    129

  . . 5.3     -
,   4.

    ,   ,  ,
    . 5.2.        
    .    - -
  ,    ..,  - ,  
,    ,     
 -.    - -    
  ,    ,     
   .        
   -,     .     -
   :     -
           -
 (  - ,   )? 
           -
 (term structure theories).

	) 		) 		) 
		J3			1
h-0	^^^^^^^			U	Y
S	/	&X		  	\^
	1			^	^-
  	  	  

. 5.3.    

5.10

   -

        -
 .         -
 -,      (    )
      .

5.10.1     

   (unbiased expectations theory),    -
 (pure expectations theory), ,     
  -   .  , 
 -    ,   (.. 