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ID 3AO «MU<D.3P», 2010
ISBN 978-5-406-00313-8 © 000 «lbn;aTeJibCTBO KttoPyc», 2010
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BBE,llEHHE ...................................................................................................................... 9

PA3/lEfl I
,llEHbrH H ,llEHE>KHblE OTHOWEHHH
fJiaea 1. Heo6xon;HMOCTh u rrpen;noCbIJIKH nOHBJieHH.H H npuMeHeHH.H .z:i;eHer ...... 11
1.1. Cy6neKTHBHbie 11 o6neKTHBHbie rrp11q1n-IhI
tteo6xo.n;IIMOCTH II05IBJieHH51 .[lener ·····•······································································ 11
1.2. 3TaIIbl pa3IlHTH5I :'JKOJIOMHqecKHX ClfCTe~L
EapTepttaR TI .n.ene)l(IIa.SI ::JKOIIOMHKa ......................................................................... 15
fJiaBa 2. :3BOJllOLl,HJI cpopM H BH,1108 ,11ener ......................................................................... 16
2.1. IlOJIHOU,CHHblC )J;CHbrH, HX npnpo.n:a, BH,ll.hl, CBOiICTBa ............................... 16
2.2. IIcpcxo,a K ttcno11ttou,etttthIM )],ettbraM ............................................ ............... 18
2.3. Heno11tto1iettttb1e narr1111ttb1e .aetthrH - 6yMa)KHbie .aetthrH
rocy11apcrna .................................................................................................... 18
2.4.Kpe1111rnb1c 11etthrn ................................................................................................ 19
2.5.L{eMouern3aLJ,11>1 30JIOTa 11 ,11eMa1epHa.rrH33LJ,ll>I ,11eHer ................................. 22
2.6. CBoi1CTBa HCIIOJIHOIJ,eHHbIX .aetter ............................................................ 24
2.7. 3BOJII011,1u1 .aetter B PocCHH ................................................................ 25
fJiaea 3. CoepeMennoe rrpe,11cTaBJienne o CYil\HOCTH ,11ener ....................................... 27
3.1. <!>UJIOcocpcKHH B3r.rrn,11 tta cymttoCTh 11cucr .................................................... 27
3.2. ,l{ttcKycc110HHOCTh nonpoca o cyru,ttocTtt ,o;etter,
rro11;xonb1 K ee onpen;e11ett1110 ....................................................................................... 27
3.3. Crrpoc tta ,11enbrtt .................................................................................................... 30
fJiaea 4. ll>yHKLJ,HH H poJib ,11ener .......................................................................................... 31
4.1. B3allMOCB>I3h cyntHOCTll 11eHer 11 11x cpyHKJ1Mii .............................................. 31
4.2. Co,11epJKaHMe cjlyHKJ111fi 11eHer 11 11x po11b ......................................................... 32
fJiaea 5. TeopnH ,11euer ............................................................................................................. 41
5.1. MeTaJIJIHCTHqecKaH Teoptt5I J1:ener .................................................................... 41
5.2. HoMHHaJIIICTttqecKaH Teopn.SI JleHer ................................................................. 43
5.3. KoJI1P-1ecTBeHHaH TeopH5I ,o;ener .............. .......................................................... 44

3
fJiaBa 6. ,lJ;eHeacua» cucTeMa u ee THilhI ........................................................................... 49
6.1. ITottHTHe H co.a.ep)l(attwe L1,ette)l(ttoll cncTeMhI ................................................ 49
6.2. 3JieMeHThl .ll,eJ-Je)l(HOii. CHCTeMbl ·········································································· 51
6.3. K.rraccwjll1Kar:urn 11eHeJKHhIX rncTeM ................................................................ 54
6.4. l{etteJKIIa>I CHCTeMa PoccHHCKOtt <De11epa11HH ............................................... 57
fJiaBa 7. liaMepeHHe /leHe>KHOH MaCCbl ············································································· 57
7.1. 3tta•ICHHe KOJrnqecrnettHoro 113Mepe11m1 11eHeJKnoi1 Macchi...................... 57
7.2. CTpyKTypa 11eHeJKttoi1 Macchi.............................................................................. 59
7.3. CKopocTb o6pall(eHHl! 11etter ff orrpe11cJIHJOII1HC ee cjlaKTOpbl .................... 61
fJiaBa 8. )J;eHe1KHa.H aMHCCH.H H BbIDYCK )J,eHer B X03HitCTBeHHhlii o6opOT ............. 63
8.1. i{eH€)l(H35l 3MIICCH5l Hee cpopMbl. 0TJlJ1qHe 3MHCCHH
OT BbirrycKa .a.ener B X03.HI1cTB€HHhli1 o6opoT ..................................... ................... 63
8.2. Cyrn.ttoCTh H Mexau113M 6auKoBcKofi MYJibTHIIJIHKaIJ,11H
11 ee po11b B peryJIHpoBatt1111 JJ:eHe)l(HOro o6opoTa ................................................ 65
8.3. HanHlIHo-.n:eHe)l(tta5I 3MHCCH.sI. POJib u,ettTpaJibttoro 6attKa
B 3MHCCHH HaJIIP-:IHbIX JJ:etter ........................................................................................ 68
8.4. Oco6ettttocTH HaJIH1IHO-JJ:ette)KttoH 3MHCCHH B Poccnn .............................. 69
fJiaBa 9. ,ll.eHe>KH&IiI o6opoT u ero aaKOH&I ..................... .'................................................ 71
9.1. Ilottl!Tffe 11 co11epJKaH11e 11eneJKHOro o6oporn ................................................ 71
9.2. ITott5ITHe H co.n:ep)l(aHHe coBoKyrruoro nJiaTe1Kttoro o6opoTa ................... 72
9.3. C11creMa coBoKyrrttoro n11aTe)l(ttOro o6opoTa ................................................ 73
9.4. Pa3BHTHe cosoKyrrttoro rrJiaTe)Kttoro o6opoTa .............................................. 76
9.5. 3aKOHbl l\CHeJKIIOrD o6opOTa............................................................................... 77
fJiaua 10. lieaHaJinqHh1ii 11eHeJKH&1ii o6opoT n ero opraHnaawrn ............................. 79
10.1. XapaKTepHCTHKa 6e3HaJill'IHOro )lene>KHoro o6opoTa .............................. 79
10.2. Ilp11Hi11111M opraH!13a111111 6e3HaJil1'1HbIX pacqeTOB ···································· 82
10.3. <DopMbl 6e3Ha.JIH'!Hb!X pac'leTOB ······································································ 85
10.4. fIJiaT€)KHbli1. Kp.H3HC. <DopMbl npo.HBJI€HH.H H OCHOBIIhie
narrpaBJieHH5l yMeHbllICHH.H ero BJJH5IHH5l Ha naLJ,HOHaJibHYIO 3KOHOMHKY ... 91
fJiaua 11. HaJIU'!Hbiii 11eHe>KHhiii o6opOT u ero opraHnaa11u>1 .................................... 94
11.1. IlOHl!TM€ HaJIH'!HOrD )leHeJKHOro o6opoTa ···················································· 94
11.2. CTpyKTypa HaJIH'!Horo 11cHeJKnoro o6opora ................................................ 94
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11.4. OcHOBhI oprannsau,HH HaJIH'-!Horo .z:i;ette:>10·1oro o6opoTa .......................... 96
11.5. 0rrTHMM3aLJ,HH HaJIH"llHOfO nene)KJ-IOfO o6opoTa B 3KOHOMHKe ............... 99
fJiaBa 12. MucjJJIJll\H>I ................................................................................................................ 99
12.1. Cy1.u;noCTh, ciJopMbI rrpo.HBJICHHH H rrpHLIIIHbI nttclJJI.HU:Htt,
ee COLl,HaJibH0-3KOHOMHqecKHe TIOCJI€,llCTBH5l ........................................................ 99
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12.3. Ocnonttbre narrpaBJJeHH.H aHTH11ttquu.JLJ,HOHttoH TIOJIHTHKH ..................... 109
fJiaua 13. ,ll.eHe>KH&Ie pecjlopM&I ........................................................................................... 112
13.1. Cyu111ocTb, BHl\hI 11 MeTOl\hI rrpoBe11eHHl! 11ene>KHbTX pecjlopM ................ 112
13.2. Heo6xo.ll,HMocTb 11 rrpe.n:rrochIJIKH ycnernnoro rrpone.n:ett11H
11eHelKHbIX pecjiopM ........................................................................................................ 114
13.3. l(eHeJKHbie pecjlopMb> B PoccHH ....................................................................... 115

4
 PA3AER II
KPE,[IHT
fJiaaa 14. Heo6xo11HMOCTb H CYlllHOCTb Kpe/IHTa ........................................................... 122
14.1. Heo6xo11I<MocT& Kpe/ll<Ta ............................................................................... 122
14.2. Bse11ettHe B cylllHOCTh Kpe11Ina ....................................................................... 124
14.3. CylllttocTh Kpe11HTa .............................................................................................. 127
fJiaBa 15. <l>yHKllHH H aaKOHbl KpC/IHTa ............................................................................. 136
15.1. <lJyHKllHH KpC/IHTa ............................................................................................... 136
15.2. 3aKOHbi Kpe11I<Ta ................................................................................................. 138
fJ<aBa 16. <l>opMbl H BH/lbl Kpe/IHTa ...................................................................................... 141
16.1. <llopMh< Kpe11ma ................................................................................................... 141
16.2. BHllhi Kpe11ttrn ....................................................................................................... 145
fJiaea 17. PoJ<b Kpe11HTa H TeopHH ero MHllHHll ua 3KOHOMHKY ................................ 147
17.1. 0611i;:He no.nxoJ~bJ K pacKpbITHIO Kpe.nHTa B 3KOHOMHKC ............................ 147
17.2. 06beKTHBHa51 crroco6HOCTb B03,L(elicTBH51 Kpe.nHTa ua 3KOHOMHKY ...... 150
17.3. Teu.neHI.J,HH B pa3BIITHH Kpe,ZI,HTI-IhlX OTHOlilettttM
11 wx oco6ettHOCTH B PoccttH ............................................................................ 157
fJiaea 18. Ccy,UHhiii: npou,eHT Hero uc110.llhaoeaHtte s pb1uo 1uo:tt ::JKOHOMHKe ...... 160 1

18.1. IIpttpo11a ccy11ttoro rrpo11ettrn ........................................................................... 160

18.2. C!>opMHponanHe ypoBHH pbIHQqHbIX rrpou.enTHhJX CTaBOK ....................... 163
18.3. CttcTeMa rrpo11eHTHhIX cTaBOK .......................................................................... 165
18.4. Oco6ettttocrn ccy11ttoro rrp011ema B coBpeMCHHOH Poccm1 ................... 170
PA3AER Ill
5AHKH
fJiaaa 19. BoaHHKHoeeune H paaBHTHe 6auKOB ............................................................ 173
19.1. Bo3HMKHOBeHHe 6aHKOB ..................................................................................... 173
19.2. Paasttrne 6aHKOB ................................................................................................. 182
fJ<aaa 20. Kpe11HTnal! H 6auKoecKall cncTeM&I ................................................................ 191
20.1. Co11epJKatt11e, CTPYKTypa H aJJeMCHTh< Kpe11ttrnoii CHCTeMbi ................... 191
20.2. THTihi Kpe/IMTHh<X CMCTeM .................................................................................. 195
20.3. 3JieMeHThl H rrpH3HaKH 6attKOBCKOll CHCTeMiiI ..........': ................................ 196
20.4. XapaKTepttcnma <l>YH/laMeHTa.nbttoro 6110Ka
6aHKOBCKOH Cl1CTCMbi .................................................................................................... 199
20.5. XapaKTepHCTHKa opratt113a11H0Hnoro 6J<oKa
211
6aHKOBCKOiI CIICTeMhl ····································································································
20.6. XapaKTep11CTMKa peryJ<HpyKJn1ero 6JioKa 6attKOBCKoii CHCTeMhI .......... 213
20.7. 213
Pa3BHTHe 6aHKonrnoii cttcTeMw ......................................................................
20.8. Oco6ennocT11 paaBHTH.H 6attKOBCKoH c11cTeMhI Pocc1111 .......................... 215
. 20.9. 113 OllbiTa opraHH3aI1MH 6aHKOBCK11X C11CTeM 3apy6eJKHblX CTpaH ........ 216
fJ<aBa 21. QeHTpa!ibHble 6aHKH ............................................................................................ 227
21.1. 06lllall xapaKTepHCTHKa 11eHTpaJibHbiX 6aHKOB .......................................... 227
21.2. IJ,e;m, 3~aqH M <l>YHKi\HH 11eHTpaJibHbIX 6aHKOB ....................................... 227
21.3. l(eHeJKHO-Kpe1111rnoe peryJittponmrne ........................................................... 229
21.4. EattKOBCKHii KOHTpO!ib 11 Hal\30p .................................................................... 234

5
 21.5. OpramuanMottttaR CTPYKTypa r1empaJJbHbIX 6aHKOB ............................... 236
21.6. Oco6ettttocrn 11eme11bHocrn EattKa Poccmr ............................................... 240
fJJaBa 22. KoMMep'leCKHe 6am<n H OCHOBhl BX 11el!TeJibHOCTH ·································· 243
22.1. Oco6eHHOCTH KOMMepYeCKoro 6anKa KaK cy6'beKTa
3KOHOMHKH ....................................................................................................................... 243
22.2. XapaKTepHCTlIKa onepa11Hii KOMMepqecKoro 6a11Ka .................................. 248
22.3. XapaKTCpHCTHKa coBpeMeHtthIX 6attKOBCKHX yc11yr .................................. 256
22.4. 06ecncqenIIe ycTOH'IIIBoro pa3BIITH5! KOMMep'ICCKHX 6anKOB .............. 265
22.5. PoJib JTOJIHTHKH 6aHKa n 06ecneYen11H era cTa6HJihttOro
l!OCTyrraTeJibHOfO pa3BHTH51 ································· ······················································ 271

PA3/1Efl IV
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fJiasa 23. CHcTeMa .zi;euemtto-Kpe.n;HTHoro peryJIHpoBaHH.H u ee 3JieMeHThI ......... 276
23.1. IleJIH, o6neKTbT 11 :rv1exattH3M ,neHC)f(HO-KpeanTttoro
peryJ1rrpoBamrn ............................................................................................................... 276
23.2. UettTparrbHhIH 6aHK KaK cy6ncKT aette)KI-HJ-KpeanTHoro

peryJI11pOB3HI1ll ··············································································································· 280

23.3. IlpaBOBbie OCHOBbl llette)f{HO-KPCl-lHTHOro peryJTHpoBaHU51 ···················· 281
23.4. MeTO)],bI tt HHCTpyMeHTbJ .nette)KHO-Kpe)],HTHoro
pery JI11p0Batt11>r ............................................................................................................... 282
23.5. Ten11cnn111111ene,Ktto-Kpe1mmoro pery;rnpoBaHHR B Pocrn11 ............... 283
fJiaua 24. JJ:ettell<HO-KP€/IHTHaH noJIHTHKa H ee OCHOBHbie Kou11en~IIH ·················· 284
24.1. UeJI11, o6neKThI 11 cy6neKTbI )1,ette)Ktto-Kpe)].HTttoft IIOJIHTHKH ............... 284
24.2. MeTO)].hI, 11ncTpyMettTb1 aettC)KHO-Kpea11TttoH rroJI11T11K11

J1 oco6eHHOCTM HX npttMetteHH51 ····················•···························•······························· 286

24.3. OcttOBHbie Kottu.cnnn11 .11.ette)KHO- Kpe)].HTnoi1 110JI11THKH:
TeopeTnYeCKtte acrreKTbI ............................................................................................... 292
24.4. IIpaKmqeCKrre acrreKTbI pa3pa60TKl1
294
)1,eHC)J(IIO-Kpe,llHTHOti IIOJlHTllKH ················································································
24.5. Pa3pa6oTKa 11eHC)KI-10-Kpe1rnmoii nOJrnnurn EaHKOM Poccnn .............. 297

PA3/1Efl V
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fJiasa 25. 0CHOBhl Memii.yuapO,ll,HhlX BaJIIOTHO-Kpe.zi;uTHhlX

u cjnmaucou&IX omomeuni1 ................................................................................................... 299
25.1. BaJIIOTHbJe OTHOIJTeHtt5l H BaJifOTHa.sI CHCTCMa ············································· 299
25.2. IlJiaTe)l(HbIH 6arrattc: IIOH5IT11e l1 OCHOBHhle CTaTbH ··································· 304
25.3. BaJJIDTHbIH Kypc 1<aK aKottOMH'ICCKa>r KaTeropHll ...................................... 305
25.4. MeJK11ynapo11ttbTe pacqeThI ................................................................................ 306
25.5. MelK.llyttapo11ttb1i'r Kpe11HT: cymHOCTb H OCHOBHhie cjlopMbI ..................... 308
25.6. MC)f{llyttapoJlIIbIC ¢n-n-iattCOBbIC JJOTOKH
lI MHpOBbie cflnttaHCOBble pbIHKl1 ··············································································· 311

6
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opraHH33f\HHX ............................................................................................................................ 313
26.1. Ilpe11MyIIJ.eCTBa yl_1acTHH PoccHH B ~te)J(.ll.YIIapoJ(IIhIX
cjHrnaHCOBbIX opraH113aljIHIX ..................................................... . ........... 313
26.2. Me)l(.n.ynapo.n.11b1i1: BaJIIOTHLiti <f:loH/(, Bcel\1KpHbli1 6aHK,
Me)l{.n;yttapo.n.t1L1i1 6attK pe1<ottcTpyKIJ.HH 11 pa:-JBHTII5I .................. .......... . .. 314
26.3. E0porrettcK11}1 6aHK peKOHCTpyKu1111 11 pa3Bl1TH.H ..................................... 318
26.4. PerrrnnaJThHhie 6anK11 pa3BHTH51 ...................................................................... 319
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KOJIJI€KTHBa

fJiaBhl 1, 9 - illaKep 11.E., Ka1111. 3KOH. 11ayK, 11011.

fJiaBa 2 - 5epe3Hlla M.!1., Ka1111. 3KOH. 11ayK, 11m1.

fJiaBhI 3, 4, 6, 7, 24 - A6paMoBa M.A., Ka1111. 3KOH. uayK, 11m1.

fJiaBa 5 - IIIemyH A.A., Kan11. 3KOII. nayK, 11011.

fJiaBbI 8, 11, 19, 23 - HoBHKOB A.H., Ka1111. aK011. 11ayK, 11011.

fJiaBa 10 - !1aHOBa f.C. (10.1, 10.3), 11-p 3KOII. ttayK, npocp.,

5epe3HHa M.11. ( 10.2), Ka1111. aKoH. 11ayK, 11011.,

3alineB B.5. (10.4), KaHIJ. 3KOH. nayK, npocji.

fJiaBhl 12, J3 - MocKOBCKaJI H.A., KaH;:J:. ::JKOH. ttayK, JJ:OIJ:.

fJiaBa 18 - MeIIIKOBa E.11., Ka1111. 3KOH. 11ayK

fJJaBa 21 - IIIettaeB B.H., 1I-p 3KOH. 11ayK, npocp.

fJiana 22 - ITaHOBa r.c., 11-p 3KOH. HayK, npocp.

r Jiasb1 25, 26 - KpacaB11tta JI.H., 3acJ1y)Kettttb1:iI .n.e51reJih ttayKn P<D,
11-p 3KOH. 11ayK, npocp.
 BBEAEHV1E

l(enhrH, Kpe.n;IIT, 6attKH 5IBJI.HJOTCH HeOT'beMJieMhIMH aTp116yTaMH COBpCMeHHOH

Jfl1BHJIH3au:rin. I1x ¢YHKIJJIOHHpOBaHHe Il03BOJUieT coeJJ:HHHTb B ttenpepbIBHbIM npo-
necc rrpoH3BO.lJ:CTBO, pacrrpe.z:i;eJICHHe, o6MeH 11 noTpe6Jieuue o6:w:ecTneHttoro nponyKTa.
Ec3 HX 11cnoJih30BaHH.H tte o6xo.n.HTC5l HH OZUIH X035lHCTBy1omnll cy6neKT. Ka)K.Ll,bIH
l!€JIOBCK TaK HJIH HHaqe IIOCTO.HHHO IIJIH 3IIll30,ll,H4€CKll o6paII\aeTC.H K 6aHKOBCKHJV1
ycJ:ryraM. EattKH, co6ttpaR BpeMenno ne11crroJib3YeMbie ;::i;ettC)f(Hb1e cpe11,cTBa, rrepe-
pacrrpe.n.en.HIOT llX MC)f(,ll,y perHOHaMH II OTpaCJI51Ml1, rrpennpH.HTl15lMH 11 HaCeJICHHeM,
ITHT3K)T 3KOH0Ml1KY l(OITOJIHHTCJibHbIMll KaIIHTaTiaMll H ~3tteprCTl11!CCKHJVfH» pecypcaMII,
C03)1;aBaH 6a3y )1.Jl5l nptty1"1HO)f(€HH5J 6oraTCTBa o6:w:ecTBa.
)leIIhfll ll Kpe,ll,J.IT npc.a.cTaBJIRIOT co6oH CJIO)Kllhle oprattH3Mbl, OHH nopO)Kti,aJOT
CJIOJKHbie 3KOHOM1'P-IeCKHe CB51311, cnoco6ttb1 KaK 06JJerq11Tb o6MeH, TaK H C03,l1,aTb
onpe,ueJieHHbie rrperpa.a.h1 tta rryTn ,l1,BH:1Kett11H npo.nyKra.
YLfe6ttoe rroco6He «)lenhrn, Kpe,Z:JJIT, 6anKtt. 3Kcrrpecc-Kypc» - aTo TeopeTw-1ecKtti1
Kypc, rrpot1,0JDKetttte aHaJJH3a 3KOHOMttqecKHX OTHOlIICHHll B o6u~ecrBe. B neM .natta eMKaJI
H B TO )KC BpCM.H C)KaTa.H xapaKTepHCTHKa cy:rn;nOCTH H po1111.a.etter H KpeJJ:HTa B 3KOHOMHKe.
Ero OTJIH'-IHTeJlbHaJI oco6eHHOCTb COCTOIIT 11 B TOM, '-ITO .a.eHbfH, KpeJJ:HT, 6aHKl1
paccMaTpHBaIOTCH He KaK He'-ITO 3aCTbIBIUee, a KaK HBJieHHH, HaXO/VIJ.U.HeC.H B pa3BH-
THH. ,llenhrtt, Kpe,nttT, GattKH rro.HBHJIHCb He cero)J.H.H, OHM .HBJI.HIOTC.H pe3yJibTaTOM ,a1111-
TeJ1bttoro o6mecTnenttoro pa3BHTH.H. EattKH rroKa3aHhI ne TOJihKO KaK coBpCl\ICHHbie
.uette)KHO-Kpe)J.MTHhle HHCTHTYThl, HO II c II0311UHH HX HCTopuqecKOro pa3Bl1Tll.H.
Y1:1e6ttoe rroco6ne HMeeT ne TOJibKO TCOpCTHLJCCKYIO, HO II rrpHKJia;a:11y10 narrpaB-
JICHHOCTh, B COOTBeTCTBHH c "l!eM CTpOHTC.H no onpe.a.eJICHHbIM pa3JieJiaM.
B pa3Je11e I Teopn.H l{ener paccMaTpHnaercH B coqeTaHHH c MaTepttaJiaMH
0 ,z::i:ette)KHOll CHCTCMe, opraHH3aIJ,Hl1 l{eHe)KHQfO o6opoTa, HaJIH'-IHOro H 6e3HaJJHqHoro
;a:ette:a<noro o6palll,eHHH. 3.a.ecb ttttct>JJ>IIJ;JIH rrpe!lCTaBJieHa KaK c11e)l,CTB11e ttapyu1eI-IHH
rrporropu.11.H MarepHMbHOro npOH3BO,ll;CTBa H 3aKOIIOB .nene)KHOfO o6palll,ettl15I; flOKa3a-
Hhl MexaHH3M ,z::i:eneJKHbIX pecpopM, HX npeJJ;IIOCbIJIKH, nop>IJJ:OK rrpoBe)1.eHH51 ll pe3yJibTaTbl.
B pa3delle II, noCB51IIJ;eHnOM Kpe1u1Ty, onncaHbl He TOJibKO ero cymttOCTh, cpynK-
UHH, 33KOHhl lf pOJib B 3KOHOMIIK€, HO H ¢opMbl, 11ClTOJJb3Ye~rbTe BO B3aHMOOTHOIIIeHH5IX
KpCJJ;llTOpOB c 3aeMUV1K3Mll.
CoT..J.eTatttte Teop1111 c rrpaKTHKo:H: 11p11cyme 11 pa3aeJty III, oxsaThJBaIOnleMy
6anKOBCKyIO TCMaTttKy. EaHK paCCMOTpeH KaK 3.llCMCHT 6attKOBCKOH CHCTCMbI, KaK
oco6b1M ,neHC)f{HO-Kpe.uHTHblM HHCTHTyT, upe.n.rrpHHTllC, C03,ll,aIOIUee cneu11ct>11T..J.eCKHtf
rrpOllYKT B B11,ne IIJiaTeJKHhIX cpC/lCTB H pa3J"TH"l!I-IhIX yc11yr. CymttoCTb 6attKa, ero cflyttK-

9
11,1111 vr poJib J1CCJTe11y10TC5I BO B:1aHMOCB5f3H c ero ooepall,H5IMH. Tipe,n:cTaBJieHO OIIHCaHHC
Tpa,n:HU,HOHHbIX 6attKOBCKHX (Kpe11HTHbIX, pacL£eTHblX H ,n:erro3HTHhlX) I1 ,n:pyrHX orrepa-
11,HH, B TOM 1:Il1CJie IIOBblX 6aUKOBCKHX npo,n:yKTOB.
B pa3Ue1te IV o6bC.l.JJ1T-TeH J\.taTepnaTI, Kaca10.r.u;H:Hc2 ,LJ,eHe)l(HO-KPCLXHTHoro pery-
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BaHbI 11,CJIH, o6'bCKTbI, J\.fexattH3M 11.ette)l(HO-Kpe)].HTHOro peryJIHpOBaHH5I, paCCMOTpeIIbl
era rrpaBOBble OCHOBbl. 06cy)l(.n;alOTC5I oco6eHHO aKTy<L'IbHbie B ttaCT05IIIJ;HfI MOMeHT
rrpaKTH1:IeCKHC MeTO.Il,bl ocy1uecTBJl€HH5I Kpe,ll,HTHO-.IJ:eHCJK.HO:t'J IIOJIHTHKH, KOTOpbie
6a3ttpylOTC51 na COOTBeTCTBYIOll(HX TeopCTHLJeCKHX OCHOBaX. KaK BHJlHM, H B 3TOM pa3-
ll,eJie JJ:OCTttraeTC51 pa3yMHhii1 6aJ1aHC Teoptt11 11 npaKTHKl1.
Pa3UeJL V - 3TO BOlipOchI MC)K,l(ynapo,n:ttblX BaJIIOTHO-Kpe,nHTHbIX tt Q:>nnattcOBhJX
OTHOIJJeTniH, B TOM l..fHCJie y11aCTH5I Pocc11.u B Me)K,n:yttapOllllbIX tj)11HaHCOBhlX opraHJI3aU,IDIX.
B yqe6HoM noco611n «,lleI-IhrH, Kpe,n:HT, 6attKH» coL£eTaIOTC5J TeopeT11l..feCKJif1
I1 HpaKTI11:ICCKHH acneKTbI JleIJe)l(HblX H Kpe,n:HTHbIX 0THOI11€HHii, TeOpHH l1 opraHH3a-
IJ.HOHHhie OCHOBbl 6aHKOBCKOi1 r.i:e.HTeJibHOCTH, 1:ITO 1103BOJI5IeT rny6.JKe IIOH5ITh HX 3naqe-
n11e I1 J\.1CXaHJI3M HCIIOJlb30BaIU1H B napo.11,HOM X0351HCTBe. TIOLJ:06ttoe B3aH:MO.II,eiicTBHe 3a-
MeTHO B ycJIOBirnX nepexo,n:ttoro nepttoLJ:a, B ycJIOBH51X Kptt3ttcnoro cocT051Hirn :3KOHOMHKH,
Kor,na HH3Ka5:l 3Q:>Q:>eKTI1BHOCTb rrpOH3BOJJ:CTBa corrpDBO)J{t];aeTC5J BbICOKH1'1H T€MIIaMH
Hn<ltll5:lIJ,HH, CHtt)J{eHHeM 6attKOBCKoll aKTHBHOCTH, 6attKpoTCTBOM P.Hlla Kpell.HTHbTX yqpe)l{-
JJ.CHHH. AttaJJH3HpyeMblH B yqe6HOM noco6HH OTel!eCTI3€HHbIH 11 :iapy6e)J{HbIH OIIbIT, H03H-
Tl1BHbie H HcraTHBHbie CBOHCTBa HCKOTOpbIX Teopttti 11.etter 11 KpeLJ:HTa cpopMttpyIOT 6onee
rJiy6oKoe npe,11,CTaBJiennc o rryTHX nOBbIIIIettHH 3<JltjJeKTHBHOCTH ,n:ette)l(HO-KpeLJ:HTttoro
peryJ111posanHJI.
HayKa o 11:ettbrax, KpeAttTe, 6attKax 3aKJiaJJ:hIBaeT c}Jyn,n:aMeHT 3KOHOM11l!eCKHX
3tta1n1H B Ba)J{HOH 0611aCTH 3KOHOMlfl;f€CKHX OTHOllI€HHii. 0Ha LJ:aCT OCHOBy 6attKOB-
CKoH npoQ:>ecc11H. B coeLJ:HHCHHH c ,n:pyrHMH yqe6ttbIMH ,n:HCUHnJI11ttaMH ,LJ,aHHhiii Kypc
c}JopM11pyeT 06lll,11e B3rJI51LJ:bI 6aHK11poB tta cyTh, 3ttaqen11e H nanpaBJiettJie HCIIOJih30-
BaHH51 LJ:etter, Kpe11:11Ta, 6anKoB B 3KOHOMIPICCKOM pa1n11T11H. BMeCTe c TaKHMH ttarrpas-
JICHH5J~fH ttayKH, KaK 6aHKOBCKOe )].CJIO, paccMaTµHBaIOlll,€e opraHtt3aUHJO .lle51T€JlbHO-
CTH KOMJ\1ep1:IeCKllX 6attKOB, 11,eHe)l{HO-Kpe.n:HTHOe pery.rrnponanHe, pacKpbIBa1om:ee
yrrpaBJICHH€ ll.eHe)l{HO-Kpe,n:HTHblMH OTHOllleHH51MH tta MaKpoypontte, a TaK)l(C onepa-
1l,HOHHa51 TCXHHKa l1 YL£CT B 6attKax, 11,aHHllil ttayKa o6ecne4HBaeT IIO,UfOTOBKY 6att.KH-
pon KaK cneuwaJIH:CTOB IIIMpOKOfO npo4JIIJI5I.
3Kcrrpecc-Kypc cylll,CCTBeHHO OTJII11IaeTC51 OT npe)lhILJ:YllJ.HX H3LJ:aHHH. B OTJIH-
l!He OT yL£e6HttKa «,llCHbfH, Kp€.ll.HT, 6aHKH» BOIIpOCbl ,ll,CHer, KpeLJ:HTa I1 6aHKOB pac-
CMOTpeHhl 6oJiee KOMrraKTHO. IIo o6beMy 3Kcrrpecc- Kypc cyu\eCTBeHHO M€HbIIIe, l.J:TO
II03BO.i15J€T qHTaTeJIIO Jierqe IlOH51Tb l1 BbI)l,eJIHTb rJiaBHOe B co,n:ep)KaHHH TeKcTa.
Y11e6noe noco611e MO)l(HO IICIIOJlb30BaTh He TOJibKO B npo1~ecce l10LJ:fOTOBKl1,
HO H: B XOLJ:C nepenOLJ:fOTOBKH Ka.upoB, a TaK)l{e ,llJI51 l10MOIUH B opraHH3aU,HH caMoo6-
pa30BaHH51 cneU,HaJIHCTOB, npHIIIe)l,llIHX Ha pa6oTy B 6anKOBCKYIO CHCTeMy M3 LJ:pyr11x
o6Jiacreii )l,e51TeJibHOCTH.
Y'-le6noe rroco6ne ttanttcano npe110,LJ,aBaTeJI5IMH KaQ:>e.n:pbI «DaI-IKOBCKoe ,n:eJio»
<DttHa11conoH aKa.n:erv11111 rrptt IIpaBMTeJihCTBe P<D, HMeIOIUHMH 3HalilfTeJihHbii1: OIIhIT
Hay1:IHOH H rre,11,arornqecKOti pa60Tbl B yqe6ttblX 3aBe)J.eHH51X, OIIbJT pa6oTbl B 6attKax,
rro,nroTOBHBTIIHMH pHJJ: Kttnr: MOHorpaQ:>ttii, yqe6ttttKOB 11 yL£e6ttbIX rroco6tti1 no pa3-
Jltt1:IIIhIM acrreKTaM 6aHKOBCKoti ne.HTeJihHOCTH. Tpa.zu1U,110Hno )J,attttruc KatjJeApa 51BJIJI-
eTc5J 6a3onoH, OHa oprattH3yeT COCTaBJieHHe HOBbIX yqe6ttbIX rrporpaMM, IIO)].fOTOBKY
yqc6HbIX rroco6ttH rro cnel(HaJihHOCTH «©HttaHCbJ H KpeLJ:HT».

10
 PA3,QER I
,lJ,EHbfVI VI ,lJ,EHE>KHblE OTHOWEHVI~

rnABA 1
HE05XO,lJ,l-1MOCTb 1-1 nPE,D,nOCblJlKl-1
n051BJlEHl-151 1-1 nPl-IMEHEHl-151 AEHEr

1.1. CY6bEKTHBHblE H 06bEKTHBHblE nPH4HHbl

HE06XOtlHMOCTH nOffBllEHHff tlEHEr
I-Ieo6xo,llJ1MOCTb II05IBJieHJ15l netter 6btJla o6ycJTOBJieHa 061)eKTHBIIbIM pa.1BHTH-
eM rrpott3BO.l1,ttTeJibHhIX CHJI n rrpott3BO.l1.CTBeHHbIX OTHOIIIetttt11: 1. Cpc.l1,CTBa upo-
H3BOti,CTBa ( cpe,llCTBa Tpy.n:a H rrpeLl,MeTbl rpy,IJ,a) H Jil0ll)1, upnBO).l,}lllJ,l1C HX B JleiicT-
Blle, rrpOH3B0)],51T j\faTepttaJibHblC 611ara H COCTaBJUlfOT rrpOH3BOfl,HTeJibHbie CHJibl
o6rn:ecTBa. B HX cocTaBe rJiaBI-ILIM .llBH)KYIIJ:I1M cpaKToporv1 pa3BHTH5l 5:1BJJ.HIOTC5t
JllO.lHL TipOH3BO.l1.CTBO rrpH ;JTOrvI ocyw.eCTBJI51CTC5l B o6u~eCTBCHHOf:.i tj:>opMe, TaK
KaK qeJioBeK ne MO)KeT rrpott3BO.l1.11Th '-JTO-JI H6o BHe o6u.:i;ecTBa. B JI1060M o6rn:e-
crne O)J,HOBpCMCHHO B03HHK3lOT OTllOIIICHH5I co6crneHHOCTl1 Ha cpCJlCTBa npo-
11380{(,CTBa, 061\tena ,n:e.HTeJihHOCThIO, pacrrpe,n:e.TICHI15l - OH 11 COCTaBJUUOT OCHOBY
2
rrpOH3BO)J,CTBeHHhlX OTHOllleHttii .
Kor.ll,a ttapyrnaeTC51 cooTBeTCTBHe npoH3BO.l1,HTeJihtthIX cn.r1 upoH3BO.LI.CTBCHHhIM
OTHOIIICHH5:lM, HOCJ1e11,1-111e c11.epJKHBaIOT pa3BHTHe rrpOH3BO.l1,HTCJlbHbIX Cl1JT. )laHHOe rrpo-
THBOpe'l!He pa3peIIIaeTCJI, eCJIH rrpott:-3BO.l1,CTBCHHhle OTHOITTeHH.H rrpHBO.l1,5ITC51 n COOTileTCTBHe
c rrpo113so,n:11TeJibHhIMH c11.:r1aM11. TaK pa3BHTHe rrpoII:-3BOJJ:CTBeHHhIX cu.TI rrpHBCJIO K pa3py-
IIICHHIO nepB06bITH006lllllfllIOfO X035IllCTBa HaTypa.IlbHOrO TY!lJa, B KOTOpOM see, 'l!TO rrpo-
H3BO.l1,MJI0Ch, BH)'TpH ,i::i:attttoro X0351i1CTBa 11 llOTpe6.:rc5JJTOCh. 3To Bbl3B3JIO BO~iHHKHOBCHHC
peryJIHpttoro o6Mctta MC)l(,ll,Y OTt(CJJbHhll\H1 o6unnral\IH, pocT rrpOH3BOAHTCJibHOCTM Tpyµ;a,
II051BJICHHC H3JtHJDKOB npO/lYKTa BHYTPH KaJK.ri;oro rr_-rreMeHH. Bc.11CLJ,CTHHe Heso:=JMOIKHOCTH
COBMClllCHH5I paaJIHqHhIX BH.l1,0B rrpOH3BO.l1,CfBa CTaJJO yrny6JIHTbC51 H pa:-3.n;enettne o6ru:c-
CTBeHHOrO Tpy.n;a - sTopoc KpyIIttoe o6nlecTBennoe pa3.z::i;enettne Tpyri;a - OT.l1,CJ1ett11c
peMecna OT 3eMJieJJ;eJIH5J, l..[TO CTHMynttpoBallo o6MeH H c03.L1,aBaJ10 OCHORY /l,.i151 H05IBJie11tt5I
H pa3BHTH.51 TOBapHoro npOH3BO,ll,CTBa - 11pott3B01lCTBa npoJJ,yKTOB He 11)151 co6cTBeHHOfO
IIOTpe6ncHIDI, a .ll,Jlli 061\lCHa, KOf/la npo11:yKTbI TpyJJ:a CTaHOB.51TC51 TOBapOJ\.-1, o6MeH KOTO-
pbIX onocpe.nyeTc.H 11:eHhraT\fH. Pa:.1BHTHe Tonaptto-ri;ette:>KHhIX OTHOWCHttii np11tteJ10 K TpeThe-

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c HCH:l6C)f{HOCTblO BhITeKaeT l13 era nnyTpeHHHX cynlHOCTHhIX CR51:-1eH 11 R:-1a11Mo11ci1cTB.lUI MeJK,i:i:y npn~1nnoti
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R nponsBOflCTBC, npu pac11penc11CHHM, o6Mene H noTpe6.rrennn MaTepHa.rrhHhIX 6_,1ar.

11
MY KpyrrHoMy o6mecTB€HHOMY pa371.e.i1eHHIO Tpy.na - BhTJJ.eJC€HHIO KJiacca Kyrru;oB, a 3aTeM
ll KJiacca poCTOBIUHKOB H poCTOBIUHqecKoro KaTTHTMa.
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npOH3BO,rl;HTeJieii: TOBapoB. 3To o6oco6.rrenwe Bbipa3HJIOCb B IIOHBJI€HHH qaCTHOM co6cT-
B€IIHOCTI1 na cpe}lCTBa npOH3IlOJJ.CTBa, JJ.JIH qero IIOTpe6oBa.rrHCb CJietJ,yIOIIl;IIe ycJIOBH51:
HaJIJiqlfe IIOTpe6nocT11 B }laHHOM TOBape, HaJIHlfll€ HY)KHbIX TOBapoB, co6.nIO.n;enHe
3KBHBaJieHTHOCTH o6MeHa.
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CTOHMoc:ru TOBapa, a 3HalfHT, H B03HMKHOBeHH€ ,netter.
B 3KOHOMH'-leCKoM JIHTepaType BhJJl€JI51IOT ,n:Ba rronxoJJ.a K Bonpocy o B03HHKHOBe-
I-HIH JJ.CHer:
1) pa11HOHaJJHCT1fieCKHH ( cy6neKTHBHbltt);
2) 3BOJI!0!1HOHHb!H ( o6beKTHBHb!H),
Pan:HoHaJIHCTuqecKuii: (cy6oeKTHBHhiii) no,r1;xo,r1; o6nHCH51€T rrpo11cxo)KJI.€HHe
.aener KaK pe3yJihTaT corJiaIIICHl1}( M€)l(JJ.Y JlIOJI.bMH 06 HCIIOJib30BaHHH i:i:ener B KalfeCTBe
MHCTpyMettTa o6Mctta. 11i:i:ero o ,ll.€Hhrax KaK nncTpyMettTe o6mecTBennoro JJ.OroBopa
HOJl.llep)l(HBaJIH B o6mecTBe JJ.O XVIII BeKa. B coBpeMeHHhIX IllKOJiax a.n;enTaMH aToH
HJleH CTaJIH, nanpuMep, II. CaMya.rrhCOH, KOTOpb1ll tta3Barr i:i:etthrH 4Cou;ua.rrbnoti ucKyc-
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3a 6naropOJJ.HblMH MeTarIJiaMH .n.ene)KI-TbIX 4>YHKllHH - npOJJ.YKT corJiaIIIeHH51 Me)KJJ.Y
JIIO)],bMH.
CornacHo aBOJII0!1HOHHOMY ( o6'heKTHBHOMY) IIOl\XOllY rrpoHcxoJK11eHHe 11etter
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).leJien11eM Tpy)la, BbI,lle.rrenneM oco6oro TOBapa, .ll:BH)K€HH€M CTOHMOCTH, Heo6xo.n;11MO-
CTblO co6JIIO)l;eHH.H 3KBHBaJI€HTHOCTH o6h-Ietta.
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HMOCTH (TeOpHH npe)leJibHOll IIOJie3HOCTH).
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12
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13
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14
 • KaTeropIPI€CKI1 OTKa3blBaeTC.H orrpe.z:i:e.n.HTb CTOI1MOCTb TOBapoB H HX M€HO-
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19
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20
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21
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22
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nttecetthI H3MetteHH51 B YcTaB MB<D 06 OTl\.Iene ocj_)HllHaJILnoH IlCHhr 301r0Ta H 30JJOTbIX
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JKe ,i::i:en03HTbJ B HHOCTpaHHOii BaJIIOTe B KOJ\.fMCpY:CCKHX 6attKax 11 c11eu.11a.r1bHbIX Kpc-
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B03,ll,ellcTBHe, COIIOCTaBHMOe c a¢¢eKTOM HCIIOJJb30BaHJ1}J caMHX )(CHer, B03HHKJJa Heo6-
XO)J,HMOCTb B rpynrrttpOBKax no Mepe CHH)KeJIH.H JIHKBH)l.HOCTH pa3JfJ.fqlJblX BHJJ;OB l(eHer
l1 KBa3H,ll,etter, a TaK)Ke npol!HX JIHKBI1,ll,HbIX aKTHBOB B BH)J,e arperupoBaIIIIblX ITOKa3a-
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cTarra HMettoBaTbC.H Oeue:J1C110U MaccoU. B pa3nHThIX CTpattax arperaTbI .z:i:etteJKnoi-t Mac-
ChI CTaJIH paccqHTbIBaTbC5I B rrepBoH TpCTH xx BCKa (B PocCHl1 - c tta'-la.Ha 90-x fO)J,OB ).
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cocTaB Ka)K,ll,Oro H3 KOTOpbIX l\.10JKeT 6hTTh pa3JIHqen, XOT5l MB<D rrpoBOtl11T J11-1tt1110
Ha Hx yttwnepca11w3au;ttro.
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1~11H HCBHJJ:aHHbIMI1 reMnaMH CTaJII1 pa1BHBaTbC5I HOBetiurue n.rraTe)Kllbie cpeJJ;CTBa -
aJleKmpoHHble OmtblU. Cyrn;ttOCTh 3.7IeKTpOHHbIX )J,etter Rn~15IeTc5I npeL(l'vieTOl'vI )J,HcKyc-
ctt11. Ilo MHeHHIO O)J,HHX yqeI-IbIX, 3TO 6e3HaJIHl.JHhie !leHbrH. Ilo MHCHHlO /lpyrnX --

23
HaJIJfl.IHhIC tleHhrH. P5:1ll crreu:na1n1cTon DTHOCRT nx K o6onM 3TIIM BH.llaM. Cor11acHo
BTOpoll ll03JiqIIH 3JleKTpOHHb1C ,lleHhfH CCTh aJieKTPOHHbIH aHaJIOr HaJIJiqHblX 11:ener
n BIIll,C ¢aHJia, 3allHCaHHOro Ha HOCJ1TeJib ()l{eCTKHH .lJ:IICK KOMITbIOTepa HJIH CMapT-
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2.6. CBOHCTBA HEnonHOl..IEHHblX AEHEr

BbILITe, rrpn paccl\IOTpcttHH noJittou,eHHhIX .11,ettcr, 6hIJIII OTMel.feIIhI HX xapaKTep-
Hhie cnoi1cTBa. KaK11MH )Ke cBoii:cTBaMtt o6Jia)J,aIOT ttenoJinou:ettHbJe .n:etthrn?
Y)Ke 11cxo;::i:51 H3 tta3BaHH51 MO)J(I-IO cy,n:11Tb, l.JTO onH 5IBJI5IIOTC5I npHJ\.10 npoTHBO-
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/\eI-Ier JI COOTBeTCTBet-rno:
1) HX ITOMI-IJ-IaJJbTia51 CT0l1MOCTb HaCTOJILKO npeBhIIIIaeT peaJJhIIYIO, 'ITO ITOl.JTH
HeconocraBHMa;
2) OHH IlO)lBep1KeHbl o6ecu:ettCHHIO;
3) HX ¢H3HqecKH HeB03MO)KH0 HCIIOJib30BaTh KaK TOBap.
B CHJTY ::>THX CBOtiCTB COBpeMeHHbIX rrpencTaBHTeJieH JJ,eHer yTpa'--:leHO rrpe-
HMywecTBO IIOJlHOIJ,€HJ-IblX .ll,ener - aBTOMaTlll!CCKOe rrpttcnoco6Jiett11e K IIOTpe6tto-
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BJJeITH51 061qeCTBOM B JIMIJ,e rocy.ll,apcTBa CfleHllaJibHhlX Mep no TaKOMY np11cnoco6Jie-
IIHIO. 3TI-I Mepbl ripenparHJIHCb B HeOT'beMJlerv1y10 qaCTb KOMHJieKca MeTO,U,OB
rocy1JapcTBCHHOfO pery1u1poBaH11.a 3KOIIOM11KM, rJiaBHbIM HIICTHTyTOM KOTopoll CTaJI
l(eIITpaJibHbTi1 6aJ-IK.
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Ml1, CJie.n:yeT BhJRCHHTb, KaKoBa HX ripnpo)J,a. ITo MJ-IeJ-IHID 60JibllIJIHCTBa yqeHbIX, COB-
peMeHHbIC l-(eHhfH IlOJJHOCTbIO yTpaTHJIII TOBapnyIO npttpo)J,y 1IOJIHOIJ,eJ-IHbIX )letter,
T.e. CBOl-1 IIOTpe6ttTe.TibHblC CBOHCTBa. KaK ttaJIIP--lHbie, TaK H 6e3HaJIH1!Hbie .n:eHbfH
HHKOHM o6pa30M ne MoryT HCIIOJib30BaThC51tta110Tpe611TeJibCK11e tty)Kll.hl. OnttaKo pac-
11pocTpattctta II03H11,l1}J, corJiaCHO KOTopoH n.eHhfl-I OCTaJIHCb TOBapoM.
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11.apcTBO y3aKOHl-IJIO neIIOJIHOI(eHHble .n:ettbrH: CH3l.IaJia -'--- HeHOJIJ-IOUeHHbie MOHeThl,
3aCT3BJI5151 llpHHHMaTb HX 3a IlOJJHOUeJ-IHble (K npHMepy, cpynT CTepJillHfOB HaMHOfO
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cpyHTOM cepe6pa); 3aTeM - BbIIIycKaeMbie HM 6yMaJJ(Hb!C aetthrH. L{a.rree, KaK y)l(e OTMe-
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11.e1-1er, n uepBy10 oqepe)J,b 6e3HaJIHqHhIX, HMeeT 60.J1h1rroe rrpaKTnqecKoe 3Haqetttte
c II03HIJ,HH 3arn;nThI rrpan co6cTBennocTtt.
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c11enn¢tt'ICCKttti: xapaKTep.
B coBpe11cttHhTX ycJIOBtt.HX qpe3BbJqaJ1no ycttJTHJiacn 1IHQJopl\.-1a11,noHHa.H cocTaB-
JT51IOU~arr 11.e11er: !lellhfH - 3TO 51:-3bIK pbIHKa. l{eHbfH .n:aIOT HHcPopMaU:ttlO 0 COCT05IHHH
:7KOTTOMHKH He TOJibKO rocy)J,apCTBa, HO H OT,neJihHbIX perHOHOB, OTpacJieii, 10pvr,n:Hl.Je-

24
CKHX 11 ¢i11311yecK11x Jtl1ll. CKOJJbKO ,llCHer Ha CLJeTe? KaKOBht 11ocry1u1e1-111}t? (}rKyita?
KaKHe pacxoJJ;LI orrJia-cieHLI? Kor,ll,a, CKOJihll:O, KaK -ciacTo? 06 3TOI\.1 CBHTJ:eTeJILCTBYIOT
:Jarr11cu na cqeTax.

2.7. 3BOn101.\HSI ,l\EHEr B POCCHH

HcTopH}I poccHHCKHX µ,ettcr, KaK fl 3epKaJrt\ OTpa:>KaeT:
• oco6enIIOCTH CTaIIOBJICIIH5I H pa3BHTH5J pocrHi-If'KOfO rocy11:apCTBa;
• ero reorpa<fl11"{_1ecKoe rro110:1Ken11e 11e)K)].y 3arra,nIIoH Enporroi-1HA:-n1eti:1-1 B Te-cie-
HHe ,ll,JIHTeJJbHOro BpeMeHH OTCYTCTBHe BbIXO,ll,a K !vJOpio;
• OTHOCHTeJT1,r-10 IT03TJ:Hee OTKpbITtte co6cTHCHI-lbJX PY/l, co;tep)KalllHX jlparo1teH-
IIb1e MCTaJIJihI;
• TecHy10 CBH3b B XVIII-·- XIX BeKax c fcpMattHe~t, ~11ocTattJLHBwci1» ttc TOJLbKO
HeBeCT pyccKHM HMnepaTopa11, f!O H rrpaRHJra Be/1,enn.H ¢i11naHCOBOfO X035JifCTBa.
3TH, a TaK:IKe pa.n ,ll,pyr11x rrp11qnn o6ycJIOBHJIH OCIIOBilbie ::JTaITbl :JBOJIIOIHIH Jl,ener
B Pocc1111.
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B03HbLt: 30lloma u cepe6pa.
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Jll!Cb OCHOBflble Ha3Balfl1'1 pycCK11X l~CHClKHblX e11l!Hl1Jj: rpHHHa KyH
(68,22 r cepe6pa).
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Hail(l}Ie
2ocyJapcmeG.Mu) co6cmeeunotx pyccKux MOJtem u:J JUJtoma u cepe6pa: 3;1aTttl1KOB H cpc6-
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20 JICT) l13-3a OTCYTCTBHH pa3BC,ll;aHHblX ccpc6p5IHblX 11 30)I0TblX MCCTOpO)K,!lCHHi'i.
4. «Ee3M01lem1lblU nepuoiJ» c cepedU1lbl XII ao cepedU1lbl XIV 8elW8 B CBll311
c MC:IK.ll.Oyco611bIMH BOllHai\1H H MOI-lfOJIO-TaTapcKHM HaIIIeCTBHCM. ,llJIJI 11e:1K,nyttapo.n-
HOil ToprOBJIH 11 KpynttblX IIJiaTe)KeH BO BHyTpettttcll ToproBJIC CTaJIH l1Cl10Jlb30BaThC.H
cepe6pHHhie CJIHTKH, rroJiy-ci11BUIHe na3na1n1e rpHBen cepe6pa.
C XIII neKa ttonropoJ1,CKHH CJIHTOK cepe6pa B QJopl\1e 6pycKa BCCO;\I oKoJio 200 r
CTaJIH Ha3bIB3Tb py6JieM ('-faCTb pa3py611Ctttto_i;'1 rpHBHbl).
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1-1e XIV-XV eeKax om Jeuez <r.no eecy» K deuozww «no cttemy». JlHTbC py6.11eH-c1u1TKOB
rrpeKpar11.11ocb B rrcpnoH HOJIOBHHC XV BeKa. )lo 3TOro, co BTOpoll IIOJIOBHHhI XIV BCKa,
B MocKBe Hptt )lMHTpHH JJ:oHCKOM "YeKaHHJIH Ha BeCOHOH OCHOBe py6JI51 CHOH cepe6pR-
Hhie MOHeTbl, IIOJIY"l!HBIIII-Ie H3..1BaHHe «JJ.eI-IhfH», 1IJII1 «.nenrH», a TaK)Ke «ITOJIYD:CJifH».
B tta<1artc XV BeKa '-ICKattKa ,netter tta'1artacb B HoBropO,ll,C l1 IIcKoBC.
6. <JJopMupoeauue 06~epycc1wu de11e:i/C11ou cucme,l/bt e K0111'e XV ee1w 1ta 6aae
11au60Jiee Kpyn1-1btX .MOCKOBCKoU u 1-1oezopoiJcKoU cucmeM c u_y 1-lQ.;l-fUHaJlaMu. B ocnoBy
6bIJI flOJIO)KeH ClJCTHbIH py6Jib, paBHbI:ii: 100 HOBropo.n.Kal\I, I-1}111 200 MOCKOBKa11, HJIH
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KpaTHJIOCb TOJihKO K KOHU:YXVI BeKa.
7. YcmauoeJtenue e XVI eeKe zocyJapcmaeunoU .Mo11on0Jluu ua Oeue.J1cuy10 'lleKan-
KY noc7e npoeede111m nepeou i!e11eJ1C11ou per/Jop.ttbt Elteubl T:1u11t:K011 (1535 z.). fTepBoHa-
-ciaJihno MoneTbI M3fOTOBJIHJIHCb OTKynnv-1KaMI-I-ri:ene:1KIIHKaMH, a rrocne 1420 ro!(a -
n:ette)KHbIMH .n.nopaMII, OTI<pbIThitIH n-MocKue, a :1aTe11 B Honropon:e.
8. f{JtumeJlbHOe CYUI;eCrrt808QHUe 8 XVII eeKe apxaUt/HOU aeue:JICHOU cucme/vtbl, 0 '--1.C:-.t
fOBOp5IT na..1BaIIHH MOIIeT: «py6.TJJ,», ~IIOJJTHIIa», ~rpHBIIa», «aJJTLTII», «Konci:n<:a». ~/J,enra»,

25
%IIDJIYlllKa», ~rroJ1ynoJiylllKa», «rryJI», «MOPTKa», «pe3JIHK». HaqaJio H3MeHeHHIO aroii:
CHCTC~lbl 6bl}IO IIOJIO)KeHO ,ll,CHeJ.Knoll pecf?opMoii 1653~1654 rO.ll,OB, B pe3yJihTaTe KOTO-
poit 6bIJIH HBC,ll,CHbl B o6palll,eHHe cepe6prrHhIH py6Jib, MC,ll,Ha.H HOJITHHa, aJlThIH H rporn.
MoIIeTHa.51 CHCTeMa, IIOCTpoettttaB: ITO .n.eC5lTHl..JHOMY npHHUHIIY (tta1160Jiee rrepe-
,ll,OBa5l B Enpo11e), CTaJia ¢>opMHpoBaTbC.H TOJihKO rrocJie MOHeTtto:H petj:>opMhI IleTpa I
(1698-1701 rr.).
9. Ilpeo61wiJmtUe a ucmopuu poccui1cKux iJeuez XIX eeKa nepuoiJa ucnollb3D6a-
HU5l cucme.ttbt cepe6p.H1-1020 MOHOMemlllUlU3Ma, OKOH1lameJib1-lO ycmauoeueweiicJt Bpeay.Hb-
mame ae11eJ1C1tOU peif!opMbl Ka11Kpu11a (1839-1843 u.). B Kaqecrne OCHOBHOii 11eHe)((-
no:H C,ll,J:l Hl-1Ubl aa 3TOM 3Taite 6hl.7I y3aKOHCH cepe6p.HHhii1 py6JTL, MOHCThl H3 .n;pyrIIX
MCTaJIJIOB OUCH tiBaJIHCb 110 CTOIIMOCTH cepe6pa.
Ctti:Te:v1a JOJIOToro ~1ottoMeTaTJJIH3Ma 6L1Jia ycTaHOBJietta JilIIIIh K Konu;y XIX BeKa
B pe3yJibTaTe ,1eIIeJKttofi pe<jiopMbI, rrposo1111Moii C.10. BHTTe (1895-1897 rr.). IIocJie
3TOH peci)OpMbI BC.H cepe6p.Htta.H MOJieTa rrpeBpau.1.aJiaCb B pa3MeHHOe cpe,ll,CTBO npH 30110-
TOM py611C.
10. Orn1-1ocumeJib1-lO CJta6oe no cpaBHeHUIO c apyZUMu 2ucyaapcmBa.iWU npUJvteUeHUe
B XIX eeKe KpeiJumHbtx iJeuez, oco6euuo a>tumupyeMbtx KOM.JftepteCKUMU 6aHKDMU. C caMo-
ro tta4aJia nh1nycKa 3aMea11TeJieH )1,Ctter (6yMaJKH1,1x, Kpe.n;ttTHbIX) n 3TOM rrpou.ecce B Poc-
CHH 6oJJhIIIYIO poJrh Hrpa.r10 rocy.n;apcTBO. flepBbJe pocc11llcKHe 6)'Ma)KHbie .ll,CHhrn - acc11r-
ttau1111, Bh1rrycKaeMh:re c 1769 roAa rrp11 EKaTeptttte II KaaeHHbIMH acc11rnau.110HHhIMII
no:H:tty c Typu.11eii:.
6aHKar-.111, 11cuoJib30BaJIHCb ,ZIJI.H ¢11ttancttp0Batt11.H pacxo,ZJ,oB ua
3MttTHpyeMble c 1 H!OJ[jj 1841 ro11a Kpe/11-!THble 6HJieTbl ( c 1860 r. - C031\aHHbIM
focy.n.apcTBeIIHbIM 6anKoM) B cymnoCTrf ocTaBaJIHCb 6yM3)KHhTMH .n:eubra?\.111, TaK KaK
BbIIIYCKaJUiCb He .ll,JJ.H Kp€)1,HTOBaHH}[ TOBapoo6opoTa, a ,ll,JI}J ITOKphlTH5l HerrpoH3BO)lll-
TeJibHblX rocy.n;apCTBeHHhIX pacxo.n;OB.
BnJIOTb 110 pe<jiopMbT 1895-1897 ro110B focy11apcTBeHHhiii 6aHK BbIITYCKaJI Kpe-
.ll.HTHLie 6ttJICTbI ,ll,JI.H rrpenocTaBJICHH.H HX u.apCKOMY rrpaBHTeJibCTBY B BM)lC ccy.u IIO,ll,
06JJ11rau1111 rocy.n.apCTBCHHhIX 3aiiMOB.
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26
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27
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28
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L{eHbfll ,UOJDKHbl 6bITb ,IJ,eJIHMblMH, )J.JI5l Toro qTo6hI OHM MOfJIH Bbll10JIH5ITb CB011
¢YHKI.JJ1H J3 cne11Kax c pa3JIHl{HhIMH cyMM3MH.
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TpattCIIOJJTHpOBKI1), yaHaBaeMOCTblO n IlpHfO,ll,HOCTblO WIH xpaueHHH, He Tep5I5I rrptt
aTOM CBoeH CTOHMOCTl1, a T3K)f(e ,TXOJDKHbI o6JJ3Jl3Tb nopTaTHBHOCTblO (T.e. BbICOKOH
CTOHMOCThIO na €,lJ,HHHIJ.Y neca). Mo)f(HO CKa3aTb, l{TO rrepeXO.lJ. or o.nttoll ¢>opMbl .z:i:ener
K ,npyroll, CMCHa BH.Ll,OB ,ZJ,€Her CBH3aHa co CTpeMJleHHeM qeJIOBeKa C,IJ;eJraTb )J.€Hbf11 6oJiee
Yll06HblMH JJ,JIH HCH0Jlb30B3Hl151 B X035liiCTBeHHOM o6opore, CHH3HTb TpaHCaKQHOHHblC
H3.nep)KKH rrp11 COBepn1eI-I11J1 pa3JIIIqnoro po.IJ.a 3KOHOMHl{eCKHX C.Ll,eJIOK.
He1\.1aJIOB3.)f(IIhJM CBollcrBoM ,ll,etter .HBJI5leTC5J 11 3aIIJ,HTa HX OT noi1IJ(eJIOK, o6Jierqa-
rou~aH rocy.napCTBY 6oph6y c ¢>aJibl1HfBOMOHeTHHqecTBOM.

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Cnpoc Ha .Ll.€HLrH KaK tta aKTHB onpe.n.eJI51€TC5l Koa¢>¢>11u;11ettTOM rrpc.n.noqTettH5l
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1
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BYIOillJie cy6beKThT (naccJ1e1-1tte, ¢ttpMbI, rocy,ZJ,apcTBo) npe.n.noqttTaIOT JIHKBH.Ll.HOCTb,
T.e. Jl€P.ll(aT Y3C'Tb CBOHX llOXO,Il,OB B BH,ne KaCCOBbIX OCTaTKOB:
1) TpancaKU.I10HI-Ibill MOTHB, T.e. ,ZJ,€HhfH ,UJI5l o6btqHbIX TOBapttbIX IIOKynoK ( TpaHC-
aKU,Hi:J) y HaceJl€HH5l, .Ll.CHbfH Ha 3aKyrrKy Cblpb.H, MaTepHaJJOB, BbIHJiary 3apa60THOH
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cpe.IJ.CTBa ,l(JI51 paC'-:ICTOB n paMKaX ero 3KOHOMHl.JeCKOii )l€5ITeJibHOCTH, B TOM quc11e BH€111-
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Jtener KaK Hatt60.11cc JfHKBH,UHOl'O aKTHBa t.(JI.H Cllll)KCHH.H pa.1JIHl{HOro po.na pHCKOB, B TOM
qncJIC flJI51 IIOKpbITH.H KaCCORbIX pa3pbIBOB B ycJIOBHHX HCOIIpe,lleJieHHOCTH;
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Crrpoc Ha 11enhrn (MD) cpopM11pyeTrn nail B031leilcTBl!eM:
1) cnpoca Ha.ZJ.ettbrH KaK cpeJJ.CTBO 06pan.1.enH5l (11ttal{e, .ZJ.eJioBoit, onepau;HOHHhlll,
Tpa11caKLJ,HOIIHbill crrpoc Ha ;~eHbfH, HJIH crrpoc Ha neHbfH ,UJI51 COBeprnettH51 C)].eJIOK);
2) cnpoca Ha JJ:enhrtt KaK cpe.Ll,CTBO coxpaHCHfUI CTOHMOCTH (ttttal{e, crrpoc na nettb-
r11 KaK Ha 3KTHB B cpantteHHH c .Ll.pyrttMH aKTHBaMH, crrpoc Ha 3anacttyJO CT011MOCTh, HJIH
cneKyJIHTI1BHLn1: cupoc).

1 Mam~uu A.M. Ll,enhrH u 3KOIIOMHqCCKHe penreHHJL M.: Ll,eJio, 2001. C. 67.

30
 Crrpoc tta .n.etthrH KaK cpe.11.crBo o6paru;ettH.H orrpe.11.eJI.HeTC.H ypoBneM .n.ette)Kttoro
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pe)KeHHH B BM,ne qeHHbIX 6yMar.
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11 o6neMa HOMHHaJihHOro BHII.

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rrp11 Bcell Ba)l{HOCTH H3YLJ€HI1.H cpy11K11,Htl: ,netter lfX cyITlHOCTb He MOJKeT 6btTb CBe,QeHa
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HaJibHbIX ¢opM, B KOTOpbIX OHM BbICTynaIDT. MO)l{HO CKa3aTb, Y:TO cyn.1,HOCTb .uetter rrep-
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UCHHOCTH, MaCIIITa6 U,eH, C"lleTHhie n:eHbfH ); cpeJJ,CTBa o6pan(eHHH; cpe.ll,CTBa ttaKOIIJie-
HH.H (c6epe)Kett11.si, coxpattCHHH 6oraTCTBa, coxpanetttt.H u;enttocTn).

31
 B MapKCHCTCKoH Teop11H )letter tt ocI-IoBattnofi Ha tte.H Tpa,11,MUHOHHoH TpaKTOBKe
cflyttKUJJit )letter B pocc11HcKoH :':JKOHOMHllCCKOll ttayKe B .lJ:OIIOJIHCHlle K yKa3aHHbl!vl
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OT Tpex OCHOBilbIX.
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OcTaJibHbie ¢yttKIFIH )letter HBJI5IIOTC51 rrpo113BO)],HhIMH OT rrepBoii.

4.2. COAEP>KAHHE <l>YHKl..IHH AEHEr H HX POnb

AEHbnl KAK MEPA CTOl1MOCTl1.
MACWTA5 l1EH, C4ETHblE AEHbnl

)leHhfH B ¢ynKU,l1H Mepbl CTOHMOCTI1 1103BOJUllOT Bbipa3l1Tb CTOHMOCTb TOBapoB

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CorJiaCHO rrepBOMY IIO.l1,X01lY C3Ml1 .n:eHhfl1 ~IMelOT BHyTpettHIOIO CTOHMOCTb
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Q:>ynKU,1151 MephI cTOHMOCTH uo11nou.cttHLIX .uetter HJJIO)l(CHa B ~KanHTaJie~ K. MapKca.
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BbICTyrraIC>T KaK HCKttJ1 06m11i1 3HaMeHaTeJib (TaK Ha3bIBaeMbie Cl.J:eTHhIC )leI-Ihfl1),
c IIOMOllJ,hfO KOTOporo BbipaJKaeTCJl COOTHOUICHHe U,CH pa3JIHl.J:HbIX TOBapOB. MoJKHO
CKa::iaTb, l.J:TO COBpeMeHHbTe .ueHhfH He H3MepHIOT, a COH3MepHIOT CTOHMOCTh OTlXCllb-
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HaJJbHbIX pernett11.H. )laHHblH IIO}],XOA .HBJI51eTC51 B HaCTOJIJU.ee BpCM51 6oJiee pacrrpocTpa-
nettHhfM.
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}],OJI)KaIOT Bblll0}IH51Tb cjJyHKIU1l0 C1IeTHblX }],etter.
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Macwra6 U,eH - 3TO csoero poµ,a TCXIIH1ICCKHi1 3JICMCHT, KOTOpLifi cPopMHpyeT-
CH B pa:iHbIX HaU,HOHaJihHbIX 3KOHOMI1K3X HeO}],l1HaKDBO. Tio3TOMy, HanpttMep, rrepeBO}],

32
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20 Macwma6a 14eu " iJpywMy.
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2-28826 33
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34
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35
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36
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37
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38
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39
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40
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no ycn11en11IO po.11n .n.ener. ,l(JIH :::>Toro oco6oe 3naqen11e HMCIOT yMeHbIIIenne ypoBHH
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HX o6paIIJ,CHH51, ITOC.11€)1.0BaTeJihHaH YBH3Ka o6neMa .UCHC)l{HOH MaCCbl c IIOTpe6HOCTH-
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BMeCTC c TCM ¢yttKIJ.HOHaJibHbli1: IIO,UXOJl K HCCJie,UOBaHHIO ,netter B nocrrpOH3-
BO,UCTBCHHOM npouecce 51BJI51€TC51 naqaJibHbIM 3TaIIOM H3ylJeHMH. y CHJICHHC pOJIH netter
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HHH pa3JIH1IHbIX 33J(al.£, rrpe)l{)1.€ ecero aa,naq )1.0CTH)l{CHMH MaKp03KOHOMH'-ICCKOro paBHO-
BeCH51.
,l(enbrH KaK B<DKHeHIIJasi: 3KOHOMM1ICCKaH KaTeropHH CBH3hIBaTOT ncex cy6neKTOB
pbIHKa B €)1.HHbIH BOCIIpOH3B0)1.CTBeHHbIH npouecc. Pa3HOCTOponnee HCIIOJib30Batttte
,netter H HX BJIIIHHHe ua pa3BHTHC o6:w;ecrea OCHOBbIBaIOTCH BO MHOfOM Ha TOM, l.[TO
rrpD11.YKU:IIH npott3B0)1.HTC51 cy6neKTaMH pblHKa He llJIH co6CTBeHHOro IIOTpe6JieHIIH,
a )1.JIH .n.pyrnx rrorpe611TeJieH, KOTOpbIM oua npo.llaeTcH 3a .nenhrtt. liIHhfMH cJioeaMtt,
BbIIlYCKaeMaH npot1,yKIJ;HH rrpMHHMaeT cpopMy TOBapa, a M€)K)1.y yqaCTHHKaMH rrpou;ec-
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3KOHOMHqecKoe paBHOBectte.

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TEOPlt11t1 AEHEr

5.1. METAnnHCTH4ECKAH TEOPHH ,QEHEr

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IIepeonaIIaJihHo rrott1IMatt11e cymnocTII ,L(eHer n nx poJIH B aKonoMttKe CKJia.n,b1-
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BaHHII MeTaJIJIHCTIIIICCKOH Teoptttt ,netter.
MeTa.n:.1111cT1IlfecKasi: TeopIDI )1.etter - 3TO o6o6maIO:rn;ee Ha3nan11e ece:H COBoKyrr-
nocTH B3rJIH)1.0B, BbICKa3aHHblX B pa.3HOC epeMH pa3.1III1IHhIMH HCCJie)],OBaTCJIHMH, KOTO-
pbIC OTO)K)1.eCTBJIHJIH .n.ettbrlI c ,nparoueHHbIMH MeTaJIJiaMII ( 30JIOTOM II ccpe6poM)

41
H paccMaTpHBaJIH HX KaK 6oraTCTBO o6m;eCTBa. 0,ZJJIHM H3 rrepBbIX rrpe,z::i:cTaBMTeJie:H:
MeTaJIJIHCTHqecKoM Teopu11 Cl!HTaIOT <f>panuy3cKoro yqenoro XIV BeKa H11KOJIO Ope3Me,
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MEPKAHTHnl1CTbl

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(1571-1641), ,ll. Hope (1641-1691), ,llVK. qaHJII\ (1630-1690), BO <DpamjIIH -
A. MottKpeTbeH (1575-1622), )K.J3. Ko.Jib6ep (1618-1683), B fepMattrr11- 11. !Ocrn
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HOCTh B ecTeCTBCHHbIX CBO:HCtBax 30JIOTa H cepe6pa, II II03TOMY BblCTYIIaJIII rrpotHB
rropl!H MOHeT, qacro npOHCXO,llHBIIIell B TO BpCM51.
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cymnocttt H po.lltt .uener B 3KOHOMHKe H pa3BIITHIO ,z::i:ette)KHOro <PetHIIIl13Ma.
B 3THX ycJIOBM.HX rrO.HBHJIMCh KptttHKH MeTaJIJIHCT11qecKoi1 Teop1111 JJ:ener. O.nn11
KpHTHKH YTBep)K)laJIM, qro )l.JI51 BHyTpeHHero o6pau~enna neT neo6xo,z::i:HMOCTH B rroJino-
ueHHhIX MCTaJIJIMl.J:eCKHX )leHhrax, HX cilYHKUHH MOryt BbIIIOJIH.HTb 6yMaJKHbie ,UCHC)l(-
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KnACCl1K11

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HO He 6oJiee Toro. l1croqHHKH 6oraTCTBa o6ru.ecTna KJiaCCHKH BH,IJ;CJIM B npOH3-
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MatepttaJI», 06JierqaJO:w;11H t0Baptt1>1H o6MeH. TaK, rrocJie)lHHfi npe,z::i:cTaBnteJih

42
 KJiaccHqecKoi\ lllKOJibI 110JI11rnqecKoi\ 3KOHOMHII )l;icCT. MIIJIJib (1806-1873)
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HO paccMaTpHBaJI HX JIHIIlb KaK MexaHH3M 11epepacnpe.n.eJ1eHH5I 6oraTCTBa,
a He KaK caMOCT05JTeJihttyro ero c:}:>opMy. Ott nttcaJI, l.£To B o6mecTBettttoH 3Kotto-
MHKe HeT HHl.£ero 6onee Hecyn:i:ecTBCHHOfO ITO CBOCi1 npttpo.n.e, T.J:CM ,UCHbfll, OHM
Ba/KHbl JIHIIIb KaK XHTpoyMHOe cpe)J.CTBO, CJiy)Kaw.ee ,Il.JIH 3KOHOMHH BpeMeHH
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Co npeMeHeM tta rrepBbill rrJiaH BhI,llBttHyJiach HOM11HaJIHCTIIll€CKa5:I reopHH .[letter.

5.2. HOMl1HAn11CTl14ECKAfl TEOPl1fl AEHEr

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OCHOBaHHCM ,llJl51 ocrpo.H KpHTHKH MeTaJIJIHCTHl..fCCKOfO IIO,llXO,lla MepKaHTHJIHCTOB.

1 MuJ111b Jl.:JK.Cm. OcttOBhl noJIHTttqecKofi aKOHOMHH 11 ueK0Topb1e acneKThl nx rrpttJio)l{ett1H1.

K co1~11MbHOH <f>IIJiocoQ:nu1. B 3 T. M., 1980-1981. T. 2. C. 234.

43
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HaJIHCTtt"'-leCK11e H,ll,eH np1106peTaIOT oco6yro norryJJHpHOCTh.
KaK MbI y)[(e rosopttJJH B rrpeLI.hI.ll.YIUHX rJianax, tta1160Jiee 51pKHM rrpe,I1;cTan11TeJieM
J-IOMl1HaJil13Ma B aTOT rrepIIO,ll, .HBJI51CTC.H HeMCU:KHM 3KOHOMHCT r. Kttann (1842- 1926),
orry6JIHKOB3Bll1HH B 1905 ro,ny KHttry 1focyl{apCTBCHHaH Teoptt.H ,i:i;ener».

PA3BHTl1E HOMHHAmt3MA B XX aeKe

focy11apcrnen11yro Teopttro 11etter Kttarrrra rro1111eplKHBaJI ,l(JK.M. Keiittc ( 1883-

1946), KOTOpbIH B CBOCM «TpaKTaTe 0 /lCHbrax• (1930 r.) ofrMIBHJI 30JIOTble
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3HaKaMH OH paccMaTpHBM KaK no6e;~y Teopntt KI-Tanna. 11MeHHO TaKtte .ll.CI-Ihrtt,
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B rrepH0/1 OKOHOMHqeCKOro KpH3IICa 1929-1930 fO/lOB HOMHHaJ!l13M HClIOJ!b3Y-
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B XX BeKe HOMHHaJIHCTH'-lecKa.SI TeopttH ,ll,eHer cTattonttTC51 rocrro,IJ;CTByromeH.
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peryIIttpoBaHH.H KOJIHLieCTBa .n:etter B o6parueHHH BbIXO,ll,51T Ha nepBbill IIJI3H.

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44
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45
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46
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nx cnpoc ua KaccoBbte ocmamKu.

1 <!Juwep 11. IloKyHaTe.nhnaJI cnJia ,a:etter. M., 2001. C. 47~48.

47
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48
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52
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53
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56
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57
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58
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59
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IllHC HCO.Il,HOPOllHOCTb n:eHe)KHOii: 3MHCCHH H COOTBCTCTBCJIHO pa3JIHlJHhie cf>opMbl
f];euemuoii 3Muccuu.
IlpH ancKBaTtto:H: peaKUHH rocy.n;apCTBa B JIHT(e Il€HTpaJibHOfO 6aHKa Ha rrpor-
H03HpyeMy:ro 11,JIHaMHKY .Il,€H€)KH0f0 o6opoTa /(CHCJKHaH 3MJICCH5I BbICTyrraeT B opra-
HH30BaHHOi1: cpopMe. Ilpn OTCYTCTBHH COOTBeTCTBylOw,eM peaKqHH 3IVIHCCM5I rrpHHH-
MaCT HeopraHH30BaHHYIO, CTHXMMHyIO ¢opMy.

63
 c TOLJ:Kll 3peHH51 co6JIIO)],CHl151 rrporHo:n1pyeMoM llJIH OTBC'!aIOIIJ.eii 110Tpe6tto-
CTHM 3KOHOMIIKH ,IJ,IIHaMttKM o6beMa 11 CTPYKTYPLI ,IJ,eHC)f(HOH MaCCbI :.::.>MHCCM51 rrpHHM-
MaeT crn6mm3ttpyIO!I1YJO cjiopMy. Ilp11 HaIIOJIHCIUIII o6opoTa l\CHC1KHblMII cypporaTa-
MH 3MHCCM51 CTaHOBl1TC51 ,IJ,CCTa6HJill3HpyIOill,Cii
,aeno3umuaa aJKuccua iJeuei rrpe,llcTaB.115JeT co6oH yBeJ111Yenue IJ,eHrpaJ1bHbIM
6anKOM CBOHX Kpe,Il,HTHbIX BJTO)l(ett11H rryTCM BbI,IJ,aY:H ccy,IJ,, JlOBbllliafOIUllX OCTaTKll
tta cqerax, T.e. na ,IJ,erro3nrax Kpe,IJ,HTHbIX HHCTHTYTOB. Ec3HaJTHl!Hhie ,IJ,etthrH BhirrycKa-
lOTC.H n X03.Hi1trBeHHhI:i1 o6opoT, KOr,IJ,a KOM11ep'-IecK11e 6aHKH rrpeJJ,ocraBJl.HIOT CCYllhI
CBOl1M KJIMeHTaM.
E10iJ:J1Cemuaa aJKuccua Oeuei rrpe.n;cTaeT KaK B&1rrycK /lCHer na rroKpbITHe .ne4>11-
UttTa rocy.n:apCTBennoro 610.z1)KCTa, rocynapcTBCHHbIX pacxo.z:i:oB nyTeM np1106peTeHH5l
UCHTpaJibHbIM 6a1-tKOM rocy.z:i:apCTBeHHbJX UCHHbIX 6yMar rrptt J.1X rrepBHLfIIOM pa3MCIIJ.C-
Hllll HJIH pa3Memetttte na BTOpHqHQJ\.1 pbIHKC.
EaH1CHOmHtlJl 3MUCCUR iJeuel (3MJ1CCH51 6aHKHOT H MOHCT) IICIIOCpe/lCTBCHHO
ocymecTBJI51CTC}I uenTpaJibHbli\'H1 6attKaMH, 1Cll31latteUc1Caa 3MUCCUR iJeuei (3Ml1CCH51
Ka3Hal.£eHCKMX 611J1eTOB J1 MOHCT) - Ka3tta4ellCTBaMH, o6JI3ll.3I0Ill,Ml\.H1 3MllCCHOHHblM
npaBOM.
3aKOHOL(aTeJibHO ycTaHOBJieHHbJH nop.Hll.OK BbIITYCKa B o6pameHHe ACHe)l(HbIX
3HaKOB }IBJl51CTC.H COCTaBHOii qacTblO jleHe)f(HOM CHCTeMbl rocy.n;apcrBa (31\.iHCCHOHHa}I
CJ.ICTCMa).
«3MHCCH.H .z:i:ener~ 11 «BbJTIYCK /(Cner B X035l:tiCTBeHttbIH o6opoT~ - IIOH.HTl1.H
uepaauo3uattub1e.
BbIIlYCK .z:i:ctter B COBpeMCHHblX yCJIOBM}lX BhlCTynaeT II KaK IIOCTYHJTenne ACHer
B X035liiCTBCHHbIH o6opoT. Xo3}ttfcTBCHHhii1 o6opoT npellCTaBJHTCT co6oi1 <PyttKUHonn-
poBatttte ::>KOHOMHKH OTJleJibttoro rocy/1,apcTBa rro,IJ, BO~'JllellcTBHeM pa3JII1'-II-IhIX BHYTPCH-
n11x l1 BHCUJI-IHX X03HilCTBCHHblX HBJI€Hl1i1.
Bb1rrycK tlener IIOA BJIII5:1HHeM pa3JIHl.£HblX cpaKropoB 03Ha'-laeT pacnpeiJeJteuue
nJtame:HCHblX cpeiJcma -qcpe3 Kpe,LXttTHb1e 1111cTttTYTb1 (6anK11) cpe.n;11 yqacT1111KoB
X03.Hi1CTBCHHOro o6opoTa, MCIIbITbIBaKJW.HX TIOTpe6nocTb B .n:etthrax. Ilp11 aKTHBHOM
BbIIIYCKe JIJiaTC)f(J-IbIX cpe/lCTB llO cpaBHeHHIO c HX B03BpaTOM ( OTTOKOM) na6JIIOL(aCTC.H
ren.nenu,11.H K yBeJI11Y.en1110 µ,ene)KttOi't MaCCbJ. Ho BbirrycK ;~ener B X03.HllCTBCIIHhii1
o6opOT rrpOMCXOtl,HT TIOCTOHIIHO l1 MO)f(CT He conpOBO)f()],aTbC}I pocTOM i1J.eHC)f(HOH J\iaCCbI.
E6JihIIIa.H l.£acTb ,LXeuer (Ll,eI-Ie)l(HOii Maccb1) co3.z:i;aerc.H rrocpe/lCTBOM pacIII11peu1151
Kpe.ll,HTOB KOMMCpl.J:CCKHX 6attKOB 6J1aro1lap.H yBe1111Y.eJ-IHIO llX llCII0311THOiI OCHOBhl.
3TOT rrpoll,CCC rro.Tiyq11JI Ha3BaHHC iJeno3umuoU 3MUCCUU, l1JII1 6b1nycKa iJeuei
a xo3aUcmaeH11b1ii o6opom nymeM co3aauWl 6e311aJtUttHblX n.name:HCHblX cpeiJcma.
BcneL(CTBHe ocymecTBJiettHH 6e3ttaJIHl.£IIbIX pacqeTOB ,llCHe)f(Hbie cpC.ll,CTBa na C'-leTax
KJIHeIITOB B 6anKax OTpa)KaIOT 3aJIHCH OCTaTKOB o6opOTOR. 11pcL(OCTaBJI5!}J Kpe,Il,HTbI
KJIHCHTa~f, 6attKH OTKpbJBaIOT HM Cl.J:CTa Ha cyMMhl BbI/~3HHbIX Kpei11,MTOB, TCM caMbIM
cpopMHpy.H tl,OJifOBblC Tpe6o.BaI-IH5L <DaKTHl.J:eCKH 6attKH rrpeBpa.maIOT L(OJifOBblC rpe6o-
BaHH51 K CBOHM KJTHCHTaM B IIJiare)l(Hbie cpe11.cTBa . .llerr03HTbl J\i06HJII13YIOTC51 KJIHeH-
TaMH 6anKoB nocpe.n;CTBOM nopyl.J:ettttH no rrepel.£HCJICHH511\.1 B npou:ecce 6e3na.nttqnb1x
pacl.J:eTOB. Ilpou.ecc C03.[l.aHH5l H Jll1KBHJJ:au:1111 ll.eII03l1TOB HMeeT o6bCKTHBHbIC rpan11-
lJ.bl, 33BHC}{IJ~lle OT COCTOHHH.H cnpoca Ha L(CHbfH, J1HKBI1)],HOCTI1 KpeJI.HTHblX HHCTHTy-
TOB ( 6aHKOB ), BCJJWlIIHbl IIX CB06011HbIX pe3epBOB II 11pyrrrx cpaKropon.
3Muccua 6e3HaJlUttHbtX iJeuei nepauttua u ocymccTBJI.HeTCH nocpct1,CTBOM
3al.fHCJieHH51 )J;OIIOJIHI1T€JibHO BblllYCKaerviblX }lCHCf Ha KOppecnon.ncnrcKHe C'-!C'fa B Kpe-

64
,UHTHbIX HHCTHTyTax (6attKax) B BH)~e KpC,ll,l1TOB u;ettTpaJibHOro 6anKa HJIH 6101.l,)KCTHbIX
aCCHTHOBatt11.H:. Ilpe)l{.n:e '-ICM HaJillY:Hbie .ZJ;eHhfl1 H05IB5ITC5I B o6opoTe, OHM .IJ.OJJ)l{Hbl 0Tpa-
JKaThC5I B BH,ll,e 3aIIttceH Ha .n:err03HTHblX Cl.J:eTax KpeZU1THb1X 11HCTHTYTOB (6anKOB).
Ha.rrttl.J:IIbie .n:enhrH 3aB0351TCH B TeppttToptta.rrbHbie rro.n:pa3,LJ.eJlettHH u;ettTpa.rrhno-
ro 6aHKa HJIM Henocpe.n:CTBCHHO B KpC.lJ:HTHLie HHCTHTYTbl H 3aTeM rrpe11.ocTaBJlHIOTC5l
HM B3aMeH CIIHCaHH5I aHaJIOfHY:HOii cyMMbl 6e3HaJilflIIlbIX JJ;eHer c l1X KOppecnoH,ll,CHT-
CKl1X CYCTOB.
TaKHM 06pa30J\.1 yl.J:aCTHHKH xo3Hti:CTECHHoro o6opoTa rro.11yl.£a10T HaJIHlfHhJe nettb-
rtt B BH,lle 6aHKHOT H MOHCT npH 0,llHOBpeMeHHOM CIIHCaHHH HaJIH'-lHhIX cyMM c HX TeKy-
lUHX Cl.J:CTOB.
BhIZJ:eJUIJOTca BHencttHJI H BttyTpett1u1H 6e3HaJIHl:fHM ,LJ.Ctte)KttaJI ai\rttcc11H.
I1cTO'-IHHKaMH euemueii 6eaua.nu1luoii iJeue:HCuoii 3.Muccuu ( c y'-leTOJ\.1 BttyTpett-
Hero BaJllOTHOfO pbIHKa) 51BJI5IIOTCH:
• np1106peTe1-111e U:CHTpaJibHbIM 6aHKOM HHOCTpattttoH BaJIIOThI;
• BbipyqKa OT HCIIOJib30BaHH51 3arpaHifl-IHOll co6cTBCHHOCTl1;
• no11yqe1-111e KpeZJ:ttTos oT Me)J(.n:yttapo,Uttbtx tj:J111-1a1-1cosb1x opran113a1u1 H;
• HHOCTpaHHbJe HHBCCTHIJ;llll (oco6enno rropT¢e.TJl>Hhie);
• IIOKYIIKa-rrpo,lla)J(a Halll1LfHOii l1HOCTpa1-11-10H Ba}JIOTbJ HaCeJleHHCJ\f, CTl1l\1YJIH-
poBaHHa51 1-1eopra1-1H:-30BaHIIbIM HMTIOpTOM.
J1CTO'--IHl1KaMH BHympeuueii 6e31lllllU11HOii iJeueJtCHOU 3.MUCCUU B rpaHHIJax
CTpaHbl 5IBJUIIOTC5l rrpe,l(OCTaRJ15ICl\1bie 6attKOBCKOii CHCTeMoi-1 KpCJJ,HTbI:
• 3KOHOMHKC;
• rocy11apcTBy;
• 111-IOCTpaHHOMY rocyJxapCTBy.
Bo BCex Tpex cJiyl.J:aHx BHyTpetttteH 6c3ttaJIHl.JHoi1 ,lleIIe)J(noH 3l\tl-1cc1111 npo-
11cxo,llHT rrpespau~etttte B IIJiaTC)J{Hbie cpe,llCTBa 6aHKOBCKl1X Tpc6oBaHJ-Iti K yqaCTHH-
Kal\I X035IllcTBennoro o6opoTa.
Kpe.i:u1Tttb1e HHCTHTYThl (6anKH) Moryr BbI,LJ.aBaTb KPC.llHTbI TOJihKO B npeJ~eJrax
HMeIOJll,HXC5l y HHX pecypcoB, T.e. TeX cpe,llCTB, KOTOpb1C OI-111 M06ttJIH30BaJil-I B BH,Ll,e
co6cTBCHHOro KaIIHTaJia H cpeJJ,CTB, ttaXO,ll511IJ,HXC51 Ha ,lleII03HTHblX C'--leTax.
KpeJJ,HTHbiti xapaKTep JJ,eneJKHOH 3MHCC11H 5IBJI51CTC5l OJJ,HJ-IJ\.1 113 OCHOBO!lOJiara-
IOillHX npHHU,MITOB opraHH3aU,HH JJ,CHC)KHOH CHCTeMhl rocy;xapcrBa.
B ycJIOBH5IX phlnoq1-1oti: 3KOHOMHKH :::JMttccJ-IonnaH tj:lynKilH}I KOHUCttTp11pyeTc5l
H pa3JJ,CJI51CTC51 MC)l(JJ,y yl.J:aCTHHKaMH X035IllCTBCHHOro o6opoTa KaK pa31IHHa Me)f(D,y npH-
TOKOM If OTTOKOM ruiaTe)l{HbIX cpe,llCTB B paMKaX llBYXYPOBHeBoM 6attKOBCKOll CHCTCMhI:
1) ~JMHCCH51 6e3HaJIHl-JHbIX .[letter 11poBOJlHTC5l 6aHKOBCKoH cttcTeMoM ( nOJJHOCThIO
KOMMCp'-:lCCKHMH 6attKa1\.111 l1 qacTHLJHO l(CHTpaJibHbIM 6aHKOM);
2) ::tMHCCHR HaJil1'--IHb1X ,llCHer - u;ettTpaJibHbIM 6aHKOM.

8.2. CYlJ.!HOCTb H MEXAHHJM 6AHKOBCKOH MYnbTHnnHKALIHH

HEE POnb B PErYnHPOBAHHl1 AEHE>KHOro 060POTA
Tipu cyIIJ,eCTBOBaHHll JJ,ByxypoBI-IeBoll 6aHKOBCKOH Cl1CT€l\1bl MexaHJ-I31\.1 6e3-
HaJll1'-IHOll ,lleHeJKHOti: 3MJ1CCHI1 z:i;eiiCTByeT na OCHOBe 6aHKOBCKOH ( Kpe,llHTHOll,
.uerro311T1-10H) MYJihTHIIJIHKaHl1l1. L{JtH npaBHJibttoro rron11Matt11.H 6e31-1a.1111q-
1-10H ,lleHC)KHOM 3Ml1CCHH KaK o6neKTHBHO 11:eMCTBYIDllJ,Cro rrpou.ecca, B.TIH.HIOII(CfO
Ha X035IllCTBeIIUhIH o6opoT, Heo6xO,lll-IJ\10 3HaTh .[leii:CTBJ1e MCX3Hl13Ma 1\fYJihTl-I-
IIJll!Ka11MM (JiaT. multiplicatio ~ yMHOJKetttte ).
3-28826 65
 Ilptt ou;ettKe 6e3HaJIH1IHOti: .n.ette)KHOti: 3MHCCHH Heo6xo.n.HMO y1111TblBaTb B03MO)l(-
HOCTH BJIH51HH5l .n.pyrnx yqaCTHMKOB X035lti:CTBeHHOf0 o6opoTa Ha MexaHH3M M)'JlbTH-
IIJIHKau;HH 6e3HaJIHtIHbIX .n.etter. IlpH BCeft )KeCTKOCTH 4>YHKU,HOHHpoBaHH5l 6aHKOBCKOH
CHCTeMbl, KOTopyIO C03.l1,aIOT crreu.11aJibHbie 3KOHOMHlfeCKHe HOpMaTHBbI, rrpH onpe-
aeJieHHblX ycJIOBH51X 6attKH MOryT no CBOeMy YCMOTpeHHIO H B COOTBeTCTBHH c c11Tya-
u;11eH Ha <PnttaHCOBOM pbIHKe He TOJibKO C03.l1.aBaTb, HO H JIHKBH.l1.HpOBaTb .nerr03HTbl.
UettTpaJibHblit 6attK, ynpaBJI5l5l Mexattu3MOM MYJihTHIIJittKauntt, paclllttpaeT HJIH
cy)l(aeT 3MHCCHOHHbie B03MO)KHQCTH KOMMepqeCKHX 6aHKOB.
B noH5lTtte yaKoit ;:i:eue:m:uoii 6aahl BKJIIOtiaIOTCH Bb1rry111,e11nh1e B 06pa111,etttte
UCHTpaJibHblM 6aHKOM ttaJIHl!HbIC .HCHbfH ( c yqeTOM OCTaTKOB .nette)l(HbIX cpe,IJ,CTB
B Kaccax KpC.l1.HTHblX HHCTH:TYTOB) H OCTaTKH .n.eHC)KHblX cpe,UCTB Ha C'-leTaX o65l3aTeJib-
HbIX pe3epBOB Kpe.n11THbIX HHCTHTYTOB B 11.CHTpaJibHOM 6attKe.
B CTpattax c pa3B11Ba10111,eftc5l (nepexo.n.ttoft) ::JKOHOMHKOH yrrpanJiettne ;:i:ette)l(-
ttoll 6a30H_ ttrpaeT 6oJiee pa3HOo6pa3Hbie pOJill ( c TOLIKH 3peHl15l npHMCHCHll.H Y3KOH
£lCHe)KHOi1 6a3bl ), l.JCM B npOMbllllJieHHO pa3Bl1TbIX CTpattax. 3ro CB.H3aHO c TeM, '-lTO
CTpaHbl c pa3BMTOfi 3KOHOl\1HKOil CTpCM}(TC5l MHHHl\1I1311pOBaTb o65l3aTCJibHbIC pe3ep-
Bbl (KaK 3JieMCHT y3Koii .nette)l(ttofi 6a3b1).
Ilo3TOMy npHHIJ;HIIHaJihHoe 3HaqeHtte llJIH yrrpaBJie1111a MexaHH3MOM MYJihTH-
n1111Ka11;1111 HMCeT ;:i:eue:m:HaJI 6aaa B mHpOKOM CMbICJie, KOTDpaJ£ IIOMHMO 3JieMeH'fOB
Y3KOM ;:i:ette)l(HOfi 6a3bl BKJIIO':laeT CJ1e.uy10111,tte cpe.ncTBa Kpe.nHTHhIX HHCTHTYTOB B IJ;CHT-
parrbHOM 6aHKe:
1) .n.enC)KHhie cpe,n;cTBa Ha Koppecnott.n.ettTCKHX C':leTax;
2) 11en03HThI;
3) BJIO)KeHH.H B 06JI11ral{lfH 11,CHTpaJibHOro 6anKa;
4) HHbIC o6.H3aTeJihCTBa u;ettTpaJibHOfO 6anKa no onepaurr.HM c Kpe)lHTHblMH
HHCTHTyTaMJI B HaJ~MOHaJihHOll BaJIIOTe.
CJie,IJ,yeT OTMeTIITb H To, qTo B attaJIHTHl.J:eCKOM orrpe.ueJietttttt nettTpaJihHhlM
6aHKOM HCIIOJib3YeTC5l TaK)KC IIOH.HTMC -tpeaep81lble iJeHblUi>, KOTOpbie B KOJIMl.J:eCT-
BeHHOM OTHOIIIeHHH npeBhllllaIOT lllllpoKyIO ,a:eHe)KHYIO 6a3y Ha cyMMY J1,CII03HTOB
,IJ,0 BOCTpe6oBaHH5l opraHM3aUttll (yqacTHMKOB X035li1:CTBCHHOf0 o6opoTa), o6cJiy)KM-
Ba10IIJ;I'IXC}{ B uettTpaJibHOM 6attKe. TioaTOMY B IIOJIHOM Mepe oueHHTb OCHOBY H B03-
MO)KHOCTH .n.eno3HTHOI1: 3MHCCHH, BJIH.HIOIIleH Ha X0371HCTBCHHhI:ii o6opoT, MO)KHQ,
JIHlllb HCIIOJib3Y5l IIOTettu;i1aJibl 3JieMeHTOB IIIHpOKOfi .n.ette)KHOH 6a3bl H pe3epBHbIX
.netter, HX ,llHHaMIIKy.
MyJihTHIIJIHKaTOp (JiaT. multiplicator - yMno1KaJOmm1) B urnpoKoM CMhICJie,
BCTpOeHHbIM B MexaHM3M 6attKOBCKoro Kpe,n:HTOBaHM5l, 06ecrreq11BaeT 3JiaCTJ1qHOCTb
X035IHCTBCHHOf0 H )leHe)l(HOfO o6opoTa, 6bICTpOTY ero peaKU,HH Ha IIOBel(€HIIe Yl.J:aCTHII-
KOB X03.HllCTB€HHOfO o6opoTa H )],CHC)KHQfO pbIHKa
IloJJ. ;:i:eue:m:aoii MYJibTHilJIHKau,ueii rrottttMaeTc.H nponecc 3MHCCHH nJiaTC)KHbIX
cpe.n.CTB yqaCTHHKaMH X035IllCTBCHHOfO o6opoTa rrpH B03pacTaHMH .l1.CH€)KHOH 6a3bl
(11ener 11en-rparrbnoro 6anKa) na 011ny 11ene1KHYJO emrnmiy 1• Oco6e11nocTH peryJittpo-
BaHH71 H OUCHKH 3TOfO rrpouecca :-3aBHC5lT OT BKJ1IO':ICHH5l 11,eHTpaJibHbIM 6aHKOM B pac-
Y:CT .n.ettC)KHblX arperaTOB )],etteJKHbIX aKTHBOB c IIOHH)KaIOIIJ,eM:c5l JIHKBII)_(HOCTblO. 0.ntto-
BpeMCHHO KpaHtte BaJKHO YlIHThIBaTh B03MO)KHOCTH OTTOKa 1iaCTH .n.etter c .n.eno3HTOB
6aHKOBCKOll CHCTeMbI B HaJIHl.J:HOCTb.

l IlpH ,n:aJibHeii:rneM H3JIOIKettHlI MaTep11a.11a ,UJI.SI yrrpomenHa ITOHUMaHHa M atta.llH3a MexaHH3Ma

MYJihTttn.11ttKaUHH Mhl 6y,n:eM roBopHTb TOJlbKO 06 y3KOti ,uettelKHOti 6a3e.

66
 ).leHe)KIIhlfi MYJihTHIIJIHKaTop ( K03cflcf>HI(HeHT .a.eHe)J(ttoH MYJihTHIIJIHKal(tttt)
orrpe.n.eJI51eTc51 KaK 0T1-1ou1en11e rrpe.llJIO)J(eHH51 .[letter (.n.etteJKHaH Macca no ,l(eHe)J(HOMY
arperaTy M2) K .n.ene)J(HOll 6a3e.
).leneJKHhill MYJihTHII)IHKaTop pacKpbIBaeT crroco6ttocTb t(eHe)J(HbIX arperaToB
B03)l,ei1CTBOBaTb tta 3KOHOMHl!€CKHe rrpol(eCCbL

!lM ~ m x t!.13, m ~ !lM: t!JJ, (8.1)

n.:i:e ll.M - tt3Mettetttte o6oeMa ;i:i:ette:iKttoit Maccb1:
m - JJ:CHC:>KHblft My.llbTHITJJMKaTop;

D..B - M3Menettne ;i:i:ene)l{HOit 6a3bI (pe3epBHbIX l(euer).

Koa¢<f>111(11enT aene)Knoil MYJihTHllJIHKaUHH MOJKeT 6bITb rrpc.n.cTaBJiett TaK:

m=1:r; (8.2)
m~(! +c):(r+e+c), (8.3)
r.ue c - OTHOllJeHMC Ha.llttY.HblX J\eHer (yTCYKl1 Ha.nHYHOCTH) tte6attKOBCKoro ceKTOpa 3KOHOMHKH
K 06111eMy o6oeMy ,i:i:eno3HTOB 6aHKOBCKOH CMCTeMhJ;
r - HOpMa o6aaaTeJlbHOro pe3epBHpOB3HIUI ;i:i:ette)l(HbIX cpe;i:i:CTB Kpe;i:i:ttTHhlX HHCTHTYTOB
( 6aHKOB) B uenTpaJJhHOM 6attKe;
e - OTHOlllCHHC H36WT0LfHWX (CB060JJ:Hh!X) pe::1epBOB 6aHKOB K 061ueMy o6'beMy ;i:i:eII03HTOB
6attKOBCKOH CHCTeMbl.

Ilepe.n:aTOqHbIM 3BeHOM (MexaHH3MOM) Me)J(.llY u:eJI51-r-.11111 HHCTpyMeHTaMH n;ette)J(-

HO-KPCAHTHOro pcryJmponaHHH Bb!CTyrraeT 11euelKHh!H M)'JlhTHIIJIHKaTop (CM. many 23).
Han6oJiee CO.l1.€p)J(aTeJibHO H ¢YHKUHOHaJibHO o6octtOBaHHO B COBpeMeHHOll
.nHTepaType (Y're6mIKax ITO MaKp03KOHOMHKe) rrpe)ICTaBJieH MexaHH3M 6aHKOBCKOH
M)'JlhTHruIUKaIJ,HH. 3To CB5I3aHO npe)J(lJ,€ Bcero c oco6eHHOCT5IMH <f>yttKUHOHlipOBaHH.H
6attKOBCKOti: CHCTeMbl KaK caMOCT051T€JibHOfO, aBTOHOMHOro rrpoQJecc110HaJ1bHOfO
yl.JaCTHHKa X035lllCTBeHHOfO o6opoTa ( crreu:n¢HKa rrpaBOBOM 6a.:1hl H rrpOBOlllIMhIX orre-
pal.\HH ).
EattKOBCKHH MJJibTHTIJIHKaTop npe;xcTaBJJ.HeT co6oH Ko111111eCTBetttty10 ou.ettKy
rrpou;ecca MYJihTHilJIHKal(llll tJ,eHer Ha .l1.€II03liTHbIX CY:eTax KOMMepl.JeCKllX 6aHKOB.
Mexa1111sM 6anKOBCKoH MYJibTHIIJIHKallHH .neiicTsyeT nocTO.HHHO H onpe.ue11.H-
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1) Km<jJcjmrmeHTa 6aHKOBCKol\ MYJJhTllIIJIHKal.\l!M:

K = M2K.r (8.4)
6.M M M ,
2K.r - Ott.r

2) K03QJQJIII(HeHTa II3MeHeHH51 .n.eH€}KHOi1: MaCChI:

K =M21<., (8.5)
11.M M )
211.r

rne M 2 ,,_, - neue:iKIIa.H !\·iacca Ha ttatia.'Io rona;

M2 K_[ - nette:>Kttaa Macca Ha Kotteu ro;i:i:a;
Mi) HJ - naJ111Yttbie nettbrtt Ha tta'-Iarro ro;i:i:a.

MexaHH3M 6attKOBCKoH l\.1YJibTHIIJIHKaUHH MO)KCT pa6oTaTh TOJibKO B paMKax

AByxypoBHCBOH 6aHKOBCKOH CHCTeMbI: L\eHTpaJibHb!H 6aHK ( nepBhlH ypoBCHb) yrrpaBJIH-
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CTBOBaTb, rrpHqeM .n.eficTBOBaTh aBTOMaTHlJ:eCKH, He3aBHCHMO OT )KeJiaJIH51 pyKoBO.llH-
TC.T1eH 0T.D.€JibHbIX 6attKOB.

67
 0JlllH KOMMepqecKMH 6attK tte MO)KeT MYJihTllIIJIHUMpoBaTb .D,CHhfH, 11x MYJihTM-
flJIHUHpyeT CHCT€Ma KOMMep'leCKHX 6attKOB.
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qac IlOCTYII51T Ha 6IO.ZJ,)KeTHbie cqera B KOMMepqeCKMX 6att1rax, a 3TH )J,€Hbfl1 TO)Ke OTHOC51T-
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ttyIO ¢YHKIJ)1l0 6aJ-IKOBCKOH CMCTeMe C'TpaHbl B ueJIOM. Ilo3TOMY 'ICM 6oJibUie YJlCJlbHbiit
Bee Kpe.D,HTOB B ee aKTHBax, TCM 6oJihlll€ o6oeM ee 3MHCCllOHHOfi .ue.HTCJibHOCTH.

8.3. HAnH4HO-AEHE>KHASI 3MHCCHSI.

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3KOHOMI1Kl1 3aKOHHblMH IIJlaTe)KHbIMM cpe.D,CTBaMH.
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pocT ttaUHOHaJibHOfO 6oraTCTBa.
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68
pecrrOH)].eHTCKHX ClJeTax KOMMepqecKHX 6aHKOB B I.J.eIITpaJibHOM 6aHKe. qeM npe;~IJO'-:ITH­
TeJibHee HaJIIP-IHOCTb HJIH HJ1).Ke )_(OBep11e ttace11ett11.H K 6attKaM, TCM Mettbllle crroco6-
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HaJIHlJHblX )leHer. I1cropH51 3Ml1CCHH 6attKHOT 11,CHTpaJibHbIM11 6aHKaM11 rectto rrepe-
JIJieTetta co CTaHOBJiett11eM HaI.J.HOHaJibHbIX 6attKOBCKHX CHCTeM.

8.4. OC06EHHOCTH HAnH4HO-AEHE>KHOH 3MHCCHH

B POCCHH
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ocymecTBJIHJJ foc6aHK CCCP i1epe3 c11crc~1y Kacconh1x 11 Kpe.IJ.HTHhIX rrJiaHoB,
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nycKa )1,etter B o6parn:ettne.
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69
 3MHCCHR HaJIHqHbIX .aeHer ocyrn.ecTBJIReTCR nonpa.3,ll,eJJeHHHMH uettTpaJibHoro
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70
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• nB11JKett11e .uette/KHbIX cpencrB, B KOTOpOM OHM BbicryrraIOT TOJibKO KaK C'fCT-
Hbie en11u11U,bI, ttarrpttMep Gyxra.11TcpcKHe npoBOL(KH no BHyTptt6aHKOBCKHM cqeraM 6es
0Tpa,)KCHl151 HX Ha pacl.feTHbIX cqerax KJIIICHTOB;
• nepeMe11i;ettIIe nan11qnh1x .z:i;etter 6e3 rrepe)laT.Itt npyroMy BJiaJJ.CJihny H r.rr.
Ilepexon ,11,ctter H3 O)lHHX pyK B ;:i;pyr11e, HJIH 11x 06pamett11e, cocTaBJIHer Kpyro-
o6opoT.
HerrpepbIBHO B03o6ttoBJI5IIOIUHMcH Kpyroo6opor KaK aKT rronropett11.5I rrpou:ecca
o6pameHH5l ;:i;ette)l(HhIX cpe.ncTB 11 TOBapoB ll,JIJI BOCnpOH3BOD;CTBa H IIOJIYY.CHH.H rrpH-
fihVIH eCTb o6opoT.
l1cxo,n:R II3 aroro naw6oJiee Jior11qttbIM orrpe;:i;eJiett11eM IIOH.HTH.H )leHe)J(HOro
o6opora MO)l{tto ci;111TaTb c11c.11,y10mee: ,n:ette)l(HhIH o6opoT - aro rrpouecc Kpyroo6opo-
Ta nener B HaJIH1!HOH H 6e3HaJil1qttoH tj:JopMax, BbIIIOJIHJIIOllJ,MX ¢ynKU11H o6palll,eHH>1
11 nJiate)l(a.
HaJIH'IHO-,ll,eHe)KHOe o6paru,ettue - LfaCTb .nene)l{ttoro o6opora, OTHOCJIIIJ;aJIC.H
K 06pa1uett11IO HaJIHqHhlX.llCHer, BblllOJIH>1IOllJ,11X ¢YHKUHH cpeJlCTBa o6pam;eHH}f H cpe,n:-
CTBa IIJiaTC)l(a.

71
 IlJiaTe'1CHhiii o6opoT - ;a:B11)KeHHe ;a:etter 1, B rrpou.ecce KOTOporo 01-111 BblllOJIH.HIOT
¢yttKqHKJ cpc,acTBa n11aTe)Ka. B naHIIOM c11yqae rro;a:pa3yMeBaCTC.H nJiaTe)f{HbJ:H o6opoT
a Y3KOM CMbtcJle.
B UlUp01COM CMblCJle JLO,l], IIJiaTe)l{HblM o6opOTOM IIOHMMaeTC51,lJ,BH)KeHtte He TOJib-
KO ,ll,eHer (tta.rtlf4HbIX l1 6e3HaJll1'-!HbIX), HO H llPYfHX cpe;a:CTB IlJiaTe)Ka - HHCTpyMeH-
TOB )];eHe'1CHOfO pbIHKa2, BblllOJIII5IIOll(HX ¢yttKUHIO cpe;a:CTBa IIJiaTe)Ka.
)leHe)KHbIH o6opoT H IIJiaTC)KHbiti o6opoT - 3TO ,O:Be CTOpOHbI COBOKYlIHOfO IIJia-
TC)l{HOfO o6opoTa.
IlJiaTeJKIIbill o6opoT IIIttpe .neH€)KH0fO o6opoTa 3a ClfCT HHCTpyMeHTOB ;a:ettC)K-
noro pblHKa, a 11,CHe)KHbIM o6opoT Illttpe IIJiaTC)fO-IOfO Ha HaJIHl.JHO-,lJ,CHeJKHOe o6pauie-
HJ1e 3a C4€T Tex .netter, KOTOpbIC BbIIIOJIH.HlOT ¢yttKI.J;HIO cpe,ll,CTBa o6pameHH.H. PaccMaT-
pHBllil IIJiaTe)KHbIM o6opoT, Heo6xo;a:MMO Yl.JIITbIB3Tb, l.JTO ¢YHKI.lJ1IO cpe)lCTBa IIJiaTe)Ka
BbIIIOJIH.HIOT HC TOJJhKO )lCHhl11, HO H 3aMel.I(aIOIIJJie HX HHCTpyMCHTbl ,n.eHC)KHOfO pbIH-
Ka, KOTOphie 11MeIOT KpCL(HTIIYlO npttpon.y, HanpttMep, nerr03HTHhle cepTlHPttKaTbI, B€K-
C€JJ51, l.JCKH, Kpe;a:HTHbJe KapTbl.

9.2. nOHSITHE H COAEP>KAHHE

COBOKYnHoro nnATE>KHOro 060POTA
CoBOKYIIHblM IIJiaTC)KHbiti o6opor rrpe;a:cTaBJI.HeT co6oH rrpou;ccc JlBH)KettH.H t1,ener
B HaJU1'-IHOll 11 6e3HaJll1"llHOii ¢opMax H MIICTpyMeHTOB .nette)KHOfO pbIHKa, BhIIIOJI-
H5llOIIVIX ¢yttKqtt11 cpet1,CTBa 06pa1ne1nrn 11 cpe.ncrsa rrJiaTe)Ka 11 06CJiy)K11BaIOlllHX
3KOI-IOMHYeCKHe OTHOIIIeHH}( Me)l{)];y cy6neKTaMH X03.HllCTB€HHOM ,l],e51TCJlhHOCTl1.
Coe0Kynuh1ii 1IJiaTe'1CHhiii o6opoT - conoKynttocTh ncex JJ;eHC)l(HhIX IIOTOKOB.
HesaBHCHMO OT cpopMbI opraHH3aU:Hl1 o6opoTa OHH rrpe.ncTaBJI51IOT co6oll CTOHMOCTb
Bcex TOBapoB, rrpOH3Be,n.eHHhIX B o6mecTBe.
lla.n:11qHbie H 6e3HaJIJI"llHb1€ jleI-IbfH B COBOKYflHOM IIJiaTe)J{HOM o6opoTe - 3TO
11,eHLrtt, np11H11Mal0lll,He pa3JIHl.JHbie cpopMbI tta pa3HhIX CTall,H.HX o6pau~eHH51. Ee3-
HaJIH'-:lHbie .ne1-1hrH 3MHTnpytoTc51 B Bttne :-iarrncefi na C'-:leTax 6aHKOB. B 3aBttCHMOCTH
OT IIOTpe61-1ocTeM 3KOHOMHKH (11 ee cy6veKTOB) MO)KHO o6MeHJITb IIX Ha HaJIHl.JHbIC
)1.CHe)KHbie 3HaKH ( 6attKHOTbl H MOHCTbl ). HaJIHl.JHbJe .neI-IbfH IIOCTO.HHHO rrepexOll,.HT
113 HaJIHY:Ho:H <jlopMhI n 6e3HaJIHl.JttyIO H nao6opor. Be3ttaJIHY:Hbie .n:ettbrtt - aTO cTaJJ.HH
Kpyroo6opOTa JJ;ener, rrptttta,lJ,JIC)KalllHX KOHKpeTHOMY 3KOHOMHqecKOMY cy6neKTy.
l.JTO KacaeTC.H HHCTpyMeHTOB ,n.ette)KHOfO pbIHKa B u;eJIOM, TO OHH HCCJie,n.onaHbI
B l\ifeHhllleH CTerreHH, IIOCKOJibKY o<f>HUHaJibHbIC CTaTHCTHlfeCKHe .naHHbie 06 o6beMe
HHCTpyMeHTOB, 06pama101u11xc.H BMeCTO .netter, He aHaJIH3HpyIOTC.H H, no ou.eHKaM crre-
IUiaJIHCTOB, OHM COCTaBJIHIOT 471 225,0 MJ!H py6. BCero TIJiaTCJKHoro o6opora.
l.JeM 6oJibllle y.neJibHbJll Bee 6e3HaJil1l.JHOJ'O l1,€HC)l(H0f0 o6opoTa B COBOKyIIHOM
IIJiaTe)KHOM o6opoTe, TCM 3¢¢eKT11BHee OH oprann::iOBatt, 6oJiee 3JiaCTHl.JeH, IIO)J,Bep)KeH
rrpor1-1osttp0Batt1110, Mettee ttH¢JIHI.J;HOHen, 6oJiee rrpospaqeH.

l .Uenbrlf --- Bee .uettC)l{IIbie cpeµ:CTBa B 3KOHOMHKe CTpattbI, KOTOphre MOI'YT 6b!Th HCMep;J:Ienno
HCIJOJJh:lOBaHhI KaK cpe.rrcTBa IIJiaTeJKa. ;iattHhl:ti: arperaT ¢iopMttpyeTC.H KaK COBOK)'fIHOCTb arperaTOB «JJ;eHbrH
Btte 6attKOB» H «ll,CH03HThI l{O BOCTpe6oBattHH»//EJOJIJICTeHb 6attKOBCKo:ti: cTaTHCTHKtt. UenTpaJihttWii 6anK
Pocctti1cKo:ti: <Dc1.1.epaunn. M., 2003. N!? 4 (119). C. 122.
2 I1IICTp)'Mt:'HTbl ii:ettC)l{HOro pblHKa ·-- 3TO BhIITYmeHHbie KpC,a;HTilbIMH opratttt3aUH5IMH ll:OilOJIHHTeJib-

HhJe cjlttHal!COBhlC HHCTpyMeHThl, }!BJI5IIOJlltteC5I 6JIH:3KHMH 3aMeHttTeJI5IMH nener, o6.irttraunn, nerr03HTHWe H c6e-
peraTCJlb!Ible cepTtt¢inKaThl, BeKCeJl5I, 6aHKOBCKH:e aKI\CIIThl, o6pa1uacMbie BHe 6attKOBCKOti CHCTeMbl//EIOJI-
JieTCHb 6ai1KoBcKoii cTaTHCTIIKH. UenTpaJihtthiii 6anK Pocc11ticKoti <Deµ:epaunn. M. 2003. N!? 3 ( 118). C. 111.

72
 3KOHOM11'-leCKHe OTHOlUeHH51, CKJTallhIBaIOW:HeC.H Me)K.ll,y cy6beKTaMJ1 COBOKyII-
HOfO IIJlaTC)l{HOfO o6opoTa, o6pa3ylOT ellHHYIO Cl1CTeMy.

9.3. Cl1CTEMA COBOKYnHoro nJJATE>KHOrO 050POTA

CncTCMa coBoKynttoro nJiaTeJKHoro o6opoTa rrpe.l1,cTaBJI.HeT co6o:H n3attMOCB.H3h
pa3JTlll.£HbIX 3JieMeHTOB H opraHtt3aIJ,HOHHblX cpopM J_~BH)Kel-IH}I J{euer ll llUCT-
pyMeHTOB .LJ;CHC)KHOfO pbIHKa, o6c.'JY)KHBaIOIIJHX 3KOIIOMIP-recKtte OTHOllleHJI51
B o6mecTBe (pwc. 9.1).

CncTeMa coeoKynttoro nJ1aTe:1KHoro o6opoTa

l I l
CncTcMa ttaJJH'-lHO- CttcreMa CnrTe~rn !lpOYHX
.nette:>KHOro 6C3l-l8Al1'-lHOl'O (3aMeIUl10Jl(HX
06pa1uenttJ1 o6opoTa .nene:>Knb1e JHaKH)
cpe.ucTB nJiaTe)Ka

Puc. 9.1

CocTaB H CTPYKTypa coBoKyrrnoro rrJiaTe)Kttoro o6opoTa KJ1acc11¢nnn1py10TC5I

CJICllYIO!l\IIM o6pa30M.
B aaowcwMocTH OT ¢iopM ¢iYHKl\HOHnpy10mux e coooKynHOM nJiaTeJKHOM
o6opoTe ,ll;eHer pa3JII11!aIOT:
1) 6e3HaJilll.£HbIH .LJ;€HC)l{Hbli1 o6opor;
2) ttaJI11'ftto-11ctte:11rnoe o6parnetrne.
UettTpaJlhHOe MeCTO B 8Toft cncTeMe 3attttMaeT 6cJH3JlHY.Hbtii: o6opoT.
Be3HtlJlU1fHblU o6opom - o6opoT ,ll;etter, B KOTOpOM OIIH BbIIIOJIH5IIOT cf:JYHKUIIID
cpe.n.cTBa rrJiaTC)l{a.
06cJIY)KHBaeTCJI 6e3naJIHl.£Hbill o6opOT 6attKOBCK11M H )leTI03HTaMll, )leIIbfaMII
Ha pacl.J:eTHbIX, TeKyru:nx, 6ru,ll)K€THblX CY:CTax c l1CHOJlh30BanHehiI IIJiaTe)l{HbIX nopy"l1e-
IIHH, TI.liaTe)KHbIX Tpc60Batt11ii-nopyY:eHHti, TTJiaTe)KIIbIX Tpe6oBattnH, HHKaCCOBblX nopy-
qCHHii, 'fCKOB, aKKpe!(HTHBOB, 6anKOBCKHX KapTOl:JCK.
KaHarraMn .ll.BH)KeHIIH ,1J;etter 6c3ttaJIIIY.Horo o6opoTa JIB.TT.HeTC51 o6opoT Me)K)ly:
• IOpH.LJ;lPICCKHMH JIHUaMH;
• 10p11.z:u1Y:eCKHMH JTHT~ahirlf 11 Kpe.Il,MTHhIMH opraH11::1au;n2MH;
• IOpH,ZJ.Hl.J:eCKHMH JlllllaMII II rocy.z:i;apCTBCHHi>JMH opraHH33llH5Il\1H;
• ¢tt3H"'feCKHMII JIHllaMH 11 rocyii:apCTBCHHhTMH opraIIH3allllJIMll (tta.rrorH, no.11y-
l:JCH1Ie .n.etter H3 6ro.n;)l{eTa).
06neM 6e3HaJIHY:IIOro o6opoTa CB513bIBaIOT c TOBapttoi1 l\faccoH HaqHOHaJTbHOtt
3KOITOMHKH, cyMMOH u;eH, CTCIICHblO pa3BJ1TOCTH pacnpe.n:eJIIITeJibHbIX H rrepepacrrpe-
.LJ;e.lIHT€JibHbIX OTHOllICHHi1 B <PttHaHCOBOti: CHCTe.l\Ie.
Ee3HaJTHY:Hhift o6opoT tt3Mep51eTcJI n .n.ettC)J(HhIX et.1.11H11nax.
CttcTeMa 6e:1na.n:nqttoro o6opora npencTaB.TleHa na pnc. 9.2.
HtlJlu11uo-iJe11e:J1Cuoe o6paiu,euue - 1!aCTh ,ll;ette;r(HOro o6opoTa, OTHOC}lJl.(aJIC.H
K o6pamettHIO HaJTHl.J:HbIX .n:ener, BbIIIO.lIH51IOW:llX ¢yttKUl1H cpCJlCTBa o6palll€HH5I H cpell-
CTBa IIJiaTe)Ka.
Ha.rrttlIHO-n;ctte)l{ttOe o6paniettne o6cJiy)l(ttBaeTc.H 6attKHOTaJ\.111, Ka3ttaY:elicKHhi1ll
611J1eTaMH H hiIOHeTaMH.

73
 I CucTeMa OeaHa.iJH'IHoro o6opota I
I

I I
Ee3HaJiaqHbiii: I 06opot Me;.ic,uy Kpe.n,ttTHhIMH oprautt:laUllilMH I
o6opot, I
npoBOJ:IHMhlll I I I
6e3 yqaCTHH 06opot suytptt Me:a{(l:ittJIHaJihHbrii: 06opot MClKAY
KpC,Z]J1THbIX KpeJittTHblX o6opor ( MC)J{Jly Kpe,UHTHbIMH
opraHH3auttif oprau113a1u111 IlOJJ:pa3.ZJ:CJICHHHMH opraHH3aUtt5IMH
Ueutpa11bttoro
6anKa tt PKll)

Puc. 9.2

HarrH-Y:tto-.uette)KttOe 06paiuen11e rrpHMett5JeTC51 npn o6opoTe TOBapoB 11 ycJiyr,

a TaK)Ke IIJiaTe)f{ell, He CB513aHHblX o6opOTOM TOBapoB 11 ycJJyr (no OIIJiaTe Tpy.na, rrpc-
MHll, rroco6HH, rrettcHll, CTpaXOBbIX KOMileHcau11iI, KOMMyHaJibHbIX fIJiaTe)l(eH ).
Kana.JiaMH .l1.BH)KeHH51 ;:i:etter HaJJ.Hqttoro o6pameHilH 51BJI51€TC51 Kpyroo6opoT MeJK,ny:
• cPtt3HlieCKHMH JIHU:aMH 11 X03HllCTBYIOlllllMH cy6neKTaMH ( opraHH3al.lH.HMH );
• cl:aI3lfl·I€CKHMtt JIHIJ,aMH;
• <l>tt3HqeCKHMH JIHU:aMH H rocy,IJ.apCTBOM;
• X0351i1CTBy10rn;MMlI cy6beKTah-llI ( opraHJI3aU:H.SJMl1) H rocy,IJ.apCTBOM.
Ho 3'1COHOMUttec'ICoMy npU311ll7q/ HaJIHqHhie nJiaTe)KH 6h1BaIOT:
• no TOBapttblM C,IJ.eJIKaM;
• no HeTOBapHbIM C,IJ.eJIKaM (rrJiaTe)KH B rocy,IJ.apCTBeHHbiit 6IO.ll)K€T, HaJIOfH);
• no ccy,IJ.HhIM orrepaU:HHM;
• ITO CTpaXOBbIM ,IJ.OJifah-1;
• ITO u:eHHhIM 6yMaraM.
Ha.11ttqtto-,IJ.ette)KHOe o6parn;etttte He HMeeT KOHKpeTnoro H3MepeHHH, a xapaK-
Teptt3yercH ,IJ.€H€)KHbIMH napaMeTpaMM'.
• ,IJ.ette:>KttoH Maccoll;
• CKOpOCThlO o6pam,eHHH ,IJ.etter;
• ,IJ.ette)KttbIM MYJihTMITJIHKaTopoM.
B aaBHCHMOCTH OT xapaKTepa aKOHOMH'leCKHX OTHomeirnii: pa3JIHqaroT:
• ,IJ.CH€)KH0-TOBapHbIH o6opor - IIJiaTe)Kll 3a TOBapbI ll ycJiyrH H IIJiaTe)KH
no HeTOBapHbIM onepaU:H51M IOpll)lHqecKHX l1 <l>tt3HqeCKHX JIHU:;
• ,ll.€H€)KHO-Kpe)J;HTHhlH o6opoT - OTHOIIICHl151 no TIOBO.ll.Y npe.n;ocTaBJieHl15l
11 rrorau1en1151 Kpe.unTa;
• .n.ettC)l(HO-cl>HttaHCOBblit o6opoT - OTHOIIICHH5I no llOBOJlY cj_>opMttpoBaHH51
11 pacnpe,IJ.eJieHH51 cpeJlCTB 6ro.n.)J(eTa; rroKyIIKa 11 npo.n.aJKa paaJJIP-IHhIX tjJHHaHCOBhIX
o6.H3aTCJibCTB;
1
• BaJIIOTHhIH o6opoT - o6opoT tta:u;noHaJihHOH BaJIIOThI. PacL£CTbI rocy.n.apcrn
lIHOCTpaHHOH BaJ!IOTOH (!! em cy6beKTOB) l\pyr c 11pyroM; orrepal\l!ll ITO rrpOl\alKC
11 IlOKYTIKe HHOCTpaHHOH BaJllOTbl.
B 33BHCHMOCTH OT cy6'beKTOB OTHOllleHHii:, Y'faCTByJOIII,HX B COBOKynuoM ruia-
Te)KHOM o6opOTe, pa3JIHqaIOT:

1 Ca!JUHCKuU JO.II. L(eneJKttO-KpeiutTHoe pery.'IHpoBattHe: Ylfe611oe noco611e. M.: <DttnancoBa.sI aKa11:e-

Mtt.H npw IIpaBHTeJTbCTBe P<I>, 1999. C. 9.

74
 • o6opoT Me:iK.llY cpH3Jll.IeCKIIMH JIHU:aMH;
• o6opOT MC:iK.llY IOpH)J.ll'-:lCCKllMH JIHUaMH;
• o6opoT MC)f(.Il,y ¢tt3H"4CCKHMH H IDpH.Il,lll.JeCKHMH JUIU:aMII;
• o6opoT Me:iK.llY Kpen;IITHbIMH opraHtt3aU.H5ll\.1H, cf:>tt3H'-CeCKHMH H IOpH,llHlle-
CKllMll JIIIU:aMH;
• o6opoT B rrpe11eJJax Kpe11mttoi1 opramI3arrrm (MeJK6attKOBCKHH o6opoT);
• o6opoT MeJK.z:i;y U:€HTp3JibHblM 6aHKOM H Kpe.ll,HTHbl~1H opraIUI33U:H.HMH.
CttcTeMa COBOKyrrttoro 11.naTC)l(HOro o6opoTa BK~1101!aeT neKOTOphie opratttt3a-
UMOHHbie H peryJittpyIOTI~He 3JTeMeHTbl.
K opraHH33IJ;IIOHHhIM aJieMeHTaM OTHOCHTC.H npttttU,HilhI opraHH3aU:HH coBoKyrr-
ttoro IIJiaTe)l(HOro o6opora, BHJl,bl Cl.fCTOB, OTKpbIBaeMhIX yqacTHHKaM IIJiaTC)l(HOro 060-
poTa, HCTOl.JHIIKH H crroco6bI IIJiaTe)Ka, Bil.Ubl H ¢opMbl IIJiaTC)l(Cit, MCTOZJ;bl orrpelleJJe-
HH.H pHCKOB, opraHH3aUH51 .l{OKyMCHT006opoTa H .up.
K peryJ1upy10muM aJieMeHTaM OTHOCHTCH 3aKonon:aTeJihHa.H H ttopMaTIIBHa.H
6a3a: o6rn:tte 3aKOHbJ H c,rrel(HaJibHhie nopMaTHBHbie aKTbl, 06c11y)l(HBaIOIUHe COBO-
KYIIHbill rrJiaTe)Ktthlll o6opoT. HarrpnMep, o6mue aaKOHbl: fpa)KJl;aHCKttll KO,lleKc Poc-
c11HcKoif <Den;epau:.11.11, 3aKOHbI «0 6attKax n 6anKOBCKo:ti: .n:eHTeJibHOCTM», «0 UettTpaJtb-
HOM 6attKe PoccnHcKoH <De.llepaL\HH (EattKe Poccun)»; cneUttaJihHhIC pery1n1pyIDnv1e
aKThI: IloJIO)Kettne EattKa Poccnn OT 3 MapTa 2003 r. Ni? 2-Il «0 6e3H3JIJl4:JThJX pacqe-
Tax B PoccnHcKoH <Dc.llepau,nH».
CTpyKTypa UJiaTe)l{HhIX cpe,ll,CTB 3aBHCHT OT BH.ll.OB TexttoJiornu H KOJJlP-IeCTBa
rrpoBen;ettHhIX nJiaTe)Kell pa3JJHLJHhIMH cwcreMaMH. B r~eJTOM o6unrti: 06berv1 rrJiaTe)l(e:ti:,
rrpoxo.z:i:.51m11x, ttarrpnMep, qepea pacY:CTHbJe HKO. cocTaBJI.HeT He 6011ee 1% K o6meMy
o6'bCMY II.IIaTe)Keit.
Co,z:i;ep)l{aHHe cosoKyrruoro UJiaTemuoro o6opoTa pa3JlttY.aeTC}I B aaBHCHMOCTH
OT TIIIIa o6meCTBCHHblX OTHOJlJeH11H, '-ITO MO/KHO BH.l{CTb ll3 Ta6.TI. 9.1.
Ta6Jmna 9.1
Co,n;ep:m:atttte coooKynttoro nJiare:m:ttoro o6opora
B 33BHCHMOCTH OT MO,ll;eJIH aKOHOMHKH

II.11anoso-pacnpen:e1u1Te.11bna.a MOli:e.Tib 3KOHOMHKH PbIHO'-IHaJJ MO/l;C.llb 3KOHOMHKH

UettTpa11113au:i1JI COBOKynttoro n;1aTe)Kttoro o6opoTa )leueuTpaJJH3aUH51 COBOKYHHOI'O IIJJaTe)l(HOrO

HaJnf'Itte e11:11ttoro 3Mnccnottttoro ucttTpa,
3MHTttpyIOuiero KaK tta.HH'-IHbIC, raK 11 Gc:1ttaJIH'-IHWe
n:etthrH
o6opoTa. ):{Ba 3MHCCHOHHhIX uettTpa: 3MHCCHIO
6eJ11ar1tt'lllhIX ,i::i:ener ocyruecTBJUJE'T cncreMa
Kpe,QHTllblX oprantt3aurn1 H '13CTH 1IHO
ue1rrpa.nb1IWti 6aHK, 3MHCCHIO H3.,'IH'IHbIX ,!letter -
uettTpa.nLHbI.ii: 6aHK

CTporoe aaKotto11,aTCJJbttoe fia3rpattH'!CHHC .iJ.CHe:iK- 0TCYTCTBl1e 3aKOHO,llaTeJtbHOro pa3rpaHH 1 IeHH5J

ttoro o6opora tta 6estta.1111lftt1>1i1o6opor11 uaJIH'lHO- COBOKYHBOro IUiaTe)KIIOfO o6opoTa na 6e3HaJHllf-
n:etteJKttoe o6pauiettnc. I-IopMaTttBHhI:.111 aKTaMn Hblti o6opoT 11 Ha.'IH"lfHo-n:etteJKHoe o6paruetttte.
CTporo perJJaMeJlTHpy1orc.11 Jl/IaTC:iKH B 6e3HaJIH'llHOH CBo6o;ia Bhr6opa nnaTe)Ka - B naTIH'lHhIX HJIH
11 HaJJH'-IHO-)leHC)KHOH cpopMax 6e3Ha.JIH'1HblX .ueneJKHbIX 3HaKax

CaMocroJITeJJhHOCTh 6c3ttaJu1 <1noro o6opora TecnaJI B3aHMOCBJI3h 6e3Ha.HH'JHoro o6opoTa

H HaJllf'!HO-,nettcJKHOfO o6pau{CHH51 llHa.JJH'-lJ-IO-J:{eHe)KJ[OI'O o6paruenHJI; HX B33HMO-
LJ.CilCTBHe qepe3 3MHCCHIO 6e3HaJIH'-IHbIX .nener
(11epBH'Hla) H 3MHCC'HIO ll<L'llflHIWX netter
(ttTOpH'-!Ha)

ConoKyITtthiit nJiaTe'.IKtthril o6opor JIB.IIJICTCH '-laCTbIO CosOKYllHLilt ll.'JaTe)!{Hhlfi o6opor .sIBJJ.sreTc.sr

JJJipeKTHBttoro (uettTpa;1113osattttoro u ,Qeuenrpa.11tt- o6beKTO:\I nporH03lIOI'O IIJl3HHpOBaHH51
30Battttoro) nJiatt11poBaHH}I

75
 Ilpo,n:oJDKettne
llJiaHOBO-pacnpe,ri:CJIHTeJibHa5l MOJJ,e.llb 3KOHOMHKH

Co1:10Kyrrtth1H HJiaTe)KtthIH o6opoT o6cJiy'.1Ktt:BaeT CoB0Kynnb1i1 rrJiaTe)Kttwll o6opoT o6cJiy)KttBaeT

HCKJlIO'-IHTeJibHO pacnpe11:eJittTeJihHt.Ie OTHOllICHltH. phIHOLJJibie OTHOUientt51. B rrpouecce npou3so,ucTna
B rrponeccc 11pOH3ROJ1:CTB3 COJ,UaeTC51 He TOBap, C031(aCTC51 TOBap; npOH3BO.[lHTCJlbHhle CJUJhl
a 061.uecTBeHtth!H npo;a:yKT; cpe,n:CTBa npOH3BOll:CTBa, o6mecTBa o6MeIIHBaJOTC5! Ha pb!HKe
npe;ri:MCTJ..l Il0Tpe6JICHH}i, pa6ol.fan CHJia He 06MCHM-
Ha10TC5f liepe3 CHCTeMy pblHO'UILIX OTHOIIJCHH:ti:,
a pacrrpe1.1:eJJHIOTC5!

9.4. PA3BHTHE COBOKYnHoro nnATE>KHoro 060POTA

Ph1noqttb1e 6THoIIIeHM71 ycnJJHBaioT .Il.CtiCTBtte CTOHMOCTHbIX (aKoHOMHI.JecKwx)
M KOCBeHHbIX MeTO.Il.OB B03ti.eMcTBH51 Ha coBOKYilHhili rrJiaTe)KHbIM o6opoT. CncTe-
Ma pbIHOl!HbIX OTHOIIIeHlffi, rrpOHM3bIBaIOll(a51 Beeb COBOKYTIHbIH rrJiaTeJKHbIH 060-
poT H ,n:eJIHIJ~aJIC51 Ha ,n:Be 60JibIIHte I.J:aCTll: .n.ette)KHO-TOBapttbiii o6opoT ll neneJK-
HO-HCTOBapHbIH: o6opoT,~ MMeer CBOM oco6eHHOCTll.
Oco6eHHOCTbIO .n.ene)KHO-TOBapnoro o6opoTa 51BJIHCTCH To, LITO:
• rrpottCXO,ll,HT BCTpeI.J:HOe .IJ.Bll)l{€HHe .IJ.€Her Jf TOBapoB;
• CTOllMOCTHbIH ( TOBapHbIH) o6opoT B3aHMOCB513aH c )l€HC)KHbIM;
• .Il.Btt)KeHHe .IJ.CHer M TOBapoB neo6H3aTeJibHO COBIIa,n,aeT BO BpCMCHH;
• Ka)K,[J:bIH BOBJieI.J:eHHbJH: B o6opoT .IJ.€HC)KHbli1 3HaK npe.IJ.cTaBJUieT I.J:aCTb MaTe-
pttaJIH30BanttuH B TOBapax CTOMMOCTJf ( o6Jia,n,aeT rrpC.IJ.CTaBHTCJlbHOH CTOHMOCTblO );
• l.JCM M€HbIIIYIO CTOllMOCTb rrpe)lCTaBJIHeT .IJ.€H€JKHbill 3HaK, TeM 6oJibIIIe )lCH€)K-
HhIX aHaKOB QJyttKUl10HHpyeT 8 9KOHOMHKe;
• .IJ.eHe)KHO-TOBapHbiit pbIHOK JTO.IJ.pa3,ll,€JI5IeTCH Ha pblHKM npe,z:i:M€TOB Tpy.IJ.a,
cpCJXCTB Tpy)la M pa60L£e.H CHJibl (pbIHOK npott3BO.IJ.IITeJibHbIX CHJI - QJaKTOpOB rrpOH3-
BO,ll,CTBa) H QJopMnpyeT IIO)l B03.IJ.ellCTBMeM cnpoca 11 npC,ll,Jl0)KCHI15I 1(€Hbl, KOTOpbie
OKa3bIBaIOT KOCB€HHOe BJIM51HHe Ha U€HY Ka)K)l,OfO KOHKp€THOf0 pbIHKa clJaKTOpOB rrpo-
ll3BO,l1.CTBa, KOTOpbie n TO JKe caMoe speM51 HaXO.IJ.HTC51 ITO.II. BJIH51HlleM TOBapHbIX ueH
( ttanpHl\1ep, ueu Ha 3HepreTH1ICCKHe pecypCbl ). Bee 3TJf <PaKTOpbI MoryT Bbl3BaTb OTKJIO-
HeHMe U,€Hbl B CTOpony II0Bblill€HM51 llJTH IIOHH)KeUM51.
Oco6enttocThIO .IJ.CHeJKno-neToBapnoro o6opoTa 5JBJI51eTC5I TO, LITO OH onocpe.Il.yeT
pblHKH KpC,llJITHbIX pecypcoB M 1(€HHbIX 6yMar.
Ka)K)J,aJI l.JaCTh COBOKYIIHOro IIJiaTeJKHOro o6opoTa HrpaeT CBOlO pOJib B CHCTeMe
lJbIHO'-lHblX OTHOIUeHMil, HO HM€HHO c IIOMOU_(bIO COBOKyrrnoro rrJiaTe)KJIOfO o6opoTa
C03/_(aIOTCH MaTepttaJibHbie rrpe,ll,IJOCblJIKM ,ll,JUI QJyttKll,HOHHpOBaHHH .nette)KHQ-HeTOBap-
Horo o6opoTa.
c IlOMOIIJ;blO COBoKynttoro IIJiaTeJKHOrO o6opoTa pacnpe.IJ.€JI51€TC51 corJiaCHO COBO-
KYIIHOl\1Y cnpocy KOH€'IHbIH o6IU,eCTB€HHbIH npo.IJ.yKT.
B COOTBeTCTBHH c TIOTpe6nocT51Ml1 ll€HC)KHO-TOBapttoro o6opoTa B paMKax COBO-
Kyrrnoro nJiaT€)KH0fO o6opoTa rrpOllCXO.IJ.llT o6opoT .IJ.CH€)KHbIX 3HaKOB, KOTOpbte rrocpe.u-
CTBOM KP€.Il.MTHOll CMCT€Mbl (.IJ.CH€)KHO-HeTOBapnoro o6opoTa) MOryT 6bITb aKKyMy.TIHpo-
BaHhI H rrpeo6p3.30BaHbl B KaHHTarr.
EhICTpb1H nepeJIMB KanHTaJia H3 O.Il.HHX cerMCHTOB pblHKa B .IJ.pyrne corJiactto
3aKOHY crrpoca H rrpe.IJ.Jl0)K€Hll5l Il03BOJI51eT KaIIMTaJIY MeHHTb CBOM cpopMbI, HarrpaBJie-
HH.H, .l\IaCIIITa6hI, np1paBHHBa5I TeM caMbIM HOpMy nptt6bIJI11 ll ycKop5151 rrpou;ecc pacwn-
penttoro BOCIIp0113RO)lCTBa.

76
 l-Iepe3 ;.1,eHe)KHO-ciHIHaHCOBbIH o6opoT B 3KOHOMHKY BJ1HBaeTC.H neo6xo.IJ,HMOC
KOJI11qecTBO HHBeCTHUHH.
IIo.u BJIHHHHeM COBOKYIIHOfO ITJiaTe)KHOfO oGopoTa rrponcxoi:vrr upou:eccbI KOII-
u:ettTpaILHH l1 u,ettTpaJIH3ailHH KarnITaJia 11 rrpol(eCCOB rrpott3BO.UCTBa.
Hau:ttoHaJibHh1H pbIHOK BKJJJOqaeTCH n Mnposoii: 3KOHOMHY:CCKHH phTIIOK, ero
u:eJ-IOBYIO KOH'bIOHKTypy. HttTCrpttpy.Hch B Ml1p0BYID CHCTeMy, COBOKYHHhIH rrJiaTe)J(-
HhIH o6opoT IT03HOJ1H€T IIOBbIIIIaTh 3KOHOMHl!eCKHH IIOTCH LI,HaJI CTpaHbl.

9.5. JAKOHbl AEHE>KHOro 060POTA

Ba)J(HOH rrpo611cMoii peryJJ11poBaH11.H .uene)KJioro o6opoTa .HBJI5ICTC51 3an;aqa orrpe-
JJ,CJICHHH KOJIHlleCTBa netter, neo6xoJJ,HMbtX .11,1151 o6pam:enn.H.
IIepBoHa1!aJihHO n;aHHhIH aaKOH TpaKTona.rrc.H KaK aaKOH, onpe.ueJI.HIOIIltti1 KOJIH-
LtCCTBO JJ,etter, neo6xo.ll,IIMhIX MH ToBapttoro o6paru:enIIH. IIocKOJihKY B rrpou:ecce o6pa-
rnettH51 TOBapbI pea.rrII3YJOTCH no orrpen;eJieHHhH\11 ueHaM, no .uanno-rv1y aaKoHy KOJII-P-IeCTBO
.n:ener, BO-HCpBblX, orrpel{eJI.HeTC.H cy-rv1MOH u:en TOBapoB, BO-BTOpbIX, na 3TO KOJIH'fCCT-
BO BJJH.HIOT He TOJlhKO ll.CHOBbie tj:>aKTOphI, HO II CKOpOCTb o6paII(CHl'.l}J .11,CHCJKHbIX 3IIaKOB,
KOTOpblC B TCl!eHHe nerrpO.ll,OJDKHTeJihHOfO BpeMeHH 1\.iOryr peaJIII30BaTh qeHy p.Hlla TOBa-
poB. B l(aHHOM 3KOtto-rvntlleCKOM aaKone Bbipa)J(ena 3KOHOJ\.1H'-fCCKllil 3aBIICHMOCTh MC)l(JJ,y
Maccoll TOBapoB, ypOBHeM HX u;eH l1 CKOpOCTLK) 06pa1ne1-1H5I ;~ettcr. 0TCK),l(a l(JlH ¢yttK-
1~HH netter KaK cpell,CTBa o6pam:enH51 rrpocMaTpttBaCTC51 II .n;pyra.SJ ::1aK0Horv1cpnocTL: qerv1
6LICTpee o6opa'!IIBaIOTC51 .n:eHhfH (nepexo,z:i;51T H3 pyK B pyKII), reM MeIILIIIee HX KOJ111-
qeCTBO tteo6xo.llHMO JJ,JI51 o6pam:enIIJI.
B yrrporn;e1n-10M BI1.Ue 3TOT 3aKOII -rv101KeT 6btTh npe.ucTaBJien c.r1e1lytoHlH.\.1 o6pa3oM:

K = 11xo (9.1)
o6p v '
r]\c K06 P - KO]IlflieCTBo ;:i:ctter, tteo6xo;:i:HMOe µ:.rrn 06pau1cnu51;
Tl - cyMMa Bcex l(ett TOBapoB, ycJiyr;
0 - o6oeM TOBapoB;
v- CKOpOCTb o6opoTa 0,UHOHMCHHOfr 1-1:ette)[(IIOf1 e,!JJ1JIHL(hl (KO.'JHLJCCTBO o6opoTOB, KffrOphlC
COBepllIHT Ka)K,Ub!ii: .uette)l(Hhli-1 :-1ttaK).

K. MapKc orrpei::i:e1151J1 KOJ1.l1'-fCCTBO ,l[etter, neo6xo.z1J1MhIX n;,151 06pa1u;e1-1u.s:1, HC TOJib-

KO l(JI51 cf>yHKI.~HH )J,etter KaK cpe.11,CTBa o6parn;CHI1H, HO II 11.JI51 <t>YHKUHII .11.CHCf KaK cpeJJ,-
CTBa IIJiaTe)J(a:

(9.2)
Ko6p

r,n:e K 06r - cyMMa I\CH pea.'TH30DaHIIhIX TOHapoB;

u- cyMMa UCH pea.IIH3)'eMhIX Tonapon;
K - cyMMa l(eH TOHapoB, npo;:i:attnhlx B Kpe,uttT;
l'J 0 - CYMMa fI.'laTC)l(Ci-f HO 06513aTe,lhCTBaM;
Iln, - CyMMa D3aHMOTIOfaIUaKH1\HXC51 nJiaTeJKeiJ:;
V - cpe.n:ttee 'lHCJio o6opoTnB llettcr KaK cpe11cTRa 06pame1-1u51 u 1uiaTe)1G1.

C11e.11,yeT Y'-fHTLIBaTb, Y:TO n;attnllil 3aKOHOMepHOCTb 6L1.na ycTanoB.Tietta JJ,JI51 rro11-

ttou;e111-1LJX 30JIOTbIX MotteT, K0.7IJT4eCTBO KOTopbIX peryJI11poBaJ1ocb CTIIxn:Hno. EcJ111
i:i.etter 6bI.7IO 6oJThlllC, 1ICM i:i.eiicTBIITeJILHa.H I10Tpc6ttoCTL B IIHX, TO 30,10TLie MOI-IeThl
yxo.LJ,HJIH B T€3aBpau;HIO, eCJIH TIOTpe6HOCTb B HHX BHOBb B03HIIKaJia, TO 30JIOTO BbIXOl{II-
JIO 113 COKpOBHIUa B o6pam:entte.

77
 Tipe.n.cTaBHTeJil1 KOJilfl:IeCTBeHHOI'f TeOpllll netter ll CTOPOHHllKll MOHeTapHCTKOii
KOHIJ;eIII.J;HH onpeneJI.HIOT KOJIH1!eCTBO ,z:i:ener, Heo6xo.n.ttMblX )J,Jl}I o6pamettH71, HeCKOJib-
KO llHbIM nyTeM. ,l[JI.H 3T0f0 rrpHMeHHeTC.H ypaBHentte o6Mena 11. <l>HUiepa:

M=PxQ (9.3)
v ,
r;:i:e M - Macca .n:etter B o6pametttttt;
v- CKOpOCTh o6parn:eHHH ,ueHeJKHblX 3HaKOB;
p - cyMMa u:ett TOBapoB;
Q - ux o6I>eM; ( Q + P = Y) - HOMHIIaJihHhiif ofrbeM BHII.
Ila MHeHHIO aBropoB nannoM Konu;enu;HH, JJ:JI71 o6pameHM.H neo6xon11Mo raKoe
KOJlll1!€CTBO .n;ener, 1{0TOpoe II03BOJIHT peaJIH30BaTb no reKyIIJ.HM u;enaM Bech o6neM
npOH3Be.n;eHHblX B paMKax nau;HOHa.JlbHOH 3KOHOMHKH TOBapOB H ycJiyr.
B COBpeMennoH pbIHOl:IHOii: 3KOHOMHKe HCI10Jlb3YIOT HCCKOJibKO c:PopMyJI, orrpe-
.llCJIHIOIIl)1X o6·beM cyMMbI .n;ener, neo6xo.11.11MbIX .ll:JIH 06paiuen11H. O.n;na 113 HHX HMeeT
CJie,n:y10r.u;11ll BII.ll:'.

T ll +IIc -3IHl,U,11
_rr -PHH -011 +B ll
TT
(9.4)
~" co ,
n1e ,l.1, 0 - cyMMa .n:etter, Heo6xo;:i:HMhIX ll.JI5l o6pametttt5J;
Tu - cyMMa u:en peaJitt3yeMhTX TOeapoB;
Ile - CyMMa llJiaTe)Keii:, no KOTOpbIM ttacTynHJI cpoK;
3.11 - cyMMa B3aHMonora1uaeMbIX nJiaTeJKeJ.i:;
)1,. - cyMMa rrepe,11;aYH ll.OJlroB;
p ~· - cyMMa UeH TOBapoB, peaJIH30BaHHhlX 3a HHOCTpaHHYIO BaJUOTy;
0" - cyMMa OTCp0'-1.CHHbIX IIJlaTe)Kei1::
B 11 - cyMMa BeKce11eii:, nepeyqretttthIX uettTpaJII>HwM 6aHKoM:
co - CKOpOCTL o6parn:eHH51 .zi;etter.

B phIHOl.IHoM 3KOHOMHKe PoccHH rrpe.ucraBJICHHaJI c:PopMyJia yro1.:1n.HeTC7I, 1.:111c-

JmTeJib <J:>opMyJihI KOppeKTMpyeTC>I Ha cyMMy:
1) BeKceJieii, rrepeycrrennbIX B EanKe Pocc1111;
2) TOBapoB, peaJIH30BaHHbIX 3a l-IHOCTpaHHYIO BaJIIOTy;
3) nepe!laqn (3a'!eT) /lOJira 1 (HHl(OCCaMeHT KOMMepqeCKHX (TOBapHbIX) neKCC-
Jie:H; BttyrpH6anKOBCKHH o6opor, Karna IIOKyrraTCJib H npo.n;aBeu. HMCJOT c1.:1era B O.l(HOM
Kpe/lHTHOM yqpelK/(eHHH).

Cor.Tiacno rrpaKTHKC DattKa Pocc1111 cKopocrb o6paI.IlCHH51 paCC'111TbIBaerc.H

Ha 6a3e CJiellYIOII\HX <J:>opMyJI:

(9.5)

r;:i:e BBII - HOMHHaJihHWH BBil.

I 3a'-l.eT ;:i:oJira (3"") - CIIHCaHHe 3a'-IH'IblBaeMoH cyMMhl, B3aUMHblX ,UOJirOB, B3alfMOIIoraIIIeHHe

n11aTe:aca, a nepe.zi:aqa .UOJira (Jln) - nepeno.u .zi;ener c onuoro pacYeTttoro c'-1.eTa na ,upyroH. Ilpn 3TOM ,n:eHhrH
BhITIOJIH.H"IOT cpynKUHIO cpe,a:CTBa JVIaTeJKa, HO ocraIOTCfl B Ka'JeCTBe ll:OJira.

78
 J13 .n;aHHOfi c}JopMyJihl BbITeKaeT, lJTO CKOpOCTb o6panleHI151 .IJ.eHer (.IJ.eHe)l{HblX
3HaKOB, .IJ.eHe)l(HoH MaCCbI) paBtta cooTHon1eHttIO o6beMa BBTI H cpe.n,neH ii,eHe)l(ttOH
MaCCbl (narrp11Mep, 3a 1'0.Il.). IlpH yqaCTHH B pac'-:IeTaX 3Tl1X 11 ll,pyrttX MHOfOl.JHCJieHHbIX
IlOKa3aTeJ1eH TO'-IHO orrpe.IJ.CJIHTb KOJIH'-ICCTBO .IJ.CHer, Heo6xoll,HMhIX .IJ./151 o6parn:eHH51,
11 CKOpOCTb HX o6parn:eHH51 HC BCCfll,a y .L(aeTC5I.
IlpaKTttKa IIOKa3blBaeT, l.JTO l[Cll€)1(Ha51 Macca paCTCT 6bJCTpee, l.J:CM pCaJibHbill
BBTI B TCKYIIJ;HX u;ettax B ycJIOBH51X npe)f{tteH cKopocTH o6parn:ettu51 .IJ.Cttcr. I1o3TOMY
Heo6xo)].HMO rrpo.n;OJI)KaTb IIOHCK 6011ee o6ocnoBaHHbIX clJopMy.11, '-ITO MO)KCT crroco6cT-
BOB3Tb OIITHMaJlhHOMY rrpe,ll)JO)KCIIHIO .IJ.CI-Ier, CTa6HJIH3aIJ;HH HaUHOHaJibHOH: .Il.ClIC)KHOH
C)J,HHHUhl, OIITI11\iIH3aIJ;HH TCMIIOB HHcl>JIHU:HH, c}JopMHpOBaHHIO o6oCHOBaHHOH: IIOJil1TH-
KH, o6ecrrel.J:HBaIOrn:eH 3KOHOMHl.fCCKH:ii: pOCT CTpaHbI.

rnABA 10
5E3HAJJl.14Hblil1 AEHE>KHblill 050POT
1-1 Ero OPr AHl-13AL!l-151

10.1. XAPAKTEPHCTHKA 6E3HAnl14HOro .QEHE>KHoro

060POTA
Ee3HaJIHlJHbiil .Il.CHe)l{IIbIH: o6opoT npe.Il.CTaBJ15lCT co6oil qacTh .n.ene)l{Horo 060-
poTa, B KOTopoH ;i:J:Illl)l(CHHC .IJ.CHCJKHblX cpe)lCTB ocyrn:ecTB~'I51CTC51 B 6e3HaJU1'-IH0-
11,CHC)l{tt0ll ¢>oprv1e B rrop51)1.KC rrepel!HCJICHH51 (HepeBOlJ,a) )1.CHC)l{llbIX cpe,ll,CTB
co Cl.feTa IIJiaTCJibIIJ;HKa B 6aHKC Ha C'-ICT fIOJJY"4aTCJI51, rryTeM sa'-:ICTa B3aHMHhlX
Tpe6onan11i1:, a TaK)l(C c HCIIOJih30BaHHCM Apyr11x 6attKOBCKHX onepau:ttH.1-{s11)1{e-
HHC .IJ.CHC)KHblX cpe.ncTB B 6e3II3JIH'-IHOi1: ¢>opMC orrocpe,u.yeT CMCHY TOBapnoiI
cpopMbl CTOHMOCTH Ha 11,ette)KHyIO, ,llCHC)KHOH - Ha TOBapny10, a TaK)l{C rrpou;eCChl
pacrrpe)].eJiett115I 11 nepepacupeJJ,eJieHH51 cpe11,cTB ¢ttnattCOBbIJ\i1 H Kpe)J.HTHhL\iI
MeTO)J,aMH.
Ee3HaJIHlJHbI:H .Il.CHC)l(Hblll oGopoT - 3TO OCHOBHOil: BH.Il. .Il.CHe)KHOfO oGopoTa.
Ha ero .Il.OJIIO rrpHXO.Il.MTCJI oKo.110 80% ecex rrJiaTe)l{e:H B aKOHOMHKe ttalllei1 CTpaHbL
Ee:-JHaJIH"'-Ittb1i1: ,u.ette)J(HbIH. o6opoT oxBaThIBaeT: .LJ:Btt)l(CHHC o6mecTBCHHoro rrpo.LJ:yKra;
pacnpe)J.eJICHHC H rrepepacrrpe.LJ:CJI€HHe HaUHOHaJlbHOfO .Il.OXO.IJ.a; IIJiaTC)l(H 3a TOBapbl,
ycJiyr11 H BbIIIOJIHCHHbIC pa60TbI; IlJiaTC)J(H, CB5133HI-lbIC c <PopMHpOBaHHCM )1.0XO,llOB 610;~­
)l{eTa 11 ocyrn:ecTBJlCHHCM 6JO)].)KCTilbIX pacXO.IJ.OB; IIJiaTC)l(H, OTHOC5IJT{I1CC51 K HCTO'-IHH-
KaM KaITHTaJlbHbIX BJIO)KCHHH; pacl!eTbl, CB513aHHbl€ c <{lttHaHCHpOBaIIHCM rrpe.LJ:rrp1151-
THH; 610.n)KeTHbie, BHYTPHOTpacJteBble, BHYTPHX035IllcTBeHHhIC nepepac11pet1,eJ1eHH5I
i'J:CH€)1{HbIX cpe,UCTB; rro.r1yqeHHC H rrorarneHHe 6attKOBCKHX ccy JC BblfTJJaTy H HCIIOJib30-
BaHne '-:IaCTH ll,CHC)KIIhIX .Il.OXO.Il.Oil naceJ1ettttH; .Llpyr11e n11aTe1KH H nocTyrr11etttt5I. Y'-:IacT-
HHKaMH aTHX OTHOIIICHMH 51BJI51IOTC51 opraHH3aU.HH, B TOM '-IHCJie 6attKH 11 tte6attKOB-
CKHC cjJ11naHCOBO-KpC):(HTHhlC HHCTHTYTbJ, naceJICHMC.
Ilpe11My1u:ecTBennoe pa3BHTHe 6e3tta.rn1qttoro J(CHC)KHOro o6opoTa no cpanne-
HHIO c HaJIHl.JH0-11,eHe)KHbIM o6pameHttCM o6b5ICH5JCTC51 KaK o6beKTHBHbIJ\H1 rrpHl!HHaMH,

79
TaK l1 C03IIaTeJibHO rrpoBO)lMMblMM rocy.n;apcTBOM MeporrpH51Tll51Ml1 c u:eJiblO C03.ll:aHH51
paUHOHaJibttOH CHCTeMbI )lette)l{HbIX pacqeTOB H 3KOHOMHI1 o6u~eCTBeHHbIX ll3.ll:€P)K€K
o6pa:w:ettl151, ITOCKOJibKY CKOpOCTb ,UBH)l{ettll51 )letter B 6e3HaJIH"llHOM ,nette)KHOM o6opoTe
3HaqMT€JihHO BbIIlle CKOpOCTll ,UBJ1)KeHtt51 .ll:etter B HaJJJiqHo-.n;ette)KHOM o6paiueHHl1.
3aMe111.eHtte pacY.CTOB IlaJIHlIHblMH )leHbraMM 6e3HaJB14HhIMll IIJiaTe)l{aMH ll HX
pau:nottaJihHa51 opratttt3au;na B yc110BH5IX ph1HOLJH0H 3KOHOMMKH nMeJOT BaJKttoe 3Haqe-
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80
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aKKPCllMTHBbl, l.JeKIIi IIJiaTe)l(Hbie rpe6oBaHH51, llHKaCCOBbJC nopyqenII5l.
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81
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82
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H yTBCP)K.UCHhI cTatt.uapTbI 3THX .UOKyrvreHTOB.
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ttoro J\i10HOMeTaJIJIII3Ma K 30JIOTOMy. 30JIOTO KaK Ha116011ee CTa6HJibHbI:i1: B u;ette
MCTaJIJI IICIIOJib30BarIOCb ll B enponeHCKHX CTpaHax.
B 1895 rony focynapcTnettHOMY 6aHKY 6b1JI11 pa3perneHhI cnr11K11 s pocc11Hc1<nx
30JIOTbIX MOHeTaX (rroKynKa, npo;:i;a)Ka 30.llOTa, BbTITYCK «MeTaJIJll1LfCCKHX JJ.CI103HTHhIX
KBHT3HUHH~ 3a cpOT.IHOe xpanenne B 6attKax 30JIOTOi1: MOHeTbl, :30JIOTa, HHOCTpa1-n10M
naJIJOTbl, pa311€HHOH Ha 30JIOTO ).
c 1HHB3p7I1896 ro.n:a 6bIJI ycTaHOBJieH Kypc JlJI71rrpneMa30JIOTOH l'vlOHeTbl BO Bee
Ka3eHttbte rrJiaTe)KH no 7 py6Jieii 50 KoneeK 3a rroJiyHMnepttaJI H 15 py6Jieii 3a MJ\iillepttaJI.
c 1897 ro.n:a ttaqaJIHCb LfeKaIIKa H BblllYCK B o6parn.eHHe 30JIOTbJX J\ilOHeT B 5 H 10 py6.11e:i1:,
HO 30JIOToe coi(ep)Kanne 6b1JI0 notttt)Ke110 Ha 33,3%. CTapb1e HMnepttaJTbT nocTerrenno
H3b.HJIH H3 o6parn.eHH.H.
C 29 aBryCTa 1897 f0,ll3 BCR ,ilCHe)KII35I 3MHCClU-l 6bJJia cocpe.IJ,OTOl.feHa B rocy-
!l3pCTBeHHOM 6attKe, KOTOpblil llOJiy-cn1JI npaBO BbITTYCKa Kpe,llHTHbfX 6H.11€TOB. 30110-
rne COi!CplKamre HOBOfO py6JI>I YCTaHOBllJlll B 17,424 )10Jl!1 llJ!ll 0,77414832 r q11cToro
30JIOTa. Eyrv1a)f(nb1e J(eHbfH 6e3 orpaHH'-leHH5I cy~1MbI cso6onno 06Mett11Bai'tHCb Ha 30_-rro-
TYIO MOHeTy. Cepe6pRHa5J MoneTa 6b111a npeBpaIIJ,eHa BO BCitOMoraTeJihttyro.
Kpc,ilHTHbie 6ttJieTbI .n;OJI)l{HbI 6hIJIM Bh1nycKaThC5l B cTporo orpaI-IHl..feHHhIX npe-
ne11ax: .ll,O 600 MJIH py6JieH MX o6ecne'-:leHHe 30JIOTOM ,llOJl)l{HO 6hIJIO COCTaBJIHTb 50%,

115
CBepx aToll cyJ\.lMbl BC.H 3MHCCH5:I ,ll,OJDKI-Ia 6b1Jia 06ecrreq11BaTbC5I Ha 100%, qTo orpattH-
'll1BaTIO ::>MHcc11otttty10 !leRTeJihHOCTh focy1lapcTBettttoro 6a1-1Ka. K 1897 rony 30JIOToll
3auac cocTasmrn 1095,5 MJJll py6JJeii.
Ilepexo,ll K 30JIOTOMY CTaH,z(apTy He TOJibKO 06ecneq11JI CTa6HJIJ13aJJJIIO ;:i:ette)l(-
HOfO o6parn,ettl151, HO ll CTaJI upH3HaKOM rrpeycneBaJ-IH.H H ,Z1,0Ka3aTCJJbCTBOM ycTOll'-IH-
BOCTH 3KOHOMHl.£ecKoro 11 noJIJITttqecKoro rroJIO)l<ettII.H PoccHH, 1-JTO crroco6cTBO-
BaJIO llpHTOKy HHOCTpaHHOfO Kan11Ta.11a, CTaBIIIero OCHOBOH X0351ilCTBCHHOro ITO,llbeMa
CTpattbl.

,QEHEJKHAll PECl>OPMA 1922-1924 roAOB

Iloc.ne pes0Jnou,11ll H fpIDKJJ:aucKoll BOllttbI 3KOHOMJIKa Pocc1111 1-1axo.n:i1JiaCb B r.11y-

60KO.M ¢>unaHCOBOM Kp113Hce; rrpOH30WCJI pa3BaJ[ X035IllCTBa l1 JlCHC)KHOll CHCTCMbl
crpaHhI. B 1-1aqaJie 20-x roJloB .IJ.OXO,UbI or rocy.n.apcrBeHHhIX rrpe.n.rrpHHTHI1 noKpbI-
BaJIH JJHIIIb 14,4% paCXO,l1,0B 6IO,l1,)KCTa, OCTaJihHbIC paCXO,l1,hl <PttttaHCHpOBaJIHCh
sa cqer :::Jl\.IHCCHH 6yMaJKHhIX netter. B crpaHC pacKpyqttBaJiaCb rttnep11ttc:PJU11vm,
e)Ke,l1,HCBHbrit pocr u.ett coeraBJJHJI 1,5-2,0%. TI011o)Ketttte ocJIO)KH.HJIOCh reM, qro
B PoccttH 11e 6b1110 C,lJ,11ttoit ;:i;eHe)KHOii c11cTeMhI. B ,IJ.eHC)KHOM 06pam;ettH11 ttaxO,ZUI-
.11ocb 6oJiee 2000 THIIOB JJ,eI-Ie)KHbIX If pacqeTHblX 3HaKOB, a TaIOKe u.eHHbie 6yMarH
u.apcKoro H BpeMCHHoro rrpaBHT€JihCTBa. Co6crnettttbie COB3I-IaKH o<PHU.MaJihHO
BblllYCKaTill cpcn;tteaattaTCKHe pecny6JIHKH.
B TOBapoo6opore HaXO.ll,HJiaCb 30JIOTaH MOHCTa u.apcKoii qeKaHKll, a TaK)KC HHO-
crpaHHaH BaJIIOTa. Oco6eHHO HHTeHCHBnoe XO)K,ZteHHe raKHe ,ZJ,CHhrM HMeJIH Ha 0Kpa11-
nax crpattbl, r.ue pa3BllBaJIC}I JI€faJlbHhii1 If HCJICraJihHbIH TOBapoo6MeH c HHOCTpatttthIMH
rocyl\apcrnaMH. Ha ,T\aJJhHCM BocmKe 3TOT npm1ecc 6brn npeMeHHO (1920-1922 rr.)
11eraJIH30BaH.
OrcyrcrBtte e,ZJ,ttHoH ;::i:ene)Kttoll CHCTeMhI, rIIrreptttt<P.:r:rRI~H51 He II03BOJI5IJJH HaJia-
,ZJ,HTh X03pacqeTHbJe OTHOIIICHll.H, pa3BHBaTh roprOBJIIO H .n;ene)l(H0€ o6pametttte.
CrpaHa nepen1Jia K HOBOH 3KOIIOMHl-1€CKoi1: 110.TIHTHKe, u.e.:r:rbIO Koropoi'.t HBHJIHCb
)JJ1KBHJ(aU.H51 pa3pyxtt, BOCCTaHOBJl€HHe ttapo.n;Horo X0351HCTBa, pa3BHTHe TOBapoo6o-
pora, rrponc,lJ,eHHe .n.eHe)KHOH peQ:>opMbI.
IIepeHoJ( rrpoMbIIIIJICHHhTX rrpen;rrptt51THi1 Ha X0351HcrneHHhiit pacqer, BoccrattOBJie-
Htte HaJlOfOBOM CHCTCJ\.1b1 H C03J(aHne CHCTCMbl "J\..IeCTHblX 610.n;)J(eTOB, BBen;eHtte HaTypaJib-
HOro HaJJora, a c 1922 ro.n:a H HarypaJibHblX 3allMOB Il03BOJlHJJO COKparHTh 6ro,ZVKeTHhill
.n.c¢nrn1r 3a cqer yseJJHlleHH51 HanoroBbIX rrocryrr.:r:rcttttii II3 rrpoMbIIIIJieHttoro ceKTopa
H KpecrhHHCKHX xoaRHcrn. B 1922 ro,n:y 6hIJI xopoIIIHH ypo)Ka:H 3epHOBbIX u Bh111ycK rrpo-
MbIIIIJJeHHoi\ 11pOl\YKI1HH no3poc Ha 30,7%. B 1922-1923 rol(ax 6I011JKeTHhIM l(e<jiw11m,
IIOKpbIBaeMbJH 3a cqer 3Ml1CCHH, COCTaB.TI51Jl 26,6% rrpOTHB 85% B 1920 ro.n;y.
E11aro;:i;apH aKr11BHOMY roprosorviy 6aJiaHcy, pa3Bl1THIO 30.11oro.n;o6b1Baro1neH
rrpOMbJJJr.nenttocr11 H cKyrrKe 3011ora y nace.:r:reHH51 B crpatte CTaJI co3n;anaTbC5I 30JioroH
3auac vr naKarr.1111nartacb ttnocrpatttta5l BaJIIOTa. B 3THX ycJJOBHHX cra611.11113aU.tt51 py6.:r:r51
61>rJia CB51~iaHa c BOCCTaIIOB.TICHtteM 30JJOTOro 06ecneqenu51 .n.eHer H HX npHpaBI-IHBaHH€M
K 30.TIOTOH MOHeTe .
.l(1151 03ll;OpOBJieHH51 )1,eH€)J(HOfO o6palll,eHH51 60.TibIIIOe 3Ha'-:leHHe HM€JJO BOCCTa-
HOilJieHHC Kpe.n;ttrtto:H cacTeMbI H yneJIHl!CHtte KOJittl!ecTBa onepau;ttH:. B u;eJJ51X rocy-
,ZJ,apcrBe1-nroro peryJ111poBaIIH5I .l1.€HC)l{H0f0 o6pameHH51, OKa3aHH51 Kpe,ll,HTHO:H lIOMOlllll
11pe;u1ptt5ITH5IM J1 CO!lei1cTBH51 B HaJla)l(HBaHHH roprOBJIH 16 H0516p511921ro.ua6bIJJ C03-
11aH focyl\apcrnemrhri\ 6attK PC<DCP, KOTOpbIH I1 upOBOl\HJI l(etteJKHYIO pe<jiopMy.

116
 rraKHM o6pa30M, IIpCJ[IIOCbfJIKaMH ,ll,Ctte:>JOIOtJ petlJOpM bl 5IBJI5IJIJ1Cb 03/lOpOBJil'-
HHe 3KOHOM11Kl1 Ha OCHOBe X035JitCTBeHHOro CTOJ[beMa, BOCCTanon.neHHC c{lMnancono-
KpE,IIJ1THOll CHCTeMbI l1 YBEJIJ1'-Ien11e KOJU1Y:CCTBa orrepaul1i1.
1IT061>r llEHEH(Ha.H pe¢opMa rrpoxo;u1Jia ycrrewHo, ny)l{HO 61>1Jro OTKa:1aTbC5-l
OT llCIIOJJb30BaHHH 3MHCCJ1l1 J[eHer .Ll,Jl5l rroKpbITll5l 6KJJl/KETIIOfO ,ac¢HfllHTa, a :iTO B TOT
ncp11011, 6h1JI0 ttepeaJih1-10. I-leu:c11ecoo6pa3tto 6b1110 11 OTKJia;ahIBaTb np0Ben;ett11c /lEHE)K-
ttoiT petjlopMbl .L(O MOMenTa C03/laHM51 ncex ttco6xo;::u1rv1h1x yc110Bn11:. Ilo:::iTOMY pe¢op:v1a
ocyn~eCTBJu111acb B llBa aTana.
I-Ia nepeo.lt amane Bb111ycKaJiacb B 06pa1qentte ycTOi1411BaJI BaJIHYra, B K0Topo11
TaK Hy)l{;aaJIC}l X035IllCTBCHHhlH o6opoT, npH coxpatteHMJ.1 H o6opoTC 11 -«Ha,l1.a1oweti»
naJUOTbl - COB3HaKa, KOTOpbIH VMHTHpOBaJICH HapKO:YlcPnnoM.
1--Ia emopo.M 3mane c 1111KBJ1).la11.11eH 610.LoKeTHoro ll,ecp111_1,1:rra n ITpeKpau_1,e11nel\.1
HCl10Jlh30BaHHH COB3IIaKa )],JlH IIOKphlTHH rocyD,apCTBeIIHbIX paCXOlJ.OB )],eHC)KHa.H pe¢op-
Ma 3aBepIIIHJiaCb nyTeJ\1 o6Mctta COB3IIaKOil Ha Ka3Jiaqe(1CKJ1C 6vr.TieTbI.
11 OKT.H6pH 1922 roD,a focy11.apCTBCHHOMY 6attKy 6bl.IJO rrpell,OCTaBJJel-10 rrpano
BbIITYCKa 6aHKOBCKHX 6ttJICTOB (llepnoHIJ,CB). I-le Mettee 25% Beet! cyMbl 8bIITYCKaei\tblX
B 06pau_1,etttte 6n11eTOB .LJ,OJDKJIO 6bIJ10 o6ecrreqnnaTbC}l 30}JOTO:tvl H l1HOCTpannoH Ball fO-
TOi1, OCTaJibI-IaH qaCTb - JierKO pca.11113yeMhIMH TOBapaMH, KpaTKOCpO'-fllhil\.U1 neKCCJf}l.\.fH
H 11HhfMH 06.H:iaTCJibCTHaM11, naXO,l{}llJJ.HMHCH n pacuopH)KCHHH 6aHKa. 3oJIOTOC CO!lep-
/KaHtte qepBOHLl,a 6bIJIO ycTaHOBJICHO B 7,74234 r qncToro 30JIOTa, T.e. 6bIJIO paBIIO
aopeBOJIIOI{HOHHOH 11.ecHTIIpy611esoi1: 30.7IOTOii MOHeTe. B ITOCJICJlYTOIIJ.eM ITpC.Ll,llOJiaraJICH
pa3MeH ~1cpBOHI{a Ha 30JIOTO, KOTOpbli1 .LJ,OJDKCII 6bIJI 6bJTb ocflopMJICH crre11.na"TJbHbIM
rrpaBHTCJlbCTBeHHbIM 3KTOM.
301r0Toe o6ecueyenue 6a1-1KOBCKHX 6uJreTOB, 11x crroco6ttocTh rrpencTaBJI}JTh
H 3aMCHHTb 30.IIOTO B X03.HiICTBeHHOM o6opoTe IIOlIKpCTl.JIHJHICb CJJCJlYTOII~HM Ba)l{Hbll'vt
rIOJIO)KCHHeM )leKpC'ra: 6anKOilCKHe 6ttJICTbl npHH11!vtaTOTC51 ITO HX HapHu;aTeJlhHOH nene
B y11JiaTy rocy,aapCTBeIIIIbIX c6opoR H IIJiaTe)l{Cli B Tex CJIY"lla51X, Kor11.a ITO 33KOHy ITJJa-
Te)KH B3HMaJ:OTCH 30JIOTOM. EaHKOBCKtte 6HJICTbT 6bLTIH o6.H3aTeJihIIbI )],JUI npttei\1a rocy-
LJ:apcTBCHHblMH opratttt3aUH5TMH H rrorawcHH.sI ccyll. focy,i:LapcTBe1n10My 6anKy. OrpaHH-
qnsaJiaCb B03MO)KHOCTb epeMenuoro l1CTIOJih30BattttH HapKoM<flHHOM 6anKHOTHOi1
0M11cc1111 rryTeM ITOJiytieHHH ccyll. OT focy71.apcTBCttttoro 6anKa. 3T.H ccy,ahI AOJDKHhT
6bIJU1 6bITL na 50% o6ecITel.JeHbl nparOil€lIHblMll MeTaJIJial'vfH, B OCTa}lbIJOii: "lJaCTl:I -
npo1~eIITHbIMl1 o6.fl3aTeJibCTBaMH.
qep.BOHUbl BbIIIYCIGUIHCb B o6pamettllC B 110p5I1J.Ke KpaTKOcpoqnoro KpCJU1TOBaJIH51
r-rapOLJ:HOro X035ItfcTna, "llTO 11. npeJ1.0ITpeLJ:€JIHJIO VIX B03BpaT B KaCCLI l'oc6attKa. qepnoneu
JJ:OJI)KeH 6LIJ( He 3a11emaTb 11 He BhITeCH5lTb COB3IIaKH H:3 06pa11{eIIHH, a ll,0110.JIITHTb HX.
YcTOiflIHBOCTb HOBOil BaJIK)Tbl o6errreLJHBaJiaCb TaK)l{e pOCTOi\I TOBapIIbIX Mace
y rocyilapcTB€HHbIX 11 KOOIIepaTHBHbJX opra11113au11ii:, peaJIHJyeMbIX 110 rocyll,apcTBCH-
HblM 11.enaM.
K HIIBapIO 1924 ro)J,a qepBOHeI( cTaJI octtOBHoH sa.11KlToi1 cTparrhI, cocTaHJIRH
8 o6n~eii: MaCCC J.\€J-Te)J(JI()f0 06pa1uenn51 80%. TipaKTHLieCKH OH }IHJl5JJIC.H KOHHCp1-r1py-
eMo:H BaJllOTO:it, TaK KaK KOTl1pOBallC51 B HHOCTpaHIIOii na...1J:OTe M 30.IIOTe Ha BHyTpenHHX
H M€)1{.ll,yttapOJJ.llbIX 6np)l{aX, CB060LJ:HO BB03HJIC7111 BbIB03.l1J[C5J 3a rpattttu,y.
C110)KHBIIIa.HcH B pe3yJibTaTe 3Ml1CCHH 6attKOBCKHX 6nJieToB CHCTel'v1a LJ:nyx-
BaJIIOTttoro o6pawettl15:1. (Tsepll,oro l!CpBOHJ~a n ITaLJ:~uow,cro coB:3tta:r<a) He so scex cJiy-
liaJIX 6hIJia YLJ:06tta. IJo Mepe yrrpOY:CHU.H T103IIUJ1ii: t.iCpBOIII{a H COOTRCTCTBCHHO 03.i.lO-
pOBJICIIHH )],€HC)l{H0f0 o6paWCHI151 TeMIIbI o6ccucHeJJH51 COI33HaKa yBeJJI1lIJ1BaJ1 MCL.
Ilpon:iOIIIJIO pe3KOe COKpau.1,eHHe ll:OXO,l],OB OT 31\1HCCHI1 COB3HaKOB 3a ClfCT YRCJIHLJ.e-

117
HJ1}{ TeMIIOB HX o6ecu.etteHHH no cpaBtteHJIIO c reMrraMH 3MHCCHH. KypcOBbie 11orep11
no HaJIHqHhIM .n;ettbraM B COB3HaKax n Kaccax HapKOMcl:>IItta, HapKOMnyrtt, HapKOM-
rroqrbI cocraBHJitt 50% Bceti pa.lpernettttoH HapKoMcjJHny 3MHCCHH. KypcOBbJe rrorep11
nec11n pa60T.Itte, CJJy)J(aJu;ne 11 Kpectb51He.
C11creMa llBYXBaJIIOtttoro 06pa1u;ett11H co3.z:i:anan:a noqBy .ll,JIH crreKyJIHUIIH T.Iep-
BOHUeM, 30JIOTOM ll HHOCtpaHHOll BaJIIOTOH Ha ~BOJibHOM~ pbIHKe.
B paMKax ,uettC)KHOH petjJopMbI ,ll)I.H yrrpometttt5I 11;ette)Kttoro Y'Iera 11 y.11yqurei-nu1
o6pan{emrn l(etter B 1922-1923 rol(ax 6wrn npOBel(eHbI /\Be l(eHoM11ttau1111.
llpe.n;rrocbIJIKaMH .llJIH ycrrernttoro 3aBepIIICHH51 .IJ:CHC)KHOll pe¢opMbI 5IBH-
JIOCb BOCCTaHOBJICHHe rrpOMhlllIJICHHOro, CCJibCKOX035IHCTBCHHOfO npOll3BO.lJ:CTBa,
pa3BttTHe TOBapoo6opoTa. B 1923-1924 rol(ax rocyllapcTBeHHalI rrpoMhIIIIJieHHOCTh
,1J,aJ1a nptt6bIJib B 250 MJIH py6Jiell 30JIOTOM; 3ttaqttTeJibHO COKpaTllJIC5I 6ron)KeTHhJH
.ue¢Hr~HT (y;a:eJibHhiii Bee 3MHCCIIH COB..1HaKOB B )J;OXOJlaX 6IO,r:i:)KeTa COCTaBJUIJI 15%),
6&1110 f{OCTHrHyTo aKTHBHOe CaJib.lf.O IIJiaTCJKHOfO H ToproBoro 6a11aHCOB, rrpOH30III-
JlO naJibHetirnee YBCJIHl.J:CHHe 30JIOTOf0 3anaca (Ha 1 .SH-IBap.sr 1924 ro,ll,a OH COCTaBHJI
147,9 MJIH py6JJei\).
B <jleBpaJie 1924 rol(a rocyl(apcTBo np11cryn11JIO K aaBeprneHttIO l\CHCJKHOH
pe¢opMbL 5bIJIH l13)lattbl .l{eKpCTbI 0 BbIIIycKe B o6parn;ettHe rocy,r:i:apCTBCHHbIX Ka3Ha-
qellCKl1X 6ttJICTOB B 1) 3 H 5 py6Jiefi 30JIOTOM, 0 npeKpaIIJ.CHHH BbIIIYCKa COB3HaKOB
H l13cb51Tl1H HX II3 o6parn.ettl151 ITO Kypcy 1 py6Jib 30JIOTOM (Ka3HaqeftCK11MH 6ttJieTaMH)
aa SO 000 py6J1eii l\CH3HaKaMH 1923 rol(a, o qeKaHKe 11 BhrnycKe B 06pa111en11e cepe6plI-
HhIX II MC.lJ.HhIX MOHCT.
Ka3ttar1eticK11e 611JieTbI B OTJIH'-ltte OT qepBOHIJ.CB o6ecrrel.J:ttBaJIHCh nceM .ll,OCT05l-
n11eM COBCTCKOfO rocy.n;apCTBa, a 30JIOTOfO 06ecne11eHH5I He HMeJIH, HO KOCBeHHO rrpH-
3IIaBaJIOCb HX 30JIOTOe 06ecrre'-leH11e, TaK KaK 1 qepBOHeu rrpnpaBHHBaJIC51 K 10 py6JIRM
KXJHa'-:leHCKHX 6ttJieTOB. IlpH 3TOM COOTHOIII€HllH HOBbI:i1: py6Jib o6Jia.n,aJI TaKHM )Ke 30JIO-
TbIM co.n;ep)l(attrreM, KaK 11 .ll,OpeBOJIIOU:HOHHbill, T.e. 0, 77 4234 r "llJ1CToro 30JIOTa.
3aBeprnalI pe<jlopMy, rocyl(apCTBO crpeMttJIOCb COKpalUaTb 6IOl(JKeTHb!H l{C<jltt-
qHT, coxpatt}(Tb aKTHBHOCTb TOproBoro H IIJiaTe)KHOro 6aJiaHCOB, rrpOBO,ll;HTb MeponpH-
}ITH}( ITO rro.n;.n;ep)J(aHHIO u:eHHOCTH HOBbIX 11;etter rryTeM peryJittpoBaHH51 u:eH 11 TOBap-
noll HHTCpBeHTU1H. B 1926 ro;_1,y 3MHCCHOHttoe npaBo no BhirrycKy Ka3HaqellcKHX
61111eTOB HapKoM<jlttH rrepel\aJI focyAapcrneHHOMY 6attKy CCCP.
TaK 3aKOH"llHJlaCb JJ:eI-Je)l(HaH pecpopMa 1922-1924 ro.n;oB, no3BOJIHBIIIa5I co3.n;aT1
C,LJ,11HYJO ycToll'-lHBYJO ll,CHC)KHYIO CHCTCMY HOBoro rocy.n.apCTBa.
YHHKaJibHOCTh pe¢opMbI 3aKJII01-faJiach B TOM, "l!TO Pocc115I, H30JittpoBaHHaH
OT MHpDBOro X037IHCTBa H OT B03MO)KHOCTH noJiyqeHH.H ttHOCTpaHHbIX 3aHMOB, B03-
spamaJiaCb K 30JIOTOMY CTatt,uapTy 6e3 pa.1Metta 6yMaJKHbTX .n;eHer Ha 30.IIOTO, a 3TO y)l(e
He 30.IIOTOH CTan.n;apT. H11 Oll;HH qepBOHeu: Ha 30JIOTbie MOHeTbI HHKOr,na He o6MeHJI-
B(iJlCH. PoccttH rrepBoi1 npoJJ,e~1oncTp11poBaJia tteo6.s:rJaTeJihHOCTh 30JIOToro cTatt.n;apTa
)J)J.H opraHH3aU:HH CTa6HJibHOH .l1.eHe)l(tt0ll CHCTeMbl.

AEHE>KHAll PECl>OPMA 1947 roA•

):(eHeJKHM pe<jlopMa 1947 rol(a 6bwa rrpoBel(etta B CCCP c 11eJihIO JittKBtt/lal{Htt

B ccpepe ,n:ette)l(ttoro o6paw;ettHH nocJiell;CTBttH Bollttbl. Ue.11bIO 3Toll pe¢opM11
CTa.JIH yKperrJieHHe .ll,€HC)KHOti: CHCTeMbI Ha OCHOBe OTKa.1a OT KapTO'-lHOH CHCTe-
Mbl pacrrpe.n;eJI€HI1.H TOBapOB cpe,lJJI ttaceJieHHH, JIHKBH.ZJ;aUHH MHO)l(eCTBeHHOCTl1
uen, H3DHTHC 1136h1Toqaoi1: MaCCbI .11.etter ns o6pamettH}f.

118
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CTaHOBJI€HH€ ttaponttoro X035Ii1CTBa ITOCJie BOti:Hh[, yKpenJienne rocy.n:apCTB€HHOfO
6ro1r>KCTa (B llOCJICBO€HHbie fO)J,bl OH CBOJl)1JIC5I 6e3 .n:etjJHIJ)1Ta), HaKOTIJieHHe ;J;OCT3TOl..{-
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130
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131
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160
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162
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n:ette)l{HO-Kpe21;11Tttoro phIHKa. HanpHMep, Ha aTane cTattoBJICHH.H pbIHKa rocy;lapcTBett-
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CH B ttarroroo6JiaraeMy10 6aay. CJie)].oBaTeJThHO, .ll.JI5:l HHBecTopa 6bIJIO rrptts.rreKaTeJih-
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18.2. <l>OPMl1POBAHl1E YPOBHSI PblH04HblX nPOl.tEHTHblX CTABOK

c yLieTOM paCCJ\10TpeHHbIX B npe.ll,bI)lymeM naparpacpe cl;>aKTOpOB, onpeJleJI51KJlllHX
ypoBCHb pbIJ-IQqHblX npou:eHTHblX CTaBOK, MO)f(HO rrpci:i;CTaBHTb CJIC'JJ.YIOU(Hi-t
MexaHH3M cflopMttpoBaHH51 pbIHOl.fHOi-1 CTaBKH rrpo1iettTa:

I~ r+ e +RP+ LP+ MP, (18.1)

rne r- pea11bHaJ:1 cTaBKa npoue1na no «6e:1pHCKOBbIM oncpau.>u1:-..1>>- B c,1y4ae, Kor.ua yponetth
tt1-r¢Ju1uHH O)!{tt.i-J.aeTc.H nyJICBhn.t;
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RP- npCr.llHl 3a pHCK HCl!JJaTe)Ka, h:OTOpaJJ 011pe;:i;e.rureTC5! B uepByIO 0'-ICpe,a:i, Kpe,IJJ1TOcnocoG11ocTbIO
3aCM1Ul1Ka;
LP - npeM1ur ~~a pHCK noTepH .1111KBHllHOCTH;

MP - npcMH51 3a pncK c y'--leTOM cpoKa rroranteHH}l JIOJifOBoro o6R3aTe.7JhCTBa.

PeaJibHG.fl cmaeKa npo4e1-1.ma no «6eapucKOBbtM onepa4umt» (r) 51BJUICTC5f ocnon-

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5JBJIHIOTC51 CTaBKlI no KpaTKOCpoqHbIM rocyJlapCTBCHHbTM )lOJifOBblM o6513aTeJibCTHaM.
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163
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i = r + e, (18.2)
ni:e i - H0Ml1HaJlbHaJI, l1JI11 phlHO'IHa~, CTaBKa npoii:ettTa;
r - peaJihtta~ cTanKa nponettTa;
e - TeMn nn<f>1nnun1.
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CHT OT COOTHOilleHH51 cnpoca H ITpeZJ:JIO)KeHH51 Ha KpaTKOCpO"'-IHbIX ll ZJ:O.llfOCpO"'-IHhIX
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COB Ha ;~oJirocpo"'-IHOM pbIHKe. B rrpoTIIBHOM cJiy"'-lae KpttBM .uoxo.11:ttocT11 na.naeT. EcJIH
KpMBfill ZJ:OXOZJ:HOCTII IlOJIOra51, TO tta6JIIOZJ:aeTC51 6aJiaHC cnpoca H rrpe.nJIOJKCHH51 pecypcoB
11 Ha TOM 11 Ha .apyroM pbIHKe.
TeopHH rrpe,ll;noqTeHHH JIHKBHZJ:HOCTH. CorJiactto 3TOH Teoptt11 npo:u;ettTHbie
CTaBKll no ,[l;OJirocpo"'-IHbIM ZJ:OJifOBbIM o6513aTCJibCTBaM rrpeBbilllaIOT CTaBKH no KpaTKO-
cpO"'-IHbll\1 ZJ:OJirOBbIM o6.H3aTeJibCTBaM no .UBYM OCHOBHbIM rrptt"'-IHHaM. I1HBeCTOpbI o6bP-I-
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3aeMI1(HKH, KaK npaBl1JlO, npe.uno"'-IHTaJOT l(OJirocpO"'-IHbie 3aHMCTBOBaHH51, IIOCKOJibKY
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rorrpH5ITHOf0 CTe'-1ettttH o6cTOJITeJibCTB. CJiel(OBaTeJihHO, 3aeMI1(11Kll roTOBhI n.rraTHTh
IlOBblllieHHbJ:H rrpou;enT no l(OJirocpO"'-IHbIM 3aHMaM, qTo6bl yBeJIII"'-IHTb IIX CTa6IIJiblIOCTb.
3TH npeZJ:IIO"'-ITeHHJI KaK 3aeMIIJ;IIKOB, TaK 11 KpeZJ:HTOpOB npIIBOZJ:JIT K Il05IBJieHHIO B HOp-
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TCJibCTBa (MRP).
TeopHH oJKH,ZJ;aHHii. B cooTBeTCTBHII c :7Toll Teop11eH npo:u;ettTHM CTanKa no .noJI-
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168
qTQ corJiaCHO TeopHH O:>KHJJ,aHHll HOMHHaJTbIIa51 rrpouenTIIa51 CTaBKa ITO .IJ,OJll'OBbIM o6.H3a-
TeJihCTBaM co cpoKoM uorarneHH51 qepe3 t JieT cocranttr
[~ r+ e(t), (18.5)
r.ue r- peaJihHaJJ e6c3pttcKoBaJI cTaBKa>>- nponettTa;
e- O)KH;:i:acMbiii: ypoBettb tt1HPJIJ1Qin1 :1a t J1eT.

IIpaKTHKa noKa3hIBaer, Y:TO Ka)K.11,M H3 paccMOTpenHhIX Teop11:H: o6ocHonantta.

BpeMeHHa51 crpyKrypa npou;eHTHhIX cTaBoK, orpa)l{enneM KoropoH HBJIJJerc.H KpHBaH
,UOXO,llJIOCTH .UOJifOilblX 06513areJibCTB, orrpez:i:cJI5IeTC51 B~~aHMO!lellcTBHe:u rpyrrrrhI cf:>aKTO-
pon: COOTHOllICHHeM cnpoca H rrpe)l)IO)KeIIH51 pccypcoB Ha llOJlfOCpOlJHOM H KparKO-
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KOTOpbill CBeJT llO MHHHMyMa o6neMbI ,U,OJifOCpoqnoro KpeJJ,HTOBaHH.H, OTCYTCTBHe IIOJI-
noro )lOBepH5I HHBeCTOpOB K llO.TifOBbIM o65l3aTeJlbCTBaM rocy JlapCTBa uoc.rre KpH3ttCa
1998 rolla 11 CJIO)KHOCTb rrportto311p0Ban1151 COCT051HH5l JJ,eHe)K110-Kpen11Tnoro phrHKa.
IIocKO.TibKY npou:ettT no aKTHBHhIM orrepau;tt51M 6attKa 11rpaeT Ba)Ktty10 po11b
B ¢opMHpOBaHHH ,U,OXOJJ.OB, a nJiaTa aa npHBJie'leHHbie pecypcbI 3a1111~1aCT cyme-
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CllBHblM ( ITrr) oncpaJlM5lM 6attKa:

M,~aKT = Ila - I111. (18.6)

OcttOBHblMH cl_>aKTopaMH, BJIM.HIOIU:HMH Ha pa3Mep npoqe11Ttto:H Map)KH, HBJIHIOT-
CR o6neM H COCTaB Kpet~HTHbIX BJIO)KeHHii l1 HX IICTO'!HHKOB, cpOKH IIJiaTC)KC~i, xapaK-
Tep np11MeH5ICMbJX rrpou:CHTHbIX CTaBOK I1 HX llBfDKenne.
Ilptt 1I.eiicTBYIOlll.eii rrpaKTHKe Kpe,u,J1TOBaHH51 B Barnell CTpane, IGlK upaBH.TIO,
rrpHMeH71IOTC51 ct>HKCHpOBaHHbie CTaBKH rrpoueHTa, He HO!lJie)l(alll,HC nepeCMOTPY
.uo OKottqattH51 KpeJJ.HTHOH CJJ.CJIKH. O,u,ttaKo HeJib351 tte YlIHTbIBaTh onbIT 3allaJJ.HbIX
CTpaH, r11.e OJJ.HOBpeMeHHO cyn~ecTnyeT Ha6op npo1~eI-ITHbIX craROK, KOTOpbie B 6oJibWHl-I-
CTBe c11yqaes rrepecMaTpHBaIOTC51 B 3aBHCllMOCTH OT pblHO-Y:IIOlI KOHl>TOHKTYPhl 1:1 rrpH-
crroca6JIHBaIOTC51 K Hell.
B 9TllX yc.rrOBH51X Bee aKTHBhl H rracCHBhI JJ.e.TI5ITC51 Ha rpynuhr B COOTBCTCTBHH
c 6hICTpOTOft peryJIHpOBaHH51 upou:ettTHblX IIJiaTC)KCH H nepcxo,IJ,a na HOBbJH ypoBCHb
cTaBoK. CymecTsyeT c11e,ny1oma51 KJiacc11¢ttKaI(M5l:
RSA - aKTHBbI c rro,u,BH)KHbIMtt npot(eHTHbIMH cTaB1\a,\n1;
RSL - naccttBbI c IIO.llBH)l(HbIMH rrpou;ettTHhI1-Ill CTaBKarvitt.
CooTHOIIIettne Me)K,u,y yKa3aIIttbIMI1 KaTerop115IMH aKTllBOB 11 rraccttBOB xapaK-
Teptt3yeT IIO.llBep)KeHHOCTb 6anKa nponenTHOMy pttcKy. 3TOT aHaJill3 °IIOJiyqHJI tta3Ba-
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pHCKa.
B nepttoll pocTa npouettTHhlX cTaBOK 11:1151 6attKa 6oJiee 611arorrpH5ITHO cooTHO-
rnetttte RSA > RSL, T.e. '!HCJIO aKTHBOB c IIOJJ.BHJKHbIMH nponeHTHbIMH cTaBKaMH upe-

169
HbilllaeT COOTBeTCTBYIOII~YJO BeJIH'-IHHY rraCCHBOB, B CB513H c I.J:eM yBeJIHl..£HBaeTCH pa3-
pbIB B CTaBK3X ITO aKTHBHbIM H rraCCHBHbIM orrepaUHJIM - pacTeT rrpou;eHTHaJI l\tapJKa.
HanpoTHB, rrp11 rra,ll.eHHH pbIH04ttoro ypoBH51 npouettTa JKCJiaTCJihHO rrpn.n.ep-
''urnaTbC>I o6paTHoro coornornemrn (RSA < RSL) M rrOl\KperrJIJITh aKTMBb! c cpMKCM-
poBatttthIMH CTaBKaMU rraCCJ1B3Ml1, xapaKTepH3YIOIIJ;HMHC5I cp01IHOCTblO rrepecMOTpa
rrJiaTe%ell no upouettTaM.
)l1u1 3cpcj:>eKTHBHoro ynpaBJICHIDI noxo,ll,OM OT ccy,ll.HhIX orrepau11H onpe.Il,CJIHeTcH
H aHaJIH3Hpyerc.H MUHUMGJlbJla.R npoUieHmHaR MapJICa (MMUH), xapaKTepH3YIOlllllil CJIOJKHB-
111y10c.H BCJIMlIHHY 33TpaT, He IIOKpbITbIX IIOJiyqettHbIMII KOMHCCH51Ml1 H npOT..JHMH .ll.OXO,n;a-
MH, 11a Ka.JK)~bIH py6Jib rrpo,ll,yKTHBHO pa3MCll~CHHbIX cpe,n;CTB:

M""'' ~ (P6 - L(rr): A,,6 x 100%, (18.7)

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nocrynttBIUaJJ 11.'JaTa 3a ycJiyrtt, OKa3aHHhle 11pe.unptt5!TH5!M, rrpouenThl H KOMliCCliH, l.J:OfIOJiy-
~1eHIIble 3a llpOllIJ[h!C rOJJ:bI, H BOCTpe6oBaJII!hle rrpou,ettThl H KOMHCCHH, H3JllfIII!Ie YllJia'lCH-
HbJe IC'IHeHTaM B npOIIIJlbJe rOJJ;bl, rrpoqrre )J:OXO,llhI;
A11au - aKTHB 6aJianca 6anKa, npttHOCHI11ttH .n:oxo.u Ha BJIO)KeJIHbie cpe.ucrsa: Kpe,'{HTHhJe BJIO)KeHH.>I,
ueHHbie 6yMarH B nopTrjJCJJC, cpe7(CTBa, nepe'IHCJieHIIbie npennpH.HTHJIM Jl)lH y•1acTH.H B lfX
X0351HCTBCHHOi1 .ue.HTeJibHOCTH, H 11p.

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HHH rrpoqeHTHOH OOJIHTHKH ITO aKTHBHbIM H ITaCCHBHhIM orrepaU,H.HM.

18.4. OC06EHHOCTl1 CCY,llHOro nPO~EHTA

B COBPEMEHHOH POCCl111
B coBpeMettttoH Poccnn oco6eHHOCTH ccy;:i:Horo npou,ettTa orrpeJJ,eJI5IIOTC.H
COCT051HHeM 3KOHOMHKH, rrpe)Kne BCero nette)KHO- Kpe;:i:HTHOfO pbIHKa, a TaK)J(e
neneJKHO-Kpetl,llTHOM ITOJIHTHKOM rocy.n;apCTBa.
Ha ncrroJih30BaHHe ccy11ttoro npou;enTa n PoccHH BJIH.HIOT CJie,n:yrorn:ne ocnoB-
Hhie Q:>aKTOpbI.
EoJibUioll paapbIB B pettTa6eJihHOCTH Me)K.n:y oT.n;eJihHhIMH oTpacJI.HMII ::JKOHOMHKH
OITpeJJ,eJlHeT npe11MymecTB€HHOe Kpe.D.IITOBaHIIe npe.urrpH51THll Tex OTpacJ1eH, HOpMa
up116bIJIII B KOTOpbIX IT03BOJI51eT HaH60J1ee cno6oJJ,HO IICTIOJlb30BaTb 3aCMHhie cpe.n;CTBa:
1-1e¢>Tera30Ba51 OTpac.11b, .n:o6b1qa rroJie3HbIX IICKonaeMbIX, ToproBJIH vr p.Hl~ 11,pyrIIx. BMe-
CTe c TeM B u,eJIOM JJ,Jl}J 3KOHOMHKH PoccHH IIOCJieJJ,HIIX JICT B OTJIHq11e OT .ll.OKpH3HCHOfO
rrepM011a (110 1998 fOl\a) xapaKTepna 6oJiee BbICOKaJI peHTa6eJihHOCTh pea11httoro ceKTO-
pa 3KOHOMHKII ITO cpaBHCHHIO c tjlttttaHCOBbIM.
BhICOKHii ypoBettb nttc!J.11511iIIOHHoro o6ecu;ettetttt.H .n:etter, xapaKrepHhill JJ,JI51 ITepe-
xo,nttoH 3KOHOl\1HKH, Ha611IO,n:aeTc.H 11 B Poccu11.
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KaK 011,HH II3 c!JaKTopoB, BJIHRIOIUHX tta ypoBeHh ccy11.noro npou;ettTa. EcJIH .uo 2000 ro.n;a
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pttlIHOfO o6parn:eHtt.H KopnopaTHBHhIX o6JinrauwH, pacTeT nx JIHKBHJJ,HOCTh. To ecTh
pacwnp.HeTC.H l!HCJIO JJ,OJlfOBbIX IIHCTpyMeHTOB, rrpHH.HTbIX phlHKOM, H O,ll)IOBpeMeH-

170
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210
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255
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J151 1993 J. «O ;10HPpwre.rJbllOi1 c:oGCTBCl!llOCTll (Tpacre)».

256
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110 corJiaCOBaHHIO CTOpOH.

9-28826 257
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270
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'J Friedman M. l11flation an<l Unemployment; The New Dimension of Politics//Thl' 197<-i Nohel

Memorial Le{"turc. London. 1977. P. 458.

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cttcTeMhI Poccttii:.CKoH <Den.epa1n1tt, 6anKOBCKoro na;i:3opa, <fJ11ttancoBhJX pbIHKOB, 11.JJa-
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Tio Mepe HHTCpHaU,HOIIaJIH3aU)1H H rJio6aJB13al(11M X0351ltcTBeHHLIX CB5-13eti cTpa11
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ttoro KaII11TaJ1a, ¢opM11py10111eroc}f o npoqecce nau~tnHa.ri1>noro n6n.{CCTHeru-1oro
BOCIIpOH3BOllCTBa. nplP-IC\f B Ka)K}l,Oi\.f cynepeIIHOM rocy/lapcTBe :1aKOHHbil\.l llJia-
Te)l(HbIM cpe,nCTROM RBJlHIOTC5l ero H<ll\HOlf3_.,1bJ-lhle ,lCtlbfH. 011HaKo B MC)JGJ,ytta-
pOJIHOM o6opoTe o6Lfl-IHO HCrJO}lb3.YlOTC51 JIHOCTpalIHb!C BaJIIOTbl. 3TO 06yc..r1on-
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OTHOllleHH.H - COBOKyIIHOCTh o6wccTBCHllhlX OTfIOWelIHl1, ('K.11aJlblBaIOJilHXC}I npu
riJyttKIIHOHHpDBaHHH Ha.JIIOTbI B MHpOBOM X03}liiCTH{', 0HH o6CJIYiKHllaIOT B3aHMHblti
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nareJlbHOe) B 3aBHCHMOCTH OT CTerreHH HX ycroifllHHOCTH.

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CHCTeMa ~ rocyJiapCTBeHHO-npaBoBa.H cPopMa opraHH:ia!lllII Ba-'IIOTHLIX OTHOlllCHHn,
peryJ1Hpye,\fa.H ttaHHOHaJihHb!M 3aKOHO/.laTeJ1bCTBOM HJilt Me)l(rocyL1,apCTBCHllhL\.l
corna1ueHHeM. Bna'-1.aJTe c110)KHJ1acb ua11iu0Htl.llbnaa Ba..Jnomuaa cucmeMa. Ee xapaKTe-
pH3YIOT CJICAYIOWH€ ;>JICM€HTbJ:
• HaUHOHa.JlbHa.H BaJIIOTa;
• ycJlOBI151 KOHBCpTnpyeMOCTH nauHOHaJlhlIOii BCL'IIOTLI, T.l'. ee 06Me11a tta lll!O-
CTpaH!IblC BaTIIOThl; B CB.H3H c :1TI1M pa3JIH'-laIDTC51:
- CB060)lHO KOHBepTHpycMble BaiIIOTbl, KOTOpbie 6c3 orpaI-HP-ICHHii o6MeHH-
83lOTC5I Ha HHOCTpattHbie BCL'IIOTbJ. B YcTaBe Me)KJiynapoµ,ttoro sa.rJJOTHoro cJ.loHJta
(MB<D) c 1978 r. BBCLl,eHo TaK)Ke nOH5ITtte -«CB060L1,Ho ~tcno.11b:JYl'Ma.H na;110Ta»-. K Helf
299
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a1IrJT11HcKttH c}JyHT CTl'pJHIHfOB ( c 1999 r. HeMellKa.51 MapKa H QJp3H1lY3CKHii
CKl1i1 <flpaHK,
¢paHK :-iaMeirettbI enpo ).
- l.J3CTWIHO KOHHepTttpyeMblC BaJIIOTbT;
- tteKOHBepn1pyeMhJC (:JaMKHYTbie) Ba.HIOTbI;
• pelKHM BaJIIOTHoro rrapHTCTa - COOTHOIIIe1rne MCiKJl.Y JlRYMH BaJTIOTaMJL 30JIU-
TOH napHTCT, OCllOBattHbli'r Ha :m~10TOM con;ep)Ka!HU1 n:ene)f(HhlX P.llHHHU,, 6bIJT OTMetten
(tta 3arra;lC - c cepem1tth1 1970-x r., B Pocc1111 - c 1992 r.). C repc11ttttb1 70-x rnf(OR HCllOJJb-
:-iy1urca rrapHTCTbI na 6a3c B<L1IOTHOi1 Kop:u1Hbl. :=ho MCTOJI. COH3MCpeIIH}J cpe;:i;neB3HC-
JlI{:'HIHJro Kypca OJlHOii JieHC)KHOH E'!U1HHUbI c 011pc.n.eJieJ!HhJM tta6opOM lipyrnx Ba'IIOT;
• pC)KHM BaJIIOTnoro Kypca (¢111<c11poaattttb1M HJIH IIJiaBaIOW)fll). TaK,
B EHponeticKo~i naJJJOTHOH CHCTeMC 6bJJJ ycTaHOBJTeH 1Ipe.IJ.eJI B33HMilblX KOJJe6aHHi1
Kypea 12 BaJIKJT ± 15% 11empa.HbHOro Kypca. B Pocrntt ( c HIOJI5! 1995 110 anrycT 1998 r,)
;tl'ikTBOHa.11 pe)l{HM Ba.11Kn11oro Kopunopa - orpattw1e1me Ko.1Ie6aHHH Kypca py6Jrn
no ornmneHl1IO K ,~0JIJ1apy orrpe;lCJfCHHhIMH 11pe11eJJaM11 (narrp11Mep, 5750-6350 py6.
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JIKJTHoH HHTCpnemtHH. c
cenn16p.H 1998 ro,ZJ,a :'HM 11pc.IJ.eJJbl 6bIJIH OTMCHCHbl H BOCCTa-
!IOBJICH pe)f(HM pery.rrnpycMoro 1u1anam111ero BaJIIDTHOl'O Kypca, t<aK H B 60~1bllIHHCTBl'
cTpau;
• HaJIH1.fHe HJIH OTCYTCTBHe BafJJOTHblX orpattH'-ICHHH. JlHMHTHpona1me, 3anpeT
011pc.n,eJieHHhlX onepa1n1H (_' BCLi110THbIMH IteHHOCT5IMH H CBH;JH c HCCTa6HJlhHOCThID 3KO-
IIOMHKll CTpaHbl. Pa:mHTbie CTpaHhl fIOCTerreJJHO ( c KOIIlla 50-x .Il.0 HattaJJa 90-x r. xx B.)
oTMc1nu111 BaJIIOTHbJC orpauw1e111ul. B 1996 ro;J,y PoccHH oTMett1111a naJJIOTHhie
orpattwiemrn HO ToprOBhlM H 11eTopronhIM ouepal{H.SIM, npHCOe,lUIHHBIIIHCh K CTaTbf'.
Vil! YnaBa MB<!>, a c 1 HKlHJI 2006 ro11a TaKJKe rro ouepa11Hl!M c MeJKl(yHapof(HMM
.IJ.BIDKCl-IHCM KaJII1TaJIOB H KJJCll,HTOB;
• pery.1Ittposa1mc Me)l{f{yttapo.n,noii: Ha.HIOTIIOH JIHKBHf{HOCTH CTpaHbl, BKJIIOY.a-
JOiqei1 'lCTblpe KOMIIOH€TITa ( oqrnUHaJlhHbJe :m~10TbIC H Ba.lllOTHhie pe3epBbI CTpatt, Cl.J:eTa
Ct.LP, pc3cpnnym IIOJIHJ;I1ID H MBCf>) H OTpa)KaJ0111cM crroroGttocTh erpanhI norarnaTb
ce Btte1mmi1 JJ,OJ1r;
• perJJaMCI-ITaIVHI l1CII0.11h:10BaHJrn Me~y11apOTLHhIX Kpe11HTHhIX cpe;lCTB o6pa-
il!CIIH5J 11 <tJOPM M(')f{,llyHapOjlHblX pact.Jenrn;
• pe)l{HMbl BaTOOTHOfO phtHKa H pblHKa :mJioTa;
• CTaTyc HaU:HOila.llbHhIX opratton, pery1111pymn(HX BaJIIOTIIhlC OTHOillCHJUI (ll€H-
Tpa.TJhllhii1 6a11K, MHHHCTepcTBo clnmaucon, cne11Har1bHhie opranw).
IJo MCpe pa3RHTHH MHpOHhIX X03}J HcTneHH11IX CBH3eti C03.IJ.aBa.11acb MUpoaaa
Ba.JlJOmHll.R cucmeMa, KoropaH rrprc11e,u:yeT nw6aJibllhle u;eJIH MHponoro coo611(eCTHa,
11pH3BaHa o6ecneYHTb HHTepeCbl CTpaH-Y'-laCTIIHil, HMeeT oco6b1H Mexatttt:-JM peryJJttpo-
HaHHH 11 rpyttKUH01rnpona1m.H. B pe1yJThTaTc JJ.JIHTe.11bHoro HCTopuqecKoro pa:rnHTHH
CJIO)l{HJIHCb CJIC/lYJOII(He OCHOBllhlC 3JICMeJJTJ.I Mttponoii BaJJIOTHOii CHCTCMbI:
• $yHKilHOHaJihlfhle <:JlopMhl MHpOBblX JlCHer (BeJlyw;i.1e CB06on:1rn KOHBepTH-
pycMbie BCLi'IKJThl, rrpH 'IpernhP-IaHttoH c1nyau,HH - 3UJIOTO);
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.ue11eJ1Jlhlfr nepHO!l);

300
SCAN by AF _SERGEY
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• craryc 11ttcr11ryra MCJKrocyJ1.apcracttI1oro pcry.rrnposattHH ( c 19.4.1 r.- MB<D).
llep6aJl .MUpoBaR 8a.Jl10mHaR cucme.Ma 6bIJia OCHOilaHa Ha :iOJIOTOMOIICTl-IOM
craHJJ.apTe H IDPHJIH 1 IecKH oc}lopMJietta l\It')Krocy,aaprrtte11ttblM corJ1<111rett11eM
ua Tiap11JKcKoH Kott<PepenuHH neJJ,yIIJ,HX crpaH s 1867 roi1,y. BmopaR MUpoBaR Ba.Jlwm-
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:::JKOHOMJ.P-ICCKOH K0tt¢lepe!-IIJ,HH ( 1922 r.), 6b1.11a OCHOBaHa Ila 30.!IOTO}lCHII:iH0:\1 CTaI1+1ap-
Te. Ll;eBH3a - HHOCTpaHHa.51 BaJIIOTa B Jlt060J1 c:PopMe. (~ 20-x rO/lOH xx B. 11ap5l.JlY c 30}J()-
TOM se.n.ynlHC 11auuoHaJibHhie Kpe,1,HTllbJ(' ,HCHi>fH ttncpBblC CTaJlll HCllOJJh;~onaThCH

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corna111e1meM ( B 15peTTOH- By11ce, Clll A, 22 HRJllH 1944 r. ), TaioKe 6a3Hp0Ha1iac1,
Ha 30JIOTO/teBH3HOM CTatt11.apTe.
CTpyKrypt1b1e rrpHHU,HIThI 6pcTTOH-By11cKor1 c11cTrMb1:
• 30JIOTO.LlCBH]HhIH CTannapT;
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CIIIA 11cno.rrb.10BaJIH :--JTl:l npttIII.UinhI, 3aKpenHtt1In1e /lOJU1apottb1ti C"ratt;tapT, ;uu1
ycttJJCHH.H CBOHX no3n11,nH n MHpc 3a cl!eT npyrux cTpaH. IlpoTHROPl'4H.H fipeTT011-Byµ,-
cKoH BaJIIOTIIOH CHCTeMbl, rrpe)KJJ,e acero Me)K,uy H<llHIOH<lJ\bHblM xapaKTepoM .ll.0)1.Jlapa
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CTBa, TIOCTeIIeHHO pac111aTaJIH 3TY CHCTeMy no Mepe yKperu1eHHH no31:ll(11i-i 3a11aJIHOii
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CHCTel\Jbl, KOTOp1>1tt npHBCJI K ce nocTerrel-IlIOMY pa3BCUIY B 1971 -1976 ro;\aX.
fipcTTott-By11rnyIO c11cTeMy cMett1ma ><emBepmaa (Hbllle </Jymcu,uo11upy1-0w,aa)
MUPOBtlJl BCUUomHaR cucme.Ma, ocf>opl\tJJettttaa corJ1a111eurteM cTpau - lJJiettoB MB<D
B KHttrcTOne (5!MailKa, mmapb 1976 r.), parn<p>11111po0attHbIM B a11peM 1978 r<Jl(a.
CTpyKrypHble upttHilHIIhI 5IMai1cKoi1 oaJ110Tttol1 CHcTeMbI TaKOHi>I.
Bo-ncpBbIX, 30JIOTOtl.CBH3HhrH CTaHJI.apT 6bIJI :JaMeHeH cratt;lapTOM C.l(P, KoTo-
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roJiocoB np>rna1111elKaT CIIIA (16,8 11 16,4% cooTBeTcrnetttto).
B 0Tm1q11e OT MB<D 6oJiblllIIJICTBo Kpe11HTOH M13PP 110.nroq)O'IHhie ( 15-20 JICT).
Ottn o6ycJIOBJICHbI BblllOJIHCHHeM peKOMCH,llaI~Htl 3KOHOMHlit'CKHX MHCCHti, KOTOpbll'
npe.n.napHT€JibHO 06c.rre.n:y10T 3KOHOMHKY l1 <fn1ttaHCbl CTpaH-:3aC'.\fIUIIIl, HepCLl.KO :~aTpar11-
Ba5! HX cysepeHHTeT.
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TYPHbIC Kpe11.11TbI (Ha ocyw;ecTBJICHMe rrporpaMM, ttanpan.r1eHHhIX na c1pyKTyptthre
pe<fiopMbl B :::JKOHOMHKC). 11x J{C.HTC.llbHOCTb B3aI1MHO ynH~aHa, OHH 11.ono.rUf}{IOT .D.pyr
11.pyra. flpH'-ICM l.JJieHOM MEPP Mo:.>KeT cTaTb JIHl!lb YJJCH MB<D. BcTyn.i1e11tte Pocc1111
B MEPP no3so.rr11_110 eH 3aHMCTBOBaTb HaJIIOTHbie KpeltHThI B aToM MHpoBoM HHBeCTH-
UHOHHOM 6attKe H flOJlY'-IHTb BhIXOLI. Ha J\.iHpOBOii pbIHOK CCYilHblX KanHTtUlOH.
11rorH nepBoro l{eCHTHJieTH>l COTPY.llHH'-Iecrsa c BE CBHJlCTeJibCTBYK)T oG oupe-
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KOBCKOH c11cTeMbI Pocc1111.

315
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<jlopMax:
1) 6J011)](eT03aMe111aKJI1111e (63%), CXOllHhie c Kpe1111TaMH <Dott11a, B cjlopMe Kpe11H-
TOBa1-1w.a QJe.nepaJihHoro 610,i::t,)KeTa Pocc11iicKoii <De,I.1,epau,H11, .ll,a)Ke ec1n1 OHH o<PHU.HaJih-
HO Ua3bTBaJ1HCb «yro11bHbIC» (tta peopraHH3aU.MIO yroJibHOll OTpaCJIH) HJU1 «COll,HaJib-
HblC:l> (Ha IlO.ll,,Ll,Cp)KKY CHCTCMbl connaJJbIIOH 3amHTbl pa60TUHKOB Kpe,lJJITYCMOJ:i:
OTpacJIH). 3TH KpCLl,HTbl, oco6eHHO rrepBbie, HCIIOJlb30BaJIIICb neg<PciJeKTIIBHO, B OCHOB-
HOM Ha rroraniettHe 610,lJ)KCTHOll 3a.l1.0Jl)KCHHOCTM ITO 3apa6oTHOi1 TIJiaTe, .npyr11x TeKy-
IHHX pacxo,zroB 6IO.l1.)KCTa, a He Ha cTµyKrypnb1e orpacJieBhJe pec:}JopMhI;
2) CB513aHHbIC KpC,lUITbl Ha onpe.l1.eJieHHble 11,CJIM - oxpatty OKpy)f(alOmeit cpe,Uhl,
o6opy,aoBaHHe HMOrOBblX CJiy)i{6, pe¢opMhI CTaTHCTHKH H )J.p.;
3) HHBCCTHU:HOHHbie KpC,ll;IITbl HJHI rapaHTHH, npe,UHa.JHal.JeHHble .nmI co¢nIHaiiCII-
poBaI-IH.H IIHBeCTJIU:HOHHhIX rrpoeKTOB B PoccHH c npIIBJiellettHeM Kpe.llJITOpon H3 .n;pyrnx
CTpatt. HarrpHMep, Poccm1, YKpaHHa, Hopnerm1, ClllA COBMeCTHO Kpe/IHTYIOT HHBecrn-
l(HOHHbill upoeKT ~MopcKoH cTapT»- no.n: rapattTHIO BE.
Ilptt Kpe.n.nTonaHHH HHBeCTJIU:HOHHbIX npoeKTOB BE oKa3bIBaeT rroMOIU.b
poccJillCKHM 6attKIIpaM B nonroTOBKe CJIO)KHOii JlOKyMeHT311)1H, COBMeCTHO c poccttti-
CKHMl..f crrenttaJJHCTaMH npoBO,l{HT an:aJU13 H MOHHTOpHHr Kpe.n.ttryeMbIX o6beKTOB.
Pocc11:HcKtte 6anK11 JICTIOJib3YIOT OITbIT BE no opraHtt3a1'JIH rrpoeKTttoro ¢>nttattc11po-
naHM5I.
Y CJIOBH51 Kpe,z:u1Ton BE Poccn11 KoppeKT11py10Tc5I c yt.JeToM oco6ettHOCTe:H Kpe.ll.11-
TYCMbIX HHBCCTHU:llOHHblX rrpoeKTOB.
BE CO!leiicTByeT rI0.£1J'OTOBKe K BBe.ll.eHHIO Me)Knynapo.lJ.HhIX cTatt.ll.apTOB ¢n1naH-
coBoi1 OTlleTHOCTH B 6attKax Pocc1111 H 06yqett1110 pocc11iicKHX 6attKHpOB.
K 1.J:HCJIY tteraTHBHbIX pe3yJihTaTOB KpeJJ,HTHoro coTpy,11.HHl!eCTBa Bfi c Pocctteii
OTHOC5ITC.H CJie.ll.yIOn~u:e. Y cJIOBH51 Kpe,ll,HTOB BE ( oco6entto B rrepBbI:H nep110,n:) BKJIIO-
qaJJH TIOJIHTHqecKHe Tpe6oBaIIH51 (pa3BHTHC .n.eMOKpaTJIII, MHoronapTHH:HOCTH, He3aBI1-
ClIMOCTb cpe,ll,CTB MaCCOBOH 11tt¢>opMaL(HH H .np. ).
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BaHHH (nanpHMCp, cpol!Ha.51 peopraHtt3aU,H5I yroJihHOH IIpOMbllIIJI€HHOCTII) 6ea yqeTa
pocc11HcKoit cne11.11¢>ttKH.
CToIIMOCTb Kpe,ll,HTDB BE 3aBhilllaeTCH (no ou:ettKaM crreu.11aJIHCTOB, tta 10-20%)
B CB51311 c BbICOKOft onJiaToii 3arr3}l.HhIX crrcuIIa.rtIICTOB II KO Hey JihTaHTOB BE rrptt pa3pa-
6oTKe MOJJ,€JIH npoeKTIIOfO <P11HaHc11poBaHII5I. Ilp11r-.1ett5IBllla5IC}l HC3¢>¢>eKTHBHa51 cxeMa
rrpc.i:xocTaBJieHHH Kpe.n.11Ta BE poccHllcKoMy IlpanttTeJibCTny L[epca ¢le.n.epaJibIIhii161011,-
)l(CT, OTKyna BbI)],eJI5IJil1Cb ccy)J.hl cy63aeMIU.HKaM-npe,1J.npH5lTH5IM, rrpMBeJia K o6pa30Ba-
HHIO HX npocpO'-leHHOft 3a,Ll0JI)l(eHH0CTlI rrepe.l1, 610)1.)KeTOM, 3a Cl!eT KOToporo o6cJiy)f{H-
BaCTC51 rocy.l1,apcTBeIIHhiii ntteIIIHHH .n.oJJr. K TOMY )Ke Mntt¢>tt1-1 Pocc11n HC,ll,OCTaTO"llHO
KOHTpOJIHpOBaJI qeJienoe ncrrOJib30BaHJie Kpe.n:ttTOB BO n 6yxraJITepcKIIll yqeT o6opy-
,ll,OBattH51, npIIo6peTaeMoro 3a C1IeT 3THX Kpe.n.MTOB.
B ttrore JIHillb 70% o.no6pettHbIX 11 BhtlJ.eJieHHhIX PoccII11 Kpe.n.IITOB BE 6bIJU1
l!CHOJib30BaHbl (8, 1 MJJPl1 llOJI. ll3 11,5 MJIPll llOJI. B 1992-2001 IT.) B CB5!3!1 c He3ijJ<jieK-
THBHbJM 3aKOHO,llaTeJ1bCTBOM, BhICOKHMH pHcKaMH, 6IOpOKpaT11eH 11 Koppyrru.neH. Kpe-
/1.IIThJ c Hl13Kl1M pei1THI-If0M 6bJJIH aunyJtHponaHbl (2,5 MJIP.ll. £lOJI.) B U:€JI5IX yJiyqmeHHH
pocc11iicKoro Kpe,n:11Tttoro nopT¢>eJI.H B BE.
IIocne KpH3Hca 1998 ro11a MEPP, KaK H MB<D, coKpaTHJJ KpC/IHTOBattlie aKo-
HOMHKII Pocc1111 11 1n11uh c 2003 ro.n:a so3o6ttoBHJI COTPY ,ll,HHl!CCTBO.

316
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COTPY.llHHl.feCTBa BE 11 Pocc1151 pa3pa60Ta111 110HyKJ cTpaTer1110 Ha 2003-2005 ro,1h1
B tleJu1x no.ll.n.ep)KattH.H pea11113a1_1,1111 KOMlt.:JeKcHoH nporpaJ\.1MbI pe<J)OpM IIpaBllTC.;rh-
cTna Pc.I.>, B qacTHOCTH B cf>opMe uenenoro Kpe11,uTona1n151 KOttKpCTllhlX Ht1Bl'CTIIHll011-
Hb1x npoeKTOB.
Cncu:wcflttKa BE 3aKJII04aCTC51 B ua1111'-n1tt y nero 4l'Thipex r10/1,paJ/lCJ1e1I1tii.
Me:HCiJyHapoiJHaJI accollUllllUR pa3Bumua (MAP. rm11aHa n 1960 rn11y; Hblllt'
4l1CJIO ll.TI€JIOH - 162) rrpe/{OCTaBJI.HeT JlbrOTHbie 6ec11poueHTIIblf' Kf>l'/UtTbl !Ia cp()K 35-
40 JICT 11pan11TeJJbCTBaM nauMettce pa;iBHThIX cTpaH - '-IJICHOB MDPP. s:-HLr...1a71 .r11111Ib
KOMHCCHJO B pa:-1Mepe 3,4% na noKpbITHe a/tf\IHHHCTpaTHHHbIX pacxo;v>H. Ue.r1h :rr11x
Kpe.llHTOB - noow.pettIIe 3KC110pTa TOBapoE 1-1:3 pa3Bl!Tb!X CTpa11 B fiC.iJ,HCiiWllf' ('Tpa!ibl.
Crreu;ttQ;>HKa MAP 3aKJI10qaeTcH B Koop,llJHJaUHH ee ll.e.s.rre.11bHUCTH c MDPP 11 coB:\tt:'CT-
HOM Kpe/lHTOB3HHH npoeKTOB. rfeM CaMblM COHMC'W,a!OTC.S:I llOTOKH Jlbl'Olllh!X :\IL'JK-
roCy/lapCTBeHHhlX KpeJlHTOB KaK cpopMbl 3KOIIOMJl'-ll'CKOI1 IIOMOJllll It 60.rH?t' JlOPOrllX
'-laCTI-IhIX ccyllIIhIX Ka1111TaJIOB. Xor.SI cyMMa KPL'LlHTOB !'vfAP IH:'llCJBtKa (107 MJIP.'l Jlo.:1.
H 1960-2001 rr.), 01111 6bJJIH IICJTOJJb30BaHbl )(JI}{ ocyw.ecTB)JC'HH.H 134 HllHt'CTllIUIOII-
HhlX 11poeKTOB B 53 crpaHax, oco6ettHo acppnKattcKHX (110~1onH11a KPl'/UITOB B 2001 r.},
r.n.e naxO.llHTCH na1160Jiee 6e)lllhJe pernoIIhl MHpa. Ilpe;1.HO.r1araeTc.s.1 Ja~·tCHHTh Gecnpo-
IJ,CHTHbie Kpe,aHTbI n.apaMH.
Me:HCiJyHapoiJHaJI ljJuHaHcOBaJI 1<opnopallUR (M<DK. co3;1atta B 1956 r· .• llblIIL'
l£HCJIO '-IJICHOB - 175). KanttTa1r Tvl<l>K 11eseJIHK - 2,36 ;\fJIP.ll LJ.OJI. (~oH0Ky1111hiii oO·i.c·M
npen:ocranJJeHHhIX Mct>K KPL'.lll1TOB - 48 M.1p/1. JI.OJ!. - B 20 c JH111rH11:\1 pa3 11penh1111aeT
ee Kal!HTaJI. 3ro o6bHCH51eTC>I .uo11eBhlM yyacTHeM M©K (60~,) H :-)THX 3a1111cTttott;-:i-
HHHX crpatt-llJieHOB H IIpHBJie'-leHHCM CHll11HUHponan111~1x Kpe11nTOB '-13CTHblX 6al!KOB
(40%). Y'-laCT11e Mct>K B Karr11Ta1Je upen:rrpn.RT~IH KOJ1e6J1eTC.H OT 5 ,r1,o 1.S~'-;;. u1-1or,1a -
llO 35%. j_(eHTeJ!bHOCTh Mct>K ttanpas.netta tta cr11My..rH1poBa1-111e YaCTHhIX 1111nPrT1111,11l1
B aKOHOMHKy pa3BHBaK>W.HXC}I cTpatt. Kpe,ri,11rh1 npe,1ocTaH.i1.HJOTC5I 11au6<>.~1ee pe11Ta-
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rapanrnit B oT.JTH'-lHe OT MEPP 11 MAP, raK KaK 1 1acT11b1~i Ka11uTaJ1 cTpc,\IIITC51 11;f6('-
)KaTb rocyn.apCTBett11oro KOHTpo~1H.

KpoMe Toro, B OTBeT na KpHTHKY MOPP 11 MCDK, H tt<Pia.Tie 90-x ro11,on co:l,'la110
IIHTb COBMeCTHO ynpaBJI51CMbTXJlenapTaMeHTOH: Hetj>TH, ra:ia 1111pO.l1.YKTOB t-ll'<lnT'Xll:\lllH:
ll06b1BalOIIleA 11poMblIII.lleHHOCTH; r.,TJ06aJibHbfX HH<fK>pMaUHOHllblX II Tt'.!IPKl):\IJ\-l_\'HIIKa-
u;11ottHhIX TexnoJ1ortti1; KOHCYJlbTaIJ.HOHHbIX yc.T1yr ;uu-1 •1acTIIoro ceKTopa; :\.tC."IKoro
11 cpe)].ttero npen:npHHHMaTeJihCTHa.
Mct>K Kpen:11TyeT 11ttnecT1111,HOHHbie npoeKThI n I)orc1-111, :'/l!aCTH_V('T B 1G:1JI11-
Tane '-laCTHbIX npe;u1pHHT11i1, HOB pH,ae c.:1y'--!acB 11e,1,ocraT0'1tto :·>CP<tJeKT110110. IIa1-1Go-
J1ee rrepcIICKTHBIIa)l,C.HTCJibI-IOCTL rpynnbl M©K 110 pa:iBHlflJO :111:u111ra H Pocc1111. rpy11-
rra C03,llaHa B 1997 ro;ly np11 cf:>HHattconoM COJleficTBHH npaBHTl')IhCTB Be.:111Ko6p1rra-
1111H H Katta,llhI 11 c 2000 ro.ua cf:>uJiattcupyeTcR KattaD,CKHM are1rrCTBO.\-f MeJKJl.\'llapo/1,-
ttoro pa3BHTH51 B u;eJIHX ¢opMHponaIIH.H Heo6xo~HMLIX 11paBOBLIX II ?.IKOllOJ\llllll'CKIIX
ycJIOBHil .UJIH aKTHBH3ailHI1 JIH3IIHra B PoccuifcKoii cDe1tepa1tu11 c y•1<"rn~1 J\111p0Horo
OIIbITa.
MHowcmopoHHee azeHmcmao zapaHmupoaaHUR uuaecmu'luu (MA nI.
CO:J,llaIIo B 1988 r. B l(eJIHX con:ei1cTBHH JTOTOKY 11p51MbIX HtilleCTIIUJiii B pa:nHtHa1011u1ccH
cTpattbI). MAfI1 npe.n.ocTaBJJHeT rapaHTHH (rroKpbIBan /lO 9()1,:-b HHBCCTuu11ii 11a rpoK

317
llO 20 JieT) no KOMMep1.feCKH11 11 IIOJIHTHqecKHM pHCKaM. K pttcKaM OTHOC51TC5I: OTMetta
KOHBepTI1pyCMOCTI1 BaJIIOTbl, ttaunottaJU13aU:H5I HJIH 3KCrrponpttaU:H5I HMYII~eCTBa HHBeC-
Topa, B0€HHhie )1,ellcTBHJI, CMeHa ITOJIHTHl.feCKOro pe)KHMa, H€BbIITOJIHeHHe KOHTpaKTa
BC}Je)].cTBHe npaBttreJihCTBettttoro peIIIettHJI. KpoMe roro, MAfl1 OKa3bIBaer KOHCYJJh-
ranttoHIIhte yc.r1yrn no rrpHMhirv1 ttHBeCTHUHJIM.
MeJ1CiJy11apoiJ11blu iieump no ype•yJLupoBauuw u11Becmuiiuo1111b1x cnopoB -
HOBoe IIDllPa3.L1.eJiett11e rpynnhl BceMttpaoro 6attKa.

26.3. EBPOnEHCKl1H 6AHK PEKOHCTPYK~l11111 PA3Bl1Tl1ff

EBponeikKHM 6attK peKoncTpyK1urn H pa3BHTH5! (E5PP, c03/laH B 1990 r., MeCTo-
naxO)K)].ennc - JloH.z:~ott). fJiaBH3Jl ueJih EEPP - crroco6cTBoBaTb IIepeXOllY
K pblHO'-£HOit 3KOHOMHKe B rocyllapcrBax 6b1BIIIero CCCP, crpattax UettTpa.ribttoH
H BocTo-Y:aoH EBpOIIhI. EEPP Kpe.z::i:nryer HHBecr111u1ottI-Ibie rrpoeKTbI B orrpe-
JlCJieHHbIX npe,U.eJiaX.
Pecypcbr E5PP <j:>opMHpyrOTc>I rro amLJiormr c pecypcaMH M5PP. 011HaKo llOJI>I
on ..11a1:1enttoro aKU:.HonepHoro KaIIHTa11a EDPP Bhillie (24,5% no cpaBHettvi:ro c 6,4%).
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HCIIOJib:iyerc>I KaK rapaHTH51 nptt npHBJiel.feHHH 3aeMHblX cpellCTB Ha MHpOBOM Kpe,ll,HT-
HOM pbJHKe. 3aJI1'1CTBOBaHHe cpCJlCTB Ha pbIHKe KaITHTaJia ocyrn;eCTBJI51€TC5I rryreM BbIIIy-
CKa cepT11¢11KaTOB, a He 06Jittrau:11H, B OTJilll.J.He or B5.
Oco6enttocTb EEPP cocTollT B MettbLueH ancpcpepeHu:11au:n11 JI,0Jn1 crpatt-Y:JICHOB
B KanHranc n KOJIH-Y:eCTBe ronocoB. Harrp11Mep, ClllA .HMeror 10% aKu:ttM, Ben11Ko6p11Ta-
mrn, lfraJmlI, <Dpa1111H>I, <DPr, 5iIIOHHlI - ITO 8,6% KalK/la>I .
.llpyra11 oco6ettttocTb EEPP 3aKJIIOl.JaeTc5l B era op.HeHTaU:HH Ha KP€JlHTOBattIIe
pbIHOl.fttblX pecpop~t II IIOJl.ll€P*KY qacTttoro rrpeJJ,rrp.H1-n1MaTeJibCTBa B cTpanax Uettr-
pa.lihttoH H Bocro-Y:ttoit EBporrbI; 70% era KpeJlHTOB npeJlOCTaBJiettbI -Y:acTHDMY ceKTopy.
Pocctt51 aKTHBHO corpy.uu11-Y:aer c EEPP, KOTOpb1H KpeJJ,.HryeT HHBeCTHll,HOHHbie rrpo-
CKTbI (15 MJIPl1110JI. B 1991-2000 rr.) B npe11eJiax 30% CTOHMOCTJ.f rrpoeKTa H rrpHBJIC-
KaeT CHH/JJIUllpOBaHHbie 6attK0BCKlle Kpe,ll,HTbI.
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Tl110 HHQJpacTpyKryphl (BKJil0'-1351 3KOJIOrH"l{€CKII€ nporpaM1'1bI), HHB€CT.HU:lI5IX B aKUHO-
ttepttbt:H KarrnraJI, oco6eHHO rrp110ar11311pyeMbIX npe.ll,np115ITH11. IIpeHMyrn;ecTBCHHbie
B
ccpepbI JI,e5ITe.Tr1>1-1ocr11 EEPP, TOM l.fHCJie B Pocc1111,- cl>IIttaHCOBhiit, 6attKDBCK11ll ceK-
TOphI, attepreTHKa, re11eKOMMYHHKau11otttta5l .HttclJpacTpyKrypa, rpattcnopr, ce11bCKOe
xo:i.Hi1CTBO. 50JibllIOe BIII1Man11e Yll€JI5I€TC5I HOJl.Uep)l(Ke Ma.r:IOfO 6H3ueca. KaK l1 ,ll,pyrHe
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H3 crparerttl.feCKHX 3aJI,a'-I EEPP - coJI,e:HcTBHe upttBar113au:1111, pa3rocyJlapcrn.lren1110
rrpelllIPH>ITHll, 11x crpyKTypuott rrepecrpollKe H MO.II,epttH3aU:HH. KpoMe roro, EEPP
npoBOJlHT KOHCYJlhTaUHH no 3THM BorrpocaM.
0TJIHLfHTCJihHa5I '-lepra Kpe,U.HTOB EEPP - JI,Hcrrepctt5l no pernottaM 11 pa.1HbIM
OTpacnfl-rvI 3KOHOMllKH, a TaK)Ke 6attKaM. EEPP H3611paTe111no orrpe)J.eJ15feT o6ncKThI
KpCJlHTOBaHHJI c y-qeroM poccni1cKoH cneu:tt¢HKH, OTKa3blBa5LCb Kpe.ll,HTOBaTb npe,ll,-
rrpH5ITl15I 11ropHoro 6H3Heca, npo11:iBO,Il,CTBO Ta6aGHbIX ll3.l1,€JIJiit l1 KperrKHX aJIKOfOJib-
HbIX HarrttTKOB. Cneu:11¢HKa .L1.€>1TeJI1>11ocrtt EEPP - CTMMyn11poBaH11e co3,nattHB BeH-
~ypHbrx <j:>oH/lOB ( 11 B Pocc1111). Co311antth1ii B 1994 ro11y E5PP <Do1111 rro1111eplKKH
Ma.r1oro 6.H3Heca B Pocc11H rrpeJI,OCTaBHJI Kpe,ll,llTbl OKOJIO 40 TbIC. M€JIKHX rrpeJlIIPH5l-
318
THH HCXOJJ.R 113 KpMTCp1tH ux n.r1aTe)Kec11oco6HocTn. CTpaTer11.H cnTPY/lt-IM'fl'CTBa Poc-
c1111 c EEPP HaIIpaH ..'ICHa tta na.rrbttei'uuee np11BJICYeHI1l' LTO JIHBeCTJJlll10HHhIX Kpcll,H-
TOB, ycJIOBHH KOTOpbIX 60J1ec JlhrOTHbl(' no cpaBllCIHllO c yc ..'IOBHH.\ll1 ,\!HpoHhlX '-!aCT-
IILIX HHHecropOB, B U,l'.'I.HX pa:lBJITH.H pocc11ticKoti :::JKOIIO~tHKll.

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