{"id":200775,"date":"2026-11-10T18:49:24","date_gmt":"2026-11-10T18:49:24","guid":{"rendered":"https:\/\/arongroups.co\/?p=200775"},"modified":"2026-11-10T18:49:24","modified_gmt":"2026-11-10T18:49:24","slug":"crowding-out-effect","status":"publish","type":"post","link":"https:\/\/arongroups.co\/ar\/forex-market\/crowding-out-effect\/","title":{"rendered":"\u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629: \u0643\u064a\u0641 \u064a\u0631\u0641\u0639 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u062d\u0643\u0648\u0645\u064a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0648\u064a\u0636\u063a\u0637 \u0639\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"200775\" class=\"elementor elementor-200775\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-797165c e-flex e-con-boxed e-con e-parent\" data-id=\"797165c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3f8e993 elementor-widget elementor-widget-text-editor\" data-id=\"3f8e993\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 (Crowding Out Effect) \u0647\u0648 \u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635 \u0623\u0648 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u062e\u0627\u0635 \u0627\u0644\u0630\u064a \u0642\u062f \u064a\u0639\u0642\u0628 \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u062d\u0643\u0648\u0645\u064a \u0623\u0648 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u062d\u0643\u0648\u0645\u064a. \u0641\u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u062a\u0646\u0627\u0641\u0633 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0648\u0627\u0644\u0623\u0633\u0631 \u0639\u0644\u0649 \u0645\u062c\u0645\u0651\u0639 \u0627\u0644\u0645\u062f\u062e\u0631\u0627\u062a \u0646\u0641\u0633\u0647\u060c \u0644\u0630\u0627 \u062a\u0645\u064a\u0644 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0625\u0644\u0649 \u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639. \u0648\u0639\u0646\u062f\u0647\u0627 \u062a\u0641\u0642\u062f \u0628\u0639\u0636 \u0627\u0644\u0645\u0634\u0631\u0648\u0639\u0627\u062a \u0627\u0644\u062e\u0627\u0635\u0629 \u062c\u062f\u0648\u0627\u0647\u0627\u060c \u0648\u064a\u0636\u064a\u0639 \u062c\u0632\u0621 \u0645\u0646 \u0627\u0644\u062f\u0641\u0639\u0629 \u0627\u0644\u062a\u064a \u062a\u0642\u062f\u0651\u0645\u0647\u0627 \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-65ed93b e-flex e-con-boxed e-con e-parent\" data-id=\"65ed93b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c298f09 elementor-widget elementor-widget-text-editor\" data-id=\"c298f09\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u0627\u0644\u0645\u0633\u0623\u0644\u0629 \u0645\u0637\u0631\u0648\u062d\u0629 \u0628\u0642\u0648\u0629 \u0641\u064a \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629. \u0641\u0642\u062f \u0623\u0638\u0647\u0631 \u0627\u0644\u0628\u064a\u0627\u0646 \u0627\u0644\u0634\u0647\u0631\u064a \u0644\u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0627\u0644\u0635\u0627\u062f\u0631 \u0641\u064a 16 \u0623\u0643\u062a\u0648\u0628\u0631 2026 \u0623\u0646 \u0639\u062c\u0632 \u0627\u0644\u0645\u0648\u0627\u0632\u0646\u0629 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u0629 \u0641\u064a \u0627\u0644\u0633\u0646\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 2026 \u0628\u0644\u063a 1.99 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631\u060c \u0627\u0631\u062a\u0641\u0627\u0639\u064b\u0627 \u0645\u0646 1.78 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0627\u0644\u0633\u0646\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 2025. \u0648\u064a\u062a\u0648\u0642\u0639 \u0645\u0643\u062a\u0628 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0641\u064a \u0627\u0644\u0643\u0648\u0646\u063a\u0631\u0633 (CBO) \u0623\u0646 \u064a\u0628\u0644\u063a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0627\u0644\u0630\u064a \u064a\u062d\u0648\u0632\u0647 \u0627\u0644\u062c\u0645\u0647\u0648\u0631 101% \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0641\u064a 2026. \u0648\u0628\u0644\u063a \u0639\u0627\u0626\u062f \u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0644\u0623\u062c\u0644 10 \u0633\u0646\u0648\u0627\u062a 4.95% \u0641\u064a 3 \u0646\u0648\u0641\u0645\u0628\u0631 2026\u060c \u0645\u0642\u0627\u0628\u0644 4.13% \u0641\u064a 3 \u0646\u0648\u0641\u0645\u0628\u0631 2025. \u0648\u064a\u062d\u0631\u0651\u0643 \u0627\u0644\u062a\u0636\u062e\u0645 \u0648\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0623\u064a\u0636\u064b\u0627\u060c \u0644\u0630\u0627 \u0641\u0627\u0644\u0639\u062c\u0632 \u0639\u0627\u0645\u0644 \u0648\u0627\u062d\u062f \u0645\u0646 \u0628\u064a\u0646 \u0639\u062f\u0629 \u0639\u0648\u0627\u0645\u0644.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-06b5e86 e-flex e-con-boxed e-con e-parent\" data-id=\"06b5e86\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-12d61c7 elementor-widget elementor-widget-text-editor\" data-id=\"12d61c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u064a\u062a\u0646\u0627\u0648\u0644 \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644 \u062a\u0639\u0631\u064a\u0641 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629\u060c \u0648\u0627\u0644\u0631\u0633\u0645 \u0627\u0644\u0628\u064a\u0627\u0646\u064a \u0644\u0633\u0648\u0642 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0625\u0642\u0631\u0627\u0636 (Loanable Funds)\u060c \u0648\u062d\u0633\u0627\u0628 \u0627\u0644\u0645\u0636\u0627\u0639\u0641 \u0627\u0644\u0645\u0627\u0644\u064a (Fiscal Multiplier). \u062b\u0645 \u064a\u0634\u0631\u062d \u0645\u062a\u0649 \u064a\u062a\u063a\u0644\u0628 \u0623\u062b\u0631 \u0627\u0644\u062c\u0630\u0628 (Crowding In)\u060c \u0648\u0643\u064a\u0641 \u062a\u0633\u062a\u0637\u064a\u0639 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u062a\u0639\u0648\u064a\u0636 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629. \u0648\u0623\u062e\u064a\u0631\u064b\u0627 \u064a\u0632\u0646 \u062a\u0642\u062f\u064a\u0631\u0627\u062a \u0645\u0643\u062a\u0628 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0648\u064a\u062a\u062a\u0628\u0639 \u0635\u0644\u0629 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0628\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0648\u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0648\u0627\u0644\u0630\u0647\u0628.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f751def e-flex e-con-boxed e-con e-parent\" data-id=\"f751def\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1aea2b2 elementor-widget elementor-widget-ucaddon_blog_key_takeaway\" data-id=\"1aea2b2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_blog_key_takeaway.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start Blog Key Takeaway -->\n\n<!-- Key Takeaways widget-->\n<div>\n  <!-- Key Takeaways Widget -->\n  <div class=\"key_takeaways_widget\">\n    <div class=\"title_wrapper\">\n      <img decoding=\"async\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2024\/12\/bookmark-2.svg\" alt=\"bookmark\" class=\"icon\">\n      <div class=\"title_txt\">\u0623\u0628\u0631\u0632 \u0627\u0644\u0646\u0642\u0627\u0637<\/div>\n    <\/div>\n    <div class=\"content_wrapper\">\n      <ul><li>\u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0647\u0648 \u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635 \u0627\u0644\u0630\u064a \u0642\u062f \u064a\u0639\u0642\u0628 \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u060c \u0644\u0623\u0646 \u0627\u0644\u062a\u0646\u0627\u0641\u0633 \u0639\u0644\u0649 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0625\u0642\u0631\u0627\u0636 \u064a\u0631\u0641\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629.<\/li><li>\u062a\u0642\u0644\u0651\u0635 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0627\u0644\u0645\u0636\u0627\u0639\u0641 \u0627\u0644\u0645\u0627\u0644\u064a. \u0641\u0641\u064a \u062d\u0627\u0644\u0629 \u062a\u0648\u0636\u064a\u062d\u064a\u0629 \u064a\u064f\u0639\u0648\u064e\u0651\u0636 \u0641\u064a\u0647\u0627 \u0646\u0635\u0641 \u0632\u064a\u0627\u062f\u0629 \u0641\u064a \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0642\u062f\u0631\u0647\u0627 100 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631\u060c \u064a\u0646\u062e\u0641\u0636 \u0627\u0644\u0645\u0636\u0627\u0639\u0641 \u0625\u0644\u0649 \u0627\u0644\u0646\u0635\u0641.<\/li><li>\u062a\u0645\u064a\u0644 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0625\u0644\u0649 \u0623\u0646 \u062a\u0628\u0644\u063a \u0623\u0642\u0635\u0627\u0647\u0627 \u0639\u0646\u062f \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0627\u0644\u0643\u0627\u0645\u0644 \u0648\u0623\u062f\u0646\u0627\u0647\u0627 \u0641\u064a \u0641\u062e \u0627\u0644\u0633\u064a\u0648\u0644\u0629 (Liquidity Trap)\u060c \u062d\u064a\u062b \u062a\u0633\u0645\u062d \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0639\u0627\u0637\u0644\u0629 \u0648\u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0642\u0631\u064a\u0628\u0629 \u0645\u0646 \u0627\u0644\u0635\u0641\u0631 \u0628\u062d\u062f\u0648\u062b \u0623\u062b\u0631 \u0627\u0644\u062c\u0630\u0628.<\/li><li>\u062a\u0636\u064a\u0641 \u0627\u0644\u0642\u0627\u0639\u062f\u0629 \u0627\u0644\u062a\u0642\u0631\u064a\u0628\u064a\u0629 \u0644\u0645\u0643\u062a\u0628 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 2 \u0646\u0642\u0637\u0629 \u0623\u0633\u0627\u0633 \u0625\u0644\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644 \u0639\u0646 \u0643\u0644 \u0646\u0642\u0637\u0629 \u0645\u0646 \u0646\u0633\u0628\u0629 \u0627\u0644\u062f\u064a\u0646 \u0625\u0644\u0649 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a. \u0648\u064a\u062a\u0648\u0642\u0639 \u0627\u0644\u0645\u0643\u062a\u0628 \u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u062f\u064a\u0646 \u0645\u0646 101% \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0641\u064a 2026 \u0625\u0644\u0649 175% \u0641\u064a 2056.<\/li><li>\u0641\u064a \u0646\u0645\u0648\u0630\u062c \u0645\u0646\u062f\u0644-\u0641\u0644\u064a\u0645\u0646\u062c (Mundell-Fleming)\u060c \u064a\u0631\u0641\u0639 \u0627\u0644\u0639\u062c\u0632 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0639\u0645\u0644\u0629 \u0648\u064a\u0632\u0627\u062d\u0645 \u0635\u0627\u0641\u064a \u0627\u0644\u0635\u0627\u062f\u0631\u0627\u062a. \u0644\u0643\u0646 \u0641\u064a \u0633\u0628\u062a\u0645\u0628\u0631 2022 \u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u062c\u0646\u064a\u0647 \u0627\u0644\u0625\u0633\u062a\u0631\u0644\u064a\u0646\u064a \u0628\u064a\u0646\u0645\u0627 \u0642\u0641\u0632\u062a \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 \u0627\u0644\u0628\u0631\u064a\u0637\u0627\u0646\u064a\u0629 (Gilts).<\/li><\/ul>\n    <\/div>\n  <\/div>\n<\/div>\n<!-- end Blog Key Takeaway -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a493140 e-flex e-con-boxed e-con e-parent\" data-id=\"a493140\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-205672c elementor-widget elementor-widget-heading\" data-id=\"205672c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u0645\u0627 \u0647\u0648 \u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629\u061f<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7ca72f8 e-flex e-con-boxed e-con e-parent\" data-id=\"7ca72f8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c11de8d elementor-widget elementor-widget-text-editor\" data-id=\"c11de8d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u064a\u062d\u062f\u062b \u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0639\u0646\u062f\u0645\u0627 \u064a\u0624\u062f\u064a \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u062d\u0643\u0648\u0645\u064a \u0627\u0644\u0625\u0636\u0627\u0641\u064a \u0623\u0648 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u0625\u0636\u0627\u0641\u064a \u0625\u0644\u0649 \u062e\u0641\u0636 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635 \u0623\u0648 \u0627\u0644\u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u0627\u0644\u062e\u0627\u0635. \u0648\u0647\u0648 \u0623\u062b\u0631 \u062c\u0627\u0646\u0628\u064a \u0644\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629: \u0625\u0630 \u064a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0639\u0627\u0645 \u0645\u062f\u062e\u0631\u0627\u062a \u0623\u0648 \u0639\u0645\u0627\u0644\u0629 \u0623\u0648 \u0637\u0644\u0628\u064b\u0627 \u0643\u0627\u0646 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u0627\u0635 \u0633\u064a\u0633\u062a\u062e\u062f\u0645\u0647\u0627 \u0644\u0648\u0644\u0627 \u0630\u0644\u0643.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ff02ad8 e-flex e-con-boxed e-con e-parent\" data-id=\"ff02ad8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d18a910 elementor-widget elementor-widget-ucaddon_blog_yellow_box\" data-id=\"d18a910\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_blog_yellow_box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start Blog Yellow Box -->\n\n<!-- Yellow content box -->\n<div class=\"yellow_content_box\">\n  <img decoding=\"async\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2024\/12\/sms-star.svg\" alt=\"sms-star\">\n  <p>\n    <p><b>\u0625\u062e\u0644\u0627\u0621 \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u064a\u0629 \u0639\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631<\/b><br>\u064a\u0646\u0637\u0648\u064a \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0641\u0648\u0631\u0643\u0633 \u0648\u0627\u0644\u0639\u0642\u0648\u062f \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0641\u0631\u0648\u0642\u0627\u062a \u0639\u0644\u0649 \u0645\u062e\u0627\u0637\u0631 \u0639\u0627\u0644\u064a\u0629 \u0648\u0642\u062f \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062e\u0633\u0627\u0631\u0629 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0628\u0627\u0644\u0643\u0627\u0645\u0644. \u0627\u0644\u0645\u062d\u062a\u0648\u0649 \u0647\u0646\u0627 \u062a\u0639\u0644\u064a\u0645\u064a \u0641\u0642\u0637 \u0648\u0644\u0627 \u064a\u064f\u0639\u062f\u0651 \u0646\u0635\u064a\u062d\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629. \u0644\u0627 \u062a\u062e\u0627\u0637\u0631 \u0628\u0623\u0645\u0648\u0627\u0644 \u0644\u0627 \u062a\u0633\u062a\u0637\u064a\u0639 \u062a\u062d\u0645\u0651\u0644 \u062e\u0633\u0627\u0631\u062a\u0647\u0627.<\/p>\n  <\/p>\n<\/div>\n<!-- end Blog Yellow Box -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-881d871 e-flex e-con-boxed e-con e-parent\" data-id=\"881d871\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-35cd790 elementor-widget elementor-widget-heading\" data-id=\"35cd790\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0641\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f: \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0623\u0645 \u0627\u0644\u0636\u0631\u0627\u0626\u0628<\/h3>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-967859a e-flex e-con-boxed e-con e-parent\" data-id=\"967859a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e0903cc elementor-widget elementor-widget-text-editor\" data-id=\"e0903cc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0642\u062f \u062a\u0639\u0645\u0644 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0639\u0628\u0631 \u0642\u0646\u0627\u062a\u064a\u0646 \u0644\u0644\u062a\u0645\u0648\u064a\u0644. \u0641\u0625\u0630\u0627 \u0645\u064f\u0648\u0650\u0651\u0644 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0628\u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u060c \u062a\u0628\u064a\u0639 \u0627\u0644\u062f\u0648\u0644\u0629 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0648\u062a\u0646\u0627\u0641\u0633 \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u062e\u0631\u0627\u062a\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u062f\u0641\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0639\u0627\u062f\u0629\u064b \u0625\u0644\u0649 \u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639. \u0648\u0625\u0630\u0627 \u0645\u064f\u0648\u0650\u0651\u0644 \u0628\u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0636\u0631\u0627\u0626\u0628\u060c \u064a\u062a\u0628\u0642\u0649 \u0644\u0644\u0634\u0631\u0643\u0627\u062a \u0648\u0627\u0644\u0623\u0633\u0631 \u062f\u062e\u0644 \u0623\u0642\u0644\u060c \u0641\u062a\u0646\u0641\u0642 \u0648\u062a\u0633\u062a\u062b\u0645\u0631 \u0623\u0642\u0644. \u0648\u064a\u0635\u0641 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0648\u0646 \u0623\u064a\u0636\u064b\u0627 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0627\u0644\u0645\u0628\u0627\u0634\u0631\u0629\u060c \u062d\u064a\u0646 \u064a\u062d\u0644 \u0645\u0627 \u064a\u0642\u062f\u0651\u0645\u0647 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0639\u0627\u0645 \u0645\u062d\u0644 \u0645\u0634\u062a\u0631\u064a\u0627\u062a \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u0627\u0635 \u062f\u0648\u0646 \u0623\u064a \u062a\u063a\u064a\u064a\u0631 \u0641\u064a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f7b63c1 e-flex e-con-boxed e-con e-parent\" data-id=\"f7b63c1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b2f0f19 elementor-widget elementor-widget-heading\" data-id=\"b2f0f19\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u0643\u064a\u0641 \u062a\u0639\u0645\u0644 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c382eac e-flex e-con-boxed e-con e-parent\" data-id=\"c382eac\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-be659c8 elementor-widget elementor-widget-text-editor\" data-id=\"be659c8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u062a\u0645\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629\u060c \u0643\u0645\u0627 \u062a\u0635\u0641\u0647\u0627 \u0643\u062a\u0628 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0643\u0644\u064a\u060c \u0639\u0628\u0631 \u0633\u0648\u0642 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0625\u0642\u0631\u0627\u0636. \u0641\u0627\u0644\u0645\u062f\u062e\u0631\u0648\u0646 \u064a\u0639\u0631\u0636\u0648\u0646 \u0627\u0644\u0623\u0645\u0648\u0627\u0644\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u0637\u0644\u0628\u0647\u0627 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0648\u0627\u0644\u062d\u0643\u0648\u0645\u0629. \u0648\u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0647\u0648 \u0627\u0644\u062b\u0645\u0646 \u0627\u0644\u0630\u064a \u064a\u0648\u0627\u0632\u0646 \u0628\u064a\u0646 \u0627\u0644\u0637\u0631\u0641\u064a\u0646.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-922948f e-flex e-con-boxed e-con e-parent\" data-id=\"922948f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-951e3c8 elementor-widget elementor-widget-text-editor\" data-id=\"951e3c8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0639\u0646\u062f\u0645\u0627 \u062a\u0633\u062c\u0651\u0644 \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0639\u062c\u0632\u064b\u0627 \u0641\u064a \u0627\u0644\u0645\u0648\u0627\u0632\u0646\u0629\u060c \u062a\u0642\u062a\u0631\u0636 \u0639\u0628\u0631 \u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u0633\u0646\u062f\u0627\u062a. \u0648\u064a\u064f\u0636\u0627\u0641 \u0637\u0644\u0628\u0647\u0627 \u0625\u0644\u0649 \u0627\u0644\u0637\u0644\u0628 \u0627\u0644\u062e\u0627\u0635\u060c \u0641\u064a\u0631\u062a\u0641\u0639 \u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629. \u0648\u062a\u062c\u0639\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0623\u0639\u0644\u0649 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u062e\u0627\u0635 \u0623\u0643\u062b\u0631 \u0643\u0644\u0641\u0629\u060c \u0641\u064a\u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6db299d e-flex e-con-boxed e-con e-parent\" data-id=\"6db299d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9d030f7 elementor-widget elementor-widget-heading\" data-id=\"9d030f7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u0644\u0645\u0627\u0630\u0627 \u062a\u0636\u063a\u0637 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0645\u0631\u062a\u0641\u0639\u0629 \u0639\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635<\/h3>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f712b7a e-flex e-con-boxed e-con e-parent\" data-id=\"f712b7a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9526399 elementor-widget elementor-widget-text-editor\" data-id=\"9526399\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u062a\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0634\u0631\u0643\u0629 \u062d\u064a\u0646 \u064a\u062a\u062c\u0627\u0648\u0632 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0644\u0644\u0645\u0634\u0631\u0648\u0639 \u0643\u0644\u0641\u0629 \u062a\u0645\u0648\u064a\u0644\u0647. \u0648\u062a\u0631\u0641\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0623\u0639\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u062d\u0627\u062c\u0632\u060c \u0641\u062a\u0624\u062c\u064e\u0651\u0644 \u0627\u0644\u0645\u0634\u0631\u0648\u0639\u0627\u062a \u0627\u0644\u0647\u0627\u0645\u0634\u064a\u0629 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\u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 (SEC)\u060c \u062a\u062a\u062d\u0631\u0643 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0648\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0639\u0645\u0648\u0645\u064b\u0627 \u0641\u064a \u0627\u062a\u062c\u0627\u0647\u064a\u0646 \u0645\u062a\u0639\u0627\u0643\u0633\u064a\u0646\u060c \u0648\u0647\u064a \u0639\u0644\u0627\u0642\u0629 \u064a\u0623\u062e\u0630\u0647\u0627 \u0641\u064a \u0627\u0644\u062d\u0633\u0628\u0627\u0646 \u0643\u0644 \u0645\u0646 \u064a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 <a href=\"https:\/\/arongroups.co\/ar\/forex-market\/portfolio-diversification-explained\/\">\u062a\u0646\u0648\u064a\u0639 \u0627\u0644\u0645\u062d\u0641\u0638\u0629<\/a> \u0628\u064a\u0646 \u0627\u0644\u0623\u0633\u0647\u0645 \u0648\u0627\u0644\u0633\u0646\u062f\u0627\u062a.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8d802a8 e-flex e-con-boxed e-con e-parent\" data-id=\"8d802a8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-076ea81 elementor-widget elementor-widget-heading\" data-id=\"076ea81\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u0627\u0644\u0631\u0633\u0645 \u0627\u0644\u0628\u064a\u0627\u0646\u064a \u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-384f65b e-flex e-con-boxed e-con e-parent\" data-id=\"384f65b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-336e39c elementor-widget elementor-widget-text-editor\" data-id=\"336e39c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0627\u0644\u0631\u0633\u0645 \u0627\u0644\u0628\u064a\u0627\u0646\u064a \u0644\u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0647\u0648 \u0645\u062e\u0637\u0637 \u0633\u0648\u0642 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0625\u0642\u0631\u0627\u0636. \u064a\u0639\u0631\u0636 \u0627\u0644\u0645\u062d\u0648\u0631 \u0627\u0644\u0631\u0623\u0633\u064a \u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u060c \u0648\u064a\u0639\u0631\u0636 \u0627\u0644\u0645\u062d\u0648\u0631 \u0627\u0644\u0623\u0641\u0642\u064a \u0643\u0645\u064a\u0629 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0625\u0642\u0631\u0627\u0636. \u0648\u064a\u0645\u064a\u0644 \u0645\u0646\u062d\u0646\u0649 \u0627\u0644\u0639\u0631\u0636 \u0635\u0639\u0648\u062f\u064b\u0627 \u0644\u0623\u0646 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0623\u0639\u0644\u0649 \u062a\u0633\u062a\u0642\u0637\u0628 \u0645\u0632\u064a\u062f\u064b\u0627 \u0645\u0646 \u0627\u0644\u0627\u062f\u062e\u0627\u0631\u060c \u0648\u064a\u0645\u064a\u0644 \u0645\u0646\u062d\u0646\u0649 \u0627\u0644\u0637\u0644\u0628 \u0647\u0628\u0648\u0637\u064b\u0627 \u0644\u0623\u0646 \u0627\u0644\u0645\u0634\u0631\u0648\u0639\u0627\u062a \u0627\u0644\u0645\u062c\u062f\u064a\u0629 \u062a\u0642\u0644 \u0639\u0646\u062f \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0623\u0639\u0644\u0649.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-17f44ba e-flex e-con-boxed e-con e-parent\" data-id=\"17f44ba\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c336672 elementor-widget elementor-widget-text-editor\" data-id=\"c336672\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u064a\u0646\u0642\u0644 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u062d\u0643\u0648\u0645\u064a \u0627\u0644\u0625\u0636\u0627\u0641\u064a \u0645\u0646\u062d\u0646\u0649 \u0627\u0644\u0637\u0644\u0628 \u0645\u0646 D1 \u0625\u0644\u0649 D2\u060c \u0641\u064a\u0646\u062a\u0642\u0644 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0645\u0646 E1 \u0625\u0644\u0649 E2. \u0648\u064a\u0631\u062a\u0641\u0639 \u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0645\u0646 r1 \u0625\u0644\u0649 r2\u060c \u0648\u064a\u0631\u062a\u0641\u0639 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0645\u0646 Q1 \u0625\u0644\u0649 Q2. \u0623\u0645\u0627 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635\u060c \u0645\u0642\u0631\u0648\u0621\u064b\u0627 \u0639\u0644\u0649 \u0645\u0646\u062d\u0646\u0649 \u0627\u0644\u0637\u0644\u0628 \u0627\u0644\u0623\u0635\u0644\u064a \u0639\u0646\u062f r2\u060c \u0641\u064a\u0646\u062e\u0641\u0636 \u0645\u0646 Q1 \u0625\u0644\u0649 I2.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-56d8bd4 e-flex e-con-boxed e-con e-parent\" data-id=\"56d8bd4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-09654e2 elementor-widget elementor-widget-image\" data-id=\"09654e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-1-on-the-crowding-out-effect-graph-borrowing-shift.png\" class=\"attachment-full size-full wp-image-200684\" alt=\"\u0641\u064a \u0627\u0644\u0631\u0633\u0645 \u0627\u0644\u0628\u064a\u0627\u0646\u064a \u0644\u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629\u060c \u064a\u0646\u0642\u0644 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0645\u0646\u062d\u0646\u0649 \u0627\u0644\u0637\u0644\u0628 \u0625\u0644\u0649 \u0627\u0644\u064a\u0645\u064a\u0646: \u0641\u064a\u0631\u062a\u0641\u0639 \u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0625\u0644\u0649 r2 \u0648\u064a\u0646\u062e\u0641\u0636 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635 \u0645\u0646 Q1 \u0625\u0644\u0649 I2.\" srcset=\"https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-1-on-the-crowding-out-effect-graph-borrowing-shift.png 1600w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-1-on-the-crowding-out-effect-graph-borrowing-shift-300x169.png 300w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-1-on-the-crowding-out-effect-graph-borrowing-shift-1024x576.png 1024w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-1-on-the-crowding-out-effect-graph-borrowing-shift-768x432.png 768w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-1-on-the-crowding-out-effect-graph-borrowing-shift-1536x864.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">\u0641\u064a \u0627\u0644\u0631\u0633\u0645 \u0627\u0644\u0628\u064a\u0627\u0646\u064a \u0644\u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629\u060c \u064a\u0646\u0642\u0644 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0645\u0646\u062d\u0646\u0649 \u0627\u0644\u0637\u0644\u0628 \u0625\u0644\u0649 \u0627\u0644\u064a\u0645\u064a\u0646: \u0641\u064a\u0631\u062a\u0641\u0639 \u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0625\u0644\u0649 r2 \u0648\u064a\u0646\u062e\u0641\u0636 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635 \u0645\u0646 Q1 \u0625\u0644\u0649 I2.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-50ccfd5 e-flex e-con-boxed e-con e-parent\" data-id=\"50ccfd5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d7cb571 elementor-widget elementor-widget-heading\" data-id=\"d7cb571\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u0645\u0632\u0627\u062d\u0645\u0629 \u062c\u0632\u0626\u064a\u0629 \u0623\u0645 \u0643\u0627\u0645\u0644\u0629<\/h3>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b9e56cf e-flex e-con-boxed e-con e-parent\" data-id=\"b9e56cf\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6928d58 elementor-widget elementor-widget-text-editor\" data-id=\"6928d58\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u062a\u0645\u062b\u0644 \u0627\u0644\u0641\u062c\u0648\u0629 \u0628\u064a\u0646 Q1 \u0648I2 \u062d\u062c\u0645 \u0645\u0632\u0627\u062d\u0645\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635. \u0648\u0647\u064a \u0623\u0635\u063a\u0631 \u0645\u0646 \u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u062d\u0643\u0648\u0645\u0629\u060c \u0644\u0623\u0646 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0623\u0639\u0644\u0649 \u062a\u0633\u062a\u0642\u0637\u0628 \u0623\u064a\u0636\u064b\u0627 \u0627\u062f\u062e\u0627\u0631\u064b\u0627 \u0625\u0636\u0627\u0641\u064a\u064b\u0627\u060c \u0645\u0646 Q1 \u0625\u0644\u0649 Q2. \u0648\u062a\u0635\u0628\u062d \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0643\u0627\u0645\u0644\u0629 \u062d\u064a\u0646 \u064a\u0639\u062c\u0632 \u0639\u0631\u0636 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0639\u0646 \u0627\u0644\u0627\u0633\u062a\u062c\u0627\u0628\u0629\u060c \u0641\u064a\u0632\u064a\u062d \u0643\u0644 \u062f\u0648\u0644\u0627\u0631 \u062a\u0642\u062a\u0631\u0636\u0647 \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u062f\u0648\u0644\u0627\u0631\u064b\u0627 \u062e\u0627\u0635\u064b\u0627.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-07e86ca e-flex e-con-boxed e-con e-parent\" data-id=\"07e86ca\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-dc9bea7 elementor-widget elementor-widget-text-editor\" data-id=\"dc9bea7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u062a\u0639\u0631\u0636 \u0628\u0639\u0636 \u0627\u0644\u0643\u062a\u0628 \u0627\u0644\u062f\u0631\u0627\u0633\u064a\u0629 \u0627\u0644\u0639\u062c\u0632 \u0639\u0644\u0649 \u0623\u0646\u0647 \u0627\u0646\u062e\u0641\u0627\u0636 \u0641\u064a \u0627\u0644\u0627\u062f\u062e\u0627\u0631 \u0627\u0644\u0648\u0637\u0646\u064a\u060c \u0645\u0627 \u064a\u0646\u0642\u0644 \u0645\u0646\u062d\u0646\u0649 \u0627\u0644\u0639\u0631\u0636 \u0625\u0644\u0649 \u0627\u0644\u064a\u0633\u0627\u0631 \u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0646\u0642\u0644 \u0645\u0646\u062d\u0646\u0649 \u0627\u0644\u0637\u0644\u0628 \u0625\u0644\u0649 \u0627\u0644\u064a\u0645\u064a\u0646. \u0648\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0641\u064a \u0627\u0644\u0635\u064a\u063a\u062a\u064a\u0646 \u0648\u0627\u062d\u062f\u0629: \u0641\u0627\u0626\u062f\u0629 \u0623\u0639\u0644\u0649 \u0648\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u062e\u0627\u0635 \u0623\u0642\u0644.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c508a0b e-flex e-con-boxed e-con e-parent\" data-id=\"c508a0b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-23da66b elementor-widget elementor-widget-heading\" data-id=\"23da66b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u0643\u064a\u0641 \u062a\u0642\u0644\u0651\u0635 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0627\u0644\u0645\u0636\u0627\u0639\u0641 \u0627\u0644\u0645\u0627\u0644\u064a<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b64c90a e-flex e-con-boxed e-con e-parent\" data-id=\"b64c90a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-28d98fb elementor-widget elementor-widget-text-editor\" data-id=\"28d98fb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u064a\u0642\u064a\u0633 \u0627\u0644\u0645\u0636\u0627\u0639\u0641 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u062a\u063a\u064a\u0631 \u0641\u064a \u0627\u0644\u0646\u0627\u062a\u062c \u0645\u0642\u0627\u0628\u0644 \u0643\u0644 \u062f\u0648\u0644\u0627\u0631 \u0625\u0636\u0627\u0641\u064a \u0645\u0646 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u062d\u0643\u0648\u0645\u064a. \u0648\u062a\u0642\u0644\u0651\u0635\u0647 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0644\u0623\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635 \u0627\u0644\u0645\u0641\u0642\u0648\u062f \u064a\u0639\u0648\u0651\u0636 \u062c\u0632\u0621\u064b\u0627 \u0645\u0646 \u0627\u0644\u062f\u0641\u0639\u0629 \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629. \u0648\u0641\u064a \u0648\u0631\u0642\u0629 \u0639\u0645\u0644 \u0635\u062f\u0631\u062a \u0641\u064a \u0641\u0628\u0631\u0627\u064a\u0631 2014\u060c \u062e\u0644\u0635 \u0645\u0643\u062a\u0628 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0625\u0644\u0649 \u0623\u0646 \u0643\u0644 \u062f\u0648\u0644\u0627\u0631 \u0625\u0636\u0627\u0641\u064a \u0645\u0646 \u0627\u0644\u0639\u062c\u0632 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u064a\u062e\u0641\u0636 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635 \u0628\u0645\u0642\u062f\u0627\u0631 \u064a\u062a\u0631\u0627\u0648\u062d \u0645\u0646 15 \u0625\u0644\u0649 50 \u0633\u0646\u062a\u064b\u0627. \u0648\u0643\u0627\u0646 \u062a\u0642\u062f\u064a\u0631\u0647 \u0627\u0644\u0645\u0631\u0643\u0632\u064a 33 \u0633\u0646\u062a\u064b\u0627\u060c \u0648\u0647\u0648 \u0631\u0642\u0645 \u0637\u0648\u064a\u0644 \u0627\u0644\u0623\u062c\u0644 \u064a\u0623\u062e\u0630 \u0641\u064a \u0627\u0644\u062d\u0633\u0628\u0627\u0646 \u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0627\u062f\u062e\u0627\u0631 \u0627\u0644\u062e\u0627\u0635 \u0648\u062a\u062f\u0641\u0642 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0623\u062c\u0646\u0628\u064a.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0a4a983 e-flex e-con-boxed e-con e-parent\" data-id=\"0a4a983\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c6edb59 elementor-widget elementor-widget-heading\" data-id=\"c6edb59\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u0645\u062b\u0627\u0644 \u0645\u0635\u063a\u0651\u0631: \u0645\u0632\u0627\u062d\u0645\u0629 \u0646\u0635\u0641 \u0625\u0646\u0641\u0627\u0642 \u0642\u062f\u0631\u0647 100 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631<\/h3>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1914908 e-flex e-con-boxed e-con e-parent\" data-id=\"1914908\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6423bf1 elementor-widget elementor-widget-text-editor\" data-id=\"6423bf1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0645\u062b\u0627\u0644 \u062a\u0648\u0636\u064a\u062d\u064a\u0629. \u0627\u0644\u062e\u0637\u0648\u0629 1: \u062a\u0646\u0641\u0642 \u0627\u0644\u062d\u0643\u0648\u0645\u0629 100 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0625\u0636\u0627\u0641\u064a\u0629 \u0648\u062a\u0645\u0648\u0651\u0644\u0647\u0627 \u0628\u0628\u064a\u0639 \u0627\u0644\u0633\u0646\u062f\u0627\u062a.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-961d0ba e-flex e-con-boxed e-con e-parent\" data-id=\"961d0ba\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c058f0c elementor-widget elementor-widget-text-editor\" data-id=\"c058f0c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0627\u0644\u062e\u0637\u0648\u0629 2: \u064a\u0631\u0641\u0639 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629\u060c \u0641\u062a\u0644\u063a\u064a \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0628\u0642\u064a\u0645\u0629 50 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631. \u0648\u0647\u0630\u0627 \u0646\u0635\u0641 \u0627\u0644\u0625\u0646\u0641\u0627\u0642\u060c \u0623\u064a \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u0639\u0644\u0649 \u0644\u0646\u0637\u0627\u0642 \u0645\u0643\u062a\u0628 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0637\u0648\u064a\u0644 \u0627\u0644\u0623\u062c\u0644.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5271158 e-flex e-con-boxed e-con e-parent\" data-id=\"5271158\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-075366c elementor-widget elementor-widget-text-editor\" data-id=\"075366c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0627\u0644\u062e\u0637\u0648\u0629 3: \u0635\u0627\u0641\u064a \u0627\u0644\u0637\u0644\u0628 \u0627\u0644\u062c\u062f\u064a\u062f \u0647\u0648 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0645\u0637\u0631\u0648\u062d\u064b\u0627 \u0645\u0646\u0647 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0645\u0644\u063a\u0649\u060c \u0641\u064a\u062a\u0628\u0642\u0649 50 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-dbc1a0d e-flex e-con-boxed e-con e-parent\" data-id=\"dbc1a0d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6db0676 elementor-widget elementor-widget-text-editor\" data-id=\"6db0676\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0627\u0644\u062e\u0637\u0648\u0629 4: \u0644\u0646\u0641\u062a\u0631\u0636 \u0645\u0636\u0627\u0639\u0641\u064b\u0627 \u062a\u0648\u0636\u064a\u062d\u064a\u064b\u0627 \u0642\u062f\u0631\u0647 1.5 \u0639\u0644\u0649 \u0635\u0627\u0641\u064a \u0627\u0644\u0637\u0644\u0628 \u0627\u0644\u062c\u062f\u064a\u062f. \u0639\u0646\u062f\u0647\u0627 \u064a\u0631\u062a\u0641\u0639 \u0627\u0644\u0646\u0627\u062a\u062c 75 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 (50 \u0645\u0636\u0631\u0648\u0628\u064b\u0627 \u0641\u064a 1.5)\u060c \u0644\u0627 150 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 (100 \u0645\u0636\u0631\u0648\u0628\u064b\u0627 \u0641\u064a 1.5).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fc35545 e-flex e-con-boxed e-con e-parent\" data-id=\"fc35545\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d700052 elementor-widget elementor-widget-text-editor\" data-id=\"d700052\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u0639\u0646\u062f \u0642\u064a\u0627\u0633\u0647 \u0639\u0644\u0649 \u0643\u0627\u0645\u0644 \u0645\u0628\u0644\u063a 100 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631\u060c \u064a\u0646\u062e\u0641\u0636 \u0627\u0644\u0645\u0636\u0627\u0639\u0641 \u0645\u0646 1.5 \u0625\u0644\u0649 0.75.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-03d7f9b e-flex e-con-boxed e-con e-parent\" data-id=\"03d7f9b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-91a41cd elementor-widget elementor-widget-image\" data-id=\"91a41cd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-2-in-the-illustrative-example-50-billion-of-crowde.png\" class=\"attachment-full size-full wp-image-200687\" alt=\"\u0641\u064a \u0627\u0644\u0645\u062b\u0627\u0644 \u0627\u0644\u062a\u0648\u0636\u064a\u062d\u064a\u060c \u064a\u062e\u0641\u0636 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0645\u064f\u0632\u0627\u062d \u0628\u0642\u064a\u0645\u0629 50 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0635\u0627\u0641\u064a \u0627\u0644\u062a\u062d\u0641\u064a\u0632 \u0625\u0644\u0649 \u0627\u0644\u0646\u0635\u0641\u060c \u0648\u064a\u0642\u0644\u0651\u0635 \u0627\u0644\u0645\u0636\u0627\u0639\u0641 \u0645\u0646 1.5 \u0625\u0644\u0649 0.75.\" srcset=\"https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-2-in-the-illustrative-example-50-billion-of-crowde.png 1600w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-2-in-the-illustrative-example-50-billion-of-crowde-300x169.png 300w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-2-in-the-illustrative-example-50-billion-of-crowde-1024x576.png 1024w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-2-in-the-illustrative-example-50-billion-of-crowde-768x432.png 768w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-2-in-the-illustrative-example-50-billion-of-crowde-1536x864.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">\u0641\u064a \u0627\u0644\u0645\u062b\u0627\u0644 \u0627\u0644\u062a\u0648\u0636\u064a\u062d\u064a\u060c \u064a\u062e\u0641\u0636 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0645\u064f\u0632\u0627\u062d \u0628\u0642\u064a\u0645\u0629 50 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0635\u0627\u0641\u064a \u0627\u0644\u062a\u062d\u0641\u064a\u0632 \u0625\u0644\u0649 \u0627\u0644\u0646\u0635\u0641\u060c \u0648\u064a\u0642\u0644\u0651\u0635 \u0627\u0644\u0645\u0636\u0627\u0639\u0641 \u0645\u0646 1.5 \u0625\u0644\u0649 0.75.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6f50583 e-flex e-con-boxed e-con e-parent\" data-id=\"6f50583\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4c3574a elementor-widget elementor-widget-heading\" data-id=\"4c3574a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0645\u0642\u0627\u0628\u0644 \u0623\u062b\u0631 \u0627\u0644\u062c\u0630\u0628<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fdec271 e-flex e-con-boxed e-con e-parent\" data-id=\"fdec271\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5a6e63a elementor-widget elementor-widget-text-editor\" data-id=\"5a6e63a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0623\u062b\u0631 \u0627\u0644\u062c\u0630\u0628 \u0647\u0648 \u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0645\u0639\u0627\u0643\u0633\u0629: \u0625\u0630 \u064a\u062d\u0641\u0651\u0632 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u062d\u0643\u0648\u0645\u064a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635. \u0641\u062d\u064a\u0646 \u062a\u062a\u0648\u0627\u0641\u0631 \u0637\u0627\u0642\u0629 \u0625\u0646\u062a\u0627\u062c\u064a\u0629 \u0645\u0639\u0637\u0644\u0629\u060c \u062a\u0631\u0641\u0639 \u0627\u0644\u0637\u0644\u0628\u064a\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 \u0645\u0628\u064a\u0639\u0627\u062a \u0627\u0644\u0634\u0631\u0643\u0627\u062a\u060c \u0641\u062a\u0648\u0638\u0651\u0641 \u0648\u062a\u0633\u062a\u062b\u0645\u0631 \u0623\u0643\u062b\u0631. \u0648\u0642\u062f \u062f\u0631\u0633 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0648\u0646 \u0641\u064a \u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u062f\u0648\u0644\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u0627\u062a \u0627\u0644\u0645\u062a\u0642\u062f\u0645\u0629 \u0641\u064a 2014\u060c \u0648\u0648\u062c\u062f\u0648\u0627 \u0623\u0646 \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0639\u0627\u0645 \u0628\u0645\u0627 \u064a\u0639\u0627\u062f\u0644 1% \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0631\u0641\u0639\u062a \u0627\u0644\u0646\u0627\u062a\u062c \u0628\u0646\u062d\u0648 0.4% \u0641\u064a \u0627\u0644\u0633\u0646\u0629 \u0646\u0641\u0633\u0647\u0627 \u06481.5% \u0628\u0639\u062f \u0623\u0631\u0628\u0639 \u0633\u0646\u0648\u0627\u062a. \u0648\u0643\u0627\u0646 \u0627\u0644\u0623\u062b\u0631 \u0642\u0635\u064a\u0631 \u0627\u0644\u0623\u062c\u0644 \u0623\u0643\u0628\u0631 \u0641\u064a \u0641\u062a\u0631\u0627\u062a \u0627\u0644\u0637\u0627\u0642\u0629 \u0627\u0644\u0641\u0627\u0626\u0636\u0629 (Slack) \u0648\u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u0645\u064a\u0633\u0651\u0631\u0629.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2bb3ba8 e-flex e-con-boxed e-con e-parent\" data-id=\"2bb3ba8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c6230af elementor-widget elementor-widget-text-editor\" data-id=\"c6230af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u062d\u0627\u0644\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0647\u064a \u0627\u0644\u062a\u064a \u062a\u062d\u062f\u062f \u0623\u064a \u0627\u0644\u0623\u062b\u0631\u064a\u0646 \u064a\u063a\u0644\u0628. \u0641\u0639\u0646\u062f \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0627\u0644\u0643\u0627\u0645\u0644 \u062a\u0643\u0648\u0646 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0645\u0633\u062a\u062e\u062f\u0645\u0629 \u0623\u0635\u0644\u064b\u0627\u060c \u0648\u064a\u0645\u064a\u0644 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0625\u0644\u0649 \u0645\u0648\u0627\u062c\u0647\u0629 \u0627\u0644\u062a\u0636\u062e\u0645\u060c \u0641\u062a\u0633\u0648\u062f \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629. \u0623\u0645\u0627 \u0641\u064a \u0627\u0644\u0631\u0643\u0648\u062f \u0627\u0644\u0639\u0645\u064a\u0642 \u0623\u0648 \u0641\u062e \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0641\u062a\u0628\u0642\u0649 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0631\u0633\u0645\u064a\u0629 \u0642\u0631\u0628 \u0627\u0644\u0635\u0641\u0631 \u0648\u062a\u0638\u0644 \u0627\u0644\u0645\u062f\u062e\u0631\u0627\u062a \u0645\u0639\u0637\u0644\u0629\u060c \u0641\u0644\u0627 \u064a\u0644\u0632\u0645 \u0623\u0646 \u062a\u0631\u062a\u0641\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5117bce e-flex e-con-boxed e-con e-parent\" data-id=\"5117bce\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0bc88cf elementor-widget elementor-widget-image\" data-id=\"0bc88cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-3-crowding-out-vs-crowding-in-turns-on-slack-idle.png\" class=\"attachment-full size-full wp-image-200690\" alt=\"\u062a\u062a\u0648\u0642\u0641 \u0627\u0644\u063a\u0644\u0628\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0648\u0623\u062b\u0631 \u0627\u0644\u062c\u0630\u0628 \u0639\u0644\u0649 \u0627\u0644\u0637\u0627\u0642\u0629 \u0627\u0644\u0641\u0627\u0626\u0636\u0629: \u0641\u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0639\u0627\u0637\u0644\u0629 \u0648\u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0642\u0631\u064a\u0628\u0629 \u0645\u0646 \u0627\u0644\u0635\u0641\u0631 \u062a\u0631\u062c\u0651\u062d \u0627\u0644\u062c\u0630\u0628\u060c \u0628\u064a\u0646\u0645\u0627 \u064a\u0631\u062c\u0651\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0627\u0644\u0643\u0627\u0645\u0644 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629.\" srcset=\"https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-3-crowding-out-vs-crowding-in-turns-on-slack-idle.png 1600w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-3-crowding-out-vs-crowding-in-turns-on-slack-idle-300x169.png 300w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-3-crowding-out-vs-crowding-in-turns-on-slack-idle-1024x576.png 1024w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-3-crowding-out-vs-crowding-in-turns-on-slack-idle-768x432.png 768w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-3-crowding-out-vs-crowding-in-turns-on-slack-idle-1536x864.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">\u062a\u062a\u0648\u0642\u0641 \u0627\u0644\u063a\u0644\u0628\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0648\u0623\u062b\u0631 \u0627\u0644\u062c\u0630\u0628 \u0639\u0644\u0649 \u0627\u0644\u0637\u0627\u0642\u0629 \u0627\u0644\u0641\u0627\u0626\u0636\u0629: \u0641\u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0639\u0627\u0637\u0644\u0629 \u0648\u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0642\u0631\u064a\u0628\u0629 \u0645\u0646 \u0627\u0644\u0635\u0641\u0631 \u062a\u0631\u062c\u0651\u062d \u0627\u0644\u062c\u0630\u0628\u060c \u0628\u064a\u0646\u0645\u0627 \u064a\u0631\u062c\u0651\u062d \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0627\u0644\u0643\u0627\u0645\u0644 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6658f10 e-flex e-con-boxed e-con e-parent\" data-id=\"6658f10\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d599139 elementor-widget elementor-widget-heading\" data-id=\"d599139\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u0645\u0627 \u0627\u0644\u0630\u064a \u0643\u0634\u0641\u0647 \u0627\u0644\u0631\u0643\u0648\u062f \u0627\u0644\u0643\u0628\u064a\u0631<\/h3>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-98bb381 e-flex e-con-boxed e-con e-parent\" data-id=\"98bb381\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a979797 elementor-widget elementor-widget-text-editor\" data-id=\"a979797\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u062a\u0646\u0637\u0628\u0642 \u0627\u0644\u0633\u0646\u0648\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u0644\u062a 2008 \u0639\u0644\u0649 \u062d\u0627\u0644\u0629 \u0627\u0644\u0637\u0627\u0642\u0629 \u0627\u0644\u0641\u0627\u0626\u0636\u0629. \u0641\u0642\u062f \u0642\u062f\u0651\u0631 \u0645\u0643\u062a\u0628 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0639\u062c\u0632 \u0627\u0644\u0633\u0646\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 2009 \u0628\u0645\u0628\u0644\u063a 1.4 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631\u060c \u0623\u064a 9.9% \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u060c \u0648\u0648\u0635\u0641\u0647 \u0628\u0623\u0646\u0647 \u0623\u0639\u0644\u0649 \u0646\u0633\u0628\u0629 \u0645\u0646\u0630 1945. \u0648\u0623\u0628\u0642\u0649 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0627\u0644\u0646\u0637\u0627\u0642 \u0627\u0644\u0645\u0633\u062a\u0647\u062f\u0641 \u0644\u0644\u0641\u0627\u0626\u062f\u0629 \u0645\u0646 0% \u0625\u0644\u0649 0.25% \u0641\u064a \u0627\u0644\u0641\u062a\u0631\u0629 \u0645\u0646 16 \u062f\u064a\u0633\u0645\u0628\u0631 2008 \u062d\u062a\u0649 16 \u062f\u064a\u0633\u0645\u0628\u0631 2015. \u0648\u0645\u0639 \u0630\u0644\u0643 \u0628\u0644\u063a \u0645\u062a\u0648\u0633\u0637 \u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0644\u0623\u062c\u0644 10 \u0633\u0646\u0648\u0627\u062a 3.26% \u0641\u064a 2009 \u06481.80% \u0641\u064a 2012 (\u0628\u062d\u0633\u0628 FRED).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1a09892 e-flex e-con-boxed e-con e-parent\" data-id=\"1a09892\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-27cd726 elementor-widget elementor-widget-text-editor\" data-id=\"27cd726\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u062a\u0634\u064a\u0631 \u0627\u0644\u0623\u0628\u062d\u0627\u062b \u0639\u0646 \u062a\u0644\u0643 \u0627\u0644\u0633\u0646\u0648\u0627\u062a \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0642\u0631\u064a\u0628\u0629 \u0645\u0646 \u0627\u0644\u0635\u0641\u0631 \u0648\u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0639\u0627\u0637\u0644\u0629 \u0623\u0636\u0639\u0641\u062a \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629. \u0641\u0642\u062f \u0648\u0636\u0639 \u0644\u0648\u0631\u0646\u0633 \u0643\u0631\u064a\u0633\u062a\u064a\u0627\u0646\u0648 \u0648\u0645\u0627\u0631\u062a\u0646 \u0622\u064a\u0643\u0646\u0628\u0627\u0648\u0645 \u0648\u0633\u064a\u0631\u062c\u064a\u0648 \u0631\u064a\u0628\u064a\u0644\u0648 \u0646\u0645\u0648\u0630\u062c\u064b\u0627 \u0644\u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629 \u0641\u064a 2011\u060c \u0648\u0631\u0623\u0648\u0627 \u0623\u0646 \u0627\u0644\u0645\u0636\u0627\u0639\u0641 \u00ab\u0642\u062f \u064a\u0643\u0648\u0646 \u0623\u0643\u0628\u0631 \u0628\u0643\u062b\u064a\u0631 \u0645\u0646 \u0648\u0627\u062d\u062f \u0639\u0646\u062f\u0645\u0627 \u064a\u0643\u0648\u0646 \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649 \u0627\u0644\u0635\u0641\u0631\u064a \u0644\u0633\u0639\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0627\u0633\u0645\u064a \u0642\u064a\u062f\u064b\u0627 \u0645\u0644\u0632\u0645\u064b\u0627\u00bb. \u0648\u0641\u064a \u064a\u0646\u0627\u064a\u0631 2013 \u062f\u0631\u0633 \u0623\u0648\u0644\u064a\u0641\u064a\u064a\u0647 \u0628\u0644\u0627\u0646\u0634\u0627\u0631 \u0648\u062f\u0627\u0646\u064a\u0627\u0644 \u0644\u064a \u0645\u0646 \u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u062f\u0648\u0644\u064a \u0636\u0628\u0637 \u0623\u0648\u0636\u0627\u0639 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 \u0641\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u0627\u062a \u0627\u0644\u0645\u062a\u0642\u062f\u0645\u0629\u060c \u0648\u0648\u062c\u062f\u0627 \u0623\u0646 \u0627\u0644\u062a\u062e\u0641\u064a\u0636\u0627\u062a \u0627\u0644\u0645\u062e\u0637\u0637 \u0644\u0647\u0627 \u0627\u0642\u062a\u0631\u0646\u062a \u0628\u0646\u0645\u0648 \u0623\u0636\u0639\u0641 \u0645\u0646 \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u060c \u062e\u0635\u0648\u0635\u064b\u0627 \u0641\u064a \u0628\u062f\u0627\u064a\u0629 \u0627\u0644\u0623\u0632\u0645\u0629. \u0648\u0642\u0631\u0623 \u0627\u0644\u0628\u0627\u062d\u062b\u0627\u0646 \u0630\u0644\u0643 \u062f\u0644\u064a\u0644\u064b\u0627 \u0639\u0644\u0649 \u0623\u0646 \u0627\u0644\u0645\u0636\u0627\u0639\u0641\u0627\u062a \u0643\u0627\u0646\u062a \u00ab\u0623\u0639\u0644\u0649 \u0628\u0643\u062b\u064a\u0631 \u0645\u0645\u0627 \u0627\u0641\u062a\u0631\u0636\u0647 \u0627\u0644\u0645\u062a\u0646\u0628\u0626\u0648\u0646 \u0636\u0645\u0646\u064a\u064b\u0627\u00bb.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6742632 e-flex e-con-boxed e-con e-parent\" data-id=\"6742632\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fd6a4df elementor-widget elementor-widget-text-editor\" data-id=\"fd6a4df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u064a\u0636\u0639 \u0627\u0644\u062c\u062f\u0648\u0644 \u0627\u0644\u062a\u0627\u0644\u064a \u0627\u0644\u062d\u0627\u0644\u062a\u064a\u0646 \u062c\u0646\u0628\u064b\u0627 \u0625\u0644\u0649 \u062c\u0646\u0628.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e95771d e-flex e-con-boxed e-con e-parent\" data-id=\"e95771d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e44ac93 elementor-widget elementor-widget-shortcode\" data-id=\"e44ac93\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-1176\" class=\"tablepress tablepress-id-1176\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">\u0648\u062c\u0647 \u0627\u0644\u0645\u0642\u0627\u0631\u0646\u0629<\/th><th class=\"column-2\">\u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629<\/th><th class=\"column-3\">\u0623\u062b\u0631 \u0627\u0644\u062c\u0630\u0628<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">\u062d\u0627\u0644\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f<\/td><td class=\"column-2\">\u0642\u0631\u0628 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0627\u0644\u0643\u0627\u0645\u0644\u060c \u0648\u0637\u0627\u0642\u0629 \u0641\u0627\u0626\u0636\u0629 \u0642\u0644\u064a\u0644\u0629<\/td><td class=\"column-3\">\u0631\u0643\u0648\u062f \u0639\u0645\u064a\u0642 \u0623\u0648 \u0641\u062e \u0633\u064a\u0648\u0644\u0629\u060c \u0648\u0639\u0645\u0627\u0644 \u0648\u0622\u0644\u0627\u062a \u0645\u0639\u0637\u0644\u0629<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629<\/td><td class=\"column-2\">\u062a\u0631\u062a\u0641\u0639 \u0645\u0639 \u0645\u0646\u0627\u0641\u0633\u0629 \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0639\u0644\u0649 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0625\u0642\u0631\u0627\u0636<\/td><td class=\"column-3\">\u062a\u0628\u0642\u0649 \u0645\u0646\u062e\u0641\u0636\u0629\u060c \u0648\u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0631\u0633\u0645\u064a\u0629 \u0642\u0631\u0628 \u0627\u0644\u0635\u0641\u0631<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">\u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a<\/td><td class=\"column-2\">\u064a\u0645\u064a\u0644 \u0625\u0644\u0649 \u0645\u0648\u0627\u062c\u0647\u0629 \u0627\u0644\u062a\u0636\u062e\u0645<\/td><td class=\"column-3\">\u064a\u0628\u0642\u064a \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0645\u0646\u062e\u0641\u0636\u0629 \u0623\u0648 \u064a\u0634\u062a\u0631\u064a \u0627\u0644\u0633\u0646\u062f\u0627\u062a (\u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a)<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635<\/td><td class=\"column-2\">\u064a\u062a\u0631\u0627\u062c\u0639 \u0645\u0639 \u0627\u0631\u062a\u0641\u0627\u0639 \u0643\u0644\u0641\u0629 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636<\/td><td class=\"column-3\">\u064a\u0631\u062a\u0641\u0639 \u0645\u0639 \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0645\u0628\u064a\u0639\u0627\u062a \u0628\u0641\u0636\u0644 \u0627\u0644\u0637\u0644\u0628\u064a\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">\u0627\u0644\u0645\u0636\u0627\u0639\u0641 \u0627\u0644\u0645\u0627\u0644\u064a<\/td><td class=\"column-2\">\u0623\u0635\u063a\u0631\u061b \u0648\u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u062a\u0642\u062f\u064a\u0631\u0627\u062a \u062f\u0648\u0646 1<\/td><td class=\"column-3\">\u0623\u0643\u0628\u0631\u061b \u0648\u0642\u062f \u064a\u062a\u062c\u0627\u0648\u0632 1 \u0639\u0646\u062f \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649 \u0627\u0644\u0635\u0641\u0631\u064a \u0644\u0644\u0641\u0627\u0626\u062f\u0629<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">\u0627\u0644\u0639\u0645\u0644\u0629 (\u0646\u0645\u0648\u0630\u062c \u0645\u0646\u062f\u0644-\u0641\u0644\u064a\u0645\u0646\u062c)<\/td><td class=\"column-2\">\u062a\u0645\u064a\u0644 \u0625\u0644\u0649 \u0627\u0644\u0635\u0639\u0648\u062f \u0645\u0639 \u062c\u0630\u0628 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0644\u0631\u0624\u0648\u0633 \u0627\u0644\u0623\u0645\u0648\u0627\u0644<\/td><td class=\"column-3\">\u0636\u063a\u0637 \u0635\u0639\u0648\u062f\u064a \u0645\u062d\u062f\u0648\u062f \u0645\u0627 \u062f\u0627\u0645\u062a \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0645\u0646\u062e\u0641\u0636\u0629<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">\u0645\u062b\u0627\u0644 \u0623\u0645\u0631\u064a\u0643\u064a<\/td><td class=\"column-2\">\u0623\u0648\u0627\u0626\u0644 \u0627\u0644\u062b\u0645\u0627\u0646\u064a\u0646\u064a\u0627\u062a: \u0641\u0627\u0626\u062f\u0629 \u062d\u0642\u064a\u0642\u064a\u0629 \u0645\u0631\u062a\u0641\u0639\u0629 \u0648\u062f\u0648\u0644\u0627\u0631 \u0642\u0648\u064a<\/td><td class=\"column-3\">\u0645\u0646 2009 \u0625\u0644\u0649 2015: \u0646\u0637\u0627\u0642 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0645\u0646 0% \u0625\u0644\u0649 0.25%\u061b \u0648\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0644\u0623\u062c\u0644 10 \u0633\u0646\u0648\u0627\u062a 3.26% (2009) \u06481.80% (2012)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-1176 from cache --><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ecd2812 e-flex e-con-boxed e-con e-parent\" data-id=\"ecd2812\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a534d67 elementor-widget elementor-widget-text-editor\" data-id=\"a534d67\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align:center\"><i>\u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0648\u0623\u062b\u0631 \u0627\u0644\u062c\u0630\u0628. \u0627\u0644\u0645\u0635\u0627\u062f\u0631: \u0645\u0643\u062a\u0628 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0641\u064a \u0627\u0644\u0643\u0648\u0646\u063a\u0631\u0633\u060c \u0648\u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u060c \u0648FRED\u060c \u0648\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u062f\u0648\u0644\u064a\u060c \u0648\u0643\u0631\u064a\u0633\u062a\u064a\u0627\u0646\u0648 \u0648\u0622\u064a\u0643\u0646\u0628\u0627\u0648\u0645 \u0648\u0631\u064a\u0628\u064a\u0644\u0648 (2011).<\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6638368 e-flex e-con-boxed e-con e-parent\" data-id=\"6638368\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1c077bb elementor-widget elementor-widget-heading\" data-id=\"1c077bb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u0627\u0644\u062a\u0639\u0648\u064a\u0636 \u0627\u0644\u0646\u0642\u062f\u064a: \u062d\u064a\u0646 \u064a\u062a\u062f\u062e\u0644 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7873361 e-flex e-con-boxed e-con e-parent\" data-id=\"7873361\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b3a844f elementor-widget elementor-widget-text-editor\" data-id=\"b3a844f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u064a\u0633\u062a\u0637\u064a\u0639 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u062a\u0639\u0648\u064a\u0636 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0628\u0625\u0628\u0642\u0627\u0621 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0645\u0646\u062e\u0641\u0636\u0629 \u0628\u064a\u0646\u0645\u0627 \u062a\u0642\u062a\u0631\u0636 \u0627\u0644\u062d\u0643\u0648\u0645\u0629\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u064f\u0639\u0631\u0641 \u0628\u0627\u0644\u062a\u0639\u0648\u064a\u0636 \u0627\u0644\u0646\u0642\u062f\u064a (Monetary Offset). \u0648\u064a\u0645\u0643\u0646\u0647 \u0623\u064a\u0636\u064b\u0627 \u0634\u0631\u0627\u0621 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 \u0639\u0628\u0631 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a (QE)\u060c \u0645\u0627 \u064a\u0645\u062a\u0635 \u062c\u0632\u0621\u064b\u0627 \u0645\u0646 \u0627\u0644\u0645\u0639\u0631\u0648\u0636 \u0627\u0644\u062c\u062f\u064a\u062f \u0648\u064a\u0632\u064a\u062f \u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u062f\u0648\u0644\u0627\u0631.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-44555c3 e-flex e-con-boxed e-con e-parent\" data-id=\"44555c3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-10f62ff elementor-widget elementor-widget-text-editor\" data-id=\"10f62ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u0642\u062f \u0641\u0639\u0644 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0627\u0644\u0623\u0645\u0631\u064a\u0646 \u0628\u0639\u062f 2008. \u0641\u0643\u0627\u0646 \u064a\u062d\u062a\u0641\u0638 \u0628\u0633\u0646\u062f\u0627\u062a \u062e\u0632\u0627\u0646\u0629 \u0642\u064a\u0645\u062a\u0647\u0627 476 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a 17 \u062f\u064a\u0633\u0645\u0628\u0631 2008. \u062b\u0645 \u0628\u0644\u063a\u062a \u062d\u064a\u0627\u0632\u0627\u062a\u0647 2.46 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a 29 \u0623\u0643\u062a\u0648\u0628\u0631 2014 \u06485.77 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a 1 \u064a\u0648\u0646\u064a\u0648 2022 (\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0639\u0628\u0631 FRED).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-72c2410 e-flex e-con-boxed e-con e-parent\" data-id=\"72c2410\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6a3b2f4 elementor-widget elementor-widget-text-editor\" data-id=\"6a3b2f4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0644\u0643\u0646 \u0627\u0644\u062a\u0639\u0648\u064a\u0636 \u0623\u0635\u0639\u0628 \u062d\u064a\u0646 \u064a\u0643\u0648\u0646 \u0627\u0644\u062a\u0636\u062e\u0645 \u0645\u0631\u062a\u0641\u0639\u064b\u0627. \u0641\u0641\u064a 28 \u0623\u0643\u062a\u0648\u0628\u0631 2026 \u0623\u0628\u0642\u0649 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0627\u0644\u0646\u0637\u0627\u0642 \u0627\u0644\u0645\u0633\u062a\u0647\u062f\u0641 \u0644\u0644\u0641\u0627\u0626\u062f\u0629 \u0645\u0646 3.75% \u0625\u0644\u0649 4.00%\u060c \u0648\u0641\u0636\u0651\u0644 \u0639\u0636\u0648\u0627\u0646 \u0631\u0641\u0639\u0647. \u0648\u062c\u0627\u0621 \u0641\u064a \u0628\u064a\u0627\u0646\u0647 \u0623\u0646 \u00ab\u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u064a\u062a\u0648\u0633\u0639 \u0628\u0648\u062a\u064a\u0631\u0629 \u0642\u0648\u064a\u0629\u00bb \u0648\u0623\u0646 \u00ab\u0627\u0644\u062a\u0636\u062e\u0645 \u0644\u0627 \u064a\u0632\u0627\u0644 \u0645\u0631\u062a\u0641\u0639\u064b\u0627\u00bb. \u0648\u0627\u0631\u062a\u0641\u0639\u062a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u0633\u062a\u0647\u0644\u0643\u064a\u0646 3.7% \u0641\u064a \u0627\u0644\u0627\u062b\u0646\u064a \u0639\u0634\u0631 \u0634\u0647\u0631\u064b\u0627 \u062d\u062a\u0649 \u0633\u0628\u062a\u0645\u0628\u0631 (\u0628\u062d\u0633\u0628 \u0645\u0643\u062a\u0628 \u0625\u062d\u0635\u0627\u0621\u0627\u062a \u0627\u0644\u0639\u0645\u0644 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a). \u0648\u0628\u0647\u0630\u0647 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u062a\u0642\u0639 \u0623\u0648\u0627\u062e\u0631 2026 \u0623\u0642\u0631\u0628 \u0625\u0644\u0649 \u0637\u0631\u0641 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0627\u0644\u0643\u0627\u0645\u0644 \u0645\u0646\u0647\u0627 \u0625\u0644\u0649 \u0637\u0631\u0641 \u0627\u0644\u0637\u0627\u0642\u0629 \u0627\u0644\u0641\u0627\u0626\u0636\u0629. \u0648\u064a\u064f\u0646\u062a\u0638\u0631 \u0627\u0644\u0642\u0631\u0627\u0631 \u0627\u0644\u062a\u0627\u0644\u064a\u060c \u0645\u0639 \u0645\u062e\u0637\u0637 \u0646\u0642\u0627\u0637 (Dot Plot) \u062c\u062f\u064a\u062f\u060c \u0641\u064a 9 \u062f\u064a\u0633\u0645\u0628\u0631 2026.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6418d09 e-flex e-con-boxed e-con e-parent\" data-id=\"6418d09\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-107709e elementor-widget elementor-widget-text-editor\" data-id=\"107709e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><b>\u0633: \u0647\u0644 \u064a\u0633\u062a\u0637\u064a\u0639 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629\u061f<\/b><br>\u062c: \u062c\u0632\u0626\u064a\u064b\u0627. \u0641\u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0631\u0633\u0645\u064a\u0629 \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u0629 \u0648\u0634\u0631\u0627\u0621 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0642\u062f \u064a\u0645\u0646\u0639\u0627\u0646 \u0627\u0631\u062a\u0641\u0627\u0639 \u0643\u0644\u0641\u0629 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636\u060c \u0648\u0647\u0630\u0627 \u0623\u0646\u062c\u0639 \u0645\u0627 \u064a\u0643\u0648\u0646 \u062d\u064a\u0646 \u064a\u0643\u0648\u0646 \u0627\u0644\u062a\u0636\u062e\u0645 \u0645\u0646\u062e\u0641\u0636\u064b\u0627 \u0648\u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0645\u0639\u0637\u0644\u0629. \u0623\u0645\u0627 \u0645\u0639 \u062a\u0636\u062e\u0645 \u0645\u0631\u062a\u0641\u0639\u060c \u0641\u0642\u062f \u064a\u0624\u062f\u064a \u0627\u0644\u062f\u0639\u0645 \u0646\u0641\u0633\u0647 \u0625\u0644\u0649 \u0631\u0641\u0639 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0630\u0644\u0643.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fba18c9 e-flex e-con-boxed e-con e-parent\" data-id=\"fba18c9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f444c94 elementor-widget elementor-widget-heading\" data-id=\"f444c94\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u0645\u0627 \u062d\u062c\u0645 \u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629\u061f<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a57a328 e-flex e-con-boxed e-con e-parent\" data-id=\"a57a328\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8e81249 elementor-widget elementor-widget-text-editor\" data-id=\"8e81249\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u062d\u062c\u0645 \u0627\u0644\u0623\u062b\u0631 \u0645\u0648\u0636\u0639 \u062e\u0644\u0627\u0641\u060c \u0644\u0643\u0646 \u0627\u062a\u062c\u0627\u0647\u0647 \u062b\u0627\u0628\u062a: \u0641\u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u062d\u0643\u0648\u0645\u064a \u064a\u0645\u064a\u0644 \u0625\u0644\u0649 \u0631\u0641\u0639 \u0643\u0644\u0641\u0629 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0641\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0643\u0644\u0647. \u0648\u062a\u0633\u062a\u0646\u062f \u0627\u0644\u0642\u0627\u0639\u062f\u0629 \u0627\u0644\u062a\u0642\u0631\u064a\u0628\u064a\u0629 \u0644\u0645\u0643\u062a\u0628 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class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d5809a3 elementor-widget elementor-widget-text-editor\" data-id=\"d5809a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u062a\u064f\u0638\u0647\u0631 \u062a\u0648\u0642\u0639\u0627\u062a \u0645\u0643\u062a\u0628 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0635\u0627\u062f\u0631\u0629 \u0641\u064a 24 \u0633\u0628\u062a\u0645\u0628\u0631 2026 \u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0630\u064a \u064a\u062d\u0648\u0632\u0647 \u0627\u0644\u062c\u0645\u0647\u0648\u0631 \u0645\u0646 101% \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0641\u064a 2026 \u0625\u0644\u0649 175% \u0641\u064a 2056. \u0648\u0625\u0630\u0627 \u0637\u064f\u0628\u0651\u0642\u062a 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data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c46e59c elementor-widget elementor-widget-text-editor\" data-id=\"c46e59c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u0627\u0641\u062a\u0631\u0636 \u062a\u062d\u0644\u064a\u0644 \u0645\u0646\u0641\u0635\u0644 \u0644\u0645\u0643\u062a\u0628 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0635\u062f\u0631 \u0641\u064a 8 \u0623\u0643\u062a\u0648\u0628\u0631 2026 \u0623\u0646 \u062c\u0645\u064a\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0623\u0639\u0644\u0649 \u0628\u0645\u0642\u062f\u0627\u0631 150 \u0646\u0642\u0637\u0629 \u0623\u0633\u0627\u0633 \u0645\u0646 \u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0627\u0644\u0623\u0633\u0627\u0633 \u0644\u062f\u064a\u0647. \u0648\u0642\u0627\u0644 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class=\"elementor-heading-title elementor-size-default\">\u0643\u064a\u0641 \u062a\u062d\u0631\u0651\u0643 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0648\u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0648\u0627\u0644\u0630\u0647\u0628<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ae11a9a e-flex e-con-boxed e-con e-parent\" data-id=\"ae11a9a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7cbceeb elementor-widget elementor-widget-text-editor\" data-id=\"7cbceeb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u064a\u0646\u0642\u0644 \u0646\u0645\u0648\u0630\u062c \u0645\u0646\u062f\u0644-\u0641\u0644\u064a\u0645\u0646\u062c\u060c \u0627\u0644\u0630\u064a 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class=\"elementor-element elementor-element-d75fa8c elementor-widget elementor-widget-text-editor\" data-id=\"d75fa8c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0641\u0641\u064a \u0638\u0644 \u0623\u0633\u0639\u0627\u0631 \u0635\u0631\u0641 \u0645\u0631\u0646\u0629 \u0648\u062d\u0631\u064a\u0629 \u062d\u0631\u0643\u0629 \u0631\u0624\u0648\u0633 \u0627\u0644\u0623\u0645\u0648\u0627\u0644\u060c \u064a\u062f\u0641\u0639 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u0623\u0643\u0628\u0631 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0625\u0644\u0649 \u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639. \u0648\u064a\u062c\u0630\u0628 \u0627\u062a\u0633\u0627\u0639 \u0641\u0627\u0631\u0642 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0623\u062c\u0646\u0628\u064a\u060c \u0645\u0627 \u064a\u0645\u064a\u0644 \u0625\u0644\u0649 \u0631\u0641\u0639 \u0627\u0644\u0639\u0645\u0644\u0629 \u0648\u062c\u0639\u0644 \u0627\u0644\u0635\u0627\u062f\u0631\u0627\u062a \u0623\u063a\u0644\u0649. \u0648\u0647\u0646\u0627 \u062a\u0642\u0639 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0639\u0644\u0649 \u0635\u0627\u0641\u064a \u0627\u0644\u0635\u0627\u062f\u0631\u0627\u062a \u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0644\u0630\u0627 \u0642\u062f \u064a\u062a\u0631\u0627\u0641\u0642 \u0639\u062c\u0632 \u0627\u0644\u0645\u0648\u0627\u0632\u0646\u0629 \u0645\u0639 \u0639\u062c\u0632 \u0641\u064a \u0627\u0644\u062d\u0633\u0627\u0628 \u0627\u0644\u062c\u0627\u0631\u064a\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u064f\u0639\u0631\u0641 \u0628\u0627\u0644\u0639\u062c\u0632\u064a\u0646 \u0627\u0644\u062a\u0648\u0623\u0645\u064a\u0646 (Twin Deficits).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-bf1eccf e-flex e-con-boxed e-con e-parent\" data-id=\"bf1eccf\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7f83e45 elementor-widget elementor-widget-text-editor\" data-id=\"7f83e45\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u062a\u0645\u062b\u0644 \u0623\u0648\u0627\u0626\u0644 \u0627\u0644\u062b\u0645\u0627\u0646\u064a\u0646\u064a\u0627\u062a \u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0627\u0644\u0643\u0644\u0627\u0633\u064a\u0643\u064a\u0629\u060c \u0625\u0630 \u062a\u0631\u0627\u0641\u0642 \u0627\u0644\u0639\u062c\u0632 \u0627\u0644\u0648\u0627\u0633\u0639 \u0645\u0639 \u0633\u064a\u0627\u0633\u0629 \u0646\u0642\u062f\u064a\u0629 \u0645\u062a\u0634\u062f\u062f\u0629 \u0648\u0641\u0627\u0626\u062f\u0629 \u062d\u0642\u064a\u0642\u064a\u0629 \u0645\u0631\u062a\u0641\u0639\u0629. \u0648\u0627\u0631\u062a\u0641\u0639 \u0645\u0624\u0634\u0631 \u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0644\u062f\u0649 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a 54.8% \u0645\u0646 \u064a\u0648\u0644\u064a\u0648 1980 \u0625\u0644\u0649 \u0645\u0627\u0631\u0633 1985 (\u0628\u062d\u0633\u0628 FRED). \u0648\u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0648\u0627\u062d\u062f\u0629 \u0645\u0646 \u0639\u062f\u0629 \u0645\u062d\u0631\u0643\u0627\u062a \u0644\u0642\u0648\u0629 \u0627\u0644\u0639\u0645\u0644\u0629\u060c \u0644\u0630\u0627 \u0641\u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0646\u0632\u0639\u0629 \u0639\u0627\u0645\u0629 \u0648\u0644\u064a\u0633\u062a \u0642\u0627\u0639\u062f\u0629 \u062b\u0627\u0628\u062a\u0629.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4735169 e-flex e-con-boxed e-con e-parent\" data-id=\"4735169\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0e79341 elementor-widget elementor-widget-image\" data-id=\"0e79341\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-4-mundell-fleming-predicts-a-stronger-currency-aft.png\" class=\"attachment-full size-full wp-image-200696\" alt=\"\u064a\u062a\u0648\u0642\u0639 \u0646\u0645\u0648\u0630\u062c \u0645\u0646\u062f\u0644-\u0641\u0644\u064a\u0645\u0646\u062c \u0639\u0645\u0644\u0629 \u0623\u0642\u0648\u0649 \u0628\u0639\u062f \u0623\u0646 \u064a\u0631\u0641\u0639 \u0627\u0644\u0639\u062c\u0632 \u0627\u0644\u0639\u0648\u0627\u0626\u062f\u061b \u0644\u0643\u0646 \u0641\u064a \u0633\u0628\u062a\u0645\u0628\u0631 2022 \u0647\u0628\u0637 \u0627\u0644\u062c\u0646\u064a\u0647 \u0627\u0644\u0625\u0633\u062a\u0631\u0644\u064a\u0646\u064a \u0625\u0644\u0649 \u0623\u062f\u0646\u0649 \u0645\u0633\u062a\u0648\u0649 \u062a\u0627\u0631\u064a\u062e\u064a \u0645\u0639 \u0642\u0641\u0632\u0629 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u0628\u0631\u064a\u0637\u0627\u0646\u064a\u0629.\" srcset=\"https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-4-mundell-fleming-predicts-a-stronger-currency-aft.png 1600w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-4-mundell-fleming-predicts-a-stronger-currency-aft-300x169.png 300w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-4-mundell-fleming-predicts-a-stronger-currency-aft-1024x576.png 1024w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-4-mundell-fleming-predicts-a-stronger-currency-aft-768x432.png 768w, https:\/\/cdn.arongroups.co\/uploads\/2026\/11\/crowding-out-effect-ar-4-mundell-fleming-predicts-a-stronger-currency-aft-1536x864.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">\u064a\u062a\u0648\u0642\u0639 \u0646\u0645\u0648\u0630\u062c \u0645\u0646\u062f\u0644-\u0641\u0644\u064a\u0645\u0646\u062c \u0639\u0645\u0644\u0629 \u0623\u0642\u0648\u0649 \u0628\u0639\u062f \u0623\u0646 \u064a\u0631\u0641\u0639 \u0627\u0644\u0639\u062c\u0632 \u0627\u0644\u0639\u0648\u0627\u0626\u062f\u061b \u0644\u0643\u0646 \u0641\u064a \u0633\u0628\u062a\u0645\u0628\u0631 2022 \u0647\u0628\u0637 \u0627\u0644\u062c\u0646\u064a\u0647 \u0627\u0644\u0625\u0633\u062a\u0631\u0644\u064a\u0646\u064a \u0625\u0644\u0649 \u0623\u062f\u0646\u0649 \u0645\u0633\u062a\u0648\u0649 \u062a\u0627\u0631\u064a\u062e\u064a \u0645\u0639 \u0642\u0641\u0632\u0629 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u0628\u0631\u064a\u0637\u0627\u0646\u064a\u0629.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a14a9d3 e-flex e-con-boxed e-con e-parent\" data-id=\"a14a9d3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8ae699f elementor-widget elementor-widget-heading\" data-id=\"8ae699f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u062d\u064a\u0646 \u062a\u064f\u0636\u0639\u0641 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0639\u0645\u0644\u0629 \u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0630\u0644\u0643<\/h3>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4373d15 e-flex e-con-boxed e-con e-parent\" data-id=\"4373d15\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c45908e elementor-widget elementor-widget-text-editor\" data-id=\"c45908e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u062a\u0641\u062a\u0631\u0636 \u0647\u0630\u0647 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 \u0623\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u064a\u062b\u0642\u0648\u0646 \u0628\u0627\u0644\u0645\u0642\u062a\u0631\u0636. \u0641\u0641\u064a 23 \u0633\u0628\u062a\u0645\u0628\u0631 2022 \u0623\u0639\u0644\u0646\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0627\u0644\u0628\u0631\u064a\u0637\u0627\u0646\u064a\u0629 \u062e\u0637\u0629 \u0645\u0627\u0644\u064a\u0629. \u0648\u0628\u062d\u0644\u0648\u0644 28 \u0633\u0628\u062a\u0645\u0628\u0631\u060c \u0643\u0627\u0646 \u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 \u0627\u0644\u0628\u0631\u064a\u0637\u0627\u0646\u064a\u0629 \u0644\u0623\u062c\u0644 30 \u0639\u0627\u0645\u064b\u0627 \u0642\u062f \u0627\u0631\u062a\u0641\u0639 130 \u0646\u0642\u0637\u0629 \u0623\u0633\u0627\u0633 \u0641\u064a \u062b\u0644\u0627\u062b\u0629 \u0623\u064a\u0627\u0645 \u062a\u062f\u0627\u0648\u0644\u060c \u0628\u062d\u0633\u0628 \u0645\u0627 \u0623\u0641\u0627\u062f \u0628\u0647 \u0628\u0646\u0643 \u0625\u0646\u062c\u0644\u062a\u0631\u0627 \u0644\u0627\u062d\u0642\u064b\u0627. \u0648\u0647\u0628\u0637 \u0627\u0644\u062c\u0646\u064a\u0647 \u0627\u0644\u0625\u0633\u062a\u0631\u0644\u064a\u0646\u064a \u0625\u0644\u0649 \u0623\u062f\u0646\u0649 \u0645\u0633\u062a\u0648\u0649 \u062a\u0627\u0631\u064a\u062e\u064a \u0639\u0646\u062f 1.0327 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a 26 \u0633\u0628\u062a\u0645\u0628\u0631 2022\u060c \u0648\u0641\u0642 \u0645\u0627 \u0623\u0641\u0627\u062f\u062a \u0628\u0647 \u0631\u0648\u064a\u062a\u0631\u0632.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-cf0c951 e-flex e-con-boxed e-con e-parent\" data-id=\"cf0c951\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f2a8e38 elementor-widget elementor-widget-text-editor\" data-id=\"f2a8e38\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u062a\u0644\u062a \u0630\u0644\u0643 <a href=\"https:\/\/www.bis.org\/publ\/qtrpdf\/r_qt2212a.pdf\" target=\"_blank\" rel=\"noopener\">\u0645\u0631\u0627\u062c\u0639\u0629 \u0645\u0646 \u0628\u0646\u0643 \u0627\u0644\u062a\u0633\u0648\u064a\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u064a\u0629<\/a> \u0641\u064a \u062f\u064a\u0633\u0645\u0628\u0631 2022\u060c \u0642\u0627\u0644\u062a \u0625\u0646 \u0642\u0641\u0632\u0629 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u00ab\u0639\u062c\u0651\u0644\u062a \u0628\u0647\u0627 \u062e\u0637\u0637 \u0644\u0628\u0631\u0646\u0627\u0645\u062c \u0645\u0627\u0644\u064a \u062a\u0648\u0633\u0639\u064a \u064a\u062a\u0636\u0645\u0646 \u062a\u062e\u0641\u064a\u0636\u0627\u062a \u0636\u0631\u064a\u0628\u064a\u0629 \u0648\u062f\u0639\u0645\u064b\u0627 \u0644\u0644\u0637\u0627\u0642\u0629\u00bb. \u0648\u0623\u0634\u0627\u0631\u062a \u0623\u064a\u0636\u064b\u0627 \u0625\u0644\u0649 \u00ab\u0627\u0646\u062e\u0641\u0627\u0636 \u0643\u0628\u064a\u0631 \u0641\u064a \u0642\u064a\u0645\u0629 \u0627\u0644\u062c\u0646\u064a\u0647 \u0627\u0644\u0625\u0633\u062a\u0631\u0644\u064a\u0646\u064a\u00bb\u060c \u0648\u0648\u062c\u062f\u062a \u0623\u0646 \u0627\u0644\u0628\u064a\u0639 \u0627\u0644\u0642\u0633\u0631\u064a \u0645\u0646 \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a (LDI) \u0623\u062f\u0649 \u062f\u0648\u0631\u064b\u0627 \u0645\u0647\u0645\u064b\u0627. \u0648\u0627\u0634\u062a\u0631\u0649 \u0628\u0646\u0643 \u0625\u0646\u062c\u0644\u062a\u0631\u0627 \u0633\u0646\u062f\u0627\u062a \u062d\u0643\u0648\u0645\u064a\u0629 \u0628\u0642\u064a\u0645\u0629 19.3 \u0645\u0644\u064a\u0627\u0631 \u062c\u0646\u064a\u0647 \u0625\u0633\u062a\u0631\u0644\u064a\u0646\u064a \u0628\u064a\u0646 28 \u0633\u0628\u062a\u0645\u0628\u0631 \u064814 \u0623\u0643\u062a\u0648\u0628\u0631 2022.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b027cf4 e-flex e-con-boxed e-con e-parent\" data-id=\"b027cf4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fdce33b elementor-widget elementor-widget-heading\" data-id=\"fdce33b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u0645\u0627 \u0627\u0644\u0630\u064a \u064a\u0631\u0627\u0642\u0628\u0647 \u0645\u062a\u062f\u0627\u0648\u0644\u0648 \u0627\u0644\u0641\u0648\u0631\u0643\u0633 \u0648\u0627\u0644\u0630\u0647\u0628<\/h3>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f756a96 e-flex e-con-boxed e-con e-parent\" data-id=\"f756a96\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e7895c4 elementor-widget elementor-widget-text-editor\" data-id=\"e7895c4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u064a\u062a\u0627\u0628\u0639 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0648\u0646 \u062c\u0627\u0646\u0628 \u0627\u0644\u0645\u0639\u0631\u0648\u0636 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0633\u0646\u062f\u0627\u062a. \u0641\u0641\u064a 2 \u0646\u0648\u0641\u0645\u0628\u0631 2026 \u0642\u0627\u0644\u062a \u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0625\u0646\u0647\u0627 \u062a\u062a\u0648\u0642\u0639 \u0627\u0642\u062a\u0631\u0627\u0636 618 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0645\u0646 \u0635\u0627\u0641\u064a \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0642\u0627\u0628\u0644 \u0644\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0630\u064a \u064a\u062d\u0648\u0632\u0647 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u0627\u0635 \u0641\u064a \u0627\u0644\u0641\u062a\u0631\u0629 \u0645\u0646 \u0623\u0643\u062a\u0648\u0628\u0631 \u0625\u0644\u0649 \u062f\u064a\u0633\u0645\u0628\u0631 2026. \u0648\u062a\u062a\u0648\u0642\u0639 \u0627\u0642\u062a\u0631\u0627\u0636 800 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0627\u0644\u0641\u062a\u0631\u0629 \u0645\u0646 \u064a\u0646\u0627\u064a\u0631 \u0625\u0644\u0649 \u0645\u0627\u0631\u0633 2027. \u0648\u064a\u062d\u062f\u062f \u0628\u064a\u0627\u0646 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0641\u0635\u0644\u064a \u0644\u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0635\u0627\u062f\u0631 \u0641\u064a 4 \u0646\u0648\u0641\u0645\u0628\u0631 2026 \u0623\u062d\u062c\u0627\u0645 \u0645\u0632\u0627\u062f\u0627\u062a \u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0644\u0644\u0631\u0628\u0639 \u0627\u0644\u0645\u0642\u0628\u0644.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c4d28a0 e-flex e-con-boxed e-con e-parent\" data-id=\"c4d28a0\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-42e4c71 elementor-widget elementor-widget-text-editor\" data-id=\"42e4c71\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0644\u0627 \u064a\u062f\u0631\u0651 \u0627\u0644\u0630\u0647\u0628 \u0623\u064a \u0641\u0627\u0626\u062f\u0629\u060c \u0644\u0630\u0627 \u062a\u0645\u064a\u0644 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u062a\u0641\u0639\u0629 \u0625\u0644\u0649 \u0627\u0644\u0636\u063a\u0637 \u0639\u0644\u064a\u0647\u060c \u0648\u0625\u0646 \u0643\u0627\u0646 \u0627\u0644\u0637\u0644\u0628 \u0639\u0644\u064a\u0647 \u0641\u064a \u0627\u0644\u0623\u0632\u0645\u0627\u062a\u060c \u062d\u064a\u0646 \u064a\u0628\u062d\u062b \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0639\u0646 <a href=\"https:\/\/arongroups.co\/ar\/forex-market\/safest-assets-for-stagflation\/\">\u0623\u0643\u062b\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0623\u0645\u0627\u0646\u064b\u0627<\/a>\u060c \u0642\u062f \u064a\u0637\u063a\u0649 \u0639\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u0623\u062b\u0631. \u0643\u0645\u0627 \u062a\u0631\u0641\u0639 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0639\u0644\u0649 \u0627\u0644\u0645\u0639\u062f\u0644 \u0627\u0644\u0630\u064a \u062a\u064f\u062e\u0635\u0645 \u0628\u0647 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629\u060c \u0648\u0647\u0648 \u0639\u0627\u0645\u0644 \u0645\u0639\u0627\u0643\u0633 \u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0623\u0633\u0647\u0645. \u0648\u064a\u0645\u064a\u0644 \u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0625\u0644\u0649 \u0627\u0644\u0635\u0639\u0648\u062f \u062d\u064a\u0646 \u062a\u0631\u062a\u0641\u0639 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u063a\u064a\u0631\u0647\u0627\u060c \u0645\u0627 \u0644\u0645 \u062a\u062f\u0641\u0639 \u0627\u0644\u0645\u062e\u0627\u0648\u0641 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0625\u0644\u0649 \u0627\u0644\u0627\u0628\u062a\u0639\u0627\u062f \u0639\u0646\u0647.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-800f97b e-flex e-con-boxed e-con e-parent\" data-id=\"800f97b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b3df9cc elementor-widget elementor-widget-text-editor\" data-id=\"b3df9cc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u0642\u062f \u062a\u0643\u0648\u0646 \u0647\u0630\u0647 \u0627\u0644\u062a\u062d\u0631\u0643\u0627\u062a \u0633\u0631\u064a\u0639\u0629 \u062d\u0648\u0644 \u0635\u062f\u0648\u0631 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a\u060c \u0645\u062b\u0644 <a href=\"https:\/\/arongroups.co\/ar\/forex-market\/nfp-report-trading-strategies\/\">\u062a\u0642\u0631\u064a\u0631 \u0627\u0644\u0648\u0638\u0627\u0626\u0641 \u063a\u064a\u0631 \u0627\u0644\u0632\u0631\u0627\u0639\u064a\u0629<\/a>\u060c \u0648\u062d\u0648\u0644 \u0627\u0644\u0645\u0632\u0627\u062f\u0627\u062a\u060c \u0648\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u062a\u0636\u062e\u0651\u0645\u0647\u0627. \u0648\u062a\u062d\u0630\u0651\u0631 \u0646\u0634\u0631\u0629 \u0625\u0631\u0634\u0627\u062f\u064a\u0629 \u0645\u0646 \u0647\u064a\u0626\u0629 \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0633\u0644\u0639 \u0627\u0644\u0622\u062c\u0644\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 (CFTC) \u0645\u0646 \u0623\u0646 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0639\u0627\u0644\u064a\u0629 \u00ab\u062a\u0636\u062e\u0651\u0645 \u0627\u0644\u0645\u0643\u0627\u0633\u0628 \u0648\u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u0645\u0639\u064b\u0627\u00bb.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f14b0a6 e-flex e-con-boxed e-con e-parent\" data-id=\"f14b0a6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d8bf411 elementor-widget elementor-widget-heading\" data-id=\"d8bf411\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0648\u0627\u0642\u0639\u064a\u0629 \u0644\u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-92b82b6 e-flex e-con-boxed e-con e-parent\" data-id=\"92b82b6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-42584a3 elementor-widget elementor-widget-text-editor\" data-id=\"42584a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u064a\u0637\u0639\u0646 \u0627\u0644\u062a\u0643\u0627\u0641\u0624 \u0627\u0644\u0631\u064a\u0643\u0627\u0631\u062f\u064a (Ricardian Equivalence) \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0622\u0644\u064a\u0629. \u0641\u0642\u062f \u0631\u0623\u0649 \u0631\u0648\u0628\u0631\u062a \u0628\u0627\u0631\u0648 \u0641\u064a 1974 \u0623\u0646 \u0627\u0644\u0623\u0633\u0631 \u0642\u062f \u062a\u062f\u0651\u062e\u0631 \u0623\u0643\u062b\u0631 \u062d\u064a\u0646 \u062a\u0642\u062a\u0631\u0636 \u0627\u0644\u062d\u0643\u0648\u0645\u0629\u060c \u0627\u0633\u062a\u0639\u062f\u0627\u062f\u064b\u0627 \u0644\u0644\u0636\u0631\u0627\u0626\u0628 \u0627\u0644\u062a\u064a \u064a\u0639\u0646\u064a\u0647\u0627 \u0627\u0644\u062f\u064a\u0646 \u0641\u064a \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644. \u0648\u0625\u0630\u0627 \u0641\u0639\u0644\u062a \u0630\u0644\u0643 \u0628\u0627\u0644\u0643\u0627\u0645\u0644\u060c \u064a\u0631\u062a\u0641\u0639 \u0627\u0644\u0627\u062f\u062e\u0627\u0631 \u0627\u0644\u062e\u0627\u0635 \u0645\u0639 \u0627\u0644\u0639\u062c\u0632 \u0648\u0644\u0627 \u064a\u0644\u0632\u0645 \u0623\u0646 \u062a\u062a\u062d\u0631\u0643 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629. \u0644\u0643\u0646 \u0645\u0631\u0627\u062c\u0639\u0629 \u0645\u0643\u062a\u0628 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0641\u064a 2014 \u0642\u062f\u0651\u0631\u062a \u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0627\u0644\u0627\u062f\u062e\u0627\u0631 \u0627\u0644\u062e\u0627\u0635 \u0639\u0646\u062f 43 \u0633\u0646\u062a\u064b\u0627 \u0644\u0643\u0644 \u062f\u0648\u0644\u0627\u0631 \u0645\u0646 \u0627\u0644\u0639\u062c\u0632\u060c \u0644\u0630\u0627 \u0641\u0627\u0644\u062a\u0639\u0648\u064a\u0636 \u062c\u0632\u0626\u064a \u0641\u064a \u062a\u0642\u062f\u064a\u0631\u0647.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-002c77d e-flex e-con-boxed e-con e-parent\" data-id=\"002c77d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a36b6a2 elementor-widget elementor-widget-text-editor\" data-id=\"a36b6a2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u062a\u0632\u064a\u062f \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u0627\u062a \u0627\u0644\u0645\u0641\u062a\u0648\u062d\u0629 \u0627\u0644\u0635\u0648\u0631\u0629 \u062a\u0639\u0642\u064a\u062f\u064b\u0627. \u0641\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0623\u062c\u0646\u0628\u064a \u0642\u062f \u064a\u063a\u0637\u064a \u062c\u0632\u0621\u064b\u0627 \u0645\u0646 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636\u060c \u0628\u0648\u0627\u0642\u0639 24 \u0633\u0646\u062a\u064b\u0627 \u0644\u0643\u0644 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0627\u0644\u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0644\u0645\u0643\u062a\u0628 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629. \u0648\u0647\u0630\u0627 \u064a\u0646\u0642\u0644 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0646\u062d\u0648 \u0635\u0627\u0641\u064a \u0627\u0644\u0635\u0627\u062f\u0631\u0627\u062a.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b780076 e-flex e-con-boxed e-con e-parent\" data-id=\"b780076\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2711ce3 elementor-widget elementor-widget-text-editor\" data-id=\"2711ce3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u0627\u0644\u0623\u062f\u0644\u0629 \u0639\u0644\u0649 \u0627\u0644\u0645\u0636\u0627\u0639\u0641\u0627\u062a \u0645\u062a\u0628\u0627\u064a\u0646\u0629. \u0641\u0642\u062f \u0648\u062c\u062f \u0622\u0644\u0627\u0646 \u0623\u0648\u0631\u0628\u0627\u062e \u0648\u064a\u0648\u0631\u064a \u063a\u0648\u0631\u0648\u062f\u0646\u064a\u062a\u0634\u064a\u0646\u0643\u0648 (2012) \u0623\u0646 \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u00ab\u0623\u0643\u062b\u0631 \u0641\u0627\u0639\u0644\u064a\u0629 \u0628\u0643\u062b\u064a\u0631 \u0641\u064a \u0641\u062a\u0631\u0627\u062a \u0627\u0644\u0631\u0643\u0648\u062f \u0645\u0646\u0647\u0627 \u0641\u064a \u0641\u062a\u0631\u0627\u062a \u0627\u0644\u062a\u0648\u0633\u0639\u00bb. \u0648\u0627\u0633\u062a\u062e\u062f\u0645\u062a \u0641\u0627\u0644\u064a\u0631\u064a \u0631\u0627\u0645\u064a \u0648\u0633\u0627\u0631\u0629 \u0632\u0628\u064a\u0631\u064a (2018) \u0628\u064a\u0627\u0646\u0627\u062a \u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u062a\u0634\u0645\u0644 \u062d\u0631\u0648\u0628\u064b\u0627 \u0643\u0628\u0631\u0649 \u0648\u0641\u062a\u0631\u0627\u062a \u0631\u0643\u0648\u062f \u0639\u0645\u064a\u0642\u060c \u0648\u0642\u062f\u0651\u0631\u062a\u0627 \u0627\u0644\u0645\u0636\u0627\u0639\u0641\u0627\u062a \u00ab\u062f\u0648\u0646 \u0627\u0644\u0648\u0627\u062d\u062f \u0628\u0635\u0631\u0641 \u0627\u0644\u0646\u0638\u0631 \u0639\u0646 \u062d\u062c\u0645 \u0627\u0644\u0637\u0627\u0642\u0629 \u0627\u0644\u0641\u0627\u0626\u0636\u0629 \u0641\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u00bb\u060c \u0645\u0639 \u0646\u062a\u0627\u0626\u062c \u0645\u062a\u0628\u0627\u064a\u0646\u0629 \u0639\u0646\u062f \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649 \u0627\u0644\u0635\u0641\u0631\u064a \u0644\u0644\u0641\u0627\u0626\u062f\u0629.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-415143f e-flex e-con-boxed e-con e-parent\" data-id=\"415143f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-01b8f57 elementor-widget elementor-widget-text-editor\" data-id=\"01b8f57\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u0627\u0644\u0645\u062a\u0637\u0627\u0628\u0642\u0627\u062a \u0627\u0644\u0645\u062d\u0627\u0633\u0628\u064a\u0629 \u0644\u0627 \u062a\u062b\u0628\u062a \u0627\u0644\u0623\u0633\u0628\u0627\u0628. \u0641\u0627\u0644\u0627\u062f\u062e\u0627\u0631 \u0648\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u064a\u062c\u0628 \u0623\u0646 \u064a\u062a\u0648\u0627\u0632\u0646\u0627\u060c \u0644\u0630\u0627 \u0644\u0627 \u0628\u062f \u0623\u0646 \u064a\u0642\u0627\u0628\u0644 \u0623\u064a \u0639\u062c\u0632 \u0627\u062f\u062e\u0627\u0631 \u062e\u0627\u0635 \u0623\u0643\u0628\u0631 \u0623\u0648 \u0631\u0623\u0633 \u0645\u0627\u0644 \u0623\u062c\u0646\u0628\u064a \u0623\u0643\u0628\u0631 \u0623\u0648 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0623\u0642\u0644. \u0644\u0643\u0646 \u0627\u0644\u0645\u062a\u0637\u0627\u0628\u0642\u0629 \u0644\u0627 \u062a\u062d\u062f\u062f \u0623\u064a\u0647\u0627 \u064a\u062a\u0643\u064a\u0641\u060c \u0643\u0645\u0627 \u0623\u0646 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u062a\u062a\u062d\u0631\u0643 \u0623\u064a\u0636\u064b\u0627 \u0645\u0639 \u0627\u0644\u062a\u0636\u062e\u0645 \u0648\u0627\u0644\u0646\u0645\u0648 \u0648\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c621f8e e-flex e-con-boxed e-con e-parent\" data-id=\"c621f8e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-84cf619 elementor-widget elementor-widget-ucaddon_blog_yellow_box\" data-id=\"84cf619\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_blog_yellow_box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start Blog Yellow Box -->\n\n<!-- Yellow content box -->\n<div class=\"yellow_content_box\">\n  <img decoding=\"async\" src=\"https:\/\/cdn.arongroups.co\/uploads\/2024\/12\/sms-star.svg\" alt=\"sms-star\">\n  <p>\n    <p><b>\u0646\u0642\u0637\u0629 \u0645\u0647\u0645\u0629<\/b><br>\u0627\u062a\u062c\u0627\u0647 \u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0645\u062f\u0639\u0648\u0645 \u0628\u0623\u062f\u0644\u0629 \u0642\u0648\u064a\u0629: \u0641\u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u062d\u0643\u0648\u0645\u064a \u062a\u0645\u064a\u0644 \u0625\u0644\u0649 \u0631\u0641\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629. \u0623\u0645\u0627 \u062d\u062c\u0645\u0647 \u0641\u064a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0627\u0644\u0637\u0627\u0642\u0629 \u0627\u0644\u0641\u0627\u0626\u0636\u0629 \u0648\u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0648\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0623\u062c\u0646\u0628\u064a\u060c \u0648\u0644\u0627 \u064a\u0632\u0627\u0644 \u0645\u0648\u0636\u0639 \u062e\u0644\u0627\u0641.<\/p>\n  <\/p>\n<\/div>\n<!-- end Blog Yellow Box -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5736589 e-flex e-con-boxed e-con e-parent\" data-id=\"5736589\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-14db688 elementor-widget elementor-widget-heading\" data-id=\"14db688\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u062a\u062f\u0627\u0648\u0644 \u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0641\u064a \u0627\u0644\u0641\u0648\u0631\u0643\u0633 \u0648\u0627\u0644\u0630\u0647\u0628 \u0648\u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-07ef33c e-flex e-con-boxed e-con e-parent\" data-id=\"07ef33c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b2c0d2d elementor-widget elementor-widget-text-editor\" data-id=\"b2c0d2d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0644\u0627 \u062a\u0642\u062f\u0651\u0645 \u0622\u0631\u0648\u0646 \u062c\u0631\u0648\u0628\u0633 \u0633\u0646\u062f\u0627\u062a \u0623\u0648 \u0645\u0646\u062a\u062c\u0627\u062a \u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062e\u0632\u0627\u0646\u0629. \u0644\u0643\u0646 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u062a\u0635\u0644 \u0625\u0644\u0649 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0639\u0628\u0631 \u0623\u0633\u0648\u0627\u0642 \u062a\u062a\u0641\u0627\u0639\u0644 \u0645\u0639 \u0627\u0644\u0639\u0648\u0627\u0626\u062f\u060c \u0648\u062a\u062a\u0648\u0641\u0631 \u0639\u0644\u0649 \u0634\u0643\u0644 \u0639\u0642\u0648\u062f \u0641\u0631\u0648\u0642\u0627\u062a (CFDs) \u0639\u0628\u0631 <a href=\"https:\/\/arongroups.co\/ar\/meta-trader-5\/\">\u0645\u0646\u0635\u0629 \u0645\u064a\u062a\u0627\u062a\u0631\u064a\u062f\u0631 5<\/a> (MT5). \u0648\u062a\u0634\u0645\u0644 \u0647\u0630\u0647 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0623\u0632\u0648\u0627\u062c \u0641\u0648\u0631\u0643\u0633 \u0645\u062b\u0644 EURUSD \u0648USDJPY\u060c \u0648\u0627\u0644\u0630\u0647\u0628 \u0639\u0628\u0631 XAU\/USD\u060c \u0648\u0639\u0642\u0648\u062f \u0627\u0644\u0641\u0631\u0648\u0642\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a. \u0648<a href=\"https:\/\/arongroups.co\/ar\/leverage\/\">\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/a> \u062a\u0636\u062e\u0651\u0645 \u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u0643\u0645\u0627 \u062a\u0636\u062e\u0651\u0645 \u0627\u0644\u0623\u0631\u0628\u0627\u062d\u060c \u0648\u0623\u0645\u0631 \u0648\u0642\u0641 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u0644\u0627 \u064a\u0636\u0645\u0646 \u0627\u0644\u062e\u0631\u0648\u062c \u0639\u0646\u062f \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u062d\u062f\u062f \u062d\u064a\u0646 \u062a\u062d\u062f\u062b \u0641\u062c\u0648\u0627\u062a \u0633\u0639\u0631\u064a\u0629.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a043bcc e-flex e-con-boxed e-con e-parent\" data-id=\"a043bcc\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7ec16c0 elementor-widget elementor-widget-text-editor\" data-id=\"7ec16c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u062a\u0635\u0644 \u0623\u062e\u0628\u0627\u0631 \u0627\u0644\u0645\u0648\u0627\u0632\u0646\u0629 \u0648\u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0648\u0641\u0642 \u062c\u062f\u0648\u0644 \u0632\u0645\u0646\u064a. \u0648\u064a\u0639\u0631\u0636 <a href=\"https:\/\/arongroups.co\/ar\/economic-calendar\/\">\u0627\u0644\u062a\u0642\u0648\u064a\u0645 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a<\/a> \u0645\u0648\u0627\u0639\u064a\u062f \u0635\u062f\u0648\u0631 \u0627\u0644\u0623\u062e\u0628\u0627\u0631 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u0643\u0628\u0631\u0649. \u0648\u0623\u0628\u0631\u0632 \u0627\u0644\u0623\u062d\u062f\u0627\u062b \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0627\u0644\u0645\u0642\u0628\u0644\u0629 \u0645\u0624\u0634\u0631 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u0633\u062a\u0647\u0644\u0643\u064a\u0646 (CPI) \u0644\u0634\u0647\u0631 \u0623\u0643\u062a\u0648\u0628\u0631 \u0641\u064a 10 \u0646\u0648\u0641\u0645\u0628\u0631 2026\u060c \u0648\u0642\u0631\u0627\u0631 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0641\u064a 9 \u062f\u064a\u0633\u0645\u0628\u0631 2026. \u0648\u064a\u062a\u064a\u062d <a href=\"https:\/\/arongroups.co\/ar\/demo-account\/\">\u0627\u0644\u062d\u0633\u0627\u0628 \u0627\u0644\u062a\u062c\u0631\u064a\u0628\u064a<\/a> \u0628\u0623\u0645\u0648\u0627\u0644 \u0627\u0641\u062a\u0631\u0627\u0636\u064a\u0629 \u0627\u0644\u062a\u062f\u0631\u0651\u0628 \u062f\u0648\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u0629 \u0628\u0623\u0645\u0648\u0627\u0644 \u062d\u0642\u064a\u0642\u064a\u0629.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7eb8b29 e-flex e-con-boxed e-con e-parent\" data-id=\"7eb8b29\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f67ba2f elementor-widget elementor-widget-heading\" data-id=\"f67ba2f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u0627\u0644\u062e\u0644\u0627\u0635\u0629<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3cadf95 e-flex e-con-boxed e-con e-parent\" data-id=\"3cadf95\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d18da9b elementor-widget elementor-widget-text-editor\" data-id=\"d18da9b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0647\u0648 \u062c\u0627\u0646\u0628 \u0627\u0644\u0643\u0644\u0641\u0629 \u0641\u064a \u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0639\u062c\u0632. \u0641\u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0627\u0644\u062d\u0643\u0648\u0645\u064a \u064a\u0646\u0627\u0641\u0633 \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u062e\u0631\u0627\u062a \u0648\u064a\u0631\u0641\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0648\u0642\u062f \u064a\u0636\u063a\u0637 \u0639\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635. \u0623\u0645\u0627 \u0645\u0642\u062f\u0627\u0631 \u0630\u0644\u0643 \u0641\u062a\u062d\u062f\u062f\u0647 \u0627\u0644\u0637\u0627\u0642\u0629 \u0627\u0644\u0641\u0627\u0626\u0636\u0629 \u0648\u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0648\u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0623\u062c\u0646\u0628\u064a.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-47c4243 e-flex e-con-boxed e-con e-parent\" data-id=\"47c4243\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-97fe9cf elementor-widget elementor-widget-text-editor\" data-id=\"97fe9cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u0645\u0639 \u0628\u0644\u0648\u063a \u0627\u0644\u0639\u062c\u0632 1.99 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0627\u0644\u0633\u0646\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 2026\u060c \u0648\u0648\u0635\u0648\u0644 \u0627\u0644\u062f\u064a\u0646 \u0625\u0644\u0649 101% \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0645\u062d\u0644\u064a \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u060c \u0639\u0627\u062f\u062a \u0627\u0644\u0645\u0633\u0623\u0644\u0629 \u0642\u0636\u064a\u0629 \u0639\u0645\u0644\u064a\u0629 \u0645\u0646 \u062c\u062f\u064a\u062f. \u0641\u0627\u0644\u0642\u0627\u0639\u062f\u0629 \u0627\u0644\u062a\u0642\u0631\u064a\u0628\u064a\u0629 \u0644\u0645\u0643\u062a\u0628 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0635\u063a\u064a\u0631\u0629 \u0644\u0643\u0644 \u0646\u0642\u0637\u0629 \u0645\u0646 \u0627\u0644\u062f\u064a\u0646\u060c \u0644\u0643\u0646\u0647\u0627 \u0643\u0628\u064a\u0631\u0629 \u0639\u0644\u0649 \u0627\u0645\u062a\u062f\u0627\u062f \u0632\u064a\u0627\u062f\u0629 \u0642\u062f\u0631\u0647\u0627 74 \u0646\u0642\u0637\u0629.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f178300 e-flex e-con-boxed e-con e-parent\" data-id=\"f178300\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d76132a elementor-widget elementor-widget-text-editor\" data-id=\"d76132a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0648\u0644\u0645\u0646 \u064a\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062a\u064a \u062a\u062a\u0623\u062b\u0631 \u0628\u0627\u0644\u0639\u0648\u0627\u0626\u062f\u060c \u064a\u0634\u0631\u062d <a href=\"https:\/\/arongroups.co\/ar\/starting-guide\/\">\u062f\u0644\u064a\u0644 \u0627\u0644\u0628\u062f\u0627\u064a\u0629 \u0641\u064a \u0627\u0644\u062a\u062f\u0627\u0648\u0644<\/a> \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0627\u062a\u060c \u0648\u062a\u0633\u0627\u0639\u062f <a href=\"https:\/\/arongroups.co\/ar\/margin-calculator\/\">\u062d\u0627\u0633\u0628\u0629 \u0627\u0644\u0647\u0627\u0645\u0634<\/a> \u0639\u0644\u0649 \u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u0647\u0627\u0645\u0634 \u0627\u0644\u0645\u0637\u0644\u0648\u0628 \u0642\u0628\u0644 \u0641\u062a\u062d \u0623\u064a \u0645\u0631\u0643\u0632.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f01b4e0 e-flex e-con-boxed e-con e-parent\" data-id=\"f01b4e0\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6219abf elementor-widget elementor-widget-heading\" data-id=\"6219abf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-671a474 e-flex e-con-boxed e-con e-parent\" data-id=\"671a474\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3ba2504 elementor-widget elementor-widget-text-editor\" data-id=\"3ba2504\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0625\u062c\u0627\u0628\u0627\u062a \u0645\u062e\u062a\u0635\u0631\u0629 \u0639\u0646 \u0623\u0633\u0626\u0644\u0629 \u0634\u0627\u0626\u0639\u0629 \u062d\u0648\u0644 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-37743b1 e-flex e-con-boxed e-con e-parent\" data-id=\"37743b1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-176c344 elementor-widget elementor-widget-heading\" data-id=\"176c344\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u0645\u0627 \u0647\u0648 \u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0628\u0639\u0628\u0627\u0631\u0627\u062a \u0628\u0633\u064a\u0637\u0629\u061f<\/h3>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6ee7e88 e-flex e-con-boxed e-con e-parent\" data-id=\"6ee7e88\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-91d29aa elementor-widget elementor-widget-text-editor\" data-id=\"91d29aa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0647\u0648 \u0623\u0646 \u064a\u062a\u0631\u0643 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0623\u0648 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u062d\u0643\u0648\u0645\u064a \u0645\u062c\u0627\u0644\u064b\u0627 \u0623\u0636\u064a\u0642 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635. \u0641\u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u062a\u0646\u0627\u0641\u0633 \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u062e\u0631\u0627\u062a\u060c \u0641\u062a\u0631\u062a\u0641\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629\u060c \u0648\u0644\u0627 \u062a\u0639\u0648\u062f \u0628\u0639\u0636 \u0627\u0644\u0645\u0634\u0631\u0648\u0639\u0627\u062a \u0627\u0644\u062e\u0627\u0635\u0629 \u0645\u062c\u062f\u064a\u0629.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f6000c5 e-flex e-con-boxed e-con e-parent\" data-id=\"f6000c5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-33c2012 elementor-widget elementor-widget-heading\" data-id=\"33c2012\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u0645\u0627 \u0645\u062b\u0627\u0644 \u0639\u0644\u0649 \u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629\u061f<\/h3>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6aa50e2 e-flex e-con-boxed e-con e-parent\" data-id=\"6aa50e2\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6de6d1a elementor-widget elementor-widget-text-editor\" data-id=\"6de6d1a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u0641\u064a \u062d\u0627\u0644\u0629 \u062a\u0648\u0636\u064a\u062d\u064a\u0629\u060c \u064a\u0631\u0641\u0639 \u0625\u0646\u0641\u0627\u0642 \u0642\u062f\u0631\u0647 100 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0645\u0645\u0648\u064e\u0651\u0644 \u0628\u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629\u060c \u0641\u062a\u0644\u063a\u064a \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u062a\u0639\u0627\u062f\u0644 \u0646\u0635\u0641 \u0647\u0630\u0627 \u0627\u0644\u0645\u0628\u0644\u063a. \u0648\u0627\u0644\u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0637\u0648\u064a\u0644 \u0627\u0644\u0623\u062c\u0644 \u0644\u0645\u0643\u062a\u0628 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0647\u0648 \u062e\u0633\u0627\u0631\u0629 33 \u0633\u0646\u062a\u064b\u0627 \u0645\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0644\u0643\u0644 \u062f\u0648\u0644\u0627\u0631 \u0645\u0646 \u0627\u0644\u0639\u062c\u0632.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b88e017 e-flex e-con-boxed e-con e-parent\" data-id=\"b88e017\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-24dea37 elementor-widget elementor-widget-heading\" data-id=\"24dea37\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u0645\u0627 \u0627\u0644\u0641\u0631\u0642 \u0628\u064a\u0646 \u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0648\u0623\u062b\u0631 \u0627\u0644\u062c\u0630\u0628\u061f<\/h3>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2d5c100 e-flex e-con-boxed e-con e-parent\" data-id=\"2d5c100\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c6b0a46 elementor-widget elementor-widget-text-editor\" data-id=\"c6b0a46\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>\u062a\u0639\u0646\u064a \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0623\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635 \u064a\u0646\u062e\u0641\u0636 \u062d\u064a\u0646 \u064a\u0631\u062a\u0641\u0639 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u060c \u0623\u0645\u0627 \u0627\u0644\u062c\u0630\u0628 \u0641\u064a\u0639\u0646\u064a \u0623\u0646\u0647 \u064a\u0631\u062a\u0641\u0639 \u0645\u0639\u0647. \u0648\u0627\u0644\u062c\u0630\u0628 \u0623\u0631\u062c\u062d \u0641\u064a \u0641\u062a\u0631\u0627\u062a \u0627\u0644\u0631\u0643\u0648\u062f\u060c \u062d\u064a\u0646 \u062a\u062a\u0648\u0627\u0641\u0631 \u0645\u0648\u0627\u0631\u062f \u0639\u0627\u0637\u0644\u0629 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\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0641\u064a \u0627\u0644\u062e\u0637\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0641\u0642\u062f \u062a\u0647\u0628\u0637 \u0627\u0644\u0639\u0645\u0644\u0629 \u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0630\u0644\u0643\u060c \u0643\u0645\u0627 \u062d\u062f\u062b \u0644\u0644\u062c\u0646\u064a\u0647 \u0627\u0644\u0625\u0633\u062a\u0631\u0644\u064a\u0646\u064a \u0641\u064a \u0633\u0628\u062a\u0645\u0628\u0631 2022.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>\u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 (Crowding Out Effect) \u0647\u0648 \u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062e\u0627\u0635 \u0623\u0648 \u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0627\u0644\u062e\u0627\u0635 \u0627\u0644\u0630\u064a \u0642\u062f \u064a\u0639\u0642\u0628 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