Page 283 - DECO402_MACROECONOMIC_THEORY_HINDI

bdkbZµ27% ekSfnzd uhfr

rFkk vuqRikndh; iz;ksxksa osQ fy, Å¡ph C;kt njsa vkSj mRikndh; iz;ksxksa osQ fy, uhph C;kt njsa gksuh pkfg,A uksV
5- cSa¯dx vkSj foÙkh; laLFkk,¡ LFkkfir djuk (To Create Banking and Financial Institutions)µLDCs
esa ekSfnzd uhfr dk ,d mís'; iw¡th fuekZ.k osQ fy, cprksa dks tqVkus] izokfgr djus vkSj izksRlkfgr djus osQ fy,
cSa¯dx vkSj foÙkh; laLFkkvksa dh LFkkiuk rFkk fodkl djuk gksrk gSA ekSfnzd vfèkdkjh dks xzkeh.k vkSj 'kgjh {ks=kksa
esa 'kk[kk cSa¯dx dh LFkkiuk dks izksRlkgu nsuk pkfg,A ,slh uhfr xSj&ekSnzhÑfr {ks=k osQ eqnzhdj.k esa lgk;d gksxh
vkSj iw¡th fuekZ.k osQ fy, cpr vkSj fuos'k dks izksRlkfgr djsxhA ;g eqnzk vkSj iw¡th cktkj dks Hkh laxfBr vkSj
fodflr djsxhA fodklksUeq[kh ekSfnzd uhfr dh liQyrk osQ fy, ;s vko';d gSa] ftlesa Í.k izcaèk Hkh 'kkfey
gSA

Í.k izcaèku (Debt-Management)µ,d fodkl'khy ns'k esa lkoZtfud Í.k dk izcaèku djuk ekSfnzd uhfr
osQ egÙoiw.kZ dk;ks± esa ls ,d gSA bldk y{; gS ljdkjh ck¡Mksa dk mfpr le; ij tkjh djuk] mudh dherksa
dks fLFkj djuk vkSj lkoZtfud Í.k dh lsok ykxr dks U;wure cukukA Í.k&izcaèku dk izèkku y{; ,slh
fLFkfr;ksa dks mRiUu djuk gS ftuesa lkoZtfud Í.k o"kZ&izfro"kZ c<+rk tk,A ,sls ns'kksa esa lkoZtfud Í.k eqnzk
iw£r dks fu;af=kr djus vkSj fodkl izksxzkeksa dks foÙk iznku djus osQ fy, vko';d gksrk gSA ¯drq lkoZtfud Í.k
vo'; gh lLrh njksa ij gksuk pkfg,A fuEu C;kt nj ljdkjh ckaMksa dh dhersa c<+krh vkSj mUgsa yksxksa osQ fy,
vfèkd vkd"kZd cukrh gSA os Í.k dk Hkkj Hkh de eglwl djrs gSaA

fu"d"kZ (Conclusion)µbl izdkj leqfpr ekSfnzd uhfr] tSlh fd Åij crkbZ xbZ gS] LiQhfr dks fu;af=kr djus]
Hkqxrku 'ks"k varjky de djus] iw¡th&fuekZ.k dks izksRlkfgr djus rFkk vk£Fkd o`f¼ dks c<+kus esa lgk;d gksrh
gSA

LDCs esa ekSfæd uhfr dh lhek,¡ (Limitations of Monetary Policy in LDCs)
fodkl'khy ns'kksa dks vuqHko ;g crykrk gS fd ekSfnzd uhfr dh ,sls ns'kksa esa lhfer Hkwfedk gksrh gSA blosQ
fuEufyf[kr dkj.k gSaµ

1- fo'kky xSj&eqnzhÑr {ks=k (Large Non-monetized Sector)µ,sls ns'kksa esa ,d fo'kky xSj&eqnzhÑr {ks=k
gksrk gS tks ekSfnzd uhfr dh liQyrk esa ckèkd gksrk gSA vfèkdrj yksx xzkeh.k {ks=kksa esa fuokl djrs gSa tgk¡
oLrq&fofue; iz.kkyh dk izpyu gksrk gSA ifj.kkeLo:i] ekSfnzd uhfr vFkZO;oLFkk osQ foLr`r Hkkx dks izHkkfor
djus esa vliQy gksrh gSA

2- vfodflr eqnzk vkSj iw¡th cktkj (Undeveloped Money and Capital Markets)µeqnzk vkSj iw¡th
cktkj vfodflr gksrs gSaA bu cktkjksa esa fcyksa] LVkWdksa ,oa 'ks;jksa dk vHkko gksrk gS tks ekSfnzd uhfr dh liQyrk
dks lhfer djrs gSaA
3- cgqla[;d NBFIs (Large Number of NBFIs)µ,sls ns'kksa esa ns'kh; cSadjksa tSls xSj&cSad foÙkh; eè;LFk
cM+s iSekus ij dk;Z djrs gSa] ijarq ;s ekSfnzd vfèkdkjh osQ fu;a=k.k osQ varxZr ugha vkrs gSaA bl dkj.k Hkh ,sls
ns'kksa esa ekSfnzd uhfr dh izHkkfork lhfer gks tkrh gSA

4- vfèkd rjyrk (High Liquidity)µde£'k;y cSadksa osQ ikl vfèkd rjyrk ikbZ tkrh gS ftlls os osaQnzh;
cSad dh lk[k uhfr }kjk izHkkfor ugha gksrsA ;g Hkh ekSfnzd uhfr dks de] izHkko'khy cukrk gSA

5- fons'kh cSad (Foreign Banks)µyxHkx lHkh fodkl'khy ns'kksa esa fons'kh de£'k;y cSad fo|eku gksrs
gSaA os Hkh fons'kh ifjlaifÙk;k¡ cspdj rFkk vius eq[; dk;kZy;ksa ls eqnzk fudkydj ekSfnzd uhfr dks de
izHkko'khy cuk nsrs gSa] tcfd ns'k dk osaQnzh; cSad eg¡xh eqnzk uhfr dk vuqlj.k dj jgk gksrk gSA
6- de cSad eqnzk (Less Bank Money)µ,sls ns'kksa esa ekSfnzd uhfr blfy, Hkh liQy ugha gksrh D;ksafd

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