Page 161 - DECO402_MACROECONOMIC_THEORY_PUNJABI

iekweI–17: mudrw guxk Aqy vixijXk bYkW rwhI swK inrmwx

È؇
M CD
+
M = =
+
+
H C RR ER
smIkrx dy s`jy pwsy dy Bwg nUM D (mMg jmw) nwl Bwg kro
C D
M D + D
m = = …(iv)
H C + RR + ER
D D D

C RR ER
jykr smIkrx (iv) iv`c AwsI dI QW qy c, dy QW qy r Aqy dy QW qy e iliKey qW
D D D
(a) mudrw guxk

+
M 1 C
m = = …(v)
++
H cr e
(b) mudrw dI purqI = mudrw guxk × au`c Skiq mudrw
1 C
+
=
M = × H mH …(vi)
cr++ e
(c) au`c Skiq mudrw
M
H =
m …(vii)
sNKy5 iv`c, mudrw dI purqI mudrw guxk dy mu`l rwhI pRBwivq huMdI hY[

√ÚÀ ÓπÒª’‰ (Self Assessment)
irkq QwvW ƒ Bro (Fill in the blanks):
1. modirk AwDwr, cln iv`c kryNsI bYkW dy nkd irzrv dw ……………… hY[
2. bYNk krj dyky v`D qo v`D …………… kmwxw cwaudw hY[

17.2 swK mudrw dw ivsqwr Aqy swK inrmwx
(Expansion of Credit Money or Credit Creation)

au`qy ilKI crcw dy muqwibk iek ArQivvsQw iv`c mudrw pUrqI krMsI dy cln Aqy vixijXk bYNkW kI mMg jmw
qy inrBr krdI hY[ iehnw do sMGtkW iv`c iksI vI virDI dy kwrx ArQivvsQw iv`c mudrw pUrqI vD`dI hY[
krMsI dI mwqrw kyNdrI bYNk dy rwhIN qY huMdI hY jo srkwr dy Krc krx dy ivvhwr qy inrBr krdI hY jdoNik
mudrw pUrqI dw jmw sMGtk vixijXk bYNk rwhIN pRBwivq huMdw hY[ swK sirjn krky jW swK mudrw dw ivsqwr
krky vixijXk bYNk ArQivvsQw iv`c mudrw pUrqI ƒ pRBwivq krdy hn[ vixijXk bYNk dI swK ivsqwr
Smqw iesdy nkd AwriSq Anupwq qy inrBr krdI hY[ ilpsI Aqy ik@stl dy sbdW iv`c, “bYNk aus vyly mudrw
sirjn krdy hn jdo auh nkd AwriSq Anupwq iv`c v`D qo v`D sbUq jmw sirjn krdyy hn[”(Banks can
create money by issuing more promises to pay (deposits) than they have cash reserve available
to pay out. – Lipsey and Chrystal)
nXuln dy sbdW iv`c, “swK inrmwx qo Bwv ivApwirk bYNkW dI aus Skiq qo hY ijdy rwhI auh krj dyky jW
pRiqBuiqAW iv`c invyS krky gox jmwvW dw ivsqwr krdy hn[” (Credit Creation refers to the power of

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