Мировая экономика и международный бизнес. Филиппова И.А. - 15 стр.

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ɷɬɨɝɨ ɦɨɦɟɧɬɚ Ȼɚɧɤ Ⱥɧɝɥɢɢ ɧɟ ɨɛɟɫɩɟɱɢɜɚɥ ɨɛɦɟɧ ɛɪɢɬɚɧɫɤɢɯ ɛɭɦɚɠɧɵɯ ɞɟ-

ɧɟɠɧɵɯ ɟɞɢɧɢɰ ɧɚ ɡɨɥɨɬɨ ɩɨ ɧɨɦɢɧɚɥɭ.

ɉɨɫɥɟ ɨɬɤɚɡɚ ȼɟɥɢɤɨɛɪɢɬɚɧɢɢ ɨɬ ɡɨɥɨɬɨɝɨ ɫɬɚɧɞɚɪɬɚ ɨɛɪɚɡɨɜɚɥɚɫɶ ɬɚɤ ɧɚ-

ɡɵɜɚɟɦɚɹ «ɫɬɟɪɥɢɧɝɨɜɚɹ ɡɨɧɚ» – ɡɨɧɚ, ɜɤɥɸɱɚɜɲɚɹ ɜ ɫɟɛɹ ɝɪɭɩɩɭ ɫɬɪɚɧ (ɩɪɟ-

ɢɦɭɳɟɫɬɜɟɧɧɨ ɱɥɟɧɨɜ Ȼɪɢɬɚɧɫɤɨɝɨ ɋɨɞɪɭɠɟɫɬɜɚ), ɤɨɬɨɪɵɟ ɩɪɢɜɹɡɵɜɚɥɢ ɫɜɨɸ

ɜɚɥɸɬɭ ɤ ɮɭɧɬɭ ɫɬɟɪɥɢɧɝɨɜ ɢ ɢɫɩɨɥɶɡɨɜɚɥɢ ɫɜɨɢ ɫɬɟɪɥɢɧɝɨɜɵɟ ɫɱɟɬɚ ɜ ɥɨɧɞɨɧ-

ɫɤɢɯ ɛɚɧɤɚɯ ɜ ɤɚɱɟɫɬɜɟ ɦɟɠɞɭɧɚɪɨɞɧɨɝɨ ɪɟɡɟɪɜɚ ɜɚɥɸɬɵ. Ⱦɪɭɝɢɟ ɫɬɪɚɧɵ ɩɪɢɜɹ-

ɡɵɜɚɥɢ ɫɜɨɸ ɜɚɥɸɬɭ ɤ ɞɨɥɥɚɪɭ ɋɒȺ ɢɥɢ ɮɪɚɧɰɭɡɫɤɨɦɭ ɮɪɚɧɤɭ. Ƚɚɪɦɨɧɢɱ-

ɧɨɫɬɶ ɦɟɠɞɭɧɚɪɨɞɧɨɣ ɜɚɥɸɬɧɨɣ ɫɢɫɬɟɦɵ ɩɪɨɞɨɥɠɚɥɚ ɜɵɪɨɠɞɚɬɶɫɹ ɩɨ ɦɟɪɟ ɬɨ-

ɝɨ, ɤɚɤ ɧɟɤɨɬɨɪɵɟ ɫɬɪɚɧɵ (ɜ ɬɨɦ ɱɢɫɥɟ ɋɨɟɞɢɧɟɧɧɵɟ ɒɬɚɬɵ Ⱥɦɟɪɢɤɢ; Ɏɪɚɧ-

ɰɢɹ, ȼɟɥɢɤɨɛɪɢɬɚɧɢɹ, Ȼɟɥɶɝɢɹ, Ʌɚɬɜɢɹ, ɇɢɞɟɪɥɚɧɞɵ, ɒɜɟɣɰɚɪɢɹ ɢ ɂɬɚɥɢɹ)

ɩɪɟɞɩɪɢɧɹɥɢ ɞɟɜɚɥɶɜɚɰɢɸ ɧɚɰɢɨɧɚɥɶɧɨɣ ɜɚɥɸɬɵ ɫ ɰɟɥɶɸ ɩɨɜɵɲɟɧɢɹ ɤɨɧɤɭ-

ɪɟɧɬɨɫɩɨɫɨɛɧɨɫɬɢ ɬɨɜɚɪɨɜ ɨɬɟɱɟɫɬɜɟɧɧɨɝɨ ɩɪɨɢɡɜɨɞɫɬɜɚ. ɉɨɫɪɟɞɫɬɜɨɦ ɭɦɵɲ-

ɥɟɧɧɨɝɨ, ɢɫɤɭɫɫɬɜɟɧɧɨɝɨ ɫɧɢɠɟɧɢɹ ɨɮɢɰɢɚɥɶɧɨɝɨ ɨɛɦɟɧɧɨɝɨ ɤɭɪɫɚ (ɞɟɜɚɥɶɜɚ-

ɰɢɢ) ɧɚɰɢɨɧɚɥɶɧɨɣ ɜɚɥɸɬɵ ɤɚɠɞɚɹ ɢɡ ɷɬɢɯ ɫɬɪɚɧ ɪɚɫɫɱɢɬɵɜɚɥɚ ɫɧɢɡɢɬɶ ɫɬɨɢ-

ɦɨɫɬɶ ɫɜɨɢɯ ɬɨɜɚɪɨɜ ɧɚ ɦɢɪɨɜɵɯ ɪɵɧɤɚɯ, ɫɬɢɦɭɥɢɪɭɹ ɬɟɦ ɫɚɦɵɦ ɢɯ ɷɤɫɩɨɪɬ ɢ

ɫɨɤɪɚɳɚɹ ɨɛɴɟɦ ɢɦɩɨɪɬɚ. Ɉɞɧɚɤɨ ɩɨɫɥɟ ɬɨɝɨ, ɤɚɤ ɞɪɭɝɢɟ ɫɬɪɚɧɵ ɬɚɤɠɟ ɩɪɨɜɟɥɢ

ɞɟɜɚɥɶɜɚɰɢɸ ɫɜɨɟɣ ɜɚɥɸɬɵ, ɩɨɥɭɱɟɧɢɟ ɞɨɯɨɞɨɜ ɬɚɤɢɦ ɫɩɨɫɨɛɨɦ ɫɬɚɥɨ ɧɟɜɨɡ-

ɦɨɠɧɵɦ. (ȿɫɥɢ ɜ ɤɚɠɞɨɣ ɢɡ ɞɜɭɯ ɫɬɪɚɧ ɛɭɞɟɬ ɩɪɨɜɟɞɟɧɚ ɞɟɜɚɥɶɜɚɰɢɹ ɧɚɰɢɨ-

ɧɚɥɶɧɨɣ ɜɚɥɸɬɵ ɧɚ 20%, ɧɢ ɨɞɧɚ ɢɡ ɧɢɯ ɧɟ ɩɨɥɭɱɢɬ ɤɨɧɤɭɪɟɧɬɧɵɯ ɩɪɟɢɦɭ-

ɳɟɫɬɜ, ɩɨɫɤɨɥɶɤɭ ɰɟɧɵ ɜɚɥɸɬ ɷɬɢɯ ɞɜɭɯ ɫɬɪɚɧ ɨɫɬɚɧɭɬɫɹ ɧɟɢɡɦɟɧɧɵɦɢ ɩɨ ɨɬ-

ɧɨɲɟɧɢɸ ɞɪɭɝ ɤ ɞɪɭɝɭ.) Ʉɪɨɦɟ ɬɨɝɨ, ɜ ɛɨɥɶɲɢɧɫɬɜɟ ɫɬɪɚɧ ɛɵɥɢ ɩɨɜɵɲɟɧɵ ɬɚ-

ɪɢɮɵ ɧɚ ɢɦɩɨɪɬ ɬɨɜɚɪɨɜ ɜ ɧɚɞɟɠɞɟ ɧɚ ɬɨ, ɱɬɨ ɷɬɨ ɩɨɡɜɨɥɢɬ ɡɚɳɢɬɢɬɶ ɡɚɧɹɬɨɫɬɶ

ɪɚɛɨɱɢɯ ɧɚ ɨɬɟɱɟɫɬɜɟɧɧɵɯ ɩɪɟɞɩɪɢɹɬɢɹɯ, ɤɨɧɤɭɪɢɪɭɸɳɢɯ ɧɚ ɜɧɭɬɪɟɧɧɟɦ ɪɵɧ-

ɤɟ. ɉɨɦɢɦɨ ɜɫɟɝɨ ɩɪɨɱɟɝɨ, ɩɨ ɦɟɪɟ ɬɨɝɨ, ɤɚɤ ɜɫɟ ɛɨɥɶɲɟ ɢ ɛɨɥɶɲɟ ɫɬɪɚɧ ɫɤɥɨ-

ɧɹɥɢɫɶ ɤ ɜɟɞɟɧɢɸ ɬɚɤɨɣ ɩɨɥɢɬɢɤɢ ɪɚɡɨɪɟɧɢɹ ɫɨɫɟɞɧɢɯ ɫɬɪɚɧ (beggar-thy-

neighbor), ɨɛɴɟɦ ɦɟɠɞɭɧɚɪɨɞɧɨɣ ɬɨɪɝɨɜɥɢ ɫɨɤɪɚɳɚɥɫɹ (ɫɦ. ɪɢɫ. 2.3.1), ɱɬɨ ɨɬ-

ɪɢɰɚɬɟɥɶɧɨ ɫɤɚɡɵɜɚɥɨɫɶ ɧɚ ɡɚɧɹɬɨɫɬɢ ɪɚɛɨɱɢɯ ɜ ɷɤɫɩɨɪɬɧɵɯ ɨɬɪɚɫɥɹɯ. ɗɬɨɦɭ

ɩɪɨɰɟɫɫɭ ɫɨɩɭɬɫɬɜɨɜɚɥɨ ɟɳɟ ɛɨɥɟɟ ɡɥɨɜɟɳɟɟ ɨɛɫɬɨɹɬɟɥɶɫɬɜɨ: ɡɚ ɜɨɡɧɢɤɲɢɦ ɦɟ-

ɠɞɭɧɚɪɨɞɧɵɦ ɷɤɨɧɨɦɢɱɟɫɤɢɦ ɤɨɧɮɥɢɤɬɨɦ ɜɫɤɨɪɟ ɩɨɫɥɟɞɨɜɚɥ ɦɟɠɞɭɧɚɪɨɞɧɵɣ

ɜɨɟɧɧɵɣ ɤɨɧɮɥɢɤɬ – ɜ 1939 ɝ. ɧɚɱɚɥɚɫɶ ȼɬɨɪɚɹ ɦɢɪɨɜɚɹ ɜɨɣɧɚ.

ɗɩɨɯɚ Ȼɪɟɬɬɨɧ-ȼɭɞɫɚ

Ɇɧɨɝɢɟ ɩɨɥɢɬɢɤɢ ɢ ɢɫɬɨɪɢɤɢ ɭɛɟɠɞɟɧɵ ɜ ɬɨɦ, ɱɬɨ ɬɚɤɢɟ ɮɚɤɬɨɪɵ, ɤɚɤ

ɤɪɚɯ ɦɟɠɞɭɧɚɪɨɞɧɨɣ ɜɚɥɸɬɧɨɣ ɫɢɫɬɟɦɵ ɢ ɫɨɤɪɚɳɟɧɢɟ ɨɛɴɟɦɚ ɦɟɠɞɭɧɚɪɨɞɧɨɣ

ɬɨɪɝɨɜɥɢ ɩɨɫɥɟ ɉɟɪɜɨɣ ɦɢɪɨɜɨɣ ɜɨɣɧɵ, ɩɪɢɜɟɥɢ ɤ ɮɨɪɦɢɪɨɜɚɧɢɸ ɷɤɨɧɨɦɢɱɟ-

ɫɤɢɯ ɭɫɥɨɜɢɣ, ɫɩɨɫɨɛɫɬɜɨɜɚɜɲɢɯ ɪɚɡɜɹɡɵɜɚɧɢɸ ȼɬɨɪɨɣ ɦɢɪɨɜɨɣ ɜɨɣɧɵ. ɂɧ-

ɮɥɹɰɢɹ, ɛɟɡɪɚɛɨɬɢɰɚ ɢ ɪɚɡɪɭɲɟɧɧɚɹ ɜɨɣɧɨɣ ɷɤɨɧɨɦɢɤɚ ɛɨɥɶɲɢɧɫɬɜɚ ɫɬɪɚɧ ɦɢɪɚ

ɩɪɢɜɟɥɢ ɜ ɪɟɡɭɥɶɬɚɬɟ ɤ ɩɨɥɢɬɢɱɟɫɤɨɣ ɧɟɫɬɚɛɢɥɶɧɨɫɬɢ, ɤɨɬɨɪɚɹ ɩɨɡɜɨɥɢɥɚ ɮɚ-

ɲɢɫɬɫɤɢɦ ɢ ɤɨɦɦɭɧɢɫɬɢɱɟɫɤɢɦ ɞɢɤɬɚɬɨɪɚɦ (Ƚɢɬɥɟɪɭ, Ɇɭɫɫɨɥɢɧɢ ɢ ɋɬɚɥɢɧɭ)

ɡɚɯɜɚɬɢɬɶ ɜɥɚɫɬɶ ɜ ɫɜɨɢɯ ɫɬɪɚɧɚɯ. Ɂɚɩɚɞɧɵɟ ɞɢɩɥɨɦɚɬɵ ɛɵɥɢ ɪɟɲɢɬɟɥɶɧɨ ɧɚ-

ɫɬɪɨɟɧɵ ɧɚ ɬɨ, ɱɬɨɛɵ ɧɟ ɩɨɜɬɨɪɢɬɶ ɨɲɢɛɨɤ, ɫɬɚɜɲɢɯ ɩɪɢɱɢɧɨɣ ɪɚɡɜɹɡɵɜɚɧɢɹ

ȼɬɨɪɨɣ ɦɢɪɨɜɨɣ ɜɨɣɧɵ, ɩɨɷɬɨɦɭ ɨɧɢ ɪɟɲɢɥɢ ɫɨɡɞɚɬɶ ɬɚɤɭɸ ɩɨɫɥɟɜɨɟɧɧɭɸ ɷɤɨ-

ɧɨɦɢɱɟɫɤɭɸ ɫɪɟɞɭ, ɤɨɬɨɪɚɹ ɫɩɨɫɨɛɫɬɜɨɜɚɥɚ ɛɵ ɜɫɟɨɛɳɟɦɭ ɦɢɪɭ ɢ ɩɪɨɰɜɟɬɚɧɢɸ.

Ɋɢɫ. 2.3.1. Ⱦɜɢɠɟɧɢɟ ɩɨ ɧɚɤɥɨɧɧɨɣ: ɫɨɤɪɚɳɟɧɢɟ ɨɛɴɟɦɚ

ɦɢɪɨɜɨɣ ɬɨɪɝɨɜɥɢ ɜ 1929 – 1933 ɝɝ.

ȼ 1944 ɝ. ɩɪɟɞɫɬɚɜɢɬɟɥɢ 44 ɫɬɪɚɧ ɦɢɪɚ ɫɨɛɪɚɥɢɫɶ ɜ ɤɭɪɨɪɬɧɨɦ ɝɨɪɨɞɤɟ

Ȼɪɟɬɬɨɧ-ȼɭɞɫ (ɲɬɚɬ ɇɶɸ-Ƚɟɦɩɲɢɪ), Ⱦɥɹ ɬɨɝɨ, ɱɬɨɛɵ ɨɫɭɳɟɫɬɜɢɬɶ ɡɚɞɭɦɚɧɧɨɟ.

ɍɱɚɫɬɧɢɤɢ Ȼɪɟɬɬɨɧ-ȼɭɞɫɤɨɣ ɤɨɧɮɟɪɟɧɰɢɢ ɞɨɝɨɜɨɪɢɥɢɫɶ ɨ ɜɨɡɨɛɧɨɜɥɟɧɢɢ ɞɟɣ-

ɫɬɜɢɹ ɡɨɥɨɬɨɝɨ ɫɬɚɧɞɚɪɬɚ, ɧɨ ɧɚ ɩɪɢɧɰɢɩɢɚɥɶɧɨ ɧɨɜɨɣ ɨɫɧɨɜɟ. Ʉɪɨɦɟ ɬɨɝɨ, ɧɚ

ɷɬɨɣ ɤɨɧɮɟɪɟɧɰɢɢ ɛɵɥɚ ɞɨɫɬɢɝɧɭɬɚ ɞɨɝɨɜɨɪɟɧɧɨɫɬɶ ɨ ɫɨɡɞɚɧɢɢ ɞɜɭɯ ɧɨɜɵɯ ɦɟ-

ɠɞɭɧɚɪɨɞɧɵɯ ɨɪɝɚɧɢɡɚɰɢɣ, ɡɚɞɚɱɚ ɤɨɬɨɪɵɯ ɫɨɫɬɨɹɥɚ ɜ ɩɨɞɞɟɪɠɤɟ ɜɨɫɫɬɚɧɨɜɥɟ-

ɧɢɹ ɦɢɪɨɜɨɣ ɷɤɨɧɨɦɢɤɢ ɢ ɦɟɠɞɭɧɚɪɨɞɧɨɣ ɜɚɥɸɬɧɨɣ ɫɢɫɬɟɦɵ: Ɇɟɠɞɭɧɚɪɨɞɧɨ-

ɝɨ ɛɚɧɤɚ ɪɟɤɨɧɫɬɪɭɤɰɢɢ ɢ ɪɚɡɜɢɬɢɹ ɢ Ɇɟɠɞɭɧɚɪɨɞɧɨɝɨ ɜɚɥɸɬɧɨɝɨ ɮɨɧɞɚ.

Ɇɟɠɞɭɧɚɪɨɞɧɵɣ ɛɚɧɤ ɪɟɤɨɧɫɬɪɭɤɰɢɢ ɢ ɪɚɡɜɢɬɢɹ. ɆȻɊɊ (International

Bank for Reconstruction and Development, IBRD) – ɷɬɨ ɨɮɢɰɢɚɥɶɧɨɟ ɧɚɡɜɚɧɢɟ

ȼɫɟɦɢɪɧɨɝɨ ɛɚɧɤɚ (World Bank). ɉɟɪɜɨɧɚɱɚɥɶɧɨɣ ɡɚɞɚɱɟɣ ȼɫɟɦɢɪɧɨɝɨ ɛɚɧɤɚ,

ɭɱɪɟɠɞɟɧɧɨɝɨ ɜ 1945 ɝ., ɛɵɥɨ ɮɢɧɚɧɫɢɪɨɜɚɧɢɟ ɜɨɫɫɬɚɧɨɜɥɟɧɢɹ ɩɨɫɥɟɜɨɟɧɧɨɣ

ɷɤɨɧɨɦɢɤɢ ɟɜɪɨɩɟɣɫɤɢɯ ɝɨɫɭɞɚɪɫɬɜ. ɉɪɢ ɫɨɞɟɣɫɬɜɢɢ ɩɥɚɧɚ Ɇɚɪɲɚɥɥɚ ȼɫɟɦɢɪ-

ɧɵɣ ɛɚɧɤ ɜɵɩɨɥɧɢɥ ɷɬɭ ɡɚɞɚɱɭ ɤ ɫɟɪɟɞɢɧɟ 50-ɯɝɝ. ɉɨɫɥɟ ɷɬɨɝɨ ɩɟɪɟɞ ȼɫɟɦɢɪ-

ɧɵɦ ɛɚɧɤɨɦ ɛɵɥɚ ɩɨɫɬɚɜɥɟɧɚ ɞɪɭɝɚɹ ɦɢɫɫɢɹ: ɩɨɞɴɟɦ ɷɤɨɧɨɦɢɤɢ ɪɚɡɜɢɜɚɸɳɢɯ-

ɫɹ ɫɬɪɚɧ.

ɉɨ ɦɟɪɟ ɪɚɫɲɢɪɟɧɢɹ ɫɜɨɟɣ ɦɢɫɫɢɢ ɫ ɬɟɱɟɧɢɟɦ ɜɪɟɦɟɧɢ ȼɫɟɦɢɪɧɵɦ ɛɚɧ-

ɤɨɦ ɛɵɥɢ ɭɱɪɟɠɞɟɧɵ ɬɪɢ ɨɪɝɚɧɢɡɚɰɢɢ, ɜɯɨɞɹɳɢɟ ɜ ɟɝɨ ɫɨɫɬɚɜ:

– Ɇɟɠɞɭɧɚɪɨɞɧɚɹ ɚɫɫɨɰɢɚɰɢɹ ɪɚɡɜɢɬɢɹ;

– Ɇɟɠɞɭɧɚɪɨɞɧɚɹ ɮɢɧɚɧɫɨɜɚɹ ɤɨɪɩɨɪɚɰɢɹ;

– Ɇɧɨɝɨɫɬɨɪɨɧɧɟɟ ɚɝɟɧɬɫɬɜɨ ɩɨ ɝɚɪɚɧɬɢɪɨɜɚɧɢɸ ɢɧɜɟɫɬɢɰɢɣ.

ȼɦɟɫɬɟ ɫɨ ȼɫɟɦɢɪɧɵɦ ɛɚɧɤɨɦ ɷɬɢ ɬɪɢ ɨɪɝɚɧɢɡɚɰɢɢ ɨɛɪɚɡɨɜɚɥɢ Ƚɪɭɩɩɭ

ȼɫɟɦɢɪɧɨɝɨ ɛɚɧɤɚ (World Bank Group – ɫɦ. ɪɢɫ. 2.3.2). ȼɫɟɦɢɪɧɵɣ ɛɚɧɤ, ɤɨɬɨ-

ɪɵɣ ɧɚ ɬɟɤɭɳɢɣ ɦɨɦɟɧɬ ɢɦɟɟɬ ɧɟɩɨɝɚɲɟɧɧɵɟ ɤɪɟɞɢɬɵ ɧɚ ɫɭɦɦɭ $126 ɦɥɪɞ, ɹɜ-

ɥɹɟɬɫɹ ɫɨɛɫɬɜɟɧɧɨɫɬɶɸ 184 ɫɬɪɚɧ-ɱɥɟɧɨɜ. ɉɪɨɰɟɫɫ ɩɪɢɧɹɬɢɹ ɪɟɲɟɧɢɣ ɜɨ ȼɫɟ-

ɦɢɪɧɨɦ ɛɚɧɤɟ ɨɫɧɨɜɵɜɚɟɬɫɹ ɧɚ ɫɢɫɬɟɦɟ ɜɡɜɟɲɟɧɧɨɝɨ ɝɨɥɨɫɨɜɚɧɢɹ, ɤɨɬɨɪɚɹ ɨɬɨ-

ɛɪɚɠɚɟɬ ɷɤɨɧɨɦɢɱɟɫɤɭɸ ɦɨɳɶ ɫɬɪɚɧ-ɭɱɚɫɬɧɢɰ ɢ ɢɯ ɜɤɥɚɞ ɜ ɞɟɹɬɟɥɶɧɨɫɬɶ ɛɚɧɤɚ.

ȼ ɧɚɫɬɨɹɳɟɟ ɜɪɟɦɹ ɋɨɟɞɢɧɟɧɧɵɟ ɒɬɚɬɵ Ⱥɦɟɪɢɤɢ ɤɨɧɬɪɨɥɢɪɭɸɬ ɫɚɦɵɣ ɤɪɭɩ-

ɧɵɣ ɛɥɨɤ ɝɨɥɨɫɨɜ (17%); ɡɚ ɋɒȺ ɫɥɟɞɭɸɬ əɩɨɧɢɹ (8%), Ƚɟɪɦɚɧɢɹ (5%), ȼɟɥɢ-

ɤɨɛɪɢɬɚɧɢɹ (4%), Ɏɪɚɧɰɢɹ (4%) ɢ ɲɟɫɬɶ ɫɬɪɚɧ ɫ ɬɪɟɦɹ ɩɪɨɰɟɧɬɚɦɢ ɤɚɠɞɚɹ: Ʉɚ-

ɧɚɞɚ, Ʉɢɬɚɣ, ɂɧɞɢɹ, ɂɬɚɥɢɹ, Ɋɨɫɫɢɹ ɢ ɋɚɭɞɨɜɫɤɚɹ Ⱥɪɚɜɢɹ. ȼɪɟɦɹ ɨɬ ɜɪɟɦɟɧɢ,

ɩɨ ɦɟɪɟ ɢɡɦɟɧɟɧɢɹ ɷɤɨɧɨɦɢɱɟɫɤɨɣ ɦɨɳɢ ɫɬɪɚɧ ɢɥɢ ɩɨɫɥɟ ɩɪɢɧɹɬɢɹ ɧɨɜɵɯ

ɫɬɪɚɧ ɜ ɱɥɟɧɵ ȼɫɟɦɢɪɧɨɝɨ ɛɚɧɤɚ, ɩɪɨɢɫɯɨɞɢɬ ɩɟɪɟɨɰɟɧɤɚ ɜɟɫɨɜɵɯ ɤɨɷɮɮɢɰɢ-

ɟɧɬɨɜ ɝɨɥɨɫɨɜ. Ⱦɥɹ ɮɢɧɚɧɫɢɪɨɜɚɧɢɹ ɫɜɨɢɯ ɤɪɟɞɢɬɧɵɯ ɨɩɟɪɚɰɢɣ ȼɫɟɦɢɪɧɵɣ

ɛɚɧɤ ɡɚɧɢɦɚɟɬ ɞɟɧɶɝɢ ɨɬ ɫɜɨɟɝɨ ɢɦɟɧɢ ɧɚ ɦɟɠɞɭɧɚɪɨɞɧɵɯ ɪɵɧɤɚɯ ɤɚɩɢɬɚɥɚ.

ɉɪɨɰɟɧɬɵ, ɩɨɥɭɱɚɟɦɵɟ ȼɫɟɦɢɪɧɵɦ ɛɚɧɤɨɦ ɩɨ ɩɪɟɞɨɫɬɚɜɥɟɧɧɵɦ ɤɪɟɞɢɬɚɦ,

ɨɛɟɫɩɟɱɢɜɚɸɬ ɪɚɫɲɢɪɟɧɢɟ ɟɝɨ ɤɪɟɞɢɬɧɵɯ ɜɨɡɦɨɠɧɨɫɬɟɣ. ɋ 1998 ɩɨ 2002 ɝɝ.

ɫɪɟɞɧɢɣ ɝɨɞɨɜɨɣ ɨɛɴɟɦ ɧɨɜɵɯ ɤɪɟɞɢɬɨɜ, ɩɪɟɞɨɫɬɚɜɥɟɧɧɵɯ ȼɫɟɦɢɪɧɵɦ ɛɚɧɤɨɦ,

ɫɨɫɬɚɜɢɥ $15 ɦɥɪɞ.

Ɋɢɫ. 2.3.2. Ɉɪɝɚɧɢɡɚɰɢɨɧɧɚɹ ɫɬɪɭɤɬɭɪɚ Ƚɪɭɩɩɵ ȼɫɟɦɢɪɧɨɝɨ ɛɚɧɤɚ

ɋɨɝɥɚɫɧɨ ɭɫɬɚɜɭ ȼɫɟɦɢɪɧɨɝɨ ɛɚɧɤɚ, ɷɬɚ ɨɪɝɚɧɢɡɚɰɢɹ ɦɨɠɟɬ ɜɵɞɟɥɹɬɶ ɤɪɟ-

ɞɢɬɵ ɬɨɥɶɤɨ ɧɚ «ɩɪɨɢɡɜɨɞɢɬɟɥɶɧɵɟ ɰɟɥɢ», ɱɬɨ ɞɨɥɠɧɨ ɫɬɢɦɭɥɢɪɨɜɚɬɶ ɷɤɨɧɨ-

ɦɢɱɟɫɤɢɣ ɪɨɫɬ ɫɬɪɚɧɵ – ɩɨɥɭɱɚɬɟɥɹ ɤɪɟɞɢɬɚ. ɉɪɢɦɟɪ ɬɚɤɨɝɨ ɤɪɟɞɢɬɚ –

$200 ɦɥɧ, ɩɪɟɞɨɫɬɚɜɥɟɧɧɵɟ ɂɧɞɨɧɟɡɢɢ ɜ 2005 ɝ. ɧɚ ɦɨɞɟɪɧɢɡɚɰɢɸ ɚɜɬɨɦɚɝɢɫɬ-

ɪɚɥɟɣ ɢ ɩɨɜɵɲɟɧɢɟ ɛɟɡɨɩɚɫɧɨɫɬɢ ɞɨɪɨɠɧɨɝɨ ɞɜɢɠɟɧɢɹ. ȼɫɟɦɢɪɧɵɣ ɛɚɧɤ ɧɟ

ɢɦɟɟɬ ɩɪɚɜɚ ɜɵɞɟɥɹɬɶ ɫɪɟɞɫɬɜɚ ɧɚ ɩɨɤɪɵɬɢɟ ɜɧɟɲɧɟɬɨɪɝɨɜɨɝɨ ɞɟɮɢɰɢɬɚ, ɧɨ ɨɧ

ɦɨɠɟɬ ɮɢɧɚɧɫɢɪɨɜɚɬɶ ɩɪɨɟɤɬɵ ɩɨ ɪɚɡɜɢɬɢɸ ɢɧɮɪɚɫɬɪɭɤɬɭɪɵ (ɧɚɩɪɢɦɟɪ, ɫɬɪɨɢ-

ɬɟɥɶɫɬɜɨ ɧɨɜɨɣ ɠɟɥɟɡɧɨɞɨɪɨɠɧɨɣ ɥɢɧɢɢ ɢɥɢ ɩɨɪɬɨɜɵɯ ɫɨɨɪɭɠɟɧɢɣ). ȼɵɞɟɥɟ-

ɧɢɟ ɤɪɟɞɢɬɨɜ ɧɚ ɬɚɤɢɟ ɰɟɥɢ ɩɨɞɞɟɪɠɢɜɚɟɬ ɧɚɰɢɨɧɚɥɶɧɭɸ ɷɤɨɧɨɦɢɤɭ ɫɬɪɚɧɵ-

ɩɨɥɭɱɚɬɟɥɹ. ȼɫɟɦɢɪɧɵɣ ɛɚɧɤ ɦɨɠɟɬ ɜɵɞɟɥɹɬɶ ɤɪɟɞɢɬɵ ɬɨɥɶɤɨ ɜ ɚɞɪɟɫ ɩɪɚɜɢ-

ɬɟɥɶɫɬɜɚ ɫɬɪɚɧɵ ɢɥɢ ɧɚ ɪɟɚɥɢɡɚɰɢɸ ɩɪɨɟɤɬɨɜ, ɩɨɞɞɟɪɠɢɜɚɟɦɵɯ ɩɪɚɜɢɬɟɥɶɫɬ-

ɜɨɦ. Ɂɚɣɦɵ, ɩɪɟɞɨɫɬɚɜɥɹɟɦɵɟ ȼɫɟɦɢɪɧɵɦ ɛɚɧɤɨɦ, ɦɨɝɭɬ ɧɟ ɛɵɬɶ ɩɪɢɜɹɡɚɧɵ ɤ

ɩɨɤɭɩɤɟ ɬɨɜɚɪɨɜ ɢɥɢ ɭɫɥɭɝ ɜ ɤɚɤɨɣ ɛɵ ɬɨ ɧɢ ɛɵɥɨ ɫɬɪɚɧɟ. Ɉɫɨɛɨ ɫɥɟɞɭɟɬ ɨɬɦɟ-

ɬɢɬɶ ɬɨɬ ɮɚɤɬ, ɱɬɨ ȼɫɟɦɢɪɧɵɣ ɛɚɧɤ ɞɨɥɠɟɧ ɫɥɟɞɨɜɚɬɶ «ɤɨɧɫɟɪɜɚɬɢɜɧɨɣ ɤɪɟ-

ɞɢɬɧɨɣ ɩɨɥɢɬɢɤɟ» (hard loan policy). Ⱦɪɭɝɢɦɢ ɫɥɨɜɚɦɢ, ɛɚɧɤ ɦɨɠɟɬ ɩɪɟɞɨɫɬɚ-

ɜɢɬɶ ɡɚɟɦ ɬɨɥɶɤɨ ɜ ɫɥɭɱɚɟ ɞɨɫɬɚɬɨɱɧɨɣ ɜɵɫɨɤɨɣ ɭɜɟɪɟɧɧɨɫɬɢ ɜ ɬɨɦ, ɱɬɨ ɷɬɨɬ ɡɚ-

ɟɦ ɛɭɞɟɬ ɩɨɝɚɲɟɧ.

ȼ 50-ɟɝɝ. ɬɚɤɚɹ ɤɨɧɫɟɪɜɚɬɢɜɧɚɹ ɩɨɥɢɬɢɤɚ ɩɪɟɞɨɫɬɚɜɥɟɧɢɹ ɤɪɟɞɢɬɨɜ ɩɨɞ-

ɜɟɪɝɥɚɫɶ ɪɟɡɤɨɣ ɤɪɢɬɢɤɟ ɫɨ ɫɬɨɪɨɧɵ ɛɨɥɟɟ ɛɟɞɧɵɯ ɫɬɪɚɧ, ɤɨɬɨɪɵɟ ɜɵɪɚɠɚɥɢ

ɧɟɞɨɜɨɥɶɫɬɜɨ ɬɟɦ, ɱɬɨ ɨɧɚ ɨɝɪɚɧɢɱɢɜɚɟɬ ɢɯ ɜɨɡɦɨɠɧɨɫɬɢ ɜ ɩɥɚɧɟ ɩɨɥɭɱɟɧɢɹ

ɤɪɟɞɢɬɨɜ. ȼ 1960 ɝ. ɜ ɨɬɜɟɬ ɧɚ ɷɬɭ ɤɪɢɬɢɤɭ ȼɫɟɦɢɪɧɵɣ ɛɚɧɤ ɭɱɪɟɞɢɥ

Ɇɟɠɞɭɧɚ-

ɪɨɞɧɭɸ ɚɫɫɨɰɢɚɰɢɸ ɪɚɡɜɢɬɢɹ, MAP (International Development Association,

IDA). Ɇɟɠɞɭɧɚɪɨɞɧɚɹ ɚɫɫɨɰɢɚɰɢɹ ɪɚɡɜɢɬɢɹ ɩɪɟɞɥɚɝɚɟɬ ɥɶɝɨɬɧɵɟ ɤɪɟɞɢɬɵ

(soft loans) – ɤɪɟɞɢɬɵ, ɩɨ ɤɨɬɨɪɵɦ ɫɭɳɟɫɬɜɭɟɬ ɨɩɪɟɞɟɥɟɧɧɵɣ ɪɢɫɤ ɬɨɝɨ, ɱɬɨ ɨɧɢ

ɧɟ ɛɭɞɭɬ ɩɨɝɚɲɟɧɵ. MAP ɩɪɟɞɨɫɬɚɜɥɹɟɬ ɤɪɟɞɢɬɵ ɛɟɡ ɩɪɨɰɟɧɬɨɜ, ɜɡɢɦɚɹ ɫ ɡɚ-

ɟɦɳɢɤɨɜ ɬɨɥɶɤɨ ɩɥɚɬɭ ɡɚ ɨɛɫɥɭɠɢɜɚɧɢɟ (ɜ ɧɚɫɬɨɹɳɟɟ ɜɪɟɦɹ – 0,75%). Ʉɪɨɦɟ ɬɨ-

ɝɨ, ɷɬɢ ɤɪɟɞɢɬɵ ɩɪɟɞɨɫɬɚɜɥɹɸɬɫɹ ɧɚ ɞɥɢɬɟɥɶɧɵɣ ɫɪɨɤ (ɤɚɤ ɩɪɚɜɢɥɨ, ɧɚ

35-40 ɥɟɬ), ɫ ɨɬɫɪɨɱɤɨɣ ɜɵɩɥɚɬ ɧɚ 10 ɥɟɬ ɞɥɹ ɫɬɪɚɧ ɫ ɧɢɡɤɢɦ ɞɨɯɨɞɨɦ ɧɚ ɞɭɲɭ

ɧɚɫɟɥɟɧɢɹ. ɉɪɟɞɨɫɬɚɜɥɟɧɢɟ ɤɪɟɞɢɬɨɜ Ɇɟɠɞɭɧɚɪɨɞɧɨɣ ɚɫɫɨɰɢɚɰɢɟɣ ɪɚɡɜɢɬɢɹ

ɪɚɫɫɱɢɬɚɧɨ ɩɪɟɠɞɟ ɜɫɟɝɨ ɧɚ ɧɚɢɦɟɧɟɟ ɪɚɡɜɢɬɵɟ ɫɬɪɚɧɵ. Ɍɢɩɢɱɧɵɣ ɤɪɟɞɢɬ Ɇɟ-

ɠɞɭɧɚɪɨɞɧɨɣ ɚɫɫɨɰɢɚɰɢɢ ɪɚɡɜɢɬɢɹ – ɷɬɨ ɫɫɭɞɚ ɜ $25 ɦɥɧ, ɩɪɟɞɨɫɬɚɜɥɟɧɧɚɹ Ƚɜɢ-

ɧɟɟ ɜ 2002 ɝ. ɧɚ ɛɨɪɶɛɭ ɫ ɡɚɝɪɹɡɧɟɧɢɟɦ ɜɨɞɵ ɢ ɧɚ ɫɨɤɪɚɳɟɧɢɟ ɤɨɥɢɱɟɫɬɜɚ ɡɚɛɨ-

ɥɟɜɚɧɢɣ, ɩɟɪɟɞɚɜɚɟɦɵɯ ɱɟɪɟɡ ɜɨɞɭ. Ⱦɟɹɬɟɥɶɧɨɫɬɶ Ɇɟɠɞɭɧɚɪɨɞɧɨɣ ɚɫɫɨɰɢɚɰɢɢ

ɪɚɡɜɢɬɢɹ ɮɢɧɚɧɫɢɪɭɟɬɫɹ ɡɚ ɫɱɟɬ ɩɟɪɜɨɧɚɱɚɥɶɧɵɯ ɜɡɧɨɫɨɜ ɟɟ ɱɥɟɧɨɜ, ɡɚ ɫɱɟɬ

ɱɢɫɬɨɝɨ ɞɨɯɨɞɚ ȼɫɟɦɢɪɧɨɝɨ ɛɚɧɤɚ, ɚ ɬɚɤɠɟ ɡɚ ɫɱɟɬ ɪɟɝɭɥɹɪɧɵɯ ɞɨɛɪɨɜɨɥɶɧɵɯ

ɜɡɧɨɫɨɜ, ɩɪɟɞɨɫɬɚɜɥɹɟɦɵɯ ɛɨɥɟɟ ɛɨɝɚɬɵɦɢ ɫɬɪɚɧɚɦɢ. ɋ 1998 ɩɨ 2007 ɝ. ɫɪɟɞɧɢɣ

ɝɨɞɨɜɨɣ ɨɛɴɟɦ ɤɪɟɞɢɬɨɜ, ɩɪɟɞɨɫɬɚɜɥɟɧɧɵɯ MAP, ɫɨɫɬɚɜɢɥ $7 ɦɥɪɞ.

Ⱦɜɚ ɞɪɭɝɢɯ ɫɬɪɭɤɬɭɪɧɵɯ ɩɨɞɪɚɡɞɟɥɟɧɢɹ Ƚɪɭɩɩɵ ȼɫɟɦɢɪɧɨɝɨ ɛɚɧɤɚ ɢɦɟɸɬ

ɛɨɥɟɟ ɭɡɤɭɸ ɦɢɫɫɢɸ. Ɇɟɠɞɭɧɚɪɨɞɧɚɹ ɮɢɧɚɧɫɨɜɚɹ ɤɨɪɩɨɪɚɰɢɹ, ɆɎɄ (Inter-

national Finance Corporation, IFC), ɫɨɡɞɚɧɧɚɹ ɜ 1956 ɝ

., ɧɟɫɟɬ ɨɬɜɟɬɫɬɜɟɧɧɨɫɬɶ ɡɚ

ɩɨɞɞɟɪɠɤɭ ɪɚɡɜɢɬɢɹ ɱɚɫɬɧɨɝɨ ɫɟɤɬɨɪɚ ɷɤɨɧɨɦɢɤɢ ɜ ɪɚɡɜɢɜɚɸɳɢɯɫɹ ɫɬɪɚɧɚɯ.

Ⱦɟɣɫɬɜɭɹ ɩɨ ɩɪɢɧɰɢɩɭ ɢɧɜɟɫɬɢɰɢɨɧɧɨɝɨ ɛɚɧɤɚ, ɆɎɄ ɜ ɫɨɬɪɭɞɧɢɱɟɫɬɜɟ ɫ ɱɚɫɬ-

ɧɵɦɢ ɢɧɜɟɫɬɨɪɚɦɢ ɜɤɥɚɞɵɜɚɟɬ ɤɚɤ ɡɚɟɦɧɵɣ, ɬɚɤ ɢ ɫɨɛɫɬɜɟɧɧɵɣ ɤɚɩɢɬɚɥ ɜ ɩɟɪ-

ɫɩɟɤɬɢɜɧɵɟ ɤɨɦɦɟɪɱɟɫɤɢɟ ɩɪɟɞɩɪɢɹɬɢɹ. ɇɚɩɪɢɦɟɪ, ɜ 2002 ɝ. Ɇɟɠɞɭɧɚɪɨɞɧɚɹ

ɮɢɧɚɧɫɨɜɚɹ ɤɨɪɩɨɪɚɰɢɹ ɢɧɜɟɫɬɢɪɨɜɚɥɚ ɜ ɤɨɦɩɚɧɢɸ Lafarge Surma Cement Ltd.

ɢɡ Ȼɚɧɝɥɚɞɟɲ $10 ɦɥɧ ɜ ɮɨɪɦɟ ɫɨɛɫɬɜɟɧɧɨɝɨ ɤɚɩɢɬɚɥɚ ɢ $35 ɦɥɧ ɜ ɮɨɪɦɟ ɤɪɟ-

ɞɢɬɚ, ɱɬɨɛɵ ɩɨɦɨɱɶ ɜ ɫɬɪɨɢɬɟɥɶɫɬɜɟ ɡɚɜɨɞɚ (ɨɛɳɟɣ ɫɬɨɢɦɨɫɬɶɸ $60 ɦɥɧ), ɤɨɬɨ-

ɪɵɣ ɞɨɥɠɟɧ ɛɵɥ ɜɵɩɭɫɤɚɬɶ 1,2 ɦɥɧ ɬɨɧɧ ɰɟɦɟɧɬɚ ɜ ɝɨɞ. ȼ 2005 ɝ. ɨɛɳɢɣ ɨɛɴɟɦ

ɮɢɧɚɧɫɨɜɵɯ ɫɪɟɞɫɬɜ, ɜɵɞɟɥɟɧɧɵɯ ɆɎɄ, ɫɨɫɬɚɜɢɥ $5,8 ɦɥɪɞ.

ȿɳɟ ɨɞɧɨ ɩɨɞɪɚɡɞɟɥɟɧɢɟ Ƚɪɭɩɩɵ ȼɫɟɦɢɪɧɨɝɨ ɛɚɧɤɚ, Ɇɧɨɝɨɫɬɨɪɨɧɧɟɟ

ɚɝɟɧɬɫɬɜɨ ɩɨ ɝɚɪɚɧɬɢɪɨɜɚɧɢɸ ɢɧɜɟɫɬɢɰɢɣ, ɆȺȽɂ (Multilateral Investment

Guarantee Agency, MIGA), ɛɵɥɨ ɭɱɪɟɠɞɟɧɨ ɜ 1988 ɝ. ɫ ɰɟɥɶɸ ɩɪɟɨɞɨɥɟɧɢɹ

ɬɪɭɞɧɨɫɬɟɣ, ɫɜɹɡɚɧɧɵɯ ɫ ɧɟɠɟɥɚɧɢɟɦ ɱɚɫɬɧɵɯ ɤɨɦɩɚɧɢɣ ɜɤɥɚɞɵɜɚɬɶ ɞɟɧɶɝɢ ɜ

ɷɤɨɧɨɦɢɤɭ ɪɚɡɜɢɜɚɸɳɢɯɫɹ ɫɬɪɚɧ ɢɡ-ɡɚ ɜɵɫɨɤɨɝɨ ɭɪɨɜɧɹ ɩɨɥɢɬɢɱɟɫɤɢɯ ɪɢɫɤɨɜ.

Ɇɧɨɝɨɫɬɨɪɨɧɧɟɟ ɚɝɟɧɬɫɬɜɨ ɩɨ ɝɚɪɚɧɬɢɪɨɜɚɧɢɸ ɢɧɜɟɫɬɢɰɢɣ ɫɬɢɦɭɥɢɪɭɟɬ ɩɪɹ-

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Мировая экономика и международный бизнес. Филиппова И.А. - 15 стр.

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