Page 157 - DECO402_MACROECONOMIC_THEORY_PUNJABI

iekweI 16: mudrw purqI : mudrw dI pirBwSw Aqy smStI ArQSwsqr iv`c iesdw m`hqv

(2) nkdI Aqy mMg jmw dw Anupwq (Proportion of Cash and Demand Deposits) È؇
sudrw dI purqI qy ies g`l dw vI pRBwv pYdW hY ik nkdI Aqy mMg jmwvW dw kI Anupwq hY[ lok kul mudrw dw
ijnW v`D Anupwq jmwvW dy rup iv`c rKxw cwauxgy, aunW hI bYNkW dI aun jmwvW dy AwDwr qy, swK inrmwx krx
dI Skiq v`D hovygI[ swK dy inrmwx dI mwqrw swK guxk (Credit Multiplier) dy Awkwr qy inrBr krdw hY[
swK guxk dw Awkwr nkd koS Anupwq (Cash Reserve Ratio – CRR) rwhI pRBwivq huMdw hY[ kul jmwvW
dw ijnW Anupwq bYNkW ƒ Apxy kol nkdI dy ruup iv`c rKxw pYdW hY ausƒ nkd koS Anupwq (Cash Reserve
Ratio) ikhw jwdW hY[ nkd koS Anupwq ijnW G`t hovygw bYNkW dI swK inrmwx krn dI SkqI aunI hI v`D
hovygI Aqy mudrw dI pUrqI vI aunI hI izAwdw v`D jwvygI[ AKIr iv`c jykr lok kul mudrw dw v`D Bwg bYNk
jmwvW dy rUp iv`c rKxw psMd krngy qW mudrw dI pUrqI v`D hovygI[

(3) cln dI giq (Velocity of Circulation)
sudrw dI purqI dw Anupwq lgwx dy leI ArQSwSqirAW dy do idSitkox hY -
(i) smy ibMdU qy mudrw dI purqI (The Supply of Money at a Point of Time) – kYmibRj ivSvivDwilAW
dy ArQSwSqrIAW. ijvy – mwrSl, pIgu, rwbrtsn Aqy kynj dw ieh mq sI ik iksy qY ikqy gey smy ibMdU qy
mudrw dI purqI dw Anumwn lokW dy kol kryNsI Aqy mMg jmW dw jox rwhI lgieAw jwdW hY[
(ii) smyviD iv`c mudrw dI purqI (The Supply of Money in a Period of Time) – sudrw pirmwx isDWq
dy pRiqpwdkW iv`c ierivNg iPSr (Irving Fisher) dI rucI ieh pqw krx iv`c sI ik iksy ivSyS smyviD iv`c
mudrw dI purqI iknI hodI hY[ iek ivSyS smyviD iv`c mudrw dI iekweI dw pRXog keI bwr ikqw jw skdw hY[
iesleI mudrw dI ieh iekweI iek qo v`D iekwieAW dw kMm krdI hY[ mMn lIijey Bwrq iv`c mudrw dI iek
iekweI iek swl iv`c Aosqn s`q vwr pRXog iv`c lweI jWdI hY[ iesdw Bwv ieh hoieAw ik mudrw dI iek
iekweI iv`c s`q iekwieAw dw kMm ikqw hY[ iesƒ ikhw jwvygw ik mudrw dI ivvswX cln giq (Transac-
tion Velocity of Money), Bwv ‘V’ s`q hY[ iesleI mudrw dI cln giq qo Bwv ieh hY ik “mudrw dI iek
iekweI iek swl iv`c iknI vwr ivinmX dy mwiDXm dy rup iv`c iek ivAkqI qo dUjy ivAkqI dy kol jWdI
hY[”(Velocity of money is number of times a unit of money changes hands in the course of a year.)
ies qrW iek qY ikqy gey smy iv`c mudrw dI purqI dw Anumwn mudrw dI mqrw dI cln giq dy nwl guxw krky
lgieAw jwdW hY[ hor sbdW iv`c,

mudrw dI purqI = MV

16.5 √≈≈ßÙ (Summary)

sudrw dI purqI qy ies g`l dw vI pRBwv pYdW hY ik nkdI Aqy mMg jmwvW dw kI Anupwq hY[ lok kul
mudrw dw ijnW v`D Anupwq jmwvW dy rup iv`c rKxw cwauxgy, aunW hI bYNkW dI aun jmwvW dy AwDwr qy,
swK inrmwx krx dI Skiq v`D hovygI[ swK dy inrmwx dI mwqrw swK guxk (Credit Multiplier) dy
Awkwr qy inrBr krdI hY[ swK guxk dw Awkwr nkd koS Anupwq (Cash Reserve Ratio – CRR)
rwhI pRBwivq huMdw hY[

16.6 ÙÏÁ’ØÙ (Keywords)

J mudrw purqI (Money Supply) – mudrw dI purqI[
J swK inrmwx (Creation of Credit) – gox jmw[

J bwhrI mudrw (Outside Money) – bwhrI mudrw dw inrmwx[

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