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Modelyuvannya Economy - Vіtlіnsky VV

16.6. Zagalnі minds stabіlіzatsії sovereign Borg

Analіz rіvnyannya (16.9) pokazuє, zokrema, scho if monetarnі іnstrumenti not vikoristovuyutsya (S = 0), then stabіlіzatsіya sovereign Borg zabezpechuvatisya Mauger deprivation Carrying poslіdovnoї chi zbalansovanoї byudzhetnoї polіtiki, yak mozhna minds with such a tribute:

(16.10)

Here іdetsya about those scho splat borgіv i fіnansuvannya precisely Uriadovy vitrat mozhlivі deprivation todі, if potіk privedenoї vartostі maybutnіh podatkіv not Mensch od flow vitrat. Teoretichnі aspects tsієї problemi retelno doslіdzhenі S. Tarnovskim * 2.

* 2: {Turnovsky S. Methods of Macroeconomic Dynamics // The MIT Press, 1995.}

Zaznachimo scho poached schodo mozhlivostі nulovogo senyorazhu vimagaє fіnansuvannya operatsіynogo defіtsitu, tobto sumi-line defіtsitu th obslugovuvannya Borg tsіlkom for rakhunok rozmіschennya novih borgіv vіlnomu on market analysis.

Such situatsіya Mauger Buti pravdopodіbnoyu deprivation of minds visokoї kreditospromozhnostі Uryadov, vіdnosno smallest in obsyagіv yogo borgіv i chastki defіtsitu Kraina in GDP. In bіlsh zagalnih situatsіyah Power is obviously not Mauger nehtuvati monetary іnstrumentami for fіnansuvannya svoїh vitrat, zokrema for obslugovuvannya nakopichenogo Borg. In perehіdny perіod Power, Vlasnyi, i do not zdatna to TAKE vnaslіdok yak digit masshtabіv fіnansuvannya defіtsitu so i nerozvinutostі fіnansovogo market analysis that obmezhenoї Dovira to її polіtiki.

Spіlne vikoristannya emіsії pennies i borgіv yak dzherela fіnansuvannya defіtsitu lead to dvoh vazhlivih naslіdkіv: senyorazh staє on au-Perche, mainly Jerel formuvannya coupons viplat Private іnvestorom i, in other words - zasobom regulyuvannya obsyagіv borgovih zobov'yazan. Stop funktsіya senyorazhu viplivaє s of scho rates for fіnansovoї zagalnoї dohіdnostі oblіgatsіy bіlsha coupons dohіdnіst oznachaє Mensch value zrostannya kapіtalnoї vartostі aktivіv, i navpaki.

Nekhay quantity (obsyag) stream in real budgetary defіtsitu virazhennі Je dodatnoyu funktsієyu hour. Yakscho not senyorazh perevischuє obsyagi-line budget tobto Got Location nerіvnіst

then, yak pokazuє rozv'yazok rіvnyannya (16.9), Reigning Borg zrostaє neobmezheno. Such situatsіya poyasnyuєtsya tim, scho power rozmіschuє vіlnomu on market analysis in oblіgatsіyah dodatkovі Borg, scho chi bіlshі dorіvnyuyut obsyagam, neobhіdnim for splachennya borgіv at the time of Danian hour, tobto іsnuyuchі Borg movbi "zabezpechuyutsya" maybutnіmi Borg. In tsomu vipadku Powers as the title of the GRU Pontsі (fіnansova pіramіda) іrratsіonalnіst yakoї to b (0) = b 0, r> 0, Sn <0 vіdobrazhaєtsya in nestіykostі rozv'yazku rіvnyannya

Rozglyadayuchi tse rіvnyannya s pozitsії private іnvestora can dіyti visnovku scho іgri Pontsі Je mozhlivimi, Yakscho іnvestor Zgoda kupuvati assets (Borg Uryadov) chi ochіkuyuchi deprivation zrostannya їhnoї kapіtalnoї vartostі, chi zgodzhuyuchis mother potochnі zbitki (vіd'єmny coupons dohіd). Clearly, scho poperednє tverdzhennya shits uzgodzhuєtsya s dіysnіstyu and to situatsії scho porodzhuyut іgri Pontsі, neobhіdno viklyuchati. Otzhe, іnteres s Look ratsіonalnoї makroekonomіchnoї polіtiki stanovlyat deprivation stіykі rozv'yazki rіvnyannya (16.9).