%HKLQGWKH&RXQFLO$JHQGD 7KH&RPPLVVLRQªV,PSDFWRQ'HFLVLRQV 6XVDQQH.6FKPLGW 0D[3ODQFN,QVWLWXWIU*HVHOOVFKDIWVIRUVFKXQJ /RWKULQJHU6WU '.|OQ *HUPDQ\ 7HOHSKRQH )D[ 03,I*'LVFXVVLRQ3DSHU (0DLO LQIR#PSLIJNRHOQPSJGH ,661¥ +RPH3DJH KWWSZZZPSLIJNRHOQPSJGH 'HFHPEHU 03,)*'LVFXVVLRQ3DSHU $EVWUDFW 7KLVSDSHUFRQWULEXWHVWRWKHRQJRLQJGLVFXVVLRQDERXWWKHVFRSHIRUDXWRQRPRXV DFWLRQ RI VXSUDQDWLRQDO RUJDQL]DWLRQV LQ WKH (XURSHDQ 8QLRQ IRFXVVLQJ RQ WKH (XURSHDQ&RPPLVVLRQ,QWKHOLWHUDWXUHWKHLQGHSHQGHQFHRIWKH&RPPLVVLRQLV IUHTXHQWO\ TXHVWLRQHG ZKLOH WKH UHODWLYH DXWRQRP\ RI WKH (XURSHDQ &RXUW RI -XVWLFHLVOHVVFRQWHQWLRXV7KH&RPPLVVLRQªVSRZHULVODUJHO\UHODWHG¥DQGUH VWULFWHG ¥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lKLJNHLWVXSUDQDWLRQDOHU2UJDQLVDWLRQHQLQGHU(8 ZHUGHQKHIWLJGHEDWWLHUW,QGHU/LWHUDWXUZLUGGLH8QDEKlQJLJNHLWGHV(XURSlL VFKHQ *HULFKWVKRIV DQGHUV DOV GLH GHU .RPPLVVLRQ NDXP EH]ZHLIHOW 0LW GHQ +DQGOXQJVP|JOLFKNHLWHQ GHU .RPPLVVLRQ EHVFKlIWLJW VLFK GLHVHU %HLWUDJ 6LH ZHUGHQ LQ GHQ PHLVWHQ $QDO\VHQ PLW LKUHP 9RUVFKODJVUHFKW YHUEXQGHQ 'DJH JHQZLUG]XZHQLJEHDFKWHWLQZHOFKHP0DHGLH.RPPLVVLRQYRQGHQLKULP VXSUDQDWLRQDOHQ5HFKWVV\VWHP]XJHGDFKWHQ$XIJDEHQSURILWLHUHQNDQQ$QKDQG HLQLJHU%HLVSLHOH]HLJHLFKZLHGLH.RPPLVVLRQLKUH5ROOHDOV+WHULQGHU9HU WUlJH GD]X QXW]HQ NDQQ GHQ 0LQLVWHUUDW ]XP +DQGHOQ ]X ]ZLQJHQ $XI GLHVH :HLVH YHUPDJ GLH .RPPLVVLRQ GLH (XURSlLVFKH ,QWHJUDWLRQ ZHLWJHKHQG HLJHQ VWlQGLJ ]X EHHLQIOXVVHQ 'DEHL SURILWLHUW VLH YRQ GHU JU|HUHQ 8QDEKlQJLJNHLW GHV(XURSlLVFKHQ*HULFKWVKRIV 6FKPLGW7KH&RPPLVVLRQ V,PSDFWRQ'HFLVLRQV &RQWHQWV ,QWURGXFWLRQ 7KH'HEDWHG$XWRQRP\RIWKH&RPPLVVLRQ 7KH6XSUDQDWLRQDO6KDSLQJRI'HFLVLRQV %H\RQG$JHQGD6HWWLQJ7KH&RPPLVVLRQª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ªV DJHQGDVHWWLQJ SRZHUV 6WHXQHQEHUJ 6FKQHLGHU *DUUHWW7VHEHOLV %DVHGRQWKHVSHFLILFGHFLVLRQUXOHVRIWKH(XURSHDQOHJLVODWLYHSURFHGXUHV WKHFKDQQHOVWKURXJKZKLFKWKH&RPPLVVLRQFDQH[HUWVXSUDQDWLRQDOLQIOXHQFHRQ (XURSHDQGHFLVLRQVKDYHEHHQSUHFLVHO\GHILQHG ,QWKLVSDSHU,DUJXHWKDWWKHUROHSOD\HGE\WKH&RPPLVVLRQLQWKH&RXQFLOªVGH FLVLRQPDNLQJKDVVRIDUEHHQRQO\SDUWLDOO\UHYHDOHG7KLVLVEHFDXVHVWXGLHVXVX DOO\WUHDWWKHGHFLVLRQPDNLQJRIWKH&RXQFLOLQLVRODWLRQLJQRULQJWKHIDFWWKDWLW LVHPEHGGHGLQDVXSUDQDWLRQDOOHJDOFRQWH[W$QDO\VHVRIWKHLPSDFWRIGHFLVLRQ UXOHVQRUPDOO\DVVXPHDGHIDXOWFRQGLWLRQ 2VWURPI WKDWLVVWDEOH7KXV JRYHUQPHQWVFKRRVHEHWZHHQWKHVWDWXVTXRDQGWKH&RPPLVVLRQª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¥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ªVGHFL VLRQPDNLQJ ,EHJLQZLWKDVKRUWUHYLHZRIKRZWKH&RPPLVVLRQªVUROHKDVEHHQFRQFHSWXDO L]HGLQWKHOLWHUDWXUH$IWHUGLVFXVVLQJWKHGLIIHUHQWSRZHUVWKDWWKH&RPPLVVLRQ KDVDWLWVGLVSRVDO,SUHVHQWGLIIHUHQWFDVHVZKHUHWKHVHULJKWVKDYHEHHQLQIOXHQ WLDO IRU VXEVHTXHQW &RXQFLO GHFLVLRQV VKRZLQJ KRZ WKH &RPPLVVLRQ PD\ FRP ELQHLWVGLIIHUHQWFRPSHWHQFHV6XEVHTXHQWO\,H[DPLQHWKHJHQHUDOFKDUDFWHULVWLFV RIWKHFDVHVSRLQWLQJWRWKHLPSOLFDWLRQVIRUDQDO\VHVRIGHFLVLRQPDNLQJLQWKH (8,FORVHE\FRQVLGHULQJWKHUHOHYDQFHRIWKHLGHQWLILHGPHFKDQLVPV 7KH'HEDWHG$XWRQRP\RIWKH&RPPLVVLRQ 7KH GHJUHH RI WKH &RPPLVVLRQªV DXWRQRP\ LV ZLGHO\ GHEDWHG %HIRUH DOO HOVH SURYLQJ DQ LQGHSHQGHQW LPSDFW RI VXSUDQDWLRQDO DFWRUV RQ WKH FRXUVH RI (XUR SHDQ LQWHJUDWLRQ LV FHQWUDO IRU WKRVH DXWKRUV LQWHUHVWHG LQ UHIXWLQJ LQWHUJRYHUQ PHQWDOLVW H[SODQDWLRQV 6DQGKROW] ,Q DGGLWLRQ LQVWLWXWLRQDOLVW DQDO\VHV KDYH EHFRPH PRUH LPSRUWDQW DLPLQJ QRW VR PXFK WR GHWHUPLQH ZKHWKHU WKH &RPPLVVLRQPD\H[HUWLQIOXHQFHEXWXQGHUZKLFKFLUFXPVWDQFHV 3ROODFN 7KH&RPPLVVLRQªVDELOLW\WRLQIOXHQFHWKHFRXUVHRI(XURSHDQGHFLVLRQVE\XVLQJ LWVULJKWVIRUDJHQGDVHWWLQJKDVUHFHLYHGSDUWLFXODUDWWHQWLRQIURPWKHSHUVSHFWLYH RI UDWLRQDOFKRLFH LQVWLWXWLRQDOLVP 6WHXQHQEHUJ 6FKQHLGHU *DUUHWW 7VHEHOLV %XWDOVRPRUHJHQHUDOO\LWVIRUPDOPRQRSRO\RQWKHULJKWRILQL WLDWLYHWRWKH&RXQFLOLVVHHQWREHRQHRILWVPDMRUDYHQXHVIRUKDYLQJLPSDFWRQ WKH FRXUVH RI (XURSHDQ LQWHJUDWLRQ 3HWHUV .
Details
-
File Typepdf
-
Upload Time-
-
Content LanguagesEnglish
-
Upload UserAnonymous/Not logged-in
-
File Pages36 Page
-
File Size-