Page 160 - DECO402_MACROECONOMIC_THEORY_PUNJABI

smStI ArQSwsqr dy isDWq

È؇ J swK sirjn dI sImwvW jwnx leI[

ÍÃ√Â≈ÚÈ≈ (Introduction)

swK inrmwx rwhIN vixijAk bYNk ArQivvsQw iv`c mudrw dI pUrqI iv`c virDI krdy hn ijsdw aqpwdn,
apBog Aqy invyS dy p`Dr qy pRBwv pYNdw hY Aqy nwl hI sMvirDI Aqy ivkws dI pRikirAw pRBwivq huMdI hY[

17.1 mudrw guxk (Money Multiplier)

mudrw guxk, mudrw dI pUrqI iv`c bdlwv Aqy modirk ADwr iv`c pirvrqn dw Anupwq hY (Money multiplier
is the ratio of change in supply of money to the change in monetary base) modirk ADwr, cln
iv`c krMsI Aqy bYNkW dy nkd irzrv dw kul joV hY[ mMNn lvo ik modirk ADwr iv`c 10 kroV rupey dy bdlwv
dy PlsrUp mudrw dI pUrqI iv`c 30 kroV rupey dw bdlwv ho jwdW hY qW mudrw guxk 3 hovygw[ mudrw guxk dw
guxWk hyT id`qy suq`r rwhIN pqw kIqw jw skdw hY-

mudrw purqI (Money Supply)
mudrw guxk (Money Multiplier) =
au`c Skiq mudrw (High Powered Money)

Aqy m = M …(i)
H
(ieQy m: mudrw guxk; M: mudrw dI pUrqI ( cln iv`c krMsI Aqy bYNkW dI mMg jmw); H= a`c SkqI mudrw)
mudrw dI kul pUrqI; krMsI Aqy mMg jmw dw joV hY)
M = C + D …(ii)
(ieQy, C : krMsI D : mMg jmwvW)

M Aqy H iv`c AMqr (Difference between M and H)
M = muudrw dI pUrqI ijs iv`c krMsI Aqy mMg jmwvW Swiml hMudIAW hn[
H = au`c SkqI mudrw ijs iv`c krMsI Aqy vpwirk bYNkW dy irzrv Swiml huMdy hn[

nkd irzrv iv`c vpwirk bYNkW dy ApykiSq nXunqm irzrv Aqy hor irzrv hI Swiml huMdy hn[

È؇√ mudrw guxk, mudrw dI pUrqI iv`c bdlwv Aqy modirk ADwr iv`c bdlwv dw Anupwq
hYY[

au`c SkqI mudrw dI kul pUrqI, krMsI ,bYNkW dI ApykiSq irzrv (Required Reserve), bYNkW dIAW hOr jmwvW
jW kyNdrI bYNk dy kol hor irzrv (Excess Reserve) dy kul joV dy brwbr huMdI hY[
H = C + RR + ER …(iii)
{ieQy, H: auuu`c SkqI mudrw; C: krMsI; RR: vpwirk bYNkW dy ApykiSq irzrv; ER: vpwirk bYNkW dy kyNdrI
bYNkW dy kol hor irzrv (Excess Reserve)]
jykr smIkrx (i) iv`c M Aqy H dy m`ulW dw pRiqsQwpn kIqw jwvy, qW swnUM hyT iliKAw smIkrx pRwpq hovygw-

154 LOVELY PROFESSIONAL UNIVERSITY