Page 227 - DECO402_MACROECONOMIC_THEORY_HINDI

bdkbZµ22% LiQhfr

lk[k l`tu djrs gSaA mRiknu esa o`f¼ osQ fcuk lk[k eqnzk dk foLrkj eqnzk iw£r djosQ lk[k LiQhfr mRiUu djrh uksV
gSA
([k) py eqnzk LiQhfr (Currency Inflation)µpy eqnzk osQ vR;fèkd izokg ls mRiUu LiQhfr py eqnzk
LiQhfr dgykrh gSA ;g rc ikbZ tkrh gS] tc oLrqvksa o lsokvksa dh [kjhnus osQ fy, vuqowQy U;k;laxr ek¡x
osQ fcuk ljdkj vfèkd py eqnzk tkjh djrh gSA

(x) ?kkVk izsfjr LiQhfr (Deficit Induced Inflation)µtc ljdkj dk O;; bldh vkxe ls vfèkd gksrk]
rks ;g varj ?kkVs dh foÙk O;oLFkk ls Hkjk tkrk gSA blls eqnzk iw£r esa o`f¼ mRiUu gksxh] pkgsa bl mís'; osQ
fy, oqQN Hkh rduhd viukbZ tk,A ewY;ksa esa o`f¼ dk ifj.kke gksus okyh bl izdkj dh LiQhfr ctV LiQhfr
dgykrh gSA
(?k) ek¡x izsfjr LiQhfr (Demand Pull Inflation)µLiQhfr dk lcls lkekU; vkSj egÙoiw.kZ dkj.k fLFkj
vFkok de rsth ls c<+rh gqbZ oLrqvksa o lsokvksa osQ Åij lnk c<+us okyh ek¡x dk ncko gSA iw£r fLFkj jgus ij]
lkewfgd ek¡x eas o`f¼ ewY;ksa dks Åij mBk nsxhA ek¡x izsfjr LiQhfr rc mRiUu gksrh gS] tc orZeku ewY;ksa ij
miyCèk iw£r dh vis{kk vfrjsd ek¡x gksrh gSA ;g fp=k 22-1 esa Li"V fd;k x;k gSA ;gk¡ X- v{k vk; vFkok
mRiknu dks n'kkZrk gS] tcfd Y- v{k ewY; Lrj dks ekirk gSA lkewfgd iw£r oØ nkb± rjiQ Åij dh vksj c<+rk
gS] tc rd ;g iw.kZ jkstxkj Lrj osQ OF mRiknu ij yacor ugha gks tkrk] pw¡fd ek¡x esa o`f¼ gksus ls lkewfgd
ek¡x oØ D ls D , D , D vkSj D Åij dh vksj f[kldrk gSA ewY; Lrj OP ls OP , OP , OP vkSj OP
1 2 3 4 5 1 2 3 4 5
c<+ tkrk gSA ;g ns[kk tkrk gS fd vkjaHk esa ewY; vkSj mRiknu nksuksa c<+rs gSaA ,d ckj lkewfgd iw£r oØ osQ
C ¯cnq ij iw.kZ jkstxkj Lrj izkIr djus ij] lkewfgd ek¡x eas D o D rd vkSj o`f¼ osQoy ewY; Lrj ls c<+k,xhA
4 5
bls ek¡x izsfjr LiQhfr osQ :i esa tkuk tkrk gSA ek¡x i{k LiQhfrdkjh ncko osQ fy, fofHkUu dkjd mÙkjnk;h
gSaA
Y S
LiQhfr dk eq[; Ïksr eqnzk dh ek=kk esa o`f¼ gSA ek¡x tekvksa
esa o`f¼ vkSj cSadksa }kjk lk[k osQ foLrkj osQ ifj.kke Lo:i eqnzk
E
dh ek=kk esa o`f¼ gksrh gS] ftlls vk; dk Lrj c<+ tkrk gSA P 5
P D D
(iz;ksT;) vk; esa o`f¼ miHkksx O;; esa o`f¼ mRiUu djrh gSA Lrj P 3 4 C D 4 5
,slh o`f¼ oLrqvksa dk ewY; c<+krh gSA eqnzk iw£r rc Hkh c<+ ewY; B D 3
P 2
ldrh gS] tc ljdkj osQanzh; cSad vkSj okf.kR; cSadksa ls mèkkj P 1 D
A 2
}kjk vius vk£Fkd fodkl ;kstukvksa dh foÙk O;oLFkk osQ fy,
?kkVs dh foÙk O;oLFkk (deficit financing) dk lgkjk ysrh gSA O F X
vk;
lkewfgd ek¡x esa foLrkj rsth ls c<+rs gq, futh O;kikfjd
fp=k 22-1
O;;ksa vFkok ;q¼ ;k vk£Fkd fodkl osQ fy, c<+rs gq, ljdkjh
O;; osQ ifj.kke Lo:i gks ldrk gSA Hkkjh&Hkjde O;; okLrfod mRiknu dh iw£r esa vuqowQy o`f¼ osQ fcuk
fo'kky eqnzk vk; vkSj bl izdkj ekax mRiUu djsaxsA ;g Li"Vr;k LoHkko esa LiQhfrdkjh gSA f}rh; fo'o ;q¼
osQ nkSjku] vHkwriwoZ iSekus (unprecedented scale) ij ljdkjh O;; c<+us osQ dkj.k] fo'o osQ yxHkx lHkh ns'kksa
dks ek¡x izsfjr LiQhfr dk lkeuk djuk iM+kA

blosQ vfrfjDr c<+h gqbZ ek¡x osQ fy, ?kjsyw oLrqvksa o lsokvksa ij fons'kh O;; ,d vU; mÙkjnk;h dkjd gSA
;g dkjd ml ns'k osQ fy, egÙoiw.kZ gS] tks fu;kZr vfrjsd (export surplus) cuk, j[krk gSA ijarq] ;fn mRiUu
vk; vk;krksa ij iz;qDr gksrh gS ;k lafpr dj yh tkrh gS] rks bldk vFkZO;oLFkk ij LiQhfrdkjh izHkko ugha gksxkA

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