IHCCAEAOBAHHIE CTPATErHqECKHX BOnPOCOB 1336 … · IHCCAEAOBAHHIE CTPATErHqECKHX BOnPOCOB 1336...

IHCCAEAOBAHHIE CTPATErHqECKHX BOnPOCOB 1336

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He ABAReTCR nAaTc2rHbiM HHcTpyMeHToM noTpe6TeAR. floTpe6HTeAb He nepeBoAHT CpeACTBa,

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.

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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

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Ha cRer )CAHeHOB.

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CKOpOCTb. OAHaKo, CHCTeMbl NeaAeKBaTHoi o6pa6oTmH HsRwmoTcR 6oAee AoporHMHnpH

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OCYUeCTBARThbC3 HeMeAAeHHO, TO eCTh CpC"cTBa cpa3y H 6e3oTBbxBHo nocTynaloT Ha c'ieT

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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.

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rapawrHpyeTcH Bo3Mo2KHocTb!o npOBepKH Hs-Ba BbICOKOH CKOpOCTH OCyUeCTBAeHHR onepa1^HH.

HeB3Hpau Ha PHCK, HeMeAAeHHoe BaBepmeHHe cAeAXH RBAReTCR Heo6xoAHMbIM yCAOBHeM

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CpeACTB RBAReTcR HeO6XOAHumAM.

2. KaKoi BKCAaA MOryT CAeAaTh sq pPCIL&.Bble CECTeUbI B pkBBKTKe coBpeueeHbIZ,

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iAaTemHaR CHcTeMa Heo6xoAHMa KaK AAH pa3BHTbIx, TaK H AAR paBBHBaO!JHXCR CTpaH.

Comepme.cTmona.me SoKoRoEm'ecKoi ax.mn.ocTm. rIAaTemHbxe CHCTeMbI

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MemAyHapOAHYIO KOMMepflHJO H TOPFOBAIO. BeB HaAemNHOH, aqpeKTHBHO H CBOeBpeMeHHO

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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

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npoH3BoAcTBwHHof cqiepe.

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cHHma2oT o6beM pesepBHbix Ae-HeRhIx cpeAcSm) BAHROT Ha KpaTKOCpO'iHyIO AHKBNHAHOCTb

B BKoHoMHKe H npeAcTaBAmoT co6o0 AOnlOAHHTeAbHmfi qpaKTop HeonpeAeAeHHOCTH B

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pHHaHcoBbix pecypCOB, npH6eraS K ne'aTaHHo AeHer, 9TO BeAeT K POCTY HHqUUARMH H K

pe3KMm KoAe6aHRm Bl nocTynAeHmno AeHipu1.x CpeACTB. l4AeaAbHaR nAaTemHa2 CHCTeMa

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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.

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o6pa3om pa3BHTHe HaMHoHHaAbHO I nAaTe2rHoH CHcTeMbi AOAmHO y'NwrbiBaTb BaAoBbIe

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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

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paccMaTpHBaioT oTHOuieHHe MemI esqnjCK,&mitOCTbiO nAaTe2rHofi CHCTembi (BAHReTr Ha

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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).

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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

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ZAa8HbLB o6pa5om, Ha HaAU'Hocmb, Vy*HbtuaemcR A40AA npo4ux nAamcXtHbtx

uHCmpyApeHmos.

7

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KoMMepqecKHH pHCKH.

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XOMJOHeHT HHq pacTpyKTypbi (pHHaHcoBoro ceKTopa, oHa MomeT cnoco6cTBoBaTb noRBAeHHIO

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ipH6buAb.

8

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He 6e3HaAHqHbie nAaTe2mHblc CpeACTBa AAR paCqeTOB.

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oT'reTHOCTH C MeAb1o ayAHTa. CmcTembi AOAXm pampa6aTmBaTbcR c IpyHKr,hAuH

apXHBHpOBaHHR, Ha CAyqaH oTKaaa OAHOH HAH HeCKOAbKMX ,eHTpaAbHbix CTTaHN o6pa6OTKU

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9

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4 BAep2rKH

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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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areHTa 6aHK AOAmeH Bbi6paTh, no KaKofi CTaTbe 6aAamca 6yAeT npOHCXOAHTb BsaHMo3aieT H

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onepagHl, cBsamNylo c noATBepmAeHHem p)aKTa nepeBoAa CpeACTB Ha c'eTa.

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HenocpeAcTBeHHo Apyr c ApyrOM Ha ABycTopoHHeR OCHoBe).

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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.

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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

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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

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naAeHHR npaBHTeAbCTSa), npH OCyujCcTBAeHHH KAHpHHrOBblX pacqerOB Repe3 leHTpaAbHblH

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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.

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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

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6pyTTo-pac"ieToM HAH Aame ABycToPOHHHM HerFo-paC'IeToM, HO C npaBoBoH TOqKH 3peHHJI

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O6pa6onma a 6asue-noAyqaTeAx. E;aHK noAy'aTeAb BbinOAHfIeT HeCKOAbKO

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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.

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hmugma1opa H noAy'IaTeAR nAaTema.

13

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AaTeC2Hb1X CHCTeMaX.

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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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i. BbimT o6beAHHeNHem geHTpaAbHorO H KOMMep'eCKOrO 6aHKa no o6cymAeHHIo

H corAacoBaH1io BOnpOCOB yCTaHoBAeCHR H Ha6AIoAeHHH 3a

q)yHKgHoHHpoBaHHeM HaUHoHaAbHoHf nAaTemHofi cHcTeMbi H KOOPAHHHPOBaTb

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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BKAIOqaR CTaHAapTbZ KpeAHTHOrO H AHKBHAHOrO pHcKa?

* 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 (npowêBrA1,) 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

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npoBepKa

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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

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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

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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

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* KOHMeHTPHPOBaHHC Ha Cpe4CTBaX B yqjep6 geURM (npHpocT "eKTUBHOCTH H

Ao6aBAeHHaR CTOHMOCTb. KOTOpyio npmHocHT npoeKT)

* nepCOHaA13aUHR a yLgep6

HHCTHTyUoHwi3u1ailI npogecca H

npeAAO2Ktu^hIupeU1eHHRM

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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

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ft 0a7�.4 ft

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33 IHPHAO2EHHE 1

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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

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HCTO'wlHX: BIoJmeMeH6 0eAepanbHofl pe3epBHoH CHCTeMhI (HeCKoJMKO BalMyCKOB)

36 HlPHAJOKEHHE 1

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npH6AH3HTeAbHbue oUeHrH noxa3b(BaioT, Tro Vc CTa6HAeH H HaXOAHTCR B npeAe[aX OT 15 A020 B pa3B11btx CTpaHaX (Hanp. HHAepAasuAI, BeAHixo6puTaHiH). ECAH aTO COOTBeTcTBYeT

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2. OiepfoNoovHe pacxoem

rlpoCTeimHe a6cTpaxTHaR H arperaTHaR MoAeAH, HcnoAbiyeMbze 8KOHOMHCTaMH,

noApa3yMeBaiar BKOHOMH'eCKHX areHTOB, pa6oTaioul4x B MHpe 6es BHeuWHHX TpeHHH.

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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

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pecypcoB.

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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

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1. OCHOBHblE nIOAOKEHHH

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39 HlPHAOMEHHE 2

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11. UEA

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40 IPHAOMEHHE 2

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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 OnOBâHHH 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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