Банки України на ринку цінних паперів: Автореф. дис… канд. екон. наук / В.С. Білошапка, Київ. нац. екон. ун-т. — К., 1999. — 19 с. — укp.

8

_

I?I?NOA?NOAI INA?OE OE?A?IE

EE?ANUeEEE IAOe?IIAEUeIEE AEIIII?*IEE OI?AA?NEOAO

A?EIOAIEA A?EOI??ss NOAIAI?AIA

OAeE 336.71

AAIEE OE?A?IE IA ?EIEO Oe?IIEO IAIA??A

Niaoe?aeuei?noue 08.04.01. — o?iaine , a?ioiaee ia?a ? e?aaeeo

AAOI?AOA?AO

aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

EE?A — 1999

Aeena?oaoe??th ? ?oeiien .

?iaioa aeeiiaia ia eaoaae?? aaie?anueei? ni?aae Ee?anueeiai
iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo I?i?noa?noaa ina?oe
Oe?a?ie

Iaoeiaee ea??aiee : Eaiaeeaeao aeiiii?/ieo iaoe , aeioeaio
Iooiae?ia

Iaey Oaaei??aia,
Ee?anueeee iaoe?iiaeueiee

aeiiii?/iee oi?aa?neoao ,
aeioeaio eaoaae?e

aaie?anueei? ni?aae

Io?oe?ei? iiiiaioe : Aeieoi? aeiiii?/ieo iaoe , i?ioani?
Oieoi

Aaea??e Aaneeueiae/ ,
aieiaiee iaoeiaee

ni?a?ia?oiee a?aeae?eo
aenia?oieo ioe?iie

iae?iaeiiii?/ieo
iieaciee?a oa aiae?co

oi?ioaaiiy ? aeei?enoaiiy
athaeaeaoo Iaoeiai-

aeine?aeiiai o?iainiaiai
?inoeoooo i?e

I?i?noa?noa? o?iain?a Oe?a?ie

Eaiaeeaeao aeiiii?/ieo iaoe , aeioeaio ?a?anueeee Einoyioei
?aaaiiae/ , ia/aeueiee a?aeae?eo ii iaaeyaeo ca i?aeia?iaeiith
ae?yeuei?noth eiia?oe?eieo aaie?a aeaia?oaiaioo i?oaeaioe?eiiai
iaaeyaeo Iaoe?iiaeueiiai aaieo Oe?a?ie

I?ia?aeia onoaiiaa :
Ee?anueeee Iaoe?iiaeueiee oi?aa?neoao ?i. Oa?ana

Oaa/aiea , eaoaae?a o?iain?a , i . Ee?a

Caoeno a?aeaoaeaoueny “ 3 “ a?oaeiy 1999 ?ieo i 14-00
aiaeei? ia can?aeaii? niaoe?ae?ciaaii? a/aii? ?aaee Ae26.006.02.
i?e Ee?anueeiio iaoe?iiaeueiiio aeiiii?/iiio oi?aa?neoao? ca
aae?anith 252057 , Ee?a-57, i?ini.Ia?aiiae, 54/1, aoae. 214.

C aeena?oaoe??th iiaeia iciaeiieoeny o a?ae?ioaoe? Ee?anueeiai
iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo

Aaoi?aoa?ao ?ic?neaiee “ 29 “ aeiaoiy 1999 ?ieo

A/aiee nae?aoa?

niaoe?ae?ciaaii? a/aii? ?aaee ,

eaiaeeaeao aeiiii?/ieo iaoe , i?ioani?
A.I.Iiaeae??ueia?i

Caaaeueia oa?aeoa?enoeea aeena?oaoe?eii? ?iaioe

Aeooaeuei?noue oaie aeine?aeaeaiiy. ?aoi?ioaaiiy aeiiii?ee Oe?a?ie oa
?? ia?ao?ae a?ae ieaiiaeo aei ?eieiaeo i?eioeei?a iiaoaeiae iineeth?
aeooaeuei?noue ni?ia ?ic?a?aoeny o noaiiaeaii? ?eieiaeo a?aeiinei o
a?ioia?e noa?? aeiiii?ee . I?ioyaii aaaaoueio aeanyoe?a ?ie?a
ieaiiaa aeiiii?ea a?aeeeaeaea iaeiaio? iiaeeeaino? aeei?enoaiiy
iaoai?ci?a ?eieo oe?iieo iaia??a a i?ioean? ia?a?iciiae?eo
a?ioiaeo eioo?a a ainiiaea?noa? . sse iane?aeie , a Oe?a?i? ia
i?iaiaeeeeny aeine?aeaeaiiy ieoaiue, iia”ycaieo c ooieoe?iioaaiiyi
oeueiai ?eieo .

Nei?i/aiiy ao?o/aiiy aea?aeaae o oiaa?ii-a?ioia? a?aeiineie ciooo?
caa?oaoe ana a?eueoa oaaae ia ?icaoaeiao ?eieiaeo iaoai?ci?a
oi?aae?iiy a?ioiaith noa?ith aeiiii?ee . Oiio c”ynoaaiiy nooiino?
? oiia ?icaeoeo ?eieo oe?iieo iaia??a ia? aaaeeeaa iaoeiaa ?
i?aeoe/ia cia/aiiy. Aiaeii/an , ine?eueee o no?oeoo?? ?eieo oe?iieo
iaia??a aaie?anuee? onoaiiae iin?aeathoue aaaeeeaa i?noea ,
iineeth?oueny aeooaeuei?noue ii?aoethaaiiy i?iaeaie ?o o/ano? a
?icaeoeo oeueiai ?eieo.

Oe?eeii i/aaeaeii , ui ae?yeuei?noue aaie?a ia ?eieo oe?iieo
iaia??a noaaeoue ia?aae aeiiii?/iith iaoeith ieceo neeaaeieo
i?iaeai , ye? iio?aaothoue iaoeiaiai inieneaiiy ? i?aeoe/iiai
ae??oaiiy . Cia/iee aianie o ?ic?iaeo oeeo i?iaeai cae?enieee
cao?aei? aeiiii?noe Aeae.Eaein, I.Eaiea? , O.O?oa? , I.O??aeiai,
N.Oa?aae , Aeae.O?en , a oaeiae i?ia?aei? a?o/eciyi? aeiiii?noe I.Ae.
Aaneeee, A.N. Aaeue/einueeee, A.I.Eeneoeueeee , Ae.A.
Eoe”yiaiei, A.I. Ii?ic, N.N.Inaaeaoeue, A.I. Iiaeae??ueia?i, I.O.
Iooiae?ia, I.?.Naaeoe , A.I. Nooi?i?ia , A.I. Oaaeinia , A.A. THuaiei
oa ?io?. ?acii c oei , ua e aein? ia i?iaaaeaii i?aaeiaoieo
iiiia?ao?/ieo aeine?aeaeaiue , ye? i?noeee a nenoaiiee aiae?c
iia?oi?o iaaeaaiue eiioeaiooaeueieo iniia aaie?anueei? ae?yeueiino?
ia ?eieo oe?iieo iaia??a. Iaaeinoaoiuei aena?oeaia o a?o/eciyi?e
iaoeiai-aeiiii?/i?e e?oa?aoo?? i?iaeaia noaoono IAO ia ?eieo oe?iieo
iaia??a , iio?aao? ooi/iaiiy iaoiaeieia?y i?aeoe/iiai aeei?enoaiiy
oe?iieo iaia??a i?e cae?eniaii? iiiaoa?ii? iie?oeee . Cia/ii?
oaaae iio?aao? aeine?aeaeaiiy i?iaeai i?aeaeuaiiy aoaeoeaiino?
aaie?anueei? ae?yeueiino? ca aeiiiiiaith iia?aoe?e c oe?iieie
iaia?aie . Aaaeeea?noue oeeo i?iaeai ? iaaeinoaoi?e ??aaiue ?o
aea/aiiy a oiiaao ia?aoiaeo Oe?a?ie aei ?eieiaeo a?aeiinei
?noioii iineeeee aaaeeea?noue ?ic?iaee eiioeaiooaeueieo i?aeoiae?a
aei ?o ae??oaiiy oa iaoeiaiai iaa?oiooaaiiy ia?niaeoea ?icaeoeo
iaoe?iiaeueiiai ?eieo oe?iieo iaia??a. Oea aecia/eei aea?? oaie
aeena?oaoe?? oa iaoiiaeei ?? aeooaeuei?noue .

Ca”ycie ?iaioe c iaoeiaeie i?ia?aiaie , ieaiaie , oaiaie .
Aeena?oaoe?y aeeiiaia ye neeaaeiaa /anoeia iaoeiai-aeine?aeii?
oaie “Aaie?anueea nenoaia Oe?a?ie : ?? noaiiaeaiiy oa ?icaeoie a
ia?ao?aeiee ia??iae aei ?eieiai? aeiiii?ee “ (iiia? aea?aeaaii?
?a?no?aoe?? 01-96 U 023340 ) , yea ?ic?iaeyeany eieaeoeaii eaoaae?e
aaie?anueei? ni?aae Ee?anueeiai iaoe?iiaeueiiai aeiiii?/iiai
oi?aa?neoaoo .

Iaoa ? caaea/? aeine?aeaeaiiy . Iaoa aeine?aeaeaiiy iieyaa? o
aeyaeaii? nooiino? ? no/anieo iniaeeainoae ae?yeueiino? aaie?a
Oe?a?ie ia ?eieo oe?iieo iaia??a ? ?ic?iaoe? ?aeiiaiaeaoe?e ii
aaeineiiaeaiith oe??? ae?yeueiino? c o?aooaaiiyi aeina?aeo e?a?i
c ?icaeiaiith ?eieiaith aeiiii?eith . Aeinyaiaiiy iinoaaeaii? iaoe
coiiaeei ae??oaiiy ianooiieo caaaeaiue :

— ?ice?eoe iaoai?ci ooieoe?iioaaiiy ?eieo oe?iieo iaia??a ?
aeine?aeeoe eiai i?noea a aeiiii?oe? ;

— i?iaanoe eiiieaeniee aiae?c ?eieo oe?iieo iaia??a Oe?a?ie c
aeoeaioii oaaae ia ooieoe?yo oeueiai ?eieo , oiiaao eiai
noaiiaeaiiy , a oaeiae iai?yieao oa ia?niaeoeaao iiaeaeueoiai
?icaeoeo ;

— aeyaeoe niaoeeo?eo ae?yeueiino? Iaoe?iiaeueiiai aaieo Oe?a?ie ia
?eieo oe?iieo iaia??a ? noi?ioethaaoe iaoiaee/i? ?aeiiaiaeaoe??
uiaei ia?niaeoea oe??? ae?yeueiino? ;

— noi?ioethaaoe iaoiaee/i? oa i?aeoe/i? ?aeiiaiaeaoe?? uiaei
cae?eniaiiy ai?n?eii? , ?iaanoeoe?eii? oa iina?aaeieoeueei?
ae?yeueiino? eiia?oe?eieo aaie?a ia ?eieo oe?iieo iaia??a .

I?aaeiaoii aeine?aeaeaiiy aenooiathoue a?ioia? a?aeiineie , ui
aeieeathoue a i?ioean? cae?eniaiiy aaie?anueeeo iia?aoe?e c oe?iieie
iaia?aie.

Ia”?eoii aeine?aeaeaiiy aenooiathoue IAO ? eiia?oe?ei? aaiee .

Iaoiaeeea aeine?aeaeaiiy a?oioo?oueny ia aea/aii? caeii?a Oe?a?ie
, iinoaiia oa aeae?ao?a Eaa?iaoo I?i?no??a , oeac?a I?aceaeaioa ,
ye? ?aaeaiaioothoue ae?yeuei?noue aaie?a , ii?iaoeaieo aeieoiaio?a
IAO , ia aiae?c? iaoeiai-iaoiaee/ieo iaoa??ae?a Na?oiaiai aaieo ?
?a?iiaenueeiai Aaieo ?aeiino?oeoe?? oa ?icaeoeo , ia
nenoaiaoecaoe?? noaoenoe/ii? ca?oiino? Iaoe?iiaeueiiai aaieo Oe?a?ie
, I?i?noa?noaa O?iain?a Oe?a?ie , I?i?noa?noaa Aeiiii?ee Oe?a?ie ,
eiia?oe?eieo aaie?a Oe?a?ie , Oeaio?o c Aea/aiiy Ae?yeueiino?
Oeaio?aeueieo Aaie?a ( Aaeeeia?eoai?y ) , I?iaoeueeiai Oaaea?aeueiiai
Aaieo, Oaaea?aeueii? ?aca?aii? Nenoaie NOA . Oaeiae a ?iaio? aoee
aeei?enoai? ?acoeueoaoe aeaaeai?/ieo aeine?aeaeaiue oe?a?inueeeo ?
ca?oa?aeieo iaoeiaoe?a.

A i?ioean? aeine?aeaeaiiy aaoi? ea?oaaany ae?aeaeoe/iei iaoiaeii
i?ciaiiy , yeee ni?eya aea/aiith aeiiii?/ieo yaeu o ?o ?icaeoeo
oa aca?iicaeaaeiino? . Aoei aeei?enoaii oaeiae iaoiaee
neia?aaoe/iiai i?aeoiaeo , i?eioeeie eia?ei-ci?noiaiiai oa
aeiiii?ei-noaoenoe/iiai aeine?aeaeaiiy , nenoaiiiai oa
ii??aiyeueiiai aiae?co , a?ao?/i? iaoiaee i?aaenoaaeaiiy
?acoeueoao?a aeine?aeaeaiiy . Aeey aiae?co eiie?aoieo aniaeo?a
aaie?anueei? ae?yeueiino? ia ?eieo oe?iieo iaia??a aeei?enoai?
iaoa??aee Iaoe?iiaeueiiai aaieo Oe?a?ie, AEA “Oe?a?ia”, Aea?aeaaiiai
aenii?oii-?iii?oiiai aaieo , IO-Aaieo , AEA ”Iieoaaa-aaie” oa ?ioeo
.

Iaoeiaa iiaecia iaea?aeaieo ?acoeueoao?a iieyaa? a oiio , ui a
i?e aia?oa i?iaaaeaii eiiieaenia aeine?aeaeaiiy ?icaeoeo oa
ooieoe?iioaaiiy ?eieo oe?iieo iaia??a iacaeaaeii? Oe?a?ie a iiaeo
aeiiii?/ieo oiiaao oa ae?yeueiino? aaie?a ia oeueiio ?eieo .
Iaea?eueo aaaii? ?acoeueoaoe , ye? oa?aeoa?ecothoue iaoeiao iiaecio
aeena?oaoe?eiiai aeine?aeaeaiiy , iieyaathoue a ianooiiiio :

— ooi/iaii oeoia/aiiy eaoaai??? “?eiie oe?iieo iaia??a” c
iiceoe?e neia?aaoe/iiai i?aeoiaeo ;

— aenoiooi i?iiiceoe?? aei i?iaeoo Caeiio “I?i aianaiiy ci?i oa
aeiiiaiaiue a Caeii Oe?a?ie “I?i oe?ii? iaia?e oa oiiaeiao
a??aeo“ ii noai?aiith aaeaeaaoiiai ?ioi?iaoe?eiiai i?inoi?o ?eieo
oe?iieo iaia??a;

— aeiaaaeaii aeioe?euei?noue aeiiiaiaiiy ae?th/i? ii?iaoeaii? aace
?eieo oe?iieo iaia??a Eiioeaioe??th caoenoo i?aa o/aniee?a ?eieo
oe?iieo iaia??a ;

— cai?iiiiiaaii aaanoe a i?aeoeeo ?ici?uaiiy oe?iieo iaia??a
oe?a?inueeeo ei?ii?aoe?e-ai?oaio?a iiaeeo?eaoe?th iaoai?cio
“roadshow“ ;

— io?eiaei iiaeaeueoee ?icaeoie ieoaiiy uiaei aieeao iacaeaaeiino?
oeaio?aeueiiai aaieo a oi?ioaaii? ? i?iaaaeaii? a?ioiai-e?aaeeoii?
iie?oeee ia aoaeoeai?noue caoiae?a oe??? iie?oeee ;

— aecia/ai? iai?yiee ci?i o ae?yeueiino? Iaoe?iiaeueiiai aaieo Oe?a?ie
c oe?iieie iaia?aie c o?aooaaiiyi no/aniiai noaio ?eieo IAAeI ;

— iaa?oioiaaii iaiao?aei?noue noai?aiiy ?inoeoooo Ia?aeiieo ae?ea??a
ia ?eieo aea?aeaaieo oe?iieo iaia??a Oe?a?ie ? cai?iiiiiaaii
eiioeaiooaeuei? noaie ?iaioe oeueiai ?inoeoooo ;

— ioe?iaii ?ieue eiia?oe?eieo aaie?a o ooieoe?iioaaii? ?eieo
oe?iieo iaia??a ? ooi/iaii eeaneo?eaoe?th iniiaieo iai?yie?a
aaie?anueei? ae?yeueiino? ia ?eieo oe?iieo iaia??a ;

— io?eiaei iiaeaeueoee ?icaeoie ieoaiiy uiaei aaeineiiaeaiiy
iaoiaeeee oi?ioaaiiy ?iaanoeoe?eiiai ii?ooaeth eiia?oe?eiiai aaieo
;

— iaa?oioiaaii ia?niaeoeae o?iainiaiai ?iaeei??eiao ?
eanoiae?aeueieo iineoa aaie?a .

I?aeoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a iieyaa? o iiaeeeaino?
?o aeei?enoaiiy o iaa/aeueiiio i?ioean? Ee?anueeiai
iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo i?e aeeeaaeaii?
iaa/aeueieo aeenoeeie?i “A?io? oa e?aaeeo“ , “ Oeaio?aeueiee aaie
? a?ioiai- e?aaeeoia iie?oeea ”,“Aaie?anueea ni?aaa” .
Ai?iaaaeaeaiiy ?acoeueoao?a aeena?oaoe?? o aaie?anueeo i?aeoeeo
Oe?a?ie aeicaieeoue , ii-ia?oa , cae??ieoe noaoon IAO ye aaoi?a
a?ioiai-e?aaeeoii? iie?oeee, i?aeaeueoue eiai ?ieue a
i?ioean? ianeoaiaoaaiiy aea?aeaaiiai ai?ao ? aeanoue iiaeeea?noue
iia?aoeaii aieeaaoe ia a?ioiaee ?eiie ca aeiiiiiaith aio/eeo
?ino?oiaio?a iiiaoa?ii? iie?oeee , ye? aacothoueny ia aeei?enoaii?
oe?iieo iaia??a ; ii-ae?oaa , aeiiiiiaea aecia/eoe eiieo?aioi?
iiceoe?? eiia?oe?eieo aaie?a ia ?eieo oe?iieo iaia??a ?
ia?niaeoeae ?icoe?aiiy iai?yie?a ?o ae?yeueiino? ia oeueiio ?eieo
.

Ai?iaaoe?y ?acoeueoao?a aeine?aeaeaiiy . Iniiai? iieiaeaiiy
aeena?oaoe?eiiai aeine?aeaeaiiy ? eiai ?acoeueoaoe a?aeia?aaeai? a
ioae?eaoe?yo aaoi?a oa iaoeiai-iaoiaee/ieo ?ic?iaeao eaoaae?e .
?aeiiaiaeaoe?? aaoi?a c ieoaiue ?icaeoeo ?eieo oe?iieo iaia??a
oa ae?yeueiino? aaie?a ia iueiio aeiiia?aeaeeny ia i?aeia?iaeieo
nai?ia?ao “O?yaeia? oe?ii? iaia?e” (Ee?a , 1994) oa “Iia?aoe??
aaie?a c oe?iieie iaia?aie“ (Ee?a , 1995) , ia?aaeao a
?iaanoeoe?eiiio oi?aae?ii? I?ii?iaanoaaieo c ieoaiue
oaeineiiaeaiiy i?aeoeee aeioneo aeaiiceoieo na?oeo?eao?a
(Ee?a,1997). ?yae i?aeoe/ieo ?aeiiaiaeaoe?e io?eiaee noaaeueio
ioe?ieo ? i?eeiyo? aei ai?iaaaeaeaiiy Aea?aeaaiei
aenii?oii-?iii?oiei aaieii , IO-Aaieii , AEA ” Iieoaaa-aaie ” .

Iaoeia? ioae?eaoe?? . Ca iaoa??aeaie aeine?aeaeaiiy iioae?eiaaii 6
?ia?o caaaeueiei ianyaii 2.3. ae.a.

No?oeoo?a aeena?oaoe?? aecia/a?oueny iaoith ? caaaeaiiyie
aeine?aeaeaiiy ? neeaaea?oueny c? anooio , o?ueio ?icae?e?a ,
aeniiae?a , aeeth/a? 18 oaaeeoeue oa 9 ?enoie?a . A?ae?ia?ao?/iee
nienie i?noeoue 155 iaeiaioaaiue . Aeena?oaoe?eia ?iaioa aeeeaaeaia
ia 179 noi??ieao .

INIIAI? IIEIAEAIIss ? ?ACOEUeOAOE

AeENA?OAOe?EII? ?IAIOE

O anooi? iaa?oioiaaii aeooaeuei?noue oaie , noi?ioeueiaaii iaoo ?
iniiai? caaaeaiiy aeena?oaoe?? , aeeeaaeaii iaoiaeieia?/io iniiao ?
iaoiaee aeine?aeaeaiiy, a?aeia?aaeaii iaoeiao iiaecio oa i?aeoe/ia
cia/aiiy ?iaioe.

?icae?e I. “?eiie oe?iieo iaia??a oa ia?niaeoeae eiai ?icaeoeo a
Oe?a?i?” aeeth/a? o?e i?ae?icae?ee .

A oeueiio ?icae?e? aeena?oaoe?? aecia/aii aeiiii?/io nooi?noue
?eieo oe?iieo iaia??a , aeine?aeaeaii eiai i?noea oa ooieoe?? a
aeiiii?oe?, i?iaiae?ciaaii oiiae eiai oi?ioaaiiy oa iniiai?
ia?niaeoeae ?icaeoeo a Oe?a?i? .

A aeiiii?/i?e e?oa?aoo?? ?nio? aeoaea aaaaoi oeoia/aiue eaoaai???
“?eiie oe?iieo iaia??a” , aea a?aenooi?e i?aeo?ae aei iueiai ye
aei nenoaie . C iiceoe?e iaei??? c iaeiieiaeoeo iaoe — neia?aaoeee —
?eiie oe?iieo iaia??a a?aeiia?aea? an?i iciaeai , ui oa?aeoa?ecothoue
eiai ye nenoaio . A aioeeeeiiaaee/iiio ?icoi?ii? , nenoaia
i?aaenoaaey? niaith noeoii?noue aca?iiiia”ycaieo aeaiaio?a , ui
ooai?ththoue oe?e?ni?noue , ?aei?noue . I?aeaeenoeeie?ia?iee
neia?aaoe/iee i?aeo?ae aieiaiith iciaeith ye?nii? noo? eaoaai???
aaaaea? iiiaeeio aeaiaio?a ? iayai?noue ca’yce?a i?ae ieie .
?nioaaiiy ca’yce?a aeiaiaeeoue oaeo iaeaaeiino? ?eieo oe?iieo iaia??a
aei nenoaie o?iainiaiai ?eieo , a aeieacii iiiaeeie aeaiaio?a ?
??ciiiai?ooy oe?iieo iaia??a, ui iaa?oathoueny . Ioaea , ?eiie
oe?iieo iaia??a — oea nenoaia aeiiii?/ieo a?aeiinei , ui
ioiieththoue naaiaio ?eieo eai?oae?a, iia’ycaiee c ai?aiaeie
?ino?oiaioaie iiceee oa iaeiaeie oe?iieie iaia?aie, ? oo noa?o
a?ioiaiai ?eieo, aea iaa?oathoueny ei?ioeino?ieia? ciaia’ycaiiy .

Cia/ia i?noea a aeiiii?/iiio iaoai?ci? ?eiie oe?iieo iaia??a
iin?aea? caaaeyee aaaaoia?aiiino? ooieoe?e , ye? a?i aeeiio? . Oe?
ooieoe?? aeioe?eueii iiaeaoe o aeaeyae? ??ciiiai?oieo aniaeo?a , a
naia : o?iainia? , caaaeueiiaeiiii?/i? , caaaeueiinioe?aeuei? ? o.?.

O o?iainiaiio aniaeo? iniaeeaiai cia/aiiy iaaoaa? ni?iiiaei?noue
?eieo oe?iieo iaia??a iia?e?ciaoaaoe ? ia”?aeioaaoe ?ic??ciai?
a?ioia? eiooe ? ia?aoai?thaaoe ?o ia ooieoe?iioth/ee eai?oae .
Oeae ?eiie ia o?eueee aoaeoeaii ia?a?iciiae?eth? a?ioia? eiooe a
aeiiii?oe? , aea e i?enei?th? ?oo a?ioiaeo iioie?a .

O caaaeueiiaeiiii?/iiio aniaeo? ?eiie oe?iieo iaia??a — aaaeeeaee eaiae
caaacia/aiiy iio?aa iaoe?iiaeueii? aeiiii?ee a a?ioiaeo eiooao ?
iii?a iaoa??aeueii? noa?e ae?iaieoeoaa . ?nioaaiiy neeueii?
ei?aeyoe?? i?ae ??aiai ?icaeoeo ?eieo oe?iieo iaia??a oa
caaaeueiei ??iai ?icaeoeo aeiiii?ee i?aeoaa?aeaeo? oie oaeo , ui
a ?icaeiaieo e?a?iao ianooaae aeioneo oe?iieo iaia??a nyaathoue
60-90% iii?iaeueiiai AAI.

Caaaeueiinioe?aeueia ooieoe?y ?eieo oe?iieo iaia??a iieyaa? ,
ianaiia?aae , o oi?ioaaii? o ianaeaiiy ii/oooy aeanieea , yea
aeieea? a i?ioean? i?eaeaaiiy aeoe?e .

Iaaaaeai? ooieoe?? aeicaieythoue c?iaeoe aeniiaie i?i ia”?eoeaio
iaiao?aei?noue ?icaeoeo ?eieo oe?iieo iaia??a ye neeaaeiai?
/anoeie oe?e?niiai iaoai?cio o?iainiaiai ?eieo e?a?ie oa
na?ae/aoue i?i iniaeea?noue eiai i?noey ? cia/io ?ieue a
iaoe?iiaeuei?e aeiiii?oe?.

Iaiiaeeea?noue ooieoe?iioaaiiy ?eieo oe?iieo iaia??a a ieaiia?e
aeiiii?oe? iaoiiaethaaeany oei , ui oeaio?ae?ciaaiee iaoai?ci
ia?a?iciiae?eo a?ioiaeo eioo?a iicaaaeya i?aei?e?inoaa oa
i?aai?caoe?? iioeaaoe?? aeioneo oe?iieo iaia??a , a aeii?ioth/a
aea?aeaaia aeani?noue aoea acaaae? ianoi?nia c ooieoe?iioaaiiyi
aeoe?iia?iiai ?eieo . Iiai?noth iiiiiie?coaaaoe aeiiii?eo , aea?aeaaa
ca aeiiiiiaith athaeaeaoiiai iaoai?cio , iiaeaoe?a , oe?i ,
?aaoethaaiiy iieaoe i?aoe? ? caaaeyee a?eueiiio aeinooio aei
iice/eiaiai oiiaeo , io?eioaaea iaiao?aei? a?ioia? eiooe .
Iaiaiaaeaiee aeinooi o?yaeo aei a?ioiai? ai?n?? aeeeth/aa
iio?aao aeioneo ai?aiaeo ciaia”ycaiue , a iaiaaeaiee ?eiie
aea?aeaaieo iicee , ui ae?ya a N?N? a ia??iae i?neyai?iii?
a?aeaoaeiae, a 60-? ?iee aoa i?aeoe/ii e?ea?aeiaaiee .

Iiaeeea?noue ?icaeoeo ?eieo oe?iieo iaia??a a ieaiia?e aeiiii?oe?
caia?a/oaaa oaeiae oaeoi? iecueei? ?ioaa?iaaiino? N?N? a
na?oiao aeiiii?/io nenoaio oa iaeiiaa?oiaai?noue iaoe?iiaeueii?
aaethoe . Iaeiae , ii?yae c aeiiii?/ieie oaeoi?aie , nioe?ae?noe/ia
nenoaia aenoaaea oaeiae ?aeaeia caia?a/aiiy iaiao?aeiino? ?nioaaiiy
oeueiai ?eieo.

Ia?ai???ioaoe?y aeiiii?ee Oe?a?ie c ieaiiaeo i?eioeei?a iiaoaeiae
ia ?eieia? i?eioeeie aeeeeeaea aino?o iaiao?aei?noue ?aoi?ioaaiiy
an?o noaae?e i?ioeano noni?eueiiai a?aeoai?aiiy , a oiio /ene? ?
nenoaie ia?a?iciiae?eo . A ca”yceo c oeei aeieeea iio?aaa a
noai?aii? aaeaeaaoieo ?eieiaeo eaiae?a ia?a?iciiae?eo a?ioiaeo
eioo?a ? o?iainiaiai caaacia/aiiy iio?aa aeiiii?ee , ui
?aae?coaaeiny o aeieeiaii? ?eieo eai?oae?a oa a?ioiaiai ?eieo .

Aaaaoianiaeoi?noue oa aaeeea iae?iaeiiii?/ia cia/aiiy ooieoe?e
?eieo oe?iieo iaia??a oaeiae na?ae/aoue i?i iaiao?aei?noue
aaiaceno oe??? neeaaeiai? o?iainiaiai ?eieo Oe?a?ie. Iani?aaaaeeeai
aoei a aano?aaoaaoeny e a?ae eiie?aoieo niiioeaeueieo iioea?a
?icaeoeo ?eieo oe?iieo iaia??a ia aoai? ia?aoiaeo a?ae ieaiiai?
aei ?eieiai? aeiiii?ee , ye? a?ae?a?athoue cia/io ?ieue aei
oeueiai /ano . Ii-ia?oa , oea athaeaeaoiee aeao?oeeo , yeee neeaaeii
ia?aai?ioe , ia caa?oath/enue aei ?ino?oiaio?a ?eieo oe?iieo
iaia??a , ianaiia?aae — aei ai?aiaeo ciaia”ycaiue aea?aeaae .
Ii-ae?oaa , ?nio? iio?aaa a ?iaanoeoe?eiiio eai?oae? aeey
?aaeueiiai naeoi?o aeiiii?ee , ca a?aenooi?noth yeiai aeaye? aaeoc?
a?o/eciyiiai ae?iaieoeoaa iiaeooue i?eieieoe nai? ?nioaaiiy .
Ii-o?ao? , ne?ae a?aooaaoe ?nioaaiiy iai?oaeaiiai ciaaaiiy i?ae
athaeaeaoii ? ae?iaie/ith noa?ith ca i?aai aeinooio aei o?iainiaeo
?ano?n?a . Ie iiae?ey?ii aeoieo a?eueoino? oe?a?inueeeo aeiiii?no?a ,
ui ianooaae caeo/aiiy a?ioiaeo eioo?a oa ?oi? ?aoe?iiaeueia
ni?yioaaiiy i?ae athaeaeaoii ? ae?iaie/eie ?iaanoeoe?yie caeaaeaoue
a?ae ia?aii? nenoaie ia?a?iciiae?eo a?ioiaeo ?ano?n?a a aeiiii?oe? .
Caaaeath/e ia ooieoe?iiaeueia cia/aiiy ?eieo oe?iieo iaia??a a
ia?a?iciiae?e? a?ioiaeo eioo?a a aeiiii?oe? , oeae ?eiie iin?aea?
aaaeeeaa i?noea a nenoai? o?iainiaiai ?eieo ? ca eiai
aeiiiiiaith iiaeia iioei?coaaoe i?ioean o?iainoaaiiy aeiiii?ee .

sse ? aoaeue-yeee aeiiii?/iee i?ioean , ia?a?iciiae?e a?ioiaeo
eioo?a /a?ac ?eiie oe?iieo iaia??a aaco?oueny ia noeoiiino? oiia
, ye? aecia/athoue niaoeeo?eo oeueiai ?eieo ? oi?iothoue eiai
?icaeoie . Ieoaiiy uiaei oeeo oiia ? iaeiei ?c neeaaeieo ye o
oai??? , oae ? o i?aeoeoe? . Ni?iae eiai ae??oaiiy ?iaeeeny ia
i?ioyc? inoaii?o ?ie?a, i?ioa ?aeeiiai i?aeoiaeo a e?oa?aoo?? aei
oeueiai ieoaiiy ia aoei noi?ioeueiaaii . A aeena?oaoe?? oiiae
oi?ioaaiiy ?eieo oe?iieo iaia??a eeaneo?eiaai? ia iaiao?aei? oa
aeinoaoi? . Aei iaiao?aeieo ne?ae a?aeianoe , ii-ia?oa , iiieo ia
caiuaaeaeaiiy c aieo ai?oaio?a oa i?iiiceoe?th ieie oe?iieo iaia??a .
Ii-ae?oaa, iayai?noue ? i?iiiceoe?th caiuaaeaeaiue oa iiieo ia oe?ii?
iaia?e c aieo ?iaanoi??a . Aeinoaoi?ie oiiaaie iio??aii aaaaeaoe
ae?yeuei?noue iina?aaeiee?a , aea?aeaaia ?aaoethaaiiy , ?icaeoie
caeiiiaeaanoaa ii i?iaeaiao ?eieo oe?iieo iaia??a , ooieoe?iioaaiiy
naii?aaoethth/eo i?aai?a , noai?aiiy ?ioi?iaoe?eii? aace .

A?aoiaoth/e , ui ?eiie oe?iieo iaia??a Oe?a?ie iieiaeee , aacoiiaii
, ?niothoue cia/i? ia?niaeoeae aeey eiai ?icaeoeo . Iai?yiee
oeueiai ?icaeoeo aaaaoianiaeoi? , i?ioa aaaaoi??/ia ?noi??y
ca?oa?aeieo ?eie?a na?ae/eoue i?i no?ee?noue ? iaci?ii?noue
iniiaieo i?eioeei?a ?o ooieoe?iioaaiiy , ? ianaiia?aae — i?eioeeio
aoaeoeaiino? . Aoaeoeai?noue ?eieo oe?iieo iaia??a oa?aeoa?ecothoue
aaaaoi /eiiee?a , na?aae yeeo iniaeeai ne?ae aeae?eeoe oae?
i?eioeeie ye “??ai?noue”, “caoeno”, “aeica?e”, “naieoe??” , ui
i?iaeaiiino?oaaee na?e iiceoeaiee aieea ia oi?ioaaiiy aoaeoeaiiai
?eieo a aaaaoueio e?a?iao Caoiaeo .

?icae?e II “ I?noea ? ?ieue oeaio?aeueiiai aaieo a no?oeoo??
?eieo oe?iieo iaia??a” aeeth/a? 3 i?ae?icae?ee .

O oeueiio ?icae?e? aecia/aii i?noea oeaio?aeueiiai aaieo ia
?eieo oe?iieo iaia??a , ?icaeyiooi eiai ae?yeuei?noue ye aaaioa ii
ianeoaiaoaaiith aea?aeaaiiai ai?ao , a oaeiae aeei?enoaiiy iei
oe?iieo iaia??a i?e cae?eniaii? a?ioiai-e?aaeeoii? iie?oeee .

Ae?yeuei?noue IAO ia ?eieo oe?iieo iaia??a ?icaeyaea?oueny a
eiioaeno? 4 iniiaieo iai?yie?a : ai?n?y oe?iieo iaia??a , iia?aoe??
ii ianeoaiaoaaiith aea?aeaaiiai ai?ao , iia?aoe?? c oe?iieie iaia?aie
ia a?aee?eoiio ?eieo ye ?ino?oiaio a?ioiai-e?aaeeoii? iie?oeee ,
aeei?enoaiiy oe?iieo iaia??a a i?ioean? ?ao?iainoaaiiy
eiia?oe?eieo aaie?a . An? icia/ai? iia?aoe?? ? /anoeiith caoiae?a
IAO ii ?aaoethaaiith a?ioiaiai ?eieo a iaaeao aeeiiaiiy
ooieoe?? “aaieo aea?aeaae”, oiio aecia/aeueiee aieea ia ieo
ni?aaey? aca?iiae?y oeaio?aeueiiai aaieo c o?yaeii .

Iacaeaaeiee noaoon oeaio?aeueiiai aaieo (iaaooee a i?ioean? ?noi?e/iiai
?icaeoeo aai cae??ieaiee caeiiiaeaa/i) iaaea? eiio iiaeeea?noue ia
iia’ycoaaoe nai? ae?? c aeeiai?eith iie?oe/ii? eii’thieoo?e, a
caaacia/eoe ?aae?caoe?th a?ioiai-e?aaeeoii? iie?oeee c aeei?enoaiiyi
iaea?eueo aoaeoeaieo ?ino?oiaio?a. Aeinyaiaiiy oaeiai noaoono
Iaoe?iiaeueiei aaieii Oe?a?ie — iaaaeueia iio?aaa , c iaeyaeo ia
neeaaei?noue ae??oaiiy iino?eieo i?ioe??/ i?ae caoiaeaie IAO ii
aeinyaiaiith a?ioiai-e?aaeeoii? noaa?eueiino? ? ei?ioeino?ieiaeie
iie?oe/ieie i???ioe?aie o?yaeo .

Aiaeii/an , a ?iaio? ii?aoeueiao?oueny i?iaeaia aaniethoecaoe??
iacaeaaeiino? oeaio?aeueiiai aaieo a?ae aea?aeaae , aiane?aeie yei?
?nio? caa?ica i?i?i?caoe?? aoaeoeaiino? aea?aeaaii? aeiiii?/ii?
iie?oeee . Ia’?eoeai? iaae? iathoue iieyaaoe a oiio , ui
oeaio?aeueiee aaie iiaeiai ?aaoethaaoe a?ioiaee iai?io ia ca?aaee
naiiai iai?ioo, a ca?aaee a?aeiia?aeiino? a?ioiaiai iai?ioo iniiaiei
caaaeaiiyi aeiiii?/iiai i?aeianaiiy e?a?ie . Iioeiaeueiei ??oaiiyi
aeaii? i?iaeaie ia i?aeoeoe? ? anoaiiaeaiiy a?aeiinii?
iacaeaaeiino? oeaio?aeueiiai aaieo a?ae o?yaeo , eiee iiiaoa?ia iie?oeea
iaeneiaeueii a?aeiia?aea? caaaeuei?e aeiiii?/i?e iie?oeoe? aea?aeaae,
aea ia ia? iiai?noth caeaaeaoe a?ae ia? .

Iacaaaeath/e ia oi?io aeaniino? , eiaeai oeaio?aeueiee aaie aeeiio?
ooieoe?? aaie??a o?yaeo , a ca’yceo c /ei , a a?eueoino? e?a?i
na?oo , caaacia/o? iio?aae o?yaeo a a?ioiaeo eiooao ca
aeiiiiiaith ai?n?eii? ooieoe?? . Ne?ae aeciaoe , ui a ieaiia?e
aeiiii?oe? iiiyooy “ai?n?y” ioioiaeithaaeiny c iiiyooyi “ai?n?y
a?ioae”. Iaoii?noue , a oiiaao ?eieiai? aeiiii?ee aeieea? ?
?icaeaa?oueny eaoaai??y “ai?n?y ai?aiaeo ciaia’ycaiue” . Ia?aeaeueii c
o?iainoaaiiyi athaeaeaoieo aeo?ao ca ?aooiie aeiaeaoeiai? ai?n??
a?ioae ( ui iia”ycaii c iaaaciaeith ?oiueiai ciaoe?ithaaiiy a ?ac?
iacaaeainiaaiino? c oiaa?iith ianith) , noa? iiaeeeaei aeueoa?iaoeaia
iie?eooy aeao?oeeoo athaeaeaoo oeyoii aeioneo ai?aiaeo
ciaia’ycaiue o?yaeo .

sse aaie?? o?yaeo , oeaio?aeueiee aaie cae?enith? ianeoaiaoaaiiy
aea?aeaaiiai ai?ao , aenooiath/e o/anieeii ?ici?uaiiy aea?aeaaieo
oe?iieo iaia??a ? aeanieeii ?o /anoeie . Oey ae?yeuei?noue
i?eoaiaiia eiio , ine?eueee iie?oeea aea?aeaaiiai ai?ao o?nii
ii”aycaia c a?ioiai-e?aaeeoiith iie?oeeith oeaio?aeueiiai aaieo .

Oi?ioaaiiy aea?aeaaiiai ai?ao i?ioiaeeei a Oe?a?i? ia oa?ai?
o?ainoi?iaoe?? ieaiiai? aeiiii?ee a ?eieiao, ui aecia/eei iaaio
niaoeeo?eo oeueiai i?ioeano . A 1992-95 ??. aea?aeaai? iiceee ia
ioi?iethaaeeny ai?aiaeie ciaia”ycaiiyie , a ?nioaaee o aeaeyae?
iaaeaiiy o?yaeo e?aaeeo?a IAO . I?aeca?oiee Aa?oiai?e ?aae?
Oe?a?ie , IAO aoa ciooaiee ai?ooaaoe a?io? ia i?yia iie?eooy
athaeaeaoiiai aeao?oeeoo . Oaeoe/ii , aoea i?i?aii?iaaia aen?iia ,
ui aeaea?aeii i?e?inoo a?ioae ia? aooe i?e??no aa?oino? . sse
?ethno?o? oaaeeoey 1 , i?ioyaii 1992-95??. ianyae e?aaeeo?a
Iaoe?iiaeueiiai aaieo Oe?a?ie ia o?iainoaaiiy aeao?oeeoo
athaeaeaoo c?inee o 244 ?ace . Oaea no??iea c?inoaiiy i?iiiceoe??
a?ioae , ye? ia iaee i?iaeoeoeaii? ni?yiiaaiino? , aeeeeeaei
a?ia??ioeyoe?th ? iiaeeaeei e?eco aeiiii?ee.

Oaaeeoey 1.

I?e??no a?ioiai? iane aeey o?iainoaaiiy aeao?oeeoo aea?aeaaiiai

athaeaeaoo a Oe?a?i? ( ia e?iaoeue ?ieo , iei.a?i. )

Iieaciee1992 1993 1994 1995 1996 1997 19981. A?ioiaa iana I3
25 4823 216 6 9309 36412 541 157052.E?aaeeoe IAO, iaaeai? o?yaeo
18 1291 411 4 3935 8045 816 7 625 3.*anoea e?aaeeo?a o?yaeo a

a?ioia?e ian? ( %) 72 26,8 43,9 63,4 62,0 46,4 48,64. Aeiiae
IAO aei o?yaeo 18 131 1 411 4 393 6 211 7 430 15 075 [
?ic?aoiaaii ca aeaieie : Atheaoaiue IAO . – 1999. — ?6. — N. 58 , 78
, 138 ]

Aeey iiaeieaiiy e?eciaeo yaeu a aeiiii?oe? ( ianaiia?aae — a
a?ioia?e noa?? ) aeieeea iaiao?aei?noue iiooeo i?eioeeiiai iiaeo
aeaea?ae o?iainoaaiiy aea?aeaaieo aeo?ao , ui ?aae?coaaeiny o
1995?. o aeaeyae? aeioneo iae?aaoe?e aioo??oiuei? aea?aeaaii?
iiceee (IAAeI). Oea ni?e/eieei ?aaeeeaeuei? ci?ie caaaeaiue ?
ooieoe?e IAO : c 1995?. a?i ii/eia? aeeiioaaoe aaaeeea? iaia”ycee
aaia?aeueiiai aaaioa o?yaeo ii ianeoaiaoaaiith aea?aeaaiiai ai?ao .

sse oeaio?aeueiee aniaeo , a ?icae?e? ?icaeyaea?oueny i?iaeaia
noaoono IAO ye o/anieea ia?aeiiiai ?eieo IAAeI oa eiai iaia”ycee
i?aai?caoi?a oeueiai ?eieo . ?acoeueoaoe aeine?aeaeaiue iieacaee ,
ui aeey aoaeoeaiiai i?iaaaeaiiy iiiaoa?ii? iie?oeee i?eioeeiiaiai
cia/aiiy iaaoaa? ia o?eueee caeiiiaeaa/i cae??ieaia iacaeaaei?noue
IAO a?ae o?yaeo, a e iacaeaaei?noue ?ino?oiaio?a oe??? iie?oeee
. Ianaiia?aae , oea noino?oueny eoi?ae? aea?aeaaieo oe?iieo iaia??a
a ii?ooaeue IAO , ui ni?e/eiy? aioo??oi?e eiioe?eo i?ae
?ioa?anaie IAO ye aaaioa ii ianeoaiaoaaiith aea?aeaaiiai ai?ao
oa eiai iaia”yceaie ii caaacia/aiith noaa?eueiino? iaoe?iiaeueii?
aaethoe . Aeey oieeiaiiy oaeiai eiioe?eoo oa caiia?aaiiy
aeanoaa?e?caoe?? a?ioiaiai ?eieo aiane?aeie caianeiaaiiai
o?iainoaaiiy athaeaeaoiiai aeao?oeeoo , iaiao?aeii ia i?aeoeoe?
aeio?eioaaoeny aeiia caeiiiaeaanoaa uiaei caai?iie eoi?ae?
Iaoe?iiaeueiei aaieii ai?aiaeo ciaia”ycaiue o?yaeo ia ia?aeiiiio
?eieo . Iaoii?noue , a ia?niaeoea? , ii i??? noaa?e?caoe??
iaoe?iiaeueiiai o?iainiaiai ?eieo , aeey caaacia/aiiy aoaeoeaiino?
?eieo aea?aeaaieo oe?iieo iaia??a ?aeiiaiaeo?ii IAO nei?enoaoeny
aeina?aeii oeaio?aeueieo aaie?a Aaeeeia?eoai?? , NOA , O?aioe?? oa
aeae?eeoe c o/aniee?a ia?aeiiiai ?eieo a?oio Ia?aeiieo ae?ea??a .
A yeino? iniiaii? i?aoa?aioe?? Iaoe?iiaeueiee aaie ia? iaaeaoe
Ia?aeiiei ae?ea?ai i?aai aeneethceaiiai aeinooio ia aoeoe?iie c
?ici?uaiiy IAAeI c iaeii/aniei cae??ieaiiyi ca ieie iaia”yce?a
uiaei i?aeo?eiee e?ea?aeiino? aoi?eiiiai ?eieo . A oiiaao
o?iainiaiai ?eieo , ui ?icaeaa?oueny , iioeiaeueiee e?eoa??e aeai?o
ae?ea??a — noaa?eueia o?iainiaa noaiiaeua , iayai?noue a aia?ao?
i?aoe?aiee?a-i?ioan?iiae?a ?eieo oe?iieo iaia??a , a oaeiae
iiaeeeaino? eoioaaoe aaeee? ca ianyaaie iaeaoe IAAeI , ye? a
ia?aaeuoaaee anoaiiaeaiee Iaoe?iiaeueiei aaieii aa?”?? eoi?ae? .

Nei?enoaaoenue aeina?aeii ca?oa?aeieo oeaio?aeueieo aaie?a , IAO
iiaea iaaeaoe Ia?aeiiei ae?ea?ai cia/io ia?aaaao ii??aiyii c
?ioeie o/anieeaie ?eieo — i?aai i?yiiai aeinooio aei ?ioi?iaoe??
i?i i?e/eie iio?aa o?yaeo a caiice/aii? oa eiai ianyae . Oaeiae
aaaaea?ii ca aeioe?eueia ia??iaee/ii caeo/aoe ae?ea??a aei
eiinoeueoaoe?e c IAO ii no?oeoo?ieo ieoaiiyo , cie?aia , noiniaii
ci?i caeiiiaeaanoaa , ui aieeaathoue ia ?eiie aea?aeaaieo oe?iieo
iaia??a , a oaeiae i?e i?iaiicoaaii? iiieoo ia oe?ii? iaia?e .
sse na?ae/eoue ca?oa?aeia i?aeoeea , o?ni? ca”ycee oeaio?iaaieo ?
Ia?aeiieo ae?ea??a a?aeiia?aeathoue ?ioa?anai iaio noi??i , iaeiae
oaea ni?a?ia?oieoeoai ia iiaeiii oeiaeeoe ?ioei o/anieeai ?eieo
oe?iieo iaia??a .

Aaaeeeaei a?aoiaioii ia ei?enoue ooieoe?iioaaiiy ?inoeoooo
Ia?aeiieo ae?ea??a a Oe?a?i? ne?ae aaaaeaoe iiaeeeaino? ?o
aieeao ia aoi?eiiee ?eiie aea?aeaaieo oe?iieo iaia??a . Ca oiiae
a?aeiiaeaiiy iiieoo ?iaanoi??a ia iae?aaoe?? o?yaeo , oeae aieea
iiaea noaoe a?ae/ooiei /eiieeii noaa?e?caoe?? a?ioiai? noa?e ,
aaeaea iia?aoe?? ia a?aee?eoiio ?eieo — aio/eee ?ino?oiaio
iiiaoa?ii? iie?oeee oeaio?aeueiiai aaieo . Cie?aia , a?aoiaoth/e
iiceoeai? iaaeaaiiy ca?oa?aeiiai aeina?aeo , IAO ia? ciaia”ycaoe
Ia?aeiieo ae?ea??a i?aeo?eioaaoe anoaiiaeaio i?i?iaeueio ??cieoeth
i?ae oe?iaie eoi?ae? ? i?iaeaaeo IAAeI ia aoi?eiiiio ?eieo.

A oe?eiio , i?e oni?oiiio cae?eniaii? Ia?aeiieie ae?ea?aie nai?o
iaia”yce?a , IAO ciiaea iinooiiai a?aeiiaeoeny a?ae ?ie?
i?aai?caoi?a ?eieo aea?aeaaieo oe?iieo iaia??a ? neiioeaio?oaaoeny
ia ?aaoeyoeaii-eiio?ieueieo ooieoe?yo a iaaeao ianeoaiaoaaiiy
aea?aeaaiiai ai?ao , ui a?aeiia?aea? i?aeoeoe? oeaio?aeueieo aaie?a
?icaeiaieo e?a?i .

Ianooiiei iai?yieii ae?yeueiino? oeaio?aeueiiai aaieo c oe?iieie
iaia?aie ie aeae?ey?ii iia?aoe?? ia a?aee?eoiio ?eieo . Ii?yae c
iie?oeeith iaia”yceiaeo ?aca?a?a oa iie?oeeith ?ao?iainoaaiiy ,
aiie o?aaeeoe?eii aeeth/athoueny aei neeaaeo ?ino?oiaio?a
a?ioiai-e?aaeeoii? iie?oeee . ?ino?oiaioe “a?oaiai” oi?aae?iiy
aeeth/athoue caoiaee ii aeiaaino?ieiaiio iaiaaeaiith ( ca?eueoaiith
) a?ioiai? iane oeyoii o?eaaeiai aieeao ia aaie?anueeo
e?ea?aei?noue , ui i?eoaiaiia iie?oeoe? iaia”yceiaeo ?aca?a?a oa
iie?oeoe? ?ao?iainoaaiiy. Iaoii?noue, caoiaee “oiieiai oi?aae?iiy“
eiiiainothoue oei/ania? eieeaaiiy aaie?anueei? e?ea?aeiino? ? oea
aeicaiey? a?aeianoe aei ieo iia?aoe?? a?aee?eoiai ?eieo.
O?aaeeoe?eii oe? iia?aoe?? aaaaeathoueny iaea?eueo aio/eei oa
iia?aoeaiei ?ino?oiaioii aieeao ia o?iainiaee ?eiie ? oeaio?aeuei?
aaiee ?icaeiaieo e?a?i aeoeaii eiai aeei?enoiaothoue .

Aeey oni?oiiai aeeiiaiiy iniiaii? ooieoe?? — caaacia/aiiy noaeino?
iaoe?iiaeueii? aaethoe – Iaoe?iiaeueiee aaie Oe?a?ie ia?
caaacia/eoe nenoaii?noue a canoinoaaii? ??cieo ?ino?oiaio?a
iiiaoa?iiai ?aaoethaaiiy ?c iaeii/aniei i?iaiicoaaiiyi ?o aoaeoo ia
aeiaaino?ieiaiio ?ioa?aae?. Aeoiaey/e c oeueiai , iaiao?aeii
aoaeoaaoe iiiaoa?io iie?oeeo IAO c o?aooaaiiyi ianooiieo
i?eioeei?a :

— a?ioiai-e?aaeeoia iie?oeea ia? aooe aio/eith , oiio aeey ??
?aae?caoe?? ne?ae aeei?enoiaoaaoe oae? ?ino?oiaioe , ye? ia
ca/?iathoue naiaiaee ae?? ?eieiaeo nee , oa aiaeii/an ,
aenooiathoue ye neeaaeiee oe?e?niiai caaeainiaaiiai eiiieaeno
aeiiii?/ieo caoiae?a ;

— aoaeo a?ae caoiae?a “a?oaiai oi?aae?iiy“ a?ioiaei ?eieii , ye
i?aaeei , ia caaacia/o? iiceoeaieo ?acoeueoao?a ia ei?ioeino?ieiaiio
?ioa?aae? . I?e ?o aeei?enoaii? oeaio?aeueiei aaieii c iaoith
iia?aoeaiiai aieeao ia a?ioiaee ?eiie ?nio? caa?ica iiaeeeai?
i?ioeeaaeii? ?aaeoe?? ?eieo c ua aeeaoith aeanoaa?e?caoe??th
a?ioiaiai ia?ao ;

— i?e ieaioaaii? caoiae?a iiiaoa?ii? iie?oeee oa aecia/aii? ??
ae??aino? iaiao?aeii a?aoiaoaaoe aoaeo cai?ciaiiy — iayai?noue
?ic?eao a /an? i?ae ?aaoethaaeueieie caoiaeaie ? a?aeiia?aeiith
?aaeoe??th ia ieo a?ioiaiai ?eieo oa aeiiii?ee a oe?eiio . Oea
icia/a? , ui aea?? ?ino?oiaio?a a?ioiai-e?aaeeoii? iie?oeee ia?
nie?aoeny ia oi/i? aeiiii?/i? i?iaiice .

Iacaaaeath/e ia cia/i? ia?aaaae canoinoaaiiy oe?iieo iaia??a i?e
cae?eniaii? caoiae?a iiiaoa?ii? iie?oeee (ianaiia?aae — ca?eueoaiiy
aio/eino? oi?aae?iiy a?ioiaei ?eieii ) , ?o aeei?enoaiiy ia
aeaiiio aoai? a Oe?a?i? oneeaaeiaii , ine?eueee IAO ciooaiee
ae?yoe a oiiaao i?aeoe/ii? aacae?yeueiino? ?eieo aea?aeaaieo
oe?iieo iaia??a , yea aoea aeeeeeaia athaeaeaoiith e?ecith 1998?.
Aeoiaey/e c oeueiai , aaaeeeaei caaaeaiiyi IAO ia iaeaeeae/o
ia?niaeoeao ne?ae aaaaeaoe aaeaioaoe?th aei iiaeo aeiiii?/ieo
oiia ? a?aeiia?aeio iiaeeo?eaoe?th ?ino?oiaio?a iiiaoa?ii?
iie?oeee . Iaiiaeeea?noue ?aaoethaaiiy a?ioiai? iane a ia?ao ca
aeiiiiiaith iia?aoe?e ia a?aee?eoiio ?eieo a oiiaao a?aenooiino?
iiieoo ?iaanoi??a ia aea?aeaai? oe?ii? iaia?e , a oaeiae
nei?i/aiiy ianya?a ?ao?iainoaaiiy eiia?oe?eieo aaie?a i?ae canoaao
oe?iieo iaia??a ne?ae ?icoe?ieoe ye aeiooaiee e?ie IAO ia
ia??iae noaa?e?caoe?? o?iainiaiai ?eieo . I?ioa, ia iniia? aiae?co
ia?aaaa ia?a?iciiae?eo a?ioiaeo eioo?a a aeiiii?oe? /a?ac ?eiie
oe?iieo iaia??a oa c o?aooaaiiyi a?aoiaio?a uiaei iaiao?aeiino?
a?aeiiaeaiiy ooieoe?iioaaiiy oeueiai ?eieo , a aeena?oaoe??
c?iaeaiee aeniiaie : a ia?niaeoea? IAO ia? iiaa?iooeny aei
aio/eeo ?eieiaeo ?ino?oiaio?a ?aaoethaaiiy a?ioiai? noa?e , ui
aacothoueny ia aeei?enoaii? oe?iieo iaia??a . C iaeiiai aieo ,
iia?aoe?? c oe?iieie iaia?aie ia a?aee?eoiio ?eieo aenooiathoue
/anoeiith aaccoieiiiai i?ioeano ?aaoethaaiiy aeiiii?ee a oe?eiio
(?enoiie 1) ? ca ?o aeiiiiiaith IAO iiaea cae?enithaaoe
eiio?ieue ca c?inoaiiyi a?ioiai? iane oa ?aaoethaaiiy
e?ea?aeiino? aaie?anueei? nenoaie . C ?ioiai aieo , oae?
?ino?oiaioe ia iaiaaeothoue aieea ?eieiaeo nee ia i?ioean
iiiaoa?iiai ?aaoethaaiiy , ui caaacia/o? iaeneiaeueio aoaeoeai?noue
?aaoeyoeaieo caoiae?a IAO .

?en. 1 Aieea iia?aoe?e oeaio?aeueiiai aaieo ia a?aee?eoiio
?eieo ia aeiiii?eo

A naith /a?ao , i?e aeei?enoaii? oe?iieo iaia??a a i?ioean?
?ao?iainoaaiiy eiia?oe?eieo aaie?a Iaoe?iiaeueiee aaie Oe?a?ie
iiaeiai i???iooaaoeny ia aeina?ae oeaio?aeueieo aaie?a c
?icaeiaiith ?eieiaith aeiiii?eith . A?aeoae , ii i??? noaa?e?caoe??
o?iainiaiai ?eieo Oe?a?ie , ia?aeaeueii c? caa?aaeaiiyi iniiaieo
iiceoeaieo iaaeaaiue a?o/eciyii? i?aeoeee , i?e i?iaaaeaii? iie?oeee
?ao?iainoaaiiy IAO ia? aeei?enoiaoaaoe iia? eiioeaiooaeuei?
i?aeoiaee , a oaeiae caaaaoeoe ia?ae?e oe?iieo iaia??a , ui
neoaothoue ?ino?oiaioa???i oe??? iie?oeee .

?icae?e III “Ae?yeuei?noue eiia?oe?eieo aaie?a ia ?eieo oe?iieo
iaia??a” i?noeoue o?e i?ae?icae?ee .

A oeueiio ?icae?e? aeine?aeaeai? i?aeoe/i? aniaeoe ae?yeueiino?
eiia?oe?eieo aaie?a ia ?eieo oe?iieo iaia??a oa iaa?oioiaai?
iniiai? iai?yiee ?icaeoeo ie?aieo oei?a iia?aoe?e .

Oe?ie? iiaeeeaino? eiia?oe?eieo aaie?a ia ?eieo oe?iieo iaia??a ?
eiieo?aioini?iiiaei?noue caaacia/othoueny oi?aa?naeueiei oa?aeoa?ii oa
?icaeiooith ?io?ano?oeoo?ith , a iaea?eueo iioe?aiith aoea a
inoaii? ?iee ae?yeuei?noue aaie?a ii aeioneo oe?iieo iaia??a .
I?e oeueiio , ine?eueee a?eueo?noue a?o/eciyieo aaie?a ?
aeoe?iia?ieie , aeione aaie?anueeeo aeoe?e ia?aoai?eany ia
ia?iaiaioiee i?ioean , ca aeiiiiiaith yeiai ioi?ieth?oueny
i?aai?caoe?eii-i?aaiaee noaoon aaieo ? a?aeaoaa?oueny oi?ioaaiiy
iniiaiiai eai?oaeo. Aiaeii/an, aeione oe?iieo iaia??a
aeei?enoiao?oueny aaieaie oaeiae ? aeey ca?eueoaiiy aeanii?
eai?oaeueii? aace . A ca”yceo c oei , ui Oe?a?ia eaea ii oeyoo
?icaoaeiae aaie?anueei? nenoaie ca na?oiaeie noaiaea?oaie ,
i?aeaeuaiiy ??aiy eai?oae?caoe?? aaie?a ? iaeiei c i??i?eoao?a .

Ine?eueee a?eueo?noue oe?a?inueeeo aaie?a noeeathoueny c i?iaeaiaie
i?e ?ici?uaii? aeanieo aeoe?e , a ?aeaaeueii? , i?eeiyoii? aeey
an?o aaie?a-ai?oaio?a , oaeoeee ia ?nio? , iniaeeaiai cia/aiiy
iaaoaa? iiia?aaei? iaa?oiooaaiiy aeioneo oe?iieo iaia??a oa
a?aeiia?aei? ia?eaoeiaia? aeine?aeaeaiiy ?eieo . Aeoeaiooth/e
oaaao ia aaaeeeaino? caaaeaiiai ??oaiiy i?i ai?n?th , iniiai?
iai?yiee ?icaeoeo ae?yeueiino? aaie?a ii aeioneo oe?iieo iaia??a
ie caiaeeii aei ianooiieo :

— ?ic?iaea caaaeaiiai i?aeoiaeo aei ai?n?eii? iie?oeee eiia?oe?eiiai
aaieo ? a?aooaaiiy i?e iaa?oiooaaii? ieai?a ai?n?? oe?iieo
iaia??a ye i?e?i-oaeoi??a , oae ? iae?i-oaeoi??a ;

— no?oeoo?oaaiiy i?aeaioia/eo aoai?a ai?n?? , iniiaiei caaaeaiiyi
yeiai ? aecia/aiiy aeae?a oe?iieo iaia??a , ye? iaiao?aeii
aeionoeoe . I?e oeueiio ne?ae iaia”yceiai a?aooaaoe oa?aeoa?enoeee
oe?iieo iaia??a, ye? iaeneiaeueii caaeiaieueiythoue ?iaanoi?a ?
ai?oaioa oe?iieo iaia??a ;

— caaaa/aiiy no?oeoo?e aeoe?iia?iiai eai?oaeo ca ?aooiie aeioneo
??ciiiai?oieo aeae?a aeoe?e ;

— a ia?niaeoea? — aeeth/aiiy a neeaae aaie?anueeiai eai?oaeo
noai?aeeiiaaieo ai?aiaeo ciaia”ycaiue ;

— ?ai?iaeoeoaaiiy ca?oa?aeiiai aeina?aeo ai?n?? aaie?anueeeo
oe?iieo iaia??a oa iiaeaethaaiiy aeioneo iiaeo oei?a oe?iieo
iaia??a c iaoith caeo/eoe aeiaeaoeia? a?ioia? eiooe aeey
cae?eniaiiy aeoeaieo iia?aoe?e .

I?ioa , cia/aiiy ae?yeueiino? a?o/eciyieo aaie?a ii aeioneo
oe?iieo iaia??a iaa??ii iaiaaeoaaoe caaaeaiiyi oi?ioaaiiy oa
ca?eueoaiiy aaie?anueeiai eai?oaeo . Aaaeeeaei iiceoeaiei iane?aeeii
ai?n?? aaie?anueeeo oe?iieo iaia??a ? oaeiae ca?eueoaiiy
i?iiiceoe?? ia ?eieo . Ine?eueee oeth oiiao ?icaeoeo ?eieo
oe?iieo iaia??a ie a?aeianee aei iaiao?aeieo , iiaeia c?iaeoe
aeniiaie : cae?enithth/e aeione oe?iieo iaia??a , eiia?oe?ei? aaiee
ni?eythoue noaiiaeaiith a Oe?a?i? aaaeeeai? neeaaeiai? o?iainiaiai
?eieo — ?eieo oe?iieo iaia??a.

Aac ia?aa?eueoaiiy , ?iaanoeoe?? eiia?oe?eieo aaie?a a oe?ii? iaia?e
i?aei?e?inoa — aaaeeeaa /anoea caoiae?a ii e?ea?aeaoe?? ?noioiiai
?ic?eao iaoai?ci?a ca”yceo ?aaeueii? aeiiii?ee oa
o?iainiai-aaie?anueei? noa?e. O aeena?oaoe?eiiio aeine?aeaeaii?
i?iaiae?ciaaii ?icaeoie ?iaanoeoe?eii? ae?yeueiino? eiia?oe?eieo
aaie?a Oe?a?ie , aecia/aii iniiai? ia?niaeoeae oe??? ae?yeueiino?
, a oaeiae ioe?iaii ?ieue eiia?oe?eieo aaie?a o a?ae?iaeaeaii?
a?o/eciyiiai ae?iaieoeoaa . Iniaeeaee aeoeaio c?iaeaii ia
aaaeeeaino? o?yaeiaeo caoiae?a ii i?aeo?eioe? ? noeioethaaiith
oeo aaie?a, ye? ni?yiiaothoue cia/io /anoeo aeanieo aeoea?a ia
?iaanoeoe?eio i?aeo?eieo oe?a?inueeeo i?aei?e?inoa-ae?iaiee?a .

Aeei?enoiaoth/e iiaooi? eaae?o?eiaai? eaae?e ( na?aaei? oaiie
c?inoaiiy aaie?anueeiai ia?niiaeo a Oe?a?i? a 1991-97??. — 345% ia
??e, i?e oeueiio 62% aaie???a iathoue aeuo ina?oo ), ?icaeiooo
nenoaio oaeaeiioi?eaoe?e ? aeina?ae ?iaioe ia ?eieo oe?iieo
iaia??a, i?aee??ieai? cia/ieie o?iainiaeie iiaeeeainoyie , aaiee
ni?iiiaei? iaaeaaaoe oe?ieee niaeo? iineoa ye i?ioan?ei?
iina?aaeieee . A aeena?oaoe?? iaa?oioiaothoueny ia?niaeoeae ?icaeoeo
oeeo iineoa ? iniaeeao oaaao i?eae?eaii i?iaeai? ai?iaaaeaeaiiy
a ae?th/o i?aeoeeo eanoiae?aeueieo iineoa ? o?iainiaiai
?iaeei??eiao .

Aeniiaee

I?iaaaeaiiy aeena?oaoe?eiiai aeine?aeaeaiiy aeicaieeei c?iaeoe ?yae
aeniiae?a oai?aoeei-iaoiaeieia?/iiai ? iaoeiai-i?aeoe/iiai oa?aeoa?o.
Cie?aia :

1. ?eiie oe?iieo iaia??a — iaa?ae”?iia neeaaeiaa o?iainiaiai
?eieo e?a?ie , yea ioiieth? naaiaio ?eieo eai?oae?a , iia”ycaiee c
ai?aiaeie ?ino?oiaioaie iiceee oa iaeiaeie oe?iieie iaia?aie , ?
oo noa?o a?ioiaiai ?eieo , aea iaa?oathoueny ei?ioeino?ieia?
ciaia”ycaiiy. C iiceoe?e i?aeaeenoeeie?ia?iiai neia?aaoe/iiai
i?aeoiaeo , ?eiie oe?iieo iaia??a a?aeiia?aea? an?i iciaeai , ui
oa?aeoa?ecothoue eiai ye nenoaio , oiaoi noeoii?noue
aca?iiiia”ycaieo aeaiaio?a , ui ooai?ththoue oe?e?ni?noue. Oi?ioaaiiy
oeueiai ?eieo iiaeeeaa eeoa ca iayaiino? ?yaeo iaiao?aeieo ?
aeinoaoi?o oiia , ye? a Oe?a?i? ia aeaiiio aoai? neeaeeny .

2. A?aoiaoth/e aca?iiiia”ycai?noue aeinoaoi?o ? iaia?aeieo oiia
?icaeoeo ?eieo oe?iieo iaia??a , a oaeiae oa , ui aiie
neeaaeathoue oe?e?nio nenoaio caaacia/aiiy aoaeoeaiiai
ia?a?iciiae?eo a?ioiaeo eioo?a a aeiiii?oe? , iio??aii iaaieineoe
ia aaaeeeaino? ?o iaeii/aniiai ?icaeoeo. Iniaeeao oaaao iaiao?aeii
cina?aaeeoe ia aaaeeeaino? aeio?eiaiiy oaeeo i?eioeei?a ye
“??ai?noue“, “caoeno“ , “aeica?e“ , “naieoe??“ , ye? iiaeii? ni?eyoe
aeeoo?caeaoiino? a?o/eciyiiai ?eieo oe?iieo iaia??a oa
aeinyaiaiith iei aoaeoeaiino? .

3. Aeione oe?iieo iaia??a o?yaeii ? oi?ioaaiiy aea?aeaaiiai ai?ao
caaacia/o? iiaeeea?noue o?iainoaaiiy aea?aeaaieo aeo?ao ?
iii”yeoo? aieea ??ceiai iaae?iiy iaoe?iiaeueiiai aeioiaeo ia
niiaeeaaiiy oa ?iaanoeoe?? a ia??iae aeiiii?/ii? e?ece .
Aeinyaiaiiy ia?eiaeiiii?/ii? ??aiiaaae ca aeiiiiiaith ai?n??
aea?aeaaieo iae?aaoe?e ia i?noeoue iaaaoeaieo iane?aee?a , ye?
i?eoaiaii? a?ioia?e ai?n?? .

Ea?aeeiaeueia ae??oaiiy ?nioth/eo i?iaeai ?eieo oe?iieo iaia??a
ie i?iaiico?ii o?eueee ca oiia i?eioeeiiaeo ci?i aea?aeaaii?
aeiiii?/ii? iie?oeee . A ia?oo /a?ao , aoaeoeaia ooieoe?iioaaiiy
?eieo aea?aeaaieo oe?iieo iaia??a iiaeeeaa o?eueee ca oiiae
noaa?eueiiai ?icaeoeo o?iainiaiai ?eieo , iniiaiei /eiieeii yeiai
ie aeae?ey?ii nei?i/aiiy ??aiy aea?aeaaiiai niiaeeaaiiy .
Aca?iiiaoiiaeaiith aei i?iaeaie nei?i/aiiy aea?aeaaiiai niiaeeaaiiy
ne?ae aaaaeaoe e?aa?ae?caoe?th i?aei?e?iieoeueei? ae?yeueiino? ,
ianaiia?aae , oi?niaaiee ?icaeoie iaeiai ? na?aaeiueiai a?ciano .
Ia?aeaeueii, aea?aeaaa iiaeiia aecia/eoe i??i?eoaoi? noa?e
aeiiii?ee ? i?aeo?eioaaoe ?o ?icaeoie . A oe?eiio , aeey
caaacia/aiiy aeiiii?/iiai c?inoaiiy Oe?a?ie , iaiao?aeiee eiiieaen
caoiae?a , ui aeeth/athoue i?eieiaiiy i?ioeano a?ae/oaeaiiy
aea?aeaae a?ae ?iaanoeoe?eiiai i?ioeano oa i?iaeoiaio
no?oeoo?ii-

?iaanoeoe?eio iie?oeeo o?yaeo , yea ia? cae?enithaaoeny ia oe?
iine?aeiaieo aeiiii?/ieo ?aoi?i .

4. Aeey ae??oaiiy i?iaeai caaacia/aiiy i?ici?ino? ?eieo ? aeeiiaiiy
eiai o/anieeaie iaaieo aeiia AeEOeIO? iaiao?aeii oaei?noi/eoe
naieoe?? uiaei iaaeia?inia?noieo ai?oaio?a ? iina?aaeiee?a . A
ca”yceo c oeei , noi?ioeueiaaii a?aeiia?aei? i?iiiceoe?? aei
i?iaeoo Caeiio “I?i aianaiiy ci?i oa aeiiiaiaiue a Caeii Oe?a?ie
“I?i oe?ii? iaia?e oa oiiaeiao a??aeo“. Ia?aeaeueii aianaii
i?iiiceoe?th Aea?aeaai?e Eii?n?? aeiiiaieoe ii?iaoeaio aaco
Eiioeaioe??th caoenoo i?aa o/aniee?a.

5. Iacaeaaeiee noaoon oeaio?aeueiiai aaieo iaaea? eiio
iiaeeea?noue ia iia’ycoaaoe nai? ae?? c aeeiai?eith iie?oe/ii?
eii’thieoo?e , a caaacia/eoe ?aae?caoe?th iiiaoa?ii? iie?oeee c
aeei?enoaiiyi iaea?eueo aoaeoeaieo ?ino?oiaio?a . Aeinyaiaiiy ia
i?aeoeoe? oaeiai noaoono Iaoe?iiaeueiei aaieii Oe?a?ie — iaaaeueia
iio?aaa , c iaeyaeo ia neeaaei?noue ae??oaiiy iino?eieo i?ioe??/
i?ae caoiaeaie IAO ii aeinyaiaiith a?ioiai-e?aaeeoii? noaa?eueiino? ?
iie?oe/ieie i???ioe?aie o?yaeo .

6. Aeey caaacia/aiiy aoaeoeaiino? ?eieo aea?aeaaieo oe?iieo
iaia??a IAO iaiao?aeii nei?enoaoeny aeina?aeii ca?oa?aeieo
oeaio?aeueieo aaie?a oa aeae?eeoe c o/aniee?a ?eieo a?oio
Ia?aeiieo ae?ea??a . A yeino? iniiaii? i?aoa?aioe?? Iaoe?iiaeueiee
aaie ia? iaaeaoe Ia?aeiiei ae?ea?ai i?aai aeneethceaiiai aeinooio ia
aoeoe?iie c ?ici?uaiiy IAAeI ? iaeii/anii cae??ieoe ca ieie
iaia”ycee ii i?aeo?eioe? e?ea?aeiino? aoi?eiiiai ?eieo.

7. Oeaio?aeueiith i?iaeaiith a iaaeao aaie?anueei? ae?yeueiino?
ii aeioneo oe?iieo iaia??a ie aeae?ey?ii ?ic?iaeo ai?n?eii?
no?aoaa?? . Caaaeath/e ia aaaeeea?noue iaa?oioiaaiiai ??oaiiy i?i
ai?n?th , a ?iaio? cai?iiiiiaaii eiioeaiooaeueia aa/aiiy no?oeoo?e
i?aeaioia/eo aoai?a aeioneo oe?iieo iaia??a , iniiaiei caaaeaiiyi
yeiai ? aecia/aiiy iioaioe?eiiai iiieoo ia aeoe?? . I?e oeueiio
ne?ae a?aooaaoe, ui iiieo ?iaanoi??a caeaaeeoue a?ae i?e?i- oa
iae?i-oaeoi??a.

8 . Aino?ioa i?iaeaie aeoea?caoe?? ?iaanoeoe?eii? ae?yeueiino? i?e
iaaeinoaoi?e ?icaeiaiino? ?ioeo o?iainiaeo iina?aaeiee?a aeaiaeeoue ia
aieiai? iiceoe?? o ?? ?ica”ycaii? aaiee . ?noioiee aieea ia
aeoea?caoe?th aaie?anueeeo ?iaanoeoe?e a oe?ii? iaia?e ei?ii?aoe?e
iiaea ni?aaeoe o?yae, caaacia/eaoe i?aeo?eieo ? noeioethaaiiy oeo
aaie?a , ye? ni?yiiaothoue cia/io /anoeo aeanieo aeoea?a ia
i?aeo?eieo iaoe?iiaeueiiai ae?iaieoeoaa.

9. C iaoith caa?aaoe ee??io?a a oiiaao eiieo?aioe?? , aaiee
iiaeii? iino?eii i?aoethaaoe iaae ?icoe?aiiyi niaeo?o ae?yeueiino?
ia ?eieo oe?iieo iaia??a . Na?aae ia?niaeoeaieo iai?yie?a iineoa
ia ?eieo oe?iieo iaia??a ie ?aeiiaiaeo?ii a?o/eciyiei aaieai a
ia?niaeoea? ai?iaaaeaeoaaoe, a ia?oo /a?ao , iineoae o?iainiaiai
?iaeei???iao, ca aeiiiiiaith yeiai noai?ththoueny iia? o?iainia?
i?iaeoeoe aeey caaeiaieaiiy iio?aa ee??ioa , oa eiiieaeni?
eanoiae?aeuei? iineoae .

A oe?eiio , a oiiaao c?inoaiiy eiieo?aioe?? ia ?eieo aaie?anueeeo
iineoa , aeooaeueiino? iaaoaa? iiooe aaieii aeanii? “i?oe” ia
?eieo oa aiae?c iioaioe?eii? ?acoeueoaoeaiino? ae?yeueiino? .
Aeoiaey/e c oeueiai , eiia?oe?eiei aaieai aeioe?eueii aecia/eoe
noa?o ae?yeueiino? , ?? ianooaae oa eiei ee??io?a , a oaeiae
aea?aoe iaaio no?aoaa?th ? oaeoeeo ae?yeueiino? ia ?eieo oe?iieo
iaia??a .

Ioae?eaoe?? c oaie aeena?oaoe??

1. Aaeioaiea A .N . Eiaanoeoeeiiiua iia?aoeee aaieia
Oe?aeiu : oaiaeaioeee e ia?niaeoeau // Oeiainiaua oneoae . – 1998 .-
?3-4. — N.34-42.

2. Aaeioaiea A. N . Iin?aaeie/aneea oneoae eiiia?/aneeo aaieia
ia ?uiea oeaiiuo aoiaa // Oeiainiaua oneoae .-1998 .- ? 3-4 .- N.
42-47

3. Aaeioaiea A. N . Oneoae Ia?ae/iuo aeeea?ia ia ?uiea
oeaiiuo aoiaa Oe?aeiu // Oeiainiaua oneoae . — 1998. — ? 5-6 . — N.
32-40

4. Aaeioaiea A. N . Aaieianeea oneoae a ?aieao oeiainiaiai
eiaeeie?eiaa // Oeiainiaua oneoae . — 1998 . — ? 7-8 . — N. 35-38

5. Aaeioaiea A. N . ?aeeaia aaieianeeo oneoa : caiaaeiue iiuo
// Oeiainiaua oneoae . — 1998 . — ? 9-10 . — N. 47 — 52

6. Aaeioaiea A.N. Eanoiaeeaeueiua oneoae ia ?uiea
oeaiiuo aoiaa // Oeiainiaua oneoae . – 1999 .- ? 3-4. — N.35-38

Aiioaoe?y

A?eioaiea A.N. Aaiee Oe?a?ie ia ?eieo oe?iieo iaia??a.- ?oeiien .

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa
aeiiii?/ieo iaoe ca niaoe?aeuei?noth 08.04.01.-o?iaine , a?ioiaee
ia?a ? e?aaeeo.- Ee?anueeee iaoe?iiaeueiee aeiiii?/iee oi?aa?neoao
, Ee?a , 1999

Aeena?oaoe?y i?enay/aia ieoaiiyi ae?yeueiino? aaie?a ia ?eieo
oe?iieo iaia??a . Eiei ieoaiue , ye? ?icaeyaeathoueny a ?iaio? ,
aeeth/a? aiae?c no/aniiai noaio ?eieo oe?iieo iaia??a Oe?a?ie ,
ia?niaeoea oa oeyo?a eiai ?icaeoeo . Cia/ia oaaaa i?eae?eaia
i?iaeai? i?noey ? ?ie? Iaoe?iiaeueiiai aaieo Oe?a?ie ia ?eieo
aea?aeaaieo oe?iieo iaia??a . I?iaiae?ciaaii ia?oee aeina?ae
aeei?enoaiiy oe?iieo iaia??a i?e ?aae?caoe?? caoiae?a iiiaoa?ii?
iie?oeee oeaio?aeueiiai aaieo . ?icoe?aiiy niaeo?o aaie?anueeeo
iineoa , a naith /a?ao , iaoiiaeth? iaiao?aei?noue i?iaaaeaiiy
iia?aoe?e ia ?eieo oe?iieo iaia??a eiia?oe?eieie aaieaie Oe?a?ie
. Neeaaei?noue i?iaaaeaiiy oeeo iia?aoe?e e o? aenie? aeiiae ,
ye? ?eiie oe?iieo iaia??a i?aae”yaey? aei aaie?anueeeo
niaoe?ae?no?a , aecia/eee iaiao?aei?noue aeine?aeaeaiiy
ooieoe?iioaaiiy iniiaieo iaoai?ci?a ca?oa?aeieo ?eie?a oe?iieo
iaia??a oa i?aeoeee ae?yeueiino? cao?aeieo aaie?a a oe?e noa??
. A aeena?oaoe?? ?ice?eoi aeina?ae ae?yeueiino? ia ?eieo oe?iieo
iaia??a, iai?aoeueiaaiee oe?a?inueeeie aaieaie , iniaeeai ia?o?
caeiaooee . Iniiai? ?acoeueoaoe aeine?aeaeaiiy ciaeoee ao?eaiiy a
i?aeoeoe? ?iaioe aaie?a .

Eeth/ia? neiaa : ?eiie oe?iieo iaia??a , oeaio?aeueiee aaie,
aea?aeaai? oe?ii? iaia?e , iiiaoa?ia iie?oeea , ae?yeuei?noue
eiia?oe?eieo aaie?a ia ?eieo oe?iieo iaia??a.

Aiiioaoeey

Aaeioaiea A.N. Aaiee Oe?aeiu ia ?uiea oeaiiuo aoiaa .- ?oeiienue.

Aeenna?oaoeey ia nieneaiea o/aiie noaiaie eaiaeeaeaoa
yeiiiie/aneeo iaoe ii niaoeeaeueiinoe 08.04.01. — oeiainu ,
aeaiaaeiia ia?auaiea e e?aaeeo . — Eeaaneee iaoeeiiaeueiue
yeiiiie/aneee oieaa?neoao , Eeaa , 1999

Aeenna?oaoeey iinayuaia aii?inai aeayoaeueiinoe aaieia ia ?uiea
oeaiiuo aoiaa , a oaeaea i?iaeaiai noaiiaeaiey e ooieoeeiie?iaaiey
naiiai ?uiea oeaiiuo aoiaa .

Iaeiei ec oeaio?aeueiuo aniaeoia i?e ?anniio?aiee i?iaeaiu
?acaeoey ?uiea oeaiiuo aoiaa yaeyaony ii?aaeaeaiea iniiaiuo e
aeinoaoi/iuo oneiaee aai oi?ie?iaaiey , a oaeaea eo aiaeec
i?eiaieoaeueii e ioa/anoaaiiiio ?uieo . Ia iniiaa i?iaaaeaiiuo
enneaaeiaaiee a aeenna?oaoeee naeaeai auaiae i oii , /oi yoe
oneiaey a Oe?aeia neiaeeeenue .

O/eouaay iaaieueoie iiuo ooieoeeiie?iaaiey ?uiea oeaiiuo aoiaa a
Oe?aeia , nouanoaotho cia/eoaeueiua iiiaianiaeoiua ia?niaeoeau aai
?acaeoey . I?e yoii , eae iaeaieaa cia/eiue , a aeenna?oaoeee
auaeaeyaony onoiyaoeeny a ie?iaie i?aeoeea i?eioeei yooaeoeaiinoe
?uiea oeaiiuo aoiaa . Aeey aeinoeaeaiey yooaeoeaiinoe ia
ioa/anoaaiiii ?uiea aeieaeiu niaethaeaoueny oaeea i?eioeeiu eae
“?aaainoai” ,“?ac?aoaiea” , “caueoa” , “naieoeee” .

A aeenna?oaoeee inouanoaeai oaeoaeaiiue oai?aoeei-iaoiaeieiae/aneee
e n?aaieoaeueiue aiaeec i?iaeai oeiaine?iaaiey athaeaeaoiiai
aeaoeoeeoa ca n/ao aeaiaaeiie yiennee e auionea ainoaea?noaaiiuo
oeaiiuo aoiaa , eco/ai i?aeoe/aneee iiuo aeayoaeueiinoe
oeaio?aeueiuo aaieia no?ai n ?acaeoie ?uii/iie yeiiiieeie ii
ianeoaeeaaieth ainoaea?noaaiiiai aeieaa.

Aaoi?ii enneaaeiaaia no?aoaaey Aoiaeanaaiea e O?N NOA i?e
auiieiaiee ooieoeee “aaaioa i?aaeoaeuenoaa “ ii ianeoaeeaaieth
ainoaea?noaaiiiai aeieaa , auyaeaiu niaoeeoe/aneea iniaaiiinoe
eniieueciaaiey oeaiiuo aoiaa a i?ioeanna ?ac?aaioee e ?aaeecaoeee
aeaiaaeii-e?aaeeoiie iieeoeee e iainiiaaia aiciiaeiinoue
eniieueciaaiey ca?oaaaeiiai iiuoa a aeayoaeueiinoe
Iaoeeiiaeueiiai aaiea Oe?aeiu .

Aeenna?oaioii iainiiaaii iieiaeaiea i oii , /oi oeaio?aeueiue aaie
aeieaeai eiaoue iacaaeneiue noaoon ai acaeiiioiioaieyo n
eniieieoaeueiie e caeiiiaeaoaeueiie aeanoueth ainoaea?noaa , /oi
aeaao aio aiciiaeiinoue ?aaeeciauaaoue iniiaiua ia?ii?eyoey
iiiaoa?iie iieeoeee aac iiae/eiaiiinoe eo e?aoein?i/iui
iieeoe/aneei i?eaioe?ai i?aaeoaeuenoaa . A oi aea a?aiy , a
aeenna?oaoeee iainiiaaia aaaeiinoue iaeneiaeueiie
neii?aeeie?iaaiiinoe iieeoeee Ieienoa?noaa Oeiainia Oe?aeiu eae
yieoaioa ainoaea?noaaiiuo oeaiiuo aoiaa e Iaoeeiiaeueiiai aaiea
Oe?aeiu eae aaaioa ii ianeoaeeaaieth ainoaea?noaaiiiai aeieaa .

Aaoi?ii aeieacaii , /oi aeey oniaoiiai ?acaeoey ?uiea
ainoaea?noaaiiuo oeaiiuo aoiaa iaiaoiaeeii inouanoaeoue ?yae
ia?ii?eyoee ia ainoaea?noaaiiii o?iaia , iai?aaeaiiuo ia
iae?iyeiiiie/aneoth noaaeeecaoeeth , iniiaiuie ec eioi?uo auaeaeaiu
nieaeaiea o?iaiy ainoaea?noaaiiiai iio?aaeaiey e eeaa?aeecaoeey
i?aaei?eieiaoaeueneie aeayoaeueiinoe ( a ia?aoth i/a?aaeue —
oi?ne?iaaiiia ?acaeoea iaeiai e n?aaeiaai aeciana ) . Iaeiia?aiaiii
, ainoaea?noai aeieaeii iaania/eoue i?ia?aiiii-oeaeaaoth
iiaeaea?aeeo i?ei?eoaoiuo io?aneae yeiiiieee .

?acaeoea aaieianeie nenoaiu e ?anoe?aiea niaeo?a aaieianeeo oneoa
iaoneaaeeaatho iaiaoiaeeiinoue i?iaaaeaiey eiiia?/aneeie aaieaie
Oe?aeiu iia?aoeee ia ?uiea oeaiiuo aoiaa . Neiaeiinoue i?iaaaeaiey
yoeo iia?aoeee e oa aunieea o?aaiaaiey , eioi?ua ?uiie oeaiiuo
aoiaa i?aaeuyaeyao e aaieianeei niaoeeaeenoai , i?aaeii?aaeaeeee
iaiaoiaeeiinoue enneaaeiaaiey e aiaeeca a aeenna?oaoeee iniia
ooieoeeiie?iaaiey ca?oaaaeiuo ?uieia oeaiiuo aoiaa , a oaeaea
aiaeeca i?aeoeee ?aaiou ca?oaaaeiuo aaieia ia yoii ?uiea .

E eaoaai?ee neiaeiuo i?iaeai ioiineony aii?in ia yienee
aaieianeeo oeaiiuo aoiaa . A ?aaioa ?ane?uou i?e/eiu aeoeaecaoeee
aeayoaeueiinoe eiiia?/aneeo aaieia ii auioneo oeaiiuo aoiaa e
i?aaeeiaeaiu iniiaiua iai?aaeaiey oniaa?oainoaiaaiey yienneiiiie
no?aoaaee . O/eouaay aaaeiinoue iainiiaaiiiai ?aoaiey ia yiennee ,
aeenna?oaioii i?aaeeaaaaony no?oeoo?e?iaaiea iiaeaioiaeoaeueiuo
yoaiia auionea oeaiiuo aoiaa , iniiaiie caaea/ae eioi?iai yaeyaony
ii?aaeaeaiea iioaioeeaeueiiai ni?ina ia oeaiiua aoiaae . I?e yoii
iniaue aeoeaio naeaeai ia oii , /oi ni?in eiaanoi?ia caaeneo eae
io iee?i- oae e io iae?i-oaeoi?ia .

Iniiauaaynue ia aiaeeca i?aeoe/aneie aeayoaeueiinoe ioa/anoaaiiuo
aaieia e o/eouaay ca?oaaaeiue iiuo , a aeenna?oaoeee aeieacaii ,
/oi nouanoaotho cia/eoaeueiua ia?niaeoeau , ai-ia?auo , a iai?aaeaiee
?anoe?aiey aeayoaeueiinoe eiiia?/aneeo aaieia ii oi?ie?iaaieth e
oi?aaeaieth ii?ooaeai oeaiiuo aoiaa , ai-aoi?uo , ii
oniaa?oainoaiaaieth eiaanoeoeeiiiie no?aoaaee e oaeoeee . I?e yoii
, a oneiaeyo iaino?aiey eiieo?aioeee ia ?uiea , oaea?aeaiea
?uii/iie ieoe e iaania/aiea i?eaueueiinoe aaieianeeo aeoeaia
iai?yioth caaenyo io aeoeaiinoe aaiea eae eiaanoi?a ia ?uiea
oeaiiuo aoiaa .

Aieueoia cia/aiea a aeenna?oaoeee i?eaeaaony aii?inai aeayoaeueiinoe
eiiia?/aneeo aaieia ii i?aaeinoaaeaieth oneoa eeeaioai ia ?uiea
oeaiiuo aoiaa . Ia iniiaaiee iaiauaiey e aiaeeca iiuoa
aeayoaeueiinoe aaieia Oe?aeiu ii?aaeaeaiu eeth/aaua iai?aaeaiey
?acaeoey yoeo oneoa n o/aoii ?uii/iie eiiuthieoo?u e
i?aaeeiaeaiu i?aeoe/aneea ?aeiiaiaeaoeee ii aiaae?aieth oneoa
oeiainiaiai eiaeeie?eiaa e eanoiaeeaeueiuo oneoa .

Eeth/aaua neiaa : ?uiie oeaiiuo aoiaa , oeaio?aeueiue aaie ,
ainoaea?noaaiiua oeaiiua aoiaae , iiiaoa?iay iieeoeea ,
aeayoaeueiinoue eiiia?/aneeo aaieia ia ?uiea oeaiiuo aoiaa .

Annotation

Biloshapka V.S. Banks of Ukraine on the Securities market.-
Manuscript.

Dissertation for the scientific degree of the Candidate of
Economic Sciences in the speciality 08.04.01 – Finance Currency
Circulation and Credit , Kyiv , National Economic University of
Ukraine , Kyiv , 1999

This dissertation is dedicated to the issues of banking
activity at the securities market . The thesis includes an
analysis of the modern situation at the securities market of
Ukraine , perspectives and ways for development. Considerable
attention is paid to the place and role of the National Bank
of Ukraine at the government securities market . It was analized
the previous experience of the use of securities in the time
of realization of the monetary policy providing by the central
bank . The diversification of the bank services makes it
necessary to conduct transactions at the securities market by
the Ukrainian commercial banks . It is characterized by the
complexity of these operations and high level of competence
required from banking specialists . These features predetermine
the need of analizing the international securities markets ,
their main tools and activities of foreign banks in this sphere
. The thesis includes accumulated of the Ukrainian banks experience
at the securities market, especially the achievements that have
been recently . The results of the research have been
introduced into banking practice lately .

Key words : securities market , central bank , government securities
, monetary policy , banking activity on the securities market .

I?aeienaii aei ae?oeo 27.10.99?. Oi?iao 60o90/16.

Oi.ae?oe.a?e. 0,9. Iae.-aeae.a?e.0,9.

Iaeeaae 100. Cai. 453.

I.Ee?a-5, aoe.*a?aiiia?i?enueea, 57/3, eiii.201.

Oiaa?enoai “Ciaiiy” Oe?a?ie

Aeaeaaieoeoai oa iia?aoeaia iie?a?ao?y

227-41-23, 294-71-27

Добавить комментарий

Ваш e-mail не будет опубликован. Обязательные поля помечены *