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A penny is a loan - Savluk M.I.

3.7. CASTAJENNYA THA INVESTMENT IN THE MECHANISM OF THE PENDANT MARKET

I play an important role in balancing penniless turnover, as well as in favor and positioning on a penny market to protect and invest. In total, I need to take a closer look at their daily life and their mutual understanding.

It can be seen from the penny turnover model, shown in fig. 2.1, protection of family gratuities at the closed economy є є є им им им им им им ом над над над над кош на на на на на на на на на на на на на на на є є є є им є им им им. Tiles for the whole chain of dzherela sector "firmi" can be better cleaned and invested, and the sector "order" - better, get more paid, so that the budget is deficient. Sounds can be achieved through the most common visions, which can be redeemed for investment and investment.

1. Concern for family statehood with a single pure investment in closed economic systems.

As a matter of form, I want to help you to improve your charity, to fix it, to fix the quick investment and the "previous" before the paid capital. Such a situation is nothing but a winik in the minds of trivial inflation, if the population ceases to be new and to protect the front and rear by threatening to lose it through the inflation. Potik 5 (div. Fig. 2.1) nabuva zvoryotnogo directovanosti, and vitrati for living (potik 3) override the national dokhid. For such minds, the investment in the sector of “firmi” is pinned, but the basis for the development of the economy in Maybuty.

Certain processes were clearly manifested in the economy of Ukraine in 1992-1994, as long as the most influential people were appreciated, and the new ones didn’t get rid of new pennies. Investing in the distribution of virobnitztva at all times actually pinned, after a small vignette of a small contribution for the centralized budget of the sovereign budget.

2. Growth of the oath for the sake of helping the upper boundary between the investment and the sector of the company.

Prote zastannya oath invested, as a rule, not reach the price of the upper boundary. Part of the koshtіv, who’d got to the groshyn rinok for a stream of protection, a mobile department for the sovereign purchasers and the vitrines. Competitive competition for resources on a groshinka market has a great deal of driving over firms at the top of the guarantee for the second year of work (valuable folders), more time and night work are available. Only the shortage of budget deficit can help bring as much as possible the actual liabilities of the investment to the highest level, and bring about the change of the market for the largest dzherel.

The part of koshiva is popular, it’s important to go to the groshyn rink on the “zaoshchadzhennya” channel, to get a better stock of pennies (more reserves, more cash reserves and more sub-accounts) and not to withdraw. The part of the function is penniless and transformed through the sector of the "penny market". Reshta for the benefit of capitalization and transformation into investment through the sector of the capital market. The prototype for the hairline is a concern that the fact is not important, and the entire amount of money in the market for the most valuable asset, is an asset, as is investment. To that, in his fake analysis of my abstraction, we see the main part of the pennies.

3. For the sake of the population, we have come to the groshin market and haven’t mobilized a detachment for our customers, but haven’t settled in groshy stocks, but have the benefit of the “industry” sector for investing.

There is a surplus of cash on the groyny market of the winnings, and on commodity markets (on the product market in excess) - there is a good deal for the comrade. It is uninvested that one should inevitably cry out for the crisis of zbutu, a shortened virobnitsva, a lower income and a profit for the sector of "state thanks". Unrealized inventory will be “frozen” in value.

On the right side, you can triple visnovkіv you can formalize the sounds of the words and invest in such a view:

Investment resources that should be found at the order of the company

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de Ір - investment resources, which should be found at the order office;

Z - the main masa zaschadzhden, scho nadіyshla on a groshin rinok;

D, - the sum of the growth of sovereign poses, distributed on a penny market.

Before the end of the year р the need for a change of mind to save money on a penny market, and later - of the change of mind of normal functioning banks and those of financial intermediaries, frauds in the form of credit resources in the future.

The problem of "protection - investment" is more important than the need to raise a healthy oath for the family sector, and the main reason is the transformation of this bank in the investment. A groovy rumble of calls of admiration for effective mechanism of such transformation.

Are chi in the winter groshovy rinok to cope with this zavdannyam? Unambiguously vidovіdі on the basis of nutrition did not give nі zhіdna, nor vіtchiznyana economical science. Representatives of the economical schools give the opportunity to: the monetarists say "this way", and the key words - "no."

As a rule, the monetarists are right, they need to wait a little while, the rink system is self-regulating, the mechanism is self-regulating, economically critical. As a matter of fact, Keynesians are right, then wait a little while, because the economy is not healthy until self-regulation and internal failure, I will need constant regulatory involvement.

Monetarists come from the fact that a groshny rink is a mechanism, which is instantly overwhelming on financial and other gifts, stimulating the first and other investments. With such a mechanism є dynamics of the interest rate, Yak pay for pennies.

The interest rate is immediately poured in for interest (proposition), so for investment (drink), tolka in protivozhennymi straights. Mostly, the rate of interest is increased, it is possible to seek incentives to protect oneself on the market, and so on skin, to protect one's penny, a fleshman to gain additional income. It is more valuable for the graph of the curves of investment and profitability (Fig. 3.10).

Curves for investment and investment

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It can be clearly seen from the induced graph that the interest rate is increased (from 6 to 8%) at once the click on the point A to the position A2 in the curve for protection (33), the maximum rate in the amount of 300 million to 400 million hryvnias, and in the position А3 Krivіy Іinvestitsіy, schо відповідає quickened liabilities іinvestitsіy from 300 to 200 million UAH. At once, the winnings surplus of propositions of pennies at Rosmiri 200 million UAH., A prize to the growth of the three state gratuities and the bank in the form of a hopeless utilization of money and deposit. In addition, all sub-markets (companies, financial contributions and banks) will be interested in lower interest rates before the front equal level - the position A, the maximum rate is 6%, and the total amount of 300 million is paid in arrears. From now on, the rinok is self-confidently in the forefront of the food and the offer.

For the most part, there are ostensible reasons for the oath to protect against an increase in the interest rate from 300 million to 350 million hryvnias, a curve for protection is in position З1З1, and a small one is inverted to invest right and down. Winnings are an excess of propositional pennies in the amount of 50 million hryvnias, which is slightly higher if the forward rate is preserved (6%) and is reduced to a lower level of economic system: the penniless rate is tightened at a lower interest rate and there is a higher demand for goods to settle the grip of the bіk znizhennya price.

The process of balancing the system will not be enough. Deficit in favor of pennies to increase sales (lower government gratitude and banks) to lower interest rates to a new level of 5%, and now to a new rate of new interest and propositions - A1. With such a constant interest rate, the investment will grow up to the current position, up to 350 million UAH. Dodatkovі іinvestitsіynі resources (50 mln. UAH.) Will be direct to the market of products, in the meantime it will be consumed and renewed at the front of the market of commodity prices. From now on, at a precipice of non-percentage collapse of incomes between women and investors, the mechanism of a penny market is independent and independent.

Representatives of the Keynesian school to prevent the possibility of automatic virivnyuvannya for the benefit of investment, which is not only the interest rate for the income is higher, and the interest rate itself is higher for the same amount.

The key argument of Keynesian students is that they want to take care of investing and investing in sub-activities, as well as make sure that there are goals and goals.

Rishennya about winter for the sake of accepting millions of family gratitude, for some reason they can be blundered by their own powerful interests, as well as they can but not depend on the collapse of the interest rate. From the first side, the decision about investing, I’m able to take the money (firm), the leather one can be tackled before we can get a ride. The interest rate of the investor of the investor is less than that of the fixed cost of the realizable investment

of the project. Zmіna zaschadzhden population ikh they can not tsikaviti.

Moreover, Keynesians respect, but for the benefit of the population - not just one investment resource. They can be a but a penny of "flowing cash" populations, credit card installments, piling up the companies themselves and navigating resources to the department. Victory: tsikh dzherel rozshiruє oaths invested for the interdependence of the state gratitude.

Independent of the logic of this Keynesian evidence, as a whole, their position is pure wadi.

In the first place, it’s not right for a vimoga of Keynesians, for a groshny market for a big meal and for a big offer, there were one and the same part and another one stumbling over with the same meanings. There is a lot of zbіgu nema at the zhodny іnshimu market, in addition to the number of goods. Protein is the economical science of visas, but the "invisible hand" of the market mechanism of drinking is consumed and proposed on these markets.

In a different way, it is impossible to wait for fixed Keynesians, which are less important, and which are not important investment, which is fundamentally different from the group. The rink system of re-movement is privately owned, as well as the hairline companies суб sub яktіv вести investment з, the living, the physical individuals є sub'єkti of family gratitude, which form the mercy.

In the third place, I’ll need a patient analysis, because I need to keynes those who don’t need to invest, but not the most important ones. Before we clarify, we can contribute to understanding and investing in the context of this analysis.

To invest in respect to clean investment, which, without part, is financed for a round of depreciation cost.

On behalf of those who want to share that part of the current income, as it is not for Victoria to pay the income and for the consumption of family gratuities. Sincerely in such a rozumіnnі they could have been in the sector of the company, protec- tively they have intellectually switched to the sector of the family state, as к owners of the company. The best ones could have been in the у squad ’sector, the yakbis and the budget have been overreporting their vitrati. Alece meant b, through the grants from the family of state gratuities admitted higher revenues, which reduced the flow of profit. It’s logical for me to pay for the benefits of family gratuities with the rest of the budget, investing in budget for the budget, I’m almost the same. The protec- tion of such rewards is sooner than the rule of thumb, if they can be abstracted when analyzing the sound, rejuvenation and investment in real life.

Viklikє sums and the keynesians to stream the cashier as much as possible balance investment and investment. Ace is also flow-through that can take the form of redistribution of current income over vitrats and guilty of losing faith in the amount of money received in the accepted tract.

From now on, investment in a pure viglyad i sukupnі zaoshchadzhennya (for a vinyatka healed through sovereign poses) - are openings of portions.

Keynesians also have the opportunity to hand in the bank at the bank for "protection - investment", as well as to slightly reduce the number of bills, more than that can be hidden for repayment earlier than the required bank bills. Protein u tsomu firmly є weak mіstsya.

By itself, handing over the bank money at the expense of "protection - investment" doesn’t have to pay money to the penny market, because the banks here are less middle-aged: the money has been mobilized for deposits, the money has been received for investment.

I don’t have to rely on the most frequent part of the offer for redeemed posiche, as well as process views and redeemed pozdichku zdіsynuyutsya immediately and without interruption. To those repaid pozichki less than vivіlnyaє at the bank koshti for new investors. Hours of distribution here can be short-row but insignificant, if they can be abstracted.

We can add more money to the bank at the bank for "protection - investment" through the mailing list.

As a video player, you can invest in banknotes for a small amount of money in small sizes, then the loss of money in a small amount will be insignificant and you can do it yourself. Dodatkov prist іinvestitsіy activіzuє drank that virobnitstvo, to cause a priority of the national product that zaoschadzhen. The priority of the remaining service with the canceled redemption of the emoticon and the renewal of investment and investment.

Nadmirne vikoristannya banks emisyynogo dzherela credit and investment invested almost inevitably to the trivial and vidchutnogo destruction of the penny of the penny market. You will be able to get shocked at the commodity markets, for you can’t catch up with the proposal. The benefit of GNP, income and interest will not be sufficient, so that you can safely repay your credit. In circulation, to be overused by pennies, so as to provoke inflation.

From now on, the possibility of handing over a bank to a bank for "protecting - investing" must be separated by inflation and there is no need to serve as an argument for overriding the health of the penny.

Viznazhennya zvozvozvozvyazku flow і investіtsі and za zashchadzhen mє not only theoretically, but і prakticheskoe significance and guilty when you fragmented and implemented all the direct policies of the state.

In the first place, the bank system at its own penny-credit policy is due to the fact that the economy between loans and investments are nationally protected, as long as they are included in the budget. Destroyed prices between zagrozhuє destroyed and economically rivovagi that inflyatsіyu.

In a different way, at your own economic and social state, you are guilty of the fact that you are more important to get started, as well as to invest more and more to know how much you want. Schob the investment process in the economy of the country has been developing successfully, so the most active and successfully obeying form is forgiving. Politics for the benefit of one hundred and one priority economic policies in general and for the income of the community.

In the third place, in return for the "investment - protection" blame, he was guilty of losing the budget and fiscal state powers. With the increase in national income, the income will be transferred to the form for the benefit of that, in addition to that, in return, I will exclude the infringement in the desire for profit, and from now on - to invest in the investment.

Budget deficit is infused to the process of "protection-investment" through the mechanism of monetization of deficit. Uriadov poses to cover deficiency change the masque for protection, as well as direct investment. I will call the process of diving "the effect of investment." Graphically, the readings in Fig. 3.11.

I will look at those where the oath of the national product of the second part, as for the vikoristov, is waived, foxed, oversized and invested more than (-2), more so that there is little left over (+)

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Efekt vitіsnennya іinvestitsіy

P r and k l a d Projects to the budget of Ukraine for 1996 p. transferred mobilizuvati to the penny market 160.0 trillion. krb for pokritty budget deficiency. On the cob 1996 p. The resources of Ukrainian banks became approximately 570.0 trillion. krb. When the Verkhovna Rada’s budget was consolidated in a reserved view, there were more than four resources available in the banking system, it would be mobilized for the budget’s consumption, and the remaining loan and investment base would remain unavailable. Tse became one of the reasons for turning the draft budget to further refinement.

SKETCHES

1. A groshyny rinok is a special sector of the market, for which you can buy and sell pennies of a specific product, take shape, offer and price for a product. The initial intake of food and that propositional pennies at the interest rate of the best price and the order of the pennies to the main rules of func- tion of the zagagol.

2. The mechanism of the penniless market є the main type of mechanics of the main commodity market: sales of groceries at the form above, a sign for buying special financial instruments; купівля грошей - у формі одержання позичок чи продажу таких фінансових інструментів; попит на гроші - у формі бажання економічних суб'єктів мати у своєму розпорядженні певну масу грошей на визначену дату; пропозиція грошей - у формі запасу грошей, який економічні суб'єкти готові передати у тимчасове користування; ціна грошей - у формі процента.

3. В інституційній моделі грошового ринку виокремлюються два сектори з різним характером руху грошей - сектор прямого фінансування і сектор опосередкованого фінансування. Перевагою першого сектора є те, що безпосередній характер взаємовідносин між продавцями (кредиторами) і покупцями (позичальниками) істотно знижує їх витрати на здійснення операцій. Перевагою другого сектора є те, що участь у взаємовідносинах між кредиторами і позичальниками фінансових посередників істотно знижує ризики, пов'язані з розміщенням грошових коштів.

4. Складний механізм грошового ринку дає можливість класифікувати його за різними критеріями. Основними з них є: види Інструментів, з допомогою яких гроші переміщуються від продавців до покупців; інституційні ознаки грошових потоків; економічне призначення купівлі грошей. За першим критерієм грошо-

вий ринок поділяється на: ринок позичкових зобов'язань, ринок цінних паперів, валютний ринок; за другим критерієм - на фондовий ринок, ринок банківських кредитів, ринок послуг небанківських фінансово-кредитних установ; за третім критерієм - на ринок грошей і ринок капіталів. Центральне місце в структурі грошового ринку займає ринок грошей.

5. Визначальну роль у механізмі ринку грошей відіграє попит на гроші, під яким слід розуміти бажання економічних суб'єктів мати у своєму розпорядженні певний запас грошей на певний момент. Це явище залишку і має об'єктивний характер, оскільки визначається під впливом факторів, що діють у реальній економіці - зміни обсягу ВНП, рівня цін, швидкості обігу грошей, рівня процента тощо.

6. Пропозиція грошей полягає в тому запасі грошей, який економічні суб'єкти готові надати в тимчасове користування позичальникам. Це більш екзогенне явище, ніж попит на гроші. Вона формується на базі наявної маси грошей в обороті й емісійної діяльності банків. Тому банки, регулюючи пропозицію грошей, повинні орієнтуватися на зміну попиту на гроші, а не навпаки.

7. Зрівноваження попиту і пропозиції на ринку грошей визначає об'єктивний рівень ставки процента, за якого досягається стабілізація кон'юнктури цього ринку. Взаємозв'язок між попитом, пропозицією і ціною грошей на цьому ринку реалізується відповідно до загальних закономірностей функціонування ринку: попит на гроші впливає на рівень процента прямо пропорційно, а пропозиція грошей - обернено пропорційно.

Self-control power

1. Що таке грошовий ринок? Чому його називають умовним ринком?

2. Чим відрізняються операції купівлі-продажу на грошовому і на товарному ринках?

3. Що є інструментом купівлі-продажу на грошовому та на товарному ринках? Які види інструментів використовуються на грошовому ринку?

4. Що таке боргові і неборгові інструменти грошового ринку?

5. Чим ціна на грошовому ринку відрізняється від ціни на товарному ринку?

6. Що є спільного між грошовим і товарним ринками?

7. Хто є суб'єктами грошового ринку? Між ким забезпечують зв'язки на грошовому ринку фінансові посередники?

8. Назвіть основні групи фінансових посередників?

9. Чим характерні потоки грошей у секторі прямого фінансування грошового ринку?

10. Чим характерні потоки грошей у секторі опосередкованого фінансування?

11. Чи можуть банки працювати в секторі прямого фінансування грошового ринку?

12. Чим відрізняється грошовий ринок від ринку грошей, а ринок грошей - від ринку капіталів?

13. Що таке попит на гроші? Це явище залишку чи потоку і чому? Чим відрізняється попит на гроші від попиту на товари?

14. Чим відрізняється попит на гроші від попиту на доходи? Чи обов'язково збільшувати доходи, щоб задовольнити новий попит на гроші?

15. Що таке альтернативні грошам дохідні активи?

16. Що таке альтернативна вартість зберігання грошей? Від чого вона залежить? Яка її роль у формуванні попиту на гроші.

17. Як пов'язаний попит на гроші зі швидкістю обігу грошей?

18. На які цілі, на Вашу думку, економічні суб'єкти накопичують запас грошей? Які три мотиви накопичення грошей визнаються в економічній літературі?

19. Чим відрізняються погляди Дж. М. Кейнса і М. Фрідмана щодо мотивів накопичення грошей?

20. Як залежить попит на гроші від середнього рівня цін, фізичного обсягу валового продукту та норми процента?

21. Які ще чинники впливають на попит на гроші, крім трьох традиційних?

22. Накресліть графік кривої попиту на гроші в системі координат та її зміщення у випадку збільшення обсягу номінального валового продукту.

23. Назвіть три особливості формування попиту на гроші в Україні в сучасний період.

24. У чому полягає сутність пропозиції грошей? Чому пропозиція грошей вважається екзогенним явищем?

25. Як впливає грошова емісія банків на пропозицію грошей?

26. Які чинники можуть змінити рівень грошово-кредитного мультиплікатора як фактор впливу на пропозицію грошей?

27. Як впливає процес тінізації економіки на пропозицію грошей? Поясніть механізм цього впливу.

28. Накресліть графік кривої пропозиції грошей за умови, що центральний банк має намір зафіксувати масу грошей в обороті.

29. Накресліть графічну модель ринку грошей і поясніть механізм впливу на точку рівноваги зміни в пропозиції грошей.