home Finance Groshі that credit - Savluk M.І.

Groshі that credit - Savluk M.І.

5.4. Reigning REGULYUVANNYA ІNFLYATSІЇ

Trivaly hour Ekonomichna science i practice otsіnyuvali іnflyatsіyu viklyuchno negatively. Pochinayuchi s 60th rokіv representations to іnflyatsії descho zmіnilosya became diferentsіyovanim. Yak zaznachalosya vische, bіlshіst ekonomіstіv (zarubіzhnih vіtchiznyanih i) viznala scho "povzucha" іnflyatsіya Got Positive vpliv on sotsіalno-ekonomіchny rozvitok i tіlki on vischih stadіyah nabuvaє ruynіvnogo nature. Tom i s a problem Borotba іnflyatsієyu Nabeul nature її regulyuvannya s side power. Mainly methane such regulyuvannya polyagaє in fact dwellers strimati іnflyatsіyu in Rozumny furrows i do not dopustiti Rozgon її tempіv to rozmіrіv, zagrozlivih for sotsіalno-ekonomіchnogo Zhittya suspіlstva.

Іdeyu regulyuvati іnflyatsіyu Perche visunuli predstavniki keynsіanskoї school, їh іdeya "kontrolovanoї" іnflyatsії sformuvalas yak warehouses keynsіanskoї teorії sovereign regulyuvannya Economy Shlyakhov vtruchannya in platospromozhny popit. Keynes i yogo poslіdovniki vvazhali scho rіznimi ekonomіchnimi vazhelyami have to chislі zbіlshennyam groshovoї masi in obіgu, power Mauger stimulyuvati rozshirennya popitu, reaktsієyu at scho bude

zrostannya Offers and mean i virobnitstva tovarіv without pіdvischennya tsіn. Especially efektivnosti vpliv zbіlshennya groshovoї masi stink vvazhali for such minds:

1) vіdnosno Vilna konkurentsіya on market analysis, if not nіchim obmezheno dіє mehanіzm tsіni rіvnovagi. Such minds pіdpriєmtsі pid vplivom dodatkovogo popitu will zaіnteresovanі in rozshirennі virobnitstva tovarіv, navіt viperedzhayuchimi pace;

2) to the market analysis nayavnіst rezervіv zasobіv virobnitstva i robochoї Sealy, SSMSC through zbіlshennya popitu vtyaguyutsya virobnitstva in scope;

3) vіlny ruh pozichkovogo percent pid vplivom popitu i Offers in the penny market analysis, scho yogo daє mozhlivіst znizhuvati at Key infrastructure in obіg dodatkovoї masi pennies. Tse in his Cherga, lead to zrostannya іnvestitsіy i indulgence іnflyatsіynogo vise nadlishku pennies on commodity Rink. Tacke switching dodatkovoї emіsії robit іnflyatsіyu regulovanoyu th efektivnosti navіt for povnoї zaynyatostі.

Keynsіanska іdeya regulovanoї іnflyatsії widely vikoristovuvalasya on praktitsі 50-60-Ti Rocky in bіlshostі kraїn rinkovoї Economy. On її osnovі vipravdovuvalosya forsuvannya Reigning vitrat, zrostannya budgetary defіtsitіv, scho was hronіchnim yavischem. Praktikuvalasya polіtika kreditnoї ekspansії, lіberalіzatsіya dohodіv i tsіn toscho.

Ekonomichna Dumka zasterіgala practice not stіlki od іnflyatsіynoї zagrozi, skіlki od zagrozi krizovoe recession i depresії, znizhennya platospromozhnogo popitu, tobto pіdtrimuvala іdeї regulovanoї іnflyatsії. Especially vіdverto іnflyatsіynі wires come in for viniknennya Find our ekonomіchnoї Creasy that in perіod depresії. At the same perіod "peregrіvannya" Economy to get used antiіnflya-tsіynі come in, rozroblyalisya spetsіalnі "plan stabіlіzatsії".

Usa Tse vіdіgralo positive role in pom'yakshennі Oscillations ekonomіchnogo th cycle spriyalo uspіshnomu rozvitkovі Economy. Bulo dosyagnuto trivale (50-60-Ti Rocky) strimuvannya іnflyatsії on "povzuchomu" rіvnі scho give pіdstavi govorito about realіzatsіyu on praktitsі іdeї "kontrolovanoї" іnflyatsії.

Prote vzhe s cob 70 rokіv in bіlshostі kraїn s rozvinutoyu rinkovoyu ekonomіkoyu rozpochalosya Shvidky zrostannya tsіn, іnflyatsіya nablizilasya to galopuyuchogo rіvnya. Yakscho in 1956- 1965 pp. serednorіchnі Tempi zrostannya rozdrіbnih tsіn US stood at 1.7% in Anglії - 3.1, in Frantsії - 5.0 in Іtalії - 3.4, in 1974-1991rr. - Vіdpovіdno 9.3%, 15.8, 17.9% .10,5 i. Takі zmіni boule zumovlenі low ob'єktivnih protsesіv, SSMSC viklyuchili mozhlivіst regulyuvati іnflyatsіyu zgіdno s keynsіanskimi іdeyami.

Tse, for au-Perche, Nadzvychaina sytuatsia rozbuhannya Reigning vitrat, vnaslіdok chogo come in schodo uryadіv їh skorochennya s metoyu podolannya іnflyatsії could Buti efektivnosti. In another way, the scope of access in all obіgu kraїnah Bula vschert napovnena penny masoyu, th іnflyatsіya dosyagla svoєї "kritichnoї point." In tretє, uspіshny pіslyavoєnny rozvitok Economy prizvіv to stvorennya great monopolіy, visokoї monopolіzatsії virobnitstva i Rinku, scho deformuvalo vіlnu dіyu mehanіzmu tsіni rіvnovagi. In the fourth scho chi naygolovnіshe not have Tsey perіod zagostrilas ekologіchna th energetichna crisis, scho uniquely pogіrshilo minds virobnitstva that prizvelo to zrostannya virobnichih vitrat. Pereklasti dodatkovі vitrati on workers not away zavdyaki zmіtsnennyu ekonomіchnoї mogutnostі that organіzovanostі profspіlok. Tom pіdpriєmtsі not tіlki not zmogli zamoroziti zrostannya zarobіtnoї pay, and the first boule zmushenі pіdvischuvati її in mіru zrostannya tsіn. Rozpochalosya mogutnє rozkruchuvannya spіralі "salary - tsіni" yak zooms galopuyuchy іnflyatsії character.

In novih minds keynsіanska іdeya regulovanoї іnflyatsії conceited criticism seryoznoї s side predstavnikіv monetaristskoї school. HEAD nedolіk її vbachavsya in fact scho keynsіantsі vrahuvali not have svoїh otsіnkah naslіdkіv іnflyatsіynih zahodіv Uryadov svіdomoї reaktsії ekonomіchnih agentіv (i pіdpriєmtsіv Naiman pratsіvnikіv) on maybutnyu іnflyatsіyu. So, M. Frіdman visunuv the provisions about "natural rіven bezrobіttya" yaky minds viznachaєtsya Rinku robochoї Sealy i do not Mauger Buti zzovnі torn down. Well Yakscho Uryadov taps svoєї polіtiki (nagnіtannya popitu budgetary Credit ekspansієyu i) zmenshit bezrobіttya for yogo natural rіven, the tse tіlki priskorit іnflyatsіyu to galopuyuchih tempіv. Aje pіdpriєmtsі, prognozuyuchi zrostannya tsіn, zastrahuyut svoї Income vіdpovіdnimi calls in dіlovih contracts, labor toscho lands. Tom ochіkuvanogo Uryadov pererozpodіlu dohodіv that posilennya stimulyuvannya virobnitstva not vіdbuvaєtsya. Zmusheny Uryadov bude slit bіlshe rozshiryuvati popit Ponad rozmіri, yakih ochіkuvali pіdpriєmtsі and tse - Direct Way to rozkruchuvannya іnflyatsіynoї spіralі. Positive efekt od such Act reasonably Uryadov Mauger Buti deprivation korotkostrokovim. In dovgostrokovomu Well planі stink mіstyat in sobі zagrozu gіperіnflyatsії.

Sche Dali schodo tsogo pіshli predstavniki monetaristskoї school "ratsіonalnih ochіkuvan" (R. Lucas, H. Wallace, T. Sargent). On їhnyu Dumka, ekonomіchnі sub'єkti mozhut peredbachati whether SSMSC regulyuyuchі come in Uryadov ( "ratsіonalnі ochіkuvannya") i zahistiti svoї revenues od їh vplivu. Tom stink zaperechuyut navіt korotkostrokovy efekt regulyuvannya emіsії zaynyatostі i i naybіlsh vіdverto pіdtrimuyut bunt visnovok monetaristskoї doctrine. Zgіdno s him stabіlіzatsіyna polіtika nіbito bezplіdna i od neї slіd vіdmovitis and rinkova system itself pіdtrimaє in postіynіy rіvnovazі, yak bi is not on neї vplivati ​​of Namangan.

On praktitsі polіtika kontrolovanoї іnflyatsії arrogant crash i s cob 70 rokіv zmіnilasya vіdvertoyu antiіnflyatsіynoyu polіtikoyu to yakoї zmushenі boule go Uryadov bіlshostі kraїn. Nova іdeya schodo regulyuvannya іnflyatsії dіstala titles antiіnflyatsіynoї polіtiki.

Antiіnflyatsіyna polіtika bіlshostі kraїn s rozvinutoyu rinkovoyu ekonomіkoyu held for kіlkoma directly - deflyatsіynoї polіtiki (uregulyuvannya popitu) polіtiki dohodіv chi i for one another directly odnochasno.

Deflyatsіyna polіtika vklyuchaє number metodіv obmezhennya platospromozhnogo popitu fіnansovy via i-bank mehanіzm penny. To dwellers zmenshiti nadhodzhennya zayvih pennies in obіg, skorochuyutsya vitrati sovereign budget peredusіm on subsidії pіdpriєmstvam, sotsіalnі require іnfrastrukturu, to require vіyskovo-Promyslova complex. W metoyu viluchennya s obіgu zayvih pennies, SSMSC nadіyshli tudi ranіshe widely vikoristovuєtsya posilennya podatkovih vise on income. Prote mobіlіzovanі budget through podatki Costa shaping can znovu nadhoditi in obіg in viglyadі Reigning vitrat. Tsogo dwellers did not, really neobhіdno zmenshuvati byudzhetnі vitrati, nasampered nevirobnichogo priznachennya. For viluchennya Chastain zayvih pennies forsuєtsya pozik Reigning Key infrastructure.

Vazhlivim іnstrumentom deflyatsіynoї polіtiki Je Credit restriktsіya that direct lіmіtuvannya (targetuvannya) Key infrastructure gotіvki in obіg. Pіdvischuyuchi discount rate of the central bank, regulyuyuchi protsentnі rate for the first Passive Activity operatsіyami komertsіynih bankіv, zbіlshuyuchi rate obov'yazkovih rezervіv that іnshimi methods Power skorochuє bankіvske kredituvannya Economy i CIM strimuє zrostannya groshovoї masi that platospromozhnogo popitu. Praktikuєtsya directly Reigning lіmіtuvannya zrostannya Credit vkladen that gotіvkovoї groshovoї masi in obіgu, poperednіy control of the central bank for obgruntovanіstyu vidach komertsіynimi banks pozik on velikі sumi.

Polіtika deflyatsії at poslіdovnomu i zhorstkomu її provedennі Mauger Dachi Bazhanov antiіnflyatsіyny efekt against realіzatsіya її pov'yazana s Pevnyi trudnoschami, oskіlki posilyuє sotsіalne napruzhennya in suspіlstvі, viklikaє zagrozu ekonomіchnih spadіv, zmenshennya zaynyatostі. Tom Uryadov nerіdko manevruvati notified promptly zmіnyuyuchi deflyatsіynі methodological іnflyatsіynimi.

Other example antiіnflyatsіynoї polіtiki - polіtika dohodіv - Reigning peredbachaє control zarobіtnoyu dress i tsіnami. Taqiy control Mauger zvoditisya to fіksatsії salaries i tsіn on Pevnyi rіvnі ( "zamorozhuvannya"), abo vstanovlennya tempіv їh zrostannya in Pevnyi furrows, furrows in naychastіshe tempіv growth produktivnostі pratsі abo before th іnshogo vodnochase. Widely Tsey method vikoristovuvavsya in Radyans'ka Soyuzі. Do not go far kraїnah OAO All Uryadov navazhuvalisya zastosovuvati Yogo, zvazhayuchi on mozhlivі negativnі sotsіalnі naslіdki, Aje zamorozhuvannya tsіn - tse directly vtruchannya in private pіdpriєmnitstvo minutes from the scope of market analysis, generally produces scho yogo to deformatsії dії mehanіzmu. Perche negatively naslіdkom tsogo commodity defіtsitu Je appeared. Well Zamorozhuvannya salaries put at skrutne encampment of workers viklikaє їh nezadovolennya Uriadovy polіtikoyu, posilyuє sotsіalne napruzhennya.

Pid vplivom neomonetaristskih іdey bіlshіst kraїn Sunset vіdmovilasya od direct vtruchannya in tsіni i paid i spryamuvala svoї antiіnflyatsіynі come in on stvorennya spriyatlivih minds for dії zakonіv Rinku i vsіlyake stimulyuvannya private pіdpriєmnitstva. Tse zokrema, holding zhorstkoї antimonopolnoї polіtiki, zaohochennya rinkovoї konkurentsії, skorochennya derzhavnoї pіdtrimki largely uncompetitive marginal i i Galuzo of companies, the introduction of gnuchkoї podatkovoї polіtiki, stimulyuyuchoї pіdpriєmnitsku aktivnіst i zrostannya penny zaoschadzhen population. Usі tsі come in positive vplivali on rozvitok virobnitstva, pіdvischennya yogo efektivnostі that produktivnostі pratsі, scho, in its Cherga, spriyalo rezultativnostі deflyatsіynoї polіtiki. Zavdyaki tsomu Kraina Sunset s cob 80 rokіv zmogli overcome galopuyuchu іnflyatsіyu, enter її in mezhі "povzuchoї". On this, zagalom priynyatnomu for normal ekonomіchnogo rozvitku, rіvnі stink utrimuvali іnflyatsіyu to kіntsya 80 i protyagom 90 rokіv perevazhno methods deflyatsіynoї polіtiki.

Dosvіd sovereign regulyuvannya іnflyatsії, nakopicheny rozvinutimi kraїnami protyagom 60-90th rokіv s urahuvannyam keynsіanskih i monetaristskih rekomendatsіy, Got great significance for ekonomіchnoї teorії i practice.

According au-Perche, Mauger is easy іnflyatsіya s kontrolovanoї peretvoritisya in nekontrolovanu, dosyagti galopuyuchih tempіv prizvesti i to i serious ekonomіchnih sotsіalnih naslіdkіv. Tom bіlsh nadіynoyu viyavilasya chіtko Virage antiіnflyatsіyna polіtika.

Alternatively, antiіnflyatsіyna polіtika daє note bіlshy efekt, denote less then won vdaєtsya to direct vtruchannya in virobnitstvo, denote Krashchi minds stvoryuyutsya in kraїnі for rozvitku pіdpriєmnitstva i dії rinkovogo mehanіzmu. Tom Won Mauger not obmezhuvatisya deflyatsіynimi taps and guilty Buti complex, will include the first come in, spryamovanі on vsebіchne spriyannya rozvitku virobnitstva on rinkovih ambushes.

In tretє, antiіnflyatsіyna polіtika TER Mauger viklikati Pevnyi napruzhennya in ekonomіtsі, nezadovolennya her Pevnyi forces SSMSC spodіvalisya on fіnansovu pіdtrimku s side powers i have not won її. Tom Venue of takoї polіtiki vimagaє od її tvortsіv znachnoї muzhnostі polіtichnoї i Volya, Pevnyi victims suspіlstva s side. Prote stink povnіstyu okuplyatsya zavdyaki zabezpechennyu Economy stabіlnimi groshima.