اختيار « نظام الصرف » الأمثل لـ « الدول النامية

Texte intégral

(1) . @ @C@òîßbäÛa@Þë‡Ûa@D@Û@Ýrßþa@C@Ò‹—Ûa@âbÄã@D@Šbîn‚a @ @òîĐîìÛa@òàÄãþaë@òîjĐÔÛa@òîöbärÛa@Z@µi .

(2) ‫

(3) ذ‬. .

(4) . Esay082@yahoo.comF . . W ‫

(5) م‬%/ -

(6) 1‫)ع א‬3) 4 ،1970 *‫ א ")א‬+ ,-

(7) ./‫

(8) م א " ! و)ن وودز وא‬%" ‫(ن ز א‬ + ‫א‬78‫

(9) א "

(10) و‬." 9

(11) 1 ،‫

(12) د ; ول‬6<=‫

(13) " ;

(14) א‬+ >8 ?@AB‫ א‬-‫ א ?א‬4@C D?6 ‫א‬ *

(15) ‫ ز‬J+

(16) ‫ د و‬K 7A‫ و‬،1980 *‫ ")א‬7" -

(17) E‫ و‬71F + !7 ‫ א‬G ‫ א و‬G

(18) H‫

(19) ج א‬/=‫א‬ K2000*‫ א")א‬+‫و‬1990*‫ل")א‬L1‫א ول‬,78

(20) . .MN ‫א‬D?6 ‫א‬ E1B‫) א‬H‫ א‬+ Q ‫ א‬R 71 S"T ، < 4@B‫ א‬D?6 ‫

(21) مא‬%/ -

(22) 1‫)ل א‬U -‫)א‬P‫ א‬ -

(23) 1=‫א‬R;3

(24) [H‫א‬R‫و;]א "

(25) ش‬،19907" ?TV-).W‫ل‬L1XYM

(26) " ‫)אقא‬B‫ز

(27) *א‬B *‫

(28) دא‬c=‫ א‬،;> ‫ א‬d;eF

(29) ^‫_ א‬+? ‫? و א‬P‫`

(30) ع א ) א‬+ D?6 ‫> א‬%/B V?aH‫;)ل א‬P‫ א‬b+ ]f

(31) "H‫لא‬L1XFb+

(32) ‫א‬b

(33) %" ‫א‬b+a‫)نو‬TN ‫א‬D?6 ‫>א‬%/‫و(

(34) ع‬EE? ‫א " وא و‬ KE4 ; 4+

(35) ‫_א‬+? ‫א‬،*L> ; +_+? ‫א‬،V . H‫א‬ a) ‫>א‬%/B‫א‬b>.

(36) ^‫_א‬+? ‫وא‬،‫(

(37) ع(

(38) א )א

(39) م‬b‫

(40) د‬6<=‫א‬X ‫א‬gh<‫ א‬

(41) ./‫و‬G ‫א و‬i) H‫)אل ;א‬B‫وسא‬k? E ‫א‬lH‫

(42) *א‬V ‫

(43) مא‬4>m ‫

(44) ووא‬H‫א‬Ja =>%/

(45) ./F+ R+-

(46) nH‫>

(47) *א‬Q.; 3?

(48) >o‫)ندא‬TpU‫?א‬1qr UN ‫

(49) א‬H‫ز

(50) *א‬s G o? ‫א‬t ‫>

(51) א‬o‫دא‬ q‫و‬t

(52) ab‫

(53) د‬6<=‫א‬v=q8*‫)א‬9m9 <‫و‬KE ‫א‬l

(54) H) ‫ א )م‬.uGH

(55) ‫

(56) د‬6<‫א‬4W ‫א ول‬Jx,

(57) y‫وא‬،a) ‫>א‬%/s G;T ‫א‬v

(58) [1=‫!א‬Wa ‫א‬o

(59) "@ ‫א‬+S; w;a9‫(

(60) ع

(61) א‬E?TV K

(62) ^‫_א‬+? ‫?وא‬P‫א )א‬W

(63) (،bV?aH‫א‬ba ‫א‬i U(z(4)a ‫א‬i H‫א‬R G8 a) ‫> א‬%/B‫ و?ون ن א‬،1+

(64) ‫ א‬U‫?و‬fB‫ א‬b‫

(65) د‬6<=‫ א‬X i?1 YV 3-

(66) 4+

(67) H

(68) + ‫)د‬t ‫و({

(69) א‬،*

(70) ‫ز‬B‫א‬K;|‫ و‬UR?M

(71) H‫א‬t ‫א‬G8 >%/B‫א‬,78‫ ; ولא "

(72) ون‬t /B‫א‬ G;T}‫~ א‬n ‫ א‬E

(73) ‫ دون ?א‬SV

(74) 4Tu+

(75) H‫

(76) א‬.<‫)א‬B

(77) " ‫?? א ول א‬cz( z‫و‬B‫ א‬-

(78) + KS"G/

(79) !7 ‫א‬G

(80) H‫א‬. Ka) ‫>א‬%/B‫א‬X E u+‫و‬JV‫! א‬7 ‫و;

(81) )ن@א‬A9

(82) 1K1. 64.

(83) ;6 ‫א دא*ذא*א‬XA‫א > ; د‬bY[ ‫א‬b+‫

(84) د‬P‫א‬-‫)א‬P‫אא‬78‫?ن‬A7

(85) +? ^‫א‬ ‫){)ذج‬8D?6 ‫

(86) مא‬%/-

(87) 1‫א‬R?rqN ‫?א‬%" ‫א*א‬-

(88) =‫א‬+‫{)ذج م‬84 ‫و‬K

(89) ."+

(90) >V g

(91) [/‫א‬-‫د‬QUF;@H‫א >;א‬a"W‫)ع‬3)H‫אא‬78Rb

(92) 8X-)az(i‫!د‬7 ‫وא‬،@w">;V ‫" ل‬A rL@ ‫وא‬E ‫א‬KKK‫

(93) د‬6<=

(94) +~6‫ن‬XTCN ‫

(95) *א‬6 ‫א‬f،*‫א‬-‫

(96) د‬6 ‫

(97) جوא‬/‫א‬4T8،‫

(98) د‬6<=‫א‬ X ‫

(99) א‬n‫ و‬،<) ‫ א‬J ‫ א< وא=

(100) ق‬6H‫ א‬i?1 *‫ دא‬z( V

(101) 3

(102) + ‫א‬78 K;m H‫א‬ G8‫ و‬،D?6 ‫> א‬%/ -

(103) 1‫ א‬R

(104) ‫ א‬-‫א دو‬7A‫ و‬،

(105) H‫ א‬M

(106) u}‫ א‬+-

(107) 4@ @ P‫

(108) * א‬+-

(109) H‫א‬ KoLH‫א‬D?6 ‫

(110) مא‬%/-

(111) 1‫ א‬F

(112) .; >N ‫

(113) *א‬+‫د‬B‫א‬ G>;<‫א‬U‫و‬G ‫א و‬i) H‫ ;א‬1@m ‫אقא‬-‫و‬B‫א‬X3‫ د‬-).Wz(V‫)عد‬3)H‫>א‬8 ‫א‬7}?Q ‫א‬o

(114) " ‫?وא‬%" ‫א*א‬-‫)א‬P‫

(115) *وא‬M

(116) " ‫א‬,78%‫ن‬S; lAh ‫א‬XTC

(117) XT KG+? ‫א‬ )>" ‫]א‬c‫و‬n ‫א‬+-

(118) RD?6 ‫

(119) مא‬%/-

(120) 1‫?א‬r‫)ل‬U-)m>/

(121) A|

(122) B‫א‬X4o

(123) }‫א‬T ‫א‬ R

(124) H‫

(125) א

(126) א " وא‬V?%/.‫و‬X

(127) .‫א‬-‫د‬z(V

(128) 3

(129) +-

(130) ‫א‬E-

(131) Q ‫

(132) א‬VR

(133) n‫و‬ .‫و‬X4@B‫א‬D?6 ‫

(134) مא‬%/-

(135) 1‫)عא‬3); lAh<-) ‫א‬,78

(136) K[;H‫א‬D?6 ‫>א‬%/4W -).W +9

(137) 1–a ‫א‬o

(138) "@;

(139) " ‫(

(140) عא ولא‬b+;3

(141) [H‫א‬/

(142) T(u<

(143) "R4@>E?

(144) ?%/ K‫א ول‬,78*

(145) ‫ א|ز‬U(R‫ول‬B‫א‬.H‫>

(146) א‬o‫دא‬/

(147) AN ‫א‬a) ‫>א‬%/B‫

(148) –و(

(149) عא‬H‫א‬H) ‫א‬ *

(150) ?49

(151) [V?‫~و‬9) ‫א= >

(152) د ;א‬D)‫)ع‬3)H‫אא‬78XG

(153) B‫א‬D }‫]א‬m

(154) }L1 X N ‫

(155) * א‬+‫د‬B‫ א دא* وא‬8 V?

(156) n‫ و‬،?3

(157) P‫ א )< א‬R E o

(158) ‫ א‬D?6 ‫> א‬%/ ‫ א"

(159) ج‬4 X *‫ א دא‬,78 4;m+ w> !7 ‫ א‬vGu ‫ א‬،

(160) " ‫ ; ول א‬t

(161) "H‫ א‬D?6 ‫

(162) م א‬%/ -

(163) 1‫א‬ ‫ و‬E?U ) ،

(164) _+-F V?aH‫;)ل א‬P‫ א‬G

(165) %/ b+ -

(166) 1=‫ل א‬L1 X ‫ א ول‬,7} 4nVB‫

(167) م א‬%" ‫א‬ ‫ א [?ض‬m9 ‫ و م‬m9 X AF ‫ א‬X

(168) ." ‫ א‬R JH‫;) א‬B‫א א‬78

(169) ‫ و‬Ka) ‫> א‬%/B‫א‬ _) ‫א‬D?6 ‫

(170) مא‬%/)8

(171) " ‫

(172) د! ; ولא‬6<=‫א‬v‫دא‬s vL?@AB‫א‬D?6 ‫

(173) م?א‬%/‫ (ن‬W4o

(174) ‫א‬ K];aH‫א‬+

(175) @ ‫?وא‬P‫א )א‬b+[ )S/)T X N ‫א‬D?6 ‫>א‬%/*

(176) ?z‫و‬B‫א‬E?[ ‫"

(177) <א‬K‫

(178) ط‬/z(‫)ع‬3)H‫אא‬78 ‫ ?د‬/

(179) @ ‫א‬E?[ ‫א‬661‫و‬K

(180) ^‫_א‬+? ‫א‬z(a) ‫

(181) *א‬h ‫א‬X@T ‫א )אو? א‬ G.V@

(182) @ ‫א‬E?[ ‫

(183) א‬K

(184) 8‫

(185) د‬6<=oLH‫א‬D?6 ‫

(186) مא‬%/-

(187) 1=*

(188) a; ‫

(189) א‬.; >N ‫א دא*א‬8 m9‫

(190) (ذא‬c)8 o? ‫ א‬F H‫א‬Ka) ‫>א‬%/B‫وא‬a ‫א‬o

(191) "@ ‫א‬b+l> ‫ ;א‬lA? ،

(192) " ‫א ولא‬RE?P‫_א^

(193) وא )א‬+? ‫א‬FbV?aH‫א‬ba ‫)א‬vGuV

(194) YMSQD?6 ‫>א‬%/ ‫ن‬K+‫א ?א‬E?[ ‫)عא‬3))8‫א ولو‬,7}>oLH‫>א‬%/B‫א‬G8a ‫א‬o

(195) "@ ‫א‬/

(196) A‫

(197) (ذא‬V?‫و‬

(198) " ‫א ولא‬4<XbV?aH‫א‬b

(199) %" ‫(

(200) عא‬X4ya ‫א‬o

(201) "@ ‫א‬3?[ ?%" ‫א‬dB‫~א‬3 ‫

(202) م‬%/ -

(203) 1‫

(204) "

(205) ول א‬.V E1B‫ א‬E?[ ‫

(206) א‬K

(207) ‫ א‬E?[ ‫ א‬R S ‫)

(208) "

(209) و‬8‫] و‬m ‫ א‬+ K?o‫א‬lQ; 4@B‫א‬D?6 ‫א‬ 1. K Michael B. Devereux, Charles Engel (1999), LYS (2002), Vorgelegt von, Olivier GRIMM, Aus stuttgart-Bad connstatt (2007).. 65.

(210) D?6 ‫>א‬%/*

(211) ?W=‫و‬ . T[ ‫و " א‬KW);4Tu+G3

(212) H‫ ;א אدא ?نא‬D?6 ‫א‬-

(213) >%/>o

(214) <*-)a . . @ ‫א‬X a‫>و‬%/B

(215) 6‫>) א‬e

(216) "8?.%،>o

(217) ‫وא‬+

(218) @ ‫א‬D?6 ‫>א‬%/b+4o‫

(219) א‬+ K?P‫א )א‬z(!) ‫א‬ d;e،! " ‫

(220) دא‬c=‫א‬W 1G8‫

(221) و‬8lXTC

(222) D?9>%/

(223) "8 ،4T/?Vt U ‫]و‬f

(224) "H‫א‬،*L> ; +_+? ‫א‬،~U‫א‬l ‫_א‬+? ‫א‬،4 ; 4+

(225) ‫_א‬+? ‫א‬،]+

(226) rD?9-

(227) ،;> ‫א‬ K?P‫אא )א‬1‫و‬S)H‫א )א‬،V . H‫

(228) <

(229) *א‬a" ‫א‬ >%/‫ و‬/)/

(230) < D?9 >%/ z( " N ‫ א‬G ‫" وق א " א و‬9 *

(231) ["6 lXTC

(232) >A " ‫" وق א‬9 i v

(233) n B‫ ; ول א‬G? ‫ א‬w?6 ‫ ; א‬/)/

(234) ‫ א‬D?6 ‫> א‬%/ > K;V D?9 G? ‫

(235) א‬.?6R

(236) >AE-‫?و‬n

(237) +D?6=‫نא ول‬R4@>~"6 ‫אא‬78‫ن ود‬G ‫א و‬

(238) ;?.%S/=(،

(239) .L> ‫

(240) )م‬./X;‫א ول‬X@T

(241) VK

(242) ;VS"=‫

(243) م‬%/‫`

(244) ع‬+g?6

(245) ./! S[?XTC!7 ‫وא‬،?) ‫א‬XD)‫?א‬+> v

(246) +‫

(247) و‬UX

(248) ‫א‬78‫و‬K 7+‫

(249) =)م‬./

(250) .

(251) aR !7 ‫א‬t ‫)א‬8‫א‬78K2?); G? ‫نא‬L ‫א‬X?

(252) +?o

(253) D?6 ‫? لא‬X[m ‫?א‬S/ !7 ‫א‬G;[ ‫"~א‬6

(254) +S ‫ وא א‬1999"G/)/

(255) ‫"~א‬6 ‫א‬X G; ‫א‬z(G ‫" وقא " א و‬9JV‫د‬ K‫>א ول‬%/BG;[ ‫> ;א ;)א‬ z(?.W V،G ‫" وقא " א و‬6 v

(256) n B‫;~دولא‬HE ^‫

(257) *א [;א‬h ‫א‬z(V

(258) 3

(259) + *‫?א‬Mqz( "

(260) ./*

(261) h ‫א‬,7}AhuH‫א‬a" ‫א‬K3; ‫?א‬Q ‫

(262) *א‬h ‫א‬X ‫א ))دא‬ K ‫دو‬4AD?fX

(263) UJH‫א‬D?6 ‫

(264) مא‬%/~?R);>; - 6X?@AB،[; . D?6 ‫

(265) مא‬%/-

(266) 1‫ دא*א‬W

(267) ً /

(268) r . ‫ دو‬4A

(269) ‫ ن‬XTC @ D?6 ‫ א‬A ‫

(270) م‬%/ -

(271) 1‫ א‬R E?rqH‫ א‬4‫ א )א‬X >o

(272) < ‫(ن‬. . D?6 ‫

(273) م א‬%/ -

(274) 1‫ א‬R ،

(275) 8 X ?@A "H‫ א‬m9 N ‫

(276) א ول א "

(277) א‬." 9

(278) 1 ،‫

(279) د‬6<‫وא‬ *‫ دא‬4;c R

(280) .; >

(281) *

(282) +-

(283) d

(284) "8‫و‬K

(285) E?a H‫

(286) א‬.V‫ א‬8t U،t

(287) "H‫א‬ KD?6 ‫

(288) مא‬%/-

(289) 1‫א‬ 1. . FRANKEL Jeffrey (1999), « No Single Currency Regime is right for all countries or all times », Essays in international finance № 215 International finance section, Princeton University, pp 2-4. Available via Internet : www.princeton.edu/~ies/IES_Essays/E215.pdf. 2 . CALVO. G. A, REINHART. M , ( 2000 ) « Fear of floating », NBER, working paper 7993. www.nber.org/papers/w7993.pdf. ?f?> N ‫

(290) *א‬h ‫وא‬،LYS(1999,2002,2005)*

(291) ?،Ghosh et al (1997,2002) "Q}‫

(292) *א‬h ‫א‬W

(293) .>84 K3 Levy-Yeyati & W‫ [

(294) ن‬qH‫

(295) א‬.+‫<

(296) م‬D?9>WB*

(297) ["6X ‫א‬-

(298) 61‫א‬LYSE-

(299) KBOR(2002)*

(300) ?‫א‬1‫و‬RR(2002) X ‫א‬-

(301) 61‫א‬BORE-

(302) KReinhart & RoggofW‫ [

(303) ن‬qH‫

(304) א‬.+‫<

(305) م‬D?9>%/*

(306) ["6X ‫א‬-

(307) 61‫א‬RRE-

(308) ‫و‬KSturzengger

(309) .+‫<

(310) م‬D?9>%/*

(311) ["6X ‫א‬-

(312) 61‫א‬Ghosh et alE-

(313) ‫א‬1‫و‬KBubula & Ötker-RobeW‫ [

(314) ن‬qH‫

(315) א‬.+‫<

(316) م‬D?9>%/*

(317) ["6

(318) V‫א‬h ‫@?א‬AB‫

(319) *א‬h ‫א‬,78pUKAtish.R.Ghosh, Anne-Marie Gulde, Jon athan.D.Ostry & Holger.c.WolfW‫ [)ن‬qH‫א‬ K?Q ‫ >

(320) لא‬B‫א‬R=

(321) >‫@?א‬AB‫وא‬. 66.

(322) ;@H‫]א " א‬f

(323) "H‫א‬W;T}‫א‬+-

(324) H‫א‬K1 . ‫?ن‬D?9‫

(325) م‬%/‫;و‬1‫א א‬S=‫

(326) د‬H+

(327) rD?9‫

(328) م‬%"+l>R‫

(329) ن?א‬TG8 " ‫א‬a"H‫א‬. . *L> ‫א‬X

(330) +

(331) (‫و‬E U);>+

(332) (*

(333) )V H‫نא‬a"H‫א‬41‫دא‬RXTC‫و‬،-

(334) ‫א‬S=‫

(335) د‬H +-

(336) H‫א‬,78V? <‫و‬K1i?1B‫*א‬L> ‫א‬J7+7D?6 ‫">

(337) ?א‬+،

(338) ."+

(339) >V@‫)ن‬TpU X 4T G8‫

(340) جو‬/‫ א‬J)"‫! و‬-

(341) Q ‫

(342) ج א‬/=‫ א‬-‫ د‬، ‫

(343) ج‬/‫ א‬4‫ )א‬A?U WG8

(344)

(345) rLr R;@H‫א " א‬a"H‫)مא‬.[?)a <‫و‬Kth ‫ ;א‬1969b"A‫و‬1963‫")ن‬A

(346) ،1961‫" ل‬ K‫?ن‬H‫א‬D?6 ‫

(347) مא‬%/‫و‬+

(348) @ ‫א‬D?6 ‫

(349) مא‬%/>8‫)ل‬U‫א "

(350) ش‬-

(351) f( . W*

(352) 6 ‫א‬fK2 . W*

(353)

(354) rLr

(355) ." ‫ج‬- "‫ن‬XTCD?6 ‫

(356) مא‬%/-

(357) 1‫

(358) *وא‬6 ‫א‬b+<L ‫>

(359) א‬V. . )8 ‫?ن‬H‫ א‬D?6 ‫

(360) م א‬%/ ‫`ن‬V E /F ‫ א‬-

(361) 1*

(362) 9 G8 E?a H‫

(363) * א‬6 ‫ א‬/

(364) A ‫• (ذא‬ K‫ج‬-

(365) ‫ א‬X ‫

(366) * א‬+‫?א‬a3L ? + ‫ ; א ?د‬-‫

(367) د <

(368) د‬6<=‫)ن א‬T pU ،4n[H‫

(369) م א‬%" ‫א‬ K4 ‫א‬4@>‫?ن‬H‫א‬D?6 ‫`نא‬V،S; ‫و‬ ‫`ن‬V،‫

(370) *;א‬9G8E?a H‫

(371) *א‬6 ‫">

(372) א‬+‫

(373) ط‬u" ‫א‬-‫)א?א‬8D }‫

(374) نא‬A‫• (ذא‬ K‫)א )אزن‬4 X UF+w> S/BvL?@A‫)ن‬T‫و‬،4@B‫)א‬8+

(375) @ ‫א‬D?6 ‫

(376) مא‬%/ ‫") )

(377) و‬T ‫ א‬4@F ; ‫ و‬-

(378) 1 U *

(379) 9 G8 E?a H‫

(380) * א‬6 ‫ א‬/

(381) A ‫• (ذא‬ K4n[H‫

(382) مא‬%" ‫)א‬8‫?ن‬H‫

(383) مא‬%" ‫`نא‬V،E

(384) /‫א‬ . WG

(385) H‫

(386) جא‬/=‫א‬+-

(387) K3 . WG;

(388) ‫ل‬L1XG

(389) H‫

(390) جא‬/=‫א‬- +‫ د‬mD?6 ‫

(391) مא‬%/-

(392) 1‫א‬، ^‫א‬-

(393) ‫אא‬78t U. . W;m H‫א‬rL@ ‫א‬K1K3 . ‫א ; אنن‬Ja =pU 1972"‫?*" ل‬+‫و‬-D?fX;m H‫א‬rL@ ‫א‬E?TV ‫)אل‬B‫وسא‬k-A?U?U،D?6 ‫?א‬-‫א?א‬WG8‫"و‬T¡o

(394) /|LrX_Vb"r‫א‬i)-

(395) S/F+4o

(396) ‫א‬Go

(397) "@ ‫א ?!א‬z(‫?א‬1q;m H‫א‬rL@ ‫א‬nV ‫ و‬K " ‫א

(398) א‬E‫<

(399) د‬R L=‫وא‬ R]o

(400) [ ‫_א^

(401) א‬+? ‫א‬b+D?6 ‫

(402) م?א‬%" U) ‫א‬XT>H‫א‬-

(403) 1=‫א‬w6‫

(404) ل‬H‫سא‬-A?UE‫ز

(405) د‬J

(406) ( H‫نא ; אنא‬J<‫وא )א‬K?P‫وא )א‬E;> ‫א‬d;e،E? ‫א و‬،;> ‫

(407) دא*א‬c‫א‬FrL@ ‫א‬S

(408) TM S‫)א‬G.V

(409) " ‫

(410) א ; אنא‬K 2G+‫و‬-‫و‬B‫

(411) د!وא " !א‬6<=‫

(412) دא‬c=‫א‬X‫א‬vl‫)ن‬T‫א )و‬z( > ,78‫

(413) ج‬/‫?א مא‬%/

(414) "8‫د‬-‫)وא‬8

(415) > +)9?@A_ ‫א‬Go

(416) "@ ‫אא א‬784y9

(417) 14A

(418) u 1. NAZIHA Fakhri, « L’impact de l’interdépendance entre pays sur le choix de régime de change : le cas des pays de Maghreb », Université de la Méditerranée, p 04. 2 MACHAEL Bordo (2003), « Exchange Rate Regime choice in historical perspective », NBER, working paper 9654, pp7-8. www.nber.org/papers/w9654.pdf.. 67.

(419) ‫

(420) ول‬+EA- +‫;]و‬i?1+-

(421) ‫א‬-‫د‬z(‫!)د‬7 ‫א‬vGu ‫א‬A4Tu+

(422) H‫א‬H) ‫א‬R‫א ول‬ K‫א ول‬,7};T}‫א‬M

(423) u}‫א‬+-

(424) G8‫א "

(425) و‬ . W;T}‫א‬M

(426) u}‫א‬+-

(427) K2K3 . >%/B‫א‬o

(428) 6 ‫ א‬A

(429) " ‫ ; ولא‬D?6 ‫

(430) مא‬%/-

(431) 1‫و مא‬،‫ @ א‬U+-

(432) H‫א‬,78 W‫ل‬L1X‫א; ; ول‬-

(433) s ‫א

(434) م‬i) H‫ ;א‬D?6 ‫?א‬-

(435) r ‫

(436) و‬H‫א‬ ‫ ; ول‬D?6 ‫

(437) مא‬%/-

(438) 1‫א‬RE‫א د‬4‫א )א‬8 U4@W1(Original Sin) z‫و‬B‫א‬Ya‫ א‬K

(439) " ‫[

(440) وא ولא‬6+ ‫!دو‬E- <‫ م‬G8‫و‬،EA9)61X

(441) .

(442) -

(443)

(444) +،

(445) " ‫א‬ ;>‫א‬z‫و‬B‫א‬Ya‫)?<

(446) سא‬a ‫و‬K

(447) .+9

(448) ‫

(449) א‬.;>+‫ج‬-

(450) ‫א‬X‫אض‬h<=‫א‬،9

(451) 1[6+ WG

(452) ‫?א‬Mq>;

(453) ." ‫א‬R!‫د‬q،E *‫?א‬Mq . OSINi =. i;>

(454) +E- 6H‫

(455) א‬H‫אقא‬-‫و‬B‫א‬ i ‫א و‬D?fXE- 6H‫

(456) ; )نא‬H‫אقא‬-‫و‬B‫>)عא‬e. , 0) . K U‫[?وא )א‬6 ‫א‬b+-)6‫)ن‬T‫و‬z‫و‬B‫א‬Ya‫?א‬Mq4@CWOSINWpU . Ya‫א‬XG/

(457) "H‫ ;نא و א‬TP‫;>

(458) א‬A U‫?)א )א‬MqH‫אא‬78h<‫;>

(459) א‬A ;nS‫

(460) *)א‬a; ‫א‬4¢

(461) ¡،

(462) .+9

(463) ‫

(464) א‬.;>+

(465) ‫אضدو‬h<=‫א و א‬,78E- <‫! م‬،z‫و‬B‫א‬ );VKz‫و‬B‫א‬Ya

(466) +،>o

(467) ‫א‬D?6 ‫>א‬%/B "

(468) +‫

(469) ل‬P‫)א‬8

(470) >A،+

(471) @ ‫א‬D?6 ‫>א‬%/‫

(472) ط‬-=‫?א‬%/ t D) K ‫`ن ذ‬V J ;> ‫ א‬,78 >< ‫[

(473) ض‬£‫>

(474) ل א‬U‫ و)د א‬J – ‫

(475) )م‬.;> )TP‫ א‬h )TP‫ ) " א‬،i?1 . X K"B‫* א‬L>

(476) + /) >; ‫א‬lH‫ א‬4@ ‫ א‬t + *

(477) LV‫?وא‬o

(478) 1 XJV? ‫"وא‬B‫

(479) *א‬f

(480) U=‫א‬J+D?6 ‫?א‬X ‫

(481) ع‬V ‫

(482) (ذאא‬.; G"VE+

(483) rF‫)ط‬+?D?9‫

(484) م‬%/ K4B‫א‬E6<‫ ;א )ن‬v

(485) a1B‫א‬G;‫ن‬K ‫ذ‬Ja V،E o

(486) [ ‫ =*א‬ E 9-‫?~ م)אزن‬XTC W(Currency mismatch) "B‫*א‬L> ‫א‬E 9-‫ م)אزن‬K /‫א‬lH "B‫* א‬L>

(487) + >H‫)م א‬6‫)ل وא‬9B‫ א‬b+ ‫ق‬-

(488) [ ‫ ? א‬S/ ; "B‫* א‬L> ‫א‬ RE?8

(489) % ‫א‬,78XG/

(490) N ‫وא ولא‬، 2?S;>AF+‫

(491) د‬6<=‫)وא‬TP‫א‬،*

(492) A?u ‫א‬،*Lo

(493) ‫א‬ X <) ‫ א‬d[/ R G/

(494) N ‫ وא‬V

(495) 9 " ‫

(496) د)ن‬. N ‫ א ول א‬G8 )> ‫

(497) א‬./‫א‬l *L>

(498) ++) ‫

(499) א‬./‫ )א‬/) ‫`ن‬V،

(500) .;> ><X ‫"

(501) [א و‬VKz‫و‬B‫א‬Ya‫א‬ )" ‫

(502) *א‬/‫א‬l; D?6 ‫

(503) *?א‬+7+7 >1) ‫א‬-

(504) r ‫א‬XD) ‫א‬4 ‫و‬KJ[?D)"B‫א‬ ) ‫א‬XD)‫?ضא‬H

(505) B‫

(506) *א‬U‫?و‬u ‫א‬8 UG8"B‫*א‬L>

(507) +" H‫

(508) *א‬A?u ‫وא‬ K

(509) +

(510) S (‫?ق‬a ‫!א‬7 ‫א‬ K1999"Eichengreen & Hausmann4<XE?‫ول‬S<Lf(w;a6H‫אא‬78K1 2 EICHENGREEN Barry , HAUSMANN Ricardo & PANIZZA Ugo (2003), « Currency Mismatches, Debts Intolerance and Original Sin : Why they are not the same and why it matters », NBER, working paper 10036, p13. www.nber.org/papers/w10036.pdf .. 68.

(511) D?6 ‫? ? א‬r4@C W (Pass-Through);‫ א‬-

(512) s ‫ א

(513) م‬i) H‫ ; א‬D?6 ‫?? א‬r K‫ج‬

(514) " ‫

(515) د

(516) *א‬6<L "

(517) +D?6 ‫

(518) مא‬%/-

(519) 1‫א‬R.?6" ;‫א‬-

(520) s ‫א

(521) م‬i) H‫ ;א‬ ;‫

(522) >;א‬+‫א=אد‬-

(523) R ‫ א‬/?S/S[?XTC?rB‫אא‬78KE-)a>; "

(524) +

(525) >A )8،?1"¥‫ و‬1?E‫د‬-) H‫وא‬E- 6H‫א ولא‬b+D?6 ‫ ?א‬E%1FE U‫ وא‬/X y

(526) " ‫א‬ /

(527) A ‫ و(ذא‬KG=‫ א‬D?6 ‫ ? א‬R ] Q/ ‫)ن‬T N ‫ א; א‬-

(528) B‫ א‬R ‫א‬ /-

(529) -

(530) s ‫ א

(531) م‬i) H‫ ; א‬D?6 ‫

(532) ل? ? א‬/‫? ?א‬r ‫[

(533) ع‬-‫? א‬.%

(534) " ‫

(535) د

(536) * א‬6<=‫א‬ ،E‫

(537) * ود‬+7+7 ‫א‬SV‫)ن‬T!7 ‫א‬D?6 ‫

(538) مא‬%/4n[ " ‫

(539) *א‬a; ‫`نא‬V H‫

(540) ولא‬+ 71FN ‫

(541) א ; אنא "

(542) א‬..‫;)א‬Tu

(543) "8‫>

(544) ن‬AKn ‫

(545) *א‬+7+7X P

(546) +w>

(547) ./B _+? ‫א‬S‫و‬RGP‫

(548) دא‬6<=‫? ;א‬rS ‫)ن‬T= <;> ‫ن[<>א‬G8‫

(549) )و‬+ ‫

(550) ل‬/‫"

(551) >;א‬8‫)ن‬T <،‫א‬7T8‫و‬KJ[?H‫א‬n ‫א‬X¦-

(552) ‫و‬G

(553) <<?+‫

(554) ق‬a" ‫א‬J‫א )א‬ K-

(555) B‫א‬i) z(D?6 ‫?א‬X‫ א‬EAt "+?rB‫א‬ . ‫

(556) د‬6<=‫ א<א

(557) א‬6K4 . ‫

(558) م‬%" ‫אא‬78Sy‫;>

(559) א‬A[?‫)ن‬TD?6 ‫

(560) مא‬%/S[;!7 ‫

(561) طא‬n/‫ א<وא‬6H‫א‬-‫(ند‬. . A ?r

(562) . ‫)ن‬T ‫ن‬B SQ ;> ‫ א‬d

(563) e 4@ E

(564) ^‫ א‬+

(565) @ ‫ א‬D?6 ‫> א‬%/FV K@ ‫) א‬ KE*L> J;‫ >;و‬4+

(566) _+? ‫א‬Fa) ‫א‬D?6 ‫>א‬%/X<‫ א‬6>; . D?6 ‫>א‬%/-

(567) 1‫א

(568) وא‬K5 . 4;m+D?6 ‫

(569) مא‬%/-

(570) 1‫א‬g?M‫

(571) ول‬c‫ و‬1990*‫")א‬7"‫@א‬A*-)a،@ UEv‫<?א‬G8. . " ‫ א‬-

(572) B‫ ; א‬. rF ‫س‬-

(573) C D?6 ‫ ن ? א‬K ‫ ذ‬،

(574) ‫ א‬4‫ א )א‬w?9 4Tu+ ; lT? G

(575) ).V "H‫א א‬7.+ Kb‫

(576) د‬6<=‫ )אن א‬B‫ א‬41‫ א‬J‫ )ز‬R rF ‫س‬-

(577) CG

(578)

(579) +‫و‬ K+

(580) /=‫א‬E-‫

(581) *א

(582) وא و‬qH‫א‬،;‫

(583) §א‬6H‫>)

(584) *א‬eWR4@>;A4‫ )א‬rLr. _) ‫)~א‬yU‫?و‬fWa ‫א‬o

(585) "@ ‫א‬E?%/W

(586) ً @

(587) r D? G ‫

(588) م א " ! א و‬%" ‫ ن א‬G ‫" وق א " א و‬9 A ، D?6 ‫> א‬%/ -)a 4;c R. . ‫" وق‬6 /)/

(589) ‫"[

(590) *א‬6 ‫אא > *

(591)

(592) ;א‬- +‫ <

(593) م‬K‫?و)نوودز‬+‫

(594) م‬%/-

(595) ./‫א‬7"E*‫א‬ ‫ل‬L1 ‫دو‬45z(86X4/‫

(596) א‬8‫ن د‬B‫وאل‬l ‫?]א‬fRG8b; ‫_א‬+? ‫ @ن?

(597) *א‬G ‫א " א و‬ /?H‫>א‬%/B‫ ;>

(598) نא‬D?6 ‫>א‬%//‫

(599) )?و‬m3‫

(600) نوא‬A,

(601) y=‫ وא‬1996 J1976b+E >H‫א‬Eh[ ‫א‬

(602) ./)>nRbN ‫)~א )_?א‬y?U‫?و‬f Aq

(603) )8‫و‬K2Eh[ ‫א‬d[" ‫دو‬52z(11X;/‫א‬ a<>%/"N ‫א‬K;

(604) >"+،?[6 ‫א‬G84)a ‫א‬i H‫א‬R_) ‫

(605) مא‬%";

(606) ‫>

(607) ¨دو‬U‫نא‬ K?[6 ‫א‬XA‫)ن‬T

(608) .

(609) >U

(610) VE

(611) ^‫_א‬+? ‫א )א

(612) موא‬F 1. . PETER Rowland, «Exchange Rate Pass-Through to Domestic Prices : The case of colombia », The Banco de la República, the Colombian Central Bank, p6./ www.banrep.gov.co/docum/ftp/borra254.pdf. 2 . SFIA Mohamed Daly, « Le choix du régime de change pour les économies émergentes », MPRA Paper n° 4075 , mai 2007. P53. Sur site Internet : mpra.ub.uni-muenchen.de/4075/1/MPRA_paper_4075.pdf.. 69.

(613) ‫

(614) و‬U*

(615) ‫א‬- ‫א‬X ‫ ?א‬VG ‫" وقא " א و‬9

(616) . <N ‫אא‬- ‫א‬z(V

(617) 3

(618) + ; ‫?> א‬uV

(619) .+‫<

(620) م‬N ‫א‬K;?A7;

(621) 8- ‫

(622) و‬.>84 ‫)~א )_?و‬y?3?Vm9dF G;[ ‫א‬th ‫א > ;א‬pU،G ‫" وقא " א و‬9t UD?6 ‫>א‬%/BG? ‫א‬G["6 ‫א ">)ذجא‬ ‫

(623) م‬%/‫א >;و‬d;e4>u?

(624) _+?A?["6H‫א‬Y[ ‫א‬K>o

(625) ‫א‬D?6 ‫ =*א‬HG ‫" وقא " א و‬6 ?mH‫_א‬+? ‫א‬،+

(626) @ ‫

(627) مא

(628) < !א‬%" ‫ ;א‬4>u?_‫

(629) مو‬%"A?["6H‫א‬Y[ ‫א‬K-;> ‫دون‬D?9 >

(630) .; ];a

(631) E‫)אع

(632) د‬/B‫ א‬,78 ‫؛‬E[U‫א‬l ‫א‬F A?mH‫

(633) <

(634) * א‬a" ‫ وא‬VB‫

(635) <

(636) * א‬a" ‫ א‬،E~U‫א‬l ‫א‬F ‫ دون ? )אزن‬S)H‫

(637) ) א‬+

(638) .>%/ ~"6 N ‫

(639) د

(640) * א‬6<=‫ א‬4>uV ?) ‫ ?א‬YV

(641) Kb; ‫_ א‬+? ‫א‬ .1?P‫! دوא )א‬-) R %42z( %64Xn[£‫א‬a‫>و‬%/

(642) . N ‫א ولא "

(643) א‬6U‫`ن‬V?uVt U ‫ دو‬16 z( 4/‫

(644) د

(645) * א "

(646) א‬6<=‫ א‬R >o

(647) ‫> א‬%/B‫

(648) د א‬K1991 " + /-

(649) 1999

(650) ./ KE%9F‫دول‬3z(+

(651) @ ‫א‬D?6 ‫>א‬%/‫و‬E%48F 4< m9 1999 " YM

(652) " ‫)אق א‬B‫ ; ول ذא* א‬a) ‫ א‬D?6 ‫> א‬%/ *

(653) ? 6U ‫(ن‬ _+? ‫

(654) مא‬%" ?u ‫א‬,78‫ل‬L1W)m;E‫"

(655) ز

(656) د‬8‫>

(657) ن‬A،1991"/

(658) AN ‫א‬K;X@T+ m9YM

(659) " ‫)אق א‬B

(660) V S; ‫و‬Ki?1 . X /?H‫> א‬%/B‫ ?

(661) * א‬R E‫ وز

(662) د‬. X

(663) ^‫א‬ Ka ‫א‬o

(664) "@ ‫)א‬R

(665) 9,

(666) y‫א‬dT

(667) )8‫و‬lA?H‫א‬X

(668) YuV

(669) YM U)[H‫) ن א ول א‬8 ،a ‫ א‬o

(670) "@ ‫ א‬E?%" wm6 ‫ص א‬L=‫`ن א‬V ،?uV 4;c t U. . _+? ‫ ) א‬SQ ‫ א‬K4 ; 4+

(671) ‫_ א‬+? ‫> א‬%/ X * + ‫)אل א و‬B‫وس א‬k- *

(672) V _+? ‫> א‬%/‫ن‬K ‫ ذ‬R GP‫ א‬t ‫`ن א‬V ?uV t UK‫?ن‬H‫ א‬D?6 ‫> א‬%/);B‫ وא‬،

(673) ^‫א‬ RN ‫وא‬e "H‫

(674) " ; ولא‬+9

(675) 1 ،+

(676) ‫א*א‬h[ ‫א‬XEhV!‫ل‬L1>oL

(677) ./X8«b; ‫א‬ N ‫;א‬m H‫א‬rL@ ‫?א‬%/]V‫)

(678) )א‬8‫و‬E

(679) H‫א‬H) ‫א‬F ‫)אلא و‬B‫وسא‬k-‫)אق‬R‫

(680) ج‬/=‫?]א‬f Kb; ‫_א‬+? ‫;א‬8‫ م‬Aq . a ‫א‬o

(681) "@ ‫א‬V‫?א‬1WE ^‫ א‬A‫)ذ‬r-‫و‬B‫א‬W

(682) ً +‫א‬ . V-4X،?E ^‫ א‬A‫)ذ‬r-‫و‬B‫?א‬+‫

(683) و;

(684) )ن‬8

(685) N ‫)א* وא‬9B‫א‬X ‫?*א‬.W 2. . >%/J>oL،v=q8t U،?.%¬‫)אل‬B‫وسא‬k-??mVKi?1B‫א‬a) ‫>א‬%/B‫

(686) لא‬TM4A K;m H‫א‬rL@ ‫ ; א‬.;;cRX >،?P‫_א^

(687) وא )א‬+? ‫א‬X ~;N ‫א‬D?6 ‫א‬ Wb‫

(688) د‬Ab‫א‬-‫ ;د‬K ‫ذ‬R‫ " א‬E ^‫ א‬A‫)ذ‬r-‫و‬B‫ א‬/‫نو;

(689) )نא‬ K*-

(690) ."-‫

(691) [)و‬T ‫א‬-‫د‬G8z‫و‬B‫א‬ K

(692) ‫?ق‬M‫ ول‬+‫)ص‬6

(693) +8‫!א‬7 ‫")نא‬A

(694) H/

(695) @ ‫وא‬ 1. . FISHER Stanley (2001), « Exchange Rate Regimes : is the Bipolar View Correct ? », Distinguished lecture on Economics in Government delivered at the Meetings of the American Economic Association and the Society of Gouvernment Economists, New Orleans, p02. / www.imf.org/external/np/speeches/2001/010601a.pdf. 2 . Ostfeld et Rogoff 1995, Fisher 2001, Mussa et al 2000 .. 70.

(696) ‫‬. ‫‪,78gh‬א "

(697) ‪o‬ن‪%‬א ولذא*א‪)B‬אقא "

(698) –‪)6

(699) +‬صدول‪?M‬ق

(700) ‪X?[" J‬‬. ‫א )‪ >%/s ;nV X?.% ،‬א ‪ U + z( Ja N‬ن ‪)T‬ن )‪)A V)9‬א‪>%/ X E U‬‬ ‫א ‪D?6‬א

(701) ‪>o‬א‪ H‬א‪KE-‬و?‪J‬و;

(702) )نא ‪Rt‬ذ ‪z(K‬نא ولא "

(703) ‪B)>A

(704) . [/~"6‬ن‬ ‫‪78‬א

(705) ?‪ "9 t‬وق א " א و ‪ G‬ن >‪ ! KS‬ن (?א‪v‬א* א=‪

(706) /‬ل ) א ‪)T ba‬ن ‪t +‬‬ ‫א ‪*

(707) f)n‬א‪D?fXaH‬א )=

(708) *א‪E mH‬א‪

(709) >

(710) +T?B‬لدא‪S‬و‪ "9G8‬وقא " א و ‪KG‬و‪7.+‬א‬ ‫‪)T‬ن< و‪S‬א‪

(711) /‬د‪ ?uV+-

(712) HE?M

(713) [6+‬א

(714) ‪,78?.%¬pU،+‬א‪ ++-

(715) H‬א‪

(716) ./B

(717) ; o‬‬ ‫= ‪ 4;c ; =( !)c‬و‪ >%/ -)a G[9‬א ‪ R D?6‬א=<‪

(718) 6‬د

(719) * א "

(720) وא‪

(721) > =

(722) + "6H‬د ;‬ ‫א ‪ ~"6‬א ?‪ "6 G‬وق א " א و ‪ ?uV Aq pU ،G‬א א

(723) م ;;‪ X G‬א‪ >%/B‬א )‪a‬‬ ‫‪XT >o

(724) >%/§

(725) 6‬دونא^‪l‬م‪v

(726) [1=

(727) +‬א "‪,7}Go

(728) .‬א‪K>%/B‬و ;‪`VS‬ن ودد‪-‬א‪،?uV‬‬ ‫‪ -

(729) f(R‬ن‪b R71F=SL;c‬א=

(730) ‪l-‬א دא ولא‪ "6 v

(731) n B‬وقא " א و ‪L1G‬ل‬ ‫א ‪b?u‬א

(732) ‪

(733) "VKb+‬א‪ 12*-

(734) 1‬دو א ;‪

(735) .?UX G‬א " و(

(736) ع ‪d;e‬א >;‪،‬א و ?‪E‬و‬ ‫א=‪

(737) /‬جدא‪41‬א=‪

(738) c‬دא " !‪`V،‬ن‪d[/‬א د‪X‬א ول‪KT[t +?.W‬א=‪

(739) c‬دא )‪ NV‬و‪

(740) )8‬‬ ‫[;‪ K?uVS‬‬ ‫)<‪ J‬د‪-‬א‪)[

(741) A‬و‪*-

(742) ."-‬ن א

(743) ‪ ? R X‬א ‪ D?6‬و =* א [

(744) ‪

(745) %/ 4W R ،E o‬م ?ن‪،‬‬ ‫‪)T‬ن?[‪4[+‬نא ‪; t;a‬א ")د‪4>m‬א ‪)T

(746) >A،*

(747) 6‬نא

(748) ‪RX‬א=‪Gf

(749) U‬א‪"B‬‬ ‫ وم ‪ t +‬م ‪ 41‬א "‪ K‬א‪ i?1 . X K!lA?H‬و‪

(750) %/ -

(751) f( R‬م א ‪ D?6‬א @

(752) ‪ +‬ذא* א‪ 6H‬א<‬ ‫א

(753) ‪)TpU،‬ن‪ ?a1‬مא )‪ SMv

(754) V‬وم‪?%"S/`V،‬ن‪)T‬ن

(755) ‪?X‬א ‪ D?6‬وم‪

(756) >A،‬‬ ‫‪)T‬ن

(757) ‪-

(758) X‬א [

(759) ‪a?E o‬א‪A

(760) f

(761) -‬א‪-

(762) X

(763) +‬א [

(764) ‪E o‬א و ‪،‬و‪1‬א‪`V‬ن

(765) ‪X‬א‪Gf

(766) U‬‬ ‫א ‪)TD?6‬ن?[‪J‬وذ ‪-K‬א‪41 J‬א ;‪*

(767) a‬א " ;)<

(768) ‪*

(769) 9 3‬א >;‪ K‬‬ ‫‬. ‫د* ‪ ,78 o

(770) /‬א ‪-‬א ‪ R‬א "‪ G8

(771) ;9)U z(

(772) .‬ن ?א)‪ X D‬א )? ‪E?8

(773) W‬‬. ‫"‪7"9

(774) 1،E)+E?u‬א‪

(775) %/-

(776) ./‬م‪?+‬و)نوودز"‪787">VK1973‬אא

(777) ‪7

(778) +¦-‬א* ‪*

(779) ;U4Q‬‬ ‫‪ X‬א ;

(780) * א‪

(781) H‬و(‪ z‬א?א‪ E ¡ *

(782) V‬وא ‪ K? N‬א "‪ *

(783) ?%‬א=<‪

(784) 6‬د ‪X 4"V

(785) 8 [ R‬‬ ‫‪ R E 4A

(786) u‬א‪ 6H‬א< دא‪ 41‬א‪)B‬אق א‪ ;

(787) H‬ول א "

(788) ‪

(789) Q/ ،‬ض ‪ 4Q‬א‪?a3‬א‪ / *

(790) +‬‬ ‫و

(791) <)‪ z( ،‬א)‪ -

(792) *

(793) +7+7 X D‬א ‪ D?6‬ذ ‪ K‬ن ! ز

(794) د‪ >< R E‬א >; ‪ Ja‬ن ‪d‬‬ ‫"

(795) ‪ V‬א ; ‪

(796) >"+،‬א‪

(797) [£‬ض<>א >;א‪ +V?H‬و ?‪) ; E ME‬نא

(798) ‪F-‬א‪Ya‬א‪B‬و‪Ja Ez‬‬ ‫ن ‪)T‬ن ‪

(799) %"; T/‬م א‪`V ،i?1 . X K

(800) f

(801) < G

(802) H‬ن ‪ ,78‬א ول = ‪ Ja‬א=[

(803) د‪? 8X E‬‬ ‫א‪); G+

(804) ¢‬و‪)8‬א‪ L‬א

(805) א " ‪~3t +‬א‪ 6H‬א< " ‪7T8K

(806) 8‬א‪،‬و ; ‪

(807) dT‬‬ ‫)<‪S‬א "‪ ; "

(808) +،?%‬ولא "

(809) ‪`V،‬ن?א ‪D?6‬א‪?H‬ن ‪d‬دא‪

(810) 6=E‬صא ‪*

(811) 6‬א

(812) ‪-‬‬ ‫‪

(813) V - 6 S"T‬ل ‪ R‬م א=?א‪ K-‬و ;‪ X D)

(814) V S‬א ) ‪ t + S;; ¢‬ن ‪? *

(815) +7+7‬‬ ‫א ‪ ; "

(816) +[;T?@AG8D?6‬ولא "

(817) "‪ ;

(818) .‬ولא‪ K H‬‬ ‫‬. ‫(نא=<‪

(819) 6‬د

(820) *ذא*א‪)B‬אقא‪

(821) H‬وא ول)‪a‬א ‪

(822) U

(823) *

(824) ;z(3?

(825) .;A41‬د‪E‬‬. ‫‪L1‬لא ")א*א‪X4A*3

(826) H‬א‪ ";

(827) ،K TH‬א‪ /،

(828) -)A،‬و‪-،

(829) /‬و

(830) ‪،‬א אز‪4‬و?‪

(831) A‬‬ ‫‪71‬‬.

(832) ‫

(833) ق‬a" ‫

(834) مא‬%/X ;i?1‫>

(835) ندول‬AK+-

(836) nH‫>

(837) *א‬Q}‫א‬t +; ‫

(838) قوא‬a" ‫