CAPITOLUL 11

POLITICI FINANCIARE (BUGETARE)

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astfel nct efectele politicilor bazate pe cerere sunt optimiste,

eficacitatea acestor politLFL
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-o economie pentru care sunt acceptate

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 lipsa componentei monetare

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consumatori

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venit prin intermediul unoU

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m = C/ V sau m = PF/var.exo.,
unde:
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RSHUDWRU GH YDULD LH

C = consum
V = venit
PF = produs final
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guvernamentale, deficite bugetare etc.).

11.1. Modelul economiei nchise

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LH

ene

Structura modelului include:

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consumator:
C = c Y + C0, cu c =
C = consumul

&

(i)

(1.1)

Y = produsul final
C0 = consumul autonom
c = vQFOLQD LD PDUJLQDO
(ii) IXQF LD

VSUH FRQVXP F

(0,1)

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de nici una din variabilele modelului

(1.2)

I = I0
,

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I0

(iii) HFXD LD GH HFKLOLEUX

Y = C + I,

(1.3)

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cheltuielLORU

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FRQVXP UHVSHFWLY GH EXQXUL GH LQYHVWL LH

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GH

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1
1
C0 +
I0 ,
1 c
1 c

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GH
DO

vQFOLQD LD

(1.4)
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dintre cei trei

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(Y*)Co > 0,

(Y*)Io > 0.

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FDUH VH GHWHUPLQ

(1.4.1)

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FX

- multiplicatorul

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<
,

1
1c

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(1.5)

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comportament:
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c
I0
1 c

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(1.6)

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DO

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al produsului final.

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LL

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sporuri: 1/0

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2/1 pentru sporul

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de produs final. n acest caz ar fi, teoretic, posibil ca 2/1Y <

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(0,1).

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-c),

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spre consum:

c (0;0,5) c (1 c) (0;1)

c [0,5;1) c (1 c) [1; )

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R IXQF LH GH LQYHVWL LH GHILQLW

cu a = , ,

I = a Y + I0,

HQGRJHQ

(2.1)

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unitate a produsului final.

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produsului final:
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YH]L

direFW

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1
1
C0 +
I0,
1 c a
1 c a
S VWUHD]


(2.2)

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(2.2.1)
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(2.3)

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comportament:
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1
I0
1 c a

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DO

(2.4)
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i mult dect

a crescut produsul final. De aceea, avem (1- c - a) < (1 - c), astfel

nct 1/(1 - c - a) > 1/(1 - c).
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venituri (implicit a unui consum) mai mari.

11.1.2. Modelul economiei QFKLVH vQ FRQGL

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T - impozitele
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Tn- impozitele nete
Prin cheltuielile publice pot fi formulate politici bugetare
sau politici ale cheltuielilor publice; prin impozite pot fi formulate
politici fiscale.
Variabilele bugetare pot fi exogene sau pot fi determinate
GH

QLYHOXO

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FH

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Structura modelului include:

(i)

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Yn = Y - Tn

(3.1.1)

Tn = T - R

(3.1.2)

(ii) IXQF LD

GH FRQVXP GHILQLW

vQ UDSRUW F

u venitul (produsul final)

net, Yn:
C = c Yn + C0
DVWIHO vQFkW GDF

(3.2)

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C = c(Y - T + R) + C0

(3.2.1)

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Y=C+I+G
(iv) IXQF LLOH

GH

(3.3)

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FKHOWXLHOLORU

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EXJHWDUH H[RJHQH VXQW YDORUL GDWH DOH DFHVWRU YDULDELOH DGLF

exprimate independent de nivelul produsului final:

I = I0;

G = G0; T = T0;

R = R0

3H ED]D UHOD LLORU  L 

(3.4-3.7)
 VH RE LQH P ULPHD

de echilibru a produsului final:

Y* =

1
c
(C 0 + I 0 + G 0 ) 1 c (T0 R 0 )
1 c

&UHWHUHD HFRQRPLF

HVWH VWLPXODW

DWkW SULQ LQYHVWL LL FkW L

SULQ YDULDELOH EXJHWDUH ,PSDFWXO ORU HVWH vQV

(3.8)

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putere L DQXPH -c);

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GDU

GH

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puterea SULPHORU GRX

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putere, c/(1-c),

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absoluW

1/(1-c) > c/(1-c)

(3.81)

Impactul negativ al impozitelor apare ca rezultat al

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GH FRQVXP L D YDORULL GH HFKLOLEUX D YHQLWXOXL VH RE LQH FRQVXPXO

GH HFKLOLEUX L DQXPH

C* =

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vQV

c
1
C 0 ,
I 0 + G 0 (T0 R 0 ) +
1 c
1 c
F

IDFWRULL DX DFHHDL

LPSR]LWHOH DF LRQHD]

(3.9)

putere de multiplicare, c/(1-c),

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fost formulate de economistul M. Haavelmo sub forma unei

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ntr-o economie

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mul, independent de

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- cu toate

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a restrngerii generate prin venituri este nul -

VH SURGXFH WRWXL R

FUHWHUH D YHQLWXOXL QD LRQDO

Yn

R sau

Yn

I sau

C
S

)LJ  0HFDQLVPXO FUHWHULL HFRQRPLFH GXS

economiei nchise cu intervHQ

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FDUH VH FRQVLGHU

Y* =
FHHD FH DWHVW

GLQ UHOD LD  vQ

C0 = I0 = R0 = 0, iar G0 = T0

UH]XOW 

1
c
G 0
G 0 = G 0 = T0 ,
1 c
1 c
FUHWHUHD YDORULL GH HFKLOLEUX D YHQLWXOXL FX DFHODL

cuantum cu care s-au modificat cheltuielile bugetare, respectiv

veniturile bugetare.
$FHVW
HFKLOLEUDW ID

UH]XOWDW

FRQWUD]LFH

GH YROXPXO DFWLYLW

WH]D
LL WH]

QHXWUDOLW
OLEHUDO

LL

EXJH

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asupra dinamismului economiei.

tului

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vQ

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transferurile bugetare

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se produce o compensare perfecW

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R0 = T0,

C0 = I0 = G0 = 0), atunci

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vQFkW YHQLWXO QX PDL FUHWH &RQIRUP UHOD LHL 

Y* =

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1 c

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au efHFW

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-3.7) politicile bugetare

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bugetare. n caz contrar, aceste politici au efect depresiv.

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LD VWDWXOXL

L YDULDELOH EXJHWDUH GHWHUPLQDWH SULQ SURGXVXO ILQDO

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a veniturilor bugetare, dar n sens contrar a cheltuielilor bugetare,

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numai veniturile bugetului sunt dependente de produsul final,

urmnd ca aSRL

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bugetare sunt dependente de venit.

A. Venitul bugetului dependent de produsul final
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de
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> 0

(4.1)

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3H ED]D UHOD LLORU  

-   L  VH RE LQH

nivelul de echilibru al produsului final:

Y* =

1 c(1 t )

(C

&UHWHUHD HFRQRPLF

+ I0 + G0 )

1 c(1 t )

HVWH VWLPXODW

(T

R 0 ) (4.2)

DWkW SULQ LQYHVWL LL FkW L

SULQ YDULDELOH EXJHWDUH ,PSDFWXO ORU HVWH vQV

GLIHUHQ LDW

LQYHVWL LLOH L FKHOWXLHOLOH JXYHUQDPHQWDOH DX LPSDFW GH DFHHDL

SXWHUH L DQXPH 

- c (1 - t));

LPSR]LWHOH L WUDQVIHUXULOH DX LPSDFW GH DFHLDL SXWHUH

c/(1 - c (1 - t)), dar de sensuri difHULWH LPSR]LWHOH GLPLQXHD]

FUHWHUHD HFRQRPLF  vQ WLPS FH WUDQVIHUXULOH R DPSOLILF 

FD

SDUDPHWUL

PDUJLQDO

GH

VSUH

FUHWHUH

FRQVXP

DF LRQHD]
FD

vQ

QX

QXPDL

YDULDQWHOH

vQFOLQD LD

SUHFHGHQWH

DOH

PRGHOHORU GH FUHWHUH FL L UDWD LPSXQHULL

puterea priPHORU GRX

GRX

YDULDELOH HVWH PDL PDUH GHFkW D FHORUODOWH

vQ FRPSDUD LD FX LPSR]LWHOH VH DUH vQ YHGHUH YDORDUHD

DEVROXW 

1/(1 - c (1 - t)) > c/(1 - c (1 - t))

HIHFWHOH

JHQHUDWH

variabLOHOH
DEVROXW 

SULQ

YDULDELOHOH

(4.2.1)
,

*

UHVSHFWLY

SULQ

L 5 VXQW PDL PLFL vQ FD]XO OXL 7 vQ YDORDUH

GHFkW

vQ

PRGHOHOH

SUHFHGHQWH

GHRDUHFH

PXOWLSOLFDWRUXO HVWH FRUHFWDW OD QXPLWRU FX R YDORDUH SR]LWLY

VXEXQLWDU  

- t) (0,1); evident, rata impunerii, t, nu poate fi

VXSUDXQLWDU 

1/(1 - c) > 1/(1 - c (1 - t))

(4.2.2)

c/(1 - c) > c/(1 - c (1 - t))

(4.2.3)

'LPLQXDUHD PXOWLSOLFDWRUXOXL vQ FD]XO DFHVWXL PRGHO ID

FHO

SUHFHGHQW

YHQLWXULORU

VH

GLQ

SULQ

H[SOLF

FDX]

WHPSHUDUHDGHVFXUDMDUHD

SDUWH

ORU

HVWH

SUHOXDW

GH

FUHWHULL
OD

EXJHW

Fenomenul este cunoscut sub numele de fuga veniturilor.

2

SDUWLFXODULWDWH

PXOWLSOLFDWRUXO

subunitDU

SHQWUX

GXS

SUDJ UH]XOW

FXP

LQWHUHVDQW

LPSR]LWH

PRGHOXOXL

WUDQVIHUXUL

2c 1
> t , respectiv
c

SRDWH

HVWH

IL

VXSUD

F
VDX

2c 1
< t . Din acest
c

F  SHQWUX D DYHD XQ LPSDFW VXSUDXQLWDU DO LPSR]LWHORU

L WUDQVIHUXULORU vQFOLQD LD PDUJLQDO

PLF

VDX HJDO

VSUH FRQVXP QX SRDWH IL PDL

FX  GHRDUHFH SHQWUX F

0,5 avem (2c - 1)/c 0, n

timp ce rata impunerii t (0,1). Pentru valoarea prag c = 0,5

UH]XOW



DVWIHO

vQFkW

PRGHOXO

GHJHQHUHD] 

vQWUXFkW

YHQLWXULORU EXJHWDUH  VH UHGXFH OD R FRQVWDQW  7

IXQF LD

T0 DGLF

OD

cazul impozitelor exogene.

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> 1/(2 - t),

respectiv c < 1/(2 - t).

3H

ED]D

IXQF LHL

GH

FRQVXP

YDORULL

GH

HFKLOLEUX

YHQLWXOXL VH RE LQH QLYHOXO GH HFKLOLEUX DO FRQVXPXOXL L DQXPH

C* =

1
c(1 t )
C0 +
(I + G 0 )
1 c(1 t )
1 c(1 t ) 0

c
(T R 0 )
1 c(1 t ) 0

0HFDQLVPXO

GH

(4.3)

DF LXQH

IDFWRULORU

EXJHWDUL

DVXSUD

Yn

produsului final este prezentat n figura 52.

a) politica cheltuielilor bugetare

Yn

S
C

b) politica transferurilor

Yn

c)

T0

S
C

SROLWLFD ILVFDO

FiJ  0HFDQLVPXO FUHWHULL HFRQRPLFH GXS

PRGHOXO HFRQRPLHL vQFKLVH FX

LQWHUYHQ LD VWDWXOXL L LPSR]LWHOH GHSHQGHQWH GH YHQLWXO QD LRQDO

7HRUHPD OXL +DDYHOPR SRDWH IL SXV

vQ HYLGHQ

YDULD LD FKHOWXLHOLORU EXJHWDUH L D

DFHVWXL PRGHO 3UHVXSXQkQG F

YHQLWXULORU EXJHWDUH HVWH GH DFHHDL P ULPH

G0 = T0 L F

D LD FHORUODOWH YDULDELOH HVWH QXO  DWXQFL UH]XOW

Y* =
FHHD FH DUDW

L vQ FD]XO

YDUL

GLQ UHOD LD 

1 c
1 c
T0 ,
G 0
1 c( t )
1
1 c( t )
1
F

VH SURGXFH R H[SDQVLXQH D

venitului, dar efectul

marginal este mai mic dect n modelul precedent, deoarece

multiplicatorul acestui model este mai mic dect al celui precedent
(vezi (4.2.2.)).
B. Toate variabilele bugetare dependente de produsul final
0RGHOXO

GH

FUHWHUH $

VH FRPSOHWHD]

FX

UHOD LL

SULYLQG GHSHQGHQ D GH SURGXVXO ILQDO DO WUDQVIHUXULORU L DO FKHOWX

ielilor bugetare:
(i)

IXQF LD WUDQVIHUXULORU

R = R0 - r Y, cu RY < 0 ,
XQGH U HVWH vQFOLQD LD PDUJLQDO

(5.1)

VSUH WUDQVIHUXUL L U

(0,1)

(ii) IXQF LD FKHOWXLHOLORU EXJHWDUH

G = G0 -g Y, cu GY<0,
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g(0,1).

(5.2)
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3H ED]D UHOD LLORU  

RE LQH QLYHOXO GH HFKLO

Y* =

-    L  VH

ibru al produsului final:

1
(C 0 + I 0 + G 0 ) 1 c(1 ct r) + g (T0 R 0 )
1 c(1 t r ) + g
(5.3)
,PSDFWXO DVXSUD FUHWHULL HFRQRPLFH HVWH VLPLODU FHOXL GLQ

YDULDQWD $ DWkW vQ FH SULYHWH SXWHUHD PXOWLSOLFDWLY

D YDULDELOHORU

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ordine ntre aceste puteri

WRULORU HVWH PDL PLF

PXOWLSOLFDWLYH

0 ULPHD

PXOWLSOLFD

GHFkW vQ YDULDQWD $

1/(1 - c (1 - t)) > 1/(1 - c (1 - t - r) + g)

c/(1 - c (1 - t)) > c/(1 - c (1 - t - r) + g),
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DEVROXW

FRPSRQHQWD
L

PDUJLQDO

vQ

SOXV

QHJDWLY
DSDUH

QXPLWRUXOXL

FRPSRQHQW

FUHWH

DGLWLY 

vQ

SULQ

YDORDUH

vQFOLQD LD

VSUH FKHOWXLHOL JXYHUQDPHQWDOH 0HFDQLVPXO GH DF LXQH D

factorilor bugetari asupra produsului final este prezentat n figura 53.

0RGHOHOH

FDUH

LDX

vQ

FRQVLGHUDUH

LQWHUYHQ LD

VWDWXOXL

vQ

SURFHVXO FUHWHULL HFRQRPLFH DX vQ YHGHUH HIHFWXO LQGXV GH FUHWHUHD

FHUHULL

JOREDOH

WRFPDL

FD

UH]XOWDW

DO

SR]L LHL

LQWHUYHQ LRQLVWH

statului prin politici bugetare. Eficacitatea acestor politici este mai

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vQ

cazul definirii lor ca dependente de produsul final. Astfel, pentru o

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VSUH FRQVXP GH  L R UDW

D LPSXQHU

ii de

0,25, valorile multiplicatorilor (3.8.1), respectiv (4.2.1) sunt:

SHQWUX LQYHVWL LL L FKHOWXLHOL JXYHUQDPHQWDOH  vQ PRGHOXO





vQ

PRGHOXO

$

DGLF

vQ

UDSRUW

GH

2,42/1

SHQWUX LPSR]LWH L WUDQVIHUXUL  vQ PRGHOXO  L 

n modelul 11.1.2.2.A
)D

GH

UHDOLWDWHD

HFRQRPLF

GLIHULWHORU

HFRQRPLL

VWDELOL]DWH DFHWL PXOWLSOLFDWRUL VXQW UHODWLY PDUL FX DWkW PDL PXOW

FHL GLQ FODVD  3ULQFLSDOHOH H[SOLFD LL DOH DFHVWHL VXSUDHVWLP UL
D HILFLHQ HL SROLWLFLORU EXJHWDUH UH]LG

vQ IDSWXO F

VH IDFH DEVWUDF LH

GH SLD D H[WHUQ  GH SLD D ILQDQFLDU PRQHWDU  GH EORFDMHOH RIHUWHL FD

HIHFW DO FRPSRUWDPHQWXOXL DJHQ LORU SURGXF WRUL L GH IRUPXODUHD

FHUHULL QX QXPDL VXE LPSHULXO UD LRQDOLW
VXELHFWLY 

a) politica cheltuielilor bugetare

Yn

G0

unor fDFWRUL GH QDWXU

LL HFRQRPLFH GDU L DO

Yn

R0

Yn

c)

T0

b) politica transferurilor
C

SROLWLFD ILVFDO

)LJ  0HFDQLVPXO FUHWHULL HFRQRPLFH GXS

PRGHOXO HFRQRPLHL vQFKLVH

FX LQWHUYHQ LD VWDWXOXL L FX WRDWH YDULDELOHOH EXJHWDUH GHSHQGHQWH

GH YHQLWXO QD LRQDO

11.2. Modelul economiei deschise

Modelul economiei deschise ia n considerare participarea

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VHUYLFLL
PRQHWDU

HFRQRPLFL
L

IDFH

vQ

OD

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DEVWUDF LH

GH

GH

SLD D

EXQXUL

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modificare a echilibrului macroeconomic.

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XO H[WHULRU

Modelul economiei deschise presupune definirea variabiOHORU GH FRPHU

H[WHULRU L D UHOD LHL ORU FX SURGXVXO ILQDO

11.2.1.1. 'HSHQGHQ

D FRPHU

H[WHULRU

- DFWLYLWDWH LQWHUQ

&RPHU XO H[WHULRU HVWH UHSUH]HQWDW SULQ LQGLFDWRULL YROXPXO

H[SRUWXOXL ; L YROXPXO LPSRUWXOXL 0 FD L SULQ VROGXO EDODQ HL

comerciale

(B).

LQWHULRDU

HFRQRPLHL

Indicatorul

reprezentativ

QD LRQDOH

U PkQH

pentru activitatea

SURGXVXO

ILQDO

YHQLWXO

QD LRQDO FD L PRGHOHOH HFRQRPLHL vQFKLVH

5HIHULWRU OD FHUHUHD JOREDO

L RIHUWD JOREDO 

H[SRUWXO HVWH R GHVWLQD LH SHQWUX SURGXVXO LQWHUQ L GH DFHHD VH

include vQ FHUHUHD GH SURGXVH QD LRQDOH

LPSRUWXO HVWH R UHVXUV

SHQWUX LQGXVWULD LPSRUWDWRDUH SHQWUX

DJHQ LL HFRQRPLFL FH IXQF LRQHD]

vQ FDGUXO HL L GH DFHHD VH

LQFOXGH vQ RIHUW 
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ID

VH PRGLILF

GH FHD D XQHL HFRQRPLL vQFKLVH YH]L UHOD LD  ILLQG GH

forma:
Y + M = C + I + G + X,

(6.1)

vQ FDUH PHPEUXO VWkQJ HVWH vQ HOHV FD FHUHUH SH SLD D QD LRQDO

(Y -FHUHUH GH SURGXVH QD LRQDOH L 0 - cerere de produse de import),

LDU PHPEUXO GUHSW HVWH vQ HOHV FD RIHUW

D SLH HL QD LRQDOH &

de bunuri pentru consumul privat, I LQYHVWL LL *

RIHUW

LQWHUQ

- RIHUW

RIHUW

GH

SHQWUX

GH EXQXUL SHQWUX FRQVXPXO JXYHUQDPHQWDO L ;

GH EXQXUL SHQWUX H[SRUW 6H SRDWH DVWIHO IRU

FHUHUHD

EXQXUL

- RIHUW

VDWLVI FXW

SH

VHDPD

EXQXULORU

maliza cererea
SURGXVH

SULQ

DFWLYLWDWHD LQWHULRDU 

D=C+I+G+X-M

(6.2)

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HVWH UHSUH]HQWDW

SULQ IXQF LD GH H[SRUW L IXQF LD GH LPSRUW

([SRUWXO FRUHVSXQGH XQHL FHUHUL IRUPXODWH vQ H[WHULRU L GH

aceea, este determinat (ntr-R P

VXU

UHODWLY PDUH GH IDFWRUL H[WHUQL

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economiilor partenere, cursul de schimb, politicile comerciale ale

partenerilor etc. Din acest motiv exportul este considerat exogen
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GHSHQGHQW

DGLF

IDFWRULDO FL SULQWU R FRQVWDQW 

(6.3)

X = X0

Importul corespunde unei cereri formulate n interior, este

DGUHVDW

IXUQL]RULORU

H[WHUQL

HVHQ LDO GH FDSDFLWDWHD GH SODW

HVWH

FRQVLGHUDW

GHSLQGH

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vQ

PRG

GH YHQLWXULOH

HFRQRPLHL

QD LRQDOH

GHSHQGHQ D

DFHVWXLD

'H

GH

SULQ vQFOLQD LD PDUJLQDO

DFHHD

YHQLWXO

IXQF LD

QD LRQDO

VSUH LPSRUW

0XO LPHD IDFWRULORU GH LQIOXHQ

GRW ULL

UDSRUWXULOH

FX

vQWUH

IDFWRUL

SUH XULOH

VFKLPE SROLWLFD FRPHUFLDO

GH

GHSHQGHQ

H[SULP

IRUPDOL]DW

m (0,1 ).

(6.4)

SHQWUX LPSRUW LQFOXGH L

SURGXF LH

LQWHUQH

LPSRUW

- m:

M = m Y + M0, cu M Y > 0
P VXUD

GH

FHOH

HFRQRPLHL
H[WHUQH

QD LRQDOH

FXUVXULOH

GH

ULL LPSRUWDWRDUH  D P G GDU DD

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YD

FUHWH

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FD

HIHFW

DO

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L DO FDSDFLW
'LQ

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GH

LPSRUW

VH

SRDWH

GHWHUPLQD

HODVWLFLWDWHD

acestuia n raport cX YHQLWXO QD LRQDO

E M /Y =
unde m

M / M M / Y
=
= m / m,
Y / Y
M/Y

(6.4.1)

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UDWD LPSRUWXOXL vQ UDSRUW FX YHQLWXO QD LRQDO

'LQ  VH RE LQH

m = m EM/Y,

(6.4.2)

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FDUH

UH]XOW

UDSRUWXO

GLUHFW

vQWUH

vQFOLQD LD

PDUJLQDO

VSUH

LPSRUW SH GH R SDUWH L UDWD LPSRUWXOXL L HODVWLFLWDWHD DFHVWXLD SH

GH DOW

SDUWH $FHDVW

GHSHQGHQ

GLUHFW

FRQGXFH OD LQWHUHV

ante

LQWHUSUHW UL HFRQRPLFH

(i)

R UDW

vQ FUHWHUH D LPSRUWXOXL VHPQLILF

GHVFKLV

VSUH

SLD D

PRQGLDO 

vQ

HFRQRPLHL VSUH H[WHULRU DPSOLILF

P UHWH vQFOLQD LD PDUJLQDO

HODVWLFLWDWHD

LPSRUWXOXL

vQFOLQD LD PDUJLQDO

FRQVHFLQ

GHVFKLGHUHD

UDWD LPSRUWXOXL L LPSOLFLW

VSUH LPSRUW

(ii) elaVWLFLWDWHD LPSRUWXOXL HVWH LQYHUV

RIHUWHL FX FkW RIHUWD LQWHUQ

R HFRQRPLH WRW PDL

vQ UDSRUW FX FRPSHWLWLYLWDWHD

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HVWH

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L

vQ

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VSUH LPSRUW FUHWH

11.2.1.2. 'HSHQGHQ

D GH FRQMXQFWXU

D VROGXOXL EDODQ HL

comerciale
3RUQLQG GH OD FHOH GRX

IXQF LL GH H[SRUW L GH LPSRUW VH

GHILQHWH R IXQF LH D VROGXOXL EDODQ HL FRPHUFLDOH

B = X - M = X 0 - m Y - M 0 ,

(6.5)

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6H

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DFHVW

VROG

HVWH

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- M0.

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VSUH LPSRUW

vQ

UDSRUW

FX

'LQ

DFHVW

PRWLY

HFRQRPLLOH

QD LRQDOH

vQ

H[SDQVLXQH

DX

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WHQGLQ

GH

FUHWHUH

HFRQRPLF 

$VWIHO

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UHOD LD

LPSRUW

SURGXV ILQDO  HVWH GLUHFW  OD R FUHWHUH D LPSRUWXOXL DUH ORF R

FUHWHUH D

SURGXVXOXL

ILQDO

LQWHULRU

FUHWHUH vQ

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este inverV

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FRQWLQXDUH D


VH UHGXFH ,QYHUV UHFHVLXQLOH FRQGXF

la ameliorarea respectivului sold.

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SODQ ILQDQFLDU YDOXWDU vQ UH]HUYD YDOXWDU  vQ FXUVXO GH VFKLPE DO
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capitalurilor,
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vQ

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dinamica

masei

OD

SLD D

LQWHUQD LRQDO

monetare,

dinamica

LORU E QHWL DOH SRSXOD LHL L DOH E QFLORU vQ GLQDPLFD

ratei dobnzii.
De exemplu, ntr-R
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JHQHUHD]
PRQHWDU

FD U

UHFHVLXQH

VROGXOXL

EDODQ HL

ezultat al mecanismului prezentat mai sus,

HIHFWH vQ ODQ  SkQ

LQWHUQ

FUHWHUHD

ILJXUD 

OD YDULD LD UDWHL GREkQ]LL SH SLD D








rezervei
valutare



fluxului de

soldului
ba
comerciale

cursului
monedei

Reducerea
ratei
dobnzii pe


$


%#

Reducerea
cererii de
credit





&

%#

disponibil.

"

ofertei de

"

Fig. 54 Efecte financiar-PRQHWDUH DOH YDULD




ofertei de
credit

disponibil.
monetare

Reducerea
ratei
dobnzii la
depozite

"

depunerilor

economici

Reducerea
ratei
dobnzii la
credite

LHL VROGXOXL EDODQ HL

comerciale

11.2.1.3. 5HVWULF
,QWURGXFHUHD DFWLYLW

LL FRPHUFLDOH H[WHUQH

LL GH FRPHU

H[WHULRU vQ PRGHOXO GH

FUHWHUH SHUPLWH FD vQ DQXPLWH FRQGL LL UHVSHFWLY SH ED]D DFFHSW ULL
XQRU

LSRWH]H

SULYLQG

XQLL

LQGLFDWRUL

HFRQRPLFL

VH

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DO XQHL

UL

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UHOD LD



SURGXVXOXL ILQDO FD IXQF LH LQYHUV

import-produs final printr-R

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IL

GHWHUPLQDW

H[SUHVLD

D LPSRUWXOXL IRUPDOL] P UHOD LD

IXQF LH I DVWIHO vQFkW UHOD LD  VH

scrie:
M = f(Y)
L GUHSW XUPDUH

Y = [f]-1(M),
DGLF

Y=

1
(M M 0 )
m

9RP IRUPXOD LSRWH]D F

(6.6.1)
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fie B. Determinarea produsului final se poate face pornind de la

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DFHODL SURFHGHX R DOW

exprHVLH D DFHOXLDL SURGXV ILQDO

Y=

1
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m 0

n ipoteza n care B0

(6.6.2)
 DGLF

DUD QX VH SRDWH vQGDWRUD SH

SLD D PRQGLDO  DWXQFL P ULPHD SURGXVXOXL ILQDO HVWH

Y=

1
(X M 0 )
m 0

(6.6.3)

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FRQVLGHUDUHD LQWHUGHSHQGHQ HORU LQWHUQD LRQDOH

0RGHOXO

HFRQRPLHL

LQWHUQD LRQDOH SUHVXSXQH F

GHVFKLVH

I U

HFRQRPLD VWXGLDW

LQWHUGHSHQGHQ H
HVWH DFWLY

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SH SLD D

L IRUPDOL]DW

numai din punctul de vedere al respectivei economii. Aceasta

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ULL vQ FDX] 
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LQYHVWL LL L GH FRPHU

YDULDQWH GXS

FXP YDULDELOHOH EXJHWDUH GH

H[WH

rior sunt sau nu considerate exogen.

11.2.2.1. Modelul economiei deschise cu variabile exogene

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1
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(6.7.1)

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1+ m
C
1 c + m 0

(6.7.2)

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sunt mai mici dect n modelul economiei nchise:

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(6.8.1)

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(6.8.2)

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variabile bugetare exogene (11.2.2.1). n acest sens este de

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modele:
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ctam
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< c t atunci puterea

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guvernamentale este mai mare n modelul economiei deschise,

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11.2.2.2. Modelul economiei deschise cu variabile dependente

de produsul final
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(7.1)

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1 c(1 t r ) a + g + m

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c(1 t r )
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(7.2)

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11.2.3. Modelul keynesist al economiei deschise

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(8.3)
(8.4)

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11.2.3.1. Conexiunea ntre produsul final al celor doi parteneri

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(9.2)

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(sA + mA )(sB + mB) mA mB
(9.5)

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(9.6)
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(10.2)

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(10.5)
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(8.6); avem:
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introduce prin operatoruO

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(10.6)
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(11.1)

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(11.2)

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raport cu produsul final al celor doi parteneri:

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(11.3)

(11.4)

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(11.6)
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YA =

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(12.1)

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(12.2)

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(12.3)

(12.4)

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(12.5)

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sB
=
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YB
sA
=
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(13.1)

(13.2)

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ULL $

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Efectul total al importurilor asupUD

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acestor efecte.

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(13.3)

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