1

IAOe?IIAEUeIA AEAAeAI?ss IAOE OE?A?IE

?INOEOOO AEIIII?EE

CEIIAAOeUe AEAAeENEAA A?EOI?IAE*

OAeE 336.76

I?ioeaioia noaaea OA ?ioeyoe?y o ia?ao?aei?e aeiiii?oe? Oe?a?ie

08.04.01 O?iaine, a?ioiaee ia?a ? e?aaeeo

AAOI?AOA?AO

aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

EE?A 1998

Aeena?oaoe??th ? ?oeiien

?iaioo aeeiiaii a ?inoeooo? aeiiii?ee IAI Oe?a?ie

Iaoeiaee ea??aiee:aeieoi? aeiiii?/ieo iaoe, noa?oee iaoeiaee
ni?a?ia?oiee Eiiiiaiei A?oae?e ?aaiiae/,?inoeooo aeiiii?ee IAI
Oe?a?ie,caa?aeoaa/ a?aeae?eo oai?aoe/ieo i?iaeai ?aaoethaaiiy
aeiiii?ee.Io?oe?ei? iiiiaioe:aeieoi? aeiiii?/ieo iaoe,
/eai-ei?aniiiaeaio Oe?a?inueei? aeaaeai?? aa?a?ieo iaoeAeai’yiaiei
Ieeiea sseiae/,?inoeooo aa?a?ii? aeiiii?ee Oe?a?inueei? aeaaeai??
aa?a?ieo iaoe , canooiiee aee?aeoi?a.eaiaeeaeao aeiiii?/ieo iaoe,
noa?oee iaoeiaee ni?a?ia?oieeOaaei?aiei Aiaoie?e Aaneeueiae/?inoeooo
aeiiii?/iiai i?iaiicoaaiiy IAI Oe?a?ie, noa?oee iaoeiaee
ni?a?ia?oieeI?ia?aeia onoaiiaaIaoeiai-aeine?aeiee o?iainiaee ?inoeooo
i?e I?i?noa?noa? o?iain?a Oe?a?ie, a?aeae?e o?iainiaeo i?iaeai
i?aei?e?iieoeueei? ae?yeueiino?, i.Ee?aCaoeno a?aeaoaeaoueny 26
eenoiiaaea 1998 ?. i 14-00 aiaeei?

ia can?aeaii? niaoe?ae?ciaaii? a/aii? ?aaee Ae 26.150.01. a ?inoeooo?
aeiiii?ee IAI Oe?a?ie, i. Ee?a-11, aoe.Iaiana Ie?iiai , 26.

C aeena?oaoe??th iiaeia iciaeiieoeny a a?ae?ioaoe? ?inoeoooo aeiiii?ee
IAI Oe?a?ie, 252011, i.Ee?a-11, aoe. Iaiana Ie?iiai, 26.

Aaoi?aoa?ao ?ic?neaii15 aeiaoiy1998 ?ieoO/aiee nae?aoa? niaoe?ae?ciaaii?
a/aii? ?aaee

E.I.OaaeenoaCAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Nooi?noue ? noai iaoeiai? i?iaeaie. Aca?iiae?y i?ioeaioii? noaaee ?
oaii?a ?ioeyoe?? ? ie?aiith iaoeiaith i?iaeaiith, eeth/iaeie ieoaiiyie
yei? ? aieea i?ioeaioii? noaaee ia aeeiai?eo oiaa?ieo oe?i oa cai?ioi?e
ca’ycie oeeo iae?iaeiiii?/ieo ?iaeeeaoi??a. Aeiiii?noe i?iiiiothoue
ae?aiao?aeueii i?ioeeaaei? i?aeoiaee aei aecia/aiiy ?ie? oa i?noey
i?ioeaioii? noaaee o a?ioiai-e?aaeeoiiio ?aaoethaaii? e caaacia/aii?
oe?iiai? noaa?eueiino?: a?ae iiaii? a?aeiiae a?ae aeoeaii? i?ioeaioii?
iie?oeee aei aeciaiiy i?ioeaioii? noaaee iniiaiei ?ino?oiaioii
a?ioiai-e?aaeeoiiai ?aaoethaaiiy. Ia ei?enoue iaio eiioeaioe?e
iaaiaeeoueny aeinoaoiuei aeieac?a, ?, oaeei /eiii, iaoeiaa aeeneon?y c
oeueiai ieoaiiy caeeoa?oueny a?aee?eoith.

?nioth/? oai?aoe/i? eiioeaioe??, ye? iiyniththoue iaoai?ci aca?iiae??
i?ioeaioii? noaaee ? oaii?a ?ioeyoe??, iienothoue nooi ?eieia?
aeiiii?/i? nenoaie. Aeieace neooiino? oeeo eiioeaioe?e aacothoueny ia
ocaaaeueiaii? aeaieo c aeiiii?/ii ?icaeiooeo e?a?i oa e?a?i “o?aoueiai
na?oo” ia o?eaaeeo /aniaeo ?ioa?aaeao. Iniaeeaei aeiaaeeii ? ca’ycie
i?ioeaioii? noaaee ? oaii?a ?ioeyoe?? o iinonioe?ae?noe/ieo e?a?iao
i?ioyaii ia?ao?aeiiai ia??iaeo. Ianoi?iiaai?nue ?eieiaiai na?aaeiaeua o
oeeo e?a?iao nooo?ai ci?ith? oa?aeoa? aca?iica’yceo i?ae i?ioeaioiith
noaaeith ? ?ioeyoe??th. ?ioeie neiaaie, o?aaeeoe?eia (oae caaia
“i?oiaeienaeueia”) oi?ia ae??oaiiy oe??? i?iaeaie noa? iaaeinoaoiueith
ye aeey iiyniaiiy i?ioean?a, ui a?aeaoaathoueny, oae ? aeey
iaa?oiooaaiiy eiie?aoieo caoiae?a a?ioiai-e?aaeeoii? iie?oeee.
Aca?iiae?y i?ioeaioii? noaaee ? oaii?a ?ioeyoe?? o ia?ao?aei?e
aeiiii?oe? ? ie?aiith iaoeiaith i?iaeaiith iae?iaeiiii?/ii? oai???,
iia’ycaiith c ieoaiiyi ocaiaeaeaiino? aeeiai?ee oe?i ia iaoa??aeuei? ?
o?iainia? aeoeae ? a?aoo?-?aoo ?iciiae?eii iaoe?iiaeueiiai aeioiaeo.

Iaa?oiooaaiiy iaiao?aeiino? i?iaaaeaiiy aeine?aeaeaiiy. A?ioiaee ia?a o
ia?ao?aei?e aeiiii?oe? ye ie?aiee i?aaeiao aeiiii?/ii? iaoee uieii
?ic?iaey?oueny coneeeyie oe?a?inueeeo aeiiii?no?a . A?ioiai-e?aaeeoia
iie?oeea a Oe?a?i? aaco?oueny /anoeiai ia noia?a/eeaeo eiioeaioe?yo,
caiice/aieo ?c cao?aeii? aeiiii?/ii? iaoee, a /anoeiai – ia o?aaeeoe?yo
aaei?i?no?aoeaiiai ?aaoethaaiiy, oniaaeeiaaieo a?ae oioae?oa?iiai
?aaeeio. ?ic?iaea iaoai?cio i?ioeaioii? iie?oeee, iicaaaeaiiai a?ae
aeaeea?aoeaiino? oa i?eaeaoiiai aei i?aeoe/iiai aeei?enoaiiy, iio?aao?
i?iaaaeaiiy aeaoaeueiiai iaoeiaiai aiae?co aca?iiae?? i?ioeaioii? noaaee
? oaii?a ?ioeyoe??. Aeey oeueiai iaiao?aeii i?iaanoe oai?aoe/i?
aeine?aeaeaiiy, aeiiiaiai? aiae?cii oaeoe/iiai iaoa??aeo, ye? a aeaee
iai a?aeiia?ae? ia oae? ieoaiiy : 1) ye? /eiieee ? aecia/aeueieie ca
nai?i aieeaii ia ??aaiue i?ioeaioii? noaaee a Oe?a?i?; 2) ye i?ioeaioia
iie?oeea aieeaa? ia aioo??oith ? ciai?oith noaa?euei?noue a?eai?.

Aeooaeuei?noue oaie. Aeina?ae i?ioeaioii? iie?oeee a oiiaao ia?aoiaeo
aei ?eieiai? aeiiii?ee a Oe?a?i? nueiaiaei? uieii iaaoaa?oueny.
?ioeyoe?y ? o?ii?/iith i?iaeaiith e?a?i c ia?ao?aeiith aeiiii?eith, a
ei?ioei/ani? ia??iaee o?iainiai? noaa?e?caoe?? ia ia?aoai?ththoueny ia
aeiaaino?ieiao noaa?euei?noue, a??ia?aei?oue ?ioeyoe?? caeeoa?oueny
aenieith. Iie?oeea aeniei? ?aaeueii? i?ioeaioii? noaaee ia ia?
aeueoa?iaoeae o ianoaa?eueieo a?ioiaeo nenoaiao ia?ao?aeiiai ia??iaeo.
Caaaeueia aeeeaia a?ioiaiai ia?ao o ?eieia?e nenoai? oaea: aai aaaeaiee
??aaiue i?ioeaioii? noaaee, aai aaaeaiee ??aaiue ?ioeyoe??, ui ?
oa?aeoa?iei ? aeey ia?ao?aeiiai ia??iaeo. ?ioeie neiaaie — oeaio?aeueiee
aaie caaacia/o? aai ?ioa?ane aeeaaeiee?a ? caa?aaeaiiy ?aaeueii?
aa?oino? ?o caiuaaeaeaiue, aai ?ioa?ane ae?iaie/iai naeoi?a ?
iineaaeaiiy i?ioeaioiiai oyaa?a.

Ianeaia i?ioeaioia iie?oeea (aeciaiiy oaeoe/iiai ?ici??o i?ioeaioii?
noaaee aeineiiaeei ?iaeeeaoi?ii, ia yeee iaiiaeeeai aieeaaoe
aaei?i?no?aoeaieie iaoiaeaie) ? eia?/iith aeueoa?iaoeaith caoiaeai
ii?iaoeaiiai oa?aeoa?o. Ioe?iea aoaeoeaiino? oeeo aeueoa?iaoea c iaeyaeo
ia a??ia?aei?noue oaeaeoiai anoaiiaeaiiy ?aaeueii? i?ioeaioii? noaaee ia
??ai?, oa?aeoa?iiio aeey noaa?eueieo a?ioiaeo nenoai, ? iaaecae/aeii
aeooaeueiith.

?ic?iaea iaoai?cio i?ioeaioiiai ?aaoethaaiiy iaeaaeeoue aei
ia?oi/a?aiaeo caaaeaiue: eiioeaiooaeueiiai aeciaiiy i?eioeeio iiceoeaii?
i?ioeaioii? noaaee iaaeinoaoiuei aeey oi?aae?iiy oe?a?inueeith a?ioiaith
nenoaiith ia aeaiiio aoai? ?icaeoeo. Iaaaeueieie ? ieoaiiy — yeei naia ?
??aiiaaaeiee ??aaiue i?ioeaioii? noaaee nueiaiaei? ? yeei a?i iiaea aooe
o ia?niaeoea?. ?ic?iaea oeeo ieoaiue aeanoue ciiao i?iaiaeeoe iaoeiaee
aiae?c aeiaaino?ieiaeo ? iioi/ieo i?ioean?a o a?ioiaiio ia?ao Oe?a?ie o
ianooiieo iaoeiaeo ?iaioao. Eeth/ia? aeniiaee i?i oa?aeoa? ? iaoai?ci
aca?iiae?? i?ioeaioii? noaaee oa ?ioeyoe?? a Oe?a?i? iathoue
iaoiaeieia?/ia cia/aiiy, aeiiiaiththoue ?nioth/ee ?ino?oiaioa??e iae?i-
? i?e?iaeiiii?/iiai aiae?co.

Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie.

Iieiaeaiiy aeena?oaoe?eiiai aeine?aeaeaiiy aeei?enoiaoaaeenue o oiae?
aeeiiaiiy ieaiiaeo iaoeiaeo oai a?aeae?eo oai?aoe/ieo i?iaeai
?aaoethaaiiy aeiiii?ee ?inoeoooo aeiiii?ee IAI Oe?a?ie : » I?iaeaie
oi?ioaaiiy ? ooieoe?iioaaiiy ?eieo ia Oe?a?i?» oa «?ic?iaea oai?aoe/ieo
iniia aca?iiiia’ycaiiai ooieoe?iioaaiiy oa eiiieaeniiai oaeineiiaeaiiy
?eieiaeo ?aaoeyoi??a».

Iaoa oa caaea/? aeine?aeaeaiiy . Iaoith oeueiai aeine?aeaeaiiy ?
aecia/aiiy oa?aeoa?o oa oi?i aca?iiae?? i?ioeaioii? noaaee oa ?ioeyoe??
a ia?ao?aei?e aeiiii?oe? Oe?a?ie c ?ic?iaeith eiie?aoieo iai?yie?a
oaeineiiaeaiiy i?ioeaioii? iie?oeee.

O ?aieao aeine?aeaeaiiy c?iaeaii ni?iao ae??oeoe oae? iaoeia? caaea/?:

· ia?aa??ea /eiiino? a?iioac i?i caeaaei?noue i?ioeaioii? noaaee a?ae
oaii?a ?ioeyoe?? ii a?oiao e?a?i ?c ??ciei nooiaiai ?icaeoeo ?eieiaeo
a?aeiinei;

· anoaiiaeaiiy iayaiino? oa oa?aeoa?o ca’yceo i?ae i?ioeaioiith noaaeith
? oaeaee?noth ia?ao a?ioae, aeeiai?eith aaethoiiai eo?no, no?oeoo?ith
a?ioiai? iane a ia?ao;

· ioe?iea aoaeoeaiino? ciai?oiueiai aieeao ia i?ioeaioio noaaeo ca
aeiiiiiaith aaei?i?no?aoeaii-i?aaiaeo iaoiae?a ?aaoethaaiiy oa i?yiiai
eiio?ieth a aeiiii?oe? ia?ao?aeiiai oeio, aecia/aiiy iaiao?aeieo
ia?aaeoiia aeey i?iaaaeaiiy aeoeaii? i?ioeaioii? iie?oeee;

· ?ic?iaea iaoiaeeee aecia/aiiy ??aiy i?ioeaioieo noaaie ca e?aaeeoaie
ia i?e?i??ai? ?eieiaith aa?o?noth a?ioiaeo ?ano?n?a;

· ioe?iea /eiii? iaoiaeeee aecia/aiiy iae?eiai? noaaee a Oe?a?i? ca
aeiiiiiaith ii??aiyiiy ?? oaeoe/ii? aeeiai?ee c ??aiiaaaeiei ??aiai,
?ic?aoiaaiei ca aeueoa?iaoeaieie iaoiaeeeaie; ?ic?iaea iaoiaeeee
aecia/aiiy i?i?iaeueii i?eionoeiiai ??aiy iae?eiai? noaaee o eiie?aoieo
iae?iaeiiii?/ieo oiiaao ? i?aeoe/ieo ?aeiiaiaeaoe?e uiaei oaeineiiaeaiiy
i?ioeaioii? iie?oeee IAO.

Iaoeiaa iiaecia io?eiaieo ?acoeueoao?a. O ?iaio? aeeeaaeaii ?yae
iieiaeaiue, ye? i?iiiio?oueny iieeanoe a iniiao i?ioeaioii? iie?oeee
oeaio?aeueiiai aaieo o iinonioe?ae?noe/ieo e?a?iao. Iaaaaeai? ieae/a
iieiaeaiiy ?ice?eaathoue iiaecio aeena?oaoe?eiiai aeine?aeaeaiiy:

1. I?iaaaeaii ocaaaeueiaiiy oai?aoe/ieo ?ic?iaie i?iaeaie aca?iiae??
i?ioeaioii? noaaee ? oaii?a ?ioeyoe?? o na?oia?e aeiiii?/i?e iaooe? oa
aeine?aeaeaiue na?oiaiai aeina?aeo i?ioeaioiiai ?aaoethaaiiy, ui
aeicaieeei c?iaeoe aeooaeuei? aeey Oe?a?ie aeniiaee:

— anoaiiaeaii i?i?iaeuei? /ania? ?ioa?aaee o?eaaeino? oe?iiai?
noaa?eueiino?, iaiao?aei? aeey ?icoe?aiiy aioo??oiueiai aaie?anueeiai
e?aaeeoo o iino?ioeyoe?ei?e a?oia?e nenoai?;

— aia?oa c?iaeaii ni?iao e?euee?niiai aecia/aiiy i?eionoeieo iaae
iae?eiai? noaaee o eiie?aoieo aeiiii?/ieo oiiaao (iienaii nenoaiith
ia??aiinoae, yea aecia/a? oe? iaae?).

2. Aia?oa i?iaaaeaii aeainoi?iii?e aiae?c aoaeoeaiino? i?ioeaioii?
iie?oeee ia iae?i??ai?, a yeiio i?ioeaioia noaaea ? ye aiaeiaaiiith
ci?iiith (?iaeeeaoi?ii), oae ? aeciaaiiith ci?iiith (ciai?oi?i
?aaoeyoi?ii).

3. ?ic?iaeaii iieiaeaiiy i?i ?iciaaeoaaiiy ooieoe?e i?ioeaioii? noaaee
ia aaeainoth/o, ia?a?iciiae?eue/o oa ?ioi?iaoe?eio, a oaeiae aeiaaaeaii,
ui aeene?aoia i?ioeaioia iie?oeea a Oe?a?i? (aeciaaii?noue i?ioeaioii?
noaaee) ? aeioe?eueiith ( aeeiiaiiy iath ?ioi?iaoe?eii? ooieoe?? a
oiiaao iaaeineiiaeino? ?eieo a?ioae ? eai?oae?a a Oe?a?i?).

4. Aia?oa ?ic?iaeaii iaoiaee ?ic?aooieo a?aie/ieo i?ioeaioieo noaaie ca
e?aaeeoaie ia i?e?i??ai?; anoaiiaeaii, ui oey ?ic?iaea ia?aeiieeai
iiynith? ?nioth/o e?aaeeoii-aeaiiceoio ia?aeo (ia’?eoeaia iiyniaiiy
oeueiai yaeua aeiiiaith? ?nioth/? a?iioace i?i iioeaaoe?th ae?e aaieo
i?e aecia/aii? i?ioeaioii? noaaee).

I?aeoe/ia cia/aiiy io?eiaieo ?acoeueoao?a . ?ic?iaea i?iaeaie
aca?iica’yceo i?ioeaioii? noaaee ? oaii?a ?ioeyoe??, ui aeeiiaia o oe?e
?iaio?, aea? ciiao iiynieoe aaee/eio i?ioeaioii? noaaee ia aeaio ??aiyo
(iae?i- ? i?e?iaeiiii?/iiio ) ae??th aiaeiaaiieo ? aeciaaiieo /eiiee?a.
?ic?iaeai? i?eioeeie i?ioeaioii? iie?oeee iiaeooue aooe aeei?enoai? IAO
aeey i?eeiyooy eiie?aoieo aeiiii?/ieo ??oaiue. Cai?iiiiiaaia iaoiaeeea
aaco?oueny ia e?euee?nieo aaee/eiao ? iiaea aooe aeei?enoaia a ianooiieo
aeine?aeaeaiiyo oa iiaeaeueo?e ?ic?iaoe? i?iaeaie aca?iiae?? i?ioeaioii?
noaaee ? oaii?a ?ioeyoe??. Iieiaeaiiy, aeeeaaeai? o oe?e ?iaio?,
ae?noaee aeinoaoi? aii??e/ia i?aeoaa?aeaeaiiy ia oaeoe/ieo aeaieo;
?acoeueoaoe ?iaioe i?aaenoaaeaii oaeei /eiii, ui aiie iiaeooue aooe
eaaei ia?aa??ai? ia iiaeo aeaieo.

?ic?iaeaiee iaoai?ci aecia/aiiy ae?aiaciio aac?eceeiai? aaciai?
i?ioeaioii? noaaee aea? iiaeeea?noue i?iaaaeaiiy a?eueo aio/ei?
i?ioeaioii? iie?oeee IAO a ?aieao caaaeueiiai i??i?eoaoo oe?iiai?
noaa?eueiino? o aeiaaino?ieia?e ia?niaeoea?. Ia?ai???ioaoe?y i?ioeaioii?
iie?oeee ca?aeii c i?iiiceoe?yie, aeeeaaeaieie a aeena?oaoe??, ?
iiaeeeaith ia i?aeoeoe? (a ?aieao ?nioth/i? nenoaie a?ioiai-e?aaeeoiiai
?aaoethaaiiy a Oe?a?i?).

Aaoi? a?aa o/anoue o i?aeaioiaoe? i?iiiceoe?e c ieoaiue o?iain?a ?
aaie?anueei? ni?aae, ui ?ic?iaeyeenue ?inoeoooii aeiiii?ee IAI Oe?a?ie.
E??i oiai, i?iaiaeeeanue i?aeoe/ia ?iaioa c aiae?co o?iainiai?
ae?yeueiino? ie?aieo eiia?oe?eieo aaie?a. E?euee?nia ioe?iea iioi/ii?
aeioiaeiino? i?aoethth/eo aeoea?a canoiniaoaaeanue i?e ioe?ioe?
aoaeoeaiino? ?iaioe eiie?aoieo aaie?anueeeo onoaiia. Iniiai? iieiaeaiiy
aeena?oaoe?? ciaeoee a?aeia?aaeaiiy a 1 iiiia?ao??, 1 ?icae?e? o
eieaeoeai?e iiiia?ao??, 4 noaooyo caaaeueiei ianyaii 12 ae?oeiaaieo
a?eoo?a, ye? iaeaaeaoue iniaenoi aaoi?o.

No?oeoo?a aeena?oaoe??. Aeena?oaoe?eia aeine?aeaeaiiy neeaaea?oueny c?
anooio, o?ueio ?icae?e?a, aeniiae?a, a?ae?ia?ao?? oa 7 aeiaeaoe?a.
Iiaiee ianya aeena?oaoe?? noaiiaeoue 174 noi??iee, aeiaeaoee — 24
noi??iee, nienie aeei?enoaii? e?oa?aoo?e – 150 iaeiaioaaiue. O oaeno?
aeena?oaoe?? ?ici?uaii 12 oaaeeoeue, 20 iaethie?a.

INIIAIEE Ci?no

O ia?oiio ?icae?e? “Noai oai??? ? iaoiaeeee aeine?aeaeaiiy i?ioeaioii?
noaaee oa ?ioeyoe??» i?iaaaeaii ei?ioeee iaeyae noia?a/eeaeo i?aeoiae?a
??cieo aeiiii?/ieo oe?e aei iaoai?cio aca?iiae?? i?ioeaioii? noaaee oa
oaii?a ?ioeyoe??, a oaeiae iaoiaee/ieo i?eioeei?a aeine?aeaeaiiy
aca?iiae?? i?ioeaioo e ?ioeyoe??.

Oai?aoe/iith iniiaith aeaii? ?iaioe ? ?nioth/? eiioeaioe??, ye?
iienothoue aca?iiae?th i?ioeaioii? noaaee oa ?ioeyoe??, ??cieo
oai?aoe/ieo oe?e. Caaaeueia iaoiaeeea ia?aaeaa/a? i?iaaaeaiiy ia?aa??ee
/eiiino? oa oai?aoe/ii? cia/eiino? a oiiaao ia?ao?aeii? aeiiii?ee
acaaae? ? cie?aia a Oe?a?i? oaeeo a?iioac:

· i?i ?iaa??aioi?noue ?aaeueii? i?ioeaioii? noaaee uiaei oaii?a
?ioeyoe?? o aeiaaino?ieia?e ia?niaeoea? ?.O?oa?a — I.O??aeiaia o
?eieia?e aeiiii?oe?;

· i?i ooieoe?iiaeueio caeaaei?noue i?ioeaioii? noaaee a?ae oaeaeeino?
ia?ao a?ioiai? iane;

· no/anieo eiioeaioe?e a?ioiai-e?aaeeoiiai ?aaoethaaiiy oa
iine?aeiaiino? ?aoi?i o o?iainiaiio naeoi?? i?ae /an ia?ao?aeiiai
ia??iaeo ?.Aeae.IaeE?iiia , ?.Aei?iaooa oa ?i.;

· Aeae.I.Eaeina oa eiai iine?aeiaiee?a i?i aeioe?euei?noue iie?oeee
aeaoaaeo a?ioae o ia??iae oeeee?/iiai niaaeo oa iaiiaii? caeiyoino? aeey
ia?ao?aeii? aeiiii?ee Oe?a?ie.

Iniiaiei iaoiaee/iei i?eioeeiii ?ic?iaee i?iaeaie aca?iiae?? i?ioeaioii?
noaaee ? oaii?a ?ioeyoe?? o ia?ao?aei?e aeiiii?oe? iiaeiai aooe i?eioeei
iiaoaiiiai aiae?co ooieoe?e i?ioeaioii? noaaee:

· ia ia?oiio aoai? aeine?aeaeaiiy aecia/a?oueny caeaaei?noue
iii?iaeueii? i?ioeaioii? noaaee a?ae oaii?a ?ioeyoe??, ia?aa??y?oueny
neooi?noue a?iioace i?i caeaoi?noue i?ioeaioii? noaaee aei
naiicaaeainoaaiiy ( ?iaeeeaoeaii? ooieoe?? i?ioeaioii? noaaee);

· ia ae?oaiio aoai? i?iaiaeeoueny aiae?c aoaeoeaiino? ciai?oiueiai
(ii?iaoeaiiai) aieeao ia ?eieiao i?ioeaioio noaaeo c aieo iae?eiai?,
aiae?co?oueny ii??aiyeueia aeeiai?ea iae?eiai? ? ?eieiai? noaaee,
aecia/athoueny i?eionoei? iaae? ii?iaoeaiiai aieeao ia ?eieiao
i?ioeaioio noaaeo a ia?ao?aeiee ia??iae.

I?e i?iaaaeaii? oai?aoe/ieo aeine?aeaeaiue ie oe?iei aeei?enoiaoaaee
noaoenoe/io ?ioi?iaoe?th I?aeia?iaeiiai aaethoiiai oiiaeo, I?inoaoo
Oe?a?ie, noaoenoeea a?ioiaiai ia?ao (Atheaoaiue IAO), noaoenoe/i?
aeaeaiiy ?a?iiaenueeiai oeaio?o iae?iaeiiii?/iiai aiae?co Oe?a?ie.
C?a?aii ? ocaaaeueiaii aeai? ii o?iainiaiio noaio eiie?aoieo
eiia?oe?eieo aaie?a ia aac? ii?eethaeiaii? ca?oiino?, iaoa??ae?a
Oe?a?inueei? anioe?aoe?? eiia?oe?eieo aaie?a, ioae?eaoe?e a oe?a?inuee?e
oa ?iicaii? o?iainia?e i?an?. I?iaiae?ciaaii ii?iaoeai? aeoe IAO c
ieoaiue a?ioiaiai ia?ao, caeiiiaeaa/? aeoe c noi?aeieo ieoaiue.

Iieiaeaiiy iniiaieo oai?aoe/ieo oe?e ia iieeaaeai? iiaiith i??ith a
iniiao no/anii? a?ioiai-e?aaeeoii? iie?oeee a e?a?iao c ?icaeiooith
?eieiaith aeiiii?eith. Noi?ioaaeanue iaaia i?aeoeea, ca?aeii c yeith
a?ioiai-e?aaeeoia ?aaoethaaiiy i?iaiaeeoueny c o?aooaaiiyi iioi/iiai
noaio ?yaeo ?iaeeeaoi??a (caeiyo?noue, ?iaeaene oiiaeiaiai ?eieo, noai
ieao?aeiiai aaeaino ). Oiio iaoeiaa iieai?ea i?ae eaein?ainueeith ?
iiiaoa?enonueeith oa/?yie aeiiii?/ii? aeoiee ia? iaiaaeaiee aieea ia
aeiiii?/io iie?oeeo a ?icaeiooeo e?a?iao.

Aeioe?euei?noue canoinoaaiiy oeo /e ?ioeo i?eioeei?a i?ioeaioii?
iie?oeee a oiiaao ia?ao?aeiiai ia??iaeo ? i?aaeiaoii iaoeiai? aeeneon??.
A?eueo?noue ?ia?o iineoue e?eoe/iee oa?aeoa?, eiino?oeoeaieo i?iiiceoe?e
? aeaoaeueieo iaoiaeee c ieoaiiy i?ioeaioii? iie?oeee o a?o/eciyi?e
iaoeia?e e?oa?aoo?? ia aeinoaoiuei. Aeineiiaeiai iiyniaiiy ?ici???a
i?ioeaioii? noaaee ia’?eoeaieie /eiieeaie a ?iaioao a?o/eciyieo
aeiiii?no?a iaia?, ui e aecia/eei iai?yiee aeine?aeaeaiue oe??? ?iaioe.

Iaoiaeeea e?euee?nieo ii??aiyiue, i?iaaaeaieo o ?iaio?, ia?aaeaa/a?
neio?ii?caoe?th i?ioeaioii? noaaee ? oaii?a ?ioeyoe??, ui ? iniiaiei
iaoiaee/iei i?eioeeiii oe??? ?iaioe. Ii??aiyiiy aeeiai?ee i?ioeaioii?
noaaee ? oaii?a ?ioeyoe?? iio?aao? i?eaaaeaiiy iaio iieaciee?a o ?aeeiee
oi?iao, aeey /iai aaiaeeoueny iiiyooy oaeoe/ii? i?ioeaioii? noaaee, yea
? aiaeiaii oe?iei aaeeaaiiai oa?i?io “aoaeoeaia” i?ioeaioia noaaea. Ca
?acoeueoaoaie ii??aiyiue oaeoe/ii? i?ioeaioii? noaaee c oaiiaie
?ioeyoe?? aecia/a?oueny ?aaeueia i?ioeaioia noaaea ( oiaoi iii?iaeueia
i?ioeaioia noaaea, ciaioaia ia ?ioeyoe?eio neeaaeiao). I?ioeaioia noaaea
o eiaa?eoi?/i?e oi?i? aeei?enoiao?oueny aeey i?eaaaeaiiy i?ioeaioieo
noaaie, oaii?a ?ioeyoe?? oa ?ioeo aeeiai?/ieo aaee/ei o e?i?eiee oi?iao
aeey ?ic?iaee ??aiyiue ?aa?an??

O ae?oaiio ?icae?e? «Oai?aoe/i? iniiae aca?iiae?? i?ioeaioii? noaaee oa
?ioeyoe??» i?iaaaeaii aiae?c noia?a/eeaeo i?aeoiae?a no/anii?
aeiiii?/ii? iaoee aei ae??oaiiy ieoaiiy: /e ? i?ioeaioia noaaea
aeineiiaeei ?iaeeeaoi?ii noaio a?ioiaiai ia?ao (aiaeiaaiiith ci?iiith),
/e aiia ? ciai?oi?i ?aaoeyoi?ii a?ioiaiai ia?ao (?icaeyaeathoueny
iiaeeeaino? i?ioeaioiiai ?aaoethaaiiy, oiaoi aaoiiiiii? i?ioeaioii?
iie?oeee oeaio?aeueiiai aaieo c oi/ee ci?o ?? aieeaiaino? ia aeeiai?eo
oe?i). Iaieeane/ia ? eaein?ainueea oai??? i?ioeaioo ii-??ciiio
aecia/athoue oa?aeoa? aca?iica’yceo i?ioeaioii? noaaee oa ?ioeyoe??.
Ciaioaiiy ?aaeueii? i?ioeaioii? noaaee ye oa?aeoa?iee iane?aeie
aeiaeaoeiai? ai?n?? a?ioae a?aenoith?oueny eaein?ainueeith oeieith, ??
iaci?ii?noue a aeiaaioa?i?iia?e ia?niaeoea? – oea iiceoe?y iaieeanee?a.
I?ioeaioia noaaea a?eueoith i??ith caeaaeeoue a?ae i?eaooeiaino?
eai?oaeo a noaa?eueieo aeiiii?/ieo nenoaiao, aea aeioiaee a?ae
ae?iaieoeoaa ? aacaeueoa?iaoeaiei aeaea?aeii i?ioeaioo. A ianoaa?eueieo
nenoaiao oa nenoaiao, ui ?aoi?iothoueny, aeii?ioth/ei oaeoi?ii, yeee
aecia/a? i?ioeaioio noaaeo, ? a?ioiaee ?eiie, ine?eueee c’yaeythoueny
iiaeeeaino? io?eiaiiy ?ioeyoe?eiiai i?eaooeo (i?e iaocaiaeaeaiino?
i/?eoaaieo oaii?a ?ioeyoe?? ? iii?iaeueii? i?ioeaioii? noaaee) —
a?aie/ia aoaeoeai?noue eai?oaeo nooo?ai a?aeoeey?oueny a?ae iii?iaeueii?
i?ioeaioii? noaaee.

?aaeueia i?ioeaioia noaaea ? ocaaaeueithth/ei aa?iiao?ii noaio a?ioiai?
nenoaie, ?? ?iaeeeaoi?ii. Iaiao?aeieie oiiaaie cieaeaiiy ?aaeueii?
i?ioeaioii? noaaee ? c?inoaiiy caiuaaeaeaiue a aaniethoiiio ae?aaeaii?
(ui caaacia/o?oueny c?inoaiiyi ?aaeueieo aeioiae?a) oa ?ano?oeoo?ecaoe?y
aeoea?a (a?aeiinia cieaeaiiy iiieoo ia eiiaa?oiaaio aaethoo oa
oiaa?ii-iaoa??aeuei? oe?iiino?, yea caeaaeeoue a?ae oaii?a ?ioeyoe??).
Oaeaee?noue oaei? ?aaeoe?? ?aaeueii? i?ioeaioii? noaaee i?e ?ioeo ??aieo
ianoaaeiao caeaaeeoue a?ae nooiaith ioiieaiiy aaie?anueeith nenoaiith
o?iainiaeo iioie?a (aai, iaaiaee, nooiaith iicaaaie?anueeeo aio?aeiaeo
iai?io?a), aaeaea iaaeeeoeiaa aio?aea a ia?ao i?e aei?noeiio iaiaaeaii?
ia?aeiieo ?aca?a?a caoaeo? a?ioiaee ?eiie ? i?aeaeuo? iii?iaeueio
i?ioeaioio noaaeo. I?ioeaioia noaaea aecia/a?oueny ia a?ioiaiio ?eieo e
eeoa a o?e a?ioia?e nenoai? aiia aoaea iecueeith, aea aaieaie nenoaia
eiio?ieththoueny cia/i? ianyae ?ano?n?a, ? aea ?aaeueia aa?o?noue oeeo
?ano?n?a ia ciaoiaeeoueny i?ae caa?icith aaethoieo ? ?ioeyoe?eieo
?ecee?a, ye? aaiaoe/ii iia’ycai? iaeei c iaeiei.

Oai?aoe/ia aeine?aeaeaiiy iniiaieo i?aeoiae?a o no/ani?e aeiiii?/i?e
oai??? aei i?iaeaie aaca?iiae?? i?ioeaioii? noaaee oa ?ioeyoe?? aeaei
ciiao ae?iaeoe ianooii? iieiaeaiiy uiaei cia/aiiy ? ?ie? i?ioeaioii?
noaaee a ?eieia?e aeiiii?oe?:

· ia ei?ioeino?ieiaeo /aniaeo ?ioa?aaeao i?ioeaioia noaaea aeeiio?
ooieoe?th aoaeoeaiiai ?aaoeyoi?a a?ioiaiai ia?ao oa ae?eiai? aeoeaiino?,
a oaeiae noaa?e?co? eii’thieoo?i? eieeaaiiy ia o?iainiaiio oa aaethoiiio
?eieo;

· cieaeaiiy ?aaeueii? i?ioeaioii? noaaee (noai?aiiy ni?eyoeea?oiai
na?aaeiaeua aeey aeiiii?/iiai ?icaeoeo) a?aeaoaa?oueny eeoa o oeo
aeiiii?/ieo nenoaiao, aea c?inoa? ?aaeueiee AAI ? iaaiaee;

· ia aeiaaino?ieiaeo /aniaeo ?ioa?aaeao i?ioeaioia noaaea ? aeineiiaeei
?iaeeeaoi?ii aeinoaoiino? aioo??oi?o a?ioiaeo caiuaaeaeaiue; ?? ??aaiue
caeaaeeoue a?ae oiai, yea /anoea AAI caa??aa?oueny ia ?aooieao
iaoe?iiaeueii? aaie?anueei? nenoaie. Aeiaaino?ieiaa i?ioeaioia noaaea —
oea oaeee ?iaeeeaoi?, yeee aeoaea neeaaeii ci?ieoe ooo/ii ( ca
aeiiiiiaith ?ino?oiaio?a a?ioiai-e?aaeeoii? iie?oeee). O a?ioiaeo
nenoaiao ia?ao?aeiiai oeio iia?aoe?? c aeiaaino?ieiaiai e?aaeeooaaiiy
caeeoathoueny iaeeie/ieie e ??aaiue i?ioeaioieo noaaie ii ieo ia ?
iieaciaei.

Aeniea ?aaeueia i?ioeaioia noaaea ? iaae?eiei aioe?ioeyoe?eiei /eiieeii,
i?ioa ?? aeea ia caiuaaeaeaiiy (a ioaea e aeoioeueiaai? ia aioo??oiueiio
?eieo ?iaanoeoe??) ? iaeaea iaeo?aeueiei, ine?eueee caiuaaeaeaiiy ?
ooieoe??th aeioiaeo, a ia i?ioeaioii? noaaee. I?ioeaioia noaaea aieeaa?
ia no?oeoo?o ?iciiae?eo iayaiiai aeioiaeo ?, i?e ?ioeo ??aieo
ianoaaeiao, ?? aeniea ?aaeueia neeaaeiaa i?ecaiaeeoue aei
iaa?iiaaeaeaiiy ?iaanoeoe?eiiai iioaioe?aeo a oi?i? o?iainiaeo aeoea?a o
iaoe?iiaeuei?e aaetho? ia aaeainao iaaaie?anueeiai naeoi?a oa o
ianaeaiiy.

C?inoaiiy ?aaeueiiai AAI iiaea cieceoe ?aaeueio i?ioeaioio noaaeo, aea
cieaeaiiy iii?iaeueii? i?ioeaioii? noaaee i?yeei /eiii ia i?ecaaaea aei
c?inoaiiy aeioiaeo ( aiii iiaea eeoa caaaaoeoe oeo, ooi ia?oei iaoeia
aeinooi aei e?aaeeoo). Caieaeaia iii?iaeueia i?ioeaioia noaaea
iio?aaoaaoeia aeiaeaoeiaiai aaei?i?no?aoeaiiai eiio?ieth ca ?iciiae?eii
e?aaeeo?a. O ia?ao?aeiee ia??iae ae?? i?eioeei: iaio? oaiie ?ioeyoe??
noai?ththoue ia?aaeoiiae aeey c?inoaiiy ianya?a caiuaaeaeaiue o
iaoe?iiaeuei?e aaetho?. A?aoo?-?aoo, a?eueo neooiith a oiiaao
ia?ao?aeii? aeiiii?ee ? a?ioiaa oai??y i?ioeaioo ? caeaaei?noue
i?ioeaioii? noaaee a?ae iaa?iiaaeaeaiiy ?aaeueieo a?ioiaeo caeeoe?a.
Ia??aiiaaaeia aai ii?iaoeaii anoaiiaeaia iecueea i?ioeaioia noaaea
ni?e/eieoue aiethioa?enonueeee ia?a?iciiae?e eai?oaeo ia ei?enoue
caieaiiaaieo ?iaanoeoe?e, i?ioa, a aeiaaino?ieia?e ia?niaeoea? i?ecaaaea
aei i?enei?aiiy ?ioeyoe?? oa a?aeiia?aeiiai nei?i/aiiy aioo??oi?o
caiuaaeaeaiue o a?ioia?e oi?i?.

O o?aoueiio ?icae?e? «Oi?ie oa oa?aeoa? aca?iiae?? i?ioeaioii? noaaee oa
?ioeyoe?? a ?eieia?e aeiiii?oe?» ia aac? noaoenoe/ieo aeaieo c
?icaeiooeo e?a?i ? e?a?i c ia?ao?aeiith aeiiii?eith aecia/athoueny
oi?ie, oa?aeoa? ? u?euei?noue ca’yceo ?aaeueii? i?ioeaioii? noaaee c
oaiiaie ?ioeyoe??, aeeiai?eith aaethoiiai eo?no oa iaa?iiaaeaeaiiyi
a?ioiaiai eai?oaeo.

No/ania a?ioiai-e?aaeeoia iie?oeea e?a?i c ?eieiaith aeiiii?eith
iiaoaeiaaia ia i?eioeeiao e?aa?ae?caoe?? i?ioeaioieo noaaie e
ocaiaeaeaiiy iae?eiai? noaaee c ?eieiaith oa i/?eoaaieie oaiiaie
?ioeyoe??. Iiaeia aeae?eeoe o?e ??ciiaeaee i?ioeaioii? iie?oeee :
1)oeeee?/iee aai aeoeaia i?ioeaioia iie?oeea( I?ia//eia, ssiii?y, NOA);
2)aaethoiee aai iie?oeea, ni?yiiaaia ia ciai?oith noaa?euei?noue
a?ioiai? iaeeieoe? (O?aioe?y); 3)?iaee-eaoeaiee aai ianeaia i?ioeaioia
iie?oeea (?niai?y, Eaiaaea). O?iainiaa noaa?euei?noue, oiaoi iecuee?
oaiie ?ioeyoe?? a aeiaaino?ieia?e ia?niaeoea?, ? iaiao?aeiith oiiaith
iinooiiaiai cieaeaiiy ?aaeueii? i?ioeaioii? noaaee a e?a?iao, aaethoe
yeeo ia aeei?enoiaothoueny ye ?aca?ai? (?oae?y, ?niai?y, O?aioe?y,
Eaiaaea), oa i?aeo?eiaiiy ?? ia iecueeiio ??ai? aeey a?ioiaeo nenoai,
ye? ai?oothoue ?aca?ai? aaethoe (I?ia//eia, NOA, Oaaeoea??y).

?aaeueia i?ioeaioia noaaea ? ia’?eoeaiei a?aeia?aaeaiiyi oiai, yeo
/anoeio aeioiaeo (AAI) a a?ioia?e oi?i? eiio?ieth? iaoe?iiaeueia
aaie?anueea nenoaia. Ieoaiiy cieaeaiiy ?aaeueii? i?ioeaioii? noaaee —
oea ieoaiiy o?eaaeino? o?iainiai? noaa?eueiino?. Ia’?eoeai? /eiieee
aieeaathoue ia ??aiiaaaeio aaee/eio ?aaeueii? i?ioeaioii? noaaee:

· o iinonioe?ae?noe/ieo e?a?iao i?e oaiiao ?ioeyoe??, ye? ia
ia?aaeuothoue 25 % ia ??e, ?aaeueia noaaea ii aeaiiceoao ciaoiaeeoueny a
u?eueieo iaaeao ( a?ae 3,5 aei 12 % ??/ieo aaethoii? aeioiaeiino? ); i?e
aeinyaiaii? iiaii? o?iainiai? noaa?e?caoe?? (oaiiao ?ioeyoe?? ia ??ai?
1% ia ??e) aaethoia aeioiaei?noue aeaiiceo?a a??aiiaaaeo?oueny c
?aaeueiith aeioiaei?noth, aecia/aiith ca aeeiai?eith oe?i (i?ioeaioiee
ia?eoao) ia ??ai? 3 % ??/ieo;

· o ?eieia?e aeiiii?oe? i?e oaiiao ?ioeyoe?? iiiaae 60 % ia ??e a?ioiaa
nenoaia eiie?aoii? e?a?ie aeoiaeeoue ca iaae? noaa?eueiino?,
iiiaoecaoe?y AAI nei?i/o?oueny ? ia?aoeia? iaaeo 30 %, ui iio?aao?
i?iaaaeaiiy iie?oeee aenieeo i?ioeaioieo noaaie (aeua 25 % ??/ieo
aaethoii? aeioiaeiino?) aeey caa?aaeaiiy ?aaeueii? aa?oino?
caiuaaeaeaiue o ianeaao iaoe?iiaeueii? aaie?anueei? nenoaie.

Iie?oeea iii??ii iiceoeaii? i?ioeaioii? noaaee ? aeioe?eueiith o e?a?iao
c ia?ao?aeiith aeiiii?eith. Oea aecia/a?oueny oaeeie /eiieeaie:

· i?e ?aaeuei?e i?ioeaioi?e noaaoe? ca aeaiiceoaie (aaethoia
aeioiaei?noue) iiiaae 15 % ??/ieo c?inoaiiy oe?i i?ecoieiy?oueny
iacaeaaeii a?ae oiai, ye anoaiiaethaaeanue i?ioeaioia noaaea —
ii?iaoeaiei /e ?eieiaei iaoiaeii;

· i?enei?aiiy (caa?aaeaiiy aeinyaiooiai ??aiy) iia?e?caoe??
caiuaaeaeaiue o a?ioia?e oi?i? ? iaiao?aeiith ia?aaeoiiaith
aeiiii?/iiai ?icaeoeo, a aecia/aeueiei e?eoa???i oeueiai i?ioeano ?
a?aeiioaiiy a?ioiai? iane aei AII;

· aeua i?ioeaioia noaaea (o aeaaaeaieo, ianiaeoeyoeaieo ?aieao) ni?ey?
ni?yioaaiith ?ano?n?a ia e?aaeeooaaiiy i?eaooeia?oeo i?iaeo?a,
i?eaooeia?noue yeeo ia aaco?oueny ia ?ioeyoe?eiiio c?inoaii? oe?i, a
iia’ycaia c aeuith i?iaeoeoeai?noth i?aoe?;

· i?iaaaeaiiy aei?noei? a?ioiai-e?aaeeoii? iie?oeee oa aeniea noaaea
?ao?iainoaaiiy iio?aaothoue aeiaeaoeiaeo, e??i eiio?ieth ca
e?ea?aei?noth, iaoiae?a ?aaoethaaiiy, aaie?anueea nenoaia ia oeae
ia??iae ia? aooe ia’?eoii ?iaanooaaiiy, a ia ?iaanoi?ii ( e?aaeeo ia
oeueiio aoai? ?icaeoeo ia iiaea aeeiioaaoe eai?oaeioai?/o ooieoe?th),
ni?iae ia?aoai?eoe aaie?anueeo nenoaio ia o?iainiaiai aeiii?a ?
no?aoaa?/iith iiieeeith.

?aaeueia i?ioeaioia noaaea iaiaeiaeiaa a ??cieo e?a?iao naia /a?ac oa,
ui aiia ? ?iaeeeaoi?ii iaoe?iiaeueieo eai?oaeueieo iaa?iiaaeaeaiue,
oiaoi ooieoe??th a?ae ?aaeueiiai aaaaonoaa a a?ioia?e oi?i?,
iaeiie/aiiai a aeai?e e?a?i? ia iaaiee iiiaio. Oe?iiaa noaa?euei?noue
caaacia/o? caa?aaeaiiy aa?oino? a?ioiaeo iaa?iiaaeaeaiue o
aeiaaino?ieia?e ia?niaeoea?, aeniea ?aaeueia i?ioeaioia noaaea aa?aioo?
oaea caa?aaeaiiy, iacaaaeath/e ia i?enei?aiiy oaii?a ?ioeyoe??.

O /aoaa?oiio ?icae?e? «I?ioeaio? noaaee a ia?ao?aei?e aeiiii?oe?
Oe?a?ie» ?icaeyaeathoueny ieoaiiy aieeao no?oeoo?e oa aeeiai?ee a?ioiai?
iane ia ??aaiue i?ioeaioii? noaaee a Oe?a?i? c o?aooaaiiyi oaeoe/ieo
oaii?a ?ioeyoe??.

Oaeoi?e a?aeiinii? aeinoaoiino? a?ioae (a?aeiioaiiy a?ioiai? iane aei
AAI) ? caaacia/aiino? oeeo a?ioae aaie?anueeei eai?oaeii ae?thoue ia
aioo??oith i?ioeaioio noaaeo (oea ? aeaea?aea ?ano?n?a). Aeeiai?ea
i?ioeaioii? noaaee a Oe?a?i? ocaiaeaeo?oueny c oai?aoe/ieie
ocaaaeueiaiiyie, oa?aeoa?ieie aeey e?a?i c ia?ao?aeiith aeiiii?eith.
??aaiue a?ioiaeo iaa?iiaaeaeaiue (oaae.1) a?aeiinii AAI (a?ey 0,1) a
Oe?a?i? iaaaaaoi ieae/ee, i?ae o eieeoi?o nioee?a?iao (a?ey 0,43), ui ?
?acoeueoaoii iaaaaaoi aeueo na?aaeiuei??/ieo oaii?a ?ioeyoe?? a
ia?ao?aeiee ia??iae. *ei aeueie aoee o ieioeiio oaiie ?ioeyoe??, oei
aeua i?ioeaioia noaaea aoaea nueiaiaei?. Aiaeia?y c e?a?iaie, ui iathoue
noiae? iae?iaeiiii?/i? oa?aeoa?enoeee, aea? ciiao i/?eoaaoe c?inoaiiy
aioo??oiueiai e?aaeeoo ?, a?aeiia?aeii, a?ioiai? iane aei ??aiy, ui
a?aeiia?aea? iiiaoecaoe?? AAI ia ??ai? 0,4 — 0,5). Iiina?aaeeiaaii
ne?ae i/?eoaaoe cieaeaiiy ?aaeueii? i?ioeaioii? noaaee oa caoaeaiiy
ae?aiaciio ?? eieeaaiue.

Aeueoa?iaoeaiei aei??ii aeinoaoiino? a?ioae a aeiiii?oe? eiie?aoii?
e?a?ie iiaea aooe a?aeiioaiiy noeoiieo aeaea?ae aioo??oiueiai e?aaeeoo
aei iii?iaeueiiai AAI. A?ioiaee aa?aaao I2, ciaioaiee ia aio?aeo a ia?ao
? ca?eueoaiee ia aeani? eiooe aaie?anueei? nenoaie, ?icaeyaeaany ye
noeoiiee e?aaeeoiee ?ano?n Oe?a?ie, aiae?coaaeenue eiai neeaaeia?
/anoeie. I?e oaiiao ciaoe?iaiiy iaoe?iiaeueii? aaethoe, ui ia?aaeuothoue
30% ia ??e ( ca ?ioeo ??aieo ianoaaei), iaoe?iiaeueia aaie?anueea
nenoaia ia noaia aaaeaiei na?aaeiaeuai aeey caa?aaeaiiy caiuaaeaeaiue,
a?aeiioaiiy noeoiieo e?aaeeoieo ?ano?n?a aei AAI cieaeoaaoeiaoueny.
?ic?aoiaaii, ui caaacia/ai?noue aeiiii?ee ?ano?naie, iia?e?ciaaieie
iaoe?iiaeueiith aaie?anueeith nenoaiith, aeinyaia i?i?iaeueiiai ??aiy,
oa?aeoa?iiai aeey ?icaeiooeo e?a?i (0,5) i?e iii??ieo oaiiao ciaoe?iaiiy
aaethoiiai eo?no ( a?ae 5 aei 10% ia ??e) ca ia??iae a?ae 10 aei 23
?ie?a, i?e oaiiao ciaoe?iaiiy iaoe?iiaeueii? aaethoe a?ae 10 aei 20% ia
??e — oeae i?ioean iiaea iiaeiaaeeoenue aei 30-40 ?ie?a ca ?ioeo ??aieo
ianoaaei.

Oaaeeoey 1.

A?ioia? iaa?iiaaeaeaiiy, oaiie ?ioeyoe??, aeeiai?ea aaethoiiai eo?no ?
?aaeuei? i?ioeaioi? noaaee ca aeaiiceoaie o iinonioe?ae?noe/ieo e?a?iao
a 1993-96 ??.

E?a?iaIiiaoe-caoe?y

AAIOaiie ?ioey-

oe??Oaiie ciaoe?iaiiy iaoe?iiaeueii? aaethoe aei aeiea?a

NOA

?aaeueia i?ioeaioia noaaeaca oaiiaie

?ioeyoe??,

% ??/ieoca aaethoiei eo?nii,

%
??/ieo*ao?y0,829,001,40-2,09,3Neiaa//eia0,6910,712,35-1,86,3Oai?ueia*0,4
822,9618,36-0,43,5Iieueua0,3629,0915,882,914,3Ceiaai?y0,3418,279,683,611
,7Eaoa?y0,2842,94-9,78-11,839,2Eeoaa0,2497,741,49-36,423,6?in?y**0,20263
,4291,471,570,3Oe?a?ia0,1063,0022,00-10,918,8*1993-95 ??.; ** 1995-96
??.; *** 1995-97 ??.

Ooiaeaiaioii a?ioiai? nenoaie ? aeeeth/ii aaie?anueeee eai?oae. I?e
ia?aoiae? a?ae aaei?i?no?aoeaii-eiiaiaeii? aei ?eieiai? aeiiii?ee
i?iaeaia aeinoaoiino? eai?oaeo aaie?anueei? nenoaie, ui oi?io?oueny, ?
aeooaeueiith aeey a?eueoino? e?a?i. ?aoi?ia aaie?anueei? nenoaie
iieyaaea ia no?eueee o i?eaaoecaoe?? aaie?a, ne?eueee o caaacia/aii? ?o
aeinoaoi?ie eai?oaeaie aeey ?iaioe o ?eieiaiio na?aaeiaeu?. I?iaeaia
iaaeinoaoiino? aaie?anueeiai eai?oaeo a Oe?a?i? aoea oneeaaeiaia
?ioeyoe?eiei oaeoi?ii. Aiane?aeie ?ioeyoe?eiiai ciaoe?iaiiy
aaie?anueeiai eai?oaeo eiai ?aaeueia aaee/eia, a ii??aiyii? c aaciaei
1992 ?., ia ii/aoie 1998 ?. i?aeoe/ii ia c?inea.

Aeniea ?aaeueia i?ioeaioia noaaea ? iaiao?aeiei ?ino?oiaioii ?
iaeii/anii iane?aeeii i?oiaeienaeueii? aioe?ioeyoe?eii? iie?oeee, aiia
ae?? ye oaeoi? i?aeaeuaiiy iiieoo ia iaoe?iiaeuei? a?io?. Iiooe oae
caaieo iaai?n?eieo aeaea?ae e?aaeeooaaiiy aacoaaany ia oeaieo
i?eiouaiiyo i?i “iaaeeeoeiao aio?aeiao iano” a ia?ao oa iaaei??io
“aeiea?ecaoe?th” aeiiii?ee. Ia ciaeaeaii aeinoaoi?o aeieac?a ia ei?enoue
neooino? oeeo i??eoaaiue, iaaiaee o ?iaio? aiie ni?inoiaothoueny.
Caaacia/ai?noue aio?aeith a Oe?a?i? ? iaei??th c iaeieae/eo o na?o? a
aaniethoiiio oa a?aeiiniiio (aio?aea ye /anoea ??/iiai aeioiaeo)
aei??ao. Aaethoi? aeoeae aaie?anueei? nenoaie a a?aeiioaii? aei i?ny/ieo
ianya?a ?iii?oo oaeiae ? iaeieae/eie na?aae iinonioe?ae?noe/ieo e?a?i.
Ia ??aaiue iae?eiai? noaaee aieeaathoue ia’?eoeai? /eiieee, ui ia aea?
ciiae anoaiiaethaaoe iae?eiao noaaeo, aeoiaey/e eeoa c i/?eoaaieo oaii?a
?ioeyoe??. Noi?ioeueiaaia o ?iaio? ??aiyiiy aea? ciiao aecia/eoe ??aaiue
iae?eiai? noaaee, iio??aiee aeey iiaeieaiiy cia/ieo ei?ioeino?ieiaeo
eieeaaiue (i?e a?aeoeeaii? aeeiai?ee aaethoiiai eo?no oa oe?i a?ae
i???ioe??a a?eueo i?ae ia 10% ??/ieo) ia a?ioiaiio ? aaethoiiio
?eieo:i?e oo?eiaii? ?aaeueii? iae?eiai? noaaee ia ??ai? 40-50% ??/ieo
niinoa??aa?oueny yne?aai ae?aaeaiee noaa?e?caoe?eiee aoaeo.

“Aeiea?ecaoe?y” aio?aeiaiai a?ioiaiai ia?ao ae?enii ia? i?noea. A
Oe?a?i? aaoiiiiii ooieoe?iiothoue eaaaeueiee ? o?iueiaee a?ioiaee ?eiee,
aca?iiae?y i?ae yeeie i?aeoe/ii a?aenooiy (oea iiynith?oueny aenieeie
eii?n?eieie aeiaai?iaeaie i?e o?ainoi?iaoe?? aio?aeiaeo a?ioae o
aacaio?aeia?). Oaeoe/ia a?ioiaa iana, ui iaa?oa?oueny a iaaeao Oe?a?ie,
cia/ii ia?aaeuo? ?? eaaaeueio /anoeo. sse na?ae/eoue aeina?ae
eaoeiiaia?eeainueeeo e?a?i, i?iaeaia ia’?aeiaiiy on?o caiuaaeaeaiue ia
?aeeiiio a?ioiaiio ?eieo ae??oo?oueny aeoaea iia?eueii, oaea
“aeiea?ecaoe?y” ? o?ii?/iei yaeuai. I?ioeaioia iie?oeea a oeueiio ?ac?
acaaae? aacneea, oiio ui i?ioeaioi? noaaee a ?iicaii?e aaetho?
eieeaathoueny aaoiiiiii. I??i?eoaoiith noaaeith iiaeiia aooe i?ioeaioia
noaaea ca aeaiiceoaie o a?eai?, ?aaeueia aeioiaei?noue ca yeeie ia?
i?aeo?eioaaoenue ia ii??aiyii aeuiio ??ai?.

Cae?eniaia o ?iaio? aecia/aiiy u?eueiino? ca’yceo i?ioeaioieo noaaie ca
e?aaeeoaie ? aeaiiceoaie c iae?eiaith noaaeith IAO aeaei ciiao c?iaeoe
ioe?ieo aoaeoeaiino? i?ioeaioii? iie?oeee IAO c oi/ee ci?o ?? aieeao ia
i?ioeaioi? noaaee i?e?i??aiy. Ca aeiiiiiaith ?ic?aooieo a?aie/ii?
e?aaeeoii? noaaee, yea ca nai?th nooi?noth ? nia?aa?o?noth aaie?anueeiai
e?aaeeoo, i?iaiaeeoueny iiooe ?ioeo, e??i iae?eiai? noaaee IAO, oaeoi??a
aieeao ia e?aaeeoio noaaeo. I?iaeaia aenieeo e?aaeeoieo noaaie a Oe?a?i?
ia noaia o?ii?/iith i?e caa?aaeaii? noaa?eueiino? a?eai?. ?ic?iaeaia
iaoiaeeea ?ic?aooieo a?aie/ieo i?ioeaioieo noaaie ii e?aaeeoao iiaea
aooe aeei?enoaia aeey ioe?iee aoaeoeaiino? i?ioeaioii? iie?oeee IAO.
I?ioeaioia noaaea ca e?aaeeoaie ae?iaie/iio naeoi?o ci?ith?oueny i?yii
i?iii?oe?eii aei ci?i nia?aa?oino? e?aaeeoieo ?ano?n?a ( c eaaii a 1
eaa?oae), ui na?ae/eoue i?i iiina?aaeeiaaiee aieea ia ia? caieo
i?ioeaioii? iie?oeee IAO; e?aaeeoia i?ai?y ( ye ia?aaeuaiiy oaeoe/ii?
i?ioeaioii? noaaee ca e?aaeeoaie iaae a?aie/iith) cieaeo?oueny iaaaaaoi
iia?euei?oa: i?ioean ?? a??aiiaaaeaiiy ( aei ??aiy o 5-10 i?ioeaioieo
ioieo?a, oa?aeoa?iiai aeey ?ioeo e?a?i c ?eieiaith aeiiii?eith)
ia?aaoaa? a i?yi?e caeaaeiino? a?ae o?eaaeino? o?iainiai? noaa?eueiino?
oa a??ia?aeiino? c?inoaiiy iae?eiai? noaaee, aeeeeeaiiai c?inoaiiyi
athaeaeaoiiai aeao?oeeoo aai aeao?oeeoo ieao?aeiiai aaeaino.

AENIIAEE

1. Iaa?iiaaeaeaiiy a?ioiaiai eai?oaeo ? caa?aaeaiiy eiai ?aaeueii?
aa?oino? iiaeeeaa o iaaeao iaoe?iiaeueii? aaie?anueei? nenoaie eeoa i?e
iecueeeo oaiiao ?ioeyoe??. Aeua ?aaeueia i?ioeaioia noaaea ni?ey?
c?inoaiith caiuaaeaeaiue.o oi?i? aacaio?aeiaeo ?aooie?a o aaieao.
Iaaaoeai? ?aaeuei? i?ioeaioi? noaaee ia?ae?cothoue iia?e?caoe?th
caiuaaeaeaiue ia aaeainao o?iainiaeo iina?aaeiee?a (caiuaaeaeaiiy
iaaoaathoue ia?aoe?iiaeueieo oi?i :aio?aeiaeo ?aca?aieo aaetho,
iaaeeeoeiaeo oiaaiieo caian?a). sseui iaoe?iiaeueia aaie?anueea nenoaia
ia ? aaaeaiei na?aaeiaeuai aeey caa??aaiiy caiuaaeaeaiue, oi a oiiaao
e?aa?ae?caoe?? i?aeia?iaeieo aaethoieo ? o?iainiaeo a?aeiinei oaeee noai
ni?aa aeiaaa? aeuiai i?ioeaioo ye ?aeeiiai iiaeeeaiai ?ino?oiaioo
oi?ioaaiiy iiieoo ia iaoe?iiaeuei? o?iainia? aeoeae.

Aeao?oeeo a?ioae, oa?aeoa?iee aeey ia?ao?aeieo aeiiii?e, iaiiaeeeai
iiaeieaoe ooo/ii, ca aeiiiiiaith aaei?i?no?aoeaiiai cieaeaiiy
iii?iaeueieo i?ioeaioieo noaaie. Oea aeiaeiei /eiii ia aeeee/a c?inoaiiy
aeioiaeo o aeiaaino?ieia?e ia?niaeoea? ( aiii iiaea eeoa caaaaoeoe oeo,
ooi ia?oei io?eia? aeinooi aei e?aaeeoo) ? ia ?icoe?eoue i?iiiceoe?th
?ano?n?a. I?iaaaeaiiy iie?oeee “aeaoaaeo a?ioae” a oiiaao ia?ao?aeii?
aeiiii?ee c i?eaaoiei aaie?anueeei naeoi?ii ? iaaeioe?eueiei.

2.I?ioeaioia iie?oeea oeaio?aeueiiai aaieo o ia?ao?aei?e aeiiii?oe? ia?
ni?yiiaoaaoenue ia aeinyaiaiiy ?aaeueiiai i?e?inoo a?ioiaeo aeeaaeaiue o
iaoe?iiaeueio aaie?anueeo nenoaio oa caaacia/aiiy noaa?eueiino?
iaoe?iiaeueii? a?ioiai? iaeeieoe?:

· i?e ?aaeuei?e i?ioeaioi?e noaaoe? ca aeaiiceoaie (aaethoia
aeioiaei?noue) iiiaae 15 % ??/ieo c?inoaiiy oe?i i?ecoieiy?oueny
iacaeaaeii a?ae oiai, ye anoaiiaethaaeanue i?ioeaioia noaaea —
ii?iaoeaiei /e ?eieiaei iaoiaeii;

· iie?oeea i?yiiai i?ioeaioiiai ?aaoethaaiiy iiaea aooe aoaeoeaiith.
eeoa i?e caa?aaeaii? aea?aeaaiiai eiio?ieth iaae aaie?anueeei naeoi?ii
oa, yeui anoaiiaeaiee ??aaiue e?aaeeoii? i?ioeaioii? noaaee ( o
?aaeueiiio ae?aaeaii?) aoaea iii??ii iiceoeaiei (Oai?ueia, *ao?y, Ei?ay,
Oaeaaiue).

3.I?aeoe/i? iai?yiee ?ica’ycaiiy i?iaeaie iaiaaeaiino? aaie?anueeeo
e?aaeeoieo ?ano?n?a ? ia?ioeyoe?eiiai cieaeaiiy ?aaeueii? i?ioeaioii?
noaaee a Oe?a?i? iieyaathoue o:

· cai?iaaaeaeaii? aacaio?aeiaeo ?ic?aooie?a na?aae ianaeaiiy. Oey oaca
? caaaeueiia?aeiiith, aea oaeee naeoi? aaie?anueeeo iineoa ana ua
ia?aaoaa? a ca?iaeeiaiio noai?. Aeeiiaiiy oeueiai caaaeaiiy iio?aao?
cia/ieo eai?oaeueieo aeeaaeaiue o aaie?anueeee naeoi?, yeee ia ia?
aeaea?ae aeey naiio?iainoaaiiy a cia/ieo ianyaao;

· ci?i? ii?yaeeo iiiaeaoeoaaiiy aeioiae?a a?iiaaeyi — cai?iaaaeaeaiiy
iuaaeieo ?aooie?a aeey aeoioeyoe?? ia?niiaeueieo caiuaaeaeaiue,
ca?eueiaiiy caiuaaeaeoaaii? /anoeie aeioiaeo a?ae iiiaeaoeoaaiiy;

· anoaiiaeaiiy ia i?ioeaioieo, a ii?iiaaieo (o o?eniaaieo noiao ia
eiaeiiai i?aoe?aieea) ia?aooaaiue ia ca?ia?oio ieaoo, ui i?aeaeuoaaoeia
iiieo ia iaoe?iiaeueio aaethoo e ni?eyoeia c?inoaiith ianya?a aeioiae?a,
io?eiaieo o a?eai?;

· iiaeiaaeaii? oa?i?io ae?? oaei? iiaeaoeiai? i?eueae (Aeae?ao EIO “I?i
iiiaeaoeoaaiiy aeioiae?a o?ce/ieo in?a”) ye ca?eueiaiiy a?ae
iiiaeaoeoaaiiy i?ioeaioieo aeioiae?a ca aeeaaeaie o?ce/ieo in?a;

· noai?aiiy ?aaeueiiai iaoai?cio caoenoo iuaaeieo aeeaae?a ianaeaiiy o
?ac? aaie?oonoaa eiia?oe?eieo aaie?a;

· cai?iaaaeaeaiiy ?iaanoeoe?eieo ?aooie?a aeey noa’?eo?a ainiiaea?nueei?
ae?yeueiino?, ia ye? a ca?aoiaoaaeenue eiooe aeey cae?eniaiiy iaeaooi?o
eai?oaeiaeeaaeaiue ca ?aooiie ciaioaiiy iiaeaoeiaeo ciaia’ycaiue c
aianaiiyi a?aeiia?aeieo ci?i aei Caeii?a Oe?a?ie “I?i iiiaeaoeoaaiiy
i?eaooeo i?aei?e?inoa” oa “I?i iiaeaoie ia aeiaeaio aa?o?noue”. sseui
aeioiaee aeoioeththoueny aaoiiiiii ( ooeeaiiy a?ae iiiaeaoeoaaiiy iaaoei
an?o iciae caaaeueiiaea?aeaaii? i?iaeaie), oi e?aua, uia aiie
aeoioethaaeenue ia ?aooieao iaoe?iiaeueii? aaie?anueei? nenoaie Oe?a?ie,
a ia iica ?? iaaeaie. O oeueiio aeiaaeeo i?e??no e?aaeeoieo ?ano?n?a
aeanoue ciiao eiiiainoaaoe c?inoaoiiy athaeaeaoiiai aeao?oeeoo ca
?aooiie cieaeaiiy i?ioeaioieo noaaie ca iia?aoe?yie o a?eai?.

4. Oaeoi?e a?aeiinii? aeinoaoiino? a?ioae (a?aeiioaiiy a?ioiai? iane aei
AAI) ? caaacia/aiino? oeeo a?ioae aaie?anueeei eai?oaeii ae?thoue ia
aioo??oith i?ioeaioio noaaeo (oea ? aeaea?aea ?ano?n?a). Aeeiai?ea
i?ioeaioii? noaaee a Oe?a?i? ocaiaeaeo?oueny c oai?aoe/ieie
ocaaaeueiaiiyie, oa?aeoa?ieie aeey e?a?i c ia?ao?aeiith aeiiii?eith.
??aaiue a?ioiaeo iaa?iiaaeaeaiue (oaae.1) a?aeiinii AAI (a?ey 0,1) a
Oe?a?i? iaaaaaoi ieae/ee, i?ae o eieeoi?o nioee?a?iao (a?ey 0,43), ui ?
?acoeueoaoii iaaaaaoi aeueo na?aaeiuei??/ieo oaii?a ?ioeyoe?? a
ia?ao?aeiee ia??iae. *ei aeueie aoee o ieioeiio oaiie ?ioeyoe??, oei
aeua i?ioeaioia noaaea aoaea nueiaiaei?. Aiaeia?y c e?a?iaie, ui iathoue
noiae? iae?iaeiiii?/i? oa?aeoa?enoeee, aea? ciiao i/?eoaaoe c?inoaiiy
aioo??oiueiai e?aaeeoo ?, a?aeiia?aeii, a?ioiai? iane aei ??aiy, ui
a?aeiia?aea? iiiaoecaoe?? AAI ia ??ai? 0,4 — 0,5). Iiina?aaeeiaaii
ne?ae i/?eoaaoe cieaeaiiy ?aaeueii? i?ioeaioii? noaaee oa caoaeaiiy
ae?aiaciio ?? eieeaaiue.Iiceoeaiee ??aaiue ?aaeueii? i?ioeaioii? noaaee
? iaeiei c oe?eueiaeo i???ioe??a a?ioiai-e?aaeeoii? iie?oeee IAO. Oaeee
eiioeaiooaeueiee i?aeo?ae ? a??iei. O ?iaio? c?iaeaii ni?iao
e?euee?niiai aecia/aiiy aaaeaieo iaae, o yeeo iiaeiia ciaoiaeeoenue
iae?eiaa noaaea a eiie?aoieo aeiiii?/ieo oiiaao (iienaii nenoaiith
ia??aiinoae, yea aecia/a? oe? iaae?). Cai?iiiiiaai? iieiaeaiiy iiaeooue
aooe aeei?enoai? i?e iiaeaeueo?e ?ic?iaoe? iaoai?cio i?ioeaioiiai
?aaoethaaiiy. Aeey ?ic?aooieo iaae? iae?eiai? noaaee iiaeia
cai?iiiioaaoe oaeo oi?ioeo (aac o?aooaaiiy iiiaeaoeoaaiiy i?ioeaioiiai
aeioiaeo) :

IRn [(1 + dQ )(1+IDr)-1] (1 N ), aea

dQ — i/?eoaai? oaiie ci?ie aaethoiiai eo?no (iaoe?iiaeueii? a?ioiai?
iaeeieoe? ca iaeeieoeth ?iicaiii? aaethoe); IDr — i???ioiaia ?aaeueia
aeaiiceia noaaea ; IRn — oaeoe/ia iae?eiaa noaaea ye aaciaa aeey
?ic?aooieo iii?iaeueii?; N — ii?ia iaia’yceiaiai ?aca?aoaaiiy.

A?aoiaoth/e iiaeeeaino? IAO uiaei eiio?ieth ca aeeiai?eith aaethoiiai
eo?no, iaaaaeei aecia/eoe aaee/eio IRn, ye i?eionoeio i?i?iaeueio
noaaeo, i?e ye?e iiieo ia aeeaaee a iaoe?iiaeuei?e aaetho? (c oi/ee ci?o
ca?ioa?aniaaiino? aeeaaeiee?a) caeeoaoeiaoueny noaa?eueiei. Caoeno
?ioa?an?a aeeaaeiee?a ? aaaeeeaith eaieith, aeeo/aiiy yei? iiaea
?ic??aaoe eaioethaeie a?ioiai-e?aaeeoieo a?aeiinei (aaie?anueea iai?ea ?
aeinoaoiueith ia?aaeoiiaith iiai? a?ia??ioeyoe?? oa aaethoiiai aoio).

Iiceoeaiee ??aaiue ?aaeueii? iae?eiai? noaaee oa c?inoaiiy ?ano?nii?
aace aaie?anueei? nenoaie (ia iii?iaeueia, a ?aaeueia) — ? aieiaieie
e?eoa??yie aoaeoeaiino? i?ioeaioii? iie?oeee. I?aeo?eiaiiy iiceoeaii?
?aaeueii? iae?eiai? noaaee iiaeiii caeeoaoenue iaiao?aeiith neeaaeiaith
/anoeiith i?ioeaioii? iie?oeee, i?e oeueiio i???ioaoe?? ia ieioe? oaiie
?ioeyoe?? iaaeinoaoiuei. Aeiaeaoeia? aeiiae uiaei ??aiy iae?eiai? noaaee
iiaeooue aooe aeeiiai? c aeinoaoiueith oi/i?noth c o?aooaaiiyi
i?iaiiciaaii? aeeiai?ee aaethoiiai eo?no oa aecia/aiiai ??aiy ?aaeueii?
i?ioeaioii? noaaee ca aeaiiceoaie (ye i??i?eoaoii? a nenoai? i?ioeaioieo
noaaie). Iaiaaaiiy aieeiooe ia e?aaeeoio i?ioeaioio noaaeo ca
aeiiiiiaith cieaeaiiy iae?eiai? noaaee ia aea? i?aeoe/ieo ?acoeueoao?a ?
?, ii noo?, ai?ioueaith c iane?aeeaie, ui aeo?eathoue ?c iaaaeaei?
aeiiii?/ii? iie?oeee. Aieiaiei aeniiaeii ? aeniiaie i?i iaaacia/i?noue
cieaeaiiy iii?iaeueii? iae?eiai? noaaee i?ae aaneii i?i “i?aeo?eieo
a?o/eciyiiai oiaa?iae?iaieea”.

?acoeueoaoe i?ioeaioii? iie?oeee a Oe?a?i? ? aeaicia/ieie :
noaa?e?caoe?y aeeiai?ee oe?i noaea ?aaeuei?noth caaaeyee no?eioth/iio
aieeao aeniei? ?aaeueii? iae?eiai? noaaee; aeinoaoi?o ?iaanoeoe?eieo
?ano?n?a iaoe?iiaeueia aaie?anueea nenoaia ca ia??iae ae?? aeniei?
?aaeueii? noaaee ia caeo/eea, ui iiynith?oueny iaeith o?eaae?noth naiiai
ia??iaeo noaa?eueiino?..

I?eioeeiii i?ioeaioii? iie?oeee ia? aooe aecia/aiiy i/?eoaaii?
aeaiiceoii? noaaee c o?aooaaiiyi i?iaiiciaaieo oaii?a iaae?iiy
aaethoiiai eo?no a?eai? (i/?eoaaia ?aaeueia noaaea, ia/eneaia ca oaeei
iaoiaeii, iiaeiia caaacia/oaaoe aeeaaeieeo caa?aaeaiiy aaethoii?
aa?oino? aeeaaeo oa aeioiaei?noue) ye aaciai? noaaee. Aeaiiceoio noaaeo,
ui aaco?oueny ia i/?eoaai?e aeeiai?oe? aaethoiiai eo?no, iaiao?aeii
a?aoiaoaaoe ye ei?eaoth/ee oaeoi? i?e aecia/aii? iae?eiai? noaaee.

Caaacia/aiiy aioo??oiuei? ? ciai?oiuei? noaa?eueiino? a?eai? — oea
aieiaia iaoa ae?yeueiino? IAO. ?eieiaa i?ioeaioia noaaea — eeoa
i?ii?aeiee i???ioe?. ?? ??aaiue iaiiaeeeai cieceoe ooo/ii ii?iaoeaieie
??oaiiyie /e aaei?i?no?aoeaieie caoiaeaie. Cieaeaiiy iae?eiai? noaaee
iiaeeeaa eeoa aei iaaieo iaae. Iiaeia ia iiaiaeaeoaaoenue c
iiiaoa?enoaie noiniaii caeaoiino? i?ioeaioii? noaaee aei
naii?aaoethaaiiy (a oiiaao ?eieiai? aeiiii?ee, ui oi?io?oueny a Oe?a?i?
iniaeeai), aea ?o oaca i?i oa, ui iaiaaaiiy oeaio?aeueiiai aaieo
aeinyaoe aaaeaiiai ??aiy naia oeueiai iieacieea — oea aeanoaa?e?coth/ee
oaeoi?, ? i?aaeeueiei i?eioeeiii i?ioeaioi? iie?oeee. Aeiyoie c oeueiai
i?aaeea — oea e?a?ia, yea ia? iaaeeeoeia? aaethoi? ?aca?ae ? iiaea
aeicaieeoe nia? i?iaaaeaiiy aeoeaii?, noeioethth/i? i?ioeaioii?
iie?oeee. Eiioeaioe?? i?ioeaioiiai ?aaoethaaiiy, o yeeo oea iieiaeaiiy
?aii?oaaoeiaoueny, ia a?aeiia?aeaoeiooue ?ioa?anai iinooiiaiai ?icaeoeo
iaoe?iiaeueiiai o?iainiaiai ?eieo ? i?iiiceoe?? ?ano?n?a aeey ?icaeoeo
aeiiii?ee. ?icoi?iiy oiai, ui aeniea i?ioeaioia noaaea ? iane?aeeii ye
o?iainiai? ianoaa?eueiino? a ieioeiio, oae ? aeiiii?/ii? noaaiaoe??
nueiaiaei?, ? aecia/aeueiei aeey ?ic?iaee iaoai?cio aieeao ia aeeiai?eo
?aaeueii? i?ioeaioii? noaaee o ia?niaeoea?

IOAE?EAOe?? CA OAIITH

1.Ceiiaaoeue A.A. I?ioeaioia noaaea o ia?ao?aei?e aeiiii?oe?.- Ee?a:
?inoeooo aeiiii?ee IAIO.- 1998.- 127 n.

2.Oi?ioaaiiy ?eieiaeo ?aaoeyoi??a a ia?ao?aei?e aeiiii?oe? Oe?a?ie /
Eiiiiaiei A.?., Oaaeenoa E.I., Oaa/aiei E.?. oa ?io?. — E.: ?inoeooo
aeiiii?ee IAI Oe?a?ie.- 1996. – 164 n. (aaoi?a – N.69-80).

3.Ceiiaaoeue A.A. Ca?oa?aeiee aeina?ae ?aaoethaaiiy i?ioeaioii? noaaee
// I?iaeaie aeei?enoaiiy na?oiaiai aeina?aeo aea?aeaaiiai ?aaoethaaiiy
aeiiii?ee. — E.: ?inoeooo aeiiii?ee IAI Oe?a?ie.- 1997. – N.94-107.

4.Ceiiaaoeue A.A. Iiieo ianaeaiiy ia o?iainia? aeoeae ? i?ioeaioia
noaaea // Oiiaeiaee ?eiie.- 1998.- ?22.-n. 35-36.

5.Ceiiaaoeue A.A. Noeoiiee aaie?anueeee e?aaeeo oa aeeneiioia noaaea a
ia?ao?aeiee ia??iae // Aeiiii?ea Oe?a?ie.- 1998.-?7.-n.29-37.

6.Ceiiaaoeue A.A. Ioe?iea iaeaooiueiai ??aiy aaciai? i?ioeaioii?
noaaee// Oiiaeiaee ?eiie.- 1998.- ?24.

AIIOAOe?ss

Ceiiaaoeue A.A. I?ioeaioia noaaea oa ?ioeyoe?y a ia?ao?aei?e aeiiii?oe?
Oe?a?ie. – ?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeuei?noth 08.04.01 — O?iaine, a?ioiaee ia?a ? e?aaeeo.-
?inoeooo aeiiii?ee IAI Oe?a?ie, Ee?a 1998.

Aeena?oaoe?th i?enay/aii ieoaiiyi aca?iiae?? i?ioeaioii? noaaee ? oaii?a
?ioeyoe?? a ia?ao?aei?e aeiiii?oe? Oe?a?ie. Ocaaaeueiaii ?nioth/?
oai?aoe/i? i?aeoiaee, i?iaaaeaii ?o ia?aa??eo ia noaoenoe/ieo aeaieo ca
a?oiaie e?a?i. I?ioeaioio noaaeo ?icaeyiooi ye ?iaeeeaoi? nooiaith
?icaeoeo a?ioiai? nenoaie. Anoaiiaeaii u?euei?noue ? oi?io ca’yceo
?aaeueii? i?ioeaioii? noaaee c aeeiai?eith a?ioiaeo aa?aaao?a,
aaethoiiai eo?no, ?aaeueiiai AAI. Cai?iiiiiaaii iaoiaeeee aecia/aiiy
aieeao i?ioeaioii? iie?oeee ia noaaee i?e?i??aiy, ae?aiaciio i?eionoeieo
eieeaaiue iae?eiai? noaaee a oiiaao iaiaaeaiino? a?ioiaeo ?ano?n?a.
Anoaiiaeaii caeaaei?noue aeeiai?ee ?aaeueii? i?ioeaioii? noaaee ia an?o
??aiyo a?ae o?eaaeino? o?iainiai? noaa?eueiino?.

Eeth/ia? neiaa: i?ioeaioia noaaea, ?ioeyoe?y, ia?ao?aeiee ia??iae,
a?ioiaa iana, AAI, caiuaaeaeaiiy, aaethoiee eo?n, aaie?anueea nenoaia.

AIIIOAOeEss

Ceiiaaoe A.A. I?ioeaioiay noaaea e eioeyoeey a ia?aoiaeiie yeiiiieea
Oe?aeiu – ?oeiienue.

Aeenna?oaoeey ia nieneaiea o/aiie noaiaie eaiaeeaeaoa yeiiiie/aneeo iaoe
ii niaoeeaeueiinoe 08.04.01 Oeiainu, aeaiaaeiia ia?auaiea e e?aaeeo.-
Einoeooo yeiiiieee IAI Oe?aeiu, Eeaa, 1998.

Aeenna?oaoeey iinayuaia aii?inai acaeiiaeaenoaey i?ioeaioiie noaaee e
oaiiia eioeyoeee a ia?aoiaeiie yeiiiieea Oe?aeiu. Iaiauaiu nouanoaothuea
oai?aoe/aneea iiaeoiaeu, i?iaaaeaii eo i?iaa?eo ia noaoenoe/aneeo
aeaiiuo ii a?oiiai no?ai. I?ioeaioiay noaaea ?anniao?eaaaony eae
eiaeeeaoi? o?iaiy ?acaeoey aeaiaaeiie nenoaiu. Onoaiiaeaia ieioiinoue e
oi?ia nayce ?aaeueiie i?ioeaioiie noaaee n aeeiaieeie aeaiaaeiuo
aa?aaaoia, aaethoiiai eo?na, ?aaeueiiai AAI. I?aaeeiaeaiu iaoiaeeee
ii?aaeaeaiey aeeyiey i?ioeaioiie iieeoeee ia noaaee iee?io?iaiy,
aeeaiacii aeiionoeiuo eieaaaiee o/aoiie noaaee a oneiaeyo ia?aie/aiiinoe
aeaiaaeiuo ?ano?nia. Onoaiiaeaia caaeneiinoue aeeiaieee ?aaeueiie
i?ioeaioiie noaaee ia anao o?iaiyo io aeeeoaeueiinoe oeiainiaie
noaaeeueiinoe.

Eeth/aaua neiaa: i?ioeaioiay noaaea, eioeyoeey, ia?aoiaeiue ia?eiae,
aeaiaaeiay ianna, naa?aaeaiey, aaethoiue eo?n, aaieianeay nenoaia.

ANNOTATION

Zymovets V.V. Interest Rate and Inflation: the case of Ukrainian Economy
in Transition – Manuscript.

Thesis for candidate’s degree by speciality 10.00.04. The Finance, Money
Circulation and Credit — The Economics Institute , National Academy of
Sciences of Ukraine, Kyiv, 1998.

The thesis deals with the problem of interaction between interest rate
and inflation in the Ukrainian economy in transition. The existing
theoretical approaches have been used while tested with resent
statistical data on country groups. The interest rate has been regarded
as an indicator of monetary system’s level of development. The intesity
and the form of correlation of real interst rate with the monetary
aggregates dynamics, the exchange rates and the real GDP has been
determined. The methods of determination of the discount policy
influence on interest rates of microlevel, the proper volatility of the
discount rate under the money resources deficit conditions are
proposed. The correlation of the all-level types of interest rate with
the financial stability duration is stated.

Key words: interest rate, inflation, transition period, monetary
aggregate,GDP, savings, exchange rates, banking system.

Похожие записи