{"id":11281,"date":"2016-11-24T11:16:53","date_gmt":"2016-11-24T11:16:53","guid":{"rendered":"http:\/\/geoeconomics.ge\/?p=11281"},"modified":"2017-01-20T09:18:03","modified_gmt":"2017-01-20T09:18:03","slug":"%e1%83%99%e1%83%90%e1%83%9e%e1%83%98%e1%83%a2%e1%83%90%e1%83%9a%e1%83%98%e1%83%a1-%e1%83%91%e1%83%90%e1%83%96%e1%83%90%e1%83%a0%e1%83%98-%e1%83%93%e1%83%90-%e1%83%9b%e1%83%9d%e1%83%9c%e1%83%94","status":"publish","type":"post","link":"https:\/\/geoeconomics.ge\/?p=11281","title":{"rendered":"\u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d8 \u10d3\u10d0 \u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da\u10d8 \u10e8\u10dd\u10d9\u10d8\u10e1 \u10d4\u10e4\u10d4\u10e5\u10e2\u10d4\u10d1\u10d8 \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e8\u10d8"},"content":{"rendered":"<p><strong>\u10d8\u10e0\u10d0\u10d9\u10da\u10d8 \u10d3\u10dd\u10e6\u10dd\u10dc\u10d0\u10eb\u10d4<br \/>\n\u10d7\u10e1\u10e3-\u10e1 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\u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d4\u10d1\u10d8.<\/p>\n<p>\u10e1\u10e3\u10da 2015 \u10ec\u10da\u10d8\u10e1 \u10d1\u10dd\u10da\u10dd\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10db\u10d8\u10db\u10dd\u10e5\u10ea\u10d4\u10d5\u10d0\u10e8\u10d8 \u10d0\u10e0\u10e1\u10d4\u10d1\u10e3\u10da\u10d8 \u10e1\u10d0\u10ee\u10d0\u10d6\u10d8\u10dc\u10dd \u10e4\u10d0\u10e1\u10d8\u10d0\u10dc\u10d8 \u10e5\u10d0\u10e6\u10d0\u10da\u10d3\u10d4\u10d1\u10d8\u10e1 (\u10e1\u10d0\u10ee\u10d0\u10d6\u10d8\u10dc\u10dd \u10d5\u10d0\u10da\u10d3\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0 \u10e1\u10d0\u10ee\u10d0\u10d6\u10d8\u10dc\u10dd \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1) \u10ef\u10d0\u10db\u10e3\u10e0\u10db\u10d0 \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0\u10db\u10d0 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10db  1 649 \u10db\u10da\u10dc \u10da\u10d0\u10e0\u10d8 (\u10db\u10e8\u10de-\u10e1 5.5%) \u10e8\u10d4\u10d0\u10d3\u10d2\u10d8\u10dc\u10d0.<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/geoeconomics.ge\/wp-content\/uploads\/2016\/06\/2.png\" alt=\"\" \/><\/p>\n<p>\u10d2\u10d0\u10e0\u10d3\u10d0 \u10d0\u10db\u10d8\u10e1\u10d0 \u10d0\u10e6\u10e1\u10d0\u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10d8\u10d0 \u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da\u10d8 \u10d0\u10d2\u10e0\u10d4\u10d2\u10d0\u10e2\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0 \u10e1\u10ee\u10d5\u10d0 \u10e1\u10e2\u10d0\u10e2\u10d8\u10e1\u10e2\u10d8\u10d9\u10e3\u10e0\u10d8 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d8\u10dc\u10d0\u10db\u10d8\u10d9\u10d0\u10ea. 1996-2015 \u10ec\u10da\u10d4\u10d1\u10e8\u10d8 \u10db\u10d8\u10db\u10dd\u10e5\u10ea\u10d4\u10d5\u10d0\u10e8\u10d8 \u10e9\u10d5\u10d4\u10dc\u10d8 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1 \u10d4\u10e0\u10dd\u10d5\u10dc\u10e3\u10da\u10d8 \u10d5\u10d0\u10da\u10e3\u10e2\u10d8\u10e1 \u10db\u10dd\u10ea\u10e3\u10da\u10dd\u10d1\u10d0 \u10d3\u10d0\u10d0\u10ee. 13-\u10ef\u10d4\u10e0 \u10d2\u10d0\u10d8\u10d6\u10d0\u10e0\u10d3\u10d0, \u10ee\u10dd\u10da\u10dd \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10dd \u10ec\u10da\u10d8\u10e3\u10e0\u10db\u10d0 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10e2\u10d4\u10db\u10de\u10db\u10d0 \u10d3\u10d0\u10d0\u10ee. 16% \u10e8\u10d4\u10d0\u10d3\u10d2\u10d8\u10dc\u10d0. \u10e4\u10e3\u10da\u10d8\u10e1 \u10db\u10d8\u10ec\u10dd\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e2\u10d4\u10db\u10de\u10d8 \u10d2\u10d0\u10dc\u10e1\u10d0\u10d9\u10e3\u10d7\u10e0\u10d4\u10d1\u10d8\u10d7 \u10db\u10d0\u10e6\u10d0\u10da\u10d8 \u10d8\u10e7\u10dd 2004- 2007 \u10ec\u10da\u10d4\u10d1\u10e8\u10d8. \u10d0\u10db\u10d8\u10e1 \u10e4\u10dd\u10dc\u10d6\u10d4 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10db\u10e8\u10de 2.7-\u10ef\u10d4\u10e0, \u10dd\u10e4\u10d8\u10ea\u10d8\u10d0\u10da\u10e3\u10e0\u10d8 \u10e1\u10e2\u10d0\u10e2\u10d8\u10e1\u10e2\u10d8\u10d9\u10e3\u10e0\u10d8 \u10db\u10dd\u10dc\u10d0\u10ea\u10d4\u10db\u10d4\u10d1\u10d8\u10d7 \u10e1\u10d0\u10db\u10dd\u10db\u10ee\u10db\u10d0\u10e0\u10d4\u10d1\u10da\u10dd \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8 2.8-\u10ef\u10d4\u10e0 \u10d2\u10d0\u10d8\u10d6\u10d0\u10e0\u10d3\u10d0, \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10dd \u10ec\u10da\u10d8\u10e3\u10e0\u10db\u10d0 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10db\u10e8\u10de-\u10e1 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10e2\u10d4\u10db\u10de\u10db\u10d0 5,8%, \u10ee\u10dd\u10da\u10dd \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10dd \u10ec\u10da\u10d8\u10e3\u10e0\u10db\u10d0 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d0\u10db 6% \u10e8\u10d4\u10d0\u10d3\u10d2\u10d8\u10dc\u10d0. \u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da\u10d8 \u10de\u10dd\u10da\u10d8\u10e2\u10d8\u10d9\u10d8\u10e1 \u10e1\u10d8\u10e0\u10d7\u10e3\u10da\u10d4\u10d4\u10d1\u10d8 \u10d3\u10d0\u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d8\u10e7\u10dd \u10d0\u10d2\u10e0\u10d4\u10d7\u10d5\u10d4 \u10e3\u10ea\u10ee\u10dd\u10e3\u10e0\u10d8 \u10d5\u10d0\u10da\u10e3\u10e2\u10d8\u10e1 \u10d3\u10d8\u10d3\u10d8 \u10e0\u10d0\u10dd\u10d3\u10d4\u10dc\u10dd\u10d1\u10d8\u10d7 \u10e8\u10d4\u10db\u10dd\u10d3\u10d8\u10dc\u10d4\u10d1\u10d0\u10e1\u10d7\u10d0\u10dc, \u10d9\u10d4\u10e0\u10eb\u10dd\u10d3 \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e1 \u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10db\u10ee\u10d3\u10d4\u10da\u10dd \u10d1\u10d0\u10da\u10d0\u10dc\u10e1\u10d8\u10e1 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d0\u10dc\u10d2\u10d0\u10e0\u10d8\u10e8\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 \u10e3\u10ea\u10ee\u10dd\u10e3\u10e0\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10ea\u10e3\u10da\u10dd\u10d1\u10d0\u10db \u10db\u10ee\u10dd\u10da\u10dd\u10d3 2002-2008 \u10ec\u10da\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10dc\u10eb\u10d8\u10da\u10d6\u10d4 8.5 \u10db\u10d8\u10da\u10d8\u10d0\u10e0\u10d3 \u10d0\u10e8\u10e8 \u10d3\u10dd\u10da\u10d0\u10e0\u10e1 \u10db\u10d8\u10d0\u10e6\u10ec\u10d8\u10d0, \u10ee\u10dd\u10da\u10dd \u10d4\u10e0\u10dd\u10d5\u10dc\u10e3\u10da\u10d8 \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 \u10e3\u10ea\u10ee\u10dd\u10e3\u10e0\u10d8 \u10d5\u10d0\u10da\u10e3\u10e2\u10d8\u10e1 \u10e0\u10d4\u10d6\u10d4\u10e0\u10d5\u10d4\u10d1\u10d8 1,372 \u10db\u10da\u10dc \u10d0\u10e8\u10e8 \u10d3\u10dd\u10da\u10d0\u10e0\u10d8\u10d7 \u10d2\u10d0\u10d8\u10d6\u10d0\u10e0\u10d3\u10d0. \u10e3\u10ea\u10ee\u10dd\u10e3\u10e0\u10d8 \u10d5\u10d0\u10da\u10e3\u10e2\u10d8\u10e1 \u10d3\u10d8\u10d3\u10d8 \u10e0\u10d0\u10dd\u10d3\u10d4\u10dc\u10dd\u10d1\u10d8\u10d7 \u10e8\u10d4\u10db\u10dd\u10d3\u10d8\u10dc\u10d4\u10d1\u10d0, \u10d3\u10d0\u10d3\u10d4\u10d1\u10d8\u10d7 \u10e4\u10d0\u10e5\u10e2\u10dd\u10e0\u10d7\u10d0\u10dc \u10d4\u10e0\u10d7\u10d0\u10d3, \u10dd\u10e0\u10d8 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10e3\u10d0\u10e0\u10e7\u10dd\u10e4\u10d8\u10d7\u10d8 \u10e2\u10d4\u10dc\u10d3\u10d4\u10dc\u10ea\u10d8\u10d8\u10d7 \u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d3\u10d4\u10d1\u10d0: \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8, \u10e3\u10ea\u10ee\u10dd\u10e3\u10e0\u10d8 \u10d5\u10d0\u10da\u10e3\u10e2\u10d8\u10e1 \u10e8\u10d4\u10db\u10dd\u10d3\u10d8\u10dc\u10d4\u10d1\u10d8\u10d7 \u10d4\u10e0\u10dd\u10d5\u10dc\u10e3\u10da\u10d8 \u10d5\u10d0\u10da\u10e3\u10e2\u10d8\u10e1 \u10d9\u10e3\u10e0\u10e1\u10d8\u10e1 \u10d2\u10d0\u10db\u10e7\u10d0\u10e0\u10d4\u10d1\u10d0 \u10d0\u10e3\u10d0\u10e0\u10d4\u10e1\u10d4\u10d1\u10e1 \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e1 \u10e1\u10d0\u10d5\u10d0\u10ed\u10e0\u10dd \u10de\u10d8\u10e0\u10dd\u10d1\u10d4\u10d1\u10e1 \u10d3\u10d0 \u10d0\u10e4\u10d4\u10e0\u10ee\u10d4\u10d1\u10e1 \u10d4\u10e5\u10e1\u10de\u10dd\u10e0\u10e2\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10e2\u10d4\u10db\u10de\u10d4\u10d1\u10e1; \u10db\u10d4\u10dd\u10e0\u10d4, \u10e3\u10ea\u10ee\u10dd\u10e3\u10e0\u10d8 \u10e1\u10d0\u10d5\u10d0\u10da\u10e3\u10e2\u10dd \u10e0\u10d4\u10d6\u10d4\u10e0\u10d5\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10d2\u10e0\u10dd\u10d5\u10d4\u10d1\u10d0 \u10d3\u10d0 \u10d4\u10e0\u10dd\u10d5\u10dc\u10e3\u10da\u10d8 \u10d5\u10d0\u10da\u10e3\u10e2\u10d8\u10e1 \u10d9\u10e3\u10e0\u10e1\u10d8\u10e1 \u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1 \u10e3\u10d6\u10e0\u10e3\u10dc\u10d5\u10d4\u10da\u10e7\u10dd\u10e4\u10d0 \u10d0\u10ee\u10d3\u10d4\u10dc\u10e1 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10e3\u10e0 \u10d6\u10d4\u10ec\u10dd\u10da\u10d0\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0\u10d6\u10d4 \u10d3\u10d0 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10d4\u10e0\u10dd\u10d5\u10dc\u10e3\u10da\u10d8 \u10d5\u10d0\u10da\u10e3\u10e2\u10d8\u10e1 \u10ed\u10d0\u10e0\u10d1 \u10db\u10d8\u10ec\u10dd\u10d3\u10d4\u10d1\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0\u10e8\u10d8. <\/p>\n<p>\u10e1\u10e2\u10d0\u10e2\u10d8\u10d0\u10e8\u10d8 \u10d2\u10d0\u10dc\u10ee\u10d8\u10da\u10e3\u10da\u10d8\u10d0 \u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da\u10d8 \u10e8\u10dd\u10d9\u10d8\u10e1 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d6\u10d4. \u10d8\u10db\u10d8\u10e1 \u10d2\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d8\u10d7, \u10e0\u10dd\u10db \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e1 \u10e1\u10d0\u10e4\u10dd\u10dc\u10d3\u10dd \u10d1\u10d8\u10e0\u10df\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d4\u10d1\u10d8 \u10d0\u10e0\u10d0\u10e1\u10d0\u10d9\u10db\u10d0\u10e0\u10d8\u10e1\u10d0\u10d3 \u10d0\u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d4\u10d1\u10e1 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10d9\u10e0\u10dd\u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0 \u10d3\u10dd\u10dc\u10d4\u10e1 (\u10d0\u10e0\u10d0\u10e1\u10d0\u10d1\u10d8\u10e0\u10df\u10dd \u10d2\u10d0\u10e0\u10d8\u10d2\u10d4\u10d1\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d8\u10d3\u10d8 \u10dd\u10d3\u10d4\u10dc\u10dd\u10d1\u10d0), \u10db\u10d8\u10e1 \u10dc\u10d0\u10ea\u10d5\u10da\u10d0\u10d3 \u10d2\u10d0\u10db\u10dd\u10d5\u10d8\u10e7\u10d4\u10dc\u10d4\u10d7 \u10dd\u10e0\u10d8 \u10ea\u10d5\u10da\u10d0\u10d3\u10d8, \u10d4\u10e0\u10d7 \u10ec\u10da\u10d0\u10db\u10d3\u10d4 \u10e1\u10d0\u10ee\u10d4\u10da\u10db\u10ec\u10d8\u10e4\u10dd \u10e4\u10d0\u10e1\u10d8\u10d0\u10dc\u10d8 \u10e5\u10d0\u10e6\u10d0\u10da\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8 \u10d3\u10d0 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8. \u10db\u10d8\u10d2\u10d5\u10d0\u10e9\u10dc\u10d8\u10d0, \u10e0\u10dd\u10db \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8 \u10d3\u10d0\u10d1\u10d0\u10da\u10d8 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d2\u10d0\u10dc\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d4\u10d1\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10d9\u10d0\u10e0\u10d2\u10d8 \u10d8\u10dc\u10d3\u10d8\u10d9\u10d0\u10e2\u10dd\u10e0\u10d8\u10d0 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d4\u10e5\u10e2\u10dd\u10e0\u10d8\u10e1 \u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d4\u10d1\u10da\u10d0\u10d3, \u10d7\u10d0\u10dc\u10d0\u10ea \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10d2\u10d0\u10dc\u10e3\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10da\u10dd\u10d1\u10d0\u10db \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e8\u10d8 \u10ec\u10d0\u10e0\u10db\u10dd\u10e8\u10d5\u10d0 \u10e4\u10e3\u10da\u10d8\u10e1 \u10d3\u10d0\u10d1\u10d0\u10dc\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e2\u10d4\u10dc\u10d3\u10d4\u10dc\u10ea\u10d8\u10d0 \u10e3\u10de\u10d8\u10e0\u10d0\u10e2\u10d4\u10e1\u10d0\u10d3 \u10e3\u10eb\u10e0\u10d0\u10d5 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d0\u10e8\u10d8 \u10e7\u10dd\u10d5\u10d4\u10da \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10d3\u10e6\u10d4\u10db\u10d3\u10d4 \u10d0\u10db \u10e2\u10d4\u10dc\u10d3\u10d4\u10dc\u10ea\u10d8\u10d0\u10e1 \u10f0\u10e5\u10dd\u10dc\u10d3\u10d0 \u10d0\u10d3\u10d2\u10d8\u10da\u10d8.<\/p>\n<p>\u10db\u10dd\u10dc\u10d0\u10ea\u10d4\u10db\u10d4\u10d1\u10d8 \u10d3\u10d0 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d4\u10e2\u10e0\u10d8\u10d9\u10e3\u10da\u10d8 \u10db\u10dd\u10d3\u10d4\u10da\u10d8: \u10d9\u10d5\u10da\u10d4\u10d5\u10d8\u10e1 \u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10e8\u10d8 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10e3\u10da\u10d8\u10d0 \u10dd\u10e0\u10d8 \u10e2\u10d8\u10de\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10d8. \u10db\u10dd\u10d3\u10d4\u10da\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10d8\u10ef\u10d5\u10dc\u10d8\u10e1 \u10db\u10d8\u10d6\u10d4\u10d6\u10d8 \u10e1\u10d0\u10d9\u10d5\u10d0\u10dc\u10eb\u10dd \u10ea\u10d5\u10da\u10d0\u10d3\u10d4\u10d1\u10e8\u10d8 \u10d0\u10e0\u10d0\u10e1\u10d0\u10d9\u10db\u10d0\u10e0\u10d8\u10e1\u10d8 \u10d3\u10d0\u10d9\u10d5\u10d8\u10e0\u10d5\u10d4\u10d1\u10d8\u10e1 \u10e0\u10d0\u10dd\u10d3\u10d4\u10dc\u10dd\u10d1\u10d0\u10d0. \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10db\u10dd\u10d3\u10d4\u10da\u10d8 \u10db\u10dd\u10d8\u10ea\u10d0\u10d5\u10e1 2007-2015 \u10ec\u10da\u10d4\u10d1\u10d8\u10e1 \u10d9\u10d5\u10d0\u10e0\u10e2\u10d0\u10da\u10e3\u10e0 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10e1 (1), \u10ee\u10dd\u10da\u10dd \u10db\u10d4\u10dd\u10e0\u10d4 \u10db\u10dd\u10d3\u10d4\u10da\u10d8 \u10db\u10dd\u10d8\u10ea\u10d0\u10d5\u10e1 2009-2015 \u10ec\u10da\u10d4\u10d1\u10d8\u10e1 \u10d9\u10d5\u10d0\u10e0\u10e2\u10d0\u10da\u10e3\u10e0 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10e1. \u10d9\u10d5\u10da\u10d4\u10d5\u10d0 \u10d4\u10e7\u10e0\u10d3\u10dc\u10dd\u10d1\u10d0 \u10d5\u10d4\u10e5\u10e2\u10dd\u10e0\u10e3\u10da\u10d8 \u10d0\u10d5\u10e2\u10dd\u10e0\u10d4\u10d2\u10e0\u10d4\u10e1\u10d8\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e1 \u10e4\u10d0\u10e0\u10d2\u10da\u10d4\u10d1\u10e8\u10d8 \u10d8\u10db\u10de\u10e3\u10da\u10e1\u10d6\u10d4 \u10e0\u10d4\u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10e4\u10e3\u10dc\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10d9\u10d5\u10da\u10d4\u10d5\u10d0\u10e1:<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/geoeconomics.ge\/wp-content\/uploads\/2016\/06\/Screen-Shot-2016-06-23-at-3.34.04-AM.png\" alt=\"\" \/><br \/>\n\u10e1\u10d0\u10d3\u10d0\u10ea,  Yt- \u10d4\u10dc\u10d3\u10dd\u10d2\u10d4\u10dc\u10e3\u10e0\u10d8 \u10ea\u10d5\u10da\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d5\u10d4\u10e5\u10e2\u10dd\u10e0\u10d8,   Zt-\u10d4\u10d2\u10d6\u10dd\u10d2\u10d4\u10dc\u10e3\u10e0\u10d8 \u10ea\u10d5\u10da\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d5\u10d4\u10e5\u10e2\u10dd\u10e0\u10d8,  Et-\u10dc\u10d0\u10e0\u10e9\u10d4\u10dc\u10dd\u10d1\u10d8\u10d7\u10d8 \u10ec\u10d4\u10d5\u10e0\u10d8\u10e1 \u10d5\u10d4\u10e5\u10e2\u10dd\u10e0\u10d8.<\/p>\n<p>\u10d4\u10dc\u10d3\u10dd\u10d2\u10d4\u10dc\u10e3\u10e0\u10d8 \u10ea\u10d5\u10da\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10e3\u10da \u10d8\u10e5\u10dc\u10d0 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2\u10d8 \u10d3\u10e0\u10dd\u10d8\u10d7\u10d8 \u10ec\u10d9\u10e0\u10d8\u10d5\u10d4\u10d1\u10d8(2): \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10db\u10d7\u10da\u10d8\u10d0\u10dc\u10d8 \u10e8\u10d8\u10d3\u10d0 \u10de\u10e0\u10dd\u10d3\u10e3\u10e5\u10e2\u10d8 (GDP); \u10e1\u10d0\u10db\u10dd\u10db\u10ee\u10db\u10d0\u10e0\u10d4\u10d1\u10da\u10dd \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8 (CPI); \u10d4\u10e0\u10dd\u10d5\u10dc\u10e3\u10da \u10d5\u10d0\u10da\u10e3\u10e2\u10d0\u10e8\u10d8 \u10e1\u10d4\u10e1\u10ee\u10d4\u10d1\u10d6\u10d4 \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10dd \u10d9\u10d5\u10d0\u10e0\u10e2\u10da\u10d8\u10e1 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8  (R); \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10d4\u10e4\u10d4\u10e5\u10e2\u10e3\u10e0\u10d8 \u10d2\u10d0\u10ea\u10d5\u10da\u10d8\u10d7\u10d8 \u10d9\u10e3\u10e0\u10d8\u10e1 (REER); \u10e1\u10d0\u10dd\u10ef\u10d0\u10ee\u10dd \u10db\u10d4\u10e3\u10e0\u10dc\u10d4\u10dd\u10d1\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10ee\u10db\u10d0\u10e0\u10d4\u10d1\u10d0 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10d2\u10d0\u10db\u10dd\u10e1\u10ee\u10e3\u10da\u10d4\u10d1\u10d0\u10e8\u10d8 (3) (RC); \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8 (4) (AP); \u10e1\u10d0\u10ee\u10d4\u10da\u10db\u10ec\u10d8\u10e4\u10dd \u10e4\u10d0\u10e1\u10d8\u10d0\u10dc\u10d8 \u10e5\u10d0\u10e6\u10d0\u10da\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8 (GR), \u10e4\u10e3\u10da\u10d8\u10e1 \u10db\u10d8\u10ec\u10dd\u10d3\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8\u10e1 \u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d4\u10d1\u10da\u10d0\u10d3 \u10d2\u10d0\u10db\u10dd\u10d5\u10d8\u10e7\u10d4\u10dc\u10d4\u10d7 \u10e1\u10d0\u10db\u10d8 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8: \u10e1\u10d0\u10e0\u10d4\u10d6\u10d4\u10e0\u10d5\u10dd \u10e4\u10e3\u10da\u10d8 (CC); \u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da\u10d8 \u10d0\u10d2\u10e0\u10d4\u10d2\u10d0\u10e2\u10d8 (M3), \u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da\u10d8 \u10d0\u10d2\u10e0\u10d4\u10d2\u10d0\u10e2\u10d8 (M2).  \u10d4\u10d2\u10d6\u10dd\u10d2\u10d4\u10dc\u10e3\u10e0\u10d8 \u10ea\u10d5\u10da\u10d0\u10d3\u10d8\u10e1 \u10e1\u10d0\u10ee\u10d8\u10d7 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10e3\u10da \u10d8\u10e5\u10dc\u10d0 \u10e1\u10d0\u10d6\u10e6\u10d5\u10d0\u10e0\u10d2\u10d0\u10e0\u10d4\u10d7\u10d8\u10d3\u10d0\u10dc \u10dc\u10d0\u10e2\u10e3\u10e0\u10d0\u10da\u10e3\u10e0\u10d8 \u10e1\u10d0\u10ee\u10d8\u10d7 \u10db\u10d8\u10e6\u10d4\u10d1\u10e3\u10da\u10d8 (\u10db\u10d8\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10d3\u10d0 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10e3\u10e0\u10d8) \u10e2\u10e0\u10d0\u10dc\u10e1\u10e4\u10d4\u10e0\u10e2\u10d4\u10d1\u10d8\u10e1 (Y_tr) \u10d3\u10d0 \u10e1\u10d0\u10d6\u10e6\u10d5\u10d0\u10e0\u10d2\u10d0\u10e0\u10d4\u10d7\u10d8\u10d3\u10d0\u10dc \u10db\u10d8\u10e6\u10d4\u10d1\u10e3\u10da\u10d8 \u10e4\u10d0\u10e5\u10e2\u10dd\u10e0\u10e3\u10da\u10d8 \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10e1 (Y_f) \u10ef\u10d0\u10db\u10d8 (TR), \u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10e3\u10da\u10d8 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10e3\u10da \u10d8\u10e5\u10dc\u10d0 \u10d8\u10db \u10db\u10dd\u10e1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10d7, \u10e0\u10dd\u10db \u10e9\u10d5\u10d4\u10dc\u10d8 \u10db\u10dd\u10e1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10d7 \u10d4\u10e1 \u10ea\u10d5\u10da\u10d0\u10d3\u10d8 \u10e7\u10d5\u10d4\u10da\u10d0\u10d6\u10d4 \u10db\u10d4\u10e2\u10d0\u10d3 \u10d8\u10e7\u10dd \u10d4\u10e0\u10dd\u10d5\u10dc\u10e3\u10da \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1 \u10d9\u10dd\u10dc\u10d8\u10e3\u10dc\u10e5\u10e2\u10e3\u10e0\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d4\u10da\u10d8 \u10e8\u10d4\u10e1\u10d0\u10e4\u10d0\u10e1\u10d4\u10d1\u10d4\u10da \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d6\u10d4 \u10d0\u10db\u10d0\u10e1\u10d7\u10d0\u10dc \u10d8\u10e1 \u10e7\u10d5\u10d4\u10da\u10d0\u10d6\u10d4 \u10db\u10d4\u10e2\u10d0\u10d3 \u10d4\u10d2\u10d6\u10dd\u10d2\u10d4\u10dc\u10e3\u10e0\u10d8 \u10e4\u10d0\u10e5\u10e2\u10dd\u10e0\u10d8\u10d0 \u10d3\u10d0 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10e1\u10d0\u10d2\u10d0\u10e0\u10d4\u10dd \u10e8\u10dd\u10d9\u10d8\u10e1 \u10db\u10d0\u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d4\u10d1\u10d4\u10da\u10d8\u10d0. <\/p>\n<p>\u10d9\u10d5\u10d0\u10e0\u10e2\u10d0\u10da\u10e3\u10e0\u10d8 \u10db\u10dd\u10dc\u10d0\u10ea\u10d4\u10db\u10d4\u10d1\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10d6\u10d8\u10e1 \u10d3\u10e0\u10dd\u10e1 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc \u10e1\u10d0\u10d9\u10d8\u10d7\u10ee\u10e1 \u10ec\u10d0\u10e0\u10db\u10dd\u10d0\u10d3\u10d2\u10d4\u10dc\u10e1 \u10e1\u10d4\u10d6\u10dd\u10dc\u10e3\u10e0\u10dd\u10d1\u10d0. \u10ec\u10d8\u10dc\u10d0\u10db\u10d3\u10d4\u10d1\u10d0\u10e0\u10d4 \u10dc\u10d0\u10e8\u10e0\u10dd\u10db\u10e8\u10d8 \u10e7\u10d5\u10d4\u10da\u10d0 \u10ea\u10d5\u10da\u10d0\u10d3\u10d8 \u10e1\u10d4\u10d6\u10dd\u10dc\u10e3\u10e0\u10d0\u10d3 \u10e8\u10d4\u10e1\u10ec\u10dd\u10e0\u10d4\u10d1\u10e3\u10da\u10d8\u10d0. \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3  \u10e7\u10d5\u10d4\u10da\u10d0 \u10db\u10dd\u10dc\u10d0\u10ea\u10d4\u10db\u10d8\u10e1 \u10e2\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0 \u10db\u10dd\u10ee\u10d3\u10d0 \u10e1\u10d4\u10d6\u10dd\u10dc\u10e3\u10e0\u10d8 \u10d9\u10dd\u10db\u10de\u10dd\u10dc\u10d4\u10dc\u10e2\u10d8\u10e1 \u10d0\u10e0\u10e1\u10d4\u10d1\u10dd\u10d1\u10d0\u10d6\u10d4  X12 (5)  \u10db\u10d4\u10d7\u10dd\u10d3\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d8\u10d7.<\/p>\n<p>\u10e0\u10d0\u10ea \u10e8\u10d4\u10d4\u10ee\u10d4\u10d1\u10d0 \u10e1\u10e2\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1 \u10e1\u10d0\u10d9\u10d8\u10d7\u10ee\u10e1 \u10db\u10d8\u10e1\u10d8 \u10d0\u10dc\u10d0\u10da\u10d8\u10d6\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10e3\u10da\u10d8 \u10d8\u10e5\u10dc\u10d0 \u10e0\u10d0\u10db\u10d3\u10d4\u10dc\u10d8\u10db\u10d4 \u10e2\u10d4\u10e1\u10e2\u10d8: \u10d2\u10d0\u10e4\u10d0\u10e0\u10d7\u10dd\u10d5\u10d4\u10d1\u10e3\u10da\u10d8 \u10d3\u10d8\u10d9\u10d8\u2013\u10e4\u10e3\u10da\u10d4\u10e0\u10d8\u10e1 (ADF), \u10e4\u10d8\u10da\u10d8\u10de\u10e1\u2013\u10de\u10d4\u10e0\u10dd\u10dc\u10d8\u10e1 (PP), \u10d3\u10d8\u10d9\u10d8\u2013\u10e4\u10e3\u10da\u10d4\u10e0\u10d8\u10e1 (DF-GLS), \u10d9\u10d5\u10d8\u10d0\u10e2\u10d9\u10dd\u10d5\u10e1\u10d9\u10d8\u2013\u10e4\u10d8\u10da\u10d8\u10de\u10e1\u2013\u10e8\u10db\u10d8\u10d3\u10e2\u10d8\u2013\u10e8\u10d8\u10dc\u10d8\u10e1 (KPSS) \u10e2\u10d4\u10e1\u10e2\u10d4\u10d1\u10d8. \u10d0\u10db\u10d0\u10e1\u10d7\u10d0\u10dc \u10d3\u10e0\u10dd\u10d8\u10d7\u10d8 \u10db\u10ec\u10d9\u10e0\u10d8\u10d5\u10d4\u10d1\u10d8\u10e1 \u10e1\u10e2\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10dd\u10ec\u10db\u10d4\u10d1\u10d0 \u10e9\u10d0\u10e2\u10d0\u10e0\u10d3\u10d0  \u10e1\u10d4\u10d6\u10dd\u10dc\u10e3\u10e0\u10d0\u10d3 \u10db\u10dd\u10e3\u10e1\u10ec\u10dd\u10e0\u10d4\u10d1\u10d4\u10da \u10d3\u10d0 \u10d2\u10d0\u10e3\u10e4\u10d8\u10da\u10e2\u10e0\u10d0\u10d5  \u10db\u10ec\u10d9\u10e0\u10d8\u10d5\u10d6\u10d4 (6).<\/p>\n<p>\u10e1\u10e2\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1  \u10d0\u10dc\u10d0\u10da\u10d8\u10d6\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d0\u10d3 \u10db\u10d8\u10d5\u10d8\u10e6\u10d4\u10d7:<\/p>\n<p>\u2022\tADF, PP, DF-GLS \u10d3\u10d0 KPSS \u10e2\u10d4\u10e1\u10e2\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 REER  \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8\u10e0\u10d8\u10d2\u10d8\u10e1\u10d8\u10dc\u10e2\u10d4\u10d2\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8\u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8\u10d0, \u10ee\u10dd\u10da\u10dd AP &#8211; TS (7) -\u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8\u10d0.<br \/>\n\u2022\tADF, PP \u10d3\u10d0 DF-GLS  \u10e2\u10d4\u10e1\u10e2\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 GR,CPI, CC \u10d3\u10d0 M2  \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8\u10e0\u10d8\u10d2\u10d8\u10e1\u10d8\u10dc\u10e2\u10d4\u10d2\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8\u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8\u10d0, \u10d7\u10e3\u10db\u10ea\u10d0 KPSS \u10e2\u10d4\u10e1\u10e2\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 TS-\u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8\u10d0. \u10db\u10d8\u10e6\u10d4\u10d1\u10e3\u10da\u10d8 \u10ec\u10d8\u10dc\u10d0\u10d0\u10e6\u10db\u10d3\u10d4\u10d2\u10dd\u10d1\u10e0\u10d8\u10d5\u10d8 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d8 \u10d0\u10e0 \u10d2\u10d5\u10d0\u10eb\u10da\u10d4\u10d5\u10e1 \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10d4\u10d1\u10d0\u10e1 \u10d3\u10e0\u10dd\u10d8\u10d7\u10d8 \u10db\u10ec\u10d9\u10e0\u10d8\u10d5\u10d4\u10d1\u10d8 \u10d3\u10d0\u10dc\u10d0\u10db\u10d3\u10d5\u10d8\u10da\u10d4\u10d1\u10d8\u10d7 \u10db\u10d8\u10d5\u10d0\u10d9\u10e3\u10d7\u10d5\u10dc\u10dd\u10d7 TS\u10d0\u10dcDS (8) -\u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10e1. \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10e9\u10d5\u10d4\u10dc\u10e1 \u10db\u10d8\u10d4\u10e0 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10e3\u10da\u10d8 \u10d8\u10e5\u10dc\u10d0 \u10d9\u10dd\u10ee\u10e0\u10d4\u10d8\u10dc\u10d8\u10e1 (9) \u10de\u10e0\u10dd\u10ea\u10d4\u10d3\u10e3\u10e0\u10d0, \u10e0\u10dd\u10db\u10da\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7\u10d0\u10ea CPI \u10d3\u10d0 GR \u10d2\u10d0\u10dc\u10d8\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d0, \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea TS-\u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8. \u10ee\u10dd\u10da\u10dd CC \u10d3\u10d0 M2  \u10d3\u10e0\u10dd\u10d8\u10d7\u10d8 \u10db\u10ec\u10d9\u10e0\u10d8\u10d5\u10d4\u10d1\u10d8\u10e1 DS-\u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10db\u10d8\u10d9\u10e3\u10d7\u10d5\u10dc\u10d4\u10d1\u10d0 \u10e1\u10d0\u10d9\u10db\u10d0\u10dd\u10d3 \u10e0\u10d7\u10e3\u10da\u10d8\u10d0, \u10d7\u10e3\u10db\u10ea\u10d0 \u10d8\u10d2\u10d8 \u10e3\u10de\u10d8\u10e0\u10d0\u10e2\u10d4\u10e1\u10d0\u10d3 DS-\u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10d3\u10d0\u10db\u10d0\u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d4\u10d1\u10d4\u10da\u10d8  \u10d5\u10d0\u10e0\u10d8\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d3\u10d8\u10dc\u10d0\u10db\u10d8\u10d9\u10d8\u10d7 \u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d3\u10d4\u10d1\u10d0.<br \/>\n\u2022\tPP, DF-GLS \u10d3\u10d0 KPSS \u10e2\u10d4\u10e1\u10e2\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 M3  \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10e0\u10d8\u10d2\u10d8\u10e1 \u10d8\u10dc\u10e2\u10d4\u10d2\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8\u10d0, \u10d7\u10e3\u10db\u10ea\u10d0 ADF \u10e2\u10d4\u10e1\u10e2\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 \u10d8\u10d2\u10d8 \u10db\u10d4\u10dd\u10e0\u10d4 \u10e0\u10d8\u10d2\u10d8\u10e1 \u10d8\u10dc\u10e2\u10d4\u10d2\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8\u10d0, \u10e0\u10d0\u10ea \u10d9\u10dd\u10ee\u10e0\u10d4\u10d8\u10dc\u10d8\u10e1 \u10de\u10e0\u10dd\u10ea\u10d4\u10d3\u10e3\u10e0\u10d8\u10d7\u10d0\u10ea \u10d3\u10d0\u10e1\u10e2\u10e3\u10e0\u10d3\u10d4\u10d1\u10d0.<br \/>\n\u2022\tADF \u10d3\u10d0 PP  \u10e2\u10d4\u10e1\u10e2\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 R \u10e1\u10e2\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8\u10d0, \u10e0\u10d0\u10e1\u10d0\u10ea \u10d4\u10ec\u10d8\u10dc\u10d0\u10d0\u10e6\u10db\u10d3\u10d4\u10d2\u10d4\u10d1\u10d0 DF-GLS \u10d3\u10d0 KPSS \u10e2\u10d4\u10e1\u10e2\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d4\u10d1\u10d8. \u10d7\u10e3\u10db\u10ea\u10d0 \u10d9\u10dd\u10ee\u10e0\u10d4\u10d8\u10dc\u10d8\u10e1 \u10de\u10e0\u10dd\u10ea\u10d4\u10d3\u10e3\u10e0\u10d8\u10d7 \u10d8\u10d2\u10d8 \u10e3\u10de\u10d8\u10e0\u10d0\u10e2\u10d4\u10e1\u10d0\u10d3 \u10e1\u10e2\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10d3\u10d0\u10db\u10d0\u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d4\u10d1\u10d4\u10da\u10d8 \u10d5\u10d0\u10e0\u10d8\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d3\u10d8\u10dc\u10d0\u10db\u10d8\u10d9\u10d8\u10d7 \u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d3\u10d4\u10d1\u10d0.<br \/>\n\u2022\tADF, DF-GLS \u10d3\u10d0 KPSS \u10e2\u10d4\u10e1\u10e2\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 RGDP \u10d3\u10d0 RC \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10e0\u10d8\u10d2\u10d8\u10e1 \u10d8\u10dc\u10e2\u10d4\u10d2\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8\u10d0. \u10ee\u10dd\u10da\u10dd PP \u10e2\u10d4\u10e1\u10e2\u10d8\u10e1 \u10d3\u10d0 \u10d9\u10dd\u10ee\u10e0\u10d4\u10d8\u10dc\u10d8\u10e1 \u10de\u10e0\u10dd\u10ea\u10d4\u10d3\u10e3\u10e0\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 TS-\u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8.\u2022\tADF, DF-GLS\u10d3\u10d0KPSS \u10e2\u10d4\u10e1\u10e2\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 TR \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10e0\u10d8\u10d2\u10d8\u10e1 \u10d8\u10dc\u10e2\u10d4\u10d2\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8\u10d0. \u10ee\u10dd\u10da\u10dd PP \u10e2\u10d4\u10e1\u10e2\u10d8\u10e1 \u10d3\u10d0 \u10d9\u10dd\u10ee\u10e0\u10d4\u10d8\u10dc\u10d8\u10e1 \u10de\u10e0\u10dd\u10ea\u10d4\u10d3\u10e3\u10e0\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 TS-\u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8.<\/p>\n<p>\u10d6\u10d4\u10db\u10dd\u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10e3\u10da\u10d8 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d8\u10d7 \u10d3\u10d0 \u10d0\u10d2\u10e0\u10d4\u10d7\u10d5\u10d4 \u10d8\u10db\u10d8\u10e1 \u10d2\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d8\u10d7, \u10e0\u10dd\u10db \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd 1996-2015 \u10ec\u10da\u10d4\u10d1\u10e8\u10d8 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc \u10e1\u10e2\u10e0\u10e3\u10e5\u10e2\u10e3\u10e0\u10e3\u10da \u10eb\u10d5\u10e0\u10d4\u10d1\u10e1 \u10d2\u10d0\u10dc\u10d8\u10ea\u10d3\u10d8\u10d3\u10d0 (10), \u10db\u10d8\u10d2\u10d5\u10d0\u10e9\u10dc\u10d8\u10d0, \u10e0\u10dd\u10db: REER, CC, M2, M3, TR \u10d8\u10dc\u10e2\u10d4\u10e0\u10de\u10e0\u10d4\u10e2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da \u10e3\u10dc\u10d3\u10d0 \u10d8\u10e5\u10dc\u10d0\u10e1 DS-\u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d4\u10d1\u10d0\u10d3, \u10ee\u10dd\u10da\u10dd CPI, R, RGDP, AP, GR \u10d3\u10d0 CRTS-\u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d4\u10d1\u10d0\u10d3 (11) .<\/p>\n<p>\u10db\u10d0\u10e8\u10d0\u10e1\u10d0\u10d3\u10d0\u10db\u10d4 \u10ea\u10d5\u10da\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e3\u10db\u10d4\u10e2\u10d4\u10e1\u10dd\u10d1\u10d0 \u10db\u10dd\u10ea\u10d4\u10db\u10e3\u10da \u10d3\u10e0\u10dd\u10d8\u10d7 \u10db\u10dd\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d6\u10d4 \u10d2\u10d0\u10dc\u10d8\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d0, \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10e2\u10e0\u10d4\u10dc\u10d3\u10d8\u10e1 \u10db\u10d8\u10db\u10d0\u10e0\u10d7 \u10e1\u10e2\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10d3\u10e0\u10dd\u10d7\u10d8 \u10db\u10ec\u10d9\u10e0\u10d8\u10d5\u10d4\u10d1\u10d8, \u10d0\u10db\u10d8\u10e2\u10dd\u10db\u10d0\u10ea \u10d4\u10d2\u10d6\u10dd\u10d2\u10d4\u10dc\u10e3\u10e0 \u10ea\u10d5\u10da\u10d0\u10d3\u10d4\u10d1\u10e8\u10d8 \u10e9\u10d5\u10d4\u10dc\u10e1 \u10db\u10d8\u10d4\u10e0 \u10e9\u10d0\u10e0\u10d7\u10e3\u10da \u10d8\u10e5\u10dc\u10d0 \u10ec\u10e0\u10e4\u10d8\u10d5\u10d8 \u10e2\u10e0\u10d4\u10dc\u10d3\u10d8\u10e1 \u10e4\u10d0\u10e5\u10e2\u10dd\u10e0\u10d8.  \u10db\u10dd\u10d3\u10d4\u10da\u10e8\u10d8 \u10ea\u10d5\u10da\u10d0\u10d3\u10d4\u10d1\u10d8 \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10d8\u10d3\u10d4\u10dc\u10e2\u10d8\u10e4\u10d8\u10ea\u10d8\u10d3\u10e0\u10d3\u10d0, \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10e0\u10d8\u10d2\u10d8\u10e1 \u10d8\u10dc\u10e2\u10d4\u10d2\u10e0\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d4\u10d1\u10d8 \u10d8\u10e1\u10d8\u10dc\u10d8 \u10d2\u10d0\u10dc\u10d8\u10ee\u10d8\u10da\u10d4\u10d1\u10d0 \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10e0\u10d8\u10d2\u10d8\u10e1 \u10e1\u10ee\u10d5\u10d0\u10dd\u10d1\u10d4\u10d1\u10e8\u10d8.<\/p>\n<p>\u10e2\u10d4\u10e5\u10dc\u10d8\u10d9\u10e3\u10e0\u10d0\u10d3 \u10db\u10ee\u10dd\u10da\u10dd\u10d3 \u10e1\u10d0\u10db\u10d8 (12) \u10ea\u10d5\u10da\u10d0\u10d3\u10d8 \u10d2\u10d0\u10dc\u10d8\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d0, \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10d0\u10e0\u10d0 \u10dc\u10e3\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10e0\u10d8\u10d2\u10d8\u10e1 \u10d8\u10dc\u10e2\u10d4\u10d2\u10e0\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8, \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10d9\u10dd\u10d8\u10dc\u10e2\u10d4\u10d2\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10d4\u10d1\u10d8 \u10e1\u10d0\u10d0\u10dc\u10d0\u10da\u10d8\u10d6\u10dd \u10db\u10ec\u10d9\u10e0\u10d8\u10d5\u10d4\u10d1\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10d0\u10e0 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d2\u10d0\u10dc\u10d8\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10dd\u10e1 \u10d3\u10d0 \u10e9\u10d5\u10d4\u10dc \u10d2\u10d0\u10dc\u10d5\u10d8\u10ee\u10d8\u10da\u10d0\u10d5\u10d7 \u10d5\u10d4\u10e5\u10e2\u10dd\u10e0\u10e3\u10da \u10d0\u10d5\u10e2\u10dd\u10e0\u10d4\u10d2\u10e0\u10d4\u10e1\u10d8\u10d0\u10e1 \u10e8\u10d4\u10ea\u10d3\u10dd\u10db\u10d8\u10e1 \u10d9\u10dd\u10e0\u10d4\u10e5\u10ea\u10d8\u10d8\u10e1 \u10d2\u10d0\u10e0\u10d4\u10e8\u10d4.\u10ea\u10d5\u10da\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e1\u10e2\u10d0\u10dc\u10d3\u10d0\u10e0\u10e2\u10d8\u10d6\u10d4\u10d1\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10d0\u10e6\u10d4\u10d1\u10e3\u10da\u10d8\u10d0 \u10db\u10d0\u10d7\u10d8 \u10da\u10dd\u10d2\u10d0\u10e0\u10d8\u10d7\u10db\u10e3\u10da\u10d8 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d1\u10d4\u10d1\u10d8.<\/p>\n<p>\u10e9\u10d5\u10d4\u10dc \u10db\u10d8\u10d4\u10e0 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10e3\u10da \u10d8\u10e5\u10dc\u10d0 \u10e1\u10d0\u10db\u10d8 \u10db\u10dd\u10d3\u10d4\u10da\u10d8, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10dd\u10e0 \u10ef\u10d2\u10e3\u10e4\u10d0\u10d3 \u10d3\u10d0\u10ef\u10d2\u10e3\u10e4\u10d3\u10d4\u10e1: \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10e2\u10d8\u10de\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10e8\u10d8 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10e1\u10d0\u10d7\u10d4\u10d1\u10da\u10d0\u10d3 \u10d0\u10e6\u10d4\u10d1\u10e3\u10da \u10d8\u10e5\u10dc\u10d0 \u10dd\u10e0\u10d8 \u10ea\u10d5\u10da\u10d0\u10d3\u10d8 \u10d4\u10e0\u10d7 \u10ec\u10da\u10d0\u10db\u10d3\u10d4 \u10e1\u10d0\u10ee\u10d4\u10da\u10db\u10ec\u10d8\u10e4\u10dd \u10e4\u10d0\u10e1\u10d8\u10d0\u10dc\u10d8 \u10e5\u10d0\u10e6\u10d0\u10da\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8 \u10d3\u10d0 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8. \u10e4\u10e3\u10da\u10d8\u10e1 \u10db\u10d8\u10ec\u10dd\u10d3\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8\u10e1 \u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d4\u10d1\u10da\u10d0\u10d3 \u10d2\u10d0\u10db\u10dd\u10d5\u10d8\u10e7\u10d4\u10dc\u10d4\u10d7 \u10e1\u10ee\u10d5\u10d0\u10d3\u10d0\u10e1\u10ee\u10d5\u10d0 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8: \u10e1\u10d0\u10e0\u10d4\u10d6\u10d4\u10e0\u10d5\u10dd \u10e4\u10e3\u10da\u10d8 (CC); \u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da\u10d8 \u10d0\u10d2\u10e0\u10d4\u10d2\u10d0\u10e2\u10d8 (M3), \u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da\u10d8 \u10d0\u10d2\u10e0\u10d4\u10d2\u10d0\u10e2\u10d8 (M2); \u10db\u10d4\u10dd\u10e0\u10d4 \u10e2\u10d8\u10de\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10e8\u10d8 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10e1\u10d0\u10d7\u10d4\u10d1\u10da\u10d0\u10d3 \u10d0\u10e6\u10d4\u10d1\u10e3\u10da \u10d8\u10e5\u10dc\u10d0 \u10db\u10ee\u10dd\u10da\u10dd\u10d3 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8, \u10e0\u10dd\u10db\u10da\u10d8\u10e1 \u10e1\u10d0\u10e4\u10e3\u10eb\u10d5\u10d4\u10da\u10d6\u10d4 \u10d0\u10d2\u10d4\u10d1\u10e3\u10da \u10d8\u10e5\u10dc\u10d0 \u10e1\u10d0\u10db\u10d8 \u10db\u10dd\u10d3\u10d4\u10da\u10d8, \u10e1\u10d0\u10d3\u10d0\u10ea \u10e4\u10e3\u10da\u10d8\u10e1 \u10db\u10d8\u10ec\u10dd\u10d3\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8\u10e1 \u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d4\u10d1\u10da\u10d0\u10d3 \u10e1\u10ee\u10d5\u10d0\u10d3\u10d0\u10e1\u10ee\u10d5\u10d0 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8: \u10e1\u10d0\u10e0\u10d4\u10d6\u10d4\u10e0\u10d5\u10dd \u10e4\u10e3\u10da\u10d8 (CC); \u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da\u10d8 \u10d0\u10d2\u10e0\u10d4\u10d2\u10d0\u10e2\u10d8 (M3), \u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da\u10d8 \u10d0\u10d2\u10e0\u10d4\u10d2\u10d0\u10e2\u10d8 (M2);<br \/>\n\u10da\u10d0\u10d2\u10d8\u10e1 \u10e0\u10d8\u10d2\u10d8\u10e1 \u10d2\u10d0\u10dc\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10e9\u10d5\u10d4\u10dc \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10ef\u10d2\u10e3\u10e4\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10d4\u10d1\u10e8\u10d8 \u10d2\u10d0\u10db\u10dd\u10d5\u10d8\u10e7\u10d4\u10dc\u10d4\u10d7 \u10db\u10dd\u10d3\u10d4\u10da\u10d4\u10d1\u10d8 2 \u10da\u10d0\u10d2\u10d8\u10d7, \u10ee\u10dd\u10da\u10dd \u10db\u10d4\u10dd\u10e0\u10d4 \u10e2\u10d8\u10de\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10d4\u10d1\u10e8\u10d8 3 \u10da\u10d0\u10d2\u10d8\u10d7. \u10dd\u10de\u10e2\u10d8\u10db\u10d0\u10da\u10e3\u10e0\u10d8 \u10da\u10d0\u10d2\u10d8\u10e1 \u10e1\u10e0\u10e3\u10da\u10e7\u10dd\u10e4\u10d8\u10da\u10d8 \u10d2\u10d0\u10db\u10dd\u10d9\u10d5\u10da\u10d4\u10d5\u10d0 \u10d5\u10d4\u10e0 \u10db\u10dd\u10ee\u10d4\u10e0\u10ee\u10d3\u10d0 \u10e8\u10d4\u10e1\u10d0\u10e1\u10ec\u10d0\u10d5\u10da\u10d8 \u10d3\u10e0\u10dd\u10d8\u10d7\u10d8 \u10d3\u10d8\u10d0\u10de\u10d0\u10d6\u10dd\u10dc\u10d8\u10e1 \u10e1\u10d8\u10db\u10ea\u10d8\u10e0\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd. \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10d6\u10d4\u10db\u10dd\u10d7 \u10d2\u10d0\u10dc\u10ee\u10d8\u10da\u10e3\u10da\u10d8 \u10da\u10d0\u10d2\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d8\u10e6\u10e0\u10db\u10d4 \u10dd\u10de\u10e2\u10d8\u10db\u10d0\u10da\u10e3\u10e0\u10d8\u10d0 \u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10e3\u10da\u10d8 \u10e8\u10d4\u10d6\u10e6\u10e3\u10d3\u10d5\u10d8\u10e1 \u10d2\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d8\u10d7.<\/p>\n<p>\u10db\u10dd\u10d3\u10d4\u10da\u10d4\u10d1\u10d8\u10e1 \u10d0\u10d5\u10e2\u10dd\u10e0\u10d4\u10d2\u10e0\u10d4\u10e1\u10d8\u10e3\u10da\u10d8 \u10de\u10dd\u10da\u10d8\u10dc\u10dd\u10db\u10d8\u10e1 \u10db\u10d0\u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d4\u10d1\u10d4\u10da\u10d8 \u10e8\u10d4\u10d1\u10e0\u10e3\u10dc\u10d4\u10d1\u10e3\u10da\u10d8 \u10e4\u10d4\u10e1\u10d5\u10d4\u10d1\u10d8 \u10db\u10dd\u10d3\u10e3\u10da\u10d8\u10d7 \u10d4\u10e0\u10d7\u10d6\u10d4 \u10dc\u10d0\u10d9\u10da\u10d4\u10d1\u10d8\u10d0, \u10e0\u10d0\u10ea VAR  \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e1 \u10e1\u10e2\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10dd\u10d1\u10d0\u10d6\u10d4 \u10db\u10d8\u10e3\u10d7\u10d8\u10d7\u10d4\u10d1\u10e1.<br \/>\n         \u10ea\u10d5\u10da\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d4\u10dc\u10d3\u10dd\u10d2\u10d4\u10dc\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1\/\u10d4\u10d2\u10d6\u10dd\u10d2\u10d4\u10e0\u10dd\u10d1\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10d6\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10d2\u10e0\u10d4\u10d8\u10dc\u10ef\u10d4\u10e0\u10d8\u10e1 \u10ec\u10e7\u10d5\u10d8\u10da\u10e3\u10e0\u10d8 \u10db\u10d8\u10d6\u10d4\u10d6-\u10e8\u10d4\u10d3\u10d4\u10d2\u10dd\u10d1\u10e0\u10d8\u10d5\u10dd\u10d1\u10d8\u10e1 \u10e2\u10d4\u10e1\u10e2\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 (\u10ea\u10ee\u10e0\u10d8\u10da\u10d8 N4) \u10e9\u10d5\u10d4\u10dc\u10d8 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10e9\u10d0\u10dc\u10e1, \u10e0\u10dd\u10db \u10d5\u10da\u10d8\u10dc\u10d3\u10d4\u10d1\u10d0:<br \/>\n\u2022\t\u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10e2\u10d8\u10de\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 1) \u10e1\u10d0\u10db\u10d8\u10d5\u10d4 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 GR \u10ea\u10d5\u10da\u10d0\u10d3\u10d8 \u10d4\u10d2\u10d6\u10dd\u10d2\u10d4\u10dc\u10e3\u10e0\u10d8\u10d0; 2) \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10d2\u10e0\u10d4\u10d8\u10dc\u10ef\u10d4\u10e0\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 \u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10d8 AP\u2192CC; AP \u10ea\u10d5\u10da\u10d0\u10d3\u10d8\u10e1 \u10d4\u10d2\u10d6\u10dd\u10d2\u10d4\u10dc\u10e3\u10e0\u10dd\u10d1\u10d0;  3) \u10db\u10d4\u10dd\u10e0\u10d4 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 M2\u10d3\u10d0  AP\u10ea\u10d5\u10da\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d4\u10d2\u10d6\u10dd\u10d2\u10d4\u10dc\u10e3\u10e0\u10dd\u10d1\u10d0;  4) \u10db\u10d4\u10e1\u10d0\u10db\u10d4 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10d2\u10e0\u10d4\u10d8\u10dc\u10ef\u10d4\u10e0\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7 \u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10d8  M3\u2192AP \u10d3\u10d0 GR\u2192M3 \u10db\u10d8\u10db\u10d0\u10e0\u10d7\u10e3\u10da\u10d4\u10d1\u10d8\u10d7;<br \/>\n\u10d6\u10d4\u10db\u10dd\u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10e3\u10da\u10d8\u10d3\u10d0\u10dc \u10d2\u10d0\u10db\u10dd\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2\u10d8 \u10db\u10d8\u10d6\u10d4\u10d6\u10e8\u10d4\u10d3\u10d4\u10d2\u10dd\u10d1\u10e0\u10d8\u10d5\u10d8 \u10e1\u10e5\u10d4\u10db\u10d8\u10e1 \u10d0\u10d2\u10d4\u10d1\u10d0 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 : GR\u23af\u2192 CC\/M2\/ M3 \u23af\u2192AP\u2022\t\u10db\u10d4\u10dd\u10e0\u10d4 \u10e2\u10d8\u10de\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2\u10d8 \u10db\u10d8\u10d6\u10d4\u10d6\u10e8\u10d4\u10d3\u10d4\u10d2\u10dd\u10d1\u10e0\u10d8\u10d5\u10d8 \u10e1\u10e5\u10d4\u10db\u10d8\u10e1 \u10d0\u10d2\u10d4\u10d1\u10d0 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0: REER \u23af\u2192AP\u23af\u2192CC\/M2\/ M3\u23af\u2192RC \u23af\u2192 R \u23af\u2192 CPI \u23af\u2192 GDP<\/p>\n<p>\u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d8\u10d7\u10d8 \u10e1\u10d8\u10d3\u10d8\u10d3\u10d8\u10e1 \u10d4\u10e0\u10d7\u10ef\u10d4\u10e0\u10d0\u10d3 \u10e8\u10dd\u10d9\u10d6\u10d4 \u10d4\u10dc\u10d3\u10dd\u10d2\u10d4\u10dc\u10e3\u10e0\u10d8 \u10ea\u10d5\u10da\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d8\u10e1\u10e2\u10d4\u10db\u10d8\u10e1 \u10e0\u10d4\u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10d6\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10e3\u10dc\u10d3\u10d0 \u10e8\u10d4\u10d5\u10d8\u10e1\u10ec\u10d0\u10d5\u10da\u10dd\u10d7 \u10d8\u10db\u10de\u10e3\u10da\u10e1\u10d6\u10d4 \u10e0\u10d4\u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10e4\u10e3\u10dc\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8. \u10de\u10e0\u10dd\u10d1\u10da\u10d4\u10db\u10d0\u10e1 \u10d0\u10db \u10e2\u10d8\u10de\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10e8\u10d8 \u10e1\u10d8\u10e1\u10e2\u10d4\u10db\u10d8\u10e1 \u10d2\u10d0\u10dc\u10e2\u10dd\u10da\u10d4\u10d1\u10d4\u10d1\u10d8\u10e1 \u10e8\u10dd\u10d9\u10d4\u10d1\u10d8\u10e1 \u10d9\u10dd\u10e0\u10d4\u10da\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10dd\u10d1\u10d0 \u10ec\u10d0\u10e0\u10db\u10dd\u10d0\u10d3\u10d2\u10d4\u10dc\u10e1. \u10d0\u10db \u10de\u10e0\u10dd\u10d1\u10da\u10d4\u10db\u10d8\u10e1 \u10d2\u10d0\u10d3\u10d0\u10ec\u10e7\u10d5\u10d4\u10e2\u10d0 \u10e8\u10d4\u10d2\u10d5\u10d8\u10eb\u10da\u10d8\u10d0 \u10e5\u10dd\u10da\u10d4\u10e1\u10d9\u10d8\u10e1 \u10d3\u10d4\u10d9\u10dd\u10db\u10de\u10dd\u10d6\u10d8\u10ea\u10d8\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d8\u10d7 \u10d8\u10db\u10de\u10e3\u10da\u10e1\u10d4\u10d1\u10d8\u10e1 \u10dd\u10e0\u10d7\u10dd\u10d2\u10dd\u10dc\u10d0\u10da\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10d4\u10d1\u10d8\u10d7. \u10d7\u10e3 \u10d3\u10d0\u10d5\u10e3\u10e8\u10d5\u10d4\u10d1\u10d7 \u10db\u10d8\u10db\u10d3\u10d4\u10d5\u10e0\u10dd\u10d1\u10d8\u10e1 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d0\u10e1 \u10db\u10d0\u10e8\u10d8\u10dc \u10e4\u10e3\u10dc\u10e5\u10ea\u10d8\u10d0 \u10e8\u10d4\u10d8\u10ea\u10d5\u10da\u10d8\u10e1 \u10e1\u10d0\u10ee\u10d4\u10e1. \u10d7\u10e3 \u10e4\u10e3\u10dc\u10e5\u10ea\u10d8\u10d0 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10dc\u10d0\u10d3 \u10d8\u10ea\u10d5\u10da\u10d4\u10d1\u10d0 \u10db\u10d0\u10e8\u10d8\u10dc \u10e3\u10dc\u10d3\u10d0 \u10d5\u10d8\u10d5\u10d0\u10e0\u10d0\u10e3\u10d3\u10dd\u10d7 \u10e0\u10dd\u10db \u10d0\u10d3\u10d2\u10d8\u10da\u10d8 \u10d0\u10e5\u10d5\u10e1 \u10d8\u10dc\u10dd\u10d5\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10ef\u10d5\u10d0\u10e0\u10d4\u10d3\u10d8\u10dc \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc \u10d9\u10dd\u10e0\u10d4\u10da\u10d0\u10ea\u10d8\u10d0\u10e1. <\/p>\n<p>\u10e9\u10d5\u10d4\u10dc\u10e1 \u10db\u10d4\u10dd\u10e0\u10d4 \u10db\u10dd\u10d3\u10d4\u10da\u10e8\u10d8 \u10ea\u10d5\u10da\u10d0\u10d3\u10d4\u10d1\u10d8 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2\u10d8 \u10e0\u10d4\u10d2\u10d8\u10d7\u10dd\u10d1\u10d8\u10d7 \u10d0\u10e0\u10d8\u10e1 \u10d3\u10d0\u10da\u10d0\u10d2\u10d4\u10d1\u10e3\u10da\u10d8:<br \/>\nCC\/M2\/ M3\u23af\u2192 RC\u23af\u2192 REER \u23af\u2192 CPI \u23af\u2192R \u23af\u2192 GDP\u23af\u2192 GDP<\/p>\n<p>\u10d0\u10e1\u10d4\u10d5\u10d4 \u10db\u10dd\u10ee\u10d3\u10d0 \u10dd\u10e0\u10d8\u10d5\u10d4 \u10e2\u10d8\u10de\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10e8\u10d8 \u10d0\u10da\u10e2\u10d4\u10e0\u10dc\u10d0\u10e2\u10d8\u10e3\u10da\u10d8 \u10e1\u10e5\u10d4\u10db\u10d4\u10d1\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10d6\u10d8\u10ea. \u10d0\u10da\u10e2\u10d4\u10e0\u10dc\u10d0\u10da\u10d8\u10e3\u10da\u10d8 \u10e1\u10e5\u10d4\u10db\u10d4\u10d1\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10d6\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d0\u10d3 \u10e4\u10e3\u10dc\u10e5\u10ea\u10d8\u10d4\u10d1\u10e1 \u10d0\u10e0\u10e1\u10d4\u10d1\u10d8\u10d7\u10d8 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d4\u10d1\u10d8 \u10d0\u10e0 \u10d2\u10d0\u10dc\u10e3\u10ea\u10d3\u10d8\u10d0\u10d7, \u10e0\u10d0\u10ea \u10d8\u10db\u10d0\u10e1 \u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10e1, \u10e0\u10dd\u10db \u10d0\u10e0 \u10d0\u10e5\u10d5\u10e1 \u10dc\u10d0\u10e0\u10e9\u10d4\u10dc\u10dd\u10d1\u10d8\u10d7\u10d8 \u10ec\u10d4\u10d5\u10e0\u10d4\u10d1\u10d8\u10e1 \u10ef\u10d5\u10d0\u10e0\u10d4\u10d3\u10d8\u10dc \u10d9\u10dd\u10e0\u10d4\u10da\u10d0\u10ea\u10d8\u10d0\u10e1 \u10d0\u10d3\u10d2\u10d8\u10da\u10d8.<\/p>\n<p>\u10e8\u10d4\u10d3\u10d4\u10d2\u10d4\u10d1\u10d8: \u10e9\u10d5\u10d4\u10dc\u10e1 \u10db\u10d8\u10d4\u10e0 \u10d8\u10d3\u10d4\u10dc\u10e2\u10d8\u10e4\u10d8\u10ea\u10d8\u10e0\u10d4\u10d1\u10e3\u10da \u10db\u10dd\u10d3\u10d4\u10da\u10d4\u10d1\u10e8\u10d8 \u10e1\u10d0\u10ee\u10d4\u10da\u10db\u10ec\u10d8\u10e4\u10dd \u10e4\u10d0\u10e1\u10d8\u10d0\u10dc\u10d8 \u10e5\u10d0\u10e6\u10d0\u10da\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10e4\u10e3\u10da\u10d8\u10e1 \u10db\u10d8\u10ec\u10dd\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e8\u10dd\u10d9\u10d6\u10d4 \u10d8\u10db\u10de\u10e3\u10da\u10e1\u10d6\u10d4 \u10e0\u10d4\u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10e4\u10e3\u10dc\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8 \u10e1\u10e2\u10d0\u10e2\u10d8\u10e1\u10e2\u10d8\u10d9\u10e3\u10e0\u10d0\u10d3 \u10d0\u10e0\u10d0\u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8\u10d0. \u10d0\u10e0\u10d0\u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8\u10d0 \u10e1\u10d0\u10ee\u10d4\u10da\u10db\u10ec\u10d8\u10e4\u10dd \u10e4\u10d0\u10e1\u10d8\u10d0\u10dc\u10d8 \u10e5\u10d0\u10e6\u10d0\u10da\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10d5\u10d0\u10e0\u10d8\u10d0\u10ea\u10d8\u10d0\u10e8\u10d8 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10d0\u10d2\u10e0\u10d4\u10d2\u10d0\u10e2\u10d4\u10d1\u10d8\u10e1 \u10d5\u10d0\u10e0\u10d8\u10d0\u10ea\u10d8\u10d0\u10ea. \u10d0\u10db\u10d0\u10e1\u10d7\u10d0\u10dc \u10e1\u10d0\u10ee\u10d4\u10da\u10db\u10ec\u10d8\u10e4\u10dd \u10e4\u10d0\u10e1\u10d8\u10d0\u10dc\u10d8 \u10e5\u10d0\u10e6\u10d0\u10da\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8 \u10e0\u10e7\u10d4\u10d5\u10d4\u10d1\u10d8\u10d7 \u10e3\u10d1\u10e0\u10e3\u10dc\u10d3\u10d4\u10d1\u10d0 \u10ec\u10dd\u10dc\u10d0\u10e1\u10ec\u10dd\u10e0\u10e3\u10da \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d1\u10d0\u10e1, \u10e0\u10d0\u10ea \u10ec\u10dd\u10dc\u10d0\u10e1\u10ec\u10dd\u10e0\u10dd\u10d1\u10d8\u10e1 \u10d0\u10e6\u10d3\u10d2\u10d4\u10d1\u10d8\u10e1 \u10d0\u10d3\u10d0\u10e4\u10e2\u10d0\u10ea\u10d8\u10e3\u10e0 \u10db\u10d4\u10e5\u10d0\u10dc\u10d8\u10d6\u10db\u10d6\u10d4 \u10db\u10dd\u10e3\u10d7\u10d8\u10d7\u10d4\u10d1\u10e1. \u10d0\u10e6\u10e1\u10d0\u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10d8\u10d0, \u10e0\u10dd\u10db \u10db\u10d0\u10e1\u10d6\u10d4 \u10db\u10d0\u10e5\u10e1\u10d8\u10db\u10d0\u10da\u10e3\u10e0\u10d8  \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0 M2 \u10d3\u10d0 M3 \u10e4\u10e3\u10da\u10d0\u10d3 \u10d0\u10d2\u10e0\u10d4\u10d2\u10d0\u10e2\u10d4\u10d1\u10e1 \u10d2\u10d0\u10d0\u10e9\u10dc\u10d8\u10d0\u10d7, \u10e1\u10d0\u10d3\u10d0\u10ea \u10db\u10ee\u10dd\u10da\u10dd\u10d3 \u10d9\u10dd\u10db\u10d4\u10e0\u10ea\u10d8\u10e3\u10da\u10d8 \u10d1\u10d0\u10dc\u10d9\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d4\u10de\u10dd\u10d6\u10d8\u10e2\u10d4\u10d1\u10d8\u10d0 \u10d7\u10d0\u10d5\u10db\u10dd\u10e7\u10e0\u10d8\u10da\u10d8. \u10d0\u10e1\u10d4\u10d7\u10d8 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d8\u10e1 \u10db\u10d8\u10d6\u10d4\u10d6\u10d8 \u10de\u10d8\u10e0\u10d5\u10d4\u10da \u10e0\u10d8\u10d2\u10e8\u10d8 \u10e1\u10d0\u10ee\u10d4\u10da\u10db\u10ec\u10d8\u10e4\u10dd\u10e1\u10d7\u10d5\u10d8\u10e1 \u10e1\u10d4\u10e1\u10ee\u10d8\u10e1 \u10d2\u10d0\u10ea\u10d4\u10db\u10d8\u10e1 \u10d1\u10d0\u10d6\u10d0 \u10e3\u10dc\u10d3\u10d0 \u10db\u10d8\u10d5\u10d8\u10e9\u10d8\u10dd\u10d7, \u10d9\u10d4\u10e0\u10eb\u10dd\u10d3 \u10d4\u10e0\u10dd\u10d5\u10dc\u10e3\u10da \u10d5\u10d0\u10da\u10e3\u10e2\u10d0\u10e8\u10d8 \u10d3\u10d4\u10de\u10dd\u10d6\u10d8\u10e2\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10e3\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d0\u10d3 \u10d6\u10e0\u10d3\u10d0\u10db \u10e3\u10dc\u10d3\u10d0 \u10d2\u10d0\u10db\u10dd\u10d8\u10ec\u10d5\u10d8\u10dd\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e8\u10dd\u10d9\u10d8. <\/p>\n<p><strong><br \/>\n\u10d2\u10e0\u10d0\u10e4\u10d8\u10d9\u10d8 #1.<br \/>\n\u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10e1\u10d0\u10ee\u10d4\u10da\u10db\u10ec\u10d8\u10e4\u10dd \u10e4\u10d0\u10e1\u10d8\u10d0\u10dc\u10d8 \u10e5\u10d0\u10e6\u10d0\u10da\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8\u10e1 \u10d8\u10db\u10de\u10e3\u10da\u10e1\u10d6\u10d4 \u10e0\u10d4\u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10e4\u10e3\u10dc\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8 \u10e4\u10e3\u10da\u10d8\u10e1 \u10db\u10d8\u10ec\u10dd\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e8\u10dd\u10d9\u10d4\u10d1\u10d6\u10d4<\/strong> <\/p>\n<p><img decoding=\"async\" src=\"http:\/\/geoeconomics.ge\/wp-content\/uploads\/2016\/06\/2.jpg\" alt=\"null\" \/><br \/>\n<br \/>\n<img decoding=\"async\" src=\"http:\/\/geoeconomics.ge\/wp-content\/uploads\/2016\/06\/3.jpg\" alt=\"\" \/><br \/>\n<br \/>\n<img decoding=\"async\" src=\"http:\/\/geoeconomics.ge\/wp-content\/uploads\/2016\/06\/4.jpg\" alt=\"null\" \/><br \/>\n<\/p>\n<p><strong>\u10d2\u10e0\u10d0\u10e4\u10d8\u10d9\u10d8 #2.<br \/>\n\u10db\u10d4\u10dd\u10e0\u10d4 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8\u10e1 \u10d8\u10db\u10de\u10e3\u10da\u10e1\u10d6\u10d4 \u10e0\u10d4\u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10e4\u10e3\u10dc\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8 \u10e4\u10e3\u10da\u10d8\u10e1 \u10db\u10d8\u10ec\u10dd\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e8\u10dd\u10d9\u10d4\u10d1\u10d6\u10d4 <\/strong><br \/>\n<br \/>\n<img decoding=\"async\" src=\"http:\/\/geoeconomics.ge\/wp-content\/uploads\/2016\/06\/7.png\" alt=\"\" \/><br \/>\n<\/p>\n<p>\u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8\u10e1 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10d0\u10d2\u10e0\u10d4\u10d2\u10d0\u10e2\u10d4\u10d1\u10d8\u10e1 (CC, M2 \u10d3\u10d0 M3) \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d8\u10e1 \u10d8\u10db\u10de\u10e3\u10da\u10e1\u10d6\u10d4 \u10e0\u10d4\u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10e4\u10e3\u10dc\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8 \u10e1\u10e2\u10d0\u10e2\u10d8\u10e1\u10e2\u10d8\u10d9\u10e3\u10e0\u10d0\u10d3 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8\u10d0.  \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8\u10e1 \u10d5\u10d0\u10e0\u10d8\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d3\u10d4\u10d9\u10dd\u10db\u10de\u10dd\u10d6\u10d8\u10ea\u10d8\u10d0 \u10d2\u10d5\u10d8\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10e1, \u10e0\u10dd\u10db \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8\u10e1 \u10d5\u10d0\u10e0\u10d8\u10d0\u10ea\u10d8\u10d0\u10e8\u10d8 \u10e4\u10e3\u10da\u10d8\u10e1 \u10db\u10d0\u10e1\u10d8\u10e1 \u10d0\u10d2\u10e0\u10d4\u10d2\u10d0\u10e2\u10d4\u10d1\u10d8\u10e1 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d8\u10e1 \u10d5\u10d0\u10e0\u10d8\u10d0\u10ea\u10d8\u10d0 \u10db\u10d0\u10e6\u10d0\u10da\u10d8 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d3\u10dd\u10dc\u10d8\u10d7 \u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d3\u10d4\u10d1\u10d0. \u10d0\u10db\u10d0\u10e1\u10d7\u10d0\u10dc \u10d3\u10d8\u10dc\u10d0\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10ec\u10dd\u10dc\u10d0\u10e1\u10ec\u10dd\u10e0\u10dd\u10d1\u10d8\u10e1 \u10d0\u10e6\u10d3\u10d2\u10d4\u10dc\u10d8\u10e1 \u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8 \u10d0\u10e2\u10d0\u10e0\u10d4\u10d1\u10e1 \u10e0\u10e7\u10d4\u10d5\u10d8\u10d7 \u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10e1 \u10d3\u10d0 \u10db\u10d8\u10e1\u10d8 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0 \u10e1\u10ee\u10d5\u10d0\u10d3\u10d0\u10e1\u10ee\u10d5\u10d0 \u10db\u10dd\u10d3\u10d4\u10da\u10d4\u10d1\u10e8\u10d8 \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d4\u10d1\u10e3\u10da\u10d8 \u10d3\u10e0\u10dd\u10d8\u10d7\u10d8 \u10da\u10d0\u10d2\u10d8\u10e1 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2 \u10d0\u10e6\u10ec\u10d4\u10d5\u10e1 \u10db\u10d0\u10e5\u10e1\u10d8\u10db\u10e3\u10db\u10e1, \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8\u10e1 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d0\u10d3 \u10e0\u10e7\u10d4\u10d5\u10d4\u10d1\u10d8\u10d7 \u10e3\u10d1\u10e0\u10e3\u10dc\u10d3\u10d4\u10d1\u10d0 \u10ec\u10dd\u10dc\u10d0\u10e1\u10ec\u10dd\u10e0\u10e3\u10da \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d1\u10d0\u10e1.<\/p>\n<p>\u10d0\u10e6\u10e1\u10d0\u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10d8\u10d0, \u10e0\u10dd\u10db \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d3\u10d4\u10d1\u10d0 \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10d3\u10d0 \u10db\u10d4\u10dd\u10e0\u10d4 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d4\u10d1\u10d8, \u10d7\u10e3\u10db\u10ea\u10d0 \u10db\u10d8\u10d6\u10d4\u10d6\u10d8 \u10db\u10dd\u10d3\u10d4\u10da\u10d4\u10d1\u10d8\u10e1 \u10d0\u10e0\u10d0\u10e1\u10e0\u10e3\u10da\u10e4\u10d0\u10e1\u10dd\u10d5\u10dc\u10d4\u10d1\u10d0\u10e8\u10d8 \u10e3\u10dc\u10d3\u10d0 \u10d5\u10d4\u10eb\u10d4\u10d1\u10dd\u10d7. \u10d5\u10e4\u10d8\u10e5\u10e0\u10dd\u10d1\u10d7, \u10e0\u10dd\u10db \u10db\u10d4\u10dd\u10e0\u10d4 \u10db\u10dd\u10d3\u10d4\u10da\u10d8 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d6\u10d4 \u10e4\u10e3\u10da\u10d8\u10e1 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d8\u10e1 \u10d7\u10d5\u10d0\u10da\u10e1\u10d0\u10d6\u10e0\u10d8\u10e1\u10d8\u10d7 \u10e3\u10e4\u10e0\u10dd \u10e1\u10e0\u10e3\u10da \u10d8\u10dc\u10e4\u10dd\u10e0\u10db\u10d0\u10ea\u10d8\u10d0\u10e1 \u10d8\u10eb\u10da\u10d4\u10d5\u10d0. \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3, \u10e8\u10d4\u10d2\u10d5\u10d8\u10eb\u10da\u10d8\u10d0 \u10d3\u10d0\u10d5\u10d0\u10e1\u10d9\u10d5\u10dc\u10d0\u10d7, \u10e0\u10dd\u10db \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10d0\u10d2\u10e0\u10d4\u10d2\u10d0\u10e2\u10d4\u10d1\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0 \u10e1\u10d0\u10ec\u10e7\u10d8\u10e1 \u10d4\u10e2\u10d0\u10de\u10d6\u10d4 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10dc\u10d0\u10d3 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10e1, \u10d7\u10e3\u10db\u10ea\u10d0 \u10e8\u10dd\u10d9\u10d8 \u10e1\u10d0\u10d9\u10db\u10d0\u10dd\u10d3 \u10ee\u10d0\u10dc\u10d2\u10e0\u10eb\u10da\u10d8\u10d5\u10d8 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4 (13) \u10d3\u10d8\u10dc\u10d0\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d0\u10e0\u10d0\u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1 \u10db\u10d8\u10d6\u10d4\u10d6\u10d8\u10d0.<\/p>\n<p><strong>\u10ea\u10ee\u10e0\u10d8\u10da\u10d8 #5.1.<br \/>\n\u10e1\u10d0\u10ee\u10d4\u10da\u10db\u10ec\u10d8\u10e4\u10dd \u10e4\u10d0\u10e1\u10d8\u10d0\u10dc\u10d8 \u10e5\u10d0\u10e6\u10d0\u10da\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8\u10e1 \u10d5\u10d0\u10e0\u10d8\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d3\u10d4\u10d9\u10dd\u10db\u10de\u10dd\u10d6\u10d8\u10ea\u10d8\u10d0<br \/>\n<\/strong><\/p>\n<p><img decoding=\"async\" src=\"http:\/\/geoeconomics.ge\/wp-content\/uploads\/2016\/06\/Screen-Shot-2016-06-23-at-3.48.04-AM.png\" alt=\"\" \/><\/p>\n<p>\n<strong>\u10ea\u10ee\u10e0\u10d8\u10da\u10d8 #5.2.<br \/>\n\u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8\u10e1 \u10d5\u10d0\u10e0\u10d8\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d3\u10d4\u10d9\u10dd\u10db\u10de\u10dd\u10d6\u10d8\u10ea\u10d8\u10d0<\/strong><br \/>\n<img decoding=\"async\" src=\"http:\/\/geoeconomics.ge\/wp-content\/uploads\/2016\/06\/12.png\" alt=\"\" \/><\/p>\n<p>\u10e4\u10e3\u10da\u10d8\u10e1 \u10db\u10d0\u10e1\u10d8\u10e1 \u10d3\u10d0 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8\u10e1, \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e8\u10d8 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10db\u10d0\u10ee\u10d0\u10e1\u10d8\u10d0\u10d7\u10d4\u10d1\u10d4\u10da\u10d8 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d8\u10e1 \u10d0\u10db\u10d2\u10d5\u10d0\u10e0\u10d8 \u10d3\u10d0\u10db\u10dd\u10d9\u10d8\u10d3\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0 \u10d3\u10d0\u10e1\u10e2\u10e3\u10e0\u10d3\u10d4\u10d1\u10d0 \u10e1\u10ee\u10d5\u10d0 \u10d9\u10d5\u10da\u10d4\u10d5\u10d4\u10d1\u10d8\u10d7\u10d0\u10ea (Bernanke and Kuttner 2004, Campbell and Cochrane 1999, Brandt and Wang 2003).<\/p>\n<p>\u10e9\u10d5\u10d4\u10dc\u10d8 \u10d0\u10d6\u10e0\u10d8\u10d7 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e1 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d8\u10dc\u10e2\u10d4\u10e0\u10de\u10e0\u10d4\u10e2\u10d0\u10ea\u10d8\u10d0 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2\u10d8 \u10e1\u10d0\u10ee\u10d8\u10d7: \u10e4\u10e3\u10da\u10d8\u10e1 \u10db\u10d8\u10ec\u10dd\u10d3\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10e3\u10da\u10dd\u10d3\u10dc\u10d4\u10da \u10d6\u10e0\u10d3\u10d0\u10e1 \u10e8\u10d4\u10e3\u10eb\u10da\u10d8\u10d0 \u10d2\u10d0\u10db\u10dd\u10d8\u10ec\u10d5\u10d8\u10dd\u10e1 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0, \u10e8\u10d4\u10d0\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10e1 \u10e1\u10d0\u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10dd \u10de\u10e0\u10dd\u10e5\u10e2\u10d4\u10d1\u10d8\u10e1 \u10e0\u10d8\u10e1\u10d9\u10d8\u10d0\u10dc\u10dd\u10d1\u10d0\u10e1.  \u10d8\u10db\u10d8\u10e1 \u10d2\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d8\u10d7, \u10e0\u10dd\u10db \u10e4\u10d0\u10e1\u10d8\u10d0\u10dc\u10d8 \u10e5\u10d0\u10e6\u10d0\u10da\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10d2\u10d0\u10dc\u10e3\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10da\u10dd\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e8\u10d8 \u10e4\u10e3\u10da\u10d8\u10e1 \u10d3\u10d0\u10d1\u10d0\u10dc\u10d3\u10d4\u10d1\u10d8\u10e1 \u10db\u10ee\u10dd\u10da\u10dd\u10d3 \u10e1\u10d0\u10db\u10d8 \u10d0\u10da\u10e2\u10d4\u10e0\u10dc\u10d0\u10e2\u10d8\u10d5\u10d0\u10d0 (\u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d0, \u10d3\u10d4\u10de\u10dd\u10d6\u10d8\u10e2\u10d4\u10d1\u10d8 \u10d3\u10d0 \u10d1\u10d8\u10d6\u10dc\u10d4\u10e1 \u10de\u10e0\u10dd\u10d4\u10e5\u10e2\u10d4\u10d1\u10d8), \u10d1\u10d8\u10d6\u10dc\u10d4\u10e1 \u10de\u10e0\u10dd\u10d4\u10e5\u10e2\u10d8 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\u10e1\u10e0\u10e3\u10da\u10d0\u10d3 \u10d4\u10ee\u10db\u10d8\u10d0\u10dc\u10d4\u10d1\u10d0, \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10e3\u10e0 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d0\u10e8\u10d8 \u10d0\u10e0\u10e1\u10d4\u10d1\u10e3\u10da \u10db\u10dd\u10e1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d0\u10e1 \u10e4\u10e3\u10da\u10d8\u10e1 \u10db\u10d0\u10e1\u10d8\u10d7 \u10db\u10dd\u10d9\u10da\u10d4\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10e8\u10d8 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1 \u10ec\u10d0\u10ee\u10d0\u10da\u10d8\u10e1\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1, \u10e1\u10d0\u10d3\u10d0\u10ea \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d8\u10ea \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10dc\u10d0\u10d9\u10da\u10d8\u10e1\u10d8. <\/p>\n<p>\u27a2\t\u10d9\u10d5\u10da\u10d4\u10d5\u10d0\u10db 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\u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1\u10d0\u10d3\u10db\u10d8 \u10d3\u10d0\u10d1\u10d0\u10dc\u10d3\u10d4\u10d1\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10e6\u10d0\u10da \u10db\u10d8\u10d3\u10e0\u10d4\u10d9\u10d8\u10da\u10d4\u10d1\u10d0\u10d3, \u10d5\u10d8\u10d3\u10e0\u10d4 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1 \u10e1\u10ee\u10d5\u10d0 \u10d3\u10d0\u10e0\u10d2\u10d4\u10d1\u10e8\u10d8, \u10e0\u10d0\u10ea \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10e1\u10e2\u10d8\u10e2\u10e3\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10e8\u10d4\u10d6\u10e6\u10e3\u10d3\u10d5\u10d8\u10d7 \u10d3\u10d0 \u10d2\u10d0\u10dc\u10e3\u10d5\u10d8\u10d7\u10d0\u10e0\u10d4\u10d1\u10da\u10dd\u10d1\u10d8\u10d7 \u10d0\u10e0\u10d8\u10e1 \u10d2\u10d0\u10dc\u10de\u10d8\u10e0\u10dd\u10d1\u10d4\u10d1\u10e3\u10da\u10d8.<\/p>\n<p>\u27a2\t\u10d0\u10e6\u10e1\u10d0\u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10d8\u10d0, \u10e0\u10dd\u10db \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d3\u10d4\u10d1\u10d0 \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10d3\u10d0 \u10db\u10d4\u10dd\u10e0\u10d4 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d4\u10d1\u10d8, \u10d7\u10e3\u10db\u10ea\u10d0 \u10db\u10d8\u10d6\u10d4\u10d6\u10d8 \u10db\u10dd\u10d3\u10d4\u10da\u10d4\u10d1\u10d8\u10e1 \u10d0\u10e0\u10d0\u10e1\u10e0\u10e3\u10da\u10e4\u10d0\u10e1\u10dd\u10d5\u10dc\u10d4\u10d1\u10d0\u10e8\u10d8 \u10e3\u10dc\u10d3\u10d0 \u10d5\u10d4\u10eb\u10d4\u10d1\u10dd\u10d7. \u10d5\u10e4\u10d8\u10e5\u10e0\u10dd\u10d1\u10d7, \u10e0\u10dd\u10db \u10db\u10d4\u10dd\u10e0\u10d4 \u10db\u10dd\u10d3\u10d4\u10da\u10d8 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d6\u10d4 \u10e4\u10e3\u10da\u10d8\u10e1 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d8\u10e1 \u10d7\u10d5\u10d0\u10da\u10e1\u10d0\u10d6\u10e0\u10d8\u10e1\u10d8\u10d7 \u10e3\u10e4\u10e0\u10dd \u10e1\u10e0\u10e3\u10da \u10d8\u10dc\u10e4\u10dd\u10e0\u10db\u10d0\u10ea\u10d8\u10d0\u10e1 \u10d8\u10eb\u10da\u10d4\u10d5\u10d0. \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3, \u10e8\u10d4\u10d2\u10d5\u10d8\u10eb\u10da\u10d8\u10d0 \u10d3\u10d0\u10d5\u10d0\u10e1\u10d9\u10d5\u10dc\u10d0\u10d7, \u10e0\u10dd\u10db \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10d0\u10d2\u10e0\u10d4\u10d2\u10d0\u10e2\u10d4\u10d1\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d0 \u10e1\u10d0\u10ec\u10e7\u10d8\u10e1 \u10d4\u10e2\u10d0\u10de\u10d6\u10d4 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10dc\u10d0\u10d3 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10e1, \u10d7\u10e3\u10db\u10ea\u10d0 \u10e8\u10dd\u10d9\u10d8 \u10e1\u10d0\u10d9\u10db\u10d0\u10dd\u10d3 \u10ee\u10d0\u10dc\u10d2\u10e0\u10eb\u10da\u10d8\u10d5\u10d8 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4 (14) \u10d3\u10d8\u10dc\u10d0\u10db\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d0\u10e0\u10d0\u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1 \u10db\u10d8\u10d6\u10d4\u10d6\u10d8\u10d0.<\/p>\n<p><em><strong>\u10e8\u10d4\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10d1\u10d8<\/strong><\/em><\/p>\n<p><em>1. \u10ec\u10d8\u10dc\u10d0\u10db\u10d3\u10d4\u10d1\u10d0\u10e0\u10d4 \u10dc\u10d0\u10e8\u10e0\u10dd\u10db\u10e8\u10d8 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10e3\u10da\u10d8 \u10e1\u10e2\u10d0\u10e2\u10d8\u10e1\u10e2\u10d8\u10d9\u10d0 \u10d4\u10e7\u10e0\u10d3\u10dc\u10dd\u10d1\u10d0  \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e1 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d7\u10d0 \u10e1\u10d0\u10db\u10d8\u10dc\u10d8\u10e1\u10e2\u10e0\u10dd\u10e1 (www.mof.gov.ge); \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e1 \u10d4\u10e0\u10dd\u10d5\u10dc\u10e3\u10da\u10d8 \u10d1\u10d0\u10dc\u10d9\u10d8\u10e1 (www.nbg.ge) \u10d3\u10d0 \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e1 \u10e1\u10e2\u10d0\u10e2\u10d8\u10e1\u10e2\u10d8\u10d9\u10d8\u10e1 \u10d4\u10e0\u10dd\u10d5\u10dc\u10e3\u10da\u10d8 \u10e1\u10d0\u10db\u10e1\u10d0\u10ee\u10e3\u10e0\u10d8\u10e1 (www.geostat.ge) \u10db\u10dd\u10dc\u10d0\u10ea\u10d4\u10db\u10d4\u10d1\u10e1.<br \/>\n2. \u10d8\u10db\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1, \u10e0\u10dd\u10db \u10d6\u10d4\u10db\u10dd\u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10e3\u10da\u10d8 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8 \u10d3\u10e0\u10dd\u10e8\u10d8 \u10d4\u10e0\u10d7\u10db\u10d0\u10dc\u10d4\u10d7\u10d7\u10d0\u10dc \u10e8\u10d4\u10e1\u10d0\u10d3\u10d0\u10e0\u10d8\u10e1\u10d8 \u10d8\u10e7\u10dd\u10e1, \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8\u10d0 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d3\u10dd\u10dc\u10d8\u10e1, \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10d4\u10e0\u10d7-\u10d4\u10e0\u10d7\u10d8 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10e4\u10d0\u10e5\u10e2\u10dd\u10e0\u10d8\u10e1 \u10d2\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d0. \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d3\u10dd\u10dc\u10d8\u10e1 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10e3\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10da\u10dd\u10d1\u10d0\u10db \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10dd\u10d0 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10e1 \u10e8\u10dd\u10e0\u10d8\u10e1 \u10d4.\u10ec. \u10db\u10ea\u10d3\u10d0\u10e0\u10d8 \u10d9\u10dd\u10e0\u10d4\u10da\u10d0\u10ea\u10d8\u10d0\u10ea \u10d2\u10d0\u10db\u10dd\u10d8\u10ec\u10d5\u10d8\u10dd\u10e1, \u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10e3\u10da\u10d8\u10d3\u10d0\u10dc \u10d2\u10d0\u10db\u10dd\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10db\u10d8\u10d6\u10d0\u10dc\u10e8\u10d4\u10ec\u10dd\u10dc\u10d8\u10da\u10d8\u10d0 \u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10e3\u10da\u10d8 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10d8\u10e1 \u10d9\u10dd\u10e0\u10d4\u10e5\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0 \u10e1\u10d0\u10d1\u10d0\u10d6\u10d8\u10e1\u10dd \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 (1996 \u10ec\u10da\u10d8\u10e1 I \u10d9\u10d5\u10d0\u10e0\u10e2\u10d0\u10da\u10d8) \u10db\u10d7\u10da\u10d8\u10d0\u10dc\u10d8 \u10e8\u10d8\u10d2\u10d0 \u10de\u10e0\u10dd\u10d3\u10e3\u10e5\u10e2\u10d8\u10e1 \u10d3\u10d4\u10e4\u10da\u10d0\u10e2\u10dd\u10e0\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d8\u10d7.<br \/>\n3. \u10e8\u10d8\u10dc\u10d0\u10db\u10d4\u10e3\u10e0\u10dc\u10d4\u10dd\u10d1\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0 \u10e8\u10d8\u10dc\u10d0\u10db\u10d4\u10e3\u10e0\u10dc\u10d4\u10dd\u10d1\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10db\u10e1\u10d0\u10ee\u10e3\u10e0\u10d4 \u10d9\u10d4\u10e0\u10eb\u10dd \u10d0\u10e0\u10d0\u10d9\u10dd\u10db\u10d4\u10e0\u10ea\u10d8\u10e3\u10da\u10d8 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1  \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8 \u10e1\u10d0\u10d1\u10d0\u10da\u10dd\u10dd \u10db\u10dd\u10ee\u10db\u10d0\u10e0\u10d4\u10d1\u10d0 \u10d6\u10d4\u10e0\u10d4\u10d0\u10da\u10e3\u10e0 \u10d2\u10d0\u10db\u10dd\u10e1\u10d0\u10ee\u10e3\u10da\u10d4\u10d1\u10d0\u10e8\u10d8.<br \/>\n4. \u10ec\u10e7\u10d0\u10e0\u10dd: \u10d1\u10d4\u10e0\u10d0\u10d8\u10d0, \u10dc\u10d0\u10ea\u10d5\u10d0\u10da\u10d0\u10eb\u10d4, &#8220;\u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10ea\u10d8\u10d9\u10da\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10d6\u10d8 (\u10d7\u10d1\u10d8\u10da\u10d8\u10e1\u10d8\u10e1 \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d6\u10d4)&#8221;, \u10df\u10e3\u10e0\u10dc\u10d0\u10da\u10d8 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0 \u10d3\u10d0 \u10d1\u10d8\u10d6\u10dc\u10d4\u10e1\u10d8, N4, 2015<br \/>\n5. X12 \u10db\u10d4\u10d7\u10dd\u10d3\u10d8 \u10ec\u10d0\u10e0\u10db\u10dd\u10d0\u10d3\u10d2\u10d4\u10dc\u10e1 \u10d0\u10e8\u10e8 \u10db\u10dd\u10e1\u10d0\u10ee\u10da\u10d4\u10dd\u10d1\u10d8\u10e1 \u10d0\u10e6\u10ec\u10d4\u10e0\u10d8\u10e1 \u10d1\u10d8\u10e3\u10e0\u10dd\u10e1 \u10db\u10d8\u10d4\u10e0 \u10e8\u10d4\u10e5\u10db\u10dc\u10d8\u10da \u10e1\u10d4\u10d6\u10dd\u10dc\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10e1\u10ee\u10d5\u10d0 \u10d2\u10d0\u10d3\u10d0\u10ee\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d9\u10dd\u10e0\u10d4\u10e5\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d8\u10e1\u10e2\u10d4\u10db\u10d0\u10e1.<br \/>\n6. \u10d6\u10dd\u10d2\u10d8\u10d4\u10e0\u10d7\u10d8 \u10d0\u10d5\u10e2\u10dd\u10e0\u10d8\u10e1 (Ghysels &#038; Perron 1990, \u10d2\u10d5. 23) \u10d3\u10d0\u10d9\u10d5\u10d8\u10e0\u10d5\u10d4\u10d1\u10d8\u10d7, \u10e1\u10d4\u10d6\u10dd\u10dc\u10e3\u10e0\u10d0\u10d3 \u10d9\u10dd\u10e0\u10d4\u10e5\u10e2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da \u10ea\u10d5\u10da\u10d0\u10d3\u10d8\u10e1 \u10db\u10d8\u10db\u10d0\u10e0\u10d7 \u10e1\u10ee\u10d5\u10d0\u10d3\u10d0\u10e1\u10ee\u10d5\u10d0 \u10e2\u10d4\u10e1\u10e2\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d8\u10d7 \u10e1\u10e2\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10d6\u10d8\u10e1 \u10d3\u10e0\u10dd\u10e1 \u10db\u10d0\u10e2\u10e3\u10da\u10dd\u10d1\u10e1 \u10db\u10ec\u10d9\u10e0\u10d8\u10d5\u10d8\u10e1 DS \u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d0\u10d3 \u10d9\u10d5\u10d0\u10da\u10d8\u10e4\u10d8\u10ea\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d0\u10dc\u10e1\u10d4\u10d1\u10d8, \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10e3\u10db\u10ef\u10dd\u10d1\u10d4\u10e1\u10d8\u10d0 \u10db\u10dd\u10e3\u10e1\u10ec\u10dd\u10e0\u10d4\u10d1\u10d4\u10da \u10d3\u10d0 \u10d2\u10d0\u10e3\u10e4\u10d8\u10da\u10e2\u10e0\u10d0\u10d5 \u10db\u10ec\u10d9\u10e0\u10d8\u10d5\u10d6\u10d4  \u10d4\u10e0\u10d7\u10d4\u10e3\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10e4\u10d4\u10e1\u10d5\u10d8\u10e1 \u10e2\u10d4\u10e1\u10e2\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0.<br \/>\n7. Trend-Stationary<br \/>\n8. Difference-Stationary<br \/>\n9. \u10d4\u10e1 \u10de\u10e0\u10dd\u10ea\u10d4\u10d3\u10e3\u10e0\u10d0 \u10e8\u10d4\u10db\u10dd\u10d7\u10d0\u10d5\u10d0\u10d6\u10d4\u10d1\u10e3\u10da\u10d8\u10d0 \u10d9\u10dd\u10ee\u10e0\u10d4\u10d8\u10dc\u10d8\u10e1 \u10dc\u10d0\u10e8\u10e0\u10dd\u10db\u10e8\u10d8 (Cochrane, 1988) TS \u10d3\u10d0 DS \u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d8\u10d3\u10d4\u10dc\u10e2\u10d8\u10e4\u10d8\u10ea\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d4\u10d1\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1.<br \/>\n10. \u10e0\u10d0\u10e1\u10d0\u10ea  ADF, PP, DF-GLS, KPSS  \u10e2\u10d4\u10e1\u10e2\u10d4\u10d1\u10d8 \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10e3\u10da\u10d0\u10d3 \u10d0\u10e0 \u10d8\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10d8\u10ec\u10d8\u10dc\u10d4\u10d1\u10d4\u10dc<br \/>\n11. \u10dd\u10e1\u10e2\u10d0\u10de\u10d4\u10dc\u10d9\u10dd \u10d3\u10d0 \u10e2\u10d0\u10d1\u10d0\u10e6\u10e3\u10d0\u10e1 (2014) \u10d9\u10d5\u10da\u10d4\u10d5\u10d8\u10e1 \u10db\u10d8\u10ee\u10d4\u10d3\u10d5\u10d8\u10d7, \u10e1\u10d0\u10d3\u10d0\u10ea \u10e1\u10d0\u10dd\u10ef\u10d0\u10ee\u10dd \u10db\u10d4\u10e3\u10e0\u10dc\u10d4\u10dd\u10d1\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10ee\u10db\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1  \u10d3\u10d0 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10db\u10d7\u10da\u10d8\u10d0\u10dc\u10d8 \u10e8\u10d8\u10d3\u10d0 \u10de\u10e0\u10dd\u10d3\u10e3\u10e5\u10e2\u10d8\u10e1 \u10e1\u10e2\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1 \u10e1\u10d0\u10d9\u10d8\u10d7\u10ee\u10d8\u10e1 \u10e8\u10d4\u10e1\u10ec\u10d0\u10d5\u10da\u10d8\u10e1\u10d0\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10e3\u10da \u10d8\u10e5\u10dc\u10d0 \u10d4\u10e0\u10d7\u10d4\u10e3\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10e4\u10d4\u10e1\u10d5\u10d8\u10e1 \u10e2\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10db\u10d4\u10d7\u10dd\u10d3\u10d4\u10d1\u10d8, \u10e0\u10dd\u10db\u10da\u10d4\u10d1\u10d8\u10ea \u10e1\u10e2\u10e0\u10e3\u10e5\u10e2\u10e3\u10e0\u10e3\u10da \u10eb\u10d5\u10e0\u10d4\u10d1\u10e1 \u10d8\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d4\u10dc, \u10e1\u10d0\u10dd\u10ef\u10d0\u10ee\u10dd \u10db\u10d4\u10e3\u10e0\u10dc\u10d4\u10dd\u10d1\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10ee\u10db\u10d0\u10e0\u10d4\u10d1\u10d8  \u10d3\u10d0 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10db\u10d7\u10da\u10d8\u10d0\u10dc\u10d8 \u10e8\u10d8\u10d3\u10d0 \u10de\u10e0\u10dd\u10d3\u10e3\u10e5\u10e2\u10d8 \u10d2\u10d0\u10dc\u10d8\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d0, \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea TS \u10de\u10e0\u10dd\u10ea\u10d4\u10e1\u10d8.<br \/>\n12. CC, M2 \u10d3\u10d0 M3 \u10ec\u10d0\u10e0\u10db\u10dd\u10d0\u10d3\u10d2\u10d4\u10dc\u10d4\u10dc \u10e4\u10e3\u10da\u10d8\u10e1 \u10db\u10d0\u10e1\u10d0\u10e1<br \/>\n13. 8-10 \u10d9\u10d5\u10d0\u10e0\u10e2\u10da\u10d8\u10e1<br \/>\n14. 8-10 \u10d9\u10d5\u10d0\u10e0\u10e2\u10da\u10d8\u10e1<br \/>\n<\/em><\/p>\n<p><strong><br \/>\n\u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10e3\u10da\u10d8 \u10da\u10d8\u10e2\u10d4\u10e0\u10d0\u10e2\u10e3\u10e0\u10d0:<\/strong><\/p>\n<p>1.\tAngeloni, I., A. Kashyap, B. Mojon and D. Terlizzese (2003), \u201cMonetary transmission in the euro area: does the interest rate channel explain all?\u201d, NBER Working Papers No. 9984<http:\/\/www.nber.org\/papers\/w9984><br \/>\n2.\tBarro R., Sala-i-Martin X. &#8211; Economic Growth. 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(1991) Nonstationarity and level shifts with an application to purchasing power parity. Econometrics Research Program, Princeton University, Research Memorandum no. 359, <https:\/\/www.princeton.edu\/~erp\/ERParchives\/archivepdfs\/M359.pdf><br \/>\n31.\tPerron, P. (1997) Further evidence from breaking trend functions inmacroeconomic variables. Journal of Econometrics, 80, 55-385.<br \/>\n32.\tPerron, P., Yabu, T. (2005) Testing for shifts in trend with an integrated or stationary noise component. Department of Economics, Boston University. <http:\/\/sws.bu.edu\/perron\/papers\/ breakpaper.pdf><br \/>\n33.\tKydland F.E., Prescott E.C. (1977) \u201cRules Rather than Discretion: The Inconsistency of OptimalPlans.\u201dThe Journal of Political Economy, Vol. 85, No. 3. pp. 473-491.<br \/>\n34.\tRousseas, S. 1998. Post Keynesian Monetary Economics, Macmillan Press,N.Y.<br \/>\n35.\tSamkharadze, Besik. \u201cMonetary TransmissionMechanism in Georgia: Analyzing Pass-Throughto Different Channels.\u201d NBG WP.no. 02 (2008).<http:\/\/nbg.gov.ge\/uploads\/workingpaper\/nbgwp02.08.pdf><br \/>\n36.\tSarno L., Taylor P.M. (1998) \u201cReal Interest Rates, Liquidity Constraints and Financial Deregulation: Private Consumption Behaviour in the UK\u201d,  Journal of Macroeconomics, Vol. 20, no.3,pp. 221-42.<br \/>\n37.\tSidrauski, M., (1967). Rational choices and patterns of growth in a monetary economy. AmericanEconomic Review Vol. 57, Issue 2,pp. 534-544.<br \/>\n38.\tSims, C. (1972) \u201cMoney, income and causality\u201d, American EconomicReview, 652, pp. 540\u2013542.<br \/>\n39.\tSims, C. (1980) \u201cComparison of interwar and postwar businesscycles\u201d, American Economic Review, 70, pp. 250\u2013257.<br \/>\n40.\tSims Ch. A., T. A. Zha (1998): \u201cDoes Monetary Policy GenerateRecessions?\u201d, Federal Reserve Bank of Atlanta, Working Paper 98-12\/ July 1998.<br \/>\n41.\tTaylor P.M.(1999) Real interest rates and macroeconomic activity \/\/ Oxford review economic policy. Vol. 15. no. 2, pp. 95-113.<br \/>\n42.\tZivot, E.,  Andrews, D. (1992)  \u201cFurther evidence on the Great crash, the oil price shock and the Unit root hypothesis\u201d, Journal of Business and Economic Statistics, Vol. 10, no. 3, pp. 251\u2013287.<br \/>\n43.\t\u10d1\u10da\u10e3\u10d0\u10e8\u10d5\u10d8\u10da\u10d8 \u10d0. (2013) ) \u201e\u10db\u10dd\u10dc\u10d4\u10e2\u10d0\u10e0\u10e3\u10da\u10d8 \u10de\u10dd\u10da\u10d8\u10e2\u10d8\u10d9\u10d8\u10e1 \u10d2\u10d0\u10d3\u10d0\u10ea\u10d4\u10db\u10d8\u10e1 \u10db\u10d4\u10e5\u10d0\u10dc\u10d8\u10d6\u10db\u10d4\u10d1\u10d8 \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e8\u10d8: \u10d1\u10dd\u10da\u10dd\u10d3\u10e0\u10dd\u10d8\u10dc\u10d3\u10d4\u10da\u10d8 \u10d3\u10d8\u10dc\u10d0\u10db\u10d8\u10d9\u10d0\u201c, \u10df\u10e3\u10e0\u10dc\u10d0\u10da\u10d8 \u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d0 \u10d3\u10d0 \u10e1\u10d0\u10d1\u10d0\u10dc\u10d9\u10dd \u10e1\u10d0\u10e5\u10db\u10d4 &#8211; \u10e2\u10dd\u10db\u10d8 I, N 3, \u10d2\u10d5. 57-74.<br \/>\n44.\t\u041d\u043e\u0441\u043a\u043e\u0412.\u041f. (2011), \u042d\u043a\u043e\u043d\u043e\u043c\u0435\u0442\u0440\u0438\u043a\u0430(\u041a\u043d\u0438\u0433\u0430 \u043f\u0435\u0440\u0432\u0430\u044f), \u0418\u0437\u0434\u0430\u0442\u0435\u043b\u044c\u0441\u043a\u0438\u0439 \u0434\u043e\u043c &#8220;\u0414\u0435\u043b\u043e&#8221;, \u041c\u043e\u0441\u043a\u0432\u0430.<br \/>\n45.\t\u041d\u043e\u0441\u043a\u043e\u0412.\u041f. (2011), \u042d\u043a\u043e\u043d\u043e\u043c\u0435\u0442\u0440\u0438\u043a\u0430 (\u041a\u043d\u0438\u0433\u0430 \u0432\u0442\u0430\u0440\u0430\u044f), \u0418\u0437\u0434\u0430\u0442\u0435\u043b\u044c\u0441\u043a\u0438\u0439 \u0434\u043e\u043c &#8220;\u0414\u0435\u043b\u043e&#8221;, \u041c\u043e\u0441\u043a\u0432\u0430.<br \/>\n46.\t\u041a\u0435\u0439\u043d\u0441 \u0414\u0436.\u043c. \u041e\u0431\u0448\u0430\u044f \u0442\u0435\u043e\u0440\u0438\u044f \u0437\u0430\u043d\u044f\u0442\u043e\u0441\u0442\u0438, \u043f\u0440\u043e\u0441\u0435\u043d\u0442\u0430 \u0438 \u0434\u0435\u043d\u0435\u0433. \u041c.,1978.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u10d8\u10e0\u10d0\u10d9\u10da\u10d8 \u10d3\u10dd\u10e6\u10dd\u10dc\u10d0\u10eb\u10d4 \u10d7\u10e1\u10e3-\u10e1 \u10d3\u10dd\u10e5\u10e2\u10dd\u10e0\u10d0\u10dc\u10e2\u10d8 \u10d0\u10dc\u10dd\u10e2\u10d0\u10ea\u10d8\u10d0: \u10d0\u10e6\u10dc\u10d8\u10e8\u10dc\u10e3\u10da \u10e1\u10e2\u10d0\u10e2\u10d8\u10d0\u10e8\u10d8 \u10e9\u10d5\u10d4\u10dc\u10d8 \u10d9\u10d5\u10da\u10d4\u10d5\u10d8\u10e1 \u10db\u10d8\u10d6\u10d0\u10dc\u10d8\u10d0 \u10db\u10d8\u10db\u10dd\u10d5\u10d8\u10ee\u10d8\u10da\u10dd\u10d7 \u10e1\u10d0\u10e5\u10d0\u10e0\u10d7\u10d5\u10d4\u10da\u10dd\u10e8\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4 \u10db\u10d8\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10e2\u10d4\u10dc\u10d3\u10d4\u10dc\u10ea\u10d8\u10d4\u10d1\u10d8 \u10d3\u10d0 \u10d2\u10d0\u10db\u10dd\u10d5\u10d0\u10d5\u10da\u10d8\u10dc\u10dd\u10d7 \u10d9\u10d0\u10d5\u10e8\u10d8\u10e0\u10d8\u10e1 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10dc\u10d4\u10d1\u10d0<\/p>\n","protected":false},"author":2,"featured_media":11342,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.8 - 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