EconomicInequalityinPortugal:APictureintheBeginningsofthe21stcentury Budria,Santiago MunichPersonalRePEcArchive

(1)

Munich Personal RePEc Archive

Economic Inequality in Portugal: A Picture in the Beginnings of the 21st century

Budria, Santiago

University of Madeira and CEEAplA

2007

Online at https://mpra.ub.uni-muenchen.de/1784/

MPRA Paper No. 1784, posted 14 Feb 2007 UTC

(2)

!!"#$%% &

' ( ) ( * +

( , - , - -

) - - - -

, * + ) !!"

$%% - . ( *

, # , , ) *

& - - - -

) , ( * + &

) - & ) *

+ ) / + , / 0 , , /

, *

! 12 - 32 *

4 4 ( '

5 & * + 5 6 78, . *

9 - 1 - - : ( !%%%#2!%-

4 ( * ( 9 ;2< #$! =%< %<<* 4 .9 ;2< #$! =%< %"%* # 9 , > * *

(3)

$

"#

) ? * @ &

, , &

) & & &

* - )

& 5

@ - $%%A - $%%A, * - )

5 - 5 ) #

, ) *

. ) ( * - (

& ) B 1 -

$%%< * + - & . ) *

C ( , 9 - ,

- . & - * C

, - @ , * &

, & , *

D ) - . )

- - - -

, *

, , -

!!" $%% * & # ( * + #

!!% - ( . -

- & - & D1(

, & "E 2*2E- *

. , $%% - & , - .

, ( & 5

( 4 - $%%$- - $%%" * +

& ) . *

) , 5 , - ,

!!"#$%% * +

, - # , ,

) *

(4)

2

5 ' ( '(-

* & * , *

'( @ & ,

!!" $%% * + , )

- , -

& * & & , &

- , ,

& # & ^$*

-

, . '(*

- '( & ,

* & .

, ( *

4 - . * : -

, ) * . ,

) * -

- 5 ,

, 5 # - &

( * , , 5

) & ,

* ,

@ - , -

F -

* @ *

@ & * &

) ( * $ , ,

* 2 , - - 5 &

- , * " .

, * + <- A- = G , - - -

- -

* ! ,

$ D 5 $%%% , *

(5)

"

* % @ ) !!"#$%%

, *

5 * & * .

- , , * .

, , , *

# $ %

) ²* - ,

( - , , * B

, . ) ( D !!< *

4 , (

, * . !G%# !!%

) * + & 5 - :

!!! !!" '( ' !!"H !!<

. , & -

F - * +

# - D : $%%$ (

D + ( , ( *

- D . , %*<E*

!!G - - ) ) *

&

( * $%% ' * $%%

, & ,

* ( $%%" ( & &

* ,

) , * & &-

$%%= ( , 5

* 6 * $%%< & , & (

&

# )

* 4 - $%%A & , ( I

2 4 , ,? - ) - #

- , !!! 5 $%%% * I & $%%<

) *

(6)

<

- , 5 - ,

& *

& ,

5 ( * 5 -

- # & * $%%<

& & , (

!G%#$%%"* & , -

, & ( *

# &

' ( '( @

* + , J ,

, - & 5 -

. - - -

J - !!A *

'( &

* & ( & &

!!"* ( & "-GG *

& - , &

& , , * +

'( , K ( + 1 ( +1 * +

$%% - & '(- ( "-A " *

+ , , & & ,

* ( $%%$ @

& '( & - D

# ( D B ( - 0 . , F # ( ( 00 -

' ( '( - ( + 1 ( +1 *

' , & !E 2GE* 0 5 -

( '( * *- , , , &

& !!" $%% & AE-

( , * & , ,

! %- & & . *

(7)

A

'# ( ( ! )

) ) -

& & * ( - & - 5 )

F & * D - - ,

- . & - * , ,

, . * & $%% &

'( , ) , *

'# $ )

4 * , * ( "

, & , .

* + - , @ , -

, ) & %

*

9 + 9

'9 + *9 .

+ # ( , - * + -

- - . * 0

@ . , @ , * , )

& % * 9 ( $%%

' (

(8)

=

, , * + @

$*2 - @ G*< -

@ <%A*< *

- - - <-< $ - -=G$

2"< * . @ ,

G<*AE @ .

="-"A2 * # &

9 & !"E 2"< - $*"E

* , - - - -

5 & - & &

*

'# !

, & , , 0 @ * 4 * $ & -

, ) , , - 0 @

, & 0 @ ,

* ) , *

) , ) @

- - . - , *

) , *

+ # # 0 @ - - * 9

( $%% ' (

(9)

G

- , & D . -

- , %E

, !%E , * , &

) , , - )

, *

+ +

%*"% %*<2 %*!=

%*G< *%A *!G

2*=A "*A" =%A*<$

& # - - ,

%EH !%E

D .

9 ( $%% ' (

'#' ,-

+ , $- & 5 & - -

, * + , - <% -

# # * 5 & , -

- # # *

& & , $ &

# # * & - ,

5 & , ^"*

+ +

A"*" A *% !"*$

*$A *$2

2*%% $*%= 2<*$

9 ( $%% ' (

5 &

& # 5 & - ,

0 E

H

& , $ 5 & , 4 *

- & ) @ -

- - , *

@ , -

, 5 & - # 5 &

, * ,

"

@ G<*A E @ - # #

, 5 *

−

=

(10)

!

5 & - - , - 5 & -

& 5 & *

'#* !

, 2 , & - - -

* & , - ,

* & %*2= %*2A

* , & %*G=

=<*!E *

, & L%*$$ *

4 - , ,

* + . - #%*%" *

,

- & 5*

+ +

%*G= %*2A %* !

%*G= %*2= #%*$$

%*2A %*2= %*%$

%* ! #%*$$ %*%$

9 ( $%% ' (

& '# , &

+ +

*# & )

+ , "- < A & , ) -

, * C , &

- - * C @ & 9

, , - & &

-

, - & & * C @

, 5 , )

, , *

7 , < , 2%E , , $"* E

@ * 0 5 & - , A

(11)

%

, !%E* C )

, , &*

& *#( 5 ,

#< <# % $ 2 " < %#< <#

. . %²

%*%% *<" $*G2 %*%% A*%% %*%G "*"2 $ *!2 $!*<2 2!*2A A<*"! %*%%

. *<$ $*G$ "* A A*%% %*%= "*"$ $ *!$ !%*G2 2!*$! A<*$2 !%*G2 !%*G2

- - . %²

%*=< $*2< 2*<$ 2*!= G*% $*$! =*= 2<*<2 22*=! <%*<= =!* G <*<

%*22 %*$ %*2G %*!< "*GG !*<G "*$G $!* = $=*=" "$*%= A%*G$ *=G

%*%$ %*%2 %*%2 %*%A %*%< %* %* = *2$ %*"G $*22 G*"! %*2<

%*"% $* % 2* $*!A 2*%G $*A% 2*$= <*%< <*<A A* = !*G= 2*2!

E

+ %*%< %*A% * $ <*%! %*2$ <*GA $$*AG "<*GG %*GG $*"< A*$% %%

%*%2 %*%= %* A *A% G*$G A*2 $"* $ "!*A! *=! 2*AA A*$G %%

%*%= %*2" %*"< 2*AG 2* 2 A*AG !*A< =A*GA =*%A $<*! 2%* %%

%* $*"! "*<" =*2! G*$% <*2A !* G $!*GA G*$ A*!= 2*<" %%

+ E

0 , "2*"< !*%< %*=$ $2*G< A%*GA ==*!" G%*A G$* % G$* G2* ! =A*G =<*!"

2* G *$" %*G! *A% %*A= %*!2 %*!" 2*=% *"2 "*A% %*=2 $*$

<2*2G G!*= GG*2! ="*<" 2G*"= $ * 2 G*"< "*$% A*"< $*$ $*"A $ *G<

E

M 2% 2*<A $* < *"< 2*G2 %*% !*!A %*$" 2*G" $*!A *%G %*%% =*<G

2 #"< 2A*%< $*$2 "*2" *"= $"*2$ 2 *2$ 2%*"$ $=*2% $2*G% $2*G< "2*22 $"*!=

"A#A< "2*=< $"*%$ $ *22 $"*$" 2A* % 2G*G= " *%$ <=*%2 A2*<! A2*<2 "A*"! 2!*"=

NA< A*A" = *A% =$*G! A%*"A $!*<= !*G< G*2$ *G2 !*A< *<" %* G $=*!G

< *%A =%*AA =%*AG A<* " <2*G" <%*2% "!*=$ < *=G <2*$2 <$*=2 "!*" <"* <

E

M 0 & !!*A< !=*== !!*2G !G*2= !2*"$ !%*2% =!* ! < *2% "!*2= <*<" <*"G G$*"!

%*2< *=A %*$ * G "*A =*<$ *=! "*$" G*"< %*%2 !*%= =*G=

%*%% %*"= %*"$ %*"A *!= $* G !*%$ 2"*"A 2$* = ="*"$ =<*"" !*A"

E

C 5 *2! $*2! <*=$ *"< 2!*"! <$*=A "!*%G <<*A$ ""*$ =%*$< <!*<$ " *=%

# < *$! G*G2 $*<A G*2G $%*2< G* < $2*"2 =*<% $%*AA *! !*G2 !*<A

: 2*!< A"* A A<*22 <"*G< $G*$G $ *=< G*<= !*=A $$*"" <*=A $%*A< $G*<2

7 #& 5 22*2A "*A$ A*"% <*2$ *GG =*2" G*!$ =* $ $*A! $*%G %*%% %*

E

<$*$A $2*!G 2<*!A "A*"" A<*!$ =G*=A G<*$= G$*2< G=*<2 G%*<2 GG*"A = *==

!*2< $*"% %*< *!= %*"A "* " $* < <*!< A*$$ =*"" %*%% A*!2

& 2G*2! A2*A$ <2*<2 " *<! $2*A$ =* % $*<G *=% A*$< $*%2 *<" $ *2%

' @

@ $*2" *A% *A! $*%2 2*% 2*A" 2*G% 2*GA "*22 2*"< 2*G" 2*$=

9 ( $%% ' (

( O :

(12)

& .#( 5 ,

%#2% 2%#"% 2 " < %#< <#

. . %²

%*%% "*=< A*=% *A2 G*"< $<*A% 2<*" A2*%$ %*%%

. "*=< A*=% *A2 G*"< !!*=A 2"*!= A$*G" !!*=A !!*=A

- - . %²

A*=! G*A2 $* % =*<2 22*"2 2 *"% "<*<G =$*<" <*<

%*=2 <*=2 !*22 "*AG 2%*! $!*2= "<*<! = * % *=G

%*2% %*%$ %* < %*A2 %*"= %*<= * $ %* < %*2<

<*=A $*GG $*A$ $*$$ $*%< *"A *G= *$! 2*2!

E

+ 2* <*<A <*A% $$*A2 "2* % %* 2 $*"G "*=A %%

*G" "*G= <*G" $"*!A <$*"G $*"= <*"2 A* < %%

$A*<< %*A2 %*$< *%G %*=! G*2 2*%2 %*"< %%

<%*GG G*"G <*"2 2*%! $* $* < $* ! %*2! %%

+ E

0 , %*A! AA*"2 ==* < G2*=< !$*"A !2*<" !2*G< !G*%$ =<*!"

"*"G %*$< *$" 2*A *"% *G$ $*2 %*$ $*$

G"*G2 22*2$ $ *A$ $*A" A* " "*A" 2*G" *== $ *G<

E

M 2% *2G G*=" 2*$A $*A2 <*<" "*!$ %*!A %*%% =*<G

2 #"< =*$2 $=*%! 2 *=! 22*!! 2"*A< 2<* $ $A*=$ < *=! $"*!=

"A#A< $"*AA "2*!G 2!*! "2*G <"*A <2*<< A=*"! "A*2$ 2!*"=

NA< AA*=2 $%* ! <*%< !*<= <*$ A*"% "*G2 *!% $=*!G

A=*A< < *<" "G*=% "A*"A "G*2G "!*2A <%*<! "<* " <"* <

E

M 0 & !"*"< !2* ! GG*!" G2*!$ < *2= <%*A$ G* A "*2" G$*"!

2*2< <*2% A*!G %*$G "*" $%*=% !*!G "*G< =*G=

$*$ *< "*%G <*=! 2"*$$ $G*AG = *G= G%*G !*A"

E

C 5 =*<= "%*!G <"*"= <G*== A2*22 <=* $ =!* $ G<*%" " *=%

# 2*"< $<*AA $%*$ $$*=G $ *== $<*$$ 2*2% $*<$ !*<A

: A"*$$ $ *A A*!G %*%2 !*%! *2! =*22 $*"< $G*<2

7 #& 5 "*=A *=< G*22 G*"$ <*G A*$= %*$< %*%% %*

E

<2*!= AA*%= =$*A! G<*!% GA* A G<*"2 G$*"< %%*%% = *==

%*$= *<2 A*$2 $*<" "*=" A* ! A*=2 %*%% A*!2

& 2<*=A $$*2! $ *%! *<A !*%! G*2G %*G$ %*%% $ *2%

' @

@ $* 2 2*A" 2*<% 2*! 2*!$ "*%2 2*A" "*%< 2*$=

9 ( $%% ' (

( O :

(13)

$

& /#( 5 ,

(

%#!% %#< <#

. . %²

%*%% %* %*A$ =* % %*%%

. 2*%< %*A A*G$ =*"A =*"A

- - . %²

"*2A $2*%$ $2*== "G*2A <*<

*$ G*A 2*GA $ *=$ *=G

%*%% %*$% $*A% $$* %*2<

2* < "*$$ =*2 "*<2 2*2!

E

+ G2*2 =*$= A*$! 2* " %%

G<*<G =*=2 "*G2 *GA %%

*$< $*G" 2 *%G A"*G2 %%

G2*=$ A*%! G*G" *2< %%

+ E

0 , =G*%% G%*G$ <G*2 ""*! =<*!"

%*%2 %*G= %*!" "<*=$ $*$

$ *!A G*2$ 2%*=< !*2= $ *G<

E

M 2% G* A $*G< $*%< %*=2 =*<G

2 #"< $<*G" $%*A$ "*=$ %*!2 $"*!=

"A#A< 2G*=% <%*%A " *!% "A*G! 2!*"=

NA< $=*2% $A*"G " *22 " *"< $=*!G

<2*A" <A*A! A%*%% A2*2" <"* <

E

M 0 & G"*"< A$*2 A=*"< A=*2$ G$*"!

=*!" A*"= A*=$ 2* G =*G=

=*A 2 *$$ $<*G2 !*<% !*A"

E

C 5 "$*G% "<*" !* ! =*$ " *=%

# !*$< "*$G 2%*22 $G*G" !*<A

: $=*=% 2$*<" "$*<2 2<*G2 $G*<2

7 #& 5 %*$< =*== =*!< G* $ %*

E

= *%G =A*<< =G*<$ G$* 2 = *==

=*%< <*G =*2G %*<! A*!2

& $ *G= =*A< "*%! =*$G $ *2%

' @

@ 2*$= 2*$A 2*2 2*<% 2*$=

9 ( $%% ' (

:

(14)

2

*# & 0)

+ , " &

, , ) , * C

$%% ( '( *

& $"* E & @ -

G<*AE & @ * + ,

. -

@ !*"E* 7 -

* ( ,

& 5 # - , - &

& & 5 *

C , , #

. - # - # - &

- , * - & ( #

<%E * C

, &*

- # & =<2 - & "*GE

* , & &

, #<E , $-2"A - ,

& & , ) 2-!AA * + 4 * 2 & -

# * 7 - # ,

# # & * -

) ,

!"A A2 - - * *- %*GE G*"E * +

- $-!<= - G=*$E

* # ) *

(15)

"

=<2 2$= $" "%$

$2"A

$ $ $!

$ %<

2!AA

!"A

A2

$!<=

<< =

=G2

2"2

22!

%

<%%%

%%%%

<%%%

$%%%%

+ +

#< $%

+ # ' - - *

9 ( $%% ' (

: , - &

<2*"E , , -

& , ? G!*=E- GG*"E ="*<E & & , #<E-

, <# %E- , ) - * #

, . # , , *

# - 5 < *2E #

, * , 2% ,

!*AE - & , #<E , <# %E

, G*GE $*AE- *

+ - $%% # "E & ,

* - , ? <"*!E & & , )

, * & , $G*<E -

( 5 , .

, *

+ - !!*=E # ,

& * , - &

, ) , - & )

, *

(16)

<

# & , 9 2G*"E ,

- " *AE , ) * , &

$ *2E , *

*# & 0)

, - $"* E ( '( @ , *

+ - , 2%E

, A-=!% - &

) , *

<%*!E - G"*GE K *

, . - # , AA*=E

A< - !"*<E -

A"*$E * , & 2<*GE -

@ $* * ,

, & & & * -

G*2E & , & & & *

*#' & ) 0)

? ( G<*AE @ *

, '( & # -

G!*%E & & * D

@ - & @

) *

*#* & 0

+ , " &

) , * C

, # - -

- / 2%E /

& 5 <!*<E , & 2 A< G!*GE /

=<*"E GG*<E *

(17)

A

- & <*

K - , $*2 & &

) , * 4 * " & - #

, # & # * + -

)

, $!- =2 -2 < - %E

, <E , * -

,

A%-G$" G-"!" - < E ,

E , *

=! G2

A%G$"

G"!" !GA<

<%<A=

"$%AG

$2$<

A ="

2<<22

$! =2

2 <

<%"<

<< =

=G2

2"2

22!

%

$%%%%

"%%%%

A%%%%

G%%%%

%%%%%

+ +

#< $%

+ # * - - *

9 ( $%% ' (

C . # *

- , 2%* E

- , =A*!E & &

) * & - #

2*<E , , %* E *

# - & , & 2%- %*$E

& A<* , E ,

=<*"E * , #<E

, %#<E )

, 2$*$E 2"*<E-

(18)

= , <!*<E &

- #& 5 - $%*=E *

4 - # - *

- GG*<E E , -

@ 2*G * ,

, ) G$*"E 2*! -

5 , = *GE 2*2 - *

*#. & 0

, < & - ) #

$*A K -

E , # A*% K

*

C ,

& * - %*GE

# - $* E* + #

, %*<E %*"E- *

( , , - 5 , , & *

& )

, 2"*$E , G%*GE & & E

, * - - 2*< G*" ,

* B - & ( F $%%"

( - , , &

# & 5 *

4 - & # -

* - @ )

, 2*! - & , 2%E ,

$* * + - ,

@ ) *

(19)

G

*#/ & ) 0

"*"E *

& , E , #

A"*GE * C &

- *

- # A< * &

& -

, "<*=E

*

&

* -

& "< GG*2E*

4 - # G$* E -

!*<E - # $G*GE & ,

= *GE- !*AE !*AE- *

.#

, , * + - & &

5 &

) & * - '(

- # ) #

) *

- & & 9 & $%% ( '(

- &

- & & *

- - -

D . / ,

/ ,

@ * C , =*

(20)

!

& 1#( ,

@ ' E

P ^, I Q P I I Q

M $< -<$A %-== G% A=< %*$= %*$A %*!= !2*"< %*A! <*GA $*A $*"

$A#2% 2-=G" 2-2%2 "2 "2! %*$< %*$A %*!G !A*< %*2 2* G $*A <*$

2 #2< 2-A=< $- <! G2 -"2$ %*$G %*2" %*!G GG*!$ %*A %*"= 2*< <*!

2A#"% !-%"= =-" !A -"" %*2A %*"% %*!< ! *" *%2 =*<A 2*! %*G

" #"< =-2%! A- %= "! - <2 %*22 %*2= %*!A !2*%A %*$G A*AA "* G*$

"A#<% G-=$A =-%$ A= -<2G %*2" %*2= %*!< !%*G! %*G! G*$$ 2*G %*=

< #<< $%-!2< G- !G "%G $-2$! %*2= %*"$ %*!< GA*!2 *!< * $ "*% !*<

<A#A% !-!= "- "G -%"2 "-=G %*"$ %*"! %*!G =%*G" <*$$ $2*!2 2*= %*%

A #A< "-A" !-2"" ""< "-G<$ %*2G %*<$ %*!A A2*G$ 2*%" 22* " 2*$ !*

AA#=% $-$2< <-A!! $"A A-$! %*"% %*AA %*!< "A*<G $%*% < *" $*A !*2

N=% !-2%G $-G<2 "<% A-%%< %*"2 %*G %*!A 2%*A< "*G" A"*< $* G*=

<-< $ -=G$ 2"< 2-2! %*"% %*<2 %*!= =<*!" $*$ $ *G< 2*2 %%*%

9 ( $%% ' (

+ ,

$%% D . E

,

( ,

+

+ ( 4 * < & - - -

* - #

, # * ( - #

* -

A%- * B -

& *

<<- & F * - #

, , #

# - & < #<< *

+ ( $ 4 * < & D . - -

* D . * -

D . - - & * 4

- & %*$A #$< - %*"% 2A#"%

- <%- %*AA AA#=% %*G , #=%

* , & @

*

4 - ( 2 4 * < & *

* , & &

<A & - - - GA*!E < #<<

2%*=E , #=% * - 5 , &

(21)

$%

< #<< - - * E A"*<E , #=% *

4 - , $E <A-

? $%*%E AA#=% - "*GE , #=% *

% 2 "" 34

%

<%%%

%%%%

<%%%

$%%%%

$<%%%

M $< $A#2% 2 #2< 2A#"% " #"< "A#<% < #<< <A#A% A #A< AA#=% N=%

+ +

5 6

%*$

%*2

%*"

%*<

%*A

%*=

%*G

%*!

M $< $A#2% 2 #2< 2A#"% " #"< "A#<% < #<< <A#A% A #A< AA#=% N=%

+ +

' , 274

%

$<

<%

=<

%%

M $< $A#2% 2 #2< 2A#"% " #"< "A#<% < #<< <A#A% A #A< AA#=% N=%

+

+ # .( , * -

D . - E * 9 ( $%%

' (

(22)

$

/# )

+ , ( '( & 5 - # -

#& 5 - ,

* + , G & - - - /

D . - - / ,

/ , / @

*

& 8#( ,

@ ' E

P ^, I Q P I I Q

C 5 G-G<2 =-$A$ $G" -2%G %*2< %*2= %*!! ! *<A *<% A*!" 2*< " *=

# <-2"" $-G%% 2A2 $- G %*2! %*"< %*!" G2*"$ $*2= "*$ 2*= !*A

: -!!2 "-"A! 2=$ =- <$ %*"" %*=< %*!A 2=*$A 2* % <!*A" $*A $G*<

7 #& 5 $-%A =-!$2 "=2 2-AAA %*"% %*<A %*!= A<*A! 2*!$ 2%*2! 2*< %*

<-< $ -=G$ 2"< 2-2! %*"% %*<2 %*!= =<*!" $*$ $ *G< 2*2 %%*%

9 ( $%% ' (

+ ,

( ,

$%% D . E

+ ( 4 * A- & - - -

* +

, * C 5 5 " *=E , *

$ *<E - "A*<E - ,

*

# 5 !*AE -

- , 2<*=E

& * $G*<E * :

& 5 # - <=*$E $=*!E & -

- , <*< 2*2 * 4 -

, #& 5 %* E *

, - ,

*

(23)

$$

% 2 "" 34

%

<%%%

%%%%

<%%%

$%%%%

C 5 # : 7 #& 5

+ +

5 6

%

%*

%*$

%*2

%*"

%*<

%*A

%*=

%*G

%*!

C 5 # : 7 #& 5

+ +

' , 274

%

$%

2%

"%

<%

A%

=%

G%

!%

%%

C 5 # : 7 #& 5

+

+ # /( , * -

D . - E * 9 (

$%% ' ( *

(24)

$2

+ ( $ 4 * A & D . - -

* + ) , & 5

) , * D .

*

+ ( 2 4 * A & *

, , - - &

* &

, , <!*AE - , - ,

, - A<*=E , #& 5 * +

5 , 2%*"E *

4 - & , *

1#

, & ) - $%% ( '(

, ,

* , !*

& 9#( ,

@ ' E

P ^, I Q P I I Q

M 0 & $-<=G !-%"A $!= 2-$2< %*2A %*< %*!G = *!$ $*2A $<*=$ 2*2 G$*<

$%-=G% A-=$$ <$< 2-<22 %*$! %*2! %*!= G%*"= $*<2 =*%% 2* =*!

2A-2=A 2 - =G <GG "-A % %*$! %*2" %*G! G<*= *A$ $*A= 2*2 !*A

<-< $ -=G$ 2"< 2-2! %*"% %*<2 %*!= =<*!" $*$ $ *G< 2*2 %%*%

9 ( $%% ' (

+ ,

+

,

( ,

$%% D . E

+ ( - &

5 , G$*<E * - -

%E * - - -

( 4 * =*

(25)

$"

% 2 "" 34

%

<%%%

%%%%

<%%%

$%%%%

$<%%%

2%%%%

2<%%%

"%%%%

M 0 &

+ +

5 6

%

%*

%*$

%*2

%*"

%*<

%*A

%*=

%*G

%*!

M 0 &

+ +

' , 274

%

$%

"%

A%

G%

%%

M 0 &

+

+ # 1( , * -

D . - E * 9 ( $%%

' ( *

, &

* -

(26)

$<

- - $*! *=

* - -

- 5

( *

( $ 4 * = -

* & - & )

, * + ( 2 4 * =- &

* ,

- & & *

, $E -

& * 4 - @

*

8# :

F , *

- & ( * C

, & - & & * C

, & . * + , % &

- - - / D .

- - / , /

, / @ *

@ 4 * G*

@ ' E

P ^, I Q P I I Q

=-$=% 2-A A 2G! 2-$A< %*2= %*"= %*!= =G*G" $*$< G*!% 2*A = *G

&H %-A=< A-2!$ $=G "-%%< %*"G %*=$ %*!G <!*GG $*A 2=*< *G $ *!

& $-""" !-A!= <$ $-A!< %*$= %*2$ %*!< ==*!$ %*"$ $ *AA "*A A*2

&H -!<G G-%!" G% 2-AG2 %*"A %*A= %*!< A=*A! *< 2%*G% *! <*=

& &H %-$$$ <-=!% 2 2 "- ! %*"G %*=2 %*!G <A*A" 2*%A "%*$! *= A*

& - AG !-<=! A -<G2 %* G %*$A %*!A G<*== %*%< "* = "*2 *$

& & $-="" !-=$" A2 $-!<= %*$A %*2% %*!2 =A*2% %*<% $2*$% "*= <*

<-< $ -=G$ 2"< 2-2! %*"% %*<2 %*!= =<*!" $*$ $ *G< 2*2 %%*%

,

( ,

9 ( $%% ' (

+ ,

+

$%% D . E

& "#( ,

(27)

$A

% 2 "" 34

%

<%%%

%%%%

<%%%

$%%%%

&H & &H &

&H

& & &

+ +

5 6

%

%*

%*$

%*2

%*"

%*<

%*A

%*=

%*G

%*!

&H & &H &

&H

& & &

+ +

' , 274

%

$<

<%

=<

%%

&H & &H &

&H

& & &

+

+ # 8( , * -

D . - E * 9 ( $%%

' ( *

(28)

$=

C = *GE -

& . $ *!E - , &

A*2E * - 5 ,

- - * ' & -

& , & , #

* C & & & - &

& & , & -

*

- & A*AE

& - < *=E -

G *2E A=*2E - *

C ) ,

& - , & * + -

*

- &

, , &

* B - ,

& * * - &

2=*<E & -

$ *=E & *

& & & - & 5-

*

7 . - & .

* 7 - , , ,

$ *$E A*!E * &

$G*<E & - ,

=2*!E *GE - * -

& =*%E *

& * + -

, & "* E , *

& & GA*GE

, , *

(29)

$G

4 - & - )

, & - , &

& , & & *

4 - 4 * G - , - , & &

-

, *

9#

( & / - -

*

, - , * , ,

, ? , ,

5 5 * , .

5 , - , 5 * 4 -

)

* C - , 5 )

*

'( & ,

* + - & 5

!!"#$%% , . ( ^<* ,

* 4 . - , . =$*%E

, ) !!" & , )

$%% * , & $* E & ) !!"

& ) $%% * : - <*%E &

) !!" & ) $%% ^A*

< , , , ) *

A+ !!" & ( - * C

, . $%%*"G$ R *

(30)

$!

4 !!" $%%

%#$% $%#"% "%#A% A%#G% G%# %%

%#$% =$*% A*% A*" 2*< $*

$%#"% 2"*$ 22*$ =* 2*$ $*"

"%#A% $*% $"*% 2=*= !*2 =*

A%#G% A*" <*$ $$*$ 22*G $$*"

G%# %% <*% <*" G*< $ *% A%*%

9 !!" $%% ( ' (

& #+ , ( !!" # $%%

4 - , ,

- , - #

, * B #

, .⁼* -

, * ) - #

- , , * C

, $* + - & )

, )

, & !!" $%% * C , ^G*

, , - &

, & , &

$%% - & & &

, & $< "< !!"*

& # , ( !!" # $%%

S O $ O 2 O " O < O

, %*2 $G*% AA*G A$*2 AA*$ "%*%

7 # %*2A 2!* A!* AA*= A=*$ 2A*!

$<#"< %*2< "=*= <"*= A<*! AA*! 2=*G

9 !!" $%% ( ' (

,

, , )

) !!" $%%

& , & $%%

& , & & , & $< "<

!!"

- 4 * ! & , , ) * +

- # * + - ,

) , , - )

& - & )

=7 , , & *

G7 , $

, *

(31)

2%

, & * + !!"#$%% &

) & ,

$%

2%

"%

<%

A%

=%

G%

O $ O 2 O " O < O

7 : $<#"<

+ # 9 , , ) !!"L$%% * 9 (

!!"#$%% ' ( *

4 * ! - , ) , , *

5 , # - , #

$<#"< , 9 &

# , , $ - &

, * + - $<#"<

, * , , &

$<#"<

* - & & $G*%E &

) ) $%% - & &

# 2!* E* + & & & , &

$< "< , "=*=E*

"# ! ( )

2 99*0 "" 4

( & 5 * +

!!% - ( , * + D1(

&

* ' & - !!! & & $%%$

(32)

2

* + - & & . -

) 5 . *

- , & ,

, * $%%A- * $$A - T D

. & 5 F ,

? - , &

. 5 U F ,

, & , , ,

V* C - & , , *

- & # , ,

, & ) $%% !!"* 5

, - & , 9

- , # * ,

. *

"# !

, 2 5 &

, * ) * C !!" D .-

%EH, !%E & - - %*""- %*!

2*! - $%% & %*"%- %*G< 2*=A* , , 2

* & U F @

, & !!" $%% , , & *

. & & U F

U F $%% # !!" , *

& & @ -

- - - , # *

& ) - , D .- & !!"

$%% * + - - %EH, !%E

5 & , *

(33)

2$

& '# 5 & ,

D 6 %EH

!%E 0

E

H 5 &

!!" %*"2A %*! 2*! A2*A *$= $*GG

!!< %*"$ %*G< 2*= A$*" *$< $*"=

!!A %*"%! %*G" 2*A2 A$*" *$" $*AA

!!= %*"%! %*G$ 2*A" A$*< *$" $*%

!!G %*" % %*G" 2*=% A2*" *$" $*"2

!!! %*"%2 %*G< 2*= A2*! *$" $*!=

$%%% %*2!= %*G% 2*<= A$*$ *$" $* "

$%% %*"%% %*G< 2*=A A"*" *$A 2*%%

W $%% # !!"

#%*%" #%*%A #%* < %*G% #%*% %* $

#%*%2 #%*%A #%* < %*=$ #%*% %* 2

%*% %*%< %*$% *2" %*%2 %*==

7 XXX

( XXX

# XXX

;;; E * , <%% @ )

, "-A " * 9 ( !!"#$%%

' ( *

7 . - , " & 5 ,

, * 4 - )

4 * %- & , @ , !!"*

& *# , L E

( O :

P #< <# % $ 2 " < %#< <#

!!" %*% = %*2== %*G2< 2*G= !*$= <*A< $2*<2 "=*A= *<! $*GG <*!

!!< %*%$! %*" $ %*!%2 "* $ !*=G A*%% $2*AG "A*"G *< $*"% <*2<

!!A %*%$= %*<%% %*!G2 "*<% %* = A* $2*<$ "<*A! * = $*2A <*$A

!!= %*%22 %*< $ %*!GG "*<" %*%G A* = $2*< "<*=% *2" $*=< "*G

!!G %*%$A %*"=$ %*!"! "*" %*2A A* = $2*$% "<*GA *22 $*$2 <*<G

!!! %*%2 %*<A *%<2 "*G %*A2 A*%% $$*GA "<*=% *%" $*<" <*A<

$%%% %*%"% %*<<2 * %% "*G! %*<G A*$$ $2*2 "<*%% %*!< $*<G "*!$

$%% %*%<% %*A%% * $% <*%! %*2$ <*GA $$*AG "<*GG %*GG $*"< A*$%

W $%% # !!" %*%22 %*$$2 %*$G< *$$ *%< %*$ #%*G< # *=! #%*= #%*"2 %*$!

9 ( !!"#$%% ' ( *

C & ,

* - , #

, - %*%$E !!" %*%<E $%% * -

, ) & , *2 $%% !!" <*%!E

2*G=E * - # *

, )

"=*=E "<*!E* ) ,

(34)

22

%E , - & . E*

- & ,

0.90 0.95 1.00 1.05 1.10 1.15 1.20 1.25 1.30 1.35 1.40

1994 1995 1996 1997 1998 1999 2000 2001

%#$% $%#"% "%#A% A%#G% G%# %%

+ # " - , ) * @ ,

!!" * 9 ( !!"#$%%

' ( *

+ ( 4 * & 0 @ , !!" $%% *

) & ,

0 @ 5 - !=% 9 , 0 @ ,

0 @ , & , 0 @ , ^!*

4 * * - & ,

& $%E- "%E- A%E G%E , & - - *$$-

$*$=- $*"G *=G $%% !!"* ,

&- E -

, $%% 0 @ !!"*

!0 @ & * + 0 @ , & ,

, - ) !- D -

- - - 1 #( - & 5

) , & 9! " ! 3 5 - !! * - ,

0 @ - ) , &

5 & , *

(35)

2"

9 0 @ 9

W $%% # !!" +

%#$% %#"% %#A% %#G%

*$$ $*$= $*"G *=G

*$" $*$G $*"G *=!

%* G %*"= %*=! %*

7 XXX XXX XXX XXX

( XXX XXX XXX XXX

# XXX XXX XXX XXX

+ # 0 @ *^;;; E *

, <%% @ ) , "-A " * 9

( !!"#$%% ' ( *

"# !

- ) *

, < & - D .- %EH, !%E

- - %*<A- * " "*!2 !!" %*<2- *%A "*A" $%% * -

D , *

5 & , - & #

*

& .# 5 & ,

D 6 %EH

!%E 0

E

H 5 &

!!" %*<<G * " "*!2 A%*! *$= $*"=

!!< %*<"= *%G "*AA <!*2 *$= $*%A

!!A %*<"% *%A "*<! <G*< *$! *!

!!= %*<" *%A "*A2 <G*< *$A *=2

!!G %*<2" *%= "*A$ <!*" *$ $* <

!!! %*<2" *%= "*A$ <G*A *$< $*%G

$%%% %*<$< *%" "*"G <G*% *$ $*%%

$%% %*<2% *%A "*A" A *%% *$2 $*%=

W $%% # !!"

#%*%2 #%*%G #%*$! %* % #%*%" #%*"%

#%*%2 %*%G #%*$! %* " #%*%" #%*"

%*% %*%< %*$! *"= %*%< %*2!

7 XXX

( XX

# XX

;; <E -^;;; E * , <%%

@ ) , "-A " * 9 (

!!"#$%% ' ( *

(36)

2<

, A ,

, * @ 4 * $*

, 9 *

- , , , 2%E

, %*"<E *G"E- & , ,

2%#"% 2*G=E "*G=E* - &

, * - ) <$*"GE

$%% - <"*G"E !!"* - , , #

A*=AE A* <E*

& /* , L E

( O :

P %#2% 2%#"% 2 " < %#< <#

!!" %*""A 2*G=" <*2< $<*"! <"*G" 2*2G <*$" A*=A

!!< %*"<% "* A% <*AA $A*%G <2*A< 2*22 "*= A* $

!!A %*= " "*""$ <*=2 $A*%% <2* $ 2* " "*!G <*G$

!!= %*="" "*2G$ <*!= $<*<2 <2*2= 2*2G <* 2 <*=A

!!G *%< "*<!" A*$$ $<*2 <$*G$ $*=< <*%% A* A

!!! * A "*<= <*!" $<*<= <$*G% $*=A <* 2 A* %

$%%% *2%A "*="% A*2< $<*=! < *G $*<< "*2G A*2G

$%% *G"% "*G=% <*G" $"*!A <$*"G $*"= <*"2 A* <

W $%% # !!" *2!" %*!!A %*"! #%*<2 #$*2A #%*! %* ! #%*A

9 ( !!"#$%% ' ( *

0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 1.6

1994 1995 1996 1997 1998 1999 2000 2001

%#"% "%#A% A%#G% G%# %%

+ # - , ) * @ ,

!!" * 9 ( !!"#$%%

' ( *

& & ) 0 @

0 @ , ( 4 * 2 *

- , & "%E- A%E G%E