home Finance Groshі that credit - Savluk M.І.

Groshі that credit - Savluk M.І.

ROZDІL 11. TSENTRALNІ BANKS

11.1. PRIZNACHENNYA, the status of the foundation of the Central Bank ORGANІZATSІЇ

HEAD priznachennya central bank - tse upravlіnnya penny s turnover metoyu zabezpechennya stabіlnogo neіnflyatsіynogo rozvitku Economy. The Central Bank of vplivaє penny on turnover through zmіnu Offers pennies i zmіnu tsіni pennies. Svoє priznachennya vіn realіzuє zavdyaki fact scho vіdіgraє in ekonomіchnіy sistemі Especially the role, and the role of the Same:

* Emіsіynogo bank;

* Bank bankіv, tobto spetsifіchnoї bankіvskoї іnstitutsії, yak formuє bankіvskі reserve i regulyuє dіyalnіst bankіvskoї system;

* Body sovereign upravlіnnya, yaky vіdpovіdaє for monetary polіtiku.

The Central Bank of bere bezposerednyu fate in formuvannі Offers pennies, and yak at formuvannі її gotіvkovogo component, so i bezgotіvkovogo (deposit). Vіn zdіysnyuє emіsіyu gotіvki for dwellers zabezpechiti her komertsіynі banks obmіn on їh reserves rozmіschenі in the central bank. Komertsіynі banks postachayut gotіvku svoїm klієntam (vkladnikam) in obmіn їh on deposits in banks in zalishayuchi svoїh Kasakh Neznachny scrip gotіvki yak reserve. Gotіvka scho emіtovana central bank, in vipuschena obіg komertsіynimi banks i tsirkulyuє in pozabankіvs-kіy sferі, Je vazhlivim component Offers pennies.

Another, slit vazhlivіshim component Offers pennies vrahovuyuchi yogo rozmіri, Je groshі sub'єktіv Economy, rozmіschenі komertsіynih in banks on deposit rahunkah, tobto bezgotіvkovy component. In formuvannі Tsikh pennies central bank takozh vіdіgraє viznachalnu role. Vіn zabezpechuє bankіvsku dodatkovimi reserve system, banks nadayuchi komertsіynim pozichki kupuyuchi that they tsіnnі Paper the vіdkritomu on market analysis.

Reserves bankіv podіlyayutsya on Dvi Chastain: reserves, the central bank scho їh vimagaє nagromadzhuvati (obov'yazkovі reserves), whether i yak scrip vіlnih rezervіv, yakoyu banks vvazhayut for potrіbne volodіti (nadlishkovі reserves). Komertsіynі banks furrows nadlishkovih (vіlnih) rezervіv, rozmіr yakih digit mіroyu deposits od normalized obov'yazkovih rezervіv, nadayut pozichki svoїm klієntam-pozichalnikam so i rank stvoryuyut dodatkovі deposits. Suma stvorenih depozitіv perevischuє scrip rezervіv, nadanih central bank komertsіynim banks to scho Credit dіyalnіst bankіvskoї system in tsіlomu sprichinyaє multiplіkativne rozshirennya depozitіv. Koli central bank viluchaє s bankіvskoї redundancy to the system - styaguє pozichki s komertsіynih bankіv chi prodaє tsіnnі on Paper the vіdkritomu market analysis - vіdbuvaєtsya vіdpovіdne multiplіkativne zgortannya depozitіv. Slіd vіdznachiti scho gotіvka, vipuschena komertsіynimi banks obіg, multiplі-plicative rozshirennya not daє.

So rank, the central bank Especially yak body bankіvskoї Sistemi stvoryuє so zvanі groshі pіdvischenoї efektivnostі - gotіvku in obіgu i reserve komertsіynih bankіv scho sluguyut bazoyu (penny) to zrostannya Offers pennies.

Centrum ustanovlyuє bank for komertsіynih bankіv rate obov'yazkovih rezervіv, ale i rozmіr nadlishkovih rezervіv character їh vikoristannya komertsіynі banks viznachayut samostіyno, vrahovuyuchi vpliv rіznih chinnikіv:

* Neviznachenіst Oscillations zalishkіv for deposits, scho deposits od povedіnki vkladnikіv. Chim mіnlivіshy sailed i vіdpliv depozitіv, team bіlshe nadlishkovih rezervіv treba mother banks;

* Vartіst loan, yaky komertsіynim potrіbno banks to take zadovolennya obov'yazkovih backup vimog in razі nedostatnoї kіlkostі rezervіv. Vaughn viznachaєtsya rіvnem ofіtsіynoї pro-

tsentnoї bets the central bank. Zrostannya ofіtsіynoї rates zbіlshuє spіvvіdnoshennya mіzh nadlishkovimi i obov'yazkovimi reserves, more pozichki for timchasovogo popovnennya rezervіv stayut dorozhchimi, i navpaki;

* Interest dohіd, yaky komertsіynі banks vtrachayut, trimayuchi reserves at the central bank. Suma vtrachenogo income viznachaєtsya rinkovoyu interest rates. Zrostannya ostannoї zmenshuє spіvvіdnoshennya mіzh nadlishkovimi that obov'yazkovimi reserves i navpaki.

Central Bank First Got yak rule, monopoly rights zdіysnyuvati emіsіyu gotіvki. Prote masa gotіvki, neobhіdna for obіgu, viznachaєtsya bunt rank povedіnkoyu sub'єktіv Economy (i fіzichnih Yurydychna osіb) kotrі virіshuyut in yakіy proportsії stink trimatimut groshі gotіvkoyu i rahunkah on deposit in banks. Osnovnі chinniki, scho at Tse vplivayut rіshennya:

* Dovira to bankіvskoї system tobto rіven riziku, pov'yazany іz rozmіschennyam koshtіv from banks (ymovіrnіst bankіvskoї panіki);

* Spodіvany dohіd od rozmіschennya koshtіv from banks, yaky viznachaєtsya rіvnem depozitnoї protsentnoї rates komertsіynih bankіv;

* Scale tіnovoї Economy, pіdґruntyam yakoї Je sproba uniknuti control over zakonnіstyu bіznesu and takozh sproba uniknuti Splat podatkіv;

* Rіven dohodіv sub'єktіv Economy. Gotіvka widely vikoristovuєtsya people nizkimi s income. Zrostannya dohodіv (bagatstva) Veda to zmenshennya spіvvіdnoshennya mіzh gotіvkoyu i groshima, rozmіschenimi on deposit rahunkah.

Central banks, regulyuyuchi propozitsіyu pennies on vplivaє tsіnu pennies tobto rіven on interest rates. Mіzh propozitsієyu pennies i rіvnem interest rates іsnuє folding dvoznachny vzaєmozv'yazok. So, korotkostrokovіy perspektivі, if propozitsіya pennies zrostaє, rіven interest rates znizhuєtsya, ale z perebіgom hour situatsіya zmіnyuєtsya:

* Zbіlshennya Offers pennies Mauger mother stimulyuyuchy vpliv on ekonomіku i zabezpechiti zrostannya natsіonalnogo income. In the minds zrostannya income sub'єkti Economy pіdvischuyut popit on groshі for nagromadzhennya vartostі i for fіnansuvannya іnvestitsіy. Zrostannya popitu on groshі viklikaє pіdvischennya rіvnya interest rates;

* Zbіlshennya Offers pennies Mauger viklikati zrostannya zagalnogo rіvnya tsіn in ekonomіtsі i rozgortannya іnflyatsіynih protsesіv, scho, in its Cherga, takozh zumovlyuє pіdvischennya popitu on groshі and otzhe, i zrostannya rіvnya interest rates.

So rank, Pochatkova zrostannya Offers pennies znizhuє rіven interest rates, ale z Pliny hour INSHI factorization pochinayut dіyati in protilezhnomu napryamі scho stimulyuє pіdvischennya interest rates.

Pіdsumovuyuchi can zrobiti visnovok scho central bank vіdіgraє provіdnu role in the penny market analysis. Vіn vplivaє the camp Economy through regulyuvannya Offers pennies i through zdatnіst vplivati ​​rіven on interest rates.

Author of the fundamental amerikanskogo pіdruchnika "Ekonomіka pennies bankіvskoї Spravi i fіnansovih rinkіv" Fred S. Year Mishkіn vvazhaє scho Ponad three chvertі Oscillations in Offers pennies mozhna pripisati zmіnam in groshovіy bazі scho kontrolyuєtsya the Federal Reserve System USA.

Tsentralnі banks toil Especially legal status obumovleny tim, scho stink at poєdnuyut sobі okremі RISS bankіvskoї place the i upravlіnnya sovereign authority. Tsentralnі banks zdіysnyuyut bankіvskі operatsії scho Bringer dohіd (kredituvannya komertsіynih bankіv, operatsії s tsіnnimi Paper the vіdkritomu on market analysis, operatsії s іnozemnoyu currency toscho) Venue of ale metoyu Tsikh operatsіy not Je otrimannya pributku. Tsentralnі banks vikoristovuyut tsі operatsії yak іnstrumenti upravlіnnya penny Rink (yak іnstrumenti monetarnoї polіtiki) keruyuchis deprivation Reigning іnteresami that chinnim zakonodavstvom.

The legal status of the central bank may be so oharakterizuvati rank: tse Reigning authority upravlіnnya s pokladenimi on Demba Especially funktsіyami in sferі penny and credit vіdnosin i bankіvskoї dіyalnostі. For Tsikh realіzatsії funktsіy central bank nadіlyaєtsya vіdpovіdnimi great-power vladnimi i tsivіlno legal povnovazhennyami. Vіn Je samostіynoyu Yurydychna apart; Yogo Mein vіdokremleno od Lane powers; central bank Mauger yak vlasnik rozporyadzhatis him. Vіn not Je komertsіynoyu organіzatsієyu.

Organіzatsіyny status of the central bank pov'yazany s virіshennyam vazhlivih low power, scho yogo stosuyutsya dіyalnostі and the Same:

* Viznachennya on zakonodavchomu rіvnі zavdan i funktsіy bank;

* Formuvannya statutory kapіtalu bank;

* Viznachennya vzaєmovіdnosin bank s organs derzhavnoї Vladi;

* Order priznachennya i zvіlnennya vischogo kerіvnogo warehouse bank.

Organіzatsіyno legal status of the Central bankіv rozvinenih kraїn zakrіpleny in legal acts: laws in about tsentralnі banks that in їhnіh statutes, laws about banks i bankіvsku dіyalnіst, in exchange zakonodavstvі. Zazvichay basic legal act, scho reglamentuє dіyalnіst central bank, Je law about the central bank, de Buti povinnі chіtko sformulovanі zavdannya i funktsії central bank.

Procedure formuvannya statutory kapіtalu the central bank does not have Yea odnakovim vsіh kraїnah. Statutory kapіtal bank Mauger nalezhati derzhavі (Frantsіya, Zittau). Power Mauger volodіti tіlki Chastain kapіtalu and іnsha Chastina Mauger perebuvati in vlasnostі aktsіonerіv (Avstrіya, Shveytsarіya, Yaponіya). The I nareshtі whole kapіtal Bank Mauger Buti vlasnіstyu Private aktsіonerіv (US Іtalіya). Procedure (dzherela) formuvannya statutory kapіtalu the central bank is not Got printsipovogo values ​​for yogo funktsіonuvannya, oskіlki tsіlova spryamovanіst dіyalnostі Central bankіv viznachaєtsya not іnteresami aktsіonerіv and Reigning іnteresami, tobto іnteresami vsogo suspіlstva.

Character vzaєmovіdnosin bankіv s central authorities derzhavnoї Vladi for svoїm zmіstom i form in rіznih kraїnah neodnakovy. In Tsikh vzaєmovіdnosinah slіd vidіliti vazhlivі two aspects. Purshia aspect stosuєtsya rіvnya samostіynostі, Nezalezhnosti central bank in viznachennі i realіzatsії monetarnoї polіtiki.

Do not zarubіzhnіy ekonomіchnіy lіteraturі іsnuє odnoznachnoї pillows schodo Nezalezhnosti central bank. Frederіk S. Mishkіn in pіdruchniku ​​"Ekonomіka pennies bankіvskoї Spravi i fіnansovih rinkіv" build arguments on korist yak, so i proti Nezalezhnosti central bank. Naysilnіshy argument on korist Nezalezhnosti central bank gruntuєtsya on poglyadі, zalezhnіst scho Uryadov central bank od slapped bi monetarnіy polіtitsі іnflyatsіynih іmpulsіv. The main argument against Nezalezhnosti vihodit s of scho undemocratic monetary polіtiku mother, yak vplivaє on Dobrobut skin in ekonomіtsі, ale i viznachaєtsya kontrolyuєtsya elіtnoyu Group (the central bank), yak before ni Kim Nese vіdpovіdalnostі. Slіd vіdznachiti scho zahіdnі naukovtsі conducted doslіdzhennya zv'yazku mіzh stage Nezalezhnosti central bank i rіvnem іnflyatsії. Pong priyshli to visnovku scho pokazniki іnflyatsії Je naymenshimi in kraїnah s nayvischim rіvnem Nezalezhnosti central bank. Before w Kraina s Square central bank does not toil vischogo rіvnya bezrobіttya abo bіlshih Oscillations obsyagu virobnitstva, nіzh Kraina s Mensch Square central bank.

Ninі in bіlshostі kraїn s rozvinenoyu rinkovoyu ekonomіkoyu tsentralnі banks abo vzagalі to Anyone not pіdzvіtnі (Zittau), abo pіdzvіtnі vischomu zakonodavchomu body derzhavnoї Vladi (US Yaponіya, Єvropeysky ekonomіchny i ​​Monetary Union) i Je not fallow od organіv derzhavnoї Vladi at vstanovlennі tsіlovih orієntirіv monetarnoї polіtiki th at viborі іnstrumentіv regulyuvannya obіgu trumpery. Bezumovno, nezalezhnіst the central bank does not Mauger Buti absolutely, Aje monetary polіtika, yak viznachaє central banks, warehouses Je zagalnoї ekonomіchnoї polіtiki powers. In svoєmu vplivі on real ekonomіku Won vzaєmodіє s fіskalnoyu, tsіnovoyu, іnvestitsіynoyu structurally polіtikoyu. Yak provіdnik monetarnoї polіtiki central bank responsible vrahovuvati zagalnoekonomіchnі tsіlі that uzgodzhuvati svoї dії s Uryadov th іnshimi Reigning establish scho formuyut zagalnoekonomіchnu polіtiku powers.

Another aspect stosuєtsya vzaєmovіdnosin central bank s Uryadov s drive fіnansuvannya defіtsitu sovereign budget. For the dwellers do not Uryadov MAV mozhlivostі repairs vise central bank, in bagatoh kraїnah central bank on zakonodavchomu rіvnі zaboronyaєtsya nadavati Uryadov pryamі loans for fіnansuvannya budget defіtsitu and takozh zaboronyaєtsya kupuvati derzhavnі tsіnnі Paper the Pervin on market analysis. Operatsії s tsіnnimi Paper the tsentralnі banks mozhut zdіysnyuvati tіlki on vtorinnomu Rinku s metoyu regulyuvannya obіgu trumpery.

H and stupіn Nezalezhnosti central bank Pevnyi vplivaє rank order priznachennya i zvіlnennya vischogo kerіvnitstva bank. In bagatoh rozvinenih kraїnah keruyuchy central bank abo priznachaєtsya Kraina President abo obiraєtsya vischim zakonodavchim body derzhavnoї Vladi, and on-line, scho Uryadov perevischuyut termіn povnovazhen (US - 14 rokіv, Zittau - 8 rokіv, Yaponіya - 5 rokіv). Before w vіdklikati vische kerіvnitstvo central bank abo dosit smoothly, abo vzagalі nemozhlivo.

Organіzatsіyna structure of the central bank digit mіroyu viznachaєtsya Form sovereign arrange Kraina (chi tse federatsіya, chi tse unіtarna Power) natsіonalnimi traditsіyami th Especially bankіvskogo zakonodavstva.

Naynezvichaynіshu structure usіh s central bankіv svitu Got the US central bank. The structure of the bank tsogo viznachaєtsya Federated ustroєm powers and takozh traditsіynoyu vorozhіstyu amerikanskoї gromadskostі to tsentralіzatsії fіnansovoї Vladi to nadmіrnogo vtruchannya powers have Spravi Private SET i, zokrema, komertsіynih bankіv.

The central bank, yaky Je Elements Federalnoї rezervnoї US system (FRS), skladaєtsya s sake keruyuchih 12 bankіv Federal Reserve, the Federal komіtetu vіdkritogo Rinku i Federalnoї konsultativnoї sake.

Rada keruyuchih іz seven osіb ocholyuє Fed. Cutaneous keruyuchy priznachaєtsya US President pіslya konsultatsіy i Zgoda of the Senate. Dwellers іzolyuvati Radu keruyuchih od polіtichnogo vise s side of the president, that zakonodavchoї vikonavchoї Vladi, keruyuchі vikonuyut svoї obov'yazki protyagom chotirnadtsyatirіchnogo line yaky not mozhna podovzhiti. Head For keruyuchih obiraєtsya President s її chlenіv on chotirirіchny rows i Mauger Buti obrany suddenly.

Glad i keruyuchih viznachaє realіzuє monetary polіtiku, Got pevnі povnovazhennya stosovno regulyuvannya bankіvskoї dіyalnostі that visual. Zokrema, Won vstanovlyuє normalized obov'yazkovih backup vimog, kontrolyuє ofіtsіynu oblіkovu interest rates, the Federal napravlyaє dіyalnіst komіtetu vіdkritogo market analysis, zatverdzhuє zlittya bankіv toscho.

Parliament Square keruyuchih Got status i pіdporyadkovuєtsya bezposeredno Congress. Dvіchі on Parliament Year nadaє in Congress zvіt Where Money Does daєtsya otsіnka makroekonomіchnih pokaznikіv i penny agregatіv for zvіtny perіod and takozh peredbachayutsya prognoznі rozrahunki Tsikh pokaznikіv on the following perіod.

Federalnі rezervnі Je banks in 12 districts deyakі s bankіv vіddіlennya toil. Scope dіyalnostі bankіv not vіdpovіdaє admіnіstrativno-teritorіalnomu podіlu Kraina. Іnodі one state to enter the warehouse dvoh okrugіv de dіyut rіznі rezervnі banks. Federalnі rezervnі banks - tse samostіynі aktsіonernі banks. Aktsіonerami backup bankіv Je komertsіynі banks vіdpovіdnogo district - a member of the Federal Reserve. Rezervnі banks emіtuyut in obіg gotіvku, viluchayut s obіgu znoshenі groshі, zdіysnyuyut klіring chekіv, yavlyayutsya him for komertsіynih bankіv Svoge District rozrahunkovu ward tobto organіzuyut i conductive mіzhbankіvskі rozrahunki, nadayut pozichki komertsіynim banks doslіdzhuyut problems pov'yazanі h Carrying monetarnoї polіtiki, mayutsya pevnі povnovazhennya schodo bankіvskogo lucid toscho. Pershochergovim zavdannyam Federal Reserve bankіv Je dosyagnennya zagalnoderzhavnih tsіley established by Radoyu keruyuchih instead namagannya otrimati Prybutok. Chastain digit svoїh dohodіv (Ponad 90%) pererahovuyut banks to sovereign budget.

Federal komіtet vіdkritogo market analysis - tse spetsifіchny i ​​duzhe vplivovy amerikanskogo authority of the central bank, for yakogo operatsії on vіdkritomu Rinku Je naygolovnіshim іnstrumentom Venue of monetarnoї polіtiki. Komіtet skladaєtsya s seven chlenіv For keruyuchih i p'yati prezidentіv backup bankіv one s they Je president of Federal Reserve Bank of New York. Komіtet s metoyu regulyuvannya trumpery obіgu zdіysnyuє purchase sales Reigning tsіnnih paperіv by Federal Reserve Bank of New York.

Federal konsultatsіyna glad skladaєtsya of 12 chlenіv, vibranih schorіchno one od the skin of the Federal Reserve Bank. Members її Je zazvichay vіdomі bankіri komertsіynih bankіv. Rada zbiraєtsya prinaymnі Vier Razi at Year-approved for z Radoyu keruyuchih threading problems pov'yazanih s monetary polіtikoyu.

Yaponіya Je unіtarnoyu powers, scho, yak already zaznachalos, Pevnyi mіroyu viznachaє organіzatsіynu structure of the central bank. Bank Yaponії - tse єdiny central bank, yaky for Zgoda mіnіsterstva fіnansіv Got right vіdkrivati ​​fіlії, vіddіlennya, predstavnitstva. Kapіtal bank chastkovo nalezhit derzhavі (55%), and chastkovo Private aktsіoneram (insurance kompanіyam, fіnansovim іnstitutam, private individuals). Aktsіoneram garantovanі divіdendi, rozmіr yakih zafіksovano on zakonodavchomu rіvnі. Nevikoristany Prybutok nadhodit bank to sovereign budget. Kerіvnitstvo Bank pokladaєtsya on Pravlіnnya, yak skladaєtsya of 9 osіb. The head is the head two defenders priznachayutsya Kabіnetom Mіnіstrіv for Zgoda Parliament INSHI The members of Pravlіnnya - Kabіnetom Mіnіstrіv. Усі особи призначаються на посади на п'ять років. На засіданнях Правління в разі необхідності можуть бути присутні представники уряду. Вони можуть вносити на розгляд Правління свої пропозиції стосовно монетарної політики, але остаточне рішення з усіх питань приймає Правління банку. Банк Японії виконує функції, що є традиційними для центральних банків. Метою монетарної політики Банку є збалансований розвиток національної економіки шляхом підтримки цінової стабільності. Двічі на рік Центральний банк подає парламенту звіт про свою діяльність.