Page 160 - DECO503_INTERNATIONAL_TRADE_AND_FINANCE_HINDI

vUrjkZ"Vªh; O;kikj ,oa foÙk

uksV ;fn fons'kksa esa 'kDdj dh ekax de u gks] fdUrq ;fn Hkkjr esa xUus dh iQly [kjkc gks tkus osQ dkj.k Hkkjr vius
fu;kZrksa dh iwfrZ ugha dj ikrk vkSj ;fn vk;kr vifjofrZr jgrk gS rks fu;kZr de gks tkus osQ dkj.k Hkkjr osQ
Hkqxrku&'ks"k esa vlUrqyu dh fLFkfr iSnk gks tk,xhA
Hkqxrku 'ks"k esa lajpukRed vlUrqyu mRiUu gksus osQ dkj.kksa dks fcUnqokj fuEu :i esa O;Dr fd;k tk
ldrk gSμ
(i) iwathxr gkfu;ka (Capital Losses)μtc ns'k esa ;q¼ ;k vU; izkÑfrd ladVksa osQ iQyLo:i iwath dh Hkkjh
ek=kk esa {kfr gksrh gS rks mRiknu dh cgqr gkfu gksrh gS ,oa jk"Vªh; vk; ij Hkh izfrowQy izHkko iM+rk gSA dbZ
iwathxr lk/uksa dh {kfr osQ dkj.k] fons'kksa ls Hkkjh ek=kk esa iwath dk vk;kr djuk iM+rk gSA ,slh fLFkfr esa
;fn fu;kZr vifjofrZr jgrs gSa (c<+ ugha ikrs) rks Hkqxrku&'ks"k esa ljapukRed vlUrqyu iSnk gks tkrk gSA
(ii) ekax dk Lo:i (Pattern on Demand)μHkqxrku&'ks"k esa lUrqyu osQ fy, vko';d gS fd ns'k esa
mRiknu] ekax osQ <kaps osQ vuq:i gksA tc ns'k esa jk"Vªh; vk; vkSj izfr O;fDr vk; esa o`f¼ gksrh gS rks
ekax esa Hkh o`f¼ gksrh gS vkSj ns'k esa fLFkr lk/u bl c<+h gqbZ ekax dh iwfrZ ugha dj ikrs rks bu oLrqvksa
dk fons'kksa ls vk;kr djuk iM+rk gSA ;fn fu;kZr vifjofrZr jgrs gSa rks mDr fLFkfr esa] vk;krksa dh o`f¼
ls Hkqxrku&'ks"k esa vlUrqyu gks tkrk gSA
(iii) O;kikj 'krs± (Terms of Trade)μ;g Li"V fd;k tk pqdk gS fd O;kikj&'krks± dk D;k vk'k; gS rFkk
fdl izdkj O;kikj 'krks± dk izHkko ns'k osQ Hkqxrku&'ks"k ij iM+rk gSA ,d ns'k osQ fy, O;kikj dh 'krs±
blfy, vuqowQy vFkok izfrowQy gks tkrh gSa] D;ksafd vk;krksa vkSj fu;kZrksa dh ekax rFkk iwfrZ esa lkisf{kd
ifjorZu gks tkrs gSaA mnkgj.k osQ fy,] ;fn fdUgha dkj.kksa ls izkFkfed mRiknu vkSj dPps eky dh dherksa
esa] fufeZr eky dh rqyuk esa vf/d o`f¼ gksrh gS rks tks ns'k izkFkfed oLrqvksa (Ñf"k inkFkks± ,oa dPps
eky) dk fu;kZr djrs gSa muosQ fy, O;kikj dh 'krs± vuqowQy gks tkrh gSa vkSj vfrjsd dh fLFkfr vk tkrh
gS tcfd fufeZr eky okys ns'k esa lajpukRed vlUrqyu iSnk gks tkrk gSA
(iv) nh?kZdkyhu iwath izokg esa ifjorZu (Changes in Long-term Capital Flows)μtc fdlh ns'k osQ
nh?kZdkyhu iwath izokg esa ifjorZu gksrk gS rks blosQ iQyLo:i Hkh ogka lajpukRed vlUrqyu dh fLFkfr
vk tkrh gSA tSls ,d ns'k nh?kZdky ls fons'kksa ls Hkqxrku izkIr dj jgk gS tks mlosQ vuqowQy O;kikj lUrqyu
;k vU; dkj.kksa ls gks ldrk gSA ;fn fdUgha dkj.kksa ls mDr Hkqxrku cUn gks tkrs gSa rks ns'k osQ Hkqxrku&'ks"k
eas lajpukRed vlUrqyu iSnk gks tkrk gSA LukbMj (D. A. Snider) osQ vuqlkj] ¶iwath izokg dh xfr
vpkud #dus dk pkgs tks Hkh dkj.k gks] fdUrq blls izkIrdrkZ ns'k osQ mRiknu osQ <kaps esa vlUrqyu
gks tkrk gS ftlls Hkqxrku&'ks"k Hkh vlUrqfyr gks tkrk gSA¸
(v) laLFkkxr ifjorZu (Institutional Changes)μtc ns'k esa jktuhfrd] lkekftd] vkfFkZd vkSj laLFkkxr
ifjorZu gksrs gSa rks Hkh Hkqxrku&'ks"k esa lajpukRed vlUrqyu iSnk gks tkrk gSA tSls ;fn jktuhfrd ifjorZu
osQ iQyLo:i ,d ns'k osQ fu;kZr de gksrs gSa rks Hkh Hkqxrku 'ks"k vlUrqfyr gks tkrk gSA blh izdkj O;kikj
osQ {ks=k esa ;fn vojks/ vFkok ck/k,a iSnk dh tkrh gSa_ tSls fofue; fu;U=k.k] vH;a'k iz.kkyh] bR;kfn rks
Hkh lajpukRed vlUrqyu dh fLFkfr vk tkrh gSA
(vi) O;kikj dk <kapk (Pattern of Trade)μfdlh ns'k osQ O;kikj osQ <kaps esa ifjorZu gksus osQ iQyLo:i Hkh
Hkqxrku&'ks"k esa vlUrqyu dh fLFkfr vk tkrh gSA vk;krksa esa o`f¼ vFkok fu;kZrksa esa deh gksus ls ,slh
vlUrqyu dh fLFkfr vk ldrh gSA
Hkqxrku 'ks"k esa vlUrqyu osQ vU; izdkj

(1) vLFkk;h vlUrqyu (Temporary Disequilibrium)μHkqxrku&'ks"k esa vLFkk;h vlUrqyu ml le;
gksrk gS tc og vYidkyhu vFkok vLFkk;h dkj.kksa ls iSnk gksrk gS rFkk ,sls vlUrqyu dh fLFkfr

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