbit sueb
pirtkekpint kn iny prdjrih dr miekckty wktb lrdi`-liso` ockjklkckty ks unilcotd soeuro i`oquito ero`kt ieedhhd`itkdns mrdh dtbor linaknj knstktutkdns.Icc sueb ksedunts mdr iny pirtkekpint kn iny prdjrih dr miekckty wktb lrdi`-liso` ockjklkckty sbicc lo sulgoet td sueb ckhktitkdns, rostrketkdns, in`rojucitkdns is tbo Ldir` dm Jdvorndrs dm tbo Mo`oric \osorvo Uystoh hiyproserklo.
Pbks now cinjuijo prdvk`os i ecoir spoekmkeitkdn dm tbo prdeo`uros in`edn`ktkdns mdr Mo`oric \osorvo kntorvontkdn kntd tbo mcdw dm mun`s ly con`knj tdkn`kvk`uics, pirtnorsbkps, in` edrpdritkdns.
Pbo Mo` bis uso` kts con`or dm tbo cist rosdrt (CDC\) pdwors nuhordus tkhos`urknj tbo pist =6 yoirs. Kt bis kntorvono` kn tbo Vonn Eontric erksks kn 9;:6
(edhhorekic pipor), Mrinackn Nitkdnic Lina kn 9;:0, tbo Cdhlir` Zicc/@rys`icoerksks kn 9;2
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kn 9;55 wbkeb kntrd`ueo` tbo edneopt dm sopiritknj mkninekic knstktutkdns ieedr`knjtd tbokr lusknoss cknos (edhhorekic, ednsuhor, in` knvosthont linaknj). Pbo
@K@HEI rohdvo` rostrketkdns dn wbit issots educ` lo boc` ly i mkninekicknstktutkdn. Pbo khho`kito trkjjor td tbo U&C erksks kn tbo cito 9;26s rosucto` mrdhsivknjs in` cdins loknj iccdwo` td ontor tbo edhhorekic con`knj hiraot. Isnowedhors td tbo hiraot, tboy dncy bi` ieeoss td hirjknic cdins in` wbon tbo roicostito hiraot edntrieto`, tboy woro comt wktb sorkdus cdssos kn edhhorekic in`rosk`ontkic roic ostito cdins.
95 Icc mkninekic knstktutkdns woro `orojucito` wbon tbo
cist vostkjos dm tbo Jciss-Utoijicc Iet woro ropoico` tbrdujb tbo Jrihh-Coieb-LckcoyIet dm 9;;;. Pbo 9;;; iet iccdwo` ndn-lina mkninekic knstktutkdns ckaolrdaorijo, knsurineo, in` knvosthont linaors td horjo wktb dtbor mkninekic
knstktutkdns. Kn i``ktkdn, tbo Edhhd`kty Muturos Hd`ornkzitkdn Ietdm
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Mkjuro 5. Pbo Utrueturo dm i Edccitorickzo` Cdin Dlckjitkdn (ECD)trueturo` Mkninekic Vrd`uet
Udureo7 Lusknoss Zooa, Detdlor
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Mkjuro 0. Innuic _.U. Hdnoy Uuppcy Jrdwtb
Edurtosy dm Ubi`dwUtits.edh
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td knvostdrs prdvk`o` tbo mun`s mdr tbo noxt E@D strueturo sdc` td knvostdrs.92
Zowktnoss tbo ommoet dm tbks oxpcdskvo oxpinskdn dm ero`kt kn tbo H5 hdnoy suppcy pcdt
kn Mkjuro 0. Pbo H9 hdnoy suppcy ednsksts dm hdnoy7 edkns, pipor hdnoy, in`eboeailco `opdskts. Pbo H5 hdnoy suppcy ednsksts dm hdnoy in` noir hdnoyknstruhonts tbit iro eroito` tbrdujb trinsietkdns kn tbo mcdw dm mun`s systoh. Pwddm tbo rdcos dm hdnoy iro7 (9) ho`kuh dm oxebinjo td miekcktito trinsietkdns, in` (
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kn i kvorskmko` hinnor miekcktito` tbo ilkckty dm tbo ldrrdwors td dltikn edhhorekiccdins dm viryknj hiturkty `itos in` kntorost ritos. Pbks wis icc pdssklco tbrdujb
issot soeurktkzitkdn. Pbo jroo` in` pro`itdry purvoyineo dm tboso soeurktkzo`prd`uets wis onilco` tbrdujb tbo `orojucitkdn wo `kseusso` oirckor (is wocc isritknjs ijonekos mikcuros). _nmdrtunitocy mdr tbo mcdw dm mun`s systoh, tbo mkninekicknstktutkdns knvdcvo` kn issot soeurktkzitkdn hi`o i vory sorkdus hkstiao, k.o., tboknstktutkdns issuho` tbit tbo ilkckty td kvorskmy rohikno` stitkdniry dvor tkho. Istbo oedndhy hdvos tbrdujb tbo lusknoss eyeco, tbo ilkckty td kvorskmy ebinjos. Isi rosuct, tbo strueturo` mknineo prd`uets (E@D) woro ndt lukct td survkvo i cirjo`dwnwir` ebinjo kn tbo lusknoss eyeco. Pbo lkjjor prdlcoh deeurro` wbon tboE@Ds stirto` tbokr oxpcdskvo jrdwtb kn
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Pilco ?. Mo`oric \osorvo Pilco M.0 mrdhMo`oric \osorvo Mcdw dm Mun`s \opdrt dm ;-
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Pilco =. Mcdw dm Mun`s Uuhhiry in` tbo Oedndhy mrdh
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Mkjuro ?. _n`orstin`knj Pbo _.U. Oedndhy Pbrdujb Ero`kt Mcdws(Innuic tbrdujb
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in` tboro sbduc` lo suktilco punksbhont km ydur linas pdckekos eroito i lina runin` sulsoquont pinke. Mdrhor Mo`oric \osorvo Ebikrhin Zkcckih HeEbosnoy
Hirtkn lost oserklo` tbo Mo`s rdco kn tbo oedndhy. Pbo Mo`s gdl ks td tiao iwiytbo puneb ldwc gust is tbo pirty jots jdknj.Pbo mkninekic mcdw dm mun`s systoh ks dno dm hinakn`s jroitost
ieedhpcksbhonts1
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hikntiknknj sdho ednsuhptkdn. Pbks ks uo td tbo mkxo` knedho tbit tbks pdpucitkdnsojhont wkcc lo ckvknj dn, sueb is Udekic Uoeurkty in` ponskdn piyhonts. Pbo
rotkrknj lily lddhors iro tbo hdst prosekont oxihpco td`iy. Pbks nojitkvo ommoettd tbo mcdw dm mun`s ein dncy lo dmmsot ly kneroiso` prd`uetkdn/ednsuhptkdn mrdhtbo ydunjor jonoritkdns.
?I vory skhkcir ebirt ippoiro` kn Vdciadmm (9;:9) in` @urakn in` Vdciadmm
(9;2
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95Nokc Lusbs Ukcvori`d U&C (9;22) in` Ebircos Aoitknjs Cknedcn Uivknjs
in` Cdin (9;2;) woro twd dm tbo hdro spoetieucir mikcuros `uo td li` edhhorekic
cdins. Aoitknjs mikcuro wis hdro icdnj tbo cknos dm i Vdnzk seboho, i mriu`onedurijo` ly tbo `orojucitkdn dm U&Cs.90
Pbo ciea dm rojucitkdn kn tbo Ero`kt @omiuct Uwip (E@U) hiraot eroito`indtbor hdric bizir`. Pott (
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Vrdtoss, Lon (
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Mkjuro I.9. Pbo Kntornitkdnic Mcdw dm Mun`s mrdh
Uurpcus Eduntrkos td @omkekt Eduntrkos
Pbo ndnhdnotiry knstktutkdns stirt wktb tbo Zdrc` Lina (KL\@) in` hutuic mun`s,knsurineo edhpinkos, ote. tbit dporito kntornitkdniccy. Pbo KHM kssuos i ero`kt
hdnoy andwn is i spoekic riwknj rkjbt (U@\) tbit ks uso` is i rosorvo eurroney lytbo eontric linas.
Pbo nitkdnic mcdw dm mun`s, is sbdwn kn Mkjuro I.9, mdr oieb eduntry roprosontsi surpcus dr omkekt unkt kn tbo kntornitkdnic mcdw dm mun`s. Is sueb, tbo nitkdnic mcdwdm mun`s systohs iro sulsystohs dm tbo kntornitkdnic mcdw dm mun`s systoh.
Pbo eontric linas dm oieb eduntry roprosont tbo hdnotiry iutbdrkty kn tbiteduntry in` bivo tbo rospdnsklkckty dm hikntiknknj tbo ednvortklkckty dm tbo eduntryseurroney. Ednvortklkckty hoins tbit iny lina tbrdujbdut tbo wdrc` wkcc ieeopt ieurroney kn oxebinjo mdr indtbor eduntrys eurroney. Kn Pilco I.9, wo soo tbohigdr kntornitkdnic knstktutkdns.
@kseusskdn Vdknt @kseuss tbo _U `omkekt in` tbo dmmsottknj surpcusos dm dtbor
eduntrkos sueb is Ebkni in` tbo Jucm dkc stitos.
_nkto` Utitos (@dccir) tbit rosuct mrdh tbo `ikcy lusknoss dm oxpdrtknj in`khpdrtknj jdd`s in` sorvkeos. Pbo eontric linas iro tbo Mo`oric \osorvo mdr tbo _.U.
< 9< 5?
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Pilco I.9. Hdnotiry in` Ndnhdnotiry Knstktutkdns kn tboKntornitkdnic Mcdw dm Mun`s
Issots Hdnotiry Knstktutkdns Kssuo Ckilkcktkos
Ldn`s, Cdins, K nt ornit k dnic Hdnotiry U@\s, Yudt isEur r onek os Mun`
Ldn s, Cdins Edhhor ek ic Linas Eur r oney @ondhk nito`@opdsk t s
Eur r onek os Eont r ic Linas Eur r oneyLdn s, Cdins
Issots Ndn-Hdnotiry Knstktutkdns Kn`kroet Uoeurktkos
Cdins K L\@ Zdr c ` Lina Ldn`s
Uoeur k t k os Hut uic Mun`s Hutuic Mun` Ubir os
Uoeur k t k os K nsurineo Edhpink os K nsurineo \osor vos
Uoeur k t k os Vonsk dn Mun`s Innuk t k os
@dccir in` tbo Ourdpoin Eontric Lina (OEL) mdr tbo Ourd. Utirtknj it tbo tdp, wosoo in Ihorkein edhpiny oxpdrtknj i edhputor td Jorhiny. Pbo lusknoss knJorhiny wrktos i eboea kn Ourds td piy mdr tbo edhputor. Pbo Ihorkein edhpiny
`opdskts tbo eboea kn kts lina wbkeb ero`kts tbo Ihorkein edhpinys ieedunt kn _U`dccirs. Pbo Ourds rohikn wktbkn tbo Ihorkein linaknj systoh mdr tbo tkho loknj.Noxt, i Jorhin edhpiny oxpdrts i eir td tbo _nkto` Utitos. Pbo eustdhor kn tbo_.U. piys tbo Jorhin edhpiny wktb i eboea `ondhknito` kn _U `dccirs. PboJorhin edhpiny `opdskts tbo eboea kn tbokr lina wbkeb ero`kts tbokr ieedunt knOurds.
Is tbo linas ieeuhucito mdrokjn eurronekos, tboy dncy noo` sd hueb mdrokjneurroney mdr iy-td-`iy lusknoss in` wkcc tri`o tbo oxeoss td tbokr eontric lina mdr`dhostke eurroney. Pboromdro, _U `dccirs wkcc ieeuhucito kn tbo OEL in` Ourdswkcc ieeuhucito kn tbo Mo`oric \osorvo. It sdho pdknt, tbo OEL in` tbo Mo` wkccswip eurronekos son`knj tbo dccirs liea td tbo _.U. in` Ourds liea td Ourdpo. Iscdnj is oxpdrts in` khpdrts licineo dut lotwoon tbo twd eduntrkos, tbon tbo eontric
linas noo` td dncy swip eurronekos coss mroquontcy. Cots oxihkno tbo rihkmkeitkdnskm tbo _nkto` Utitos runs i tri`o `omkekt wktb Jorhiny, k.o. khpdrts hdro mrdhJorhiny tbin kt oxpdrts td Jorhiny4
Pbo rosuct ks tbit tbo suppcy dm _U dccirs kn Jorhiny wkcc stirt td kneroiso. PboOEL ks ndt roeokvknj ondujb Ourds mrdh tbo Mo`oric \osorvo td tiao tboso oxeoss
5= I`vineos kn Mkninekic O`ueitkdn
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Mkjuro I.
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0. Uuppross tbo @omkekt Pbo _.U. jdvornhont ein hiao Jorhin khpdrtshdro oxponskvo ly kneroisknj tirkmms (khpdrt tixos) dn Jorhin jdd`s in`
sorvkeos. Ly hiaknj Jorhin khpdrts hdro oxponskvo, wo sbduc` khpdrtcoss mrdh Jorhiny. Indtbor stritojy ks td eroito qudtis tbit iccdw dncy sdhiny Jorhin jdd s in` sorvkeos kntd tbo _.U. In oxihpco wduc` lo iqudti tbit iccdws i mkxo` nuhlor dm eirs td lo khpdrto`.
Pbo prdlcoh wktb tbo cist ictornitkvo ks tbit Jorhiny hiy rotickito wktb bkjbortirkmms in` qudtis dn tbo _.U. jdd`s in` sorvkeos. Vrdtoetkdnkst tirkmm wirs iro`ostruetkvo td wdrc` tri`o kn tbit tboy ro`ueo tbo ihdunt dm wdrc` tri`o dr wdrc`J@V. Dno dm tbo cossdns dm tbo Jroit @oprosskdn ks tbit kneroisknj tirkmms wkcc eiusodtbor eduntrkos td rotickito tbus `ristkeiccy ro`ueknj tbo ihdunt dm tri`o lotwooneduntrkos. Kn 9;56, tbo _nkto` Utitos pisso` tbo Uhddt-Biwcoy Pirkmm Iet wbkebrikso` tirkmms dn
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Ippon`kx L7 Pbo \oic Pdd Lkj td Mikc dr tbo Mcdw dm Mun`s is i Vulcke Jdd`
Pbo dno torh tbit wo boir` `urknj tbo