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Ainoaea?noaaiiue eiieoao ii aunoaio ia?aciaaieth

Ainoaea?noaaiiay aeaaeaiey oi?aaeaiey ei. Na?ai I?aeaeiieeeaeca

Eaoaae?a oeiainiaiai iaiaaeaeiaioa

Eo?niaay ?aaioa

ii aeenoeeieeia “Oeiainu e e?aaeeo”

Oaia: Ainoaea?noaaiiue aeiea ?O

Auiieiee: nooaeaio OI 3-1

Aieoaaa A.A.

I?iaa?ee: aeioeaio, e.y.i.

Iaoaeeia I.I.

Iineaa 1996

I. Enoi?ey ainoaea?noaaiiiai aeieaa ?innee

E

?aaeeoiay enoi?ey ?innee ia/aeanue a 1769 a., eiaaea Aeaoa?eia II
naeaeaea ia?aue caai a Aieeaiaeee. Ca iineaaeothuea aeaa n iieiaeiie
noieaoey ?inneeneay eiia?ey caiyea ia ?uiea i?eia?ii 15 ie?ae. ?oa.
Aieueoay /anoue yoeo n?aaenoa iaeaioia ?aaiethoeee auea iiaaoaia. E
yoiio iiiaioo noa?aeoeie caeiaie a ninoaaa ?onneiai ainoaea?noaaiiiai
aeieaa inoaaaeenue 6%-iua caeiu 1817-18 aa. Eo ia?eoeaoaeueiue eaieoae
ninoaaeye 93 iei. ?oa., a iaiiaaoaiiay /anoue e 1 yiaa?y 1913a.
?aaiyeanue 38 iei. ?oa. Ia a?aoeea io?aaeaia aeeiaieea ainoaea?noaaiiiai
aeieaa ?inneeneie eiia?ee a ia/aea XX a.: noiia caaeieaeaiiinoe aic?inea
a ia?eiae ?onnei-yiiineie aieiu e ?aaiethoeee, a caoai
noaaeeece?iaaeanue.

Ia i?ioyaeaiee anaai XIX a. e a ia/aea XX a. ?anoiaeu ainoaea?noaa
i?aauoaee aai aeioiaeu. Ai aoi?ie iieiaeia XIX a. i?aaeoaeuenoai aeoeaii
oeiaine?iaaei no?ieoaeuenoai aeaeaciuo aei?ia, a oaeaea aueoiaei a eacio
/anoiua eeiee.

No?aiynue naeaaeeoue aeeyiea yeno?ai?aeeia?iuo ?anoiaeia ia no?oeoo?o
athaeaeaoa, iii ?acaeaeyei athaeaeao ia iaueiiaaiiue e /?acau/aeiue.
Ia?aue iiiieiyeny ec o?aaeeoeeiiiuo enoi/ieeia aeioiaeia (iaeiae,
aeoeecu e i?.), aeioiaeioth /anoue aoi?iai ia 90% ninoaaeyee n?aaenoaa
iieo/aiiua io aioo?aiieo e aiaoieo caeiia. Eiaiii caaiiua n?aaenoaa oee
ia oeiaine?iaaiea no?ieoaeuenoaa aeaeaciuo aei?ia, aaaeaiea aiei e
ai?ueao ni noeoeeiuie aaaenoaeyie. I?e aeaaii?eyoiii iieiaeaiee /anoue
/?acau/aeiiai athaeaeaoa oea ia iie?uoea ?anoiaeia ii aeieain?i/iie
iieaoa ainoaea?noaaiiuo caeiia. Ieaoaaee ii caeiai (i?ioeaiou e
iiaaoaiea) inouanoaeyeenue ca n/ao iaueiiaaiiiai athaeaeaoa.

Auione iiauo caeiia aue a iaiin?aaenoaaiiie eiiiaoaioeee oea?y e
ieienoa?noaa oeiainia. Iaeiaei iinea nicuaa Ainoaea?noaaiiie Aeoiu iia
iieo/eea i?aai ooaa?aeaeaoue eaaeaeue eiie?aoiue caai. A?aiy e oneiaey
caeia ii-i?aaeiaio ii?aaeaeyeenue ii ?aoaieth i?aaeoaeuenoaa.

Ii aieueoae /anoe ainoaea?noaaiiuo aeieaia auiea/eaaeinue 4% aiaeiauo.
Noiia anao aoiaa n oaeie aeioiaeiinoueth ninoaaeyea aieaa 2,8 ie?ae.
cieiouo ?oaeae — ieiei 2/3 anaai ?uiea.

Ana oeaiiinoe, ?aciauaaiua a oi a?aiy ia ?uiea, ?acaeaeyeenue ia 3
eaoaai?ee:

e?aoein?i/iua;

aeieain?i/iua;

aann?i/iua;

N?ie ia?auaiey e?aoein?i/iuo iaycaoaeuenoa ia?aie/eaaeny caeiiii e
eieaaaeny io 3 ianyoeaa aei 1 aiaea. Eoith?u auionea ia aeieaeiu auee
i?aauoaoue 500 ?oa. I?aai yiennee ii e?aoein?i/iui iaycaoaeuenoaai
i?aaeinoaaeyeinue ee/ii ieieno?o oeiainia n oneiaeai, /oi iauay noiia
iaycaoaeuenoa a eaaeaeue iiiaio ia i?aauneo 50 iei. ?oa. A 1905 a. i?aaa
ieieno?a auee ?anoe?aiu aei 200 iei. ?oa. n i?aaii auionea e?aoein?i/iuo
iaycaoaeuenoa, a oii /enea e ia eiino?aiiuo ?uieao. Ainoaea?noaaiiia
eacia/aenoai e /anoiua eeoea eiaee i?aai o/eouaaoue yoe iaycaoaeuenoaa a
Ainoaea?noaaiiii aaiea, i?ioeaiou n/eoaeenue a aeaea aeeneiioa.

Iniiao ainoaea?noaaiiiai aeieaa ninoaaeyee aeieain?i/iua e aann?i/iua
caeiu. Aeieain?i/iua caeiu iiaee caeeth/aoueny ia aeinoaoi/ii
aeeeoaeueiua n?iee — 50-80 eao. I?aeoeeiaaeny auione aann?i/iuo
iaycaoaeuenoa, eiaaea ainoaea?noai iaycuaaeinue auiea/eaaoue oieueei
aeiaiai?iue i?ioeaio, o.a. aeey aea?aeaoaey caai noaiiaeeny ?aioie.
I?aaeoaeuenoai inoaaeyei ca niaie i?aai i?eioaeeoaeueiie neoiee aeaiiiai
eino?oiaioa ii iiieiaeueiie noieiinoe. A yoii neo/aa caai iiaaoaeny
oe?aaeaie. Eiiaaea ainoaea?noai neoiaei iaeeaaoeee ia ae?aea.

Oaeaea nouanoaiaaei oi?iaeueiia ii?aaeaeaiea aioo?aiieo e aiaoieo
caeiia. Ia?aua i?eaioe?iaaeenue ia eiino?aiiiai iieoiaoaey e ia?auaiea
ca a?aieoeae. Aoi?ua auee ?ann/eoaiu ia ?inneeneee ?uiie. Aeaiiia
aeaeaiea ia eiaei ieeaeiai yeiiiie/aneiai cia/aiey, oae eae ieeaeeo
ia?aie/aiee ia iieoieo eiino?aiiuo auioneia aeey ?inneeneeo iiaeaeaiiuo
e aioo?aiieo eiino?aioeaa ia nouanoaiaaei.

A 1906 a. a Iniiaiii caeiia eiaeanue noaouey 114:

“I?e ianoaeaeaiee ainoaea?noaaiiie ?iniene ia iiaeeaaeao eneeth/aieth
eee nie?auaieth iacia/aiey ia ieaoaaee ii ainoaea?noaaiiui aeieaai e ii
ae?oaei i?eiyoui ia naay ?inneeneei Ainoaea?noaii iaycaoaeuenoaai.”
Caeiiiaeaoaee ca?aiaa i?anaeaee niaeaci ia?ooeoue iaeii ec iniiaiuo
i?aaee ?uiea — ieaoeoue aia?aiy e iieiinoueth.

?inneeneia i?aaeoaeuenoai a ?acoeueoaoa aeeeoaeueiuo e e?iaii?ieeoiuo
oneeee noiaei nicaeaoue ?aiooaoeeth iaaeaaeiiai caaiueea, eioi?ue
aeaenoaoao ia ?uiea aeeo?aoii, ia ceioiio?aaeyy naiei ainoaea?noaaiiui
noaoonii.

Caeinoaiaaiea oeiainiauo ?ano?nia eniieueciaaeinue n ?aciuie oeaeyie, e
aeaeaei ia anaaaea oeaeueth aeey ?aaeecaoeey eaeiai-eeai eiie?aoiiai
i?iaeoa. Eioa?anu oeiainiaie noaaeeueiinoe, ionoue aeaaea a
e?aoein?i/iii ia?eiaea, eiaee ia?ainoaiaiiia cia/aiea. Yoi iicaieyei
neaaeiaaoue au?aaioaiiie yeiiiie/aneie iieeoeea, ia iaiyy aa eo?na.

Ioeacaaoenue ieaoeoue aeieae naiei e eiino?aiiui a?aaeaeaiai,
i?aaeoaeuenoai Niaaoneie ?innee caeiaeeei iniiao iiaie oeiainiaie
eoeueoo?u. A ?acoeueoaoa iaeeaaoeee, auaeaaaaiua eae /anoue ca?aaioiie
ieaou, ieacaeenue i?inoi aoiaaeeaie.

II. Nia?aiaiiay neooaoeey ia ?uiea
ainoaea?noaaiiiai aeieaa

Ii?aaeaeaiea. Iauay noiia iaycaoaeuenoa ainoaea?noaa ii auiouaiiui e
iaiiaaoaiiui ainoaea?noaaiiui caeiai, iieo/aiiui e?aaeeoai e i?ioeaioai
ii iei, auaeaiiui ainoaea?noaii aa?aioeyi i?aaenoaaeyao niaie
ainoaea?noaaiiue aeiea.

A caaeneiinoe io ?uiea ?aciauaiey, aaethou e ae?oaeo oa?aeoa?enoee
ainoaea?noaaiiue aeiea aeaeeony ia aiaoiee e aioo?aiiee. E ia?aiio
ioiinyony e?aaeeou eiino?aiiuo ainoaea?noa; iaaeaeoia?iaeiuo oeiainiauo
i?aaiecaoeee; ainoaea?noaaiiua caeiu, aeaiiieie?iaaiiua a eiino?aiiie
aaethoa e ?aciauaiiua ia ca?oaaaeiuo ?uieao. Ei aoi?iio ioiinyony
e?aaeeou io iaoeeiiaeueiuo aaieia; ainoaea?noaaiiua caeiu,
aeaiiieie?iaaiiua a iaoeeiiaeueiie aaethoa e ?aciauaiiua ia
iaoeeiiaeueiii ?uiea. Ii ninoieo ec caaeieaeaiiinoe i?ioeuo eao e aiiaue
aicieeoae caaeieaeaiiinoe. Aioo?aiiee ainoaea?noaaiiue aeiea
?aaoee?oaony caeiiii “I ainoaea?noaaiiii aeieaa ?inneeneie Oaaea?aoeee”

II.1 ?uiie aioo?aiiaai aeieaa ?inneeneie Oaaea?aoeee.

Ia naaiaeiyoiee aeaiue nouanoaotho 3 iniiaiua oi?iu iie?uoey
ainoaea?noaaiiiai aeieaa:

Aeia?iaieueiue, ?uii/iue e?aaeeo — ?aciauaiea oeaiiuo aoiaa ia
naiaiaeiii (eee ii/oe naiaiaeiii) ?uiea. E oeaiiui aoiaaai, ?aciauaiiui
oaeei ia?acii, i?eiaaeeaaeao ainoaea?noaaiiua e?aoein?i/iua
iaycaoaeuenoaa (AEI), iaeeaaoeee oaaea?aeueiiai caeia (IOC), iaeeaaoeee
naa?aaaoaeueiiai caeia (INC). Iauee iauai ainoaea?noaaiiiai aeieaa ii
yoei aoiaaai ia 1.01.1996 ninoaaeye /ooue aieaa 80 o?ei. ?oa., a iauai
/enoiai aeieaa, o.a. aac aoiaa a ii?ooaea OeA, iiaeii ioeaieoue a 70
o?ei. ?oa.;

Auioaeaeaiiue eaace?uii/iue e?aaeeo — ?uii/iia ioi?ieaiea oaeoe/aneiai
ainoaea?noaaiiiai aeieaa. Oae iiyaeeenue ia naao iaeeaaoeee aioo?aiiaai
aaethoiiai caeia (IAAC), eacia/aeneea iaycaoaeuenoaa (EI), aaenaey
Ieioeia, ia?aioi?ieaoea ia Ieioei caaeieaeaiiinoue i?aaei?eyoee ii
aaieianeei e?aaeeoai, i?aaeinoaaeaiiui iiae ainoaea?noaaiiua i?ia?aiiu.
Nthaea aea iiaeao auoue ioianai ii?ooaeue ainoaea?noaaiiuo aoiaa OeA,
noi?ie?iaaiiue a oeaeyo iiaeaea?aeee nianoaaiii ?uiea. Aaee/eia
eaace?uii/iiai aeieaa ia 1.01.1996 ninoaaeyea ieiei 50 o?ei. ?oa.;

Ae?oaeaneee (aaeieieno?aoeaiue) e?aaeeo OeA Ieioeio. Inoaoie oaeiai
e?aaeeoa ia ia/aei 1996a. aeinoeaae 60 o?ei. ?oa.

Oaeei ia?acii, ec i?eaeeceoaeueii 180 o?ei. ?oa. ainoaea?noaaiiiai
aeieaa ia 1.01.1996 eeoue iaiaa 40% (aei 70 o?ei. ?oa.) aeaenoaeoaeueii
ii anai ia?aiao?ai ioaa/atho oi?iaeueiui e?eoa?eyi oeeaeeeciaaiiinoe.
Iaiaa 30% i?eoiaeeony ia i?eioaeeoaeueiue e ianeieueei aieaa 30% — ia
aaeieieno?aoeaiue e?aaeeo.

Ca aaeainii i?e oaeii iiaen/aoa inoaaony iao/oaiiue, ii oaeoe/anee
nouanoaothuee, aeiea athaeaeaoa ?aciui yeiiiie/aneei noauaeoai ii
iaauiieiaiiui iaycaoaeuenoaai. Yoi — i?eioaeeoaeueiue, ia?uii/iue
e?aaeeo. Ia oaaea?aeueiii o?iaia ii ninoaaeyao 10-15 % o/oaiiiai
ainoaea?noaaiiiai aeieaa.

A eoiaa ia ia/aei 1996 aiaea aioo?aiiee ainoaea?noaaiiue aeiea (AAe)
i?iaeieaeae eiaoue i?aeiouanoaaiii iaoeeaeeeciaaiiue oanaae, a nai ?uiie
ainoaea?noaaiiuo oeaiiuo aoiaa niioaaonoaoao aiaoiei e?eoa?eyi
oeeaeeeciaaiiinoe i?eia?ii ia 60%.

Ioeaiea aieinoe ?uiea ainoaea?noaaiiuo aeieaiauo iaycaoaeuenoa

Ioeoeeaeueiua iiaeoiaeu e ioeaiee aieinoe ?uiea ainoaea?noaaiiuo
aeieaiauo iaycaoaeuenoa, anee oaeiaua nouanoaotho, ia iioaeeeiaaiu ie a
eaeeo enoi/ieeao.

Iiyoiio, i?e ioeaiea aieinoe ?uiea aiciiaeiu aeaa i?eioeeieaeueiuo
iiaeoiaea. Ia?aue iai?aaeai ia iieo/aiea aaniethoiuo, aoi?ie —
ioiineoaeueiuo (eiaeeeaoeaiuo) ioeaiie aieinoe ?uiea.

Aaniethoiua ioeaiee iiaoo auoue iieo/aiu ia aaca aiaeeca ninoiyiey e
aeeiaieee neaaeothueo yeiiiie/aneeo ia?aiao?ia:

Aeioiaeia noauaeoia yeiiiieee, a eoiaa aa?aae?oaiuo a AAI;

Eeeaeaeiinoe noauaeoia yeiiiieee, iieo/athuae iaiauaiiia au?aaeaiea a
aeaiaaeiuo aa?aaaoao, eee, eae aa?eaio, a ?ano?nao e?aaeeoiie nenoaiu.

Ioiineoaeueiua ioeaiee, i?ecaaiiua aeaoue i?aaenoaaeaiea ia
eniieueciaaiiuo e ?aca?aiuo aiciiaeiinoyo ?uiea, iiaoo aace?iaaoueny ia
ninoiyiee neaaeothueo iieacaoaeae:

Aaee/eiu e aeeiaieee ioiineoaeueiie aeioiaeiinoe ?uii/iuo eino?oiaioia
ainoaea?noaaiiiai aeieaa. Aaciauie aeey en/eneaiey iieacaoaeae
ioiineoaeueiie aeioiaeiinoe eino?oiaioia AAe aeieaeiu aunooiaoue
o?iaaiue ?aoeeiiaeueii iaeeaeaaiie eioeyoeee, a oaeaea o?iaaiue noaaie
ii e?aaeeoiui e aeaiiceoiui iia?aoeeyi ni n?ieii, aiaeiae/iui ia?eiaeo
ia?auaiey eino?oiaioia AAe;

Aeeiaieee eiyooeoeeaioa i?e?inoa ainoaea?noaaiiiai aeieaa e i?e?inoo
iauaia caeinoaiaaiee: EIAe= (E-A)/E, aaea EIAe — eiyooeoeeaio i?e?inoa
aeieaa; E — iauai caeinoaiaaiee, a?oooi; A — iauai n?aaenoa,
aica?auaiiuo e?aaeeoi?ai (oaeei ia?acii, ?acieoea E-A i?aaenoaaeyao
niaie iauai iaooi-caeinoaiaaiee);

Aeeiaieee ii?ooaey Aaiea ?innee a iauai iauaia AAe.

Ioiineoaeueiua iieacaoaee iaiin?aaenoaaiii ia aeatho aiciiaeiinoe
ioeaieoue aieinoiua (ni?iniaua) ia?aiao?u ?uiea, iaeiaei iie neoaeao
oi?ioeie eiaeeeaoi?aie aeey onoaiiaeaiey oaeoia auoiaea ?uiea ia eee ca
a?aieoeu ii?iaeueiuo ni?iniauo aiciiaeiinoae e, oaeei ia?acii, aanueia
nouanoaaiii iiiiaatho ii?aaeaeeoue aaciaua ia?aiao?u aaniethoiuo
ioeaiie. Iniaaiii yoi eanaaony ia/aeueiie oacu ?acaeoey ?uiea, eiaaea
eiaeeeaoeaiua iieacaoaee ea?atho, aiciiaeii, ?aoathuoth ?ieue aeey
oi?ie?iaaiey enoiaeiie aacu e?eoa?eaa aaniethoiuo ioeaiie. Iineieueeo
?inneeneee oiiaeiaue ?uiie a oeaeii e ?uiie AAe a /anoiinoe ia?aaeeaatho
eiaiii yoo noaaeeth noaiiaeaiey, anoanoaaiii ia/aoue eco/aiea aieinoe
?uiea n aiaeeca ninoiyiey e aeeiaieee eiaeeeaoeaiuo iieacaoaeae.

Oa?aeoa?enoeea neooaoeee ia eiiaoe 1994 aiaea e eiiaoe 1995 aiaea a
ioiioaiee aaniethoiie e ioiineoaeueiie aeioiaeiinoe eino?oiaioia AAe a
iaiauaiiii aeaea i?aaenoaaeaia a oaaeeoea.

Aeaeaa?ue 1994a. Aeaeaa?ue 1995a.

?aaeueiay aoeoeeiiiay aeioiaeiinoue ?uiea AEI-IOC ec ?an/aoa ia aiae
393/662 181/285

O?iaaiue ?aoeeiiaeueiuo eioeyoeeiiiuo iaeeaeaiee ec ?an/aoa ia aiae 440
63

Yooaeoeaiay i?ioeaioiay noaaea ii o?aoiany/iui aeaiiceoai 218 104

Aeioiaeiinoue AEI e o?iaith (?ac):

a) eioeyoeeiiiuo iaeeaeaiee 0,89/1,50 2,87/4,52

a) aeaiiceoiie noaaee 1,80/3,04 1,74/2,74

A oa/aiea i?aeoe/anee anaai ia?eiaea ooieoeeiie?iaaiey aeia?iaieueiie
(n i?eaaaeaiiuie auoa iaiai?eaie) oi?iu AAe noieiinoue aai ianeoaeeaaiey
auea nouanoaaiii caauoaiiie, iiyoiio aicieeaao aii?in, i oii eaeay
aeioiaeiinoue eino?oiaioia AAe iiaeao i?eciaia ii?iaeueiie? Aeey ioaaoa
ia aeaiiue aii?in neaaeoao i?aaeaea anaai i?eiyoue ai aieiaiea, /oi
aeiaeaiea a AAe yaeyaony aac?eneiaui eee, ai anyeii neo/aa, iaeiaiaa
?eneiaui aeiaeaieai a ?aieao anao aeueoa?iaoeaiuo eiaanoeoeeiiiuo
?aoaiee ia ?inneeneii ?uiea. Ionthaea aeioiaeiinoue eino?oiaioia AAe
aeieaeia auoue, a /anoiinoe, ieaea aeaiiceoiie aeioiaeiinoe.

Eiyooeoeeaio i?e?inoa aeieaa a oa/aiea 1995 a. iaia?oaeeaae iauoth
oaiaeaioeeth e nieaeaieth. Ii eoiaai ia?aiai eaa?oaea ii ninoaaeye
26,5%, ai aoi?ii — 34,3%, a o?aoueai — 15,2%, a /aoaa?oii — 18,9%.

Aeaiiua i ninoiyiee ii?ooaey OeA ia ioaeeeothony, oai ia iaiaa iaeioi?ua
einaaiiua aeaiiua naeaeaoaeuenoaotho i oii, /oi aeiey ii?ooaey OeA a
iauai iauaia ?uiea a 1995 a., iniaaiii a nayce n e?ecenii aaieianeie
eeeaeaeiinoe ?inea.

A eoiaa eiaeeeaoeaiua ioeaiee, i?aaeaea anaai aeaiiua ii n?aaieoaeueiie
aeioiaeiinoe eino?oiaioia AAe, naeaeaoaeuenoaotho i oii, /oi ni?iniaua
aiciiaeiinoe ?uiea auee en/a?iaiu oaea ei aoi?ie iieiaeia 1995a. A
o?aoueai eaa?oaea 1995a. noaei i/aaeaeii, /oi neooaoeey ia I?OeA
?acaeaaaony noeoeeii, aac na?ueaciuo i?aaiecaoeeiiiuo eciaiaiee.
Oaiaeaioeee aaaeiaeoeo eiaeeeaoeaiuo iieacaoaeae ?uiea
naeaeaoaeuenoaiaaee i i?aaeaeueiii iai?yaeaiee aai aiciiaeiinoae.

Nenoaia ianeoaeeaaiey AAe i?aaenoaaeyao niaie iiuiue eino?oiaio
ia?a?ani?aaeaeaiey aeioiaeia i?iecaiaenoaaiiiai naeoi?a a iieueco
oeiainiaiai naeoi?a. Aeaiiue auaiae ioiineony eae e aeia?iaieueiie, oae
e e i?eioaeeoaeueiie oi?iai caeinoaiaaiey. A ia?aii neo/aa eniieuecoaony
iiin?aaeiaaiiue niinia ia?a?ani?aaeaeaiey /a?ac aiiiaeueiue o?iaaiue
aeioiaeiinoe eino?oiaioia. Ai aoi?ii — i?aeoeeoaony iaiin?aaenoaaiiue
niinia ia?a?ani?aaeaeaiey /a?ac iayeaeaaeaioiua, iiiiiieueii ieceea
oeaiu iieoiee eino?oiaioia AAe oeiainiauie iin?aaeieeaie o ia?ae/iuo
aeaaeaeueoeaa, i?aaenoaaeythueo aeaaiui ia?acii i?iecaiaenoaaiiue
naeoi?. I/aaeaeiui ?acoeueoaoii oaeiai ia?a?ani?aaeaeaiey yaeyaony
ioiineoaeueiia nie?auaiea aeioiaeia o i?iecaiaenoaaiiiai naeoi?a e ?ino
aeioiaeia o oeiainiaiai naeoi?a. I?e yoii /anoue naa?oaeioiaeia
eniieuecoaony oeiainiaui naeoi?ii ioe?iaaiii iai?iecaiaeeoaeueii. *anoue
naa?oaeioiaeia eniieuecoaony “i?iecaiaeeoaeueii”, o.a. aeeaaeuaaaony a
?acaeoea aeciana, iaeiaei oao aai aeaeia, eioi?ua ia niiniaiu
iaania/eoue oi?ie?iaaiea ooiaeaiaioa aeey naaeaine?iaaiiie e
aunieii?aaieciaaiiie yeiiiieee (eiii?o iio?aaeoaeueneeo oiaa?ia, yenii?o
nu?uey). Eeoue ianouanoaaiiay /anoue oaeeo aeioiaeia ?anoiaeoaony a
oeaeyo aeaenoaeoaeueiiai ?acaeoey yeiiiieee /a?ac o/anoea a eaieoaea
i?aaei?eyoee e i?aaeinoaaeaiea n?aaenoa ia iiaea?iecaoeeth oaoiieiaee.

Yeiiiie/aneei eoiaii ooieoeeiie?iaaiey ?uii/iie nenoaiu AAe aunooiaao
iauaa nouanoaaiiia noaeaiea eiaanoeoeeiiiuo aiciiaeiinoae yeiiiieee.

Iiaua eino?oiaiou ia ?uiea ainoaea?noaaiiiai aeieaa.

Cieioie na?oeoeeao. Aoiaaa aeieaeia noaoue aanueia eioa?aniie aeey anao
eaoaai?ee eiaanoi?ia. Iiieiaeueiay noieiinoue na?oeoeeaoa onoaiiaeaia a
?acia?a 1 ea cieioa. N?ie ia?auaiey 3 aiaea. Aoiaaa auioneaaony a
yeaeo?iiiii aeaea, e aa aeaeaeaiea aoaeao i?ienoiaeeoue oieueei ia
n/aoao “aeaii” a niioaaonoaothuai aeaiiceoa?ee. Iauai yiennee Cieiouo
na?oeoeeaoia ii?aaeaeai a 3 o?ei. ?oa. Oaeouay oeaia Cieioiai
na?oeoeeaoa aoaeao ii?aaeaeyoueny enoiaey ec eioe?iaie, onoaiaaeeaaaiuo
Aaieii Aiaeee, e ioeoeeaeueiiai eo?na aeieea?a NOA, iauyaeyaiiai Aaieii
?innee aeaa ?aca a iaaeaeth. Niinia auieaou aeioiaea ii Cieioiio
na?oeoeeaoo neaaeothuee: eoiiiiue i?ioeaio ii aoiaaa aoaeao
onoaiaaeeaaoueny e auiea/eaaoueny aaeaeaa?oaeueii. I?e ii?aaeaeaiee aai
aaee/eiu ca iniiao i?eieiaaony noaaea LIBOR ia eiiaeiineii ?uiea (noaaea
ii e?aaeeoai aeey aaieia aunoae eaoaai?ee iaaeaaeiinoe). E iae Ieioei
?inneeneie Oaaea?aoeee aeiaaaeyao 2-3% aiaeiauo (aeey na?oeoeeaoa aanii
10 ea iaaeaaaea 3%). Eae aeaeii aeioiaeiinoue iiaie aoiaae (ieiei 9%
aiaeiauo) aoaeao ia i/aiue aunieie. Aaaeiie iniaaiiinoueth Cieioiai
na?oeoeeaoa yaeyaony aiciiaeiinoueth auai?a iaaeaeo iiaaoaieai
aeaiueaaie e cieioii. Iaoaee , neoaeauee iaania/aieai auionea (i?eia?ii
40 o) aoaeao caaeaiiie?iaai Ieioeiii ?inneeneie Oaaea?aoeee a
?ineiiae?aaiaoa.

Iaeeaaoeee n ieaaathuae eoiiiiie noaaeie. Yoe iaeeaaoeee ia ia?auo
ii?ao, aa?iyoii, aoaeoo iaeaieaa neiaeiui e iai?eau/iui eino?oiaioii a
nenoaia IOC. Eiaanoi?u aoaeoo iieo/aoue i?ioeaiou 1 ?ac a eaa?oae, e
aaee/eia yoeo i?ioeaioia, aoaeao iaiyoueny. Aaeaeaa?oaeueiay i?ioeaioiay
noaaea ii iaeeaaoeeyi n ieaaathuei eoiiiii aoaeao onoaiaaeeaaoueny
enoiaey ec aeioiaeiinoe o?aoiany/iuo AEI, n?ie iiaaoaiey eioi?uo aoaeao
iaeaieaa aeeceei e ieii/aieth i/a?aaeiiai eaa?oaea. Iauai yiennee
iaeeaaoeee n ieaaathuae i?ioeaioiie noaaeie ieaie?oaony a ?acia?a 3
o?ei. ?oa. N?ie ia?auaiey 2 aiaea.

Iaeeaaoeee, aeaiiieie?iaaiiua a aaethoa. Aaaeiui enoi/ieeii aeaiaaeiuo
?ano?nia aeey iie?uoey aeaoeoeeoa athaeaeaoa i?aaeoaeuenoai ?innee
n/eoaao n?aaenoaa, iaeiieaiiua ianaeaieai (aei 20 ie?ae. aeiee.). N
oeaeueth iiaeeecaoeee yoeo n?aaenoa a nenoaia IOC ieaie?oaony auione
iaeeaaoeee, aeaiiieie?iaaiiuo a aaethoa NOA. Neooaoeey n yoeie
iaeeaaoeeyie iaeaieaa caiooaiiay. I?aaeaea anaai, iiea iao iieiie
oaa?aiiinoe, /oi yoe iaeeaaoeee aoaeoo auiouaiu. Ieioei ?inneeneie
Oaaea?aoeee cayaee, /oi ia caeioa?aniaai a yiennee aaethoiuo iaeeaaoeee.
Ii i?aaeiieiaeaieyi iauai yiennee aoaeao ?aaai 3 ie?ae. aeiee. Aoiaae
i?aaeiieaaaaony auionoeoue iaeeei iiieiaeii — io $100, eoiiiiay noaaea
ninoaaeo 10-12% a aaethoa. Auieaoa aoaeao i?iecaiaeeoueny iaeei ?ac a
aiae.

II.2 ?uiie aiaoiaai aeieaa ?inneeneie Oaaea?aoeee .

Eao aeanyoue oiio iacaae a?yae ee eoi-ieaoaeue iia i?aaeiieiaeeoue, /oi
?inney ieaaeaony a aanueia iai?eaeyaeiii iieiaeaiee iaiaaeaaeiiai
aeieaeieea, auioaeaeaiiiai i?ineoue ion?i/ee ii iaiineeueiui aeey iaa
aeieaiaui ieaoaaeai, e /oi i?iaeaia oi?aaeaiey aiaoiei aeieaii noaiao
iinoiyiiie caaioie aa yeiiiie/aneeo e oeiainiauo i?aaiia. N iaeiie
noi?iiu, iiaeoaa?aeeeenue iianaiey iaiaaeaaeiie ieaoaaeaniiniaiinoe
iaoeo aeieaeieeia eo ?acaeaathueony no?ai e no?ai NYAa, a n ae?oaie — ii
?yaeo i?e/ei ieacaeinue iaaiciiaeiui ecaaaeaoue auno?iai ia?anoaiey
aaethoiie caaeieaeaiiinoe caiaaeiui e?aaeeoi?ai. Naycaii yoi auei a
iniiaiii n aeaoeoeeoiinoueth ieaoaaeiiai aaeaina e ainoaea?noaaiiiai
athaeaeaoa, oooaeoaieai oeaiiauo oneiaee aiaoiae oi?aiaee, iauei
nie?auaieai oiaa?iiai yenii?oa e iinoaaie aiaiiie oaoieee.

Iinea ?aniaaea NNN? a eiioea 1991a. ?innee a n?i/iii ii?yaeea i?eoeinue
acyoue ia naay aeieaiaua iaycaoaeuenoaa ia?aae eiino?aiiuie
e?aaeeoi?aie. A eoiaa aiaoiee aeiea oaaee/eeny n 29 ie?ae. aeiee. (50%
yenii?oa) a 1985 a. aei 119 ie?ae. aeiee. (260%) a 1994 a. e a 1995 a. —
130 ie?ae. aeiee.(265%).

I?eiya ia naay ana aiaoiea aeieae, ?inney ii oneiaeyi “ioeaaiai
aa?eaioa” noaea iaeiia?aiaiii i?aaii?eaiieeii e ii anai ca?oaaaeiui
oeiainiaui aeoeaai NNN?. A?iaea au iauea ?acia?u yoeo aeoeaia i?aauoatho
noiio eiio?aeoiuo iaycaoaeuenoa ii iieo/aiiui eiino?aiiui e?aaeeoai,
iaeiaei ?aaeueiay neooaoeey nae/an neeaaeuaaaony oaeei ia?acii, /oi n
iiceoeee oaeouaai ieaoaaeiiai aaeaina ?innee aanueia iacia/eoaeueiua
iinooieaiey io oeacaiiuo oeiainiauo aeoeaia aeaeaei ia ?aaiicia/iu
e?oiiui ieaoaaeai ii ianeoaeeaaieth aiaoiae caaeieaeaiiinoe. E aeaei
caeanue ioithaeue ia a ?anoiaeaeaiee a?aoeeia niioaaonoaothueo
iinooieaiee e ieaoaaeae.

Iauay caaeieaeaiiinoue o?aoueeo no?ai ii ainoaea?noaaiiui e?aaeeoai
auaoaai NNN? ioeaieaaaony i?eaioe?iai/ii a 170 ie?ae. aeiee. I?e yoii
neaaeoao o/eouaaoue, /oi iiaeaaeythuay /anoue e?aaeeoia au?aaeaia a
i?aaeieo eiaaethoiuo ?oaeyo, e eo ia?an/ao a nia?aiaiiua aeieea?u naycai
n iaiaeuie neiaeiinoyie e i?ioeai?a/eyie. Iiyoiio eiiaaea i?aaeeaaaaony
n/eoaoue, /oi iai aeieaeiu ii yoei e?aaeeoai i?eia?ii 100 ie?ae.
eiaaethoiuo ?oaeae e 7 ie?ae. aeiee. Ii iaeioi?ui ioeaieai, aieaa
iieiaeiu aeieaia iiaeii ioianoe e aaciaaeaaeiui. Ii ?acee/iui ioeaieai,
?inney iiaeao iieo/eoue io naieo aeieaeieeia eeoue io 15 aei 20 ie?ae.
aeiee., aea e oi a oa/aiea 20-25 eao. Eae aeaeii, acyoua ia naay ?inneae
nithciua aeieae iaiiiai aaniiae i?ioeainoiyueo ei oeiainiauo aeoeaia.
Anee i?eiyoue i?eaioe?iai/ii yoo ?acieoeo ia o?iaia 50 ie?ae. aeiee., oi
i?e ?aaeueiie aeiea ?innee a e?aaeeoiuo iaycaoaeuenoaao NNN? ieiei 60%
oauoie io ioeaaiai aa?eaioa ii?aaeaeyaony a 20 ie?ae. aeiee. (40% io 50
ie?ae. aeiee.). ?aaeueiay oeeo?a iiaeao ieacaoueny aua aieaa aaniiie.

E?aaeeoi?u ainoaea?noaa iauaaeeiaiu a Ia?eaeneee eeoa, a eioi?ii ana
aii?inu ?aoathony enoiaey ec iieeoe/aneie oi/ee c?aiey, a ioee/ea io
/enoi eiiia?/aneiai iiaeoiaea o/anoieeia Eiiaeiineiai eeoaa, eoaea
aoiaeyo a iniiaiii ca?oaaaeiua aaiee-e?aaeeoi?u.

Aei 1991a. Aiaoyeiiiiaaie n/eoaeny ia?aieeanniui caaiueeii, aio aeaaaee
e?aaeeou e?oiiua aaiee ssiiiee, NOA, Oaaeoea?ee e, iniaaiii, Aa?iaiee. A
eoiaa iie ieacaeenue iaeaaeaoaeyie e?oiiuo i?in?i/aiiuo caaeieaeaiiinoae
ia ieeeeiiu aeieea?ia. Anoanoaaiii, /oi iiiaea ec ieo caoioaee i?iaeaoue
yoe aeieae. Ae?oaea aea, ?ann/eouaay ia iiaaoaiea a aeeaeaeoai aoaeouai
yoeo caaeieaeaiiinoae, i?eia?aoaee eo. Aicieeiiaaieth ?uiea
niinianoaiaaei iaacee/eaaiea aeieaia, o.a. aia caaeneiinoe io n?iea
iiaaoaiey e i?ioeaioiie noaaee iie noaee i?aaenoaaeyoue niaie aaeeiue
eino?oiaio.

Iaeioi?ua aaiee no?aieeenue ecaaaeoueny io yoeo e?aaeeoiuo niaeaoaiee,
ae?oaea eo iieoiaee n aieueoei aeeneiioii io iiieiaeueiie noieiinoe, ii
eioi?ie auaeaaaeny yoio e?aaeeo. Nieeaeiue iauai aiaoiaai aeieaa e
aeinoaoi/ii aieueoia eiee/anoai aaieia, aeaeathueo eoieoue e i?iaeaoue
aeieaiaua iaycaoaeuenoaa, iaoneiaeee aunieoth eeeaeaeiinoue eino?oiaioa
aiaoieo aeieaia.

Ca /aou?a aiaea ooieoeeiie?iaaiey ?uiea aiaoiaai aeieaa ?innee au?aaioai
iaoaieci oi?aiaee.

Caeeth/aiiay aeeea?aie naeaeea ioi?ieyaony niaeaoaieai iaaeaeo
iieoiaoaeai e i?iaeaaoeii. Caoai i?ienoiaeeo ia?aioi?ieaiea aeieaa
Aiaoyeiiiiaaiea n iaeiiai e?aaeeoi?a ia ae?oaiai. AYA aaaeao ?aano?
e?aaeeoi?ia e aeaao niaeanea ia iiaeiaioth ia?acaienue. E oioy neo/aaa
ioeaca a oaeii ia?aioi?ieaiee caoeene?iaaii ia auei, nai i?ioeann
caieiaao aeeeoaeueiia a?aiy. Oi?iaeueii noi?iiu inoaaeytho 21 ?aai/ee
aeaiue, aeey oiai /oiau ia?aienaoue i?aaa nianoaaiiinoe n i?iaeaaoea ia
iieoiaoaey. I?e yoii a niaeaoaiea aeeth/aii iieiaeaiea i oii, /oi
noi?iiu i?eeiaeao iaeneioi oneeee aeey niaethaeaiey yoiai n?iea. Iaeiaei
ia i?aeoeea yoi ia anaaaea oaeaaony — naeaeea o?aaoao aeeeoaeueiiai
iaiaia ienueiaie: nia/aea i?ienoiaeeo iiaeoaa?aeaeaiea naeaeee iaaeaeo
eiio?aaaioaie, caoai i?iaeaaaoe iinueaao cai?in ia reassignment
(ia?a?aaeno?aoeeth) ai Aiaoyeiiiiaaie, iieo/aao io iaai iieiaeeoaeueiue
ioaao, iinea /aai aianoa n iieoiaoaeai ia?aienuaaao nai e?aaeeo.

Aeey oi?iuaiey naeaeie a?aiy io a?aiaie nicaeathony neiaeeeaou, eoaea
aoiaeyo iniiaiua caiaaeiua eiaanoeoeeiiiua aaiee, oi?aothuea aeaiiui
eino?oiaioii. Yoe neiaeeeaou i?e iin?aaeie/anoaa e?oiiuo aoaeeoi?neeo
oe?i, oaeeo eae Arthur Anderson, Price Waterhouse e ae?., eee?eiaotho
naeaeee iaaeaeo niaie. A ?acoeueoaoa aianoi ouny/ ia?a?aaeno?aoeee
aicieeaao iaiaoiaeeiinoue eeoue a ianeieueeeo n o/anoeai ia/aeueiuo e
eiia/iuo aeaaeaeueoeaa.

Nouanoaoao e aieaa i?inoie niinia oi?aiaee, eioi?ue i?aaeii/eoatho
ioa/anoaaiiua aaiee, — iaeoeia (netting): aaie i?iaeaao eoieaiiue
e?aaeeo i?aaeiaio aeaaeaeueoeo aei enoa/aiey noaiaea?oiiai n?iea a 21
aeaiue, i?iecaiaey oaeei ia?acii iiaeiaea a?aeo?aaeiie naeaeee, eioi?ay
ia o?aaoao ieeaeiai ioi?ieaiey. I?eaeaeaoaeueiinoue oaeeo naeaeie n
oi/ee c?aiey ?inneeneeo aaieia a oii, /oi iiaeii iieo/eoue i?eaueue, ia
i?eaeaeay aeiiieieoaeueiua n?aaenoaa.

Oeaiiia?aciaaiea.

A ioee/ea io iiiaeo ae?oaeo oeiainiauo eino?oiaioia aiaoiea aeieae
?innee ia eiatho y?ei au?aaeaiiuo oeaiiia?acothueo oaeoi?ia. Ia
ia/aeueiii yoaia ?acaeoey auei niaa?oaiii iaynii, eiaaea ia/iaony
auieaoa iniiaiie caaeieaeaiiinoe e oai aieaa i?ioeaioia ii iae. Ii yoie
i?e/eia iaaiciiaeii auei ii?aaeaeeoue aeioiaeiinoue, a neaaeiaaoaeueii,
e ?aaeueioth oeaio. A ?acoeueoaoa eioe?iaee inoaiiaeeenue ia iniiaa
ni?ina-i?aaeeiaeaiey. A aeaeueiaeoai eo aeeiaieea ii?aaeaeyeanue iauei
ninoiyieai ?uieia aiaoieo aeieaia a ie?a; oaeoi?aie, aeeythueie ia ieo,
a oaeaea ninoiyieai ?inneeneie yeiiiieee a oeaeii, e oeiainia a
/anoiinoe.

Ia ninoiyiea ?uiea aeeyao oiae ia?aaiai?iiai i?ioeanna ?innee n
Ia?eaeneei e Eiiaeiineei eeoaaie, n IAO e IA??: ethaua iieiaeeoaeueiua
?aoaiey iiaeieiatho o?iaaiue eioe?iaie. Iaaaoeaiia aeeyiea ia oeaio
aeieaia ieacuaaao oooaeoaiea iauae yeiiiieei-iieeoe/aneie neooaoeee a
?innee (ioo/, “/a?iue aoi?iee”, iaaeaaieianeee e?ecen, etc.). ?uiie
aiaoieo aeieaia no?oeoo?e?iaai a niioaaonoaee n aaethoaie, a eioi?uo
e?aaeeou auee iieo/aiu. Iaeaieueoei ni?inii iieuecothony aeieae,
auaeaiiua a aeieea?ao, iaiaoeeeo ia?eao, eaiao e oaaeoea?neeo o?aieao.
?acieoea a oeaiao caaeneo io eeeaeaeiinoe aaetho: eioe?iaee aeieea?iauo
e?aaeeoia auoa, /ai e?aaeeoia a yiiineie e oaaeoea?neie aaethoao.
Niioiioaiea eioe?iaie aeieaia a ia?eao e aeieea?ao caaeneo io ?acieoeu a
i?ioeaioiuo noaaeao ii e?aaeeoai a yoeo aaethoao.

A iineaaeiea 3 ianyoea 1995 a. eioe?iaee aeieea?iauo aeieaia eieaaaeenue
a eioa?aaea 30-34% io noiiu aeieaa, i?e/ai ieieiaeueiuie iie auee a
ia?eiae e?ecena iaaeaaieianeeo e?aaeeoia. E?iia oiai, iaiaoiaeeii
ioiaoeoue, /oi a yoio ia?eiae ia iaaethaeaeinue y?ei au?aaeaiiie
oaiaeaioeee e eo ?inoo eee iaaeaieth, a ni?yae bid/offer (?acieoea
i?iaeaaea-iieoiea) noaaeeueii aea?aeeony ia o?iaia 3/8-1/2 i?ioeaioiuo
ioieoa, /oi iieacaii ia a?aoeea.

Aeeyiea aiaoiaai aeieaa ia iaoeeiiaeueioth yeiiiieeo

*ai ia?aiaieoaeueiaa aeey no?aiu iaeiieaiiue aiaoiee aeiea, oai a
aieueoae ia?a aai ianeoaeeaaiea aiaeaeaaony ai acaeiiaeaenoaea n
ooieoeeiie?iaaieai anae iaoeeiiaeueiie yeiiiieee e aa oeiainiaie noa?u.

Iaicia/ei oa?aeoa? acaeiiaeaenoaey aiaoieo caeinoaiaaiee n
niioaaonoaothueie noa?aie yeiiiieee no?aiu. I?aaeaea anaai aaaeai
oa?aeoa? iianiinoe /?acia?iiai ?inoa aiaoiaai aeieaa n iiceoeee ain.
athaeaeaoa, aeaiaaeii-e?aaeeoiie nenoaiu, iaaeaeoia?iaeiie
e?aaeeoiniiniaiinoe no?aiu. Aeey ain. athaeaeaoa a 3-o caaiiii
e?aaeeoiii oeeeea (i?eaea/aiea, eniieueciaaiea, iiaaoaiea)
iaaeaaii?eyoiua iineaaenoaey /?acia?iiai aic?anoaiey aiaoiaai aeieaa
naycaiu a iniiaiii ni noaaeeae aai iiaaoaiey; iiaua aea caeiu aeey
oaeouaai athaeaeaoiiai ia?eiaea, iaiai?io, noeyo aiciiaeiinoue ineaaeoue
iaa?oceo ia iaeiaiaua e ae?oaea iau/iua aeioiaeiua enoi/ieee, iicaieytho
aieaa aeaei iaiaa?e?iaaoue ia anao noaaeeyo athaeaeaoiiai i?ioeanna. A
oi aea a?aiy iaaeaaii?eyoii iiaeao neeaaeuaaoueny a?aoee ieaoaaeae ii
aiaoiaio aeieao. A ethaii neo/aa noaiaiue e iineaaenoaey acaeiiaeaenoaey
caaenyo aeaaiui ia?acii io ioiineoaeueiie aaee/eiu iaeiieaoaainy
aiaoiaai aeieaa.

O ieaoaaeiiai aaeaina aiaeiae/iue oa?aeoa? acaeiiaeaenoaey n aeieaiaui
oeeeeii: ia niaio aeaeaiiui aeiiieieoaeueiui aaethoiui iinooieaieyi
i?eoiaeeo ia?eiae ?anieaou ii aeieao. Caeanue a oeaeii aunieay noaiaiue
acaeiiaeaenoaey, iineieueeo eiaiii naeueaei ii oaeouei noaoueyi
ieaoaaeiiai aaeaina iiaeao aunooiaoue iniiaiui ia?aie/eoaeai ai aiaoieo
caeinoaiaaieyo e oi?aaeaiee eiaaethoiui aeieaii, a i?e ii?aaeaeaiiuo
ianoiyoaeuenoaao — aeaaea aeeeoiaaoue iaiaoiaeeiinoue ion?i/ee aeieaiauo
ieaoaaeae. A oneiaeyo ia?aiaieoaeueiiai aiaoiaai aeieaa nouanoaaiii
aic?anoatho o?oaeiinoe a oe?aieaiee aeiaa?ey e iaoeeiiaeueiie aaethoa,
i?ioeaiaeaenoaee eioeyoeee, a iaania/aiee iaiaoiaeeiuie aaethoiuie
?aca?aaie e aaethoiie eiiaa?oe?oaiinoe. Iniaia ianoi i?e yoii caieiaao
aii?in i aiciiaeiuo iaaeaaii?eyoiuo iineaaenoaeyo a neo/aa /?acia?iie
aeaaaeueaaoeee iaoeeiiaeueiie aaethou, ioiineoaeueii caieaeaiey aa
?aaeueiiai eo?na. Oaaee/aiea a iiaeiaiuo oneiaeyo ?aaeueiiai a?aiaie
ieaoaaeae ii aiaoiaio aeieao iiaeoaa?aeaeaaony i?aeoeeie ?yaea no?ai.

Niaeanii aaaaeaiiiio a 1994a. ii?yaeeo oi?ie?iaaiey ?inneeneiai
ainoaea?noaaiiiai athaeaeaoa ana ieaoaaee a iai ii aiaoiaio aeieao
o/eouaathony oaia?ue a ?oaeaaii yeaeaaeaioa. Yoi ia?aie/eaaao
aiciiaeiinoe ?innee oaaee/eaaoue aeieaiaua auieaou, iineieueeo iia eiaao
iaycaoaeuenoaa ia?aae IAO a ioiioaiee i?aaeaeueiuo ?acia?ia
athaeaeaoiiai aeaoeoeeoa. I?e caieaeaiiii eo?na ?oaey eneonnoaaiii
caauoaaony ?oaeaaue yeaeaaeaio athaeaeaoiuo ?anoiaeia ii aeieaiaui
ieaoaaeai, a oai naiui e ?acia?u athaeaeaoiiai aeaoeoeeoa.

Iaeiei ec yeaiaioia oi?aaeaiey aiaoiei aeieaii no?aiu yaeyaony
?ac?aaioea i?ia?aiiu aiaoieo caeinoaiaaiee. ?yae iniiaiuo iieiaeaiee ii
yoiio aii?ino i?aaeoniio?ai i?aaeoaeuenoaaiiui iinoaiiaeaieai io 16
ieoya?y 1993a. ?1060 e oaaea?aeueiui caeiiii io 26 aeaeaa?y 1994a.
?76-O3. I?aaeaeueiui ?acia?ii ainoaea?noaaiiuo aiaoieo caeinoaiaaiee
yaeyaony aaeaaiaeii ooaa?aeaeaaiue a oi?ia oaaea?aeueiiai caeiia
iaeneiaeueiue iauai eniieueciaaiey e?aaeeoia ia i?aaenoiyuee oeiainiaue
aiae. Eae i?aaeei, ii ia aeieaeai i?aauoaoue aiaeiaiai iauaia ieaoaaeae
ii ianeoaeeaaieth e auieaoa iniiaiie noiiu ainoaea?noaaiiiai aiaoiaai
aeieaa. A i?aaeaeueiuo ?acia?ao ia o/eouaathony e?aaeeou e caeinoaiaaiey
a ioiioaieyo n ae?oaeie ainoaea?noaaie-o/anoieeaie NIA; eo noiiu
ii?aaeaeythony a caeiia i oaaea?aeueiii athaeaeaoa. Aaeaaiaeii
i?aaeoaeuenoaii iiaeaioaaeeaaaony i?ia?aiia ainoaea?noaaiiuo aiaoieo
caeinoaiaaiee e i?aaeinoaaeyaiuo aiaoieo e?aaeeoia n auaeaeaieai
e?aaeeoia (caeiia), eaaeaeue ec eioi?uo i?aauoaao 100 iei. aeiee.

Ia?aie/eoaeai ?acia?ia aiaoieo caeinoaiaaiee iiaeao neoaeeoue onoaiiaea
ia iiaeaea?aeaiea a ii?aaeaeaiiuo i?aaeaeao iieacaoaeae aeieaiaie
caaeneiinoe, eniieuecoaiuo a ie?iaie i?aeoeea, a oii /enea ia iniiaa
niiinoaaeaiey caaeieaeaiiinoe e aeieaiauo ieaoaaeae n AAI e yenii?oii.
Iaiaoiaeeii o/eouaaoue, /oi aeey ?innee, eae e aeey ae?oaeo no?ai n
aieueoie oa??eoi?eae, iauaeoeaii caeiiiia?ai ioiineoaeueii ieceee
oaeaeueiue aan yenii?oa a iaoeeiiaeueiii i?iaeoeoa. Eiaiii ii yoie
i?e/eia, a oaeaea ec-ca iaiieiie aua eioaa?aoeee a ie?iaoth yeiiiieeo
iai, aeaeeii, neaaeoao ioaeaaaoue i?aaeii/oaiea ia AAI, a yenii?oo a
ea/anoaa aacu aeey eiaeeeaoi?a o?iaiy aeieaiaie caaeneiinoe.

Niaea?aeaiea.

I.Enoi?ey ainoaea?noaaiiiai aeieaa ?innee no?aieoea 2

II.Nia?aiaiiay neooaoeey ia ?uiea ainoaea- ?noaaiiiai
aeieaa no?aieoea 4

II.1 ?uiie aioo?aiiaai aeieaa ?innee no?aieoea 5

II.2 ?uiie aiaoiaai aeieaa ?innee no?aieoea 11

Eniieueciaaiiay eeoa?aoo?a no?aieoea 18

Eniieueciaaiiay eeoa?aoo?a

1.”Aeanoue”, ?9/1996, Na?aae Eie/ei, noaouey “Aiaoiee aeiea ?innee”

2.“?uiie oeaiiuo aoiaa”, ?1/1996, Aeaenae Oeoiiia, noaouey “Aeieae
?inneeneay eiia?ey ioaeaaaea anaaaea”.

3.”?uiie oeaiiuo aoiaa”, ?1/1996, Aaea?ee Aeoa?ia, noaouey “?uiie
aiaoiaai aeieaa ?innee”

4.”Aeaiueae e e?aaeeo”, ?6/1996, A.TH.Neiaiianeee, noaouey
“Ainoaea?noaaiiue aeiea: a?aiy oeeaeeecaoeee”

5.“?uiie oeaiiuo aoiaa”, ?12/1995, Aeaenae A?aaa?ia, noaouey “Iiaua
eino?oiaiou ia ?uiea ainoaea?noaaiiiai aeieaa”

6.”Oeiainu”, ?7/1995, A.I.?uaaeei, noaouey “I aiaoieo caeinoaiaaieyo
?innee”

7.Eaeoeee ii aeenoeeieeia “Oeiainu e e?aaeeo”, AAO, I.I.Iaoaeeia

A /eneeoaea — n o/aoii ?aeiaanoe?iaaiey, aac o/aoa iaeiaiauo eueaio; a
ciaiaiaoaea — n o/aoii ?aeiaanoe?iaaiey e iaeiaiauo eueaio.

O?iaaiue ?aoeeiiaeueiuo eioeyoeeiiiuo iaeeaeaiee ii?aaeaeyeny eae (Rt –
2 + Rt – – 1 + 0,5Rt)/2,5 , aaea Rt – 2, Rt – 1, Rt — eioeyoeey ii
o?iaith iio?aaeoaeueneeo oeai ca niioaaonoaothuee ia?eiae, t — ianyoe
ioeaiee (aeaeaa?ue).

PAGE

Eo?niaay ?aaioa ii aeenoeeieeia “Oeiainu e e?aaeeo”

no?aieoea PAGE 18

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