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(1)‘ʹȋ͹ͳȌʹͲͳͺ.

(2) ʹͷͶͶǦ͹Ͳ͸ͺ. BEZPIECZNY. .

(3) No 2(71) 2018. ISSN 2544-7068. BEZPIECZNY.  SAFE BANK.

(4) SAFE BANK‹•ƒŒ‘—”ƒŽ’—„Ž‹•Š‡†„›–Š‡ƒ —ƒ”ƒ–‡‡ —†•‹ ‡ͳͻͻ͹Ǥ

(5) –‹•†‡˜‘–‡†–‘ ‹••—‡•‘ˆϐ‹ƒ ‹ƒŽ•–ƒ„‹Ž‹–›ǡ™‹–Šƒ’ƒ”–‹ —Žƒ”‡’Šƒ•‹•‘–Š‡„ƒ‹‰•›•–‡Ǥ. EDITORIAL OFFICE ’”‘ˆǤ ƒœƒ„‡ŽƒÑ œ›Ȃ†‹–‘”‹Š‹‡ˆ ’”‘ˆǤƒÏ‰‘”œƒ–ƒ

(6) ™ƒ‹ œǦ”‘œ†‘™•ƒ ’”‘ˆǤ›•œƒ”†‘‘•œ œ›Ñ•‹ ’”‘ˆǤ‘‹ƒƒ” ‹‘™•ƒ ’”‘ˆǤ™ƒ‹Žƒ•œ‡™•ƒ ’”‘ˆǤ”œ›•œ–‘ˆ’‘Ž•‹ †”™ƒ—Ž‹Ñ•ƒǦƒ†Ï‘ Šƒ ™ƒ‡Ž‡Ă›Ñ•ƒȂ‡ ”‡–ƒ”› SCIENTIFIC AND PROGRAMME COUNCIL ‹‘–”‘™ƒȂ’”œ‡™‘†‹ œ¦ › ’”‘ˆǤƒ‘Žƒ‘‰‹‹ ’”‘ˆǤƒ–‹ƒ‰‘ƒ”„‘ǦƒŽ˜‡”†‡ ’”‘ˆǤƒ”‹—•œ ‹Žƒ” ’”‘ˆǤ—‰‡‹—•œ ƒ–ƒ” ’”‘ˆǤ†”œ‡Œ ‘•’‘†ƒ”‘™‹ œ ’”‘ˆǤ‡•œ‡ƒ™Ï‘™‹ œ ”œ›•œ–‘ˆ‹‡–”ƒ•œ‹‡™‹ œ †œ‹•Ïƒ™‘ƒŽ ’”‘ˆǤƒˆƒÏ—”ƒ ŽŽƒ”–‹ Ž‡•’—„Ž‹•Š‡†‹Dz dzƒ”‡”‡˜‹‡™‡†Ǥ ŽŽƒ”–‹ Ž‡•’”‡•‡––Š‡‘’‹‹‘•‘ˆ–Š‡ƒ—–Š‘”•ƒ†•Š‘—Ž†‘–„‡ ‘•–”—‡†–‘„‡ƒ‘ˆϐ‹ ‹ƒŽ ’‘•‹–‹‘‘ˆ. EDITOR ”›•–›ƒƒ™‡”•ƒ PUBLISHER ƒ‘™› —†—•œ ™ƒ”ƒ ›Œ› —ŽǤ•Ǥ

(7) ‰ƒ ‡‰‘ ƒƒ‘”—’‹Ͷ ͲͲǦͷͶ͸ƒ”•œƒ™ƒ SECRETARY ™ƒ‡Ž‡Ă›Ñ•ƒ ‡Ž‡’Š‘‡ǣʹʹͷͺ͵Ͳͺ͹ͺ ‡Ǧƒ‹Žǣ‡™ƒǤ–‡Ž‡œ›•ƒ̷„ˆ‰Ǥ’Ž.

(8) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ 

(9) ǣͳͲǤʹ͸͵ͷͶȀ„„Ǥ͵ǤʹǤ͹ͳǤʹͲͳͺ. Thomas Schumann* Anatoly Maksimov**. ‘•–‡”‹‰‡‰‹‘ƒŽ ‘‘‹ ‡˜‡Ž‘’‡– „›”‘‘–‹‰‘‘’‡”ƒ–‹˜‡ƒ‹‰–”— –—”‡• ‹—”ƒŽ”‡ƒ•Ȃ‡••‘•‡ƒ”‡† ‹–Š‡—••‹ƒ ‡†‡”ƒ–‹‘ƒˆ–‡”ͳͻͻͲ. Abstract ‘‘’‡”ƒ–‹˜‡„ƒ•Šƒ˜‡–‘ ‘•‹†‡”–Š‡‹”‹•–‹–—–‹‘ƒŽƒ† ‘‡” ‹ƒŽ†‡˜‡Ž‘’‡–‹‘”Ǧ †‡”–‘„‡ƒˆ—ŽŽǦϐŽ‡†‰‡†ƒ†”‡Ž‡˜ƒ–’ƒ”–‘ˆ–Š‡„ƒ‹‰•›•–‡ǤŠ‹•‹’Ž‹‡•–‘‘ˆˆ‡” ƒ”‡Ǧ ˆ—ŽŽ›Ǧ†‡•‹‰‡†ϐ‹ƒ ‹ƒŽ’”‘†— –•ƒ ‘”†‹‰–‘–Š‡Ž‡˜‡Ž‘ˆ†‡˜‡Ž‘’‡–‘ˆ–Š‡‹”‡„‡”•Ȁ —•–‘‡”•ǡ‘ˆ–Š‡”‡‰‹‘•ƒ†‘ˆ–Š‡ϐ‹ƒ ‹ƒŽ•›•–‡‹™Š‹ Š–Š‡›ƒ”‡‡„‡††‡†ǤŠ‡’ƒ’‡” ƒƒŽ›•‡• –Š‡ ‡‡”‰‡ ‡ ‘ˆ ”—”ƒŽ ‘‘’‡”ƒ–‹˜‡ „ƒ‹‰ •–”— –—”‡• ‹ —••‹ƒ –Šƒ– †‡˜‡Ž‘’‡† ƒˆ–‡” ͳͻͻͲ „› ”‡ˆ‡””‹‰ –‘ Š‹ Ȁ‘™ǯ• ǽ•–ƒ‰‡•Ǧ‘ˆǦ„ƒ‹‰Ǧ‘†‡ŽǼ ƒ† ‹••—‡• ‘ˆ ‘”’‘”ƒǦ –‡‰‘˜‡”ƒ ‡ǤŠ‡ƒƒŽ›•‹••—‰‰‡•–•–Šƒ––Š‡‹•–‹–—–‹‘•‡‡†–‘ƒ Š‹‡˜‡ˆ—”–Š‡”‡Ž‡‡–• ‘ˆ‘†‡”„ƒ‹‰ˆ‘”„‡ ‘‹‰•‹‰‹ϐ‹ ƒ–ƒ”‡–’Žƒ›‡”•‹–Š‡ ‘—–”›Ǥ

(10) ƒ††‹–‹‘ǡ–Š‡ ”‡‰—Žƒ–‹‘ƒ†•—’‡”˜‹•‹‘„›–Š‡—••‹ƒ‰‘˜‡”‡–Šƒ•–‘„‡„ƒŽƒ ‡†˜‹•ǦǦ˜‹•–Š‡•‹œ‡ ƒ†‹’‘”–ƒ ‡‘ˆ•‹‰Ž‡”—”ƒŽ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•‹ ‘’ƒ”‹•‘–‘‘–Š‡”Ȃ„›ˆƒ”Žƒ”‰‡”Ȃ ‡Ž‡‡–•‘ˆ–Š‡ϐ‹ƒ ‹ƒŽ•›•–‡Ǥ Key wordsǣ—••‹ƒǡ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰ǡ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•ǡϐ‹ƒ ‹ƒŽ†‡˜‡Ž‘’‡–ǡ”‡‰‹‘Ǧ ƒŽ†‡˜‡Ž‘’‡–ǡ”‡‰—Žƒ–‹‘. 1. Introduction ”‡†‹– ‘‘’‡”ƒ–‹˜‡• Šƒ˜‡ ’”‘˜‡ –‘ „‡ ”‡Ž‹ƒ„Ž‡ ’”‘˜‹†‡”• ‘ˆ ϐ‹ƒ ‹ƒŽ •‡”˜‹ ‡• –‘ •ƒŽŽƒ†‡†‹—Ǧ•‹œ‡† ‘’ƒ‹‡•‹–Š‡’ƒ•–Ǥ”‹‰‹ƒ–‹‰‹–Š‡‡ƒ”Ž›•‡ ‘†ŠƒŽˆ ‘ˆ –Š‡ ͳͻ–Š ‡–—”› —–‹Ž ‘™ –Š‡› Šƒ˜‡ ƒƒ‰‡† –‘ •—”˜‹˜‡ ƒ† ƒ†ƒ’– ‹ ƒ› ‡•–‡” ‡ ‘‘‹‡•Ǥ • •‘Ǧ ƒŽŽ‡† •–ƒ‡Š‘Ž†‡” „ƒ• –Š‡› ‰ƒ‹‡† Ȃ –‘‰‡–Š‡” ™‹–Š ȗ ȗȗ. Š‘ƒ• Š—ƒ™‘”•‘‡ Š‹• Š‡‹˜‡”•‹–¡–‡”‰ƒƒ†‡‹‡ ”‡‹„‡”‰Ǥ ƒ–‘Ž›ƒ•‹‘˜™‘”•‘ŽŽǦ—••‹ƒ‡•‡ƒ” Š

(11) •–‹–—–‡‘ˆ‰”‹ —Ž–—”ƒŽ ‘‘‹ •‘• ‘™Ǥ. ͷͷ.

(12) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. •ƒ˜‹‰•„ƒ•Ȃ”‡‡™‡†‹–‡”‡•–‹–Š‡ ‘—”•‡‘ˆ–Š‡•‘Ǧ ƒŽŽ‡†‰”‡ƒ–ϐ‹ƒ ‹ƒŽ ”‹•‹• ȋ Ȍ‘ˆʹͲͲͺȂʹͲͲͻ•‹ ‡–Š‡›™‡”‡ƒ„Ž‡–‘™‹–Š•–ƒ†–Š‡Žƒ––‡”‡ƒ”Ž›™‹–Š‘—–ƒ› ’—„Ž‹ „ƒ‹ŽǦ‘—–‘”ƒ••‹•–ƒ ‡ȋ•‡‡‡Ǥ‰Ǥ‹” ŠƒŽŽȋʹͲͳ͵ȌȌǤŠ‹•’‡”ˆ‘”ƒ ‡ƒ‡•–Š‡ ‘ ‡’– ‘ˆ ‘‘’‡”ƒ–‹˜‡ „ƒ‹‰ ƒŽ•‘ ƒ’’‡ƒŽ‹‰ ƒ• ‹•–”—‡– ‹ –Š‡ ǽ–‘‘Ž„‘šǼ ‘ˆ ‘†‡”†‡˜‡Ž‘’‡–’‘Ž‹ ›ǤͳŠ‡”‡‹•–Š‡‘’–‹‘–‘’”‘ƒ –‹˜‡Ž›ˆ‘•–‡” ‘‘’‡”ƒ–‹˜‡ „ƒ‹‰‹–”ƒ•‹–‹‘‡ ‘‘‹‡•ǡ‡‡”‰‹‰ƒ††‡˜‡Ž‘’‹‰‡ ‘‘‹‡•–‘—†‡”’‹ –Š‡ϐ‹ƒ ‹‰‘ˆ•ƒŽŽŽ‘ ƒŽ„—•‹‡••‡•ǡ•—’’‘”–‹‰–Š‡‹”‡š’ƒ•‹‘ƒ†–Š‡”‡ˆ‘”‡ ‘–”‹„—–‡ –‘ ”‡‰‹‘ƒŽ ‡ ‘‘‹  ‰”‘™–ŠǤ —••‹ƒ ƒ› „‡ ”‡‰ƒ”†‡† ƒ• ƒ ‡šƒ’Ž‡ ˆ‘”–Š‹•‘’–‹‘Ǥ

(13) –Š‹• ‘—–”›•–ƒ”–‹‰‹–Š‡‹†‘ˆ–Š‡ͳͻͻͲ• ”‡†‹– ‘‘’‡”ƒ–‹‘ ™ƒ• •—’’‘”–‡† „› ˆ‘”‡‹‰ ‘”‰ƒ‹œƒ–‹‘• ™Š‹ Š ™‡”‡ —•—ƒŽŽ› ƒ –‹˜‡ ‹ –Š‡ ƒ”‡ƒ ‘ˆ †‡˜‡Ž‘’‡–ƒ••‹•–ƒ ‡ƒ†–Š‡ˆƒ”‹‰•‡ –‘”Ǥƒ–‡”‹–Š‡‹††Ž‡‘ˆ–Š‡Žƒ•– †‡ ƒ†‡ ƒŽ•‘ –Š‡ —••‹ƒ ‰‘˜‡”‡– ’”‘‘–‡† –Š‡ ‡•–ƒ„Ž‹•Š‡– ‘ˆ ”—”ƒŽ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•ƒ•’ƒ”–‘ˆƒ•’‡ ‹ƒŽ’”‡•‹†‡–‹ƒŽ’”‘‰”ƒˆ‘”–Š‡†‡˜‡Ž‘’‡–‘ˆ–Š‡ ƒ‰”‹ —Ž–—”ƒŽ•‡ –‘”Ǥ Š‡ ƒƒŽ›•‹• ’”‡•‡–‡† Š‡”‡ ‹• †‡”‹˜‡† ˆ”‘ •–—†‹‡• ƒ† • ‹‡–‹ϐ‹  ϐ‹‡Ž† ™‘” ‘ˆ –Š‡ ƒ—–Š‘”• –Šƒ– ‡•’‡ ‹ƒŽŽ› ‘•‹†‡”‡† –Š‡ †‡˜‡Ž‘’‡– ‘ˆ –Š‡ •›•–‡ ‘ˆ ”—”ƒŽ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•‹–Š‡—••‹ƒ ‡†‡”ƒ–‹‘‹–Š‡–‹‡ƒˆ–‡”–Š‡›‡ƒ”ʹͲͲͲǤ—‡ –‘•‹‰‹ϐ‹ ƒ–Ž›†‹ˆˆ‡”‡–‡ ‘‘‹ ȋŠ‹‰Š‘‹Ž’”‹ ‡•Ȍƒ•™‡ŽŽƒ•’‘Ž‹–‹ ƒŽ ‘†‹–‹‘• ƒ† †‡˜‡Ž‘’‡–• ȋ•–ƒ”– ‘ˆ –Š‡ ’”‡•‹†‡ › ‘ˆ Žƒ†‹‹” —–‹Ȍǡ –Š‹• ’Šƒ•‡ ƒ „‡ ƒ‡†–Š‡ǽ•‡ ‘†’Šƒ•‡‘ˆ–”ƒ•‹–‹‘Ǽ‹—••‹ƒȂˆ‘ŽŽ‘™‹‰ƒϐ‹”•–’‡”‹‘†‘ˆ•‘ ‹ƒŽ ƒ† ‡ ‘‘‹  Šƒ‰‡ ‹ –Š‡ ͳͻͻͲ•Ǥ Š‡ ’”‡•‡– ‘–”‹„—–‹‘ ƒ‹• –‘ ƒ••‡•• –Š‡ •›•–‡ǯ•‹’ƒ –‘Ž‘ ƒŽ†‡˜‡Ž‘’‡–ƒ†–‘‰‹˜‡”‡ ‘‡†ƒ–‹‘•‹™Š‹ Š™ƒ› ‹–•’‡”ˆ‘”ƒ ‡ ƒ„‡‹ ”‡ƒ•‡†ƒ† ƒ„‡’—–‘ƒ•—•–ƒ‹ƒ„Ž‡„ƒ•‹•—†‡”–Š‡ ‘–‡’‘”ƒ”› ‘†‹–‹‘• ‘ˆ –Š‡ —••‹ƒ ‡ ‘‘›Ǥ Š‡ –Š‡‘”‡–‹ ƒŽ „ƒ ‰”‘—† ‘ˆ –Š‡ ƒƒŽ›•‹• ‹• ƒ‹Ž› ˆ‘”‡† „› –Š‡ ‹ƒ ‡ Ƭ ‡˜‡Ž‘’‡– ƒ’’”‘ƒ Š ƒ† ‡™

(14) •–‹–—–‹‘ƒŽ  ‘‘‹ •Ǥ Š‡ „ƒ•‹  ƒ••—’–‹‘• ‘ˆ –Š‡ ‹ƒ ‡ Ƭ ‡˜‡Ž‘’‡– ƒ’’”‘ƒ Š ™‡”‡ ƒŽ”‡ƒ†› •‡– ‹ –Š‡ ͳͻͷͲ• Ȃ ƒ –‹‡ ‹ ™Š‹ Š †‡˜‡Ž‘’‡– –Š‡‘”› ƒ† ’‘Ž‹ › ™‡”‡ „‘” ƒ• ƒ ‡™ ϐ‹‡Ž† ‹ –Š‡ „”ƒ Š ‘ˆ ‡ ‘‘‹ •Ǥʹ

(15) – •–ƒ”–‡† ™‹–Š –Š‡ ‡š’Žƒƒ–‹‘ ‘ˆ —†‡”†‡˜‡Ž‘’‡– „‡ ƒ—•‡ ‘ˆ ƒ Žƒ  ‘ˆ ‡ˆˆ‡ –‹˜‡ •›•–‡• ‘ˆ ϐ‹ƒ ‹ƒŽ‹–‡”‡†‹ƒ–‹‘„›ƒ—–Š‘”•Ž‹‡‡Ǥ‰Ǥ„”ƒ‘˜‹–œȋͳͻͷʹȌǤƒ–‡”ȂƒŽ•‘„ƒ•‡† ‘Š‹•–‘”‹ ƒŽ•–—†‹‡•Ȃ–Š‡†‹• —••‹‘™ƒ••’‹‹‰ƒ”‘—†–Š‡“—‡•–‹‘™Š‡–Š‡” –Š‡ ϐ‹ƒ ‹ƒŽ •‡ –‘” ‹• Ž‡ƒ†‹‰ ‘” ˆ‘ŽŽ‘™‹‰ –Š‡ ‘—”•‡ ‘ˆ ‡ ‘‘‹  †‡˜‡Ž‘’‡–Ǥ ƒ‰ƒ‘ȋͳͻͻ͵Ȍ™ƒ•–Š‡ϐ‹”•––‘‹–‡‰”ƒ–‡–Š‡•›•–‡‘ˆϐ‹ƒ ‹ƒŽ‹–‡”‡†‹ƒ–‹‘‹ ƒ ‘†‡Ž ‘ˆ ‡†‘‰‡‘—• ‰”‘™–ŠǤ ’‹”‹ ƒŽ •–—†‹‡• ‹ ”‡ƒ•‹‰Ž› ƒ’’‡ƒ”‹‰ ‹ –Š‡ ‡ƒ”Ž› ͳͻͻͲ• ”‡˜‡ƒŽ‡† ƒ’’”‘ƒ Š‡• •— Š ƒ• ƒ ǽϐ‹ƒ ‡ ƒ––‡”•Ǽ ƒ† ƒ ǽ•›„‹‘–‹  ͳ ʹ. ‡‡‡ ȋʹͲͳͶȌˆ‘”–Š‡‘–‹‘‘ˆǽ–‘‘Ž„‘š‘”ϐ‹ƒ ‹ƒŽ†‡˜‡Ž‘’‡–ƒ•ǽ–‘‘ŽǼǡ”‡•’‡ –‹˜‡Ž›Ǥ

(16) –Š‹•–Š‡‘”‡–‹ ƒŽŽ‹‡Ȃ™‹–Š”‡ˆ‡”‡ ‡–‘• Šƒ ŠȋʹͲͲʹȌƒ†–‹‰Ž‹–œȀ‡‹••ȋͳͻͺͳȌȂƒ‘†‡Ž‹•„—‹Ž– –Šƒ–‡š’Žƒ‹•–Š‡ˆ— –‹‘‘ˆ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•ƒ•‹•–‹–—–‹‘•–Šƒ–ƒ”‡ƒ„Ž‡–‘ϐ‹ŽŽ‰ƒ’•‹–Š‡’”‘˜‹Ǧ •‹‘‘ˆŽ‘ƒ•Ž‡ˆ–„›–Š‡‘ˆϐ‹ ‹ƒŽ„ƒ‹‰•›•–‡Ǥ›ϐ‹ŽŽ‹‰–Š‘•‡‰ƒ’•ǡ–Š‡› ‘–”‹„—–‡–‘–Š‡”‡ƒŽ‹œƒ–‹‘ ‘ˆ’”‘†— –‹˜‡‹˜‡•–‡–’”‘Œ‡ –•‹”—”ƒŽƒ”‡ƒ•Ǥ––Š‹•’‘‹––Š‡ƒ—–Š‘”†‡• ”‹„‡•ƒǽ‹ˆ‘”ƒ–‹‘ƒŽ ’”‘š‹‹–›Ǽ–Šƒ–‡ƒ„Ž‡• ”‡†‹– ‘‘’‡”ƒ–‹˜‡•ƒ•‡„‡”Ǧ„ƒ•‡†‹•–‹–—–‹‘•–‘†‡ƒŽ™‹–Š‹ˆ‘”ƒ–‹‘ ƒ•›‡–”‹‡•‡•’‡ ‹ƒŽŽ›‹”‡‘–‡ƒ”‡ƒ•‹ƒ†‹ˆˆ‡”‡–ƒ‡”–Šƒǽ†‹•–ƒ–Ǽ„ƒ•ƒ”‡ƒ„Ž‡–‘ǤŠ‡ ƒƒŽ›•‹•‘ˆ–Š‡•›•–‡‘ˆ”—”ƒŽ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•‹—••‹ƒ‹–•‡Žˆ‹•ˆ‘ —•‡†‘–Š‡‰”‘—’‘ˆǽƒ‰”‹ —ŽǦ –—”ƒŽ”—”ƒŽ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•ǼȋȌ™Š‹ Š‹•–Š‡†‘‹ƒ–‹‰‰”‘—’ƒ‘‰–™‘‘–Š‡”Ž‡‰ƒŽˆ‘”• ‘ˆ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•ƒ‹Ž›‘’‡”ƒ–‹‰‹—”„ƒƒ”‡ƒ•Ǥ. ͷ͸.

(17) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. ”‡Žƒ–‹‘•Š‹’Ǽ„‡–™‡‡–Š‡ϐ‹ƒ ‹ƒŽƒ†–Š‡”‡ƒŽ•‡ –‘”Ǥ

(18) ƒ††‹–‹‘ǡŽ‹ƒ‰‡•™‡”‡ •Š‘™ –‘ ‘–Š‡” ϐ‹‡Ž†• ‘ˆ †‡˜‡Ž‘’‡– •— Š ‡Ǥ‰Ǥ –Š‡ Ž‡‰ƒŽ •›•–‡ǡ –Š‡ ‡†— ƒ–‹‘ •›•–‡ƒ†–Š‡‹†—•–”‹ƒŽ•–”— –—”‡‘ˆƒ ‘—–”›Ǥ•‘Ǧ ƒŽŽ‡†ˆ— –‹‘ƒŽ˜‹‡™™ƒ• †‡”‹˜‡† –Šƒ– ’‘‹–• ‡•’‡ ‹ƒŽŽ› –‘ –Š‡ •‹‰Ž‡ •‡”˜‹ ‡• ϐ‹ƒ ‹ƒŽ •›•–‡• ’”‘˜‹†‡ –‘ –Š‡ ”‡ƒŽ •‡ –‘” ȋ‘„‹Ž‹œƒ–‹‘ ‘ˆ •ƒ˜‹‰•ǡ ‘‹–‘”‹‰ ‘ˆ „‘””‘™‡”•ǡ ’”‘˜‹•‹‘ ‘ˆ Ž‹“—‹†‹–›‡– Ǥ

(19) –Š‹•”‡‰ƒ”†ǡ•’‡ ‹ƒŽ‡’Šƒ•‹•‹•‰‹˜‡–‘–Š‡“—‡•–‹‘™Š‹ Šϐ‹ƒ ‹ƒŽ ‹•–‹–—–‹‘• ƒ”‡ „‡•– ƒ– ’”‘˜‹†‹‰ ǽƒ ‡••Ǽ –‘ Ž‘ƒ• ƒ† ϐ‹ƒ ‹ƒŽ •‡”˜‹ ‡• ƒ‘‰ ‹” —•–ƒ ‡• ‘ˆ ƒ•›‡–”‹  ‹ˆ‘”ƒ–‹‘ ƒ† Š‹‰Š –”ƒ•ƒ –‹‘ ‘•–• ȋ‡•’‡ ‹ƒŽŽ› ˆ”‘–Š‡’‘‹–‘ˆ˜‹‡™‘ˆ†‡˜‡Ž‘’‡–‡ ‘‘‹•–•ȌǤŠ‡ƒ•’‡ –‘ˆǽƒ ‡••Ǽ‹•ƒŽ•‘ –Š‡‘‡™Š‡”‡–Š‡ ‹ƒ ‡Ƭ‡˜‡Ž‘’‡–ƒ’’”‘ƒ Š™ƒ••–”‘‰Ž› ‘‡ –‡†™‹–Š –Š‡–Š‡‘”‡–‹ ƒŽ ‘ ‡’–‘ˆ‡™

(20) •–‹–—–‹‘ƒŽ ‘‘‹ •–Šƒ–Š‡Ž’•–‘‡š’Žƒ‹Š‘™ ϐ‹ƒ ‹ƒŽ ‹•–‹–—–‹‘• ƒ ‡˜‘Ž˜‡ ˆ”‘ ƒƒ‰‹‰ ‹ˆ‘”ƒ–‹‘ƒŽ ’”‘„Ž‡• ƒ—•‹‰ ƒ”‡–ˆƒ‹Ž—”‡Ǥ

(21) ƒ††‹–‹‘ǡƒŽ•‘‡›‡•‹ƒƒ†‡‘Ǧ‡›‡•‹ƒ‡Ž‡‡–•‘ˆ–Š‘—‰Š– ȋ‡•’‡ ‹ƒŽŽ›Ž‹“—‹†‹–›’”‡ˆ‡”‡ ‡Ȍ‡”‹ Š‡†–Š‡„ƒ•‹•‘ˆ–Š‡ ‹ƒ ‡Ƭ‡˜‡Ž‘’‡– ƒ’’”‘ƒ ŠǤ Ž–Š‘—‰Š –Š‡ Žƒ––‡” ƒ› ‘– Šƒ˜‡ ”‡ ‡‹˜‡† –Š‡ ‡ ‡••ƒ”› ƒ––‡–‹‘ǡ ‹– ˆ‘”‡†–Š‡„ƒ•‹•ˆ‘”–Š‡™‡ŽŽǦ‘™•–ƒ‰‡•Ǧ‘ˆǦ„ƒ‹‰Ǧ‘†‡Ž‘ˆŠ‹ Ȁ‘™„‡‹‰ •–”‘‰Ž› ƒ’’Ž‹‡† Š‡”‡ ‹ –Š‹• ƒ”–‹ Ž‡Ǥ

(22) – •Š‘—Ž† „‡ ƒ††‡†ǡ –Šƒ– –Š‡ Žƒ–‡•– ‡’‹”‹ ƒŽ ’‘•– •–—†‹‡•‘–Š‡”‡Žƒ–‹‘•Š‹’„‡–™‡‡ϐ‹ƒ ‹ƒŽƒ†‡ ‘‘‹ †‡˜‡Ž‘’‡– Ž‹‡ ‡Ǥ‰Ǥ ˆ”‘ ƒ„ƒ ‘”–ƒ ‡– ƒŽǤ ȋʹͲͳͶȌ ’‘‹– ƒ– •’‡ ‹ϐ‹  –Š”‡•Š‘Ž†• ˆ‘” ƒ ’‘•‹–‹˜‡ ‡ ‘‘‹  ‡ˆˆ‡ – ‘ˆ ϐ‹ƒ ‹ƒŽ •‡ –‘” †‡˜‡Ž‘’‡–Ǥ Š‡ –Š”‡•Š‘Ž†• ƒ”‹•‡ ˆ”‘ ‘Ǧ Ž‹‡ƒ”‹–‹‡• ‹ –Š‡ ”‡Žƒ–‹‘•Š‹’ „‡–™‡‡ ϐ‹ƒ ‹ƒŽ ƒ† ‡ ‘‘‹  †‡˜‡Ž‘’‡– ȋ‡Ǥ‰Ǥ “—ƒŽ‹–ƒ–‹˜‡†‹ˆˆ‡”‡ ‡•‹–Š‡’”‘˜‹•‹‘‘ˆ‹–‡”‡†‹ƒ–‹‘•‡”˜‹ ‡•ȌǤ͵Š‡”‡‹•ƒ‡™ ‘•‡•—•”‹•‹‰–Šƒ–’‘Ž‹–‹ ‹ƒ•ƒ†’”ƒ –‹–‹‘‡”•‹–Š‡ƒ”‡ƒ‘ˆ†‡˜‡Ž‘’‡–’‘Ž‹ › Šƒ˜‡–‘„‡ƒ™ƒ”‡‘ˆ–Š‡•‡–Š”‡•Š‘Ž†•–‘ϐ‹‡Ǧ–—‡–Š‡“—ƒŽ‹–›ƒ†“—ƒ–‹–›‘ˆ–Š‡‹” ƒ –‹˜‹–‹‡•–‘•—’’‘”–†‘‡•–‹ „ƒ‹‰•–”— –—”‡•ƒ†–Š‡‡•–ƒ„Ž‹•Š‡–‘ˆ‡“—‹–› ƒ”‡–•Ǥ Š‡ ƒ”–‹ Ž‡ ‹• ‘”‰ƒ‹œ‡† ƒ• ˆ‘ŽŽ‘™•ǣ ‹– †‡Ž‹˜‡”• ƒ –Š‡‘”‡–‹ ƒŽ ‘•‹†‡”ƒ–‹‘ ‘ˆ ‘‘’‡”ƒ–‹˜‡ „ƒ‹‰ ƒ† ‹–• ’‘••‹„‹Ž‹–› –‘ ˆ‘•–‡” ”‡‰‹‘ƒŽ ‰”‘™–Š ‡•’‡ ‹ƒŽŽ› ˆ”‘ –Š‡ ’‘‹– ‘ˆ ˜‹‡™ ‘ˆ –Š‡ •–ƒ‰‡•Ǧ‘ˆǦ„ƒ‹‰Ǧ‘†‡Ž ‘ˆ Š‹ Ȁ‘™ ™Š‹ Š ‹• ˆ—”–Š‡” ‡Žƒ„‘”ƒ–‡†„›‡™‡Ž‡‡–•ǤŠ‡–Š‡ ƒ•‡‘ˆ—••‹ƒƒ†‹–••›•–‡‘ˆ”—”ƒŽ ”‡†‹– ‘‘’‡”ƒ–‹˜‡• ‹• ƒƒŽ›œ‡† —•‹‰ –Š‹• ˆ”ƒ‡™‘”Ǥ ‘ŽŽ‘™‹‰ –Š‡ ”‡•—Ž–• ‘ˆ –Š‡•‡ ‡Žƒ„‘”ƒ–‹‘•‹’Ž‹ ƒ–‹‘•ƒ”‡†”ƒ™ˆ‘”–Š‡ˆ—”–Š‡”’”‘‘–‹‘‘ˆ–Š‡ ‘‘’‡”ƒ–‹˜‡ „ƒ‹‰•–”— –—”‡ƒ•ƒǽ–‘‘ŽǼˆ‘”’”‘‘–‹‰‡•’‡ ‹ƒŽŽ›”‡‰‹‘ƒŽ‰”‘™–Š‹—••‹ƒǤ. 2. Regional development and its nexus with ϐinancial development ‹ƒ ‹ƒŽ†‡˜‡Ž‘’‡–‹•‰‡‡”ƒŽŽ›‹’‘”–ƒ––‘ƒ••—”‡–Š‡’”‘˜‹•‹‘‘ˆƒ†‡“—ƒ–‡ ϐ‹ƒ ‹ƒŽ •‡”˜‹ ‡• ƒ† Š‡”‡„› ‡•’‡ ‹ƒŽŽ› Ž‘ƒ• ˆ‘” ‘‡” ‹ƒŽ ‹˜‡•–‡–•Ǥ ’‹”‹ ƒŽŽ›ǡ –Š‡ ’‡” ‡–ƒ‰‡ ‘ˆ ”‡†‹–Ǧ ‘•–”ƒ‹‡† ϐ‹”• †‹‹‹•Š‡• ‹ –Š‡ ‘—”•‡ ‘ˆ ϐ‹ƒ ‹ƒŽ †‡˜‡Ž‘’‡– ‡ƒ•—”‡† „› –Š‡ ƒ‘—– ‘ˆ ’”‹˜ƒ–‡Ǧ•‡ –‘” ”‡†‹– ƒ• ͵. ‡‡ƒŽ•‘‡ ȋʹͲͳͶȌˆ‘”ƒŽ‹•–‘ˆ’‘••‹„Ž‡’Š‡‘‡ƒ„‡Š‹†–Š‡‘ǦŽ‹‡ƒ” Šƒ”ƒ –‡”Ǥ. ͷ͹.

(23) ”‘„Ž‡•ƒ†’‹‹‘•. ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ƒ’‡” ‡–ƒ‰‡‘ˆ ȋ•‡‡ ‹‰—”‡ͳȌǤƒƒ–‹‘ƒŽƒ‰‰”‡‰ƒ–‡†Ž‡˜‡ŽȂ‘„˜‹‘—•Ž›Ȃ–Š‡ ƒ’ƒ„‹Ž‹–›‘ˆ–Š‡‹•–‹–—–‹‘•–‘ ‘’‡™‹–Š ”‡†‹– ‘•–”ƒ‹–•‰”‘™•‹–Š‡ ‘—”•‡‘ˆ ϐ‹ƒ ‹ƒŽ†‡˜‡Ž‘’‡–Ǥ Figure 1. Size of banking sector and percentage of credit-constrained ϐirms for a sample of transition countries Private-sector credit as a percentage of GPD in 2005. 80. 60. 40. 20. 0 0. 20. 40. 60. 80. Percentage of credit-constrained irms in 2005. ‘—” ‡ǣȋʹͲͳͷȌǡ’Ǥ͵ͶǤ. ‡ Šƒ• –‘ ”‡ ‘‰‹œ‡ –Šƒ– ‡™‡” ‡’‹”‹ ƒŽ •–—†‹‡• Šƒ˜‡ ‘ϐ‹”‡† –Š‡ –Š”‡•Š‘Ž† Šƒ”ƒ –‡”‘ˆϐ‹ƒ ‹ƒŽ†‡˜‡Ž‘’‡–ǤͶŠ‹•‡ƒ•–Šƒ––Š‡’‘•‹–‹˜‡‡ˆˆ‡ –‘‰”‘™–Š ‰‡‡”ƒ–‡†„›ƒ‰”‘™‹‰ϐ‹ƒ ‹ƒŽ•‡ –‘”‹•†‹‹‹•Š‹‰‹–Š‡ ‘—”•‡‘ˆ‡ ‘‘‹  ‰”‘™–Š‘”‡˜‡˜ƒ‹•Š‹‰Ȃ‡˜‡–—ƒŽŽ›–—”‹‰‡‰ƒ–‹˜‡Ȃ„‡›‘†ƒ ‡”–ƒ‹Ž‡˜‡Ž‘ˆ †‡˜‡Ž‘’‡–Ǥͷ ƒ„ƒ ‘”–ƒ ‡– ƒŽǤ ȋʹͲͳ͸Ȍ ‹†‡–‹ˆ› –™‘ –Š”‡•Š‘Ž†•ǣ ˆ‘” –Š‡ „ƒ‹‰ ƒ”‡– ƒ† ˆ‘” –Š‡ ‡“—‹–› ƒ”‡–Ǥ Ǥ‰Ǥ ”‹ˆϐ‹–ŠǦ ‘‡• ȋʹͲͳͷȌ –ƒ‡• –Š‹• ”‡•—Ž– –‘ †”ƒ™ ‘ Ž—•‹‘• ˆ‘” ˆ”‹ ƒ ‰‹˜‡ –Š‹• ˆƒ –Ǥ —‡ –‘ –Š‡ •–‹ŽŽ Ž‘™ Ž‡˜‡Ž ‘ˆ ϐ‹ƒ ‹ƒŽ †‡˜‡Ž‘’‡– –Š‡”‡ ‹• •–‹ŽŽ ƒ ‰‘‘† ’‘–‡–‹ƒŽ –‘ —•‡ ϐ‹ƒ ‹ƒŽ †‡˜‡Ž‘’‡– –‘ •’—” ‡ ‘‘‹  †‡˜‡Ž‘’‡– ‘ –Š‹• ‘–‹‡– ƒ† –‘ Ž‡ƒ” ˆ”‘ –Š‡ Žƒ–‡•– ”‡‰—Žƒ–‘”› Ž‡••‘•–‘•‡– Š‹•–‹–—–‹‘•ƒ†„—”‡ƒ— ”ƒ–‹ ’”‘ ‡†—”‡•–‘ƒ ‘’ƒ›–Š‡’ƒ–Š ‘ˆϐ‹ƒ ‹ƒŽ‡š’ƒ•‹‘ǤŽ•‘”‡‰ƒ”†‹‰ˆ‘”‡” ‘—‹•––”ƒ•‹–‹‘ ‘—–”‹‡•Ž‹‡ —••‹ƒ–Š‡–Š”‡•Š‘Ž† Šƒ”ƒ –‡”‹•ƒ‹’‘”–ƒ–‡••ƒ‰‡ˆ‘”ϐ‹‡Ǧ–—‹‰–Š‡ˆ—”–Š‡” †‡˜‡Ž‘’‡–‘ˆϐ‹ƒ ‹ƒŽ•‡”˜‹ ‡•ƒ†‡•’‡ ‹ƒŽŽ›Ž‘ƒ•–‘–Š‡’”‹˜ƒ–‡•‡ –‘”ǤŠ‹Ž‡ Šƒ˜‹‰ •‡‡ ƒ ‘•‹†‡”ƒ„Ž‡ ‹ ”‡ƒ•‡ –Š‡ ‘˜‡”ƒŽŽ Ž‡˜‡Ž ‘ˆ ϐ‹ƒ ‹ƒŽ †‡˜‡Ž‘’‡– ”‡ƒ‹• •–‹ŽŽ „‡Ž‘™ –Š‡ Ž‡˜‡Ž ‘ˆ ‘—–”‹‡• ™‹–Š ‘’ƒ”ƒ„Ž‡ Ž‡˜‡Ž• ‘ˆ ‡ ‘‘‹  †‡˜‡Ž‘’‡–Ǥ Š‡”‡ ‹• ”‘‘ ˆ‘” ˆ—”–Š‡” ‡š’ƒ•‹‘ –‘ ƒ‡ ƒš‹ƒŽ —•‡ ‘ˆ –Š‡ ‰”‘™–ŠǦ’”‘‘–‹‰‡ˆˆ‡ –‘ˆ–Š‡ϐ‹ƒ ‹ƒŽ•‡ –‘”Ǥ. Ͷ. ‡‡ ”ƒˆˆȋʹͲͲͲȌƒ† ”ƒˆˆȀƒ”ƒȋʹͲͲ͸Ȍˆ‘”ƒ ‘’”‡Š‡•‹˜‡ƒƒŽ›•‹•Ǥ ‘”–Š‡‰‡‡”ƒŽ‘–‹‘•‡‡ǣ ‡”–Š‡Ž‡›Ȁƒ”‘—†ƒ‹•ȋͳͻͻ͸ȌǤ ͷ ‡‡‡ ȋʹͲͳͶȌǤ. ͷͺ.

(24) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. •’‡ ‹ƒŽŽ› ™Š‹Ž‡ Ž‘‘‹‰ ƒ– ‹–‡””‡‰‹‘ƒŽ †‡˜‡Ž‘’‡– †‹ˆˆ‡”‡ ‡• –Š‡ –Š”‡•Š‘Ž† ƒ’’”‘ƒ Š ’‘‹–• –‘ –™‘ ’‘••‹„Ž‡ †‹”‡ –‹‘•ǣ ȋȌ

(25)  ƒ•‡• ‘ˆ — Š Ž‡•• †‡˜‡Ž‘’‡† ”‡‰‹‘•–Š‡”‡‹‰Š–„‡”‘‘ˆ‘”ƒˆ—”–Š‡”‡š’ƒ•‹‘™Š‹Ž‡ȋȌ‹‘–Š‡”•Ȃ ‘’ƒ”ƒ„Ž› ‘”‡†‡˜‡Ž‘’‡†‘‡•Ž‹‡–Š‡‘• ‘™”‡‰‹‘Ȃ‹–™‘—Ž†„‡”ƒ–Š‡””‡ ‘‡†‡†–‘ •Š”‹–Š‡˜‘Ž—‡‘ˆϐ‹ƒ ‹ƒŽ•‡”˜‹ ‡•’”‘˜‹†‡†ǤŠ‹•ƒ›ƒŽ•‘ƒ’’Ž›–‘ ‘•‹†‡”ƒ„Ž‡ †‹ˆˆ‡”‡ ‡•„‡–™‡‡–Š‡ƒ‘—–‘ˆϐ‹ƒ ‹ƒŽ•‡”˜‹ ‡•’”‘˜‹†‡†–‘•‹‰Ž‡„”ƒ Š‡•‘ˆ ƒ‡ ‘‘›Ǥ ‡‰‹‘ƒŽ †‹ˆˆ‡”‡ ‡• ƒ”‡ ‘ˆ–‡ ƒ••‘ ‹ƒ–‡† ™‹–Š †‹ˆˆ‡”‡ ‡• „‡–™‡‡ ‡–‡”• ƒ† ’‡”‹’Š‡”‹‡•Ǥ‡”‹’Š‡”ƒŽ”‡‰‹‘•ǯ‰”‘™–Š’”‘•’‡ –•ƒ”‡‘ˆ–‡Ž‘™‡”†—‡–‘ƒŽƒ ‘ˆ ƒ”‡–ƒ ‡••‘”Žƒ ‘ˆƒ‰‰Ž‘‡”ƒ–‹‘‡ ‘‘‹‡•Ǥ ‡”‡ǡ‹ƒ††‹–‹‘–Š‡”‡‰‹‘ƒŽǦ ”‡†‹–Ǧƒ˜ƒ‹Žƒ„‹Ž‹–›Ž‹–‡”ƒ–—”‡ȋȌ•Š‘™•—’–‘ƒ††–Š‡Žƒ ‘ˆϐ‹ƒ ‡ƒ•ƒˆ—”–Š‡” •–—„Ž‹‰ „Ž‘  ˆ‘” ‰”‘™–Š ‹ –Š‡ ’‡”‹’Š‡”›Ǥ › ƒ—•‡• ‘ˆ Ž‹“—‹†‹–› ’”‡ˆ‡”‡ ‡ ƒ† ‹ˆ‘”ƒ–‹‘ ƒ•›‡–”› –Š‡ •—’’Ž› ‘ˆ ˆ—†• –‘ –Š‡ ’‡”‹’Š‡”› ‹• Ž‘™‡” ‘” ƒ– Ž‡ƒ•– ‘”‡ ˜‘Žƒ–‹Ž‡Ǥ – Ž‡ƒ•– Š‡”‡ǡ •–”— –—”ƒŽǦ‘”‰ƒ‹œƒ–‹‘ƒŽ ‹••—‡• ‘ˆ –Š‡ „ƒ‹‰ •›•–‡ ‘‡‹–‘’Žƒ›ǤŠ‡„‡––‡”‡Ǥ‰Ǥ”‡‰‹‘ƒŽ„ƒ•ƒ”‡ƒ„Ž‡–‘’”‡Ǧϐ‹ƒ ‡Ž‘ ƒŽ ‹˜‡•–‡–•ƒ†ƒ”‡‘– Šƒ‡Ž‹‰ˆ—†•ƒ™ƒ›–‘–Š‡ǽ ‡–‡”Ǽ–Š‡Š‹‰Š‡”ƒŽ•‘–Š‡ ‰”‘™–Š ’”‘•’‡ –• ‘ˆ –Š‡ ’‡”‹’Š‡”›Ǥ Š‹• ƒ’ƒ„‹Ž‹–› –‘ ’”‡Ǧϐ‹ƒ ‡ ‹• ‡š’Ž‹ ‹–Ž› ‹ –Š‡ˆ‘ —•‘ˆ‹ –‘”‹ƒŠ‹ ••–ƒ‰‡•Ǧ‘ˆǦ„ƒ‹‰Ǧ‘†‡ŽǤŠ‡”‡ˆ‘”‡ǡ‹–‹•ƒŽ•‘—•‡ˆ—Ž–‘ ƒƒŽ›œ‡–Š‡ϐ‹ƒ ‹ƒŽ ƒ’ƒ„‹Ž‹–‹‡•‘ˆŽ‘ ƒŽ„ƒ‹‰•–”— –—”‡•Ž‹‡‡Ǥ‰Ǥ–Š‘•‡‘ˆ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•Ǥ The Stages-of-Banking-Model – and its nexus to the level of ϐinancial development  ‘”†‹‰–‘‘™‡–ƒŽǤȋʹͲͲͺȌȂ™Š‘ƒ’’Ž‹‡†–Š‡‘†‡Ž–‘ƒƒŽ›œ‡ˆ‘”‡”‘˜‹‡– ‹‘ ‘—–”‹‡•‹–Š‡‹”‡ƒ”Ž››‡ƒ”•‘ˆ–”ƒ•‹–‹‘Ȃ–Š‡•–ƒ‰‡•Ǧ‘ˆǦ„ƒ‹‰Ǧ‘†‡Ž™ƒ• ‘ ‡’–—ƒŽŽ› ‘—–Ž‹‡† ‹ Š‹  ȋͳͻͺ͸Ȍ ƒ† Š‹  ȋͳͻͻ͵ȌǤ

(26) – ™ƒ• ƒ’’Ž‹‡† ‹ Š‹  ȋͳͻͺͺȌ ƒ† Žƒ–‡” ”‡ϐ‹‡† „› ‘™ ȋͳͻͻͻȌǤ ”— ‹ƒŽ ˆ‘” –Š‡ ‡ Šƒ‹ • ‘ˆ –Š‡ ‘†‡Ž ȋ•‡‡ ‹‰—”‡ʹȌ‹•–Š‡Šƒ„‹–—•‘ˆ‡ ‘‘‹ ƒ‰‡–•Ȃ’”‘†— ‡”•ǡ˜‡†‘”•ǡ ‘•—‡”• Ȃ‘ˆ‹ ”‡ƒ•‹‰Ž›—•‹‰„ƒ‹‰ƒ ‘—–•ˆ‘”–Š‡‹”–”ƒ•ƒ –‹‘•‹Ǥ‡Ǥ‡‡’‹‰‘‡› ƒ† ’ƒ›‹‰ „‹ŽŽ•Ǥ͸ Š‡ ‘”‡ ‹– Šƒ’’‡• –Š‡ ‘”‡ „ƒ‹‰Ǧ•›•–‡Ǧ‹–‡” ‘‡› ”‡ƒ–‹‘–ƒ‡•’Žƒ ‡’”‘˜‹†‹‰‡ƒ•‘ˆ’ƒ›‡–Ȃ†‡ƒ†ˆ—†•Ȃ–‘’”‡Ǧϐ‹ƒ ‡ ‹˜‡•–‡–Ǥ ˆ ‘—”•‡ǡ –Š‹• ƒŽ•‘ ‡–ƒ‹Ž• ƒ •›•–‡ƒ–‹  „ƒ•‹• ˆ‘” ‹ϐŽƒ–‹‘Ǥ Ž–Š‘—‰Š –Š‡ ‘”‡‘ˆ–Š‹•’”‘ ‡••‹•–Šƒ–„ƒ•‘‡–‹œ‡ Žƒ‹•Ȃ’”‘‹•‡•–‘’ƒ›Ȃ‘ˆ–Š‡ ‡–‹‘‡† ‡ ‘‘‹  ƒ‰‡–• ƒ‰ƒ‹•– ‡ƒ Š ‘–Š‡”Ǥ Š—•ǡ –Š‡› –”ƒ•ˆ‘” ’”‘‹•‡•Ǧ –‘Ǧ’ƒ›‹–‘ƒ‡†‹—Ȃ‘‡›Ȃ–‘ȋ‡ƒ•‹Ž›Ȍ’ƒ›ˆ‘”‘–Š‡” Žƒ‹•ǤŠ‡‘”‡–Š‹•‹• –ƒ‹‰’Žƒ ‡–Š‡‘”‡‘‡ ‘—Ž†•’‡ƒ‘ˆƒǽ‹˜‡•–‡–ϐ‹”•–Ǽ‹•–‡ƒ†‘ˆƒǽ•ƒ˜‹‰• ϐ‹”•–ǼǤŠ‹•’‘‹–•–‘ƒ’ƒ”–‹ƒŽŽ›•—„•–‹–—–‹˜‡ Šƒ”ƒ –‡”‘ˆ‘‡› ”‡ƒ–‹‘˜‹•ǦǦ˜‹• –Š‡ ‘ŽŽ‡ –‹‘‘ˆ•ƒ˜‹‰•ˆ”‘–Š‡’—„Ž‹ ȋ„—–‡•’‡ ‹ƒŽŽ›ˆ”‘ˆ‘”‡‹‰•‘—” ‡•Ȃ‡Ǥ‰Ǥ ˜‹ƒ ”‘••„‘”†‡”„ƒ‹‰Ȃ™Šƒ–‹••—’’‘•‡†–‘„‡ƒ‘”‡—•–ƒ„Ž‡ˆ‘”‘ˆ•—’’Ž›Ȍ –‘—†‡”’‹ȋŽ‘ ƒŽȌ‡ ‘‘‹ †‡˜‡Ž‘’‡–’”‘ ‡••‡•Ǥ—‡–‘–Š‹•ǡ‹–†‡Ž‹˜‡”••–”‘‰ ƒ”‰—‡–•ˆ‘”–Š‡ ”‡ƒ–‹‘‘ˆƒ•–”‘‰ƒ†•–ƒ„Ž‡†‘‡•–‹ ‘‡–ƒ”›ƒ†„ƒ‹‰ •›•–‡Ǥ. ͸. ‡‡—Š‘ˆȀ ƒƒ„ȋʹͲͳ͸ȌǤ. ͷͻ.

(27) ”‘„Ž‡•ƒ†’‹‹‘•. ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. Central building blocks – liquidity preference and information asymmetries ‹“—‹†‹–›’”‡ˆ‡”‡ ‡‹•‘‡‘ˆ ‘Šƒ›ƒ”†‡›‡•ǯ„ƒ•‹ –‡‡–•–‘ƒ‡ˆ‘”‡ ƒ•–• ƒ„‘—– –Š‡ „‡Šƒ˜‹‘” ‘ˆ ‡ ‘‘‹  ƒ‰‡–• ”‡‰ƒ”†‹‰ –Š‡ Š‘Ž†‹‰ ‘ˆ ƒ••‡–• †—”‹‰ Šƒ‰‡•‘ˆ’‡” ‡‹˜‡†”‹•ƒ†— ‡”–ƒ‹–›Ǥ›Ž‘‘‹‰ƒ–ϐ‹ƒ ‹ƒŽ•‡”˜‹ ‡•Ȃƒ‡Ž› ’‘••‹„‹Ž‹–‹‡•–‘†‡’‘•‹–‘‡›ƒ†–‘‹••—‡ ”‡†‹–Ȃ‹–‹•‹’‘”–ƒ––‘Šƒ˜‡ƒŽ‘‘ ƒ–„‘–Š•‹†‡•‘ˆ–Š‡ƒ”‡–‹’ƒ”ƒŽŽ‡ŽȂ–Š‡•—’’Ž›•‹†‡ȋ„ƒ•ȀŽ‡†‡”•Ȍand–Š‡ †‡ƒ† •‹†‡ ȋ ‘’ƒ‹‡• ƒ† Š‘—•‡Š‘Ž†•Ȁ„‘””‘™‡”•ȌǤ

(28) ˆ –Š‡ ˆ—–—”‡ ‘—–Ž‘‘ ‹• ‡‰ƒ–‹˜‡Ž› ƒˆˆ‡ –‡† •‘ ‹• –Š‡ ™‹ŽŽ ‘ˆ •—’’Ž‹‡”• –‘ Ž‡† ‘” ‹˜‡•– ˆ—†• ˆ‘” ƒ Ž‘‰‡” –‡”Ǥ‘–Š•‹†‡•Ȃ–Š‡•—’’Ž›ƒ†–Š‡†‡ƒ†•‹†‡ƒ”‡‘”‡’”‘‡–‘‡‡’–Š‡‹” ƒ••‡–• Ž‹“—‹† ƒ† –‘ ”‡ƒ‹ ϐŽ‡š‹„Ž‡Ǥ Š‡”‡ ‹• ƒŽ•‘ ƒ ‡–‡”Ǧ’‡”‹’Š‡”› ƒ•’‡ – ‹ –Š‡ •‡•‡ –Šƒ– ϐ‹ƒ ‹ƒŽ ƒ”‡–• ‹ –Š‡ ‡–‡” –‡† –‘ „‡ ‘”‡ Ž‹“—‹† •‘ –Šƒ– ƒ †‹‹‹•Š‹‰ ‘—–Ž‘‘ ˆƒ˜‘”• –Š‡ ϐŽ‘™ ‘ˆ ˆ—†• –‘ ȋ‡ ‘‘‹ Ȍ ‡–‡”• Ž‡ƒ˜‹‰ –Š‡ ’‡”‹’Š‡”›ƒ•‹†‡ƒ•‘„Œ‡ –ˆ‘”‹˜‡•–‡–Ǥ ‡”‡ǡ–Š‡•–”— –—”‡‘ˆ–Š‡„ƒ‹‰ƒ”‡–• ƒ’’‡ƒ”•ƒ•ƒ’‘••‹„Ž‡ ‘—–‡”ˆ‘” ‡–‘™‹–Š•–ƒ†ƒ‘˜‡””‡ƒ Š‹‰†”ƒ‹ƒ‰‡‘ˆˆ—†• –‘ ‡–‡”• –Šƒ– †‹‹‹•Š‡• –Š‡ ‰”‘™–Š ’‡”•’‡ –‹˜‡ ‘ˆ –Š‡ ’‡”‹’Š‡”›Ǥ •’‡ ‹ƒŽŽ› •ƒ˜‹‰•„ƒ•ƒ† ‘‘’‡”ƒ–‹˜‡„ƒ•Šƒ˜‡ƒ”‡’—–ƒ–‹‘ˆ‘”„‡‹‰„ƒ•‘’‡”ƒ–‹‰ Ž‘ ƒŽŽ›Ȃ ‘ŽŽ‡ –‹‰†‡’‘•‹–•ƒ†‹••—‹‰Ž‘ƒ•ǤŠ‡‹” Šƒ”–‡”ƒ†„—•‹‡••’‘Ž‹ ›‹• ˆ”‘• ”ƒ– Šȋ„› Šƒ”–‡”‘””‡‰—Žƒ–‹‘Ȍ†‡˜‘–‡†–‘–Š‡‹”Š‘•–”‡‰‹‘ȋ•–ƒ‡Š‘Ž†‡” „ƒ‹‰ƒ’’”‘ƒ ŠȀ”‡‰‹‘ƒŽ’”‹ ‹’Ž‡ȌǤ Figure 2. The Stages-of-Banking-Model and the demand and supply of funds. –ƒ‰‡Ǧͳ. –ƒ‰‡Ǧʹ. ƒ˜‹‰• ‹”•–.

(29) ˜‡•–Ǧ ‡– ‹”•–. –ƒ‰‡Ǧ͵. –ƒ‰‡ǦͶ. –ƒ‰‡Ǧͷ.

(30) –‡”Ǧ„ƒǦ ‡†‡”‘ˆ ‹ƒ„‹Ž‹–› ‹‰ƒ”‡– ƒ•–‡•‘”– ƒƒ‰‡‡– †‡˜‡Ž‘’• ‡š‹•–•. –ƒ‰‡Ǧ͸. –ƒ‰‡Ǧ͹. ƒŽ‡•ƒš‹‹Ǧ œƒ–‹‘ƒ† ‹ƒ ‹ƒŽ

(31) ‘˜ƒ–‹‘. Šƒ†‘™ ƒ‹‰Ƭ ‹•‹–‡”Ǧ ‡†‹ƒ–‹‘. Šƒ†‘™ „ƒ•. ‹ƒ ‹ƒŽ ‹‘˜ƒ–‹‘. ‘•—’–‹‘. —•‹‡•• › Ž‡•. —’’Ž›‘ˆˆ—†• ‹“—‹†‹–›’”‡ˆ‡”‡ ‡.

(32) ˆ‘”ƒǦ –‹‘ ƒ•›‡Ǧ –”‹‡•. ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡. ”‘••„‘”†‡” „ƒ‹‰. ‡ƒ†ˆ‘”ˆ—†• ‹“—‹†‹–›’”‡ˆ‡”‡ ‡. –”— –—”ƒŽ ‡ Š‘Ž‘‰‹Ǧ Šƒ‰‡ ƒŽ Šƒ‰‡. ‡ ȋʹͲͳͶȌǣ “What is the role of ϔinance in a modern society?”.

(33) ˜‡•–‡–. ‡˜‡Ž‘’‡–‘ˆ‘‡›Ȃ ”›’–‘‘‡›Ž‹‡ ‡Ǥ‰Ǥ

(34) 

(35) Ȃƒ† ‹–‡ Š•. ‘—” ‡ǣ ‘”†‹‰–‘Š‹ Ȁ‘™ȋͳͻͻ͵Ȍƒ†ƒ‡†‡†™‹–Š‘™ ‘ ‡’–—ƒŽ‹†‡ƒ•Ǥ. Š‡•‡ ‘†„—‹Ž†‹‰„Ž‘ ȂƒŽ–Š‘—‰Š‘–†‹”‡ –Ž›‘„˜‹‘—•‹–Š‡ˆ‘”—Žƒ–‹‘‘ˆ–Š‡ •–ƒ‰‡•Ǧ‘†‡ŽȂ‹•–Š‡ƒ••—’–‹‘‘ˆ‹ˆ‘”ƒ–‹‘ƒ•›‡–”‹‡•„‡–™‡‡–Š‡Ž‡†‡” ƒ†–Š‡„‘””‘™‡”‘ˆˆ—†•ǤŠ‡„‘””‘™‡”‹•–›’‹ ƒŽŽ›ƒŽŽ‡‰‡†‘ˆŠƒ˜‹‰‘”‡ƒ†. ͸Ͳ.

(36) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. „‡––‡”‹ˆ‘”ƒ–‹‘ƒ„‘—––Š‡’”‘•’‡ –•‘ˆŠ‹•’”‘Œ‡ –•‡‡‹‰ϐ‹ƒ ‡ǤŠ‡Ž‡••Š‡‹• ƒ„Ž‡–‘ ‘˜‹ ‡–Š‡Ž‡†‡”‘ˆ‹–•“—ƒŽ‹–›–Š‡Š‹‰Š‡”‹•–Š‡”‹•‘ˆ†‡‹ƒŽ‘ˆˆ—†‹‰ ‘”‘ˆ„‡‹‰”ƒ–‹‘‡†‹–Š‡•‡•‡‘ˆ–‹‰Ž‹–œȀ‡‹••ȋͳͻͺͳȌǤ

(37) –‹•‹’‘”–ƒ––‘ƒ††–Šƒ– –Š‹•”ƒ–‹‘‹‰ƒ›ƒŽ•‘ƒ’’‡ƒ”‹–Š‡”‡Žƒ–‹‘•Š‹’„‡–™‡‡ƒ„ƒ•‡‡‹‰†‡’‘•‹–• –‘ ‹••—‡ Ž‘ƒ• ˆ”‘ •ƒ˜‡”•Ȁ†‡’‘•‹–‘”•Ǥ Ǥ‰Ǥ „ƒ ”—• ƒ ‘ —” ‹ˆ –Š‡ Žƒ––‡”ǯ• ‘ϐ‹†‡ ‡Šƒ•ˆƒŽŽ‡„‡›‘†ƒ ‡”–ƒ‹–Š”‡•Š‘Ž†ǤŠ‡’Š‡‘‡‘‘ˆ”ƒ–‹‘‹‰‹• ƒŽ•‘‘–‘Ž› ‘ϐ‹‡†–‘„ƒŽ‘ƒ•„—–ƒŽ•‘‡ ‘’ƒ••‡•–Š‡’‘••‹„‹Ž‹–›–‘”‡ ‡‹˜‡ ‡“—‹–›–‘ˆ—†‹˜‡•–‡–’”‘Œ‡ –•Ǥ ‡”‡ƒŽ•‘”ƒ–‹‘‹‰Ȃƒ‡Ž›‡“—‹–›”ƒ–‹‘‹‰ Ȃƒ›‘ —”Ǥ‡‰ƒ”†‹‰ ”‡†‹–”ƒ–‹‘‹‰ǡƒ‰ƒ‹ǡ–Š‡•–”— –—”‡‘ˆ–Š‡„ƒ‹‰•›•–‡ ƒ†–Š‡‰‘ƒŽ•‹–’—”•—‡• ‘‡‹–‘’Žƒ›ǤŠ‡ƒ„‘˜‡‡–‹‘‡†•–ƒ‡Š‘Ž†‡”„ƒ• ƒ”‡‹–Š‹••‡•‡•‡‡ƒ•„‡‹‰„‡––‡”ƒ„Ž‡–‘ ‘’‡™‹–Š‹ˆ‘”ƒ–‹‘ƒ•›‡–”‹‡• †—‡–‘–Š‡‹”Ž‘ ƒŽ’‘•‹–‹‘Ȃ‹ Ž‘•‡’”‘š‹‹–›–‘–Š‡„‘””‘™‡”‘ˆˆ—†•Ǥ•ƒ”‡•—Ž– –Š‡ Šƒ ‡–‘”‡ ‡‹˜‡ˆ—†‹‰ˆ‘”–Š‡Žƒ––‡”‹•‰”‡ƒ–‡”ƒ††—‡–‘–Š‹•ƒ ‘–”‹„—–‹‘ –‘ Ž‘ ƒŽ ‡ ‘‘‹  †‡˜‡Ž‘’‡– ƒ „‡ ƒ••‡”–‡†Ǥ ’‹”‹ ƒŽ •–—†‹‡• —†‡”’‹ –Š‹• ‘–‹‘ ƒ† ‡š’‡”‹‡ ‡• ƒ†‡ ‹ ‘—–”‹‡• Ž‹‡ ‡”ƒ› Ȃ „‡‹‰ ƒ ’”‘‹‡– ‹–‡”ƒ–‹‘ƒŽ •Š‘™ ƒ•‡ ˆ‘” ƒ †‡ ‡–”ƒŽ‹œ‡† „ƒ‹‰ Žƒ†• ƒ’‡ ȋϐ‹ƒ ‹‰ ‘ˆ –Š‡. ‡”ƒ ǽ‹––‡Ž•–ƒ†ǼȌ Ȃ ’‘‹–‹‰ –‘ ‹–• ‹’‘”–ƒ ‡ ˆ‘” –Š‡ †‡•‹‰ ‘ˆ ϐ‹ƒ ‹ƒŽ •–”— –—”‡••—’’‘”–‹‰Ž‘ ƒŽ„—•‹‡••ƒ –‹˜‹–‹‡•‡Ž•‡™Š‡”‡‹–Š‡™‘”Ž†Ǥ The interrelationship with aspects of Corporate Governance  ‘”†‹‰–‘ŠŽ‡‹ˆ‡”Ȁ‹•Š›ȋͳͻͻ͹Ȍƒ•’‡ –•‘ˆǽ‰‘‘†Ǽ ‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡ƒ”‡ ‡–”ƒŽ ˆ‘” ”‡ ‡‹˜‹‰ •‹‰‹ϐ‹ ƒ– ϐ‹ƒ ‹ƒŽ ‘–”‹„—–‹‘• ˆ”‘ ‡š–‡”ƒŽ ’ƒ”–‡”•Ǥ

(38)  ‹–• ‘”‡ –Š‹• ‘ ‡’– †‡ƒŽ• ™‹–Š ‡ Šƒ‹•• –‘ ƒ••—”‡ ƒ ‡”–ƒ‹ ”‡–—” ˆ‘” ‹˜‡•–‘”•Ǥ Š—•ǡ ‹– ‹• ”‡Ž‡˜ƒ– ‹ ”‡‰ƒ”† –‘ –Š‡ ”‡Žƒ–‹‘•Š‹’ „‡–™‡‡ –Š‡ ϐ‹ƒ ‹ƒŽ ‹•–‹–—–‹‘• ƒ† –Š‡‹” „‘””‘™‡”• ȋ‹–‡”ƒŽȌ ƒ† –Š‡ ϐ‹ƒ ‹ƒŽ ‹•–‹–—–‹‘• ƒ† –Š‡‹” †‡’‘•‹–‘”• ƒ† ‹˜‡•–‘”•ȀŽ‡†‡”• ȋ‡š–‡”ƒŽȌǤ ‡––‡” ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡ ‘ –Š‡ •‹†‡ ‘ˆ –Š‡ „‘””‘™‡”• ‹ ”‡ƒ•‡• –Š‡ Šƒ ‡ –‘ ƒ†Š‡”‡ –‘ –Š‡ –‡”• ‘ˆ –Š‡ †‡„– ‘–”ƒ –Ǥ••—”‹‰ƒ‰‘‘†‰‘˜‡”ƒ ‡™‹–Š‹–Š‡ ‘†— –‘ˆ„—•‹‡••‘ˆ–Š‡ ϐ‹ƒ ‹ƒŽ‹•–‹–—–‹‘ ‘–”‹„—–‡•–‘‹–•”‡’—–ƒ–‹‘„›‹–•†‡’‘•‹–‘”•ƒ†‹˜‡•–‘”•Ȁ Ž‡†‡”•Ǥ —‡ –‘ –Š‹•ǡ ƒ „‡––‡” ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡ ƒŽ•‘ †‹‹‹•Š‡• ‹ˆ‘”ƒ–‹‘ ƒ•›‡–”‹‡• ƒ† ‡Šƒ ‡• –Š‡ ˆ— –‹‘ƒŽ‹–› ‘ˆ –Š‡ ϐ‹ƒ ‹ƒŽ ‹•–‹–—–‹‘•Ǥ Š—•ǡ ‹– ’”‘‘–‡•ƒǽ•–‡’’‹‰Ǧ—’Ǧ–Š‡Ǧ•–ƒ‰‡•Ǽ‹–Š‡•‡•‡‘ˆŠ‹ Ƭ‘™ƒ•Žƒ‹††‘™‹ –Š‡‡š–•‡ –‹‘Ǥ ƒ•‡†‘–Š‡•‡„ƒ•‹ –Š‡‘”‡–‹ ƒŽ ‘•‹†‡”ƒ–‹‘•ƒ•Š‘”–Ž‘‘ƒ––Š‡•‹‰Ž‡†‹ˆˆ‡”‡– •–ƒ‰‡• ‘ˆ „ƒ‹‰ †‡˜‡Ž‘’‡– ƒ ‘”†‹‰ –‘ Š‹  ƒ† ‘™ ‹• ‰‹˜‡ ™‹–Š ƒ•—’’Ž‡‡––‘–Š‡Žƒ•–ˆ‡™›‡ƒ”•Ǥ Stage-1 – Savings First –ƒŽ‘™Ž‡˜‡Ž‘ˆ—•ƒ‰‡‘ˆ–Š‡„ƒ‹‰•›•–‡ˆ‘”’ƒ›‡–•–Š‡’‘™‡”–‘’”‡Ǧϐ‹ƒ ‡ ‹˜‡•–‡–• ‘ˆ „ƒ• ”‡ƒ‹• Ž‘™Ǥ Š‡”‡ˆ‘”‡ǡ ‹– ‹• ‘˜‡”™Š‡Ž‹‰Ž› †‡’‡†‡– ‘•ƒ˜‹‰•Š‡Ž†„›–Š‡’—„Ž‹ ‘”‘™‡†„›–Š‡„ƒ•‹–•‡ŽˆǤ‡•Š‘—Ž†‘–‡–Šƒ– ‡ƒ”Ž› „ƒ‹‰ ™ƒ• –‘ ƒ ‡”–ƒ‹ ‡š–‡– ‘Ž› ‹˜‡•–‡– „ƒ‹‰Ǥ ƒ‡”• ™‡”‡. ͸ͳ.

(39) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. ‡–”‡’”‡‡—”•‹†‡–‹ˆ›‹‰’”‘•’‡ –‹˜‡‹˜‡•–‡–’”‘Œ‡ –•ǡ‘”‰ƒ‹œ‹‰†‡’‘•‹–‘”• ˆ‘”‹–ǡƒ†Ž‡ƒ†‹‰–Š‡’”‘ ‡••‘ˆ‹˜‡•–‡–Ǥ Stage-2 – Investment First ‘” –Š‹• –‘ ‡š‹•– –Š‡”‡ Šƒ• –‘ „‡ ƒ –›’‹ ƒŽ „‡Šƒ˜‹‘” ‘ˆ —•‹‰ „ƒ ƒ ‘—–• ˆ‘” –”ƒ•ƒ –‹‘•Ǥ—‡–‘–Š‹•„ƒ• ƒ–‘ƒ‰”‡ƒ–‡š–‡–‰‡‡”ƒ–‡‘” ”‡ƒ–‡‘‡›„› ‘‡–‹œ‹‰ Žƒ‹•‘ˆ–Š‡‹” —•–‘‡”•˜‹•ǦǦ˜‹•‡ƒ Š‘–Š‡”Ǥ—‡–‘–Š‹•–Š‡’‘™‡”–‘ ’”‡Ǧϐ‹ƒ ‡‹˜‡•–‡–•‹•ƒš‹‹œ‡†Ǥ‘•–ƒ”–ƒ‹˜‡•–‡––Š‡„ƒ‹‰•›•–‡• ’”‘˜‹†‡•ˆ—†•ϐ‹ƒŽŽ›„ƒ•‡†‘’”‘‹•‡•–‘ǽ’ƒ›–Š‡„‹ŽŽŽƒ–‡”ǼȂ™‹–Š–Š‡”‡˜‡—‡ ˆ”‘–Š‡‹˜‡•–‡–ƒ†–Š‡˜ƒŽ—‡ƒ††‡† ”‡ƒ–‡†„›‹–Ǥ Š‡ǽ

(40) ˜‡•–‡–Ǧ ‹”•–ǼǦ’‘™‡”‘ˆ–Š‡„ƒ‹‰•›•–‡‹•‰‘‘†‡™•ˆ‘”–”ƒ•‹–‹‘ ƒ††‡˜‡Ž‘’‹‰ ‘—–”‹‡•Ǥ

(41) –‡ƒ•–Šƒ––Š‡”‡‹•Ȃ„‡•‹†‡•—•‹‰ˆ‘”‡‹‰•ƒ˜‹‰•Ȃ ƒ•‡ ‘†’‘™‡”ˆ—Ž Šƒ‡Ž–‘—•‡ǽϐ‹ƒ ‹ƒŽ†‡˜‡Ž‘’‡–Ǽƒ•ǽ–‘‘ŽǼˆ‘”‡ ‘‘‹  †‡˜‡Ž‘’‡–Ǥ Š‹• ‡ƒ• ƒ •–ƒ„Ž‡ „ƒ‹‰ •›•–‡ ”‡•–‹‰ ‘ ƒ •–ƒ„Ž‡ ‘‡–ƒ”› ”‡‰‹‡‹•ƒ‹’‘”–ƒ–‹‰”‡†‹‡––‘ǽ‹–‡”ƒŽŽ›Ǽˆ‘•–‡”‹˜‡•–‡–ȋ‘”ƒ–Ž‡ƒ•––‘ ”‡ƒ–‡–Š‡„ƒ•‹•ˆ‘”‹–ȌǤ Stage-3 – Interbanking market develops •„ƒ•Ž‡†‘‡›–‘–Š‡‹” —•–‘‡”•Ǧ†‡’‘•‹–‘”•–Š‡›ƒŽ•‘Ž‡†‘‡›–‘‘–Š‡” „ƒ•Ǥ —‡ –‘ –Š‹•ǡ –Š‡› ƒ —†‡”’‹ –Š‡‹” Ž‹“—‹†‹–› ƒƒ‰‡‡– ƒ† ƒ ‡ƒ” ‘‡› ™‹–Š ‹–‡”‡•– ’ƒ›‡–•Ǥ Š‹• ƒˆˆ‡ –• –Š‡ ƒ’ƒ„‹Ž‹–› ‘ˆ –”ƒ•ˆ‘”‹‰ ”‹•• ƒ††—”ƒ–‹‘•™Š‹Ž‡‹••—‹‰Ž‘ƒ•„ƒ•‡†‘–Š‡‹”†‡’‘•‹–•–Šƒ– ƒ„‡™‹–Š†”ƒ™ ‘ƒ†ƒ‹Ž›„ƒ•‹•ǤŠ—•ǡ–Š‡‹–‡”„ƒ‹‰ƒ”‡–•—’’‘”–•–Š‡‹”ƒ„‹Ž‹–›–‘–”ƒ•ˆ‘” †‡’‘•‹–•‹–‘Ž‘‰Ǧ–‡”Ž‘ƒ•ˆ‘”‹˜‡•–‡–•Ǥ ‰ƒ‹ǡ–Š‹•‹•‰‘‘†‡™•ˆ‘”–”ƒ•‹–‹‘ƒ††‡˜‡Ž‘’‹‰ ‘—–”‹‡•–Šƒ–Šƒ˜‡–Š‡ Šƒ ‡ –‘‹–‡” ‘‡ ––Š‡‹”„ƒ‹‰•›•–‡•‹–‡”ƒŽŽ›„—–ƒŽ•‘™‹–Šˆ‘”‡‹‰‹•–‹–—–‹‘• ƒ†ϐ‹ƒŽŽ›ϐ‹ƒ ‹ƒŽƒ”‡–•ǤŽ–Š‘—‰Š–Š‡”‡‡‡†•–‘„‡ƒ‹ ”‡ƒ•‹‰ƒ™ƒ”‡‡••‘ˆ –Š‡ǽ —”•‘”›Ǽ Šƒ”ƒ –‡”‘ˆ–Š‡•‡–”ƒ•ƒ –‹‘•Ǥ

(42) –‹‡•‘ˆ ”‹•‡•ǡŽ‹“—‹†‹–›’”‡ˆ‡”‡ ‡ ”‹•‡• ™Šƒ– ƒ› ƒ– ϐ‹”•– ƒˆˆ‡ – ‘‡› Ž‡† –‘ „‘””‘™‡”• ‹ †‡˜‡Ž‘’‹‰ ‘—–”‹‡•Ǥ •’‡ ‹ƒŽ ‘•‹†‡”ƒ–‹‘—•–Š‡”‡„‡‰‹˜‡–‘ ”‘••„‘”†‡”„ƒ‹‰–Šƒ–‘ˆˆ‡”•Ȃ‹ ƒ††‹–‹‘Ȃ„ƒ‘”‰ƒ‹œƒ–‹‘Ǧ‹–‡” Šƒ‡Ž•–‘‘˜‡‘‡›Ȁ‡ƒ•‘ˆ’ƒ›‡– ˆ”‘‘‡ ‘—–”›–‘ƒ‘–Š‡”Ǥ Stage-4 – Lender of Last Resort exists ‘‘‹‰ „ƒ  ƒ– –Š‡ Š‹•–‘”› ‘ˆ „ƒ‹‰ –Š‡”‡ ‹• ƒ ‘†—• ‘ˆ –”ƒ•ˆ‘”‹‰ ƒ ˆ—ŽŽ›Ǧ ’”‹˜ƒ–‡Ž› ”— „ƒ‹‰ „—•‹‡•• ‹–‘ ƒ •›•–‡ ™Š‡”‡ ’”‹˜ƒ–‡ ‘‡” ‹ƒŽ „ƒ• ‘’‡”ƒ–‡•‹†‡Ǧ„›Ǧ•‹†‡™‹–Šƒ†‹•–‹‰—‹•Š‡†‘‡–ƒ”›ƒ—–Š‘”‹–›Ȃƒ‡Ž›ƒ‡–”ƒŽ ƒǤŽ–Š‘—‰Š‘– ‘’—Ž•‘”›‡ ‡••ƒ”›ǡ–Š‹•‹•–›’‹ ƒŽŽ›ƒ’—„Ž‹ „ƒȂƒ„ƒ ‘™‡† „› –Š‡ •–ƒ–‡Ǥ —‡ –‘ –Š‡ ‹’‘”–ƒ ‡ ‘ˆ –Š‡ ˆ— –‹‘‹‰ ‘ˆ –Š‡ ‘‡–ƒ”› •›•–‡ƒ†–Š‡ƒ –‹‰‘ˆ ‘‡” ‹ƒŽ„ƒ•’—”•‹‰–Š‡‹””‘Ž‡ƒ•†‡’‘•‹– ‘ŽŽ‡ –‘”• ƒ†‹••—‡”‘ˆŽ‘ƒ•ˆ‘”‘—”–‘†ƒ›ǯ•‡ ‘‘‹‡•ȋ™‹–Šƒ‡š–”‡‡Ž›Š‹‰Š†‹˜‹•‹‘‘ˆ Žƒ„‘”Ȍ‹–‹•‹–Š‡’—„Ž‹ ‹–‡”‡•––‘Šƒ˜‡–Š‹••›•–‡”—•‘‘–ŠŽ›ǤŠ—•ǡ–Š‡”‡ƒ”‡ ‰‘‘† ”‡ƒ•‘• –‘ Šƒ˜‡ ‘‡ ’‘™‡”ˆ—Ž ƒ‰‡– „‡‹‰ ƒ„Ž‡ –‘ ƒ – ƒ• ǽϐ‹”‡ „”‹‰ƒ†‡Ǽ ƒ† ™‹–Š–Š‡‡ ‡••ƒ”›ˆƒ”Ǧ•‹‰Š–‡†‡••–‘—•‡ ”‡ƒ–‡†‘‡›–‘•‡ —”‡–Š‡ˆ— –‹‘‹‰. ͸ʹ.

(43) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. ‘ˆ–Š‡•›•–‡‹–Š‡Ž‹‰Š–‘ˆ–Š‡Š—‰‡‡‰ƒ–‹˜‡‡š–‡”ƒŽ‡ˆˆ‡ –•‘ˆ–Š‡‹”„”‡ƒ†‘™ ˆ‘”‘–Š‡”’ƒ”–•‘ˆ‡ ‘‘›Ǥ Stage-5 – Liability Management ƒ˜‹‰‡•–ƒ„Ž‹•Š‡†ƒ‹–‡‰”ƒ–‡†„ƒ‹‰•›•–‡„ƒ• ƒ‘–„‡ƒŽŽ‡‰‡†‘ˆ„‡‹‰ ’”‘ϐ‹–ƒš‹‹œ‡”•ǤŠ—•ǡ–Š‡›Ž‘‘ƒ––Š‡‹” ‘•–•‘ˆ”‡ϐ‹ƒ ‹‰™Š‹Ž‡‹••—‹‰Ž‘ƒ• ƒ‰ƒ‹•–‹–‡”‡•–”ƒ–‡•’ƒ‹†„›–Š‡‹” —•–‘‡”•ǤŠ—•ǡ–Š‡›™‹ŽŽ ‘•‹†‡”‘–Š‡”‡ƒ• ‘ˆ ”‡ϐ‹ƒ ‹‰ ‡š– –‘ †‡’‘•‹–• ‰‹˜‡ –‘ –Š‡ „› –Š‡‹” —•–‘‡”•Ǧ†‡’‘•‹–‘”•Ǥ  ‹’‘”–ƒ–ƒŽ–‡”ƒ–‹˜‡Š‡”‡‹•–Š‡ϐ‹ƒ ‹ƒŽƒ”‡–‹‹–•„”‘ƒ†‡•–•‡•‡–Šƒ–†‡˜‡Ž‘’• ‘˜‡”–‹‡‹–Š‡ ‘—”•‡‘ˆȋ‰Ž‘„ƒŽȌϐ‹ƒ ‹ƒŽ‹–‡‰”ƒ–‹‘Ǥ Stage-6 – Sales Maximization and Financial Innovation. ‘‹‰ˆ—”–Š‡”™‹–Š–Š‡‘–‹‘‘ˆ’”‘ϐ‹–ƒš‹‹œƒ–‹‘‹–‹•‘„˜‹‘—•–Šƒ– ‘‡” ‹ƒŽ „ƒ• ™‹ŽŽ –”› –‘ ‰‡‡”ƒ–‡ ƒ• — Š ”‡˜‡—‡ ˆ”‘ Ž‡†‹‰ ‘’‡”ƒ–‹‘• ƒ• ’‘••‹„Ž‡Ǥ

(44) ˆ –Š‡› Šƒ˜‡ •–‡’’‡† ‘˜‡” –Š‡ ‡ ‡••‹–› –‘ •‘Ž‡Ž› —•‡ †‡’‘•‹–• ˆ‘” –Š‹• –Š‡› ƒ‰ƒ‹ ƒ‡ —•‡ ‘ˆ –Š‡ ǽ†‡‡’Ǽ ‹–‡”ƒ–‹‘ƒŽ ϐ‹ƒ ‹ƒŽ ƒ”‡– –‘ ‹ ”‡ƒ•‡ –Š‡‹” Ž‹ƒ„‹Ž‹–› •‹†‡Ǧ„›Ǧ•‹†‡™‹–Šƒ‹ ”‡ƒ•‡‘ˆ–Š‡‹”ƒ••‡–•Ȃ–Šƒ–‡ƒ•ƒ‹ ”‡ƒ•‹‰ƒ‘—–‘ˆ Ž‘ƒ•Ž‡†‘—––‘ —•–‘‡”•Ǥ ‡”‡ƒŽ•‘‡šƒ’Ž‡•‘ˆǽϐ‹ƒ ‹ƒŽ‹‘˜ƒ–‹‘Ǽ ‘‡‹–‘ ’Žƒ›Ȃ‡•’‡ ‹ƒŽŽ›‘†‡”ˆ‘”•‘ˆ•‡ —”‹–‹œƒ–‹‘Ȃ–Šƒ– ƒ„‡—•‡†–‘‹ ”‡ƒ•‡–Š‡ ƒ‘—–‘ˆŽ‘ƒ•‹••—‡†Ǥ Stage-7 – Shadow Banking and Disintermediation Š‡ ˆƒ – –Šƒ– „ƒ‹‰ ‘—Ž† „‡ ƒ ’”‘ϐ‹–ƒ„Ž‡ „—•‹‡•• ‘ˆ ‘—”•‡ ƒŽ•‘ ƒ––”ƒ –• ‘’‡–‹–‘”• ‘” ‡™ „—•‹‡•• ƒ –‘”• –‘ –Š‡ ϐ‹ƒ ‹ƒŽ ƒ”‡– –”›‹‰ ƒ• ™‡ŽŽ –‘ ‡ƒ” ‘‡› ™‹–Š ‘ˆˆ‡”‹‰ ’‘••‹„‹Ž‹–‹‡• –‘ †‡’‘•‹– ‘‡› ƒ† –‘ Ž‡†Ǧ‹˜‡•– ‹–‘ ’”‘ϐ‹–ƒ„Ž‡ ‹˜‡•–‡–• ’”‘Œ‡ –• ‘” –‘ ‘ˆˆ‡” ‘•—‡” ”‡†‹–•Ǥ Š‹• –”‡† ƒ „‡ •—ƒ”‹œ‡†—†‡”–Š‡–‡”•Šƒ†‘™„ƒ‹‰Ǥ͹Š‹•ƒ›‘ˆ ‘—”•‡’ƒ”–‹ƒŽŽ›Ž‡ƒ†–‘ ƒ’”‘ ‡••‘ˆ†‹•‹–‡”‡†‹ƒ–‹‘‹™Š‹ Šǯ• ‘—”•‡‘ˆϐ‹ ‹ƒŽŽ›”‡‰‹•–‡”‡† ‘‡” ‹ƒŽ• „ƒ• Ž‘•‡ –Š‡‹” ǽ‘‘’‘Ž›Ǽ ‘” ‰‡‡”ƒŽŽ› –Š‡‹” ‹’‘”–ƒ ‡ ƒ• Ȃ –”ƒ†‹–‹‘ƒŽ ƒ‹ Ȃ ’”‘˜‹†‡” ‘ˆ ϐ‹ƒ ‹ƒŽ •‡”˜‹ ‡•Ǥ – „‡•–ǡ –Š‡› ƒ —•‡ –Š‡•‡ ‡™ –‡ Š‘Ž‘‰‹‡• ‘” ‡˜‘Ž˜‹‰ ‹‘˜ƒ–‹˜‡ ‹•–‹–—–‹‘• ‘’Ž‡‡–ƒ”› ˆ‘” ‡š’ƒ†‹‰ –Š‡‹” ‘™ Ž‡†‹‰ „—•‹‡••Ǥ ‡”‡ǡ ‡•’‡ ‹ƒŽŽ› •‡ —”‹–‹œƒ–‹‘ ƒ† –Š‡ ‡ ‡••ƒ”› ‘”‰ƒ‹œƒ–‹‘•Ȁ ‹•–‹–—–‹‘•–‘‘’‡”ƒ–‡‹–ȋ‡Ǥ‰Ǥ•’‡ ‹ƒŽ’—”’‘•‡˜‡Š‹ Ž‡•Ȍƒ”‡‹–Š‡ˆ‘ —•„—–ƒŽ•‘ˆ‡‡Ǧ „ƒ•‡†•‡”˜‹ ‡•ƒ†”‡—‡”ƒ–‹‘•ˆ”‘–Š‡‘ˆˆǦ„ƒŽƒ ‡•Š‡‡–ƒ –‹˜‹–‹‡•ƒ•ƒ™Š‘Ž‡Ǥ

(45) ‘•–‘ˆ–Š‡ ƒ•‡•Ȃ†—‡–‘‹–• ‘’‡–‹–‹˜‡ Šƒ”ƒ –‡”Ȃϐ‹ƒ ‹ƒŽ‹‘˜ƒ–‹‘ƒ† ‡•’‡ ‹ƒŽŽ›•Šƒ†‘™„ƒ‹‰™‹ŽŽ„‡”ƒ–Š‡”ƒ•—„•–‹–—–‡ˆ‘”–Š‡•‡”˜‹ ‡•‘ˆ ‘‡” ‹ƒŽ „ƒ•ǤŠ‹•‘ˆ ‘—”•‡’‘•‡•ƒ–Š”‡ƒ––‘–Š‡‹”‘™‰‡—‹‡‡š‹•–‡ ‡ǤŽ–Š‘—‰Šˆ”‘ ƒ†›ƒ‹ ’‘‹–‘ˆ˜‹‡™ǡ–Š‹••Š‘—Ž†‘–„‡ƒ‡‰ƒ–‹˜‡†‡˜‡Ž‘’‡–Ǥ•Ž‘‰ƒ•–Š‡ ‡™ ϐ‹ƒ ‹ƒŽ ‘”‰ƒ‹œƒ–‹‘•Ȁ‹•–‹–—–‹‘• –Šƒ– ‡˜‘Ž˜‡ ƒ”‡ ‘– ƒ –Š”‡ƒ– –‘ ϐ‹ƒ ‹ƒŽ •–ƒ„‹Ž‹–›ƒ†–Š‡”‡ˆ‘”‡ˆ‘”–Š‡ˆ— –‹‘–‘ϐ‹ƒ ‡‹˜‡•–‡–ƒ† ‘•—’–‹‘‹– ‹•ƒ’‘•‹–‹˜‡’”‘ ‡••‘ˆ‹•–‹–—–‹‘ƒŽ‡˜‘Ž—–‹‘Ǥ‘”‡ Š‘‹ ‡Ȃ‘”‡‹•–”—‡–•ˆ‘” ‹˜‡•–‡–ƒ†Ž‡†‹‰Ȃ‹•’”‘˜‹†‡†–‘‹˜‡•–‘”•ƒ† ‘•—‡”•Ǥˆ ‘—”•‡ǡ–Š‹• ƒŽ•‘ ƒŽŽ•ˆ‘”‡™’”ƒ –‹ ‡•–‘‘‹–‘”ƒ†”‡‰—Žƒ–‡–Š‡•‡ƒ –‹˜‹–‹‡•„›–Š‡‘‡–ƒ”›Ȁ ͹. ‡‡‡Ǥ‰Ǥ‡—–• Š‡—†‡•„ƒȋʹͲͳͶȌˆ‘”ƒ‘˜‡”˜‹‡™Ǥ. ͸͵.

(46) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. ’—„Ž‹ ƒ—–Š‘”‹–‹‡•ǤŠ‹•’”‘ ‡••‘ˆƒ†Œ—•–‹‰–Š‡”‡‰—Žƒ–‹‘‹•ƒŽ”‡ƒ†›‘‰‘‹‰ƒ† ™ƒ••’—””‡†„›–Š‡–”‹‰‰‡”•Ǧƒ†Ǧ‡ˆˆ‡ –•‘ˆ–Š‡•‘Ǧ ƒŽŽ‡† ”‡ƒ– ‹ƒ ‹ƒŽ”‹•‹•ȋ Ȍ ‘ˆʹͲͲ͹ǦͻǤͺ Post Stage-7 – or »What is the role of ϐinance in a modern post-GFC society«Ȃ ƒ ‘”†‹‰–‘‡ ȋʹͲͳͶȌ Š‡ ƒˆ–‡”ƒ–Š ‘ˆ –Š‡  ’”‘˜‘‡† ƒ ’—„Ž‹  †‡„ƒ–‡ ƒ„‘—– –Š‡ ™ƒ› ‘‡” ‹ƒŽ „ƒ‹‰ ‹• „‡Šƒ˜‹‰ ƒ† ™Šƒ– Ȃ ‡•’‡ ‹ƒŽŽ› ”‹•• Ȃ ‹• ƒ••‘ ‹ƒ–‡† ™‹–Š –Š‡ ‘‰‘‹‰ ’”‘ ‡••‘ˆϐ‹ƒ ‹ƒŽ‰Ž‘„ƒŽ‹œƒ–‹‘ǤŠ‘”•–‡‡ ȋʹͲͳͶȌ ‘•‹†‡”‡†–Š‹•†‹• —••‹‘ —†‡”–Š‡Š‡ƒ†Ž‹‡‘”“—‡•–‹‘ƒ„‘—––Š‡ǽ”‘Ž‡‘ˆϐ‹ƒ ‡‹ƒ‘†‡”•‘ ‹‡–›ǼǤŠ‡ ‘–‹‘ –Šƒ– –Š‡ ϐ‹ƒ ‹ƒŽ •‡ –‘” Šƒ• ƒ ‹’‘”–ƒ– ˆ— –‹‘ –‘ ’Žƒ› ‹ ƒ ‰Ž‘„ƒŽ‹œ‡† ™‘”Ž†”‡ƒ‹•ǤŽ–Š‘—‰Š–Š‡”‡Šƒ˜‡ƒŽ•‘„‡‡ ‡”–ƒ‹ǽ‘™†‡˜‡Ž‘’‡–Ǽ‘ˆ–Š‡ ϐ‹ƒ ‹ƒŽ•‡ –‘”–Šƒ–•Š‘™‡†•‹‰•‘ˆƒǽ‡š’ƒ†‹‰Ǧ–‘‘Ǧ— ŠǽȂŽ‡ƒ†‹‰–‘— Š ϐ‹ƒ ‹‰ƒ†ƒ—Š‡ƒŽ–Š›‘”—’”‘†— –‹˜‡•™ƒŽŽ‘™‹‰—’‘ˆ”‡•‘—” ‡•Ȃƒ‡Ž› Š—ƒ ƒ’‹–ƒŽ Ȃ –‘ ǽ”—Ǽ ‹–Ǥ ƒ•–Ǧ„—–Ǧ‘– Ž‡ƒ•– –Š‡ ‡š’‡ –‡† Ž‡ƒ˜‡ ‘ˆ –Š‡ ‹–‡† ‹‰†‘ ‘ˆ –Š‡ —”‘’‡ƒ ‹‘ Ȃ –Š‡ ǽ”‡š‹–Ǽ Ȃ ”‡˜‡ƒŽ‡† –Š‡ ‹’‘”–ƒ ‡ ‘ˆ –Š‡ ϐ‹ƒ ‹ƒŽ •‡ –‘” ˆ‘” •‘‡ ‡”–ƒ‹ Ž‘ ƒŽ‹–‹‡• ‹ –Š‡ ™‘”Ž† Ȃ Š‡”‡ –Š‡ ‘†‘ ‹–›Ǥ Š‹• ƒ’‹–ƒŽ”‡‰‹‘„‡ ƒ‡‘‡‘ˆ–Š‡‘•–‹’‘”–ƒ–ϐ‹ƒ ‹ƒŽ ‡–‡”•™‘”Ž†™‹†‡ ƒˆ–‡” –Š‡ •‘Ǧ ƒŽŽ‡† ǽ‹‰ „ƒ‰Ǽ †‡”‡‰—Žƒ–‹‘ ‹ ͳͻͺ͸ Ȃ „‡‹‰ ‘‡ ‘ˆ –Š‡ ƒ›‘” •–‡’• ‘ˆ ϐ‹ƒ ‹ƒŽ Ž‹„‡”ƒŽ‹œƒ–‹‘ ‘ˆ –Š‡ Šƒ– Š‡” ‰‘˜‡”‡–Ǥ —‡ –‘ –Š‡ ”‡š‹– ƒ†‹• —••‹‘™ƒ••–ƒ”–‡†–‘‘˜‡‹’‘”–ƒ–ϐ‹ƒ ‹ƒŽ‹•–‹–—–‹‘•ƒ†™‹–Š‹––Š‡ ‡ ‡••ƒ”›’‡”•‘‡Ž–‘–Š‡ ‹–›‘ˆ ”ƒˆ—”–ƒ†‘–Š‡” ƒ’‹–ƒŽ•Ǥ

(47) –‹•‘„˜‹‘—•–Šƒ– •— Š ‘ ‡–”ƒ–‹‘‘ˆ–Š‡ϐ‹ƒ ‹ƒŽ•‡ –‘”Ȃƒ•ƒǽ”‡ƒŽǼ•‡ –‘”Ȃ†‡’Ž‘›‹‰Š—ƒ ”‡•‘—” ‡•ǡ‰‡‡”ƒ–‹‰•‡”˜‹ ‡•ƒ†’ƒ›‹‰’”‘ϐ‹––ƒš‡•ƒŽ•‘Šƒ•‹’Ž‹ ƒ–‹‘•‘–Š‡ „‡Šƒ˜‹‘”‘ˆȋŽ‘ ƒŽȌ’‘Ž‹–‹ •ƒ†‡ ‘‘‹ ’‘Ž‹ ›ƒ•ƒ™Š‘Ž‡ǤŽŽǦ‹ǦƒŽŽ–Š‡ϐ‹ƒ ‹ƒŽ •‡ –‘” •Š‘—Ž† ‘– „‡ ‡š’ƒ†‡† ‹ ƒ ™ƒ› –Šƒ– ǽ—– ŠǦ†‹•‡ƒ•‡ǦŽ‹‡Ǽ †‡’‡†‡ ‹‡• ‘ ‹– †‡˜‡Ž‘’ –‘ –Š‡ †ƒƒ‰‡ ‘ˆ ‘–Š‡” •‡ –‘”• ‘” –Š‡ †‹˜‡”•‹ϐ‹ ƒ–‹‘ ‘ˆ –Š‡ ™Š‘Ž‡ ‡ ‘‘›ǡ”‡•’‡ –‹˜‡Ž›Ǥ ‡›‘† –Š‡ ‡˜‘Ž˜‡‡– ‘ˆ •Šƒ†‘™ „ƒ‹‰ ƒ† ϐ‹ƒ ‹ƒŽ ‹‘˜ƒ–‹‘• –Š‡”‡ ‹• ƒˆ—”–Š‡”Ž‹‡‘ˆ‹‘˜ƒ–‹‘•–Šƒ–ƒ”‡ ‘‡ –‡†–‘–Š‡‹ ”‡ƒ•‹‰†‹‰‹–ƒŽ‹œƒ–‹‘‘ˆ–Š‡ ‡ ‘‘›Ȁ•‘ ‹‡–›ǤŠ‹•ƒŽ•‘’”‘†— ‡•‹‘˜ƒ–‹‘ȋ•–ƒ”–‹‰Ȍƒ––Š‡Ž‡˜‡Ž‘ˆ–Š‡„ƒ•‡Ž‹‡ ‘ˆ –Š‡ ‘‡–ƒ”› •›•–‡ǣ –Š‡ ‹† ‘ˆ ‘‡›Ȁ•’‡ ‹‡ —•‡† –‘ ‘†— – –”ƒ•ƒ –‹‘•Ǥ Š‡”‡ ‹• ƒ ‹ ”‡ƒ•‹‰ ǽ–‘›‹‰Ǧƒ”‘—†Ǽ ™‹–Š •‘Ǧ ƒŽŽ‡† ”›’–‘ —””‡ ‹‡• Ȃ ™‹–Š –Š‡ 

(48) 

(49)  „‡‹‰ –Š‡ ‘•– ’”‘‹‡–Ǥ Š‡‹” —•ƒ‰‡ ‹ ‡”–ƒ‹ ƒ”‡ƒ• •–‹ŽŽ •Š‘™• –Š‡–›’‹ ƒŽ•‹‰•‘ˆƒ— ‘–”‘ŽŽ‡† —””‡ ›‹‹–•‹ˆƒ ›Ǥ—––Š‡”‡ƒ”‡ƒŽ•‘‘”‡ •‡”‹‘—•ƒ––‡’–•–‘ƒ†‘’––Š‹•ǽ–‡ Š‘Ž‘‰›Ǽˆ‘”•–ƒ†ƒ”†–”ƒ•ƒ –‹‘•Ǥ ‘•——’Ȃƒ†ƒŽ•‘„› ‘‹‰„ƒ –‘Š‘”•–‡‡ ǯ•“—‡•–‹‘‘–Š‡ˆ—–—”‡‘ˆ ϐ‹ƒ ‡Ȃ‹–‹•‹–”‹‰—‹‰–Šƒ–ϐ‹ƒ ‹ƒŽ•‡”˜‹ ‡•™‹ŽŽ‰‘‘’Žƒ›‹‰ƒ˜‡”›‹’‘”–ƒ– ”‘Ž‡ˆ‘”–Š‡‡ ‘‘‹ †‡˜‡Ž‘’‡–‘ˆ ‘—–”‹‡•ǡ”‡‰‹‘•ƒ†Ž‘ ƒŽ‹–‹‡•Ǥ ‡”‡„›ǡ‹–‹• ‹’‘”–ƒ––‘ƒ ‘™Ž‡†‰‡–Š‡‹”‘™†›ƒ‹ †‡˜‡Ž‘’‡–’ƒ”–‹ƒŽŽ›„‡‹‰†”‹˜‡ ͺ. Š‡

(50) –‡”ƒ–‹‘ƒŽ‘‡–ƒ”› —†‹•‹–‡•‹˜‡Ž›Ž‘‘‹‰ƒ––Š‹•”‡‰—Žƒ–‘”›ƒ•’‡ –‘ˆϐ‹ƒ ‹ƒŽ‹‘˜ƒǦ –‹‘ƒ†’—„Ž‹•Š‡•ƒŽ‘–‘ˆ‹ˆ‘”ƒ–‹‘ƒ„‘—––Š‹•ˆ‘”’”ƒ –‹–‹‘‡”•‹‹–•Œ‘—”ƒŽ ‹ƒ ‡Ƭ‡˜‡Ž‘’Ǧ ‡–Ǥ. ͸Ͷ.

(51) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. „› –Š‡ •‡ƒ” ŠǦˆ‘”Ǧ’”‘ϐ‹– „—– ƒŽ•‘ „› ‹‘˜ƒ–‹‘• ”‡•—Ž–‹‰ ˆ”‘ ƒ”‡– ‰ƒ’• ƒ† –Š‡ ƒ’’Ž‹ ƒ–‹‘ ‘ˆ ‘†‡” †‹‰‹–ƒŽ –‡ Š‘Ž‘‰‹‡•Ǥ ‹‡ ‡˜‡”› ‹‘˜ƒ–‹‘ –Š‡”‡ ƒ”‡ ‘’’‘”–—‹–‹‡•ƒ†”‹••–Šƒ–‡‡†–‘„‡ƒƒ‰‡†–‘ƒ••—”‡ƒˆ”—‹–ˆ—Ž—•‡Ǥ

(52) –‡”‡•–‹‰Ž› ϐ‹ƒ ‹ƒŽ ‹‘˜ƒ–‹‘• Ȃ ‡š Ž—†‹‰ ȋ„ƒ†Ž› •–”— –—”‡†Ȍ •‡ —”‹–‹œƒ–‹‘ ƒ†ϐ‹ƒ ‹ƒŽ†‡”‹˜ƒ–‹˜‡•ȂŠƒ˜‡ƒ ‘”†‹‰–‘Š‘”•–‡‡ Ȃ‡•’‡ ‹ƒŽŽ›–ƒ‡’Žƒ ‡ ‹†‡˜‡Ž‘’‹‰ ‘—–”‹‡•ƒ† ƒȂ–‘‰‡–Š‡”™‹–Š–Š‡ǽ’‘™‡”Ǽ‘ˆ†‹‰‹–ƒŽ‹œƒ–‹‘ƒ†

(53)  ƒ• –Š‡ ‹ˆ”ƒ•–”— –—”‡ ‘ˆ –Š‡ ‘™Ž‡†‰‡ •‘ ‹‡–› Ȃ Šƒ˜‡ ƒ ‹’‘”–ƒ– ‹’ƒ – ‘ –Š‡‰”‘™–Š’”‘•’‡ –•‘ˆ•‹‰Ž‡Ž‘ ƒŽ‹–‹‡•ǡ”‡‰‹‘•ƒ† ‘—–”‹‡•Ǥ ‡”‡ǡ‡•’‡ ‹ƒŽŽ›–Š‡ ˆ”‹ ƒ ‘–‹‡–‹•‹–Š‡ˆ‘ —•™Š‡”‡‡Ǥ‰Ǥ‡™’ƒ›‡–ƒ†Ž‘ƒ–‡ Š‘Ž‘‰‹‡•™‡”‡ „‘”–‘–ƒ Ž‡–Š‡’”‘„Ž‡‘ˆ‘–‡š‹•–‹‰ǽ–”ƒ†‹–‹‘ƒŽǼ„ƒ‹‰•–”— –—”‡•ƒ†‘ˆ Žƒ ‹‰–‡ Š‹ ƒŽ‹ˆ”ƒ•–”— –—”‡ƒ•ƒ™Š‘Ž‡ǤŠ‹•‹•ƒ–›’‹ ƒŽ Žƒ–‡ ‘‡”ƒ†˜ƒ–ƒ‰‡ –Šƒ– ƒ„‡—•‡†Ǥͻ ‡ˆ‘”‡ ™‡ ƒ’’Ž› ‘—” –Š‡‘”‡–‹ ƒŽ ƒƒŽ›•‹• –‘ –Š‡ —••‹ƒ ‡ ‘‘› ™‡ ”‡‰ƒ”† –Š‡ ‹–‡”’Žƒ› ‘ˆ –Š‡ •–ƒ‰‡• ‘ˆ „ƒ‹‰ –‘ „‡ ”‡ƒ Š‡† ‘” –Šƒ– ƒ „‡ ”‡ƒ Š‡† ƒ† –Š‡ regionalƒ˜ƒ‹Žƒ„‹Ž‹–›‘ˆŽ‘ƒ•ƒ†ϐ‹ƒ ‹ƒŽ•‡”˜‹ ‡•ƒ•ƒ™Š‘Ž‡Ǥ. 3. Analysis of local / sub-systems within the model – the particular role of stakeholder-oriented banks – especially of cooperative banks ƒȌŽƒ•–Ǧ„—–Ǧ‘–ǦŽ‡ƒ•–•–ƒ–‹ ˜‹‡™ ‘ ƒŽ „ƒ‹‰ •–”— –—”‡• ƒ „‡ ‹””‘”‡† ‹ –Š‡ •–ƒ‰‡•Ǧ‘†‡Ž –‘ ƒ••‡•• –Š‡‹” ǽ‹†‹˜‹†—ƒŽǼ ƒ’ƒ„‹Ž‹–› –‘ ϐ‹ƒ ‡ ‘” ’”‡Ǧϐ‹ƒ ‡ Ž‘ ƒŽ ‹˜‡•–‡–• Ȃ ‘” –‘ •’‡ƒ ‘”‡ „”‘ƒ†Ž› Ȃ ‘ˆˆ‡” ƒ†‡“—ƒ–‡ ϐ‹ƒ ‹ƒŽ •‡”˜‹ ‡• –‘ –Š‡‹” Ȃ Ž‘ ƒŽ —•–‘‡”• Ȃ ‹ Ž—†‹‰ ‘•—‡”Ž‘ƒ•ƒ•™‡ŽŽǤ • ™Š‘Ž‡ „ƒ‹‰ •›•–‡• Ž‹„ —’ –Š‡ Žƒ††‡” •‹‰Ž‡ ‘” •—„Ǧ’ƒ”–• Ž‹‡ ƒ• ‡– ‘‘’‡”ƒ–‹˜‡„ƒ‹‰•–”— –—”‡•‹–”ƒ•‹–‹‘ ‘—–”‹‡• ƒ†‘–Š‡•ƒ‡Ǥ ƒ‹‰ ƒ Ž‘‘ ƒ– ‘‘’‡”ƒ–‹˜‡ „ƒ‹‰ •›•–‡• ‘’‡”ƒ–‹‰ ǽ™‘”Ž†™‹†‡Ǽ –Š‡”‡ ‹• ƒ–‡†‡ ›–‘”—‹ƒ ‡”–ƒ‹™ƒ›•‡’ƒ”ƒ–‡‹–‡”ƒŽ•–”— –—”‡•ˆ‘””‡ϐ‹ƒ ‹‰ƒ† ‘‹–‘”‹‰Ǧ•—’‡”˜‹•‹‘ǤŠ‹•Ž‡ƒ†•–‘ƒŠ‹‰Š†‡‰”‡‡‘ˆ‹–‡”ƒŽϐ‹ƒ ‹ƒŽ‹–‡‰”ƒ–‹‘ ƒ† –›’‹ ƒŽŽ› ‡ ‘’ƒ••‡• –Š‡ ‘’‡”ƒ–‹‘ ‘ˆ •‘ ƒŽŽ‡† ƒ’‡š •–”— –—”‡• ’”‘˜‹†‹‰ ǽϐ‹ƒ ‹ƒŽǦ•‡”˜‹ ‡•Ǧˆ‘”Ǧϐ‹ƒ ‹ƒŽǦ‹–‡”‡†‹ƒ”‹‡•Ǽ Ž‹‡ ‡Ǥ‰Ǥ ‹•—”ƒ ‡ ’”‘†— –•ǡ ‹˜‡•–‡–•’”‘†— –•Ǧ˜‡Š‹ Ž‡•ǡŽ‡ƒ•‹‰‡– Ǥ. ͻ. Š‹•„‘†‡•™‡ŽŽ‹ƒ–‹‡™Š‡”‡–Š‡›‘—‰’‘’—Žƒ–‹‘‘–Š‹• ‘–‹‡–‡‡†•— Š‘”‡ǽ’”‘•’‡ –Ǽ –Šƒ‡˜‡”Ȃ•‹ ‡‹”‘‹ ƒŽŽ›†—‡–‘‹ˆ‘”ƒ–‹‘–‡ Š‘Ž‘‰›Ȃƒ†ƒ––Š‡•ƒ‡–‹‡Ȃ–Š‡“—ƒŽ‹–›ƒ† Šƒ ‡•‘ˆŽ‹ˆ‡ǽ‡Ž•‡™Š‡”‡ǼŠƒ˜‡„‡ ‘‡‘”‡˜‹•‹„Ž‡ƒ†–”ƒ•’ƒ”‡–ƒ†ƒ”‡–Š‡”‡„›‹ ”‡ƒ•‹‰–Š‡ –‹‡’”‡ˆ‡”‡ ‡‘”–‘•ƒ›‹‘–Š‡”™‘”†•–Š‡ǽ‹’ƒ–‹‡ ‡Ǽ–‘™ƒ‹––‘‘Ž‘‰ˆ‘”‡ ‘‘‹ †‡˜‡Ž‘’‡– –‘–ƒ‡’Žƒ ‡Ǥ. ͸ͷ.

(54) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. „Ȍ†›ƒ‹ ˜‹‡™ › Ž‘‘‹‰ ƒ– –Š‡ ‡˜‘Ž˜‡‡– ‘ˆ ‘‘’‡”ƒ–‹˜‡ „ƒ‹‰ •–”— –—”‡• ‹ –Š‡ ǽ‡•–Ǽ ƒ† –Š‡‹” •–‹ŽŽ ’ƒ”–‹ƒŽŽ› ‘•‹†‡”ƒ„Ž‡ Š‹‰Š ƒ”‡– •Šƒ”‡• ‹– ‹• ‘„˜‹‘—• –Šƒ– –Š‡› Šƒ˜‡ ƒƒ‰‡† –‘ ƒ†ƒ’– –Š‡‹” •‡”˜‹ ‡Ǧ‘ˆˆ‡”• ƒ ‘”†‹‰ –‘ –Š‡ ‡‡†• ‘ˆ ‡ ‘‘‹‡• ‰”ƒ†—ƒ–‹‰ ˆ”‘ ƒ‰”ƒ”‹ƒ –‘ ‹†—•–”‹ƒŽ ƒ† ˆ—”–Š‡” ‘ –‘ •‡”˜‹ ‡ ‘” ‡˜‡ –‘ ‘™Ž‡†‰‡‡ ‘‘‹‡•Ǥ Š‹••–”— –—”ƒŽ Šƒ‰‡‹• Ž‘•‡Ž›ƒ••‘ ‹ƒ–‡†™‹–Šƒ–‡ Š‘Ž‘‰‹ ƒŽ Šƒ‰‡ǤŠ‡Žƒ––‡” –›’‹ ƒŽŽ›†‡ƒ†•ƒ‘–Š‡”“—ƒŽ‹–›ƒ†“—ƒ–‹–›‘ˆϐ‹ƒ ‹ƒŽ•‡”˜‹ ‡•ǤͳͲ Š—•ǡƒŽ•‘Ž‘ ƒŽ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰•›•–‡••Š‘—Ž†„‡ ‘–‹—‘—•Ž›ƒ†ƒ’–‹‰–Š‡‹” •‡”˜‹ ‡’‘”–ˆ‘Ž‹‘ȋ• ƒŽ‡ƒ†• ‘’‡Ȍ–‘–Š‡ Šƒ‰‹‰‡‡†•‘ˆ–Š‡‹”Ž‘ ƒŽ —•–‘‡”•Ȃ ‘‡” ‹ƒŽ„—–‘ˆ ‘—”•‡ƒŽ•‘’”‹˜ƒ–‡‘‡•ȂŽ‹‡‡Ǥ‰Ǥ ‘•—‡”•Ȃ‘–‘Ž›†‡ƒ†‹‰ ‡™Š‘—•‡Š‘Ž†‡“—‹’‡–„—–ƒŽ•‘Ž‘ƒ•–‘‹˜‡•–‹‡†— ƒ–‹‘–‘‹ ”‡ƒ•‡–Š‡‹” Š—ƒ ƒ’‹–ƒŽǤ Š‡ †‘ •‘ –Š‡› ‘–”‹„—–‡ –‘ Ž‘ ƒŽ ‡ ‘‘‹  †‡˜‡Ž‘’‡– ƒ† ™‡Žˆƒ”‡ǤŽ–Š‘—‰Šǡ‡•’‡ ‹ƒŽŽ›‹–”ƒ•‹–‹‘‡ ‘‘‹‡•ǡ–Š‡•–”— –—”ƒŽ„”‡ƒ ƒ—•‡† „› –Š‡ –‹‡ ‘ˆ ‘—‹• ƒ† –Š‡ ƒ••‘ ‹ƒ–‡† ‡–”ƒŽ ’Žƒ‹‰ Ȃ ’ƒ”–‹ƒŽŽ› ‘ˆ —’ –‘͹Ͳ›‡ƒ”•Ȃ†‹‹‹•Š‡•–Š‡ƒ”‡–•Šƒ”‡–Šƒ– ƒ„‡”‡ƒ Š‡††—”‹‰–Š‡–‹‡‘ˆ ‡ ‘‘‹ –”ƒ•‹–‹‘–‘ˆ—ŽŽǦϐŽ‡†‰‡†ƒ”‡–‡ ‘‘‹‡•Ǥ ”‘–Š‡‘—–Ž‹‡†’‡”•’‡ –‹˜‡–Š‡ˆ‘ŽŽ‘™‹‰Š›’‘–Š‡•‡••ŠƒŽŽ„‡‡šƒ‹‡†ǣ ȋͳȌ Š‡’‘™‡”Ȁ ƒ’ƒ„‹Ž‹–›–‘’”‡Ǧϐ‹ƒ ‡‹˜‡•–‡–‹ ”‡ƒ•‡•‹–Š‡ ‘—”•‡‘ˆϐ‹Ǧ ƒ ‹ƒŽ†‡˜‡Ž‘’‡–Ȃ‰‘‹‰ƒŽ‘‰™‹–Šƒ‹ ”‡ƒ•‡†—•‡‘ˆ„ƒ‹‰ƒ ‘—–•Ǥ ȋʹȌ —‡–‘Ž‹“—‹†‹–›’”‡ˆ‡”‡ ‡ǡˆ—†•–‡†–‘ϐŽ‘™–‘Š‹‰ŠŽ›Ž‹“—‹†ϐ‹ƒ ‹ƒŽ ‡–‡”•Ǥ ȋ͵Ȍ —‡–‘‹ˆ‘”ƒ–‹‘ƒ•›‡–”‹‡•ǡŽ‘ ƒŽ„ƒ•”‡ƒ‹‹’‘”–ƒ––‘ϐ‹ƒ ‡Ž‘ ƒŽ ‹˜‡•–‡–’”‘Œ‡ –•Ǥ ȋͶȌ ‹–‡” ‘‡ –‡†Ž‘ ƒŽ„ƒ‹‰•›•–‡‹•‘’–‹ƒŽǤ‘‘’‡”ƒ–‹˜‡„ƒ•‘’‡”ƒǦ –‹‰™‹–Šƒ•‘’Š‹•–‹ ƒ–‡†ƒ’‡š•›•–‡ƒ”‡ƒ‡šƒ’Ž‡ˆ‘”–Š‹•Ǥ ȋͷȌ ‡‰‹‘ƒŽ ”‡†‹–ƒ˜ƒ‹Žƒ„‹Ž‹–›‹•ƒˆˆ‡ –‡†‹–Š‡ ‘—”•‡‘ˆǽ•–‡’’‹‰—’Ǽ–Š‡•–ƒ‰‡• ‘ˆ„ƒ‹‰†‡˜‡Ž‘’‡–Ǥ ȋ͸Ȍ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•Šƒ˜‡–‘ƒŽ‹‰’‡”ƒ‡–Ž›–Š‡‹”•‡”˜‹ ‡’‘”–ˆ‘Ž‹‘–‘‡‡– –Š‡ Šƒ‰‹‰‡‡†•‘ˆ–Š‡‹”Ž‘ ƒŽ —•–‘‡”•‹–Š‡ ‘—”•‡‘ˆ‡ ‘‘‹ –”ƒ•‹–‹‘Ǥ ˆ–‡”Šƒ˜‹‰‘—–Ž‹‡†–Š‹•ƒƒŽ›–‹ ƒŽˆ”ƒ‡™‘”™‡ƒ”‡‘™ƒ••‡••‹‰–Š‡•›•–‡ ‘ˆ”—”ƒŽ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•–Šƒ–™ƒ•”‡Ǧ‡•–ƒ„Ž‹•Š‡†ƒˆ–‡”–Š‡„”‡ƒǦ—’‘ˆ–Š‡‘˜‹‡– ‹‘ƒ†–Š‡ ‡–”ƒŽ ‘ƒ†‡ ‘‘›‹—••‹ƒ‹–Š‡ͳͻͻͲ•Ǥ. 4. The system of rural credit cooperatives in Russia Ž–Š‘—‰Š–Š‡•›•–‡‘ˆ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•‹—••‹ƒ™ƒ•‘‡‘ˆ–Š‡‘•–•‘’Š‹•–‹ ƒ–‡† ƒ– –Š‡ „‡‰‹‹‰ ‘ˆ –Š‡ ʹͲ–Š ‡–—”› ƒ ‘’Ž‡–‡Ž› ‡™ ‘˜‡‡– ‡‡”‰‡† ƒˆ–‡” ͳͻͻͲǤ Š‡ ‘”‡ –Šƒ ͹Ͳ ›‡ƒ”• ‘ˆ ‘—‹• Ž‡† –‘ ƒ Ž‘•• ‘ˆ ‘ŽŽ‡ –‹˜‡ ‡‘”› ‹”‡‰ƒ”†–‘–Š‡ˆ— –‹‘‘ˆ ‘‘’‡”ƒ–‹˜‡•™‹–Š‹ƒƒ”‡–‡ ‘‘›ǤŠ‡‘˜‡„‡” ͳͲ. ‡‡‹ȋʹͲͳʹȌǡ’Ǥ͵͵Ǥ. ͸͸.

(55) ”‘„Ž‡•ƒ†’‹‹‘•. ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‡˜‘Ž—–‹‘ƒ†–Š‡•—„•‡“—‡– ‘ŽŽ‡ –‹˜‹œƒ–‹‘†‹†‘–Ž‡ƒ˜‡”‘‘ˆ‘”™‡•–‡”Ǧ•–›Ž‡ ‘‘’‡”ƒ–‹˜‡•„ƒ•‡†‘–Š‡‹†‡ƒ‘ˆ‡ ‘‘‹ ˆ”‡‡†‘ƒ††‡‘ ”ƒ–‹ ‘”‰ƒ‹œƒ–‹‘Ǥ Š‡‡™‘˜‡‡–ƒ”‹•‹‰ˆ”‘–Š‡•’‹”‹–‘ˆ’‡”‡•–”‘‹ƒƒ†–Š‡‡ ‡••‹–›–‘ϐ‹ŽŽ ‰ƒ’•‹”—”ƒŽƒ”‡ƒ•™ƒ•’—•Š‡†ˆ‘”™ƒ”†„›ƒ ‘—’Ž‡‘ˆ Šƒ”‹•ƒ–‹ ’‡”•‘•ǤŠ‡› Šƒ† Ž‘•‡–‹‡•–‘–Š‡‹†‡ƒ‘ˆƒ”‡‰‹‘ƒŽ†‡˜‡Ž‘’‡–•—’’‘”–‡†ƒ†•–‹—Žƒ–‡†„› ”—”ƒŽ ”‡†‹– ‘‘’‡”ƒ–‹˜‡• ƒ’ƒ„Ž‡‘ˆ’”‘˜‹†‹‰Ž‘ƒ•ƒ†•‡”˜‹ ‡•‡‡†‡†„›ˆƒ”‡”• ƒ†”—”ƒŽ‡–”‡’”‡‡—”•Ǥˆ–‡”‘”‡–ŠƒʹͲ›‡ƒ”•ƒˆ–‡”–Š‡‹””‡˜‹˜ƒŽ‹–‹•’‘••‹„Ž‡–‘ ‡˜ƒŽ—ƒ–‡–Š‡‡˜‘Ž—–‹‘‘ˆ–Š‹••’‡ ‹ϐ‹ •›•–‡ƒ†–‘†”ƒ™Ž‡••‘•ˆ”‘‹–Ǥ

(56)  ‹‰—”‡ ͵ –Š‡ †‡˜‡Ž‘’‡– ‘ˆ –Š‡ —„‡” ‘ˆ ͳ•– –‹‡” ƒ‰”‹ —Ž–—”ƒŽ ”—”ƒŽ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•‹•‘—–Ž‹‡†„‡–™‡‡–Š‡›‡ƒ”•‘ˆͳͻͻ͸ƒ†ʹͲͳͺǤˆ–‡”ƒ•–”‘‰‰”‘™–Š ‘ˆ–Š‡‹”—„‡”‹–Š‡ϐ‹”•–ŠƒŽˆ‘ˆ–Š‡›‡ƒ”•ʹͲͲͲ–Š‡—„‡”’‡ƒ‡†‹ʹͲͲͻǤƒ‹ †”‹˜‡”‘ˆ–Š‡’‡ƒ‹‰™ƒ•ƒ•’‡ ‹ϐ‹ ˆ‡†‡”ƒŽ’”‡•‹†‡–‹ƒŽ’”‘‰”ƒˆ‘”–Š‡†‡˜‡Ž‘’‡– ‘ˆƒ‰”‹ —Ž–—”ƒŽ„—•‹‡••ȋŽƒ•–‹‰ˆ”‘ʹͲͲ͸ȂʹͲͲ͹Ȍ–Šƒ–†‡Ž‹˜‡”‡†•–”‘‰‹ ‡–‹˜‡• –‘ˆ‘—† ”‡†‹– ‘‘’‡”ƒ–‹˜‡•–‘™‘”ƒ• Šƒ‡Ž•ˆ‘”Ž‘™Ǧ‹–‡”‡•–ˆ‡†‡”ƒŽˆ—†•Ǥ

(57)  –Š‡ ‘—”•‡‘ˆ–Š‡ –Š‡•ƒŽŽ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•ƒ†‡•’‡ ‹ƒŽŽ›–Š‘•‡ˆ‘—†‡† ‘–Š‡„ƒ•‹•‘ˆ–Š‡•‡‰‘˜‡”‡–‹ ‡–‹˜‡•™‡”‡ƒˆˆ‡ –‡†•‹‰‹ϐ‹ ƒ–Ž›Ǥ‹ ‡–Š‡ –Š‡‹” —„‡” •Š”ƒ „› ”‘—‰ŠŽ› ͳǤͲͲͲ –‘ ƒ„‘—– ͻͲͲ Ž‡ˆ– ‘˜‡” „‡‹‰ ”‡‰‹•–‡”‡† ‹ ʹͲͳͺǤ Š‡ ”‡ƒ•‘• ˆ‘” –Š‹• ƒ”‡ ƒ‹ˆ‘Ž† ƒ† ƒ „‡ ˆ‘—† ‹ –Š‡ ’”‡ƒ–—”‹–› ‘ˆ –Š‡ •›•–‡ ‘– Šƒ˜‹‰ ‡•–ƒ„Ž‹•Š‡† ƒ —•Š‹‘ ƒ‰ƒ‹•– ƒ ”‹•‹• •‹–—ƒ–‹‘ ƒ• •— Š ‹ ʹͲͲͻȂʹͲͳͲǤ Ž–Š‘—‰Šǡ ‡•’‡ ‹ƒŽŽ› –Š‡ •–‹ŽŽ Ž‘™ ’”‘ˆ‡••‹‘ƒŽ Ž‡˜‡Ž ”‡ƒ Š‡† ƒ– –Š‹• –‹‡‹•–Š‡‘•–‹’‘”–ƒ–”‡ƒ•‘Ǥ

(58) ƒ††‹–‹‘ǡƒ›‘ˆ–Š‡‹•–‹–—–‹‘•™‡”‡‘– ”‡ƒŽŽ›‘’‡”ƒ–‹‰Ǥ—”‹‰–Š‹•’‡”‹‘†‘Ž›ƒ„‘—–ͷͲͲ™‡”‡ ‘•‹†‡”‡†–‘„‡™‘”‹‰ •‡”‹‘—•Ž›ƒ•’”‘˜‹†‡”•‘ˆŽ‘ƒ•Ȃ‘–’”‹ƒ”‹Ž›„‡ ƒ—•‡‘ˆ‰‘˜‡”‡–‹ ‡–‹˜‡•‹ ‘‡ –‹‘–‘–Š‡‡–‹‘‡†ˆ‡†‡”ƒŽ’”‡•‹†‡–‹ƒŽ’”‘‰”ƒǤ Figure 3. Development of the number of rural credit cooperatives in Russia from 1996 to 2018 1000 800 2000 Number of ACCCs. 600 1500. 400 200. 1000. 0 500. Number of ACCCs. 2018. 2017. 2016. 2015. 2014. 2013. 2012. 2011. 2010. 2009. 2007. 20088. 2006. 2005. 2001. 0. 1996. –200. Increase (decrease) of the number vis-a-vis the previous year. 2500. –400. Increase (decrease) of the number vis-a-vis the previous year. ‘—” ‡ǣ‡‰‹•–‡”‘ˆ–Š‡ƒ‘ˆ—••‹ƒˆ”‘–Š‡ͳ͸–Š‘ˆƒ” ŠʹͲͳͺǤ. ͸͹.

(59) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. •’‡ ‹ϐ‹ ”‡†— –‹‘–‘‘’Žƒ ‡™‹–Š”‡‰ƒ”†–‘–Š‡—„‡”‘ˆʹ†–‹‡”Ȃ”‡‰‹‘ƒŽȂ ”—”ƒŽ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•ǤŠ‡—„‡”†‡ ”‡ƒ•‡†ˆ”‘͵͵–‘͸‘˜‡”–Š‡ ‘—”•‡‘ˆ–Š‡ Žƒ•–›‡ƒ”••‹ ‡ʹͲͲͻǤŠ‹•‹•ƒ’ƒ”–‹ —Žƒ”’”‘„Ž‡„‡ ƒ—•‡–Š‡›ˆ—Žϐ‹ŽŽƒˆ— –‹‘‘ˆ ”‡‰‹‘ƒŽ ‘’‡–‡ ‡ ‡–‡”•ˆ‘”–Š‡ͳ•––‹‡” ‘‘’‡”ƒ–‹˜‡•‘’‡”ƒ–‹‰†‹”‡ –Ž›‘–Š‡ ˜‹ŽŽƒ‰‡Ž‡˜‡ŽǤŠ‹•‹•ƒ Ž‡ƒ”•‹‰‘ˆƒ™‘”•‡‹‰‘ˆ–Š‡‹•–‹–—–‹‘ƒŽ ‘’‘•‹–‹‘‘ˆ –Š‡™Š‘Ž‡•›•–‡‘ˆ”—”ƒŽ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•‹—••‹ƒǤŠ‹•‹••—‡™‹ŽŽ„‡ƒ††”‡••‡† ƒ––Š‡‡†‘ˆ–Š‹•ƒ”–‹ Ž‡™‹–Š”‡‰ƒ”†–‘ƒ‘†‹ϐ‹‡†ƒ†–ƒ”‰‡–‡†•–”ƒ–‡‰›–‘’—„Ž‹ Ž› •—’’‘”––Š‡•›•–‡Ǥ. ͶǤͳǤ’‡ ‹ϐ‹ —••‹ƒ Šƒ”ƒ –‡”‹•–‹ • Š‡„ƒ•‹ ‘–‹˜ƒ–‹‘–‘†‡ƒŽ™‹–ŠŽ‘ ƒŽ†‡˜‡Ž‘’‡–‹–Š‡—••‹ƒ ‡†‡”ƒ–‹‘ƒ”‡ ‹–• ƒ–—”ƒŽǦ ƒ† –”ƒ•‹–‹‘Ǧ”‡Žƒ–‡† †‹ˆˆ‡”‡ ‡• „‡–™‡‡ —”„ƒ ‡–‡”• ƒ† ”—”ƒŽ ’‡”‹’Š‡”‹‡•ǤŠ‡ ‘—–”›‘’‡”ƒ–‡•—†‡”ƒ’ƒ”–‹ƒŽŽ› ‘’Ž‡–‡Ž›†‹ˆˆ‡”‡–ˆ”ƒ‡™‘” ˆ‘”‹–•‰”‘™–Š’”‘ ‡••‹ ‘’ƒ”‹•‘–‘‘–Š‡”•ƒŽŽ‡”‡–”ƒŽ—”‘’‡ƒ–”ƒ•‹–‹‘ ‘—–”‹‡• –Šƒ– ”‡ ‡‹˜‡† ƒ Ž‘– ‘ˆ ‰—‹†ƒ ‡ †—‡ –‘ –Š‡‹” ’‡”•’‡ –‹˜‡ ‘ˆ „‡ ‘‹‰ ‡„‡”• ‘ˆ –Š‡ —”‘’‡ƒ ‹‘Ǥ  „ƒŽƒ ‡† †‡˜‡Ž‘’‡– ‘ˆ —”„ƒ ƒ† ”—”ƒŽ ”‡‰‹‘• ‹• ‡•’‡ ‹ƒŽŽ› ŠƒŽŽ‡‰‹‰ ‹ ƒ ‘—–”› Ž‹‡ —••‹ƒ ‡†‘™‡† ™‹–Š ƒ —‹“—‡ ‰‡‘‰”ƒ’Š›Ǥ— ‡••ˆ—Ž†‡˜‡Ž‘’‡–ƒ’’”‘ƒ Š‡•‡‡†–‘”‡ˆ‡”–‘‡š‹•–‹‰‡ ‘‘‹  •–”— –—”‡• ƒ† ‡†‘™‡–•Ǥ

(60)  –Š‹• ”‡‰ƒ”† ϐ‹ƒ ‹ƒŽ ‹–‡”‡†‹ƒ”‹‡• ƒ ‘„‹Ž‹œ‡ ”‡•‘—” ‡•ˆ‘”–Š‡Ž‘ ƒŽ†‡˜‡Ž‘’‡–ǤŠ‡”‡ˆ‘”‡ǡ–Š‡„—‹Ž†‹‰—’‘ˆŽ‘ ƒŽŽ›‘’‡”ƒ–‹‰ ϐ‹ƒ ‹ƒŽ‹•–‹–—–‹‘•‹•Ȃ‘™ƒ†ƒ›•Ȃƒ ‘”‡‹•–”—‡–‘ˆƒŠ‘Ž‹•–‹ †‡˜‡Ž‘’‡– ’‘Ž‹ ›Ǥ

(61)  –Š‹• ”‡‰ƒ”† Ȃ Š‘™‡˜‡” Ȃ ƒ• •–ƒ–‡† „› —‡˜ƒ• ƒ† ‹• Š‡” ȋʹͲͲ͸Ȍ Ȃ “Cooperative ϔinancial institutions (CFIs) are among the poorly understood entities in ϔinancial markets.”Ž–Š‘—‰Šǡ–Š‡‘„•‡”˜ƒ„Ž‡•— ‡••‘ˆƒ›•›•–‡•‘ˆ ‘‘’‡”ƒ–‹˜‡• ™‘”Ž†™‹†‡Ž‡†–‘ƒ‡™‹–‡”‡•–‹ ‘‘’‡”ƒ–‹˜‡•–”— –—”‡•ƒ†–Š‡”‡ ‘‰‹–‹‘–Šƒ–Ȃ ‹–Š‡Ž‹‰Š–‘ˆ–Š‡ˆƒ‹Ž‡†Žƒ‹••‡œǦˆƒ‹”‡‡‘Ž‹„‡”ƒŽ‹•–Šƒ–†‘‹ƒ–‡†–Š‡†‡˜‡Ž‘’‡– • ‡‡”› •‹ ‡ –Š‡ ‡ƒ”Ž› ͳͻͺͲ• Ȃ –Š‡”‡ —•– „‡ ‘–Š‡” ™ƒ›• ƒ† ˆ”ƒ‡™‘”• –‘ ǽ‘”‰ƒ‹œ‡Ǽ•—•–ƒ‹ƒ„Ž‡†‡˜‡Ž‘’‡–Ǥ˜‡–Š‡‘”Ž†ƒȂŠ‹•–‘”‹ ƒŽŽ›ƒ–›’‹ ƒŽ ƒ†˜‘ ƒ–‡‘ˆƒ”‡–Ž‹„‡”ƒŽ‹•ȂŠƒ•‘†‹ϐ‹‡†‹–•†‡˜‡Ž‘’‡–•–”ƒ–‡‰›„›ƒ”‰—‹‰ ˆ‘” ƒ •‘Ǧ ƒŽŽ‡† ‡™ –”— –—”ƒŽ  ‘‘‹ •Ǧƒ’’”‘ƒ Š Ȃ ƒ –‡” ‹–”‘†— ‡† „› ‹–• ˆ‘”‡” Š‹‡ˆ ‡ ‘‘‹•– —•–‹ ‹ˆ— ‹ ȋʹͲͲͺȂʹͲͳʹȌǤ Š‹• ƒ’’”‘ƒ Š ƒŽŽ• ˆ‘” ƒ ‘„‹ƒ–‹‘ ‘ˆ ƒ”‡– ‹ ‡–‹˜‡•ǡ ƒ •—„•–ƒ–‹ƒŽ ’”‘˜‹•‹‘ ‘ˆ ’—„Ž‹  ‰‘‘†• ƒ† ƒ’”‘Ǧƒ –‹˜‡‰‘˜‡”‡–‹–Š‡ ‘—”•‡‘ˆ†‡˜‡Ž‘’‡–ǤŠ‡ƒ’’”‘ƒ ŠƒŽ•‘ƒ••‡”–• –Šƒ–“For low-income countries, small, local ϔinancial institutions should be the core of ϔinancial structure as the industrial structure is dominated by small ϔirms/operators in agriculture, manufacturing and services.”ͳͳ Š‹• ‹• Ȃ ƒŽ„‡‹– Žƒ–‡ Ȃ ƒ ˆ—”–Š‡” ƒ† ‰‡‡”ƒŽƒ”‰—‡––‘ ‘•‹†‡”–Š‡”‘Ž‡•ƒŽŽŽ‘ ƒŽŽ›‘’‡”ƒ–‹‰ ”‡†‹– ‘‘’‡”ƒ–‹˜‡• ƒ’Žƒ›–‘ ‘–”‹„—–‡–‘•—•–ƒ‹ƒ„Ž‡†‡˜‡Ž‘’‡–‹—••‹ƒǤ. ͳͳ. ‡‡‹ȋʹͲͳʹȌǡ’Ǥ͵͵Ǥ. ͸ͺ.

(62) ”‘„Ž‡•ƒ†’‹‹‘•. ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ͶǤʹǤƒ–ƒ„ƒ•‡ƒ†ƒƒŽ›•‹• ‘‰ƒ–Š‡”–Š‡†ƒ–ƒ‡ ‡••ƒ”›–‘„ƒ –Š‡ƒƒŽ›•‹•ƒŽ‘–‘ˆϐ‹‡Ž†™‘”™ƒ•†‘‡„› –Š‡ƒ—–Š‘”•—•‹‰”‡•—Ž–•‘ˆ–Š”‡‡•—”˜‡›•ƒ‘‰”‘—‰ŠŽ›͵ͲͲ‡„‡”Ǧ Ž‹‡–•‘ˆ ƒ‰”‹ —Ž–—”ƒŽ”—”ƒŽ ”‡†‹– ‘‘’‡”ƒ–‹˜‡•ȋȌ‹ͳͷ†‹ˆˆ‡”‡–”‡‰‹‘•‘ˆ–Š‡ ‘—–”›Ǥ Š‡› ™‡”‡ ‘†— –‡† ‹ ʹͲͲͶǡ ʹͲͲͷ ƒ† ʹͲͳͲ ȋ•‡‡ ƒ„Ž‡ ͳȌǤ Š‡ ƒ••‡••‡– ‘ˆ –Š‡†ƒ–ƒ™ƒ•„ƒ ‡†—’„›•‡˜‡”ƒŽ‹–‡”˜‹‡™• ‘†— –‡†™‹–ŠŽ‘ ƒŽŽ‡ƒ†‡”•‘ˆ–Š‡ •›•–‡ƒ†‹–‡”ƒ–‹‘ƒŽ‡š’‡”–•Ǥ Table 1. Overview on the studies conducted by ACDI/VOCA on the operation and impact of agricultural rural credit cooperatives. Region. ͳ. ʹ. ͵. Ͷ. ͷ. ͸. ͹. ͺ. ͻ. ‘Ž‰‘‰”ƒ†. ”‡„—”‰. ‡”. ‘•–‘™. ƒ”ƒ–‘™. †—”–‹ƒ. Š—˜ƒ•Š‹ƒ. ƒ”‘•Žƒ™Ž. ƒ”‹ǦŽ. Year 2004. 2005. 2010. š ‘†‡”•Šƒǣ Ͷͷ”‡•’‘†‡–• š ‰”‘•‘Œ—•ǣ ͳͶ”‡•’‘†‡–•. š Ͷͺ”‡•’‘†‡–•. š ‘˜‡”‹‡ǣͶ͵”‡•’‘†‡–•. š ͷͷ”‡•’‘†‡–•. š ‘˜‡”‹‡ǣͶͲ”‡•’‘†‡–•ǡ ”Ž‘˜•›ǣ ͶͲ”‡•’‘†‡–• š ”‡•–Œƒ‹ǣ Ͷ͵”‡•’‘†‡–•ǡ ƒ†‡œŠ†ƒǣ Ͷ͸”‡•’‘†‡–•. š ȋͳ͸ǡ ͶͲ”‡•’‘†‡–•Ȍ. š ƒ”†‘ǣͶͲ”‡•’‘†‡–• š ‘‰Žƒ•‹›ƒǣ ͵͹”‡•’‘†‡–• š ‘†”—œŠ‡•–˜‘ǣ Ͷ͸”‡•’‘†‡–•. š ȋ͵ǡ ͷ͸”‡•’‘†‡–•Ȍ š ͷͳ”‡•’‘†‡–•. š ȋ͵ǡ ͶͲ”‡•’‘†‡–•Ȍ. ͸ͻ.

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