Vous êtes sur la page 1sur 10
ASE-NT-55 ESCUELA DE DIRECCION UNIVERSIDAD DE PIURA INFLACION Y DESEMPLEO Copyright © 1992 by Cap. 7 por Friedman. Prohibida la reproduccion total o parcial. Derechos reservados. Para uso exclusivo del PAD - Escuela de Direccién de la Universidad de Piura stotwiquora peplanse e] se{nuINsa exed ezioTy ns apsoid LoHeyUL RI ‘sorpaid sol ap ez[e [9 4anaud e eBaq{ oot1qnd ja OwoD oruosd ue ‘anbiod sauaisos apand as ou orqureosa1u! fo o1ad ‘uo}sonposd ef exed osindut un oze{d 01109 & se19u98 apand upiseyut 2p sisop eun anb oust sq -ugisnyt eun so orquressaiuy aiuefouras ‘ueMpoisy eIeg sdyya 2p earns ey ap oseoesy ty ‘sourepes so & sopaid so 2p opesspou ‘oquaurne un e1J2s 01809 o>tuin [ ‘oognd 101995 Jap WY9p 1odeu UN ood soyer.seisquoisuedxs sepipaut seoyjde ap ossnoa1 off{>uas jo Out ‘peiunyoa e Isv> ‘oajdusa fa sesjnduit ap peprumiodo ej a1 -tawfeas ueyuar soonstod so] anb ejsareg ‘sorseyes so] ap oruauine 9p ouny ja 4 oajduia ap jaatu [a anu aiqeiso eanefou uorrefar van wiqey anb seo1put eared ststieue [q “sooaud so] ap sauersuca sousut o spur soquauine A pepranonpoad ap sajqeiso sojantu edey ‘opuend 4 aduiats ‘wor>e[jut e] ap sope>ipuy opang un own|N a1s3 op -Uays ‘souseyes soy ap otuauine ap ont fo enuoD ojopurseduo> o9id susap [a awusuieayes8 onuasoidos uainb ‘sduyd “M “Vy 40s2jo1d Bp sistpue a1qai22 [2 ua auauspeutI0; epearue(d ony ap! eisy “ueasap sasted soy sopor anb oajduro ap sajaatu sore soy zPzurofe exed (on20ut aiuaureareseduroo 4) a1ustuaAuos owusuinn Sur un owo> uopEYUt ap ,sIs0p,, e rELINDa1 Uapand sopepLioIne se| ‘onbojua asa undag ‘uomeyut 2 oajduasap anus orquieasoiuy,, un ‘aistxa anb ap eista ap onund [> any ggg 3p epeogp eI uo d1:9Ty 21 ‘Uaunsejnonied o1ajoa as anb euejsauday efxoponto | ap feures UD ‘jdutosap j2k exoye o2jduiasap 9 annua s9 anb sop 24a4nb ers of ‘021d -tuoeop fo K uppreyul e| ap uprouyee e| aAU9 #9 ofqueasaiu [f"28IK9 OU ‘oa\dursop & ug}peyuy snus omadiad ,oyquitaiawt, y> ugtutdo tus uz oaduasep & uoropfiur ALUS OINLavoO [9 aumnosuen anb epipaus & o19q ‘ssxopefeqen sew se1en1u0 auuntad $9] o1nposd ordosd ns ap epuewap e ua X omaid [> ua ‘owvauine j2 anb uaprap ‘eBopue euti0y ua ‘sesoudusa sey ‘aknutwsIp ‘oajduasap [2 “e1suansasu0> owog “spur upsefeqen K sajeas sot [es So| ap o1uauine un outod o1s9 UELeUION ‘saiuErsUOD so1901d BIA -epo1 opuataard ‘saropefeqen sor] “soureres so] ua & sorsard sof ua oiuawmne un aonpord 294 ns & anb 0] “epeBouBe epuewiop ef 2p or au s2jeutwiou sorreyes so] U2 07 -05 ueiuasaid 9s 4 uesodsoouy as se s9 ou esaxatut anb sayeau solseyes ap ese &7{“sorsaid soy 9p pe anb wasn soured sequie anb vondurr jena o[ ‘eBiey arueiseq esoua8ta eun wauan anb sorenu0D ofeq texaua8 of 10d uefeqen sopeatdura soy X sesaidura sey “epeo J 9p BAIN &| ap [eoNsdA epeDs9 eI a1qos epEruds jj anb aarp wewmpatay -ozmyd oF47] v& 01102 9 sonuny ‘owuoid tei ‘oduson oysnus iod reueSua apond s9j 9s ou saropefeqesn so] ¥ ouro> ‘oBsequia wg ‘sosopefeqen spur reresuoD v ead eK so anb eiuano asrep ua uepaei soropefeqen so} xa eun ap sandsaq ‘sorstoadurt 3 501 -stp ] o1fe sod zesed ua onstsuo> s ‘sora1d 9p [241 ssns aiuauiajdunis -aiazid opunus [2 opor tg ‘uers0durt sesasdios se] ojos anbsod “(07 on onduceep & upirnfs, -ejd ofie] © 49s e wapuan sajemzenuo> sopzanze sot apuop ‘ofeqen ured) jeuywou epueutap ej U9 soja 1dxa apand 9s 053 1 sex9fa0" e anb -oze[d o1109 e oa{duiasap fa aonpar as ugI2e| 2muaxodo wrouapuas e] zeo1dxo ered ajqesa sduuya ap eaimo wun 19u -odns ap pepisa2su Key ON “19usty 9p sISIIEUE [ap EALIOp 9s eUIAIG -oxd 2389 ap uewrpatsy vp anb ugrseayidxe ry uoupeuy 2p wpeoondig eur eqepue ofe anb ia o1ad or -eo1puts so] saouoius 10d uesuat anb ezsang ey ‘ojdurafs 10d ‘reBny K ‘ouawour epe> ap sojeisadsa seonspiatzese> se] ivan us opuarun swsargdiq e renoape exed sowuarur soysnur uossi1y ag “43991 iquieosa1ut orsandins fo ‘opeBay! eq woo 50] unSag ‘o1und {a eqanud e gnawos eotrdurs uorseBnsaaut eT sdygua 2p aiduns eaino eT y emmy “34 eoted wna en04 wouoaunin sewn ‘odwon op ossnosuen jo v0 ondcay £ uoronfy oor eopents a]q15 -odurr so anb este seypnur Key anbsod “12 apand as ou anb oajduiasop ap opes o11a19 vaqey arduiais ‘oBsequia ui “somuapya ‘Symi 0 sousut eas sope2saur soy anb opuaroey oa[durasap ap [em “eu sei &1 sefeg 0 a1qns ap seoede> 198 uapand sopesaxaiut so} sop 101 exoua$ ug ‘2[qeiayeut 9 oo1uN 19s aqop o2[durasap ap [pat [> ‘siuaurepressoau ou os2g ‘oajdurasap ap sofexmonnso.soiuany spur seyphus fey ‘pepiqeas ug ‘ofeqen ap opeoiout [9 ua safetorses0 sax0s +8960 0 ssitapooxe & ren] Uep sauOIEMONY seyDIp ‘epuEMTdp ef A u12Yo e] 9p souo!>IpUgD se] UP asep> eNO ap A-eperoduia ap 49s Up ond anb ssuopemony Aeqy “epuewtap ed soum1.ou wapand sape} ey sns anb ap euano asiep exed odwon ueysooou seuosad se] ‘sep ered asrensorpe A sopeprmasodo seaonu se] Uys apuyp UD 199 +28 ered odinai ouap ap uasonbax saxopefeqen sor “oaydura ap sitourestmuRsys reiqures spend as on -sopexmionnse souofpoay10d ‘Seapemadxo spy iod epeiuouine sdiyiyd 9p tang g emg "eoneya seen wuetoumun :auany © Opiqap eyuiouov9 e] susWITeuELOU Eorqn.as feno e| Ua afd > swasap ap ese) ey siuasaidas anb apuaiaid as o19g ‘opipuaius jeu Anus ordasu09 un sa oajdurasap ap ermeu ese ef ‘oBrequia Ug “exope8ey -By peprtiqisod eun sa ou eso ‘upireyursodyy e] eoxueoe anb susp “a9 sasisesop So} sopeqy“aiueIsuoD UoTDeIDIaDe Ua UODEYUL ap sts6p a8pxa , fermen, esei ns eurey| weurpatig anb of 3p ofeqap od oard. -tio [p sel ap oruaiuy jp anb exouew aq -oduion seus sod seuosiad se] © seue8u9 ered uoreyur ap sopuesd spur & seu sisop ueyE)I59 94 ag "s9[ea4 ‘sofeuornansut seziany sep sod epeuunarap ,emeU,, se1 Ns B yrDAjOA, oa[du [9 soruaurtaiuoDe so] uepuaidwoD out -09 quod yea oad ‘jesoduiar osinduit un zep eqxpod ‘seuosiad se] 8 aqusuieioduzay opueueSua ‘emauou: ugisuedxa op sisop eu, ofeqen. ap epuewiap e| 4 eisaj0 ve] f oajduia ap seonstod sey ‘sop -¥>10u1 $9] 9p ugpesado e| uos our0s ‘so7ve4 sezi9Ty ap UO!DUNS $0 oajduiasap 1g,‘99jdurosop ap jaatu [a :yeo1 praruBew eun so anb of, ‘ua;soiquites uas9u98 (os9UIp-op [eulWIOU PepAuED e] ose> arsa Ua) sayeujwou sopnauBeur se] up soptiinso soiqureo sot anb eBey anb *eB12] e[ © sousut oj tod ‘e1ze1auoUr uoIsny! ey Ou ‘ueMIpaLAy eed yJeangen esey e] ap sisaiodyy an 2A 59 15 0 piusueanefon pu so is $9 uempary esed jd 9P eaino vuin osseurey] espod anb oj upsezen ugye2iqn 2p sajqisod sound sosa ap sooinpwpo% soxe8n] $07 ‘oajduzasap ap jaatu oaonu un yatBing “so1saad 9p [ex -9u198 oqusumne op ‘souour of rod ‘sured wun euan> us eUIO} 35 ex “oye anbicd ‘ouenfp nia0y oxmidsap as vaio v| “UeLeA souOistAaad Sef Shb eprpaui e ‘oBrequia urs ‘Jeameu jaatu ns anb efeq sput o9jduas -9p'9p eel eun uod earn eI ap o1und un uo asse2iqn e sopeajduia A.sesaiduia@ yxpnpu epep ugpeguy ap ese eup “(g ein8y) od Wop [pp Osmnosuen jp Ua sduytyg ap eAino e 9p syuapuddse OUST 9) U9 $9 O83200d Jo 19a ap eLauEWT ENC, “oxapeanp orquiesiaiuy un ansixa apand ou ‘oyousuen opis ey aajduasop ¢ ugiaeyut an “la o1qureasaiui 1 eaino ej 10d uapuarose sorsaud soy anb epipaut ® aquautessnu aanpas 25 oajdurs [> 4 sorsaad 9p somuauune souming 50] 9p up}pewinse ns ue>ytpour ‘opertnses ow1o ‘s9yes5Ua8 UOs $019 oid ap sqquuine soy anb equano aszep sod ueqese soured sequre ‘od ondussep ( goofy + aH -ns peptunas 4 ezonbu woo eun o jtaput aivauTEuIns euOKODS uN oysoy ap sey 1u8ks opand oajduasap ap fant owe uA “eansfod ap sojqettea se] ap epensape eau: eun pias asdurays ou ower 10d soUtuIo feuds eun so a1durays ou o9pdurasap [2 anb ‘ueusparg 29 ap ‘sepioza1 aqop as ou9g “safeunmou sepnyusew se] U2 soptLN20 so} ap ej ‘fe19U98 opou: ap ‘ou oxad ‘sopeszat sol ap year ex -mpnuisa ej u9 soptnso sorquied soj ap eDuaNGuT e BLN “oad wo ono K oun anus sefeqen uis oduion spur orpaword uo uesed seuosiad se anb epipact e arqns & oprpuai ey seiusioa1 soue uD X “sojeuureuzaqnd seonyjod sey exsondsas ua Eyre A “9Qocougut ame -suoo eun s9 ou o9{duiasop ap ferment ese eT 's9 anb of 10d assap -suaqua aqap fermen esn e| ap sismodiy ej aonb exoueut jer oq “oz6t 4 0961 ap sepeogp sej u2 OuLo> uopeLu! eun sa a{qeqosd spur operinsox [p ‘tesoaoud of anb sofeor sa101983 soto soy K Ofeqen ap eziaTy eI 2p pepiytaourut e| ‘sapesmionnsa sepuatoyap sey opueofour ap 123 ‘nj ua ‘SoLeiouoU sosindiut awuerpour sajaatu Sosa ap ofeqap 10d Anut o2jdurasap [2 s}onpas ap weren sousaiqo8 soy opueny ,"o1t91> sod $195 [9 0 OoUID [pp aiusuIa|qeqosd sa ‘uoLIpaUT ap a1U9195 “ap opoigur un eajdwo as apuop ‘sopiun sopeisg so} exed ‘ouaurep sewrxorde ouat2 sod sop ap $9 oprug outay [2 aed fesnreu ese EL anb optrafins uey sooisydusa sorpmisa so7{“ofeq jaatt: un e o2fduzas “2p ap sei e] JouaIUEM ap OpuEIEN UODELUL 9p scaiseux sajanitt auiinoax ¥ sopeBtigo orsta uey as soansiod soy gnb sod anbsydxo (os9 z9n [er & seypoy seiso rod a1uaurjepuesqns uarqure opiqns vey ‘oajdurasop ap reammeu eser vy anb a{qeqozd Anu s2 anb opout ap :99 -tidnp 2s seo QQ61 2p o1u929p [ap soumNN soj U2 A soue soy ap os1n9 -suen jo uo fesueisqns ojusumTe un opessoU ey UOTES Es "OAND}2 ‘osoiBul [op orpoword [p anua oprpiatp oajdurasap 10d erpou ugroes -uaduioo ap [aatu [p $9 ugzex wsa ‘sayesouad sourup) tg “TeI208 pep -tngas { epuarsise ap seonsypersa sey ap ,o1yauIg ap UOTE, EL 59 aiusurunuioa epesn eprpaur wud «,fermeu wsen,, ef $9 [end TeUTTISD dp teen ap uy f2 VoD oajduiasap ap sesneo sei ap sortadura sorp sms opeziqear uey sersqurouore sote , “so21sod € soazpad somzedsy ‘oajduiasap ap yesmueu sei ej eruanzasu09 10d K ugp>ty ap esned esa soNpos UELIpod epta ap o1s09 fe SOpeZIpUE ‘uso anb sourepes ap somuaauoD so] o o1100 spur ozeid & SoLENtOD S07] “sojgistuniad sajparu e pron eurmige ns setats exed sazopefeqen ss ap osauine {2 s19npaz anb uesluar sorsesasdura soy anb ap o8sa14 [9 is onydussep 6 uoreyiey 2151x9 anb uesyduy sa1osia sopuesd soy “saroz19 teiaui0> anb 34q eqosd spur 4 o[8a.se un e eBoy gas [OyIp spur “eImny uorreyUT e1 9p Jaatu [a seonsouord ap xe1EN e e21pap anb ueBun oduian spur sexiuayyy :souoned so] exed sorsoo eotiduir owe un ap sovearoiu ¥ [e1aua8 of sod used as soeyes ap sorenuoD soj anb ap oy>ay [2 ‘opuaigns upisa sorsasd soj opuend ‘outanxa ono [9 ug “soLefes 2p woanpas euin waidare anb sexZo] apand ou ¢s sozopefeqen sns ap soundje e srpadsap anb auan opua esauduia eup, -orseyes ns wafeqas soj anb eisn3 sa] ou seuosiad se © ‘uexefeq sorsaud soy anbune ‘uafeq anb trayp Anu so soxsefes sof “orsta ey 9s 24 owod ‘oaduiasap ap [eameu ese e| ua oYDnUT AINg uy apand souopes soy wolf 9s tono yo apuvipow oporgus fo uzIqute “sayerous8 seazio se{ atqns uaoey & sopotsad sof] ‘aiuesnp sopeatduiasap ap seisty se] Ua sa2aq e uasaueUtsad ‘nuaInd 1su09 Jog ‘ofeqen sata ap ugisaid exapepsaa eun s1sgns uys soajd wo Inuo osopuyzeidsap ‘sayinow spur x95 © uapuan anb exoueu ap ‘eyyures ns exed ued jo suauedisurd ueueS souatnd uos ou soj{9 9p soyanyy o1Daj9 un uaIqurer oonposd as ofeqean op ezxaNY eI © wesosBur sousnof sexopofogou so & soxfnw soy anb us EpIpaU Y “aiuany eso 10d operous8 oajdurasap ap [aatu [> vi9s one seu A 9 ap uaypoaoude as seuosiad se] anb pepriiqeqoad spur Key ‘oaydianas ap ap oandas [9 vas osorsuad seus senuatyy “sa1uaingisuod so| 9p senso e ,sauorse2ea, seiso> eun asseutor e ono ¥ o3jduia un ap uvsed as anb seuosiod se] © x1onpur apand exsey A opeajdurasap re 9 ap 01809 [9 sonpay ‘oajduia 1eosnq ered seuosiad $e] wewtor os ‘anb oduran [a e8uojoad anb ‘oonyjod jonuod jap onuap auourers {qo ‘101085 oslo $0 o2ydussep zp asndes (x ‘svuasoid s9j as'oub oafdwa souid [p' reidaze e sopeuyfout spur tpsnuas as K sauorsayoud sis ‘ug1onpaz eumod us sozopefegen soy ‘saiiou1p uds soduran soy ‘opueng ‘ueidade anb so] & oadsai seansajas seur uos & soajdua soxanu se9snq exed’ oduion seu weuor as seuosiad sei ‘pepuied soad ap oduran wg ‘oftqou op uviquios seuossad set anb auauraqeq -o1d s9 ‘oBrequio urs ‘oajdiuiasap fap sajedioutid sesné> seq (orund ‘11919 easey) [Datu ns se>1y:pout uapand seontjod sei owo> ap A tex -myeu eser vj a8ins ou1g9 ap so|durafy sounBje 2130 ueMpatsy 29 "pepytAout ef 2p s01s09 soy “eago ap oue ap pepiiqiuodsip 4 sdruezes 21qos uoreuLiosUt 49Ua1 .qo 2p 01809 [> ‘Se11940 se] A sepuEUIap Sef Dp EDNSEDCISD PepYqeLTER ‘opeosaw fap ssuors29}s9dw se] opuanpout ‘sorsnpoud ap sope> -19UL So} 9p sayeim anise seaNstaDeLeD se] ap apuadap jesmneU eset e| onduaiep & wroyiay senuatyy sosrang sopsord so] ua seottqnd seonsfod se] ap 019959 jap > 4908 SeL0a1 weUls0j 2s owtio1d anb { oduton oysnun aiueanp sepeLres uo 198 wapand ou seuosiad se anb ap ex2uoai9 ¥ UOD aruanoestt0> 498 soared uoereduioo eisg “so1oaid so] 9p pepitiqerss vorpuy euion “sti eno janbe us anb ugreyut e] & oped syed 9 ua [eonsaa spur $9 ozeid ovsoo e sdiqiya 9p eaino v7 ‘suouuolsaiue s2]qE189 opts ‘uty sojperd soy apuop sojjanbe ua anb auawepidys sew asieisnfe usaared seaneioadxo sey ‘2jqeisea & exe opis ey uorELJUt e[ puOp sasred so] uo ‘ojdurafo 10g “srusurensoigg ueisorptueur as aonb ‘ues “patty ao4p ‘sound soungje Aey o1aq “seaneisodxa se] euruuaiap anb osa201d [2 opuoy e seu piopuaius 9s ‘ooudw ofeqen spur aot{eas 9 onb epipaur & { eiouapiaa e] epor suan 9s ot ‘oSrequia ing , or OPEUTULIAIED fon qu un e asieisnfe v eajana oajdurasap jo anb e ersuspuay eun spun 2uoseoeu key ou anb ueBoje sonts> so{ anb wioueur ap ‘uorseyur ‘anny e{ aruourersaxz09 & tei01 soaaad euanBart amb a{qeqosdu 59 oxad ‘oaming re o1sadsaz sey16an seidoud sns aszeuz03 uatq Art ap -and seuosiod sey aussutato> Anu s9 ou einasod eisa“so¥soud $0] 2 soanary sowuvune soy ap 2ouv2ye fo ayusureuatd se. optiataard ‘suaureipeiio> aoey of & euerpnod epta ej uo eo4ide sel 4, eidaoe se] opunut f9 opp dnb outs ‘se1391109 u0s sopsaad soy { oxattp [op vo199e ueuipazsy ap sezs0a1 sey anb a1918ns O[9.aN “esopino aiusuE B19pepi9a 59 v>ti99 eimsod wis9 0194 ‘oa[dwiasap ap yermaeu eset 2 © iusureaonu asseisnfe a>ey saq anb of $9 O89 A EAMG HOEY “Uf e| arusuesarua.s9daad uesaIl seuossod sey ‘fear esaad.os e] or so1paad so] 2p soaminy sowiouine so] & o1sadsax seanneizadx>'sns wewti0y seuosiod se anb auras aooreg “eapp> dood aynsos esmasod edod-ris-anb 2384 & siqeruaurey 9 orsg onstpersa.o e>xI99 pepiteiored ap 2441 _ #2189 164 exoppyspes 2 anb seaneadxa sey ueuz03 96 o1t199 9p 24 om Faond Gun sagyo sou.ou wewpayag ‘siuourepeuniojesog “(so10piaue se] anb sopoazye sie 021duzsep op séses se:9u98.e wapuon uoDeUt ap ‘saua{9219 sisop anb opuesyduyy) eansspd.ayuaypuad uoo eisey2aa fer A (tema seu esti e] ap Sisaiodiy ey opueuziyuc2) jeonsaa etary anb aiqeqosd $301 oxpnur so ‘oppgnf ns y “epeounuosd anbune ‘eaqreou arusrpuod ‘uf oze[d oB fe] ap taino ej anb,rouodns anb sorainford usuanuos & ‘Sepenospeut tos seaneizadua sp] ueutioy 95 oWi99 9p eaxaze salto “3162'seqi00) Se] anb donpe ueuparsg ox9g ‘Teanz9A jee 0 [eo;s94'91 ansdx ofeid ‘O8ze] ap sditttyd ap, earn. epanb aoey ezajans esq sit endusrep wpenfay ‘souomepoSau sns uo e1purisunosia wis9 upresodioout ‘woyuiguos9 vonsfod ef ap esnea sod paesajaoe 9s uoIseyUT e] anb ap ugIsn[aUOD BI v UeBaIy 1g “OUNTK -oad [9 9 z9pod upsadsa anb of ours ‘uoDegut ee opiqap JoLZue our [9 uosotpiod anb of o19s ou uel>yar anb sourepes, soaanu ue -o8au ‘o{diual> 10d ‘sazopefeqen 807 ‘oarang fo ua sopaxd so] 2p 07 “uauine ap ounts [9 roaaad ap_eren A sootuiguoda soruaturauTe ‘$61 K seonsjod sey aaqos wists ap sorund sns exodioout ‘sopesed gar ou2,5n5 ap apuarde o2ignd [2 ‘orsa anb seur ‘oxod, ‘nusureM2e 2 opusiqns, uyiss, 50159 is sorsaad so] ap. sourany sovuquine uot odio seuogiod se] anb ajquqoad s2,‘s1uewens219 ‘sorsaid soy ap sex an IBA $¥[ ap Lo199e svaneivadxa se[ & OBa]] 24 OULQ2 2p ‘gpuadap ugieiaidiaiut ns aiuerisouossap aquaureuins $9 Brouapias &7 y tesaeu ere e| ap stsaiodry ey swoyti9A wxed sopez “ye5s s0qtadua soru2yut soj uD oypaysnes piso ou weMIpatry O19g wpuapua 4 seanisedag “érquewt eno op o2jdizasap (9 s1onpas euaut 1s epeuatio feu pres> Yortitguoza eonyod e ‘anbyipouit as pniruBeur vf anb sousu e ‘x, oe roaidusasop 9p qeameu tree] seiquie> gnb 10d ausn ow cower sod X sajesoqer soresiuos so] ap sauor:puOD Se 8 HOLDEIAP tw ‘oleqen 2p sopessout sol ap euaioya ‘soqear so1saya soundye jtonpoad eupod, anbune 1O}EYUL ap epeaa|a ese eun anb orsand ueuparss.a21p ‘sope> nbs auswaiqeyuourey uers> oopduiasap [9 PxeLalTe UOIDzyU ap ‘sigop eun anb oisondns ury A seonyjod set uaoey sauaing) “jesmeu "Ree nse sur zaa eun prezitiqeiso as oa[duiasap [2 4 auaureaanu FACULIGE 95 EatWOUODa peprfeas e| ‘uaysnfe as.seaneizadxo sey anb.ep {Apou e ‘orod toduion ouos un sod oajduip ja paeinuansa onb peiod ‘surg a8tte yn.e reBny rep f oze[d ono v o1aJ2 UNBle UIUIN.O1DUIP 2p pepnues ef us sorquies so7 “oajdurosap ap & oajduio ap JaAtt > “uvaippap anb sey sequano ap jeuy eupias sopeas seziany sesg. - pai ee o'sinBas woo uoiaipnd anb oafuis soutid [9 yoseidaze seuossod sey & OUIP LosdTy sodiuion $0) fend ej wa euN o,epeZio; UGFEUET “Sp tyurouove eu e sopyodsoxi03 eypod ‘used eno 0d ‘gajdusa 2p opepa|> Aut aoxpus Uf} “sitiasard saj.as anb oajdura sound, 19 aeidage’e sepeBtiqo wears as ou seuosiod set anb ered sauspy educrey Cugomfay ast ‘aisnfe ap osaz0xd [2 eiowep [end of ‘uoreuLLOpUE e| LauaGO PLed susInbax as and od ~wan [op eista wa sotdaid ap sotqute> soj ap orsadsa4 uod uesenias a6 soisaid ap s32:putr so ex9ua8 oj 10d anbiod ‘2iqeqoud seut of 50 ‘ournjn ois “o2jdurasop seur & xe8x4 rep apand asnfe ja ua ezuepses e| ‘eno e{ 164 ‘epueulap x] ap sorqure> X soruatutaout sof e arqistias spur 89s ofeqen ap openiour ja anb 1994 uapand so1io seut soven -402 80°] “ugio0auIp jos eun us Opor vas feImeU ese e| Ua opionp oad o13aj2 [9 anb ounSas so exaueur eunuu ap anbunte ‘sajeioqey, soyento9 so} ap eumndo woresnp e| eui0se pepyrnejoa soceut ef ‘a1 sed eum 10g ‘oajdurasap ap feamet ser ey srqns aoey aiquinprssour so anb ua saiuaiaytp sezaueu sop dey anb midaoe uewipatig -oagns o9jduro jo A ajqeqoad ee ey p98 tpro © o1sedsex aaquinpnis9 -uy wei efsuanoestio sod fepy “epeaay & [nels aapana 98 wOEGUE 1 & oqureu [2 apaaid eonyjod eq “seatwatidns exed woregur seul esa -epor tepuewap £ uorszenuoD e| ap serouansasuo> saiqepessesap se] uesuaseid 35 tigisenunuos y “eprouauod sod soruaius ap opeu sedwoor va ‘oBiequia us ‘u1oeyut ap opriqerso up “seanstod sepip ow seato'sey ap diuaturedorouny A ugiodope e| ap apuadop orsexs Jaagunis onb fei exaitett 9p topeiaqyiap oanafgo uri outo> ou ‘sean, od stand srs op visuansesuos owos epesayo ugIseyUt eUt soNpod e uueuyfour 2s sous91908 so7 “sas © apuan aiquises seu ‘ugDeyUT ap vese1 &[ ¥as ene spur senuaiyy “o9jduiasap ap [aay owe UN OD HID -ose 25 uo.peyut ap seser seie se] anb exed ‘weurpausy a01p ‘oueuiod wy ugzes eun s9_UorDeYut ap ese x] ap PEPIINEIOA eT poPHTTIOA 9x 39PtHQ sopeisg soy U9 sexs908 asnUD oprpussduio oposred ja arusure>yun opuemdaoxa ‘eaneBaur ou ‘ea sod a1uatpuad yspunr (opiun ourDy [ap 9 Ua soue g'Z'2p & sopIU, sopeisg sol ap oge> [9 ua soue sop ap uos o1pautord owoD anb oj +p Snsanu ap sasej se ouro> seBae] uer oduioni ap sopeprun e a12y71 298 sub’ oy sod sousus ye) sda ap eain> e] ‘opuansixo e8is genus ‘aueysgo ou ‘orad ‘auspussdios 29 -oued 2] ors ‘oueus Bj ap opt wey sarua}ro19 oajduasap [> A uorDEls -ur e| ‘saiueyiodun sasjed sounSye uo sousu: fe ‘nb siuaueyaiqe ua1218ins soiep so] anb ap ugisnyouoo e{ e eBay] ueuIpatsy osod ea -upsou A sepnp dey ‘iuauipesmeN “eprpau waustur e[ ua OpINuIUIStD ey o9jdwe [2 4 e412 € saunurut onfana Uey as seaneizadxa se] Uo! Yur B| ap eu!>1psut | Opeqoad ey 9s onb.epipaus v ‘opour O10 9p oupig “eanssod aiuoypuad oam aiuejape. ua ye ap ‘sousui © spt ss onduasep § upp £961 4 gc61 snus ‘sarueriodux sews sopeztiernsnpui sassed soy ap ep2 -okeur e| ap oseo [9 Ua eaneau a1uorpuad aam Bain ej arg 1s anb squaurezep uaraiBns sorep soj anb a01p 4 elle syul etaepor eA ueUE Pais g‘eanisod aiuatpuad tua apand 4 jeonsaa souaui of sod s9 o7ed oBse} ap sdatyg ap eaino e] anb ap wiouapiaa sqey 29 vexed aiusumeuai oxad ‘soperjnsas soy seiaiduaiuy uaqap as-euro> ap easade serssaonuod seysnut KeH o>iBo[oporaus anbostia ns woo ‘iuan2asuo> pminve ns ‘ouauiouys {9 asx1onpord eLupod owgo sp” eouape sessoat sajduiis us anb uarq spur ,;'sootardura soperjnsos U2 opeseg piso uewpariy ap orsinf ja ‘oBrequia ls ‘spur zon eu, ‘eantsod a1uarpuad uoo eaino euin.ap pepitiqegoid ef redaoe sod oqrar ‘oduron ood ua ‘o1ad ‘wonepossy s1mo0uoog ueDLIaMIY | NUE L9gT ap LODE -asip'ns up oasandoid eiqey oj ousoo “eBe] B® [eati9n 59 easn9 e nb, ap vapt bj © eqisaye as A pepiiqisod eisa ap aiuauraitoptAa EQEPRP ‘SLE U2 tsAepor ‘oajduasop rokeu UN e LeSTy ueLep'UoL -eyut ap snusra sisop sej anb exaueur ap aruswontjisod epeutf> < sur geisa apand.onb ours ‘jeonisaq aiuaurestoaid 198 ou epand-ozejdi'” o8se] e sdytiyg ap eaino e anb ap pepitiqisod e| seidose e seu op -BuyppUY ey 2s ,,'SaIUD!OVX pu seiqo sns UD ‘UeUIpatEg UpIquIE T “ “suourei 83s ‘oj1e10adwis anb seu grey ou uoDeyut 9p sisop eun "oad -wiasop [2 seyatfe 9p solo] ‘o2pdurasop [ap aa1pus [9 s1qns pati Osa 4 ‘ouniny [2 o1adsaa.axquinprisa9u &| 10d sepesne> ‘epuewsap ef k ‘eui9jo e] anita set>uepsoasip ardauresnBas exqeyy soho anb a1i9W -epidps seu uzatqns sounSje anb.oanBas 1se9:s9 opuens opor 3140s ‘sopsaad so] 9p soiuauine sof atuaurersosi0> ueanosd ou seuosiad set anb ajqisod Anut so-anb uesstp woersne eens ef ap"soon 429/307] ‘2}qeqoidury Anus sa o1so o19q ‘sopea12ur so] ap [ea4 oUUstU -eo0u 9 10d opeunusaiap oajdurasap ap [exnved vsea e| e.omtiel tod cueasale 2s szpoas sapmatuBeus se] e a1uaurescun dapuodsas ‘so1said: so] ap oxtuny {2:2yuaun;721409 ugaaid seuosiad sey anb £ uapdurns‘as seanmizedxo se] sepoi anb eoyidut anb ap opniuas [9 u> epesiitio #> “oa 2s 24 ouro> ‘[eoniaa so sdyjuyg ap esino B anb ap ordaouos 1 eeanysod ayasqpuad woo sdyqityd 9p vain eur? vesaadios 10d seyrewor sopeptioine se] © aiuauatuasede exnsas [PIP spuL ‘ses neisadxa ap ase bs2 asieutos exed seuosiod sey teas so[iquy set oxyde © spe vat 1201p oso 4oq “semnsnp uy seano u2 o9jdwia [9 & sotse[es so] ap uoronpos eum ap 0 oajdw> ‘ap sofeq sput sojaatu ap viso> e 39s gxpod o[9s oso eBue] eB] e ord “souquiatur sordoad sns exed sorreyes soxofou xes80] uapand sauiany soreotpurs soj anb pepian sq “Sore syur soLeyes so] souaIs0s UEP -and as anb exed aiaioyns epuewiap eswouoss ey ua puqey ou ‘oad -wosap ap off 0 souiejes so] ap ugPonpas esis key ou 1g “sofeq sy soueres o o9dwasap [2 aidase aub eaed odnud ono unsie & wuolsaid as 1s odnuB un exed sauaisos upspod as o19s o2jduzasap ‘ups sore seul so1zejes so ‘sopaid 9p a[qeiso [atu uN UoD “orunfuo9 ‘ue peprunwios e 9p asopuyien ‘uempariy 201p ‘ose> opor ug «x U9}DEU 9p saqqisod sovuany sexsea pss] -tuos onb eisttenjd Anus ffz091 en yas ‘ofnposd x] anb ojjanbe ous ‘oxbutp ap e1i3jo | 2p uopepride e] ou uo!seiapisud> ua euiON UIE, say e| 3p e031 eum js onb eioueut aq ‘sazeBiny { so.uawiow sa1UDI9]Ip ua sovunstp Anu opis uey e1zerauour upisuedxa x] ap sosapepian s9u 2810 507 ‘soouipisty smuapaoaiue so] ap exey> AnuE ey[nsa4 es09 Cup) iUp!oeyUT eI 9p a]qeuozes 2001 Eun rei0gey> 2]qIsoduny 1se9 s9 “ous219Q03 [ap souOTSTDap se| 2agos sepraiofo seonstod suorsozd se| xexapisuo> ¥ uezuatuioD as anb zea eun ‘anb esuaid uewiparig ‘ousoigo8 [2 uo oumin ouNIN ua opuatesa: anSis pepytqesuodsas x] ‘setreuojeyut septpaut 1e -dlope x sousaiqo8 so] & ou o uon8q0 sowworpurs soj anb atuauramuonp suadapur 9 ‘ous2iqo8 fap uo1sse | so UO!DEYUT e| 9p euauTEpUNy ‘¥sne9 e] ‘SoieoIpuIs so] ap ¥21998 sT>ep onb ovod suan ueUIpSLIE scyeoqpuys 501 sJonuod ap sopeBayenxa seziony wes sng 28K sosinoaz so] ap uotonqunstp £ uorseuBise ey w2 souo|siONsIp uoonponu 9s susueInyMAISIS ‘seLEUOPEyUUE seonsjod se -uawut 9p pepitiqisod e] sonpad as ‘uiqns asa1ed ou s9fe1>Yo S019 -2ad soy ouoo ‘uaiqu ‘anb ouys sopeurpiov> owsjues9u UN ap ‘eyuzouo29 ej e eatid ojgs ou eprurtidas upfoeyuT e| aonb osep> sq ‘sopruiodu soinonie ap epurewiap e] J9usTuOD & [euoDeN UO -onpord e] souaeut sod ozianyso un ua ‘ugroeuodu ap ,soureiuny -04,, sotuaato2 4 oxaftrenxa [ap soinspidura so] e sanquny ‘seistum so 8 souo[saou00 ‘souopenroduny se] © ssuOHOENSaL ‘sexi SuEIpout ast enduasee 6 upporfay ols1onpax openuaiuy wey sarueriodux sasyed s07{ -owappasd o9ue]q un aidwiays opis ey soriarxa ofszau0> [¥ ‘s09tS s9fosittO> sono A oruayureuoroes je suuinoes anb viqey ‘sosinoos so] xeuise ap zede so ou Sopaud ap euraisis [9 15 ‘ses00 seno ap fomuoD sokeus un 1BIx9 e-rapuon anb s9 soiszid ap sajonuoo so] 2p e1auaIayap eNO px'A9NU 9p 2IWDUTEIIa1I09 exeUOIDUNy so1aid ap euraisis [9 anb snyussad ap oraqo operjnsas [9 ours ‘uEWIaTe OWS -U! [9p ofuownsar un ory ON eUEUIOTY Ua ODIWIOUODd oAseIU [> zezuaut09 opnd soi2axd ap sajomuo> so] ap eunuadas uorseuruni> e{ Wop aquauiestug, “aqns oajduiasap ap fermen esea ef A saiua|s019 sauorsou33 10d sopeisaye uaa as sopeosaur sor] ‘21qi eqeiso optren> PRY Of Owo> ‘uoreULOsUL TeofUNWIOD ap efop { seqen 9p ase esa uauod a] 9s opuens asreitiiqap & ezua{wo9 ‘oBrequta UIs ‘ 2d ap euraisis 1g ‘so1said sordoad sns sofeq ueBuauew onb exed sopeuorsaud uos aauawiyeamen ¢ ‘sesoueosou! 9p pepotiea ues8 eum 9p szopapuaa { sosornposd ugiqure: uos ‘ueupatig 291p ‘somstut sous21qo8 S07 “sopard so} ap sajontios A souorsoqnsox ap spaen enor o[ 10d ‘uesznpax 35 0 saiteisuos ueSuoyueut 2s so1sa4d so] anb ered sowayurewrey| © xeSny wep upPegUt ap sese see se] somaud 9p sajonuod so] 9p o12aja [9 s9 o9jdurasop seu wo opnudut e ep epose ekea up!seyut eye ej anb ap uozes eNO “vpiusides urvoyay ar TRMUDA UOPIIsod ns B-s9ajoa ® propuns ozeid ose] op sduijryq ap Baino ey ‘seDuEIsUND AD soper uy “ousoiqoS a 10d sowsandust soxsees { sormaad ap say -Onuod so] sxpnja vied soporgur ugnBing “sopeurtrou anb waiq sput se|vax sorsaid ap sourunsy: u> sopesasdxa ‘stoop $9 ‘sopeziput upr -219 sorreyes'so] A sorennuo> so7] “uo!eyuT PI e auaUTEDHyWOINE as -aeisnfe exed soporgu upsejousesap 9s ‘nz{oa { wife s9 wO!DeLFUL anb ua sepurisunos> uo anb ‘ofrequio wis ‘esuatd uempary “osonsesap so eUD!Y9 eI ‘u9 { pepranonposd ef ua o1sayo 1g “sesoueosous seiquieaso1Ut 9p UE IP 409 ‘onbanun [2 zod o ‘exerauou: peprun eno sod eido ootjand > 4 trinuy aajana a sopsoad 2p euraists [2 ‘ouranxa ose un Ug 4, SEA -ponpoad sepepranoe se] us ePoua!>yous 9 so10419 © seBN] Up [NETO uoipeyur ef ‘uayn8ssu09 20g, z9pides uo> weysea anb sorpaud so 9p Osnyuoo opis jap sexe safeuas se] seredas [PoYIp sa sainejon wos soppaad soy & oxy je o1sadsax axqurapnsaour eyanen dey [eno 2 U9 uoPseguT Eun atTeINp o:od ‘uorEMLOFUL ueDtuNUTO> so;said S07] yakeqy sod opemoumop uatq opis ey 012259 opunBas [3 enbuss € umf ost fod sofour ey feumou osasSut jap o7eid o8.e; e au [> reADIIe apand ou eumatiow vonsjod e7 “uy aso exed exreiauow eonisfod e 4iesn ap tapi epor euopuege e1aqap as ‘S2(tex sauOLIMSUE 9 59x01 ‘5ej 20d opeutuzaiap "Texmeu eset ns & aruaurepeusxoade aomtqeiss 3s o9jduiasep [p anb vas o oonupine oajdue ouayd un sezuvoye eued anb sa eotssdusa etsuatiadxa visa ap eatiop as anb afesuous [3 goHeUIp -niansuo9 optpeBoup un e sejnuinss exed skew 794 eped'eSoxp ap Sisop en aioinbar 3§ owod ise vs[tudusy ase sep vard ugioeyur spur A ‘seus azatnbas as spndsap osad “(amupe oxenu un e eBosp 9p stsop ey ‘anbad eun owo>) ordiutad e osynduy un grep ugegut ap o20d un ‘eUNRIQUOW UO!DUDIEO? 9p ENLES EL ‘ap souSsjod soy ueansanun & yermeu ej € so1zajut da(durasap ap esti ‘un seo] ap o1uaiut [op uorrersaytueLr eum wosany LEI A O96L ap sepeagp sey ap sa1uedoye8 sauoreisut se ‘uewpatsg undag “epesajaoe Worreyut e| e zeBnj uep sepeonde sas je onb oj sod ‘oajdwa jap eisiumdo operseuiap ovueiq un e teunde ep suewap e| rensturupe eed seonsjod set anb exaueut aqq “oajdusas -2p 9p ,tesmneur ese, e[ $3 anb 0] ap afqanostput 2 esipazd epipaut eun- dey ou seany{éil se, uavey sauainb wed awaurepeumozes, aq ‘aurdo[e8 aiusuyeouaod ugregut eun ap e109 e380] 2p. cand 95 o[9¢ jesmieu eser ef ap equse seu oajduiz 1g “uorredoainba kun uoxory *,o3[duia ousid,, [2 ueasng anb ‘exianSsod ef ap seatur -guore seonifod sey ap erofets'e] saatiowu> ‘yeanz9A tse9 0 [eH so sdyiyg ap vaino ey 1s A erpa1i09 sa ueuasua sox0s39 so] anb ap. stsaiodiy ey 1s ‘onb s9 01s opor ap e2es as anb ugIsn|UOD ET “19 ‘somard K sourvjes ap soiuauine so] ap oajaded je sapuare exed “souminy so1> «ord soy seuunsa exed ‘sareuruiou soy ap sareas sorquied sof 4ynunstp eued ex8sou9 4 oduran snuaquy anb auan ooyqnd ja ‘uopeyut Eun, ug -oiso e UTILUI| 98 OU DEDUORDMYut vOnH}Od DUN ap 507502 $0] O43 ‘swuawaquersues wioparep as anb eanniadwo9 ugyojsod wun v K enjeaap 95 anb epauour eun 8 upiquie a1uagy uazey o2jdurssap [2 abiatfe ap opueren ugreTgut bf e Uasino93 anb sasyed soy ‘sIsLID $9 “oad sey untaa satumoys orquiw>'ap sodn sof anb'senuaiyy «-sestsip se] Ua S9{gen{aauy sists9 eB] ep ‘sofy Orquie> ap sodn so] o> conunf‘oa{dwuo ouayd ap wonsjod ey ‘sorerosouio seuorzoogydus se] utq tue) xeuoIUdUE 3qeD ,,"[891 OsoABut Ja exaINbIs wu to>jdusséop 2p ese) ef $9 of owo9 year priqufier edn refyj exed soreuruiou sarin, 6st oxfduowy 6 $Seut se] 9p jonuoo ap sapod ns sesn uapand ou seyersuow sapepit cone se] anb ausans fevaq 'sa{eax soimanuntsartio2e so} 10d soperoaze uos ojgsisaqeos sopminBeu seno < o3jduiasap op sajaattr soj anb seaytia(ti ‘sopedtwou sapmrusedr sey eaiwaureaup weisaye sepsenou. our sepipau se] ‘exey e] 4° DeuDrauaue uptsuadxe 0] ap opon2zpe anvalgo. ‘un 52 ou onduasep ap vouyod 2 anb sa ugiresy{durt epunSas e] uOIDNINISUY $9101 20j sono ap { oajdussap sod uoroesuaduio> ej ap ‘orajduioout od .won ap saopefeqen 2p osounu wes Jap wasta ua fermieu ws09 ow109 oajduwasop ap ese eun8ye seidaze anb auan as ‘seurapy “epueurop 2] 9p saiueiqures sauomed soi e aqqisod sofaus oj epuodsas ofeq sen ap oproiaut ja anb sa2e4 exed szjouotnrtsus soinjanasse $07 so[noysqo uuatuadns 9$ ts refeq apand ag -ofegen op opeoiour fo ua senuzysixa soy “a4 Sounympuod $e| wo auars{suod $9 an oajdusasop ap eser ¥| E-UaIG ‘spt 919491 ag -o9[duiasop ap ayqranpas ou owruru une e 219424 95 Ou . anb ‘uoisozdxa “feanted ese ns e 494[0n v aiduiais xopuar oayduiasep [9 sugroegut B| vas anb epidys sog “auauorsaisod oajdwasap. spur F ae8ny piep pepunBas uoo osad “orerpauity ormny fo ua oajdurasap [2 ‘fins anb srpadurt eupod eioye ap ugipeyur eT spuief opnsixe ey fu aisixa ou o3jduiasap A ug}oeyu aniuD ,o1quiesiaiU, orsandns [2 anb 9s aqap a1ueriodurt spur uor999q e[ O19 “aN1asUOD Soy HOLDELFUL uod wsurouona wun anb esed { soajduia spur eBuai eprustadap wut -owo29 vun anb exed sepenoape setiersuour seaniiod tatainbos 9g ‘sate [Sp se2es apand as ou oajduss jp anb s9puaiua avey 0159 po, seonyod ssuopesndury sug (oeyut aiaua8 as erouaroasu09 owoo & ,oafduza ouayd,, ap vanited wun eSusiuew anb ered ows2ig68 [9 wa sinygur uapand sove>;puIs so] “1apod spur zeue8 ap osaooud ja ua ‘onb ugiquies ayupe org sequazexo exed ezsary eunuyu auan ou fe>\purs s9pod ap mpep pep -nue> eum ‘o1zenuo> o| eazazed anbune ‘osaq “soatr7ja soreves 50] 2p ‘eamonunso e{ ua 4 ofegen ap e2iaty ep eamonns9 t| 42 Balstv9p BIT seu ap uoknqznuog “oa[duasap ap jermieu ese e| ap woDIsod ef seu yuuayep exed aruetiodust Anu jaded un weuaduaasap soie2ipus SOT onduasey €woeonfy ast \dura ueosng { ussayo sauamnb e usuodo yasqo sono & ugDeUIUILIISID eI ‘SOTEDID 1] Se] atwtrdns ua aistsu0> oajdwia seut sex8oy ered e> cngducsep ( uppofay oor

Vous aimerez peut-être aussi