Re-skilling vocational education and training practitioners in Indonesia

(1)

PAPER • OPEN ACCESS

Re-skilling vocational education and training practitioners in Indonesia

To cite this article: B Fairman et al 2020 J. Phys.: Conf. Ser. 1516 012045

View the article online for updates and enhancements.

5HVNLOOLQJYRFDWLRQDOHGXFDWLRQDQGWUDLQLQJSUDFWLWLRQHUVLQ ,QGRQHVLD

%)DLUPDQ$9RDN+$EGXOODKDQG$,QGDUMR

$6($1,QVWLWXWHRI$SSOLHG/HDUQLQJ-DNDUWD

'HDNLQ8QLYHUVLW\$XVWUDOLD

3ROLWHNQLN1HJHUL0DODQJ

0LQLVWU\RI(GXFDWLRQDQG&XOWXUH-DNDUWD (PDLOEULDQIDLUPDQ#DLDOLQVWLWXWH

$EVWUDFW*OREDOLVDWLRQWRJHWKHUZLWKWKHHVFDODWLQJOHYHOVRILQWHUQDWLRQDOLVDWLRQRIHGXFDWLRQLV SODFLQJ HPHUJLQJ DQG XQIDPLOLDU SUHVVXUHV RQ WKH ,QGRQHVLD YRFDWLRQDO HGXFDWLRQ DQG WUDLQLQJ V\VWHP ,QFUHDVLQJO\ ,QGRQHVLD OLNH PDQ\ RWKHU $6($1 QDWLRQV LV EHLQJ FKDOOHQJHG E\ WKH JURZWKRIHPSOR\HHPRELOLW\DQGFXUUHQWO\WKHLUHGXFDWLRQDOLQVWLWXWLRQVVWUXJJOHWRSURYLGHWKH KXPDQ UHVRXUFH GHYHORSPHQW IUDPHZRUNV WR EXLOG D PRGHUQ VNLOOHG DQG HIILFLHQW ZRUNIRUFH 5HFRJQLVLQJWKLVQHHGWRPHHWWKHVHXUJHQWGHPDQGVIRUDPRGHUQVNLOOHGDQGWUDLQHGZRUNIRUFH WKH,QGRQHVLDQJRYHUQPHQWKDVIRFXVHGRQWKHLQWURGXFWLRQRIDGYDQFHGWHFKQLFDODQGYRFDWLRQDO HGXFDWLRQWKURXJKDµ5HYLWDOLVDWLRQ3URJUDPIRU9RFDWLRQDO+LJKHU(GXFDWLRQ,QVWLWXWLRQV¶7KLV SURJUDPLVGHVLJQHGWRLPSURYHWKHUHOHYDQFHHQJDJHPHQWDQGXQGHUVWDQGLQJEHWZHHQYRFDWLRQDO DQG KLJKHU HGXFDWLRQ LQVWLWXWLRQV ZLWK EXVLQHVV DQG LQGXVWU\ EXW LW RIWHQ FDOOV RQ LQWHUQDWLRQDO HGXFDWLRQDOVXSSRUW,QWKLVSDSHUZHH[DPLQHWKHLPSOLFDWLRQVRILPSRUWLQJµH[WHUQDONQRZKRZ¶

LQWRWKH,QGRQHVLDQYRFDWLRQDOHGXFDWLRQDQGWUDLQLQJVHFWRUSODFLQJSDUWLFXODUIRFXVRQFXOWXUDOO\

DSSURSULDWH WUDLQLQJ PRGHOV WKH JURZLQJ UHOLDQFH RQ µH[WHUQDO¶ PRGHOV RI HQJDJHPHQW DQG WKH LPSOLFDWLRQVIRUDSSURSULDWHDQGVXVWDLQDEOHYRFDWLRQDOWUDLQLQJPRGHOV&HQWUDOWRWKLVUHVNLOOLQJ RI WKH YRFDWLRQDO HGXFDWLRQ DQG WUDLQLQJ VHFWRU DUH SURJUDPV WKDW DGGUHVV WKH KXPDQ UHVRXUFH FDSDELOLW\GHYHORSPHQWRIWKHHGXFDWRUZRUNIRUFHEXLOGYLDEOHDQGVXVWDLQDEOHOLQNVWRLQGXVWU\LQ RUGHUWRSURYLGHVHDPOHVVZRUNIRUFHQHHGVH[SORUHDQGH[DPLQHPRGHOVIRUVXFFHVVIXOLQGXVWU\

GHYHORSPHQW DQG QXUWXUH PXWXDOO\ EHQHILFLDO µVWUDWHJLF SDUWQHUVKLSV¶ ERWK ORFDOO\ DQG LQWHUQDWLRQDOO\

,QWURGXFWLRQ

*OREDOLVDWLRQDQGLWVLPSOLFDWLRQVIRUYRFDWLRQDOHGXFDWLRQDQGWUDLQLQJLQWHUYHQWLRQV

*OREDOLVDWLRQ LQ FRQMXQFWLRQ ZLWK HVFDODWLQJ OHYHOV RI LQWHUQDWLRQDOLVDWLRQ RI HGXFDWLRQ LV SODFLQJ HPHUJLQJ DQG XQIDPLOLDU SUHVVXUHV RQ WKH ,QGRQHVLDQ 7UDLQLQJ DQG )XUWKHU (GXFDWLRQ )( V\VWHP

$FFRUGLQJWR6HYUDQLDQG*RULFD>@JOREDOLVDWLRQLVµDQLQHYLWDEOHDQGLUUHYHUVLEOHSURFHVV¶DQGDVVXFK UHFRPPHQG WKDW LQ GHDOLQJ ZLWK JOREDOLVDWLRQ WKH GHYHORSPHQW RI D )( ZLWKLQ HPHUJLQJ MXULVGLFWLRQV QHHGV WR DFNQRZOHGJH WKH LQHYLWDEOH SRVLWLYH DVSHFWV RI WKH FKDQJH DQG GLPLQLVK WKH QHJDWLYH RQHV 0DUTXHVHWDO>@SURYLGHDFOHDUDQGSRVLWLYHDQDO\VLVRIJOREDOLVDWLRQVXJJHVWLQJLWEULQJVJUHDWHUWUDGH EHQHILWV DORQJ ZLWK HIILFLHQFLHV FRVW UHGXFWLRQV DQG HFRQRPLF LQWHJUDWLRQ $GGLWLRQDOO\ $QGHUVRQ >@

RSLQHVWKDWJOREDOLVDWLRQFDQLIWUHDWHGZLWKLQWHQWLRQDVVLVWLQWKHFUHDWLRQRIERUGHUOHVVPDUNHWSODFHV

(3)

2

DQGVXEVHTXHQWO\LQFUHDVHWKHGLYHUVLILFDWLRQRIVHUYLFHVDQGSURGXFWVWKURXJKWKHPDQLIHVWDWLRQRIWKH H[SRUW RSSRUWXQLWLHV *OREDOLVDWLRQ KDV LQ HVVHQFH DFFHOHUDWHG WKH UHIRUPDWLRQ RI LQGXVWU\ LWV SHUYDVLYHQHVVDQGLVSDUWLFXODUO\VHHQZLWKUHVSHFWWR9RFDWLRQDO(GXFDWLRQDQG7UDLQLQJ9(7UHIRUP DFURVV WKH $6($1 QDWLRQ VWDWHV ,Q WKLV UHVSHFW ,QGRQHVLD OLNH PDQ\ RWKHU $6($1 QDWLRQV LV EHLQJ VHULRXVO\FKDOOHQJHGE\FRPPLWPHQWVWRZDUGVJUHDWHUHPSOR\HHPRELOLW\EXWFXUUHQWO\WKHLUHGXFDWLRQDO LQVWLWXWLRQV ODFN WKH DELOLW\ WR SURYLGH WKH KXPDQ UHVRXUFH GHYHORSPHQW IUDPHZRUNV WR SURYLGH DQ DSSURSULDWHO\VNLOOHGDQGHIILFLHQWZRUNIRUFH

9(7UHIRUPIRFXVHVRQLQGXVWU\OHGWUDLQLQJLQWHUYHQWLRQVFXUULFXOXPUHIRUPDQGDFORVHDOLJQPHQWWR WKHVWDWHGQHHGVRILQGXVWU\5HIRUPVDUHLQFUHDVLQJO\EHFRPLQJPRUHDOLJQHGZLWKLQGXVWU\UHTXLUHPHQWV DQGDUHGULYHQE\HPHUJLQJPDUNHWV7KH\LQFOXGHJUHDWHUIRFXVEHLQJSODFHGRQQHZWHFKQRORJLHVDQG WKH UHPRYDO RI RXWGDWHG FXUULFXOD )XUWKHUPRUH UHIRUP IXQGDPHQWDOO\ UHTXLUHV UHSODFLQJ RXWPRGHG HTXLSPHQWDQGWHDFKLQJOHDUQLQJPDWHULDOVZLWKVWDWHRIWKHDUWPDWHULDO>@,QVRPHFRXQWULHVWKLV9(7 UHIRUP SOD\V D YDOXDEOH UROH LQ VWLPXODWLQJ DQG IDFLOLWDWLQJ HFRQRPLF H[SDQVLRQ DV WKHVH FRXQWULHV UHVSRQGWRWKHGHPDQGVRIJOREDOLVDWLRQ>@9RONRIIDQG3HUU\>@DOVRFRQWHQGWKDWSDUDOOHOJOREDOLVDWLRQ DQGWHFKQRORJLFDOUHIRUPVFUHDWHWKHQHHGIRUXUJHQWVWUXFWXUDOFKDQJHVDURXQGVNLOOGHYHORSPHQW7KHVH FKDQJHVQHHGWRDFWLQFRQFHUWZLWKUDSLGO\FKDQJLQJVRFLDOHQYLURQPHQWDQGHFRQRPLFQHHGVHPHUJLQJ ZLWKLQ GHYHORSLQJ FRXQWULHV OLNH ,QGRQHVLD *OREDOLVDWLRQ KDV VHUYHG DV D YDOXDEOH HQDEOHU IRU WKHVH FRXQWULHV LQFOXGLQJ ,QGRQHVLD DOORZLQJ WKHP WR H[SRQHQWLDOO\ H[SDQG JOREDO EXVLQHVV DQG WUDGLQJ UHODWLRQVKLSVDV ZHOODVEHJLQWREXLOGQHZPXWXDOO\EHQHILFLDO VWUDWHJLFSDUWQHUVKLSVEHWZHHQ )( DQG WUDLQLQJSURYLGHUVDQGLQGXVWU\ORFDOO\DQGLQWHUQDWLRQDOO\>@,WLVDJDLQVWWKLVDSSDUHQWO\DGYDQWDJHRXV EDFNJURXQGWKDWWKLVSDSHUWHQWDWLYHO\DUJXHVWKDWWKHVHµVWUDWHJLFSDUWQHUVKLSV¶QHHGWREHPRUHFORVHO\

H[DPLQHGVLQFHµPXWXDOEHQHILW¶LVDVXEWOHDQGQXDQFHGFRQFHSW

7KHVH SDUWQHUVKLSV LQYROYH D VRPHZKDW LQWULFDWH DUUD\ RI RXWFRPHV DQG FKDOOHQJHV 7KHUH LV DQ LQFUHDVLQJ GHJUHH RI µPRELOLVDWLRQ¶ LQWHUFRQQHFWHGQHVV DQG LQWHUGHSHQGHQFH LQ DQG DPRQJ $6($1 QDWLRQVWDWHVDQGLQGLYLGXDOVUHVXOWLQJIURPWKHRSHQLQJRIUHJLRQDOERUGHUV>@,QDGGLWLRQWKHUHLVWKH FRQFRPLWDQWSUREOHPRIKRZWREHWWHUXQGHUVWDQGLVVXHVDURXQGKXPDQFRQQHFWLYLW\DQGPRELOLW\ZKLFK ZLOO EH QHHGHG WR PDLQWDLQ DQG HQKDQFH D VRFLDO PLOLHX ZKLFK LV LQFUHDVLQJ LQ VL]H DQG FRPSOH[LW\

3DUWQHUVKLSV DOVR SURYLGH RSSRUWXQLWLHV IRU $6($1 QDWLRQ VWDWH JRYHUQPHQWV WR PRUH FRQILGHQWO\

LQIOXHQFH WKH PRELOLW\ DQG VNLOOV GHYHORSPHQW SURJUDPV UHTXLUHG WR UHVSRQG WR WKHVH PRELOLVDWLRQ UHTXLUHPHQWV ,QGHHG 0DUJLQVRQ >@ REVHUYHV WKDW WKH IORZ RI JOREDO FDSLWDO DQG JUHDWHU ILQDQFLDO LQWHUFRQQHFWHGQHVV FDQ FRQVXPH PDUNHWV \HW WUDLQLQJ DQG PRUHRYHU HGXFDWLRQ V\VWHPV UHPDLQ DUHDV ZKHUHJRYHUQPHQWVFDQVWLOOH[HUFLVHVRYHUHLJQSRZHU

7KHHPHUJHQFHRIVRPHKLGGHQSUREOHPVLQLPSRUWHGGHYHORSPHQWDVVLVWDQFH

+RZHYHUQRWZLWKVWDQGLQJWKHSRVLWLYHHIIHFWVRIJOREDOLVDWLRQLWLVRIFRQFHUQWRXVWKDWWKHUHDUHVRPH UHODWLYHO\ KLGGHQ LVVXHV ZKLFK ZH IHHO QHHG WR EH DW OHDVW DFNQRZOHGJHG $QGHUVRQ >@ EHOLHYHV JOREDOLVDWLRQ FDQ SRWHQWLDOO\ HURGH WUDGLWLRQDO FRQWUROV ZLWKLQ FRXQWULHV HVSHFLDOO\ ZKHQ WKH\ DFFHSW LQWHUQDWLRQDOGHYHORSPHQWDVVLVWDQFH7KHUHIRUHJUHDWHUDZDUHQHVVLVQHHGHGDURXQGWKHVHKLGGHQLVVXHV DQGWKLVSDSHUFRQVHTXHQWO\FDXWLRQVDJDLQVWWKHXQEULGOHGZKROHVDOHDFFHSWDQFHRILPSRUWHGPRGHOVDV WKH\PD\UHVXOWLQXQH[SHFWHGDQGXQKHOSIXOORQJWHUPRXWFRPHV,QWKHPDMRULW\RIUHFHQW9RFDWLRQDO (GXFDWLRQDQG7UDLQLQJ9(7LQLWLDWLYHVH[WHUQDODLGGRQRUVGHSOR\ZHVWHUQH[SHUWLVHDVWKH\VHDUFKIRU ZHVWHUQ VROXWLRQV RIWHQ XVLQJ ZHVWHUQ WHFKQRORJLHV DQG PHDQV WR DFKLHYH ZHVWHUQ SHUFHSWLRQV DV WR LPSURYHPHQWLQSUDFWLFHV7KHVHDSSURDFKHVDUHLQYDULDEO\XQGHUWDNHQWKURXJKWKHVRXUFLQJRIZHVWHUQ H[SHUWLVH ZKLFK LQ UHDOLW\ RQO\ VHUYHV DV VHOISHUSHWXDWLQJ F\FOH RI ZHVWHUQFHQWULF GHYHORSPHQW 5HFLSLHQW FRXQWULHV KRZHYHU DUH EHFRPLQJ PRUH SHUFHSWLYH LQ UHFRJQLVLQJ WKLV F\FOH DQG LW KDV EHHQ VXJJHVWHG WKDW WKLV ODFN RI DSSDUHQW UHOHYDQFH DQG LQSXW WR LQGLJHQRXV V\VWHPV DQG SHUVRQQHO QHHGV UHIRUPLQJ>@

,WKDVEHHQVSHFLILFDOO\FRPPHQWHGWKDWDQXQGHUVWDQGLQJRIWKH,QGRQHVLDQFRQWH[WDQGWKHDSSOLFDWLRQ RI DSSURSULDWH DQG UHVSRQVLYH YRFDWLRQDO WUDLQLQJ LQWHUYHQWLRQV WR GHDO ZLWK WKHLU SDUWLFXODU QHHGV LV FULWLFDOWRWKHORQJWHUPDQGFXOWXUDOO\DSSRVLWHVXFFHVVRILQWHUQDWLRQDODVVLVWDQFH>@$VDUHVXOWQHZ GHYHORSPHQW WKLQNLQJ LV HPHUJLQJ DV ORFDO LQGXVWU\ SDUWQHUV ORRN WR HQJDJH RU DW OHDVW UHTXHVW

(4)

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

7KHHFRQRPLFDQGSUDFWLFDOFRQWH[WRILQWHUQDWLRQDOYRFDWLRQDOHGXFDWLRQWUDLQLQJ

,QUHVSRQVHWRWKHQHHGWREHFRPHµLQWHUQDWLRQDOO\FRPSHWLWLYH¶DQGEXLOGQDWLRQDOFRPSDUDWLYHDGYDQWDJH

$6($1 JRYHUQPHQWV KDYH LQFUHDVLQJO\ UHOLHG RQ EROVWHULQJ KXPDQ FDSDELOLW\ GHYHORSPHQW LQLWLDWLYHV (QVXULQJZRUNIRUFHFRPSHWLWLYHQHVVLQDJOREDOLVHGHFRQRP\LVEHFRPLQJDPDMRUIDFHWRIJRYHUQPHQW HIIRUWV HVSHFLDOO\ DV WKH\ VWULYH IRU JUHDWHU VXVWDLQDELOLW\ 0DMRU IXQGLQJ DJHQFLHV OLNH WKH $VLDQ 'HYHORSPHQW %DQN $'%:RUOG %DQN 8QLWHG 1DWLRQV¶ (GXFDWLRQDO 6FLHQWLILF DQG &XOWXUDO 2UJDQL]DWLRQ 81(6&2 DQG RWKHU VWDWHEDVHG IXQGLQJ ERGLHV KDYH IRU WKLV UHDVRQ SDLG SDUWLFXODU DWWHQWLRQLQGHYHORSLQJFRXQWULHVWRUHVHDUFKLQJDQGPRUHRYHUVXSSRUWLQJWKHHVWDEOLVKPHQWRI9(7>@

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¶V SROLFLHVDQGVWUDWHJLHV>@

,W KDV DOUHDG\ EHHQ QRWHG WKDW LQWHUQDWLRQDO GRQRU DJHQFLHV KDYH WUDQVSODQWHG LQWHUQDWLRQDO 9(7 SROLFLHVDSSOLFDEOHLQILUVWZRUOGFRXQWULHVLQWRWKHUHFLSLHQWFRXQWU\DQGWKLVDFWLRQPD\KDYHDQLQWHQGHG RU XQLQWHQGHG HIIHFW RI µFRORQLVLQJ¶ WKH 9(7 V\VWHPV RI GHYHORSLQJ QDWLRQV >@ 7KLV IRUP RI µFRORQLVDWLRQ¶ FDQ EH LOOXVWUDWHG E\ D WKH UHTXLUHG LQWHUQDWLRQDO GRQRUOHG DJHQGDV DV SDUW RI µFRQGLWLRQDOLW\¶ E FRQGLWLRQV EHLQJ DSSOLHG WR WKH UHFHLSW RI LQWHUQDWLRQDO DVVLVWDQFH >@ F LQWHUQDWLRQDO DVVLVWDQFH UHTXLULQJ GHSHQGHQFH XSRQ LPSRUWHG WHFKQLFDO DVVLVWDQFH >@ DQG G WKH UHTXLUHPHQWRILQWHUQDWLRQDODVVLVWDQFHWRIRUHJURXQGFRQFHSWVVXFKDVWKHLQFRUSRUDWLRQRIDQGUDJRJ\

LQFUHDVHGLQFOXVLYHQHVVHVSHFLDOO\DURXQGJHQGHUHTXDOLW\DQGJRYHUQDQFHDVZHOODVWKHLPSOHPHQWDWLRQ RI 9(7 V\VWHPV WKDW EHFRPH PRUH GHPDQG GULYHQ >@ ,W LV QRWHG WKDW WKHVH FKDUDFWHULVWLFV EHLQJ LPSOHPHQWHGLQ,QGRQHVLDDUHLGHQWLILDEOHLQPDQ\RWKHUQDWLRQDO9(7V\VWHPV>@

0HWKRGV

'HVLJQDQGPHWKRGRORJLFDODSSURDFK

7KHPHWKRGRORJLFDODSSURDFKIRUWKLVUHVHDUFKLQFOXGHGLQGLYLGXDODQGJURXSLQWHUYLHZVZLWKSDUWLFLSDQWV UHJDUGLQJ LQWHUQDWLRQDO SODFHPHQWV DQG VXUYH\LQJ SUHYLRXV SDUWLFLSDQWV RQ WKHLU H[SHULHQFHV RI VWXG\

SURJUDPVDEURDG7KHUHVHDUFKVRXJKWWRDQVZHUWKHTXHVWLRQV:KDWLPSDFWGLGWKHRYHUVHDVSODFHPHQW KDYHRQWKHSDUWLFLSDQWVFRQGXFWRIYRFDWLRQDOWUDLQLQJ"DQGLL:KDWLPSURYHPHQWVWRWKHLQWHUQDWLRQDO SODFHPHQWZLOOHQKDQFHWKHGHOLYHU\RIWKHUHVNLOOLQJSURJUDP"

,QDWWHPSWLQJWRDQVZHUWKHVHTXHVWLRQVWKHVWXG\FRQVLGHUHGUHVNLOOLQJWKURXJKWKHOHQVRIH[LVWLQJ DSSURDFKHVWRHGXFDWRUFDSDFLW\EXLOGLQJZKLFKFXUUHQWO\IRFXVHVRQRYHUVHDVWUDLQLQJDQGGHYHORSPHQW SURJUDPV7KHUHVHDUFKKRSHVWRUHYHDODQ\XQGHUO\LQJFKDOOHQJHVDQGRULPSHGLPHQWVWKDWPD\KDPSHU FDSDFLW\ EXLOGLQJ ZLWKLQ ,QGRQHVLD WKURXJK WKH H[DPLQDWLRQ RI LPSDFWV WKDW UHVXOW IURP EHLQJ RYHUO\

UHOLDQWRQLQWHUQDWLRQDODGYLVRUV>@DQLQDELOLW\WRLQFRUSRUDWHDQGIXUWKHUGHYHORSORFDOFDSDELOLW\>@

DQGWKHGHILFLWVDURXQGORFDOVNLOOVWUDQVIHUHQFH>@7KHUHVHDUFKHUVDOVREHOLHYHWKDWPDQ\XQH[SORUHG LVVXHVWKDWFRXOGSRWHQWLDODULVHDQGWKXVLPSDFWRQ,QGRQHVLDQ¶VRQJRLQJKXPDQUHVRXUFHGHYHORSPHQWE\

DFFHSWLQJ XQFRQGLWLRQDOO\ LQWHUQDWLRQDOO\ VRXUFHG GRQRU IXQGLQJ SDUWLFXODUO\ DURXQG IDFLOLWDWLQJ WKH

(5)

4

WUDQVIHUHQFHRISROLWLFDOO\GRQRUOHGPRWLYDWHGHFRQRPLFDJHQGDVDQGVXEVHTXHQWO\LPSOHPHQWDWLRQRI WKHLU RSHUDWLRQDO SROLFLHV >@ DORQJ ZLWK DQ RYHUUHOLDQFH RQ WHFKQLFDO DVVLVWDQFH DQG WKH EHKHVW RI EXLOGLQJORFDOWDOHQW>@

5HVXOWV

9(7DQGKXPDQFDSLWDOGHYHORSPHQW±µUHVNLOOLQJ¶

+DJHQ >@ VXJJHVW WKDW QDWLRQDO SROLFLHV DUH LQFUHDVLQJO\ UHVSRQGLQJ WR WKH JURZLQJ FRPSHWLWLYH GHPDQGV RI JOREDOLVDWLRQ DQG FRQVHTXHQWO\ DOORZDEOH PL[HV RI H[SHUWLVH DQG TXDOLW\ WR IDFLOLWDWH WKH PDQDJHPHQWRINQRZOHGJHDQGGHYHORSPHQWRIORFDOH[SHUWLVH,QWKLVUHVSHFW0DUJLQVRQ>@DUJXHVWKDW +XPDQ&DSLWDO7KHRU\DQGLWVZLGHVSUHDGDSSOLFDWLRQJOREDOO\LVLPSDFWLQJRQWUDLQLQJDQGHGXFDWLRQ LQWHUYHQWLRQV DORQJ ZLWK WKH ORFDO FRQVWUXFWLRQ RI HGXFDWLRQDO IUDPHZRUNV +XPDQ &DSLWDO 7KHRU\

DFFRUGLQJ WR 0DUJLQVRQ >@ KDV FKDQJHG WKLQNLQJ DURXQG 9(7 OHDUQHUV E\ UHIUDPLQJ WKH GLVFXVVLRQ DURXQGWKHKXPDQHFRQRPLFDVVHWZKLFKLQWXUQIRUPDYDOXDEOHFRPSRQHQWRISURGXFWLRQDQGDVDUHVXOW ODUJHO\UHSODFHVWKHSUHYLRXVVRFLDODQGHGXFDWLRQDOUROHVRIYRFDWLRQDOWUDLQLQJ 3RZOHVDQG$QGHUVRQ

>@ VXJJHVW WKDW WKURXJK WKH OHQV RI +XPDQ &DSLWDO 7KHRU\ WUDLQLQJ DQG HGXFDWLRQ HPHUJH DV PRUH IRFXVHGVHUYLQJWRERRVWHFRQRPLFSURGXFWLYLW\DQGDFRXQWU\¶VFRPSDUDWLYHFRPSHWLWLYHQHVV

*OREDOHFRQRPLFH[SDQVLRQDORQJZLWKYRODWLOLW\LQLQWHUQDWLRQDOODERXUPDUNHWVUHTXLUHVWKHFRQVWDQW UHRUJDQLVLQJRIQDWLRQDOHFRQRPLFVWUXFWXUHVDQGK\SHUYLJLODQFHDVWKHFKDQJHVLPSDFWDQGLQWHUSOD\ZLWK UHVXOWDQWHPSOR\PHQWRXWFRPHV7KHVHFRQVWDQWDGMXVWPHQWDQGPRYHPHQWVFDQLPSDFWGUDPDWLFDOO\RQ HGXFDWLRQ DQG WUDLQLQJ HVSHFLDOO\ ZKHQ WKH\ VHUYH WR ZHDNHQ LQVWLWXWLRQDO IUDPHZRUNV DQG D JRYHUQPHQW¶VDELOLW\WRDGHTXDWHO\IRUHFDVWKXPDQFDSLWDOUHTXLUHPHQWVDQGWKXVSODQIRUWKHORQJHUWHUP ODERXUIRUFHGHYHORSPHQWQHHGV>@5HFRJQLVLQJWKHQHHGWRPHHWWKHVHXUJHQWGHPDQGVIRUDPRGHUQ VNLOOHG DQG WUDLQHG ZRUNIRUFH WKH ,QGRQHVLDQ JRYHUQPHQW KDV IRFXVHG RQ WKH LQWURGXFWLRQ RI WKH XS VNLOOLQJ RI WHFKQLFDO DQG IXUWKHU HGXFDWLRQ WUDLQHUV DQG WHDFKHUV WKURXJK D µ5HYLWDOLVDWLRQ 3URJUDP IRU 9RFDWLRQDO+LJKHU(GXFDWLRQ,QVWLWXWLRQV¶7KLVUHVNLOOLQJSURJUDPLVGHVLJQHGWRLPSURYHWKHUHOHYDQFH HQJDJHPHQWDQGXQGHUVWDQGLQJEHWZHHQYRFDWLRQDOKLJKHUYRFDWLRQDOHGXFDWLRQLQVWLWXWLRQVZLWKEXVLQHVV DQGLQGXVWU\RIWHQFDOOLQJRQLQWHUQDWLRQDOHGXFDWLRQDOVXSSRUW

7KH UHVNLOOLQJ SURJUDP DFNQRZOHGJHG DV RQH RI ,QGRQHVLD¶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¶V TXDOLW\ DQG FDSDELOLW\ DVVRFLDWHG ZLWK FDSDFLW\ WR GHOLYHU YRFDWLRQDO HGXFDWLRQ SURJUDPV HQKDQFHWKHFRPSHWLWLYHQHVVRIWKHDOXPQLRIYRFDWLRQDOKLJKHUHGXFDWLRQLQUHODWLRQWRFRPSHWLQJIRU MREVJOREDOO\DQGFUHDWHDFRPSHWLWLYHDQGLQQRYDWLYHHQYLURQPHQW7KLVSURJUDPVHQGV9(7WHDFKHUV DQGWUDLQHUVDEURDGWRJDLQµH[SHULHQFH¶LQLPSOHPHQWLQJLQGXVWU\UHVSRQVLYHWUDLQLQJV\VWHPV5HVSRQVHV IURPSDUWLFLSDQWVLQWKLVSURJUDPLQGLFDWHWKDWWKLVSURJUDPKDVKDGDPL[HGVXFFHVV

&KDOOHQJHVLQWKHUHVNLOOLQJSURJUDP

$QXPEHURIFKDOOHQJHVHPHUJHGIURPWKHGHSOR\PHQWDQGLPSOHPHQWDWLRQRIWKH,QGRQHVLDQ5HVNLOOLQJ SURJUDPWKHVHLQFOXGHG

D7KH FKRLFH RI LQGXVWU\UHODWHG FRPSHWHQF\ UHTXLUHPHQWV DQG WKH VHOHFWHG LQWHUQDWLRQDO SURYLGHU ZHUHDWWLPHVLQFRQJUXHQW7KHLPSOHPHQWDWLRQRIWKHLQWHUQDWLRQDOWUDLQLQJGLIIHUHGVLJQLILFDQWO\WR WKHH[SHFWDWLRQVRIWKHSDUWLFLSDQWVDQGWKRVHRIWKH0LQLVWU\RI(GXFDWLRQDQG&XOWXUH

E7KH WUDLQLQJ FRQWHQW ZDV GRPLQDWHG E\ GLGDFWLF DQG PHWKRGLFDO WUDLQLQJ ZKLOH WKH FRUH FRPSHWHQFLHVUHTXLUHGZHUHJLYHQOHVVDWWHQWLRQ

F7KHLQWHUQDWLRQDOWUDLQLQJSURYLGHUVZHUHUHTXLUHGWRDGRSWDQGDGDSWWKHWUDLQLQJSURJUDPWRVXLW WKH QHHGV RI DQ ,QGRQHVLDQ OHDUQHU 7KLV H[SHFWDWLRQ ZDV GHSOR\HG ZLWK OLPLWHG VXFFHVV DV WKH SURJUDPVRIWHQODFNHGWKHFXOWXUDOQXDQFHWRFDWHUIRUSHRSOHZLWKGLIIHUHQWOHDUQLQJVW\OHV

(6)

G7KH SDUWLFLSDQWV ZHUH VR RYHUZKHOPHG E\ WKH DPRXQW RI µFRQWHQW¶ IURP WKH PDQ\ LQWHUQDWLRQDO SURYLGHUV WKDW LW ZDV GLIILFXOW IRU WKH SDUWLFLSDQWV WR GLVFHUQ WKH UHOHYDQFH RI PXFK RI WKH LQIRUPDWLRQ7KLVZDVGHVFULEHGE\VRPHDVµFRQWHQWFOXWWHU¶,QDGGLWLRQWKHGDWDRQWKHODERXU PDUNHWDQGRQWKHUHOHYDQFHRI79(7V\VWHPVIRULQGXVWU\ZHUHLQDGHTXDWH

'LVFXVVLRQ

7KHFKDOOHQJHVIRUYRFDWLRQDOHGXFDWLRQDQGWUDLQLQJ

7UDGLWLRQDOO\ $VLDQ FRXQWULHV YDOXH HGXFDWLRQ KLJKO\ SDUWLFXODUO\ KLJKHU RU DFDGHPLF HGXFDWLRQ EXW YRFDWLRQDOHGXFDWLRQLVLQFRQWUDVWXVXDOO\KHOGLQORZUHJDUG >@0RVWFRXQWULHV¶HGXFDWLRQSROLFLHV IRFXVRQDFDGHPLFFDUHHUVDQGQRWVRPXFKRQSUDFWLFHRULHQWHGWUDLQLQJIRUPRGHUQMREV7KXVLQPDQ\

HQYLURQPHQWVYRFDWLRQDOHGXFDWLRQKDVDSRRULPDJHLVQRWLQWHJUDWHGLQWRWKHHGXFDWLRQV\VWHPDQGLV VHYHUHO\XQGHUILQDQFHG>@

/RRNLQJ DW WKH FKDOOHQJHV WKDW FRQVHTXHQWO\ HPHUJHG IURP WKLV SURJUDPPDWLF LQYROYHPHQW RI LQWHUQDWLRQDO YRFDWLRQDO HGXFDWLRQ SURYLGHU RUJDQLVDWLRQV LW EHFDPH FOHDU WKDW VWURQJHU SDUWQHUVKLSV EHWZHHQSDUWLFLSDWLQJLQVWLWXWHVDQGLQWHUQDWLRQDOSURYLGHUVZRXOGOHDGWRDPRUHDSSURSULDWHO\GHVLJQHG WUDLQLQJ LQWHUYHQWLRQ 7KH SDUWQHUVKLSV UHTXLUH DQ DJUHHG IRUPDW DQG DSSURDFK WR DFKLHYH VXFFHVV LQFOXGLQJ

D$VVLVWDQFH LQ EXLOGLQJ DQG GHSOR\LQJ PRGHOV ZKLFK IDFLOLWDWH 9(7 SURJUDPV ZKLFK HQVXUH UHOHYDQFHDQGHIIHFWLYHQHVV

E0D[LPLVLQJLQGXVWU\HQJDJHPHQWDQGSDUWLFLSDWLRQLQWKHGHVLJQDQGGHYHORSPHQWRIVWDQGDUGVDQG FRPSHWHQFLHV

F*UHDWHUHIIRUWVLQEXLOGLQJFRQVHQVXVDQGDJUHHPHQWRQWHFKQLFDOLVVXHVDQGPRUHEURDGO\SROLF\

G7KH H[SORUDWLRQ IRU WKH FRPELQJ RI SURMHFW DFWLYLWLHV SDUWLFXODUO\ DURXQG GHOLYHU\ DQG VWDQGDUGLVDWLRQWRHQKDQFHHIILFLHQF\

H,QWHQVLYH KXPDQ FDSDELOLW\ DQG FDSDFLW\ GHYHORSPHQW ZLWK JUHDWHU IRFXV SODFHG RQ TXDOLW\

LPSURYHPHQWHIIRUWVDWWKHLQGLYLGXDORUJDQLVDWLRQDQGV\VWHPOHYHOVDQG

I 7KH FUHDWLRQ RI PXOWLQDWLRQDO µH[SHUW¶ ZRUNLQJ JURXSV WR EHWWHU IDFLOLWDWH WKH H[FKDQJH RI NQRZOHGJHVNLOOVDQGH[SHULHQFHV

,W EHFDPH DSSDUHQW IURP WKLV SHUVSHFWLYH WKDW LQWHUQDWLRQDO SDUWQHUVKLSV UHTXLUH VRPH FRQVLGHUDEOH DSSUHFLDWLRQRIWKHORFDOQHHGYLVDYLVWKHLQWHQWDQGQDWXUHRIWKHLQWHUQDWLRQDORIIHULQJRWKHUZLVHWKH HQG UHVXOW ZLOO EH DQ LPSRVLWLRQ RQ ORFDO WUDLQLQJ IURP DEURDG )ROH\ >@ DUJXHV WKDW LQWURGXFLQJ SHGDJRJLFDO IUDPHZRUNV IURP ZHOOIXQGHG DQG DGYDQFHG LQWHUQDWLRQDO VRXUFHV SODFHV LPPHGLDWH KHJHPRQLFLPSRVLWLRQVRQSROLFLHVZLWKLQGHYHORSLQJFRXQWULHV:KLOVWDWWHPSWVWRXSGDWHDQGµUHYLWDOLVH¶

9(7SURYLVLRQDUHQHFHVVDU\ZHFDXWLRQWKDWWKHLPSRUWDWLRQRIWKHVHDSSURDFKHVZLWKRXWILUVWH[DPLQLQJ WKHLPSDFWRIWKHVHDSSURDFKHVFDQEHFRXQWHUSURGXFWLYHLQWKHORQJWHUP

,Q D VLPLODU VLWXDWLRQ WKH *RYHUQPHQW RI 7LPRU/HVWH LQ WKH HDUO\ \HDUV RI HVWDEOLVKLQJ KXPDQ UHVRXUFHFDSDELOLW\DFURVVWKHSXEOLFVHUYLFHUHOLHGXSRQLPSRUWLQJµLQWHUQDWLRQDOFRQVXOWDQWV¶WRFDUU\RXW SROLF\DQGSURJUDPVLQFOXGLQJWKRVHLQYRFDWLRQDOHGXFDWLRQ+LOOIXUWKHUFRQWHQGVWKDWWKHLQVLVWHQFH DURXQGJLYLQJWKHLQWHUQDWLRQDOFRQVXOWDQWWKHSLYRWDOUROHRQO\VHUYHVWRSHUSHWXDWHDQXQGHUVWDQGLQJWKDW LQGLJHQRXVNQRZOHGJHLVOHVVHUWKDQµIRUHLJQ¶NQRZOHGJH

9(7DQGLWVLPSDFW

9(7 KDV D NH\ UROH LQ SURYLVLRQLQJ HGXFDWLRQ DQG WUDLQLQJ LQWHUYHQWLRQV IRU RIWHQ GLYHUJHQW OHDUQLQJ QHHGVDQGWKLVLVLQFRQWUDVWWRPRUHWUDGLWLRQDOWHDFKHUOHGDSSURDFKDQGLVPRUHOLNHZKDWLVSHUFHLYHG DV µDFDGHPLF VFKRROLQJ¶ 9(7 LV XQLTXH LQ WKDW LW SURSRVHV D SDUDGLJP VKLIW LQ HGXFDWLRQDO SURYLVLRQ ZKLFKIDFLOLWDWHVOHDUQHU¶VH[SHULHQFLQJVXFFHVVWKURXJKWKHDFTXLVLWLRQRINQRZOHGJHVNLOOVDQGDWWULEXWHV ZKLFKSUHSDUHWKHPIRUWKHZRUOGRIZRUN>@/XJJZULWLQJLQ&RRSHUDQG:DOWHUVZRUNWLWOHG0DNLQJ 'LIIHUHQW(TXDO>@QRWHGWKDWWKHPRUHµORFDOLVHG¶WKHQDWXUHRIDQ1DWLRQDO4XDOLILFDWLRQ)UDPHZRUN 14)WKHJUHDWHULVWKHOHDUQHULPSDFWDVERXQGDULHVEHWZHHQORFDODQGGLVWDQWDSSURDFKHVZHDNHQWKH

(7)

6

LPSDFWRIWUDLQLQJ+RZHYHUWKLVIRFXVRQWKHQHHGVRIORFDOV\VWHPVLQFUHDVHVWKHSUHVVXUHVRQWKHQDWLRQ VWDWHVWRZKHQUHVWUXFWXULQJV\VWHPVGHYHORSPHQWLQDOLJQPHQWZLWKJOREDOSUHVVXUHV

)XUWKHUPRUH*ULIILQ&XUWLQDQG5HVHDUFK>@EHOLHYHWKH9(7VHFWRULVZHOOSODFHGWRDVVLVWLQWKH IDFLOLWDWLRQRIJURZWKORFDOO\SDUWLFXODUO\WKURXJKLWVSUHVHQFHUHJLRQDOO\DQGLWVUROHLQGHYHORSLQJORFDO KXPDQFDSLWDOSDUWLFXODUO\ZLWKWKHLULPSDFWRQQRQIRUPDOOHDUQLQJVWUXFWXUHVLQDJULFXOWXUDOSURGXFWLRQ DQG ORFDO EXVLQHVVHV >@ ,W LV QRZ D TXHVWLRQ RI KRZ WKH ,QGRQHVLDQ 9(7 VHFWRU UHVSRQGV WR WKHVH FKDOOHQJHVDQGZKDWWKHLPSDFWZLOOEHRQRWKHU$6($1QDWLRQVWDWHV9(7V\VWHPVDVWKH\HQGHDYRXUWR HOLPLQDWHWKHVHGHILFLWV)RUWKHVHLQWHUYHQWLRQVWRKDYHLPSDFWIXQGDPHQWDODQGV\VWHPDWLFFKDQJHVDUH QHHGHG7KHVHSURJUDPVQHHGWRGHVLJQIRUDLQFUHDVHGLQWHJUDWLRQRI9(7ZLWKWKHKLJKHUHGXFDWLRQ V\VWHPZLWKDSDUWLFXODUHPSKDVLVRQDFDGHPLFWUDQVIHUHQFHEJUHDWHULQGXVWU\LQSXWDQGHQJDJHPHQW ZLWK D YLHZ WR FUHDWLQJ D PRUH UHVSRQVLYH KXPDQ UHVRXUFH GHYHORSPHQW HQYLURQPHQW DQG F EHWWHU DVVXUDQFHSDUWLFXODUO\DURXQGWKHUHOLDELOLW\FRPSDUDELOLW\DQGTXDOLW\RISURJUDPV

&RQFOXVLRQV

,QWKLVSDSHUZHH[SORUHGWKHFXUUHQWKLGGHQLPSOLFDWLRQVRIXQFULWLFDOO\LPSRUWLQJµH[WHUQDONQRZKRZ¶

LQWR WKH ,QGRQHVLDQ 9(7 VHFWRU DQG KDYH DFNQRZOHGJHG WKH YDOXH RI HQJDJLQJ µORFDO¶ LQGLJHQRXV NQRZOHGJHZKLFKKDVSDUWLFXODUFXOWXUDOUHOHYDQFHLQGHYHORSLQJDSSURSULDWHWUDLQLQJPRGHOV:HKDYH SODFHGDFDXWLRQDU\QRWHRQWKHJURZLQJUHOLDQFHRQµH[WHUQDO¶PRGHOVRIHQJDJHPHQWVLQFHWKHVHPD\

KDYHXQLQWHQWLRQDOLPSOLFDWLRQVIRUDSSURSULDWHDQGVXVWDLQDEOHYRFDWLRQDOWUDLQLQJPRGHOV

:HWKXVVXJJHVWWKDWWKHILUVWVWHSVLQDQ\FULWLFDODQDO\VLVRIVNLOOVGHYHORSPHQWDQGWUDLQLQJLQWKH IRUPRIWUDQVIHUHQFHVKRXOGEHJLQZLWKWKHTXHVWLRQLQJDQGGHFRGLQJRIWKHDVVXPSWLRQVWKDWXQGHUSLQ WKHLQWHQWLRQVRIWKHLQWHUQDWLRQDOSDUWQHUVDQGSURYLGHUV,WLVIXUWKHUVXJJHVWHGWKDW(DVWHUO\¶V>@OLQHRI HQTXLU\ LV RI SDUWLFXODUO\ UHOHYDQFH (DVWHUO\ >@ SURSRVHG D VHULHV RI TXHVWLRQV ZKLFK VXP XS WKH DXWKRUV¶ EHOLHI WKDW WKH UHVNLOOLQJ MRXUQH\ KDV MXVW EHJXQ DQG PRUH RSHQ GLVFXVVLRQV QHHG WR EH HQFRXUDJHGWRHQVXUHPXWXDODQGPRUHRYHUVXVWDLQDEOHEHQHILWVIURPIRUHLJQLQYHVWPHQWLQWHUYHQWLRQV DQGIXQGLQJ5HVSRQGLQJWRWKHVHTXHVWLRQVSURSRVHGE\(DVWHUO\ZLOOSURYLGHLQVLJKWLQWRWKHLQWHQWLRQ RIIRUHLJQHQJDJHPHQW7KHDXWKRUVOHDYH\RXZLWKWKHVHTXHVWLRQVWRUDLVHIXUWKHUDFDGHPLFDQGVFKRODUO\

WKRXJKWLQWKLVDUHDµ:KRVHPDQDJHPHQWV\VWHPVDUHLQYROYHG"¶µ:KRVHRXWFRPHVDUHFHQWUDO"¶µ)RU ZKDWSXUSRVHDUHWKH\VRXJKW"¶µ:KRVHVWDQGDUGVDUHWREHDWWDLQHG":K\KDYHWKHVHVWDQGDUGVEHHQ FKRVHQ":KDWZRUNVDQGZKDWKDYHZHOHDUQWIURPSDVWVXFFHVV"¶µ:KDWW\SHRIVHUYLFHGHOLYHU\LVWREH LQWURGXFHGDQGWRZKRPKRZDQGLQZKDWFRQWH[W"¶DQGµ:KDWLQFHQWLYHVH[LVW WRHQVXUHVXFFHVVDQG PDNHGRQRUVDFFRXQWDEOH"¶>@

5HIHUHQFHV

>@ 6HYUDQL . DQG *RULFD . *OREDOL]DWLRQ 3URFHVV DQG WKH ,PSDFW RI ,7 *URZWK LQ $OEDQLD

,661&',66121/,1(

>@ 0DUTXHV - 'KLPDQ 6 DQG .LQJ 5 0DQDJLQJ *OREDOL]DWLRQ $ 6SLULWXDO 3HUVSHFWLYH %XVLQHVV5HQDLVVDQFH4XDUWHUO\

>@ $QGHUVRQ ' *OREDOLVDWLRQ WUDLQLQJ SDFNDJHV DQG SULYDWH SURYLGHUV HPHUJLQJ WHQVLRQV LQ QDWLRQDO9(7SROLF\,Q*OREDO9(7&KDOOHQJHVDWWKH*OREDO1DWLRQDODQG/RFDO/HYHOV 8QLYHUVLW\RI:ROORQJRQJ$9(75$

>@ 0DFOHDQ5:LOVRQ'DQG&KLQLHQ&,QWHUQDWLRQDOKDQGERRNRIHGXFDWLRQIRUWKHFKDQJLQJ ZRUOGRIZRUN%ULGJLQJDFDGHPLFDQGYRFDWLRQDOOHDUQLQJYRO6SULQJHU9HUODJ

>@ 0DFOHDQ 5 DQG /DL $ 7KH )XWXUH RI 7HFKQLFDO DQG 9RFDWLRQDO (GXFDWLRQ DQG 7UDLQLQJ *OREDO&KDOOHQJHVDQG3RVVLELOLWLHV,QWHUQDWLRQDO-RXUQDORI7UDLQLQJ5HVHDUFK7KH

>@ 9RONRII9DQG3HUU\-2QWKH5RDG$JDLQ6XSSRUWLQJ9(7'HYHORSPHQWLQD*OREDOLVHG &RQWH[W ,Q)RXUWK ,QWHUQDWLRQDO &RQIHUHQFH 9RFDWLRQDO (GXFDWLRQ DQG 7UDLQLQJ 5HVHDUFK 8QLYHUVLW\RI:ROYHUKDPSWRQ

>@ -XQDUVLQ ( :RUOGZLGH JOREDOL]DWLRQ DQG LWV LPSDFWV RQ GHYHORSLQJ FRXQWULHV 7KH FDVH RI ,QGRQHVLD-RXUQDORI*OREDO%XVLQHVV,VVXHV

(8)

>@ %RHKUHU - DQG /LQVN\ 0 7HDFKLQJ ZLWK FDVHV /HDUQLQJ WR TXHVWLRQ1HZ GLUHFWLRQV IRU WHDFKLQJDQGOHDUQLQJ

>@ 0DUJLQVRQ 6 $IWHU JOREDOL]DWLRQ HPHUJLQJ SROLWLFV RI HGXFDWLRQ -RXUQDO RI HGXFDWLRQ 3ROLF\

>@ )DLUPDQ%)/RRNLQJIRUDZD\RXW6NLOOVGHYHORSPHQWDQGWUDLQLQJDQGLWVLPSDFWRQDLG SUDFWLFHV DQG WKHLU GHYHORSPHQW RXWFRPHV ZLWK SDUWLFXODU UHIHUHQFH WR ,QGRQHVLD DQG 7LPRU /HVWH9LFWRULD8QLYHUVLW\

>@ 3UXHWLSLEXOWKDP 2 'HYHORSLQJ KXPDQ UHVRXUFH GHYHORSPHQW LQWHUYHQWLRQV WR DLG H[SDWULDWHVFXOWXUDODGDSWDWLRQLQVLJKWVWRWKH-DYDQHVHFXOWXUH+XPDQ5HVRXUFH'HYHORSPHQW ,QWHUQDWLRQDO

>@ 3RZHOO 0 $ FRPSDUDWLYH VWXG\ RI 79(7 SURMHFWV ² LPSOHPHQWDWLRQ H[SHULHQFHV IURP -DPDLFDDQG7KH*DPELD,QWHUQDWLRQDO-RXUQDORI(GXFDWLRQDO'HYHORSPHQW

>@ (DVWHUO\ : 7KH ZKLWH PDQV EXUGHQ ZK\ WKH ZHVWV HIIRUWV WR DLG WKH UHVW KDYH GRQH VR PXFKLOODQGVROLWWOHJRRG2[IRUG2[IRUG8QLYHUVLW\3UHVV

>@ $OODLV 6 :LOO VNLOOV VDYH XV" 5HWKLQNLQJ WKH UHODWLRQVKLSV EHWZHHQ YRFDWLRQDO HGXFDWLRQ VNLOOV GHYHORSPHQW SROLFLHV DQG VRFLDO SROLF\ LQ 6RXWK $IULFD ,QWHUQDWLRQDO -RXUQDO RI (GXFDWLRQDO'HYHORSPHQW

>@ (DVWHUO\:DQG3IXW]H7:KHUHGRHVWKHPRQH\JR"%HVWDQGZRUVWSUDFWLFHVLQIRUHLJQDLG -RXUQDORI(FRQRPLF3HUVSHFWLYHV

>@ .UDJHOXQG3%DFNWR%$6,&V" 7KH5HMXYHQDWLRQRI1RQWUDGLWLRQDO'RQRUV'HYHORSPHQW &RRSHUDWLRQZLWK$IULFD'HYHORSPHQW &KDQJH

>@ 3DU\RQR 79(7 ,QLWLDWLYHV LQ 6RXWKHDVW $VLDQ &RXQWULHV LQ 5HVSRQVH WR ,QFUHDVLQJ /DERXU 0RELOLW\ZLWKLQWKH5HJLRQDQGEH\RQG,QWHUQDWLRQDO-RXUQDORI7UDLQLQJ5HVHDUFK

>@ &DUGHQ)(YDOXDWLRQ1RW'HYHORSPHQW(YDOXDWLRQ$PHULFDQ-RXUQDORI(YDOXDWLRQ

>@ 3LODU3(YDOXDWLRQRIWUDLQLQJLQRUJDQLVDWLRQVDSURSRVDOIRUDQLQWHJUDWHGPRGHO-RXUQDORI (XURSHDQ,QGXVWULDO7UDLQLQJ

>@ +DJHQ 5 *OREDOL]DWLRQ XQLYHUVLW\ WUDQVIRUPDWLRQ DQG HFRQRPLF UHJHQHUDWLRQ $ 8. FDVH VWXG\RISXEOLFSULYDWHVHFWRUSDUWQHUVKLS,QWHUQDWLRQDO-RXUQDORI3XEOLF6HFWRU0DQDJHPHQW

>@ 0DUJLQVRQ 6 (GXFDWLRQ DQG 3XEOLF 3ROLF\ LQ $XVWUDOLD &DPEULGJH 8QLYHUVLW\ 3UHVV &DPEULGJH8.

>@ 3RZOHV0DQG$QGHUVRQ'3DUWLFLSDWLRQDQG$FFHVVLQ7$)(6RFLDO6HUYLFHRU(FRQRPLF 8WLOLW\"$XVWUDOLDQDQG1HZ=HDODQG-RXUQDORI9RFDWLRQDO(GXFDWLRQ5HVHDUFK

>@ %URZQ 3 *UHHQ $ DQG /DXGHU + +LJK VNLOOV JOREDOL]DWLRQ FRPSHWLWLYHQHVV DQG VNLOO IRUPDWLRQ2[IRUG8QLYHUVLW\3UHVV86$

>@ $EGXOODK + 9(7 7UDLQLQJ DQG ,QGXVWU\ 3DUWQHUVKLSV D 6WXG\ LQ (DVW -DYD ,QGRQHVLD 9LFWRULD8QLYHUVLW\

>@ )ROH\*'LPHQVLRQVRIDGXOWOHDUQLQJ$GXOWHGXFDWLRQDQGWUDLQLQJLQDJOREDOHUD2SHQ 8QLY3U

>@ $EGXOODK+7KHUROHRI9(7SURYLGHUVLQWUDLQLQJSDUWQHUVKLSVZLWKLQGXVWU\LQ(DVW-DYD ,QGRQHVLD79(7#$VLD,VVXH

>@ &RRSHU/DQG:DOWHUV6/HDUQLQJZRUN7XUQLQJZRUNDQGOLIHORQJOHDUQLQJLQVLGHRXW

>@ *ULIILQ7&XUWLQ3DQG5HVHDUFK1&I9(5HJLRQDO3DUWQHUVKLSVDWD*ODQFH1&9(5

>@ :DOOHQERUQ09RFDWLRQDO(GXFDWLRQDQG7UDLQLQJDQG+XPDQ&DSLWDO'HYHORSPHQWFXUUHQW SUDFWLFHDQGIXWXUHRSWLRQV(XURSHDQ-RXUQDORI(GXFDWLRQ