Page 149 - DECO402_MACROECONOMIC_THEORY_HINDI

bdkbZµ14% cksey ,oa Vksfcu dk ;ksxnku

14-2 Vksfcu dk fuos'klwph p;u ekMy % tksf[ke fuokj.k rjyrk vfèkeku fl¼kar uksV
(Tobin's Portfolio Selection Model : The Risk Aversion Theory of Liquidity
Preference)

tsEl Vksfcu us vius "Liquidity Preference as Behaviour Towards Risk" 'kh"kZd izfl¼ ys[k esa fuos'klwph
p;u ij vkèkkfjr tksf[ke fuokj.k vfèkeku fl¼kar izLrqr fd;kA bl fl¼kar us rjyrk vfèkeku osQ osQU”kh;
fl¼kar osQ nks izeq[k nks"kksa dks nwj fd;k gSA ,d] osQU”kh; rjyrk vfèkeku Hkkoh C;kt&njksa dh izR;k'kkvksa dh
csyksp ij fuHkZj djrk gS_ vkSj nwljs] O;fDr ;k rks eqnzk j[krs gSa ;k fiQj ckaM ghA Vksfcu us bu nks"kksa dks nwj dj
fn;k gSA mldk fl¼kar Hkkoh C;kt&njksa dh izR;k'kkvksa dh yksp ij fuHkZj ugha djrk] vfirq ;g ekU;rk ysdj
pyrk gS fd C;ktèkkjd ifjlaifÙk;k¡ j[kus ls iw¡th ykHk vFkok gkfu dk izR;kf'kr ewY; lnSo 'kwU; gksrk gSA fiQj]
;g bl ckr dks Hkh Li"V djrk gS fd fdlh O;fDr dh fuos'klwph esa eqnzk rFkk ckaM nksuksa gh jgrs gSa] ;g ugha
fd ,d le; esa dksbZ ,d gh jgsA
Vksfcu rjyrk vfèkeku dk viuk fuos'k lwph p;u ekWMy izLrqr djrs gq, 'kq: esa gh ;g ekudj pyrk gS fd
ifjlaifÙk èkkjd O;fDr dh fuos'k lwph esa eqnzk rFkk ckaM nksuksa gSaA eqnzk ls mls u rks dksbZ vk; gksrh gS vkSj u
gh mls dksbZ tksf[ke mBkuh iM+rh gSA ijarq ckaMksa ls C;kt feyrk gS vkSj vk; Hkh gksrh gSA ijarq ckaMksa ls izkIr
gksus okyh vk; vfuf'pr gS D;ksafd iw¡th gkfu vFkok ykHk dh tksf[ke lfEefyr jgrh gSA ckMksa esa ftruk vfèkd
fuos'k gksxk] muls iw¡th gkfu dh tksf[ke Hkh mruh gh cM+h gksxhA fuos'kd ;g tksf[kd rHkh mBk ldrk gS tc
ckaMksa ls i;kZIr vk; mldh {kfriw£r djsA
;fn izR;kf'kr iw¡th ykHk ;k gkfu g gS] rks ekU;rk ;g gS fd fuos'kd bl (g) osQ laHkkO;rk forj.k (probability
distribution) osQ vius vuqeku osQ vkèkkj ij dk;Z djsxk vkSj ;g Hkh ekU;rk gS fd bl laHkkO;rk forj.k dk
izR;kf'kr ewY; 'kwU; gS rFkk ckaMksa ij pkyw C;kt nj r osQ Lrj ls Lora=k gSA
mldh fuos'k lwph esa eqnzk dk M vuqikr vkSj ckaMksa dk B vuqikr jgrk gS] tgk¡ M rFkk B nksuksa dk ;ksx ,d
gSA budk dksbZ ewY; Í.kkRed ugha gSA fuos'k lwph R ij izfriQy gS%
R = B (r + g) tgk¡ 0 ≤ B ≤ I

D;ksafd g ;n`fPNd pj (random variable) gS ftldk izR;kf'kr ewY; 'kwU; gS blfy, fuos'k lwph ij izfriQy
gS%
RE = µR = Br

fuos'k lwph ls lacaèk tksf[ke R osQ ekud fopyu (standard deviation) }kjk ekih tkrh gS vFkkZr sR Vksfcu
us rhu izdkj osQ fuos'kdksa dk mYys[k fd;k gSA ,d izdkj osQ fuos'kd rks os gSa ftUgsa tksf[ke mBkus esa etk vkrk
gS vkSj os vfèkdre tksf[ke mBkus esa viuk lkjk èku ckaMksa esa yxk nsrs gSaA ckaMksa ls izR;kf'kr vk; osQ cnys
tksf[ke mBkrs gSaA os tqvkfj;ksa tSls gksrs gSaA nwljk oxZ xksrk[kksjksa (plungers) dk gSA os ;k rks viuk lkjk èku ckaMksa
esa yxk nsrs gSa ;k mls udnh osQ :i esa j[krs gSaA ;s xksrk[kksj izo`fÙk osQ yksx ;k rks lc oqQN nk¡o ij yxk nsrs
gSa] ;k fcYoqQy tksf[ke ugha mBkrsA
ijarq vfèkdka'k fuos'kd rhljs oxZ osQ gh gksrs gSaA os tksf[ke fuokjd (risk averters) vFkok fofoèkd
(diversifiers) gksrs gSaA tksf[ke fuokjd gkfu dh ml tksf[ke ls cpuk pkgrs gSa tks eqnzk dh ctk; ckaM j[kus
ls lacafèkr jgrh gSA os osQoy ml voLFkk esa vfrfjDr tksf[ke mBkus dks rS;kj gksrs gSa tc mUgsa ;g vk'kk gks
fd ckaMksa ij oqQN vfrfjDr izfriQy (vk;) izkIr gksxh] c'krsZ fd tks izR;sd vfèkd tksf[ke os mBkrs gSa og
vius lkFk izfriQy vk; esa vfèkd o`f¼;k¡ ykrk gksA blfy, os viuh fuos'k lwph dks fofoèk cuk,¡xs vkSj eqnzk
rFkk udnh nksuksa j[ksaxsA ;|fi eqnzk j[kus ls u rks dksbZ izfriQy izkIr gksrk gS vkSj u gh dksbZ tksf[ke] fiQj Hkh
;g ifjlaifÙk;ksa dk lokZfèkd rjy :i gS ftls dHkh Hkh ckaM [kjhnus osQ fy, iz;ksx fd;k tk ldrk gSA tksf[ke

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