
vyajdar

vyaj darr mhanje karj, jamaa kinwa karj ghetalelya rakmeche praman (jyala mool rakkam mhanatat) mhanoon pratyek kalavadhisathi dey asaleli vyajachi rakkam. karj dilelya kinwa karj ghetalelya rakmevareel ekoon vyaj mool rakkam, vyaj darr, chakravadh varanvarta aanee tee kitee kalasathi dilee jaate, jamaa kelee jaate kinwa karj ghetali jaate yavar avalambun asate.
varshik vyaj darr haah eka varshachya kalavadhitil darr asato. itar vyajdar vegvegalya kalavadhit lagoo hotat, udaharanarth eka mahina kinwa eka divas, parantu teey sahasa varshik kele jaatat.
vyajdarala "pradhanyacha nirdeshank" asey darshavile gele aahe. . . bhavishyatil utpannachya eka dollarpeksha sadhyachya [utpannachya] eka dollarsathi."karjdarala lavkarach paise havey asatat kinwa havey asatat aanee too tyaa visheshadhikarasathi shulk-vyaj darr-bharnyas tayar asato.
prabhav padnare ghatak.
vyajdar khalilpramane badaltat.
tasech itar ghatak.
udaharanadakhal.
company aaplya vyavasayasathi malmatta kharedi karnyasathi bankekadoon bhandwal udhar ghete. tyaa badalyat banq kampanikadoon vyaj aakarte. (karjdarala taaran mhanoon naveen malmattevar adhikaranchi dekhil aavashyakta asoo shakate.)
vyakti tyanchya grahakanna karj denyasathi jamaa kelelya bhandavalacha banq vapar karel. tyaa badalyat, jyaa vyaktinni tyanche bhandwal jamaa kele aahe, tyanna bankene vyaj dyave. vyaj bharnyachi rakkam vyaj darr aanee tyanni jamaa kelelya bhandavalachya rakmevar avalambun asate.
sambandhit atty.
"aadhar darr" mhanje samanyatah kendriya banq kinwa itar vittiy pradhikaranane ratrabhar thevinvar deu kelela varshik prabhavi vyaj darr hoy.
varshik takkewari darr" (aii. pii. aar.) haah ektar nammatra aii. pii. aar. kinwa prabhavi aii. pii. aar. (eae. pii. aar.) chaa sandarbh gheu shakato. yaa doghanmadhil farak assa aahe qee shulk aanee chakravadh yasathi eae. aii. pii. aar. chaa vaataa asato, tarr nammatra aii. pii. aar. nahee.
varshik samatulya darr" (aii. aar.), jyala prabhavi varshik darr dekhil mhanatat, tyacha vapar grahakanna samaan aadharavar vegvegalya chakravadh varanvartesaha utpadananchi tulana karnyat madat karnyasathi keela jaato, parantu shulkasathi too jababdar nasato.
sadhyache moolya mojanyasathi 'savalat darr' lagoo keela jaato.
vyaj denanya rokhyasathi, "koopan darr" heey varshik koopan rakmeche (darvarshi dile jaanare koopan) prati unit sammoolyache gunottar aahe, tarr "chaloo utpann" heey varshik koopanche gunottar tyachya sadhyachya bajarbhavane vibhajit karane aahe. "paripakvataparyant utpann" haah rokhyancha apekshit antargat paratava darr aahe, asey gruheet dharoon qee too paripakvataparyant thewala jaeel, mhanje savalat darr joou guntavanukdarala urvarit serve rokh pravah (urvarit serve koopan aanee paripakvata velee samaan mulyachi paratfed) sadhyachya bajarbhavashi samatulya aahe.
banking vyavasayavar aadharit thevivaril vyaj darr aanee karjacha vyaj darr asato.
bajaratil vyajdaracha puravatha aanee magani yanchyatil sambandhavar aadharit, nishchit vyaj darr aanee asthir vyaj darr asatat.
aarthik dhoran.
"vyajdar uddishte" heey aarthik dhoranache eka mahattvache sadhan aahe aanee guntavanuk, chalanwadh aanee berojgari yasarkhya chalancha samna kartana teey vicharat ghetale jaatat. deshachya arthvyavasthet guntavanuk aanee upbhog vadhvayacha asel tevha deshanchya madhyavarti banka samanyatah vyajdar qamee karatat. tathapi, sthool-aarthik dhoran mhanoon qamee vyajdar dhokadayak asoo shakato aanee tyamule aarthik budbude tayar houu shakatat, jyamadhye sthavar malmatta bajarpeth aanee share bajarat mothya pramanat guntavanuk kelee jaate. vikasit arthvyavasthanmadhye, aarthik ghadamodinchya aarogyasathi chalanvadhila lakshya maryadet thevanyasathi kinwa aarthik gatee surakshit thevanyasathi aarthik vadhisobat vyajdarala ekach velee maryadit thevanyasathi vyajadarat asha prakare samayojan kele jaate.
itihas.
gelya done shatkanmadhye, ektar rashtriy sarkare kinwa kendriya banka vegvegale vyajdar nishchit karat aalya aahet. udaharanarth, 1954 teey 2008 yaa kalat americetil federal rakheev federal fandancha darr sumare id1 teey 19 takkyanchya darmyan badalala aahe, tarr banq auph englandcha aadhar darr 1989 teey 2009 yaa kalat 0.5 teey 15 takkyanchya darmyan hota aanee germanyne 1920 chya dashakat 90 takkyanchya jawal darr anubhavale, jeey 2000 chya dashakat sumare 2 takkyanvar aale. 2007 madhye vadhatya atifulila tond denyachya prayatnat zimbabwechya madhyavarti bankene karjasathiche vyajdar vadhavun 800% kele.
1970 chya dashakachya uttaradhat aanee 1980 chya dashakachya suruvatila mukhya patanvaril vyajdar nondavalya gelelya tulanet khoop jaast hote-1800 pasoonchya amerikechya aadhichya shikharanpeksha, 1700 pasoonchya british shikharanpeksha kinwa 1600 pasoonchya dutch shikharanpeksha jaast; "aadhunik bhandavali bajarpetha astitvat aalyapasun, yaa kalavadhiitke uchch dirghakalin darr kadhihi navhate".
kadachit aadhunik bhandavali bajarapurvi, kahee khaatee ashee hotee qee bachat thevincha varshik paratava kiman 25 takke aanee 50 takkyanparyant asoo shakato. (william ellis aanee richard daves, "audhyogik jivanachya ghatanevaril dhade... ", 1857, pru. 3-5)
vastavik viruddha nammatra.
nammatra vyaj darr mhanje chalanvadhisathi konatahi samayojan naan kelela vyaj darr.
udaharanarth, samaja konitari eka varshasathi banket 100 dollar jamaa karato aanee tyanna 10 dollar (curr bharnyapurvi) vyaj milate, tyamule varshachya shevati tyanchi shillak 110 dollar (curr bharnyapurvi) asate. yaa prakaranat, chalanvadhicha darr kahihi asso, nammatra vyaj darr 10 takke varshik (karapurvi) aahe.
vastavik vyaj darr haah chalanwadh lakshat gheuun karjachya vastavik mulyatil vaadh aanee vyaj mojato. muddal aanee vyajachi paratfed, tee rakkam udhar, karj, jamaa kinwa guntavanuk kelyachya velee asalelya kharedi kshamatechya tulanet vastavik swarupat mojali jaate.
jarr chalanwadh 10 takke asel tarr varshachya akheris khatyat asalelya 110 dollarchi krayshakti (mhanje, teech rakkam kharedi karate) eka varshapurvichya 100 dollaraitakich asate. yaa prakaranat vastavik vyaj darr shoonya aahe.
vastavik vyaj darr matsya samikaranadvare deela jaatoh
jethe "pii" haah chalanvadhicha darr aahe.
qamee darr aanee alp kalavadhisathi, resheey andaj lagoo hotoh
matsya samikaran 'ex antey' aanee 'ex poost' donhi lagoo karate. "purviche", darr heey andajit darr aahet, tarr "nantarche", darr aitihasik aahet.
bajar darr.
paishachi bajarpeth, rokhe bajar, share bajar aanee chalan bajar tasech kirkol bankings guntavanukisathi eka bajarpeth aahe.
vyajdar pratibimbit karatatah
chalanvadhichya apeksha.
tarksangat apekshanchya siddhantanusar, karjdar aanee karjdar bhavishyat chalanvadhichi apeksha karatat. jyaa sweekarya nammatra vyajadaravar teey karj ghenyas kinwa karj denyas ichchuk aahet aanee saksham aahet, tyat tyanna milanyasathi aavashyak asalela vastavik vyaj darr, kinwa teey bharnyas ichchuk aanee saksham aahet, tasech teey apekshit asalelya chalanvadhicha darr samavisht aahe.
dhoka.
guntavanukit jokhim kitee aahe heey vicharat ghetale jaate. sambhag aanee junk bondsarkhya jokhamichya guntavanukinmule samanyatah sarkari bondsarkhya surakshit guntavanukinpeksha jaast paratava milanyachi apeksha asate.
jokhim-mukt nammatra vyajdarachya varr jokhim-mukt nammatra vyajdarachya varr jokhim haptyacha atirikt paratava jokhim haptyacha asato. guntavanukivar guntavanukdarala aavashyak asalela jokhim hapte haah guntavanukdaranchya jokhim pradhanyanvar avalambun asato. bahutansh karjdar jokhim patkarnyas tayar naheet asey purave suchavatat.
dirghakalin guntavanukivar lagoo kelela paripakvata jokhim hapte, defaultcha jaast samajala jaanara dhoka darshavite.
jokhim chaar prakarchi aaheh
taralata pradhanya.
bahutek guntavanukdar qamee guntaguntichya guntavanukinaivaji tyanche paise rokh thevanyala pradhanya detat. garaj bhasalyas rokh rakkam lagech kharch karanyachi soya aahe, parantu kahee guntavanuki kharch karnyayogya swarupat hastantarit karnyasathi vel kinwa prayatna aavashyak asatat. rokh rakmechya pradhanyala taralata pradhanya mhanatat. udaharanarth, 10 varshanchya karjachya tulanet 1 varshache karj khoop taral asate. matra, 10 varshanche americi koshagar rokhe ajunahi tulanene drav aahet kaaran teey bajarat sahaj vikale jaau shakatat.
bajar model.
malmattesathi moolbhut vyaj darr nirdharan model aahe
kuthe?
paripoorn mahitee gruheet dharalyas, bajaratil serve sahbhaginsathi 'pii' samaan aahe aanee vyajdarache model sope karate
pasarato.
vyajdarancha 'prasar' mhanje karj darr vaja thev darr. yaa prasaramadhye karj aanee thevi pradan karananya bankanchya parichalan kharchancha samavesh hoto. nakaratmak prasar' mhanje jethe thevicha darr karjdarapeksha jaast asato.
sthool arthshastrat.
utpadan aanee berojgari.
uchch vyajadaramule karj ghenyachya kharchat vaadh hote jyamule pratyaksh guntavanuk aanee utpadan qamee houu shakate aanee berojgari vadhu shakate. uchch daranmule adhik bachat hote aanee chalanwadh qamee hote.
united statesmadhil khulya bajarpethetil vyavhar.
federal rakheev nidhi (anekada 'pheda' mhanoon olakhala jaato) mothya pramanat federal fund darr lakshya karoon aarthik dhoran amalat aanato. banka federal fandanchya ratrabhar karjasathi ekmekankadun aakartat, jeey fedvar bankanchya tabyat asalele rakheev aahet.
khulya bajarpethetil vyavhar heey federal reservene lagoo kelelya aarthik dhoranatil eka sadhan aahe, jeey koshagar rokhe kharedi aanee vikri karnyachya adhikaracha vapar karoon alpakalin vyajdar chalavate.
paisa aanee chalanwadh.
karj, rokhe aanee sambhaganmadhye paishachi kahee vaishishtye aahet aanee tyancha vyapak paishachya purvathyat samavesh aahe.
aay * aine nishchit karoon, sarkari sanstha jaaree kelelya ekoon karj, rokhe aanee sambhaganmadhye badal karnyasathi bajaravar parinam karoo shakate. sarvasadharanpane sangayache tarr, uchch vastavik vyaj daramule vyapak paishacha puravatha qamee hoto.
paishachya praman siddhantachya madhyamatoon, paishachya purvathyatil vaadh mahagaila karanibhoot tharate.
bachat aanee nivruttivetanavar parinam.
sanshodhkansarkhya aarthik arthshastradnyanni assa yuktivad keela aahe qee bahutek jee-20 deshanmadhil kayamswarupi qamee vyajdarancha nivruttivetan nidhichya nidhichya sthitivar pratikool parinam hoil kaaran "chalanvadhipeksha jaast paratava naan midalyas nivruttivetan guntavanukdaranna tyanchya bachatichya vastavik mulyacha samna karava lagato, pudhchya kahee varshant tyat vaadh honyaeivaji ghat hott jaate". bachat khatyanmadhil sadhyache vyajdar anekada chalanvadhichya gatishi julavun ghenyat apayashi tharatat.
1982 teey 2012 yaa kalat bahutansh pashchatya arthvyavasthanni sarkari rokhyansah serve malmatta vargatil guntavanukivar tulanene uchch paratava midvanyabarobarach qamee chalanvadhicha kaal anubhavala. yamule kahee nivruttivetan vima sallagar aanee niyamkanmadhye eka vishisht aatmasantoshachi bhavna nirman jhaali, jyamule bhavishyatil nivruttivetan dayitvanchya sadhyachya mulyachi ganana karnyasathi aashavadi aarthik gruhitakancha vapar karane vajvi vatate.
ganiteey tippani.
kaaran vyaj aanee chalanwadh samanyatah takkewari vaadh mhanoon dilee jaate, vareel sutre (resheey) andaj aahet.
udaharanarth,
fakt andaje aahe. kharey tarr, natesambandh aahe
tyamule
uchch kramvarichya atty kadhoon takanare done andaj asey aaheth
jarr laghuganak ekak sapeksh badalansathi vaparale gele, kinwa daranchya jaagi nirdeshankanchi laghuganak vaparali gelee tarr aanee mothya sapeksh badalansathihi tee samaan asel tarr yaa lekhatil sutre achook aahet.
shoonya darr dhoran.
tathakathit 'shoonya vyaj darr dhoran' (zirap) haah madhyavarti bankecha agadi qamee-shunyajavalacha-lakshyit vyaj darr aahe. yaa shoonya khalchya maryadet madhyavarti bankela paramparik chalanvishayak dhoranat adchaninna samore jaave lagate, kaaran samanyatah asey manale jaate qee bajaratil vyajdar vastavikdrushtya nakaratmak kshetrat dhakalale jaau shakat naheet.<bii. aar.>
2008 chya sankatanantar, federal reservene 12 varshe vyajdar shunyavar thewale.
nakaratmak nammatra kinwa vastavik darr.
"nammatra" vyajdar samanyatah sakaratmak asatat, parantu nehmich nasatat. yaulat, jevha nammatra vyajdar chalanvadhichya khalee asatat, tevha "vastavik" vyajdar nakaratmak asoo shakatat. jevha heey sarkari dhoranadvare kele jaate (udaharanarth, rakheev aavashyaktandvare), tevha heey aarthik dadapshahi manale jaate aanee dusare mahayuddhanantar (1945 pasoon) 1970 chya dashakachya uttaradhaparyant kinwa 1980 chya dashakachya suruvatiparyant (dusya mahayuddhanantarchya aarthik vistaradarmyan aanee tyanantar) united states aanee united kingadamsarkhya deshandware heey kele jaat hote. 1970 chya dashakachya uttaradhat, nakaratmak vastavik vyaj darr asalelya united states treasury rokhyanna "japtichi pramanpatre" manale jaat asey.
madhyavarti bankechya sathyanvar.
tathakathit 'nakaratmak vyaj darr dhoran' (aine. aay. aar. pii.) haah nakaratmak (shoonyapeksha qamee) kendriya bankecha lakshyit vyaj darr aahe.
siddhant.
rokh rokh thevanyacha paryay aanee asha prakare 0 takke kamai, karj denyaeivaji, napha midavanare karjdar 0 takkyanpeksha qamee karj denar naheet, kaaran tyamule tota hoil aanee nakaratmak thevi darr denanya bankela kahee kharedidar midatil, kaaran bachatkarte tyaeivaji rokh rokh thevatil.
nakaratmak vyajdar purvi prastavit kele gele aahet, visheshtah 19 vya shatkachya uttaradhat sylvio gessel yanni. nakaratmak vyajdarache (geseldware) varnan 'paise thevanyavar curr' asey kele jaau shakate; tyanni too tyanchya (mukt arthvyavastha) pranalicha 'freegeld' (mukt paisa) ghatak mhanoon prastavit keela. lock rokh rakkam thevu nayet (aanee tyamule 0 takke kamai hote), yasathi geselane maryadit kalavadhisathi paise jaaree karanyachi soochana kelee, jyanantar teey naveen notanmadhye badalale jaane aavashyak aahe; paise thevanyachya prayatnanmule teey kalbahya hote aanee nirupayogi hote. ashach prakare, johnn menard keynes yanni paishavar curr bharnyachi kalpana (1936, "rojgar, vyaj aanee paisa" yaa samanya siddhantacha) manya kelee, parantu prashasakeey adchaninmule tee fetalali. agadi alikade, federal rakheev karmchanyane (marvin goodfriend) 1999 madhye chalanavaril carrie tacks prastavit keela hota, joou notanvaril chumbakeey pattyandware lagoo keela jaanar hota, thevivaril carrie tacks vaja keela jaanar hota, joou biil kitee kaal thevanyat aale hote yavar aadharit hota.
assa prastav thevanyat aala aahe qee, anukramank lotterydware vidyaman kagadi chalanavar tattvatah nakaratmak vyaj darr aakarla jaau shakato, jase qee yadruchchikpane 0 teey 9 haah kramank nivadane aanee jyaa nota tyaa ankat anukramankasah sampatat tyaa nota nirupayogi asalyache ghoshit karane, jyamule sathavandaranna kagadi rokh rakmeche sarasari 10 takke nuksan hote; done ankee kramank kadhalyas notevaril shevatchya done ankanshi 1 takke nuksan houu shakate. jaree haah eka assal prastavapeksha eka vichar prayog mhanoon adhik asala taree, gregg mankivchya eka anamik vidyarthyane haah prastav mandala hota.
sarav qaraa.
2014 pasoon suru honari european madhyavarti banq aanee 2016 chya suruvatila suru jhaleli banq auph japan yaa doghannihi tyanchya aadhichya aanee satatyapurn parimanatmak sulbhatechya dhorananvar aadharit dhoran avalambale. nantarche dhoran tyachya sthapanechya velee 'japanchi' apasfitikaran mansikta badalanyacha prayatna karat asalyache mhatale gele.'2016 madhye sweeden, denmark aanee switzerlandmadhye-euro chalan kshetrat thet sahbhagi naan jhalyane-dekhil nirp hote.
sweeden aanee denmarksarkhya deshanni rakheev sathyanvar nakaratmak vyaj nishchit kele aahe-mhanje tyanni rakheev sathyanvar vyaj aakarle aahe.
julai 2009 madhye, sweedenchi madhyavarti banq, daad ricksbank, tyacha dhoranatmak repo darr, tyachya eka aathvadyachya thevi suvidhevaril vyaj darr, 0.25% varr, tyach velee tyacha ratrabhar thev darr-0.25% varr nishchit keela. ratrabhar thev darr nakaratmak asane haah tantrik parinam hota qee ratrabhar thev darr samanyatah policy darapeksha 0.5% qamee kinwa 0.75% qamee tharvile jaatat. ricksbank yaa badalanchya parinamacha abhyas keela aanee eka bhashya ahavalat mhatale qee, tyamule swedish vittiy bajarpethet konatahi vyatyay aala nahee.
sarkari rokhyanchya utpannavar.
europeey karj sankatachya kalat, kahee deshanche (switzerland, denmark, germany, finland, netherlands aanee austriya) sarkari bandhpatra nakaratmak utpannavar vikale gele aahet. suchavalelya spashtikarananmadhye yurokshetrachya vighatanapasun surakshitatechi ichcha aanee sanrakshn samavisht aahe (asha paristhitit kahee yurokshetra desh tyanchya karjache punha majboot chalanat rupantar karoo shakatat).
corporate rokhyanchya utpannavar.
vyavharik karanansathi, guntavanukdar aanee shikshantadnya samanyatah sarvat qamee pramanat karjdar sarkaranni (united kingdam, united states, switzerland, european union, japan) hummy dilelya sarkari kinwa ardh-sarkari rokhyanvaril utpannakade prabhavipane nagany default jokhim asalyache pahatat. aarthik siddhantanusar, guntavanukdar aanee shikshantadnya samanyatah bigger-sarkari hamidar corporate rokhyankade tyach prakare pahat naheet. bahutek patt vishleshak samaan kalavadhi, bhaugolik sampark aanee chalan sampark asalelya samaan sarkari rokhyanmadhye tyanche moolya vadhavtat. 2018 paryant yapaiki keval kahee corporate rokhe asey aahet jyanni nakaratmak nammatra vyajdarane vyapar keela aahe.
yache sarvat ullekhaneey udaharan nesley hote, jyanpaiki kahee aaa-rated rokhe 2015 madhye nakaratmak nammatra vyaj darane vyavhar karat hote. tathapi, kahee shaikshanik aanee guntavanukdaranna asey vatate qee yaa kalat chalan bajaratil asthiratemule yacha prabhav padala asava.