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GHSR]LWHOH ORU DFHDVWD SH ED]D XQHL H[SHULHQ H JHQHUDOL]DWH VDX vQ FRQVRQDQ
REOLJD LLOHOHJDOHSHDFHDVW OLQLHEDQLLQXPHUDULQWUD LvQVLVWHPXO
H[SXLVFXUJHULORUvQDIDUDDFHVWXLDWRDWHSO

 FX

bancar nu sunt

LOHV ILHHIHFWXDWHGHF WUHE QFLSULQ

RSHUDUHDvQFRQWXULOHGHVFKLVHFOLHQ LORUORU

Multiplicarea
banilor de
cont

2ULFH EDQF  SRDWH UHDOL]D R H[SDQVLXQH PXOWLSO  D GHSR]LWHORU SH ED]D

unei

VSRULULLQL LDOHDQXPHUDUXOXLQXPDLGDF LDOWHE QFLvLVSRUHVFGHDVHPHQHD

depozitele.
6  FRQVLGHU P F  ILHFDUH EDQF  vQFHSH V

-L H[WLQG

 GHSR]LWHOH SH ED]D FHORU

1.000 u.m. de rezerve noi. Pe de-R SDUWH GH YUHPH FH ILHFDUH EDQF  UH LQH FD
re]HUY GRDUGLIHUHQ DGHGLQYDORDUHDRULF UXLGHSR]LWQRXFUHDWvL
YD J VL GUXPXO VSUH DOWH E QFL SH P VXU  FH FOLHQ LL SO WHVF FX FHFXUL
GLIHUL LORU ORU FUHGLWRUL $FHDVWD UHSUH]LQW  XQ IOX[ GH QXPHUDU F WUH FHOHODOWH
E QFL
3H GH DOW  SDUWH  GLQ QRLOH GHSR]LWH FUHDWH OD R DOW  EDQF  DU WUHEXL V

-L

FURLDVF  GUXP vQ DFHDVW  EDQF  $VWIHO EDQFD vQFDVHD]  XQ QRX QXPHUDU L
WRDWH vQFHS VLPXOWDQ V  FUHH]H GHSR]LWH 7RDWH E QFLOH SRW FRQWLQXD H[WLQGHUHD
GHSR]LWHORU I U  D SLHUGH QXPHUDU XQD vQ IDYRDUHD DOWHLD (OH WUHEXLH QXPDL V 
S VWUH]H VXILFLHQW QXPHUDU SHQWUX D VDWLVIDFH FHUHULOH GHSRQHQ LORU FDUH DX

nevoie de numerar.

Multiplicarea
banilor de
cont
deducerea
UHOD LHLGH

LQkQGX VH VHDPD GH SULQFLSLLOH DU WDWH PDL VXV FD L GH P ULPLOH UHODWLYH

SULYLWRDUH OD GRX  UDSRDUWH VSHFLILFH

- UDSRUWXO GLQWUH UH]HUYHOH EDQFDUH L

WRWDOXO GHSR]LWHORU L OD UDSRUWXO GLQWUH QXPHUDUXO GH LQXW GH SRSXOD LH L

depozitele lor bancare-, se poate determina acum nivelul total al depozitelor

bancare (al banilor scripturali).

calcul
'DF QRW PFXRQXPHUDUXOGH LQXWvQUH]HUYHOHEDQFDUHFXCQXPHUDUXOGH LQXWGHSRSXOD LDQRQ-EDQFDU FX
HEDQLLFXSXWHUHULGLFDW QXPHUDUXOWRWDOGLQHFRQRPLHUH]XOW DVWIHOXUP WRDUHDUHOD LH
C+R=H
(1)
$FHDVWDVSXQHF WRWDOXOQXPHUDUXOXLGLQHFRQRPLHHVWHGH LQXWGHF WUHE QFLVDXGHF WUHSRSXOD LH
'DF  QRW P DFXP FX

x FRWD GRULW

 GH UH]HUYH D E QFLORU vQ WRWDOXO GHSR]LWHORU 

D), atunci vom avea n

FRQWLQXDUHXUP WRDUHDUHOD LH

R = xD
QILQHGDF QRW PFX

(2)

bSRQGHUHDSHFDUHRGH LQHSRSXOD LDGLQGHSR]LWHOHVDOHEDQFDUHvQQXPHUDUDWXQFLYD

UH]XOWDF 

C = bD.

(3)

QORFXLQGHFXD LLOHGRLLWUHLvQSULPDHFXD LHYRPRE LQH

bD + xD = H.
5H]ROYkQGDFHDVW HFXD LHvQUDSRUWFXYDULDELOD'YRPDYHD

D = H / (b+x).

(4)

(FXD LD  DUDW  F  GDF  UDSRUWXO QXPHUDUXOXL GRULW GH F WUH SXEOLF HVWH ]HUR DWXQFL GHSR]LWHOH FUHVF FX XQ
QXP UFDUHVHDIO vQWU RUHOD LHLQYHUVSURSRU LRQDO FXFRWDUH]HUYHLGHQXPHUDU'DF UDSRUWXOGHUH]HUYHDOE QFLLDU

fi 0,1 (10%) atunci depozitele ar fi de zece ori numerarul din economie). Un b SR]LWLY vQVHDPQ

 vQV  F  GUHQDMXO

QXPHUDUXOXL UH]XOWDW UHGXFH SRVLELOLWDWHD GH PXOWLSOLFDUH D GHSR]LWHORU GH YUHPH FH FUHWH YDORDUHD QXPLWRUXOXL vQ
UHOD LD

OIHUWD WRWDO  GH EDQL vQWU-R HFRQRPLH FDUH GLVSXQH GH XQ DQXPLW VLVWHP EDQFDU HVWH GHILQLW  GH VXPD FHORU
D L UHVSHFWLY C. Aceasta nu-l include pe R, deoarece depozitul care a creat rezervele bancare
LQL LDOHHVWHGHMDLQFOXVSULQGHSRzitele DLQXHVWHFD]XOV ILHLQFOXVGHGRX RUL'HFLRIHUWDGHEDQL MHVWHGDW GH
GRX  FRPSRQHQWH
UHOD LD

M=C+D
3XWHPDMXQJHODRH[SUHVLHFDUHV HYLGHQ LH]HFRUHOD LDGLQWUH

(5)

MLH nlocXLQGUHOD LDvQUHOD LDSHQWUX

D3URFHGkQGvQDFHVWPRGYRPRE LQH

M=
([SUHVLD  HVWH FXQRVFXW  FD ILLQG H[SUHVLD

b +1
H
b+ x

(6)

multiplicatorului banilor, deoarece ne spune de cte ori mai mare este

RIHUWDGHEDQLGHFkWED]DPRQHWDU DVLVWHPXOXL

&RQWUD LD

ofertei de bani

Se produce n cazul n care are loc o scurgere de numerar din sistemul bancar.
Scurgerea numerarului va antrena reducerea monedei din cont de 1/r ori mai
PDUH Q FD]XO vQ FDUH XQ FOLHQW DO E QFLL GHFLGH V  S VWUH]H VXE IRUP  GH
QXPHUDU XQ SOXV GH  XP UHWU JkQG DFHDVW  VXP  GLQ FRQWXO V X FXUHQW
UH]HUYHOH E QFLL VH GLPLQXHD]  FX  XP 3HQWUX UHVWDELOLUHD HFKLOLEUXOXL

depozitele la vedere trebuie diminuate cu 10.000 u.m. Aceasta nu se produce

LPHGLDW L DXWRPDW FL SULQ GHFL]LD E QFLL GH D QX PDL UHvQQRL DFHOH
vPSUXPXWXULDMXQVHODVFDGHQ

depozitul n numerar retras.

FDUHFRUHVSXQGED]HLPRQHWDUHFRQVWLWXLWHGLQ

$SOLFD LH0RGHOGHUH]ROYDUH

6HSUHVXSXQHH[LVWHQ DXQXLVLVWHPEDQFDUvQFDUHFRWDUH]HUYHORUREOLJDWRULLHVWHIL[DW ODQLYHOXO

GH  'DF  R EDQF  FRPHUFLDO  SULPHWH GLQ VWU LQ WDWH R GHSXQHUH GH  XQLW

monetare, atunci:
a) DFWLYHOHE QFLORUFRPHUFLDOHFUHVFFXXQLW
b) SDVLYHOHE QFLORUFRPHUFLDOHFUHVFFXXQLW
c) creditele bancare sunt egale cu zero
d) toate alternativele de mai sus
e) nici una dintre alternativele de mai sus.
5

VSXQV

L

LPRQHWDUH
LPRQHWDUH

b, c

'DWILLQGIDSWXOF VLVWHPXOEDQFDUDUHRFRW GHUH]HUY GHvQVHDPQ F vQWUHDJDFDQWLWDWH

GHPRQHG DFFHSWDW VXEIRUP GHGHSR]LWHYDILSODVDW vQFRQWODEDQFDFHQWUDO GHFLQXVHYRU

putea acorda credite bancare.

(&+,/,%58/',1$0,&$/3,(

(,021(7$5(

0(&$1,60*(1(5$/'()81&

,21$5(

0DUID PRQHG  HVWH RPRJHQ  &X WRDWH DFHVWHD SUH XO PRQHGHL GLIHU  vQ IXQF LH GH QXPHURL
IDFWRUL WHUPHQXO VFDGHQ HL JUDGXO GH ULVF DVXPDW GH FUHGLWRU VXPHOH WUDQ]DF LRQDWH
DMXVWDUHD SH R DVHPHQHD SLD

 VH IDFH JUHRL SLD D PRQHWDU  ILLQG R SLD

. n plus,
-a tratat

 GH ROLJRSRO 6

SUREOHPDUHVSHFWLY vQSDUDJUDIXOFRQVDFUDWRIHUWHLGHPRQHG $MXVWDUHDPRQHWDU VHIDFHILHSULQ

RSHUD LXQHDGHDFRPRGDUHILHSULQFHDGHYDOLGD

re.

$&202'$5($021(7$5

FRQVW vQDF LXQHDSULQFDUHDXWRULW

LOHPRQHWDUH

VSRUHVFRIHUWDGHPDV PRQHWDU FDU VSXQVODXQRFQHJDWLYDORIHUWHLDJUHJDWH

9$/,'$5($ 021(7$5

 VDX LQIOD LD YDOLGDW  GHWHUPLQ  GHSODVDUHD FX

rbei

FHUHULL DJUHJDWH vQ GUHDSWD L DVWIHO DQXOHD]  GHSODVDUHD VSUH VWkQJD D RIHUWHL

agregate pe termen scurt.

0(&$1,608/*(1(5$/$/)8&

d
%
d2

M0

E2

M1

(,021(7$5(

are ca efect sporirea

&UHWHUHD FHUHULL GH PRQHG

LLGHPRQHG SHSLD

FkWLFUHWHUHD

UDWHL GREkQ]LL DD FXP VXJHUHD]  ILJXUD 

Mc/2
Mc/

5,,3,(

DWkWDFDQWLW

E1

d1

,21

M2

(IHFWXOFUHWHULLFHUHULLGHPRQHG
&UHWHUHDFHUHULLGHPRQHG GHOD0FOD0F
DQWUHQHD]  DWkW FUHWHUHD PDVHL PRQHWDUH GH OD

Dac angajamentele de plat

 VH IDF FX R IUHFYHQ

PDL PLF  vQFHWLQLUHD YLWH]HL GH URWD LH DWXQFL

FHUHUHDGHPRQHG YDFUHWHFDLRIHUWDGHDOWIHO

6F

are ca efect att

GHUHD FHUHULL GH PRQHG

VF GHUHD

FDQWLW

LL

GH

PRQHG 

FkW

L

D

UDWHL

dobnzii.

M1 la M2 FkW L FUHWHUHD UDWHL GREkQ]LL GH OD

d1 la d2.

Mo/

d
%
d2
d1

&UHWHUHD RIHUWHL GH PRQHG

Mo/

WUDQ]DF LRQDWHSHSLD

E2

FRQGXFH OD VF GHUHD

UDWHL GREkQ]LL L OD FUHWHUHD PDVHL PRQHWDUH

6XUSOXVXOGHPRQHG RIHULW

nu vD SXWHD IL DEVRUELW GHFkW GDF

E1

 YD VF GHD UDWD

GREkQ]LL DFHDVWD GLQ XUP  VWLPXOkQG FHUHUHD GH

M
M2 M1
EfectulVFMm
GHULLRIHUWHLGHEDQL

PRQHG 

6F

GHUHD RIHUWHL GH PRQHG

conduce la sporirea

UDWHLGREkQ]LLLODGLPLQXDUHDFDQWLW

LLGHPRQHG 

6F GHUHD RIHUWHL GH PRQHG  GH OD 0R OD 0R

WUDQ]DF LRQDW  &DX]D FUHWHULL UDWHL GREkQ]LL HVWH

DQWUHQHD] DWkWGLPLQXDUHDPDVHLPRQHWDUHGHOD

e[LVWHQ DXQHLSHQXULLGHPRQHG

M1 la M2FkWLFUHWHUHDUDWHLGREkQ]LLGHODG1
la d2.

ODRUDW VF ]XW D

GREkQ]LL SHQXULH FH H[HUFLW  SUHVLXQL vQ VHQVXO

PDMRU ULLUDWHLGREkQ]LL

Caseta 19.2 Caracterizarea concUHW

DPHFDQLVPXOXLSLH HLPRQHWDUH QHFHVLW FkWHYDSUHFL] UL

&HUHUHDGHPRQHG HVWHRFHUHUHGHvQFDV ULUHDOH

 8QLW

LOH HFRQRPLFH S VWUHD]  PRQHGD SHQWUX D R XWLOL]D vQ HIHFWXDUHD WUDQ]DF LLORU GDU L SHQWUX D VH SURWHMD

mpotriva riscului;
([LVWHQ DFRVWXULORUGHWUDQVIRUPDUHvQEDQLOLFKL]LHVWHvQF XQXOGLQPRWLYHOHFDUHH[SOLF GH LQHUHDGHPRQHG 
&RVWXOGHRSRUWXQLWDWHVXSRUWDWGHDJHQWXOHFRQRPLFFHGH LQHPRQHG HVWHHJDOFXGREkQGDSHFDUHHODUILSXWXWV
RRE LQ SODVkQGDFHWLE

ani;

8QDJHQWFDUHGH LQHXQWLWOXILQDQFLDUVHH[SXQHXQHLSLHUGHULvQFDSLWDOGDF FXUVXODFHOXLDFWLYVFDGH

2DQWLFLSDUHDFUHWHULLSUH XULORUGLPLQXHD]  VWRFXOGH PDV  PRQHWDU LFRQGXFHODFUHWHUHDYLWH]HLGHFLUFXOD LH

a monedei.

Teorii privind
cantitatea
banilor n
FLUFXOD LH

7HRULD FDQWLWDWLY  FODVLF  VH ED]HD]  SH XQ PRGHO VLPSOX FH FRQ L

ne

XUP WRDUHOH HOHPHQWH

M  UHSUH]LQW

 PDVD PRQHWDU  vQ FLUFXOD LH OD QLYHOXO

unei economii; Y  UHSUH]LQW  SURGXF LD WRWDO  VDX SURGXVXO QD LRQDO EUXW UHDO
- UHSUH]LQW  YLWH]D GH FLUFXOD LH D EDQLORU P  UHSUH]LQW  QLYHOXO JHQHUDO DO

SUH XULORU 0RGHOXO DUDW  F  HFRQRPLWLL FODVLFL DX SULYLW FHUHUHD GH EDQL vQ
WHUPHQLLHFXD LHLVFKLPEXOXL

MQ = PY
5HOD LD FDX]DO  IXQGDPHQWDO  VXEOLQLDW  GH WHRULD FDQWLWDWLY  D EDQLORU
vQ FDGUXO HFXD LHL VFKLPEXOXL HVWH FHD GLQWUH

monetare deteUPLQ

M

 PRGLILFDUHD vQ UHOD LH GLUHFW

L

P: modificarea masei

 D QLYHOXOXL JHQHUDO DO

SUH XULORU &RQVLGHUkQG YLWH]D GH FLUFXOD LH D EDQLORU FD ILLQG FRQVWDQW  WHRULD
FDQWLWDWLY  FODVLF  PDL HVWH GHQXPLW  WHRULD FDQWLWDWLY  D EDQLORU vQ YDULDQW 
VWDWLF 
7HRULDFDQWLWDWLY

DEDQLORUvQYDULDQW

VWDWLF

DUHXUP WRDUHOHFRRUGRQDWH

YLWH]DGHFLUFXOD LHDEDQLORUHVWHLQYDULDELO 
SURGXF LD WRWDO  QX HVWH PRGLILFDW  FD XUPDUH D PRGLILF ULL PDVHL

monetare;

PRGLILFDUHD PDVHL PRQHWDUH IDFH FD LQGLIHUHQW GH WHUPHQ V  VH

modifice niveOXO

JHQHUDO

DO

SUH XULORU

P

vQ

UHOD LH

GLUHFW

SURSRU LRQDO 

Variante ale
teoriei
cantitative a
banilor n
varianta

(a)

9DULDQWDWUDQ]DF LRQDO

de

(FXD LD )LVKHU GXS  QXPHOH VXV LQ WRUXOXL HL ,UYLQJ )LVKHU Q IRUP 

DWHRULHLFDQWLWDWLYHHVWHFXQRVFXW LVXEQXPHOH

PDWHPDWLF (FXD LD)LVKHUDSDUHDVWIHO

MQ = PT

VWDWLF
(FXD LD )LVKHU LD vQ FRQVLGHUDUH

- YLWH]D GH WUDQ]DF LH FH DUDW

 GH

FkWH RUL R XQLWDWH PRQHWDU  HVWH FKHOWXLW  FKLDU GDF  QX GHYLQH YHQLW LDU

celelalte elemente sunt: masa mRQHWDU

M YROXPXO WUDQ]DF LLORU E

QHWL

HIHFWXDWH OD SUH XULOH H[LVWHQWH 

T L QLYHOXO JHQHUDO DO SUH XULORU P). Forma

M1LEDQL

GH]YROWDW DHFXD LHLGLYLGHPDVDE QHDVF vQQXPHUDUvQFLUFXOD LH

de cont (M2HFXD LDUH]XOWDW

ILLQG

M1Q1 + M2Q2 = PT
n aceaVW  YDULDQW  YROXPXO WUDQ]DF LLORU E QHWL HIHFWXDWH OD SUH XULOH
curente (T FXSULQGH QX GRDU HOHPHQWHOH LQFOXVH vQ 31% FL L SURGXVH
LQWHUPHGLDUH FXPS U ULOH GH P UIXUL YHFKL WUDQ]DF LL ILQDQFLDUH HWF 9LWH]D
GH WUDQ]DF LH VH IRORVHWH vQV  PDL SX

in dect viteza veniturilor, deoarece

GDWHOHGHVSUHWUDQ]DF LLOHWRWDOHVXQWPDLSX LQVLJXUH

(b) Varianta venit

D WHRULHL FDQWLWDWLYH D EDQLORU VDX (FXD LD &DPEULGJH D

IRVW HODERUDW  GH $OIUHG 0DUVKDOO L $ & 3LJRX GH OD 8QLYHUVLWDWHD

Cambridge. ED UHSUH]LQW

 SUDFWLF D GRXD ID]  D WHRULHL FDQWLWDWLYH FODVLFH L

DSDUH GXS  SULPXO U ]ERL PRQGLDO (FXD LD &DPEULGJH VH GHGXFH GLQ HFXD LD

schimbului
MQ = PY vQORFXLQG YLWH]D GH FLUFXOD LH D EDQLORU FX
inversul ei.

ei prin VHRE LQH

PS U LQGDPEHOHS U LDOHHFXD L

M = (1/Q)PY.
Folosind simbolul k pentru 1/ UH]XOW
Cambridge:

 IRUPD PDWHPDWLF  D (FXD LHL

M =kPY.
Raportul 1/ (notat prin constanta k

DUDW  SURSRU LD GLQ YHQLWXO

QRPLQDO31%QRPLQDOSHFDUHLQGLYL]LLR LQvQIRUP PRQHWDU 

Noua teorie
FDQWLWDWLY

banilor

D

)RUPHD]  QXFOHXO PRGHOXOXL PRQHWDULVW GHQXPLW  L WHRULD FDQWLWDWLY

EDQLORU vQ YDULDQW

 GLQDPLF

 D

, are ca principal element analiza cererii de bani

DERUGDW vQOHJ WXU FXHYROX LDHFRQRPLHLUHDOH

7HRULD FDQWLWDWLY  D EDQLORU UHIRUPXODW  VH ED]HD]  SH XUP WRDUHOH

coordonate:
YLWH]D GH FLUFXOD LH D EDQLORU HVWH YDULDELO  GDU HD QX YDULD]  vQ
UHOD LH LQYHUV  FX M FL PDL GHJUDE  vQ UHOD LH GLUHFW   FUHWH M,
FUHWHL; scade MVFDGHL;
SURGXF LDWRWDO VHSRDWHPRGLILFDvQXUPDYDULD LHLPDVHLPRQHWDUH
numai pe termen scurt;
PRGLILFDUHDPDVHLPRQHWDUHGHWHUPLQ VFKLPEDUHD
- pe termen scurt, vQ UHOD LH GLUHFW  DWkW D SUH XULORU FkW L D
SURGXF LHLWRWDOH

pe termen lung,
SUH Xrilor.

vQ UHOD LH GLUHFW SURSRU LRQDO  QXPDL D

32/,7,&$021(7$5

32/,7,&$%$1,/25,()7,1,

POLITICA BANILOR SCUMPI

32/,7,&$ 021(7$5
DXWRULW

 SRDWH IL GHILQLW  FD DQVDPEOXO GH DF LXQL H[HUFLWDWH GH

LOHPRQHWDUH%DQFD1D LRQDO 7UH]RUHULDDVXSUDPDVHLPRQHWDUHLDVXSUD

activeloUILQDQFLDUHvQYHGHUHDRULHQW

$QVDPEOXO GH UHJXOL SH FDUH %DQFD &HQWUDO  OH LPSXQH FHORUODOWH E QFL L

POLITICA
021(7$5

ULLHFRQRPLHLSHWHUPHQVFXUWVDXPHGLX

PRWLYD LLL

obiective

LQVWLWX LL ILQDQFLDUH YL]HD]  DWLQJHUHD XQRU RELHFWLYH JHQHUDOH DOH

sunt: VWDELOLWDWHD UHVWUXFWXUDUHD

economiei spre exterior etc.

ULL FXP

H[SDQVLXQHD GHVFKLGHUHD FXHILFLHQ

D

0RWLYD LLOHLVFRSXULOHSROLWLFLLSURPRYDWHGHDJHQ LLEDQFDULLGHFUHGLWSRWIL

JUXSDWHvQGRX FDWHJRULL

- organizarea profesiunii bancare

GH DD PDQLHU  vQFkW V  VH DVLJXUH SURWHF LD

GHSRQHQ LORU V  VH HYLWH ULVFXO FDUH DU SURYHQL GLQWU R JHVWLXQH GH]RUGRQDW  D

UHVXUVHORUPRQHWDUHLGLQP VXULOHLQGLYLGXDOHFHDUSHULFOLWDVLVWHPXOPRQHWDU
LGHFUHGLW

- realizarea, prin prghii specifice, a obiectivelor economice fundamentale.

-L SURSXQ  FRQFLOLHUHD VWDELOLW

2 SROLWLF  PRQHWDU  V Q WRDV  WUHEXLH V

SXWHULL

GH

FXPS UDUH

D

PRQHGHL

QX

ULJLGLWDWHD

PDVHL

LL

PRQHWDUH

FX

H[SDQVLXQHDHFRQRPLF 

Instrumentele clasice ale politicii monetare

Manevrarea
taxei scontului
LD

rescontului

%DQFD &HQWUDO  MRDF  XQ URO LPSRUWDQW vQ FUHDUHD GH PRQHG  SULQ WHKQLFD
LQGLUHFW DUHVFRQW ULLWLWOXULORUGHFUHGLW

SCONTAREA

FRQVW  vQ DFWXO SULQ FDUH R EDQF  DFKL]L LRQHD]  GH OD FOLHQ LL

V L OD YHGHUH L vQDLQWH GH VFDGHQ

 FUHDQ H SH WHUPHQ VFXUW WUDWH ELOHWH OD

ordin etc.), oferindu-OH DFHVWRUD VXPD GH SH vQVFULVXO vQ FDX]

 GLQ FDUH VH

VFDGH GREkQGD DIHUHQW  SHQWUX GXUDWD GH WLPS FXSULQV  vQWUH PRPHQWXO
DFKL]L LRQ ULLFUHDQ HLLVFDGHQ DHLVFRQW

RATA SCONTULUI

P ULPHD UHODWLY  D VFRQWXOXL GHSLQGH GH PDL PXO L

IDFWRUL vQ SULPXO UkQG GH UDSRUWXO GLQWUH FHUHUHD GH VFRQWDUH L SRVLELOLW

LOH

E QFLORU FRPHUFLDOH GH D YHQL vQ vQWkPSLQDUHD VROLFLWDQ LORU 0 ULPHD WD[HL

scontului se afl VXELQIOXHQ DWD[HLUHVFRQWXOXL

RESCONTAREA UHSUH]LQW  RSHUD LXQHD GH DFKL]L LRQDUH GH F

WUH EDQFD GH

HPLVLXQH GH OD E QFLOH FRPHUFLDOH D HIHFWHORU GH FRPHU  GHMD VFRQWDWH GH
DFHVWHD GLQ XUP  RSHUD LXQH HIHFWXDW  OD YHGHUH L vQDLQWH GH VFDGHQ



OpeUD LXQHD DUH ORF SH ED]H FRPHUFLDOH EDQFD FHQWUDO  UH LQkQG R VXP  XQ
comision numit rescont.
RATA RESCONTULUI HVWH UDWD GREkQ]LL SH FDUH R FDOFXOHD]  EDQFD GH
HPLVLXQH vQ PRPHQWXO UHVFRQW ULL FDPELLORU L DOWRU WLWOXUL GH FUHGLW GH F WUH
E QFLOHFRPHUFLDOHWLWOXULVFRQWDWHGHDFHVWHDGLQXUP FOLHQ LORUORU

$FKL]L LRQDUHD

sau vnzarea
titlurilor pe
openmarket

QWUXFkW WUDQ]DF LLOH vQWUH E QFLOH FRPHUFLDOH JHQHUHD]  ILH XQ H[FHGHQW ILH
GHILFLW JOREDO GH OLFKLGLW

L EDQFD GH HPLVLXQH LQWHUYLQH

pentru a reteza

H[FHGHQWXOUHVSHFWLYSHQWUXDFRPSOHWDGHILFLWXOGXS FD]QSULPDVLWXD LH

HD FHGHD]  SH SLD D PRQHWDU  R IUDF LXQH GLQ HIHFWHOH SXEOLFH FUHDQ H DVXSUD
7UH]RUHULHL VDX GLQ FHOH SULYDWH FUHDQ H DVXSUD HFRQRPLHL FXPS U ULOH SH

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Fisher, Irving

Le pouvoir dachat de la monnaie, Paris, 1925

Friedman, Milton

Politique montaire ou politique fiscale, Paris, Edition Mane,

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