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Zovnіshnoekonomіchna polіtika - Temples VO

4. CREDIT penny POLІTIKA UC warehouses of I ZASІB ZOVNІSHNOEKONOMІCHNOЇ - POLІTIKI

4.1. ZOVNІSHNOEKONOMІCHNA SUTNІST

For zovnіshnoekonomіchnoyu sutnіstyu credit and polіtika penny - Tse no deprivation Reigning regulyuvannya spherical trumpery obіgu that Credit vіdnosin vіdpovіdno to spherical zovnіshnoekonomіchnih zv'yazkіv. Vzagalі regulyuvannya rіvnoznachne values ​​for control, ale not znizu and zgori. Vodnochase vono not have mіstit sobі nayvazhlivіshogo component polіtiki vzagalі i zovnіshnoekonomіchnoї polіtiki zokrema - Center of acceptance polіtichnih rіshen. He can be rozglyadati zovnіshnoekonomіchnu are credit-groshovoї polіtiki bezvіdnosno mіri rozpodіlu rolі koshtіv i sposobіv regulyuvannya. Over the minds scho zovnіshnoekonomіchna are credit-groshovoї polіtiki bude realіzovana, Won nabiraє nature іntegrativnoї of Quality that її zovnіshnoekonomіchnoї funktsії. Todі sukupnіst koshtіv i sposobіv credit and trumpery regulyuvannya Mauger Buti very hard in the basis for structuring rozglyadі Zep i zagalnoї schemes її analіzu.

When tsomu potrіbno pam'yatati scho credit-penny polіtika ninі ototozhnyuєtsya s monetary. Mainly methane takoї polіtiki - stabіlіzuvati penny odinitsyu i penny obіg for rakhunok control of pennies that emіsієyu Credit mehanіzmom. Monetary polіtika vplivaє on the budget, on ekonomіchne zrostannya th sotsіalny Dobrobut. Credit penny polіtika through Costa i is able to exchange regulyuvannya formalіzuє mіzhnarodnі zovnіshnoekonomіchnі zv'yazki, zokrema turnover i ruh kapіtalu, Naukova-tehnіchne that gumanіtarne spіvrobіtnitstvo, cultural tourism obmіn i, vіyskovo-tehnіchne spіvrobіtnitstvo, regіonalnu, subregіonalnu that mіzhnarodnu BEZPEKA. Tse bezposeredno od deposits become credit-groshovoї polіtiki, dinamіki exchange rate and otzhe, valyutnoї polіtiki powers.

In nayzagalnіshomu viglyadі mainly zavdannya credit and groshovoї (monetarnoї) polіtiki polyagaє in fact dwellers polіtichnі that ekonomіchnі sub'єkti, organic derzhavnі that іnstituti, gromadskі organіzatsії that polіtichnі partії, polіtiki, derzhavnі dіyachі th pіdpriєmtsі, privatnі individuals dіyali in sferі zovnіshnoekonomіchnih star ' yazkіv vihodyachi іz zagalnoekonomіchnih tsіley i prіoritetіv Zep powers.

4.2. PEREDUMOVI monetary ANALІZU FORMUVANNYA processes the I ZDІYSNENNYA ZOVNІSHNOEKONOMІCHNOЇ POLІTIKI

Golovna peredumova monetary analіzu s urahuvannyam viznachennya ponyattya "zovnіshnoekonomіchna polіtika" i "credit-penny polіtika" - sukupnіst funktsіy emіsії pennies. Before them nalezhat:

• Economy zabezpechennya that zovnіshnoekonomіchnih zv'yazkіv obіgovimi Costa, zasobami payments nagromadzhennya svіtovih pennies. Viznati Treba, scho i do not zavzhdi not vsіm powers vdaєtsya tsogo dosyagti. An hour, Especially in krizovoe perіod, pennies, neobhіdnih for normal rozvitku zovnіshnoekonomіchnih zv'yazkіv in іnteresah national Gospodarstwa not expressly vistachaє. Especially characteristic of the tse nayavnostі svіtovih pennies;

• pokrittya defіtsitu sovereign Budget th viplati sovereign Borg in kritichnіy situatsії, if іnshih Jerel pokrittya Absent and ryatuvati derzhavnі fіnansi neobhіdno nezvazhayuchi on naslіdki (napriklad, gliboka crisis, prirodnі th tehnogennі catastrophe vіyna toscho). I, yak naslіdok, nadmіrny Key infrastructure pennies - іnflyatsіya scho easily jump from samovіdtvoryuvanu іnflyatsіyu, nareshtі, gіperіnflyatsіyu, pіdvischennya tsіn, dezorganіzatsіya zovnіshnoekonomіchnih zv'yazkіv, gospodarskogo Zhittya zagalom, sotsіalna that polіtichna napruzhenіst scho pererostaє in gostrі suspіlnі konflіkti. Key infrastructure Nadmіrny pennies - not єdina reason іnflyatsії, ale z one the main reasons її viniknennya.

Zbіlshennyam abo zmenshennyam emіsії pennies in Rozumny furrows power Mauger vsіlyako spriyati pozhvavlennyu zovnіshnoekonomіchnih zv'yazkіv and otzhe, zmіtsnennyu Economy Shlyakhov infusion koshtіv, galmuvati peregrіvannya kon'yunkturi fight s pіdvischennyam tsіn, skorochuyuchi tsі infusion.

Nayvazhlivіshim aspect tsієї funktsії emіsії pennies Je pіdtrimannya stіykostі natsіonalnoї currency. In the minds funktsіonuvannya vіdkritoї Economy stіykіst natsіonalnoї currency, dovіr'ya to neї vseredinі Kraina i pose її mezhami - one s viznachalnih chinnikіv natsіonalnoї konkurentospromozhnostі, napryamіv potokіv Ruhu korotkostrokovogo kapіtalu, will platospromozhnostі balance.

The basic monetary peredumova analіzu - vstanovlennya th zmіna oblіkovoї rate (discount) i Lombard vіdsotka scho zdіysnyuє central bank.

Bankіvsky vіdsotok (rіzny fallow od mind methylene, termіnіv, zabezpechenostі loan) skladaєtsya pid vplivom spіvvіdnoshennya popitu that Offers pozikovogo kapіtalu. It has long been pomіcheno scho nizky rіven interest rate loans stimulyuє i spriyaє pozhvavlennyu vsіh areas ekonomіchnoї aktivnostі.

Priplivi i vіdplivi - tse nevіddіlny suputnik neregulovano th Rinku pozikovogo kapіtalu. For nizkoї oblіkovoї popit rates on loans pіdvischuvavsya, ale sailed novih vkladіv (Especially іnozemnogo pohodzhennya) through nizky vіdsotok s skorochuvavsya them. Krіm order for dobroї kon'yunkturi, if pryamі vkladennya in Gospodarstwa gave Prybutok scho perevischuvav vіdsotok s vkladіv, sposterіgalosya zatrebuvannya vkladіv s bank. Yakscho popit on pozikovy kapіtal perevischuvav yogo propozitsіyu banks zmushenі boule pіdvischuvati interest rates. When zbіlshennі priplivu vkladіv banks in Costa viluchalisya s i vkladalisya gospodarskogo turnover in banks, scho s of order dorozhnecheyu kreditіv (Visoko vіdsotkom) pogіrshuvalo gospodarsku kon'yunkturu. Especially nebezpechnoyu Stavan situatsіya, if oblіkova rate kolivalas synchronously s Oscillations kon'yunkturi; vinikav efekt rozgoyduvannya goydalki. In peredbachennі abo podolannі such situatsіy vіdіgraє Especially the role of the central bank. Vіn Je bunt lender Rasht fіnansovih іnstitutіv.

Vіdsotok, otrimany central bank lender based lyagaє kalkulyatsії rates komertsіynih bankіv, pid SSMSC stink vidayut oderzhanі Costa Vlasnyi time s i zaluchenimi in viglyadі vkladіv.

Rozglyanemo, yak same vplivayut zmіni oblіkovoї rates for Zep.

Vіdomo scho takі zmіni toil dalekosyazhnі naslіdki for Zep Kraina, spriyayut stvorennyu її platіzhnogo balance that stіykostі natsіonalnoї currency. In the minds zagalnoї lіberalіzatsії mіzhnarodnogo Ruhu korotkostrokovogo kapіtalu, tobto "garjachego pennies" flows tsogo kapіtalu chutlivo reaguyut three іndikatori:

• oblіkovu rate of the central bank;

• rіven opodatkuvannya dohodіv on bankіvskі contribution;

• Prospects zmіni rate natsіonalnoї currency.

For nezmіnnostі dvoh ostannіh іndikatorіv viznachalny vpliv on eg potokіv suspіlnogo that іnozemnogo kapіtalu (in Kraina kraїnu abo s) Got zmіna oblіkovoї rates. A tse, in his Cherga, poznachaєtsya on stanі platіzhnogo balance that natsіonalnoї currency.

Potrіbno zvazhati th those scho often garyachkovі zmіni rates do not Je efektivnosti. According au-Perche, mіzh zmіnoyu rates that її naslіdkami іsnuє digit lag. Alternatively, chastі zmіni vіdsotka pereshkodzhayut kalkulyatsії perspective efekta gospodarskoї dіyalnostі i making chinnik neviznachenostі in gospodarskih rіshen of acceptance. Zmіna oblіkovoї bets the central bank zagalom guilty mother tsіlespryamovany i logіchny character zdіysnyuvatis smoothly without rіzkih povorotіv.

Oblіkovu rate yak іnstrument Zep vikoristovuyut not okremo, and poєdnannі s іnshimi credit and budgetary penny that Costa publіchnogo regulyuvannya. Zmіna oblіkovoї rates without zastosuvannya іnshih zahodіv Zep rіzko znizhuє їh efektivnіst.

Zvіdsi expired Taqiy monetary arsenal, yak mezhі efektivnostі zmіni oblіkovoї rates. Tsey іnstrument for their bіlsh yak stolіtnyu іstorіyu dovіv, scho Got obmezheny character through low chinnikіv.

In klasichnіy modelі rinkovoї Economy dinamіka kon'yunkturi i nayavnіst vіlnogo kapіtalu, yaky Bulo b mozhna zaluchiti for pozikovogo fіnansuvannya, Got absolutely protilezhny character. Pozikovy kapіtal potrіben, if yogo little propozitsіya dostatnya yogo abo nadmіrna, as required in nomu naymensha. Vіdpovіdno to spіvvіdnoshennya popitu that occasion Offers First oblіkova rate of irregular-lovanomu gospodarstvі.

Power namagaєtsya vіdіrvati rіven oblіkovoї rate od її prirodnoї rinkovoї tendentsії. їy vdaєtsya in furrows fіnansovih mozhlivostey central bank kredituvati komertsіynі vіdsotok banks pid scho not viznachaєtsya popitom i propozitsієyu and vstanovlyuєtsya vіdpovіdno to tsіley, peredusіm sovereign regulyuvannya Economy, tobto to tsіley derzhavnoї ekonomіchnoї practices and otzhe, i Zep.

Printsipovo i trivaly hour protidіyati rinkovomu mehanіzmu on market analysis pozikovogo kapіtalu tsentralnі banks do not mozhut. Pong shaping can deprivation koriguvati yogo th timchasovo zmіnyuvati.

Nezvazhayuchi on postіynu i zagalnu Borotba іz znetsіnennyam pennies XX century. pid passed the sign nevilіkovnoї hvorobi - іnflyatsії, yak in some kraїnah rіdshe in іnshih chastіshe, and tretіh hronіchno virivalasya s permissible for normal rozvitku Economy between spherical zovnіshnoekonomіchnih zv'yazkіv zagalom.

Hour іnflyatsіya rіzko ruynuє OAO All bar'єri, porodzhuyuchi gliboku fіnansovu credit-crisis, scho ohoplyuє tsіlі continent zagrozhuyuchi rozvitkovі mіzhnarodnoї Economy.

Visokі, Especially neprognozovanі, normalized іnflyatsії pіdrivayut mehanіzm vikoristannya oblіkovoї rates yak іnstrumenta Zep funktsіonuvannya i-bank groshovoї Sistemi vzagalі.

Kontsentratsіya kapіtalu scho trivaє, i will require great fіrm in samozabezpechennі svoїm kapіtalom prizvodyat to deyakogo znizhennya in bagatoh kraїnah rolі pozikovogo kapіtalu in fіnasuvannі іnvestitsіy.

Kompanії, SSMSC neіstotno stale od kreditіv komertsіynih bankіv, i privatnі fіnansovі іnstituti, SSMSC descho Mensch mіroyu stale od kreditіv central bank, is not it іstotno chutlivі to Change log oblіkovoї rates, yak th fіrmi banks scho pratsyuyut digit mіroyu on pozikovomu kapіtalі.

Mіzhnarodna monopolіya scho buduє great gospodarsky ob'єkt fіnansuє i yogo rakhunok for Vlasnyi koshtіv zazvichay zvertaє uwagi on zmіnu oblіkovoї rates have kraїnі de stvoryuєtsya ob'єkt, ale on rіshennya about prodovzhennya budіvnitstva tsі zmіni mayzhe not vplivayut.

Sche one obmezhuvachem efektivnostі regulyuvannya ofіtsіynoї oblіkovoї rates and otzhe, i Zep Je mіzhnarodna mіgratsіya kapіtalu. Lіberalіzatsіya Ruhu kapіtalu mіzh kraїnami i tsіlkovita freedom yogo peremіschennya vseredinі іntegratsіynih mіzhderzhavnih ob'єdnan protidіyut kreditnіy polіtitsі okremoї powers. Reaktsієyu on tse, zokrema became uzgodzhennya Act reasonably central bankіv schodo zmіni oblіkovoї rates have kraїnah ЄS.

Velikі th chastkovo serednі kompanії ninі naychastіshe toil mіzhnarodny character. In zv'yazku s tim, scho ofіtsіynі oblіkovі rates okremih kraїnah rіznі (stale od situatsії in ekonomіtsі zagalom i on Rink vіlnogo kapіtalu zokrema, i od tsіley mozhlivostey Zep), tsі kompanії mozhut vdatisya to pozik in tіy kraїnі, de interest rates nizhcha . Moreover, іsnuyut mіzhnarodnі fіnansovі markets Agricultural Art (napriklad, єvrodolarіv, єvromarok), scho not pіdlyagayut natsіonalnomu regulyuvannyu and otzhe, perebuvayut pose sphere Zep.

SOCA zaznachenі mezhі efektivnostі zmіna oblіkovoї rate of the Central Bank zalishaєtsya poshirenim in svіtі zasobom to yakogo postіyno vdaєtsya Zep i vpliv yakogo on pridbannya in credit dіyalnіst drіbnih i serednіh kompanіy, fermerіv, zhitlove budіvnitstvo Especially pomіtno rozshiryuє, yak usually rinok for zovnіshnoї torgіvlі.

The central bank Ukraїnі takozh vikoristovuє zmіnu oblіkovoї rates yak іnstrument ekonomіchnoї polіtiki. When kredituvannі Private komertsіynih bankіv vіn vstanovlyuє i perіodichno zmіnyuє discount on pereoblіku Bills i vіdsotok lombardnі on credit, scho Reigning zabezpechuyutsya tsіnnimi Papero.