Page 186 - DECO402_MACROECONOMIC_THEORY_HINDI

lef"V&vFkZ'kkL=k osQ fl¼kar

uksV 17-8 D;k cSad okLro esa lk[k dk fuekZ.k djrs gSa\ (Do Banks Really Create Credit?)

vFkZ'kkfL=k;ksa esa bl lacaèk esa erHksn ik;k tkrk gS fd D;k okLro esa lk[k dk fuekZ.k cSad djrs gSa ;k tekdrkZ
djrs gSaA okYVj yhiQ rFkk oSQuu (Walter Leaf and Canon) dk ;g er gS fd cSad Lo;a lk[k dk fuekZ.k ugha
djrsA lk[k fuekZ.k dk dk;Z tekdrkZ djrs gSa tks viuh tek }kjk cSadksa dks ekSfnzd lkèku iznku djrs gSaA cSadksa
}kjk bl tek dk ,d Hkkx Í.k osQ :i esa fn;k tkrk gSA ;s Í.k lk[k fuekZ.k esa lgk;d gksrs gSaA ;fn tekdrkZ
viuk èku cSadksa esa tek u djk, rks cSad lk[k dk fuekZ.k ugha dj ik,¡xsA cSadksa dh rqyuk ,d DykWd :e
(Cloak room) ls dh tk ldrh gSA eku yhft,] ,d ikVhZ esa 50 esgeku ,d tSls vksoj dksV ysdj vkrs gSaA
ftUgsa os DykWd :e esa tek djk nsrs gSaA ;g Hkh eku yhft, dh ikVhZ jkr osQ 12 cts rd pysxhA DykWd :e

dk pijklh 10 vksoj dksV vius ikl j[k dj 'ks"k 40 vksoj dksV vU; yksxksa dks jkr osQ 11-30 cts rd fdjk;s
ij ns nsrk gSA og vius ikl 10 vksoj dksV blfy, j[krk gS ftlls ;fn oqQN yksx jkr osQ 12 cts ls igys
ikVhZ ls tkuk pkgrs gSa rks mUgsa ;s dksV ns losQA D;k bl izdkj 40 vksoj dksV fdjk, ij nsdj pijklh us 40
dksVksa dk fuekZ.k fd;k gS\ ,slk ljklj xyr yxrk gSA blh izdkj] cSad Hkh tekdrkZvksa dk #i;k mèkkj nsdj
lk[k dk fuekZ.k ugha djrsA blh ckr dks è;ku esa j[krs gq, osQuu us dgk gS] ¶cSadksa }kjk lk[k fuekZ.k dh
ckr ew[kZrk gS vkSj izR;sd O;kogkfjd cSadj tkurk gS fd og lk[k] eqnzk vFkok vU; fdlh oLrq dk
fuekZrk ugha gS] oju~ ,d ,slk O;fDr gS tks mu O;fDr;ksa ls ftuosQ ikl lkèku gSa] vU; O;fDr;ksa dks
tks mudk iz;ksx dj ldrs gSa] Í.k fnykus dh lqfoèkk iznku djrk gSA¸ (The talk of credit creation
by banks is all moon-shine and that every practical banker knows that he is not a creator of credit or
money or anything else but a person who facilitates the lending of resources by the people who
have them, to those who can use them.–Cannon)

ijarq vkèkqfud vFkZ'kkfL=k;ksa osQ vuqlkj okYVj yhiQ rFkk osQuu dk mijksDr fopkj mfpr ugha gS] D;ksafd cSad
izkFkfed tek ls vfèkd #i;k mèkkj ns nsrs gSaA blfy, ;g ekuuk gh iM+sxk fd cSad lk[k dk fuekZ.k djrs gSaA
gkVZys fonlZ us Bhd gh dgk gS fd] ¶Í.k tekvksa dks tUe nsrs gSa vkSj muosQ fuekZ.k dk Js; cSadksa dks
gSA¸ (Loans make deposits and the initiative of creating them goes to the banks.–Hartley Withers)

fyIls rFkk LVhuj dk Hkh ;g fo'okl gS fd lk[k dk foLrkj Lopkfyr ugha gSA ;g cSadksa osQ fu.kZ; ij fuHkZj
djrk gSA ;fn cSad vkjf{kr udnh fufèk esa gksus okyh o`f¼ dk iz;ksx ugha djrs rks lk[k dk foLrkj ugha gks
ik,xkA

17-9 Hkkjr esa eqnzk iw£r (Money Supply in India)

1977 ls RBI Hkkjr esa pkj ekSfnzd leqPp; eki iz;ksx dj jgh gS os gSa M , M , M ,oa M A M ldh.kZ
1 2 3 4 1
eki gS tcfd M eqnzk iw£r dk foLr`r eki gSA izFke iapo"khZ; ;kstuk ls vkt rd M ,oa M nksuksa esa nqzr
3 1 3
xfr ls o`f¼ gks jgh gSA eqnzk iw£r osQ djsalh la?kVd ,oa cSad tek la?kVd nksuksa dh Hkh dkiQh o`f¼ gqbZ gSA ;kstuk
osQ izkjafHkd o"kks± esa djsalh la?kVd dh o`f¼ tek la?kVdksa ls vfèkd gks jgh FkhA ysfdu orZeku le; esa ek¡x
tek la?kVd dh o`f¼ djsalh dh vis{kk rsth ls gks jgh gS bldk eq[; dkj.k cSa¯dx lsok lqfoèkkvksa esa O;kid
o`f¼ gSA rkfydk 17-2 eqnzk iw£r osQ M ,oa M leqPp;ksa dh o`f¼ dks n'kkZrh gSµ
1 3

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