home Political economy Basics of ekonomіchnoї teorії: polіtekonomіchny aspect

Basics of ekonomіchnoї teorії: polіtekonomіchny aspect

§ 2. The credit-groshovoї polіtiki

The credit-groshovoї polіtiki podіlyayut on Dvi groups: over-galnі (vplivayut on rinok pozikovih kapіtalіv in tsіlomu) is the selectivity-tivnі (vplivayut on konkretnі Vidi loan chi kredituvannya approx Remigio Galuzo, fіrm toscho).

Rozglyanemo zagalnі Method Credit-groshovoї polіtiki.

Oblіkova (Discount) to actively polіtika zastosovuєtsya initiative-Yuchi s the middle of the XIX century. Viniknennya її pov'yazano kredituvannyam s central bank komertsіynih bankіv Kraina. Ostannі, pragnu chi zbіlshiti svoї reserves at the central bank, prodayutsya Yomou tsіnnі Papero, perevazhno korotkostrokovі komertsіynі vekselі scho nadіyshli to komertsіynih bankіv od funktsіonuyuchih pіdpriєmtsіv and takozh zdіysnyuyut Obl_k i pereoblіk svoїh Bills. In bіlshostі kraїn analogіchnі operatsії provadyatsya not deprivation komertsіynimi s and d s Reigning tsіnnimi Papero, yak usually takozh korotkostroko-Vimy (bills, sertifіkatami that іnshimi zobov'yazannyami der zhavi), scho perebuvayut in portfolios komertsіynih bankіv.

Sales tsіnnih paperіv komertsіynimi banks to the central bank, and takozh Obl_k (i pereoblіk) їh zdіysnyuyutsya for Pevnyi od-sotkovoyu rates scho dіstala titles oblіkovoї rates, discount rates abo. Regulyuyuchi її, the central bank re-regulyuє kreditnі LAS komertsіynih bankіv. Napriklad, dwellers zagalmuvati іnflya-tsіynі processes, the central bank to vdaєtsya pіdvischennya oblіkovoї

rates. Tse zmushuє komertsіynі banks, in their Cherga, pіdvischuvati vіdsotkovі rates for loans, scho nadayutsya pіdpriєmtsyam. Ostannі pochinayut utrimuvatis od poslug komertsіynih bankіv, oskіlki "expensive credit" zmenshuє pributkovіst virobnitstva. In the results-tatі skorochuyutsya іnvestitsіynі vitrati i sukupny popit. Navpa-ki, znizhennya oblіkovoї rates zumovlyuє znizhennya vіdsotkovoї rates for loans, scho nadayut komertsіynі banks zrostaє obsyag їh Credit operatsіy, aktivіzuyutsya іnvestitsії i, nareshtі, pozhvav-lyuєtsya Ekonomichna kon'yunktura.

Naybіlshoyu populyarnіstyu oblіkova polіtika koristuvalas on-prikіntsі XIX - XX century cob. In the 30-40-i Rocky XX century. tsentralnі banks Provadia recommending polіtiku "Cheap pennies", scho peredbachala znizhennya oblіkovoї rates. In Velikobritanії z 1932 r. until 1951 p. oblіkova rate zberіgalas on rіvnі vіdsotkіv 2, the United States 1937 to 1948 h p. - 1 vіdsotok. W 50 rokіv in bagatoh kraїnah oblі Cova polіtika znovu aktivіzuvalasya. However tsіlomu values ​​tsogo method of credit and trumpery regulyuvannya porіvnyano s іnshimi Change-shilosya.

Manіpulyuvannya oblіkovimi rates zdіysnyuєtsya s metoyu re-gulyuvannya not deprivation ekonomіchnoї kon'yunkturi in furrows promislo-first cycle and the second mіzhnarodnih Monetary vіdnosin. Yakscho rate currencies-minute tієї chi іnshoї Kraina znizhuєtsya, the central bank s її metoyu yogo stabіlіzatsії pіdvischuє oblіkovu rate vdaєtsya to polіtiki "expensive pennies." Yak vіdomo, at 80 Rokach krizovі processes in sferі mіzhnarodnih Monetary vіdnosin digit mіroyu boule pov'yazanі s rozvitkom tendentsії to polіtsentrizmu s yaskravo virazhenimi Lake-nakami vtrati amerikanskim Dolar rolі klyuchovoї currency. To dwellers zmіtsniti pozitsії svoєї currency, in 1981. p. Federal re-zervna system rіzko pіdvischila oblіkovu rate (14.5 vіdsotka), scho viklikalo Masov sailed from kraїnu korotkostrokovih spec of cumulative kapіtalіv s of the cordon. So, s Frantsії in US banks in the hour Tsei Bulo translated Ponad 40 billion frankіv. Vnaslіdok takoї credit-ditnoї polіtiki "expensive Dolar" yogo course for svіtovih Rink (Yakscho vvazhati, scho in 1982 p. 100 becomes vіn punktіv) pіdvischivsya s 103.7 points in 1983, p. d to 119.8 points in 1985, p.

Operatsії on market analysis peredbachayut sales abo purchase central bank, it komertsіynih banks Reigning tsіnnih paperіv (ob lіgatsіy, Bills, sertifіkatіv) bankіvskih aktseptіv that іnshih credit-ditnih zobov'yazan. In razі kupіvlі the central bank to transfer vіdpovіdnі sumi komertsіynim banks zbіlshuyuchi їhnі reserves and otzhe, i zdatnіst їh to kredituvannya. Naslіdkom such Act reasonably Je pіdvi-schennya groshovoї Offers in kraїnі. In razі sale central bank spisuє pevnі sumi s backup rahunkіv komertsіynih bankіv, scho in kіntsevomu pіdsumku, zmenshuє propozitsіyu pennies.

Otzhe, operatsії central bank vіdkritomu market analysis, regu-lyuyuchi penny propozitsіyu through neї vplivayut on ekonomіchnu kon'yunkturu. Before w їh vvazhayut bіlsh efektivnosti i-operative him іnstrumentom vplivu on kon'yunkturu, nіzh INSHI methodical loan-but-regulyuvannya trumpery.

Regulyuvannya standards obov'yazkovih rezervіv - method of direct vplivu on obsyag bankіvskih rezervіv. Obov'yazkovі reserves - tse Costa (assets) komertsіynih bankіv, SSMSC stink zobov'yazanі zberіgati fares, the central bank. Rozrahovuyut obov'yazkovі reserve Yak-hectare Pevnyi od od zaluchenih koshtіv komertsіynogo bank. The US, for example, the treasure, the banks - a member of the Fed zobov'yazanі mother yak reserve at the federal-nіy sistemі priblizno abo 1/6 1/7 svoїh aktivіv. Tsim the piece obme zhuєtsya penny-masa, scho is staying in obіgu and otzhe, obsyag іnvesti-tsіy, kontrolyuєtsya Cena natsіonalnoї groshovoї odinitsі and takozh polіpshuєtsya camp bankіvskoї lіkvіdnostі.

Regulyuyuchi rozmіri bankіvskih rezervіv, the central bank vpli-vaє on ekonomіchnu kon'yunkturu. So, Yakscho in ekonomіtsі in minds tsiklіchnogo pіdnesennya vinikaє nadmіrny speculative popit, posilyuyutsya іnflyatsіynі processes, INSHI destruktivnі yavischa, prices, central banks vdaєtsya to pіdvischennya normalized obov'yazkovih Reser-vіv komertsіynih bankіv. Tse generally produces up vіdpovіdnogo zmenshennya resursіv kredituvannya. The I navpaki, Yakscho rate obov'yazkovih Reser-vіv znizhuєtsya, zrostaє obsyag Credit resursіv komertsіynih ban-kіv. In Taqiy sposіb central bank vplivaє on mozhlivostі co-mertsіynih bankіv "ROBIT groshі" i vіdpovіdno vkladati їh in Rozwi-current Economy.

Vpershe method regulyuvannya normalized obov'yazkovih rezervіv bu-lo zastosovano the United States in 1933, p. Demba tsentralnі contagion to banks protrude dosit rіdko, yak usually in ekstremalnih situatsіyah in ekonomіtsі, if INSHI, ordinarnі mehanіzmi credit and trumpery re-gulyuvannya not spromozhnі pripiniti knots in a negative ten-dentsіy i protsesіv destructive. Tse Got Location in Sunset Natsіo-tional Bank of Ukraine.

Selektivnі Method Credit-groshovoї polіtiki ohoplyuyut takі processes.

Control over okremimi kreditіv views. Yogo often zastosovu-yut on credit pid outpost bіrzhovih tsіnnih paperіv at pozikah-spozhivacham, іpotechnomu toscho loan. Regulyuvannya spozhivats-one loan, napriklad, introduced pid hour naprugi on market analysis Posy kovogo kapіtalu, if power pragne pererozpodіliti pozikovі kapіtali on korist okremih Galuzo abo obmezhiti zagalny ob syag popitu.

Regulyuvannya riziku i lіkvіdnostі bankіvskih operatsіy. At Num-lennih Uriadovy laws іnstruktsіyah, directives, scho regulyuyut

operatsіynu dіyalnіst bankіv, the basic uwagi pridіlyaєtsya riziku that lіkvіdnostі bankіvskih operatsіy. Reigning control Risi-com posilivsya have two ostannі desyatilіttya. Characteristically, scho rizik bankіvskoї dіyalnostі viznachaєtsya not through otsіnku fіnansovogo encampments borzhnika and through spіvvіdnoshennya nadanih kreditіv i obsyagu Vlasnyi koshtіv bank.

For regulyuvannya riziku central bank vstanovlyuє pevnі standards schodo dіyalnostі komertsіynih bankіv. Pong shaping can abo hundred-Suwat maximum obsyagu poziki scho nadaєtsya one klієntu, abo spіvvіdnoshennya zagalnogo obsyagu Credit operatsіy i Vlasnyi koshtіv. So, obsyag kreditіv scho nadayutsya one Posy superiors, Got stanoviti Pevnyi vіdsotok od sumi Vlasnyi koshtіv bank in the United States - not bіlshe 10, at Frantsії - 75. schodo other nor-mativam, then Frantsії scrip vsіh kreditіv, nadanih Bank not guilty on-perevischuvati bіlsh nіzh 20 razіv yogo vlasnі Costa.

Reigning regulyuvannya riziku i lіkvіdnostі peredbachaє takozh Venue of bankіvskih revіzіy, tsentralіzovanih bankіvskih operator-ratsіy that strahuvannya depozitіv.

The US vіdpovіdalnіst for holding bankіvskih revіzіy not-are the three federal agencies. Controller trumpery obіgu regu-lyuє dіyalnіst natsіonalnih bankіv Fed іnspektuє bankіvskі hol-ding-kompanії that banks shtatіv scho Yea Fed members and federal Zi Corporation strahuvannya depozitіv (FDIC) zdіysnyuє control dіyalnіstyu are insured bankіv scho do not belong to the Federal Reserve.

Yakscho komertsіynі banks potraplyayut skrutne encampment in the village i-melt before the problem masovogo viluchennya vkladіv, the stench of toil mozhlivіst pozichiti rezervnі Costa from the Federal Reserve Bank. Tsі poziki Pevnyi mіroyu zapobіgayut bankrutstvu bankіv.

Vazhlivogo values ​​for zabezpechennya Zahist vkladnikіv od fі-cial vtrat the US Nabeul dіyalnіst FDIC. Vaughn strahuє depot ziti whether yakoї privatnoї individuals chi fіrmi to whether Money Does bank scho include up to FDIC, for the amount of up to 100 tis. dollars. FDIC Mauger Nadachi additional dome-I banks, scho toil fіnansovі problems, one of these s-od bіv: 1) to zlittya tsogo bank s іnshim, bіlsh strongest banks;

2) dozvoliti bank pass through bankrutstvo and potіm splatiti de poser Maximum scrip strahovoї vinagorodi; 3) poruchitisya for Tsey bank pererahuvavshi to yogo rakhunok Pevnyi bag of pennies.

Derzhavnі bodies zdіysnyuyuchi regulyuvannya groshovoї credit-system, all chastіshe vikoristovuyut "polіtiku rozvitku Conca rentsії" in bankіvskіy sferі, tobto stimulyuyut konkurentsіyu. At IU-culated tsієї polіtiki provadyatsya come in, spryamovanі on lіberalіzatsіyu vnutrіshnіh that mіzhnarodnih fіnansovih rinkіv, vіdmіnu control vіdsotkovimi rates i row obmezhen for bankіv on zdіys-nennya lands on tsіnnih paperіv Rink, and takozh on INSHI Vidi fіnansovoї dіyalnostі. When tsomu access іnozemnih bankіv to mіstsevih rinkіv rozglyadaєtsya yak neobhіdny chinnik pіdvischennya їh efektivnostі.