Мировая экономика и международный бизнес. Филиппова И.А. - 19 стр.

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5. ɉɅȺɌȿɀɇɕɃ ȻȺɅȺɇɋ

5.1. ɉɥɚɬɟɠɧɵɣ ɛɚɥɚɧɫ ɢ ɟɝɨ ɫɬɪɭɤɬɭɪɚ

ȿɠɟɝɨɞɧɵɣ ɨɛɴɟɦ ɬɨɜɚɪɨɨɛɨɪɨɬɚ ɦɟɠɞɭ ɪɚɡɧɵɦɢ ɫɬɪɚɧɚɦɢ ɫɨɫɬɚɜɥɹɟɬ

ɬɪɢɥɥɢɨɧɵ ɞɨɥɥɚɪɨɜ. ɉɥɚɬɟɠɧɵɣ ɛɚɥɚɧɫ ɩɪɟɞɫɬɚɜɥɹɟɬ ɫɨɛɨɣ ɫɢɫɬɟɦɭ ɭɱɟɬɚ ɦɟ-

ɠɞɭɧɚɪɨɞɧɵɯ ɨɩɟɪɚɰɢɣ ɫɬɪɚɧɵ ɩɨ ɦɟɬɨɞɭ ɞɜɨɣɧɨɣ ɡɚɩɢɫɢ, ɩɪɟɞɧɚɡɧɚɱɟɧɧɭɸ

ɞɥɹ ɮɢɤɫɢɪɨɜɚɧɢɹ ɜɫɟɯ ɷɤɨɧɨɦɢɱɟɫɤɢɯ ɨɩɟɪɚɰɢɣ ɦɟɠɞɭ ɪɟɡɢɞɟɧɬɚɦɢ ɞɚɧɧɨɣ

ɫɬɪɚɧɵ ɢ ɪɟɡɢɞɟɧɬɚɦɢ ɜɫɟɯ ɞɪɭɝɢɯ ɫɬɪɚɧ ɡɚ ɨɩɪɟɞɟɥɟɧɧɵɣ ɩɪɨɦɟɠɭɬɨɤ ɜɪɟɦɟ-

ɧɢ. ɋɢɫɬɟɦɚ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ ɩɨɡɜɨɥɹɟɬ ɥɢɰɚɦ, ɨɩɪɟɞɟɥɹɸɳɢɦ ɩɨɥɢɬɢɤɭ

ɫɬɪɚɧɵ, ɭɫɬɚɧɨɜɢɬɶ ɭɪɨɜɟɧɶ ɷɮɮɟɤɬɢɜɧɨɫɬɢ ɷɤɨɧɨɦɢɤɢ ɤɚɠɞɨɣ ɢɡ ɫɬɪɚɧ, ɭɱɚɫɬ-

ɜɭɸɳɢɯ ɧɚ ɦɟɠɞɭɧɚɪɨɞɧɨɦ ɪɵɧɤɟ. Ʉɪɨɦɟ ɬɨɝɨ, ɫɢɫɬɟɦɚ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ

ɩɨɡɜɨɥɹɟɬ ɢɞɟɧɬɢɮɢɰɢɪɨɜɚɬɶ ɮɭɧɞɚɦɟɧɬɚɥɶɧɵɟ ɢɡɦɟɧɟɧɢɹ ɭɪɨɜɧɹ ɤɨɧɤɭɪɟɧɬɨ-

ɫɩɨɫɨɛɧɨɫɬɢ ɫɬɪɚɧ, ɚ ɬɚɤɠɟ ɩɨɦɨɝɚɟɬ ɩɨɥɢɬɢɱɟɫɤɢɦ ɥɢɞɟɪɚɦ ɷɬɢɯ ɫɬɪɚɧ ɪɚɡɪɚ-

ɛɚɬɵɜɚɬɶ ɩɪɢɟɦɥɟɦɵɣ ɩɨɥɢɬɢɱɟɫɤɢɣ ɤɭɪɫ ɜ ɨɬɜɟɬ ɧɚ ɷɬɢ ɢɡɦɟɧɟɧɢɹ.

ɋɭɳɟɫɬɜɭɟɬ ɪɹɞ ɩɪɢɱɢɧ, ɩɨ ɤɨɬɨɪɵɦ ɦɟɠɞɭɧɚɪɨɞɧɵɦ ɩɪɟɞɩɪɢɧɢɦɚɬɟɥɹɦ

ɧɟɨɛɯɨɞɢɦɨ ɨɱɟɧɶ ɜɧɢɦɚɬɟɥɶɧɨ ɢɡɭɱɚɬɶ ɫɬɚɬɢɫɬɢɱɟɫɤɢɟ ɞɚɧɧɵɟ ɩɥɚɬɟɠɧɨɝɨ ɛɚ-

ɥɚɧɫɚ. ɋɪɟɞɢ ɷɬɢɯ ɩɪɢɱɢɧ ɫɥɟɞɭɟɬ ɜ ɩɟɪɜɭɸ ɨɱɟɪɟɞɶ ɭɤɚɡɚɬɶ ɫɥɟɞɭɸɳɢɟ:

1) ɫɬɚɬɢɫɬɢɱɟɫɤɢɟ ɞɚɧɧɵɟ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ ɩɨɦɨɝɚɸɬ ɢɞɟɧɬɢɮɢɰɢɪɨɜɚɬɶ

ɧɨɜɵɟ ɪɵɧɤɢ ɬɨɜɚɪɨɜ ɢ ɭɫɥɭɝ;

2) ɞɚɧɧɵɟ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ ɩɨɡɜɨɥɹɸɬ ɩɪɟɞɭɩɪɟɞɢɬɶ ɨ ɜɨɡɦɨɠɧɨɫɬɢ

ɮɨɪɦɢɪɨɜɚɧɢɹ ɜ ɫɬɪɚɧɚɯ ɧɨɜɵɯ ɩɨɥɢɬɢɱɟɫɤɢɯ ɤɭɪɫɨɜ, ɤɨɬɨɪɵɟ ɦɨɝɭɬ ɢɡɦɟɧɢɬɶ

ɬɚɦ ɭɫɥɨɜɢɹ ɜɟɞɟɧɢɹ ɛɢɡɧɟɫɚ, ɬɟɦ ɫɚɦɵɦ ɨɤɚɡɵɜɚɹ ɜɥɢɹɧɢɟ ɧɚ ɩɪɢɛɵɥɶɧɨɫɬɶ

ɩɪɟɞɩɪɢɹɬɢɣ ɤɨɦɩɚɧɢɢ, ɪɚɫɩɨɥɨɠɟɧɧɵɯ ɜ ɷɬɨɣ ɫɬɪɚɧɟ. ɇɚɩɪɢɦɟɪ, ɪɟɡɤɨɟ ɭɜɟ-

ɥɢɱɟɧɢɟ ɨɛɴɟɦɚ ɢɦɩɨɪɬɚ ɜ ɫɬɪɚɧɟ ɦɨɠɟɬ ɫɥɭɠɢɬɶ ɩɪɢɡɧɚɤɨɦ ɧɚɥɢɱɢɹ ɜ ɷɤɨɧɨ-

ɦɢɤɟ ɷɬɨɣ ɫɬɪɚɧɵ ɬɟɧɞɟɧɰɢɢ ɤ ɧɟɤɨɧɬɪɨɥɢɪɭɟɦɨɣ ɢɧɮɥɹɰɢɢ, ɚ ɬɚɤɠɟ ɫɢɦɩɬɨ-

ɦɨɦ ɫɨɤɪɚɳɟɧɢɹ ɪɚɡɦɟɪɨɜ ɜɧɭɬɪɟɧɧɟɝɨ ɞɟɧɟɠɧɨɝɨ ɨɛɪɚɳɟɧɢɹ. ȼ ɬɚɤɨɦ ɫɥɭɱɚɟ

ɩɪɟɞɩɪɢɧɢɦɚɬɟɥɢ, ɩɪɨɹɜɥɹɸɳɢɟ ɛɞɢɬɟɥɶɧɨɫɬɶ ɜ ɩɪɨɰɟɫɫɟ ɜɟɞɟɧɢɹ ɛɢɡɧɟɫɚ ɢ

ɨɫɨɡɧɚɸɳɢɟ ɜɨɡɦɨɠɧɨɫɬɶ ɩɚɞɟɧɢɹ ɩɨɬɪɟɛɢɬɟɥɶɫɤɨɝɨ ɫɩɪɨɫɚ, ɫɨɤɪɚɳɚɸɬ ɨɛɴɟɦ

ɬɨɪɝɨɜɥɢ ɫɜɨɟɣ ɩɪɨɞɭɤɰɢɟɣ ɜ ɬɚɤɨɣ ɫɬɪɚɧɟ;

3) ɫɬɚɬɢɫɬɢɱɟɫɤɢɟ ɞɚɧɧɵɟ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ ɦɨɝɭɬ ɫɜɢɞɟɬɟɥɶɫɬɜɨɜɚɬɶ ɨ

ɫɨɤɪɚɳɟɧɢɢ ɜɚɥɸɬɧɵɯ ɪɟɡɟɪɜɨɜ ɫɬɪɚɧɵ, ɱɬɨ ɜ ɫɜɨɸ ɨɱɟɪɟɞɶ ɦɨɠɟɬ ɨɡɧɚɱɚɬɶ

ɜɨɡɦɨɠɧɭɸ ɞɟɜɚɥɶɜɚɰɢɸ ɞɟɧɟɠɧɨɣ ɟɞɢɧɢɰɵ ɫɬɪɚɧɵ ɜ ɛɭɞɭɳɟɦ (ɤɚɤ ɫɥɭɱɢɥɨɫɶ

ɜ 1997 ɝ. ɜ Ɍɚɢɥɚɧɞɟ

). Ʉɨɦɩɚɧɢɢ, ɷɤɫɩɨɪɬɢɪɭɸɳɢɟ ɫɜɨɸ ɩɪɨɞɭɤɰɢɸ ɜ ɬɚɤɭɸ

ɫɬɪɚɧɭ, ɦɨɝɭɬ ɫɬɨɥɤɧɭɬɶɫɹ ɫ ɜɨɡɦɨɠɧɵɦ ɩɨɜɵɲɟɧɢɟɦ ɰɟɧɨɜɨɣ ɤɨɧɤɭɪɟɧɬɨɫɩɨ-

ɫɨɛɧɨɫɬɢ ɩɪɨɞɭɤɰɢɢ ɨɬɟɱɟɫɬɜɟɧɧɵɯ ɩɪɨɢɡɜɨɞɢɬɟɥɟɣ;

4) ɤɚɤ ɩɪɨɢɡɨɲɥɨ ɜɨ ɜɪɟɦɹ ɦɟɠɞɭɧɚɪɨɞɧɨɝɨ ɤɪɢɡɢɫɚ ɡɚɞɨɥɠɟɧɧɨɫɬɢ, ɫɬɚɬɢ-

ɫɬɢɱɟɫɤɢɟ ɞɚɧɧɵɟ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ ɦɨɝɭɬ ɫɥɭɠɢɬɶ ɩɪɢɡɧɚɤɨɦ ɩɨɜɵɲɟɧɢɹ

ɭɪɨɜɧɹ ɪɢɫɤɚ ɩɪɢ ɩɪɟɞɨɫɬɚɜɥɟɧɢɢ ɤɪɟɞɢɬɨɜ ɨɬɞɟɥɶɧɵɦ ɫɬɪɚɧɚɦ.

ɉɟɪɜɨɫɬɟɩɟɧɧɨɟ ɡɧɚɱɟɧɢɟ ɢɦɟɸɬ ɱɟɬɵɪɟ ɫɥɟɞɭɸɳɢɯ ɚɫɩɟɤɬɚ ɫɢɫɬɟɦɵ

ɭɱɟɬɚ ɦɟɠɞɭɧɚɪɨɞɧɵɯ ɨɩɟɪɚɰɢɣ ɜ ɩɥɚɬɟɠɧɨɦ ɛɚɥɚɧɫɟ:

1) ɜ ɩɥɚɬɟɠɧɨɦ ɛɚɥɚɧɫɟ ɮɢɤɫɢɪɭɸɬɫɹ ɜɫɟ ɦɟɠɞɭɧɚɪɨɞɧɵɟ ɨɩɟɪɚɰɢɢ, ɜɵɩɨɥ-

ɧɟɧɧɵɟ ɡɚ ɨɩɪɟɞɟɥɟɧɧɵɣ ɩɪɨɦɟɠɭɬɨɤ ɜɪɟɦɟɧɢ (ɧɚɩɪɢɦɟɪ, ɡɚ ɨɞɢɧ ɝɨɞ);

2) ɜ ɩɥɚɬɟɠɧɨɦ ɛɚɥɚɧɫɟ ɨɬɨɛɪɚɠɚɸɬɫɹ ɞɚɧɧɵɟ ɬɨɥɶɤɨ ɨɛ ɷɤɨɧɨɦɢɱɟɫɤɢɯ

ɨɩɟɪɚɰɢɹɯ, ɞɪɭɝɢɦɢ ɫɥɨɜɚɦɢ – ɨɛ ɨɩɟɪɚɰɢɹɯ, ɤɨɬɨɪɵɟ ɦɨɠɧɨ ɢɧɬɟɪɩɪɟɬɢɪɨɜɚɬɶ

ɜ ɞɟɧɟɠɧɨɦ ɜɵɪɚɠɟɧɢɢ;

3) ɩɥɚɬɟɠɧɵɣ ɛɚɥɚɧɫ ɨɬɨɛɪɚɠɚɟɬ ɞɚɧɧɵɟ ɨɛ ɨɩɟɪɚɰɢɹɯ ɦɟɠɞɭ ɪɟɡɢɞɟɧɬɚɦɢ

ɨɞɧɨɣ ɫɬɪɚɧɵ ɢ ɪɟɡɢɞɟɧɬɚɦɢ ɜɫɟɯ ɞɪɭɝɢɯ ɫɬɪɚɧ. ȼ ɤɚɱɟɫɬɜɟ ɪɟɡɢɞɟɧɬɨɜ ɦɨɝɭɬ

ɜɵɫɬɭɩɚɬɶ ɮɢɡɢɱɟɫɤɢɟ ɥɢɰɚ, ɤɨɦɦɟɪɱɟɫɤɢɟ ɤɨɦɩɚɧɢɢ, ɩɪɚɜɢɬɟɥɶɫɬɜɟɧɧɵɟ ɢɥɢ

ɧɟɤɨɦɦɟɪɱɟɫɤɢɟ ɨɪɝɚɧɢɡɚɰɢɢ. Ɉɞɧɚɤɨ ɜ ɧɟɤɨɬɨɪɵɯ ɫɥɭɱɚɹɯ ɛɵɜɚɟɬ ɞɨɫɬɚɬɨɱɧɨ

ɫɥɨɠɧɨ ɨɩɪɟɞɟɥɢɬɶ, ɤ ɤɚɤɨɣ ɫɬɪɚɧɟ ɩɪɢɧɚɞɥɟɠɢɬ ɬɨɬ ɢɥɢ ɢɧɨɣ ɪɟɡɢɞɟɧɬ. Ʌɢɰɚ,

ɜɪɟɦɟɧɧɨ ɧɚɯɨɞɹɳɢɟɫɹ ɜ ɫɬɪɚɧɟ (ɬɭɪɢɫɬɵ, ɫɬɭɞɟɧɬɵ, ɜɨɟɧɧɵɟ ɢ ɞɢɩɥɨɦɚɬɵ), ɫ

ɬɨɱɤɢ ɡɪɟɧɢɹ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ ɫɱɢɬɚɸɬɫɹ ɪɟɡɢɞɟɧɬɚɦɢ ɫɜɨɢɯ ɪɨɞɧɵɯ ɫɬɪɚɧ.

Ʉɨɦɩɚɧɢɢ ɫɱɢɬɚɸɬɫɹ ɪɟɡɢɞɟɧɬɚɦɢ ɫɬɪɚɧ, ɜ ɤɨɬɨɪɵɯ ɨɧɢ ɡɚɪɟɝɢɫɬɪɢɪɨɜɚɧɵ. ȼɨ

ɦɧɨɝɢɯ ɫɥɭɱɚɹɯ ɜ ɩɪɨɰɟɫɫɟ ɦɟɠɞɭɧɚɪɨɞɧɨɝɨ ɛɢɡɧɟɫɚ ɤɨɦɩɚɧɢɢ ɪɚɡɦɟɳɚɸɬ ɫɜɨɢ

ɮɢɥɢɚɥɵ ɢɥɢ ɞɨɱɟɪɧɢɟ ɤɨɦɩɚɧɢɢ ɜ ɡɚɪɭɛɟɠɧɵɯ ɫɬɪɚɧɚɯ. Ɏɢɥɢɚɥ, ɤɨɬɨɪɵɣ ɩɨ

ɨɩɪɟɞɟɥɟɧɢɸ ɹɜɥɹɟɬɫɹ ɩɪɟɞɩɪɢɹɬɢɟɦ, ɧɟ ɡɚɪɟɝɢɫɬɪɢɪɨɜɚɧɧɵɦ ɤɚɤ ɨɬɞɟɥɶɧɚɹ

ɤɨɦɩɚɧɢɹ, ɢ ɩɨɷɬɨɦɭ ɧɟɨɬɞɟɥɢɦ ɜ ɩɪɚɜɨɜɨɦ ɨɬɧɨɲɟɧɢɢ ɨɬ ɪɨɞɢɬɟɥɶɫɤɨɣ ɤɨɦ-

ɩɚɧɢɢ, ɫɱɢɬɚɟɬɫɹ ɪɟɡɢɞɟɧɬɨɦ ɫɬɪɚɧɵ, ɜ ɤɨɬɨɪɨɣ ɡɚɪɟɝɢɫɬɪɢɪɨɜɚɧɚ ɪɨɞɢɬɟɥɶɫɤɚɹ

ɤɨɦɩɚɧɢɹ.

Ⱦɨɱɟɪɧɟɟ ɩɪɟɞɩɪɢɹɬɢɟ, ɤɨɬɨɪɨɟ ɩɨ ɨɩɪɟɞɟɥɟɧɢɸ ɹɜɥɹɟɬɫɹ ɨɬɞɟɥɶɧɨɣ,

ɨɮɢɰɢɚɥɶɧɨ ɡɚɪɟɝɢɫɬɪɢɪɨɜɚɧɧɨɣ ɤɨɦɩɚɧɢɟɣ, ɫɱɢɬɚɟɬɫɹ ɪɟɡɢɞɟɧɬɨɦ ɫɬɪɚɧɵ, ɜ

ɤɨɬɨɪɨɣ ɡɚɪɟɝɢɫɬɪɢɪɨɜɚɧɚ ɷɬɚ ɤɨɦɩɚɧɢɹ. ȼ ɛɨɥɶɲɢɧɫɬɜɟ ɫɥɭɱɚɟɜ ɞɨɱɟɪɧɹɹ ɤɨɦ-

ɩɚɧɢɹ ɪɟɝɢɫɬɪɢɪɭɟɬɫɹ ɜ ɫɬɪɚɧɟ, ɜ ɤɨɬɨɪɨɣ ɨɧɚ ɮɭɧɤɰɢɨɧɢɪɭɟɬ. ɗɬɨ ɩɨɡɜɨɥɹɟɬ

ɬɚɤɨɣ ɤɨɦɩɚɧɢɢ ɩɨɥɶɡɨɜɚɬɶɫɹ ɩɪɟɢɦɭɳɟɫɬɜɚɦɢ ɫɬɚɬɭɫɚ ɪɟɡɢɞɟɧɬɚ ɫɬɪɚɧɵ, ɜɤɨ-

ɬɨɪɨɣ ɨɧɚ ɜɟɞɟɬ ɛɢɡɧɟɫ;

4) ɩɥɚɬɟɠɧɵɣ ɛɚɥɚɧɫ ɩɪɟɞɫɬɚɜɥɹɟɬ ɫɨɛɨɣ ɫɢɫɬɟɦɭ ɞɜɨɣɧɨɣ ɡɚɩɢɫɢ. Ⱦɚɧɧɵɟ

ɩɨ ɤɚɠɞɨɣ ɨɩɟɪɚɰɢɢ ɨɬɪɚɠɚɸɬɫɹ ɤɚɤ «ɞɟɛɟɬ», ɬɚɤ ɢ «ɤɪɟɞɢɬ»; ɩɪɢ ɷɬɨɦ ɨɛɟɫɩɟ-

ɱɢɜɚɟɬɫɹ ɪɚɜɟɧɫɬɜɨ ɦɟɠɞɭ ɞɟɛɟɬɨɦ ɢ ɤɪɟɞɢɬɨɦ. Ȼɨɥɶɲɚɹ ɱɚɫɬɶ ɦɟɠɞɭɧɚɪɨɞɧɵɯ

ɫɞɟɥɨɤ ɨɬɪɚɠɚɟɬɫɹ ɜ ɩɥɚɬɟɠɧɨɦ ɛɚɥɚɧɫɟ, ɜɨ-ɩɟɪɜɵɯ, ɤɚɤ ɮɚɤɬ ɩɪɢɨɛɪɟɬɟɧɢɹ ɢɥɢ

ɩɪɨɞɚɠɢ ɬɨɜɚɪɚ, ɭɫɥɭɝɢ ɢɥɢ ɚɤɬɢɜɨɜ. ȼɨ-ɜɬɨɪɵɯ, ɜ ɩɥɚɬɟɠɧɨɦ ɛɚɥɚɧɫɟ ɮɢɤɫɢ-

ɪɭɸɬɫɹ ɞɚɧɧɵɟ ɨɛ ɭɩɥɚɬɟ ɢɥɢ ɩɨɥɭɱɟɧɢɢ ɞɟɧɟɠɧɵɯ ɫɪɟɞɫɬɜ ɡɚ ɬɨ, ɱɬɨ ɛɵɥɨ ɤɭ-

ɩɥɟɧɨ ɢɥɢ ɩɪɨɞɚɧɨ. Ɉɬɨɛɪɚɠɟɧɢɟ ɞɚɧɧɵɯ ɜ ɞɜɭɯ ɱɚɫɬɹɯ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ

ɩɪɟɞɫɬɚɜɥɹɟɬ ɫɨɛɨɣ ɞɨɫɬɚɬɨɱɧɨ ɫɥɨɠɧɭɸ ɩɪɨɰɟɞɭɪɭ. Ɇɧɨɝɢɟ ɷɤɫɩɟɪɬɵ ɫɪɚɜɧɢ-

ɜɚɸɬ ɫɬɚɬɢɫɬɢɱɟɫɤɢɣ ɨɬɱɟɬ ɜ ɮɨɪɦɟ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ ɫ ɨɬɱɟɬɨɦ ɨ ɩɨɫɬɭɩɥɟ-

ɧɢɢ ɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɮɢɧɚɧɫɨɜɵɯ ɫɪɟɞɫɬɜ. ɑɚɫɬɶ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ, ɫɨɨɬɜɟɬ-

ɫɬɜɭɸɳɚɹ ɞɟɛɟɬɭ, ɨɬɨɛɪɚɠɚɟɬ ɢɫɩɨɥɶɡɨɜɚɧɢɟ ɮɢɧɚɧɫɨɜɵɯ ɫɪɟɞɫɬɜ; ɜ ɱɚɫɬɢ ɩɥɚ-

ɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ, ɫɨɨɬɜɟɬɫɬɜɭɸɳɟɣ ɤɪɟɞɢɬɭ, ɭɤɚɡɵɜɚɸɬɫɹ ɢɫɬɨɱɧɢɤɢ ɷɬɢɯ

ɫɪɟɞɫɬɜ. ɉɪɢ ɬɚɤɨɣ ɫɬɪɭɤɬɭɪɟ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ ɞɚɧɧɵɟ ɨ ɩɨɤɭɩɤɟ ɬɨɜɚɪɨɜ

ɢɥɢ ɭɫɥɭɝ ɡɚɧɨɫɹɬɫɹ ɜ ɞɟɛɟɬ, ɚ ɞɚɧɧɵɟ ɨ ɩɪɨɞɚɠɟ – ɜ ɤɪɟɞɢɬ.

Ɉɫɧɨɜɧɵɟ ɪɚɡɞɟɥɵ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ

ɉɥɚɬɟɠɧɵɣ ɛɚɥɚɧɫ ɫɨɫɬɨɢɬ ɢɡ ɱɟɬɵɪɟɯ ɨɫɧɨɜɧɵɯ ɪɚɡɞɟɥɨɜ (ɫɱɟɬɨɜ

ȼ ɩɟɪɜɵɯ ɞɜɭɯ ɪɚɡɞɟɥɚɯ – ɫɱɟɬɟ ɬɟɤɭɳɢɯ ɨɩɟɪɚɰɢɣ ɢ ɫɱɟɬɟ ɞɜɢɠɟɧɢɹ ɤɚɩɢɬɚɥɨɜ –

ɮɢɤɫɢɪɭɸɬɫɹ ɞɚɧɧɵɟ ɨ ɩɪɢɨɛɪɟɬɟɧɢɢ ɬɨɜɚɪɨɜ, ɭɫɥɭɝ ɢ ɚɤɬɢɜɨɜ ɜ ɱɚɫɬɧɨɦ ɢ ɝɨ-

ɫɭɞɚɪɫɬɜɟɧɧɨɦ ɫɟɤɬɨɪɚɯ ɷɤɨɧɨɦɢɤɢ. ɋɱɟɬ ɝɨɫɭɞɚɪɫɬɜɟɧɧɵɯ ɪɟɡɟɪɜɨɜ ɨɬɨɛɪɚɠɚ-

ɟɬ ɜɥɢɹɧɢɟ ɢɧɬɟɪɜɟɧɰɢɢ ɰɟɧɬɪɚɥɶɧɨɝɨ ɛɚɧɤɚ ɧɚ ɪɵɧɨɤ ɢɧɨɫɬɪɚɧɧɨɣ ɜɚɥɸɬɵ.

ɉɨɫɥɟɞɧɢɣ ɫɱɟɬ, ɫɱɟɬ ɨɲɢɛɨɤ ɢ ɩɪɨɩɭɫɤɨɜ, ɫɨɞɟɪɠɢɬ ɞɚɧɧɵɟ ɨɛ ɨɲɢɛɤɚɯ, ɞɨ-

ɩɭɳɟɧɧɵɯ ɜ ɩɪɨɰɟɫɫɟ ɨɬɨɛɪɚɠɟɧɢɹ ɫɜɟɞɟɧɢɣ ɨ ɦɟɠɞɭɧɚɪɨɞɧɵɯ ɨɩɟɪɚɰɢɹɯ

ɫɬɪɚɧɵ ɜ ɩɥɚɬɟɠɧɨɦ ɛɚɥɚɧɫɟ.

ɋɱɟɬ ɬɟɤɭɳɢɯ ɨɩɟɪɚɰɢɣ. ȼ ɫɱɟɬɟ ɬɟɤɭɳɢɯ ɨɩɟɪɚɰɢɣ ɨɬɨɛɪɚɠɚɸɬɫɹ ɞɚɧ-

ɧɵɟ ɨ ɱɟɬɵɪɟɯ ɬɢɩɚɯ ɨɩɟɪɚɰɢɣ, ɨɫɭɳɟɫɬɜɥɹɟɦɵɯ ɦɟɠɞɭ ɪɟɡɢɞɟɧɬɚɦɢ ɪɚɡɧɵɯ ɫɬɪɚɧ:

1) ɷɤɫɩɨɪɬ ɢ ɢɦɩɨɪɬ ɬɨɜɚɪɨɜ;

2) ɷɤɫɩɨɪɬ ɢ ɢɦɩɨɪɬ ɭɫɥɭɝ;

3) ɞɨɯɨɞ ɨɬ ɢɧɜɟɫɬɢɰɢɣ;

4) ɨɞɧɨɫɬɨɪɨɧɧɢɟ ɬɪɚɧɫɮɟɪɬɵ (ɩɨɠɟɪɬɜɨɜɚɧɢɹ).

ɇɚɩɪɢɦɟɪ, ɞɥɹ Ƚɟɪɦɚɧɢɢ ɩɪɨɞɚɠɚ ɚɜɬɨɦɨɛɢɥɹ ɦɚɪɤɢ «Mercedes-Benz»

ɜɪɚɱɭ ɢɡ Ɇɚɪɫɟɥɹ ɨɬɧɨɫɢɬɫɹ ɤ ɤɚɬɟɝɨɪɢɢ ɷɤɫɩɨɪɬɚ ɬɨɜɚɪɨɜ (merchandise

export), ɚ ɩɨɤɭɩɤɚ ɠɢɬɟɥɟɦ Ƚɟɪɦɚɧɢɢ ɲɚɦɩɚɧɫɤɨɝɨ «Dom Perignon», ɩɪɨɢɡɜɟ-

ɞɟɧɧɨɝɨ ɜɨ Ɏɪɚɧɰɢɢ, ɩɪɟɞɫɬɚɜɥɹɟɬ ɫɨɛɨɣ ɢɦɩɨɪɬ ɬɨɜɚɪɨɜ (merchandise import).

(ȼ ȼɟɥɢɤɨɛɪɢɬɚɧɢɢ ɞɥɹ ɨɛɨɡɧɚɱɟɧɢɹ ɬɨɪɝɨɜɥɢ ɬɨɜɚɪɚɦɢ ɢɫɩɨɥɶɡɭɟɬɫɹ ɬɟɪɦɢɧ

«trade in visibles» – «ɜɢɞɢɦɵɟ ɬɨɪɝɨɜɵɟ ɨɩɟɪɚɰɢɢ».) Ɋɚɡɧɨɫɬɶ ɦɟɠɞɭ ɨɛɴɟɦɨɦ

ɷɤɫɩɨɪɬɚ ɢ ɢɦɩɨɪɬɚ ɬɨɜɚɪɨɜ ɧɚɡɵɜɚɟɬɫɹ ɜɧɟɲɧɟɬɨɪɝɨɜɵɦ (ɬɨɪɝɨɜɵɦ) ɛɚɥɚɧ-

ɫɨɦ, ɢɥɢ ɛɚɥɚɧɫɨɦ ɬɨɪɝɨɜɥɢ ɬɨɜɚɪɚɦɢ (balance on merchandise trade). ȼɋɨ-

ɟɞɢɧɟɧɧɵɯ ɒɬɚɬɚɯ Ⱥɦɟɪɢɤɢ, ɤɨɬɨɪɵɟ ɢɦɩɨɪɬɢɪɭɸɬ ɛɨɥɶɲɟ ɬɨɜɚɪɨɜ, ɱɟɦ ɷɤɫ-

ɩɨɪɬɢɪɭɸɬ, ɫɮɨɪɦɢɪɨɜɚɥɫɹ ɞɟɮɢɰɢɬ ɜɧɟɲɧɟɬɨɪɝɨɜɨɝɨ ɛɚɥɚɧɫɚ, ɢɥɢ ɨɬɪɢɰɚ-

ɬɟɥɶɧɨɟ ɫɚɥɶɞɨ ɬɨɪɝɨɜɥɢ ɬɨɜɚɪɚɦɢ (merchandise trade deficit);

ɜ əɩɨɧɢɢ, ɝɞɟ

ɷɤɫɩɨɪɬ ɩɪɟɨɛɥɚɞɚɟɬ ɧɚɞ ɢɦɩɨɪɬɨɦ, ɢɦɟɟɬ ɦɟɫɬɨ ɩɨɥɨɠɢɬɟɥɶɧɵɣ ɜɧɟɲɧɟɬɨɪ-

ɝɨɜɵɣ ɛɚɥɚɧɫ, ɢɥɢ ɩɨɥɨɠɢɬɟɥɶɧɨɟ ɫɚɥɶɞɨ ɬɨɪɝɨɜɥɢ ɬɨɜɚɪɚ (merchandise trade

surplus).

Ɍɚɛɥɢɰɚ 2.3.3.

ɋɬɚɬɶɢ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ ɩɨ ɫɱɟɬɭ ɬɟɤɭɳɢɯ ɨɩɟɪɚɰɢɣ

Ⱦɟɛɟɬ Ʉɪɟɞɢɬ

Ɍɨɜɚɪɵ ɉɨɤɭɩɤɚ ɉɪɨɞɚɠɚ

ɍɫɥɭɝɢ ɉɨɤɭɩɤɚ ɉɪɨɞɚɠɚ

Ⱦɢɜɢɞɟɧɞɵ ɢ

ɩɪɨɰɟɧɬɵ (ɞɨɯɨɞ

ɨɬ ɢɧɜɧɫɬɢɰɢɣ)

Ɉɩɥɚɬɚ ɉɨɥɭɱɟɧɢɟ

Ɉɞɧɨɫɬɨɪɨɧɧɢɟ

ɬɪɚɧɫɮɟɪɬɵ

ɉɪɟɜɨɞ ɉɨɥɭɱɟɧɢɟ

ȼ ɫɬɚɬɶɟ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ, ɫɨɨɬɜɟɬɫɬɜɭɸɳɟɣ ɷɤɫɩɨɪɬɭ ɢ ɢɦɩɨɪɬɭ ɭɫ-

ɥɭɝ, ɮɢɤɫɢɪɭɸɬɫɹ ɞɚɧɧɵɟ ɨ ɩɪɨɞɚɠɟ ɢɥɢ ɩɨɤɭɩɤɟ ɭɫɥɭɝ ɜ ɬɚɤɢɯ ɫɮɟɪɚɯ, ɤɚɤ

ɬɪɚɧɫɩɨɪɬ, ɬɭɪɢɡɦ, ɦɟɞɢɰɢɧɫɤɨɟ ɨɛɫɥɭɠɢɜɚɧɢɟ, ɬɟɥɟɤɨɦɦɭɧɢɤɚɰɢɢ, ɪɟɤɥɚɦɚ,

ɮɢɧɚɧɫɨɜɵɟ ɭɫɥɭɝɢ ɢ ɨɛɪɚɡɨɜɚɧɢɟ. ɉɪɨɞɚɠɚ ɭɫɥɭɝɢ ɪɟɡɢɞɟɧɬɭ ɞɪɭɝɨɣ ɫɬɪɚɧɵ

ɨɬɧɨɫɢɬɫɹ ɤ ɤɚɬɟɝɨɪɢɢ ɷɤɫɩɨɪɬɚ ɭɫɥɭɝ (service export), ɚ ɩɨɤɭɩɤɚ ɪɟɡɢɞɟɧɬɨɦ

ɫɬɪɚɧɵ ɭɫɥɭɝ, ɩɪɟɞɨɫɬɚɜɥɹɟɦɵɯ ɪɟɡɢɞɟɧɬɚɦɢ ɞɪɭɝɨɣ ɫɬɪɚɧɵ, – ɷɬɨ ɢɦɩɨɪɬ ɭɫ-

ɥɭɝ (service import). (ȼ ȼɟɥɢɤɨɛɪɢɬɚɧɢɢ ɞɥɹ ɨɛɨɡɧɚɱɟɧɢɹ ɬɨɪɝɨɜɥɢ ɭɫɥɭɝɚɦɢ

ɢɫɩɨɥɶɡɭɟɬɫɹ ɬɟɪɦɢɧ «trade in invisibles» – «ɧɟɜɢɞɢɦɵɟ ɬɨɪɝɨɜɵɟ ɨɩɟɪɚɰɢɢ»).

ɇɚɩɪɢɦɟɪ, ɞɥɹ Ƚɟɪɦɚɧɢɢ ɭɱɟɛɚ ɧɟɦɟɰɤɨɝɨ ɫɬɭɞɟɧɬɚ ɧɚ ɩɪɨɬɹɠɟɧɢɢ ɨɞɧɨɝɨ ɝɨɞɚ

ɜ ɩɚɪɢɠɫɤɨɦ ɭɧɢɜɟɪɫɢɬɟɬɟ ɋɨɪɛɨɧɧɚ ɨɬɧɨɫɢɬɫɹ ɤ ɤɚɬɟɝɨɪɢɢ ɢɦɩɨɪɬɚ ɭɫɥɭɝ, ɬɨ-

ɝɞɚ ɤɚɤ ɬɟɥɟɮɨɧɧɵɣ ɡɜɨɧɨɤ ɞɨɦɨɣ, ɫɞɟɥɚɧɧɵɣ ɢɬɚɥɶɹɧɫɤɢɦ ɬɭɪɢɫɬɨɦ ɜɨ ɜɪɟɦɹ

ɟɝɨ ɭɱɚɫɬɢɹ ɜ ɨɤɬɹɛɪɶɫɤɨɦ ɩɢɜɧɨɦ ɮɟɫɬɢɜɚɥɟ ɜ Ɇɸɧɯɟɧɟ, ɦɨɠɧɨ ɨɬɧɟɫɬɢ ɤ ɷɤɫ-

ɩɨɪɬɭ ɭɫɥɭɝ. Ɋɚɡɧɨɫɬɶ ɦɟɠɞɭ ɨɛɴɟɦɨɦ ɷɤɫɩɨɪɬɚ ɢ ɢɦɩɨɪɬɚ ɭɫɥɭɝ ɧɚɡɵɜɚɟɬɫɹ ɛɚ-

ɥɚɧɫɨɦ ɬɨɪɝɨɜɥɢ ɭɫɥɭɝɚɦɢ (balance on services trade).

Ɍɪɟɬɢɣ ɬɢɩ ɨɩɟɪɚɰɢɣ, ɞɚɧɧɵɟ ɨ ɤɨɬɨɪɵɯ ɮɢɤɫɢɪɭɸɬɫɹ ɜ ɫɱɟɬɟ ɬɟɤɭɳɢɯ

ɨɩɟɪɚɰɢɣ, – ɷɬɨ ɞɨɯɨɞ ɨɬ ɢɧɜɟɫɬɢɰɢɣ. Ⱦɨɯɨɞ, ɩɨɥɭɱɚɟɦɵɣ ɪɟɡɢɞɟɧɬɚɦɢ Ƚɟɪɦɚ-

ɧɢɢ ɨɬ ɫɜɨɢɯ ɢɧɨɫɬɪɚɧɧɵɯ ɢɧɜɟɫɬɢɰɢɣ, ɪɚɫɫɦɚɬɪɢɜɚɟɬɫɹ ɤɚɤ ɷɤɫɩɨɪɬ ɨɛɫɥɭɠɢ-

ɜɚɧɢɹ ɤɚɩɢɬɚɥɚ (export of the services of capital) ɢɡ Ƚɟɪɦɚɧɢɢ ɜ ɞɪɭɝɢɟ ɫɬɪɚɧɵ.

ɗɬɨɬ ɞɨɯɨɞ ɜɵɪɚɠɚɟɬɫɹ ɥɢɛɨ ɜ ɩɪɨɰɟɧɬɚɯ, ɥɢɛɨ ɜ ɞɢɜɢɞɟɧɞɚɯ, ɩɨɥɭɱɚɟɦɵɯ ɪɟ-

ɡɢɞɟɧɬɚɦɢ Ƚɟɪɦɚɧɢɢ ɧɚ ɫɜɨɢ ɢɧɜɟɫɬɢɰɢɢ ɜ ɚɤɰɢɢ ɢ ɨɛɥɢɝɚɰɢɢ ɡɚɪɭɛɟɠɧɵɯ

ɤɨɦɩɚɧɢɣ, ɚ ɬɚɤɠɟ ɧɚ ɞɟɩɨɡɢɬɧɵɟ ɫɱɟɬɚ ɜ ɢɧɨɫɬɪɚɧɧɵɯ ɛɚɧɤɚɯ. Ʉɪɨɦɟ ɬɨɝɨ, ɷɬɨɬ

ɞɨɯɨɞ ɦɨɠɟɬ ɛɵɬɶ ɜɵɪɚɠɟɧ ɜ ɮɨɪɦɟ ɩɪɢɛɵɥɟɣ, ɩɨɥɭɱɟɧɧɵɯ ɢɧɨɫɬɪɚɧɧɵɦɢ ɞɨ-

ɱɟɪɧɢɦɢ ɩɪɟɞɩɪɢɹɬɢɹɦɢ ɧɟɦɟɰɤɢɯ ɤɨɦɩɚɧɢɣ ɢ ɜɨɡɜɪɚɳɟɧɧɵɯ ɜ Ƚɟɪɦɚɧɢɸ

Ȼɟɡɭɫɥɨɜɧɨ, ɪɟɡɢɞɟɧɬɵ ɡɚɪɭɛɟɠɧɵɯ ɫɬɪɚɧ ɬɚɤɠɟ ɞɟɥɚɸɬ ɢɧɜɟɫɬɢɰɢɢ ɜ Ƚɟɪɦɚ-

ɧɢɸ. Ⱦɨɯɨɞ, ɩɨɥɭɱɚɟɦɵɣ ɡɚɪɭɛɟɠɧɵɦɢ ɪɟɡɢɞɟɧɬɚɦɢ ɨɬ ɢɧɜɟɫɬɢɰɢɣ ɜ ɷɤɨɧɨɦɢ-

ɤɭ Ƚɟɪɦɚɧɢɢ, ɨɬɧɨɫɢɬɫɹ ɤ ɤɚɬɟɝɨɪɢɢ ɢɦɩɨɪɬɚ ɨɛɫɥɭɠɢɜɚɧɢɹ ɤɚɩɢɬɚɥɚ (import

of the services of capital) ɜ Ƚɟɪɦɚɧɢɸ. ɗɬɨɬ ɞɨɯɨɞ ɜɤɥɸɱɚɟɬ ɜ ɫɟɛɹ ɩɪɨɰɟɧɬɵ ɢ

ɞɢɜɢɞɟɧɞɵ, ɜɵɩɥɚɱɢɜɚɟɦɵɟ ɝɟɪɦɚɧɫɤɢɦɢ ɤɨɦɩɚɧɢɹɦɢ ɩɨ ɚɤɰɢɹɦ, ɨɛɥɢɝɚɰɢɹɦ ɢ

ɞɟɩɨɡɢɬɧɵɦ ɫɱɟɬɚɦ, ɹɜɥɹɸɳɢɦɫɹ ɫɨɛɫɬɜɟɧɧɨɫɬɶɸ ɪɟɡɢɞɟɧɬɨɜ ɢɧɨɫɬɪɚɧɧɵɯ ɝɨ-

ɫɭɞɚɪɫɬɜ. Ʉɪɨɦɟ ɬɨɝɨ, ɷɬɨɬ ɞɨɯɨɞ ɦɨɠɟɬ ɛɵɬɶ ɜɵɪɚɠɟɧ ɜ ɮɨɪɦɟ ɩɪɢɛɵɥɟɣ, ɩɨ-

ɥɭɱɟɧɧɵɯ ɞɨɱɟɪɧɢɦɢ ɩɪɟɞɩɪɢɹɬɢɹɦɢ ɢɧɨɫɬɪɚɧɧɵɯ ɤɨɦɩɚɧɢɣ ɧɚ ɬɟɪɪɢɬɨɪɢɢ

Ƚɟɪɦɚɧɢɢ ɢ ɜɨɡɜɪɚɳɟɧɧɵɯ ɜ ɚɞɪɟɫ ɪɨɞɢɬɟɥɶɫɤɢɯ ɤɨɦɩɚɧɢɣ.

ɑɟɬɜɟɪɬɵɣ ɬɢɩ ɨɩɟɪɚɰɢɣ, ɨɬɨɛɪɚɠɚɟɦɵɯ ɜ ɫɱɟɬɟ ɬɟɤɭɳɢɯ ɨɩɟɪɚɰɢɣ, –

ɨɞɧɨɫɬɨɪɨɧɧɢɟ ɬɪɚɧɫɮɟɪɬɵ (unilateral transfers), ɢɥɢ ɨɞɧɨɫɬɨɪɨɧɧɢɟ ɩɨɠɟɪɬ-

ɜɨɜɚɧɢɹ ɫɨ ɫɬɨɪɨɧɵ ɪɟɡɢɞɟɧɬɨɜ ɨɞɧɨɣ ɫɬɪɚɧɵ ɜ ɚɞɪɟɫ ɪɟɡɢɞɟɧɬɨɜ ɞɪɭɝɨɣ ɫɬɪɚ-

ɧɵ. Ʉ ɤɚɬɟɝɨɪɢɢ ɨɞɧɨɫɬɨɪɨɧɧɢɯ ɬɪɚɧɫɮɟɪɬɨɜ ɨɬɧɨɫɹɬɫɹ ɱɚɫɬɧɵɟ ɢ ɝɨɫɭɞɚɪɫɬ-

ɜɟɧɧɵɟ ɩɨɠɟɪɬɜɨɜɚɧɢɹ. ɇɚɩɪɢɦɟɪ, ɞɟɣɫɬɜɢɹ ɪɨɞɢɜɲɢɯɫɹ ɜ ɉɚɤɢɫɬɚɧɟ ɪɟɡɢɞɟɧ-

ɬɨɜ Ʉɭɜɟɣɬɚ, ɤɨɬɨɪɵɟ ɨɬɫɵɥɚɸɬ ɱɚɫɬɶ ɫɜɨɢɯ ɡɚɪɚɛɨɬɤɨɜ ɧɚ ɪɨɞɢɧɭ ɱɥɟɧɚɦ ɫɜɨɟɣ

ɫɟɦɶɢ, ɦɨɠɧɨ ɨɬɧɟɫɬɢ ɤ ɤɚɬɟɝɨɪɢɢ ɱɚɫɬɧɵɯ ɨɞɧɨɫɬɨɪɨɧɧɢɯ ɬɪɚɧɫɮɟɪɬɨɜ; ɮɢ-

ɧɚɧɫɨɜɚɹ ɩɨɦɨɳɶ, ɜɵɞɟɥɟɧɧɚɹ ɩɪɚɜɢɬɟɥɶɫɬɜɨɦ ȼɟɥɢɤɨɛɪɢɬɚɧɢɢ ɜ ɚɞɪɟɫ Ȼɚɧɝ-

ɥɚɞɟɲ ɧɚ ɪɟɚɥɢɡɚɰɢɸ ɩɪɨɟɤɬɚ ɛɨɪɶɛɵ ɫ ɧɚɜɨɞɧɟɧɢɹɦɢ, ɨɬɧɨɫɢɬɫɹ ɤ ɤɚɬɟɝɨɪɢɢ

ɝɨɫɭɞɚɪɫɬɜɟɧɧɵɯ ɨɞɧɨɫɬɨɪɨɧɧɢɯ ɬɪɚɧɫɮɟɪɬɨɜ. ɂ ɜ ɬɨɦ ɢ ɜ ɞɪɭɝɨɦ ɫɥɭɱɚɟ ɩɨɥɭ-

ɱɚɬɟɥɢ ɫɪɟɞɫɬɜ ɧɟ ɩɪɟɞɨɫɬɚɜɥɹɸɬ ɧɢɤɚɤɨɣ ɤɨɦɩɟɧɫɚɰɢɢ ɩɨɫɬɚɜɳɢɤɚɦ

ɷɬɢɯ ɫɪɟɞɫɬɜ.

Ȼɚɥɚɧɫ ɫɱɟɬɚ ɬɟɤɭɳɢɯ ɨɩɟɪɚɰɢɣ (current account balance) ɨɩɪɟɞɟɥɹɟɬ

ɫɚɥɶɞɨ ɩɨ ɜɫɟɦ ɫɬɚɬɶɹɦ ɫɱɟɬɚ ɬɟɤɭɳɢɯ ɨɩɟɪɚɰɢɣ – ɬɨɪɝɨɜɥɹ ɬɨɜɚɪɚɦɢ, ɬɨɪɝɨɜɥɹ

ɭɫɥɭɝɚɦɢ, ɞɨɯɨɞ ɨɬ ɢɧɜɟɫɬɢɰɢɣ ɢ ɨɞɧɨɫɬɨɪɨɧɧɢɟ ɬɪɚɧɫɮɟɪɬɵ. ɉɥɚɬɟɠɧɵɣ ɛɚ-

ɥɚɧɫ ɩɨ ɫɱɟɬɭ ɬɟɤɭɳɢɯ ɨɩɟɪɚɰɢɣ ɬɳɚɬɟɥɶɧɨ ɢɡɭɱɚɟɬɫɹ ɩɪɚɜɢɬɟɥɶɫɬɜɟɧɧɵɦɢ ɱɢ-

ɧɨɜɧɢɤɚɦɢ ɢ ɥɢɰɚɦɢ,

ɨɩɪɟɞɟɥɹɸɳɢɦɢ ɩɨɥɢɬɢɤɭ ɝɨɫɭɞɚɪɫɬɜɚ, ɬɚɤ ɤɚɤ ɩɪɟɞɫɬɚɜ-

ɥɟɧɧɵɟ ɜ ɧɟɦ ɞɚɧɧɵɟ ɨɬɨɛɪɚɠɚɸɬ ɩɨɥɧɭɸ ɤɚɪɬɢɧɭ ɤɨɧɤɭɪɟɧɬɨɫɩɨɫɨɛɧɨɫɬɢ

ɫɬɪɚɧɵ ɧɚ ɦɟɠɞɭɧɚɪɨɞɧɵɯ ɪɵɧɤɚɯ.

ɋɱɟɬ ɨɩɟɪɚɰɢɣ ɫ ɤɚɩɢɬɚɥɨɦ. ȼɬɨɪɨɣ ɪɚɡɞɟɥ ɩɥɚɬɟɠɧɨɝɨ ɛɚɥɚɧɫɚ – ɷɬɨ

ɫɱɟɬ ɨɩɟɪɚɰɢɣ ɫ ɤɚɩɢɬɚɥɨɦ (capital account), ɜ ɤɨɬɨɪɨɦ ɮɢɤɫɢɪɭɸɬɫɹ ɞɚɧɧɵɟ

ɨɛ ɨɩɟɪɚɰɢɹɯ ɫ ɤɚɩɢɬɚɥɨɦ (ɩɨɤɭɩɤɚ ɢ ɩɪɨɞɚɠɚ ɚɤɬɢɜɨɜ), ɨɫɭɳɟɫɬɜɥɹɟɦɵɯ ɪɟɡɢ-

ɞɟɧɬɚɦɢ ɪɚɡɧɵɯ ɫɬɪɚɧ. Ɉɩɟɪɚɰɢɢ ɫ ɤɚɩɢɬɚɥɨɦ (ɫɯɟɦɚ ɤɨɬɨɪɵɯ ɨɬɨɛɪɚɠɟɧɚ ɜ

ɬɚɛɥ. 2.3.4) ɩɨɞɪɚɡɞɟɥɹɸɬɫɹ ɧɚ ɞɜɟ ɤɚɬɟɝɨɪɢɢ: ɩɪɹɦɵɟ ɡɚɪɭɛɟɠɧɵɟ ɢɧɜɟɫɬɢɰɢɢ

ɢ ɩɨɪɬɮɟɥɶɧɵɟ ɢɧɜɟɫɬɢɰɢɢ.

ɉɪɹɦɵɟ ɡɚɪɭɛɟɠɧɵɟ ɢɧɜɟɫɬɢɰɢɢ – ɷɬɨ ɥɸɛɵɟ ɢɧɜɟɫɬɢɰɢɢ, ɫɞɟɥɚɧɧɵɟ ɫ

ɰɟɥɶɸ ɩɨɥɭɱɟɧɢɹ ɤɨɧɬɪɨɥɹ ɧɚɞ ɤɨɦɩɚɧɢɟɣ, ɜ ɤɨɬɨɪɭɸ ɜɥɨɠɟɧ ɤɚɩɢɬɚɥ. Ʉɚɤ

ɩɪɚɜɢɥɨ, ɷɬɨɬ ɤɨɧɬɪɨɥɶ ɨɫɭɳɟɫɬɜɥɹɟɬɫɹ ɱɟɪɟɡ ɩɪɚɜɨ ɫɨɛɫɬɜɟɧɧɨɫɬɢ ɧɚ ɡɧɚɱɢ-

ɬɟɥɶɧɵɣ ɩɚɤɟɬ ɨɛɵɱɧɵɯ ɚɤɰɢɣ ɫ ɩɪɟɢɦɭɳɟɫɬɜɟɧɧɵɦ ɩɪɚɜɨɦ ɝɨɥɨɫɚ. ȼ ɫɨɨɬɜɟɬ-

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