Добавил:
Upload Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз: Предмет: Файл:

экономика для чайников

.pdf
Скачиваний:
11
Добавлен:
02.05.2015
Размер:
19.14 Mб
Скачать

e,nHHCTBeHHo1:t rrpHqHHo1:t, 3aCTaBJUnOw;en JIIo,nen OTKa3bIBaTbClI OT H,lI;eH rrpe06pa30BaHHlI Bcero CBOerO KarrHTaJIa B ,npyrHe aKTHBbI H KaTerOp~ecKoro OTKaJa OT COXpaHeHH1I HaJIlN­ HhIX, eCTb TOT lPaKT, qTO ,neHbrH rr03BOllilIOT KYrrHTb TOBaphI H YCJIYI'H. Be3 3T01:t <l>YHKlJ;HH ,neHbrH H~eM He JIY'IIIIe JlI06oro ,npyroro aKTHBa; B ,ne1:tCTBHTeJIbHOCTH, OHH ,nroKe xyxe B rre" peCqeTe Ha HOpMy ,nOXO,nHOCTH, rrOCKOJIbKY HopMa ,nOXO,nHOCTH HaJI~HhIX Bcer,na paBHSleTClI HYJIIO.

Ha pHC. 7.3 HapHCOBaH rpa<l>HK, KOTOPhI1:t ,neMOHCTPHpyeT, CKOJIbKO ,neHer JIIO,nH XCeJIlUOT HMeTb rrpH Kaxc.n01:t oT,neJIbHo1:t rrpoueHTHo1:t CTaBKe. jI 0603HaqHJI crrpoc Ha ,neHbrH KaK MD.

HOMHHaJIbHYIO rrpOueHTHyID CTaBKy, i, g pacrrOJIOX<:HJI Ha BepTHKaJIbHo1:t OCH. (06bllcHeHHe rrOHSITHg HOMHHaJIbHOH rrpOueHTHOH cmBKH CM. B rJIaBe 5.) fOPH30HTaJIbHM OCb CJIYX<:HT .nJI1I

0603HaqeHH1I KOJI~eCTBa,nOJIJIapOB.

KaK BhI MoxceTe BH,lI;eTb H3 CHHX<:aIOw;eHClI KPHBOH cnpoca Ha ,neHbrH, qeM BhIIIIe rrpoueHTHM CTaBKa, TeM MeHbIIIe HaJIHqHhIX ,neHer XOTlIT XpaHHTb JIIO,nH. 3TOT rpa­ lPHK HarJIMHO ,neMOHCTPHpyeT H,lI;eIO, qTO HaJIHqHhIe C HX HYJIeBOH npou;eHTHoH CTaBKOH CTaHOBflCg Bee xy,nIIIHM H xy,nIIIHM crroco6oM pa3Mew;eHH1I BaIIIHX KanHTaJIOB, eCJIH BhI pacnOJIaraeTe B03MOXCHOCTbIO nOCTOllHHO nOBhIIIIaTb CBOH ,nOXo,n OT aJIbTepHaTHBHhIX aKTHBOB. tJ:pyrHMH CJIOBaMH, qeM BhIIIIe npOueHTHa1I CTaBKa no ,npyrHM aKTHBaM, TeM 60JIbIIIe BhI 6y,neTe XOTeTb COKPaw;aTb CBOH HaJIlNHhIe c6e­ peXCeHH1I.

MS

iL

AO/l/lapbI

PHC. 7.3. PaBHoBecHaR npo~eHTHaR CTaBK8, onpe,o.enReMaR nepeCe'leHHeM KPHBOH cnpoca Ha .aeHbrH CKpHBOM npe,anOJICeHHR .aeHer

Ha pHC. 7.3 HapHCOBaHa BePTHKaJIbHa1I ~PHBa1I rrpe)];JlOXCeHH1I ,neHer, r,ne MS - npe)];Jloxce­ HHe ,neHer. 3m KPHBa1I BePTHKaJIbHa, rrOTOMY qro rocy,napcTBO MoxceT peIIIHTb, CKOJIbKO ,neHer OHO XOqeT HarreqaTaTb, H nyCTHTb HX B 060poT 6e30THOCHTeJIbHO rrpou;eHTHhIX CTaBOK.

150

"IacTb II. MSKP03KOHOMHKS - HayKs 06 3KOHOMH'IeCKOM poeTe H cTs6HnbHocTH

11 %,

KpHBble MD H MS nepeCeKalOTCH IIpH IIpoueHTHoA CTaBKe i'. 31'a nPOueHTHllJI CTaBKa ­ paeHOeeCHaJl rrpoueHTHllJI CTaBKa, IIOTOMY'ITO OHa e,llHHCTBeHHllJI, IIpH KOTOPOH 06w;ee KOJIH­ qeCTBO ,ll;eHer,KOTOpble JIIO,llH XOTHT HMeTb, paBlUIeTCH 06w;eMY KOJI~ecTBYiJ,eHer, BblIIyI1leH­ HbIX B 06paw;eHHe rocYiJ,aPCTBOM.

SOllee BWKHO, 'ITO IIpH r HMeeT MecTO ycmoultueoe paeHo8ecue; 3TO 3HaqHT, 'ITO eCJIH npo­ ueHTHllJI CTaBKa OTlOIOHHeTCH OT Hero, OHa 6Y,II;eT B03Bpaw;eHa K i' PblHOqHblMH CHJIaMH. Ho

nepeiJ, TeM, KaK BbI OCMblCJIHTe 3TOT <paKT, MHe H}')KHO 06'bHCHHTb, KaK npoueHTHble CTaB­ KH OIIpeiJ,eJIJIIOTCH Ha pbIHKe 06JIHra~HR.SYiJ,bTe OC06eHHO BHHMaTeJIbHbI, nOTOMY 'ITO PblHOIC o6.maa14Uu - 3mo Mecmo, zOe onpeoemllomCil npo14eHmHble cma6ICU dAR 8ceu 3ICOHOMUICU. PblHOK 06JIHrauHA HMeeT orpoMHoe BJIIDIHHe HS BCe, 'ITO IIPOHCXO,ll;HT B 3KOHOMHKe.

"ITO TaKOe 06nMraL\MM

OlMuza14UR - 3TO <pHHaHcoBblR SKTHB, 38 KOTOpbIR BbI IIJIaTHTe onpeiJ,eJIeHHYIO CYMMy iJ,e­ Her B 06MeH Ha cepHIO IIJIaTe>KeR B 6YiJ.YIUeM. ECTbiJ,Ba BHiJ,S IIJIaTe:lKeR, HOMHHaJIbHllJI CTOH­ MOCTb H KYIIOHHble BbIIIJIaTbI.

0/ HOMUHQllbHaJI cmOUMocmb 06.tJuea14UU HaIIeqaTaHa Ha JIHueBOR CTOpOHe 06JIH­ raUHH H BblIIJIaqHBaeTCJI B ,ll;eHb IIoraweHHJI 06JIHraUHH.

0/ Bblnnambl HOMUHQllbHOeO np014eHmHOeo ooxooa no OMUea14UU (ICynOHHble 8blnna­

mbl) 06bIqHO COBepWalOTCJI iJ,B8.:lKJJ.bI B ro,ll; ,11;0 ,ll;aTbI noraweHHH 06JIHraUHH. OHH Ha3bIBalOTCH ICynoHHblMu 6blnnamaMU, IIOCKOllbKY ,11;0 KOMIIbIOTePH38UHH yqeTa ee BJIa.n:eJIbUbl"':" B 6YKBaJIbHOM CMblCJIe ­ 0TPbIBaJIH KYIIOH, HaxOJJ:H­ W;HRcR BHH3Y 06JIHraUHH, H OTIIpaBJUlJIH ero no IIOqTe C TeM, qT06b1 noJIY­ qHTb CBOH iJ,eHbrH.

06JIHrSUHH 06hI'IHO IIorarnaIOTCH Qepe3 1, 5, 10 HJIH 20 JIeT.

~tj,f!lr 06JIHrauHH He raPaHTHPyIOT HHKaKoR HOpMbl iJ,OXOiJ,HOCTH. OHH TOJIbKO 06eW;SIOT, l~ 'ITO co BpeMeHeM BbI IIOJIyqHTe HOMHHaJIbHbIR IIpoueHTHbIR iJ,OXOiJ, (KYIIOHHble BbI­

\~ IIJIaTbl) H HOMHHaJlbHyIO CTOHMOCTb. HopMa iJ,OXOiJ,HOCTH 3aBHCHT OT TOro, CKOJIbKO BbI 3aIIJIaTHJIH.38 rrpaBO IIOJIY1{HTb 3TH BblIIJIaTbI•

ECJIH Bce 3TO K8:lKeTCR CJIHWKOM CJIO:lKHblM, IIpomy Bac, qHTaRTe iJ,aJlbwe. HTaK, iJ,aBaA­ Te npeiJ,CTaBHM ce6e 06JIHra~HIOIIpocToro BHiJ,a, Ha3blBaeMyIO 06.tJuza14ueu c HYlle8bIM "ynoHOM

(oHa Ha3b1BaeTCR TaK IIOTOMY, 'ITO IIO HeR HeT KYIIOHHbIX BbIIIJIaT). E,nHHcTBeHHllJI BblIIJIaTa IIO 3TOA 06JIHraUHH - HOMHHaJlbHllJI CTOHMOCTb 06JIHraUHH, KOTOpSH BblIIJIaqHBSeTCH BO BpeMH IIOrarneHHJI 06JIHrauHH. tlT06b1 ellle 60JIbWe BCe ynpOCTHTb, iJ,aBa:R:re rrpeiJ,IIOJIO:lKHM, 'ITO CnycTH POBHO roiJ" C'lHTllJI C ceroiJ,HHWHero ,nHH, OHa npHHeceT CBOeMY BJI8iJ,eJIb~ POBHO

100 iJ,OJIJI.

ECJIH BbI HBJUleTeCb BJI8iJ,eJIbueM o6JIHraUHH, BaM H}')KHO IIqHHTb, 'ITO HopMa iJ,OXOiJ,HO­ CTH BaIIleH o6JIHra~HH6YiJ,eT JaBHCeTb OT TOro, CKOJlbKO BbI JaIIJIaTHTe 3a Hee rrpHMO CeHqac. npeiJ,IIOJIO:lKHM, 'ITO BbI 6bIJIH iJ,OCTaTOqHO HaHBHbIMH ,Il;JIR TOro, qT06b1 JaIIJIaTHTb 100 iJ,OJIJI. 3a o6JIHrSUHIO rrpRMO ce1tqac. Barna HopMa iJ,OXOiJ,HOCTH 6YiJ,eT COCTaBJUlTb 0%, nOCKOJIbKY BbI JaIIJIaTHJIH 100 iJ,OJIJI. 3a TO, 'ITO npHHeceT BaM 100 iJ,OJIJI. qepe3 roiJ,.

C iJ,pyrOH CTOpOHbI, npeJJ:IIOJIO:lKHM, tITO BbI IIJIaTHTe TOJIbKO 90 iJ,OJIJI. 3a 06JIHrSUHIO npH­

MO ceRqac. ToriJ,a BallIa HopMa iJ,OXOiJ,HOCTH 6YiJ,eT COCTaBJUlTb npHMepHo IIOCKOJIbKY (100 iJ,OJIJI. - 90 iJ,OJIJI.) / 90 iJ,0JIJI. = 0,111, HJIH 11,1 %. ECJIH BbI CMoxeTe KYIIHTb 06JIHra~HIO

Beero JIHllIb 3a 50 iJ,OJIJI., HOpMS iJ,OXOiJ,HOCTH 6YiJ,eT COCTaBJIHTb 100%, nOCKOJIbKY qepe3 roiJ, BbI yiJ,BOHTe CBOH iJ,eHbrH.

rna8a 7. iop,,6a CKptf3tfCaAltf...

151

BOT TO, 'ITO BaM He06xo,!UIMo 3llIIOMHHTb. HOpMa ,nOXO,LUIOCTH o6JnITaIUlH U3MeHRem­ CR 06pamHo nponOp~UOH(JJlbHO TOMy, CKOJlbKO BhI 3a Hee 3aIlJIaTHJIH. llOCKOJIbKY KOJIH­

'1eCTBO ,neHer, KOTOpoe BbI no.rrytIHTe B 6y,n;ymeM, BCer,n;a Onpe,neJIeHO, TO '1eM 60Jlbwe ,neHer BhI 3aIlJIaTHTe 3a Hee, "reM MemWe 6y,neT Barna HOpMa ,nOXO,LUIOCTH. DoJIee BhICOKWI CTOHMOCTb 06JIHraIU{H npe,n;nOJIaraeT 60JIee HH3KYID HOpMY ,nOXO,ZJ;HOCTH.

CISl3b MeICAY CTOMMOCTblO 06nMraL\MM M npOL\eHTHOM CTalKOM

TOT l!>aKT, 'ITO CTOHMOCTb 06JIHraIJ;IIH H3MeIDIeTCR B 06paTHoii nponopIJ;IIH Knpou;eHTHof;l: CTallKe - KJIIO'I K nOHHMaHHIO TOro, nO'ieMY j" - TO'IKll ycroii'lHBoro paBHOBeCHR Ha pHC. 7.3.

B 3TOM pa3,LJ;eJIe R 06'bRCHIO BaM CBR3b. .

Bo-nepBhIX, paCCMOTPHM npOu;eHTHYIO CTaBKY jH, KOTOpaR BhIwe r. Kor,na npOu;eHTHaR CTaBKa npeBhIwaeT j", KOJIH'leCTBO npe,lVlOXeHHhIX ,neHer npeBhImaeT KOJIH'leCTBO Tpe6yeMhIX ,neHer. 3'1'0 3Ha'lHT, lffO JIIO.n;RM npe,nOCTaBJIjleTCR 60JIbwe aKTHBOB B BH.n;e ,neHer, '1eM OHH Xo­ TRT OMeTb. ll03TOMY OHH cTapaIOTCR nepepacnpe,neJIHTb CBOf;l: noPT4>eJIb aKTHOOB, HCnOJIb3ysI H3JIHWeK ,neHer ,LJ;JIjI npH06peTeHHR ,npyrux aKTHBOB.

O.n;HHM H3 BH.n;OB aKTHBOB, KOTOpble nOKYllaIOT Ha H3JIHWKH ,neHer, RBJIjI!OTCR 06JIHra!lHH. Ho co BceMH 3THMH HOBhIMH ,neHbraMH, HanpaBJIeHHhIMH Ha orpaHH'IeHHoe npe.n;JIOXeHHe 06JIHraU;Hf;l:, u;eHa Ha 06JIHraU;HH paCTeT. Tenepb 6y,nbTe BHHMaTeJIbHhI. qTO npOHCXO,LJ;HT C npou;eHTHhIMH cTaBKaMH, Kor,na paCTeT CTOHMOCTb oMHrau;uj;l:? OHH naiJmom. 3To npoHcxo­ ,nHT noTOMy, 'ITO eCJIH BhI Ha'lHHaeTe C npOu;eHTHof;l: CTaBKH, npeBhIwaIOmeH j", npou;eHTHhIe CTaBKH 6y,nYT na,n;aTb no HanpaBJIeHHIO K r. I13JIHweK ,neHer B3BHHTHT CTOHMOCTb 06JIHraI.J;Hf;l:, a 3TO CHH3HT npOu;eHTHhIe CTaBKH.

C ,npyroH CTOpOHhI,,LJ;JIjI npou;eHTHhIX CTaBOK THna jL, KOTOphIe Huxe j", KOJIH'leCTBO TPe­ 6yeMbIX ,neHer npeBhIWaeT KOJIH'leCTBO npe,lVlaraeMhIX ,neHer. llOCKOJIbKY JIIO,nH XOTRT 60Jlbwe ,neHer, '1eM y HHX eCTb, OHH CTapaIOTCR nOJIY'lHTb HX OT npo,naxu 6e3HaJIH'lHhIX aKTHBOB THna 06JIHrau;uH C TeM, 'lT06b1 npe06pa30BaTb 3TH aKTHBhI B HaJIH'lHhIe, KOTOphIe OM HYXHhI.

llpe,ncTaBbTe, 'ITO Bce Ha'laJIH npo,naBaTb COOH 06JIHfaI.J;HH. llpH MaCCOBOH npo,naxe CTOH­ MOCTb 06JIHraU;HH na,n;aeT, a 3TO 03Ha'iaeT n06blweHue npou;eHTHhIX CTaBOK. Ha caMOM",neJIe CTOHMOCTb OMHraI.J;HH npo,nOJIXaeT na,n;aTb H npOu;eHTHhIe CTaBKH npo,nOJIXaIOT nOBhIwaTbCR ,no TeX nop, nOKa ORH He BepHYTCR Ha YP0BeHb j", nOCKOJIbKY 3TO e.zdIHCTBeHHaR npoueHTHaR CTaBKa, npH KOTOpOH JIIO,nH y,nOBJIeTBOpeHhI HMeIOmHMCR KOJIH'leCTBOM ,neHer, MS, KOTOpoe rocy,napcTBO ,peWHJIO nyCTHTb B 060POT.

BaxHO nOHRTb, 'ITO ,n;BUXeHHe HaJa,LJ; K paBHOBeCHOH npou;eHTHOH CTaBKe,i" npoHC­ XO,n;HT o'lem 6b1CTPo. BCRKHH H36bITO'lHhIH cnpoc Ha ,neHbfH. HJIH H3JIHWeK npe,n­ JIOXeHHR ,neHer HHKor,na He ,lVIHTCR CJIHWKOM ,nOJIro, nOCKOJlbKY CTpeMHTeJIbHaR KOppeKTHpoBKa CTOHMOCTH 06.JU1rau;uii ,nBHraeT npou;eHTHYIO CTaBKY K ee PaBHOBeCHIO.

BaxHhIM CJIe,nCTBHeM TOro l!>aKTa, 'ITO npOu;eHTHaR CTaBKa KOppeKTHpyeTcR HaCTOJIbKO 6hICTPO, eCTb CJIe,LJ;YIOmee: rocy,napcTBO MoxeT Hane'laTaTb npOH3BOJIbHoe KOJIH'leCTBO ,neHer, no CBOeMY XeJIaHHIO, 3HaR, 'ITO npou;eHTHaR CTaBKa 6y,neT OTKOppe~OBaHaC TeM, 'IT06hI JIIO,!UI XOTeJIH HMeTb HMeHHO TaKoe KOJIH'leCTBO ,neHer. 3To npe,nOCTaBmleT rocy,napcTBy O'leHb nOJIe3HhIH nOJIHTH'leCKHH HHCTPYMeHT ,LJ;JIjI ynpaBJIeflHR 3KOHOMHKOH, nOTOMY lffO OHO MOXeT paCC'lHTbIBaTb CBOH ,naJIbHeHWUe warH H C03,!l,aBaTb XeJIaeMYIO npOu;eHTHYIO CTaBKY, Bbmyc­ KWI no,n;xo,n;mn;ee KOJIH'leCTBO ,neHer. B CJIe,LJ;YIOmeM pa3,LJ;eJIe R nOKaxy BaM, KaK I:ocy,napcTBO C 3THM CnpaBJIjleTCR.

152

'Iacr" II. MaKP03KOHOMHKa - HaYJCa 06 3KOHOMH"eCKOM POCTe H cra6Hn"HOCTH

M3MeHeHHe npeAnOlKeHHI AeHer Ani

H3MeHeHHI npo~eHTHblxCTaBOI(

MOHeTapHlUI nOJIHTHKa pa60TaeT, nOTOMY qTO rocy,ll;apCTBO 3HaeT: npOueHTHbIe CTaBKH KOppelCI'HPYlOTCR,II)UI TOro, Q1'06hI.npe,ll;OCTaBHTh JIIOAAM TO KOJI~eCTBO ,ll;eHer, KOTOpoe rocy­ ,ll;apCTBO peWHJIO BhInyCTHTh. llpoueHTHlUI CTaBKa eCTh, B HeKOTOpOM CMbICJIe, ueHOH CaMHX ,ll;eHer, H OHa pearnpyeT nOXOXHM Ha ,ll;pyrne ueHhI 06pa30M. 3To 3HaQHT, qro eCJIH npe)l;JlO)l(e­

HHe ,ll;eHer BHe3anHO yaeJI~HBaeTCR,CTOHMOCTh ,ll;eHer na,LJ;aeT H Hao60poT.

BhI MO)l(ere BH)l;eT1o 3TO Ha rpa$HKe (pHC. 7.4), r,ll;e rocyilapcTBo YBeJI~HJIOnpe)l;JlO)l(eHHe ,ll;eHer OT MSo,ll;o MSr. 3TO ,ll;eHCTBHe CMeCTHJIO BepmKaJI1oHYIO npRMYIO npe)l;JlO)l(eHHR ,ll;eHer BnpaBO H nOHH3HJIO paBHOBecHYIO npoueHrnyIO CTaBKy, nepeBeAA ee H3 ;'0 B rr.

~

 

 

 

 

~

MSO

MS1

~

 

 

 

 

~

 

 

 

 

~

 

 

 

 

8.

 

 

 

 

l::

 

 

 

 

' . 1

_

 

 

 

1 0

 

 

 

 

 

 

 

 

 

11". ~-----------------

MD

 

AOJlJlapbI

Ptfc. 7.4. YsenW-IeHtfe npe.o.nO)l(eHtffl AeHer CHtf)l(aeT paSHosecHoe 3Ha'leHtfe HOMtfHanbHO;' npOL./eHTHO;' CTaSKtf

B Coe)l;HHeHHbIX IIITaTaX H3MeHeHHR B npe)l;JlOXeHHH ,ll;eHer KOHTpOJIHP)'IOTCR fPeiJepOJlbHOU pe3ep6Hou cucmeMou, KOTOPYlO QaCTO Ha3hIBaIOT npOCTO <I>e,ll;epaJI1oH1oIM pe3epBoM, HJIH <I>PC. <I>e,ll;epaJI1oHhIH pe3epB 06JIa,LJ;aeT 3KCKJII03HBH1oIM npaBOM Ha BhInyCK ,ll;eHer B CIlIA; 3T0 3Ha­ QHT, qTQ OH MoxeT C,ll;eJIaT1o MS HaCTOJI1oKO 60JlbIIJHM, HaCKOJI1oKO nOXeJIaCT, HaneQaTaB 60JI1o­

we ,ll;eHer H nyCTHB HX B 06opOT. O,ll;HaKO Ha caMOM ,ll;eJIe <I>PC nOJIaraeTCR Ha 60JIee TOHKHH MeTO,ll; H3MeHeHHR npe)l;Jlo~HHR,ll;eHer - MeTO,ll;, KOTOPhllt 3KOHOMHCThI Ha3blBaIOT onepa/.(uu

Ha omKpwmOM pWHKe.

~.. TepMHHoM onepa14uu Ha omKpwmOM pWHKe Ha3bIBaeTCR nOKYDKa H npo,ll;~ CI»PC rOcy,ll;apCTBeHHbIX 06JIHraIlH1t CIlIA Ha OTKPblTOM pbIHKe 06JIHraUJi1t. B 3aBHCHMO­ crn OT Toro, nOKYDaeT HJIH npo,ll;aeT 06JIHraUHH <I>PC, npe)l;JlO)l(eHHe ,ll;eHer, nocTY­ naIOIUHX B 06pameHHe B 9KOHOMHKy, YBeJI~HBaeTCJIHJIH yMeH1oWaeTCJI.

rna.a 7. 6op&6a CKplfalfca..If•••

153

./' ECJIH <1lPC )KeJIaeT YBeJIHqHTb npe,llJlO)KeHHe .neHef, OHa nOI(ynaeT 06JIHfan;HH, nOCKOJIbKY A1UI TOfO, qT06bI BbIK}'llHTb 06JIHfaUHH, <1lPC H}')KHO 3anJIaTHTb HaJIHqHbIe, KOTOpble JaTeM HaqHHaIOT 06paIUaTbCR B 9KOHOMHKe•

./' ECJIH <1lPC )KeJIaeT COKpaTHTb npe,llJlO)KeHHe .neHef, OHa npo.naeT 06JIHfan;HH, nOCKOJIbKY JIIO.ZJ;H, KOTOpbIM <1lPC npo.naeT 06JIHraUHH, .naIOT <1lPC .neHbfH, KOTopbIe «J>PC 3aTeM H3blMaeT H3060pOTa, H oaH 60JIbIIle He 06cJI}')KHBaIOT 9KOHOMHKY.

TaKHM 06paJOM, nOK}'llKa HJIH npo.naxa 06JIHfan;HA .naeT B03MO)KHOCTb KOHTpOJIHpOBaTb KOJIH'leCTBO .neHef, HaxO.LUIIUHXCR B 060pOTe (MS), a no 3HaQHT, 'ITO <1lPC MO)KeT TIUaTeJIbHO KOHTpOJIHpOBaTb npoueHTIlbIe CTaBKH.

CHM>KeHMe I1pOL4eHTHblX CTaBOK AnH cTMMynMpoBaHMH 3KOHOMMKM

Tenepb, KOf.na BbI nOHRJIH nO,llJlHHHblA MexaHH3M, C nOMOIUbIO KOTOPOfO <1le.nepaJIbHbIA pe3epB (HJIH ueHTpaJIbHbIe 6aHKH B .npyrHX CTpaHax) ynpaBJIReT npOueHTHbIMH CTaBKaMH, MO)KHO Y3HaTb, KaK MOHeTapHaR nOJIHTHKa BJIHReT Ha 9KOHOMHKy.

OCHOBHaR H.ZJ;eR MOHeTapHOH nOJIHTHKH 3aKJIIO'IaeTCR B TOM, tITO 60JIee HH3KHe npoueHT­ Hbie CTaBKH BbI3bIBaIOT KaK 60JIee BbICOKHA YPOBeHb norpe6JIeHHR, TaK H 60JIbIIlHe KanHTaJIO­ BJIO)KeHHR, C.nBHfaR TaKHM 06pa30M KpHByIO COBOK}'llHOro cnpoca BnpaBO. BOT KaK 9TO npo­ HCXO.nHT.

./' EOJlee HH3KHe npoueHTHble CTaBKH CTHMyJIHpyIOT pacxo.nbI norpe6HTeJIeH, npHBJIeKaR HX 6paTb CCy.nbI .ZJ;JIR nOK}'llKH TaKHX BeIUeH, KaK aBTOM06HJIH H

.noMa•

./' OOJIee HH3KHe npOueHTIlbIe CTaBKH CTHMYJIHPYIOT KanHTaJIOBJIO)KeHHR, COBep­ IIIaeMbIe npe.nnpHRTHRMH, nOCKOJIbKY npH CHH)KeHHbIX npoueHTHbIX CTaBKax 60JIbIIIee KOJIH'leCTBO noreHUHaJIbHbIX HHBeCTHUHOHHbIX npoeKTOB CTaHOBRT­ CR .nOXO.nHbIMH. HanpHMep, eCJIH npoueHTIlaR CTaBKa COCTaBJIReT 10%, npe.n­ npHRTHR XOTRT JaHRTb .neHef A1UI BJIO)KeHIDI B npoeKTbI C HOpMOA .nOXO)lHOCTH 60JIbIIleJO%. Ho eCJIH npoueHTIlaR CTaBKa na.naeT.no 5%, TOf.na Bee npoeKTbI C HOpMOA .nOXO.nHOCTH, npeBblIIlaIOIUeA 5%, CTaHOBRTCR )KH3HeCnoc06HbI­ MH, TaK 'ITO qlHpMbI 6epYT 60JIbIIIe Kpe.ZJ;HTOB H Ha'lHHaIOT 60JIbIIIe npoeKTOB. (EoJIee no.np06HO 0 TOM, KaK npoueHTHbIe CTaBKH BJIHRIOT Ha KanHTaJIOBJIO­ )KeHHR, CM. maBy 4.)

ECJIH BaM H)')KHO 3anOMHHTb, KaK pa60TaeT MOHeTapHaR nOJIHTHKa, nOMHHTe, tITO OHa CO­ CTOHT H3 Tpex npOCTbIX 9TanOB. KOf.na «J>PC XOqeT nOMO'lb yaeJIH'lHTb 06'beM BbInycKa, OH HHHUHHpyeT CJIe.ZJ;yIOIUyIO uenb c06hITHA.

~r 1. CPe)J,epllJlhllWl: pe3epB DOKYJl8eT rocY,lUlpcnelDlWe o6.JnInuum CIlIA, AJUI TOro 'ITO­

I~

6wyaeJIll'lllTb ~WKeHIIeAeRer.

;

\\fbJ

2. YBeJllflleHHoe npe,IUI03reHHe MIler DpllBO,ll,llT I[ CHH3reHllIO opollellTllblX. C1'UOI[, 00­

TOM)' 'ITO Ilelllol DR o6.ruaauHH DCWOfMRIOTCJI. .

3."OTPe6HTeJ111 H Ilpe)J,llpHJITHJI O"I'Be'laJOT DR CDlDKeIIIIWe opolleJlTllWe CTaBKB, Gepa

6o.ru.me IqJe)J,IITOB H HCDOJIIo3YR .nellltl'll AJUI opH06peTe111U1 6oJu.mero 1[000000ecTBa TO­

BapoB.

3anOMHHaHHe TaKoro aJIOfH'lHOro ¢laKTa - 60JIee BbICOKaJI ueHa 06JIHfauHH 03HaqaeT 60­ nee HH3KyIO npOueHTHyIO CTaBKY - MO)KeT OKaJaTbCR npo6JIeMaTHllHbIM. Ho eCJIH BbI HcnbI­

154

'I.cr. II. Af.Kpo3KOHOMIfK. - H'yrc. 06 3KOHOMlfllflCKOM poere If CT.6Ifn.HOCTIf

ThIBaeTe TPY,llHOCTH rrO,ll06Horo pO,lla, rryCTb BaC 3TO He CMYIUaeT. MHorHe 3KOHOMHCThI TO)l{e 3THM CTPa,n;aIOT.

KaK paLUtOHanbHble O>KMAaHMR MoryT

OrpaHM'4MTb MOHeTapHylO nonMTMKy

Crroc06HocTb rocY,llapCTBa HcrroJIhioBaTb YBeJIHqeHHe rrpe)lJlO)l{eHlffi ,lleHer )I)UI CTHMYJIH­ POBaHIDI 3KOHOMHKH orpaH~eHaPaIIHOHaJIhHhIMH OJKH,LJ;aHIDIMH H CTPaxaMH, KOTophIe JIIO)lH HcrrhIThIBaIOT nepe,ll HHq,JIHUHeii:. B qaCTHOCTH, BKJIa,n;qHKH OC03HaIOT TO, qTO YBeJIHqeHHe rrpe)lJlO)l{eHIDI ,lleHer MO)l{eT BhI3BaTb HHq,JIHUHIO (KaK H o6'hsICHHJI B maBe 5). 3TO rrOHHMaHHe 03HaqaeT, qTO KOr,lla <Ile,llepaJIhHhIH pe3epB YBeJIHqHBaeT rrpe)lJlOXeHHe ,lleHer C TeM, qT06hI CHH3HTb rrpOueHTHhIe CTaBKH, OH ,llOJI)l(eH ,lleJIaTh 3TO rrOCTerreHHO BO H36e)l{aHHe B03HHKHO­ BeHIDI HH$rnIUHOHHhIX CTPaxOB, KOTOphIe MOryT HHBeJIHpOBaTh CTHMYJIHpYIOmHH 3q,q,eKT OT YBeJIHqeHIDI, rrpe)lJlO)l{eHIDI ,lleHer.

rpat/n'lIeCKOe H306paJICeHHe pe3yn&rarOS ysenHlleHHfI npe,4JJOJICeHHfI ,qeHer

):(aBaitre rrOCMOTPHM Ha pHC. 7.5, KOTOphIit rrOKa3hIBaeT 3KOHOMHKY B COCTOHHHH peuec­ CHH B TOqKe A, r,lle KPHBaH COBOKYITHoro crrpoca ADo rrepeCeKaeT KPHBYIO COBOKY'lIHOro rrpe)l­ JIO)l{eHIDI KPaTKOCpOqHOro rrepHO,lla SRASo, KOTOpaH 3aq,HKcHpoBaHa Ha ypOBHe ueH Po. 3aTeM (1)e)lepaJIhHhIit pe3epB YBeJIHqHBaeT rrpe)lJlO)l{eHHe ,lleHer C ueJIhIO CHH)I{eHHH rrpOueHTHhIX CTaBOK H CTHMYJIHpOBaHHH 3KOHOMHKH, qTO rrpHBO)lHT K CMemeHHIO KpHBOH COBOKYITHOro crrpoca BrrpaBO K AD).

:I:

 

~

 

.JJ

LRAS

:I:

CD

III

o

~

t SRAS1

 

 

u

SRASo

Po I

"e.:~

't

AD1

ADO

yo BblnycK

PHC. 7.5. PeaynbT8T ysenw"eHHR npe,lV10)/(eHHR,QeHer s a8SHCHMOCTH

OT HHepnRI.IHOHHblX O)/(H,QSHHa

rnaBa 7. Sop"tia C KpM3McaMM...

155

B 3TOT MOMeHT MOJYf rrpOlnOHTH ,llBe BemH, B 3aBHCHMOCTH OT HHq,JUlUHOHHbIX O)((}f)l,a­

HUH JIIO,ll,eH•

./ ECJIH JIIO,ll,H YBepeHbI, qTO ypOBeHb ueH OCTaHeTCH B TOqKe Po, rrepeMelll,eHHe COBOKYIIHOro crrpoca BrrpaBO C,ll,BHHeT paBHOBeCHe 3KOHOMHKH BrrpaBO B,ll,OJIb KPHBOH: SRASo, H3 TOqKH A B TO'IK}' B.

./ ECJIH JIIO,ll,H YBepeHbl, qro YPOBeHb ueH rrO,ll.IIpbII'HeT B OTBeT Ha YBeJIuqeHHe rrpe)l)lOXeHHH ,ll,eHer, KpHBaH KPaTKOCpOqHOro COBOKyIIHOro rrpe)l)lOXeHHH rrO,ll,BHHeTCH BBepx Ha TY BeJIuqHHy, Ha KOTOPYIO O)((}f)l,aeTCH poeT ypoBHH ueH. 3ro 3HaqHT, qro paBHOBeCHe 3KOHOMHKH rrepe,ll,BHHeTCH H3 roqKH ABC, r,ll,e KpHBaH ADj rrepeCeqeTCH C HOBOH: KPHBOH: COBOKYIIHOro IIpe)l)lO)l(eHHH KPaT­ KOCPOqHOro rrepHo.n.a, SRASj

\

nOCKOJIbKY rrpH rrepexo,ll,e 3KOHOMHKII H3 TOqKH A B TOqKYC 06'beM BbIrryCKa YBeJIuqHBa­ eTCH MeHbllle, qeM eCJIH 6bl OHa rrepe,ll,BHraJIaCb H3 roqKH A B ro'lK}' B, <l>e,ll,epaJIbHOMY pe3ep­ By HYJKHO 6bITb rrpe,ll,eJIbHO BHHMaTeJIbHbIM rro OTHOllleHHIO K HHq,.IDIIlHOHHbIM O)((}f)l,aHHHM BO BpeMH rrOrrbITOK CTHMyJUlUHH 3KOHOMHKH C rrOMOlll,blO YBeJIuqeHHH rrpe)l)lOXeHHH ,ll,eHer. Kor,ll,a JIIO,ll,H OXH,ll,aIOT HHlPJUIIJ.HH, HX ,ll,eH:CTBHH MOJYf HeHTPaJIH30BaTb HeKOTOpbIe CTHMYJIbI, KOTOpbIe ,ll,OJI)I{HbI 6bIJIH B03HHKHYTb C YBeJIuqeHHeM rrpe)l)lO)l(eHHH ,ll,eHer.

KaK HHepnflqHoHHwe OJKH,qaHHfI BnHfllOT Ha npoqeHTHwe CTaSIClf

OCHOBHaH rrp06JIeMa JaKJIlOqaeTCH B roM, ~Q <I>e,ll,epaJIbHbIA pe3epB JIHllib qac~­

HO KOHTPQJIHpyeT rrpOueHTHble CTaBKH. B qaCTHOCTH, OH KOHTPOJIHpyeT rrpe)l)lO)l(e­ HHe ,ll,eHer, HO He crrpoc Ha ,ll,eHbrH. 3T0 HacroHllI,aH rrp06JIeMa, rrOTOMY ~o eCJIH JIIO,ll,H ,ll,YMaIOT, qTO YBeJIHqeHHe rrpe)l)lO)l(eHHH ,ll,eHer BbI3blBaeT HHq,JUlUHIO, OHH YBeJIHqHBalOT crrpoc Ha ,ll,eHbrH, rrOCKOJIbKY HM ~o 60JIhwee KOJIuqeCTBO Ha­ JIlfqHbIX, qro6bI KYIIHTb roBllPbl rro B03poeWHM ueHaM.

MTaK, eCJIH YBeJIHqeHHe rrpe)l)lOXeHHH ,ll,eHer THfOTeeT K 60JIee HH3KHM rrpoueHTHbIM CTaBKaM, KaK rrOKa3aHO Ha pHC. 7.4, ro YBeJIuqeHHe crrpoca Ha ,ll,e\lbrH, Bbl3BaHHoe HH<I>JUlUH­ OHHbIMH CTPaxaMH, THfOTeeT K YBeJIHqeHHIO rrpoueHTHbIX CTIlBpK. nOCKOJIbKY 60JIee BbICOKHe rrpOueHTHbIe CTaBKH 03HaqalOT COKpalll,eHHe KanHTaJIOBJIO)l(eHuA, BCHKoe YBeJIHqeHHe rrpo­ ueHTHbIX CTaBOK, BbI3BaHHoe HH<I>JUlUHOHHblMH CTPaxaMH, pa60TaeT rrpoTHB CTHMYJIa, KOTO­ PbIH <DPC rrhlTIleTcH rrpHMeHHTb K 3KOHOMHKe, YBeJIuqHB rrpe)l)lO)l(eHHe ,ll,eHer.

3T0 CHH)I(eHHe 3q,q,eKTHBHOCTH MOHeTapHOfO cTHMYJIa rrpOHCXO,ll,HT iIOTOMy, qTO 60JIb­ llloe CMemeHHe KPHBOH COBOKYIIHOro crrpoca Ha pHC. 7.5 He B03BpamaeT 3KOHOMHKY HaJa.n. K rrpOH3BO,ll,CTBY Ha ypoBHe r. Kor,ll,a JIIO,ll,H O)((}f)l,alOT rrpHXO.n.a HH<I>JUlUHH, qaCTb yCHJIHA rocy­

.n.apCTBa CJIY)l(HT B03HHKHOBeHHlO HHlPJUIUHH, BMecro roro ~06bICTHMYJIHpoBaTb 3KOHOMHKY rrpOH3BO,ll,HTb 60JIbille rrpo.n.yKTa.

CoxpaH8HHe HHepnflqHoHHblX OJKH,qaHHH Ha HH3KOM ypoSHe nOMOraeT npOSe,q8HHIO MOH8TapHOH nOnHTHKH

HaqHHaH C 1970-x fO)J;OB 60JIbWHHCTBO CTPaH C 60JlbWHMH IIpe)J;OCroPO)I(HOCTHMH rrpHMe­ HHJIO MOHeTapHYJO rroJIHTHJ(y. TaK CnyqHJIOCb rrOTOMy, qro B reqeHHe 1970-x ro,ll,OB 3TH cTPa­ HbI B~HJIHypOK, C KOroPbIM Bbl 03HaKOMHJIHCb B rrpe,ll.bI)J;yIUeM pa3,D;eJIe, -.ecJIH HaceJIeHHe YBepeHO B TOM, qTO YBeJIHqeHHe rrpe)l)lO)l(eHIDI )J;eHer BbI30BeT HHlPJIHUHIO, TO YBeJIHqeHHe rrpe,ll.JIOXeHHH )J;eHer MOXeT (B 60JIbWHHCTBe cnyqaeB) Bbl3BaTb HHlPJIHIJ.HIO, BMecTO TOro qro­ 6bI CJIYXHTb CTHMYJIOM.

156

'Iaerla II. MaKpo3KoHoMHKa - HayKa 06 3KOHOMHlfeCKOM poore H cTa6HnlaHOCTff

HCKJIIOqHTeJlbHbIit c.nyqait nO,lJ;06HOH CHTya.u;HH MOJKHO YBH)J;e'fl> Ha pHC. 7.6, r,lJ;e 06'beM BbI­ nyCKa OCTaeTCH HeH3MeHHbIM Ha KpH3HCHOM ypOBHe l"'U3~ull HeCMOTPH Ha YBeJI~eHHenpe,lJ;­

JIO)KeHHH ,lJ;eHer, KOTOpoe BbI3BaJIO nepe,lJ;BH)KeHHe COBOKYJIHOro cnpoca BnpaBO H3 ADo K AD]. Op06JIeMa B TOM, qTO nOBbImeHHbIe HHl!>JIH.u;~OHHbIeO)KH)J;aHHH npHBO,llHT K CMerueHHIO KpH­ BOH COBOKYIIHOro npeMO)KeHHH BBepX OT SRASoK SRASb nOJlHOCThIO HHBeJIHPYJI YBe~eHHe

COBOKYIIHoro cnpoca. PaBHOBeCHe KpaTKOCpOqHOro ,nepHO,lJ;a nepeMeruaeTCH H3 A B B, HO TO­ r,lJ;a e,IUfHCTBeHHbIM CJIe,lJ;CTBHeM 3TOro 6Y,lJ;eT nOBbImeHHhlH ypOBeHh .u;eH H OTCYTCTBHe pOCTa o6beMa BhInyCKa.

:t:

..~

!

 

LRAS

 

P.I',

~

 

 

rSRAS,

I

Po I

~.

'\Ire

SRASo

 

 

 

 

AD1

ADO

'(HM3KH~

Y*

BblnYCK

 

Puc. 7.6. npuMep crarcPnSlLlJUf

CHTya.QHH, nOKaJaHHaH Ha pHC. 7.6, MO)KeT 6bITh Ha3BaHa cmazrjJ.n.Rl(ueu; no,lJ; 3THM TepMH­ HOM 3KOHOMHCThI nO,lJ;pa3YMeBaIOT, qTO 3KOHOMHKa O,lJ;HOBpeMeHHO nepe)KHBaeT JaCTOH npo­ H3BO,lJ;CTBa H HHl1>JIH.u;HIO.

~~

(~

OnhIT, npH06peTeHHbIH CIlIA BO BpeMH c~arl!>JIH.u;HH B 1970-e rO,lJ;bI, HayqHJI <l>e,lJ;epaJIhHhlH pe3epB (H .u;eHTPaJIhHbIe 6aHKH B ,lJ;PyrHX CTPaHax) TOMY, qro MOHe­ TapHaH nOJIHTHKa pa60TaeT 3l!>l!>eKTHBHO, KOr,lJ;a JIIO,lJ;H YBepeHbI: <l>PC He c06Hpa­ eTCH BhI3h1BaTh HHl!>JIH.QHIO. CJIe,lJ;OBaTeJIhHO, B HamH ,lJ;HH <l>PC pemaeTCH TOJIhKO Ha YMepeHHoe )'BeJIHqeHHe npeMO)KeHHH ,lJ;eHer, KOr,lJ;a eMY HYJKHO CTHMYJIHpOBaTh 3KOHOMHKY. TaKoe YBeJIHqeHHe B KOHeqHOM HTore OKa3h1BaeTCH ,lJ;a)Ke 60JIee 31P­ l!>eKTHBHbIM, He)KeJIH 6oJIhmoe YBeJIHqeHHe, nOTOMY qTO OHO He BhI3h1BaeT HHIPAA­

.QHOHHhIX CTPaxOB.

rnasa 7. 6op,,6a C ICpH3HcaMH...

157

oeh.IIlqJ

e>lAeH-e>lMWOHO>lE:Od>lMW

1ou.1M9ad.~auaMMHattaaoU0

ft 1ISMduttadu.MMM

rnaBa 8

npeAIIO>KeHMe Mcnpoc

B3IIio14 uale...

~nO'ieMy 60nee BblCOKaSl t.teHa yMeHbwaeT cnpoc Ha TOBap Io1nlo1 ycnyry

~nOLfeMY 60nee BblCOKaSl t.teHa YBeJ1Io1LfIo1BaeT npeAllO)l(eHHe TOBapa HnH yCJ1yrH

~KpHBble cnpoca CTpeMSlTCSl BHH3, a KpHBble npeAll0)l(eHHSl nOAHHMalOTCSl BBepx

~Hat.teJ1eHHOCTb Ha pblHO'iHOe paBHOBeCHe

~KaK CMell.leHHe cnpoca HJ1H npeAllO)l(eHHSl BJlHSleT Ha PblHOLfHoe paBHOBeClo1e

~nonHTHKa, npenSlTcTBylOll.l8Sl PblHOLfHOMY paBHoBecHIO

Jt I'

O,lleJIb PbIHO'IHOro npeA\IOJKeHIDI H cnpoca - 3TO caMbIH BbI,LI,aIOrnHHCH BKJIa.n 3KOHOMHCTOB B 3KOHOMH'IeCKOe npOCBerneHHe JIIO,Ileit. 3Ta MO,lleJIb CTaJIa H3­

BeCTHOH nOTOMY, 'fI'q OHa ,IlOCTaTOqHO nOJIe3Ha BO MHOmx OMaCTRX, npOJIHBaeT CBeT Ha TO, KaK pbIHKH ycTllHaBJIHBaIOT u;eHbI·H pacnpe,lleJIHIOT peCYPCbI, a TaKJKe npe,llOCTaBJIHeT TOqHbIe nporn03bI TOro, KaK nOJIHTHIGl rocy,napcTBa 6Y,lleT BJIHHTb Ha nOBe.neHHepbIHKOB.

K npHMepy, 3Ta MO,lleJIb MOJKeT ,CKa3aTb BaM, noqeMY u;eHbI Ha ra3 nO,llHHMaIOTCH JIeTOM, a u;eHbI Ha mneHHuY CHHJKaIOTCH nOCJIe TOro, KaK CTPaHa n~a xopomHH YPOJKaH. OHa TaKJKe MOJKeT npe,llCKa3aTb - H TO'lHO, - qronO,ll,llepJKKa u;eHHa npo,llyKIJ;H1O CeJIbCKoro XO­ 3HHCTBa npHBe,lleT K nepenpOH3BO,llCTBy npO,llyKTOB H qro KOHTpoJIb Ha.n peHTOH npHBe,lleT K

COKpameHHIO JKHJIHIIJ;HOro CTpoHTeJIbCTBa.

EcJIH y BaC eCTb BpeMH BbIY'IIfTb O,llHH-e,llHHCTBeHHbIit BOnpoc H3 3KOHO~ecKOHTeOpHH,

3m ,IlOJIJKeH 6bITb BOnpoc 0 cnpoce H npeMOJKeHHH. HHqro ,IlPyroe B 3TOH KHHre He MOJKeT npHHecTH BaM ,IlaJKe npHMH3HTeJIbHO TaKOH 6OJIbmoH npaKTHqeCKOH n0JIb3bI, KaK CO,llepJKa­ HHe 3TOH rJIaBbI. IIOCJIe TOro KaK BbI npoqHTaeTe ee, y BaC nOHBHTCH HOBbIit B3rJIH,ll noqrn Ha Bee, qro BbI ~ 0 KOMMepIJ;HH, 6H3Hece H nOJIHTHKe.

Ho B TO JKe BpeMH He HYJKHO Bna.naTb B KpaHHOCTH. MO,lleJIb cnpoca H npe,llJIOJKeHIDI ­

3m MO,lleJIb TOro, KaK <PYHKIJ;HoHMpyeT pbIHOK, HO PbIHOK - 3m erne He Bce B HameH JKH3HH. 3KOHOMH'IeCKaH HaYKa n~aIIJlOxyIO penyTaU;HIO nOTOMY, qro HHOr,lla KaJKeTCH - C no­ MOUJ;bIO cnpoca H npe,llJIOJKeHIDI 3KOHOMHCThI CTapaIOTCH 06'bHCHHTb see. II03TOMY H3BeCT­

HbIA aHrJIHHCKHH HCTOpHK TOMac KaPJIaKJI 0,llHaJK,lUd nomyTHJI: "HayqHTe nonyrasI roBOpHTb "cnpoc H npeMOJKeHHe" - H BbI nOJIyqHTe HaCTOJIIIJ;ero 3KOHOMHCTa" .

.H HaqHHaIO 3Ty rJIaBy C npe,llCTaBJIeHIDI pbIHKOB. 3aTeM H 06'bHCHIO no OT,IleJIbHOCTH, qTO TaKoe cnpoc H npeMOJKeHHe, H noKaJKY BaM, KaK BMqepqHBaTb H TPaKTOBaTb KpHBble cnpo­ ca H npe,llJIOJKeHIDI. KpHBbIe cnpoca OTPaJKaIOT nOBe,lleHHe nOKYllaTeJIeH, TOr,lla KaK KpHBble npe,llJIOJKeHIDI OJIHu;eTBOpHIOT c060H nOBe,lleHHe nOCTaBlllHKOB. CJIe.ZJ.YIOrnHM maroM 6Y,lleT Ha6JIIO,IleHHe 3a TeM, KaK 3TH KpHBbIe B3aHMO,lleHCTBYIOT; BbI y&H,IlHTe, KaK <PYHKIJ;HOHHPYIOT PbIHKH, KOr,lla HM pa3pemaIOT CaMOCTOHTeJIbHO npHHHMaTb peUleHHH H KOr,lla npOHCXO,llHT pe­ ryJIHpoBaHHe HJIH BMemaTeJIbCTBO co CTOpoHhI rocy,llapCTBa.

Тут вы можете оставить комментарий к выбранному абзацу или сообщить об ошибке.

Оставленные комментарии видны всем.