Continued part 1, part 2 of ebook What investors really want: Discover what drives investor behavior and make smarter financial decisions provides readers with contents including: we have similar wants and different ones; we want to face no losses; we want to pay no taxes; we want high status and proper respect; we want to stay true to our values; we want fairness;... Đề tài Hoàn thiện công tác quản trị nhân sự tại Công ty TNHH Mộc Khải Tuyên được nghiên cứu nhằm giúp công ty TNHH Mộc Khải Tuyên làm rõ được thực trạng công tác quản trị nhân sự trong công ty như thế nào từ đó đề ra các giải pháp giúp công ty hoàn thiện công tác quản trị nhân sự tốt hơn trong thời gian tới.
g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd The New Financial Architecture og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t Banking Regulation in the 21st Century lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn Edited by Benton E Gup xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 QUORUM BOOKS Westport, Connecticut • London n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn Library of Congress Cataloging-in-Publication Data xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh The new financial architecture : banking regulation in the 21st century / edited by Benton E Gup p cm Includes bibliographical references and index ISBN 1–56720–341–8 (alk paper) Banks and banking, International—Law and legislation I Gup, Benton E K1088.N49 2000 346'.08215—dc21 00–027074 d m bk b4 45 e7 zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 10 dx The paper used in this book complies with the Permanent Paper Standard issued by the National Information Standards Organization (Z39.48–1984) 8v TM 3p Printed in the United States of America d Quorum Books, 88 Post Road West, Westport, CT 06881 An imprint of Greenwood Publishing Group, Inc www.quorumbooks.com la4 First published in 2000 gs Library of Congress Catalog Card Number: 00–027074 ISBN: 1–56720–341–8 hv All rights reserved No portion of this book may be reproduced, by any process or technique, without the express written consent of the publisher 5x Copyright 2000 by Benton E Gup 37 British Library Cataloguing in Publication Data is available n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư To Jean, Lincoln, Andrew and Carol, and Jeremy u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 Contents 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 23 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or 39 wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw ak p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 The Optimum Regulatory Model for the Next Millennium— Lessons from International Comparisons and the Australian-Asian Experience Carolyn Currie 7h ff What Is Optimal Financial Regulation? Richard J Herring and Anthony M Santomero f0 ch Designing the New Architecture for U.S Banking George G Kaufman uh 85 Are Banks and Their Regulators Outdated? Benton E Gup zx ib 51 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 129 2f b5 st 9o td g2 gm 8c yy qe u5 g4 Banking Trends and Deposit Insurance Risk Assessment in the Twenty-First Century Steven A Seelig Regulating International Banking: Rationale, History, and Future Prospects Ronnie J Phillips and Richard D Johnson ix xi Illustrations Preface n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 1n vw i6 kw 1x ư1 163 a2 m fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 207 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 237 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 10 Message to Basle: Risk Reduction Rather Than Management D Johannes Juăttner 11 Drafting Land Legislation for Developing Countries: An Example from East Africa Norman J Singer 187 en w0 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r 257 265 Index About the Editor and Contributors 145 Supervisory Goals and Subordinated Debt Larry Wall Contents viii Market Discipline for Banks: A Historical Review Charles G Leathers and J Patrick Raines Market Discipline and the Corporate Governance of Banks: Theory vs Evidence Benton E Gup p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 Illustrations 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p dx gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 5ư u7 g4 r1 xu ei kd 3y db fx 0v ol 5t d5 il 81 qg w5 tn ql 22 e7 zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 ce vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild 192 hi Control Mechanisms of Two Studies cv 9.2 bm 109 191 ty Regulatory Models Control Mechanisms and Conclusions z 5q 98 ưt 93 A Taxonomy of Protective Regulatory Systems—Protective Measure Type 3i A Taxonomy of Prudential Systems—Compliance Audits ok 5.5 9.1 m kh 89 92 5.4 2.2 2.3 4.1 4.2 4.3 5.1 kh 24 26 31 53 68 77 5.3 2.1 6m 13 5.2 1.2 6z A Chronological History of the Regulation of International Banking, 1972–1999 Core Principles for Effective Banking Supervision: Basle Committee on Banking Supervision, September 1997 Composition of Companies’ Credit Market Debt as a Percentage of Total Credit Market Debt, 1995 Selected New and Old Banking Services Market Share of Financial Sector Assets Regulatory Measures and Regulatory Objectives Banks’ Share in Financial Intermediation, 1994 Relative Sources of Revenue of Major Banks A Taxonomy of Prudential Systems—Enforcement Modes on an Industry-Wide Basis A Taxonomy of Prudential Systems—Sanction Types 1.1 xw TABLES t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f Illustrations 5q 3v i vy tst 3k xư d9 sư y2 lq x ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư FIGURES he gq vk 3a sr sv p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq ju y1 go m rz z ac ah f9 i8k 3j z6 72 rv ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 dx z5 zu p2 g3 ưt i 9o i17 8j 73 jư cy n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 sh k dh 4j2 l1 ex 47 yv ư5 yf z8 74 co g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 9h dv 87 j 2w sl0 ro kq po r3 75 1p 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn 76 nf q0 xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr 6.2 jh 6m ji lcq 131 l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt 132 Assets of Largest Bank Compared with Banks with Assets ⬍ $100 Million Assets of Three Largest Banks Compared with Banks with Assets ⬍ $1 Billion 6.1 8v 4.8 w 4.7 i9z 4.5 xf f3 4.4 Net Interest Income Less Charge-offs as a Percent of Financial Sector GDP, 1977–1997 Noninterest Income as a Percent of Financial Sector GDP, 1977–1997 Bank Value Added as a Percent of Financial Sector GDP, 1977–1997 4.6 71 Securitized Mortgages as a Percent of Total Mortgages, 1980–1998 Bank Time and Savings Deposits Decline Relative to FixedIncome Mutual Funds, 1980–1997 Checkable Deposits Decline Relative to Money Market Mutual Fund Shares, 1974–1998 4.3 69 70 4.2 Relative Shares of Total Financial Intermediary Assets, 1900–1995 Q4 Bank Market Share of Credit Card Receivables, 1986–1998 4.1 u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 Preface g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld xw 6z This is the third of a series of books that began with bank failures (Bank Failures in the Major Trading Countries of the World, Quorum Books, 1998) and banking crises (International Banking Crises, Quorum Books, 1999) Since 1980 more than 130 countries have experienced significant banking sector problems and crises The large number of bank failures and crises reveals that no country, including the United States, is immune from such problems To some extent, the expansion of global banking and changes in financial and information technology contributed to the financial shocks in 1997 and 1998 Huge global banks and hedge funds trading in foreign exchange markets may have exacerbated the situation BankAmerica, Citicorp, and Bankers Trust all had large trading losses in foreign exchange in 1998 Shortly thereafter, BankAmerica was acquired by Nations Bank, Citicorp and Traveler’s merged, and Bankers Trust was acquired by Deutsche Bank (Germany) Bank failures, crises, global banking, megamergers, and changes in technology are rendering the existing methods of prudential regulation (regulations for bank safety and soundness) weakened at best, ineffective at worst Federal bank regulators, as well as bank regulators in other countries, are aware of the problems They are in the process of evaluating new and existing tools to cope with them One of these tools is greater reliance on market discipline, another is the use of internalcontrols-based statistical models such as Value-at-Risk, a third is subordinated debt Beyond the tools for supervising individual banks, the kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq xii Preface ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 global nature of banking requires cross-border supervision and international cooperation Finally, there is the problem of drafting legislation in developing countries These are some of the issues that are dealt with in this book The chapters discuss the issues and some of the parameters, but there are no definitive answers about what the new financial architecture should look like Additional research and discussion among academics, regulators, politicians, and the organizations that will be regulated is needed to resolve the issues The resolution will be an ongoing process because change will continually present new opportunities to providers of financial services and challenges to regulators The chapters in this book have been written by academics and bank regulators Earlier versions of several of the chapters were presented at the annual meeting of the Financial Management Association held in Orlando, Florida, in October 1999 and at other venues wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m ADDITIONAL RESOURCES 6x f6 ek n2 nf q0 21 hy An extensive list of references can be found at the end of each chapter By definition, those references are to previously published works, and they not disclose what is going on right now That problem is resolved by turning to the internet Listed below are some of the major sources of information about the changes that are occurring in the world’s financial system These sources include various central banks, the Bank of International Settlements, the International Monetary Fund, and the Securities and Exchange Commission (SEC) The SEC is included here because of the major strides it is making in regulating financial markets Some of these sites include links to other sources of information, such as the various Federal Reserve banks which publish up-to-date articles concerning regulations and other topics ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob Bank of England http://www.bankofengland.co.uk/ pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl Bank for International Settlements http://www.bis.org/ g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm Bank of Japan http://www.boj.or.jp/en/index.htm ce hi vư hn ir rz Board of Governors of the Federal Reserve System http://www.bog.frb.fed.us/ The Federal Reserve provides links to other Federal Reserve banks, foreign central banks, and other bank regulatory agencies, see http://www.bog.frb.fed.us/ general.htm ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 European Central Bank (ECB) http://www.ecb.int/ n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70 g fy8 j2w 6y o4 i j98 clm 3f vr no 5lg vm hg pg ztb m on y4 ln 80 zu sa p ia7 rv kt az pn o3 b6 lp 4t 7g wc ưz dy 9f 5q 3v i vy tst 3k xư d9 sư y2 lq xiii Preface ck 7m o 7m jl ji7 hr w9 1s rj ue ưv tsw 3g r0 wy p1 l0 vq rrw 2e vư he gq vk 3a sr sv xf f3 i9z w This site also provides links to the central banks of countries that belong to the European Union jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 International Monetary Fund http://www.imf.org/ fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m U.S Securities and Exchange Commission http://www.sec.gov/ rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 jư cy dx z5 zu p2 g3 ưt i 9o i17 8j n4 o0 xu 7w py c lb cfc 9e 0t lr 1q ou l1 8d 48 co sh k dh 4j2 l1 ex 47 yv ư5 yf z8 g9 eư i vz jzc 7i s7 65 49 v8 pt 67 xn 61 ex t1 8v 1p 9h dv 87 j 2w sl0 ro kq po r3 86 7s ds 32 a5 eu 8i vy b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob pn eo lc 08 nz cw zx ib ch uh ff f0 ak 7h p0 f yu jsc jle 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 ty z 5q m kh cv bm ce hi vư hn ir rz ư1 h4 ob q4 fb d0 pv hd 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 0p e1 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 gm 8c yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc gq 4m e ojr frc 9a y pp o 5ư io7 j4 ae 2f n4 2t cm 1d rq nt u zt1 sm kv ưf lh br ưr 5t zo g aip y5 wu nz bs 88 3f d6 yg zm a6 5ia a d2 7y pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns ut 3r sw 93 kk 8f hv oo qm t3 7y ro y1 dy pi oe 78 9c m ci nq s jf0 0n ke hy 70 6z cp x4 g6 zd se 9g m tsb bf va oo 9w yt 32 8t 3e hd 69 2g ưt lkt zư bh b lyq y0 zm 6l vu 1d 0h hn 6h k8 7k zz zg zc 73 3p 0m v5 le ưw 1n vc 5f s0 j c2 j3i nj 70