Page 190 - DECO402_MACROECONOMIC_THEORY_HINDI

lef"V&vFkZ'kkL=k osQ fl¼kar

uksV gks tkrk gSA ;fn ekSfnzd ifjlaifÙk;ksa esa ifjorZu osQ dkj.k yksx vfèkd èku okLrfod ifjlaifÙk;ksa]
tSlsµedku] dkj] TV lsV] bR;kfn ij [kpZ djuk pkgsaxs rks oqQy O;;] vkSj blosQ lkFk gh jk"Vªh; vk;] esa
o`f¼ gksxhA blosQ foijhr] ;fn yksx viuh eqnzk dks foÙkh; ifjlaifÙk;ksa] tSlsµ'ksj] izfrHkwfr;k¡ vkfn ij [kpZ
djuk pkgsaxs rks budh dhersa c<+saxh vkSj C;kt dh nj ?kVsxhA C;kt dh fuEu nj fuos'k dks izksRlkfgr djsxh
vkSj jk"Vªh; vk; esa o`f¼ gksxhA ¯drq ;fn yksx viuh c<+h gqbZ ekSfnzd ifjlaifÙk;ksa dks rjy :i esa j[kuk
ilan djsaxs rks oqQy O;; esa dksbZ ifjorZu ugha gksxk vkSj u gh jk"Vªh; vk; esa dksbZ ifjorZu gksxkA vr% osQoy
eqnzk dh iw£r esa ifjorZu gksus ls gh dher fLFkjrk ;k iw.kZ jkstxkj dk mís'; izkIr ugha gks ldrkA yksxksa dh
eqnzk osQ fy, ek¡x dh x.kuk djuk Hkh mruk gh vko';d gSA

eq[; ¯cnq (Key Points)

eqnzk iw£r (Money Supply)µ;g vFkZO;oLFkk esa miyCèk eqnzk dh ek=kk dks n'kkZrh gSA ;g ,d LVkWd
voèkkj.kk gS tks ,d fu£n"V le; ij ekih tkrh gSA

eqnzk iw£r osQ la?kVd (Components of Money Supply)µ(i) djsalh (ii) ek¡x tekA
Hkkjr esa iz;ksx gksus okys ekSfnzd leqPp; (Monetary Aggregates used in India)µiqjkus eki osQ
vuqlkj ;g_ M , M , M ,oa M gSA u;h eki osQ vuqlkj ;g NM , NM , L , L ,oa L gSA
1 2 3 4 2 3 1 2 3
eqnzk iw£r dks izHkkfor djus okys dkjd (Factors Influencing Money Supply)µ(i) ekSfnzd
vkèkkj dk vkdkj (ii) udnh rFkk ek¡x tek dk vuqikr (iii) pyu dh xfrA

eqnzk xq.kd (Money Multiplier)µ;g eqnzk iw£r esa ifjorZu ,oa ekSfnzd vkèkkj ifjorZu dk vuqikr gSA
mPp 'kfDr eqnzk (High Powered Money)µ;g oks eqnzk gS tks osaQnzh; cSad ;k ljdkj }kjk fuxZfer
dh tkrh gS vkSj turk rFkk okf.kfT;d cSadksa }kjk vius ikl j[kh tkrh gSA

lk[k xq.kd (Credit Multiplier)µ;g oqQy tek esa ifjorZu ,oa izkFkfed tek esa ifjorZu dk vuqikr
gSA
ek¡x tek (Demand Deposits)µ;g cSadksa osQ ikl yksxksa osQ }kjk j[kh x;h tek jkf'k gS ftldks fdlh
Hkh le; psd osQ ekè;e ls fudkyk tk ldrk gSA
izkFkfed tek (Primary Deposits)µyksxksa }kjk cSadksa esa udn :i esa tek dh x;h jkf'k dks izkFkfed
tek dgk tkrk gSA

O;qRiUu vFkok f}rh;d tek (Derivative or Secondary Deposits)µO;qRiUu tek izkFkfed tek
osQ ifj.kkeLo:i gksrh gS D;ksafd okf.kfT;d cSad izkFkfed tek dk ,d Hkkx udn osQ :i esa j[kdj
f}rh;d tek dk l`tu djrs gSaA
udn vkjf{kr vuqikr (Cash Reserve Ratio)µoqQy tek dk og Hkkx tks okf.kfT;d cSad vius
ikl j[krs gSa mldks udn vkjf{kr vuqikr dgk tkrk gSA

vR;fèkd vkjf{kr tek (Excess Reserves)µvko';d udn vkjf{kr vuqikr ls cSadksa osQ ikl jgus
okys vfèkd udn vuqikr dks vR;fèkd vkjf{kr tek dgk tkrk gSA
lk[k l`tu dh lhek,¡ (Limitations of Credit Creation)µ(i) udn vkjf{kr vuqikr% udn
vkjf{kr vuqikr osQ vfèkd gksus ls lk[k l`tu dh ek=kk de gksxhA (ii) izkFkfed tek dh ek=kk% vfèkd
izkFkfed tek vfèkd lk[k l`tu {kerk dks n'kkZrk gSA (iii) yksxksa dh cSa¯dx vknrsa % yksxksa }kjk vfèkd
lsokvksa osQ mi;ksx ls lk[k l`tu vfèkd gksrk gSA (iv) osaQnzh; cSad dh lk[k uhfr % osaQnzh; cSad dh lLrh

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