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Державне регулювання інвестиційної діяльності в трансформаційних економіках: Автореф. дис… канд. екон. наук / І.П. Воронін, Київ. ун-т ім. Т.Шевченк

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EE?ANUeEEE OI?AA?NEOAO ?IAI? OA?ANA OAA*AIEA

AI?II?I ?AI? IAAEIAE*

OAeE – 330.1.101.54 (477+100)

AeA?AEAAIA ?AAOETHAAIIss ?IAANOEOe?EII? Ae?ssEUeIINO? A
O?AINOI?IAOe?EIEO AEIIII?EAO

Niaoe?aeuei?noue 08.01.01 – Aeiiii?/ia oai??y

AAOI?AOA?AO

aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

Ee?a – 1999

Aeena?oaoe?y ? ?oeiienii

?iaioa aeeiiaia ia eaoaae?? aeiiii?/ii? oai??? aeiiii?/iiai oaeoeueoaoo
Ee?anueeiai oi?aa?neoaoo ?iai? Oa?ana Oaa/aiea.

Iaoeiaee ea??aiee –

eaiaeeaeao aeiiii?/ieo iaoe OAA*AIEI Aieiaeeie? THe?aiiae/, aeioeaio
eaoaae?e i?aeia?iaeii? aeiiii?ee Ee?anueeiai oi?aa?neoaoo ?iai? Oa?ana
Oaa/aiea.

Io?oe?ei? iiiiaioe:

– aeieoi? aeiiii?/ieo iaoe NOAIAIAIEI Aieiaeeie? Iiaianiae/, ?inoeooo
na?oiai? aeiiii?ee ? i?aeia?iaeieo a?aeiinei IAI Oe?a?ie, caa?aeoaa/
a?aeae?eo;

– eaiaeeaeao aeiiii?/ieo iaoe AIEIOEI A?oae?e Aieiaeeie?iae/, aeioeaio
eaoaae?e oi?aae?iiy ciai?oiuei-aeiiii?/iith ae?yeuei?noth ?inoeoooo
i?aeia?iaeieo a?aeiinei Ee?anueeiai oi?aa?neoaoo ?iai? Oa?ana Oaa/aiea.

I?ia?aeia onoaiiaa –

Ee?anueeee aea?aeaaiee oi?aiaaeueii-aeiiii?/iee oi?aa?neoao, eaoaae?a
iie?oe/ii? aeiiii??.

Caoeno a?aeaoaeaoueny “19” aa?aciy 1999 ?. i _14_ aiaeei? ia can?aeaii?
niaoe?ae?ciaaii? a/aii? ?aaee Ae 26.001.13 Ee?anueeiai oi?aa?neoaoo
?iai? Oa?ana Oaa/aiea ca aae?anith: 252022, i. Ee?a,
aoe. Aaneeuee?anueea, 90a, aoae. 704.

C aeena?oaoe??th iiaeia iciaeiieoenue o a?ae?ioaoe? Ee?anueeiai
oi?aa?neoaoo ?iai? Oa?ana Oaa/aiea ca aae?anith: 253033, Ee?a, aoe.
Aieiaeeie?nueea, 58, e?i. 10.

Aaoi?aoa?ao ?ic?neaiee “19”___ethoiai__ 1999 ?.

A/aiee nae?aoa?

niaoe?ae?ciaaii? a/aii? ?aaee EAIIAIEI I.I.

CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Aeooaeuei?noue oaie. Cae?eniaiiy i?ioeano ?eieiai? o?ainoi?iaoe?? a
Oe?a?i? iaiiaeeeaa aac i?iaaaeaiiy aoaeoeaii? no?oeoo?ii-?iaanoeoe?eii?
iie?oeee c iaoith noai?aiiy ni?eyoeeaiai ?iaanoeoe?eiiai ee?iaoo.
Aeiei??iiei /eiii ia? ci?ieoeny ?ieue aea?aeaae a oiiaao ia?aoiaeo aei
?eieiaiai ?iciiae?eo noai?thaaiiai iaoe?iiaeueiiai aaaaonoaa. O ia?oo
/a?ao ?eieia? ia?aoai?aiiy iaiao?aei? a ?iaanoeoe?ei?e noa??, ?icaeoie
yei? caaacia/o? aeo?ae ?c e?ece ? noai?th? ia?aaeoiiae aeey iiaeaeueoiai
aeiiii?/iiai c?inoaiiy.

?icoe?aiiy noa? ?iaanooaaiiy, oneeaaeiaiiy eiai no?oeoo?e a oiiaao
o?ainoi?iaoe?? aeiiii?ee ia?aaeaa/a? ia?ao?ae aei ye?nii iiai? nenoaie
?aaoethaaiiy. Aeey no/anii? no?oeoo?e ?aaoethaaiiy ?iaanoeoe?eiiai
i?ioeano a ia?ao?aei?e aeiiii?oe? oa?aeoa?ia ?nioaaiiy aeae?eueeio
aaaeeeaeo oaiaeaioe?e. Aeii?ioth/ith oaiaeaioe??th inoaii?o ?ie?a ? ?oo
a?ae iaiaaeaiiy ? eiio?ieth aei noeioethaaiiy ae?yeueiino? ?iaanoi??a.
?ioith aaaeeeaith oaiaeaioe??th ?aaoethaaiiy a no/anieo oiiaao noa?
?icoe?aiiy ae?yeueiino? ?eieiaeo oaeoi??a o i??o ciyooy aa?’???a ia
oeyoo ?ooo oiaa??a ? eai?oae?a, a oaeiae oi?ioaaiiy iaeii??aeieo oiia
ia?ai?uaiiy eai?oae?a.

Aea iaoe?iiaeueia aeiiii?/ia nenoaia oa?aeoa?eco?oueny iecueeith
aeanoe/i?noth uiaei iae?iaeiiii?/ieo ?aaoethth/eo aieea?a c aieo
aea?aeaae. Aeieea? ieoaiiy, iane?eueee ia’?eoeaiee oeae i?ioean, /e
iia’ycaia oaea neooaoe?y c? niaoeeo?eith iae?iaeiiii?/ii? no?oeoo?e, yea
neeaeany a Oe?a?i?, /e nai? ae?? aea?aeaae ia aaeaeaaoi? iei?oiueiio
aeiiii?/iiio noaiiaeuo ?, ioaea, caa?aeiii iaaoaeoeai??

?ic’aycaiiy iniiaieo i?iaeai aoaeoeaiino? aea?aeaaiiai ?aaoethaaiiy
?iaanoeoe?eiiai i?ioeano a no/ani?e cao?aei?e aeiiii?/i?e aeoioe?
i?aaenoaaeaii a oai??? ?aaeueiiai aeiiii?/iiai oeeeeo ? oai???
noni?eueieo o?iain?a. Oe? oai??? aeoiaeyoue ia?aaaaeii c ia?aaeoiia
?nioaaiiy “aeineiiaeiai ?eieo” (iaieeane/iee i?aeo?ae, ?icaeiaiee E.
A?enaeai, ?. O?oa?ii, A. I?ao, Ae. Iao?ie?iei, I. O??aeiaiii, N.
Aieaeiaiii, O. Na?aeaeaioii, Ae. Iooii oa ?i.), a oaeiae ?c
“??aiiaaaeiino? nenoaie” c iaaieie iaaeineiiaeinoyie: iaaeineiiae? ?eiee
eai?oae?a, iaaeineiiaea ?ioi?iaoe?y, iaaeineiiaea eiieo?aioe?y, cao?aoe
aaeaioaoe?? (eaein?ainueeee i?aeo?ae, iaa?oioiaaiee Aeae. Eaeinii, Aeae.
O?enii, A. Oainaiii, E. Eeaeiii, I. Naioaeueniiii, O. Iiae?eueyi?, ?.
Eeaoa?ii, A. Eaeiioaoaeii, Ae. Oia?iii oa ?i.).

Oe? ia?aaeoiiae /anoeiai oa?aeoa?i? aeey no/aniiai noaio aeiiii?ee
Oe?a?ie, ? a?aooaaiiy ?o ia? iaaiee nain a oiiaao ia?ao?aeii? aeiiii?ee.
Aea iiaia canoinoaaiiy aeaieo oai?aoe/ieo i?aeoiae?a o o?ainoi?iaoe?ei?e
aeiiii?oe? ia ia? aeinoaoiueiai a?oioo, ine?eueee o? yaeua aeenooieoe?e
?eieo, ye? a cao?aei?e aeiiii?/i?e oai??? oa?aeoa?ecothoue eeoa iaai?
?ene aeiiii?/ii? nenoaie, a ia?ao?aei?e aeiiii?oe? iaeaaeaoue aei iciae
nenoaie acaaae?.

No/ania oe?a?inueea oa ?in?enueea aeiiii?/ia oai??y iaa?iiaaeeea aaeeeee
? oe?iiee aeina?ae o ieoaii? aea/aiiy aaaeae?a oi?aae?iiy ?iaanoeoe?eiei
i?ioeanii, ui ciaeoei a?aeia?aaeaiiy a i?aoeyo a/aieo: Aeueio?ia A.?.,
Ai/?oe?ia A.?., A?othoiaa A.A., Aieio?ia A.I., Aoaayia-Aeiia?aaeiaa
A.A., Aieioei A.A., A?eai?’?aa E.N., ?eueia?aa A.A., AEaeaiiaa A.?.,
?eue?ia I.?., Eaae?iaa A.A., Eiia?iaa ?.E., E?anianueeiai A.I.,
Eocueiaiea A.I., Eoeaa?ia I.?., Eeeiei A.I., Iaeea?ia A.A., Ia?oeiiaa
A.N., Ieeiaeaeiaa A.Ae., I?eieaiea TH.A., Iai/aiea A.O., Ia?aeueiaia
I.O., Iiiiaa A.A., Noaiaiaiei A.I., Nieoeeia A.O., Oa/aoo?iaa O.N.,
Oiiea ss.?., *a?aaiueiaa Ae.I., *a?aaeea ?.O., *a?iaiea I.A., *a?i?eiaa
Ae.A., *ooia A.A., Oaa/aiei A.TH., ssno?ainueeiai ?.N., ssoeia A.I. oa
?i. Oiio aaoi? aeena?oaoe?? aaaaea? ca iio??aia ia oi?eaoenue ?ai?oa
aeine?aeaeaiieo i?iaeai, a coieieoenue ia oeo aniaeoao ?aaoethaaiiy, ye?
ua iaaeinoaoiuei aea/ai?. Aei ieo, cie?aia, a?aeiinyoueny: iniaeeaino?
iae?iaeiiii?/ieo aniaeo?a ?iaanooaaiiy, aeeiai?ea oi?i ?iaanoeoe?e o
ia?ao?aeieo oiiaao, noaiiaeaiiy o?iainiaeo ?iaanoeoe?e, iiyaa ? ?icaeoie
ia oe?e iniia? iao?aaeeoe?eieo aeey a?o/eciyii? i?aeoeee oiiaeiaeo
?ino?oiaio?a, ii?aeiaiiy ??cieo iaoiae?a aea?aeaaiiai ?aaoethaaiiy
?iaanoeoe?eiiai i?ioeano, aecia/aiiy iaoiaeieia?/ieo iniia oi?ioaaiiy
iaoai?cio ?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino? a oiiaao
o?ainoi?iaoe?eii? aeiiii?ee.

Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie. Aeena?oaoe?eia
?iaioa ? neeaaeiaith /anoeiith eiiieaenii? iaoeiai? oaie eaoaae?e
aeiiii?/ii? oai??? aeiiii?/iiai oaeoeueoaoo Ee?anueeiai oi?aa?neoaoo
?iai? Oa?ana Oaa/aiea “I?iaeaie o?ainoi?iaoe?? aeiiii?/ieo nenoai oa
noaiiaeaiiy ?eieiaiai ainiiaea?noaa a Oe?a?i?” (aea?aeaaiee
?a?no?aoe?eiee iiia? 96259).

Aiaeii/an aeena?oaoe?y ? oaeiae neeaaeiaith /anoeiith oaie “Oai??y ?
i?aeoeea ia?ao?aeieo oi?i aeiiii?/iiai ?icaeoeo. Iaoe?iiaeueia
aeiiii?/ia iie?oeea ia?ao?aeiiai ia??iaeo a Oe?a?i?” cacia/aii?
eaoaae?e, ui ioiieth?oueny eiiieaeniith aea?aeaaiith iaoeiai-oaoi?/iith
i?ia?aiith “Aeiiii?/i? i?iaeaie ?icaoaeiae aea?aeaaiino? a Oe?a?i?”
(?a?no?aoe?eiee iiia? 08.05. 01/019’93).

Iaoa ? caaaeaiiy aeine?aeaeaiiy. Iaoa aeine?aeaeaiiy iieyaa? o
oai?aoe/iiio inieneaii? noaiiaeaiiy oa ?icaeoeo iaoai?cio ?aaoethaaiiy
?iaanoeoe?eiiai i?ioeano a oiiaao ia?ao?aeii? aeiiii?ee.

?aae?caoe?y iaoe aeena?oaoe?eii? ?iaioe coiiaeea iaiao?aei?noue
?ica’ycaiiy oaeeo caaaeaiue:

aecia/aiiy nooiino? ?iaanoeoe?e ye aeiiii?/ii? eaoaai???, aeyaeaiiy
?oi?o aeaea?ae oa iaoai?cio ?aae?caoe??;

aeyaeaiiy no?oeoo?e ?iaanoeoe?e a oiiaao ia?ao?aeii? aeiiii?ee, iiyae
iiaeo oi?i oa ?oi?o iniaeeainoae ii??aiyii c ?icaeiaieie ?eieiaeie
nenoaiaie;

aecia/aiiy iniiaieo iai?yie?a ?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino? a
no/anieo oiiaao iaoe?iiaeueii? aeiiii?ee;

iaa?oiooaaiiy iaiaeiicia/iino? aieeao aaaeae?a aea?aeaaiiai ?aaoethaaiiy
ia ??cieo aoaiao ?iaanoeoe?eiiai i?ioeano;

iaa?oiooaaiiy iniiaieo oeyo?a canoinoaaiiy ?ino?oiaio?a ? iaoiae?a
a?ioiai-e?aaeeoii? oa iiaeaoeiai? iie?oeee uiaei ?aaoethaaiiy
?iaanoeoe?eii? aeoeaiino? a ia?ao?aeieo oiiaao;

aiae?c oa aeyaeaiiy oai?aoe/ieo ? iaoiaee/ieo i?aeoiae?a aei
?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino?, i?eeiyoieo aeey
o?ainoi?iaoe?eieo ia?aoai?aiue.

Oai?aoe/iith oa iaoiaeieia?/iith iniiaith aeena?oaoe?? ? nenoaiiee
i?aeo?ae aei aiae?co oai?aoe/ieo iniia ?aaoethaaiiy ?iaanoeoe?eiiai
i?ioeano, iaa?oioiaaieo o i?aoeyo eeanee?a aeiiii?/ii? oai???,
iiiia?ao?yo no/anieo ca?oa?aeieo ? a?o/eciyieo aeiiii?no?a. O
aeena?oaoe?? oaeiae aeei?enoaii iaoiaeieia?/i? i?eioeeie aaiethoe?eiino?
aeiiii?/iiai ?icaeoeo, a?oaa?i?ecio, iaoiaee aiae?co oa neioaco,
i?iaiae?ciaaii caeiiiaeaa/? oa ii?iaoeai? aeieoiaioe ??cieo ??aiae
aeeiiaa/i? aeaaee oa oi?aae?inueeeo no?oeoo?. Cae?eniaii aiae?c
noaoenoe/ieo aeaieo Eaa?iaoo I?i?no??a ? I?i?noa?noaa o?iain?a Oe?a?ie,
Aea?aeaaiiai eii?oaoo noaoenoeee Oe?a?ie oa Iaoe?iiaeueiiai aaieo
Oe?a?ie.

Iaoeiaa iiaecia oa iniaenoee aianie aaoi?a iieyaa? o aeyaeaii? oa
eiiieaeniiio aiae?c? iniiaieo aeiiii?/ieo caeiiii??iinoae ?aaoethaaiiy
?iaanoeoe?eii? noa?e a oiiaao o?ainoi?iaoe?eieo ia?aoai?aiue.

O i?ioean? iaoeiaiai aeine?aeaeaiiy aoei iaa?oioiaaii oa noi?ioeueiaaii
iieiaeaiiy, ye? eiie?aoecothoue iiaecio ?iaioe:

i?iaiae?ciaaii oai?aoe/i? aniaeoe oa ocaaaeueiaii aeina?ae
iae?iaeiiii?/iiai ?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino? a ?icaeiaieo
e?a?iao caeaaeii a?ae aeiiii?/ii? neooaoe??. ?ice?eoi iniaeea?noue
canoinoaaiiy ?eieiaeo iaoiae?a ?aaoethaaiiy ?iaanoeoe?eii? noa?e ia
iae?i??ai? a oiiaao o?ainoi?iaoe?eii? aeiiii?ee;

aeyaeaii iniaeeaino? ?iaanoeoe?eii? ae?yeueiino? oa ?? ie?aieo oi?i i?e
ia?aoiae? a?ae oeaio?ae?ciaaiiai oi?aae?iiy aeiiii?eith aei ?eieiaiai
iaoai?cio; iieacaii, ui oi/ no?oeoo?ia nenoaia ?iaanoeoe?e oaea
neeaeanue, ye?nii oe? i?ioeane ua ia ioi?ieeeny;

ia iaoa??ae? c?noaaeaiue iiiaoa?enonueei? ? eaein?ainueei? eiioeaioe?e
iae?iaeiiii?/iiai ?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino? iaa?oioiaaii
iieiaeaiiy i?i iaiaaeai?noue i?e ia?aoiae? aei ?eieo iiaeeeainoae nooi
iiiaoa?enonueeiai ?ino?oiaioa??th ?aaoethaaiiy, ?ic?aoiaaiiai, aieiaiei
/eiii, ia oiiae c??ei? ?eieiai? ?io?ano?oeoo?e ? aeiiiaithaaiiai, ye
i?aaeei, eaein?ainueeeie iaoiaeaie ?aaoethaaiiy;

?ice?eoi ?ieue no?ieiaiai o?iainiaiai ?eieo ye iaiao?aeiiai aeaiaioa a
i?iaaaeaii? a?ioiai-e?aaeeoii? iie?oeee, a oaeiae o iaoai?ci? oi?ioaaiiy
niiae?aaiue ? iioea?a aeiiii?/ieo noa’?eo?a;

aeiaaaeaii, ui iaoe?iiaeueiee iaoai?ci ?aaoethaaiiy ?iaanoeoe?eii?
ae?yeueiino? a Oe?a?i? i?ieoia ii/aoeiao noaae?th naiai ?icaeoeo ?
ia?aaoaa? ia aoai? no?oeoo?ii? aaeaioaoe?? aei iiaeo aeiia
?iaanoeoe?eiiai i?ioeano. Aiae?c cae?eniaii c o?aooaaiiyi i?iaeai
ia?aoiaeo aei ?eieo a Oe?a?i? o c?noaaeaiiy ?o ?c aiaeia?/ieie
i?ioeanaie a ?in??;

cai?iiiiiaaii nenoaiiee i?aeo?ae aei ?aaoethaaiiy ?iaanoeoe?eii?
ae?yeueiino? /a?ac ?ic?iaeo iine?aeiaieo noaae?e: ?iaanoeoe?eia
eiioeaioe?y, iie?oeea, i?ia?aia, i?iaeo.

Oai?aoe/ia ? i?aeoe/ia oe?ii?noue aeena?oaoe?? iieyaa? o oiio, ui a i?e
aeine?aeaeaii ? i?iaiae?ciaaii ci?ie o iaoai?ci? ?aaoethaaiiy
?iaanoeoe?e naia ca oiia o?ainoi?iaoe?eieo ia?aoai?aiue, aeiaaaeaii
caeiiii??iee oa?aeoa? ?o. Naiino?eia cia/aiiy oaeiae ia? aeine?aeaeaiiy
iniiaieo oaiaeaioe?e o i?ioiaeaeaii? i?ioean?a iaa?iiaaeaeaiiy eai?oaeo
? ?aae?caoe?? ?iaanoeoe?e o ia?ao?aeiee ia??iae.

Iniaeeaa cia/ei?noue aeena?oaoe?? ? o oiio, ui iaea?aeai? a ?acoeueoao?
i?iaaaeaiiai aeine?aeaeaiiy oai?aoe/i? iieiaeaiiy ni?eyoeiooue
iiaeeaeaiiio iiceoeaiiio ?icoi?iith caeiiii??iinoae ooieoe?iioaaiiy
aeiiii?/ieo nenoai a oiiaao o?ainoi?iaoe??. E??i oiai, oe? oai?aoe/i?
aeine?aeaeaiiy ? aeniiaee iiaeooue aooe aeei?enoai? i?e ?ic?iaoe?
eiie?aoieo aeaiaio?a iaoai?cio aea?aeaaiiai ?aaoethaaiiy ?iaanoeoe?eii?
ae?yeueiino?; o i?aeaioiaoe? iiaeo caeiiiaeaa/eo aeo?a ? aianaii? ci?i
aei aaea ae?th/eo, ui ?aaeaiaioothoue ae?yeuei?noue ?iaanoi??a oa i?e
aeeeaaeaii? ie?aieo oai eo?no “Iniiae aeiiii?/ii? oai???”, niaoeeo?n?a c
?iaanoeoe?eii? ae?yeueiino?, o?iainiaeo a?aeiinei, ?eieiai?
?io?ano?oeoo?e oa ?i.

Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??. Iniiai? iieiaeaiiy aeena?oaoe??
ai?iaiaai? o aenooiao ia 58-e iaoeiai-i?aeoe/i?e eiioa?aioe??
Ee?anueeiai oaoi?/iiai oi?aa?neoaoo aoae?aieoeoaa e a?o?oaeoo?e, ia
eaoaae?? iie?oe/ii? aeiiii?? “Iae?iaeiiii?/i? aniaeoe ?aaoethaaiiy
?iaanoeoe?eii? ae?yeueiino?” (1997 ?.), ia iaoiaeieia?/iiio nai?ia??
eaoaae?e aeiiii?/ii? oai??? aeiiii?/iiai oaeoeueoaoo Ee?anueeiai
oi?aa?neoaoo ?iai? Oa?ana Oaa/aiea. ?acoeueoaoe aeena?oaoe?eiiai
aeine?aeaeaiiy aoei aeei?enoaii i?e ?ic?iaoe? ?aeiiaiaeaoe?e uiaei
cae?eniaiiy iia?aoe?e ?c oe?iieie iaia?aie ia Oe?a?inuee?e
i?aeaaie?anuee?e aaethoi?e a??ae?, Oe?a?inuee?e oiiaeia?e a??ae?.
Oai?aoe/i? ocaaaeueiaiiy oa aeniiaee ciaeoee a?aeia?aaeaiiy a 3
ioae?eaoe?yo caaaeueiei ianyaii 1,5 ae?oeiaaiiai a?eooa.

No?oeoo?a aeena?oaoe?? neeaaea?oueny ?c anooio, iniiaii? /anoeie, yea
aeeth/a? /ioe?e ?icae?ee, aeniiae?a, nieneo aeei?enoaieo aeaea?ae oa
aeiaeaoe?a.

Iiaiee ianya aeena?oaoe?? noaiiaeoue 165 noi??iie oaenoo, a oiio /ene?:
ianya aeiaeaoe?a – 10 noi??iie, ianya nieneo aeei?enoaieo e?oa?aoo?ieo
aeaea?ae (129 iaeiaioaaiue) – 10 noi??iie. O iniiai?e /anoei?
aeena?oaoe?? ia?aoiao?oueny 17 oaaeeoeue, 10 ?enoie?a, 4 noaie.

Aeena?oaoe?eia ?iaioa ia? oaeo no?oeoo?o.

ANOOI

?ICAe?E 1. Iaoiaeieia?/i? iniiae aiae?co ?aaoethaaiiy ?iaanoeoe?eii?
ae?yeueiino?

?ICAe?E 2. Aeiiii?/i? caeiiii??iino? ?icaeoeo ?iaanoeoe?eiiai i?ioeano a
o?ainoi?iaoe?eieo aeiiii?eao

2.1. Iae?iaeiiii?/i? iniiae ?iaanoeoe?eii? ae?yeueiino?

2.2. Oi?ie ?iaanooaaiiy oa aeeiai?ea ?o o o?ainoi?iaoe?eieo aeiiii?eao

?ICAe?E 3. ?aaoethaaiiy ?iaanoeoe?eiiai i?ioeano a o?ainoi?iaoe?eieo
aeiiii?eao

3.1. Iniaeeaino? ?aaoethaaiiy ?iaanoeoe?eiiai i?ioeano a
o?ainoi?iaoe?eieo aeiiii?eao

3.2. Iaoai?cie oa ?ino?oiaioe aea?aeaaiiai ?aaoethaaiiy ?iaanoeoe?eiiai
i?ioeano

?ICAe?E 4. Nenoaiiee i?aeo?ae aei aaeineiiaeaiiy aea?aeaaiiai
?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino?

AENIIAEE

NIENIE AEEI?ENOAIEO AeAEA?AE

AeIAeAOEE

INIIAIEE CI?NO ? AENIIAEE AeENA?OAOe??

O anooi? iaa?oioiaaii aeooaeuei?noue oaie, aecia/aii iaoo ? caaaeaiiy
aeine?aeaeaiiy, ?ice?eoi oai?aoe/ia ? i?aeoe/ia cia/aiiy iaea?aeaieo
?acoeueoao?a, iaoeiao iiaecio aeena?oaoe?? oa i?iaaaeaii ai?iaaoe?th
?iaioe.

O ia?oiio ?icae?e? “Iaoiaeieia?/i? iniiae aiae?co ?aaoethaaiiy
?iaanoeoe?eii? ae?yeueiino?” c?iaeaii anaa?/iee aiae?c aeiiii?/ii?
e?oa?aoo?e ca oaiith aeine?aeaeaiiy, aecia/aii iniiai? iai?yie
aaoi?nueeiai aiae?co uiaei aaeaioaoe?? caeiaooe?a cao?aeii? iaoeiai?
aeoiee c oeueiai iai?yieo aeine?aeaeaiue aei oiia ia?ao?aeieo
aeiiii?/ieo nenoai. Aaciina?aaeith oa?aeoa?enoeeo aoai?a noaiiaeaiiy oa
?icaeoeo oai?aoe/ieo iaa?oiooaaiue ?aaoethaaiiy ?iaanoeoe?eii?
ae?yeueiino? aoei iieacaii ia i?eeeaae? eaein?ainoaa ? iaieeaneee, ye?,
iacaaaeath/e ia iaaio aeecuee?noue aeo?aeieo canaae, cia/ii
a?ae??ciyeenue i?ae niaith.

Caa?oath/enue aei aiae?co eaein?ainoaa a ieoaii? aieeao aea?aeaaiiai
?aaoethaaiiy ia ?iaanoeoe?eiee i?ioean, aeena?oaio aeio?eioaaany
iae?iaeiiii?/iiai ??aiy aeine?aeaeaiiy, ui aoa cai?iiiiiaaiee naieie ae
eaein?aioeyie. Eaein?ainoai aei i?iaeaie ?aaoethaaiiy ?iaanoeoe?eii?
ae?yeueiino? i?aeoiaeeei c iiaeyaeo oi?aae?iiy aoaeoeaiei iiieoii /a?ac
o?e eiai neeaaeia?: niiaeea/ee, aea?aeaaiee oa ?iaanoeoe?eiee iiieo.
Iiaeaeueoee ?icaeoie oeueiai iai?yieo cai?noue aeoea?caoe?? noeoiiiai
iiieoo ye caaaeueii? iaoe aea?aeaaiiai ?aaoethaaiiy aenoioa eiai
e?ioeaaith iaoith aeiiii?/ia c?inoaiiy, aeinyaiaiiy yeiai
?aeiiaiaeoaaeiny cae?enithaaoe aeaiia oeyoaie: caniaaie aeiiii?/ii?
aeeiai?ee oa caniaaie aeoea?caoe?? niiaeea/iai iiieoo.

Aaaaeaiiy aeeiai?/iiai oaeoi?a coiiaeei iiyao iiaeaeae iae?iaeiiii?/ii?
??aiiaaae, a yeeo naia /a?ac anoaiiaeaiiy ??aiiaaaeiiai
(ia??aiiaaaeiiai) noaio aeiiii?/ii? nenoaie aecia/a?oueny
aeioe?euei?noue oa aoaeoeai?noue aea?aeaaiiai ao?o/aiiy, ui iniaeeai
aaaeeeai i?e ie?aneaii? oai?aoe/ieo iniia ?iaanoeoe?eii? iie?oeee a
ia?ao?aeieo aeiiii?eao, aea ieoaiiy aeinyaiaiiy ??aiiaaaeiino? ?eie?a
caeeoa?oueny a?aee?eoei. Caaaeyee iiaeaeyi O?ena–Oainaia aoei
aeine?aeaeaii aieea o?neaeueii? oa a?ioiai-e?aaeeoii? iie?oeee ia
?iaanoeoe?eiee i?ioean. Aaoi? i?e oeueiio aeoeaioo? oaaao ia iaai?e
iaiaaeaiino? iiaeae? – aiia iiaoaeiaaia ia ia?aaeoiiaao i?i iaci?ii?noue
oe?i, ui coiiaeaii ei?ioeino?ieiaei oa?aeoa?ii iiaeae?; i?i
a?aenooi?noue ?ioeyoe?eiiai oeneo, a oaeiae i?i “cae?eo?noue”
aeiiii?/ii? nenoaie. Inoaii? iaiaaeaiiy aaeaeiny ciyoe a iiaeae?
Iaiaeaeea–Oeai?iaa, a yeo aaaaeaii oaeoi? i?aeia?iaeieo ca’yce?a.

Aeath/e oa?aeoa?enoeeo iaieeane/iiai i?aeoiaeo aei ?aaoethaaiiy
?iaanoeoe?eii? ae?yeueiino?, ne?ae aeoeaiooaaoe oaaao ia o?ueio
eiioeaioe?yo, ui ?icaeaathoueny a iaaeao iaieeaneee: iiiaoa?eci, oai??y
?aoe?iiaeueieo niiae?aaiue ? aeiiii?ea i?iiiceoe??. Aiie a?oioothoueny
ia aeciaii? ?nioaaiiy “aeineiiaeiai ?eieo”, i???ioothoueny ia
i?e?iaeiiii?/iee ??aaiue aeine?aeaeaiue ? ?icaeyaeathoue aeiiii?/io
nenoaio c aieo i?iiiceoe??. Naia noeioethaaiiy i?iiiceoe?? – aieiaiee
aaae?eue aeiiii?/ii? iie?oeee, yea ?aeiiaiaeo?oueny a ?aieao oai???
aeiiii?ee i?iiiceoe?? (?. Aaii?ne?, Aeae. Eaeo, A. Eaoa?, I. ?iaa?on), a
oaeiae iiiaoa?enoaie (I. O??aeiai, O. Iaeo, Aeae. No?aea?). Oa?aeoa?iith
?enith oai??? ?aoe?iiaeueieo niiae?aaiue (Aeae. Ioo, ?. Eoean,
O. Na?aeaeaio) ? oaa?aeaeaiiy i?i iaaoaeoeai?noue aoaeue-yei?
aeiiii?/ii? iie?oeee acaaae?, ye o?neaeueii?, oae ? a?ioiai?, ca
aeiyoeii aeiaaee?a, eiee aiia ni?yiiaaia ia caaacia/aiiy ae??aithaaiiy
no?oeoo?e ? aa?aiooaaiiy naiaiaee ?eie?a. Aoaeoeai? o?eueee
ianiiae?aai?, iaia?aaeaa/oaai? iiai?ioe a aeiiii?/iiio ?aaoethaaii?.
I?ioa ?c ci?iith o?yaeiai? iie?oeee aeiiii?/i? noa’?eoe oaeiae ci?iyoue
i?aaeea i?eeiyooy ?iaanoeoe?eieo ??oaiue.

O aeena?oaoe?? c?iaeaii aeniiaie, ui ia iniia? oai??e, ye? a?oioothoueny
ia ??aiiaac? iiieoo ? i?iiiceoe??, ia iiaeia iiaiith i??ith ie?aneeoe
i?eioeeie, iniaeeaino? oa iaoai?ci ?aaoethaaiiy ?iaanoeoe?e o
ia?ao?aei?e aeiiii?oe?. Oiio oai???, ui a?oioothoueny ia aiae?c?
iaaeineiiaeinoae ?eieo, a?eueoith i??ith a?aeiia?aeathoue aeiiii?/i?e
ae?eniino? oa e?aua iiyniththoue no/ani? iniaeeaino? ?iaanooaaiiy.
Iaiao?aeii oaeiae a?aooaaoe ? iia? oaiaeaioe?? a ?iaanoeoe?eiiio
i?ioean? ia?ao?aeieo aeiiii?e, ye? iiaeooue nooo?ai ci?ieoe oyaeaiiy i?i
eiai ci?no ? niaoeeo?/i? oaeoi?e ?icaeoeo.

Oaeei /eiii, iai?yieaie aeey iiaeaeueoiai iaoeiaiai aiae?co aeaii?
i?iaeaie aeena?oaio aaaaea?: ii-ia?oa, ocaaaeueiaiiy iaoiaeieia?/ieo
ia?aaeoiia, ia yeeo a?oioo?oueny aiae?c aea?aeaaiiai aieeao ia
?iaanoeoe?eiee i?ioean a oiiaao ?icaeiaii? aeiiii?/ii? nenoaie, a oaeiae
ie?aneaiiy iaae canoinoaaiiy oaeeo ia?aaeoiia aei o?ainoi?iaoe?eieo
aeiiii?e; ii-ae?oaa, nenoaiiee ?icaeyae iaoai?ci?a oa ?ino?oiaio?a
aea?aeaaiiai ?aaoethaaiiy a ia?ao?aeieo aeiiii?eao c iiaeyaeo aiae?co
?ioa?an?a ?iaanoi??a.

O ae?oaiio ?icae?e? aeena?oaoe?? “Aeiiii?/i? caeiiii??iino? ?icaeoeo
?iaanoeoe?eiiai i?ioeano a o?ainoi?iaoe?eieo aeiiii?eao” ?ice?eaathoueny
iae?iaeiiii?/i? iniiae ?iaanoeoe?eiiai i?ioeano oa aecia/a?oueny
aeeiai?ea oi?i ?iaanooaaiiy a o?ainoi?iaoe?eieo aeiiii?eao.

O aeena?oaoe?? i?aee?aneaii, ui aieiaiith iaoith aea?aeaaiiai
iae?iaeiiii?/iiai ?aaoethaaiiy ?iaanoeoe?e ? i?aeo?eiea aeeiai?/ii?
??aiiaaae ca oiia ?nioth/i? eii’thieoo?e ?eie?a. Oiio i?e aecia/aii?
aoaeoeaiino? aieeao aea?aeaae ia nai ?iaanoeoe?eiee i?ioean a oiiaao
ia??aiiaaaeii? aeiiii?/ii? nenoaie ia?ao?aeieo aeiiii?e aaoi? iaaieioo?
ia cia/eiino? aeyaeaiiy oeo i?e/ei, ye? coiiaeee iayaio ia??aiiaaaeio
neooaoe?th a ?iaanoeoe?ei?e noa??. Oaea neooaoe?y, ia?o ca ana, ?
iane?aeeii ?icaaeainiaaiino? aieiaieo iae?iaeiiii?/ieo i?iii?oe?e
acaaae?, eiee ca 1993–1997 ??. ?aaeueiee AAI ciaioeany aaea?/?,
caaaeuei? ?iaanoeoe?? a iniiaiee eai?oae ii a?aeiioaiith aei AAI
nei?ioeeenue o 2,3 ?ace, i?ioeaio ci?ie ?iaeaeno niiaeea/eo oe?i
cieceany c 47,1 aei 0,8, a ??aaiue aac?ia?ooy i?aeaeueany eeoa ia
aeanyo? /anoee i?ioeaioa.

Aaoi? cacia/a?, ui a iniia? ?icoi?iiy iae?iaeiiii?/ieo i?ioean?a, ui
aecia/athoue noaiiaeua a ?iaanoeoe?ei?e noa?? ? a?aeaoaathoueny a iaaeao
iaoe?iiaeueiiai ?eieo oiaa??a oa iineoa, eaaeeoue ona?aeiieaiiy
iaoai?cio aca?iica’yceo i?ioean?a caiuaaeaeaiiy oa ?iaanooaaiiy, a
oaeiae ii?ie i?ioeaioa, ui ?aaoeth? ?o. Naia ia aiae?c? no?oeoo?e ?
aeeiai?ee aeaieo i?ioean?a ?c aaaaeaiiyi oaeoi?a ianeiao?e/ii?
?ioi?iaoe?? ? aeoeaioiaaii oaaao i?e aeine?aeaeaii? ia??aiiaaaeii?
iae?iaeiiii?/ii? neooaoe??. O oiae? iaa?oiooaaiiy aoei aeae?eaii oae?
noia?a/iino? ?iaanoeoe?eiiai i?ioeano ye oaeiai oa noia?a/iino?
aea?aeaaiiai ?aaoethaaiiy ?iaanoeoe?eiei i?ioeanii o o?ainoi?iaoe?eieo
aeiiii?eao:

Ia ?eieao oiaa??a ? iineoa caiuaaeaeaiiy oa ?iaanoeoe?? aecia/athoueny
??cieie oaeoi?aie ? ??cieie aeiiii?/ieie noa’?eoaie, ui ii?iaeaeo?
noia?a/i?noue i?ae ??oaiiyie, ye? i?eeiathoueny uiaei caiuaaeaeaiue, oa
??oaiiyie, ye? i?eeiathoueny uiaei ?iaanoeoe?e.

Ia a?ioiaiio ?eieo ??aiiaaaa i?ae caiuaaeaeaiiyie oa ?iaanoeoe?yie
ia?aaeaa/a? noi??i?noue ii?ie i?ioeaioa c aeaiei ??aiai oe?i. A oiiaao
ia?ao?aeii? aeiiii?ee, ui oa?aeoa?eco?oueny ?ic’?aeiai?noth ?aaeueiiai ?
o?iainiaiai naeoi??a, caaino?th?oueny noia?a/i?noue i?ae aeiiii?/ieie
noa’?eoaie, ye? aieiae?thoue e?ea?aeieie eiooaie, oa noa’?eoaie, ye?
i?aae’yaeythoue iiieo ia ieo.

?nioaaiiy no?oeoo?ii? aneiao?e/iino? iiieoo ? i?iiiceoe?? ia o?iainiaiio
?eieo i?iyaey? noia?a/i?noue i?ae aeii?ioaaiiyi iiieoo ia aeiaaino?ieia?
?ano?ne oa ia?aaaaeaiiyi i?iiiceoe?? ei?ioeino?ieiaeo ?ano?n?a.

Ca?eueoaiiy a?aee?eoino? noni?euenoaa coiiaeei c?inoaiiy ia oiaa?ieo
?eieao ?ic?eao i?ae noeoiiith aa?o?noth iiieoo oa eiai ?aaeueiei
iaiiaiaiiyi.

?nioaaiiy noia?a/iino? i?ae ei?ioeino?ieiaeie aea?aeaaieie ?ioa?anaie
(iie?eooy aea?aeaaiiai aeao?oeeoo /a?ac iia?aoe?? ia a?aee?eoiio ?eieo
oa iineeaiiy iiaeaoeiaiai oeneo) ? aeiaaino?ieiaei aeiiii?/iei
c?inoaiiyi.

Noia?a/i?noue i?ae noeeuei?noth aei ?iaanooaaiiy ? ia?aaaaith
e?ea?aeiino? a oiiaao ?ioeyoe?eieo i/?eoaaiue ae??oo?oueny ia ei?enoue
inoaii?o.

Nie?ath/enue ia a?oioiaiee i?e?iaeiiii?/iee aiae?c, aaoi? a?aecia/a?, ui
oe? noia?a/iino? ? iaei??th c i?e/ei, ye? coiiaeee ?nioaaiiy ye?nieo
a?aei?iiinoae oi?i ?iaanooaaiiy oa aeeiai?eo ?oiueiai ?icaeoeo a
no/anieo o?ainoi?iaoe?eieo nenoaiao ii??aiyii c ?icaeiaieie aeiiii?eaie
i?e ciai?oi?e noiaeino? ?oi?o no?oeoo?.

O ?acoeueoao? i?iaaaeaiiai aeine?aeaeaiiy aoei aeae?eaii oae? iniiai?
oa?aeoa?enoeee no?oeoo?e ?iaanoeoe?e, ui neeaeenue a Oe?a?i?:

O?iainiaa ?iaanooaaiiy ia a?aeia?aaea? aaeaeaaoieo i?ioean?a o
ae?iaie/?e noa?? e ni?yiiaaia a ia?oo /a?ao ia iaea?aeaiiy
niaeoeyoeaiiai aeioiaeo.

?icaeoie no?ieiaiai naaiaioa o?iainiaiai ?eieo i?ioiaeeoue ia oii?
ia?icaeiaiiai niioiaiai ?eieo.

?nioaaiiy a?eueoiai naaiaioa o?iainiaeo o’th/a?nieo eiio?aeo?a,
ii??aiyii c naaiaioii no?ieiaeo eiio?aeo?a, aaciaeie aeoeaaie yeeo ?
oiaa?e, ye iane?aeie e?eciaeo yaeu o i?iieneiaino?.

?aaeuei? ?iaanoeoe?? oa?aeoa?ecothoueny iecueeith /anoeith ?iiiaaoe?eii?
neeaaeiai?.

Ia?aaaaeath/a ?iaanooaaiiy c i?eaaoieo aeaea?ae aecia/a?oueny ia
aea?aeaaiith iie?oeeith noeioethaaiiy i?eaaoieo ?iaanoeoe?e, a
aeao?oeeoii aea?aeaaieo eioo?a ? aenieith /anoeith “o?iueiaiai”
?iaanooaaiiy, ui noaoenoe/ii i?aeoaa?aeaeo?oueny aeaiia
??ciini?yiiaaieie oaiaeaioe?yie, eiee cia/aiiy ii?ie ?iaanooaaiiy ca
1992–1995 ??. iaei oaiaeaioe?th aei ciaioaiiy (c 25,1 aei 17,7), a
?iaanoeoe?eiee ioeueoeie?eaoi? c??n ?c 2,72 aei 3,62.

?icaeoie ?aaeueiiai naeoi?a aeiiii?ee Oe?a?ie no?eio?oueny a?aenooi?noth
aoaeoeaiiai oiiaeiaiai ?eieo ye aeaea?aea o?iainoaaiiy ?aaeueieo
?iaanoeoe?e.

O?ao?e ?icae?e “?aaoethaaiiy ?iaanoeoe?eiiai i?ioeano a
o?ainoi?iaoe?eieo aeiiii?eao” ioiiea i?iaeaie iniaeeainoae iaoai?ci?a oa
?ino?oiaio?a i?iaaaeaiiy ?iaanoeoe?eii? iie?oeee a o?ainoi?iaoe?ei?e
aeiiii?oe? c iaeyaeo ia aeina?ae ?icaeiaieo e?a?i.

Aeey ?ica’ycaiiy caaaeaiue ?aaoethaaiiy ia i?e?iaeiiii?/iiio ??ai?
aea?aeaaa a oiiaao ?eieiai? aeiiii?ee ia? iai?yi? iaoiaee aieeao ia
?iaanoeoe?eiee i?ioean, oae? ye o?neaeueia ? iiiaoa?ia iie?oeea.
A?oioiaiee aiae?c oai??? ? i?aeoeee ai?iaaaeaeaiiy oeeo iaoiae?a a
Oe?a?i? na?ae/eoue i?i aeaui ia?aae/ania cai?iaaaeaeaiiy iiaeae?, yea
aaco?oueny ia iinooeaoao aeeeth/ii iiiaoa?enonueei? eiioeaioe?? oa
eiioeaioe?? aeiiii?ee i?iiiceoe??. Iac??e?noue ?eieiaiai na?aaeiaeua,
yea ia aea? ciiae aanoe iiao i?i iiaeeea?noue naii?aaoeyoe?? aeiiii?ee,
?, ye iane?aeie, iiieeeia?noue onoiaiiy aea?aeaae a?ae aaciina?aaeiuei
ainiiaea?nueeeo i?ioean?a, coiiaeththoue aeioe?euei?noue aeei?enoaiiy
iaieeane/iiai aeina?aeo ye ?ino?oiaioo aiae?co aca?iica’yce?a ie?aieo
aeaiaio?a oi?ioaaiiy ?eieiai? iiaeae?, aea ia aeey iaa?oiooaaiiy
iaoai?cio i?iaaaeaiiy ?aaoeyoeaieo ae?e aea?aeaae. Oaeee ?ino?oiaioa??e
aea? ciiao ioe?ieoe ?acoeueoaoeai?noue i?iaaaeaiiy aea?aeaaii? iie?oeee
c oi/ee ci?o ?iaanoi?a: aeiiaoiueiai ainiiaea?noaa /e i?aei?e?inoaa.

O aeena?oaoe?? i?iaiae?ciaaii no/anio a?ioiai-e?aaeeoio ? o?neaeueio
iie?oeeo uiaei ?aaoethaaiiy oe?a?inueei? aeiiii?ee c iiaeyaeo ei?ioei- ?
aeiaaino?ieiaiai ia??iaeo /ano, a oaeiae ?ic?iaeo ?o uiaei ?ica’ycaiiy
i?iaeaie aeoea?caoe?? ?iaanoeoe?eii? ae?yeueiino?. A oe?eiio a
aeena?oaoe?? aeyaeaii:

I?e iayaiino? cia/iiai ?aca?ao ae?iaie/eo iiooaeiinoae a aeiiii?oe?
a?ioiaa aeniain?y ? aeineoue ae??aei ?ino?oiaioii ei?ioeino?ieiaiai
iiaeaaaeaiiy aeiiii?/ii? eii’thieoo?e.

Ei?ioeino?ieiaa a?ioiaa oaeoeea i?eionoeia o?eueee a ?aieao
aeiaaino?ieiai? a?ioiai? no?aoaa??, iaoith yei? ? aioe?ioeyoe?eia
?aaoethaaiiy.

A oiiaao aenieicao?aoii? aeiiii?ee c aaeeeei athaeaeaoiei aeao?oeeoii ia
aeioe?eueii “a?aeioneaoe” noaaee iiaeaoe?a, ine?eueee oea iiaea caoaii
aieeiooe ia ?aaeueio “eoi?aaeueio ni?iiiaei?noue” athaeaeaoo; iaaaaaoi
aea?aei?oa i?iaiaeeoe iinooiiaa oaoiieia?/ia ia?aica?i?iiy ae?iaieoeoaa
a ?aieao oace aeiiii?/ii? noaaiaoe??.

C iaoith caeaaeaeaiiy “nooi?i/anoiai” oa?aeoa?o ae?? ia aeiiii?eo
iaoiae?a a?ioiai-e?aaeeoii? oa o?neaeueii? iie?oeee aaaeaia ? iaiao?aeia
aeei?enoaiiy no?ieiaiai ?eieo, yeee ? oi?io? o na?aeiiino? aeiiii?/ieo
noa’?eo?a iaeaooi? eiioo?e aeiiii?ee oa /a?ac oaaeaeoaaiiy no?aoo?
?iaanoi??a a?ae ?ecee?a.

Aiae?c i?aeoe/ii? ?aae?caoe?? oai?aoe/ieo ?ic?iaie oai??? ?aoe?iiaeueieo
i/?eoaaiue o 80-o ??. o Aaeeeia?eoai?? aeaa i?aenoaae noi?ioethaaoe
aeniiaie i?i oa, ui i?iaeaia oi?aae?iiy aeiiii?eith acaaae? ? i?iaeaia
oi?aae?iiy ?iaanoeoe?eiith aeoeai?noth cie?aia caiaeeoueny aei
oi?aae?iiy niiae?aaiiyie ainiiaea?nueeeo noa’?eo?a. Oiio aaoi? aaaaea?
ca aeioe?eueia i?e i?iaaaeaii? ?iaanoeoe?eii? iie?oeee ii?yae ?c
o?aaeeoe?eieie iaoiaeaie a iiaaae?ioe? aeiiii?/ieo noa’?eo?a, yeeie aiie
ea?othoueny, cae?enithth/e nai? ?iaanoeoe?ei? i?iaeoe oa oi?ioth/e
?iaanoeoe?ei? ii?ooae?, a?aoiaoaaoe oa, ui aieiaieie oaeoi?aie, ye?
aieeaathoue ia oe? iioeae, ? ?ecee ? aeioiae.

O aeena?oaoe?? anoaiiaeaii, ui i?e ?aaoethaaii? cacia/aieo oaeoi??a
aea?aeaaa aieeaa? ia:

a) ii?ooaeuei? ??oaiiy aeiiii?/ieo noa’?eo?a;

a) ??oaiiy uiaei ?aaeueieo ?iaanoeoe?e, ye? i?eeiathoue a?cianiaie oa
i?eaaoi? iniae.

O oiae? aeine?aeaeaiiy aeyaeaii caeiiii??iino?, ye? ?icoe?ththoue eiei
ia?aaeoiia iiaeaeae, ?ic?iaeaieo cao?aeieie iaoeiaoeyie ? iia’ycaieo c
aiae?cii ooieoe?iioaaiiy aoaeoeaiiai ?eieo, ? oa?aeoa?ecothoue no/aniee
noai aeiiii?ee Oe?a?ie:

O oi?ioaaii? ii?ooaey aa?ooue o/anoue ye iaae?ei?, oae ? ?eceeia?
aeoeae. O a?eueoino? iaoeiaeo aeaea?ae iaae?eiei aeoeaii aaaaeathoue
aio?aeo aai iae?aaoe??. O aeena?oaoe?? a?aecia/aii, ui a oiiaao
?ioeyoe?? ? ianoaa?eueiino? oe?i ia oiaa?ieo ?eieao on? o?iainia? aeoeae
?eceeia?. C ?ioiai aieo, a oiiaao iiaeeeaiai aaie?oonoaa iae?aaoe?y noa?
?eceeiaei aeeaaeii, a ?eiie eai?oaeo – iaaeineiiaeei.

I?e cae?eniaii? ii?ooaeueieo ?iaanoeoe?e, ye i?aaeei, i???ioothoueny ia
i?eaooie ? iaeii aeiiii?/ieo noa’?eo?a oa iiaeaeueoo iaenei?caoe?th ?o.
A oiiaao ia?ao?aeii? aeiiii?ee oe?eueiaa ooieoe?y iiaaae?iee
ainiiaea?nueeiai noa’?eoa ia iiaea aecia/aoeny iaenei?caoe??th i?eaooeo
a neeo ia?aaaae oaeoi??a e?ea?aeiino? a iioeaao caiuaaeaeaiiy. Ooo
a?ae?a?athoue a?eueoo ?ieue iioeae caa?aaeaiiy iayaiiai eai?oaeo. C
?ioiai aieo, a o?ainoi?iaoe?eieo oiiaao iiaaae?iea ethaeeie iaiaaeaii
?aoe?iiaeueia (uiaei ?ioeyoe??), ? oiio iaiiaeeeai iaeiicia/ii aecia/eoe
a?aeiia?aeiee ?aaoethth/ee aieea aea?aeaae ia ?iaanoeoe?eiee ii?ooaeue.

??aaiue ?iaanoeoe?e caeaaeeoue ia o?eueee a?ae cao?ao ia eai?oae, aea e
a?ae aeinooiiino? aeaea?ae o?iainoaaiiy.

?nioaaiiy no?oeoo?ii? iaa?aeiia?aeiino? ia oiiaeiaiio ?eieo, yea
oa?aeoa?eco? neooaoe?th, eiee ? iaaeeeoeiaee iiieo ia ei?ioeino?ieia?
iae?aaoe?? oa iaaeeeoeiaa i?iiiceoe?y aeiaaino?ieiaeo.

O /aoaa?oiio ?icae?e? aeena?oaoe?? “Nenoaiiee i?aeo?ae aei
aaeineiiaeaiiy aea?aeaaiiai ?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino?”
aea/athoueny i?iaeaie ? iiaeeeaino? aieeao ia ?iaanoeoe?eiee i?ioean
oeyoii oi?ioaaiiy nenoaie aea?aeaaiiai ?aaoethaaiiy. O ca’yceo c oeei
cacia/a?oueny, ui aea?aeaaia ?aaoethaaiiy cae?enith?oueny o aeaio
aca?iiiia’ycaieo oi?iao, a naia: o oi?i? caeiiiaeaanoaa (ii?i) ? o oi?i?
i?ia?ai. Caeiiiaeaanoai, c iaeiiai aieo, anoaiiaeth? iaiao?aei?
aea?aeaa? “i?aaeea a?e”, a c ?ioiai – a?aeia?aaea? i?eueaia? oiiae aeey
o/aniee?a eiie?aoieo i?ia?ai ca i??i?eoaoieie iai?yieaie. I?ia?aie ?
i?iaeoe aeathoue ciiao ?aae?ciaoaaoe an? ooieoe?? oi?aae?iiy uiaei
iaeaaaeeea?oeo caaaeaiue ?icaeoeo ye ia noaae?? ?ic?iaee, oae ? a
i?ioean? aeeiiaiiy.

O aeena?oaoe?? aecia/aii aeaiaioe nenoaie ?aaoethaaiiy, a naia:
?iaanoeoe?eia eiioeaioe?y, ?iaanoeoe?eia iie?oeea, ?iaanoeoe?eia
i?ia?aia, ?iaanoeoe?eiee i?iaeo. Nenoaiiooai?thth/ee aeaiaio –
?iaanoeoe?eia eiioeaioe?y, yea a?aeia?aaea? iniiai? iai?yiee
?iaanoeoe?eii? ae?yeueiino? ? neoaeeoue iniiaith aeey ?aae?caoe?? ?ioeo
?? aeaiaio?a. Aeena?oaio aeyaey? ?icoe?aia aa/aiiy aeaii? eiioeaioe??,
aea ii?yae ?c ?aaeueieie aeioe?eueii aecia/eoe iaae? ?aaoethaaiiy
o?iainiaeo ?iaanoeoe?e ye iaa?ae’?iii? /anoee ?iaanoeoe?eii?
ae?yeueiino?. Iniaeeaiai cia/aiiy iaaoaa? i?iaeaia oi?ioaaiiy ?
?aaoethaaiiy aoaeoeaiiai oiiaeiaiai ?eieo.

Aiae?c aoaeoeaiino? no/aniiai oiiaeiaiai ?eieo aea? ciiao aeyaeoe
oaeoi?e, eio?? ?? iaiaaeothoue. Aei ieo ne?ae a?aeianoe: iacaaeia?eueia
?ioi?iaoe?eia caaacia/aiiy ?iaanoi??a, a?aenooi?noue iaoai?cio ia?aa??ee
oa na?oeo?eaoe?? ?ioi?iaoe??, yeo i?aei?e?inoaa iiaeii? iaaeaaaoe
?iaanoi?ai ia oiiaeiaiio ?eieo, caiaaeoi aenieee nooi?iue aea?aeaaiiai
?aaoethaaiiy ia?aeeao eai?oaeo. Iaeiei ?c iane?aee?a oeueiai ? oa, ui
aeeaa?neo?eaoe?y ?iaanoeoe?eiiai ii?ooaey ia?anoa? aooe ?ino?oiaioii
iioei?caoe?? ?eceeo ? aeioiaeo ia ?iaanoeoe??, oneeaaeith?oueny i?ioean
ioe?iee ?iaanoeoe?eieo i?iaeo?a ? aecia/aiiy i?aaeeueii? noaaee
aeeneiiooaaiiy a?aeiia?aeieo a?ioiaeo iioie?a, a oea, a naith /a?ao,
oneeaaeith? aea?? ?ino?oiaio?a ?aaoethaaiiy /a?ac iaeiicia/io
iaaecia/ai?noue iniiaieo aeiiii?/ieo iieaciee?a, a oaeiae iioea?a
iiaaae?iee aeiiii?/ieo noa’?eo?a.

Aeniiaee, c?iaeai? a ?acoeueoao? aeena?oaoe?eiiai aeine?aeaeaiiy,
iathoue aeaa aaaeeeaeo aniaeoe. Ia?oee ?c ieo noino?oueny
iae?iaeiiii?/iiai aecia/aiiy ?iaanoeoe?eii? ae?yeueiino?, ?? ?ie? o
aeinyaiaii? iae?iaeiiii?/ii? noaa?e?caoe?? oa caaacia/aii? aeiiii?/iiai
c?inoaiiy.

Caaaeuei? caeiiii??iino? ooieoe?iioaaiiy iaoe?iiaeueiiai ?eieo oiaa??a ?
iineoa na?ae/aoue, ui aieiaiei aeaea?aeii ci?i aaeiaiai iaoe?iiaeueiiai
i?iaeoeoo aenooiathoue ci?ie a ?iaanoeoe?eiiio iiieo?, ui oi?io?oueny ca
?aooiie aioo??oi?o iaa?iiaaeaeaiue aeiiii?/ieo noa’?eo?a, iiceeiaeo
eioo?a oiiaeiaeo ?eie?a ? aaie?a, a oaeiae eioo?a, ye? iaaeathoueny
aea?aeaaith. Oiio, ?aaoethth/e ?iaanoeoe?eiee iiieo, aea?aeaaa a ia?oo
/a?ao aieeaa? ia oe? neeaaeia?, aecia/ath/e ?oith aaee/eio,
aeinooii?noue, ?iciiae?e. Aeine?aeaeaiiy i?ioeano caiuaaeaeaiiy a
o?ainoi?iaoe?eieo aeiiii?eao na?ae/eoue, ii-ia?oa, i?i ia?aaaaeath/?
iioeae ia?aaaae e?ea?aeiino? ii??aiyii ?c cae?eniaiiyi iaa?iiaaeaeaiue.
Ii-ae?oaa, i?iaaaeaiee noaoenoe/iee aiae?c iieaco?, ui a Oe?a?i?
cia/aiiy /anoee caiuaaeaeaiue o iayaiiio aeioiae? iaaeeaeai? aei
na?oiaeo iieaciee?a, ? oiio a aeiaaino?ieia?e ia?niaeoea? aieea ia
oi?io, a ye?e cae?eniththoueny caiuaaeaeaiiy, aaaeeea?oee ca aieea ia
?oi?e noeoiiee ??aaiue.

Ae?oaee aniaeo iia’ycaiee ?c aeniiaeaie uiaei aecia/aiiy /eiiee?a i?e
aeai?? ?ino?oiaio?a iai?yiiai ?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino? a
o?ainoi?iaoe?eiee aeiiii?eao.

Aeeaeiia aeine?aeaeaiiy i?e?iaee iayaii? ia??aiiaaaeii? aeiiii?/ii?
neooaoe?? aea? ciiao c?iaeoe aeniiaie, ui iiiaoa?ia iie?oeea oi?aae?iiy
?ioeyoe?eiei i?ioeanii ia aieeaa? ia ?iaanoeoe?eio ae?yeuei?noue ?
o?eueee ciai?oiuei no?eio? ?ioeyoe?th, ia onoaath/e iniiaieo i?e/ei. O
oe?e neooaoe?? ia?ai???ioaoe?y a?ioiaeo iioie?a ia ?aaeueiee naeoi? ca
aeiiiiiaith ??aiy i?ioeaioa – ia nueiaiaei?oi?e aeaiue ni?aaa
iaeieiia??ia. Ia i?inoaaeo?oueny caeaaeiino? ? i?ae ??aiai i?ioeaioa ?
ianyaaie caiuaaeaeaiue, ui na?ae/eoue i?i ye?ni?, a ia e?euee?ni?
oa?aeoa?enoeee oi?ioaaiiy aeaea?ae ?iaanoeoe?e. Aiae?c iiaeaoeiai?
iie?oeee iieaco? a?eueoo aeanoe/i?noue oeeo iaoiae?a uiaei
?iaanoeoe?eii? aeoeaiino?, oi/a ?noioiei aa?’??ii ooo caeeoa?oueny
?nioaaiiy aaeeeeo athaeaeaoieo aeao?oeeo?a. Oaea iniaeea?noue
aeiiii?/ii? neooaoe?? a ia?ao?aeiee ia??iae iaoiiaeth? iaiao?aei?noue
iaa?oiooaaiiy a?ioiai-e?aaeeoii? ? iiaeaoeiai? iie?oeee /a?ac aecia/aiiy
oaeoi??a ? iioea?a, ui oa?aeoa?ecothoue iiaaae?ieo aeiiii?/iiai noa’?eoa
a o?ainoi?iaoe?ei?e aeiiii?oe?.

Iniiai? iioae?eiaai? i?aoe? ca oaiith aeena?oaoe??:

Ai?ii?i ?.I. ?icaeoie oi?i o?iainiai? ?iaanoeoe?? a ia??iae oi?ioaaiiy
?eieiai? aeiiii?ee // A?niee Ee?anueeiai oi?aa?neoaoo ?iai? Oa?ana
Oaa/aiea. Aeiiii?ea. 1997. – ?37. – N. 61–70.

Ai?ii?i ?.I., Aeaienaiei TH.A. Oaeoi?i? oiiae cae?eniaiiy ?iaanoeoe?eii?
ae?yeueiino? // Aaie?anueea ni?aaa. – 1997. – ?4. – N. 62 – 64.

Ai?ii?i ?.I. I?iaeaia iaaecia/aiiino? i?ioeaioieo noaaie o /an? oa
iiaeeeaino? ?ic’aycaiiy ?o o no/ani?e aeiiii?/i?e oai??? // Aaie?anueea
ni?aaa. – 1998. – ?5. – N. 20 – 22.

AIIOAOe?ss

AI?II?I ?.I. Aea?aeaaia ?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino? a
o?ainoi?iaoe?eieo aeiiii?eao. – ?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeuei?noth 08.01.01 – Aeiiii?/ia oai??y. Ee?anueeee oi?aa?neoao
?iai? Oa?ana Oaa/aiea, Ee?a, 1999.

Aeena?oaoe?th i?enay/aii aaaeeeaei, iaaeinoaoiuei ?ic?iaeaiei ieoaiiyi
oai??? ? i?aeoeee aea?aeaaiiai ?aaoethaaiiy ?iaanoeoe?eii? ae?yeueiino?
a o?ainoi?iaoe?eieo aeiiii?/ieo nenoaiao. O ?iaio? aeyaeythoueny iniiai?
oaiaeaioe?? ?iaanoeoe?eiiai i?ioeano a o?ainoi?iaoe?eieo aeiiii?eao, a
oaeiae ?ice?eaa?oueny noia?a/eeaee oa?aeoa? nenoaie ?aaoethaaiiy
?iaanoeoe?eii? ae?yeueiino? a ia?ao?aeiee ia??iae. Iniiai? ?acoeueoaoe
aeena?oaoe?? ciaeoee nai? ai?iaaaeaeaiiy a iaa/aeueiiio i?ioean? oa ia
i?aeoeoe?.

Eeth/ia? neiaa: ?iaanoeoe??, caiuaaeaeaiiy, o?ainoi?iaoe?eia aeiiii?ea,
a?ioiai-e?aaeeoia iie?oeea, o?neaeueia iie?oeea, ?iaanoeoe?eia
eiioeaioe?y.

AIIIOAOeEss

AI?IIEI E.I. Ainoaea?noaaiiia ?aaoee?iaaiea eiaanoeoeeiiiie
aeayoaeueiinoe a o?ainoi?iaoeeiiiuo yeiiiieeao. – ?oeiienue.

Aeenna?oaoeey ia nieneaiea o/aiie noaiaie eaiaeeaeaoa yeiiiie/aneeo iaoe
ii niaoeeaeueiinoe 08.01.01 – Yeiiiie/aneay oai?ey. Eeaaneee oieaa?neoao
eiaie Oa?ana Oaa/aiei, Eeaa, 1999.

Aeenna?oaoeey iinayuaia aaaeiui, iaaeinoaoi/ii ?ac?aaioaiiui aii?inai
oai?ee e i?aeoeee ainoaea?noaaiiiai ?aaoee?iaaiey eiaanoeoeeiiiie
aeayoaeueiinoe a o?ainoi?iaoeeiiiuo yeiiiie/aneeo nenoaiao. A ?aaioa
auyaeaiu aeaaiua oaiaeaioeee eiaanoeoeeiiiiai i?ioeanna a
o?ainoi?iaoeeiiiuo yeiiiieeao, a oaeaea ?ane?uo i?ioeai?a/eaue oa?aeoa?
nenoaiu ?aaoee?iaaiey eiaanoeoeeiiiie aeayoaeueiinoe a ia?aoiaeiue
ia?eiae. Iniiaiua ?acoeueoaou ?aaiou iaoee naia i?eiaiaiea a o/aaiii
i?ioeanna e ia i?aeoeea.

Eeth/aaua neiaa: eiaanoeoeee, naa?aaeaiey, o?ainoi?iaoeeiiiay yeiiiieea,
aeaiaaeii-e?aaeeoiay iieeoeea, oeneaeueiay iieeoeea, eiaanoeoeeiiiay
eiioeaioeey.

ANNOTATION

VORONIN I.P. State regulation of investments in the transitional
economies. – Manuscript.

Dissertation is submitted to obtaining the scientific degree of the
candidate of the economics in specialty 08.01.01 – theory of economics.
– Kyiv Taras Shevchenko University, Kyiv, 1999.

Dissertation deals with important issues which need to be improved on
theory and practice of state regulation of investment activity in the
transitional economic systems.

On defining the methodological bases, we have shown the development
process of the theoretical ideas about the role and significance of the
state in the investment establishment from the point of view of the
economic system equilibrium. Concepts evolution on regulation is studied
by means of increasing influence of new and present factors on the
investors, which were left aside by the previous researchers.

The analysis of the state investment regulation issues is made in two
aspects: at the macroeconomic relations level and macroeconomic level,
the study of the last one results the access to the macroeconomic
practice.

The project consistently demonstrates the effectiveness of state
regulation on the stage of capital accumulation and investments
realization in the transition period. Characteristics of each structural
element of savings (domestic savings of economic subjects, borrowed
funds of the stock market and banking system, state funds) is given in
the close connection to effectiveness of state impact in the condition
of dis-equilibrium economic situation.

The dissertation contains wide investment structure analysis together
with investment kinds studies and peculiarities of investment portfolio
formation in the transitional conditions. It is demonstrated that real
and financial investment in the transitional economies differs
qualitatively from the same processes in the developed economic systems.

System approach to the phenomena under research makes it possible to
reveal main contradictions in the investment activity and investors’
regulation. Existence of these contradictions is conditioned by the fair
principles in market sector functioning as well as by specific terms and
conditions of transition stage from the command-administration to the
market economy.

The dissertation contains the idea that the state has such economic
levels at its disposal as fiscal and monetary policies for solving
macroeconomic problems. The difficulty of investment processes
regulation lies in the fact that investment activity is the activity
oriented to the future, and that’s why the dissertation brings to the
forefront the issue of determining the future trend and sizes of
economic establishment and development of the proper investment
politics. This point of view makes us study consistently short-term and
long-term aspects for indirect methods of regulation and to conclude
about the obligatory elaboration of tactical tasks for fiscal and
monetary regulation in strict accordance with long-term strategy of the
economic development.

By virtue of the present disequilibrium in the commodity and financial
markets and impossibility to determine long-term parameters for economic
development in transitional economies, the task of more effective
impeach to the investment process can be solved by means of determining
future economic outlines which are presented as expectations of economic
subjects. Just having based on the forming expectations it is possible
to influence considerably onto the future investment activity and to
smooth out the discrete character of running fiscal and monetary policy.

Orientation towards the determining role of the motives in investors’
behavior lies in the base of mechanisms and tools of state regulation at
the microeconomic level. The research had been made adjusted to problems
handled in modern economic theory: the issue of determining the goals of
the company, non-determination of the interest rates, data asymmetry.

Taking into account theory and practice of investment activity
regulation in the developed countries and the existing economic
situation in the transitional economies the conclusion can be made about
lack not only system economic reformation but also about the need of
building qualitatively new infrastructure and system of interrelation in
the investment field. The research project puts forward such a structure
for this system, the main elements of which are investment concept,
policy, program and the project.

This system would primarily include real investment. Financial
investment regulation would take place at first two stages –
establishment of investment concept and policy, and at the third when to
deal with formation and development of the capital market, and stock
market on its basement.

The main results of the project were applied in the teaching process and
used in practice.

Key terms: investments, savings, transitional economy, monetary policy,
fiscal policy, investment concept.

PAGE 18

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