1997 4 ( ) :,,,,, 11,, 80, ( 1),1996,, 1 : (1996),,,,, 3
??,,,,,,, 21,, 80,,, 90,,,,80,,,,,,,,, (,1988, 10, ) 80,,,,,,,,,,,,,,,,,,,,,, (,1996b),,,,,1993, 5,1995, 4
,, ( ),, ( ) ( ), ( ), 11,,,,,,,, ( Barca Trento,1996),,,,,,,,,,,,,,,,,,,,,,,, 21,,,,,,,,,,,,,,,,, 1997 3 1997 3 5
, (intertemporal), () ( Blanchard Fish2 er,1989),,,,,,,,,,,,,,, ;, ;,,,,, 31,,,,,, 70,,,,,,,,,,,,,,, (World Bank,1996, 66 ),1987 1995 9, GDP 1018 %,, GDP 910 %, GDP 816 %,,,,,, 6
,,,,,, 11,,,,,,,1995,51 79234, 27483, 16230, 20 %, 59 % ;, 18 %, 6 %, 15 %,,,,,,,,,,,,,, 3012 71 % 100 %,1994, 66,51, 77 %(,1996, 315 ),,,,,,,, 21,, (1996), 415 416,1996 5 10 7
,,,,,?,, ( World Bank,1996, 30 ),,,1994, 1993 1915 %, 10198 %, - 8152 % 26104,2/ 3, 1490,52 %,, (,1996),,,,,,,,,,,,,,,,,, 100 15 % 10 %, 5 10,,,,,,,,,,,, 8,,,,,,,,, 1996 8 23,1995,1996 ( World Bank, 1996, 18 ),1994 GDP 117 %, 765
31,,,,,,,,,,,,( ),,,,,,,,,,,, ( 2 3 ), 0 2 3 41,,,,,,,,,,,, 9
,,,,,, 11,,,,,,,,,, :,,,,,,,,,,,,,,,,,,,,,,,,,,,, :, (,1996, 284 290 292 ) (,1996, 243 261 ) 10
21? (1),,,,,,,,,,,,,,,,,,,,, 1/ 3 ( 2400 ), 5000, 1200 ;, 1995 1367, 5000, 680, 1995 3,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, (1996), 421 11
,,,, (2),,,,,,,,,,,,,,,,, ( World Bank, 1996, 28 ), 20 %,,,,, :, 1 100, 80 A,20 B, ; 2,A 80,B 20, 20 2 20, 20,,,,, B,,,,,, (recapitalized),,,,, 31,,,,, (1),,1993-1995 717 % 617 % 411 %, 1312 % 2117 % 1418 % 12
:A1, B1,,, C1 D1, E1 : ;, ( ) ; ;; (2),,:A1 B1 C1 D1, E1,,,,,,,,,,,,,, 41 (1),,,,, (,1996, 243 261 ),,, ( World Bank,1996, 41 ) 1994, GDP 6 % D E, (1996),, 3 (,1996, 511 ) 13
,(,1993, 266 ),, (,1996),,,,,, (,1996, 509 513 ),,,, (,1995),,,,,, (2),,,,,, ;,,,,,,,,,,, ( self2recapitalization), (3),,,,,,,,,,,,, ( 53 ) 14
,,,,,,,,,,, (: ) ( : ) ( 14 ),,,, : 11, 21,, 31,, (,1996a) 41, 51, 61, 71, Barca, F. and S. Trento,1996, State2ownership and the Evolution of Italian Corporate Governance,,1996 4 Blanchard, 0. and S. Fisher, Lect ures on M acroeconomics,canbridge :MIT Press.,1996 : :,,,1996 :,,1996 :, 1996 3,1996 :,, World Bank, 1996, The Chinese Economy : Fighting Inf lation, Deepening Ref orms, Washington, the World Bank.,1988 :,,,1993 : :,,1996 :, 1996 5,1996a :, 1996 1 1996b :, 1996 5,1995 :, (: ) ( : ) 53