ﺿﻮﺍﺑﻂ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻹﺳﻼﻣﻲ ﰲ ﻣﻌﺎﳉﺔ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ ﺍﻟﺪﻛﺘﻮﺭ ﺳﺎﻣﺮ ﻣﻈﻬﺮ ﻗﻨﻄﻘﺠﻲ ٢٠٠٩ اﻟﻄﺒﻌﺔ اﻷوﻟﻰ 2009 ﺟﻤﻴﻊ اﻟﺤﻘﻮق ﻣﺤﻔﻮﻇﺔ اﻟﻨﺎﺷﺮ: ﺷﻌﺎع ﻟﻠﻨﺸﺮ واﻟﻌﻠﻮم ﺣﺎرة اﻟﺮﺑﺎط - 2اﻟﻤﻨﻄﻘﺔ - 12ﺣﻲ اﻟﺴﺒﻴﻞ 2 ﺗﻠﻔﺎآﺲ 00963 (21) 2643545 : هﺎﺗﻒ 00963 (21) 2643546 : ﺳﻮرﻳﺔ ـ ﺣﻠﺐ ص.ب 7875 ﻟﻤﺰﻳﺪ ﻣﻦ اﻟﻤﻌﻠﻮﻣﺎت وﻟﺸﺮاء آﺘﺐ اﻟﺪار ﻣﺒﺎﺷﺮة ﻋﻠﻰ اﻹﻧﺘﺮﻧﺖ ﻳﺮﺟﻰ زﻳﺎرة ﻣﻮﻗﻌﻨﺎ اﻟﺒﺮﻳﺪ اﻹﻟﻜﺘﺮوﻧﻲ ﻟﻠﻘﺮاء: http://www.raypub.com [email protected] [email protected] اﻟﺒﺮﻳﺪ اﻹﻟﻜﺘﺮوﻧﻲ ﻟﻠﺰﺑﺎﺋﻦ: اﻟﺒﺮﻳﺪ اﻹﻟﻜﺘﺮوﻧﻲ ﻟﺪور اﻟﻨﺸﺮ: [email protected] [email protected] }ﻛَﻠﱠﺎ ﺇِﻥ ﺍﻟْﺈِ�ﺴﹶﺎﻥﹶ ﻟَﻴﹶﻄْﻐَﻰ* ﺃَﻥ ﺭﺁﻩ ﺍﺳﺘَﻐْﻨﹶﻰ{ zא x7-6 W א אא א א א ،א א א K א W KK ، א א א א אz Eא א א א א Kx143W א K ،א א א K FW א FW ، א א א א ،א א א E א KKK א א K א א א א א א א א א א א א א E א א ، )(1 א א אא א K א א א א ، א א א א ، E א Francis Fukuyama א ، א א א )( 1 א ، א א ، א א K K א ، א K א א א א א א א א א א א א א K א F א א א F א א א א K א א K א אK א א ، א ، ، W א א א א http://www.newsweek.com/id/162401 8 FW א א א א א א א א א F א אא א א א א א א )(1 א א א zE א FW K א א א א K א א א א א א א א א א K א א א א א א א א א א א א א א א א ، א א א ، K א א א א א א K א K א א א 235 א א א Kx140W א א א א Kא א א W א א א א א )( 1 א א א א א א א E א א א א א א א א א א ،E א א 1914 א KE F א ، 9 א א א א א א א א א Kא א א א א א א א א א א א א א א א אא א א א א א א א ، Kא א א א א א ، K א א א ، א ، א א א א א אK א א א K א א א א א א א א א Fא א א K א א א א E א א א א א א א א א א א א ، ، K א א א א ، א א א א א א א א א K א א א א א א א א א א א 10 א א א א K א א F א א א א א א א E א א א K א א א K )(1 א K ، א א א ، א W א א Fא א Fא א א א debt we trust א א א ،EIn א E K א W א א א א ، אא א א א א א א א )، ( 1 א א א א א א א ، א א א ، ، א א א א K א א א א א Fא א א א א א א א א א א )(1 א א א א א א א K ، 2007 ، F ،א E א א א א א K א ،336 א א K18 K ،E א א א א א א K א א א K א א א א א א א א א א א א א )(1 א א ، K א ، ، א א ، : 12 א א א א K א א א א א א א א א א א K W א א א א F א א אא א א א א א K K א א א א א א א א W א א W א א א א א א א א א א א K א א א א א א א ، א א א א א אא א א א א א א א א א E א א א ، א א א א K א K א א א א א ، א K א א 13 א א א א )( 1 W א א א א W W )( 2 א א א א א א א א ، א אא א א )( 5 א )(1 F א W א א )(2 )(3 א א )(5 א )(4 א א W א א א א א )K ( 3 א א א א ، א K א ، א ، W א א E ، א א א K K14685W K1189 W ،357 W 2 W א K1153 W W 487 א אא א א، )K ( 4 W א א א א W א א אא א א 2233 א א W א K K א א א א W : א 14 א אE א א K א א א א א א K ( 1) א א F א א א א א א א א K א א אW א ، א א א א א K ،1999 ، א א א ، א ، F א אאE א א K ( 2) א א א א א א א א א א א א א א א א א א א א א א א א א KKK א א G8 א א א אא K ( 3) א א א א א א، W K ، KKde mourgues, M. "Economie Monètaire institutions et mècanismes" 1984 א ، א א א، (1) K37 (2) http://www.challenges.fr/magazine/0135.16203/reactions.html?limit 1 K2473 W א (3) 15 א )( 1 ، א א א א ، א א א א ، אK א K )(1 א א א ،א Fא א א א K א א א ،א א א א א א W א א ، K א K אא א K E א א א א K א א א א א K473-468 א E א א ، א א א א א W Fא א א א K א א ، א א א א ،א א ، א ، K א ،1 ،2004 ،א : 16 א א אא א א א א א א א א א א zא א א א א א א א א KE א א א א א K א א א א א א א א א א א ، א א )K ( 1 ، א א W א א א א ،6541 W ، ،43040 W ، ، א א K א א אא א א א א )(1 )(2 ، א א ، א א אW א א Kx38W ، א א א א ،א א )، ( 2 K א א FW א W א א Fא E א א א א א א K ، א א א K א 17 א א א א ، א א א ، א א ، ، א א א א א א א א א א K א ، א א א א א א א א א א א א E א ، א א K2332 W א א ، א FW א א א z Eא Kx91W א א א א א K K א )K ( 1 א )(1 א K א א א א א א א ، א א א א א א א א א א א א א א א א F א ، W א א א א א : 18 א א א א ، א א F ، א א E א Wא א א E א א א א ، א א א F K אW א Fא א א K K א א א K א א א א א א F אא א א ، ،E א א א E א א K א א א א א א א א א אא א ، א א א K א ، א א א אא א K 19 א א א א (1 אא (2 א (3 א W W א، א z Eא א אא א z Eא )(1 )(2 א )، ( 2 ،א א K א W ،x1W ،א ،141 Wא א ، ، א א K24 ، W ، W ، א ،א א א א א א K א א F W א Wא K א K א W א א א אא א א א )K ( 1 א W ، ، א K אW K א ، א ، א א K ، Kx284 W א א ، א א א א א F א א א א א א ، א : 20 א א א א א א א א אא א K ( 2) E א ، Fא א ، א א א א א )(3 )(4 K א א א א א zE א א K ، א K1993 ، א ،א א ، ، ، א א א א א K א א א ، א א א א א א ،E א א א א א א א W א ، א א )( 1 FWא א W א א א Kx104 W )(1 )(2 א ، ( 3) E ، א ، א FW א א א ، א א )K ( 4 Fא .1 א א א K1997 ، א א א ، K52 א א ،א ،א ، א א א ،399 ،א א K1991 ، 21 F Wא .2 א .3 א א א א א ، א )(1 )(2 א א א א א K K א K א א א א K א א K א א א ، א א א Kx71 W W ، W א א א א א א א ، א z Eא א א א א )K ( 1 ، ، א ، )K ( 2 א א ، א א W W א א א K K א א א א א א א א א א א א K K : 22 א K א א א א א א א א א א .2 K א א א א א א א W א א א א א א )(1 א א א א א א אא א א א K א א א א א K א )K ( 1 ، K א K א K א א א א א .4 א א א א .3 א א א א א א א א א א א א א א א א א .1 K א א א א א K א K א א א א K ، א א 23 א .5 .6 א .7 א א .8 א א א א א א א א א א א א א א א א א ، א א K א א א א א א K ، K א א K ، K ، א א א א א אא א א א א א א א א K א א ،א א K א א א א א K א א W K א א א א ، א א ، ، א א K : 24 א • א א א א • אא א א א א א א א א א א א א ، ، K א א K א א א K א א א א אא א K א א א אא א א ، א א א א א א א א א א א א א א א K א א א K א א א אא K א K א א א • א א K א K א א א א 25 א א א ، אK ، אK א א א א א א א א א א א א א א א אא ، א א א א .1 א א א א א א K א .2 א (1 א א א 7 )(3 K אא א ) ،(1א W W ELibor + xF א א )(2 א K א א א ، K )K ( 2 א )(1 א א )( 3 א x א א א א ، KLondon Inter-Bank Rate א K א 12 K א א א K א א ، אא א ،א K א א א א א א א א : 28 א (2 א א א (3 א א א א ، א א W א א א א Wא א א א (1 א (2 א .1 א K א K א א ،E1 א W א א א Fא א א .2 .3 א א K E א א א א KE F א א W ، F א F E K F א K א א א א )، ( 1 א א א (2 )(1 א א א K א (1 א א א א K א א א א K E 1 F ، א K Eא א א א א 29 א .4 א א )K ( 1 ، אא א ، א א א ، א א א .1 W א )(1 א א א א א א א א א אK א א א א א א 20 ،א א א K א א א א א ، א א אא ، א א )( 2 K ، א K א א א א א 700 א א א א א א KE ، א א א .2 א F א K א א א א א א א א א א א א 1200 )(2 א א אא א א א א .5 א א K א א K K : 30 א .3 א K א .4 K א K .5 .6 א א א א א א .8 א א )(1 K א )K ( 1 א א א K א K א .4 E W א א א א F א K א א K א .3 .5 א א، א א .2 א א א .1 א K א .7 א א א א K א K א א א א 40 א א א 31 K .6 א .7 .8 א .9 א א א א א א א א א W א א א א א א א א א א א א א א א א א F א א א א א א א א K א Wא א WE K א א א K K א א א 1.2 א ، א א א א א א K 2008 א א ، א 1.9 א א 166 K א א ، 2008 א א K א K 7 א א א א א א K א ، א א ، א : 32 א א א א א א א א K א ، א : א א א א א א א א א א KE )( 1 F א א א א א E א א א )(1 ، א א א א אא א א א א א א Fא א א א א א א ،2004 א א א א א א א א א Fא W א K ،2007 א א א K א K א K K א א א KEא ، א א א 33 K K א W א א א א א א א א א E א א ، F א (2) א א א א W ( 1) א K א א א K ، א א F W א א א א • א E א א א K ( 4) א א א א א א א א ( 3) ، א א א ، ( 2) א 2 E1F א א א، א • א א ، א K א K א ، א א א (1) Leibling, H., U., S., “Corporate Profitability and Capital Formation: Are Rates of Return Sufficient?” Pergamon Policy Studies, NY 1980, p. 70-78 (3) Simon, H., “Economic Policy for a Free Society”, University of Chicago Press, Chicago, 1948, p. 320. (4) Enzler & Conrad & Johnson, “Public Policy and Capital Formation”, Federal Reserve Bulletin (Oct., 1981), p759. : א א א א 34 א א א Kא K ( 1) א א ، א • א א א א א א K ( 2) א א א א א א א א א • א א ( 3) א א א א K א K W (1) א א א א א א א א א א א אא א ، א א א א א א א א • א א א א א K א א ، • א א א א Miller, J., “A Glimpse at Calculating and Using Return on Investment”, N.A.A. Bulletin, June, 1960, pp. 71-75. (2) (3) Samuelson, P. A, “Economics”, 7th ed,. McGraw Hill, New York, 1967. p574. Friedman, M., “The yo-yo U.S. Economy” Newsweek, 15 Feb, 1982. p. 4. 35 א א א א א א • .1 .2 א א א א א א א א א א .4א א א א א א א א א ، א א W א K א א א א א א א א א א א א א א ، א א K K א א א K א א K א א א א א K W .3א א א א א א א א א א א א א א W • )(1 K W א א ، א )( 1 א GloCal א א K א א GloCal ،א א א א א א א א ، Global א א א Local א א : 36 א א ، א W א א ، א W א א א .1 א .2 א א א א א א א א א א א א א א א ، א א א א א K א א א א ، א א א א ، א K א א א א ، א א א א א א א א א א K א ، K א א א א א א א א א א א א א א א א א א אא א א א א K 37 א א א א א F א א K א א 1953 א א א א א א א א א א א א א א א א )(1 א א א א Fא א א א א ، א א KE א א א א א E א א א א אא א א א א Fא א א א E ، E א א א א אא א א א א א א א א א א ، א א א Fא א א K א א K א א ، K2002 ، )K ( 1 : 38 א א W א W .1 א .2 .3 K Fא א א א א א W א .1 ،א א א א א א ، א א א א ، K W )(1 א א א א א א א א K א E )W ( 1 K א א א א Fא א א א א א א א א א א ، E א Fא א א א א ،א K א א K א ، E KE21F א 39 א .2 א א א 30 א א .3 א א .4 א ، א א Cap.F א ، א א 30 א א א א א א א א אא א ،א א א Kא K א א K א .5 א W א א א א א א א א ، א א א א א אא EMarket K א א א EMarket Cap.F K אא 5 א א א א א א ، א א ، א א אא א א א א א א א א א א א א א א א ، א א א א א א א K א ، K K אא א K : 40 א א א א ، א א א א א א א א K א א .6 א .7 אא א א א א א א א ، K א א א א א א א א א א א א EMARGIN א אא א א א א א Fא א ، א א K א .9 א א א א א א א א א א א א ، א א א א א .8 א א א K א א א א א א K א א K ،ESHORT SALE K א ، F 41 א .10 א א א KESETTLEMENTF א .11 א א א א ، א א .14 א א א א א א .13 א א K א .12 א א א K ، א א א א א ، K )K ( 1 .15 א א EFuturesF א K .16 א א א EOptionsF א K .17 א א א .18 א )(1 א א א א ، א א א א א א א א K K א ESwapsF א א ، K א א ، א ،א ، K : 42 א .19 א א K א א א א א א א א א א א F א א א א א F א א א א א א א א א א א א א א א א א ، K E א א א א א א K K א א א E א א א FW א א א א א، א א א א א א א z Eא א ، K א א א Kx279W : א א א א Securitization א א א א א K א א א K א 43 א )K ( 1 א א א א W א א א א א א א א K א א א .1 .2 א א א א ، א .3 א )(1 א א א א א א א א K א א K א F א ، א א א א א א א א K ، ، Secured Assets E 27,439 אK K א א א א א א א K א א א א ، א א א א W א א K א : א א א KESPVF K 44 א א א Special Purpose Vehicle (SPVF א א א א א א א F א א א א א א א א א א א א אא 1.3 א K א א א א F א א א א א E א א א א K א א אF SPV א Eא א SPV א א א א KE א א א א א א ESPVF א א א א EIssue א The Originator א 1992 א א Leveraged Buyout (LBO) K א א א א א א א F א 45 א א א א א א א F א א א א WE E א א W א א F ، E א Fא א F א א F א א א K K E א א ، א א א )K(1 א א א E K ، א א )K ( 2 Fא א א א K א )(2 א א א )(1 ، א ،Eא א א א א א א א א א א K א ، F א K א א א א Fא ،EIn debit we trust ، ،EIn debit we trust K : 46 Wא א א א א E א א א K F א אK ( 2) א א א ، K ( 1) א E א א א K א א F א א ، 2005 אW א א א א א K K א K ، א א 320 K א א א 2006 E ،EIn debit we trust ،EIn debit we trust א א א K K א אF אF א א F 52 ، ، (1) (2) 47 א א א ، א א א א א א א א א א א א א א א א )(1 א א W K א )( 1 א א א ، א א א א א א א א א א א 2005 א א )(2 א K א ، א א א א א א א א א z א ، 45.800 K א א 2.568 א א א ، Fא ، א א א א א א F E א א א )(2 ، K א א א א x282 W 2007 13.78 א א א א ، 847 ،EIn debit we trust א ، א K א א ، 60.8 א K א 2.73 K K : 48 א א א א א א א א ، ، א א א א א ، א א א W א א א א )(1 )(2 ،א א א א א א א K א א K א א א א א א א א א א،א א א א א K2183 W K11297 W א א ،א א א א א א ،א א ،א א א K אא א א א ، א א א Wא א ،א א K א א א א א F א K א ، )،(1 z Eא א ،א א Kx280W ، א א אא א ، א א א KK ، )K(2 49 א W ، א א א א א א )K ( 1 א א א )K(3 א א א )K ( 4 א א א א א א א )K ( 7 א )(1 )(2 )(3 א )(4 )(5 )(6 א )(7 א א א א א א א א K2541 W K2699 W K3923W K2212 W K3498 W 4 א א אK K798 W )K ( 5 )( 6 W 453 W א א א )K ( 2 א K א א א א 7910 W א Wא א א א א א : 50 א אא א א א א K א א א א א א א א א א ، א א א א א א א א K א א א א א א א א )K ( 2 א א א א )(1 )(2 )(3 א א א א א א )W ( 3 א א א א א K K2400 W ،א א א א א א א א ) K ( 1א K א א א א א ، K38 א W 51 א א א א א א א א א א א )(1 א K א א א א א א א א א א א א א א א א א א א א FW א א ،א א א )، ( 1 א א א א א א z Eא א ،א א א א Kx60W א א א W א א א א א א א א K א א א K א א א א K א א א א א א א א א ، א א א א אK א KE21F א ،א א אK ، : 52 א .1 א א א .2 א א ، א א א א א א א א א K א א א א א א א א .4 א א א א Fא א א א א א א א א א א Fא E א E א א א א א א א א א א K א א א א א ، א 30 א א א א א ، א א א א א א .3 א א א א א א א א א א א א F א א א א KE K א K א א א א א א א א א א א K א 53 א א א א א א K א א א 33 א Yoro and Japan 11 א W א א US value א Wא א א א א א א א א א א א א א א 2003 א א 2002 א K א Wא א א 2001 W Value K 11 א א א א א 2002 א א א א א א ،US K : א א א א א א א א א א א א 500 א א א א א ، אK א 1994 א K K א א א א ، ، א א ، : 54 Kא א א א א א א ، א א ،E )(2 )(3 א א א א ، א א ، א א ، א F Wא א א א א א א K ، ، א 5 307 5 K309 א א א א א א א א א א א E א א א א א ، z Eא Kx283W W א )K ( 1 א א א K א FW אא ) ( 2א F W W א KE א א א א א )(1 א א ، א ، א א FWא א א א ، ( 3) E א 55 FW א א א א א א F א א F Wא א KE א א א K ( 1) E א א א א א א FW (1Fא א )(2 )(3 )(4 )(5 א א E F א א E א ، א א א ، א ، א א א א ، ، K2329 W ، K2432 W K1217 W א W 5 K310 5 K312 א א א א F א א א א א א א )K ( 4 ،א K ( 5) E א א K ، א K ( 2) E FW א א א ، K ( 3) E א א א א : 56 א א א א א א א א א א א Fא K א K א א א א )(1 א K א א א K א א א א K 5 א א א א ، א א א K א א א K א א א א א ، א K E א ، א א א א א ، ، א אא א ، א א א א א א א א א א א א א א א K א א א א א א K א א א ، א א א א ، א א )K ( 1 א א א K אא א א 57 א א K א 22 א 10 K 220000 K א K א א : א א א א )K ( 1 א א א א א א ، א )(1 ، א א א א א א א א ، K א F א א א E25F א א K א א א א א א א ، ،א ، א א K115 ، K אא אא א א )(2 א א א א א ، Fא K א א ، א E א )K ( 2 ،EIn debit we trust : 58 א 2005 F א Eא F א K א א א א א א W א א א א א א א א א ، )(2 א א F א א ، ، א א )(3 אא א א א ، Fא א א א א א )(3 )(1 K ( 1) E K ، WE ، א ، )K ( 2 א א א א א Fא ، א ،EIn debit we trust א א W ،א א א א א K א ،EIn debit we trust K א ،334/2F K W K א א KE8395 א א 59 F א א א א א א ، א א : K ، א ، א ، ، א א א א א )K ( 2 א ، א א א א W F א ، )K ( 3 )(4 א )(4 א א א )(3 K ( 1) E K E 775 179 )(2 א א א א א )(1 א א א א א א K1183 W א ، א ،א א א א ، א ، ، א א ، א K219 7 ، א ،א א ،א א K K1992 ، : 60 א א א K ( 1) Eא א א א ، א א א F א ،א א KKKא K א א א א א א ، ، KKK א א א )(1 א ، א א א א ، K א א א א K א K א א א אK א، ، א א א א א א ،א א א، Eא א ، א ، א א ، א א א א א א א א א ، א א א FW א א א א א א א ، א א א א א א K א א א א א א א א 61 א א א א א ، א א א א א ،א א א א א א א )(1 )(2 א א א א א א א א א F ، א א א א א ،6979 W א K21365 W א א א Wא א ،א א z Eא א ، א K ، K W א א א א א א א א א א FW א W א א א ، א א Wא א א )، ( 1 א א א Fא א K א W א א K א Eא א א F א א א א K א א ،x188 W א )K ( 2 א א א א א א א א א E : 62 א א א א א א א ،א א א א F Eא א א א E א א א א א F F א א א K א Eא א F E E א : א א א א א Fא א א )(1 )(2 א א ، ، ، KE K א א א ، א א א א א א K א א א א K 16 K111 א )، ( 1 133 )K ( 2 א א א ، ، א ، א א א 191 א א ، א א א א א א א א א א א א K א 63 ، א F א F א א א א א ،E א א א א א א א א א א א א K א א א א ، א א א א א א א א K א א ،א א א ، א א א Kא א )K ( 2 א אא א ،(1) x20W א ، א K50-20 א 1914 F א א א א א K1467 W א ،א א z Eא א א א W W ، א א א א )(2 W ،E א א א )(1 W א א א א ، א א א א א א : 64 א א ، א א א א א א א א א א א א א א Fא א א א א א א א א א E א א א א א 97 א E1 א K ، K א א א א א א א א א א אK א א א א א א א א א א א א K א א ، א א א א K א א א א א אא K א א W א א א ،E א K E F א א א א א א F א א א א א א א א א א א א א א K Fא א א 65 א א א א א K א א א א א K א اﻟﺤﺮب ﻋﻠﻰ اﻹرهﺎب ﻟﻒ و ر /ﻗﻴﻘﺔ ﻣﻴﺰاﻧﻴﺔ اﻟﺪ ﺎع اﻷﻣﺮﻳﻜﻲ )ﻣﻠﻴﺎر و ر( اﻟﺴﻨﺔ اﻟﺤﺮب ﻋﻠﻰ اﻟﻌﺮاق ﻟﻒ و ر /ﻗﻴﻘﺔ 438 448 2003 93 54 2004 111 74 2005 164 100 507 2006 188 116 536 2007 245 166 611 2008 371 195 - اﻟﺠﺪول )(1 א Fא א א א E א א א א א א א א K א א Fא א E F א א א ، K א Wא E א K א א א א א א אא א א א K F E ،2001 11 א א Fא א K F א א א א א E א א א א K2007 א א א א א א ، א א א א א א א א א א א א א א א א א א א 2,1 א א E א א א א א א א א א א א א K א א א א א א א א א א א ، א א א א 11 K א K : 68 Fא ، א E F א א F א א א א א א F א א א א E א א א א א K א F א א א א א א Eא א א א א א F א א א א א E ، א א E K ،א א ،א א א א א א א K א א K א K א א א ، א א א א א א א E א א א א א א א א א א א 595 3 א א א א א א א א א 3,7 69 א א א א K א F א א א א א K2008 E א א א F א א א א א F E א א E K F E א ،א א א א א E א א א א E K א א א א E 237,3 K Fא א K א א F F א א א א א א א א K א אא א א K : 70 Bank of America א K E א F KE א E א ، א א 0,1822 F 7,6 א א א א E K א א אE א א א F ، F E א E א א א א F E אE F F ، E NBNA F F E F א K א א W ( 1) א א F ، א א ، ، א א Citigroup 14 K א א K א אא א א K א א ، א א א א א א א א א א E F 1,02 5,11 K א א ،EIn debit we trust 13,22 אF 48 (1) 71 JPMorgan א Fא א F א E א א א א א Eא א 1,9 K א א א א א א א K 16 Merril Lynch א א א F ، א א א א K K 23 א א Eא א 14,1 F Eא א א ، 2,3 א 12,01 א 2,41 א K א א א א א א K2006 א Northern Rock א א א E F 30 K א א אא א : 72 Lehman Brothers F א א א א Eא א א א א א אא א א ( ) א א א א א ، א Eא א א א K א א א K א א א א א F א א א א א א א א K א א א K א א K ( א א ) א א א א F א א א ) א א א א 94 א K Eא א א א א א א ، K א א ( א א א 17 73 " " א Eא F 14 א א F K 1.33 E AIG א א א א א 90 א א ، K א 16 ) א א E א ) F א 15 א ، א א א K Eא K א א F F K ) א א ( 11.2 א א ( F א א א F E E E א 28 ( א א א א K א Fא א א א E 29 א א ، : 74 ( א א 75 ) א 29 א K א E F ( א אE א א F ) א א 29 K א א ، א א 35 Lloyds TSB 21.8 א F F E E 12.2 א א אE א א F F א א א KE E F א K 20 א 8 Credit Suisse א א א א א KKK א א ، 78,28 K א א א א א א א א 75 א א א א אא א 60 א א א א א אא א K א א א א א א א ، א א א ، א א א א א א א א א א א א א א א א א א א ، א K א א א א K א )( 2 K א א א ، א א א א א א א K א ، א ، ، )K ( 1 א א א א א א א א א א א א א א א אא א א א 90 )(1 )(2 א א א א א א א א K א א א א א א א א K : 76 א K 100 א א א א א א א ، F א א א א א א א E א א אא א א 2 א א א א ، א 85 א K א א א AIG א א א א א א א 19 א א א א א א א א א א K א א 2008 א K ، א K א א א K ،א אא א K א W א א א א K א א א 77 א א א א 11,300 F א א E K א א א א )(1 א CML א ، א א א א א א 30,200F א ، K2004 א א K א א E ، 5,000 א K א ﻋﺪ اﻟﺒﻴﻮت اﻟﻤﺴﺘﻮﻟﻰ ﻋﻠﻴ ﺎ ﺑﻤ ﺎ رة اﻟﺮهﻦ 1991 75,500 2004 8,200 2006 26,200 2007 ) 45,000ﺗﻮﻗﻊ( א א א ،2007 2009 26,200 8,200 K 45,000 א א א א א 2007 ، א א 12 CML اﻟﺴﻨﺔ א א אא )K ( 1 א א )( 2 א א א א א א א 2,2 א א א א א K2008 א א K http://news.bbc.co.uk/1/hi/business/7741172.stm )(2 : 78 א א א א א א 4,91 א א K1999 א ، 1,6 א 9,5 א א א ، 4,3 א K 203,1 א א א א א 4,93 5,02 ،א א א א א א א א ،1929 א K א א K א א א א א 35 א א א א א א א א א K א א 50 11 א א א א א א א א א K2008 א א 31 א 7 150 ، א א א K2008 4,26 K2008 א K א 50-20 א א א א א א א א א 79 א א א F ،א א א ،א א א א א א א א K 2008 א K א א א א 323 ، א א ، Fא א א א F E א 90 א א K2008/11/20 K F א א 1 א א א א א א )( 1 E א 70 א )(1 E א K א א א K 57 א א א K 61 F א 1140000 א א א א א א K א Eא א א א K Eא ، א K א 800 : 80 F E א א E K א א א א ، 20 E א א א F א 99 א א K א א א א F E א א א א E F 25 א א א א K E א ، F א 31 ، א Eא 740 א א א א א K F F א א א E 25 34 א ،א K א א א א א א א א F ، 50 K 4 K א F א א א א E K 81 א 638 א א ، א א א א א א ، א א K א ، א א א א א א 1,6 א א א )(1 א ،א א K א א א 3,1 א א ، א א א א א א א ، א א ، א א א א א א א א א א K2010 א א א 17 K א ، 4 21 א א W א א א K א 32 300 K א א א ،2008/11/18 א א )(1 Yahoo א F K E K2008 א 65 א א א א ، : 82 K א א א א א א 72 א א א א 30 א א ، א א א א א 1000 א א א א א 64 54 א א א א א א א ، K א א א א ، א K א K 22000 F א 15,7 א K א א 71 א א 18א א א א א א ، א א א א 151 א א 40 K א ،2008 א א א 11 ،2008 ، ، E K2008 א א 2008 10 83 א K GM א، ، K 2009 א א א א Kא 60,000 א א א K א א א א א א K א א א א א K 130 א א א 50,000 ، א 100,000 ، W א GM אW א א א א א K א א א א 2008 Virgin Media 2,200 Volvo 6,000 Yel Group 1,300 Nokia Siemens 1,820 Citigroup 52,000 Corus 400 Goldman Sachs 3,200 K א א : 84 EW Scripps Co. 400 Sun Microsystems 6,000 GM 3,600 Nokia 600 Glaxo SmithKline PLC 1,000 Nortel Networks 1,300 British Telecom 10,000 Bank of America 7,500 AMD 500 Royal Bank of Scotland 3,000 DHL US Express 9,500 Fidelity Investments 3,000 Pink slip mayhem 3,150 HSBC 500 Ford Motor 2,600 US Steel Corp 675 American Express 7,000 Morgan Stanley 19% Volvo AB 1,000 Development Bank of Singapore 900 Jaguar Land Rover 400 129,545 א א א א א א א א א א א א א א א K א א K א א א א 85 א א א א א א א א א א א א ، א א א א א א א א א א א א א א א א א א ، א K א א 5,42 K א א א א א א ) א א א א K ( א א אא א א א א F א K א א א א א E א א א א K א א F א א א א א א א F א א א א K א ، F E א E א F א א א KE א א E : 86 א א Fא א א K א א א א א א א Kא א א E א א א א K א ،א א א א א א א א K א א א א K א א א א א א K א א K א K א K א א א א א א א א ، א א ، א ، א א א א א א א F א א א א א א א א א א א א א א א א א א ،E א א א ، K א א א 87 א ، א א א א א א א א א א א א א ، א א א א א א א א א א א א א ، א א W ( 1) E א א א K א K F )(1 א א ، א K א א א א א א א א א א ، W א ، א W א א א א אא א א א א א ، ، א א א א א ، א 48 K 144 א א Khttp://www.newsweek.com/id/162401 W א א א א א : 88 א א א א א א א א א א א א א א K א א א א א א א א א א א Fא א א א א א K א א א K E א א א א א א א א א א א א א א א א ، א א א א א א א א א א א א א א ، א א א א F א א K א א א K א א א א א א א א W א ، א א א K א א א א א א א א א א W א א א E א א א ، א א 89 א א א א א א א א א K א ، א W א א א אא א א א א א א אא א Kא א א א ، א א 945 אא א א א ، א א א א א א א א א א 2007 א א א א א א K א א א א K א K א א א א K א א א א א K א א אא א א א א א א ، א א א א א א א א א א א א א א א א ، א 1929 א א א א א א א ، א א א א א ،א א א א KK )K ( 1 א א א )(1 א ، א א א ، א א א א ،א א א 700 א א א א K א א א א K א א א א א א 2008 א א א א א א א א א K Khttp://www.newsweek.com/id/162401 W א א א א א : 92 א א א א א א א א Fא א א א W א א W2007 א Fא א E א א א W2008 א א א ، א 16 א א K א K א א K ، א W2007 K א א א א 3,50 2 K א F E א א K F א א W2008 א א א W2008 K 11 Wא W2008 2007 א א א א א א א א 22 )(1 א א א א א א ، א W2007 א 17 )W ( 1 KE א א א E א א ، 93 W2008 7 א א א א א א א א F א א 15 א F א E א F F F א ،E Eא KE 70 א א א א א א K 16 א א W2008 ، ، א א א א F א K 17 א א W2008א Eא 18 F א א W2008א א K א א K א א א א א א K א K א F 700 א א 85 א E ، K 200 W2008 א F E א א א Eא 9,79 א א E : 94 W2008 19 Fא א אE א W2008 א א K F א א א א א א K 29 א א א א א W2008 28 א א א א W2008א Eא F א א Kא א א E א א Fא א K א א 26 א א א K 23 א א א F א ، W2008 E K א א א E א K א א W2008 א F א K E א Fא א א א א K א א א Eא א K א F א א א KE א Fא א א א א E א K 95 א א א א א א א א א W א א F K א א א א K א F، א E ، א א א א א א א 250 א א א א K א ، א ،E א א א 549 א א א א א א א א E 86F 450 ، א א K א א א Kא א א א א E א K א א F א א א א 15א א א K א א א א : 96 א א א F א א E K א א א א א א א 300 418,4F KE א א א א א 3 א K F א 20 א א א א K א א א א א K E א F א א א K א E א א א א א ، א א א ، א א א א G7 א א א א א א א G7 F א א א א א א 97 א א א א K א א א אא Fא ، א K .2 א א .3 א .4 א .1 א א א א א א א א א א א א ، א א א א Eא א א א א א א א K א א א א K K א א א K F א א א א א K א א א א א א א א א א א א א א אא א א W א א א .5 E א א א E א א א א א K א א : 98 850 אא א א א א א א א א א K א א א K א א א א א ، א 700 א א K א א K א א א א א א א א א א א K 2,50 א א א א K א א א )(1 א א א א א א א א א א א 700 א ، א א K א א א K א א א א )(1 א א א E400F א א א א 3-2 א א א ، א א א א א א 800 א 72 99 א א 31 א א א K א א 2009 א : א א א ، 250 אא א 350 K 700 א א ، א א א א א א א K K א א 100 א אא א א א א K א א א א א K 100 א א א א א K א 250 א : 100 : : א א א א א K 500 א א א K א א א א )( 1 א א ، א א K א א : א א א א א א א א א א א א א א )(1 א א א א 6 K2006 אא 60,7 F א E א א K Fא E ، E א א K א ، 39 F א 26.8 א ، Credit Suisse 22,3 162 ،2005 א K א א א א K א אא א א 13F K א א א ، א א 28 אK F ،E אא K2006 E א ، א א א 101 א אא אא א א א א א א א א א א א א א )(1 W א א א א א K W א א K K א א א א א א 60 א K K2008/11/18 K א E א א א K F W א E א א א א א א א א א )F ( 1 א א א א א א K2009 א K א א א א אא K א : 102 א W א א W Fא א KE א F E א F א א א א F א א א א ، א א א א 10 א א F E א א א א אE K א א א K א א א אE K K 30 א א א F א א א א א ، E ، K א א א א א K א F א E א F W ، א א א ، א א א א א אE א א א א K 103 א Fא א ،א א א א א KE א א א א א K K א א א א א א א א W K א א א א K ، K K א א א א א א א א א א א א א ، א א א א א א א ، א א W א א א א א ، א K א א א א ، א ، א א א )(Break Point Even א א א א א א א K א א א א ، ، א א K א א א K K א ، א א א א א א א א א א א א א א א א א א א ، א א א א א א ،א א ، א ، א א א א א א ،E1F א א א א א א K ، 106 א א א א א א א א אא א א א א א )(1 ، א א ، א א א א א Fא א א K א א ،א 16 Prozac K62 א א ، א א א א א )K ( 1 K א א K א א K א א א א א א ، א K א א א א א א ، א א 1989 E א K א א ،1999 א א 107 اﻟ اﻟ ﻟ اﻟ اﻟ اﻟ اﻟ اﻟ اﻟﺪ : ا ا اﻟ ا ﻟ ا ) (1ا اﻟ ﻟ اﻟ و ا ﻟ ا اﻟ ﻟ ا ا اﻟ ا א א اﻟ ﺠ א ﺪ א اﻟ اﻟ א א א ،א F ، א K א א א א א א א א א ﻟ ا 2008 10 700 א א א א اﻟ ا + ا و ا واﻟ ﺪا ا اﻟﺪا / اﻟ ﻟ اﻟ ا /ا اﻟ اﻟ ا / اﻟ ﻟ اﻟ ﺪا ﺪا اﻟ ا اﻟ ﺪا اﻟ ﻟ א א א א א א א א א E א K א ، א א 108 FW א א z Eא א ، א ،x76W א FW א א א א א א א א א א א א .1 א א א א א א א א ، א א א א K א א א א א א W א א א א א א א K א א א א ، א א א א Kx60W א א א א z Eא ، א א א א א ، א א א א א א א א א ، א א K K א א א א א א א א א K א א، א K 109 א .2 א א א ، א א א א א א א א א א א Wא ،א FWא )(1 )(2 א א K2133 W א K5753W א א א ،א א K ( 2) E א א א א א א א א ، א א א א א א ، א א א א )K ( 1 K א K K א ،א א א א FW ، א ،E א W א 110 W א א א א א א K ، א א א א א א א א א א )(1 א א א אא א )K ( 1 א א א א אא א א א K א א א א אא K ، א K ، א K א א א א א א ، א א א א א א ، א א א א א א א א א א א K א ، א א א א א א א א א א א א א K212 א א א K 111 א א ، אא א א א Kא א ، א א א א א א א א א F א א )K ( 1 א א ، א א א )(1 א א א F E K ، א א א א ، א ، א א א א ، א א K א ،1421 א א א א א א א א ، א א ،2004 W 100 K א א א א א ، א K א K א K א א א א א א Eא א א א א א א א ، א א א א א א ، א א ، K א א K2000 ، א ، 112 K1913 W F א K א (1) א 1903 א א א EThe Bankers ManifestoF 1892 א א א א א K א אECharles Lindbergh Sr. א K א א א א א א ، ، א x א K א א א א ، אK א א א אx א א א א KKK אz א F א KKK א אz א א א א א א K ( 1) E א א “We must proceed with caution and guard every move made, for the lower order of people are already showing signs of restless commotion… The Farmers Alliance and Knights of Labor (These were the two great organizations standing up at that time against the ‘silent oppression’) must be carefully watched by our trusted men, and we must take immediate steps to control these organizations in our interest or disrupt them… Capital [the bankers and their money] must protect itself in every possible manner through combination [monopoly] and legislation. The courts must be called to our aid; debts must be collected bonds and mortgages foreclosed as rapidly as possible. When through the process of the law the common people have lost their homes, they will be more tractable and easily governed through the influence of the strong arm of the government applied to a central power of imperial wealth under the control of the leading financiers. People without homes will not quarrel with their leaders”. (Quoted in THE FEDERAL OBSERVER 4:172, June 21,2004), federalobserver.org). 113 א א א ، א א W א ، א א א א ، א ، ، א א א א א א א )(1 )(2 )(3 )(4 א ، ، ، ، ، א )K ( 1 ، א Kא א א א KKKK א א א א א א א )K ( 4 א א ، ، ، ، א KKKK אא א א א K55 K222 K111 K112 א א )K ( 3 א )K ( 2 ، א א א ، KKKK א א א 114 א א B-2 א F א F א א WE ،E א א א א א ، א א א )K ( 1 א K א א א F א א א א א א ، F E א א ،E ، 2008 F F א א א א )(1 E א 1973 א א ،Eא Eא Fא א א W ، א א א א א א א א א ، א א א א א א א א ، K115-114 א א F א ، א א א K א א א א Eא א א א א א א א א K 115 א א א א א 11 א א א א א א E א א א א א ، א א א א א ، א Eא א א ،E2015 א א א ،א א א א ، א א א א א א ، א K2008 א א E א א KE א א א F F א א א א K א א א 20 א א ، א F 2004 א א א F 2,5 א א א א א א א א א א 800 א א א 1.4 12 א א א א 19 א א א א א א א א א א E א א )(1 )(2 א F א Fא א )K ( 1 א )، ( 2 א א ، א 60 א א ، 116 א א א א א א א א א א א א א א א ، א ، ، א א K1429/10/12 F، Fא ، א E א ، א K א א א K K א א א K א، ، א א K א א )K ( 1 אא א א א א W א א א א א א א א א א E F א א א א א א א )(1 א א א א F E11 א א א K א א א א ، W ،E 117 א א א א ، א א، א E א אא א א א א W2006 א א א א א א א א K א א א א א א א א K א א א א ، K א 2א א א א א א ، K א K א 8 ، א ، א א K א א א א א א א 1 א ، Fא א 10 א א א א א KK KK 51 473 א א 100 47 68 א ، KK FF KK א א EE K 118 א 1 ، K א א א א א א א א א א אא )(3 א K א א א K א א א ، K ، ،א א ، ، ، א K565 א א א א א א א Kא א א א א א ، K W W K ( 3) E ، ، א א א א א K565 א 2,5 א א א K ، א K א א،(2)E ، א א )(2 א )( 1 Fא Fא )(1 א א א א א א א א א א 10 א א ،2005 ، K131 119 א א א א א א K א א א א א א א א א א א א א א א א א א א א א א א א א א א א א א א א א א א א K א א א א א א א א א א א א א א א א א א א א א ، א א א Kא K א א W K ، K א א א א ، א א ، א א ، א א א 120 א א K א )، ( 1 א א א א א א א א א )(1 )(2 )(3 ، א א א ، א א 2,5 א א א אK א א א א א א א א )K ( 3 א K א א א א א א א K219 2008/10/1 )، ( 2 ، Eא א א ، FW ،279W K א א א K א א א K א א א 7 א K580 W W ، א א א א א ، א א א א א K K0,003 121 א א א א א א א א א א )(1 )(2 )(3 א א א א א FW א،(1)E א K א א א א ، א 4 1 2W K א א א א ) K ( 2א א א א א א א אא K2007 W 364 K248 W 91 K357 W א א א K א א K א Wא א א ، ( 3) E א א א א א אא א א F א א א א א א א א א א א ، ، K א 800 א א א F א א א K א א W K א א א ، א 122 א FW א ، א א א א א א א )(2 E א א א א K א א ، א א ، אא E א F FW א א א א K א א K ( 2) E F KE א )( 1 א א ، א א א E א א א ، א א א א א א F )(1 א W א، א E א א א א א א א ، א א א א א א א F Fא א א א K א א א ، א E ، ،28W א א א E א א א W www.challenges.fr/magazine/0135.16203/reactions.html?limit1 123 א א א א K א E א א א א א א F א א א א א א W א )( 1 א ، א א א א א א א א א W א א E א א א K א א א א א א Wא א א ، א א )K ( 2 א א א Fא א א א א א א אKK א א א ، א )(2 א א K א א א )(1 א א א א א א א א ، א א א א א ، ، א K K א ،א א ، א ، א K א 124 א א א ، K א א ، ، ، א א א א א FW ، א א אא ،24 א א א א א א ، א א א א K א א א K א א א FW א א ، א א א ، ، K ، א K א K ، א ، א א א Eא Kx93W א א K א א z Eא א ، א א א א א א א ، K ، א א אא א א W א א א א א ، W 125 F א ،E א א א א א א א א א א FW FW א א א א א א א א א ، א א א א א א א،E א א א א K א א א א א KE אא א ، ، א א א א א א א א א א א א א K א א א ، )K(1 א .. א א א א א )(1 ، א K א א אא א ، א א א א א א א ، א א א א K ،א א א א א K40-36 א K 126 א א א א א א א א א א א א אK }{103 }{104 א א א א א א א K א ، א א א א א א }{105 א א Kx106-103W FWא אא א }{107 Kx108-107W א א FW א א}z E{106א א א א א א K א א א א ، א א א א א zא א א א א ، א א א }E{108 )( א א א K اﻟ اﻟ א اﻟ اﻟﻤﻠﻴﺎر ا اﻟﺒﻠﻴﻮ )ﺗﺴﻌﺔ ﺗﺮﻳﻠﻴﻮ )12 اﻟﺒﻠﻴﻮ آﻮا رﻟﻴﻮ )15 א ، ﻔﺎر( ﻔﺮا( ﻔﺮا( آﻮاﻧﺘﻴﻠﻴﻮ )18 اﻟﺘﺮﻳﻠﻴﻮ ﺳﻴﻜﺴﺘﻴﻠﻴﻮ )21 ﻔﺮا( ﻔﺮا( ﺳﻴﺒﺘﻠﻴﻮ ) 24 اﻟﻜﻮا رﻟﻴﻮ ﻔﺮا ( اوآﺘﻠﻴﻮ ) 27ﻔﺮا( اﻟﻜﻮاﻧﺘﻴﻠﻴﻮ ﻳﻜﻴﻠﻴﻮ )33 ﻧﻮﻧﻴﻠﻴﻮ )30 ﻔﺮا( اﻟﺴﻴﻜﺴﺘﻴﻠﻴﻮ ﻳﻮ ﻳﻜﻠﻴﻮ )39 اﻧﺪآﻠﻴﻮ )36 א ﻔﺮا( ﻔﺮا( اﻟﺴﻴﺒﺘﻠﻴﻮ א א ﻔﺮا( ﺗﺮﻳﺪآﻠﻴﻮ )42 60F 100F אE ﻔﺮا( googolplex KE .1 א .2 א ،א K2004 ، א א ، ،א .3 א .4 א א .5 א .6 .9 .10 א א ،א K א ، ، ،א א ،א ، א א K 1409 ،1 ، א ، K א א א ، K ، K1991 ، ، א ، K ،א א א K1993 ، ، א ، א ،א א א ،א א א ، א א ،א א א ، K1986 ، א א K א א ،א א ،א ، ، K ، א K1993 ، K ، א ، א ،א .7 .8 ، א א א ،א ، ، א ، 130 ، א ، א א א א א א א ، א א K ، K ، ، K ، ، א، א א، ، ، .13 א .14 א K ، K1999 ، ، א K1991 ،1 ، א א K336 K2005 ، א K1978 ، ، ، ، א א .12 .15 ،des mourgues Kinstitutions et mecanismes” 1984 א، א K ، ، א א M. “Economie Monetaire ، ، K1 ، א א .11 K1997 א א، א א، א ،E 2007 ، א א، א א، .16 K1992 א، אF ، א، א א א א א KE21F א .17 .18 א .19 E5F .20 א 131 א ، א א א ، א א K141 א، ، א א K א א ، א K ، ، ، א K2000 Kwww.kantakji.com א 1. א א א א א א א ،1421 א، א ، א א K ، ، א K ، א א، K1429/10/12 ، .1 ، .2 .3 א ، א א .4 Leibling, H., U., S., “Corporate Profitability and Capital Formation: Are Rates of Return Sufficient?” Pergamon Policy Studies, NY 1980, p. 70-78 2. Simon, H., “Economic Policy for a Free Society”, University of Chicago Press, Chicago, 1948، p. 320. 3. Enzler & Conrad & Johnson, “Public Policy and Capital Formation”, Federal Reserve Bulletin (Oct., 1981), p759. 4. Miller, J., “A Glimpse at Calculating and Using Return on Investment”, N.A.A. Bulletin, June, 1960, pp. 71-75. 5. Samuelson, P. A, “Economics”, 7th ed,. McGraw Hill, New York, 1967. p574. 132 6. Friedman, M., “The yo-yo U.S. Economy” Newsweek, 15 Feb, 1982. p. 4. 7. De Mourgues, M. “Economie Monetaire institutions et mecanismes”, 1984. K א ، א Kwww.islamport.com א http://www.newsweek.com http://www.challenges.fr א א .1 .2 .3 א .4 .. .. Ewww.kantakji.com ، א א א א K K א א א F .1 K2004 א א א א K2004 ، א א א ،2006 א א ، א א .3 K א א .4 .2 .. Ewww.kantakji.com א א א א ، א א ، א א א ، א א K K K F ، א א .1 ،א א .2 ، א .3 134 א ، ، K א א ، K א א א א ، א .4 .5 א א .6 א ، א א א ، K א א ، K ،E K א F א א ، א ، א א א א א א ، א א .7 .8 א .. א ، א א ، א F א א אW א א KEwww.kantakji.com א א אW ، KEwww.kantakji.com F א א .9 א א א א .10 א KEwww.kantakji.com א א א K א F א א א .11 א .12 135 א א .13 .14 א .15 א א א א KEwww.kantakji.com א א א K א א .17 א .18 א א K ، א א K א ،، א א ، א ، א K .16 א א א F، א א א א א א ، א א א K א א ،א 5........................................................................... 7.......................................................................... : 11 ..................................................... : 27 ...................................... ﺔ اﻷزﻣﺔ ...................................................................... 27 ﺳﺒﺎب اﻷزﻣﺔ اﻟﻤﺎﻟﻴﺔ اﻟﻌﺎﻟﻤﻴﺔ ............................................ 31 :اﻟﺮﺑﺎ........................................................................ 32 ﺔ...................................... 38 ﻠﺴﻔﺔ اﻟﺘﻮﺳﻊ ﺑﺎﻟﺪﻳﻦ .................................................... 42 آﺘﺘﺎب.................................. 43 ......................................................... 45 ﺋﺘﻤﺎﻧﻴﺔ .................................................... 46 ﻘ اﻟﻤﺪاﻳﻨﺎت ........................................................... 47 ﺎﻟ ﺎ :ﺗﺪاو اﻟﺮهﻦ .............................................................. 53 ﻣﻴﺔ ﻟﻠﺮهﻦ ............................................... 54 ........................................................... 57 ............................................. 58 ﺎﻣﺴﺎ :اﻹ ﺴﺎ ................................................................ 59 ﺳﺎ ﺳﺎ :اﻟﺘﻮﺳﻊ ﻲ اﻹﻧﻔﺎق .................................................... 62 ﻗ ﺗﺤﻠﻴﻞ و ﻮاﺑ ﺎﻧﻴﺎ : اﻟﺘﻌﺎﻣﻞ ﻲ ﺳﻮاق اﻟﺒﻮر ﻣﺮاﺣﻞ ﺮ ﺳﻨﺪات اﻟﻤﺪﻳﻮﻧﻴﺔ ﻟ ﺑﻄﺎﻗﺎت ا ﺋﺘﻤﺎ اﻟﺘﺴ ﻴ ت ا اﻟ ﻮاﺑ اﻹﺳ راﺑﻌﺎ :ﺷ ﺎر اﻹ اﻟ ﻮاﺑ اﻹﺳ ﻣﻴﺔ ﻟ 138 : 67 ................................. ﺔ ................................................................. 67 اﻟﻤﺘﺪﺣﺮﺟﺔ ............................................................ 69 ﻣﻴﺮآﺎ ...................................... 69 ﻮﻣﺔ اﻟﻤﺎﻟﻴﺔ ........................................ 85 ﻳﻤﺮ .............................................................. 87 اﻟﺸﻔﺎ ﻴﺔ وﻋﺪم آﻔﺎﻳﺔ اﻟﻘﻮاﻋﺪ ................................................... 89 اﻟﺤﻠﻘﺔ اﻟﻤﻔﺮ آﺮة اﻟ ﻠ اﻧﺘ ﺎء ﻧﻤﻮ اﻟﺒﻨﻮ ا ﺳﺘ ﻤﺎرﻳﺔ ﻲ )اﻟﺒﺮ ﻤﺎﺗﻴﺔ( ﺗ ﻴﺮ ﻗﻮاﻋﺪ اﻟﻤﻨ ﻋ ﻳﻌﻤﻞ ﻋ : اﻟﻨ 91 ............................................. ﻟﻠﺘﻌﺎﻣﻞ ﻣﻊ اﻷزﻣﺔ ...................................... 95 ..........................G7 96 ﻟﻠﺘﻌﺎﻣﻞ ﻣﻊ اﻷزﻣﺔ ......................................... 97 .................................................. 98 ﺮاﺋﺐ ......................................... 99 اﻷورﺑﻲ اﻟﻤﺸﺘﺮ ﻄﺔ و ﻣ ﻤﻮﻋﺔ اﻟﺒﻠﺪا اﻟ ﻨﺎﻋﻴﺔ اﻟﺴﺒﻊ اﻟﻜﺒﺮ اﻟﻨ اﻟﻌﺮﺑﻲ اﻟﻔﺮ ﻄﺔ اﻟﺤﻜﻮﻣﺔ اﻷﻣﺮﻳﻜﻴﺔ ﻟ ﻧﻘﺎ و :اﻟ ﻤﺎﻧﺎت ﻟﻤﻜﻠﻔﻲ اﻟ ﺎﻧﻴﺎ :ﺗﺤﺪﻳﺪ اﻟﺘﻌﻮﻳ ﺎت ﻟﺮ ﺳﺎء اﻟﺸﺮآﺎت ﻋﻨﺪ رﺣﻴﻠ 100 ................. ﺎﻟ ﺎ :اﻟﻤﺮاﻗﺒﺔ واﻟﺸﻔﺎ ﻴﺔ 100 ............................................... ﺳﻴﻨﺎرﻳﻮهﺎت ﺗﺪاﻋﻴﺎت اﻷزﻣﺔ ﻲ اﻟﻤﺴﺘﻘﺒﻞ 101 .................................... 105 .......................................................... ﺳﺘﺮاﺗﻴ ﻴﺔ اﻟﺤﻞ اﻹﺳ ﻣﻲ ﻟ زﻣﺎت اﻟﻤﺎﻟﻴﺔ اﻟﻌﺎﻟﻤﻴﺔ 109 ........................... اﻟ ﻮاﺑ 110 ......................................................................... اﻷ وات ا ﻗﺘ ﺎ ﻳﺔ اﻟﻔﺎﻋﻠﺔ 116 ...................................................... ﺳ اﻟ ﺎرﻣﻴﻦ 118 ................................................................. ﻣﺤﺎرﺑﺔ ا آﺘﻨﺎز120 .................................................................. 139 ﻣﺤﺎرﺑﺔ اﻹﺳﺮا ر واﻟﺘﺒ ﻳﺮ120 ........................................................ ﻟﻠﻌﺎﻣﻠﻴﻦ ﻲ اﻟﻤ ﺮ ﻴﺔ اﻹﺳ ﻣﻴﺔ125 ..................................... .. )( 127 .............................................. 129 ...................................................................... اﻟﻤﺮاﺟﻊ اﻟﻌﺮﺑﻴﺔ 129 ................................................................. اﻟﻤ ت 131 ........................................................................ اﻟﻤﺮاﺟﻊ اﻷﺟﻨﺒﻴﺔ131 ................................................................ ﻣﻮاﻗﻊ ﻧﺘﺮﻧﻴﺖ 132 .................................................................. 133 ............................................................ .. ﻧﻤﺎ رﻳﺎ ﻴﺔ 133 ................................................................... ﺳﻠﺴﻠﺔ ﻘ اﻟﻤﻌﺎﻣ ت اﻹﺳ ﻣﻴﺔ133 ........................................... .. آﺘﺐ134 ......................................................................... .. 137 .............................................................. 140 141 142 143 144
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