Page 173 - DECO402_MACROECONOMIC_THEORY_HINDI

bdkbZµ17% eqnzk xq.kd vkSj okf.kT; cSadksa }kjk lk[k fuekZ.k

izLrkouk (Introduction) uksV

lk[k fuekZ.k }kjk okf.kfT;d cSad vFkZO;oLFkk esa eqnzk dh iw£r esa o`f¼ djrs gSa ftldk mRiknu] miHkksx rFkk
fuos'k osQ Lrj ij izHkko iM+rk gS vkSj lkFk gh lao`f¼ ,oa fodkl dh izfØ;k izHkkfor gksrh gSA

17-1 eqnzk xq.kd (Money Multiplier)

eqnzk xq.kd] eqnzk dh iw£r esa ifjorZu rFkk ekSfnzd vkèkkj esa ifjorZu dk vuqikr gSA (Money multiplier is the
ratio of change in supply of money to the change in monetary base) ekSfnzd vkèkkj] pyu esa djsalh rFkk
cSadksa osQ udn fjtoZ dk oqQy tksM+ gSA eku yhft, fd ekSfnzd vkèkkj esa 10 djksM+ #- osQ ifjorZu osQ iQyLo:i
eqnzk dh iw£r esa 30 djksM+ #- dk ifjorZu gks tkrk gS rks eqnzk xq.kd 3 gksxkA eqnzk xq.kd dk xq.kkad fuEufyf[kr
lw=k }kjk Kkr fd;k tk ldrk gSµ

eqnzk iw£r (Money Supply)
¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾
¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾
¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾
eqnzk xq.kd (Money Multiplier) = ¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾
mPp 'kfDr eqnzk (High Powered Money)
vFkok

M
m = ...(i)
H
(;gk¡ m : eqnzk xq.kd_ M : eqnzk dh iw£r (pyu esa djsalh rFkk cSadksa dh ek¡x tek)_ H= mPp 'kfDr eqnzk)

eqnzk dh oqqQy iw£r_ djsalh rFkk ek¡x tek dk tksM+ gS)
M = C + D ...(ii)

(;gk¡] C : djsalh] D : ek¡x tek,¡)

+ M vkSj H esa varj (Difference between M and H)
M = eqnzk dh iw£r ftlesa djsalh rFkk ek¡x tek,¡ 'kkfey gksrh gSaA

H = mPp 'kfDr eqnzk ftlesa djsalh rFkk O;kikfjd cSadksa osQ fjtoZ lfEefyr gksrs gSaA

udn fjtoZ esa O;kikfjd cSadksa osQ vkisf{kr U;wure fjtoZ rFkk vfrfjDr fjtoZ gh lfEefyr gksrs gSaA

uksV~l eqnzk xq.kd] eqnzk dh iw£r esa ifjorZu rFkk ekSfnzd vkèkkj esa ifjorZu dk vuqikr gSA

mPp 'kfDr eqnzk dh oqQy iw£r] djsalh] cSadksa dh visf{kr fjtoZ (Required Reserve), cSadksa dh vU; tekvksa
;k osaQnzh; cSad osQ ikl vfrfjDr fjtoZ (Excess Reserve) osQ oqQy tksM+ osQ cjkcj gksrh gSA
H = C + RR + ER ...(iii)

¹;gk¡] H : mPp 'kfDr eqnzk_ C : djsalh_ RR : O;kikfjd cSadksa osQ visf{kr fjtoZ_ ER : O;kikfjd cSadksa osQ
osaQnzh; cSad osQ ikl vfrfjDr fjtoZ (Excess Reserve)º

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