Lezioni, Scienze delle finanze

-t

I

& /ffie§dfiù[6&r'+4. [/.,,-

o,-p.iloftrÉe, uow*o 1,'

4.

^,lt'*,,!tr, i

,t**& , l.

,"

l, (

lt*^*

on aX* )

a^rf* A,""il. eb^-^L

o,,l,i-

$ ts,

$ù, ft"k

"1,

rtJr-.r,,rj^*,l,l'i,rr.,,r+q,,,,,fr,.trm";.p!&t)*i,ì,W\5,/{d.Lù^/w@^a.

J;u t','k

ar,.t") (fe *tk

t*y

tt

n^w rxv,& (ttw)

un,*",ta

atL' [1p"" ^e r

tv

,lh

& yk

,l, ,r^ n'*^ lt

Ji

l, wwt,k

,t\

pW, o4dt't'

or,rl*,,te

ìd,*No, /rw,a"u

4re,lo k

, t

({d (

S *t

:*

e{h ,o{"o,i

&,,r

u,,r\, nu,",h

l^U, ,l

W

l<a,t'

fl

f.d* 7 A,no

[ U,'a

i p*,*

ra^f ,," rr'"rt'

&

ti- 0&t'"r4N

.au^r-{, -,Jr,tr* ---à

6.,"u,r, &&v:ai.; Jtv{b

,ru,,a, f,

qltd,

i,

A ,u d

r filrf"'rj,

< ,rr"tÀ,oq Utaoh &rd

"]*,,"nnr^

"oy*

t,

i, t

fo {n* fil

,!vut ------) tu"'r"*

mre r;

r*,,.6r,,1'& irh,t/^,A,h,&

f*r: u.ls&rox'rl&

l4-80uu

l\ * (,*n

lq,*" ro_b,^,r+.&

" ,t, ,t

1",* ad,t .lla,raLir y4" .tur,{a".rc

ryah

7 ,*É'

,i,*1,

6 o^ .r^ '

dr .ffluut

o,& I

J,l

a{r,, Y"

,fi*e.r

ù

t

i oll"

.«, dt"filvtir

ry

ù

u.l. p,rll-".

vr,,1o

,

l) ,,ro.lo*a a».,,$,i.

;,,,{ounax*,

J aÀ t^

d& ,

nurt Mlaibt^o,t

+r,-1,

.ùru tut

& lro d!

hìc. *e^!no

tuin f{;ort,--lt

,,* Lr u,*'"

d, i,v oJ',-" .,-

,^,..[.r^o,ra. 'a,r[

---

liru, ttù.y*

I

I &

*raiv r.&}.. s.al

M z{^uDi( ,1adur}' t.r

I (À

I {^1. !

,.,t,lr.rrr.1"

,t

t Ir- l,* *

uuwt6 nù .wuli

,," la^w

e, "

"at

ut' Jal,"i, i,

lr.

nJ.,g

or,r.e :

À,uvd,o ^u4-

* t, ,.,,

.lt" ,r,d,.fu o*" ,,1 A

,-a 1*n

* q($

7 v'

-"r

/"q,";^*a^l"

&r,. o[,4

^ .*,

,'o * ,

6,1va,; *to.

'

r,. o,hu ,1.,

ltl

' u.fua--t,

r ("À,vtd

ft l

, ]

I

/l^

l".

i: r,i *

,r,

at ,,k!r" -

u, ,flwu ,,,Jwlr ,.fr,ro-1r.

4o rhra,Jt o,l"r

bruxo,," du,t

.rr.l,rnr, :

ll"i-l *

/,

, /*

*jt*y ,-,4',À,,.. n,n

é& a*

plrl,É"

,1,

s*qlrh

pS ffi1rt,,h l"rh.

f^-r" ]

e

,* 4*

Id ] -

^,ryuula I y, *

,

i i &

n

I-

r& A,ut

,,,*yrl naawa»,,- r,,.1

Au^rr*^ se"t-n

r,l,rt,lo,.,, ,-hr-"r.I, "+

l^

I{ l^u-*r

o

t*J *.È

,i,o* q,"t,i [t,t"lrm

d,riud r-t*r,o t^t

a^r, t,'

s,r d,.d-

r,r"t *l,t

N /

, * w,U,

p^s ù

,r,.,!qn r4,,1,

lr"

rvù. J,l" ' ry,,t ^

f.tÀ f,"a F"il.4-

,.

F" I

I

L

\I* .

nM

p"40" *6"

oGu*r.,

cu

| d,,inX""*

unlw )

ffi#f I

-.*^,

I

,t

t tJioN., \)

!t* u*u, Àe t-t.,'yn*

,fu** .

{,e

If,ixcr, ,rL4ioJu

a,,oll"& r!d,N aru,,,

eare

,t

h1r,i dr\l, [,,'.a""],

pt (&,,j

,.i.,ùr 1ty' fl,h,a

lr uw,a

r^ig& ,[qU

ur,s l«,on &r,r-.&s,o.

t

fÀe iw d &$el L

e

d,. f

19ù'ù14 a&u

olzurxun aa#ù

f

ryt*f

fU*r ryo

(p"*

a i yk .trr"À"*")

ala

cdr{L,,nh Alo ^1"

qy'

/ ,t lN

itdr, *-,t,1 Fi,r,o,l (

Ir*.r",[ rr*

l. ,

d'#, À

,q,,ì.

,trwt .

r,,!,

'^r-

vrarctoou6-

,m, /nt'va.* .& a,.&",,t,

run r.,r

!i

p&h'r.i, l,{w, !

r ,,,* J,

J'rr t' *r"\;

unwuparu

,,,,]a,J*

.r,r^r{i

u &

*. ule ----+

Ntu vu.d, l",,"Mle

,',vpÀ"n f4h(,,

a**

' {**

, *p*.

,rh,4 ( )

'rrt ,

, ,r,,r, Jir^"

,f-o, ^,fic

!"

' ù f^wL

&lr.Bxr (r/N"*

ftrle ,[

,

li,it (9l[

&d

------+ 1lr; t

dlr,ror c{th,

luÌr.\errÀ

flt& {,",r "* f,b)

1a,{,

. rc r

ir. t

*idrl, t.,rlo!

---.--+

{r,t.+. /d&

Bùù[ o&.tii,lr

,'du /o4r1,o r,ru

LLoJrvrll,.0r

. \

, I

-----r--.

--l , .,,À

l,^*

n*^ ,+

r

U-"oo ,ri

1,.o,

r,w ,.d,-

" ^ lF.

ffl,l," ir,$*..

d

& rudl ,

,ao l*

,1,yi,,^0,,t .

"1o..

*.ùl,t_1 i..,

d.* p,x.

1

&aa. Sà*"

di I

u",,.r* vrrqil, .* it§À

p, 1

Ep./^i"""{, JEJÀ

{ aunhv

y

pr1,(t

I

'ùd[ tl,r& ,a,*

"

"r&ltr,l xa

«",!^.u itt,

,r.x4* ya

yr6 y^t, v,^.4 a, I

r,

d @.

q,.to to*7wr,

-1X, .r,rg1#.

"(",,. r.

& {

f,"

&fl",,^A.k

r!,r,ru -L

'{ ':

J

r" i.r,

P,1"' , I i .,

ìi L

*1.

r,,r, ,a*

.,u

f,i,, o+,r.tl. ,

ur

m.là

f. &a,,

1,r, hl"

'lzlr

ft' , i&

- -

u-tr" r

a-r ù

.qnÀ uia

lz I

[.L a*tr"*-^ Jt h"t ,t uu*,tù6

a-ur

oLul,

,r,d" o",r.L

'1u,", ^ù,e \

t , I L ,; ,

i

lr rlxrtu,,fi,ÙA. d)1\1/li ,4,u*a,r

ttl ,li

r- rdl &

J,

U,a',ru udr,,iJ,, u. (,,, '.

'f r, t lw a*,)r

f

O

ù,{4D.\ al

d#^

i-, ,ai

ir',t*, ir, a$uÀ&

tuttli ay,* y^

*,',4^

tu*t' .Al

1"

'-,t

r'"lt> f,l',.,tql)E aal o

5I

a,l Jl ,»,L

.v L a4.-a

ufli,rr,*.d,

JJÈuaa. r li

ì

ù {

lff,.i

' ,n,d..,

l$'*u"

3 .,,'^4

^-"[

r{,hr* t "r

* n4 z

li { a

ta,r,i, ,àtta .,n ,oi1.t"rub r,r, aux 7,1{1r*r*

i r i

p ,n1*,

rrv a,, stu :.ry,

lU.",o L

{at' !

rd

.:"6'{+.,. "ltild ft

"iti ".,l,yd,!, 'r,"

( *,

r,ir. & ,

,Io.r,t ,

r.

À,,

ù,!l,.d'ux

f,,,L 9^^^!

r

II s fu+ at du,

Jsatr"le ;",L,awtÀ *

iL

.,r. ru^ ha

ortr,+a lLi

lh/,10 /1,@

^ ^È,P,\:

M

Ji gtjaloo

rarld

Aillr,ùylr tu6,ri Ludl"ta

f ou.{t

1f y,"

- a ,

uu4 o

Àrll!

---»e .fu,*r, .l,lc.r{t

tsa. " ru&Jt\"

<ot lrr*

1rlr,ù rdti.

,{). t ; t,

,Ì{r,À {t \-r

r'

r,r.," 1-$

or- ,

Jauù4""11,L

,*,» ,*-.*

-

,r,'

p* rr- -*,^

'.i'', Fr6

U

J,**r* rp- r,rp:

d.l,lc ,",]',,'r

-* "t,-[ ,

roÀ*,;

t

r,

r

{,r* È1 .[ r"!

ida,*t J1.^ ,t

..rJov d

l*.4. rt'

.L

l"*r"trl,* A, <oa"-,

,1 ,I.

1."1"

fdrù1i .

I

dt I

djr,n u,irflc.r..x"

-.u

h,o. 'ki&

I

it!.!", i fi/rl I

tl,

i ** .* *,[

/ ,rrù

It".L ,r a

"

a1,,t "*,,,, ,

pt ) t. 1S*"

i"

a,*'o

pq,,"!, of +

.È {" $,,\.

O,"fu rù'a:,

lt N"tt

",\ b

" -t^

'rl I

,t .d

* q[ r.jr*

È«l, w*h,,t.* (

r,^ u,.otr,,v

I^rrrù 'll

o.l ,,»lal, L.

cr!i!.6

r WW

I (

,l fu

À

,L ,[-

,,{, qa" )

a,.r,,.l.

a..1 f*

ru,,u 6

frh

^,

^,^\irli [

ff[[)

-.

---+ por*t lilili0

C A * * i

*l,ff-"a

t;

6 | ltIfll,

l,,,, illJ]0llt

'-+ ,a"t,

PY. lU

ù;

-, ^.,-" / .,r.,ra,u,r

[,!u d,

4r it«,r"n,r

p*b

"

frr"

.li

C,,,- À*&L , ,),

*.11**tt uwn^l'

f,

In f',ù"

r

*,u

{*,r r",, ir

[LLlì

[LAvlfiiA' G

ù0flfll1ùq..* uo",e 1,,d J,*,

I

;

fi 4

*air" *q,

l*".1" aou,

r^rfo w,,,e

" 'ra

],J.*** r",s, J,t& .i,-.

aox.,,,, A

c^,.+Lj

It ,/

i

A rv .'r,t {c4!r'6

r.J+\,

d"+',,J" f\r},

^ .À.}.[t"

o$x^,

d'l,u,,u. eq{ Fa*il

"1"&

,

: ,,.

\0 L

(,{,'fiotoJdo

(ltllumoldLr- r'

,ld t.

rtd

d'll t,*Ji^ &

,!q{ ti"s

A

,"h* *!l&.

&aJu"

ùUfr{$ ,r.$ {""6

r$t"r

olcjfr& .e,aq^al"r,

L«*.r.al,{^

r,r ,,^,ìllMr},

\Uxr.{u,r l..r

rr^ ,,^t

<,1c,&& a^.lt .^,ru,1.^lÒ

li

ìi ^n

i rl,.rlu .r. .

,kl l-dr,

*mr*rl,t'

r lnq i

'

at,,t"pbc

*oe. ' &q.

I 1,,, ----l--__-

r I !U

* r& , lJ

L d

,fu r'$-

$.r aam h*.hr& 1,,1,,

I

;,*-. .^*,,

,h ;, (

l.l t**

l, l{,llql*

r,^\a ,È

r/-,r,'.c}, u- fl*.

r',r ^il[

1ti fiq€

;,t". t l]t-

. .

,tÀ

lu uùr'Nkb J,t

o,,ar -,r,

o,,...i g,-.,

1,,i

tl

,r

d M,l!

i.,lll*do'r

drl

ts,-l" ,ryfo du fM*

^uf&a

+

ù o ,.,,r'aa*^,.ì"

& f

ii," **

A{*

À-/^t ^*fn i t"

l. ,,^ a,,

lo, tyba at

1*

l,Àù- !u,a"

, (,/f r

&0, nl

J,f"'. &{"

fr,""", f,,\.t fÉ#t

/r*,l "

---+

{*L L J

* ,.

+.+ i,

a[,urx*" d-

+ d.0 ]^d.l c,l1

a.Xn

i.r,*À,

, c*at -

d" a a&t,h

nrq -ntw ru^wu,|i

c,", J,1ut",\\

-

'J

t Ct

.ll àl

r"l ,t

--', tt

ù

*rr^.1, ,;r"t.ul" ,oL .arì,mr,

,',nou".r")," ,(.&

I q,,r.l" ;

tlpr;r,t

eo^ ,»(

col, "

I. ')u )i

"',+r^rlr rx-,J hlJw^^ rh.

"nn!,

,[ ,u ,vtrdr

u,r1vulr,

41,ruuro "ah n*rj*oi,

,rr)u I

J I.l"r,r" *o

p.jr* r,twnat

.,"o,r.,^r

L""lr.tL e

J, ,l

"

,!t,,* h'"* p-r, W*'

i

lkflo u» I

;

dr& o,ao."rp,. ruta".

I

r

i J

/lL1

tu\À.v,Nj, i.l,r"*rl, ,r,\p'o

lI t it

ù,utiln |,1t

^1|u$ -i"

>

r) 1",m"

t,1il[, p1,u t

i,- '

L*^/-

L-,"+.

."*,^ L

,.^* .

rJ,,

tr ,-

,*J* :l

;, ,'!È. -

ÀqÀr.&,ra

//ra-r{{r,,rro, "

LrL

,uw,,l,

.r-.--=_r

(r.-J.

&"1',^'J" ) "*",w"ù ,.a'd^

fl À *"

L,

,f*rJ"

Pfl r,. '-ì.t

J FriI\

- .ù,1,." a,!o",il aùL

Jf -, +

u I

l.

"

7*, ,,

ra«,uua. ,

yl*,u

Q. ,;"

;. *"]

'

r-*^

'*J nÀ,tr,

.'"-l .

L.*

p p *- l."b: t'

,r

LLoI* ,-.,

n* h ,'-l* lJ"+

,ri,e-f

c{-},Jrlr "-u

".rur,o,,r -'_ ,t i

lik

i, t$ :t"4't*'w

'k

tiLli',rt

c*ci,',aùe

u,r,,,,L,,i

ur.», l,LI,' 7*

f, 't'ul'tvu'A

l,t.l,.r^" 1.,,),y ,i

\t J;

i ,i

I' n

irÀ:.

J/ #d.

utw lo.r1,.\" t't''',',ttt.u

fi'

pr0u.,

pJ,lo "u i4"

^*r1J,À. 1,-ru

ù J

, n

, ,."

plfr F ,,.,,0r

r,, ryu a,i,a+2,,r,

lrarQ -

@

/^a

{ /,ni

&s- r'+

, -'r"

c[

J, p-.,, y.l'

.e- i

tl1Jmrru À .+o /,r,.J.1,"

p*bx 1u.

fru" "{t

,*fl^ r

I d c(ùi,lG i\,

y. .,'r"*

& l,r1'd .i'l,n

H*

r.,, l'*u

',"ftU- '-.1t-,t

§. ^.

"",,uJ,- -'n i

,*[

.[ +1rui{

,r + ,k* ,i,

r,rl. 'L'r'

,a, uux'"

a,r,l4 r-',re t"',Lv

dr',!r.r-:t

dr"n:u1 fl,ii,P it ui

*,*

J. , hwdè

!

l;h':* t

c, drr.t*j

,,t,rF

tn+

rr*rr 1*

.&!r1r.rrJ4o0

l_-__-___ , ..e ,t

,; ,a

,r

nt,

,

l-r. .^i.

,i,"^,t

ir,,i

r-rd. ) f^,* f*

i,s.h ':;

1,t "1Ùa.r

it 'v,-'rl".'

'rii *'

,

* n,

L A

u,'t

v,tn

&lu /i&ri, ;y, n-Jo ft

yl'*ùu

a,,olle

dtl,1É* y.n

f,,fu .t lr."

rl r.*, .U

,,n., ,t^1-6 1'.tr"

,, l*

h** ,ti

r/!

.* ;[ :ì,' !

.tw tu

l,^1."{*li

.,r"e ud,i!{&Ui

uq.tÀ.!

roì*u

,n*u frg,

f,v. l',#i"

.(

,*.{^

J,

tu J,,* .{u

udfe '

1,.[

,i,ùÌ.r.ù,/.ua'

if Ì*t

i ***l

t L

.* M àt ,Juu1,4

d (^N

f uto\w

f,

td 1*

^, h

,t ,{,,-'-r*'.,1,

** fuu

i,L lw

.i{a.lì&r! Lb*1,

o ,L:

/ir iliuu /.va

u,\i&,.rq rur{rÀ.i(nr''lai

aa{lr4g , ^^lr*

I i

t

i

,* t& t\t

/a}'\L

(r..ri.,f,{,1h

..., {^dJ-j ,iÀr ,^"11t

J"[

,/"t* [".m1, t

3nU 11.]ì. {

i. *

fu, li{,. q},\

L ,yl,

0 (*""s

",*,ul aa

au,^upl

f""À fùr" ,l'*

,* t Er}'

&^

,rd, oa" drc

,ru ,u+. "{r",lr*" #'P*

fl',ù J

',

ll un

-lti,,. J 1a l&; ,tta ,a-lÀ$lt

,p+ ruvli .<

lu*l'ffi I

* r,[

,^r^ tid+,

4

,l *r,r

t^*"rool,s uA

u, &

4,,n* LfutrÀ"

q^rl ,r" ,*

t'i L&, 'k\!' r'""

ir\,"iì.

,ìr,ru

I f"s{

^ulu. ru.{, .ù

u*t"yw"r-"^1" ,/dr,

,rJ ^,U

&r

J

,x

ai M,,i

ru*,", tu"

,r!&r./^l( r*all,rl,lct

U Ur,

lm+o &.i^tr(rlt tt'

ì",,1ù

' rn,

l,

.«,,,ù.. aaw+

, flY,;t*-

f\,/,"A.au

t[ Ivr ]" ,],,'t,

alÀf,ft ,r. J. t*

loilg rv,al"

, L fu; w

le a,!'d,$[

r,an"l,,r.L al,,^ vwl:

,ar' t

"1, il

1-,;' ",r,X,

ùr,1]l

- f,,lgf§

, w i*

L &

f,*

r.,"t

y.,À

@ fM, .!,r,o f.Seu

a

ùr.,,d,u ,r) p,f*"

yu,tte

,) "* d,l ,'1..

,, p"d &

, *.

L & al

&

+{ru",

,[r, .i,ro-.

o^4"*to,,- mu(r*

&.,rrù ,,^""^o{".

I I

0i 't-l-

1 ' - lh

xrI fut À'-

o,qttth,r, r

-r.,nl,,irrn.1L" '

$ i,.'ru.{

cf,i,u,lla.lor' )

4A 6* il ld{

&^ &b^

&; ù

d, tl*&

J^*^À a,',*di6r"

,u,{,,,r a

t

ya,,l,\; f-,:,

*fu* l"l

L i*o &

Ir"òJr,iono J"v,rJo ^***

li

(i]RIA t\)llflj},i1 A{i,fiLillA d-,f

,10-xo {ri

r

tvtil?lo ilr,,r«a.br.

,uraru

1.«tc

p. .4.

, t*V

.40.210 u,,.,Jr..

[, -,"*oi, &J

]§ 6

,lr"* ;r ja,ad,

rlr^.. .p1ola.

l,l

i""lhap^ ,i^ aa-N

,{,r,.tour

ryl't; x a"-

ry,r" /ll

,l

^..

/5-iP

Xs,

,tc-g +

.Xn+Xu, 5-1i \.r I x,

i'i ('^-',-r:) x

+.io

(ro,ro) Xn,

1.-{ I

lo./c-!x I

ll

Ll , I (ir

*

c* * ): (u/

lr^.* !al, ì.

o,,

lor*,r,r" Jl, *"n

.,1.

ar&or,

l.' ru,tlo

JX, rinq

-r,L rr,L,rt,cr,

------