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Міжнародні інвестиційні ресурси та фактори їх ефективного використання в Україні: Автореф. дис… канд. екон. наук / В.Г. Дідик, Київ. нац. екон. ун-т

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I?I?NOA?NOAI INA?OE OE?A?IE

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

Ae?AeEE AAEAIOEI A?EAI?IAE*

OAeE 339.7

I?aeia?iaei? ?IAANOEOe?EI? ?ANO?NE OA OAEOI?E ?O AOAEOEAIIAI
AEEI?ENOAIIss A OE?A?I?

Niaoe?aeuei?noue 08.05.01 – “Na?oiaa ainiiaea?noai ? i?aeia?iaei?
aeiiii?/i? a?aeiineie”

Aaoi?aoa?ao

aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe

Ee?a – 1999

Aeena?oaoe?y ? ?oeiien.

?iaioa aeeiiaia ia eaoaae?? i?aeia?iaeiiai iaiaaeaeiaioo Ee?anueeiai
iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo I?i?noa?noaa ina?oe Oe?a?ie.

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

Eoe’yiaiei Aeieo?i A?eai?iae/,

Ee?anueeee iaoe?iiaeueiee aeiiii?/iee oi?aa?neoao, caa?aeoaa/ eaoaae?e
i?aeia?iaeiiai iaiaaeaeiaioo

Io?oe?ei? iiiiaioe – aeieoi? aeiiii?/ieo iaoe, i?ioani? Eeeiei
A?eai??e Ieeeoi?iae/, Ee?anueeee iaoe?iiaeueiee oi?aa?neoao ?i. Oa?ana
Oaa/aiea, i?ioani? eaoaae?e i?aeia?iaeii? aeiiii?ee aeiiii?/iiai
oaeoeueoaoo

eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio I?eeeiei Na?a?e ?aaiiae/,
Ee?anueeee iaoe?iiaeueiee aeiiii?/iee oi?aa?neoao, aeioeaio eaoaae?e
i?aeia?iaeii? aeiiii?ee

I?ia?aeia onoaiiaa – ?inoeooo na?oiai? aeiiii?ee oa i?aeia?iaeieo
a?aeiinei IAI Oe?a?ie, a?aeae?e i?aeia?iaeieo aaethoii-o?iainiaeo
a?aeiinei

Caoeno a?aeaoaeaoueny “15”aeiaoiy 1999 ?ieo i 14 aiaeei? ia can?aeaii?
niaoe?ae?ciaaii? a/aii? ?aaee Ae.26.006.03 Ee?anueeiai iaoe?iiaeueiiai
aeiiii?/iiai oi?aa?neoaoo ca aae?anith:

252057, i. Ee?a, i?iniaeo Ia?aiiae, 54/1, aoaeeoi??y 214.

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

Aaoi?aoa?ao ?ic?neaiee “14” aa?aniy 1999 ?ieo.

A/aiee nae?aoa? niaoe?ae?ciaaii?

a/aii? ?aaee, aeieoi? aeiiii?/ieo iaoe,

i?ioani?
Ooen A.A.

Caaaeueia oa?aeoa?enoeea ? no?oeoo?a ?iaioe

Aeooaeuei?noue aeine?aeaeaiiy. No/aniee na?oiainiiaea?nueeee noai
iicia/aiee i?ioeanaie ia?aoai?aiue, ni?e/eiaieo ?icaeoeii aeiiii?ee a
oiiaao aeiaae?caoe??. Iei? oi?io?oueny ?ioaa?iaaia nenoaia, yea ii?aeio?
i?aeia?iaeio iaoeiai-oaoi?/io, ae?iaie/i-?iaanoeoe?eio, oi?aiaaeueio
ae?yeuei?noue oa aaethoii-o?iainia? a?aeiineie. On? oe? /eiieee
iaoiiaeththoue c?inoath/o iio?aao a ?iaanoeoe?eieo ?ano?nao, iaea?eueo?
ianyae yeeo noai?ththoue ? ia?a?iciiae?eythoue e?a?ie c ?icaeiaiith
aeiiii?eith oa iia? ?iaeono??aeuei? e?a?ie. Oe? ae e?a?ie aecia/athoue
iai?yiie ?ooo no/aniiai ?iaanoeoe?eiiai i?ioeano, ia?aa?a yeiai ?
aaaeeeaei naia aeey ?o aeiiii?ee. Iane?aeeii ?icoi?iiy oeueiai ?
c?inoath/a e?euee?noue ca?oa?aeieo iaoeiaeo i?aoeue noiniaii
i?aeia?iaeii? ?iaanoeoe?eii? ae?yeueiino?. Cia/iee aianie o ?icaeyae
aaaaoueio aniaeo?a ia?a?iciiae?eo ? aeei?enoaiiy i?aeia?iaeieo ?ano?n?a
a iaaeao ?iaanoeoe?eii? ae?yeueiino? o?iainiaeo ?inoeoooe?e oa
o?ainiaoe?iiaeueieo ei?ii?aoe?e c?iaeee ca?oa?aei? a/ai? Ae. Oia?i, N.
Oaeia?, *. E?iaeeaaa?aa?, I. Aaene?, I. Eannii, A. ?oaiai, ?. A?in, Ae.
Eoaeaeaaa, I. Ii?oa?, Ae. Aeaii?ia, A. Ia?eia?oe, O. Oa?i oa ?io?.

I?aeia?iaeia ?iaanooaaiiy ia? an? i?aenoaae noaoe eeth/iaei oaeoi?ii o
ae??oaii? i?iaeaie coieiaiiy aeiiii?/iiai niaaeo oa ianooiiiai
aeiiii?/iiai ?icaeoeo a Oe?a?i?. Iiceoeaiee oaeoe/iee oa iioaioe?eiee
aieea i?aeia?iaeiiai ?iaanoeoe?eiiai i?ioeano ia nioe?aeueii-aeiiii?/io
neooaoe?th a Oe?a?i? niiioea? aei iiaeeaeaiiai aea/aiiy oiia ooai?aiiy,
ia?ai?uaiiy oa aeei?enoaiiy na?oiaeo ?iaanoeoe?eieo ?ano?n?a. A?o/eciyi?
a/ai? iaiaaathoueny ae?iaeoe canaaee aoaeoeaiiai caeo/aiiy oa
aeei?enoaiiy oaeeo ?ano?n?a a Oe?a?i?, ui ciaeoei nai? a?aeia?aaeaiiy o
?iaioao A.I. Aaeoey, TH.I.Iaoiiiaa, A.I.Eeeiea, A.I.Ianoa?aiea,
A.A.*ooia, A.N.Naa/oea, Ae.A.Eoe’yiaiea, I.I.Iicaiaiai, A.A.Aoanueeiai,
A.A.Ia?anaaee, A.?.E?aaeeniaa, A.N.O?e?iaiea, ?.A.Iai/aiea,
I.A.Ieioi?eiaa, A.I.Noaiaiaiea, I.A.Aaa?eethea, TH.A.Iaeiaiia,
A.A.Ia?oaina oa aaaaoueio ?ioeo.

Ne?ae cacia/eoe, ui iaoeiaa iaa?oiooaaiiy nioe?aeueii-aeiiii?/ii?
?aoi?ie a Oe?a?i?, aeaiaioii naia yei? ? iaoe?iiaeueia ?iaanoeoe?eia
ae?yeuei?noue, iiaeiii aoei a aooe a?eueo eiiieaeniei oa aaeaioiaaiei
aei ?aae?e. A oiiaao ia?ao?aeii? aeiiii?ee Oe?a?ie ?nioth/? oai?aoe/i?
i?aeoiaee o?eueee ii/anoe aeicaieythoue i?iaiicoaaoe ?ici??e oa
iai?yiee ?ooo ?iaanoeoe?eieo iioie?a. Aaaeeeaei ? anoaiiaeaiiy
caeaaeiino? i?ae ianyaii, oi?iaie oa iai?yieaie aaico o?iainiaiai
eai?oaeo ? a?aenioeiaeie ?eieiaeie noaaeaie, ii?iaie i?eaooeo, a oaeiae
??aiai iaaecia/aiino? i?iaiico uiaei iaea?aeaiiy i?eaooeo a?ae
?iaanoeoe?e a Oe?a?i?. C iaeyaeo ia oea ? ei?eniei ? aeioe?eueiei aeey
i?aeoe/iiai aeei?enoaiiy aecia/aiiy e?euee?nieo iieaciee?a, ui
oa?aeoa?ecothoue iioeaaoe?th aaico o?iainiaiai eai?oaeo ?iicaiieie
noa’?eoaie a Oe?a?io.

A?o/eciyia oai??y aoaeoeaiiai caeo/aiiy ? aeei?enoaiiy ?iaanoeoe?eieo
?ano?n?a o?eueee ii/eia? noai?thaaoenue, ?, ii?yae c aiae?cii aeaea?ae
?iicaiiiai eai?oaeo ? aea/aiiyi oiia, ia yeeo ?iicaii? o?ce/i? iniae,
ei?ii?aoe??, o?iainia? ?inoeoooe?? oa o?yaee iaaeaaaee a ?ano?ne
Oe?a?i?, aaaeeeaiai cia/aiiy iaaoaa? ioe?iea i?ecia/aiiy ?iaanoeoe?eieo
?ano?n?a c ii?aeiaiiyi iaoe?iiaeueieo ?iaanoeoe?eieo i??i?eoao?a. Oae?
?ic?iaee i?eaaee a aei a?eueo aoaeoeaiiai iaoiaeieia?/iiai aieeao ia
?iaanoeoe?eio neooaoe?th a Oe?a?i?, yea iei? ciooaia ooeaoe
?iaanoeoe?ei? ?ano?ne iica iaoe?iiaeueieie iaaeaie o aeaeyae? i?yieo ?
ii?ooaeueieo ?iicaiieo ?iaanoeoe?e, eiia?oe?eieo e?aaeeo?a, iicee
i?aeia?iaeieo o?iainiaeo ?inoeoooe?e, i?aeaea?aeaaieo e?aaeeo?a oa
oaoi?/ii? aeiiiiiae.

Iaiao?aei?noue oa aeooaeuei?noue aeine?aeaeaiiy i?ioean?a caeo/aiiy
?iaanoeoe?eieo ?ano?n?a c aeiiii?/ii ?icaeiaieo e?a?i, aeei?enoaiiy ?o a
e?a?iao c ia?ao?aeiith aeiiii?eith ia i?eeeaae? Oe?a?ie c a?aooaaiiyi
iaoe?iiaeueieo i??i?eoao?a iaoiiaeee aea?? oaie aeena?oaoe?eii? ?iaioe.

Ca’ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie. Aeena?oaoe?eia
?iaioa aeeiiaia ca?aeii c oaiaoeeith iaoeiai-aeine?aeieo ?ia?o
Ee?anueeiai iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo “Caeiiii??iino? oa
no/ani? oaiaeaioe?? ?icaeoeo anana?oiueiai ainiiaea?noaa”, ? aea?aeaaii?
?a?no?aoe?? VA 0100 2115?, oa “I?aeia?iaeia eiieo?aioini?iiiaei?noue a
oiiaao aeiaae?caoe??” “, ? aea?aeaaii? ?a?no?aoe?? 0198V 001576.

Iaoa oa caaaeaiiy aeine?aeaeaiiy. Iaoith ?iaioe ? iaa?oiooaaiiy oeyo?a
i?aeaeuaiiy aoaeoeaiino? caeo/aiiy oa aeei?enoaiiy i?aeia?iaeieo
?iaanoeoe?eieo ?ano?n?a ia iniia? aeaoa?i?i?caoe?? a?oi noa’?eo?a
?iaanooaaiiy oa ?o i???ioiaii? iioeaaoe??.

Aeey aeinyaiaiiy cacia/aii? iaoe iinoaaeai? ? ae??oothoueny oae?
caaaeaiiy:

aeine?aeaeaiiy yaeua aeaico eai?oaeo ??cieie a?oiaie noa’?eo?a:
o?ce/ieie iniaaie, ei?ii?aoe?yie, o?yaeaie oa iaoe?iiaeueieie ?
i?aeia?iaeieie o?iainiaeie ?inoeoooe?yie;

ocaaaeueiaiiy ?nioth/eo i?aeoiae?a aei aecia/aiiy iioeaaoe?? aeaico
eai?oaeo ca iaae? e?a?i ? ?ic?iaea iaoiaeieia?? aecia/aiiy oaei?
iioeaaoe??;

aeine?aeaeaiiy yaeua a?aeiia?aeiino? iaoe?iiaeueieo ?iaanoeoe?eieo
i??i?eoao?a iai?yieai aeei?enoaiiy i?aeia?iaeieo ?iaanoeoe?eieo
?ano?n?a a Oe?a?i?;

?ic?iaea ?aeiiaiaeaoe?e uiaei i?aeaeuaiiy aoaeoeaiino? aeei?enoaiiy
i?aeia?iaeieo ?iaanoeoe?eieo ?ano?n?a a Oe?a?i?.

Iaoeiaa iiaecia iaea?aeaieo ?acoeueoao?a oa iniaenoee aianie aaoi?a
iieyaa? a ianooiiiio :

1). Iaa?oioiaaia nenoaia iioeaaoe?e ?iicaiieo noa’?eo?a ?iaanoeoe?eii?
ae?yeueiino? ia iniia? ocaaaeueiaiiy i?aeoiae?a aei ioe?iee ia?aaaa
?iaanooaaiiy a ?icaeiaio e?a?io oa a e?a?io c ia?ao?aeiith aeiiii?eith.

2). Aecia/ai? iniaeeaino? aaico i?aeia?iaeieo ?iaanoeoe?eieo ?ano?n?a a
e?a?ie c ia?ao?aeiith aeiiii?eith ia i?eeeaae? Oe?a?ie ia iniia? aiae?co
?o no?oeoo?e oa eeth/iaeo oaiaeaioe?e ooai?aiiy oa ia?a?iciiae?eo.

3). Aecia/aia caeaaei?noue i?ae ianyaii oa oi?iaie aaico i?aeia?iaeieo
?iaanoeoe?eieo ?ano?n?a ? a?aenioeiaeie ?eieiaeie noaaeaie, ii?iaie
i?eaooeo oa aaee/eie ?eceeo a e?a?iao c ia?ao?aeiith aeiiii?eith ia
iniia? ioe?iee caeaaeiino? ianya?a oa oi?i ?iaanooaaiiy a?ae e?euee?nieo
oa ye?nieo iae?iaeiiii?/ieo ni?aa?aeiioaiue a Oe?a?i?.

4) Cai?iiiiiaaii aecia/aiiy i??i?eoaoieo aeey ?iaanooaaiiy ia’?eo?a o
aeaeyae? iaoe?iiaeueieo oa o?ainiaoe?iiaeueieo i?aeaaeocaaeo eiiieaen?a,
ui ae?thoue a iaeiiio oiaa?ii-a?ioiaiio eaioethao.

I?aeoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a. Iaoeia? ?ic?iaee
aeena?oaoe?eii? ?iaioe aoee aeei?enoai? a iaoa??aeao ioe?iee ?icaeoeo
?iaanoeoe?eiiai i?ioeano a aia?aaoeoe?, ye? iiaeaaaeenue aeey
i?aeaioiaee aeieoiaio?a a Iaoe?iiaeueio eii?n?th ?aaoethaaiiy aia?aaoeee
Oe?a?ie, oa i?e oi?ioaaii? oe?iiai? iie?oeee a aia?aaoe/iiio eiiieaen?
a Oe?a?ie c a?aooaaiiyi i?eaaoecaoe?eieo aniaeo?a. Iaoeia? ?ic?iaee
aeena?oaoe?eii? ?iaioe aoee oaeiae aeei?enoai? a iaa/aeueieo i?ia?aiao:
Ee?anueeiai iaoe?iiaeueiiai aeiiii?/iiai oi?aa?neoaoo (“I?aeia?iaeia
?iaanoeoe?eia ae?yeuei?noue”); I?aeia?iaeiiai oeaio?o i?eaaoecaoe??,
?iaanoeoe?e oa iaiaaeaeiaioo (“A?cian-ieaioaaiiy. I?iaeoiee aiae?c”,
“?ic?iaea ?iaanoeoe?eieo i?iaeo?a”).

Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??. Iniiai? iieiaeaiiy ? aeniiaee
aeena?oaoe?eiiai aeine?aeaeaiiy iaaiai?thaaeenue ia can?aeaiiyo eaoaae?e
i?aeia?iaeiiai iaiaaeaeiaioo EIAO a 1997-1999 ?ieao. Ca ?acoeueoaoaie
aeine?aeaeaiiy aoea c?iaeaia aeiiia?aeue ia i?aeia?iaei?e
iaoeiai-i?aeoe/i?e eiioa?aioe?? “No/ania ?iiiaaoe?eii-i?iieneiaa
iie?oeea Oe?a?ie: ?iaanoeoe?ei? i??i?eoaoe oa ?io?ano?oeoo?a”, yea
a?aeaoeanue 6-8 ea?oiy 1999 ?ieo o i. *a?i?aoe?.

Ioae?eaoe??. Ca oaiith aeena?oaoe?eiiai aeine?aeaeaiiy iioae?eiaaii
i’youe iaoeiaeo ?ia?o ianyaii 3,48 ae?oe. a?e.

No?oeoo?a, ci?no oa ianya aeena?oaoe?eii? ?iaioe. Aeena?oaoe?y
neeaaea?oueny c anooio, o?ueio ?icae?e?a, aeniiae?a, nieneo aeei?enoaii?
e?oa?aoo?e, oanoe aeiaeaoe?a. ?iaioa i?noeoue 171 noi??ieo ae?oeiaaiiai
oaenoo, 6 ?enoie?a, 18 oaaeeoeue. Nienie aeei?enoaii? e?oa?aoo?e
i?noeoue 87 iaeiaioaaiue.

Iniiaiee ci?no aeena?oaoe??

O anooi? iaa?oioiaai? aeooaeuei?noue oaie aeena?oaoe?eii? ?iaioe,
iaiao?aei?noue i?iaaaeaiiy aeaiiai aeine?aeaeaiiy, noi?ioeueiaai? eiai
iaoa ? caaaeaiiy, ?ice?eo? iiaecia oa i?aeoe/i? ?acoeueoaoe
aeine?aeaeaiiy.

?icae?e 1. Oai?aoeei-iaoiaee/i? i?aeoiaee aei aeine?aeaeaiiy
i?aeia?iaeiiai ?ooo ?iaanoeoe?eieo ?ano?n?a

O ?icae?e? ?icaeyaeathoueny i?ioeane noai?aiiy oa aeei?enoaiiy
?iaanoeoe?eieo ?ano?n?a. Eiinoaoo?oueny, ui e?a?ie aeei?enoiaothoue
??ci? ?aaoeyoeai? iaoai?cie oi?aae?iiy aeiiii?eith a i?ioean? noai?aiiy
aaeiaiai i?iaeoeoo. Aoaeoeai?noue aeei?enoaiiy ainiiaea?/eo iaoai?ci?a
aaciina?aaeiuei caeaaeeoue a?ae ??aiy ?icaeoeo i?iaeoeoeaieo nee,
?noi?e/ieo oa iaoe?iiaeueieo iniaeeainoae, ??ciiiai?oieo nioe?aeueieo
oaeoi??a. O aeine?aeaeaii? cacia/a?oueny, ui i?iaeaia aeiiii?/iiai
?icaeoeo e?a?i c ia?ao?aeiith aeiiii?eith iiaea aooe ?ica’ycaia, yeui
aoaea ciaeaeaii a?aeiia?ae? ia ieceo caieoaiue, a naia: ia ye?e
aeiiii?/i?e ia?aaeeai? ia? aoaeoaaoe naith aeiiii?eo ia?ao?aeia
noni?euenoai; ui yaeythoue niaith oaeoi?e c?inoaiiy ? yeith ia? aooe
no?oeoo?a iaoe?iiaeueii? aeiiii?ee, yea caaacia/eoue oea c?inoaiiy; aea
acyoe ?ano?ne, ye? caaacia/aoue ?icoe?aia a?aeoai?aiiy.

Iacaaaeath/e ia oa, ui ia no/aniiio aoai? na?oiaa aeiiii?/ia nenoaia
iicia/aia iane?aeeaie aieeao o?iainiai? e?ece 1998-1999 ?ie?a, yeith
ioiieai? e?a?ie ac?enueei-oeoiieaainueeiai ?aa?iio, e?a?ie NIAe oa iecea
e?a?i Eaoeinueei? Aia?eee, ?iaanoeoe?eia aeoeai?noue oa aeiiii?/ia
c?inoaiiy o aaaaoueio e?a?iao i?aeo?eioaaeenue oa iineethaaeenue
caaaeyee o/ano? i?aeia?iaeiiai ?iaanoeoe?eiiai eai?oaeo. Na?oiaa
ainiiaea?nueea i?aeoeea iae?/o? ??ciiiai?oi? iaoiaee aioee?eciaiai
?aaoethaaiiy, iaeiae aieiaieie neeaaeiaeie, ui caaacia/oaaee o na?e /an
iiaeieaiiy iane?aee?a ia??iaee/ieo e?ec ? coiiaeee c?inoaiiy aeiiii?ee,
aoee ?ano?ne acaaae? ?, o aecia/aeuei?e i???, eai?oae. Aeiiii?/ia
c?inoaiiy caaacia/oaaeinue ca?eueoaiiyi oaeoi??a ae?iaieoeoaa – i?aoe?
? eai?oaeo, noaa?aeaeo? aeaiooaeoi?ia iiaeaeue aeiiii?/iiai c?inoaiiy,
yea aoea iiaoaeiaaia I.Aeoaeanii ? O.Eiaaii. A.Aeai?nii o nai?io
aeine?aeaeaii? aeiaiaeeoue, ui iniiaiei oaeoi?ii, yeee aecia/ea
aeiiii?/ia c?inoaiiy iiai?iieo ssiii?? oa I?ia//eie, aoa eai?oae
(a?aeiia?aeii 2,1 ? 1,41 a?aenioea), ui caaacia/eei oeei e?a?iai oaiie
c?inoaiiy AAI (a?aeiia?aeii 8,81 ? 6,27 a?aenioea). Eai?oae a?ae?a?aa
ae??oaeueio ?ieue o iiai?iieo aeiiii?/ieo i?ioeanao ? a NOA. Aiae?c
aeiiii?/iiai c?inoaiiy ssiii??, O?I, Aaeeeia?eoai??, O?aioe??
na?ae/eoue, ui ia??iaee iaea?eueo aenieeo oaii?a i?aeeiio aeiiii?ee a
on?o aeiaaeeao aeieeaee i?ney ia??iae?a iaeaeui? ?iaanoeoe?eii?
aeoeaiino?. Aeineoue aeoeaio ?ieue ?iicaiiiai eai?oaeo a i?aeeii?
aeiiii?ee a aeie?eciaee ia??iae – aei 1998 ?ieo – ae?acii aeaeii o
iiaeo ?iaeono??aeueieo e?a?iao I?aaeaiii-No?aeii? Ac?? (I?aaeaiia Ei?ay,
Oaeaaiue, N?iaaio?, Aiieiia, Oa?eaiae). ?icaeoie A?acee?? oaeiae
a?aeaoany caaaeyee ?iicaiiiio eai?oaeo.

O e?a?iao c ?eieiaith aeiiii?eith aeei?enoiaothoueny iaoai?cie
?aaoethaaiiy, cia/iith i??ith i???ioiaai? ye ia ca?eueoaiiy
?iaanoeoe?eieo iiaeeeainoae naieo i?aei?e?inoa oa i?eaaoieo in?a,
aeoea?caoe?th ?o a?aeoai?thaaeueieo iiaeeeainoae ca iina?aaeieoeoaii
a?ioiaeo ?aaoeyoi??a, oae ? ia iiooe aeiaeaoeiaeo aeaea?ae aeey
o?iainoaaiiy ?icaeoeo. Aeina?ae e?a?i ?eieiai? aeiiii?ee, cie?aia NOA ?
O?I, na?ae/eoue, ui aieiaieie aeaea?aeaie iaoe?iiaeueieo ?iaanoeoe?e ?
aeani? eiooe i?aei?e?inoa oa e?aaeeoi? ?ano?ne, i?ioa aiai?eoe i?i
i??i?eoaoi?noue aioo??oi?o aeaea?ae aeey Oe?a?ie, yea ? oeiiaith
e?a?iith c ia?ao?aeiith aeiiii?eith, ca?ac ia?aaeueii.

Iacaaaeath/e ia oa, ui i?ioeane noai?aiiy oa aeei?enoaiiy ?ano?n?a a
?icaeiaieo e?a?iao iathoue cia/io oai?aoe/io iniiao, iaeiae aeey aiae?co
aeiiii?/ieo i?ioean?a a e?a?iao c ia?ao?aeiith aeiiii?eith aeei?enoaiiy
eeoa oe??? oai?aoe/ii? aace iaaeinoaoi?. I?e/eie oeueiai ia o?eueee a
oiio, ui aoaeue-yea oai??y ia iiaea neoaoaaoe i?yiith ?aeiiaiaeaoe??th
aei ae??. Aieiaia i?e/eia – oea oa, ui a e?a?iao c ia?ao?aeiith
aeiiii?eith oe?ie ia ?aaaothoue ia iiieo ? i?iiiceoe?th; oaeoi?e
ae?iaieoeoaa ia ?aaaothoue ia aeiiii?/i? noeioee; iayai?
iaaeineiiae?noue ?eieo oa aenieee ??aaiue iiiiiie?caoe??; i?iaeaie oa
o?oaeiiu? ?iaeono??aeueiiai ?icaeoeo iia’ycai? c oei, ui aioo??oi?
niiaeeaaiiy a oaeeo e?a?iao ? caiaaeoi aaeeeei, a caiuaaeaeaiiy –
a?ae’?iieie (oea ia aeicaiey? i?enei?eoe oaiie c?inoaiiy ? ca?eueoeoe
ianyae aaeiaiai iaoe?iiaeueiiai aeioiaeo), iayaia no?oeoo?ia
iaaeineiiae?noue aeiiii?ee ?, aieiaia, a?aenooiy ia?aaeeaia aeiiii?/iiai
?ooo.

O aeine?aeaeaii? ?icaeyaeathoueny oai?aoe/i? aniaeoe ?ooo eai?oaeo c
e?a?i c ?icaeiooith aeiiii?eith aei e?a?i c ia?ao?aeiith aeiiii?eith ?,
aeei?enoiaoth/e noaoenoe/iee iaoa??ae, aaoi? ?iaeoue i?aeoe/i? aeniiaee
uiaei iaeiiai ?c aeaiaio?a iaeaooiuei? oai??? aeiiii?ee ia?ao?aeiiai
ia??iaeo, a naia: c yeeo aeaea?ae aa?oi ? iiaeia a?aoe ?ano?ne, yea
no?oeoo?a iaoe?iiaeueii? aeiiii?ee caaacia/eoue ?oi? aoaeoeaia
aeei?enoaiiy ia oe? ?nioaaiiy i?eioeeiiaeo a?aei?iiinoae a aeiiii?/ieo
ia?aaeeaiao o oeo e?a?iao, aea noai?ththoueny ?ano?ne, ? a e?a?iao, aea
aiie aeei?enoiaothoueny. Aaoi?ii ocaaaeueiththoueny i?aeoiaee, ui
aeicaieythoue aecia/eoe, ca yeeo oiia iio?aieyoue oe? ?ano?ne aei e?a?ie
c ia?ao?aeiith aeiiii?eith: ianyae ?ano?n?a caeaaeaoue a?ae aeaiaee aai
aeaa, ye? ?ic?aoiaothoue iaea?aeaoe aeanieee ?ano?n?a. I?e?iaeii, ui c
oi/ee ci?o ?iaanoi?a /e e?aaeeoi?a ianyae oa oa?i?ie iaaeaiiy ?ano?n?a
aoaeooue caeaaeaoe a?ae oeo oaeoi??a, ui aecia/athoue ?iaanoeoe?eiee
ee?iao a e?a?i?, a naia: a?ae noaio oa aoaeoeaiino? iaoe?iiaeueii?
aeiiii?ee, iayaiino? aioo??oiuei? oa ciai?oiuei? caai?aiaaiino?, i??e
iia?eueiino? eai?oaeo. *e aoaeooue aiie aoaeoeaii aeei?enoai? o
e?a?i?-?aoeei??io?, a yeeo ianyaao aoaeooue caeo/ai? – c oi/ee ci?o
oe?a?inueeiai noa’?eoa ainiiaea?thaaiiy /e o?yaeo oea iiaeiii caeaaeaoe
a?ae iaoe ?o iaea?aeaiiy, aa?oino? oeeo ?ano?n?a, oa?i?io iaaeaiiy,
aeiaeaoeiaeo oiia oa ?ioeo ianoaaei.

?icae?e 2. Noa’?eoia oa?aeoa?enoeea i?aeia?iaeieo ?iaanoeoe?eieo iioie?a
aeeth/a? aeaa i?ae?icae?ee.

O ?icae?e? iaaaaeaia oa?aeoa?enoeea aeaea?ae i?aeia?iaeieo
?iaanoeoe?eieo ?ano?n?a. sse eiie?aoiee iaoiaeieia?/iee i?aeo?ae aei
aecia/aiiy ianya?a oa iioeaaoe?e aeaico ?iaanoeoe?eieo ?ano?n?a
aeei?enoaii noa’?eoiee i?aeo?ae, oiaoi oaeoi?e i?aeia?iaeii?
iia?eueiino? ?iaanoeoe?eieo ?ano?n?a ?icaeyioo? c iiceoe?e e?eueeio a?oi
noa’?eo?a: o?ce/ieo in?a, ei?ii?aoe?e, o?yae?a e?a?i, iaoe?iiaeueieo oa
i?aeia?iaeieo o?iainiaeo ?inoeoooe?e. Oaeee i?aeo?ae aeicaiey? ie?aii
?icaeyiooe iiaaae?ieo eiaeii? a?oie noa’?eo?a ?iaanoeoe?eiiai i?ioeano,
ye? a?ae??ciythoueny iaeia a?ae iaeii? iioeaaoe?yie, ianyaaie oa
iai?yieaie aeaico-aaico ?ano?n?a, ui iaoiiaeaii ??cieie iaoai?ciaie
noai?aiiy oa ?iaeea?aeoaeueieie oe?eyie aeei?enoaiiy ieie iaeaaeieo ?i
?ano?n?a.

?en. 1. Noa’?eoe ?iaanooaaiiy oa ?o aca?iiae?y c ia’?eoaie ?iaanooaaiiy

Aeey aecia/aiiy ianyao o?iainiaeo ?ano?n?a, ye? i?iiiiothoue ?eieo
o?iainiaeo eai?oae?a o?ce/i? iniae, a aeine?aeaeaii? aeei?enoaia
oai??y i?ae/aniaiai aeai?o oa aca?iicaeaaei?noue i?ae ooieoe??th
niiaeeaaiiy ? ooieoe??th caiuaaeaeaiiy aeiiiainiiaea?noaaie (ye? a
aeine?aeaeaii? ?icaeyaeathoueny ye o?ce/i? iniae).

Aeey aecia/aiiy ianyao o?iainiaeo ?ano?n?a, ui iathoue o nai?io
?icii?yaeaeaii? ei?ii?aoe??, a aeine?aeaeaii? aeei?enoiao?oueny
i?aeo?ae, yeee iieyaa? a ocaaaeueiaii? caaaeueiii?eeiyoeo i?eeii?a
aecia/aiiy ianya?a aeanieo ?ano?n?a ei?ii?aoe?e. Oea – caeaaei?noue i?ae
caiuaaeaeaiiyie, aeioiaeii, aeo?aoaie ia ae?iaieoeoai, aeea?aeaiaeieie
aeieaoaie oa aii?oecaoe?eieie a?ae?aooaaiiyie. E??i aeanieo eioo?a,
ei?ii?aoe?y aeey ?iaanooaaiiy iiaea aeei?enoiaoaaoe oaeiae ?ano?ne,
i?eaeaai? ia ?eieo eai?oae?a.

Ianyae o?iainiaeo ?ano?n?a, ui ciaoiaeyoueny o ?icii?yaeaeaii? o?yae?a
e?a?i, aecia/athoueny aea?aeaaieie caiuaaeaeaiiyie, ye? aei??aiththoue
aeaaa?a?/iiio iaaeeeoeo aea?aeaaieo iiaeaoeiaeo oa ?ioeo iaaeoiaeaeaiue
? i?eaooe?a aea?aeaae a?ae ae?yeueiino? aea?aeaaieo i?aei?e?inoa ?
i?aai?caoe?e iaae aea?aeaaieie aeaeaoeaie ia oiaa?e, iineoae ?
o?ainoa?oe. E??i aeanieo eioo?a, o?yae aeey ?iaanooaaiiy ana?aaeei? /e
ca iaaeaie e?a?ie iiaea aeei?enoiaoaaoe oaeiae ?ano?ne, i?eaeaai? ia
?eieo eai?oae?a. O oeueiio aeiaaeeo ianya eai?oaeiaeeaaeaiue aea?aeaae
ca ?aooiie i?eaeaaieo ?ano?n?a aoaea aecia/aoenue ia i?aenoaa?
ii??aiyiiy nioe?aeueii-aeiiii?/ii? aoaeoeaiino? eai?oaeiaeeaaeaiue ia
aaeeeeo /aniaeo ?ioa?aaeao oa ?eieiai? aa?oino? iice/eiaiai eai?oaeo.

Ianyae o?iainiaeo ?ano?n?a i?aeia?iaeii? o?iainiai? ?inoeoooe??, ui ae??
ia iaeiia?oe?eieo canaaeao ? iaaea? o?iainia? ?ano?ne ca ?aooiie aeanieo
?ano?n?a, caeaaeaoue a?ae oiai, ne?eueee o?iainiaeo ?ano?n?a o nai?io
?icii?yaeaeaii? aiia ia? o aeaeyae? aianaiiai noaoooiiai eai?oaeo ?
caiice/aiiai, a naith /a?ao, aeiaeaoeiaiai eai?oaeo – ca aeiyoeii o???
/anoeie aeanieo eioo?a, yea aaea aeei?enoaia ia e?aaeeooaaiiy a
iiia?aaei? ia??iaee /ano.

Aeae? iaaaaeaia nenoaia iioeaaoe?e iaaeaiiy ?iaanoeoe?eieo ?ano?n?a
?iicaiieie noa’?eoaie ?iaanoeoe?eii? ae?yeueiino?.

Ui noino?oueny o?ce/ieo in?a, oi a cae/aeiiio aeiaaeeo i?e a?aeiinii
iaaenieeo cia/aiiyo ?eieiai? a?aenioeiai? noaaee c?inoaiiy i?eaooeiaino?
caiuaaeaeaiue aaaea aei ca?eueoaiiy ?oiueiai ianyao, a eiee ?eieiaa
a?aenioeiaa noaaea ia?aaeuo? iaaiee ??aaiue, oi ianya caiuaaeaeaiue
ii/eia? cieaeoaaoenue. Iiyniaiiy oaei? iniaeeaino? caeaaeiino? i?ae
a?aenioeiaith noaaeith ? ianyaii ?iaanoeoe?e o?ce/ieo in?a aea? iiaeaeue
i?iiiceoe?? caiuaaeaeaieo ?ano?n?a o?ce/ieie iniaaie, yea a?aeia?aaea?
nooi?noue oai??? i?ae/aniaiai aeai?o: o?ce/ia iniaa i?eeia? ??oaiiy
a?aeiinii ianya?a niiaeeaaiiy oa caiuaaeaeaiue i?ae aieeaii ni?yiiaaieo
o i?ioeeaaeieo iai?yieao ae?e aoaeo?a cai?ie oa aeioiaeo.

I?aenoaae i?eeiyooy ??oaiiy o?iainiaith ?inoeoooe??th a?aeiinii oiai,
ye iaea?aeaoe iaea?eueoee aeioiae, iia?oth/e oe?iieie iaia?aie, oa
ciaioeoe iaaecia/ai?noue a?aeiinii iaea?aeaiiy oeueiai aeioiaeo,
iaa?oioiaai? o oai??? oi?ioaaiiy ii?ooaey A. Ia?eia?oea. Oai??y
aeicaiey? ciaeoe iioeiaeueia ??oaiiy uiaei ?iaanoeoe?e ia i?aenoaa?
ioe?iee ni?aa?aeiioaiiy i/?eoaaii? i?eaooeiaino? oa noaiaea?oiiai
a?aeoeeaiiy i?iaeoieo ii?ooae?a, ye? ? iaai?ii ?iaeea?aeoaeueieo
?iaanoeoe?eieo i?iaeo?a. Iiaeaeue aeicaiey? ciaeoe oae? i?iii?oe??
?iciiae?eo eioo?a i?ae ?iaanoeoe?yie, uia ?ecee ii?ooaeth i?e caaeai?e
i?eaooeiaino? aoa i?i?iaeueiei.

Ca i?aeoiaeii Ae.Eaeina, iaoa ae?yeueiino? ei?ii?aoe?? iieyaa? a oiio,
ui aiia iaiaaaoeiaoueny iaenei?coaaoe ?eieiao aa?o?noue aeaniiai
eai?oaeo, oiaoi iaiaaaoeiaoueny aeinyaoe iaeaeui? eai?oae?caoe??. C
?ioiai aieo, ca i?aeoiaeii Ae.Oia?ia, ei?ii?aoe?y aoaea iaiaaaoenue
iaea?aeaoe i?eaooie, ?iaanooth/e iice/eiaee o?iainiaee eai?oae aei
o??? iaae?, iiee i?eaooie a?ae eiaeii? iiai? ?iaanoeoe?? aoaea a?eueoei,
i?ae aa?o?noue iice/aieo aeey ?iaanooaaiiy eioo?a. Ia aeoieo aaoi?a,
iaoith ae?yeueiino? ei?ii?aoe?? o?aaa aaaaeaoe iaeneiae?caoe?th
eiinie?aeiaaii? (c ??cieo ?iaanoeoe?eieo i?iaeo?a) /enoi? oaia??oiuei?
aa?oino? a?ioiaeo iioie?a. Oaeee eoo ci?o aeeeth/a? noia?a/i?noue i?ae
i?aeoiaeii Ae.Eaeina ? i?aeoiaeii Ae.Oia?ia: ocaaaeueithth/ith
i?aenoaaith cae?eniaiiy ei?ii?aoe??th ?iaanoeoe?e, a oiio /ene? ca
iaaeaie e?a?ie aacoaaiiy, ? iaiaaaiiy iaea?aeaoe iaea?eueo? iiaeeea?
cia/aiiy /enoi? oaia??oiuei? aa?oino? iioieo ieaoaae?a a?ae
cae?enithaaieo eiiiai??th ?iaanoeoe?eieo i?iaeo?a, ui caaacia/eoue
iaea?aeaiiy iaea?eueoiai iiaeeeaiai i?eaooeo a iioi/iiio oa ianooiieo
?ieao, ? ui, a naith /a?ao, i?eaaaea aei c?inoaiiy aa?oino? aeaniiai
eai?oaeo oa eo?niaiai c?inoaiiy aa?oino? oe?iieo iaia??a ei?ii?aoe??.

Iioeaaoe?th ca?oa?aeiiai ?iaanooaaiiy o?ainiaoe?iiaeueii? eiiiai?? (OIE)
aeia?a ?ice?eaa? oai??y ?ioa?iae?caoe??, yea iiynith? i?aenoaae
?iaanoeoe?eii? ae?yeueiino? OIE iiaeeea?noth i?aai?caoe?? aeaniiai
?ioa?iaeueiiai ?eieo, yeee ii?aeio? iinoa/aiiy, ae?iaieoeoai oa caoo.
Oey oai??y aeei?enoaia ye iniiaa aaoi?nueei? eiioeaioe??: ?iaanoeoe?ei?
i?iaeoe OIE ? a e?a?i? aacoaaiiy, ? ca ?? iaaeaie – oea ni?iaa noai?eoe
a?oio ca’ycaieo i?ae niaith aeae?a ae?yeueiino?, yeo iiaeia iacaaoe
ei?ii?aoe?eiei eeanoa?ii. Iioeaaoe??th OIE noai?thaaoe oaeee eeanoa? ?
iaoa caaacia/eoe iaea?eueo? iiaeeea? noeoii? cia/aiiy oaia??oiuei?
aa?oino? iioieo ieaoaae?a a?ae noeoiiino? cae?enithaaieo eiiiai??th
?iaanoeoe?eieo i?iaeo?a, a ia iaia’yceiai a?ae eiaeiiai i?iaeoo: iaio?
ianyae i?eaooeo a?ae iaeieo aeae?a ae?yeueiino? aoaeooue eiiiainiaai?
a?eueoith i?eaooeia?noth ?ioeo aeae?a ae?yeueiino? ei?ii?aoe??, ye?
ciaoiaeyoueny a iaeiiio oiaa?ii-a?ioiaiio eaioethao.

Oi/ na?oiaa ni?eueiioa iaieioo? nai?ie i??i?eoaoaie ?icaeoie
ni?a?ia?oieoeoaa ? noaa?e?caoe?th na?oiaiai ainiiaea?noaa ia ni?eueieo
canaaeao, ia’?aeiaiiy coneeue aeey noaa?e?caoe?? i?aeia?iaeieo o?iain?a
oa na?oiai? aeiiii?/ii? nenoaie, iaeiae i?aeoe/ii an? e?a?ie c
?icaeiaiith aeiiii?eith i?iaeaiiino?oaaee aeiiii?/iee i?aaiaoeci uiaei
caoenoo aeanieo ?ioa?an?a, iaaeath/e e?aaeeoe, iiceee, oaoi?/io
aeiiiiiao a oeo aeiaaeeao, eiee oea aea?aeii c oi/ee ci?o iaoe?iiaeueieo
aeiiii?/ieo no?aoaa?e. Ca I. Ii?oa?ii, ia i?aeia?iaeiiio ?eieo
eiieo?othoue ei?ii?aoe??, a ia e?a?ie, iaeiae aaoi?nueea eiioeaioe?y
iieyaa? a oiio, ui ei?ii?aoe?? aoaeoeaii ?aae?cothoue nai? eiieo?aioi?
ia?aaaae a oeo e?a?iao, aea ?oi? ae?? i?aeo?eiai? aeanieie o?yaeaie.
Aaoi? aeine?aeaeaiiy i?eionea?, ui aiaeii/an c aeiaaeueii-iie?oe/ieie
i??eoaaiiyie a?aeiinii i?aenoaa iaaeaiiy o?iainiaeo ?ano?n?a iaaiei
e?a?iai, o?yaee e?a?i, ui iaaeathoue ?ano?ne, iaiaaathoueny noai?eoe
oaea aeiiii?/ia na?aaeiaeua a e?a?iao iaaeoiaeaeaiiy oeeo ?ano?n?a, yea
aeicaieeoue ?o aeaniei iaoe?iiaeueiei ei?ii?aoe?yi iaoe ni?eyoeea?
?eieia? oiiae ia oeeo oa?eoi??yo. Ae?yeuei?noue ?iicaiiiai o?yaeo aoaea
iai?aaeaia ia oa, uia ciaioeoe cia/aiiy aeaoa?i?iaio?a eiieo?aioii?
ia?aaaae o??? e?a?ie, aea ii/eiathoue ae?yoe iaoe?iiaeuei? ei?ii?aoe??,
oiaoi caaacia/eoe oiiae aeey ae?eiai? aeoeaiino? aeaniei ei?ii?aoe?eiei
eeanoa?ai. Aeey ciaioaiiy cia/aiiy aeaoa?i?iaio?a eiieo?aioii? ia?aaaae
o??? e?a?ie, aea ii/eiathoue ae?yoe iaoe?iiaeuei? ei?ii?aoe??, oiiaith
iaaeaiiy o?iainiaeo ?ano?n?a ia i?aeo?yaeiaiio ??ai? ? ?oi? aeei?enoaiiy
ca iaaeaie oeo aeaiaio?a iaoe?iiaeueiiai “?iiao”, ye? iathoue
aecia/aeueia cia/aiiy aeey eiieo?aioini?iiiaeiino?. A ia?oo /a?ao oea
noino?oueny iia’ycaieo ? i?aeo?eioth/eo aaeocae. O?aaa cacia/eoe, ui oea
ia noino?oueny aeayeeo ia?aiao??a oaeoi??a (ua iaeiiai aeaiaioo ?iiaa),
a naia ?io?ano?oeoo?e (o?ainii?oii? nenoaie, nenoaie oaeaeiioi?eaoe?e,
iiooiaeo iineoa, aaie?anueei? nenoaie, aioaeueiiai oiiaeo), iaeiae oe?
oaeoi?e aecia/athoue ??aaiue aeeooy a e?a?i? oa i?eaaaeea?noue e?a?ie
ye i?noey aeeooy oa ?iaioe, oiaoi noai?ththoue oiiae aeey aoaeoeaiiai
?iicaiiiai a?ciano.

Ui ae aei i?aeia?iaeieo o?iainiaeo ?inoeoooe?e, ye? iaaeathoue e?aaeeoe
oa iiceee ia iaeiia?oe?ei?e iniia?, oi aaoi? aeine?aeaeaiiy aaaaea?, ui
oaeoi?ii (e??i aeiaaeueieo iie?oe/ieo oe?eae), yeee aieeaa? ia aea??
i?aeia?iaeieie o?iainiaeie ?inoeoooe?yie oeo /e ?ioeo e?a?i ye
e?a?i-?aoeei??io?a, ? aeiaaioa?i?iia? aeiaaeuei? aeiiii?/i? oe?e?
o?yae?a oeo e?a?i, ye? canioaaee oe? i?aeia?iaei? i?aai?caoe??. Ca oaeeo
ianoaaei aecia/aeueio ?ieue a?ae?a?a? i??a aieeao aea?aeaa-caniiaiee?a
ia ea?oth/? i?aaie i?aeia?iaeieo o?iainiaeo ?inoeoooe?e.

?icae?e 3. I?ioean oi?ioaaiiy oa aeei?enoaiiy ?iaanoeoe?eieo ?ano?n?a a
Oe?a?i? c iiceoe?e noa’?eoiiai i?aeoiaeo

Aeey aecia/aiiy i?noey Oe?a?ie a i?ioean? i?aeia?iaeiiai ?iaanooaaiiy c
a?aooaaiiyi iaoe?iiaeueieo ?iaanoeoe?eieo i??i?eoao?a ? iiaeeeaiai
iiieoo ia ?iaanoeoe?ei? ?ano?ne o aeine?aeaeaii? aeei?enoaiee
noa’?eoii-ooieoe?iiaeueiee i?aeo?ae. A?i ii?aeio? ?icaeyae
?iaanoeoe?eieo ?ano?n?a, ui iaaeoiaeyoue a Oe?a?io, c iiceoe?e a?oi
?iicaiieo noa’?eo?a – aeaniee?a ?ano?n?a (o?ce/ieo in?a, ei?ii?aoe?e oa
o?yae?a e?a?i), oa ca ooieoe?yie ?ano?n?a (i?yi? ?iaanoeoe??,
ii?ooaeuei? ?iaanoeoe??, i?aeia?iaei? e?aaeeoe oa oaoi?/ia aeiiiiiaa).

A aeine?aeaeaii? ?iaeoueny aeniiaie, ui i?ioean aaciina?aaeiueiai
iaaeaiiy ia?an?/iith ?iicaiiith o?ce/iith iniaith aeanieo ?ano?n?a
noa’?eoai ainiiaea?thaaiiy a Oe?a?i? iaeaea iaiiaeeeaee /a?ac
a?aenooi?noue i?aeoe/iiai i?ioeaaeo?iiai iaoai?cio, oiaoi caiuaaeaeai?
o?iainia? ?ano?ne ?iicaiii? o?ce/ii? iniae iiaeooue aooe aeaacai? ca
iaae? e?a?ie ? aaacai? a Oe?a?io o?eueee i?ney aeeaaeaiiy oeeo eioo?a ia
aeaiiceo a iaeei c i?noeaaeo aaie?a, eoi?ae? oe?iieo iaia??a iaeiiai ?c
i?noeaaeo ?iaanoeoe?eieo oiiae?a aai eoi?ae? ei?ii?aoeaieo oe?iieo
iaia??a. Aeae? ??oaiiy a?aeiinii ianya?a oa iai?yie?a aeei?enoaiiy
?ano?n?a i?eeia?oueny o?iainiaeie ?inoeoooe?yie /e ei?ii?aoe?yie ia
i?aenoaa? aeanieo iioeaaoe?e, a caeaaeiino? a?ae /eiiee?a, ui ae?thoue
ia i?noeaaeo ? i?aeia?iaeieo ?eieao eai?oae?a.

Ui noino?oueny a?iioaoe/ii? iiaeeeaino? aaciina?aaeiueiai ?iaanooaaiiy
?iicaiiith o?ce/iith iniaith a Oe?a?io o aeaeyae? a?aee?eooy
aeaiiceoiiai ?aooieo, eoi?ae? IAAeI /e ioi?oeeiaeueieo iae?aaoe?e, oi
?iicaiia o?ce/ia iniaa aeey ?ic?aooieo aeaniiai i?eaaaeaiiai /enoiai
aeioiaeo c a?aooaaiiyi, a ia?oo /a?ao, iie?oe/iiai ?eceeo aeei?enoa?
oae? cia/aiiy iieacieea aaaeaii? i?eaooeiaino?, ye? aeua iioi/ieo
cia/aiue i?eaooeiaino? ca na?aaeiuei-oa?i?iiaeie aeiea?iaeie aeeaaeaie
aeey o?ce/ieo in?a, i?eaooeiaino? IAAeI oa i?eaooeiaino? iae?aaoe?e
ia?oeo oe?a?inueeeo i?aeia?iaeieo iicee. Ii?aeiaiiy i?eaooeiaino? oa
noaiaea?oiiai a?aeoeeaiiy aeey oe?a?inueei? neooaoe?? aoaeooue
ciaoiaeeoenue o oeueiio ?ac? ca iaaeaie e?i?e aaeaeoaeino? ?iicaiieo
?iaanoi??a iaa?oue c aenieeie ??aiyie ?eceeo. ?acoeueooth/a cia/aiiy
i?eaaaeaiiai /enoiai aeioiaeo ca ioe?ieaie oaeeo ?iaanoi??a a?aeoae
aoaea a?ae’?iiei. Aeey ?iaanooaaiiy a iaaeao aeanii? e?a?ie aaee/eia
aeeneiioiiai iieacieea iacia/ii aieeaaoeia ia aaee/eio i?eaaaeaiiai
/enoiai aeioiaeo, a aeey ?iaanooaaiiy, a Oe?a?i? – a cii? c aenieei
?eceeii – nooo?ai. Iaeii/anii ?ecee ?iaanooaaiiy a iaaeao aeanii? e?a?ie
aoaea ioe?ithaaoeny c aenieith iaae?ei?noth ? ye iacia/iee, a ?ecee
?iaanooaaiiy a Oe?a?io – c iaaenieith iaae?ei?noth ?, aei oiai ae, ye
aenieee. Oae? ianoaaeie aieeiooue ia i?eeiyooy ??oaiiy ?iicaiieie
o?ce/ieie iniaaie a?aeiinii aeei?enoaiiy aeanieo ?ano?n?a o a?eueo
aacia/ieo i?iaeoao a iaaeao aeanii? e?a?ie o aeaeyae? ?iaanoeoe?e o
aea?aeaai? /e ei?ii?aoeai? iae?aaoe??, a cae/aei? aeoe?? /e ?ici?uaiiy
a?ioae ia aaie?anueeeo ?aooieao i?noeaaeo aaie?a.

??oaiiy iaoe?iiaeueii? aai i?aeia?iaeii? o?iainiai? ?inoeoooe??
a?aeiinii oiai, /e iiaeeeai iaea?aeaoe aeioiae oa ciaioeoe
iaaecia/ai?noue a?aeiinii iaea?aeaiiy oeueiai aeioiaeo, iia?oth/e c
oe?a?inueeeie oe?iieie iaia?aie, iaaeath/e iiceee oe?a?inueeei noa’?eoai
ainiiaea?thaaiiy aai iia?oth/e ia oe?a?inueeiio ?eieo i?aeaaie?anueeeo
iicee, oaeiae aoaea i?eeiaoenue ia i?aenoaa? ioe?iee ni?aa?aeiioaiiy
i/?eoaaii? i?eaooeiaino? oa noaiaea?oiiai a?aeoeeaiiy, ui
a?aeiia?aeathoue oe?a?inueeei oiiaai ?iaanooaaiiy a ii??aiyii? ?c
oiiaaie a e?a?i?, aea oey o?iainiaa ?inoeoooe?y ?icoaoiaaia. Oae, o 1998
?ioe? i?eaooeia?noue aea?aeaaieo iae?aaoe?e a NOA neeaea i?eaeecii 12
a?aenioe?a, i?eaooeia?noue ei?ii?aoeaieo iae?aaoe?e – 13 a?aenioe?a,
i?eaooeia?noue cae/aeieo aeoe?e – 16 a?aenioe?a. Na?aaeiy noaaea
e?aaeeoieo iia?aoe?e neeaea 6,5-8,1 a?aenioea, a i?ny/ia noaaea,
iai?eeeaae, LIBOR aeey i?aeaaie?anueeeo iia?aoe?e neeaea ia 12.10.98
5,375 a?aenioea. A 1998 ?ioe? i?eaooeia?noue IAAeI a Oe?a?i? neeaaeaea a
na?aaeiueiio 39 a?aenioe?a, i?eaooeia?noue ca na?aaeiuei-oa?i?iiaeie
aeiea?iaeie aeeaaeaie aeey o?ce/ieo in?a – 38 a?aenioe?a, a
i?eaooeia?noue iae?aaoe?e ia?oeo oe?a?inueeeo i?aeia?iaeieo ioae?/ieo
iicee, ?ici?uaiiy yeeo i?iaaaeaii eiiiai??th “Ia???e E?i/” oa
Eiia?oeaaieii I?ia//eie a 1998 ?ioe?, neeaaeaea 16%. I?e?iaeii, ui aeey
ioe?iee i/?eoaaii? i?eaooeiaino? ?iicaiia o?iainiaa ?inoeoooe?y
aeei?enoa? aioo??oith ii?io i?eaooeiaino? eiie?aoieo ?iaanoeoe?eieo
i?iaeo?a, aeey ioe?iee i??e ?eceeo cai?noue noaiaea?oiiai a?aeoeeaiiy
aeei?enoa? oaeo aeeneiioio noaaeo aeey ?ic?aooieo /enoi? oaia??oiuei?
aa?oino?, yea ca?eueoaia ia aaee/eio, ui a?aeiia?aea? aeaniei ioe?ieai
i??e ?eceeo a Oe?a?i?. O?iainia? ?inoeoooe?? ?ioeo e?a?i aeey ?ic?aooieo
aeaniiai /enoiai aeioiaeo aeei?enoathoue oae? cia/aiiy aaaeaii?
i?eaooeiaino? a Oe?a?i?, ye? i?eaeecii a?aeiia?aeathoue i?iiiceoe?yi
oe?a?inueeiai o?iainiaiai ?eieo. Oe? ianoaaeie i?eaiaeyoue aei
i?eeiyooy iiceoeaiiai ??oaiiy ?iicaiieie o?iainiaeie ?inoeoooe?yie
a?aeiinii aeei?enoaiiy aeanieo ?ano?n?a o ei?ioeioa?i?iiaeo
aeaiiceoii-iice/eiaeo iia?aoe?yo, aieiaiei /eiii i?ae ca?oa?aeieie
aaieaie oa oe?a?inueeeie aaieaie ia?oi? eaoaai??? aai o/ano? ia ?eieo
oe?a?inueeeo iae?aaoe?eieo iicee (oaea ioe?iea a?aeiia?aea? oiiaai
oe?a?inueeiai o?iainiaiai ?eieo aei eenoiiaaea 1998 ?ieo).

O aeine?aeaeaii? ?iaeoueny aeniiaie: oi/a ?oo ei?ii?aoeaiiai eai?oaeo
/a?ac ei?aeiie iiceoeaii caeaaeeoue a?ae ??cieoe? a i?eaooeiaino?
i?iieneiai? ae?yeueiino? o e?a?i? aacoaaiiy ? a Oe?a?i?, iaeia/a ??aaiue
/ooeeaino? ca?oa?aeieo ?iaanoeoe?e aei i?eaooeiaino? ei?ii?aoeaieo
?iaanoeoe?e a Oe?a?i? iano?eueee iecueeee, ui iioiee iaeiai oa
na?aaeiueiai ei?ii?aoeaiiai eai?oaeo iaeaea ia ?aaaothoue ia a?aeiinii
aenieo i?eaooeia?noue ie?aieo ?iaanoeoe?eieo i?iaeo?a a Oe?a?i?.
Neooaoe?y oneeaaeith?oueny aa?’??aie aoiaeo oa aeoiaeo ?c a?ciano,
a?aenooi?noth a?eueiiai aeinooio aei ?eieiai? ?ioi?iaoe??, iecueeith
iia?euei?noth oaeoi??a ae?iaieoeoaa (a ia?oo /a?ao, eai?oaeo), ae?ae
aenieei ?eceeii ? ooo/ii ?aaoeueiaaiei aaethoiei eo?nii. Iaaaoeaiee
aieea caaaeueiiai noaio aeiiii?ee, caeiiiaeaa/i? ianoaa?eueiino?
iano?eueee aaeeeee, ui iae? oa na?aaei? ca?oa?aei? ei?ii?aoe?? ia
?aaaothoue ia a?aeiinii aenie? oe?a?inuee? ii?ie i?eaooeiaino?.
Neooaoe?y oaeiae oneeaaeith?oueny aeey Oe?a?ie ii?aeiaiiyi oiia
ia?ao?aeii? aeiiii?ee c ?aa?iiaeueiith o?iainiaith e?ecith 1998-1999
?ie?a.

Ui ae aei iioeaaoe?? iiaaae?iee OIE a?aeiinii oiai, /e aeei?enoiaoaaoe
na?e eai?oae a Oe?a?i?, oi ooo ? nai? iniaeeaino?: iaiaaeaea?e OIE o
aeiaaeeo iaiao?aeiino? i?eeiyooy ??oaiiy ?iaanooaaoe a Oe?a?io /e ia
?iaanooaaoe, ?ic?aoiaothoue naia ia caaaeueiee /enoee oaia??oi?e
aeioiae a?ae iecee i?iaeo?a, ui cae?eniththoueny ia aaeeeeo /aniaeo
?ioa?aaeao. Ocaaaeueithth/e i?aenoaae aaico eai?oae?a OIE a Oe?a?io,
iiaeia noaa?aeaeoaaoe, ui, iacaaaeath/e ia aeani? cia/i? oa
aeiaaioa?i?iia? aeaeaoee, iaaenieo i?eaooeia?noue ?iaanoeoe?e, aenieee
iie?oe/iee ?ecee aiane?aeie iaiine?aeiaii? aeiiii?/ii? iie?oeee iecee
o?yae?a Oe?a?ie, OIE a oe?eiio iiceoeaii ioe?iththoue aeeiai?eo
oe?a?inueeeo iae?iaeiiii?/ieo oaeoi??a ? aecia/athoue ?iaanooaaiiy a
Oe?a?io ye i?eaooeiaa. Oea na?ae/eoue i?i oa, ui ioe?iea OIE ia?aa?ao
iie?oe/ieo iiae?e, aeeiai?ee aeiiii?/iiai noaio, iai?yie?a ?icaeoeo
caeiiiaeaa/i? aace a Oe?a?i? ia /aniaeo i?ii?aeeao a aeanyoie ?ie?a ?
aeinoaoiueith i?aenoaaith aeey aeei?enoaiiy aeineoue iaaenieeo
aeeneiioieo noaaie i?e ?ic?aooieo caaaeueieo ?acoeueooth/eo a?ioiaeo
iioie?a a?ae ?iaanoeoe?eieo i?iaeo?a, ui, a naith /a?ao, i?eaiaeeoue aei
iiceoeaiiai ??oaiiy ?iaanooaaiiy a Oe?a?io.

Ui noino?oueny i?aenoaa iaaeaiiy Oe?a?i? i?aeaea?aeaaieo e?aaeeo?a, oi
iaaaaeai? a aeine?aeaeaii? aeai? na?ae/aoue, ui ?iicaii? o?yaee ae?thoue
oae, uia caaacia/eoe eiieo?aioini?iiiaei?noue a?o/eciyieo ei?ii?aoe?e o
aeiaaeueiiio ianooaa?. Oi/a ca ia??iae c n?/iy 1992 ?ieo aei 1 n?/iy
1997 ?ieo ca i?aeia?iaeieie oa i?aeo?yaeiaeie aeiiiaeaiinoyie a Oe?a?i?
a?aee?eoi 13 ?iicaiieo e?aaeeoieo e?i?e (I?ia//eie, ?oae??, O?aioe??,
ssiii??, ?N, NOA oiui) ia caaaeueio noio 2448,02 iei. aeiea??a NOA,
iaeia/a aeiaaioa?i?iia? aeani? aeiiii?/i? oe?e? o?yae?a oeo e?a?i, ye?
iathoue eiie?aoi? aeiiii?/i? i?aenoaae i?eeiaoe ??oaiiy a?aeiinii
ianya?a oa iai?yie?a iaaeaiiy o?iainiaeo ?ano?n?a a iaaeao aeanieo
aeiaaino?ieiaeo oa iioi/ieo oe?eae, iieyaathoue a oiio, ui aiie
iaiaaathoueny noai?eoe oaea aeiiii?/ia na?aaeiaeua a e?a?iao
iaaeoiaeaeaiiy e?aaeeo?a, yea aeicaieeoue aeaniei iaoe?iiaeueiei
ei?ii?aoe?yi iaoe ni?eyoeea? ?eieia? oiiae. Iaoe?iiaeueia aeaiaea a
oaeeo aeiaaeeao iaea?aeo?oueny ca aeiaeaoeiaeo oiia iaaeaiiy iiceee, a
naia oaea iiceea iiaeiia aooe aeei?enoaia ia o?iainoaaiiy aenii?oo
oiaa??a oa iineoa c e?a?ie-e?aaeeoi?a. Ne?ae cacia/eoe, ui aeei?enoaiiy
i?aeia?iaeieo ?iaanoeoe?eieo ?ano?n?a o aeaeyae? ?iicaiieo e?aaeeo?a
ca?eueoo? ciai?oi?e ai?a Oe?a?ie, yeee ca 1992-1997 ?iee ae??n c 396
iei. aeiea??a NOA aei 8,7 ie?ae. aeiea??a NOA, a ca 1998 ??e – aei
11,5 ie?ae. aeiea??a NOA, ui iiaea caa?iaeoaaoe aeiiii?/i?e aaciaoe?
Oe?a?ie.

I?aeia?iaei? o?iainia? ?inoeoooe?? i?iaieioothoue nai?th iaoith
noaa?e?caoe?th aeiiii?ee Oe?a?ie. ?aae?? ae oae?, ui e?aaeeoe ia
iaaeathoueny aeey ?icaeoeo aeaoa?i?iaio?a eiieo?aioii? ia?aaaae
Oe?a?ie, a aeei?enoiaothoueny aeey caoiae?a uiaei iie?oe/ii?
noaa?e?caoe?? ? ?icaeoeo ?io?ano?oeoo?e (o?ainii?oii? nenoaie, nenoaie
oaeaeiioi?eaoe?e, iiooiaeo iineoa, aaie?anueei? nenoaie, aioaeueiiai
oiiaeo), oiaoi noai?ththoue oiiae aeey aoaeoeaiiai ?iicaiiiai a?ciano.

Oi/ eiieo?aioini?iiiaei?noue oe?a?inueeeo ei?ii?aoe?e caeaaeeoue a?ae
aeaoa?i?iaio?a “?iiao” I. Ii?oa?a ? aac oaeeo oaeoi??a, ye iayai?noue
aioo??oiueiai iiieoo ia i?iaeoeoe?th aaeocae oa aeoeaii? eiieo?aioe??,
iaiiaeeeaa, iaeiae ae?yeuei?noue eiieo?aioini?iiiaeieo ei?ii?aoe?e a
Oe?a?i?, ye ? a onueiio na?o?, caaacia/o?oueny aca?iiaieeaii
nii??aeiaieo aaeocae. Oea noai?th? oe?eo ieceo ia?aaaa, a naia:
caaacia/o? aoaeoeaiee oa oaeaeeee aeinooi aei ?ano?n?a ana?aaeei?
e?a?ie, aea? iiaeeea?noue aeia?i? eii?aeeiaoe?? ae?yeueiino?
iinoa/aeueiee?a oa niiaeeaa/?a oa noai?th? aoaeoeai? iaoeiai-oaoi?/i?
ca’ycee i?ae ei?ii?aoe?yie ??cieo aaeocae. I?ioa aac ia?aianaiiy
i?aei?e?iieoeueei? oa o?iainiai? ae?yeueiino? ei?ii?aoe?e, ui neeaaeooue
oe?a?inuee? eeanoa?e, ca iaae? Oe?a?ie aeiaaa caa?aaeaiiy ?oiuei?
eiieo?aioini?iiiaeiino? iaiiaeeeaa.

Aaoi?nueea eiioeaioe?y a?aeiinii oe?a?inueeeo ?iaanoeoe?eieo i??i?eoao?a
iieyaa? a oiio, ui iaoe?iiaeuei? ?iaanoeoe?ei? i?iaeoe ca i?aeo?eiee
aea?aeaae iiaeii? aooe cae?eniai? a iaaeao i?aeaaeocaaeo oe?a?inueeeo
oa ?iicaiieo ei?ii?aoe?e, ui oaoiieia?/ii iia’ycai? i?ae niaith a nai?e
ae?yeueiino?, ? ye? iiaeia iacaaoe iaoe?iiaeueieie aai i?aeia?iaeieie
oaoiieia?/ieie eeanoa?aie. Iioeaaoe??th aei noai?aiiy oaeeo eeanoa??a
? iiaeeea?noue iaea?aeaiiy aaeeeeo cia/aiue /enoi? oaia??oiuei? aa?oino?
iioieo ieaoaae?a a?ae noeoiiino? ?iaanoeoe?eieo i?iaeo?a, a ia
iaia’yceiai a?ae eiaeiiai i?iaeoo: iaio? ianyae i?eaooeo a?ae
?iaanooaaiiy a iaai? i?iaeoe aoaeooue eiiiainiaai? a?eueoith
i?eaooeia?noth ?iaanooaaiiy a ?io? aeaee ae?yeueiino?, ye? ciaoiaeyoueny
a iaeiiio oiaa?ii-a?ioiaiio eaioethao. Ca ?aooiie oeueiai
caaacia/o?oueny ?icaeoie iaio i?eaooeiaeo, aea oaoiieia?/ii nii??aeiaieo
i?aei?e?inoa.

O?aaa cacia/eoe, ui i?iaeaia caeo/aiiy aeinoaoi?o ianya?a ?iaanoeoe?e
oa aoaeoeaiiai ?o aeei?enoaiiy aeey a?aeiiaeaiiy iaoe?iiaeueieo iniiaieo
oiiae?a iio?aao? iaaaeiiai ?ica’ycaiiy a oiiaao ia?inoath/iai
ii?aeueiiai oa o?ce/iiai noa??iiy oeeo oiiae?a, yea aaaea aei iaae?iiy
?o i?eaooeiaino?. A naith /a?ao, iaae?iiy i?eaooeiaino? i?iieneiai?
ae?yeueiino? c i?e/eie oaoiieia?/iiai a?aenoaaaiiy aaaea aei oi?ioaaiiy
iiieoo ia eeoa aeaoaaee eai?oae, a aenieee ?ecee ?iicaiiiai ?iaanooaaiiy
iaoiiaeth? ca?eueoaiiy aa?oino? i?iiiiiaaiiai eai?oaeo. Iaeii/ania ae?y
oeeo oaeoi??a ? i?ecaiaeeoue aei ciaioaiiy ianya?a oa ca?eueoaiiy
aa?oino? eai?oaeo a Oe?a?i?, oiaoi caaeainiaai? i?iiiceoe?y oa iiieo
eai?oaeo c oi/ee A, ye oea iaei a i?noea aeey e?a?ie c aenieith
i?eaooeia?noth oa iecueeei ?eceeii, a oe?a?inueeeo oiiaao ci?uothoueny a
oi/eo A. Ia’?eoeaia iaiaaeaiiy i?eaooeiaino? caa??aa? a Oe?a?i?
oaiaeaioe?th iiieoo ia aeaoaaee eai?oae ? i?e iayaiino? i?iiiceoe??
eai?oaeo c aenieith aa?o?noth i?ecaiaeeoue aei iiyae aeao?oeeoo eai?oaeo
a ia?inoath/eo ianyaao.

?en.2. Ciaioaiiy ianya?a eai?oaeo i?e iaeii/aniiio ca?eueoaii? eiai
aa?oino? oa ooai?aiiy aeao?oeeoo eai?oaeo i?e ca?eueoaii? ?eceeo
?iaanooaaiiy oa iaiaaeaii? ??aiy i?eaooeiaino?

Ui noino?oueny i?aeoe/iiai aieo ni?aae, oi, aacia?a/ii, noai?aiiy
iaoe?iiaeueieo eeanoa??a a Oe?a?i? aoaea eoe ia iniia? oaoiieia?/ii
i?ia?aneaii? /anoee aaea ae?th/eo aaeocae, caaacia/oth/e ?icaoaeiao
ainiiaea?nueeiai iaoai?cio, i?iaeoeoeaieo nee, oaoi?ei-aeiiii?/ieo
a?aeiinei oa a?aeiinei aeaniino?. Iaea?eueo aoaeoeaii ae?th/ee eeanoa?
iiaea aooe noai?aiee ia iniia? i?aei?e?inoa i?eeaaeiaoae?aii? aaeoc?,
aa?ieini?/ii? oaoi?ee oa e?oaeiaoaeoaaiiy. Ua iaeei eeanoa? iiaea aooe
noai?aiee ia iniia? i?aei?e?inoa i?eeaaeiaoae?aii? aaeoc? ?
noaeiiaoaeoaaiiy. Aoaeoeaii iiaeooue ae?yoe ia i?aeia?iaeieo ?eieao
eeanoa?e ia aac? ai?eciioaeueii? ?ioaa?aoe??, ui ia’?aeiothoue
i?aei?e?inoaa, ye? aeiaoaathoue ei?eni? eiiaeeie, iaoaeo?a?ei?
i?aei?e?inoaa oa i?aeia?iaei? caooia? i?aai?caoe??, iath/e ia iao?
i?iaeaae oe?a?inueei? i?iaeoeoe?? /a?ac ni?eueio nenoaio aeeno?eaooe??.
Aaaeeeaei iai?yieii ? o/anoue o ?ic?iaoe? e ?aae?caoe?? no?aoaa?e uiaei
?iii?oo, aenii?oo ? o?aiceoo i?iaeoeo?a iaeeaii-aia?aaoe/iiai eiiieaeno.
Noai?aiiy i?aeia?iaeieo eeanoa??a ia iniia? oaoiieia?e aeiaoaaiiy,
o?ainii?ooaaiiy c Eani?enueeiai ?aa?iio a Cao?aeio ? Oeaio?aeueio ?a?iio
oa ia?a?iaee iaooe iiaea aeaoe iaaiaeo Oe?a?i? caaacia/eoe naaa
aia?aiiin?yie. Caaaeyee oaeiio eeanoa?o Oe?a?ia ia? an? iiaeeeaino?
cia/ii ca?eueoeoe aenii?o i?iaeoeoe?? o?i?/ii? oa iaooio?i?/ii?
i?iieneiaino?: ai?aeo, a?ae?iieneaeo, iaai?th, iao??th, ieneae?a
iaoae?a, ao??o, eeneio, nee?eao?a, ea?a?ae?a, ii?ioo oa aeaooiaeo
?a/iaei oiui. ?nio? iiaeeea?noue noai?aiiy iecee aioo??oi?o eeanoa??a
ia iniia? ?ioaa?aoe?? i?aei?e?inoa oa?/iai? i?iieneiaino? oa
n?euenueeiainiiaea?nueeeo ia’?aeiaiue, ui niaoe?ae?cothoueny a ??cieo
ae?iaie/eo oeeeeao. ?icaeoeo oe??? ae?yeueiino? iiaea a neoaoaaoe
ai?eciioaeueia ?ioaa?aoe?y ei?ii?aoe?e oaeiai eeanoa?o c ?iicaiieie
eiiiai?yie, ui ae?iaeythoue i?iaeoeoe oa?/oaaiiy, iath/e ia iao?
i?iaeaae? /a?ac ni?eueio oi?a?aaeueio ia?aaeo. Caaaeath/e ia aaeeeee
ae?iaie/ee iioaioe?ae i?aei?e?inoa eaaei? i?iieneiaino? Oe?a?ie,
iiaeeeaei ? noai?aiiy iecee aioo??oi?o eeanoa??a ia iniia?
aa?oeeaeueii? ?ioaa?aoe?? i?aei?e?inoa oeeo aaeocae, c i?e?aeiaiiyi aei
ieo oe?a?inueeeo ei?ii?aoe?e o?i?/ii? i?iieneiaino?, ui aeioneathoue
iaoo?aeuei? oa ooo/i? aa?aieee. Iiaeaeueoei e?ieii iiaea a aooe
ai?eciioaeueia ?ioaa?aoe?y ei?ii?aoe?e oaeeo eeanoa??a c ?iicaiieie
eiiiai?yie. Iaeiae aeey noai?aiiy eeanoa??a iio??aia uiiaeiaioa iaeia
nooo?aa oiiaa – oeae i?ioean ia? aooe eiiieaeniei ? eoe iaeii/anii a
aeae?eueeio aaeocyo.

Aeniiaee

O aeniiaeao noi?ioeueiaai? oae? oai?aoe/i?, iaoiaeieia?/i? oa i?aeoe/i?
?acoeueoaoe aeena?oaoe?eiiai aeine?aeaeaiiy:

Iniaeeainoyie ?iaanoeoe?eii? ae?yeueiino? a e?a?iao c ia?ao?aeieie
aeiiii?eaie ? oa, ui ?iicaiia o?ce/ia iniaa – ?iaanoi? ioe?ith? ?ecee
oaeiai ?iaanooaaiiy ye aenieee ? ioe?ith? iaeaooi?e aeioiae ye iecueeee;
o?iainia? ?inoeoooe?? ioe?iththoue iia?euei?noue eai?oaeo a oaeeo
e?a?iao ye iecueeo; ei?ii?aoe?? ?iaanoothoue a o? e?a?ie, aea ?o ae??
i?aeo?eiai? aeanieie o?yaeaie; o?yaee ca?oa?aeieo e?a?i iaiaaathoueny
noai?eoe oaea aeiiii?/ia na?aaeiaeua, yea aeicaieeoue ciaioeoe cia/aiiy
aeaoa?i?iaio?a eiieo?aioii? ia?aaaae oaeeo e?a?i, aea ii/eiathoue ae?yoe
ei?ii?aoe??; i?aeia?iaei? o?iainia? ?inoeoooe?? ?aae?cothoue
aeiaaioa?i?iia? aeiaaeuei? aeiiii?/i? oe?e? o?yae?a oeo e?a?i, ye?
canioaaee oe? i?aeia?iaei? i?aai?caoe??.

Ianyae caeo/aieo a Oe?a?io ?ano?n?a caeaaeaoue a?ae aeaiae, ye?
?ic?aoiaothoue iaea?aeaoe aeanieee ?ano?n?a, oa i??e ?eceeo.
Aoaeoeai?noue aeei?enoaiiy i?aeia?iaeieo ?iaanoeoe?eieo ?ano?n?a a
Oe?a?i? caeaaeeoue a?ae iaoe ?o iaea?aeaiiy oa aoaeoeaiino? eiie?aoieo
?iaanoeoe?eieo i?iaeo?a, aa?oino? oeeo ?ano?n?a, oa?i?io iaaeaiiy,
iaaieo aeiaeaoeiaeo oiia.

I?ioean aaciina?aaeiueiai iaaeaiiy ?iicaiiith o?ce/iith iniaith aeanieo
?ano?n?a noa’?eoai ainiiaea?thaaiiy a Oe?a?i? iaeaea iaiiaeeeaee /a?ac
a?aenooi?noue aoaeoeaiiai i?aeoe/iiai i?ioeaaeo?iiai iaoai?cio.

?iicaii? o?iainia? ?inoeoooe?? iaaeathoue ?ano?ne Oe?a?i? eeoa o
i?ioean? cae?eniaiiy ei?ioeioa?i?iiaeo aeaiiceoii-iice/eiaeo iia?aoe?e.

Iae? oa na?aaei? ca?oa?aei? ei?ii?aoe?? i?eeiathoue iiceoeaia ??oaiiy
uiaei aeei?enoaiiy ?ano?n?a a Oe?a?i? eeoa a ie?aieo ?iaanoeoe?eieo
i?iaeoao c aenieith i?eaooeia?noth ? ei?ioeeie oa?i?iaie ieoiiino?, ui
iiaeeeaa a aaeocyo c iaaenieeie eai?oaeueieie aeo?aoaie ? aenieith
oaeaee?noth ia?ao a?ioae.

O?ainiaoe?iiaeuei? eiiiai?? i?eeiathoue ??oaiiy uiaei ?iaanooaaiiy a
Oe?a?i? a iaaeao aeiaaioa?i?iiaeo ?iaanoeoe?eieo i?iaeo?a, a oe?eiio
iiceoeaii ioe?ithth/e aeeiai?eo oe?a?inueeeo aeiiii?/ieo i?ioean?a ?
aecia/ath/e ?iaanooaaiiy a Oe?a?io ye i?eaooeiaa.

O?iainia? ?ano?ne, iaaeai? ca ??oaiiyi ?iicaiieo o?yae?a Oe?a?i?,
iathoue oiiaith ?oiueiai iaaeaiiy aenii?o ?iicaiieo oiaa??a c
a?aeiia?aeii? e?a?ie, ui ni?yiiaaii ia noai?aiiy ni?eyoeeaeo ae?eiaeo
oiia eiiiai?yi nai?o e?a?i ia oe?a?inuee?e oa?eoi???.

?ano?ne i?aeia?iaeieo o?iainiaeo ?inoeoooe?e iaaeathoueny a Oe?a?i? ye
caniae oei/aniai? nioe?aeueii? noaa?e?caoe?? ? aeey noai?aiiy oiia
aoaeoeaiiai ?iicaiiiai a?ciano.

A?aoiaoth/e oa, ui i??i?eoaoe aea?aeaae, ?iaanoi?a oa ia’?eoa
?iaanooaaiiy iaiiai?noth ni?aiaaeathoue ca i?e/ei, ye? iaoiiaeai?
??cieoeath a i?aeoiaeao aeaniee?a o?iainiaeo ?ano?n?a oa aeaniee?a
ia’?eo?a ?iaanooaaiiy aei i/?eoaaiiai aoaeoo, caaaeaiiyi Oe?a?ie ?
caeeaeaiiy cacia/aieo i??i?eoao?a oa aeei?enoaiiy ?ano?n?a naia a
i??i?eoaoieo c iaoe?iiaeueii? oi/ee ci?o iai?yieao.

Iaoe?iiaeuei? ?iaanoeoe?ei? i?iaeoe ca i?aeo?eiee aea?aeaae iiaeii? aooe
cae?eniai? a iaaeao iaoe?iiaeueieo aai i?aeia?iaeieo eeanoa??a –
i?aeaaeocaaeo eiiieaen?a, ui ae?thoue a iaeiiio oiaa?ii-a?ioiaiio
eaioethao. Noai?aiiy iaoe?iiaeueieo ? i?aeia?iaeieo eeanoa??a a Oe?a?i?
iiaeiii eoe ia iniia? oaoiieia?/ii i?ia?aneaii? /anoee aaea ae?th/eo
aaeocae, caaacia/oth/e ?icaoaeiao ainiiaea?nueeiai iaoai?cio oa
aoaeoeaiee ?icaeoie i?iaeoeoeaieo nee.

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

I?iaeoiee aiae?c. Iaa/aeueiee iin?aiee. Iinea?i N.I., Aaac N.I., Aa?aa
A.A. oa ?io?. – Ee?a: OIA “E?a?a”, 1998. – N. 121-153. (21,8 ae?oe. a?e.
o ni?aaaoi?noa?, iniaenoi aaoi?o iaeaaeeoue 2,18 ae?oe. a?e., ?icae?e
“Eiia?oe?eiee aiae?c”)

Iniiae i?aeia?iaeiiai ?iaanooaaiiy. Iaa/aeueiee iin?aiee. Eoe’yiaiei
Ae.A., Iicaiaee I.I., Aoanueeee A.A., oa ?io?. – Ee?a: EIAO, 1998.
N.43,76-78 (5,6 ae?oe. a?e. o ni?aaaoi?noa?, iniaenoi aaoi?o iaeaaeeoue
0,1 ae?oe. a?e., ocaaaeueiaiiy iae?iaeiiii?/ieo iieaciee?a e?a?i, ui
?icaeaathoueny)

Ae?aeee A.A. ?iaanoeoe?ei? iioiee. I?aeoeea oa oai??y. // A?niee EAeOAO,
?2, 1998. – N. 17- 27 (0,6 ae?oe. a?e.)

Aeeaeue A.A., Ei?iaaa A.N., ?oaee/ A.E. Eiaanoi? e ainoaea?noai:
ocaeiiei ioiioaiey // YETH, ?2, 1996. – N.14-17 (0,2 ae?oe. a?e. o
ni?aaaoi?noa?, iniaenoi aaoi?o iaeaaeeoue 0,1 ae?oe. a?e., iieiaeaiiy
uiaei iaoe?iiaeueieo ?iaanoeoe?eieo i??i?eoao?a)

Ae?aeee A.A. Aieea aeiiii?/ieo ia?aaeeai ia i?ioeane noai?aiiy oa
aeei?enoaiiy ?ano?n?a. // Iaoa??aee i?aeia?. iaoe.-i?aeo. eiio. “No/ania
?iiaaoe?eii-i?iieneiaa iie?oeea Oe?a?ie: ?iaanoeoe?ei? i??i?eoaoe oa
?io?ano?oeoo?a”: A 3 o.- *a?i?aoe?, 1999. –O.??. – N.149-156. (0,5
ae?oe. a?e.)

AIIOAOe??

Ae?aeee A.A. I?aeia?iaei? ?iaanoeoe?ei? ?ano?ne oa oaeoi?e ?o
aoaeoeaiiai aeei?enoaiiy a Oe?a?i?. – ?oeiien.

Aeena?oaoe?y ia caeiaoooy iaoeiaiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ca niaoe?aeuei?noth 08.05.01 – “Na?oiaa ainiiaea?noai ? i?aeia?iaei?
aeiiii?/i? a?aeiineie”. – Ee?anueeee iaoe?iiaeueiee aeiiii?/iee
oi?aa?neoao. I?i?noa?noai ina?oe Oe?a?ie. – Ee?a, 1999.

A aeena?oaoe?? aeine?aeaeai? caeiiii??iino? i?ioeano aeaico ?ano?n?a ca
iaoe?iiaeuei? ei?aeiie ? aeei?enoaiiy ?o o e?a?iao c ia?ao?aeieie
aeiiii?eaie ia i?eeeaae? Oe?a?ie, a naia: aeine?aeaeaii yaeua noai?aiiy
oa aeei?enoaiiy eai?oaeo ??cieie a?oiaie noa’?eo?a; ocaaaeueiai?
?nioth/? i?aeoiaee aei aecia/aiiy iioeaaoe?? aeaico eai?oaeo ca iaae?
e?a?i ? cai?iiiiiaaia iaoiaeieia?y aecia/aiiy iioeaaoe?? aaico
eai?oaeo aecia/aieie a?oiaie ?iicaiieo noa’?eo?a a e?a?ie c ia?ao?aeiith
aeiiii?eith ia i?eeeaae? Oe?a?ie; i?iaaaeaia ioe?iea aoaeoeaiino?
iioi/iiai aeei?enoaiiy i?aeia?iaeieo ?iaanoeoe?eieo ?ano?n?a a Oe?a?i?
ia iniia? ?icaeyaeo ?iaanoeoe?eieo i??i?eoao?a oa oaeoe/iiai
aeei?enoaiiy i?aeia?iaeieo ?iaanoeoe?eieo ?ano?n?a a Oe?a?i?;
cai?iiiiiaai? oeyoe i?aeaeuaiiy aoaeoeaiino? aeei?enoaiiy i?aeia?iaeieo
?iaanoeoe?eieo ?ano?n?a a Oe?a?i? ia iniia? noai?aiiy iaoe?iiaeueieo oa
i?aeia?iaeieo i?aeaaeocaaeo ia’?aeiaiue.

Eeth/ia? neiaa: ?iaanoeoe?ei? ?ano?ne, aoaeoeai?noue aeei?enoaiiy,
ei?ii?aoe??, o?yaee, i?aeia?iaei? o?iainia? ?inoeoooe??, ?iaanoeoe?ei?
i??i?eoaoe.

Aeeaeue A.A. Iaaeaeoia?iaeiua eiaanoeoeeiiiua ?ano?nu e oaeoi?u eo
yoaeoeaiiai eniieueciaaiey aOe?aeia. – ?oeiienue.

Aeenna?oaoeey ia nieneaiea o/aiie noaiaie eaiaeeaeaoa yeiiiie/aneeo iaoe
ii niaoeeaeueiinoe 08.05.01 – “Ie?iaia oicyenoai e iaaeaeoia?iaeiua
yeiiiie/aneea ioiioaiey”. – Eeaaneee iaoeeiiaeueiue yeiiiie/aneee
oieaa?neoao. Ieienoa?noai ia?aciaaiey Oe?aeiu. – Eeaa, 1999.

A aeenna?oaoeee enneaaeiaaiu caeiiiia?iinoe i?ioeanna auaica
eiaanoeoeeiiiuo ?ano?nia ca i?aaeaeu iaoeeiiaeueiuo a?aieoe e
eniieueciaaiey eo a no?aiao n ia?aoiaeiie yeiiiieeie ia i?eia?a Oe?aeiu,
a eiaiii: enneaaeiaaii yaeaiea ia?aciaaiey e eniieueciaaiey eaieoaea
?acee/iuie a?oiiaie noauaeoia; iaiauaiu nouanoaothuea iiaeoiaeu e
ii?aaeaeaieth iioeaaoeee auaica eaieoaea ca i?aaeaeu ainoaea?noa e
i?aaeeiaeaia iaoiaeieiaey ii?aaeaeaiey iioeaaoeee aaica eaieoaea
ii?aaeaeaiiuie a?oiiaie eiino?aiiuo noauaeoia a no?aiu n ia?aoiaeiie
yeiiiieeie ia i?eia?a Oe?aeiu; i?iecaaaeaia ioeaiea yooaeoeaiinoe
oaeouaai eniieueciaaiey iaaeaeoia?iaeiuo eiaanoeoeeiiiuo ?ano?nia a
Oe?aeia ia iniiaaiee ?anniio?aiey eiaanoeoeeiiiuo i?ei?eoaoia e
niiinoaaeaiey eo n oaeoe/aneei ninoiyieai aeae.

A ?aaioa eiinoaoe?oaony, /oi yeiiiie/aneee ?ino no?ai iaoneiaeai
yooaeoeaiui eniieueciaaieai eiaanoeoeeiiiuo ?ano?nia, a ia?aoth
i/a?aaeue, a aeaea eaieoaea. ?ino iauaiia ie?iaie
i?iecaiaenoaaiii-eiaanoeoeeiiiie aeayoaeueiinoe o?aaoao ana aieueoa
eiaanoeoeeiiiuo ?ano?nia. Iaeaieaa cia/eoaeueiua iauaiu ?ano?nia
nicaeatho ?acaeoua no?aiu e iiaua eiaeono?eaeueiua ainoaea?noaa, eioi?ua
e ia?a?ani?aaeaeytho yoe i?iecaaaeaiiua ?ano?nu iaaeaeo niaie.
Iacia/eoaeueiay /anoue ?ano?nia iiiaaeaao a no?aiu n ia?aoiaeiie
yeiiiieeie e a iaeiaiaa ?acaeoua no?aiu.

I?iaeaia yeiiiie/aneiai ?acaeoey no?ai n ia?aoiaeiuie yeiiiieeaie iiaeao
auoue ?aoaia i?e oneiaee nicaeaiey yeiiiie/aneeo ia?aaeeai, eniieuecoy
eioi?ua e aeieaeii no?ieoue naith yeiiiieeo ia?aoiaeiia iauanoai.
Aeiiieieoaeueii aeieaeiu auoue ii?aaeaeaiu oaeoi?u ?inoa iaoeeiiaeueiie
yeiiiieee e nicaeaia yooaeoeaiay no?oeoo?a iaoeeiiaeueiiai oicyenoaa.
Iaiaoiaeeii ii?aaeaeeoue iauaiu e enoi/ieee ?ano?nia, eioi?ua iaania/ao
?anoe?aiiia aini?iecaiaenoai. Aioo?aiiea enoi/ieee eiaanoeoeeiiiuo
?ano?nia a no?aiao n ia?aoiaeiie yeiiiieeie iacia/eoaeueiu, e yoi
canoaaeyao eo eneaoue yoe ?ano?nu ca i?aaeaeaie naieo no?ai.

Iauaiu i?eaea/aiiuo a no?aio ?ano?nia caaenyo io oie iieuecu, eioi?oth
iiaoo iieo/eoue nianoaaiieee ?ano?nia, e noaiaie eiaanoeoeeiiiiai ?enea.
Yooaeoeaiinoue eniieueciaaiey iaaeaeoia?iaeiuo eiaanoeoeeiiiuo ?ano?nia
a no?aia-iieo/aoaea caaeneo io oeaee eo iieo/aiey, noieiinoe ?ano?nia e
aeiiieieoaeueiuo oneiaee, eioi?uie iaoneaaeeaaaony eo iieo/aiea.
Iinooieaiea oeiainiauo ?ano?nia a Oe?aeio inouanoaeyaony a aeaea
eiiia?/aneeo e?aaeeoia, i?yiuo e ii?ooaeueiuo eiaanoeoeee, caeiia
iaaeaeoia?iaeiuo oeiainiauo einoeoooia, iaaeainoaea?noaaiiuo caeiia e
oaoie/aneie iiiiue.

A ?aaioa aeaeaaony auaiae i oii, /oi i?ioeann iaiin?aaenoaaiiiai
i?aaeinoaaeaiey eiino?aiiui oece/aneei eeoeii i?eiaaeeaaeaueo aio
?ano?nia noauaeoo oicyenoaiaaiey a Oe?aeia i?aeoe/anee iaaiciiaeai ii
i?e/eia ionoonoaey i?aeoe/aneiai i?ioeaaeo?iiai iaoaiecia.

Eiino?aiiua oeiainiaua einoeooou i?eieiatho ?aoaiea ioiineoaeueii
eniieueciaaiey i?eiaaeeaaeaueo ei ?ano?nia a Oe?aeia oieueei a oiaea
inouanoaeaiey e?aoein?i/iuo aeaiiceoii-caaiiuo iia?aoeee.

Iaeua e n?aaeiea eiino?aiiua ei?ii?aoeee i?eieiatho iieiaeeoaeueiia
?aoaiea ioiineoaeueii eniieueciaaiey ?ano?nia a Oe?aeia oieueei a
ioaeaeueiuo eiaanoeoeeiiiuo i?iaeoao n aunieie i?eaueueiinoueth e
iacia/eoaeueiuie n?ieaie ieoiaaiinoe, /oi aiciiaeii a io?aneyo c
iaaunieeie eaieoaeueiuie aeiaeaieyie e aunieie nei?inoueth
iai?a/eaaaiinoe aeaiaa.

O?ainiaoeeiiaeueiua eiiiaiee i?eieiatho ?aoaiea ioiineoaeueii
eiaanoe?iaaiey a Oe?aeio, ?ann/eouaay ia iauee iieiaeeoaeueiue /enoue
i?eaaaeaiiue aeioiae io na?ee eiaanoeoeeiiiuo i?iaeoia, eioi?ua iie
inouanoayo a oa/aiea cia/eoaeueiuo a?aiaiiuo eioa?aaeia.
O?ainiaoeeiiaeueiua eiiiaiee a oeaeii iieiaeeoaeueii ioeaieaatho
aeeiaieeo oe?aeineeo iae?iyeiiiie/aneeo iieacaoaeae e n/eoatho
i?eaueueiui aeieain?i/iia eiaanoe?iaaiea.

Oeiainiaua ?ano?nu, i?aaeinoaaeaiiua ii ?aoaieth eiino?aiiuo
i?aaeoaeuenoa, ii oneiaeyi eo i?aaeinoaaeaiey i?aaeiacia/aiu aeey
oeiaine?iaaiey yenii?oa oiaa?ia e oneoa ec no?ai-e?aaeeoi?ia.

?ano?nu iaaeaeoia?iaeiuo oeiainiauo einoeoooia eniieuecothony a Oe?aeia
eae n?aaenoai nioeeaeueiie noaaeeecaoeee e ?acaeoey eio?ano?oeoo?u, oi
anoue aeey nicaeaiey oneiaee aeey yooaeoeaiiai aaaeaiey eiino?aiiiai
aeciana.

O/eouaay oi, /oi i?ei?eoaou ainoaea?noaa, eiaanoi?a e noauaeoa
oicyenoaiaaiey, eioi?ue eniieuecoao eiaanoeoeee, niaiaaeatho ia
iieiinoueth ii i?e/eiai, eioi?ua iaoneiaeaiu ?acieoeae a iiaeoiaeao e
?acoeueoaoo eiaanoe?iaaiey aeaaeaeueoeaa ?ano?nia e nianoaaiieeia
noauaeoia eiaanoe?iaaiey, caaea/ae Oe?aeiu yaeyaony naeeaeaiea
oiiiyioouo i?ei?eoaoia e eniieueciaaiea eiaanoeoeee a i?ei?eoaoiuo n
iaoeeiiaeueiie oi/ee c?aiey iai?aaeaieyo.

A ?aaioa i?aaeeaaaaony oaeie iiaeoiae e oe?aeineei iaoeeiiaeueiui
i?ei?eoaoai, eioi?ue caeeth/aaony a oii, /oi iaoeeiiaeueiua
eiaanoeoeeiiiua i?iaeou i?e iiaeaea?aeea ainoaea?noaa aeieaeiu
inouanoaeyoueny a ?aieao iaoeeiiaeueiuo eee iaaeaeoia?iaeiuo
oaoiieiae/aneeo iauaaeeiaiee. Nicaeaiea eeanoa?ia aeieaeii i?ienoiaeeoue
ia iniiaa oaoiieiae/anee i?ia?anneaiie /anoe oaea aeaenoaothueo
io?aneae, iaania/eaay niaa?oainoaiaaiea oicyenoaaiiiai iaoaiecia e
yooaeoeaiia ?acaeoea i?iecaiaeeoaeueiuo nee.

Eeth/aaua neiaa: eiaanoeoeeiiiua ?ano?nu, yooaeoeaiinoue eniieueciaaiey,
ei?ii?aoeee, i?aaeoaeuenoaa, iaaeaeoia?iaeiua oeiainiaua einoeooou,
eiaanoeoeeiiiua i?ei?eoaou.

Didyk V.G. International Investment Resources and Efficiency Factors in
Ukraine. – Manuscript.

The Dissertation for the degree of the Candidate of Economic Science on
speciality 08.05.01 – “World Economy and International Economic
Relations”. – Kiev National University of Economics. Ministry of
Education of Ukraine. – Kiev, 1999.

Conformities with natural laws on investment moving through national
borders and investment effectiveness in countries with transitional
economies have been investigated in this thesis. Accumulation and
utilization of financial capital by various investment groups have been
studied. Generalization of current approaches to determining a
motivation for investment moving through national border has been done.
Ukraine has been used as an example of the proposed methodology for
determination of the motivation for bringing investment by qualified
groups of foreign entities to the countries with transitional economies.

Approaches to investment motive determination for transition countries,
calculations of investment profitability in Ukraine taking into account
Ukrainian investment priorities have been determined as well. Ways to
improve international finance profitability in Ukraine based on
formation of local and international financial and technological units
have been proposed.

Key words: investment resources, effectiveness, corporations,
government, international financial organizations, investment
priorities.

PAGE 22

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