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5.9. oopee cnoee peo ce

 

a, ec peya pex po a c poooox copo pa a py pya, ea a .

Pecpa eo ac o opaa peo po cooe c peoa peoo yaa ype oyea ao ooo p. B poo pae aee e cpy pax opax. Ec po e "ooco", pea ea oe oopc p oo cocmaeu aepco anucu opepa a cey (oo epo ye), ocay ocpeo, ee coep, o e epecax . Booo aee ceo ye oea yau oyemau, oo oo cpoa ocpoo oeee cpo. Ta ya oye, aco, e pea aa a yae oypex opax oypce ao. Ce coepa c oo onmepoo oecneeu. Oao o cyae e c e yaa, coepaee a ooo pe, oea oaeo pepa a e. oce ee coepe poep yeo opae o ao cee o coe opye.

o aaa poecce pepa pex eo pa poa opaa ocyece cepy apaepoeyepex ceo. Cea cc yepeo, oa oa aucupoa omo, nonuca oeu cmopoau ceu, uu aea onmepo cucmee. B x cyax ec oooc execo o a ooe opaea o ee, a ooe ex apaepo . C e ypae x oo opo ocyece epa npauocmu cmopoau ae ceu.

y y pax cpaax c poo ooo o o pa. Oo oepee paca o pe cea aac upuoe opauauu, ope oy xo pyypy p yopoa aee caooeoo pecoo a. B acoc opaa poecca cep opa poy aay oe ocya o poepo c p.

oce cep oye, oepae aee e, epea ce paceo, Kpoy (Pacey) aay opaa, ocyecy .

Opaa pace e e cepe, op opee ypoe oao peo . Ec p ccee peoo exaa co opaa ce c peee aoaea opoeo aea, Kpoa aaa e coee cex apeppoax ceo, o e .

B cyae y poo opaa co ce . p oocpoe aee ce e cao cex mpeo oecm, . . onpeeemc nouu aoo yacmua puox pac. Koa ya e o, pay y, .e. eo peoa pa eo oaeca, caec, o o axoc apmo nouu.

Ec ce cao peoa oaec e pao y, nouu yacmua ompma. Opa o oe opoo o. Kopoma nouu peoaae ae co cpo aoo yaa paceo, a a eo peoa ee oaec.

B uo nouuu axoc o yac paceo, y opoo peoa oe oaec.

Hepeea aa ppy npoecc ea, m.e. onpeeeue nouuu (a. 6). Hemu, ocyecme noce ooau mopo, aaemc . Hemu, npenoaau uceue nouuu yaco pacemo npoecce mopo, aaemc me.

 

 

y Kpoo aa, a coe cex apecppoax a pe ceo, coc epeae peoa oae pa, .e. ypeypoa o.

ocyece x y Kpoa aaa oa oya acoe pcypc a ypeypoae, coee, epeo ce ..

Oao aa ca opaa paceo e ae apa coe e po oe ox pco, cax c aeo opaa o cee (""). coa cce opo a paca oe eo yopoa peoo exaa Kpoa aaa ep a ce y apaa cex apeppoax eo cao puco empo. Oaeco aoo yaca peo e apapoao eo Paceo (Kpoo) aa, oopa ee ce ea-yaca peo ce. o op peoo pa Kpoa aaa oaae ce ce peyeo peoo copa apae peoa c yao .

Ta opao, Kpoa aaa pae a ce eop pe pc.

coee ce ae a apaex poecca name (epexo paa coceoc a er) nocmaa (epexo paa coeoc a ee ya).

eo cpo ce e e cxo p x acc. e opeeee eyape aap o pee .

Ta, ec ca e ae ce T, cepy aaa e oee e T + 1 e, a coee e oo poxo epo T + 3 . Cy e, pa oe ycaaa cocee . Hapep, coee ceo ye ocyecc epo T + 5 e. Ec aee e coc ycaoe pe cpo, op ceao e ooapaec, o ea cae upeo accoo ceo (spot). Cpo coe cpoo ceu (forward) T + x, e x > 5 e pooeee accooo cpyec ooope.

Cpoe e , o cyecy, ooopa o ocae, cy opx oa cpoa oyc a ycaoe cpo opeee oeo oox eoce, a pya cpoa eeeo x p oa apaee yaoey cyy. Cpoe e oo aa a cpo ooo o pex ece, po a .

Cpoe oepa c e yaa papee aeo e o cex cpaax. o pocccoy aooaey oopee e ee oaa oy oo py pya e oee e a 90 e, B epa 1931 . o oece pooo ooecoo pca o apee. Cpoe ce c e yaa papee P oo 1970 . B acee pe o aeo opoa aa c opeee opae. Cpoe ce c oo eoc opae aoo CA, x o a H-opco ooo pe cocae eee 5\% oopa ex ya. eo oao poo pacpocpae a pax .

 


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