l~t20 16720 3KOfIOMUQECKl1H I:HOJIJIETEHh 0 CTPAHAX C IIEPf:X();IHOH 3KOHO;\HIK(Hi BbmYCK 8, Ng 1 (/>g?POIJb_l;Z • BceMHpHblU 6aHK -- -- -. -~ ea ~ ..---------~.------ ..•-~.-. BCeMHpllbIH OaHK BbIpaOaTbIBaer OOJIee B'~lt.oMepe••• qeTKYID CTpaTefHlO no OTHomeHHIO ~MliI··B«!.~·n~ COWll.ll!oHIlle )'eJIYtH,CmDmU ClCommo TI'INDCQ' . . ..• K CTPanaM C nepeXO,[UIOH 3KOHOMHKOH HmepBblO C BHQe··npelH.neHTOM itoxaHHecoM mIuMH H HCKIlJIbHbIH ,neMUHT pe3KO COKpaTHJIHCb BO BceM perMOHe. B IO;~al(, ~J>!X CII'#1I1'1~ itfllll ../RI~. . B HX. CTpBHax? 13 crpaHaM perHoHa lia CYMMY $20 MHJIlIH- HeKOTopbIX crpaHax CHf Ha6lIlO,naeT- ap,lloB. B HHTepBbI<:J, ,llaHHOM pellaKTopy CH 3HaqHTelIbHoe O'JKHBJIeHMe ToprOB- naC&Ma pe.i.laK'tWy 14 HH0PMauHOHHOro 61O,'meTeHlJ Transit- JIH, KOTOPaH 6blJla peopMeHTHpOBaHa H~ GBSBeHrpHH: ion PHqap.ny XHplilJlepy, JIHHH 06'blJc- Ha npOMbllllJIeHHO PaJBHTble crpaHbI. HHJI OCHOBHble 3JIeMeH-b1 HOBoro no,ll- XO,lla, npHHHTOro no OT'iorueHHIO K pe- )lpyrHM crpaHaM, BKJIIO'-laH ,nBe HaH- 60JIee KpynHble H3 HHX - POCCHIO H In. cm OBe8i4e.I!.YIDl.TYP? Mlamu .... a.:.taI. MfJptf' u B.MaIiepm 16 rHoHY El..(A, BKJIlOqalJ YCTaHOBJIeHMe YKPaHHY, ,n06HTbCH nepeJIOMa elUe ~H.UeH1' .~JtIOH 60lIee TeCHblX napTHepc I(MX cBH3eM C 3a- He y,naJIOCb. B npOlllJIOM ro.ny BBll Poc- npe.l(~eT. nporpaMM)' eMlUMKaMM, Y,lleJIeHHe 60lIee npMCTaJIb- CHH COKpaTHJICH Ha 6 npoueHTOB, a ~~DAll1H~ 10 Horo BHHMaHMH np061It:MaM HMll{eTbI M BaJIOBble BJIO:JKeHHH B OCHOBHOH KanH- Bble3,llb1 PYKOBO,llHTeJIeit OTBeqruomMX 3a TaJI COKPaTHJIHCb Ha 15 npoueHTOB. B . B.ncpexMHorn.n~oJlll 11 nOJIMTMKy- BceMHpHoro 6aHKa B OT,lleJIb- YKpaHHe BBll, no HMelOlllHMCH ,llaH- HbIX crpaHax, Ha MeCTa. HbIM, COKpaTHJICH Ha 10 npoueHTOB. n~~e reliepliPoBIUIO ~KOJlQMJriIeCKJIA poeT a fiom.llIe 11 3KOHOMMqeCKHM POCT 3THX nOTeHUH- B. KaK Bioi ou.eBHaae-re 3KOHOMJrHUMT 610IllKeTa co- ,nHCBHllK icoH¢tepeJf!Udt17 ny6JIHKy-, llOJIblllY, CJIOBaKHIO H ClIO- KpamaJICH, 3a,nOJI:JKeHHOCTb B03paCTa- BeHHIO, npOBeJI pelllHTeJIbHbIe 3KOHO- JIa. XOTH HaJIOrOBble CTaBKH yaeJIH'-lH- n~!l.OHa;IJ~ B IooIllPKll'l'HHte - ~lfxp@HW .. 19 MH'leCKHe peopMbI H ,ll06HJIClJ pOCTa JIHCb, HaJIOrOBaH 6a3a npo,nOJI:JKaeT OC- 3KOHOMHKH B Te'-leHHe no MeHbllleM Mepe ,llBYX JIeT. Me,llJleHHbIH, HO YCToii:- TaBaTbCH CJIMlllKOM Y3KOH H nocTyITJIe- HMH OT HaJIOrOB HeCTa6HJIbHbJ. Coxpa- no~.IItUIlJceMHPHoro 6~/MB~ 31 qHBbIM POCT 6bIJI TaKlKe xapaKTepeH .n-'IH HHlOmeeCH ,nBOHCTBeHHoe OTHOllleHHe crpaH DaJITHH. 3TMM crpaHaM y,naJIOCb K OTe'-leCTBeHHOMY M HHOCTpaHHOMY HOBI!Ie .JCftJtrn IJ pa60cme 110lCJl8.!lhl 34 pe3KO COKpaTHTb ypOBeHb HHlIHUHM H qaCTHOMY 6H3HeCY TaKlKe He cnoc06- nOCTaBMTb no,n KOHrpOJIb MCKaJIbHbIJ:I' cTByeT YJIY'-lllleHMIO 3KOHOMH'-leCKHX futaHx no.uflHQKH 4t) ,neHUHT. Ho, ec:m rOBopHTb 0 MeHee nOKa3aTeJIeH. TpaHc¢opMa~H~¢eBpanb 1997 HHaHCHpOBamrc lillH 6CCIL'IaTHoe UOCTaBJIeHHeM COUHaJIbHblX yCJlyr. rra30H COUIfaJIbHbIX YCJ'lyT 6ecrmaTHO If.JIIf HpCnOCTaBJIeHHe yCJIyr, CBH3aHHbIX C no 3Ha'lHTeJIbHO cy6clillHpoBaHHhIM lIC- YXOnOM 3a neTbMH H crropTHBHOH pa60- LlOMHHHPYIOIIIHM MeTO,llOM.·~accoBotl: HaM, BIOlIO'IaH 3JlpaBooxpaHCHHe, YXOll TOH. npHBaTH3aIIHH B POCCHH H llPyrnx pec- :Ja neTbIV!H, 06pa30BaHHe, JKRlIbe, OTO- rry6JIHKax 6bIBllIcro COBeTCKoro COI03a IIJreHIfe ,IlOMOB, 3JIeKTpO-, BOnOCHa6)!{e- Ho 3a'laCTyro rrepe)la'la Q:>HCKaJIbHOil: OT- 6bIJI BbIKyrr llHcait,llepaMH HIm HpOua)!{a HHe H TeJICQ:>OHHbIC yCJIyrn. OrpOMHbIe BeTCTBCHHOCTH 06JIaCTHblM H MCCTHbIM co 3Ha'IHTeJIbHOH: YCTyrlKotl: B I[eHC. B IIpeJlIIPHHTHH ,IleJlaJIIf 3Ha'lHTeJIbHbIC CO- opraHaM caMoyrrpaBJleHHH HC pellIaJIa 60JIbllIHHCTBe CJI}"laCB B POCCHIi PYKO- lIHallbHble OT'lHCJIeHHH He TO.llbKO CBO- rrp06~llCMy. XOTH B POCCHH, HarrpMMep, BO)llITCJIH H pa60THHKH Q:>aKTH'l:eCKH CTa- HM pa60THHKaM H HX CCMb>IM, HO H Me- OTBeTCTBeHHOCTb 3a OKa3aHHe ueJIoro JIH &'laUCJIbIlaMH KOHTpOJIbHbIX rraKCTOB CTHbIM opraHH3aUHHM. flo Mepe IIpIfBa- pHila COllll:allbHbIX yCJIyr 6bl.Ha YKa30M aKllHti 20000 KPYIIHblX rrpHBaTH3HpoBaH- TH3alIHH H pa3BHTIfH PbIHO'lHOH 3KOHO- flpC3HnCHTa rrcpeHeceHa Ha 06.llaCTHbIC HbIX rrpeunpIDITHH:. 3TH HOBbIC C06CTBeH- MHKH 3TOT rrCpe)!{HTOK lleHTpallH30BaH- H MeCTHbIC opraHbI caMoyrrpaBJIeHHH, HHKH, BK.!1IO'IaH PYKOBo,llHTeJICH, rrpo- HOro rrJIaHHpOBaHIf51. CTall 3Ha'lHTeJIb- nOrrOHHlITCJIbHbIC CpCnCTBa Ha Q:>IIHaH- iIOJI)!{aIOT OKa3blBaTb COrrHaJIbHbIC yCJIy- HblM Q:>aKTOpOM y6blTO'lHOCTH. TCM HC CHpOBaHHe 3TOro 6peMCHH IlpC,IlOCTaB- rn KaK pa60THHKaM, TaK H OKPyxaIO- MeHee, rrOCJIe MaccOBoH rrpliBaTH3allHH JICHbl He 6bIJIH; HC 6bLT(0 HM TaK)!{C uaHO 1lI.HM 0611IHHaM. HC'lero H roBOPHTb, 'ITO OT,IlC~'leHHe COIlIfaJIbHbIX aKTIfBOB OT IIpen- rrpaBa 06JIaraTb HaJIOraMH H TpaTHTb rro- CHH)!{eHHC COUHaJIbHbIX yCJIyr H Cy6cH- npH5ITHH B 6bIBllICM COBeTCKOM COI03C JIyqCHHbIC B pe3YJIbTaTe 3Toro CPCU- ,IlHH Ha 3,zrpaB00XpaHeHHe, 3KClIJ1yaTBI[HIO rrpOXOnlillO MC,IlJIeHHO. ema. (AHanOrl:f'l:HaH CHTYanIDI CJIO)!{HJIaCb )!{lillbH, OTOI1JleHHe Ii T.Il. HerrpHeM)leMO B upyrnx peCIly6JIHKax 6bIBllICro COBCT- Il;JI>! HOBbIX pa60'l:Mx-c06cTBcfU1HKoB, T.K. )lIlJI TOro 'lT06bI rrpC,IlCTaBHTb cc6c Mac- CKOro COI03a, a TaKlKC CTpaHax IJ.eHT- rroKyrraTeJIbHa>I crroc06HoCTb rrCHCHH H llITa6bl 3TOH rrp06.lleMbI, HC06XO,llHMO P0pM - Ha 06- 'lHBaeTCH B Te'lCHHe MHOrHX MecHlIcB. ]raCTHble H MCCTHble OpraHbI caMoyrrpaB- :::ITa cliTyaUHH He 06'bHCHHeT, rrO'l:eMy J'lCHHH rrpHXO,llHJIOCb 70 IIPOIlCHTOB BCCX npCllnpHHTHH, nCpC)!{HBllIHe IIpOUCCC pacXO,lloB 0611(cro HallHOHallbHoro 6IO,Il- MaCCOBOH: npHBaTH3aI[HH, oc06eHHO B A6mop - cmapumu 3KOlWMucm ¢UPMbJ lKCTa Ha 3;rpaBooxpaHcHHe, 06pa30BaHHc 6bIBllIeM COBCTCKOM COI03e, OCTaJIHCb Louis Berger International, Inc. HacmoJ/- It ,IlpyrHe COUHaJIbHble YC]IynL Ho C)!{C- HenpOH1HlaCMbIMH nJI>! ,IlaBJIeHHH PblH- Ul;WI cmambJI npedcmal3Jlflem co60u 6bJaep- rofIHble pacxollbI rrpcurrpHHTHH Ha COlIH- Ka, HarrpaBJICHHOrO Ha OTTOP)!{CHHC CO- :JICKU U3 ezo pa6ombJ, npedHa3Ha'leIllI.OU d/tJ/ a1bHblC yC~llyrH COCTaBMJIIf HC MCHCC lIHaJIhHbIX aKTIiBOB. HanpHMcp, 60JIbllIaH C6opHuKa, zom06JIUl;ezoCl/ nod pea. M MaH- 110JIOBHHbl CPCllCTB, BbI,IlCJIHCJ\1HX 06JIa- 'laCTb MaCCOBOH: I1pHBaTH3au;HH B POCCHH deJII,(5aYMa U E KancmeuHa COqUaII&HaJl CTHbIMH H MCCTHbIMH IIpaBHTeJIbCTBaMIf. 6bIJIa 3aBcpllIeHa B 1993-1994 rr. Ho B 1I0JlUmUKa U cemb COqUallbHOU 3aU4umbl B 1992 r. paCXOllbI rrpc,IlIIpHHTHH ITa COUH- 1995 r. 12 rrpOI[CrrroB seex CJrylKal.IUiX rrpo- 6 1I0CmKoMMYHucmUlIecKUX cmpauax, UJlbHbIC yCJIyrn COCTaBlillH 17 rrpOllCH- .u:OJI)!{MH OCTaBaTbCH ria pa60Tax, "He C06em 6Heumux CHOUl.eHUU: M.E. illapn, TOB 06lllliX 1l0XOllOB rrpCllIIpH5ITHH: (CPCll- CBH3aHHbIX C IIpOH3BonCTBOM", - OT'leT- 1997z. HHH fIOKa3aTe!Ib rro BOCbMH,IlCCHTH rrHTH 06)lacTHM), H, 'laCTH'lHO B PC3YJlbTaTe )IH6cpa'lH3allHH lICH, 3Ta 1l0JI51. 3Ha'lH- TellhHO BbIpOCJla B 1993 r. KpoMe Toro, rocynapcTBeHHble Cy6CH.!J:HH B BRJle ro- CYUaPCTBeHHhlX KPCUHTOB H OT'lHCJICHHH 113 6IOI])KCTa TaK)!{C lllJIH Ha Q:>HHaIICHpo- BaHHe rrpeurrpIDITHHMH COUHKaM) COmaCH.;[HCb 6bITb CO- 1't:15! HarrpaBJICHH5! CPCJlCTB 01' 6epC)K.Tm- ucma HXJloxon:a01' rrpO,1aJKH aKUHi1:. Bo- rrpC,il,cen:aTCJ1JIMH Ha aMCpHKaHCKO-POC- BhlX rpaJK.~aH K HHBCCTOpaM, )lHCUHIDIH- JIee TOro, rrOTcpH HX KarrHTaJIa HC MOryr CHt1:cKOM CPOPYMC rro pbIHKaM Kamrra- HHpOBaHl15! PYKOBOJll1Te,1dl: C IIe!IbIO 6hlTb HCrrO,1b30BaHbl ,U)UI KOMIIeHcaUHH !la, HMeIOIUcM UCJlbIO rrepcn:a'lY orrbITa 1I,0CTI1JKCHI15! XOPOUIl1X 1I0 Ka3aTC!lC H, 1I,0XOUOB 01' rrpHpOCTa KarrHTana H HH¢- '1aCTIIOro cCKTopa CIlIA H OKaJaHHe rrou- 06CCrrC'IeHl1JI rpa)!(JlaH JKIDlbeM l1 rrCH- JIJIUllJI HC yqHThIBacTCJI. B pe3YJIlirare TpyU- lI,epJKKH H rrOMOlUH B orrpen:e!leHHH Ha- CHOHHblM CPHHaHCHpOBaHHeM 11 rrpeJlo- HocTeH, CBJI3aHHblX C rrpOli3BClI,elj:l1cM rrpaBJIeHHJI pa3BHTHJI PblHKOB KamfTa1a CTaBJICHH5! rpa)!(JlaHaM B03MOJKHOCTH paC'ICTOB H Ha'ioroBoH cHcTeMoit, pac- B POCCHH. 'leTblpc pa60'lI1x rpyrrrrhl pa- rrO.rryqHTb CBOIO cpHHaHCOBYIO 1I,0!lIO 01' '1CT no lI,eBJITI1 H3 ueCJITH orrepaUHH C 60TaIOT Hall, HHcppaCTpYK7ypOH PblHKOB ycrreuIHoro pa3BHTH5! POCCHHCKOrO Ka- ueHHbIMI1 6YMaraMH rrpOH3BOll,HTCJI 3a KanHTaJIa, 3aIUHToH HHB('CTOPOB, npo- lIHTaJIH3Ma. ITO'lTH BCe 6bIBlIme KOMMY- rrpe,1l,e!laMH CTPaHbL OJll1H H3 CaMbIX 6oJIb- 6JICMaMH OT'ICTHOCTIf H HaJIoro06JroJKe- HHCTH'ICCKHe C'rpaHbI C0311,arm pbIHKH IlII1X rrapaD:OKCOB POCCHitCKoit TOprOB!lH HI1JI, a TaKJKC HaD: B3aHMHb:MH cpOH.uaMH. • ueHHbIX 6YMaf, HO PbIHKH KamITaJIa - aKUHJIMH 3a101IO'IaeTCJI B TOM, 'ITO IIpH (06.'laCTbIO C 60!lb1lIHM IIOTeHUHaJIOM • 31'0 HaMHoro 60JlbllIe, '1CM CPOH,[(OBaJI Ha!lH'IHH 60JIee rrJITHUCCJITH CPOH,[(OBbIX JIB.1JICTCJ{ C0311,aHHC B3aHMHblX CPOH,[(OB B 6HpJKa H rpyrrrra JlOrrYCKacMbrx Ha CPOH- 611pJK H CBbIllie 2 000 6aHKoB, 4laKTH- POCCHH, rrpl1 rrOMOlIlH KOTOPblX MOJKHO 1I,0BYIO 6HP%y UeHHbIX 6YMar. HOBblii qeCKH Bce ToproBble OnepaD,KH C aKD,IUI- BblMaHHTb $20-$30 MlL1!lHap,10B, xpaHJI- KaIIHTa.JI PbIHKOB aKUHii B POCCHH, OC- MH TeM He MeHee UpOBO,!l,lITCJI 3a HlIJIHq- IUHXC5! B HaCTOJIIUeC BpCM>I B MaTpauax. TaJIbHblX CTPaHax CHf H BO Bceii Boc- Hble H paCqeTbi npOH3BO,!l,lITCJI 3a npe,ll,e- B HaCTOJIIUec BpeMJI B POCCHH pa60TaeT TO'IHOH EBpOrrC 1I0BhlCHJlCJ{ MCHCe qCM JIaMH CTpaHhl. JlCBJITb CPOH,[(OB). XOTJI npJIMble IfHOCT- Ha $1 MIDIJIHapJl3a rrepHOil, C 1991 r. rro paHHbIe HHBCCTHUHH 6yJlYf HrpaTb )KJIJ- 1995 r. 3-ro rrO'!TH pasHO )lHeBHOMY' '1HC- EIUe Oll,HHM nperrJITCTBl1eM Ha rryrH CO- HCHHO BaJKHYIO PO!lb B rrpClI,OCTaBJIeHIfIf TOMY' rrpHTOKY B liHBeCTHUHOHHhle CPOH- 3JlaHHJI CrrpaBelT)IHBbIX H 3cp¢eKTI1BHhlX TCXHOJIOmH If rrcpell,a'lc ynpaBJICH'IeCKO- lI,bl OTKpblToro THrra CllA B 1996 r. PblHKOB JIB.'lJIeTCJ{ OTcyrCTBHC COOTBeT- ro orrbITa, a TaKlKe B rrpClI,OCTaBJleHHH CTBYIOIUI1X McxaHH3M06 KopuopaTHBHO- 1I,0nO.'lHHTeJIbHOrO KarrHTa!la, POCCH>I fO yupllBJleHHlI. IlpIfBaTH3al:(IfJI B POCCHH 6YJleT cpHHaHCHpOBaTb CBOH HHBeCTHUIf- rrpHBe!la K KOHuempaumf c06CTBeHHO- OHHbIC HYJKUbl maBHbIM 06Pa30M H3 CBQ- lie,lJ,h1 pbIHKa KaDHTaJIa CTH B PYKax PYKOBOll,HTC!lCH H pa60THH- HX c06CTBeHHbiX HCTO'IHIfKOB. KOB rrpHBaTH3HPOBaHHhlX KOMrraHHH (HH- 'lero He JlOCTaeT, TaK 31'0 6a30Boii HH41- CaHlI,epOB). BOJIee '[eM rrOJIOBHHa IIpHBa- paCTpYKTYPbllI,JN yqacnUI B PblHKax Ka- TH3HPOBaHHblX CPHPM 60,1bIllHHCTBO aK- 3aMecmumen.b ceKpemapJl 2ocydapCm6eH.H.O- nHTai1a, maBHhlM 06pa30M MexaHH3- UIfit rrpHHaLVICJKHT HHcaHlI,epaM. To'max 20 Ka3//atteuCm6a CilIA J19ppu CaMMepc MOB, nOJl.TBep)!(JlaIOIUHX, 06JICr'laIOIUHX H ,lI,OCTYUHax HH410PMaIUl1l, npCJlYCMaT- BbtCmynart 9 JI//6apJl//a KOH.rjJepeHu,uu, opza- Ii Y3aKOHHBaIOIUHX c06CTBeHHOCTb Ha pHBaIOIUaJI 1I,0BCJleHHe n:o CBeueHHJI HH- H.U306a!IH.OU dllH aMepuKaHcKux Upoccuu- ueHHbIC 6YMarH H npOBeJleHHe orrepa- BeCTopOB MCPbI CTOHMocm, rrpOBcn:eHHe CKUX 6u3HeCMeH.06, B npa6ume;1bCm6efIH.OU UHH. B CBJI31i C rro'lTII nOJIHbIM OTCyrcTBH- aYlI,HTOpCKHX rrpOBepOK H C06!lIO,1l,eHHC rrpaBIDI paCKpbITHJI ,il,aHHbIX, JIB!lJreTCJ{ UJKOlle UM. KelIH.edu rapBapdcKo20 YHuBep- eM B POCCHH aKUHit B 6YMaJKHoit cpopMe JlBIfJKYIUei1: CIDIoit Pa3BHTHJI PblHKOB cumema, 2. Maccattycemc. POCCUUCKYIO iJe- C06CTBCHHOCTb Ha HHX pcrncypHpYCTC5! _1e2au,ulO B032JW611HII Eopuc Eepe306cKuU, B pemcTPax yqeTa aKUHtL B POCCHlf CY- IUCCTBYIOT COTllli perncypOB, 60JIblIlHH- CeKPeTapb Py6HH H IIpell,Ccn:aTeJ1b SEC 3aMeCmUmem, ceKpemapJl C06ema Eesonac- CTBO H3 KOTOPbrx HaxOll,HTCJ{ 3a rrpcll,c- JIeBHTT (KoMHCCI15! rro UCHHblM 6YMa- Hocmu. JlaMH MOCKBbI H rrpell,CTaBJI.JIeT KaKyIO- HH6YlI,b OJlHY KOMrrallliIO. ECJIH BbI rrpH- 06pcTacre aKUHlf CH6HPCKoit KOMIIaHHH., Balli 6pOKCP 1I,0J1JKeH TYlI,a nocxaTb, '!TO- 6bI rrcpCBeCTH aKUHH H rrpOBCpHTh, rrpa- OAHa ronOBa BH!lbHO .1m cJlCJIaHa 3arrHCb B pcrnCTpe He OTBe.,aeT Ha BaIlIe HM5!. 3a APYrylO ECJIl1 TOT cpaKT, 'ITO KOMrraHl1H 3a'IaC- TYIO HMeIOT B nITaTC perHcypaTopOB CBO- liX aKUHi1:, BbI3bIBaeT Y Bac COMHCHHe, KAEill'lHET TO Bbi lIpaBbL BblJIH CJryqaH, KOma 3amf- MHHIiICTPOB Cl1 B perHCypax "CTlipaJmCb" H aKUHI1 nepeXOUlL1H K lI,pyrOMY JIHUY. Ll,Ba roll,a Ha3al1, rrpOH3011IeJI C.1YQatt, KOma aHf- JIHitcKa5! KOMnaHHJI Transworld rrpH06- pella 20 npouemoB aKUHH KpaCHOJIpC- Koro 3aBOll,a 110 BblIlJlaBKC a1IOMHHH5! TOJIbKO JlITJI TOro, 'IT06bl y6e,lllITbCJI, 'ITO 31'0 npCJlnpHJITHC B OJlHOCTOpOHHeM rrOp5!il,Ke aHHYJ1I.fpOBaJIO CBoit rraKCT aK- Wftt. KOHUCIIUHH npas Rml,l:(eJIbUCB MeHb- IlIHHCTBa aKUHH ClUC '1CTKO HC orrpcn:c- ;ICHbI H KaK PYKOBOJlHTCJ1H, TaK H Jlep- JKaTCJIH KOmpOJIbHOrO naKeTa aKUHtt perymlpHo HapYIllaIOT rrpaBa n:ep::>KaTe- !leti MeHblIlHHCTBa aKUHit. POCCHi1:CKaJI HaJIoroBaJl CHCTeMa TaKJKe JIBJIJICTCJI rrpeITJITCTBHeM Ha nym: pa3- BHTH>I 'IeTKO CPYHKUHOHHPYIOIUHX PbIH- 1113 YKpalllHCKOVl ra3BTbi "cPVlHaHCOBafl YKpaVlHa" KOIl IICIIHblX 6YMar. BpOKephl/lI,IDICPhl 6 1997 BceMVlpHblM 6aHK UeHHHK POCCHHCKOH OpraHH30BaHHOH npecTYJIIIOCTH JIYM3a llIeJIJH1 OpraHR30BaHHM nreCT)'lIHOCTh OKa3hI- TaMO)KeHHhIe CK..'laJIhI BO MHornx 'Iac- 3KOHOMR'ICCKHX ceKTOpax. HOBbIe 006- BaeT pa3pyuralO.mee BJUUIHRe Ha 3KOHO- TJIX CTpaIIhI. MHorne Ta\{O)KeHHhIe cny- CTBeHHRKH, 3a'IacTYIO He 3aHmCpeCOBaH- MRKy POCCRR OHa n pel1JI'2CTByeT RHOCT- )KalUHe, Haxo,ILlIlUReCH Ha COJl.epJKaHHH HhIe B CPYHKUHOHHpOBaHHH RX npeJl.npRJI- paHHbIM RHBCCTRUI!JIM, J~.RuraeT cTpany rrpccTyrrHhIX rpyrrn, BCTyrralOT C HRMH mH, BhIKa'lRBaIOT pecypChI H nepeBOnHT ee HaJIOroBoH 6a3hI, nOMI:HRPYCT B 6aH- B TaHHhIH CroBOP C ucrrhlO nepeBOAa rrOJIY'ICHHbIe ,n:OXO,n:hI 3a rpaHRUY, ycyry6- • KOBCKOM ceF.'Tope R Ha ¢m HaHCOBhIX cpeACTB, rrOJIY'IeHHh.X OT TaMO.lKeHHhIX .TIHH npo6rreMhI KaK yre'IKH KaIIRTalla, raK PhIHKax R ycyry6.TIIe r CTalluryro y:lKC Bce- IIOIIImm, rrpecTyrrHhIM OpraHH3aUHHM. H HeBbIMaThI 3aprmaThI. o6metl. rrpo6JleMY K'>PPYLUHlL Ho, B03- M02KHO, HaRf)OJIhIII,dl: YIJ:ep6, HaHOCR- POCCHHCKM opraHH30BaHHaH fipeCTYI1- • . MNtl. POCCRHCKOH opraHll30BaHHoil: npe- HOCTh npoHllKJIa B ore'IeCTBeHHh:ill6aH- cryrrHocThlO, 3aKJIIO'IaeTCH B ee BKJIall:e KOBCKRH ceKTOp IT Ha cpHHaHcoBhIe limBa ua ,ll,yaJlH B KpyrrHoMaCIIITa61iY!O yre'lKY KarrHTa- phIHKH 60rree rny6oKo, 'IeM RX KOJIlle- rra. rn B npyrax cTpaHax. MHmIROHbI rpa)!(- PaK opraHR30BaHHoil: npecTyrrHocTH ,n:aH rrOTepHJIH CBOH orpaHH'leHHbIe c6e- Herrh3H JIe'lRTh TOJIhKO Ha Hal.(H:OHaJIhHOM pe)KeHRH, BJlO)KeHHhle B 06aHKpoTRB- ypOBHe mm YCH:IHHMR ocpHUHarrhHhIX B ..eM OC06eHHOC1'b POCCHHCKOH IIIReCH nRpaMH)IHhIe cxeMhI H 6aHKOB- JIRl.(, HaxO,ILlImRXCJl B MOCKBe. CymecTBY- CKHe RHCTRTyrhI. COTHH 6aHKOB Haxo- lOT 3Ha'IRTeJIhHhIe reorpacpH'IeCKHe Pa3- OpraHH30BaHHOH npeCT)1lll0CTH? ,ILlITCH B c06CTBeHHOCTH WIR KOmpO- .TIR'IRH. HarrpHMep, Ha .llarrhHeM BOCTOKC JIHpyrOTCH OpraHll30BaHHb1:MH npecT)'n- opraHH30BaHHM rrpeCTyrrHOCTh rne3nRT- Korr)'MGRil:cKlfe ToprOBnbI HapKOTIfKaMR HblMH rpyrmaMR, OTMhIBaIOlUKMH neHh- CH B CYJl.OXOnHhIX KOMHaHRJIX, Ha YpaJIe perraTpRHPYIOT 6oahmyro 'laCrb CBORX rn (3a rpaHHueH poccRil:cKHX Opra..HR- B ccpepe rrpHCBoeHHH R 3KCJ10pTa npHpoJl.- ll:OXOllOB, RTaJ!MIH0KHe BJIaCTH CMOfJIIi 30BaHHhIX rrpeCTYITHhIX rpyrrrr H B POC- HhIX pecypCOB, B MOCKBe B 6aHKOBCKOM 3aMop03RTh $3 MaurRapna aKTRBOB Ma- CHH HHOCTpaHHblX opraHH30BaHHhIX ceKTope H ceKTope HeJl.BH)KHMOCTH. Crra- CPRH B cepellRHe 1990-)( ronOB, rrOTOMY npeCTYIIHhIX rpyrm). oaHKHphI, OTKa3hI- 60CTb uempaJIR30BaHHoro POCCHil:CKOro 'ITO 60JIhurM 'IaCTb nOX0ll:0B RTaJIbHHC- BalOlUReCH OTMhIBaTh Jl.eHhrH, He MO- roCYJl.apCTBa H pOCT pernOHaJIhHOH BJlac- Koil: opraHH30BalUIOil: rrpecTyrrHocTH ryT KOHKypRpOBaTh C 6aHKaMR, OKa- TH 03Ha'IafOT, 'ITO rrporpaMMhI OKa3aHHR HHBecrnpoBaaaCb BHYTpR C-rpaHbI. B npo- 3hIBalOmRMH TaKHe yCJIyrn. KpHMHHa- nOMolUH, KpOMe roC:YJJ:apCTBeHHbIX HH- THBOrrOJIO)KHOCTb 3TOMY poccRil:cKHe JIR3anHH 6aHKOBCKoro ceKTopa H CPH- CTRTyrOB, ,n:orr2KHhI BKJllO'IaTh OTneJIhHhIX opraHH30BaHlIhIe npeCTYITHhIe rpyrrrrhI HaHCOBhIX RHCTRTyrOB cnOC06CTB0Ba1a J'llOneit H PM rpyrm. MHorOHanpaa.leHHaH pcnaTpHHpYIOT HC3Ha'IRTerrhHYIO 'IaCTh yre'IKH KanRTarra. CTparerRH ,n:O.lI.llCHa npenycMaTpRBaTh C,'lC- CBOHX ll:OXO!lOB H crapalOTCH ncrrOHHpo- BaTb CBOH nOXOll;hI B npyrHX CTpaHax, Y'I- nyrolUee: POCCHHCKHe OPraHR30BaHHble npecTyrr- pe)!(,[(M 6aHKll B mpuropHbIX 30Hax. Cne- HhIe rpyrrIIhI 06eCne'lWIH MaCCOBYIO • nporpaMMhI 3KOHOMH'IeCKoil: H rrpa- UHaJIHCT no yre'IKe KaHHTaJla Co06mWI rrepe,n:a'IY B C06CTBCHHOCTh rocy,n:ap- BOBOH nOMolUH nOJI2KHbl 6hITh HarrpaBJIC- Ha nocrrenneil: KOHcpcpeHuHH B MRHH- CTBeHHoro RMymccTBa, rrOTOMY qTO Hbl Ha HaH60;'lee KpHMRHaJIR30BaHHbIe crepCTBe BHYlpeHHRX nCJI B MocKBe, 'ITO npHBaTH:3aUHH npOBOJJ:HJIaCb 6hICTpO, B ceKTOphI oTJJ:e.'lhHbIX perno HOB. Ha'lIfHM C 1991 r. 113. POCCHH 6huro 3KC- OrpOMHhIX MacIIITa6ax, 6e3 Hc06XOJl.R- rropmpoBaHO $150 WL1. mapnOB. MO)KeT Moro rrpaBoBoro corrpOBO.lK,[(eHHH R B • UeJIhlO nporpaMM ,n:OJI)KHO 6hlTh CTpO- 6bITh 3Ta uJ.1:cppa 3:lBhIIlJeHa, HO, rro KOH- oTCyrCTIIHe np03paQHOcTR. 3TH rpyrmhI RTeJThCTBO rpa)KJI.aHCKOrO 06mecTBa H OKa- cepBaTRBHhIM OU'~HKaM, OHa COCTaBJIH- rrpR He06xollRMocm npH6CraJIH K CWIC, 3aHRe nOMOlUR rpa)KJI.aHaM B o6ecrrc'Ie- eT :550 MHlIJIHapn<>B. MRHRMYM 40 rrpo- HO B OCHOBHOM rrO.'laraJIHCh Ha CBOH HRM rrpaB c06CTBeHHOCTH, Me)!(.[(yrmpo.D- uemOB e)KeMeCH'IHoro IIOKa3aTeJIH yre'I- 60JIburHe cpHHaHcoBble aKTRBhI H Ha HbIe rrporpaMMbI, HarrpaBrrCHHhIe Ha Kif KamITaJIa, COGTaBJIlllOIHero $2 MRJI- CBOH TeCHbIe CBH3H C 6hIBureH 3JIRTOH 60pb6y C opraHH30BaHHOH rrpecTyrrHoc- mmpna, npHxonHTCH Ha opraHlf30BaH- KOMM)'HRCTH'IeCKoil: napTRIf, BOem{hI- ThlO, nOJI2KHhI pa60TaTh C TaKRMH rpYfi- lIhIe npecTyrrHbI1, apAoB C 1991 1'.). MHoro 60JIee CKpOMHhIX MacIIITa6ax). CBH3aHHhle C HHBeCTHpOBaHReM Cpe,QCTB ilPRCBOHB npHBaTH:3RpoBaHHoe HM)'u.te- B c;'la60 pery.rmpyeMhIe 6aHKOllCKHH CCK- PoccRil:cKITe opraHR30BaHHhIe rrpecTYIT- CTBO elUe ,n:o pa3BaJIa COBeTCKoro rocy- TOp, TOBapHhIe PhIHKH H IPoHJlOBble HhIe rpyrrlIhl HaHOCHT 60.'lhllmil: ymep6 napcTBa, POCCHHCKM Ma.fMbI lIOMOrrrl1 rr:OJI.lKHbI orr- ruraTJrTC.SI, B TO BpeMj{' KaK aKTHBhl (PC- 3TH CTPaHbI OTK.a3aJlI1Cb 01' u:empaJIbHbIX PCn:CJIl1Tb 06JIaCTl1 3KOHOMHKH, KOTO- 3epSbI HHOCTPaHHOH SaJIIDTbI) 3apa6a- pblM yn:aJIOCb H36C.lKaTb MaCCOBOH KpH- 6aHKOB H C03lLMH CHCTCMbI, rrOl.(06HbIe TbIsaIDT rrpOueHTbI. EOJlee TOro, OpTO- BaJIIOTHbIM COBCTaM. 3TO OTpa.lKaCT HC- • MHHaJIH3aUI1H. rr:OKCaJIbHbIH. B3.JiIOTHbIH coseT He MO.lKeT TOPHYJ:CCKHM OTXOrr: MB OrpOMHoit TeX- ~emlIO MHornx Ha6JIIO)laTeJIeit, TOJI'IOK I':lliqeCKOH lIOMOIInt. llOCJIe C03P;aHHg HO- rnrrepHH. (B DOJI- MB. OHH, no BceH BH;~HMOCTH, pac- fepMaHuu U BeHrpUU rrepUOJIa rrOCJIe rapuu B YCJIOBHgX CUCTeMbl BaJIIOTHblX - CMaTpHBaJIH neBa.JIbBauHIO KaK Ha,Ue.lKHoe BTOPOH MllPOBOH BORHbI.. B HaCTOgluee COBeTOB JIeB 6Y)lCT rrpUBH3aH K JIO.1lnapy 'H 6blCTPO )lCHCTBYIOlI{ee "leKapCTBO, BpeMH IOroCJIaBCKUR )lUHap rra.n:aeT co UJIU HeMeUKOR MapKe, KOHBepTHpye- rrpl13BaHHOe JIeqHTb 3KOHOMHqeCKHe CKOPOCTbIO KaMHg, H 'iepHoropUH - MOCTb 6Y)leT rapaHrHpOBaHa H DOJIfapC- 60JIHqKl1 CTpaH, JIeKapCTBO, 06eCneqIf- MJIa.n:IlIIfR rrapTHep Cep'6Hu B pasOpBaH- KOMY HaUHOHa1£bHOMY 6aHKY (DHD) BaIOlI{ee 6blCTpoe, (lCHOBaHHoe Ha 3KC- HO:lf IOrocJIaBIfu - rp03HT ,lJ;IfCTaHUUpo- 6yn;eT 3arrpelI{eHO rrOKYrraTb rocynap- IIOpTe Bbl3n;OpOBJIeE Ife. BaTbCJl: or qyMbI rnrrepuH ObI.JIa 3aneqaTJIeHa B KOMMepqeCKRM 6aHKaM. TaKHM 06pasOM Ka~1He B 1950-x 11 Ha'IaJIC 1960-x rO,UOB, MCTOPUg DonrapuH BO MHO rOM CXO.lKa C 6Y)leT rrpeKpalI{eHa rrpaKTRKa DHD pe- KOma MHorne a CuenIfJICH C AHrm1MCKUM 6aHKoM TepHblMU 6bL1H BCIIJIeCKH BblCOKO:lf RH- rrpU06peTeHHH roCYJIapCTBeHHbIX ueH- (Bank of England).JTHOt;I1Te.lbHo ueJIe- oL(ep.lKaJI rro- C03)laHHe BaJIIOTHOrO COBeTa B DO"TIrapHI1 y6bITOqHbIe rrpen;rrpRHTUH rrpOBeCTH pe- 6cJJY B 3TO:lf 6HTBe If BMeCTO "CTpeMH- B 1990 r., KypC 06MeHa COCTaBJIM 10 CTpYKTYPHJauHIO HJIH 3aKpblTbCJl:; JII06ble TeJIbHOfO pOCTa" a(jJpHKaHCKHe CTpaHbI, JIeBOB 3a )lOJI,lap. Terrepb OJIHH n;OJI.nap 6aHKll, KOTOpble 6Ymrr rrpOJIOJI.lKaTh rrpe- rrpl1HHBIlIUe CUCTeMY ueHTjJaJIbHbIX 6aH- CTOHT 2 600JIeBOB H rOnOBM UH KaTaJI TeJIeACKH BOKpyr CHC- 6UHKOB. ITo RX MHeHUIO, ueHTpaJlbHble CMOryT JIU DOCHUH U DOJIrapUg H!J:'rH . TeMhI ueHTjJalbHbiX 6aHKOB. Ho B KOHne 6aHKU Jl:BJIHIOTCJl: HHCTpYMeHraMll ceK- 3TO:If )lOporo:lf pe 06pa30BaJIHCb TOpHblX H rrOJmTIf'leCKHX UHrepecOB U 'ITO JIyqIlIee, HaqTO Mbl MOJKeM Ha.n:eJl:ThCJl:, TpeIIUiHbI, Koma Q;loH.!l: Ha'IaJI 3alI{I1lI{aTb .!l:eHer, BbIIIYCKaeMhIX 3TUMU 6aHKa.\{H, 9TO Ha rrOJl:BJIeHHe KaKHX-TO Bo06palKa- . HOBble CHCTeMhI BalIOTHblX COBeTOB B CJIe.n:yeT If36eraTh. IT09TOMY HeY.!l:UBU- eMhIX JIH.!\epOB U TeXHH'IeCKH crroc06HhlX ApreHrHHe, 3CTOFIlnI H JIIiITBe. TOfL(a, B TeJIbHO, 'ITO yqeTHoR e.!l:UHHueR U rrpe)l- a.n:MllHHCTpaTopOB rrOClle Toro, KaK 6y- 1995 f., OPTO,[(OKCMH MB 6Wla pas611- rrO'IHTaeMoit BaJIIOTO:lf Ha DaJIKaHax gB- mrr 06eCrreqeHbI )lRCUHIIJIUHa Yf CTa6HJIb- Ta, CBU)leTeJIbCTBOM qeMY 6bLiO BbICTyrr- JIHeTCJl: HeMeUKM MapKa. KaK B Boc- HOCTb. • JICHHe OIIP;a B lIOJIb3Y MaH.!\aTa BaJIIOT- HHU, TaK U B DOJIrapUU CerO.!l:HJl:IlIHUe HOro COBCTa n;JJH DOCHHH. 3aTeM, B 3KOHOMUqeCKUe nOKasaTeJIU COCTaBJIH- 1996 L, OH BrrOJIHe 060cHoBaHHo BblC- lOT Bcero JIUIlIb 'IaCTb OT rrOKaJaTeJIe:lf ~ TyrrIfJI B rro.zm:cp.lKKY BaJIIOTHOrO COBeTa 1989 r., rrpR 3TOM ypOBeHb 6e3pa60Tu- CmU8 X XaH.K.e - npo¢eccop npUK.,laO- B DOJIfapl1l1. Ubl B 06eux CTpaHaJI COCTaBJIHeT OKOJIO lWU 3K.OliOMUK.U 8 YliU8epcumeme 50 rrpOueHrOB. DOJIbIlIUHCTBO 6aHKOB If j(JlCOliCa XOnK.UliCa 8 EaJlmUMope. Pa- OTXO)l MB OT cBoeit OPTO)lOKCaJIbHO:lf rrpe.1lIIPUHTuH HeIIJIaTe.lKecrroc06HbI. 3a- 60mall c08emliUK.OM 8 lOeoclla8uu JIHHHI1 MO.lKHO TOJIbKO rrpUBeTCTBOBaTb, KOHHOCTb If 'Iencne rrpaBa co6cTBeHHo- (1990-1991 ee.), }]um8e (1994-1996 ze.) oc06eHHO Ha DaIKaHax. DblBIlIM IOro- CTU rrpaKTU'IeCKR oTcyrcTBYIOT. 3KOHO- U Ap2elimulie (1995-1996 2Z.). CJlaBHH rrepe.lKRJlU rrepuo.!l: Hecra6IfJIbHbIX MllqeCKRe CTpYKTYPbl B TO:lf cTerreHH, B n;eHer. B rrcplfO.!l: C 1971 r. rro 1991 r. cpe)l- KOTOPOR OHU cyureCTBYIOT, 9TO CTpYK- HH:If ron;oBoH ypoBeHb H.HHlIHII- KHH YCTaHOBHlI CJIe).IyIOmHe rrpHOpHTeThI: peIIIeHHe rrpo- rrOB 3ru!BHlI, 'ITO BaJIIOTHhIH COBeT, rrpe)lJIO)!(eHHhIH MB 6JIeMhI neXBaTKH TorumBa, 3aKphlTHe y6hITO'IHhlX rocy- )lJIJi CTa6HJIH3aIJ,HH 3KOHOMHKH BOJIrapHH, CMO)!(eT Ha- ).IapCTBeHHhIX ).IaJI rrOHHTh, 'ITO ).IO rrpe).IOCTaBlleHHJ[ KaKHX-JiH60 JIOMpaJBaJIa3KOHOMHKH. B 1996 r. BBIl CHH3lliiCJi Ha 8 - 9 Cpe).ICTB OH rrOTpe6yeT OT rrpaBHTellbCTBa ocyru:eCTBHTh rrpOIJ,eHTOB, HH 3aMop03HlI rrpe)lOCTaB- CTopaHhI, MaraJHHhI, a TaK:lKe orrTOBhIe TOprOBIJ,hI rrpH- JIeHHe KpelJ,H:Ta Ha CYMMY $582 MllJUIHOHa).IO peaJIH3anHH HHMaIOT ormaTY TOJIhKO B )loJIJIapax HeCMOTpJi Ha 0B Ol':asaHHH 1I0MO- cTpyJCType CTpaHbI, 06eClIe'IHBaH 38,3 • Bce eme OTCYTCTByeT 06mM wrn BceH II.(l1. npouema BBIT, 43,7 rrpouema pa60- CTpaHhl, 'IeTKO onpeAeJIeHHa51 HHCTHTY- 'IHX MeCT H 99,0 rrpoueHTOB 3KClIOpTa. )1.e- UHOHaJIbHa.H H npaBOBaH OCHOBa. B CTpa- B rrpOIIlJIOM ro,lIY 3KOHOMH'IecKHit POCT CHTh KpyIIHhIX rrpOMhlIIlJIeHHhlX lIpeJJ:- He XOIlHT 'IeTbIpe BaJIIOThI (60CHHitcKHM B DOCHHH COCTaBHJI 40 lIpOQelITOB; npo- npHHTHit 06eClIe'IHBaJIH 50 rrpOueHTOB JJ:IrHap, XOpBaTeKaH KYIIa, IOrOCJIaBcKHil: MbIIIlJIeHHbrH BI:illIYCKJJ:0CTHr 10-npoQeH- BBIT H SaH5lTOCTH). e)l;epaumr • BblCOK. PHCKa B cOTpy)l;HlI'IeCTBe co BceMHpHblM 1997 BceMupHblU 6SHK 11 TpaHc¢opMa4HR. ¢eBpanb 1997 fiaHKOM, 'ITOfihl ofieCrre'IHTb fionee npH- • IIOMOllIb KOMMYHaJIbHOMY ceKTOpy L(eC}ITH c1J)aH, a Ta~e MB B pa.'IbHhlX HCKOrraeMbIX. IIoKa 'ITO OTHO- npHBaTH3aUHH rOCYiJ.apCTBeHHhlX npe,n- PaHec ,nocTHrHYTa5r L(OroBopcHHOCTh C . ClfTeJIbHO He60JIbIIIOe KOJIH'IeCTBO 6hlB- rrpH}!'fHH; Kpe}lllTHhlC JIHHHH PCC1J)YKTY- MBKYPHaJla "World Press Review" Ta, 3HCpreTllKH H TeJIeKOMMyllliKaUHH). 12 1997 BceMHpHblM 6aHK TpaHC¢OPMSUMR,¢eBpanb 1997 Vox Populi - qTO JIIO,lUI ,nyMaIOT 0 pe41opMax, npOBO,nHMblX B HX CTPaHax? I1:IIPII BeqepHIIK B HaCTOJlw:eH CTaTbe OImcaH ypoBeHb poB fOPJI'IO rrOMepJKHBaJIH I) rree 3aMeTHbI B qeIllcKoH Pccny6JIHKe, '1eM B .n;pyrnx CTpaHax UBE. BbI60Pbl, rrpoBe)leHHbIe B "lJ.exml: B 1996 r., CBRne- 1989* 1995 TeJIhCTBYIOT 06 oCJIafiJIeHHH paHee Cfu1b- HOll rrOMep;KKH, KOTOPYIO 06w:ecTBeH- CTpaHa IlJIoxo TaK XOPOiliO Bcero IlJIoxo TaK XOPOiliO Bcero HOCTb OKa3bIBaJIa PbIHO'lHbIM npeofipa- ce6e ce6e 30BaHHHM, H B pe3Y,1bTaTc 3TOfO napTIl:JI rrpeMbep-MHHHcTpa Kl1ayca rrOTepJlJIa qeIllcKaJI Pecrr. 13 38 49 100 24 40 36 100 afiCOJIIOTHOe fiOJIbIllHHCTBO B IIapJIa- BeHrpHH 21 35 44 100 47 41 12 100 MeHTe. (B BempHH rrpaBJlIUeMY KOaJIl1- I.(ROHHOMY rrpaBIITeJIbcrny, B KOTOPOM IIOJIbilia 25 43 32 100 60 27 13 100 ,UOMHHI1pyroT COHHaJIHCTbI, rrpHllLi10Cb CJIOBaKIDI 7 39 54 100 33 44 23 100 npHWITb nporpaMMY )KeCTKOll 3KOHO- MHR, TpefiylOJllYIO rrO,UT5IfHBaHHH pe- *PeTpocrreKTHl:moe Hafi.rTIO,UeHHe. MellIKOB; B C10BaKHH rraPTHH npeMbep- MHHI1CTpa Me'IHapa rrpHnep)I{l1BaeTCJI HCmO'IHU/(;: 06c;renOBaml:e SOCO 1995 f. rrorryJIHCTCKO-HaI.(HOH~1HCTR'IeCKOH rrporpaMMbI) • 1997 BceMMpHblVl 6SHK 13 fpaJK.[(aHe BO BCeX CTjJaHax UBE Ha}.(e- Aoeuu a/<:aOeMUU /-layK, ilpaea, lfelUCKaJI BbtOepJlCKU U3 KHU2U a6mopa PbllIKU U IOTCJl, "ITO HX rrpaBHTeJIbCTBa YlleJIJlT Pecny6AUKa. 60JIbIIIe BfIHMaHllJl CO~Ha,'IbHOR, 3KOJIO- AIO(}U: Onblm '1eUlcICoii pecjJopMbl 8 fH"IeCKoil: H MOpaJIbHoil: CTOpOHe peq,OpM B pa60Te 6hlJIH HCrrOJIbJOBaHbI CJIeJlY!O- cpa8HUmeAbHOii nepcneICmU8e (H30a- H, 60nee KOHKpeTHO, 3amHTJIT paBeH- mHe HCCJIeIlOBamUI: ")leMomax ceTH mMbCm60 Avebury Publi.'iher, Aldershot, CTBO B03MOEHOCTeR, KOTOPOMY yrpO::>Ka- COrmaJIbHOR 3a.Il{HThl H ee 1I0JIHTH"IeCKHe eT CKphlTaJl MOHOrrOJIHJl H 'Ipe3MepHaJI United Kingdom, U Broolifield, Virginia, 1I0CJIeIlCTBHJl" - OKTJl6Pb 1991 r., HHCTH- BJIaCTb 6aHKOB, 60JIblllHX KOprrop~Hil: H TYT HCCJIe)10BaHH}! CHCTeM CO~HaJ!,bHOH United States, 19962., 294 c.) paCTYmeR rOCYllapCTBeHHOH 61OpOKpa- 3aIUHTbI BocTOKa-3arralla, HblO- IiopK; THH. "CO~Ha,lbHhle 1I0CJIeiWTBllJl peq,0pM" Ha'IaJIO 1995 L, COQHaJIbHaJI OTOHMOCTb ftupu BeliepHuK - PYKo600UmeAb npoepaM- 3KOHOMH"IeCKHX peq,opM (SOCO) H •¥fbl UCCAeooeaHUU 6 Jl1lcmumyme COl~UO- HHCTHTYT ryMaHHTapHhlX HaYK, BeHa • IIucbMa pe,n;aKTOpy )TPOKH pacnpo~~ BeorepCKOrO 30epreTHQeCKOrO CeKTOpa Harrrn: llaHHble 06 HmeHCHBHOCTH rroTjJe6JIemur 3JIercrpo- COUHaJIbHhle H 3KOJIOrH"IeCKHe aCneKThl 6WIH npoHfHopHpO- 3HeprnH B UeHTpaJIbHOH. H BOCro'IHOH. EBporre (UBE) rrOJI- BaHhl. HarrpHMep, npaBHTeJIbCTBO comaCHJIOCb nOBhlCHTb Ta- H9CTblO OTJIH'IalOTC.ll OT llaHHhlX, rrpHBe)1eHHhlX Ha rpaq,HKe PHq,hl Ha 3JIercrpo,meprnlO 110 YPOBHJi, KOTOPhli1 rapaHTHpO- "IiHTeHCHBHocTb rrOTjJe6JIeHH.ll 3JIercrp03HeprnH B rrpOMhllll- BaJI 6hl (H36hlTO'IHYfQ) 8-rrpouemHylO Mapxy IlOX0il.a HHOC- neHHOM rrpoH3BollcTBe B 1994 r." ("BOCCTaHOBJIeHHe rrocTCO- TpaHHhlM HH.8eCTopaM. )lJIJl )10CTHJKeHH}! 3Toro YPOBHJl rro- UHaJIHcTH'IeCKOH HHq,paCTjJYKTYPbI", Transition, BhlrryCK 7, Tpe60BaJIOCb 6b1 rrOBblCHTb TapHq, Ha 40 rrpOuemo.8 .8 JlHBape NQ 1 I -12, c. 13). B BaillHX )1aHHbIX 3Ha'IHTenhHO 3aHIDKeHa HR- 1997 r. TaK KaK TaKOe rrO.8hlllleHHe RBHJIOCb 6b1 HerrOCHJlbHhlM TeHCHBHOCTb lIoTpe6neHH.ll 3JIeKTp03HeprnH B HeKOTOpbIX COUHaJIbHhlM 6peMeHeM, TapHq,hl 6hlJIH rrOBhlllleHbI s cpen- cTpaHax. HarrpHMep, WI}! 3CTOHHH MbI rrOJlyqHJIH UHq,PY, HeM .8cera Ha 24,9 rrpouema. IIoH$!THo, 'ITO HHOCTpaHHble paBHyIO 1 300 fHra.)bK0YJIeR, B TO BpeMJI KaK Ha BallleM rpa- HH.8eCTOpbI rrOC'IHTaJIH :ny YMeHbllleHHylO l{Hq,PY HeIIpHeM- q,HKe rrOKa3aHa I~Hq,pa 750. HeCMOTpJl Ha paHee C)1eJIaHHhle JIeMhlM OTKJIOHeHHeM OT 06}!3aTeJlbCTB npasHTe.1JbCTBa. Bc.1JeJl- rrpe)1flo;:rOJKeHHJl HmeHCHBHOCTb rrOTjJe6JIeHHJl 3JIercrp03Hep- CTSHe :;nora rrOBbICHJICJl ypO.8eHb HanpJlJKeHHOCTl1. B cTpaHax, rnH B :lTOM pefHOHe Bce eme rrpOIlOJl::>KaeT paCTH. rrpe)1rrpHJITHJi KOTOPbIX CJIemuIH 3Ha'IHTeJIbHble BJIOJKeHH}! B BeHrepcKHH :mepreTH'leCKHii: ceKTop, HarrpHMep BO paH- )J comaCHa, 'ITO C031laHHe PbIHO'lHbIX YCJIOBHH B 3HepreTH- mrn H fepMamrn:. 'leCKOM ceKTope rrOMOJKeT pelllHTb HeKOTOphle rrp06JreMbI, C KOTOPhlMH rrpHIllJlOCb CTOJlKHyTbCJl 3THM CTjJaHaM, TaKHe KaK Bme O)1HHM HeJKeJIaTeJIbHblM rrOCJIellCTBHeM arpeccHSlIOM HerrpOH3BO)lHTeJlbHbIR paCX0)13.1Jercrp03HeprnH, HeIlOCTaTO"I- pacrrpo)1aJKH 6bIJIa 60JIee BblCOKaJI CTerreHb 3alllHThI HHOCT- HaJI JlHKBH)lHOCTb, YCTapeBlllaJI TeXHOJIOrHJl H T.rr. OllHaKO paHHbIX HHBeCTOpOB rro Cpa.8HeHHlO C MeCTHblMH H rOCYllap- TjJe60BaHHlO HaJIH"IH}! KpyrrHoro KarrHTaJIa B 3HepreTH'IeC- CTBeHHbrMH C06CT.8eHHHKaMH. HarrpHMep, B q,oPMYJII>l Tapli- KOM ceKTope OTBe"IalOT TOJIbKO HHOCTpaHHble HHBeCTophl. TaK tPoB 3HepreTH'IeCKHX rrpei1rrpHSITHtt, HaxOWlli!l1XCJl B C06cTBeH- KaK pacrrpollaxa 3Ha'IHTeJlbHOH 'IaCTH :mepreTH'leCKOrO ceK- HOCTH MeCTHhlX B.1JaJIeJIbQeB, He BKJIIO'IaeTC}! 8-npOuemHaJi Topa - BaJKHOfO 6a30BOfO 3JleMema 3KOHOMHKH - HHOCTpaH- MaPJKa il.Oxolla. B pe3y.;IbTaTe 3TOro HerrporropUHoHaJIbHO GaJIb- HhlM BJIalleJlbuaM HHKOf)1a HHfile He rrpOBOIlHJIaCb, K HeH IIIaJI 'IaCTb 1l0rro"1JHIITeJIbHhlX [(OXOil.OB, rrOJIyqeHHbIX S pe3YJlb- HylKHO rrO.D:xOllHTb OCTOPOEHO. TaTe JiHBapcKoro rrO.8hllllemur TapHq,OB, rrocTyrraeT .8 PYKH HHOCTpaHHhlX c06CTBeHHHKOS: BeHfepcKHM C06CTBeHHHKaM QT06hl rrpOHJIJlIOCTpHpOBaTb rrOTeHUHaJIbHylO orraCHOCTb, rrocTYIIalOT TOJIbKO 15 rrpouemOB il.OrrOJIHlITeJlbHbIX 1l0XOJlOB. paCCMOTpHM HeCKOJlbKO rrpHMepOB CHTYaQHH, CJIO:lKHBIIICR- C.ll B BeHrpHH, file rpa)K)laHa!\1 y:lKe rrpHXOIlHTCJl paCITJIa'IH- KpOMe TOro, C ue.1JblO YCKopeHHJl rrpHTOKa KaI1HTaJIa IlJN BaTbCJl 3a 6hlCTpYlO H 6e31lYMHYlO rrPHBaTH3aUHlO 3HepreTH- 3HepreTH'IeCKHX rrpellrrpRJITHtt, HaxOrourmXC}! B HHocTpaH- 'IeCKOfO ceKTopa. K KOHQY 1996 r., rroc.1Je YCKopeHHoH pac- Hoi1 C06CTBeHHOCTH, 6WIH YCTaHOBJIeHbI 60Jlee IDf3KHe CTaH- rrpollaxH 3HepreTH'IeCKOrO ceKTopa B 1995 r., 3Ha'IHTeJlbHaJI llapThl 3q,q,eKTHBHOCTH, 'IeM)lJIJl rrpemrpmITHti, HaxolUImHXCJ! 'IaCTb BeHrepCKHX :mepreTH'IeCKHX MOmHOCTeii: (40 - 80 rrpo- B .8eHrepcKoti C06CTBeHHocTH. )lpyrne H~HOHaJI"Hble HHTe- nemoB) OKa3aJIaCb B HHOCTjJaHHbIX PYKax. ITo )1aHHblM rocy- peCbI, BKJIlO'IaJI TeXHH'IeCKOe YCO.8epllleHCTBoBaHHe, mmec- napcTseHHOro aYilI.fTHoro aremCTBa, YCKOpeHHaJI rrpHsaTH- THpOBaHHe cpe)1CTB B CMeHY 060PYil.OBaHHJl, 60pb6y C 3ar- 3aUHJl ocyur,eCTBJI}!JlaCb 6e3 rrpOBelleHH}! 06mero aHaJIH3a co- p}!3HeHHeM OKpy:lKalOmeH CpellbI, He 6hlJIH OTperYJlHp0.8aHbI CTOJlHllJl BeHrepCKoro 3HepreTH'IeCKoro ceKTopa H 6e3 oueH- .8 KOHTpaKTax. I i TaK KaK HHBeCTOPbl rrOJI)"fHJIH rrOJIHbIii: KOH- KH BJIH.llHlUI rrpHBaTH3~HH OTllenhHbIX CTaHUHii:. fJlaSHoii: ue- TpOJIb H rrpaBa Ha CBOHX rrpellrrpHJITH$lX, npaBHTeJIbCTBO He JIblO 6bIJIO 6hlcTpOe rrO.1JyqeHHe KarrHTaJIa C ueJIblO CHIDKe- MOJKeT OKa3bIBaTb rrO'ITR HHKaKOro BJIHJiHHJi Ha 3aIUHTY Ha- HH}! rOCYllapCTseHHoro IlOJIra H rrOBhlllleHHJl pe3epBoB HHOC- UHOHaJIbHbrX, COUHaJIbHhlX H 3KOJlOrn'IeCKHX HmepecO.8. TpaHHoii: BaJIlOTbI. TaKHM 06pa30M, pacrrpo)1aJKa 3HepreTH"IeCKOfO ceKTopa, TaK KaK 6JIH30PYKaJI rrOJlHTH'IeCKaJI ueJIb 6bIJIa rJIaBHhlM IlBH- liMelOmero TaKoe BaJKHOe 3Ha'feHHe 1lJI}! HaUHOHIUbHOH 3KO- raTeJIeM 6bICTpOR rrpHBaTH3aUHH, HeKOTophle HaUHOHaJIbHhle, 14 1997 BCeMUpHbll.16sHK TpaHccPopMau,Vlfl, cPespanb 1997 HOMHKI{, COCTOJUlliH OKPyxH- .JJ:eCHTHJIernHM pa3BHTHH. HaHCOBbIe I{HCTIITyrbI, paTYIOlURe 3a C03,uaHHe PbIHO'IHbIX YCJIOBHIi: B ::mepreTIPleCKOM ceKTOpe, ,uOIDlCl:Ibl: TaKlKe rrpHHH- ,auaHa $op3a/i, MaTI> MepbI, '{T06bI HaUHOHaJIbHbIe, COUHaJIbHbIe I{ 3KOJIOrH- npopeccop 9Hep2emUlteCKOU nOilumUKU rjJaKYllbl7lema 'IeCKHe HHTepeCbI He 6bIJIH 3a6hITbI B xO.JJ:e rrpouecca rrpHBa- 9KOll02UlteCKOU HaYKU u nOllumUKU aeHmpallbH020 EoponeUCKO- TH3aUHH B CTPaHax C rrepexo,uHOH 3KOHOMHKOH H '{T06bI 6JIH- 20 yHuoepcumema, ByiJanezum. YBeJlH'IeHHe C06CTBeHHOCTH Ha nOTpe6HTeJIbCKHe TOBapbI )UUlTeJIbHOrO nOJIb30BaHIDI Heo6S13aTeJIbHO 03HalJaeT 60JIee BbICOKHe peaJIbHbIe ,llOXO,llbI IIpo4>eccop 5{H BHHbelJ:KI{H 6bIJI O.JJ:HHM H3 caMhIX OCTPhIX 4>opMeHHoro rrepHO.JJ:a, HO OTHOCHTeJIhHhle ueHbI 1{3MeHH- KPHTHKOB (KaK Ha3hlBaJI OH caM) 3KOHOMHKH COBeTCKOrO THIIa. JII{Ch B OrpOMHbIX rrpe,ueJIax, H, 'ITO Hal{60JIee BaJKHO, 6hl.t1 Ero ymfKaJlhHbIit CTHJIb B KaKOH-TO CTerreHH coxpaHHeTCH B pa3pellieH II.lIaBaIOlUHll KYPC 06MeHa. IIocJIe KpaTKocpo'IHOII era rrOCJIe,uHHX B03paJKeHHHX (Transition, BhmYCK 7, NQ 11- I{ pe3K0I1.JJ:eBaJIhBalII{H, KOTOPaSI ,uOBMa 04>HlIHa.lbHbIH KYPC 12) Ha CTaTblO B :It::ypHaJIe Transition, HaIUl:camryIO rrpo4>ec- o6MeHa rrO'{TH ,uo YPOBIDI rrapao'UIeJIhHOrO (phIHO'IHOro) KYP- CopaMH Ky6aeM H KaBalHKoM (BbmycK 6, NQ 7-8). Cy)K.ueHI{H ca, 110CJIe,uOBaJI MHTellbHbIll rrepHO.n: rrOBbIllleHHlI peaJIbHoro rrpo4>eccopa BI{HheUKOro KaCaIOTCH COUHaJIbHOit ueHbI pe- KYPca 06MeHa. 4>OPM H, 60Jlee KOHKpeTHO, CTerremr, B KOTOPOIi: BBIT H ypOBeHb :JK.U3HH CHli3H:IHCb B xo,ue ocymeCTBJIeHHH pe4>opM. PeaJIhHbIH KYPC 06MeHa 3.JIOTOrO B HaCTOHlUee BpeMH BbIlllC, CymecTByeT MHOIO apryMeHTOB OTHOCHTeJIbHO rrpH'IHH rrpe- qeM o4>HJlHaJIbHbIit KypC 06MeHa 3JIOTOro B 1988 r. B POCCHH B YBeJIH'IeHHSI CHHJKeHHH BBIT H, B03MOJKHO, ,uOXO,uOB Hace- rrepHO,u C HHBapH 1992 r. rro ceHTSI6pb 1996 r. rrOCJIe JIH6epaJIM- JIeHHH. HeKOTOpbJe 1{3 HHX rro~06Ho OrrHCaHbI BHHhCUKHM B JaUHH Kypca o6MeHa H lIeH CTOHMOCTh JKH3HH rrOBbICHJIaCh B ero CTaTbe B Transition U ,upYfHX rry6mrKalIHHx. 670 Pa3, a HOMHHaJIhHbIH KYPc 06MeHa py6JIeH. Ha ,uO.JIJlapbI rrOBbICHJICH Bcero B ,uBa.JJ:lIaTb llleCTh pa3; TaKHM 06Pa30M, HaCTOHlUee o6cY)!{}:leHHe CTaHOBHTCH B KaKoH-To CTerreHH peaJIbHbIll KYPC 06MeHa py6JUI BhlPOC 60JIbille qeM B JIBaJI- HeYMeCTHbIM rro OTHOllleHI{IO K TaKHM CTpaHaM, KaK uaTb pa3. B pe3YJIbTaTe 3Toro peaJIbHaSI 3aprmaTa, KOTOPaSI B ITOJIbllla, B KOTOPOH ,uOXO,ubI H BBIT rro JII06bIM paC'IeTaM HHBape 1992 r. paBWL'IaCb $7, B HaCTOlIlUee BpeMH COCTaBJI5!- iJ,OCTl{rJIH YPOBIDI, Ha KOTOPOM OHI{ 6bIJII{ ,uo rrpOBe,ueHI{SI eT $160. pe4>opM, H 3KOHOMI{Ka OTJIH'IaeTClI 3,uOPOBbIM, 6bICTPbIM pOCTOM. Ho 3TH rrpo6JleMbI OCTaIOTClI OCTpbIMH rtJUI ~yrl{X B IIOJIbllle peaJIbHaSI 3apII.lIaTa B HaCTOlIlUee BpeMH COCTall- CTPaH C rrepeXO,UE:OH 3KOHOMHKOH, MHorne 1{3 KOTOPbIX, OCO- JIlIeT $300 B MeClIU. HallieMy pa60'IeMy HyJKHa Bcera JIl{lllh 6eHHO POCCl{lI H YKPaIiHa, Bce elUe HaxO,uSITClI B COCTOlIHHI{ o,uHa MeCH'IHaSI 3apIIJIaTa, 'IT06bI KYIIHTb BH,ueoMarHHTo4>oH. ,ueapeCCI{H. Y'ITHTe .JJ:ellCTBHTeJlbHO y,uHBHTe,1bHoe CHHlKeHHe 3apIL1aTO- ueH Ha HMrrOpTHPyeMbIe TOBapbI MI{TeJIbHoro rrOJIb30BaHI{1l: To, 'ITO B 3Ha'IHTeJIbHO 60JIbilleM KOJIH'IeCTBe ceMeH Ha6JIIO- HOBaSI 3apruiaTO-ueHa COCTaBJIHeT o,uHY ,l(ecHTyIO cTapoit. Ho ,uaeTCSI yseJIH'Iemle 'IHCJIa rrOTPC6HTeJIbCKHX TOBapOB MHTeJIb- rroKyrraTeJIbHaSI crroc06HOCTb 3apII.lIaTbI pa60'lero B OTHOlllC- HOro 11OJlb30BaIDUI (BHJIeOMarHHTo4>oHoB, aBTOMalllHH, 110- HHH OTeqeCTBeHHbIX TOBapoB 110HH3HJIaCb; KaK CBH,ueTeJIhCTBY- cy.uOMOe'IHhlX MmIHH) 110 cpaBHeHHIO C .uope4>opMeHHhIM eT CTarnCTHKa, HOMHHaJIhHaH 3aprrJIaTa ,ue4>JIS!THPyeTCH rrpH rrepHo.uOM, rrpo4>eccop BHHbeUKHH H ~. C'IHTaIOT CBH.ueTeJIb- 110MOlUR HHiIeKca CTOHMOCTI{ lKH3HH. (ToBapbI lJ,;1HTeJIbHOra CTBOM 110BbIIlleHkiJI pearrbHoro ,uoxo,ua. HeKOTopbIe KpHTHKH, 110JIb30BaHHH, KOHe'lHO, OKa3bIBaIOT BJIHHHl{e Ha HH,ueKC CTO- rrpH3HaIOlURe )lBeJIH'IeHHe C06cTBeHHOCrn Ha TOBaphl )1,JIHTeJIb- I{MOCTH JKH3HH, HO HX Bec COOTBeTCTBeHHO MaJI). HaIII pa6o- Hora 110JIb30BaHIiSI, n bITalOTCSI rrpHMHPHTb 3TO YBeJIH'IeHHe 'lHH. B HaCTOlIlUee BpeMH rrOKYIIaeT MeHbllle rrpO.JJ:YKTOB IIHTa- co CHHJKeHl1eM peaJIbHbIX .uOXO,uOB, yrBep)!{}:laSI, 'ITO "TOJIhKO HHH (B ITo,1hllle B 1994 r. Bcero 70 Kr CBI{HHHbI), HO 60JIbIIIe 60raThle I{MeJIH n03MOJKHOCTb rrpl{06peTaTb TOBapbI MHTeJIh- TOBapOB MHTeJIhHOrO rrOJIb30BaHHH. Hora rrOJIb30BaIDUI". Ho c06CTBeHHOCTb Ha TOBapbI MHTeJIb- Hora rrOJIb30Brunui rrOBbICHJIaCb B OrpOMHbIX Macrrrra6ax: B B 3aKJIIO'IeHHe CJIe.uyeT CKa3aTh, 'ITO YBeJIH'IeHHe rroTPe6.r:e- ITOJlbille 3a rrepHOll C 1989 r. rro 1994 r. ,uOAA ceMeH, HMeIOIURX HHH TOBapOB MHTeJIhHOro IIOJIb30BaHIDJ: Heo6JI3aTe!Il>HO CSM:- B cBoet!: co6cTBeHHocTH BH,ueOMarHHTo4>oHbI, YSeJIH'IH.lIaCb .n:ereJIhCTByeT 06 yseJII{'!eHHH peaJIhHbIX ,uOXOiIOB. Ho JIalKe rrO'{T1{ B 20 pa3 - C 2,5 rrpOueHTa,uo 48,0 11pOlIeHTOB. eCJIH peaJIbHhIe .!l:OXO.n:bI, H3MepeHHbIe B OTe'IeCTBeHHbIX TO- Bapax, CHH3HJIHCb, C06CTBeHHOCTb Ha rrOTpe6HTeJIhCKHe 1'0- B 3THX apryMeh'Tax He Y'IHTbIBaeTCSI orpOMHoe H3MeHeHHe aaphI MHTeJIhHOro rr0JIb30BaHHH, 6e3YCJIOBHO, CBH.ueTeJIbCTBY- OTHOCHTeJIbHOH ueHbI, rrpOH30111ell;lllee B CTPaHax C rrepexoll;- eT 0 rrporpecce, AOCTHrHYfOM 6JIaro,uapH JIH6epaJIH3aIlHH HOH 3KOHOMHKOH. B 1988 r. pa60'lHH B IIOJIbllle, 3apa6aThlBaB- 3KOHOMHKH. lllHH B cpell;HeM $30 B MeCSIlI (rro o4>HUHaJIbHOMy KYPCy 06- MeHa), .JJ:OJIJKeH 6bIJI 3apa60TaTb B ,ueCHTb pa3 60JIbllle, '{TO- 6bI KYIIHTb rrpocToH BH.ueOMarHHTo4>oH ($300) HJIH OKOJIO 100 Kr MHca. B Te'IeHHe 1993-1994 IT. B ITOJIbllle H 1996-1997 IT. B BpaHKO MUJlaHOOUlt POCCHH ,uOXo,ubI He Bcer)J;a B03BpalUaJIHCb ,uo YPOBIDI ,uope- BCeMUpHtJlU 6aHK BaZUUH2mOH, O.K 1997 BceMVlpHbli1 oaHK 15 TpaHc~opMa~MR, ~eBpanb 1997 IIHOCTpaHHbIe HHBeCTDIUBI npHBOAJIT K CTOJIKHOBeHHIO KYJIbTYP - HCTOPIUI KOMllaHHH GE Lighting Tungsram nOJlb Mapep 11 BIIHceHT Ma6epT KO~maH.lH[ Gcncral Elcctric npH06pcJIa TaKHM 06pa30M, KOMrraHHH Hy:l!QlaJIaCh JJ:H, paCllOJIO.lKemIhIH B EYl(arrCIIITC, CTaJI 60JlbmHHCTBO aKUHH BCHrepCKOH <'Imp- B 3HaqHTeJIhHhIX HOBhIX HHBCCTIHIHJlX H eJJ:HHCTBeHHhIM HayqHO-HCCJICl(OBaTCJIh- MbI Tungsram - o;n:Horo H3 caMbIX KPyn- KOMII.JlCKCHOM PCCTpYKTYPHpOBaHRH - CKHM UCHTPOM GEL MHpOBOrO 3Ha'IC- HbIX, CTaphIX H HaH60JIcc npeCTYDKHhIX ;n:CHCTBHH, KOTOPhIC MomH 6hITb 06cc- HHH, pa60TaIOIUHM HaJI np06ncMaMH Ha MC)K,l]yHapo;n:HOH apCHe rrpOH3Bo;n:H- rrC'ICHhI TOJIbKO CTpaTernqeCKHM HHBe- 06CCrrCqeHIDI BhICOKoro KaqeCTBa npo- TCJ[CH HCTOqHHKOB CBCTa. B 1903 r. UHlKe- CTOpoM. Koma B 1989 r. rr05!BHJIacb TaKaSl DYKUHH. Yl3 BOChMH K:pYIIHbIX HayqHO-HC- HCPhI O;n:HOH BCHrePCKOH KOMrraHHH Pa3- B03MO.lKHOCTh, GE 6hICTPO rrpHHHJIa CJIc,uOBaTCJIbCKHX rrporpaMM, crrOHCHpy- pa60TaJIH JIaMITY HaKaJIHBaHHH, BrrepBhle CTpaTemqeCKOe peIIIeHHe rrpHo6pecTH eMbIX GEL B MHpe, qeThIpe Be;n:YTCH B ec HCrrOJIh30BaB BOJIhIX aBTOMaTH3WHa;[hHbIX KopnopaTH8Has KYJlbTYpa CTapm'bC51. KOMlIaHI1H: IIIHpOKaJ!: IIP.o- rpaMMa 06yqeHll;{ K3bIKY H KYJIhTYPa OTHOCwrC51 K IX H crroc06 oueHlCH H B03- pelleJIeHhl. CyruecmyeT TeH)leH- II3 1I0)lXOnOB K CHlOKeHlllO pac- HarpaxcueHH5I CJIy::KamHX B HHX 1I0JIytIllJIH HaJBaHlle IrH5I 06BHHJITb npyrnx B B03HHK- o XOnOB II 1I0Bblilie HHlO rrpOR3- "KoprropaTllBHOH KYJIhTYPbI". KYJIhTypa opraHH3aUHH HOBeHHH np06JIeM. lIepBOH. pe- BO.JmTeJIhHOCrn 3(,KJIlO'c:aeT(·K B orrpe.1leJIJIeTC51 HauHOHaJIhHbIMH qepTaMH ee CJIy::KaIlliIX, aKUHeH. Ha TPYilHYID 3allaqy KOJIJIeKTHBHbIX MHOrOtTOpoH- HH)lHBHlIYaJIhHOCThID H H)le51MH rrpH3HaHHoro JIH)lepa 06bI'lHO 51BJIJIeTC51 pa3MhllIIJIe- HHX IIpe)l.lIO:JKeH:rnx, >lBJIAlO- KoprropaUHH (eCJIH TaKOBoit IIMeeTCJI), a TaK:JKe rrpllpo- HHe, nOqeMY OHa He MO:JKeT . mllXCK pe3YJIhTaTOM MHoro- ilOH npOH3BOilCTBa. 6bITh peilieHa, XOT51 CBOHCTBeH- llHeBHoro 06.'JYMl;rBaHHJI. TIoc- HaJI BeHrpaM ropn:OCTh H H306- JIe TOro KaK 60cc H ",'TOPOH- peTaTeJIbHOCTh B KOHUe KOHI~OB Hlle KOHCYJIhTahTbI H3JIOXCaT n03BOJI5IIDT HM HaitTH IIyTl:l: ee llOCTH:JKeHl:Ul, rrp06JIeMbI H 6HlHec-cpe- mecmyeT rapaHTHH ilOJIfOCPO'IHOH pa- peilieHillI. BeHTepCKaJI KYJIhTYPa OTJIH'la- lIY, B KOTOPOH pa60TaeT rro)lpaJileJIeHHe, 60Th!. eTC$! BbICOKOH CTeneHhlO lIapTHKY;151PH3- yqacTHHKH, IIperiCTaBJUllOmHe Bce CJIOH Ma: "06CT051TeJIhCTBa H KOHKpeTHhle OT- H THlIhI CJI)')KamI:lX rronpaJ)leJIeHillI, IIPH- KoprrOpaTHBHaJ!: KYJIhTy:pa GE BOIIJIOma- HOIIIeHHJI OKaJbIBalOT B,1HJ!:HHe Ha MOH JIaralOT Bee CBOl! y:MCTBeHHbIe YCllJIHJI, eT TaKHe rnnH'IHO aMepllKaHcKHe 'lep- .1IeHCTBH5I". BeHrepcKHe pa60TllliKH 6bIJIH 'IT06bI rrpellJIO:JKHTh pC;KOMeH)laUllll rro TbI, KaK HH)lHBH)lyaJIH3M, ymmepCaJIH3M COUHanHlHpOBaHbI 6JIarollap51 coxpaHe- YJIyqIIIeHllID pa60ThI. OHH cpa3Y :JKe Bll- H caMoysepeHHOCTb. GE npe)J;lIaraeT B03- HHlO MHornx lIepe:JKl:ITKOB cTapoit I Ha MHJillHaplla, "ITO Ha 13 rrpOUCfITOB BbIllie $70,0 MHJlJIHap- KOHeu 1995 r. COCTaBHJIH $186 MHJIJIHap)lOB - POCT Ha 46 )lOB, rrOJIyqeHHblx B 1995 r, }loXO)lbI BbIPOCJIH B )lCBHTYI Yl3 rrpOUCHTOB 3allBa I'O)la; eCJIH 6bI 3TO rro)lpa3.neJIeHHe 6bIJIO nBeHan:uam cro KpyrrHbIX lIO)lpa3llCJIeHHIl:, npH 3TOM HaM- 6aHKoM, 3TO 6bIJI 6bI TPeTHIt 6aHK rro o6'heMY KaIIHTaJIa 60JIbIlIHH H3 HRX, npe)lCTaBJIeHHbIH llBY3Ha"IHOH UH.lbI. PaHee npeMHH 6bIJIH OCHOBaHbI TOJIbKO Ha rrpYl6bIJIH H llBR:lKeHYlH JIHKBH)lHOcm.) 3JIeKTPoo60pynoBaHHe 0,70 5,93 Te;rCpan:HOKOMIIaHHH (NBC) 3,92 0,74 • AKueHT B TOPfOBbIX oncpaUluIX GE rrepeHOCHTCH C Yl3- ITpOMbIIIIJIeHHOCTb (HarrpYiMep, roTOBJIeHRH npOn:yKTOB Ha npC)lOCTaBJIeHHC yc.n:yr, 3Ta TaK- oCBeIIIeHHe, JIOKOMOTYlBbI) 10,19 1,52 THKa BbI3BaHa B OCHOBHOM 3HaqHTCJIbHbIM )laBJIeHHeM, MaTepHaJIbI (maCTMaCCa GE) 6,65 1,47 OKa3bIBaeMbIM Ha UCHbI, B pe3YJIbTaTe 'Iero pa3'be)laCTC>I 3HcpfeTHKa 6,55 0,77 npH6bIJIb, nOJIyqaeMaH 3a HeKoTopyro rrpon:yKUYlIO. (B Co- TCXHH'lCCKOe (HarrpHMcp, MC.uHUHHCKOC) e.nHHeHHbIX IIlTaTax, HanpHMep, 60JIbHHUbI, CTPeMHIIIH- eCH COKpaTHTb CBOH pacXOnbI, rrOrrbITaJIHCb OrpaHYI'lHTb o6opy.noBaHYlc 4,42 0,80 rrOBbIlliCHYIe ueH Ha pCHTfeHOBCKYle anrrapaTbI YI CKaHH- GE Capital 26,49 3,52 PYIDIIIHe YCTPOHCTBa, H3fOTaBJIHBaeMbIe GE, Tor)la GE ITpO'lHe 2,71 2,68 pa3pa6oTa.'l BbICOKOIlPH6bIJIbHyIO OH-JIallHOByro n:HafHO- CTH'lecKyro CJIY:lK6y, CBH3aHHyrO C 11 000 CKaHHpyroIIIHX MaIlIYlH, YCTaHOBJICHHbIX B 60JIbHHUax rro BceMY 3eMHOMY HcmO~HU": General Electric. IlIapy.) 18 1997 BceMMpHblM 6aHK TYPe MoxeT llpHBeCTH K B03HHKHOBeHHIO KOHKYpHalla "BeHrepcKsfI ISKOHOMVlKS" 6u3l1eca lffiOuafiCK020 YllU6epcumema e 06f1acmu onepamU811020 ynpae.!teIlUJl. 1997 BceMVlpHblil6sHK 19 TpaHC¢OPM84HR,¢9Spanb 1997 IIporpaMMa MHoroCJIoiiHoro napmepCTBa BCeMHpHOrO 6aHKa ITpe3lf)leHT BOJIh$eH30H 0 HOBhIX OTHOllieHIDIX C ,LtOHOpaMH, HnO, qaCTHhIM CeKTOpOM H CTpaHaMH - yqacTHHuaMH BaHKa nepBblH YPOBeHb npe,Ll,CTIUIJIHeT co6oii CBH3b C HnO HBJIHeTCH 'laCTblO HOBO- ypOBeHb napTHepCTBa, npe,Ll,CTaB.lleH OT- nap11lepcTBo C ,Ll,pyrHMH ,Ll,BYCTOPOHHHMH ro, HMelOIUero 60nee urnpOKYIO OCHOBY HOmeHH.IIMH liaHKa C npaBHTeJlbCTBaMH H H MelK,lJYllapO)J.llblMH OpraHH3au,H..llMH. Pe- IIO,lI.Xona K oueHKe COUHaJIbHOH CTpYK- HapO,Ll,aMH HamHX CTpaH-Y'laCTHHQ. B Ha- rHOHa.JlbHble 6aHKH, MeXJlYHapo)J.HaJl TypbI H HHIUeTbI. CTOHIUee BpeMJI IIO'IT11 ,llBe TpeTH 3T.l1X OPraHH3aI1ID1: TpYl{a, EBpOlIeHcK.H:tt COI03 cTpaH )l(HBYT B YCJIOB.l1$lX TOit IDl11 11HOj:j: - Bce 3TO maBHble CIDlbI C TO'lKH 3peHlUl Ba TPeTbeM ypOBBe HaXO,Ll,HTCH napmep- tPOPMhI neMOKpaT1111, B TO BpeMH KaK PaJBHTIDl. 11HCTHTyrbI DOH, HalIpHMep, CTBO C '1aCTHblM ceKTOpoM. 3a IIOCJIenHHe IIHTb JIeT Ha3an TaKHX CTpaH 6bIJI 41 rrpo- aKTHBHO pa60TaIOT BO MHornx 06JIac- ro,n:bI rrpOH30lllJIO 3Ha'IHTeJIbHOe H3Me- uem.llHTb MIDlJIHapnOBJIIO,n:ej:j: B HacTO- T$lX, B KOTOPbIX pa60TaeT H BaHK, - OT HeHHe Mo,n:eJIH HHBecrnIiHOHHbIX IIOTO- $lIUee BpeMJI )l(HBYT B CTpaHax C PhIHO'!- 3npaBooxpaHeHH$l H 06pa30BaHH$l no KOB. ,l.leCHTb neT Ha3an HHBeCTHIiHH 'Iac- HOM 3KOHOMHKOll:, B TO BPCMH KaK CCMb pellleHH$l KOHtPJIHKTOB. THOro ceKTOpa B pa3BHBaIOIUHll:CH MHP JIeT HaJan HX 'IHCJIO paBHHJIOObBcero 1 COCTaBJIHJIH OKOJIO IIOJIOBHHbI CYMM, MIDllIHap,n:y. 11 ,llBJ1)I(eHHe K neueHTpaJIH- PaHbllle MbI He 1I0nnepJKHBaJIH CHCTeMa- HHBecTHPyeMbIX BCeMHpHblM 6aHKOM, H 3aUHH $lBJIHeTCJl '!aCTblO 3TOj:j: TeH,UeH- TH'leCKHX OTHOllleHHH C TaKHMH perno- OtPHUHaJIbHblX IIepeBo,n:OB JJ:Pyrnx ero UH11, Korna Bce 60JIbllleMY KOJI11'IeCTBY HaJIbHblMH 6aHKaMH, KaK Me::lKaMepH- IIaprnepoB. B TeKYllleM ro,n:y'IaCTHblit CCK- pernOHaJIbHbIX 11 MeCTHbIX opraHOB ca- KaHCKHH 6aHK PaJBHTIDl H AtPPHKaHC- TOP HHBecTHpyeT OKono $250 MIDllIHap- MoyrrpaBJIeHlUl nOBepHlOTcH pecypCbI 11 KHH 6aHK pa3BHTIDI:. HaM YnaJIOCb Ha'IaTb nOB B pa3BHBaIOIIrnecH CTpaHhI, T.e. B IIHTb IIOBhIllIaeTCH .l1X OTBeTCTBeHHOCTb 3a IIP11- peryMpHoe npoBeneHHe cOBeIUaHHH PY- pa3 60JIbllle CYMMbI OtPHU11aJIbHoil: IIO- HHTHC pelUeH11H. KOBOnHTeneH perHOHaJIbHbIX 6aHKoB, MOIU11. XOTH CJIe,n:yeT CKaJaTb, '!TO 80 TpeTbe H3 KOTOPbIX HenaBHO COCTOIDIOCb IIpoueHTOB OT 3TOll: CYMMbI 1I0JIyqaT BCC- Mbi 80 BceMHpHOM 6aHKe HlUeM nyTH, lIon IIpencenaTeJIbCTBOM rrpe3H,I{eHTa EB- ro ,llBeHa,n:uaTb CTpaH, a cy6caxapHaJl npH nOMOIUH KOTOPblX Mbi MOrJlH 6&1 pOlIeHcKoro 6aHKa peKOHCTpYKUHH H AtPpHKa 1I0JIyqHT Bcero 2 rrpoueHTa. CTaTb liaHKoM 3ftaKHA, 'IT06hI BOCnOJIb- pa3BHTIDl (EBPP) )!(aKa ne JIap03bepa. 30BaTbCH OlIhITOM, HaKOIIJICHHbIM B Te- ATMoctPepa HenOBepH$l H KOHKYPeHIIHH ,llJIH 06ecIIe'IeHlUl PaJBHTHH B 06JIacTH 'IeHHe IIHT11neCHTH JIeT. MO)l(eTe ce6e CMeHHJlaCb aTMoctPepoH COTpYl{HH'IeCTBa. BbIpa60TK11 3JIeKTp03Hepm:H 11 3JIeKTpO- rrpenCTaBHTb OH-JIaHHOBYKl CHCTeMY, B MbI 6eCIIpepbIBHO HaJIa:xrnBaeM CB$l3H H cHa6)1(eHlUl, CTp011TeJIbCTBa C11CTeM BO- KOTopoit xpaHHiICH 6hI BeCb OIIbIT, Ha- C EBpOIIeMCKHM COI030M H OTKPbInH nocHa6)1(eH11H, IIJIaTHbiX nopor, 1I0pTOB KOIIJIeHHbIll: HaM11 B 06JIaCT11 nOlUKOJIb- CBOH OtPHC B BpIOCCeJIe. H JI11HHH TeJIeKOMMYH11KaIIHH BaRK ,n:OJI- Horo o6pa30BaHHJl, '!To6bI MHH11CTP )l(eH pa60TaTb B COTpynHH'leCTBe C 'Iac- 06PaJOBaHHH.l1JI11 HayqHbIM pa60THHK B BTopoA ypOBeUb npe,Ll,CTaBJIHeT c060A THbIM CeKTOpOM: 11MeHHO TaM HaxOMT- KaKoH-HH6ynb n~~eKoH CTpaHe Mor nap11lepCTBO C BnO H 06IUeCTBeHHOC- CH ,n:eHbrn, CTpeMHIUHeCH 6bITb BJIO)l(eH- HMeTb IIPHMOll: nOCTYII K BaflKY, He O)I(H- TbIO. no Mepe paCllIHpeHH$l cB060,n: H HbIMH. naJlpa3Jl11'IHblx,n:OKYMeHTOB? I1.,~11 rrpo- ).(eMOKpaTlf3aI{lfH Bee rpOM'Ie 3S)"IHT ro- CTO rrpenCTaBbTe ce6e: 'lepe3 HaIIIY crryr- . JIOC 06lUeCTBeHHOCTlf. Bnaro,n:apJI 3TOMY HaM Hy;KHO OKa3bIBaTb IIOMOlUb TeM HHKOBYIO, HHTepaKT11BHjlO CHCTeMY MbI CTaJIH CBH,n:eTeMMH B3PbIBHOro pOC- cTpaHaM, KOTopbIe eIUe He rOTOBbI a6- KJIaCCbI, COCTOHIU11e 113 TpanuaTH ytfe- Ta aKTHBHOCTH HerrpaBHTeJIbCTBeHHbIX Cop611poBaTb HHBeCTHUHH)J,JIJl pa3BHrnH, HHKOB, paJ6pocaHHbIX no BCeMY MHpy, . opraHH3auHit (HnO) BO BceM MHpe, HY)I(naIOlUHMCH B OKaJaHH11 IIOMOIU11 HX MOryT yqacTBOBaTb B IIp$lMOM o6yqeHHH. .BbICTYIIaIOlUHX KaK B IIOnnepJKKY KOHK- cyneHcKoH C11CTeMe, CHCTeMaM peryJIH- 113 IIOMew;eH11li BaHKa MO)l(HO IIPOBO- peTHbIX, TaK H 60JIec 06IUHX BOIIPOCOB pOBaHHH, 06pa30BaHHH, CBH3H, HallO- nHTb 3aHHT11H 11 06cy)I(JJ:eHHlI C pa3B11Ba- H HHTepCCOB. 31'0 MOryT 6bITb BOrrpOCbI, ro06JIo)l(eHlUl, tPHHaHCOBOMY H 6aRKOB- IOIU11MHCH. cTpaHaM.l1, HaxonHIUHM11C$l KacalOlUHCCH IIOJIO)l(CHHH )l(eHlUHH, CO- CKOMY ceKTOpaM - 3JIeMeHTaM, He06xo- BO Bcex yrQJIKax 3CMHOro mapa, Ha J11O- CTOHHHH oKpy)l(alOlUeil: cpenbI, 06pa30- )J.HMblM ,ll,JIH C03naHHH 6narOIIpHHTHOli 60M H3hIKe. 3TO He HayqHaH BbI,n:YMKa; BaHHH IDlH 3npaBooxpaHeHlUl, IDlH 3TO cpenbI ).lll$l HHBeCTHpoBaHHH. HOBbIe 3TO TO, 'ITO MbI 11MeeM cero;CHH. Ilo3TO- MOryT 6bITb BbICTyrrJICHlUI, HalIpaBJIeH- 6IOPO 'IaCTHOro ceKTopa CBH3bIBalOT ne- MY MbI BOCIIOJIb3YCMCH TeX:-lOnOrneH H Hble Ha 3alUHTY HHTepeCOB ,n:cpeBHH, HTeJIbHOCTb BaHKa, MeXJlYHapOnHOli HOBbIMH B03MO)I(HOCT$lMH, KOTOPbIC HaM pem:OHa HJIH cTpaHbl. 3TH roJIOca HMe- tPHHaHCOBOH KopIIopaUHH (MK) H npenCTaBHTCH. lOT peaJIbHYIO CHJIY, H HM yneJIHeTCH MHorOCTOpoHHero areHTCTBa IIO rapaH- rJIaBHOe BHHMaHHe B npouecce pa3BHTHH. rnpOBaHHIO HHBeCTHUHit (MAr11). MhI lJoIiJepJIC"u U3 pe'tu z-Ita BOA'>fjJeH30lta Ita Ha'IHHaeM pa3pa6aTbIBaTb ueHTpaJIH30- ezo 6Cmpe'le co cmaplUUMU PYK060iJumeJlJl- MbI rrpIDlaraeM YCIDlIDl rrpHBJIe'lb BnO BaHlIYlO HHtPOPMaIlHOHllYlO 6a3y IIO rrpo- MU 6 iJe"a6pe 1996 z. U U3 ezo 06paU4eltUfl K rrpOBeneHHIO urnpOKHX HCCJIC,n:OBaHHH Be,n:eHHIO TeH,UepOB H 3aKYIIoK)J,JIJl Bene- no KJlIO'te6blM 60npocaM Ita KOHtjJepeHI1UU H BbIIIOJIHeHHIO pa60TbI B KPHTH'leCKHX HlUI 6H3Heca. no MeJlCOyltapoiJltOMY pa36UmUIO 6 BalUUH- 06nacTHX - 6Ynb TO OKPy:lKaIOIUaH cpe,n:a zmOHe i3J1H6apJl 1997 z. HJIH CTPYKTYPHbIC H3MeHeHHH. TaKaJl 20 1997 BC8MltfpHbl/16aHK Bexa nepexo,lUloro nepaoM HapoilHhlil: cppom CileJIaJI B TOT ::Ke ileHh IIpaBHTeJIbCTBa, TaK II KpaCHhlX I(X;\.{epOB Co06meHHe, 'ITO 3KOHOMH'IecKHH POCT - rrOBCTaH'IeCKoro UBll::KeHllH, C KOTO- cpaKTJd'IeCKH COKPaTllJICH Ha 4 - 5 rrpo- PhlM OHO 60peTCH. Me::>KJ1.Yf[apO)lHhle CPH- IlpeJHuem CaJIH BepHllia no06emaJI ueHTOB ll'ITO OKono 1,5 MllJIJIJdOHa 'Ie- HaHCOBhle HHCTHTyrhl, rr01lJJ:ep::KHBaKl- IpaJ!()J:aHaM J\Jl6aHlUi, 'lT0 npaBHTeJIh- nOBeK - OilHa TpeTh pa60'IeR CllJIhl - 6e3- mHe rrOJIOBHHY rollOBOfO 6Kl,!OKeTa rrpa- •. CTBO HJhlmeT BOJMO::KHOCTh "6hlCTpO H pa6OTHhlC. IlpaKaIIOBJIf'I IIpll3HaJI, 'ITO n:e- BllTeJIbCTBa, COCTa.BJlHKlmero OKono $650 cnpaBemmBO" BepHyrh)leHhrn, KOTophle CPllUHT BHe1llHeit TOPIOBilli CTpaHh! B 1996 MHJlJIllOHOB, rrpe'!{yrrpe)!(JlaKlT, 'ITO He- 6hlJIH Y HHX "YKPa,neHhl'·. COTHH ThlCH'I f. COCTaBllJI $1,4 MllJIJIllapila II 'ITO rrpo- JIefaJIhHhle JIeCHhle paJpa60TKH rrpell- aJI6aHueB norepHJIM: CBOli c6epe::Kemrn B MhlIIUICHHhle TOBaphl Ha CYMMY $633 CTaBJIifKlT yrp03y 6ecrrpephlBHOCTH rrpo- , XOlle HellaBHero KPyrIIeHHH rrHpaMH)l;HhlX MllJIllHOHa JIe::Ka.T 6e3 UBll::Kemrn Ha CKJIa- uecca CPHHaHCllpOBaHHif. B Mae rrpoIIL10- cxeM, Ja KOTOPhlM rrOCJIellOBaJIlllleMOH- ilax. 1'0 rolla MB rrpHOCTaHOBllJI BhlrrnaTY CTpauHH II BOCCTaHllH no BceR CTpaHe. $20 MHJIJl110HOB, HBJIHKlmHXCif 'IaCTbIO 110 KPaHHeit Mepe ItHTh HaH60JIee KPyrr- HaUJdOHarrhHaH Accr..M6JIeH IIpllHHJla 11 KpellHTa Ha CYMMY $120 MllJIllHOHOB, KO- HhlX nllpaMllllHhlX cxeM rrocTllf Kpax C HHBapil rrpoeKT 6Kl,!OKe'l'a Ha 1997 f. BKlU- TOPhlR I(OJI::KeH 6hlTb BblrrnaqeH B re'Ie- npOIIUIoit ocemL ;:Wyrne Bce eme rrpo- ::KeT l1pe)lyCMaTpllBaeT paCXOUhl B paJMe- HHe Tpex JIeT. Ha llKlJIbCKOH BCTpe'Ie B llOJI::KaKlT pa60TaTh H IL1aTHTb rrpoueH- pe 43,3 TpllJIllllOHa 6eJIOPYCCKllX py6neH TOKHo co BceMllpHbIM 6aHKOM Ii llPy- TbI, HO He B03BpamaKlT OCHOBHOH Ka- (BP) II. ilOXOilhl B pa3Mepe 35,8 TpllJIllH- rnMH Me:lK.lJ:YHapOilHhlMH UOHOpaMH py- rrHTarr. 110 OueHKe 3ecpa Ilpe'Ill - UllpeK- OHa BP • .llecpHUHT COCTaBllHeT 3,3 IIpo- KOBOUHTeJIJd rrpaBllTeJIbCTBa KaM60ll::KH Topa AJI6aHcKoro ueHTPa 3KOHOMH'IeC- uema BBIl. BOnblliaH 'IaCTb llecpllUHTa OrrilTb rro06emarrH rrpHHHTh MepbI, Ha- KllX llCCJIelloBaHHH, 25,5 MllJIJIllaplla JIeK 6YlleT rroKPhlTa rrpll rrOMOmH BhlrryCKa IIpaBlleHHHe Ha l1peKpa!I{eHHe HeJIeI'aJIb- ($255 MllJIJIHOHOIl), H3'bJIThlX H3 UBYX rocYllapcTBeHHhlX ueHHhlX 6)'Ma,f, IIpll- Ho:lt BhIpy6KH JIeca. 3T11 HOBhle Meph! cxeM, 6YlleT 1l0CTaTO'IHO, 'IT06hl rro- BaTH3aUllll roCYilapCTBeHHOfO HMyIUe- BKJIKl'IaKlT 3aKphlTHe IpaHHU KaM60JJ:::KII KPhlTb TonbKO OllHY TpeTb 06mux llHBe- CTBa llllHOCTpaHHhlX KPe)lHTOB. OCTaJIb- mD[ 3KCnOPTa rrpOJlYKUH11 neCOJaroTo- cTHuult IlpcllcTaBHTenb BceMllpHoro HaH 'IaCTb 6YileT rrOKPhlTa KpeilHTaMll BOK; o6pameHlle K COCeI(HHM CTpaHaM - 6aHKa Kapnoc ~~JI6HPT 3aHBllJI, 'ITO HaUlloHarrbHoro 6aHKa BeJIapycll. BKlA- TallJIaHllY, naocy 11 BbeTHaMY - ;; m060e n:arrbHeRmee nOBhlllieHlle ueH ::KeT, 55 rrpouemOB paCXOilOB KOTOPOro IIpocb60it rrOMO'Ib OCTaHOBHTh HeJIeraJIb- MO::KCT OKaJaTb pa3PYlliaKlmee llettcTBHe Bhl)lellHKlTCH Ha COUllaJIbHhle H KYJIbTYP- Hhl:lt 3KcrroPT; Ha)leneHHe MHHHCTpa Ha 3KOHOMHKY A'lOaHHll• .llecpllUHT 6Klil- Hhle HYJImhl, 6hln Ol1llCaH llerryTaTaMll CeJIbCKOrO X03ift!:cTBa IIOnHOMO'IHHMI 10 rrpouemaM BBTI. KOro opraHa, rrO)l'IHHeHHoro focYllap- MCKCH TaK)Ke 3aHBllJI, 'ITO rrpaBllreJIb- HaUHOHaJIhHaH accaMfiJIeH KaM60Jl::KJd CTBeHHOH: rrnaHoBoil: KOMHCCRR, 3KOHO- CTBO HaxO,lJITCH 11 rrpouecce JaKl1Kl'Iemrn oil06pllJIa 6Kl)l::KeT Ha 1997 f., B KOTO- MH'IeCKHH POCT KllTaH B 1997 f. COCTa- AOroBOpa C Me:lKil)'Hapo)lHhlM BaJIKlTHhlM POM paCXOAhl Ha 06opoHY CHll::KeHhl Ha BHT 10,5 rrpouema, a ypOBeHh HHcpnH- CPOHAOM Jd rrOCTapaeTCil 3aKJIKl'IHTh ac- 5 rrpoueHTOB rro cpaBHeHHKl C rrpe1lhlJlY- UHH 6YlleT HH::Ke 6 rrpoueHTOB. KHTait B cOUllaUHOHHoe comallieHHC C EBporreil:- IUllM rOllOM, 'ITO OTpaxaeT YJIY'IllieHJde HaCTOHlllee BpeMH 3aHHMaeT BOChMoe CKllM COKl30M (EC). rrOnHTH'IeCKoit CHTYaUllll B CTpaHe. MH- MecTO cpeilH HaH60JIee KpyrrHhIX rrOCT,IB- HHCTp CPHHaHCOB KilT qeOH IIpH3HaJI, UIHKOB Ka.Il1ITaJIa. Ero ocpllU11aJIhHO 0I(06- 'ITO rrpaBHTenbCTBO JIHlllHJIOCb AOXOllOB peHHhle rrpHMble H IIoiJ'NPe;lhHhIe HHBe- B rrpOIIUIOM roilY H3-3a ILiloxoro yrrpaB- CTHUHH 3a py6e::KOM B rrepHOA C 1989 r. JIeHllH 3KOHOMllKO it , oco6eHHo H3-3a ITO 1995 r. COCTaBillIH $18 MHJIJlHapJlOD. He3cpcpeKTHBHOrO c60pa HaJIOrOB. 110 co06meHHKl raJeThl New York Times, IlepBhlil: 3aMeCTllTenb npeMbep-MllHll- HeKOHTPOJIllpyeMaH Bhlpy6Ka llepeBbeB, cTpa IleTp IlpaKarroBll'I 3aHBllJI 20 HH- ll3-3a KOTOPOH KaM6o)l::Ka 3a rreplloll C BaPH, 'ITO 6erropycCKaH 3KOHOMll'IecKHtJ: 1970 r. rrOTepHJIa rrOJIOBHHY cBoero JIec- POCT COCTaBllJI 2,6 rrpouema B 1996 r. - Horo rrOKPOBa, yseJIH'IllJIaCb 3a rrocne- nepBoe nOBhlllif:HHe, 3acpllKcllpoBaHHoe ilHHe HeCKOJIbKO JIeT, IIpll 3TOM rrony- rrocne paJBaJIa COBeTCKoro COKl3a B 'IeHHHe llOXO,!{hl HCrrOJIb30BarrHCb maB- (npo(JOIlJICeHUe Ha cmpaHuu,e 24) 1991 r. Omlo3llUllOHHHH BenoPyccKllR HhIM 06paJOM MH CPllHaHCHpoBamrn KaK 1997 BCBMlllPHbli16sHK 21 BHYTPeHHee nOTpefiJIeHHe onpe,neJlJleT 3KOHOMB'leCKHH POCT B I10JIbme TeMrrbI 3KOHOMH'IeCKoro pOCTa IIOJIbIIlli He, 'ITO OTpaJKaeT HH3KYIO rrpOR3BOilR- CpaBHeHRIO C TeM :lKe lIepHOilOM 1995 r. BbIIlIe, 'leM B moGofi' }lpyrofi KPYIIHOfi TeJIbHOCTb B 3TOM ceKTope. K JlPyrMM Eru:e O}lHMM Q:>aKTOPOM rrOMep:lKaHR.s! eBponeficKofi cTpaHe, }laJKe HeCMOTp.s! Ha CeKTOpaM, TpeGYIOIIlliM 3Ha'IRTeJIbHbJX crrpoca B 1996 r. GbIJI B3PblBHOfi pOCT lIO- TOT Q:>aKT, 'ITO RX POCT HeCKOJIbKO CHR- rrpeoGpaJOBaHRfi, OTHOCHTC.s! T.s!.lKeJIaH Tpe6RTeJIbCKRX KpeilRTOB: 3a nepBble }le- 3MJ1C.s! rro cpaBHeHMIO C 1995 r., Kor}la rrpOMbIIlIJIeHHOCTb, ocoGeHHo yrJIeilO- CJITb MecJ[lIeB rolla POCT ceMetl:HbJX Kpe- POCT BBII COCTaBR.,1. 7 rrpOIleHTOB. IIo- GbIBaIOru:aH OTpaCJIb. ilRTOB }lOCTHr 78,6 rrpoIlema. oe3pa6OTH- KaJaTeJIR 3KOHOMR'leCKoro pOCTa IIOJIb- Ila B 1996 r. HeCKOJIbKO YMeHbIlIHJIaCb, IIlli BbIPOCJIR rro KpafiHefi Mepe Ha 6 rrpo- Ha6JIIOilaTeJIH OTMe'IaIOT, 'ITO IIOJIbIlIe CHH3HBIIlliCb C 14,9 rrpOlIema rpa:lK)laH- IlemOB B 1996 r. rJIaBHhlM oGpaJOM GJIa- YilaJIOCb "MHrKO rrpR3eMJIRTbCH", nepe- CKofi pa60'Iefi CRJIbI B I(eKa6pe 1995 r.}lO rO}lapH pocry nOTpe6JIeHRH Ha 9 - 10 MeCTRB aKIlem C MClIOJIb30BaHR.s! 3KC- 13,5 rrpOlIema B cemJ[6pe 1996 r. rrpOIlemOB M POCTY MHBeCTIiIlMOHHbJX nopTa. B Ka'leCTBe maBHoro Q:>aKTopa paCXO}lOB Ha 18 - 19 rrpOIlemOB. COXpaHeHR.s! POCTa BBII B 1994 r. Ha HMeIOTCH xopOlliMe nepCrreKTHBbI co- BHyrpeHHHfi crrpOC B 1996 r. 3Kcnopr B xpaHeHH.sI 3KOHOMH'leCKOrO pOCTa B IIo }laHHbIM rrOCJIe}lHerO OT'IeTa 03CP, 1996 r. rrOqyBCTBOBaJI Ha ce6e BJIRHHRe 1997 r.: peiL1bHbltl: BBII IIom,IIlli B HaCTOHru:ee rrOBbIlUeHR.s! BaJIIOTHOrO KYPca iHOTOro BpeMH HaMHoro rrpeBhrIlIaeT }lopeQ:>op- (CM. TeKCT B paMKe). Ho BHYTpeHHee 3KO- • OOJIbIIlliHCTBO Ha6JIIOilaTe)1.efi C'lRTa- MeHHhlfi ypOBeHb. CTp)'KTypa nOJIbCKOfi HOMM'leCKOe paJBRTHe lIOMomo B 1996 r. eT, 'ITO 3KOHOMR'ICCKRtl: POCT B CTpaHax 3KOHOMMKM rrpeTeprreJIa 3Ha'lRTeJIbHble KOMIIeHCHpOBaTb COKparu:eHRe 3Kcnop- EC B 1997 r. lIOBblCHTC.sI. Donee TOro, XOT.s!, H3MeHeHRH Ja rrOCJIe}lHHe ceMb JIeT. ,llOml THOro cnpoca. HHBeCTRlIMR 3a nepBble rro lIpOm03aM POCT 06beMOB MRPOBOfi YCJlyr B 3KOHOMRKe lIOBbICRJIaCb C 35 }lO BOCeMb MeC.s!lIeB rOila BbIpOCJIR rrpR6JIH- TOproBJIH ilOJDKeH 3aMe.lI,l1MTbCJ[, OH 6y- 53 lIpOIlemOB, B TO BpeMH KaK }lOJI.s! 3RTeJIbHO Ha 25 lIpOlIeHTOB B peaJIbHOM I(eT BbIIlIe, pOCTa MHpOBoro rrpOMbIlII- rrpOMbIlliJICHHOCTH R CTpORTeJIbCTBa RC'lRCJIeHRH, npR 3TOM RX OCHOBHaH JIeHHOrO IIpoM3BOilCTBa 6JIaro}lapJ[ ee CHH3RJIaCb C 52}lo 39 rrpOIleHTOB. BKJIail cyMMa nOcryIIRJIa H3 'IaCTHoro ceKTopa. ilaJIbHefilIIefi JIROOPaJIHJalIHH. 3TO 6Y}leT CeJIbCKOro X03HfiCTBa B BBII CHH3RJIC.s! 3apllJIaTa TO:lKe nOBhrIlIaJIaCb GblCTpO. 3a cnoco6CTBOBaTh nOJIbCKOM)' 3Kcrropry. C 13 ilO 8 rrpoIlemoB. Ho 3aHHTOCTb B nepBble TpH KBaPTaJIa 1996 r. cpe)lHee pe- BHyrpeHHRe HHBeCTRlIMH M nOTpe6JIe- CeJ1bCKOM x03Htl:cTBe Bce eru:e COCTaBJH[- aJIbHOe lIOBbIllieHRe MecWIHotl: 'IRCTOfi HRe GYileT rrpO}lOJI:lKaTb 6blCTpO paCTH B CT 'leTBepTb oGru:efi 3aH.s!TOCTR B cTpa- 3apllJIaThI COCTaBRJIO 6,2 npOlIema no 1997 r. I1HBeCTIIT(IDr 6y;uyr'IacTH'lHo rrOil- I1pOfiJIeMbI, BJIIUlIOIQlle Ha nOJIHTHKY KYPca BaJIIOTHOrO OfiMeHa B I10JIbme ~aM KOPOHOBCKHM Pe3epBbI MHOCTpaHHOfi BaJIIOTbI IIOJIblIIM OTJIH'IaJIHCb JIIOTbI B GaHKoBcKRX KaCcax", HJIH "'laCTHbIe lIepeBoilbl" O'leHb 60JIbIlIHM KOJ1.eGaHMeM B Te'IeHRe rrOCJIe}lHRX Tpex B OT'IeTaXilBR:lKeHRH Kalllfl'lIJIa). B 1995 r. H 1996 r. aHTHHHQ:>- JIeT: B ileKa6pe 1993 r. OHM COCTaaJI.s!JIM $4,3 MHJIJIHapila; JI.s!lIHOHHaH rrOJIHTHKa 6bIJIa HarrpaBJIeHa FJIaBHbIM.9Gpa- LUla ron:a crrYCTH HX oGbeM yaeJIH'lHJICJ[ 60JIee 'IeM B TpH 30M rrpornB GOJIblIIRX rrpHTOKOB pe3epBOB HHOCTpa!IlWfi paJa M I(OCTHr nO'ITH $15 MHJIJIHapilOB. O)lHaKO B rrpOIlIJIOM BaJIIOTbI H H3Gh[TQ'IHOrO pOCTa rrpe.lI,l10:lKeHRH :leHer, K ro)Jy pe3epBbl yaeJIH'lRJIHCb Bcero Ha $3,5 MHJIJIHapila H KOTOPOM)' OHR MOrJIH rrpHBeCTH. OilHaKO MOHeTapHbIe ilOCTHrJIH $18,5 MHJIJIHapila. opraHhl He CMOrJm onyCTRTb ypOBeHb HHQJJI.sIIlHH HR:lKe 20 rrpOlIemOB. (CpeJI:HID[ HHQJJIJ[lIRH no OTHOlIIeHRJO K TOM)' B HaCTOJ[Urce BpeMH OQ:>HlIHaJIbHhlR BaJIIOTHhlR pC3epB co- :lKe nepHO)Jy IIpoIlIJIoro roila B 1996 r. COCTaBRJIa OK0J10 20 OTBeTCTByeT lIIeCTHMeCWIHOM)' HMIIOpry. TpeBory BbI3BaJI npOlIemOB no CpaBHeHRIO C 27,2 rrpolIema, 3aQ:>HKcHpO- He ypOBeHb pe3epBOB HHOCTpaHHOR BlL1IOTbI, a RX cTpe- BaHHhlMH B 1995 r.). T.K. CHR:lKeHHe HHQ:>JIJ[lIHH OCTaJIOCb MHTeJIbHhlfi POCT B 1995 r. (ObICTpblfi POCT Gh[JI BbI3BaH rJIaBHOR lIeJIbIO, nOJIHTHKa npHHHJ1a Q:>opM)' rrOBbllIIemUl rJIaBHbIM oGpa30M npRTOKOM MHOCTpaHHOH BaJIIOThr 6JIa- peaJIbHOro KYPca 06MeHa 3ll0TOro. IIo ilaHHhlM rrOJlbCKO- roI(ap.s! rrpMo6peTeHHIO TOBapOB HHOCTpaHHbIMR, fJIaBHhlM ro HaIIHOHaJIbHOro 6aHKa Narodowy Bank Polski, peaJIb- 06PaJOM HeMelIKRMH, nOK)'IIaTeJI.s!MH B IIOJIblIIe. 3TO "Heo- HaH CTOHMOCTb 3JIOTOro B 1995 r. nOBhrCHJIaCb Ha 10 rrpo- Q:>HlIHaJIbHOe" RJIM "TpaHcrpaH"H'IHoe" aKTHBHOe CaJIbilO lIeIITOB (6,5 rrpOlIema HH,lleKca lIeH npOH3BOI(RTeJIJ[ HC- TOproBOro 6aJ1aHcailOCTHrJIO $7 MRJIJIHapilOB B 1995 r. fuOT nOJIb30BaJIHCb B Ka'ICCTBe ileQJJI.sITopa). IIoJI3yru:He HCK)'C- n:oxon: He GbID 3aperHCTpHpOBaH B ToproBbIX OT'IeTax, a CTBeHHO rrOMep:lKHBaeMbIe BaJIIOTHhre KYPChr OCTaBaJIHCb npOlIIeJI rrOD: rpaQ:>otl: "npHo6peTeHRe HHOCTpaHHOH Ba- HR:lKC YPOBHJl HHQJJI.sIlIHH H CHH:lKaJIMCb eru:e 6hrcTpec, 'IeM 22 1997 BC9MHPHbliii 6aHK Tp8HCC;POPM8L1,/II;I, c;peSp8J1b 1997 nepJKl1BaTbCJI rrpHTOKOM I1HOCTpaHHOH BaJIlOTbI: IIPHTOK 1:1HOCTpaHHbIX rrpJIMbIX 1:1HBeCTl1l{HH B 1996 r. YCKOPllilCJI, 1:1 6bIC- TpbIH 3KOHOMH'IeCKllH POCT B TIo.lblIIe, 'IJICHCTBO B 03CP 11 rrepCrreKTI1BbI 6bITh rrpmurTOH B EC 6yJIYI' crroc06CTBOBaTb COXpaHCHl11O llHBecTllUI1H 3arrallHoro 'Ia- CTHOro KarrllTaJIa. KpOMe TOro, M1L'lOBC- POJITHO, 'ITO POCT rrOTpc6JleHl1JI 3Ha'Il1- TeJIhHO COKpaTI1TCJI B rOJ~Y rrpOBeIJ.eHI15I BbI6opOB. J(pyrne o4>llUl1allbHhle JII1Ila, maBHblM 06pa30M rrpenCTaBHTeml HaUI10Ha;lbHO- ro 6aHKa TIOJIbIllll (NBP) H UeHTpa..'lb- Horo CTaTI1CTl1'ICCKOrO yrrpaB.'IeHl1l1 (GUS), rrpcllYrrpe)l(1(alOT 06 orraCHOCTI1 nepcrpcBa 3KOHO"1llKll. TIpe3l1llc ,H Ha- IlMOHa..1bHoro 6aHKa XaHHa fpollKeBwI- BaJIblI paCCMa1pI1BaeT pacTYlIIllH llc4>l1- UI1T ToproBoro 6aJIaHCa TIO.lblIIl1 ($6,4 MllJLlllapna B HOJI6pe) KaK npl13HaK He' YCTOlltIllBOCTll rrOTpe6l1Te,1bcKoro 6YMa. R He B rrOCJIenHlOIO O'ICpellb 113-3a llBOH- HOro yse,1R'IeHHJI JanOJI)KCHHOCTI1 rro- Tpe6I1TCJIeil:. OHa C006Ujl1.1a, 'ITO 6aHK B 3TOM rollY MO:lKeT rrOBbICI1Tb npOl(CIIT- HbIC CTaBKI1. (CM. TaK:JKe I1CCJ1cllOBaHI1C rrpo4>eccopoM BI1HbeC(KI1M 11 HCTHTYlUI - OH3JlbHhIX 6apbepOB, CTOJIrrruX Ha rry'HI pa3BHTl1JI TIOJIblIIl1, c. 38). Ha OCliOeaHUU om'lem06 u/lljJOpMau,UOHllbIX 1113 Cep6CIWrO:+:YPHana "Nin" azeHmcme U aHIL1U3a, ebmOJlllellHOZO aH2- J1uiJ.cKOU HaY'IHO-UCwWaOeameJIbCKOU zpyn- nou Oxford Analytica. MH4>lIlIIIH5r. B .leKa6pc 1995 r. 3JIOTbIH 6bLl 4>OPMaJIbHO pC- HaKO B pe3YJIbTaTe ero BJIHJIHH5I Ha 3KcrropT B03Hl1KJ111 BaJlbBMpOBaH Ha 6 npOlICHTOB. KPOMC TOro, .1lllJI CTCPIDU1- COMHCHl:iJl, a He ClIlllIIKOM lIH 60.1bIlloe 6bI.J10 nOBbIIIIC- 3aUMM OrpOMHbIX CYMM rrp1:1TOKa Karr1:1TaJIa, lICHTpaJIbHbIH HI1C B1LllOTHOro Kypca 3JIOTOro. B Te'ICHllC rrcpBbIX iICBJITI1 6aHK rrpMC'I)'IIi1.iI K orrcpaIIl:iJIM Ha OnCpbITOM pbIHKC. K KOH- MeCJIrreB 1996 r. peaJIbHaJI CTOI1MOCTh 3JIOTOro nOBbICHJIaCb uy 1995 r. OH rrpo;;a.iI nO'ITH Bce Ka3Ha'ICHCKMe BCKCCJIJI, Bcera Ha 3 rrponema, II nefrrpaJIbHhIH 6aHK 06bJIBI'L1 B KOTopbre 6bUM B ero rropT4>eJIC, H BbIlIYCTI1JI 60JlbWOe KOHne rOlla, 'ITO OH He norrYCTHT n3JlbHeHmero 3Ha'Ili- 'II1CJIO CBOI1X C06CT3CHHbIX 06JIMraU1:1H. TeJIhHOrO rrOBbIIJlCHl:iJI KYPca 06MCHa 3JIOTOro B 1997 L 03a- 60'ICHHOCTb yxynIIlCHHCM ToprOBoro 6aJIaHCa ycyry6JH!- K 1996 r. POCT HMIIOpTII JaMeWIIDICJI no 28 rrpoUCHTOB (rroc- eTC)! rrepCrreKTl1BOH rrpHlliITllJl B 1997 r. llaJIhHetlmllx MCP, JIe pOCTa Ha 39 rrpOueHTOB B 1995 r.), HO 3KcrropT B pe- HarrpaBJIeHHbIX Ha JIl16ep1Llll3aIIHIO TOproBJIll, B COOTBeT- 3YJIbTaTe 3Ha'II1TC:lbHoro peaJIbHoro rrOBbIWeHHJI Kypca CTBRR C 06JI3aTCJIhCTBaMI1, rrplllliITbI"!l1 TIOJlhlIICll rro OT- 06MeHa :lJIOTOro yl~C;I.I1'IMJICH BCCro Ha 9,5 npO[(CHI'a (no HOlIIeHHIO K EC, 03CP 11 rrpl1 3aKlllO'IeHl1H noroBopa 0 cpaBHcHliIo c 35 npOUCHTaMH pOCTa B 1995 r. ToproBbIH cBo6ollHOfi TOproIlJIC B UCHTpaJIbHOfi EBporre. PaC'ICThI no- 6a;raHC 6bIJI rronBcileH C nc4>HUI1TOM B pa3Mepe $6,6 Ml1lI- Ka3bIBa1OT, 'ITO ne4>HUI1T TOproBoro 6a..T{aHCa MO:JKCT yBe- .'mapna no cpaBHCIIHIO C $1,8 Ml1.,Wl1apna B 1995 r. OnHaKo JIl1'IHThCJI cwe 60JIhlIIe II llC4>HIlI1T KOHTOKoppCHI'a MO- B 3Tl1X naHHhl x He yqHTbIBaeTCJI aKTHBHOe caiIbnO TOprOBO- :JKeT IlOCTI1'Ib $3,9 MlL'IJIllaplla, eCJIll peaJIhHblH KypC 06- ro 6aJIaHCa Heo4>I1UI1a..lbHOH, IDIH TpaHcrpaHI1'IHOH, TOP- MeHa 3JIOTOra B 3TOM rollY OCTaHeTCJI cTa6IDIbHbIM. ECJII1 rOIlJII1, KOTopoe, no naHHbIM HaUl10HaJIbHOro 6aHKa, 3a rrpHToK KaIIHTa..la 6YlleT Hll:JKC rrpellrrOJIaraeMOro, He06- rrepBbIe lreBJr:'h MeC)!lICB 1996 r. orrJITh COCTaBIDIO $5,5 MIDl- X01lllMO 6YlleT np0l13BCCTl1 pea1bHOC CHll:JKelmC KYpca Ba- JIl1apna. Heo(Ill1lIl13JlbHOC rrOJIOJKl1TCJIbHOe CaJIbnO Topro- JIlOTHOrO o6MeHa, 'IT06hI coxpaHHTb pC3epBbi HHocTpaH- BOro 6aJ1aHCl;\ 6WIO IIpl13HaHO BrrepBbIC B paC'ICTax KOHTO- HOH BaJIlOTbI H OJKl1BllTb 3KcnopT. )ICHO, 'ITO UOJIHTI1Ka KOppCHTa B 1996 1'.: B PC3YJlbTaTe 3TOro ne4>l1lIl1T Komo- Ba;IIOTHoro 06MeHa, rr03BOJ1llBillaJI ycrrelIIHo 3aMCJJ;;1I1Tb KOppeHTa, COCTaB.IJWIUI1M: B 1995 r. $2,1 MIDIJIl1'apna, co- POCT pe3epBOB HHOCTpaHHOH BaJIlOTbI, HO B TO :lKe BpeMJI KPaTl1.1c)! B 1996 r. Bcero no $0,3 MlLlJIHapna. TIOJIOJKl1TelIb- CTaBlIIaJI Ha rrYTI1 3KcrrOPTa 11 yxynIllllBillaJI 63J1aHC KOH- Hoe ca;IhlIO;;'IeTa nBI1':JKeHI1JI KaIIHTaJIOB COCTaBIDIO $0,4 TOKoppema, llOJI:JKHa 6bITb O'IeHb rH6KOH B 1997 r. MIDIJIHapna, I I3 KOTOPbIX Ha rroP'f4>eJIhHbIC I1HBeCTl1l{Hl1 rrpH- XOnl1TCJI $0,:' Ml1.,'I.mapna. Aemop - nOMoU4I1UK npocjJeccopa BapUiaeclwzo TIOBbllIIeHH(' Kypca BaJIIOTHoro 06MeHa 3JIOTOrO 6bUlO YC- YHueepcumema. rrelIIHbTM C TO'IKM 3peHMJI aHTMl'rH4>JUHIMOHHbIX Mep. On- 1997 BCeMl-fpl-'biM 68HK 23 TpaHc~opMa~MR.~eBpanb 1997 (npOaOflJICellUe CmpallUlJ,bI 21) IIOBbIllleHI1H IIJIaru 3a 3JIcKTp03Heprl11O 30 npOueHTOB 60JIbille rrpollYKTOB, 'ICM rrpaBHTe;LbcTBo rrOBbICI1JIO 3apa60THyIO Ha CpelI,HIOIO 3aprrJIa-ry B BeHrpHH I1JII1 IIJIa-ry Ha 15 rrpOneHTOB. IIpHBaTIl3aI~HH IIaJIbllIe. ,mCKTpOCTaHUI1ti: B fpy3llH HaqHeTCH B B ~elllcKoli Pecny6mrKe ro,UOBaJI llH. International, BYll.arrellITCKaJI ! 1995 r., ,lIe- rrpI1BaTH3allllOHHhlM opraHOM CTOPOHHC- rrpeBbICI1JI 06111YIO CYMMy 06beMoB 3a !Tb MCphI, ,ll:lKH EYlI,al1, IIpe,lIrrpHHHMaTeJIb, rroMep- uaTbpa3. HarrpaRJIeHHble Ha yseJmqeHlle 3Kcrrop- :lKHBalOmHti: CBH3b C MJIanllIeH KOa.,'IllI~H­ Ta, BKJIlOqaJI CHH:lKeHHe HaJIOrOBOH CTaB- OHHOH rrapTHeH - COlO30M CB060lI,HbIX B IIOC.'lenHeM OT'IeTe rrpaBHTeJIbCTBa ro- KfI J],rrn 3KCrroprepoB. B 1997 r. rrpaBHTeJIb- nCMOKpaTOB, CKa3aJm KOHCYJlbTaHTY BOPHTCJI, 'ITO 60JIbillaJI qaCTb BBfI BeH- CTBO rrp0rIl03HpyeT O:lKHBJleHHe OCHOB- MaPTe TOlllllK B Mae rrpOlll.JIoro ro,lIa, rpHM rrpoH3Bo,ullTCJI 'IaCTHbIMI1 rrpClI,rrpH- HbIX 3KcnopTHhIX PbIHKOB H 3HaqHTeJlb- 'ITO OHa MoxeT OCTaBllTb y ce6H CBOH HTI1JIMH, rrpH 3TOM npenrrO.'laraeTCJI, 'ITO HOC rrOBbIllIeHHe BHyrpeHHero crrpoca Ha KOMllCCHOHHbIC Ha cYMM:y $5, I MillL:1H- ,UBHxeHlle Karrl1T3..ila 6Y,lICT rrOJlHOCTblO TOIIJIHBO, KOTopoe MO:lKCT COCTaBHTb 4,5 OHa, rrOJIyqcHHbIC OT rrpllBaTll3allHOHHO- rrH6cpa'lll30BaHO B 2000 r. B OT'leTC, oc- - 5,0 npOnCHTOB. Yp0BeHb 6C3paGoTllnbI, ro areHTCTBa, TOJIbKO eCJIH OHa aepe- HOBaHHOM Ha orrpOCHHKe EC, rOBopHT- B03MO:lKH0, HCCKOJlbKO rrOBhlCHTCJI C Te- qHCJIHT 25 rrpOl(eHTOB 3TOH CYMMbI nBYM CH, 'ITO Ha 11.0JIIO OTe'ICCTBeHHOro 'IaCT- rrepellIHHX 3,4 rrponCHTa,Uo 3,5 - 4,0 rrpo- KOMrraHHJIM. fIo C006meHHIO ra3eTbI Horo 6113Heca rrpl1XOnHTCJI 52 IIpOIlCHTa u ' UCHTOB. fO,lIOBoi\ POCT 3apIIJIaThl coxpa- reHepa'IbHbIH rrpoKYPop pacnOJIameT no- BBII, 'laCTHbIX HHocTpaHHblx npH6JIH- HOro rrp0l13BO,lICTBa Ha 4 - 5 rrpOneHTOB CKOH Pecrry6.'lllKC. B fa3eTe roBOPHTCH, 3HTb ueHbI 3a 3JleKTp03HcprlllO K ee ce- ~o Ha cpelI,HIOIO 3apa6oTl:lYlO IIJIa-ry B H yneJIHqeHHe o6beMoB pa60T Ha 1 - 2 6ecToHMoCTH. C l~eJIblO KOMneHcallIIH ~ellIcKoH Pecrry6JIHKe MO:lKHO KYllHTb Ha rrpOllelITa B CTpOHTeJIbHOM ceKTope B 24 1997 BceMMpHblVt 6aHK TpaHc¢opMa~MR,¢eBpanb 1997 1997 r. B pe3YJIbTaTe 60JIee BblCOKoro H!OJIe 1995 r., Bce KOMrraHHH H rrHTHan:- BaJIlOTbl 3a rpaflliUY. BJI8l(HMHP CivlHP- BHyrpeHHero cnpoca. uaTh rPOHl{OB, C03n:aHHhiX n:JIH yrrpaB..le- HOB, Ha'faJIhHHK OTn:eJIa BaJI!OTHbIX one- HHll. HMH; Bce elUe HaxO,!{HTCH B c06- paJ~HH ueHTPaJIbHoro 6aHKa, CKaJa.i, 'ITO nOJIbwa CTBeHHOCTH rOCYJ1,apCTBa. YHKUllll 3KOHOMWfec- )KYPHaJI Wall Street Journal co06lUacT, BOJJ:bI 3a rpaHllUY. POCCllll.He MOryT nepe- KOro COBeTHllKa npem,l{eHTa ArreKC3Hl{- 'iTO, no J1,aHHhIM rrOJIhCKOW KOMllCCHll rro BO'!{lfTb n:o $2 000 B n:eHb rrpH YCJIOBHH, p3 KBacHeBcKoro, '3bm H:alHa'feH HO- ueHHbIM 6YMaraM, llJY'Ia!OlUew B HacTO- 'fT0 OHIf JIH60 rrpeD:bHBHT 'IeK 0 rrpOBe- BhIM MItHllCTPOy( HHaH(OB IIoJIbII.rn - HlUee BpeMJ:i 06'bHBlIeHllH 0 HOBOM BhI- ,!{eHllH BaJI!OTHOfi orrepaUHH, JIH60 T3MO- Ha3Ha'feHlfe, MHornMIf paCcMaTPIfBa!O- rrycKe aKUllW KeHHOCTh IIOJIbllIIf )!(HO rrpoH30i1:Tlf "BeCHOW". B cepeJJ:HHe ,l{e- JIee KpyrrHblX CYMM Bce elUe He06xoJlIf- 'nOJIlfTllKe peOHl{OB, Ma n:orrOJIHIfTeJIhH3ll. nOKYMeHTaUHH. BaJI B Ka'feCTBe PYKOBO,l{IfTemr rrOJIbCKO- yrrpaBlIHeMbIX KOHCOpUrryMOM nOJIhCKHX ro rrpoeKTa B Ha)"IHO-lfcc.'rel[OB3Te.'rbC- H Me)!(l{yHapon:HhlX HHaHCIfCTOB If KOH- HaCeJIeHlfe POCCIfH B rrpOIImOM rollY KOM rrpoeKTe no If3Y'IeHllIO 3KOHOMH'feC- CYJIbT3HTOB, 6bL'Ilf 0n:06peHbl Ka3Ha'fefi- YMeHbllIHJIOCb rrO'fTH Ha rrOJIMHmmOHa "KifX peHHaHCOB 3HMeHlIT Ha 3TOM rro- Tll3aUHOHHble Ba)"IepbI, BhIrrymeHHblc )!(H3HH H O)!(H,!{aeMOW npon:OJI)!(IfTeJIbHO- CTY f)!(erollI:L KOJIol(KO, rrOKHHYBllIero rrp3BlfTeJIbCTBO M. CTH )!(H3Hll. CTaTlfCTlfKll ymep)!(IJ:aIOT, 'f1Q CBOft nOCT 4 rP!:BPaJIH, 06eCne'fllB CBOeft CHIf)!(eHlle HaCeJIeHllll. B 1996 r. Ha475 000 CTpaHe BbICOKIfH 3KOHOMH'feCKHft POCT 'feJIOBeK 6bIJIO CaMblM pe3KlfM 3a nOCJIe- B Te'feHHe TPCX JIeT Ii! CHl1JKeHlle HHJIH- ,l{HHe rrHTh JIeT, H 60JIee Bcera OHO KOC- UllM:. f - H Ee.-rKa 3IUIBIfJI, 'fT0 TPaHCrPOp- IIpeMbep-MHHllcTP BllKTOP QHop6ea HYJIOCb 3KOHOMH'feCKH He6JIaronpmn- MaUllH palJ.(}TOH ClICTeMbI COUllaJIbHOft 33ll.BllJI, 'fTO HH1H, npOBen:eHHe Henony.'Ill.pHblX pe- Hble 3a rrpe,l{eJIaMH 6blBllIero COBeTcKo, npoueHTOB, 11 HHq)JI>l.UH!O Ha ypOBHe 13 ro CO!03a, rJIaBHbIM 06pa30M B fepMa- rrpOueHTOB (18,5 HpOueHTa B npOllIJIOM rPOpM, HO 3aHBli.:l, 'fTO PYMoIHllH BOC- CTaHOBHJIa n:OBeplle Mexn:YHapOnHoro HH!O, Y!.3paHJIb H CoellHHeHHbIe lliTaTbL rollY). OH TaK)!(e rrpellYCMaTPllBaeT nerPll- 3Ta UHrPpa MeHbllIe Ha 15000 nOKa33.Te- UllT 6!Ol(lKeTa Ha Y:30BHe 2,8 rrpOueHTa H co06U{eCTBa. (MllHHCTP HHaHCOB Py- MhIHHH MHp'fea Ko!OMapa rrpH3B8.J'I K JIll., 3aperllCTpllpOBaHHoro B 1995 [" HO rrOBbIllIeHHe peaJI:,HOft 3apITJIaTbI B ro- npOBen:eHH!O llIOKOBOH TeparrHH, rrOTO- Bce elUe 3Ha'fHTeJIbHO BbIIlle 2 500 'feJIO- CY,l{apCTBeHHOM ceKTope Ha 5,5 rrpoueH- BeK, rrpHe3JKa!OlUHx B POCCIf!O. Ta. IIpeMbCp-MIDrn:C1Jl B;Io,ll3HMe)!( IJ,IlMo- My 'fTO B CeJIbCKOM X03HHCTBe, Ha )!(e- JIe3Hon:opO)!(HOM TpaHcrropre H B HeqrrH- llIeBIf'f JaHBfLl, 'ITO rrpl1 TaKOM 6!Ol(lKeTe HOW rrpOMblumeHHOCTH CKOnHJIaCb or- falOBhlW rnraHT POCCHIf 'Ta3rrpoM" JlO.1- IIOJIbllIa OCTaHeTC){ OmlOR 1f3 HaH60JIee pOMHaH 3anOJIJKeHHOCTh H 6aHKOBCKaH )!(eH rro.'I)"IIfTh KOMMep'feCKHH Kpen:Itr Ha 6hICTpO pa3BIfBalOIUllXC}( CTpaH B Mlfpe. CllCTeMa no'fTH 06aHKpOTfL'IaCb. )lerPllUHT CYMM)' $2,5 MHJIJIHapn:a OT KOHCOprJ:H}- KOHTOKOppeHTa n:OCTllr $1,9 MHJI,'IHap- Ma Hall60JIee KpynHblx 3arraJlHb[X 6aE.- Ka6llHeT rrp>rHHJI nOKY\1eHT, orrpen:eJIH- n:a, iL'IH 5,6 rrpoueHTa BBII B 1996 r.). KOB, B03rJIaBJIJleMhIX HeMeUKIf>i !OlUIilH rrpIDIUii!I1bI I1HTerpaUllH BEe. "Ha- UIfOHa'lbH,JJI cTpaTerHJI HHTerpaIIIfH" Dresdner Bank'oM. KpeJllfT, npeJlOCTaB- IIocToHHHoe 6!Opo rraJIaThI n:cnYTaTOB JIHeMblll Ha 8-.iIeTHHR CPOK, He 06ec- rrpellYCMaTpUBae1 nOC'~eneHHoe YCTPa- HemIe TOproHhIx oapbepoB H npoTeKUll- npHHRJIO pellIeH>fe YBOJIHTb H3 l.HeTCH 01' rrOJIYOCTPOBa 5IM'l.~ If3 IIoJIbcKOR KpeCTbll.HCKOR napTllH MIf HOBYID rrp3BlfTeJIhCTBeHHY!O KOaJIlf- no 3arran:HoH EBponhI. 06lUaH CTOHMOCTb (PSL) 6bUl en:HHGTBeHHhIM qneHOM K3- UH!O. l.WCTBeHHOW rrpOJJ:YKIJ:Ifll, HO OHll B03- rrpaBlfTeJIhCTBa. rrpaBlfTeJIhCTBa, 'ITO rrpHToK HHOCTpaH- ,l{epJKaJ-rHCb OT 310ro. Tenepb n:OK)'MeHT HbIX HHBecTllUlfw B 3KOHOMHKY POCCl-fH n:OJI)!(eH 6bITh ono6peH CeWMOM. POCCIDI HOClfT YMepeHHhIw xapaKTep. B 1993 r. B poccHtiCKYID 3KOHOMIfKY 6bmo llHBeCTH- XOTH peaJIIf3aIIHll. ITJIaHa, rrpellYCMaTpll- IJ,eHTPaJIbHbIW 6aHK POCCllll 06'bHBHJI 30 pOBaHo $2,8 MfulJIllapn:a, 'fTO "HaMHo- Ba!OlUero rrplfB8Tlf3aIIH!O 512 rocyJ1,ap- HHBapH, 'ITO OH yrrpOCTHJI npaBHJIa BbI- ro HHJKe ee nOTeHUllaJIhHhlX B03MO)!(H0- CTBeHHblX rrpen:r::pHHTHW, 6bma H3'IaTa B B03a rp3)!(JJ:3HaMll POCCHH llHOCTP3HHOW CTeH:" . .5I3HH OTMeTHJI, 'fTO IfHOCTPaHHhle 1997 BceMMpHbIIA 6aHK 25 TP8HC¢OPM84I1R, ¢eBpanb 1997 HHBeCTHUHH B K..liTaa COCTaBHHH $38,0 ITo C006meHHlO [OcKoMcTaTa, B 1996 r. ITepBb1H 3aMeCTHTeJIb rrpe;lcelraTe.Jji UeH- MH,'lJIHapnOB, I1H.L(OHe3UIo - $4,5 MH;I~ BBIT POCCHH H rrpOMbIlIDreHHoe rrpOH3- TpaJIbHoro 6aHKa Ceprelf AiIeKcaweH- ;IHapna, MeKcHKY - $4, I :'vfHIl;IHapna. B BOJICTBO COKpaTHIlHCb Ha 6 rrpOueHTOB H KO C006mHJI 17 KHBapK npenCTaBH"remO 1996 r. rrpHTOK HHOCTpaHHbIX HHBeCTH- 5 rrpO[~eHTOB COOTBeTCTBeHHO rro cpaB- arCHTCTBa "Peitrep", 'ITO K KOHUY 1997 r. UHa rrpH6JIH3HJICK K $6 MfL'IJIHapJIaM, HeHHIO C TeM ;;{e nepHOnOM rrpoIILiIOro HHOCTpaHIIbI rronyqaT rro.'IHbIH JIOCTyn K rrOJIOBHHa HX KOTOPbIX 6bIJIa HHBCCTHPO- rona. HaH60,1bwee CHH;;{eHHe 6hIJlo 3a- PbIHKY rocynapcTBeHHb1x 06,1Hral(Hit Ha BaHa B focynapcTBeHHble ueHHble 6YMa- perHcTpHpOBaHO B .1erKoli rrpoMhIumeH- TCX ;;{e ycnoBHKX, 'ITO H POCcHHcKHe fH, nOXOnhI OT KOTOPblX HCrrOJlh;3}'IOTCK HOCTH (28 rrpoueHTOB), BhIrrycKe CTpOH- rrOKYIIaTe"1H. )lJlK rrOKpblTHlI JIcqmUHTa 61O,[OICeTa Poc- TeJIbHbIX MaTepHanoB (25rrpoueHTOB) H CHH, a He HarrpaB,TIHOTClI B ccpepy OTC- XHMH'IeCKOli H He COllepJKHTCK rrpen:yrrpc;;{- [oCYllapCTBeHHa5! )lYMa YTBepiIlma 24 no 293 MHJL1HOHOB MeTpH'leCKHX TOHH, a nCHHc, 'ITO CJIOBaI(KOH. 3KOHOMHKC rpo- .. l!HBap5! 61O,[OICeT Ha 1997 r. DIO,[OICeTHblc rrpOH3BOJICTBO yrJIlI CHH31IJI0Cb Ha 4 rrpo- 3HT rreperpeB, H rrpH3hIB npoBoUHTb 60- ' paCXOnbl YCTaHOB,1CHbI Ha ypOBHe 529,8 ueHTa H COCTaBHIlO 243 MfLlJIHOHa TOHH. JIce cTporyIO cpHHaHcoBYIO rrOJIHTHKY, TpIIJVIHOHa py6ncit ($94,3 MHJIJIHapna), ITpoH3BOJICTBO ra3a yne,1H'IHIlOCb Ha I 'IT06b1 06Y3naTb IIoTpe6,1cHHe Ha BHYT- a n;OXOnbI Ha ypOBHe 434,4 TpHIlJIHOHa npoueHT H JIOCTHmO 575 MfL'VmapJIOB KY- pCHHeMpblHKe. B OT'IeTe, 06HaponOBaH- py6,1ca, 'ITO BeneT K neqmuvny 61O,[OICe- 6H'IecKHX MeTpOB. Ofu,eM HHBeCTHUHit co- HOM 21 KHBapK, rrOJIrOTOBJICHHOM MllC- Ta B pa3Mepe 3,5 rrpoueHTa BBIT. ITpen- CTaBfL'I 370 TpfL1JIHOHOB py6JIeH, 'ITO Ha cHeit MB, pa60TaBWeit B CnoBaKHH B rronaraeTC5!, 'ITO nOXonhI 01' HaJIOrOB 18 rrpoueHTOB HH:Ke rro cpanHCHHIO C 1995 OKTK6pc 1996 r., roBOPHTCJI, 'ITO IIOC.1e nocrnrHYT 374,7 TpHiIJIHOHa py6J1eH, 'ITO r. )f(wrHllIHoc CTpoHTeJIbCTBO COKpaTlIJIOCb "TPCX ,1CT 6b1CTporO 3KOHOMH'ICCKOrO Ha 25 rrpoueHTOB Bblwe, 'IeM B 1996 r. - Ha 10 npOUCHTOB H COCTaBIIJIO 37 MHJL1H- pOCTa II CHH:KeHH5! HHCPIffiIIHH B C,10Bau- ulIcppa, paCCMaTplIBaeMaK MHorHMH Ha- OHOB KBanpaTHbIX MeTpOB. KOit 3KOHOMHKC n05!BHm1Cb np'13HaKH 6monaTC,1l!MII KaK Hepca.lHCTH'IHaJI. rrepcrpCBa". OJ.(HHM H3 TaKlfX rrpH3HaKOB, [OCKOMCTaT C006111HIl B ccpenHHC KH- co06waeTCK B OTQeTe, lIBJIKCTCK 3Ha'IH- ITo C006mCHHlO [OCKOMCTaTa, pea.'Ib- BapJr, 'ITO Ha KOHeu JIcKa6pK 9,3 rrpo- TeJlbHOe yxynweHHc KOHTOKOppCHTa (B Ha5! MeC5!'IHaK 3aplUIaTa BhIpOC,1a B 1996 !lCHTa pa60'IeH CHIlb! OCTaBaJIHCb 6e3pa- OCHOBHOM 6anaHca BHewHcit TOproBJIH), r. Ha 5 rrpOueHTOB, XOTK yponeHb peallb- 60THbIMH, B TO BpeMJI KaK B Ha'Iane 1996r. necpH!lHT KOTOPOro B 1996 r. COCTaBIIJI 51,5 Horo JIOXona He 1I3MeHH,lC5!. CpeJIHjiJI 31'01' nOKa3aTC"1b COCTaBHJI 8,8 rrpOl{eH- MHJIJIHapna, B TO BPCMJI KaK B 1995 r. MCCK'IHa5! 3aplUIaTa B HOlI6pe COCTaBII- Ta. 3TH l{HPbJ He yqHTbIBalOT 3anep)KKH B BblIT- 'Ierr CfL1bI, 6bI.J1H 3apcmCTpHpOBalIhI B CTCK 6bICTPblH POCT PCa.lbHOH. 3apa60T- naTe 3aplliIaTbI H COUHa.,bHbIX noc06HH. enepaJIbHoit cJly;K6e 3aRjiTOCTH KaK HOlt lIJraTbI, KOTOPa5! 3a nOCJIeJ:HHe 12 flo oueHKaM [OCKOMCTaTa, CpeJIHHH 6e3pa60THblc. 3anoJ1;;{eHHOCTb rro 3aprr- MeCKueB nOBbICHIlaCb Ha 12 npOUCIITOB pa3MCp rreHCHH B neKa6pe COCTaBHJI naTe rrepen POCCHitCKHMH pa60'IHMH co- H B 3Ha'IHTenbHoit CTeIIeHH onepeJIH,1a 320700 py6JleH, 'ITO Bblwe 246 700 py6- CTaBIlJIa Ha 23 JIeKa6p5! 47,1 TPfL'lJIHOHa POCT npOH3BOJIHTeJlbHOCTH". .1ei1:, 3apemcTplIpoBaHHbix B Ha'IaJIe py6JIeit, 'ITO BElIile 46,6 TpfL'IJIHOHa, 3a- 1996 r. CpenHHH npOJKHTO'IHbIH YPOBCHb pemcTpHpoBaHHbIX 25 HOJI6plI, OKono T3,!VKIIKHCTIlH B JICKa6pc COCTaBHIl 379 000 py6JIeli B onHoH IIJITOH 06111eli CYMMhI 3a)l0JI;;{eH- MCCKU; 22 rrpOucHTa Hace"1eHHJr ::KHBeT HOCTH - 9,3 TpUJIJIHOHa - rrpHXOJIHTCK Ha ITo naHHbIM HaUHOHaJlbHOro Ta:'vfO;;{CH- HI1;;{C 'IepTbl 6CJIHOCTH. opraHH3aUHU, cpHHaHcHpyeMble H3 KYpHana "Nocipo" JIYCMaTpHBaeT JIecpHUHT B paJMepe I rrpo- 26 1997 BCeMl1pHbli16aHK TpaHc~opMa~MR,~eBpanb 1997 UCHTa BBIT. B CBOCM HOBOrO,ll;HCM 06pa- paTlL1CJl 13 JlHBap51 co CnCUMaJIbHbIM IreHTOB CTOIIMOCTH BbIpa60TKH 3.1CKTpO- ll(CHHI1 ITpc3lUlCHT TYPKMcHIIcTaHa Ca- 06pamcHIIcM K y-KpaIIHCKOH 06IIIeCTBCH- 3HeprnII, rrapMYPa.D; HmBoB 3MBII.;r, 'ITO YPOBCHb HOCTH. OH rrpeL(yrrpCJllLl, 'ITO 3Hepro- )l(H3HII HaqaH rrOBbIIIlaThCJl, XOTJl BbIIIYCK cHa6:lKeHIIe HaxOllIITCJI Ha KPIITMqCCKOM Y36eKHCTaH CCJlhCKOX03JlHCTBCHHOa rrpO,WKIlIIII B YPOBHC H rrpII3BaJI scex CHH3IITb rroTpe6- CTpaHC OKa3anCJl HII:lKC :lKC:laCJ',{Qro ypOB- neHIIe ::mcKTpo3HeprnH Ha 20 rrpoueH- BlO,;r;KCT Y36eKHcTaHa Ha 1997 r. npeL(yc- HlL (YpO:lKaR XJIOrrK8 II 3CpHa 6bID O'ICHb TOB. IToTcHI~IIaJI Bblpa60TKH 3JIeKTpo- MaTpIIBaeT nc¢lIIUllT Ha YPOBHC 26,8 MlLI- HII3KIIM B 19961'.). HIIJl30B 3aBCpII.H, 'ITO 3HeprnH .Il,HcnpOnCTpOBCKOH rn.n;p03nCK- JIMapL(a COM ($515 MHJL1:lWHOB), IIJII1 3 OH rrpIIJIO:lKIIT BCC <:IIJIbI K YCKOpeHIIlO TpOCTaHIIIIII, cHa6JKaIOilieH BOllOH O,ll;Hy rrpOueHTOB BBIT • .Il,oxollbI COCTaBJlT 124 3KOHOMII'ICCKIIX pC:pOPM II LI006CIUaJI TpeTh TCPPHTOPHII YKpaIIHbI, IIO'lTl1 IIOJI- MIIJIJIHapL(a COM, a paCXO,llbI 150 MI1.JIJIH- BbLUCJIIITb 60JICI: 2 TPII.HJI.IOHOB MaHaTOB HOCTbIO IICqCprraH. BO'IKapeB 3aJIBlL1, 'ITO ap)l,OB. ITPC3H)l,CfIT Y36cKHcTaHa MCJIaM (OKOJIO $400 MIIJ1JLIIOH\)B) Ha COnII- On;HOR II3 caMblX 60JI~1lI1lX np06ncM JlB- KaPHMOB 3MBIIJI, 'ITO fO)l,OBM HH¢lJIJI- " aJIbHbIC rrporpaMMb . JIHCTCJl 3a,ll0J.DKCHHO(;Tb rroTpC6HTCJICH. UMJl CHII3HTCJl C 60 npOnCHTOB, 3apcrII- YKpaIIHCKIIC rrOTpe6HrCnII3a.D;oJ1JKaJIII 2,5 CTpIIpOBaHHbIX B 1996 r., ,ll;0 MCHec 27 MIIHHCTpbI HC~TJlHOH rrpOMbIIIlJICHHO- - 2,7 MMJVmap,ll;a rpIIBCH ($1,4 MlIJIJIHap- rrpOUCHTOB B 1997 r. KapIIMoB 3aMCTIIJI, CTII TYPKMcHIIcTaKl, TyPWUI H I1paHa ,ll;a) 3a 3JICKTp03HCprllIO, II BO'IKapCB 'ITO BbIIIYCK rrpoMhIIIL1eHHOH: rrpOJlYKUHM BCTpCTIIJIIICb 29 ,ll;cKa6pJl B CTOJIII.UC I1pa- rrpcL(yrrpC,ll;IIJI, 'ITO n;OJI:lKHIIKaM 3HcprII51 BbIPOC Ha 6 npOIlcmOB, a 060pOT BHCIII- 'Ha TcrcpaHc 11 ,ll;oroBoplLmcb 0 rrOCTaB- rrOCTaBJ1JITbC51 HC 6yn;cT. HCH ToproBJIII COCTaBIIJI $8,3 MMJL1Hap- Kax TYPKMCHCKoro II upallCKoro ra3a'IC- )l,a - YSCJIIIqCHHe Ha 40 rrpOIlCHTOB no pC3 TypnIIlO. ITpc,IlJOJIaraCTCH, 'ITO rrcp- ITpeMbcp-MIIHIICTP ITaBJIo J[a3apcHKo cpaBHeHHIO C 1995 r. (CM.TaK)KC BblC rraPTIIII [IOCTYIIJlT In I1paHa B Typ- 3MBMJI, 'ITO YJqJaIIHa OTKa3aJlaCb OT CBO- "Agenda"). IIl1lO B 1998 r. cro fIDaHa IIOBbICHTb nCHbl Ha rrpHpo,ll;- HbIH fa3II3JICKTp03HcprnIO B 1997 r. ITpa- BbipaJICaeM 6flazoiJapHocmb 3a Mamepua- YKjlaHHa BIITcnbCTBO fIJIaHHpYCT rrpIIH51Tb MCPbI, flbl, nOllY'/eIIHble om nettamllozo opzaHa Ila- HarrpaBJICHHble Ha KOPCHHy.IO PCKOHCT- y'lIlO - uccfleiJosame,1 bCKOZO ullcmum yma .Il,cqm:nHT 61O,1l)KCn, YKpaIIHbl B 1996 r. pyKnmo 3HCpreTMqCCKOrO CCKTOpa. BbI- cpeiJcms Macco6ou ulltjJopMa!{UU Daily COCTaBII.H 8,6 MlfJL'1IIapllil rpIIBCH ($4,57 TOBblC nOTpe6llTCJIII fIDaTHT Bccro 80 rrpo- Digest. MHJL'1IIaplla), 'ITO E ,ll;Ba pa3 npCBhIlliaCT IUf~PY, rrpOrH03IIpoBaBIlIYIOCJl rrpII co- CTaBJICHlIH 61O;l;lKcTa. ITPCMbCP-MlIHlICTp ITaBJIO J[a3apcHKo 3aJlBlIn, 'ITO BBIT CHII.:lKaCTCJl IIHTbIR ro,ll; rro,ll;pJl,ll; 1I 'ITO, rro caMbIM orrTlIMlICTHqCCKlIM rrporH03aM, YPOBCHb 1990 r. HC 6YJlCT JlOCTlIrHYT Cll(C B TC'ICHlIC O.:J:lIHHaJmaTH nCT. J[a3aPCHKO ~HeBHHK KOHliJepeH:QIIH 3aJlBH.o1, 'ITO 3Cl,ll;OmKCHHOCTb rro 3apmIa- TC HC BbIIIJIa'llIBaC1C51 1I3-3a ",ll;pynrx 0651- 3aTCJIbCTB". ITonO:KHTc.lbHhIM ¢laKTOM, CnpaBe,nJIHBOCTb H co](~apuocTb )J,eBllTaJI eJKero,ll,HaJI KO ufj)epeulI,HJI no Cro 3MBJlCHHoO, Jlf,JI51eTC51 TO, 'ITO B nOCTKOMMyuHCTH'IeCKOM o6w.ecTBe liaHKa, nOCBJlw.eHHaJI pIUBHBalOw.HMCJI YKpaHHa BLlrrJIaTbla B(C CKorrHBIlIHCCJl CTpau lJ,elITpaJIbHOH H BOCTO'lHOii CTpaHaM (ABCDE) ilOJIrH POCCHH H lypKM~HHcTaHy 3a rro- EBponbl CTaBKY ra3a. 11-13 arrpe,TH 1997 r., BPCMCH, 30 arrpc,151-l MM 1997 r., BaIIIMHITOH, fcpMaHH51 O.K., ClIIA ITo C006lilCHl11O :,'KpaI1HCKOrO TCJICBII- L(CHII51, C,ll;C.1aHHOMY 16 51HBap51, crrIIKCp OpraHII3aTop: IJ,cHTp cBponcHcKoll rro- KOH¢lcpCHIlII51, opraHM3ycMM)],JK03e- rrapnaMCHTU A;ICK~aH.llp Mop03 BbIpa3lL1 nHTIIKH II 06naCTM rrpaBa BPCMcHCKoro ¢lOM E. IIITIIfJIMnCM maBHbIM 3KOHO- HCY,ll;OBonbCTBHC "f{OBoiI aHTllrrapJIaMCH- yHIIBepCHTCTa, ¢lOIm ¢lIIPMbI OJlbKCBa- MIICTOM M CTapIIIHM BIInc-rrpC3Mn;eHTOM, TCKOH KaMl1aHHCH", Ch513aHH0l1 C rrpH- reH. OTBeTCTBCHHbIM 3a CTpaHbl C nepCXOIl- . HHTIICM 61O,ll;:lKCTa Ha 1997 r. Mop03 rro- HOH ClKOHOMHKOH:, 6yn;CT OTKpbITa )],JKeti- :lKaJIOBaJICJl, 'ITO I1paBlnCJIhCTBO I1pOMr- lflltjJopMa!{UIO MOJICIIO nOflY'lumb no aiJpe- MCOM.Il,. BOJIb¢lCH30HOM - rrpe3II,ll;CfITO \f HopMpoBano pCllIeHHclaKoHO,ll;aTCnbHo- cy: Armin Hoeland, Zentrum fuer BCCMIIpHoro 6aHKa. Ha KOH¢lepCHlll1lI ro opraHa OT 19 JlcKa6[)51 0 rrcpCCMOTpC Europaeische Rechtspolitik, Universitaet 6y,ll;YT rrpOBCn;CHbI CCCCIIII no KOpPYIInMlr . HcnOJIHMT(;,lbHbIM oplaHOM B TCqCHHC Bremen, Universitaet-sallee, GW1, 28203, KaTaJIM3aTOpbI II CIlCp)I(HBalOll(IIC ¢laKTO- JlByx HC,ll;CJIb npoCKTCl 61O,lI)KcTa Ha 1997[., Bremen, Germany, tei, 49-0421-218-2247Jax pbI (Mal1K.i1 )],JKOHCTOH II CpaH POY:J- L(06aBHB, 'ITO llClIyYaTbI He. 6y.D;YT fIPH- 49-0421-218-3403, E-mail: arminus@ AKcpMaH), a TaKlKC no TaKYlM Bonpo- HHMaTb ,ll;OKVMCHTbI, 3aKOff'ICHHbIC Ha- zepr.uni-bremen.de caM, KaK CTHMYJIbl Ii pa60Ta roCYlIap- rronOBHHy. Fio rrapnaMCfITCIUC HC YTBCp- CTBeHHbIX OPraHH3BUIII1 (IIIepBIIH P03CH • mm rraKCT HaJIO,OBblX pC¢lOPM, Hc06- H .Il,lL'IIIrr MYXCP,lI)KII); HllruCTa H OJqJY- XO,ll;HMbIX un51 m:pCCMOTpa rrpaBMTCJIb- MOUCTH3aQHJI 3KOHOMHKH CTpaH :lKalOlilM cpe,ll;a (KaPJI fOpaH-MaJIep H CTOOM rrpoeKTa 6Itl,ll;:lKCTa. ITo co06mCHliIO .BOCTO'IHOH EBponbl PaMOH J[orrcc), II .1llJlCPbI B ofirraCTII 3KO- ra3eTbI "YKpaMHa MOJIoL(a", C,llCJIaHHOMY 17-19 anpCJI51 1997 r., BIITTcH6cpr HOMH'lCCKOro pOCTa: MOryI' J'IH OCTanb- 15 JlHBapJI, aMcpIIKaHCKIII1 3KOHOMl1CT Ha 3nb6e, fCPMaHII51 HbIC CJrC,llOBaTb .l1X rrpIIMCPY? (Alb6CpTO .Il,)!{e~pH CaKC rroc.1C cro BCTPC'IH C AnccIIHa, TaKaTOIllH I1To). J[Mna, HC ITpc3H.n:eHTOMJ[CofIH:JlOM KyqMOH, COCTO- OpraHII3aTOp: HCMeUKa51 aCCOIlMallH51 BXOJIJIIIIIiC B "lMCJIO COTpY,ll;HIIKOB BaHKa 51BIIIetl.CJI 13 Jlll,ap51, 3aHBII.H, 'ITO HCO- BOCTO"lHO-cBporreHcKIlX MCCJIellOBaHIIti. II MB, MOryI' npIIHHTb yqacTlIe B KOH- IUIOJqJaTHill! OTCpO'IKa l1pIIHHTllH 3aKOHOB Cpen;II paCCMaTpIIBaCMbIX TCM 6y.D;YT 3KO- ¢lcpeHIlIIH TOJIbKO no rrpHfJIaIIlCHMIO. rro pe¢lop'vle HaJlOfOOOH: CHCTCMbl HOCHT HOMII'ICCKHe rrpe06pa30BaHlfJl, rrOBbIlUe- "orracHblir' xap,:ucrcp. ilapnaMeHTCKM HIIe BaJKHOCTII ,ll;CHcr, I 1997 r., MaHfa'IHJI, P}'MhIHH>I HCCJle)l;OBaHBJI KY6HHCKOit 3KOBOMHKH 7-9 aBrycTa 1997 r., PbluapcKHH ueHlp OpraHH3aTOp: AKa,ueMHJI 3KOHOMH'IeC- OpraHH3aTop: qepHoMopCKHH YHHBep- MaHaMcKoro YHHBepCHTeTa, MaHaMH, KHX HCCJIe)lOBaHHH, lIOpH)la MlrqeCKOH HHI ClpaH; npaBHTeJIbCTBeHHa>I rrOJIHTH- By,lJ.yT paCCMOlpeHhI CJIe,u;yrolUHe TeMhI: &mana, nr. 6, Sector 1, Bucharest, RDmania, Ka H 3aKOHO)laTeJIbCTBO; TeXHOJIOfHll MaKp03KOHOMHKa, 6aHKOBCKHH H pH,llpHxa36epTa, USIS H USAID. Ha OpyM 'fJleHOB 06w;ecTBa CacaKaBhl: y'tacmUJI 6 06CYJICOeHUJlX, OOJl:J!Cl/b/ 06pa- Me)l{,lJ.yHapOllHOM ceMHHape 6y,lJ.yT npH- peIPOpMhI B I(eBTpllJIhHOH mumbCJI no aiJpecy: Jorge Perez-Lopez, 5881 CYTcTBoBaTh 20- 25 yqacTHHKOB H3 Xop- H BOCTO'lHOit EBpone 6th Street, Falls Church, Virginia 22041, BaTHH, 3arra,uHhIX ClpaH H ClpaH C nepe- 1-5 HIOJIll 1997 r., Bempa))" Cep6H5! United States, tel. 703-379-8812, E-mail: XO)lHOR 3KOHOMHKOH:. liMh opYM OueHlIT pe- 21-23 aBrycTa 1997 r., MaaclpHXT, Ha BOCTOK 3YilbTaTbl peI B TpaBeMIOHL\e. KpaHmre CPOKH: Executive v7ce- President and Secretary- CTpaH, pa60TarolUHX B 06J1aCTH 3KOHO- perHcTPaUHJI ,UOlDlrna 6hITh rrpoBe)lef[a 3a General, Yugoslav Association of Sasakawa MHKH, I 1997 r.· HHrjIopJrlau,UJI: Gemt Meijer, Departmenr of I(ellTpaJIhHaJi H BOCTO'fHaJI EBpona JfHrjIopMal{UJI: CESAA Conference Covenor, General Economics, University ofMaastricht, B fJlo6llJIhHOM KOBTeKCTe Department of Economics, University of Tongerstraat 53, P.O. Box 616,6200 MD 24-25 HIOHJI 1997 r., BHpMHHreM, Western Australia, Nedlands, WA 6907, Maastricht, the Netehrlands, tel. 3143-388- AHf.iIHJJ: Australia, tel. 619-380-3964,fax 619-380- 3649, fax 3143-325-8440, E-mail: 10 16, E-mail: ywu@ecel.uwa.edu.au g.meijer@algec.rolimburg.nl, Internet: http.j OpraHH3aTOp: BYKHHreMIllHpcKruI 6H3- /serpieme.dgsca. unam.mx/siini Hec -IllKOJla. By,lJ.yT paccMolpeHhI TaKHe TeMhI, KaK CHCTeMa lJ,eBTpaJIbHhIX 6aHKoB llirrb)l;eCHT TpeTHH HHTerpaU;fJJ: ClpaH UeHTPaJIhHOH H Bo- B nOCTCOBeTCKHX cTpaH3X KOHrpecc MelK,lJ,yHapO,lUloro HHCTHTYTa CTO'lHOH EBporrbl B eBporreHcKYIO H MH- 10-11 HIOJIll 1997 f., PH)lHHf, rocY)l;apCTBeHHhlx 4lHHaHcoB pOByro 3KOHOMHKY, rrp>IMble HHoclpaH- BeJIHK06pHTaHH>I 25-28 aBrycTa 1997 r., KHOTO, .HITOHH>I • Hble HHBeCTlUlim, aJIbTepHaTHBHhIe MO- )leJIH 3KOHOMH'IeCKHX peI 1997 r. KOB AHrJIHHCKOro 6aHKa. XO,llHOH 3KOHOMIrKOH. JflirjlopMau,wo MOJICHO nOJlptUmb no aape- KpafiHHH CpOK ITOua"lH peeccHOHlL'1bHOH rro.n:rOTOB- BOCbMHllCCJ1TH JICT Ha3a,u:. B HaCTO.l!mCC 03a60'ICHHhlX 6Y.QylUl{M DOCHI1I1I1 fcp- KC MapKCTOJIoroB KaK co CTOPOHhl KOM- BpCMJi OH J!BJI.l!CTCJ1 KpyrrHeMIIIHM B EB- UCroBI1HbI. 1997 BceM»pHbUIr 68HK 29 porre rrpo¢1eCCHOHaJIbHbIM HHCTIITyI'OM npeLUIaralOIl(yIO BTopoe Bblcmee 3KOHO- MUIIMM BO BpeMJI CBOero BH3HTa B )llDI rrpaKTHKOB B c¢1epe MapKenurra H MHt{eCKOe 06pa30BaHHe, OpHeHTHpOBaH- IIMM. rrpollaJK. IIMM HaC'IIITbIBaeT 60JIee 60 000 Hoe Ha MHpOBbIe CTaHilaPThl o6yqeHHJI. 'VIeHOB H 3apernCTpHpOBaHHbIX CTYlleH- TIo KaJK,!{OMy KYPCY CllaeTCJI 3K3aMeH. TOB rro BceMy MHPY. IIMM JIBlUIeTCJI OC- 1 HM6pJI 1996 roila IIJITb npenOllaBaTe- qeThlpe ycrremHbIx 3K3aMeHa - H BbI HOBareJIeM EBporreitcKoit MapKeTHHro- JIeit MUIIMM nOCeTHJIH IIMM )lJIJI BJIa,UeJIeu Advanced Certificate in BOH: KOH PYMhlHH.II HmeT B01MO:lKOOCTh llo.nyqeHHe TPaHma Kpe,llHTa lIpCJICTaBHTeJ1c:i1: npaBI:fTeJIbCTBa POCCI1H nOJIY'lHTh Jq)e,lJ,HThl BCe~lHpHoro na peC1]lYKTYPH3aIn11O yroJlhHOH o CBOCM HaMCpCHI:fH HaCTal1BaTb Ha BK.!1IOqCHI:fI:f rrpaBlITMbCTBOM 3anOJl:lKeH- 6aHKa H MBll> npoMhlUlJleHOOCTH HOCTH no 3apImaTC H rrCHCHJl:M ¢cnc- PaJIbHhlM pa60THI1KaM, a TaK:lKC rrpo- ROBoe rrpaBlITeJlbCrBO Pyr..fbIHHH Ha'la- BCCMHPHblH 6aHK B KOHlIC IlcKa6pJl: UClITOB lIO roCYJIapcTBCHHbIM 3a:i1:MaM B .. JIO rreperoBopbJ. 06 YCJIOBIDiX 11 CPOKax 01l06pHJI rrpCllOCTaBJIeHHC BToporo H paCqCTbI ¢CllCpaJIbHOrO lle¢HUWl'a. 3TO • nOJIY'reHIDI HOBOH rrOMOlIIl1 OT MB H rrOCJICJIHCrO TpaHllla (3KBHBaJIClIT $250 Tpe60BaHHe 3aTPYllHlIT rrpaBHTeJIbCTBY BCeMHpHoro 6arnca, 3Ta rrOMOlIIb COCTa- M1LTlIHOHOB) KpCllHTa Ha o6mylO CYM- Bhl)lCp.lKHBaHHC llC¢Hlll1Ta B cor.1aCOBaH- BHT TOJIbKO TpeTb $3 M1LlI.1llapIlOB, KO- MY $525 MHJIJIHOHOB, rrpCJIHa3Ha'l.CHHO- Hbrx npen:CJIax, COCTaBJIl1lOUlIIX 3,85 rrpo- , Topble ByxapecT c'apaerCJl: nOJIY'IlITb B ro )lJU! peCTpYKfYPH3aUHR yroJIbHOH npo- uema, T.K. Jl.BC YOOMJl:HyrbIe CTaThI1 B 1997 . 1997 r. 113 pJl:lla HCTO'IHHKOIl. Pyr..fbIHI1Jl: MbIlWICHHOCTH POCCHH. PaHcc KOHT- L paCIIIHpJIT PaJpbIB Ha l8 TPRJIJIHOHOB HaneeTCJl: rrOJIyqHTI: OT MB HOBbIe KPe- POJIbHbIC MHCCHH BaHKa, rrOCJIaHHbIC B (<\>ellepaJIbmIJl: 3aprmaTa) H 87 TPl:f1Lll:f- IlHThl standby B paJMepe OT $400 MIDIJIH- TpH fJIaBHbIX yrOJIbffiJX 6acccHHa - KY3- OHOB py6JIcii (3a,L\0Jl:lKCHHOCTb lIO BbIll- OHOB no $500 MRIJIHOHOB wnoc $500 6acc, POCTOB H Ty,'IY, co061IIJ.L!m, qTO JIaTe rrcHcHtl:). MHllJIHOHOB OT BCeMHPHoro OaHKa. IIpe- HC BCC CPCJICTBa rrpoCO'IIDIHCb qCpe3 610- 3111lCHT PYMblHH1I KOHcTaHTHHecKY pOKpaTH'leCKHC poraTKH K peUHnHCH- BCTPCTRJICJl: C npC~ll)lCHroM BCCMHPHO- TaM, )lJU! KOTOPblX OHI1 rrpenHa3Haqa- ro 6aHKa ,l.I,:JKe:i1:McoM Bo,1t4leH30HoM B JIHCb, a I1MCHHO :lKHJIllmHO-KOMMy'HaJIb- )IaBoce. B CBoeM mrrepBhlO r- H Bom'(peH- HblM CJIY:lK6aM ymcIl06hlBaIOIIIHX paRO- BCeMHpHhIH 6aHK npe,llOCTaBHT KHTaIO 30H C006UUI.'1, '1 ro BaHK CTpeMllTCJl: HOB. II03:lKC POCCIItl:CKOC rrpaBHTeJIbCTBO Jq)e,lJ,HT Ha CYMMY $3 MHJlJlHap,lla OKa3aTb nOiIllCpJI.(f;Y npaBllTeJIbCTBY Py- 06bJl:BRJIO 0 CBOHX IIJIaHax rrcpcn:aTb yrr- B1997 c1JHHaocoBoM ro,lly MblHI1H. IIpeMbeP'MHHI~CTp BHKTOP tIll- paBlICHHC 6oJI.cc qCTBCPTIf yrOJIbHOH npo- op6ea COCTaBJIJl:eT rraKCT :lKeCTKHX pe- MblrrurCHHOCTH, HaxoMUlCHCll: B Hc6JIa- ¢OpM. pa3pa60TflHHbIX rrpll rrOMolIIH rOrrpHliTHOM 3KOHOMHQeCKOM lIOJIOlKC- IIo C006UlCHHlO ra3CTbI Economic ClIellHaJIHCTOB MB H BCCMHPHOro HI1H, B qaCTHbIC PYKH. IIPHHJl:TIIC 3Toro Daily, BblXOIll1UleH B KliTae, BccMHP}IbIil. 6aHKa. PClllCHHJl: IIOCJICnOBaJIO 3a npOIlOJI:lKH- 6aHK rrpenOCTaBHT KHTalO KPClllITbI Ha TCJIbHbIMH 3a6aCTOBKaMH lllaxTCPOB, He CYMMY OKOJIO $3 MHJIJIHapllOB B 1997 IIOJly-.:ra1OIUHX 3aprrJIaTY B TC'l.CHRC LJ;,TII- <\>llHaHCOBoM roIlY, KOToPbIit Ha'l.allCJl: B TCJIbHOro BpCMCHH. HlOJIC nporruroro roJIa. B raJCTC npHBOillIT- CJl: CJIOBa III1TCpa BOTTeJIhcpa, pa60Ta- KaHO Kox-Be3ep: Mhl MomH 6hl lOlIIcro B nCKHHCKOM npCIlCTaBHTeJIbCTBC lleperoBophI 0 npe,llOCTaBJIeHHH BaHKa, KOTOPblfi 3aJl:BRJI, 'ITO KpCnHTbl ,llaBaTh POCCHH 60JlhmHe Kpe,lJ,HThl 6ynyr HCrrO!lb30BaHbl Ha 'rrOMcPlKKY B KPe,lJ,HTOB Me.lK;lQ' MBll> H POCCHeH KIITac oplICHTHpOBaHHbrx Ha PbIHOK 3KO- HOMHqCCKHX PC<\>OPM, OCYUlCCTBJICHI1C LLHPCKTOp"pacrropJl:JUrreJIb KaIto Kox- IICPBbIIt 3aMCCTHTeJIb llHpeKTOpa-pacrro- HH¢paCTPYKTYPHblX H CCJIbCKOX03ll:rr- BC3CP 3aJl:BHJI B \10CKBC, 'ITO BCCMHP- PJl:n:lITCJIli MC:lKJIYHapOJIHOrO B!L'IlOTHOro CTBCHHbIX rrpOCKTOB. IIHTcp BOTTcJIbep HblH 6aHK rOTOB npellOCTaBHTb POCCHH ¢oH.L\a (MBHlllCP co06- ll06aBRJI, 'ITO BaHK6yncTTaK:lKc CJICJJ:HTb HOBbIe KpClllITbl J;mr lIOMep:lKKH 3KOHO- UlRJI Ha COBCIUaHHH no pa3MCIUcHHlO 3a pa60ToH, HarrpaBlIcHHoR na CHI1:lKC- MH'leCKHX pe.¢opM H rrporpaMMbI COUH- HHBCCTllUHH, opraHH30BaHHOM llIKOJIOH HI1C HHmeThl B KIITac. aJIbHOIt 3alIIlITbl HO OOJIbUmC YCRJIHJl: a,L\MHHRCTpaTIfBHhlX opraHOB HM. )l:lKoHa 1l0JI:lKHhl 6bITb lII'RJIO)KeHbI IlJIli BblITOJI- . KCHHeJJ:H rapBapncKoro YHHBCPClITC- HeHllJl: CYlIJ:CCTBYDIUHX rrporpaMM. BaHK Ta, 'ITO POCClli! n:OCTHfJIa 3HaqHTcJIbHbrx CTPCMHTCJl: paCll:HplITb CBOlO llCJl:TeJIb- ycrrcxoB B CHIlJKCHHH HH¢JU!UIIH H 06cc- llpO,llOJl:lKeHHeocyw.e~eHHH HOCTb 'lepC3 rrpe:rOCTaBJICHHC KpelllITOB nCqCHHH cTa6RJIH3aIIHH B 1996 L Ho, npoeKTIl B 6acceHoe peKH TapHM H OKa3aHHC .lPyrnx YCJ:yr B TaKHX oanac- 1l06aBRJI OH, rrporpccc B 06JIacTIf CTpYK- TJIX, KaK COr::HaJIhHblH CCK'rop, CCJIbCKOC TYPHbIX pC¢OPM 6bm HellOCTaTOqHhlM H KliTaHCKOC arClITCTBO HOBOCTCit cooo- X03Jl:HCTBO 11 OKP)'JKaIOllIaJ!: cpen;a. 06$1- MB npHlllCJI K comalllCHHlO C BlIac- UlHJIO, 'ITO BccMHpHblH 6aHK oll06pl1.H 3aTeJIbCTBa oaHKa POCCHH COCTaBJIl1lOT TJl:MH, 'ITO n:lL'IbHCHlllHC CTpYKTypHbIe BbIllC,1CHI1C Kpen;wra Ha c)'MMY $150 Ml!.'!- $6,4 MI;f.jI.n:Haplla, H3 KOTOPhlX $2,2 MH.1- H3MCHeHHJl: 6ynyr llrpaTb KplITH'lCCK}'!O JII10HOB Ha BbIITOJIHCHHe BTOPOR OQCPC- mlaplla Y:lKC BbIlma'leHbL BbIIIO!lHCHHC POJIb B 06CCrrCqeHHH YCTOH:qHBOro, 31l0- nH clIopHoro CC.llbCKOX03Jl:RCTBCHHoro lIporpaMM 3Ha".I1TC!lbHO OTCTaBaJIO B POBOro poCTa. HUlep TaK:lKC yrrOMJIHYJI rrpoeKTa B CCBcpo-3arrallHoM pCfHoHe 1996 r., HO B WICTOJl:IUCC BPCMJl: cRTYa- o HCnOCTaTO'l.HOM rrporpe-ccc, nOCTlIfHY- KCHHblIHL BCCMIIPHbIfi 6aHK rrpoBc.'l UHJl: YJIy-.:rlllHJIaCh H ceIt'lac BaHK e:lKeMC- TOM B OCYUlCCTBJICHHH rrporpaMMhl, paCCJICnOBaHlIc B OTHOlllCHHH rrepBoH CJl:'lHO rrpc)l.ocT8BJIJl:CT $70 MHJIJIHOHOB, HalIpaBJICHHOH Ha COKpaIUCHIIC rocy- OqepCnlI npocKTa B KOHUC 1995 r. lIOeJIC B TO BPCMJl: KaK B 1996 r. rrpCllOCTaBJIJl:- napCTBCHHOfi C06CTBCHHOCTII B rrpo- TOro, KaK aKTHBHCT B 06JIaCTH npaB 'IC- JIOCb $25 MHJIJIH'JHOB B MeCJl:U. BaHK MO- MblIWICHHOCTH. OHn06aBHJI, 'lTO OTCyr- JIOBCKa rappH By 3aJl:Bl:Ll, 'ITO llCCJl:TKH :lKCT rrOMOqb YKPcrrlITh CCTb COIIHaJIbHoIt CTBl:fe nOCTaTOqHOH rrp03pa'l.HOCTH rrpH TbICJl:q 3aKJI1O'l.eHHbIX pa60TaJIH Ha C11)O- 3aurlITbl POCCHH, J1 OH MO:lKCT npeilOCTa- rrpHBaTH3aUHH KpYIIlIhlX rrpCJInpHJl:THH: lITCJ1bCTBC OPOCHTCJIbHbrx CHCTCM, co- BlITb KPeJIlITbI Ha rrpoBc,llCHRC CTpYKTYP- HaJIO:lKHJIO llJl:THO Ha rrpouecc pC¢OPM CTaBlIJl:lOUlI1X OCHOBH}'IO qaCTb rrpoeKTa. HbIX H3MeHcHHit B TaKHX CCKTOPax, KaK H'ITO OCTaJIbHhlC rrpeJIrrpHJl:TIDIIlOJI:lKHb[ IIOC,1C llleCTII MCClIUCB HaBenCHHJl: crrpa- CeJIbCKOC x03Jl:llcTBO (aHaJIOfllqHO KpC- 6bITb IIpHBaTI13HPOBaHhl, 3aKphlTbI, nc- BOK BaHK 3aJl:Bl:Ll, 'ITO OH HC 06Hapy- llHTY Ha cyr..!MY $500 MIDlJIHOHOB, KOTO- pe060PYJIOBaHbl IIJIH PCCTPYKTYPH30Ba- :lKHJI ¢aKTOB, rrOJJ:TBCp:llOlaIOIUHX 06BHHC- PblH OH COmaClUlCJl: npen:OCTaBlITb n:IDI HbI C C06J1lOIleHlIeM CnpaBCLJ;,1HBOCTH. HHJl: By, JI06aBHB, 'ITO pa60Ta J1arepctl: OKaJaHHJl: nOMOlIIH B peCTp}'KTyp1l3auHH JJ;rrJl: 3aKJIlOQCHHhlX HC 6bIJIa CB~3aHa C yrOJIbHOii UPOMbIIIWCHHOCTH). ra3CTa "CcroJJ:HJl:" co06rwma 28 n:eKa6- OCyurCCTBlICHHCM rrpOCKTa B 6accci1:Hc PJl:, 'ITO MB IIOCTaBHJI B H3BeCTHOCTb peKH Tapl1M. 1997 BceMVlpHblM 6a.HK 31 TpaHclj:>opMau.MJl, Ij:>espanb 1997 $400 MHJIJUIOHOB Ha C1'pOHTeJIbCTBO TbI. Cil:eJIKa, MaTepHMbI KOTOPOll rrepe- rro uellOMY PHIlY BorrpOCOB, BKJlIOqa.Sl mocceHHbIX ,lJ,opor B Kvrae il:aHbI B COBeT il:HpeKTOpOB MfY $400 MHJIJ1HOHOB Ha CTBeHHhlM KOMrraHII.SlM 'l'epe3 POCT cnpoca Ha HHtPpaCTpYKTYPY 6aHKa CJIO)!(HJIaCh TaKM C!ITyarrllj[, Kor- )J,a eMY rrpl1XO)J,IITCR BhIllOJIHRTb O)J,HO- fY CTapllIl1H orrepaTHBHbIH KOHCYJIbTaHT pa3BIITIIIO, Kpeil:IITHOrO opraHa II IIHCTH- 'ITO B rrpOllUIOM ro.n:y He 6bUIIl. yrBCp)!(- BceMHpHoro 6aHKa XapHHD:ep KOJIH 3a- neHbI KpyrrHbIc KPCJ(Il.TbI, Hano,iI06He TYTa, npOBOJ(HIIJ:erO IICClleil:OBaHHH B HBIlll Ha COCTOHBllleHCR Heil:aBHO B fOH- 06JIacTH Pa3BlITll.Sl. BbIIIOJIHIDI POJIh arcH- Tex, KOTophle 6bIJIIl. YTBep)!(Jl:eHbI B 1995 KOHre KOH A3ep6aiimKany "6113HCC", a He rrpOCTO KaK PHil: yCIlyr TI13HpOBaH. ,ll)!(HJI6epT Hero KOJIJIern (TpaHcnopTHhIX llJIl1 B o6JIacTH CBH31I), BbICTYITaIOT 3a rrepeHOC aKIJ:eHTa C IIpe- MBK B 06JIaCTh tPummcOBblX (MIGA) Il. CilellaTh 'l'aCTHhle 6aHKlI aK- rrpeKpameHl1H BMelllaTeJIbCTBa rrpaBII- ycnyr KuTIUI UIlOHepaMH M 0L\06pHJI npe- npOL\aBaTbCK Cpe,[{HHe H 60JIbiliHe npeL\- rrpH3BanH YKpaHHY K ueJIOCTHOMY H KaK L\OCTaBJIeHHe 3aitMa Ha cYMMY $200 MIIJI- npHKTHK. BCeMHpHbItt 6aHK 16 JnmapK MO.lKHO 60JIee 6hlCTpOM}' non:xony K npo- JIHOHOB B paMKaX .1loroBopa 0 npeL\oc- yrnep,[{HJI npeL\OCTaBJreHHe KpelI,HTll. Me.lK- rpaMMe pe B TaUIKeHTe MapK . CIIIA BMlIJJa'lHBalOT BaHKY palBHTH.fI L\e. I1porpaMMa pe OTJIQ)KH.;"I CTpaHA3HH (BPCo\.) 3aD.OJUKeHHOCTb, 'lT06hl H36eJKaTb CaHKIUIH no Y'laCTHlO .BTeHAepax ITo co06meHHIO aBCTPaJI HficKOit raseThl Financial Review, ;;JnoHHJl cornaCHJIaCb npHIffiTb MepbI, HanpaB;reHHbIe Ha CHJI:- THe caHKunfi rrpOTHB Coe·,[{HHeHHbIX lllTaTOB, CBR:laHHblX C oHl{a pa3BHTHR crpaH A3HH BPCA C $340 MIDIJIHOHOB no ero nOJI- HOM: L\OJIH, COCTaBJrRIOIIleit $400 MHJIJIH- OHOB. Coe)lHHeHH.bIe IilTaTbI CTOJIKHY- ,1HCb C CaHKl(HJlMU, rrOTOMY 'ITO BMeCTO TOro, 'rTo6bI 3arrJ~aTHTb CBOIO nOJIHYIO TpeXJIeTHIOIO llOJIIO B TaHTbI H KOMIIa- HHH IlOJI:lKHbi 6b1Th HCK.lIO'IeH.bI H3 yqac- THR B TeHilepax r: 0 3a];.:yrrKaM B PaMKax rrporpaw.{bI MAP -11 Ha 1997 r. HrroHHK nOCTaBHT 3TOT Bonpoc lIepe,[{ Coe).!,HHeH- HbIMH IIlTaTaMH Ha rrpcL\cTORmefi Berpe- 'Ie B I1apmKe, nO:BRIIl B cepellm-re neKa6p.l1, no06emanH npen;o- CTaBHTb $3,5 MHllJIHap;la,ll;."IJI: YJIyqIIIeHHR [JoKa3aTe:Idt IUaTe)KHoro 6anaHca H nOll,Il.ep:lKKH :3KOHOMII'IeCKOfi rrporpa."dMbI • YlCpaHHbI B 1997 r. I1aKeT BKJIIO'IaeT Kpe- mrr Ha CYMMY $L 1 MHJIJIHapn;a OT MB, $1 MHJIJIHapL\ OT BCeMM:pHoro 6aHKa H • oCTaBIIlYIOCJl 'raCTb OT L\PYrHX MHOro'lHC- JIeHHhlX Opra.HH3auitlli H cTpaH-lloHopOB. YKpaHHa npoBt:L\eT peL1H, 'ITO KOMrrOHeHTbl nporpaMMbI B3alIMOCB.I13aHbI R 'ITO npo- 1997 BceMlllpHblu6aHK 33 B ccpemme neKa6p>I BbIllJ1aTY KpeiUiTa standby Ha C~iMY $185 MIDIlIlfOHOB Y3- 6eKlfcTaHy. O'BpruteH CKa3aJI Ha rrpecc- HOBbIe KHHm H pa601JHe ,n;OKJIa,z:n,I KOHcpcpeHl~lfH, 'lTO Ha rrOKa3aTeJ1>IX BHeillHeH TOproBmI Y300KlfCTaHa B 1996r. Omaell MaICp03ICOHOMUICU U 3ICOHOMU'4eCIC020 pa3BUmUfl. cOJ/C(lJleem, OTpHI(aTeJlbHO CKa3aJIlfCb 60Jlee HH3KHe '4mo He MOJ/Cem BbtCllamb nepe'4UCfleHHbte ny6Ilu1CaliUU. Me]!(JlyHaponHbIe ueHbI Ha 3KcrrOPT x..'Iorr- Ka If 60J1ee HH3KHll, 'leM rrpenrrOJlara- [JO.)KaJlyucma, 0311.a1WJ4bmeCb c nopRihwM 3aKa3a, Y1W3a1l.1I.bLM nOCb, ypolKaH 3epHa. I1paBlfTeJ1hCTBO B U1I.cPopMau;uu, npUllaeaeMOU'K 'Ka.)KaOU ny6JlUKaU;UU. rrpopeanIpOBaJIO Ha 3TO YBemPleHHeM Kpe1(HTOB ceJlbCKOMYX03>IHcrny. B pe3YJ1h- TaTe 3TOro rrOBhlCHJIOCh IIHCPJl>IUHOHHOe LLaBJleHHC - rro HMelOmHMC>I OI(eHKaM, ny6J1HKaInfH BceMHpHoro 6aHKa JIy6AuKau,u/O MO:JICHO 3aKa1amb no adpe- HHCP_1RUHR B 1996 r. npeBbICHJIa 40 npo- cy: Tomoko Ishibe, Rnom G8-126, tel. 202- , nCHTOB. Eme OLLHHM cpaKTOpoM OTCPO'l- ,I/;;ul nOJl)!'leHWl uHlj)()pMau,uu 0 nOpJldKe 473-8968, fax 202-522-136, E-mail: KH npCLLOCTaBJICHHR Kpcn:HTa 6hl.1Io BBe- 3aKa1a U u,eHax Ha ny6J1uKau,uu BceMUp- jmontesnegret@iworld bank.org n:eHHC B Y36eKlfcTaHe B OKTR6pc npaKO- Hoao 6aHKa nUlUume no aopecy: World HOBCKOro KOHTPOJIR HaD: BaJIlOTHhlM 06- Bank, P. O. Box 7247-8619, Philadelphia, PA MaPTa Ae MeJIo M qeBAcT )leHII3ep Mo- . MCHOM. KypCbI 06MeHa COMa (MeCTHOll BaJIIOTbI) 3Ha'lIITeJ1bHO OTJlH'lalOTCR Ha 19170, United States, tel. 202-473-1155,fax HeTapU8JI nOJIHTHKa B XOAC' 3KOHOMH'IeC- MelK6aHKOBCKHX aYKUHOHaX, B rrYHKTax 202-676-0581 UJlU nocemume KHU:JICHbie KHX peljlopM: 0630p, pa60'lMll A010'Ia,n: rro 06MCHa H Ha 'lepHOM phlHKe. YCJlOBlfeM Maaa3UHbI BceMupHoao 6aHKa 6 CoeouHeH- 1I0JIHTH'leCKHM HCCJIenOBaHHHM 1706, nao1bHeiturnx BbIlmaT KpenHTa 6hl.1Ia no- HbIX mmamax, pacnOJlO:JICeHHble no aiJpecy: HHBapb 1997 r., 75 c. CTaB.nCHa "O'leHb lKCCTKaR cpMHaHCOBaR 70118th Street, N. w., Washington, D. c., U/lU nOJlHTMKa... B CO'leTaHMM C 1I0JlHOll JIlf- 60 f/JpaHu,uu: 66avenue d'Iena, 75116 Paris, AsTOPb! H3yqa.lOT MoneTapHYIO rrOJIHTH- 6epaJIM~~UMCH nOCTYlIa K BaJIlOTHOMY E-mail: books@iworldbankorg, Unternet:http: KY B nBalluaTH rneCTH CTpaHax C rrepe- 06MCHY . //www.worldbank.oegl XO,U,HOH 3KOHOMHKOH EBPOlIhl H UeHT- PaJIhHOH MIDI B nepMOn C 1989 r. no 1995r. dHH KJIacCHCPHUMPYlOT 3TU CTpaHhl rro Pa6o'lue dOKAadbl o Kpe)l,HTax BCeMHpHorO 6aHKa CTerreHH PhIHO'lHOll 0pMeHTaUlfH C TO'!- KU 3pelffiH HCnOJIb30BaHHH HHCTpYMeH- B HeCKOJlbKHX CTpOKaX CYCMHTa )1,acryrrTaM M )1,3B1I.n YHJIep TOB MOHCTapHoll llOJlHTMKlf, 11000IITM'lCC- )KarlO6bJ rplUK,ll,aH KaK 3KOJIOrH'IeCKHe KOt!: ClfTYalOiH H rro 06II(Y!M nOKa3aTeJUl'M Ka3axcmaH: 23 neKa6pR 6bLl:0 on06peHo 3qxpeKTMBHOCTI!. OHM OueHMBalOT 3TH TPH HIJ,lUtKaTOpbJ: ,MlIHbIe no KHTaIO, pa60- npenOCTaBJlCHMe KpcnHTa Ha CYMMY $7 'lHll nOKJIaD: no nOJIHTM'leCKlfM HCCJleAO- rroKa3aTeJIH, rrpOBO)lJ.I cpaBHeHIIH MClK- MMJIJIMOHOB Ha 3aKYIIKY TOBapOB M Ma- BaHHHM 1704, RHBaph 1997 r., 24 c. l1Y CTpaHaMM B rrepHOn npOBeneHH5I pe- TCPMaJIOB, He06xonlfMhIX lI)Ul BOCCTaHOB- CPOPM U BO BPCM.!I cTa6HJIM3aUHH. I1c- JICHHR Tpy6orrpoBona ApaTlhCK-Cap6y- Pa60THHKu 3KOJrorH'IeCKHX CJIY1K6 KH- 110JIb30BaHHe KpeJUITH.hlX IIOTOJIKOB UMe- JIaK, rrpoxOMmcro B03JIe 30Hhl 6enCTBMH TaH OTBe'lalOT Ha 60Jlee 100 000 )l(aJI06 JIO rrOJlOlKHTeJIhHOC 3Ha'leHHe BO BpeM.!I APaIlbCKOro MOpH, H Ha OIIJIaTY CBH3aH- IPa1KL(aH B ron. B XOAe aHaJIII3a npoBHH- cTa6HJIH3aUMH, oco6eHHO B cTpaHax HbIX C 3TUM KOHcYJIhTaTHBHhlx ycnyr. UIIaJIbHblX naHHbIX 3a 1987-1993 IT. aBTO- UeHTpaJIbHOH: M BoCTO'lHolt EBpOIIbl. phl 06HapY1KHJlH, 'ITO eCJlH nOJIara.TbCH JIam6Wl: 19 neKa6pR 6bIJIO ono6peHo Cy6CMAHH H rro,n:neplKKa UCHTpanhHblM Ha OnHH TOJIbKO )Ka,106hl, TO He60JIb- npCnOCTaBJ1eHHe KpenMTa Ha CYMMY $60 urnc pecypchI, BhlneJIeHHblC Ha HHcrreK- 6aHKOM rocynapcTBeHHhlX IrpennpHlITMH MHJIJlHOHOB nJIR pecpHHaHcHpoBaHHR TOPCKMC rrpoBcpKH, 6y,n:yr lloTpa'lCHbl Ha B ueJIHX rro,n:nep:lKaHHH 3aHHTQCTM H rrpo- rmaTelKell (Ha 1997 r.) no 06CJlY1KMBa- OTHOCHTeJIhHO "MOJI'IrumBhIe" peruo- MbrnmeHHOro rrpoH3BOnCTBIT- 202-458-9121,Jax 202-522-3230, E-mail: HaD:uaTH IIPOBHHUHRX. KpcnHT Ta.KlKe edecastro@iworldbank.org rrpenHa3Ha.'leH llJIR OKa.3aHHR KOHCYJ1h- TaTHBHbIX yCJIyr H 06yqcHHR pa60THH- c:'DcpHaHnO MOHTe-Herpe H JIYKa I1arrH Can,n: KHPMaHH H [H JIe MYaH nOBbIIlle- KOB IIpoBHHUHaJIhHhlX opraHoB caMoyrr- nOJIbCKHH onbIT peCTpYKTYpH3alUlH 6aH- HHe cOTPY~'1eCTBa B 6acceHHax MelK- paBJIeHHH H CPHHa.HCHPOBa.HHH HCCJIenO- KOB H npe'!u]pHWfHH, pa60'lHlJ nOKJIaD: rro AYHapOAHbIx peK: YCHJIH.!I BceMHpHoro Ba.HJ:i.R rro H3yqCHHlO clIpoca H HHBeCTH- nOJIHTM'leCKlfM MCCJIenOBaHHHM 1705, 6aHKa, HanpaBJIellllbJe Ha pa3BHTHe AHn- uuit B CCJIbCKHit TpaHCnOpTHbIH ceKTop. HHBaph 1997 r., 43 c. JIOMaTHH, TCXHH'leCKHH nOK:laD: BceMHp- 34 1997 BceMVlpHblill6aHK TpaHcC/>opMa/.(Vlf/, ¢eepanb 1997 HOro 6amca 335, HHBaph 1997 r., 32 c. KJrayc illMHw-Xe66eJIh H JIYM CepBeH States, tel. 202-623- 7430,Jax 202-623-7201. ,U;KeHH r. KJrIOrMaH H ,U;KoPiDK illH6ep YpoBeub cfiepelKeHHH B MHpe: 3Bfll,lJ,KH H HCCJleAOBaHHe petIJopM B oliJlacTH 3,l1.pa- OOJlHTHKa, ,lUiCKYCCROHHhlIt .1l0KJIa,ll Bce- BOOXpaRellJlJl B I./,eRTpllJlhROH AlHH, Tex- MHPHOro 6aHKa 354, HHBapb 1997 r., Pa60'l.ue oo"",aobl HH'IeCKHfi )lOKJIa,ll BceMHpHoro 6aHKa 176c. 344, HHBaph 1997 r., 68 c. ITaOJIO Maypo BJlHJlHHe KOPPYD~HH HB BhlCOKHe YPOBHH c6epe)!(eHHfi cnoc06- 3KOHOMH"IecKHH POCT, HHBeCTHIJ,IlH H opa- B )lOKJIa,lle npHBO,rurrCH H aHaJIH3HpyroT- CTB)'IDT Bhl&OKOMY pOCT)' BBll. B HacTO- BHTeJlbCTBeHHhle pacXO,!l.bl, pa60'IHit .1l0K- CH )laHHhle, KaCaICmHeCH COCTOHHHH .llmeM HCCJIe.1l0BaHHH paCCMaTpHBaIDTCH JIan 96/98, ceHTH6pb 1996 r., 27 c . CHCTeM 3npaBooxp,lHeHH:H, OKa3aHHH TeH,lleHUHH B o6JIacTH c6epe)!(eHHit BO " yCJIyr H rn6KoM KYPce BaJIIOTHOrO o6MeHa, Bb[- TOPOM CO)lep)!(MC51 OCHOBHOH OT'leT (CM. illTHfJIHU, e,uCpalIHH. RbIX PCc,ucpaUHH TPa,lJ:HUHOHHO BKJIIO'IaJIa POCCHR, cTpaHhl BaJITHH H ,llpyrHc cTpa- 6oJIbIUOH rraKCT COUHaJIbHhlX BhlllJIaT. Ho Hhl 6hIBillcro COBcTCKoro COI03a YHac- HX 06'bCM CHH)KaCTCH HCCMOTpJI Ha TOT ny6J1HK~H AMepHKaIICKoro JICn:OBaJIH CHCTeMhl 3,upaBOOXpaHeHHR H .<1>. KBHrJH[ B UeJlRX Pa3BHTHJI CJI: rrpe)IIIO'ITeHHe HM 'IaCTHhlMH HHTe- I K OKa3aRHe IJOMO- pecaMH, TO HaUIa TerrepeUIHHJI: CHCTe- BJIHJl:HHe Ha ueHHOCTH, no KOTOPblM ll\)I pa3BHTHIO )leMOKpaTKH B U,eHTpllJIb- Ma, KaKoti: fihl HeCOBepllleHHOH OHa HH JIIOJI.H orrpe)IeJIJl:IOT CBOH lleitcTBHH. PeK- HOH EBpOIJe, npec~- ueHTP UM. By.n;po fihlJIa, HO rronyqRBUIaH rrpaBO Ha3hlBaTb- JIaMa, MapKeTHHr, )laJKe ynaKoBKa Ha- BHJIbCOHa, BaIllliHlTOH, O.K., I, OKa:3aHlliI: rrOMO- 6hlJlO rrepBOHaqaJIbHO CeccReit, rrOJIo)KeHHhlX B UeHTPaJIbHoit EBpone, - eCTeCTBeHHoro paBHOBeCHJ[ Me)KJIY CTaJIO fill3HecoM. KYJIbT ycrrexa JaMeH:H.JI • B rrepHO)l, rroCJIe)l('BaBIillIH rrOCJIe nMe- crrpOCOM II rrpe)l)lO)KeHlleM rrpe)lnOJIa- Bepy B rrpHHURrrhl. 06IUecTBo rrOTepJI:JIO . HHH EepJIHHcKoit eTeHhl. raeT cooopUIeHHoe 3HaHHe, O)lHopo)l}Ihle CBOHJl:KOpb. R JIerKO C03)laBaeMhle rrpOiIYKThl H )lO- .. ABTOP rrOllTBepJK,!~aeT rrOJIyqeHHhle HM BOJIbHO 60JIblllOe KOJIH'IeCTBO yqacTHR- COU,Utl.AbHblU Oap6UHU3M. ITPHHHMaJl yc- pe3YJIbTaThl 3Ha'IHTeJIbHhlMH rrOJIeBhlMH KOB PhlH:Ka, Ha KOTOPOM OJI.HH yqacT- JIOBHH crrpoca H rrpe)l)lO)KeHHH KaK )IaH- HCCJIe)lOBaH.Fi5IMH: rrpHBO,wr MaTepHaJIhl HHK He CMOJKeT OKa3hlBaTb BJIHHHHe Ha HOCTb R o60Jl:BJIHJI: BMeUIaTeJIbCTBO rrpa- pJl:.n;a CeMHHapOB, B KOTOPbIX yqacTBo- phlHO'lHhle ueHhl. ,llOrryUIeHHe cosepllleH- BHTeJIbCTBa BhlCUIHM 3JIOM, H)leOJIOl"HH BaJIH rrpe)lCTaBHTeJIH cTpaH UeHTpaJIb- Horo 3HaHRJI: OKa3aJIOCb HeCOCTOHTeJIb- cBo60Jmoti: KOHKYPCHUllH cYMeJIa3eKTHBHOrn ceKTOpa ro- B3JITa H3 lliIOTOHOBCKOR IPH3HKH. ITPII:H- Ka rroJIIITII:'lCCKOH 3KOHOMJfll: rrOJIhCKHX cy~apcTBeHHbIX rrpe)lIlpRJ'ITHH OT Tpe60- UHrr, Ha KOTOPOM CTpOIl:TCJ'! 3BOJIIOUII:J'! peIPopM. BaHl1H 3IPIPeKTHBHOCTI1, BblJI:BHfaeMhIX BH,UOB, - 3TO MYTaUII:J'!, a MYTaUII:J'! co- PblHKOM, ~06I1:BaJ'ICh, TaKHM 06pa30M, rrpJ'!iKeH.:1. C HaMHoro 60JIee CJIOiKHOH pa- 3aprrJIa-ry B ITOJIhIlle KpaHHc TJ'!iKeJIO 6JIaro)lapHOCTH ern oa60THHKOB. OOTOR. BIf.,.'lbI H cpeM HX 06IITaHIDI II:Hre- CHl13HTh, II: iKCJIaHl1e CMHpHThCJ'! C yMeHh- paKTII:BHbI, H O~HH BH~ J'!BJUl:eTCJ'! 'Iac- IlleHHeM 3aprrJIaThI ~J'I 06eCrre'leHHJ'I • CoxpaHeHl1C rocy~apcTBeHHoro ceK- TbIO cpeJJ;bI 06HTaHIDI ~yroro. OOJIee BblCOKOH 3aHJ'!TOCTH IlO'{TH OTCyr- Topa KaK BaJKHOrn OTCTOHHl1Ka!l)lJl CTa- Me3ICiiyHapoUnwe OllUlOUleHUJl. reOrrOJIH- cTByeT. 31'0 Be~eT K BblCOKOH 6e3pa60- niue, rrOMepiKHBaeMOH iKeCTKHM PblH- POH HOMeHKJIaTYPbl H3 o6eHX rrapTH:ll: CTa- porn KOMMYHHcm'leCKOrO peiKHMa. , THKH yrBep~aIOT, 'iTO y rocy~apcTB HeT KOM Tpy~a, xapaKTCpll:3yeMorn HH3KOR rrpHHUHrroB, a eCTb TOJIbKO HHTepeC hI , rrpo4>eCCII:OHaJIhFmR II: TCPPIITOPHaJIhHOH H 3TH HHTepeCbI orrpe,UeJIJ'!IOTCJ'! reorpa- Il0JI:BHiKHOCThIO. KpoMe TOro, 6e3pa60T- PacTYIIIruI 3KOHOMH'IecKrui aKTHBHOCTh, • IPH'reCKHM nOJIOiKeHHeM H ~yrHMH OC- HhIM rrpO~OJIiKaeT BbllIJIa'IHBaThCJI BblCO- M0J10JJ:oro 'laCTHOro ceKTOpa KaK 3ape- HOBaMH. ,lleTepMHHHCTCKHH rro,iIXO~ OC- KaJ'I pe3CpBHpOBaHHaJ'I 3apllJIaTa, rrpH- rnCTpHpOBaHHOrO, TaK H He3apernCTpH- HOBaH Ha YCTapeBllIeM HayqHoM MeTO- 6JIHiKaIOIIIaJ'ICJ'! K 95 rrpOlleHTaM HX IIpe- pOBaHHOrO BblJI:BHHYJIa ITOJIbIllY B rrepe- JJ:e, IIOJIyqHBIlleM CBoe pa3BHTHe B JJ:eBJ'IT- .1l;hI,llyIUeR 3apllJIaTbl (~aiKe IlOCJIe JI:BYXJIeT JJ:HII:H pJ'!~ CTpaH, ~IIIHX rro rryrH pe- HaJJ:uaTOM CTOJIeTHH, H eMY CBOHCTBeH- 6e3pa60THllbl). BblcoKHe TCMIlbl 3KOHO- IPOpM. Ho 6e3 )lOCTaTO'IHOH, XOPOIllO HbI rro KpaRHeR Mepe ,[(Ba 6pocaIOnmxcJ!: MH'IeCKOrO pOCTa B 1993-1995 IT. rrO'lTII: rrpOJJ:yMaHHOH HHCTHTYUHOHaJIhHOt!: rroJJ:- B rJIala Hc~ocTaTKa: OH paccMaTpHBaeT He OKalaJIH HII:KaKOro BJIHJ'lHl1J'1 Ha ypO- ~epJKKII: !l)lJI ~aJIhHeHIllero ~BHxeHHJ'! rocy~apcTBo KaK HCJJ:eJIHMbIH o6'beKT BeHh 6e3pa60THllbl. MOiKeT He XBaTIITb rrapy. aHa,'TH3a, TO'IHO TaK, KaK 3KOHOMWIec- IIyo.1uKau,U1Q M03ICHO 3aKa:wmb no avpe- KHC TCOpHH paccMaTpHBaIOT OT~eJIbHO­ 3a rrocJIe~Hl1e JI:Ba-TpH rnJJ:a JJ:OJIJ'I rreH- cy: Adam Smith Research Centre, University ro 'IeJIOBeKa, H OH He rrpH3HaeT 06IIIHX CHR B BBIT ITOJIhurn: COCTaBRJIa OKOJIO of Warsaw, Bednarska St. 16, Warsaw, I1HTepeCOB, BhIXO,[(J'!IIIHX 3a paMKH HaUH- 15 rrpolleHfOB. fimDKafuneH C1paHOH UeH- Poland 00321. OHa.ibHhIX HHTepeCOB. ITpH CYIIICCTBYIO- Tpa,ihHOR H BOCTO'lHOH EBporrbl no 3TQ- IIICM nopJ'!JJ:Ke BeIIIeR He Tpe6yeTCJ'! My rrOKa3aTeJ1IO J'lBJIJ'leTCJ'I BeHrpHJI, r~e YRJIJIeM X. BHTep, PHKapnO JIaro H HH- CJIHIlIKOM 60;IbIlloro Bo06paiKeHHJI, OH COCTaBJIJ'leT 11-11,5 rrpoueHTa BBIT KOJIaC lliTepH C03A1lHHe 3t1ltlleKTHBHoH '{T06bI nOHJ'lTb, 'ITO MHpOBoe OTKphITOe ('ITO Bce xe 3Ha'lHTeJIhHO BblIlle cpe~­ Pl>IHO'lHOii 3KOHOMHKH B MeH.lIIOm;eMCR 06IIIeCTBO, rrpeBaJIHPYIOIIIee B HaCTOJ!:- HeR ~OJIH B cTpaHax EBporretl:cKorn Co- MHpe, CEPR 1468, OKTJ'!6Ph 1996 r., 55c. IIIee BPCMJ'!, no BceR BepOJ'!THOCTH OKa- I03a: 8,7 rrpouemaB 1992 r.). Ii POCT ~0Jlli IIy6JiuKau,ulQ M03ICHO 3aKa:3amb no aiJpe- )KeTCll BPCMCHHbIM J'!BJICHHeM. IleHCHH B rrepHO~ 3KOHOMH'IecKHX pe- cy: Centre for Economic Policy Research, 25- IPOPM IPlmaHClI:pOBaJICJ'! IlO'lTH HCKJIIO- 28 Old Burlington Street, London WIX lLB, 5hr BHHbeUKHR, pe,U. IIHCTtrryll,HOHlLiIb- 'lHTCJ1bHO rryreM rrOBblIlleHl1J'! 6IO~eT­ United Kingdom, tel. 44171-878-2900, E-mail: Hble 6apbepbl Ha nyrH 3KOHOMH'IeCKOrO HblX cy6c~H. CpeJ.(HIlli YPOBeHh rreHcH:!l: cepr@cepr.org pa3BHTHR: HenOJlHbIH XapaKTep petilopM B B ITOJIhllle 3Ha'lIITeJIhHO BblIlle, 'leM B IIoJlbme, HayqHo-HCCJIeJJ:OBaTCJIhCKHR ~yrnx CTpaHax, - 70 rrpoueHTOB cpeJJ:- 3KOHOMH'IeeKOe 6Y,lJ,YUJ;ee lUlTu: np06J1e- ueHTp AilaMa CMIITa, ITOJIbIlla, HIOHh Hero YPOBHJ'I 3apllJIaT (B TO BpeMJ'l KaK B Ml>I ~R UOJIHTHKH CIlIA. ISBN 0-16- 1996 r., 97 c. 60JlhIllHHCTBe CTpaH EBporrbl 3TOT ypO- 053566-2, HCCJIe~OBaTeJIhCKHe ~OKJIa~ BeHh COCTaBJ1J1eT 40-50 npOUeHTOB). ~J'I 06be~HHeHHoro 3KOHOMH'IeCKoro B ITOJIhllle, rJJ:e rrpouecc npHBaTH3aUHH CKpblTaJ'l COUHaJIbHM rrOMOIHb OKa3blBa- KOMHTeTa KOHrpecca CoeUHHeHHhIx. H,n:eT McwrcHHo, ljJoHJIOBbIH PhIHOK oc- eTCJ'! ljJepMepaM rro~ BII:~OM rreHCl{OHHOH lliTaToB, BaIllHHITOH, O.K., aBrYCT TaJIC5[ HeMHOrnM 60JIbIlle MaprnHaJIhHO- CHCTeMbl - OT'lHCJIeHIDI IPepMepoB co- 1996 r., 530 c. ro HHCTIITyra C rrapoR '[(eCJ'lTKOB KOTH- CTaB.'1J1IOT He 60JIee 5 npOueHTOB 0611IHX P)'IOIIIHXCJ'! KOMIlamlli. YIDIKfL'ThHlUl 'lepra pacXO,UOB. ,lliKoH IT. Xap,rrr II: P06epT H. MOTTKe' peIPOPM B ITOJIbllIC no cpaBHeHHIO C IIHCTllT)'UHOHlLiIH3alJ,lUl - C03J.\llHHe .!\py- JJ;pyrnMH cTpaHaMJf UCHTpaJIhHOR II: Bo- Ha'iHHaJ'I C 1991 r., Ha6JIIO~aJIOCb 06- lKeCTBeHHblX ,!UIJI pl>lHKa HHCTHTYTOB H CTO'IHOR EBPOIIhI 3aKJIIO'laeTCJ'! B TOM, IIIee IlOBhIIlleHII:e YPOBHJ'I 3aIIIIITbl TapH- opaaoBoii OCHOBl>I 'ITO IlOJIHTH'ICCKHe H3MeHeHHJ'I 3~eCh IjJoB. Be~ee MeCTO rrpHHa,zJ)IeJKHT CeJIh- • IIIJII1 'Iepe3 JI:BHiKeHHe COJ1H~apHO~Tb, CKOMy X03J1HCTBY, orp!lllQleHHO.MY BblCO- ITpaBoBaJ'I H pelYJIJ'ITOpHruI OCHOBa Pbl- • KOTopoe IIO CBoeR rrpHpOJJ:C 6hIJIO BO KHMJf TapHIPHblMJf H HeTapII:IPHblMJf 6a- HO'lHOH Cl{CTCMhI Tpe6yeT 3aMeHbl rrpaB- MHOroM COUHfL1J:HCTH'IeCKHM H CHH,llHKa- PhCpaMJf, XOTJI u:eJ1hIH p~ rrOTpe6HTCJ1h- JIeHl1J'1 rrapmHHOH 6IOpOKpaTHII: (rrpaB- ... JIHCTCKHM. I10JIbCKH:tl: rrOJIIITH'IeCKHR CKHX TOBapoB - OT aBTOM06RJIeH l{ 3JIeK- JIeHIDI HapOJJ:a) rrpaBOBblM IIpaBJIeHl1eM, crreKTp HMeeT CRJIbHyIO aHTHKarrIITaJIH- TpOHl1KH ~o IlHII~eBhlX rrpo,nyKTOB - 3a- He06xo~HMblM ~J1 3IPIPeKTHBHOH l{ CTH'IecKYIO HaIIpaBJIeHHOCTb C 06CHX IIIHIIIeH HMIlOpTHblMJf orpaHH'IeHIDlMl{. CIlPaBe~HBOH pa60Tbl ~eMOKpaTH'IeC­ CTOPOH - 3KCKOMMYHHCTH'recKoro COI03a Ha 'IeTBepTh rrOJIhCKoro HMIlOpTa YCTa- KOH PblHO'lHOt!: Cl{CTeMhI. B Klrrae nOBe- (SLD) H ero aHaxpoHHCTH'IeCKOrO KpC- HOB.lleHbI HeTapHIPHble 6apbCpbI, TaKHe, CTKa ~ HHCTHTYUHOHaJIbHblX rrepeMeH CTbllHCKoro COI03HHKa (PSL), C O~HOH KaK KBOThI, l{CKJIIOQeHIDI H3 KBOT, CKRJI:- MoxeT BKJIIO'laTh: CTOPOHbI, H pe3KO aHTHKOMMYH«CTII:- KH II: T.~. Bce yrOJIbHble II: caxaPHble Tpe- 'recKOR, HO yrorrWIecKoR XpII:CTHaHCKo- CTbl, rrOOIIIpeHHe C03~aHlliI pa3iIH'IHhlX • He3aBII:Cl{MhIH u:eHTpaJIbHblH 6aHK COUHaJIHCTII:'leCKOR COJ1I1:~apHOCni, C XOJI~HI'OB II: "YKPyrrHeHl1e" rocy)lap- RJIH BaJIIOTHblH COBeT C 3IPIPeKTHBHOH 38 1997 B013MMpHbli16aHK TpaHo¢opMa~~R.¢e8panb 1997 CHCTeMO~ 'l:aCTHbIX KOMMep'l:eCKRx 6aH- C.HHCTHTYII,HOHBJIbHO~ TO'l:KH 3peHHH Street, Cambridge, CB2 1UR, United KOB A-1X o6ecrre'leHHX HlIJl.eXHO~ MOHe- PYMbIHCKaJt 3KOHOMHKa CJIaGo cTpYKTY- Kingdom; UIlU (J CoeouHeHHblx IDmamax, TapHoti cpellbI, KpHTH'l:eCKOe 3Ha'l:eHHe pHpoBaHa: rrpasa co6cTBeHHocTH IIJIOXO Blackwell Put;/ishers Inc" 238 Main Street, HMeeT ycTOti'lHBM Ba."'IIOTa, cBo6011HM orrpelleJIeHbI, HOBbIe pbIHO'l:HbIe Mexa- Cambrodge, Massachusetts 02142, OT rrOJIHTH'l:eCKoro BJIH.liHKJI:. HH3MbI HMeIOT orpaHH'l:eHHYKl 3axc: (202) 522-1152 TIpocb6a K rpalK,UaHaM, rrpO)!(HBalOIIJ:HM B ABCTPaJIHH, ABCTpHH, BeJlbrHH, KaHaL(e, E-mail: rhirschler@worldbank,org llaHHH, HHJIjfH.lUl'H, paHUHH, repMa:rnH, rpeUHH, HCJIaH,llHH, HpJIaH,[(HH, HTa- JIHH, JIIIOHHH, KopeItcKoH Pecrry6JIHKe, JIIOKceM6ypre, MeKCHKe, HHD:epJIaH,llax, nOMOII.\HHK 110 I1pOBeneHHIO HOBOit 3eJIaH.lUl'H, Hop BenIH, TIOPTyr8.J'1HH, HcrraHHH, lliBeUHIf, lliBeHuapHH, Typ- l.(HH, BeJrHK06pHTaHHH H Coe,[(HHeHHblX lliTaTax, npHChlJIaTh 3TH 6J1aHKH 3aKa30B B HCCJIenOBaHHii L\)KeHHHaxc: (202) 522-1152 E-mail: jprochnowwalker@worldbank,org . Box 7247-7956 Philadelphia, PA 19170-7956 USA The World Bank )1)111 60JIee 6hlCTporo 06CJly.JKHBaHIUI n03BoaHTe no TeJIe4Joay (201) 476-2192 HJIH 1818 H Street, N,W, BbIWJlHTe 3TOT 6JIaHK 3aKala no 4JaKcy (201) 476-'2197, Washington D,C. 2Q433 Telephone: (202) 477-1234 ECJIH BM npO)!(HBaeTe B JIlO60H npYToit cTpaHe, BM MO)!(eTe rronyqaTb ThANsl170N Fax: (202) 477 -6391 Ha KOMIIJIHMeHTapHOH: OCHOBe, }lJI${ qero 6JIaHK ~o BMCJIaTb no anpecy: World Wide Web: http://www,worldbank,org E-mail: books@worldbank.crg Jennifer Prochnow The World Bank 1818 H Street, N.W., Room N11-039x Washington, D.C. 20433 TRANS/170N ITepHO)llf'lec:-:oe H3llaHl!C Or- USA ,J.eJ1eHIDI 3KOHOMHKH nepexo)lHoro ITepHOlla BceMHpHoro 6aHKa, OT,J.eJ1" HCCJIenOBaHIill TeJIe4Joa: (202) 473-7466; 4JaKc: (202) 522-1152 B OflJ1acTH rocYllapCTBcHHofi,oJ1HTI!KI!. ,ileH- E-mail: jprochnowwalker@worldbank.org TeJIbHOCTh BceMHpHoro 6aHKa HarrpaBJIeHa Ha CHI!)I(eHl!e HI!Il\eTbI H IT( BbIllleHl!e lICI!3- ITo rronoilY 6eCIIJIaTHOH rro,[(rri1:CKH BapHaHTa TRANSI170N Ha PYCCKOM H3bIKe mmIH- HeHHoro YPOBIDI nyreM o6ee leqeHHH YL'TOli:- Te no anpecy: 'Il!BOro pOCTa I! BJIO)l(eHl!H "peilCTB B qeJIO- BeqeCKHe pecypchL Me1K)J.yuapO,nHbIH ~eH'Fp npHBaTH3a~H, HBBeCTH~ H MeaeAJl(MeHTa YJI. 3lKeaa nOThe, 20, 252057, r. KHeB MHeHl!H, BhlpaJICaeMbfe B HW{lOPMaJII!OHHOM YKpaHaa 610JllIeTeHe TRANSITION, - :no MHeHHH all- TOPOB, H OHH HI! B Koefi Mepe He JJ,OJIJKHhl TeJIe4JoH: 38044-446-0117 HJIH 230-2624; 4JaKc: 38044-446-8277 paCCMeBpaJIe anpcJlc, HIOHe. asryCTc, OKTH6pe H llCKa6pc. JIllH uKa3aHID.! I 51 XOTeJI 6bI ITOilITHcan.CH Ha 10 HOMepOB B 1997 I! 1998 KaJIeHJJ;apHbIX roJJ;ax I I nOMOmH B