Front Matter

12

^th

BMEB Call for Papers Special Issue: January, 2019

A TEST OF THE EFFICIENCY OF THE FOREIGN EXCHANGE MARKET IN INDONESIA

Bernard Njindan Iyke A STUDY OF INDONESIA’S STOCK MARKET:

HOW PREDICTABLE IS IT?

Dinh Hoang Bach Phan, Thi Thao Nguyen Nguyen, Dat Thanh Nguyen DOES TOTAL FACTOR PRODUCTIVITY CONVERGE AMONG

ASEAN COUNTRIES?

Badri Narayan Rath UNDERSTANDING ASIAN EMERGING STOCK MARKETS Shaista Arshad, Omair Haroon, Syed Aun R. Rizvi INTRA-INDUSTRY TRADE BETWEEN INDIA AND INDONESIA C.T. Vidya and K.P. Prabheesh THE CREDIT RISK DYNAMICS OF INTERNATIONAL BONDS:

THE INDONESIAN CASE Kannan S. Thuraisamy RURAL RESIDENTS SATISFACTION AND INFLUENCING FACTORS

IN THE SUPPLY OF PUBLIC GOODS IN CHINA Yaobo Shi and Xinxin Zhao

ISSN 1410 - 8046

Bulletin of Monetary Economics and Banking

Bank Indonesia

Patron

Board of Governors, Bank Indonesia

Editor-in-Chief

Dr. Perry Warjiyo, Bank Indonesia, Indonesia

Managing Editor

Prof. Paresh Kumar Narayan, Deakin University, Australia

Co-Managing Editors

Dr. Ferry Syarifuddin, Bank Indonesia, Indonesia

›ǯȱ—’ȱǯȱ•ęŠ—ȱŠ›Ž Š—’ǰ University of Indonesia, Indonesia

Board of Editors

Prof. Hal Hill, Australian National University, Australia

›˜ǯȱ Š—ȱŠ¢Šȱ£’œǰ Cornell University, USA

›˜ǯȱ— Š›ȱŠœž’˜—ǰ University of Indonesia, Indonesia Prof. Iftekhar Hasan, Fordham University, USA

Prof. Miranda S. Goeltom, University of Indonesia, Indonesia Prof. Insukindro, Gadjah Mada University, Indonesia Prof. Ahmet Faruk Aysan, Istanbul Sehir University, Turkey

›˜ǯȱ˜—Š‘Š—ȱŠĴŽ—ǰ University Utara, Malaysia Prof. Niklas Wagner, University of Passau, Germany Prof. Brian M Lucey, Trinity College Dublin, Ireland Prof. Takahiro Akita, Rikkyo University, Japan

Dr. Masaaki Komatsu, Hiroshima Jogakuin University, Japan Dr. M. Syamsuddin, Bandung Institute of Technology, Indonesia Dr. Iskandar Simorangkir, Bank Indonesia, Indonesia

›ǯȱ˜•’”’—ȱǯȱž‘›˜ǰ Bank Indonesia, Indonesia Dr. Haris Munandar, Bank Indonesia, Indonesia

This bulletin is published by Bank Indonesia Institute, Bank Indonesia. Contents and research outcome in the articles of this bulletin are entirely the responsibility of the authors and do not represent Bank Indonesia’s views.

Žȱ’—Ÿ’ŽȱŠ••ȱŠž‘˜›œȱ˜ȱ ›’Žȱ’—ȱ‘’œȱ‹ž••Ž’—ǯȱŠ—žœŒ›’™ȱ’œȱŽ•’ŸŽ›Žȱ’—ȱœ˜ȱꕎœȱ˜ȱŠ—”ȱ—˜—Žœ’Šȱ Institute, Bank Indonesia, Sjafruddin Prawiranegara Tower, 21^st Floor, Jl. M.H. Thamrin No. 2, Jakarta, website BMEB: (www.bmeb-bi.org) and email : bmeb@bmeb-bi.org.

The bulletin is published quarterly in January, April, July, and October. Any person who wishes to obtain this publication shall contact the Division of Planning, Monitoring, and Publication Research, Bank Indonesia Institute, Bank Indonesia, Sjafruddin Prawiranegara Tower, 21^st Floor, Jl. M.H.

Thamrin No. 2, Jakarta, Phone (62-21) 2981-7335. For subscription, please contact: Phone (62-21) 2981-7335, Fax. (62-21) 350-1912.

Accredited - SK: 36A / E / KPT / 2016

Bulletin of Monetary Economics and Banking

12

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BMEB Call for Papers Special Issue: January, 2019 CONTENT

ȱŽœȱ˜ȱ‘ŽȱĜŒ’Ž—Œ¢ȱ˜ȱ‘Žȱ˜›Ž’—ȱ¡Œ‘Š—ŽȱŠ›”Žȱ’—ȱ—˜—Žœ’Š

Ž›—Š›ȱ“’—Š—ȱ¢”Ž __________________________________________ 433 - 458

ȱž¢ȱ˜ȱ—˜—Žœ’ŠȂœȱ˜Œ”ȱŠ›”ŽDZȱ˜ ȱ›Ž’ŒŠ‹•Žȱœȱǵ

’—‘ȱ˜Š—ȱŠŒ‘ȱ‘Š—ǰȱ‘’ȱ‘Š˜ȱž¢Ž—ȱž¢Ž—ǰȱ

Šȱ‘Š—‘ȱž¢Ž— ____________________________________________ 459 - 470

˜Žœȱ˜Š•ȱŠŒ˜›ȱ›˜žŒ’Ÿ’¢ȱ˜—ŸŽ›Žȱ–˜—ȱȱ˜ž—›’Žœǵ

Š›’ȱŠ›Š¢Š—ȱŠ‘ ____________________________________________ 471 - 488

—Ž›œŠ—’—ȱœ’Š—ȱ–Ž›’—ȱ˜Œ”ȱŠ›”Žœ

‘Š’œŠȱ›œ‘Šǰȱ–Š’›ȱŠ›˜˜—ǰȱ¢Žȱž—ȱǯȱ’£Ÿ’ _________________ 489 - 504

—›ŠȬ—žœ›¢ȱ›ŠŽȱŽ ŽŽ—ȱ—’ŠȱŠ—ȱ—˜—Žœ’Š

ǯǯȱ’¢ŠȱŠ—ȱǯǯȱ›Š‹‘ŽŽœ‘ __________________________________ 505 - 524

‘Žȱ›Ž’ȱ’œ”ȱ¢—Š–’Œœȱ˜ȱ—Ž›—Š’˜—Š•ȱ˜—œDZȱ‘Žȱ—˜—Žœ’Š—ȱŠœŽ

Š——Š—ȱǯȱ‘ž›Š’œŠ–¢ _________________________________________ 525 - 544

ž›Š•ȱŽœ’Ž—œȱŠ’œŠŒ’˜—ȱŠ—ȱ—ĚžŽ—Œ’—ȱŠŒ˜›œȱ’—ȱ‘Žȱž™™•¢ȱ˜ȱ

ž‹•’Œȱ ˜˜œȱ’—ȱ‘’—Š

Š˜‹˜ȱ‘’ȱŠ—ȱ’—¡’—ȱ‘Š˜ _____________________________________ 545 - 560

’’

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Bulletin of Monetary Economics and Banking, 12^th BMEB Call for Papers Special Issue

BMEB 12

^th

Call for Paper Special Issue: An Overview

Š›Žœ‘ȱž–Š›ȱŠ›Š¢Š—

Ž—›Žȱ˜›ȱ’—Š—Œ’Š•ȱŒ˜—˜–Ž›’ŒœǰȱŽŠ”’—ȱžœ’—ŽœœȱŒ‘˜˜•ǰȱ

ŽŠ”’—ȱ—’ŸŽ›œ’¢ǰȱŽ•‹˜ž›—Žǰȱžœ›Š•’Šǯ

–Š’•DZȱ—Š›Š¢Š—ȓŽŠ”’—ǯŽžǯŠž

‘’œȱœ™ŽŒ’Š•ȱ’œœžŽȱ˜ȱ‘ŽȱBulletin of Monetary Economics and BankingȱǻǼȱ’œȱŠ—ȱ

˜žŒ˜–Žȱ˜ȱ‘ŽȱŗŘ^thȱǰȱŠ—”ȱ—˜—Žœ’Šȱ—œ’žŽȱŠ—ȱ‘Žȱœ’ŠȬŠŒ’ęŒȱ™™•’Žȱ

Œ˜—˜–’Œœȱœœ˜Œ’Š’˜—ȱ“˜’—ȱ’—Ž›—Š’˜—Š•ȱŒ˜—Ž›Ž—ŒŽǯȱ‘ŽȱŒ˜—Ž›Ž—ŒŽȱ Šœȱ‘Ž•ȱ’—ȱ

Š•’ȱ›˜–ȱ‘ŽȱŘşȬřŗȱžžœǰȱŘŖŗŞǯȱ‘Žȱ‘Ž–Žȱ˜ȱ‘ŽȱŒ˜—Ž›Ž—ŒŽȱ ŠœȱȃMaintaining Stability and Strengthening Momentum of Growth Amidst High UncertaintyȄǯȱ ŸŽ›ȱ ŗŞŖȱ ™Š™Ž›œȦŠ‹œ›ŠŒœȱ  Ž›Žȱ ›ŽŒŽ’ŸŽȱ ‹¢ȱ ‘Žȱ ˜›Š—’£’—ȱ Œ˜––’ĴŽŽȱ Š—ȱ ŠŽ›ȱ Šȱ

›’˜›˜žœȱ›ŽŸ’Ž ȱ™›˜ŒŽœœȱ‘Žȱ‹ŽœȱŜŖȱ™Š™Ž›œȱ Ž›ŽȱœŽ•ŽŒŽȱ˜›ȱ™›ŽœŽ—Š’˜—ȱŠȱ‘Žȱ

Œ˜—Ž›Ž—ŒŽǯȱ ŠŒ‘ȱ ™Š™Ž›ȱ ‘Šȱ Šȱ ’œŒžœœŠ—ȱ Š—ȱ Šȱ ŽŠ’•Žȱ ›Ž™˜›ȱ  Šœȱ ™›˜Ÿ’Žȱ ˜ȱ

ŽŠŒ‘ȱ™›ŽœŽ—’—ȱŠž‘˜›ǯȱ ˜ȱ–˜—‘œȱ Ž›Žȱ˜ěŽ›Žȱ˜›ȱ™Š™Ž›ȱ›ŽŸ’œ’˜—œǯȱ˜••˜ ’—ȱ

‘’œȱ™›˜ŒŽœœǰȱœŽŸŽ—ȱ™Š™Ž›œȱ Ž›ŽȱœŽ•ŽŒŽȱ˜›ȱ˜›–Š•ȱ›ŽŸ’Ž œȱŠȱ‘Žȱǯȱ‘ŽœŽȱ

œŽŸŽ—ȱ™Š™Ž›œȱŠŽ›ȱž›‘Ž›ȱ›˜ž—œȱ˜ȱ›ŽŸ’œ’˜—œȱ‘ŠŸŽȱ‹ŽŽ—ȱŠŒŒŽ™Žȱ˜›ȱ™ž‹•’ŒŠ’˜—ȱ

Š—ȱ‘’œȱœ™ŽŒ’Š•ȱ’œœžŽȱ’œȱŽŸ˜Žȱ˜ȱ‘ŽœŽȱœŽŸŽ—ȱ™Š™Ž›œǯȱ

‘ŽœŽȱœŽŸŽ—ȱ™Š™Ž›œȱŒ˜ŸŽ›ȱŠȱ‹›˜Šȱ›Š—Žȱ˜ȱ˜™’ŒœȱŒ˜—œ’œŽ—ȱ ’‘ȱ‘Žȱ‘Ž–Žȱ

˜ȱ ‘Žȱ ŒŠ••ȱ ˜›ȱ ™Š™Ž›ǯȱ ‘Žȱ ꛜȱ ™Š™Ž›ȱ ‹¢ȱ Ž›—Š›ȱ ¢”Žȱ Žœœȱ ‘Žȱ ŽĜŒ’Ž—Œ¢ȱ ˜ȱ ‘Žȱ

—˜—Žœ’Š—ȱ ˜›Ž’—ȱ Ž¡Œ‘Š—Žȱ –Š›”Žǯȱ ’œȱ Žœȱ –Š”Žœȱ žœŽȱ ˜ȱ ‘Žȱ œŠŽȬ˜Ȭ‘ŽȬŠ›ȱ

ŽŒ˜—˜–Ž›’Œȱ–˜Ž•œȱ˜›ȱž—’ȱ›˜˜œȱ‘ŠȱŠŒŒ˜––˜ŠŽȱǻŠǼȱœ›žŒž›Š•ȱ‹›ŽŠ”œȱ’—ȱ‘Žȱ

ŠŠȱŠ—ȱǻ‹Ǽȱ‘ŽŽ›˜œ”ŽŠœ’Œ’¢ȱ ‘’Œ‘ȱ¢™’ŒŠ••¢ȱŒ‘Š›ŠŒŽ›’£Žœȱ‘’‘ȱ›ŽšžŽ—Œ¢ȱŠŠǯȱ

‘’•ŽȱǻŠǼȱ‘Šœȱ›Š’’˜—Š••¢ȱ‹ŽŽ—ȱ”—˜ —ȱ˜ȱ‹Žȱ’–™˜›Š—ȱ˜›ȱž—’ȱ›˜˜ȱŽœ’—ǰȱǻ‹Ǽȱ‘Šœȱ

‹ŽŽ—ȱ–˜›Žȱ›ŽŒŽ—•¢ȱ™˜™ž•Š›’£Žȱ’—ȱ‘Žȱž—’ȱ›˜˜ȱ•’Ž›Šž›ŽȱŠȱ•ŽŠœǯȱ‘Ž›Ž˜›Žǰȱ ‘’•Žȱ

‹˜‘ȱǻŠǼȱŠ—ȱǻ‹ǼȱŠ›Žȱ’–™˜›Š—ȱ–˜Ž••’—ȱ’œœžŽœȱ‘ŽȱŒ˜–‹’—Š’˜—ȱ˜ȱǻŠǼȱŠ—ȱǻ‹Ǽȱ’œȱ

›Š›Ž•¢ȱžœŽǯȱ‘’œȱ™Š™Ž›ȱ‘Ž›Ž˜›Žȱ–Š”ŽœȱŠȱ—’ŒŽȱ–Ž‘˜˜•˜’ŒŠ•ȱŽ–˜—œ›Š’˜—ȱ˜ȱ

‘Žȱ—Ž ȱŽŒ‘—’šžŽœȱŠ—ȱœ‘˜ œȱ‘Ž’›ȱ›Ž•ŽŸŠ—ŒŽǯȱœ’—ȱ–˜—‘•¢ȱ‹’•ŠŽ›Š•ȱŽ¡Œ‘Š—Žȱ

›ŠŽȱ ŠŠȱ ˜›ȱ —˜—Žœ’ŠȂœȱ ŗśȱ –˜œȱ ’–™˜›Š—ȱ ›Š’—ȱ ™Š›—Ž›ȱ Œ˜ž—›’Žœǰȱ Ž›—Š›ȱ

¢”Žȱœ‘˜ œȱ‘Šȱ‘ŽȱŽĜŒ’Ž—ȱ–Š›”Žȱ‘¢™˜‘Žœ’œȱ’œȱ›Ž“ŽŒŽȱ˜›ȱ‘Š•ȱ˜ȱ‘ŽȱŒ˜ž—›’Žœȱ

Œ˜—œ’Ž›ŽȱŠ—ȱ‘ŠȱŝŗƖȱ˜ȱ‘ŽȱŒ˜ž—›’Žœȱ‘ŠŸŽȱŠȱŠœȱ–ŽŠ—ȱ›ŽŸŽ›œ’˜—ȱǻ‘Š•Ȭ•’ŸŽǼȯ

‘Šȱ ’œǰȱ Šȱ Œ˜››ŽŒ’˜—ȱ ˜ȱ ’œŽšž’•’‹›’ž–ȱ Š”Žœȱ ™•ŠŒŽȱ  ’‘’—ȱ Šȱ –˜—‘ǯȱ ȱ ›Š—Žȱ ˜ȱ

›˜‹žœ—ŽœœȱŽœœȱŒ˜—ę›–œȱ‘ŽœŽȱŒ˜—Œ•žœ’˜—œǯ

‘ŽȱœŽŒ˜—ȱ™Š™Ž›ȱ‹¢ȱ‘Š—ǰȱž¢Ž—ȱŠ—ȱž¢Ž—ȱŠ—Š•¢œŽœȱ‘Žȱ™›Ž’ŒŠ‹’•’¢ȱ

˜ȱ—˜—Žœ’ŠȂœȱœ˜Œ”ȱ›Žž›—œǯȱœ’—ȱ‹˜‘ȱ–Š›”ŽȱŠ—ȱœŽŒ˜›ȱ•ŽŸŽ•ȱ›Žž›—ȱŠŠǰȱ‘’œȱ

œž¢ȱ ꗍœȱ ‘Šȱ ˜ȱ ‘Žȱ  ’Žȱ ›Š—Žȱ ˜ȱ ™›Ž’Œ˜›œȱ ‘Ž¢ȱ Œ˜—œ’Ž›ǰȱ ˜—•¢ȱ —˜—Žœ’Š—ȱ

Ž¡Œ‘Š—Žȱ›ŠŽȱ’œȱŠ‹•Žȱ˜ȱ™›Ž’Œȱ›Žž›—œȱ’—ȱŠ••ȱœŽŒ˜›œǰȱ˜••˜ Žȱ‹¢ȱ‘Žȱ’—Ž›Žœȱ›ŠŽȱ

ŸŠ›’Š‹•Žǯȱ‘Žȱ›˜•Žȱ˜ȱ˜‘Ž›ȱ™›Ž’Œ˜›œȱ’œȱ—˜ȱ˜ŸŽ› ‘Ž•–’—Dzȱ‘Ž¢ȱ™›Ž’Œȱ›Žž›—œȱ’—ȱ

œ˜–ŽȱœŽŒ˜›œȱ‹žȱ—˜ȱŠ••ǯȱ‘Žȱ˜žȬ˜ȬœŠ–™•ŽȱŽœœȱŠ›Žȱ’—Œ˜—œ’œŽ—ȱ ’‘ȱ’—ȬœŠ–™•Žȱ

Žœœǯȱ—ȱ‘’œȱ›ŽŠ›ȱ‘ŽȱŽ‹ŠŽȱŠ‹˜žȱ‘Žȱ’—ȬœŠ–™•ŽȱŠ—ȱ˜žȬ˜ȬœŠ–™•ŽȱŽœœȱœŽŽ–œȱ

˜ȱ‹ŽȱŠ•’ŸŽȱŠȱ•ŽŠœȱ ‘Ž—ȱžœ’—ȱŠ—ȱŽ–Ž›’—ȱŒ˜ž—›¢ȱŠŠœŽǯ

EDITORIAL

Bulletin of Monetary Economics and Banking, 12^th BMEB Call for Papers Special Issue

’Ÿ

‘Žȱ ‘’›ȱ ™Š™Ž›ȱ ‹¢ȱ Š›’ȱ Š›Š¢Š—ȱ Š‘ȱ Žœœȱ ˜›ȱ ˜Š•ȱ ŠŒ˜›ȱ ™›˜žŒ’Ÿ’¢ȱ

Š–˜—œȱ ȱ Œ˜ž—›’Žœǯȱ œ’—ȱ ’–ŽȬœŽ›’Žœȱ ‘’œ˜›’ŒŠ•ȱ ŠŠǰȱ ‘Žȱ ꗍœȱ œ›˜—ȱ

ŽŸ’Ž—ŒŽȱ ˜ȱ ™›˜žŒ’Ÿ’¢ȱ Œ˜—ŸŽ›Ž—ŒŽǯȱ ’œȱ ꗍ’—œȱ Š›Žȱ ›˜‹žœȱ ˜ȱ Š•Ž›—Š’ŸŽȱ

–Ž‘˜œȱ˜ȱ–ŽŠœž›’—ȱŒ˜—ŸŽ›Ž—ŒŽǯ

—ȱ‘Žȱ˜ž›‘ȱ™Š™Ž›ǰȱ›œ‘ŠǰȱŠ›˜˜—ǰȱŠ—ȱ’£Ÿ’ȱ˜Œžœȱ˜—ȱž—Ž›œŠ—’—ȱœ’Š—ȱ

Ž–Ž›’—ȱ œ˜Œ”ȱ –Š›”Žœǯȱ ȱ ‘Ž¢ȱ ˜Œžœȱ ˜—ȱ ‘Žȱ –Š›”ŽœȂȱ Ÿ˜•Š’•’¢ȱ Š—ȱ ŽĜŒ’Ž—Œ¢ǯȱ

–˜—œȱ ‘Ž’›ȱ ”Ž¢ȱ ꗍ’—œǰȱ ‘Ž¢ȱ œ‘˜ ȱ ‘Šȱ ‘Žȱ –Š›”Žœȱ  Ž›Žȱ Œ‘Š›ŠŒŽ›’£Žȱ

‹¢ȱ ‘’‘Ž›ȱ Ÿ˜•Š’•’¢ȱ ’—ȱ ‘Žȱ •˜—ȱ Ž›–ȱ  ’‘ȱ •˜ Ž›ȱ Ÿ˜•Š’•’¢ȱ ’—ȱ ‘Žȱ œ‘˜›ȱ Ž›–ȱ

™Š›’Œž•Š›•¢ȱž›’—ȱ‘Žȱ’–Žȱ ‘Ž—ȱŒ˜ž—›’ŽœȱŽ¡™Ž›’Ž—ŒŽȱ•’‹Ž›Š•’£Š’˜—ȱŠ—ȱŠœȬ

™ŠŒŽȱŽŒ˜—˜–’Œȱ›˜ ‘ǯȱ‘Ž¢ȱŠ•œ˜ȱ˜Œž–Ž—ȱœ›˜—ȱŽŸ’Ž—ŒŽȱ˜ȱ›ŽŠŽ›ȱ–Š›”Žȱ

ŽĜŒ’Ž—Œ¢ȱ’—ȱ‘Žȱ•˜—ȬŽ›–ȱ˜ ’—ȱ˜ȱ•’‹Ž›Š•’£Š’˜—ȱ™˜•’Œ’Žœǯ

‘Žȱꏝ‘ȱ™Š™Ž›ȱ‹¢ȱ’¢ŠȱŠ—ȱ›Š‹‘ŽŽœ‘ȱŠ”Žȱ’œœžŽȱ ’‘ȱ’—›ŠȬ’—žœ›¢ȱ›ŠŽȱ ǻǼȱ‹Ž ŽŽ—ȱ—’ŠȱŠ—ȱ—˜—Žœ’Šǯȱ‘Ž’›ȱꗍ’—œȱŒ˜—ę›–ȱ‘Šȱ—˜—Žœ’ŠȂœȱ›ŠŽȱ  ’‘ȱ—’Šȱ‘ŠœȱŠ—ȱȱŒ‘Š›ŠŒŽ›’œ’ŒDzȱ‘˜ ŽŸŽ›ǰȱ‘Žȱ’—Ž—œ’¢ȱ˜ȱȱ‘Šœȱ—˜ȱœ‘˜ —ȱ

Š—¢ȱ ›Ž–Š›”Š‹•Žȱ ’–™›˜ŸŽ–Ž—ȱ ˜ŸŽ›ȱ ‘Žȱ ¢ŽŠ›œǯȱ ‘Ž¢ȱ ™›˜™˜œŽȱ Š—ȱ Žœ’–ŠŽȱ Šȱ ȱ

–˜Ž•ȱ œ‘˜ ’—ȱ œ™ŽŒ’ęŒŠ••¢ȱ ‘Šȱ ŠŒ˜›œȱ œžŒ‘ȱ Šœȱ ›ŠŽȱ ’–‹Š•Š—ŒŽœǰȱ ’œ™Š›’¢ȱ ’—ȱ

Ž–Š—ȱœ›žŒž›ŽȱŠ—ȱ‘ž–Š—ȱŒŠ™’Š•ȱŽ—˜ –Ž—œȱ›ŽžŒŽȱȱ ‘’•Žȱ˜›Ž’—ȱ’›ŽŒȱ

’—ŸŽœ–Ž—ȱŠ—ȱ›ŠŽȱ˜™Ž——Žœœȱ’–™›˜ŸŽȱǯ

‘Žȱ œŽŒ˜—ȱ •Šœȱ ™Š™Ž›ȱ ˜ȱ ‘Žȱ ’œœžŽȱ ‹¢ȱ Š——Š—ȱ ‘ž›Š’œŠ–¢ȱ Š—Š•¢œŽœȱ ‘Žȱ

Œ›Ž’ȱ›’œ”ȱ¢—Š–’Œœȱ˜ȱ—˜—Žœ’Š—ȱ‹˜—œǯȱ‘ŽȱŠž‘˜›Ȃœȱ–Š’—ȱꗍ’—ȱ’œȱ‘Šȱ”Ž¢ȱ

–ŠŒ›˜ŽŒ˜—˜–’ŒȱŸŠ›’Š‹•ŽœǰȱœžŒ‘ȱŠœȱŠœœŽȱ™›’ŒŽœȱŠ—ȱŽ¡Œ‘Š—Žȱ›ŠŽœǰȱŠ›Žȱ‘Ž•™ž•ȱ’—ȱ

™›’Œ’—ȱ›’œ”¢ȱŽ‹ȱ’œœžŽȱ‹¢ȱ—˜—Žœ’Šǯȱ

‘Žȱ •Šœȱ ™Š™Ž›ȱ ‹¢ȱ ‘’ȱ Š—ȱ ‘Š˜ȱ ™›˜Ÿ’Žȱ Š—ȱ Ž–™’›’ŒŠ•ȱ Žœȱ ˜ȱ ›Žœ’Ž—œȂȱ

œŠ’œŠŒ’˜—ȱŠ—ȱ’—ĚžŽ—Œ’—ȱŠŒ˜›œȱ’—ȱ‘Žȱœž™™•¢ȱ˜ȱ™ž‹•’Œȱ˜˜œȱ’—ȱ‘’—Šǯȱ‘’œȱ

œž¢ȱ’œȱž—’šžŽȱ‹ŽŒŠžœŽȱ’ȱ’œȱ‹ŠœŽȱ˜—ȱŠ—ȱ˜›’’—Š•ȱŠŠȱœŠ–™•ŽȱŒ˜—œ’œ’—ȱ˜ȱŚŖŖȱ

Š›–Ž›œȱ ›˜–ȱ ‘’—ŠȂœȱ ‘ŠŠ—¡’ȱ ™›˜Ÿ’—ŒŽȱ Š—ȱ ˜ěŽ›œȱ Š—ȱ ’—œ’‘ž•ȱ Š—Š•¢œ’œǯȱ ‘Žȱ

œž¢ȱ œ‘˜ œȱ ‘Šȱ ŠŽǰȱ ŽžŒŠ’˜—ǰȱ Š—ȱ Š›’Œž•ž›Žȱ Š›Žȱ œ˜–Žȱ ˜ȱ ‘Žȱ ŸŠ›’Š‹•Žœȱ ‘Šȱ

ŠěŽŒȱœŠ’œŠŒ’˜—ǯȱȱ›Š—Žȱ˜ȱ™˜•’Œ¢ȱ›ŽŒ˜––Ž—Š’˜—œȱŠ›Žȱ˜ěŽ›Žǯ

‘ŽœŽȱ ™Š™Ž›œȱ ‘ŠŸŽȱ ’–™•’ŒŠ’˜—œȱ ˜›ȱ žž›Žȱ ›ŽœŽŠ›Œ‘ȱ ˜—ȱ ‹˜‘ȱ —˜—Žœ’Šȱ Š—ȱ

‘Žȱ›Ž’˜—ǯȱ‘Žȱ™Š™Ž›œȱ‹¢ȱŽ›—Š›ȱ¢”Žǰȱ‘Š—ǰȱž¢Ž—ȱŠ—ȱž¢Ž—ǰȱŠ—ȱ›œ‘Šǰȱ

Š›˜˜—ǰȱ Š—ȱ ’£Ÿ’ȱ Ž••ȱ ‘Šȱ ŠœœŽȱ ™›’Œ’—ȱ œž’Žœȱ Š›Žȱ •ŠŒ”’—ǰȱ ™Š›’Œž•Š›•¢ȱ ˜—ȱ

—˜—Žœ’Šǯȱ ˜›Žȱ Š—Š•¢œ’œȱ ˜ȱ —˜—Žœ’ŠȂœȱ ŠœœŽȱ ™›’ŒŽœȱ ’œȱ —ŽŽŽǰȱ ™Š›’Œž•Š›•¢ȱ ’—ȱ

Š—ȱ ŠĴŽ–™ȱ ˜ȱ ž—Ž›œŠ—ȱ ‘˜ ȱ —˜—Žœ’Šȱ ’œȱ Œ˜——ŽŒŽȱ ˜ȱ ‘Žȱ ›Ž’˜—Ȃœȱ ꗊ—Œ’Š•ȱ

–Š›”Žœǯȱ‘Ž›Žȱ’œȱ•ŠŒ”ȱ˜ȱ”—˜ •ŽŽȱ˜—ȱ‘’œǯ

‘Žȱ ™Š™Ž›œȱ ‹¢ȱ Š›’ȱ Š›Š¢Š—ȱ Š‘ȱ Š—ȱ ’¢Šȱ Š—ȱ ›Š‹‘ŽŽœ‘ȱ œ™ŽŠ”ȱ Š‹˜žȱ

‘˜ ȱ ™›˜žŒ’Ÿ’¢ȱ Š—ȱ ›ŠŽȱ ‘ŠŸŽȱ ŽŸ˜•ŸŽȱ ’—ȱ —˜—Žœ’Šȱ Š—ȱ ‘Žȱ ›Ž’˜—ǯȱ ˜›Žȱ

ž—Ž›œŠ—’—ȱ˜ȱ‘Žȱ™›˜žŒ’Ÿ’¢ȱŒ˜—ŸŽ›Ž—ŒŽȱŠȱ‘Žȱ™›˜Ÿ’—Œ’Š•ȱ•ŽŸŽ•ȱ’—ȱ—˜—Žœ’Šȱ

’œȱ—ŽŽŽȱ˜ȱž—Ž›œŠ—ȱ™›˜žŒ’Ÿ’¢ȱŠ™œȱŠ—ȱ’—ŽšžŠ•’’Žœȱ ’‘’—ȱ—˜—Žœ’Šǯȱ‘Žȱ ȱ™Š™Ž›ȱŽ••œȱŠȱ‹’•ŠŽ›Š•ȱœ˜›¢ȱ’—Ÿ˜•Ÿ’—ȱ˜—•¢ȱ—’Šǯȱžž›Žȱœž’ŽœȱŒŠ—ȱŒ˜—œ’Ž›ȱ

˜‘Ž›ȱ–Š“˜›ȱ›Š’—ȱ™Š›—Ž›œȱ˜ȱ—˜—Žœ’Šǯ

‘Žȱ ™Š™Ž›ȱ ‹¢ȱ Š——Š—ȱ ‘ž›Š’œŠ–¢ȱ ˜™Ž—œȱ ž™ȱ Šȱ —Ž ȱ ’›ŽŒ’˜—ȱ ˜ȱ ›ŽœŽŠ›Œ‘ȱ

˜—ȱ —˜—Žœ’Šǰȱ ˜Œžœ’—ȱ ˜—ȱ ‘Žȱ ‹˜—ȱ –Š›”Žǯȱ ‘’œȱ ™Š™Ž›ȱ œŽœȱ ‘Žȱ ˜ž—Š’˜—ȱ ˜›ȱ

–˜›Žȱ œž’Žœȱ ˜—ȱ ǻŠǼȱ ‘Žȱ ›˜•Žȱ ˜ȱ ‘Žȱ —˜—Žœ’Š—ȱ ‹˜—ȱ –Š›”Žȱ ’—ȱ œ‘Š™’—ȱ ™›’Œ’—ȱ

–ŽŒ‘Š—’œ–œȱ ’—ȱ ‘Žȱ ꗊ—Œ’Š•ȱ –Š›”Žȱ Š—ȱ ǻ‹Ǽȱ ‘Žȱ ’—Ž›Ȭ›Ž•Š’˜—œ‘’™ȱ ‹Ž ŽŽ—ȱ

—˜—Žœ’Š—ȱŠ—ȱ›Ž’˜—Š•ȱ‹˜—ȱ–Š›”Žœǯ