-DURVODY§UDQN
&RPHQLXV8QLYHUVLW\LQ%UDWLVODYD VUDQN#IHGXXQLEDVN%RRNFXOWXUHLQ6ORYDNLD
DIWHUbWKH\HDU
$ % 6 7 5$& 7 7KHDLPRIWKLVSDSHULVWRSURYLGHEDVLFLQIRUPDWLRQRQWKHPDLQFRP- SRQHQWVRIERRNFXOWXUHLQ6ORYDNLDLQWKHILUVWGHFDGHVRIWKHVWFHQ-WXU\7KHDUWLFOHVWDUWVZLWKDbEULHIRYHUYLHZRIWKHH[LVWLQJYROXPHVRQ WKHWRSLFRIFRQWHPSRUDU\ERRNFXOWXUHLQ6ORYDNLD,QFRUHWKHSD-SHUDQDO\VHVVWDWHVXSSRUWIRUERRNSXEOLVKLQJVWUXFWXUHRISXEOLVKHUV ERRNPDUNHWUHDGLQJOLEUDULHVDQGERRNDZDUGV(PSLULFDOGDWDFRPHV IURPDYDLODEOHRIILFLDOGRFXPHQWVDQGVWDWLVWLFV . ( < : 2 5 ' 6 6ORYDNLDFRQWHPSRUDU\ERRNFXOWXUHVWDWHVXSSRUW IRUERRNSXEOLVKLQJERRNSXEOLVKHUVERRNPDUNHW UHDGLQJOLEUDULHVERRNDZDUGV $ % 6 7 5$ .7 .XOWXUDNVLÈĝNLQD6ïRZDFMLSRURNX &HOHPQLQLHMV]HJRDUW\NXïXMHVWSU]HGVWDZLHQLHSRGVWDZRZ\FKLQIRU-PDFMLQDWHPDWJïöZQ\FKNRPSRQHQWöZNXOWXU\NVLÈĝNLQD6ïRZDFML ZSLHUZV]\FKGHNDGDFK;;,ZLHNXRUD]VWDQXZMDNLPVLÚ]QDMGXMÈ $UW\NXï]DF]\QDVLÚRGNUöWNLHJRSU]HJOÈGXOLWHUDWXUDSU]HGPLRWXQD-VWÚSQLHXND]DQD]RVWDïDURODSDñVWZDNWöUHZVSLHUDOLF]QHLQLFMDW\Z\ Z\GDZQLF]HUXFKZ\GDZQLF]\U\QHNNVLÈĝNLF]\WHOQLFWZRELEOLRWH- NLLQDJURG\]ZLÈ]DQH]NVLÈĝNÈLOLWHUDWXUÈ'DQHSRFKRG]È]GRVWÚS-Q\FKRILFMDOQ\FKGRNXPHQWöZLVWDW\VW\N 6 2 :$ . /8 & = 2 : ( 6ïRZDFMDZVSöïF]HVQDNXOWXUDNVLÈĝNL PHFHQDWSDñVWZDUXFKZ\GDZQLF]\U\QHN NVLÈĝNLF]\WHOQLFWZRELEOLRWHNLQDJURG\,QWURGXFWLRQ
6HYHUDOIDFWRUVFDQEHUHFRJQL]HGLQWKHEDFNJURXQGRIWKHFXUUHQWERRN FXOWXUHLQ6ORYDNLD WKH&RPPXQLVW3DUW\UXOHGLQWKHFRXQWU\XQWLO WKH6ORYDNVJDLQHGVWDWHLQGHSHQGHQFHRQO\UHFHQWO\ DQGWKHSHULRG RIIUHHPDUNHWHFRQRP\LVDOVRYHU\VKRUW7KHERRNPDUNHWLVVPDOOJLYHQ E\DbOLPLWHGQXPEHURIXVHUVRI6ORYDNODQJXDJH 6ORYDNLDKDVPRUHWKDQ PLOOLRQLQKDELWDQWVDFFRUGLQJWRFXUUHQWVWDWLVWLFV7KH DLP RI WKLV FRQWULEXWLRQ LV WR SURYLGH EDVLF LQIRUPDWLRQ RQ WKH PDLQFRPSRQHQWVRIERRNFXOWXUHLQ6ORYDNLDLQWKHILUVWGHFDGHVRIWKH VWFHQWXU\ WKHVWDWHVXSSRUWIRUERRNSXEOLVKLQJVWUXFWXUHRIERRNSXE- OLVKHUVERRNPDUNHWUHDGLQJOLEUDULHVDQGERRNDZDUGV$bQXPEHURIDUH-DVDUHOHIWVLGHZD\VHJOHJLVODWLRQSURIHVVLRQDODVVRFLDWLRQVVRFLDOVWDWXV RIZULWHUVDQGKRQRUDULXPSROLF\ERRNGLVWULEXWLRQERRNFXOWXUHRIODQ-JXDJH PLQRULWLHV FRPPXQLFDWLRQ FLUFXLWV RI GLIIHUHQW ERRN VXEV\VWHPV LPDJHRIERRNVLQSULQWUDGLRDQGWHOHYLVLRQRUUHODWLRQEHWZHHQERRNFXO- WXUHDQGF\EHUFXOWXUH(PSLULFDOGDWDXVHGLQWKHSDSHURULJLQDWHIURPRI-ILFLDOGRFXPHQWVDQGVWDWLVWLFV7KHH[LVWLQJWKHPDWLFOLWHUDWXUHZDVDOVR FRQVLGHUHG
Literature
'LIIHUHQWDUHDVRIFRQWHPSRUDU\ERRNFXOWXUHLQ6ORYDNLDDUHFRYHUHGE\ UHVHDUFKZLWKXQHYHQLQWHQVLW\7KHFRQGLWLRQVRIOLEUDULHVDUHYHU\ZHOO GHVFULEHG7KH6ORYDN1DWLRQDO/LEUDU\ 6ORYHQVNÁQÁURGQÁNQLĜQLFD LV SXEOLVKHURIWKH.QLĜQLFDPDJD]LQHZLWKSDSHUVRQDbEURDGUDQJHRIWRSLFV UHODWHGWRERRNFXOWXUH6\VWHPDWLFLW\LVJUDGXDOO\EHLQJUHDFKHGLQWKHDUHD RIUHDGLQJVXUYH\V3ULRUWR 5b/HVòÁNVSHFLDOL]HGRQWKLVVXEMHFW,Q +RUL]RQW\ÌLWDWHíVNHMNXOWĎU\ KHJDYHDbUHYLHZDQGDQDO\VLVRIWKH IRUPHU6ORYDNUHDGLQJVXUYH\V$IWHUDbORQJEUHDNUHDGLQJVXUYH\ZDVFDU- ULHGRXWDVSDUWRIWKHSURMHFW5HIOH[LDXPHQLDSRURNXXQGHUWKHDXV-SLFHVRIWKH1DWLRQDO&XOWXUDO&HQWUH 1ÁURGQÓRVYHWRYÓFHQWUXP12& 7KLVVXUYH\ZDVSURFHVVHGE\-b6RSöFLDQGb+DOORQ 7KHIROORZLQJVXU-YH\LQWKH\HDUV ZDVRUJDQL]HGE\WKH&HQWUHIRUb,QIRUPDWLRQ RQb/LWHUDWXUH /LWHUÁUQHLQIRUPDÌQÓFHQWUXP/,& LQFRRSHUDWLRQZLWK 623&,-ÁQ +$//21XERU9]ĈDKRE\YDWHíRY65NbOLWHUDWĎUH,Q5HFHSFLDXPHQLDQD 6ORYHQVNXSRURNX b§UÁPHN HG %UDWLVODYD 1ÁURGQÓRVYHWRYÓFHQWUXP%UDWLVODYD /L-WHUÁUQHLQIRUPDÌQÓFHQWUXPSSbWKH12&b7KHUHVXOWVZHUHLQWHUSUHWHGE\3b5DQNRYDQG3b9DOÌHN6LQFH WKHQDbQXPEHURI\RXWKUHDGLQJVXUYH\VKDYHEHHQFRQGXFWHG &RQWHPSRUDU\ERRNFXOWXUHLVSDUWO\FRYHUHGE\OLWHUDU\FULWLFLVP6\Q-WKHWLFZRUNVFRQYHQWLRQDOO\FRQWDLQFKDSWHUVDERXWOLWHUDU\OLIH+RZHYHU WKHVHPRVWO\HQGLQWKH VDQGPDLQO\FRQFHUQWKHLQIOXHQFHRISROLWLFV RQOLWHUDWXUH$QH[DPSOHPD\EHWKHVWXGLHVE\§WHIDQ'UXJFROOHFWHGLQ WKHYROXPH/LWHUDWĎUDDbSROLWLNDSRVORYHQVN\ %DVLFLQIRUPDWLRQRQ WKHFXUUHQWVLWXDWLRQLQFOXGHV+íDGDQLHVĎÌDVQRVWL HGLWHGE\5b3DV-VLDDQG,b7DUDQHQNRYÁ$bGHWDLOHGRYHUYLHZRIWKHFKDQJHVLQOLWHUDU\OLIH KDVEHHQDWWHPSWHGE\WKHDXWKRURIWKLVFRQWULEXWLRQLQWKHZRUN$NWÓUL DbWHQGHQFLHOLWHUÁUQHMNXOWĎU\QD6ORYHQVNXSRURNX $VDbVRXUFHRIVXEMHFWLYHDWWLWXGHVDQGH[SHULHQFHWKHUHDUHYDOXDEOH LQWHUYLHZVZLWKOLWHUDWXUHSURIHVVLRQDOV-b§WUDVVHUKDVVXPPDUL]HGLQWHU-YLHZVZLWKVHOHFWHGSXEOLVKHUVLQFROOHFWLRQFDOOHG2VHPVWDWRÌQĘFK ,QWHUYLHZVZLWKYDULRXVWUDQVODWRUVDUHFROOHFWHGLQ'HYÄĈĜLYRWRY ZKLFKZDVFRPSLOHGE\5b3DVVLDDQG*b0DJRYÁ'HWDLOHGDQDO\VLVRIFRQ-GLWLRQVLQWKLVSURIHVVLRQLVDYDLODEOHLQWKHPRQRJUDSKRI0b'MRYÌRĄDQG 3b§YHGD0ĘW\DbIDNW\RbSUHNODGHDbWOPRÌHQãQD6ORYHQVNX 7KHFKDUDFWHULVWLFVRIERRNFXOWXUHLQ6ORYDNLDDIWHU KDYHEHHQ DOVR GHVFULEHG E\ &]HFK VFKRODUV &KDSWHUV DERXW 6ORYDN ERRN PDUNHW DUHLQFOXGHGLQWKHKLVWRU\RIWKH&]HFKERRNPDUNHWE\=b§LPHÌHNDQG -b7UÁYQãÌHN.QLK\NXSRYDWL 7KH6ORYDNVLWXDWLRQLQWKHWUDQVL-WLRQ\HDUVZDVDOVRGHDOWZLWKE\-b§PHMNDORYÁLQWKHPRQRJUDSK.QLKD ,QWKH(XURSHDQFRQWH[WWKHGDWDRQ6ORYDNLDDQGLWVERRNFXOWXUH DUHHYDOXDWHGE\6b.XUVFKXVLQWKH(XURSHDQ%RRN&XOWXUHV
6WDWHVXSSRUWIRUERRNSXEOLVKLQJ
)URPDQHFRQRPLFSRLQWRIYLHZWKHVWDWHH[SUHVVHVLWVUHODWLRQVKLSWRERRN FXOWXUHE\PHDQVRIORZHUHG9$7UDWHDVDQLQVWUXPHQWIRUHQFRXUDJLQJ FXOWXUDOFRQVXPSWLRQ,Q6ORYDNLDOLNHLQPRVW(XURSHDQFRXQWULHVERRNV 5HSRUWV IRU HDFK \HDU DUH SXEOLVKHG RQ WKH VLWH KWWS ZZZOLWFHQWUXPVNFLWDQLH >DFFHVVHG@
*$§3$529,o29d $QQD +5',1d.29d XGPLOD .23do,.29d -XGLWD 5$1.29 3DYROb oãWDQLH POÁGHĜH Yb %UDWLVODYVNRP NUDML ,QWHUSUHWÁFLD YĘVOHGNRY YĘVNXPX %UDWLVOD-YD &HQWUXPYHGHFNRWHFKQLFNĘFKLQIRUPÁFLã65b+5',1d.29dXGPLOD .23do,.29d -XGLWD 5$1.293DYROb7H[WDbÌãWDQLHPOÁGHĜDbNQLĜQLFH%UDWLVODYDbļ.RĄLFH 6ORYHQVNÁ DVRFLÁFLDNQLĜQãFbļ7HFKQLFNÁXQLYHU]LWDYb.RĄLFLDFK.23do,.29d-XGLWD +5',1d.29d XGPLOD *$§3$529,o29d$QQDboãWDQLHPOÁGHĜHYb6ORYHQVNHMUHSXEOLNH,QWHUSUHWÁFLD YĘVOHGNRYYĘVNXPX%UDWLVODYD 6ORYHQVNÁDVRFLÁFLDNQLĜQãF
DUHDPRQJWKHJRRGVFRYHUHGE\WKHUHGXFHG9$7UDWH 7KHHYROXWLRQRI 9$7 LQ WKH \HDUV LV SUHVHQWHG LQ &KDUWb ([FHSWLRQV ZHUH WKH\HDUVZKHQWKHUHGXFHGWD[UDWHZDVDEROLVKHGZLWKLQWKH IUDPHZRUNRIWKHWD[UHIRUP$QLQFUHDVHRIERRNSULFHVIROORZHG6ORYDN 9$7IRUERRNVUDQNHGDPRQJWKHKLJKHVWLQ(XURSH5HWXUQLQJWRDbUDWH ORZHUHGWRLQGLGQRWEULQJGRZQERRNSULFHV%XWIRUSXEOLVKHUV LWFUHDWHGVSDFHIRULPSURYHPHQWLQWKHLUHFRQRPLFVLWXDWLRQDQGWKHLQ-FUHDVHRIQXPEHUDQGYDULHW\RIWLWOHV,WLVDOVRHVWLPDWHGWKHUHGXFHGUDWH GLGKROGEDFNWKHIXWXUHULVHLQERRNSULFHV 7KHUHODWLRQVKLSRIWKHVWDWHWRWKDWSDUWRIWKHERRNFXOWXUHZKLFKDOVR KDVDVDQDUWLVWLFYDOXHLVDWWKHHFRQRPLFOHYHOH[SUHVVHGE\WKHH[LVWHQFH RIDbVSHFLDOVXEVLG\V\VWHP7KHOLWHUDWXUHLVVXSSRUWHGWRJHWKHUZLWKRWKHU DUWVLQDbV\VWHPRIGLIIHUHQWSURJUDPV'LUHFWVXEVLGLHVVXSSRUWDERXWWR RIWKHWRWDODQQXDOSURGXFWLRQRIWKHERRNPDUNHW%XWSUHFLVHO\GXH WRWKHVHVRXUFHVWKHERRNRIIHULVGLYHUVHLQFOXGLQJWLWOHVZLWKORZVDOHV EXWZLWKKLJKDUWLVWLFFRJQLWLYHRUHGXFDWLRQDOYDOXH)RUQRQFRPPHUFLDO OLWHUDWXUHWKLVLVYLWDODOVRGXHWRDbODFNRIRWKHUVRXUFHV7KHUHDUHQROHJL VODWLYHIUDPHZRUNVWRSURPRWHFXOWXUDODQGDUWVSRQVRUVKLSZKLFKLVWKH XVXDOZD\VSRUWLVIXQGHG)XUWKHUPRUHVHYHUDOIRUHLJQIRXQGDWLRQVWKDW SURPRWHGLQGHSHQGHQWDUWLQWKH VDVDbSDUWRIWKHLUVWLPXODWLRQRIFLYLO VRFLHW\GHYHORSPHQWKDYHPRYHGWRRWKHUUHJLRQVRIWKHZRUOG 8QWLOWKHDOORFDWLRQRIJUDQWVIRUDUWLVWLFDFWLYLW\IHOOXQGHUWKH *UDQW6\VWHPRIWKH0LQLVWU\RI&XOWXUHRIWKH6ORYDN5HSXEOLF6RPHVH- ULRXVQHJDWLYHDVSHFWVZHUHW\SLFDOIRUWKLVV\VWHPHbJDGPLQLVWUDWLYHGLI-ILFXOW\VORZGHFLVLRQPDNLQJRIH[SHUWFRPPLWWHHVRUOLPLWDWLRQRIJUDQWV IRURQO\RQH\HDU,QVWHDGRIWKLVLQVWLWXWLRQDbSXEOLF6ORYDN$UWV&RXQFLO )RQGQDSRGSRUXXPHQLD)38 ZDVHVWDEOLVKHGLQ7KHDLPRIWKH )38LVWRVHUYHDVDbPRGHUQLQVWUXPHQWIRUVXSSRUWLQJDUWLVWLFFUHDWLRQ SXEOLVKLQJSURPRWLQJUHVHDUFKHWF7KHLQVWLWXWLRQDOVRJUDQWVVFKRODU-VKLSWRZULWHUV)RUWKHVXESURJUDPVSHFLDOL]HGLQVXSSRUWLQJFXOWXUDODQG DUWLVWLFHYHQWVLWLVSRVVLEOHWRDSSO\IRUWZRRUWKUHH\HDUJUDQWVZKLFKLV EHQHILFLDOIRUFUHDWLQJDbVWDEOHRUJDQL]DWLRQDOEDFNJURXQG6XESURJUDP IRURQOLQHFXOWXUHPDJD]LQHVDOVRHPHUJHG%HVLGHVWKDWH[FHSWLRQDOFKDO-OHQJHVKLJKOLJKWWKHPHVWKDWUHSUHVHQWFXUUHQWFXOWXUDOSULRULWLHV %d12&,29d$QQDb ķ$QDOĘ]DYĘYRMDGDQH]bSULGDQHMKRGQRW\Yb6ORYHQVNHMUHSXEOLNHĵ (NRQRPLHDbPDQDJHPHQW -$1o .XERĄb'3+NOHVQHNQLK\QH]ODFQHMĎKWWSV ZZZVPHVNFGSKNOHV-QHNQLK\QH]ODFQHMXKWPO>DFFHVVHGb @ .RQFHSFLDSRGSRU\S÷YRGQHMOLWHUDWĎU\b%UDWLVODYD 0LQLVWHUVWYRNXOWĎU\6ORYHQVNHMUHSXE-OLN\Sb
6HULRXVDQGSURWUDFWHGSUREOHPRIGLUHFWVWDWHVXSSRUWIRUERRNFXO-WXUHIURPSXEOLFVRXUFHVLVWKHLQVXIILFLHQWDPRXQWRIILQDQFLDOUHVRXUFHV 7DEOH 7KHPRGHUDWHVWHDG\LQFUHDVHLQDOORFDWLRQVLQUHFHQW\HDUVKDV EHHQDFFRPSDQLHGE\DbVWURQJHULQFUHDVHLQWKHQXPEHURIDSSOLFDWLRQV VXSSRUWHG'XHWRWKHGHYHORSPHQWRILQIODWLRQWKHRQJRLQJULVHLQSULF-HVZDJHVDQGRWKHUFRVWVWKHILQDQFLDOV\VWHPFRQWLQXHVWRVWDJQDWH7KH SUREOHPLVDOVRWKHWHQGHQF\RIFRPPLVVLRQVWRVDWLVI\DVPDQ\DSSOLFDQWV DVSRVVLEOHUHVXOWLQJLQVPDOOHUVXPVDOORFDWHGWRLQGLYLGXDOSURMHFWVDQG LQUHODWLYL]DWLRQRIWKHLUTXDOLW\ 6LPLODUSUREOHPVDUHDFFRPSDQ\LQJDFWLYLWLHVRIRWKHULQVWLWXWLRQVVXFK DVWKH&HQWUHIRUb,QIRUPDWLRQRQb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educed Rate General Rate 6RXUFH %d12&,29d$QQDb ķ$QDOĘ]DYĘYRMDGDQH]bSULGDQHMKRGQRW\Yb6ORYHQVNHM UHSXEOLNHĵ(NRQRPLHDbPDQDJHPHQWbSb
7DEOH7KHVWDWHVXSSRUWIRUERRNSXEOLVKLQJ WKH*UDQW6\VWHPRIWKH0LQLVWU\RI&XOWX-UHRIWKH6ORYDN5HSXEOLFWLOODQGWKH6ORYDN$UWV&RXQFLOVLQFH
<HDU 5HFHLYHGUHTXHVWV $PRXQWUHTXHVWHG (XURV 6XSSRUWHG projects $OORFDWHGIXQGV (XURV b b bb b b bb bb bb b b bb bb b 6RXUFH 0LQLVWU\RI&XOWXUHRIWKH6ORYDN5HSXEOLFUHSRUWVDUHDYDLODEOHKHUH KWWS ZZZ FXOWXUHJRYVNSRGSRUDSURMHNWRYGRWDFLHGRWDFLHKWPO>DFFHVVHGb@
%RRNSXEOLVKHUV
$IWHUWKHFKDQJHRIWKHSROLWLFDOUHJLPHDQGWKHHFRQRPLFV\VWHPLQ WKHHUXSWLYHJURZWKRIWKHSXEOLVKLQJVSKHUHEHJDQ&RPSDUHGWRSUH QRYHPEHUVWDWHSXEOLVKLQJKRXVHVWKHUHZHUHDOUHDG\UHJLVWHUHGSXE-OLVKHUVLQ DQGDSSUR[LPDWHO\GLIIHUHQWVXEMHFWVLQ 7$WWKH EHJLQQLQJ RI WKH QHZ PLOOHQQLXP PRUH WKDQ SXEOLVKHUV ZHUH UHJ-LVWHUHGLQWKH,6%1UHJLVWHUPDLQWDLQHGE\WKH6ORYDN1DWLRQDO/LEUDU\ ,QDWOHDVWRQHWLWOHZDVLVVXHGE\GLIIHUHQWVXEMHFWV 7DEOHb 7KHIOXFWXDWLRQLQWKHFXUUHQWWUHQGVHHPVWREHOLQNHGWRWKHPLOHVWRQHV LQWKHFRXQWU\ijVHFRQRPLFV\VWHPDQGLQWKHERRNPDUNHWLWVHOI LQ 9$7ZDVXQLILHGWR LQ 6ORYDNLDPRYHGWRWKH(XURDQGLQWKH \HDUVVHYHUDOERRNGLVWULEXWRUVKDYHJRQHLQWROLTXLGDWLRQFDXV- LQJFRQVLGHUDEOHSUREOHPVWRSXEOLVKHUVLQWKHIRUPRIXQSDLGDQGXQUH-WXUQHGVWRFN $VIRUWKHWLWOHVSURGXFHGDQQXDOO\GHVSLWHIOXFWXDWLRQVWKHUHLVDbFOHDU WUHQGRILQFUHDVLQJWKHQXPEHU7ZR\HDUVDIWHUWKHODXQFKRIHFRQRPLF WUDQVIRUPDWLRQLQ WLWOHVZHUHSXEOLVKHGLQ6ORYDNLD ,Q LWZDVPRUHWKDQWLWOHVDQGVLQFHWKHSURGXFWLRQKDVEHHQFRQ-WLQXRXVO\KLJKHUWKDQWLWOHVDb\HDU 'HWDLOHGGHYHORSPHQWLQ LVVKRZQLQ&KDUW 7KHLQFUHDVHLVDOVRDSSDUHQWZKHQORRNLQJDW WKHSRSXODWLRQ LQ LWZDVWLWOHVSHULQKDELWDQWVLQbLWbZDV §0(-.$/29d-LāLQDb.QLKD.bWHRULLDbSUD[LNQLĜQãNXOWXU\%UQR +RVWSb 6SUÁYDRbVORYHQVNRPNQLĜQRPWUKX%UDWLVODYD =GUXĜHQLHY\GDYDWHíRYDbNQãKNXSFRY6ORYHQ-VNDKWWSV ]YNVVNZSFRQWHQWXSORDGV.QL]Q\WUKBSGI>DFFHVVHGb@ §0(-.$/29d-LāLQDb.QLKD.bWHRULLDbSUD[LNQLĜQãNXOWXU\%UQR +RVWSbDQGIURPRYHU WLWOHVSHULQKDELWDQWV LQHYHQSHU LQKDELWDQWV 7KHVKDUHRIQHZWLWOHVRQWKHWRWDOQXPEHURIWLWOHVLV-VXHGDQQXDOO\KDVWUDGLWLRQDOO\EHHQPDLQWDLQHGDWPRUHWKDQHYHQ LQ ,Q WKH \HDU DIWHU WKH GLVWXUEDQFHV LQ WKH GLVWULEX-WLRQVSKHUHDbGLVSURSRUWLRQ RQO\ LVREYLRXV6LQFHWKHQWKHWZR FXUYHVKDYHEHHQFRQYHUJLQJDJDLQLQWKHODVW\HDUVWKHUDWLRLVŖ DQG 7KLVKLJKVKDUHLVLQGLFDWLYHRIWKHPDUNHWRULHQWDWLRQRQDbZLGH UDQJHRIQHZSURGXFWVDQGRQWKHIDFWWKDWLWLVGLIILFXOWWRSUHGLFWZKLFK WLWOHVZLOOSURYHWREHDWWUDFWLYH $QRWKHUUHOHYDQWILJXUHLVWKHQXPEHURIFRSLHVSURGXFHGDQQXDOO\E\ 6ORYDNSXEOLVKHUV$WWKHEHJLQQLQJRIWKHQHZFHQWXU\WKHWRWDOQXP-EHURIFRSLHVZDVLQWKHZHDNHU\HDUVEHORZPLOOLRQ IRUWLWOHV DQGLQVWURQJHU\HDUVPRUHWKDQDQGPLOOLRQ FRSLHV IRU WLWOHV WKH QH[W PD[LPXP ZDV ZLWK FRSLHV IRUWLWOHV 'DWDVKRZWKDWWKHLQFUHDVHLQWKH QXPEHURIWLWOHVSURGXFHGDQQXDOO\LVDFFRPSDQLHGE\DbIDOOLQWKHQXP-EHURIFRSLHV7KLVVHHPVWRPRGLI\WKHVWUXFWXUHRIWRWDOERRNSURGXFWLRQ LQZDUGLQWKHIDFHRIGLYHUVLW\6LPSO\SXWXQGHUQRUPDOFLUFXPVWDQFHV DbODUJHQXPEHURIWLWOHVDUHSXEOLVKHGLQDbORZQXPEHURIFRSLHV$WDbWLPH RIHFRQRPLFXQFHUWDLQW\SXEOLVKHUVOLPLWWKHQXPEHURIWLWOHVWRWKRVHZLWK KLJKHUQXPEHURIFRSLHV2QWKHFRQWUDU\WKHERRPHQFRXUDJHVSXEOLVK-HUVWRJLYHVSDFHWRPRUHVPDOOHGLWLRQV 7KHSURSRUWLRQRIWUDQVODWLRQVLQWRWDOSURGXFWLRQKDVEHHQLQFUHDVHG IURPDERXWWRLQWHQ\HDUV 'HYHORSPHQWVKRZV7DEOH ,IZH OHDYHRXWWKHH[WUHPHVWKLVVKDUHLVDERYH7UDQVODWLRQVIURP(QJOLVK DUHVWHDGLO\GRPLQDWHG HYHU\\HDUWKH\UHSUHVHQWPRUHWKDQKDOIRIWRWDO SURGXFWLRQ 7KLVSUHYDOHQFHLVFRPPRQLQDb(XURSHDQFRQWH[W,QWHUQD-WLRQDOIDVKLRQVUDQJLQJIURPWKH-.b5RZOLQJVHULHVRQ+b3RWWHUWKURXJK WKH1RUGLFFULPLQDOQRYHOVWRWKHILFWLRQDQGGLDULHVRI6ÁQGRU0ÁUDLDUH WDNLQJSDUWRQWKLVWUHQG7KHRYHUDOOIRFXVRQWUDQVODWLRQVVKRZVWKHSDU-WLFLSDWLRQRI6ORYDNERRNFXOWXUHLQDbJOREDOL]HGERRNPDUNHWDWOHDVWDV IDUDVWKHLPSRUWYHFWRULVFRQFHUQHG2QWKHFRQWUDU\6ORYDNOLWHUDWXUH LV YLUWXDOO\ LQYLVLEOH RQ DQ LQWHUQDWLRQDO VFDOH 2QH RI /,& FRPPLWWHHV 6/2/,$ KDV Db SXUSRVH WR SURYLGH JUDQWV DQG VWD\V LQ 6ORYDNLD WR IRU-HLJQ WUDQVODWRUV DQG VFKRODUV ZLWK LQWHUHVW LQ 6ORYDN OLWHUDWXUH DQG ODQ- JXDJH,PSRUWDQWDUHDRI/,&DFWLYLWLHVLVWRRUJDQLVHH[KLELWLRQVRI6OR-YDNERRNVbDWLQWHUQDWLRQDOERRNIDLUVDQGWRIDFLOLWDWHWKHSDUWLFLSDWLRQRI 5HSRUWVRQWKHUHVXOWVRIWKHVWDWHVWDWLVWLFDOVXUYH\LQWKHDUHDRIFXOWXUHDQGLQWKLVFRQWH[W DOVRLQWKHDUHDRIQRQSHULRGLFSXEOLFDWLRQVZLWKGDWDRQWKHQXPEHURIWLWOHVDQGFRSLHVFDQ EHIRXQGRQWKHZHEVLWHRIWKH0LQLVWU\RI&XOWXUHRIWKH6ORYDN5HSXEOLF KWWS ZZZFXOWXUH JRYVNPLQLVWHUVWYRVWDWLVWLNDNXOWXU\DKWPO>DFFHVVHGb@
6ORYDNSXEOLVKHUVDWWKHVHHYHQWV6RIDUSURPRWLRQSURMHFWVZLWKDQLP-SDFWLQ&HQWUDO(XURSHDUHFRQVLGHUHGWREHVLJQLILFDQWDFKLHYHPHQWV 6ORYDNDQQXDOSURGXFWLRQVWDWLVWLFVUHFRUGDOO,6%1SXEOLFDWLRQVLQRQH EDVNHW,QWKHVHVWDWLVWLFVDSSHDUXQLYHUVLWLHVDVKLJKSRZHUHGSURGXFHUVRI QHZWLWOHV<HWPRVWRIWKHLUSURGXFWLRQLVQRWSDUWRIDbUHJXODUGLVWULEX-WLRQDQGUHWDLOQHWZRUN7KHPRVWWLWOHVSHU\HDU PRUHWKDQ DUH SURGXFHGE\WKH0DWHM+UHEHQGD6ORYDN/LEUDU\IRUWKH%OLQGLQ/HYRÌD XQLTXHQDWLRQZLGHOLEUDU\ZKLFKFUHDWHVDbIXQGIRUEOLQGDQGSDUWLDOO\ VLJKWHGFLWL]HQVLQ%UDLOOHDQGLQRWKHUIRUPV ,QWHUPVRISXEOLVKLQJSURILOH6ORYDNSXEOLVKHUVDUHLQWKHLQWHUYDOEH- WZHHQSURGXFWLRQIRUFRPSDUDWLYHO\ODUJHWDUJHWJURXSVDQGIRUPLQRUFLU-FOHVRIUHDGHUV7KHODUJHVWFRPPHUFLDO6ORYDNSXEOLVKLQJKRXVHLV,NDU IRXQGHGLQ %\ LWSXEOLVKHGPRUHWKDQWLWOHVDQQXDOO\VLQFH PRUHWKDQWLWOHVLQPRUHWKDQDQGLQDOPRVW WLWOHVSHU\HDU,NDUijVFDWDORJXHLVZLGHZLWKDQHPSKDVLVRQUHDGHUIULHQG- O\DQGVHOOLQJWLWOHV5HFHQWO\,NDUKDVERXJKWWKH6ORYHQVNĘVSLVRYDWHíSXE- OLVKLQJKRXVHDQGLVDOVRVWURQJLQRWKHUDUHDVRIWKHERRNPDUNHW7KHVHF-RQGWUDGLWLRQDODQGE\6ORYDNVWDQGDUGVODUJHSXEOLVKLQJKRXVHLV6ORYDUW ZKLFKDOVRJLYHVRSSRUWXQLWLHVWRWLWOHVIRUVPDOOHUWDUJHWJURXSV2WKHUV DUH 6ORYHQVNÓ SHGDJRJLFNÓ QDNODGDWHíVWYRb ļ 0ODGÓ OHWÁ 3UãURGD 0RWĘí 5HPHGLXP3HUIHNW)RUWXQD/LEUL)UDJPHQW6YRMWNDb b&RHWF7KHODVW WZRKDYH&]HFKRZQHUV7KHUHDUHPRUHEUDQFKHVRIIRUHLJQSXEOLVKLQJ KRXVHVEXWWKH\DUHQRWGRPLQDQW%XWLQWKHIXWXUHWKHH[SDQVLRQRI WKHPDMRU&]HFKSXEOLVKLQJJURXS$OEDWURV0HGLDFRXOGEULQJLPSRUWDQW FKDQJHV 7\SLFDOSXEOLVKHUVRIQRQFRPPHUFLDOOLWHUDWXUHbļRULJLQDODQGWUDQV- ODWHGOLWHUDU\ILFWLRQSRHWU\SKLORVRSK\HWFbļLQ6ORYDNLDDUHVPDOORI-WHQFDOOHGRQHPDQSXEOLVKHUV6XFKVPDOOSRHWU\SXEOLVKHUVDUH0RGUĘ 3HWHU'UHYRDbVUG$UV3RHWLFDRU6NDOQÁUXĜDHWF7RJHWKHUZLWKVHYHUDO SXEOLVKHUVRIFXOWXUDODVVRFLDWLRQVZKLFKZHUHDOVRPRVWO\FUHDWHGGXU-LQJWKH VWKH\DUHIRFXVLQJRQ6ORYDNOLWHUDU\ILFWLRQSRHWU\HVVD\V HWF$WWKHEHJLQQLQJRIWKHVWFHQWXU\VWUXFWXUHRIWKLVVXEV\VWHPDQG WKHIRFXVRILWVPRVWLPSRUWDQWPHPEHUVKDYHEHHQFKDQJHG)RULQVWDQFH .DOOLJUDPZKLFKSXEOLVKHGPRUHWKDQWLWOHVDQQXDOO\ERWKLQ6ORYDN DQG+XQJDULDQGXULQJLWVEHVW\HDUVHYHQWLWOHVJDYHXSSXEOLVKLQJLQ 6ORYDNLQ.RORPDQ.b%DJDODSXEOLVKHURIRULJLQDOOLWHUDU\ILFWLRQ )RUWKHLVVXHRIERRNSXEOLVKLQJE\XQLYHUVLWLHVVHHWKHPRUHGHWDLOHGSDVVDJHVLQb§5$1.-D- URVODYb$NWÓULDbWHQGHQFLHOLWHUÁUQHMNXOWĎU\QD6ORYHQVNXSRURNX %UDWLVODYD 9\GD-YDWHíVWYR8QLYHU]LW\.RPHQVNÓKRSSb$QDORJLFDO&]HFKVLWXDWLRQVHHLQ§,0(o(. =GHQÕN 75d91 o(.-Lāãb.QLK\NXSRYDWLĮ 'ÕMLQ\NQLĜQãKRWUKXYbÌHVNĘFK]HPãFK3UD-KD $FDGHPLDSSb
ZHQWEDQNUXSWWZLFHDIWHUWKH\HDUEXWHYHU\WLPHUHQHZHGKLVDFWLY-LW\0DUHQÌ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bYLYLGH[SHULHQFHZLWKDbUDSLGULVHRISULFHVLQWKH VDQGZLWK DbZHDNSXEOLFLQWHUHVWLQERRNVHVSHFLDOO\WLWOHVE\6ORYDNZULWHUV7KHOLP-LWHGSXUFKDVLQJSRZHURI6ORYDNERRNFXVWRPHUVLQSHULRGVRIHFRQRPLF IOXFWXDWLRQVLVDOVRDSSDUHQW7KHFRQFHUQRIFXVWRPHUORVVSHUVLVWVHYHQLQ WKHSHULRGZKHQWKHERRNEXVLQHVVKDVEHHQPRYHGIURPVWDJQDWLRQWRDQ-QXDOJURZWK$bVPDOOVSDFHWRLQFUHDVHWKHSULFHVKDVLWVFRQVHTXHQFHV,Q DbVPDOOPDUNHWWKHSRSXODUWLWOHDOVRJLYHVWKHSXEOLVKHUOHVVSURILWWKDQLQ Db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b@ §75$66(5-ÁQb2VHPY\WUYDOĘFK5R]KRYRU\VbNQLĜQĘPLY\GDYDWHíPLQD6ORYHQVNX%UDWLV-ODYD /LWHUÁUQHLQIRUPDÌQÓFHQWUXPSSb §75$66(5-ÁQb2VHPY\WUYDOĘFK5R]KRYRU\VbNQLĜQĘPLY\GDYDWHíPLQD6ORYHQVNX%UDWLV-ODYD /LWHUÁUQHLQIRUPDÌQÓFHQWUXPSSb
&KDUW1XPEHURIWLWOHVSXEOLVKHGSHU\HDUDQGQXPEHURIQHZWLWOHVSXEOLVKHGSHU\HDU E\6ORYDNSXEOLVKHUV 5740 6998 8061 6175 9638 7817 9171 7565 8639 8517 1012310298 12734 11448 1073610396 4785 5799 6813 5073 8067 6504 8007 6271 7214 7208 8575 8747 7823 7725 8084 7835 0 2000 4000 6000 8000 10000 12000 14000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Number of Titles Number of New Titles
6RXUFH 0LQLVWU\RI&XOWXUHRIWKH6ORYDN5HSXEOLFUHSRUWVRQWKHUHVXOWVRIWKHVWDWHVWDWL-VWLFDOVXUYH\VLQQRQSHULRGLFDOVSXEOLFDWLRQVDUHDYDLODEOHKHUH KWWS ZZZFXOWXUHJRYVN PLQLVWHUVWYRVWDWLVWLNDNXOWXU\DKWPO>DFFHVVHGb@
%RRNPDUNHW
$W WKH EHJLQQLQJ RI WKH VW FHQWXU\ ERRN PDUNHW KDV EHHQ DIIHFWHG E\ DbQXPEHURIHYHQWVVXFKDVDb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ĜHQLHY\GDYDWHíRYDbNQãKNXSFRY 6ORYHQVND=9.6 WKHPDLQVRXUFHVRIGDWDLQWKLVSDUWRILQWHUSUHWDWLRQ 7KHGDUNVLGHRIWKLVSURVSHULW\LVWKHVHFRQGDU\LQVROYHQF\DVWKHSKHQRP-HQRQW\SLFDOIRUHQWLUHVHFWRUEXWPRVWDIIHFWLQJVPDOOSXEOLVKHUV 5HSRUWVIRUDUHDYDLODEOHRQWKHVLWHKWWSV ]YNVVNNQL]Q\WUK>DFFHVVHGb@ )RUFRPSDULVRQVHH§,0(o(.=GHQÕN 75d91 o(.-Lāãb.QLK\NXSRYDWLĮ 'ÕMLQ\ NQLĜQãKRWUKXYbÌHVNĘFK]HPãFK3UDKD $FDGHPLDSSb
7KHUHWDLOVDOHRIERRNVLQ6ORYDNLDWDNHVSODFHPDLQO\LQWKHQHWZRUN RIVSHFLDOL]HGVWRUHVZKHWKHULWLVDbERRNVKRSRURQOLQHERRNVWRUH7KHWR- WDODQQXDOWXUQRYHUIURPWKHVDOHRIERRNVLQ6ORYDNLDDFFRUGLQJWRTXDOL- ILHGHVWLPDWHVKDVULVHQIURPWRPLOOLRQ(XURVLQUHFHQW\HDUV7UD-GLWLRQDOERRNVKRSVDFFRXQWIRUDERXWRIWKLVDPRXQW*UDGXDOO\WKH VKDUHRIRQOLQHERRNVWRUHVLVJURZLQJ7XUQRYHUZLWKWH[WERRNVLVVWDEOH 2QWKHRWKHUKDQGVDOHVRIERRNVLQVXSHUPDUNHWVDVZHOODVGRRUWRGRRU VDOHDQGRWKHUVXSSOHPHQWDU\PHWKRGVDUHIDOOLQJ &KDUW 7KHUHDUHWKUHHPDMRUERRNFKDLQVLQWKHUHWDLOVWRUH3DQWD5KHLLVWKH ODUJHVWRIWKHP7KURXJKDb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bZLGH DVVRUWPHQWDQGDbWRWDORIVDOHSODFHV ,QWHUPVRIRQOLQHVDOHVWKHUHLV Db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ÁYD Rb NQLĜQRP WUKX %UDWLVODYD =GUXĜHQLH Y\GDYDWHíRY Db NQãKNXSFRY 6ORYHQVND
KWWSV ]YNVVNZSFRQWHQWXSORDGV.QL]Q\WUKBSGI>DFFHVVHGb@ 6SUÁYDRbVORYHQVNRPNQLĜQRPWUKX%UDWLVODYD =GUXĜHQLHY\GDYDWHíRYDbNQãKNXSFRY6ORYHQ-VNDKWWSV ]YNVVNZSFRQWHQWXSORDGV.QL]Q\WUKBSGI>DFFHVVHGb@ 6SUÁYDRbVORYHQVNRPNQLĜQRPWUKX%UDWLVODYD =GUXĜHQLHY\GDYDWHíRYDbNQãKNXSFRY6ORYHQ-VNDKWWSV ]YNVVNZSFRQWHQWXSORDGV.QL]Q\WUKBSGI>DFFHVVHGb@ .RQFHSFLDSRGSRU\S÷YRGQHMOLWHUDWĎU\b%UDWLVODYD 0LQLVWHUVWYRNXOWĎU\6ORYHQVNHMUHSXE-OLN\Sb
RIWKLVILJXUH,WLVFDXVHGE\WKHQHZIOH[LEOHSROLF\RI6ORYDNSXEOLVKHUV ZKHQDFTXLULQJIRUHLJQOLFHQVHVHJIRUPDLQVWUHDPDQGJHQUHILFWLRQ %XWLQVRPHGLVFLSOLQHVWKHVKDUHRI&]HFKWUDQVODWLRQVLVKLJKDQGWKHLU FRYHUDJHE\6ORYDNWUDQVODWLRQVLVZHDNHUDQGOHVVV\VWHPDWLF)RUH[DPSOH QXPEHURI6ORYDNWUDQVODWLRQVRIIRUHLJQOLWHUDU\FULWLFLVPKDVORQJEHHQ RQDbPLQLPXPOHYHODQGZLWKRXWDbV\VWHPDWLFFRQFHSW &KDUW6KDUHRIUHWDLOFKDQQHOVLQWRWDOWXUQRYHU LQPLOOLRQVRI(XURV 55 60 60 62 18 18 20 22 15 18 18 18 10 9 7 6 2 9 6 5 2014 2015 2016 2017 Supplementary Sale Supermarkets Schoolbooks Online Booksellers Bookshops 6RXUFH $VVRFLDWLRQRI3XEOLVKHUVDQG%RRNVHOOHUVRI6ORYDNLD$QRSWLPLVWLFHVWLPDWHLV XVHG%RRN0DUNHW5HSRUWVIRUDUHDYDLODEOHRQWKHVLWHKWWSV ]YNVVNNQL]Q\-WUK>DFFHVVHGb@
5HDGLQJ
&RPSDUHG WR 6ORYDN UHDGLQJ VXUYH\V SULRU WR WKH FXUUHQW VXUYH\V IRFXVQRWRQO\RQILFWLRQEXWDOVRRQUHDGLQJOLWHUDWXUHDQGSHULRGLFDOVDV ZHOODVRQWKHXVHRIHOHFWURQLFPHGLD'XHWRWKHVWURQJSODFHRI79DQG
=d%256.º-ÁQ +259d7+29d-DUPLOD -(61º0DUWLQb$QLEHVWVHOOHUQHPÁYRSUHG
Y\KUDQÓKWWS ZZZHWUHQGVNHNRQRPLNDKODGDQLHVWUDWHQHKRNQL]QHKRWUKXKWPO>DFFHVVHG @
LQWHUQHWFXOWXUHLQ6ORYDNLDWKHVHDUHLPSRUWDQWIUDPHZRUNV3DUWLFXODU DWWHQWLRQKDVUHFHQWO\EHHQSDLGWRGDWDUHODWLQJWR\RXWK
5HDGLQJ GDWD LQ 6ORYDNLD DUH DOVR WKH VXEMHFW RI VXUYH\V FDUULHG RXW DW(XURSHDQOHYHO6WHSKDQLH.XUVFKXVLQ(XURSHDQ%RRN&XOWXUHVLQWHU-SUHWVVWDWLVWLFVIURPWKH6SHFLDO(XUREDURPHWHU(XURSHDQ&XOWXU -DO9DOXHV$FFRUGLQJWRWKHPWKHUHDUHUHDGHUVDQGDYLGUHDGHUV LQ6ORYDNLD 7KLVPHDQVWKHWKSODFHLQERWKFDWHJRULHVDPRQJFRXQ- WULHVZLWKDb(XURSHDQDYHUDJHRIIRUUHDGHUVDQGIRUDYLGUHDG- HUV+RZHYHUWKHFULWHULDIRUWKLVVXUYH\KDYHEHHQVHWYHU\ORZ,WFRQVLG-HUVHYHU\RQHZKRUHDGVDWOHDVWRQHERRNDb\HDUDVDbUHDGHUDQGPRUHWKDQ ILYHERRNVDVDQDYLGUHDGHU 0DMRU6ORYDNVXUYH\VDUHEDVHGRQDbGLIIHUHQWGHILQLWLRQRIUHDGHUEDVHG RQWKHUHDGLQJIUHTXHQF\7DEOHJLYHVDQHYDOXDWLRQRIWKHDQVZHUVWRWKH JHQHUDOTXHVWLRQ +RZRIWHQGR\RXUHDGERRNV"DFFRUGLQJWRWKHRQH WLPH12&VXUYH\RIDORQJZLWKWKHUHVXOWVRIWKHRQJRLQJ/,&DQG 12&VXUYH\RI5HJDUGLQJILFWLRQWKHUHVXOWVRIWKHMRLQW/,&DQG 12&VXUYH\DUHDYDLODEOH 7DEOHbDQG7DEOHb 6SHFLDOLVWVFRQFOXGHWKDW WKHQXPEHURIWKRVHIRUZKRPILFWLRQLVDbGDLO\QHHGLVGHFUHDVLQJ,W LVSDUWLFXODUO\VWULNLQJWKDWDbVPDOOJURXSRIGDLO\ILFWLRQUHDGHUVDPRQJ \RXQJUHVSRQGHQWVKDVIDOOHQWR]HUR$WWKHVDPHWLPHQXPEHURIRFFD- VLRQDORUVSRUDGLFUHDGHUVLVH[SDQGLQJ$GYHUVHLQVRPHZD\VDUHWKHUH-VXOWVRIFRQWLQXRXVFRPSDULVRQRIWKHQXPEHURIGDLO\UHDGHUVDQGQRQ UHDGHUVEHWZHHQZRPHQDQGPHQ 7DEOHb %XWGXHWRWKHGLVFRQWLQXLW\ LQREWDLQLQJGDWDWKHVHWHQGHQFLHVRUWKHLULQWHUSUHWDWLRQVKDYHWREHWDNHQ ZLWKDbJUDLQRIVDOW )LQGLQJVDERXW6ORYDNZULWHUVSUHIHUUHGE\6ORYDNUHDGHUVDUHDOVRLQ-WHUHVWLQJ'HVSLWHWKHGLIIHUHQWVXUYH\PHWKRGRORJLHVDQGFLUFXPVWDQFHV GDWDIURPWKHUHVXOWVRIWKUHHVXUYH\VDUHDYDLODEOH 7DEOHb ,QWKHROGHVW RQHIURP VWKHFODVVLFVRI6ORYDNOLWHUDWXUHDQGWKHRIILFLDOZULWHUVRI WKHSUHYLRXVFRPPXQLVWUHJLPHSUHGRPLQDWH $SSDUHQWO\LWLVDbFRQVH- TXHQFHRIWKHFXUUHQWHGXFDWLRQV\VWHPDQGWKHUHJXODWHGFXOWXUH+RZ-HYHUWKHILUVWPRGHUQ6ORYDNEHVWVHOOLQJILFWLRQDXWKRU-R]HI1LĜQÁQVN\ WRRNWKHILUVWSODFHWKDQNVWRKLVDGYHQWXURXVQRYHOVZULWWHQLQ V$V .856&+86 6WHSKDQLHb (XURSHDQ %RRN &XOWXUHV 'LYHUVLW\ DV &KDOOHQJH :LHVEDGHQ
6SULQJHU96Sb
.856&+86 6WHSKDQLHb (XURSHDQ %RRN &XOWXUHV 'LYHUVLW\ DV &KDOOHQJH :LHVEDGHQ 6SULQJHU96SSb
5$1.29 3DYRO 9$/o(. 3HWHUb oãWDQLH 9ĘVNXP VĎÌDVQÓKR VWDYX Db ĎURYQH ÌãWD -QLD Yb 65b %UDWLVODYD /LWHUÁUQH LQIRUPDÌQÓ FHQWUXP KWWS ZZZOLWFHQWUXPVNFLWDQLH >DFFHVVHGb@
/(6d. 5XGROIb +RUL]RQW\ ÌLWDWHíVNHM NXOWĎU\ %UDWLVODYD 6ORYHQVNĘ VSLVRYDWHí SSb
WKHVWDQGDUGRI6ORYDNOLWHUDWXUHIRUWKHPDVVHVKHLVSUHVHQWDOVRLQWKHUH-VXOWVRIFXUUHQWVXUYH\<HWLQWKHILUVWSODFHFXUUHQWSRSXODUZULWHUVDUH JUDGXDOO\JHWWLQJLQ +b=HOLQRYÁ3b1DJ\RYÁ'ĜHUHQJRYÁDQGHVSHFLDO-O\7b.HOHRYÁ9DVLONRYÁ&RQVLGHULQJWKHWRSWZHQW\WKHVKDUHRIFXUUHQW EHVWVHOOLQJDXWKRUVLVQHDUO\RQHWKLUG,WLVDQH[SUHVVLRQRIWKHUHVSRQVH RIWKH6ORYDNPDLQVWUHDPDQGJHQUHZULWHUVDPRQJWKHUHDGHUV6ORYDN SXEOLVKHUVKDYHEHJXQWRSXEOLVKORZDQGPLGEURZILFWLRQZULWWHQE\ 6ORYDNZULWHUVLQWKHHDUO\SDUWRIWKHFHQWXU\ VRIDUWKHRIIHURISRSX-ODUILFWLRQFRQVLVWHGDOPRVWH[FOXVLYHO\RIWUDQVODWLRQV$PRQJWKHWRSILYH WKHUHLVRQO\RQHFODVVLF0DUWLQ.XNXÌãQIROORZHGE\1LĜQÁQVN\RWKHU FODVVLFZULWHUVKDYHIDOOHQWRORZHUSRVLWLRQVLQWKHUDQNLQJ2YHUDOOWKH FRPSRVLWLRQRIWKHZULWHUVZKLFKHPHUJHGIURPWKHDQVZHUVRIFRQWHP-SRUDU\UHDGHUVLVPRUHGLIIHUHQWLDWHGWKDQLQROGHUVXUYH\ 7DEOH)UHTXHQF\RIUHDGLQJERRNV +RZRIWHQGR\RXUHDGERRNV" HYHU\RUDOPRVWHYHU\GD\ VHYHUDOWLPHVDbZHHN RQFHDbZHHN OHVVWKDQRQFHDbZHHN RQFHDbPRQWK OHVVWKDQRQFHDbPRQWK QHYHURUDOPRVWQHYHU 6RXUFH 5$1.293DYRO9$/o(.3HWHUboãWDQLH9ĘVNXPVĎÌDVQÓKRVWDYXDbĎURY -QHÌãWDQLDYb65 b%UDWLVODYD /LWHUÁUQHLQIRUPDÌQÓFHQWUXPKWWS ZZZOLWFHQWUXPVNFLWD-QLH>DFFHVVHGb@ 7DEOH)UHTXHQF\RIUHDGLQJILFWLRQ b HYHU\RUDOPRVWHYHU\GD\ VHYHUDOWLPHVDbZHHN RQFHDbZHHN RQFHDbPRQWK RQFHDbWKUHHPRQWKV RQFHDbVL[PRQWKV RQFHDb\HDU QHYHURUDOPRVWQHYHU 6RXUFH 5$1.293DYRO9$/o(.3HWHUboãWDQLH9ĘVNXPVĎÌDVQÓKRVWDYXDbĎURY -QHÌãWDQLDYb65 b%UDWLVODYD /LWHUÁUQHLQIRUPDÌQÓFHQWUXPKWWS ZZZOLWFHQWUXPVNFLWD-QLH>DFFHVVHGb@
7DEOH)UHTXHQF\RIUHDGLQJILFWLRQLQDbJURXSRI\HDUROGV b HYHU\RUDOPRVWHYHU\GD\ VHYHUDOWLPHVDbZHHN RQFHDbZHHN RQFHDbPRQWK RQFHDbWKUHHPRQWKV RQFHDbVL[PRQWKV RQFHDb\HDU QHYHURUDOPRVWQHYHU 6RXUFH 5$1.293DYRO9$/o(.3HWHUboãWDQLH9ĘVNXPVĎÌDVQÓKRVWDYXDbĎURY -QHÌãWDQLDYb65 %UDWLVODYD /LWHUÁUQHLQIRUPDÌQÓFHQWUXPKWWS ZZZOLWFHQWUXPVNFLWD-QLH>DFFHVVHGb@ 7DEOH(YHU\GD\UHDGHUVYHUVXVQRQUHDGHUVRIILFWLRQE\VH[LQSHUFHQWDJHWHUPV
5HDGHUV 1RQUHDGHUV 5HDGHUV 1RQUHDGHUV
:RPHQ
0HQ
5HDGHUV 1RQUHDGHUV 5HDGHUV 1RQUHDGHUV
:RPHQ 0HQ 6RXUFH 5$1.293DYRO9$/o(.3HWHUboãWDQLH9ĘVNXPVĎÌDVQÓKRVWDYXDbĎURY -QHÌãWDQLDYb65 %UDWLVODYD /LWHUÁUQHLQIRUPDÌQÓFHQWUXPKWWS ZZZOLWFHQWUXPVNFLWD-QLH>DFFHVVHGb@ 7DEOH6ORYDNZULWHUVSUHIHUUHGE\6ORYDNUHDGHUVDFFRUGLQJWRUHDGLQJVXUYH\V3HUFHQWD-JHLVVKRZQZKHUHDYDLODEOH
-R]HI1LĜQÁQVN\ +DQD=HOLQRYÁ 7ÁòD.HOHRYÁ9DVLONRYÁ 0DUWLQ.XNXÌãQ -R]HI1LĜQÁQVN\ 3HWUD1DJ\RYÁ'ĜHUHQJRYÁ 0DUJLWD)LJXOL 7ÁòD.HOHRYÁ9DVLONRYÁ -R]HI1LĜQÁQVN\ 3DYRO2UV]ÁJK
+YLH]GRVODY 0DUJLWD)LJXOL 0D[LP0b0DWNLQ $QGUHM6OÁGNRYLÌ )UDQWLĄHN+HÌNR 0DUWLQ.XNXÌãQ 9ODGLPãU0LQÁÌ 0DUWLQ.XNXÌãQ 3DYRO2UV]ÁJK+YLH]GRVODY )UDQWLĄHN+HÌNR 9LQFHQW§LNXOD +DQD=HOLQRYÁ -R]HI*UHJRU
7DMRYVNĘ 0LODQ5ĎIXV %RULV)LODQ 3HWHU-LOHPQLFNĘ /DGLVODY0òDÌNR 9LQFHQW§LNXOD -DQNR-HVHQVNĘ 3DYRO'REĄLQVNĘ 0DUJLWD)LJXOL 6RXUFHV )LUVW FROXPQ /(6d. 5XGROIb +RUL]RQW\ ÌLWDWHíVNHM NXOWĎU\ %UDWLV-ODYD 6ORYHQVNĘ VSLVRYDWHí SSb 6HFRQG FROXPQ 623&, -ÁQ +$//21
XERUb9]ĈDKRE\YDWHíRY65NbOLWHUDWĎUH,Q5HFHSFLDXPHQLDQD6ORYHQVNXSRURNX b§UÁPHNb HG %UDWLVODYD 1ÁURGQÓRVYHWRYÓFHQWUXP%UDWLVODYD /LWHUÁU-QHLQIRUPDÌQÓFHQWUXP7KLUGFROXPQ 5$1.293DYRO9$/o(.3HWHUboãWDQLH 9ĘVNXPVĎÌDVQÓKRVWDYXDbĎURYQHÌãWDQLDYb65b%UDWLVODYD /LWHUÁUQHLQIRUPDÌQÓFHQWUXP KWWS ZZZOLWFHQWUXPVNFLWDQLH>DFFHVVHGb@
Libraries
7KHOLEUDU\V\VWHPLQ6ORYDNLDFXUUHQWO\FRQVLVWVRIWKH6ORYDN1DWLRQDO /LEUDU\LQ0DUWLQZKLFKLVDbWRSOLEUDULDQLQVWLWXWLRQDbGRFXPHQWDWLRQ FHQWUHDbELEOLRJUDSKLFDJHQF\DQGDbSUHVHUYDWLRQDQGGLJLWDOL]DWLRQZRUN-SODFHIXUWKHUPRUHWKHUHDUHVFLHQWLILFDQG DFDGHPLFOLEUDULHVPRUH WKDQVSHFLDOOLEUDULHVPRUHWKDQSXEOLFDQGDURXQGVFKRRO OLEUDULHV 7KHQH[WGHVFULSWLRQZLOOEHUHVWULFWHGWRWKHDUHDRISXEOLFOLEUDULHV RQO\ 7KHVHOHFWHGGDWDLQFOXGHV7DEOHb ,QWKHQHZPLOOHQQLXPWKH GHFOLQHLQWKHWRWDOQXPEHURISXEOLFOLEUDULHVZKLFKZDVHVWDEOLVKHGLQ WKH V DQGKLVWRULFDOO\HYHQHDUOLHU FRQWLQXHV7KHPDLQUHDVRQIRU WKLVWUHQGLVODFNRIILQDQFHVE\WKHLUIRXQGHUV PXQLFLSDODGPLQLVWUDWLRQ FRXQWLHVWRZQVYLOODJHV $bKLJKQXPEHURIVWDJQDWLQJOLEUDULHVLVDODUP-LQJWRR 7KHQXPEHURIDFWLYHOLEUDU\XVHUVDQGWKHWRWDOQXPEHURIOL-EUDU\YLVLWRUVDUHDOVRGHFUHDVLQJ:LWKWKHORVVRIXVHUVWKHDPRXQWRI ORDQVLVDOVRGHFUHDVLQJ 7KHGHVFHQGLQJFXUYHRISXEOLFOLEUDULHVFRYHUVQRWRQO\WKHSXEOLFGH- PDQGIRUOLEUDU\DQGLQIRUPDWLRQVHUYLFHV$GYHUVHHYROXWLRQRIWKHTXDO-LW\RIOLEUDU\FROOHFWLRQVLVDOVRDSSDUHQW$FWLYHIXQGUHQHZDOE\SXUFKDVH LVDWDbYHU\ORZOHYHODQGOLEUDULHVDUHODUJHO\GHSHQGHQWRQGRQDWLRQV%H-FDXVHRIWKHORZOHYHORIRYHUDOODFTXLVLWLRQVOLEUDU\IXQGVKDYHEHFRPH REVROHWHDQGWKHLUDWWUDFWLYHQHVVIRUUHDGHUVHGXFDWLRQDOYDOXHDQGGRF- XPHQWDU\YDOXHLVIDOOLQJ2YHUDOOWKHVWDWHRIOLEUDU\IXQGVFDQEHFRQ-VLGHUHGWREHFULWLFDO3DUWLDODVVLVWDQFHIRUOLEUDULHVLVWKHJUDQWSURJUDP $FTXLVLWLRQRI/LEUDULHVRIWKH0LQLVWU\RI&XOWXUHRIWKH6ORYDN5HSXE- OLF,WDOVRLQFOXGHVDbFULWHULRQIRUOLEUDULHVWRXVHDbSHUFHQWDJHRIWKHVXEVL-G\WRSXUFKDVHPRUHYDOXDEOHOLWHUDWXUH XVXDOO\WLWOHVSURPRWHGE\SXEOLF IXQGV .,/d529d,YHWDbķ$QDOĘ]DYĘYRMDNQLĜQLÌQÓKRV\VWÓPX6ORYHQVNHMUHSXEOLN\YbURNRFK Ĵ.QLĜQLFDSb .,/d529d,YHWDbķ$QDOĘ]DYĘYRMDNQLĜQLÌQÓKRV\VWÓPX6ORYHQVNHMUHSXEOLN\YbURNRFK Ĵ.QLĜQLFDSb$VIDUDVWKHOLEUDU\HTXLSPHQWLVFRQFHUQHGWKHHQWLUHV\VWHPFDQQRW NHHSXSZLWKWKHGLJLWDOL]DWLRQRIVHUYLFHVDQGIXQGV$bYLVLEOHH[FHSWLRQ LVWKHSURMHFWIRUGLJLWDOL]DWLRQRIWKHQDWLRQDOFXOWXUDOKHULWDJHLQWKH6OR-YDN1DWLRQDO/LEUDU\,QWHUQHWDFFHVVLQSXEOLFOLEUDULHVKDVLPSURYHG WR LQ EXWLQUHFHQW\HDUVWKHQXPEHURIXVHUVKDVGURSSHGGXH WRDbKLJKLQWHUQHWDFFHVVLELOLW\LQFRXQWU\7KHQXPEHURISXEOLFOLEUDULHV ZLWKWKHLURZQZHEVLWHIRUWKHHQWLUHSHULRGGLGQRWH[FHHG6SDFHID-FLOLWLHVRIPDQ\OLEUDULHVDUHLQDODUPLQJVLWXDWLRQPDQ\EXLOGLQJVDUHQR ORQJHUILWIRUOLEUDU\SXUSRVHV1XPEHUDQGVDODU\HYDOXDWLRQRIOLEUDU\ VWDIILVDOVRLQDGHTXDWH ,QWKHVHFRPSOH[FRQGLWLRQVOLEUDULHVDUHWU\LQJWRDFWDVFXOWXUDOFHQ- WUHVDQGDWWUDFWWKHSXEOLFWKURXJKQXPHURXVHGXFDWLRQDOHYHQWVSDUWLFX-ODUO\ IRFXVLQJ RQ SURPRWLQJ UHDGLQJ DPRQJ FKLOGUHQ DQG \RXWK 6LQFH 6ORYDNOLEUDULHVKDYHEHHQLQYROYHGLQ1RFVb$QGHUVHQRPSURMHFW 7KHILUVW6ORYDNQDWLRQDOHYHQWWRRNSODFHLQDQGWKHQXPEHURISDU-WLFLSDQWVLQWKHLQWHUQDWLRQDOFRPSDULVRQLVFRQWLQXRXVO\VHFRQGKLJKHVW DIWHUWKH&]HFK5HSXEOLFZKHUHWKHHYHQWRULJLQDWHG ,QWKHUHZDVRQHOLEUDU\SHULQKDELWDQWVDQGLQWKH QXPEHUKDVULVHQWRLQKDELWDQWV6ORYDNLDLVVWLOODPRQJWKH(XUR-SHDQFRXQWULHVZLWKWKHPRVWH[WHQVLYHQHWZRUNRISXEOLFOLEUDULHV +RZ-HYHUWKHGDWDRQWKHLUIXQFWLRQLQJVKRZVWKDWWKHV\VWHPLVIDOOLQJERWK ILQDQFLDOO\DQGPDWHULDOO\7KHKRSHIRUQRZOLHVLQWKHIOH[LELOLW\DQGSHU-VLVWHQFHRIWKHOLEUDU\VWDII 7DEOH 6HOHFWHGSDUDPHWHUVRISXEOLFOLEUDULHVLQ6ORYDNLD <HDU )XQFWLRQLQJ libraries /LEUDULHVZLWK RZQZHEVLWH 1XPEHURI active users 1XPEHU RIbYLVLWRUV 1XPEHURI OLEUDU\XQLWV 1XPEHU RIbORDQV b b b b b b .,/d529d,YHWDbķ$QDOĘ]DYĘYRMDNQLĜQLÌQÓKRV\VWÓPX6ORYHQVNHMUHSXEOLN\YbURNRFK Ĵ.QLĜQLFDSb 67$66(/29d6LOYLDbķ9DNĘFKEXGRYÁFKDbSULHVWRURFKVãGOLDVORYHQVNÓNQLĜQLFHYb VWRURÌã"Ĵ.QLĜQLFDSSb .,/d529d,YHWDbķ$QDOĘ]DYHNRYHMNYDOLILNDÌQHMDbP]GRYHMĄWUXNWĎU\RGERUQĘFKSUD-FRYQãNRYNQLĜQãF659ĘVOHGN\SULHVNXPXĴ.QLĜQLFDSSb 67$66(/29d6LOYLDbķ3ÄĈURÌQãNRYPHGLÁOQHQDMĎVSHĄQHMĄLHKRSRGXMDWLDQDSRGSRUX ÌãWDQLDGHWãQD6ORYHQVNX1RFVb$QGHUVHQRPQD6ORYHQVNXYbURNRFKĴ.QLĜQLFD
.856&+86 6WHSKDQLHb (XURSHDQ %RRN &XOWXUHV 'LYHUVLW\ DV &KDOOHQJH :LHVEDGHQ 6SULQJHU96Sb
b b b b b b b b b b 6RXUFH 0LQLVWU\RI&XOWXUHRIWKH6ORYDN5HSXEOLFUHSRUWVRQWKHUHVXOWVRIWKHVWDWHVWD-WLVWLFDOVXUYH\VLQOLEUDULHVDUHDYDLODEOHRQWKHVLWHKWWS ZZZFXOWXUHJRYVNPLQLVWHUVWYR VWDWLVWLNDNXOWXU\DKWPO>DFFHVVHGb@
%RRNDZDUGVDQGHYHQWV
7KHV\VWHPRIDZDUGVFDQEHVHHQDVDbELSRODURQH%RRNDZDUGVUHSUHVHQW RQHSROH7KH\H[SUHVVWKHXQGHUVWDQGLQJRIWKHERRNDVRQHRIFRQVXPHU JRRGVDQGDUHDLPHGDWWKHPDMRULW\DXGLHQFH7KHLURUJDQL]HUVDQGODX- UHDWHVFRPHIURPFRPPHUFLDOO\RULHQWHGVLGHRIERRNFXOWXUH2QWKHVHF-RQGSROHWKHUHDUHOLWHUDU\DZDUGVWKDWHPSKDVL]HWKHDUWLVWLFGLPHQVLRQRI ZULWLQJ7KH\DUHVKHOWHUHGE\SURIHVVLRQDORUJDQL]DWLRQVXQLYHUVLWLHVRU DFDGHPLFVDQGDUHUHDFKLQJRXWWRDbVSHFLDOL]HGPLQRULW\DXGLHQFH 5HJDUGLQJWKHVWDWHij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ĜQÁUHYXHPDJD]LQH7KHODUJHVWDUHWKH 3DQWD5KHL$ZDUGVHVWDEOLVKHGLQ ,QVL[FDWHJRULHVUHDGHUVYRWHDQG WKHEHVWVHOOLQJERRNLVDQQRXQFHGRQWKHEDVLVRIVDOHVLQWKH3DQWD5KHL QHWZRUN $ZDUGVIRUKLJKEURZOLWHUDWXUHDUHGHFLGHGE\H[SHUWMXULHV)UDJPHQ- WDWLRQLVW\SLFDOIRUWKLVDUHDLQDFFRUGDQFHZLWKYDULHW\RIFXOWXUDOLQVWLWX- WLRQVZULWHUDVVRFLDWLRQVSXEOLVKLQJKRXVHVDQGPDJD]LQHV7KHPRVWUH-VSHFWHGDUHWKHSUL]HVHVWDEOLVKHGE\WKH/LWHUDU\)XQGZKLFKFRYHUDbZLGHUDQJHRIFDWHJRULHV$PRQJWKHFRQWHVWVWKHFRPSHWLWLRQ3RYLHGNDZKLFK KDVEHHQRUJDQL]HGE\WKH/&$SXEOLVKHU ..b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bQHXWUDOQRQJRYHUQPHQWDORUJDQL]DWLRQDbFRQVWDQWJHQHUDOSDUWQHU DQGVSRQVRUDQGDbGLIIHUHQWH[SHUWMXU\HDFK\HDU7KHZLQQHUUHFHLYHVWKH VXPRI(XURVZKLFKLVWKHKLJKHVWILQDQFLDODZDUGLQ6ORYDNLDIRU ZULWHUV
&RPSOHPHQWDU\ HOHPHQWV DUH LQFRUSRUDWHG LQWR ERWK FDWHJRULHV RI DZDUGV$QDVRIWOLWHUDDVWKHPRVWVLJQLILFDQWOLWHUDU\DZDUGDOVRLQFOXGHV DbSROOIRUUHDGHUVDQGDbSROOIRUKLJKVFKRROVWXGHQWV,QODVW\HDUVVRPH SRSXODUZULWHUVKDYHDOVRDSSHDUHGDPRQJWKH$QDVRIWOLWHUDILQDOLVWV)RU WKH3DQWD5KHL$ZDUGVWKHUHKDYHEHHQDGGHGWZRFDWHJRULHVLQZKLFK ZLQQHUVDUHUHFRJQL]HGE\MXU\ $QXPEHURIHYHQWVKDYHEHFRPHDQLPSRUWDQWHOHPHQWRIERRNFXO- WXUHLQUHFHQW\HDUV%RRNEXVLQHVVRUJDQL]HVRQHSDUWRIWKHP7KHODUJ-HVWSUHVHQWDWLRQDQGFRPPHUFLDOHYHQWLVWKH%LEOLRWÓNDDbIDLULQ%UDWLVODYD ZKLFKKDVEHHQHVWDEOLVKHGLQ ,WVDOWHUQDWLYHLVWKH%UDWLVODYD%RRN )HVWLYDO %UDWLVODYVNĘNQLĜQĘIHVWLYDO%5D. ZKLFKLVIRFXVHGRQVPDOO QRQFRPPHUFLDOO\RULHQWHGERRNFUHDWRUVHJZULWHUVSXEOLVKHUVGHVLJQ- HUV1RQFRPPHUFLDOSXEOLVKHUVDQGPDJD]LQHVDUHDJLOHLQRUJDQL]LQJOLW-HUDU\IHVWLYDOVWKDWRIWHQKDYHDbPXOWLJHQUHFKDUDFWHU7KH\DUHILQDQFLDOO\ VXSSRUWHGPDLQO\E\SXEOLFIXQGV6HYHUDOHYHQWVKDYHHYROYHGIURPWKH EDFNJURXQGRILQWHUQDWLRQDOFXOWXUDOSURJUDPV,QWKHVHFRQGODUJ- HVW6ORYDNFLW\.RĄLFHEHFDPHVLWHRIWKHSURMHFW(XURSHDQ&DSLWDORI&XO- WXUH0DQ\ORFDOFXOWXUDOLQLWLDWLYHVLQFOXGLQJERRNDQGOLWHUDWXUHDFWLYL-WLHVZKLFKKDYHRULJLQDWHGE\WKLVRFFDVLRQDUHVWLOOUXQQLQJ
&RQFOXVLRQV
7KH6ORYDNERRNFXOWXUHLVSURSRUWLRQDOO\VPDOOEXWFRPSDUDWLYHO\bļFRQ-VLGHULQJWKHQXPEHURILQKDELWDQWVbļGHQVHDQGDSSDUHQWO\GLYHUVHZLWK DbQXPEHURISDUWLDOERRNFXOWXUHV,WUHSUHVHQWVDQRSHQV\VWHPLQZKLFK FRQGLWLRQVDUHFUHDWHGWRHQVXUHWKDWVRPHRILWVVXEV\VWHPVDUHPDQDJHGQRWRQO\IURPDQHFRQRPLFSRLQWRIYLHZEXWIROORZLQJDOVRLPSRUWDQFHRI FXOWXUDOYDOXHV7KHUHDUHWZRRSSRVLQJWHQGHQFLHVH[LVWLQJDWWKHVDPH WLPH DbWHQGHQF\WRZDUGVKRPRJHQHLW\DQGWKHRWKHUWRZDUGVGLYHUVLILFD- WLRQ$VDbZKROHWKHV\VWHPGRHVQRWVKRZVLJQVRILGHRORJLFDOLQWHUYHQ-WLRQ'HVSLWHLPSURYHPHQWVILQDQFLDOUHVRXUFHVDUHDbSHUPDQHQWLVVXHIRU 6ORYDNERRNFXOWXUH 6WDELOL]DWLRQRIERRNPDUNHWWDNHVSODFHLQSDUWLFXODUDVFRQVROLGDWLRQ RIWKHEXVLQHVVE\WKHVWURQJHVWFRPSDQLHVLQWKHJLYHQVHFWRUPRWLYDWHG E\DQHIIRUWWRPD[LPL]HHFRQRPLFSURILW2QWKHRWKHUVLGHWKHUHDUHVPDOO QRQFRPPHUFLDOSXEOLVKHUVZKRKDYHEHFRPHDFFXVWRPHGWRWKHIDFWWKDW WKHLUILQDQFLDOUHVRXUFHVPDLQO\FRPHIURPSXEOLFIXQGLQJVFKHPHV$O- WKRXJKWKHUHVXOWVRIUHDGLQJVXUYH\VDUHQRWWKHPRVWGHVLUDEOHLWLVLQ- GLVSXWDEOHWKDWUHDGLQJbļRUDWOHDVWERRNVKRSSLQJbļKDVEHFRPHDbIDLU-O\SRSXODUYHUVLRQRIFRQVXPHUOLIHVW\OHLQUHFHQW\HDUV,WLVTXHVWLRQDEOH KRZWKH6ORYDNOLEUDU\V\VWHPZLOOEHDEOHWRSURPRWHDQGFXOWLYDWHUHDG-LQJXQOHVVLWVHFRQRPLFVLWXDWLRQFKDQJHV7KHDUHDRIERRNDZDUGVbļDV SRVVLEOHODQGPDUNVbļLVDWRPL]HG7KHKLJKQXPEHURIDZDUGVGLOXWHVWKH SUHVWLJHRIEHLQJDbSUL]HZLQQLQJERRN,QFRH[LVWHQFHZLWKRWKHUPHGLD WKHERRNFDOOVIRUSXEOLFDWWHQWLRQDVDbFRPSRQHQWRIQXPHURXVHYHQWV$S-SDUHQWO\WKLVDOVRGHPRQVWUDWHVWKHDGDSWDELOLW\RIWKHERRNFXOWXUH%RRNV DUHVWLOORSHQ BIBLIOGRAPHY %d12&,29d$QQDb ķ$QDOĘ]DYĘYRMDGDQH]bSULGDQHMKRGQRW\Yb6OR-YHQVNHMUHSXEOLNHĵ(NRQRPLHDbPDQDJHPHQW
*$§3$529,o29d $QQD +5',1d.29d XGPLOD .23do,.29d -X-GLWD 5$1.293DYROb oãWDQLHPOÁGHĜHYb%UDWLVODYVNRPNUDML,QWHU -SUHWÁFLDYĘVOHGNRYYĘVNXPX %UDWLVODYD &HQWUXPYHGHFNRWHFKQLFNĘFKLQ-IRUPÁFLã65
+5',1d.29d XGPLOD .23do,.29d -XGLWD 5$1.29 3DYROb
7H[WDbÌãWDQLHPOÁGHĜDbNQLĜQLFH%UDWLVODYDbļ.RĄLFH 6ORYHQVNÁDVRFLÁFLD NQLĜQãFbļ7HFKQLFNÁXQLYHU]LWDYb.RĄLFLDFK
-$1o . XERĄb '3+ NOHVQH NQLK\ QH]ODFQHMĎ KWWSV ZZZVPH VNFGSKNOHVQHNQLK\QH]ODFQHMXKWPO>DFFHVVHGb @ .,/d529d,YHWDbķ$QDOĘ]DYHNRYHMNYDOLILNDÌQHMDbP]GRYHMĄWUXNWĎU\
RGERUQĘFK SUDFRYQãNRY NQLĜQãF 65 9ĘVOHGN\ SULHVNXPXĴ .QLĜQLFD
.,/d529d,YHWDbķ$QDOĘ]DYĘYRMDNQLĜQLÌQÓKRV\VWÓPX6ORYHQVNHMUH-SXEOLN\YbURNRFKĴ.QLĜQLFD
.RQFHSFLDSRGSRU\S÷YRGQHMOLWHUDWĎU\b%UDWLVODYD 0LQLVWHUVWYRNXOWĎU\ 6ORYHQVNHMUHSXEOLN\
.23do,.29d -XGLWD +5',1d.29d XGPLOD *$§3$529,o29d $QQDboãWDQLHPOÁGHĜHYb6ORYHQVNHMUHSXEOLNH,QWHUSUHWÁFLDYĘVOHGNRY
YĘVNXPX%UDWLVODYD 6ORYHQVNÁDVRFLÁFLDNQLĜQãF
.856&+866WHSKDQLHb(XURSHDQ%RRN&XOWXUHV'LYHUVLW\DV&KDOOHQ -JH:LHVEDGHQ 6SULQJHU96
/(6d. 5XGROIb +RUL]RQW\ ÌLWDWHíVNHM NXOWĎU\ %UDWLVODYD 6ORYHQVNĘ VSLVRYDWHí
5$1.29 3DYRO 9$/o(. 3HWHUb oãWDQLH 9ĘVNXP VĎÌDVQÓKR VWDYX
DbĎURYQHÌãWDQLDYb65%UDWLVODYD /LWHUÁUQHLQIRUPDÌQÓFHQWUXPKWWS ZZZOLWFHQWUXPVNFLWDQLH>DFFHVVHGb@
623&, -ÁQ +$//21 XERUb 9]ĈDK RE\YDWHíRY 65 Nb OLWHUDWĎUH ,Q5HFHSFLDXPHQLDQD6ORYHQVNXSRURNXb§UÁPHN HG %UDWLVODYD 1ÁURGQÓRVYHWRYÓFHQWUXP%UDWLVODYD /LWHUÁUQHLQIRUPDÌQÓ FHQWUXP 6SUÁYDRbNQLĜQRPWUKX%UDWLVODYD =GUXĜHQLHY\GDYDWHíRYDbNQãKNXSFRY 6ORYHQVNDKWWSV ]YNVVNZSFRQWHQWXSORDGV.QL]Q\WUKB SGI>DFFHVVHGb@
6SUÁYD Rb VORYHQVNRP NQLĜQRP WUKX %UDWLVODYD =GUXĜHQLH Y\GDYDWHíRY Db NQãKNXSFRY 6ORYHQVND KWWSV ]YNVVNZSFRQWHQWXSORDGV .QL]Q\WUKBSGI>DFFHVVHGb@
6SUÁYD Rb VORYHQVNRP NQLĜQRP WUKX %UDWLVODYD =GUXĜHQLH Y\GDYDWHíRY Db NQãKNXSFRY 6ORYHQVND KWWSV ]YNVVNZSFRQWHQWXSORDGV .QL]Q\WUKBSGI>DFFHVVHGb@
6SUÁYD Rb VORYHQVNRP NQLĜQRP WUKX %UDWLVODYD =GUXĜHQLH Y\GDYDWHíRY Db NQãKNXSFRY 6ORYHQVND KWWSV ]YNVVNZSFRQWHQWXSORDGV .QL]Q\WUKBSGI>DFFHVVHGb@ 67$66(/29d6LOYLDbķ3ÄĈURÌQãNRYPHGLÁOQHQDMĎVSHĄQHMĄLHKRSRGX- MDWLDQDSRGSRUXÌãWDQLDGHWãQD6ORYHQVNX1RFVb$QGHUVHQRPQD6ORYHQ-VNXYbURNRFKĴ.QLĜQLFD 67$66(/29d6LOYLDbķ9DNĘFKEXGRYÁFKDbSULHVWRURFKVãGOLDVORYHQVNÓ NQLĜQLFHYbVWRURÌã"Ĵ.QLĜQLFD
§,0(o(. =GHQÕN 75d91 o(. -Lāãb .QLK\ NXSRYDWLĮ 'ÕMLQ\
NQLĜQãKRWUKXYbÌHVNĘFK]HPãFK3UDKD $FDGHPLD
§0(-.$/29d-LāLQDb.QLKD.bWHRULLDbSUD[LNQLĜQãNXOWXU\%UQR +RVW §75$66(5-ÁQb2VHPY\WUYDOĘFK5R]KRYRU\VbNQLĜQĘPLY\GDYDWHíPLQD
6ORYHQVNX%UDWLVODYD /LWHUÁUQHLQIRUPDÌQÓFHQWUXP
=d%256.º-ÁQ+259d7+29d-DUPLOD -(61º0DUWLQb$QLEHVW -VHOOHU QHPÁ YRSUHG Y\KUDQÓ KWWS ZZZHWUHQGVNHNRQRPLNDKODGDQLH-VWUDWHQHKRNQL]QHKRWUKXKWPO>DFFHVVHGb@
Jaroslav Šrank DVVRFLDWHSURIHVVRURI6ORYDNOLWHUDWXUHDWWKH'HSDUW-PHQWRI6ORYDN/DQJXDJHDQG/LWHUDWXUHDWWKH)DFXOW\RI(GXFDWLRQ RI &RPHQLXV 8QLYHUVLW\ LQ %UDWLVODYD +H FROODERUDWHG RQ FROOHFWLYH ZRUNV9LOLDP0DUÌRNHWDO 'HMLQ\VORYHQVNHMOLWHUDWĎU\,,, DQGb9DOÓU0LNXODHWDO 6ORYQãNVORYHQVNĘFKVSLVRYDWHíRY $XWKRU RIERRNV $XWRUVNÓWH[W\VbIRONOöUQRXGLPHQ]LRX 1HVDPR]UHMPÁ
SRÓ]LD ,QGLYLGXDOL]RYDQÁOLWHUDWĎUD6ORYHQVNÁSRÓ]LDNRQFD
Db ]DÌLDWNX VWRURÌLD ]b SHUVSHNWãY\ QDVWXSXMĎFLFK DXWRURY DQG
$NWÓULDbWHQGHQFLHOLWHUÁUQHMNXOWĎU\QD6ORYHQVNXSRURNX +LVPDLQDUHDVRILQWHUHVWFRYHUWKHRU\LQWHUSUHWDWLRQDQGUHYLHZVRI 6ORYDNSRHWU\KLVWRU\RIWKHWKFHQWXU\6ORYDNOLWHUDWXUHDQGFRQ-WHPSRUDU\OLWHUDU\OLIH
