Page 280 - DECO402_MACROECONOMIC_THEORY_HINDI

lef"V&vFkZ'kkL=k osQ fl¼kar

uksV eg¡xh eqæk dh uhfr osQ varxZr izfrHkwfr;ksa ij T;ksa&T;ksa C;kt njsa c<+rh gSa] R;ksa&R;ksa cprdrkZvksa ls vfèkd dks"k
izkIr djus osQ fy, foÙkh; eè;LFk vius ikl tekvksa ij C;kt njsa c<+krs tkrs gSaA blls cprdrkZvksa dks izksRlkgu
feyrk gS fd os viuh fuf"Ø; eqæk bu eè;LFkksa dks ns nsrs gSa ftlls mudh mèkkj nsus dh {kerk 'kfDr vkSj
c<+ tkrh gSA bl izdkj ;s eè;LFk eqæk dk osx c<+kus esa liQy gksrs gSa ftlosQ ifj.kkeLo:i eg¡xh izfrcaèkkRed
ekSfæd uhfr v{ke cudj jg tkrh gSA
(x) miyCèk eqæk iw£r dk csgrj <ax ls iz;ksx djus osQ mik; (Methods to Make Better Use of Available
Money Supply)µfuth {ks=k us miyCèk eqæk iw£r dk csgrj <ax ls iz;ksx djus osQ vusd mik; fudky fy,
gSa tks izfrcaèkkRed ekSfæd uhfr dks vizHkkoh cuk nsrs gSaA ,sls oqQN rjhosQ gSa tSls foØ; foÙk oaQifu;ksa dk fufèk;k¡
laxzg osQ csgrj mik;ksa dk fodkl] de£'k;y cSadksa dh rqyuk esa NBFIs }kjk turk ls vfèkd Å¡ph C;kt&njksa
ij dks"k mèkkj ysuk] vkfnA de£'k;y cSadksa osQ fHkUu Ïksrksa ls dks"k izkIr djosQ] bl rjg dh laLFkk,¡ izfrcaèkkRed
ekSfæd uhfr osQ varxZr Hkh] eqæk dh miyCèk iw£r dk osx c<+kus esa liQy gks tkrh gSaA

2- foHksnd (Discriminatory)µeg¡xh ekSfæd uhfr osQ vFkZO;oLFkk osQ fofHkUu {ks=kksa ij foHksnd izHkko iM+rs
gSaA ;g dgk tkrk gS fd tks iQes± foÙk&O;oLFkk osQ vkarfjd Ïksrksa ij fuHkZj djrh gSa] mu ij izfrcaèkkRed ekSfnzd
uhfr dk dksbZ izHkko ugha iM+rkA nwljh vksj] osQoy mUgha iQeks± ij izHkko iM+rk gS tks fufèk;ksa osQ fy, cSa¯dx
iz.kkyh ij fuHkZj djrh gSaA fo'ks"k :i ls eg¡xh ekSfnzd uhfr osQ lacaèk esa ;g le>k tkrk gS fd og O;kikfj;ksa
osQ fo#¼ dk;Z djrh gS] D;ksafd os lk[k ykxrksa esa ifjorZuksa osQ izfr vR;fèkd laosnu'khy gksrs gSa ftldk dkj.k
;g gS fd os lk[k tksf[ke ugha mBk ldrs vkSj vkoklh; fuekZ.k rFkk oqQN izdkj osQ jkT; ,oa LFkkuh; ljdkjh
O;; osQ fo#¼ gksrs gSaA ;g muosQ O;; dks èkhek gh ugha dj ldrh cfYd jksd Hkh ldrh gSA
3- lk[k cktkj ij [krjk (Threat to Credit Market)µ;fn osaQnzh; cSad] lk[k cktkj dks l[rh ls
fu;af=kr djrk gS vkSj fuos'kd C;kt njksa esa fujarj o`f¼ dh vis{kk j[krs gSa rks ;g lk[k cktkj osQ Í.k&;ksx
dks"kksa dks lekIr dj ldrk gSA iQyLo:i] izfrHkwfr;k¡ csph ugha tk ldrha vkSj lk[k cktkj dk;ks± dks can dj
ldrk gSA

4- NBFIs dh 'kksèku&{kerk dks [krjk (Threat to Solvency of NBFIs)µizcy izfrcaèkkRed ekSfnzd uhfr
rsth ls c<+rh C;kt njksa osQ }kjk cpr cSadksa vkSj cprksa rFkk Í.k laxBuksa tSls NBFIs dh 'kksèku&{kerk
(solvency) ij [krjk iSnk dj ldrh gSA ,slk blfy, fd de£'k;y cSadksa ls fHkUu] os vius dks rsth ls c<+rh
C;kt njksa esa larqfyr j[kus dh fLFkfr esa ugha gksrsA
5- mèkkj ysus okyksa vkSj mèkkjnkrkvksa dh izR;k'kkvksa dk ifjorZu (Changes of Expectations of
Borroweres and Lenders)µcgqr e¡gxh ekSfnzd uhfr mèkkj ysus okyksa vkSj mèkkjnkrkvksa dh izR;k'kkvksa dks
ifjo£rr dj ldrh gSA blfy, os lk[k cktkj fLFkfr;ksa esa vifjorZuh; ifjorZu ykrs gSaA C;kt njksa esa rhoz o`f¼
izR;k'kkvksa dks bruk ifjo£rr dj ldrh gS fd tc bl uhfr dks NksM+ Hkh fn;k tkrk gS vkSj ,d foLrkjd eqnzk
uhfr izkjaHk dh tkrh gS rc Hkh mèkkjnkrk C;kt njksa esa iqu% o`f¼ gksus osQ iwokZuqeku osQ dkj.k nh?kZdkyhu Í.k
nsus osQ fy, vfuPNqd gks ldrs gSaA nwljh vksj] mèkkj ysus okys Hkfo"; esa C;kt njksa eas o`f¼ gksus osQ iwokZuqeku
osQ dkj.k nh?kZdkyhu dks"kksa dks mèkkj ys ldrs gSa ;|fi mUgsa bldh rkRdkfyd t:jr ugha gksrhA

6- le; i'prk,¡ (Time Lags)µeg¡xh ekSfnzd uhfr dh izHkkfork ij ,d vkSj egÙoiw.kZ lhek ;g gS fd
dk;Zokgh dh t:jr vkSj dk;Zokfg;ksa dk vfHkKku] fu.kZ; vkSj izpkyu esa le; i'prk,¡ jgrh gSaA pw¡fd ekSfnzd
vfèkdkjh bu le; i'prkvksa osQ dkj.k le; ij izfrcaèkkRed ekSfnzd mik;ksa dk ikyu ugha dj ikrs blfy,
ekSfnzd uhfr cgqr èkhjs dke djrh gSA vr% LiQhfr dks fu;af=kr djus esa ;g vfèkd izHkkodkjh ugha gksrhA

274 LOVELY PROFESSIONAL UNIVERSITY