Page 174 - DECO402_MACROECONOMIC_THEORY_PUNJABI

smStI ArQSwsqr dy isDWq

È؇ 17.10 mudrw ArQ-ivvsQw iv`c ikvy pRcilq huMdI hY?
(How Does Money Get into the Economy?)

iek iekeI mudrw ArQ-ivvsQw iv`c ikvy pRcilq huMdI hY? ieh iek m`hqvpurx pRSn hY ijsƒ ArQ-ivvsQw
dy iek ividAwrQI ƒ smJxw cwihdw hY[ ivSv dy ijAwjwqr dySW iv`c kyNdrI bYNk not Aqy isky jwrI krdw
hY[ iek Awm ivAkqI dy leI kyNdrI bYNk (Bwrq dy RBI) mudrw Cwpdw hY Aqy ArQ-ivvsQw iv`c mudrw dw
pRcln krdw hY[ lyikn kyfI SrqW Aqy pirsiQiqAw iv`c kyNdrI bYNk mudrw Cwpdw hY Aqy pRcilq krdw hY ieh
pRSn ienW Awswn nhI hY ijnW ik iek Awm ivAkqI socdw hY[
srkwr bjtIAW Gwty ƒ purw krx dy leI kyNdrI bYNk qo ApxI iskXoirtI jmw krwky krz lYdI hY[ kyNdrI
bYNk, v`D mudrw Cwpky srkwr ƒ krz iddw hY Aqy srkwr ieh krz mudrw iBn-iBn ivkwswqmk Aqy gYr
ivkwsqmk kMmW qy Krc krdI hY[ iBn-iBn pRojyktW qy srkwr rwhI kIqy jwx vwly Krc nwl dyS dy lok ApxI
Awmdn, lgwn, mjdurI, lwB Aqy ibAwj dy rup iv`c pRwpq krdy hn[ ies rup iv`c kryNsI ArQ-ivvsQw
iv`c pRcilq huMdI hY[

ilpsI Aqy ikRstl dyy muqwbk kyNdrI bYNk ArQ-ivvsQw ƒ au`c Skiq mudrw dI qd purqI krdw hY
jd auh pRiqBuiqAW KrIddy hn (Awm : srkwrI pRiqBuiqAW)[ srkwrI pRiqBuiqAW ƒ KrIdx dy leI auh
nvI auc Skiq mudrw Cwpdy hn[(Lipsey and Chrystal : The central bank gets high powered
money into the economy simply by buying securities (usually government debt instruments).
It pays for these purchases with newly issued high powered money.)

17.11 kI ArQivvsQw iv`c mudrw dI purqI kyNdrI bYNk dI ieCw (smJ-buJ) qy inrBr krdI
hY? (Does Supply of Money in the Economy Depend on the Discretion
of the Central Bank?)

nhI, ArQ-ivvsQw iv`c mudrw dI purqI kyNdrI bYNk dI ieCw qy inrBr nhI krdI[iehdy iv`c koeI Sk nhI,
dyS dw kyNdrI bYNk dyS dI kryNsI dy inrgmn (jwrI krxw) dw AiDkwrI huMdW hY[ pr mudrw dI kul purqI kyvl
kyNdrI bYNk dI smJ-buJ (Discretion) qy inrBr nhI krdI[ iek ArQ-ivvsQw iv`c mudrw dI kul purqI
ArQ-ivvsQw dy hyT ilKy q`qW dy ivvhwr Aqy ieCw qy inrBr krdI hY –
(i) dyS dw kyNdrI bYNk; (ii) dyS dw ivAwpwirk bYNk; (iii) Awm jnqw[
J au`c Skiq mudrw jyVI ik mudrw guxk dy AwDwr dw kMm krdI hY dI mwqrw inSicq krdy hoey kyNdrI
bYNk dI purqI dw inrDwrx krdw hY[
J Apxy nkd iniD Anupwq (CRR), jyVw ik swK guxk dw AwDwr huMdw hY, ƒ inSicq krdy hoey,
ivAwpwirk bYNk mudrw dI purqI ƒ pRBwivq krdy hY[
J Awm jnqw ApxI qrlqw psMdgI ƒ inSicq krdy hoey mudrw dI purqI ƒ pRBwivq krdI hY[ ieh
ivAwpwirk bYNkW dy nkd iniD Anupwq (CRR) dw Aqy ausdI swK inrmwx krx dI Skiq dw inrDwrx
krdI hY[
mudrw dI cln giq (Velocity of Money) ƒ njrNdwj nhI kIqI jwxI cwihdI[ iehdw Bwv ieh hY ik mudrw
dI iek iekweI (ijvy iek rupy dw not jW iskw) ƒ iknI vwr, ivinmX dy miDAm dy rup iv`c pRXog ikqw jwdw
hY[ mudrw dI cln giq ƒ jykr hr iekweI smy AviD jW iek pRvwh Dwrxw dy rup iv`c mwipAW jwvy qW ieh
vI mudrw purqI dI iek m`hqvpurx inrDwrk huMdI hY[

168 LOVELY PROFESSIONAL UNIVERSITY