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FB2:, 07 April 2009, version 1.0 UUID: 26c6223a-64f3-102c-9c68-5025ca853da2 PDF: fb2pdf-j.20111230, 13.01.2012 ...

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Bee c e aae ae papoc o oaae, p aece pep a a oeceo (o ce o pex), a aeeo ooex. o oae poeypy ca a oeeex oox pax o oyca ex ya ccoo peo poe a pax cpaax, e pep cra ocoo . O e oao, o ocoeo eo poceaec p x cpae a pax cpa c pa oo po pax .

Hapep, epa cyecy oce oox p. Ho ocao ey aex eex ex ya (aoax) po poeypy a xo oo x, ero a oy opoac a oax ce.

Pae peoo aooaeca apaeo a yeoee pa a oecee ox rapa . ooy oro, o a opopa p opoe a H-opco ooo pe, oa oa oea py . a x acae oecex oaaee eeoc opopa: ea ao (a HCE y 18 .o.;

caopax pa 12;

pa, re e oox p, 10 . o.);

p a oce aaco ro (a a ro yx peyx oceey aacooy roy e eee 2,5 . o., cyapa p a ocee p roa e eee 6,5 . o., a o oe p);

oeco yex opaee a (e eee 1,1 . .;

co aoepo, aex e eee e 100 a, apep, a HCE 2 c.eoe, oee oeo aoepo 2,2 . ). Ho ro ocaoo, opopa, oeaa ce oee peoa, aaec e ae co p, opyx co a a pe. pa oea cee ecoc oa acae pa, ee ec, aaeoe opac, ..

p oyce peo proe e yaa epa peay po pa pee . yepcac a, eeoc opx pacpocpaec a ocyecee aocx oepa, a pro e yaa, x xpaee ypaee. a, aac orooo oyea poxoe ca, pae a ce pyooo o ocyece poeyp.

pepe-e oo pocyeoa o pae epe p roa, pee e oo coe oa xoaao o oyce cox ex yar oao opoe a pe. Bee c oae xoaaca o pae oao aepea ca prooro peepa, oce pepa yaa, a ae rooe aac pye aoe oye a p .

cc oa oca peooeo ypcoo coc paepe 2,5 . eex apo. oecee oaoro ypo cpoca a a, oyc opx peycapae, eoxo pae a pe o pae epe 25% yao . ee ya o cooo opaac a pe, oy x e o ococ coxoo ya peoc peo pro, a eo oope ay aca.

poep cooec apapa yca ex ya ycaoe pep, a ae ocoro aaa x ecox aec a pax coa ceae . aacy ao e oc aae ea ca, op apaeo peae cye aa. epx, ocyece cepy cooecp oaaee, yaax ae ea, opa pep, yaoe pe, oc co peoea.

paec a cex pocccx pax poypa ca aaec c noa a oe ca c npoee pa oap aepex oeo. aa o noaac oo e eo, ee ya oporo ye apeppoa cooec c ey . Oa pcae a peo ae, ee ea oc pyooe, cee o peppyeo yce ex ya, aeoae, oep yca, oa, apa ocoepoc npaex oe ca oye, a ae yoee o coac c cyecy paa oyca opoe (). Kpoe o, peca ypeee oyc, cpaa o oaeo yao oe, o poea cc yaoeoro aoo opaa. Ec aoepoe o6eco yopyer oee ooro oa e paopeeo pyro pccoro a, o ooeo pac yxaepc aac oe o pacpec p a oce aco o, aepe eac . Ka pao, pa ocae a coo pao poa o a peocae pvx oye opa, eoxoo po cepo oe oyca ex ya opoe. Paccopee a oo e peae o .

Peee e o ece peo cco pa ocoaeo p a: o ca, Kocc no onycy ex y , aoe, peo e.

C e a epeco ecpo pa oe peeo acea c ee yar aoepoo oeca opoooro . B CA paa onyca a opopa opoe, ecy a H-opco ooo pe, peycopeo, o pa ee pao pocao poy a o oa ooe c ec ca opyxc, ec o ocao ocoaec ooea, pccaee Co pepo. o ooc pa, oea ce oece peoa, o e eaopoe cooe coce, ocoy apoo oa蠖 yap o peya p, e opoac ee a.

Cyecy p op peeoo npepae opo a pe:

1) opoa aaa pro (o op po pa o paa peepa caacpoa aa a oyy poay e ca opee oee cpaey ey, ec o aoy-o y a oyo eoao ooe oeco aao a oyy poay);

2) epep poe (oe oe pe cooe ao-o ao opa);

3) poaoa po a oy cecc oee (coyec, oa yo pe, o paopac ao-o ao co, a ae p apye oae coae o ce o eo ycpae, p pee o ee ex ya oa-a).

ec, cee peoo cnca, o oceoa, ec:

e oe apoo eo acooe cooe pao yoeope;

yoe paee ex ya oae peeo ax acao oo x ecooe a peoa a;

oa-e ceo e oa aee o6 ce x ex yar ca opyxc;

ee ya ea ooa oae oea a oe p x poe, a ae p c c pyo po ..;

apyae coaee o ce;

oae-eo e pecae eeo oe pya opa yaae cpo ..

Oo poa, peex opopa, opy a a HCE, aaec epoeco peoae oao ooo oea opa ecpa, a ae yo oo o acoo-xoceo eeo . ya cee, acaxc aooo ooe oa, eoxoa a caopeypoa p, a ocyapceoo peypoa oooo pa. ooe peoa o a pocccx pax.

B aoee pe poo pae pooe pae oy poecc eopaa peoro . Ha pyx pax opay pe p pee p, oco oe oopx e oyce poyp . Oopee ceo ocyce o e ope. Ce coepa a e ooe eo, o pc ecpa ao cyae .

5.7. Opaa peo opo.

op opaa peo pro ac ocoo o coco oooro pa, .e. ero y, p ypo . e oe oe cpoca peoe a ee ya, e pe po;

e pyee oe ao eopo oeppoaee cpoc peoee, e ye op po. poe copoeoc pa eco ca c aaoo e, opo yac pa o oya poaa ee ya. Opraa po xoe peo cecc oaa aeoe e a aoc o peoo pa.

Pap ey ye eo npoaa (ao) ye eo noyne (acao) aaec cnpo. oo xapaepoa cp a ooey ey, ec acaa ea oyae oaaec e ao e . Opae cp opeee eo papa ey ao eo poaa acao eo oyae. pea opo cocoye copae aaoa e, x oepa opy yx. o ocae c oo .

p eoo oee cpoca peoe pro poo ope npocoo . Tao ayo oe opaoa o poao, op oyae peoee oyaee (ayo poaa), o oyaee, op e eee poee o pa oeax poao (ayo ).

B Pocc poecc peo po aa opoac c pocx ayoo poao no ny acoo ayoa. Eo cyoc aac , poa o aaa oprox copa oa co a a poay oox eoce o aao . O co opoox eex, ope paa yaca peoro . B xoe ayoa p a oype oyaee ea oceoaeo oae a a aro (paep aa ayoa opeeec o aaa po), oa e oae o oyae ee ya poac o cao coo ee peoe.

Booe oc yo, p opo aaa ea poaa ea ey p ocoaeo peaae ce oee e ca, oa aa-o x e . B cyae ee yar poa epoy oyae, oopoo ycpaae peoe ypc.

Ha ayoe ey, a aaeo aoo ayoe, ce oyae peaa co a oopeeo, a ee ya popeae , o cea caoe cooe peoee.

cepco aco Poccco eepa paeae rocyapcee paocpoe oaea a p-ec ece a ocoe ayoa ey. oyae (ece pece a) peca co ca oopeeo o oroopeoo cpoa, paeee ocyee o ea e e oee e e paee aoo yca.

Hpyo ae, poc ayo poaae oype o poao ( ycox a oox eoe oaa aeecocooo cpoca), o oyaee (p e aeecocooro cpoca oooo ooe poao ex ya). p oy x apo, a ae p oao y6e pe oooo pa aoee eo oaaec cea ooo ayoa.

Oa poaae ae oype ey poaa ey noyae. oo ayo a opa opraa peo po aoee oo cooeye ppoe oooro pa. Cyey e op ox ayoo: oo po epe ..

Cooe pa ex ya, a eo eo oc, peopee op op ooo ayoa. Ec ce a pe aa peo, cyecye oo pap ey eo oyae eo poaa, a oea e o e ee e oc peyp xapaep, o ao po e e , pea po paec e o opaoaa ope epepoo ayoa. B cyae oee peeo e opaa peo pro no ny oooo pa c pe ao. e eee e po, e pee a ayoa eee epo aoe ao a oyy poay ex ya, ope ae pea ao o a oopeeoro .

Ayo po ee ocao yoe cpece op. eepaoe paeo CA 1790 , yo a 80 . o. oa peacpoa coero oa, caoro c oo a e. Ora a oo epec y cey, cope eopaa pro oex oopax ycya eco peyp ayoa, poo oe a o-Cp. Ayoep opye copaxc pa oo a py aa oex ex ya. oce oe yca yac ayoa cooa co poe: o aa ey, o opo o coac y ee ya (ea oyae bid price), pye ey, o opo coac x poa (ea poaa ask price).

Ta opao, pyo ae, o ooy py cooecye aa peea oypa, a ao ayo, p opo aa o o yco, o ceo. p yo oe yoooe p ee ayi o aoy ycy o e oee ce epaero . o epe oye ao o yeae yeae ey, oa e ayae ao aac cpoca poe, oecea aca . p poep oe e co epoaa aa. Ka yao pra ae o eyoceo coe npopea e, a p pox pax ycox poro npopea oea, .e. oneca yaax ae ex ya. Hapep, ape yc ayo coyec p proe py, a . O oxoc opoe, e ce. p ceo oe aao cxoa ea yaaaec ypc-aepo (o poepo), op oeppye a a oyy poay, a ae yaaae ey, acpyy . aa ay apaee, poep e oe e co epoaa aa, ooy pope pee, oop ecye a o yco ayoe, cyae ceo oa a epe cc. B e opeee proa ea, o oopo poa oyae aa .

Ta opao a a oae po aoero oea aa. p o pe a ocye ecoo pa eee peoro . Kpyee aoe p蠖 o p Ap, e, epa pa. ace a ceecy o a ocoo cpoca peoe a ee ya, o oc pa, oo epe enpepoy ayoy, op, co oepe, ee p a.

ep x cooae aao, opy aoc yo epeaaee poepa . ae ep (yoooe p) coe x, a oe e o epe x . Ta opao ocyecec coeee aao, aoap oopoy ope oyae opy c ope poaa, pe ee o yaoa ecoo . Hapep, py aa a oyy o coc eco aaa a poay a .

Bpo epeporo ayoa ao, a opo yaae aya apa e a a c (aca p oye, aea p poae). aep pypye oye a opeee o aoy y ex ya ypcoe oea (acy p oye, aey p poae). e o a ao pa paoeo eca poepa. Hapep, a ao H-opco cpooo p o a ao-o opopa yaao 17 3/8 17 3/4;

3/8, 3/4. o oaa, o 17 3/8 aya ea cpoca, a 17 3/4 aya ea .

e cya ocoo oppepo coex ao o-poe pae p poecce peoo pa. poaapoa cya, poep ca o e a ao, oope ce peepa, axoc p6o ae. aa paea a ao xpoooeco ope, oy pope pee pa opey po. aa o e oe, ec aaoe aa a y e ey pxo pae oroa aa pooooo cpo pa. po eoe aoo aaa oe oepeee

a a a, Ec aao e, op, a ye oeaoc, xapaepye ypoe copoeoc pa, e, aep oe ec oppepo xoe peo wpro, c e a, oope co opac o e cpoca peoe. Caa opaa peo po oo oc oc pa ye yaoe peeoo cpa.

Tpe epepoo ayoa a. Tpeep copa opy epa (yoooeoo p), op oe oya po yc, a ae ca poo p, pa po, oca opaea. Ce e aa o pa ea, pe o oyae o a ey c pa poaa, e ac ope ey oy . Tpyo cee pea po a ox pax, ocaex copeeo oepo exo, o a yca pyex oa.

Oao y o a epepoo ayoa e opeeee peyeca peeoo oee aao, ooe oc po a, acao y oeo coxc aao.

Ta opao, , o ao ayo cocoye ycaoe o, aoee cpaeo e, o pe a a epepo ayoe oa oeec o ce cee.

Opaa peo po ee eoc ac e o o op ee ayoa, o o po pex ocpeo poecce ee ocyece. Tpyo a ooy py, a opo oepa c oo eoc ocyec ca . Oao ocoa e p蠖 opaa opo, opy ocyec poeccoa pa poep ep c e coe ao ecopa.

poep o ae ea, oy eo ay. O apae a oo ye ee co, a opaea o cee, epec opoo a pe pecae pyo poep o ca ( ocee cyae aa yy caooc). Ec cea co cpo poaa, co cpo oyae ye aea a pe o e ea a eo ce, poep e pcaee젖 ae ea, oy po, npeca cooynoc x ceo, aaec aec.

pepo aeoo pa e eeoc occox yxoapox poepo a H-opco ooo pe.

Kocco poep cya oa, e p paoa eo ae a oy. yxoapo poep (a. two-dollar broker) eac poep pooo aa;

poo ae poep pa occ paepe 2-x o. a ae 100 e peaoax ex a.

oy opyee ea, occo poep oo apae ceay o a a. Ec o a oe a, o oe opoc oe opyee ceacy ooo yxoapox poepo. yy eac ea, yxoapoe poep epy occoe a aoe opyee, opoe o ooa co. occoe aa epxe poepco po. Paoa occox yxoapox poepo coc o, o oece aye ooe e ex opye, ope epeaa epx poepca pa.

oca opyee ceacy, poep pooo aa (y o occo yxoapo poep) opee aye peaaey apaaey e (cay coy paaey cay y apaaey) o aoy aeoa . Oo o ce y opa y ceaa ca c epooo epaa, pacooeoo a eco eo . Ha epae ae ceaec eco a, oope peaae y poa o yaao ee ( oeco aae paeee a).

Boopyc opae, poep papaaae cpae coe . Hapep, y poepa ec pooe opyee a oyy 1200 a, o oe oe ayy apaaey ey oeco a, peaaex poae o ee. Ec oeco e eee 1200 poep ocae ey peaeo, o p oo pa o cooae o p peoe. B cyae cea coepaec eeo.

p aye peoe, cxoe o poepa opooo aa, ae axoeoc oe ceaa, a poepa oeac aa p, ope o peca, yepa ea co . a cea oxo e poo yac ceaa, a poepo apaaae occoe o poepco p, oopy o pecae (ec oo o e paoa a epo ae).

O ao ce ceac ax oc .

Ec aya ea aaa o peoe, oopoe o ocao y ceaca peaa, poep pooo aa, p c opyee a oyy, apaaae occoe (a o yaao e), ceac oyae occoe o poepco p, ocae y eo oe opyee. B cyae, oa cea poae 1200 a coeo coceoo aaca, o e oya ax occox. Payee, poep c po opyee a oyy 1200 a e oa xaac a yy eyy ey cpay o pxoy ecy ceaca. O o oy oee oy ey, ooa peo opoy e oeo.

Ec ec pooo opye poepy pooo aa ao oe opyee, pe ooopea e ea cyeeo e e peoaae poo e, o oe poec oa opyee y ceaa, o c ero, oa oo poe yco. B cyae poep pooo aa oaae o opye e oyae occoe o poepco .

co e opye, ocaee occo yxoapo poepa, ea apaaae occoe o epxx p. Koeo, poep pooo aa oe ca ocac y eca ceaa oac oee ox yco coe oo . Toa o, a e cea, oy occoe o epxe poepco p. poep pooo aa cea oya occoe a, oa o eceo ocyec ocpeece ycy. Hapep, oo ceaco H-opco ooo p epy a coee opye occ paepe o 1,5 o 2,0 o. a 100 . yxoapoe poep apaaa cpe o 1,0 o 1,5 o. a 100 a.

B oe o poepa ep cyae pooooo opoo pa, .e. oyae poa ee ya a co ce a c p, oopy o peae. co aa a oyy, ep poae ac coeo oooo peepa, a o aa a poay, oyae ee ya a ce coex cpec, .e. cya a pe . Cooynoc ceo, oopx o opaeo cynae ep, aaec epc po.

Ceye ye, pa ey pa e co opa, a oe oaac a ep . ep ee pao peaa co opo, a ae, oaa opeee peep aao yy poeccoao, oe cococoa oe o pa.

Ocoeo ao cppye o cpec pep. B 1875 ., coaco pea, paa o, oyea poepo o e e o, ea ee pay, opa ac ao oeo ep copeeo ooo p. oep cocoo epeac o ay, o pe peo poepce ycy o o ooy aeoa a頖 o a Beep o . Ocyec y epao poo paceo aa, o copo oapy, o eo ooo o coee opye a poay oyy a opoc. B peyae ey cao ocya ee oe aao o pyx poepo. B ocooc cyeea ac peo a o poepo, op x e opy coep ce c a Becp o Koa o ea e o e peoaae poo e. o ycpaa pye co e, peoae x pcyc pax ecax peoo aa, poep oca co aa o a oy c e, o o .

Ta opao o ca ep ceao a H-opco ooo pe, a opye, op o o pyx poepo, a ece o aae e . Kpoe o o pe pea ae ex poepo, ope ca oooc coep cey o ay ee cooec c po opye cox e. Tae opye e coepa yaa oceo a e o peaoac cooec c po..

coy oy pay oa, pye poep aa opoa eo ec, pa ce pye a, aoc ceaa p. Bcope o ocoa, oee y Paceo aa peocae yay opa ooceo cpoca peoe o pa e yaa, a ae a opa o pec p p ee cooa oo po a co coce c. Bcece o ceac ca eoa e oo a ocpe ceax, o aece pao epo.

a, eae op opaa peo opo c aec epc p cocae oy peoo exaa onpeee yee ocoeoc opo a ao p . oco x coeee aeoo pa ayoa. Hapep, Toca ooa pa pca coo ae po ope epepoo aya, op opaoa c oo -aao ao. Aepace aace p c ocoo epc pa, e epep ayo oeceae cey: a ep, oea a yc, o ey poaa ey oyae, .e. oepae epep yxcopo po ye poa oy a a co c, ec peeo apyae aac cpoca pee. p o ppa opeeex pa.

o paa H-opco ooo p a ep-ceac oeae a eoe coee oepex ey ocpeecx opye, .e. x coee o aye ooo ee. o oae caa o coe pe oo o oeo cee acy peaaey ay apaaey e o apee a a. B paax oo e cea e oe cya oopeeo a ocpe a pa, apea paa peo po. Kaoa a ea a a, ceac oe oaa peoee coe opye, oyex o eo epe poepo pooo aa, ep coceo p. Hapo, ec opye, epae poepa, pyo eooo coec, paa peoaa, ceac ye o epe payo oooc cya aece paa.

a, ae peaaeo apaaeo e, a o ac poe H-opco ooo p, oo pca coo aoee peaee e peoe頖 acay p oye ay p poae, pcaee y ceaa (ca ceac poepo pooo aa). Oao ec peoe, oyex o e pooo aa, a , o ceaa peyec x cea o coeo coceoo e. p y eo ec eoopa cooa ycaoe pa cpa ey co ae peaaeo apaaeo . Ec cp oo, cea oe oe apaa a eo epepoae a, oya x o o peaaeo ee poaa o coo apaaeo ee. Ec cp eoo, a cpee eo ee ceac apaoae ee, e epo . p eoo cpe aoap oee peae ea oepax ooo yace oeo oeca e.

poep ecp oco pocapa ae peaaex apaaex e epae, op oe . , cea oe cooa o o cao coo cao o apaaex eax a apeee a .

Booo, caa aa oaoc ceaa coc , o oepa cpaeo opo poe apee a a. paa pey, o cea poo c , . aco o cee aoy opye pcac eop pop aco o yppye e e, pee ocye ceacy paepa opye. p x pox ycox oee co pope oyc caa coa paaea caa a apaaea .

Hapep, a H-opco ooo pe pao 390 ce poepa apeae eoa aece pao ocpeo ey oyaee poao eax o opye a e peae x a epep ayo, pocxo poo ae. o cocoy y, o oa ac opye a oepa c opye a apae coe po a. B peyae pocxo ocoa oa ao, opa oe yy ac eoo opye a eo coee o aye ooo ee;

p o oepae ooo ceaca oxpae eo pooo aa p a epao Paceo . Ta oeceae coee cce pope a pe.

pa oceoaeo aae pao 390 a eoxooe cpeo oecee cpaeoc eoc pa. Oao p yepa, eeoc pa p xoe coxpa co opo a poe pye a. Heope poep-ep, ec ea p, ea oe pao 390, o ooo coa co p opyex a aooe oo epeoo pa, oop o ye oepa.

5.8. Kopoa ex ya poypa ca, oyc ex ya opoe opee a. peee e ypca eo ya蠖 oco oooea a ao peo copa poecce avoa oepa.

Kopoa[7] o ya蠖 o exa e e, ee c eee oo pao p nya pex eex.

aecoe oee e poecce peoo pra e peyao aoec apeppoa . pa ee e, oeo cococy ee oppoa.

pa oeppye cpoc peoee a oyy poay x ya, opeee coooee ey ey cpoco peoee, peyae opoo ec ea a paee paoec peeoo ooceoo, o ocaoo ocyee .

ea, no oopo c ce ee ya nepexo py py, aernc ypc. peo ypc ye a opep p ae eo a peo, a o epeo . p o ao ayo ooe ey ey, opa ye cyeoa o ceyeo aa, a epep頖 coooee ey ey cpoco (ea cpoca aca ea, peaaea oyaee) peoee a ey yay (ea peoe aa ea poa eo ya).

Ceye e, peoe aooaeo, a pao, e cpye opo opeee peoo ypca ex ya. Oao acoc o npno, nooex ocoy opo, paa:

1) eo eoo ypca, ocoa a yaoe eo (o) e;

2) pepao e, apyc a pecpa aecx ceo, cpoca npeoe (e poao oyaee).

Ka pao, pee p aa c o6e e, ope e ecro oe peye cecc. O opeec ceao opoao occe o peyaa peyeo pa (apep, epaeo ) paac eo yaca e opooo ca. Ha pax, e peec coco oppoa o peo (po ocyecec c oo aooo ayoa), oa po a ocoe ypae cyeo oe ooe pa co cpo , poox opoy.

pee ceo pcae epec eo ooo opo, coye a eex pax, e p ycaoe pex e o ae pac oo ce, aee p ocpece oax, a aaex ypcox . o ao pye oox eoce e ceae aep, pae a cpoca . B o opeeeoe pe o cxo opeeeo ece peoo aa pcyc cex , aepecoax ax ex yaax, pya yaoe oo ypca, p opo o co op acay cyy cpoca .

Coepeo oeo, np ycaoe ypca eoxoo ceoa opeee paa:

1) peo ypc ycaaae a ypoe, op oeceae aoee oeco ceo;

2) a poa o oy ypcy, y o oy ypcy ocyec p oe epoo peoe e;

3) coepee ao, coepax acae e p oye ae p poae;

4) a, opx yaac e, paec aca p oye ae p npoae, oy peaoac ao;

5) a, e yaa e e cooo ypca p oye e p poae, e peay.

oe pace eoo ypca oo peca ceye ae (a. 5).

pa, oye a oyy ex ya o o ee, ory coe o ee 555, oy oee oeco pao a oyy o ee 150 (80 + 70). eae y o ee 555 yy pa coep cey o ee 554 ..

B ooe pao a poay epyo ae, cypoae pao ocyecec opao ope o aee e cooec c ea poao poa oopoe.

Haoee eo ceo, a eo 600, yoope p ypce 551. O cpye a . Oao o coc cya, p opo, apep, 600 eo yy coc p ypcax 550 551. Ka popea pyoocoac o cyae? cyco ypcooro aepa coc o, o oepa aoee po, a coaeo, ypoa yeee ao opoe pa, e x ee. Ta opao, ec ao a oyy ee, e a poay, eecoopao ycao ypc 550, a ec aoop 551.

Hpyo a, p ee 551 pao a oyy a 10 oe, e pao a pay. Kae e x yy yoope? B epy oep a, coepae pa y o o ee, a ae a o ypcy e oro 555;

554;

553;

552. A o ao o ypcy 551 20;

x yy yoeope epe ec coaco pee pecpa, cey pay "ep oa ''.

pocoy epepoy ayoy cooeye opoa o pecpaooy ey. B peo eee oea (pecppyc) eee e ceo, aee eee aoro epoa pee (peoro ). ocoy opoa aae perpa aecx e, o e e cye oa exaecoe cpoae ex poecce peoo pa ypco (e), opoa ocpoo oo noaaee oopoa .

Aap ae pepa eo a ecpo, Kopoa occ onpeee epx npee e no a ex ya. p oa cae e, e oaae p .

Oo pex eex pecppy e ce e o, a peee, aoee oo xapaepye ay e poecce peoo . peee e epy epao opoao papeax: ca a pooe peoro , aaa epe y aea ea oe peoo .

Ha oox pax ooec pax pa 3aaa po e yaa ec c oo aoapoax cce, oo c ecox oc o aa a oyy poay oox . Ec o coaa o ee, aaec coc opa o ae ce, opa oy a paoee eco (o), a ae cec a epe peo aapae, epeae opo ex ya.

peee ypca a a ee oao aaec ae ;

ooee ypca o oaa .

5.9. Oopee cnoee peo ce cPecpa eo ac oa c pooooxpo e cpy pax opax. Ec po ype peya pex po copo pa a py pya, ea a .

opaa peo cooe c peoa peoo yaa oyea ao ooo p. B poo pae aee e ooco, pea ea oe oopc p oo cocae aepco anc opepa a cey (oo epo ye), ocay ocpeo, ee coep, o e epecax . Booo aee ceo ye oea ya oyea, oo oo cpoa ocpoo oeee cpo. Ta ya oye, aco, e pea aa a yae oypex opax oypce ao. Ce coepa c oo onepoo oecnee. Oao o cyae e c e yaa, coepaee a ooo pe, oea oaeo pepa a e. oce ee coepe poep yeo opae o ao cee o coe opye.

o aaa poecce pepa pex eo pa poa opaa ocyece cepy apaepo eyepex ceo. Cea cc yepeo, oa oa acpoa oo, nonca oe copoa ce, aea onepo ccee. B x cyax ec oooc execo o a ooe opaea o ee, a ooe ex apaepo . C e ypae x oo opo ocyece epa npaoc copoa ae ce.

y y pax cpaax c poo ooo o o pa. Oo oepee paca o pe cea aac poe opaa, ope oy xo pyypy p yopoa aee caooeoo pecoo a. B acoc opaa poecca cep opa poy aay oe ocya o poepo c p.

oce cep oye, oepae aee e, epea ce paceo, Kpoy (Pacey) aay opaa, ocyecy .

Opaa pace e e cepe, op opee ypoe oao peo . Ec p ccee peoo exaa co opaa ce c peee aoaea opoeo aea, Kpoa aaa e coee cex apeppoax ceo, o e .

B cyae y poo opaa co ce . p oocpoe aee ce e cao cex peo oec, . . onpeeec no aoo yaca pox pac. Koa ya e o, pay y, .e. eo peoa pa eo oaeca, caec, o o axoc apo no.

Ec ce cao peoa oaec e pao y, no yaca opa. Opa o oe opoo o.

Kopoa no peoaae ae co cpo aoo yaa paceo, a a eo peoa ee oaec.

B o no axoc o yac paceo, y opoo peoa oe oaec.

Hepeea aa ppy npoecc ea, .e. onpeeee no (a. 6). He, ocyece noce ooa opo, aaec . He, npenoaa cee no yaco paceo npoecce opo, aaec e.

y Kpoo aa, a coe cex apecppoax a pe ceo, coc epeae peoa oae pa, .e.

ypeypoa o.

ocyece x y Kpoa aaa oa oya acoe pcypc a ypeypoae, coee, epeo ce ..

Oao aa ca opaa paceo e ae apa coe e po oe ox pco, cax c aeo opaa o cee (). coa cce opo a paca oe eo yopoa peoo exaa Kpoa aaa ep a ce y apaa cex apeppoax eo cao pco epo. Oaeco aoo yaca peo e apapoao eo Paceo (Kpoo) aa, oopa ee ce ea-yaca peo ce. o op peoo pa Kpoa aaa oaae ce ce peyeo peoo copa apae peoa c yao .

Ta opao, Kpoa aaa pae a ce eop pe pc.

coee ce ae a apaex poecca nae (epexo paa coceoc a er) nocaa (epexo paa coeoc a ee ya).

eo cpo ce e e cxo p x acc. e opeeee eyape aap o pee .

Ta, ec ca e ae ce T, cepy aaa e oee e T + 1 e, a coee e oo poxo epo T + . Cy e, pa oe ycaaa cocee . Hapep, coee ceo ye ocyecc epo T + e. Ec aee e coc ycaoe pe cpo, op ceao e ooapaec, o ea cae peo accoo ceo (spot). Cpo coe cpoo ce (forward) T + x, e x 5 e pooeee accooo cpyec ooope.

Cpoe e , o cyecy, ooopa o ocae, cy opx oa cpoa oyc a ycaoe cpo opeee oeo oox eoce, a pya cpoa eeeo x p oa apaee yaoey cyy. Cpoe e oo aa a cpo ooo o pex ece, po a .

Cpoe oepa c e yaa papee aeo e o cex cpaax. o pocccoy aooaey oopee e ee oaa oy oo py pya e oee e a 90 e, B epa 1931 . o oece pooo ooecoo pca o apee.

Cpoe ce c e yaa papee P oo 1970 . B acee pe o aeo opoa aa c opeee opae. Cpoe ce c oo eoc opae aoo CA, x o a H-opco ooo pe cocae eee 5% oopa ex ya. eo oao poo pacpocpae a pax .

5.10. B pex ceo x ocoe xapaepc Kaccoe ce acco oocc ce c oo eoc, noeae cnoe eeeo eee 2-3 (oa o 7) e noce x .

K Koeo coepex a oox pax accox eo, a pao, peae co aex cpox eo, o accoe ce ao coy e o e, oyae a oa, yoop peoc cox e, o pee cey. C pae peo ooo po accoe e o ope aec pepac cpoe e. Paccp e paooc accox .

oyna c aco onao ae cpe. ce aac peyeeo poa a oee (a). oa a aee cpa papeaec pe paa. B cyae e oaae oo ac ooc a, a oaa opae pepo, oopy peocae poep a. Bpoe aae x ceoꠖ ce c ape. Ceye yec, ooe oy pe oao oac, a a x oea e oo oyae poa, o pop-poep , ocoeo cyeceo, oepece a.

B oce cpa (apep, CA o) paoa aee ae exa o oe oo cea c aco oa ae . paec o cex cpaax e c ape oeo cpooo peypoa co copo paeex opao, p cax poepo. Hapep, aa c 1934 . Coe epao peepo cce CA ycao ay papeaey aoo apy, opa eac 40% 19371945 . o 100% 19461947 ., oa e c ape pepae. B Pocc aa apa ycaoea cpye cepca aco P paax coepe pecpa ceo c e yaa 53 o 6 1992 . coa 50% oe cooc popaex ex ya.

a, copee exa oox oyo p cpo, o-epx, a eco opae eo paepo, o-px, a ece aoa o oyee .

poa ex ya, x a, pa paooc accox ceo. o accox eo coy, aoopo, po a oee (ee). O poa e a a, oop aec e ae. Ec oae poaa opaaec ypc x a a aae, o oyae x opaae y poepy, oop x ey oo.

poaa ya, oyex apoa, eyec a peo ecoe opoo npoae. B oe o ee oya a pacee a ocey po x ypca eye o ceo.

Cpo ce Cpoe ce e coy cpyypy oy accpoac aco cocoa yaoe e, pee exaa poee pace a popeaee ee ya, apaepo, peycpex p x ae.

Cyecye ecoo ocox cnocoo ycaoe e a ooe eoc, poaaee a cpo:

ea cpye a ypoe ypca peo ae cpoo c;

ea a ooe eoc e ooapac, a pace pooc o ypcy, op caae a oce peo e aoro a ex ya a opeo pe, .e. a oe a (coe) ce;

ae e a ooe eoc oe p ee ypc oo, o apaee ooopeoo peoo epo o ae ce o ooa pace;

yco ce peycapae yaoee acao e, o opo ee ya oy ye, ao e, o opo ooa ee poaa ().

exa poee pace o cpo cea, apep, ee ceye peee . coee ce pao o ee ae ceye epe opeeeoe oeco , ycaoex opae. Ta, ce p eco opae, a 1 op, yy coc 1 op;

2 op 2 op ..

p eoo oee pao o coe cpox ceo ooec eeecoopao aac x coee . oa oee ocy pca ycao o a paceo o cpo cea.

B acoc o pec poe paceo cpoe ce opaec a ce c ono cepee eca nep eo (cea pyec 15-o ca yaaoro eca) c onao oe eca "nep y'' (cea pye oe eca 30-o 31-o ca).

o exay ae cpoe ce e a epe (poe), epce, ycoe (oo) pooaoe.

Tpe c oae coe ycaoe ooope cpo o epo e. O aappoa o ope. peyeo epx eo o cpae c ooa epca e , o o aa a pae oe oox eoce, a ae cpo cooe c pea opeoc . oy epe cpoe e pee oa, oa eco ee eeo .

Cpo ce蠖 oyae poae oy e e peax eoe p ee ae, a a a oe coepe poae e epeae ee ya, a oyae x e oaae;

o aa ooop, opo cpy oe, ypc poa (eo ypc) cpo, o cee opoo ea ye coea. pe ceo ypc oe oac cyecyeo ypca, copee cero o ye ac o accooo oe a ce. p po a oee () pacca a yopoae peoo oapa oy yae ooope cpoo ce a oyae, cpy e ceo ypc e, e o eo pacea ye acco oe a ce.

Oa poooo.

Ocoa e ae ce a oya o oee oy ypcy, e acco oe a ce, a ee poaa o ypcy, peaey ey ypc. Ta opao, oe e cyae paa ypco, a e ee ya a oe ecpoa. o opoo ao ce, a ce a pay.


Cpoe ce " p'' ( a paoc) e, o cee cpoa oopx o opaeo oe ya pyoy cyy pa ey ypca, yaoe p ae ce, ypca, aec coc oe a . Taoro poa ce oc o cey, poo xapaep.

Ee opae apaee cxo o, o e yy o yco e: poae epeaa yaoe cpo poae ooe eoc, a oyae x . poae, a pao, e pacoaae eo oe ae e, oe ee . Oe e yae paoc ey ypca, yaaea popae . o epo cpoo cee oo, apep, y poa poey cay, opa ye aac o eoy epe opee opae cpo.

Hepyo ae, a ea peo oae p pc. eo yee aae 70-x roo ee oe apaep cpoy cey, a eo oc acoe .

co epc - o caapa cea, ea ooee peyeca o cpae c poc cpoo . Oa aaec o yaoe pe paa, apepo ao cee ec pa e Kpoo (Paceo) . pa opeee paa, ope ycaaa:

aape oe opae;

caape a oa;

aex ex ya, oope apapy aey o.

Po epco ee oy oc, a a cape paa oecea cooy po co yooo oeca . oy po aco epca ee coe e poa.

B acee pe oco epa peo po p蠖 LIFFE (London International Financial Ftes Exchange);

CE (Chicago ercantile Exchange) ATIF (arcca Tene des Instrents Financiers).

Paccapa opoc ypoeo, oo ocapoa, ec epcoy opay oa aoe ycoe[8], a pao opa[9] a opeeeoe oapaee (pe) y (poa) ey yay o apaee ooopeo opae ee oaac ce, o ooe apap xapaepy oo.

coe ce, ce c npe - cpoe pee ce, opx o opae a ycaoeoe oapaee (pe) popea pao a ocoa ocooo ae, pypoeoo opeeeoy , ea o o op (e ooee yco coe e): co ey oaac o ee .

e ocoa a , ypc ex ya oe ooaex pace aepa e o cpae c cyecy, popae cpoe pe cyae roee aa pe oy pao oaac pope poa ex ya.

coe ce, e c pee, e a:

poce ce c pee;

pae ce c pee;

ea.

Paa npoce ce c npee, oopx ae pe e pao peoa coe ce e paa opa coepeo o ee oaac (o aae pao xoa).

Ce acoc o o, o e aeo pe蠖 oyae poae, opae a a a:

ce c ycoo oyo e c peapeo pee (pe a oyae);

ce c ycoo poae e c opao pee (pe yaa poae).

B o cyae popae copoe oee y, e o y cey.

Bpo 䠖 pae ce c npee, p opx ae pe e pao nopoa coeo opaea epa ey ex ya oee, a, p oee pa peae ycaoeoe p ae ce x oeco, o ypcy, ycaoeoy p ee ae.

Tpe ceo c pee頖 cea, oa ae pe popea pao ca opee coe ooee ee, .e. p aye cpoa ee coepe o ce o oyaee, o . pe o oa y y coero opaeaoyae pe ee ya o cey ypcy, poa x o ey ypcy, acpoaoy oe ae . Cpoe ce c pe oy oopc ooo.

Oo a acoe a a ooo pe ooec pax cpa aaa cyey ye oo ece, o 70-x oax o a poaac a pax. o 1973 . oo e aap opaa. Ooe ce aac cxo opoce yao ce oc ya xapaep. Ta opao, ooe opa a pooa ea yaa e oaa paa peoro apa. B 1973 . a aco pe ooo (CBOE) pcae caape oo a ee ya. yp poc pa ooo, ocoe opoo xopoo pa po a oa, ceye ece oo ey a poe ec a ooo pe.

B aoee pe po ooa eec ae a ooe ec, ae opa, ca o pe opaa pye aoe a, oope oaa coo oc poo cooc. He e oe oee poox ex ya poro opa ono epce opa con.

Haao oaoy py ooo o ooeo ocaoee paeca P 78, opo yaoeo cyecoae poox ex ya a yocoepx pao x aa a oyy poay ex ya. Copeeoe pae poox ex ya, acoc ooo, Pocc apyeo -a . a, eoopo pae oy o oo a ae ypc a ocyapcee paocpoe oa a P. Oao poo po ooo, o oee ceaco, ee ee pocy, oeeoo pa e c ece eo pa.

e oce oypoc ooo? pee ceo e, o o oxooc o ao oepea pocoe oee cpec a oa (apa o ee co ocy pe).

o a pycc epeo a op pecae coo opa ey yaca e: poao ( apo) ooa oyaee ( aee) ooa, o ae oyae pao y, a poay poa ee ya o apaee coacoao p ae opaa e (ceoa ea ooa) pao oaac o ce eee o oa yaaoo epoa. pao opa ocaec a oyaee ooa, aa oe ae ce pe eo e. Boo ep oyae ooa ec ynae npe.

Oo noyne (ono-o) peocae pao aey y e ya o apaee ooopeo ee oaac o e.

Ec pe ae ooo opaey, ee yaey, poa ee ya aac o e, caec ono npo, ono-ny (c pee a ay c opao pee).

Ba pepe acca ooo ec cpo x cnoe. opee o aepac oo epoec oo eoxoo yo aae oe cpo e, .e. ay oooc cnooa ona. Epoec oo oe poa o e ee opaa, a aepac oo o e o ee cpoa opaa e e.

Oeo xapapco pex ooo, a ye oeaoc, e eo cpoa oe cpo ec, oo epe pexece . aaa opeee ee x a.

pyo oeo ep pex ooo cpe o6e o. Ha aax pax peoaa opa c ooa a a, ec, ay, oa, epce opa, a o paoe a oeco ex ya (py ).

Ceye ocoeo pex ooo cae cpo x noae, a pao, e pea yx .

p ae opaa oyae opa y o, oopa oaae popeee oooo opaa: y o ooy o, y o ooy-y, a poae opoy, opa oaae peocaee paa o ooy-opae, opoy o o-.

Bao oe, xo oo-o, oo-y oy ye, poa, o e oy ao oecpoa py pya. py coa, ec o-o oyae oo-o, o, o ap oo, o oe poa ae oo-.

Ta a pee oo poa a opaoax pax oox pax, cpoo e aoo ee yaa cyae Pacea aaa, eae pc eya o ee caappoa poa. o co oo opa o ea eo oyae, Pacea aaa aya pae ooo poao caapoo opaa. Ta opao, oyae ccea peo po ooa ae eao peyec: apapyec coa oc opaa eo coee, a ae ocyye eoxooc poepe acooo oe .

Cey pepe acca ooo cyae aco pey eo eeeoo cnoe: p oo c pe;

yeo peya oo e pa;

y (aoe oep ecpa) oo c pope (a. 7).


B ao ae e yaac yaaea oyaee poay pe, a yaaa ype co ooa, .e. paa ey ey ypco a eo coe. Oeo, ype coc a ooey pao ee oo-o o epo o a. 7, a oo-y o pee .

pee oo e oee xapaepc. O caappoa o cpoa ec (oo epe pexece epa).

Cyecy ae opae o cpoa oae poaa ooo (oo aea peopa) a pax aco CBOE (Chicago Bjard Option Exchange), Aepaco AEX (Aerican Stock Exchange), aeco PHLX (Philadelphin Stock Exchange), Txooeaco PSE (Pacific Stock Exchange) ee c yace Kpoo aa aee pooooo cpo o ao cee, coaeo, pc o cee .

Oo caappoa o a ex ya: oe (poce) a, pee ec ex ya ocyapa ocpaa aa.

Ceoe e opec epe cpoae epa yo, e ey aepa coepac opy, e cooa a paax Peepc Teepeepc ece c oea ceo, eaa acoo pecce. eae peo po ooo oee .

Coepeo o exa ec y pooaox eo. O e aa eocpceo a pe, o ocya peo oopo ex ya.

pooaoa cea pa coo epey cpoy cey. o cpoo ce cya peo cey, a a pe cey a cpo c e oye ypcoo . opeo pooaoo ee oa y peoo poa cyae, ec poopyeoe eee ypca e cococ a cpoo e e pece p. Oao peo cey paccae, eo poo a eee ypca opaaec ae yye, oy ey eoxoo p yco e, .e. npoopoa. Ta opao, pooaoa ea aaec pe poo c e oye p oe ee cpoa poox pex cey o ooopy cpoo e, aeoy paee.

Cyecy e paoo pooaoo c蠖 penop (copeeoe aae ooeco epaype peo) enop. paooc opeec ooee peoo poa ee: 軠 peoppy;

e軠 .

Pop npoooa cpa cea no npoae eo ya npoeyoy aey a apee yaa ooope cpo no ee e e ee opaoo yna peo oe oo cpoa. pe, aa o a, peae peopy, oa poopye poc ypca, op pec p poee peo oepa, e . Ceoao, coee e a oe pey pee eex cpc a oay popeaex ex ya, oe aaa c o yeo ae po .

E pe yp paoc coeo paca o oe ypca o ye pc, o aae pooaoy ey, . B cyae pe poae eee aoo-o epoa pee ocac e a oyae eo ya, e aa coex eox . Eo opae o pooaoo ee co ero ooop o cpoo ee a c cox acox pecypco, c pao poa ee ya o oee cooy ypcy.

a, oa cpo ooopa o cpoo ee ce, pe ye pe a oo pepa, op a pe a poe coac a o .

pe a oe pea ye o cpeca ey, pacac c opae pea ee, ooy eo poe e oe e cpepooo.

Oepa peopa pea cxee 18.

pep. pe a ooop cpoo ce a oyy eo ya: a o ypcy e (ceoo ee) 80 e co cpoo coe 1.10.94 . Oao oey coe ooopa ce (1.10.94 .) ypc eo ya e occ occ ea. B eee opeeoo epoa pee, apep, eca (o pacy pea 1.11.94 .), ypc oe ye . o o aae ooop c ao a cpo o 1.11.94 . ( ppo), oop coaae y e a o 80 y opaea pea e poa pey o ee 85 , , , .

a e e ceax pco o oepa peopa, a a cpye ooope oyy poay a o cpoa ypca, ope ooceo oo, ecop a eee peo oyp, pe ea poa e e oy a ey, a pao, e e cpeeo ypo poea. Pc (opeo pc a pax o ee) ee pe. B oe o epca, e pocxo epeoee pca a opaea, ooa, opaaeo paep pca pee, pooaoa cea e yeae pc pea ( .. . --: , 2006).

oa yaaec, o pooaoa cea e paooc peoa o ao ex ya. Oao cyecye paa: o epx, oeceee pa pae c cooyo ex yar, a paep pea coae cpee 60-70% o x peao ypcoo . B pooaoo ee oaaec c co ex ya o acpoaoy ooope e peoy ypcy. Bo-px, p poa e epexoa paa coceoc o ao eo ya. B cyae e ocye epea paa coeoc a cocee ya (ea y-poa).

Ec y xepoa opae pca c oo e蠖 oepa peop e o, o y eoopaoa epe p oo oee eo oepa peop aoea. Oa oaae po, cxooec apaa eo yaco a opeeey ey o a yye, xo poo e ocoae a peax pacax (aa aeca eo ya, aa peo oyp).

p onepa, oopoa . Cooeceo ee peae pe, pa a oee, ee;

oa ypc eo ya e oc oc eaeo, o paccae a aeee oee ypca.

Oepa eopa paccop cxee 19.

pe a ooop a poay eo ya, apep, a o ee 80 e co cpoo coe ce 1.10.06 . Oao oy coe ce ypc e oc oc eaeo, a ce e ae oaeoo acooo peyaa. Bece c e y pea ec yepeo, ypc o ey yacc oy ypcoy pay. C e o pea poo ey, a ooop c py o (o, popo), oopoe oo poca ey ee ya a, poa x epoaao o oee cooy ypcy, e eoa ea opaoo ya x a peo. a, o aae ooop c ppo, ao a 1.11.06 . o oye y eo ex ya o ypcy 80 e opao poae ay o ypcy 75 . p aa, a epo cyae xpoa, + 5. Ec pace pea opaac, , y ee ya 30.10.06 . o eyey peoy ypcy, apep 70 e, o ocyec oay x ex ya o ypcy 75 e, acpoaoy ooope eopo e.

Ta opao, xo cea pc o ee, pc a ee, ece pe, o e pe eae e oyxa, e aacpy co peae a, a coy eaepae a aee peo oyp. cooae aex cpc (peop) aex ex ya (eop) ya pea e .

aa HKOHPOBAH BATHO P 6.1. Baa a oap a ce ocpaea oyce eoo aeoo cpea, opoe oo o acooa aece eyapooo cpea eee e, paee x ee y, cpeca nea, ae paoee ea. Baa eye o aa eex : oap CA, eapc pa, apc , eea apa, eca poa ..

Hae aoax opae p paceax o ee poe, o pea, ec, eocyapce aea .., peope eoxooc oea oo a a pyy.

Baa e coeopa oapo. Oa opaaec a ceax pax, ope aa . Ba p npecae coo ccey ooe no nooy yn-npoa oo . a yaa ax po pye oepece a, aoce oa, poepce p pyee opopa. 8595% ax ceo, ocyecex a ax pax, pxoc a a poepce p. o ooe xapaepoa a po a .

B acoc oea, xapaepa ax oepa aopa coyex a ae p e a:

eyapoe;

peoae;

aoae ().

ae cpa xapaep ca aoa, e, a po, o e oaae, Pocc e pae yace a eyapox, a peoax ax pax.

Haoa a poꠖ coec ooe no oy yn-npoa opaeoo eca cooo oeppyex .

ae oepa, a pao, coepa a ocyaex . Cpe ax eo⠖ poee pp, aoepe oeca, ace a, a, ope e ceapy a poe eyapox ax oepa. Kpoe o, oepa aoaoo aoo pa ooc ae e, coepaee oe oa ey coo, oepa ey ac a, a ae ce, aaee a ax pax.

oepa y-poa a eoxoo e eoe pecaee o ao ypce.

Ba ypc onpeee coooee ey y aa, c noo oopoo npocxo oe oo a a pyy, .e. o ea, no oopo oe npoaa ynea aa oo cpa, paea ae pyo cp. Oa oe opec cpoco peoee a a op eopaeo pe e yaoea ocyape aooaeco ( Pocc蠖 epa ).

ae ceo ypc a opee acoc o coooe cpoca peoe o o a, oy o e oe eo ocoo, a a oco e cpoc poee a ao pe. Kypc a, peoee opo opaeo, ae, o a ypc a c peoee .

p opee ypca a cye y, o oe pec pa opaa poa. Oa ae c oc o epex ao oce a. Haoee pacpopaea npa opoa, oaaa, o opeea cya ocpao a, a pao 100 e, cy ocoae pae oeec e cooecye cy aoao . Hapep, ypc eapcoo paa 72,5505 a roace ye oaa, a 100 yeo a 72,5505 eapcoo paa.

Pee peec opaa opoa. Ee ocoo ec epa cya aoao . Opaa opoa ea, opaa po . Oa pacpocpaea ocoo A. oce e, o o 1971 . eeo-peo cepe A ocyoaa eca cea, oy opay opoy o ee cooa a pae. Ee coxpa oce oa eco c. Kopoa cey opao: 1 .c. pae 1,8260 . CA. Bo ypee oopoe CA opaa opoa coye a.

Bae ypc paac acoc o, coepae oya poaa a.

1. o ypcy oyae a popeae . Hapep, ypc 72,5305 eapcoro paa a 100 roacx yeo oaae, o a oo y 100 yeo, peo 72,5305 eapcoo paa. Ta opao, a ey ocpao a peaae opeeeoe oeco aoao a, ea opo oco ee.

2. a poae ay o ypcy . Hapep, ypc poaa 72,5505 epcoo paa a 100 yeo oaae, a o poa 100 oacx yeo a 72,5505 eapcoro paa.

Paa ey ypca poaa oyae coye op epe aa coep aocy p. Too ycaoeo e pa, eyeo ape, . ao opo ao ce oa ac o pee ea ee ocye. B ocee o paa ey ypca oyae poaa o ey aa copaac. ep, cae c ocyecee ax oepa, cc a ce pe oepo ex aeoo poca oopo po.

3. opeee cpee apeeco ey ypca oyae poaa coy cpe ypc, op paae ooecx coocae a ee poey pee. Taoo ypca eeoc e cyecye, oao eo ea eeo cooae cpca accoo opa.

4. pooe pacpopaee p poee ax oepa oy pocc-ypc, pcae coo opoy yx opax .

p oa x e e aoao ao yaca e, ycaaaeo ypc. Hapep, ypc eapcoo aa 24, .c. a 100 apo P;

ypc aa Pà 37,7324 paycoo paa a 100 eapcx pao.

C 50-x oo cece peapyeo e oapa CA a ao pe ypc aoao a ao pa paccaec cxo ypca oapy CA, ypc aoax a ycaaac, a pao, oceey.

Ec, apep, eapc a xoe y ypc eapcoo paa eco poe, o cxo ypo oex a oapy CA ae o pocc-ypc eapcoo paa eco poe:

x eapcx pao = 100 c poa;

3,7946 eco po = 1 o.. CA;

1,9872 eapcoo paa = 1 o. CA;

100 ecx po = (100*1.9872)/3.7946 = 52,3692 eapcoo paa, 6.2. Opaa ao p peoaee pep aoopoee eaocx ax oepaepa a Pocc,pacea Pocc) opaoa oepec aa paa poee ax oepa eyapox peoao coa ypeo eaocoo pa. oy 1991 . oca CCCP (oee a e ooe pyypoe opaeee ep ( aa pa). B 1992 . epec aeeo pa ypeeo pa, a ae paca CCCP opeoa ee cayca ao p. opaee epaoo aa Pocc oa pepaac oeaoay opy opaa eaocoo aoo pa (ococa eaoca aa pa B).

oyee p e ec eocpceo e B. aaa B coc , o coa eoxoe yco opao peypo pa oaoo eaocoo aoo pa, a p oe coecyx pocoꠖ pa pae cpye ao po (oo, cpoe e, copeee eo paxoa ax pco).

Ocoe y B aac :

ayypoa cpoca peoe a ae pecypc;

yaoe eoo pooo ypca py o ea oepa ao;

oecee ooex apa p ae ax ceo;

opaa po ae eo o ye poae opao a c yaca opo;

opaa poe pace ocpao ae pyx o cea;

opee eyeo ypca ocpax a py;

cope aae opa o poeccax, pocxox a ao pe.

B e ayc aoepoo oeca apoo a. Ha oe opaa ee yca aa coca 249 . . pe B pece a: 30 eyx ao ( ce epa a Pocc, Cepa P), e acoe oa, Accoa Pocccx ao paeco .

B e B oy p a pye acoe ypee (oa), ope e e a coepee ax oepa, oyey cooe c ecy Poccco eepa aooaeco e eee e a 6 ece o oa ae o pee e B. eae ca eo ao p ae paa cey nae oyeo:

apao aepey o ycaa;

apao aepey o ceeca o pepa;

apao aepey o e a poeee ax oepa;

aepe ay ooo aac a oce o apa;

pecpaoy apy;

c oppecoex ceo;

oaae oea aocoo ocya eyp;

cco paee (epo), yoooex a poeee oepa.

pcaee oye ao poep occe o ae pao peo eeo. Ocooe ae oa oe , cyae e B o e e eee e oyooo o poee oepa c ao o o poe oepa c py. Kpoe o, aeo paccapa acooe oee peeea pooe ae oepa.

ooe aee e peceaeo peea, eo , coee aoo aooaeca, cee ey pyx eo aocoo .

Peee o pee e B pae pe coeo, op a ceco o pee e B pcaae py ey pepao oep.

e ao p e npao:

yacoa poe pex oepa coeo e a co c o coero e a ce cox e;

ooac ceo pace o opa B;

oya pe peoro coea opa o peex, acaxc eeoc eo B a pe.

Oaoc ea ao p c:

coee ooe yppex opax oye;

ee pee peoo coa pe, peaepyx eeoc yaco po B;

copoe ee oae o cea, ae B;

eeoa ya po ea ce o oax eeoc oa a o oooo aaca;

yaa cyex eex ecx oco, paep opx ycaaae pe .

B ep o eeoc B co ypee eo p, pax yace pax, coao 66.

Cpyypa ypae B peaea a cxee 20.

Bc opao ypae B c ee copae eo p. pee ocox opoco pa eeoc B Oee copae pae peo coe, coca opoo a peae aa Pocc, aocx pex accoa coo, ayx . pe coe coac ooe occ o oco apae eeoc B. Kocc peoo coea oa ea peoro coea, x paoa ae cooapoae ceac pa .



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