-

.
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.
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vs

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:
o

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,

2007 2008

.

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o
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o
o

( )

2013

2014Q3

10,716

12,551

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10,034.23

11,500

14.61%

117.15

463

295.01%

564.26

589

4.32%

5.27%

4.69%

-0.58%

2012
1.87 2008
.

4.32%-
295%-
.

33.4%-

.

65 , ,

: 44.4% (2013)- 35.2% (2014Q3)
.

1-

3 2% 3%
.

Moodys

S&P

Fitch

B2 (negative)

B+ (stable)

B+

B3 (negative)

B (negative)

B3 (negative)

B (negative)

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B3 (negative)

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Moody's

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Fitch

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DDD


OECD Gert Wehinger- 2014 SMEs and the credit crunch: Current financing
difficulties, policy measures and a review of literature
. :

.
.
- ,
.

,
.

.
.
, -
.


.

2011

2012

2013

1-9

193,985

217,505

231,735

10-19

63,264

54,114

54,941

20-49

112,332

97,428

103,155

369,581

369,047

389,831

1,037,733

1,056,400

1,103,600

161,612

162,769

169,448

876,121

893,631

934,152

506,540

524,584

544,321

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301.90

o - 51

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.

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:
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4
.
1.
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3. (TARP)
4. ( , , ,
)

 1.
o

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,
.

18 5
.
2011 - 2014

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( )

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141.19

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15.07%

1.12

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0.35

-
(CORREL = 0.0267).
, .

 ?

:
y = -0.1557x + 0.1505

R2 = 60.2%
SD = 0.53%

 2.



.
-
8

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4.2.
:
4.2.1. ;
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6.1.

.
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,

= +

 3. (TARP )
2007 2008
.

,
.

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AIG (American
International Group)

67.84

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:
:


.
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(refinance)
.
:

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(6.85%)

, :

700 , 1
1.4
.

 3. (TARP ) -

: 1.05
: 10.44%

y = 6E-09x + 0.0742

R = 18%

y = 7E-05x + 1001

CORREL = 0.42

CORREL= 0.78

+ 4.38%

6.37%

R = 61%

,
,

-
, -

- , -
,
-

- ,

(
)

, ,

,
,

, ,


(http://www.mongolbank.mn)
(http://www.nso.mn)
,
2014 69 2015

2014
(- )
(2014 , 5- , 3,
)
2014 3- ( , http://www.mba.mn)
. 2014. Mongolia Economic Update, June 2014. www.worldbank.org/mongolia
. (2009). Country case study on the Impact of the Global Financial Crisis in Asia and the Pacific: Case of
Mongolia.
Troubled Asset Relief Program: Implementation and Status Baird Webel ; Congressional Research Service ; June 27, 2013
Report on the Troubled Asset Relief Program Congressional Budget Office - May 23, 2013
http://www.sme.gov.mn
http://www.lgf.mn
http://www.smefund.mn/files/SME_INTRODUCTION_2013.pdf
http://www.cdm-mongolia.com/files/3.%2020130916_TSL%20Bayarlkham%20B.pdf
http://www.oecd.org/dev/pgd/COMPLETE-%20Pocket%20EditionPGD2013.pdf
http://www.med.gov.mn/mn/images/BS_12-06_Huraangui.pdf
http://www.unescap.org/tid/publication/indpub2621.pdf