
jokhim-mukt bandhpatra

jokhim-mukt bandhpatra heey eka saiddhantik bandhpatra aahe jeey vyaj aanee muddal nishchitpane parat karate. paratava darr haah jokhim-mukt vyaj darr asel. hii prathamik suraksha aahe, jee 1 unitchi bharpai karate, arthvyavasthechi sthitee vel sootra 1 varr lakshat aalee taree. tyamule tyachi paratfed samaan asate, mug tee konatihi sthitee udbhavali taree. asha prakare, asha malmattet guntavanuk kelyane guntavanukdarala konatihi jokhim anubhavata yet nahee.
vyavharat, aarthikdrushtya sthir deshanchya sarkari rokhyanna jokhim-mukt rokhe manale jaate, kaaran sarkare curr vadhavu shakatat kinwa tyanchya deshantargat chalanachya karjachi paratfed karnyasathi paise chhapu shakatat.
udaharanarth, united states treasury notes aanee united states treasury bonds heey anekada jokhim-mukt bonds manale jaatat. jaree united states treasury securitiesmadhil guntavanukdaranna pratyakshat thodya pramanat patt jokhim bhedasavat asali, taree hii jokhim anekada nagany manali jaate. yaa patt jokhamiche eka udaharan russiane dakhavale, jyane 1998 chya russian aarthik sankatadarmyan aaplya deshantargat karjavar thakbaki dilee.
black-scholes modeldware kimmatiche modelling karane.
aarthik sahityat, paryay aanee antarnihit sambhag asalela satat punarsantulit 'jokhim-mukt vibhag' sadar karoon kaala-shaikshanik sootra midvane asamanya nahee. lavadachya anupasthitit, asha portfoliomadhun milananya paratavyala jokhim-mukt rokhyanvaril paratavyashi julavun ghene aavashyak asate. yaa gunadharmane kalya-scholchya aanshik vibhedak samikaranachi shakyata asate, jee paryayachya lavadachya kimmatine purn hote. tathapi, asey disate qee jokhim-mukt portfolio swayam-vittapuravatha dhoranachi aupcharik vyakhya purn karat nahee aanee tyamule black-hole sootra midvanyacha haah marg sadosh aahe.
aamhi asey gruheet dharato qee sampoorn vyapar satatyane velevar hoto aanee aniyantrit karj ghene aanee nidhiche karj dene tyach sthir vyaj darane shakya aahe. shivay, bajar gharshanahin aahe, yacha arth assa qee vyavhar kharch kinwa curr naheet aanee alpavikrichya babatit bhedbhav nahee. dusya shabdant, aapan 'paripoorn bajarpeth' chey prakaran hatalu.
chala asey gruheet dharuya qee vyapar madhyantar sutravar 'alpakalin vyaj darr' sootra _ 2 sthir aahe (parantu apariharyapane nakaratmak nahee). jokhim-mukt suraksha darr sutravar satat moolyat chakravadh manali jaate; mhanje, sootra _ 5. aapan nehamiche sootra _ 6 swikarato, jenekarun tyachi kimmat pratyek sutrasathi sootra _ 7 chya barobarichi asel. black-scholes modelshee vyavhar kartana, aapan bachat khatyachi jaaga 'jokhim-mukt bandhpatra' neey samanpane gheu shakato. formula 9 chya velevar paripakv honare shoonya-koopan bandhpatra mhanje bhavishyat purvanirdharit tarkhechya formula 9 varr tyachya dharkala 1 unit rokh rakkam bharnyachi suraksha asate, jyala bandhpatrachi 'paripakvata tarikh' mhanatat. formula _ 11 mhanje velechya formula _ 9 varr paripakv honanya rokhyanchya formula _ 12 chya velechya kimmatisathi asoo dya. heey sahajpane disun yete qee velechya formula _ 9 varr paratava 1 chee nakkal karnyasathi formula _ 15 unit rokh velechya formula _ 16 madhye bachat khaate formula _ 17 madhye guntavane purese aahe. heey darshavite qee, lavadachya sandhinchya anupasthitit, rokhyanchi kimmat samadhankarak tharate.
sootra _ 18
lakshat ghya qee konatyahi nishchit tii sathee, bandhpatrachi kimmat samanya vibhedak samikaran sodavate
sootra _ 19
aamhi yethe eka "jokhim-mukt" bandhpatra manato, yacha arth assa qee tyacha jarikarta paripakvata tarkhes bandhpatradharkala ankit moolya bharnyachya tyachya jababdarivar chook karnar nahee.
jokhim-mukt bandhpatra viruddha. baana-debrue suraksha.
jokhim-mukt rokhe done baana-debrue rokhyanchya portfoliodware tayar kele jaau shakatat. haah portfolio jokhim-mukt rokhyanchya paratavyashi agadi julato kaaran portfolio dekhil konatyahi rajyat aala taree 1 unit bharato. yache kaaran asey qee jarr tyachi kimmat jokhim-mukt rokhyanpeksha vegali asatee, tarr arthvyavasthet aamhala "lavadachi sandhee" upalabdh asel. jevha lavadachi sandhee asate, tevha yacha arth assa hoto qee kahee vyapar dhoranandware jokhim nasalela napha midavata yeto. yaa vishisht prakaranat, jarr baana-debreu rokhyancha portfolio jokhim-mukt rokhyanchya kimmatipeksha kimmatit vegala asel, tarr lavadache dhoran qamee kimmatiche rokhe kharedi karane aanee jaast kimmatiche rokhe qamee kimateet vikane heey asel. pratyekache peoff profile agadi sarkhe asalyane, yaa vyaparamule aaplyala nivval jokhim shoonya raheel (ekachi jokhim dusyachi jokhim radd karate kaaran aapan samaan pramanat samaan peoff profile kharedi aanee vikri kelee aahe). matra, aapan qamee kimmatit kharedi karat aahot aanee jaast kimmatit vikri karat aahot, tyamule aaplyala napha hoil. arthvyavasthet lavadachya atty astitvat naslyamule, jokhim-mukt rokhyanchi kimmat hii portfoliochya kimmatiitaki asate.
kimmatichi ganana karane.
hii ganana baana-debrue suraksheshi sambandhit aahe. jokhim-mukt bandhpatrachya velechya sutratil kimmatila sootra 21 mhanuya. sootra 22 heey yaa vastusthiticha sandarbh dete qee bandhpatra velechya sutravar paripakv hote. aadhi namood kelyapramane, jokhim-mukt bandhpatrachi done baana-debrue rokhyanchya portfoliodware, sootra 24 chaa eka bhag aanee sootra 25 chaa eka bhagadvare pratikruti kelee jaau shakate.
sootra _ 26 baana-debrue rokhyanchya kimmatisathi sootra vaparoon
sootra _ 27
jeey "paryayachya aantar-tatpuratya kirkol darache" (kalantarane kirkol upayogitanche gunottar, jyala "rajya kimmat ghanata" aanee "kimmat curnell" asehi mhanatat) aanee jyaa sthiteet baana-debru suraksha 1 unitchi bharpai karate tyaa sthitichi "sambhavyata" yaa gunottaranche utpadan aahe. portfoliochi kimmat fakt
sootra _ 28
sootra _ 29
mhanoon, jokhim-mukt rokhyanchi kimmat hii keval apekshit moolya aahe, jee sambhavyata mojamapachya sootra _ 30 chya sandarbhat ghetali jaate, jee intertemperal marginal rait auph substitution aahe. vyajdarache sootra _ 2, aata rokhyanchya kimmatichya paraspar vaparun paribhashit kele aahe.
sootra _ 32
tyamule, aamchyat moolbhut sambandh aahet
sootra _ 33
jeey konatyahi arthvyavasthetil vyajdar nishchit karate.
udaharanadakhal.
samaja, 'sthitee 1' chee sambhavyata 1/4 aahe, tarr 'sthitee 2' chee sambhavyata 3/4 aahe. asehi gruheet dhara qee 'kimmat curnell' sthitee 1 sathee 0.95 aanee sthitee 2 sathee 0.92 aahe.
kimmat tharvanare curnell sootra _ 34 mhanoon darshavu dya. mug aamchyakade done baana-debrue rokhe sootra _ 35 mapdandansah aahet
sootra _ 36
sootra _ 37
mug mageel sutre vaparoon aapan rokhyanchi kimmat moju shakato
sootra _ 38
tyanantar vyajdar deela jaato
sootra _ 39
asha prakare, aapan pahato qee ekada baana-debrue kimmatincha sanch, baana-debrue rokhyanchya kimmati kalalya qee rokhyanchi kimmat aanee vyaj darr nishchit karane sope aahe.