Page 216 - DECO402_MACROECONOMIC_THEORY_PUNJABI

smStI ArQSwsqr dy isDWq

È؇ aupwA vsquAW Aqy syvwvW dI swmuihk mMg ƒ G`t krx dI cySTw krdy hn[ ien aupwieAw ƒ modirk apwey,
rwjkoiSX apwey Aqy hor aupwA nwmk iqn vrgW iv`c smiJAw jw skdw hY[
1. modirk aupwA (Monetary Measures)

dUjy ivSvXuD qo bwd dy vyly iv`c sPIiq iv`c viriD ny modirk nIqI dI Skiq iv`c ivSvws dubwrw pYdw kr
idqw, hwlwik ies mMdI ƒ inXqirq krx kINs rwhI ApRBwvpurx swibq kr idqI sI[ modirk nIqI dyS dy
ny kyNdrI bYNk dI nIqI hY, jyVI dI srvoc modirk sqw hY[ modirk aupwA ArQ-ivvsQw iv`c mudrw ƒ inXMirq
krx dw Xqn krdy hn[ sPIiq ƒ rokx dy leI cl mudrw dI mwqrw iv`c viriD ƒ twl dyxw cwihdw hY[ jykr
kwly DMn dI v`Dw hY, qW aucy mu`l dI cl mudrw inrSq kr dyxI cwihdI hY[ purxI cl mudrw dy bdly iv`c nvI
cl mudrw vI jwrI kI jw skdI hY[ bYNk jmwvW, jyVI swK sirjn dI Skiq dydI hY, mudrw purqI dw v`Dw ihsw
bxdI hY[ iesleI, modirk aupwieAw dw mu`K sMbD bYNk krz qy inXMqrx krxw hoxw cwihdw hY[ ien aupwieAw
dy leI kyNdrI bYNk iBn mwqrwqmk (quantitative) Aqy guxwqmk (cXnwqmk) inXMqrx apwieAW dw pRXog
krdw hY[ bYNk dr nIqI, Kuly bwzwr dI kirAwvW Aqy bdlwv riSq koS Anupwq, ijvy pirmwxwqmk inXMqrk
apwey krj dI lwgq Aqy aplbDqw ƒ pRBwivq krdy hn[
kyNdrI bYNk bYNk dr (bank rate) ƒ v`Dwky AwswnI nwl (bwjwr) ibAwj drW ƒ auqy c`kky invyS ƒ G`t AwkrSk
bxw skdw hY[ ijAwjdwqr mMg ƒ G`t AwkrSk bxw skdw hY[ ijAwjdwqr mMg ƒ dbwky mu`lW dI sPIiqkwrI
viriD rokI jw skdI hY[ bYNk dr nIqI pRBwvkwrI huMdI hY, jykr bYkW dy kol koSW dy hor sroq dI srl puMj n
hovy[ Kuly bwzwr dI kirAwvW (open market operations) dy AMqrgq skrwrI pRiqBuiqAW dI vyc rwhI, mudrw
purqI ƒ G`t kIqw jw skdw hY[ieh aupwA bYNk dr nIqI qo byhqr hn, ikauik ieh mudrw purqI ƒ pRqXS rup
qy pRBwivq krdy hY[ pr, iehdy swK inXMqrx Aqy ies qrW sPIiq inXMqrx krx dI sPlqw ien pRiqBuiqAW
dI AwkrSkqw Aqy sMgiTq mudrw bwjwr dy Asiqqv qy inrBr krdw hY[ pirvrqnSIl riSq koS jrUrqW
(variable reserve requirements) sPIiq ƒ rokx dw sbqo v`D pRBwvSwlI aupwA hY, pr ieh kfy pRBwvW dy
kwrx ijAwjdwqr pRXog iv`c nhI AMdw[ nkd iniD Anupwq ƒ v`Dwky, kyNdrI bYNk (aus) krz dI mwqrw ƒ G`t
kr skdw hY, ijsdw bYNk sirjn kr skdw hY[
cXnwqmk inXMqrx aupwA iv`c apBogqwvwd (consumerism) dy auidq hox nwl apBogqw swK dw inXMqrx
bhuq Awm bx igAw hY[ sPIiq dy vyly, cXnwqmk AwDwr qy ausy vyly, dyxdwirAW ƒ v`Dwky Aqy Bugqwn kwl
ƒ G`t krky aupBogqw swK suivDwvW kwtI jWdI hY[ kyNdrI bYk pRXojnwvW dy muqwbk krz dy leI au`cI sImWq
ApyswvW (margin requirement) inSicq kr skdw hY[ Anuicq modirk pRswr (indue monetary expansion)
ƒ sIimq krx dy leI invyS (directives) nYiqk Awgrh (moral suasion) pRcwr (publicity) pRqXS kwrvwhI
(direct Action) AwdI dy AwlwvW ieh cXnwqmk inXMqrx aupwA pRXog kIqy jw skdy hY[
modirk aupwA dI pRBwvSIlqw kyNdrI bYNk rwhI pRXog kIqy gey inXMqrx dI mwqrw Aqy vwixjX bYNkw Aqy mudrw
bwzwr dy hor GtkW rwhI v`Dwey shXog dI mwqrw qy inrBr krdw hY[ Bwrq vrgy ivkwsSIl dyS iv`c, ienW
iv`c ijAwdwqr kwrkW dw n hoxW hY[ iesleI ieQy mOdirk nIqI G`t m`hqvpurx hovygI[ iehdy AwlwvW, jdo
sPIiq (XuD jW ivkws XojnwvW dI ivq ivvsQW dy leI) modirq mudrw dy pRswr dy kwrx hMudI hY, qW rwjkoSIA
aupwA v`D apXogI hovygy, ijsdI Aor AsI hux mufdy hn[

2. rwjkoSIA aupwA (Fiscal Measures)

cuMik ivSv dI lgBg hr ArQ-ivvsQw iv`c srkwrI Krc swmuihk Krc dw iek m`hqvpurx ih`sw b`x igAw
hY, iesleI srkwr mudrw purqI Aqy sPIiq ƒ m`hqvpurx rup nwl pRBwivq kr skdI hY[ ArQ-ivvsQw iv`co
dI ijAwjwqr KrIdSkiq dw sPwieAw (mop up) krx dy leI hyT ilKy pRiq-sPIiqkwrI rwjkoSIA apwA
dw pRXog kIqw jw skdw hY[
(k) swrvjink Krc (Public Expenditure) – mu`l viriD ƒ inXMqirq krx dy leI, srkwr Apxw Krc G`t
kr skdI hY[ ieh aupwA bwzwr dy swvjijk mudrw Aqy vsquAW Aqy syvwvW dI mMg ƒ G`t krygw[ swrvjink

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