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Modeluvannya ekonomiki - Vіtlіnskiy V.V.

16.8. The Positions of the Power of the Collections of the Borg

At the 14th of the 15th, the number of boules has been identified, but in the economical transition to the financial market, the segment of the sovereigns of the Borges, and the state borough is financed, encompassed by the payments, both by the seigniorage, and by the new positions of the state on the big market *. Yakshto for pennies vsedokot not rally, then the poses on the big market vimagayut plat svidotkiv і ponenennya nominalu, tobto prizvodit to zrostania obyagіv borgu. One side, the new poses zbylshuyut bog ya yogo obesgovovuvannya, and okrim of addition, in dovgostrokovomu plan makyut інфляційні налідки, yakshcho senjorazh - one of dzherel fіnnsuvannya borgu. To the other side, the borgovi and the poses, the servitude of the servitude to the borg, the annunciation, the brothers to the burg are vigilant for the name, zvichayno, scho razlichi be guaranteed, that is the ability of the brothers to go to the borg. Spinima on danomu pitani, oskilki tse often vipadaє z field zoru doslenie.

* 3: {Smirnov AD Lectures on Macroeconomic Modeling: Proc. Manual for universities. - Moscow: State University Higher School of Economics, 2000.}

Istorichno folded the point of view on the problem of the state borgu, yakі suttevo evolyutsionuyut. Tezu schodo vigіdnostі borghovih posk mozhna argumentumvati for dopomoyu prostii determinovoyї model, which can be used for writing stochastic processes in the form of an alloy borg. Nekhay osnag nominalu of the state borgu to become F , and rinkova bezrizikova rate vidsochka r є postinoyuyu value, dodatnoyu i nezalezhnoiu vіd obsnyagіv borgiv. Pripustimo, scho ratsіonalno dіyuchy emіment, yakі і Власник боргів, зацікавлений у зростанні ринкової вартості борго, schо poleshshu yomu obluhovuvannya borgu i дещо send the obmezhenya stasovno to obshygіv novih posk. Emitent rally vartit ninimalu (vsity ply plus vidsotki), borgs not to be written off, th order does not borrow sparse chunks, we sell our borges.

The borg, if the alloys are dodged for an hour, dt , change by the amount

Anne, mae rinkov vartism, tobto vartism, will be brought up to the point of the moment, but it is B ( t ) = F exp [-rt], de B ( T ) = F. Tse bude fair, yakshcho power stretching perdodu dt not robit novih borgiv, and vysotki not nasyschuyutsya. In the world of power, the yak law-abiding borsch, moyuchi can appear on dt pokernennya nominalu, nasravdi vtratcha lishe rinkovu vartnist borgu. For a whopping, zvichayno, guilty іsnuvati moglivist balance of the burg at the time of t + dt , napriklad, dostrokovogo vykuplennya obligaciy. Yaksho, okrіm цього, the discount rate of the book is high, but the order can be put on the big market at the rate a> 0, tobto

Then in the result of the cognate octag of the borz zrostatme y warehouse at the time t the oath . The value is discounted at the rate itself r , and then dorivnjuvatime

Otzhe, for be-yakogo moment t u Maybutnomu nominalnaya vartit borgu, scho poveratyetsya, to become the value of F , timachas yak yogo rinkova vartist become the value of B ( t ), yakshchoo order not take more into the borgo, chi V ( t ), yakshcho vin ber New positions on the valley. Alenovy poziks mozhut poveratishsya deshcho piznіshe, otzhe, at the moment t emitent borgiv otrimyu pervny vigrast, scho vinikaє zavdyaki mozvolistі vіdklosti ponenennya borgu, yaky to become

I will look at the feedback in a timely manner, but the maximum of claims for the maximization of the value of the vigra, but at the same time maximizing the viability of the settlement of the Borga to the moment t *:

(16.15)

Given the situation for the economy for 0 <a < r , then if the rate of the new zaposochene does not translate the value of the rink rate of the vidos. (16.15), you can optimize the time for the hour t *, for a different date in the wincing borgot, and turn around, as much as possible (Figure 16.2):

. (16.16)

Fig. 16.2. Optimization of viplati borgiv

(16.16) is high, but if r > d = r - a, then zvernennya before the new posk є vigidnim i rotate the bord of the treble not at the moment, but at the time t *> 0. Yaksho r = d, then a = 0, then, oskilki vigrashu for rahunok pidvistchennya rinkovo ​​vartosty borgu power does not otrimuє, turn borgs slid negayno.

Analis is shown, scho can be brother's poses, ma vartism f ( t ), yaka to be located in the dynamo of the borg. At a fatal vipadku існування могуливості брати в борг viznachaetsya довірою інвесторів до держави, що у черву зложаться від відтності держави rotati borgi, vіd reputatsії power yak paysnik borgіv.

Vodnochas Power of the Newly-Born Breeds Mie freedom of the Vibor: Won can yak brothers, so I'm not brothers in the bogs lying down in specific areas. Borgs on the valley market - the goal of the asymmetric contract between the state that is the investor (creditor) , the vartness of somebody can be virginized by the peasants

(16.17)

Рівняння (16.17) відбиіває обмежену відповіdність power yak poschal'nika: vone yaz yak brothers in the borgo, so і not brothers, blemish maximize the value of [ V - B ] and zero. Asimetriya contract for a given statement of problems and fields in that, investor Lishu kupuyut borgi, yakshcho power corystuetsya doviroyu. Раціональний інвестор не відмовиться від можістості заробити безризиковий дохід, почачачи свої гроші уряду.