Post on 31-Jul-2020
transcript
IHCCAEAOBAHHIE CTPATErHqECKHX BOnPOCOB 1336
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HCI1OAb3yR KpeAHTH51O KapTO'Ky. KpeAHTHaR KapToqKa coo6ujaeTr o naTerme npoAaBuy, B TO
me BpeMR oKa3biBaA ycAyry noKynaTemo. noKynaTeAb onAaRHBaeT cqeT no3me npH nomoUJH
ApyOro nAaTe2KHoro MHCTpyMeHTa, o6blqHo, aTo qeK.
CyjecTBYer ABa THmna nOTOKOB rLAaTemei - ,Ae6eToBbfi H KpeC4ETOBblI. BKpeAHToBOHo onepagHH, CAeAKa H nOTOK nAaTemeH npoxoART 'epe3 6aHKoBcKyIO CHcTeMy B
OAHOM HanpaBAeHH. fIlpHMep KpeAHTOBoH onepauHH - aTo npAMaA BanAaTa sapnAaTbX Ha
paclcTrbHm cqeT. B llpAmOH AenOSmTH0o CAeAKe, nAaTetHbclH MHcTpyMeHT HCXOAHT OT
KOpnOpaUHH-IMAaTeAbUjHKa B 6aHK-nAaTeAbIDHKa, saTem B 6aHK-noAyqaTeAR AAR Toro, KOMy
aApecyeTcA nAaTem. IOTOK IPOHAOB HAe rTeU me nyTem.
B Ae6eToDoa (iexoKom) ruaTime 9eKr upoxoAHT r epe3 6aHKoBcKy1o CHcTeMy
OT InOAyiaTeAR AeHer B 6aHK nAaTCAbujHKa, a 3areu K nlOAyRaTeAio [IAaTrema. ROTOR (JOHAOB
HALr B IIpOTHBOnOAO2KHOM HallpaBAeHHH OT flpeAbflMAYeO TH8U nAaTema.
C no3sgsH xpeAHTHOrO pHCKa 6oAee npHBAeKaTeAbHoH BbirAAHMT onepagMA
KpeAHTHOrO nepeBOAa, TaK xaK cpeAcTsa uoryT nOCTyMITb AO HaqaAa onppa!rHu (AeHbrH
nonaAaior Ha cleT KAseHTa Ao momeHTa OCyimeCTBAeNHN naTema). C ApYToH CTOPOHbl, C
To'iKH 3peHHK yAo6cTBa onIWpa!jm, B OnpeAeAeHHbiX cAy'aRx 6oAee npHeMAeMblM HBARreTcs
Ae6eToBblH nepeBoA. Bce pa3BHTNCe cTpaHb HcnOAb3yOT CoYeTaHHe Ae6eToBorO H
KpeAHTOBoro nAaTemeA. B o6ftem, MOmHO Ha6A.oAaTm yBeANleHHe o6beMOB HcnoAb3oBaHHR
KpeAHTHbIX nAaTemeH, TaK KaK oHH yCTpaHRNoT PHCK ocyimecTCAeAHR nLAaTema npH
HeAoCTaTO'IHoM noKpbTrHH H 3aAep2KKH M AonOAHHTeAbHbie 3aTpaTbi, cBR3aaHbie C Bo3BpaToM
nAaTema npH TaKIX o6cTroweAbcTBax. Oco6o &mHo aSTo AAm nAaTemei Ha 6oAbMHe cyMMbi,
AAR KOTOpblX no'ITH Bce cTpafb1 HcnOAb ylar CHcTeMy KpeCAHTrOBro nAaTema.
5
MOrHO BbiACAHTb ABe 6oAbmuHe rpynnbi no nexaHBMuy o6pa6oTKU
izaTewa. HpH HeaAeKBaTHOH o6pa6oTXe o6paMeHHe K C'eTy KAHeHTa OCyWeCTBAReTCR
BamAbiAH pa3 npH npoBeAeHHH nAaTema, OAHOBpeMeHHO C nepeBoAoM CpeACTB. rIpH riaKeTHOM
meTOAe o6pa6oTKN HeCKOAbKHX onepagHH H cAeAOK npoNcxoAHT 6oAee no3AHee nocTynAeHHe
Ha cRer )CAHeHOB.
HeaAecBaT1mdi MeTOA CHma2KeT pHCK HenLAaTema H yBeAH'IHBaeT ero
CKOpOCTb. OAHaKo, CHCTeMbl NeaAeKBaTHoi o6pa6oTmH HsRwmoTcR 6oAee AoporHMHnpH
6oAbmOM o6beme onepaLgHHH, TaK KaK KalmAaR onepaiHR npOBOAHTCsi CKopee iH/AHRHtyaAbHO.
HeaAeJcBaTHmze CHCTrMbi o6pa6oTmH Tpe6yloT 6 oAee cAomHie cnoco6bm KoMMyHHKagHH H
o6MeHa HH4OpMa1jHei, 'rro mo2eT 6brb Hepa3pemHMo AAR CTHpahl C Hepa3BHTOfi H
HeHaAemHoi CHCTeMOi TeAeKOMMyHNXJHHi.
3amepmerne pacUieToD (HeMeAAeHHoe HAH yCAoBHoe) 3aBHCHT OT MeTOAa H
BpeMeHH. B COOTB4TCT%Hkl C KOTOpbXMH OCYUeCTBAJeTCA nAaTem. HAaTe2KH MOryT
OCYUeCTBARThbC3 HeMeAAeHHO, TO eCTh CpC"cTBa cpa3y H 6e3oTBbxBHo nocTynaloT Ha c'ieT
KAHeHTa, HAH OHH MOry nOCTynHTb Ha 6OAee no03AHo0o AafTy. YCAOBHbIe nAaTemH o6bl-rHO
HcnoAbb3yKnTCR npH naKeTHOM MeTOAe o6pa6OTKH HAH Ae6CToBoM nAaTeme C MeAbiO OTCpO'irH
nOATBep2KAeHHH ABH2KeHHR CpeAcTB. HeMeAAeitHie nAaTemH, B OCHOBHOM, HCDOAb3yIOTCR npH
KpeANTOBOM MeToAe onAaTbI, KorAa AeHemHbIe cpeAcTDa MoryT 6bffb paTHcJHgHpOBaHb Ao
lAaTCma.
HeMeAAeHHbie nAaeTemH HMeioT MeHbUIHf KpeAHTHbiH pHCK AAR nAaTeAbUjHra
H nOAyqaTeAR, HO RBARIOTCH 6oAee pHCKOBaHHbiMH AAR 6aHKoB. CAe.AKa nORTH He
rapawrHpyeTcH Bo3Mo2KHocTb!o npOBepKH Hs-Ba BbICOKOH CKOpOCTH OCyUeCTBAeHHR onepa1^HH.
HeB3Hpau Ha PHCK, HeMeAAeHHoe BaBepmeHHe cAeAXH RBAReTCR Heo6xoAHMbIM yCAOBHeM
CHcTeM KpynHblX nepeBOAoB, npH KOTOpb!X BoBMo2mHocTD 6b1cTporo nepesoAa HAH oT3bJBa
CpeACTB RBAReTcR HeO6XOAHumAM.
2. KaKoi BKCAaA MOryT CAeAaTh sq pPCIL&.Bble CECTeUbI B pkBBKTKe coBpeueeHbIZ,
opHesTHpoBaDBH x ua pblsOK 4EHaHCO3blzX E8 ..-. Ly&OB N pbhIKOB?
CymecTByeT mNoro npHRHN, no KOTOpbiM ycnemHo q)YHIqHOHHpy!oJJaR
iAaTemHaR CHcTeMa Heo6xoAHMa KaK AAH pa3BHTbIx, TaK H AAR paBBHBaO!JHXCR CTpaH.
Comepme.cTmona.me SoKoRoEm'ecKoi ax.mn.ocTm. rIAaTemHbxe CHCTeMbI
COBepmUeHCTBYDOT BKOHOMH4eCKyO aKTHBHOCTh, B 'aCTHOCTH, BHyTpeHH!OJO H
MemAyHapOAHYIO KOMMepflHJO H TOPFOBAIO. BeB HaAemNHOH, aqpeKTHBHO H CBOeBpeMeHHO
AeHcTByIOieH nAaTC2MHOH CHCTeMbl, KOMnaHHH He MOryT HaAaAUTb aAeKBaTHoe
nocTyrLAeHHe (cblpbe, BbinAaTy 3apnAaTbi CBOHM cAy2maWHM) H He MoryT cnoco6cTBoBaTb
BKOHOMHNecKoMy pocTy. 3aAepmrH nAaTema (HMeHyeMble KpeAHTOBbiMH NAH Ae6eToBbIMH
KOAe6aHHRMH) yBeAH'!HBaIOT CTOHMOCTh nocpeAHecTBa H BAHRIOT oTpiHgaTeAbHO Ha
0 O6cyw,Aemue mamecieu ia pecny6AuKaHcHom gpoe8Hc He exo,um a sa4a&y 4aHHorU pa6 omu.
I . ~ ~ . . . . . .
6
sKoHOMHqeCKxIe nOKa3aTeAH. ECAH B cTpaHe Ha6AioAaewcA BbICOKUi ypOBeHb HH"MHit, ro
BTH KIpO6AeMti cTaHoBRrcI 6oAee ocTpbMH. 4 em 6oAbUIe CpeACTB CBx3saHo B AHpHHrOBbIX
H nAaTemNlmx onepagux, -re M eHbme cpeAcTB uomeT 6blSb mcnoAbwonao B
npoH3BoAcTBwHHof cqiepe.
CosepmencTmooam.e IOcpOAR sa eaKonAeHneK AeuemrHbix Cpe^CTB.3 HawHTeAbHime H HenpeAcKasyemme YpOBHH KoAe6aHHm (KoTopbie yBwAH'HBaioT HAH
cHHma2oT o6beM pesepBHbix Ae-HeRhIx cpeAcSm) BAHROT Ha KpaTKOCpO'iHyIO AHKBNHAHOCTb
B BKoHoMHKe H npeAcTaBAmoT co6o0 AOnlOAHHTeAbHmfi qpaKTop HeonpeAeAeHHOCTH B
KOHTpOAe 3a HalonAeHReM AeHem"n-x cpeAcTm. MHorte cTpamib 6ophnrn c HeAOCTaTKoM
pHHaHcoBbix pecypCOB, npH6eraS K ne'aTaHHo AeHer, 9TO BeAeT K POCTY HHqUUARMH H K
pe3KMm KoAe6aHRm Bl nocTynAeHmno AeHipu1.x CpeACTB. l4AeaAbHaR nAaTemHa2 CHCTeMa
AoAmlia MNHHMH3HpoBaTh sa92epmuH (B npeAe.Aax pasyMHoro) B nmaTemax. Cnoco6HocTb
UeHTpaAbHOFo 6aHKa ynpaBARTb H ymecTo'aTh pe3epBHbie Tpe60BaHHa a4x(peKTHBHO, a
TaSMe HCnOAb30BaTh KOCBeHHbie HHcTpyMeHTbl AAR npOBeAeHHR AeHe2KHOif noAHTHKH
('iepe3 onepafHN Ha OTKpblTOM p_iHKe) 3aBHcHT OT MeAOCTHoN, HaAemHoH nlkaTeMHOH
CHcTeMbI B macLuTa6ax cTpaHbi.
CoKpaije.se o.epagaosm.x KAep2neK. 3 q4xpeKTHBHbie nAaTemHbie
CHCTeMbl LflMN UNHPYIOT OnepaNHOHHble HaAepmKKH. 4 oporocToRu4aS nAaTe2HaR CHCTTMa
TOAbKO Hab1MaeT pecypcbi U3 6oAee nlpOAyKTHBHbiX cep HX HcnoAb3oBaHHR. TaxHM
o6pa3om pa3BHTHe HaMHoHHaAbHO I nAaTe2rHoH CHcTeMbi AOAmHO y'NwrbiBaTb BaAoBbIe
H3Aep2KKH TPYAa H KanHTaAa AAR ynpaBAeHUHR CHCTeMOH5. K%aIIITaAbHble pecypcbl B
pa3BNHBuOIHxcH BKOHOMHKaX 06blqHO HUMeiOT 6OAee BbiCOKHe BeposrrHoCTHbIe U3Aepmn.H,
YeM s pa3BHTbhx, H3-3a HeAOCTaTKa KanHTaAa H KOHBepTHpyeMOH BaAIOTbI. C ApyrOH
CTOpOHbI TpyA H96brroqeH H AemeB B pa3BHBalOWHXCR cTpaHax. TaKHM o6pasoM,
HagHOHaAbHaR na7TMKHaR CHCTeMa CTpaHbl AOA2KHa npOUiTH CTOHMOCTHON TeCT.
3 KOHOMHCTbl ocosHaHOT BamHHOCTh aqpeKTHBHoH nAaTemHoH CHCTeMbl c AByX
pa3Hbix nepcnewmiN m ypoBHeH arpermpoBaHN. Ha MaKpO8KOHOMMHeCKOM ypoBHe OH0
paccMaTpHBaioT oTHOuieHHe MemI esqnjCK,&mitOCTbiO nAaTe2rHofi CHCTembi (BAHReTr Ha
CKOpOCTh o6panjems AeHer) H npeAAOmeHHeM AeHer iHa AmHmoM ypoBHe o6meiu
aKOHOmHieCKOfi axTHBHOCTH.
Ha MHKpoaKoHoMHuecKoM ypOBHe, aKoHoumHcTb paccMaTpHBaioT a4peKTHBHOCTb
nAaemHofi cHcTeMbi KocBeHHo, KaK 'acTh 6oAee mHpoKoro Bonpoca noTepH
6AarococTosaHm, KoTopaR BbiTeKaCr U9 6oAee BblCOhNX OnepaUHOHHbX irAepmeK
(npHAomeHHe 1).
KoNTpoAu Ba 4peTEbuMm pECKam.. ECAH nepeBOA CyMMbl He BbinoAHeH B
AOcTaTo%IHO KoPOTKoe BpeMR, HenorameHHbie o6xsTeAbcTsa noABepraior CTOpOHbi pHCKy OT
Bo3Mo2KHoro 6aHKpoTcTma napiHepa. 3qxpeKTmBHag nuaTemC x CHCTeMa. KOTOpaR BKAIOiaeT
5 BO MpHOZuX cmpaHax pacxoAwb Ha 8sCe,Hetu u nO44epxpaHue 4HeilewoZO o6pareHUR
xo2ym 6 biMb wbtco,Kuau. EcAu HagUOHGAbHAR nAamexnax cucme.a noAazaemcR,
ZAa8HbLB o6pa5om, Ha HaAU'Hocmb, Vy*HbtuaemcR A40AA npo4ux nAamcXtHbtx
uHCmpyApeHmos.
7
onpeAeAeHHble npaBa H o6 H9aHHoCTH noAbsoBaTeAR, momeT corpaTHTb 6aHKoBcKHA H
KoMMepqecKHH pHCKH.
PasB.Tme #EHaEcosoro ceKTopa. IAaTwm2Ha CHCTeMa - aTO OCHOBHOH
XOMJOHeHT HHq pacTpyKTypbi (pHHaHcoBoro ceKTopa, oHa MomeT cnoco6cTBoBaTb noRBAeHHIO
HOBbX q)HHaHCOBb2X HHcTpyMeHToB, npOAyKTOB, HHCTHTyTOB H PbIHKOB AoArOBbIX o6asaTeAbCTB H
aKgHH. 3To oco6eHHO KacaeTcR 6bilSHX KOMMYHHCTH4eCKHX CTpaH, rAe rOcyAapcTseHHaR
co6cTBeHHOCTh Ha npoAXAnpHRTHx cAepmHBaAa noTpe6HOCTh B q4xpCKTHBHoH ILAaTe2KHOH CHCTeMe.
Besoiiac.ocTb H *aenHoCTb. Pa3BHBaiOIjHeCR CTpaHbi (H Pa3BHTbie Tome)
MorYT OTHOCHTbCH CKeCrTUH'eCKH K HOBbIM TeXHOAOrHSIM H HcnbITbsaTb AOBepHe TOAbKO K
HaAHMHbIM AeHbraM. HoBbne CHCTeMbi (HaAHqHble H 6e3HaAHqHble) AOA2KHbl 3saweBaTb AOEepHe
noAb3oBaTe)AS cBoeHi rH6KocTmIo H HaAeMHOcTbio. IloTpe6HTeAH AOA2KHbi 6 blTb 3-1aWHI1eHbi
DpOTHB HeCaHxgHOHHpoBaHHOrO AOCTyna H MOIUeHHH'IeCTBa.
nlpOAyKTbI. DctxpeKTHBHaR AAa7TrMHaR CHCTeMa He TOAbKO OTKpbiBaeT ABepH
pOCTy KOHKypegHUH Ha OCHOCe Ayrnuero KaneCTBa ycAyr H 6oAee AemeBoH CTOHMOCTH onepaiHH,
HO Ta1Ke nO38oAAeT (pHHaHCOBbZM HHCTHTyraM pa3pa6aTbiBaTh HOBbie npOAyKTbi
(noTpe6wreAbclHe CHcTeMbl Ha ocHose KpeAHTHbXx KapToteK, 6aHwKoBcKHe nepeBoAbl) KoTopbie
MOryr CTaTb BRN(HhJM HCTOMHHKOM HenpOg,eHTHOrO AoxoAa. &qxpeKTHBHbmH nepeBoA CpeACTB
BMecTe c pacTyu;eH KOHKypeHUHeH MofleT orpaHH'IHTb HAH pe3Ko coKpaTHTb CTHMyAbi 6aHKoB BO
WHOrFX 6 blBIHX COMHaAHCTHReCKHX BKOHOMHKaX nepCxoAHoro nepHOAa K 3aAep?KKe nAaTemeH H
C nOAHTHXe noAyIeHHSI DpH6blAH, KOTOrpa 6bLza 6bi nary6Hoi AAR noAb3oBaTeAeH (PHHaHcOBbIX
yCAyr.
li4 HCTETyTbR. YHTbiBma, Kax cAa6bl Meff6aHKoBcK.He nAaTe2KHble CHCTeMbi BO
dHOrHX pa3sn alo,Hxca H 6blBIIHX COgHaAHCTH'ieCKmx cTpaHax nepexoAHoro nepHoAa, 6aHKH He
UOryr OCylgeCTBARTb CBOH OnepafHH C Ka3HaeicHcrMMH 6HAeTaMH ycnemHo. HanpHMep, qHAHaAbi
5aHKa AOA2KHbi OTnpa8BARTb pe3epBHbie Tpe6oBaHHH no MHoro'iHcAeHHbiM KoppecnOHAeHTcrHM
CmeTaM B perHOHaAbHbIX OTAeAeHHRX UeHTpaAbHoro 6aHKa, COwRs KOlMmapHble npo6AeMbl c
ynpaBAeHHeM AA r OAOBHbIX OCpHCOB UeHTpaAbHOrO H KOMMepqeCKHX 6aHKOB. BaHKH He Moryr
(oMneHCHpOBaTb H3AHMHIOIO AHKBHAHOCTh B OAHOM OTAeAbHOM (pHAHaAe HeAOCTaTO4HOCTb,O B
ApyrHX.
PbHIHKH. 3.XqcKTHBHaR nAaTe2KHaR CHCTeUa cnoco6cTByeT npoCeccy
1pHBaTH3alMHH. OHa AaeT TOA'OK PaBBHTHIO Mem6aHKoBCKorO H AeHemHOrO pbIHKOB, 'TO
cnoco6cTByeT nepexoAy CpeACTB B BblCOKOCDnegHaAH3HpoBaHHbiX OTpaCARX BKOHOMHKH
,perHoHaAbHOH H oTpaCAeBOH). 3
TH pbiHKH yAy'iuIaT KOHTPOAb 3a AeHemHbiM o6pauieHHeM,
Da3OBb1OT OTKpblTbIe pbIHO'HbIe OnepafHH H pagHoHaAH3Hpyiar ynpaRAeHHe AHKBHAHOCTbIO H
qHHaHCaMH B BKOHOMHKe H B 4)HHaHCOBbIX HHCTHTyTax. CHcTeMa nAaTemeHi 6yAeT
cnoco6cTBonaTm pa3BHTHO pblHKa KanlHTaAa H pbIHKa raCyAaPCTBeHHb[X UeHHblX 6 yMar.
, e HMKhiH pblHOK H pbIHOK UeHHbiX 6yMar BbiHrpaiOT OT noSIBAeHHa coBpeMeHHOH HaAemHOH
CHCTeMb1 nAaTemefi. IlpHBaTH3aUHx npeAnpH11 rHT Tpe6yeTr, qTo6bi nAaTaemH 3a ToBapbl H YCAYrH
1POBOAHAHCb TO'IHO H cpa9y me, 9To6bi AaTb Bo3MomHocTh aTHm npeAnpHRTHRM nOAy'aTb
ipH6buAb.
8
3. KaKce 8AenMeTbl neo6xoiwm.i AAA c4 pLi1 r-oi cmcireum nkaTear ei?
CKuopocT pacne'ro.. Ka2Azi nAaTrem He AOA2KCH OCYU4eCTBARTbCA MemA
nAaTeAbm-IROM H InOAyqaTeAeM w'HoBeHHo. B To BpemA, Kma cospeMeHHbe TeXHoAorHR
nosBoAAiOT Tarcoe 6blcTpoe ABHmeHHe, 6bNAo 6bl AOBOAbHO Aoporo ocyI3eCTBAKTb Bce
nAaTemH TaKHM nyTeM. ,AIame B passRTbix cTpaHax ARmb HeMHOrHe KpHTHIeCKKHe nAaTemH
ocyuJecTB.ArOTcR B pemaMe peaAbHoro spemeHH. O^HaKo, npo6Aema pa3BHBaoWHxc.R cTpaH
COCTOHT B TOM. ITO nAaTemH MoryIT saHHmTb OKOAO 30 AHeN. TaKHe saAepmmn cosAaaTo
HeypeDeHHOCTh B OKOHHaTeAbHOm OCyIeCTBAeHHH PaC'eTOB H OrpaHH'IHBalOT BO3MOAHOCTH
6eHe(pHtgHapa peHHBecTHposaTa cpeAcTsa B Cbipbe H OCHOBbIe (PoHAbI.
B pasBHaioigeXcA cHCTeMre nAaTemeeH CTpaHbi OKOH'aTeAbHble pacqeTbi
AoA2rHbi npoHcxoAHTb He 6oAee qeji B 3-5 Apiearn 4 cpoK AAx o6blqHrOrO nAaTema Me2KAy
AByuM cTopoHaMH BHyTPH cTpambi. CHcTema AoA2rHa ocyu4ecTBARTb CpO'qHbIe (-IacTo
KpynHble) nAaTe2KH He no3AHee, '1eM B TOT mte AeHb.
YBepenHoCTb B nAaTeme. KAHeHTbi AOAMHbi 6blTb yBepeHbl, 'TO OTnpaBHB
AeHbrH, OHH nonaU;yT Ha HymHbiH C'ieT B Te'eHHe OrOBOpeHHOrO CpOKa. ECAH KAHeHTbi He
yBepeCHb B nAaTemHoH CHcTeMe, OHH 6yAyT npoAoA2maTm HcnoAb3oBaTb HaAH'Hble AeHbrH, a
He 6e3HaAHqHbie nAaTe2mHblc CpeACTBa AAR paCqeTOB.
YBepeHHocTm B nAaTe2Kax Tpe6yeT CTPYKTYPHbIX onepaMHOHHb[X
Bo3MomHocTeH C XOpOUIHM KOHTpOAeM. AAR sToro Heo6xoAHMbi npaBHAa H HOpMaTHBHb5e
aKTbl, peryAHpylo%He He TOAbKO OCHOBHbie nOTOKH rLAaTemef, HO H HcKAIOmeHHe OIUH6oK H
CnopOB. HaKoHeU, Tpe6yeTCA opraH HaA3opa (UeHTpaAbHblH 6aHK HAH KOHCOpgHyM 6aHKoB)
AAR OCyuIeeCTBAeHHR npaBHA H peCieHHS CnOpOB MemAy noAb3oBaTeAxMH nAaTe2KHOH CHCTeCM.
HaAemHOCTh. CHcTema AoA2ma 6bTm IIAemma, 9r06bl BaBOeBaTb H
yAepmHBaTb AoBepHe noAbsoBaTeAei. HHKaKaA cHcTeMa He 6yAeT pa6oTaTb Tar, KaK OHa
6bwa aaAymaHa Bce speMui, HO OHa AOA2Ha Umem aAeKaTmble npaBUAa H KOHTPOAb Bo
BpeMs HenpeABHAeHHbIx o6cTorTeAbcTB AAR Toro, mrr6bi o6ecne'iHTb AOCTyn Ko ace
oT'reTHOCTH C MeAb1o ayAHTa. CmcTembi AOAXm pampa6aTmBaTbcR c IpyHKr,hAuH
apXHBHpOBaHHR, Ha CAyqaH oTKaaa OAHOH HAH HeCKOAbKMX ,eHTpaAbHbix CTTaHN o6pa6OTKU
HH4)opMaUHH. 3To OReHb BamHO B pas3HBaoIHxcR aKOHOMHrKaX, rAe HaAeMHOCTb OCHOBHbIX
noTpe6HocTeH HHcppaCTpyKTypbl (cHcTemi aAeKTpocHa62KeHHSI, TeAeKOMMyHHKagHH,
TpaHcnopTHpOBKH pa6onHx, AoKyMeHTatUH H rexNuwecKHx cAymauuIx) eCUe He AocTHrAa
CTaHAapTOB paSBHTbNX CTpaH.
HaAemHocmT 8 6esonacisocTm
Kom8poAb 3a nomen..eccnoM. CHcreMa AoAmHa 6bmlb paspa6oTaHa c
aAeKBaTHbuM KoHTpoAeM HeCaHKgHOHNOpBaHHOrO AOCTyna HAH iMCezaTeAbCTBa B AaHHbie
n.AaTe2KHoro 6aAaHca. 4AA aRoro Tpe6yeTcR HaAAemazUHm o6pasoM HAeHTH(4)HUHpoBaTb
nOAyqaTeAs AeHer H nAaTeAb1jHKa H rapaHTHpOBaTb, ITO CyMMa nAaTema H 6eHeqlHUapbi
9
CAeAxH He MoryT 6blm HsMeHeHMH B noAb3y Aio6oH H3 CTOpOH onepagHH HAH B nOAbSy
TpeTbeH cTOpoHbl.
KOBTPOAb sa CpeARTHbIa pHCKOM. HAaTCMHaR CHCTeMa nepemeigaeT
AeHbrH Me2AY ABYMH napTHepaMH, 'aCTO npH YCAOBHH, iTO napTHep, nOA"'aiOuHH AeHbrH,
He ymepeH, cyjecTByioa AH aTH AeHbrH B 6aue-nAaTeAbUJHKa. 3To co3AaeT KpeAHTHblH pHCK
memAy ABYMR ysacTHHxaMH onepagHH, memWy AByMR 6aHKaMH H, BO3MOmHO, MeC2Ay
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6blTb yBeperbl, imTO HHwpOpMagHH o6 HX nepeBoAaX He 6yAeT AocTynHa TpeTbHM AHgaM.
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wHoro pa9 AAS ocyjecCTBAeHHE KamAoro nAaTema, TO TaKau CHcTeMa He Mo2KeT 6blTb
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4 BAep2rKH
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COCTaBHOH CHCTeMe, OTBe'laioJeH pa3AHqHblM Tpe6oBaHHHM onepagHH. HanpHMep, CHCTeMa
ynpaBAeHHRR CpOYIHOCThIO, nAaTemKH Ha KpynHble CyMMub Tpe6ylOT 6oAee 6bicTporo H TO'qHOrO
IpOBeAeHHR onepagm (Ho DpH 6oDAumei cToHMocTm), qieM CHCTeMa qeKOBbIX paC'eTOB.3 cerAa AemeAe PaB3BHBaTb CTPYKTYPHPOBaHHYIO COCTaBHylO CHcTeMy, ReM CTapaTbCR
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B Pa3BHBMUOUHXCR CTpaHaX aTm aAeMeHTbe l a)CeKTHBHOCTH nAaTeCHOH
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eaACmHOcTH H yBepeHHocTH H/HAM sHaqHTCAbHbliH pHCK npH cAa6oH 6esonaCHOCTH. B OTBeT
i8a aTH saMeCBaH11 Heo6xoAHMbi KpaTKOCpO4Hbwe HOpMaTHBbi AA TeKymero LAaTemHoro
10
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bi oHa cTaAa Ha Horm.
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CoCTaBAWOIDHMH cospemeHHoH nAaTemHof CHCTeMbi:
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BbilnOAHHeT On1peAeAeHHbie PyHlC4HH, HF- 3anRRCinO OT THnla nAaTeta.
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3anHCb no cqeTam 6aHKa napTHepa HAH KAHPHHroDoro areHTa. C noMoUJblO KAHpHHroBoro
areHTa 6aHK AOAmeH Bbi6paTh, no KaKofi CTaTbe 6aAamca 6yAeT npOHCXOAHTb BsaHMo3aieT H
HanpaBHTb o6siaTeAbcTBa B KAHpHHmOmBYO naAaTy. llepeBoA Tpe6OBaHHH H o6sR3aTeAbCTc no
oTAeAbHoH cTaTbe moomer npoHcxoAHTb c noMoUjblO qpH3H4ecKoH TpaHCnOpTHpOBKH
nAaTeMHbIX Tpe6oBaHHH HAH nopy'eHHfi HAH 'epe3 BAeKTPOHHYIO TeAeKoMMYHHKagHoHHYIO
cHCTeMy. ECAH HAeT naKeTHax nepecblAKa, TO o6 R3aTeAbHO llpHKAaAbIBaeTCR 6ymara H
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Tarime cnNcKH, noATBwpmAalOIHe nepeCoAb Ha CqeT. Ilpm nepesoAe CpeACTB 'mepea
aAeKTpOHHYlO CHCTeMy AOA2KHb 6blm npeAnpHirrI cooTBeTcTB3wujHe MepbI AAR TorO,
Tro6bi HB6emaTb AocTyna K AaNH1HM H HX HQN''^UMIO. BaNK, KOTOpblU opraHH3oBbBjaeT
TaKy3o CHCTeMy paCleTOB AOA2KeH TaEKe YCTaHOBHTb CHCTTMy apXHBHblX 3aHnHcef Bcex
onepagHl, cBsamNylo c noATBepmAeHHem p)aKTa nepeBoAa CpeACTB Ha c'eTa.
KAHpHHr. KAHPHHr BKAIo'iaeT B Ce6sH o6MeH nAaTPH-mhIMW HHCTpyMeHTaMH
Me2KAy 6aHKoM-nAaTeAbuIHKa H 6aHKoM-noAyqaTeAR nAaTemaUAH HAH HX areHTaMH. KAHPHHr
momer 6bITb geHTpaAHwonaH B KAHPHHrOBOH naAaTe, rAe yqacTHHKH o6meHHBawo=CH
nAaTemHblMH HHcTpyMeHTaMH Me2KM Co6oH Ha MHorocTopoHHeH ocHoBe. C ApyroH CTOpOHbI
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HenocpeAcTBeHHo Apyr c ApyrOM Ha ABycTopoHHeR OCHoBe).
KAHpHHroBble naAaTbr ynpoualoT npogecc pacqeToB!k. A4A nAaTemeM,
cBnsaHHbix c 6y8*nmLqI HHCTpymeHTamH ('xeuuH) moryTr cygecTBouaT MHOOrqHCAeHHb(e
KAHpHHroBbie naAaTbi - no oAHof B Ka2AOM 6oAbUOM rOpOAe, AAm Toro, qTm6bi
mIi?JHHa4MupoBaTb 3aTpaTbl H BpeMR Ha nepecUiAry AOKyMeHroB. 3 AeKTpoHHble nAaTemH
MorYT OCYeCTRBAfrTbCR KaK Ha YPOBHe HagHOHaAbHOH CHCTSMbl paC'eTOB, TaK H Ha ypOBHe
MHo2KeCTBa perHOHaAbHblX HAH KOHKypHpYIOUHX KAHpHHrOBb(X naAaT, HaXOARUJHXCR B Pa3HblX
CTpaHaX. BcAeAcTBHe TOrO, 'no nAaTemH KANCHTOB 3npoHcXoAsrT B seTcX reorpaqJH'ecKKX
6 KAupuH2o0air naAama - smo uwcmumym, ycmaHosAeHeb1ii tpynnori 6arnKoe (npu uAu &e. ytacmuq
CeHmaPAbHOZo 6a,uca) 4AA ocYWeCmaAeHuJl o6Rsame4bcme. Kax4wbgr 6aHK Bb1raOAHxem csou
o6RaameAbcmaa ynAamo* KAUpUHWoUoi naAame 'ucmozo ocmamica, Komopbi OH ocmaAc 4oAzxcem
APU2UAK eC 4AeHaA.
11
o6AacT.rx, 6yMamHlie HHCTPYMeHTbI 'acTo o6pa6aTlBaioTcR Ha MecTHOM HAH perHoHaAbHOM
ypOBHe, rro6bi HB6emaTm 3aAep2reK OT HX AAHTeAbHOH TpaHCnOpTagHH B/H3 geHTpakbHoro
nyHxTa, HAH AAR COKpanemHHR paCXOAOB Ha nepecblAKy coo6uIeHIH H TekeKoMMyHHKagHio AAR
aAeKTpOHHblX nAaTemeH.
PacueTbi. npouecc pacqeToB npeAnoAaraer nepeBoA onpeAeAeHHoH CYMMbi
H3 6aHKa oTnpaBme-AR B 6aHK-noAyqaTeAb. AAR npOBeAeHHR pac'ieTHbIX onepaLgHH ABa
6aHKa-yqacTHHKa AOAmHbl HMedTb KoppecnoHAeHTcIwe oTHomeHMiR AH6o MemAY co6oi AH6o c
TpeTbHMH 6aHKaMH. FIpoBeAeHme onepagH co CereTaMH B oAHoM 6aHKe no nopy'eHHIo
Apyroro 6aHKa Ha3biBaeTcA KoppCCnOHAeHTCKHMH HAH KAHpHHroBbIMH c4eTaMH. ECAH 6aHK AnpeAcTawAReT $ 100 6aHKy B B BHAe nAaTemHoro Tpe6oBaHHR H 6aHK A HMeeTKoppecnoHAeHTcHiiH cqLeT B 6aHKe B, 6aHK B, B 8TOM cAy'iae, 6yAer KpeCAIOBaTb A Hacymmy $ 100 AAA ocyujecBmAeHHR nAaTema.
PacqeTbi Ha ABYCTOPOHHeH ocHoBe &BAAIOTCR oqeHb rpOMO3AKHMH H BeAyT K
cHcTeMaTHqecKHM PHCKaM B 6aHKoBcKoH cHcTeMe cTpaHbi. HanpHMep, ecAH B CTpaHe 10
6aHKOB, H Ka2AwH 6aHK Hmeer KoppecnoHAeHTcXKmi c'er B ApyrH2m 6aHKax, noTpe6yeTrcs
MHHHMyM 45 KoppecnoHAeHTcKHx cqeToa7. 3 Ta cHcTeMa pacnpeAeAeHHbIx pacqeToE
onepagHoHHo HeaqxpeKTHBHa, Tpe6yeTr noAAep2raHHR 6OAbuHX ocTaTKoB AAR npoBeAeHHR
paC%IeTOB H MO2KeT BeCTH K cHcTeMaTH'ecKoMy pHCKy, ecAH o6aHKpoTHTCR roAoBHOH
xoppecnoHAeHTcKHHi 6aHK, HaxoARIaHHcR B geriH pacCeToB, KoTopblH He cMomeT OlAaTHTb
OCTaTOK Ha KoppecnoHAeHTCKOM cqeeTe ApyroMy 6aHKy.
UeHTpaAH3oBaHHbie pacqeTrb 'acTo HCnOAb3ylaTCR AAR BCeX HAH qaCTH
nAaTemHbIX oTHoiueHHH cTpaHmb. IPH geHTpaAH3oBaHHo cHCTcMce pacqeToB Bce 6aHKH HMeloT
cneUHaAbHbIH KAHpHHrOBbiH CcleT B OAHOM 6aHKe. BaHK OCyWIeCTBARsT pacqeT, o4opMr AAer
onepaxgH0 MemAy HHHUHaTOPOM nAaTema H nOAy'aTeAeM B cBoHx 6yxraATepcrxHx KHHrax. BHalueM npHMepe c 1O-io 6aHKaMH, HMmelOJHMH MeHTpaAHwOBaHHyio pacmerHyCo cHCTeMy BMeCTO
45 noHaAo6HTcM AHDb 10 c'eTO 2 H meHbme cpeAcTs 6yAeT Heo6xoAHMo AAR pac'era, TaK
KaK AHKBHAHOCTh 6yAeT 6oAee nocToRHHoHi. Y MeHTpaAH3oBaHHoH pacqeTHoH cHcTeMbl eCTb
npeHMY4geCTBa B OCYIJeCTBAeHHH OnepaI1HH H B AHKBHAHOCTH no CpaBHCHHIo C
pacnpeAcAeHHoi cHcrTeMoH. Ho B TO me BpeMR, eCAH eAHHCTBCHHbIM paC'eITHbIM 8AeMeHToMSIBAReTcR KoMMep'eeCKHH 6aHK, TO MeHTp&mBaHHaR CHCTcMa Mo2reT B CpaBHeHHH C
pacnpeAeAeHHoH CHCTeMOH yBeAHWHTb cHcTeMaTHqecKHiH pHCK HeBbiHOAHeHHA aTHM 6aHKoM
CBOHX o6RarTeAbcTB (6aHKporcTBa).
B 6oAbxmHHCTBe pa3BHTbix cTpaHaX MeHTpakbHbiH 6aHK BbICTynaeT B uCaqecT3e
rAaBHOro nOCPeAHHKa B nAaTemHbix onepagHRX. UeHTpaAbHblHi 6aHK npeAOcTaBAHeT
7 qmo6bi paccQumamb ,COAU'teCmao nepecCeHeui (P) r o6be?Cmos u.n Pia6opa n o6ieKmoS, HasoBeA
smo P(r,n) - (n!/(n-r)l), z4e nl = n*(n-l)*(n-2)....*I). ECAu nopAoK Bb(6 0pKu saZceti, mozMaP(2,10) = 1011(10-2)1 = 101/81 90 (nompe6yemcJ 90 KoppecnonMeHmcKux omosu4eHluu). HoecAu nopRa,oK be6oppKu tie BaXeH, moz4a cyecma yem rl sapuaHmoB gnopR.o4eHuR r o6beKmoB UKoAumecmnO Homm6upaguil (C) r o6bermoB C(r,n) - nl/(rl*(n-r)l) = P(r,n)/rl = 90/2 = 45.89 C(r,n) = 101/(11*(10-1)1) = 101/91 = 10
12
OnepauHOHHb1e npeHMyqecTBa H noBbXlmeHHyEO AHKBHAHOCTb, npHCyUJHe geHTpaAH3oBaHHoH
cHcTeMe. FIOCKOAbKy UeHTPaAbHblH 6aHK He MomeT o6aHKpoTHTbcA (xpoMe KaK B cAyqae
naAeHHR npaBHTeAbCTSa), npH OCyujCcTBAeHHH KAHpHHrOBblX pacqerOB Repe3 leHTpaAbHblH
6aHK oTcyTcTByT cHcTeMaTHqecKHH pHCK. B 6 OAbUHHCTBe cTpaH, 6aHKaM H ApyrHM
qnHHaHCOBbIM ype2KAeHHHM IIpeAnHCaHO OCYXeCTBARTb pacieTbi iepes3 IeHTpaAbHbIH 6aHK, c
geAbIO yAyqmeHHn AeHemHofi nOAHTHKH, HaAe2KHOCTH, AHKBHAHOCTH H aqc4eKTHBHOCTH.
IlcnoAb3oBaHHe TaKoH qlOpMbL pac'eTOB nao3BOAeT y6HTb AByx 3aH4eB: ocyWeCTBHTb
nAaTem H COKpaTHTb AO MHHHMYMa pa3Mep cJHHaHCoBbLx pecypCOB, HaXOARUHXCH B
CBB3aHHOM COCTO8HHH B npoUecce nAaTema.
Pacqemib nepes MeHTpaAbHbhH 6aHK moryT npoHcxoAHTb B 0AHo40 H3 Asyx
qpOpM. KorAa B pacqeTe OTpa2KaeTCR OTAeAbHO Ka21Ab&H aAeMeHT, npOHCXOAHT 6pyTTo-
pac'qeT. HeTTo-pacqeT HMeeT MecTo, KorAa B 6yxraATepHH 4eHTpaAbHoro 6aHKa OTpamaexTc
AHmb caAbAo no onepa1HH. HanpHMep, AONYCTHM TpH 6aHKa o6MeHHBaboTcR nAaTemaMH H
KamAbIH HMeeT Ae6eT B $ 100 no c'eram KamAoro H3 AByX ApyrHx. npH 6pyrro-pacqeTe
KamAoMy 6aHKy 'nPHMAOCb 6bl AeAaTm no 4 3amNCH - ABa pa3a no $ 100 no Ae6eTy H ABa
pa3a no $ 100 no KpeAHTy, To ecTb Bcero 12 3anHcef. FIpH Herro-pac'ieTe 6 biAH 6 bl
onpeAeAeHbl 'HcTbie no3HgHH KamAoro 6aHKa no oTHoieHHOo K KAHpHHrOBOH naAaTe H
pa3HeceHa OAHa 3anHCb (B AaHHoM cAyqae 0) A KamAoro yqacmtiKa pac'eToB. 3To TaKme
Ha3bIBaeTCR MHOrOCTOpOHHHM HerrO-paCqeTOM, TO eCTb KOrAa B onepaUHH npHHHMaeT yqaCTHe
3 HAH 6oAee CTOpOH, KamAaR B3 KOTOpblX 3BaKpbiBaT CBOio no3H4Hio no OTHOmeHHIO K
KAHPHHrOBOH naAaTe, H TaKHM o6 pazou yperyAHpyloTcsl 6aAaHcbi memy co6ofi. TaKaH
MHOrOCTOPOHHMR CHcTeMa o6ecne"HBaeT 3HaRkqTeAbHyio aKoHoMHio saTpaT no CpaBHeHHlo C
6pyTTo-pac"ieToM HAH Aame ABycToPOHHHM HerFo-paC'IeToM, HO C npaBoBoH TOqKH 3peHHJI
BO3HHKaeT 6OAbUaR HeonpeAeAeHHOCTb B cAyqae HenAaTema oAHoro 113 yaCTHHKOB KAHpHHra.
O6pa6onma a 6asue-noAyqaTeAx. E;aHK noAy'aTeAb BbinOAHfIeT HeCKOAbKO
3aAaqi AAR 3aBepmeHHs nAaTemHoH onepagHm. BaHK AOA2reH pa3HeCTH CyMMy Ha C'IeT
KAHeHTa-noAy'iaTeAR (KpeAHToBaTm cqeT KAmeHTa npH KpeAHToBoHi onepafHH H Ae6eToBaTb
npH Ae6eToBofi). BaHK MomeT 6paTm Ha ce6s o6smmTeAbCTBo HHq)opMHpoBaTm KAHeHTa o
nAaTe2Ke no TeAeqtouy, noqTe HAH B peryARpHoM BbinHcKC. [IAaTe2rHbiH HHCTpyMeHT,
HXnpHMep 'eK, MomeT 6bmT UpHAomeH K yBCAoMAeHHmO. nloAy'rTeAb momer noTpe6oBaTh
npoBePKH npaBHAbHOCTH AOKyMeHTa (noAnHcH, H T. n.) nepeA pa3HeceHHeM no c'eTaM,
npOBePHTb HaAH-iHe cpeAcTB (irpH Ae6eToBofi onepagNH) H apxHBHpoBaTh nAaTemHyuo
onepagHmo AAR nocAeAooujero nepecuoTpa H BbumBAeHH omH6oK.
nloAyqaTeAeM Mo2KeT 6blTb oTAeAmHme 6aHKa, rAe KAeiHT-noAy'aTeAb HMeeT
cBoH cieT, Aio6oe OTAeAeHHe aToro 6aHra HAH geNTwaAbHoe QrIEPY 6aHiKa HAH
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aBToMaTH33aHH BHyTpN 6aHKa H HopMaTHBHblx aKTOB cTpaHbi.
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COnepHH'eCTBOM. BaHKH KOHKYPHPYIOT 3a KAHeHTa OCHOBbZBaUCb Ha TOM, KaK OHH paZAH%IalOT
hmugma1opa H noAy'IaTeAR nAaTema.
13
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C)HHaHcOBbix nocpeAHHKOB B 6oAbIHHcTBe nepexoAHbix cogHaAHCTH'ecKHx BKOHOMHK
3acTaBAReT geHTpaAbHblH 6aHK 6paTm Ha ce6a AmAHpyioJyO POAb B AeAe OpraHH34agHH H
CoBepeUHCTBOBaHHR nAaTeCHoH CHCTeMN. B 6oAee pa3BHTUX pbIHO'qHbXX aKOHOMHKrX
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onpeAeARnOTcR 'qaCTHbIMH ySaCTHHKaMH AaHHOH UAaTeCHOH CHCTeMbm. rIpOc)ecCHOHaAbmHae
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H3MeHeHHR B TeKyIBy O npaKTHKy H CHCTeMbi YnOAHOMOqCHHbIM peryARTOPHbIM opraHaM.
ijeHTpaAbHble 6aHKH HBAUUOTCH o6 WHo oneKyHaMH H KpeAHTopaMH nocAeAHeH HHCTaHUHH B
AaTeC2Hb1X CHCTeMaX.
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Me2r.6aHKoBcKHi KAHpHHroBbIH H pacqeTHbiH MexaHH3M. 3TO O3HaqaeT, Yo TpeTb3I CTOPOHa
npOH3BOAHT B3aHMOpaCseTbI H BbiokAHReT pacqeTHyio pyHKuHo. BHyTrpH6aHKoBcmHe nAaTemH
npoH3BoAsrrc.I, paccqHTbiBaIo'cn H BbinAaqHBawOTCR B npeAeAax oAHoro 6aHKa. 14em 6oAee
KOHUeHTpHpoBaHa 6aHKoBcKaR cHcTeMa, TeM sbiUe npoUeHT BHyrpH6aHKoBcKHx nAaTemeH.
Mem6aHKoBcKaR CHCTeMa Tpe6yeT coTpyAHHqecTBa Bcex nloAb3oBaTeAeH. CHCTeMaMH
coBMeCTHO RAaAeCoT rocyAapcTBeHHbe 6aHMu HAH geHTpaAbHblH 6aHK. ro onPeAeAeHH1O
BHyTpH6aHKoBcKHe CHCTTMem HaXOASIR Bo BAaAeHHH OTAeAbHbIX 6aHKOB. BaHKoBCKaR
HHAyCTpHH AOA2mHa pa3BHBaTh H npOH3BOAHTb BAomeHNR KaK B Me2m-, TaK H DO
BHyTpH6aHKoBcKHe nAaTemKHbe CHcTeMbJ C geAbIO yAoBAeTBopeHHR noTpe6HOCTei KAHeHToB B
ycAyra no OpraHH.BaUHH nAaTemeH.
5. KaxoBa pO lbUeuTpaAbuoro 6aH;a?10
HaUHoHaAbHbHi MeHTpaAbHblHi 6aHK Hrpaer o'ieHb Ba2KHymo pOAb B cO3AaHHH
nOAHTHKH nAaTeMHbIX CHCTeM, KOopAHHaUHH HopmaTHBOB H CTaHmapTOB, npOH3BBOAR 6OAbwyO
'iacTm nrAaTemHbx ycAyr CTpaHbI. KamAHii BeHTpaAbITlf 6aHK Hrpae'r pa3AHRHyI0 pOAb B
o6ecneqeHHH nAaTemHbIX ycAyr, Reu ocyr5ecTsAeHHs nAaTemefi. B HeKOTOpbiX cTpaHax
MeHTpaAbHbie 6aHKH 6oAee aITHBHo npoHB BOART nAaTe2KHbie yCAyrH, o6blzHO KOHKypHpyR c
rOMMepCeCKHMH 6aHKamH (CI1A, repmamui, 51nomi). B ApyrHx cTpaHax MeHTpaAbHbIH
6aHK He Hrpaer pOAH B onepagHIX (BeAHKo6pHTamui). UeHTpaAbHbln 6aHK HcnoAHReT
3aKOHOAaTCAbHRYO pOAb, rapaHTHpyH 6e3onacHocTh, SHaqHMOCTh, a x eKTHBHOCTb, H
10 Summers Bruce. 1991. 'Clearing and Payment Systems: The Role of the Central Bank", FederalReserv Bulletin, Washington D.C. pp. 81-91
14
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- TexMXxa onpeAeneHms Bawe,WMa K 1O'D01 He CemrAa oNaxoBa (NoYepa xAcmTHx4)xaTopa awzenjmianpOTmB nOArII11CM).
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15
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33HTb Ha ce6uu HHHU!HaTHBY H o6pa3oBaTb HagHoHaAbHbldi AaTe2Hblfi CoBeT (HIC),CoTopbifi 6bi Bo3rAaBHA npoBeAeHHe peqtopMbi nAa7TmHbiX CHcTeM. HFC AoAmHbI:
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TaKuM o6paBoM fnoAITHKy geHTpaAbHorO H KoMMepqecKHx 6aHKOB B paMKax
nAaTemHofi cHcTeMbl (rapMoHlHNoe pa3BHTHe Mem- H BHyTpH6aHKoBcKoH
ruAaTemHofi cHcTeMb);
ii Hook, Andrew T. 1992 "Managing Payment Syslem Risk During the Transition from a CentrallyPlanned to a MarkrH Economy", IMF Working Papers, WP/92/95.
12 "B 6oAbLUuuKCm2e cAyqaea, AOazocpo4HGaR npupoga nepexo4a K cucmeMe, opueHmuposaHHoii a
pbtHOK, He4oCmamotfNoCmb pecypcos 8 tiacmHox U o6y4ecmaennoM ceKmope, omcymcmsue
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16
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17
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18
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19
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* KTo yCTaHaBAHBaeT npaBHAa, o6ecneRHBamomHe copa3MepHfiH AOCTyH H
yAoBAeTBOpeHHe HHTepecoB y'iacTHHKoB?
* KTo ycTaHaEBAHBaeT CTaHAapTbI, noBBoAEiJJHe CBo 6 oAHbmH o6MeH nAaTe2KHbIMH
AOKyMeHTaMH MeCBy y"aCTHHKamH?
* KTO yCTaHBAHBaeT IPHHaHCOBbie yCAOBHR, o6eCneqHBaJOmJHe noKpblTHe
KanfHTaAbHbIX H OnepagHOHHblX H3qepe2KK CHCTeMbl?
B 6OAbLunnCz.b cTpaH geHTpaAbHbie H KOMMepIecKHe 6aHKH (HAH
(OHCOpUHyMbl KOMMepCeCKHX 6aHKOB) onpeAeAAllor H o6ecneqHBaioT HaA3op. HH OAHH
-COMMep'ieCKHm 6aHK He Mo2reT npoBoAHTb HaABop, HCXOAR H3 HnpH'IHH KoHKypeHUHH.
Opr.uoiump u UAaTencHbix cueCrem noKcpbrrue imitepnceK.
Mem6aHKoBcr.He nAaTremHbJe CHCTeMbi moryr 6blrb opraHH3oBaHbI HeCKOAbKHMH nyTnMH.
AeKOTOpbie MeTOAb oTAHqamnrCR B 3pa3Hb1X cTpaHax; 6OAbHIHHCTBO me CTpaH HcnoAb3yeT
cpa9y HeCKOAbKO MeTOAOB. FlpoeKTbi coTpyAHHqecTBa memCA geHTpaAbHbMMH H
,%OMMep'eCKHMH 6aHKamH Heo6xoAHMbl AAR ycTaHoDAeHHR o6mjHX npaBHA, q)opMaTOB H
4HcTpyMeHToB. Kax 6bl TaM He 6tuAo, HO o6qjenpHHpTbnM AAA KpynHbiX KOMMep'eCKHX
-5aHKOB sBARCeTcA COTpyAHHieCTiO C CerMeHTOM nAaTemHOH CHCTeMbi AAA He6OAbmHx no
3a3MepaM 6aHKoB-KoppecnoHAeHToB.
KoopAHHaUHOHHbiH COBeT o6ecne'HBaeT ynpaBAeHHe. B HeKOTOpblX cTpaHaX
KaHaAa H BeAH.o6piraHHfl) KoopAHHagHoHHblH coBer o6ecnewHBaer pyKoBoAcTmo
1paBHAaMH H cTaHAapTaMH H ynpaBAfleT Mem6aHKoBcKoH cHcTeMoH. B AaHHoH MoAeAH,
XpynHeHiiHe 6aHKH o6AaAawOT co6cTBeHHocTblo B aCCOgHagHH H noAyqaioT nponopgHoHaAbHO
eH npaBo roAoca. rIoAbSoBaTeAH moryT OnAa'HBaTb YCAyrH AH6o Ba eAHwmgy pa6oTm AH6o 3a
-oA (o6biqHo onpeAeAAeTcs1 no o6zbemy npeAbpiJy1Wero roAa).
BTopOH MOAeAbIO SMWMorAc MecTHble o6wwmewuwR (KAHpMIrOBbNe naAaTbi),
yCTaHaBAHBaiOuJHe Ha6op npaBHA H npoUeAyp AAA AaHHOi meCTHOCTH. BOAbMHHCTBO
-IAaTemeH AoAmHbi 6blTb sa'reHbl (npow^eBrA1,) B MeCTHOH KOMmepqeCKOH BOHe, TeM He
AeHee AaHHoe YTBep2KAeHHe MeHee npaBAHBo AAm KoMMepecKHX nAaTe2KeH, no CpaBHeHHlO c
1oTpe6HTCAbCKHMH. OpraHH3amHR H 6ioAmeTHpoBaHHe MeCTHbiX KAHpHHrOBb1X naAaT noAo6Ha
IagHOHaAbHbLM aCCOgHaLgHRM.
B TpTbehH MOAeAH, geHTPaAbHblH 6aHK ynpaBAReT nAaTemHHOH CHCTeMOH
o6blqHO KOHKypHpSy c qaCTHbIM ceKTopoM). HMeioujHe Ha TO npaBo 4IHHaHcOBbie
,enoBHTapHble HHCTHTyTbi npH y'IacTHH nAaTAT Ba noAb3oBaHHe cHcTeMoH (BHeiuHHe
i apTHepbl He BKAIo'iaxOrcR B CHcTeMy). Me'OA yCTaHOBAeHHB TaKOM nIAaTbi H3MeHaeTCm OT
-OAHoro noKpb1)THB H3Aep2KeK AO 4aCTHHbix Cy6cHAH.
22
7. KaKcon we uo,axoA BceiUp.oro banKa K CSa-w9oo, .HeApeHRnN o6cAym.maunio
UATTeCN3b1X CECTem?
IloneMy BcemHpHbwii BaHK sOBAeqeH B moAepNH3aMHOHMie npoeKTbi
flaTemHbhIX CHCTeM B Pa3BHBa)OIMHXCH CTpaHaX H nOCT-COUHaAHCTHqeCKHX nepexoAHxX
8KOHOMHKax? CyMMbl, nepeBoAnie qepe3 nAaTemHyuo CHCTeMy nocpeAcTBom aKOHoMHqecKHX
areBTOB rocyAapcTma RBAmoTS owo6pamceHpe HAH ABOHHbEM npeAcTaBAeHHeM AeSTeAbHOCTH,
HmeuoDuqeA MeCTO B ero aKOHOmHKCe. BaHNK ynoAHoMoqeH noAAep2rHB3aTh KOHOMHqeCKOe
pa9BHTHe H no ouMy npoRBkaeT ocTpbiH HHTepec K pa3BHTHMO H o6HoBAeHiuo aCneKTOB
CTpaHoBOH HHq)pacTpyKTypbi, KOTOpaR ycKopReT, noBblObmaeT npOH3BOAHTeAbHOCTh
BKOHOMHqecKorO pOCTa. YcTpaueHHe y3KHX MeCT, KacaIOJHxcR paB3HTHR 4)HHaHcoBoro
ceKTropa, AoAmHo 6bmb oHHm Ha ero npHopHTeToR. BaHr waHHTepecoBaH B TOM, vTr6bi:
* lAaTemHxe cHcTeMbi cTaAH o6mWecTBHHo noA3eHbIMH (6blAH Bce 6oAee
6blCTpRlMH, HaAemHb1MH H 6esonaCHblMH AAA nepeBoAa AeHer).
* IloTeHIHaAbHaR npH6blubHocTb CTaAa peCyAbTaToM pe3Koro coKpa1geHHR
onepaMH0HHbIX HCep2KeK H OT CHH2eHHR ILAasB8luOHX KYPCOB H AOpOrHX 3aAep2KeK
npH nepesoAe cpeACTB (oco6eHNo B rHnepHHqJSqHOHHOH cpeAe), 'TO MomKHO
AOCTH'ib He6oAbuniMH sAO2KeHHMH H S4FpeKTHBHOH pa6oToH.
* HOTeHgHaA pa3BHTHR 6bhA ueHee HCxa2KeHHbiM H 6oaee aqXpeKTHBHbIM
KocseHHbIM HHCTpyMeHTOM MaKpo -. KOHTPOAbHOrO ypOBHR (onTPp>UH Ha OTKpblTOM
pbiHK.e);
* BosmomuiocTm nOAy'eHHR KpeAHATOB MHpoBoro 6aHra AA! (pHHaHCHpOBaHHA
TexHH'ecKoH i noMomH (cosAaHHe npOeKTOB H Apyrue xoHcaATHHroBbIe ycAyrH),
o6yqeHHe H KanrTaAbHbie BAo2KeHHR (nporpaMMNoe H HHqboPMagHoHHoe
o6ecneqeHe) AAM pa3BHTHR BHYTpH- H me2K6aHKoBcKHX nAaTe2KHbx cHcTeM,
AbrOTHOe q)HHaHcHpoBaHHe cTpaNamH-AOHOPaMH H COBMCcTHOe (pHHaHCHpOBaHHe
ApyrHUW MemKAyHapoAHbimH (PII*UCOBbIMH OpraHH!WSt1MMH; H
* Pa3Bwrre qlpHaHCOBoro cexTopa, nAaTeMHb1X HNCTpyMeHToB, HHCTHIyTOB H
pbuHKOB (AeHeEINuX H KamHTaAOB).
IHOMOUI_b MHpoBoro 6aHXa no pa93BTHio nAaTemHbEx CHCTeM H 6aNxoB3cKoHi
aBTOMroaTH3HH 6bicTpo pacmHpHAaCb sa nlOCAeAHHe 2 - 3 roAa. CnHCOK CTpaH, KOTOpbiM
peCAOCTaAeHbi KpeAHTbl, H nAaHHpyeUb[X KpeAHTOB nlOKaw3a B Ta6Aue 1.
13 Towa KaK sKOHOaUm4CCIcOe passumue 6csoCmaoHoo'Ho, cneM,uaAusagau mpyu4a cos,4aem Hoobil
cnooc o6mena cmou.ocmeid rcaK eMYpu, maK U Xec4,y cmpafaMu.
23
Ta6miwa 1
KPEAHTbl MHPOBOrO BAHKA AAR PA3BFThrH FAATE2KHbIXCIHCTEM U BAHKOBCKOAI ABTOMATH3AUJHH
(J AN. 4oAaapos CLIA)
CTpaKa Texuomozb/ O6opyAoBasne ABTohaTE3aUEU
paspa6oTKa (Mew6arKomcKme) 6aHioB
uAaTeHbJCe CECreYbK (BHyrpm6arnonck)
Aq)PHrKA:A.ro&a(5) -- 1.00 3,5(2)
ErneT (" _) -- -- -
raHa(5) -- 3.50 4.50
A3mH:Kn.Tai3.an 1 2.50(1) 40.00 --
3Tan 2(nP) -- 200 - 400 300 - 500BbeTHaE 1.00(1) 25 - 30(5)
BOCTOqHAJEBPoJIA:Beerpen 0.40 13.50 4.1(2)
40.00nosbma -- -- 42.00
CHr:KaBaxcran(u) 0.40 29.65 23.4MoAAona n.o n.o n.o
Poccw(") 1.54 200 - 250 250.00(3)
TypK essHHcTaH -- 7.00 --
YKpausa 0.85 1.90(4)
Ys6eKc-ram 0.40 3.50 0.9(2)
IlpHMe'iaHHR:
(1) rpaT.(2) ABaTOmaTHSal ijeHpaAbncro 6aNma.
(3) Am 36 KOMMep'ecKHx 6 aHKOB (BoJmomHo cotpioaacHpoHaH0e EBPP).(4) MomeeT 6bllb yBeeAHeno Sa CieT nepepacrnpLAeAe cpeAcra IBL.
(5) OrpamreHo CHcreMOmi Kxpnra xos.
(6) BKAUiOaeT noAAep2xKy BHyTpH6aMKOMOH CHCK M.
(n) rlAazpyeTca.
(np) IlpeAwoAameTcs. BoSmomHo coqm0HaHcxpouaHe.
H.O He onpeAeAeHo.
nlpHiea-ume: EBPP npeAocTaBAeeT KOHcyAbTaImHomue yCAyrm no nporpamme moAepCHH3MP ruaTeIx
cHCTeM, BBOAODMmX H q"mHaIcHpyeMbix Ba mCeT AoHopOD.
24
noAxeo Bceu.peoro BanK&a K passm.Io mamTCHbiX cmcTei
ULem. TexHuqecKas nlOMOWb pHHNaHCOBOMy CCKTOpy (Trl) B 60AbmHNcTBe
laiTrMHbMx CHCTeM cTa3HT 3asaqeH pa3BHTb co6cTBwHHbue qeAoBeqecKHe pecypcbi cTpaHbl H
HHCTHTyUHOHaAbHbie Bo3Mo2rHocTH peq)opmHposaTh H oTpacAeByiO H opraHH,aUHoHHymO
noAHTHKyJ4. TexHHqecKwR noMO1jb BcemHpHoro Bamca PHHamHcpyeT nepeAa'iy ycAyr,
3sHaHH, HaBbiKOB, o6opyAoBaHm H RTexHoAorHH. iCTOoRHHKH AaHHoH nOMOujH moyr TnOMOqb
nOA*THKaM B aHaAH3e so3Mo2mocTeH nOAHTHKH, BHeApeHHH H KoHTpOAe OTpaCAeBbZX
cTpaTerHH, yAy'imeHHH nAOroTOBKH H BHeApeHHR npoeKToB, yxpenAeHHm OpraFH34agHOHHbIX
Bo3MommcHTH CTpaHbI nocpeCAcTBoM UCAeBbIX HHCTHTyTOB HAH oTpacAeH.
TexHHieciKaR nOMO1jb MHpoBoro 6a8xa 1 Hs.BAArTCR BamHblm H, nOpOH,
Heo6xoAHMbiM mAeMeHTOM pasDHTHR. TeM He meHee, oAHoHG nOMoUJH HeAocTaTo-Ho.
Heo6xoAJMas cpeAa H Heo6xoAHMoC KoAH'ecTso peq)opM Tpe6yloTcR AAR ycneDlHoH
TexHHqeciKoI noMOUJH. AocTHmeHHe 4cAeH 3aeMIIJHKOB H BCnoMoraTeAbHblX areHTOB RBAReTcrc
OCHOBHbIM KPHTepHeM ycnexa.
CTpyKrypa . RocTauKa TnI. HMeR BblCOKo6pa3oBaHHyo pa6oYIO cHAy,
cTpaHa mOmerT HcnOAbOBaTb TTI xarK BpeMeHHo AeiCTByolq^He 3MaeHHTeAH B HeKOTOpbiX
ceKTopax. CTpaHa momeT pa3BHBmTb HoBble uaBblKH pa6oTbl B HanpaBAeHHH
caMoyTDp2KAeHHR. CTpaHaM He HymHo Hso6peTaTm KoAeco. OHH MoryT aAanTHpoBaTb
ycneluHbie CHCTeMbi H H36emaTb o0H6oK H AOpOrOCTORRyHX H HeHYMHbIX HHBeCTHgHH. CApyroi CTOpOHbi, npm BblAame KpeATOB noAf Tn Ha coaAaHHe IAaTMNHbIX CHCTeM 6aHK
AOAMeH BCHO IpCACTa8ARTh B03MO2KHOCTH noAy3aTeAM H Heo6xoAHmbie 8Tanb1 nomoMu.H AAA
AocTHmeHHR onpeAeAeHHblx eAeCH H AoroBOpeHHocTef mewAY cTpaHoH H 6aHKoM.
BaHKOBacKa TM MomeT npeAoCTraBAwTCR HmaHCHpoBaHHeM pa6oTm
COBeTHHKOB Ha KpaTKo- H AoArocpo'HoiH ocHoBe, o6y'eHHee (cemHHapbz) H o6opyAoBaHHR.
BaHK MOmmT qHHaHCHpOBaTb TeXHHqeCKrHe yCA3rH B AaHHOH 06AaCTH OT MeCAHIIHAHHapHb1X
rpynn Me2tyiHapoAHblx KoHCaATHHroBblX (HpM. AOnOAHHTeAbHaR noAAep2KKa MomeT
HCXOAHTb OT coBeTHHKa, pa6oTaiou1ero npH UHCCHH B AaHHoiH CTpaHe (B UeHTpaAbHOM
6aHKe) HAH nepHoAHWecKHx BH3HTOB cneCH8AHcToB Ha ApyFHX geHTpaDbHb1X 6aHKoB (qAeHbl
MHCCHH MBCD). IIOMOUgjb noCAeAHIx MOmeT 6brm oco60 noAe3HoH Ha paHHHX CTaAHRX
npoeKToB nAaTemHbIX cHcTeM. Bo BpeMR aTana BHeApeHHR nepcoHaA UeHTpaAbHoro 6aNKa H3
pa8BHTblX pblHG'HblX aKOHOMHK Mo2eT coBeToBaTb I&eHTpaAbHoMy 6aHxy-pegHnHeHTy H
npoH3BOAHTb KaqecTBeHHbiH KOHTpOAb AAs npoBepKH pemeHHH, npeAAaraeMbix 3apy6emHblMH
KOHCyAbTaHTaMH. OAHH H3 yAa-'HbDX npHMePOB AaHHOrO nOAXoAa - npOeKT nAaTemHoHi
cHcTeMbl KHTaR B opme MemAyHapoAHoiH KoHcyAbTaUHoHHoGi [IaHeAH (MKII).
PaBpa6orICa ycAosmi o6paqgeHm m crpyKTypbl MeCTubIK EIpOeCTO3 no
yIpaBAAeKHJ. AeTaAbHbif npoeKT yCAoBHfi o6 pa8eHHm AAx cy6KoMnoHeHToB nAaTeffHblx
CHcTeM Tpe6yeTc.l Ha paHHHx CTaHAX npoUecca KpeAonamHHR. PeaHnHeHT AOA2KeH
corAacHTbcR Ha cocTaB H o6-beM npeAnoAaraeMoH AeRTeAbHoCTH. IAHHaB AHCKYCCHR HMeeT
14 Cm. 'Onepavuomuan 4upeKmusa 8.40: Texmu'.ecrax IOxOWb, "HHcmpyK$uQ MupoRozo EarnKa",Ba&uuHzmoH, OKpyz KoAyM6ux.
25
MecTro memAy MHccHe MHpoBoro 6aHxa H UeHTpaAbHbM 6aHKoM. rpemAe '1eM MHPOBOii
6aHK AOCTHrHeT oKOHHIaTeAbHorO COrAameHHS c geHTpaAbHbM 6aHroM, geHTpaAbHbiH 6aHK
co6Hpaer MHeHHR BCeX yqaCTHHKOB, OCo6eHHO KoMMepmecKHx 6aHKOB. UeHTpaAbHblH 6aHK
Ha3Ha'aeT KBaAHcPHUHpOBaHHOro KoopAHHaTopa no npeAAaraeMoA ccyAe nAA MeHTpaAH-iagHH
AeRTeAbHOCTH, npHHHMaeT peuieHHe H AeHCTByeT B HenocpeAcTBeHHoM KOHTaKTe C BHemHHMH
KOHCyAbTaHTaMH.
Apyrme oprtrm%iZpo.Hebe Tpt6flIF-3Us. UeHTpaAbHblH 6aHK AoAmeH
COrAacOBaTb:
* KpHTepHH H Bbi6op npoUeAyp AAA oKa3aHHS KOHCaATHHrOBb1X ycAyr;
* npo!CeAypbi o6ecneCieHHR H oTqeTHocTH;
* paspa6oTKy wHHaHcoBbix HAaHOB Ha OCHOBe cxomeH AeHTCAbHOCTH B ApyrHx
CTpaHaX. PeaAHCTHqHOe 61oA2weTHpoBaHHe MeCTHbIX H3Aepe2KK 6yAeT
rapaHTHpOBaTb rAaAKOCTb BHeApeHHR npoeKTa.
* npogeAypbl BHeApeHHR H HaA3OP sa OCyjecTmAeHHeM npoeKTa.
Ormf MHpoBoro 6aHKa noKaabiBaer, 'no ycnex BHeApeHHR npoeKTa 3aBHCHT
OT COOTBeDCTBHR o6saTeAbCTB napTHepa. geARM npoeKTa, opraHH3AMHoHHorO H
aAMHHHCTPaTHBHOrO peryAHPOBaHHR H BOSMO2KHocTeH areHTCTB KoHrpoAHpoBaTh nporpecC H
sHOCHTh KoppeKTHpOBKH Ha PaHHHX H CpeAHHX CTaAHRX. Tm - STO TpYA H o6nlHpHbie
SHaHHx, noaToMy areHTCTBa AOA2KHbl Bbi6HpaTb KBaAH4PHgHpOBaHHbIX H npeAaHHbIX CBOeMy
AeAy MeHeA2KepOB npoeKTa.
ipoeKT EAaTencuo CECTemb
B;oAbUHHcTBO CTpaH Bce erge HcnoAbsyeT yCTapeBUXHe [1AaTemHble CHCTeMbl.
loaToMy H"Ha'aAbHbie YCAOBHR CTTpaHb onpeAeAffoT CTPaTerH!O COsJAaHHR, HO nOAXOA K
IOAePHH3agHH CYUJeCTBY1OUJHX CHCTeM nOAJ"'U L HeKOTOpble BOnpOCbl. AOAMHa AH CTpaHa
COBsepeHCTBOBaTb C.TyWCTeB1OwnyO cHcTeMv HAH paspa6aTblBaTm HOByNO? 4oA2rHa AH CTpaHa
lCnOAbSOBaTb HCKYCCTBeHHO ycTaHoBAeHHylo cHcTeMy HAH 6oAee TPYAOHHTeHcHBHyio (Ho
6oAee aqXwpKTHBHy1o no saTpaTaM)? TaKHM o6pa30M, AaHHble Bonpocbl, XOTR H RBARIOTCA
:RqMHh1- U, HO He OTo6pamaroT peaAbHOCTH npo6AeM. OAHHM HS BO3M02HbtX OTBeTOB MOmeT
6blTb BHeApeHHe KpaTKOCPO'1HblX yAy'meH1h B TeKyIjHe nlAaTCHb1e CHCTeMb1, A0 Tex nop,
roKa OnTHMaAbHm" CHCTeMa He 6yAeT rOTOBa. ./jHAeMMOH CTTpaHb 6yAeT cAeAyigee:
ZCBHMYTCA AH ycoBepmieHcTBoBaHHR, BBOAHMbie Ha KOpOTKHH CpOK OT (norca HeH3BeCTHoH)
onTHMaAbHOH cHcTembi HAH 2re Hao6OpOT. 3To BeAeT K Heo6xoAHMocTH pa3pa6oTmi
MHO2meCTBeHHbiX nOAXOAOB K peCopMHpoBaHHio nAaTe2rHOH cHcTeMbI.
npHnepbi. [IpOCTbiM npHmepoM MHO2KeCTBeHHOrO noAxoAa K
peqopmHpoBaHHIo nAaTemHOH CHCTCMrem MOmeT 6blTb CAeAyOwHN: cTpaHa I, mcAaloUJaR H
26
HMeloxiaa BO3MomHocTb cAeAoBaTb UeHTp8AH3HBaHHoMy noAxoAy K peq)OpMe flAaTreHOH
cHcTeMbi B pHHKa3HOM nopxAKe (KwaaH). CTpaHa 2, MeHee meA ulijaR HAH HM 1OejaH
meHbUIe BosmomHocTeH cAeAoiETb g eHTpaAH30BaHHoMy nloAXoAy H3-sa KPH3Hca B aKOHoMHKe.
BiiaHKH CTpaHbi 2 H HHHgHaTHBHocTh nAaTem2HbX CHCTeM HaXOARTCA BHe KOHTpOAs
MeHTpaAbHoro 6aHKa. 1lMeioigHecs HasblKH aBToMaTH3uaHH H ycTaHoBAeHHoe o6opyAoBaHHe
npeAnoAaraioT nOAy-OnTHMaAbHblH AOMaIUHHHf noAxoA (YKpaHHa, PoccHx)D. CTpaHa IBoS3Mo2KHO He HYMAaeTCM B KpaTKocpOMIHb[X peUieHHRx. IlpeAnorTHTeAbHbiH noA,xoA AoA2reH
6biTb Hanpa3AeH Ha pa3BHTHe H nposepyK HOBOH nAaTe2KHoA cHcTeMbi, co3AaHHe
aAMHHHcTpaTHBHoro nAaHa nepexoAa. BHAeHHe CTpaHbl 1 o TOM, Kax AOA2rHa BblrARAeTb
cHcTeMa, AOMHHHpyeT H HanpaBAHeT yCHAHR geeHTpaAbHoro 6aHKa c camoro HaqaAa. BcTpaHe 2 KpaTKocpo4Hbie cnacaTeAbHbie pemeHHx MoryT npeBaAHponaTm HaA Heo6xojHMOCTblO
AoAroBpeMeHHbix yAy'weHHi. Bbw6opoM xkxercR TO, K"K KOHTPOAHpOBaTb npogecc TaKHM
o6paBoM, qTo6bl KpaTKOCpOqHbme yAy-meHHH He nperpaAHAH nyTb AoArocpo'IHbIM peuxeHmim.
ueHTpaAbHbzH 6aHK B CTpaHe 2 6epeT Ha ce6a pHcK, paspemag HaCyJ1HbIM
noTpe6HocTHM npOTHBOAeHCTSOBaTh AoAroCpoqHOH pecpOpMe. FIepBoa 3aAa'eH UeHTPaAbHOrO
6aHKa AoAmHo cTaTh coBAaHHe npocTpaHcTBeHHo-BpeMeHHOro KOHTHHNyMa caMomy ce6e H
ApyrHM (HHaHCOBb1M HHCTHTyTaM AAx Co3saHHH H BHeApeHHH AOArOCpOMHOH CTpaTerHH16.
Bbi6opoM AAA cTpaaH 2 RBxeTCR CosAaHHe H KOHTpOAb nocToRHHoro ABywanpanAeHHoro
noAxoAa (KpaTKoCpO'nHbe yAy'meHHR H co3AaHHe AOArOCpOqHOH CHCTeMbI) K peIFopMe
nAaTe2KHoii CHCTeMbil 17.
3Tan 1: Bbi6op OCOOA. FepBbIM 3aAaHHeM ABACeTCH npHHwTHe OCHOBbI
cyujecTByloouei B cTpaHe cHcTeMbl H HAeHTHqrHKaMHR OCHOBHblX npo6Aem (CM. npHAOmCeHHe
3). Ta6AHga 2 COCTOHT H3 npocfroro Ha6opa xapaKrepHcTHK, KoTopbie MoryT noBAHSTb Ha
cosAaHHe nAaTe2KHOH CHCTembi. BaOAbunCTso AeHCTDHH Ha cTaAHH I AOA2KHbl 6biTb
orpaHHnReHbi 4 - 6 MeCCgaMH . 3a ABa-TpH mecxga nocAe HasaAa npOCKTa AOA2KHb 6blTb
oupeAeAeHbi 9OHbl, Tpe6ylOujHe HeMeAAeHHOrO yAyqiueHHR H npHmeHeHHR HeMeAAeHHbjX
AeiicTBHfi8. HaH6oAee Ba2HOH pa6o0roi Ha CTaAHH 1 AOA2HbI CTaTh KpaTKOCpOiHbie
yAy,UmeHHH, CnOCo6CTBy1ODjHe AOCTHAeHHIO AOAFOCpO'IHbX MeAeii.
L5 B KomopoiU cucmeMHMe UHmCCepbi MaXO,4mcJ A pOAU 8o4umeMetA.
16 Hook, A. T. op. cit. p. 18.
17 CM. nPUAOXCeHUe 2, Ze UaAOxeH o6paseu ycAosuiu o6pay.eHuR AAx A4yHanpasAennozo nOAxoaG
us onrnma MoAepHUBauu ndamexwoi cucmeaux Yipaurbi.
18 HoAeaHbEM npuemov yCUACHUR co6cmrseocrmu xAuenma Ha npoecKm u yee.zutenuq
cowaameAbHocmu cmaptucbo ynpa&4eHwecKoo nepconaAa RsAxemcx npoaemeHue ceMunapa noBBc4eiHtuj nRAamexwois cucme.ubI (u.4u no o6cyxcA4enuio wa'aAbwbwx Bbo4Ao cma4u I c JeHmpaAbHblM
6aixou u HIC.
27
Ta6AHUa 2
CtTYAUHOHHbIA AHAAHU3
(.9Tan Bai6opa ocHoBbi: Ha6op XapalTepcCTUIC)
0uaazecKxae Hiupacm -,a 0wiwico.aa Cyu&ecmyio#asa CmLMYAbixapaKnepuc- Cmc1emWa iawn = cuciesamhuw cmpaimuPa3mep DH3H'eCKaS CTpyKmypa HHcTpyMeHTm 3aTpaTm
TpaHcnopHasi [eiHTpaJbHbxi Ae6eToBLie CpaBHHTtbHTeneKomwyHHKaium 6aHK KpeARTOBie Lie ueHbmflovm KOM6aHKH (TpyA/
cDoHAoasg 6Hpxa KariiTan)NBFIS
HaceAenue 3aKoHonaTejmHa flIoypaATFeieHHCe O6pa6oTxa KOHKypeHTTKFq3aKoHm/HopMaTmBb 4DiHIamh lIaKeTHaS HHTeHCHBHasKoHTpaKTW/ KoHueHTpawLsl HeaBTOHoMHag MoHonojcTHKoLeKc Pa3Mep CKOpOCTb -'lecKaRCyAe6HasI CHcTeMa $YHKWU rIepeMeiieHHeHcnparnrenbHae opraHmHaA3op
Teppumopux HH(DOpMaUHOHHag PacqeTm KTmpHHr noTpe6Hoc-!YseTHas CHCTTMa C xzuelmaMu: ABByCTOpOHHHA 6H3HecaHa.uexHocTm ieHTpa)iH3OBoHo CBOeBpeMeKHCKOPOC, AeueHTpamx30oaHo KlmpHHroaasr nanaTa OCTB
nlpoueHTHbevepe3 i4eumpo6aHu cTaBiKHpe3epBHpoBaHHe 14HbXSLS1xmipHHr
KOppeCnOH.ueHThiOpraHH3aTTHOHHaS TexHoniorwi PacqeTmTpaAHIIHOHHaS ABTOMaTH3aiu HeMeAneHHxbeCH)IbHaa UeHTpaAH3oBaHo Pe3epBHpoBaHHeOpraHH3aUHOHHag AejUeHTpaILH3OBaHO BpyrrO/HeTro394eKTHBHocTh BHyrpH6aHKoBcxHe UeHTpanbHHLi 6aHKKoonepaims nnanexi PacgeTHxH 6aHKKOH4rnHXT nnaBma e (IRT/KT)
OBepApa4T'IejioBeqecKHe jI)RCPCH4HRITTrH ITnaTexHLe06pa3oBauHe ADeHexNHwe pLmiH cpencTBaHoy-Xay PLMKH UCHHLD 6yMazHLieHaBlBIi 6ymar 3iexKTpOHHLie06yseHHe
28
TexHoAorus 06pa6oTKa
O6opyAoDaHHe UeHrpaAHaoBaHHaR
FIporpammu AegeHTpaAH3osaHHaR
FloAAepmr.a Co6cTeHHocTm
OnepaTop
ApXHBHpoBaHHe
3al qHeHHOCTb
KoAHposaHHe
AocTyn
CwuCHOHHpoBaHHe
npoBepKa
HaAjop
AHKBHAHOCTh
MHrpaUxH
ABOHHaR 3anHCb
HapacTaboUlHH UTOr
KDHBepreHguHR
npoqHeCAa6bie CTOpOHbl
CHAbHbie CTOpHbi
PHCKH
2-ieAaHHe nepeMeH
npHopHTeTbl
KpaTKOCpOMHbie
AOArOcpoYHbie
PacxoAbl .AOXOJUi
- au 2: Bnjeume. Au yAymem HRm mHcoB nocrosmmoro noAxoAa nocAe
-RBapineHHS AHarHocTHqecKoHi pa6oTbr Ha aTane 1, Heo6xoAHMO pa3BHBaTb BHAeHHe Toro, KaK
cHcTeMa 6 yAeT pa3BHBaTbcR H KaK OHa 6yAeT BbirAaAeTb nocAe npHHiTKR AoArocpomHbix
peueHHH Ha aTane 2. Pa3plB me2awy aTanaMN 1 H 2 6yAeT SaBHCeTh OT BO3MOHorHOCTeCUeHTpaAbHOrO 6aHKa co3AaBaTb npOCTpaHCTTO AAR pasBHTRE. BHAeCMe AOAMHO oXBaTblBaTa:
(1) noTpe6HOCTH noAbsonaTeAn; (2) nAaTemiume HHcTpyuewmT; (3) qepmz KOHTpOAR pHcKOB;
(4) noTpe6HocTH CHCTembi u npoMeAyp o6pa6oTxH, K,AsHra H PaCWITOB no KaMAOMY
HHcTpyMeHTy; (5) fAaH HCnOAHeHmR AAm KamAoA nAaTmHofi CHCTreMU, B 'aCTHoCTH,
npeHMyJseCTBeHHO, AAR CHCTeUUm nepeDOAOB KpYMEbKX CYMM.
29
Ta6mm 3
OE30P: KonwenmyaAbmw cmpyxmypa
blwccu nvAioeam& Buhd nwmexnoeo wncmpywelnmaIpednpuwmui £yMaByuaiellompe6umeAu 9mexmponuue£anicu Ha ocnoee Kapmo'xuL(e.mpanbnug 6anx Fu6puanue (c.ewaann&ue)HpaeumeAbcmeo Kpedumrue/,Zae6umuue,lipyeue gbusantcoeue nepeeoduy'ipewIdenUx TapammupoeauHbie/Pe3epenue
(euscoxas cmouMocmb/HuusIaR(MOUUOKACMb) Om/B3acmouMoCmb)
HaKemuue/HeaemonoMuue
WdUbl KOnMPOAn pUCKOe Tpe6AwaN K CUcmCMePucK pacYemoe E'WKocmb (o6weM npoeno3oe)PucK Mouoewiu'ecmea CKopocmb/Pacnpedenue eOPucK 6e3onacnocmu epeuenu
PacxoduHade&noCmbCucmemu xoumpoimYriem/paciemuIyluluoHaAbHOCmb
Hnmeprpeuic noAb3oeamela
Co6cmee#wocmb1/KolnpOAb(Ay'uwe liacmua s) OxcynaeMIocmbKanumaA/Co6cmoeenocmb ' AamaOnepaquonax co6cmeernocmb JIoAuaq/1Iacmuw'aR (3a ciem ciffocmyn cy6cuduu)CmaHe3apmubte ycmauoeKu oKynaeiowmb
3axoiodameAbwb e/PezyAxmu,wern ,fpyzue eonpocbtmpe60ewa Coomeemcmeue epeMenu
lIoxynKa "c eumpunu" (nod Knwq)
aTany BHAeHHR (3aBHCHT OT Hy2A nOAbsoBaTeAR) cooTBeTcTByeT
AeTaAH3HpoBaHOH KOH;enTyaAbHOH cTpyKType. KoHgenryaAbHaA cTpyKTypa npH3BaHa
nepeBeCTH Tpe6oBaHH.R nOAb3oBaTeAs Ha R3bIK TeXNHHeCKHX Tpe6oBaHHH H NnpeAAO2rHTh
AOKyMeHTbi AAR npHo6peTeHHR o6opyAoBaHH.s H AOnOAHHTeAbHbiX TeXHH'ecKHX yCAyrI-.
YnpaBAeure up--.. -. B 6oAbmHHcTBe paBHBMUHXCs cTpaH y
UeHTpaAbHoro 6ama Her AOCTaTOzHOrO oonmTa no ynpaBAeHmo npoeKTaMH. Pa3pa6oTmaIpOeKTa H ero BOrLAOnjeHHe AOAKHbE BKAOqaTh:
* HHCTHT)MHOHaAbH3WO CTpyKT)py (opraRu-aau o HHIC - HaHOHaAbHOrO
flaTemHoro coBera)
19 Mbi gnoOmRHyAU mexnu'ecicue mpe6oBanui U sonpoebi nocmaaHu pdAu noAHombi oByWeHut, no
OHu me xaARiomCq meAMoiu nazuewo paccmompeHLuR.
30
* cTapmero meHeAmepa npoexTa c nOAHOMOqHHmH UeHTpaAbHOOro 6aHKa, npH
nOAAep2KKe nepCOHaAa H3 POACTDCHHbIX OTACAOB H cnoco6Horo o6ecneuHBaTb
arTHBHOCTh Bcex yaacTHHKoB (BHyTpH H sa npeAeAaMH JleHTpaAbHoro 6aHKa) 2-f
* OnblTHaR KOHcaATHHUBaOR HpMa C CHAbHOH OpHeHTaHeCH Ha KAHeHTa, AAR ToroM
rro6bi HcnoAb3O3aTb ee 3HHaHH B pa3AHiHbIx o6AaCTHX, c meHeAmSepOM npoeKTa
toa "b(es4 ("peryAHpoBygHm ABH2eHHe , CneUHaAHCT no pa6oTe c KAHeHTaMH
c XOpOMHMH CBsIsRM)
* 3a6AaroBpi3 p , -a AoroBopeHHocTm no npHHRTUo peMeHHA H paspemeumo
KOHcLAHKTOB
* MemAyHapoAHaR KDHcyAbTaTHBHaR nlaAaTa (MKfn), cocT-ro3aHa H3 OnbffHb1X
COTpyAHHKOB UeHTpaAbHbXix 6aHKOB AAR Ha6AioAeHHR H npeAOCTaBAeHHR COBeTOB
no BorL&oiqeHH1O npoeKTa
* TuIaTCAbHblH Hma3Ap sa npOCKTOM
HeKoropble Hs maH6oAee Tmmrqix onw6orK B paspa6o0Te nAaTemIHbx
CHCTeM pa3BHB31OUlHXCR CTpaH:
* He npuqRutne Toro 4)aKTa,, 'To y pasHbix cTpaH pasHbIe Ha'aAbHbxe
ycAoBHR (onpeAe&RercR B ase 1)
* HCKYMeHHe TexHoAorHeH
* nepe- HkH HeAoOgeHKa cnoco6HocTH KAHeHTa K a6cop6UHH
* KOHMeHTPHPOBaHHC Ha Cpe4CTBaX B yqjep6 geURM (npHpocT "eKTUBHOCTH H
Ao6aBAeHHaR CTOHMOCTb. KOTOpyio npmHocHT npoeKT)
* nepCOHaA13aUHR a yLgep6
HHCTHTyUoHwi3u1ailI npogecca H
npeAAO2Ktu^hIupeU1eHHRM
* HenpaBHAbHO onpeAeAeHHbif ,acurra6 npoeKTa (maAo3sHa'H-MocTm HAH
cBepxam6HgHmosHoCT).
2 JenmpaAbHble 6arKu 6bw.uux pecny6Auwc CosemcKowo Cooaa A mb4 eKArAotamb cAeAypoWue
om,AeAb: KOMnblOmepCbUi ieHmp, cucmeibziu (cmam4apmuSajjuu), AeneXWoil no.4umulCu, 4eHexHou
smUCCUU, 6yxaaAmepcKozo y'ema, aHanaeicmeo, memoQ4oAozuu nAamexcei, 6aHKoecKo7o 1a4aopa.
O,4HOU us aagaq, c mo'cu spenHUx 1-- *aab, 4Azxem 6 bimb nepecAomp 4ymK4uoHaAbHou
opzanusaaguu nmame3ramor cucmeAbi. 34eCb moxem npucymcMnoeamb *pazmemmaouR, meQemKoe
pacnpe,4e4eHue o6Ratuocmeil u y'iema u nAoxajR CBRAb UAU OmKpbamoe conepHu4ecmBo MAtAe yomAneAa.tu. Peoptanuaaguu .Aoxem ynyduWumb BbnoAnHCHeue npoeKma U nAamevbAe onepauuu a
JgeAOA(.
31
KoopA.HagUH. MHpoBOH 6aHK - BTO He eAHHCTBeHHaH opraHHsagHR,
saHHmajonjascA MoAepHHSagHeH nAaTemHoi CHcTeMbi. MBW - geHHhZH nlOMOWHHK B
pa9BHTHH CHCTeMN rnAaTemeeH C TO'IKH 3peHHH UCeHTpaAbHOrO 6aHKa. JjeHTpaAbHblH 6aHK
omerT o6'beAHHHTb aTH ycHAHH, pacmHpHB HX macuTa6 3a CYeT KOMMep'iCecHX 6aHROB H
KoHe4Hblx noAb3oBaTeAeH H 9a C'eT npeAOCTaBAeHHR 4)HHaHCHpOBaHHH TexHH1ecKoH nOMOJ1H
H KanHTaAbHbIX HHBecTHIHH. MHpOBOii 6aHK Mo2KeT TaKme Mo6HAH3oBaTb CpeACTBa Ha
6e3sO3Me3AHo H OCHOBBe AAA (HHaHcHpoBaHHx pa3pa6oTKH npoeKTa H o6yqeHHR.
3awKAa.reAbubie saMeqan
39peKTHBHaR H Aeecnoco6Ha raTemHaR CHCTeMa 2KmH3HeHHO BamHa AAA
8KOHOMH'eCKOrO PaBBHTHR pa3BHBamogHXCx cTpaH. a1P"KTHBHbie nAaTemHble CHCTeMbl
nomoryT o6ecnelHTb pa3BHTHe ToproBAH, PaClIHPHTb nepCneKTHBbl BKOHOMH"IeCKOH InOAHTHKH,
COKpaTHTb noTpe6AeHHe - qHHaHcoBbix, KaMHTaAbHbIX H 'qeAODeqeCKMx peCypcoB,
3aAefCTBoBaHHbIX B o6ecne'ieHHH riAaTem2KeH H KOHTpoAe 3a pHCKaMH, npHCYH4HMH
nepemeujeHHio 6oAbuiHX CyMM AeHer.
MHorHe pa3BHBaOujHecC CTpaHbi npH3HaioT 3HaqHMOCTh aq4)CeKTHBHOH
nAaTe2KHoH CHcTeMbi, HO HcnbiTbIBaioT HeAocTaTOK qIHHaHcOBbIx H TeXHH'iCcKHX peCypCOB AAR
co3AaHHM TaXOf CHCTeMbi. MHorHe CTpaHbi o6paxjaioTcn K MHpOsoMy 6aHKy H ApyNHM
()HHaHCOBbIM HHCTHTyraM Sa InOMOHJbIO. K comaAeHHIO, HeKOTOpble H3 BTHX CTpaH C'HTalOT,
'TO eAHHCTBeHHoe peCUeHHe npo6AeMbi aqKpeKTHBHocTH nAaTemHOH CHCTeMbi Ae2KHT B
nAOCKOCTH COBpeMeHHOrO KOMnb1oTepHoro o6OpyAoBaHHa, H nOAaralOT, qTo MHPO80iH 6aHK
MOmeT TOAbKO npO(PHHaHCHPOBaTh 3aTpaTbi Ha ero npHo6peTeHHe. rlocTaBKH o6opyAoBaHHJi
CaMH no ce6e He moryr pelUIHTb npo6AeMy UAaTe2KHOH CHCTeMbi B pa3BHBaIolHXCR CTpaHax.
Pa3BHBaIOUJHMCH CTPaHaM Hym2Hbl opraHHBagHoHHbeC CTpyKTypbl H nAaHbI
Co3AaHHR HaUHOHaAbHoH rIAaTe2KHOH CHCTeMbi Ao TOro, KxaK OHH Ha%IHYT TpaTHTb AeHbrH Ha
BblqHcAHTeAbHYIO TeXHHxy. Tax KaK B aTHx cTpaHax 'iacTo HeT onbiTa no pa3pa6oTxe H
BHeApeHH1o coBpeMeHHbIX cHCTeM nAaTe2reH KM Mo2KeT noTpe6oBaTbcR TexHHRecKax noMO_b
0T 4)HHaHCOBblX aKCnepTOB no npoeKTHpoBaHHio, npeC2Ae 'eM 6 yAyT ocyJgeCTBAEebl
3Ha-IHTeAbHbie HHBeCTHKHH B COBAaHHe CHCTeMbl.
cTpyxrypa HOBOH nAaTemHHoH cHcTeMbi AoA2KHa 6biTb lpocTo. Bo MHonrx
pa3BHBaiouHxcR cTpaHaX Her TOH KHKppaCTpyXlypbl H CAO2KHOCTH 6aHIxoBcxoii CHCTeMbl.
KoTopaB HeO6XoAHMa Am npbimKa OT 6a3oBoH IAaTe2rHOH CHCTeMbN K CoBpeMeHHoH. Fo 4 XoA
K npoeKTy C ABYX CTOpOH - 'aCTO Ay3mHiH nyTb pe(pOpMHpOBaHHx nAaTe2KHOH CHCTeMbi.
rlepasI saAaia - aTo HcnpaBAeHHe HaH6oAee Ccepbe3HblX npo6AeM. BTOpaH 3aAa'a -
CoBCepmeHCTBOBaHHe cyWecTByleiJeH CHCTeMbi nocTeneHHo, qTO6bi OHa yAOBAeTBOp3iAa
5a3OBbIM MHHHMaAbHbIM cTaHAapTaM CBoeBpeMeHHocTH, 6e3onaCHOCTH H HaAemHOCTH. Kax
rOAbKO CAeAaRHb 8TH yCOBepMeHCTBOBaHKS, YCKAKR pa3BHBalOlgHXCH CTpaH MO2KHO HanpaBHTb
Hia npHHRTHe AOArOCPO-IHb[X, nepCneKTKBHbIX peuieHHH.
XoTH MoryT 6blTm HsBAeqeHbl IeHHbie ypoKH H3 onblTa ApyrHX CTpaH,
-LAaTC2HaR CHCTeMa KaMAOH OTAeAbHOH CTPa8b1 YHHKaAbHa. flpOCTOe 3aHMcTBoBaHHe
o
!I!I.!�I�I0
0
0�� I 0
ft 0a7�.4 ft
�nj4�JiA ft ft
33 IHPHAO2EHHE 1
iI 3KOHOMHIECKHH noAxoA
HsyqeHHe naTeamHblx CHcTem 6biAo OCHOBHOH cqiepoa AeRTeAbHOCTH TeOpeTHKOB H
flpaMTHKOB (CHCTeMHlX onepaTOpOB) leHTpaAbNHIX H KOMMepqecKHx 6aHKoB. BCe-TaKH,
aKoHomHcTbi (H3BecTHbie B iaqaAe BeKa) 2 1 HCCAeAOBaAH H BblpaBHAH B COBOKynHOH FopMe
B3aHMOOTHOleNHH Mee2K4y CKOpOCMbIO o6paWaHug 4eHez, aanaCOM AUKffU4HOCMU (Ml)2 2 H
peaAbHblM SKOHOMU4teCKUM CCKMOpOM (H3Mep.RemzM CyMMoH onepagiH no TexyLJeii geHe B
BKOHOMHKe). 3 aHHTepecoBaHHocTb BKOHOMHCTOB B aqxpeKTHBHOCTH nAaTeC2KHbX CHCTeM
Bbipa3HAaCb B AByX o6AacT6x: OTHOLueHHe ILAa7Tr.HbIX CHCTeM K IIpeAAOmeHHio AeHer H
AeHe2KHoH noAHTHKe H, B nocAeAHee BpeMs, H3y'eHHe OnepaHHOHHb5X pacxoAoB.
1. CxopocT 06paqgeW
CKOpOCTb o6paugerHH AeHer (V) B TO2KAeCTBe o6MeeHa MV-PT, rAe M - aanac AeHer,
rOTOBbIX K o6panjeHHN0 (NaAwHNOCTb (C) + AenO3HTbi Ao BoCTpe6oBaHHm (d)), P - ypoBeHbMeH, T - o6beM TOprOBAH HAH o6&beM onepagHH B BKOHOMHKe, npHpaBHHBaer KoaBHgHeHT
noTor.a nAaTeefi (PT) K 3anacy AeHer, npeAcTaBARJoiqHx nAaTe2mH23. KoHNenTyaAbHo, VAaeT HaM KOAH'eCTBO CAy'aeB, KorAa npeAAomeHHe AeHer AoAmHo 6blTb Bo3o6HoBAeHo AAA
Toro, qrro6bi yAoBAeTBopHTb noTpe6HocTN onepa0UHH H nAaTemeKH npH AaHHOM YPOBHe
coBoKynHoH aKoHoMH'ecKoai aKTHBHoCTH, ypaBHHBaR KoAH'ecTBo onepa4HHi no TeKyUeH MeHe
TeKY1HM nAaTe2KaM B BKOHOMHKe.
KorAa Mbi AeAHM Ae4brH (M) Ha HaAH'iHocTh (c) H AenlOsHTbi A0 BOCTpe6oBaHHR (d), H
npK3HaeM. MTO eCTb HeCKOAbKO THnOB onepag HH "ToKAecTBo o6MeHa" TpaHcqpopMHpyeTCH B
ypaBHeHHe, KoTopoe, B npHHgHne, BbirASAHT TaKHM o6pa3oM:
(MCVC + MdVd) - Sum(PiTi)
(MdVd) AoAro cqHTaAcR noAeCHblM noKaSaTeAeM aKoHoMHiecKoH aKTHBHocTH, B KOTOpOM
Md - oCTaTKH AenO3HTOB AO BocTpe6oBaHHH Ha cqeTax B 6aHKax, a Vd - K0B(X)pUHeHT
Ae6eToBbix caAbAo Ha ocTaTRi no 6aHXoBcXRM KENraM. HeKoTopbie UeHTpaAbHble 6aHXR,
BEAIoqaR CI)eAepaAbHyio Pe3epBHylo CHcTremy CLUA (cM. Ta6A. Al H A2), ny6AHKyioT BTOT
Ae6eroBbiifi KOa4XPJHHeHT HAH KoatXHIReHT o6opa'iHBaeMocTH AenoBHToB).
21 Fisher Irving. 1911. loKunameAbHaR Cnoco6nocmb 4eHez, 2-e H.9,4anue, penpumm Hbro-PfopK1963 z.22 B yaKo.M .bic.Ae "4eHbZU + lenosumbl Ao socmpe606aHuR a 6an,Kax".23 Cramer J.S. 1987. 'CKopocmb o6paWeHuu' The New Palgrave: A Dictionary, of Economics,-atwell, J., M. Milgate and P. Newman, eds. New York: McMillan Press.
34
TAJIHIA Al: CIA: OBOPAqHBAEMOCT6 BAHKOBCKHx AErEIO3HTOB(rOAOBibe CTaBKH C nonpasBKO Ha Ce3oHHOCTb)
Ae6eroNe camuroo n o3T M Ao ocpeo(R) 06opor n0 Aeno3iTram Ao mocrpe6o (MAPA. AoA)
nlepHoA Bcero 233 BeAymHe SMSA's Bcem 232 226 Apyrix Bcero 233 Begynxe SMSA's Bcero 232 226 npynHxSMSA's SMSAs 6e3 SMSA's SMSA's SMSAs 6e3 Hbio-fopia SMSA's
Hh6o-fopx 6 Myrmx(6) Hbio-ilopxa HLIo- 6 pyrx( 6 )
,exa6ph 23,565.1 10,970.9 4,912.5 12,594.2 7,661.8 131.0 351.8 118.4 84.7 71.61975
Ale6yoroecLaAo OO AenoAma jo A mocrw6om () 06OpOT no Aeno3am Ao mo,e6onmusUIlepxoA Bcero 233 BeAyne SMSA's Bcero 224 218 ipynix Bcero 225 BeAymuuo SMSA:s Bcero 224 218 npyrlx
SMSAs SMSA's 6e3 SMSA's SMSA's SMSAs 6e3 Hiio-fopia SMSA'sHbIlO-fOPK 6 APX(6) Hbio-4opKa HbiO- 6 ipyrx(6)
flopKQexa6pb 5,523.1 2,273.5 1,234.5 3,249.6 2,015.1 50.6 102.2 47.7 37.5 33.31965
(a) BCe3 meX6asKOBCKHX AellO3HTOB H CqemBp IIpaBKf m a CMA.
(6) OCIMH, JnIAweJTh4pHx, ',Hnm, QerpO#T, CaH-4DpaHluCKO - OxloeHA, JIoc-AHAxellec - JIonr-BHq.
HCTOqHrxY BOWMneTeH6 tPeAepawnoft Pe3epBHolk CHcremhi (HecKWnMKO BImycKoB).
35
TABJHUA A2: CIlA: OBOPAYHBAEMOCTh BAHKOBCKIX AE03HTOB(je6eTOBbie CaJILb1O B M3ipA. AoATapoB, o6opoT - oTHoiueHHe lAe6eTa K H}OTI rlCAlnO3HTOB)
Ia;ocHnH rpy wa Tim Monn | CpenHHe 3a roA paCCxJ4TaHHbIC H3 cpenHeMeCA'MwX 3HaMeHHR0ueurou I 1993 1992 11991 J 1990 11989 11988(a) 1 1988 11987 11986 1 1985 11984 11983
C nonpaeicox Ha ce3oumocmbAenoawru Ao socrpe6osaEn (6)Bce 3ac7paxoBaaHmEe 6aHxoBclHe 777.1 832.4 803.5 797.8 735.1 622.9 641.2 612.1 556.5 496.2 434.1 376.8OCHOBHblX 6aNCoB Haio-fkopxa 4291.2 4797.9 4270.8 3819.8 3421.5 2897.2 2903.5 2670.6 2498.2 2168.9 1843.0 1512.0ilpoHme 6aHKN 423.5 435.9 447.9 464.9 408.3 333.3 376.8 357.0 321.2 301.5 268.4 238.5]poxHe Texymme AenO3HTU (B) 11.5 14.4 16.2 16.5CMeperarenimmie AenO3HTbl (alnomaaMMDA) (r) 4.8 4.7 5.3 6.2CqeTa c ATS-NOW (B) 15.2 13.2 14.7 13.8 15.8 16.7 15.8 15.5CUeperswn,Hum e AeJO3MU (A) 3.0 2.9 3.1 3.1 3.0 4.5 5.1 5.3
Ie3 nonpaeu ,aa ce3omoCmbAeE@w3 Ao socrpeConson (6)Bce 3acipaxoBaHHme 6aHKoBciHe 776.7 832.5 803.4 798.2 735.4 622.8 641.7 612.3 556.7 497.0 433.2 376.1OCHOBHbIX 6aHxoB Hmo-4opKa 4265.3 4803.5 4274.3 3825.9 3426.2 2896.7 2901.4 2674.9 2499.1 2191.1 1838.6 1510.0Ilpotme 6aHKH 423.1 436.0 447.9 465.0 408.0 333.2 377.1 356.9 321.2 301.4 267.7 238.1]pOmHe TexYfCe AenO3HTh (B) 11.4 14.4 16.2 16.4C6epersTenuwe AeIf3HTO I (BIUoWaMMDA) (r) 4.8 4.7 5.3 6.2CqeTa c ATS-NOW (B) 15.2 13.2 14.7 13.8 15.6 16.6 15.7 15.4MMDA (r) 7.9 6.6 6.9 5.3 4.5 3.8 3.5 2.8C6eperaTenbHaie Aeno3mTm (A) 2.9 2.9 3.1 3.1 3.0 4.5 5.0 5.3
(a) rlepecMoIpeHHb3e.(6) llpeAcraaneHEz ciemn Yacnbx nHu, xoonepaTHBOB H KopnopauHil, a TamKe oTAeneHX# noImTHueCKHX napTHtt H aAMHHHCTpawUHm mlrmTOa.(B) NOW - negotiable orders of withdrawal - cqeTa c yBeAoMneHHeM o6 H3wThH cpeAcrB, ATS - automatic transfer to demand deposits - cqm c aToMaTqecKHmCnHCaHHeM CpeACTa.(r) MMDA - money maiket deposit account - Cqera IenO3HTOB AeHexHoro pbunca.(A) Be3 CYeoB MMDA, ATS N NOW.
HCTO'wlHX: BIoJmeMeH6 0eAepanbHofl pe3epBHoH CHCTeMhI (HeCKoJMKO BalMyCKOB)
36 HlPHAJOKEHHE 1
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1965 roAy A4 131 B 1975, a C Tex nop OH yBeAm'nuACR A0 no'mi 500 B 1985 H 6oAee qeM
800 B HaqaAe 199 0-x. CyujecTByer HeCKOAbKO npo6AeM C HmTepnpeTaUHeH KoaBqXpHgeHTa
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nAaTemH 6aHra no onepagHRM B CBR3H C TeKxyiHM npoHsBoAcTTBom, rOBOpR B o6fem, no
qDHHaHCHpoBaHH1o ABH2KeHHR MemjI HeCKOAbKHMH CqeTaMH Aeno3HTOpOB, noAy'eHHSI AeHer co
c'leToB, noKynKH KanHTaAbHb1x aKTHBoB, nepeBoAa npH6bUAH H CAeAOK Ha AeHe2KHOM pbwHxe.
Kax aTO BIHUO Ha paRjHm.Irh 6oAee ReM B 10 pas MemKy o6opoToM OCHOBHbX 6aHKoB HbIO-
ilopKa H o6opoToM ApyrHx 3acTpaxoB8HHbLx 6aHKoB (CM. Ta6AHWy A2), cAeAKH Ha
AeHeMHOM PbZHKe RBAROTCR BO3MO2KHO caMoH 6oAbmoi CTaTbeH B aHaAH3e o6opa4HBaeMocTH.
HecMoTpR Ha CAOMHOCTH, KoTopbZe BosHHKamoT npH HHTepnpeTagHH Vd, sHa'HTCAbHblH pOCT
YPOBHR o6opalHBaeMocTH Aeno3HToB CBHAeTeAbCTByCT 0 AOCTYIHOCTH HOBbIX ()HHaHCOBbiX
npOAYKTOB H YAY'DIaIOPHXCR MeTOAaX ynpaBAeHHH HaAHMHOCTbWO, KOTOpbie COKpauaarOT
o6opoTHbiH 6 aAaHc (fo3HHicaeT, 'aCT*mHo, 3a CqeT pocTa npOMeHTHblX CTaBOK B nePHOA
BMeumaTeAbcTBa), a Tamxe o6 yBeAH-ieHHH HaAe2KHOCTH nAaT7mHoH cHcTeMbi.
[lo nAaTemaM HaAHqHbSMH, VC npeACTaBAReT Hepa3pemHM)o npo6AeMy. Ho BCC mle,
npH6AH3HTeAbHbue oUeHrH noxa3b(BaioT, Tro Vc CTa6HAeH H HaXOAHTCR B npeAe[aX OT 15 A020 B pa3B11btx CTpaHaX (Hanp. HHAepAasuAI, BeAHixo6puTaHiH). ECAH aTO COOTBeTcTBYeT
AeHcTBHTeAbHOCTH, TorAa Vd HaMHOrO 6oAbhue qeM Vc, 3HaRHT nepexoA OT nAaTemeeH
HaAHqiHbiMH K Aeno3HTaM A4 BocTpe6oBaHHR AaeT o6qgH npHpOCT CKOpOCTH o6pau1eHHR (V).
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9KOHOMH4eCKOH TeOpHH, ee AoArocpo[Hoe nOBeAeHHe AaeT HaM XOpOIUHH HHAHKaTOp
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npoAyKTOB H ycAyr H cepbe3Hbix HBMeHeHHi, Bbi3waaemmir HOBbiMH TexHoAorHRMH B
ocyLiecTBAeHHH nAaTemeA. 3 KoHoMHS Ha noIa3aTeAe M AAR noAAepmKH onpeAeAeHHorO
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HHHoBaxlHH.
2. OiepfoNoovHe pacxoem
rlpoCTeimHe a6cTpaxTHaR H arperaTHaR MoAeAH, HcnoAbiyeMbze 8KOHOMHCTaMH,
noApa3yMeBaiar BKOHOMH'eCKHX areHTOB, pa6oTaioul4x B MHpe 6es BHeuWHHX TpeHHH.
Cy4ecsTyeT nOBblmeHHe NHTepeca K asiaAH9y onepasHoHHum paCXOAoB25. OnlepagHoHHble
pacxOAbl, Kma H npoH3BoAcTBwHHbie pacxOAbi, - aTO co6HpaTeAbHbmii TepMHH AAR SCeX
3aTpaT, noHeceHHbtx cTopoHamn no onepaiHH: 3aTpaTbl Ha noHcK Apyr Apyra, CTOHMOCTb
CBsI3H H o6MeHa HH()opMaUHef, HCnbiTaHHR 3aXynaeMoA npoAyKUHH, noAroToBKa KOHTpaKTa H
corAacoBanHe ero CT0OpHaMH (COOm....zHe MeKJy q)OpMOH H CpeACTBaMH nAaTema).
24 To xe.
Z5 BKa4aA O.E. Wdliamson 6 bM4 OteHb 8axCH. Cm. 3IKOHOAmuKa onepaojuonnblx Bampam: ynpasAenueKo?mpaKrnHbLuu om,ouweiuxuu", The lournal of Law and Economics. 1979, 22 (2), cmp. 233-261,The Economic institutions of Capitalism. 199-.
37 FPHA02KEHHE 1
OnepagHoHHhIe pacxoAbi noKpbiBaloT Bce H3AepmKH Ha nepeAa'iy co6CTBeHHOcTH sAH,
TOqHee, npaB co6CTBeHHocTH*.
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AocTH2KeHHR nepeBoAa: HcxoAHbie AaHHbWe CTOPOH KOHTpaKTa, npMble H YCAOBHble paCxoAblHa nOHCK H coBepmeHHe onepaJHs, pa3HHga MCA3 geHaMH npOAa2KH H nOKynKH (Mapma), H
npo-He npmbie (nAaTa 3a KAHpHHr 'leKa H noAy'eHHe HaAmmHbix cpeACTB) H KocBeHHbie
(naBaloujHe) OnepagHOHHle paCXOAbli. AHaAOrH'iHO npOH3BOACTBeHHOA (JyHKIHH,
onepagHoHHaR cpyHKgHR Mo2mT lnoK3bmBaTh yMeHlTeHHe, cTa6HAbHoCTh sAH pOCT OTAa4H, B
3aBHCHMOCTH OT BHAa, Co6CTDCHHOCTH H KOHTpOAR HaA nAaTemHHOH CHCTeMOH. HanpHMep, npH
BKOHOMHKe C paSBHTOH KOHKypeHgHeH MOmeT He 6blib BcP"eKTHBHoro pacnpeAeAeHHR
pecypcoB.
XOTR OnepagHOHHbie pacxoAbh aHaAOrHiHml TpaHCnopTHbiM, OHH He OTHOCRTCR K
OAHOCTOPOHHeMy ToBaponoToKy, a OTHOCRTCa K AByHanpaBAeHHbIM (AByx- HAH&
MHOrOCTOPOHHeMy) o6MeHaM B KOTOpbiX cyigecTByeT paBeHCTBo noToKa ToBapa BcTpemHoMy
nOTOKy nAaTemeKC.
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'TO OHH YCTaHaBAHBalOT npeAeA Ha BaAOBbli o6&beM ToproBAH B aKOHOMHKe. 3 Ha'HT, eCAH
OnepagHOHHbWe pacxoAbl COKpaaarOT o61beM onepaugu H, SHaqHT, 6AarococToaHHe,
KOMMepCaHTbl cTapaioTcsi HX MHHHMH3HpOBaTb. locAeAHee o6ecneqH3aeT, TeOpeTHqeCKOe
o6ocHosaHHe BOSHHKHOBeHHR 6oAee 9qX1eKTHBHOrO MeToAa o6MeHa (6Hpnui H npoqHe
nocpeAHHKH BMecTo 6apTepa) H nAaTemHb1X ycAyr (nWaTemHaR cHcTeMa). 3 ro coKpaigaeT
CAO2KHOCTH, 3aTpaTbI H pHCKH, KoTopbie 6bl B npoTHBHoM cAyqae B03HHKAH H cTa&H
HeAOnYCTHMO BbNCOKH B MHpe HeyperyAHpoBaHHbJx MHOrOCTopOHHHX CAeAOK. H4eM B 6oAbineiH
Mepe CHHmaKOTcR onepafLHoHHbHe pacxoAbi, TeM 6oAee BbICOKOH 6yAeT cTeneHb pasAeAeHHR
TpyAa B OTpaCAH (pHHaHcoBbix ycAyr, TeM 6oAee pa3pa6
oTaHHoH 6yAeT qpHHaHcoBaH CHCTeMa
H HHTeHCHBHee 6yAeT noTOK emeAHeBHbIX onepagHii no cpaBHeHHIO C SanacaMH KoMMepqecKHx
aKTHBOB. ECTb HCKyuieHHe, TaKHM O6pa3oM, HHTepnpeTHpOBaTb 6blcTpbie H3MeHeHHH Ha
qlHHaHCOBbIX PbIHKaX B nOCAeAHHe roAb B 6OAbBleIH Mepe KaK CAeACTBHe H3MeHeHHH
DnePagHOHHb!X H3AePCeK 2 . B pesyAbTaTe, aAeKTPOHHaA CHCTeMa nAaTemeH yBeAHYHT
CKOpOCTb H TOqHOCTh OTnpaBKH H noAy'eHHR nAaTemefi. 3Ha'HT, 6amHK Moryr coKpaTHTm
DnepagHOHHbie H3Aep?KKH nOHH2KeHHeM PeCePBHbIX OCTaTKOB AR paCqeTOB B OTHOUIeHHH K
D6JgeMy o6IbeMy o6pa6aTmBaemmx marmefi.
.IOCTpoeHHe H noAAep2raHHe nAaTmHofH CHcTeMbl CTOHT Aoporo. BbMroAbJ OT nPeAAO2reHHRHOBb1X CyMM KpeAHTOB AOAIrHbl ypaBHoBemHBaTh cpeAcTsa Heo6xoAHMbie AAR HHBeCTHHgHH B
noAAepmaHHe )yHKUHoHHpoBwHHR coBpeMeHix CHcTeM. BbMroAb ypamBHOBC1HBaiOT SaTpaThZ,
,%eMaMTPHaAH3HPYH AeHbrH H3 HX HCXOAHOH (FH3HqecKOH H MeTaAAHCecKoH AeHOMHHaHgHH2&.
26 Niehans Jurg. 1989. 'OnepamuoHmete ua,epcKu', Money, The New Palgrave, Eds. J._atwell et. al., McMillan, 1989.27 To :e28 Oritany, Y. 1993. "fAamean.vbe cucmeau u Teopuw A4eez", a Paument Sustems Worldwide.cmp. 24-31.
38 HPIPIAOŽIEHHE 2
PAS3BHTHE n1AATEmHOH' CHCTEMbl HA YKPAHHETPEBOBAHHR K KOHCYAbTAIHOHHbIM YCAYrAM
1. OCHOBHblE nIOAOKEHHH
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peCny6AHKax CoBeTCKorO Como3a HaAOmHAH cyuecTsemmii OTTnelaTOK Ha CHCTeMy nAaTemeH
B KamAOM He3aBHCHMoH peCny6AHKe. nAaTe2Hbie CHCTembi HaCTOrugerO BspemeHH 6blAH, s
OCHOBHOM, cobHui B nepHoA, KOrAa pecny6AHKH 6blAH o6weAHHemg, 6bLka moHo-6auHoscIaf
cHcTeMaa, KoHoMHIa 6blAa geHTpaAH3OBaHO nAaHHpyeMoH H 6aHIK H npe,npHHTHRf
HaXOAMAHCb B rOCYAaPCTheHHOM BAaAeHHH.
llAaTemHuble cHcTeMbZ, KoTopb1e morA 6mTb aAeKBaTHb(MH ycAoBHRM nepHoAa pa3BHTHH, He
moryT 6bicTpo oToeaaTm npoHcxoARIHM H meHP1Nu%. cy4leCTBYCT 3HaqHTeAbHOe OTCTaBaHHe
B npOH3BOAcTBe rLAaTemeH, CHcTeMbl H npoCeAypbi Tpe6ylOT coBepmeHcTBoBaHHR H
HanpaWmeHHbli TPYA H KOHTpOAb He MOryT 6blTb AocTaTo'Hbwm yCAOBHeM o6ecneqeHHR
HHTerpagHH CHCTeMbl.
B TO 2Ke BpeMR, KoMMepqecKHe 6aHKH HaqHHaioT nAaHHPOBaTb C03AaHHe HOBblX BHyTpeHHHX
cHCTeM, pa3pa6oTaHHhlx AAfl ycoBepmeHcTTOBaHHH npogecca yqeTa KAHeHTOB H ycKopeHHR
nepeBoAa HX cpeAcTB. T&Kaw AeWTeAbHOCTb AoAmma 6brTb CKOOpAHHHpOBaHa MeC2Ay 6aHKaMH
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CHCTeMbl.
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pa3pa6aTbmam HlpaRBAeHHSE COBepmliHCTBOBaHHR nAaTemHoH CHCTeMbi, y mmX He 6bAo
AocTaToqHhiX BHyTpeHHHX peCypCOB H, TO euJe 6 oAee Ba2KHO, OnblTa B pa3BHTHH
COBpeCUUfhHX nAATeCHb1X CHCTeM AAR o6cAySKMRHt1 aKOHOMHKI cBo6oAHoro pbzmHa.
B anpe&e 1993 roAa, AeAeraguH H9 HauHoHaAbHoro 6a_Ka Yrpambi nocerHAa
UeHTpaAbHbiH 6aHm repmaHHH (Bundesbank) H HecKoAbKo KoMMepqeCKHX 6aHKOB AAA
o3HaKoMAeHH.R C HX nAaTemHoH CHCTeMoH. Her--yusaq cHcTeMa, KOTOrpaR B OCHOBHOM HMeeT
KpeAwHbmiA xapaKTep (nAaTemmme nopy'ieunu) 6bza npUBRaHa xopowei MoAeAblo, Ha
KOTOpOH MOMHO OCHOBaTh yKpaHHCKyiO CHcTeMy. HamiionAbuimi 6aHm YKpaHHbl ceAqac
pa6oTaeT HaA npeAAo2KeIIRMH, KoTopbie MOrAH 6bi aAanrHposaTm ocHoBHble npgHUHnbi
HemeUKKOH CHCTeMbl K Hy2ta_M 6amoir oi CHCTeMbi YKpaHHl.
AIAR pa3BHTBR HaoHOHaAbHoH nAaTeaOK CHCTemb nOTpe6oBaAHCb SHaqHTeAbHbwe peCypCbl,
KOOPAHHTaI4R Me2KAy BCeMH yIacTHHKaMR/noAb3oBaTeARfMH H 3HaKOMCTBO C CyUJeCTByIOUiHMH
CHcTeMaMH, KoHcyAbTagHoHHoe CoAeicTBHe, KOTOpOe AoKmm-T CHOio Heo6XOAHMOCTb B
o6ecneseHHH ycnemHoro BHeApeHHR CHCTeMbl, cool £.LicIByiOWeH 4yXY BpeMeHH.
nlpeAloAaraeTca, ITO paaBHTHe HOBOH yKpaMHcKoH AaT2moHOH CHCTeMbi OCY1UeCTBHTCR B ABa
aTana. [lepBbiH sTan, XOTOpbliH HMeeT KpaTKocpo'Hyio HanpaBAeHHocTh, cocpeAoTo'IHTCf Ha
cOBepmeHCTBOBaHmH cyiecTByioIMeH CHCTeMbl AAfR OCYUJeCTBAeHHf nAaTemeH MewzW
IOpHAH'eCKHMH AHgaMH (npeAnpiluHmw ) H MemAy 6aHKaMH, HcnoAb3ya KpeAHTOBbie
nAaTemH H nOAarafSCb Ha AocTynRHyo B HacTroflee BpeCMR TeXHoAorFH. BTropoH awan cTaBHT
39 HlPHAOMEHHE 2
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cTopoHaM, npoHiBoAHmbie H noAy'iaeMble macTHblm ceKTopoM BKOHOMHKH (noTpe6HTeAbcKHHi).
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6yAyT pa6oTaTm B TeCHOM KoHTaKTe C coBeToM H ero KoMHTeTaMH B pa3BHTHH nAaTemHoH
CHCTeMbl.
11. UEA
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3aTpaT fLAaTe?KHOfi CHCTeMbi, KOTOpaR y4OBAoTBepHT nOTpe6HOCTH npeAnpHsrTHH,
noTpe6HTeAeH H 6aHKoB no nepeBoAy q)oHAoB, a TaKme noMomeT HEY B yCHAeHHH
ynpaBAeHHR 9KOHOMHKOH Ha MaKpoypoBHe.
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3HeApeHHI perHoHaAbHbIX pacq'iTHbX naAaT; BSaMMoAeCcTBHe TaKHX pac'IeTHhx naAaT
io3BOAHT o6ecnemHTb qpyHKgHOHHpOBaHHe KAHpHHHOBOH H paCmeTHOH CHCTeM B
o6q4eHagHoHaAbHoM Macurra6e; a TaSKme BHeApeHHe nAaTe2rHoH CHCTeMbl KpynHbIX CYMM
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HHme nepeCHcAeHbl cnegHcpHqecKHe -RaAa'H, nOAAeaC2KIHe BbiIOAHeHHIO B TeqeHHe nepBoro
aTana:
40 IPHAOMEHHE 2
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ocygecTBAeCH aO NA sopa H peryAHpOBaNHS HaM.HOmaAbHOH ruaTemHHOH CHCTeMbI. Kpome roro,
KaK geHTpaAbHbli 6ain HEY o6mah npeAycMOTPeTb npeAocTaLAeHHe pacqeTHbix ycAyr
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c'zeTax memAy KOMMepqeCKHmH 6aHKamN. HeCMOTpx Ha blUmeCKa3aHHoe, Bq)4KTHBHaR
nAaTemHaR cHcTeMa Tpe6yeT TecHoro coTpyAHHqecTBa MemAY UeHTpaAbHbIM 6aHKoM H
KoMMep,ecKHMH 6aHKaMH; HaH6oAee pa.BBHTbe cTpaHb1 npHHRAH CHCTeMy, npH KOTOpoi xax
UeHTpaAbHbiH 6aHK, TaK H KoMMepsecxNe 6aHXN npeAoCTaBABIOT ycAyrH no ocy4uecTBAeHHionAaTemeH no OCTaTKaM Ha KOpc%eTax. Bo BpeMR aToro 8Tana AOAMHbl 6blTb 'eTKo
ycTaHoBAeHbJ cooTBeTcTBSY1OIHe pOAH HBY, HllC H KoMMeptecKIX 6aHKoB. 3 TH pOAH
AOA2rHbl y'IHTbIBaTb cOoRi...Ic&yJoUJHM o6pa3om npaXTHKY pa3BHTbix cTpaH, o6ecneqHBaTb
HaA3op B payBMHNx npeAeAax 3a NAaTCmHOi CHCTeMOH H cnoco6cTBoBaTb KOHKypeHIHH B
o6AacTH npeAOCTaBAeHHN nAaTemHb1X ycAyr memWy 6aNKaMN H HX KAHeHTamH.
3. Ipoe"rxma 11af oF rpri awe.peNNN
IlpoeKTHbie n.AaHbi H rpaq3HKH BHeApeHHR, BKAIO'aR AeTaAH3HpoDaHHbe nepe'IH 3aAasi,
AOAMHbl 6blT paspa6oTaHmz AAR o6ecneieHHs a-AeiwaTHoro npoeKTmoro KOHTpOAH.
4. Cra&4apJ "-sp'
,4OAmHbm 6blTb pa3pa6oTaHbm H oAo6 peHml CTaHAapTTN AAR 6ymamHb[x H BAeKTpOHHbiX
nepeBOAOB C TO'KH 3peHHR CpOKOB, coAepm2fHtH H 4popmaTa.
5. Mecmmre paclermre nmaiw
IlpeAycMaTpHBaeTcxI, ITO MeCTHJae paCqcTHle naAaTbi 6yAyT HCnOAb3BaTbCJR AAR KAHpHHra
H yperyAHpOBaHRs pacqeTOB, ocyMecT3AReMoro memjiy AByME 6auKwam B npeAeA a x oAHoro
oerHoHa. KaK H AAR paCqcTHbiX naAaT 6oAbIHHCTBa CTpaH, !IpCAyCMOTpeHO, 'no pacqeiu no
noAo6HbuM o6MeHHbIM onepa^Hau 6yAyT ocyigecTBARmbcsI 'epea OCTaTKH Ha c'eTax
leHTpaAbHOro 6aHKa, OCHOBiBaRCb Ha CHCTeMe mHOrOCTOpOHHerO KAHpHHra. IlpaBHAa,
peryAHTHBHble H npogeAypHbe HOpUMb AA TaKNx paCqvrTHblX naAaT AOAKHbm 6blTb
yCTaHOBAeHbl, BKAIOaSR, HO He OrpaHHqHBaBCb pac%ieTHbimH npoUeAypaMH, npaBOBOf OCHOBON
MHOrOCTOpOHeH CHCTeMbl KAHPHHra nAaTe2reH, npaBHAaMH mecTHbMX pac'eTHbzx nraAaT,
oprauuHAl-U'MH, nAaToH 3a yCAYrH H T. A. KpoMe Toro, AoAmHbi 6brTb onpeAeAeHbI MeToAbi
AOCTaBKH B H HB MeCTHbMX paC'eTHbMX naAaT, BKAIOIaR KypbepCKYlO H BAeXTpOHHYIO nOIy.
41 HPHAO2EHHE 2
6. HagNooam pacvemar na.IaTa
KaK H AAR MeCTHbiX pacveTHbix naAaT, npaBHAa, peryAHpoBaHHe, AOCTaBKa H npoqHe
opraH3aHgHoHHbie, npaBoBb1e H onepagHoHHble MoMeHTbi AoAHUmT 6blTb onpeAeAeHbl.
SaAaqefi wTOii cpa3bi mAReTCR yCTaHOBAeHHe B3aHMoCBH3H Mem2y MeCTHbiMH paCqeTHbiMH
naAaTaMH, 'ffo6bl 3HaqHTeAbHo yBeAHqHTb CKOpOCTb H HaAeMHOCTb HagHOHaAbHOH
KAHpHHrOBOH CHCTeMbJ. npCAyCMOTpeHO, q'TO aAeKBTHb1M nepHOAOM AAR nepBou cpa3bi 6yAeT
aKcIHMym 3 ANH AAR ocyuecTBLAeNHH KAHpHHra. IIPHHHMb BO BI4"MamRt Cy11eCTBYIOUJHe B
YKpauHe TeAeKoMMYHHKagHOHHhbe orpaHHqeHHR, c'iHTaeTCS, qTO co0'eTaHHe q()H3HqecKOH H
aAeKTPOHH0N CBH3H Mew.Ay pac'eTHbiMH naLAaTaMH 6yAeT HaH6oAee a4NpeKTHBHbiM C ToqKH
3peHHS 3aTpaT.
7. PagJNeIL ZMFP- cotTepYMErV o oppecHoAweAC c"x c'TeroD
HEY, B HacToqujee Bpem.R, Tpe6yeTr, 'T6bl KamAbiH qWAHaA KommepiecKoro 6aHKa
nOAAepAKHBaA OCTaTOK cBoero KoppecnoHAeHTcKorO (KAHpHHrOBorO) ce'eTa B MecTHoM
oTAeAeHHH HBY (26 perHoHOB). Kpome Toro, Ka2KAbiH 6aNK o6sa3 no[AepmAHBaTb
oTAeAbHblH pesepBHbiH c'eT B HBY. CyjecTByioujaA CHCTeMa ocAo2rHBeT noAAepmaHHe
KOMMep'IeCKHMH 6aHKaMH c'eTOB H pacqeTbi no HHM. [lpolecc ynpaBAeHHR c'eTaMH B HEYAoAmeH 6brTb nepeC MoTpeH AAm noAyeNHHR Bo3Mo2rHocTH yAyUmHTh npoBeAeHHe onepaiHHi H
ynpoCTHTb no<AepmaHHe aBxpeKTHBHbix c'eTOB KaK B HEY, TaK H B KOMMep9ecKHx 6aHKax.
3To MO2KeT noApa3yMeBaTh Bo3Mo2KHyio npH H3BecTHbXx o6cToRTeAbCTcax geHTpaAH3agHlo
KoppecnoHAeHTcKHX C'ieTOB KoMMep'eCKRX 6aHKoB B eAHHOM oqlHce HEY, yAy'rneHnble
npogeccbi COCTaBAeHHR OTqeTHOCTH no caAbAo ocyUecTBAeHHbIX 3a AeHb onepaUHH H/HAH
KOHCOAHAa1JHIO pe3epBHb[X H KAHPHHrOBblX cqeTOB. B AonOAHeHHe K BToMy, AOA2r.Hbi 6blTb
ma3pa6oTaHbl H/HAH yAyiuUeHbl npogeAypbl 'IHCTbIX pac'ieToB no c'ieTaM H npoCeAYpb1 no
IOAAep2KaHHIO ABYCTOPOHHHX KOPPeCnOHAeHTCKHX C9eTOB MemAY KOMMep'IeCKHMH 6aHKaMH.
8. ILaremgaz CcreCra KpyIumAx C.Ymu
3 KaiecTBe qacTH nporpaMMbl no yAy'imeNioMy coAepmarHuo CqeTOB HEY, KoMMepIecKHM5aHKam Heo6xoAHM MexaHH3M AAR OCyigeCTBAeHHR OAHOAWPBIt-X nepeBOAOB (1OHAOB. Kpome
-oro, B onpeAeAeHHbie KpHTH'eCKHe MOMeHTbI, o6bHO AAR KpynHhx nAaTermeH, MO2Ker
noTpe6oBaTbcsi ocyHjecTBHTb KAHpHHr H pacqeT B OAHH H TOT 2Ke Aemb. B NaH6oAee
Za3BHTb[X cTpaHax MeHTpaAbHbliH 6aNK npeAycMaTpHBaeT BO3MOMHOCTh npeAocTaBAeHHR H
OCYyWeCTBAeHHR TaKHX ycAyr B oAK! AeHb. B KpaTKOCpOqHOM nepHoAe cnpoc Ha TaKHe
ycAyrH, Bepormiiee Bcero 6yAeT HH3KHM, AonycKa8R cyUmecTBoBaIue cHcTeMbl KaK C PyqHbIM
/TeAeqOHHUbM), TaK H C BAeKTpOHHhIM cnoco6amH yBeAoMAe!m AAR OnTHMaAbHOH
3aTpaTO9(Pq"eKTHBHOCTH H 6b!cTporo BHeApeHHR. OAHaKo, npH AaHHOf BeposrTHoCTH KpynHblX
AacmTa6oB KamAoro nAaTema, npoCeAypbi no KOHTpOAio KpeAHTHoro H npoHx pPHCKOB
AOA2KHbi 6brTb HeOTbeMAeMbiMH cocTafAlOWHMH OAHOrO UeAoro.
9. p"aozw N peryAomwav 6S
3 AonOAHeHHe K pa3pa6OTKe H aAar8faT1H npaBoBoH H peryARTKBHoH 6asbz AAR aAeKTPOHHoro
MeToAa OcyJecTBAeHHR nepeBOAOB H CHCTeMbl bMOrOCTOPOHHerO KAHpxura pac'ICTOB, AOAmHa
42 HPH\AO2tKEHHE 2
cyujecToWBaT npaBOBasI/peryARTmHBHa 6asa, onpeAeA)OUaR npaBa H o6susaHHocTH Bcex
CTOpOH nAaTe2KHoH onepaUHH, sXKAioWaR noAyRaTeAR, nAaTeAbU4HKa, 6aHK - Aep2KaTeAb cqeTa,
c KoToporo nepeBoAsrmxC cpeAcTBa, 6aHK - HrXaccaTop H npOMemyTOqHuX afmHT0B no
AHMPHHrOBbWM H pacierHbIM onepa4HaRM. KpoMe Toro, AoA2KHbi 6blTb qeTmo o6pHcoBaHbi
pesepBbi noA omn6o'Hble AeHcTBHR, roHeCHbie cporKH nAaTemeiH H npoqee. B cAy'iae
Heo6XoAHMocTH AoAmHbl 6blm paspa6oTaIHl peryAwsTHBHb1e HopMbi, AIoU4He pa3pemeHHe
HBY peryAHpoBaTb H o4HOHaAbHYIO nAaTCmHytO cmcTeMy H BbICTYllITh B ia-'eCTBC areHTa no
yperyAHpoBaHo paCqeTOB. BblinoAmSI AaHYiw saAa'y, KOHCyAbTaHET CACAyeT
npoa0hAH3HP0B&Tb cyWeCTBy1otflyIo B YKpaHHe npaBoBYlo H peryARTHBHYIO 6asy H, B cAyqae
Heo6xoAHMocTH, nOpeKOMeHAOBaTh yAyqmeHHR yme CyuC-cTByio1,HX MoAeAeH ApyrHx cTpaH C
pa3BHTblMH nAaTeMHb[MH CHCTeMaMH. KOHCYAbTaHT He AOA2KeH cosAaTBab npOCKT npaBoBoA H
peryARTHBHHOM 6arbl, OAHaKO OH AOAMeH nOMO'b OnpeAie.ub, RBAReTCR AH HaCToRUaR 6asa
aAeKBaTHOA, H eCAH Her - nOpeKOMeHAODaTb npeAnprHHrTb COO&L4AviLzaylOtjHe AeeHCTBHR.
10. BeDoeiacnocTh N XoNrpaAh
CHcTeMa AoAmHa 6bm paspa6o0raHa c y'eTom cooTBeTcTBytOgHx Tpe6oBaHHH 6e3onaCHoCTH
H XOHTpOASt 3a cHcTeMoH, OCytgeCTHARIoujeH nepeBOA KpynHblx AeHeMHbIX CyMM 3a OAHH
AeHb. C,OAa BKAIOIaeTCR KOHTPOAb HecIA1!IHoHHpOBaHHorO AOCTYna HAH H3MeHeHHH, Tartme
MoFyr noTpe6oBaTbCSA TaXHe HHcTpyMeHTbX, xcax nOHTHBHOe pacno9HaBaHHe nAaTe2KHblx
coo6igeHHi, KOAHpOBaHHe AaHHmgX, napoAH AocTyna, 3anHCH tPHHaHCOBOro KOHTpOAR H T. A.
1. Bmyrp,6Uaxocxwme NcTevMNe I1A&Nw
YxpaHHciwe 6aHXH HanHHwaoT paspa6amnBaT H BHeApSaTb nAaHbt no aBTOMaTH31agHH pa6oTbl
ceTeH cBoHx cpHAHaAOB. BHyrpH6amxoBcKwe KAHpHHrOBble H pac'ermHie naAaTm AOA2tHbi
npHHHMaTh BO BHHMaHHe AeficTBHH KoMMep'ecIX= 6aKxoB no aBMmaTtHH CBOHX ceTeH,
TaKme xKa H KoMMep'ecKHe 6aIHK AoAmHbI oTAaBaTb ce6e oT'LeT B Heo6XoAHMoCTH
B3aIIMoAeicTsHmR B CHcTeMe mem6 aHRoBcKomO KAHpHHra H paC'1eTOB. IloAo6HbIe qaTopbl
Tatme AOA2tHb1 npHHHMaTbCR BO B3HMaI4l- npH peaAH3aU nOC.eAyeOUlOHX BTanOB npoeKTa.
12. yXFrATepcLMWN yEieT N XONTrOAh
CAeAyeT npoBepTmb, 'T06bm npeAAomeemble npogeAypbi 6yxraATepcKoro y'ieTa KAHpHHrOBbiX
H paCWeTHlmx onepauHf COOs utT=. OBaAH o6iZenpinmurni nplw!puna - 6yxraArepcKoro y'ieTa,
H vTo6bi qpHHaHcoBbiH H npoiHH KOHTpOAb CO0G, * * *OBaA 6bl UeAOCTHOCTH CHCTeMbl.
IV. 3TAIr 2: AOArOCPO'HblE llEPCllEKThBbl
3 ToT aTan onpeAeAHT nepcneKTHBHytO nAaTe2KHo cHcIremy AAR YKpaHHbn, a TaxKe
ycoBepiteNHCT3"eT H pacuiHpHT CHCTeMy, CO'lAfIybO B Te'eHHe nepBoro aTana. O2IHAaeTCSR,
mTO AaHHblH 8Tan 6yAeT AOnIOAHeH HCnIOAbsoBaHHeM ApyrHX nlAaTeCHblX HHCTpyMeHTOB, TaKHX
xax 'eK, a Tax2te HHCTpyMeHTOB, KOTOpbie 6yAyT HCnOAb3oBaThCR B a (aCTHoM
(noTpe6m-eAbcKoM) ceXTOpe. KpoMe Toro, aroT aTan 6yAeT HcnoAb3oBaTb coBpemeHHbXe
TeAexoMnMyHIaRmHoHHbIe CpeACTBm H KOMlbpOTCpHbie TeXHoAOrHH AAR yBeAH'eHHR CKOpOCTH,
43 llPHAO?1EHHE 2
HaAC2HOCTH, yAo6CTBa H BcJXeKTHBHOCTH 3aTpaT HaigHoHaAbHOH nmaTCmHOH CHCTeMbi.
OAHaKo, npH3HaBRa OrpaHH'feHHocTm qpHHaHcOBb[X H TPYAOBblX pecypcoB, AocTynHblx ceAqac
H B 6yAyMeM B YKpaHHe, CHcTeMa AoA2rHa y'HTbvBaTb BpeMeHHOH acneKT H CTOHMOCTb ymeceHiac AocTynHblx TeXHOAOrHi H He AOAmHa Tpe6oBaTb orpoMHbIX HHBecTHUHH B
TeXHoAorfHIeCKyI HHqppacTpyKTypy AHMb AAR flOAAep2KaHH rlaTCrKHOH CHCTeMbi.
rlpeAnOAaraeTcR, YITO AaHiuil aTanI npoeKTa 6yAeTr BKAIo'aTm B ce6a nporpammy noceqjeHHH
OAHOi HAH AByx CTpaH (HanpHmep CUIIA, BeAHmo6pHTamia, UnlBeHnapHR), qTo6bz AaTm
BOBMOMHOCTb rAaBHbYM AefcTBYIOgHM AHIlaM npoglecca npHHSTHS pelieHNH OTHOCHTeAbHO
nAaTe2rHOA cHcTeMbi YKpaHHbi noAy'HTb H3 nepBbIx pyK 3BHaHHR o6 HHcTpymeHTaX H MoAeARx
nAaTeCHbVX CHCTeM ApyrHX CTpaH. O2KHAaeTCR Ha9IaTb nporpammy nOCeigeHHR
BbimenepeCHCAeHHbIX CTpaH B Ha'aAe IV aTana,
AHana30H pa6oT aToro aTarxa onHCaH HHme.
I. Ogewxa Hoope600creI
AoA2r.Hbi 6blTb onpeAeAeHbI noTpe6HocTH KOHeCHOrO noAb3oBaTCAA (npeAnpHsrTHH,
opraHH-a!jfAM, H, B MeHbmeCH cTeneHH, noTpe6HTeAR) B yAo 6cTBe ocyujecTBAeHHR nAaTemieH,
6esonacHocTH, HaAe2KHOCTH H a4xpeKTHBHOCTH 3aTpaT. CHCTeMa AOA2KHa ynpaBARTbCSI
pbIHKOM, KOTOphbi Ha-IHHaeTcR c OCeHKH noTpe6HocTeH noAb3oBaTeAA.. FOCKOAbKy
nlpeAnlpHRTHR HpHBaTH3HpOBaHbi, TO 06beMbl H ypOBeHb noTpe6HOCTcHw, KaK O2KHAaeTcR, 6yAeT
)acTH.
2. Paspa6orxa Aa. i- m NcrpyeNorou
(a2AaR pa3BHTaA cTpaHa HCnlOAb3wyT UeAbiH pRA paaAHqHbiX IAaTe2KHbIX HHCTpyMeHTOB AAR
yAoBAeTBopeHHR pa3Hoo6pa3Hbix nOTpe6HocTeH KoHeC'Hbix noAb3oBaTeAeHs, npeAnpHRTHH H
Me2m6aHKoBcKoro Pb!HKa nAaTemeeH. rpynna no pa3pa6oTKe AOA2KHa C()OPMHPOBaTb
ipeAAaraeMbHi Ha6op lAwTemHblx HHCTpyMeHTOB TaKHM o6pa3om, 'n6bi OH 6blA AocTaToiHo
:lHpOKHM AAR yAOBAeTBOpeHHR noTpe6HOCTre, HO He HaCTOAbKO UHpOKHM, qro06b oKa3aTbcN
onepaiHOHHO HeB4xpeKTHBHbIM. Ha6op HNCTpyMeHTOB AoAmeH BKAioqaTh:
* KpeAHTOBbie H Ae6eToBbme nAaTe2KKHe HHCTpyMeHTb1
* 3AeKTpoHHbMe nAaTemH H/HAH KapTo'KH
* IaKerTHbhe H/HAH HeaBTOHoMHbie
3. fiNpNNorome N paclYermNe COCrAmr
KaK H B cAyqae c nAaTemHbiMH HHcTpyMeHTaMH, BbI60p KAHpHHrOBblX H pac'ieTHbzx
HHcTpyMeHTOB o6mnpeH H BKAIO'iaeT:
* PacreTHbie naAaTbi, KAHpHHrOBbie cHcTeMbi KoppcCnOHAeHTcKNx C'qTOB H/HAH
IeHTpaAbHOrO 6aHKa
* O6UgHe, MHoro- H/HAN ABycTopomnie pacqemi
44 HIPHAOMEHHE 2
* OAHoAHeBHbCe KpeAjuT, OnepHajirbi H/HAH osepApa4mi noIA 3aAOF H HX
KOHTf)OAb
* Pac'eTmb UeHTpaAbHOrO 6aNKa H/HAH KoMMep'ecK=X KoppecnoHAeHwTx
6aHKon
* Pe3epBHponamIe HAU oKoH'aTeAbHbie pacqeTm nAIOC OnpeAeAeHHOCTb B CpoKax.
flpeAAomeHHR OTHOCmTeAbHO KAHpHHra H paCwITOB AOA2Wbl y-HTbWuaTb
yHHIckbHcbTh noToKoB nAaTemeH H 6aHKoBcKof CTpyKTyphb B YKpaHHe, paBHO XaK H
CHCTeCMb, sBB Arm e 8 AeHCTsHe BO BpemR nepBoro aTana.
4. CTauAapmr
CTaHAapTbl no inAaTemHbM KHcTpyMeHTam AOA2KHbi 6biTb paspa6oTaHbl C UeAbIO
o6ecne,eHNu Meem6aHKoBcKoH H, B HAeaAbHOM cAyqae, Me2rpecny6AHKaHcKoH
coBMecTHMocTH. CTaHAapTbl BKAIOqalOT Tarme UyHKTbIl, KaK CTPYKTypbl HyMepOBaHHR
6aHKoBcKlx H rAHeHTcKIx CqeToB, TeXHHKy MaUIHHHOH rOTOBHOCTH (HanpHMep,
OCR, MICR) H "OpMaTbl, aAeCKTpOHHbie 4popMaTbl H BHyrpHqOpMaTHble cTaHAapTbi;
CTaHAapTba, 6a3Hpy1oIlHecR Ha KapTonKax (HanpHMep c marHHTHoii noAocKoH), qacbl
nponeAeNHH onepaUiii, BpeMR OCy%eCTRAeNHHR npOBOAOK, H T. A. B HAeaAbHOM cAy'ae
CTaHAapTbi AOA2KHbi OrHpaTbCR Ha npNHHWRue meXympoAHbie CTaHAapTbz, KOTOpbie
OKa3aAHCb 2rH3Hecnoco6HbiMH BO MHorHx CTpaHax.
5. TexuoAorEqecKan mH+pacTpyvTypa
TexHoAorHqecxas HH4pacTpyrTypa, BKAIoqalOuaR TeAexoMMyHHKa1HOHHbie CBJBH,
xoMnbIOTpbl H cneTHaAbHbe npH6opb, TaKHe raK cqHTbiBailgHe copTHpoBaAbHbie
ycTpoHcTBa AAn 'eKOB, AOA2Hbi 6blm bonpeAeAeRHb H Bs6paHbi y npoAaBsOB.
6. n&p-re L-e e peryA.. L --e acnem
HlpaBonas H peryARTHBHaH 6a3a, paspa6o0raHHa Ha iaTne 1, AoAmHa 6wrb
pacmHpeHa no Heo6xoAHMocTH AAR BKAIO'ieHHR B Hec HOBblX HHcTpyMeHrOB H
KOHeCHbIX noAb3oBaTeAeH. Taxas 6a9a Heo6xoAHMa AAH 3mBoewBHHE AoBepHH
noAb3oBaTeAeH c jeAbiO CnOCo6CTBOBaH aAeKBTHOM HCnOAb3OBaHHIO
paspa6oTaHHbux HHcTpyMeHrOB. KoHcyAbTaHT He o6swaH COCTaBASTb npoeKT
peryARTHBHoH H npaoBBOH 6a3bi, OAHaKO emy CAeCiyeT OK3aTb hnOMOWb B
OnCpeAeAeHHH COO.s-CTL'&mHr OCHOBbl HAH np[CAOmHTb Heo6xoAHMbme AeHcTBHEH.
7. HaAenZocTm N 6esouacfocrb
B npogecce onpeAeAeuun CHCTeMbI H*KHO y6eAHTbCI B TOM. TO npHCyujHe eii
pHCKH. cBs3amHbie C nepeBoAoM KpynHNX Ae1ieCHhJX CyMM, AOAMHbIM o6paBoM
y'TCHb. FlpogeAypbi KOHTpOAR sa pHCKOM AoAmHbI oxBaTbIBaTb KpeAwrHbiH PHCK,
pHCK MOKUeHHHOeCTBa, pHCK HeCaHKgHOHHPOBaHHOrO AOCTyna H pHCK OnOB^aHHH HS-Sa
c6oeB cHcTeMbi.
45 HIPHAO2EHHE 2
8. nlpaBo Co6CTBeHuoCTa 8 ICORTpOAb
A4oAmHb 6brrb onpeAcAeHbi TaKHe Bonpocbi, Kax BAaAeHHe CHCTeMOH H ee
KOHTpOAb. Bosmommum BAaAeAbUeM MO2r.LT 6blTb HEY, HAH KaKOH-HH6yAb
KOMMepqeCKHH 6aHK H/HAH COBMeCTHOe BAa4eHHe. KpOMe BAaAeAbUa CHcTeM,
AoAmHbI 6brm onpeAeAeHbi TaKHe BonpochE, KaK KOHTpOAb 3a COCTaBAeHHeM npaBHA,
npogeAypHbie HaMeHeHEE, AOCTyfl K CHCTeMe H T. A.
9. 31 I |-E..-BnHoCTm K nOKpWTC BaTpaT
Heo6xoAHmo, qTo6bi cHcrema 6b1Aa a<plpeKHBHOH C Tro-KH 3peHHR 3aTpaT, a TaKme,
'rr6bm 6blu onpeAcAeH cnoco6 noKpbrmr OnepafHOHHbXX H3Aep2eK H BO3MeCUeHHE
KranHraAa. BapHairmm AAA noKpbITHR waTpaT BKA1oiamoT TexHoAorHH pasAeAa 3aTpaT,
nAaTy 3a Ka2KAYO opepa4H10, BBHOCbi aKIUHoHepHOro BAaAeHHX, Ha'faAbHhIe Cy6cHAHH
(npH Heo6XoAMmocTH) AAR npOABHmeH11 HCnOAb3OBaHHR c AOArOCpOqHbIM
noKpbrrHeM, H T. A. CoBMecTHOe BA8AeHHe MOmeT 6blfb 6esy6brroqHblM HAH
OpHeHTHpOB8HHbIM Ha nOAy"eHHe npH6bUAH, C COO tSneTLTEyIOUJHM Ha6opOM nAaTemeH.
IIpH OKOHqaTeAbHOM aHaAH3e, CCAH CHCTeMa OKa3blBaeTCR 3aTpaTOB44q(eKTHBHOH, BTO
SHaqHTr, 'TO Mo2KHo noKpbiTb Bce saTpaTbi 3a CqeT nAaTemeeH no on.AaTe ycAyr. ECAH
2me CHCTeMa He RBAReTCA saTpaToaqxpeKTHBHoi, AH6o H3-3a H36b1ToqHOcTH
HHmHHHpHHra, AM6o H3-3a OTCYTCTBHH qyBCTBHTeAbHOCTH K pbIHKy, 6yAeT
HeBo3MomKHo nOAHOCThiO nOKpbITb H3AepmmK B AOArOCpO'fHOM Macurra6e.
10. BnyTp.6auiKODCICaU opra8usau.n
CHCTeMa BHyTpH6aHKOBCKOH OprsamRaHmu 4OAAHa nwHTaTbc OT H nHTaTb BHyTpeHHHe
CHcTeMbi Bcex ApyrHx 6ammB. HanpHMep, ecAm 6aHKH paspa6oTaloT co6cTBeHHbie
BHyTpeHHNe KAHPHHroBbie H xOMMyHHKaMHOHHbhe CHCTeMbZ, TO BHyTpH6aHKOBCKaR
CHCTeMa 6
yAeT HMeTb MeHbllmli o6beM H 3HaqHTCAbHO MeMbIMCe nOTpe6HOCTH. B
Te'IeHHe aTana pa3pa6oTKH BHyTpH6aHKoBCKHx cHcTeM, 6
yAeT TaKme Heo6xoAMmo
pa6oTaTb C KpynHbIMH KoMMep'ecKHMH 6aHKaMH AAM pa3pa6oTKH H yAy'imeHH.R HX
BHyTpeHHHX nAaHOB, OCHOBbiBaRCb Ha Mem6aHKoBcKmX acnexTax.
1. PacnuearHe upoeCrsbx pa6oT K aHCeRpeHu
KoHcyAbTaHT AoA2reH oKa3blBaTh noMOIjb npH pa3pa6oTKe peaAHCTHqHOrO H
AeTakbHoro nooeKTHoro nAaHa pa 6 oT H pacnHcaHHR HX OCyeCTBAeHHH.
V. PECYPCbl, KOTOPbIE AOA2IHbl biTb nPEJOCTABAEHblYKPAIHHCKHMH BAHKAMIH
HlpeAnoAaraeTcn, mTO rpynna no paspa6oTKe npoeKTa nAaTremHoH CHcTeMbl 6yUyT co3AaHa,
ITo6m npHHwJb Ha ce6H pa6oiy HaA npoeKToM no pyxoBoAcTBy HIIC. KoHcyAbTaHTy HY2KHO
pa6oTaTm B TecHOM COTpyAHHqeCTBe C BHyTpeHHHMH pecypcaMH YKpaHHbi, npeAocTaBARR
TeXHOAorHH H OnbIT B Bblpa6oTKe npoeKToB ynpaBAeHHR H CaMOH AaTmmZofH cMcTeMbI.
46 IPHAO2KEHHE 2
rpynna no pa3pa6oTKe npoexTa, cocToHgaR H3 5 - 10 'ieAOBeK C yKpaMHCKOH CTOpOHbi nAioc
'IacTHmNaR noAepmra Co CTOpONbl HInC AoAm2H noMoraTm TeXHHmieKoMy coBeTNHKy.
VI. HEOBXOAHMblE KOHCYAbTAUHOHHbIE YCAYrH
IlpOeKT*aM rpynna 6yAeT HeCTH Ha ce6e OLb i. aNNzHOCTh 3a paB3HTHe H paspa6oTKy
nAaTemNHOH CHCTeMbi. H peAnoAaraeTcx, tTO KOHCyAbTaHT 6 yAeT pa6oTaT B Ka3IecTBe 'iAeHa
rpynnbl H HanpanARmb ee yCHAHH Ha npHHRTHe PaSY1MHbLX peCUeHHH.
KoHcyAbTaHT, xaK TaKoBoH, AoA2KeH npeAocTaBHTb npaKTHqecKHme cBAtmuN o6 a4x)eKTHBHo
qJyHKuJ1oHHpyiojHB x nAaTemHbZx cHCTemaX B HaH6oAee DKOHoMHqeCKH pa3BHTbix CTpaHaX,
AeAaR oco6oe yAapeHHe Ha repmiamH; paBHO KaK H OnbIT, Kaca8oIIWIcR paspa6oTmH
1uaTe2uKHbx CHCTeM B pa3BHBWO1JHxcR CTpaHaX. KoHcyAbTaHT AoAmeH O6 AaAaTb s)iaRUEMH
o6o Bcex qopMax nAaTeMHbIx CHCTem, BKAio'ias:
* Ae6eToBbie H KpveHTombZe CHcTeMbi
* ZByMamHbie H aeCKTPOHHbi CHCcTeMbl
* H oTpe6HTeAbciuHe 6iIHec-cHcTemz H cHcTeMbl nepeBoAoa KpynHb1x CyMM
* IOp/pHAHqecKHe H peryARnHBHbe Tpe6oBaHHR
* CHCTeMbI y'eTa nOTpe6HTeAbCKHX AenOSHTOB
Kpome TOrO, KOHCYAbTaHT AOA2KeH npOAeMOHCTpHPOBaTb cBoe ymeHme BHeAPRTb
KpynHoMaCirra6HbIe npOeKTbZ.
VII. rPACZ*K BbinIOAHEHHH PABOT
O2mKAaeTc, mTO ocyujecmAeiuie npROKTa Ha'HeTCR BecHoH HAH B HamaAe AeTa 1993 roAa.flpeABapwreAbHbli rpaqjHK nepBoro aTana npeAnoAaraeT, 'TO BHeApeHHe nAa7TmHoiH
CHcTeMbi H'aIHeTCR K KOHmy 199.... roAa CAeAy1o1gHm o6pa3oM:
* BHeApeHHe MeCTHblX paCeCTHbiX naAaT ....................................................... Mecas
* B3aNmocMiHb MemCy meCTHblMH paC m naAaTaHM .............................T . MeCHR
* rlAaTemKas cHcTema KpynE I x cymm ........................................................... MeCsq
KoHcyAbTaHT AOAmeH 6bmb rOTOB snpNCyTCTBOBaTb Ha MecTe 6oAbuyO 'iaCTh aTOro BpeMeHH.
02rHAaeTcR, 'ITO BTOpOi aTan AoA2reH HaRaTbcR cpa-y me nocAe C aaepmemmH BTana I H
6yAeT j AAiCsi 6 - 9 MecXgeB. Bo speMH BToro BTana, KOHCyAbT8HT He AOA2KeH HaXOAHTbCH
sAeCb BCe BpeMR, HO AOAmeH 6
yAeT nepHoAHeciKH HanpaBARTb yKpaHHCKyIO npOeKTHylO
rpynny H AaBaTh eN COBeTbE.
I -
47 rHPHAO2EHHE 2
VIII. BbIPAbOTKA PEWEHHHP
KoDcyAbTaH, pa6oTaR c yKpamHcKoH npoCKThHo rpynnoA, AoAmeH sbUpa6oTaTm cA.eCyoirHe
pemenHfl:
39man 1
* PeKoMeNAoBaHmnmH Ha6op mep no ycoBepmeHcTBoBauHio AeicTByiomeii
nAaTemHoH CHCTeMbl B YKpaHHe
* BHeApeHHe CyujeCTBCHHbiX O3AOPOBHTeAbHbHh AeHCTBHH, OTHOCHTeAbHO HacToRnjeH
nAaTemHoH cmcTeMbi B YKpamHe
* KoHCyAbTaHT Ce2fMeCxqHO 6 yACT npCAOCTaBASTb OT'CT COBwTy AHpeKTOpOB HrC
H BceMHpHomy 6aHKy.
3man 2
* OInHcaHHe nAaTeCHbIX HHCTpyMeHTOB, KOTOpbie 6 yAyT HCnOAb3osaTbCR
* OInHcaHHe CHCTeM H flpOCJeAyp, KOTOpbie 6yAyT HCInOAb3oBaTbCR AAm o6pa6oTKH,KAHpHHra, H pacqera no Ka2AOMY THna nAaTe2Ka
* lAaH BHeApeHHR no Ka2Aof cHcTeMe nkAaTmeiH, BiKAioqaR:
- Heo6xOAHMoC TexHHqecKoe, nporpaMMHoe H TeAeKoMMyHHKaLgHOHHoe
o6ecneseHHe
- npasBOBaR H peryARTHBHaR 6a3a, Heo6xoAHmaR AmA ynpaBAeHNH
[IAaTreMaMH
- Heo6XoAMmme KAHpHHroBbie H pacReTHme npogeAypm.
X. KBAAH4UHKAUHOHHbIE KAMECTBA KOHCYAbTAHTA
KoHcyAbTaHT AoA2reH HMeThb o6fmpHblH onbrr B o6AacTm pa3BHTH= rLaTemHbZx CHCTeM H
mapa6oTKH HHCTpyMeHTOB KaK Ha ypoBHe pO3HHqHOR, TaK H Ha ypOBHe onToBoi ToprOBAH.
XoHcyAbTaHT TaKme AoAmeH 6biTb aKcnepToM B o6AacTH cHcTeM H 6yxraATepcKHx nporeAyp
xommepqecKHx 6aHKOB, a TaKme AOAZKeH o6AaAaTb 3HaHHrMH, OTHOCHTeAbHO onepagHH
2 eHTpaAbHhEx 6aHKOB H BonpoCOB npasBoorO H peryARTHBHoro xapaKTepa.
.•OHCyAbTaHT AOA2eH HMeTb OmIrT pa6oTbi C nAaT -- uw14 CHCTeMaMH MHOFHX CTpaH, B
MIAe&AbHOM CAyqae KaK B speAbIX, TaK H B pa3BHBalOEIgHXC. 8KOHOMHKaX, B oC06eHHocTH
7 epMaHHH. Tpe6yeTc.I 3HaKoMCTBO C TeXHHqecKHM H nporpaMMHbiM o6ecneqeHHeM
nAaTenDitx CHCTeM; HO 6H3Hec-nAaHHpoBaHHe nAaTremHbx CHCTeM, sHaHHe pa6oTm
geHTpaAbHbIX H KOMMepCeCKHX 6aHKOB, onmzT pa6oTm C npOeKTHbIM MeHeAm MeHTOM HroAo6Hhae 3HaHHH H HaBbiKH 6oAee BamHbi, Rem TexHmqecxHe HaBbiKH H ymeHmvl.
Y KoHcyAbTaHTa AoAmHa 6brrb Bo3Mo2rHocTb Ha3Ha-aTm oAHoro HAH 6oAee urTaTHbIX
COTPYAHHKOB B KaqecTBC pa6OTHHMOB Ha MCCTC Ha BpeM HCCnOAHeHHS npoexra, KOTOpbIe6b o6AaAaAtH cooTBeTcTByioigHMH KBaAHHKaWHefi H OnbrTOM. KOHCYAbTaHT AOAJfeH
48 HPHA02IiEHHlE 2
saHHMaTbcR opraHH3aUHeH Bcex yCAyr, HeO6XOAHMbiX AAR HCnOAHeHHR npoeKTa, XOTH
ieKoTopbie BOnpOCbl cy6nOApRA4HKOB Moryr pemaTbcR OnpeAeAeHHbXMH
lrneNHaAH3HpoBaHHbwMH ,eHTpaMH yCAyr (HanpHMep, BOnpOCbl lOpNiN'eCKOrO H npasBooro
xaparTepa). EcAH aTm 6 yAYT c-AeAuo, KOHCyAbTaHT 6yAeTr BaHMmaThC HHcneKgHeH H 6yAeT
4eCTm oulLlCiueCHHOCmb Ba aAeKBaTHOCTh TaSNX ycAyr. 3 HaHHe pyccKorO H/HAH YKpahHCKOrO
mbwa 6biAo 6bl HeCOMHeHHbiM nAIOCOM, OAHarO AAR paspewueHNi KOMMyHHKaUHoHHOA
'Ipo6Aembi MO2fHO 6yAer HCnOAbSoBaTh nepesoAqHKOB.
49 HPHA0O21EHHE 3
I1AATE2HblE CHCTEMbl bIBWHIUX COBETCKHIX PECFIYr3AH4K
HCTOPHIECKH11 ACllEKT
1To6bi Ayime nOHHTb Tenepeunmee COCTORHHe nAaTe2KHblX CHCTeM 6OAbmHHcTBa aKC-
coBeTcKIHx peCny6AHK, 3a2KHo paccMoTpeTb HiX HCTOpHReCKHe KOpHH. C 1930 roAa Ao
HeAaBHHX peq3opM, eAHHaJI 6aHKoBcKml CHcTeMa o6cAymmama BeCb CoweTcKHfi Co3.
UeHTpaAbHhi BaHK CoBeTcKoro Comm3a (roc6aHK) pyKoBoAHA ceibo xoMMepRecKHx 6aHKoB.
ToAbKo rocyAapcTmeHlmfi C6eperaTeAbHbdi 6aHK, pa6oTaumHfi BMeCTe C cleHTpaAbHbIM
6aHKoM, BblnOAHRA cpyHKUHH eAHHoro noTpe6HTCAbCKoro 6aHIa, npACOCTBAM (pHsHqecKHM
AHIaM H xosxficTBaM c6eperaTeAbHble Aeno3HTHble c'eTa. C6eperaTeAbHb&H 6aHK He BbLAaBaA
CCyAbi noTpe6HTeAaM HAHM npe=pHRTHfM. CDOHAb, noAyqeHHble OT noTpe6HTeAbcKHX
BKAaAOB, npeAOCTaBAHAHCb B paCnOpRMeHHe UeHTpaAbHOro 6aHKa. UeHTpaAbHbrn 6aHK
npeAocTasAsA CC4yAb npeAnpHwrrM, BCe Hs KOTOpbiX 6biAH roCyAapCTBeHHbIMH HAH
HaXOAHAHCb B KoAAeKTHBHoM BAaAeHHm, AH6 o HenocpeACTBeHHO AH6o (qacTmHHo)
CneHHaAH3HpoBaHHblX 6aHKoB.
7 IOCKOAbKy COBeTCKHH ComOB OnepHpOBaA MOHo6aHKoBcKoH CHCTeMOH H BAaAeA BCeMH
IpeAnpHRTHRMH, nAaTemHbie onepaBg5H OCyUeCTBARAHCb qepe3 BHyTpH6aHKOBCKHe nepeBoAbI,
wo8TpoAb 6blA OCHOBHOH OTAH'HTeAbHOH qepToH CHCTeMbI, KoHTpoAb, a He CKopOCTb,
yAo 6 CTBO HAH HaAe2KHOCTb.
TlAaTeMH HaXOAHAHCb noA BoB4CMCTDHf M 6yxraATepcKHx fpoBOAOK, KOTOpble AeAaAHCb He Ha
OCHOBe AaHHbIX, COAep-aRilIHXCq B Cne1CHaAbHbLX MHorOq)YH.U.HoHaAbHbIX qpOpMaX,
aCcblAaBuIHXCs memAy KAHeHTaMH, TeppHTopHaAbHbimHu qHAHaAaMH UeHTpaAbHorO 6aHKa H
xoMnbKThepHbIMH UeHTPaMH UeHTpaAbHoro 6aHKa no o6pa6oTre AA)IX. HHCTPYK41HH no
ILAaTe2KaM, B3RTbie HX aTHX (JopM, nepeAaBaAHCb aAeKTpOHHblMH KoMHbloTepHbIMH MeHTpaMH
AR. cocTaBAeHmH 6yxraAxepcKmx npOBOAOK mema2 qiHAHaAaMH. ByMamHble dpOpmlI
paccblAaAHCb no'roAi TeppHTopHaAbHbIM KoHTopam UeHTpaAbHoro 6aHKa rlAaTeAblgHKa H
rOAy"aTeAR nAaTema, cAyma raK 6bl OCHOBOH AAR KAHeHTcKHx 6yxraATepcKix nponoAoK.
rpoBoAKH, CocTaBAMBmHeCg B KoMnbloTepHblx geHTpax, nepHOAHqeCKH PeKOHCOAHAHUOBaAHCb
C OTAeAbHbIMH npOBOAKaMH, CAeAath-LmH Ha OCHOBe nOTOKOB 6yMamiuuax (pOpM B
T ppHTOpHaAbHbJx nJApa3AeAeHHJX UeHTpaAbHoro 6aHKa Am o6eCneqeHlR ABoiiHoro
KoHTpoAH, 'n'o6bl y6epe'ibco OT MoueHHH'iecTBa H oEuH6OK.
VIAaTe2Hbie onepag.HH npeAnpHHTHH OCy1eCTBARAHCb HCKOqMHTCAbHO 9epes
Rwiyrpm6aHxoBcKHe 6yxraArepcKHe npoBoAKH. TaKHe onepaiHH HOCHAH Ha3BaHHe
e3HaAHqHblx nAaTemeeH, nOCKOAbKy AeHbrH, KaK TaKoBble, He HCnlOAbSOB8AHCb B OnIepaMHH.
KAHeHTb, He tmeBmHe AOCTYna K 6aHKoBcKHm OnepaRHOHHZM CeIrTaM, OCyiCcTBARAH BCe
CBOH nAaTe2KH HaAH'HOCTbJO. AeHbrH, HaXOAHBu1HeCSi B o6panjeHHH, AerKo KOHTpOAHpOBaAHCb
pasAeAeHHeM Ha HaAHqHbie H 6eBHaAHwHbze nAaTeKH.
50 HIPHAOmEHLI4E 3
H43MEHEHHA COBETCKIHX PE(POPM
HeKoTopble P-teHiPPm npNHBCeAHr K AesHHTerpaUHH coBercKoN nAaTemNHoH cHcTeMbl (MaIO).MoHo6aHxoBcKan CHCTema, HCYe3NHyBuma B KOHUe 80-X yCTynHAa MeCTO AByXypoBHeBOA
6aHKoBcKoH cHcTeMe, cocTomgeH H3 HecKOAbKHx rocyAapcTBeHHbIx cneMtaAK3HpoBaHHbix
6aHKOB, AeiicTBoBaBmx B o6iMeHaaHoHaAbHou MacmTa6e. HoBbze 6aHKH o6CAymHBaAH
cnegHaAbHbie CeKTopa aKOHOHRMH (ceAbcKoe xosRHcTBO, DpOMb4MAeHHOCTh H CTpOHTeAbCTBO,
NHNe ,unnUI B COUHNaAbHNX CeKTOpaX, BKCnoPT-HMnopT). KommepqecKHe 6aHKN 6blAH
co3sAabi nyTMm Ha3Ha'eH=R q)HAaAOB H U=THIbX pa6oTHHKoB UeHTpaAbHOrO 6aHKa,
KOTOplii HMeA o6umpHycO CeTb TeppHTOpHaAbHhEX npeAcTaBHwTAbcTB AAR BbiRoAHeHHH
MeCTHbEX qymNpxgN (pacnpeAeAeHHe AeiIfux cpeAcTB), a TaKme NMeA KOppecnoHAeHTCKHe
(r.AHptmrosbie) cqeTa B KaXAOm MecTHoM (pHAHaAe cnegHaAH3HpoBaHHbZx 6aHXOB.
BTop mu H3MeNeHHeM CTaA pacnaA 6biamero CoseTCKoro Coio3a Ha 15 OTAeAbHbLX
pecnY6AHK. B HaqaAe CaM paCnaA CO3AaA 15 OTAeAbhHbX UeHTPaAbHbix 6aHKoB H 15
KOMmnAeKToB CnenHaAH3HPOBsHHb[X H C6eperaTeAbHbix 6 aHKoB. H pH pacnaAe 6 OAbmHHCTBO
KpeAHTHbix peCypCOB OTOUAO K PoccHiicKofi (DeAepaUHH, HCTOi_ax cpOHAbi nAaTeMHbIX
CHCTeM ApyrHx pecny6ANx. MHorHe ynpasAeHiecKHe H TeXHHmeCXHe peCypcbl TaK2re ocTaAHCb
B POCCHH, rAe 6biA pasmeujeH anrnapaT UeHTpaAbHoro 6aHKa 6blBmero CoBercKoro COWo3a, H
rAe npHHHMaAHCb OCHOBHbie pemeHHR. KoMmepqecKHe 6aHH nAaTHAH cBouHM cAymaujHM
HaMHoro 6oAbme, 'eM geHTpaAbHbie 6amH, imTO emje 6oAbme ycAomHRAo npo6 AeMy TpyAOBbZX
pecypcOB. MHoro geHHbix AMoAei nOKHHyAO CBOH pa6o'iHe MecTa, H B MeHTpaAbHbiX 6aHKax
OCTaAOCb KpaHHe MaAo onbTHbiX KBaAHgHUHpoBaHHbix pa6OTHHKOB.
TpeTbHK npoH3omueAwHM H3MeHeHHeM CTaAO CO3AaHHe HagHOHaAbHbIX BaAIOT B HOBbIX
pecny6AHKax. Ao HeAasHero BpeMeHH HH HOHaAbHaR BaAlOTa HcnoAb3oBaAaCb TOAbKO AAR
HaAH'4Hblx CAeAOK. BesIHaAMHqHe (BHyTpH npe=npnwiim ) onepaUHH (BHyTpetHHe H
BblXOA4 HIfe 3a rpaMHibi 6bx3uNx coBeTcKHx pecny6AHK) npOAOA2raAH OCYM1eCTARTbCR B
py6AHX. Hosme HOBbie pecny6AMKH CTaAH HcnoAbBO3aTb H gHoHaAbHb1e BaAInnm AAR Bcex
BHyTpeHHHx nAaTemeH.
OKoBqaTeAb,Bmm HBMCHeHHeM CTaAO AamhHUWnlte peCTpyKTypupOBaHHe 6aHrKoscKofi OTpaCAH,
BKAiosiaR AHgeHBHPOBaHHe MHorHX HOBbiX wacTHbwx 6aHKoB. TaKNx COTHH B YKpaHHe H
TbIC3MH B POCCHNCKON OcAepawHH. BoAbumHcTBo 6aHKOB He6oAbmHe, Hmeoar scero oAHH
LNH HeCKOAbKO OHCOR, H MOmHorHe BbEnOAHRIOT ARmb orpami'eHHule 6aHKoncKHe yHKgflH.
Ojwaxo, HeKOTOpbie SIBRu)OTc KOMMep1CcKHMH 6aHXaMH nOAHOM CMbICAe aToro cAoBa,
npeAOCTasA1R BCe yCAyrH H -RhMaR OnpeAeAeHHYIO AOAIO Ha pbWHKe, KOTOpaR, XOTh H MaAa,
HO 3aTo pacTCT 3a cqeT rocyAapcTBemnmx 6aHmOs. Hapsuy c sHOBb COqAHmuTMH 6amKaMH,
cneI A HBHpoBaHHwe 6aHKN nocTeneHHo nepexowrr K aKgHoHepHof qopme BAaAeHHN.
51 FIPHAO0EHHE 3
0630P CYWECTBY[OUHX nAATE2iHbIX CHCTEM
3HaqHTeAbHble H3MeHeHHR, npoH3OmeAm=e B noAHTHqecKoii, sKOHOMHqCCeOoi H 6aHKoBcxoH
CHCTeMax sa aTH HeCKOAbKO KOpOTKUX AeT, npUH5AH K TOMy, 'TO nAaTemHax cHCTeMa nAOXO
noAxo4HAa K HOBOMy oxpymeHHio. FlepemxwoqHble aAemeHTbi 6blBmeiH nrAaTemHoi cHcTeMbI
Comosa eume HcnoAbgoBB3AHCb, TaKHe KaK, HanpHMep, BHyrpH- H MeZ6aHKOBCKHe flaTCXH H
nAaTemH MeMAy pMCny6AHKaMH. OAHaKo, HeAocTaToK TPyAOBtaX, TeXHHqeCKHX H qpHHaHCOBblX
PeCYPCOB npHBeA K cepbe3HbiM oTcpo'Kam H weACHJo KOHTpoAR. Hanpumep, norpaJH'Hbli
BaATrHbiH KOHTPOAb MemCA PoccHei H ApyrHMH aKC-COBeTCKMHu pecDy6 AHKaMH 6AoKHpoBaA
MHOrHe rlAaTCmHbe nepeBoAbi. 143-Sa TeCHbIX aKOHOMHqeCKHX cBRie uemeay pecny6AHxaMH
('iemy cnoco6cTosBaAa noAHTrKa 6blsmero Comma no paaMeiJeHHio npeAnpHwJHMi BO BCeX
pecny6AHKax), nepeceKaoigHe rpaHmqgh nAaTemH COCT8BAmIOT cyq ecTBeHyio AoA10 onepaH,H
c 6e3HaAHWHbIMH nAaTe2KaMH.
HacToRigee noAo02eHHe nAaTe2KHbIx cHcTeM B 6oAbmHHcTBe aKc-coBeTcKHx pecny6AHK He
cooTBLTcTByCT HX Tpe6oDaHH5M (B Ay'meM cAy9ae) H He MOme-T yAoBAeTBOpHTb
KoMMepqecKHe noTpe6HocTH sKOHOMHK CO cso6oAHbiM pbiHKOM. UeHTpaAbHbie 6aHrH cosAaAHHeCKOAbRO HOBbIX OTAeAOB AAR pemUeHHR wTrx npo6AeM, Kax HanpHMep KoMnbloTepHbze
U,eHTPbI H OTAeAbl MeTOAOAOrHH nAaTemeH. XoTA nepcoHaA BbiCOKOKOMneTeHTeH H
sHeprnqeH, ero cAymagHe He HMeiOT onbiTa pa6oTbl C nAaTeMHbHMH cHcTeMaMH pbiHOqHbiX
BKOHOMHK, HM Tpe6yeTcx onbrT, o6y'eHHe H xopouiee pyKoBoAcTBo B npogecce paspa6oTKH
3paBbix cTpaTerHHi nAaTem2blX CHcTeM. BbMAH co3AaHbi AccogHauHH 6aHKHpoB, HO y HHX
TaRKme HeAOCTaTOqHO OnbITa pa6oTbm C nAaTp,HhMuM cHCTeMaMH H OHH nIThaioTCR
KoHKypHpoBaTh. BOAbMHHCTBO HHHJHaTHB no peqiOpMe HCXOAUT OT KpynlHbiX KOMMepieCKHx
6aHros, HuI_HX Bo3momHocTH no yAy'imeHHIO BHYTpH6aHKoBcKmX CHCTeM, 'TO6bi
KOHKYpHpOBaTb sa pbmHO'AHyKo Aio. HecKoopAHHHpoBaHHbie AefCTBHR moryT npHBeCTH K
npo6Aemald HlTerpaIHH BHyTpH6aHiKOBCKmx CHCTeM
nIPObAEMbI nAATEflHbIX CIICTEM
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BaHKe.
I I 1
340/080 R1973
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