Modelyuvannya Economy - Vіtlіnsky VV

ROZDІL 16. DINAMІKA Reigning Borg TA SENYORAZHU

16.1. Rinkova rate vіdsotka

One іz nayvazhlivіshih іnstrumentіv makroekonomіchnogo analіzu scho widely vikoristovuєtsya on Suchasnyj Rink tovarіv yak, so i pennies - tse rate vіdsotka. Bet vіdsotka, chi dohіdnіst tsіnnogo Papero, viznachaєtsya Rink, de dіyut privatnі іnvestori that lender. The actual efektivnіst іnvestitsіy (vnutrіshnya rate vіddachі kapіtalovkladen) lezhit in osnovі ponyattya rinkovoї vіdsotka rates, ale not totozhna їy.

Koli іnvestor virіshuє pridbati yakiys asset tobto good, scho prinositime potіk dohodіv in maybutnomu then yogo іnvestitsії totozhnі skorochennyu spozhivannya stream. Іnvestor vіdkladaє Pevnyi bag of pennies od stream spozhivannya zaradi otrimannya deyakogo income in maybutnomu, obsyag MDM, vzagalі Saying to exactly nevіdomy at the time of acceptance of rіshennya.

Ratsіonalno dіyuchy іnvestor zavzhdi vimagaє kompensatsії vitrat, SSMSC vіn ob'єktivno Nese in termіn, protyagom yakogo yogo Costa zadіyanі in іnvestitsіyah. Tse kompensatsіya mozhlivih vitrat income through іnflyatsіyu, zv'yazuvannya zasobіv in danomu vidі іnvestitsіy and takozh nayavnіst rizikіv, viklikanih neviznachenіstyu maybutnogo, kotrі vplivayut yak on obsyagi, so i on termіni ochіkuvanogo income. Vlasnik asset (emіtent tsіnnogo Paper the) blame Booty prepare kompensuvati іnvestorovі hour yogo i rizik, more in protilezhnomu razі nіhto not kupuvatime Danian asset.

Kompensatsіya іnvestorovі vіdbuvaєtsya yak at formі income od іnvestitsіy (vіdsotok s deposit, coupons dohіd s oblіgatsіy, divіdendi s aktsіy, rental dohіd neruhomostі toscho s), so i through zmіnu vartostі pridbanogo asset.

Vvazhatimemo scho r - tse bezrizikovoї dohіdnostі rate on deposit in the bank nadіynomu komertsіynomu. Alternatively predstavnikom takoї samoї bezrizikovoї korotkotermіnovoї dohіdnostі poslugovuє dohіdnіst (discount) Reigning trimіsyachnih Bills. Dosit poshirenim "predstavnikom" rinkovoї rates vіdsotka Je value of dohіdnostі trimіsyachnih oblіgatsіy (T-bills) skarbnitsі US SSMSC vvazhayutsya visokolіkvіdnim i practical bezrizikovim fіnansovim іnstrumentom. Otzhe, ekonomіchny Sens rate vіdsotka polyagaє in fact, scho Won Je tsіnoyu riziku th hour.

Bet vіdsotka vіdbivaє vimogi іnvestora schodo dohіdnostі alternative vkladen not obov'yazkovo schodo efektivnostі proektіv in real sektorі Economy and whether yakogo pridbannya on fіnansovomu Rinku aktivіv scho Bringer dohіd. Tobto rinok have printsipі, garantuє whether Money Does іnvestorovі otrimannya (without riziku) income per bet nadіynogo komertsіynogo bank. Otrimannya vischogo income vzagalі Saying to, takozh Je mozhlivim, Ale tse pov'yazane s neviznachenіstyu that rizikom. Ostannіy for rakhunok Mauger kompensuvatisya bіlsh visokoї dohіdnostі obtyazhenih rizikom іnvestitsіy porіvnyano s bezrizikovoyu vіdsotka rates. Tom nomіnalna vіdsotka rate (chi dohіdnіst) r s skladaєtsya low component SSMSC vіdobrazhayut real efektivnіst vkladen , Vpliv ochіkuvanoї іnflyatsії p, s i vpliv riziku termіnu zv'yazuvannya іnvestitsіy l:

Zrozumіlo scho іnvestitsії mozhut vkladatisya on rіzny termіn, prinositi dohіd not deprivation in kіntsі perіodu іnvestuvannya and protyagom th tsogo perіodu chi neperervno. Yakscho dohіd for oblіgatsіyami narahovuєtsya deprivation in kіntsі perіodu then takі oblіgatsії toil nulovy coupon i prodayutsya s discount. Oznachaє Tse, scho vlasnik asset zaroblyaє on rіznitsі mіzh nomіnalom i tsіnoyu Nagybanya (discount) asset. W іnshogo side, coupons dohіd splachuєtsya perіodichno, yak usually dvіchі on the Year, and was theoretically Mauger pererahovuvatisya neperervno.

Paper the Tsіnnі (fіnansovі іnstrumenti) s perіodom obіgu to rock vіdpovіdayut іnstrumentam trumpery market analysis. Koli termіn dії fіnansovih іnstrumentіv bіlshy per Year, the stench (oblіgatsії, aktsії) vvazhayutsya іnstrumentami kapіtalіv market analysis. Oblіgatsії zvichayno toil fіksovanі termіni repayment, ale i іsnuyut unemployed strokovі oblіgatsії - konsolі. Aktsії was theoretically toil neskіnchenny termіn dії.

Suchasnі fіnansovі markets Agricultural Art proponuyut velichezne rіznomanіttya mostly yak (aktsії, oblіgatsії), so i pohіdnih (fіnansovі derivatives) fіnansovih іnstrumentіv. Rinok derivativіv (optsіonіv, svopіv toscho) burhlivo rozvivaєtsya. Compact rozglyad mehanіzmіv funktsіonuvannya Suchasnyj fіnansovih rinkіv filed in niztsі Prace * 1 prisvyachenih tsіy problematitsі.

* 1: {Blake D. Financial Market Analysis // McGirow Hill Book Company, 1990.}