11 1. 11 HM ycHrn, HHBecTHu, Ba MorHH 6o opHHHHr y apo 6onrHKrHrH
VIl\THcO)l,Hi1 ycHw, HHBecTHu,H51Jl p Ba MOJlH51 6O3OpHHHHr y3apO 6OFJlHl\JlHrH TyFpHcH)l,a yMyMHi1 cpHKpJlap 1.1, 1.6, 1.7, 2.1, 2.2, 7.1, 9.1, 9.4, 9.5, 10.1 naparpacpJlap)l,a ai1TH6 yTHJlraH x,aM)l,a yJlapHH Tac)l,Hl\Jl Tax,JlHJlHi1 cTaTHcTHK MabJl MOTJl p 2-YH Ba 3-YH HJlOBaJl p)l,a KeJlTHpHJlraH 6yJlH6, 6y cp KpJl pHH Ha3apHi1 Hc6OTH yYyH l\ i1 )l,arH apryMeHTJl pHH KeJlTHpHw ypHHJlH.
220
Eupu11 apzyMe11m.
VIl\THcO)l,Hi1 ycHw Ba HHBecTHu,H51Jl pHHHr y3apO 6OFJlHl\Jl rH MeXaHH3MH HO6eJl MyKOcp
Jl ypeaTH n.CaMy3Jl H TOMOHH)l, “aKceJlepaTOp TaMOi1HJl ” KypHHHwH)l, l\ i1 )l, Ya Hcp )l,aJl aH: peaJl 51VI ycHwH peaJl HHBecTHu,H51Jlap ycHwHra OJl KeJla)l, , y3 HaB6aTH)l, peaJl HHBecTHu,H51JlapHHHr KyTapHJl yHra aBO6aH 51VIM ycHwHra ca6a6 6yJla)l,H. y TaMOi1HJlHHHr Myx,HM Hx,aTH wyH)l, H H6OpaTKH, peaJl HHBecTHu,H51Jlap peaJl KanHTaJl (6HHO Ba HHwOaTJl , MawHHa Ba aH OMJlap) Ba HwJl YHl\ pHw 3ax,HpaJl pH 6ax,OcH OpTHwHHH 6HJl)l, a)l,H. eMaK, KypHHH6 TypH6)l,HKH, MOJlH51BHi1 HHcTpyMeHTJl p (l\ MaTJl l\ FO3Jl ) ep)l,aMH)l,a peaJl KanHTaJlra l\HJlHHraH HHBecTHu,H51Jl pHHHr OpTHwH yHHHr 6ax,OcHHH OwHpa)l,H, 6y 3ca MOc paBHw)l,a MOJlH51BHi1 HHcTpyMeHT KypHHHwHHH OJl HHBecTHu,H51Jl pHHHr ycHwHra OJl KeJla)l,H, 51 H 1.1, 2.1, 2.2 naparpacpJl )l, KeJlTHpHJlraH “MOJlH51BHi1 HHcTpyMeHT (l\ TJl l\ FO3) Ba yHHHr peaJl 6a3HcH (peaJl KanHTaJl) ypacH)l,arH 3KBHBaJl HTJlHJl ” TaMOi1HJl H TyFpHJl x,aM)l,a Hl\THcO)l,Hi1 ycHw, HHBecTHu,H51Jl Ba MOJlH51 6O3OpHHHHr y3apO 6OFJlHl\Jl rH Hc6OTJl i1)l,H.
ff «u11 u apzyMe11m.
HpHHYH apryMeHTHHHr cy3cH3 KyYra 3ra 6yJl aHJl rH ca6a6Jl , 1.1.1-1.1.4 pacMJlap)l, KypcaTHJlraH MO)l,eJlJlap)l, , MV=PT, IS-LM, C=Y(1-S), S=I MO)l,eJlJl HHr 1.1.4 pacM)l, MO)l, Jl)l,a Hl\ O)l,Hi1 ycHw, HHBecTHu,H51Jl p Ba MOJlH51 6O3OpHHHHr y3apO 6OFJlHl\Jl H MOc paBHw)l, SV=PI MO)l, Jl acOcH)l, Ha3apHi1 Hc6OTHHH TOna)l,H.
Y u11 apzyMe11 .
IS-LM MO)l,eJl Hyl\ H Ha3apH)l,aH Kpe)l,HT cTaBKacH – peaJl KanHTaJlra l\HJlHHraH nyJlJl HHBecTHu,H51 6ax,OcH, 51 H peaJl KanHTaJlHHHr OJl)l,HH)l,aH MOJlH51 (Kpe)l,HT) 6O3OpH KOHboHKTypacH acOcH)l, O6beKTHB 6eJlrHJl )l, H pHcKJl 6O3Op 6ax,OcH. y 6ax,OHHHr 3Hr HwOHYJl MHHHMaJl 6HpJl H ()l, cTJla6KH) MHl\)l,OpH MapKa3Hi1 6aHKHHHr l\ i1 MOJlH51Jl wTHpHw (peHHBecTHu,H51) cTaBKacH
6HJlaH 6eJlrHJl
|
)l, .
|
51
|
H MapKa3Hi1 6aHK 6y cTaBKaHH HHcpJl51u,H51 x,aMOx,aHr Jl BH)l, nyJl 6HJlaH
|
TabMHHJl Hl\
|
)l,
|
|
TapTH6Jl THpHwH acOcH)l, peaJl KanHTaJl Ba HHBecTHu,H51JlapHHHr y3apO
|
3KBHBaJl HT 6OFJlHl\Jl )l, rH 3Hr HwOHYJl MHHHMaJl pHcKJl 6ax,OcHHH ycHwHHH Ba yHraH MOc paBHw)l, 3Hr HwOHYJlH MHHHMaJl Hl\ O)l,Hi1 ycHw )l, pa acHHH TabMHHJlai1)l,H. Jl HH MOJlH51 6O3OpH OnepaTOpJl (TH OpaT 6aHKJl ) )l,acTJl H 6ax,Ora Kei1 HYaJl K y3 x,Ox,Hw HcTaKJl HJl Map aJlapHHH l\ HwJl ca6a6Jl , TaKJl cp l\HJl aK TH OpaT 6ax,O By y)l, KeJla)l, . y 6ax, cpal\ HKKHJl H MOJlH51 (Kpe)l,HT) 6O3OpH)l, rHHa (yHHHr cp HKu,H51cH 3Ba3Hra) O6beKTHB Ma3MyHra 3ra 6yJl (KOHboHKTypa acOcH)l, ), peaJl KanTaJl Ba HHBecTHu,H51 r y3apO 3KBHBaJl HT 6OFJlHl\Jl )l, rH 3Hr O6beKTHB pHcKJl 6ax,OcHHH ycHwH (nacai1 ) Ba yHraH MOc paBHw)l, MOJlH51 6O3OpH ep)l,aMH)l, 3Hr HwOHYJl peaJl Hl\ cO)l,Hi1 ycHw (nacai1Hw) )l, TabMHHJlaHa)l, (1.1.2 Ba 1.1.3 pacMJlap)l, MO)l, JlJl pra l\ paJlcHH). Ai1 wy l\ HH51 Hl\ O)l,Hi1 ycHw, HHBecTHu,H51Jl p Ba MOJlH51 6O3OpHHHHr y3apO 6OFJlHl\Jl HH Hc6OTJlai1)l,H. Wy 6HJl H 6Hpra 6y l\ yHH51 MOJlH51 6O3OpHHH TapTH6Jl THpHw 3apypJl x,aM 6eJlrHJl i1)l, (IX-YH 6O6ra l\ paJlcHH).
"AKceJl paTOp TaMOi1HJlH” x,al\Hl\Hi1 KyYra 3raJl 20 i1HpHK HH)l, cTpHaJl Ba pHBO Jl HaeTraH MaMJl TJl Hl\ O)l, THHHHr 1961-2006 i1HJlJl )l, BpH 6yi1 Tax,JlHJl HaTH aJl TyJlHl\ Tac)l,Hl\Jlai1)l, . Tax,JlHJlHi1 i1HJlJl )l, )l, i1 pHBO JlaHraH MaMJlaKaTJl Hl\ cO)l, )l, peaJl 51VI
Ba peaJl HHBecTHu,H51JlapH ycHwH cypbaTJl HHHr KOppeJl51u, 51 KO3cpcpHu, TJl H MaKcHMaJl l\Hi1 a (51 6Hpra) 51l\ 6yJl , yMJla)l, : repMaHH51)l, 0.90, u,H51)l, 0.87, 51 OHH51)l, 0.81, VI JlH51)l, 0.78, AK,W)l,a 0.77, KaHa)l,a)l,a 0.72, yoK pHTaHH51)l,a 0.63.
PHBO Jl raH MaMJl aTJlap rypyx,H 6yi1 peaJl 51VIMHHHr 6Hp cp ycHwH peaJl HHBecTHu,H51Jl pHH 2.8 cp 3ra ypTaYa OpTHwHHH TaJla6 l\HJlraH, yMJla)l,aH: yoK pHTaHH51)l,a 3.7%, repMaHH51)l, 2.9%, u,H51)l, 2.7%, VITaJlH51)l, 2.4%, KaHa)l,a)l,a 2.3%, AK,W)l, 2.2%, 51 OHH51)l, 1.8%.
KynYHJl K pHBO Jl aeTraH MaMJlaKaTJl Hl\ )l,HeTJlapH)l, 1991-2006 i1HJlJlap)l, yw6y KypcaTKHY MHl\)l,OpH HHcpJl51u,H51 Ba acOcHi1 KanHTaJl HwJl THJl caMapa)l,OpJl rH )l, pa aJl HHH x,ap x,HJlJl Tycp i1Jl ce3HJl Jl KaTTa )l,Hana3OH)l,a y3rapraH.
eMaK, “aKceJl p TaMOi1 JlH” x,al\l\ HHi1 6yJl aHJl rH ca6a6Jl 6HpHHYH apryMeHTHH, MOc paBHw)l,a HKKHHYH Ba yYHHYH apryMeHTJl pHH x,aM TyFpH )l,e6 TOnHw MyMKHH.
IOl\OpH)l, KeJlTHpHJlraH Tax,JlHJl HaTH aJl H)l, H rJlO6aJl HHBecTHu,H51Jl p Ba Hl\ O)l,Hi1 ycHw cOx,acH)l, l\ i1 yJl TeH)l,eHu,H51 6yJl ax,OH MHl\ cH)l,a Hl\ O)l,Hi1 ycHw cypbaTJl pHHH Ox, rH 51 acp)l, ceKHHJl raHHHH x,aM Ky3aTHw MyMKHH. 1961-2006 i1HJlJl )l,aBpH)l, ypTaYa 12 pHBO Jl
MaMJl KaTJl p 6yi1 peaJl 51VIM ycHwHHHHr ypTaYa cypbaTJl pH 4.1 cp HH TawKHJl 3TraH. 0x,HprH 15 i1 Jl HYH)l, aBBaJlrH 30 i1 Jl)l, 4.7 cpOH3ra HHc6aTaH 2.8 cpOH3ra nacai1 . 1991-2006 i1 JlJl )l, )l, G7 rypyx,H MaMJlaKaTJl HHHHr 6apYacH)l, Ba KynYHJl pHBO JlaHaeTraH )l,aBJl Jlap)l, aBBaJl 30 i1HJlJl )l, Bpra HHc6aTaH peaJl 51VIM OpTHwH i1HJlJl cypbaTJl pH nacai1 Ky3aTHw MyMKHH.
yH)l, i1 x,OJl acOcHi1 ca6a6H – peaJl HHBecTHu,H51Jl pHH ycHw cypbaTJl pHHH cycai1 Ba 51VIM)l, peaJl HHBecTHu,H51Jl p yJlywHHH l\ l\ pHwH 6yJl , 6yH)l, )l, BJl x, KyMaTJl pH Ba MHJlJlHi1 MOJlH51 6O3OpJl TyJlHl\ yi1 yHJl HH, yHHHr l\aTHawYHJl pHHH KOHcepBaTHBJl H, HHepu,HOHJl rH Ba eTapJlHYa caMapaJlH 3MacJl rH ce3HJlapJl HaMOeH 6yJl Ol\)l, .
VIl\THcO)l,Hi1 ycHwHH TabMHHJl w Mal\ca)l,H)l,a peaJl HHBecTHu,H51Jl pHH aJl l\HJlHwHHHr l\ wHMYa HMKOHH51TJl pHHH pHBO Jl HraH, y3 cp HKu,H51cHHH TyJlHl\ 6a apyBYH caMapaJl (H)l, aJl) MOJlH51 6O3OpJl H 6epa)l, . yH)l, l\ MaTJl l\OFO3Jl 3MHccH51 ce3HJlapJl ax,aMH51 a 3ra. AMMO x,O3Hp)l, peaJl HHBecTHu,H51Jl pHH aJl l\HJlHw)l, aKu,H51Jl p 3MHccH51 H (IPO) yJlywH ax,OH)l, nacTJl l\ Jl Ol\)l, . MacaJl , 2006 i1 Jlra KeJl , peaJl HHBecTHu,H51Jlap 6ax,OcH)l, aKu, 51Jl 3MHccH51 )l, OJl HraH
)l, a)l,Jl : AK,W)l, 0.2%, 51 OHH51)l, 0.8%, POccH51)l, 4.1%, VI 51)l, 2.4%, VITaJlH51)l, 5.3%,
KaHa)l,a)l, 5.4%, repMaHH51)l,a 6.3%, paHu,H51)l, 8.3%, yoK pHTaHH51)l, 9.1%. Ai1 OH3KH, 1990
i1HJlJl p ypTaYH)l,a KynYHJl MaMJl KaTJl p)l,a aKu,H51Jl p 3MHccH51 HHHHr HHBecTHu,H51Jl p)l,arH yJlywH Te3 Ba 6apl\ cypbaTJl 6HJl ycraH 6yJl , aKu,H51Jl 3MHccH51cH ycHwH cypbaTJl HHHHr peaJl 51VI ycHwH cypbaTJl pH 6HJlaH ol\ )l, pa a)l, KOppeJl51u,H51Jl HraHHHH KypHw MyMKHH.
3MHccH51 )l, pOMa)l,JlapHHH HwJl YHl\apHw l\ BBaTJl pH ycHwH 6HJlaH 6OFJlHl\ 6yJl H Mal\ca)l,Jlap)l,a HwJl acJl aKu, 51Jl 3MHccH51 (IPO acOcH)l, ) Ba O6Jl au, 51Jl 3MHccH51 HH peaJl HHBecTHu,H51Jl p x,a MHra H O6Hi1 TabcHp KypcTHwHra Tycl\HHJlHK l\HJlHwH MyMKHH. X,O3HpYa IPO 6yi1 Ya acOcHi1 )l,apOMa)l, Kyn x,OJlJlap)l, Ma OpHTap aKu, 51)l, pJl a TywMOl\)l, , KOMnaHH51 l\ap3JlapHHH pecTpyKTypH3au, 51 a i1 aJl pHJlMOl\)l, eKH aBBaJl H (3cKH) MyJlK)l, pJlap)l, aKTHBJl H cOTH6 OJl H 6yi1 6HTHwyBJl HH (Onepau,H51Jl HH) MOJlH51Jl THpHJl Ol\)l, , 51 peaJl KanHTaJl 6ax,OcHHH OwHpHw 6HJlaH 6OFJlHl\ 6yJl H Mal\ca)l,Jlapra HwJlaTHJl Ol\)l, . yH)l,ai1 x,aBcpJl x,OJl O6JlHrau,H51Jl p 3MHccH51 H)l, x,aM Ky3aTHw MyMKHH. TabKH)l,Jlaw OH3KH, 6yH)l, i1 x,aBcpJl x,OJlaTJl OJl)l, OJl )l, Ba MOJlH51BHi1 Ol\ MJl HH peaJl KanHTaJl ycHwHHH TabMHHJlaHHJlHwHra i1 HaJl HpHw Mal\ca)l,H)l, KeHr aMOaTYHJl K, KOpnOpaTHB 6Owl\ yB MeXaHH3MH Ba MOJlH51 6O3OpH peryJl51 OpJl TOMOHH)l, H Yyl\ Ba )l,OHMHi1 MOHHTOpHHr Ba Ha3OpaT OJl 6OpHJl wH 3apyp. yH)l, MOJlH51 6O3OpH MaKpOperyJl51 OpH MO)l,eJl KaTTa caMapa 6epHwH MyMKHH (9.5 naparpacp l\apaJl H).
Do'stlaringiz bilan baham: |