1
kinh t vξ˜‚ mΓ΄
bn thξ˜‚ nξ˜ƒm
N. Gregory Mankiw
BΓ i ging cξ˜„a TS Phξ˜…m Thξ˜† Anh
pham.theanh@yahoo.com
(dξ˜‡ch vΓ  sa theo bΓ i ging cξ˜„a Ron Cronovich)
macro
Β© 2002 Worth Publishers, all rights reserved
CHξ˜ƒξ˜„NG 15
Nξ˜… ChΓ­nh Phξ˜†
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 1
Mξ˜‡c tiΓͺu cξ˜†a chξ˜ˆξ˜‰ng
Mξ˜‡c tiΓͺu cξ˜†a chξ˜ˆξ˜‰ng

ξ˜ξ˜‚ξ˜ƒξ˜„ξ˜…ξ˜†ξ˜„ξ˜‡ξ˜ˆξ˜‰ξ˜Šξ˜‹ξ˜„ξ˜‹ξ˜Œξ˜„ξ˜ξ˜Žξ˜ξ˜„ξ˜ξ˜ˆξ˜ξ˜‹ξ˜ˆξ˜„ξ˜‘ξ˜ˆξ˜Žξ˜„ξ˜’ξ˜“ξ˜”ξ˜„ξ˜•ξ˜–ξ˜„ξ˜—ξ˜‰ξ˜„
ξ˜—ξ˜˜ξ˜‹ξ˜ˆξ˜„ξ˜‹ξ˜™ξ˜„ξ˜•ξ˜šξ˜›ξ˜„ξ˜‡ξ˜ˆξ˜‰ξ˜Šξ˜‹ξ˜„ξ˜‹ξ˜Œξ˜„ξ˜ξ˜Žξ˜ξ˜„ξ˜ξ˜˜ξ˜ξ˜„ξ˜‹ξ˜œξ˜šξ˜ξ˜„ξ˜‡ξ˜ˆξ˜˜ξ˜

ξ˜ξ˜˜ξ˜ξ˜„ξ˜•ξ˜ξ˜‹ξ˜„ξ˜žξ˜Ÿξ˜„ ξ˜›!ξ˜‹ξ˜„ξ˜ξ˜‚ξ˜ξ˜‹ξ˜„ξ˜ž"ξ˜‹ξ˜„ξ˜žξ˜‰ξ˜„ #ξ˜‹$ξ˜„%&ξ˜…ξ˜„
'%ξ˜„ξ˜‹$&ξ˜‹ξ˜„ξ˜—ξ˜˜ξ˜ξ˜ˆ

ξ˜ξ˜‚ξ˜ξ˜‹ξ˜„ξ˜žξ˜›(ξ˜…ξ˜„%)ξ˜‚ξ˜ƒξ˜Ÿξ˜‹ξ˜„%*ξ˜‹$ξ˜„ξ˜•ξ˜–ξ˜„ξ˜ξ˜‚ξ˜ξ˜‹ξ˜„ξ˜žξ˜›(ξ˜…ξ˜„ξ˜ξ˜Žξ˜ξ˜„
+ξ˜›ξ˜ξ˜),ξ˜‰ξ˜„ξ˜•ξ˜Ÿξ˜„ξ˜‹ξ˜Œξ˜„ξ˜ξ˜ˆξ˜ξ˜‹ξ˜ˆξ˜„ξ˜‘ξ˜ˆξ˜Ž

ξ˜ξ˜˜ξ˜ξ˜„ξ˜‡ξ˜ˆξ˜ξ˜ξ˜„ξ˜-ξ˜‹ξ˜ˆξ˜„ξ˜‡ξ˜ˆξ˜˜ξ˜ξ˜„ξ˜ξ˜Žξ˜ξ˜„ξ˜‹ξ˜Œ
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 2
N chΓ­nh phξ˜‚ cξ˜‚a cΓ‘c nξ˜ƒξ˜„c trΓͺn thξ˜… giξ˜„i
N chΓ­nh phξ˜‚ cξ˜‚a cΓ‘c nξ˜ƒξ˜„c trΓͺn thξ˜… giξ˜„i
..
..
/ξ˜‰)%ξ˜‚$
/ξ˜‰)%ξ˜‚$
01
01
2ξ˜‰)3ξ˜ξ˜ƒ
2ξ˜‰)3ξ˜ξ˜ƒ
.4
.4
5)ξ˜ξ˜‹ξ˜6
5)ξ˜ξ˜‹ξ˜6
07
07
8ξ˜‚ξ˜—%) ξ˜›ξ˜
8ξ˜‚ξ˜—%) ξ˜›ξ˜
70
70
9:;:8:
9:;:8:
0<
0<
26%6) ξ˜ξ˜‹,ξ˜—
26%6) ξ˜ξ˜‹,ξ˜—
71
71
9:=:
9:=:
1>
1>
8ξ˜‚ξ˜—%)ξ˜›ξ˜
8ξ˜‚ξ˜—%)ξ˜›ξ˜
7<
7<
?6ξ˜‹ξ˜…ξ˜)ξ˜‡
?6ξ˜‹ξ˜…ξ˜)ξ˜‡
17
17
@6)ξ˜…ξ˜ξ˜‹ξ˜ƒ
@6)ξ˜…ξ˜ξ˜‹ξ˜ƒ
A>>
A>>
@)666
@)666
1B
1B
;36,6ξ˜‹
;36,6ξ˜‹
A>A
A>A
Cξ˜ξ˜‹ξ˜,
Cξ˜ξ˜‹ξ˜,
.A
.A
5ξ˜›ξ˜‹ ξ˜ξ˜‹,
5ξ˜›ξ˜‹ ξ˜ξ˜‹,
A>.
A>.
D6 $ξ˜›ξ˜‚ξ˜…
D6 $ξ˜›ξ˜‚ξ˜…
.E
.E
;ξ˜‘ξ˜ξ˜›ξ˜‹
;ξ˜‘ξ˜ξ˜›ξ˜‹
A>4
A>4
F% ξ˜ƒ
F% ξ˜ƒ
.1
.1
F)6 ξ˜ξ˜‹,
F)6 ξ˜ξ˜‹,
AAB
AAB
Gξ˜ξ˜‘ξ˜ξ˜‹
Gξ˜ξ˜‘ξ˜ξ˜‹
ξ˜ξ˜‚ξ˜ƒξ˜„ξ˜…
ξ˜ξ˜‚ξ˜ƒξ˜„ξ˜…
HIξ˜„
HIξ˜„@?/
@?/
J
J
ξ˜ξ˜†ξ˜‡ξ˜ˆ
ξ˜ξ˜†ξ˜‡ξ˜ˆ
ξ˜ξ˜‚ξ˜ƒξ˜„ξ˜…
ξ˜ξ˜‚ξ˜ƒξ˜„ξ˜…
HIξ˜„
HIξ˜„@?/
@?/
J
J
ξ˜ξ˜†ξ˜‡ξ˜ˆ
ξ˜ξ˜†ξ˜‡ξ˜ˆ
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 3
Tξ˜† suξ˜‡t N ChΓ­nh phξ˜‚
Tξ˜† suξ˜‡t N ChΓ­nh phξ˜‚ -
-GDP cξ˜‚a M
GDP cξ˜‚a M
CΓ‘ch mng Nξ˜‚i
chiξ˜ƒnThξ˜ƒ chiξ˜ƒn I
Thξ˜ƒ chiξ˜ƒn II
1.2
1
0.8
0.6
0.4
0.2
0
1791 1811 1831 1851 1871 1891 1911 1931 1951 1971 1991 2001
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 4
Thc t ξ˜‹ Mξ˜‚ trong nhng nm gn Òy
Thc t ξ˜‹ Mξ˜‚ trong nhng nm gn Òy
KLξ˜‚ξ˜„ξ˜‹ξ˜ˆMξ˜‹$ξ˜„ξ˜‹Nξ˜…ξ˜„AB4>ξ˜„ξ˜ξ˜ˆξ˜‰ξ˜„ξ˜ž"ξ˜‹ξ˜„ξ˜žLξ˜‚ξ˜„ξ˜‹ξ˜ˆMξ˜‹$ξ˜„ξ˜‹Nξ˜…ξ˜„ABB>
OPξ˜„ξ˜—ξ˜‚ξ˜%ξ˜„2Q@?/R 0.ξ˜”.Iξ˜„ξ˜‹Nξ˜… AB4>ξ˜”ξ˜„14ξ˜”BIξ˜„ξ˜‹Nξ˜… ABBE
?ξ˜‰ξ˜„+6$ξ˜ξ˜‹ξ˜„ξ˜S%ξ˜„$ξ˜›ξ˜Šξ˜…ξ˜„%ξ˜ˆξ˜‚"ξ˜”ξ˜„%Nξ˜‹$ξ˜„ξ˜ξ˜ˆξ˜›ξ˜„%ξ˜›!ξ˜‚ξ˜„ξ˜ξ˜‚*ξ˜ξ˜„ξ˜‘ξ˜ˆTξ˜‹$ξ˜„Uξ˜„
ξ˜ξ˜ˆξ˜‚ξ˜ƒ(ξ˜‹ξ˜„ξ˜ξ˜‚ξ˜ƒξ˜Ÿξ˜‹ξ˜„ξ˜—Vξ˜„ξ˜ˆMξ˜‚
KLξ˜‚ξ˜„ξ˜‹ξ˜ˆMξ˜‹$ξ˜„ξ˜‹Nξ˜…ξ˜„ABB>ξ˜„ξ˜ξ˜ˆξ˜‰ξ˜„ξ˜ž"ξ˜‹ξ˜„0>>>
%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„W0B>ξ˜„%Pξ˜„ξ˜‹Nξ˜… ABB0ξ˜”ξ˜„%Xξ˜‹$ξ˜„,ξ˜œξ˜„W0E7ξ˜„%Pξ˜„ξ˜‹Nξ˜… 0>>>
%Pξ˜„ξ˜—ξ˜‚ξ˜%ξ˜„2Q@?/ξ˜„$ξ˜›ξ˜Šξ˜…ξ˜„Yξ˜‚*ξ˜‹$ξ˜„ξ˜Tξ˜‹ξ˜„E0ξ˜”.Iξ˜„ξ˜‹Nξ˜… 0>>>
?ξ˜‰ξ˜„%Nξ˜‹$ξ˜„%)Vξ˜‹$ξ˜„ξ˜‡ξ˜›ξ˜‹ξ˜ˆξ˜„%"ξ˜„ξ˜‹ξ˜ˆξ˜ξ˜‹ξ˜ˆξ˜”ξ˜„ξ˜—Zξ˜„[\ξ˜‹$ξ˜„ξ˜‹]ξ˜„ξ˜ξ˜Žξ˜ξ˜„%^ξ˜„%)#ξ˜‹$ξ˜„
_ξ˜‹$ξ˜„ξ˜‡ξ˜ˆξ˜‰ξ˜˜ξ˜‹ξ˜”ξ˜„%Nξ˜‹$ξ˜„%ξ˜ˆξ˜‚"
0>>A
`-ξ˜›ξ˜„%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜”ξ˜„,ξ˜‰ξ˜„Dξ˜‚ξ˜—ξ˜ˆξ˜„ξ˜S%ξ˜„$ξ˜›ξ˜Šξ˜…ξ˜„%ξ˜ˆξ˜‚"ξ˜„ξ˜•ξ˜–ξ˜„Yξ˜Šξ˜ƒξ˜„)ξ˜ξ˜„ξ˜—ξ˜‚ξ˜ƒξ˜„%ξ˜ˆξ˜‰ξ˜˜ξ˜›ξ˜„ξ˜‡ξ˜›ξ˜‹ξ˜ˆξ˜„
%"
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 5
Tξ˜ƒξ˜‰ng lai TΓ i khoΓ‘
Tξ˜ƒξ˜‰ng lai TΓ i khoΓ‘
@ξ˜›ξ˜–ξ˜„ξ˜ˆξ˜‰ξ˜˜ξ˜„,&ξ˜‹ξ˜„ξ˜—*R
a%Pξ˜„ bξ˜„ξ˜—ξ˜›ξ˜‹ξ˜ˆξ˜„%ξ˜ˆξ˜ξ˜‘
a%ξ˜‚]ξ˜›ξ˜„%cξ˜„%Nξ˜‹$
aξ˜‹ξ˜ˆMξ˜‹$ξ˜„ξ˜‹$#ξ˜›ξ˜„
ξ˜—ξ˜›ξ˜‹ξ˜ˆξ˜„)ξ˜ξ˜„%)ξ˜‰ξ˜‹$ξ˜„
%#ξ˜›ξ˜„ξ˜‡dξ˜„[\ξ˜‹$ξ˜„ξ˜‹]ξ˜„
,&ξ˜‹ξ˜„ξ˜—*ξ˜„ξ˜•ξ˜Ÿξ˜„ξ˜ˆξ˜œξ˜‚
5
10
15
20
25
1970 1990 2010 2030 2050 2070
% dΓ’n sξ˜‰ M
t 65 tuξ˜‘i trξ˜‹ lΓͺn
2
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 6

;*ξ˜„ξ˜‹$#ξ˜›ξ˜„ξ˜‹ξ˜ˆeξ˜‹ξ˜„ξ˜ξ˜‹ξ˜„ξ˜—ξ˜›ξ˜‹ξ˜ˆξ˜„Yfξ˜„
gξ˜›ξ˜”ξ˜„ξ˜ξ˜ˆNξ˜…ξ˜„ξ˜—ξ˜™ξ˜ξ˜„ξ˜ƒξ˜„%"ξ˜„ξ˜žξ˜ξ˜‹$ξ˜„
%Nξ˜‹$ξ˜„ξ˜‹ξ˜ˆξ˜ξ˜‹ξ˜ˆξ˜„ξ˜ˆhξ˜‹ξ˜„ξ˜—*ξ˜„ξ˜‹$#ξ˜›ξ˜„ ξ˜ξ˜‰ξ˜„
gξ˜‹$ξ˜”ξ˜„ξ˜‹gξ˜‘ξ˜„%ξ˜ˆξ˜‚"

Cξ˜˜ξ˜ξ˜„,Zξ˜„[ξ˜˜ξ˜‰ξ˜„ξ˜ξ˜Žξ˜ξ˜„Dξ˜ξ˜‹ξ˜„2$&ξ˜‹ξ˜„
ξ˜—ξ˜˜ξ˜ξ˜ˆξ˜„iξ˜‚*ξ˜ξ˜„ξ˜ˆgξ˜›R
ξ˜‹Nξ˜… %Pξ˜„ξ˜—ξ˜‚ξ˜%ξ˜„2Q@?/
0>E> 1>I
0>1> BEI
0>.> 0>7I
Tξ˜ƒξ˜‰ng lai TΓ i khoΓ‘
Tξ˜ƒξ˜‰ng lai TΓ i khoΓ‘
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 7
CΓ‘c vξ˜’n ξ˜ξ˜“ liΓͺn quan n o lξ˜ˆξ˜”ng thΓ’m hξ˜‡t
CΓ‘c vξ˜’n ξ˜ξ˜“ liΓͺn quan n o lξ˜ˆξ˜”ng thΓ’m hξ˜‡t
A:
`-ξ˜…ξ˜„ξ˜‘ξ˜ˆξ˜˜%
0:
Oξ˜–ξ˜›ξ˜„ξ˜—ξ˜Šξ˜‹ξ˜„ξ˜•*ξ˜‹
E:
Cξ˜˜ξ˜ξ˜„ξ˜‡ξ˜ˆξ˜‰ξ˜Šξ˜‹ξ˜„ξ˜‹ξ˜Œξ˜„ξ˜‡ξ˜ˆξ˜†ξ˜‹$ξ˜„ξ˜žξ˜œξ˜Œξ˜ξ˜„%ξ˜ξ˜‹ξ˜ˆ
1:
Cξ˜ˆξ˜‚ξ˜„ξ˜‡dξ˜„ξ˜‡ξ˜›ξ˜‹ξ˜ˆξ˜„,ξ˜‰ξ˜ξ˜‹ξ˜ˆ
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 8
Vξ˜‡n ξ˜Šξ˜‹ o lξ˜ƒξ˜Œng 1
Vξ˜‡n ξ˜Šξ˜‹ o lξ˜ƒξ˜Œng 1:
:
Lξ˜•m phΓ‘t
Lξ˜•m phΓ‘t

K(ξ˜„[ξ˜›"%ξ˜„%-ξ˜›ξ˜„ξ˜—ξ˜ξ˜‰ξ˜„ -ξ˜…ξ˜„ξ˜‘ξ˜ˆξ˜˜%ξ˜„ -ξ˜›ξ˜„ ξ˜–ξ˜„ξ˜…g%ξ˜„ξ˜•ξ˜ξ˜‹ξ˜„ξ˜žξ˜Ÿξ˜”ξ˜„$ξ˜›ξ˜Šξ˜„ξ˜—jξ˜„
)kξ˜‹$ξ˜„ξ˜‡ξ˜ˆξ˜‰ξ˜Šξ˜‹ξ˜„ξ˜‹ξ˜Œξ˜„%Zξ˜ξ˜„%"ξ˜„ ξ˜–ξ˜„ξ˜*ξ˜„ξ˜ž^ξ˜‹ξ˜ˆξ˜”ξ˜„ξ˜žξ˜›ξ˜Ÿξ˜‚ξ˜„ξ˜‹ξ˜–ξ˜ƒξ˜„ξ˜ˆξ˜–ξ˜…ξ˜„lξ˜„
%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„%Zξ˜ξ˜„%"ξ˜„[kξ˜‹$ξ˜„>:

O)ξ˜‰ξ˜‹$ξ˜„%)#ξ˜‹$ξ˜„ξ˜ˆξ˜Œξ˜‘ξ˜„ξ˜‹ξ˜–ξ˜ƒξ˜”ξ˜„ξ˜‡ξ˜ˆξ˜‰ξ˜Šξ˜‹ξ˜„ξ˜‹ξ˜Œξ˜„,ξ˜ξ˜‹ξ˜ˆξ˜„ξ˜‹$ξ˜ˆξ˜“ξ˜
ξ˜‰
%Nξ˜‹$ξ˜„ξ˜•ξ˜šξ˜›ξ˜„%*ξ˜ξ˜„ξ˜žgξ˜„ -ξ˜…ξ˜„ξ˜‘ξ˜ˆξ˜˜%R
βˆ†
βˆ†βˆ†
βˆ†
ξ˜‰ξ˜Šξ˜‰
mξ˜„Ο€
ππ
Ο€ξ˜ˆξ˜ξ˜ƒ βˆ†
βˆ†βˆ†
βˆ†
ξ˜‰ξ˜ƒ
mξ˜„Ο€
ππ
Ο€
ξ˜‰

=ξ˜ˆξ˜‰ξ˜Šξ˜‹ξ˜„%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„H,ξ˜ξ˜‹ξ˜ˆξ˜„ξ˜‹$ξ˜ˆξ˜“ξ˜Jξ˜„ξ˜žξ˜œξ˜Œξ˜ξ˜„[ξ˜˜ξ˜‰ξ˜„ξ˜ξ˜˜ξ˜‰ξ˜„ ξ˜– Ο€
ππ
Ο€
ξ˜‰
ξ˜…Xξ˜ξ˜„,\ ξ˜‡ξ˜ˆξ˜‰ξ˜Šξ˜‹ξ˜„%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„%Zξ˜ξ˜„%" ξ˜– [kξ˜‹$ξ˜„>:

?ξ˜‰ξ˜„ξ˜•eξ˜ƒξ˜”ξ˜„ξ˜ξ˜ˆnξ˜‹$ξ˜„%ξ˜ξ˜„ξ˜‹!ξ˜‹ξ˜„%)o Ο€
ππ
Ο€
ξ˜‰
%o ξ˜‡ξ˜ˆξ˜‰ξ˜Šξ˜‹ξ˜„%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„
ξ˜žξ˜œξ˜Œξ˜ξ˜„[ξ˜˜ξ˜‰ξ˜„ξ˜ξ˜˜ξ˜‰ξ˜„ξ˜ž( ξ˜žξ˜›ξ˜Ÿξ˜‚ξ˜„ξ˜ξ˜ˆpξ˜‹ξ˜ˆξ˜„%6ξ˜‰ξ˜„ -ξ˜…ξ˜„ξ˜‘ξ˜ˆξ˜˜%:
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 9
Vξ˜‡n ξ˜Šξ˜‹ o lξ˜ƒξ˜Œng 1:
Vξ˜‡n ξ˜Šξ˜‹ o lξ˜ƒξ˜Œng 1:
Lξ˜•m phΓ‘t
Lξ˜•m phΓ‘t

Kξ˜›ξ˜Ÿξ˜‚ξ˜„ξ˜ξ˜ˆpξ˜‹ξ˜ˆξ˜„%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„%6ξ˜‰ξ˜„ -ξ˜…ξ˜„ξ˜‘ξ˜ˆξ˜˜%ξ˜„ξ˜ξ˜™ξ˜„%(ξ˜„,qξ˜‹ξ˜„
"ξ˜‹ξ˜„ξ˜…g%ξ˜„ξ˜—Zξ˜„ξ˜‡ξ˜ˆξ˜˜ξ˜ξ˜„[ξ˜›b%ξ˜„ ξ˜šξ˜‹ξ˜”ξ˜„ξ˜žXξ˜ξ˜„[ξ˜›b%ξ˜„ξ˜‡ξ˜ˆξ˜›ξ˜„ -ξ˜…ξ˜„
ξ˜‘ξ˜ˆξ˜˜%ξ˜„ξ˜ξ˜ξ˜‰:

rξ˜ξ˜„,'R ξ˜•ξ˜–ξ˜‰ξ˜„ξ˜‹Nξ˜… AB<Bξ˜”
%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„,ξ˜ξ˜‹ξ˜ˆξ˜„ξ˜‹$ξ˜ˆξ˜“ξ˜ mξ˜„W04ξ˜„%P
-ξ˜…ξ˜„ξ˜‘ξ˜ˆξ˜˜% mξ˜„4ξ˜”7I
ξ˜‹ξ˜Œ mξ˜„W1B.ξ˜„%P
Ο€
ππ
Ο€
ξ˜‰
mξ˜„>ξ˜”>47Γ—W1B.ξ˜„%P m W1Eξ˜„%P
%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„%Zξ˜ξ˜„%" mξ˜„W04ξ˜„%P βˆ’
βˆ’βˆ’
βˆ’W1Eξ˜„%P mξ˜„WA.ξ˜„%P
%Xξ˜‹$ξ˜„,
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 10
Vξ˜‡n ξ˜Šξ˜‹ o lξ˜ƒξ˜Œng
Vξ˜‡n ξ˜Šξ˜‹ o lξ˜ƒξ˜Œng 2:
2:
TΓ i sξ˜–n vξ˜—n
TΓ i sξ˜–n vξ˜—n

sξ˜›bξ˜‹ξ˜„ξ˜‹ξ˜ξ˜ƒR
%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„mξ˜„ξ˜—Zξ˜„%ξ˜ˆξ˜ξ˜ƒξ˜„ξ˜ž]ξ˜›ξ˜„ξ˜ξ˜Žξ˜ξ˜„ξ˜‹ξ˜Œ

Oξ˜ˆξ˜œξ˜šξ˜ξ˜„ξ˜žξ˜‰ξ˜„%*%ξ˜„ξ˜ˆhξ˜‹R ξ˜ξ˜‹ξ˜Œξ˜ξ˜ƒξ˜Žξ˜ξ˜ˆξ˜ξ˜ƒξ˜‘ξ˜’ξ˜
%&ξ˜…ξ˜„ξ˜ˆ'% mξ˜„Hξ˜—Zξ˜„%ξ˜ˆξ˜ξ˜ƒξ˜„ξ˜ž]ξ˜›ξ˜„ξ˜ξ˜Žξ˜ξ˜„ξ˜‹ξ˜ŒJ βˆ’
βˆ’βˆ’
βˆ’Hξ˜—Z %ξ˜ˆξ˜ξ˜ƒξ˜„ξ˜ž]ξ˜›ξ˜„
ξ˜ξ˜Žξ˜ξ˜„%ξ˜–ξ˜›ξ˜„ξ˜—ξ˜Šξ˜‹J

r ,'R @ξ˜›ξ˜Š ξ˜—j ξ˜ξ˜ˆξ˜ξ˜‹ξ˜ˆξ˜„ξ˜‘ξ˜ˆξ˜Ž [ξ˜˜ξ˜‹ξ˜„ξ˜…g%ξ˜„%ξ˜‰ξ˜– ξ˜‹ξ˜ˆξ˜– ξ˜•Nξ˜‹ξ˜„
ξ˜‘ξ˜ˆTξ˜‹$ξ˜„ξ˜•ξ˜– ξ˜—j ,'ξ˜‹$ξ˜„%ξ˜›ξ˜Ÿξ˜‹ξ˜„[ξ˜˜ξ˜‹ξ˜„ξ˜ž( %) ξ˜‹ξ˜Œ:
tO6ξ˜‰ξ˜„ξ˜ˆb %*ξ˜‹$ξ˜„ξ˜ˆξ˜›bξ˜‹ξ˜„%-ξ˜›ξ˜”ξ˜„%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„ξ˜—u $ξ˜›ξ˜Šξ˜…
tO6ξ˜‰ξ˜„%ξ˜ˆξ˜œξ˜šξ˜ξ˜„ξ˜žξ˜‰ξ˜„ξ˜‹$&ξ˜‹ξ˜„ξ˜—ξ˜˜ξ˜ξ˜ˆξ˜„ξ˜•*ξ˜‹ξ˜”ξ˜„%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„ξ˜‡ξ˜ˆξ˜†ξ˜‹$ξ˜„
%ξ˜ˆξ˜ξ˜ƒξ˜„ξ˜ž]ξ˜›ξ˜”ξ˜„[Vξ˜›ξ˜„ξ˜•v ξ˜—Z $ξ˜›ξ˜Šξ˜…ξ˜„ξ˜—n%ξ˜„ξ˜ξ˜Žξ˜ξ˜„ξ˜‹ξ˜Œ ξ˜žξ˜œξ˜Œξ˜ξ˜„%Zξ˜ξ˜„
ξ˜ˆξ˜›bξ˜‹ξ˜„[Vξ˜›ξ˜„ξ˜—Z $ξ˜›ξ˜Šξ˜…ξ˜„ξ˜—n%ξ˜„ξ˜ξ˜Žξ˜ξ˜„%ξ˜–ξ˜›ξ˜„ξ˜—ξ˜Šξ˜‹

rξ˜ξ˜‹ξ˜„ξ˜žξ˜Ÿ ξ˜ξ˜Žξ˜ξ˜„ξ˜‹$&ξ˜‹ξ˜„ξ˜—ξ˜˜ξ˜ξ˜ˆξ˜„ξ˜•*ξ˜‹Rξ˜„Yξ˜˜ξ˜ξ˜„ξ˜ž^ξ˜‹ξ˜ˆξ˜„ξ˜‡ξ˜ˆξ˜‰ξ˜Šξ˜‹ξ˜„ξ˜ξ˜ˆξ˜›ξ˜„
%ξ˜›!ξ˜‚ξ˜„ξ˜‹ξ˜–ξ˜‰ξ˜„ξ˜ξ˜Žξ˜ξ˜„ξ˜ξ˜ˆξ˜ξ˜‹ξ˜ˆξ˜„ξ˜‘ξ˜ˆξ˜Ž ξ˜žξ˜œξ˜Œξ˜ξ˜„%ξ˜ξ˜‹ξ˜ˆξ˜„ ξ˜– ξ˜ξ˜ˆξ˜›ξ˜„%ξ˜›!ξ˜‚ξ˜„ξ˜•*ξ˜‹:
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 11
Vξ˜‡n ξ˜Šξ˜‹ o lξ˜ƒξ˜Œng
Vξ˜‡n ξ˜Šξ˜‹ o lξ˜ƒξ˜Œng 3:
3:
CΓ‘c khoξ˜–n nξ˜… khΓ΄ng ξ˜ξ˜ˆξ˜…c tΓ­nh
CΓ‘c khoξ˜–n nξ˜… khΓ΄ng ξ˜ξ˜ˆξ˜…c tΓ­nh
Oξ˜ˆξ˜œξ˜šξ˜ξ˜„ξ˜žξ˜‰ξ˜„ξ˜ˆξ˜›bξ˜‹ξ˜„ξ˜‹ξ˜ξ˜ƒξ˜„ξ˜•ξ˜Ÿξ˜„%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„[wξ˜„ξ˜ξ˜‚ξ˜ξ˜„ξ˜ξ˜˜ξ˜ξ˜„
ξ˜‡ξ˜ˆξ˜‰ξ˜Šξ˜‹ξ˜„ξ˜‹ξ˜Œξ˜„ξ˜ξ˜‚ξ˜ξ˜‹ξ˜„%)cξ˜‹$ξ˜„ξ˜ξ˜Žξ˜ξ˜„ξ˜ξ˜ˆξ˜ξ˜‹ξ˜ˆξ˜„ξ˜‘ξ˜ˆξ˜ŽR
ξ˜ξ˜ξ˜ˆξ˜›ξ˜„%)ξ˜Šξ˜„ hξ˜‹$ξ˜„ξ˜ˆξ˜œξ˜‚ξ˜„%)ξ˜‰ξ˜‹$ξ˜„%hξ˜‹$ξ˜„ ξ˜ξ˜›ξ˜„ξ˜ξ˜ˆξ˜‰ξ˜„ξ˜ξ˜˜ξ˜ξ˜„
ξ˜ξ˜‰ξ˜„ξ˜žgξ˜‹$ξ˜„ ξ˜–ξ˜…ξ˜„ξ˜•ξ˜›bξ˜ξ˜„ξ˜ξ˜ˆξ˜‰ξ˜„ξ˜ξ˜ˆξ˜ξ˜‹ξ˜ˆξ˜„ξ˜‘ξ˜ˆξ˜Žξ˜„ξ˜ˆξ˜›bξ˜‹ξ˜„ξ˜‹ξ˜ξ˜ƒ
ξ˜ξ˜ξ˜ˆξ˜›ξ˜„%)ξ˜Šξ˜„ξ˜ξ˜‹ξ˜„ξ˜—ξ˜›ξ˜‹ξ˜ˆξ˜„Yfξ˜„ξ˜ˆgξ˜›ξ˜„%)ξ˜‰ξ˜‹$ξ˜„%hξ˜‹$ξ˜„ ξ˜ξ˜›
ξ˜ξ˜ξ˜˜ξ˜ξ˜„ξ˜‡ξ˜ˆξ˜‰ξ˜Šξ˜‹ξ˜„ξ˜‹ξ˜Œξ˜„ξ˜‹$qξ˜‚ξ˜„ξ˜‹ξ˜ˆξ˜›!ξ˜‹ξ˜„Hξ˜…Xξ˜ξ˜„,\ξ˜„ξ˜‡ξ˜ˆξ˜™ξ˜„
%ξ˜ξ˜‹ξ˜ˆξ˜„[kξ˜‹$ξ˜„%ξ˜›ξ˜Ÿξ˜‹ξ˜„ξ˜‡ξ˜ˆξ˜›ξ˜„ξ˜‡"%ξ˜„ξ˜'ξ˜ξ˜„ξ˜‡ξ˜ˆξ˜†ξ˜‹$ξ˜„ξ˜ξ˜ˆSξ˜ξ˜„
Sξ˜‹J
3
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 12
Vξ˜‡n ξ˜Šξ˜‹ o lξ˜ƒξ˜Œng
Vξ˜‡n ξ˜Šξ˜‹ o lξ˜ƒξ˜Œng 4:
4:
Chu k kinh doanh
Chu k kinh doanh

O&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„%ξ˜ˆξ˜ξ˜ƒξ˜„ξ˜ž]ξ˜›ξ˜„%6ξ˜‰ξ˜„ξ˜ξ˜ˆξ˜‚ξ˜„ξ˜‡dξ˜„ξ˜‡ξ˜›ξ˜‹ξ˜ˆξ˜„,ξ˜‰ξ˜ξ˜‹ξ˜ˆξ˜„,ξ˜‰ξ˜„ξ˜ξ˜˜ξ˜ξ˜„
ξ˜‹ξ˜ˆ&ξ˜‹ξ˜„%*ξ˜„]ξ˜‹ξ˜„ξ˜ž^ξ˜‹ξ˜ˆξ˜„%Zξ˜„ξ˜žgξ˜‹$ξ˜„H[ξ˜Šξ˜‰ξ˜„ξ˜ˆξ˜›(ξ˜…ξ˜„%%ξ˜„ξ˜‹$ξ˜ˆξ˜›bξ˜‘ξ˜”ξ˜„ξ˜ˆbξ˜„
%*ξ˜‹$ξ˜„%ξ˜ˆξ˜‚"ξ˜„%ξ˜ˆξ˜‚ξ˜„ξ˜‹ξ˜ˆeξ˜‘J:

Cnξ˜‹$ξ˜„ξ˜‡ξ˜ˆξ˜†ξ˜‹$ξ˜„ξ˜‘ξ˜ˆξ˜Šξ˜›ξ˜„ ξ˜–ξ˜„ξ˜‹ξ˜ˆMξ˜‹$ξ˜„ξ˜—ξ˜ξ˜›ξ˜„ξ˜—*ξ˜„ξ˜žξ˜‰ξ˜„ #ξ˜‹$ξ˜”ξ˜„
ξ˜‹ξ˜ˆξ˜œξ˜‹$ξ˜„ξ˜‹ξ˜™ξ˜„ ξ˜–ξ˜…ξ˜„ξ˜ξ˜ˆξ˜‰ξ˜„ξ˜•ξ˜›bξ˜ξ˜„ξ˜žξ˜˜ξ˜‹ξ˜ˆξ˜„$ξ˜›ξ˜˜ξ˜„ξ˜ξ˜ˆξ˜ξ˜‹ξ˜ˆξ˜„ξ˜—ξ˜˜ξ˜ξ˜ˆξ˜„%ξ˜–ξ˜›ξ˜„
ξ˜‡ξ˜ˆξ˜‰ξ˜˜ξ˜„%)Vξ˜„ξ˜‹!ξ˜‹ξ˜„ξ˜‡ξ˜ˆξ˜™ξ˜„ξ˜‡ξ˜ˆNξ˜‹ξ˜„ξ˜ˆhξ˜‹:
rξ˜ξ˜„,'R ;Zξ˜„$ξ˜›ξ˜ξ˜„%Nξ˜‹$ξ˜„%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„ξ˜ξ˜‚ξ˜ξ˜‹ξ˜„ξ˜—ξ˜˜%ξ˜„ξ˜žξ˜œξ˜Œξ˜ξ˜„ ξ˜–ξ˜„,ξ˜‰ξ˜„
ξ˜—ξ˜‚ξ˜ƒξ˜„%ξ˜ˆξ˜‰ξ˜˜ξ˜›ξ˜„ξ˜‡ξ˜›ξ˜‹ξ˜ˆξ˜„%"ξ˜„ξ˜ˆξ˜ξ˜ƒξ˜„,ξ˜‰ξ˜„ξ˜—Zξ˜„ξ˜…Vξ˜„)gξ˜‹$ξ˜„ξ˜ξ˜Žξ˜ξ˜„ξ˜ξ˜ˆξ˜ξ˜‹ξ˜ˆξ˜„
ξ˜—ξ˜˜ξ˜ξ˜ˆξ˜„%ξ˜–ξ˜›ξ˜„ξ˜‡ξ˜ˆξ˜‰ξ˜˜x

@ξ˜›ξ˜Šξ˜›ξ˜„ξ˜‘ξ˜ˆξ˜˜ξ˜‘R ξ˜“ξ˜ξ˜Œξ˜”ξ˜ƒξ˜ξ˜•ξ˜“ξ˜ƒξ˜ξ˜‹ξ˜Œξ˜ξ˜ƒξ˜Žξ˜ξ˜ˆξ˜ξ˜ƒξ˜–ξ˜†ξ˜‚ξ˜ˆξ˜ƒξ˜–ξ˜—ξ˜˜ξ˜™ξ˜ƒ
ξ˜ˆξ˜ξ˜šξ˜ξ˜ξ˜ƒξ˜“ξ˜ξ˜›ξ˜œξ˜ƒξ˜“ξ˜ξ˜ξ˜ξ˜ƒξ˜ˆξ˜ξ˜™ξ˜ƒξ˜žξ˜ŸHξ˜ˆξ˜ξ˜ƒξ˜„ξ˜Tξ˜‹ξ˜„$cξ˜›ξ˜„ ξ˜– y%&ξ˜…ξ˜„
'%ξ˜„%-ξ˜›ξ˜„ξ˜…_ξ˜ξ˜„%ξ˜‰ξ˜–ξ˜‹ξ˜„,'ξ˜‹$zJ Q ,Zξ˜ξ˜„%)!ξ˜‹ξ˜„ξ˜‹ξ˜ˆMξ˜‹$ξ˜„ξ˜œξ˜šξ˜ξ˜„%ξ˜ξ˜‹ξ˜ˆξ˜„
ξ˜•ξ˜Ÿξ˜„%]ξ˜‹$ξ˜„ξ˜ξ˜ˆξ˜›ξ˜„Uξ˜„%]ξ˜‹$ξ˜„%ξ˜ˆξ˜‚ξ˜„ξ˜ξ˜ˆξ˜ξ˜‹ξ˜ˆξ˜„ξ˜‘ξ˜ˆξ˜Žξ˜„ξ˜‹"ξ˜‚ξ˜„ξ˜‹ξ˜Ÿξ˜‹ξ˜„ξ˜‡ξ˜›ξ˜‹ξ˜ˆξ˜„%"ξ˜„
Vξ˜„ξ˜…_ξ˜ξ˜„ξ˜—ξ˜Šξ˜‹ξ˜„ ξ˜œξ˜Œξ˜‹$ξ˜„Uξ˜„ξ˜•ξ˜–ξ˜„%%ξ˜„ξ˜‹$ξ˜ˆξ˜›bξ˜‘ξ˜„%Zξ˜„ξ˜‹ξ˜ˆξ˜›!ξ˜‹:
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 13
Kt luξ˜™n
Kt luξ˜™n
Cnξ˜‹$ξ˜„%ξ˜ξ˜„ξ˜‘ξ˜ˆξ˜Šξ˜›ξ˜„ξ˜{ξ˜‹ξ˜„%)cξ˜‹$ξ˜„ξ˜‡ξ˜ˆξ˜›ξ˜„ξ˜žcξ˜ξ˜„
ξ˜ξ˜˜ξ˜ξ˜„ξ˜ξ˜‰ξ˜‹ξ˜„ξ˜—*ξ˜„%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„ξ˜žξ˜œξ˜Œξ˜ξ˜„[ξ˜˜ξ˜‰ξ˜„ξ˜ξ˜˜ξ˜‰
Cnξ˜‹$ξ˜„%ξ˜ξ˜„ξ˜‘ξ˜ˆξ˜Šξ˜›ξ˜„ξ˜{ξ˜‹ξ˜„%)cξ˜‹$ξ˜„ξ˜‡ξ˜ˆξ˜›ξ˜„ξ˜žcξ˜ξ˜„
Cnξ˜‹$ξ˜„%ξ˜ξ˜„ξ˜‘ξ˜ˆξ˜Šξ˜›ξ˜„ξ˜{ξ˜‹ξ˜„%)cξ˜‹$ξ˜„ξ˜‡ξ˜ˆξ˜›ξ˜„ξ˜žcξ˜ξ˜„
ξ˜ξ˜˜ξ˜ξ˜„ξ˜ξ˜‰ξ˜‹ξ˜„ξ˜—*ξ˜„%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„ξ˜žξ˜œξ˜Œξ˜ξ˜„[ξ˜˜ξ˜‰ξ˜„ξ˜ξ˜˜ξ˜‰
ξ˜ξ˜˜ξ˜ξ˜„ξ˜ξ˜‰ξ˜‹ξ˜„ξ˜—*ξ˜„%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„ξ˜žξ˜œξ˜Œξ˜ξ˜„[ξ˜˜ξ˜‰ξ˜„ξ˜ξ˜˜ξ˜‰
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 14
N chΓ­nh phξ˜‚ cΓ³ thc s lΓ  mt vξ˜‡n ξ˜Šξ˜‹?
N chΓ­nh phξ˜‚ cΓ³ thc s lΓ  mt vξ˜‡n ξ˜Šξ˜‹?
sξ˜ξ˜›ξ˜„ξ˜ξ˜‚ξ˜ξ˜‹ξ˜„ξ˜žξ˜›(ξ˜…R
!
iξ˜‚ξ˜ξ˜‹ξ˜„ξ˜žξ˜›(ξ˜…ξ˜„%)ξ˜‚ξ˜ƒξ˜Ÿξ˜‹ξ˜„%*ξ˜‹$
"!
iξ˜‚ξ˜ξ˜‹ξ˜„ξ˜žξ˜›(ξ˜…ξ˜„ξ˜ξ˜Žξ˜ξ˜„+ξ˜›ξ˜ξ˜),ξ˜‰
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 15
Quan im truyξ˜“n thξ˜—ng vξ˜“ cξ˜›t giξ˜–m thu &
Quan im truyξ˜“n thξ˜—ng vξ˜“ cξ˜›t giξ˜–m thu &
s gia tng tξ˜ˆξ˜‰ng ng cξ˜†a nξ˜… chΓ­nh phξ˜†
s gia tng tξ˜ˆξ˜‰ng ng cξ˜†a nξ˜… chΓ­nh phξ˜†

2$Sξ˜‹ξ˜„ξ˜ˆ-ξ˜‹R ↑
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%)Vξ˜„ -ξ˜›ξ˜„ξ˜…_ξ˜ξ˜„%Zξ˜„ξ˜‹ξ˜ˆξ˜›!ξ˜‹ξ˜„ξ˜ξ˜Žξ˜ξ˜„ξ˜ξ˜ˆnξ˜‹$
tξ˜‹ξ˜Ÿξ˜‹ξ˜„ξ˜‡ξ˜›ξ˜‹ξ˜ˆξ˜„%"ξ˜„ξ˜žξ˜™ξ˜‹$R ↑
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ξ˜”ξ˜„β†“
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tξ˜‹ξ˜Ÿξ˜‹ξ˜„ξ˜‡ξ˜›ξ˜‹ξ˜ˆξ˜„%"ξ˜„ξ˜…VR ↑
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&
Hξ˜ˆξ˜ξ˜ƒξ˜„%&ξ˜…ξ˜„ξ˜ˆ'%ξ˜„%hξ˜‹$ξ˜„ξ˜…-ξ˜›ξ˜„ ξ˜šξ˜‹J

+%ξ˜„,ξ˜–ξ˜›ξ˜„ξ˜ˆ-ξ˜‹R
t%Nξ˜‹$ξ˜„%)Vξ˜‹$ξ˜„ξ˜ξ˜ˆeξ˜…ξ˜„ξ˜ξ˜ˆξ˜‰ξ˜„%ξ˜šξ˜›ξ˜„ξ˜‡ξ˜ˆξ˜›ξ˜„ξ˜‹ξ˜Ÿξ˜‹ξ˜„ξ˜‡ξ˜›ξ˜‹ξ˜ˆξ˜„%"ξ˜„ξ˜ž-%ξ˜„%)-ξ˜‹$ξ˜„
%ξ˜ˆξ˜˜ξ˜›ξ˜„,oξ˜‹$ξ˜„ξ˜…ξ˜šξ˜›ξ˜„ξ˜•ξ˜šξ˜›ξ˜„ξ˜…_ξ˜ξ˜„%ξ˜ˆξ˜‚ξ˜„ξ˜‹ξ˜ˆeξ˜‘ξ˜„[vξ˜‹ξ˜ˆξ˜„ξ˜ξ˜‚&ξ˜‹ξ˜„ξ˜žLξ˜‚ξ˜„
ξ˜‹$#ξ˜›ξ˜„%ξ˜ˆξ˜ξ˜‘ξ˜„ξ˜ˆhξ˜‹
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 16
Quan im cξ˜†a
Quan im cξ˜†a Ricardo
Ricardo

ξ˜žξ˜œξ˜ξ˜„)ξ˜ξ˜„[Vξ˜›ξ˜„?ξ˜ξ˜•ξ˜›, +ξ˜›ξ˜ξ˜),ξ˜‰ξ˜„HA40>Jξ˜”ξ˜„
$Lξ˜‹ξ˜„ξ˜ž&ξ˜ƒξ˜„ξ˜žξ˜œξ˜Œξ˜ξ˜„ξ˜‘ξ˜ˆξ˜˜%ξ˜„%)ξ˜›(ξ˜‹ξ˜„[Vξ˜› +ξ˜‰[6)% D))ξ˜‰

O6ξ˜‰ξ˜„'ξ˜†(ξ˜ξ˜‹ξ˜ƒξ˜–ξ˜†(ξ˜ξ˜‹ξ˜ƒ)ξ˜—ξ˜ˆ*$+ξ˜œξ˜”
ξ˜•ξ˜›bξ˜ξ˜„ξ˜S%ξ˜„$ξ˜›ξ˜Šξ˜…ξ˜„%ξ˜ˆξ˜‚"ξ˜„ξ˜žξ˜œξ˜Œξ˜ξ˜„%ξ˜–ξ˜›ξ˜„%)ξ˜Œξ˜„[kξ˜‹$ξ˜„ξ˜…g%ξ˜„
ξ˜‡ξ˜ˆξ˜‰ξ˜Šξ˜‹ξ˜„ξ˜‹ξ˜Œξ˜„ξ˜‡ξ˜ˆξ˜†ξ˜‹$ξ˜„ξ˜ξ˜™ξ˜„ξ˜Šξ˜‹ξ˜ˆξ˜„ξ˜ˆξ˜œVξ˜‹$ξ˜„$vξ˜„ξ˜ž"ξ˜‹ξ˜„%ξ˜›!ξ˜‚ξ˜„
,\ξ˜‹$ξ˜”ξ˜„%ξ˜›"%ξ˜„ξ˜‡ξ˜›bξ˜…ξ˜„ξ˜ξ˜‚*ξ˜ξ˜„$ξ˜›ξ˜ξ˜”ξ˜„ξ˜•ξ˜–ξ˜„ fξ˜›ξ˜„ξ˜—ξ˜‚ξ˜%ξ˜„%Zξ˜ξ˜”ξ˜„
Lξ˜‚ξ˜„%ξ˜œξ˜”ξ˜„Yξ˜‚ξ˜%ξ˜„ξ˜‡ξ˜ˆ{ξ˜‚ξ˜„)Tξ˜‹$ξ˜”ξ˜„ξ˜ˆξ˜ξ˜ƒξ˜„@?/ξ˜„%Zξ˜ξ˜„%"ξ˜”
ξ˜‹$ξ˜ξ˜ƒξ˜„ξ˜ξ˜Šξ˜„%)ξ˜‰ξ˜‹$ξ˜„ξ˜‹$Sξ˜‹ξ˜„ξ˜ˆ-ξ˜‹:
CHAPTER 15
CHAPTER 15
Government Debt
Government Debt
slide 17
TΓ­nh hξ˜…p lΓ½
TΓ­nh hξ˜…p lΓ½ cξ˜†a
cξ˜†aTξ˜ˆξ˜‰ng
Tξ˜ˆξ˜‰ng ξ˜ξ˜ˆξ˜‰ng Ricardo
ξ˜ξ˜ˆξ˜‰ng Ricardo

2$#ξ˜›ξ˜„%ξ˜›!ξ˜‚ξ˜„,\ξ˜‹$ξ˜„ξ˜‹ξ˜ˆvξ˜‹ξ˜„ξ˜•ξ˜Ÿξ˜„%hξ˜‹$ξ˜„ ξ˜ξ˜›ξ˜”
cξ˜„[ξ˜›"%ξ˜„)kξ˜‹$ξ˜„ξ˜•ξ˜›bξ˜ξ˜„ξ˜S%ξ˜„$ξ˜›ξ˜Šξ˜…ξ˜„%ξ˜ˆξ˜‚"ξ˜„ξ˜žξ˜œξ˜Œξ˜ξ˜„%ξ˜–ξ˜›ξ˜„%)ξ˜Œξ˜„
[kξ˜‹$ξ˜„ξ˜‹ξ˜Œξ˜„ξ˜ˆξ˜†ξ˜…ξ˜„ξ˜‹ξ˜ξ˜ƒξ˜„ξ˜ˆξ˜–ξ˜…ξ˜„lξ˜„ξ˜…g%ξ˜„ξ˜—Zξ˜„$ξ˜›ξ˜ξ˜„%Nξ˜‹$ξ˜„%ξ˜ˆξ˜‚"ξ˜„
%)ξ˜‰ξ˜‹$ξ˜„%hξ˜‹$ξ˜„ ξ˜ξ˜›ξ˜„ξ˜ξ˜™ξ˜„ξ˜žgξ˜„ ξ˜šξ˜‹ξ˜„QQQ %6ξ˜‰ξ˜„$ξ˜›ξ˜˜ξ˜„%)^ξ˜„ξ˜ˆξ˜›bξ˜‹ξ˜„%-ξ˜›ξ˜„
QQQ [kξ˜‹$ξ˜„ξ˜•ξ˜šξ˜›ξ˜„ξ˜•ξ˜šξ˜›ξ˜„ ξ˜œξ˜Œξ˜‹$ξ˜„%ξ˜ˆξ˜‚"ξ˜„ξ˜S%ξ˜„$ξ˜›ξ˜Šξ˜…:

?ξ˜‰ξ˜„ξ˜•eξ˜ƒξ˜”ξ˜„ξ˜S%ξ˜„$ξ˜›ξ˜Šξ˜…ξ˜„%ξ˜ˆξ˜‚"ξ˜„ξ˜‡ξ˜ˆξ˜†ξ˜‹$ξ˜„ ξ˜–ξ˜…ξ˜„ξ˜‹$#ξ˜›ξ˜„%ξ˜›!ξ˜‚ξ˜„
,\ξ˜‹$ξ˜„$ξ˜›Lξ˜‚ξ˜„ !ξ˜‹ξ˜”ξ˜„,ξ˜‰ξ˜„ξ˜•eξ˜ƒξ˜„ξ˜ˆcξ˜„ξ˜‡ξ˜ˆξ˜†ξ˜‹$ξ˜„%Nξ˜‹$ξ˜„%ξ˜›!ξ˜‚ξ˜„,\ξ˜‹$:

scξ˜„%ξ˜›"%ξ˜„ξ˜‡ξ˜›bξ˜…ξ˜„%ξ˜‰ξ˜–ξ˜‹ξ˜„[gξ˜„ ξ˜œξ˜Œξ˜‹$ξ˜„%ξ˜ˆξ˜‚"ξ˜„ξ˜S%ξ˜„$ξ˜›ξ˜Šξ˜…ξ˜„ξ˜ž(ξ˜„%)ξ˜Šξ˜„
%ξ˜ˆξ˜‚"ξ˜„%)ξ˜‰ξ˜‹$ξ˜„%hξ˜‹$ξ˜„ ξ˜ξ˜›:

="%ξ˜„ξ˜ξ˜‚ξ˜ŠR Oξ˜›"%ξ˜„ξ˜‡ξ˜›bξ˜…ξ˜„ξ˜ξ˜˜ξ˜„ξ˜‹ξ˜ˆ&ξ˜‹ξ˜„%Nξ˜‹$ξ˜„[kξ˜‹$ξ˜„ξ˜•ξ˜šξ˜›ξ˜„
ξ˜‡ξ˜ˆξ˜‰ξ˜Šξ˜‹ξ˜„%ξ˜›"%ξ˜„ξ˜‡ξ˜›bξ˜…ξ˜„ξ˜ξ˜ˆξ˜ξ˜‹ξ˜ˆξ˜„ξ˜‘ξ˜ˆξ˜Žξ˜„$ξ˜›ξ˜Šξ˜…ξ˜”ξ˜„,ξ˜‰ξ˜„ξ˜•eξ˜ƒξ˜„%ξ˜›"%ξ˜„
ξ˜‡ξ˜›bξ˜…ξ˜„ξ˜ξ˜‚*ξ˜ξ˜„$ξ˜›ξ˜ξ˜„ξ˜‡ξ˜ˆξ˜†ξ˜‹$ξ˜„ξ˜ž]ξ˜›: