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EH@A Vkpgaof ^e~lp Slpals

Iaoeocaej Seilxq Olxs ao Esae4Flolsas* Lykj|xako* Ehlu|ecq*eoh Veq Ikpveph

Bej Bajj eohDeqeox Mloko

Ok/ 3150

Esaeo Hlyljk~mlox @eog Aosxax|xl

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Xbl Vkpgaof ^e~lp slpals as e ckoxao|exako ki xbl ikpmlpjq oemlh Hasc|ssako ^e~lp slpals7 xbl

o|m`lpaof ki xbl ~e~lps ckoxao|lh vaxbk|x aoxlpp|~xako kp cbeofl/ EH@As vkpgaof ~e~lpsplijlcx aoaxaej ahles ko e xk~ac eoh epl ~ksxlh kojaol ikp hasc|ssako/ EH@A lock|pefls plehlps xk~ksx xblap ckmmloxs ko xbl meao ~efl ikp lecb vkpgaof ~e~lp faylo ao xbl caxexako `ljkv!/Skml vkpgaof ~e~lps meq hlyljk~ aoxk kxblp ikpms ki ~|`jacexako/

S|fflsxlh caxexako4

Bajj* B/ eoh D/ Mloko/ 0>50 Iaoeocaej Seilxq Olxs ao Esae4 Flolsas* Lykj|xako* Ehlu|ecq* eohVeq Ikpveph/ EH@A Vkpgaof ^e~lp 3150+55+50+/iaoeocaej/seilxq/olxs/esae+

^jlesl ckoxecx xbl e|xbkp ikp aoikpmexako e`k|x xbas ~e~lp/

Lmeaj4 bej/bajjNeo|/lh|/e|7 dmlokoNeh`/kpf

Bej Bajj as B/V/ Epohx ^pkilsskp ki Sk|xblesx Esaeo Lckokmals ao xbl Epohx-CkphloHl~epxmlox ki Lckokmacs* Cpevikph Scbkkj* Ckjjlfl ki Esae eoh xbl ^ecaiac* E|sxpejaeoOexakoej \oaylpsaxq/ Deqeox Mloko as jleh lckokmasx Xpehl eoh Plfakoej Ckk~lpexako!*Kiiacl ki Plfakoej Lckokmac Aoxlfpexako* Esaeo Hlyljk~mlox @eog/

Xbl e|xbkps epl fpexli|j xk Cbepjls Ehems* Defhasb @befvexa* Cbae Vea M|o* MesebapkGevea* Se`qsecba Maxpe* Of Xbaem Bll* ^peh|moe Peoe* eoh Plte Saplfep ikpckmmloxs eoh |sli|j s|fflsxakos/ Eooe Cesseohpe Mljlohlt ~pkyahlh lrcljjloxplslepcb essasxeocl/ Eoq plmeaoaof lppkps epl xbl e|xbkps/

Xbl yalvs lr~plsslh ao xbas ~e~lp epl xbl yalvs ki xbl e|xbkps eoh hk okx olclssepajqplijlcx xbl yalvs kp ~kjacals ki EH@A* xbl Esaeo Hlyljk~mlox @eog EH@!* axs @keph kiHaplcxkps* kp xbl fkylpomloxs xblq pl~plslox/ EH@A hkls okx f|epeoxll xbl ecc|pecq kixbl hexe aocj|hlh ao xbas ~e~lp eoh eccl~xs ok pls~kosa`ajaxq ikp eoq ckoslu|locls kixblap |sl/ Xlpmaokjkfq |slh meq okx olclssepajq `l ckosasxlox vaxb EH@ kiiacaej xlpms/

Esaeo Hlyljk~mlox @eog Aosxax|xlGes|mafeslga @|ajhaof 2I3-0-< Ges|mafeslga* Cbaqkhe-g|Xkgqk 5>>-9>>2* De~eo

Xlj4 '25-3-3

7/30/2019 Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

E`sxpecx

Iaoeocaej seilxq olxs ao Esae beyl ckml e jkof veq saocl xbl Esaeo Iaoeocaej Cpasas EIC! ki511612/ Okx veoxaof xk pljq skjljq ko xbl Aoxlpoexakoej Mkolxepq I|oh AMI! efeao* xbl CbaeofMea Aoaxaexayl CMA! ves cplexlh ao 0>>>/ Vblo xbl CMA ejsk ~pkylh aoehlu|exl ikjjkvaof xblFjk`ej Iaoeocaej Cpasas FIC!* ax ves iapsx m|jxajexlpejatlh CMAM!* eoh xblo hk|`jlh ao satl xk

(08> `ajjako* vbajl xbl AMI hl-jaoglh ~kpxako ves aocpleslh xk 3>,/ E s|pylajjeocl |oax* xblEsskcaexako ikp Sk|xblesx Esaeo Oexakos ESLEO!'3 Mecpklckokmac Plslepcb Kiiacl EMPK!*ves slx-|~ ao 0>55/ Xblsl epl am~plssayl hlyljk~mloxs* `|x epl xblq lok|fb xk megl xblCMAM vkpge`jl; Vaxbk|x cjlep eoh pe~ah-pls~kosl ~pkclh|pls xk beohjl e iesx-hlyljk~aofiaoeocaej lmlpflocq* ax as |ojagljq xbex xbl CMAM vajj `l |slh lylo es e ckm~jlmlox xk xbl AMI/Xk slpyl es e sxeoh-ejkol k~xako bkvlylp* axs satl kp xbl AMI hl-jaoglh ~kpxako ki i|ohs ollhsxk `l i|pxblp aocpleslh* es hkls axs mlm`lpsba~ xk ehh haylpsaxq/ @|x ai EMPK ck|jh hlyljk~aoxk eo aohl~lohlox eoh cplha`jl s|pylajjeocl e|xbkpaxq* xblo ax ck|jh jleh xbl olrx plsc|l/

DLJ Cjessaiacexako4 I30* I33* I38

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

Ckoxloxs

5/ Aoxpkh|cxako ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 30/ Lepjq @lfaooaofs4 Ipkm xbl ESE xk xbl CMA eoh axs Lr~eosako /////////////////////////////////////// 33/ CMAM eoh EMPK4 @esac Sxp|cx|pl eoh Sejalox Ilex|pls //////////////////////////////////////////////// * vbacb lr~eohlh xbl `ajexlpej sve~s ki xbl ESE `kxb ao satl eoh mlm`lpsba~ xk aocj|hlxbl Pl~|`jac ki Cbaoe ^PC!* De~eo* eoh xbl Pl~|`jac ki Gkple bloclikpxb* Gkple!/ Xbl CMAsiapsx xlsx ceml ao Sl~xlm`lp 0>>2 vblo* ikjjkvaof xbl Jlbmeo @pkxblps ckjje~sl* sbkpx-xlpmce~axej u|acgjq lraxlh lmlpfaof lckokmals/ @|x mlm`lps ki xbl CMA xbex plu|aplh jau|ahaxqs|~~kpx hah okx x|po xk ax `|x aosxleh p|sblh xk slc|pl `ajexlpej sve~s vaxb xbl \oaxlh Sxexls\S!* xbl ^PC* De~eo* E|sxpejae* eoh xbl m|jxajexlpejs/

Kocl efeao* xbl plfakoej iaoeocaej seilxq olx beh ieajlh axs mlm`lps/ Xbas `pk|fbx e`k|x eokxblpsafoaiaceox cbeofl vblo ao 0>>1* xbl CMA ves m|jxajexlpejatlh xk `lckml xbl Cbaeof MeaAoaxaexayl M|jxajexlpejatlh CMAM!* vaxb xbl meoq sve~ jaols okv fkylpolh `q e saofjlefpllmlox/ Xbas ves skko ikjjkvlh `q e o|m`lp ki kxblp am~kpxeox cbeofls* aocj|haof xblhk|`jaof ao satl xk (08> `ajjako* aocplesaof xbl sbepl eyeaje`jl vaxbk|x eo AMI ~pkfpem xk 3>,*eoh xbl slxxaof |~ ki axs aohl~lohlox s|pylajjeocl |oax* xbl ESLEO'3 Mecpklckokmac PlslepcbKiiacl EMPK!* ao 0>55/ Xblsl epl am~plssayl hlyljk~mloxs* `|x epl xblq lok|fb xk los|plxbex xbl CMAM vajj `l cejjlh |~ko vblo xbl olrx cpasas sxpagls; Xbas as xbl glq u|lsxako xbex xbas~e~lp exxlm~xs xk eosvlp/ Eoh ai ax as okx* vbex epl xbl ass|ls xbex sxajj ollh xk `l ehhplsslh xkmegl ax yae`jl* laxblp es e ck-iaoeocaof iecajaxq vaxb xbl AMI kp es e sxeoh-ejkol ejxlpoexayl;

Xbl plmeaohlp ki xbl ~e~lp as ao iayl slcxakos/ Slcxako 0 jkkgs ex basxkpq* eoh xpecls xbllykj|xako ki xbl ESE ipkm axs lepjq `lfaooaofs xk xbl CMA eoh axs lr~eosako/ Ao Slcxako 3* vlhlscpa`l xbl `esac sxp|cx|pl eoh ilex|pls ki xbl CMAM eoh xbl EMPK/ Skml ki xbl mksx

safoaiaceox hlyljk~mloxs xk xbl CMAM beyl xeglo ~jecl plcloxjq* ao xbl eixlpmexb ki xbl FIC*eoh xblsl epl hasc|sslh ao Slcxako 8/ Slcxako < ehhplssls xbl glq u|lsxako ki xbl ~e~lp es xkvblxblp xblsl cbeofls epl s|iiacalox xk megl xbl CMAM k~lpexakoejjq yae`jl/ Saocl vl iaoh xbexax as sxajj |ojagljq xk `l |slh* vl ceoyess eples xbex ollh xk `l plikpmlh* sl~epexaof vbex asollhlh ikp ax xk vkpg es e ckm~jlmlox xk xbl AMI ipkm vbex mkpl ollhs xk `l hkol ikp ax xkslpyl es e plej ejxlpoexayl/ E iaoej slcxako ckocj|hls/

0/ LEPJQ @LFAOOAOFS4 IPKM XBL ESE XK XBL CMA EOHAXS LR^EOSAKO

Ejxbk|fb xbl am~lx|s ikp sxplofxbloaof plfakoej iaoeocaej seilxq olxs emkof ESLEO ck|oxpals

ceml ikjjkvaof xbl Esaeo Iaoeocaej Cpasas EIC! ki 511612* xblq beyl eo lylo jkoflp basxkpqxbeo kixlo plckfoatlh/ Fkaof `ecg skml xbpll eoh e beji hlcehls xk E|f|sx 5166* xbl iapsx sxl~ves xeglo vblo cloxpej `eogs eoh mkolxepq e|xbkpaxals ki xbl kpafaoej iayl ESLEO> majjako* vaxb

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

8

xbl meram|m xkxej k|xsxeohaof emk|ox ~pkyahlh `q lecb ~epxaca~eox jamaxlh xk (0> majjako* `|xves s|`slu|loxjq aocpleslh xk (0>> majjako ao 5162/

Okxbaof m|cb be~~lolh vaxb xbl ESE ikp e`k|x xbl olrx xvk hlcehls eoh vblo xbl EICsxp|cg* xbl emk|oxs eyeaje`jl vlpl okvblpl olep ehlu|exl/ Xbl ESE ves `esacejjq |sljlss*`|x xbl EIC bafbjafbxlh xbl ollh xk plyasax xbl ass|l xk sll vbex ollhlh xk `l hkol ao kphlp xk

beyl eo liilcxayl plfakoej aos|peocl scblml/ Xbas ves hpaylo ao jepfl ~epx `q xbl veq ao vbacbxbl AMI meoeflh xbl plsc|l ~pkfpems/ Xbpll ki xbl ik|p cpasas-eiilcxlh ck|oxpals* Aohkolsae*Gkple* eoh Xbeajeoh beh xk eccl~x eo AMI ~pkfpem* xbl u|ah ~pk u|k ikp aoxlpoexakoej s|~~kpxxbl ik|pxb* Mejeqsae* vlox ax ejkol/ Xbl AMI fplv lrxplmljq |o~k~|jep* okx d|sx ikp xbl~plscpa`lh `axxlp mlhacaol* `|x `lce|sl ax beh mashaefokslh xbl ~pk`jlmse iecx xbex ax jexlpecgokvjlhflh/

Xblpl ves e pls|pflocl ki oexakoejasx sloxamlox xbex u|acgjq fplv plfakoej/ Xbl De~eolslfkylpomlox ~pk~kslh eo ejxlpoexayl Esaeo Mkolxepq I|oh `|x* olfjlcxaof xk ckos|jx xbl ^PCiapsx* xblpl ves aos|iiacalox plfakoej s|~~kpx xk ck|oxlp ~plhacxe`jl \S k~~ksaxako/Okxvaxbsxeohaof xbas* xbl iapsx sxl~ ves xeglo skko eixlp ao Meq 0>>> vaxb xbl je|ocb ki xbl CMA/Eook|oclh ex xbl ESLEO'3 Iaoeocl Maoasxlps Mllxaof EIMM'3! ao xbl Xbea caxq eixlp vbacb axas oemlh* ax aoaxaejjq lr~eohlh ESE xk ejj ESLEO mlm`lps/ Ao Okylm`lp 0>>>* xbl xkxej emk|ox

eyeaje`jl ikp sve~ xpeosecxakos ves aocpleslh ipkm \S(0>> majjako xk \S(5 `ajjako/ Eixlplr~eohaof xbl ESE xk aocj|hl xbl olv ESLEO lckokmals* `ajexlpej sve~ efpllmloxs @SEs!`lxvllo xbl kpafaoej ESLEO< ck|oxpals eoh xbl ~j|s 3 ki xbl ^PC* De~eo* eoh Gkple vlplaoaxaexlh ao 0>>0/ Xbl @SEs fplv ipkm (56 `ajjako ao 0>>0 xk (35/< `ajjako ao 0>>3 eoh (39/8`ajjako ao 0>>8/ Ao Meq 0>>>2* xbl satl ki xbl @SE beh aocpleslh xk (28 `ajjakoXe`jl 5!/

Xk Ipkm ^PC De~eo Gkple Aohkolsae Mejeqsae ^baja~~aols Saofe~kpl Xbeajeoh Xkxej

^PC 3/> 8/> 8/> 5/< 0/> 0/> 59/ 53/> 9/> 5/> 9/> 3/> 9/> 32/>

Pl~/ ki Gkple 8/> 2/> 0/> 5/< 0/> 5/> 52/ 0/>

Mejeqsae 5/< 5//< 0/> 0/ 5/>

Xbeajeoh 3/> 5/> // 8/>

Cem`khae >/>

Jek ^HP >/>Mqeomep >/>

Yalx Oem >/>

S|`-xkxej 6/> 5 8/> 5>/> 3/> 1/> 28/>

ESLEO Sve~ Efpllmlox ESE7 emkof xbl 5> ESLEO ck|oxpals! 0/>

XKXEJ 29/>Sk|pcl4 Lje`kpexakos eslh ko De~eo&s Maoasxpq ki Iaoeocl vl`saxl/

Eyeaje`jl ipkm4 bxx~4++vvv/mki/fk/d~+lofjasb+aohlr/bxm/ Ecclsslh4 Il`p|epq 0>>1/

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

>2 bafbjafbxlh xbl ckoxao|lh aoliiacecq ki xbex xpeosikpmexako/ Jagl vaxb xblEIC* xbl plfakoej seilxq olx ves aoehlu|exl vblo xbl FIC bax/ Faylo xbl CMAs smejj satl eohe`slocl ki pe~ah-pls~kosl mlcbeoasms* eiilcxlh ck|oxpals plskpxlh xk `ajexlpej sve~s vaxb xbl\S* De~eo* E|sxpejae* eoh m|jxajexlpej eflocals/ Xbl mllxaofs ki xbl E IMM'3 xbex ikjjkvlhefpllh xk pehacejjq xpeosikpm xbl CMA ao kxblp veqs/ Iapsx* xbl iaoeocl maoasxlps hlcahlh xklr~lhaxl xbl m|jxajexlpejatexako ki xbl CMA/ Xblq efpllh xbex i|ohs eyeaje`jl |ohlp xblm|jxajexlpejatlh CMA CMAM! sbk|jh `l e slji-meoeflh plslpyl ~kkjaof eppeoflmlox* fkylpolh`q e saofjl ckoxpecx* plh|caof cksxjq eoh vesxli|j h|~jacexako/ Xbl iaoeocl maoasxlps ejskckoiapmlh xbex xbl ~pk~kpxako ki xbl ckoxpa`|xako `lxvllo ESLEO eoh xbl ~j|s xbpll ck|oxpals xkxbl CMA vk|jh `l 0>, ikp ESLEO* eoh 2>, ikp De~eo* xbl ^PC* eoh Gkple De~eo eoh xbl^PC vk|jh ckoxpa`|xl ahloxacej sbepls ki xbl xkxej plslpyl ~kkj 30,!* hk|`jl Gkple&s sbepl!/Slckoh* xblq efpllh xk i|pxblp lr~eoh xbl ~kkj ki ikplafo-c|pplocq plslpyls/ Xbl satl ki xbl

i|oh xb|s fplv ipkm \S(39/< `ajjako ao 0>>50>>>2* eoh xk (50> `ajjakoao Meq 0>>1/ Xbl CMAM ceml aoxk liilcx ko 08 Mepcb 0>5>/

3/5 CMAM

Xbl CMAM k~lpexls es e ckmmko \S hkjjep jau|ahaxq ~kkj4 e mlm`lp sxexl ceo sve~ axs jkcejc|pplocq ikp \S hkjjeps ipkm xbas ~kkj ao xbl lylox ki e `ejeocl ki ~eqmloxs @K^! kp jau|ahaxqcpasas/ Es e slji-meoeflh plslpyl ~kkjaof sqsxlm* ckoxpa`|xakos plmeao ao xbl aohayah|ej cloxpej`eogs ki mlm`lp ck|oxpals eoh epl okx ecx|ejjq ~eah aoxk e ckmmko kp cloxpejatlh i|oh/ Xbleyeaje`ajaxq ki CMAM i|ohs xk e ~epxac|jep mlm`lp ck|oxpq as jamaxlh `q axs `kppkvaof u|kxeXe`jl 0!/ Xbl meram|m emk|ox xbex lecb ck|oxpq ceo `kppkv as `eslh ko axs ckoxpa`|xakom|jxa~jalh `q axs pls~lcxayl `kppkvaof m|jxa~jalp/ Xbl m|jxa~jalp ckliiacalox ki xbl CMAMs

`kppkvaof u|kxes as hlsafolh xk ieykp xbl smejjlp ESLEO lckokmals/ Xbl `kppkvaof m|jxa~jalpikp @p|ola Hep|ssejem* Cem`khae* Jek ^HP* Mqeomep* eoh Yalx Oem as xblplikpl slx ex /< ikp De~eo eoh xbl ^PC/

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mlok

9

Xe`jl 04 Ckoxpa`|xakos* @kppkvaof M|jxa~jalps* eoh Ykxaof ^kvlp |ohlp xbl CMAM

Lckokmals IaoeocaejCkoxpa`|xako"`ajjako \S(!

Sbepl ",! ^|pcbesaofM|jxa~jl

Meram|mSve~

Emk|ox"`ajjako\S(!

@esacYkxls

Ykxls @eslhko

Ckoxpa`|xako

Ykxaof ^kvlp

,

^j|s Xbpll 510/>> 2>/>> 556/3> 1/9 510/>> 0>5/9 65/

02/< >/< 38/0 3/0 92/8 65/9 0/> 2/8 2/8 0/12

De~eo 69/2> 30/>> >/< 32/8> 3/0> 69/2> 2>/>> 02/85Pl~/ ki Gkple 32/8> 59/>> 5 32/8> 3/0> 32/8> 85/9> 58/66ESLEO 82/>> 0>/>> 509/0> 30/>> 82/>>> 2>/>> 02/85

Aohkolsae 1/5>8 3/613 0/< 00/69 3/0> 1/5>8 50/3>8 8/391

Xbeajeoh 1/5>8 3/613 0/< 00/69 3/0> 1/5>8 50/3>8 8/391Mejeqsae 1/5>8 3/613 0/< 00/69 3/0> 1/5>8 50/3>8 8/391Saofe~kpl 1/5>8 3/613 0/< 00/69 3/0> 1/5>8 50/3>8 8/391^baja~~aols 1/5>8 3/613 0/< 00/69 3/0> 1/5>8 50/3>8 8/391

Yalx Oem 0/>> >/233 < 5>/>> 3/0> 0/>> 5/286Cem`khae >/08 >/5>> < 5/0> 3/0> >/08 3/88 5/000Mqeomep >/50 >/> < >/9> 3/0> >/50 3/30 5/561@p|ola Hep/ >/>9 >/>0< < >/3> 3/0> >/>9 3/09 5/5/>9 >/>0< < >/3> 3/0> >/>9 3/09 5/5/>> 5>>/>> 083/ 85/9> 08>/>> 025/9> 5>>/>>

@p|ola Hep/ = @p|ola Hep|ssejem/

Sk|pcl4 Xbl Dkaox Sxexlmlox ki xbl 5

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

6

E ck|oxpq vbacb plu|lsxs ikp hpevaof bes xk mllx ckohaxakos `likpl xbl ykxaof ikp e sve~plu|lsx/ Xblsl aocj|hl e ckm~jlxlh plyalv ki xbl lckokmac eoh iaoeocaej sax|exako* ckm~jaeoclvaxb ckyloeoxs* s|cb es s|`massako ki e ~lpakhac s|pylajjeocl pl~kpx* eoh ~epxaca~exako ao xblESLEO'3 Lckokmac Plyalv eoh ^kjacq Haejkf|l LP^H!/ Xblsl epl bephjq sxpaofloxckohaxakos* eoh sbk|jh okx ~ksl e ~pk`jlm ikp mksx* ai okx ejj* ki xbl mlm`lp ck|oxpals/ Ax as okxxbl sxpaoflocq ki xbl plu|aplmloxs xbex epl e ~pk`jlm* `|x pexblp xbl xaml aoykjylh/ Ikp aosxeocl*

ax as |ocjlep bkv jkof e plyalv ki xbl lckokmac eoh iaoeocaej sax|exako vajj xegl xk ckm~jlxl* `|xax as |ojagljq xk `l u|acg* ao xlpms ki bkv xaml as mles|plh vblo eo lmlpflocq lrasxs/ Aoehhaxako xk xblsl ~kxloxaejjq xaml-ckos|maof plu|aplmloxs* xbl ecx|ej ecxayexako ~pkclh|pls ceoehh |~ xk xvk vllgs ao hljeq/

Xk ecclss xbl CMAM* e mlm`lp ck|oxpq m|sx s|`max e plu|lsx xk xbl Ckkphaoexaof Ck|oxpals*a/l/* xbl xvk ck-cbeaps ki xbl ESLEO'3 Iaoeocl Maoasxlp ^pkclss kol ipkm ESLEO eoh xblkxblp ipkm '3 ck|oxpals!/ Xbl Ckkphaoexaof Ck|oxpals hljaylp xbl sve~ plu|lsx okxacl eoh kxblppljlyeox aoikpmexako xk xbl Lrlc|xayl Jlylj Hlcasako Megaof @khq LJHM@!* e oko-plsahlox`khq/ Xblq xblo ollh xk ckoylol e mllxaof xk hlcahl ko xbl sve~ plu|lsx/ Xbl LJHM@ m|sxpls~koh xk xbl sve~ plu|lsx vaxbao xvk vllgs ki plcla~x ki xbl sve~ plu|lsx okxacl/ Hlcasakosko hpevaofs epl mehl `q e 0+3 medkpaxq vlafbxlh ykxaof sqsxlm jaoglh xk ckoxpa`|xakos! ki xblLJHM@/ Kocl xbl plu|lsx as e~~pkylh* xbl sve~ ~pkyahaof ck|oxpals xpeosilp xbl i|ohs xk xblecck|ox ki xbl sve~ plu|lsxaof ~epxq* vbk ao x|po xpeosilps xbl lu|ayejlox emk|ox ao jkcejc|pplocals xk xbl ecck|oxs ki sve~ ~pkyahaof ck|oxpals EMPK 0>50* @S^ 0>50* eoh ESLEOSlcplxepaex 0>5>!/

Ao e ckm~epasko vaxb kxblp plfakoej seilxq olxs* Blooaof 0>>84 95! ckocj|hlh xbex xblCbaeof Mea Aoaxaexayl as mkpl slosaxayl xk ~plslpyaof xbl cloxpej ~ksaxako ki xbl AMI eoh okx|ohlpc|xxaof xbl AMI ao olfkxaexakos vaxb `kppkvaof ck|oxpals xbeo xblsl kxblp eppeoflmloxs/Ejxbk|fb xblpl beyl `llo cbeofls saocl* xbl `esac cloxpej pljexakosba~ vaxb xbl AMI plmeaos/\~ |oxaj plcloxjq* e ck|oxpq ck|jh hpev |~ xk 0>, ki axs u|kxe vaxbk|x `laof s|`dlcx xk AMIckohaxakoejaxq/ Sbk|jh e ck|oxpq eyeaj ki axs i|jj u|kxe* xbl plmeaohlp ki xbl emk|ox xk `lhas`|pslh vk|jh `l xalh xk eo AMI ~pkfpem/ Xbas jaog ves aoxlohlh xk ehhplss mkpej betephass|ls* eoh xk megl |~ ikp xbl jecg ki eo aohl~lohlox s|pylajjeocl |oax xbex ck|jh kylpsll xbl

CMAs k~lpexakos/ Xbl lylox|ej lsxe`jasbmlox ki EMPK ao 0>55 bes jlh xk e plckosahlpexako kixbas jaog/

3/0 EMPK

H|paof axs Meq 0>>1 mllxaof ao @eja* xbl EIMM'3 efpllh xk lsxe`jasb eo eocajjepq aosxax|xako aoxbl ikpm ki eo aohl~lohlox plfakoej s|pylajjeocl |oax* EMPK/ EMPK ves aockp~kpexlh ko 0>E~paj 0>55 es e ckm~eoq jamaxlh `q f|epeoxll |ohlp xbl Ckm~eoals Ecx* Ce~/ * ki xblPl~|`jac ki Saofe~kpl/ Ax ckmmloclh k~lpexakos kol mkoxb eixlp* ao Meq 0>55/

Xbl ollh ikp eo aohl~lohlox s|pylajjeocl |oax ves ~plhacexlh ko xbl m|jxajexlpejatexako ki xblCMA/ Ao e m|jxajexlpejatlh slxxaof* mkoaxkpaof eoh s|pylajjeocl beh xk `l lobeoclh xk hlxlcxlmlpfaof y|jolpe`ajaxals/ CMAM hlcasako-megaof ejsk beh xk `l s|~~kpxlh `q eo aohl~lohlox|oax vaxb e h|l hajaflocl i|ocxako* sk xbex xbl `kppkvaof ck|oxpals ce~ecaxq xk mllx pl~eqmloxckohaxakos ki jlohaof ck|oxpals ck|jh `l esslsslh/ \ockohaxakoej iaoeocaof vblo xblpl as e ollhikp ~kjacq ckpplcxako ck|jh cplexl mkpej beteph* `kxb ikp ~kxloxaej `kppkvlps eoh ikp aoxlpoexakoejaoylsxkps* lylo vblo ax hkls okx ehylpsljq eiilcx xbl ~pks~lcx ikp xamljq pl~eqmlox/

EMPKs ecxayaxals epl hayahlh aoxk i|ocxakos h|paof sk-cejjlh ~lecl xaml eoh cpasas xaml/ H|paof~lecl kp oko-cpasas ~lpakhs* EMPKs meao pls~kosa`ajaxq as xk ~pl~epl u|epxlpjq ckoskjahexlhpl~kpxs ko xbl kylpejj mecpklckokmac esslssmlox ki xbl ESLEO'3 Plfako es vljj es koaohayah|ej ESLEO'3 ck|oxpals/ Sbk|jh e cpasas kcc|p bkvlylp* axs pkjl eoh pls~kosa`ajaxals

7/30/2019 Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward

10/26

EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

2

m|jxa~jq/ H|paof cpasas xaml* EMPK as xesglh xk4 e! ~pkyahl eo eoejqsas ki xbl lckokmac eohiaoeocaej sax|exako ki xbl CMAM Sve~ Plu|lsxaof Ck|oxpq7 `! mkoaxkp xbl |sl eoh am~ecx ki xbli|ohs has`|pslh |ohlp xbl CMAM Efpllmlox7 eoh c! mkoaxkp xbl ckm~jaeocl `q xbl CMAMSve~ Plu|lsxaof Ck|oxpq vaxb eoq jlohaof ckyloeoxs xk xbl CMAM Efpllmlox/

EMPK as fkylpolh `q eo Lrlc|xayl Ckmmaxxll LC! ckm~paslh ki hl~|xq iaoeocl maoasxlps eoh

hl~|xq cloxpej `eog fkylpokps ki mlm`lp ck|oxpals/ Xbl LC kylpslls EMPK eoh aspls~kosa`jl ikp ~pkyahaof f|aheocl* slxxaof `pkeh ~kjacq haplcxako ikp xbl meoeflmlox ki EMPK*eoh e~~kaoxaof xbl EMPK Haplcxkp eoh Ehyaskpq ^eolj mlm`lps/ Eo Ehyaskpq ^eolj ckosasxaofki sar mlm`lps ~pkyahls sxpexlfac* xlcboacej eoh ~pkilssakoej f|aheocl xk EMPK/ Xbl ~eolj asaohl~lohlox ipkm xbl Haplcxkp eoh sxeii ki EMPK* eoh as ecck|oxe`jl xk xbl LC/

Ex ~plslox* EMPK as `laof p|o `q e smejj sxeii ckm~jlmlox ki 50 ~pkilssakoej sxeii* jlh `q xblEMPK Haplcxkp/ Xblpl epl ~jeos xk lr~eoh xbl ckm~jlmlox ki ~pkilssakoej sxeii aoaxaejjq xk 59 aoxbl olep i|x|pl/ Saocl axs lsxe`jasbmlox ao 0>55* EMPK bes aoaxaexlh e slckohmlox scblml*eoh cplexlh jaogefls vaxb aoxlpoexakoej iaoeocaej aosxax|xakos eoh yepak|s e|xbkpaxals ao CMAMmlm`lp ck|oxpals/ EMPK bes ejsk ckoh|cxlh e o|m`lp ki s|pylajjeocl yasaxs ao xbl plfako* eoh~plsloxlh Lckokmac Plyalv eoh ^kjacq Haejkf|l pl~kpxs ex plclox mllxaofs ki ESLEO'3Iaoeocl eoh Cloxpej @eog Hl~|xals/

8/ ^KSX CMAM HLYLJK^MLOXS

Xbl kofkaof |oclpxeaoxq kylp xbl plckylpq ao xbl \S eoh xbl ckoxao|aof cpasas ao xbl l|pk eplebes bafbjafbxlh xbl ollh xk i|pxblp sxplofxblo xbl CMAMs ce~ecaxq xk ecx es e plfakoej iaoeocaejseilxq olx Etas 0>50!/ Xk ehhplss xbas ollh* xbl 5

7/30/2019 Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward

11/26

EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

1

lrxlpoej ~ksaxako eoh mepglx ecclss7 aa! iascej ~kjacq7 aaa! mkolxepq ~kjacq7 ay! iaoeocaej slcxkpsk|oholss eoh s|~lpyasako7 eoh y! hexe ehlu|ecq/0

Xbl xkxej emk|ox xbex ceo `l hpevo `q lecb mlm`lp ck|oxpq* laxblp ikp ~plyloxako kp plskj|xako~|p~ksls* sbejj `l vaxbao xbl meram|m sve~ emk|ox slx esahl ikp xbex ck|oxpq/ H|ej-hpevaofipkm `kxb CMAM-SI eoh CMAM-^J sbejj `l plsxpacxlh* vaxb xbl CMAM-SI pl~jecaof xbl CMAM-^J

ai xbl plca~alox ~epxq as bax `q e cpasas eoh ollhs ehhaxakoej s|~~kpx/ Ikp xbl CMAM-^J* xblh|pexako ki ecclss as sar mkoxbs vaxb xbpll plolvejs* xkxejaof xvk qleps ao eppeoflmlox ~lpakh/Mex|paxq as ex sar mkoxbs ikp xbl AMI hl-jaoglh ~kpxako eoh kol qlep ikp xbl AMI jaoglh ~kpxako/Mkoaxkpaof vajj `l ckoh|cxlh ko e `a-eoo|ej `esas/ Ikp xbl CMAM-SI* xbl mex|paxq ki xbl AMI hl-jaoglh ~kpxako as slx ex sar mkoxbs vaxb xbpll plolvejs ejjkvlh* xkxejaof |~ xk xvk qleps aos|~~kpxaof ~lpakh/ Mex|paxq ki xbl AMI-jaoglh ~kpxako as slx ex kol qlep vaxb xvk plolvejs~kssa`jl* xkxejaof |~ xk xbpll qleps ao s|~~kpxaof ~lpakh/ Es vaxb xbl CMAM-^J* mkoaxkpaof asejsk xk `l ckoh|cxlh ko e `a-eoo|ej `esas/

3

7/30/2019 Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward

12/26

EH@A Vkpgaof ^e~lp 31< Bajj eoh Mlok

5>

Xe`jl 34 Plfakoej Seilxq Olxs eoh Iaoeocaof Mlcbeoasms4 Sejalox Ilex|pls

QlepLsxe`jasblh

^|p~ksl Plsk|pcls Mlm`lps I|ocxakos Aosxp|mloxs Hlcasako Megaof+Fkylpoeocl

Jaog xk AMI

M|jxajexlpejatlhCbaeof Meaoaxaexayl

0>>> Ehhplss sbkpx-xlpmjau|ahaxq eoh`ejeocl ki~eqmloxshaiiac|jxals ao xbl

plfako eohs|~~jlmlox xbllrasxaof m|jxajexlpejiaoeocaejeppeoflmloxs/

(08> ajjako/Mlm`lpsckmmax xk~pkyahliaoeocaej

s|~~kpx vaxbaoxbl efpllhemk|ox kickoxpa`|xako/I|ohs eplxpeosilpplhipkm xbl cloxpej`eogs+mkolxepqe|xbkpaxals kojqvblo e plu|lsxikp hpevaof asmehl/

ESLEO '^PC*De~eo* eohGkple

Jlohaofeohs|pylajjeoclxbpk|fbEMPK!

Mlm`lps sve~xblap jkcejc|pplocals vaxb\S hkjjeps |~xk e

m|jxa~jl ki xblapckoxpa`|xakos xkxbl scblml/Xbl 1>-heqsve~s ceo lplolvlh |~ xkslylo xamls/

Hlcasakos kohpevaofs mehl q0+3 medkpaxq ex xblLrlc|xayl JlyljHlcasako-Megaof

@khq ckosasxaof kihl~|xq jlyljpl~plsloxexayls kixbl ESLEO'3Iaoeocl Maoasxpalseoh Cloxpej @eogseoh xbl MkolxepqE|xbkpaxq ki BkofGkof* Cbaoe/Ykxaof ~kvlp ashasxpa`|xlh xkmlm`lpsecckphaof xk xblemk|ox kickoxpa`|xako*s|~~jlmloxlh q`esac ykxls

ejjkcexlh lu|ejjq/

Aoaxaejjq* eck|oxpq ck|jhhpev |~ xk0>, ki axsu|kxe vaxbk|x

`laof s|`dlcxxk AMIckohaxakoejaxq/Xbas emk|oxvesaocpleslh xk3>, ao 0>50eoh~kxloxaejjq8>, ao 0>58/Hpevaof kixbl plmeaoaofemk|ox asckohaxakoej koxbl lrasxloclki eo AMI-s|~~kpxlh

~pkfpem/

Ok

pe` Mkolxepq|oh

5169 @pkeh* aocj|haofckpplcx ejeocl-ki-~eqmloxshaslu|aja`pae*s|~~kpx sxp|cx|pejplikpmsao ~payexl iaoeocaofeoh `eogaof* eoh~pkmkxl lrcbeoflpexl sxe`ajaxq/

(0/6 ajjako/Xbl EMI meq`kppkv ipkmmlm`lpck|oxpals* Epe`eoh ikplafomkolxepq eohiaoeocaejaosxax|xakos eohmepglxs eohceo ass|lslc|paxals/

00 Epe`ck|oxpalsao OkpxbEipace eohMahhjlLesx

Jlohaof Mar ki sarjlohaof iecajaxalsxk ehhplss `kxbsbkpx-xlpmjau|ahaxq~pk`jlms eohmlha|m-xlpmsxp|cx|pej~pk`jlms*aocj|haof eo|ockohaxakoeje|xkmexac jkeo

Lrlc|xayl @kephckm~kslh ki xblcbeapmeo eohlafbx mlm`lpsljlcxlh `q xbl@keph kiFkylpokps/ 0+3medkpaxq plu|aplhikp e u|kp|m/

Ecclss xkkphaoepq jkeoiecajaxq m|sx`lecckm~eoalh`q eo AMI~pkfpem/

Ik|jkeem(

7/30/2019 Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward

13/26

EH@A Vkpgaof ^e~lp 31< Bajj eoh Mlok

55

iecajaxq* eoh eokphaoepq jkeoiecajaxq xalh xkeo AMI~pkfpem/

exao EmlpaceoPlslpyl I|oh

5115* ess|cclsskp xkxbl EohleoPlslpylI|oh

S|~~kpx mlm`lpck|oxpals ejeoclki ~eqmloxsxbpk|fb cplhax eohf|epeoxlls/

(0/38 ajjako/IJEP bes eoEE Ckm~ksaxlcplhax pexaof

@kjayae*Ckjkm`ae*Lc|ehkp*CksxePace* lp|*

\p|f|eq*eohYlolt|lje/

Jlohaofeohs|pylajjeocl

Iayl xq~ls kijlohaofaosxp|mloxs4`ejeocl ki~eqmloxs

cplhax* ikplafohl`xplsxp|cx|paof kicloxpej`eogs* jau|ahaxqcplhax*ckoxaofloxcplhax* eohxples|pq cplhax

Lecb mlm`lpck|oxpq bes xblseml ykxaof ~kvlpkol ykxl!appls~lcxayl ki xblap

~eah-ao ce~axej/Hlcasakos eplmehl `q e 3+8medkpaxq/

Ok kiiacaejjaogs*ejxbk|fbIJEP sbeplsaoikpmexako

vaxb AMI|okiiacaejjq/

@ej~eqjkeLc|0>>

BasIJE`ll~epxblmlck|

kpxb Emlpaceopemlvkpgfpllmlox

5118 ^pkyahl sbkpx-xlpmjau|ahaxq s|~~kpx

(1 `ajjako \oaxlhSxexls*Ceoehe*eohMlrack

Jlohaof Xvk-veq`ajexlpej cloxpej`eog sve~s ikp1>-heqs*plolve`jl |~xk kol qlep

Has`|psej kojqplu|apls ajexlpejefpllmlox`lxvllo xvk~epxaca~exaofck|oxpals/

\S Xples|pqplu|apls jlxxlpipkm AMIMeoefaofHaplcxkp

Ok

|pk~leoaoeocaejxe`ajatexako

Mlcbeoasm

0>5> ^pkyahl lrxlpoejiaoeocaej essasxeoclxk e mlm`lp sxexllr~lpalocaof* kpslpak|sjqxbplexlolh vaxb* eslylpl lckokmaceoh iaoeocaejhasx|p`eocl ce|slh`q lrcl~xakoejcapc|msxeocls`lqkoh s|cbmlm`lp sxexlsckoxpkj/

9> ajjako/I|ohaof ask`xeaolh `qass|aof kvoaosxp|mloxs aol|pk/ Xblmeram|miaoeocaofce~ecaxq kixbl LISM as9> `ajjako eohas `ecglh `q eoL|pk~leo\oako L\!`|hflx

Ejj L\mlm`lps

Jlohaof Jkeos eohcplhax jaols/Emk|ox*eylpeflh|pexakookpmejjq e`k|xiayl qleps!* eohhas`|pslmloxxlpms kie jkeo kp cplhaxjaol eplhlcahlh q xblCk|ocaj* eslhko i|ohaofckohaxakos

Iaoeocaejessasxeocl asfpeoxlh `q ehlcasako q xblCk|ocaj* ecxaof qe u|ejaialh medkpaxqko e ~pk~ksej ipkmxbl Ckmmassako/^kjacqckohaxakoejaxq ashliaolh `q xblCkmmassako aockos|jxexako vaxbxbl L|pk~leoCloxpej @eog

Vbajl jlfejjqxbl LISMejjkvsiaoeocaofskjljq `q xblL\* xblLCKIAOCk|ocaj beslr~jacaxjqsxexlh xbexecxayexakovk|jh kojq lao xbl ckoxlrxki e dkaoxL\+AMI

EcxApljeoh0>

7/30/2019 Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward

14/26

EH@A Vkpgaof ^e~lp 31< Bajj eoh Mlok

50

f|epeoxll/ LC@! eoh s~ljjlhk|x ao e Mk\/ XblCkmmassako ashljlfexlh xble|xbkpaxq xkmkoaxkp xbl~pkfpem eohe~~pkylhas`|pslmloxs/LC@ as aoykjylh ao

~pkfpemhlsafo eohmkoaxkpaof* eoh es~eqaof eflox/

~pkfpem/

|pk~leoaoeocaejxe`ajaxq Iecajaxq

0>5> ^plslpyl iaoeocaejsxe`ajaxq ki L|pk~lsmkolxepq |oako `q~pkyahaofxlm~kpepqessasxeocl xk l|pk-eple mlm`lpsxexls ao haiiac|jxals*a/l/* |oe`jl xk`kppkv ko mepglxsexeccl~xe`jl pexls*ce|slh `qlrcl~xakoejcapc|msxeocls`lqkoh s|cbmlm`lp sxexlsckoxpkj/

88> `ajjako/I|ohaof ask`xeaolh `qass|aof kvohl`xaosxp|mloxs kp`q loxlpaof aoxkkxblp iaoeocaofeppeoflmloxsvaxb iaoeocaejeoh mkolxepqaosxax|xakos/F|epeoxlls ql|pk-eplemlm`lp sxexlsxk xbl LISIepl ko e ~pkpexe `esas* aoecckpheoclvaxb xblap sbeplao xbl ~eah-|~ce~axej ki xblL|pk~leoCloxpej @eogLC@!

Ejjmlm`lpski l|pkeple

Jlohaof Jkeos eoh`koh~|pcbeslsxbpk|fb xbl~pamepq mepglx/I|ohaofaosxp|mloxs|ohlp xbl LISIepl lr~lcxlh xkbeyl xbl semliaoeocaej~pkiajl es xblpljexlh jkeos`|x xblf|epeoxkps meq~lpmax LISI xk|sl e hlfpll kii|ohaofijlra`ajaxq esplfephs xblc|pplocq*xamaof* aoxlplsxpexl `esl eohmex|paxq ki xbli|ohaofaosxp|mloxs/

Glq hlcasakos|ohlp xbl LISIIpemlvkpgefpllmlox eplplslpylh xk l|pkeple mlm`lpsxexls eohflolpejjq plu|apl|oeoamaxq*aocj|haof xblhlcasako xke~~pkyl jkeoiecajaxq efpllmloxseohhas`|pslmloxs|ohlp s|cbefpllmloxs/ LC@as aoykjylh ao~pkfpemhlsafo eohmkoaxkpaof*eoh es ~eqaofeflox/

Xblipemlvkpgefpllmloxlsxe`jasblsxbex iaoeocaejs|~~kpx q xblLISIas xk `l~pkyahlh aockod|ocxakovaxb xbl I|oheoh s|`dlcx xkckohaxakoejaxqslx k|x ao eMk\olfkxaexlhao jaeasko vaxbxbl AMI eohxbl LC@/ AMI~pkyahlh ck-iaoeocaof ikpApljeoh* eoh^kpx|fej* eohFpllcl~pkfpems/

EcxAplj0>^kp0>Fpl0>

7/30/2019 Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward

15/26

EH@A Vkpgaof ^e~lp 31< Bajj eoh Mlok

53

|pk~leoxe`ajaxq

Mlcbeoasm

Loxpq aoxkikpcl ko D|jq0>50

^lpmeolox cpasasmeoeflmloxmlcbeoasm xkseilf|eph iaoeocaejsxe`ajaxq ao xbl l|pkeple es e vbkjl*pl~jecaofxlm~kpepqskj|xakos s|cb esxbl LISM eoh xbl

LISI/

> `ajjako Ejjmlm`lpski l|pkeple

Jlohaof Essasxeoclvajj~plhkmaoeoxjqxegl xbl ikpm kijkeos* gokvoes LSMsxe`ajaxq s|~~kpxLSS!/ LSS vajj`l ckohaxakoejko efpllmlox

xk eohckm~jaeoclvaxb e sxpacxmecpklckokmacehd|sxmlox~pkfpem/ Xblmex|paxq ki xblLSS jkeos vajjhl~loh ko xbloex|pl ki xblam`ejeocls eohxbl loliacaepqck|oxpqs~pks~lcxs kiplfeaoaofecclss xkiaoeocaejmepglxs/

Glq hlcasakos aopljexako xk xblLSM vajj `l xeglo`q axs @keph kiFkylpokps/ Eslckoh hlcasako-megaof khq* xbl@keph ki Haplcxkps*vajj l pls~kosa`jlikp s~lcaiac xesgs

hljlfexlh q xbl@keph kiFkylpokps/ LC@aoykjylh aockoh|cxaof hl`xs|sxeaoe`ajaxqeoejqsas* ~pkfpemhlsafo eohmkoaxkpaof* eoh es~eqaof eflox/

LSM iaoeocaejessasxeoclvajj kojq lecxayexlh|~ko plcla~x`q xblL|pkfpk|~eoh LCKIAO^plsahloxs*eoh xbl

MeoefaofHaplcxkp ki xblAMI* ki eplu|lsx ipkme l|pk epleck|oxpq/Ikjjkvaof xbasplu|lsx* xblAMI vajj `laoykjylh aoesslssaofvblxblp xblplas e pasg xk xbliaoeocaejsxe`ajaxq ki xbll|pk eple ese vbkjl*ckoh|cxaofhl`xs|sxeaoe`ajaxqeoejqsas*~pkfpemhlsafo*olfkxaexakoeohmkoaxkpaof/

Ok

Sk|pcls4 E|xbkps ckm~ajexako hpevaof |~ko aoikpmexako ipkm AMI 0>5>e!7 Epe` Mkolxepq I|oh 0>55!7 LC@ 0>55!7 Jem`lpxl eoh Mkpfeo 0>50!7 epg 0>55!/

7/30/2019 Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward

16/26

EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

58

Hls~axl xbl safoaiaceox cbeofls mehl* ax e~~leps xbex xbl CMAM* es ax c|pploxjq sxeohs* ceo hkolaxblp/ Ao axs c|pplox ckoiaf|pexako* ax as |ojagljq xbex xbl plfakoej seilxq olx vajj `l cejjlh |~ko exejj* es lyahloclh `q xbl iecx xbex ax bes olylp `llo |slh hls~axl xbl ollh ikp jau|ahaxq `q slylpejmlm`lps h|paof xbl FIC/ Ex xbl mkmlox* ax as olaxblp e ckm~jlmlox okp eo ejxlpoexayl xk xblAMI/ Vl okv lremaol vbex as plu|aplh ao xlpms ki k~lpexakoejataof lecb ki xblsl xvk k~xakos/

Ikp xbl CMAM xk slpyl axs ammlhaexl i|ocxako es e ckm~jlmlox xk xbl AMI* e o|m`lp ki ass|lspljexaof xk k~lpexaof ~pkclh|pls ollh xk `l plskjylh/ Iaraof xblsl ~pkclh|pej ~pk`jlms as ejskolclssepq ikp megaof ax yae`jl es eo ejxlpoexayl xk xbl AMI* `|x okx s|iiacalox/ Ikp ax xk lykjyl aoxkeo ejxlpoexayl xk xbl AMI skml jkoflp-xlpm ass|ls pljexaof xk satl* mlm`lpsba~* eohs|pylajjeocl ce~ecaxq ollh ckosahlpexako es vljj/

50!/ ^epx ki xbl ~pk`jlm jals vaxb xbl iecx xbex xbl CMAM as okx e i|oh* `|x pexblp eplslpyl ~kkjaof sqsxlm vblpl`q ck|oxpq ckoxpa`|xakos plmeao vaxb xbl pls~lcxayl cloxpej `eogskp mkolxepq e|xbkpaxq/ Xbl iecx xbex xbl hlcasako ejsk plsxs vaxb e bafb-jlylj* oko-plsahlox `khqi|pxblp aocplesls xbl pasg ki hljeq/ Xbl LC es xbl hlcasako-megaof `khq as eixlp ejj ckm~paslh kihl~|xq iaoeocl maoasxlps eoh hl~|xq cloxpej `eog fkylpokps ki mlm`lp ck|oxpals/

Xbl plej ckm~lxaxkp xk xbl CMAM-AMI k~xako as `ajexlpej sve~s* eoh kxblp samajep sxeoh`qeppeoflmloxs/ Xblsl epl okx kojq u|acg-has`|psaof `|x ejsk ckml vaxbk|x lr~jacaxckohaxakoejaxals es xblq epl ehlu|exljq ckjjexlpejatlh* ao mksx cesls/ Ejxbk|fb xbl aoxpkh|cxako kixbl CMAM-^J ves s|~~kslh xk blj~ am~pkyl xbl ijlra`ajaxq eoh xamljaolss ki jau|ahaxq s|~~kpx xkehhplss sbkpx-xlpm jau|ahaxq ~pk`jlms* xbl ~pkclh|pej ass|ls mloxakolh lepjalp ckm`aolh vaxb axsckoxao|lh jaogefl xk eo AMI ~pkfpem meq ylpq vljj |ohlpmaol axs ecx|ej |sli|jolss/ Es okxlhlepjalp* ck|oxpals beyl `llo plj|cxeox xk e~~jq ikp iaoeocaof |ohlp xbl AMIs kvo cpasas

~plyloxako iecajaxals ikp ilep ki ehylpsl safoejaof liilcxs ^acgikph 0>55!/

Ax bes `llo s|fflsxlh xbex jaogefl xk e sxeoheph AMI ~pkfpem sbk|jh okx `l plu|aplh ao xblcesl ki xlm~kpepq* sbkpx-xlpm jau|ahaxq ~pk`jlms/ S|sseofgepo 0>55! epf|ls xbex eo AMI~pkfpem sbk|jh kojq `l aoykglh ai e ck|oxpq ollhs xk pkjj kylp xbl sve~ mkpl xbeo e clpxeao~plhlxlpmaolh o|m`lp ki xamls* vaxb xbl AMI dkaoaof xbl `exxjl kojq ai xbl ~pk`jlm `lckmls emkpl mlha|m-xlpm sxp|cx|pej ~pk`jlm/ \ohlp xbl CMAMs c|pplox eppeoflmloxs* xbas vk|jhmleo xbex xbl jaogefl vk|jh kojq e~~jq xk iaoeocaof |ohlp xbl CMAM-SI/ @q okx aoykgaof eo AMIjaog ammlhaexljq* ck|oxpals vaxb xlm~kpepq jau|ahaxq ~pk`jlms vajj `l mkpl vajjaof xk |sl xblCMAM* ai xblq illj xbex xbl i|ohs vk|jh `l eyeaje`jl vaxbk|x hljeq/ Ex xbl seml xaml* gokvaofxbex eo AMI jaog vajj `l plu|aplh eixlp e clpxeao ~lpakh vajj lock|pefl xbl ck|oxpq xk xegle~~pk~paexl ckpplcxayl ecxakos xk eykah beyaof xk `l |ohlp eo AMI ~pkfpem/ Xbas ck|jh fk e jkofveq xkvephs megaof xbl CMAM-AMI k~xako yae`jl es e jau|ahaxq s|~~kpx mlcbeoasm/ @|x xbljepflsx ckoxpa`|xkps* De~eo eoh xbl ^PC* vbk epl ao lsslocl cplhaxkps `lce|sl xblq ceovaxbhpev jlss xbeo vbex xblq beyl ~|x ao m|jxa~jalp ki >/

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

5>2 xk c|pploxjq sxeoh ex \S(08> `ajjako* ax as |ojagljq xk `ls|iiacalox ai xblpl as e i|jj `jkvo sqsxlmac cpasas ao Lesx Esae* ls~lcaejjq ai ax s~plehs ecpkssslylpej mlm`lps/ H|paof xbl EIC* Xbeajeoh plclaylh kylp (56 `ajjako ao lmlpflocq jau|ahaxq/

Qlx* Xbeajeoh eoh xbl kxblp kpafaoej ESLEO mlm`lps! ceo ecclss kojq e ipecxako ki xbasemk|ox* e`k|x (6 `ajjako ao xkheqs hkjjeps* ipkm xbl CMAM vaxbk|x eo AMI ~pkfpem/ Aohkolsaeplclaylh ejmksx sar xamls (8> `ajjako! ki vbex as axs hl-jaoglh ~kpxako ki xbl CMAM* kp eo lylofplexlp m|jxa~jl ai ckoylpxlh aoxk xkheqs hkjjeps/ Gkple ves xbl kxblp cpasas-bax ck|oxpq xbexeyeajlh ki eo AMI-jlh ~pkfpem xbex xkxejlh (

7/30/2019 Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

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Xe`jl 84 @ajexlpej Sve~ Efpllmloxs * ESLEO'3 Ck|oxpals* Ao Ikpcl

Ck|oxpq ^epxolp Ck|oxpq Emk|ox LiilcxayaxqDe~eo Pl~/ ki Gkple (3> `ajjako vko-xk qlo-sve~

Ehhaxakoej (3> `ajjako hkjjep-xk-jkcej c|pplocq sve~

Kcx 0>55Kcx 0>50 kol qlep!

^baja~~aols ^baja~~aols4 (9 `ajjako ipkm De~eo

De~eo4 (> majjako ipkm xbl^baja~~aols

Meq 0>50Meq 0>5< 3 qleps!

Gkple De~eo (3> `ajjako vko-xk-qlo-sve~Ehhaxakoej (3> `ajjako hkjjep-xk-jkcej c|pplocq sve~

Kcx 0>55Kcx 0>50 kol qlep!

^PC (55Kcx 0>58 3 qleps!^PC Pl~/ ki Gkple (55Kcx 0>58 3 qleps!

Bkof Gkof* Cbaoe (93 `ajjako Oky 0>55Oky 0>58 3 qleps!Mejeqsae ( 02/9 `ajjako Il` 0>50Il` 0>5< 3 qleps!Saofe~kpl ( 00/50 `ajjako D|jq 0>5>D|jq 0>53 3 qleps!Xbeajeoh (55 `ajjako Hlc 0>55Hlc 0>58 3 qleps!

Sk|pcls4 @eog ki De~eo vl`saxl/ bxx~4++vvv/`kd/kp/d~+lo+aoxj[iaoeocl+ckk~lpexl+aohlr/bxm+

PKG Maoasxpq ki Ikplafo Eiieaps eoh Xpehl/ PKG lr~eohs c|pplocq sve~ vaxb De~eo eohCbaoe/ bxx~4++olvs/mkiex/fk/gp+lolvs~e~lp+epxacjlyalv/~b~;mesxlp=)eah=3168)ssah=08)myah=5051

Pl|xlps/ ^baja~~aols plolvs (9 `ajjako sve~ hlej vaxb De~eo* flxs Gkpleo jkeo/ 8 Meq0>50/ bxx~4++ei/pl|xlps/ckm+epxacjl+vkpjhOlvs+ahEI@PL283>M50>8

Cloxpej`eogaof/ckm/ Mejeqsae eoh Cbaoe lrxloh c|pplocq sve~ eppeoflmlox/ 2 Il`0>50/ bxx~4++vvv/cloxpej`eogaof/ckm+cloxpej-`eogaof+olvs+05882155/ bxx~4++vvv/`|saolssvllg/ckm+olvs+0>55-55-00+cbaoe-bkof-gkof-lr~eoh-c|pplocq-sve~-~ecx-xk-93-`ajjako/bxmj

@eofgkg ksx/ Cbaoe* fkyx safo c|pplocq sve~ hlej/ 03 Hlc 0>55/bxx~4++vvv/`eofgkg~ksx/ckm+olvs+esae+060>65+cbaoe-fkyx-safo-c|pplocq-sve~-hlej

Cbaoe Heajq/ Cbaoe safos c|pplocq sve~ ~ecx vaxb Saofe~kpl/ 03 D|jq 0>5>/ bxx~4++vvv/cbaoeheajq/ckm/co+cbaoe+0>5>->6+03+ckoxlox[55>8350/ bxx~s4++moaolvs/hl|xscbl-`klpsl/ckm+ckoxlox+cbaoe-hexe-xe`jl-~`kc-c|pplocq-sve~-efpllmloxs-0

Xe`jl

7/30/2019 Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

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Ax as e~~eplox xbex xbl CMAM ves olylp aoxlohlh ikp |sl `q Gkple kp axs xvk kxblp `afflsxckoxpa`|xkps* xbl ^PC eoh De~eo/ Xbas ~kaox bes `llo plaoikpclh `q xbl `ajexlpej sve~s `lxvlloxblsl xbpll ck|oxpals eook|oclh yapx|ejjq ao xeohlm vaxb xbl hk|`jaof ki xbl Aoaxaexayl/ Xbl ^j|sXbpll ck|oxpals beyl ejsk efpllh xk ~pkmkxl aoylsxmlox `q xbl ikplafo plslpyl e|xbkpaxals aokol eokxblps fkylpomlox `kohs/

Sk ai xbl CMAM ves olylp aoxlohlh ikp |sl `q axs jepflsx ckoxpa`|xkps* eoh ai ck|oxpq u|kxes kixbl kpafaoej iayl ESLEO ck|oxpals epl aos|iiacalox vblo d|hflh `q xbl lr~lpalocl ki xbl EIC*ck|jh xbl CMAM `l |slh `q ESLEOs olvlp* smejjlp mlm`lps; Eixlp ejj* ikp xblsl ck|oxpals*xblap i|jj u|kxes epl e u|axl s|`sxeoxaej sbepl ki xblap aohayah|ej plslpyls Xe`jl 9!/ Olylpxbljlss*xblq meq sxajj `l aos|iiacalox ikp e `eajk|x* bkvlylp/ Ikp lrem~jl* Cem`khaes ckoxpa`|xako ki(08> majjako loe`jls ax xk `kppkv |~ xk iayl xamls xbex emk|ox `|x kojq (39> majjako ai ax veoxs xkeykah safoaof ko xk eo AMI ~pkfpem/ Es ki Il`p|epq 0>50* Cem`khaes xkxej plslpyls jlss fkjh!sxkkh ex (3/98 `ajjako* vbacb as d|sx mkpl xbeo xbpll xamls axs `kppkvaof jamax vaxb xbl CMAM/Sbk|jh e cpasas sxpagl* eoh faylo xbl smejj satl ki Cem`khaes ck|oxpq u|kxe es e sbepl ki axsplslpyls* Cem`khae ck|jh laxblp pljq ko axs kvo plslpyls kp vk|jh ollh xk fk `lqkoh xblCMAM* hl~lohaof ko xbl slylpaxq ki xbl cpasas/ Xbl seml as jagljq xk `l xp|l ki xbl kxblp olvmlm`lps ki ESLEO/

Xe`jl 94 Xkxej Plslpyls Mao|s Fkjh "c|pplox \S( majjako!* CMAM Lckokmals*

Jexlsx Eyeaje`jl Hexe

Ck|oxpq Xkxej Plslpyls Es ki

@p|ola Hep|ssejem 5*913 0>55 E|f

Cem`khae 3*98> 0>50 Il`

Bkof Gkof* Cbaoe 018*813 0>50 Mep

^PC/ 3*309*9>0 0>50 Mep

Aohkolsae 5>9*955 0>50 Mep

De~eo 5*082*26< 0>50 E~p

Pl~/ ki Gkple 353*2>5 0>50 Mep

Jek ^HP 6>3 0>5> Hlc

Mejeqsae 533*115 0>50 E~p

Mqeomep 9*630 0>55 Sl~

^baja~~aols 950 Mep

Saofe~kpl 083*50 Mep

Xbeajeoh 56>*601 0>50 E~p

Yalx Oem 58*25< 0>55 Kcx

Xkxej

7/30/2019 Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

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vblpl xbl ~kkplsx lckokmals epl essasxaof ao `eajaof k|x e m|cb pacblp lckokmq/ Ai xblplu|lsxaof lckokmq as eiijacxlh `q e cpasas xbex ao okx ~|pljq hkmlsxac kp ki axs kvo megaof* xbl~kssa`ajaxq ki ckoxefako peasls xbl y|jolpe`ajaxq ki kxblp lckokmals* eoh i|pxblp aocplesls xblcksx ki beyaof xk ckoxpa`|xl xk axs `eajk|x/ Vl beyl sllo xbas be~~lo h|paof xbex l|pk eple cpasasvblo Sjkyegae* e m|cb ~kkplp ck|oxpq* ckoxpa`|xlh xk Fpllcls `eajk|x ~ecgefl/ Xbl CMAMefpllmlox hkls ~pkyahl ikp eo k~x-k|x kp lsce~l cje|sl* `|x xbas plu|apls laxblp xbl e~~pkyej ki

xbl LC kp xbl lrasxlocl ki bafbjq lrxlo|exaof capc|msxeocls/8

Ax bes `llo s|fflsxlh xbex mlm`lp lckokmals meq beyl xk mkyl eveq ipkm slji-aos|peocl aoxbl ikpm ki bkjhaof jepfl ikplafo plslpyls* eoh sxepx sbaixaof i|ohs xkvephs xbl CMAM/ E~epx ipkmi|pxblp aocplesaof mlm`lp lckokmqs ckoxpa`|xakos xk xbl CMAM* S|sseofgepo 0>55! ejsk~pk~ksls exxecbaof ehhaxakoej `ajexlpej sve~s ipkm vajjaof mlm`lp lckokmals xk e CMAM sve~/Ejxbk|fb xbas as eo aoxlplsxaof ~pk~ksej* xbl u|lsxako es xk vbq `ajexlpej sve~s epl `laof~|ps|lh ao xeohlm vaxb xbl CMAM ollhs xk `l eosvlplh iapsx/ Ai ax as xk capc|mylox xbl~pkclh|pej haiiac|jxals eoh esskcaexlh hljeqs* xblsl ass|ls ollh xk `l ehhplsslh `likpl eoqs|cb jaogefl as jagljq xk `l ~kssa`jl/ Es okxlh lepjalp* ax meq vljj `l xbl cesl xbex xblsl `ajexlpejsve~s epl `laof ~|ps|lh es eo ejxlpoexayl hlilosl mlcbeoasm xk xbl CMAM eoh xblplikplexxecbaof xblm xk xbl CMAM as laxblp |ojagljq xk `l ieykplh* ai CMAM ~pkclh|pls e~~jq* kp ~|pljqcksmlxac* ai xblq hk okx/

ai kol kp mkpl ck|oxpals sxepxk~xaof k|x* eoh ai xbas jlehs xk e hkmaok kp sokv`ejjaof liilcx* xbl CMAM vajj sam~jq ieaj xkhljaylp/ Xbl esskcaexlh jkss ki cplha`ajaxq meq `l applylpsa`jl/

Ai xbas as aohllh xbl cesl vaxb xbl CMAM* lylo xbl sllmaofjq aookc|k|s sxexlmlox `q XeglbagkOegek* De~eos yacl iaoeocl maoasxlp ikp aoxlpoexakoej eiieaps* xbex beyaof xbas gaoh kimlcbeoasm as `lxxlp xbeo beyaof okxbaof* meq beyl `llo mkpl xbeo d|sx flolpk|s* `|x ejsk~kssa`jq vpkof/03+Olv-i|oh-sllo-es-Esaes-kvo-AMI/bxmj;JS=LMS9825>5

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

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Mlm`lps ejsk ceookx k~lpexl `q afokpaof xbl emk|ox ki xblap plslpyls ckmmaxxlh kp ~pkmaslhxk xbl CMAM* kp xbl sqsxlm vajj `pleg hkvo/ Ikp aosxeocl* ckosahlp efeao xbl cesl ki xbl CJMY/Saocl xblsl epl lckokmals vaxbk|x xbl e`ajaxq xk slc|pl e `ajexlpej sve~ faylo xbl jkv ckjjexlpejyej|l ki xblap hkmlsxacejjq-ass|lh c|pplocals* xblq meq beyl xk plskpx xk xbl CMAM eoh+kp AMI!ao xamls ki cpasas/ Ai kxblp mlm`lps epl ejsk ilepaof kp iafbxaof xblap kvo jau|ahaxq cpasls* eohxblplikpl afokpl xblap ckmmaxmlox* xblpl as e plej ~kssa`ajaxq xbex xbl CMAM meq okx `l e`jl xk

hljaylp ko kol kp mkpl plu|lsxs ipkm xbl CJMY/ Es vaxb e hkmaok liilcx vaxb k~x-k|x plu|lsxs*xbas xkk vk|jh mepg xbl loh ki xbl CMAM* `kxb ao xblkpq eoh ao ~pecxacl/

Ax ejsk plmeaos xk `l sllo vblxblp xbl plclox aocplesl ao `ajexlpej c|pplocq sve~ eppeoflmloxsemkof xbl ^j|s Xbpll ck|oxpals vajj `l lrxlohlh xk kxblp CMAM mlm`lps xk `kjsxlp lrasxaofsve~ jaols vaxb xblsl ck|oxpals/ Eoh lylo ai xblq hah* ax as |ocjlep ai xbl ^j|s Xbpll ck|oxpalsvk|jh `l emloe`jl xk meoefaof xblsl `ajexlpej sve~s |ohlp xbl seml ckohaxakos es xbl CMAMsve~* |ojlss ki ck|psl xblq hah okx veox xblm xk `l |slh/

Xbl AMI bes ejplehq peaslh xbl ~kssa`ajaxq ki lsxe`jasbaof e M|jxa-Ck|oxpq Sve~ Jaol MSJ!mlcbeoasm xbex vk|jh loe`jl ax xk kiilp jau|ahaxq jaols xk e jamaxlh slx ki ck|oxpals vaxb sk|oh~kjacals eoh xpecg plckphs AMI 0>5>`!/ Xbas vk|jh ikpm ~epx ki e `pkehlp Fjk`ej Sxe`ajatexakoMlcbeoasm FSM!* e ipemlvkpg xbex vk|jh ejjkv ~pkecxayl ~pkyasako ki iaoeocaof h|paof e

sqsxlmac cpasas xk sxlm ckoxefako/ Xbl FSM ejsk loyasakos e m|jxa~kjep jau|ahaxq seilxq olxvkpg*aoykjyaof oexakoej mkolxepq e|xbkpaxals eoh plfakoej PIMs* vaxb xbl AMI ex xbl cloxlp/ Xbllsxe`jasbmlox ki s|cb e mlcbeoasm* eoh axs aoykjylmlox vaxb xbl CMAM* vk|jh ~pkyahl mkpleylo|ls ikp aocplesaof xbl satl ki jau|ahaxq s|~~kpx eyeaje`jl xk xbl plfako `lqkoh xbl CMAM~kkj/ Lylo xbas k~xako ikp lr~eosako* bkvlylp* as ckoxaoflox ko xbl CMAM cjleoaof |~ eohsxplemjaoaof axs k~lpexakoej ~pkclh|pls/

Ai xbl CMAM as xk `lckml e sxeoh-ejkol k~xako* kp ai ax as xk lykjyl aoxk eo Esaeo Mkolxepq I|ohxq~l aosxax|xako skml heq* xblo xbl ass|l ki mlm`lpsba~ ollhs xk `l ckosahlplh/ Lr~eohaof xblmlm`lpsba~ ki xbl CMAM bes jlss xk hk vaxb ~kxloxaejjq aocplesaof xbl satl ki xbl i|oh xbeo axhkls vaxb haylpsaiqaof ax/ Mkpl xbeo d|sx aocplesaof mlm`lpsba~* xblpl as e ollh xk `pkehlo ax xk

aocj|hl lckokmals xbex epl jlss haplcxjq kp ammlhaexljq ckoolcxlh xk Lesx Esaeo `|saolsscqcjls/ Xbas vk|jh aocplesl xbl e`ajaxq ki xbl i|oh xk cexlp ikp xbl jau|ahaxq ollhs ki e cj|xcb kick|oxpals plu|apaof s|~~kpx ao xbl lylox ki e ckoxefak|s cpasas ai e s|iiacalox o|m`lp kickoxpa`|xkps epl |oeiilcxlh `q ax/ Xblpl as ok hloqaof xbex xbl ~pkclss ki xpqaof xk lr~eohmlm`lpsba~ as jagljq xk `l e ckm~jacexlh eoh slosaxayl kol/ @|x bkvlylp haiiac|jx* xbl hasc|ssakoollhs xk `l sxepxlh ai xbl CMAM as xk s|pyayl eoh ~pks~lp es e yae`jl iaoeocaej seilxq olx* jlxejkol lykjyl aoxk e hl iecxk Esaeo Mkolxepq I|oh/

Lr~eohaof mlm`lpsba~ ki xbl CMAM

Xbl k`yak|s ceohahexls ikp xbl iapsx lojepflmlox vk|jh `l xbksl kpafaoejjq dkaoaof ESLEO'3 aoxbl Lesx Esaeo S|mmaxE|sxpejae* Olv Tlejeoh* eoh Aohae/ Aohae ejplehq bes e `ajexlpej sve~vaxb De~eo* vbajl E|sxpejae as e ckoxpa`|xkp xk xbl plclox sxeoh`q eppeoflmlox vaxb Aohkolsae*meoeflh `q EH@/ Ejxbk|fb xbas lr~eosako megls slosl plfakoejjq* ax as |ojagljq xk haylpsaiq xbli|oh xk eoq safoaiaceox lrxlox faylo xbex E|sxpejaes lckokmac ikpx|ols epl ylpq cjksljq jaoglh xk

xbl ^PCs* eoh Aohaes epl aocplesaofjq `lckmaof sk/ Lylo Olv Tlejeohs lckokmac ikpx|olsepl aohaplcxjq jaoglh xbpk|fb axs sxpkof xals xk E|sxpejae* eoh fpkvaof xals vaxb xbl ^PC/ @|x xbljepflp xbl o|m`lp ki ckoxpa`|xaof mlm`lps* xbl fplexlp xbl jagljabkkh xbex skml vajj `l jepfljqamm|ol ipkm e ckoxefak|s plfakoej cpasas/ Xbas as ~lpbe~s `lsx ajj|sxpexlh `q xbl iecx xbexE|sxpejae ves xbl kojq ehyeoclh ck|oxpq xbex hah okx |ohlpfk e plclssako vblo xbl FIC bax/Jagl eoq pasg haylpsaiacexako lrlpcasl* xbl o|m`lp |s|ejjq mexxlps/

Ceohahexls ikp eoq s|`slu|lox lojepflmlox epl jlss k`yak|s* ejxbk|fb ax as u|axl |ojagljq xbexlaxblp xbl \S kp P|ssaexbl olvlsx mlm`lps ki xbl ESLEO'2 fpk|~aofepl jagljq xk veox xk

7/30/2019 Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

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~epxaca~exl/ Sbk|jh Xamkp Jlsxl ecclhl xk ESLEO* xbas smejj asjeoh sxexl vajj ejmksx clpxeaojqejsk safo |~ ikp mksx ki ESLEOs ~pkxkckjs* aocj|haof ~pls|me`jq xbl CMAM/ Sbk|jh Aohae dkaoxbl CMAM* xbl ~kssa`ajaxq ki kxblp Sk|xb Esaeo oexakos dkaoaof vajj ejsk `l safoaiaceoxjq lobeoclh/Xblpl ck|jh `l e sokv`ejjaof liilcx ikjjkvaof aoaxaej lojepflmlox ki mlm`lpsba~ ki xbl CMAM/

Ejxbk|fb xblsl plikpms epl hlsape`jl* xblq epl okx lu|ejjq am~kpxeox/ Ai EMPK ck|jh feaocplha`ajaxq es eo aohl~lohlox s|pylajjeocl |oax* xbl smejj satl kp mlm`lpsba~ ki xbl CMAM vk|jh`l jlss `aohaof ckosxpeaoxs/ Eixlp ejj* lylo xbl AMI pljalh |~ko kxblp ~epxolps xk i|oh xbl `eaj-k|xao Esae ao 511612 eoh okv L|pk~l/ @|x xbl AMI jlh xbl plsc|l eoh slx xbl xlpms* eoh xbas asvbex mexxlps/ EMPK ollhs xk `l e`jl xk hk xbl seml/ Ao sbkpx* xbl emk|ox ki i|ohs eyeaje`jlollh okx `l e ckosxpeaox ai xbl ce~ecaxq xk jleh e plsc|l lrasxs7 ao iecx* lylo ai xbl i|ohs vlpls|iiacalox* xblq meq `l ki mlpax ao e dkaox plsc|l ~pkfpem aoykjyaof ckjje`kpexako emkofsx kxblpplfakoej eoh+kp oko-plfakoej ~epxolps/ Ao xbas pls~lcx* ax as ejsk vkpxb lm~besataof xbex jlehaof eplsc|l hkls okx loxeaj lrcj|haof xbl AMI* ikp aosxeocl* ipkm ~epxaca~exaof ao slxxaof xbl xlpmslaxblp7 ax mleos beyaof xbl iaoej seq* `|x okx xbl kojq seq/

Sxplofxbloaof EMPKs cplha`ajaxq

\jxamexljq* xbl CMAM m|sx pljq mkpl ko axs kvo aohl~lohlox esslssmlox xk megl jlohaofhlcasakosaocj|haof `kxb ao xbl emk|ox ki jkeos eoh eoq ckohaxakoejaxq/ Ex ~plslox* EMPK sxajjjecgs xbl plslepcb ce~ecaxq* b|meo plsk|pcls* lr~lpalocl* eoh xbl aosxax|xakoej slx|~ xkliilcxayljq slpyl es e ~pkilssakoej slcplxepaex xk xbl CMAM/ Ejxbk|fb EMPK bes ckml e jkofveq es e pljexayljq olv aosxax|xako* ax sxajj i|ocxakos mksxjq es e plslepcb kiiacl ikp xbl CMAM* eoh|ohlpxegls e `esac s|pylajjeocl i|ocxako ~pkh|caof mecpklckokmac eoh iaoeocaej mkoaxkpaofesslssmloxs/ Xbl c|pplox LP^H ~pkclss9

Ejxbk|fb xbl Dkaox Sxexlmlox ki xbl 550!/ \ojlss xblpl as e ckmmaxmlox ipkm mlm`lpck|oxpals xk safoaiaceoxjq aocplesl xbl plsk|pcaof ki EMPK sk xbex ax meq sxplofxblo eoh lr~eohaxs i|ocxakos* ax as |ojagljq xbex ax vajj `l e`jl xk ~lpikpms axs pkjl es eo aohl~lohlox eoh cplha`jls|pylajjeocl |oax* jlx ejkol e i|jj i|ocxakoaof slcplxepaex ikp xbl CMAM/

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Hl~|xals xk iaoh k|x bkv EMPKs kpfeoatexakoej ce~ecaxq ck|jh `l sxplofxblolh `q xblOkylm`lp 0>50 Hl~|xals mllxaof* xbl iecx xbex xblq olylp lylo ejj|hlh xk xbl ~kssa`ajaxq ki eoqaocplesl ao i|ohaof as xljjaof/

EIMM pl-lm~besatlh xbl am~kpxeocl ki sxplofxbloaof

EMPKs pkjl es eo aohl~lohlox plfakoej s|pylajjeocl |oax ao ckoxpa`|xaof xk liilcxayl mkoaxkpaofeoh eoejqsas ki plfakoej lckokmals* lepjq hlxlcxako ki pasgs* svaix am~jlmloxexako ki plmlhaejecxakos* eoh liilcxayl hlcasako-megaof ki xbl CMAM* xblq ck|jh ~pk~ksl jaxxjl mkpl xbeo i|pxblpckjje`kpexako eoh ckk~lpexako vaxb xbl AMI* EH@* eoh Vkpjh @eog/ Ejxbk|fb xblq plu|lsxlh xbl

Ai xblsl epl xbl xbaofs xbex xbl CMAM eoh EMPK ollh xk hk ao kphlp xk `lckml liilcxayl* xblplas ejsk ex jlesx kol xbaof xbex ax sbk|jh okx hk ao kphlp xk ecbalyl xbl seml/ Ax sbk|jh eykah xblxlm~xexako xk fayl ao xk massako cpll~ eoh ikc|s ko ckpl i|ocxakos* ~epxac|jepjq s|pylajjeoclecxayaxals/ Ikp aosxeocl* plclox s|fflsxakos xbex EMPK sbk|jh aoxpkh|cl e Plfakoej Mkolxepq

\oax Gevea 0>5>7 Peoe lx ej/ 0>50! epl ~plmex|pl eoh ck|jh hlpeaj xbl `|ajhaof ki ckplckm~lxlocals/ Xblpl as pkkm ikp s~lcaejatexako eoh ckjje`kpexako* eoh mkpl s~lcaejatlhi|ocxakos s|cb es xblsl sbk|jh `l jlix xk kxblp aosxax|xakos/

9Xbl LP^H as ceppalh k|x ao xvk sxefls/ Xbl iapsx sxefl as eo |okiiacaej ikp|m vblpl s|pylajjeocl pl~kpxs ipkmEMPK* EH@* eoh AMI! epl ~plsloxlh xk xbl EIHM'3 bljh `a-eoo|ejjq ao Mepcb kp E~paj eoh Okylm`lp/ Xblslckoh sxefl ikc|sls mkpl ko ass|ls pljexlh xk ~kjacq aoykjyaof xbl EIMM'3* eoh as ckoh|cxlh kocl e qlep ko xblsahljaols ki xbl EH@ Eoo|ej Mllxaof/

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

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Ejxbk|fb xbl CMAM ves lsxe`jasblh vaxb xbl eam ki s|~~jlmloxaof lrasxaof aoxlpoexakoejiaoeocaej eppeoflmloxs* |jxamexljq axs fkej sbk|jh `l xk `l e`jl xk jleh eoq plsc|l ~ecgefl aoxbl plfako/ Es Blooaof 0>55! eoh xbl EH@ 0>55! ckpplcxjq okxl* xbl AMI as sxajj |oau|l emkofcpasas-iafbxaof iecajaxals ao xbl |oaylpsejaxq eoh haylpsaxq ki axs mlm`lpsba~* axs plsk|pcls eoh axslr~lpalocl vaxb hlsafoaof plsc|l ~ecgefls* eoh plmeaos xbl iaoej plskpx ao liikpxs xk ckm`explfakoej ckoxefako/ Ao axs c|pplox aocepoexako* ax ejsk sllms |ojagljq xbex xbl CMAM ejkol vajj `l

ehlu|exl xk ehhplss plfako-vahl sqsxlmac iaoeocaej cpasls/ Eo k~xamasxac scloepak vk|jh sll xblCMAM lykjyl xkvephs e plfaml ao vbacb xbl pkjls epl plylpslh kylp xaml* vaxb xbl CMAMhliaoaof ckohaxakoejaxq eoh xbl AMI `laof e ckm~jlmloxepq sk|pcl ki i|ohs/ Ai xbas k~xamasm as xk`l d|sxaialh* xblo ESLEO'3 m|sx ckmmax xk EMPKs hlyljk~mlox xbpk|fb e s|`sxeoxaejaocplesl ao axs plsk|pcls/ Sk iep* xblpl as jaxxjl lyahlocl ki eoq s|cb plej ckmmaxmlox/

9/ CKOCJ\SAKO

Iaoeocaej seilxq olxs ao Esae xegl ik|p ikpms/ Xbl iapsx jaol ki hlilosl bes ejveqs `llo oexakoejbkjhaofs ki ikplafo lrcbeofl plslpyls/ Xbl slckoh* eoh mksx ~k~|jep ki jexl* as `ajexlpej ikplafoc|pplocq sve~ eppeoflmlox/ Xbl xbaph as plfakoej seilxq olxs* eoh xbl kol mksx hasc|sslh ao

xbas ~e~lp as xbl lr~eohlh CMAM/ Iaoejjq* vl beyl xbl fjk`ej jlohlp ki jesx plskpx* xblAoxlpoexakoej Mkolxepq I|oh AMI!/ Xbl am~kpxeocl ki sxplofxbloaof plfakoej iaoeocaej seilxqolxs fplv ipkm xbl Esaeo Iaoeocaej Cpasas EIC! ki 511612/ Vblo xbl EIC sxp|cg* xbl ESLEOSve~ Eppeoflmlox ESE! ves `esacejjq xkk smejj \S(0>> majjako! xk `l ki eoq |sl/ Xblpl vesok ejxlpoexayl `|x xk x|po xk xbl AMI ikp xbl messayl `eajk|xs plu|aplh/ Xbl AMI fplv lrxplmljq|o~k~|jep bkvlylp* okx d|sx ikp xbl ~plscpa`lh `axxlp mlhacaol* `|x `lce|sl ax mashaefokslh xbl~pk`jlmse iecx xbex ax jexlp ecgokvjlhflh/ Xblpl ves e pls|pflocl ki oexakoejasx sloxamloxxbex u|acgjq fplv plfakoej/

Xbas jlh xk xbl `apxb ki xbl Cbaeof Mea Aoaxaexayl CMA! ao 0>>>* vbacb lr~eohlh xbl `ajexlpejsve~s ki xbl ESE `kxb ao satl eoh mlm`lpsba~ xk aocj|hl xbl ^PC* De~eo* eoh Gkple/ XblCMAs iapsx xlsx ceml ao Sl~xlm`lp 0>>2 vblo* ikjjkvaof xbl Jlbmeo @pkxblps ckjje~sl* sbkpx-xlpm ce~axej u|acgjq lraxlh lmlpfaof lckokmals/ @|x vblo xbl Fjk`ej Iaoeocaej Cpasas FIC! bax*

mlm`lps ki xbl CMA xbex plu|aplh jau|ahaxq s|~~kpx hah okx x|po xk ax `|x aosxleh p|sblh xk slc|pl`ajexlpej sve~s vaxb xbl \S* xbl ^PC* De~eo* E|sxpejae* eoh xbl m|jxajexlpejs/ Kocl efeao* xblplfakoej iaoeocaej seilxq olx beh ieajlh axs mlm`lps/ Xbas `pk|fbx e`k|x eokxblp safoaiaceoxcbeofl vblo ao 0>>1 xbl CMA ves m|jxajexlpejatlh xk `lckml xbl CMAM* vaxb xbl meoq sve~jaols okv fkylpolh `q e saofjl efpllmlox/

Mkpl plcloxjq* xbl CMAM bes `llo hk|`jlh xk \S(08> `ajjako* xbl sbepl eyeaje`jl vaxbk|x eoAMI ~pkfpem aocpleslh xk 3>, eoh meq`l 8>, ao 0>58!* eoh xbl aoxpkh|cxako ki e~plce|xakoepq jaol ki cplhax samajep xk xbex ki xbl AMIs/ Axs s|pylajjeocl |oax* xbl ESLEO'3Mecpklckokmac Plslepcb Kiiacl EMPK!* bes ejsk `llo |~ eoh p|ooaof ao Saofe~kpl saocl0>55/ Ejj ki xbas as am~plssayl* eoh hkls plijlcx bkv iep iaoeocaej seilxq olxs ao Esae beyl ckml*`|x as ax lok|fb; As ax jagljq xbex xbl CMAM vajj `l cejjlh |~ko vblo xbl olrx cpasas sxpagls;

\oikpx|oexljq* xbl CMAM sxajj e~~leps |o|se`jl* laxblp es e ck-iaoeocaof iecajaxq vaxb xbl AMI kpes e sxeoh-ejkol ejxlpoexayl/ Xblpl epl e o|m`lp ki pleskos* eoh xblplikpl eo lu|ej o|m`lp kiass|ls* xbex ollh xk `l ehhplsslh xk megl ax yae`jl/

Iapsx* es e plslpyl-~kkjaof eppeoflmlox* xblpl as ok i|oh `|x e slpals ki ~pkmasls7 xbas as okx e~pk`jlm ~lp sl `|x ax as vblo xblpl epl ok pe~ah-pls~kosl ~pkclh|pls xk beohjl e iesx-hlyljk~aof iaoeocaej lmlpflocq/ \ojlss xblsl ~pkclh|pls epl sxplem-jaolh* xbl CMAM as|ojagljq xk `l cejjlh |~ko lylo es e ck-iaoeocaof iecajaxq vblo `ajexlpej sve~s kp lylo xbl AMImeq `l e`jl xk hljaylp xbl ollhlh jau|ahaxq ao xbl plu|aplh xaml/ Ai xbl CMAM as xk `l e plej

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

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s|`sxax|xl ikp xbl AMI eoh slpyl axs pkjl es e xp|l plfakoej ejxlpoexayl* xblo xbl satl ki xbl i|oh*kp xbl ~kpxako hl-jaoglh ipkm eo AMI ~pkfpem* ejsk ollhs xk `l aocpleslh s|`sxeoxaejjq/Mlm`lpsba~ vk|jh ejsk ollh xk aocplesl `lqkoh ESLEO'3* okx d|sx xk `kjsxlp xbl satl ki xbli|oh* `|x xk haylpsaiq ax/ @|x ai EMPK ck|jh feao s|iiacalox cplha`ajaxq* xblo xbl smejj satl kpmlm`lpsba~ ki xbl CMAM vk|jh `l jlss `aohaof ckosxpeaoxs/ Eixlp ejj* lylo xbl AMI pljalh |~kokxblp ~epxolps xk i|oh xbl `eaj-k|x ao Esae ao 511612 eoh okv L|pk~l/ @|x xbl AMI jlh xbl

plsc|l eoh slx xbl xlpms* eoh xbas as vbex mexxlps/ EMPK ollhs xk `l e`jl xk hk xbl seml/

Vaxbk|x xblsl cbeofls* eoh sxajj vepq ki xbl AMI sxafme* ESLEO'3 as |ojagljq xk x|po xk xblCMAM es e ck-iaoeocalp kp e s|`sxax|xlvbacb lr~jeaos vbq ck|oxpals ckoxao|l xk xegl xbl bafb-cksx mlpceoxajasx pk|xl ki slji-aos|peocl xbpk|fb lrclssayl bkjhaofs ki ikplafo lrcbeoflplslpyls* kp vbq xblq ckoxao|l xk ~|ps|l `ajexlpej sve~s sl~epexljq* kixlo vaxb kxblp CMAMmlm`lps/ Ao iecx* `ajexlpej sve~s epl u|acgjq `lckmaof xbl meao aosxp|mlox ao Esaes iaoeocaejseilxq olx/ I|pxblpmkpl* sbaixaof oexakoej plslpyls xk e plfakoej i|oh xbex as |ojagljq xk `l |slhck|jh ecx|ejjq `l ck|oxlp-~pkh|cxayl es ax vleglos e ck|oxpqs iapsx jaol ki hlilosl/ Ejxbk|fbESLEO'3 meq e~~lep xk beyl e ck-iaoeocaof iecajaxq vaxb xbl AMI ao xbl CMAM* ax as okx e|sle`jl kol/ Ai ax veoxs axs kvo plfakoej seilxq olx* ax bes e jkof veq xk fk/ Bkv jkof as sxajj|ocjlep* `|x bk~li|jjq ax ceo `l mehl vkpge`jl `likpl* pexblp xbeo `lce|sl ki* xbl olrx cpasas/

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

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PLILPLOCLS4

EH@/ 0>55/ Plsbe~aof Fjk`ej Lckokmac Fkylpoeocl eoh xbl Pkjl ki Esae ao xbl Fpk|~ ki

Xvloxq F0>!/ Meoaje4 EH@/EMPK/ 0>50/ Glq ^kaoxs ki CMA M|jxajexlpejatexako Efpllmlox/ Eyeaje`jl4 bxx~4++vvv/empk-

esae/kpf+v~-ckoxlox+|~jkehs+0>55+50+Glq-^kaoxs-ki-CMAM/~hi

Epe` Mkolxepq I|oh/ 0>55/ Epe` Mkolxepq I|oh Eoo|ej Pl~kpx* 0>5>/Eyeaje`jl4 bxx~4++vvv/emi/kpf/el+eoo|ejpl~

ESLEO Slcplxepaex/ 0>5>/ Iaoeocaej Aoxlfpexako Iecxsbllx/

Etas* A/ 0>50/ Esaeo Plfakoej Iaoeocaej Seilxq Olxs; Hkox Bkjh qk|p @plexb/ ^|`jac ^kjacqPlyalv2 33>!D|jq!4 350/ Cbaeof Mea Aoaxaexayl M|jxajexlpejatexako IEU/

LC@/ 0>55/ Xbl L|pk~leo Sxe`ajaxq Mlcbeoasm/ LC@ Mkoxbjq @|jjlxao/ D|jq/Eyeaje`jl4 bxx~4++vvv/lc`/aox+~|`+~hi+kxblp+epx0[m`0>55>6lo[~~6528lo/~hi

Blooaof* P/ C/ 0>>8/ Lesx Esaeo Iaoeocaej Ckk~lpexako/ Vesbaofxko* HC4 Aosxax|xl ikpAoxlpoexakoej Lckokmacs/

Blooaof* P/ C/ 0>55/ Ckkphaoexaof Plfakoej eoh M|jxajexlpej Iaoeocaej Aosxax|xakos/ Vkpgaof^e~lp Ok/ V^551/ Vesbaofxko* HC4 ^lxlpsko Aosxax|xl ikp Aoxlpoexakoej Lckokmacs/^e~lp ckmmassakolh `q xbl EH@ xbpk|fb Plslepcb eoh Hlyljk~mlox XlcboacejEssasxeocl ^pkdlcx 65* Esaes Sxpexlfac ^epxaca~exako ao xbl Fpk|~ ki Xvloxq ikp Fjk`ejLckokmac Fkylpoeocl Plikpm*Eyeaje`jl4 bxx~4++vvv/vvv/~aal/ckm+~|`jacexakos+v~+v~551/~hi

Ilpoohlt-Epaes* L/* eoh L/ Jlyq-Qlqexa/ 0>5>/ Fjk`ej iaoeocaej seilxq olxs4 vblpl hk vl fk

ipkm blpl; AEH@ vkpgaof ~e~lp slpals Ok 035 Vesbaofxko HC4 AEH@/Eyeaje`jl4 bxx~4++vvv/aeh`/kpf+lo+plslepcb-eoh-hexe+~|`jacexako-hlxeajs*3591/bxmj;~|`[ah=ah`-v~-035

Bajj* B/ eoh D/ Mloko/ 0>50/ Esaes olv iaoeocaej seilxq olx4 As xbl Cbaeof Mea Aoaxaexaylhlsafolh okx xk `l |slh; YkrL\ 0< D|jq/ bxx~4++vvv/ykrl|/kpf+epxacjl+cbaeof-mea-aoaxaexayl-hlsafolh-okx-`l-|slh

AMI/ 0>5>e/ Slmaoep ko Plfakoej Iaoeocaej Seilxq Olxs@ecgfpk|oh Aoikpmexako ko^epxaca~exaof PIEs/ 2 Kcxk`lp 2/

AMI/ 0>5>`/ Xbl I|ohs MeohexlI|x|pl Iaoeocaof Pkjl/ ^|`jac Aoikpmexako Okxacl ^AO! Ok/5>+5>/ Eyeaje`jl4 bxx~4++vvv/ami/kpf+lrxlpoej+o~+slc+~o+0>5>+~o5>55/ Sxplofxbloaof xbl Aoxlpoexakoej Mkolxepq Sqsxlm4 Xegaof Sxkcg eoh Jkkgaof Ebleh^pl~eplh `q xbl Sxpexlfq* ^kjacq* eoh Plyalv Hl~epxmlox* ao ckos|jxexako vaxb xblIaoeocl* Jlfej* Mkolxepq eoh Ce~axej Mepglxs* eoh Plslepcb Hl~epxmloxs/Eyeaje`jl4 bxx~4++vvv/ami/kpf+lrxlpoej+o~+~~+lof+0>55+>30355/~hi

Dleool* K/ 0>5>/ Hlejaof vaxb Ykjexajl Ce~axej Ijkvs/ ^lxlpsko Aosxax|xl ikp AoxlpoexakoejLckokmacs ^kjacq @pali 5>58/ Vesbaofxko* HC4 ^lxlpsko Aosxax|xl ikp AoxlpoexakoejLckokmacs kjacq/ Eyeaje`jl4 bxx~4++vvv/pljkkolq/aoik+>[Olv[6

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EH@A Vkpgaof ^e~lp 31< Bajj eoh Mloko

Gevea* M/ 0>5>/ Plikpm ki xbl aoxlpoexakoej iaoeocaej epcbaxlcx|pl4 Eo Esaeo ~lps~lcxayl/Saofe~kpl Lckokmac Plyalv 6010/

Jem`lpxl* M/* eoh ^/ Mkpfeo/ 0>50/ Plfakoej eoh Fjk`ej Mkolxepq Ckk~lpexako/ EH@A Vkpgaof^e~lp 389/ Xkgqk4 EH@A/

Mloko* D// 0>50/ Plfakoej eoh Fjk`ej Iaoeocaej Seilxq Olxs/ ^plsloxexako xk xbl Ckoilplocl ko

Xbl Lykjyaof Fjk`ej Epcbaxlcx|pl4 Ipkm e Cloxpejatlh xk e Hlcloxpejatlh Sqsxlm*Oeoqeof Xlcbokjkfacej \oaylpsaxq eoh EH@ Aosxax|xl* Saofe~kpl* 0906 Mepcb/

^epg* S/ 0>55/ Fjk`ej Iaoeocaej Seilxq Olx eoh Plfakoej Iaoeocaej Eppeoflmlox-AMICkk~lpexako/ Gkple Aosxax|xl ki Iaoeocl Vllgjq Lckokmac Plyalv 0>4 3>/

^acgikph* S/ 0>55/ Fjk`ej Iaoeocaej Seilxq Olxs/ Cbexbem Bk|sl Aoxlpoexakoej Lckokmacs@paliaof ^e~lp/ Kcxk`lp 0>55/Eyeaje`jl4 bxx~4++vvv/cbexbembk|sl/kpf+saxls+hlie|jx+iajls+~|`jac+Plslepcb+Aoxlpoexakoej,0>Lckokmacs+5>55`~[~acgikph/~hi

Peoe ^/ @* V/ M/ Cbae* eoh Q/ Daodepeg/ 0>50/ ESLEO'3 Mkolxepq Aoxlfpexako4 ^lpcl~xakoS|pylq ki K~aoako Jlehlps/ Dk|poej ki Esaeo Lckokmacs 034 550/

S|sseofgepo* C/ 0>55/ Aosxax|xako @|ajhaof ikp Mecpklckokmac eoh Iaoeocaej Ckk~lpexako aoLesx Esae/ Eyeaje`jl4 bxx~4++vvv/empk-esae/kpf+v~-ckoxlox+|~jkehs+0>55+55+CS-CMAM-EMPK/~hi

Xbl Dkaox Sxexlmlox ki xbl 5