274 ɦɟɬɢɬɶɱɬɨɷɬɨɬɪɟɠɢɦɧɟɢɦɟɟɬɩɪɹɦɨɣɫɜɹɡɢɫɞɢɧɚɦɢɤɨɣɪɚɡɦɟɪɨɜɝɨɪɧɵɯɥɟɞɧɢɤɨɜɫɨɫɬɨ ɹɧɢɟɤɨɬɨɪɵɯɨɩɪɟɞɟɥɹɟɬɫɹɩɨɝɨɞɧɵɦɢɭɫɥɨɜɢɹɦɢɡɧɚɱɢɬɟɥɶɧɨɛɨɥɟɟɞɥɢɬɟɥɶɧɨɝɨɩɟɪɢɨɞɚ Ʌɢɬɟɪɚɬɭɪɚ  ȼɢɥɟɫɨɜȿɇɍɜɚɪɨɜȼɇ ɄɨɥɟɛɚɧɢɹɝɨɪɧɵɯɥɟɞɧɢɤɨɜɤɚɤɢɧɞɢɤɚɬɨɪɢɡɦɟɧɟɧɢɹɤɥɢɦɚɬɚȽɢ ɞɪɨɦɟɬɟɨɪɨɥɨɝɢɹɢɷɤɨɥɨɝɢɹȺɥɦɚɬɵʋ±ɋ  ȾɢɤɢɯȺɇɍɫɭɛɚɥɢɟɜɊ ȺȾɠɭɦɚɲɟɜɄ ȾɢɧɚɦɢɤɚɨɥɟɞɟɧɟɧɢɹɫɟɜɟɪɧɨɝɨɫɤɥɨɧɚɄɢɪɝɢɡɤɨɝɨ ɫɤɥɨɧɚ ɢ ɟɟ ɩɪɨɹɜɥɟɧɢɹ ɜ ɜɨɞɧɨɫɬɢ ɪɟɤ Ɇɟɬɟɨɪɨɥɨɝɢɹ ɢ ɝɢɞɪɨɥɨɝɢɹ ɜ Ʉɢɪɝɢɫɬɚɧɟ Ȼɢɲɤɟɤ ȼɵɩ±ɋ±  ȾɸɪɝɟɪɨɜɚɆȻɅɸɒɚɨɯɚɹɋɭɁɢɱɭ ɈɥɟɞɟɧɟɧɢɟɌɹɧɶɒɚɧɹɆɫ  ɂɦɛɪɢȾɂɦɛɪɢɄ ɌɚɣɧɵɥɟɞɧɢɤɨɜɵɯɷɩɨɯɉɨɞɪɟɞȽ ȺȺɜɫɸɤɚɆɉɪɨɝɪɟɫɫ±ɫ  ɄɨɧɨɜɚɥɨɜȼȽ Ʉɚɬɚɥɨɝɢɡɚɰɢɹɝɨɪɧɵɯɥɟɞɧɢɤɨɜɢɝɟɧɟɪɚɥɢɡɚɰɢɹɢɯɪɚɫɩɪɟɞɟɥɟɧɢɹ ɩɨɦɚɬɟɪɢ ɚɥɚɦ ɞɢɫɬɚɧɰɢɨɧɧɨɝɨ ɡɨɧɞɢɪɨɜɚɧɢɹ ɋɨɜɪɟɦɟɧɧɵɟ ɩɪɨɛɥɟɦɵ ɞɢɫɬɚɧɰɢɨɧɧɨɝɨ ɡɨɧɞɢɪɨɜɚɧɢɹ ɁɟɦɥɢɢɡɤɨɫɦɨɫɚɌ ʋɋ±  ɆɚɤɚɪɟɜɢɱɄȽȼɢɥɟɫɨɜȿɇȽɨɥɨɜɧɢɧɚɊ Ƚ Ʌɟɞɧɢɤ ɌɭɸɤɋɭɅȽɢɞɪɨɦɟɬɟɨɢɡɞɚɬ± ɫ  ɌɨɤɦɚɝɚɦɛɟɬɨɜȽ ȺɅɟɞɧɢɤɢɁɚɢɥɢɣɫɤɨɝɨȺɬɚɬɚɭȺɥɦɚȺɬɚɇɚɭɤɚ±ɫ 0RQLWRULQJRIWHPSRUDU\VQRZ¿HOGVVL]HVRIWKH1RUWKHUQ 7LHQ6KDQDQG'MXQJDULDQ$ODWDXLQWKHSHULRG\HDUV DFFRUGLQJWR/$1'6$770(70 $*7HUHNKRY .D]DNK5HVHDUFK,QVWLWXWHRI(QYLURQPHQWDQG&OLPDWH.D]DNKVWDQ $OPDW\6HLIXOLQVWU  (PDLODWHUHNKRY#\DQGH[UX  $QQXDOYDULDWLRQVLQUDLQIDOODQGWHPSHUDWXUHGH¿QHWKHPRXQWDLQVRI&HQWUDO$VLDUXQRIIUHJLRQ¶VPDMRUULYHUVZKLFK SURYLGHZDWHUIRULUULJDWLRQIDUPLQJLQ8]EHNLVWDQ.D]DNKVWDQ7XUNPHQLVWDQDQGIRUPWKHK\GURSRZHUSRWHQWLDORI .\UJ\]VWDQ7DMLNLVWDQDQG.D]DNKVWDQ'U\\HDUVOHDGWRODUJHFRVWVLQWKHHFRQRP\RIWKH&HQWUDO$VLDQFRXQWULHV DQGVHYHUDOGU\\HDUVUDLVHVWKHTXHVWLRQRIUHJLRQDOIRRGVHFXULW\DQGSROLWLFDOVWDELOLW\,QWKLVFRQQHFWLRQWKHUHPRWH VHQVLQJPHWKRGVRIGLDJQRVLVRIVHDVRQDOPLQLPXPRIWKHVQRZUH VHUYHVLQWKHPRXQWDLQVRIFRQVLGHUDEOHLQWHUHVW 7HPSRUDU\VQRZ¿HOGVVL]HLQ 7LHQ6KDQLVPRVWFORVHO\UHODWHGWRWKHVHDVRQDOOHYHORIVROLGSUHFLSLWDWLRQLQPRXQWDLQRXV DUHDV ,Q GU\ \HDUV WHPSRUDU\ VQRZ¿HOGV GLVDSSHDU DQG LQ ZHWDUHDV WR UHDFK VLJQL¿FDQW YDOXHV$FFRUGLQJ WR WKH /$1'6$ 770(70IRU\HDUVPRQLWRUHGWKHVHDVRQDOPLQLPXPRIWHPSRUDU\  VQRZ¿HOGVVL]HRQWHVW VLWHVORFDWHGZLWKLQWKH7UDQV,OL$OD7DX.XQJHL$OD7RRDQG'MXQJDULDQ$OD7DX2EWDLQDKRPRJHQHRXVVHULHVRI GLDJQRVLQJWKHG\QDPLFVRIVQRZFRYHULQPRXQWDLQRXVDUHDVGXULQJWKH\HDUV .H\ZRUGVVDWHOOLWHPRQLWRULQJWKHWHVWVLWHIRWRLQWHUSUHWDWLRQPDSSLQJRIWHPSRUDU\VQRZ¿HOGVORQJWHUPG\QDPLFV RIPRXQWDLQVQRZV\VWHPV