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bdkbZµ16% eqnzk iw£r % eqnzk dh ifjHkk"kk vkSj lef"V vFkZ'kkL=k esa bldk egÙo
16-4 eqnzk dh iw£r dks izHkkfor djus okys dkjd % ,d lS¼kafrd fuèkkZj.k uksV
(Factors influencing Supply of Money : A Theoretical Prescription)
izks- pS.Myj osQ vuqlkj ,d vFkZO;oLFkk esa eqnzk dh iw£r eq[; :i ls fuEufyf[kr rÙoksa ij fuHkZj djrh gSµ
(1) ekSfnzd vkèkkj dk vkdkj (Size of the Monetary Base)
bls mPp 'kfDr eqnzk (High Powered Money) ;k cká eqnzk (Outside Money) ;k fjtoZ eqnzk (Reserve
Money) dgk tkrk gSA mPp 'kfDr eqnzk (High Powered Money) ;k cká eqnzk (Outside Money) ml eqnzk
dks dgrs gSa ftldks osaQnzh; cSad ;k ljdkj tkjh djrh gS vkSj ftls turk rFkk cSad vius ikl j[krs gSaA nwljs
'kCnksa esa]
H = R + C
(;gk¡] H : mPp 'kfDr eqnzk] R : cSadksa osQ oqQy fjtoZ] C : pyu esa djsalh)
nwljs 'kCnksa esa]
mPp 'kfDr eqnzk = cSadksa osQ oqQy fjtoZ + turk osQ ikl djsalh (uksV + flDosQ)
eqnzk rFkk mPp 'kfDr eqnzk esa varj ;g gS fd eqnzk esa djsalh osQ vfrfjDr ek¡x tekvksa dks lfEefyr fd;k tkrk
gS tcfd mPp 'kfDr eqnzk esa djsalh osQ vfrfjDr cSadksa osQ udn fjtoZ dks Hkh lfEefyr fd;k tkrk gSA eqnzk
dh iw£r esa o`f¼ rc gksrh gS tc mPp 'kfDr eqnzk esa o`f¼ gksrh gSA eqnzk dh iw£r dk vkdkj eqnzk xq.kd (Money
Multiplier) ij fuHkZj djrk gSA eqnzk xq.kd] mPp 'kfDr eqnzk rFkk djsalh dk oqQy tksM+ cSadksa osQ fjtoZ rFkk cSadksa
dh osaQnzh; cSad osQ ikl vU; tekvksa dk vuqikr gSA (The money multiplier is the ratio of high powered
money and the sum total of currency, required reserves of the banks and other deposits of the banks
with the central bank.)
(2) udnh rFkk ek¡x tek dk vuqikr (Proportion of Cash and Demand Deposits)
eqnzk dh iw£r ij bl ckr dk Hkh izHkko iM+rk gS fd udnh vkSj ek¡x tekvksa dk D;k vuqikr gSA yksx oqQy eqnzk
dk ftruk vfèkd vuqikr tekvksa osQ :i esa j[kuk pkgsaxs] mruh gh cSadksa dh mu tekvksa osQ vkèkkj ij] lk[k
fuekZ.k djus dh 'kfDr vfèkd gksxhA lk[k osQ fuekZ.k dh ek=kk lk[k xq.kd (Credit Multiplier) osQ vkdkj
ij fuHkZj djrh gSA lk[k xq.kd dk vkdkj udn dks"k vuqikr (Cash Reserve Ratio–CRR) }kjk izHkkfor gksrk
gSA oqQy tekvksa dk ftruk vuqikr cSadksa dks vius ikl udnh osQ :i esa j[kuk iM+rk gS mldks udn dks"k
vuqikr (Cash Reserve Ratio) dgk tkrk gSA udn dks"k vuqikr ftruk de gksxk cSadksa dh lk[k fuekZ.k djus
dh 'kfDr mruh gh vfèkd gksxh rFkk eqnzk dh iw£r Hkh mruh gh vfèkd c<+ tk,xhA vr,o ;fn yksx oqQy eqnzk
dk vfèkd Hkkx cSad tekvksa osQ :i esa j[kuk ilan djsaxs rks eqnzk dh iw£r vf/d gksxhA
(3) pyu dh xfr (Velocity of Circulation)
eqnzk dh iw£r dk vuqeku yxkus osQ fy, vFkZ'kkfL=k;ksa osQ nks n`f"Vdks.k gSaµ
(i) le; ¯cnq ij eqnzk dh iw£r (The Supply of Money at a Point of Time)µoSQfEczt fo'ofo|ky; osQ
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