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NBZPSQSPEVDDJØO MBTQFSTPOBTOFDFTJUBSÈOVOBNBZPSDBOUJEBE
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"DPSUPQMB[P MBQPMÎUJDBNPOFUBSJBBGFDUBBMUJQPEFJOUFSÊT BMB UJEBEEFEJOFSP MBNJTNBNPOFEBEFCFSÈTFSVUJMJ[BEBNÈTWFDFT
JOWFSTJÓO BMWPMVNFOEFEFNBOEBBHSFHBEB BMBQSPEVDDJÓO QBSBSFBMJ[BSMBTUSBOTBDDJPOFT&TUBSFMBDJØOWJFOFFYQSFTBEBQPS
SFBMZBMOJWFMHFOFSBMEFQSFDJPT MBFDVBDJØODVBOUJUBUJWBEFMEJOFSP
&GFDUPT B MBSHP QMB[P -B DVSWB EF PGFSUB BHSFHBEB B MBS 0.7=17
HPQMB[PFTWFSUJDBM1PSFMMP BOUFFMEFTQMB[BNJFOUPEFMB
DVSWBEFEFNBOEBBHSFHBEBIBDJBMBEFSFDIB MPTQSFDJPT 4JFOEP
BVNFOUBO UPEBWÓB NÈT IBTUB UBM DPNP DPSSFTQPOEF
BM FRVJMJCSJP FO FM QVOUP % -B PGFSUB NPOFUBSJB SFBM TF 0.=-BPGFSUBNPOFUBSJBPDBOUJEBEOPNJOBMEFEJOFSPFO
SFEVDJSÈEFOVFWPBOUFFTUFJODSFNFOUPEFQSFDJPTZTFSÈ DJSDVMBDJØO
BIPSBEF= FTUPFT `MBNJTNBRVFBMQSJODJ 7=-BWFMPDJEBEEFDJSDVMBDJØOEFMEJOFSP
QJP"MDSFDFSMBDBOUJEBEOPNJOBMEFEJOFSPFOVO 1=&MOJWFMHFOFSBMEFQSFDJPT
MPTQSFDJPTUBNCJÏOIBOBVNFOUBEPFMZ QPSDPOTJ :=-BQSPEVDDJØOBHSFHBEBSFBMEFMQBÓT
HVJFOUF MBDBOUJEBESFBMEFEJOFSPmOBMNFOUFSFHSFTBBTV "EFNÈT UBMDPNPFTUVEJBNPTFOFM$BQÓUVMP FMSFTVMUBEP
OJWFMJOJDJBM&MUJQPEFJOUFSÏTEFFRVJMJCSJPWVFMWFBTFSFM EFNVMUJQMJDBSFMOJWFMHFOFSBMEFQSFDJPTQPSMBQSPEVDDJØOBHSF
JOJDJBM FTUP FT FM QVOUP % $PNP DPOTFDVFODJB MB HBEBSFBMFTMBQSPEVDDJØOBHSFHBEBOPNJOBM FTUPFT
JOWFSTJØOSFHSFTBSÈUBNCJÏOBTVWBMPSJOJDJBMZFMWPMVNFO
EFEFNBOEBBHSFHBEBZMBQSPEVDDJØOTFWVFMWFOBTJUVBS 1:=1SPEVDDJØOBHSFHBEBOPNJOBM
FO QVOUP% "MmOBM OBEBIBWBSJBEP TPMBNFOUF -BWFMPDJEBEEFDJSDVMBDJØOQVFEFEFmOJSTFDPNPFMOÞNFSP
MPTQSFDJPT4FEJDFQPSFMMPRVF BMBSHPQMB[P MBQPMÓUJDB EFWFDFTRVFVOFVSP PDVBMRVJFSPUSBNPOFEB DBNCJBEFNBOP
NPOFUBSJBFTOFVUSBM ZBRVFOPBGFDUBBMBTWBSJBCMFTSFBMFT QBSBDPNQSBSMBQSPEVDDJØOEVSBOUFVOB×P&TUBFDVBDJØOFTVOB
EFMBFDPOPNÓB TØMPBMPTQSFDJPT JEFOUJEBE ZBRVFMBEFmOJDJØOEFWFMPDJEBEEFDJSDVMBDJØOTFEF
EVDFEFMBQSPQJBFDVBDJØO
"MBSHPQMB[P MBQPMÎUJDBNPOFUBSJBFTOFVUSBMUBOTÓMPBGFDUB
1 ⋅: 1SPEVDDJØO BHSFHBEB OPNJOBM
BMOJWFMHFOFSBMEFQSFDJPTZOPBMUFSBMBTNBHOJUVEFTSFBMFTEF 7 = =
MBFDPOPNÎB 0. $BOUJEBE OPNJOBM EF EJOFSP
7JNPT FO FM DBQÓUVMP BOUFSJPS RVF MB QPMÓUJDB mTDBM B MBSHP Ejemplo. La velocidad de circulación del dinero.
QMB[P DBNCJBCBMBDPNQPTJDJØOEFMBEFNBOEBBHSFHBEBBVORVF
OPBGFDUBTFBTVNPOUPUPUBMFTUPOPPDVSSFFOFMDBTPEFMBQP 4JFOVOQBÓTTFQSPEVDF ZWFOEF QPSWBMPSEFNJ
MÓUJDB NPOFUBSJB ZB RVF UBNQPDP BGFDUB B MB DPNQPTJDJØO EF MB MMPOFT EF FVSPT QSPEVDDJØO OPNJOBM QFSP MB DBOUJEBE EF
EFNBOEB BHSFHBEB 1PS UBOUP MB QPMÓUJDB NPOFUBSJB OP BGFDUB B EJOFSPFYJTUFOUFFTEFNJMMPOFTEFFVSPT DPNPUPEBMB
QSPEVDDJØOTFDPNQSBEVSBOUFFTFB×PDPOEJOFSP DBEBFVSP MJUFSBMNFOUF B EFTIBDFSTF EF ÏM DPNQSBOEP SÈQJEBNFOUF

EFCFVUJMJ[BSTF FOQSPNFEJP DJODPWFDFTEVSBOUFFTFB×P-B CJFOFTZTFSWJDJPT&TUPJNQMJDBRVFDPOIJQFSJOnBDJØOMB
WFMPDJEBEEFDJSDVMBDJØOTFSÈ WFMPDJEBEEFDJSDVMBDJØOEFMEJOFSPFTNVDIPNÈTFMFWBEB
RVFMBRVFTFEBDPOJOnBDJØONPEFSBEB
1SPEVDDJPO BHSFHBEB OPNJOBM C &TNÈTSB[POBCMFTPTUFOFSRVFMBWFMPDJEBEEFDJSDVMBDJØO
7 = = =
$BOUJEBE OPNJOBBM EF EJOFSP FTNÈTDPOTUBOUFBMBSHPRVFBDPSUPQMB[P-PNJTNPPDV
SSFDPOMBQSPEVDDJØO DVZPDSFDJNJFOUPFTNÈTFYØHFOPB
&T EFDJS DBEB FVSP DBNCJB EF NBOP DJODP WFDFT EVSBOUF MBSHPQMB[P:BWJNPTRVF BDPSUPQMB[P FMOJWFMEFQSPEVD
VOB×PQPSUÏSNJOPNFEJP4JTØMPIVCJFTFNJMMPOFTEF DJØOQVFEFWFSTFBGFDUBEPQPSMBEFNBOEBBHSFHBEB1PS
FVSPT DBEB FVSP EFCFSÓB VUJMJ[BSTF EJF[ WFDFT MB WFMPDJEBE UBOUP MBUFPSÓBDVBOUJUBUJWBNJSBNÈTCJFOBMMBSHPQMB[P
TFSÓB=
&OSFTVNFO MBUFPSÓBDVBOUJUBUJWBEFMEJOFSPFYQMJDBCJFOMB
%FNBOFSBJOUVJUJWBFTGÈDJMJEFOUJmDBSVOBFMFWBEBWFMPDJEBE SFMBDJØOFYJTUFOUFBMBSHPQMB[PFOUSFFMDSFDJNJFOUPEFMEJOFSPZ
EFDJSDVMBDJØODPOTJUVBDJPOFTFOMBTRVFMBTQFSTPOBTTFEFTQSFO MBJOnBDJØO:BWJNPTRVFBMBSHPQMB[P FMEJOFSPUJFOFVOFGFDUP
EFONVZSÈQJEBNFOUFEFTVEJOFSPVOBWF[SFDJCJEPMPHBTUBO OFVUSBM QVFTTØMPBGFDUBBMOJWFMEFQSFDJPT4JMBQSPEVDDJØOOP
PMPDPOWJFSUFOFOPUSPTBDUJWPT DPOCBTUBOUFDFMFSJEBE&OFTUF DBNCJB MBUFPSÓBDVBOUJUBUJWBJOEJDBRVFFMDSFDJNJFOUPQPSDFOUVBM
DBTP QPSUÏSNJOPNFEJP MBTQFSTPOBTHVBSEBSÓBOQPDBDBOUJEBE EFMPTQSFDJPTDPJODJEJSÈDPOFMBVNFOUPQPSDFOUVBMEFMBDBOUJEBE
EFEJOFSP1PSFMDPOUSBSJP FYJTUFVOBCBKBWFMPDJEBEEFDJSDVMB OPNJOBMEFEJOFSP&TMBDPODMVTJØORVFPCUVWJNPTFOFMBQBSUBEP
DJØODVBOEPMBTQFSTPOBTNBOUJFOFONVDIPUJFNQPFMEJOFSPVOB BOUFSJPSDVBOEPBOBMJ[ÈCBNPTFMMBSHPQMB[P
WF[SFDJCJEPMPTJOEJWJEVPT QPSUÏSNJOPNFEJP HVBSEBSÓBOVOB
HSBODBOUJEBEEFEJOFSP
-BFDVBDJØODVBOUJUBUJWBQVFEFFYQSFTBSTFUBNCJÏO FOGPSNB
EFDSFDJNJFOUPTQPSDFOUVBMFT DPNP

$SFDJNJFOUPEF0.+$SFDJNJFOUPEF7=
=$SFDJNJFOUPEF1+$SFDJNJFOUPEF:

-B UFPSÓB DVBOUJUBUJWB EFM EJOFSP SFTQBMEBEB QPS VOB DP
SSJFOUF EF QFOTBNJFOUP FDPOØNJDP EFOPNJOBEB NPOFUBSJTNP
TPTUJFOF RVF MB WFMPDJEBE EF DJSDVMBDJØO EFM EJOFSP TF NBOUJFOF
DPOTUBOUFZRVFFMDSFDJNJFOUPEFMBQSPEVDDJØOSFBMFTFYØHFOP
ZBRVFFTUÈEFUFSNJOBEPQPSFMJODSFNFOUPEFMPTGBDUPSFTQSP

EVDUJWPTZQPSMBNFKPSBUFDOPMØHJDB1PSUBOUP TJFOEPFMDSFDJ
NJFOUPEF7OVMP
$SFDJNJFOUPEF1 UBTBEFJOnBDJØO =
=$SFDJNJFOUPEF0.–$SFDJNJFOUPEF:
1PS UBOUP MB UFPSÓB DVBOUJUBUJWB EFM EJOFSP TVHJFSF RVF MPT
CBODPT DFOUSBMFT TPO MPT RVF mKBO MB UBTB EF JOnBDJØO FTUP FT

FMDSFDJNJFOUPQPSDFOUVBMEFMPTQSFDJPTFTUÈEFUFSNJOBEPQPSFM
'JHVSB 7FMPDJEBEEFDJSDVMBDJÓOEFMEJOFSP FGFDUJWPZEFQÓTJUPTB
FYDFTP EF DSFDJNJFOUP EF MB PGFSUB NPOFUBSJB OPNJOBM TPCSF
MBWJTUB FO&TQBÒB%BUPTDVBUSJNFTUSBMFT'VFOUF#BODPEF
FMDSFDJNJFOUPEFMBQSPEVDDJØO1PSFKFNQMP TJMBQSPEVDDJØOEF &TQBÒB
VOQBÓTDSFDFFMQFSPTV#BODP$FOUSBMIBDFJODSFNFOUBSTFMB
DBOUJEBEEFEJOFSPFOVO MBJOnBDJØOTFSÈEF–=
-PTNPOFUBSJTUBTBmSNBORVFMBDBVTBÞOJDBEFMBJOnBDJØOFTFM
DSFDJNJFOUPFYDFTJWPEFMBDBOUJEBEEFEJOFSP TJTFDPNQBSBDPOFM
DSFDJNJFOUPEFMBQSPEVDDJØOSFBM%FBIÓFMQBQFMGVOEBNFOUBMEF
MPTCBODPTDFOUSBMFTFOFMDPOUSPMEFMBJOnBDJØOZFMIFDIPEFRVF

MBDPSSJFOUFEFQFOTBNJFOUPNPOFUBSJTUBQPTUVMFVOBSFHMBEFDSF
DJNJFOUPDPOTUBOUFZNPEFSBEBEFMBPGFSUBNPOFUBSJBOPNJOBM
{&TDSFÓCMFMBUFPSÓBDVBOUJUBUJWBEFMEJOFSP 4PCSFFTUFQVOUP
FTOFDFTBSJPSFBMJ[BSEPTQVOUVBMJ[BDJPOFT VOBSFMBUJWBBMBNBH
OJUVEEFMBUBTBEFJOnBDJØOZPUSBBMBMPOHJUVEEFMQFSÓPEPEF
UJFNQPDPOTJEFSBEP
B4
FPCTFSWBRVFMBWFMPDJEBEEFDJSDVMBDJØOEFMEJOFSPOPTF
NBOUJFOFTJFNQSFDPOTUBOUF1PSFKFNQMP DVBOEPMBTUBTBT
EFJOnBDJØOTPOFMFWBEBT EJDIBWFMPDJEBEUJFOEFBBVNFO 'JHVSB 7FMPDJEBEEFDJSDVMBDJÓOEFMEJOFSP FGFDUJWPZEFQÓTJUPTB
UBS4F×BMÈCBNPTFOFM$BQÓUVMPRVFFOTJUVBDJPOFTEF MBWJTUB FOMB[POBFVSP%BUPTBOVBMFT'VFOUFFMBCPSBDJÓO
IJQFSJOnBDJØOMBTQFSTPOBT VOBWF[SFDJCFOEJOFSP DPSSFO QSPQJBBQBSUJSEFMPTEBUPTEFM#$&
NÈTMJRVJEF[QBSBDPODFEFSDSÏEJUPTBMPTQBSUJDVMBSFTZ
-BFDVBDJÓODVBOUJUBUJWBEFMEJOFSP 0.7=1: EFñOFMB TFJOJDJBEFOVFWPFMQSPDFTPQPSFMRVFTFNVMUJQMJDBO
WFMPDJEBEEFDJSDVMBDJÓOEFMEJOFSP 7 DPNPFMOÙNFSPEFWF
MPTEFQØTJUPT1PSUBOUP MBPGFSUBNPOFUBSJBTFJODSF
DFTRVFVOBVOJEBEEFNPOFEBTFVUJMJ[BEVSBOUFVOQFSÎPEP
EFUJFNQPQBSBDPNQSBSMBQSPEVDDJÓOEFMQBÎT4JMBWFMPDJEBE NFOUBSÈUBMDPNPTFEFTDSJCJØFOFM"QBSUBEP
EF DJSDVMBDJÓO FT DPOTUBOUF UBM DPNP TPTUJFOFO MPT NPOFUB 7JNPTBMMÓRVFVOJODSFNFOUPEFMBCBTFNPOFUBSJBFO
SJTUBT MBUBTBEFJOóBDJÓOQVFEFDBMDVMBSTFDPNPMBEJGFSFODJB VOBEFUFSNJOBEBDVBOUÓBMMFWBBRVFMBPGFSUBNPOFUB
FOUSFMBUBTBEFDSFDJNJFOUPEFMBPGFSUBNPOFUBSJBOPNJOBMZ SJBBVNFOUFFOFTBDVBOUÓBNVMUJQMJDBEBQPSFMWBMPSEFM
MBUBTBEFDSFDJNJFOUPEFMBQSPEVDDJÓOSFBM NVMUJQMJDBEPSNPOFUBSJP
C $VBOEPFM#BODP$FOUSBMWFOEFUÓUVMPTPBDUJWPTmOBO
DJFSPT FTUÈ EJTNJOVZFOEP TVT BDUJWPT Z DPCSBOEP DPO
¿Cómo puede interpretarse la velocidad EJOFSPRVFSFUJSBEFMBDJSDVMBDJØO%FFTUFNPEP TFSF
de circulación del dinero? EVDFMBCBTFNPOFUBSJB MPTCBODPTDPNFSDJBMFTUFOESÈO
5BMDPNPMBIFNPTEFmOJEP MBWFMPDJEBEEFDJSDVMBDJØOEFM NFOPTMJRVJEF[ZEFCFSÈOEJTNJOVJSMPTDSÏEJUPTZMPT
EJOFSPFTFMOÞNFSPEFWFDFTRVFVOBVOJEBENPOFUBSJBDBN EFQØTJUPTSFEVDJÏOEPTFBTÓMBPGFSUBNPOFUBSJB
CJBEFNBOPQBSBDPNQSBSMBQSPEVDDJØOEFVOQBÓT1FSP {RVÏ 4JOFNCBSHP FOMBNBZPSQBSUFEFMBTPDBTJPOFT MBT
TJHOJmDBEPUJFOFVOBFMFWBEBWFMPDJEBEEFDJSDVMBDJØOEFMEJ PQFSBDJPOFTEFNFSDBEPBCJFSUP 0." OPDPOTJTUFO
OFSP 4JHOJmDBRVF FODVBOUPSFDJCFOVOBDBOUJEBEEFEJOFSP FODPNQSBTPWFOUBTEFmOJUJWBT TJOPFODFTJPOFTUFNQP
MBTQFSTPOBTUBSEBONVZQPDPUJFNQPFOEFTQSFOEFSTFEFFMMB SBMFTEFFTUPTBDUJWPTmOBODJFSPTQPSQBSUFEFMPTCBODPT
FTUPFT RVFFOQSPNFEJP NBOUJFOFOQPDBDBOUJEBEEFEJOFSP DPNFSDJBMFTBM#BODP$FOUSBMBDBNCJPEFVOBEFUFSNJ
FO TV QPEFS -P DPOUSBSJP QPESÓB EFDJSTF TJ MB WFMPDJEBE EF OBEBDBOUJEBEEFEJOFSP%FFTUFNPEP FTUBT0."TF
DJSDVMBDJØOGVFTFSFEVDJEBBMSFDJCJSVOBDBOUJEBEEFEJOFSP BTFNFKBOBVOQSÏTUBNPEFM#BODP$FOUSBMBVOCBODP
MPTJOEJWJEVPTMBSFUJFOFOCBTUBOUFUJFNQP FTUPFT NBOUJFOFO QSJWBEPDPOMPTUÓUVMPTmOBODJFSPTDPNPHBSBOUÓB DPOFM
FOQSPNFEJPHSBODBOUJEBEEFEJOFSP1PSUBOUP MBWFMPDJEBE mOEFQSPQPSDJPOBSMJRVJEF[ CBTFNPOFUBSJB BMTJTUF
EFDJSDVMBDJØOFTVOBNFEJEBFTUSFDIBNFOUFSFMBDJPOBEBDPO NB1BTBEPFMQMB[P FMCBODPQSJWBEPEFWPMWFSÈBM#BO
MBEFNBOEBEFEJOFSP4JUPEPMPEFNÈTTFNBOUJFOFDPOT DP$FOUSBMFMJNQPSUFNÈTVOJOUFSÏT&TUFUJQPEFJOUF
UBOUF VOBWFMPDJEBEEFDJSDVMBDJØOFMFWBEBTJHOJmDBVOBCBKB SÏTRVFFM#BODP$FOUSBMDPCSBBMPTCBODPTDPNFSDJBMFT
EFNBOEB EF EJOFSP Z WJDFWFSTB 1PS FMMP FTUB WFMPDJEBE EF FOFTUBTPQFSBDJPOFTUFNQPSBMFTDPOBDUJWPTDPOTUJUVZF
DJSDVMBDJØOQVFEFUFOFSDJFSUBEFQFOEFODJBEFMUJQPEFJOUFSÏT FMUJQPEFJOUFSÏTPmDJBM PUJQPEFJOUFSÏTEFSFGFSFODJB
ZUBNCJÏOMPmKBFM#BODP$FOUSBM
14.3.17. LOS INSTRUMENTOS DE LA POLÍTICA El tipo de interés oﬁcial o tipo de referencia

MONETARIA
&MUJQPEFJOUFSÏTPmDJBMEFSFGFSFODJB RVFFTFMRVFDPCSBFM
:BIFNPTTF×BMBEPRVFFMDPOUSPM FTEFDJS FMBVNFOUPPEJTNJOV #BODP$FOUSBMBMPTCBODPTDPNFSDJBMFTQPSMBTPQFSBDJPOFT
DJØO TFHÞOMPTPCKFUJWPT EFMBDBOUJEBEEFEJOFSPFODJSDVMBDJØOV UFNQPSBMFTEFDFTJØOEFBDUJWPT UJFOFJNQPSUBODJBQPSWBSJPT
PGFSUBNPOFUBSJB ZDPOFMMPMBJOnVFODJBTPCSFMPTUJQPTEFJOUFSÏT NPUJWPT &O QSJNFS MVHBS BZVEB B DPOUSPMBS MB DBOUJEBE EF
TFEFOPNJOBQPMÓUJDBNPOFUBSJB&ODBEBQBÓTMBSFTQPOTBCJMJEBE EJOFSPRVFFM#BODP$FOUSBMEFTFBTBDBSBDJSDVMBDJØO4JEF
EFMBQPMÓUJDBNPOFUBSJBDPSSFTQPOEFBTV#BODP$FOUSBM UBN TFBSFEVDJSCBTFNPOFUBSJB QVFEFBVNFOUBSFMUJQPEFJOUFSÏT
CJÏO MMBNBEP CBODP FNJTPS "RVFMMPT NFDBOJTNPT EF BDUVBDJØO PmDJBMEJTVBEJFOEPBMPTCBODPTQSJWBEPTBUPNBSQSFTUBEPEFM
QPSMPTRVFFM#BODP$FOUSBMQVFEFDPOUSPMBSMBPGFSUBNPOFUBSJB #BODP$FOUSBMFOFTUBTPQFSBDJPOFTUFNQPSBMFTEFNFSDBEP
IBDJÏOEPMBBVNFOUBSPEJTNJOVJSP NÈTEJSFDUBNFOUF BGFDUBSBM BCJFSUP ZBRVFFMFWBFMDPTUFEFMDSÏEJUP4JEFTFBJODSFNFO
UJQP EF JOUFSÏT EF NFSDBEP TF EFOPNJOBO JOTUSVNFOUPT EF MB UBSMBCBTFNPOFUBSJB QVFEFSFEVDJSFMUJQPEFJOUFSÏTPmDJBM
QPMÓUJDBNPOFUBSJB JODFOUJWBOEP B MPT CBODPT DPNFSDJBMFT B UPNBS NÈT EJOFSP
&OMB[POBEFMFVSP FM#BODP$FOUSBM&VSPQFPIBEFUFSNJ QSFTUBEPDPOFTUBTPQFSBDJPOFT&OTFHVOEPMVHBS FTUFUJQP
OBEPUSFTJOTUSVNFOUPTEFQPMÓUJDBNPOFUBSJBMBTPQFSBDJPOFTEF EFJOUFSÏTBGFDUBBMDPTUFEFVOBQBSUFEFMBmOBODJBDJØOEFMBT
NFSDBEP BCJFSUP MBT GBDJMJEBEFT QFSNBOFOUFT Z FM DPFmDJFOUF FOUJEBEFTCBODBSJBT6OBFMFWBDJØO QPSFKFNQMP UFOESÈDJFSUB
EFDBKBPDPFmDJFOUFEFSFTFSWBTNÓOJNBT-PTEPTQSJNFSPTBD JOnVFODJB TPCSF FM JOUFSÏT RVF FTUPT CBODPT DPCSBSÈO B TVT
UÞBOBUSBWÏTEFMBCBTFNPOFUBSJBZFMUFSDFSPBUSBWÏTEFMNVMUJQMJ DMJFOUFTQPSMPTDSÏEJUPT1PSÞMUJNP QFSPNVZJNQPSUBOUF FM
DBEPSNPOFUBSJP&TUVEJBSFNPTDBEBVOPEFFMMPTQPSTFQBSBEP UJQPEFJOUFSÏTPmDJBMFTVOBTF×BMEFJOGPSNBDJØORVFFM#BO
DP$FOUSBMMBO[BBMPTBHFOUFTFDPOØNJDPTTPCSFMBTJOUFODJP
-BTPQFSBDJPOFTEFNFSDBEPBCJFSUP 0." &M#BODP OFT EF TV QPMÓUJDB NPOFUBSJB -PT NFEJPT EF DPNVOJDBDJØO
$FOUSBMJOUFSWJFOFFOMPTNFSDBEPTmOBODJFSPTDPNQSBO SFDPHFOTJFNQSFEFGPSNBNVZEFTUBDBEBMBTEFDJTJPOFTEFMBT
EPPWFOEJFOEPBDUJWPTmOBODJFSPTBMPTCBODPTQSJWBEPTZ BVUPSJEBEFTNPOFUBSJBTSFMBUJWBTBFTUFUJQPEFJOUFSÏTPmDJBMZ
FOUJEBEFTEFDSÏEJUP EFFTUFNPEP TFNBSDBMBUFOEFODJBRVFTFHVJSÈOMPTUJQPTEF
B$
VBOEPFM#BODP$FOUSBMDPNQSBFTUPTUÓUVMPTPBDUJWPT JOUFSÏTBDPSUPQMB[PFOFMDPOKVOUPEFMBFDPOPNÓB
mOBODJFSPTFTUÈJODSFNFOUBOEPTVTBDUJWPTZQBHBOEP
DPOOVFWPEJOFSPRVFQBTBBGPSNBSQBSUFEFMBCBTF -BTGBDJMJEBEFTQFSNBOFOUFT-PTCBODPTDPNFSDJBMFTTV
NPOFUBSJB -PT CBODPT DPNFSDJBMFT QPTFFO FOUPODFT GSFO FODJFSUBTPDBTJPOFT EFVOBFTDBTF[EFMJRVJEF[ BNVZ
DPSUP QMB[P RVF OP QVFEFO DVCSJS UPNBOEP QSFTUBEP EF WBNPTBBOBMJ[BSMPTQSPCMFNBTRVFTVSHFOBMBIPSBEFQPOFS
PUSPT CBODPT FO FM NFSDBEP JOUFSCBODBSJP RVF FT BRVFM MBFOQSÈDUJDBZDVÈMFTTPOMBTFTUSBUFHJBTRVFQVFEFOVUJMJ[BSTF
NFSDBEPFOFMRVFVOPTCBODPTQSFTUBOBPUSPT0USBTWFDFT 6OBQPMÓUJDBNPOFUBSJBSFRVJFSF FOQSJNFSMVHBS MBEFmOJDJØOEF
TFFODVFOUSBODPOFMQSPCMFNBDPOUSBSJP FTEFDJS VOFYDFTP TVTJOTUSVNFOUPT FTUPFT EFBRVFMMPTNFDBOJTNPTRVFFM#BODP
EF MJRVJEF[ B NVZ DPSUP QMB[P RVF SFTVMUB EJmDVMUPTP EF $FOUSBMFTUBCMFDFQBSBBGFDUBSBMBTNBHOJUVEFTNPOFUBSJBTZRVF
QSFTUBS&M#BODP$FOUSBMEJTQPOFFOUPODFTEFVONFDB DPOTJEFSBRVFTFFODVFOUSBOCBKPTVDPOUSPM:BIFNPTEFUFSNJ
OJTNPQBSBRVFMPTCBODPTDPOFTDBTF[EFMJRVJEF[QVFEBO OBEPRVFFTUPTJOTUSVNFOUPTQVFEFOTFSMBTPQFSBDJPOFTEFNFS
UPNBSQSFTUBEPBVOEÓBZQBSBRVFMPTCBODPTDPOFYDFTP DBEPBCJFSUP MBTGBDJMJEBEFTQFSNBOFOUFTZFMDPFmDJFOUFEFDBKB
EFMJRVJEF[QVFEBOEFQPTJUBS UBNCJÏOBVOEÓB FOFMQSP &OTFHVOEPMVHBS MBTBVUPSJEBEFTNPOFUBSJBTEFCFOFTUBCMFDFS
QJP#BODP$FOUSBMTJFNQSFBJOJDJBUJWBEFMPTJOUFSFTBEPT MPTPCKFUJWPTÞMUJNPT FTUPFT MBTNFUBTRVFQSFUFOEFOBMDBO[BSTF
$VBOEPMPTCBODPTSFDVSSFOBMQSÏTUBNPEFMBTGBDJMJEBEFT NFEJBOUFMBQVFTUBFONBSDIBEFEJDIBQPMÓUJDB)FNPTWJTUPRVF
QFSNBOFOUFT TFEJDFRVFFM#BODP$FOUSBMTFIBDPOWFSUJEP BMBSHPQMB[PMBQPMÓUJDBNPOFUBSJBBGFDUBTØMPBMPTQSFDJPT1PS
FO QSFTUBNJTUB EF ÞMUJNB JOTUBODJB ZB RVF BM TFS FM UJQP UBOUP FMPCKFUJWPBNFEJPZMBSHPQMB[PEFMBQPMÓUJDBNPOFUBSJB
EFJOUFSÏTRVFTFDPCSBQPSFTUBPQFSBDJØOTFOTJCMFNFOUF TVFMFTFSMBFTUBCJMJEBEEFQSFDJPT MPRVFSFRVJFSFMBEFmOJDJØOEF
TVQFSJPSBMUJQPPmDJBM MPTCBODPTSFDVSSJSÈOBFTUFNFDBOJT VOBUBTBEFJOnBDJØORVFTFDPOTJEFSBØQUJNBZTFEFTFBBMDBO[BS
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