Professional Documents
Culture Documents
Fernando Cardim - Economia Monetária e Financeira Teoria e Política PDF
Fernando Cardim - Economia Monetária e Financeira Teoria e Política PDF
2 (Z1/00'000'001 ®P WE 40d ope|A2/¥2) Qo'OSe $4 oP jeulBIeuL
jeoar etn preuoroiodosd ons|‘ojduioxa ossou ov opUB|OR “21/(X%) 9P YDS (You
ou wfo00) opdesuen eu v opdo[or wo M2001 eu HUaUINE Q <4 K) = 6X82) +
6/(4°%) op ‘o1uentod "y1os sagdesuen senp 2p osv9 oU fPI0) ¥19995 V “6/(AXZ) ap [8102
ost pent B/AbIE e
osz 001 zug z
oz, ose was ig 1
° ° ° ° ° °
$a (65) SH Busy Buy i
Pousrow foleh jowBiew —youssoww segbosuant
orn pye20y | osm D004 ep o1owinny
ouyo20W otsay 9 jouyssaW ou9294
y o¥aYNd.ng 10d ‘sono anita “epi
str 20d epueusop op wuLyseuday puoar wsynO wuNN sesH[eUE v ‘opb—S
‘ys0u ‘sowossed ‘sreuojospen Soueysou.Coy soaqssy|202U SojapoUl SO SOISIA ZA BUD,
OLIGAYO Ad OLNAWYNOIOVY F
OVOVNUOANI IA VRILAWISSY “€
pouoisojs ps0 sacha
‘gpuowep 9. .erb, pyoseod
= goth tind eulanopou
io ojed soB0d
ir} segS tue sons ps6)
‘9p opoupan 2101 np 095101
1d bu pgoue Jounooud 's
PTCA CLL EEE
4 soanf 9p exe) Puin epep ‘sogbusues e1ed
vu omouune wn vary ap un eA}
‘opSexoyye wun 0 99 808
‘puusoy ¥ qos soptios sosunoo: Sop oySnpar tain viasmwot soanf op exe eu opsuedo BIA
‘nb pf — jeuos ‘spaoud sod epupiuip op easno ep oftuoj ov vbucpnus wun w UPA
aj sount ap sexe) seu sogSvunye ojwenbuo anb re4r9sqo 28-2pod ||" OOP ON
on > 497° 20 < 4071p 'K) 5 ="
u{ssy “opuozaw ap sounf ap ¥xe) & epeuoIdej2n owaut
estan seu uptan vp aqueIwoW! OF Epeuotsefar auatUEIaNp ¥ys9 YoqUT TO "
-v) sou seSuepam sp 98va1 syeuoyousucs
pra opooyde
peasy seu some ap ext
19 opyes Osxaj9 EIA Uo Opt Op
2p ores op oyuouune ays "oUsoU 0 vyuoEML
10) anbors> op Sano wa o¥sin
‘oaquautaquonbasuos uot “!1)
0|89p tn Wo18 YOBON 80d VORYNEG 2 SONVIDE ee
“0k > "9661 “SERPAL-HONDPY
say Bape sip runny pus Bu out fe sone 24584 SERINE
__se1usoy senp ap 1011000 apod
wasaau ap sapeplunyodo se reyroxorde
‘onppio ap omuoureworoes © “oannposd
‘uressod sois2 anb opurirazed *Sau0p)
‘ sonaoueuty sopeotaKt so opuepnte eortgu0d9 MI9UQF>19 ve:
eded urn wo) soxroouvuy sompIpousoyt so “O}=TIO9 SON
{um opuryaireae ‘sox{2uRuj SopeasoUr sop o1ratTUo!oUN WOg OF OR
og [tio Oost ojad 2 vssoape opSojas efad sopesmed seuuayqoxd SO)
RUE LL Ces
PLE a TM REL A ee
“on
ap anb Susy St 98
‘9p soBnd wefos sous
,PIEZRY |eAO0U,) pD10U O2sL4 C,
“opeaiout Ou sot
298 wopod opu sojoford sas 2
spudino op waIpqe
sso0xa soanf ap
“saul oF ope|s0Sse 0951s
‘usm anb sounf op exe v 1
yuu0u anb stojauaied sar0pe
4J04{ 008i Oxteq 2p tn 2p os Oe ap ournspidua op zopeUHOS tn “eles
sop stog so oys}oaud woo ainBunstp anasto op ooueg o onb ap ore} op
-ro09p vf “811000 09S
-soyuy van ws 0889 09
25 y “epeziqeass0sws}2oueury opbesuea # op stodop no sotue
-uoqeofouny new wun re}axTese apod SagSeaL0JuF ap (RgFOURMSUH TO) eA Y
‘saquauioo stemrengoo sow
2012 somnf ap sexe 5@‘sopetuoy op epuoap e anb JouotN 9 Zopmrsaxduts op sopumy op
bajo # onb tuo souysgidio 9p apeazotn ow owSipui0> wun 9 oHpL9 ap oH
-bi 0 ‘seaneyed sexino Wig 1O;eU BxEY BuIN OUNsaUE NO EpIDdjeqEIsO SOxn! op UxE}
ed v soisodstp urefayso Satopeuo} so onb oursat sownsgudui sozey v wresno0s 98 S01
-opeysaiduuo 50 onb w9 075
98) oypax9 ap sereuton ap onun{uoo Op Oost 9p nEx8 0 no (TOU O9st)
{uo} epeo 9p ojuaureyoduIos o 1e9ye opod sogdeuaozut ap wITDUNSsE No UI
vis “sopeaoje ogs sopuny So fenb o ered oivatunsanut ap sorofoad soe sopersosse
soasit so a steiouojod sousoras 90 aagos zopersaidis 0 anb op soyjouu opSeuosur en
a) otusuou ownspudu ap sopeto} tun ‘oydutox9,04 “ORES jadso1 m09
nsiooxd ster opsioap bun sewo1 vaed anuedronsed axno 23qos aquaror3ns 0 aqes op
‘toupnbasy woo opearout a1sap aywedioried wn onb tuto epipowr eu ‘sorteoueN Sop
uu sou 2950 jad visa eesodsox Y
w ‘uisaud vjad upuewap & anb arduras opueaaya as sonbyenb wo
teumn 9p ofaid 0 ooo pLioduoo as 034 ouppi0 9p sagSt1ad0 seu vptqo> sox
te anb 10d "efas ng “epopeatat nd op omaunynous op spree, S01
tpucuuap 0 euayo anus Saysfsap so apto ‘SOSA 2 sq ep onttiadwoo opusrotl
tun owtio® wuorsuy£8 VOOK 80d VONVNEG 30 SUNVISANAUS SUIISSY1IVEN SO TIGOR
soptsefaqnso stemies1t09
sou Sou ‘iopewuon op vpuiuep v anb souDu 9 zopesaxdua op soping ap myo ¥ ab wo
‘ouipepidus ap opeo:0u Ot oBIpUOD Bn 9 OFPP12 9p ohuewoua;oor 0 sessed SEAN WE
owl vx waln ousou Ho eprooaqeass som 2p ¥xe) e reed + sowsdsip wefowe soropet
oy s0 anb ouisat souinspidue saex)¥ wesnoo1 95 Seuopesaxduo so on HD ORSEMS op 939
rap opto) ono ap sazopetuoy ap oxun/uo> op Costs
opeiuo! opr» 9p ojvaureuodwos o oye apod soph
‘ap nes o m9 ({e10u O9EU) TEN
ojul ap eunausse No e}DUQFJUSH BIS SOPLDOT OFS sopuny v0 fu o Ned rods} >AKY
2p roraead soe soperosse soos so 2 se!auovod sousoas so argos 2opes=xdus9 0 2nb op JOU
“Sus optmuoju wan war ojuaiteusou ounspzde ap sopra un ‘oyduiax9 304 ‘opSeSURAL
{ cuedsas woo prpooud sfeur ove! re owen oe a5 me
“gnso ans or bas woo opesius ssp anedicqzed un ob wo wpa wy soxouED
1) sopvosou! sou sapSDuuef ap pious ap rouge» 9 Bund vse v wpep esroa
| zeuouue eusoutejad epurutp v onb axduos opuenoja as “onbypnb euopeoseu en op
‘ap sogberado seu wpeaqoo soxaf op wreyvanb s0defas
joss, ops epusiwap 2 vH2yo 2m,
euogoury OBY OH
‘520 ap opuarou o anb so seu 9 1991 9p awveurovoras ap wuoA ep EpHed PpOmtOdO
‘opSeauen ored vp2ous sod epueutap PU ostaxur owvoutjaou tun epuroonoxd
-gosnf 2p sexm seu seSuepr sg aBear sreuoroesven suyj wed epaous 20d epuewep v
ibasuoo 9 sogSosw ap 0
2p vpuourap wed wig
jo omed ouyssazou opurenb sn
opepssaoau Stately] fxed epsoUr ap Tao} € qos ved wionbad eun seeds
ta sosuioaa sas ap aued seayde eps ap opozd 0p
euyuuiatap wnu optopod s
“ayuati0s Epa ep opduny 9 soukey opunifes anb TeU0K
isd uiqo 2p Sony ap raja ap ojapOU O*opOU!
sod epuerap opSuny e
1 opbeotide ued sou
yp opstedxa wu ab
‘sopriedsa sowojas 2 s026u sesoreu U9
-prauean sone ap stjaoved saiorvm ap ove
‘opep ‘anb » tgo4, 9p of9pOUE Op Cat
‘onp}atpur tan op
ye ap opStsoditoo
sogido senp uyun uae 0 ano wa oorugiooyp opus win zapn
021 ens nojnasoy soukoy "e190 e199), up ayed soe WU SUN
op opSuny wo x10» urssed soiuaSe so UIgo], ap wuonto ap ofS
2p ojapow ou ‘or
nj 08 one ezaua2u) 9p etouaisxe up oFSuny wi wany|noodsa o pupuojonnaaid pues
sparyoros 38-opueansoad ‘119910
‘59 ou ‘owuenbuo ‘sous sod a)
"pest ypusutp) iGo jouneg 2p sanbo1s9 ap wa
2,99 SEU a oFtFOdWo9 9p ofzpouro ~ opaoU
vwieaeanooxd
dura utoa saxopeuig so optaxaxd op3H9 weUOID
wwonbad 9 ownspaduia ap epuenb vos sowpspidu
juuiou sazopeuroy so onb ‘otunsaidwa op ovoue®
nyu wu opu seu
“oseo aisan "exEI608 sop.
-s01 seu ownsgidwo win 4078) wfasep sopesaiduro te
21 y {20,eW sonal ap
PEADTD OMP9HO ap Oasts UH
rod sopeAtoyo opuLnb ‘onb Jod supy "EpEARp Stet Sosnf ap exe) wun seed
2p osofosap vfowso zopeutoy 0 anb owsot “ropeuioy umn v somnf ap exe) ronbjenb
oumspudura win 1078) ¢ as-wsnoas sopewsosdua min opten 211020 waround y(tjownneg-u1qoy, woBepioge & rojnoned we
-esoukoy sojad eporogn|o epaout 10d ypuewtop ep st
139 BULOS ap UIBUO}OISOM as 9 'svys}apso}OND sone
one 28 sestH}oUOU so anb sod yucq"soSaNC 94
98-081 070d OBuo| Ou tree
fo mpoxd op onsouosaio ap ve] wp BULINE EpaoMT BP U2]
‘ep ontauriosaso ap vx) eu oquouuine zonibpenb an a ‘epep.
-unato9 vp eptiar up uouupury apuadap epaou
sod epueuuap v anb ap #“vfos no ‘seastatneynienb sooz191
U9 & ANUP! 9 O[epoU OP [ew
uo) “epaow sod epuewsop opSury
‘9p UXE ¥ OU) SIOAPLIEA SUAOU INO
‘ysumiauow ofp
‘9p wa8epioge wee
‘oar up "epraogeyo stew seq
‘28-0980 apepyjeat WU onb ‘sEISLEIOUOUT $0}
‘ep20w sod ppuewap op ojapou o esireuE 0
OySNGOMLNT
VaaOW
Vd VALLV.LILNVO
VINOSL VAON V
‘VLSTUV.LANOW :
OTACOW ON VOROW
YOd VONVWAG V¥
2661 "VENIWDEH "Woy
2561 2p oxqusoA0U ‘99
" upwowde anazoayp AlojuSAuy UP “ySeD Jo} pueutDp suoNseSUEN Up, f
-oide 2¢ sob wanb wie jaaypuresoud 9 sa
tog fo suey
“38H spuenin snowaryag se aouou9yaud 1S pun sap
“owoag fo woyaay S89 195 Pueulap
‘onbydg gopeuse no ou “ypu y quoUm
-aup visa vpaousaod yeuo}o0s
19 sount ap nxt g ope
epueuop &"jouuneg_ ap ep2cus op sonboase ap O|POUON. *y
{som ap 827 vp opSuny wigqumypfas epuvurap visa anb w0>
‘24 onb yeuoysesuen epuewep 2p wigez-Jouneg ojapou op ooisyg oisodassaud 0 9 Teng “¢
epaout sod
‘panooads9 epuowp v gos som ap vee ou vpanb wun sod opesonoad oay9 0 (atau
-soyei8 aatsnjouy) asteue “erga. 9p Sxaw99 ap oESysodiwo> 9p ojpour ov ORS WO “Z|
dso epusuiap eaugos
puntap @ opeU
fap fouSuo euboyue op ve
1404. 2p watewwa op opSis04h
9 9p o[@pow o epipow aMb uA “|
oyssnosia vave sHQusind
esraapy ordej9g euorpesunH,
OY OssFy ——_EPUEUIEG ¥ aaborsg ap WodepA
oupgip ap cmauieuorey a ‘ape 2p opSsod.wo3 op OFPOW mL
sogSmunngu sey ‘peop tod epuRwiog
SAVHO-SOWBALinfos v sopriuosaide ops "wo
‘opoout 10d vptreutop opSuny ep sayuouruisorop so1UeW2]> SO
reo
-epioge eiseu
snb vangaiys9 bun Jod opioazajo apopytn op yeas o reurtazoyap wavd sTeyUouT
Foun ops anb seSuotapip sess> oyuaurerouass9 ops 9 ‘tfgst0d opEp wn od Sopes
8 epuot op oxny sop oxSisaduyoo wu wouar2yip wun a4fonts onpsaipu op oxasHod
cou enno op 79a wo ezanbu ep pisos vumn 9p opSuatueu ¥ anb 3 epeott sod epuPulaD
‘p oyapour nas op upped ap owod 0 (@) santaBe sop stioupiajxd 9 Sows so 9 Sonne
Soo sousoyan 9 sobaid so ‘wzonbp ap sowtorep aoe op vysyiauess0 ORSUISE! v7
sSpyaos ap wpuysrodw¥ jp ‘opinssod nas o ered sodas ap oxy win 2npo%4 on
rum epoouu &“0ss! od “9 “outnsuoo ap obazes wn tod epuewap wp astpue et
pu wuoy 9p 02} 9 Apepatg0s wt ezanbl ap seOHNa}apseayyy sopepqun sep see
od epaou tod epusurop wp asgut ens (e) ‘epaow sod wpavwap v axqoe UeMIpen
2p astypue bu soanunsp sooozed sou anb sorsadse stop svomsap onuerory 3
‘ezanbi ap seasjeusoye Seui203 Sup SOnprEm SOv O45
{apiad © ‘oat sotto tug} anbiod ‘sopesno
‘tig enb oonod op vpiad v soyaa wzed "SomBas Sorat
‘opiiat 30s ¥ wzanlbys 9p onborsa ordoxd op 3016
19 yas paefasop onpyalput wn uzonbis uns op
Joy puIsoUE Bp Uprau Jos w ezanLL 9p
‘opaanl
‘epoow vp soinquie Sop
‘sre 19s wapod soou Onn
suojaxd ropod saigod sonpya ip
‘op (v) spispuedap YuyIauOU VUHO}
‘agSsodosd ang) ezanbu ap seutioy seaino at
‘euuaog vin otioe epsoute sepuoge ap as-et
‘98 ewioo vpaour 40d ppuowep vp B}1094 EN 3
100 ¥ as-oqdord uewipaud VON,
NVWGalad do
YCaOW UOd VONVWNAG dd OTAGON OQ "TZ
qs 8 eHaoe 9 ‘OloPOW SION)
ops soage‘soxoouvai) soxe 0409 “soan{ woznpoud anb soase Sonn
3p zon to opaoutsia2 9p pepymodo ap ois sop 9 soppoUoU! SOPs AP WY ©
sido anb szonburep 2 uptos up sapsei sep ‘sooSusuea 9p aun]
pooud sod pavuiptsejayired wt sone sono ap anos9 104 &p
"p epaout Jod epucuop v opep owausnyEn Q sosnf 9p XE HP 2UPUE!
i sazojen ap oopkiedap 2 sopynssod nes owsed soStA8 oP
09 eyseaoW OBSEA Y
1 ap ojunfuoa wn,e-apdejar wa vpaour
no arfue ‘sjeayanp OuInsuoD
vp *ozanbu ep.
sejnoried oxnyy win apuaranb oA
‘2p wyayo eu woo wyuy H9 ypa0w Zod epuBtIOp Y se29I09 BIE
“tol ap josjwio 9“exteq 9 somf ap BxE) PEpSOU 30d epuEAAP UP a
“ouanbad owoa se 1 sojad opp 9 SoAne sozIMO 9 UpaOw
pause 9 wp2ou op BBO & uHSse ‘9 oUOHOR Op 3011 s
" yoo 6 gos opurrs> ous
cisin 9 epaow ap anbors9 © “epact Bp oBSeinaxt9 ap aprproojaa wu oBSestodwsos
ap owourrou we vysx9 onb outsou Sowa sop owdouTDuOduIeD O a1g0s fA}6
‘ojmisay oxsuunu wun ap foayiso ovSuny eum oIUOD ¥ atUNSsE wISHUOUODD 21s
erouasso oul ¥ JerpIsu0D ap spAut OB ‘opMIIeD “(Ady = A) 2¥puquTE:) op oBSIOA
ts nu eau wefepe UDI p sepenyeyo espe 89 ws a
oysia pis on ‘uewpani ap ypaow sod epueurap 9p ojapour
6 ovnpodur sa vp oneoued ppl fb nu ono oajauasd wa} wan
seoftuguoda s}aagtea ap ope oyunfzoD wan v BpE ys
‘oun 9 epaow ap e9j0 bu seSueprit ap oroedus 0 ‘07
-axd ap jaa o svuade tweiouon4ju sepouoW seSuepauu se anb eULI0y fe 2p — jeUCID
-soy nb “GAOL BPO EP VA
VLSIYVLANOW VINOSL ¥
AUAOS SHOSVAACISNOD SHAMAG “|.
oxsepuns
2 vv opoou 208 spueuep wp owausieduioa 0 sages stg op asp prone
upisou hoy v2 Py
Bas opSas v as-opuvara
7 ovdog ely “BsHPyaUOMT! PON w auqos sopSeEIOpIStOD SI
oes | ovSas EN ‘ouSnponur eisep wipte 'sagdes ¢ wD
‘soaneadepe svaneioadxe op
11901 soysodnssoad sojuin ap os-nyei, “seortiquooe sopeprun sejad aiuoureiayp supynssod ‘sooisty Tee
‘ap suaq so 9 UpooUl v aaisnyo01 ‘ezanbe 9p setus0} Se SepOr Info TOI wean LY
-yetaos wzanby wp soyes op opSeurrxoxde wun 321q0 9S
‘opouotnesten 198 P SOS|A1OS 2 suaq ap AUINIOA Op JOPEDIpU LN
‘bu ypuat v o1enbue anb vista op vosad os vounu nb aqreociat 9
‘epeasasqo paar vp sagSenyng ouoo ‘syeamunfi
peut no oonod opuas ‘ozexd oBuoy ap 21018) 104
“oosa up aured opttas “epaou! od upuremap » snbaod aquepodus 3 o7st‘uemparty eed
fanbu vp aquauvunod ornnsn
‘sreanjunfoos sogSeniny 2s-opuiezaxdsop ‘att
op apeptaedina v apaur anb o1feouioa win *efos no
opworjand ost9]15039 id OP J0peA 0 “ojttoxa 10%
“ajo Balasqo as onb epuarB9 op 4 anb seArasqo.a"uguod
en semp “A 304 4
‘nb owrora1 0 9 apr
sweuupaye (0 PE
mn ap (A) BpUDt¥anb ey
o MIE A
‘ap sanbonse syjean a8 ap apop|nourp vjod awaUeIOn
Cos tuptod ‘ay esed S210}, sejnoned wre “epoowt sod 9 e208
tp sonueuuiarap sop wn outan ‘44 *ezanbls w wiopssuoD MeMpat
PLE CAA ECA AS
POT Ue ee eS eee
us}uoNbasu0> “epuion Droid
je benb S89 souanpoid nod
9p Janu op n0 "a
‘8p no “emnposd
1001 Vy OB|MO OD}s89)> 98s 13
Me Ace LD
AURAL CPR RS ELEC a© osnn/* mp opus n) f="
nb sowoy"epoour sod wpueurop Bu ono
av win ureuorseoo soso sys9 (pxduos wou anb xpure) oruoueLHOU OM
-euzand pun ap owatinapeauosap 0 sysedurone
wuanbaij sear sopfes sou foayjou oqvourne umn onb sod ogres Wp wise "Zapind
Te sopeyjnauna seanqure soe ezonbu ap sazouisap sojad opep sojea o pyuauitw pep
ib wzadso a8 onb vayuigton9 apupmqes ap nm
‘ejae anb ayueuodutyYoasrA wn
su oy dsaxo sod) wuneaoou ezap.0
juouy}A0u 35 opIs9 opuenb — zaptnbr]
iowa wzanbus ons ap some obey BUN
0 onb sods “oydutaxa Jog "epaout 30d epuet
vp oxSuny yp ojsowyzodusoo o worouon|jut wzonbtt ap seuioy S2]U2I991p 3p sopUnNO
odtasos 9p sown sofad wzanus ap sezontoip spyprun sep so}ougraoid 2 Sow SO
bpoowy vp apoprn
vjafy wapog and sasoivy a spiougsafedd 2
SoISo B SOpoUOIODIaY SIAPHIDA SPLINE
‘ens opuvjuousne —epa0ut
o imap dn f="
Liprap aft) oduas ou opSeygus ap wperadsa exe vp 2 (7) oagea epust
ap 22) ext opuos ap soujgoueulj Sonne sop owOax op sexe SUP sHOAU OBDUN BAIN
3" ‘wzonbit op seiowaap sapeprun sep wpoou! Jod wpueMUIP © ‘OSONIS We
“mua
sr 2¢ ap apepturuiodo op ersn9 0 ‘ayuatusquonbsue) "nurwp soptax
‘sopes Sop [vax soqza 0 “Bansod 10j wpesodso opSeyuy 9s “Opow Ise,
yew opSegur etun 9p oAmEOW oF
‘eeraye onb soyey win ows opSeyt
Wed “soap sojpa ap osu
soured
‘puss ap sojnap sop no "s) 1 wpuDt ap So}
sonno Sop ou1or21 0 op tog "ansauo optpiad st
exe} v opurenb sosato o1f3H0
“oseljop 2 opbeul ap sapSipuo9 qos orot
‘1gOs WoBED0IS9 9p SOIST
woo sie ‘o8td
wand)
sayurou oSaxd ou wSuupnu vu (4) ‘S094
19 sogSe axqas SopUApIAID
-sanied senp ap a1sist09 (SOLpIOUOUL $0/
anes ogo eure woe =p xm Y“*pIaN Mp Yun
cv eno un wo tage aseped ab oxen un oso onyapu soya
‘soplus sayuew ov onb » oarseq owsadassaid © “opSeijur ep upezodso wxey v wigque) x
“aso oad pnt ‘aups wai] op shane og a po,
2 Sonia opi a sem of we Py oon apepin
“do pao og = eSuensos‘pnpypaud ap jas Busey eagle we re
“oun wo.) un zoids wpotr eens smoot soba op fnpoy
SoLplauoy sopjog ap
opduasay ap apvpjunjsodg ap o1sny
ae 0< sp / "pup opuas (a) f= hy
‘enquod sua} “woo epeo
28 apps2oau» wun 26 oa ate open xb wpipow waanone
vzonbu v Py 2 wean ezonbe © p Yy ond wa * My / Sy = at anb opm
O59 Wk 9 een mp oe BoD aap ays
sod ypu vs pnap qe ‘ons op ond ov ean eb peed
“ound 9} jou oot "zonbus ap anboso open Um opp ary Posen
-oZU wanbys w onb op vpinbsl soueut 22} v onb o ‘ezanbu op wuluoy eso wIed 7
“trou pop sod euvumy snows sne9 ope otunate epee sopeatucy
sped way. op orb e ojuenb “oo uM
“Saeyue ap spopende eh
@ 0 oP
sod epyjonussopepeou 08 pep o2Sunj @ anja a OU wo
juoyjowes ogs apo o1s9 2d soppqo Sopeynsa)
yt sod wpowap op vise
wpeindsg ovdeyt 39 YC. M
Seanerdepy seated a
copdeyuuedt{
ayuuctsing ep mL
seal soxteau 20d epurttog,
‘ppaoyy 20d epueUaCL
yu ap epesodso exe & BUOISEYU! OBMeID|IDV ap
pps yyeduioo
ppuoo wt
‘quaueuaié 9 nb oprynsat ‘opSi
‘opSeqguuadny eu so! sonyiouoMr 8 :
gdeljuy sp avipia¥ou oysuEdxo op Sexe sep ON UTE Ofad WIE
1 opsuvdxa pw &entIAUOD eI =
{ upjaoi apsundya 9p ueysuco Ure} EU 09 O78
‘o8uo} on sew zon epyo oupusureo opp uN JH;ueUY prepod opu ont 2 woBeTFOYUOS
oun 22a vpto apuad upooui ep ogsundo vonb praqaoiod owiaho’ o ‘odie wo> wade
-oyuos vp opSumrunp + peooxoxd epoou yp oruatuosax> ou oniawNeo "wiOTELOYUaS Bez
prea onbapepvenb e anb op J0,eW1 30} up2out yp onoursox9 0-9g “yeas SOUPIaUOKN SopiES
sop opSinuap ¢ 2 upeiodso 9 arauioo sooSeyu sop rouotouodoad oyeuane un ¢seAaq aod
‘bgeae viauout opsuedxo op sorew exes eun“odwot ap opojiad oBuo| tin 20d wpm Ose.) 9
‘opeaoTo 9 oupiLomeS0 Hot © an
sion ew) sod vpuruop Bu sapSynutunp Sep esne9 10d smuO!>
-vodoxd anb souaut anvauspeutou os anb“ep2ou ap anboy
tas s011020 wopod oyu ~ souyuoraeyuodiy sous} sop so:
soutones soouine ‘ue ap opSoguvody ve epaodt od spurts
‘owe Sop jor wzonb 9p yaagu op anuou
1ud opuodap vpsou od upuensap ogSuny e*exteg 9 sora! ap exe €oBSeyau we EpaOK!
puvulop ep aj j9 © CWO: ";eU}ZHO eanEMUONb BOD vjad oploa|aqerED ot09
1") sodaid ap gos oyvouioNeuTULOpaid yp a (ous ovediU 0 Set
‘owsoyasp seperad ezonbu veagos
vedo "oprauoa “ts sno sep sonbyenb wos
two mns25 opzeped
-nposde nyuan anb eu
x9 muLO) Ww LyY =
SARA St
fay ¥ OPES p/P S089 op OPEB apo
1 ~eapiea put 9psojmy sop oworal op epesodso exe e~ ex Mpuas ap
op oo} ap peiodso bx — spout ep apepte je wzpod nb Sane sano 9 Se
apie son: — umm opu 2 wowuny ez na opSeresoueused epuat eed
pmuesauday) e|
‘ozead ono ap sosnf op exer vf
-08 vp soxnf op exe) ap wamnuys2 we repoUaNUT opiteostg
'e ronjoya [eau9d ootieg| OF epUIE-2qzo “WHE 10d
"OUNOUgINO SBGDOHOA sOaFOp 2
ou opuostr 'sou0s0
“seuugyesuaduroa sagbe svjad opinBocied 39s 2aap anb
so & ayuea8 onb SeLiyoueg swarasax ap [OA
no opuerefur vfos
yonnnou sagSe sens
wenay anb soxorey sop oystaard
_avynd exed svazasoy op vurougine opSepzea
fr e98nq Aap feaIUDD COU O
/9 opearells op oIvouretiotouny 0.03)
nugoueg apa ep sosinoar ap seoupi9jsuen “o\dutoxa od) syeue7es soustupNDy op
sajueinsat soauea sop seaioso se 2390s sostonpe sonra so unsse opuEZTEsINew
“semgoug searas0) 2p atinjon 0 oainbe wa JURA 021854 oanafqo ousoD wo
fafap waasnywu ap viRpreais9 tu ap 9s-BREI, "seUOUgIME SoOSEA ses
39 Soanf ap wxe) ep sogSerfso sv ezqyennau vanalqo zopmb
OU SOULS 8
eq $e019591 Sep SUH
0 rebuppeqertos emoerd e309
sod ony (nuouteatsn7>
98 op sganny ‘soxnl 9p
‘purtuap v epowooe ©
1p jouare8 enU9D 090 O
xe) [aapisa Jayme 9:
‘opout op sv4zosou op opsotoU ou zopinbi
DUplauoy vIN{od vp OWNY Op ovSv2pDUIS
2 2opimbrT ap olpiq o1waumjouedeD
“(eemryouequowuy $905,
-esuren) sooug soudoud so anne sowouiqaoar 9 sojuowe8ed sop ogbustaduoa 2 0p5
-apinby v zemoza op wire ontta9 ooueg 00 ooueg ype anuo sogSesunn ap opSepinb
ue sop SoLigsynduroo sowuausyfoe so J9q9001 9 IRNSIRAL ap oanafqo:
‘esua> ootieg oF ojunN! WoL soouEG So Sopa anb atogdse Ur
9 4 SbAs9se1,, pjuoo v anb Joqes aqueLIodu 9 woni8os as anb $205
sooung sound
-91d so annua sepeziteas sepusstiosdutoa sagsezado aznjouy pod anb ‘ouyoueg
-1oju! oUroD opiayuo> opeoioLt op os-Ny, ‘seAtosat op oBSiNNSEP NO ORs
'y opt ‘oseo 2)sany"sooueg anva seasasas ap emnuutod wusnu vyynsou anb ‘exyouRG
“oyu! opbesuen) wun 213090 anb uro ajonbe 9 'zaa uns sod‘or4ypunzas opwatow C (q
199 ooueg op aysed sod zapinby up o-yuo!aLosIp ajonuoD
‘0 semayo eaed svpesn ‘Sepessjutoxdisoo sagSezado sup 2395Ip ‘OIStA Yu9s
‘onb ‘vanurjop wpuoa op opSesado wuin wpezapysuos g anb ‘seupoueg sagSinmisul
‘svauasa1 ap opSinusop no opSen9 w BuO}SseOA anb ‘soguEQ 50 >
uo opSusues) yumm a11000 anb wo-ajanbe9 onpund opmaiaM (e
!sopposot
stop wo of-predas 9s-opoq “wnyjouow vongtod w windaxe penUeZ oouEg O apuo jeu
-oranypsuy o5vds9 0 9 szuyaueg seAroso4 op opeoiat ( TWHUaD ooUIRg O 9 saIs9 aN,
a 2 ‘sooueg s0 aru senivoueg seaxosai sop opSefooau y as-HuLTsap opwOIOUU aise,
splipoung svasasoy ap opo2.9yy
SIVNOIOW¥adO
SO.LIAONOO SOV OVSNGOULNI VN) *Z
ce‘ooueg upoo op ued
10 9 [ORY SBUL xBUIO) OF 'SE}POHDG svAL2SeL
.9s0jo0 soxyeous ap os
ap opSeideo vaiqos opbexe) bun oBArN2 OH
“getnduoo oquanuyrone3 ou owouan
sogbipuoo seu wrougnyur ep SPAELE
roug11000 ap apepiianqosd &
“Suiof(e) :8 OpHsTTO O
sosyooueun, soorupd oP
up ‘oupoung Dwi
a op sogSuny sted
"souattot sopeiasde ap oforiuo> 0 opt
yesnofqo wa
‘osoz0ney sonino.anjua ‘opucxoptsuoo “Nd
.~ sonsspdap so aiqos olgsindiuon cour
fap oaug ofpd epeutustaiap OBSea2 ms9 408
‘ap vudyo & apuo ‘OUFIUOUN JOE
wedaitie ap sjonvoo o wed opera!"
janoo oxrauanyjooas 0 WOATE
‘9 ouspyouout opeosou ou sox op exe
jod v anb ap oF
copundas © epeBafar
001 9p BXP) Ep afONIHOD OP $98
‘opuopod “ep AUOUI 2584 UP
adn yenuap osu ojod
Convauunaysur wan ow ofsta aquauspeueH BOS
ouigsnduog ojwauyjosey op S209uml
‘euioysis op Zapinby| 2p epupssseoott
PEP
By
‘epogstnond wu eupy vu ap w1400 30%
1 jut ap 20503 ‘onton}ut
usureyuarfua ov east woo Bx1e9 9p OXR| OP
vr sooueg soe euorozodoxd anb pf'Seyoutg Stal
a wu 9.438 apod ‘oduso owsaut
Dit OP OBIX9 SEHEIP
roporet ¥ anb opensou tug sa1ve0as
seipsonro 20 aver open 8
oP eI oT afes ‘exo vias 30307 ered efos “ougsindwo
eta nb wu ens aod 0 RSE
"aaropo sa eto4 aN 950895
Pe eopy apo ws fo 8929 CHT RS OP
so SNP =P eye siodoe! onapasont sop}
2 a lan ong oor ome OPA
ea anern cH8989p 2 SPD 30
rs san a oy 000 OPK
juno sop ope on seit
tad seupe 84980
so ypu nt sa>008 0 2p
Sy onbopeesat 389800
go mine opus! ot TRA 0
cow ons op nd OP
op
jad oppsindt
fn ‘opipaou0s9 auusaus @ anb w9 /
‘SUPE ep SequIE oH
-ssiedwop onsunoony) E1982 CsAOAd»zapInbeT ap sowed) Z) st seINUNS SO OOMPONTT
2paUopu 9 Sopep ana
yond wposag pis ORS ENE T
1u ap opopad © por a1weunp ‘s}uowNLE ‘en2p osueG O ‘opow oxIout
“oyostndinoo oyuawyjooo1 o8 eariejaz ovSeSLIgo v Edina ap sOPOUT Stop PHT
rasat ap wupip apepissa0au wp ogstacid v ened
ays anbiod ojsy sox ap vxey v fouoroezed
‘osequdsg ep 2 Vis Sop opb20xa woo ‘sopiafoauasep sosjed Sop euoreW BN
“jodep saip sunBjo vobewe>
‘epSojuowlnow ep oo}
‘poupsodejue> Oyus.yo39) ON
“opusefep
‘2 ooupiodwatues oUwo> opraitssvjo 198 9pod oups|nduios owounyjooas o ‘oRSeIuOTL
“nou op opoyied 0 9 ofnalga ap opojsad o anus oySisodaigos ¥ ax2yar as onb ON
‘ops
_2p opopiod opeussiousp odiar op opossed win ap oBo} ov “jenuag oowv¢ ot
20]84 op crs9dap op rout \dwino 9"Z94 ens 40d ‘oupstnduios owwaunyfo9a1 op
‘oybeSuqo y @jn94p0 ap opo}ed opemmnur odwiay 2p ofeasoiur tun we oH9sindwi0s
owauunyfooos op viougproU 2p aseq vp opTes op vALap wprtyosay 29s v opeprnrenb
‘ep ogSeinde Y ‘seuiyoleg seA19sax eiuo9 ep SOUBID sOpIES SOP wIppUH OESLTTIGO
un ap oxiouluduino © woo wongad wo orsod 9 oWvotursnsut2is9 [e198 we
___‘samfap exe ep opSexy wu enor ooteg op ode eH)
190) opouu af SUpOIDG Sarasa Tod opriBwap v-ancT THANG 9 wgioUOW tonsIOE
‘opSequataydun vu sagSury stodrout 2D Oourgl oad sopnoip
wopanb (sen jogdsa wa sopentaya 395
‘uapod sonsodop sre, s01!S9dop 80 axgos fertuaotad isn oUrc9 Sope|noIV9 OPUDS “Ld
109 oni peo anb
upsindwiog sowuowny}o991 50)
= seqspoueg seax9sau ap viusoy ¥ qos ~ sorrsodep os
SORIQSTNAWOD SOLNAWIHTOIAY 'T'€
1VINYLINOW VOLLI1Od Ad SOLNAWNULSNY *¢ju 0 “ep souprug 20K
°p x09
isin @xoras0y ougos ougsnd09
ez ouaynd
‘owaureBed op wep 2 vue)
‘vied vpeares
1 op opdouado ap vane
‘opSeyuownow 2p opoyiad 2 oj
ap oposiod ‘ejougpiout ep 2seq v opuinya
“pound st ere se eyuosande "1 o1pen) O.
“ar sov ojnusdea arsau eprBuynsas yas ouosindioo op opberodo ap var8oy v ‘pst Cu
jguoduay soreur ep opbuny Wa
uo op opsoiadg ap voupwirIsys
Fi BRET OP ORCATPROT wuso}ws9p opstep
ap ovtanreyouaieg o wmoey oS
.gdop ap svupip s095ysod sep vipa wu a80q wo>
yfooay ap viusoyws0 anbuod vias agp ap BUIP anbes ap wal
“ot pu woo wHe}oa an ‘exzooueuts soodmnsu sup USTED ap oIOURIOE eH Pm
-a4j run spud sod wfos
‘¢ shodns sop wed opeytasop £6}
[emunanspomed] [ora uponeued —) ‘aoe
(Gaamaewes] [apo] vyoin)
ae ino Wad GLEE AO Wi GL OWS wo SE Das
{1s019 01 opgeindiiog op epSosuewmncy 8 019199 2P OPoried
ec ouavnd
“opSe8t1go vysop owauutduina-opu o ered squ9] sop
-eprjeuad opueney ‘extta9 ooueg ojad ovdezount
ustA @ sosinsar a1qos onpsInduro owUALUyYIODD2 O
‘SIA ¥ s0U!spdap so o1qos 9 onrouenIe oUoS{nduso9 oztouy[oo01
‘ueodur srew @ ‘ozead v sonsodap so stew
ayo op owwatuos a1gos orwout
‘youor¥9 ou sopt
89 Op 4409 9p OUpIP ou
consodap umn sonetu o1yssoo0u optas ‘opdeuaurzsow ap oposiad o ajueanp o11spd
-ap ap seupip sanSisod sep wppAH BU a8eq WHDD OH x2 op owaurriduums Q (q
(Lope 2 opeays ap oxsnpoxo
‘oourp 9p opSeanp v woo ovSei 9 o|NoI¥D ap oporied o uranssod
sogure anb opuas ‘,¢{ odnup,, 2 ,¥ odn
-vouy seQ5imnsut Sy "yp uin ap waBeseJ9p €wH09‘ojn9I¥9 9p opo}iad op ou
omy opSuoinUeMH 9p opOHLad 0 WlOD ‘opEsEyap 9 oWuoUuIKFOS—X Q (e
nas se wat j}SeIg| OU SOUDS|nduLIOD soyouTEOZ—X Sop BiMNSDy
sug Ow SoLigs|nduog somauyjosay
-onjutv woo 2a!snfout BoUEpIOAt ap aseq ¥ OWL) 9s-noIUatUME ‘OBSE:
saons ofed upeio8 ear epuss op ojuowine op vad
-0q,, un se149 2s ap oFp9ar 0 o> ‘opun
ue opis eravy ‘opnyu0s
ap exe} B ana wSuaiay!p) opyoueg poavdls
squoupediound wpe.
xdop £0 axqos vroupprout v ouIoD WISE YoLIpS|N
sepeyueduiooe wiatoy opt as
jo0a1 sop ovdunumuyp no opdvunuyya ® anb ‘opnucd ‘2s-a10N)
Isny 9 ppeULUD ‘eULaE|BUy “OOLAgWY OMOD “sv: