O , , . O ( .. ) . O ( ) . T . (current account balance), . , (capital account balance), - (.., ), - (.., ), (.., , ). , (financial account balance), (.., , ). , , (trade balance) . , . 20 . 50 . . ( ) 30 . . ; , . 30 . , , . . ( ) , . ; (, , , ... ) 30 . ( ;). 30 . . ( ) . (. ) . (

.) , ; . , .. , . . . ( ) .. , . 11. 2 . , , , ( ) . ( .)

11.2

:

TO HMOIO XPEO T (public debt) . , , 200 . 2006 . . , . O , . (government bonds) (., ). , . . H (crowds-out) . H . H . , ( ) . . , . . , . Y , , .., (), . , , , . Y (. ).

- . A . (G) (), (B). r B, r . (D) (G+ r B) : D=G+ r B-T. : B=D. (primary deficit) (G-T). (G-T=0) . r B. =r B,

B rB = .

, ()/=. (>r), . , b=B/AE,

( )b rb

= = , b t t+1 (

), b

1tb b b+ = tb 1 (1 ) ttb r + = + .

, , . ( ) (b) 100% 2006, , .. 60%. , 3% 2% ( -r=0.01). . , . .