Економічний механізм залучення іноземних інвестицій в Україну: Автореф. дис… канд. екон. наук / І.В. Ландарь, Київ. нац. екон. ун-т. — К., 1999. — 1

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

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

OAeE 339.727.22

EAIAeA?Ue ??EIA AIEIAeEIE??AIA

AEIIII?*IEE IAOAI?CI CAEO*AIIss ?IICAIIEO

?IAANOEOe?E A OE?A?IO

Niaoe?aeuei?noue 08.05.01 — Na?oiaa ainiiaea?noai ? i?aeia?iaei?

aeiiii?/i? a?aeiineie

AAOI?AOA?AO

aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

Ee?a — 1999

Aeena?oaoe??th ? ?oeiien.

?iaioa aeeiiaia ia eaoaae?? i?aeia?iaeiiai iaiaaeaeiaioo Ee?anueeiai

iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo I?i?noa?noaa ina?oe Oe?a?ie.

Iaoeiaee ea??aiee: aeieoi? aeiiii?/ieo iaoe, i?ioani?

Iai/aiei ?aaai A?eai?iae/,

I?aeia?iaeiee oeaio? i?eaaoecaoe??, ?iaanoeoe?e oa

iaiaaeaeiaioo, a?oea-i?aceaeaio

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

O?e?iaiei Aioii Na?a?eiae/,

Aaei?i?no?aoe?y I?aceaeaioa Oe?a?ie,

iaoeiaee eiinoeueoaio I?aceaeaioa Oe?a?ie

c ieoaiue ?inoeoooe?iiaeueii? iie?oeee

eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio

Oaa/aiei THe?ai Aieiaeeie?iae/

Ee?anueeee iaoe?iiaeueiee oi?aa?neoao ?i. Oa?ana

Oaa/aiea, aeioeaio eaoaae?e i?aeia?iaeii? aeiiii?ee

I?ia?aeia onoaiiaa: ?inoeooo na?oiai? aeiiii?ee ? i?aeia?iaeieo

a?aeiinei Iaoe?iiaeueii?
aeaaeai?? iaoe Oe?a?ie

(a?aeae?e i?iaeai
ciai?oiueiaeiiii?/ii? ae?yeueiino?)

Caoeno a?aeaoaeaoueny “ 26 ” eenoiiaaea 1999 ?. i 14-00 aiae.
ia can?aeaii? niaoe?ae?ciaaii? a/aii? ?aaee Ae26.006.03. Ee?anueeiai
iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo ca aae?anith: 252057, i. Ee?a,
i?iniaeo Ia?aiiae, 54/1.

C aeena?oaoe??th iiaeia iciaeiieoenue o iaoeia?e a?ae?ioaoe? Ee?anueeiai
iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo, ca aae?anith: 252057, i.
Ee?a, i?iniaeo Ia?aiiae, 54/1.

Aaoi?aoa?ao ?ic?neaiee “ 25 ” aeiaoiy 1999 ?.

A/aiee nae?aoa?

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

aeieoi? aeiiii?/ieo iaoe,

i?ioani? A.A. Ooen

1

CAAAEUeIA OA?AEOA?ENOEEA AeENA?OAOe?EII? ?IAIOE

Aeooaeuei?noue oaie aeine?aeaeaiiy. Ieoaiiy aoaeoeaiiai iaoai?cio
?ioaa?aoe?? a na?oiao ainiiaea?nueeo nenoaio ? aeooaeueiei aeey
aeiiii?/ii? oai???, ine?eueee o ?icaeoeo na?oiai? aeiiii?ee inoaii?o
aeanyoee?oue ana c?in- oath/o ?ieue a aeiiii?/iiio aeeoo? e?a?i anueiai
na?oo a?ae?a?a? anaioiiethth/a ? aeeiai?/ia ?ioa?iaoe?iiae?caoe?y.
Aeiiii?eo aoaeue-yei? e?a?ie aaea ia iiaeia ?icaeyaeaoe ye uinue
naiiaeinoaoi?. Nueiaiaei? ia aioo??oi? aeeooy o??? /e ?ioi? e?a?ie, a
eiai aa?iii?eiee ca’ycie c? na?oiainiiaea?nueeeie i?ioeanaie aecia/a?
i?aeianaiiy aai niaae aeiiii?ee.

?noi?e/iee aeina?ae ia?aeiieeai i?aeoaa?aeaeo? aea?aei?noue
o/ano? a ??cieo oi?iao ni?eueiiai i?aeia?iaeiiai a?ciano. Ia na?oiaiio ?
?aa?iiaeueiiio ??a- iyo a?aeaoaathoueny ?ioaa?aoe?ei? i?ioeane:
iaoe?iiaeuei? ?eiee, eai?oaee, o?oaei- a? ?ano?ne ia’?aeiothoueny a
?aeei? nenoaie; ocaiaeaeothoueny caeiiiaeaanoaa, eoeueoo?i? oa iaoeia?
aeinyaiaiiy noathoue caaaeueiei iaaeaaiiyi. Ana c?inoath- /a
?ioa?iaoe?iiae?caoe?y na?oiainiiaea?nueeiai ?icaeoeo ei??iiei /eiii ci?-
ith? ianyae ? oa?aeoa? ?ooo oaeoi??a ? ?acoeueoao?a ae?iaieoeoaa,
aeiaae?co? na?oeaaeio aeiiii?/ii? ae?yeueiino? — ?iaanooaaiiy.

?ioith i?ia?aeiith oaiaeaioe??th ? e?aa?ae?caoe?y aeiiii?/ii? iie?oeee
a?eueoino? e?a?i, ui ae?aaea?oueny cie?aia, a oe?ie?e i?eaaoecaoe??
aea?aeaa- ieo i?aei?e?inoa ? iineaaeaii? ?aaoethaaiiy i?eaaoiiai
naeoi?a, a oaeiae o iieaaoaii? aeinooio ?iicaiieo eiiiai?e ia aioo??oi?
?eiee.

Ua iaei??th aaaeeeaith oaiaeaioe??th no/aniino? noaa ia?ao?ae
i?ia?aeieo e?a?i Caoiaeo ia iino?iaeono??aeueiee aoai ?icaeoeo, ui a
i?aeia?iaei?e eii- eo?aioe?? iia??oo? iiceoe?? oeo e?a?i, ye? ia ciiaee
iicaaaeoenue a?ae i?iaeai “?iaeono??aeueiiai” aoaio, ui ?iaeoue ?o
oaoiieia?/ii, iie?oe/ii ? ?aeaieia?/- ii caeaaeieie a?ae e?aea??a.
E?a?ie c ia?ao?aeieie aeiiii?eaie ia a ciic? aeeoe c aeiiii?/ii? e?ece
aac caeo/aiiy ? aoaeoeaiiai aeei?enoaiiy ?ii- caiieo ?iaanoeoe?e.
Aeei?enoaiiy ?iicaiieo eai?oae?a caaacia/o? aeinooi aei iia?oi?o
oaoiieia?e, no/anieo ?eieiaeo i?eeii?a ia?eaoeiao oa iaiaae- aeiaioo,
ni?ey? ?icaeoeo aioo??oi?o ?iaanoeoe?eieo oa ?ioeo oaeoi?ieo ?eie?a, a
oaeiae ?eie?a oiaa??a ? iineoa, a oe?eiio i?aeo?eio? iae?iaeiiii?/- io
noaa?e?caoe?th.

An? oe? ianoaaeie aecia/athoue aeei?enoaiiy ?iicaiieo ?iaanoeoe?e ye
ia’?eoeaio iaiao?aei?noue, iaoiiaeaio nenoaiith o/ano? aeiiii?ee e?a?ie
a i?aeia?iaeiiio iiae?e? i?aoe? ? ia?aeeaii eai?oaeo a iaoe?iiaeuei?
aaeoc?.

Ia aeaeue, noai iaoi? aea?aeaae c a?aei?/aieo aeua iiceoe?e ae?ae
ne?oo- iee, o ca’yceo c /ei c?inoa? cia/aiiy o?ainoi?iaoe??
o?aaeeoe?eieo iaoai?c- i?a ?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino? o
ye?nii iia? — ia iniia? aaeaino ?ioa?an?a aea?aeaae ? ?iicaiieo
?iaanoi??a, iiaeeaeaiiai aea/aiiy neeaaeieo

2

yaeu no/anii? i?aeia?iaeii? ?iaanoeoe?eii? aca?iiae??.

Aeooaeuei?noue oaie aeine?aeaeaiiy coiiaeaia iiaeciith caaaeaiue, ui
iio?aaothoue ae??oaiiy a i?ioean? ?icaeoeo oai??? aoaeoeaiiai caeo/aiiy
? aeei?enoaiiy ?iaanoeoe?eieo ?ano?n?a a e?a?iao c ia?ao?aeieie
aeiiii?eaie, yea o?eueee ii/eia? noai?thaaoenue. Oiio aaaeeeaa
cia/aiiy ia? ?ic?iaea

aoaeoeaiiai aeiiii?/iiai iaoai?cio caeo/aiiy oa aeei?enoaiiy ?iicaiieo
?iaanoeoe?eieo ?ano?n?a c o?aooaaiiyi iaoe?iiaeueieo ?iaanoeoe?eieo
i??i?eoao?a.

Ieoaiiy ?icaeoeo oa ?aaoethaaiiy ?iicaiiiai ?iaanooaaiiy iino?eii
ciaoiaeyoueny a iie? ci?o aeine?aeiee?a. O na?oia?e aeiiii?/i?e
e?oa?aoo?? iaea?eueo nooo?aee aianie a ?o ?ic?iaeo c?iaeee ?.A??aoai,
E.Aaeue?an, ?.Aa?iii, E.A?oiai, Aeae.Aeaii?ia, I.Eannii,
Ae.Eiia, I.Iaeaea?iioo,

I. Ii?oa?, A.?aaiai, A.Oia?i, N.Oaeia?, O.Oa?i (NOA) oa ?io?.

*eiaei aniaeo?a ?iicaiiiai ?iaanooaaiiy ?ic?iaeai? a i?aoeyo ?in?enue-
eeo a/aieo: TH.Aaeaeoaay, I.Ae?en??aa, A.Aeueio?ia, I.Aiaoneaanueeiai,
O.??oiai?, A.Ea?aaa?aa, A.Ee???aa, E.Eaaaae?ai?, ss.I??e?ia, A.?oaoeiaa,
I.Oaieieea, TH.Oe?y?aa oa ?ioeo.

Oaia caeo/aiiy ?iicaiieo ?iaanoeoe?e a Oe?a?io ciaeoea a?aeia?aaeaiiy a
aeine?aeaeaiiyo, ui i?iaiaeyoueny a iaoeiaeo i?aai?caoe?yo oa
iaa/aeueieo caeeaaeao. Inoaii?i /anii aeaeaii /eiaei ioae?eaoe?e uiaei
caeo/aiiy ?iicaiieo ?iaanoeoe?e a Oe?a?io. Oe?iei a?aeii? aeine?aeaeaiiy
?.Aeaiea, A.Aoaee?ia, I.Aaa?eethea, A.Aa?oey, A.Aoanueeiai, A.Eieiniaa,
I.Ee?e/aiea, A.E?aae?niaa, Ae.Eoe’yiaiea, TH.Iaeiaiia, I.Iicaiaiai,
N.Ii/a?iiai, I.Ia?oaina, A.Iiaeoeueeiai, ?.Iai/aiea, TH.Iaoiiiaa,
A.Ia?anaaee, I.Ieioi?eiaa, A.Ii?o/ieea, A.?oiyioeaaa, A.Naa/oea,
A.N?aeaiea, A.O?e?iaiea, A.Oaaeiniaa oa ?ioeo.

O aaaaoueio ioae?eaoe?yo cia/ia oaaaa i?eae?ey?oueny
aeine?aeaeaiiyi ee?iaoo aeey ?iicaiieo ?iaanoi??a a Oe?a?i?. Oey oaia
niaoe?aeueii iaaiai?thaaeanue ia eiioa?aioe?? o A?aei? ( aa?acaiue 1997
?ieo ).

Aea, ia aeaeue, nueiaiaei? iaaeinoaoiuei oaaae i?eae?ey?oueny
iaa?oiooaaiith aoaeoeaiiai iaoai?cio caeo/aiiy ?iicaiieo ?iaanoeoe?e a
Oe?a?io. Aei oeueiai /ano a?aenooi?e ii??aiyeueiee aiae?c nenoai
iaaeoiaeaeaiiy ?iicaiieo ?iaan- oeoe?e o e?a?ie No?aeii? oa
Oeaio?aeueii? ?a?iie. Iio?aaothoue oaeineiiaeaiiy iaoiaee/i? iniiae
e?euee?niiai aecia/aiiy ?iaanoeoe?eii? i?eaaaeeaino? ie- ?aieo ?aa?ii?a
Oe?a?ie aeey ae?yeueiino? ?iicaiieo ?iaanoi??a. Aa?oi ocaaaeue- ieoe
aeina?ae ae?yeueiino? ?aa?iiaeueieo i ?aai?a uiaei caeo/aiiy
?iicaiieo

?iaanoeoe?e a Oe?a?io. Cie?aia, oea noino?oueny i.Ee?aa, aea a 1997
?ioe? noai- ?aii Eii?aeeiaoe?eio ?aaeo c ieoaiue ?iaanoeoe?e ?
?ic?iaeaii i?ia?aio caeo- /aiiy ?iicaiieo ?iaanoeoe?e, aeeiiaiiy yei?
ciaoiaeeoueny i?ae eiio?ieai i?nueei? aea?aeaaii? aaei?i?no?aoe??.
A aeiiii?/i?e e?oa?aoo?? iaaeinoaoiuei

3

aena?oeth?oueny aeina?ae caeo/aiiy ?iicaiieo ?iaanoeoe?e o iiaeo
?iaeono??aeue- ieo e?a?iao, a oaeiae e?a?iao Eaoeinueei? Aia?eee.

sse ia ??ai? an??? aea?aeaae, oae ? ia ??ai? ie?aieo ?aa?ii?a,
aeooaeueiith

? ?icaoaeiaa ii?iaoeaii-i?aaiai?, aeiiii?/ii?, ?ioi?iaoe?eii? oa
i?aai?ca-

oe?eii? neeaaeiaeo iaoai?cio ni?ai?aoe? c ?iicaiieie ?iaanoi?aie.
Caeo/ai- iy ?iicaiieo ?iaanoeoe?e iiaeeeaa eeoa ca iayaiino?
eiieo?aioini?iiiaeieo i?aei?e?inoa oa aeineiiaeeo, i?ioan?eii
a?aei?aoeueiaaieo ?iaanoeoe?eieo i?iaeo?a.

Aeooaeuei?noue i?iaeaie, ?? iaoeiaa cia/aiiy oa iiaeeeaa iiaeaeueoa
i?aeoe/ia canoinoaaiiy, coiiaeee aea?? oaie aeena?oaoe??,
aecia/eee ??

no?oeoo?o, iaoo oa ci?no aeine?aeaeaiiy.

Ca’ycie ?iaioe c ieaiaie iaoeiai-aeine?aeieo ?ia?o. Aeena?oaoe?eia
?iaioa ? neeaaeiaith iaoeiaeo aea?aeathaeaeaoieo oai “Caeiiii??iino? oa
no/ani? oaiaeaioe?? ?icaeoeo anana?oiueiai ainiiaea?noaa” (iiia?
aea?aeaaii? ?a?no?aoe?? UA01002115?) oa “I?aeia?iaeia
eiieo?aioini?iiiaei?noue iaoe?iiaeueieo aeiiii?e a oiiaao aeiaae?caoe??”
(iiia? aea?aeaaii? ?a?no?aoe?? 0198U001576).

Iaoa ? caaea/? aeine?aeaeaiiy iieyaathoue o ?ic?iaoe? aoaeoeaiiai
aeiiii?/iiai iaoai?cio caeo/aiiy ?iicaiieo ?iaanoeoe?e a oiiaao
oi?ioaaiiy a Oe?a?i? ?eieiaeo a?aeiinei, yea a aeaea iiaeeea?noue
ae?iaeoe oeyoe oa ?aeiiaiaeaoe?? iinooiiaiai ?aoi?ioaaiiy ?nioth/iai
iaoai?cio ni?ai?aoe? c ?iicaiieie ?iaanoi?aie.

Aeoiaey/e c caaaeueii? iaoe aoee iinoaaeai? ? ae??oai? ianooii?
caaaeaiiy aeine?aeaeaiiy.

Ii-ia?oa, noi?ioethaaoe oai?aoe/i? iniiae caeo/aiiy ?iicaiieo ?iaa-
noeoe?e a Oe?a?io, ye? a aeeth/aee aeyaeaiiy iio?aa ? caeiiii??iinoae
caeo- /aiiy ?iicaiieo ?iaanoeoe?e, iaa?oiooaaiiy ?ie? ?iicaiieo
eai?oae?a a Oe?a?- i? i?e ii??aiyii? c? na?oiaeie oaiaeaioe?yie ?ooo
?iicaiieo ?iaanoeoe?e.

Ii-ae?oaa, aecia/eoe nooi?noue oa ii?aoethaaoe no?oeoo?o no/aniiai
aei- iii?/iiai iaoai?cio caeo/aiiy ?iicaiieo ?iaanoeoe?e c o?aooaaiiyi
caaaeue-

iiaea?aeaaieo oaeoi??a oa ?aa?iiaeueieo iniaeeainoae, ia iniia? ?ic?iaee
iaoiaeeee aecia/aiiy ?iaanoeoe?eii? i?eaaaeeaino? ie?aieo ?aa?ii?a
Oe?a?ie.

Ii-o?ao?, iaa?oiooaaoe iniiai? iai?yiee oaeineiiaeaiiy iaoai?cio
ni?ai?aoe? c ?iicaiieie ?iaanoi?aie ia caaaeueiiaea?aeaaiiio,
?aa?iiaeueiiio ??aiyo oa ia ??ai? i?aei?e?inoaa.

Ia’?eoii aeine?aeaeaiiy aeena?oaoe?eii? ?iaioe ? oe?a?inuee? oa
ca?oa?aei? i?aei?e?inoaa, ye? aa?ooue o/anoue a i?ioean? ?iicaiiiai
?iaanooaaiiy a aeiiii?eo Oe?a?ie, a oaeiae caaaeueiiaea?aeaai? ?
i?noeaa? i?aaie oi?aae?iiy, ye? ?aaoeththoue oeae i?ioean. O ca’yceo ?c
aiae?cii ca?oa?aeiiai aeina?aeo caeo/aiiy ?iicaiieo ?iaanoeoe?e a
iaoe?iiaeueio aeiiii?eo aei neeaaeo ia’?eo?a

4

aeine?aeaeaiiy caeo/athoueny e?a?ie c ?icaeiooith aeiiii?eith, a oaeiae
o?, ui ?icaeaathoueny, /ee aeina?ae aeoiaeo ?c e?ece ? iniaeeai ei?eniei
aeey aeiiii?ee Oe?a?ie. A oai?aoe/iiio ? i?eeeaaeiiio ieai?
aeine?aeaeaiiy

aoei i???ioiaaii ia ae??oaiiy iaea?eueo aeooaeueieo i?iaeai ?aoi?ioaai-
iy iniiaieo neeaaeiaeo nenoaie caeo/aiiy ?iicaiieo ?iaanoeoe?e
a?aeiia?aeii aei aeiia ?eieiai? aeiiii?ee.

I?aaeiaoii aeine?aeaeaiiy aenooia? noeoii?noue aeiiii?/ieo a?aeiinei, ui
neeaaeathoueny i?ae ?iicaiieie oa a?o/eciyieie o/anieeaie i?ioeano
?iaanooaaiiy c i?eaiaeo ?ooo ? ooieoe?iioaaiiy a Oe?a?i? ?iicaiiiai
eai?oaeo. Cacia/ai? aeiiii?/i? a?aeiineie ciaoiaeyoue na?e i?iya o
aca?iiae?? ?ioa?an?a aeacaieo noa’?eo?a a i?ioean? ?icaoaeiae
ni?eyoeeaiai ?iaanoeoe?eiiai ee?iaoo a Oe?a?i?, ?aoi?ioaaiiy
ae?yeueiino? ?aa?iiaeueieo i?aai?a oi?aae?iiy, ?icaeoeo aeoeaiino?
ie?aieo i?aei?e?inoa.

Oai?aoeei-iaoiaeieia?/iith iniiaith aeena?oaoe?eii? ?iaioe ? e?eoe/ii
inieneaia aeei?enoaiiy aeinyaiaiue a?o/eciyieo ? ca?oa?aeieo a/aieo c
i?ia- eai aeiiii?/iiai ?icaeoeo, ?iicaiiiai ?iaanooaaiiy. A i?ioean?
aeine?aeaeaiiy cae?eniaii eiiieaenia aea/aiiy noeoiiino? no/anieo
?iaanoeoe?eieo yaeu, i?ioean?a ? i?iaeai iaoe?iiaeueiiai ?
i?aeia?iaeiiai ??ai?a aiae?co. Aeey ae??- oaiiy eiie?aoeciaaieo
oai?aoe/ieo ? i?aeoe/ieo caaaeaiue aeei?enoiaoaa- eenue iaoiae
aeiiii?/iiai aiae?co, iaoiaee ii??aiyeueiiai ? noaoenoe/iiai aiae?co,
iaoiae eia?/iiai ocaaaeueiaiiy oa neioaco. A i?ioean? aeine?aeaeaiiy
cae?eniaii eiiieaeniee ? nenoaiiee aiae?c aeiiii?/ieo oai??e
?iaanoeoe?eii? ae?yeueiino?.

Noaoenoe/io ? oaeoieia?/io aaco aeine?aeaeaiiy noaiiaeyoue aeai? I?i?n-
oa?noaa noaoenoeee, I?i?noa?noaa o?iain?a, I?i?noa?noaa aeiiii?ee,
I?i?noa?noaa ciai?oiueiaeiiii?/ieo ca’yce?a ? oi?a?ae? Oe?a?ie,
Iaoe?iiaeueiiai aaaionoaa ?icaeoeo oa ?a?iiaenueei? ?ioaa?aoe??,
Iieoaanueei? iaeaea?aeaaei?i?no?aoe??, ?ioeo i?aai?a aea?aeaaiiai
oi?aae?iiy, III, THIEOAAe, IAO, Na?oiaiai aaieo, AAOO/NIOO, ?A??,
Aenia?oii-aiae?oe/ieo nenoai BERI, Institutional Investor, Euromoney.

A i?ioean? aeine?aeaeaiiy oe?iei aeei?enoiaoaaeany a?o/eciyia oa
ca?o-a?aeia iiiia?ao?/ia e?oa?aoo?a oa ia??iaee/i? aeaeaiiy,
caeiiiaeaa/?, ii?ia- oeai? oa noaoenoe/i? aeieoiaioe, ui ?aaeaiaioothoue
i?aei?e?iieoeueeo oa ?iaan- oeoe?eio ae?yeuei?noue ye a Oe?a?i?, oae ? a
?ioeo e?a?iao, a oaeiae ?ioi?iaoe?ei? atheaoai?, oe?a?inuee? oa
ca?oa?aei? ui??/ieee, noaoenoe/i? ca??ieee oiui.

Iaoeiaa iiaecia io?eiaieo ?acoeueoao?a aeena?oaoe?eii? ?iaioe. A ?iaio?
io?eiai? ianooii? iia? iaoeia? ?acoeueoaoe, ye? aeiinyoueny ia caoeno:

-?icaeiooi oai??th ?iicaiieo ?iaanoeoe?e, cie?aia, ooi/iaii iiaeyaee ia
i?e?iaeo ?iicaiieo ?iaanoeoe?e ye oaeoi?a aeiiii?/iiai c?inoaiiy;
aeiiiaiaii eiioeaioe?th aeeiai?/ii? aca?iicaeaaeiino? ?iaanoeoe?eii?
ae?yeueiino?

5

? o?ainoi?iaoe?eieo ?eieiaeo i?ioean?a, aecia/aii neeaaeia? aoaeoo
caeo/aiiy ?iicaiieo ?iaanoeoe?e. Ia iniia? oai?aoe/iiai aiae?co iio?aa ?
caeiiii??iinoae caeo/aiiy ?iicaiieo ?iaanoeoe?e a Oe?a?i?,
noi?ioeueiaaii i?iaeaio noai?aiiy ni?eyoeeaiai ?iaanoeoe?eiiai ee?iaoo,
?ic?iaee aoaeoeaiiai aeiiii?/iiai iaoai?cio caeo/aiiy ?iaanoeoe?e.

-Aecia/aii nooi?noue aeiiii?/iiai iaoai?cio caeo/aiiy ?iicaiieo
?iaanoeoe?e, yea iieyaa? o noeoiiino? oi?i, iaoiae?a ? i?eioeei?a
?icaeoeo a?aeiinei oe?a?inueeeo ainiiaea?nueeeo noa’?eo?a c
i?aaenoaaieeaie ca?oa?aeieo ae?eiaeo e?e. Iaa?oioiaaii iao?e/io
no?oeoo?o aeiiii?/iiai iaoai?cio caeo/aiiy i?yieo ?iicaiieo ?iaanoeoe?e,
yea aeeth/a?: c iaeiiai aieo ii?iaoeaii-i?aaiao, aeiiii?/io,
?ioi?iaoe?eio oa i?aai?caoe?eio neeaaeia?, a c ?ioiai aieo o?e ??ai?:
aea?aeaaiee, ?aa?iiaeueiee ? ia?aeiiee (i?aei?e?inoaa). Ia iniia?
ni?anoaaeaiiy ? aiae?co oaeoi??a ? iioea?a ?iicaiiiai ?iaanooaaiiy
aeiaaaeaia iaiao?aei?noue iiaeaeueoi? ?icaoaeiae iaoai?cio caeo/aiiy
?iicaiieo eai?oae?a; cai?iiiiiaaii oeyoe ae??oaiiy oe??? i?iaeaie /a?ac
ocaaaeueiaiiy aaeaioiaaieo aei oiia ia?ao?aeii? aeiiii?ee iaoiae?a
?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino?, aacoth/enue ia iiceoeaiiio
ca?oa?aeiiio aeina?ae?.

-Cai?iiiiiaaii iaoiaeeeo aecia/aiiy ?iaanoeoe?eii? i?eaaaeeaino?
?aa?ii?a Oe?a?ie, ui aaco?oueny ia ?ic?aooieo 6 oaeoi??a ? 22
i?aeoaeoi??a. C iaeiiai aieo, aiia iiaea neoaoaaoe i???ioe?ii aeey
?iicaiieo eai?oaeiaeeaae- iee?a uiaei aecia/aiiy ?aa?iio aeey
aoaeoeaiiai ?ici?uaiiy ?iaanoeoe?e a ca- eaaeiino? a?ae aeanieo iioea?a;
c ae?oaiai aieo, ?acoeueoaoe aeine?aeaeaiiy iiaeia aeei?enoiaoaaoe
i?e ?ic?iaoe? neeaaeiaeo aeiiii?/iiai iaoai?cio

caeo/aiiy ?iicaiieo ?iaanoeoe?e.

-Noi?ioeueiaai? iniiai? caeiiii??iino? ?icaeoeo aca?iiae?? c ?iicai-
ieie ?iaanoi?aie a Oe?a?i? ye iniiae noai?aiiy ni?eyoeeaiai ?iaanoeoe?e-
iiai ee?iaoo:

a)oi?ioaaiiy ia ?eieiaeo canaaeao aca?iiaea?aeieo
nioe?aeueii-aeiii- i?/ieo a?aeiinei i?ae ?iaanoi?ii oa a?o/eciyiei
ia?oia?ii, ui aeicaieythoue iiai?oa ?aae?coaaoe ?o iioaioe?ae;

a)ei??iiee ia?ao?ae a?ae ath?ie?aoe/iiai aaei?i?no?oaaiiy aei ianeoai-
aoaaiiy ?iaanoeoe?eiiai i?ioeano c aieo aea?aeaae oa i?noeaaeo i?aai?a
oi?aae?iiy;

a)onoiaiiy ia?aoeiae, ui ca?eueoothoue aeo?aoe ? ?ecee
eai?oaeiaeea-

aeaiue, cae?eniaiiy caoiae?a uiaei i?aeaeuaiiy aeio?aeiino? ?iaanoeoe?e;

a)iie?ioaiiy oiia aeey ?aae?caoe?? no?aoaa?/ieo oe?eae i?aei?e?inoa
c ?iicaiieie ?iaanoeoe?yie.

-Iaa?oioiaai? eeth/ia? iai?yie oi?ioaaiiy a ?aa?iiao Oe?a?ie iaoa-

6

i?cio caeo/aiiy ?iicaiieo ?iaanoeoe?e ia iniia? cai?iaaaeaeaiiy iiai?
nenoa-

ie caoiae?a, yea aeeth/a?:

a)oaeineiiaeaiiy ?ioi?iaoe?eii? neeaaeiai? o iai?yieo aeinyaiaiiy iia-
iioe ? i?ici?ino? ?ioi?iaoe??, iia’ycaii? c ooieoe?iioaaiiyi ?eieo
?iaanoe-

oe?e ?aa?iio;

a)noai?aiiy nenoaie aeiiii?/iiai caioi/aiiy, ui noeioethaaea a
ae?yeuei?noue ?iicaiieo ?iaanoi??a caaaeyee iaaeaiith ?i i?euea oa
aa?aio?e;

a)?icaoaeiao i?aai?caoe?eii? neeaaeiai?, yea iieyaa? o noai?aii?
?eieiaeo

no?oeoo? ii caaacia/aiith ?iaanoeoe?eiiai i?ioeano, i?iaaaeaii?
?iciaaeoaai- iy iiaiiaaaeaiue i?ae caeiiiaeaa/ith ? aeeiiaa/ith a?eeaie
aeaaee;

a)noai?aiiy i?eaaaeeaiai ii?iaoeaii-i?aaiaiai iiey.

-Aeyaeaii iia? no?aoaa?/i? i?aeoiaee aei aeei?enoaiiy iaeiie/aiiai
aeina?aeo no/aniiai iaiaaeaeiaioo ?iaanoeoe?eii? ae?yeueiino?, ?ic?iaee
aeineiiaeeo ? eiieo?aioini?iiiaeieo ?iaanoeoe?eieo i?iaeo?a. Cie?aia:

a)aecia/aiiy iine?aeiaiino? ? neeaaeiaeo ?iaanoeoe?eiiai aiae?co;

a)iiaoaeiaa nenoaie iii?oi?eiao ?aae?caoe?? ?iaanoeoe?eieo i?ia?ai.

I?aeoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a iieyaa? o oiio, ui iniiai?
iieiaeaiiy, ye? aeeeaaeai? aaoi?ii o aeena?oaoe??, aeiaaaeai? aei ??aiy
iaoiaee/ieo ?ic?iaie oa i?eeeaaeieo ?aeiiaiaeaoe?e.

?acoeueoaoe aeine?aeaeaiue, ocaaaeueiai? o ?iaio?, ciaeoee nai?
ao?eaiiy o ?ic?iaoe? aaoi?ii iieiaeaiue ?aa?iiaeueii? Aeiaaino?ieiai?
i?ia?aie caeo/ai- iy ?iaanoeoe?e a Iieoaanueeo iaeanoue aei 2005 ?ieo,
yea caoaa?aeaeaia ?icii?yae- aeaiiyi Aieiae iaeanii? aea?aeaaii?
aaei?i?no?aoe?? a?ae 30.11.98 ?ieo ?581. ?acoeueoaoe aeine?aeaeaiiy
aeei?enoiaothoueny o iaa/aeueiiio i?ioean? eaoaae?ith i?aeia?iaeii?
aeiiii?ee o Iieoaanueeiio eiiia?aoeaiiio ?inoeooo?.

Iniiai? iieiaeaiiy aeena?oaoe?? iiaeooue aooe aeei?enoaii? oaeiae a
i?ioean? oi?ioaaiiy aeiiii?/iiai iaoai?cio caeo/aiiy ?iicaiieo
?iaanoeoe?e a Oe?a?i?. Oe? ?acoeueoaoe iiaeooue aooe ei?enieie aeey
?ic?iaee a?aeiia?aeii? aea?aeaaii? iie?oeee aai i?ia?aie caeo/aiiy
?iicaiieo ?iaanoeoe?e, canoinoaaiiyi cai?iiiiiaaieo ?acoeueoao?a
aiae?co, i?iaiic?a, ia?eaoeiaiaeo caoiae?a oa ?aeiiaiaeaoe?e
?aa?iiaeueieie i?aaiaie oi?aae?iiy o aecia/aii? aaia?aeueii? e?i?? ia
i?aeo?eieo ?iaanoeoe?e a iaeia?niaeoeai?o? aaeoc? aeiiii?ee iaeano? oa
?icaeoeo i?aei?e?iieoeoaa, a oaeiae iaaea?aeaaieie i?aei?e?iieoeueeeie
no?oeoo?aie o nai?e ia?niaeoeai?e ae?yeueiino? ii caeo/aiith ?iicaiieo
eai?oae?a.

Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??. Iniiai? iieiaeaiiy
aeena?oaoe?eii- ai aeine?aeaeaiiy ? eiai ?acoeueoaoe ciaeoee
a?aeia?aaeaiiy a ioae?eaoe?yo aaoi?a, iaoeiai-iaoiaee/ieo ?ic?iaeao
eaoaae?e, a iaoa??aeao iaoeiai-i?aeoe/ii? eiioa?aioe??
Iieoaanueeiai eiiia?aoeaiiai ?inoeoooo

7

“Aeine?aeaeaiiy ?eieo oiaa??a ? iineoa” (i. Iieoaaa, 26-27 eenoiiaaea
1998 ?.), ia iaoeiai-i?aeoe/i?e eiioa?aioe?? ca ?acoeueoaoaie
aeine?aeaeaiue i?ioani?nueei-aeeeaaeaoeueeiai neeaaeo, ani??aio?a oa
nooaeaio?a Iieoaanueeiai eiiia?aoeaiiai ?inoeoooo (i. Iieoaaa, 28-29
ea?oiy 1999 ?.).

Ioae?eaoe??. ?acoeueoaoe aeine?aeaeaiiy iioae?eiaai? a o?ueio noaooyo
? oacao iaoeiai? aeiiia?ae?. Caaaeueiee ianya ioae?eaoe?e c oaie
aeena?oaoe?? noaiiaeoue 1,7 ae?oeiaaieo a?eoo?a.

No?oeoo?a ?iaioe aecia/a?oueny iaoith ? caaaeaiiyie aeine?aeaeaiiy ?
neeaaea?oueny ?c anooio, o?ueio ?icae?e?a, aeniiae?a,
nieneo aeei?enoaii?

e?oa?aoo?e c 211 iaeiaioaaiue. Iniiaiee ci?no aeeeaaeaii ia 175
noi??ieao, i?noeoue 10 ?enoie?a, 32 oaaeeoe?, 7 aeiaeaoe?a.

INIIAIEE CI?NO ?IAIOE

O “Anooi?” iaa?oioiaaii aeooaeuei?noue oaie aeena?oaoe?eiiai
aeine?aeaeaiiy, i?iaaaeaii aiae?c noaio iaoeiai? ?ic?iaee i?iaeaie, ui
aeine?aeaeo?oueny, noi?ioeueiaaii iaoo ? iniiai? caaaeaiiy aeena?oaoe??,
aeeeaaeaii iaoiaeieia?/io iniiao ? iaoiaee aeine?aeaeaiiy, eiai iaoeiao
iiaecio, oai?aoe/ia ? i?aeoe/ia cia/aiiy.

?icae?e 1. “Oai?aoe/i? iniiae caeo/aiiy ?iicaiieo ?iaanoeoe?e a
Oe?a?io” aeeth/a? o?e i?ae?icae?ee.

A oeueiio ?icae?e? cae?eniaii aeine?aeaeaiiy oai?aoe/ieo iniia
caeo/aiiy ?iicaiieo ?iaanoeoe?e a Oe?a?io, ye? aeeth/athoue aeyaeaiiy
iio?aa ? caei- iii??iinoae caeo/aiiy ?iicaiieo ?iaanoeoe?e,
iaa?oiooaaiiy ?ie? ?iicaiieo eai?oae?a a Oe?a?i? i?e ii??aiyii? c?
na?oiaeie oaiaeaioe?yie ?ooo ?iicaiieo ?iaanoeoe?e.

Aiae?c no/aniiai na?oiaiai ?icaeoeo, aeaa ciiao c?iaeoe aeniiaie, ui
oa?aeoa?iith ?enith nueiaiaeaiiy ? no??iea c?inoaiiy ?ie? ?iicaiieo
?iaan- oeoe?e ye oaeoi?o aeiiii?/iiai ?icaeoeo e?a?i na?oo. Iniaeeao
oaaao caeo- /aiith ?iicaiieo ?iaanoeoe?e ne?ae i?eae?eyoe e?a?iai, ui
?icaeaathoueny, aaeaea ia?o? ? aeaea?aeii ia eeoa eai?oaeo, a e iiai?
oaoiieia??, ?eieiaeo iaaee?a iaiaaeaeiaioo, ia?eaoeiao. Oiaoi
niinoa??aa?ii c?inoaiiy eiieo?aioini?i- iiaeiino? iaoe?iiaeueii?
aeiiii?ee ca ?aooiie iiaea?i?caoe??, ca?eueoaiiy iany- a?a ae?iaieoeoaa,
iiceoeaiiai aieeao ia ieao?aeiee aaeain, i?aeaeuaiiy ??aiy ?eieiai?
eiieo?aioe??.

Na?oiaa iaoea ua a 60-o? ?iee aeiaaea, ui aoaeue-yea e?a?ia, yea ?icae-
aa?oueny ? i?aaia aei oaeaeeiai ca?eueoaiiy iaoe?iiaeueiiai aeioiaeo, ia
aeinyaa? iaoe, yeui aiia i?aaia cae?enieoe i?ia?aio
eai?oaeiaeeaaeaiue, iaia- aeoth/enue eeoa iia?e?caoe??th iaoe?iiaeueieo
cania?a.

?eieia? ?aoi?ie, no?oeoo?i? ia?aoai?aiiy a oe?a?inuee?e aeiiii?oe? ae-

8

iaaathoue cia/ieo eai?oaeueieo aeeaaeaiue. Aiaeii/an neooaoe?y
oneeaaeith?oueny oei, ui i?iaeaie ?iaanooaaiiy aeiaiaeeoueny
ae??ooaaoe a oiiaao aeeaiei?

aeiiii?/ii? e?ece, aino?i? ianoa/? o?iainiaeo ? iaoa??aeueieo ?ano?n?a.
A oeueiio aniaeo?, aeooaeueiei ? i?iaiic i?iaoeueeeo aiae?oee?a
uiaei aeeiai?ee

ai?aiaeo iieaciee?a a Oe?a?i? ia ia??iae aei 2003 ?ieo, yeee
iaaaaeaii o

oaae. 1.

Oaaeeoey 1

Ocaaaeueithth/ee noeaia??e aeeiai?ee ai?aiaeo iieaciee?a a Oe?a?i?

ia 1997-2003 ??. C?aeaiaa?a A., Oiooiaii E. Oe?a?ia ia
?icaei??aeae?. O?iee c i?aeia?iaeiiai aeina?aeo aeiiii?/ieo ?aoi?i: Ia?.
c aiae. — E.: Oai?en, 1998.- N.102.

Iieacieee19971998199920002003*anoea a?aenioeiaeo aeieao o
AAI1,83,73,68,18,8*anoea a?aenioeiaeo aeieao o iaae-oiaeaeaiiyo
athaeaeaoo6,613,713,832,235,1Aeao?oeeo iioi/iiai ?aooieo (o %
AAI)2,73,44,85,96,8Aeaeaoee, ia iia’ycai? c aeieaoith a?aenioe?a (o %
AAI)31,326,625,720,219,5Iai?iiee eo?n a?eai? aei aeiea?a NOA (ia
e?iaoeue ?ieo)1,94,24,85,66,4

Na?oiaee aeina?ae iieaco?, ui aeey noaa?eueiiai aeiiii?/iiai c?inoaiiy
?i- aanoeoe?? iiaeii? aooe ia ??ai? 19-25% AAI. A Oe?a?i? aioo??oi?
?iaanoeoe?? noaiiaeyoue eeoa 12,4% AAI. Ne?ae eiinoaooaaoe, ui
?iaanoeoe?eia neooaoe?y a Oe?a?i? ?icaeaa?oueny a oiiaao nei?i/aiiy
ianya?a iaa?iiaaeaeaiiy, nooo?aiai iaae?iiy eiai /anoee o AAI,
nei?i/aiiy athaeaeaoieo eai?oaeiaeeaaeaiue, neaaei? ?iaanoeoe?eii?
iioeaaoe?? i?eaaoieo i?aei?e?iieoeueeeo no?oeoo?.

Naia oiio, caeo/aiiy ?iicaiiiai eai?oaeo a Oe?a?io iaeaaeeoue ia aei
eii’thieoo?ii-oaeoe/ieo, a aei no?aoaa?/ieo caaea/ ?icaeoeo oe?a?inueei?
aeiiii?ee.

Aiae?c no/aniiai noaio ?iaanoeoe?eii? ae?yeueiino? a Oe?a?i? iieaco?
iaiao?aei?noue ca?eueoaiiy ianya?a I?? ye a aaniethoiiio ? a
ii??aiyeueiiio aei??ao, oae ? c oi/ee ci?o ?o aieeao ia eeth/ia?
iae?iaeiiii?/i? iieacieee.

?icae?e 2. “Nenoaia caeo/aiiy ?iicaiieo ?iaanoeoe?e a Oe?a?io” aeeth/a?
o?e i?ae?icae?ee.

Oeae ?icae?e iia’ycaiee c aecia/aiiyi nooiino? oa ii?aoethaaiiyi
no?oeoo?e no/aniiai aeiiii?/iiai iaoai?cio caeo/aiiy
?iicaiieo

?iaanoeoe?e c o?aooaaiiyi caaaeueiiaea?aeaaieo oaeoi??a oa ?aa?iiaeueieo
iniaeeainoae ia iniia? ?ic?iaee iaoiaeeee aecia/aiiy ?iaanoeoe?eii?
i?e-

9

aaaeeaino? ie?aieo ?aa?ii?a Oe?a?ie.

Aea/aiiy na?oiaiai aeina?aeo aeiaaei, ui aeiaeia e?a?ia na?oo ia ia?
eea- ne/ii? ?iaanoeoe?eii? iiaeae? aai noaiaea?oiiai iaoai?cio
?iaanoeoe?e. A eiae- i?e ?icaeioo?e e?a?i?, aea aaiethoe?y ?eieo,
noaiiaeaiiy ?eieiai? aeiiii?ee

a?aeaoaaeiny i?e?iaeiei oeyoii, aa/eii na?e, o?eueee ?e i?eoaiaiiee ?
aein- oaoiuei neeaaeiee ca iaai?ii neeaaeiaeo aeaiaio?a, iaoai?ci
?iaanoeoe?eiiai i?ioeano, yeee coiiaeth? oi?ioaaiiy a?aeiia?aeii?
?iaanoeoe?eii? iiaeae?.

A no/anieo oiiaao a Oe?a?i? noaiiaeaiiy ?eieiai? aeiiii?ee
a?aeao-aa?oueny ia aac? aea?aeaaii-i?aaiaiai ?aaoethaaiiy
?iaanoeoe?eieo ? ?ioeo aeiiii?/ieo a?aeiinei, ui coiiaeth? oi?ioaaiiy
oe?a?inueei? ?iaanoeoe?eii?

iiaeae? a oe?eiio, ? aeiiii?/iiai iaoai?cio, cie?aia. Oi?ioaaiiy oe???
iiaeae? oneeaaeith?oueny ua e oei, ui i?ney iaea?aeaiiy Oe?a?iith
iacaeaaeiino? oa i?iaieioaiiy a?aee?eoino? ?? aeiiii?ee, a?aeaoaa?oueny
i?ioean noaiiaeaiiy iaoai?cio ?ioaa?oaaiiy iaoi? aea?aeaae, aea
iniaeeaee aieea ia oi?ioaaiiy ?iaanoeoe?eii? iiaeae? iaaea?oueny
noaiiaeaiith iaoai?cio ainiiaea?nueeiai ?iaanoeoe?eiiai
ni?a?ia?oieoeoaa. Nooi?noue oeueiai iaoai?cio iieyaa? a noeoiiino? oi?i,
iaoiae?a ? i?eioeei?a ?icaeoeo a?aeiinei ainiiaea?nueeeo noa’?eo?a
Oe?a?ie c ia?oia?aie ?c ca?oa?aeieo e?a?i. Oi?ioaaiiy iaoai?cio
caeo/aiiy ?iicaiieo ?iaanoeoe?e a Oe?a?io a?aeaoaa?oueny i?ae aieeaii
no?oeoo?ii? ia?aaoaeiae aeiiii?ee, aaeeei? eai?oaeii?noeino?,
iaiao?aeiino? eiioeaio?aoe?? eai?oaeo o aoceiaeo oi/eao
ia?iaeiiainiiaea?nueei? nenoaie, oiaoi ?iaanoeoe?eiee iaoai?ci
oi?io?oueny o a?aeiia?aeiino? aei aeiia ia?oiai aoaio caeo/aiiy
“ioneiaeo” ?iaanoeoe?e. I?iaeaia caiaeeoueny aei caeo/aiiy aeaea?ae
“ioneiaiai” eai?oaeo a ia?niaeoeai? “oi/ee ?inoo”, yeeie ?
i?aei?e?inoaa, ui caeaoi? ia?aaoaeoaaoeny ? ia?aeoe o ?aaeei aoaeoeaii?
?iaioe ? iiceoeaii aieeiooe ia naeoi?e aeiiii?ee.

Eai?oae, aeeaaeaiee o “oi/ee ?inoo”, noai?th? ina?aaeee aeiiii?/iiai
iiaeaaaeaiiy, ii-ia?oa, aoyaoth/e a i?a?oo naiai oyae?iiy noi?aei?
ae?ia- ieoeoaa; ii-ae?oaa, caaacia/oth/e aeieaoo ca?ia?oii? ieaoe e
iiaeaoe?a, i?aeae- uo? eoi?aaeueio ni?iiiaei?noue ianaeaiiy oa
athaeaeaoieo i?aai?caoe?e. ?iicai- i? ?iaanoeoe?? caeaoi? aeeiiaoe
?ieue ioneiaiai ?iioeueno. Iine?aeiai?noue i?ioean?a ? oaeith: “ioneia?”
?iaanoeoe?? — iiaeaaaeaiiy ? ii/aoie i?aeianaiiy ae?iaieoeoaa —
?iaanoeoe?eia i?aeianaiiy.

Ii?aeiaiiy oaeoi??a (iie?oe/ieo, ?ano?nieo, caaaeueii-aeiiii?/ieo)

?iaanooaaiiy oa iioea?a (ae?iaie/i-aeiiii?/ieo, ia?eaoeiaiaeo oa ?i.)
?iicaiieo eai?oaeiaeeaaeiee?a aea? ciiao aecia/eoe caoiaee noeioethaaiiy
? oaeei /eiii iioei?co? ?ic?iaeo aoaeoeaiiai aeiiii?/iiai iaoai?cio
caeo/aiiy ?iicaiieo ?iaanoeoe?e.

10

I?eeiath/e ?iaanoeoe?ei? ??oaiiy ? iae?ath/e e?a?io aeey ?aae?caoe?? ?i-
aanoeoe?eiiai i?iaeoo, i?aeia?iaei? eiiiai?? ea?othoueny oe?eith ieceith
oaeoi- ??a:

-ii-ia?oa, eiieo?aioi? ia?aaaae a?ae noai?aiiy aeaniiai ae?iaieoeoaa ca

ei?aeiiii iiaeii? ia?aaaaeaoe aeo?aoe ia eiai ?icai?oaiiy;

-ii-ae?oaa, e?a?ia-io?eioaa/ iiaeiia i?eaaaethaaoe ?iaanoi?a nai?ie
aaia?ao?/ieie oa?aeoa?enoeeaie;

-ii-o?ao?, naiino?eia ?aae?caoe?y oeeo aeaio ia?aaaa iiaeiia aooe aeey
?iaanoi?a a?eueo aea?aeiith, i?ae ?o aeei?enoaiiy /a?ac i?noeaa?
i?aei?e?inoaa

(iai?eeeaae, iaaeaaoe ?i a?aeiia?aei? e?oeaic??), oiaoi ia? ?nioaaoe
ia?aaaaa ?ioa?iaoe?iiae?caoe??.

Oea iiyniaiiy noaei a?aeiiei i?ae iacaith i?aaeea OLI (ownership
advantages — ia?aaaae aieiae?iiy; location advantages — ia?aaaae
aeeneieaoe??; internalization advantages — ia?aaaae ?ioa?iae?caoe??).
Ia?oa ? o?aoy oiiae iiyniththoue i?yi? ?iicaii? ?iaanoeoe??
niaoeeo?/ieie oa?aeoa?enoeeaie oa eiieo?aioini?iiiaei?noth ie?aii?
eiiiai??. Ae?oaa oiiaa i?ea’yco? ei?ii- ?aoeaio aeiaae?caoe?th aei
aaia?ao?/iiai oaeoi?o ? iaiaaa?oueny o?aooaaoe iniaeeaino?
iae?iaeiiii?/iiai na?aaeiaeua, a yeiio ae?? eiiiai?y.

Aea?? i?aeia?iaeieie ei?ii?aoe?yie aaia?ao?? nai?o ?iaanoeoe?eieo
i?iaeo?a iia’ycaii c ianooiieie:

-i?eaaaeea?noue e?a?ie c oi/ee ci?o aeo?ao. Ooo aei oaaae i?eeiathoueny
aa?o?noue ?iai/i? neee, oa?aeoa?enoeee iiaeaoeiai? nenoaie oa
noaneaeoaaiiy, ye?noue ?io?ano?oeoo?e, eaae?iaeo ?ano?n?a oa
?icaeiai?noue o?iainiaeo ?eie?a;

-i?eaaaeea?noue e?a?ie c oi/ee ci?o caooo: oa?aeoa?enoeee i?noeaaiai
?e-ieo, eiai ?icaeiai?noue, iioaioe?ae ?inoo oa a?aee?eo?noue e?a?ie
aeey i?aeia?iae-

ii? oi?a?ae?;

-i?eaaaeea?noue e?a?ie c oi/ee ci?o iniaeeainoae eoeueoo?e, iiae ?
iie?- oe/iiai ?eceeo.

Inoaii? aeine?aeaeaiiy uiaei a?aeiinii? aaaeeeaino? ??cieo oaeoi??a i?ae
/an i?eeiyooy ??oaiue uiaei i?noeue ?icoaooaaiiy, cie?aia ianoaaeaiiy
?iicaiieo eiiiai?e, ui i?aoeththoue ia oa?ai? oeaio?aeueii- ?
no?aeii?a?iiaenueeeo e?a?i, a oaeiae a Oe?a?i?, uiiaeiaioa, aeacothoue
oaiaeaioe?th.

sseui ii??aithaaoe Oe?a?io c ?ioeie e?a?iaie Oeaio?aeueii? oa No?aeii?
?a?iie c iiceoe?? ?iicaiieo ?iaanoi??a, oi iaeaeeae/ith ?e aeyaey?oueny
?in?y. A iaio e?a?iao iniiaieie iioeaaie aeey ?iicaiieo ?iaanoi??a
aeciai? iioe- ae caooo. Ia a?aei?io a?ae ieo, a *ao??, aea ?aoi?ie aaea
aeeoee ia a?eueo aeni- eee nooi?iue, ??oaiiy ?iaanoi??a i?iaeeeoiaai?
ieae/ith aa?o?noth ?iai/i? neee

c aaeii 3,34. “I?aeaeuaiiy eiieo?aioini?iiiaeiino? i?iaeoeoe?? oeyoii
i?aa-

i?caoe?? ae?iaieoeoaa a e?a?i? caooo” ? oaeei naia aaaeeeaei iioeaii
aeey noai?aiiy ae?iaieoeoaa a *ao??, ye ? iioeae caooo, iaeiae a ?in?? ?
Oe?a?i? oeae

11

aniaeo ia iaaoa oaei? ae aaae, iaa?oue iacaaaeath/e ia oa, ui a oeeo
e?a?iao ??- aaiue iieaoe iaa?oue ieae/ee, i?ae a *ao??.

Aiae?c iioea?a ?iaanoeoe?eii? ae?yeueiino? ca?oa?aeieo eiiiai?e a
Oe?a?i? iaeiicia/ii aenoaa? aeaa c o?ueio no?aoaa?/ieo iioea?a
i???ioaoe?? ia caoo ia

aieiai? iiceoe??. O?ao?i ca cia/aiiyi, oi/ eiai ?aeoeia ? iaaaaaoi
ieae/ee, aeciaiee iioea iiaeieaiiy aa?’???a ii ?iii?oo, ioe?iaiee ye
iaeaaaeeea?oee iioea aaia?ao?/iiai ?icoaooaaiiy. *aoaa?oei a ia?ae?eo
?aea oaae iioea, iia’ycaiee ?c caooii. ?aooa a?n?i iioea?a aaaeaiiy
ae?yeueiino? a aeai?e e?a?i? (aaia?ao?/i?) aeciai? ye a?aeiinii
iaaaaeeea?, ye iieacaii o oaae. 2.

Oaaeeoey 2

Iioeaaoe?y ?iaanoi??a aeey cae?eniaiiy ?iaanoeoe?e a e?a?iao

Oeaio?aeueii? oa No?aeii? ?a?iie.

?aeoeia Iioeaaoe?yOeN?Oe?a?ia?in?y*ao?y 1Caaacia/aiiy
iioaioe?eieo

?eie?a caooo3,083,652,962,63 2Aeo?ae ia iia? ?eiee
caooo3,223,52,952,75 3Iiaeieaiiy aa?’???a aeey
?iii?oo1,362,51,720,85 4Caa?aaeaiiy oa ?icaeoie

?nioth/eo ?eie?a caooo2,701,73,002,57 5I?aeaeuaiiy eiieo?aioini?iii-
aeiino? i?iaeoeoe?? oeyoii i?aai?- caoe?? ae?iaieoeoaa o e?a?i?
caooo2,121,581,942,72 6Ieae/a aa?o?noue ?iai/i? neee2,761,42,163,34
7Ieae/ee ??aaiue iiiaeaoeoaaiiy1,461,11,581,48 8E?au? iiaeeeaino?
aeey i?aai?ca- oe?? caeoiie oa iaoa??aeueiiai
ca-aacia/aiiy1,341,21,581,11 9Aeiaoee ?iai/ee
oeaeaeaiue1,380,680,951,73 10Ni?iuai? aaei?i?no?aoeai?
i?ioea-aeo?e1,180,551,830,96 11Aeiaoee no?ie aenieoaoaoe??
iaeaaeiaiiy1,210,540,792,00 12Ia oae? aei?noe? aeiiae uiaei
aeieia?/iiai caa?oaeiaiiy0,730,330,580,81

A aeine?aeaeaii? aeineoue aeieeaaeii aea/ai? oiiae oi?ioaaiiy iaoai?cio
caeo/aiiy ?iicaiieo ?iaanoeoe?e a Oe?a?io c oei, uia cai?iiiiiaai? oeyoe

oaeineiiaeaiiy aoee iaeneiaeueii ia’?eoeai? ? iaaeeaeai? aei ?aaeueii
?nioth-

/eo oiia a aea?aeaa? ? iiaee aooe aeei?enoai? ia i?aeoeoe?.

O ca’yceo ?c aaaeeea?noth aeine?aeaeaiiy ?aa?iiaeueieo iniaeeainoae
?iaan-

oeoe?eiiai iiey Oe?a?ie, a aeena?oaoe?? cai?iiiiiaaii iaoiaeeeo
aecia/aiiy ?iaanoeoe?eii? i?eaaaeeaino? ie?aieo ?aa?ii?a e?a?ie. A
iniiao iaoiaeeee iieeaaeaii ?aiaeoaaiiy ?aa?ii?a Oe?a?ie a caeaaeiino?
a?ae noie aae?a, iaa?a-

12

ieo ca 6 oaeoi?aie, aai 22 i?aeoaeoi?aie, ia ye? aiie aoee iiae?eai?.
?aeoei- ae a?ae 1 (iaeaeuee) aei 25(iaeieae/ee) ?iciiae?eeeenue o
a?aeiia?aeiino? aei e?eueeino? aae?a, ui ?o iaa?aee ie?ai?
?aa?iie ca oaeoi?aie. Iaei?eaaa-

eea?oeie ? Ee?anueea, Caii??cueea, Aei?i?iiao?ianueea,
Aeiiaoeueea iaeano?.

Aoonaeaea?aie — Caea?iaonueea, E??iaia?aaenueea, *a?i?aaoeueea,
Aieeinueea iaeano? ye iieacaii a oaae. 3.

Oaaeeoey 3

Caaaeueia i?eaaaeea?noue ?aa?ii?a Oe?a?ie aeey

?iicaiiiai ?iaanooaaiiy

Iacaa ?aa?iio Noia aae?a ?aeoeiai. Ee?a ? Ee?anueea
iae. 189,1 1Caii??cueea
170,9 2Aei?i?iiao?ianueea 161,8
3Aeiiaoeueea 161,1 4Oa?e?anueea
154,5 5Iieoaanueea 153,3
6Euea?anueea 148,5 7Iaeanueea
137,1 8*a?eanueea 136,8
9Ieeiea?anueea 127,4 10*a?i?a?anueea
121,7 11Eoaainueea 120,0
12A?iieoeueea 115,4 13Oiaeueieoeueea
111,5 14A? E?ei 110,6
15?aaii-O?aie?anueea 108,3 16AEeoiie?nueea
107,7 17??aiainueea 106,8
18Noinueea 105,0 19Oa?iii?euenueea
100,1 20Oa?niinueea 96,5
21Aieeinueea 93,7 22*a?i?aaoeueea
92,9 23E??iaia?aaenueea 92,4
24Caea?iaonueea 88,8 25

Aeeiai?/i?noue aeiiii?/ieo iieaciee?a aeeeeea? iaiao?aei?noue ia?aaeyaeo
io?eiaieo ?acoeueoao?a. A oiio, ei?enooth/enue cacia/aiith iaoiaeeeith,
aei- oe?eueii ?ic?aooiee ?iaeoe ia??iaee/ii, c’yniaoth/e aeeiai?eo
iaaieo oaiaeai-

oe?e oa neeaaeath/e ia ?? iniia? a?aeiia?aei? i?iaiice.

O aeine?aeaeaii? noaa?aeaeo?oueny, ui ae??a?noue iaoai?cio
caeo/aiiy oa ae- ei?enoaiiy ?iicaiieo ?iaanoeoe?e i?yio
caeaaeeoue a?ae aoaeoeaiino? oa

ie?aeiino? ni?ai?aoe? caaaeueiiaea?aeaaieo oa ?aa?iiaeueieo i?aai?a
oi?aae?i-

13

iy c i?aei?e?inoaaie, ui caniiaai? ca o/anoth ?iicaiieo ?iaanoi??a.

?icae?e 3. “Oeyoe oaeineiiaeaiiy aeiiii?/iiai iaoai?cio caeo/aiiy
?iicaiieo ?iaanoeoe?e a Oe?a?io” i?noeoue o?e i?ae?icae?ee.

A oeueiio ?icae?e? iaa?oioiaaii iniiai? iai?yiee oaeineiiaeaiiy
iaoai?cio ni?ai?aoe? c ?iicaiieie ?iaanoi?aie ia caaaeueiiaea?aeaaiiio,
?aa?iiaeueiiio ??aiyo oa ia ??ai? i?aei?e?inoaa.

Eia?ea o?aoueiai ?icae?eo aeine?aeaeaiiy aeicaieeea iia’ycaoe iai?yiee
?icaoaeiae iaoai?cio ?iicaiiiai ?iaanooaaiiy, ii-ia?oa, ii aa?oeeae?: ia
caaaeueiiaea?aeaaiiio ??ai? — ?ic?iaea no?aoaa?? aea?aeaae uiaei
noai?aiiy ni?eyoeeaiai ?iaanoeoe?eiiai ee?iaoo, ia ?aa?iiaeueiiio ??ai?
— oaeineiia- eaiiy ni?ai?aoe? i?noeaaeo i?aai?a oi?aae?iiy c ?iicaiieie
?iaanoi?aie, ia i?aei?e?iieoeueeiio ??ai? — ?icaeoeo aeoeaiino?
i?aei?e?inoa a caeo/aii? ?iicaiieo ?iaanoeoe?e, iaaoooy no/anieo
iaaee?a iaiaaeaeiaioo ?iaanoeoe?eii? ae?yeueiino?.

Ii-ae?oaa, ii ai?eciioae?: ?icaoaeiaa ii?iaoeaii-i?aaiai?, ?ioi?ia-
oe?eii?, aeiiii?/ii? oa i?aai?caoe?eii? neeaaeiaeo a?aeaoaa?oueny o
iai?yieo oi?ioaaiiy oe?e?nii? nenoaie caeo/aiiy ?iicaiieo ?iaanoeoe?e a
Oe?a?io.

Noai?aiiy ni?eyoeeaiai ?iaanoeoe?eiiai ee?iaoo a Oe?a?i? oi?io?
caaaeueiiaea?aeaaio i?eaaaeea?noue ?iaanoeoe?eiiai na?aaeiaeua aeey
?iicaiieo

?iaanoi??a. O aeine?aeaeaii? aecia/ai? iai?yiee ?icaoaeiae:

-caaacia/aiiy iie?oe/ii? ? aeiiii?/ii? noaa?eueiino?;

-iaaeaiiy ?iicaiiei ?iaanoi?ai aeiaaino?ieiaeo ia?niaeoea ni?a?ia?o-
ieoeoaa;

-oaeineiiaeaiiy ii?iaoeaii-i?aaiaiai iiey aeey iaaeoiaeaeaiiy ? ?aae?-
caoe?? ?iicaiieo ?iaanoeoe?e;

-?icaoaeiaa nenoaie aeiiii?/iiai caioi/aiiy;

-?aoi?ioaaiiy aeiiii?ee ? noai?aiiy ?eieiaeo iaoai?ci?a caeo/aiiy oa
?aae?caoe?? ?iicaiieo ?iaanoeoe?e;

-?icaeoie iaoe?iiaeueiiai ?iaanoeoe?eiiai iaiaaeaeiaioo;

-?io?ano?oeoo?ia ianeoaiaoaaiiy ?iicaiieo ?iaanoeoe?e;

-oaeineiiaeaiiy oi?aae?iiy ? i?aai?caoe?eiiai iaoai?cio ?aaoethaaiiy

?iaanoeoe?eiiai i?ioeano;

-iineeaiiy i?aeia?iaeiiai ni?a?ia?oieoeoaa ? oi?ioaaiiy i?aeia?iaeiiai
?i?aeaeo Oe?a?ie;

-caoeno i?eaaoieo ? iaeiiaeo ?ioa?an?a ?iicaiieo ?iaanoi??a.

sse?ni? ci?ie ?ie? i?noeaaeo i?aai?a aea?aeaaii? aeaaee a
?iaanoeoe?eiiio i?ioean? oi?iothoue ?aa?iiaeueio i?eaaaeea?noue
?iaanoeoe?eiiai na?aaeiaeua aeey ?iicaiiiai ?iaanoi?a. Aiia iieyaa?
nueiaiaei? a ei??iiiio ia?aoiae? a?ae ath?ie?aoe/iiai aaei?i?no?oaaiiy
aei ianeoaiaoaaiiy ?iaanoeoe?eiiai i?ioea-

14

no, oe?eani?yiiaaiiai oi?ioaaiiy ni?eyoeeaiai ? eiieo?aioini?iiiaeiiai

?iaanoeoe?eiiai ee?iaoo ? i?aeo?eiee i?aei?e?iieoeoaa oa ?iaanoeoe?eii?
ae?yeue-iino?.

Ae?yeuei?noue ?aa?iiaeueieo i?aai?a oi?aae?iiy iiaeiia aooe
iai?aaeaia

ia ?ic?iaeo oa ?aae?caoe?th nenoaie caoiae?a, iai?aaeaieo ia ?icaoaeiao
aei-iii?/iiai iaoai?cio caeo/aiiy ?iicaiieo ?iaanoeoe?e a ?aa?ii?.
Oaeineiia- eaiiy ni?ai?aoe? c ?iicaiieie ?iaanoi?aie aoaea aeinyaiooi
eeoa i?e iae-neiaeueiiio a?aooaaii? ?ioa?an?a inoaii?o a i?iaaaeaii?
?aa?iiaeueii? ?iaan-oeoe?eii? iie?oeee. O aeine?aeaeaii? ?ic?iaeaii
nenoaio caoiae?a, yea aeeth/a? eiiieaenio ?icaoaeiao ie?aieo
neeaaeiaeo ?aa?iiaeueiiai iaoai?cio caeo-

/aiiy ?iicaiieo ?iaanoeoe?e ? yea iiaea aooe aeei?enoaia ?aa?iiaeueieie
i?aaiaie aeaaee aeey ii?aeiaiiy iioea?a ?iaanoi??a ? onoiaiiy iaaaoeaieo
aioo??oi?o oaeoi??a ?iaanooaaiiy.

O aeine?aeaeaii? noaa?aeaeo?oueny, ui ?iaanoeoe?eio i?eaaaeea?noue
i?ae- i?e?inoaa aeey ?iicaiiiai ?iaanoi?a oi?iothoue ye aeiiii?/i? oa
o?iainia? iieacieee ae?yeueiino?, oae ? ai?iaaaeaeaiiy aoaeoeaiiai
iaiaaeaeiaioo ?iaan- oeoe?eii? ae?yeueiino?, iaaoooy no/anieo iaaee?a
?iaanoeoe?eiiai aiae?co, ?iaanoeoe?eiiai iii?oi?eiao. Iniaeeaa oaaaa
caa?oa?oueny ?ic?iaoe? eiieo-?aioini?iiiaeieo ?iaanoeoe?eieo i?iaeo?a.

AENIIAEE

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

1. O ?icaeoeo na?oiai? aeiiii?ee inoaii?o aeanyoee?oue aeii?ioth/iai
cia/aiiy iaaoee i?ioeane i?aeia?iaeii? ?iaanoeoe?eii? aca?iiae??.
Iniaeeao ?ieue aiie a?ae?a?athoue aeey e?a?i, ui
ciaoiaeyoueny ia noaae?? ?eieiai?

o?ainoi?iaoe??, eiee iiaeeeaino? iia?e?caoe?? aioo??oi?o ?iaanoeoe?eieo
?ano?n?a ia iaaiee /an noathoue aeineoue iaiaaeaieie.

2. Aiae?c no/aniiai noaio ?iaanoeoe?eii? ae?yeueiino? a Oe?a?i? iieaco?
iaiao?aei?noue ca?eueoaiiy ianya?a I?? ye a aaniethoiiio ? a
ii??aiyeueiiio aei??ao, oae ? c oi/ee ci?o ?o aieeao ia eeth/ia?
iae?iaeiiii?/i? iieac- ieee.

3. Aea/aiiy neooaoe??, yea neeaeanue ia ?iaanoeoe?eiiio ?eieo
Oe?a?ie,

iieaco? iaiao?aei?noue ye?nii? ci?ie ?iaanoeoe?eiiai ee?iaoo, iaoai?ci?a
oi?aae?iiy ?iaanoeoe?eiei i?ioeanii.

4.Nooi?noue aeiiii?/iiai iaoai?cio caeo/aiiy ?iicaiieo ?iaanoeoe?e
iieyaa? a caaacia/aii? /a?ac iniaeea? aaaeae? iaeneiaeueii iiaeeeaiai
caeo- /aiiy e aoaeoeaiiai ?iciiae?eo oa oi?aae?iiy ?iicaiieie
?iaanoeoe?eieie

?ano?naie. A iao?e/i?e no?oeoo?? aeiiii?/iiai iaoai?cio
caeo/aiiy

15

?iicaiieo ?iaanoeoe?e ii ai?eciioae? aeae?eaii: ii?iaoeaii-i?aaiao,
aeiiii?/io, ?ioi?iaoe?eio ? i?aai?caoe?eio neeaaeia?, a ii aa?oeeae?
o?e ??ai?: caaaeueii-aea?aeaaiee, ?aa?iiaeueiee ? ia?aeiiee
(i?aei?e?inoaa).

5. O ?iaio? aecia/aii ?ieue ii?iaoeaii-i?aaiai? neeaaeiai?
o

i?ioean? caeo/aiiy ?iicaiieo ?iaanoeoe?e, yea iieyaa? o ?aaeaiaiooaaii?
oa ?aaoethaaii? ?iaanoeoe?eii? ae?yeueiino? ? ciaoiaeeoueny a
aaniethoi?e eiiia-

oaioe?? aea?aeaae ?, a iaaeao eiinoeoooe?eieo iiaiiaaaeaiue,
i?noeaaeo i?aai?a

aea?aeaeaaee. Aiae?c ii?iaoeaii-i?aaiai? neeaaeiai? aeicaieea c?iaeoe
aeniiaie, ui /eiia caeiiiaeaanoai c?a?aei iiceoeaio ?ieue ia
a?aeiia?aeiiio aoai?, aea nueiaiaei? aiii ia a?aeiia?aea?
aeiaaino?ieiaei ?ioa?anai Oe?a?ie, aeaeaei a?aenoaei a?ae ci?i ia
aioo??oiueiio ?iaanoeoe?eiiio ?eieo.

6. ?ieue aeiiii?/ii? neeaaeiai? iieyaa? a noai?aii? nenoaie
aeiiii?/iiai caioi/aiiy /a?ac ?ic?iaeo i?euea ? aa?aio?e aeey ?iicaiieo
?iaanoi??a. O a?aeiia?aeiino? aei na?oiaiai aeina?aeo c?iaeaia
nenoaiaoecaoe?y ?nioth/eo oi?i ? ?ino?oiaio?a nenoaie caioi/aiiy ?
iaa?oioiaaii iiaeeea?noue ?o aeei?enoaiiy aeey Oe?a?ie.

7. Aeine?aeaeaiiy aeaei ciiao c?iaeoe aeniiaie i?i oa, ui iaeneaae?oith
eaieith ?eieiaiai ianeoaiaoaaiiy ?iicaiieo ?iaanoeoe?e a Oe?a?i? ?
?ioi?- iaoe?eia caaacia/aiiy. ?ieue ?ioi?iaoe?eii? neeaaeiai? iieyaa? a
caaacia/aii? noa’?eo?a ?iaanoeoe?eii? ae?yeueiino? oi/iith ? ae/a?iiith
?ioi?iaoe??th, iia’y-caiith c ?o ae?yeuei?noth ia ?eieo ?iaanoeoe?e.
?ioi?iaoe?eia nenoaia, eio?a ooieoe?iio? nueiaiaei? ia oe?a?inueeiio
?eieo ?iaanoeoe?e, i?aeoe/ii ia a?aeii- a?aea? iniiaiei aeiiaai:
io?eiaiiy iiaii? ?ioi?iaoe?? i?i ii?iaoeaii-i?aaia? aeoe, ui
?aaeaiaioothoue ?iaanoeoe?eio ae?yeuei?noue a Oe?a?i?, oneeaae-

iaii; ia ?nio? ?aeeiiai aaieo aeaieo i?i iaei?eaaaeea?o? ?iaanoeoe?ei?
i?iaeoe; a?aenooiy ?ioi?iaoe?y i?i iaaeaaiae?eieo ?iicaiieo ia?oia??a.

8. Ocaaaeueiaii ?ieue i?aai?caoe?eii? neeaaeiai?, yea iieyaa? o
caaacia/aii? oiia aeey ooieoe?iioaaiiy aea?aeaaieo ? ?eieiaeo no?oeoo?,
aei iaia’yce?a yeeo aoiaeeoue noai?aiiy ae??caeaoii? nenoaie
iaaeoiaeaeaiiy ? ?aae?caoe?? ?iaanoeoe?e. Aiae?c nenoaie oi?aae?iiy
?iaanoeoe?eiei i?ioeanii a Oe?a?i? iieacaa, ui, iacaaaeath/e ia ci?ie ia
aioo??oiueiio oa ciai?oiueiio ?iaanoeoe?eieo ?eieao oa ia aioo??oith
i?e?iaeo ?iicaiieo ?iaanoeoe?e, ye? oieeathoue aea?aeaaei?i?no?oaaiiy,
aiia i?iaeiaaeo? caeeoaoeny aaei?i?no?aoea-

ii-ath?ie?aoe/iith. Aeey ia? oa?aeoa?ia iaa?iiaaeaeaiiy ?icii?yaeieo
no?oeoo? caa?oo oi?aae?inueei? i??ai?aee ? aaeooi a ?? iniia?, aea
ia? a?aeaoaaoeny i?aeoe/ia ?iaioa ii caeo/aiith ? ?aae?caoe?? ?iicaiieo
?iaanoeoe?e.

9.?ica’ycaiiy i?iaeaie caeo/aiiy ?iicaiieo ?iaanoeoe?e a Oe?a?io
iio?aao? noai?aiiy no/anieo iaoiaeee aecia/aiiy ?iaanoeoe?eii? i?eaaaee-
aino? ?aa?ii?a. A aeena?oaoe?? cai?iiiiiaaii iaoiaeeeo, yea
aeei?enoiao? 6

16

oaeoi??a ? 22 i?aeoaeoi?e. A ?acoeueoao? i?iaaaeaieo aeine?aeaeaiue ca
oe??th iaoi- aeeeith iaei?eaaaeea?oeie ?aa?iiaie Oe?a?ie aeey ?iicaiieo
?iaanoeoe?e ? Ee?anueea (189,1 aae?a), Caii??cueea (170,9 aae?a),
Aei?i?iiao?ianueea (161,8 aae?a), Aeiiaoeueea (161,1 aae?a) iaeano?.
Iaeiaioa ?iaanoeoe?eia i?eaaaeea?noue i?eoaiaiia Caea?iaonuee?e (88,8
aae?a) oa E??iaia?aaenuee?e (92,4 aae?a) iaeanoyi.

10. ?ica’ycaoe i?iaeaio caeo/aiiy ?iicaiieo ?iaanoeoe?e a aeiiii?eo
Oe?a?ie iiaeia o?eueee ca oiia ye iie?ioaiiy iae?iaeiiii?/ii? neooaoe??
o e?a?i? a oe?eiio (ianaiia?aae oea i?enei?aiiy i?iaaaeaiiy ?aoi?i,
oaeineiiaeaiiy a?ioiai-e?aaeeoii? oa aaethoii? iie?oeee, noai?aiiy oiia
aeey aeieeiaiiy aoaeoeaieo i?eaaoieo aeaniee?a, iineeaiiy ai?ioueae c
ei?oioe??th), oae ? iine?aeiaii? ?aae?caoe?? nenoaie aca?iica’ycaieo
aeiiii?/ieo, i?aaiaeo, i?aai?caoe?eieo ? ?ioi?iaoe?eieo caoiae?a,
ni?yiiaaieo ia ooai?aiiy i?eaaaeeaiai ?iaanoeoe?eiiai ee?iaoo e
iiaeaaaeaiiy ?iaanoeoe?eii? aeoeaiino?. ?aae?caoe?y cacia/aieo caoiae?a
ni?eyoeia iie?ioaiith ?iaanoeoe?eiiai ee?iaoo a Oe?a?i?, noai?eoue
ia?aaeoiiae aeey aeieeiaiiy noaeeo ?iaanoeoe?eieo iioeaaoe?e o
ca?oa?aeieo ia?oia??a, ui iaia’yceiai i?eaaaea aei ciaioaiiy ?ic?eao
i?ae iio?aaaie iaoe?iiaeueii? aeiiii?ee a ciai?oi?o ?iaanoeoe?eieo
?ano?nao oa ?o oaeoe/iei iaaeoiaeaeaiiy.

IOAE?EAOe?? C OAIE AeENA?OAOe??

O iaoeiaeo oaoiaeo aeaeaiiyo:

1. Eaiaea?ue ?.A. ?iicaii? ?iaanoeoe?? a Oe?a?i?: noai, i?iaeaie,
ia?niaeoeae// Ciai?oiy oi?a?aey.-1998.-?1.-N. 105-112. — 0,6 ae. a.

2. Eaiaea?ue ?.A. Iniaeeaino? caeo/aiiy ?iicaiieo ?iaanoeoe?e a
Oe?a?io//

Aeiiii?ea Oe?a?ie.-1998.-?12.-N. 68-72. — 0,5 ae.a.

3. Eaiaea?ue ?.A. Ia?aaeoiiae ?icoe?aiiy a Oe?a?i? ae?yeueiino?
?iicaiieo ?i-

aanoeoe?e// No?ae.-1998.-?6.-N. 19-23. — 0,4 ae. a.

A ?ioeo aeaeaiiyo:

4. Eaiaea?ue ?.A. Caeo/aiiy ?iicaiieo ?iaanoeoe?e ye oaeoi? i?aeaeuaiiy
eii-

eo?aioini?iiiaeiino? a?o/eciyiiai oiaa?iae?iaieea // Iaoa??aee iaoe.-

i?ae. eiio. “Aeine?aeaeaiiy ?eieo oiaa??a oa iineoa”. — Iieoaaa:
IE?.-1999.-N. 314-318. — 0,2 ae. a.

17

AIIOAOe?ss

Eaiaea?ue ?.A. Aeiiii?/iee iaoai?ci caeo/aiiy ?iicaiieo ?iaanoeoe?e a
Oe?a?io. — ?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo
iaoe ca niaoe?aeuei?noth 08.05.01. — Na?oiaa ainiiaea?noai ?
i?aeia?iaei? aeiiii?/i? a?aeiineie. — Ee?anueeee iaoe?iiaeueiee
aeiiii?/iee oi?aa?neoao, Ee?a, 1999.

Aeena?oaoe?y i?enay/aia oai?aoe/iei oa i?aeoe/iei ieoaiiyi oi?ioaaiiy
aeiiii?/iiai iaoai?cio caeo/aiiy ?iicaiieo ?iaanoeoe?e a Oe?a?io. A
aeine?aeaeaii? aeyaeaii ? ioe?iaii ?iaanoeoe?ei? oaeoi?e ?icaeoeo
iaoe?iiaeueieo aeiiii?e ia noaae?? ?eieiaiai o?ainoi?ioaaiiy. A ?iaio?
i?iaiae?ciaaii ?iaanoeoe?eiee ee?iao Oe?a?ie, aeyaeaia cia/ei?noue
?iicaiieo ?iaanoeoe?e a aeiiii?oe? e?a?ie. Noi?ioeueiaai? iniiai?
iai?yie oaeineiiaeaiiy ni?ai?aoe? c ?iicaiieie ?iaanoi?aie.

Eeth/ia? neiaa: ?iicaii? ?iaanoeoe??, ?iaanoeoe?eiee i?ioean,
iaoe?iiaeueia eiieo?aioini?iiiaei?noue, ?iaanoeoe?eiee ee?iao,
?iaanoeoe?eia iie?oeea, ?iaanoeoe?eiee iioaioe?ae.

AIIIOAOeEss

Eaiaea?ue E.A. Yeiiiie/aneee iaoaieci i?eaea/aiey eiino?aiiuo
eiaanoeoeee a Oe?aeio. — ?oeiienue.

Aeenna?oaoeey ia nieneaiea o/aiie noaiaie eaiaeeaeaoa yeiiiie/aneeo
iaoe ii niaoeeaeueiinoe 08.05.01. — Ie?iaia oicyenoai e iaaeaeoia?iaeiua
yeiiiie/aneea ioiioaiey. — Eeaaneee iaoeeiiaeueiue yeiiiie/aneee
oieaa?neoao, Eeaa, 1999.

Aeenna?oaoeey iinayuaia oai?aoe/aneei e i?aeoe/aneei aii?inai
?ac?aaioee yeiiiie/aneiai iaoaiecia i?eaea/aiey eiino?aiiuo eiaan-
oeoeee a Oe?aeio.

A ?aaioa inouanoaeai oai?aoeei-iaoiaeieiae/aneee aiaeec eiaanoe-
oeeiiiuo i?ioeannia a Oe?aeia a eiioaenoa caaea/ iaania/aiey oneiaee
aeey yeiiiie/aneiai ?inoa. E?ecen aioo?aiiaai eiaanoe?iaaiey ii?iaeaeaao
iaiaoiaeeiinoue i?eaea/aiey eiino?aiiuo eiaanoeoeee. Aaoi?ii ioeaiai
iioaioeeae aeey ?acaeoey eiino?aiiiai eiaanoe?iaaiey, eioi?ue oi?ie-
?oaony i?aeiouanoaaiii ca n/ao ?ano?nii-yeiiiie/aneeo oaeoi?ia e
yaeyaony nouanoaaiiui e niiniaiui e aeaeueiaeoaio ?acaeoeth. Aianoa n
yoei, eco/aiea neooaoeee, eioi?ay neiaeeeanue ia eiaanoeoeeiiiii ?uiea
Oe?aeiu, iieacuaaao iaiaoiaeeiinoue ea/anoaaiiiai eciaiaiey eiaanoe-

oeeiiiiai eeeiaoa, o?ainoi?iaoeee o?aaeeoeeiiiuo iaoaieciia oi?aaeaiey
eiaanoeoeeiiiie aeayoaeueiinoueth a iiaua — ia iniiaaiee aaeaina
eioa?ania

18

ainoaea?noaa e eiino?aiiuo eiaanoi?ia.

A ?aaioa eiie?aoece?iaaia nouiinoue yeiiiie/aneiai iaoaiecia
i?eaea/aiey eiino?aiiuo eiaanoeoeee, eioi?ay ninoieo a iaania/aiee /a-
?ac niaieoiiinoue ?u/aaia iaeneiaeueii aiciiaeiiai i?eaea/aiey eiino-
?aiiiai eaieoaea.

Aaoi?ii ii?aaeaeaia no?oeoo?a yeiiiie/aneiai iaoaiecia i?eaea/a- iey
eiino?aiiuo eiaanoeoeee, eioi?ay aeeth/aao ii ai?eciioaee — ii?ia-
oeaii-i?aaiaoth, yeiiiie/aneoth, eioi?iaoeeiiioth e i?aaiecaoeeiiioth
ninoaaeythuea; ii aa?oeeaee — iauaainoaea?noaaiiue, ?aaeiiaeueiue o?iaie
e o?iaaiue i?aaei?eyoey.

A aeenna?oaoeee ii?aaeaeaia ?ieue ioaeaeueiuo ninoaaeythueo ai?ecii-
oaeueiie no?oeoo?u yeiiiie/aneiai iaoaiecia e inouanoaeai eo iiae?ia-
iue aiaeec, eioi?ue iieacae oanioth acaeiinaycue yeaiaioia iaoaiecia. E
iiyoiio ia?ii?eyoey ii oi?ie?iaaieth ioaeaeueiie /anoe i?aaeoniao?e-
aatho eiiieaeniue iiaeoiae ei anaio yeiiiie/aneiio iaoaiecio.

Aaoi? nin?aaeioa/eaaao aieiaiea ia aaaeiaeoeo iauaeoeaiuo e noauaeoeaiuo
oaeoi?ao i?eaea/aiey eiino?aiiuo eiaanoeoeee a Oe?aeio, a oaeaea ia
iioeaaoeee inouanoaeaiey eiino?aiiiai eaieoaeiaeiaeaiey. Aeoeaioe?iaaii
aieiaiea ia oii, /oi niaaeeiaiea oaeoi?ia e iioeaaoeee eiaanoe?iaaiey
iicaieyao ii?aaeaeeoue ia?ii?eyoey noeioee?iaaiey e oaeei ia?acii
iioeiece?oao ?ac?aaioeo yooaeoeaiiai yeiiiie/aneiai iaoaiecia
i?eaea/aiey eiino?aiiuo eiaanoeoeee.

A ?aaioa iiae/a?eeaaaony, /oi nicaeaaay yooaeoeaiue, aeaenoaaiiue
iaoaieci nio?oaeie/anoaa n eiino?aiiuie eiaanoi?aie, iaiaoiaeeii, a
ia?aoth i/a?aaeue, o/eouaaoue ?aaeiiaeueiua iniaaiiinoe ioaeaeueiuo
iaeanoae.

Aeenna?oaioii i?aaeeiaeaia iaoiaeeea ii?aaeaeaiey eiaanoeoeeiiiie
i?eaeaeaoaeueiinoe ioaeaeueiuo ?aaeiiia Oe?aeiu. Aeey ii?aaeaeaiey
?aeoeiaa ioaeaeueiiai ?aaeiia i?aaeeiaeaii o/eouaaoue 6 oaeoi?ia,
eaaeaeue ec eioi?uo iiae?acaeaeai ia iiaeoaeoi?u. Ninoaa e oaeaeueiue
aan eaaeaeiai oaeoi?a e iiaeoaeoi?a ii?aaeaeyeny iooai aaeaioaoeee
ie?iaiai iiuoa e oneiaeyi Oe?aeiu, iiuoa ?aaiou eiino?aiiuo eiaanoi?ia,
a oaeaea aiaeeoe/aneeo auaiaeia oe?aeineeo o/aiuo. Iaeaieaa
i?eaeaeaoaeueiuie iaeanoyie anoue Eeaaneay, Caii?iaeneay,
Aeiai?iiao?ianeay, Aeiiaoeeay. Iaeiaiaa i?eaeaeaoaeueiuie — Aieuineay,
*a?iiaeoeeay, Ee?iaia?aaeneay, Caea?iaoneay iaeanoe.

I?aaeeiaeaiiay a ?aaioa eiioeaioeey oniaa?oainoaiaaiey yeiiiie/an-eiai
iaoaiecia i?eaea/aiey eiino?aiiuo eiaanoeoeee aeeth/aao, ai-ia?- auo, ii
aa?oeeaee: ia iauaainoaea?noaaiiii o?iaia — ?ac?aaioeo no?aoa- aee
ainoaea?noaa a ioiioaiee nicaeaiey aeaaii?eyoiiai eiaanoeoeeiiiiai

19

eeeiaoa, ia ?aaeiiaeueiii o?iaia — niaa?oainoaiaaiey nio?oaeie/anoaa
ianoiuo i?aaiia oi?aaeaiey n eiino?aiiuie eiaanoi?aie, ia i?aaei?eie-
iaoaeueneii o?iaia — ?acaeoeth aeoeaiinoe i?aaei?eyoee a i?eaea/aiee
eiino?aiiuo eiaanoeoeee, i?eia?aoaiea nia?aiaiiuo iaaueia iaiaaeaeiaioa
eiaanoeoeeiiiie aeayoaeueiinoe. Ai-aoi?uo, ii ai?eciioaee: ?ac?aaioea
ii?iaoeaii-i?aaiaie, eioi?iaoeeiiiie, yeiiiie/iie e i?aaiecaoeeiiiie
ninoaaiuo a iai?aaeaiee oi?ie?iaaiey oeaeinoiie nenoaiu i?eaea/aiey
eiino?aiiuo eiaanoeoeee a Oe?aeio.

?aaeecaoeey ia?ii?eyoee ii oniaa?oainoaiaaieth yeiiiie/aneiai
iaoaiecia i?eaea/aiey eiino?aiiuo eiaanoeoeee a Oe?aeio iicaieeo nic-
aeaoue oneiaey aeey aicieeiiaaiey noaaeeueiuo eiaanoeoeeiiiuo iioeaaoeee
o ca?oaaaeiuo ia?oia?ia e nie?aoeo ?ac?ua iaaeaeo iio?aaiinoyie iaoeei-
iaeueiie yeiiiieee ai aiaoieo eiaanoeoeeiiiuo ?ano?nao e eo oaeoe/an-
eei iinooieaieai.

Eeth/aaua neiaa: eiino?aiiua eiaanoeoeee, eiaanoeoeeiiiue i?ioeann,

iaoeeiiaeueiay eiieo?aioiniiniaiinoue, eiaanoeoeeiiiue eeeiao,
eiaanoe-oeeiiiay iieeoeea, eiaanoeoeeiiiue iioaioeeae.

ANNOTATION

Irina V. Landar. The economical mechanism of attraction for the foreign
investment to Ukraine. — The manuscript.

Thesis seeking for the scientific degree of Candidate of Economic
Sciences by specialaty 08.05.01. — World economy and international
Economic Relations. — Kyiv National Economic Universiny, Kyiv,1999.

The dissertation is devoted to research the theoretical and practical
facets of

developing economical mechanism of attraction for the foreign investment
to Ukraine. In the research the investment factors of the development of
national economies at a stage of market transformation are show and
evaluated. The Ukraine’s investment climate is analysed, significance
for foreign investment to the economy of country. The main trends of
the development of the cooperation with foreing investor are presenteds.

Key words: foreign investment, investment process, national
compatibility,

investment climate, investment policy, investment potential.

I?aeienaii aei ae?oeo 16.09.99. Oi?iao 148-210

Iai?? 80 a/i 96%. Ae?oe RISO GR-3750. Oe?aae 100 i?ei., cai. ? 382

Aeaeaii ?aaeaeoe?eii-aeaeaaie/ei a?aeae?eii IE?.

314601, i.Iieoaaa, aoe.Eiaaey, 3

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