An analysis of the results of observations of the symbiotic star Z And has shown that no definite model can be derived at present on their basis. If the hot component is essentially an accreting white dwarf with a hydrogen-burning shell source, then the gas envelope must be optically thin for Lc-emission and itsTe must be in the neighborhood of 2.6×104K. And if the hot component is a Main-Sequence star with an accretion disk around it, then it is classified with red dwarfs. The electron temperature of the gas envelope must be 1.5×104K. The luminosity of the hot component at the minimum of its visual brightness is only a few times lower than its Eddington limit. Therefore, as the accretion rate goes up, the initial increase in its brightness (ΔU≲1m.5), unaccompanied by any perceptible changes in the spectrum of Z And, will be followed by disintegration of the regular disk and flare of the star in the visible range. In the same model, partial eclipses of the hot source must occur. They seem to be observable on the star's light curve in theU band. Substitution of a solar-type star for the first-named component in the binary ‘red dwarf + red giant’ system will lead to a significant decrease in the excitation of the combination spectrum.
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