Ходаківська В.П. Ринок фінансових послуг
.pdf"6'(#" ( --$<$E ( 6 ;&B&!"<#&0, 6,J& -$ -";B&-";$E $, ! +!&-$!:
) " ! / $ , !; ) ! — " — ! -
; ) ’ $" " " ( ! -
); ) / ( " $ .
&$ , % / ! " ! ! ( , -/" ") ! , ) % / " ! ! -
! " ! .
-";#& 6 ( ;& ;&B&!"<# ) $," -; ,&!"H#&G ;"6'(#& ":
) , ! $ : - , ! , ! % , F «M » ( ) / );
) , $ $ / ! " % % , ! ) $ / ! ! ;
) , !( " ! $ , - / ! ! "$ ! ( , -" /" ) / );
) , % / ! / , ) ! - /" , ! ) / ! ;
) ; ) , ) ! / " , ) -
! $" .
# D @ D @ « 8 — » (top down).
$ $ ! :
1.& "$ ! " " ) ( ( ) 12 " .
2.+$ @+L , $ " " / % !( .
3.+ " / $ @+L , $ " - " / % !( .
4.+ " ! $ @+L , $ " - " / % !( .
5.+ " / $ , $ " " / % !( . > % $/ % "$ ! .
" % % ! @+L & J ( . 2.1).
|
|
#$:135 2.1 |
||
|
|
|
"% ,$" 3$A !,$! 2".'.+$C'.9 $A%&'. *$ |
|
|
|
|
|
|
|
@ @+L |
|
|
|
|
|
|
|
|
|
|
|
? |
@ ISIC |
|
I |
|
|
|
|
@ |
|
|
|
|
|
|
|
|
|
& J |
|
@ |
J |
|
|
|
|
|
|
65 |
|
1 E |
65 |
|
|
|
3 FD 7 ! !, ’ " " - |
|
|
|
|
" ( , " , $ % |
|
|
|
|
, % $ ’ !- |
|
|
|
|
. |
|
|
|
|
# . ! !, ’ " , |
|
|
|
|
! , / |
|
|
|
|
|
|
|
65.1 |
|
1 E |
651 |
|
|
|
3@ FD 7 " ( " - |
|
|
|
|
, . $. ( ) |
|
|
|
|
|
|
41
|
|
|
|
)'*'0=!..5 "#$:. 2.1 |
||
|
|
|
|
|
|
|
@ @+L |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
? |
|
@ ISIC |
I |
|
|
|
|
|
|
@ |
|
|
|
|
|
|
|
|
|
|
|
||
65.11 |
65.11.0 |
@ 6 |
|
6511 |
||
|
|
|
|
|
|
|
65.12 |
65.12.0 |
$E E |
|
|
6519 |
|
|
|
3 |
FD 7: |
|
|
|
|
|
— ( " % ( |
|
|||
|
|
|
|
|
|
|
|
|
3 |
FD 7 : |
|
|
|
|
|
— ! !, ’ ( " " " |
|
|||
|
|
(-) ! " " |
|
|
||
|
|
|
|
|
||
65.2 |
|
|
|
659 |
||
|
|
3@ FD 7 , " , %- |
|
|||
|
|
! |
|
|
||
|
|
|
|
|
||
65.21 |
65.21.0 |
|
|
6591 |
||
|
|
3 |
FD 7: |
|
|
|
|
|
— !( " " - |
|
|||
|
|
, ) ) / "- |
|
|||
|
|
|
|
|
||
|
|
# . $ $ |
|
|||
|
|
" ( , - |
|
|||
|
|
% % " . |
|
|
||
|
|
|
|
|
|
|
|
|
3 |
FD 7: |
|
|
|
|
|
— % % , , ! |
|
|||
|
|
( . 71) |
|
|
|
|
|
|
|
|
|
||
65.22 |
65.22.0 |
' @ |
|
6592 |
||
|
|
3 |
FD 7: |
|
|
|
|
|
! " " " ( " , |
|
|||
|
|
$ ( " ), % ! ! ! |
- |
|
||
|
|
( : $ , - |
|
|||
|
|
" " ) ; |
|
|
||
|
|
" $ , |
|
|||
|
|
" ! ; |
|
|
||
|
|
; |
|
|
||
|
|
|
|
|
||
65.23 |
65.23.0 |
$E |
|
|
6599 |
|
|
|
3 |
FD 7 ( " |
|
||
|
|
), ’ , " , " ) " ( : |
|
|
||
|
|
— , , , , - |
|
|||
|
|
, $ -, % |
|
|||
|
|
" ) ; |
|
|
||
|
|
— " " , ! " - |
|
|||
|
|
% ; |
|
|
|
|
|
|
— " ; |
|
|
||
|
|
— !, % !, , - |
|
|||
|
|
( ( , -" %); |
|
|||
|
|
— , ( %; |
|
|
||
|
|
— ! ! " . |
|
|
||
|
|
3 |
FD 7: |
|
|
|
|
|
— % ( . 65.21); |
|
|
||
|
|
— " " $" ( ( . 67.12); |
|
|||
|
|
— — , " " % ( . 70); |
|
|||
|
|
— % % ( . 71) |
|
|
||
|
|
|
|
|
|
|
42
|
|
|
|
|
)'*'0=!..5 "#$:. 2.1 |
|
|
|
|
|
|
|
|
@ @+L |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
? |
|
@ ISIC |
I |
|
|
|
|
|
|
@ |
|
|
|
|
|
|
|
|
|
|
|
||
66 |
|
8 @ |
|
66 |
||
|
|
|
|
|
||
66.0 |
|
8 @ |
|
660 |
||
|
|
3@ FD 7 |
|
|||
|
|
" " ) ! ! |
|
|||
|
|
|
|
|
||
66.01 |
66.01.0 |
8 @ @ D @ |
|
6601 |
||
|
|
3 |
: |
|
|
|
|
|
— |
|
|
||
|
|
|
|
|
|
|
66.02 |
66.02.0 |
' |
6 D @ |
|
6602 |
|
|
|
3 |
FD 7: |
|
|
|
|
|
— $ ’ " |
|
|||
|
|
3 |
FD 7: |
|
|
|
|
|
— " " , ) ! , , |
|
|||
|
|
$! ( . 75.12); |
|
|||
|
|
— ’ " ! " " ( . 75.30) |
|
|||
|
|
|
|
|
|
|
66.03 |
66.03.0 |
$E |
8 @ |
|
6603 |
|
|
|
3 |
FD 7: |
|
|
|
|
|
— , ! |
|
|||
|
|
: ) , |
|
|||
|
|
, " % , " ! , " ! , % |
|
|||
|
|
, |
|
|||
|
|
! |
|
|||
|
|
|
|
|
|
|
67 |
|
|
|
- |
67 |
|
|
|
8 @ |
|
|
|
|
|
|
3 FD 7 , ) ! |
|
|||
|
|
’ ", " - |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67.1 |
|
|
|
|
671 |
|
|
|
|
|
|
||
67.11 |
67.11.0 |
0 @ |
|
6711 |
||
|
|
3 |
FD 7: |
|
|
|
|
|
— ! ! , |
|
|||
|
|
" " " : ! ! , |
|
|||
|
|
|
|
|
||
|
|
|
|
|||
67.12 |
67.12.0 |
5 @ |
6712 |
|||
|
|
3 |
FD 7: |
|
|
|
|
|
— ; |
|
|
||
|
|
— % % $" |
|
|||
|
|
( ( , ! % ) |
|
|||
|
|
’ " ! !; |
|
|
||
|
|
— % ! - |
|
|||
|
|
, . $. / "- |
|
|||
|
|
. |
|
|
||
|
|
3 |
FD 7: |
|
|
|
|
|
— , % ! % - |
|
|||
|
|
( . 65.23) |
|
|
||
|
|
|
|
|||
67.13 |
67.13.0 |
$E @ |
6719 |
|||
|
|
3 |
FD 7: |
|
|
|
|
|
— ! , / " " ) - |
|
|||
|
|
! ( !, , ! ! - |
|
|||
|
|
$ , ! ! " |
|
|||
|
|
|
|
|
|
|
43
#&,.8!..5 "#$:. 2.1
@ @+L |
|
|
|
|
|
|
|
|
|
|
|
? |
|
@ ISIC |
I |
|
|
|
|
@ |
|
|
|
|
|
|
|
|
|
67.2 |
|
@ 8 @ |
6- |
672 |
|
|
D @ |
|
|
|
|
|
|
|
67.20 |
67.20.0 |
@ 8 @ |
6 - |
6720 |
|
|
D @ |
|
|
|
|
3 FD 7: |
|
|
|
|
— ! !, ) ! ’ " - |
|
|
|
|
% " $" ( " ): ! ! |
|
|
|
|
, ! ! |
|
|
|
|
|
|
|
|
|
|
|
|
@ "$ ! : * . — D " %- $% «PDIA», 1991—2008.
K " $", @+L , / (65.2), !«I ( (65)» J «# ! !» $/:
65.21— # % ;
65.22— ? ;
65.23— D ( .
# ! $ $ ," ! ( , ), ( $), ""$ ! , " / -" . > " / , % -, %, % -) , , - , ) .
+ ! " ! " : ! ,! ( , ! " / " " , ! — ! ! -( ), / - % (-) ( . 2.1).
, " ! " ! " - " :
1.* $" " ! $ $
.
2.* ! ! " , ! , , " -.
3.* % " — ( % ), " ! , /" , ( /" ) .
4.* $" — ! ( , ) - / ! " $ ), ! ( /" , - / $ , ! , " - " $) ! ( " , ) % ! ! ! ! ").
5.* " — , ) !% ( , ), -, ! ( , " % ).
6.* " / " — , ) /" ! -/ " ( " , " « % »), , - ! / " ’ (D , ).
44
$' ' .!$ #. 2 2 ',",
5 |
! |
@ |
) |
( ) |
|
( ) |
L-"- |
( ) |
D$ |
D ( |
' 6
M
@
)
( )
()
D %
*L
? "
"
D (
M , , " , % , )
P " , ,/" " )
& " , %
,
$ ( ), %
+ % , " ,)
D$ , , )
@ " , % , )
P , "
. 2.1. @!
K ", $", $ $ " , !-, $ % ( " ! " " -$ ’/ , ! , / % ! -".
3. #
& ! ! " % !( - / ! ( . functio — ), " /:
1)" " ) ! , , - , " " ! ( ( $% % % ;
2), ,$ ( , );
45
3)/" " ( ( /" " ( ;
4)$ "$ $, ( % $ -$ % !( " % % ;
5)( % , ) / - "$ ;
6);
7);
8)" " ( %;
9)% % ’/ .
# ('$,:,6#3,? 6#'E#*=!.B "# ?; ")#./+')(#3,5 0 ,.0!/"13,2.12 ,"#: / - " , ) "$ ! % , % / " ! ) !, (-( , /" , , $%! , $/ ! " - !( " .
# ! "/$ % " % $, "$ " ! -$ ( .
# , ) / ')>#.,6#3,? 7)'3!/9 *'0!*!..5 +,.#.- /'01; #&"10,0 *' /7'=10#8#, / ! $ " "( , , ! , % ," , " % . .). ~ — " ! "( ( ) !) $ ( , ) ", ) !.
* !$ $% ( % $ ’/ , $ " " % - " / % !( " % % - $ , % / ! / " .
*" +9.&3,? +,.#./'0'>' 6#$!67!8!..5 7)'3!/,0 ,.0!/"90#..5 / - " " " $ ( ) /" " - , $ - . $ -/ ! $ , % ( ), %" ( ).
& ! +9.&3,? 07:109 .# >)'A'012 '$,> / " - " " " ) ( % % " -( " . Y % / ! -" ( . + ( ! ! .
* " +9.&3,? 6.1=!..5 0,*/'"&'01; /"#0'& " " ! ( , —!( $ ) ! " $ , ) $ - " $ ! " . * -$ / ! " / - % ! !.
D ! ! ( % !$! ! " ) $/ / -! . +9.&3,? *10!)/1+,- 3,? #&"10,0 $/ , ) $ / !-$", " %.
# " ’ ! " ! ( ( "-$ % % " " . @ " % " % " % " ( % -$ % " ( " , "- ( ! % ( ( " ! . # ! -! / " ) " .
46
+ ) ! " ! !, " ) ( . ! " ’/ ($! , " )" % % ( % % %- ( ’/ . # , $ , - " ! ! " % ’/ ; " - " % ! , ! $ ! % " " ! / ! .
% " " % - " , $ / " . + /$ ( " " " ," / % ! ; " " ! " ! "$.
" $" ", % , $/ ! , " ( ( ( ) " ) ! ) ! - $ ( . ! 7!)!(,E!..5 ('=! 6*,2/.<0#"1/B 6# *0'(# .#7)5((1: " " - " . ! 01*1 .#:,0 7)5('>' +,.#./90#..5: % $! -( " . ( " ) ! ( " " / % $! " " % , " - . A " ! ( ( % " ’( " % ! " " " ", ! " " ( /.
)1 .!7)5('(9 +,.#./90#.., ) , $! ", ! $ +,.#./'01; 7'/!)!*.1&,0, !: , , , - % " , -) , % ( . K ,@ @ @ 6 6’7 , @
-J D-, ’@ @7 @ D 6’7 , @ 7 6’7 E . -’/ " / ’ " % " / " , ! ’/ " ( " . + ’/ !
" " , ! ! " ! |
( "- |
||||||||||
) % $!- / ! " ". |
|||||||||||
* ! % /" " " ’/ " |
( - |
||||||||||
" " % . 2.2. |
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
" ( |
|
I ( |
|
|
I ( |
|
" ( |
|
|
|
|||||||||||
|
|
|
|
"#$# &-C |
|
|
|
||||
|
|
# " |
|
|
B& * ;# , |
|
|
|
|
# " |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* ’- |
+ " |
|
|
||||||
|
? |
|
? |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
. 2.2. * ! "
# ! ! ( , $ ! — " , "$ $ / -$ " ’/ " ( " " ! " (-. K ! " -, " , , ! " , )! ’/ .
4. |
|
|
|
! $! ! ! ’/! , -" % , -, ’ , " ") .
47
# $ ! , " ! "- ! " " , ) " " " ( %, %$ " % , -" , " $ . - !: ! " , ! , .
# " ! " ", ) " ! ) , -( /" ); " ! " !( - , " ! .
— ) -$ ! ( % $ ! .
# , " - %" / , " ! " ) , " , ! " " ( $
! " ! % .
,&!"H#$ + #" ( $ !" % * #,+ =$#,"-(, ) B& '+9. $ - ! /" ( " ! , " $ " ! " .
#.&,0/B /1/"!(# " / / $% "$ ! ( ( , ) , / "-, ! , % , $ ( . M ! " - / % / — , $/ % $ - , " ! , / .
#.&1 5& ,.+')(#3,2., 7)'3!/')1. $ % -, !, !, " ! ! "/ . ' " % -$ $! " " , ! " /$ $ -/ $" ", ) $/ ! ! ! .
B ) — & , ' & ! *!$& .
#.&1 5& +,)(1, E' .#*#<"B +,.#./'0, 7'/:9>1. @ " % / $! " !: ; ! ; " . + " ! ( . @ " , ! - : ! ! ! % ( , ), - " !. % " " % ! % — -) .
#.&1 01/"97#<"B '*.'8#/.' 9 )':, 7'&9735 , 7)'*#035 $ ! "$ -! ( ( . @ $ "$ ! ( ( —, — . ! % - " ! ! $ ( — " % % , $ -" % ( , , " " , % ! -— ! ! $( , " , % % ! — , ) % ! / " ! " " ).
+ $ $" ! " " ! *'*#"&'0, 7'/:9>1, ) " ! " $ " " ! ! / , - " $", " ! " % % . K " " /: !! ; " ; -" " ; ( " % " $" / ).
!)!* .'01; 9 /+!), ")#*13,2.1; $#.&,0/B&1; 7'/:9> : ; $ - % $% ; ; .
' 6 . &)#?.#; 6 )'601.!.1(1 )1.&'01(1 0,*.'/1.#(1 .!- $#.&,0/B&, +,.#./'0'-&)!*1"., ,./"1"9"1 7)!*/"#0:!., :,61.>'01(1, +#&"')1.>'01(1
48
&'(7#.,5(1, &)!*1".1(1 /7,:(1, /#(1 06#%(.'? *'7'('>1. /.'0., +')(1 *,5:B.'/", 31; 9/"#.'0 .# )1.&9 +,.#./'01; 7'/:9> 60'*5"B/5 *' #&9(9:53,? 6#'E#*=!.B .#/!:!..5,
.#*#..5 &)!*1",0 8!)!6 '$:,>#3,2., 7'61&1 &')7')#3,5( , *!)=#0,, ('$,:,6#3,? ,"#:9 8!- )!6 9/, 01*1 #&3,2, .#*#..5 ,7'"!8.1; , /7'=1081; &)!*1",0, # "#&'= &)!*1".'? 06#%('*'- 7'('>1.
"7 #9&-" ,&!B$#"G. P $/ /" " " ! -$ ( ( , ) / "$"$% % , / , ’ " ! " - " .
1' &!" )!/# ; — - , $ !$& & -, ) , ! , ! , () & , ! ) ! -! ) .
• " ! $ , %" $! , "" . M / / ( ( , " / ( ! " / .
& " % , ) / ! , ! 81/"12 —, 7'0.12 — " % ( -
!.
$, &* #9&-" ,&!B$#"G. # ’ ! " % - , % / ! " " $ .
)(!.' & $ ! -i i$ , ’ ! !) , ( ' ! i ' -! .
':'0.'< (!"'< +#&"')1.>9 / " ( % " , $%
.
* @ / « " % » ( % 1988 .), '7!)#3,5 00#=#%"B/5 +#&"')1.>'( 9 "'(9 017#*&9, 5&E' 0'.# 6#*'0':B.5% 5& (,.,(9( *0, ,6 "#&1; 8'"1)B'; 01('>:
! " ! " ;
! $! , " , ;
% ;
$! .
> ! ! -" , , $%, ’ "/ " " $" " " . # - ! ( % 1989 % ! " % " " , , -$ , ! " " ! , " % , "-, , $ , ( / .
' "1 A/ !; 7!#!/!&' — , ’' & 7!@.!- "$: '+ ! ! ' .
$ -7$E!#&G ;&B&!&9 !— $ , — , !$ " — .
/" " % / ! ! " " $ - " ! " ". @ ( /" " " !$! , , /$ , - % ( ( !. * ( - ! ( 6, — 10 " ) ( $) $. I$ " $ ! - " , $ — " , " $ - " . $ ! . /$"/ ! " 1 % " ( % $% " !.
49
@ $ /, ! % " $! , " %$" .
.07'( #$) — ! , ! ! -! ! & ! ! ' , -) ’' ) .
* ; #$ B"',$ — , , $/ ( ) $ /" . ! ! N / !'/.'0.1; 7)1.317#;: ! ; $ ; " ; .
@ / $ . + / " , - ! ! / ! ’ ! " $" , - " " ". $ ! , - ! , ! / , ( ! ( , ’ " .
@ , $%, $! ! , % , " , " , " , $ -) - , % .
(. +%" 3 — - ( ! $& ! $ ( ), !-! , ! ) , ( & ) & % ( ).
")#;'0, &'(7#.,? $! " % ." % " ! $% / - ! $ % ( - . &-" ! " " " " / "$! " !.
")#;'01(1 ! $ , " , , - " ! I ! " ", * " « ! » " %,$ * " « », "% ! .
)!*(!"'( $!67'/!)!*.B'? *,5:B.'/", /")#;'01 ('=! $9"1 :1A! /")#;90#..5, 7!)!- /")#;'090#..5 , +,.#./'0# *,5:B.,/"B, 7'0’56#.# 6 +')(90#..5(, )'6(,E!..5( /")#;'01; )!6!)0,0 "# ?; 97)#0:,..5(. / ! $ !( " ! !.
@ , / ! , $! -" ( " ) ( ).
& " ! % ! ! $ ( ).
+ " ( ! "" " ! (% -, $ " " ) ( % ), % / ! " " ( % " " ") " , ) $/ ! ".
('(%( #$: !&! "0 (%" 3 ( ) — $ $ $ $ -$ $ $ , $ , ’ ! ! ’' (! ) ) ) ! & ) , .
# + B"'(#&9& "#-+-$##6. ! -% / @ " ( @> # ) -* « ».
50