IAOEIAI-AeINE?AeIEE AEIIII?*IEE ?INOEOOO

I?I?NOA?NOAA AEIIII?EE OE?A?IE

N?AAEIA Aiae??e Ieaenaiae?iae/

OAeE:  336.71:338.98

I?EIOeEIE OA IAOIAeE AeA?AEAAIIAI ?AAOETHAAIIss AAIE?ANUeEI?
Ae?ssEUeIINO?

Niaoe?aeuei?noue: 08.02.03

I?aai?caoe?y oi?aae?iiy, ieaioaaiiy oa

?aaoethaaiiy aeiiii?eith

AAOI?AOA?AO

aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

Ee?a 1999

Aeena?oaoe??th ? ?oeiien.

?iaioa aeeiiaia a Iaoeiai-aeine?aeiiio aeiiii?/iiio ?inoeooo?
I?i?noa?noaa aeiiii?ee Oe?a?ie.

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

Aan?ae?i Aaneeue Oaaei?iae/,

cano. aee?aeoi?a Iaoeiai-aeine?aeiiai aeiiii?/iiai

?inoeoooo I?iaeiiii?ee Oe?a?ie (i. Ee?a)

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

Aieueoeaa?a Iaen Aa?aiiae/,

cano. aee?aeoi?a I?aeia?iaeiiai ?inoeoooo

iaiaaeaeiaioo (i. Ee?a)

— eaiaeeaeao aeiiii?/ieo iaoe

Ieoaeee/aiei Na?a?e TH??eiae/,

ia/aeueiee oi?aae?iiy i?iaiicoaaiiy eo?niai?

iie?oeee IAO (i. Ee?a)

I?ia?aeia i?aai?caoe?y — Ee?anueeee Iaoe?iiaeueiee aeiiii?/iee
oi?aa?neoao, eaoaae?a aaie?anueei? ni?aae (i. Ee?a)

Caoeno a?aeaoaeaoueny 25 aa?aciy 1999 ?. i 1600 aiae. Ia can?aeaii?
niaoe?ae?ciaaii? a/aii? ?aaee Ae 26.801.01 ii caoenoo aeena?oaoe?e ia
caeiaoooy iaoeiaiai nooiaiy aeieoi?a aeiiii?/ieo iaoe
Iaoeiai-aeine?aeiiai aeiiii?/iiai ?inoeoooo I?i?noa?noaa aeiiii?ee
Oe?a?ie oa Iaoeiai-aeine?aeiiai ?inoeoooo nioe?aeueii-aeiiii?/ieo
i?iaeai i?noa Ee?aa (252103, Ee?a-103, aoeueaa? Ae?oaeae ia?iae?a 28,
5-e iiaa?o, cae can?aeaiue).

C aeena?oaoe??th iiaeia iciaeiieoeny a iaoeia?e a?ae?ioaoe? IAeA?
I?i?noa?noaa aeiiii?ee Oe?a?ie.

Aaoi?aoa?ao ?ic?neaiee “ 20 ” ethoiai 1999 ?.

A/aiee nae?aoa?

Niaoe?ae?ciaaii? a/aii? ?aaee A.A. Aaceethe

CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Aeooaeuei?noue oaie aeine?aeaeaiiy iaoiiaeaia o??th ?ieeth, yeo
a?ae?a?a? aaie?anueeee naeoi? a aeiiii?oe? aoaeue-yei? aea?aeaae.
Iniiaiei i?ecia/aiiyi aaie?a ? iioei?caoe?y iioie?a eai?oaeo a
aeiiii?/i?e nenoai?. ?icaaeoaeaia ia?aaea aca?iieo ciaia’ycaiue iia’yco?
aaiee iaeei c iaeiei oae, ui iaieaoini?iiiaei?noue aeae?eueeio c ieo, a
?iiae? e iaeiiai aaeeeiai aaieo, iiaea i?ecaanoe aei e?ece o?iainiai?
nenoaie aea?aeaae a oe?eiio, a caiaeii ? aei o?eaaei? noaaiaoe?? an???
aeiiii?ee.

Noaa?eueia oa aoaeoeaia ?iaioa aaie?anueei? nenoaie o ii?aeiaii? c
iaoeiai iaa?oioiaaiith aea?aeaaiith aeiiii?/iith iie?oeeith caaacia/o?
iioeiaeueia ooieoe?iioaaiiy aeiiii?ee aoaeue-yei? e?a?ie. A oiiaao
ia?aoiaeo a?ae aaei?i?no?aoeaii-eiiaiaeii? aei ?eieiai? aeiiii?ee, ui
ca?ac a?aeaoaa?oueny a Oe?a?i?, iaei??th c? no?eaeiaaeo i?iaeai
aea?aeaaii? iae?iaeiiii?/ii? iie?oeee ? i?aeneeaiiy ea?iaaiino?
iaoe?iiaeueii? aeiiii?ee, aeeaiea ?aoi?ioaaiiy i?eioeei?a oa iaoiae?a
aea?aeaaiiai oi?aae?iiy, ieaioaaiiy oa ?aaoethaaiiy ia?iaeiiai
ainiiaea?noaa. Iaeiae, cae/aeiee ca?ac i?ioean aea?aeaaiiai ?aaoethaaiiy
aeiiii?ee ia aac? aii??e/ieo a?iioac ? oeaiei oeyoii. Aea?aeaaia
oi?aae?iiy aeiiii?eith acaaae? e aaie?anueeei naeoi?ii cie?aia iiaeiii
nie?aoeny ia aei?noeee aiae?c aoaeoeaiino? noaaethaaieo ??oaiue oa
i?iaiicoaaiiy ?o iane?aee?a.

Aeine?aeaeaiith i?iaeai aea?aeaaiiai oi?aae?iiy a?ioiaei ia?aii,
o?iainaie oa aaie?anueeith ae?yeuei?noth i?enay/ai? ?iaioe aaaaoueio
a?o/eciyieo oa ca?oa?aeieo aeiiii?no?a. I?ioa, /ano?o ca ana a
ioae?eaoe?yo cono??/a?oueny aiae?c ?aaoethaaiiy ie?aieo aaie?anueeeo
iia?aoe?e aai iaaieo aniaeo?a a?ioiai-e?aaeeoieo a?aeiinei a oie /an,
eiee i?aeoe/ii a?aenooi?i ? eiiieaenia ananoi?iii? aeine?aeaeaiiy
i?eioeei?a oa iaoiae?a aea?aeaaiiai ?aaoethaaiiy aaie?anueei?
ae?yeueiino? ia a?oio? oi/iiai e?euee?niiai aiae?co aoaeoeaiino?
??oaiue, iniaeeai a oiiaao ia?ao?aeiiai ia??iaeo.

Aeuaaeeeaaeai? i??eoaaiiy e aecia/eee aea?? oaie aeena?oaoe??, iaoo ?
caaea/? aeine?aeaeaiiy, eiai eia?eo oa eiei ieoaiue, ?icaeyiooeo a
?iaio?.

Iaoith aeine?aeaeaiiy ? ?ic?iaea iaoeiai iaa?oioiaaieo i?eioeei?a oa
iaoiae?a aea?aeaaiiai ?aaoethaaiiy aaie?anueei? ae?yeueiino? aaeaeaaoieo
ia??iaeo ia?aoiaeo Oe?a?ie aei ?eieiai? aeiiii?ee, iiaoaeiaaieo ia
iniia? oi/iiai e?euee?niiai iaa?oiooaaiiy aoaeoeaiino? noaaethaaieo
??oaiue oa iaeiicia/iiai i?iaiicoaaiiy ?oi?o iane?aee?a.

A?aeiia?aeii iao? aeine?aeaeaiiy aoee iinoaaeai? ianooii? iniiai?
caaea/?.

Iaa?oiooaaoe iaiao?aei?noue oa ocaaaeueieoe iniiai? oai?aoe/i? i?eioeeie
aea?aeaaiiai ?aaoethaaiiy aaie?anueeiai naeoi?o aeiiii?ee.

I?iaanoe eiiieaeniee ii??aiyeueiee aiae?c iaoiaeieia?? oa eiie?aoieo
oi?i aea?aeaaiiai ?aaoethaaiiy aaie?anueei? ae?yeueiino? ia i?eeeaae?
i?ia?aeieo aeiiii?/ii ?icaeiaieo e?a?i.

Cai?iiiioaaoe eiie?aoi? i?aeoe/i? ?aeiiaiaeaoe?? uiaei canoinoaaiiy
i?ia?aneaieo no/anieo iaoiae?a oa ?ino?oiaio?a aea?aeaaiiai ?aaoethaaiiy
aaie?anueei? ae?yeueiino? a Oe?a?i?.

?ic?iaeoe iaoiaeeeo e?euee?nii? ioe?iee aoaeoeaiino? noaaethaaieo
??oaiue uiaei aea?aeaaiiai ?aaoethaaiiy aaie?anueei? ae?yeueiino?, a
oaeiae i?iaiicoaaiiy ?oi?o iiaeeeaeo iane?aee?a.

I?aaeiaoii aeine?aeaeaiiy ? eiiieaen oai?aoe/ieo oa iaoiaeieia?/ieo
ieoaiue, iia’ycaieo ?c caaacia/aiiyi aea?aeaaith noaa?eueiiai oa
aoaeoeaiiai ooieoe?iioaaiiy aaie?anueei? nenoaie.

Ia’?eoii aeine?aeaeaiiy ? aaie?anueea nenoaia a ?? aca?iiae?? c
aea?aeaaith ye a Oe?a?i?, oae ? a i?ia?aeieo aeiiii?/ii ?icaeiaieo
e?a?iao.

Iaoiaeieia?/io iniiao ?iaioe neeaaeathoue caaaeuei? iieiaeaiiy
aeiiii?/ii? oai??? uiaei ainiiaea?nueei? nooiino? aaie?a, ?oiueiai
iaoai?cio ooieoe?iioaaiiy oa ?ie? a i?ioean? noni?eueiiai a?aeoai?aiiy.
A i?ioean? aeine?aeaeaiiy ae?aeaeoe/ii ii?aeioaaeenue oai?aoe/i? oa
aii??e/i? iaoiaee i?ciaiiy, ye? aca?iiaeiiiaiththoue iaeei iaeiiai.
Na?aae ieo oae? ie?aii-iaoeia? iaoiaee ye aiae?c ? neioac,
aano?aaoaaiiy, aeaeiiiiceoe?y, ?aeaae?caoe?y, ocaaaeueiaiiy oa
iaiaaeaiiy, ?iaeoeoe?y, aeaaeoeoe?y oa iiaeaethaaiiy, ui aacothoueny ia
i?eioeeiao eia?ei-naiaioe/ii? oa aeiiii?ei-noaoenoe/ii? ioe?iee
ia?aeiiiai iaoa??aeo.

A i?ioean? ?iaioe iaae aeena?oaoe??th aeaea?aeaie ?ioi?iaoe?? neoaoaaee
i?aoe? i?ia?aeieo ca?oa?aeieo oa a?o/eciyieo niaoe?ae?no?a c ieoaiue
aaie?anueei? ni?aae oa aea?aeaaiiai ?aaoethaaiiy a?ioiaiai-e?aaeeoieo
a?aeiinei, io?oe?ei? noaoenoe/i? oa ?ioi?iaoe?ei? iaoa??aee ??cieo e?a?i
oa i?aeia?iaeieo i?aai?caoe?e, caeiiiaeaa/? aeoe oa ii?iaoeai?
aeieoiaioe c ieoaiue ?aaoethaaiiy aaie?anueei? ae?yeueiino? a Oe?a?i? oa
?ioeo aea?aeaaao.

Iaoeiaa iiaecia iaea?aeaieo ?acoeueoao?a iieyaa? o ianooiiiio.

C iiaeo iiceoe?e aeaia eiiieaenia ioe?iea ae?th/iai iaoai?cio
aea?aeaaiiai ?aaoethaaiiy e?ea?aeiino? eiia?oe?eieo aaie?a a Oe?a?i?,
yea iieyaa? a oiio, ui nenoaia th?eaee/ii anoaiiaeaieo eiao?oe??io?a
a?aeiia?aeiino? i?ae aeoeaaie oa ianeaaie ca nooiaiai ?o e?ea?aeiino? oa
no?ieaie ia oeae /an a?aeiia?aea? na?oiaei noaiaea?oai, a ??
iaiaa?oioiaai? ci?ie iiaeooue i?eaianoe ianoaa?euei?noue ia o?eueee aei
aaie?anueeiai naeoi?o, aea e aei an??? noa?e a?ioiaiai ia?ao a Oe?a?i?.

Iaa?oioiaaii ?ai?oa iaii?aoeueiaaia ieoaiiy i?i iaiao?aei?noue
aea?aeaaiiai eiio?ieth iaae aaie?anueeeie ?eceeaie oa ia iniia?
aeina?aeo aeiiii?/ii ?icaeiaieo e?a?i ?ic?iaeaii eiie?aoi?
?aeiiaiaeaoe?? uiaei ai?iaaaeaeaiiy oa ?aoe?iiaeueiiai ii?aeiaiiy a
Oe?a?i? oaeeo o?aaeeoe?eieo oi?i ?aaoethaaiiy aaie?anueeeo ?ecee?a, ye
e?euee?nia oa ye?nia ?aaoethaaiiy aeaniiai eai?oaeo, no?aooaaiiy
aeaiiceo?a, oeaio?ae?ciaaia cae?aiiy oa ?iciianthaeaeaiiy ?ioi?iaoe??
uiaei aaie?anueeeo ?ecee?a.

Cai?iiiiiaai? iia? ?aeiiaiaeaoe?? uiaei aaeineiiaeaiiy i?aeoeee
canoinoaaiiy ?ino?oiaioa??th a?ioiai-e?aaeeoii? iie?oeee (AEI) a Oe?a?i?
ye no?eaeiaaiai caniao aea?aeaaiiai aieeao ia aeiiii?/io nenoaio acaaae?
oa aaie?anuee?e naeoi? cie?aia c iaoith noai?aiiy iioeiaeueieo oiia
ooieoe?iioaaiiy iaoai?cio noni?eueiiai a?aeoai?aiiy, ui iieyaathoue o
?aoe?iiaeueiiio eiia?ioaaii? o?aaeeoe?eieo iaoiae?a AEI c oa?aaooaaiiyi,
yea ? iaeaaaeeea?oei iaoiaeii i?ia?aioaaiiy o?a?eoi??? ?icaeoeo
aeiiii?/ii? nenoaie.

?ic?iaeaii iiao aeiiiiao?e/io iiaeaeue, ui i?ecia/a?oueny aeey aiae?co
no?oeoo?e iae?iiieaciee?a aeiiii?ee, i?iaiicoaaiiy aieiaieo oaiaeaioe?e
aeiiii?/iiai ?icaeoeo, a oaeiae e?euee?nii? ioe?iee aoaeoeaiino?
aea?aeaaiiai ?aaoethaaiiy. Iiaecia iiaeae? iieyaa? ia?o ca ana o
a?aeia?aaeaii? i?ioean?a iai?yiiai aea?aeaaiiai ?aaoethaaiiy aeiiii?ee
/a?ac aaie?anueeo nenoaio ca aeiiiiiaith a?ioiai-e?aaeeoii? iie?oeee.
Nooo?aith iniaeea?noth iiaeae? ? ?? oi?aa?naeuei?noue, aiia iiaoaeiaaia
ye oeiiaee aeiiiiao?e/iee iiaeoeue. Ca aeiiiiiaith iiaeae? aia?oa
iaa?oioiaaia iaiao?aei?noue aea?aeaaiiai ?aaoethaaiiy aaie?anueei?
e?aaeeoii-aeaiiceoii? ia?ae? a Oe?a?i?.

Ia iniia? ?ic?iaeaii? iaei?ici??ii? aeiiiiao?e/ii? iiaeae? io?eiaii aeaa
eiiieaeni? noeaia??? aai aa??aioi? i?iaiice aeiiii?/ii? aeeiai?ee
Oe?a?ie — iiooeiaee (ianeaiee), ui a?oioo?oueny ia aeno?aiieyoe?? o
iaeaooi? o?aiaeo aeine?aeaeoaaieo ia?aiao??a o aaceniiio ia??iae?, oa
ii?iaoeaiee (aeoeaiee), yeee aeaco? iiaeeea? niiniae aeinyaiaiiy
caaeaiiai e?ioeaaiai noaio aeiiii?/ii? nenoaie (oaiie c?inoaiiy
?aaeueiiai AAI).

I?aeoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a. Iniiai? ?ic?iaee
aeena?oaoe?eii? ?iaioe iathoue ?noioia ooee?oa?ia cia/aiiy uiaei
iie?ioaiiy e?euee?nieo oa ye?nieo iieaciee?a ooieoe?iioaaiiy
oe?a?inueei? aaie?anueei? nenoaie, ?? iiaeaeueoi? aaeaioaoe?? aei oi?i
oa iaoiae?a ainiiaea?thaaiiy ia aoai? ia?aoiaeo aei ?eieiai? aeiiii?ee.

?acoeueoaoe aeine?aeaeaiiy oaeiae iiaeooue aooe aeei?enoai? a
iaa/aeueieo eo?nao c i?aai?caoe?? aea?aeaaiiai ?aaoethaaiiy oa
ieaioaaiiy o?iain?a, aaie?anueei? ni?aae.

Iniaenoee aianie caeiaoaa/a. Aeena?oaoe?eia ?iaioa ? cae?i/aiei,
naiino?eii aeeiiaiei aeine?aeaeaiiyi, yea ia? iaoeiaa ? i?aeoe/ia
cia/aiiy. An? ae?oeiaai? ?iaioe iioae?eiaai? aaoi?ii iniaenoi, aac
ni?aaaoi??a.

Ca’ycie aeena?oaoe?? c ieaiii iaoeiai-aeine?aeieo ?ia?o. I?eioeeiia?
iieiaeaiiy, aeniiaee oa i?iiiceoe?? i?aaenoaaeaii? aeena?oaoe??
aeei?enoai? aaoi?ii i?e aeeiiaii? ?ia?o a IAeA? I?iaeiiii?ee Oe?a?ie ii
ianooiieo oaiao:

16-97 “?ic?iaea iaoeiai-iaoiaee/ieo ?aeiiaiaeaoe?e uiaei oaeoi?iiai
aiae?co oa i?aeaioiaea uieaa?oaeueieo iaeyae?a, iaoai?ci?a
iiia?aaeaeaiiy iaaaoeaieo oaiaeaioe?e aeiiii?/iiai ?icaeoeo”;

4-98 “Uieaa?oaeueiee aiae?c nioe?aeueii-aeiiii?/iiai ?icaeoeo Oe?a?ie”;

15-98 “I?iaiicoaaiiy iieaciee?a ?aae?caoe?? a?ioiai-e?aaeeoii? oa
aaethoii? iie?oeee”.

Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??. Iniiai? ?acoeueoaoe
aeine?aeaeaiue, ui aeeth/ai? aei aeena?oaoe??, aeiiia?aeaeenue aaoi?ii
ia iaoeiai-i?aeoe/iiio nai?ia?? Naeoe?? i?eeeaaeieo i?iaeai I?aceae??
Iaoe?iiaeueii? Aeaaeai?? iaoe Oe?a?ie “Aaie?anueea nenoaia a eiioaeno?
aeiiii?/ii? aaciaee Oe?a?ie” (1998 ?.).

Ioae?eaoe?? ii ?acoeueoaoao aeine?aeaeaiiy. Iniiai? ?acoeueoaoe
aeena?oaoe?? iioae?eiaai? a 6 iaeiiin?aieo ae?oeiaaieo ?iaioao
caaaeueiei ianyaii 3 ae?oeiaaieo a?eooa.

No?oeoo?a ?iaioe coiiaeaia iine?aeiai?noth aena?oeaiiy aieiaii? iaoe oa
iniiaieo caaea/ aeine?aeaeaiiy ? neeaaea?oueny c ianooiieo /anoei:

Anooi.

?icae?e 1. Oai?aoe/i? iniiae aea?aeaaiiai ?aaoethaaiiy aaie?anueei?
ae?yeueiino?.

1.1. Iae?iaeiiii?/i? canaaee aea?aeaaiiai ?aaoethaaiiy aeiiii?ee.

1.2. A?io? a nenoai? aea?aeaaiiai ?aaoethaaiiy aeiiii?ee.

1.3. Aaie?anueea nenoaia ? iaiao?aei?noue ?? aea?aeaaiiai ?aaoethaaiiy.

?icae?e 2. Iaoiaeieia?/i? i?aeoiaee aei aea?aeaaiiai ?aaoethaaiiy
aaie?anueei? ae?yeueiino?.

2.1. Aea?aeaaia ?aaoethaaiiy aaie?anueei? e?ea?aeiino?.

2.2. Aea?aeaaia ?aaoethaaiiy aaie?anueeeo ?ecee?a.

2.3. Iaoiaee a?ioiai-e?aaeeoiiai aieeao ia aaie?anueeo nenoaio.

?icae?e 3. Aeiiiiao?e/ia iiaeaethaaiiy aea?aeaaiiai aieeao ia ia?iaeia
ainiiaea?noai /a?ac aaie?anueeee naeoi?.

3.1. Iaoiaeieia?/i? canaaee aeiiiiao?e/iiai iiaeaethaaiiy.

3.2. ?aeaioeo?eaoe?y aca?iica’yce?a eiiiiiaio oa ia?aiao??a aiae?oe/ieo
??aiyiue iiaeae?.

3.3. Aiae?c ia?niaeoea ?icaeoeo aaie?anueei? nenoaie Oe?a?ie ca
aeiiiiiaith i?iaiicieo iiaeeeainoae iiaeae?.

Aeniiaee.

Nienie aeei?enoaieo aeaea?ae.

Caaaeueiee ianya aeena?oaoe?eii? ?iaioe noaiiaeoue 174 noi??iee
ae?oeiaaiiai oaenoo, a oiio /ene? 16 ?ethno?aoe?e, 10 oaaeeoeue, nienie
aeei?enoaieo e?oa?aoo?ieo aeaea?ae neeaaea?oueny c? 112 iaeiaioaaiue.

INIIAI? IIEIAEAIIss ?IAIOE

1. Ia?aae aaie?anueeith nenoaiith Oe?a?ie, onoaiiae yei? ca /an?a
oeaio?ae?ciaaiiai ieaioaaiiy ainiiaea?noaa o?aaeeoe?eii aoee ianeaieie
iinoa/aeueieeaie e?aaeeoieo ?ano?n?a, iinoaea aaeeea i?iaeaia: a oiiaao
?eieiai? aeiiii?ee eiia?oe?ei? aaiee iiaeii? ia?aoai?eoeny ia aoaeoeaieo
oa iaae?eieo o?iainiaeo iina?aaeiee?a, aeoeaieo aaaio?a ?eieiai?
aeenoeeie?ie.

Iacaaaeath/e ia iaaiee i?ia?an, aaie?anueeiio naeoi?o Oe?a?ie ua
i?eoaiaiii aaaaoi aaae, ui ? iane?aeeii iaaeineiiaeino? aea?aeaaii?
iie?oeee ?aoi?ioaaiiy aeiiii?/ii? nenoaie acaaae? oa aaie?anueeiai
naeoi?o cie?aia, aaeueioaaiiy ?eieiaeo ia?aoai?aiue. Aeniea aa?o?noue
o?iainiaiai iina?aaeieoeoaa, iaiaaeai?noue e?eueeino? iineoa,
ie?aiiie?noe/ia no?oeoo?a aaie?anueeiai naeoi?o, a?aenooi?noue
iaiao?aeii? o?iainiai? ?io?ano?oeoo?e, noeioe?a caiuaaeaeoaaoe oa
?ici?uoaaoe oei/aniai a?euei? eiooe, iecueea aeeoo?caeaoi?noue
o?iainiaeo ?inoeooo?a (aeaye? aaiee ? i?eoiaaieie aaie?ooaie),
iia?eueiee i?ioean noai?aiiy ae??aiai aaie?anueeiai iaaeyaeo
ooai?ththoue eiei i?iaeai, ui iio?aaothoue ae??oaiiy oeyoii aea?aeaaiiai
?aaoethaaiiy aaie?anueei? ae?yeueiino?.

2. Aiae?c aeina?aeo i?ia?aeieo aeiiii?/ii ?icaeiaieo e?a?i na?ae/eoue,
ui aieiaiith no?aoaa?/iith iaoith aea?aeaaiiai ?aaoethaaiiy aaie?anueei?
ae?yeueiino? ? i?aeo?eiea noaa?eueii? oa aoaeoeaii? ?iaioe an?o onoaiia
aaie?anueeiai naeoi?o. Eiioeaiooaeueia ???a?o?/ia noaia oe?eae oa
?ino?oiaio?a aea?aeaaiiai ?aaoethaaiiy aaie?anueei? ae?yeueiino? a
nenoai? ?aeeii? aea?aeaaii? aeiiii?/ii? iie?oeee iiaeaia ia ?en. 1.

2.1. A aeena?oaoe?ei?e ?iaio? iieacaii, ui iniiaieie oaeoe/ieie oe?eyie
aea?aeaaii? iie?oeee uiaei aaie?anueei? nenoaie ?:

Caiia?aaiiy nenoaiiiio ?eceeo, eiee aaie?oonoai iaeiiai aai e?eueeio
?inoeooo?a iiaea i?ecaanoe aei e?ece on??? aaie?anueei? nenoaie.

Caiia?aaiiy ?iaeea?aeoaeueiiio ?eceeo, oiaoi caoeno aeeaaeiee?a,
iiceeiaeaaoe?a, ?iaanoi??a, aeoe?iia??a oa ?ioeo ei?enooaa/?a
aaie?anueei? nenoaie i?ioe iaaei??iiai ?eceeo caeoe?a, ui aeieeathoue ye
iane?aeie aaie?oonoaa, ceiaaeeaaiue oa ?ioeo aeae?a i?aaiii?ooaiue c
aieo iinoa/aeueiee?a o?iainiaeo iineoa.

Noeioethaaiiy aoaeoeaiino? nenoaie, oiaoi caaacia/aiiy aacia?a?aiiai,
iia?aoeaiiai oa i?eaooeiaiai ooieoe?iioaaiiy aaie?anueeiai naeoi?o
oeyoii i?aeo?eiee ?aoe?iiaeueieo ianooaa?a eiieo?aioe?? ia o?iainiaeo
?eieao.

Caaacia/aiiy aeio?eiaiiy aaieaie aeiia /eiiiai caeiiiaeaanoaa Oe?a?ie,
ii?iaoeaieo aeo?a IAO oa ?ioeo aea?aei?aai?a, ui ?aaoeththoue
aaie?anueeo ae?yeuei?noue.

2.2. ?ino?oiaioa??e aea?aeaaiiai ?aaoethaaiiy aaie?anueei? ae?yeueiino?,
ye iieacaii a aeena?oaoe??, neeaaea?oueny c o?ueio ?iaiaioieo
??aiicia/ieo aeaiaio?a: caoiae?a a?ioiai-e?aaeeoii? iie?oeee,
aea?aeaaiiai eiio?ieth ca aaie?anueeeie ?eceeaie, aea?aeaaiiai
?aaoethaaiiy aaie?anueei? e?ea?aeiino?.

?en. SEQ ?en. \* ARABIC 1 . Oe?e? oa ?ino?oiaioe aea?aeaaiiai
?aaoethaaiiy

aaie?anueei? ae?yeueiino?

2.3. Aea?aeaaia ?aaoethaaiiy aaie?anueei? e?ea?aeiino? a aaaaoueio
aeiiii?/ii ?icaeiaieo e?a?iao cae?enith?oueny /a?ac th?eaee/ii
anoaiiaeai? eiao?oe??ioe a?aeiia?aeiino? i?ae aeoeaieie oa ianeaieie
iia?aoe?yie ca nooiaiai ?o e?ea?aeiino? oa no?ieaie. Ii??aiyeueiee
aiae?c aeicaiey? c?iaeoe aeniiaie, ui iayaiee a Oe?a?i? iaoai?ci
ii?iaoeaiiai ?aaoethaaiiy aaie?anueei? e?ea?aeiino? ia i?e?i??ai? ?
aeineoue ai?aaiei, aio/eei ?ino?oiaioii oa aeia?a a?aeiia?aea? oe?eyi
aea?aeaaiiai ?aaoethaaiiy aaie?anueei? ae?yeueiino? a ia?ao?aeiiio
ia??iae?.

2.4. Aea?aeaaiee eiio?ieue ca aaie?anueeeie ?eceeaie yaey? niaith iaeei
c aaaeeea?oeo /eiiee?a, ui aecia/athoue noaa?eueio oa i?eaooeiao ?iaioo
aaie?anueeiai naeoi?o ia ei?ioei- oa na?aaeiueino?ieia?e ia?niaeoea?,
i?aeo?eiothoue noni?eueio aeia??o aei iueiai.

Iniiaieie oi?iaie aea?aeaaiiai ?aaoethaaiiy aaie?anueeeo ?ecee?a ?
e?euee?nia oa ye?nia ?aaoethaaiiy eai?oaeo aaie?a, aea?aeaai? i?ia?aie
no?aooaaiiy aeeaae?a, oeaio?ae?ciaaia cae?aiiy oa ?iciianthaeaeaiiy
?ioi?iaoe?? i?i aaie?anuee? ?eceee.

2.5. Iaea?eueo a?aeiiith oa o?aaeeoe?eiith oi?iith aea?aeaaiiai
eiio?ieth aaie?anueeeo ?ecee?a ? e?euee?nia oa ye?nia ?aaoethaaiiy
eai?oaeo (aeanieo eioo?a) aaieo. Iniiaieie i?e/eiaie aea?aeaaiiai
?aaoethaaiiy aaie?anueeiai eai?oaeo ? i?aeo?eiea noni?eueii? aeia??e aei
aaie?a, a oaeiae iaiaaeaiiy aeo?ao o?yaeo uiaei no?aooaaiiy aeaiiceo?a.

2.6. Iaei??th c oi?i aea?aeaaiiai ?aaoethaaiiy ?eceeo aaie?anueeeo
iia?aoe?e, ui ?aeiiaiaeo?oueny aaoi?ii aeey ai?iaaaeaeaiiy a Oe?a?i?, ?
no?aooaaiiy aeaiiceo?a. Oea cia/ii ni?eyei a iii’yeoaiith oyaeeeo
nioe?aeueieo iane?aee?a ao?ao ae??aieo oa na?aaei?o aeeaaeiee?a, ui
iiaeooue aeieeiooe aiane?aeie aaie?oonoaa aaie?a. O ?yae? aeiaaee?a oey
nenoaia ioiieth? ia o?eueee o?ce/ieo in?a, ae??aiee oa na?aaei?e a?cian,
aea e nai? aaiee oa ?ioeo o?iainiaeo iina?aaeiee?a. Oaeei /eiii,
no?aooaaiiy aeeaae?a iaaoaa? iiao ooieoe?th — ?aaoethaaiiy ao?ao
o?iainiaiai eai?oaeo oeyoii ia?a?iciiae?eo caeoe?a i?ae e?aaeeoieie
?inoeoooaie. Oaea nenoaia ? iayaiith iaeaea a on?o ?icaeiaieo e?a?iao.

Ia oeae /an a Oe?a?i? no?aooaaiiy aeaiiceo?a ?nio? eeoa a iai?yiiio
aeaeyae?, ca aeiiiiiaith i?i?iaeueieo ?aca?a?a.

?noioiith aaaeith aea?aeaaiiai no?aooaaiiy aeaiiceo?a ? oa, ui aiii
cieaeo? ii?iaeueiee ??aaiue oaaaeiino? aeeaaeiee?a aei iaae?eiino?
aaie?a. A?ae/oaath/e naaa oe?eeiaeoi caoeuaieie, a?eueo?noue aeeaaeiee?a
ia “ea?athoue” aaie, ui aa?a ia naaa iaaei??iee ?ecee, ia?ai?uaiiyi
nai?o eioo?a aei a?eueo iaae?eieo onoaiia. I?ia?aie aea?aeaaiiai
no?aooaaiiy aeeaae?a iaaiith i??ith i?iaieothoue aaiee ciaiooaaoe
a?aeiioaiiy eai?oaeo aei caeo/aieo ?ano?n?a, ui i?aeaea? aea?aeaai? aai
noni?euei? no?aoia? oiiaee ?eceeo caeoe?a.

2.7. Ua iaei??th oi?iith aea?aeaaiiai ?aaoethaaiiy ?eceeo aaie?anueeeo
iia?aoe?e, yeo aeioe?eueii cai?iaaaeeoe a Oe?a?i?, ? oeaio?ae?ciaaia
cae?aiiy oa ?iciianthaeaeaiiy ?ioi?iaoe?? uiaei aaie?anueeeo ?ecee?a. A
aaaaoueio e?a?iao aea?aeaai? i?aaie c iaoith iie?auaiiy ooieoe?iioaaiiy
aaie?anueei? nenoaie oa iineeaiiy aeia??e i?ae eiia?oe?eieie aaieaie
noai?ththoue oeaio?ae?ciaai? neoaeae aaie?anueeeo ?ecee?a, ui
i?iiiiothoue iineoae eieaeoeaiiai ei?enooaaiiy ?ioi?iaoe?eieo aac aeaieo
ca aeiiiiiaith oaeaeiioi?eaoe?eiiai eiii’thoa?iiai aeinooio. A oaeeo
e?a?iao ye I?aea?eaiaee, I?ia//eia, O?aioe?y, Oaaeoea??y, ssiii?y
Oeaio?aeueiiio aaieia? caeiiiaeaa/a aeaeaaiaai? iiae?ai? ooieoe??.

Aiae?c i?aeoeee aeiiii?/ii ?icaeiaieo e?a?i ia?aeiio?, ui ?icoe?aiiy oa
aaeineiiaeaiiy oi?i niia?uaiiy e?aaeeoieo onoaiia i?i iiaeeea? ?eceee
aeoaea iiceoeaii aieeaa? ia noaa?euei?noue oa aaciaeo ooieoe?iioaaiiy
aaie?anueeiai naeoi?o oa an??? aeiiii?/ii? nenoaie acaaae?. Aa?o/e ia
naaa aeo?aoe ii cae?aiith, aea/aiith oa ?iciianthaeaeaiith oaeeo aeaieo,
aea?aeaaa noai?th? ia?aaeoiiae uiaei caiia?aaiiy ye caaaeueiiai oae ?
niaoeeo?/ieo ?ecee?a a ia?iaeiiio ainiiaea?noa?, ui ni?ey? oe?ieiio
caeo/aiith ?iaanoeoe?e oa aeeiai?/iiio c?inoaiith aeiiii?ee.

No/ania ?aaeuei?noue a Oe?a?i? ia aoai? ia?aoiaeo aei ?eieiai? aeiiii?ee
oa?aeoa?eco?oueny cia/iith caaaeueiiainiiaea?nueeith oeoe?noth oa
i?iaeaiaie c iice/eaie a /eneaiieo aaeocyo aeiiii?ee. Caaaeueiee ??aaiue
?ecee?a o ainiiaea?nuee?e nenoai? ia aeae?eueea ii?yaee?a aeu?e i?ae o
noaeeo aeiiii?eao ?icaeiaieo e?a?i. Iiioey?i? ca?ac o aaie?anueeiio
naeoi?? Oe?a?ie aoaeeoi?nuee? ia?aa??ee a onana?oiuei a?aeiieo o??iao
o?enothoue noaa?eueio ?iaioo aaieo eeoa i?ioyaii ia?aa??aiiai ia??iaeo,
i?ioa ia caiia?aathoue iaaecia/aiino?, yea iiaea caiiae?yoe caeoe?a o
iaeaooiueiio. Ioaea, iaea?eueo aino?ith i?iaeaiith oe?a?inueeiai
aaie?anueeiai iaiaaeaeiaioo ca?ac ? ianoa/a ?ioi?iaoe?? aeey ooaaeaiiy
iioeiaeueieo ??oaiue ye uiaei e?aaeeooaaiiy eiie?aoieo ainiiaea?nueeeo
noa’?eo?a, oae ? i?i aeioe?euei?noue ?iaioe c ie?aieie aaeocyie
aeiiii?ee.

Aia?eeainueeee oeyo, oiaoi noai?aiiy a Oe?a?i? nenoaie i?eaaoieo
?ioi?iaoe?eieo aaaioe?e c ieoaiue e?aaeeoicaeaoiino? ? iaaeioe?eueiei c
ianooiieo i??eoaaiue. Ii-ia?oa, ia oi?ioaaiiy noaa?eueii? oa aoaeoeaii?
nenoaie i?eaaoieo ?ioi?iaoe?eieo aaaioe?e iio??aai o?eaaeee /an,
i?ioyaii yeiai aoaeooue i?iaeiaaeoaaoenue oao?aenoaa c e?aaeeooaaiiyi oa
aaie?oonoaa aaie?a. Ii-ae?oaa, a nenoai? i?eaaoieo aaaioe?e ? aeineoue
eiia??iei iacaeiiia aeei?enoaiiy, ia?ae?o/aiiy aai cieuaiiy
eiio?aeaioe?eii? ?ioi?iaoe?? i?i iaeiiaee noai a?iiaaeyi oa
i?aei?e?inoa, i?iaeaae ?? cei/eiiei aeaiaioai oa iao?iciei oa?oioaaiiyi,
cei/eiia i?eoiaoaaiiy ia ei?enoue iaaieo caoe?eaaeaieo in?a a?aeiiinoae
i?i iaiiaa?iaiiy e?aaeeo?a, aaie?oonoaa, aoa?e oa ?i. Aacoiiaii, ia oeae
/an cae?eniaiiy aea?aeaaieie i?aaiaie Oe?a?ie ooieoe?e ii caiia?aaiith
aaie?anueeeo ?ecee?a oa ?aaoethaaiith iia’ycaieo c ieie i?iaeai ?
aacaeueoa?iaoeaiei.

2.8. Aea?aeaaia ?aaoethaaiiy aaie?anueei? e?ea?aeiino?, aeaniiai
eai?oaeo, no?aooaaiiy aeaiiceo?a, a oaeiae oeaio?ae?ciaaia cae?aiiy oa
?iciianthaeaeaiiy ?ioi?iaoe?? uiaei aaie?anueeeo ?ecee?a ia ?
aeueoa?iaoeaieie no?aoaa?yie i?aeaeuaiiy iaae?eiino? aaie?anueeiai
naeoi?o, aiie ae?aeaeoe/ii iia’ycai? oa aeiiiaiththoue iaeia iaeio. A
Oe?a?i? ? aeioe?eueiei cai?iaaaeaeaiiy aeina?aeo i?ia?aeieo aeiiii?/ii
?icaeiaieo e?a?i uiaei ?aoe?iiaeueiiai ii?aeiaiiy an?o aeuacaaaeaieo
iaoiae?a ?aaoethaaiiy aaie?anueeeo ?ecee?a.

3. A?ioiai-e?aaeeoia ?aaoethaaiiy ? iaeiei c ?iaiaioieo aeaiaio?a
aea?aeaaii? aeiiii?/ii? iie?oeee. Eiai e?ioeaaeie (no?aoaa?/ieie)
oe?eyie ? aieea /a?ac ?eiie iice/eiaeo eai?oae?a ia i?ioean aeiiii?/iiai
?icaeoeo, noaa?e?caoe?y a?ioiaiai ia?ao oa caiia?aaiiy ?ioeyoe??,
iioi/ia ?aaoethaaiiy aeiiii?/ii? eii’thieoo?e, cie?aia ai?ioueaa c
aac?ia?ooyi, a oaeiae aeea ia noai ieao?aeiiai aaeaino e?a?ie.

3.1. Ia’?eoii aieeao a?ioiai-e?aaeeoii? iie?oeee (AEI) ? eii’thieoo?a
o?iainiaiai ?eieo. A caeaaeiino? a?ae ianoaaei AEI iiaea noeioethaaoe
e?aaeeoio ai?n?th (aeniaineaia AEI) aai iaiaaeoaaoe ?? (?ano??eoe?eia
AEI).

3.2. ?ino?oiaioe AEI, ui aeei?enoiaothoueny o ?aeei?e nenoai?, iiaeooue
aooe nenoaiaoeciaai? ca ??ciiiai?oieie iciaeaie:

ca aaciina?aaei?ie ia’?eoaie aieeao — i?iiiceoe?y aai iiieo ia a?io?;

ca nai?th oi?iith — aaei?i?no?aoeai? (i?yi?) oa ?eieia? (iai?yi?);

ca oa?aeoa?ii ?aaoeueiaaieo ia?aiao??a — e?euee?ni? oa ye?ni?;

ca no?ieaie aieeao — ei?ioeino?ieia? oa aeiaaino?ieia?.

3.3. Iniiaieie ?ino?oiaioaie AEI oeaio?aeueieo aaie?a i?ia?aeieo e?a?i
na?oo ? anoaiiaeaiiy i?i?iaeueieo ?aca?aieo aeiia, ?ao?iainoaaiiy
eiia?oe?eieo aaie?a, iia?aoe?? ia a?aee?eoiio ?eieo, oa?aaooaaiiy.
Iaeiae a aeayeeo e?a?iao OeA aeoeaii aaeathoueny aei oaeeo
aaei?i?no?aoeaieo caoiae?a, ye anoaiiaeaiiy e?aaeeoieo iaiaaeaiue,
e?i?ooaaiiy i?ioeaioieo noaaie ii e?aaeeoao eiia?oe?eieo aaie?a,
ii?ooaeuei? iaiaaeaiiy oa ?i. Aeia?? oa ii?aeiaiiy eiie?aoieo
?ino?oiaio?a AEI caeaaeeoue ia?o ca ana a?ae caaaeaiue, ye? ae??oo? OeA
ia o?e /e ?io?e noaae?? aeiiii?/iiai ?icaeoeo. Eiioeaiooaeueia noaia
canoinoaaiiy ?ino?oiaio?a AEI iiaea?oueny ia ?en. 2.

3.4. Ia aoai? ia?aoiaeo aei ?eieiaeo a?aeiinei, ye iieacaa i?iaaaeaiee a
aeena?oaoe?? aiae?c, iaea?eueo aoaeoeaieie ? i?yi? iaoiaee ao?o/aiiy aei
a?ioiai-e?aaeeoii? noa?e: ci?ia ??aith i?i?iaeueieo ?aca?a?a, io?oe?eii?
noaaee ?ao?iainoaaiiy, aaei?i?no?aoeaia ?aaoethaaiiy aeaiiceoieo oa
e?aaeeoieo noaaie eiia?oe?eieo aaie?a, anoaiiaeaiiy e?i?o?a
e?aaeeooaaiiy, iaiaaeaiiy aaethoii? iiceoe?? oa ?i. Ii i??? ?icaeoeo
?eieiaeo a?aeiinei a?eueo aeioe?eueiei noa? canoinoaaiiy ?eieiaeo
(iai?yieo) iaoiae?a ?aaoethaaiiy: iia?aoe?e ia a?aee?eoiio ?eieo oa
oa?aaooaaiiy, yea ? iaeaaaeeea?oei iaoiaeii i?ia?aioaaiiy o?a?eoi???
?icaeoeo aeiiii?/ii? nenoaie. Ia oeae /an iaiiaeeeai iaeiicia/ii
a?aeaeaaaoe ia?aaaao iaeiei iaoiaeai AEI oa caia?a/oaaoe ?io? — iio??aai
ae?aeaeoe/iee i?aeo?ae, ui a?oioo?oueny ia aeia?iio ?icoi?ii?
iniaeeainoae canoinoaaiiy oiai /e ?ioiai iaoiaeo, oi/i?e iaoaiaoe/i?e
ioe?ioe? ?oi?o iia?/ieo aoaeo?a oa iiaeeeaeo iane?aee?a.

Ooaa?aeaeaiiy ?eieiai? iaoiaeieia?? AEI a Oe?a?i?, aaeineiiaeaiiy oa
iioei?caoe?y aeiiii?/ieo aca?iia?aeiinei i?ae IAO oa ae?oaei ??aiai

?en. SEQ ?en. \* ARABIC 2 . Oe?e? oa ?ino?oiaioe a?ioiai-e?aaeeoii?
iie?oeee

aaie?anueei? nenoaie ia? i?ioiaeeoe /a?ac oi?ioaaiiy iiaiioe?iiiai
aoi?eiiiai ?eieo aenieiye?nieo oe?iieo iaia??a. Oea aeicaieeoue IAO
ai?iaaaeeoe oae? i?ia?aneai? oi?ie ?ino?oiaioa??th AEI, ye aeeneiioia oa
eiiaa?aeia ?ao?iainoaaiiy.

Iniaeeaa cia/aiiy ia? i?eae?eyoeny ?icaeoeo iia?aoe?e ia a?aee?eoiio
?eieo — iaea?eueo oaeaeeiae?th/iai oa aio/eiai ?eieiaiai ?ino?oiaioo
AEI, ui caaacia/o? aoaeoeaiee aieea ia a?ioiaee ?eiie oa aaie?anueeee
e?aaeeo, a ioaea ? ia aeiiii?eo a oe?eiio. Aieiaieie ?o ?enaie ?
ei?ioeino?ieia?noue oa i?iaiiciaai?noue, oiio ui /an ? ianya ?o
canoinoaaiiy aeeeeeathoue caaaeaio ?aaeoe?th ?eieo.

Anoaiiaeaiiy aaie?anueeei onoaiiaai i?yieo e?euee?nieo iaiaaeaiue
(oiaoi, canoinoaaiiy aaei?i?no?aoeaieo ?ino?oiaio?a AEI), aacoiiaii, ia
iiaea aoaeoeaii aeei?enoiaoaaoenue o aeiaaino?ieiaiio ieai? iaa?oue a
ia?ao?aeiee ia??iae ?icaeoeo aeiiii?ee oa o?iainiai? nenoaie. ?acii c
oei IAO iiaeiai canoiniaoaaoe ?ino?oiaioe i?yii? ae?? o aeiaaeeao:

iaiiaeeeaino? aai a?aenooiino? iaiao?aeieo ia?aaeoiia canoinoaaiiy
?eieiaeo ?ino?oiaio?a;

iaiao?aeiino? oaeaeeiai ?aaaoaaiiy (a ?ac? caa?iceeaiai noaio aeiiii?ee
/e aaie?anueeiai naeoi?o) oa a?aeiia?aeiiai aieeao ia iae?iaeiiii?/io
neooaoe?th a oe?eiio.

3.5. ?acthioth/e ana aeuaneacaia aaaeeeai a?aecia/eoe, ui ?ino?oiaioe
AEI ia ? noaeeie, ?ac ? iacaaaeaee i?aai?caoe?eii cao?eniaaieie, aiie
iiaeii? iiaeeo?eoaaoeny i?ae aieeaii ci?i aeiiii?/ii? neooaoe?? a e?a?i?
oa na?o?. I?e oeueiio o?aaeeoe?ei? iaoiaee aeaiiino?othoue naith
aio/e?noue oa ae??a?noue a ??cieo oiiaao. sse iieacothoue i?iaaaeai?
aeine?aeaeaiiy, ?ino?oiaioe AEI e?a?i, ui ciaoiaeyoueny ia iaeiiio
nooiai? ?icaeoeo, iiaeooue ?ic??ciyoeny ia o?eueee a /anoeiainoyo, aea e
a aieiai?e eiioeaioe??. I?ioa caaaeueiith no/aniith oaiaeaioe??th a
aeiiii?/ii ?icaeiooeo e?a?iao ? ia?ao?ae a?ae aaei?i?no?aoeaieo iaoiae?a
?aaoethaaiiy aei ?eieiaeo.

4. Aeiiiiao?e/ia aeine?aeaeaiiy aieeao aea?aeaae ia ia?iaeia
ainiiaea?noai /a?ac ?aaoethaaiiy aaie?anueeiai naeoi?o aeiiii?ee iaaeaei
aeena?oaioo iiaeeea?noue ?ic?iaeoe iiaeaeue, ui i?ecia/a?oueny aeey
aiae?co no?oeoo?e iae?iiieaciee?a aeiiii?ee oa i?iaiicoaaiiy aieiaieo
oaiaeaioe?e aeiiii?/iiai ?icaeoeo, a oaeiae e?euee?nii? ioe?iee
aoaeoeaiino? aea?aeaaiiai ?aaoethaaiiy. Niaoeeo?ea iiaeae? iieyaa? ia?o
ca ana o a?aeia?aaeaii? i?ioean?a iai?yiiai aea?aeaaiiai ?aaoethaaiiy
aeiiii?ee /a?ac aaie?anueeo nenoaio ca aeiiiiiaith a?ioiai-e?aaeeoii?
iie?oeee.

4.1. ?acoeueoaoeaieie iieacieeaie iiaeae? ? oaiie ?inoo ?aaeueiiai AAI
(O? ?AAI) oa ?iaeaen oe?i niiaeea/iai ?eieo (?NOe). Ia?oee ia?aiao?
a?aeaeaa? aeeiai?eo aeiiii?/ii? nenoaie, a ae?oaee a?aeia?aaea?
iayai?noue oa oa?aeoa?enoeee ?ioeyoe?eieo i?ioean?a. Ca oiiae
eiiieaeniiai aea/aiiy oe? iieacieee, ae?aeaeoe/ii aca?iiaeiiiaithth/e
iaeei iaeiiai, a?aeaeca?eaeththoue ?aaeueiee iioaioe?ae ia?iaeiiai
ainiiaea?noaa oa ??aaiue aeeooy ianaeaiiy.

4.2. sse iieacaa aiae?c, aei oaeoi??a, ui ni?aaeythoue iaea?eueoee aieea
ia ?acoeueoaoeai? iieacieee iiaeae?, a?aeiinyoueny aa?aaao a?ioiai? iane
a ia?ao I1 (aee?aeuei? a?io?) oa iae?eiaa noaaea IAO, ui ? aieiaieie
aaaeaeyie aieeao aea?aeaae ia aaie?anueeee naeoi? aeiiii?ee. Aaaeeeaei
oa oe?eaaei oaeoi?ii, ui iio?aao? a?aooaaiiy o iiaeae?, ? aaie?anueea
e?aaeeoii-aeaiiceoia ia?aea (spread) ia aioo??oiueiio o?iainiaiio ?eieo.
Aeiiiiao?e/ia nooi?noue oeueiai iieacieea iieyaa? a oiio, ui, c iaeiiai
aieo, a?i a?aeaeaa? i?eaooeia?noue aeania aaie?anueeeo onoaiia, a c
?ioiai — aeinooii?noue e?aaeeoo aeey an?o iaaaie?anueeeo ainiiaea?nueeeo
noa’?eo?a.

4.3. ??aiyiiy iiaeae? ioe?ithaaeenue ia a?oio? ??/ii? noaoenoeee
1996-1997 ??. c i?ny/iei eaaii. Ii??aiyii iao?eaaea aiae?oe/ia aaca
iiaeae? coiiaeaia ia?ia?oe?eiei oa?aeoa?ii i?ioean?a a oe?a?inuee?e
aeiiii?oe? ia?ao?aeiiai ia??iaeo.

4.4. Noaia aeaoa?i?iaoe?? i?e/eiii-iane?aeeiaeo ca’yce?a i?ae
eiiiiiaioaie iiaeae? iai/ii iiaea?oueny ia ?en. 3. Ae??oaeuei? ca’ycee,
ui neoaothoue aeey ?ic?aooieo i?iaiicoaaiiy, aeae?eaii aee?ieie
no??eeaie. I?ino? ei?aeyoe?ei? ca’ycee, ui cia?aaeai? i?inoeie
no??eeaie, iiaooue neoaoaaoe eaiaeaie ia?aaea/? cai?ioiiai ca’yceo aeey
oi?aae?iiy iiaeaeueiaaiith nenoaiith. sse?nia ioe?iea nooiaiy
aeaoa?i?iaoe?? ca’yceo an?o eiiiiiaio iiaeae? ia iniia? oeaee *aaeaeiea
iiaea aooe aecia/aia ye aeniea (0,7 – 0,9).

?en. SEQ ?en. \* ARABIC 3 . Noaia aeaoa?i?iaoe?? ca’yce?a i?ae
eiiiiiaioaie iiaeae?

4.5. Cai?iiiiiaaia iiaeaeue neeaaea?oueny c 5 ci?iieo — iae?iiieaciee?a
aeiiii?/ii? aeeiai?ee oa 7 ??aiyiue ooieoe?iioaaiiy:

1) E?i?eia ?aa?an?y oaii?a ?inoo ?aaeueiiai AAI ia I1:

YTR RVVP = 0,0015 XM1 + 82,067 ( 1 )

R2 = 0,832 SYX = 1,026 F = 109,23 P(H0) = 5,4(10–10

2) Noaiaiaaa ?aa?an?y oaii?a ?inoo ?aaeueiiai AAI ia Spread:

YTR RVVP = 122,71 XSPREAD–0,0809 ( 2 )

R2 = 0,737 SYX = 1,23 F = 26,22 P(H0) = 1,17(10–6

3) Noaiaiaaa ?aa?an?y Spread ia I1:

YSPREAD = 579503 XM1–1,1012 ( 3 )

R2 = 0,824 SYX = 4,68 F = 46,4 P(H0) = 5,67(10–9

4) E?i?eia ?aa?an?y Spread ia iae?eiao noaaeo IAO:

YSPREAD = 0,3867 XOS NBU + 21,384 ( 4 )

R2 = 0,864 SYX = 10,32 F = 139,5 P(H0) = 5,4(10–11

5) Eiaa?eoi?/ia ?aa?an?y ?iaeaeno niiaeea/eo oe?i ia I1:

YISC = 49,158 Ln (XM1) –293,5 ( 5 )

R2 = 0,853 SYX = 4,55 F = 29,4 P(H0) = 8,2(10–7

6) E?i?eia ?aa?an?y ?iaeaeno niiaeea/eo oe?i ia Spread:

YISC = –0,9618 XSPREAD + 174,64 ( 6 )

R2 = 0,782 SYX = 5,9 F = 79,1 P(H0) = 9,8(10–9

7) Noaiaiaaa ?aa?an?y IN IAO ia I1:

YOS NBU = 2 (10–10 XM1–2,2734 ( 7 )

R2 = 0,838 SYX = 10,78 F = 51,7 P(H0) = 7,63(10–9

4.6. Iaei?ici??i? aeiiiiao?e/i? iiaeae? aeicaieythoue io?eiaoe a?eueo
oi/i? i?iaiice iniiaieo aa?aaiaaieo iieaciee?a aeiiii?/iiai ?icaeoeo,
ioe?ithaai? ni?aa?aeiioaiiy i?ae ieie ? a?eueo no?eeeie, i?ae o iiaeaeyo
aaeeei? ?ici??iino?; iiaoaeiaa iaei?ici??ieo iiaeaeae oa i?aeo?eiea ?o o
?iai/iio noai? iio?aaothoue cia/ii iaioeo aeo?ao. ?ici??i?noue aeaii?
iiaeae? (7 ?aa?an?eieo ??aiyiue) aecia/aeanue ?c o?aooaaiiyi iiceoeaieo
?en ? iaaeie?e?a aaeeeeo ? iaeeo aeiiiiao?e/ieo iiaeaeae, a oaeiae
caaaeueiii?eeiyoeo o na?o? noaiaea?o?a nenoaie iaoe?iiaeueieo ?aooie?a.

4.7. Iniaeea?noue iiaeae? iieyaa? a oiio, ui aiia iiaoaeiaaia ye oeiiaee
aeiiiiao?e/iee iiaeoeue. Ca ?nioth/iai ?ic?eao i?ae ??aiyie ?icaeoeo
oai?aoe/ii? e i?eeeaaeii? aeiiiiao???, ?icia?oo? i?aeoiae?a aei
iaoiaeeee iiaoaeiae iae?iiiaeaeae ie?aieo e?a?i iaiao?aeii
a?aei?aoethaaoe oeiiao i?ioeaaeo?o noai?aiiy iiaeae? ia i?eeeaae?
?aaeueiiai ia’?eoo. I?aeoe/ia oe?ii?noue cai?iiiiiaaii? iiaeae? iieyaa?
a ?? oi?aa?naeueiino?, aiia ? ?aeaioeo?eiaaiith aeey aoaeue-yei?
?eieiai? aeiiii?ee, aea ?ic?aoiao?oueny caaaeueiii?eeiyoa nenoaia
iaoe?iiaeueieo ?aooie?a.

5. ?ic?iaeaia aa?aaaoiaaia iiaeaeue aea?aeaaiiai ?aaoethaaiiy aeiiii?ee
/a?ac aaie?anueeee naeoi? aeicaiey? ae??ooaaoe ?yae caaaeaiue,
iia’ycaieo ?c e?euee?niei aiae?cii iniaeeainoae aeiiii?/ii? aeeiai?ee
e?a?ie, c ioe?ithaaiiyi ia?niaeoea aeiiii?/iiai c?inoaiiy a caeaaeiino?
iai?yie?a ? ianooaa?a caoiae?a a?ioiai-e?aaeeoii? iie?oeee.

5.1. Iiooeiaee (ianeaiee) i?iaiic (oaae. 1) a?oioo?oueny ia
aeno?aiieyoe?? o iaeaooi? o?aiaeo aeine?aeaeoaaieo ia?aiao??a ia
aaceniiio ia??iae?. I?e oeueiio an? ciai?oi? oaeoi?e, ye? aieeaathoue ia
nenoaio, aaaaeathoueny iaci?iieie (ceteris paribus) ? i?eeia?oueny, ui
aeeiai?ea nenoaie aaco?oueny aeeeth/ii ia aiaeiaaiieo oaiaeaioe?yo.
Ioaea, ca?aeii ?ic?aooie?a ca oiiae noaeino? niinoa?aaeaieo o aaceniiio
ia??iae? oaiaeaioe?e aeeiai?ee iae?iiieaciee?a, 1998 ?. ciia ae noaoe
?ieii ieaeiuei? oi/ee aeiiii?/iiai niaaeo.

5.2. Ii?iaoeaiee (aeoeaiee) i?iaiic (oaae. 2), ia a?aei?io a?ae
iiooeiaiai, aeaco? iiaeeea? niiniae e no?iee aeinyaiaiiy caaaeaiiai,
aaaeaiiai e?ioeaaiai noaio i?iaiiciaaiiai ia’?eoo. I?e oeueiio
ia?aaeaa/a?oueny, ui o?yae (noni?euenoai) ioneoue aaeeaaoe iaai?
caoiaee, ye? caeaoi? aieeaaoe ia i?iaiiciaai? ia?aiao?e. I?eionoeii
oe?a?inuee?e o?yae iinoaaea ae ianoaiiaio oe?eue aeinyaoe o 1998 ?.
oaii?a ?inoo ?aaeueiiai AAI 103%. Ca?aeii ?ic?aooie?a ia aac? oe???
ianoaiiae ??aaiue ?ioeyoe?? ca ??e neeaa ae 19% (SE = 4,5%),
na?aaeiueii?ny/ia ?ioeyoe?y — 1,6%, ??/iee i?e??no a?ioiai? iane — 35%,
na?aaeiueii?ny/i? oaiie i?e?inoo a?ioiai? iane — 2,9%. Iae?eiaa noaaea
IAO iai?ee?ioe? ia??iaeo neeaaea a?ey 20% (SE = 10,8%), aaie?anueea
ia?aea — 15% (SE = 4,6%). Oaeei /eiii, ca oiiae ai?iaaaeaeaiiy o?yaeii
Oe?a?ie oa Iaoe?iiaeueiei aaieii aeoeaii? ?aaoethth/i? iie?oeee oa
iaci?iiino? an?o ciai?oi?o oaeoi??a, 1998 ?. ciia ae noaoe ?ieii ii/aoeo
?aaeueiiai aeiiii?/iiai c?inoaiiy a Oe?a?i?.

5.4. Iioaioe?ei? iai?yiee aeei?enoaiiy iiaeae? aeathoue iiaeeea?noue ia
o?eueee i?iaiicoaaoe ia?niaeoeae aeiiii?/iiai c?inoaiiy, aea e oi?ioaaoe
eiiieaeni? noeaia??? aai aa??aioi? i?iaiice, ui a?aeiia?aeathoue oei aai
?ioei aeiiii?/iei i?ia?aiai o?yaeo, ioe?ithaaoe caaaeueiiaeiiii?/i?
iane?aeee ?o ?aae?caoe??.

AENIIAEE

1. I?aaiaa nenoaia Oe?a?ie noiniaii aaie?anueei? ae?yeueiino? iiaeiia
neeaaeaoenue c caeiiiaeaa/eo oa ii?iaoeaieo aeieoiaio?a aeaio ??ai?a:

eiiieaen caeii?a i?i aaie?anueeo ae?yeuei?noue;

iinoaiiae I?aae?iiy, iaoiaee/i? aeac?aee, ?ic’yniaiiy oa eiiaioa??, ye?
aeaeathoueny IAO uiaei aeaoae?caoe?? canoinoaaiiy caeiiiaeaanoaa oa
?aaoeyoeaieo i?aaee.

Aei eiiieaeno caeii?a i?i aaie?anueeo ae?yeuei?noue, e??i ?nioth/iai
caeiio “I?i aaiee ? aaie?anueeo ae?yeuei?noue”, iathoue aooe aeeth/ai?
ianooii?: “I?i Iaoe?iiaeueiee aaie Oe?a?ie”; “I?i e?aaeeooaaiiy”; “I?i
aa?aiooaaiiy aeeaae?a”; “I?i ia?aeac eioo?a”; “I?i aaie?anueeo
oa?iieoeth”; “I?i aea?aeaaiee aaie?anueeee iaaeyae”. Ia iniia? an?o
ae?th/eo caeiiiaeaa/eo oa ii?iaoeaieo aeieoiaio?a, ye? aeineoue /anoi
ci?iththoueny oa aeiiiaiththoueny, aeioe?eueii noai?eoe “Aaie?anueeee
eiaeaen Oe?a?ie”. AEO iaiao?aeii ?aae?coaaoe o aeaeyae? iino?eii
iaiiaethaaiiai eiii’thoa?eciaaiiai a?o?ao c ?icaeiooeie caniaaie
eiioaenoiiai iiooeo, aei yeiai ciiaeooue io?eiaoe oaeaeiioi?eaoe?eiee
aeinooi a ?aaeueiiio ianooaa? /ano an? caoe?eaaeai? iniae.

2. Aaie?anueea caeiiiaeaanoai Oe?a?ie uiaei aeinoaoiino? aeanieo eioo?a
aaieo iiai?noth oi?o?eiaaia c Aacaeuenueeith oaiaeith i?i i?aeia?iaei?
noaiaea?oe eai?oaeo. Iaiaa?oioiaai? ci?ie ii?iaoea?a o aeaiee iiiaio
iaaeioe?euei?, ai iiaeooue o?eueee aeaci?aai?coaaoe iaeaaiaeaeaio
nenoaio. C iaoith iineeaiiy eai?oaeueieo iiceoe?e oe?a?inueeeo aaie?a
aaaaea?ii iaiao?aeiei ca?eueieoe a?ae iiiaeaoeoaaiiy /anoeio i?eaooeo,
yea ni?yiiao?oueny ia ca?eueoaiiy aeanieo eioo?a aaieo. Oea a aeicaieeei
aaie?anueeei onoaiiaai oaeaeei ia?inoeoe onoaaiee oiiae ? noi?ioaaoe
aeinoaoi? ?aca?ai? oiiaee, ui ?noioii cieceoue ye nenoaiiee, oae e
?iaeea?aeoaeuei? ?eceee a aaie?anueeiio naeoi??.

3. Aaaaea?ii iaiao?aeiei oa?i?iiai noai?eoe Aea?aeaaio eiiiai?th
no?aooaaiiy aeeaae?a o ?aieao i?aai?caoe?eii? no?oeoo?e IAO. Ooai?aiiy
naiino?eiiai i?aaio ? iaaeioe?eueiei, ai eiio aeiaaaeaoueny aeoaethaaoe
ooieoe?? aaie?anueeiai iaaeyaeo IAO. I?i?iaeueiee ?ici?? aa?aio??
iiaa?iaiiy aeeaaeo iiaeiai aooe ia iaioei ca 1 oen. USD a a?eaiaaiio
aea?aaeaio? ia iaeio iniao (iaeiaeiai aeey o?ce/ieo oa th?eaee/ieo in?a)
iethn aeiey e?ea?aeaoe?eii? aa?oino? aeoea?a caaie?oo?eiai aaieo,
i?iii?oe?eia ?ici??o aeaiiceoo.

4. Aeey caaacia/aiiy noaa?eueii? oa i?eaooeiai? ?iaioe aaie?anueeiai
naeoi?a ia ei?ioeino?ieia?e oa na?aaeiueino?ieia?e ia?niaeoea?,
i?aeo?eiee noni?eueii? aeia??e aei iueiai, aeiaeaoeiai aei oaeeo oi?i
aea?aeaaiiai eiio?ieth aaie?anueeeo ?ecee?a, ye ?aaoethaaiiy aeaniiai
eai?oaeo oa no?aooaaiiy aeeaae?a, iaiao?aeii caeiiiaeaa/a aeaeaaoaaoe
Iaoe?iiaeueiiio aaieia? Oe?a?ie ooieoe?? eiio?ieth iaae aea?aeaaiith
i?ia?aiith cae?aiiy oa aeei?enoaiiy ?ioi?iaoe?? i?i aaie?anuee? ?eceee.

Na?aae ia?oi/a?aiaeo caoiae?a uiaei ai?iaaaeaeaiiy caaaeueiiaea?aeaaii?
nenoaie oeaio?ae?caoe?? ?ioi?iaoe?? ii aaie?anueeei ?eceeai Aa?oiai?e
?aae? Oe?a?ie i?e ii?aoethaaii? a?aeiia?aeiiai caeiiiaeaa/iai aeoo
aeioe?eueii a?aooaaoe ianooii? ?aeiiaiaeaoe??, ui cai?iiiiiaai? a aeai?e
aeena?oaoe?ei?e ?iaio?:

Iaiao?aeii caeiiiaeaa/a ciaia’ycaoe IAO ?iciianthaeaeoaaoe na?aae
aaie?anueeeo onoaiia Oe?a?ie noaoenoe/io ?ioi?iaoe?th ii iaiiaa?iaieo
e?aaeeoao o oi?i? i?eaeaoieo aei aeenia?n?eiiai aiae?co a?oioaaiue
/anoioe aeiaaee?a oa noi caai?aiaaiino? ca oaeeie oaeoi?aie, ye ie?ai?
eaoaai??? ee??io?a, oeie e?aaeeoo, aaeoc?, ?aa?iie oa ?i.

Aeicaieeoe IAO, i?aaiioi?iiiei i?aaiai oa an?i caoe?eaaeaiei
aaie?anueeei onoaiiaai ei?enooaaoenue ?aeeiei ?a?no?ii caai?ii
a?ae/oaeaiiy ia?ooiiiai iaeia, ui noai?aiee a nenoai? I?i?noa?noaa
thnoeoe?? Oe?a?ie a aeaeo?iiiiio aeaeyae? oa ae?? a ?aaeueiiio ianooaa?
/ano.

Ciaia’ycaoe IAO noai?eoe Aea?aeaaio ea?oioaeo iaiiaa?iaieo e?aaeeo?a,
iaaeaieo o?ce/iei ? th?eaee/iei iniaai, ?aceaeaioai oa ia?aceaeaioai.
An? caoe?eaaeai? aaie?anuee? onoaiiae Oe?a?ie io?eiathoue
oaeaeiioi?eaoe?eiee aeinooi aei oe??? aace aeaieo.

Aeicaieeoe IAO oa i?aaiioi?iiiei i?aaiai ei?enooaaoeny Aea?aeaaiei
?a?no?ii in?a-ieaoiee?a iiaeaoe?a, yeee aaaea Aea?aeaaia iiaeaoeiaa
?iniaeoe?y, aeey iiooeo aaie?anueeeo ?aooie?a oa iaeia in?a,
caeioaa/aieo o iaiiaa?iaii? e?aaeeoo.

Ciaia’ycaoe IAN noai?eoe Aea?aeaaio ea?oioaeo in?a, ui iathoue
iaiiaaoaio noaeei?noue ca iaai? aeaee cei/ei?a aai noaeiao caai?iio
caeiaoenue iaaieie aeaeaie ae?yeueiino?. Ciaia’ycaoe an? aaie?anuee?
onoaiiae ia?aa??yoe ca oe??th ea?oioaeith o?ce/ieo in?a, ea??aieo
i?aoe?aiee?a oa caniiaiee?a i?aei?e?inoa, i?e caa?oaii? ?o a aaie ii
iaea?aeaiiy e?aaeeoo.

5. ?acoeueoaoe aeiiiiao?e/iiai iiaeaethaaiiy oe?eeii i?aeoaa?aeaeothoue
iniiaio aii??e/io a?iioaco iiiaoa?eno?a: ci?ie o a?ioia?e ian? /eiyoue
neeueiee oa oaeaeeee aieea ia aeeiai?eo ?aaeueiiai AAI oa ?ioeyoe?ei?
i?ioeane. I?ioa aeena?oaioii aia?oa o a?o/eciyi?e e?oa?aoo?? aena?oeaia
?ieue aaie?anueei? nenoaie a oeueiio i?ioean?: aeiiii?/ia aeeiai?ea
e?a?ie i?yii caeaaeeoue a?ae aeinooiiino? e?aaeeoo aeey noa’?eo?a
ainiiaea?thaaiiy. Oiio ?ici?? aaie?anueei? e?aaeeoii-aeaiiceoii? ia?ae?,
ui ? aieiaiei iieacieeii aeinooiiino? e?aaeeoo, iio?aao? i?yiiai
aaei?i?no?aoeaiiai aai iiaeaoeiaiai ?aaoethaaiiy c aieo aea?aeaae. E??i
oiai, ??ce? eieeaaiiy iae?eiai? noaaee ?ao?iainoaaiiy ? iai?eionoeieie,
ai oea i?eaiineoue cia/io ianoaa?euei?noue ia o?eueee aei a?ioiaiai
ia?ao, aea e aei anueiai i?ioeano noni?eueiiai a?aeoai?aiiy a e?a?i?.

6. Cai?iiiiiaaia aeiiiiao?e/ia iiaeaeue aea?aeaaiiai ?aaoethaaiiy
aeiiii?ee /a?ac aaie?anueeee naeoi? iiaea aooe ?aeiiaiaeiaaia aeey
ooee?oa?iiai canoinoaaiiy o iianyeaeaii?e i?aeoeoe? oao?aoeyi
Iaoe?iiaeueiiai aaieo Oe?a?ie, Eaa?iaoo I?i?no??a Oe?a?ie, I?i?noa?noaa
aeiiii?ee, I?i?noa?noaa o?iain?a oa ?ioeo aea?aeaaieo i?aai?a aeey
e?euee?nii? ioe?iee aoaeoeaiino? noaaethaaieo ??oaiue uiaei
a?ioiai-e?aaeeoiiai ?aaoethaaiiy aeiiii?ee, oi?aae?iiy aaie?anueeei
naeoi?ii, a oaeiae i?iaiicoaaiiy ?oi?o iane?aee?a.

NIENIE IIOAE?EIAAIEO ?IA?O

CA OAIITH AeENA?OAOe??

N?aaeia A.I. Aei ieoaiiy i?i ?aaoethaaiiy aaie?anueeeo ?ecee?a. //
Aeiiii?ea Oe?a?ie. – 1998. – ? 5. – n. 31-36.

N?aaeia A.I. Ca?oa?aeiee aeina?ae oeaio?ae?ciaaiiai cai?o oa
aeei?enoaiiy ?ioi?iaoe?? uiaei aaie?anueeeo ?ecee?a. // Aeiiii?ea
Oe?a?ie. – 1999. – ? 1. – n. 35-39.

N?aaeia A.I. Iaoiaee a?ioiai-e?aaeeoiiai ?aaoethaaiiy. // Aeiiii?ea
Oe?a?ie: Iioaioe?ae, ?aoi?ie, ia?niaeoeae. Iiiia?ao?y: O 5 o. Oii 5.
Oe?ie, oe?iiooai?aiiy ? a?ioiaee ia?a ca ?eieiai? o?ainoi?iaoe??
aeiiii?ee. / Ca caa. ?aae. A.O. Aan?ae?ia, A.O. Aieeea. – E.: IAeA?,
1998. – n. 406-420.

N?aaeia A.I. I?i ooieoe?? a?ioae oa nenoaie a?ioiaiai ia?ao. //
Oi?ioaaiiy ?eieiaeo a?aeiinei a Oe?a?i?: Ca??iee noaoae iieiaeeo o/aieo.
Aeione 3. – E., 1997. –n. 60-64.

N?aaeia A.I. Aei ieoaiiy i?i i?eioeeie oa iaoiaee aea?aeaaiiai
?aaoethaaiiy aeiiii?ee. // Oi?ioaaiiy ?eieiaeo a?aeiinei a Oe?a?i?:
Ca??iee noaoae iieiaeeo o/aieo. Aeione 4. – E., 1997. – n. 49-57.

N?aaeia A.I. I?i aea?aeaaia ?aaoethaaiiy aaie?anueei? e?ea?aeiino?. //
Oi?ioaaiiy ?eieiaeo a?aeiinei a Oe?a?i?: Ca??iee noaoae iieiaeeo o/aieo.
Aeione 5. – E., 1998. – n. 100-107.

AIIOAOe?ss

N?aaeia A.I. I?eioeeie oa iaoiaee aea?aeaaiiai ?aaoethaaiiy aaie?anueei?
ae?yeueiino?. – ?oeiien.

Aeena?oaoe?y ia caeiaoooy a/aiiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeuei?noth 08.02.03 – I?aai?caoe?y oi?aae?iiy, ieaioaaiiy ?
?aaoethaaiiy aeiiii?eith. – Iaoeiai-aeine?aeiee aeiiii?/iee ?inoeooo
I?i?noa?noaa aeiiii?ee Oe?a?ie, Ee?a, 1999.

Aeena?oaoe?th i?enay/aii ieoaiiyi aea?aeaaiiai ?aaoethaaiiy aaie?anueei?
ae?yeueiino?. Iaa?oioiaaii iaiao?aei?noue aea?aeaaiiai eiio?ieth iaae
aaie?anueeeie ?eceeaie. ?ic?iaeaia eiioeaiooaeueia ???a?o?/ia noaia
oe?eae oa ?ino?oiaio?a a?ioiai-e?aaeeoii? iie?oeee. Iaaaaeai? eiie?aoi?
?aeiiaiaeaoe?? uiaei ai?iaaaeaeaiiy oa ?aoe?iiaeueiiai ii?aeiaiiy aeaio
aeuacaaaeaieo iaoiaeieia?e a Oe?a?i?. I?iaaaeaia aeiiiiao?e/ia
iiaeaethaaiiy oa aa??aioia i?iaiicoaaiiy aieeao aea?aeaae ia aeiiii?/io
nenoaio /a?ac ?aaoethaaiiy aaie?anueeiai naeoi?o.

Eeth/ia? neiaa: aaie?anueea ae?yeuei?noue, aea?aeaaia ?aaoethaaiiy,
a?ioiai-e?aaeeoia iie?oeea, aaie?anuee? ?eceee, aeiiiiao?e/ia
iiaeaethaaiiy oa i?iaiicoaaiiy.

AIIIOAOeEss

Neaa?a A.A. I?eioeeiu e iaoiaeu ainoaea?noaaiiiai ?aaoee?iaaiey
aaieianeie aeayoaeueiinoe. – ?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. – Iao/ii-enneaaeiaaoaeueneee yeiiiie/aneee
einoeooo Ieienoa?noaa yeiiiieee Oe?aeiu, Eeaa, 1999.

Aeenna?oaoeey iinayuaia aii?inai ainoaea?noaaiiiai ?aaoee?iaaiey
aaieianeie aeayoaeueiinoe. Oeaeueth enneaaeiaaiey yaeyeanue ?ac?aaioea
iao/ii iainiiaaiiuo i?eioeeiia e iaoiaeia ainoaea?noaaiiiai
?aaoee?iaaiey aaieianeie aeayoaeueiinoe a ia?eiae ia?aoiaea Oe?aeiu io
aaeieieno?aoeaii-eiiaiaeiie e ?uii/iie yeiiiieea. I?aaeiaoii
enneaaeiaaiey yaeyeny eiiieaen oai?aoe/aneeo e iaoiaee/aneeo aii?inia,
naycaiiuo n iaania/aieai ainoaea?noaii noaaeeueiiai e yooaeoeaiiai
ooieoeeiie?iaaiey aaieianeie nenoaiu. Iauaeoii enneaaeiaaiey aunooiaea
aaieianeay nenoaia a a? acaeiiaeaenoaee n ainoaea?noaii eae a Oe?aeia,
oae e a iniiaiuo yeiiiie/anee ?acaeouo no?aiao. E ?acoeueoaoai
enneaaeiaaiey, eiathuei iao/ioth iiaecio, ioiinyony neaaeothuea.

N iiauo iiceoeee aeaia ioeaiea aeaenoaothuaio iaoaiecio
ainoaea?noaaiiiai ?aaoee?iaaiey eeeaeaeiinoe eiiia?/aneeo aaieia a
Oe?aeia. Nenoaia th?eaee/anee onoaiiaeaiiuo eiyooeoeeaioia niioaaonoaey
iaaeaeo aeoeaaie e ianneaaie ii noaiaie eo eeeaeaeiinoe e n?ieai
iieiinoueth niioaaonoaoao ie?iaui noaiaea?oai. A? iaiainiiaaiiua
eciaiaiey iiaoo i?eaanoe e ianoaaeeueiinoe ia oieueei aeaiaaeiiai
ia?auaiey, ii e anaai i?ioeanna iauanoaaiiiai aini?iecaiaenoaa a no?aia.

Iainiiaaia iaiaoiaeeiinoue ainoaea?noaaiiiai eiio?iey aaieianeeo ?eneia
e ia iniiaa iiuoa aaaeoueo yeiiiie/anee ?acaeouo no?ai iiaaaeai
aeaoaeueiue n?aaieoaeueiue aiaeec oaeeo o?aaeeoeeiiiuo oi?i
?aaoee?iaaiey aaieianeeo ?eneia, eae eiee/anoaaiiia e ea/anoaaiiia
?aaoee?iaaiea nianoaaiiiai eaieoaea, no?aoiaaiea aeaiiceoia,
oeaio?aeeciaaiiue nai? e ?ani?ino?aiaiea eioi?iaoeee i aaieianeeo
?eneao. I?eaaaeaiu eiie?aoiua ?aeiiaiaeaoeee ii aiaae?aieth e
?aoeeiiaeueiiio iauaaeeiaieth auoaoiiiyioouo iaoiaeee a Oe?aeia.

I?aaeeiaeaiu eiie?aoiua ?aeiiaiaeaoeee ii niaa?oainoaiaaieth i?aeoeee
i?eiaiaiey eino?oiaioa?ey aeaiaaeii-e?aaeeoiie iieeoeee a Oe?aeia eae
aeaaiiai n?aaenoaa ainoaea?noaaiiiai aeeyiey ia yeiiiie/aneoth nenoaio
aiiaua e aaieianeee naeoi? a /anoiinoe n oeaeueth nicaeaiey iioeiaeueiuo
oneiaee ooieoeeiie?iaaiey iaoaiecia iauanoaaiiiai aini?iecaiaenoaa.
?ac?aaioaia iaiau?iiay eiioeaiooaeueiay noaia oeaeae e eino?oiaioia
aeaiaaeii-e?aaeeoiie iieeoeee.

I?iaaaeaiu yeiiiiao?e/aneia enneaaeiaaiea e n?aaieoaeueiue aiaeec
aicaeaenoaey ainoaea?noaa ia yeiiiieeo /a?ac ?aaoee?iaaiea aaieianeie
nenoaiu. ?ac?aaioaiiay iiaeaeue i?aaeiacia/aaony aeey aiaeeca no?oeoo?u
iae?iiieacaoaeae yeiiiieee, i?iaiice?iaaiey iniiaiuo oaiaeaioeee
yeiiiie/aneiai ?acaeoey, a oaeaea eiee/anoaaiiie ioeaiee yooaeoeaiinoe
ainoaea?noaaiiiai ?aaoee?iaaiey. Niaoeeoeea iiaeaee caeeth/aaony
i?aaeaea anaai a ioia?aaeaiee i?ioeannia iai?yiiai ainoaea?noaaiiiai
?aaoee?iaaiey yeiiiieee /a?ac aaieianeoth nenoaio n iiiiuueth
aeaiaaeii-e?aaeeoiie iieeoeee. N iiiiuueth iiaeaee iainiiaaia
iaiaoiaeeiinoue ainoaea?noaaiiiai ?aaoee?iaaiey aaieianeie
e?aaeeoii-aeaiiceoiie ia?aee.

Ia aaca ?ac?aaioaiiie iaei?acia?iie yeiiiiao?e/aneie iiaeaee iieo/aii
aeaa eiiieaeniuo noeaia?ey (aa?eaioiuo i?iaiica) yeiiiie/aneie aeeiaieee
Oe?aeiu — iieneiaue (ianneaiue), aace?othueeny ia yeno?aiieyoeee a
aoaeouaa o?aiaea enneaaeoaiuo ia?aiao?ia a aaceniii ia?eiaea, e
ii?iaoeaiue (aeoeaiue), eioi?ue iieacuaaao aiciiaeiua niiniau
aeinoeaeaiey caaeaiiiai eiia/iiai ninoiyiey yeiiiie/aneie nenoaiu (oaiiu
?inoa ?aaeueiiai AAI). Nouanoaaiiie iniaaiiinoueth iiaeaee yaeyaony a?
oieaa?naeueiinoue, iia iino?iaia eae oeiiaie yeiiiiao?e/aneee iiaeoeue.

Iniiaiua ?ac?aaioee aeenna?oaoeeiiiie ?aaiou eiatho nouanoaaiiia
i?eeeaaeiia cia/aiea aeey oeo/oaiey eiee/anoaaiiuo e ea/anoaaiiuo
iieacaoaeae ooieoeeiie?iaaiey oe?aeineie aaieianeie nenoaiu, a?
aeaeueiaeoae aaeaioaoeee e oi?iai e iaoiaeai oicyenoaiaaiey ia yoaia
ia?aoiaea e ?uii/iie yeiiiieea. ?acoeueoaou enneaaeiaaiey oaeaea iiaoo
auoue eniieueciaaiu a o/aaiuo eo?nao ii i?aaiecaoeee ainoaea?noaaiiiai
?aaoee?iaaiey e ieaie?iaaiey oeiainia, aaieianeiio aeaeo.

Iniiaiua ?acoeueoaou aeenna?oaoeee iioaeeeiaaiu a oanoe ia/aoiuo ?aaioao
iauei iau?iii o?e ia/aoiuo eenoa. Ana ia/aoiua ?aaiou iioaeeeiaaiu
aaoi?ii ee/ii, aac niaaoi?ia.

Eeth/aaua neiaa: aaieianeay aeayoaeueiinoue, ainoaea?noaaiiia
?aaoee?iaaiea, aeaiaaeii-e?aaeeoiay iieeoeea, aaieianeea ?enee,
yeiiiiao?e/aneia iiaeaee?iaaiea e i?iaiice?iaaiea.

ABSTRACT

Sigayov A.A. Principles and methods of state regulation of the
banking. – Manuscript.

Thesis for a candidate’s degree in economics in the speciality
08.02.03 – Organization of the management, planning and regulation of
the economics. – The Economic Scientific Research Institute of the
Ministry of Economy of the Ukraine, Kiev, 1999.

The thesis is devoted to the questions of state regulation of the
banking.

The necessity of the state control above bank risks is grounded in this
work. The conceptual hierarchical scheme of the objectives and tools of
a monetary policy is developed. The concrete recommendations for
implantation and rational combination of two above mentioned
methodologies in Ukraine are indicated. Was made econometric simulation
and alternative forecasting of the state impact at the economic system
through the regulation of banking sector.

Key words: banking, state regulation, monetary policy, banking risks,
econometric simulation and forecasting.

N?AAEIA Aiae??e Ieaenaiae?iae/

I?EIOeEIE OA IAOIAeE AeA?AEAAIIAI ?AAOETHAAIIss

AAIE?ANUeEI? Ae?ssEUeIINO?

AAOI?AOA?AO

aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

A?aeiia?aeaeueiee ca aeione eaiaeeaeao aeiiii?/ieo iaoe

Ie?eiee Aaeaioeia Oeiio??aia

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R2=0,85

R2=0,83

R2=0,83

R2=0,86

R2=0,71

R2=0,78

R2=0,82

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