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Організація інвестиційної діяльності в умовах ринкової трансформації економіки України: Автореф. дис… канд. екон. наук / І.В. Лисий, Львів. держ. ун

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I?i?noa?noai ina?oe Oe?a?ie

Euea?anueeee aea?aeaaiee oi?aa?neoao ?i. ?. O?aiea

Eenee

?ai? Aaneeueiae/

OAeE 336.(477) + 339.727.22/.24

I?AAI?CAOe?ss ?IAANOEOe?EII? Ae?ssEUeIINO? A OIIAAO

?EIEIAI? O?AINOI?IAOe?? AEIIII?EE OE?A?IE

Niaoe?aeuei?noue: 08.02.03 – i?aai?caoe?y oi?aae?iiy, ieaioaaiiy ?
?aaoethaaiiy aeiiii?eith

Aaoi?aoa?ao

aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo
iaoe.

EUeA?A ( 1999

Aeena?oaoe??th ? ?oeiien.

?iaioa aeeiiaia o Euea?anueeiio aea?aeaaiiio oi?aa?neoao? ?i. ?. O?aiea.

Iaoeiaee ea??aiee eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio

EII*AE?ANUeEEE ?AAI AANEEUeIAE*,

eaoaae?a aeiiii?ee i?aei?e?inoaa Euea?anueeiai

aea?aeaaiiai oi?aa?neoaoo ?i.?.O?aiea

Io?oe?ei? iiiiaioe:

aeieoi? aeiiii?/ieo iaoe, i?ioani?

IAO?IAE* EINEI IEOAEEIAE*, caa?aeoaa/ eaoaae?e aeiiii?ee i?aei?e?inoaa
oa iaiaaeaeiaioo aea?aeaaiiai oi?aa?neoaoo “Euea?anueea iie?oaoi?ea”.

eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio

EA*IA?EE ss?INEAA AeIEO?IAE*,

eaoaae?a aeiiii?ee Euea?anueei? eiia?oe?eii? aeaaeai??

I?ia?aeia i?aai?caoe?y Oa?iii?euenueea aeaaeai?y ia?iaeiiai

ainiiaea?noaa

Caoeno a?aeaoaeaoueny ” 4 ” aa?aciy
1999 ?ieo i 13 aiae. ia can?aeaii? niaoe?ae?ciaaii? a/aii? ?aaee Ae
35.051.01 ii caoenoo aeena?oaoe?e ia caeiaoooy iaoeiaiai nooiaiy
eaiaeeaeaoa aeiiii?/ieo iaoe o Euea?anueeiio aea?aeaaiiio oi?aa?neoao?
?i.?.O?aiea, i?. Naiaiaee, 18.

Aaoi?aoa?ao ?ic?neaiee ” 30 ” n?/iy 1998
?ieo.

C aeena?oaoe??th iiaeia iciaeiieoeny a iaoeia?e a?ae?ioaoe?
Euea?anueeiai aea?aeaaiiai oi?aa?neoaoo ?i.?.O?aiea (i. Euea?a, aoe.
Ae?aaiiaiiaa, 5).

A/aiee nae?aoa?

niaoe?ae?ciaaii? a/aii? ?aaee
Iai/eoei N.I.

?. Caaaeueia oa?aeoa?enoeea ?iaioe

1.1. Aeooaeuei?noue oaie aeine?aeaeaiiy oa nooi?iue ?ic?iaeaiino?
i?iaeaie. ?eieiaa ?aoi?ioaaiiy aeiiii?ee Oe?a?ie nooo?ai oneeaaeiaia
/a?ac aeeaeii? noia?a/iino?, ii?iaeaeai? eiiaiaeii-aaei?i?no?aoeaiith
nenoaiith eieeoiueiai N?N?. Iecueea aaeaioiaai?noue a?eueoino?
i?aei?e?inoa aei iiaeo oiia ainiiaea?thaaiiy nooo?ai no?eio? i?ioeane
?ano?oeoo?ecaoe?? a?o/eciyii? aeiiii?ee. Iaiao?aei?noue cia/ieo
eai?oaeueieo ?ano?n?a aeey iiaeieaiiy aeiiii?/ii? e?ece ? caaacia/aiiy
oaeaeeiai c?inoaiiy iaaea? iniaeeai? aaae ieoaiiyi, iia’ycaiei c
i?aai?caoe??th ieaioaaiiy, ?aaoethaaiiy ? oi?aae?iiy ?iaanoeoe?eiith
ae?yeuei?noth ye ia caaaeueiiaea?aeaaiiio ??ai?, oae ? ia i?e?i??ai?.
Oiio caeiiii??iei ? c?inoaiiy e?eueeino? iaoeiaeo i?aoeue, a yeeo
aeine?aeaeothoueny i?iaeaie aoaeoeaii? i?aai?caoe?? ?iaanoeoe?eii?
ae?yeueiino? a oiiaao ia?aoiaeo aei ?eieo. A?eueo?noue c ieo i?enay/ai?
i?aeoe/iiio aiae?co no/aniiai noaio ?iaanoeoe?eiiai i?ioeano a Oe?a?i?,
iaoiaee/iei ieoaiiyi iioei?caoe?? ?iaanoeoe?eii? ae?yeueiino? ia
i?e?i??ai?, caei?aeiii?e i?aeoeoe? aea?aeaaiiai ?aaoethaaiiy
?iaanoeoe?eii? ae?yeueiino?. Cia/ia oaaaa oaeiae i?eae?eaia ioe?ioe?
?iaioe ?iicaiieo ?iaanoi??a ia oe?a?inueeiio ?eieo ? iaoai?ciai
aeoea?caoe?? caeo/aiiy caei?aeiiieo eai?oae?a o a?o/eciyio aeiiii?eo.

Aiaeii/an ianooaae ? ??aaiue iaoeiai? ?ic?iaee oaeeo i?iaeai ye
caeiiii??iino? o?ainoi?iaoe?? aeiiii?/iiai ci?noo ?iaanoeoe?eii?
ae?yeueiino? o i?ioean? ia?aoiaeo aei ?eieo, iaoai?cie oi?ioaaiiy
?iaanoeoe?eiiai iioaioe?aeo i?aei?e?inoa ? eiai aoaeoeaii? ?aae?caoe?? a
iiaeo oiiaao ainiiaea?thaaiiy, i?aai?caoe?y iii?oi?eiao ?iaanoeoe?eii?
ae?yeueiino?, ia iaoo aeoieo, ? iaaeinoaoi?ie c iiaeyaeo
iaoiaeieia?/iiai caaacia/aiiy ?icaeoeo ?iaanoeoe?eii? ae?yeueiino? a
Oe?a?i?. Oaeiae noia?a/eeaeie ? i?aeoiaee aei ?aoi?ioaaiiy iie?oeee
aea?aeaae a aaeoc? ?iaanoeoe?e ? caaacia/aiiy ?? aoaeoeaiino?.

Iaiao?aei?noue c?inoaiiy ?iaanoeoe?eii? aeoeaiino? a Oe?a?i?,
i?aeaeuaiiy aoaeoeaiino? ?iaioe a?o/eciyieo ? ?iicaiieo ?iaanoi??a
iio?aaothoue iiooeo iiaeo oeyo?a ? i?aeoiae?a aei oi?ioaaiiy aea?aeaaii?
iie?oeee c i?aai?caoe?? oi?aae?iiy, ieaioaaiiy ? ?aaoethaaiiy
?iaanoeoe?eiith ae?yeuei?noth, /ei ? coiiaeaiee aea?? oaie
aeena?oaoe?eii? ?iaioe.

1.2. Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie. Ie?ai?
i?iaeaie, ye? aeine?aeaeaii a aeena?oaoe??, ? neeaaeiaeie /anoeiaie
ieaiiai? oaie Ai-193A “?ic?iaea i?aai?caoe?eii-aeiiii?/iiai iaoai?cio
ooieoe?iioaaiiy i?eaaoieo i?aei?e?inoa” (? ae? 0196V017395), iaae yeith
i?aoeth? eieaeoea eaoaae?e aeiiii?ee i?aei?e?inoaa Euea?anueeiai
aea?aeaaiiai oi?aa?neoaoo ?i.?.O?aiea. Aeena?oaoe?eia ?iaioa
aaciina?aaeiuei iia’ycaia c ?ic?iaeith ?icae?eo I?ia?aie aeiiii?/iiai ?
nioe?aeueiiai ?icaeoeo Euea?anueei? iaeano? c ieoaiue ?aa?iiaeueii?
?iaanoeoe?eii? iie?oeee.

1.3. Iaoa ? caaaeaiiy aeine?aeaeaiiy. Iaoith aeena?oaoe?eiiai
aeine?aeaeaiiy ? iaa?oiooaaiiy i?aai?caoe?? ?iaanoeoe?eii? ae?yeueiino?
i?e ia?aoiae? aei ?eieiai? aeiiii?ee oa ?ic?iaea aoaeoeaieo iaoai?ci?a
aeoea?caoe?? ?iaanoeoe?eieo i?ioean?a a Oe?a?i?. A?aeiia?aeii aei
caaeaii? iaoe aecia/ai? oae? caaaeaiiy:

( ?ice?eoe caeiiii??iino? aaiethoe?? aeiiii?/ii? noo? iiiyoue
“?iaanoeoe??” oa “?iaanoeoe?eia ae?yeuei?noue”;

( ia i?aenoaa? e?eoe/iiai aiae?co ?nioth/eo i?aeoiae?a aei eeaneo?eaoe??
?iaanoeoe?e ?ic?iaeoe eeaneo?eaoe?eio noaio, yea a a?aeiia?aeaea aeiiaai
nueiaiaeaiiy;

( a?aoiaoth/e iayaiee noai ?iaanoeoe?eiiai ee?iaoo a Oe?a?i? oa
caei?aeiiiee aeina?ae aea?aeaaiiai ?aaoethaaiiy ?iaanoeoe?eii?
ae?yeueiino?, noi?ioethaaoe eiioeaioe?th ?aoi?ioaaiiy ?iaanoeoe?eii?
iie?oeee;

( aeaoe ioe?ieo no/anii? aea?aeaaii? iie?oeee i?aai?caoe?? oi?aae?iiy ?
?aaoethaaiiy ?iaanoeoe?eiith ae?yeuei?noth a Oe?a?i?;

( aeine?aeeoe iaoai?cie oi?ioaaiiy ? ?aae?caoe?? ?iaanoeoe?eiiai
iioaioe?aeo i?aei?e?inoa a oiiaao o?ainoi?iaoe?? aeiiii?/ii? nenoaie;

( nenoaiaoecoaaoe na?oiaee aeina?ae i?aai?caoe?? ?iaanoeoe?eii?
ae?yeueiino?;

( anoaiiaeoe ooieoe?iiaeueio ?ieue iii?oi?eiao a ?aaoethaaii?
?iaanoeoe?eii? ae?yeueiino? ? ?ic?iaeoe iaoai?ci i?aai?caoe?? eiai
nenoaie;

( aecia/eoe oeyoe o?iainoaaiiy ?icaeoeo ?iaanoeoe?eii? ae?yeueiino? a
Oe?a?i?.

I?aaeiaoii aeine?aeaeaiiy ? ?iaanoeoe?eia ae?yeuei?noue a oiiaao
ia?aoiaeo aei ?eieo, a ia’?eoii aeine?aeaeaiiy ( aeiiii?ea Oe?a?ie.

Iaoiaeeea aeine?aeaeaiiy (?oioo?oueny ia oai?aoe/ieo iniiaao ?eieiai?
aeiiii?ee oa no/aniiai ?iaanoeoe?eiiai iaiaaeaeiaioo. I?ae /an iaienaiiy
?iaioe aeei?enoaii oae? iaoiaee oai?aoe/iiai aeine?aeaeaiiy, ye aiae?c,
ii??aiyiiy, nenoaiaoecaoe?y oa ocaaaeueiaiiy. Aeey aiae?co
?iaanoeoe?eieo i?ioean?a oe?iei canoiniaaii aeeiai?/i? ii??aiyiiy oa
a?ao?/ia cia?aaeaiiy aeaieo. Aeaea?aeaie ?ioi?iaoe?? noaee: noaoenoe/i?
aeai? i?i iniiai? iae?iaeiiii?/i? iieacieee, no?oeoo?o i?iieneiaino?,
aeeiai?eo i?iaeoeoe?? aaeocae aeiiii?ee Oe?a?ie, ianyae ? no?oeoo?o
a?o/eciyieo oa ?iicaiieo ?iaanoeoe?e.

1.4. Iaoeiaa iiaecia iaea?aeaieo ?acoeueoao?a. Ci?no iaoeiai? iiaecie
aeena?oaoe?eiiai aeine?aeaeaiiy iieyaa? o oaeiio:

( oaeineiiaeaii noaio eeaneo?eaoe?? oi?i ?iaanoeoe?e, cie?aia, aeae?eaii
noeioee, ye? niiioeathoue aei aeeaaeaiiy eai?oaeo, ?icaeyiooi
iiaeeea?noue aiae?co aoaeoeaiino? ?iaanoeoe?eii? ae?yeueiino? uiaei
iinoaaeaii? iaoe ? ooieoe?iiaeueieo caaaeaiue, ?icoe?aii iiiyooy
aeaea?ae iioiaeaeaiiy ?iaanoeoe?eiiai eai?oaeo oa ?i.;

( aecia/aii eiioeaiooaeuei? i?aeoiaee aei ?aoi?ioaaiiy aea?aeaaii?
?iaanoeoe?eii? iie?oeee, ui aeeth/a? a naaa iai?yiee ?? no?oeoo?ecaoe??
aeey caaacia/aiiy iniiaieo aeiiii?/ieo oiia aeoea?caoe?? ?iaanoeoe?eii?
ae?yeueiino?, ia?aiao?e, ca yeeie iaiao?aeii cae?enithaaoe ?aaoethaaiiy
?iaanoeoe?eieo i?ioean?a a ?aa?iiao, caoiaee, ni?yiiaai? ia noai?aiiy
ni?eyoeeaiai ?iaanoeoe?eiiai ee?iaoo a Oe?a?i?;

( ?ic?iaeaii iaoai?ci i?aai?caoe?? nenoaie iii?oi?eiao ?iaanoeoe?eii?
ae?yeueiino?, cie?aia, aeacaii oeyoe ?ioi?iaoe?eii-aiae?oe/iiai
caaacia/aiiy i?ioeano i?eeiyooy ?iaanoeoe?eieo ??oaiue ia i?aenoaa?
oi?ioaaiiy ?ioi?iaoe?eiiai iiey, iiaeaethaaiiy no?aoaa?? ?icaeoeo ?
i?iaaaeaiiy iia?aoeaii? ioe?iee aeueoa?iaoea ?iaanoeoe?eieo ??oaiue ?
/eiiee?a ci?ie ?iaanoeoe?eiiai ee?iaoo;

( cai?iiiiiaaii iai?yiee ?aoe?iiae?caoe?? ianooaa?a ? no?oeoo?e
?iicaiiiai ?iaanooaaiiy a Oe?a?i?, cie?aia, aecia/aii eiiieaen caoiae?a
uiaei noai?aiiy eiieo?aioiiai ?eieiaiai na?aaeiaeua, caaacia/aiiy
iiceoeaiiai ?i?aeaeo iaoi? e?a?ie a na?o? oa iaeaaiaeaeaiiy aoaeoeaiiai
aea?aeaaiiai ?aaoethaaiiy ?ooo ? aeei?enoaiiy caei?aeiiieo eai?oae?a;

( ?icaeiooi iaoai?ci iioei?caoe?? ?iaanoeoe?eii? ae?yeueiino?
i?aei?e?inoaa a oiiaao ia?aoiaeo aei ?eieo ia i?aenoaa? ioe?iee
ni?aa?aeiioaiiy aoaeoeaiino? ? ?eceeiaino? ?iaanoeoe?eieo aeaeaoe?a i?ae
/an ieaioaaiiy ?iaanoeoe?e.

1.5. I?aeoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a. Ie?ai? ?acoeueoaoe oa
i?iiiceoe?? noiniaii i?aai?caoe?? nenoaie iii?oi?eiao ?iaanoeoe?eii?
ae?yeueiino? ciaeoee i?aeoe/ia canoinoaaiiy o i?ioean? aaeineiiaeaiiy
?iaioe a?aeae?eo ?iaanoeoe?eieo i?iaeo?a oa ?ici?uaiiy i?iaeoeoeaieo nee
oi?aae?iiy aeiiii?ee Euea?anueei? iaeaea?aeaaei?i?no?aoe??. Iieiaeaiiy
aeena?oaoe?eii? ?iaioe i?i iaoai?cie i?aeaeuaiiy aoaeoeaiino?
i?aai?caoe?? ?iaanoeoe?eii? ae?yeueiino? a Oe?a?i? aoee aeei?enoai? aeey
?ic?iaee ?icae?eo I?ia?aie aeiiii?/iiai ? nioe?aeueiiai ?icaeoeo c
ieoaiue ?aa?iiaeueii? ?iaanoeoe?eii? iie?oeee ia 1997, 1998 ?iee,
oi?ioaaii? eiioeaioe?? noai?aiiy ni?eyoeeaiai ?iaanoeoe?eiiai ee?iaoo o
Euea?anuee?e iaeano?.

?acoeueoaoe ?iaioe iiaeia oaeiae oe?iei canoiniaoaaoe o iaa/aeueiiio
i?ioean?, iaoeiaeo aeine?aeaeaiiyo c ieoaiue i?aai?caoe?? oi?aae?iiy,
ieaioaaiiy ? ?aaoethaaiiy ?iaanoeoe?eiith ae?yeuei?noth ye ia
iae?i??ai?, oae ? ia ??ai? ie?aieo noa’?eo?a ainiiaea?thaaiiy.
I?iiiceoe?? ? aeniiaee aeena?oaoe?? iiaeia aeei?enoaoe aeey
?ano?oeoo?ecaoe?? (naiaoe??) i?aei?e?inoa, i?aai?caoe?? ?iaioe oeaio??a
iii?oi?eiao.

1.6. Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??. Iniiai? iieiaeaiiy
aeine?aeieoeueei? ?iaioe aoee ai?iaiaai? ia i?aeia?iaeieo ?
anaoe?a?inueeeo iaoeiai-i?aeoe/ieo eiioa?aioe?yo ? nai?ia?ao
“?ano?oeoo?ecaoe?y aeiiii?ee oa ?iaanoeoe?? a Oe?a?i?” (*a?i?aoe?,
1998); “?iaanoeoe?eiee ee?iao a Oe?a?i? oa oeyoe eiai iie?auaiiy”
(Euea?a, 1997); “Iaoeiai-i?aeoe/i? i?iaeaie ?iaanoeoe?eii? oa
?iiiaaoe?eii? iie?oeee aea?aeaae” (Ee?a, 1997); “Oai??y ? i?aeoeea
i?aei?e?iieoeoaa: i?iaeaie aea/aiiy oa aeiiii?/ii? i?ina?oe a Oe?a?i?”
(O?oneaaaoeue, 1996).

1.7. Ioae?eaoe??. ?acoeueoaoe aeena?oaoe?eiiai aeine?aeaeaiiy aeeeaaeai?
a naie iaoeiaeo i?aoeyo caaaeueiei ianyaii 2,1 ae.a.

1.8. No?oeoo?a ? ianya ?iaioe. Aeena?oaoe?y neeaaea?oueny ?c ia?ae?eo
oiiaieo nei?i/aiue, anooio, o?ueio ?icae?e?a, aeniiae?a ?
?aeiiaiaeaoe?e, nieneo aeei?enoaieo aeaea?ae ? /ioe?ueio aeiaeaoe?a.
Aeine?aeaeaiiy i?noeoue 17 oaaeeoeue, 1 a?ao?e, 4 ae?aa?aie ? 12
iaethie?a. ?iaioa aeeiiaia ia 174 noi??ieao iaoeiiieniiai oaenoo. Nienie
e?oa?aoo?e ia? 216 iaeiaioaaiue.

??. Iniiai? iieiaeaiiy aeena?oaoe?eii? ?iaioe

2.1. O anooi? ia(?oioiaaii aeooaeuei?noue aeine?aeaeaiiy, noi?ioeueiaai?
eiai iaoa, caaaeaiiy, iaoeiaa iiaecia oa i?aeoe/ia cia/aiiy.

2.2. Ia?oee ?icae?e i?enay/aiee oai?aoe/iei iniiaai i?aai?caoe??
?iaanoeoe?eii? ae?yeueiino? a oiiaao ia?aoiaeo aei ?eieo. Aoaeoeaia
ooieoe?iioaaiiy aeiiii?ee e?a?ie ? ie?aieo noa’?eo?a ainiiaea?thaaiiy a
o?eaae?e ia?niaeoea?, caaacia/aiiy aenieeo oaii?a ?o ?icaeoeo ?
i?aeaeuaiiy eiieo?aioini?iiiaeiino? cia/iith i??ith caeaaeaoue a?ae
??aiy oa ae?aiaciio ?iaanoeoe?eii? ae?yeueiino? a aea?aeaa?.
Iniaeea?noth ia?ao?aeiiai ia??iaeo ? oa, ui oa?aeoa? ? no?oeoo?o
?iaanoeoe?eii? ae?yeueiino? aecia/a? aieea ye aeaiaio?a ieaiiai?, oae ?
?eieiai? aeiiii?e. Oea i?aeoaa?aeaeo? ? aeina?ae ?eieiai? o?ainoi?iaoe??
Oe?a?ie, eiee e?aa?ae?caoe?y aeiiii?/ii? ae?yeueiino? oa iaiaaaiiy
oaeaeei aaeaiooaaoenue aei iiaeo oiia ainiiaea?thaaiiy ni?e/eieee iiyao
iiieeeiaeo i?aeoiae?a aei o?aeooaaiiy no?oeoo?e oa iai?yie?a
?iaanoeoe?eii? ae?yeueiino?. A oiiaao eieeoiuei?
aaei?i?no?aoeaii-eiiaiaeii? aeiiii?ee o iaoeiaeo ioae?eaoe?yo
?iaanoeoe?? ioioiaeithaaee ?c eai?oaeiaeeaaeaiiyie, iiiyooth
“?iaanoeoe?eia ae?yeuei?noue” aeaaaee iiaa?oiaa aecia/aiiy. ?icoe?aiiy
noa?e eiieo?aioe??, aaeineiiaeaiiy cania?a ioe?iee ?ici???a ?iaanoeoe?e
? aiae?co ?o aoaeoeaiino? o aa?o?ni?e oi?i? oa iiyaa aaeeei? e?eueeino?
iiaeo aeaea?ae ?iaanoeoe?eiiai eai?oaeo a ?eieiaeo oiiaao iio?aaothoue
aeeaoiai ?ice?eooy noo? oe??? eaoaai???. Iniiai? iai?yiee o?ainoi?iaoe??
aeiiii?/iiai ci?noo iiiyooy “?iaanoeoe?eia ae?yeuei?noue” iaaaaeai? o
oaaeeoe? 1.

Ia’?eoeai?noue iineaaeaiiy aaei?i?no?aoeaiiai ao?o/aiiy aea?aeaae a
?iaanoeoe?eio ae?yeuei?noue o i?ioean? ia?aoiaeo aei ?eieo coiiaeaia
i?eioeeiiaith ci?iith oiia aeiiii?/ii? ae?yeueiino? oa iiyaith iiaeo
noa’?eo?a ?iaanoeoe?eiiai i?ioeano, a oiio /ene? aaie?a,
o?iainiai-e?aaeeoieo ?inoeooo?a, eiinaeoeiaiaeo o??i. Iineeaiiy
?aaoethth/iai aieeao ?eieiaeo aaaeae?a ia o?iainiai-ainiiaea?nueeo
ae?yeuei?noue i?aei?e?inoa coiiaeth? neooaoe?th, eiee i?ae /an
i?aai?caoe?? ?iaanoeoe?eii? ae?yeueiino? iniaeeaiai cia/aiiy iaaoaa?
i?ioean i?eeiyooy ?iaanoeoe?eieo ??oaiue, iaa?ae’?iiith /anoeiith yeiai
? ye?nia ioe?iea ?iaanoeoe?e. Aoaeue-yea noaia oaei? ioe?iee iiaeiia
a?oiooaaoenue ia eeaneo?eaoe?? oei?a ?iaanoeoe?e. Ia iaoo aeoieo,
?nioth/? i?aeoiaee iiaii ia ?ice?eaathoue aeiiii?/io nooue ?iaanoeoe?e,
ia aeath/e ciiae aeyaeoe nenoaiiee ca’ycie, yeee ? i?ae ieie oa ?ioeie
aa?o?nieie eaoaai??yie ( a?ioeia, o?iainaie, e?aaeeoii,

Oaaeeoey 1

I?aai?caoe?y ?iaanoeoe?eii? ae?yeueiino? o oeaio?ae?ciaaii-ieaiia?e ?

?eieia?e aeiiii?eao

Oeaio?ae?ciaaii-ieaiiaa aeiiii?ea ?eieiaa aeiiii?ea

Iniiai? aeaea?aea ?iaanoeoe?eiiai eai?oaeo

Oeaio?ae?ciaai? caniae noa?e iaoa??aeueiiai ae?iaieoeoaa, oiiaee
?icaeoeo ae?iaieoeoaa, oiiaee aii?oecaoe??, ai?n?ei? e?aaeeoe Aeioiaee
i?aei?e?inoa, ?iaanoeoe?ei? caiuaaeaeaiiy, ieaoaae? a athaeaeao,
?iicaii? e?aaeeoe oa ?iaanoeoe??

Ieaioaaiiy ?iaanoeoe?eii? ae?yeueiino?

Aea?aeieai ye iniiaa aeey ?ic?iaee i?ia?aie eai?oaeiaeeaaeaiue
ainiiaea?thth/eo noa’?eo?a. Aeaoa?i?iiaai?noue i?ioeano, iaaenieee
nooi?iue ?eceeo ?, ye cae/aeii, aeiaaa o?eaae?noue ?aae?caoe??
eai?oaeueieo aeeaaeaiue Ieaioaaiiy ? ?ic?iaea iioeiaeueii?
?iaanoeoe?eii? i?ia?aie ainiiaea?thth/iai noa’?eoa ia iniia?
aaaaoioaeoi?iiai aieeao ?eieo. C?inoaiiy cia/aiiy ?eceeo ? /ano o
i?ioean? ieaioaaiiy ?iaanoeoe?eii? ae?yeueiino?

Ii?yaeie i?aeaioiaee ? i?eeiyooy ??oaiue c ?iaanooaaiiy

Aaei?i?no?aoeaiee ?iciiae?e cania?a: oeaio?aeuei? i?aaie oi?aae?iiy (
i?i?noa?noaa ( aeaaee ? eiia?iaoe ( ia(?aeiaiiy ? i?aei?e?inoaa
Ia?eaoeia ?iaanoeoe?e: iiooe ? aeine?aeaeaiiy ia’?eoa ?iaanooaaiiy,
ia?aaeieaiia? aeine?aeaeaiiy, ?ic?iaea aa??aio?a ? aea?? iioeiaeueiiai,
aecia/aiiy aeaea?ae o?iainoaaiiy, neeaaeaiiy ?iaanoeoe?eiiai i?iaeoo,
?icaeyae ? i?eeiyooy ??oaiue, ?ic?iaea ieaio ?aae?caoe??

Iaoai?ci ?aae?caoe?? ?iaanoeoe?e

Aea?aeaaia oi?aae?iiy: ieaiia?noue, aei?noea aee?aeoeaia ao?o/aiiy
aea?aeaae a i?ioean eai?oaeiaeeaaeaiue. Noaae?? ?iaanoeoe?eiiai oeeeeo:
i?iaeooaaiiy ( noai?aiiy ( inai?iiy. Aaei?i?no?aoeaiee eiio?ieue
ae?iaieoeoaa Ia?aaaaeii ?eieiaa, eiieo?aioia ei?eaoaaiiy ?iaanoeoe?eieo
i?ioean?a i?e ?aaoeyoeaii-eiio?iethth/?e ?ie? aea?aeaae. Noaae??
?iaanoeoe?eiiai oeeeeo: iaoeiai-i?iaeoia i?aeaioiaea ( ae?iaieoeoai (
inai?iiy ? ?aae?caoe?y ( ?a?iaanoeoe??. I?aai?caoe?eii-aeiiii?/iee
eiio?ieue ?aae?caoe?? ?iaanoeoe?e ia an?o noaae?yo

i?eaooeii (aeioiaeaie) ? oe?iaie. O aeena?oaoe?? cai?iiiiiaaii ?icoe?eoe
iaa?? eeaneo?eaoe?eieo iciae, ye oea iieacaii ia ?en. 1.

?en.1. Eeaneo?eaoe?y oi?i ?iaanoeoe?e

Iaaaaeai? eeaneo?eaoe?ei? iciaee aeathoue ciiao ioiieoe iaeaieiai?o?
iai?yiee ?aae?caoe?? ?iaanoeoe?e. Iai?eeeaae, ?ice?eaathoueny noeioee,
ye? niiioeathoue aei aeeaaeaiiy eai?oaeo (iaoa ?iaanooaaiiy), /iai ia
?icaeyiooi o aeiaei?e ?c iienaieo noai eeaneo?eaoe?? ?iaanoeoe?e. E??i
oiai, noa? iiaeeeaei i?iaaaeaiiy aiae?co aoaeoeaiino? ?iaanoeoe?e uiaei
iinoaaeaii? iaoe ? ooieoe?iiaeueieo caaaeaiue i?inoiai /e ?icoe?aiiai
a?aeoai?aiiy oiiae?a. I?iiiiiaaia nenoaia eeaneo?eaoe?? cia/ii ?icoe?th?
iiiyooy aeaea?ae iioiaeaeaiiy ?iaanoeoe?eiiai eai?oaeo, ine?eueee
iniiaia oaaaa cina?aaeaeaia naia ia eaiaeao eiai iaaeoiaeaeaiiy
(oeaio?ae?ciaai? ? aeaoeaio?ae?ciaai?), a ia i?inoi ia oi?i? aeaniino?
(i?eaaoi? ? aea?aeaai?). Ia?aoo?, i?e a?oioaaii? ?iaanoeoe?e ca oaeoi?ii
/ano ?ice?eoi ?oi? iniaeeaino? ye aa?o?nii? eaoaai???. Ooo eaeaoueny i?i
oa?aeoa? ii?aeiaiiy aeaio i?ioeeaaeieo i?ioean?a: aeeaaeaiiy eai?oaeo e
io?eiaiiy i?eaooeo a no?oeoo?? ?iaanoeoe?eii? ae?yeueiino?. Aaeaea, i?e
iaci?iiiio ?nioaaiiy iaio i?ioean?a, aiie iiaeooue a?aeaoaaoeny
iine?aeiaii, ia?aeaeueii oa ?ioa?aaeueii.

Iineeaiiy iiieoiaeo oa o?iainiaeo iaiaaeaiue, ye? noi?iaiaeaeothoueny
c?inoaiiyi ?aaoethth/iai aieeao aea?aeaae ia ?iaanoeoe?eio ae?yeuei?noue
o oiae? ?eieiaiai ?aoi?ioaaiiy aeiiii?ee, i?eaa?oathoue oaaao
i?aei?e?inoa aei no?aoaa?/ieo aniaeo?a ae?yeueiino?, ieoaiue
?aeiino?oeoe??, ea?aeeiaeueii? ci?ie oaoiieia?? oiui. Ona?aeiieaiiy
iaiao?aeiino? niaoe?aeueii? ?iaanoeoe?eii? iie?oeee, ai?iaaaeaeaiiy a
aeeooy ianooaaieo i?iaeo?a aeiaaio?eaaeiai oa?aeoa?o noeioeththoue
c?inoaiiy ?iaanoeoe?eii? aeoeaiino? i?aei?e?inoa. O oeeo oiiaao
iniaeeaiai cia/aiiy iaaoaathoue i?iaeaie oi?ioaaiiy ?iaanoeoe?eiiai
iioaioe?aeo ? eiai aoaeoeaii? ?aae?caoe??. Aaeaea naia ?iaanoeoe?eiee
iioaioe?ae aecia/a? iiaeeeaino? i?aei?e?inoaa aeeaaeaoe eiooe (eai?oae)
a ??ciiai ?iaeo o?iainia? ?ino?oiaioe, iaoa??aeueii-?a/ia? oa iniaeno?
oaeoi?e ae?iaieoeoaa aeey caaacia/aiiy oiia ii?iaeueiiai a?aeoai?aiiy,
iaea?aeaiiy i/?eoaaiiai aeioiaeo.

I?aeoeea ?eieiaeo ?aoi?i a Oe?a?i? cana?ae/eea iecueeo aaeaioiaai?noue
a?eueoino? i?aei?e?inoa aei iiaeo oiia ainiiaea?thaaiiy. Ae?ae
iaaoaeoeaia i?aai?caoe?eia no?oeoo?a oa iaaenieee ??aaiue oi?aae?iiy ia
aeathoue ciiae ?i oi?ioaaoe aeaniee ?iaanoeoe?eiee iioaioe?ae. Aaaeaiiy
iie?oeee ?ano?oeoo?ecaoe?? ? o?iainiaiai icaei?iaeaiiy aeiiiiiaea ia
eeoa aeaanoe aeiiii?eo i?aei?e?inoa c e?ece ? i?aeiyoe ?o ?iaanoeoe?eiee
iioaioe?ae, a e cia/ii i?aeaeueoue ?iaanoeoe?eio i?eaaaeea?noue, ui ?
aaaeeeaei oaeoi?ii iie?ioaiiy ?iaanoeoe?eiiai ee?iaoo a Oe?a?i?.

?icaeyaeath/e ieoaiiy aoaeoeaii? ?aae?caoe?? iayaiiai ?iaanoeoe?eiiai
iioaioe?aeo a oiiaao ?eieiai? o?ainoi?iaoe?? aeiiii?ee, i?aei?e?inoaa
iiaeii? a?aoiaoaaoe iiaeeeaino? aeueoa?iaoeaieo aeeaaeaiue eai?oaeo,
anoaiiaethaaoe iioeiaeuei? ianyae ? oi?ie o?iainiaeo ?iaanoeoe?e,
a?aoiaoaaoe e?eoa??? aoaeoeaiino? oa aeei?enoiaoaaoe a?aeiia?aei?
iaoiaee ?ic?aooieo ioe?iieo iieaciee?a. Aeey ae??oaiiy oeeo caaaeaiue
i?iiiio?oueny a i?ioean? ?iaanoeoe?eiiai ieaioaaiiy oi?ioaaoe
iioeiaeueio i?ia?aio ?iaanoeoe?eii? ae?yeueiino? i?aei?e?inoaa ia iniia?
i?eioeeio ?aiaeoaaiiy i?iaeo?a ca e?eoa???i aoaeoeaiino?, ?eceeiaino?
aai ?o ii?aeiaiiy. Iioeiaeueia ?iaanoeoe?eia i?ia?aia a oeueiio aeiaaeeo
aoaea aecia/aoenue ye noeoii?noue oii?yaeeiaaieo i?iaeo?a c a?aie/ii
aeiionoeiei ??aiai ?eceeo, iaeiie/ai? ?iaanoeoe?ei? cao?aoe yeeo ia
ia?aaeuothoue iayaieo a?ioiaeo cania?a. Iaeiae oeae iaoiae iioei?caoe??
?iaanoeoe?eii? ae?yeueiino?, ye ? an? ?io?, iia(ycai? c ?ic?aooaaiiyi
nooiaiy ?eceeiaino? eai?oaeiaeeaaeaiue, ia ciiaea caaacia/eoe iiaii?
ia?aaeaa/oaaiino? e?ioeaaiai ?acoeueoaoo /a?ac noa(?eoeai?noue
aenia?oii? ioe?iee. Eiai ne?ae ?icaeyaeaoe eeoa ye iiaeeea?noue
c?noaaeoe cai?iiiiiaai? iai?yiee ?iaanoeoe?e ia iniia? oi?o?eiaaiiai
i?aeoiaeo c aeei?enoaiiyi, yeui ? ciiaa, ia’?eoeaieo ? ia?aa??thaaieo
iieaciee?a ? neeanoe ii??aiyii aoaeoeai?oo ? iaio ?eceeiao ?iaanoeoe?eio
i?ia?aio.

Aoaeoeai?noue i?aai?caoe?? ?iaanoeoe?eii? ae?yeueiino? i?aei?e?inoaa a
ia?ao?aei?e aeiiii?oe? aaciina?aaeiuei caeaaeeoue a?ae iayaiino?
a?aeiia?aeiiai iaoai?cio aea?aeaaiiai ?aaoethaaiiy ?iaanoeoe?eieo
i?ioean?a ? caaacia/aiiy ni?eyoeeaiai ?iaanoeoe?eiiai ee?iaoo. O
aeena?oaoe?? aeacaii ia iio?aao aeei?enoaiiy ? caei?aeiiiiai aeina?aeo
i?aai?caoe?? ?iaanoeoe?eii? ae?yeueiino?. I?iaaaeai? aeine?aeaeaiiy
?iaanoeoe?eieo i?ioean?a a aeiiii?/ii ?icaeiooeo e?a?iao oa e?a?iao c
ia?ao?aeiith aeiiii?eith cana?ae/othoue oie oaeo, ui a iniia? aoaeoeaii?
i?aai?caoe?? ?iaanoeoe?eii? ae?yeueiino? ? aeoeaia aea?aeaaia
?aaoethaaiiy, iaoai?ci yeiai ia?aaeaa/a? /ioe?e iniiai? oi?ie
noeioethaaiiy ?iaanoeoe?e: i?eueaiaa iiaeaoeiaa iie?oeea, o?iainiaa
i?aeo?eiea, ?io?ano?oeoo?ia caaacia/aiiy oa oe?eueiaa noeioethaaiiy
iniiaieo aeiiii?/ieo i??i?eoao?a. Aiae?c aeei?enoaiiy ?ino?oiaio?a
?iaanoeoe?eii? iie?oeee o e?a?iao c ??ciei ??aiai ?icaeoeo aeiiii?ee
cana?ae/ea iaaio caeiiii??i?noue. Iai?eeeaae, i?iieneiai ?icaeioo?
cao?aei? e?a?ie a?aeaeathoue ia?aaaao o?iainiaei noeioeai ia?aae
o?neaeueieie, ine?eueee aieea iiaeaoe?a ?, ii noo?, aacaae?aniei, a
o?iainiaa noeioethaaiiy (o?yaeia? e?aaeeoe c iecueeeie a?aenioeaie,
noaneae??, noaaaioe?? ? ?i.) aea? ciiao o?yaeo e?a?ie neiioeaio?oaaoe
coneeey ia aeinyaiaii? eiie?aoieo oe?eae. E?a?ie, ui ?icaeaathoueny,
a?aeaeathoue ia?aaaao iiaeaoeiaei caoiaeai, ui iia’ycaii c iayai?noth
iacia/ieo o?iainiaeo ?ano?n?a, ye? i??i?eoaoii nea?iaothoueny ia
caaeiaieaiiy ia?oi/a?aiaeo nioe?aeueieo iio?aa. Iaeiae ia?o i?ae
oi?ioaaoe aeanio eiioeaioe?th aea?aeaaii? ?iaanoeoe?eii? iie?oeee,
a?aoiaoth/e caei?aeiiiee aeina?ae, nii/aoeo iio??aii ioe?ieoe no/aniee
noai ?iaanoeoe?eiiai i?ioeano a Oe?a?i?, cie?aia, aoaeoeai?noue
?nioth/iai aea?aeaaiiai iaoai?cio i?aai?caoe?? oi?aae?iiy, ieaioaaiiy ?
?aaoethaaiiy ?iaanoeoe?eiith ae?yeuei?noth.

2.3. Ae?oaee ?icae?e ?iaioe i?enay/aiee aeine?aeaeaiith no/aniiai noaio
?iaanoeoe?eiiai i?ioeano a Oe?a?i?. C oe??th iaoith i?iaiae?ciaaii
?iaanoeoe?eiee ee?iao ? eiai aieea ia oa?aeoa? ?iaioe ?iaanoi??a ia
aioo??oiueiio ?eieo. Aeoea?caoe?y ?iaanoeoe?eii? ae?yeueiino? a Oe?a?i?
i?yii iia’ycaia c iioaie?iiyi ?iaanoeoe?eiiai ee?iaoo. Aiae?c
?iaanoeoe?eiiai iioaioe?aeo cana?ae/o? aenieo i?eaaaeea?noue
aioo??oiueiai ?eieo aeey ?iaanoi??a. Iaeiae iiaeeaeaiiy aeiiii?/ii?
e?ece, iaaeineiiae?noue o?iainiai-e?aaeeoii? nenoaie, ianoaa?euei?noue
oa iaaeineiiae?noue caeiiiaeaanoaa, ia?icaeioo?noue oiiaeiaiai ?eieo oa
?eieo eai?oae?a, c?inoath/ee ??aaiue ei?oioe?? ? o?i?caoe?? aeiiii?ee oa
?io? /eiieee coiiaeththoue iaaecae/aeii iecueeee ?iaanoeoe?eiee ?aeoeia
iaoi? aea?aeaae ? iiceoe?iiothoue ?? o ae?oa?e nioi? ca ?iaanoeoe?eiith
i?eaaaeea?noth.

A?aenooi?noue iaeaaeieo iae?iaeiiii?/ieo oiia aeey ?icaeoeo
?iaanoeoe?eii? ae?yeueiino? i?ecaiaeeoue aei iino?eiiai iaae?iiy ianya?a
?iaanooaaiiy a Oe?a?i? Ca ia??iae c 1990 ii 1997 ??. eai?oaeuei?
aeeaaeaiiy o a?o/eciyio aeiiii?eo ciaioeeeny iaeaea ia 80 %! (aeea.
oaae. 2).

Oaaeeoey 2

Eai?oaeuei? aeeaaeaiiy a aeiiii?eo Oe?a?ie o 1990 —1998 ??.

(o ii??aiyiieo oe?iao)

?iee Eai?oaeuei? aeeaaeaiiy, ie?ae.a?i. O a?aenioeao aei

iiia?aaeiueiai ?ieo O a?aenioeao aei

1990 ?ieo

1990 55,4 1,9 (

1995 16,1 -28,6 -70,9

1996 12,6 -21,7 -77,6

1997 11,6 -7,9 -79,1

1998

1 eaa?oae 1,7 5,2 (

Ci?ia no?aoaa?? ?aoi?i, a naia ( iineeaiiy aea?aeaaiiai ?aaoethaaiiy
aeiiii?ee ia i?aenoaa? oeac?a I?aceaeaioa, iinoaiia Eaa?iaoo I?i?no??a,
ii?iaoeaii-?aaoethth/eo aeo?a i?i?noa?noa ? a?aeiinoa, aieeioea ia
oa?aeoa? oi?aae?iiy ?iaanoeoe?eiith ae?yeuei?noth, ui ciaeoei i?aeoe/iee
?icaeoie o o?ueio iai?yieao: oi?ie ? iaoiaee iaa?iiaaeaeaiiy aeanieo
?iaanoeoe?eieo ?ano?n?a; iiaeaoeiaa noeioethaaiiy ?iaanoi??a; aea?aeaaia
e?aaeeoia oa athaeaeaoia i?aeo?eiea ?iaanoeoe?eieo i?ia?ai ? i?iaeo?a.
Iaeiae iiaeeaeaiiy aeiiii?/ii? e?ece, aei?noea iiiaoa?ia iie?oeea oa
aeao?oeeo athaeaeaoieo eioo?a aeey i?aeo?eiee ?iaanoeoe?eii?
ae?yeueiino? coiiaeee caoaeaiiy i?euea ? iineeaiiy iiaeaoeiaiai oeneo ia
?iaanoi??a. Oea ua a?eueoa iia??oeei ?iaanoeoe?eiee ee?iao a Oe?a?i? ?
ni?e/eieei cieaeaiiy aeoeaiino? ?iicaiieo ?iaanoi??a. Ona?aeiiethth/e
an? iaaeie?ee oaeiai noaio, aaaeeeai ?icoi?oe, ui iie?ioaiiy neooaoe??
iiaeeeaa eeoa ca oiiae eiiieaeniiai ?aoi?ioaaiiy aeiiii?/ii? iie?oeee
aea?aeaae o iai?yieo oi?ioaaiiy ye caaaeueieo oiia ?icaeoeo
oeea?e?ciaaieo ?eieiaeo a?aeiinei, oae ? niaoeeo?/ieo, ye? noinothoueny
iiaeo iaoai?ci?a caeo/aiiy ? aeei?enoaiiy ?iaanoeoe?eieo ?ano?n?a, ui ?
i?a?iaaoeaith ?? neeaaeiai? ( ?iaanoeoe?eii? iie?oeee.

2.4. O o?aoueiio ?icae?e? aeena?oaoe?? ?icaeyiooi eiie?aoi? iaoai?cie
i?aeaeuaiiy aoaeoeaiino? i?aai?caoe?? ?iaanoeoe?eii? ae?yeueiino? a
Oe?a?i? /a?ac ?aoi?ioaaiiy aea?aeaaii? iie?oeee a aaeoc? ieaioaaiiy,
?aaoethaaiiy ? oi?aae?iiy ?iaanoeoe?yie. Aeeiiaiee aiae?c na?ae/eoue, ui
no/ania iie?oeea aea?aeaae ia caaacia/o? aoaeoeaiiai iaoai?cio
i?aai?caoe?? ?iaanoeoe?eii? ae?yeueiino?. ?aoi?ioaaiiy aea?aeaaii?
?iaanoeoe?eii? iie?oeee iiaeiii caaacia/eoe iniiai? aeiiii?/i? oiiae
aeoea?caoe?? ?iaanoeoe?eii? ae?yeueiino?. Oeueiio ni?eyoeia
no?oeoo?ecaoe?y oe??? iie?oeee ca oaeeie /ioe?ia iai?yieaie:

1. Caaacia/aiiy o?iainoaaiiy i??i?eoaoieo aeey ?icaeoeo aeiiii?ee
Oe?a?ie aaeocae ? ae?iaieoeoa, /?oeee iiae?e noa? ?iaanooaaiiy i?ae
oeaio?ae?ciaaieie ? i?eaaoieie eai?oaeueieie aeeaaeaiiyie. Aea?aeaai?
eiooe iio??aii aeei?enoiaoaaoe ia?aaaaeii ia i??i?eoaoe nioe?aeueii? oa
aeieia?/ii? ni?yiiaaiino?. Aeey eiia?oe?eiiai (iaaea?aeaaiiai)
?iaanoi?a, yeee iiaeiai ia?aa?aoe ia naaa aanue oyaa? ianooaaii?
?iaanoeoe?eii? ae?yeueiino?, iaiao?aeii aecia/eoe i??i?eoaoe
i?iieneiai-oaoiieia?/iiai ni?yioaaiiy, ocaiaeaeai? c i?iieneiaith oa
iaoeiai-oaoi?/iith iie?oeeith Oe?a?ie.

2. Nooo?aa o?ainoi?iaoe?y ooieoe?e aea?aeaae o noa?? ?iaanoeoe?eii?
ae?yeueiino?, a naia ( ia?ao?ae a?ae ?iciiae?eo eai?oaeiaeeaaeaiue aei
aeeiiaiiy ?ie? eiia?oe?eiiai ?iaanoi?a ? ia?oia?a iaaea?aeaaieo
?iaanoi??a. Aei ?aaeeeaeueii? ci?ie ooieoe?e ia(?eoeaii ciooothoue
iaaeie?ee ?nioth/i? i?aeoeee ?iciiae?eo aea?aeaaieo eioo?a oa
a?aenooi?noue eiio?ieth ca ?oiueith aoaeoeai?noth.

3. Aea?aeaaia i?aeo?eiaiiy ?ano?oeoo?ecaoe?? (naiaoe??) noa’?eo?a
ainiiaea?thaaiiy c iaoith i?aeaeuaiiy ?o ?iaanoeoe?eiiai iioaioe?aeo.
Oea iiaeooue aooe: i?yia athaeaeaoia o?iainoaaiiy ia cai?ioi?e iniia?
(athaeaeaoi? iiceee) ? canaaeao aaccai?ioiino? (noaneae??, aeioaoe??,
iiaiee aai /anoeiaee aeeoi aea?aeaaith aeoe?e i?aei?e?inoa, ui
iio?aaothoue ?ano?oeoo?ecaoe?? ? o?iainiaiai icaei?iaeaiiy). E??i oiai,
a?aoiaoth/e aeao?oeeoi?noue aea?aeaaiiai athaeaeaoo, aeueoa?iaoeaiei
aeaea?aeii o?iainiaeo ?ano?n?a iiaeooue aooe eiooe IAO, ye? a iaaeaaaee
ia eiieo?ni?e iniia? oiiaiiaaaeaiei eiia?oe?eiei aaieai aeey
iiaeaeueoiai ?iciiae?eo na?aae ae?iaie/eo no?oeoo?. O oeueiio aeiaaeeo
aea?aeaaa iiaeiia i?aeo?eioaaoe aeeoo?caeaoi? i?aei?e?inoaa, ye? ca
iayaiino? “noaa?e?caoe?eieo” eioo?a ciiaeooue ca ei?ioeee /an ca?eueoeoe
ianyae ae?iaieoeoaa no?aoaa?/ii aaaeeeai? aeey Oe?a?ie i?iaeoeoe?? (iia?
aoaeoeai? ?ano?nicaa?aaei? oa aeieia?/ii aacia/i? oaoiieia??,
?iii?oicai?ithth/a i?iaeoeoe?y oiui).

4. Aea??eiaa ?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino? a ?aa?iiao. Oeae
iai?yiie ?iaanoeoe?eii? iie?oeee ia? aeiyoeiaa cia/aiiy a oiiaao
ia??aiii??iiai nioe?aeueii-aeiiii?/iiai ?icaeoeo ?aa?ii?a Oe?a?ie ?
??aiy ?o aaeaioaoe?? aei iiaeo oiia ooieoe?iioaaiiy aeiiii?ee. I?eioeei
aea??eiaino? iiaeiai (?oiooaaoeny ia ?aiaeoaaii? ?aa?ii?a. O aeaiiio
aeiaaeeo ca iniiaiee e?eoa??e iiaeia acyoe ?ioaa?aeueiee iieaciee
?iaanoeoe?eii? i?eaaaeeaino?, yeee aea? ciiao ioe?ieoe iioaioe?ae
eiaeiiai ie?aii acyoiai ?aa?iio. Ca?aeii c oeei oa?aeoa?, ?ioaineai?noue
? iai?yiee aea?aeaaiiai ?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino?
aecia/aoeiooueny iaeaaei?noth oiai /e ?ioiai ?aa?iio aei iaei??? c
/ioe?ueio a?oi ?iaanoeoe?eii? i?eaaaeeaino?. A ?aa?iiao c aenieei
aeiiii?/iei iioaioe?aeii, ?icaeiooith ?iaanoeoe?eiith ? eiia?oe?eiith
?io?ano?oeoo?ith, ni?eyoeeaei i?aei?e?iieoeueeei ee?iaoii (ia?oa ?
ae?oaa a?oie) nooi?iue aea?aeaaiiai ao?o/aiiy o ?iaanoeoe?eio
ae?yeuei?noue iiaeiai aooe i?i?iaeueiei, cie?aia, ia ??ai? iaeiaiai
?iaanooaaiiy ? eiio?ieth i?iaeo?a (i?ia?ai), ui iathoue no?aoaa?/ia
cia/aiiy aeey aeiiii?ee Oe?a?ie. Aiaeii/an, aea?aeaaio ?iaanoeoe?eio
iie?oeeo o ?aa?iiao o?aouei?, a iniaeeai /aoaa?oi? a?oi, iio??aii aanoe
o eiiieaen? c ?ioeie aioee?eciaeie caoiaeaie caaaeueiiaeiiii?/iiai
cia/aiiy (caaaeueia icaei?iaeaiiy aeiiii?/ii? neooaoe?? ia ?o oa?eoi???,
noai?aiiy no?eeeo ia?aaeoiia aeey aoaeoeaiiai ooieoe?iioaaiiy ?eieiaiai
iaoai?cio, caaacia/aiiy oiia aeey oi?ioaaiiy i?ia?aneaieo
oa?eoi??aeueii-aaeocaaeo i?iii?oe?e). Oea aeanoue ciiao noai?eoe caae?e
aeey ii?iaeueiiai ooieoe?iioaaiiy ?o aeiiii?ee o iaeaooiueiio.

Aoaeoeai?noue ?aa?iiaeueii? ?iaanoeoe?eii? iie?oeee aaaaoi a /iio
caeaaeeoue a?ae i?aaeeueiiai aeai?o no?aoaa?? ?iaanooaaiiy no?oeoo?ieo
c?ooaiue o eiaeiiio ie?aii acyoiio ?aa?ii?. Oaeeie no?aoaa?yie iiaeooue
aooe “aoaeoth/a” ? “?aeiino?oeoe?eia”. O ia?oiio aeiaaeeo ?iaanoeoe?eia
caaacia/aiiy cae?eniththoue ia iniia? oe?ieiai aeei?enoaiiy caiice/aieo
aioo??oi?o ? ciai?oi?o cania?a. I?aai?caoe?eii oea i?aee??ieththoue
oi?ioaaiiyi ia?aae? o?iainiai-e?aaeeoieo ?inoeooo?a, noeioethaaiiyi
iiaeo oi?i iia?e?caoe?? a?eueieo a?ioiaeo ?ano?n?a ianaeaiiy ? noa’?eo?a
ainiiaea?thaaiiy. Iaaiiai aoaeoo oaeiae iiaeia aeinyaiooe ca ?aooiie
ni?iuaiiy ii?yaeeo ?aaeaiaioaoe?? i?aei?e?iieoeueei? ae?yeueiino?,
noai?aiiy ni?eyoeeaiai ?iaanoeoe?eiiai ee?iaoo c “iii’yeoaiiyi”
iiaeaoeiai? iie?oeee. “?aeiino?oeoe?eio” no?aoaa?th ?aae?cothoue oeyoii
caeo/aiiy iaioiai ianyao o?iainiaeo ?ano?n?a, aea i?ioyaii o?eaae?oiai
/ano.

E?eciaee noai oe?a?inueei? aeiiii?ee aea? ciiao ?aae?coaaoe a a?eueoino?
?aa?ii?a eeoa “?aeiino?oeoe?eio” no?aoaa?th. Aeiyoeii ? o? c ieo,
iaoeiaee ? ae?iaie/ee iioaioe?aee yeeo aeinoaoi?e aeey ii??aiyii
oaeaeeeo no?oeoo?ieo ia?aoai?aiue. I?ioa iaa?oue oai “aoaeoth/o”
no?aoaa?th iiaeia ?aae?coaaoe ia oeyoii oae caaiiai nooe?eueiiai
o?iainoaaiiy, a eeoa ca oiiae i?aaeeueii? aea??eiai? i?aeo?eiee ie?aieo
aeaiaio?a ?aa?iiaeueiiai ?icaeoeo. Aaaeeeaith oiiaith aeai?o o??? /e
?ioi? no?aoaa?? ? aecia/aiiy nooiaiy aioiaiino? ie?aieo ?aa?ii?a aei ??
?aae?caoe??.

Aeae?eai? iai?yiee no?oeoo?ecaoe?? aea?aeaaii? ?iaanoeoe?eii? iie?oeee
a?aeiia?aeathoue oe?eyi ?aoi?ioaaiiy a?o/eciyii? ?iaanoeoe?eii? noa?e ?
a?aoiaothoue aeina?ae ?icaeiooeo e?a?i. I?ioa ?o ?aae?caoe?y oneeaaeiaia
/a?ac iani?eyoeeaee ?iaanoeoe?eiee ee?iao. Aa?o/e aei oaaae ?acoeueoaoe
aeine?aeaeaiiy no/aniiai noaio ?iaanoeoe?eiiai i?ioeano a Oe?a?i? oa
aeina?ae i?aai?caoe?? ?iaanoeoe?eii? ae?yeueiino? ca ei?aeiiii, o
aeena?oaoe?? cai?iiiiiaaii cina?aaeeoe iniiaio oaaao ia ?aoi?ioaaii?
aeaio iaeaaaeeea?oeo aeaiaio?a ?iaanoeoe?eiiai ee?iaoo:
?io?ano?oeoo?iiai eiiieaeno ? nenoaie caeiiiaeaanoaa. Noaia iiaoaeiae
?io?ano?oeoo?ii? nenoaie ?iaanoeoe?eii? ae?yeueiino? iieacaia ia ?en. 2.

?en. 2. Noaia iiaoaeiae ?io?ano?oeoo?ii? nenoaie ?iaanoeoe?eii?
ae?yeueiino?

A iniiao iiaoaeiae nenoaie iio??aii caeeaaeaoe i?eioeei eiiieaeniiai
ii?aeiaiiy ii?iaoeaiiai, o?iainiaiai oa ?ioi?iaoe?eii-aiae?oe/iiai
caaacia/aiiy ?iaanoeoe?eiiai i?ioeano. I?aai?caoe?y oi?aae?iiy
?iaanoeoe?eiith ae?yeuei?noth ca iienaiith noaiith aeanoue ciiao cia/ii
cieceoe ??aaiue ei?oioe?? na?aae aea?aeaaieo neoaeaiaoe?a, ine?eueee ?o
aoaea onoiooi a?ae aaciina?aaeiuei? o/ano? a ?aae?caoe?? ?iaanoeoe??.
O?yaeia? no?oeoo?e iaoeiooue ciiao i?aoethaaoe eeoa c e?eueeiia
iaae?eieie ?iaanoeoe?eieie aaieaie, ye? eiio?iethaaoeiooue aanue i?ioean
ianeoaiaoaaiiy ?iaanoeoe?e ? a?aeiia?aeaoeiooue ca nai?ie ciaia’ycaiiyie
aeaniei aeoe?iia?iei eai?oaeii, a ia c aeanyoeaie oeny/ ?aoeei??io?a,
?iceeaeaieo ii an?e e?a?i?. Aiaeii/an, ?icaeoie ?inoeoooe?eiiai
eiiieaeno ?eieiaiai iaoai?cio cia/ii ni?inoeoue aeinooi no?aoaa?/ieo
?iaanoi??a aei i?eaaaeeaeo i?aei?e?inoa ? caaacia/eoue ?i ii?iaeueio
?iaioo ia an?o aoaiao ?aae?caoe?? eai?oaeiaeeaaeaiue. O oe?eiio
?aoi?ioaaiiy ?io?ano?oeoo?ii? nenoaie ?iaanoeoe?eii? ae?yeueiino? ciiaea
nooo?ai iie?ioeoe ae?eiao ?aiooaoe?th iaoi? aea?aeaae a i/ao ?iicaiiiai
a?ciano, ui ? iaaecae/aeii aaaeeeaith oiiaith aeey oe?ieiianooaaieo
?iaanoeoe?e a Oe?a?io.

Aeey aaeineiiaeaiiy caeiiiaeaa/iai iiey iaiao?aeii ia?aaeyiooe ia eeoa
o? caeiie ? ii?iaoeai? aeoe, ui noinothoueny niaoeeo?/ii ?iaanoeoe?eii?
ae?yeueiino?, aea e o?, ye? ?aaoeththoue oaanue iaoai?ci ooieoe?iioaaiiy
aeiiii?ee. Cie?aia, aaea aeaaii iac??ee ci?ie aei caeii?a i?i
iiiaeaoeoaaiiy, i?eaaoecaoe?th, oiiaeiaee ?eiie ? ?yae ?ioeo. Acaaae?,
eeoa eiiieaeniee i?aeo?ae aei ae??oaiiy caeiiiaeaa/eo iaa?aeiia?aeiinoae
aeanoue ciiao iie?ioeoe ?iaanoeoe?eiee ee?iao, oei naiei ni?eyth/e
aeoea?caoe?? ?iaanoeoe?eieo i?ioean?a ? caaacia/aiith oaeaeeiai
aeiiii?/iiai c?inoaiiy.

Nooo?ai iie?ioeoe i?aai?caoe?th ?iaanoeoe?eii? ae?yeueiino? a Oe?a?i?
iaiiaeeeai aac ae??oaiiy ieoaiiy o?iainiaiai caaacia/aiiy ?? ?icaeoeo.
Iiooe oeyo?a iia?e?caoe?? aioo??oi?o ? ciai?oi?o aeaea?ae
?iaanoeoe?eiiai eai?oaeo iio?aao? nenoaiiiai i?aeoiaeo. Oe? aeaea?aea
oiiaii iiaeia ?icae?eeoe ia aea? a?oie: aeania ?iaanoeoe?? ? iiceee.
Uiaei aioo??oi?o aeaea?ae, oi aieiaii aiie aoee o?aaeeoe?eieie ? aeey
eiiaiaeii-aaei?i?no?aoeaii? aeiiii?ee (oe?eueiaa athaeaeaoia
o?iainoaaiiy, iiceee ia ?eieo aea?aeaaieo ai?aiaeo ciaia(ycaiue,
i?eaooie i?aei?e?inoa, aii?oecaoe?ei? a?ae?aooaaiiy, eiooe ianaeaiiy).
Iaeiae ia?ao?ae aei ?eieiaeo iaoiae?a ainiiaea?thaaiiy a?aee?ea iia?
iiaeeeaino? aeey o?iainoaaiiy ?icaeoeo ?iaanoeoe?eii? ae?yeueiino? (
?iaanoeoe?eiee e?aaeeo, iaaeoiaeaeaiiy a?ae i?eaaoecaoe?? oa
?iaanoeoe?eiee e?ceia, yeee o na?oia?e aeiiii?oe? iin?aea? ae?oaa i?noea
ca iioe?aiiyi oa ianyaaie aeeaaeaiiy eai?oaeo i?ney aaie?anueeeo
e?aaeeo?a. E??i oiai, inoaii?ie ?ieaie a Oe?a?i? neeaany i?ioa?ie
i?aei?e?inoa ? i?aei?e?ioe?a, ye?, iaeiie/eaoe cia/i? eai?oaee, o
iane?aeie iano?eeino? aeiiii?/iiai noaio ia?aaiaeyoue ?o ca ei?aeii, ui
nooo?ai iineeth? “?iaanoeoe?eiee aieiae” o e?a?i?. Oiio iia?e?caoe?y
oeeo eai?oae?a iiaeiia noaoe iaeiei ?c iaeaaaeeea?oeo caaaeaiue
?iaanoeoe?eii? iie?oeee aea?aeaae.

A oiiaao aeiiii?/ii? e?ece, eiee athaeaeaoieo eioo?a eaaeue aenoa/a? ia
o?iainoaaiiy ia?oi/a?aiaeo nioe?aeueieo i?ia?ai, ia aa?o/e aei oaaae
?iaanooaaiiy no?oeoo?ieo c?ooaiue a aeiiii?oe?, iniaeeai o?aaa
aeiiaaaoeny caeo/aiiy ciai?oi?o ?ano?n?a. Iaeiae, iani?eyoeeaee
?iaanoeoe?eiee ee?iao ? na?eiciei aa?(??ii ia oeyoo oe?ieiai caeo/aiiy
?iicaiiiai eai?oaeo a aeiiii?eo Oe?a?ie. C iaoith ?aoe?iiae?caoe??
ianooaa?a ? no?oeoo?e ?iicaiiiai ?iaanooaaiiy i?iiiio?ii canoinoaaoe
eiiieaeniee iaoai?ci, iniiao yeiai neeaaeaoeiooue caoiaee c? noai?aiiy
eiieo?aioiiai ?eieiaiai na?aaeiaeua a Oe?a?i?, caaacia/aiiy ??
iiceoeaiiai i?aeia?iaeiiai ?i?aeaeo oa iaeaaiaeaeaiiy aoaeoeaiiai
aea?aeaaiiai ?aaoethaaiiy ?ooo ? aeei?enoaiiy caei?aeiiieo eai?oae?a.

Aaaeeeai cacia/eoe, ui aeineoue /anoi ?ioa?ane ?iicaiieo ?iaanoi??a
noia?a/aoue iaoe?iiaeueiei ?ioa?anai e?a?ie-?aoeei??ioa. Oiio,
a?aoiaoth/e inoaii? oaiaeaioe?? iaeneiaeueii? a?aee?eoino? oe?a?inueei?
aeiiii?ee aeey ?iicaiieo eai?oae?a, o iaoai?ci? ?aoe?iiae?caoe??
ianooaa?a oa no?oeoo?e ?iicaiiiai ?iaanooaaiiy ia?aaeaa/a?oueny oaeee
aeaiaio, ye eiio?ieue ca iioeiaeueiei ni?aa?aeiioaiiyi ?ioa?an?a Oe?a?ie
oa ?iicaiieo ?iaanoi??a o oeo iai?yieao, ye? ? aecia/aeueieie aeey
aoaeoeaiino? a?ioiai-e?aaeeoii?, aaethoii? ? iiaeaoeiai? iie?oeee iaoi?
aea?aeaae, ?? athaeaeaoo, ieao?aeiiai aaeaino, a oaeiae iie?oeee
aeiiii?/iiai ?icaeoeo.

Aiae?coth/e oeyoe i?aeaeuaiiy aoaeoeaiino? i?aai?caoe?? ?iaanoeoe?eii?
ae?yeueiino?, iaiao?aeii iai(yoaoe i?i oa aaee/acia cia/aiiy, yea ia?
ye?noue oa iia?aoeai?noue iaea?aeaiiy ?ioi?iaoe?? i?i noai ? oaiaeaioe??
?icaeoeo ?iaanoeoe?eieo i?ioean?a o e?a?i?. C iaoith
?ioi?iaoe?eii-aiae?oe/iiai caaacia/aiiy i?ioeano i?eeiyooy ??oaiue c
oi?aae?iiy, ieaioaaiiy ? ?aaoethaaiiy ?iaanoeoe?eiith ae?yeuei?noth a
Oe?a?i? cai?iiiiiaaia oaea noaia i?aai?caoe?? nenoaie iii?oi?eiao
?iaanoeoe?eii? ae?yeueiino? (aeea. ?en. 3). I?aeoe/ia ?aae?caoe?y
oeueiai iaoai?cio aeanoue ciiao:

( caaacia/oaaoe aeeiai?/iith ?ioi?iaoe??th i?i noai ? no?oeoo?o
?iaanoeoe?eiiai ?eieo oa oaeoi?e ciai?oiueiai na?aaeiaeua, ui iathoue
aecia/aeueiee aieea ia ?iaanoeoe?eiee ee?iao a aea?aeaa?;

( aoaeoaaoe ia iniia? ?ioi?iaoe?eieo ianea?a iiaeae?, ye? a
caaacia/oaaee /anoeiaa aai iiaia no?oeoo?oaaiiy i?iaeaiieo neooaoe?e ?
?o iiaeaeueoa aoaeoeaia ae??oaiiy;

( ei?eaoaaoe iai?yiee aaaeaiiy ?iaanoeoe?eii? iie?oeee a e?a?i?,
canoiniaoaaoe oi/i? iaoiaee ?c oeo ?icae?e?a nenoaiiiai aiae?co e
aeiiii?ei-iaoaiaoe/iiai iiaeaethaaiiy, ye? aeathoue ciiao a?aeiia?aeii
oi/ii ioe?ieoe ia?aiao?e ?iaanoeoe?eiiai ?eieo e iioei?caoe?? eiai
ooieoe?iioaaiiy;

( iia?aoeaii iiiiaithaaoe ? iiaeeo?eoaaoe ?ioi?iaoe?th a?aeiia?aeii aei
oaeaeeeo ci?i ?eieiai? eii’thieoo?e oa no?oeoo?e ?iaanoeoe?eiiai ?eieo;

( i???iooaaoenue ia oe?ie? eaiaee aeaea?ae ?ioi?iaoe?? c iiaeeea?noth
canoinoaaiiy onueiai eiiieaeno aeaieo (oaenoiaa ? a?ao?/ia ?ioi?iaoe?y,
iaoaiaoe/i? iiaeae?, aeeiai?/i? iieacieee oiui).

Eeoa oaeee nenoaiiee i?aeo?ae aei ?aoi?ioaaiiy ?iaanoeoe?eii? iie?oeee,
ia iaoo aeoieo, ciiaea caaacia/eoe aenieo aoaeoeai?noue i?aai?caoe??
?iaanoeoe?eii? ae?yeueiino? a Oe?a?i?.

?en. 3. Iaoai?ci i?aai?caoe?? nenoaie iii?oi?eiao ?iaanoeoe?eii?
ae?yeueiino?

???. Aeniiaee ? i?iiiceoe??

1. Iaiine?aeiaia ? noia?a/eeaa aeiiii?/ia iie?oeea o?yaeo a oiiaao
?eieiai? o?ainoi?iaoe?? a?o/eciyii? aeiiii?ee noai?eea iani?eyoeeaee
?iaanoeoe?eiee ee?iao, ui noaei iaeaaaeeea?oei /eiieeii ??ceiai
cieaeaiiy ?iaanoeoe?eii? aeoeaiino? oa caoyaeiiai ? aeeaieiai niaaeo
ianyao iaoe?iiaeueiiai ae?iaieoeoaa. A?aooaaiiy o ia?ao?aeiiio ia??iae?
aieeao ia oa?aeoa? ? no?oeoo?o ?iaanoeoe?eii? ae?yeueiino? ye aeaiaio?a
aaei?i?no?aoeaii?, oae ? ?eieiai? aeiiii?ee, a oaeiae cia/iiai
iacaaeiaieaiiai iiieoo ia ?iaanoeoe?ei? ?ano?ne iio?aao?, ia iao
iiaeyae, iineeaiiy aea?aeaaiiai ?aaoethaaiiy ?iaanoeoe?eii?
ae?yeueiino?.

2. Iaaoaeoeaia i?aai?caoe?eia no?oeoo?a ? iaaenieee ??aaiue oi?aae?iiy
ia a?eueoino? a?o/eciyieo i?aei?e?inoa coiiaeththoue iio?aao oi?ioaaoe
aeaniee ?iaanoeoe?eiee iioaioe?ae /a?ac ?oith ?ano?oeoo?ecaoe?th
(naiaoe?th). Aeey aoaeoeaii? ?aae?caoe?? oeueiai iioaioe?aeo a oiiaao
ia?aoiaeo aei ?eieo i?iiiio?ii, ieaioth/e ?iaanoeoe?eio ae?yeuei?noue,
iioei?coaaoe ?iaanoeoe?ei? aeaeaoee ia eeoa ia iniia? e?eoa??th
aoaeoeaiino?, a e oaeiae nooiaiy ?eceeiaino?. Oea aeanoue ciiao, ia iao
iiaeyae, noi?ioaaoe ?iaanoeoe?eiee ii?ooaeue ye noeoii?noue
oii?yaeeiaaieo i?iaeo?a c a?aie/ii i?eeiyoiei nooiaiai ?eceeo,
iaeiie/ai? cao?aoe yeeo ia ia?aaeuothoue iayaieo a?ioiaeo cania?a.

3. ?iaanoeoe?eio iie?oeeo o?yaeo o?aaa aeiei??iii ci?ieoe. Aiia iiaeiia
oi?ioaaoe ni?eyoeeaa iae?iaeiiii?/ia na?aaeiaeua aeey ?iaanoeoe?eiiai
i?ioeano. C oe??th iaoith aeioe?eueii, ia iaoo aeoieo, cai?iaaaeeoe
no?oeoo?ecaoe?th oe??? iie?oeee ca /ioe?ia oaeeie iai?yieaie:

( caaacia/aiiy o?iainoaaiiy i??i?eoaoieo aeey ?icaeoeo aeiiii?ee Oe?a?ie
aaeocae ? ae?iaieoeoa, /?oeee ?icae?e noa? ?iaanooaaiiy i?ae
aea?aeaaieie ? i?eaaoieie eai?oaeueieie aeeaaeaiiyie;

( ia?ao?ae a?ae ?iciiae?eo aea?aeaaieo cania?a aei ?o ia?oia?nueeiai
?iaanooaaiiy ?acii ?c i?eaaoiei naeoi?ii;

( aea?aeaaia i?aeo?eiaiiy ?ano?oeoo?ecaoe?? noa(?eo?a ainiiaea?thaaiiy;

( aea??eiaa ?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino? a ?aa?iiao.

4. Ia??aiii??i?noue ?aa?iiaeueiiai ?icaeoeo aeiiii?ee Oe?a?ie iio?aao?
niaoe?aeueiiai i?aeoiaeo aei i?aai?caoe?? ?iaanoeoe?eii? ae?yeueiino? o
eiaeiiio ie?aiiio ?aa?ii?. O ?aa?iiao c aenieei aeiiii?/iei iioaioe?aeii
aea?aeaaia ?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino? iiaeia iaiaaeeoe
iaeiaei ?iaanooaaiiyi ? eiio?ieai i?iaeo?a (i?ia?ai), ye? iathoue
no?aoaa?/ia cia/aiiy aeey a?o/eciyii? aeiiii?ee. Aiaeii/an aea?aeaaio
?iaanoeoe?eio iie?oeeo o iaio ?icaeiooeo ?aa?iiao iio??aii
no?oeoo?ecoaaoe ca oaeeie ia?aiao?aie, ye oe?iiooai?aiiy, iiiaeaoeoaaiiy
? caaaeueiiaea?aeaaia athaeaeaoia i?aeo?eiea. ?iaanoeoe?eio iie?oeeo a
ieo iio??aii aanoe o eiiieaen? c aioee?eciaeie caoiaeaie o?yaeo (
caaaeueiei icaei?iaeaiiyi aeiiii?/iiai na?aaeiaeua, noai?aiiyi no?eeeo
ia?aaeoiia aeey aoaeoeaiiai ooieoe?iioaaiiy ?eieiaiai iaoai?cio,
caaacia/aiiyi oiia aeey oi?ioaaiiy i?ia?aneaieo oa?eoi??aeueii-aaeocaaeo
i?iii?oe?e.

5. Aeey iie?ioaiiy oiia ?iaioe ?iaanoi??a ia oe?a?inueeiio ?eieo
iio??aii, ia iaoo aeoieo, noai?eoe aoaeoeaio ?io?ano?oeoo?io nenoaio
?iaanoeoe?eii? ae?yeueiino?, iniiaieie neeaaeiaeie yei? iiaeii? noaoe
?inoeoooe?ei? eiiieaene ?iaanoeoe?eiiai iaiaaeaeiaioo ? ?eieiaiai
iaoai?cio. Ooieoe?iioaaiiy oaei? nenoaie, ia iao iiaeyae, iiaeiii
(?oiooaaoeny ia i?eioeei? eiiieaeniiai ii?aeiaiiy ii?iaoeaiiai,
o?iainiaiai oa ?ioi?iaoe?eii-aiae?oe/iiai caaacia/aiiy ?iaanoeoe?eii?
ae?yeueiino?.

6. A oiiaao ?eieiai? o?ainoi?iaoe?? aeiiii?ee, eiee iiaeeeaino?
iia?e?caoe?? o?aaeeoe?eieo aioo??oi?o ?iaanoeoe?eieo ?ano?n?a ae?ae
iaiaaeai?, iio??aii ca aeiiiiiaith i?aaiaeo, aaei?i?no?aoeaieo oa
aeiiii?/ieo iaoiae?a e ?ino?oiaio?a ?icaeaaoe iia? aeey Oe?a?ie, aea
o?aaeeoe?ei? aeey ?eieiai? aeiiii?ee aeaea?aea ?iaanoeoe?eiiai eai?oaeo,
oae? ye ?iaanoeoe?ei? e?aaeeoe, iaaeoiaeaeaiiy a?ae i?eaaoecaoe??,
?iaanoeoe?eiee e?ceia oiui.

7. Aeey ?aoe?iiae?caoe?? ianooaa?a ? no?oeoo?e ?iicaiiiai ?iaanooaaiiy a
Oe?a?i? iio??aii canoinoaaoe eiiieaeniee i?aeo?ae, yeee, ia iao iiaeyae,
iiaeiai ia?aaeaa/aoe caoiaee, ui ni?eythoue noai?aiith eiieo?aioiiai
?eieiaiai na?aaeiaeua, caaacia/othoue iiceoeaiee ?i?aeae iaoi? e?a?ie o
na?o? ? aeathoue ciiao aea?aeaaiei i?aaiai aoaeoeaii ?aaoethaaoe ?oo oa
aeei?enoaiiy caei?aeiiieo eai?oae?a. I?e oeueiio ne?ae caaacia/oaaoe
noai?ee eiio?ieue ca aeio?eiaiiyi ia?eoaoo aea?aeaaieo ?ioa?an?a Oe?a?ie
oa ?iicaiieo ?iaanoi??a.

8. I?aeaeuaiiy iia?aoeaiino? oa yeino? ooaaeaiiy ??oaiue c i?aai?caoe??
?iaanoeoe?eii? ae?yeueiino? iio?aao?, ia iaoo aeoieo, noai?aiiy nenoaie
?? iii?oi?eiao. Eiiieaenia aeine?aeaeaiiy ia?aiao??a ?iaanoeoe?eiiai
?eieo o ii?aeiaii? ?c iia?aoeaiei aiae?cii aeueoa?iaoeaieo ??oaiue ?
/eiiee?a ci?ie ?iaanoeoe?eiiai ee?iaoo caaacia/oaaoeia iio??ai? aeai?
aeey ioe?iee noaio ?iaanoeoe?eii? ae?yeueiino? o a?o/eciyi?e aeiiii?oe?.
Nenoaia iii?oi?eiao aeaaaoeia ciiao iiaeaethaaoe ? i?iaiicoaaoe aieea ia
?? ?iaanoeoe?eiee ?aeoeia iane?aee?a oaaaeaiiy oiai /e ?ioiai
ii?iaoeaiiai aeoo aai oi?aae?inueeiai ??oaiiy.

?V. Iniiai? ioae?eaoe?? c oaie aeena?oaoe??

1. Eenee ?.A. I?iaeaie iiaeaaaeaiiy ?iaanoeoe?eii? ae?yeueiino? a
Oe?a?i? / / Noaiiaeaiiy iaoe?iiaeueii? aeiiii?ee a Oe?a?i?. A?ni.
Euea?a. oi-oo. Na?. aeii. 1995. Aei. 26. – N. 36-39. (0,2 ae.a.).

2. Eenee ?.A. Aei ieoaiiy i?i iaoiaeeeo ioe?iee aoaeoeaiino?
?iaanoeoe?eiiai i?iaeoo / / Iaoe?iiaeueia aeiiii?ea Oe?a?ie: i?iaeaie
noaiiaeaiiy, ia?niaeoeae. A?ni. Euea?a. oi-oo. Na?. aeii. 1997. Aei. 27.
– N. 36-39. (0,2 ae.a.).

3. E(n(e E. Eiaanoeoeeiiiue eeeiao a Oe?aeia: aiaeec e iooe oeo/oaiey /
/ Aecian Eioi?i. – 1998. – ? 3. – N. 44-46. (0,4 ae.a.).

4. Eenee ?. ?iaanoeoe?eia iie?oeea a Oe?a?i? ? aeaea?aea ??
o?iainoaaiiy / / Nioe?aeueii-aeiiii?/i? aeine?aeaeaiiy a ia?ao?aeiee
ia??iae. Ui??/. iaoe. i?aoeue. Aei. 2. IAI Oe?a?ie, ?inoeooo
?aa?iiaeueieo aeine?aeaeaiue. – Euea?a, 1997. N. 244-252. (0,6 ae.a.).

5. Eenee ?. ?iaanoeoe?eia e?eca a Oe?a?i?: i?e/eie ? oeyoe iiaeieaiiy
/ / Aeiiii?ea Oe?a?ie: ieioea, no/ania, iaeaooi?. Ca. aeiiia?aeae ?
iia?aeiieaiue Ainueii? iaoeiai? nan?? Aeiiii?/ii? eii?n?? IOO. – Euea?a,
1997. N. 49-52. (0,2 ae.a.).

6. Eenee ?.A. ?ieue ?iaanoeoe?e o noaiiaeaii? i?aei?e?iieoeoaa a Oe?a?i?
/ / Oai??y ? i?aeoeea i?aei?e?iieoeoaa: i?iaeaie aea/aiiy oa
aeiiii?/ii? i?ina?oe a Oe?a?i?. Iaoa?. i?aeia?. e?oiueiai aeiiii?/iiai
naiano?o “?IOA?AEI”. – Euea?a, 1997. N. 77-80. (0,2 ae.a.).

7. Eenee ?.A. ?ano?oeoo?ecaoe?y i?aei?e?inoaa ye oaeoi? c?inoaiiy eiai
?iaanoeoe?eii? i?eaaaeeaino? / / Iaoeia? aeiiia?ae? I?aeia?.
iaoe.-i?ae. eiio. “?ano?oeoo?ecaoe?y aeiiii?ee oa ?iaanoeoe?? a
Oe?a?i?”. – *.1. – *a?i?aoe?,1998. – N. 74-78. (0,3 ae.a.).

AIIOAOe?ss

Eenee ?.A. I?aai?caoe?y ?iaanoeoe?eii? ae?yeueiino? a oiiaao ?eieiai?
o?ainoi?iaoe?? aeiiii?ee Oe?a?ie. ?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeuei?noth 08.02.03 ( I?aai?caoe?y oi?aae?iiy, ieaioaaiiy ?
?aaoethaaiiy aeiiii?eith. – Euea?anueeee aea?aeaaiee oi?aa?neoao ?i.
?.O?aiea. Euea?a,1999.

Aeena?oaoe?th i?enay/aii ia(?oiooaaiith i?aai?caoe?? ?iaanoeoe?eii?
ae?yeueiino? a oiiaao ia?aoiaeo aei ?eieo ? ?ic?iaoe? aoaeoeaieo
iaoai?ci?a aeoea?caoe?? ?iaanoeoe?eieo i?ioean?a a Oe?a?i?. A oiae?
aeine?aeaeaiiy aaoi? i?iaiae?coaaa iai?yiee o?ainoi?iaoe?? aeiiii?/iiai
ci?noo ?iaanoeoe?eii? ae?yeueiino? a oiiaao noaiiaeaiiy ?eieiai?
aeiiii?ee. ?icaeyiooi oai?aoe/i? i?aeoiaee aei oi?ioaaiiy
?iaanoeoe?eiiai iioaioe?aeo i?aei?e?inoa ? eiai aoaeoeaii? ?aae?caoe??.
Ia iniia? ioe?iee no/aniiai noaio ?iaanoeoe?eiiai i?ioeano a Oe?a?i? ?
aeinyaiaiue na?oiai? i?aeoeee i?aai?caoe?? ?iaanoeoe?eii? ae?yeueiino?
cai?iiiiiaaii eiioeaiooaeuei? i?aeoiaee aei ?aoi?ioaaiiy ?iaanoeoe?eii?
iie?oeee. Ie?ai? ?acoeueoaoe ? i?iiiceoe?? aeena?oaoe?eiiai
aeine?aeaeaiiy i?aeoe/ii canoiniaai? a ?iaio? oi?aae?iiy aeiiii?ee
Euea?anueei? iaeaea?aeaaei?i?no?aoe?? c i?aeaeuaiiy aoaeoeaiino?
i?aai?caoe?? ?iaanoeoe?eii? ae?yeueiino? a ?aa?ii?.

Eeth/ia? neiaa: ?iaanoeoe?eia ae?yeuei?noue, ?iicaii? ?iaanoeoe??,
?iaanoi?, ?iaanoeoe?eia iie?oeea, ?iaanoeoe?eiee iioaioe?ae,
?ano?oeoo?ecaoe?y, no?aoaa?y ?iaanooaaiiy, ?iaanoeoe?ei? ?ano?ne,
?iaanoeoe?eiee ee?iao, iii?oi?eia ?iaanoeoe?eii? ae?yeueiino?.

AIIIOAOeEss

Eunue E.A. I?aaiecaoeey eiaanoeoeeiiiie aeayoaeueiinoe a oneiaeyo
?uii/iie o?ainoi?iaoeee yeiiiieee Oe?aeiu. ?oeiienue.

Aeenna?oaoeey ia nieneaiea o/?iie noaiaie eaiaeeaeaoa yeiiiie/aneeo iaoe
ii niaoeeaeueiinoe 08.02.03 ( I?aaiecaoeey oi?aaeaiey, ieaie?iaaiey e
?aaoee?iaaiey yeiiiieeie. Eueaianeee ainoaea?noaaiiue oieaa?neoao
ei.E.O?aiei, Eueaia, 1999.

Aeenna?oaoeey iinayuaia iainiiaaieth i?aaiecaoeee eiaanoeoeeiiiie
aeayoaeueiinoe a oneiaeyo ia?aoiaea e ?uieo e ?ac?aaioea yooaeoeaiuo
iaoaieciia aeoeaecaoeee eiaanoeoeeiiiuo i?ioeannia a Oe?aeia. A oiaea
enneaaeiaaiey iooae o?ainoi?iaoeee yeiiiie/aneiai niaea?aeaiey
eiaanoeoeeiiiie aeayoaeueiinoe auei onoaiiaeaii, /oi eciaiaiea e?eoa?eaa
yooaeoeaiiai ooieoeeiie?iaaiey yeiiiieee, niioiioaiey iauanoaaiiiai
ni?ina e i?aaeeiaeaiey, ioeaiee ?acoeueoaoeaiinoe eiaanoeoeee e ae?oaeo
oaeoi?ia nicaeaee i?aaeiinueee aeey ia?aoiaea io aaeieieno?aoeaiie
?aca??noee ainoaea?noaaiiuo caaeaiee ii nicaeaieth iiauo e
oaoiieiae/aneie ?aeiino?oeoeee aeaenoaothueo i?iecaiaenoaaiiuo e
iai?iecaiaenoaaiiuo oiiaeia e nenoaia aeueoa?iaoeaiuo eiaanoeoeeiiiuo
?aoaiee. A i?aaiecaoeeiiiie no?oeoo?a eiaanoeoeeiiiie aeayoaeueiinoe
aianoi o?aaeeoeeiiiie nenoaiu “ainoaea?noaaiiue caeac/ee (
ainoaea?noaaiiue iiae?yae/ee” oi?ie?oaony aeeaa?neoeoee?iaaiiay
no?oeoo?a eiaanoi?ia, eioi?ua i?aaenoaaeytho niaie aaaioia ?aciiia?aciuo
ooieoeeiiaeueiuo (i?iecaiaenoaaiiua, iin?aaeie/aneea, ae?aeaaua,
eiaanoeoeeiiiua e ae?.) e nioeeaeueii-yeiiiie/aneeo no?oeoo?.

Ia?aoiae ia iiaua i?eioeeiu ooieoeeiie?iaaiey yeiiiieee nicaeaao
iauaeoeaiua oneiaey aeey eciaiaiee a i?aaiecaoeee eiaanoeoeeiiiie
aeayoaeueiinoe i?aaei?eyoee. Aeaaiie caaea/ae noaiiaeony oi?ie?iaaiea
nianoaaiiiai eiaanoeoeeiiiiai iioaioeeaea, eioi?ue, n iaeiie noi?iiu,
yaeyaony ?acoeueoaoii yooaeoeaiiai eniieueciaaiey iioaioeeaeueiuo
aiciiaeiinoae i?aaei?eyoey, a, n ae?oaie, ( oaeoi?ii aai aeaeueiaeoaai
?acaeoey. Ieceay aaeaioe?iaaiiinoue aieueoeinoaa oe?aeineeo i?aaei?eyoee
e iiaui oneiaeyi oicyenoaiaaiey aeieacuaaao eo ianinoiyoaeueiinoue
eiaanoe?iaaoue nianoaaiiia ?acaeoea. Iiyoiio aeey iiaeiyoey
eiaanoeoeeiiiiai iioaioeeaea i?aaei?eyoee e nicaeaiey i?aaeiinueie
aiaoiae i?eaeaeaoaeueiinoe aeey eiaanoi?ia, aaoi? i?aaeeaaaao oeaeue
eiiieaen ia? ii eo ?ano?oeoo?ecaoeee e oeiainiaiio icaei?iaeaieth.

A oneiaeyo ?uii/iie o?ainoi?iaoeee yeiiiieee ia?iiiia cia/aiea aeey
aeoeaecaoeee eiaanoeoeeiiiie aeayoaeueiinoe eiaao i?eaeaeaoaeueiinoue
eiaanoeoeeiiiiai eeeiaoa. Enneaaeiaaiea ninoiyiey eiaanoeoeeiiiiai
i?ioeanna a Oe?aeia iicaieeei auaeaeeoue oeaeoth a?oiio oaeoi?ia,
eioi?ua ii?aaeaeytho ieceee eiaanoeoeeiiiue ?aeoeia iaoae no?aiu. Yoi
oaeoaeaiea yeiiiie/aneiai e?ecena, ianiaa?oainoai oeiainiai-e?aaeeoiie
nenoaiu, ianoaaeeueiinoue e ianiaa?oainoai caeiiiaeaoaeuenoaa,
ia?acaeoinoue oiiaeiaiai ?uiea e ?uiea eaieoaeia, neaaay
i?iiuoeaiii-oaoie/aneay aaca, an?aic?anoathuee o?iaaiue ei??oioeee e
oaiacaoeee yeiiiieee, a oaeaea iieeoe/aneay ianoaaeeueiinoue. Eo
aicaeaenoaea nicaea?o na?ue?ciua i?aiyonoaey ia iooe iinooieaiey
eiino?aiiiai eaieoaea a ioa/anoaaiioth yeiiiieeo, caiaaeeyao oaiiu
?aoi?i e aucuaaao nioeeaeueiia iai?yaeaiea a iauanoaa.

I?iaaae?iiue aiaeec eiaanoeoeeiiiiai eeeiaoa a Oe?aeia e nai i?ioeann
?acaeoey eiaanoeoeeiiiie aeayoaeueiinoe iiaeoaa?aeaeatho oio oaeo, /oi
oaia?aoiyy iieeoeea ainoaea?noaa ia iaania/eaaao yooaeoeaiiai iaoaiecia
i?aaiecaoeee eiaanoeoeeiiiie aeayoaeueiinoe. Ii iiaieth aaoi?a,
?aoi?ie?iaaiea ainoaea?noaaiiie iieeoeee a noa?a eiaanoeoeee aeieaeii, a
ia?aoth i/a?aaeue, iaania/eoue iniiaiua yeiiiie/aneea oneiaey
aeoeaecaoeee eiaanoeoeeiiiie aeayoaeueiinoe. Aeey yoiai i?aaeeaaaaony
i?iaanoe no?oeoo?ecaoeeth iieeoeee a /aou??o iai?aaeaieyo: iaania/aiea
oeiaine?iaaiey i?ei?eoaoia ?acaeoey yeiiiieee Oe?aeiu, ?acaeaeea noa?u
iaaeaeo oeaio?aeeciaaiiuie e /anoiuie eaieoaeiaeiaeaieyie; ia?aoiae io
?ani?aaeaeaiey ainoaea?noaaiiuo n?aaenoa e eo ia?oia?neiio
eiaanoe?iaaieth aianoa n /anoiui naeoi?ii; ainoaea?noaaiiay iiaeaea?aeea
?ano?oeoo?ecaoeee (naiaoeee) oicyenoaothueo noauaeoia; auai?i/iia
?aaoee?iaaiea eiaanoeoeeiiiie aeayoaeueiinoe a ?aaeiiao. Iineaaeiaa
iai?aaeaiea iniaaiii aaaeii a neeo ia?aaiiia?iiai ?aaeiiaeueiiai
?acaeoey yeiiiieee no?aiu I?aeoe/aneay ?aaeecaoeey yoiai iai?aaeaiey ai
iiiaii caaeneo io aianaiey iaiaoiaeeiuo eciaiaiee a eiaanoeoeeiiiia
caeiiiaeaoaeuenoai ioiineoaeueii i?eioeeiia oi?ie?iaaiey e ?aaeecaoeee
?aaeiiaeueiie eiaanoeoeeiiiie iieeoeee.

O/eouaay iniaaiioth aaaeiinoue oeo/oaiey eiaanoeoeeiiiiai eeeiaoa aeey
nicaeaiey ii?iaeueiuo oneiaee ?aaiou eiaanoi?ia ia oe?aeineii ?uiea,
i?aaeeaaaaony, a ia?aoth i/a?aaeue, inouanoaeoue einoeoooeeiiioth
?aoi?io e ?aoi?io nenoaiu caeiiiaeaoaeuenoaa. Nouanoaaiii iiauneoue
yooaeoeaiinoue i?aaiecaoeee oi?aaeaiey, ieaie?iaaiey e ?aaoee?iaaiey
eiaanoeoeeiiiie aeayoaeueiinoueth aeieaeia nenoaia a? iiieoi?eiaa.
Iaoaieci i?aaiecaoeee oaeie nenoaiu i?aaeeiaeai aaoi?ii e iiae?iaii
iienai a aeenna?oaoeee.

Yooaeoeaiay ainoaea?noaaiiay eiaanoeoeeiiiay iieeoeea aeieaeia
iaania/eoue iinooieaiea iaoa?eaeueiuo e oeiainiauo ?ano?nia,
iaiaoiaeeiuo aeey ?aoi?ie?iaaiey yeiiiieee Oe?aeiu e a? auno?iai ?inoa.
Iiaeeeciaaoue iioaioeeaeueiua aioo?aiiea enoi/ieee eiaanoeoeeiiiiai
eaieoaea a oneiaeyo e?ecena iaiau/aeii neiaeii. Iiyoiio ioaeii
aeoeaece?iaaoue ?aaioo eiino?aiiuo eiaanoi?ia. ?aoeeiiaeecaoeeth iau?iia
e no?oeoo?u eiino?aiiiai eaieoaea, ii iiaieth aaoi?a, aeieaeii
iaania/eoue oi?ie?iaaiea eiieo?aioiie ?uii/iie n?aaeu, nicaeaiea
iieiaeeoaeueiiai iaaeaeoia?iaeiiai eieaeaea iaoae aea?aeaau e aeoeaiia
ainoaea?noaaiiia ?aaoee?iaaiea aeaeaeaiey e eniieueciaaiey eiino?aiiuo
eiaanoeoeee, i?e iinoiyiiii eiio?iea ia?eoaoa nianoaaiiuo eioa?ania e
eioa?ania eiino?aiiuo eiaanoi?ia. Ioaeaeueiua ?acoeueoaou e
i?aaeeiaeaiey aeenna?oaoeeiiiiai enneaaeiaaiey iaoee i?aeoe/aneia
i?eiaiaiea a ?aaioa oi?aaeaiey yeiiiieee Eueaianeie
iaeainaaeieieno?aoeee ii iiauoaieth yooaeoeaiinoe i?aaiecaoeee
eiaanoeoeeiiiie aeayoaeueiinoe a ?aaeiia.

Eeth/aaua neiaa: eiaanoeoeeiiiay aeayoaeueiinoue, eiino?aiiua
eiaanoeoeee, eiaanoi?, eiaanoeoeeiiiay iieeoeea, eiaanoeoeeiiiue
iioaioeeae, ?ano?oeoo?ecaoeey, no?aoaaey eiaanoe?iaaiey, eiaanoeoeeiiiua
?ano?nu, eiaanoeoeeiiiue eeeiao, iiieoi?eia eiaanoeoeeiiiie
aeayoaeueiinoe.

ANNOTATION

Lysyy I.V. Investment activity organising under the market
transformation of the Ukrainian economy. Manuscript.

Thesis for the academic degree of the Candidate of Economic Sciences by
speciality 08.02.03 ( Organising of planning, regulating and management
of the economy. L’viv State University named after I.Franko, L’viv,
1999.

The thesis is dedicated to the substantiation of investment activity
organising in conditions of transition to the market and working out
effective mechanisms of investment processes activation in Ukraine.
During research the author has analysed ways of transformation of the
economic contents of investment activity in conditions of market economy
forming. The theoretical approaches to formation and effective
implementation of an investment potential of firms are reviewed. On the
basis of an estimation of a present condition of the investment process
in Ukraine and achievements of world practice of investment activity
organising, the conceptual approaches to reforming investment policy are
offered. Some outcomes and the proposals of the research have found
practical use in work of the economic department of L’viv regional
administration for purposes of more effective investment activity
organising in the locale.

Key words: investment activity, foreign investments, investor,
investment policy, investment potential, re-structuring, strategy of
investment, investment resources, investment climate, monitoring of
investment activity.

Iai?? ion. Ae?oe ion. Oi?iao 60o84/16.

Oe?aae 130. Cai ? 99-01/7. Ae?oe OcIA “I?ino?? I”.

Neeaaeaii ca aeaieie: Oe?a?ia o oeeo?ao o 1997 ?ioe?: Ei?ioe. noao.
aeia?aei. – E.: Iaoeiaa aeoiea, 1998. N. 66; Iii?oi?eia ?iaanoeoe?eii?
ae?yeueiino? a Oe?a?i?. – 1998. – Aei. 2. – N. 82; Iaeueiee I.I.
?iaanoeoe?eiee ee?iao a Oe?a?i? / / O?iaine Oe?a?ie. – 1998. – ? 8. – N.
62.

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