The new semimicroscopic model (particle-hole dispersive optical model) recently developed for describing high-energy particle-hole-type excitations in medium-heavy mass nuclei is applied for the description of the simplest photonuclear reactions accompanied by excitation of the isovector giant dipole and quadrupole resonances. The calculated reaction cross sections and their derivatives are compared with corresponding experimental data and also with the similar results obtained within the previously developed semimicroscopic approach to the description of the giant resonances.
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