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6956*(5561 5( 763-/569:0.
9=6,F 0/ «956*5B= 5(78(*3-501 -,0561 +69;,(89:*-5561
,-5-.56-28-,0:561 7630:020 5( 2008 +6,» <;52>0E 93-,;-: ,676350:C
2*(,8(:64 6:2365-50F 0/4-5-50F 8-(3C56+6 D<<-2:0*56+6 6)4-556+6 2;89(
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. *+7B 6&-6A( 6+&1B34)4 4'2+334)4
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(3)
&,*4+ 71&)&+24+ ( 5419=+3342 (A6&,+3.. 9234,+34 3& (+7,
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.
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4.2. !1+*9E (A(4*&2 &1. . 43&=+11. (Gali and Monacelli, 2005),
56+*5414,.2, =84 564.-(4*.8+1. 978&3&(1.(&D8 <+3A 7895+3=&84, 8&0, 0&0
45.7&1 &1B(4 (Calvo, 1983). 0&,*42 5+6.4*+ :.62& -&*&F8 34(9D <+39 7
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(+64E83478BD
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<+3A, & 478&(>.+7E
*+6,&8 .; 3& 56+,3+2 964(3+. !1+*9+8 482+8.8B, =84
:.62A, (A'.6&D?.+ 34(A+ <+3A, 978&34(E8 .; 4*.3&04(A2.. '4-3&=.2
.-2+3F33A/ 964(+3B <+3 =+6+-
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(4)
7 (+64E83478BD
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2&07.2.-.69+8 4,.*&+2A/ 964(+3B 54840& *.(.*+3*4(:
(5)
56. 9714(.., =84 <+3& C::+08.(3&:
(6)
6. C842 342.3&1B3A+ 56+*+1B3A+ .-*+6,0. 6&(3A
(7)
72
E'=+304 .. " %!$ " )*+
– 342.3&1B3&E -&6&'483&E 51&8&,
– 8+;3414).E.
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.3:1E<.E 3& 6A30&; 2+783A; 84(&64( 6&(3&
(8)
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2+783A+ 84(&6A.
(10)
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(11)
=84 54*78&34(04/ ( .3:1E<.D 3& 2+783A+ 84(&6A 56.(4*.8 0
(12)
(13)
)*+
– 79'@+08.(3A/ :&0846 *.70438.64(&3.E. *+7B 8&0,+ 'A14
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7(E-&(>++ +78+78(+33A/ 964(+3B (3986+33+)4 (A5970&
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(14)
3:1E<.E 3& 2+783A+ 84(&6A 5414,.8+1B34 -&(.7.8 48 8+09?+)4
6&-6A(& . 48 4,.*&+24)4 6478& 2+783A; <+3 ( 71+*9D?+2 5+6.4*+,
56. C842 2 3+ 56+(A>&+8 +*.3.<A.
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548404(4)4 54*;4*& 0 456+*+1+3.D 4'2+334)4 0967&. +72486E 3& 84, =84 (
74(6+2+33A; 24*+1E; =&?+ (7+)4 .7541B-9+87E 3+5406A8A/ 564<+383A/
5&6.8+8, ( 477.. (&1D83A/ 0967 456+*+1E+87E 7046++ 84(&644'464842
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.- 6.7.3, 4'@F2 6A30& .34786&334/ (&1D8A 78&1 56+(A>&8B 79229 C075468&
. .25468& 84(&64( . 9719) 74(7+2 3+*&(34, ( 84 (6+2E 0&0 ( # 43
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73
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033**, 2003-2007 %%.
2'&10-"%"? $3-'& )" $"/0$0+ (2007), 940 12'&-0('/*' =,31024"
)"$*3*4 04 2'"-</0%0 0#.'//0%0 ,523" * &070&", " 31203 /" 2033*+3,*+
=,31024 "#30->4/0 =-"34*9'/, 12*40, &'/'% 04 120&"(* .'34/;7 40$"20$ )"
25#'( 2"$'/
Export revenues =
(15)
40 (' $2'.? 31203 /" $"->45, 012'&'-?'.;+ *.10240.,
3004$'434$5'4
Import expenditure =
*
(16)
– =40 520$/* 1042'#*4'-<3,*7 8'/ (.'34/;+ * )"25#'(/;+,
3004$'434$'//0), "
– /0.*/"-</;+ 0#.'//;+ ,523. 20-0%"2*6.*20$"$
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0,1,0,+,47@6 326)4,
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(26)
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e.a., 1999):
(36)
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+,4,-45-17,+/9450
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(http://www.cbr.ru/today/publications_reports/).
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652/9/1/ '41' 588// 54857</:3 @15453/=,81/; /882,+5)'4/0 /
5(7'.5)'4/A”. ':=4>0 +512'+ D 04/09.
28. 22'7/545) . (2001) “%15453/=,81'A 652/9/1' ) :825)/A; 5917>950
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