Arcaxi «Azat Hayreniq» kusakcutyan naxagah Arayik Harutyunyany feysbuqyan ir ejum grel e. «Mecargo paron varchapet, Hayastani Hanrapetutyan yndhanur petakan partqi, hatkapes artaqin partqi krtchatman veraberyal u, masnavorapes, apaga serundneri hashvin partqi kutakman harci shurj mamulum ev phordzagitakan shrjanaknerum verjers teghi unecogh qnnarkumnery hamarum em anynduneli: Karcum em: ayd motecumnery horetesakan en ev hashvi chen arnum tntesutyan zargacman hnaravorutyunnern u phordzvac metodnery, inchi hetevanqov karogh enq het mnal hamashxarhayin tntesakan zargacman tempic: Mer glxavor martahravern ays tchakatagrakan zhamanakahatvacum tntesakan atchi anhrazhesht makardaki sharunakakan apahovumn e, vorov ev paymanavorvac e mer voch miayn social-tntesakan, aylev anvtangayin ev zhoghovrdagrakan xndirneri lucumy: Inch tntesakan patker unenq nerkayums HH-um, ev vorn e tntesakan atchi ayn nvazaguyn nshadzoghy, vory kapahovi arajancik zargacman makardak: Mek shnchi hashvov hamashxarhayin anvanakan (nominal) HNA-n, yst mijazgayin masnagitakan aghbyurneri, nerkayums kazmum e mot 10.000 AMN dolar, isk HH-um: mot 4000 AMN dolar: Ev ays cucanishov HH-n ashxarhi arajin 100 erkrneri sharqum yndgrkvac che: Tarber masnagitakan gnahatumnerov: arajika tarinerin hamashxarhayin tntesutyan hamar kanxatesvum e tarekan mijiny 3% atch: Aysinqn: ashxarhi mek bnakchi hashvov HNA-n kavelana tarekan mot 300 AMN dolarov: Hamashxarhayin mijinic el aveli het chynknelu npatakov HH-n evs petq e dzgti apahovel mek shnchi hashvov HNA-i atch: tarekan arnvazn 300 AMN dolari chaphov, inchy nshanakum e apahovel arnvazn 7,5% tntesakan atch: Phastaci sa ayn nvazaguyn atchi shemn e, vory petq e amen gnov apahovenq, ete chenq uzum el aveli het mnal hamashxarhayin zargacman mitumneric: Isk inchpes hasnel atchi aydpisi temperi: Tchanaparhy mekn e: nerdrumner: Mer hashvarknerov: ete nerkayis HNA-i paragayum aysor HH-in anhrazhesht e tarekan mot 4 mlrd. AMN dolari nerdrum, apa 5-7 tari heto nerdrumayin pahanjarky kkazmi tarekan 7-8 mlrd AMN dolar: Mer hamozmamb: ughghaki nerdrumnerov hnaravor che apahovel ayd cavalnery: Usti anhrazhesht e nergravel finansakan resursner petakan ev ayl xoghovaknerov: Aystegh xosqn aravelapes phoxaru mijocneri nergravman masin e։ Partq vercnelu arajarkn arajin hayacqic karogh e tarorinak tval, bayc volorti hamashxarhayin mitumneri verlucutyuny tuyl e talis hamozvel ays motecman tchshmartaciutyan mej: Nerkayums yndhanur hamashxarhayin partqy mot 250 trilion AMN dolar e, inchy kazmum e hamashxarhayin HNA-i 318 %-y kam mek shnchi hashvov: 33.3 hazar AMN dolar: Ynd vorum, 2007 tvakanin ayn kazmel e 142 trilion dolar: 269 % HNA-i depqum, 2015 tvakanin: 199 trilion kam 286 %: Verjin 10-11 tarum ayn avelacel e 108 trilionov, isk HNA-i nkatmamb: mot 50 %-ov: Minchder erb hamashxarhayin ays cucanishneri het hamadrum enq HH cucanishnery, patkery zgalioren tarbervum e։ Hayastani yndhanur partqy (petutyan, tnayin tntesutyunneri ev arevtrayin kazmakerputyunneri masov) kazmum e shurj 12-13 mlrd AMN dolar, isk mek bnakchi hashvov nerkayums ayn havasar e mot 4,000 AMN dolari, inchy shurj 29,000 AMN dolarov pakas e hamashxarhayin mijinic: Ev ete hamashxarhayin yndhanur: 250 trilion dolar partqic mot 79 trilion dolary kazmum en erkrneri petakan partqery kam 1 bnakchi hashvov 10,000 dolar: kam hamashxarhayin HNA-i mot 100%-y, apa HH petakan partqy kazmum e mot 7 miliard AMN dolar kam HNA-i mot 50 %-y: Ete hamashxarhayin petakan partqy kazmum e yndhanur partqi mot 32 % -y, apa HH-um ayn hamarya kesn e։ Aysinqn ayl hatvacnerum unenq hamematabar cacr partqayin ber:

Orinak: Merdzbaltyan erkrneric Latviayi HNA–n kazmum e 30.2 mlrd AMN dolar kam mek shnchi hashvov 18.5 haz. AMN dolar: Isk artaqin partqy kazmum e 39.7 mlrd AMN dolar: Ayd erkri bnakchutyuny 2 mln. e:
Litvayi HNA-n kazmum e 35 mlrd AMN dolar kam mek shnchi hashvov 18.9 haz. AMN dolar: Ereq milion bnakchutyun unecogh erkri artaqin partqy kazmum e 52 mlrd AMN dolar: Isk Estoniayi HNA-n kazmum e 30.9 mlrd AMN dolar kam mek shnchi hashvov 23.6 haz AMN dolar: Yndameny 1.3 mln bnakchutyun unecogh erkri artaqin partqy kazmum e 27 mlrd AMN dolar (chnayac petakan partqi cacr linelun):
Aysinqn, karogh enq hamozvac pndel, vor zargacac u harust en himnakanum ayn erkrnery, voronq unen artaqin ev petakan mec finansakan partavorutyunner (patkery hamarya nuynn e mnacac erkrneri masov evs)։ Ayd erkrneri het hamematelis HH-n uni shat cacr partqayin ber, inchpes mek shnchi hashvov, aynpes el HNA-i hamemat:
AMN naxagah Donald Tramphy derevs naxyntrakan phulum haytararel er AMN-i partqi ijecman (yndhup zroyacman) mtadrutyan masin, sakayn 2 tarva yntacqum 2 trilion AMN dolarov avelacrel e AMN petakan partqy: Isk Chinastani verjin tarineri yndhanur partavorutyunneri (petakan partqi, petakan ev masnavor ynkerutyunneri ev tnayin tntesutyunneri partqi) atchi tempery tntesagitakan voch mi yndunvac orinachaphutyan ev himnavorman chen entarkvum:
Ete hamematenq mek shnchi hashvov HH petakan partqy hamashxarhayin mijini het (10000 AMN dolar - 2300$=7700 AMN dolar) ev ayn bazmapatkenq bnakchutyan tvaqanakov, apa kstananq mot 22 mlrd dolar։ Aysinqn, ays pahin unenq aydqan lracucich petakan partqi hnaravorutyun hamashxarhayin mijinin hasnelu hamar:
Petakan partqic baci, yndhanur varkayin beri avelacman hnaravorutyuny kazmum e mot 60 mlrd AMN dolar (3 mln bnakchutyun x 20.000 AMN dolar): Hamashxarhayin partqi mijin cucanishi ev HH yndhanur partqi tarberutyuny kazmum e mot 90 mlrd AMN dolar: Stacvum e, vor ete hashvi arnenq naev hamashxarhayin partqi mijin chaphi atchi mitumy, apa 10-15 tarum aveli qan 100 mlrd AMN dolar lracucich gumar kareli e nerdnel HH tntesutyan mej: hasnelu hamar hamashxarhayin mijinin:
Yndameny 10-12 tarum 22 mlrd AMN dolar petakan partqi avelacman ardyunqum HH HNA-n kkazmi aveli qan 45 mlrd AMN dolar, isk bnakchutyan mek shnchi hashvov: 15,000 AMN dolar: Bnakanabar, harc e arajanum partqi spasarkman arnchutyamb: Ete nkati arnenq, vor 1 AMN dolar HNA-n talis e lracucich aveli qan 0.2 dolar harki tesqov petakan ekamut, ev ayn, vor 1 AMN dolar partqi tarekan spasarkman chaphn aravelaguyny kazmum e 0.07 AMN dolar, isk hetagayum, hamozvac em, aveli cacr, apa petakan partqi spasarkumn aydqan el xndraharuyc chi darnum (aysinqn: vtcharel 7 cent, stanal 20 cent): Avelin, ays hashvarki mej nerarvac che partqov vercrac gumari nerdrman multiplikativ azdecutyuny tntesutyan vra, inchy hetagayum apahovelu e lracucich harkayin mutqer petakan byuje: Hajord harcy cragri himnavorumn e, vorpeszi nerdrumneri azdecutyuny lini erkaratev ev dinamik: Ka mi hstak kanon: petutyan koghmic nergravvac mijocnery petq e ughghel miayn nerdrumneri: himnakan kapitali tarreri avelacmany, dra het mektegh masnavor hatvaci koghmic varkeri cavalneri avelacumy dardznel karavareli ev verahskvogh: Aystegh anhrazhesht e xory ev hamakoghmani usumnasirutyun katarel, bayc ayn, vor gyughatntesutyunum, entakarucvacqnerum, shinararutyunum, veramshakogh ardyunaberutyunum ev ayl tchyugherum mec nerdrumayin neruzh ka, mianshanak e: Petq e hashvi arnel naev, vor baci petakan partqi avelacumic, yndhanur partqi masov evs zugaherabar teghi e unenalu atch, vori himnakan masy nuynpes darnalu e nerdrum: Hatkapes, ete petakan partqy ogtagorcvi naxevaraj artadrakan entakarucvacqneri zargacman npatakov, apa karajanan nerdrumneri nergravman lracucich xtanner։ Suyn verlucutyamb phordz enq anum kotrel ayn karcratipy, vory dzevavorvel e petakan partqi ev, yndhanur armamb, varkayin partavorutyunneri arnchutyamb։ Petq e haskanal, vor aranc lracucich xoshor gumarneri nergravman u mec nerdrumayin cragreri anhnarin e linelu dimakayel aysorva martahravernerin։ Banaki martunakutyan ev zhoghovrdagrakan atchi himqum ynkac en tntesakan atchi bardzr tempery։ Isk dranc apahumy hnaravor che aranc havaknot ev mecacaval nerdrumneri: Ardyoq ayd xndirneri lucman hamar partq vercnelun aylyntranq chka… Nerqin xnayoghutyunneri tarekan atchi tempery bavarar chen: Rusastani verjin tarineri tntesakan atchi cacr temperi pattcharov nvazel e mer nerqin kapitali artahosqy, bayc da chi nshanakum, vor ayd vitchaky karogh e erkar tevel: Inch veraberum e otarerkrya nerdrumnerin, apa HH tntesutyan aysorva vitchaky ev hnaravor ughghaki nerdrumneri chaphy chen karogh apahovel tntesakan atchi cankali temper:
Partqi avelacman tarberakin pahpanoghakan (vaxkot) finansistnery misht erku hakaphastark en nerkayacnum: «phogh tvogh chka» ev «himnavor cragrer chkan»: Erku hakaphastarki patasxannern el misht kan: ashxarhum phoghi nergravman hnaravorutyunnery zgalioren mecacel en, parzapes petq e tchisht aghbyurner gtnel ev ardyunavet banakcutyunner varel, isk te vortegh ardyunavet nerdnel nergravvac mijocnery, ayd xndiry kareli e heshtoren lucel arhestavarzh ashxatanqi ev hamapatasxan verlucutyunneri mijocov։
H.G. Hamozvac linelov, vor voch bolorn en mianshanak yndunelu ays tesakety, karcum em, vor teman petq e tntesagetneri koghmic layn qnnarkman arzhanana ev hnaravorutyun ta HH nor karavarutyany hamardzak gnalu ays tchanaparhov: I dep, Rusastani Dashnutyan gorcogh karavarutyany nmanorinak arajark e nerkayacrel naev akademikos Abel Aghanbekyany: Shat erkar zhamanak bazmativ aghbyurneric usumnasirelov hamashxarhayin phordzy, ogtvelov mec tvov arajatar masnagitakan grakanutyunic (orinak: Dzho Stadvelli «Asiakan karavarman modely», Jeferi Saksi «Aghqatutyan verjy», Taron Atchemoghlui «Inchu en dzaxoghvum petutyunnery», Grigori Klarki «Ctesutyun chqavorutyun», Pol Krugmani «Tchgnazhamic durs gal hnaravor e», Ruchir Sharmayi «Petutyunneri trichqy ev ankumy» ev ayln): vstah em, vor Mayr Hayastani trichqayin zargacumy hnaravor e miayn finansakan lurj resursneri hamardzakoren nergravman depqum, aylapes datapartvac enq…

Arayik Harutyunyan
AH naxkin varchapet (2007-2017tt.)»: