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- H POCCHH

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5

TpaHc~opMa~MR,anpanb 1997

• HaqHCJIeHlUI Ha 3apIIJIaTY, BKJIIO­qaIOIII.He OT'IHCJIeHHJI Ha COUHaJIbHOe o6eCneqeHHe H B <pOHJJ: l.JepHo6bIJIJI H nO,llOXO,llHbIe HaJIOrH, B3HMaeMbIe nyTeM peryJIRpHbIX BbI'IeTOB H33apn­JIaTbI, Hen03BOJIHTeJIbHO BbICOKH. llH­JlHBHJlYaJIbHbIe nO,llOXO,llHbIe HaJIOm Toxe BbICOKH. • IIp03pa'lHocTb pemcTpaUHH KOM­naHl1it OTcYTCTByeT H Tpe6yeT 3Ha'lH­TeJIbHbIX 3aTpaT BpeMeHH. • 3aKYITKH 3a HHocTpaHHYIO BaJIIOTY H 'laCTHbIe Kpe,llHTbI B HHOCTpaHHOH BaJIIOTe HaxOJlJlTCJI no,ll a,llMHHHcTpa­THBHbIM KOHTpOJIeM H 06CTaBJIeHbI npOH3BOJIbHO TpaKTyeMbIMH H 6IQPOK­paTH'leCKHMH npoueJlYPaMH JIHueH3H­pOBaHlUI. • AHrHMoHOnOJIbHOMY KOMHTeTY npe,llOCTaBJIeHO npaBO BMelI.llIBaTbCJI 6e3 ,llOCTaTO'lHbIX oCHoBaHHH B pa3-JIH'lHbIe 06JIaCTH 3KOHOMHKH.

napbepbI TaKXe C,llepXHBaIOT npo­rpecc B CeJIbCKOX03JIHCTBeHHoM ceK­TOpe. Ha'lacTHbIe npHYCane6HbIe yqa­CTKH npHXO,llHTCJI OKOJIO 14 npoueH­TOB naxoTHoH 3eMJIH, HO npO,llaBaTb­CJI OHa He MoxeT. (Ha 3TOH 'laCTHOH 3eMJIe BbIpaIII.HBaeTCJI OKOJIO nOJIOBH­RbI CeJIbCKOX03JIHCTBeHHOH npo)lyK­UHH; BTOPaJI nOJIOBHHa npOH3BO,llHT­CJI Ha 86 npOueHTax, HaxO,llJlIII.HXCJI B KOJIJIeKTHBHOH H rocY,llapCTBeHHoH co6cTBeHHocTH). l.JeTKaJI nOJIHTHKa B OTHonreHHH npHBaTH3aUHH H c06-CTBeHHOCTH Ha 3eMJIIO eIUe He c<}>op­MYJIHpOBaHa.

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6

H lIOJIHTHKaMH Han lIpe,lllIPHJITlUIMH BO MHOrHX HOBbIX He3aBHCHMbIX ro­CY,llapcTBax, ,llJIJI Heo<pHUHaJIbHOrO Be,lleHHJI ,lleJI HYXHO TaKXe lIOJIyqaTh 0,l106peHHe. TaKOR. "KHBOK" MO:lKHO lIOJIyqHTh 3a OT,lleJIbHYIO IIJIaTY, KO­TOpaJl, B03MO:lKHO, 6Y,lleT MeHbnre ,llOlIOJIHHTeJIbHOH CTOHMOCTH pa60TbI npennplUITHR B O<PHUHaJIbHOH 3KOHO­MHKe. TaKHM ofipa30M, 06IUaJI CTO­HMOCTb Be,lleHlUI 6H3Heca (o<PHUHaJIb­HOro HJIH Heo<pHUHaJIbHOro) lIOBbI­maeTCJI, KOr,lla BBOJlJITCJI HOBbIH Ha­JIor HJIH HHCTpYKUlUI. Ho <PYHKUHO­llHpOBaHHe B O<pHUHrurbHbIX YCJIOBH-

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• OHO 3aMe)lJIJleT o6nr:ee BOCCTaHOB­JIeHHe npOMbIlliJIeHHOrO apoH3BO,ll­CTBa, lIOTOMY'ITO OOJIee BbICOKHe 3K­CUJIyaTauHOHHbIe pacXOJlbI y,llepXHBa­lOT HeKOTOpbIe <pHpMbI OT Ha'lana 00-,lleHlUI 6H3Heea; JlPyme <pHPMbI Ha'lH­HaIOT BeeTH 6H3Hec, HO 3aTeM CTarHH­PYIOT HJIH CTaHOBJITCJI 6aHKpOTaMH.

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CmpaHa no if3MeHeHUe )!QIIJ/ ifHiJeJCC CpeiJHUU ifHiJeJCC cmeneHU iJllIIU HeotjJu- p03l1umus cOiJ080U tilOPOJCptl-U3MeHeHUU II HeotjJUU,U- U,UIliIOHOU uIIU6epa- yp08eHb mu'lecJCQCO

HeotjJUll,UllIIOHOU IlIIbHOU 3JCOHOMUJCU lIU3au,uu UHIjwiU,UU npoU3BOlla 3/COHOMUJCe 3JCOHOMUJCU. 1994 z. '1acmHOcO

1989-1994 c2. (npou,eHm ceKmopa (npou,eHmHble om otiU4eco

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Kpllible tlltICOKOtl ytltAlltceHlle (tlOUHII) rp)'3HJl 52 64 22 309 36 A3ep6~ 46 58 17 208 32 CpellHee 49 61 20 259 34

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YJCpaHHa 34 46 13 393 46 POCCHJl 28 40 32 230 43 MOJJ,ll;oBa 28 40 27 299 35 CpellHee 30 42 24 307 41

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HU3KOe ytleAlI'IeHlt1l EeJIapycl> 7 19 18 362 40 DOlITapIDl 6 29 49 79 49 BeHfPHJl 1 29 69 23 74 nOlThma 0 15 69 116 71 CpellHee 3 23 51 145 58

CHIIXIIHIII/ (ciJepxlltIIUOlIfIIR lIo4l1mlllCfl) Y36eICHCIaH -2 10 19 177 28 PyMhIHHJl -5 17 39 104 26 CpellHee -4 13 29 141 27

06ruee cpe.u;m:e 17 32 37 195 45

·PaC'leThI OCHOBaHhI Ha OCHOBHOM KOHcepBaTKBHoM cueHapKK COBOKyITHOro ITO-TPe6JieHKlI 3JIeKTpO,mepmK (KaY<PMaH K KarrK6ep)la, 1996 r.).

IIpUMe'laHUe: KH,neKC P83BHTKJI K JIKOOPaJIK3aUHK 'lllCTHOro ceKTopa (P'qC) K3Me-HJleTClI OT HYJIlI (aHTIl-PllC K JIH6epaJIH3aUKJI) )l0 100 (MaKCKMllJILHOe pa3BKTIle K JIH6epaJIH3aUKJI '1acmoro ceKTOpa). fOToBhIe YPOBHK HH4;lJIlIUHH OCHOBaHhI Ha reo-MeTPK'IecKlDC Cpe)lHHX. HH,neKC 6IOpox:paTlI<[ecKOro npOH3BOJIa K3MeHJIeTClI B npe-)leJIax OT 0 )l0 100 (MaKCKMaJIbHhIi!: npOH3BOJI) Ha OCHOBaHKH ro)lOBhIX KH,lleKCOB rplUlOlaHCKOii: H ITOJIHTII'IecKOii: JIH6epaJIH3anKK Freedom House.

IfcmO'lHU": From Plan to Market, M. De Melo, C. Denizer and A. Ge1b (1996), Freedom House.

1997 BC8MMpHb/i:16aHK

• C03.ll:aIOTCH YCJIOBIDI, rrOOUlpHIO­IIIlIe 6H3HeC CPjlHKIlHOHHpOBaTb BHeO­CPHUHaJIbHOM 3KOHOMHKe, B KOTOPOt\: .ll:06aBJIeHHhIe 3KCIIJIyaTaUHoHHhIe paCXO.ll:hI OTHOCHTeJIbHO HIDKe, 'IeM B OCPHI:(HaJIbHOM 3KOHOMHKe. (B )]py­rHX MeCTaX 3Ta TeMem.J.:IDI He Ha6JIIO­.ll:aJIaCb: rrOCJIe JIH6epaJIH3aUHH .ll:OJIH HeocpHUHaJIbHOt\: 3KOHOMHKH CHH3H­JIaCb B ITOJIbIIIe, HeKOTOphIX )]PYTHX CTPaHax UeHTpaJIbHOM H BOCTO'IHOt\: EBpoIIhI H B C'lpaHax BaJITHH (CM. ma6-AU!{Y 1]).

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BOJIbIIIHHCTBO <pHPM, 06CJIe.ll:OBaH­HhIX B YKPaHHe, rrpH3HaJIHCb, 'ITO OHH .ll:aIOT B3HTKH, 'lT06hI CHH3HTb CBoe o$HuHaJIbHOe HaJIoroBoe 6pe­MH H o6ecrre'lHTb rrOJIy'leHHe pa3JIH'I­HhIXJIHUeH3HH {CM. ma6AUl{J/ 2}. PyKo­BO.ll:CTBO HOBhIX 'IaCTHhIX IIpe.ll:IIPHHTHH .ll:OJIXHO IIpOBO.ll:HTb MHoro BpeMeHH C roCY.ll:apCTBeHHhIMH 'lHHOBHHKaMH, 'IT06hI "06ecrre'lHTb" JIHUeH3HH H .ll:0-rryCKH H ".ll:OroBOPHTbCH" 0 HaJIorax H n::npac}lax. B 1995 r. OHH rrpoBeJIH OKO­JIO 30 rrpOueHTOB, a B 1996 r. OKOJIO 40 rrpOUeHTOB CBoero !Ja6o'lero Bpe­MeHH C rocY.ll:apCTBeHHhIMH 'lHHOBHH­KaMH. (PyKOBO.ll:HTeJIH B POCCHH, KaK 06 3TOM cBH.ll:eTeJIbCTByeT Hailla He-60JIbillaH BhI60pKa, .ll:OJDKHhI rrpOBO­.ll:HTb C rOCmapCTBeHHhIMH 'lHHOBHH­KaMH OKOJIO 30 rrpoueHTOB cBoero pa-60'Iero BpeMeHH rro cpaBHeHHIO, Ha­rrpHMep, C 15 rrpOueHTaMH B JIHTBe H 8 rrpoueHTaMH B CaJIbBMope. Bo Bpe­MH cBoero He.ll:aBHerO BH3HTa B Moc­KBY .ll:HpeKTop-paCrrOPMHTeJIb MB<I> MaitKJI KaM.ll:eccyc, C 0.ll:06peHHeM oT03BaBIIIHHcH 0 TBep.ll:OH rrpHBep­xeHHOCTH POCCHHCKHX pecpopMaTo­pOB KYPCY CTa6HJIH3aUHH, rrpe,llyIIpe­.ll:HJI HX 0 Heo6xo.ll:HMOCTH PCaJIHCTH-

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8

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l-13 )K}IpHaIla "World Press Review"

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)JaHU31lb Kayrj;MaH - Ha)l'tH1>lU pa60m­HUK, pa60malO/J.fUu no npUz,1aUleHUlO 1'1 rapl'lapiJcKoM uHcmumyme MeJICOyHa­poiJH020 pa3l'1umUJl npu noiJiJepJICKe Bce­MUPH020 6aHKa. PaHee OH 1'I03Z1la6.l1Jlll. npeiJcmal'lUme.tlbCmeO BCeMUPlf.020 6aH­Ka 6 Kueee (YKpauHa). HaCmOR/J.faJI cmambR OCH06aHa Ha e20 nOClleiJHeM uCCIleiJo6aHuu "HeOocmalOlII.l1.J1. onopa cmpamezuu pocma tI YKpaune: perJlOP­MN iJA.R pa3t1UmU lfaCmHOZO ceKmo­pa", Komopoe ZOm06UmCJl K U3oaHulO noiJ peiJaKl(ueii KOpHe.tluyca U JIeHau­Ha, YKpauna: YCKopenue nepexooa 1C P"IHIQI, MB(/J, BaUlUHmlOH, O.x. JfHrj;opMal(UlO MOJICHO no~ty'lUmb no aiJpecy: Harvard Institute for International Development ( HIID), One Eliot St., Room 414, Cambridge, Massachusetts 02138, United States, tel. 617-496-9035,fax 617-495-0527, Email: DKaufman@hiid.harvard.edu.

1997 BC8M/lfPHblt1 6aHK

'I

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9

TpaHc¢opMaUWR,anpSflb 1997

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py6. ($8,8 MJIPJl), H3 KOTOPbIX rocy-

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K KOHIJ;y 1996 r. 3a)lOJIlKeHHOCTh npcn­

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1997 BceMMOHblM 6aHK

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THPOBaJIHCh Me:lK.ll:YHapOLJ:HhlMH PCH­THHrOBhlMH areHTCTBaMH KaK HHBec­THUHOHHhIe LJ:OKyMeHThl. AKUHH rro­rrpor..ta KOTHPYIOTCJI na JloHJJ:oHcKOH cPOHn:OBOH 6 Hp)l{e , a Vimpe1-Communications - KOMnaHHK, o6ec­nC'IHBaIOIUM M06HJIhHYIO TelIecPoH­HYIO CBR3h, CTa.'la nepBoH Kor..maHH­eH, KOTHPYIOIUeHCH Ha HhIO-HOPK­CKOH cPOHJJ:OBOH 6Hp:lKe.

Ha OCH08aHUU Om'lem08 uHq;opMau,u­OHHOZO azeHmCme(l Reuters, Ha}"lHO-UC­CIIedooameJIbClCozo uHcmumyma omlCpbl­mblX cpeiJcme Maccoeou uHfjJopMau,uu u HaY'lHO-UcclleiJoeamellbclCou zpynnbl Oxford Ma/yfica. Bblpa:HCaeM Z/ly6o­"YlO 61lazoiJapHocmb 3a MamepUGIlbl, npeiJocmaelleHHble opzaHu3au,ueu Johnson :s- Russia List.

11

TP8HC¢OPM8~~~8npenb 1997

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BMecTo TOro 'IT06bI .lJ.YMaTh 0 Cy6CH­,UHJIX, POCCHRCKOMY rrpaBIITelIhCTBY CJIe,UyeT CTHMYJIHpOBaTh 06)"ICHHe TbICH'I MOJIO,UbIX POCCHHH UCKYCCTBY PCCTpYKTYPH3aUHH, yrrpaBJIeHHH B YCJIOBHHX Kap,UHHaJIhHbIX U3MeHeHHR U rro,UrOTOBKH rrpoo:e.uyp 6aHKpOT­CTBa, rrOChIJIaH HX B Ka'IeCTBe )"IeHH­KOB B HaH60JIee pa3BHTbIe rrpOMbIIII­JICHHhIe pernOHhI, CTOJIKHYBIIIHCCJI C yrrOMJIHYTbIM KpH3HCOM. OHO .ll.OlI)K­HO BOCrrOlIh30BaThCJI HHOCTpaHHOR rrOMOmhJO H 3aKlIJO'IHTh KOHTPaKThI C JI)"IlIIHMH YHHBepCHTeTa~m Ha o6y­qeHHe rro BoceMHa.uo:aTHMeCH'IHoR rrporpaMMe MBA.

BblaepJlCIW U3 KHU2U KpeMAeecKuii Ka­nUmtlJlU3M - npueamU3au.UJI poccuii­cKoii 3KOHOMUKU, noa20mOeJleWlOU j(JlC03erjJoM P. DJla3U, Maud, KpOYMO­eou U j(YZI/aCOM KpY3e e u3iJameJlbCmee Cornell University Press, 19962., 190 C.

'OHH COCTORT B TOM, 'ITO HAUlH KAClHTAJlHCTbI" 3TO • ClPECTYClHHKH, KOTOPblE

aTO PAHHRR CTAJlHR B KOHLjE KOHLjOB

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V13 ra3eTbi "Washington Post"

12 1997 BceM~pHbliIJ 68HK

TpaHc~opMa~MR,anpenb 1997

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13

TPSHC¢OPMS4UR,snpenb 1997

Ta6.lIHu:a 2. q,e,..epa.'I"Hwii 61O,lllKeT H BBll POCCHH, 1992-1997 rr. (mpUMUOHbI. py(flleu)

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nycK<L'IH H36hlTO'IHble ,UeHbrH ,UJU!: UHPKY.'IJ!:UHH TOBapoB H yCJIyr. Bce 6bIJIO KaK pa3 Hao60poT. HexBaTKa ,UeHer B cero,UHJIIlIHeH POCCHH xopo­IlIO H3BeCTIIOe Sl:BJleHHe, OT KOTOPO­ro 6oJ'Ihme Bcero cTPaLT:alOT HaCeJIe­HHe, 'IaCTHhle q:mpMbI H npaBHTeJIb­CTBO. E,UHHcTBeHHhlM HCKJIIO'IeHHeM Sl:BAAIOTCSl: 6aHKH H nyBOpHiliH.

BhlmenpHBe,UeHHhlH aHaLT:H3 CBH,Ue­TeJIhCTByeT, '-ITO POCCHHCKOMY npa­BHTeJIbCTBY He 6hlJIO CMhlCJIa npH6e­raTb K OrpaHH'IHTeJIbHOH <pHCKaLT:bHoit H MOHeTapHOH nOJ'IHTHKe, oco6eHHO B 1995 r. H 1996 r., KaK K cpe,UCTBY 60Pb6hI C HeCYIIIeCTBYIOIUeit, Bhl3hl­BaeMoit cnpOCOM HH<pJISl:UHcit. Orpa­HH'ICHHCM arperaTHoro cnpoca npa­BHTeJIbCTBO nOMOrJIO npO,UJIHTb ,Uen­peCCHIO B peaJIbHOM ceKTope, He cy­MeB OrpaHHqHTb HH<pAAUHIO, Bhl3hl­BaeMYIO ITpeJI)10.'lKeHHeM. AnaJIH3 TaK­)Ke nOKa3bIBaeT, 'lTO OTnarra HYJKJIa B <pHCKaJlbHbIX H MOHeTapHhlX orpaHH­qeHHSl:X KaK B OCHOBHOM HHCTPYMeH­Te 3KOHOMH'IeCKOH nOJIHTHKH. B Ha­CTOHIUHX YCJIOBHSl:X OHH npHHOCHT 60JIbilie Bpe,Ua, qeM nOJIb3hl.

IToCJIe Toro KaK MbI COrJIaCHJIHCb, 'ITO POCCHitCKa.II HH<PJIHUHSl: BbI3BaHa B OCHOBHOM npeAJI0.'lKeHHeM, MhI MO.'lKeM paCCMOTPeTb ,Ue<pHUHT 61O,U­.'lKCTa B 60JIee peaJIHCTH'IHOM COOTe. 113 Ta6JIHUhl 2 BHAHO, 'ITO ,Ue<pHUHT Bhl-3hIBaeTCSl: HC qpe3MepHbIMH rocy,Uap­CTBeHHbIMH pacxo,UaMH, a He,UOCTa­TOqHhlMH ,Uoxo,UaMH. (IT03TOMY 3TO "naccHBHblit AC<pHUHT"). rocy,Uap­CTBeHHhlC paCXO,Uhl3Ha'IHTeJIbHO CHH-3HJIHCb KaK B peaJIbHOM Bhlpa.'lKeHHH, TaK H OTHOCHTeJIbHO BBIT. Pe3Koc CHH.'lKCHHe rocy,lJ,apCTBeHHhlX .n:OXO,UOB B peaJIbHOM BhlPa.'lKCHHH B 1996 r. 06blqHO 06'bSl:CHJIIOT OC06CHHO HH3-KHM C60pOM HanorOB, CBH3aHHhlM C

14

71,0 88,7 79,8

74,7 62,2 76,6

58,2 53,0 71,2

77,5 65,5 72,7

npOBe.n:eHHeM B 3TOM ro.n:y Bhl60pOB. EOJIce 6JIH3KHM K HCTHHe o6'bHcHe­HHCM B ,UOJIroCpoqHOM llJIaHe HBJIH­eTCH 3P03H.II HaJIOroBOit 6a3bI - CCTe­CTBeHHoe Sl:BJIeHHC npH ,UenpCCCHSl:X TaKoro MacIIITa6a. Mhl He MO.'lKCM npc,UnOJIO.'lKHTb, 'ITO rocy,UapCTBCH­Hhle ,UOXO,Uhl 6yJl:YT H)J,TH Hora B HOry C ,Uoxo,UaMH npe,UnpH.lITHit, CCJIH noc­Jle,UHHe ynaJIH HH.'lKe 60-70 npoueHTOB CBocro HOPMaJIbHOro YPOBHJI. (HaMe­peHHe HeCKOJIbKO BOCCTaHOBHTb ,UO­XOll,bI B 1997 r. paCCMaTPHBaCTCH 6Mb­IlIHHCTBOM 3KcnePTOB KaK HepCaJIH­CTHqHOC).

TaKHM 06Pa30M, HCKOTOPOC YBeJIH­qeHHe PCaJIbHoit CYMMhl rocy,Uap­CTOOHHhlX paCXO,UOB, He Bhl3hlBa.II pHC­Ka nOBbIIlIeHHSl: HH<pJISl:UHH, B03MO.'lK­HO. B Ka'ICCTBC ncpBOro mara Mhl npe.n:­JIaraCM, 'IT06hl npaBHTeJIhCTBO Haqa­JIO BbIIIJIa'IHBaTb CBOH C06CTBCHHhlC 3a)lOJI)KeHHOCTH, HaKonHBIIIHecSI B 1995 r. H 1996 r. KaK <PHPMaM (3a TOBa­Phl H YCJIyrH, 3aKa3aHHhlC H nOJIYt:[CH­lIbIC npaBHTeJIbCTBoM), TaK H rpa.'lK­,UaHaM (rocy.n:apCTBcHHbIM C.JIY)K.all(HM H nCHCHOHCPaM), KaK eno 6bL'IO npe­.n:yCMO'l'pCHO yrncp)l{,L1:eHHbIMH 61OL1:.'iKe­TaMH TeX JIeT, ,Ua:iKe CCJIH 3TH BhlllJIa­TbI npeBbIC.IIT roCy.n:aPCTOOHHhlC ,UOXO­,Uhl. (06IUa.II 3a,UOJI.'lKCHHOCTb B 3KOHO­MHKC B HaCTOSl:IUee BPCMH no CKpOM­HbIM nO,UCqCTaM npeBhlIIIaCT 300 TPHJI­MOHOB py6JIcit - 3KBHBaJICm 150 npo­UCHTOB MCCH'IHOrO HOMHHaJIbHOrO BBIT. 06hlqHhlM HBJICHHeM JI)1.II KOM­naHHH CTaJIa 3aLT:ep.'iKKa 3apllJIaThl Ha TPH-qeTbIpC MeCSl:ua, a TO H 6oJIbIlIe, a B HCKOTOPhlX CJIyqaIIX 3apllJIaTa He BhlllJIaqHBaeTcH 60JIee IlICCTH MecH­UCB. HeKOTophle KOMnaHHH nJIaT.IIT CBOHM pa60THHKaM npOJl:YKUHcit, a HC .n:elIbraMH, H MYHHUHnaJIRTeThl BbI­ny)I{,Ll:CHhl, Kor.n:a 3TO B03MO.'lKH0, pac­npe,UCJI.lITb OCHOBHhlC npOJl:YKThl nH-

TaHHSl: Henocpe.n:CTBeHHO - 'lepe3 KY­nOHhI Ha IIpoJl:YKThl nHTaHHH H T.n. - B aBapHitHoM nopR)lKe). 91'0 cpa3Y.'lKe .n:aJIO 6hl TOJI'IOK 3KOHOMHKe B BH,Ue YBeJIH'IeHH.II arperaTHoro cnpoca H no KpaHHeit Mepe nOMOrJIO 6hI OCTalIO­BRTb Ha6JIIO.n:aeMoe B HacTOSl:IUee Bpe­MH CHH.'lKeHHe BBIT H npoMhIIIlJIeH­HOro npOH3BO,UCTBa.

B Ka'IeCTBe COnyTCTBYIOIUeit MepbI B03MO.'lKHOe YBeJIH'IeHHe <pe.n:epaJIb­HOro .n:e<pHURTa .n:0JI.'lKH0 <p~mancHpo­BaTbCSl: KpeJl:HTaMH no.n: HH3KHe npo­ueHThI [(eHTpaJIbHOrO 6aHKa, a He ,UonOJIHIITeJIbHOH npo,Ua:iKeit rocy,Uap­CTBeHHbIX ueHHhlX 6YMar HJIH HOBhl­MH KpeJl:HTaMH OT Me)l{,Ll:yHapo,UHhIX HHCTHTyTOB. ITpH'IHHa3a.KJIlO'IaeTCSl: B TOM, 'ITO B HaCTO.lIIUee BpeMH rrpo­,UaHO 60JIbilie rocy.n:apCTBeHHhlX ueH­HbIX 6YMar, 'IeM HX HMeeTCSl: B HaJIH'I­HOCTH, H 3TOT PhIHOK MemaeT HHBe­CTHpOBaHHIO B PCaJIbHhIH ceKTOp.

POCT cnpoca npHBe,UeT K COOTOOTCTBY­IOIUeMY nOBhIIlIeHHIO npeJI)10.'lKeHHSl:. 3KOHOMHKa pa60TaeT HaMHOro HH.'lKe CBOHX B03MO.'lKHOCTeit, H YMepeHHOe YBeJIHqeHHC arperaTHoro cnpoca He nOJI.'lKHO C03.n:aTb HH¢ru:rr;(HOHHOro ,UaB­JIeHHSI. Hao6opOT, eCJIH HH<pJISl:UH.II 06'bSl:CHSl:eTCH rJIaBHbIM 06pa30M npeJI)10.'lKeHHeM, 0 'leM MhI Y.'lKe rOBO­PHJIH, TO YBeJm'IeHHe npOMhlrrmeH­HOrD BhInYCKa ,UOJI.'lKHO npHBeCTH K CHH.'lKeHHlO nOCTOSIHHhlX y,UeJIhHhlX H3.n:ep~eK H TaK.'lKe K HeKOTOpOMY CHH.'lKeHHIO nepeMeHHhIX y,UeJIblIbIX H3,Uep::lKeK 6JIarOnapH nOBhIIlIeHHIO npOH3BO)J,HTeJIbHOCTH TPy,Ua H pacnpo­CTPaHeHHIO 3HepreTH'IeCKHX 3aTPaT Ha 60JIee IllHpoKH:lt )J,Hana30H npoJl:YK­II,HH.

HopMa c6epe~eHHit B rpynnax c 60-JIee BbICOKHMH ,Uoxo,UaMH H npH6hIJIb, nOJIyqaeMaSl: 6aHKaMH H HeKoTOphI­MH "He60JIbIllHMH" (He3apernCTPH­pOBaHHhIMH H cJIa60 KOHTPOJIHPye­MhlMH) qaCTHhIMH npeL1:llPH.lITH.lIMH, OCTalOTCSl: BhICOKHMH. Ho KanHTaJIb­Hble HHBeCTHUHH B 3KOHOMHKY 3Ha­'-IHTeJIbHO CHH3HJIHCb B peaJIhHOM BbIpa.'iKeHJ1H H no OTHOIlIeHHIO K BBIT H3-3a rJIy6oKOM: ,UenpeccHH, <paKTI1-'IeCKOrO HCqe3HOBeHHH qHcTOit npH-

6bIJIH H KaTaCTPo<pH'IeCKH BhICOKHX npOueHTHhlX CTaBoK. (Y'Iacrne HHOC­TPaHHbIX <pHPM H COBMeCTHhlX npe,U­npH.IITHH B HHBeCTHUHSl:X KanHTaJIa 6hIJIO OTHOCH1'eJIbHO HeOOJIHKo). 9ToT Pa3PhIB CTaJI O)J,HHM H3 OCHOBHhIX 6a­pbepoB Ha nYTH 3KOHOMH'IeCKoro no,n:neMa. YCTPaneHHe HJIH no KpaH­HeM: Mepe COKpaIUeHHe 3TOro Pa3PhI­Ba ,UOJI.'lKHO 6hITb O)J,HOH H3 rJIaBHbIX 3a,Ua'I 3KOHOMH'IeCKoit nOJIHTHKH POC­CRR.

1997 BceMupHblU 6SHK

Ta6JJHna 3. KaIIHTaJJoB,10JKeHHlI. 1989-1996 rr. (rjJ0PMUpoBoHue OCHOBHOZO BatlOBOZO Iwnumatlo)

1989 1990 1992 1993 1994 1995 1996

Ka nl1 Tan OB nO)KeH 11$1

B pearrbHOM BbIpaJICeHHH,

1990 1'. = 100 104 llOJUI BBIT (rrpOuelITbI) 23 3a BbJlleTOM aMOpTH3aUHH

H l1CTOIueHHlI (HelIP If

yroJlHH)* B pearrbHoM BbIpalKeHl1H,

1990 I'. = 100 150 lloilll BBIT (rrpOl\elITbI) 13

JJ.onR (npOLjeHTbl) B Kan/lfTanOSnO)Kf;lH/lfRX:

ueHTp3..'IH30BaIUIblX HHBCCTHUHH

H3 cpeJIeplL'IbHoro H MeCTHblX 6IOJlJKeTOB 1I H3 ;[bI'O'J1{blX

100 19

100 9

6aHKOBCKHX !<pCJI!:ITOB 37 - BHYTpeHHllX HCTO'IHHKOB

H B3l!TbIX qllIpMa'dH B

!<peJIHT cpenCTB 62 - HHOCTpaHHoro KalIlffarra H

COIlMeCTHblX rrpe;mpHlITHH ,.

BanoBaR npJII6blflb B pe,UIhHOM BbIpaJKeHHH,

1990 r. = 1(10 100 lloJI}t BBIT (rrpOl(ClITbI) 24

!.f/lfCTaR npl16blflb B pe.UI:r,HO~ BbIp:.JICeHHH,

1990 1'. 1 )0 100 llOJIH BBIT (rrpoleHl 01) 11

51 14

23 4

30

69

89 30

123 20

45 16

30 6

38

57

2

63 24

75 14

34 18

30 8

32

64

2

25 11

16 3

30 15

17 5

63

3

26 13

25 6

25 13

8 3

20

13 7

14 4

'PaCCL;lrraHO rrpH cHlM,\J! 3aHHJKCHHYIO paBHoMepHYIO )lOJIIO aMOpTH3HaUHl1 H HC­

TOlUCHH5I (10 rrpO;(eHTOB BBn). B )(eHCTBHTCJIbHOCTH ,:ITa )lOilll cTpeMHTclI K yBe­

"'HqemUO rrp.\ CmlJKeHllH BBn. ITo JlaHHbIM 1990 r., OHa COCTaBHJIa 15 rrpoueu­

TOil. ECJIH 6bl 3Ta 'lOlUl 6bIJIa 3KcrparrOm!pOllaHa, qHCTbIe HHlleCTHUHH, HaqHHaJI C

1992 r., rrpllHlIJIH 6bl OTpHl\aTeJIbHOe 3HaqeHHe.

HcmO'fHUlC' Russian Economic Trends (POccuuClwe 3KOHOMUlfeClwe meHiJeH14uu) 3a pa:l.'IH'IHbIe rOJlbI H paCqeTbI, OCHOBaHHbIe Ha 3TOM HCTOqHHKe.

TpaHc¢opMa~MR,anpenb 1997

qacThIO XOPOUlO C!}JOpMyJlliPOBaHHO~ npOMbIllIJICHHO~ nOJIHTHKH, HanpaB­JIeHHO~ Ha 03,nopOB.!'TeHHe 3KOHOMH­KH, KpoMe YCTpaHeHHjI npaBoBhIX H a.II.MHHHCTpaTHBHbIX 6aphepoB Ha nyrn HHocTpaHHhIX HHBecTHU:H~, ,nOJDKHO CTaTh ynCJIMqCHHC rocy,napCTBeHHhlX HHBeCTHu:H~. llpaBHTeJIhCTBO ,nOIDKHO HHBCCTHpOBaTh cpe,nCTBa B npc,nnpH­jlTHjI HJUI COBMCCTHO C npc,nnpHjlTH­jlMH Ha OCHOBe C,nCJIOK 0 pacnpeL\C­JICHHH npH6hlJlH, qro 06ccneqHT 6hl­CTphl~ L\06aBJIeHHhI~ ,nOXOL\ B 6IO,n­XCT HJIH cneU:HaJIhHhlC BHC6IO,UXCT­HhIC <pOH,UhI C OlIHOBpCMeHHhIM CO-3naHHCM pa60qHX MCCT H nOBhIUleHH­CM peaJIhHOrO ,noxo,na nOTpc6HTeJIe~. TaKHM 06Pa30M, YBCJIHqeHHC rocy­napcTBCHHhIX HHBCCTHu:H~ HC OKruKCT CCPbe3HOro BJIHjlHHjI Ha B0306HOBJIC­HHC pOCTa HH<pJIjlU:llll. 3TllllHBCCTll­U:llH L\OJIXHbI 6hITh HanpaBJICHhl Ha OPHCHTnpOBaHHbIC Ha 3KcnoPT oTpac­JIM npoMbIllL'IeHHOCTH (rrpo1l3Bo,nCTBO HC<PTll, BhlnyCK U:BCTHhIX MeT<L1.lIOB, TaKllX KaKaJIIOMHHllH), a TaKXe B rrll­meBYIO npOMhIIlL'IeHHOCTh H Ha Bhl­nyCK nOTpe6llTCJIhCKHX TOBapoB (HO­BbIe HHBeCTllUllll ilOJIXHbI naTh TOJI­qOK 6hlCTpOMy BOCCTaHOBJIeHHIO npo-113BOnCTBa H L\BHxeHHIO ,neHCXHOH HaJIHqHOCTll) .

CmaHUCAae MeHblUUlwe POCCUUClWU 31wHOMucm, nOllumU't{.eCKUU aHO/IUmUK U aemop EJICeMecR'tHozo cmpamezu­'teCKOZO om'tema 0 nOA03lCeHUU 6 POC­cuu u CoiJpy.»cecm6e e6po-a3UamCKUX zocyiJapc1n6 (Monthly Strategic Report on Russia and Eurasian Common­wealth). Email: menshikov@globalxs.nl.

TIpoopoTeTOM BaBKa ~OJDKeB 6bITh ~

3KOHOMll'leCKHH nO)J.'LeM

ll:mI1Jl r [1cceJI bKBI1CT

r-H MCHhUll.1KOB :10nHIDI ccphe3HhIH Bonpoc: noq~My '1pOHCXOnllT TaKoe rranCHHe POCCllHCKOil 3KOHOMllKH II 'ITO MO :KHO C [(eJIaTh c 3TllM HBJIeHll­eM? B JlI060~ CJIY'lae, Kor,na Ha KapTy rrOCTaBJICHhI -JOJIhlllllC ,nOCTHXCHlljl H rrOTepH, BhlCKa3hIBaeTCjI 60JIhUlOe KO­JIllqeCTBO Pa3.lllqHhIX MHCH~. XOTh jI II He ComaCC!I C HeKOTophlMH ero ap­ryMcmaMll 11 PCKOMCH,UaIJ:ll5l:Mll no peUlemuo rrp06neMbI, jI nOJIaraIO, qTO OCHOBHOff Te3IIC, JaKJIIOqaIOmllH­

CjI B TOM, 'ITO nomITllKa cTporo~ <pllC­Ka,'IhHO~ 3KOHOMIfH 3auma CJIllUIKOM

1997 BceMMpHblilt 6aHK

naJIeKO II He MOJKeT o6ecrreqHTh 3KO­HOMllqeCKHH POCT, MO)Kf[O rrOMep­:lKaTh.

OC06CHHO XOPOUlO 06'hjlCH5l:IOmCH CHTyaIJ:llIO H B TO xc BPCMjI Bhl3bIBa­IOmeH TpeBory jI CqHTaIO 06cyxne­HHe np06JICMhI CHllXeHlljl llHBeCTH­U:HH. 3TO noxoxe Ha TO, 'ITO npo­H30llIJIO B COC,UllHCHHhIX lIlTaTax BO BpeMeHa BCJIllKO~ ,llenpeCCllH. i1HBe­CTllU:llll PC3KO COKpaTHJIllCh, Bhl3BaB MHoroKpaTHoe CHHxeHlle cnpoca Ha nO'Ipe6HTeJlhCKHe TonapbI, COKparu:e-

HHC pa60qeH CllJIhI H BBll. 06mM KeHHCllaHCKa5i TeOpll5l: onHCbIBaeT HenOCTaTOqHhlH arpcraTHhIH cnpoc KaK npllqllHY CHllxeHllH BBll H 3a­Hj{TOCTH BO BpeMj{ BeJIHKOH ,llcrrpcc­CHH. <l>aKThI, rrpe,nCTaBJleHHhle B Ta6-JIllu:e 3, cBH,neTeJIhCTB)'IOT 0 TOM xe. (llpllMeqaHlle: BO BpeMeHa BCJIHKOH ,llenpeCCHll naJ:(eHHe u:eH 3aCTaBJIjlJIO HHBeCTOpa.lK,[(aTh, 'ITO BeJIO K cOKpa­meHHIO HHBecmU:HH; KaK CBll,UeTeJIh­cTByeT KeHHC, KOHe'IHoe BJIIDIHlie Ha arperaTHbI~ cnpoc II 3aHj{TOCTh 6hlJlO B HeCKOJIhKO pa3 BbIUle nepBOHaqaJIh-

15

TpaHc¢opMa~~R,anpenb 1997

HOro Hen:OCTaTKa HHBeCTHUI1H. B Poc­CHH 1990-x ro,llOB rrpWHIHa cOKpawe­HHH HHBeCTliUHH 60JIbilie CBjl3aHa C rrOJIHTWleCKHMH pa3HOmaCHHMH, HO BJIHRHHe Ha arperaTHbIH crrpoc 6bIJIO aHaJIOrIf'!HhIM). fum 6bI jI rrpon:oJDKaJI 3aHHMaTbCH rrperrO,llaBaTeJlbCKOH ,lle­JlTeJibHOCTbIO, H 6bI Mor BKJIIO'IHTb ,llaHHbIe, CO,llep)J{aWHeCH B Ta6JIl1ue 3, B TeCT BBO,llHOro KYPca B KOJIJIe,ll)J{e; JII060H CTY,llem, KOTOPbIH He cyMeJI 6bI rrOKa3aTb, 'ITO CHI1)J{eHHe Ha 75 rrpouemOB peaJIbHbIX arperaTHbIx UHBeCTHUHH B Te'IeHUe 1990-1996 IT. rrpl1BeneT K COKpaIlIeHI1IO BBII ITa 25-40 IIpoueHTOB, He Mor 6bI C'IHTaTbCR YCIIelliHO rrpOIlle)lIlIHM TeCT.

)laHHbIe, conep)J{awueCR B Ta6miue 1, nO)lTBep)J{)laIOT apryMem, 'ITO ne­<PI1UHT 6IO,ll)J{eTa He 6bIJI IIPH'IHHOH HH<PJIjlfIUH B POCCHH. B 3TOM eCTb IIO­J'1HTl1KO-3KOHOMWIeCKHH CMbICJI: KOp­

PYMIIHpOBaHHble 60ra'Il1 MOryr Jier­'Ie IIOJij"IHTb ,lleHbrH 3a C'IeT 6aHKOB­

CKHX KpenHTOB, 'IeM 3a C'IeT 6IO,ll)J{eT­HbIX OT'IHCJIeHI1H; He BKJIIO'IM pac­XOnbI B 6IO,ll)J{eT, IIpaB.RwaH 3JIHTa MO)J{eT nepeBOnHTb ,lleHbrl1 .upy::>KKaM 'Iepe3 6aHKI1. MbI BI1,llHM, 'ITO ,lleHe)J{­HM Macca H Kpe,llHTbI pacT)"[ HaMHO­ro 6bICTpee, 'IeM H}'1KHO ,ll"iR rrOKpbI­THH ,lle<pHUHTa 6IO,ll)J{eTa (CM. Ta6JII1-UY 1, oc06eHHo ,llaHHbIe 3a 1995 r. H 1996 r.). AHaiOrH'IHbIH apryMem MO)J{­

HO "pHMeHHTb BO MHOrl1X npyrHX CTpaHax, r,lle MB<D H BceMHpHbIH 6aHK rrpoJ{B!-LiH 'Ipe3MepH)'IO HacTOH­'Il1BOCTb B Tpe60BaHHl1 C06,iIO,llaTb CTpOryIO <pI1CKaJIbH)'IO 3KOHOMHIO, HO rn:e ,lle<pI1UI1T 6IO,ll)J{eTa He 06bRCH.ReT MOHeTapH)'IO 3KCIIaHCHIO H, KaK pe-

3YJibTaT, HH<pJIRUHIO.

KpOMe MOHeTapHOR 3KcrraHCHH, rro­BblIlleHl1e ueH co CTOPOHhl IIpen;JIO­)KeHHH, HeCOMHeHHO, 06bHCHHeT B 3Ha'Il1TeJIbHOH CTeneHH I1H<pJ'1.sIUHIO B POCCI1I1.

KaKOBO peIlIeHHe? 51 He comaceH C IIpe)lJiO)J{eHHHMH B CTaTbe, 'ITO peIlIe­HHe 3aKJIIO'IaeTCH B H3MeHeHl1H MaK­P03KOHOMH'IeCKOH IIOJIl1THKH uem­PaJIbHbIM npaBHTeJIbCTBOM. )la, HCKO­Topoe OCJIa6JIeHHe paMOK pacxon:OB

H YPOBHH ,lle<pI1IUlTa HMeeT CMbICJI; pacxonbI 3a C'IeT ,lle<pHUHTa HBJIRIOT­CJ{ 'IaCTbIO peIlIeHHR. KTO MO)J{eT WH­

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16

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22

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23

TpaHc~opMa4MR,anpenb 1997

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24

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25

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26

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ITo ,u:aHHbIM HCCJIe,u:OBaHHH KapJIa Xay6a H3 BaillHHITOHcKoro 6IOpO ,u:e­MorpacpH'leCKl1X rrpOrH030B, HaceJIe­HHe POCCHH B Te'leHHe CJIe,u:yIOml1X Tpex ,u:ecHTHJIeTHH: COKpaTIITCJI: Ha 25 MHJIJIHOHOB '1eJIOBeK, eCJIH COxpaHHT­CH cero,u:HHIIIHJl:H ,u:eMorpacpH'leCKM TeH,UCHUHH. HaCeJIeHHe COKpaTHTCH C TerrepeIIIHHx 148 MHJIJIHOHOB ,u:o 123 MHJIJIHOHOB K 2030 r., a rrOCJIe 3TOro COKparnCHHe rrOH:,u:eT eme 6bICTpee. COKpamemrc HaCeJIeHHH o6bHCH}!eT­CH HH3KHM ypOBHeM pO:JK,1J,aeMOCTH (B 1996 r. 3TOT YPOBeHb COCTaBHJI 9 PO:lK­,u:eHHH: Ha 1000 'IeJIOBeK HaCeJIeHHH) H BbICOKHM ypOBHeM CMepTHOCTH MY:lK'IHH, KOTOPbIH: ceH'IaC ,nOCTHr YPOBH}! pa3,u:HpaeMoH BOH:HOH: JIH6e­pHH. 3TOT BbICOKHH: ypOBeHb CBH3bI­BaIOT maBHbIM 06pa30M C cep,u:e'IHO­COCy,u:HCTblMH 3a6oJIeBaHHHMH, aBa­pH5I:MH Ha rrpoH3Bo,u:CTBe H aJIKOro,1H3-MOM. B CKOPOM BpeMeHH rrO'iTH O,u:Ha TpeTh HaCeJIeHHH POCCHH 6y,u:eT rreH­CHOHepaMH.

YKPaJIHa

ITpcMbep-MHHHCTp ITaBJIO JIa3apeH­KO 3aJrBHJI, BhICTYITaJr rrepe,u: rrapJIa­MeHTOM 11 MapTa, 'ITO 3a,u:OJI:lKeH­HOCTh rro BbIllJIaTe 3aprrJIaTbl B YKpa­HHe ,u:OCTHma 1,36 MH..'IJIHap,u:a rpH­BeHb ($750 MHJIJIHOHOB), a rro BhIll­JIaTe rreHCHH: 1,2 MHJIJIHap,u:a ($700 MHJIJIHOHOB). OH CKaJ<L'I, 'iTO ,u:OJIrH HaKOrrHJIHCh rrOTOM}', 'iTO ,u:OXO,u:bI B 6IO)J;lKeT OKaJaJIHCh HH:lKe rrporH03H­pyeMblX, Herrpe,u:ycMoTpeHHoe rrOBhI­rnCHHe 3apllJIaThI cpHHaHCHpoBaJIOCh H3 6IO,u::lKeTa, H MeCTHble 6IO)J;lKeTbI 6bIJIH BbIrne rrpe,u:yCMOTpeHHblX. OH BblPaJHJI Ha,u:e:JK,1J,y, 'ITO 35 rrpoueHTOB BCeH: 3an:OJI:lKeHHOCTH rro 3aprrJIaTe 6y.il:YT BbIllJIa'leHbl K MaIO, a TaK:lKe BCH 3a,u:OJIXCHHOCTh rro rreHCHJl:M 3a rrepHO,n C ,u:eKa6pSi 1996 r. rro KOHCU MapTa.

YKpaHHa CTpeMHTCH rrpHBJIe'Ib HHO­CTpaHHbIe HHBeCTHUHH. ITpeMbep-MH­HHCTp JIa3apcHKo 3aJrBHJI B Cepell,H­He cpeBp<L"IH, 'ITO HanorOBoe 6peMH

27

TpaHc~opMa~MR,anpenb 1997

6Y,lIeT CHlDKeHO H ,lIOJUI roCY,lIapCTBa B npHBaTH3HpOBaHHhIX npe,lIUpmITH­HX He npeBhICHT 26 npOueHTOB (3a HCKJIIOqeHHeM CTpaTerHqeCKHX 06'heKTOB, B KOTOPbIX 3a rocy,lIap­CTBOM coxpaHHTcH 51 npoueHT c06-cTBeHHocTH). YKpaHHe nOKa y)],aJIOCb npHBJIeqb Bcero $1,5 MHJIJIHap)],a np.sr­MbIX HHocrpaHHbIX mmecTHUHH.

YKpaHHCKHe 3aKOHO,lIaTeJIH nporOJIO­COBaJIH 3a yaeJIH"IeHHe MHHHMaJIbHOH Mec.srqHOH 3apUJIaTbI C 15 rpHBeHb ($8) ,110 70,9 rpHBHH. MHHHCTp Tpy)],a MbIKOJIa BHJIo6.rroUKHH rrpeJIYUpe)],HJI, 'ITO 3TO pellIeHHe 6Y,lIeT CTOHTb 6IO,lI-2KeTY rOCY,lIapCTBa B TeKYIIIeM roJJ,y 32 MHII;'":map,lIa rpHBeHb. Cpe)],HHJI 3apa-60THaJI UJIaTa yKpaHHCKHX npOMbIIlI­JIeHHbIX pa60qHX B HaCTOHmee Bpe­MH COCTaBJIHeT 157 rpHBeHb.

UeH1:paJIbHlUI A311S

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MOPJI·

B COOTBeTCTBHH C UJIaHaMH peopra­HH3aUHH rrpaBHTeJIbCTBa Ka3axCTaHa 6hIJIH C03,lIaHbI ,lIBa HOBbIX rocy,lIap­CTBeHHbLX areHTCTBa, no,lI"IHHJIIOrn:HX­CJI HenOCpe,lICTBeHHO npe3H)],eHTY, ,lIJIH ynpaBJIeHH.sr CTpaTernqeCKHMH pecypca"\rn: H UJIaHHpOBaHHeM. MHHH­CTepCTBa 3KOHOMHKH, TOprOBJIH H npoMblnmeHHOCTH, a TaK2Ke aHTHMO­HOnOJIbHbIH KOMHTeT 6bUlH 06'he,lIH­HeHbI B HOBoe cynepMHHHCTepCTBO 3KOHOMHKH. rOCY,lIapcTBeHHhIe KOMH­TeTbI HMymecTBa H rrpi-fBaTH3anHH 6bIJIH ynpa3,lIHeHbI, a HX nOJIHOMOqHH nepe,lIaHbI MHHHCTepTCBY <pHHaHcoB H rOCY,lIapCTBeHHOMY HHBeCTHUHOH­HOMY KOMHTeTY. MHHHCTepCTBa ~mep­reTHqeCKOrO ceKTopa 6bUlH CJIHTbI B HOBoe MHHHCTepCTBO 3HepreTHKH H npHpO,lIHbLX pecypcoB. 3TH H3MeHe­HHJI, OqeBH,lIHO, HanpaBJIeHbI Ha YK­peUJIeHHe BIraCTH npe3H,lIeHTa H YK­peUJIeHHe MorymecTBa He<jlT.srHoro H ra30Boro JI066H.

Ha )],OJIIO aMepHKaHCKHX HHBecTopOB B Ka3axCTaHe B Haqarre 1996 r. npHXO­,lIHJIOCb 66 npOueHTOB, HJIH $1,8 MKJIJIHap,lIa, rrpHMhIX HHOCTpaHHbIX HHBecTHUHH, rJIaBHbIM 06pa30M B He<jlTJIHYIO npOMbInmeHHOCTb. BOJIee 27000 Ka3axoB B HaCTOHlUee BpeMJI pa6QTaIOT B HHOCTpaHHbLX KOMnaHH­JIX HJIH COBMeCTHbIX npe,ll;npHJITHJIX, B TO BpeMH KaK B Ha'laJIe 1993 r. HX

28

6bIJIO OKOJIO 6400 qeJIOBeK. (AMepH­KaHCKaJI <pHpMa CCL, ocymecTBHB­llIaJI He,ll;aBHO KanHTaJIOBJI02KeHH.sr B Ka3aXCTaH, nOJIY'lHJIa TpeXJIeTHIOIO KOHUeCCHIO Ha 3KCUJIyaTaUHIO lIaB­JIo)],apcKoro He<pTeneperoHHoro 3aBO­,lIa. 3T0 npe,lIUpHJITHe paHee nOKpbI­BaJIO 60JIee qeM Ha nOJIOBHHY HY2KJIbI Ka3axcTaHa B 6eH3HHe).

lIpe3H)]'eHT ACKap AKaeB npOHH<pop­MHPOBaJI napJIaMeHT 26 MapTa, 'ITO BHlI KbIPThI3CTaHa B 1996 r. yaeJIH­'lHJICJI Ha 5,6 npoueHTa, rrpOMbIIlI­JIeHHOe npOH3BO,ll;CTBO BhIpOCJIO Ha to,8 npoueHTa H CeJIbCKOX03JIHCTBeH­HbIH BblnycK BblpOC Ha 13,1 npoueH­Ta. O,lIHOH H3 3a,ll;aq CTpaHbI B 1997 r. HBJIHeTC.sr CHH)KeHHe ,lIe<pHUHTa TOp­roBOro 6arraHca. B 1996 r. KbIprhI3CTaH HMnoprnpoBaJI B 1,7 paJa 60JIbllIe, qeM 3KcnOpTHpOBaJI. ,[WyraJI 3a,ll;aqa 3aKJIIOqaeTCH B CHlDKeHHH HH<pJIHUHH ,110 17 npOueHTOB H COKpameHHH 6e3-pa60THUhI, ypOBeHb KOTOPOH B Ha­CTOJIllIee BpeM.sr COCTaBJIHeT 20 npo­ueHTOB.

lIpe3H,lIeHT Y36eKHCTaHa MCJIaM Ka­PHMOB Ha3BaJI 1996 r. rO,lIOM 3KOHO­MHKH H <pHHaHcoBoH cTa6HJIH3aUHH. .lle<pHUHT 6IO)],)KeTa He npeBhICHJI 3,5 npoueHTa, HH<pJIJIUHH COKpaTHJIaCb HanOJIOBHny, HaUHOHaJIbHaJI BaJIIO­Ta YKpenHJIaCb, a 06'heM BHellIHeH TOproBJIH COCTaBHJI 60JIee $9,3 MHJI­JIHap,lIa. r-H KapHMoB rrpH3BaJI c)],e­JIaTb 1997 r. ro)],OM nOJIHoro COUHaJIb­HOro 06ecne'IeHHJI. (EBPP OTKpbIJI Kpe,ll;HTHYIO JIHHHIO Ha CYMMY $120 MHJIJIHOHOB )l;JIJI pa3BHTHH 6aHKOBC­KOro ceKTopa Y36eKHcTaHa, a OPIC npe,lIOCTaBHJI $200 MHJIJIHOHOB Ha CTpaxoBaHHe nOJIHTHqeCKoro pHCKa H <pHHaHcHpOBaHHe npOeKTOB CIlIA B cTpaHe).

MH<jlJI.sruHH B TypKMeHHCTaHe B 1996 r. COCTaBHJIa 100,1 npoueHTa. B TeqeHHe rO,lIa 6bUlO ,ll;06hITO OKOJIO 4,4 MeTpH­'leCKOH TOHHbI He<pTH H 35,2 MHJIJIH­ap,ll;a KYfiH'leCKHX MeTpOB raJa. BOJIee 90 npoueHTOB npOMbInmeHHOrO rrpo­H3BO,ll;CTBa 06eCneqHBaeTCH rocy,lIap­CTBeHHbIMH npe)]'npHHTH.srMH, HO OKOJIO 66 rrpOUeHTOB P03HH"IHOH TOp­rorurn: HaxOMTCH BHe rocy)],apCTBeH­HOro KOHTpOmI. BBII npeBhICHJI 6,6 MHJIJmap)]'a MaHaTOB ($1,6 MHJUlHap­,ll;a) B 1996 r.

lIpe3H)],eHT TypKMeHHCTaHa Canap­MYPaT HHH30B nO,lIUHCaJI comallIe­HHe Ha CYMMY $580 MHJIJIHOHOB C TpeM.sr .srnOHCKHMH KOHuepHaMH -Itochi, JGC H Nissho Iwai - Ha CTpo­HTeJIbCTBO nepBoro B TypKMeHHCTa­He 3aBO,ll;a no CTpOHTeJIbCTBY nOJIH-

nponHJIeHa (B 6hIBllIeM KpaCHOBO,lI­CKe). lIpaBHTeJIbcTBO HnOHIm npe,lIO­CTaBHT Kpe)l;l-IT Ha CYMMY $400 MHJI­JIHOHOB 3aBOJJ,y, KOTOPbIH 6y)],eT BbI­nycKaTb 90 000 TOHH nOJIHnpOnHJIe­Ha B ro,lI.

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B KaM60)],)Ke npHIDITO pemeHHe yq­pe)l;l-ITb nepBbIH B CTpaHe <pOH,lIOBbIH PhIHOK H npe,ll;CTaBHTeJIH MHHHCTeP­CTBa <pHHaHcoB HaMeqaIOT ero QT­KphITHe Ha 1998 r. Y)Ke COCTaruleHbI 3aKOHhI, pemaMeHTHPYIOlUHe ,lIeH­TeJIbHOCTb PbIHKOB KanHTaJIa, KOTO­pbIe 6yAYT nepe,ll;aHbI HauHOHaJIbHOH accaM6JIee Ha YTBep)K)l;eHHe. lIpaBH­TeJIbCTBO TaK:>Ke )],OIDKHO npHHHTb Ja­KOHbI H 3aKOHO,ll;aTeJIbCTBO, perJla­MeHTHPYIOIUHe HaJIOr C CYMMbI ,lIHBH­)],eH)],OB, pacnpe,lIeJIHeMbIX Cpe,lIH ,lIep­xaTeJIeH aKUHH, H nOPMOK BarrIOT­HOro 06MeHa. MHHHCTp <pHHaHcoB KHT llxoH 06'hHBHJI B Ha'IaJIe MapTa, "ITO YTO'IHeHHhIH 3KOHOMH'IeCKHH POCT B 1996 r. COCTaBHJI 6,5 npoueH­Ta, XOTH nepBOHa'IaJIbHO 6bIJIa no­JIyqeHa UH<ppa 6 npoUeHTOB.

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lIpe,ll;nOJIaraeTCH, 'ITO ,ll;e<pHUHT TOp­roBoro 6aJIaHCa BbeTHaMa 3a nepBbIe TpH MeCHua TeKYIIIero ro,lIa COCTaBHT $945 Mlf.JIJIHOHOB. 3T0 CBH)],eTeJIbCTBY­eT 0 CHlDKeHHH ,lIe<pHUHTa Ha 6,5 npo­ueHTa no cpaBHeHHIO C TeM 2Ke ne­PHO,lIOM 1996 r. H 0 TOM, "ITO YCHJIHH npaBHTeJIbCTBa, HanpaBJIeHHble Ha 06Y3,lIaHHe )],e<pHUHTa, onpaB)],aJIHCb.

lIo C006meHHIO BbeTHaMCKOH ra3e­ThI, nO'ITH o,1:\Ha UJlTaJI roCy)l;apCTBeH­HbIX npe)l;npHHTHH BbeTHaMa y6bITO'l­Ha. O,lIHaKO 3KcnepTbI CqHTaIOT, 'ITO eCJIH npHIDITb BO BHHMaHHe npHpO)],y 6yxraJITepCKHX OT'{eTOB, npHHHTYIO B 60JIbllIHHCTBe rocy)],apCTBeHHbIX npe,lInpH.srTHH, 3Ta UH<ppa, B03MO)K­HO, HaMHoro Bblnre.

BllazodapUM 3a MamepUaJlbl, npedoc­ma6.l1.eHltbie pedOlcl{ueii Daily Digest Ha­}"lHO-UCCllea06ameabClwzo uHcmumyma cpedcm6 MaCC060ii uHrjJopMal{Uu.

1997 BceMMpHblM 6aHK

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ITpe3HaeHT BceMHpHoro 6aHKa LlxeilMc BOJIb<PeH30H 3aJ1BHJI BO Bpe­MH rrpecc-KoHcpepeHrrHH, COCTOHB­rrreHCH 6 MapTa B MaapHae, '!TO Bce­MHPHblH 6aHK H MB<I> roTOBbI rrpe­aOCTaBHTb cpHHaHcoByro rroMep)JCl(f A16aHHH, '!T06bI rrOMO'Ib 3TOH cTpa­He BbI6paTbCH !!3 KPH3!!Ca, B KOTO­PbIH OHa rrorrana. EC paCCMaTpHBaeT BOCCTaHOBJIeHHe OTHorrreHHH C MB<I>, BBeaeHue CTporoH CPHHaHCO­BOH arrCrrHIL'IHHbI H HbffiCHeHHe C06bI­THH, rrpHBe,1UlIlIX K J..:pyureHHIO rrHpa­MH)lHbIX cxeM B CTpaHC, YCJIOBHHMH OKa3aHHH IIOMOIITH.

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,2lBa I'O,ll,a lIa3a,ll, A;r6aHH.lI 6hIJIa 06-pa3rroBhIM CT)'aeHTOM Me:llQlYHapO,ll,­HbIX 3KOHOMH'IeCKHX HHCTHTYTOB, HMeH 3,llOpOByro 3KOHOMHKY (pOCT BBIT COCTaBJI.HJI 8-10 % B ro,ll), rrpH­eMJIeMbIe rrpe)I.rrpHHHMaTeJIbCKHe CTpYKTYPhr H cTa6HJIhITyro rrOJIHTH­'IecKyro 06cTaHOBKY. Ho 06beM CaMOH 6eaHoH B EBporre 3KOHOMHKH B Ha­CTOHrnee BpeMH COKpaTHJIC.H HHJK:e YPOBH.H 1990 r. ECJI!! HOB hIe KPeaHThI H3-la rpaHHIThi 6y,uyr rrpeIq)aIlleHbl H3-3a xaoca, B KOTOPOM B HaCTO.Hrnee BpeM.H npe6bIsaeT CTpaHa, HMrropT MO:lKeT rrOJIHOCThIOPa3BaJIHThC.H. 8KO­HOMHKa aepJK:IITC.H Ha IL'raBY TOJIbKO 6JIarO,llapH rrpHToJ<.."Y COTeH MHJIJIH­

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1997 BceMHpHblVl 6aHK

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Kpe)I.HTbl BceMHpHoro 6aHKa POCCHH MOryr 6bITb pacwHpeHbl

BHrre-npe3HaeHT 110xaHHec JIHHH 3MBHJI Ha rrpecc-KoHcpepeHrrHH B MocKBe BO BpeMH cBoero rrpHe3,lla B POCCHIO B Ha'IaJIe MapTa, '!TO Bce­MHPHbIH GaHK rrpeanOJIaraeT YBeJIH­'IHMTb CBOH KPeaHTbI 3TOH CTpaHe Ha $2 MJIpa - $3 MJIP,ll B roa B Te'IeHHe CJIeayroIIIHX HeCKOJIbKHX JIeT C Terre­peWHHX $6 MJIpa. "YBeJ1lf'IeHHe K KOH­l~ BeKa CYMM rrpe.1I.OCTaBJI.HeMbIX KPe­aHTOB B .1I.Ba pa3a HeJIb3.H C'IHTaTb He­BO3MO)KHbJM", - )l06aBHJI OH. PYKo­BO.1I.HTeJIb MOCKOBCKOro rrpe.1I.CTaBH­TeJIbCTBa 6aHKa MaHKJI KaPTep 33$1-BHJI, 'ITO HOBbIe KpeaHThl 6yaYT Ha­rrpaBJIeHbl Ha cpHHaHCHpOBaHHe pa-60TbI 6IOpO 3KOHOMH'IeCKoro aHaJIH-3a C rreJIbIO YCOBepweCTBOBaHH.H rrpo­rrecca rrpHH.HTHH 3KOHOMH'IeCKHX pe­rrreHHH, a TaK:lKe Ha cpHHaHCHpOBa­HHe H3.1I.aHHH yqe6HHKoB ,lI)l.H BY30B H rrrKOJI. Pa60Ta Hall HOBbIM KPe,llHTOM Ha CTpYKTYPHbIe H3MeHeHHH 6yaeT 3aBepllIeHa 'Iepe3 HeCKOJIbKO MeCH­rreB.

ITo C006rneHHIO MHHHCTpa CTPOH­TeJIbCTBa EcpHMa Ba3HHa, 6bIJIO aOC­THfHYTO rrpeaaapHTeJIbHOe cornawe­HHe 0 rrpe.1I.OCTaBJIeHHH KpeaHTa Ha CYMMY $300 MJIH Ha peKOHCTpYKIlHIO HCTOpH'IeCKOH 'IaCTH CaHKT-ITeTep-6ypra H KPeaHTa Ha rrpH6JIH3HTeJIbHO TaKYIO xe CYMMY Ha peKOHCTpYKITHIO ceTeH BO.1I.OCHa6JK:eHH.H H apeHaJK:HbIX ceTeH HeCKOJIbKHX rOpO.1I.OB POCCHH. PaHee ra3eTa Moscow Times co06IITH­JIa, '!TO rrpeaCTaBHTeJIH BceMMpHoro 6aHKa paCCMaTpHBaIOT rrpeaOCTaBJIe­HHe erne O.1I.Horo Kpe.1I.HTa yroJIbHOH rrpOMbIIIIJIeHHOCTH POCCHH Bcero 'Ie­pe3 HeCKOJIbKO MeC.HrreB rrOCJIe Bhlae­JIeHHH BToporo TpaHIITa B pa3Mepe $525 MJIH 3TOMY pa3pYllIeHHOMY ceK­

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POCT Y)J,OBJIeTBOPHTeJlbHbIX npoeKTOB B POCCHH

IIpoBepKa, rrpOBe.1I.eHHaJI COBMeCTHO POCCHHCKOH CTOPOHOH H BceMHpHbIM 6aHKoM, rrOKa3aJIa, 'ITO 65 % KPe­.1I.HTHhlX rrpoeKTOB POCCHH HMeIOT yaOBJIeTBOpHTeJIbHblH peHTHHr H 'ITO ypOBeHb e:lKeMeCH'IHblX BbIIIJIaT co­CTaBJI.HeT OKOJIO $70 MJIH. 8m 3Ha'IH­TeJIbHO 60JIbwe rro cpaBHeHHIO C Ha­'IaJIOM 1996 r., Koraa aHaJIOrH'IHaJI rrpOBepKa rrOKa3aJIa MeHee 'IeM 4O%-H ypOBeHb rrpOeKTOB, rrOJIyqHBIITHX yaOBJIeTBOpHTeJIbHbIH peHTHHr, a cYMMa KPeaHTOB, KOTOpYIO TOril:a rro­JIyqana MocKBa, COCTaBJIHJIa $25 MJIH

B MeCHrr. HaH60JIbwee 6ecnOKOHCTBO B BaHKe BbI3bIBaJIH POccHHcKHe KPe­.1I.HTHble rrpoeKThI 1995 r., KOr.1I.a TOJIb­KO 39 % H3 HHX rrpH3HaBanHCb Y.1I.OB­JIeTBOpHTeJIbHbIMH.

Ho 6JIaro.1I.apH 3Ha'IHTeJIbHblM COBMe­CTHbiM YCHJIH.HM rrpeMbep-MHHHCTpa POCCHH tIepHOMhlpaHHa H rrpe3H,lleH­Ta BceMHpHoro 6aHKa .llJK:eHMCa BOJIb(\JeH30Ha yaanocb H3MeHHTb CH­T)'arrHIO. B HaCTOmrree BpeMH rrOCTaB­JIeHa rreJIb aOCTH'Ib K HIOHlO 80%-H ypOBeHb rrpoeKTOB, rrOJIyqaIOIIIHx yaoBJIeTBOpHTeJIbHblH peitTHHr. (4TO-6hl rrOJIY'IHTb 3TOT peHTHHr, KPeaHT­HbIH npoeKT aOJI:lKeH OTBe'IaTb BCeM 3aaa'IaM, H3JIOXeHHblM B CTpaTerHH OKa3aHHH BaHKoM rrOMOIIIH .1I.aHHOH CTpaHe, COOTBeTCTBOBaTb 06rneH rro­JIHTHKe BaHKa B OTHoweHHH CHH:lKe­HH.H HHIIIeTbI H o6ecrre'IHBaTh 3qxpeK­THBHoe HCrrOJIb30BaHHe pecypcoB). BaHK B HaCTO.Hmee BpeMH JIJUIeTCR CaMbIM KPyrrHhlM eaHHblM HHOCTpaH­HhlM HCTO'IHHKOM .1I.OJIrOCpO'IHOrO cpHHaHCHpOBaHHH HHBecTHUHH B ro­cYAapCTBeHHhlH ceKTOp.

Ha'IHHM C aBrycTa 1992 r. 6hlJIO 0.1I.06peHO rrpe.1I.OCTaBJIeHHe 28 KPearr­TOB POCCHH Ha 06wyro CYMMY $6,4 MJIP.1I.. 8T0 BbIBOaHT POCCHIO Ha Tpe­Tbe MeCTO cpeaH CaMbIX KPyIIHbIX 3a­eMIITHKOB rrOCJIe KHTM H I1HaHH. KpeaHTbI 6bIJIH rrpeaOCTaBJIeHhl He­C\JT.HHOH npOMbIllIJIeHHOCTH, TpaHC­rrOPTHOMY ceKTOpy, BKJIIO'IM peMOHT aopor H MOCTOB H YJIyqweHHe aBTO-6YCHOro o6cJIYJ[(HBaHH.H B 60JIee 'IeM aec.HTH ropo.1I.ax; Ha YKPeIIJIeHHe 6aH­KOBCKOro ceKTopa H pa3BHTHe PbIH­KOB KaIIHTaJIa; Ha IIOMep:lKaHHe ceJIb­CKOX03.HitcTBeHHoH H 3eMeJIbHOH pe­CPOPM; Ha YJIyqweHHe MeaHrrHHCKO­ro 06CJIY:lKHBaHHR, 06pa30BaHHe, BO.1I.OCHa6:lKeHHe H ynyq:llIeHHe caHH-

29

TpaHc¢opMa~MR,anpenb 1997

TapHbIX ycnoBHH, a TaK)I(e Ha 3aIT[HTY OKpY.lKaIDIT[eit Cpe,llhl. MamepUG.Jlbl npeiJocmaMeHbl Po6epmoM JIai/..;lO.'4, paiJuo "Ceo6oiJHQJI Eepona ".

Qy6aKc OTJ),aeT pacnopHlKeHHe o paCC]leJl:OBaHHH HCnOJlh30BaHHSI KpeJl:HTa BceMHpHoro 6aHKa

mill, 'ITO BhlCTaB.;rnCMhlC HM YCJIOBHH, HHCKHMH CCJIhCKOX03HHCTBCHHhIMH Bc,UeHHC n:eHTCJlhHOCTH 'ICPC3 MHoro- rrpe,UrrpHHTHHMH, arporrcpepa6aThlBa-'IHCJICHHhle rrpOCKThl H rrporpaM- lOIT[HMH rrpeJIrrpHHTHHMH If 'IaCTHhl-MHhIC KpC,UHThI o6CCrre'IHBalOT 60JIec MH }lHcTpH6hlOTOpaMH. OT;::en yrrpaB-BhlCOKYlO UCJICHarrpaBJlCHHOCTb H 60- neHHH rapaIITHHMH (OYr) - HC3aBH-JICC TO'IHhlH xapaKTCp ,UeHcTBHH rro CHMhiH rOCYJIapCTBeHHblH opraH -cpaBHeHHlO C TeM, 'ITO MO)l(CT C,UC- 6YJICT 3aHHMaThCH npOJIa)l(CH KOH-naTh MB<I> O,UHOH nporpaMMoH. "51 TpaKTOB, rapaIITHpyroIT[HX BhlrrO;lHC-rrpH3blBalO BcCMHPHhIH 6aHK B3HTh Ha HHC rrpaBHTcnhCTBOM CBOI1X 06H3a-

KaK C006IT[aCT rrOMOIT[HHK tIy6aHca Cc6Jf HHHUHaTHBY H npHIlJITb Ha Cc6Jf TCJIbCTB H pHCKa rrOJIHTII'IeCKOrO AH:)JpCH Tparre3HHKOB, rrcpBhlH 3aMe- 3Ha'IHTCnhHO 60JIbiITyro pO.TIh B rrpo- <jJopc-~{a)I(opa, rrO)]J1,cp)I(HBaCMblX ra-CTHTCJIh rrpCMhep-MHHHCTpa POCCHH Bc,UeHHH pC<jJOPM", CKa3M OH H JIO- paIITHeH BceMHpHoro 6aH'l<a. Co Bpe-AHaTOJIHH tIy6aHc OT,UM pacrropJf)l(e- 6aBIIJI, 'ITO BaHK, 6e3YCJIOBHO, ro- MeHH rrpHCOe)IHHeHIDI YKpaIfHhI KBce-HHe OTJIe;lY KOHTpOJIJf MHHHCTepCTBa TOB K 3TOMY H ,UOJ[)!(eH Tcrreph "3Ha- MMpHOMY 6aHKY B ceIITH6pe 1992 r. <jJJ:lHaHcoB H TCppHTOpHMbHbIM areH- 'IHTenhHO pacllIHpHTb" MaclliTa6 CBO- 06IT[aH cyMMa Kpe}lHTOB, Bhln:eJIeH-TCTBaM rJlaBHoro ynpaBJlC- ,-_________________________ --, HhlX BceMHpHhl~1 6aHKOM

HHH <jJe,UepMbHoro Ka3Ha- 3KCTpeHHaH nOMOIW» liOJ(I'apHH Ha 10 rrpOeKTOB. COCTaBH-'IeHCTBa npOBepHTh rrpa- JIa OKOJIO $1,6 MJIP,il,. )J)q>eK-

BHJlhHOCTb HCrrOJIb30BaHHH IIpaBHTeJIbcTBo DOJIrapHH 17 MapTa 3aKJIID'IH.lIO comallIeHHe C Top-pacrropH,il,HTeJIh Bce-"yro.,lhHoro Kpen:HTa" Bce- MB<I> 06 ocyu(eCTBJIeHHH rrporpaMMhI 3KOHOMH'{eCKoit cTa6H- MHpHOro 6aHKa KaHo Kox-MHpHoro 6aHKa 1996 r. OT- :IH3allHlf, KOTOPaH 6Y)leT rrOJlJlep:lKaHa HOBblMH Kpe)lHTaMH Ha Be3ep 3aHBIIJI Ha He,il,aBHeH 'IeThl nOKa3blBaIOT, 'ITO a,U- CYMMy $660 M.J1H, maBHbIM 06pa30M 3a CqeT cpe)lCTB Kpe)lHTa rrpccc-KoH<PepeHIIHH B KH-MHHHcTpaUHH HeKoTopbIX standby Ha cYMMy$510 M.HH. 3TH Kpe)lHTbI 6Y)lYT rrpe)lOCTallJle- eBe, 'ITO BaHKCMO)l(eTrrpe-yrOJIhHhiX pcrHoHoB BMeCTO HbI B BHJle llIeCTH TPaHllIeit B TeqeHHe qeThlpHa)lllarn MeCHlleB, ,il,OCTaBHTb B 3TOM ro.uy YK-TOro, 'IT06bI HCrrQ.llh30BaTh eCJIH cTPaHa 6Y)leT OTBeqaTh YCTaHollJleHHblM Ha KaJK.UbIit KBap- paHHe KPeJIHTbI Ha cYMMY KaK :no npe,llHa3Ha'IMOCh Ha TaJI YCJIOBH!lM. IIporpaMMa cTa6mIH3aUHH )lOJI:lKHa OCHOBbIBaTb- ,UO $1 MJIP,U, ecnH OHa 6bI-

C!I Ha CHCTeMe B<Ll.IDTHOro COBeTa, B ooOTBeTCTBHH C KOTOPOH YJlyqrrreHHe COUHaTfhHhIX yc- KYpc 06MeHa 6Y)leT ¢lHKCHpOBaHHhlM H Macca )leHer 6YJIOT nOJI- CTpO npHMeT 61OJI)I(eT Ha JIOBHH rrraxTepoB, norraBIlm:x HOCTbID nOJlJlep:lKaHa pe3epBaMH HHOCTPaHHoit BanIDTb!. Il,e¢lH- 1997 r. H rraKeT HMorOBblX B 3aTpy,UrrHTenhHoe rrOJIO- UHT 6ID)DKeTa )lOJI:lKeH fibITh YMeHhllIeH )l0 4 % no cpaBHeHHID C pe<jJopM, HarrpaBJreHHhlX Ha .lKeHHe B pe3YJlbTaTe 3aKpbI- 11 %, 3apemcTPHpoBaHHhlMH B 1996 r. H rrepBoH rrOJIOBHHe ero rrO,UJIep.lKaHHe. YTBep)l(-THH rrraxT, HCrrOJIh30BaHa TeKYIL\ero ro)la, H pe3epBhI B<L'IIOThI nOJDKHbI 6bITb pe3Ko YBeJIH- ,il,eHHbIH 61O)l)I(eT TaK)l(e OT-Kpe,lUfTbI B JIpynlx ueJIHx. qeHhi. B )lOJIrocPOqHOH rrepcrreKrnBe rrpaBHTeJIhCTBO rrpHIDIlIO Ha KpoeT ,Uopory YKpaHHe K PacCJle,UOBaHHe 6y.ueT rrpoBo- ce6H 06H3aTeJlbCTBO YCKOPHTh CTPYKTYPHble pe<PoPMbl, BKJIIOqaH rro..1Y'IeHHIO or MB<I> ~,llH-,llHTbCH no BceM.llBaJIUaTH qe- fiOJIee fiblCTPOe rrpOBe)leHHe rrpHBaTH3aUHH, 60JIee BhlCOKYID CTe- Ta Ha cYMMY $2,5 MJIP,U - $3 TbIpeM yrOJIbHbIM perno HaM rreHh JIH6epa.JlH3ar(l1'H L\eH H ToprollJlH H fio~l.ee BhlCOKHe rrpHMhle MIIPil Ha C03,il,aHHe paCIIlli-POCCHH. MOCKOBCKOe rrpe,il,- HHOCTPaHHble HHBeCTHUHH. BceMHpHhlH 6aHK ofiCYJIC)laeT Kpe)lH- peHHoro <jJOH.!la. CTamITeJIbCTBO BCeMHpHOrO Thl Ha CYMMY OKOJI0 $290 M.JIH: )lBa Kpe)lHTa Ha CYMMy $170 M.JIH 6aHKa C Y,il,OBJleTBOpeHHeM Ha pecTPYKTYPH3aUHIO ¢lHHaHcoBoro ceKJOpa H rrpellrrpHHTHit, C03MHHe c1JOH,lla )lJISI Iioc­

HHH H fep~erOBHHhl OIlHTh OTJlOlKeHO

BCTpeTHJIO C006IT[eHHe 0 $40 M.JIH Ha $HHaHcHpoBaHHe HMrropTa KpHTHqeCKHX TOBapoB 3epHa, JleKapCTB, BaKUHH H OCHOBHbIX npOnYKTOB rrHTaHH!I H

npone,il,eHHH paCCnelIOBaHHH. $80 M.JIH Ha COL\Ha'IbHYID 3aIlIHTY. B Cepe)lHHe arrpeJIH EC H 03CP >lMh! Ha,UeeMcH, 'ITO npc,il,- OfiCY)lHT B03MO)KHOCTb OKa3aHHR nOrrOJIHHTe.'IbHOn nOJlJlep:lKKH rrpHHHMaeMaH rrpoBepKa rro- 06eCrreqeHHID IIJlaTe)KHoro fia.JIaHCa, KoroPaH MO:lKOT COCTaBH'Jb Korr<jJepeHUHH Me)l(.uyHa­

pOJIHhIX JIOHOPOB, HMelO­IT[aH UCJIblO C03,llaHHe <jJOH­

JIa B pa3Mepe $1,4 MJIPJI ,1I)1JI

BOCCTIlHOBJlCHfUl 3KOHOMH-

3BO,'1HT BhrHCHHTb npaBl:IJIb- $300 M.JIH. npe)lCTaBHTeJIH 6orrrapcKoro HaL\HOHanbHoro 6aHKa HOCTb HCnOJIb30BaHHH Bcex 3aHBHJlH, 'ITO BaJllOTHhie pe3epBbI Ha KOHeu. $eBpa'IR COCTaBH.'IH 6ID.LQKeTHbIX pecypcOB, Ha- $445,5 MJIlI. B TeKYllIeM rony BbllL'IaThI DOJIrapHH rro BHeIllHeMY I1paBlliIeMbIX B yroJIbHbrt'r CCK- ,llomy ,llOJI:lKHbI cOcTaBHTb GOJIee $800 MJIH.

TOp", - nO,JJ,'IepKHBaCTCH B KOMl\,flOHHKC BaHKa.

CaMMepc npH3h1BaeT K YCHJleHHIO PO.1IH BceMHpHoro 6aHKa B POCCHH

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MH'IeCKHX pecpopM B POCCHH Tpe6yeT 60JIee rrrHpoKoro yqacTH51 3KcncpTOB BceMHpHoro 6aHKa. CaMMepc rrOJIO­)l(HTeJIhHO OT03BaHCH 0 pa60Te, rrpo­

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Me.lK.llYHapOlIHbIM BaHlOTHbIM <jJOH­,llOM, HO 3aHBHJI, 'ITO "YKperrJIeHHeM

roCY,il,apCTBeHHoro ceKTopa, OKa3a­HHeM rrOMOIT[H B pa3BHTHH 'IaCTHoro

ceKTopa H perrreHHeM CeKTOpHhIX rrpo-6JIeM" 60nee nO,JJ,XOlIHT 3aHHMaTbCH

BceMHpHOMY 6aHKY. OH TaK)I(e ,llo6a-

30

eH lIeHTeJIbHOCTH, 'IT06bI 06eCrre'IHTb rrpe,il,OCTaBJIeHHe ,UonOJIHHTCJIbHblX

KPe,lIHTOB Ha c)'MMY $2 MJIPlI B TeKY­IT[eM roay. OH 3aHBIIJI, 'ITO BarIKY cne­rryeT H3yqHTb TaKHe BOrrpoCh!, KaK <jJHC­KanhHhIH MeHe,lIlKMeIIT H COUHMbHaH 3aI.IIHTa B TaKHX ceKTOpax, KaK cenbC­Koe x03HifcTBO H 3HepreTHKa.

UepBaH rapaHTHJI BceMHpHoro 6aHKa YKpaHHe

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rrOJIb30BaHa AlIH rrO,UJIep)I(KH <jJoH,n:a npeA3KcrropTHhlX rapaHTHH (<I>I1f) ,

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rOBHHe, HHocTpaHHbIe ,llOHOPbI xo­THT, 'IT06h! 3TOH CTpaHOH 6bIJIO rro,ll­rrHcaHo'cOrJIameHHe c MB<I>, KOTO­

PhIH, B CBOIO O'Iepe,llb, :XO'IeT, 'ITO-

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KOHbI 0 <jJHlIaHcax H 6IO)l)I(eTe. li13l1PY­rnx C06hITHH CJIe.uyeT OTMeTHTh, 'ITO

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no rpaIITHH HHBecTHUHH (AfM), KO-

1997 BC6MMPHblU 6aHK

TOpoC 6y,nCT BbI,naBaTb rapaHTHH HHO­CTpaHHblM HHBCCTopaM, rrpc,nOCTaB­JHIIOlUHM KPCllHTbI MCCTHbIM rrpcn­rrpmITHRM. "BJIaronapR 3TOll.iY o6JIa­naTCJIb rapaHTHH 6y,nCT rrOJIHOCTbIO 3alUHlUeH He3aBHCHMbIM H CHJIbHbIM tPHHaHcoBbIM HCTO'lHHKOM, HaxO,njl­lUHMCjI 3a npCneJIaMH BOCHHH H fcp­lIe roBHHbI " , - laRBHJI P}'KOBO,nHTeJIb arCHTCTBa nru.mlljl K03apWi. l.JJIeH rpynrrbI BCeMl1pHOrO 6aHKa AMfl1 rrpc,nOCTaBJIjlCT rapaHTHH rro 60JIec KpynHbIM H ,nOJ[roCPO'lHbIM HHBeCTH­IIHjlM, KOTopble BbIXOn.lIT 3a pa3Me­pbI rrOKpbITHll, rrpe)1)IaraeMhlX ArI1.

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MB<t> 06bjlBHJI 13 MapTa, 'ITO OH On06pHJI rrpc,nOCTaBJICHHC XopBaTHH paClllHpeHHoro Kpe,nHTa Ha CYMMY $486 MJIH, $15K MJIH H3 KOTOPbIX 6y­JIYT rrpenOCTaaTeHbI B TeKynICM rony. KpeJJ:HT rrpe,nHa:ma'1eH;J;..TUI OKa3aHHjI rrOMOlUH rrpaB;fTeJIhCTBY B rrpOBene­HHH CTpYKTYP:IbIX petPoPM C O,nHO­BpeMeHHbIM 06eCHe'leHHCM 60JICC BblCOKoro rro,;;:reBoeHHoro YPOBHjI :lKll3HH. B 3TOM rony, O'leBH,nHO, co­XPaHHTCR: 3nOpOBbIl1: pOCT. 3aMeCTH­TeJIb rrpCMbep-MHHHCTpa XopBaTHH BopHc;:raB CKerpo 3aRBHJI, 'ITO cTpa­He CKOPO 6ynfT rrOJIHOCTbIO BbIIIJIa­"IeH Bce~mpHI.rM 6aHKoM Kpe,nHT Ha peCTpYKTYPH3a~HH qmHaHCOBoro CCK­Topa H npenrrpH.lITl1H Ha cYMMY $80 M..'IH $100 MJIH. Kpe;:(IIT 6y'[(eT HCrrOJIb-30BaH Ha OKa3aHlfe rrOMOlllH XopBa­THH B rro;IHoll peOpramf3alIHIr ee 6aH­KOBCKOll CHCTeMbI H rrpHBaTH3alIHH KpynHbIX tPHPM rocy,[(apcTBeHHoro ceKTOpa.

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1997 BceMupHblll, 6SHK

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BceMHpHOMY 08HKY CJlenyeT y,neJUITh OOJlhme BHHM8HHH 3KOJlOfHH

ITpe3H'[(eHT BceMHpHoro 6aHKa ,llJKeMMc BOJIbtPeH30H Ha BCTpe'le B PHO C yqaCTHeM 60JIbllIOM IIRTepKH 3aRBHJI, "ITO BceMHpHbIM 6aHK 6yneT 06palUaTbCjI 3a COBeTaMl1 K RITO no BonpocaM, CBR3aHHbIM C oxpaHoH OKpYJKaIOlUeH CpeJJ:bI,' B xo,ne npHHjI­THjI BaHKoM pemeHHH 0 npe,nOCTaB­JIeHHH Kpe,[(HTOB. "BaHK B npOIIIJIOM He y,[(eJIHJI BHHMaHHH BonpocaM, CBjI-3aHHbIM C COXpaHeHHeM paBHOBeCF[j{ B OKpYJKaIOlUCH cpc,ne B rrpoeKTax, KOTopbIe OH tPHHaHCHpOBaJI, H nony­CTHJI ccpbe3HbIe Ourn6KH", - CKa3aJI BOJIbtPeH30H, ,n06aBHB, 'ITO BaHK renepb CTaJI J:q>yrHM yqpeJKJJ:eHHCM, rrbITaIOlUHMCjI npHnaTb 60JIbIIlHH Bec COIIHaJIbHbIM, KYJIbTYPHbIM H 'IeJIO­Be'leCKHM BOnpOCaM npH npHHRTIU1 pCllIeHHjI 06 06beKTax tPHHaHCHPO­BaHliJl. (113 CJKeronHbIX Kpe,n:HTOB Bce­MHpHoro 6aHKa Ha CyMMY $25 MJIpn OKOJIO $7,2 MJIP,[( HanpaBJIJlIOTCR Ha 3KOJIOm'leCKHe rrpOeKTbI. Ra'lHHaR C 1989 r., Kor,na B BaHKe 6blJI C03,[(aH 3KOJIOmqeCKHH OT'[(eJI, HM 6blJIa OKa-3aHa nOMOmh no 153 rrpoeKTaM B 62 cTpaHax).

IIpoeKT HaM TeYH II: pemeHHe em;e He npHHflTO

"BCeMHpHbIH 6aHK, KOTOPbIH nepBO­Ha'laJIbHO 06elUaJI OKa3aTb rrOMOmh B tPHHaHCHpOBaHHH CTpOHTeJIbCTBa IIJIOTHHbI RaM TeYH II B naocc, cny­CTHJI 3TO 06elUaHHe Ha TopM03ax. BCTpeBOJKeHHbIH pa3MepOM CMCTbI npoeKTa, COCTaBJIjlIOlUeit $1,2 MJIp,n, 'ITO paBHO ro,nOBOMY BBIT CTpaHbI H B TpH pa3a 60JIbllIe rocy,[(apCTBeHHO­ro 6IO]lJKeTa, BaHK orracaeTCR, 'ITO npe'[(OCTaBJIeHHe Kpe,nHTa MOJKeT BBC­CTH naOCCKYIQ H,llP B ,nOJIm", - 3ajl­B11JIa B HC,llaBHCH CTaTbC tPpaHUY3C­KaR ra3eTa Le Figaro. I1PC,llCTaBHTCJIH BCCMHPHOro 6aHKa co06I.UHJI11 PC,[(aK­TOPY HHtPoPMalIHOHHoro 6IO;IJICTCHjI Transition, 'ITO B OTJIWiHC OT HH<PoP­MaIIH11, Co'[(cpJKalUeHCjI B 11HtP0pMa­IIHOHHOM 6IOJIJleTeHe; pCllIeHHe B OTHomCHHH 3TOro npoeKTa elUe He npHH.lITO. BceMHpHbIH 6aHK CqHT3.eT,

'ITO JKH3HeHHO BaJKHYIO pOJIb HrpaeT OlIeHKa rrOMepJKHBaeMbIX HM npoeK­TOB. By,neT npOBe,ncH PM KOHCYJIbTa­UHH C rrpe,[(cTaBHTeJIRMH rocy,nap­CTBeHHbIX OpraHOB, QT06bI 06ecrre­QHTb yqacTHe Ha MecTHoM, perHo­HaJIbHOM H HaUHOHaJIbHOM YPOBHjlX. TOJIbKO nOCJIe npoBe'[(eHF[j{ Bcex 3THX

TPSHC¢OPMS~UR,snpenb 1997

BCTpeQ C npe,ncTaBHTeJIjlMH BJIaCTH H 06lUecTBeHHocTH II 3aBepllIeHl:ljl pjl,[(a HCCJlenOBaHHH (OTHOCHTeJIbHO aJIb­TepHaTHB, 3KOHOMH'IeCKOrO BJIHjI­HF[j{, npHpo,[(ooxpaHHbIx IlJIaHOB 11 IIJIaHOB COlIllaJIbHOH 3alUHTbI; IIJIaHOB no rrcpeCeJIeHllIO JKliTCJIeH 3aTaIIJIH­-BaCMbIX reppHTopRH, 3KOJIOrH'lCCKOH OlIeHKH 11 nJIaHa MeHe,[(JKMeHTa) BaHK CMOJKeT npllHJlTb pellIeHHc OT­HOCHTeJIbHO lIeJIcco06pa3HOCTH no,[(­,nepJKKH 3TOro npoeKTa.

PyMhlHHJI Ha,nee-rCH nOJlY'fHTh Kpe,llHT standby OT MB<l> H ,nonOJlHHTeJlh­Hhle KpeAJ(ThI OT BceMHpHoro oaHKa

MHHHCTp tPHHaHCOB P)'MhIHHll MHP­'lea 1JbIOMapa 3aRBHJI, 'ITO rrpaBHTeJIb­CTBO CTpaHbI Ha,[(eeTCR nOJIY'lIITb KpC­,n:HTbI Ha cYMMY $1 MJIP,n OT MB<t>, BCCMHPHOro 6aHKa H EBponeHcKoro COI03a • .llOJIjI MB<t>, KOTOPaR )10)1JK­Ha 6bITb 0'[(06peHa B Cepe)1HHC anpe­JIR, COCTaBJIjleT $400 MJIH.

$225 MHJlJlHOHOB Ha npoBe,lleHHe pe4JopM B BeHrpHH

Kpe)lHT CPOKOM Ha ,nBeHa,nuaTb ;leT Ha CYMMY $225 MJIH, 0,n06peHHbIH BCCMHPHbIM 6aHKoM 11 MapTa, no­MOJKeT BeHrpHll 3aBCpllIHTh rrpOBe)1e­HHe petPOPM B npOMbIIIIJIeHHOM H tPRHaHCOBOM ceKTOpax. Kpe,l(IIT 6y,nCT HCnOJIb30BaH Ha 3aBcpmCHHe npliBa­TH3alIllH QeTbIpex KpynHeHllIHX KOM­Mep'leCKHX 6aHKoB - c6eperaTeJIbHO­ro 6aHKa, By'[(arrellITcKoro 6aHKa, BaHKa BHcillHeH TOproBJIH II KpemIT­HOro 6aHKa. C Ha'laJIa npOBe,[(eHllR PCtPOPM B 6aHKOBCKOM ceKTope l]OJIH 6aHKOBCKHXaKTHBOB,KOHTpOJIHpye­MbIX QaCTHbIM CCKTOPOM, yseJIll"Ill­JIaCb no'ITH'[(o 80 %. Kpe,[(lIT6Y,[(eTTaK­JKC llCrrOJIb30BaH na YCHJICHHC pery­JIHpOBaHH1{ H Ha,n:30pa Han: 6aHKOBC­KOH ,[(eRTeJIbHOCTbIO, a TaKJKC Ha '[(aJIbHeMUIyIO llHTerpalIHIO 6aHKOBC­Koro ceKTopa BeHrpHH B eBpoIIcHC­KHe tPHHaHCOBbIC pbIHKH. PCtPOPMbI B OTHomeHHH rrpe'[(npHjlTHH npe~1YC­MaTpllBaIOT BBe,neHHe B ,neHCTBHe HO­BOro 3aKOHa 0 npHBaTH3alIHll, Tpc6y­IOlUero rrpHBaTH3alIHIO 80 % OCTaB­llIeHcR B PYKax rocy,napCTBa C06cTBeH­HOCTH npenrrpmITHH H oCYlUeCTBJIe­HHjI urnPOKoH npHBaTll3aUHH, B xo,[(e KOTOPOH OCHOBHail "IaCTb rocy,llap­cTBeHHoH c06cTBeHHocTll npeJJ:IIPH­.lITHH, 3aHHMaIOlUHXCjI pacnpe,neJle­HHeM ra3a H 3JIeKTpH'IeCTBa, BbIpa-60TKOH 3JIeKTp03HeprHH, TpaHcnop­THPOBKOM II nepepa60TKoH He<PTll H npe,nOCTaBJIeHHeM TeJIeKoMMYHHKa­IIHOHHbIX ycnyr, 6yneT rrpHBaTH3HpO­BaHa. K HaCTOjllUeMY BpeMeHH BeHr­pllR nOJIY'lHJIa OT BCeMHpHoro 6aH­Ka Kpe,nHTbI Ha CYMMY $3,7 MJIP,ll.

31

TpaHc¢opMa~UR.anpenb 1997

,L(HeBHHK KOHlj;JepeHnai J(eBJITIUI elKero,rotaJi KOH~epeHIJ,HJI no pa3BHBalOID,HMCJI CTpaHaM (ABCDE) 30 arrpelliI-l MaJI 1997 r., BamHHr­TOH, O.K., COeL(HHeHHhle illTaThI

KompepeHUHH, opraHH30BaHHaH Jl:;>K03etPoM E. CTHrJIHueM - CTaprrrnM BHue-rrpe3HL(eHTOM, PYKOBOL(HTeJIeM OTL(eJIa Pa3BHBaIOIURXCH CTpaH H maB­HhlM 3KOHOMHCTOM, 6YL(eT OTKphlTa rrpe3HL(eHTOM BceMHpHoro 6aHKa Jl:;>Kei1:McoM J(. BOJIhtPeH30HOM. ByllYT paccMOTpeHhl c;reLJ:YIOIUHe TeMbI: KOp­pyrrUHH: KaTfu'IH3aTOphI H CL(ep:)loma­IOIUHe tPaKTOPhI (MaHKJI Jl:;>KOHcTOH H CI03aH POY3-AKepMaH); CTHMyJIhl H IIOKa3aTeJIH pa60Thl roCYL(apCTBeH­HhlX OpraHH3aUHH (illepBHH POY3eH, BpIOC BaHH6epr H J(HJrHrr Myxepbe); HHIUeTa H OKpy:JKaIOIUaJI cpeL(a (KapJI fOpaH-MaJIep H PaMoH JIorre3) H JrHL(ephl 3KOHOMl:flIeCKoro pOCTa: MO­ryr .'IH llPyrHe rrOCJIeL(OBaTh HX rrpH­Mepy? (Arrh6epTo ArrecHHa H TaKa­TomH YITo). JIHua, He HBJIHIOIUHeCH COTpYL(HHKaMH BaHKa H MB<I>, MO­lyr yqacTBoBaTb B pa60Te KOHtPepeH­UHH TOJIhKO rro rrpHrJIameHHIO. lfHljJOpMal{UlO MOJICnO nOJly~umb no aapecy: Boris Pleskovic or Gregory Ingram, Research Advisory Staff, World Bank, 1818 H Street, N. W, Room N7-031, Washington, D. C 20433, United States tel. 202-473- ](XS2, fax 202-522-0304.

YnpaBJIeHHe Tpy~OBbIMH pecypcaMH: B3aHMO~eHCTBHe 3an3,!I,HOH H BOCTO'l­Ho-eBponeHcKoH KYJlbTYP ynpaBJIeHHJI 22-23 MaJI 1997 r., IOpMaJIa, JIaTBHH

Oprarill3aTOp: OT,l.l;eJI BblC,'TaBOK H KOHtPe­perruMit JIaTBMitcKoH 6H3HeC-illKOJIbI. lfHl/lOpMal{UIO MOJICHO nOJly~umb no aapecy: Latvian Business School, 1 Maza Pils Str., Riga, LV 1050 Latvia, tel. 371-721-1186,fax 371-722-4429, E-mail: lbs@mailbox.riga.lv.

KOH~epeH~HJI no 3KOHOMH'IeCKHM HCCJle~OBaHHJlM: PbIHO'lHbIe HCKalKe­HHJI TeHeBoH 3KOHOMHKH 10 HIOID[ 1997 r., KHeB, YKpaHHa

OpraHH3aTophl: KOHCOPIUIYM 3KOHO­MH'IeCKoro 06pa30BaHHH H HCCJIeL(O­BaHHH (K30I1), 3KOHOMH'IeCKHH tPaKyJIhTeT, nporpaMMa M.A. KHeBo­MOfruuIHcKoH aKaL(eMHH

UeJlhlO KOHtPepeHUHH HBlliIeTCH CTH­MyJIHpOBaHHe HCCJIeL(OBaHHH B OTHO­

meHHH ~YHKuHOnHPYIOIUHX PhIHKOB, pa60Ta KOTOPhIX 3aTpYL(HHeTcH HJIH HCKaxaeTCH TeneBoH 3KonoMHKoH,

32

HeL(OCTaTO'IHOH rrpaBoBoH OCHOBOH, CKPhlTHOCThIO, CTHXaTeJIhCTBOM H KoppyrrUHeH. CpeL(H yqacTHHKoB 6y­nyr YKpaHHCKHe H HHOCTpaHHhle yqe­Hhle, 'L'1eHhl 6H3Hec-KpyroB, rrpe,n:­CTaBHTeJIH HHOCTpaHHhIX opraHH3a­UHH H 'L'1eHhl H cTy,n:eHThl tPaKYJlhTe­Ta K30I1. Bynyr rrpOBe,n:eHhl 'IeThlpe ceCCHH, BKJIIO'IaIOIUHe ueJIhIH PHL( L(OKJIaL(OB, 3aMe'IaHHH H OTKphlThIX ,UHCKYCCHH. npe,n:CTaBJIeHHe ,n:OKJIaL(OB TOJIhKO no npHmaureHHIO PYKOBO,UH­TeJIHMH nporpaMMhI. lfnpopMau,ulO MOJICnO no,1y~umb no aapecy: Email:sasha@eerc.kiev.ua; UJlU

no paJ<:CY: 011-38-044-417-7395.

KHTaH KaK 3KOHOMH'IeCKIUI CHJla MH­pOBoro MacIUTaoa: PbIHO'lHbIe pe~op­MbI B HOBOM TbICJI'IeJleTHH 15-18 HIOHH 1997 r., lliaHXaH XmI­TOH, KHTaH

OpraHH3aTophI: I1HcTHTYT KaTo H <l>y,uaHCKHH YJ:IHBepeHTeT. B 3TOH Me)K­JJ:YHapoL(HOH KOHtPepeHUHH rrpHMYT yqacTHe GoJIee TpH,r:mam BeJJ:YIUHX 3K­crrepTOB B ceCCHHX, rrOCBHIUeHHhlX MecTY KHTaJI B MHPOBOH TOprOBJIe; 6YllYllIeMy KHTaHCKOH PhlHO'IHOH 3KO­HOMHKH; 6YllYllIeMy fOHKoma; COUH­aJIhHOMY pa3BHTHIO B KHTae H CTpo­HTe.'1bCTBY HHCTHTYUHOHaJIhHOH HH­tPpaCTpYKTYPhI B KHTae. lfHPOPMal1ulO MOJICHO nOJly~umb no atJpecy: Julie Briggs, Cato Institute, 1000 Massachusetts Ave., N. W Washington, D. C. 20001, United States, tel. 202-789-5269,fax 202-842-3490.

MHpOBbJe 3HaHHH '97 KOHtPepeHUH$I BceMHpHoro 6aHKa rro 3HaHHHM H HX 3Ha'IeHHIO JI.,lH Pa3-BHTHH B BeK HHtP0pMauHH 22-25 HIOHH 1997 r., TopoHTo, Ka­HMa

B KOHtPepeHUHH npHMYI' yqaCTHe 1200 MHHHCTpOB H JIHU, rrpHHHMaIOIUHX rrOJIHTH'IeCKHe peureHHH, H3 CTpaH, rrpOBOMIUHX rrOJIHTl:flIeCKHe H 3KOHO­MH'IeCKHe pe~OPMbI, rrpeL(CTaBHTeJIH 06IUecTBeHHocTH CTpaH C rrepexoL(­HOM 3KOHOMHKOH, 'IacTHhIX npeJJ:IIpH­HTHH, HnO, aKa,n:eMH'IeCKHX HHCTH­TYTOB H HOCHTeJIH I\ffieHHH JI.,'IH 06-

CY:lKJJ:eHHH POJIH 3HaHHH JJ:lliI 3KOHO­MH'IeCKoro pOCTa H COUHa.'IhHOrO Pa3-BHTHH; HOBhIX TeXHOJIOrHH H TeXHO­JIOmH H3yqeHHH rrpHKJIaL(HhIX HaYK H rrpeHMYIUeCTB HH<PoPMaUHOHHOH pe­BOJIIOUHH. lfnpopMal1ulO MO:HCHO nOJlYliumb no aiJpecy: Latifah Alsegal, World Bank,

Economic Development Institute, 1818 H Street, N. W, Room M7-075, Washington, D. c., 20433, United States, tel. 202-473-6442, fax 202-676-0858, E-mail: GlobaiKnowledge@Worldbanfc.org.

HHBeCTHIJ,HH H npHopHTeTbJ B 3aCT­pOHKe CaHKT-lleTepoypra 23-28 ceHTH6pH 1997 r., CaHKT-ne­Tep6ypr, POCCHH lfHpopMau,ulO MOJICHO nOJly~umb no aapecy: Lynn Brittingham, Regional Coordinator USA, tel. 1-800-862-5015, fax 215-862-0303.

llOCTnpHBaTH3aQHOHHbJH DepHO~ B BOCTO'IHOii EBpone: mlUlc ~JI npek npHJITHH H aKIJ,HOHepOB 14-19 OKTH6pH 1997 r., '4HcHHay, MOJIL(OBa

OpraHH3aTOp: fpeH06JIhCKHH YHH­BepCHTeT. lfnpopMau,ulO MOJICHO nOJly~umb no aapecy: Ivan Samson, Chairman of Organizational Committee on EU, University of Grenoble, 1241 rue des Residences, BP 47 Grenoble, France, tel. 33-476-825-819,fax 33-476-825-862.

BaHKOBCKHH H ~HHaHcoBbIe ceKTopbI B cTpaHax BUTKH '97 15-17 OKTH6pH 1997 r., PHra, JIaTBHH

OpraHH3aTOp: amen BhlcraBOK H KOHtPe­perruIDt JIaTBMitcKoH 6H3HeC-lllKOJIhl. JfnpopMal1ulO MO:HCnO nOJly~umb no aapecy: Latvian Business School, 1 Maza Pilsstr., Riga, LV 1050 Latvia, tel. 371-721-1186,fax371-722-4429, E-mail: Ibs@mailbox.riga.Iv, Internet: http.!/ www.Ivnet.Iv/BFB96.

TpeTbJl Me~napo~1UI KO~epeHQ,HJI no nOJlHTKKe Pa3BHTHJI MUblX H cpe~­HHX npe~pHJlTHH B cTpaHax C nepe­XO~OH 3KOHOMHKOH 16-17 OKTJI6PH 1997 r., BYJIBepX3MII­TOH, BeJIHK06pHTaHHH

OpraHH3aTOpbI: J(-p MH.J1:~op)~ Be:iIT­MeH H ,ll-p YmLi BapmcIT, rpyrrrra MeCTHom 3KOHOMH'IeCKoro pa3BHTHH B CTpaHax C nepexo,n:HoH 3KOHOMH­KOH mKOJIhI rrOJIHTl:flIeCKHX HCCJIeL(O­BaHHH BynBePX3MIITOHcKOro YJ:lHBep­CHTeTa. lfHpOpMal{UIO MO:HCnO nOlly~umb no aiJpecy: Dr. Millord Bateman, Local Economic Development in Transition Economies Unit, SLES, University of Woiverhampton, United Kingdom, tel. 44-1902-322-324, fax 44-1902-322-739, Email: le19J4@Wlv.ac.uk.

1997 BceMlllpHblM 6aHK

CeMHHap B IJ;HTTay no COCTOJIHHIO 3Hepre11lKH B cTpaaax BOCTO'IHOA: EB­ponhl 3-5 HOR6pR 1997 r., UHTIay, repMa­HH)[

OpraHH3aTOp: Hochschule fuer Technik, Wirtschaft und Sozialwesen. Ha ceMHHape 6y,UYT paCCMOTpeHbI TaKHe TeMbI, KaK 3HepreTH'leCKaR CH­ryaIIHJI B POCCHH, BeJIapycH, YKpa-

HHe, ITOJIbllIe, PYMbIHHH, BOJIra­pHH, qellIcKofi Pecrry6JIHKe, CJIO­BaIIKofi Pecrry6mrKe, Bem:pHH, 3c­TOHHH, JlHTBe H JlaTBHH. HwjJopMau,wo MOJICHO nOflYliumb no ao­pecy: Prof. W. Riesner, Hochschule juer Technik, Wirtschaft WId Socialwesen Zittau/ Gierlitz (FH), Fachbereich Wirtschafis­wissenschafien, Theodor Koerner Allee 16, 02763Zittau, Gennany, tel. 49-3583-611-415,fax 49-3583-510-626.

TpaHc~pMa~MR.anpenb 1997

Efla200apuM 3a MamepUaJlb/" npeooc­ma6JleHltb/,e lCoonepamU6Hb/,M 61Opo no 3lCOHOMu<teClCUM uCCfle006aHUJlM nOflO­JlCeHUH 6 Bocmo<tHoii E6pone, pacnOJIO­JlCeHHb/,M no aopecy: Koenigin-Luise­Str.5, D 14195, Berlin, Getmany, tel. 4930-897708-68,jax 4930-897708-99, Email: tribakova@diw-berlin.de, UflU dbowen@diw-berlin.de.

HOBbIe KHoro 0 pa6o'Ioe ,lI;OKJIa,ll;bI OmoeJl MalCP(HICOHOMUICU U 31COHOMUlf:eCICOeO pa36umUfl cO'JICaneem J If:mo He MO'JICem

6blCflamb nepelf:UC;1eHHbte ny6JlulCal{uuJIo'JICanyucma, 03HaICOMbmeCb C nopflOICOM 3alCa3a,

YICa3aHHbtM 6 ItHlj)(}pMal{UU, npUIlaeaeMOU IC lCa'JICoou ny6J1UlCal{UU.

lIy6J1HKau,HH BceMHpHoro 6aHKa

ff;lJl nOfly<teHU5I UH(j,opMau,uu 0 u,eHax U nOpJlOKe 3ma3a ny6.1ulCau,uii Bce­MUPH020 tiaHlC;l nUlllume no aopecy: World Bank, P. O. Box 7247-8619, Philadelphia, PA 191m, United States, tel. 202-473-1155, fax 202-676-0581 UflU nocemume ICHUJICHb/,e Ma2a3UHb/, BCeMup­H020 6aHlCa, paCnOflOJICeHHble 6 Coeou­HeHHb/,X mmama.'<. no aopecy: 701-18th Street, N. W, Washington, D.C., UIlU 80

f/JpaHu,Uu: 66 avenue d'Iena, 75116 Paris, Email: books@worldbank.org, Internet: http.'WVM'.worldbank.org, Internet: http:/ jwww. worldbank.org

Pa6o'lue iloKAailbl, nOC8JllU,eHHble no­Jl,UmU'IeCKUM uccAeiJoeaHUJIM

CHMeOH ,[LhlIHKOB 11 BepHap,U XeKMaH ToproBaJI nepeopHeHTaD,HJI H pOCT npo­H3BO~Te.ilbHOC11I OOJlrapCKHX npe~­npHSTH" 1707, HIIBapb [997 r., 23 c. IIy6JlulCal{Ulo MOJICHO 3aKa3amb no ao­pecy: Jennifer Ngaine, Room N5-056, tel. 202-473-7947,fax 202-522-1159, Email: jngaine@Worlabankorg

YHJIbHM (DOKc H KPMCTHH YOJUIH'I <DHCKaJlbHbIH cIl~epaJIH3M B :SOCHHH­repu,eroBHHe: ,Il,eiiToHcKaJI Dpo6J1eMa, 1714, HHBapb 1997 r., 26 c. IIy6flWcaU,UIO .I-IOJICHO 3aKa3amb no ao­pecy: Yasmin Jiwa, Room Hll-075, tel. 202-473-4848,fax 202-477-1034, Email: yjiwa@Worldbank.org

rapPH r. Bpoy,UMeH H KCHOJHIH CaH Pacnpe~eJleHHe npJIMbIX HHOCTpaHHbIX HHBecTHIDIA: B KHTae, 1720, cpeBparrb 1997 r., 20 c.

1997 BC6MMPHblM 6aHK

reorpa<pH'lecKoe pacrrpe,UeJIeHHe rrpH­MbIX HHOCTpaHHbIX HHBecTHIIHfi (ITMM) B KHTae orrpe,UeJI)[eTCH maB­HbIM o6pa30M BHIT, paJBHTHeM HH­cppacTpYKTYPbI, o6IIIeo6paJoBaTeJIb­HbIM ypOBHeM R paCCTOHHHeM ,UO MOPCKOro rr06epe)KbH. B rrpoIIDIoM fiMM B OCHOBHOM HMeJIR <PoPMY CIIe­KYJIHTHBHbIX HHBecTHIIHfi, oco6eHHo B ceKTOpe He,lJ.BlIJKHMOCTR; B rrOC.i'Ie­,lJ.Hee BpeMIl 3Ta TeH,UeHIIRH BbIp8.)!(e­Ha He CTOJIb OT'IeTJIHBO. B rrepHO,lJ. C 1978 r. rro 1995 r. K.J;rmfi IIOJI}"lllJI $128 MRJIJmap,UOB B BH,Ue fiMM. fiPHTOK ITMM B HaCTOJrllIee BpeMH COCTaB­MeT 40 rrpOIIelITOB o6IIIero rrpHTOKa fiRM B paJBHBaIOIIIHecH cTpaHbI, 'ITO ,UeJIaeT KHTafi CaMbIM KpyrrHbIM pe­IIHIIHelITOM fiMM cpe,UR pa3BHBaIO­IIIHXCR cTpaH. IIy6flulCau,ulO MOJICHO 3aKa3amb no ao­pecy: Joan Grigsby,Room MC8-238, tel. 202-458-2423,fax 202-522-1556, Email: jgringsby@Worldbank.org

JIYKa Bap60He H XyaH 3arrb,Uy3H,UO npHcoe~HHeHHe IJ;eHTpaJll'.HoA: H Bo­CTO'lHOH EBPODbl K EC: COKpaIlJ,eHHe palpbIBa B ,lloxoAllx, 1721, cpeBparrb 1997 r., 42 c.

ABTOPbI rrpHXOMT K 3aKIlIO'leHHIO, 'ITO cTpaHbI UBE B HaCTOHIIIee Bpe­MIl rrOKa eIIIe He MOryr ,UOCTH'lb YPOB­HR ,lJ.OXO,lJ.OB CTpaH - 'lJIeHOB EBporrefi­CKOro COI03a: • BempHH, CJIOBaKHH R CJIOBeHH)[ ,UOCTHrHYT 75-IIpOIIeHTHoro IIopora 'lepe3 copOK-rrHTb,UeCHT JIeT, eC.JIH OHH coxpaHJIT cero,UIDIlIfHI{e rrOKaJa­TeJlli POCTa. fiOJIbIIIaHHKor,na He rrpR-6Jlli3HTCH K 3TOMYrrOpory IIpR Coxpa­HeHHR cyrrrecTBYIDllIero rrO.JIO)KeHRJr, a qeIIIcKaH Pecrry6JIHKa ,UOCTHrHeT

yrrOMHHYToro YPOBHR IIPH6JIH3IITeJIb­HO Qepe3 IIHTb,UeCJIT JIeT. • MCIIOJIb3YJr cpe,UHHe rrOKa3aTemr POCTa CTpaH EC, HR O,UHa R3 CTpaH UBE He IIPH6JIR3HTCH K YCTaHOBJIeH­HOMY rropory. BbICOKHfi ypOBeHb HH­BeCTHIIHfi B HHX rro cpaBHeHHIO co cpe'uHHM ypOBHeM CTpaH EC II03BO­JIHT HM KOMIIeHCRpOBaTb ,UpyrRe He­,UOCTaTKH. • ECJIR rrpe,UIIOJIOJKlITb, 'ITO ypOBeHb HHBeCTHIIHfi COCTaBHT 25-30 rrpoIIeH­TOB BBIT, TO KO;rH'IeCTBO JIeT, He-06XO,UHMoe ,UJIH rrpH6JIH)KeHHJr K YPOBHIO CTpaH EC, 3Ha'IHTeJIbHO CO­KpaTHTCJr: )I)IH llelliCKofi Pecrry6JIH­KH - 10-11 JIeT; fiOJIbIIIH - 20-22 ro,Ua; JIlIH .upynIX CTpaH - 10-20 JIeT. CTpa­HaM UBE Heo6xo,UHMO o6eCrre'IHTb cpe.uy, CIIoco6cTBYIDI.IJYIO HHBeCTHIIH­HM H o6pa30BaHHIO.

IIy6flulCau,ulO MOJICHO 3alCa3amb no ao­pecy: Luc Barbone, Room H11-079, tel. 202-473-2556,fax 202-477-1034, Email: Ibarbone@Worldbank.org

JlHKCRH KOJIRH Kcy BJlHBHHe ua npo­H3BO~bHOCTh pecllopM, uanpaBJIeH­HhlX Ha ~eu,eHTPaJIH3a~HIO: aHaJlH3 npOMhlillJleHHhIX pecllopM, npoBe~eH­HbIX B KHTae, 1723, <peBpaJlb 1997 r., 32c.

HHrjJopMau,ulO MOJICHO 3aKa3amb no ao­pecy: Paulina Sintim-Aboagye, Room N9-030, tel 202-473-8526,fax 202-522-1155, Email: psintimaboagye@Worldbank.org

MRllIe;rb PH60 H XoaKBaH qy neH­CHOHOU pecllopMa, POCT H PhlHOK pa-6o'leA: CHJlbI B YKpuHe, 1731, cpeB­parrb 1997 r., 46 c.

33

TpaHc~opMaUMR.anpenb1997

IIeHCHOHHaJI CHCTeMa YKpaHHbI Tpe­fiyeT rrpOBe,n:eHHg pa,n:HKaJIbHbIX pe­<pOPM, 'ITofibl BOCCTaHOBHTb ,n:OBepHe K CHCTeMe H YCTpaHHTb HeBepHble CTHMYJIbI, ,n:eJIaIOillHe ee HeHa,n:e.'lKHOH. GIe,n:yeT paCCMOTpeTb B03MO.'lKHOCTb rrOBbIIIIeHHg rreHCHOHHOrO B03pacTa ,n:o 65 JIeT H BBe,n:eHHjJ: orropbI B BH,n:e rreHCHOHHbIX <pOH,lIOB.

lly6Jlulwl(u/Q MOJICHO 3a1Ca3amb no aa­pecy: Rosario Hablero H5-163, tel. 202-473-3971, fax 202-477-3378, Email: rhablero@Worldbank.org

llaH AneKCaH,lIep H KOJI:fIH M3Hep C03,u.aHHe CTHMYJlOB ,n:JIJI OOBLlmeHKJI J4tcbeKTHBHoCTH '1aCTHLIX KOMnaHHH, pa60TalOUJ,Hx B o6JIaCTH HH4lpaCTpYK­TYPbl, 1736, MapT 1997 r., 37 c.

Yrp03a fiaHKpoTcTBa, BHyrpeHHHH KOHTpOJIb, YCTaHOBJIeHHbIit aKUHOHe­paMH, H BHeIIIHHe onaCHOCTH, Ta­KHe, HarrpHMep, KaK yrp03a rrepexo­,n:a rro,n: KOHTpOJIb ,IqJyroH KOMrraHHH, MOryr OKa3aTb MaKCHMaJIbHOe ,n:aBJIe­HHe Ha npHBaTH3HpOBaHHble HH<ppa­CTpYKT}'PHbIe KOMrraHHH H 3aCTaBHTb HX pafioTaTb fioJIee 3<p<peKTHBHo.

lly6JlUKal(u/Q MOJICHO 3aKa3amb no aa­pecy: Randee Scheiderman, Room G4-040, tel. 202-473-0191,fax 202-522-3481, Email: rschneiderman@worldbank.org

CTHHH KnecceHc, CHMeoH ,llMIHKOB H fepxap,n: IIoJI C06CTBeHBOCTh H KOp­nopaTHBHoe OpaBJIeHHe: ,lJ,aHHLle, 00-JlytleHHble H3 qemcKoH PecnyOJlHKH, 1737, MapT 1997 r., 20 c.

CTPYKTYPHbIll aHaJIH3 706 <pHPM B Te'IeHHe 1992-1995 IT. rrOKa3aJI aBTO­paM, 'ITO fiJIaro,n:apj[ cxeMe MaccoBoH npHBaTH3aUHH fibIJIO ynyqIIIeHo yrr­paBJIeHHe npHBaTH3HpoBaHHblx KOM­rraHHH DCJIe,n:CTBHH KOHueHTpaUHH coficTBeHHocTH. liaHKH, HMeIOillHe CBOIO ,n:OJIIO (orrocpe,n:CTBOBaHHo) B KarrHTaJIe npHBaTH3HPOBaHHOH <pHP­MbI, OKa3b1BaIOT rrOJIO:lKHTeJIbHOe BJIH­j[HHe Ha KopnopaTHBHoe rrpaBJIeHHe

<pHPMbr.

lly6JlUKal(U/Q MOJICHO 3aKa3amb no aa­pecy: Fa/en Hatab, Room H8-087, tel. 202-473-5853,fax 202-477-8772, Fmailjhatab @Worldbank.org

fappH XYHUHHra H CopeH lio HHJIb­ceH npHBaTH3a~JI, rocy,u.apCTBeHHLle HHBeCTHlI,HH H HaJlorOOOJlO1KeHHe ,lJ,e­He1KHblX ,n:OXO,n:OB, 1741, MaPT 1997 r., 19 c.

34

ABTOPbI H3yqaIOT OIITHMaJIbHOe pa3-rpaHHqeHHe Me:lK,l:(y rocy,n:apCTBeH­HbIM H qaCTHbIM rrpOH3Bo,n:CTBOM. lly6JlU1Wl(U/Q MOJICHO 3aKa3amb no aa­pecy: Paulina Sintim-Aboagye, Room N9-030, tel. 202-473-8526,fax 202-522-1155, E-mail: psintimaboagye@Worldbank.org

J1HKCHH KOJIHH Kcy KaK npaBHTeJlL­CTBO KHTU H rocy,u.apCTBeHBLIe npe,n:­npHJlTHJI ,lJ,eJlHJIH MelK,lJ,y COOOH npaBa coocTBeHHocTH H KOHTPOJlL, 1743, MapT 1997 r., 30 c.

IIpasHTeJIbCTBO Heit-rpaJIbHO B OTHO­IIIeHHH pHCKa, a PYKOBO,n:HTeJIb npe,n:­rrpH.HTHjJ: K PHCKY OTHOCHTCj[ C OTBpa­IlleHHeM; ueJIb rrpasHTeJIbCTBa rrOBbI­CHTb nOXO,n:bl (HJIH peHTafieJIbHOcTb), COxpaHHTb MaKCHMaJIbHbIH KOHTpOJIb HaLt: <pHpMaMll H YMeHbIIIHTb HepaseH­CTBO B ,n:OXo,n:ax rryreM B3.HTHjJ: Ha rro­PYIm <pHPM, CTOJIKHYBllIHXCj[ C <pH­HaHCOBbIMlI TPY}lHOCTj[MH, H YCTa­HOBJIeHHjJ: fioJIee BbICOKHX HaJIoroB B <pHPMax, HMeIOIllHX xopOllIHe 3KOHO­MHqeCIme nOKa3aTeJIH. II03TOMY 3<p­<peKTHBHbIe <pHPMbI CTapaIOTCg nOKa-3aTb cefig MaJI03<P<PeKTHBHbIMlI, pa­fiOTaJI crrYCTg PYKaBa, 'ITOfibI rroJIy­'1HTb fiOJIbllIHe CYMMbI COUHa.;lbHbIX OT'lHCJIeHHH. C ,IqJyrOH CTOPOHbI, py­KOBO,n:HTeJIb H pafiOTHHIm npe,n:npHg­THH HMeIOT HH<p0pMaUHoHHoe rrpe­HMYIlleCTBO no cpaBHCHHIO C rrpaBH­TeJIbCTBOM, 'ITO naCT HM BbIHrpbIIIIj pe3YJIbTaTOM 3Toro npeHMYIlleCTBa gBJUlIOTCg cy60IITHMaJIbHbIC YCHJIHg.

lly6JlUlWl(UlO MOJICHO 3aKa3amb no aa­pecy: Paulina Sintim-.Aboagye, Room N9-030, tel. 202-473-8526,fax 202-522-1155, E-mail: psintimaboagye@Worldbank.org

MarHYc IiJIoMcTpeM H ApH KOKKO KaKoe BJlHJlHHe HHocTpaHBLIe HHBec­TH~H OKa3b1BalOT Ha CTpaHbl. B KO­TOpLie OHH HanpaBJIeHLI, 1745, MapT 1997 r., 44 c.

IIpgMble HHOCTpaHHbIC HHBeCTHUHH MOryr crroco6cTBoBaTb 3KOHOMH'lCC­KOMY Pa3BHTHIO, eCJIH 6JIaro,n:apg .lIM 6y,n:eT rrOBbIIIIeHa npOH3Bo,n:HTeJIb­HOCTb Tpy,n:a H 3KcrroPT B CTpaHax, B KOTOpbIe OHH fiyLt:YT HanpaBJIeHbI. Ho BbIXO,n: B 3TH CTpaHbI MHoroHaUHo­HaJIbHbIX KOMIIaHHH MO:lKeT 3aMeHHTb MCCTHoe rrpOH3BO;E(CTBO H BbITeCHHTb MeCTHbIe <PHPMbI H3 fiH3Heca, BMec­TO TOro 'ITOfibI 3aCTaBHTb HX pa60TaTb fioJIee 3<p<peKTHBHO.

lly6JlUKa/iUlO MOJICHO 3aKa3amb no aa­pecy: lennufer Ngaine, Room N5-060, tel. 202-473-7947, fax 202-522-1159, Email:

trade@Worldbank.org /tuCKyCcuoHHble OolCAaOw

YJIbpHX E. Kec-rep H KapeH M. DpyKC CeJlLCKOe X03J1HCTBO H BOCCOe,lUlHe­HHe fepMuHH, 355, MaPT 1997 r., 52c.

CeJIbCKOe X03jJ:HCTBO BOCTO'IHOH rep­MaHHH (fiaBilieit f,llP) gBJIjJ:eTCg KOH­KypeHTOcnocofiHbIM H MO:lKeT fiblCT­po npHcnoca6JIHBaTbCg K nOJIHTH'Iec­ImM nepeMeHaM. B HaCTOJtIlleM ,n:OK­JIa;E(e rrO,IqJOfiHO H3yqaIOTCg KOHKPeT­HbIe <paKTOpbI, TaKHe KaK 3eMeJIbHaJI pe<popMa H peCTpYKT}'PIf3all,Ifg <pepM.

AH,n::lKaJIH KYMap BHeoaHKoBcKHe 4lHHaHcoBLIe HHCTHTYTbI KUTU: Tpa­CTOBble H HHBeCTH~HOHBble KOMna­HHH, 358, MaPT 1997 r., 106 c.

TpaCTOBbIe H HHBeCTHUHOHHble KOM­naHHH (TllK) KHTaJI - caMbrC MHO­roqHCJIeHHbIe BHefiaHKOBCKHC <pIf­HaHCOBbIe HHCTH'JYI'bI B KHTae. B ,n:OK­JIa;E(e onHCbIBaeTCg HX POJIb B <pHHaH­COBOM ceKTope, a TaK:lKe OTPa:JKCHbI HX fiaJIanCOBbIe OT'leTbI, aKTHBbI, ne­rr03HTbI, Kpe;E(HTbI H <pHHaHCOBble OT­'1eTbI.

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0030P pe4lopM B oOJlacm 3,lJ,paBOOX­paHeHHJI. npoBe~eHHLIx B IJ,eHTpUL­HOH AlHR, 344, 1996 r., 65 c.

H3MeHeHHe PLlHKOB TPy,u.a B IJ,eHT­PUbHOH H BOCTO'lHOH EBpone. 1989-1995 rr., 352, 1996 r., 62 c.

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CTaTHCTH'IeCKHH CnpaBO'lHHK 3a 1996 r.: roCYAapcTBa 6blBwero CCCP, H3 CepHI1 HCC}Ien:oBaHHfi rrO}IO:lKeHHH B CTpaHax C rrepexon:HoH 3KOHOMH­KOH, BblrrOJIHeHHhIX OTn:eJIOM Me.lK.lIY­Hap0,UHofi SKOHOMHKH H rpyrrrroll rrourOTOBKI1 JlaHHhIX, NQ 21, 1996 r., 560c.

BOJlhiliM IIon:6opKa MaKPOSKOHOMH­'IeCKHX llaHHhIX rro IIHTHan:uaTH rocy­,llapCTBaM 6blBIIIero COBeTCKoro COIO-3a. l1cTO'IHHKaMH ,llaHHhIX HBJIRIOTCR HaUHOHaJIhHhIe CTaTHCTH'IeCKHe yrr­paBJIeHHH KalK.lI.ofi CTpaHbl. ITpe,UCTaB­JIeHhI n:aHHble (1990-1995 IT.) 0 Ha­CeJIeHHH H 3aHHTOCTH, HaUHO­HaJIbHblX C'IeTaX, IIJIaTeJKHOM 6aJIaH­ce H BHeiliHefi TOprOBJIe, rocyn:ap­CTBeHHbIX !jJHHaHcax, CeJIbCKOM xo-3HHcTBe, rrpOMhIIIDIeHHOCTH H 3Hep­reTHKe, HHn:eKcax ueH H 3aprmaTax, ceMellHbIX n:oxon:ax H pacxon;ax.

POCCHJI: nOJlHTHKa B 06J1aCTH JleCHO­ro X03.11HCTBa B XOAe pe4»opM, MapT 1997L,296c.

Ka3axcTaH: rocYAapCTBeHHble pe4»0p­MbI, MaPT 1997 r., 288 c.

JIOpeHC BYTOH H MapHYill CYMJIHH­CKHll Tea,n:eHlJ,HH B 06J1aCTH '1aCTHblX HHBeCTHIJ,HH B Pa3BHBafOIIlHXCJI c1'pa­Hax: CTaTHCTH'IeCKHe ,lJ,aHHbIe 3a 1970-1995 rr., 1997, 52 c.

MapK Bpefi ,IJ,eu;empaJIH3aIJ,HJI 06pa-30BaHHJI: 06mHHHoe 4»HHaHcHpoBR­UHe, 1996 r., 60 c.

JIopeHc KapTep llpJlMble HHOC1'paH­Hble HHBeCTHU;HH B HH4»paC1'pYKTyPY lI,eHTpaJIbllOH H BOCTO'lHOH EBponbI, CrreUHaJIbHblll n:OKJIa,IJ, FIAS, 1996 L, 38c.

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35

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3,n:Bap,n: (l)HcKe ,lI,e~eHTPaJlH3all,HJl 06-pa30BaHHJI: nOJlHTHKa H KOHceHCYC, 1996 r., 48 c.

* * * * * ny6J1HKa~H MB(])

fly6Jlwcal,{UU MO:HCHO 3a1Ca3amb no ao­pecy: IMP Publication Sef1Jices, 700-19th Street, N. w., Washington, D. C. 20431, United States, tel. 202-623-7430,fax 202-623-7201.

Paoo'luue OoKAaih.l

Mapra ,n:e KaccTeJIJIO Epam::o, Anb­<lJpe,n: KaMMep H JI. 3qxpH IIca.rm::u,a Pe­clJopMa clJHHaHcoBoro ceKTopa H 6aH­KOBCKHii KPH3HC B CTpaHax liaJITHH, 134, 1996 r., 51 c.

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fly6JluICal,{uu MO:HCHO 3aICa3amb no ao· pecy: CEPR, 25-28 Old Burlington Street, London WIX lLB, United Kingdom, tel. 44- I71-878-2900,fax 44-171-878-2999, Email: cepr@cepr.org

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36

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fly61luICal,{uu MO:HCllO 3aICa3amb no aj)­pecy: Haf1Jard Institute for International Development, Haf1Jard University, One Eliot Street, Cambridge, Massachusetts 02138, United States, tel. 617-495-2161,fax 617-495-0527, http://www.hiid. harvard.edu

D;aHH3JIh KaYIiJMaH H AneKcaH,llp Ka­JlH6ep,n:a HeocIJHuHaJlbHblii aHaJlH3 cTpaH C nepexoAHoii 3KOHOMHKOii:

3MnHpH'IeCKHii no,ll,XO,ll H YPOKH nOJlH­THKH, ,L(HCKYCCHOHHbIH n:OKJIa,u 558, oKnI6ph 1996 r., 33 c.

HHpyrraM EaHrraH H THaHJI YM D;:>KHaH CTpaTerHJI pecIJopM KHTaJI H HHAHH: npeA)JOlKeHHJI no 6y,uymuM ,lleiiCTBH­JIM, ,L(HCKYCCHOHHbIH ,UOKJIan: 564, ,Ue­Ka6ph 1996 r., 19 c.

KaTapHHa IIl1cTOp 11 3H,UPlO Crralt­cep HHBeCTH~HOHRble clJOH,llbl, yqa­CTBOBaBmHe B MaCCOBoii npHBaTH3a­~H H B ,llaJIbHeHmHX pecIJopMax: HH­clJopMa~ H3 qemcKoii Pecny6J1HKH H POCCHH, n:HCKYCCHOHHbIH ,UOKJIa;J: 565, n:eKa6pb 1996 r., 37 c.

THaHJIyH D;)KHaH npHOpHTeT npHBa­TH3a~H npH OCYllI,eCTBJleHHH 3KOHO­MH'IeCKHX pecIJopM: KHTaH H TaHBaHb no cpaBHeHHIO C PoccHeii, ,n:HCKYCCH­OHHhIH n:OKJIa,u 566, ,n:eKa6ph 1996 r., 18 c.

,lI,HCKYCCHOHHbIe ,llOKJI3,!l,Ll KHeBCKoro YHHBepcHTeTa

,4olCflaobJ MO:HCHO 3aICa3amb no aj)pecy: teV 49-431-880-7372, Email: pwehmeim@ food-econ. uni-kiel.de

O. Me.rrlOXI1Ha H IIHTep BepxaiiM Poc­cHiicKaJl CeJlbCKOX03J1HCTBeHHaJi H npOAOBOJlbCTBeHHaJI nOJlHTHKa B XO,lle pecIJopM: H3MeHeHHe nOJlHOMO'IHii Ha clJeAepaJlbHOM H perHOHaJlbHOM YPOB­HJlX, ,L(HCKYCCHOHHbIH AOKJIa,u 5, ceH­TH6ph 1996 r., 42 c.

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fly61luICal,{uu MO:HCllO 3aICa3amb no ao­pecy: Institute of Finance, Infonnation and Publication Sector, Swietoknyslca 12, Warsaw, Poland

D;:>KepoM Crap,U YnpaBJIeHHe BHeHlHHM AOJlrOM BeurpHH: BJlHJlHHe CT(JaTerHH, He AonYCKalOllI,eii cnHCbIBaHHe cpeACTB, 1984-1994 rr., pa6o'IHH ,n:OKJIa,u 46, 1996 r., 74 c.

1997 BC9MMPHblM 6SHK

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r)Kerom KOJIOir:KO IIpeeMcTBeooocTb H H3MeoeOHB B nOJlbCKHX pecllOpMax, 1993-2000 rr., pa60'lHH: ):(OKJIa,!I 48, 1996 r., 29 c.

,IJ,HCKYCCHOHHble ,lI.OKJI3,ll,b1 HeMe~o­ro HHCTHyra lKOHOMH'IeCKHX HCCJle,ll.OBaHHH (Deutscbes Institut fur Wirtscbaftsforscbung)

I1y6/1uICau,uu MOJICHO 3a1U13amb no aa­pecy: DIW, Koenigin-Luise-Strasse 5, 14195 Berlin, Germany, tel. 4930-897-708-68,fax 4930-897-708-99.

KpHCTHaH IPOH XHpmxaY3eH ITpo­MbllllJIeHRaB pecl'pYKTYpH3a~B B YK­paHHe: OT COIJ,HaJlH3Ma K nJiaHOBOH lKOOOMHKe? ,IJ,I1CKyCCHOHHhIR ):(OKJIa,!I 144, H05l6pb 1996 r, 31 c.

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IIporpaMMa Ha,lI.eJKHoro 3eMJIenOJlb30-BaHHB H pacnpe,ll.eJleHHB 3eMeJIbHblX pecypCOB B paiioHe BO,ll.Opa3,l1.eJla peKH YCCYFHjB}CYJIH 0 Ha npHJlera­IOIII,HX TeppOTOpHB'X [CcBepo-BOCTO'l­HhIH KHTaH H POCCRHCKHH ,llaJIbHHH BOCTOK), qmpMa Ecologically Sustainable Development, Inc., New York, HOJI6pb 1996 c, 95 c. I1y6/1uKau,U1o MOJICHO 3aIC{13amb no aa­pecy: Ecologically Sustainable Development, Inc., 2 Church Street, P. O . Box 848, EliZ/2bethtawn, New York 12932, United States, td. 518-873-3200,fax 518-873-2686, Email: esd@igc.apc.org

,ll)KOH DOHHH, KaIbMaM MHmeH H ilOJIh YO'ITeJI K opOeHTOpOBaHROMY Ha PblHOK 6aHKoBcKOMY ceKTopy B CTpaHax c ne"exO,ll.HOH 3KOHOMOKOH: pe3lOMe nOJlH'fO'IeCKOX peKOMeH,ll.a­~H, llHCTHTYT HCCJIeUOBaHHH Boc­TOK-3ana,ll, l.[emc KaH PeCTIy6JIHKa, 1996 r., 22 c. I1y6/1uICau,U1o . .,WJlCHO 3aIC{13amb no aa­pecy: IEWS European Studies Center,

1997 BceMMpHbl/,1 6aHK

Rasinovo nabrezi 78-2000, 12000 Prague 2, Czech Republic.

ApH3JIb K03H POCCOHCKHH HMnepoa­Jl03M: pa3BOTHe H KPH3HC, H3,llaTeJIb­CTBO Greenwood Publishing Group, KOHHeKTHKyT, asryCT 1996 r., 200 c. I1y6/1uICau,um MOJICHO 3aIC{13amb no ao­pecy: GPG, 88 Past Road West, P. O. Box 5007, United States, tel. 203-226-3571,fax 203-222-1502, http://www.greenwood.com

JIaCJIO Kca6a TOproBU nOJlOTHKa H TOproBblH peJKHM BeorpHR: OT Heonpo­TeK~OH03Ma K Jl06epaJI03MY HJlH Ha-06opoT? ,llHCKyCCHOI:illhIH ,ll0KJIa,!I KOM­rraHHH KOrrHHT-)lllTopr 39, 1996 r., 37 c. IIy6/1U1cau,um MOJICHO 3aIC{13amb no ao­pecy: Kopint-Datorg, Economic Research, Marketing and Computing Co., Ltd., H-1081 Budapest, Csokonai u. 3, Hungary, tel. 361-266-6640,fax 361-266-8858.

A reIllKe ,llHHKCTpa <l>HRaHCOBaB pe­c1JopMa U lcIJclJeKTHBHOCTb nOCpe,ll.HH­"IecTBa: nOKa38TeJ1O 6aHKoBCKoro ceK­TOpa B BeurpuH, pa60QHH ,llOKJIa,!I ce­pHH 231, I1HCTHTyT COUHaJIbHhIX HC­CJle,llOBaHHH, HlUl:epJIal{,llbI, HOH6pb 1996 r., 33 c. " I1y6/1ulCau,um MOJICHO 3a/C{13amb no aa­pecy: Publications Office, institute of Social Studies, P. O. Box 29776, 2502 LT The Hague, Netherlands, Email:publication_ dept@iss.nl (attn: publications assistant)

Pemoo BUE B 1996-1997 r. 3KOHO­MH'leCKaJI KOMHCCHH OOH rro EBpo­TIe, illooHuapHH, rurnapb 1997 r., 10 c. I1y6/1uICau,um MOJICHO 3alC{13amb no aa­pecy: UN/ECE, CH 1211, Geneve 10, Switzerland, tel. 4122-917-4444,fax 4122-917-0036, http://www.unicc.org/unece

r)Kerom 3KH3p1' rocY,ll.8pCTBO npOTHB 06l11,ecTBa: nOJlHTH'IeCKHH KpH3HC H ero DOCJle~CTBOB B BOCTO'IHOH H UeH­TpaJlbHOH EBpone, H3,llaTeJIbCTBO Princeton University Press, 1996 f., 435c. IIy6/1ulCal1um MOJICHO 3aIC{13amb no aa­pecy: Bill Mcintyre, Princeton University Press, 41 William Street, Princeton, New Jersey 08540, United States, tel. 609-258-5165, fax 609-258-1335, Email: bilC m@pupress.princeton.edu

CaYJI 3CTpHH, ,ll)Ko3eIP Bpa,!la, AAaH feJIb6 H llH,llep)KHT CHHrX (pe,ll.) Pe­CTPYKTYpo3auoB U npHBaTH3aIJ,HB B UeHTpaJIbHOH 0 BOCTO'lHOH EBpone: npHMepbl pecTpYKTYjtHpyeMblX c1JUPM, M.E. illaprr, HbIO-l1oPK, 1995 f.

TpaHc¢opMa~MR.anpenb 1997

repHOT rpa6xep H ,ll3BH):( CTapT (pe,ll.) PeCl'pYKTypo3aIJ,WI CeTeH B no­CTCOIJ,HaJlOCTH'IeCKHH nepHO~, H3):(a­TeJIbc1:Bo Oxford University Press, HbIO-l1oPK H OKc<POP,ll, 1997 r., 32 c. I1y6/1ulCau,um MOJICHO 3aIC{13amb no ao­pecy: Oxford University Press, Great Clarendon Street, Oxford OX2, 6DP, United Kingdom

liHKepH XHpBeHCaJIO Cl'paTefH1leCKaB a,lI.3nnlJ,RJI npelUIPHBTHH K TYP6YJleH­THblM peclJopMupyeMblM pblHKaM: Cl'pa­TerOJl pa60Tb1 c1JHHCKHx c1JOPM B Poc­coo H Cl'paH8X BaJlTHO B 1991-1995 rr., HaY'!Ho-HCCJIe,llOBaTeJIbCKHR HH­CTHTYT IPHHCKOH 3KOHOMHKH, ETLA, XeJIbCHHKH, 1996 r., 244 c. I1y6JlUlCau,U1o MOJICHO 3alC{13amb no aa­pecy: ETLA, The Research Institute of the Finnish Economy, Lonnrotinkatu 4, B (}()120, Helsinki, Finland

,ll)K03eIP KOHHHrC H CTHBeH HHCCCHC KaK OTKJlHKnyJlHCb 3aUllNlbie KOMna­HOO Ha oTKPbITHe Cl'pao UeHTpaJIbHOH H BOCTO'IHOH EBponbl? ,IJ,aHRbIe 06-CJle,ll.OBaHRJI He60JlbWOH Cl'paHbI C OT­KPbITOH lKOHOMHKOH - BeJlbfHo, pa-60QHH ,llOKJIa,ll 60, JIeBeHcKHH KaTO­JIH'leCKHH YHHBepCHTeT, 1996 r., 24 c. I1y6/1ulCau,um MOJICHO 3aIC{13amb no aa­pecy: Katholieke Universiteit Leuven, Ch. Deberiotstraat 34,3000 Leuven, Belgium, tel. 32-16-326-598,fax 32-16-326-599.

,ll)KOH P. JIaMTIe, CI03aHJI. ByuY0p,ll H MapK C. 3JIJIHC 3KOHOMO'IeCKaB 6e-30naCHOCTb BocHoo nOCJIe 1996 r., BOCTO'lHO-eBpOTIeHCKHe HCCJIe,llOBa­HH5I Me)K,llyHapO,llHoro ueHTPa yqe­HhIX HM. By,1ij)o BHJIbCOHa, ATJIaHTH­QeCKHH COBeT, BamHHITOH, O.K., 1997 r., 8 c. I1y6!luICau,um MOJICHO 3aICa3amb no aa­pecy: East European Studies, The Woodrow Wilson International Centerfor Scholars, 370 L 'Enfant Promenade, S. W, Suite 704, Washington, D.C., United States, tel. 202-287-3()()(),fax 202-298-3772, Email: wwcem126@ sivm.si.edu

JIooepaJIH3aD,HB, oHTerpaIJ,HB 0 lKOHO­MO'IeCKHe nOKa3aTeJlO: OnbIT U nepc­neKTHBbl, ,IJ,aHKep H XaM6JIOT, Bep­JIHH, 1996 f., 27 c.

PbIOOK-KOHKYpe~B-KOHTpaKT: Me­TO,ll.b1 MeHe,ll.JKMeHTa H Be,ll.eHRB c1JHRau­COB B COCTeMe Myoo~naJIbHbIX KOM­MYHaJlbOblX yCJlyr, TIporpaMMa Local Government Know-How, BeHrpH5I, 1996r., 251 c.

37

TpaHc¢opMaUMR.anpanb 1997

OUHa H3 HaH60JIee 6bICTPO MemHO­IIl;JAJWJI o6nacTeH MYHllUHrraJIbHOrO <pHHaHCOBOro MeHe,LOKMeHTa, KOTO­PbIM H CaM HaXO)U1TCJI B COCTOJIHHH pe<popM, - KOM:M}'HaJIbHble ycnyrH. B OCHOBHOM HOBbIe <pOPMbI co6CTBeH­HOCTH H HOBbIe opraHH3aUHOHHbIe H MeHeUJKepCKHe OTHOIlleHHH YCTaHO­BHnHCb BO MHomx 06naCTJIX KOMMY­Ha..'IbHbIX ycnyr, BKnIO'laH H 06ecrre­'leHHe KOM:M}'HaJ1bHbIX npeunpHJITHM. MeTOUbI <pHHaHCHpOBaHHJI H CTpYK­TYPa 3aTpaT H3MeHHnHCb, H KOMIIe­TeHUHJI MeCTHbIX rrpaBHTeJlbCTB pac­nmpeHa. lly6JlUlWI,{UlO MOJICHO 3a1W3amb no ai)­pecy: Local Government Know-How Program, H-2094 Nagykovacsi, Kolozsvari utca 22/1, Hungary, tel. 36/-138-9390, Email: 100263.4172 compuserve.com

PHKapuo <D. HOMrrcpT ,11;eMorpacjUl'lec­KaH nOJlHTHKa, COQHaJlbHO-3KOHOMH­'1eCKOe pa3BHTHe H )J,eMorpacjJH'IeCKaH )J,HHaMHKa B MOnrOJlHH, HaY'lHO-HC­cne)J,OBaTCnbCKaH IllKona ABCTpaJIHH­CKoro HauHOHaJIbHOro YHllBepCHTeTa, 1996 r., 120 c. lly6JluIWI,{UlO MOJICHO 3a1Ca3amb no ad­pecy: Research School of Social Sciences, Australian National University, ACT 0200.

fa6pH3nb POT fiYTH PbIHO'lHOH 3KO­HOMHKH, 3MB6epH, IIITaT BepMoHT, 1995 r., 292 c. lly6JlUlWI,{UlO MOJICHO 3aKa3amb no ai)-pecy: Avebury, ate Publishing Co., Old PostRilad, reki, Vemwnt 05036-9704, United States, tel. 800-535-9544,fax 802-276-3837, Email: info@ashgate.com

M. XOJIbT PY<P<PHH, ,llJKOaH MaKKap­TCP H PH'lapu Ann:JKOH fiOCTCOBeTC­KHH CnpaBO'IHHK: 06w.eCTBeHHbIe opra­HH3alJ,HH H HHTepHeTOBcKHe pecypcbI B HOBbIX He3aBHCHMbIX rocY,ll,apcTBax, YHHBepcIITCT Washington Press, CH-3TJ1, rmaT Ba.IIIHHITOH, HIOJIb 1996 r., 414c. lly6JlUKal,{UlO MOJICHO 3aKa3amb no ad­pecy: University of Washington Press, P. O. Box 50096, Seattle, Washington 98145-5096, United States, tel. 206-543-4050,fax 206-543-3932.

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38

)l(aoMoHr )l(aHr Kypc o6MeHa lKeHb­MHHb6H H TOproBbIH 6aJ1aHC KHTaH: 3MnHpH'IeCKOe o6CJIe,ll,OBaHHe, HaUH­OHa:lbHOC 6IOPO 3KOHOMH'ICCKHX HC­cnen:oBaHHM (HB311), pa60'lHM UOK­na)J,5771, 1996 r., 23 c. lly6JlUKal,{UlO MOJICHO 3aKa3amb no ad­pecy: NBER, 1050 Massachusetts Ave., Cambridge, Massachusetts, 02138-5398, United States, tel. 617-868-3900 ext. 315, fax 617-441-3895, Email: subs@ nber. harvard. edu

OcjJHQHaJlbHaH CTaTHCTHKa POCCHH

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CypOHTeJlbCTBO B POCCHH: CTaTHCTH­'1eCKHH CnpaBO'lHHK, 1996 r., 247 c.

fipOMbIDVteHHOCTb B POCCHH: CTaTHC­TH'ICCKHH CnpaBO'lHHK, 1996 r., 425 c.

ECTecTBeHHblH npHpocT HaCeJIeHHH POCCHHCKOH <l>e)J,epalJ,HH B 1995 r.: CTaTHCTH'IeCKHH 6IOJIJleTeHb, 1996 r., 52 C

POCCHHCKHH cTaTHCTH'IeCKHH elKe­rO)J.HHK: cTaTHCTH'IeCKHH C60PHHK, 1996 r., 1 200 c., rronHbIH CTaTHCTH­'lCCKHH eJKerOUHHK 3a 1995 r. Ha PYC­CKOM 513bIKe. Cn:enaH IICPCBOn: con:ep­JKaHH5I Ha aHf}IHMCKHH JI3bIK.

COlJ,HaJlbHO-3KOHOMH'IeCKaH CHTYaIlHSI B POCCHH B 1996 r., 1996 r., 324 c.

COQHaJlbHaH ccjJepa B POCCHH: CTaTH­CTH'IeCKHH C60PHHK, 275 c. (Ha pyc­CKOM JI3bIKe)

HHcjJopMalJ,HOHHble 610JlJIeTeHH H cne­QHaJlbHble ny6J1HKaIlHH

3KOHOMH'leCKHe TelmeHlJ,HH B lieJIa­pyCH; 3KOHOMH'IeCKHe TelmeHIlHH B MOJI,ll,OBe: eJKeMeCH'IHO H eJKeKBap­TaJ1bHO yro'IIDIeMble n:aHHbIe. lly{i/luKaI,{UlO MOJICHO 3aKa3amb no ad­pecy: TA CIS Publications, Rupinder Singh, tel. 375-172-208442,fax 375-172-208657, Email: bulletin@bettacis. minsk.by; or Moldavian Distribution Office, Cotswold, Heol-y-Parc, Pentyrch, Cardiff, CF48ND, United Kingdom, tel. 44-1222-890-722,fax 44-/222-892-761, Email: 101716.321@compuserve.com

PetopMa QeHTpaJIbHOrO 6aHKa Poc­CHH, uempaJIbHbIH 6aHK, BeJIHK06-PHTaHIDl:, TOM 7, N.! 2, 1996 r., 160 c.

B CIIeUHaJIbHOM BbIIIYCKC COUCPJKHT­C5I HHTepBbIO C yrrpaBJIJIIOIl.{HM 6aH­Ka )ly6HHHHbIM; HCTOPHH H opraHH-3a.u;HH; MOHeTapHaJI IIOnHTllKa; IIQ}IH­THKa KYPca BaJlIOTHOro o6MeHa; <pH­HaHCOBble PbIHKH H 6aHKoBcKHH CCK­TOP; MB<l> H UBP; ynpaBJIJIIOlllHe ueIITpaJIbHOrO 6aHKa POCCHH H moc­capHtl:. lly6JlUKal,{UlO MOJICHO 3aKa3amb no ad­pecy: Central Banking Publications Limited, 27 Chancery Lane, London WC2A IPA, United Kingdom, tel. 44171-404-6435,fax 44171-404-6436.

CnpaBO'lHHK cjJHPMbI Executive Boc­TOK-3ana))" eJKeMeCJI'lHhIH crrpaBO'I­HHK no rrpaBOBbiM H CTpaTITHqeCKHM BorrpocaM, ny6nHKYCMbIH KOMnaHH­eM WorldTrade Executive, [nco lly6JlUKal,{UlO MOJICliO 3aKa3amb no ad­pecy: World Trade Executive, Inc., P.O. Box 761, Concord, Massachusetts 01742, United States, tel. 508-287-0301;fax 508-287-0302, http://pages.map.com/-wte/ welcomr.html

Cocpe)J,OTO'IeHHe lleHTpa BHHMaHHH Ha pecjJopMax, rrOJlyron:OBaH ny6nHKa­UHJI, non:rOTaMHBaeMaJI ABcTPHMC­KHM HaUHOHaJIbIfbIM 6aHKOM. lly6JlUKal,{UlO MOJICHO 3aKa3amb no ad­pecy: Oesterreichische Narionalbank. Mail Distribution, Files and Documentation Division, P. 0 ,Box 61, A-1011Vienna, Austria,fax 4.11-404-20-2399.

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Russian Economic Developments .. (3KoHOMH'IeCKaH cHTYaQHH B Poc­CHH), JKYPHaJI, rry6JIHKYeMbIM H3n:a­TcnbCTBOM East View Publications, Inc.

lly6JlUKal,{UlO MOJICHO 3aKa3amb no ad­pecy: East View Pu/ications, Inc., Higher School of Economics, institute of Macroeconomics Research and Forecasting, 3020 Harbor Lane North, Minneapolis, Minnesota 55447, United States, tel. 612-550-0961,fax 612-559-2931, Email: eastview@eastview.com; UIlU e MocKee: mia@evp.accessnet.ru

1997 BcaMMpHblM 6aHK

JiHOJIHorpa4;»W1 H30pauHbIX CTaTen

CypaHhl c nepexo,ll,lloii 3KOHOMHKOii

Agricultural Reform in Transition .. Countries. Transition Brief (France) 5:6, 1996.

, Berkowitz, D. On the Persistence of Rationing Following Liberalization: A Theory for Economies in Transition. European Economic R(!"view (United States) 4(,: 1259·79, 1996.

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Experts Draw L:ssons from Transition. Transition Briej(Fraace) 4:1,3,1996.

FT Telecoms. Financial Times Review of the Telecornmun~catlOns Industry [including China, Russia, Hungary, the Czech Republic, and Poland], Financial Times (United Kingdom), March 19, 199/.

Vastag, G., S. Kerekes, and D. A. Rondinelli. Evaluation of Corporate Environmental Management Approacbes: A Framework and Application. International Journal of Production Economics (United States), pp. 193-211, 1996.

UeHypaJIhHaJI M BOCTO'IHaa EBpona

An Overview of Relations between Croatia, tbe European Vnion and tbe Council of Europe. Croatian International Re:ations Review (Croatia) 2(3):; -20, 1996.

Back on Track'!' A Survey of Banking [in Czech Republic, Hungary, Poland, and Slovakia). Business Central Europe (United Kin~;dorn) 4(35):47-54, October 1996.

Hirschler, R. Reforming the Pension System in Hungary. Central European Banker (Hungarv), pp. 5-12, December 1996.

Leontjeva, E. Foreign I nvestment in Litbuania: The InRuence of Thinking and Legislation. The Free Market (Lithuania) 5(10):1-8, ] 996.

Lyons, R. Euroscope: Slovakia's EU Cbances. Bus,ness Central Europe (United Kingdom) 4(35):31, October 1996.

1997 BCeMlApitblM 6aHK

Maillet, L. L. Hungarians Qean House. East/West Letter (United States) 5(5): 1, 4, September-October 1996.

Poland. Financial Times Survey, Financial Times (United Kingdom), March 26, 1997.

Roberts, John. Healtby Correction Appears Likely [on the Hungarian Stock Exchange]. The Budapest Sun (Hungary), January 23-29, 1997, p. A8.

Romanian Enterprises Win EBRD Support. East/West Commersant (United States) 4(18):1, October 24, 1996.

Trabold, Harald. Central and Eastern Europe's Trade witb OECD Countries: New Tigers Ante Portas? Konjunkturpolitik (Germany) 42(2-3):85-112, 1996 .

CRr H TIPhlH6aJ1THKa

Analysis: Khabarovskii Krai versus Russian-Japanese Joint Venture .. Amur Trading." Russian Far East Update (United States) 6(12):7-9, December 1996.

Aukutsionek, S., and R. Kapeliushni­kov. Ownersbip Effects in a Transition Economy. The Russian Economic Barometer (Russia) 3: 19-42, 1996.

Berkowitz, Daniel. Regional Income and Secession: Center-Peripbery Relations in Emerging Market Economies. Regional Science and Urban Economics (United States) 27(1):17-45, 1997.

Building a Private Housing Market [in Russia). Connections (Russia), pp. 16-18, 1996.

Bond, D. and M. Tykkyl;:r:inen. Nortbwestern Russia: A Case Study in "Pocket" Development. European Business Review (United States) 96(5):54-60, 1996.

Chernichovsky, D., H. Barnum, and E. Potapchik. Healtb System Reform in Russia: The Finance and Organization Perspectives. Economics of Transition 4(1):113-34, 1996.

TpaHc¢opMa~MR,anpenb 1997

Grennes, T. InRation and Monetary Policy during Two Periods of Litbuanian Independence. Journal of Baltic Studies, pp. 133-42, summer 1996.

Grennes, T. The Currency Board and Alternative Monetary and Excbange Rate Policies ror tbe Bank of Litbuania. Lithuanian Papers 10:25-35, 1995.

Koen, V. Russian Macroeconomic Data: Existence, Access, Interpretation. Communist Economies and Economic Transformation (United Kingdom) 8(3):321-33,1996.

Nordic InDuence in the Baltics: Survey. Business Central Europe (United Kingdom) 4(36):43-48, November 1996.

Beyond Survival: Vietnamese Firms Orcbestrate Their Growtb. The Vietnam Business Journal (United States) 4(6):22-26, December 1996.

Cbina. The Economist (United Kingdom), 26- page special section, March 1-8, 1997.

Moore, C. Viettrends 1997. The Vietnam Business Journal (United States) 5(1):34-35, February 1997.

Tsui, K. Y. Economic Reform and Interprovincial Inequalities in Cbina. Journal of Development Economics (United States) 50(2):353-68, August 1996.

Zoakos, eM. Understanding Asia.International Economy (United States) 10(6):32-35, November/ December 1996.

Zou, L., and L. Sun. Interest Rate Policy and Incentives of SOEs in the Transitional Cbina. Journal of Comparative Economics (United States) 23(3): 292-318, December 1996.

39

TpaHc¢opMa~M~.anpenb 1997

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ITo ITOBOLIY 6eCIIJIaTHOH ITO,n:rrHCKH BapHaHTa TRANSITION Ha PYCCKOM JI3bIKe ITHrnHTe ITO a,llpecy: MelK)lyHapOLt:HbIH lIeOTP npHBaTH3aIlHH, HOBeCTIlIIHH H MeOe,z:t:lKMeHTa YJI. 3:lKeHa nOThe, 20, 252057, r. KHeB YKpaHHa TeJIeclloH: 38044-446-0117 HJIH 230-2624; cIIaKc: 38044-446-8277 E-mail: root@ICPIM.FreeNet.Kiev.UA )J,A, BKJllOlfHTe MEhm B nODlIHCKY 7ilANSflloN KaK YKuaHO HHlKe: r------------------------, lOR XOTeJ1 5hI IIO)IIIIfCaThCj{ Ha 4 HOMepa B 1997 Kl!.JIeH)IapHOM [O)IY 3a US$20,OO 1 lOR XOTeJI 5bI rrOllIIIfcaTbCj{ Ha 10 HOMepOB B 1997 If 1998 KaJIeH)IapHhIX [O)Iax I I 3a US$45,00

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TRANSITION Pe~aKTop FJrqap~ ~pllliIep TeJIe¢oH: (202) 473-6982 (})aKC: (202) 522-1152 E-mail: rhirschler@worldbank.org

nOMOU\HHK no npOBe~eHHIO Hccne~oBaHHi .llJtcemrn¢ep npOtlHOY TeJIe¢oH: (202) 473-7466 (})aKc: (202) 522-1152 E-mail: prochnowwalker@worldbank.org

Il The World Bank 1818 H Street, N.W. Washington D.C. 20433 Telephone: (202) 477-1234 Fax: (202) 477-6391 World Wide Web: http:// www.worldbank.org E-mail: books@worldbank.org

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