The Central Bank of Bangladesh was established in 1972 after the country gained independence. It formulates and implements monetary policy in Bangladesh and regulates banks and financial markets. As the country's central bank, it aims to manage currency issuance and payment systems, regulate foreign exchange, and advise the government on economic policies. It uses various monetary policy tools like open market operations, reserve requirements, and interest rates to influence money supply and achieve objectives like price stability.
This document discusses interest rate swaps, including defining a basic swap transaction, the gains achieved through swaps, pricing and valuation of swaps, risks and applications of swaps. A basic swap involves two parties exchanging interest rate payment obligations, with one party paying a fixed rate and receiving a floating rate, and vice versa. Swaps allow parties to achieve lower financing costs by exploiting differences in borrowing rates available to higher and lower rated entities. Risks include pricing risk, credit risk, and potential systemic risks from unhedged dealer positions.
The document defines foreign exchange rates as the price at which one currency can be converted into another. It discusses the history of currencies, including bartering systems and the introduction of coins and paper money in India. The document also examines the devaluation of the Indian rupee in the 1970s due to various economic and political factors. Additionally, it describes the differences between fixed and floating exchange rate systems and various factors that influence exchange rates such as inflation rates, interest rates, and political stability.
The document discusses theories of long-run exchange rates and purchasing power parity (PPP). It introduces the law of one price and PPP, which predicts that exchange rates will equal the ratio of countries' price levels. Empirical tests find weak support for PPP and the law of one price. Real exchange rates, interest rates, and expected inflation differentials also influence long-run exchange rates. International differences in output, prices, and monetary policies can cause deviations from PPP in both the short and long run.
The Central Bank of Bangladesh was established in 1972 after the country gained independence. It formulates and implements monetary policy in Bangladesh and regulates banks and financial markets. As the country's central bank, it aims to manage currency issuance and payment systems, regulate foreign exchange, and advise the government on economic policies. It uses various monetary policy tools like open market operations, reserve requirements, and interest rates to influence money supply and achieve objectives like price stability.
This document discusses interest rate swaps, including defining a basic swap transaction, the gains achieved through swaps, pricing and valuation of swaps, risks and applications of swaps. A basic swap involves two parties exchanging interest rate payment obligations, with one party paying a fixed rate and receiving a floating rate, and vice versa. Swaps allow parties to achieve lower financing costs by exploiting differences in borrowing rates available to higher and lower rated entities. Risks include pricing risk, credit risk, and potential systemic risks from unhedged dealer positions.
The document defines foreign exchange rates as the price at which one currency can be converted into another. It discusses the history of currencies, including bartering systems and the introduction of coins and paper money in India. The document also examines the devaluation of the Indian rupee in the 1970s due to various economic and political factors. Additionally, it describes the differences between fixed and floating exchange rate systems and various factors that influence exchange rates such as inflation rates, interest rates, and political stability.
The document discusses theories of long-run exchange rates and purchasing power parity (PPP). It introduces the law of one price and PPP, which predicts that exchange rates will equal the ratio of countries' price levels. Empirical tests find weak support for PPP and the law of one price. Real exchange rates, interest rates, and expected inflation differentials also influence long-run exchange rates. International differences in output, prices, and monetary policies can cause deviations from PPP in both the short and long run.
This document discusses measures of the money supply (M1 and M2) and how banks create money through the money multiplier effect. It explains that the money supply expands as banks make loans from their excess reserves. The money multiplier is equal to 1 divided by the required reserve ratio, so in this example the money multiplier is 10. When the Fed conducts open market operations by buying bonds, it increases bank reserves and allows the money supply to expand through additional lending. The Fed uses tools like open market operations, reserve requirements, and interest rates to influence the money supply and control monetary policy.
Chapter19 International Finance ManagementPiyush Gaur
The document provides solutions to end-of-chapter questions and problems related to multinational cash management. It discusses key factors for effective cash management within firms and why it is more difficult for multinational corporations. It also examines the pros and cons of centralized versus decentralized cash management systems. Sample problems calculate standard deviations of cash portfolios and demonstrate how a multinational company can reduce foreign exchange transactions and costs through netting interaffiliate cash flows.
Role of Central Banks Notes - A-Level & IB EconomicsQurious Education
Download these notes and other resources at https://WeAreQurious.com/Economics
Teaching, learning and revision notes for Central Banks in A-Level Economics and IB Economics for all exam boards (Edexcel, AQA, OCR, Eduqas).
This chapter discusses interest rate swaps and currency swaps. Interest rate swaps involve the exchange of interest rate payment obligations on a set notional principal between two counterparties, while currency swaps involve the exchange of principal and interest rate payment obligations in different currencies. The size of the global swap market is substantial, with over $127 trillion in notional principal outstanding for interest rate swaps and over $7 trillion for currency swaps as of mid-2004. The chapter covers the role of swap banks, how swaps are quoted in the market, the mechanics of interest rate and currency swaps, and risks involved in swap transactions.
The document discusses money markets and the various securities traded within them. Money markets provide short-term funding for participants and a place for investors to store excess cash. Major securities discussed include Treasury bills, certificates of deposit, commercial paper, and repurchase agreements. These instruments vary in issuers, maturity length, and liquidity. Money markets help corporations and governments manage mismatches between cash inflows and outflows.
This document discusses international finance concepts including exchange rates, forward rates, purchasing power parity, interest rate parity, and exchange rate risk. It provides examples and explanations of these topics. For instance, it explains that if the yen spot price is 108.173 yen per dollar and the 1-year forward rate is 111.715 yen per dollar, then the dollar is selling at a 3.27% premium relative to the yen. It also works through examples of calculating forward rates and converting cash flows between currencies.
MONEY MARKET AND CAPITAL MARKET(short project)vijayverma767
The document provides information about money markets and capital markets. It defines the money market as dealing in short term loans of up to 365 days. Money market instruments discussed include call money, treasury bills, certificates of deposit, commercial paper, repurchase agreements, and banker's acceptances. The roles of the money market are also summarized, such as maintaining monetary equilibrium, promoting economic growth, and helping implement monetary policy. Characteristics of the money market include short term borrowing and lending between parties who agree on interest rates. The importance of the money market to the Indian economy is also highlighted.
This document provides an overview of the historical development of the US banking system from 1782 to the present. It discusses the chartering of early banks, the creation of the Federal Reserve System in 1913, and the Glass-Steagall Act of 1933 which separated commercial and investment banking. It also describes how financial innovation eroded traditional banking by creating new shadow banking system activities and products, and led to industry consolidation and nationwide banking following the repeal of interstate banking laws.
The document discusses several monetary policy tools used by the Federal Reserve:
1) Open market operations, where the Fed buys or sells bonds to influence the money supply and interest rates. This is the most flexible and reversible tool.
2) The discount rate, which is the interest rate banks pay to borrow from the Fed. Lowering this rate makes borrowing cheaper and expands the money supply.
3) Reserve requirements, which set the minimum reserves banks must hold. Lowering these ratios expands the money supply by increasing bank lending capacity.
This document discusses international financial flows and the balance of payments. It defines the balance of payments as a summary of all economic transactions between a country and the rest of the world over a period of time. The balance of payments has two main components - the current account, which tracks trade in goods/services and income flows, and the capital account, which covers investment-related flows. The document outlines several factors that influence international trade volumes and patterns, such as trade agreements, outsourcing, and relative labor costs across countries.
Ch.2 Overview of the Financial System - mishkin.pptSajidIqbalLibrary
The document provides an overview of the financial system and financial markets. It discusses that the financial system consists of financial markets, institutions, and regulatory bodies. Financial markets channel funds from those with surplus to those with deficits. They promote economic efficiency and improve consumer well-being. The structure of financial markets can be classified by financial instrument type, maturity date, and whether the security is being originally issued or previously traded.
The document discusses various determinants of interest rates, including the real risk-free rate which is the risk-free rate plus inflation premium, the nominal risk-free rate which includes a premium against the risk of default on payments, the default risk premium which covers the risk of a borrower failing to make interest or principal payments, the liquidity risk premium which covers the difficulty of selling less marketable securities, and the maturity risk premium which covers the risk of interest rates changing for bonds with longer maturities.
This document discusses the management of interest rate risk in banks. It defines interest rate risk and explains the main sources of this risk for banks, including re-pricing risk, basis risk, embedded option risk, and yield curve risk. The document then discusses tools for analyzing and measuring interest rate risk, such as gap analysis, simulation models, and rate shift scenarios. Managing interest rate risk is important for banks since their main source of profit relies on the difference between the interest rates paid on liabilities and earned on assets.
The document discusses the international Fisher effect (IFE), which predicts that differences in nominal interest rates between two currencies will cause an equal but opposite change in their spot exchange rates. It provides the simple formula for calculating future spot exchange rates based on current rates and expected inflation and interest rates. An example calculation is shown where the US dollar is expected to depreciate against the South Korean won due to the higher nominal interest rate in the US.
An interest rate is the cost of borrowing money expressed as a percentage of the total amount borrowed. Interest rates are not directly determined by supply and demand but are indirectly set by the Reserve Bank of Australia through its impact on the cash rate. There are different types of interest rates depending on whether an institution is borrowing or lending funds and the term of the financial assets. Factors like the demand for capital goods, savings levels, inflation expectations, and international rates can affect general interest rate levels in Australia. The Reserve Bank uses domestic market operations like buying and selling government securities to influence the cash rate and monetary policy.
Chapter 14_The International Financial SystemRusman Mukhlis
The document discusses various topics related to the international financial system including:
- Types of foreign exchange rate interventions and their impact on monetary bases
- Components and purpose of a country's balance of payments
- Fixed and floating exchange rate regimes and how central banks intervene to maintain fixed rates
- Challenges of large current account deficits and the euro's challenge to the US dollar's global reserve status.
Report on Monetary Policies & its transmission mechanismGopal Kumar
The document is a report on monetary policies and transmission mechanisms in India. It defines monetary policy and its objectives set by the Reserve Bank of India. It describes the various monetary policy instruments used by RBI including open market operations, cash reserve ratio, statutory liquidity ratio, and repo and reverse repo rates. It also outlines the monetary transmission mechanism and key channels such as interest rates, credit, asset prices and exchange rates. It discusses issues that can affect the transmission of monetary policy.
The document provides an overview of various international financial markets including the foreign exchange market, Eurocurrency market, Eurocredit market, Eurobond market, and international stock markets. It discusses the motives for investors, creditors, and borrowers to use these international markets and how they allow funds to flow more freely globally. The summary briefly outlines some of the key international financial markets and their roles in facilitating international investment and trade.
This document discusses measures of the money supply (M1 and M2) and how banks create money through the money multiplier effect. It explains that the money supply expands as banks make loans from their excess reserves. The money multiplier is equal to 1 divided by the required reserve ratio, so in this example the money multiplier is 10. When the Fed conducts open market operations by buying bonds, it increases bank reserves and allows the money supply to expand through additional lending. The Fed uses tools like open market operations, reserve requirements, and interest rates to influence the money supply and control monetary policy.
Chapter19 International Finance ManagementPiyush Gaur
The document provides solutions to end-of-chapter questions and problems related to multinational cash management. It discusses key factors for effective cash management within firms and why it is more difficult for multinational corporations. It also examines the pros and cons of centralized versus decentralized cash management systems. Sample problems calculate standard deviations of cash portfolios and demonstrate how a multinational company can reduce foreign exchange transactions and costs through netting interaffiliate cash flows.
Role of Central Banks Notes - A-Level & IB EconomicsQurious Education
Download these notes and other resources at https://WeAreQurious.com/Economics
Teaching, learning and revision notes for Central Banks in A-Level Economics and IB Economics for all exam boards (Edexcel, AQA, OCR, Eduqas).
This chapter discusses interest rate swaps and currency swaps. Interest rate swaps involve the exchange of interest rate payment obligations on a set notional principal between two counterparties, while currency swaps involve the exchange of principal and interest rate payment obligations in different currencies. The size of the global swap market is substantial, with over $127 trillion in notional principal outstanding for interest rate swaps and over $7 trillion for currency swaps as of mid-2004. The chapter covers the role of swap banks, how swaps are quoted in the market, the mechanics of interest rate and currency swaps, and risks involved in swap transactions.
The document discusses money markets and the various securities traded within them. Money markets provide short-term funding for participants and a place for investors to store excess cash. Major securities discussed include Treasury bills, certificates of deposit, commercial paper, and repurchase agreements. These instruments vary in issuers, maturity length, and liquidity. Money markets help corporations and governments manage mismatches between cash inflows and outflows.
This document discusses international finance concepts including exchange rates, forward rates, purchasing power parity, interest rate parity, and exchange rate risk. It provides examples and explanations of these topics. For instance, it explains that if the yen spot price is 108.173 yen per dollar and the 1-year forward rate is 111.715 yen per dollar, then the dollar is selling at a 3.27% premium relative to the yen. It also works through examples of calculating forward rates and converting cash flows between currencies.
MONEY MARKET AND CAPITAL MARKET(short project)vijayverma767
The document provides information about money markets and capital markets. It defines the money market as dealing in short term loans of up to 365 days. Money market instruments discussed include call money, treasury bills, certificates of deposit, commercial paper, repurchase agreements, and banker's acceptances. The roles of the money market are also summarized, such as maintaining monetary equilibrium, promoting economic growth, and helping implement monetary policy. Characteristics of the money market include short term borrowing and lending between parties who agree on interest rates. The importance of the money market to the Indian economy is also highlighted.
This document provides an overview of the historical development of the US banking system from 1782 to the present. It discusses the chartering of early banks, the creation of the Federal Reserve System in 1913, and the Glass-Steagall Act of 1933 which separated commercial and investment banking. It also describes how financial innovation eroded traditional banking by creating new shadow banking system activities and products, and led to industry consolidation and nationwide banking following the repeal of interstate banking laws.
The document discusses several monetary policy tools used by the Federal Reserve:
1) Open market operations, where the Fed buys or sells bonds to influence the money supply and interest rates. This is the most flexible and reversible tool.
2) The discount rate, which is the interest rate banks pay to borrow from the Fed. Lowering this rate makes borrowing cheaper and expands the money supply.
3) Reserve requirements, which set the minimum reserves banks must hold. Lowering these ratios expands the money supply by increasing bank lending capacity.
This document discusses international financial flows and the balance of payments. It defines the balance of payments as a summary of all economic transactions between a country and the rest of the world over a period of time. The balance of payments has two main components - the current account, which tracks trade in goods/services and income flows, and the capital account, which covers investment-related flows. The document outlines several factors that influence international trade volumes and patterns, such as trade agreements, outsourcing, and relative labor costs across countries.
Ch.2 Overview of the Financial System - mishkin.pptSajidIqbalLibrary
The document provides an overview of the financial system and financial markets. It discusses that the financial system consists of financial markets, institutions, and regulatory bodies. Financial markets channel funds from those with surplus to those with deficits. They promote economic efficiency and improve consumer well-being. The structure of financial markets can be classified by financial instrument type, maturity date, and whether the security is being originally issued or previously traded.
The document discusses various determinants of interest rates, including the real risk-free rate which is the risk-free rate plus inflation premium, the nominal risk-free rate which includes a premium against the risk of default on payments, the default risk premium which covers the risk of a borrower failing to make interest or principal payments, the liquidity risk premium which covers the difficulty of selling less marketable securities, and the maturity risk premium which covers the risk of interest rates changing for bonds with longer maturities.
This document discusses the management of interest rate risk in banks. It defines interest rate risk and explains the main sources of this risk for banks, including re-pricing risk, basis risk, embedded option risk, and yield curve risk. The document then discusses tools for analyzing and measuring interest rate risk, such as gap analysis, simulation models, and rate shift scenarios. Managing interest rate risk is important for banks since their main source of profit relies on the difference between the interest rates paid on liabilities and earned on assets.
The document discusses the international Fisher effect (IFE), which predicts that differences in nominal interest rates between two currencies will cause an equal but opposite change in their spot exchange rates. It provides the simple formula for calculating future spot exchange rates based on current rates and expected inflation and interest rates. An example calculation is shown where the US dollar is expected to depreciate against the South Korean won due to the higher nominal interest rate in the US.
An interest rate is the cost of borrowing money expressed as a percentage of the total amount borrowed. Interest rates are not directly determined by supply and demand but are indirectly set by the Reserve Bank of Australia through its impact on the cash rate. There are different types of interest rates depending on whether an institution is borrowing or lending funds and the term of the financial assets. Factors like the demand for capital goods, savings levels, inflation expectations, and international rates can affect general interest rate levels in Australia. The Reserve Bank uses domestic market operations like buying and selling government securities to influence the cash rate and monetary policy.
Chapter 14_The International Financial SystemRusman Mukhlis
The document discusses various topics related to the international financial system including:
- Types of foreign exchange rate interventions and their impact on monetary bases
- Components and purpose of a country's balance of payments
- Fixed and floating exchange rate regimes and how central banks intervene to maintain fixed rates
- Challenges of large current account deficits and the euro's challenge to the US dollar's global reserve status.
Report on Monetary Policies & its transmission mechanismGopal Kumar
The document is a report on monetary policies and transmission mechanisms in India. It defines monetary policy and its objectives set by the Reserve Bank of India. It describes the various monetary policy instruments used by RBI including open market operations, cash reserve ratio, statutory liquidity ratio, and repo and reverse repo rates. It also outlines the monetary transmission mechanism and key channels such as interest rates, credit, asset prices and exchange rates. It discusses issues that can affect the transmission of monetary policy.
The document provides an overview of various international financial markets including the foreign exchange market, Eurocurrency market, Eurocredit market, Eurobond market, and international stock markets. It discusses the motives for investors, creditors, and borrowers to use these international markets and how they allow funds to flow more freely globally. The summary briefly outlines some of the key international financial markets and their roles in facilitating international investment and trade.
1. 18 дан 1 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
8- :Мавзу Пул8- :Мавзу Пулга талабга талаб
функциясифункцияси
2. 18 дан 2 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
РЕЖА:
• 1. Пул тушунчаси ва унинг
функциялари. Пул агрегатлари.
• 2. Пулга талабнинг классик назарияси.
• 3. Пулга талабнинг кейнсча назарияси.
3. 18 дан 3 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
• Пул – иқтисодиёт субъектлари мулкининг бир
тури бўлиб, мулкнинг бошқа турларидан икки
хусусиятига кўра фарқ қилади: биринчидан,
пул юқори ликвидлиликлар, яъни қисқа
муддатда, сезиларсиз сарф - харажатлар
билан бошқа буюмга айирбошланиш
қобилиятига эга; иккинчидан баҳолар
ўзгармас бўлган шароитда пул ёки ҳеч қандай
даромад келтирмайди, ёки унинг
даромадлилиги даражаси бошқа мулк
турлариникидан анча кам. Шунга қарамасдан
кишилар нима учун мулк сифатида пулга
эгалик қилишга ҳаракат қиладилар
4. 18 дан 4 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
• Одатда пулнинг уч асосий функцияси мавжуд деб
қаралади.
• Булар : 1) (тўлов воситаси алмашинув
); ,.воситаси қиймат ўлчови воситаси
( )жамғариш бойлик тўплаш воситаси.
• Умумий эквивалентлилик, юқори ликвидлилик
хусусиятлари пулни идеал тўлов воситасига
айлантиради. Ҳозирги замон иқтисодиётида
тўловлар уч йўл билан амалгам оширилади: 1) нақд
пул тўлови; 2) банкдаги ҳисоб варақларда ёзув
орқали, яъни нақд бўлмаган пул кўчириш орқали; 3)
бир шахснинг иккинчи шахсга қарздорлилигини
тасдиқловчи ҳужжатлар ( векселлар, қарз
мажбуриятлари) ёрдамида.
• Қиймат ўлчови сифатида пуллар товарлар баҳосини
ифодалайди ва турли товарлар қийматини таққослаш
имконини беради.
5. 18 дан 5 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
• Ривожланган мамлакатларда пул массасини аниқлашда - М1;
М2; М3; М4 деб белгиланадиган пул агрегатларидан
фойдаланилади.
• Пул агрегатларининг таркиби ва миқдори турли мамлакатларда
ўзаро фарқ қилиш мумкин. Қуйида умумлаштириб олинган пул
агрегатлари таркибини келтирамиз:
• “М0- банк тизимидан ташқаридаги нақд пуллар ва тижорат
банкларининг
• Марказий банкдаги резервлари;
• М1 = М0 + муддатсиз депозитлар, йўл чеклари ва бошқалар;
• М2 =М1 + (миқдори ва муддати чекланган) муддатли
депозитлар ва бошқалар ;
• М3 = М2+(миқдори ва муддати чекланмаган) муддатли
депозитлар ва бошқалар”
•
Саидова Г., Шадыбаев Т. Макроэкономика Т., ИПАК «Шарк»
2003, 34 -с..
6. 18 дан 6 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
• Пулнинг миқдорий назарияси пулга бўлган талабни алмашинув
тенгламаси ёрдамида аниқлайди:
• M· V = P· Y
• Бу ерда: M – муомаладаги пул миқдори; V – пулнинг айланиш
тезлиги;
• P – баҳолар даражаси (баҳо индекси); Y – реал ЯИМ.
• Пулнинг айланиш тезлиги, иқтисодиётда битимлар таркиби
нисбатан барқарор бўлганлиги учун ҳам доимий катталик деб
қабул қилинади. Аммо банк тизимига ҳисоб-китобларни
тезлаштирувчи техник воситалар жорий қилиниши натижасида у
ўзгариши мумкин. V доимий бўлган шароитда алмаштириш
тенгламаси қуйидагича бўлади:
• M· V* = P· Y (Фишер тенгламаси), бундан:
P· Y
M= -----------
V*
7. 18 дан 7 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
• Пулга талабнинг Кейнс назарияси, ликвидлиликнинг
афзаллиги назарияси, пулни нақд кўринишда
сақлашга кишиларни ундовчи уч сабабни ажратиб
кўрсатади:
• трансакцион сабаб (жорий битимлар учун нақд пулга
талаб);
• эҳтиёткорлик сабабли (кўзда тутилмаган ҳолатлар
учун маълум миқдорда нақд пулларни сақлаш);
• спекулятив сабаб (фойда олиш мақсадида қимматли
қоғозлар сотиб олиш учун пулга талаб).
• Спекулятив сабаб фоиз ставкаси билан
облигациялар курси ўртасидаги тескари боғлиқликка
асосланади. Агар фоиз ставкаси кўтарилса,
облигациялар баҳоси пасаяди, уларга талаб эса
ошади. Бу эса ўз навбатида, нақд пул
заҳираларининг қисқаришига ҳамда нақд пулларга
талабнинг пасайишига олиб келади.
8. 18 дан 8 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
• Классик ва кейнсчиларга хос ёндашувларни умумлаштириб, пулга талабнинг
қуйидаги омилларини ажратиб кўрсатиш мумкин:
• 1) даромадлар даражаси;
• 2) пулнинг айланиш тезлиги;
• 3) фоиз ставкаси.
• Агар классик назария пулга талабни асосан, реал даромад ҳажми билан
боғласа, кейнсчиларда эса пулга талаб асосан, фоиз ставкасига боғлиқ деб
ҳисобланади.
•
Пулнинг айланиш тезлигини ҳисобга олмаганда, реал пул қолдиғига талаб
формуласи қуйидагича бўлади:
• (M/P) D=f (R, Y);
• Бу ерда: R – фоиз ставкаси; Y – реал даромад.
• Чизиқли боғлиқликни эътиборга олсак, қуйидагича формула ҳосил бўлади:
• (M/P)D= kY - hR
• Бу ерда: k ва h – пулга талабнинг даромадлар ва фоиз ставкасига
таъсирчанлигини ифодаловчи коэффициентлар; k – фоиз ставкаси (реал фоиз
ставкаси).
• Реал фоиз ставкаси номинал фоиз ставкасидан инфляция суръатини айириб
топилади.
• Даромад даражасининг ўзгариши фоиз ставкаси ўзгармас бўлган шароитда
ҳам пулга талабнинг кўпайишига олиб келади. Бу графикда пулга талаб эгри
чизиғининг силжиши кўринишида намоён бўлади.
9. 18 дан 9 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
IS – LM –модели товар ва пулIS – LM –модели товар ва пул
šбозорларида макрои тисодийšбозорларида макрои тисодий
мувозанат шартларининг та лилимувозанат шартларининг та лили
Товар бозориТовар бозори Пул бозориПул бозори
IS – LM модели товар ва пул бозорларида мувозанатни
таъминлайдиган фоиз ставкаси билан даромад
бирикмасини аниšлашга имконият беради. Бу модель
кœпроš иšтисодиетни šисšа муддатли даврда талил šилиш
учун šœлланилади.
IS - инвестициялар (investment) – жамармалар (savings)
LM – ликвидлилик афзаллиги (liquidity) - пул (money)
10. 18 дан 10 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
IS-LMмоделининг асосийIS-LMмоделининг асосий
тенгламаларитенгламалари
IS:IS:
Y = C + I + G + Xn - миллий исобларнинг асосий
айнияти
C = a + b (Y-T) – ,истеъмол функцияси бу ерда T = Ta +
tY
I = e – dR– инвестициялар функцияси
Xn = g - m’Y - hR– соф экспорт функцияси
LM:LM:
M/P= kY – hR– œпулга б лган талаб функцияси
V = PxМ х У
Бунда: M- муомилага чикарилган пул;
V - пулнинг айланиш тезлиги;
P- ЯММ дефлятори;
У - реал ЯММ.
Ушбу айниятни пулнинг микдорий
11. 18 дан 11 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
IS эгри чизи иIS эгри чизи и
Товар бозоридаги мувозанат
– šэгри чизи иб у эгри чизи
миллий исобларнинг асосий
айният шартларини
šондирадиган даромад ва фоиз
œставкасининг барча заро
œбирикишини к рсатади ва
šунинг ар бир ну тасида
инвестициялар ва
жам армаларб ир бирига тенг
œб лади
Жам армаф ункциясиЖам армаф ункцияси
S
S2
S1
Y1 Y 2 Y
Инвестиция функциясиИнвестиция функцияси IS эгри чизи иIS эгри чизи и
R R
R 1
R2
I1 I 2 I Y1 Y 2 Y
12. 18 дан 12 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
šКейнс кесишмасидан чизмадан ор алиšКейнс кесишмасидан чизмадан ор али
IS šэгри чизи инингч и арилишиIS šэгри чизи инингч и арилиши
Кейнс кесишмасиКейнс кесишмаси
E
Y 2 Y1
Инвестиция функциясиИнвестиция функцияси IS эгри чизи иIS эгри чизи и
R R
R 2
R1
I1 I 2 I Y2 Y1 Y
13. 18 дан 13 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
Реал пул захираси. Даромад
А. Реал пул бозор. Б. LM эгри чизиги.
M/P M/P Y1 Y2 Y
Фоиз ставкаси
Фоиз ставкаси
Пулга талаб функциясини куйидагича ёзамиз: M/P= L(к.у);
14. 18 дан 14 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
IS-LM модели ва ундаги мувозанат.
• Энди бизда IS-LM моделининг барча узгарувчи омиллари мавжуд. Моделнинг иккита
тенгламаси:
• (IS) У = С(У-T)+I(к)+G; (LM) M/P= L(к.у);
• Бюджет-солик сиёсати G ва T пул кредит сиёсати М ва нархлар даражаси Р моделда
узгарувчи омиллар сифатида берилган. Бу икки IS ва LM эгри чизикларини бирлашишида
xосил буладиган графикни биз, IS-LM модели деб аташимиз мумкин.
IS-LM модели
Фоиз ставкаси
IS - эгри чизик - бу товарлар бозоридаги мувозанат эгри чизигидир. У узида товарлар бозоридаги мувозанатни
таъминловчи фоиз ставкаси к нинг ва даромад у нинг барча узаро бирликларини курсатади, LM эгри чизиги эса пул
бозоридаги мувозанат шартларини кондирувчи к ва у нинг узаро бирлашувларини беради.
IS-LM эгри чизиклари кесишадиган нукта IS-LM моделидаги иктисодий мувозанатлик xолатидир. Бу
нукта узида шундай фоиз ставкаси к ни ва даромад даражаси У ни аниклайдики качонки улар реал пул
маблагларига булган талаб уларнинг таклифига тенг келган вазиятни ифодалайди. Яъни, маxсулотлар пул
бозорида xам мувозанат шартларига риоя килинса, пулга булган умумий талаб фоиз ставкаси микдорига ёки
пулнинг ишлатилиш баxосига нисбатан тескари богликликда булади.
15. 18 дан 15 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
IS Yэгри чизи инингг а нисбатанIS Yэгри чизи инингг а нисбатан
алгебраик тенгламасиалгебраик тенгламаси
mt)-b(1-1
Rn)(d
mt)-b(1-1
bTa
mt)-b(1-1
1G
mt)-b(1-1
gea
Y
+
+
−
+
−
+
+
+
++
=
œТ ри
šбо лил ик
Тескари
šбо лил ик
Тескари
šбо лил ик
Давлат бюджет
мультипликатор
и
Солик
мультипликатори
: a, b, d, e, g, n, m’ š ISИзо коэффициентларнинг иймати
šмоделининг асосий тенгламаларидан келиб чи ади
а – автоном истеъмол, b – истеъмолга меъерий мойиллик, d – фоиз ставкасига
инвестицияларнинг сезувчанлик коэффициенти, e – автоном инвестиция, g -
автоном экспорт, t – солиš ставкаси, m’- импортга меъерий мойиллик
16. 18 дан 16 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
IS šэгри чизи ининги ялик даражасиIS šэгри чизи ининги ялик даражаси
ŠияŠия ТикТик
d, n. b
t, m’
Y
r
d, n. b
t, m’
Y
r
Is
Is
17. 18 дан 17 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
Y
R
Is
Is2
Is3
ЧекловчиЧекловчи
↑∆↓∆ TG
Ра батлантирРа батлантир
увчиувчи
↓∆↑∆ TG
Бюджет-солиš сиесатидаги œзгаришлар IS
эгри чизиининг аракати билан тасвирланади
18. 18 дан 18 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
LM эгри чизи иLM эгри чизи и
R R
R
LMR1
M d1
Md2
М/Р
Y1 Y2 Y
LM эгри чизии – пул бозоридаги мувозанат эгри
чизии – пулга бœлган талаб унинг таклифига
тенг бœлган нуšталарнинг геометрик œрни.
19. 18 дан 19 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
LM эги чизи ининга лгебраикLM эги чизи ининга лгебраик
тенгламаситенгламаси
Фоиз ставкасига (R) нисбатан
(Y)Даромадга нисбатан
hR
M
h
kY
R
1
−=
k
hR
kP
M
Y +=
1
: k– œБу ерда даромад динамикасига пулга б лган талабнинг
,сезувчанлиги
h - œфоиз ставкасининг динамикасига пулга б лган талабнинг
сезувчанлиги
20. 18 дан 20 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
LM šэги чизи ининги ялик даражасиLM šэги чизи ининги ялик даражаси
h
k
Y
r
Y
r
LM
LM
h
k
ŠияŠия ТикТик
21. 18 дан 21 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
R
ЧекловчиЧекловчи
↓s
M
Ра батлантирувчРа батлантирувч
ии
↑s
M
Y
LM1
LM
LM2
- œ LMПул кредит сиесатидаги згаришлар
эгри чизи ининга ракати билан
тасвирланади
22. 18 дан 22 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
IS-LMмоделидаги мувозанатIS-LMмоделидаги мувозанат
Y
R
Y*
R*
IS
E
LM
Иккала бозордаги мувозанатга эришиш учун фоиз
šставкаси ва даромад даражаси ми дорларининг
š œфа атгина битта бирикмаси б лиши мумкин
IS-LMмодели товар ва пул бозорларидаги фоиз
šставкасини ва даромад даражасини бир ва тда
мувозанатга эришишини белгилаб беради
23. 18 дан 23 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
š š œЕпи и тисодиетда згармас нархларš š œЕпи и тисодиетда згармас нархлар
шароитида даромад ва фоиз ставкасинингшароитида даромад ва фоиз ставкасининг
œ šзгаришига макрои тисодий сиесатнингœ šзгаришига макрои тисодий сиесатнинг
таъсиритаъсири
Ра батлантирувчи
- šбюджет соли
сиёсати
Ра батлантирувчи
-пул кредит сиёсати
Даромад
Даромад
Фоиз ставкасиФоиз ставкаси Фоиз ставкасиФоиз ставкаси
R
Y
LM2
LM1
R1
R2
Y1 Y2
IS
R
Y
LM
R2
R1
Y1 Y2
IS1
IS2
24. 18 дан 24 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
š šСи иб чи ариш самарасиš šСи иб чи ариш самараси
š Бу и тисодий одисада давлат харажатларнинг
œсиши хусусий инвестициялар ва соф экспортни
š šси иб чи аради
R
Ms =const
R
Y
LM
R2
R1
Y1Y* Y2
IS
IS1
A
B
p
M
Md Md1 Ms
š šСи иб си аришš šСи иб си ариш
↓↓⇒↓↑⇒↑⇒↑⇒↑⇒↑⇒⇒↓↑ YXnIRMdYCY)T(G
25. 18 дан 25 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
šМакрои тисодий сиёсатнинг нисбийšМакрои тисодий сиёсатнинг нисбий
самарадорлигисамарадорлиги
- šРа батлантирувчиб юджет соли сиёсати
šТаъсир илувчиšТаъсир илувчи
ОмилларОмиллар
š šСи иб чи ариш
самараси
šанчали
œ ,кам б лса
сиесат шунчали
šсамаралиро
œб лади
Моделдаги эгриМоделдаги эгри
šчизи ларнингšчизи ларнинг
шаклларишакллари
IS эгри чизи и
,нисбатан тик
LM эгри чизи и
š š œэса ияро б лади
Чизмадаги тасвири
r
Y
LM
R2
R1
Y1 Y2
IS1
IS2
26. 18 дан 26 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
šМакрои тисодий сиёсатнинг нисбийšМакрои тисодий сиёсатнинг нисбий
самарадорлигисамарадорлиги
-Ра батлантирувчип ул кредит сиёсати
ТаъсирТаъсир
šилувчи омилларšилувчи омиллар
Пул массасининг
œк пайиши ва фоиз
ставкасининг
пасайиши
инвестициялар
амда соф экспорт
динамикасига
таъсири
Моделдаги эгриМоделдаги эгри
šчизи ларнингšчизи ларнинг
шаклларишакллари
LM эгри чизи и
,нисбатан тик
IS эгри чизи и
š š œэса ияро б лади
Чизмадаги тасвири
R
Y
LM2
LM1
R1
R2
Y1 Y2
IS
27. 18 дан 27 слайд
11 Мавзу. Умумий макроиктисодий мувозанат.11 Мавзу. Умумий макроиктисодий мувозанат. IS – LMIS – LM моделимодели
š š œЁпи и тисодиётда згарувчан нархлар шароитида
œдаромад ва фоиз ставкасининг згаришига
šмакрои тисодий сиёсатнинг таъсир этиши
( š )узо муддатли даврда
Сиёсатнинг
œй налиши
Нархла
р
(Даромад ишлаб
šчи аришнинг
)потенциал ажми
Фоиз
ставкаси
Рабатлантирувчи
бюджет-солиš
сиёсати
=
Рабатлантирувчи
пул-кредит сиёсати
= =