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The recent desinflation in Colombia and the risks of the monetary policy

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Munich Personal RePEc Archive

The recent desinflation in Colombia and the risks of the monetary policy

Mesa Callejas, Ramon Javier and Rhenals Monterrosa, Remberto and Londoño T., Carlos Mario

Universidad de Antioquia. Centro de Investigaciones Economicas

1 February 2003

Online at https://mpra.ub.uni-muenchen.de/1825/

MPRA Paper No. 1825, posted 22 Feb 2007 UTC

(2)

L a des infl ac i ó n r ec i e n te e n C o l o m b i a y l os ri es g os de l a p o lí t i ca m o n eta ri a

✄✆☎✞✝✠✟✡☞☛✌☎✎✍✏✒✑✓✕✔✖✑✗☎✙✘☞✚✜✛

✄✢✑✝✤✣✆✑✓✦✥✧✎✄✆★✕✑✡✩☎✌✪✗✫✔✬✚✜✛✭✛

✘✮☎✦✓✜✪✜✧✗✯✔✰☎✦✓✜✏✒✧✎✱✲✧✡✴✳✵✧✶✷✧✹✸✮✚✺✛✭✛✭✛

✻✽✼✞✾❀✿❁✮❂✫❃✷❄✴❅✞❅❇❆✦❈✭✾❀❉❊✻✽✼✮❉✎❋❍●❏■❇❆✜✾☞❑❇▲◆▼❖❅❇❆✦❈✭✾P❁✮●✌❅❇❆✦●❏✾❀✿✜●❖◗❙❘✹❂◆▲❚✦✿❆✦❅✞▼❙❯❱❂✭✾❀●✌✿✺▼✌❁✞❆❲▼✎❳❊❄✫✾❨▼✹❆✜✾❨✿✜●❏❁❇❘✲❁✮●✌✿✜▼❖❅❇❆✦❈✭✾❀❉

✻✼✌✼✮❉✎❩❙❂◆■❊❁✌❆✦●❏■❬❭❂✭■✹❃✷●✲▲◆▼✢❘✹❂◆▲❚✦✿❆❲❅✞▼❙❯❱❂◆✾❀●✌✿✺▼✌❁✌❆✦▼❪●❏✾❫●❏▲❨❅✞❂◆❁✮✿✺❂✽❘✢▲◆▼✦❴✴❂✯❉☞✻❨❵❛❂✭✾❀❅❇▲✞❄✫■❏❆❲❂✭✾❀●❏■✌❉✎❜✤❆❲❝✵▲❆❲❂❬✕❁✮▼✦❑❏❚✦▼❖❉

❞❢❡✕❣✫❤❨✐❥❡✕❦

❧❭♠✴♥♣♦✬q✫r✲s☞q✫t✒♠✈✉✫♠✴r❊✇◆t✒①❇t✭②☞✉✫①❇♠✴r✲q✫③✷④✫③✕⑤✹q✫r❊✉✫♠✈s☞④

③❇q♣⑥❛④✫⑦❊⑧❊⑨✽③❏①❏✉✫q❭s❊④✫⑨☞④❭♦✬q✯r✲t✭④✫r✲④✫♥✴⑨☞q⑩✮q♣③❇q❭①❏r✲❶❷③❇q✯❸

✉✫①❏❹✴r✹❺✭⑦☞q✫♥✞q✈♦✬q✫r✲t✒④✫r✲④✩♥✴④✫③✫⑦☞♠✴s☞④✫♥✴q✯s☞❻✽②☞①❏✇◆①❇t✭①❇❼✎♠

s☞④✹③q✹♦✬♠✴r✲④✫s☞q✴❺✵✉✫♠✴r❽t✒q✯③✆❶❷①❇r❽②❊✇◆❹✰④✫③✆④✫✇✭❻✽②❊④✫♦✬q

s☞④✠✉✫♠✴♥◆♥✞④✩s❊♠✴♥◆④✫✇✤♦✬♠✴r✲④✫t✒q✫♥✞①❇♠✴✇❀❾❊q✫✇◆t✒q✠❶❷①❇r✬s☞④❛③❇q

s❊❿✩✉✫q✯s☞q✴❺✯③♠✽➀❖♥✞q✫r✲s☞♠❽♥◆④✫s☞②❊✉✫①❇♥❀③q❛①❏r✲❶✺③❇q✫✉✯①❇❹✴r✖q✫③❇❸

♥✞④✫s❊④✫s❊♠✴♥➁s❊④❽s❊①❏④✫➂❪⑦❊②❊r✲t✭♠✴✇✯➃☞⑦☞④✫♥✞♠➄q✯③❀⑦❊④✫♥✞s☞④✫♥

♠✴⑦❊④✩♥✞q✯t✒①❏❼✎①❏s☞q✯s❙s❊①❇✉✯❾❊♠➅④✫✇◆❻✽②❊④✩♦✂q✴❺✺④✫r❛✇◆④✫⑦☞t✒①❏④✫♦✬❸

⑨☞♥✌④➆s❊④➆➇☞➈☞➈☞➈✬④✫③✲⑨☞q✮r✲✉✯♠Pq✯s❊♠✽⑦❊t✒q✰④✯③✲✇◆①✜✇◆t✭④✫♦✂q

s☞④➊➉✭➋✞r✲❶✺③❇q✫✉✫①❇❹✴r✂➌✬⑨✞⑩✮④✩t✒①❏❼✎♠♣➍❨⑦✽q✯♥◆q➁♦✬q✯r❊④⑩✮q✫♥❨③❇q

⑦☞♠✴③❇➎❏t✒①❏✉✫q❪♦✬♠✴r✲④✫t✒q✯♥◆①❏q✴❺✷❻✽②❊④➏q✯②☞r✲❻✽②❊④➏❾❊q❪⑦☞④✫♥✞❸

♦✂①❇t✭①❇s❊♠✙✉✫♠✴r✲✇◆♠✴③❇①❇s❊q✫♥✷③❇q❭①❏r✲❶❷③q✯✉✫①❏❹✴r➁④✫r➁②❊r➁s❊➎❇➀✆①❏❸

t✭♠❽t✒①❏④✩r✲④❛♥◆①❏④✫✇◆➀❖♠✴✇✤⑦☞♠✴t✒④✫r✲✉✫①❇q✯③❇④✩✇✤✉✫♠✴♦✂♠✤➐✠✉✫♥◆①❏✇◆①❇✇

s❊④❨③❇q➅s❊④✫②❊s❊q➅⑦❊⑧❊⑨☞③❇①✜✉✫q➅④❨①❏r✢④✫✇◆t✭q✯⑨☞①❏③❏①❏s❊q✯s❪✉✫q✯♦✂❸

⑨☞①❇q✯♥✞①❇q✽❺✎④✫r✲t✒♥✞④➁♠✴t✒♥✞♠✴✇❨q✯✇◆⑦☞④✩✉✯t✒♠✴✇✯➑

➒❨➓✮➔❏➓✮→☞➣✦➓✮↔➙↕✫➔❏➓✮➛✎➜✯↔✌➝✬①✜r✢❶❷③❏q✯✉✯①❏❹✽r❙❺❪✉✯♠✽♥✞♥✌④✫s❊♠✽♥✌④✯✇

♦✂♠✴r✲④✩t✭q✫♥✞①❏♠✴✇✯❺➏①❏r❊❶❷③❇q✯✉✫①❇❹✽r➞♠✽⑨◆⑩✮④✫t✭①❇❼✎♠❀❺➏s☞④✫②☞s❊q

⑦❊⑧❊⑨☞③❇①❏✉✯q✽❺❖①❏r✲④✫✇✞t✭q✯⑨☞①❏③❇①❏s❊q✯s✬✉✫q✯♦✂⑨☞①✜q✯♥✞①❏q✽➑

➟✂➠ ❣✩➡✦➢✩➤✕➥✆➡

➦✢♠✴♥❭✉✫♠✽r❊✇◆t✒①❏t✒②❊t✒①❏♠✴r❊q✯③✕♠✴♥✞s☞④✫♥❭t✭❾☞④❙⑤➅q✯r❊✉✫♠❪s☞④❙③❇q

⑥✠④✯⑦✲②✲⑨❊③❏①✜✉✯q➧✇✞❾✲♠☞②❊③✜s➨♦❱q✯①✜r❭t✭q✮①✜r➩③❏♠☞➫➭t◆❾✲④

①❏r✲❶❷③❇q✯t✒①❏♠✴r❙❺❛t✭♠➯♦✂q✯①❏r✲t✒q✯①❏r➧t✭❾❊④➙⑦☞②❊♥✞✉✯❾❊q✫✇◆①❏r✲➀

⑦☞♠✴➫➁④✩♥♣♠✴❶☞t✒❾❊④✹✉✫②❊♥✞♥◆④✫r✲✉✫➲❊❺✩✇◆♠➏t✭❾❊④✹⑤➅q✯r❊➳❪②☞✇◆④✫s

t✒❾❊④❪♠✴②❊t✒③❇①❏r❊④❪♠✴❶➅♦✬♠✴r✲④✫t✒q✯♥✞➲❢✉✫♠✴♥✞♥✞①❏s☞♠✴♥✞✇✙②☞r✲t✒①❏③

t✭❾❊④➵④✫r✲s➸♠✴❶➊t✭❾❊④➵s❊④✫✉✫q✯s❊④✴❺❙⑨☞④✫①❏r✲➀➺q✯⑨☞③❇④➵t✭♠

♥✞④✫s☞②❊✉✫④➏t✒❾❊④➏①❏r✲❶❷③❇q✫t✭①❏♠✴r➄q✫♥✞♠✽②☞r✲s❍t✒④✫r➄⑦☞♠✴①❏r✲t✭✇✯➃

⑨☞②❊t✢③❏♠✴✇✞①❏r✢➀➆♠✴⑦❊④✫♥✌q✯⑨☞①❏③❇①✜t✭➲✲❺✫t✭❾❊④✙⑨☞q✯r✲➳✈q✯s❊♠✴⑦❊t✭✇✯❺

①❏r➺➻✽④✫⑦❊t✒④✯♦✬⑨☞④✫♥✈♠✽❶➆➇☞➈✽➈☞➈❨❺➼t✭❾❊④✬✇◆➲✆✇◆t✭④✫♦➽♠✽❶

➉◆➾➁q✯♥✌➀✆④✫t✭①❏r✢➀➚➋✌r✲❶❷③❏q✯t✭①❏♠✽r✹➍➵t✭♠➪♦✂q✯r✢q✯➀✆④➼t✭❾✲④

♦✂♠✴r✢④✫t✭q✯♥✞➲➵⑦❊♠✴③❇①✜✉✫➲✲❺❨t✒❾✲q✯t✈q✯③❏t✒❾✲♠✴②❊➀✆❾➶①❏t✈❾✲q✯✇

q✫③❇③❇♠✴➫➁④✩s➊t✭♠❽✉✫♠✴r✲✇◆♠✴③❇①❇s❊q✫t✒④❛t✒❾❊④❛①❇r✲❶❷③❇q✫t✭①❇♠✴r✖①❏r✖q

s❊①❇➀✆①❏t☞①❏t✽❾❊q✯✇❊⑦☞♠✽t✒④✫r✲t✭①❏q✯③❖♥◆①❏✇✞➳✴✇❊q✫✇✯➐❲✉✫♥✞①❏✇◆①❏✇❊♠✴❶✴t✭❾❊④

⑦❊②❊⑨☞③❇①❏✉❢s❊④✫⑨☞t❛q✯r✢s❫④✫➹❖✉✫❾✲q✯r✲➀✆④❽②❊r✢✉✫④✯♥✞t✭q✯①❏r✲t✭➲✲❺

q✯♦✬♠✴r✲➀✈♠✴t✭❾❊④✫♥❨q✯✇◆⑦☞④✫✉✫t✭✇✯➑

➘➁➜✩➴♣➷➁➬✷➣✞➮✽↔◆➝❲①❇r❊❶✺③q✫t❷①❇♠✷r➅❺❷♦✬♠✷r❊④✩t✒q✩♥◆➲♣✉✫♠✷♥◆♥◆①❇s✽♠✴♥◆✇✫❺

t✒q✫♥✞➀❖④✩t✒①❏r❊➀♣①❏r❊❶❷③q✯t✒①❇♠✴r✹❺✜⑦☞②☞⑨☞③①❏✉☞s☞④✫⑨✽t✩❺✺④✩➹✎✉✫❾❊q✫r❊➀❖④

①✜r✲✇✞t✭q✮⑨☞①✜③❏①❏t✭➲✢➑

➱ ✃❐✺❒❐✤❮❲❐✤❰✤❐✺Ï✦Ð❷ÑÒÐ✺Ó✤❐✺Ô✵ÒÕ❛❮✦❐❀Ö✮×✺Õ✌Ô✵Õ✌Ó✤ØÐ✺Ù✷Ú✽❐✺Ô✵ÒÑÕ✙❮❲❐❀ÛÔ✵Ü✒❐✺ÝÒÞß✭Ð❷×✺ÞÕ✌Ô✵❐✺Ý❊Ö✮×✺Õ✦Ô❲à✦Ó✤Þ×✺Ð❷ÝÙ✕á❭Ô❲ÞÜ✒❐✺ÑÝÞ❮✦Ð❷❮✠❮❲❐✤â✆Ô✵ÒÞÕ✦ã✦ä❲ÞÐ❷å

Ö✮æÓ❀Ð❷Þçè✵Ñé✜Ó✤❐❷ÝÐ❷ê♣Ð❷ß◆ä✵ÝÒÞÔ✵ÞÐ❷Ô✵Õ✦Ýåä❲❮✵❐✺Ð❷å❐✺❮❲ä✵å×❷Õ

➱❏➱ ë✩ÑÕ✌❒❐✺ÝÕ✌ÑÙ✯❰✤❐✺Ï✦Ð❷ÑÒÐ❷Ó♣❐❷Ô✵ÒÕ❀❮❲❐❊Ö✮×✺Õ✌Ô✵Õ✦Ó✤ØÐ❷Ù✯Ú✽❐❷Ô✵ÒÑÕ❀❮❲❐❊ÛÔ✵Ü✭❐✺ÝÒÞß✭Ð❷×✺ÞÕ✌Ô✵❐✺Ý✕Ö✮×❷Õ✌Ô✵à✌Ó✤Þ×✺Ð❷ÝÙ✯á✢Ô✵ÞÜ✒❐✺ÑÝÞ❮✦Ð❷❮➅❮❲❐❊â❖Ô✵ÒÞÕ✌ã✦ä❲ÞÐ❷å

Ö✮æÓ❀Ð❷Þçè✩ÑÑì✵❐✺Ô✩Ð❷çÝê♣Ð❷ß◆ä✵ÝÒÞÔ✵ÞÐ❷Ô✩Õ✦Ýåä❲❮✵❐✺Ð❷å❐❷❮❲ä❲å×❷Õ

➱❏➱❏➱ Ö✮×✺Õ✌Ô✵Õ✦Ó✤ÞÝÒÐ✺Ù✵Ú☞❐✺Ô✵ÒÑÕ❭❮❲❐✴ÛÔ✵Ü✭❐✺ÝÒÞß◆Ð❷×✺ÞÕ✌Ô✵❐✺Ý✎Ö✮×❷Õ✌Ô✵à✌Ó✤Þ×✺Ð❷ÝÙ✵á✢Ô✵ÞÜ✭❐✺ÑÝÞ❮❲Ð❷❮✤❮✦❐✴â✆Ô✵ÒÞÕ✌ã✦ä❲ÞÐ❷å

(3)

✡☞☛✍✌✏✎☞✑✓✒✕✔✗✖✝✖✙✘✛✚✜☛

✢✤✣✦✥✧✣✩★✁✪✬✫✛✭✯✮✰✲✱☞✳✴✣✩✳✯✪✬✮✵✱☞★☎★☎✪✬✶✷✮✣✩✸☞✣✺✹✻✫☎✰✽✼✾✰✽✭✯✸☞✼✣✺✹✿✱✬✮

✳✯✪❁❀✵❂✯❂✗❀✴❃✦✱✵✮✜❄✍✱✵✹✿✸☞✣❁✳✯✪❅✮✱❅❆✩✪☞❇✯❈✻❉✯✮✼✾✸☞✱❅✫☎✪❅✮✪

✪✬✹✿✸☞✱☞★☎✶✷❊❋✮✱✍●❍✭✻✹✻✸☞✼✾❊✦✹■❇✯★☎✼✾✹✻✸☞✼✾❇✴✱✵✮✙✳✯✪✍✥❏✱☞✹✻✰✛✪✬✹✿✪✬★

✪✬✮✺❇✴✣✦✳✯✪✬★✜✱☞✳✯❑✴✭✯✼✫☎✼✰✲✼▲▼✣◆✳✯✪❖✮✱❖✥❏✣✦✹✿✪✬✳✯✱✦❃✬✮✣◆❑✴✭✯✪

✪✬✹P✰✲◗☞★☎✥❘✼✹✿✣✦✫❙❇✻★☎❚✵✸☞✰✲✼✾✸☞✣✦✫❙✼✾✥❏❇✯✮✼✾✸☞✱❯✥❏✱☞✹✿✰✛✪✬✹✿✪☞★

❉✴✱❱❲✣✦✫❳✮✣✺✫❨✹✻✼▲❲✪✬✮✪☞✫❳✳✴✪❩✼✹✿●❍✮✱☞✸✬✼❊✦✹❭❬❫❪✕✫✛✰✲✣❵❴✻✱

✫☎✼✶✙✹✿✼●✽✼✾✸☞✱☞✳✻✣✩❑✯✭✯✪✦❃✁✳✯✪☞✫✛✳✻✪✜✼✾✹✿✼✸☞✼✾✣✦✫✴✳✯✪✜✮✱✓✳✯◗☞✸☞✱✵✳✯✱

✳✯✪❛✮✣✦✫✺✹✻✣✴▲▼✪✬✹✿✰✲✱✴❃✲✮✱☞✫✺✱☞✭✻✰✲✣✦★✁✼✾✳✯✱☞✳✯✪☞✫✺✥❏✣✦✹✿✪✬✰✛✱☞★✁✼✱✵✫

✳✯✪✬✮❜❇✯✱☞❝✫❳❴✻✱☞❞▼✱✵✹❡▲▼✪☞✹✻✼✾✳✯✣❵✼✥❏❇✯✮✪✬✥❏✪☞✹✻✰✛✱☞✹✿✳✯✣

✪✬✫☎✰✲★☎✱☞✰✲✪✬✶✙✼✱☞✫❨✰✲✪☞✹✻✳✯✼✪☞✹✻✰✲✪✬✫❢✱❣✮✣✦✶✷★☎✱☞★❢✰✲✱☞✫☎✱☞✫❨✳✯✪

✼✹✻●❍✮✱☞✸☞✼❊✺✹❤✳✴✪❨✭✯✹✐✳✯❝✶✷✼✰✲✣❣❞❥✸☞✪✬★☎✸☞✱✬✹✿✱✬✫✧✱❨✮✣✺✫

✹✻✼▲❲✪✬✮✪❦✫▼✼✹✯✰✲✪❦★☎✹✻✱✬✸✬✼✣✺✹✻✱✬✮✪✬✫✯❧♠✓❃♥✴♦♣✱☞✹✯✭✯✱✬✮q✱✬❇✴★☎✣✺r❲✼s

✥❏✱☞✳✯✱✵✥❏✪☞✹✻✰✛✪✬t✵❬✉❪✕✹✈✪☞✫☎✰✲✪❏✣✦★☎✳✻✪✬✹✈✳✯✪❘✼✳✯✪☞✱☞✫✵❃✉✱

❱❲✭✯✇❦✶✙✱☞★✺❇✯✣✦★✺✪☞✮✬✸☞✣✦✥❏❇✯✣✦★✁✰✲✱☞✥❏✼✾✪☞✹✻✰✛✣❖✳✯✪❛✮✱✉✰✲✱☞✫☎✱✉✳✯✪

✼✹✻●✽✮✱☞✸☞✼❊✦✹✩✪✬✹✩✮✣✦✫✷❈✯✮✰✲✼✥❏✣✦✫✷✳✯✼✪✬✇✴✱☞①✿✣✺✫✵❃❍✪✬✫☎❇✯✪✬✸☞✼✱☞✮s

✥❏✪☞✹✿✰✲✪❯✳✯✪☞✫☎✳✯✪②❀❲❂✯❂✴❂❣❧③❯★✁❚✵●✽✼✾✸☞✣❩❀❲t✵❃✴✹✿✣②✸✵✱☞❉✯✪

✳✯✭✯✳✯✱◆❑✴✭✻✪❋✮✣✺✫④★✁✪✬✫☎✭✯✮✰✲✱✵✳✯✣✺✫④✪☞✹❳✥❏✱☞✰✛✪✬★☎✼✾✱◆✱☞✹✿✰✲✼s

✼✹✻●❍✮✱✬✸✬✼✣✺✹✻✱✬★☎✼✱❫❴✯✱☞✹❘✫✛✼✳✯✣❜●❍✱✬▲❲✣✦★✛✱☞❉✦✮✪✬✫✗✱✬✮✻✹✻✭✯✪❦▲❲✣

✪✬✫☎❑✴✭✯✪☞✥❏✱✈✳✯✪❩✸☞✣✺✹✿✳✯✭✯✸☞✸☞✼✾❊✦✹⑤✳✯✪❩✮✱✈❇✯✣✦✮❝✾✰✲✼✸☞✱

✥✧✣✦✹✻✪✬✰✲✱☞★☎✼✱✻✸✬✣✦✮✣✺✥❏❉✴✼✱☞✹✻✱✻✪✬✹④✮✣✦✫▼❈✯✮✰✲✼✥❏✣✺✫▼✱☞①✻✣✦✫☞❬

⑥⑦✥❁✱❲✹✿✪✵★✠✱❥✳✻✪P✫✁❝⑧✹❛✰✛✪✵✫✁✼⑧✫❲❃④✪✵✮❅✳✻✼⑧✫✁✪✵①❛✣⑨✳✻✪P✮✾✱

❇✿✣✴✮✾❝⑧✰✛✼⑧✸✵✱❏✥❘✣✯✹❛✪☞✰☎✱✵★✠✼⑧✱❏✪✵✹❩✭✿✹❛✱❏❇✻✱✵★✠✰☎✪✧✳✻✪✧✮✾✣✴✫

✹❛✣✴▲✷✪☞✹❛✰✛✱✤✪✵✫☎✰☎✭✻▲✷✣✧✸✵✱✵★✠✱✵✸✵✰✛✪☞★✠✼✾✇✬✱✵✳✻✣✧❇✻✣✴★❖✭✻✹②✪☞✫✁s

❑✯✭✿✪☞✥❘✱✉✳✻✪✿✸✵✣✴★✁★✠✪☞✳✻✣✴★✁✪✵✫✝✥❘✣✴✹✿✪✵✰✛✱✵★✁✼✾✣✴✫❲❬✲⑩❜✹❛✣❖✳✻✪

✪✵✮✾✮✾✣✯✫❲❃✯✪✵✮❭✳✻✪❯✮✾✱❜❉✻✱❲✫✁✪❯✥❁✣✴✹❛✪✵✰☎✱✵★✠✼⑧✱✯❃✯❇✿✪✵★✠✥❘✼⑧✰☎❝⑧✱

❴✿✱❲✸✵✪✵★❛✭✿✹❅✫✁✪✵✶✝✭✿✼✾✥❁✼⑧✪✵✹❛✰✛✣✤✳✿✼⑧★✁✪✵✸❲✰✛✣✤✱❭✮✾✱❲✫✿✥❘✪✵✰☎✱✵✫

✳✗✪❶✼☎✹❭●✏✮☎✱✺✸✺✼✁❊✜✹❷❑✓✭✗✪❶✮✛✱✦✫❸✱✺✭✗✰❦✣✜★✵✼✁✳✕✱✺✳✕✪✺✫

✼⑧✥❁❇✻✮✾✪✵✥❘✪✵✹❛✰✛✱❲★✠✣✴✹❨✪✵✹❨✸✵✱❲✳✻✱❅❇✻✪✵★✠❝⑧✣✴✳✻✣✗❬✺❹❘✼⑧✶✙✱❲s

✥❁✣✴✫❳❑✯✭✿✪✦❃❫✳✿✭✻★✠✱❲✹✿✰☎✪❺✮✾✱✈▲✷✼✾✶✝✪✵✹✿✸❲✼✾✱✈✳✻✪❩✪☞✫✁✰☎✪

✪✵✫✁❑✯✭✻✪✵✥❘✱✯❃✁✮✱✕✼⑧✹✿●✲✮✾✱✵✸✵✼⑧❊✴✹✤✫✁✪✓★✠✪☞✳✿✭✠❱▼✣❙✪✵✹❋✥❘❚❲✫✴✳✻✪

❀✷♥❻❇✿✭✿✹✉✰☎✣✯✫✯❇✻✱▼✫✁✱❲✹✉✳✿✣❫✳✿✪✕✹❛✼❍▲✙✪✵✮✾✪❲✫✯✳✿✪✵✮▼❼✻❼❭❃♥✻♦

✪❲✹❽❀▼❂✻❂✿❾❯✱❲✮✴❂❭❃♥✿♦❿✪❲✹✧✪✵✮✴❼✻♥✿♥✻♥❭❬✵➀✓✱❲★q✱✩★q✪❲✫✁✱▼✮✾s

✰☎✱✵★▼❃❭✮✾✱❢❉✯★✠✭✿✫☎✸❲✱❨✸✵✱❲❝⑧✳✻✱❢✳✻✪❨✮✾✱❨✼⑧✹❛●✲✮✱❲✸✵✼⑧❊✴✹✐✪✵✹

❀▼❂✻❂✯❂❭❃☎✫✁✼⑧✰✛✭✿✱❲✸✵✼⑧❊✴✹✤❑✯✭✿✪✉✸❲✣✴✼⑧✹❛✸✵✼⑧✳✿✪✉✸✵✣✯✹❻✮✾✱✜✳✿★✠❚❲✫✁s

✰☎✼✾✸✵✱❭★✠✪☞✳✻✭✿✸✵✸✵✼✾❊✴✹❅✳✿✪✗✮✱❭✱❲✸✵✰✛✼✾▲✷✼⑧✳✻✱✵✳◆✪✵✸✵✣✴✹✿❊✴✥❘✼⑧✸✵✱

✪❲✹◆✳✿✼⑧✸❲❴✿✣❻✱❲①✉✣✕❬q❪❭✹◆✫✠✪✵❇✿✰☎✼⑧✪✵✥❁❉✻★q✪✕✳✿✪✕❼✻♥✻♥✻♥❭❃q✮✾✱

➁ ✭✻✹❛✰☎✱✕❹❘✼⑧★✠✪✵✸✵✰☎✼⑧▲✷✱✗✳✻✪✵✮▼❄✍✱❲✹❛✸✵✣❫✳✿✪✓✮✾✱✗❆❙✪✵❇✻❈✿❉✻✮✾✼⑧s

✸✵✱✗✳✻✪✵✸✵✼✾✳✻✼⑧❊❫✸✵✱✵✥❁❉✯✼✾✱✵★✿✪☞✮▼✥❘✱❲★✁✸✵✣❻✣✴❇✯✪✵★✁✱❲✰✛✼✾▲✷✣❻✳✻✪

✮✾✱❛❇✯✣✴✮❝✾✰✛✼✾✸☞✱✉✥❏✣✴✹✿✪☞✰✛✱✵★✁✼✾✱✴❃✲❇✯✣✦✫✁✼✾❉✯✮✪☞✥❘✪☞✹✿✰✛✪✿✸✵✣✦✥❘✣

★✠✪✵✫✁✭✿✮✾✰☎✱❲✳✻✣❜✳✿✪❫✮✾✱❻❇✻◗✵★✠✳✻✼⑧✳✿✱❫✳✿✪❫✪✵●✲✼⑧✸✵✼⑧✪✵✹❛✸✵✼⑧✱❻✳✻✪✵✮

✥❁✪☞✸✵✱✵✹❛✼✾✫✁✥❘✣➂✳✻✪❫✸✵✣✴★✁★✠✪☞✳✻✣✴★✠✪☞✫❭✥❘✣✴✹❛✪☞✰✛✱✵★✠✼✾✣✴✫❲❬➃

➙❜➛✠➜❲➝✲➞⑧➟✵➠❢➡

➢◆➠✴➤✾➠✯➥❁➦✻➞⑧➧▼➨✿➩✵➫✷➠✴➤⑧➭✿➟✵➞⑧➯✴➲❁➳✿➩❻➤⑧➧✤➵✁➧❲➸q➧✤➳✿➩❻➞❍➲❛➝✲➤⑧➧❲➟✵➞⑧➯✯➲❺➡▼➺✻➻✻➺✻➼☎➽✻➾✻➾✻➽

❧➀✉✣✴★✠✸✵✪☞✹❛✰✛✱❱▼✪✵t

➚✠➪✁➶➹✾➘❍➶➴➷✻➶➬✁➮✾➱➘❍➮✾✃✻➶➹✾➘❍❐☎❒✦❮✁✃✻❰➹✠❰Ï➘❍➱➮➘⑧❰Ð✏❐✵Ñ✻➮Ò✾❰❐✛➹✁➮✾Ó❮✁➶✠Ô✲Ï➘❍➮✾❮✁ÕÏ➘❍❰Ò➮

0 5 10 15 20 25 30 35

1989 1991 1993 1995 1997 1999 2001

(4)

Ø✗Ù❻Ú❛Û✻Ü☞Ý✷Þ✈Ü✵ß☎à✯Û✿Ü☞á❁â✴ã✗ä✻Ü☞Ú❛Þ✴á❘å✾Ú❛â✵ä✻Þ✈å⑧Ú✿æ✲Ù✾â✵ç

è

å⑧é✴Ú✧Þ✴ê✠ë▼Ü✵ì✛å⑧Ý✷Þ✕ã✵ì☎Ü☞Ú❛ä✻å⑧Ü✵Ú✿ì☎Ü✩â

è

Þ✴Ú❛ß✁Þ✴Ùå⑧ä✻â❲í✕ì✛â❲ç

ß✁â❲ß❛ä✻Ü✍å⑧Ú✿æ✲Ù✾â

è

å⑧é✴Ú❯ä✻Ü✍Û✿Ú■ä✿î⑧ï✙å⑧ì☎Þ✕ã

è

Þ✴á❁ê✯å⑧Ú❛â✍Ü✵Ù

ß✁Ü✵ï✝Û✻å⑧á❁å✾Ü✵Ú❛ì☎Þ■ä✻Ü✩Û✻Ú✧â❲ï✙í✠Ü✵ï✝â✵ä✿Þ■á❘Þ✴Ú❛Ü✵ì☎â✵í✠å⑧Þ✕ã

è

Þ✴á❘Þ④Ùâ✉ê✯â✵ß✁Ü❛á❘Þ✴Ú✿Ü✵ì✛â✵í✠å✾â✴ã

è

Þ✴Ú❫á❘Ü

è

â✵Ú✿å⑧ß✁á❘Þ✴ß

ä✿Ü

è

Þ✴á❘Û✿Ú❛å

è â è

å⑧é✴ÚPð✻Þ✴í❻ð✻â❲í✠ì✛Ü❯ä✻Ü❯Ù✾â❫ñ✷Û✻Ú❛ì☎â

ò❘å⑧í✠Ü

è

ì☎å⑧Ý✷â❖ä✻Ü✵Ù✺ó✍â❲Ú

è

Þ◆ä✻Ü❖Ùâ④ô❙Ü✵ð✻õ✻ê✻Ù✾å

è â è Þ✴Ú

Ù✾Þ✴ß✦á❘Ü✵í

è

â✵ä✻Þ✴ß✦à✯Û✿Ü✜Ü☞ö✷ð✻Ù✾å

è

â✵Ú✤Ù✾Þ✴ß

è

â✵á❘ê✯å⑧Þ✴ß✦Ü✵Ú

ß✁Û✿ß✝ä✻Ü

è

å✾ß✁å⑧Þ✴Ú❛Ü☞ß✺ä✻Ü❛ð✻Þ✴Ù✾î✾ì☎å

è

â✉á❁Þ✴Ú✿Ü✵ì✛â❲í✁å⑧â✴ã✛ð✻í✠Þ✴ç

ð✿å

è

å⑧â❲Ú❛ä✻Þ❘Û✿Ú❛â◆á❁â✵÷✙Þ✯í

è

í✠Ü☞ä✿å⑧ê✻å⑧Ù✾å⑧ä✻â❲ä②Ü✵Ú❳Ù✾â❲ß

á❁Ü✵ì✛â❲ß✯ä✿Ü✕å⑧Ú❛æ✲Ù✾â

è

å✾é✯Ú❖ø✠Ø❭ß✁ì✛Ü✗Ü✵ß✁à✯Û✿Ü☞á❁â✗ß✁Ü✗ð✻Û✿Ü✵ç

ä✿Ü■ä✿Ü☞æ✲å⑧Ú❛å✾í

è

Þ✴á❁Þ❳Û✻Ú❛â❜Ü✵ß☎ì☎í✁â❲ì✛Ü✵ï✙å⑧â❜ä✻Ü

è

Þ✴Ú❛ç

ä✿Û

è✵è

å✾é✯Ú②ä✻Ü✤Ù✾â❋ð✻Þ✴Ù✾î⑧ì✛å

è

â❋á❘Þ✯Ú✿Ü✵ì☎â✵í✠å⑧â❋ä✻Þ✴Ú❛ä✻Ü

Ù✾â✵ß✕ä✻Ü

è

å⑧ß✁å✾Þ✯Ú✿Ü✵ß✕ß✁Þ✴Ú❏ï✙Û✿å✾â❲ä✻â✵ß✕ð✻Þ✴í✗Ù✾â✵ß✕Ü✵ö✷ð✻Ü

è ç

ì✛â❲ì✛å⑧Ý✷â✵ß✩ä✻Ü■å✾Ú❛æ✽Ù✾â

è

å⑧é✴Ú❢æ✲Û✻ì☎Û✻í✠â✴ã✦í✠Ü✵Ùâ è å⑧Þ✴Ú❛â✵ä✻â✵ß

è

Þ✴Ú❯Ü☞Ù✙Þ✴ê✠ë▼Ü☞ì☎å✾Ý✷Þ❋â✵Ú❛Û✻Ú

è

å✾â✵ä✿Þ✤ð✻Þ✴í❛Ù✾â✵ß❛â✵Û✿ì✛Þ✴í✁å⑧ç

ä✿â✵ä✿Ü✵ß❭á❘Þ✴Ú❛Ü✵ì☎â✵í✠å⑧â✵ß❲øù

Ø✗Ù✯ð✯í✁Þ✴ð✯é✦ß☎å✾ì✛Þ❯ä✻Ü❙Ü☞ß☎ì✛Ü❙Ü☞Ú✿ß☎â☞÷✷Þ❜Ü☞ß✕â✵Ú✿â☞Ùå✾ú❦â✵í✗Ü☞Ù

ä✯Ü☞ß☎â☞í☎í✁Þ✦ÙÙÞ❡ä✯ÜûÙâ♣ð✯Þ✦Ùî✾ì✲å

è

â♣á❏Þ✦Ú✻Ü☞ì✲â✵í☎å✾âûÜ✬Ú

ü Þ✦ÙÞ✴á❘ê✯å✾â❳ä✻Ü☞ß☎ä✻Ü②Ü☞Ù❻Ü☞ß☎ì✛â✵ê✯ÙÜ è

å✾á❘å✾Ü☞Ú✿ì✛Þ✈ä✻Ü☞Ù

Ü☞ß☎à✴Û✻Ü✬á❘â✯ä✯Ü✯å✾Ú✿æ❍Ùâ è åé✦Ú④Þ✦ê✁ë❲Ü☞ì✲å✾Ý▼Þ✓ø⑧ý✴Û✍Þ✦ê✁ë❲Ü☞ì✲å✾Ý▼Þ

è

Ü☞Ú✿ì✲í☎â✵Ù◆Ü☞ß❏ð✯í✁Ü☞ß✛Ü☞Ú✿ì✲â☞í❁â☞Ùï✷Û✻Ú✻â✵ß❏í✁Ü✬æ✽ÙÜ✬ö▼å✾Þ✦Ú✿Ü✬ß

â✵Ùí✁Ü☞ä✯Ü☞ä✯Þ✦í✝ä✯Ü✿ÙÞ❖à✴Û✯Ü✿þ✻Ü☞á❏Þ✦ß

è

Þ✦Ú✻ß☎å✾ä✯Ü☞í☎â✵ä✯Þ✍ÙÞ✦ß

ð✻í☎å✾Ú

è åð✻â☞ÙÜ☞ß✤í✁å✾Ü✬ß✁ï✷Þ✦ß✤à✯Û✯Ü➂Ü☞Ú✿æ✽í✁Ü✬Ú✿ì✛â➂Ü☞ß☎ì✛Ü❜Ü☞ß☎ç

à✯Û✻Ü☞á❘â❥Ü☞Ú❸Ü✵Ù

è

Þ✴í✁ì✛Þ✐ð✯Ù✾â✵ú❦Þ✕ã④ä✻Ü☞ê✯å⑧ä✻Þ⑨â❥Ùâ

ä✯Ü☞Ùåè

â✵ä✯â④ß☎åì✲Û✻â

è

å✾é✦Ú❜æ✽åß è

â✵Ù✺÷❫â④Ùâ④æ✽Û✯Ü☞í☎ì✛Ü❖åÚ✿Ü☞ß☎ç

ì✛â✵ê✴å✾Ùå✾ä✻â☞ä

è

â☞á❘ê✯å✾â☞í✁å✾â✴ø

ü

Þ✦ÚûÜ☞ß☎ì✲â②æ✽å✾Ú✿â☞Ùå✾ä✻â✵ä

þ✻Ü☞á❏Þ✦ß✜ä✻åÝ▼å✾ä✯åä✻Þ❅Ü☞Ù✴åÚ✿æ❍Þ✦í✁á❏Ü✩Ü✬Ú✧ä✯Þ✦ß✓ð✯â☞í✁ì✲Ü✬ß✵ø

Ø✗Ú❁Ùâ✤ð✯í✁å✾á❘Ü☞í✁â❻ð✻â✵í✁ì✲Ü❻ß☎Ü❻â✵Ú✿â✵Ùå✾ú❦â✤Ùâ❻ð✻Þ✦Ùî✾ì✛å

è â

á❏Þ✦Ú✿Ü☞ì✲â☞í✁åâPÜ☞Ú❵Ü✬Ù❅á❏â☞í

è

Þ♣ä✯Ü☞Ù◆ð✯í✁Þ

è

Ü✬ß☎Þ♣ä✻Ü

ä✻Ü☞ß☎åÚ✿æ✽Ùâ è

å✾é✦Ú❥à✯Û✯Ü➂ß☎Ü❜þ✻â➂í✁Ü✬ï✙å✾ß☎ì✲í✁â✵ä✯Þ❢Ü☞Ú❥ÙÞ✦ß

õ✻Ù✾ì✲å⑧á❏Þ✴ß✺ì✛í✁Ü☞ß✺â☞ÿ❛Þ✦ß✺÷✿ã✛Ü☞Ú❻Ùâ✉ß✁Ü☞ï✙Û✻Ú✿ä✻â✉ð✻â✵í✁ì✛Ü✦ã✛ß☎Ü

ä✻å✾ß

è

Û✻ì✲Ü✵Ú❜â✵Ùï✙Û✻Ú✿Þ✦ß✜â✵ß☎ð✯Ü

è

ì✛Þ✦ß✜ä✯Ü④Ùâ④ß☎å✾ì✛Û✻â

è

å✾é✴Ú

æ✽å✾ß

è

â✵Ù❛÷

è

â✵á❏ê✯å✾â✵í✁å✾â❋ä✯Ü☞Ù❛ð✻â☞î⑧ß❭Ü✵Ú❁Ü✵Ù✿ð✻í✁Ü☞ß☎Ü☞Ú✿ì✛Ü

â✵ÿ✿Þ✓ã✯à✴Û✻Ü■ð✻Û✻Ü✬ä✻Ü☞Ú❽ä✻å✾æ✽å

è

Û✻Ùì✲â✵í❫Ùâ✵ß❙á❘Ü☞ì✛â☞ß❫ä✯Ü

å✾Ú❛æ✽Ùâ è

å✾é✴Ú❯Ü☞Ú❜Ü☞Ù✺æ✽Û✻ì✛Û✻í✁Þ◆å⑧Ú✿á❘Ü☞ä✻å✾â✵ì✛Þ✓ø

✂✁☎✄✝✆✟✞✡✠☞☛✍✌✏✎✒✑✔✓✟✠✒✕✖☛✘✗✡✆✔✓✙✠☞✆✟☛✛✚✜✆✣✢✥✤✧✦★✎✒✩✒✚✜✠☞✓✟✑

✦★☛✍✆✔✚✜✑✔✗✡✠✒✑✬✫★✭✧☛✛✑✮✠✒☛✛✚✜✆✟✗✡✤✧✗✡✆✟✚✜✑✬✓✙✠☞✕★☛

✯✜â

è

Þ✴÷✙Û✻Ú❛ì✛Û✿í✠â■á❁Þ✴Ú❛Ü☞ì☎â✵í✠å✾â❯Ü✵Ú❢Ù✾Þ✴ß❙õ✿Ù✾ì✛å⑧á❘Þ✴ß

ì✛í✠Ü✵ß✴â❲ÿ❛Þ✴ß✯Ü☞Ý✷å⑧ä✻Ü✵Ú

è

å⑧â✕Û✿Ú

è

Þ✯Úqë✷Û✻Ú❛ì☎Þ❙ä✿Ü✓ß✁å⑧ì✛Û✿â✵ç

è

å⑧Þ✴Ú❛Ü✵ß✉à✯Û✻Ü❖ä✻Ü✵á❁Û✻Ü✵ß✁ì✛í✠â❲Ú❯Ù✾â④â✵ð✻â❲í✠Ü☞Ú❛ì☎Ü✍ð✿â✵í✠â✵ç

ä✻Þ☎ë✷â✧à✯Û✿Ü✧ß✁Ü✧Ý✷å✾Ü✵Ú❛Ü✧ð✻í✁Ü✵ß✁Ü✵Ú✿ì☎â✵Ú❛ä✻Þ❽Ü✵Ú❛ì✛í✠Ü✧Ü☞Ù

á❘â❲Ú✿Üë▼Þ④ä✻Ü❛Ù✾â✉ð✻Þ✴Ù✾î✾ì☎å

è

â✉á❁Þ✴Ú✿Ü✵ì✛â❲í✁å⑧â✴ã✛Ù✾â❛Ü✵Ý✷Þ✴Ù✾Û✻ç

è

å⑧é✴Ú❅ä✻Ü✗Ù✾â❭å⑧Ú✿æ✲Ù✾â

è

å⑧é✴Ú❅÷④Ü✵Ù

è

Þ✴á❘ð✻Þ✴í✠ì✛â❲á❘å✾Ü✵Ú❛ì✛Þ

ä✻Ü④Ùâ✩â

è

ì✛å✾Ý✷å✾ä✻â❲ä❯Ü

è

Þ✴Ú❛é✴á❘å

è

â✴ø✡✰❜Ú➂Ü✵ß

è

Ü☞Ú❛â✵í✠å✾Þ

ì✛î⑧ð✻å

è

Þ■ä✿Ü④Ü✵ß✁ì✛Ü✩ì✛å⑧Ü✵á❘ð✻Þ✗ã✵à✯Û✿Ü

è

Þ✴Ú❛ì☎í✠â✵ß✁ì✛â

è

Þ✴Ú

Ù✾Þ♣à✯Û✻Ü❽þ✿â❽ß✁å⑧ä✻Þ♣ÙâPþ✿å✾ß✁ì✛Þ✴í✠å⑧â❽ä✻Ü✵Ù◆á❘â✵Ú❛Üë▼Þ

á❘Þ✴Ú❛Ü☞ì✛â❲í✁å✾Þ➂Ü✵Ú❘Þ✴ì☎í✁â✵ß✍✱☞ð✻Þ

è

â✵ß❲ã✷Ü☞ß❭Ùâ✤á❘â✵Ú❛Ü☞í✠â

è

Þ✴á❘Þ❢ß☎Ü❜Ý✷å⑧Ü✵Ú✿Ü✵Ú❥â✵Ù

è

â✵Ú❛ú✬â✵Ú❛ä✻Þ❨ß✁å⑧Ú❥Ú✿å⑧Ú❛ï✙õ✻Ú

ð✻í✠Þ✴ê✻Ù✾Ü✵á❘â✩Ù✾â❲ß✓á❘Ü✵ì☎â✵ß✓ä✻Ü✩å⑧Ú❛æ✲Ù✾â

è

å⑧é✴Ú❖ã✵Ü✵Ú✧á❘Ü✵ç

ä✿å⑧Þ❏ä✿Ü◆Û✻Ú✉â◆í✠Ü✵Ù✾â❲ì✛å⑧Ý✙â✵á❁Ü✵Ú❛ì☎Ü❋â❲ê✻Û✻Ú✉ä✻â❲Ú❛ì☎Ü❋Ù✾å⑧ç

à✯Û✿å⑧ä✻Ü✵ú✉Ü☞Ú◆Ùâ✕Ü

è

Þ✴Ú❛Þ✴á❘î⑧â✕÷✍ä✻Ü✓Û✿Ú✿â✕ß✁å⑧ì✛Û✿â

è

å⑧é✴Ú

ä✻Ü❻Ü☞ß✁ì✛â✵Ú

è

â✵á❘å⑧Ü☞Ú❛ì✛Þ➂Ü

è

Þ✴Ú❛é✴á❘å

è

Þ✕ø

✲✉â✵í✁â

è

Þ✦á❘Ü☞Ú✿ú❦â✵í❲ã✜ð✯Û✻Ü☞ä✻Ü❘â✵æ✽åí✁á❘â☞í✁ß☎Ü❁à✴Û✻Ü❘Ùâ

ð✻Þ✦Ù✾î✾ì✛å

è

â✿á❘Þ✦Ú❛Ü☞ì✛â✵í✁å✾â❛ä✻Ü☞ß☎ä✻Ü✛✳✵✴✶✴✶✴❖Ý▼å⑧Ü☞Ú✿Ü✿á❘Þ✦ß✁ç

ì✛í✁â❲Ú✿ä✻Þ■Û✻Ú➂ð✻Ü☞í✠æ✽å✾Ù✴á❘â✵í

è

â✵ä✻â✵á❘Ü✵Ú✿ì✛Ü④Ü✵ö▼ð✻â✵Ú❛ß☎å⑧ç

Ý✷Þ✓ãqß☎Ü☞ï✙õ✻Ú◆ß✁Ü✕ä✯Ü✵ß☎ð✯í✠Ü☞Ú✿ä✻Ü✕ä✻Ü✕Ùâ✗Ü☞Ý✷Þ✦ÙÛ è å✾é✴Ú◆ä✻Ü

â✵Ù✾ï✙Û✻Ú❛Þ✴ß✕ä✻Ü❙ß✁Û✻ß✕å⑧Ú✿ä✻å

è

â✵ä✻Þ✴í✁Ü✵ß✕Ü❙å⑧Ú✿ß✁ì✛í✁Û✿á❘Ü☞Ú❛ç

ì✛Þ✴ß✵ø❛ý✴Þ✴ê✯í✁Ü☞ß✁â✵ÙÜ✴ã✿Ù✾â

è

â✵î⑧ä✻â✧ð✯í✠Þ✦Ú❛Û✻Ú

è

å⑧â✵ä✻â✧ä✻Ü

ì✛Þ✴ä✻â✵ß✿Ùâ✵ß✿ì✛â✵ß✁â✵ß✿ä✻Ü❭å✾Ú❛ì✛Ü☞í✷✱✵ß✿ä✻Ü❭å✾Ú✿ì✛Ü✵í✁Ý✷Ü☞Ú

è

å✾é✴Ú✍ã

Ü☞Ù▼Ý✷Þ✦ÙÛ✻á❘Ü☞Ú◆ä✻Ü✕Ùâ✵ß

è

Þ✦á❘ð✻í✁â✵ß✯ä✻Ü✕ä✯å⑧Ý▼å✾ß☎â✵ß✻ð✯â✵í✁â

â è

Û✻á❘Û✻Ùâ✵í❽í✁Ü☞ß☎Ü☞í✁Ý✷â✵ß❢å✾Ú✿ì✛Ü☞í✁Ú✿â

è

å⑧Þ✦Ú✿â✵ÙÜ☞ß❢÷✐Ü☞Ù

ì✛í✠â✵ß✁Ùâ❲ä✻Þ❖ä✿Ü❛Û✻ì✛å⑧Ùå⑧ä✻â✵ä✿Ü☞ß✝ä✿Ü☞Ù✬Ü✵á❘å⑧ß☎Þ✴í★✸ü Û✿â✵ä✻í✠Þ

✳✵✹✵ø✂✯✜Þ✦ß✓Ü☞ö

è

Ü☞ß☎Þ✦ß✕ä✯Ü✩Ùå✾à✯Û✯å✾ä✻Ü☞ú❖à✴Û✻Ü✩ß✁Ü✩Ý▼å✾Ü☞Ú✿Ü☞Ú

í✁Ü☞ï✙å✾ß☎ì✲í✁â✵Ú✿ä✻Þ❨Ü☞ÚPÜ☞Ù❭á❏Ü☞í

è

â☞ä✻Þ❨æ✽å✾Ú✿â✵Ú

è

å✾Ü☞í✁Þ❨ß☎Ü

þ✻â✵Ú❏í✁Ü☞æ✽ÙÜë▼â✵ä✯Þ❜Ü☞Ú❏Ùâ❫Ü☞Ý▼Þ✴ÙÛ è

å✾é✦Ú❘ä✯Ü❙Ùâ✵ß✕ì✛â✵ß☎â✵ß

ä✻Ü❙å⑧Ú✿ì☎Ü☞í✏✱☞ß✕å⑧Ú❛ì✛Ü✵í✁ê✻â✵Ú

è

â✵í✠å✾â❫÷✤Ü✵Ú❏Ù✾â✵ß✕ä✻Ü❙á❘Ü✵í✁ç

è

â✵ä✻Þ✕ø✺✻Ø✗ß☎ì✛Ü

è

Þ✴á❘ð✻Þ✦í✠ì✛â✵á❘å✾Ü☞Ú❛ì✛Þ④Ü✵ß☎ì✛â✵í✁î⑧â✜á❘Þ✦ß✁ç

ì✛í✁â❲Ú✿ä✻Þ✩Û✻Ú

è

Þ✴á❘ð✻í✁Þ✴á❘å✾ß✁Þ④å⑧á❘ð✻Þ✦í✠ì✛â✵Ú✿ì☎Ü✉ä✻Ü✉Ùâ✵ß

â✵Û✻ì✛Þ✦í✠å✾ä✯â✵ä✻Ü☞ß✍á❘Þ✦Ú❛Ü☞ì✛â✵í✁å✾â✵ß

è

Þ✴Ú②Ùâ✤í✁Ü

è

Û✻ð✻Ü☞í✁â✵ç

è

å✾é✴Ú❘ä✻Ü❫Ùâ❻Ü

è

Þ✦Ú❛Þ✦á❘î✾â✴ø

✻✽✼✙✾❀✿✒❁✒❂❃❄❆❅✼☞❇✒❂❈❀❃✙❉✿✒❇☞❂✿☞❃❊✽✿❋✿☞❃✙●✜❍❀❅❍❀■❑❏❀❂✼▼▲◆❅❍❀❁❖❉❂✿☞❁✽P✷❍☞❁❖✾❀✿✙❅✼✙◗❀❍☞❅❘❊❙❂❇☞✼❋■❑❍❀❃❀✿❊❙✼☞❉❂✼

❚ ❯▼❱✜❲❨❳❩❋❩✒❬✷❭❪❩✒❫✒❴✒❵✡❛❜❭✧❱✶❝❨❩✙❛❵❡❞❬❴✒❫✒❛❢✜❵❣❱▼❲✽❤❙❩✽✐❛❥❀❱✶❜❩❋❦❨❧❡❩✒❝❨❩✒❵❣❥❀❩✽❳✡❬❱▼❜✡❜❛♠✷❧❡❛❩✽❵✡✐❩✒❜❡✐❳❴✒❲❨❴❤❆❱✜❜♥✷♦♣❬❴✒❥❀❛❤❆❱✍q❚❨r❨r✜r❨st✷✉✈❩✽❜❴✙✇✔①✧❳✐❛②

q❚❨r❡r❨r❡s✙✇❣③✵❱❨❵✡❝❡❱❨④✡❱❨t✡✉⑤❩✒❜⑥❴♣✇❣⑦✬⑧✡❩✒❵✡❴☞❬❜❣q❚❡r❨r❡❚❨s⑨

(5)

➝❪➞♣➟✍➠✜➡✵➟▼➢❣➤❆➥✷➦❖➧❣➞♣➟✛➡✵➨➄➩✣➦❋➥✷➡✵➠✜➫❙➦⑤➧❣➡✈➦❖➭❖➥✷➫✽➯✙➫✽➧❣➦❖➧

➡✵➭❖➞♣➨➳➲♣➩✣➫❙➭❖➦➸➵➺➧❣➡✵➟▼➡✵➩✣➻❣➤❆➡✵➞✘➼❣➦❖➟▼➥✷➦➸➦❖➼➳➞✶➠✜➦

➥✷➞♣➧❣➦❖➯✙➽✽➦➾➨★➞➚➯✙➦❋➤❆➫❙➧❣➦❖➨➪➡✵➟▼➥✷➞♣➟⑤➡✵➟▼➶☞➢❣➡❖➠▼➹✂➞✶➟⑤➧❣➡✵➤

➘✛➩✣➫❙➟▼➞♣➠❋➴❡➷➬➨★➥✷➡❖➟❖➮❡➻◆➞♣➠➳➡❖➤✟➭❖➞♣➨➳➥✷➠✜➦❖➠▼➫✽➞✍➮❨➥✷➠✜➦❖➨➳➟▼➫✽➱

➥✷➦❋➩✣➞♣➟✃➻➳➞♣➠➾➨★➫❙➯✔➡✵➤❙➡❖➟✃➩✣➢➳➵❐➻❣➠✜➡❖➞♣➭❖➢➳➻❣➦❖➨★➥✷➡❖➟

➧❣➡★➡✵➟▼➥✷➞♣➟✬➫❙➨★➧❣➫❙➭❖➦❖➧❣➞♣➠▼➡❖➟❖➴✷❒☎➞♣➩✣➞➬➭❖➞♣➨★➟✏➡❖➭✵➢➳➡✵➨★➱

➭❖➫❙➦✃➧❣➡❮➡✵➟▼➥✷➦✮➟▼➫❙➥✷➢❣➦❖➭❖➫❙➲♣➨❰➮✶➻❣➦❖➠▼➡❖➭✵➡✮➭❖➤❆➦❖➠▼➞ÐÏ◆➢❣➡

➤❙➦❖➟♣Ñ◆➦❆Ò✙➦❖➟♣➻❣➠▼➡❖➟▼➫❙➞♣➨★➡✵➟♣➧❣➡✧➧❣➡✵➩✣➦❋➨➳➧➳➦✧➡✵➟▼➥✷➦❋➠▼➽✽➦❖➨

➡❖Ó✟➻❣➤❙➫✽➭❖➦❖➨★➧❣➞Ô➻❣➦❖➠✜➥✷➡Õ➧➳➡✵➤Ö➧➳➡✵➟▼➭❖➡❖➨★➟▼➞×➧❣➡Õ➤❙➦

➫✽➨★➶☞➤❙➦❖➭❖➫✽➲♣➨Ö➧❣➡❖➟✏➧❣➡❮Ø✙Ù◆Ù◆ÙÚ➮✂➻❣➡✵➠✜➽✽➞♣➧❣➞❮➭❖➦❖➠✜➦❖➭❖➥✏➡✵➱

➠✜➫✽➹✡➦❋➧❣➞Ð➻❣➞♣➠✈➢❣➨❐➤❙➡✵➨★➥✷➞Û➭❖➠▼➡❖➭❖➫❙➩✣➫✽➡❖➨➳➥✷➞Û➧❣➡✮➤❆➦

➡✵➭❖➞✶➨➳➞✶➩✣➽❆➦✣Ü⑥ÝÖ➠▼Þ✵➶☞➫❙➭✵➞✣ß♣à❖➴

áãâ♣ä✵å♣æ✏ç➚è

áéç❑ê⑥ç✶ë➄ì♣í❆ä✵î❣ï✒â◆ð✂ñ➳ò❀ð✂óÚå♣ð⑤ê⑥äãì♣ä✵ó▼ð✈ë➄ç✶ñ❣ð✂ò❀ä❖æ▼í❆äôè❖õ♣õ♣ö♣÷❀ø♣ù♣ù♣ø

ÜúÕ➫❆➤⑥➡✂➟✍➧◆➡✈úÕ➫❆➤⑥➤⑥➞❑➨❣➡✂➟✍➧◆➡✈û★➡✂➟✷➞✶➟✷à

ü❀ý✡ý✂þ ü☞ý✂ý✡ý ÿ✁✁✂ ÿ✁✂❑ü ÿ✁✁✡ÿ☎✄✝✆

✞✠✟☛✡✁☞✌✎✍✑✏✒✟ ✓✁✔✁✔ ✕✗✖✔✂✘✁✙ ✘✁✚✂✕ ✛✗✜✢✔ ✣✑✜✂✖✙✁✚✁✚✁✤

✥ ✍✧✦✎★✑✩✦✎✪✫✟✬✪✁✌✮✭✫✯☞✩☞✪✫✦✎✪✫✌✎★ ✘✁✚ ✜✁✖✕✂✔✁✔ ✰✁✜✢✓ ✜✁✖✔✱✰✎✚ ✜✁✖✕✁✕✁✓

✲✳✟☛✴✶✵✁✍✑✦✮✏✫✌✎✯✦✮✪✫✌ ✥✸✷✺✹ ✚✂✘✁✔ ✜✁✖✙✂✛✁✕ ✔✁✙✂✙ ✣✓✁✕✂✚✁✤ ✣✕✁✘✁✕✁✤

✲✳✦✻✼✌✎✍✑✟ ✜✎✽✂✽ ✜✎✔✂✚ ✣✘✁✔✁✤ ✘✂✔ ✣✑✜✂✖✛✁✽✁✓✁✤

✾ ✌✎✵✫✟☛★✺✿✳❀✎✭✫✵✁✟✂★❁✪✫✌✮✩☞❂✁✭✫☞✪✁✌✎❃ ✘✁✛✂✛ ✜✁✖✽✂✚✁✙ ✣✓✁✛✗✜✎✤ ✣❄✜✁✖✕✗✜✁✰✎✤ ✣✚✁✘✁✤

✲✳✟✂✴❅✵✁✍✑✦✮❆❇✌✎✯✦✮✪✁✌✮✪✁☞❈❉☞★❄✦✎★ ✣✕✗✖✽✁✓✱✜✎✤ ✣✑✜✁✖✔✂✚✁✽✁✤ ✓✁✛✂✕ ✜✂✖✔✁✔✱✰ ✔✗✰✎✛

✾ ✌✝❀✝✦✝✭✫✪✫✟✬✪✫✌✮❀✎✦❉✍✑✯❄✌✎✍✧✦❊✡✁❋ ✣❄✜✁✜✎✕✁✤ ✣✕✁✕✱✰✎✤ ✣✔✁✤

●❍✯✑✍✧✟✁★ ✣❄✜✎✔✁✘✁✤ ✔✁✔ ✕✁✔✁✛✬❀✝❋ ✜✢✘ ✣✓✁✛✁✤

✥ ✟✂✯❄✦✝✩ ✣❄✜✁✖✚✁✓✱✰✎✤ ✕✗✖✘✱✜✎✽ ✛✁✽✱✜ ✛✁✚✂✘ ✣✑✰✎✔✁✘✁✤

✹ ✦✝✩✪✫✟■✡✫✦✎★✑✌ ✓✱✖✛✁✕✂✕ ✛✗✖✽✂✚✁✛ ✜✎✙✱✖✽✗✜✢✙ ✜✁✜✂✖✓✁✔✂✘❏✜✂✜✁✖✜✎✙✁✙

❑▼▲✝◆✑❖✑P✧◆✑◗❄❘✁❙✑❖❯❚❄❱✒❲✝◆▼❳❙▼❨❩◆❄❬✝❭❄❪✫❳❫❚✑❙✑❴❄❵❖❯❛❱✎❜❝✮◆▼❲❉◆❯❳❙✧❞✢▲❉❖❄P❡❙❣❢❤❫❜◆✑❚P❡❫✐❣❙▼❙✑❳✑❥❁❱✎❖✑❦❣❜◆❧✼❱✎❴♠✝▲❉❳❫❱✒♥✝♦✝♦✝♣✝q

rs❱P✑❙❧✑◗t❙✉✈s✇❯❱✒❚✑❱✎❜❜❫❲❉❱✒❙♠❉▲❉❖❉❫❱✒❲❉◆❣♥✝♦✝♦✝♥✝q

❪✎✉❡①❯❜❫❖❉❚❄❫❬✎❙❄❳❝❤◆❄❖P✧◆▼❲✎◆❯②✗❜❙❄❖❉❙❄③✝❱✢❜❜❙❄❜q

❚✉✢❵❖❯❚✑❳▲④❣◆▼❚✑❱✎❝✮❬✝❜❙▼❲❉◆▼❲✝❫✐❣❫❧✼❙❧✂❙❣◆❄❖✑P❡❫❲❉❙✑❲✝◆❧✂❝✮▲❉❳P❡❫❳❙P❡◆✑❜❙✑❳◆❧✁❬✝❱✎❜✎⑤✗⑥✝⑦✝⑧✝⑧✝❝✮❴❄❚✑▲❄④❣❙▼◆⑨▼❬❉❙✑❖❄❧✼❫⑩✎❖❶◆❧✁❲✝◆▼⑤✗⑥✝⑦✒♣✝♥✝❷✝❝✮q

❸✃æ❉❹✵ï✒í✑❺✂ç➾ø

áãç❑ê⑥ç✶ë➄ì♣í❆ä❖î◆ð✁❻❋ç❑ê❆â✮❺✡í✧❼❑ñ➄å♣ð✵ê◆å◆ð✂ó▼ð✂ë☎❽◆ê⑥ð✵ç✗❾✮❿■➀▼➁✝ð✈í❙ñ❣ï✒ê❆ä✫❺✂í✑❼❑ñ✝è❖õ♣ö✶õ♣÷✷ø♣ù♣ù♣ø

0 5 10 15 20 25 30 35

1989 1991 1993 1995 1997 1999 2001

-6 -4 -2 0 2 4 6 8

Desempleo Inflación PIB

(6)

➆✱➇✂➈❩➉❤➊➋➇☛➌✎➍✼➇❇➎s➏✂➊✮➐✱➑✎➏✂➒➓➏❇➔➣→s➇❇➏✂↔✂↕❤➇☛➑✝→s➐➙↔✂➐✱➊➋➇☛➛

↔✁➐✱➒➓➎s➑✝➐✱➒➓➜❄➌✎➐➝→s➇✂➛■➞✬➏✁➊✮↔✂➐➝→❤➇➟➛➏❊➠✶➇✂➎s➉❤➡s➛➜❄↔✂➏

↔✁➐✱➊➢➛➏➤➇✁➌✎➍✼➏✁➡s➜❄➛➜❄→❤➏✁→➥→❤➇✳➎❤➑✝➇✂↔✂➜❄➐✗➌✁➦✝➍✢➐✱→❤➐❍➜❄➊✮→❤➜❄↔✂➏✁➧

➑✝➨❄➏✸➩✗↕❤➇✸➫✂➌✢➍✢➇✸➌✢➇➯➭s➏➯➲✒➇✂➊❤➜❄→s➐❅➎s➑✎➇✂➐✱↔✂↕❤➎s➏✂➊✮→s➐❅➒➵➳✂➌

➎s➐✗➑➸➇✂➛✠➍✼➇✂➒➵➏➺→s➇✂➛✬↔✂➑✝➇✂↔✂➜❄➒➵➜❄➇✂➊✮➍✼➐➻➇✂↔✂➐✱➊✮➼✗➒➵➜❄↔✂➐

➩s↕s➇➽→s➇➽➛➏➽➜❄➊✮➾❡➛➏✁↔✂➜❄➼✱➊✠➦❉↔✂➐✗➒➵➐➣➎s➏✁➑✝➇☛↔✁➇➤→❤➇☛➌✎➎❤➑✝➇☛➊✮➧

→❤➇✂➑✝➌✎➇✶→s➇✶➛➏❍→❤➜❄➊✮➳✂➒➓➜❄↔✂➏❍→s➇✶➛➐✗➌➤➜❄➊✮→s➜❄↔✁➏✂→❤➐✱➑✝➇✂➌➤➇

➜❄➊✮➌✎➍✢➑✝↕s➒➓➇✂➊✮➍✼➐✗➌❁➒➓➐✱➊✮➇✂➍✢➏✂➑✝➜❄➐✗➌❁➩s↕s➇✱➦✢➭❤➐✗➔➽➇✂➊➥→s➨❄➏✗➦

➎s➑✎➇✂➌✢➇✂➊❤➍✢➏✂➊➚↕s➊➪↔☛➛➏✂➑✝➐➶➌✎➇☛➌✎➈❩➐➹➏➘➾✧➏✂➲✒➐✱➑➵→s➇➻➛➏

➇✂➴✒➎❤➏✂➊✮➌✎➜❄➼✱➊➷→s➇➬➛➏➮→s➇✂➒➵➏✁➊✮→s➏➮➏✁➈❩➑✝➇✂➈❩➏✁→s➏✗➱✶✃

➊✮↕s➇✂➌✎➍✼➑✝➐✠➒➓➐✱→s➐✠→❤➇✮➲✒➇☛➑✫➦❡➇✂➌✎➍✼➏✸➌✎➜➍✼↕❤➏✂↔✂➜❄➼✱➊❍➎s➐✱→s➑✝➨❄➏

➌✎➇✂➑✗➇✂➛✂➑✝➇✂➾❡➛➇❐✫➐✶→❤➇✂➛✂➑✝➇✂↔✂➐✱➊✮➐✗↔✂➜❄➒➵➜❄➇✂➊✮➍✼➐✶➜❄➒➓➎s➛➨↔✁➜➍✢➐

➊✮➐➺➒➵➏✁➊✮➜❄➾❡➜➇✂➌✎➍✢➐➺➎s➉s➡s➛➜❄↔✂➏✂➒➓➇✂➊✮➍✼➇✱➦❶➎s➐✱➑✝➩✗↕❤➇➥➇✂➛

➐✗➡✝❐✫➇✁➍✼➜❄➲❩➐❍➾❡➜❄➊✸➏✁➛✁➇✂➌✗➛❄➏➤➇✂➌✝➍✼➏✁➡s➜❄➛➜❄→❤➏✁→➥→❤➇➤➎s➑❉➇✂↔✂➜❄➐✗➌

➩s↕❤➇✸➇✂➌✎➍✢➳✁➊➣➭❤➏✁↔✂➜✑➇✂➊✮→❤➐❇➛➏✁➌❁➏✁↕❤➍✢➐✱➑❉➜❄→s➏✁→❤➇✂➌❁➒➓➐✗➊✮➇✂➧

➍✢➏✂➑✝➜❄➏✂➌✮→s➇✬➩✗↕❤➇■➇✂➛❩→❤➇✂➌✢↔✁➇☛➊✮➌✎➐➸→s➇✬➛➏✬➜❄➊✮➾✧➛➏✁↔✂➜❄➼✱➊❮➇✂➌

➇✂➛✳➑✝➇✂➌✎↕❤➛➍✢➏✂→❤➐➓→❤➇➢➛➏❮➒➵➜❄➌✎➒➓➏➙→❤➜❄➊✮➳✁➒➵➜❄↔✁➏➙→❤➇➢➛➏

➏✁↔✂➍✼➜❄➲✒➜❄→s➏✁→➸➇✂↔✂➐✱➊✮➼✱➒➓➜❄↔✂➏✱➦❯➛➐➥➩✗↕❤➇➽➇✂➴✒➎s➛➜❄↔✂➏✂➑✝➨❄➏■↕s➊

↔✂➛➏✂➑✝➐➻➜❄➊❤➍✢➇☛➑✝➫☛➌➢➇☛➊➮➌✎↕➬➑✎➇✂↔✂↕s➎s➇✂➑✝➏✂↔✂➜➼✗➊✬➱✮❰➯➐✱➑➢➛➐

→❤➇✂➒➓➳✁➌✁➦▼➇✂➌✎➍✢➏✠➎s➐✗➌✎➍✢↕❤➑✝➏✬➑✝➇✂➌✝↕❤➛➍✢➏✬➏✁➛➍✢➏✁➒➵➇✂➊✸➍✼➇✬➡s➇✂➧

➊✮➫✂➾❡➜❄↔✂➏➥↔✂↕❤➏✂➊✮→❤➐➋➌✎➇➣➎s➑✝➜❄➲✒➜❄➛➇✂➈❩➜❄➏✁➊✠➦✒➎s➐✱➑✬➇✂➊✮↔✂➜❄➒➵➏

→s➇➣➛➏➣➜❄➊❤➾❡➛➏✁↔✂➜➼✱➊✠➦✒➛➐✱➌➽➐✱➡✝❐✫➇☛➍✢➜➲✒➐✱➌■→s➇➣➏✂↔✂➍✼➜❄➲✒➜→❤➏✂→

➇✂↔✂➐✱➊✮➼✱➒➓➜↔✂➏✳➔✬➇☛➒➓➎s➛➇✂➐✶➇✂➊➥➛➏✳➾❡↕s➊✮↔✂➜❄➼✱➊➥➡s➜➇✂➊✮➇✂➌✢➧

➍✢➏✂➑■➌✎➐✱↔✂➜❄➏✂➛❤→s➇➣↕s➊➓➡✗➏✂➊✮↔✂➐➋↔✂➇✂➊❤➍✢➑✎➏✁➛✎➱

Ï ➊➥➇✁➌✝➍✢➇✳➐✗➑❉→❤➇✁➊➥→✮➇➯➜✑→❤➇✁➏✫➌✫➦✢➛❄➏✳➇✁➲❩➜✑→✮➇✁➊✮↔✫➜✑➏✳➜❄➊✸➍✎➇✁➑✝➧

➊✸➏✁↔✁➜✑➐✗➊✮➏✫➛✺➭✮➏❅→❤➇✁➒➓➐✗➌✝➍✢➑❉➏✁→❤➐❮➩s↕✮➇✱➦✂➎❤➏✁➑❉➏❅➛❄➏❅➎❤➐✗➧

➛❄➨✑➍✢➜✑↔✁➏➝➒➓➐✗➊✸➇✁➍✢➏✫➑✝➜✑➏✗➦■➛❄➏➝↔✁➐✗➇✁➴❩➜✑➌✎➍✎➇✂➊✸↔✁➜✑➏➝→❤➇➝↕❤➊

➎✮➏✫➎❤➇✁➛✶➎✮➐✗➍✎➇✁➊✸↔✫➜✑➏✫➛❄➒☎➇✁➊✸➍✎➇➓➇✁➌✝➍✎➏✫➡❤➜✑➛❄➜✑Ð☛➏✫→✮➐s➑❮→✮➇✁➛

❰✳➑❉➐✗→❤↕❤↔✁➍✎➐ÒÑ❉➊✸➍✢➇✁➑✝➊✸➐➷➞✠➑✝↕✮➍✢➐

❰✳Ñ❉➞

➇✁➊Ó➇✁➛

↔✁➐✗➑❉➍✢➐➙➎❤➛➏✁Ð☛➐

➩s↕✮➇✠➌✝↕❤➎❤➐✗➊✮➇✁➒➓➐✗➌➯➊✮➐✗➌✝➐✗➍✢➑✝➐✗➌➯➇✁➌

➇✁➛✁➐✗➡✝❐✒➇✁➍✢➜✑➲✒➐❍➾✼➜❄➊✸➏✁➛✫➜❄➒➓➎❤➛❄➨❄↔✁➜❄➍✢➐➽➦✝➊✸➐❍➑✝➇✁↔✂➐✗➊✸➐✗↔✁➜❄→❤➐

➎✮➐s➑❮➇✁➛ Ï ➒☎➜✑➌❉➐✗➑➟➎✮➉✮➡❤➛❄➜✑↔✫➏✫➒☎➇✁➊✸➍✎➇

➔➝→✮➇➓↕✮➊

➐✗➡❉❐✒➇✂➍✎➜❄➲❩➐➢→❤➇✠➒➓➜❄➊✸➜✑➒➓➜✑Ð❣➏✫↔✁➜❄➼✗➊❊→❤➇✬➛❄➏✠➜✑➊✮➾✼➛❄➏✁↔✁➜❄➼s➊

→✮➇✸➛➏✫➑❉➈❶➐❅➎❤➛➏✫Ð☛➐➙Ô➐✗➡✝❐❩➇✂➍✎➜❄➲❩➐❅➾✼➜❄➊✸➏✫➛☛➇✂➴❩➎✮➛➨✑↔✁➜✑➍✢➐❅→❤➇✂➛

➞✠➏✂➊✮↔✁➐❇→s➇✮➛➏➯➠✶➇✂➎s➉❤➡✗➛➜❄↔✁➏✂Õ❁➇☛➌❁➜❄➊✮➍✼➑✝➨❄➊✮➌✎➜❄↔✁➏✂➒➓➇✂➊✮➍✼➇

↔✁➐s➊✮➍✎➑❉➏✁→✮➜❄↔✁➍✎➐✗➑❉➜✑➏✶➔➸➎❤➑❉➐✗➡s➛❄➇✁➒➓➳✫➍✢➜✑↔✁➏s➱✁Ö✳➏✫➌➤→❤➇✁↔✁➜✑➧

➌✝➜✑➐✗➊✮➇✁➌❁➍✢➐✗➒➓➏✫→❤➏✁➌❁➇✁➊➣➾✼↕❤➊✸↔✁➜❄➼✗➊➥→❤➇✸↕❤➊➣➐✗➡❉❐✒➇✂➍✎➜❄➲❩➐

➾✼➜❄➊✸➏✫➛➥→❤➇➝↔✁➐✗➊✸➍✢➑❉➐✗➛➥→❤➇➝➛❄➏×➜✑➊✮➾✼➛❄➏✁↔✁➜❄➼✗➊Ø➍✢➜✑➇✂➊✸➇✂➊

➇✁➾❡➇✁↔✁➍✢➐✗➌❅→❤➇➙↔✁➐✗➑❉➍✢➐☎➎s➛❄➏✁Ð☛➐☎➇✂➊×➇✁➛✳❰✳Ñ❉➞Ù➔➋➇✁➊×➇✁➛

➇✁➒☎➎❤➛❄➇✁➐➺ÔÚ➶➏✁➑❉➍✎➊✸➇✁➑✫➦▼Û❤ÜsÜ❤Ü❤Õ❤➐➽➦▼➲❩➜✑↔✁➇✁➲❩➇✁➑❉➌✝➏s➦▼➛❄➏✁➌

→✮➇✂↔✁➜✑➌✝➜✑➐✗➊✸➇✁➌✗➍✢➐✗➒☎➏✁→❤➏✫➌✗➇✁➊➸➾✼↕✮➊✸↔✁➜✑➼✗➊➢→❤➇➤➐✗➡✝❐❩➇✂➍✎➜✑➧

➜❄➊✸➾✼➛➏✫↔✂➜✑➼✗➊❇➱ Ï ➊➺➇✁➛✗↔✁➏✁➌✝➐➟↔✁➐✗➛❄➐✗➒➓➡s➜✑➏✁➊✸➐➟➏✫↔✁➍✢↕❤➏✁➛❉➦

➒➓➜✑➇✁➊✸➍✎➑❉➏✁➌➸➌✝➇➋➇✁➌✝➍✎➫✂➊➮➏✫➛↔✫➏✁➊✸Ð☛➏✫➊✸→❤➐➻➛❄➏✫➌➥➒☎➇✁➍✢➏✫➌

➎❤➑❉➇✁➌✝↕✮➎✮↕❤➇✁➌✝➍✎➏✫→❤➏✫➌■→❤➇➣➜✑➊✸➾✼➛❄➏✫↔✁➜✑➼s➊❇➦✒➇✁➛s➎✮➇✁➑❉➾✼➜✑➛s→✮➇

➛❄➏Þ➎❤➐✗➛❄➨✑➍✢➜✑↔✁➏Þ➒➓➐✗➊✸➇✁➍✢➏✫➑❉➜❄➏Þ➌✝➇Þ➒➓➏✁➊✸➍✎➇✂➊✸→✮➑✝➳Þ➏

➾❡➏✁➲❩➐✗➑✸→❤➇✂➛❶↔✁➑✝➇✁↔✂➜✑➒➓➜❄➇✂➊✸➍✢➐➤➱ Ï ➊➟↔✁➏✁➌✎➐➢↔✂➐✗➊✮➍✢➑❉➏✁➑✝➜❄➐➽➦

➛❄➏❍➎❤➐s➌✝➍✢↕✮➑❉➏❍→✮➇✶➛❄➏➣➎❤➐✗➛❄➨✑➍✢➜✑↔✁➏➣➒➓➐✗➊✸➇✁➍✢➏✫➑❉➜✑➏❍↔✁➏✫➒➓➧

➡s➜✑➏✁➑❉➨❄➏➵Ô➎❤➇✁➑✝➾✼➜❄➛✸➑❉➇✂➌✝➍✢➑❉➜❄↔✁➍✢➜✑➲❩➐✗Õ✬↔✁➐✗➊ß➇✁➾❡➇✁↔✁➍✢➐✗➌✠➏✁→❤➧

➲❩➇✁➑✝➌✝➐✗➌➻➌✝➐✗➡s➑❉➇Ù➛❄➏Þ→❤➇✁➒➓➏✁➊✸→❤➏Þ➏✫➈❶➑❉➇✂➈❁➏✁→✮➏✗➦➥➇✁➛

➎❤➑❉➐s→✮↕❤↔✫➍✎➐à➔❮➇✁➛✮➇✁➒☎➎❤➛✑➇✁➐➽➱

á

➇■➏✫↔✁↕❤➇✁➑❉→❤➐➸↔✁➐✗➊➟➛❄➐➥➏✫➊✸➍✢➇✁➑❉➜❄➐s➑✫➦▼➌✝↕✮➑✝➈❁➇✂➊➟➏✁➛❄➈❁↕❤➧

➊✸➏✁➌s➜✑➊✮➩❤↕❤➜✑➇✁➍✢↕✮→❤➇✁➌✗➩❤↕❤➇➽➌✝➇➤➎❤↕✮➇✂→✮➇✁➊➢➇✁➴❩➎❤➑❉➇✁➌✝➏✁➑s➏

➍✎➑❉➏✁➲❶➫✁➌✳→✮➇❅➛❄➏✫➌✳➌✝➜✑➈❁↕✮➜✑➇✁➊✸➍✎➇✁➌✳➎❤➑❉➇✁➈❁↕✮➊✸➍✎➏✁➌✒â✂ã✝ä➙↕✮➳✫➛

➭✮➏➥➌✝➜✑→✮➐à➇✁➊✸➍✢➐✗➊✸↔✁➇✁➌✬➇✁➛✮➏✫➎❤➐✗➑❉➍✢➇➥→✮➇➣➛❄➏➸➎❤➐✗➛❄➨✑➍✢➜✑↔✁➏

➒➓➐s➊✸➇✁➍✢➏✫➑✝➜✑➏➟➔✸➦✱➎❤➐s➑❍➇✁➊✸→❤➇✗➦✱→✮➇✁➛➤➇✂➌✝➩❤↕❤➇✁➒☎➏➟→❤➇

➜❄➊✸➾✼➛➏✁↔✁➜✑➼✗➊➶➐✗➡✝❐✒➇✂➍✎➜❄➲❩➐➮➏ß➛❄➏☎➑❉➇✂→❤↕✮↔✁↔✁➜❄➼✗➊➶→❤➇☎➛❄➏

➜❄➊✸➾❡➛➏✁↔✁➜❄➼✗➊✮å✸ã✎❰✳➐✗➑➯➩s↕❤➫✠➇✂➛❁➎❤➇✂➑✝➾✼➜❄➛❁➇✂➴❩➎❤➏✁➊✮➌✎➜✑➲✒➐➙→❤➇

➛❄➏❍➎❤➐✗➛❄➨✑➍✢➜✑↔✁➏❍➒☎➐✗➊✸➇✁➍✢➏✁➑❉➜✑➏❍➊✸➐❊➌✝➇❍➭✮➏❍➍✢➑❉➏✫→❤↕✮↔✁➜❄→✮➐

➇✁➊➋↕✮➊➋➜✑➒☎➎❤↕✮➛❄➌❉➐➙➜✑➒☎➎❤➐s➑❉➍✢➏✫➊✸➍✎➇❇→✮➇❇➛❄➏❇→✮➇✁➒☎➏✫➊✸➧

→❤➏➸➏✫➈❶➑❉➇✁➈❁➏✁→✮➏✫å

Ï ➊➷➑❉➇✁➛➏✫↔✁➜✑➼✗➊➷↔✁➐✗➊➷➛❄➏➬➎❤➑❉➜✑➒➓➇✁➑❉➏➬➎❤➑❉➇✁➈❶↕✮➊✸➍✢➏s➦

↔✁➑✝➇✁➇✁➒➓➐✗➌✬➩s↕❤➇➥➛➐✗➌✬➏✁➎❤➐s➑✝➍✢➇✁➌✬→❤➇✂➛✮➇✁➌✎➩s↕✮➇✁➒➓➏➥→❤➇

➜❄➊✸➾❡➛➏✁↔✁➜❄➼✗➊æ➐✗➡✝❐✒➇✂➍✢➜❄➲❩➐➚➇✂➌✝➍✢➳✁➊➷➏✁➌✝➐✗↔✂➜✑➏✁→s➐✗➌ß↔✁➐✱➊

↕✮➊✮➏❇➎❤➏✁➑❉➍✎➇✬→✮➇✬➛❄➐✗➌✸↔✁➑❉➜✑➍✢➇✁➑❉➜❄➐s➌✮➌✝➐✗➡❤➑❉➇✬➛❄➐✗➌✸↔✁↕✮➏✁➛❄➇✁➌

➌✝➇➯➍✎➐✗➒➓➏✫➊➥➛❄➏✁➌✱→❤➇✁↔✁➜✑➌✝➜✑➐✗➊✸➇✂➌✱→❤➇✳➎❤➐✗➛❄➨✑➍✢➜✑↔✁➏✳➒➓➐s➊✮➇✁➧

➍✢➏✫➑✝➜✑➏✗➦✸➇✁➌✎➎❤➇✁↔✁➜✑➏✁➛❄➒➓➇✁➊✸➍✢➇à➏✫➩s↕❤➇✁➛❄➛➐s➌➸➑✝➇✁➛❄➏✁↔✁➜✑➐✗➊✸➏✁➧

→❤➐✗➌❤↔✁➐✗➊❮➛❄➐✗➌❤➩s↕✮➇■➎❤➇✂➑❉➒➓➜❄➍✢➇✁➊❮↕✮➊✮➏✬➇✁➲❩➏✁➛↕✮➏✁↔✁➜❄➼✗➊

→❤➇✳➛❄➏✁➌✱↔✁➐✗➊✸→❤➜✑↔✁➜✑➐✗➊✸➇✂➌✱→✮➇➯➛❄➏➤➇✂↔✁➐s➊✮➐s➒➓➨✑➏✳➔✬→❤➇✳➛❄➏✁➌

➍✢➇✁➊✸→✮➇✂➊✸↔✁➜✑➏✫➌❤➔✶➎❤➇✁➑✝➌✝➎✮➇✂↔✫➍✢➜✑➲❩➏✫➌❤→❤➇✬➛❄➏✬➜❄➊✸➾✼➛❄➏✫↔✁➜✑➼✗➊❇➦

➇✁➛s→❤➇✁➌❉➇✁➒➓➎✮➛❄➇✁➐❊➔➢➇✁➛s➎❤➑❉➐s→❤↕✮↔✫➍✢➐■➱ Ï ➌✝➍✢➐➋➈❶➏✫➑❉➏✫➊✸➧

➍✎➜✑Ð☛➏➽➛❄➏➽➑❉➇✁➌✝➎✮➐✗➊✸➌✝➏✫➡❤➜✑➛❄➜✑→✮➏✫→➥→✮➇➤➛❄➏✫➌✗➏✫↕✮➍✎➐✗➑❉➜✑→✮➏✫→✮➇✁➌

➒➓➐✗➊✸➇✁➍✢➏✁➑❉➜✑➏✁➌➯↔✁➐✗➊➋➛❄➏❅➇✂➌✝➍✢➏✫➡s➜✑➛➜✑→❤➏✫→➟➒➓➏✫↔✁➑❉➐✗➇✂↔✁➐✗➧

➊✸➼✗➒☎➜❄↔✫➏✗➦✫➛❄➐❊↔✁↕✮➏✫➛s➛➇❍➎❤➇✁➑❉➒➓➜✑➍✎➇❍➏✁↕✮➒➓➇✁➊✸➍✢➏✫➑■➛❄➐✗➌

➈❁➑❉➏✫→✮➐s➌✠→✮➇➢↔✁➑❯➇✁→✮➜✑➡❤➜✑➛✑➜✑→✮➏✫→☎→✮➇✁➛✸➎✮➉✮➡❤➛✑➜✑↔✫➐➺➔❊→✮➇

➛❄➐✗➌❅➒☎➇✁➑✝↔✁➏✫→❤➐✗➌✫➦✱➌✝➜❄➍✎↕❤➏✫↔✁➜✑➼✗➊×➩❤↕❤➇❮➎❤↕❤➇✁→❤➇❮➒➓➐✗➧

→❤➇✂➑❉➏✁➑✱➛❄➏✁➌✱➇✂➴❩➎❤➇✂↔✁➍✢➏✫➍✢➜❄➲❩➏✁➌✱➜❄➊✸➾❡➛❄➏✁↔✁➜❄➐✗➊✸➏✁➑✝➜✑➏✁➌✺→✮➇➯➛➐✗➌

➏✫➈❶➇✁➊✸➍✎➇✁➌✫➱✁❰✳➏✫➑❉➏✶➇✁➛✗➛❄➐✗➈❁➑❉➐➟→✮➇❅➛❄➏❍↔✁➑❉➇✁→✮➜✑➡s➜✑➛❄➜✑→❤➏✫→✠➦

➇✂➛✬➞✠➏✫➊✮↔✁➐×➍✎➜❄➇✁➊✮➇➋➲❩➏✁➑❉➜❄➏✁➌➥➇✁➌✝➍✢➑✝➏✫➍✢➇✂➈❁➜❄➏✁➌➥➏à➊✮➜✑➲❩➇✂➛

➐✗➎s➇✂➑✝➏✁➍✢➜❄➲❩➐➘↔✁➐✱➒➓➐Ý➌✎➐✗➊ç➛➐✗➌➢➜❄➊✮➾✼➐✱➑✝➒➓➇✂➌➙➌✎➐✗➡s➑✝➇

➜✑➊✮➾✼➛❄➏✁↔✁➜✑➼✗➊❇➦✝➛❄➐✗➌✗↔✁➐s➒➓↕❤➊✸➜✑↔✁➏✁→❤➐s➌✗→❤➇➽➎❤➑✝➇✁➊✸➌✎➏■➔✠➛➏

➇✁➴❩➎❤➛❄➜✑↔✁➏✁↔✁➜✑➼✗➊➺➎❤➉✮➡❤➛➜✑↔✁➏❍→❤➇✶➛❄➐✗➌➤↔✁➏✁➒☎➡s➜✑➐✗➌➤➇✁➊➺➛➏

➎❤➐✗➛❄➨✑➍✢➜✑↔✁➏➸➒➓➐✗➊✸➇✁➍✢➏✫➑✝➜✑➏s➱

è❡é❶ê✎ë✼ì✼íîï✑ðé✢ñ✼íò✎î❶óë✼ñ✢íë✢îô❡ë❩ë✢î❶õ▼ö✎ðö✎÷✗ø✎íé❯ù✮ðö✎ì✒óíë✢ì❡ú✝ö✢ì✒ê✎ë❶ðé❶û✎ö✢ðüô✧íñ✢é❩÷✗ö✎î✎ëô✧é✢óíé

(7)

✩✫✪✭✬✏✮✰✯✏✪✲✱✄✳✴✯✶✵✳✛✷✹✸✢✪✻✺✼✳✛✽✚✾❀✿✏✷✹❁✰✿❂✸❃✪✲✺✓✵❃✯✏✬✏✸❃❄✛✪❆❅

✿❇✷✚✱✠✳✛✷❈❅✻✯❈❁✰✿✏✾❀❉❈✷❊❁✻✿❋✿✏●✖❍✰✵❃✸✢✬✏✯✏✽■✿❇✵❆✬✏✳✛✾❀❍✰✳❏✽✚✱✠✯✏❑

✾❀✸✢✿✏✪✲✱✠✳✹❁✻✿▲✵❃✳✛✷✲❍✻✽★✸❃✪▼✬✏✸✢❍✰✯❈✵❃✿✏✷✲❁✻✿✏✱✄✿✏✽★✾◆✸✢✪✲✯❈✪✲✱✠✿✏✷

❁✰✿❖✵❃✯❊✸✢✪✲✺✼✵❃✯✏✬❈✸❃❄❏✪◆P◗❁✰✿❖✷✚✮✻✷❘✱✠✿✏✪✲❁✰✿✏✪✲✬✏✸✢✯❈✷❘✿✏✪◆✿✏✵

✬✏✳✛✽✚✱✄✳❙❍✰✵✯❈❚❯✳❱❅✰✽✚✿✏✷✚✿❇❲✲✯✏✪❳✵❃✳✛✷❖❍✰✽★✳✛✪✻❄✛✷✚✱✄✸✢✬✏✳✛✷❖❁✰✿

✸❃✪✲✺✼✵✯❈✬✏✸✢❄✛✪◆❨✰❉✏✷✚✸✢✬✏✯❊✿✏✪◆✿✏✵✲✾❀✿✏❁✰✸✢✯✏✪✲✳❂❍✰✵❃✯✏❚❯✳❱❅☛✵❃✳

✮✰✿❭❬✻✯❭✷✚✿❇✽★❪✖✸❃❁✰✳✭✬✏✳✛✾❀✳❫✮✰✪✻✯❴❬✻✿❇✽★✽✚✯✏✾❀✸✢✿❇✪✻✱✠✯

✸✢✾❀❍✰✳✛✽★✱✠✯✏✪✲✱✠✿❂❍✻✯✏✽★✯❀✵✯❀✱✄✳❏✾❀✯❀❁✰✿✶❁✰✿✏✬✏✸✢✷✚✸✢✳✛✪✲✿✏✷

✷✚✳✛❨✰✽★✿✴✵❃✯✴❍✻✳✛✵❃❵✢✱✄✸✢✬✏✯❛❁✻✿❙✱✠✯❈✷✚✯✏✷✶❁✻✿✴✸✢✪✲✱✄✿✏✽★❜✏✷✶✯

✷✚✿❇❝✥✮✰✸✢✽❡❞✚❢❀✿❱✳✛✱✄✽★✳❣✵✯❈❁✰✳❱❅★✵❃✳✛✷✛✬✏✳❏✾❀✮✻✪✻✸✢✬✏✯❈❁✰✳✛✷❏❁✰✿

❍✰✽★✿✏✪✲✷✚✯❱✵❃✿❤❬✻✯❈✪✹❍✰✿✏✽★✾◆✸❃✱✠✸✢❁✰✳❣✯❱✵❃✯✛✐✖✮✻✪✲✱✄✯❱❢❀✸✢✽★✿✏✬✏❑

✱✄✸✢❪✖✯❣❁✻✿✏✵❏❥▲✯❈✪✲✬✏✳❦❁✻✿❧✵❃✯❣♠❧✿✏❍✰♥✻❨❏✵❃✸✢✬✏✯❣❬✻✯❈✬✏✿✏✽✫✮✻✪

✷✚✿❇❝✥✮✰✸✢✾◆✸❃✿✏✪✲✱✄✳■✯♦✵✯♦✿✏❪✖✳✛✵❃✮✰✬✏✸✢❄✛✪♣❁✰✿✏✵rq★✪✲❁✰✸✢✬✏✿❆❁✰✿

st✽✚✿❇✬✏✸✢✳✉✷✶✯✏✵✹✈■✳✉✪✲✷✚✮✰✾❀✸❃❁✰✳✛✽✶✇❏q★st✈■✇①P②✯❙✵❃✯✏✷

✱✄✿✏✪✲❁✰✿✏✪✻✬❈✸❃✯❈✷❘❁✰✿❖✵✯❊✿✏✬✏✳✛✪✲✳✛✾❀❵✢✯✛❞✖③❋✪◆✿④✖✿❇✾◆❍✰✵❃✳

✬✏✵✯❈✽✚✳❧❁✰✿❤✱✄✽★✯✏✪✲✷✚❍✰✯✏✽✚✿✏✪✲✬✏✸❃✯❤✺✼✮✻✿t✿✏✵✏✬✏✳✛✾◆✮✰✪✲✸❃✬✏✯✏❁✻✳

❁✰✿✫❍✰✽★✿✏✪✲✷✚✯✫✿✏✾◆✸✢✱✠✸✢❁✰✳❖✿✏✵❡⑤✰⑤❊❁✰✿❱✪▼✳✛❪✖✸✢✿✏✾◆❨✰✽★✿❱❁✻✿

⑤✰⑥✰⑥❘⑦❏❅❏✿❈✪✴✿✏✵✫✬❈✮✻✯✏✵✫✵❃✯❣✐✖✮✻✪✲✱✠✯❦❢◆✸✢✽★✿✏✬❈✱✠✸✢❪✖✯♣❁✰✿❈✵

❥▲✯✏✪✲✬✏✳❖✵✿❱✿✏●✖❍✰✵❃✸❃✬✏❄❖✯✏✵❡❍✰♥✻❨❏✵❃✸❃✬✏✳❖P❆✯❱✵❃✳✛✷❏✾◆✿❇✽★✬✏✯✏❑

❁✰✳✛✷t✿❇✵r✬❈✯✏✾❀❨✰✸❃✳◗❁✰✿♦✳✛✽✚✸✢✿✏✪✲✱✄✯✏✬✏✸✢❄✛✪♣✿✏✪♣✵❃✯♦✿✏✷✚✱✄✽★✯✏❑

✱✄✿✏❝☛✸❃✯▼❁✰✿▼✸❃✪✲✺✓✵❃✯✏✬✏✸✢❄✛✪❣✳✛❨★④❡✿❇✱✠✸❃❪✖✳♦✿❇✪❣✿✏✷✚✿✲❍✰✿❇✽★❵✢✳✛❁✰✳❱❞

⑧▼✸✢✪✻✯❈✵❃✾❀✿✏✪✲✱✄✿✛❅✥✿✏✪⑨✽✚✿✏✵❃✯✏✬✏✸✢❄✛✪⑨✬✏✳✛✪❴✵❃✯■✷✚✿✏❝☛✮✻✪✲❁✰✯

✸❃✪

✮✰✸✢✿✏✱✄✮✻❁❘❅❇✵❃✯⑩✯✏❍✻✯✏✽★✿✏✪✻✱✠✿♦✺✼✯✏✵❃✱✄✯⑩❁✻✿♦✿❇✺✼✸✢✬✏✸✢✿❇✪✲✬✏✸✢✯

❁✰✿❂✵❃✯✶❍✰✳❏✵❵✢✱✠✸❃✬❈✯✶✾❀✳✛✪✲✿✏✱✄✯❈✽★✸✢✯✶✿❇✪❫✾❀✯❈✱✄✿✏✽★✸✢✯✶❁✰✿

✬✏✽★✿❇✬✏✸✢✾❀✸✢✿✏✪✲✱✄✳✹✿✏✷✚✱✄❉▲✯❈✷✚✳✛✬✏✸✢✯✏❁✰✯❏❅✌✿❇✪❦❝☛✽★✯❈✪❶❍✰✯❈✽★✱✄✿✛❅

✬✏✳✛✪❣✺✓✯✏✬✏✱✄✳✛✽★✿❇✷✥✿✏●✖❄✛❝☛✿❇✪✲✳✛✷✥❁✰✿✲❵✢✪✻❁✰✳✛✵❃✿✲✬❇✳✛P☛✮✰✪✲✱✄✮✰❑

✽★✯✏✵

✮✰✿✹✪✲✳❀❁✰✿✏❍✰✿✏✪✲❁✰✿✏✪❴❁✻✿✹✵❃✯✏✷❆✯❈✮✻✱✄✳❏✽✚✸✢❁✻✯✏❁✻✿✏✷

✾❀✳✛✪✲✿✏✱✠✯✏✽★✸✢✯✏✷❈❅✛✿✏✪✲✱✄✽★✿❶✳✛✱✠✽✚✳❏✷❈❅✛✵❃✯❶❁✻✸❃✺✼❵✢✬✏✸✢✵❱✷✚✸❃✱✠✮✻✯✏❑

✬✏✸❃❄❏✪❖✺✓✸✢✪✲✯✏✪✲✬✏✸✢✿❇✽★✯t❁✰✿▼✿✏✾❀❍✰✽★✿✏✷✚✯✏✷rP✫❬✻✳✛❝✥✯✏✽★✿❇✷✉P✫✵✯

✸❃✪✲✷✚✮✻✺✼✸✢✬✏✸❃✿✏✪✲✱✠✿❧✽★✿❇✬✏✮✻❍✰✿✏✽★✯✏✬❈✸❃❄✛✪❀❁✰✿✏✵❏✷✚✸✢✷✚✱✄✿✏✾❀✯❣✺✼✸✢❑

✪✲✯❈✪✲✬❈✸✢✿✏✽✚✳✫❅◗✵❃✳❷✬✏✮✻✯❈✵◆✸✢✾◆❍✰✸✢❁✻✿①✮✻✪✲✯❸✾❀✯❈P☛✳✛✽

✾◆✳❏❪✖✸✢✵❃✸✢❁✻✯❈❁❀❁✰✿✏✵✻✬❈✽★❜✏❁✻✸✢✱✄✳❂P◗✮✻✪◆✽★✿✏❍✻✮✻✪✲✱✠✿❖✸✢✾❀❑

❍✻✳✛✽✚✱✠✯✏✪✲✱✄✿⑨❁✰✿✏✵❊✬✏✳✛✪✲✷✚✮✰✾◆✳❹P❛✵❃✯❙✸❃✪✲❪✖✿✏✽★✷✠✸✢❄✛✪❆❞❺

❻ ❁✻✸❃✬✏✸✢✳✛✪✻✯❈✵✾◆✿❇✪✲✱✄✿✛❅✼✿✏●✖✸✢✷✠✱✠✿❇✪❣✺✼✯✏✬✏✱✠✳✛✽✚✿✏✷✥❁✰✿✏✵❯✵❃✯✏❁✰✳

❁✻✿❴✵✯⑨✳✛✺✓✿✏✽✚✱✠✯❴❁✰✿❴✵❃✯❴✿✏✬✏✳✛✪✲✳✛✾❀❵❃✯❏❅✫❁✰✳✛✪✲❁✰✿❴✵✯

✬❈✳✛✪✲✱✄✽★✸✢❨❏✮✻✬✏✸✢❄✛✪❼❁✰✿✭✵✯✭❍✰✳❏✵❵✢✱✠✸❃✬✏✯✭✾◆✳✛✪✲✿❇✱✠✯✏✽★✸✢✯

✳✛❍✰✿✏✽✚✯❊✿❇✪◆✺✓✳✛✽★✾❀✯❖✸❃✪✲❁✰✸❃✽★✿❇✬✏✱✄✯❏❞

❽✏❽❇❾☛❿♦➀t➁t➂❇➃✼➄✥➁❇➅✻➀t➁▼➆✫➄❆➇✓➈♦➉✫➀t➇✓➊✼➋➌➃✄➍☛➈♦➎❫➀t➏❘➄✥➋➌➈✉➐

➂❇➃✼➈❦➄✥➏❳➄✥➇t➍☛➀t➂❯➋➌➀❴➉❱➇✓➈r➑✖➀

❻ ❍❏✿❯✷✠✯❇✽♦❁❏✿❯✵t✯❇❍✛✯❇✽✚✿❯✪✰✱✼✿■❜❯●❡✸✱✼✳

✮✰✿✹❬✻✯♣✯❇✵✬❇✯❇✪✻❑

❚✌✯✏✪✻❁❏✳♦✿❇✵❯❥❘✯✏✪✰✬✏✳❆❁✰✿✲✵✯✲♠❧✿❯❍❏♥✰❨❏✵✸❃✬❇✯▼✿❇✪❣✾❀✯❇✱✄✿❯✽✚✸❃✯

✸❃✪✻✺✓✵✯✏✬❇✸✳✉✪✻✯✏✽✠✸❃✯❣✿❇✪❀✿❯✵✰⑤✲⑥✲⑥✲⑤⑨P♣✿❇✵t❨✰✮✰✿✏✪⑨✬✏✳✛✾❀❑

❍✰✳✉✽✚✱✼✯✏✾✶✸❃✿❇✪✻✱✼✳❴❁❏✿❶✯✏✵❝✖✮✰✪✻✳✉✷❧❁✰✿❶✵✳✉✷❧❁❏✿❇✱✄✿❇✽✠✾❀✸❃❑

✪✻✯✏✪✻✱✼✿❇✷❧❁❏✿❶✬❇✳✉✽✚✱✼✳❭❍✰✵✯✏❚✌✳❭❁❏✿❶✵✯❦✸✪✻✺✓✵✯❇✬❇✸❃❄✉✪✴✿❇✪

✈✹✳✉✵✳✉✾✶❨❏✸✯✛❅➒✏✿❇●❡✸✷✠✱✼✿❯✪❧✯✏✵❝✖✮❏✪✻✳✉✷☛✺✝✿❇✪✰❄✉✾✶✿❇✪✰✳✉✷☛✿❇✪

✿❇✵❖✬✏✳✉✽✚✱✄✳❹P❛✾❀✿❇❁✰✸❃✯❇✪✻✳➓❍❏✵✯✏❚✌✳

✮❏✿⑨❍❏✳✛❁✰✽✚❵❃✯❇✪

✬❇✳✉✾✶❍❏✽✚✳✉✾❀✿❯✱✄✿❯✽❀✿❇✵✹✵✳✉❝✖✽✚✳➔❁❏✿✴✵✯❇✷✶✾✶✿❇✱✼✯✏✷❂❁✰✿

✸✪✻✺✝✵✯❇✬❇✸❄✉✪♣❍❏✯❇✽✚✯❆✵✳✉✷▼❍❏✽✠❄✉●❡✸✾❀✳r✷▼❁❏✳✉✷▼✯✏❲✰✳✉✷✏❞→❤➣✲✳

✯❇✪✻✱✼✿❇✽✚✸❃✳✉✽❆✸❃✾✶❍❏✵✸❃✬❇✯

✮✰✿❊✵✳✉✷❆❍❏✽✠✸❃✪✻✬❇✸❃❍❏✯✏✵✿❇✷❆✽✠✸❃✿❇✷✠❑

❝✖✳✛✷

✮✰✿t❍✰✮✰✿❇❁❏✿❤✿❇✪✻✺✓✽✚✿❇✪✻✱✄✯❇✽❏✵✯❤❍✰✳✉✵❵❃✱✄✸❃✬❇✯❤✾❀✳✉✪✲✿❇❑

✱✼✯❇✽✚✸❃✯❣P■✷✠✮✶✬❇✳✉✾✶❍❏✽✚✳✉✾❀✸✷✠✳❋✬❇✳✉✪❀✵✯❖✿❇✷✠✱✼✯✏❨✛✸❃✵✸❁✰✯❇❁

❁❏✿▲❍❏✽✚✿❯✬❇✸❃✳✉✷✲✽✚✯❇❁❏✸❃✬❇✯❆✿❇✪❦✵✳✉✷✲❬✰✿❯✬❇❬✰✳✉✷▼❁❏✿▲✬❇✳✉P✖✮❏✪✻❑

✱✼✮✰✽✠✯

✮✰✿♦✷✠✿♦❪❡✸❃✿❇✪✻✿❯✪❂❍❏✽✚✿❯✷✠✿❇✪✻✱✼✯❇✪✻❁✰✳❤❅❇✿❇✷✠❍❏✿❇✬❇✸❃✯❇✵❑

✾✶✿❇✪✻✱✼✿❧✿❇✪❂✵✳✉✷❱✺✓✽✚✿❇✪✻✱✼✿❇✷❱✺✝✸❃✷✠✬❇✯✏✵❏P❊✬❇✯✏✾✶❨❏✸❃✯❇✽✚✸❃✳❤❞

➣t✳✛✷✶❍❏✽★✳✛❨❏✵✿✏✾❀✯✏✷✶✯✏✷✚✳✛✬✏✸❃✯✏❁✰✳✛✷✶✬✏✳✛✪↔✿❇✵■✬✏✽★✿❇✬✏✸❃❑

✾❀✸✢✿❇✪✲✱✠✳■✿✏●✖✬✏✿✏✷✚✸✢❪✖✳■❁✰✿✏✵r✿✏✪✲❁✰✿✏✮✻❁✰✯✏✾◆✸✢✿❇✪✲✱✠✳■❍✰♥✻❑

❨✰✵✢✸✝✬❈✳↕P❼✵✢✯➙❍✲✽★✿❈✳✰✬❈✮✲❍✻✯❡✪▼✱✚✿❸✸✝✪▼✿❈✷★✱✚✯❈❨✻✸✝✵✢✸✝❁✻✯❡❁

✬❇✯❈✾❀❨❏✸❃✯✏✽★✸❃✯

✮✰✿❣✷✠✿❣❪❡✸✢✿❇✪✲✿❧✳✛❨❏✷✚✿❇✽✚❪✖✯✏✪✲❁✰✳♣✿❇✪❀✿❇✵

➛ ➜❧➝✌➞✓➟➠✼➡✖➢✌➞✉➤➠✓➟✖➥➌➠➦✢➠✼➟❡➧➠✓➟➠✓➟✖➢➌➞✛➨➩❯➧➞✓➡➫✓➟❡➭➌➯✌➞✛➟➞✉➲✠➨➞✓➩❯➞✓➩✫➡➞✓➳✚➨➟➧➡➠✼➩❯➢➌➵t➸✌➠✼➺✓➞✛➤➠✼➡➳✠➵t➡➠✓➧➵✁➻❯➞✓➤✌➺✓➡➫✓➢✌➨➧➵t➺✓➵➌➩✌➧➨➩❯➼✌➠✛➞✓➟➧➠✓➩❯➺✼➠✓➢✌➵✁➽

➾ ➞✓➳✚➼✌➩✰➺✼➨➚➡➠✼➟➌➢✌➞✼➤✄➪✖➠✼➩❯➺✼➵✉➢✌➞❈➤➠❡➶✉➞✓➝✌➼✌➥➌➤➨➺✼➠❈➠❡➟➞✼➝✌➧➨➞✼➹❱➥➌➡➞❈➘❏➢✌➞✓➤✄➴➌➷✌➷➌➴✌➻✄➞✓➤✄➟➠✼➤➢✌➵✛➢✌➞✓➤✄➺✓➡➫✼➢✌➨➧➵✛➧➵✁➧➠✓➤➻✠➭➌➯✌➞❈➨➩❯➺✼➤➯✌➬✠➞❈➤➠❡➺✼➠✓➡➧➞✼➡➠

➞✓➩✛➹❱➵✁➩❯➞✓➢✌➠❇➩❯➠✼➺✓➨➵✁➩❯➠✓➤✓➬❈➹❱➵➌➩✌➞✼➢➌➠✏➞✓➮✄➧➡➠✓➩✼➦✝➞✓➡➠✏➺✓➵✁➩✛➤➵✁➟✚➟➞✼➺✓➧➵✁➡➞✓➟✚➝✌➼✌➥➌➤➨➺✓➵✥➬❡➝➌➡➨➲✠➠✼➢➌➵➌➻✝➹❱➵➌➟➧➡➠✼➥➌➠❇➯✌➩❯➠❇➺✼➠✓➱➢✌➠❇➠✼➩❯➯✌➠✓➤✓➢➌➞✼➤✝➷➌➻✃➌❐❆➽

❒ ❮❡➩❇➧➡➞r➞✓➤➤➵➌➟➻➌➤➵➌➟❈➠✼➳✚➡➞✓➳✚➠✼➢✌➵✁➟❈➹✫➵✁➩❯➞✓➧➠✓➡➨➵✁➟❡➬❏➤➠✼➟❈➧➠✓➟➠✓➟❡➢✌➞r➨➩❯➧➞✼➡➫✼➟➽➌❰❃➳✠➯❯➠✓➤➹✫➞✓➩❯➧➞✓➻✌➤➠✉➞✓➲✠➵✁➤➯❯➺✓➨Ï✁➩❱➚➠✓➲✠➵➌➡➠✼➥✌➤➞r➢✌➞✉➤➵✁➟❡➝➌➡➞✼➺✓➨➵✁➟

➢❯➞❏➤➵➌➟☛➠✼➤➨➹✫➞✼➩❇➧➵➌➟✖➢❯➯❯➡➠✄➩❇➧➞❏➴✌➷✌➷✌➴✌➽

➘ ❮✖➤➌➴✌➴t➢❯➞✉➩❯➵➌➲✠➨➞✓➹✫➥✌➡➞✉➢✌➞✉➴✌➷✌➷☛Ð✓➻✌➞✼➤➌➪☛➠✼➩❇➺✼➵▼➢✌➞✉➤➠✛➶✉➞✓➝✌➼❯➥✌➤➨➺✼➠✉➞✼➮✠➝✌➨➢❯➨Ï▼➯✌➩❱➺✼➵➌➹❱➯❯➩❯➨➺✼➠✼➢❯➵▼➢✌➵➌➩❯➢❯➞✉➢✌➞✼➚➨➩❯➱➠✛➤➠✼➟❡➹✫➞✓➧➠✼➟❡➢✌➞

➨➩❯➚➤➠✄➺✼➨Ï➌➩❤➝❯➠✼➡❃➠✉➤➵➌➟❈➢❯➵➌➟❈➝❯➡Ï➌➮✚➨➹✫➵➌➟❈➠✼Ñ❇➵➌➟Ò➌➘✌➻➷✌❐◆➞✼➩❤➞✼➤➌➴✌➷✌➷✌➴▼➬❏➯❯➩❤➡❃➠✼➩❇➳✚➵▼➞✼➩❯➧➡➞✉➞✼➤➌➛✌➻➷✌❐◆➬✰➘✌➻➷✌❐◆➝❯➠✼➡❃➠✉➞✓➤➌➠✄Ñ❇➵✲➴✌➷✌➷✌Ó✌➽

❰➳✚➯✌➠✼➤➹❱➞✓➩❯➧➞✓➻✖➞✓➮✄➝✌➡➞✓➟➠▼➞✓➤✖➺✓➵➌➹❱➯✌➩❯➨➺✼➠✓➢✌➵➌➽❡➤➠t➝➌➡➞✓➵✁➺✼➯✌➝✌➠✓➺✼➨Ï➌➩♦➢✌➞✓➤✖➪✖➠✼➩❯➺✓➵▲➝✌➵✁➡❏➠✓➤➺✼➠✓➩❯Ô✝➠✼➡✛➯✌➩❯➠t➨➩❯➚➤➠✼➺✓➨Ï✁➩⑩➢➌➞▼➤➠✼➡➳✚➵▲➝✌➤➠✓Ô✝➵

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