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Modelyuvannya Economy - Vіtlіnsky VV

16.5. Rіvnyannya dinamіki suspіlnogo Borg

Reigning Rinok tsіnnih paperіv in the minds perehіdnoї Economy suttєvo vіdrіznyaєtsya od vіdpovіdnogo fіnansovogo segment market analysis in kraїnah vіlnoї konkurentsії.

Zaznachimo, scho in zagalnomu vipadku spromozhnіst powers schodo realіzatsії Svoge rights in the minds monopolіsta rozvinutogo fіnansovogo Rinku suttєvo obmezhena kіlkoma chinnikami.

According au-Perche, chastka sovereign segment market analysis borgіv hoch i suttєva, ale z porіvnyanna chastkoyu Private borgіv.

Alternatively, market analysis mіstkіst aktsіy priblizno dorіvnyuє mіstkostі Rinku sukupnih borgіv, i clear power scho not Mauger bezposeredno vplivati on formuvannya dohіdnostі aktsіy.

In tretє, practical nemozhlivo іzolyuvati zovnіshnyu component borgіv, oskіlki on Suchasnyj deregulovanomu fіnansovomu Rinku resident of the first non-residents in rіvnih dіyut practical minds. Otzhe, chinniki dohіdnostі formuyutsya th viznachayutsya Rink spіlno and vіdmіnnostі income deprivation stale od vіdmіnnostі mіzh specific іnstrumentami, Especially opodatkuvannya th rinkovoї vartostі riziku.

Zaznachimo scho rіzka asimetrіya fіnansovogo market analysis in perehіdny perіod polyagaє in practical povnіy vіdsutnostі Rinku Private borgіv i zakladenih and takozh slaborozvinutih Rink kreditіv aktsіy that i have suttєvih obmezhennyah on dіyalnіst nerezidentіv. Domіnuvannya segment Reigning tsіnnih paperіv Got svoїm naslіdkom yaskravo virazheny rinok seller in rolі MDM Uryadov chi diktuє tsіnu dohіdnіst oblіgatsіy, viznachayuchi propozitsіyu not deprivation, and th vplivayuchi on formuvannya popitu on the Borg.

Zaznachenі osoblivostі fіnansovogo market analysis in perehіdny perіod pokladenі in pіdґruntya modelі povedіnki Uryadov th Private іnvestorіv on market analysis Reigning borgіv.

Rozglyanmo sproschenu determіnovanu situatsіyu fіnansuvannya sovereign Borg is the budget defіtsitu. Not rozrіznyatimemo takozh vnutrіshnі that zovnіshnі Borg not rozglyadatimemo th іsnuvannya private Borg. Obsyag sovereign Borg rozglyadatimemo oblіgatsії yak, scho garantuyut otrimannya (nablizheno) mayzhe bezrizikovogo income was theoretically protyagom neskіnchennogo perіodu hour. Popit Borg viznachaєtsya (nablizheno) deprivation fallow od їhnoї dohіdnostі, іgnoruєtsya mozhlivіst vikoristannya korotkotermіnovih borgіv yak substitutіv pennies.

Rozglyanute in poperednіh rozdіlah rіvnyannya zrostannya suspіlnogo Borg chi private bagatstva Got in nomіnalnih termіnah viglyad:

(16.8)

de - Obsyag senyorazhu chi emіsії pennies in nomіnalnomu virazhennі; - Obsyag dodatkovogo rozmіschennya on vіlnomu Rinku Reigning borgovih zobov'yazan; P (G - T) - defіtsit sovereign budget nomіnalnomu virazhennі; G - byudzhetnі vitrati in real virazhennі; T - realnі podatki, scho not zmіnyuyut obsyagіv Key infrastructure; RB - obsyag obslugovuvannya sovereign Borg for Bids nomіnalnogo vіdsotka R> 0.

Yakscho enter zmіnnі schodo real significance penny balansіv i realnoї vartostі Borg , Vvazhayuchi їh diferentsіyovanimi funktsіyami hour, then rіvnyannya (16.8) can be rewritten yak

(16.9)

de - Obsyag real senyorazhu; r = R - p - real bezrizikova rate for vіdsotka Reigning borgovimi zobov'yazannyami; - The rate faktichnoї іnflyatsії chi іnflyatsіynih ochіkuvan.

W one side, power postaє yak monopoly emіtent borgovih zobov'yazan - pennies (s borgіv vіd'єmnoyu norm of realnoї dohіdnostі scho dorіvnyuє rate іnflyatsії) th oblіgatsіy (borgіv in Vlasnyi znachennі, s dodatnoyu norm of realnoї dohіdnostі (Hoca in okremі perіodi real dohіdnіst Mauger nabuvati vіd'єmnih value). Tsі ostannі situatsії's not rozglyadayutsya. іnshogo W side, sukupnіst velikoї kіlkostі Private іnvestorіv konkuruє fіnansovomu on market analysis, on formuyuchi popit Reigning Borg.

Privatnі іnvestori formuyut svoї portfelі s real penny balansіv i negroshovih aktivіv have danomu vipadku Reigning oblіgatsіy. However, a simple portfolio pіdhіd nepridatny to danoї situatsії, oskіlki absolutely neratsіonalno nabuvati s assets vіd'єmnoyu dohіdnіstyu. Otzhe, neobhіdno poyasniti problem "lіkvіdnostі" napriklad, through the inclusion zmіnnoї pennies in funktsіyu korisnostі іnvestora model.