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

Eicaeia A?oae?e A?oae?eiae/

OAeE 336.76

I?AEIA?IAeIA ?IOAA?AOe?ss OIIAeIAEO ?EIE?A E?A?I,

UI ?ICAEAATHOUeNss

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??aieeeaiaeeaeao aeiiii?/ieo iaoe, i?ioani? Iicaiaee Ieaa
Ieeieaeiae/, Aieiaa Aea?aeaaii? eii?n?? c oe?iieo iaia??a oa oiiaeiaiai
?eieo Oe?a?ie

Io?oe?ei? iiiiaioe:

aeieoi? aeiiii?/ieo iaoe, i?ioani?
Ieioi?eia Ieaen?e A?oae?eiae/, caa?aeoaa/ a?aeae?eo
i?aeia?iaeieo aaethoii-o?iainiaeo a?aeiinei ?inoeoooo na?oiai? aeiiii?ee
oa i?aeia?iaeieo a?aeiinei IAI Oe?a?ie.

eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio I?eeeiei Na?a?e ?aaiiae/, aeioeaio
eaoaae?e i?aeia?iaeii? aeiiii?ee Ee?anueeiai iaoe?iiaeueiiai
aeiiii?/iiai oi?aa?neoaoo

I?ia?aeia onoaiiaa

?inoeooo i?aeia?iaeieo a?aeiinei

Ee?anueeiai oi?aa?neoaoo ?i. Oa?ana Oaa/aiea, eaoaae?a i?aeia?iaeieo
aeiiii?/ieo a?aeiinei.

Caoeno a?aeaoaeaoueny 1 aa?aciy 1999 ?ieo i 14-e aiaeei? ia can?aeaii?
niaoe?ae?ciaaii? a/aii? ?aaee Ae.26.006.03 Ee?anueeiai iaoe?iiaeueiiai
aeiiii?/iiai oi?aa?neoaoo ca aae?anith:

252057, i. Ee?a-57, i?iniaeo Ia?aiiae, 54/1, aoaeeoi??y 317.

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

Aaoi?aoa?ao ?ic?neaiee 28 n?/iy 1999 ?ieo.

A/aiee nae?aoa?

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

aeieoi? aeiiii?/ieo iaoe

i?ioani? Ooen A.A.

CAAAEUeIA OA?AEOA?ENOEEA ? NO?OEOO?A ?IAIOE

Aeooaeuei?noue oaie aeine?aeaeaiiy. O ?icaeoeo na?oiai? aeiiii?ee
inoaii?o aeanyoee?oue aeii?iothoue ?ioaa?aoe?ei? i?ioeane, ui aeiei??iii
ci?iththoue ianyae ? oa?aeoa? ?ooo oaeoi??a oa ?acoeueoao?a
ae?iaieoeoaa. O?iainia? ?eiee aaaaoueio e?a?i, iica caeaaei?noth a?ae
nooiaiy ?icaeoeo ?o aeiiii?e, cia/ieie oaiiaie ?ioaa?othoueny a ?aeeiee
aeiaaeueiee ?eieiaee i?ino??.

Iaei??th c iaeaaaeeea?oeo neeaaeiaeo /anoei aeiaae?caoe?? na?oiai?
aeiiii?ee ? i?aeia?iaeia ?ioaa?aoe?y oiiaeiaeo ?eie?a. Oeae i?ioean
nooo?ai aieeaa? ia iniiao no/anii? i?aeia?iaeii? aeiiii?/ii?
ae?yeueiino? – ?iaanooaaiiy. Na?oiaee aeina?ae na?ae/eoue, ui aac
caeo/aiiy e aoaeoeaiiai aeei?enoaiiy ?iicaiieo ?iaanoeoe?e, e?a?ie, ui
?icaeaathoueny oa e?a?ie c ia?ao?aeieie aeiiii?eaie ia iiaeooue aeinyaoe
onoaeaiiai aeiiii?/iiai c?inoaiiy. Oiio aeey aeiiii?e oeeo aea?aeaa
ae?ae aaaeeeaei ? iiaoaeiaa iaoe?iiaeueieo oiiaeiaeo ?eie?a c
o?aooaaiiyi no/anieo oaiaeaioe?e ?icaeoeo ?eie?a oe?iieo iaia??a aeey
caeo/aiiy iaiao?aeieo ianya?a ?iicaiieo ?iaanoeoe?e.

Neeaaei?noue i?ioeano i?aeia?iaeii? o?iainiai? ?ioaa?aoe?? ?
a?aenooi?noue a?aeiia?aeiiai iaoe?iiaeueiiai aeina?aeo iaoiiaeth?
iaiao?aei?noue aeine?aeaeaiiy oeueiai i?ioeano ia i?eeeaae? e?a?i, ui
?icaeaathoueny, ye? aaea i?ieoee iaaiee oeyo o iai?yieo i?aeia?iaeii?
?ioaa?aoe?? nai?o oiiaeiaeo ?eie?a.

Aiae?c oiia ? /eiiee?a ?icaeoeo oiiaeiaeo ?eie?a e?a?i, ui
?icaeaathoueny, o eiioaeno? ?o i?aeia?iaeii? ?ioaa?aoe?? iaaeanoue
iiaeeea?noue aeae?eeoe i??i?eoaoe ?icaeoeo oiiaeiaiai ?eieo Oe?a?ie c
i???ioaoe??th ia aeinyaiaiiy iaeneiaeueii? ei?eno? a?ae i?aeia?iaeii?
?ioaa?aoe?? oa iaeo?ae?caoe?th iiaeeeaeo ?? iaaaoeaieo iane?aee?a.

Nooi?iue aeine?aeaeaiiy i?iaeaie. No/aniee ?icaeoie i?aeia?iaeieo
?ioaa?aoe?eieo i?ioean?a ?eie?a eai?oaeo i?eaa?oa? oaaao aeiiii?no?a
aaaaoueio e?a?i. Aacoth/enue ia oai?aoe/ieo iniiaao ?icaeoeo
?iaanoeoe?eii? ae?yeueiino? ? oiiaeiaeo ?eie?a, ui aoee caeeaaeai? oa
?ic?iaeai? a iaoeiaeo i?aoeyo Aeae. Eaeina, I. I?eea?a, O. Iiaeeae?ai?,
I. O??aeiaia, O. O?oa?a, A. Ia?eiaeoey, Aeae. O?ena, A. Oia?ia oa ?ioeo,
no/ani? aeine?aeieee noieonoaaee ?ioa?an ia aiae?c aieeao oiiaeiaiai
?eieo ia aeiiii?/ia c?inoaiiy e?a?i, aei?? nooiaiy ?ioaa?aoe?? oiiaeiaeo
?eie?a e?a?i, ui ?icaeaathoueny, o na?oia? ?eiee, no?aoaa?yo
?iaanooaaiiy a ?eiee, ui ?icaeaathoueny, aoaeoeaiino? ?eie?a eai?oaeo,
i?iaeai? aeiaaeueii? aeeaa?neo?eaoe?? ?iaanoeoe?eiiai ii?ooaey e
onoiaiiy aa?’???a ?ooo eai?oae?a o e?a?ie, ui ?icaeaathoueny (?iaioe A.
Aaena, ?. Aeoi?, I. Aeaeainaia, A. E?ea, I. Eaiea?a, ?. Ei?ae/eea, ?.
Eeaaeia, E. Ia?o?, I. Ianoo?eaea, Aeae. No?ae?oea, O. Oa?ia, N. Oa?aay,
I. Oaaa?a, ?. Oaia oa ?i.).

A Oe?a?i? oa ?in?? oaaaa aei aea/aiiy ?icaeoeo oiiaeiaeo ?eie?a ii/aea
i?iyaeyoeny ia ii/aoeo 90-o ?ie?a. O ?iaioao ?in?enueeeo a/aieo – I.TH.
Aeaen??aa, A.E. Aeueio?ia, I.TH. Ai?icaeeia, A.O. AEoeiaa, ss.I. I??e?ia
oa ?i., oe?a?inueeeo a/aieo – I.A. Aieueoeaa?aa, TH.I. Eenaieiaa, A.A.
Eieanieea, I.I. Iicaiaiai oa ?i. aiae?cothoueny ye caaaeuei? ieoaiiy
ooieoe?iioaaiiy oiiaeiaeo ?eie?a, oae ? i?eioeeie, ?io?ano?oeoo?a oa
?ino?oiaioe ?aaoethaaiiy oiiaeiaeo ?eie?a oiui.

Ne?ae cacia/eoe, ui o i?aoeyo c i?iaeai ?iicaiiiai ?iaanooaaiiy
a?o/eciyieo a/aieo (A.I. Aaeoey, A.A. Aoanueeiai, A.A. Ee???aa, Ae.A.
Eoe‘yiaiea, TH.A. Iaeiaiia, ?.A. Iai/aiea, I.A. Ieioi?eiaa, TH.I.
Iaoiiiaa, A.I. Ii?o/ieea, A.N. O?e?iaiea oa ?i.) ? caei?aeiiieo (A.
A?ainaia, Aeae. Eaiaaeea, ?. E?, ?. Eeaaeia, ?. Iaiaeaeea, O. ?ooa oa
?i.) iaaeinoaoiuei ?ic?iaeai? ieoaiiy, iia’ycai? c aieeaii iioieo
?iicaiiiai eai?oaeo ia ?icaeoie oiiaeiaeo ?eie?a e?a?i, ui
?icaeaathoueny.

Iacaaaeath/e ia cia/io e?euee?noue iaoeiaeo i?aoeue, iaaeinoaoiuei
aeine?aeaeaii ie?ai? aniaeoe ?icaeoeo oiiaeiaeo ?eie?a e?a?i, ui
?icaeaathoueny. A ia?oo /a?ao iio?aaothoue iiaeeaeaiiai aiae?co oa
ioe?iee iia?oi? oaiaeaioe?? ?icaeoeo oiiaeiaeo ?eie?a o eiioaeno?
i?aeia?iaeiiai ?ooo eai?oaeo, iaoiiaeai? ?o i?aeia?iaeiith
?ioaa?aoe??th.

Aeooaeuei?noue, iaoeiaa ? i?aeoe/ia cia/aiiy i?iaeaie, ?? iaaeinoaoi?
aena?oeaiiy a ?iaioao a?o/eciyieo oa caei?aeiiieo a/aieo iaoiiaeei aea??
oaie aeena?oaoe?eii? ?iaioe.

Ca’ycie ?iaioe c ieaiaie iaoeiai-aeine?aeieo ?ia?o. Aeena?oaoe?eia
?iaioa ? neeaaeiaith iaoeiai? aea?aeathaeaeaoii? oaie “I?aeia?iaeia
eiieo?aioini?iiiaei?noue iaoe?iiaeueieo aeiiii?e a oiiaao aeiaae?caoe??”
(iiia? aea?aeaaii? ?a?no?aoe?? 0198U001576).

Iaoith aeena?oaoe?eiiai aeine?aeaeaiiy ? ?ic?iaea oai?aoe/ieo ?
i?aeoe/ieo ?aeiiaiaeaoe?e noiniaii ?icaeoeo oiiaeiaiai ?eieo Oe?a?ie ia
iniia? aeyaeaiiy oaiaeaioe?e i?aeia?iaeii? ?ioaa?aoe?? oiiaeiaeo ?eie?a
? ioe?iee aieeao oeueiai i?ioeano ia aeiiii?ee e?a?i, ui
?icaeaathoueny.

A?aeiia?aeii aei iinoaaeaii? iaoe, aoee aecia/ai? ? ae??oai? ianooii?
caaaeaiiy:

· ?ice?eoe ?ieue oiiaeiaiai ?eieo a no/anieo i?aeia?iaeieo aeiiii?/ieo
a?aeiineiao;

· aeine?aeeoe nooi?iue ?icaeoeo i?aeia?iaeiiai oiiaeiaiai ?eieo ia
iniia? aiae?co oiiaeiaeo ?eie?a ?icaeiaieo e?a?i ? e?a?i, ui
?icaeaathoueny;

· aeyaeoe aieiai? oaiaeaioe?? ?icaeoeo oiiaeiaeo ?eie?a e?a?i, ui
?icaeaathoueny, o eiioaeno? i?aeia?iaeiiai ?ooo eai?oaeo;

· aeine?aeeoe ? nenoaiaoecoaaoe iniiai? oaeoi?e, ui ni?eythoue
?ioaa?aoe?? oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny;

· aeine?aeeoe iniiai? aniaeoe aeeiai?ee ?ioaa?aoe?? oiiaeiaeo ?eie?a ?
aeyaeoe ?o aieea ia aeiiii?eo e?a?i, ui ?icaeaathoueny;

· aecia/eoe nooi?iue ?icaeoeo oiiaeiaiai ?eieo Oe?a?ie ? aeyaeoe
ia?niaeoeae eiai caeo/aiiy o i?ioean i?aeia?iaeii? ?ioaa?aoe??;

· ?ic?iaeoe ?aeiiaiaeaoe?? uiaei ?icaeoeo oiiaeiaiai ?eieo Oe?a?ie a
eiioaeno? eiai i?aeia?iaeii? ?ioaa?aoe??;

Ia’?eoii aeine?aeaeaiiy ? oiiaeia? ?eiee e?a?i, ui ?icaeaathoueny, ye?
aaaaoi a /iio aecia/athoue no/ani? oaiaeaioe?? a i?aeia?iaeiiio ?on?
eai?oaeo. Ie?aii aeine?aeaeoaaeenue no?aoaa?? ?inoeoooe?iiaeueieo
?iaanoi??a, ia?aaaaeii ?iaanoeoe?eieo oa iain?eieo oiiae?a.

I?aaeiaoii aeena?oaoe?eiiai aeine?aeaeaiiy ? noeoii?noue aeiiii?/ieo
aca?iia?aeiinei, ui aeieeathoue o i?ioean? ?ioaa?aoe?? oiiaeiaeo ?eie?a
e?a?i, ui ?icaeaathoueny.

Oai?aoe/i? ? iaoiaeieia?/i? iniiae aeine?aeaeaiiy. Oai?aoe/iith iniiaith
i?iaaaeaiiai aeine?aeaeaiiy ? eeane/i? oai?aoe/i? ?iaioe i?ia?aeieo
no/anieo aeiiii?no?a c i?iaeai i?aeia?iaeii? o?iainiai? ?ioaa?aoe??, ?o
e?eoe/ia inieneaiiy a?aeiia?aeii aei oiia e?a?i, ui ?icaeaathoueny.

Iaoiaeieia?/iith iniiaith aeine?aeaeaiiy ? nenoaiiee i?aeo?ae aei
aiae?co no/anieo nioe?aeueii-aeiiii?/ieo yaeu ? ae?aeaeoe/iee iaoiae
i?ciaiiy aca?iicaeaaeieo i?ioean?a o i?aeia?iaei?e ?iaanoeoe?ei?e
ae?yeueiino? ia oiiaeiaeo ?eieao.

Aeey ae??oaiiy oai?aoe/ieo ? i?aeoe/ieo caaaeaiue aeine?aeaeaiiy
aeei?enoiaoaaeeny oae? iaoiaee: ii??aiyeueii-aeiiii?/iee,
aeiiii?ei-noaoenoe/iee, aano?aeoii-eia?/iee, eeaneo?eaoe?? ? oeiieia??,
iaoaiaoe/iiai i?ia?aioaaiiy ? iae?i?eii? iioei?caoe??, a?aoiaiae?oe/iee
oa nioe?aeueieo aeine?aeaeaiue.

?ioi?iaoe?eio aaco aeine?aeaeaiiy neeaaeathoue iaoa??aee I?i?noa?noaa
noaoenoeee, I?i?noa?noaa aeiiii?ee, I?i?noa?noaa ciai?oiueiaeiiii?/ieo
ca’yce?a ? oi?a?ae? Oe?a?ie, Na?oiaiai aaieo, ?a?iiaenueeiai aaieo
?aeiino?oeoe?? oa ?icaeoeo, I?aeia?iaeii? o?iainiai? ei?ii?aoe??,
I?aeia?iaeiiai aaethoiiai oiiaeo, Institutional Investor, Financial
Times, The Wall Street Journal Europe, Internet, a?o/eciyi? e ?iicaii?
iiiia?ao?? oa niaoe?aeueia ia??iaee/ia e?oa?aoo?a, noaoenoe/i? ca??ieee,
?ioi?iaoe?ei? atheaoai? oiui, ocaaaeueiai? iaoa??aee iieooaaiue, ui aoee
i?iaaaeai? aaoi?ii na?aae oi?aiaoe?a oe?iieie iaia?aie Oe?a?ie.

Iaoeiaa iiaecia io?eiaieo ?acoeueoao?a aeena?oaoe?eiiai aeine?aeaeaiiy
aecia/a?oueny ianooiiei:

1) aia?oa nenoaiaoeciaai? /eiieee aieeao i?aeia?iaeii? ?ioaa?aoe??
oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny, ia ?o aeiiii?/iee ?icaeoie o
eiioaeno? aeyaeaieo oaiaeaioe?e i?aeia?iaeiiai ?ooo eai?oaeo;

2) aeyaeai? /eiieee, ui iathoue iaea?eueoee aieea ia aeeiai?caoe?th
i?ioeano ?ioaa?aoe?? oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny:
no?aoaa?? iiaaae?iee ?inoeoooe?iiaeueieo ?iaanoi??a, nenoaie i?eeiyooy
??oaiue ei?ii?aoe?yie i?e aeiaaeueiiio ?ici?uaii? nai?o aeoe?e, ci?ie a
?io?ano?oeoo?? oiiaeiaeo ?eie?a oa aeaiia?ao?/i?e no?oeoo?? a ?icaeiaieo
e?a?iao;

3) noi?ioeueiaaia ? aeiaaaeaia oai?aia i?aeia?iaeiiai ei?ii?aoeaiiai
?iaanooaaiiy, yea aea? iiaeeea?noue aecia/eoe, ui ?iaanoeoe?eia
iiaaae?iea ei?ii?aoe?? ? iaaeene?ei?iaoe?eiith ii a?aeiioaiith aei
?iaanoi??a, ye? ciaoiaeyoueny a ??cieo e?a?iao;

4) ?ic?iaeaii iiaeae? iioeiaeueiiai ?iciiae?eo aeoe?e ei?ii?aoe?e ii
?eieao ??cieo e?a?i oa iiaaae?iee ?iicaiieo ?inoeoooe?iiaeueieo
ii?ooaeueieo ?iaanoi??a ia oiiaeiaeo ?eieao e?a?i, ui ?icaeaathoueny a
oiiaao ?o i?aeia?iaeii? ?ioaa?aoe??;

5) cai?iiiiiaaii ?aeiiaiaeaoe?? uiaei ?icaeoeo oiiaeiaiai ?eieo Oe?a?ie
c o?aooaaiiyi aieeao i?aeia?iaeii? o?iainiai? ?ioaa?aoe?? ia aeiiii?/iee
?icaeoie e?a?ie.

I?aeoe/ia cia/aiiy i?iaaaeaiiai aeine?aeaeaiiy iieyaa? a ?aaeueieo
iiaeeeainoyo ?aae?caoe?? ?ic?iaeaieo iaoiaee/ieo i?aeoiae?a aei aiae?co
? i?iaiicoaaiiy i?ioean?a ?icaeoeo oiiaeiaeo ?eie?a i?e oaeineiiaeaii?
?iaanoeoe?eii? iie?oeee Oe?a?ie.

Oai?aoe/i? iieiaeaiiy oa i?aeoe/i? ?aeiiaiaeaoe?? aeena?oaoe?eii? ?iaioe
aeei?enoiaothoueny a iaa/aeueiiio i?ioean? a Ee?anueeiio iaoe?iiaeueiiio
aeiiii?/iiio oi?aa?neoao? i?e ?ic?iaoe? ? aeeeaaeaii? eo?no
“I?aeia?iaeia ?iaanoeoe?eia ae?yeuei?noue”.

?acoeueoaoe aeine?aeaeaiiy ?iaanoeoe?eii? ae?yeueiino?
?inoeoooe?iiaeueieo ii?ooaeueieo ?iaanoi??a canoiniaothoueny a
i?aeoe/i?e ae?yeueiino? Anioe?aoe?? “Iicaa??aeiaa Oiiaeiaa Oi?aiaaeueia
Nenoaia” (IOON).

Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??. ?acoeueoaoe aeine?aeaeaiiy
aeiiia?aeaeenue ia iaoeiai-i?aeoe/i?e eiioa?aioe?? “Noai ? ia?niaeoeae
?icaeoeo oiiaeiaiai ?eieo Oe?a?ie” (E?ei, Oi?in, 1998). Ie?ai?
iieiaeaiiy ?iaioe aoee aeei?enoai? i?e ?ic?iaoe? Iaii?aiaeoio o/aniee?a
oe??? eiioa?aioe??, ui i?ecia/aiee caeiiiaeaa/ei ? aeeiiaa/ei i?aaiai
Oe?a?ie.

Ioae?eaoe?? ?acoeueoao?a aeine?aeaeaiiy. Ca oaiith aeena?oaoe?eiiai
aeine?aeaeaiiy i?aeaioiaeai? o?e ?iaeea?aeoaeueieo noaoo? oa 2
iaa/aeueieo iin?aieea (o ni?aaaoi?noa?) caaaeueiei ianyaii 2.2
ae?oeiaaieo a?eooa.

No?oeoo?a e ianya ?iaioe. Aeena?oaoe?eia ?iaioa neeaaea?oueny c anooio,
o?ueio ?icae?e?a, aeniiae?a, nieneo aeei?enoaii? e?oa?aoo?e c 153
iaeiaioaaiue. ?iaioa aeeth/a? 182 noi??iee oaenoo, o oiio /ene? 12
oaaeeoeue, 35 ?enoie?a, 3 aeiaeaoea.

INIIAI? IIEIAEAIIss AeENA?OAOe??

A “Anooi?” iaa?oioiaaii aeooaeuei?noue oaie, iaiao?aei?noue
aeine?aeaeaiiy, noi?ioeueiaaii iaoo oa caaea/?, ?ice?eoi iaoeiao iiaecio
oa iaaaaeaii i?aeoe/i? ?acoeueoaoe aeine?aeaeaiiy.

?icae?e 1. “?icaeoie oiiaeiaiai ?eieo ? i?aeia?iaeiee ?oo eai?oaeo”
neeaaea?oueny c o?ueio i?ae?icae?e?a.

O ?icae?e? ?icaeyaea?oueny ?ieue oiiaeiaiai ?eieo a no/anieo
i?aeia?iaeieo aeiiii?/ieo a?aeiineiao, aecia/athoueny no/ani?
oaiaeaioe?? ?icaeoeo oiiaeiaeo ?eie?a o eiioaeno? i?aeia?iaeiiai ?ooo
eai?oaeo, a oaeiae aeine?aeaeo?oueny ?icaeoie oiiaeiaeo ?eie?a
?icaeiooeo e?a?i ? e?a?i, ui ?icaeaathoueny.

Iieacaii, ui i?aeia?iaeiee oiiaeiaee ?eiie ? na?aaeiaeuai, a yeiio
aeoioeththoueny ? ia?a?iciiae?eythoueny iaea?eueo? ianyae i?aeia?iaeieo
?iaanoeoe?eieo ?ano?n?a.

?icaeoie oiiaeiaeo ?eie?a a?aeaoaa?oueny ia oii? ??ceiai ca?eueoaiiy
?iicaiieo ?iaanoeoe?e o e?a?ie, ui ?icaeaathoueny. Oe? ?iaanoeoe??,
io?eiaaoe ii/aoeiaee iiooiao ia ii/aoeo 90-o ?ie?a a?ae oeeee?/iiai
iaae?iiy i?ioeaioieo noaaie o ?icaeiaieo e?a?iao, aa?eoee a iiao
?ioaa?aoe?eio oaco, ia?o ca ana, iaoiiaeaio no/anieie no?oeoo?ieie
?eieiaeie ci?iaie.

O ?iaio? aoee aeyaeai? oae? iniiai? oaiaeaioe?? i?aeia?iaeiiai ?ooo
eai?oaeo, ui a?aeia?aaeathoue ye?ni? oa e?euee?ni? ci?ie, iia‘ycai? c
i?aeaeuaiiyi ?ie? e?a?i, ui ?icaeaathoueny:

· ca?eueoaiiy caaaeueieo ianya?a ?iicaiiiai ?iaanooaaiiy, ye? ia
nueiaiaei? ia?aaeueee 265 ie?ae. aeie. NOA, ui iaeaea a o?noue ?ac
a?eueoa, i?ae ia ii/aoeo aeanyoee?ooy ? a /ioe?e ?ace a?eueoa i?e?a,
aeinyaiooeo o ia??iae aoio ?iaanoeoe?e eiia?oe?eieo aaie?a o e?a?ie, ui
?icaeaathoueny, c 1978 ii 1982 ?iee;

· c?inoaiiy /anoee i?yieo ? ii?ooaeueieo ?iaanoeoe?e o e?a?ie, ui
?icaeaathoueny o caaaeueiiio ianyc? i?aeia?iaeiiai ?iaanooaaiiy
(a?aeiia?aeii aei 40% ? 30% o 1997 ?. i?ioe 15% ? 5% o 1990 ?.);

· ii??aiyii aeniea aeeiai?ea ?iicaiiiai ?iaanooaaiiy a aeoe?? ?eie?a, ui
?icaeaathoueny (ia nueiaiaei? aeecueei 18% an?o ?iicaiieo ?iaanoeoe?e
i?e i?aeoe/ii ioeueiaeo iieacieeao ia ii/aoeo 80-o ?ie?a);

· i?aaaethaaiiy i?eaaoieo ?iaanoeoe?e ye o aenii?o? eai?oaeo
e?a?i-aeiii??a (o i‘youe ?ac?a ia?aaeuothoue aea?aeaai?), oae ? a
?iii?o? e?a?i-?aoeai??io?a (neeaaeathoue iaeaea 20% a?ae iaoe?iiaeueieo
?iaanoeoe?e i?ioe 4.1% o 1990 ?.);

· a?aeiinia noaa?euei?noue aeeiai?ee i?eaaoieo ?iicaiieo ?iaanoeoe?e
(iacaaaeath/e ia ca?eueoaiiy i?ioeaioieo noaaie o NOA a 1994 ?. ? ia
Iaeneeainueeo e?eco a 1995 ?ioe?, aiie ca?eueoeeenue a ianooii? 3 ?iee
ia 55%);

· aeoea?caoe?y ?iaanoeoe?eii? ae?yeueiino? aca?iieo ? iain?eieo oiiae?a
?icaeiooeo e?a?i ia oiiaeiaeo ?eieao e?a?i, ui ?icaeaathoueny (a 90-?
?iee c?inoaiiy ianya?a ?iaanoeoe?e a?aeiia?aeii a 10 oa a 11 ?ac?a).

Aeyaeaii, ui no/aniee i?aeia?iaeiee ?eiie oe?iieo iaia??a neeaaea?oueny
c /ioe?ueio naaiaio?a. Iaea?eueoee ianya oi?aiaeo iia?aoe?e c ?iicaiieie
oe?iieie iaia?aie iathoue ?eiee Aaeeeia?eoai?? ? NOA, ui ooai?ththoue
aeaa iaea?eueoeo naaiaioe i?aeia?iaeiiai oiiaeiaiai ?eieo. O?ao?e
naaiaio noai?aii ?ioeie ?icaeiaieie oiiaeiaeie ?eieaie. *aoaa?oee
naaiaio ooai?aiee oiiaeiaeie ?eieaie, ui ?icaeaathoueny. Oi?a?aey
?iicaiieie aeoe?yie ? aeaiiceoa?ieie ?icieneaie ye ?icaeiaieo e?a?i, oae
? e?a?i, ui ?icaeaathoueny, aaaeaoueny ia iaea?eueoeo oiiaeiaeo a??aeao
?icaeiaieo oiiaeiaeo ?eie?a. ?iicaii? ?iaanoi?e eoiothoue aeoe??
i?aei?e?inoa ia a??aeao ye ?icaeiaieo e?a?i, oae ? e?a?i, ui
?icaeaathoueny.

Ia iniia? nenoaiaoecaoe?? ia?aiao??a ?icaeoeo oiiaeiaeo ?eie?a ?
ii?aoethaaiiy noaoenoe/ieo aeaieo 43 e?a?i, iieacaii, ui no/ani?
oaiaeaioe?? i?aeia?iaeiiai ?ooo eai?oaeo aieeaathoue ia ?icaeoie
oiiaeiaeo ?eie?a ye ?icaeiaieo e?a?i, oae ? e?a?i, ui ?icaeaathoueny.
Oiiaeia? ?eiee aeyaeythoue iaeii/ania ca?eueoaiiy eai?oae?caoe?? ?
oi?aiaiai ianyao, a oaeiae cieaeaiiy iano?eeino? ? ?eieiai?
eiioeaio?aoe??. Iiae?ai? oaiaeaioe?? noi?iaiaeaeothoueny cia/iei
ca?eueoaiiyi /anoee ?iicaiieo ?iaanoi??a, ye o ?eieia?e eai?oae?caoe??,
oae ? a ianyc? oi?a?ae? ia oiiaeiaeo ?eieao e?a?i, ui ?icaeaathoueny.

?eiee e?a?i, ui ?icaeaathoueny, noeeuei? aei ??ceeo eieeaaiue o
iieacieeao aeioiaeiino?, i?ioa caaaeueia oaiaeaioe?y ?o ?icaeoeo
ni?yiiaaia ia cia/ia c?inoaiiy.

Ca?eueoaiiy ?iicaiieo ii?ooaeueieo ?iaanoeoe?e o e?a?ie, ui
?icaeaathoueny, c iaeiiai aieo, ni?ey? ?icaeoeo oiiaeiaeo ?eie?a oeeo
e?a?i, a c ?ioiai – ?eiee oe?iieo iaia??a a?aeiia?aeathoue ?icaeoeo
i?ioeano i?aeia?iaeii? ?ioaa?aoe??, ui caaacia/o? a?eueiee ?oo
eai?oae?a. Oaeei /eiii, i?aeia?iaeia ?ioaa?aoe?y oiiaeiaeo ?eie?a e?a?i,
ui ?icaeaathoueny, ? ca?eueoaiiy ii?ooaeueieo ?iaanoeoe?e o oe? e?a?ie –
i?ioeane, ui aeiiiaiththoue ? i?enei?ththoue iaeei iaeiiai.

?icae?e 2. “Nooi?noue ? oaeoi?e ?ioaa?aoe?? oiiaeiaeo ?eie?a e?a?i, ui
?icaeaathoueny” neeaaea?oueny c o?ueio i?ae?icae?e?a.

O ?icae?e? ?icaeyaeathoueny caaaeuei? oiiae ?ioaa?aoe?? oiiaeiaeo
?eie?a, oai?aoe/i? aniaeoe i?iiiceoe?? oe?iieo iaia??a ia i?aeia?iaeiiio
oiiaeiaiio ?eieo, a oaeiae no/ania ci?ia ?io?ano?oeoo?e i?aeia?iaeiiai
oiiaeiaiai ?eieo.

Ia iniia? iiaeeaeaiiai aiae?co nooiino? ? no?oeoo?e i?aeia?iaeii?
?ioaa?aoe?? oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny, io?eiai? ianooii?
iieacieee i?iyao oeueiai i?ioeano: ca?eueoaiiy /anoee ?iicaiieo
?iaanoi??a a ianyc? oi?a?ae? oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny;
ca?eueoaiiy ianya?a ?ici?uaiiy oe?iieo iaia??a e?a?i, ui ?icaeaathoueny,
ca ei?aeiiii o aeaeyae? aeoe?e oa aeaiiceoa?ieo ?icienie (ADR ? GDR);
caeeaeaiiy ?io?ano?oeoo?e oiiaeiaeo ?eie?a ?icaeiaieo e?a?i ? e?a?i, ui
?icaeaathoueny.

Ca?eueoaiiy /anoee ?iicaiieo ?iaanoi??a a ianyc? oi?a?ae? oiiaeiaeo
?eie?a e?a?i, ui ?icaeaathoueny, noaei iane?aeeii noeoiiino? oaeoi??a,
ui aieeioee ia iiieo oe?iieo iaia??a oeeo e?a?i. O ?acoeueoao?
i?iaaaeaiiai aiae?co oeeo oaeoi??a aoei iieacaii, ui iniiaieie c ieo ?
i?aeaeuaiiy aeioiaeiino? ?iaanoeoe?e o oe?ii? iaia?e ? cieaeaiiy ye
nenoaiaoe/iiai, oae ? ianenoaiaoe/iiai ?eceeo aeioiaeiino? e?a?i, ui
?icaeaathoueny.

O ?acoeueoao? aiae?co aoei anoaiiaeaii, ui ni?aa?aeiioaiiy aeioiaeiino?
? ?eceeo (eiao?oe??io Oa?ia) oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny,
iaeaea a aeaa ?ace aeua ?icaeiooeo e?a?i. An? oiiaeia? ?eiee e?a?i, ui
?icaeaathoueny, iieacothoue iecueeo ei?aeyoe?th (iaioa 0.25)
aeioiaeiino? c ?icaeiaieie ?eieaie. A?eueo?noue oiiaeiaeo ?eie?a e?a?i,
ui ?icaeaathoueny, iieacothoue oaeiae iecueeo ei?aeyoe?th aeioiaeiino? c
oiiaeiaeie ?eieaie ?ioeo e?a?i, ui ?icaeaathoueny.

Iaea ei?aeyoe?y aeioiaeiino? oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny,
c ?ioeie oiiaeiaeie ?eieaie ? iieacieeii cia/ieo iiaeeeainoae
i?aeia?iaeii? aeeaa?neo?eaoe?? ?iaanoeoe?e o oe?ii? iaia?e, ui icia/a?
iiaeeea?noue cieaeaiiy ianenoaiaoe/iiai ?eceeo oaeeo ?iaanoeoe?e.
C‘yniaaii, ui oe? e?a?ie iathoue oaeiae oaiaeaioe?? aei cieaeaiiy
nenoaiaoe/iiai ?eceeo nai?o oe?iieo iaia??a. Oey neeaaeiaa noeoiiiai
?eceeo oe?iieo iaia??a ia iiaea aooe ciaioaia ca aeiiiiiaith
aeeaa?neo?eaoe?? ?iaanoeoe?e. I?ioyaii inoaii?o aeanyoe ?ie?a
nenoaiaoe/iee ?ecee cieaeoaaany a e?a?iao, ui ?icaeaathoueny, ca ?aooiie
i?aeaeuaiiy ?o e?aaeeoini?iiiaeiino? e aoaeoeaiino? ?iaioe oiiaeiaeo
?eie?a. Inoaiiy ca?eueooaaeany caaaeyee oaeineiiaeaiith ?io?ano?oeoo?e
?eieo e ?ioi?iaoe?eiiai caaacia/aiiy o/aniee?a oiiaeiaiai ?eieo.

Aiae?c ?io?ano?oeoo? oiiaeiaeo ?eie?a ?icaeiooeo e?a?i ? e?a?i, ui
?icaeaathoueny, i?ioyaii inoaiiueiai aeanyoee?ooy aeicaieea aeyaeoe
ianooii? iniiai? oaiaeaioe?? a ?o ?icaeoeo: ci?ia caeiiiaeaanoaa a
iai?yieo a?aee?eooy i?yiiai aeinooio ?iicaiieo ?iaanoi??a ia
iaoe?iiaeuei? oiiaeia? ?eiee; noaiaea?oecaoe?? oi?aiaeo nenoai, nenoai
ee??eiao ? ?ic?aooieo ia iniia? 9 ?aeiiaiaeaoe?e “a?oie o?eaeoeyoe”
(G30); oaeineiiaethaaiiy nenoai ?ice?eooy ?ioi?iaoe?? o/anieeaie
oiiaeiaiai ?eieo.

Caeeaeaiith ?io?ano?oeoo? oiiaeiaeo ?eie?a ??ciiiai?oieo e?a?i ni?ey?
oaeiae ae?yeuei?noue I?aeia?iaeii? i?aai?caoe?? eii?n?e ?c oe?iieo
iaia??a (IOSCO), ui a?ae?a?a? eeth/iao ?ieue o i?aeia?iaeiiio
ni?a?ia?oieoeoa? iaoe?iiaeueieo ?aaoethth/eo ?inoeooo?a oiiaeiaiai
?eieo. Oey i?aai?caoe?y ni?ey? noaiaea?oecaoe?? caeiiiaeaanoaa oiiaeiaeo
?eie?a ye ?icaeiaieo e?a?i, oae ? e?a?i, ui ?icaeaathoueny, ca
aeiiiiiaith ioae?eoaaiiy ca?o?a ? ?aeiiaiaeaoe?e uiaei iie?ioaiiy
?io?ano?oeoo?e ?eie?a.

Ia iniia? oai??? aoaeoeaiiai ?eieo (?. Oaia) ? aiae?co noaoenoe/ieo
aeaieo, iieacaii, ui no/ani? oaoiieia?? ia?iaee ?ioi?iaoe?? ? ?icaeoie
caaaeueiina?oiai? eiii’thoa?ii? ia?aae? ?ioa?iao i?enei?eee i?aeia?iaeio
?ioaa?aoe?th oiiaeiaeo ?eie?a ca aeiiiiiaith cia/iiai i?aeaeuaiiy
aoaeoeaiino? ye oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny, oae ?
i?aeia?iaeiiai oiiaeiaiai ?eieo a oe?eiio.

?icaeyae ?iaanoeoe?eieo no?aoaa?e ?iicaiieo ?inoeoooe?iiaeueieo
?iaanoi??a o e?a?iao, ui ?icaeaathoueny, aeicaieea aecia/eoe iniaeeaa
cia/aiiy aeey i?aeia?iaeii? ?ioaa?aoe?? ?iaeaenii? no?aoaa??, ui ni?ey?
caeo/aiith a aeiaaeueii aeeaa?neo?eiaai? ?iaanoeoe?ei? ii?ooae?
iaea?eueoo e?euee?noue e?a?i, ui ?icaeaathoueny. Iieacieee aeeth/aiiy a
aaco ?iaeaeno neoaothoue aeey aaaaoueio e?a?i i???ioe?aie aeey ?icaeoeo
oiiaeiaeo ?eie?a.

Cia/iei oaeoi?ii ? iioaioe?aeii aeey i?enei?aiiy i?aeia?iaeii?
?ioaa?aoe?? oiiaeiaeo ?eie?a ? ci?ia aeaiia?ao?/ii? no?oeoo?e a
?icaeiaieo e?a?iao. Oe? e?a?ie iathoue ia nueiaiaei? yne?aai ae?aaeaiee
cnoa o ?oi?e aeaiia?ao?/i?e no?oeoo??, ui a?aeaeaa? noa??iiy iiai?iii?
aaia?aoe?? “aoia ae?oiia?iaeaeaiino?” ? ciaioaiiy ia?iaeaeoaaiino? o iao
/an. A ?acoeueoao?, niinoa??aa?oueny no?eea c?inoaiiy a?aeiioaiiy
ethaeae iioeeiai a?eo aei i?aoeacaeaoiiai ianaeaiiy o an?o ?icaeiaieo
e?a?iao. Oea ciooo? iain?ei? oiiaee cae?enithaaoe aenieii?eaooeia?
?iaanoeoe?? ia i?aeia?iaeiiio ?eieo eai?oaeo e aei oiai ae ca?eueooaaoe
ianyae iia?aoe?e ia oiiaeiaeo ?eieao e?a?i, ui ?icaeaathoueny.
Nueiaiaei? iain?ei? oiiaee aieiae?thoue aeoeaaie oeeo e?a?i ia noio
aeecueei $70 ie?ae. Iaiao?aei?noue iain?eieo ?aoi?i o ?icaeiaieo e?a?iao
niiioea? oiiaee aei ?icoe?aiiy i?aeia?iaeieo ?iaanoeoe?e, ui i?eaaaea
aei ??ceiai ?o ca?eueoaiiy a e?a?ie, ui ?icaeaathoueny.

I?eaaoecaoe?ei? i?ioeane, ui i?ioiaeyoue o e?a?iao, ui ?icaeaathoueny, c
ii/aoeo 90-o ?ie?a, ni?eythoue cia/iiio caeo/aiith ?iicaiieo ?iaanoi??a
? ca?eueoaiith e?ea?aeiino? oiiaeiaeo ?eie?a oeeo e?a?i. Iieacaii, ui
i?eaaoecaoe?y aea?aeaaii? aeaniino? ? iaeiei ?c oaeoi??a, ui aieeaa? ia
i?aeia?iaeio ?ioaa?aoe?th oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny.

Ia iioeaaoe?th, ianyae ? ?eiee i?aeia?iaeiiai ?ici?uaiiy aeoe?e, ADR ?
GDR iaea?eueoee aieea iathoue: iaiao?aei?noue i?aeaeuaiiy e?ea?aeiino?
oe?iieo iaia??a oa caeo/aiiy ?iicaiiiai eai?oaeo, a oaeiae i?eioeei
i?eeiyooy ??oaiue ei?ii?aoe?yie i?e aeiaaeueiiio ?ici?uaii? nai?o
aeoe?e. O ?iaio? i?iaiaeeoueny oai?aoe/ia iaa?oiooaaiiy oeueiai
i?eioeeio (ai?n?eii? aeeaa?neo?eaoe??).

Aecia/aia oa aeiaaaeaia oai?aia i?aeia?iaeiiai ei?ii?aoeaiiai
?iaanooaaiiy: i?e ?iciiae?e? aeoe?e ei?ii?aoe?? ia ??ciiiai?oieo ?eieao
?? ?iaanooaaiiy o iaaiee i?iaeo aoaea iioeiaeueiei oiae? ? o?eueee
oiae?, eiee i/?eoaai? i?eaooee a?ae oeueiai i?iaeoo aoaeooue
caaeiaieueiyoe oiia? ia?aaaae ?iaanoi??a o eiaei?e ie?ai?e e?a?i?.

Aieiaiee aeniiaie oai?aie – oea iaaeene?ei?iaoe?ei?noue iioeiaeueii?
iiaaae?iee ei?ii?aoe?? i?e ?iaanoeoe?yo o i?iaeoe noiniaii ?iaanoi??a,
ui ciaoiaeyoueny a ??ciiiai?oieo e?a?iao. Oea ? aeiaeaoeiaith oiiaith
?ioaa?aoe?? oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny.

Io?eiaii e?eoa??e iioeiaeueiiai ?iaanooaaiiy ei?ii?aoe?? a i?iaeo ?c
caaeaieie ia?aiao?aie eiai aeioiaeiino? a caaaeueiiio aeiaaeeo, i?e
yeiio aeoe?? ei?ii?aoe?? ?iciiae?eai? i?ae ?iaanoi?aie ??ciiiai?oieo
e?a?i. Aeaaaeaia oi?ioea aea? iiaeeea?noue cae?eniaiiy iioeiaeueiiai
oi?aae?iiy ?iaanoeoe?yie ei?ii?aoe?? a i?iaeoe, oeyoii aecia/aiiy
?iciiae?eo aeoe?e oe??? ei?ii?aoe?? ii ?eieao ??ciiiai?oieo e?a?i:

k*i =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;

aea k*i – iioeiaeueia /anoea aeoe?e ia ?eieo i,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 – i/?eoaaia
aeioiaei?noue i?iaeoo, i – ?eieiaa oe?ia ca a?aenioie ?eceeo a e?a?i? i,
pMi. – eiaa??aoe?y aeea?aeaiae?a ei?ii?aoe?? ia ?eieo i c iiaiei
i?eaooeii, ui ni?yiiao?oueny aei aeoe?iia??a a?ae on?o o??i ia oeueiio
?eieo.

?icae?e 3. “Aeeiai?ea ?ioaa?aoe?? oiiaeiaeo ?eie?a ? aeiiii?/ia
c?inoaiiy e?a?i, ui ?icaeaathoueny” neeaaea?oueny c o?ueio
i?ae?icae?e?a.

Aeine?aeaeo?oueny ??aaiue ? nooi?iue i?aeia?iaeii? ?ioaa?aoe??
oiiaeiaeo ?eie?a, aieea ?ioaa?aoe?eieo i?ioean?a oiiaeiaeo ?eie?a ia
oaiaeaioe?? ?icaeoeo aeiiii?ee e?a?i, ui ?icaeaathoueny, a oaeiae
ia?niaeoeae i?aeia?iaeii? ?ioaa?aoe?? oiiaeiaiai ?eieo Oe?a?ie ?
?aeiiaiaeaoe?? uiaei eiai ?icaeoeo.

A ?acoeueoao? canoinoaaiiy iaoiaeo ioe?iee nooiaiy ?ioaa?aoe?? (?.
Ei?ae/eea) 19 oiiaeiaeo ?eie?a aeiaaaeaii, ui ?ioaa?aoe?eiee i?ioean
e?a?i, ui ?icaeaathoueny, a?aeaoaa?oueny oaeaeeeie oaiiaie, ioiiethth/e
ona a?eueoo e?euee?noue e?a?i. I?e oeueiio a?aeoeeaiiy a?ae na?aaei?o
iieaciee?a ?ioaa?aoe?? a?aeaoaa?oueny a a?eueoino? e?a?i eeoa a
ei?ioeino?ieiaee ia??iae, ui iia’ycaii, ye i?aaeei, ?c ci?iith a ianyc?
aai iai?yieo ?ooo iioie?a ?iicaiiiai eai?oaeo.

I?ioyaii inoaiiueiai aeanyoee?ooy e?a?ie, ui ?icaeaathoueny, iaee a?eueo
aenieee oaii c?inoaiiy a ii??aiyii? c ?icaeiaieie e?a?iaie. ?eiee, ui
?icaeaathoueny, c?inoaee ui??/ii a na?aaeiueiio ia 4.9%, o oie /an ye
?eiee ?icaeiaieo e?a?i – ia 2.9%. Eoioeyoeaia c?inoaiiy e?a?i, ui
?icaeaathoueny, neeaaea? 33.5%, a ?icaeiaieo – o?eueee 18.6%. Iaeiei ?c
iaeaaaeeea?oeo aeaoa?i?iaio?a c?inoaiiy e?a?i, ui ?icaeaathoueny, ?
c?inoaiiy aeioiae?a eiiiai?e, ui ni?ey? i?ia?ano oiiaeiaiai ?eieo.
Eiiiai??, i?eaooee yeeo neeaaeathoue iniiaio /anoeo AAI e?a?i, ui
?icaeaathoueny, caeo/eee cia/i? eiooe ca ?aooiie ?iicaiieo ?iaanoi??a.

C?noaaeaiiy oa?aeoa?o iiaaae?iee ?iaanoi??a, noaae?e ?icaeoeo ?iicaiiiai
?inoeoooe?iiaeueiiai ?iaanooaaiiy ? ia iniia? oai??? oeeee?/iiai
?icaeoeo oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny (I. Oaaa?),
cai?iiiiiaaii iiaeaeue iiaaae?iee ?iicaiieo ?inoeoooe?iiaeueieo
ii?ooaeueieo ?iaanoi??a o e?a?iao, ui ?icaeaathoueny, a oiiaao
i?aeia?iaeii? ?ioaa?aoe?? oiiaeiaeo ?eie?a.

A?aeiia?aeii aei oe??? iiaeae? ?icaeoie ae?yeueiino? ?inoeoooe?iiaeueieo
?iicaiieo ii?ooaeueieo ?iaanoi??a o e?a?iao, ui ?icaeaathoueny,
iine?aeiaii i?ioiaeeoue o?e noaae?? – iiia?aaeiueiai ?icaeoeo, ?aiiueiai
?icaeoeo ? c??eiai ?icaeoeo. Ia ia?o?e noaae?? ia ?eieo c‘yaeythoueny
?iaanoeoe?ei? oiiaee, ui noai?ai? o aeaeyae? cae?eoeo aeoe?iia?ieo
oiaa?enoa, ye? noeeuei? aei aieeao oaeoi??a a?oioaaiiy ? iaaeiioe?iee
aeoea?a. Caeaaeii a?ae neee aieeao oeeo oaeoi??a ianyae ?iaanoeoe?? oa
?o aeioiaei?noue aai c?inoathoue, aai a iaaiee iiiaio ii/eiathoue
ciaiooaaoeny. C iiyaith ia ?eieo ?iaanoeoe?eieo oiiae?a, ui noai?ai? ye
a?aee?eo? aeoe?iia?i? oiaa?enoaa, ?eiie ia?aoiaeeoue o ae?oao noaae?th
?icaeoeo. C oeueiai iiiaioo ia ae?yeuei?noue ?iaanoi??a, e??i
a?oioaaiiy, ii/eiathoue ae?yoe oaeoi?e ia?aioe?iee aeoea?a ? oaeoi?
aieeao iiae?e ia ?ioeo ?eieao, ui ?icaeaathoueny (/a?ac niaoeeo?eo
a?aee?eoeo oiiae?a). Caeaaeii a?ae neee aieeao oeeo oaeoi??a ianyae
?iaanoeoe?e, ?o i?eaooeia?noue ? i?enooi?noue oiiae?a iiaea aai
ca?eueooaaoeny, aai ciaiooaaoeny. C iiyaith ia ?eieo i?aeia?iaeieo
oiiae?a ? ?iicaiieo iain?eieo oiiae?a, ?eiie ia?aoiaeeoue o o?aoth
noaae?th ?icaeoeo. Iiaeaeueo? ianyae ?iaanoeoe?e ? i?enooi?noue oiiae?a
caeaaeaoue a?ae caaaeueiiai noaio na?oiaiai oiiaeiaiai ?eieo ? noaio
a?eueoino? oiiaeiaeo ?eie?a, ui ?icaeaathoueny.

Nenoaiaoecaoe?y oaeoi??a aieeao i?aeia?iaeii? ?ioaa?aoe?? oiiaeiaeo
?eie?a e?a?i, ui ?icaeaathoueny, ia aeiiii?/iee ?icaeoie oeeo e?a?i,
i?iaaaeai? ia iniia? aiae?co noaoenoe/ieo aeaieo ? iiaoaeiaaii? iiaeae?
iiaaae?iee ?inoeoooe?iiaeueieo ?iaanoi??a. Iieacaii, ui oaea ?ioaa?aoe?y
aieeaa? ye iiceoeaii, oae ? iaaaoeaii ia aeiiii?ee e?a?i, ui
?icaeaathoueny. ?acii c oeei, iaaaoeaiee aieea iineoue ei?ioeino?ieiaee
oa?aeoa? ? aeyaey?oueny eeoa i?ae /an e?ec ? ci?i oa?aeoa?o iioieo
ii?ooaeueieo ?iaanoeoe?e, ia a?aei?io a?ae iiceoeaieo aoaeo?a, ui
iinyoue aeiaaino?ieiaee oa?aeoa?.

I?aeia?iaeia ?ioaa?aoe?y oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny,
ni?ey? aeiiii?/iiio c?inoaiith oeeo e?a?i ca aeiiiiiaith ca?eueoaiiy
??aiy ?iaanoeoe?e, i?aeaeuaiiy ?o aeioiaeiino?, iioe?aiiy oaoiieia?e ?
?eieiai? aoaeoeaiino?. E??i oiai, ?ioaa?aoe?y aeicaiey? aeiiii?/iei
noa’?eoai ciaioeoe ?ecee, iia’ycaiee ?c ci?iaie aeiiii?/ieo oiia o ?o
e?a?iao, ca aeiiiiiaith i?aeia?iaeii? aeeaa?neo?eaoe??. Iieacaii, ui
i?ioean ?icaeoeo oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny, ? i?ioean ?o
i?aeia?iaeii? ?ioaa?aoe?? iathoue iiceoeaiee aieea iaeei ia iaeiiai.

Iniiaieie iaaaoeaieie oaeoi?aie aieeao i?aeia?iaeii? ?ioaa?aoe??
oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny, ia aeiiii?/iee ?icaeoie oeeo
e?a?i ?: i?aeaeuaiiy ni?eeiyoeeaino? aei ci?ie i?aeia?iaeieo i?ioeaioieo
noaaie; a?oioaaiiy ?iicaiieo ?iaanoi??a; i?aeaeuaiiy ni?eeiyoeeaino? aei
ci?i, ui aeieeathoue a aeiiii?eao ?ioeo e?a?i, ui ?icaeaathoueny.
Aeine?aeaeaiiy oeeo oaeoi??a iieacaei, ui ca oiiae i?aeaeuaiiy
aoaeoeaiino? iaoe?iiaeueieo oiiaeiaeo ?eie?a aieea oeeo /eiiee?a
ciaioo?oueny.

Aiae?c no/aniiai ?icaeoeo oe?a?inueeiai oiiaeiaiai ?eieo ? aecia/aiiy
iniiaieo iieaciee?a i?aeia?iaeii? ?ioaa?aoe?? oiiaeiaeo ?eie?a e?a?i, ui
?icaeaathoueny, aeicaieeee c?iaeoe aeniiaie, ui iacaaaeath/e ia
aaaii?noue a?oie iaaaoeaieo iieaciee?a (iecueeee ianya oi?a?ae?,
ia?icaeiai?noue aeaiiceoa?ii? ? ?ic?aooieiai-ee??eiaiai? nenoai,
a?aenooi?noue aaciina?aaeiueiai aeiioneo ?iicaiieo ?iaanoi??a ia
iaoe?iiaeueiee oiiaeiaee ?eiie), Oe?a?ia ia? cia/iee iioaioe?ae aeey
cae?eniaiiy i?aeia?iaeii? ?ioaa?aoe?? oiiaeiaiai ?eieo.

O eiioaeno? ia?niaeoeae i?aeia?iaeii? ?ioaa?aoe?? oe?a?inueeiai
oiiaeiaiai ?eieo ?ic?iaeai? ?aeiiaiaeaoe??, ui iiaeooue aooe aeei?enoai?
a i?ia?ai? iiaeaeueoiai ?icaeoeo oiiaeiaiai ?eieo Oe?a?ie. I?eioeeiiai
aaaeeeaei ? oa, ui iiae?aia i?ia?aia iiaeiia ai?uoaaoe iieiaeaiiy, ye?
iiaeia iiae?eeoe ia aea? a?oie: 1) ni?eyiiy i?aeia?iaeii? ?ioaa?aoe??
oe?a?inueeiai oiiaeiaiai ?eieo (e?aa?ecaoe?y aeinooio ?iicaiieo
?iaanoi??a ia iaoe?iiaeueiee oiiaeiaee ?eiie, iiaoaeiaa iaoe?iiaeueiiai
aeaiiceoa??th, nenoaie ee??eiao ? ?ic?aooie?a ia iniia? ?aeiiaiaeaoe?e
G30 oa ?i.); 2) ciaioaiiy iaaaoeaiiai aieeao i?aeia?iaeii? ?ioaa?aoe??
ia aeiiii?eo e?a?ie (oaeineiiaeaiiy nenoaie ?ice?eooy ?ioi?iaoe?? e
?ioi?iaoe?eiiai ianeoaiaoaaiiy an?o o/aniee?a ?eieo, iie?ioaiiy
ia?aiao??a oiiaeiaiai ?eieo aeey aeeth/aiiy eiai a ?iaeaenio aaco
i?aeia?iaeieo i?aai?caoe?e ? ia?o ca ana o IFC Global Composite oa ?i.).

AENIIAEE

1. Iniiaiith oaiaeaioe??th i?aeia?iaeiiai ?ooo eai?oae?a ? cia/ia
c?inoaiiy ianya?a iioieo i?eaaoiiai eai?oaeo a e?a?ie, ui
?icaeaathoueny, c? ca?eueoaiiyi /anoee ii?ooaeueieo ?iaanoeoe?e.

2. I?aeia?iaeia ?ioaa?aoe?y ? iaei??? c aeii?ioth/eo oaiaeaioe?e
?icaeoeo ye oiiaeiaeo ?eie?a ?icaeiaieo e?a?i, oae ? e?a?i, ui
?icaeaathoueny. ?? iniiaieie i?iyaaie ?: ca?eueoaiiy /anoee ?iicaiieo
?iaanoi??a a ianyc? oi?a?ae? ia oiiaeiaeo ?eieao; ca?eueoaiiy ianya?a
?ici?uaiiy oe?iieo iaia??a ca ei?aeiiii o aeaeyae? aeoe?e, iae?aaoe?e ?
aeaiiceoa?ieo ?icienie; caeeaeaiiy ?io?ano?oeoo?e oiiaeiaeo ?eie?a
??ciiiai?oieo e?a?i.

3. Iniiaieie oaeoi?aie, ui aieeaathoue ia i?aeia?iaeio ?ioaa?aoe?th
oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny, ? i?aeaeuaiiy aeioiaeiino?
?iaanoeoe?e o oe?ii? iaia?e ? cieaeaiiy ?eceeo aeioiaeiino? oiiaeiaeo
?eie?a. Aaaeeeaeie oaeoi?aie, ui i?enei?ththoue i?ioeane ?ioaa?aoe??, ?
ci?ia caeiiiaeaanoaa e?a?i, ui ?icaeaathoueny, ni?yiiaaia ia
e?aa?ecaoe?th i?yiiai aeinooio ?iicaiieo ?iaanoi??a ia iaoe?iiaeuei?
oiiaeia? ?eiee, ci?ia aeaiia?ao?/ii? no?oeoo?e a ?icaeiaieo e?a?iao,
?iaeaeni? ?iaanoeoe?ei? no?aoaa?? ?inoeoooe?iiaeueieo ?iaanoi??a,
i?aeia?iaeia noaiaea?oecaoe?y nenoai ee??eiao ? ?ic?aooieo,
i?eaaoecaoe?y a e?a?iao, ui ?icaeaathoueny, ?icaeoie oaoiieia?e ia?iaee
? iioe?aiiy ?ioi?iaoe??. I?eeiyooy ??oaiue ei?ii?aoe?yie i?e
aeiaaeueiiio ?ici?uaii? nai?o aeoe?e ? /eiieeii, ui ni?ey? i?aeia?iaei?e
?ioaa?aoe?? oiiaeiaeo ?eie?a. I?e ?iciiae?e? aeoe?e ei?ii?aoe?e ia
??ciiiai?oieo ?eieao, ?o ?iaanooaaiiy a aeayeee i?iaeo aoaeooue
iioeiaeueiei oiae? ? o?eueee oiae?, eiee i/?eoaai? i?eaooee a?ae oeueiai
i?iaeoo aoaeooue caaeiaieueiyoe oiia? ia?aaaae ?iaanoi??a o eiaei?e
ie?aii ia?ai?e e?a?i?.

4. I?aeia?iaeia ?ioaa?aoe?y oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny,
ni?ey? aeiiii?/iiio c?inoaiith oeeo e?a?i ca aeiiiiiaith ca?eueoaiiy
??aiy ?iaanoeoe?e, i?aeaeuaiiy ?o aeioiaeiino?, iioe?aiiy oaoiieia?? ?
?eieiai? aoaeoeaiino?. Iniiaieie iaaaoeaieie oaeoi?aie ?ioaa?aoe?? aeey
aeiiii?e e?a?i, ui ?icaeaathoueny, ? i?aeaeuaiiy ni?eeiyoeeaino? aei
ci?ie i?aeia?iaeieo i?ioeaioieo noaaie, a?oioaaiiy ?iicaiieo ?iaanoi??a,
i?aeaeuaiiy ni?eeiyoeeaino? aei ci?i, ui aeieeathoue a aeiiii?eao ?ioeo
e?a?i, ui ?icaeaathoueny.

5. Iacaaaeath/e ia cia/iee iioaioe?ae aeey cae?eniaiiy i?aeia?iaeii?
?ioaa?aoe?? oe?a?inueeiai oiiaeiaiai ?eieo, iaiao?aeia eiiieaenia
i?ia?aia eiai ?icaeoeo, iieiaeaiiy yei? iathoue ni?eyoe i?aeia?iaei?e
?ioaa?aoe?? oiiaeiaiai ?eieo oa ciaiooaaoe ?? iaaaoeaiee aieea ia
aeiiii?eo e?a?ie.

IOAE?EAOe?? CA OAIITH AeENA?OAOe??

1. Eicaeia A.A. I?aeia?iaeiee ?iaanoeoe?eiee iaiaaeaeiaio. A ei.:
I?aeia?iaeia ?iaanoeoe?eia ae?yeuei?noue: Iaa/aeueiee iin?aiee. /
Eoe’yiaiei Ae.A., Iicaiaee I.I., Aoanueeee A.A. oa ?io?. – E.: EAeAO,
1996. – N. 76-83.

Iniaenoee aianie: aena?oeaii iniiai? caaea/? ? ooieoe?? ?iaanoeoe?eiiai
iaiaaeaeiaioo, ?ice?eo? iiaeeeaino? i?aeia?iaei?e aeeaa?neo?eaoe??
?eceeo.

2. Eicaeia A.A. I?aeia?iaei? iia?aoe?? c oe?iieie iaia?aie. A ei.:
Iniiae i?aeia?iaeiiai ?iaanooaaiiy: Iaa/aeueiee iin?aiee / Eoe’yiaiei
Ae.A., Iicaiaee I.I., Aoanueeee A.A. oa ?io?. – E.: EIAO, 1998. – N.
47-57.

Iniaenoee aianie: i?iaaaeaia nenoaiaoecaoe?y oe?iieo iaia??a oa
?icaeyioo? iniiai? aeaee iia?aoe?e ia i?aeia?iaeiiio oiiaeiaiio ?eieo.

3. Eicaeia A.A. Iioeiaeueiia eiaanoe?iaaiea ei?ii?aoeee i?e ?aciauaiee
a? aeoeee ia iaaeaeoia?iaeiii oiiaeiaii ?uiea / Oiiaeiaue ?uiie. – 1997.
– ? 22. – N. 48-50.

4. Eicaeia A.A. Oiaiueoaiea ?enea ii?ooaeueiuo eiaanoeoeee a oeaiiua
aoiaae / Oiiaeiaue ?uiie. – 1997. – ? 27. – N. 35-37.

5. Eicaeia A.A. Iioei?caoe?y ?ici?uaiiy aeoe?e ei?ii?aoe?? ia
i?aeia?iaeiiio ?eieo oe?iieo iaia??a / Aeiiii?ea oa i?aei?e?inoai: Ca.
iaoeiaeo i?aoeue iieiaeeo a/aieo oa ani??aio?a. – E.: EIAO, 1997. – N.
28-37.

AIIOAOe?ss

Eicaeia A.A. I?aeia?iaeia ?ioaa?aoe?y oiiaeiaeo ?eie?a e?a?i, ui
?icaeaathoueny. — ?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 aeine?aeaeaiith i?ioeano i?aeia?iaeii?
?ioaa?aoe?? oiiaeiaeo ?eie?a e?a?i, ui ?icaeaathoueny. ?ic?iaeaii
eiiieaeni? i?aeoiaee aei aiae?co oaeoi??a, ui aieeaathoue ia
i?aeia?iaeio ?ioaa?aoe?th oiiaeiaeo ?eie?a. Aeine?aeaeaii aieea
i?aeia?iaeiiai ?eieo oe?iieo iaia??a ia ?icaeoie aeiiii?e e?a?i, ui
?icaeaathoueny. ?icaeyiooi ia?niaeoeae ?ioaa?aoe?? oiiaeiaiai ?eieo
Oe?a?ie a i?aeia?iaeiee ?eiie oe?iieo iaia??a. Cai?iiiiiaaii e
iaa?oioiaaii iniiai? iai?yiee aea?aeaaii? iie?oeee ?icaeoeo oiiaeiaiai
?eieo Oe?a?ie ia iniia? aeyaeaieo oaiaeaioe?e ?icaeoeo oiiaeiaeo ?eie?a
e?a?i, ui ?icaeaathoueny, a oiiaao ?o i?aeia?iaeii? ?ioaa?aoe??.

Eeth/ia? neiaa: i?aeia?iaei? aeiiii?/i? a?aeiineie, i?aeia?iaei?
?iaanoeoe??, i?aeia?iaeiee oiiaeiaee ?eiie, i?aeia?iaeia ?ioaa?aoe?y
oiiaeiaeo ?eie?a, e?a?ie, ui ?icaeaathoueny, ?io?ano?oeoo?a oiiaeiaiai
?eieo, ?iaanoeoe?ei? no?aoaa??.

Eicaeia A.A. Iaaeaeoia?iaeiay eioaa?aoeey oiiaeiauo ?uieia
?acaeaathueony no?ai. – ?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 enneaaeiaaieth i?ioeanna iaaeaeoia?iaeiie
eioaa?aoeee oiiaeiauo ?uieia ?acaeaathueony no?ai. I?iaaaeai aiaeec
oaiaeaioeee iaaeaeoia?iaeiiai iioiea eaieoaea a ?acaeaathueany no?aiu a
eiioaenoa ?acaeoey oiiaeiauo ?uieia eae ?acaeouo, oae e ?acaeaathueony
no?ai. Iieacaii, /oi a ianoiyuaa a?aiy i?ienoiaeeo cia/eoaeueiue ?ino
iauaia iioiea /anoiiai eaieoaea a ?acaeaathueany no?aiu, n oaaee/aieai
aeiee ii?ooaeueiuo eiaanoeoeee e iiauoaieai ?iee iaineiiiuo e acaeiiuo
oiiaeia, eae iniiaiuo einoeoooeeiiaeueiuo eiaanoi?ia.

Iieacaii, /oi iniiaiuie i?iyaeaieyie i?ioeanna eioaa?aoeee oiiaeiauo
?uieia ?acaeaathueony no?ai yaeythony: oaaee/aiea aeiee eiino?aiiuo
eiaanoi?ia a iauaia oi?aiaee oiiaeiauo ?uieia; oaaee/aiea iauaiia
?aciauaiey oeaiiuo aoiaa ?acaeaathueony no?ai ca ?oaaaeii a aeaea aeoeee
e aeaiiceoa?iuo ?anienie; naeeaeaiea eio?ano?oeoo?u oiiaeiauo ?uieia
?acaeouo e ?acaeaathueony no?ai.

?ac?aaioaiu eiiieaeniua iiaeoiaeu e aiaeeco oaeoi?ia, eioi?ua aeeytho ia
iaaeaeoia?iaeioth eioaa?aoeeth oiiaeiauo ?uieia. Iieacaii, /oi
aeiieie?othuaa aeeyiea ia yoio i?ioeann ieacuaatho eciaiaiey,
i?ienoiaeyuea a eio?ano?oeoo?a iaoeeiiaeueiuo oiiaeiauo ?uieia e a
aeaiia?aoe/aneie no?oeoo?a ?acaeouo no?ai, a oaeaea eiaanoeoeeiiiua
no?aoaaee einoeoooeeiiaeueiuo eiaanoi?ia e ?acaeoea n?aaenoa ia?aaioee
eioi?iaoeee.

?ac?aaioaia iiaeaeue iiaaaeaiey eiino?aiiuo einoeoooeeiiaeueiuo
eiaanoi?ia ia ?uieao oeaiiuo aoiaa ?acaeaathueony no?ai, eioi?ay
aeeth/aao o?e noaaeee ?acaeoey, naycaiiua n iiyaeaieai ia oiiaeiaii
?uiea eiaanoeoeeiiiuo oiiaeia, ioee/athueony ae?oa io ae?oaa oi?iaie
nianoaaiiinoe e no?aoaaeyie iiaaaeaiey. Iiaeaeue iicaieyao i?iaiaeeoue
aiaeec ?acaeoey oiiaeiauo ?uieia ?acaeaathueony no?ai e aeeyiey
iaaeaeoia?iaeiie eioaa?aoeee ia eo yeiiiie/aneia ?acaeoea.

I?iaaaeaii enneaaeiaaiea i?aaeeiaeaiey oeaiiuo aoiaa ia iaaeaeoia?iaeiii
oiiaeiaii ?uiea. Iieacaii, /oi iaeaieueoaa aeeyiea ia iaaeaeoia?iaeiia
?aciauaiea aeoeee e aeaiiceoa?iuo ?anienie ieacuaatho: iiauoaiea
eeeaeaeiinoe oeaiiuo aoiaa, i?eaea/aiea eiino?aiiiai eaieoaea, i?eiyoea
?aoaiee ei?ii?aoeeyie i?e i?aaiecaoeee yiennee n o/aoii ?enea e
aeioiaeiinoe oiiaeiauo ?uieia ?acee/iuo no?ai.

Ia iniiaa aiaeeca i?eioeeia i?eiyoey ?aoaiee ei?ii?aoeeyie ia
eiaanoeoeeyo a i?iaeou, iainiiaaia iaiaoiaeeiinoue oaaee/aiey eie
?aciauaiey aeoeee e aeaiiceoa?iuo ?anienie ia aiaoieo oiiaeiauo ?uieao.
Ii?aaeaeaia e aeieacaia oai?aia iaaeaeoia?iaeiie eiaanoeoeeiiiie
aeayoaeueiinoe ei?ii?aoeee: i?e ?ani?aaeaeaiee aeoeee ei?ii?aoeee ia
?acee/iuo ?uieao, aa eiaanoe?iaaiea a ii?aaeaeaiiue i?iaeo aoaeao
iioeiaeueiui oiaaea e oieueei oiaaea, eiaaea iaeeaeaaiua aeioiaeu io
yoiai i?iaeoa aoaeoo oaeiaeaoai?youe oneiaeth i?aaeii/oaiey eiaanoi?ia a
eaaeaeie ioaeaeueii acyoie no?aia. Niaeanii oai?aia, iioeiaeueiia
iiaaaeaiea ei?ii?aoeee yaeyaony iaaeene?eieiaoeeiiiui ii ioiioaieth e
eiaanoi?ai, eioi?ua iaoiaeyony a ?acee/iuo no?aiao, /oi yaeyaony
aeiiieieoaeueiui oneiaeai iaaeaeoia?iaeiie eioaa?aoeee oiiaeiauo ?uieia.
Auaaaeaia oi?ioea, eioi?ay aeaao aiciiaeiinoue inouanoaeaiey
iioeiaeueiiai oi?aaeaiey eiaanoeoeeyie ei?ii?aoeee a i?iaeou
iin?aaenoaii ?ani?aaeaeaiey aa aeoeee ia ?uieao ?acee/iuo no?ai.

I?iaaaeaii eiiieaeniia enneaaeiaaiea aeeyiey iaaeaeoia?iaeiie
eioaa?aoeee oiiaeiauo ?uieia ia yeiiiieeo ?acaeaathueony no?ai e
ii?aaeaeaia noaiaiue eo eioaa?aoeee. Iieacaii, /oi iaaaoeaiua oaeoi?u
yoiai i?ioeanna, aicaeaenoaothuea ia yeiiiie/aneia ?acaeoea no?ai, a
ii?aaeaeaiiie noaiaie iaeo?aeecothony i?e iiauoaiee yooaeoeaiinoe
iaoeeiiaeueiuo ?uieia oeaiiuo aoiaa.

?anniio?aiu ia?niaeoeau eioaa?aoeee oiiaeiaiai ?uiea Oe?aeiu a
iaaeaeoia?iaeiue ?uiie oeaiiuo aoiaa. I?aaeeiaeaiu e iainiiaaiu iniiaiua
iai?aaeaiey ainoaea?noaaiiie iieeoeee noaiiaeaiey oiiaeiaiai ?uiea
Oe?aeiu ia iniiaa auyaeaiiuo oaiaeaioeee ?acaeoey oiiaeiauo ?uieia
?acaeaathueony no?ai a oneiaeyo eo iaaeaeoia?iaeiie eioaa?aoeee.

Eeth/aaua neiaa: iaaeaeoia?iaeiua yeiiiie/aneea ioiioaiey,
iaaeaeoia?iaeiua eiaanoeoeee, iaaeaeoia?iaeiue oiiaeiaue ?uiie,
iaaeaeoia?iaeiay eioaa?aoeey oiiaeiauo ?uieia, ?acaeaathueany no?aiu,
eio?ano?oeoo?a oiiaeiaiai ?uiea, eiaanoeoeeiiiua no?aoaaee.

V. Kozakov: International integration of securities markets of
developing countries. — Manuscript.

The thesis for obtaining the academic Degree of Candidate of Sciences in
Economics (specialty 08.05.01 – World Economics and International
Economic Relations). Kyiv National University of Economics, Kyiv, 1999.

The thesis is devoted to research of the process of international
integration of emerging securities markets. The thesis addresses: the
comprehensive approach to the analysis of the factors which effect the
capital markets international integration; international securities
market influence on developing countries; prospects of integration of
Ukrainian securities market into international capital market. The
thesis offered and substantiated the main lines of state policy related
to Ukrainian capital market development on the basis of tendencies of
the emerging markets development under condition of their international
integration.

Key words: international economic relations, international investments,
international capital market, international securities market
integration, developing countries, capital market infrastructure,
investment strategy.

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