M

makroekonomika

Lleqcia 4 – fulis bazari

(LM modeli)

1
leqcia 34– fulis bazari(LM modeli)

Sesavali

fulis funqciebi

 mimoqcevis saSualeba. – am funqciis mixedviT fulis saSualebiT

vaxorcielebT saqonlisa da momsaxurebis yidva gayidvas(likvidobis Tviseba).
 dagrivebis saSualeba _ adamianebi mTel Tavis fuls umal ar xarjeven roca ki
maT miiReben. maT uCndebaT survili sxva dros SeiZinon esa Tu is saqoneli
da momsaxureba. amasTan dakavSirebiT fuls gaaCnia Rirebulebis Senaxvis
Tvisaba da maSasadame dagrovebis funqciac.
 Rirebulebis sazomi _ fulis saSualebiT vaxdenT bazarze arsebuli n raodenobis
produqciis Rirebulebis Sefasebas. is bazarze Rirebulebis sazom ganyenebul
saSualebad gvevlineba. amitom misi saSualebiT SegviZlia gamovsaxoT n
raodenobis produqciis fardobiTi fasebi, gansazRvrul fulad erTeulSi.

2
leqcia 34– fulis bazari(LM modeli)

Sesavali

fulis masis struqtura

 fulis ori Tviseba: maRali likviduroba da Rirebulebis Senaxvis Tviseba – ar

axasiaTebs Tanabari xarisxiT fulis yvela saxeobas. naRdi fuli da moTxovnamde
depozitebi ufro likviduria, vidre Semnaxveli depozitebi an vadiani depozitebi.
magram es ukanasknelebi ufro momgebiania Rirebulebis Senaxvis kuTxiT.
amis mixedviT fulad statistikaSi gamoyofen fulis oTx agregats:
1. M0= naRdi fuli da monetebi mimoqcevaSi;
2. M1= M0+ moTxovnamde anabrebi;
3. M2= M1+ ucxouri valuta, moklevadiani fasiani qaRaldebi, saSualovadiani
anabrebi, Semnaxveli anabrebi;
4. M3= M2+ vadiani anabrebi, fasiani qaRaldebi;

3
leqcia 34– fulis bazari(LM modeli)

Sesavali

fulis masis struqtura saqarTveloSi 2008 dekembris

mdgomareobiT

M3=4,305,126,000 lari

M2=1,862,498,000 lari
M1=1,642,081,787 lari

Mo=1,290,703,285 lari

4
leqcia 34– fulis bazari(LM modeli)

Sesavali

erovnuli bankis balansis ZiriTadi muxlebi

aqtivebi valdebulebebi
oqros rezervebi naRdi fuli mimoqcevaSi

ucxouri valutis rezervebi depozitebi komerciul bankebSi

mTavrobis wminda davalianeba saxelmwifos depozitebi

bankebis wminda davalianeba sxva valdebulebebi

sxva aqtivebi

 erovnli banki sakuTari aqtivebis SemcirebiT amcirebs fulis masas

mimoqcevaSi, xolo gazrdiT zrdis.

5
leqcia 34– fulis bazari(LM modeli)

Sesavali

komerciuli bankebis balansis ZiriTadi

muxlebi

aqtivebi valdebulebebi
minimaluri savaldebulo rezervebi moTxovnamde depozitebi

Warbi rezervebi vadiani depozitebi

kreditebi sxva valdebulebebi

sxva aqtivebi

 erovnli banki uwesebs komerciul bankebs minimalur savaldebulo

rezervebis normas, romlis mixedviTac komerciuli bankebi TavinTi aqtivebis
nawils inaxaven erovnul bankSi.

6
leqcia 34– fulis bazari(LM modeli)

fulis multiplikatori
fulis multiplikatori – rogor qmnis sabanko seqtori fuls?

 rodesac erovnuli banki sxvadasxva instrumentebis gamoyenebiT zrdis mimoqcevaSi

fulis masas(vTqvaT 100 ful. erT.). es fuli pirdapiri Tu iribi gziT xvdeba komerciul
bankebSi, romlebic savaldebulo rezervebis normis(vTq. rezervebis norma m=10%)
gaTvaliswinebiT fulis nawils isev erovnul bankSi inaxaven( 100.10%=10) nawili
kvlav gadis mimoqcevaSi kreditebis saxiT(90 erT.). es fuli kvlav brundeba komerciul
bankebSi. komerciuli bankebi kvlav inaxaven savaldebulo rezervebs erovnul bankSi
(90.10%=9) da darCenil Tanxas kvlav uSveben mimoqcevaSi(72 erT.) es procesi
usasrulod gagrZeldeba. Cven SegviZlia es procesi Semdegi saxiT CavweroT:

ΔM0 –is Tanamamravli usasrulo geometriuli2 progresiis jamia, romelic tolia:

 M  (1  (1  m )  (1  m )  (1  m )
3
 ...  (1 
- fulis martivi multiplikatori. igi gviCvenebs ramdeniT gaizrdeba)fulis
m )

 M masa
0
Tu erovnuli banki erTi erTeuliT gazrdis fulis miwodebas mimoqcevaSi.
1 /(( 1  (1  m ))  1 / m

7
leqcia 34– fulis bazari(LM modeli)

fulze moTxovna

fulze moTxovna garigebebisaTvis.

 fulis ori umTavresi funqciidan gamodinare – fuli rogorc mimoqcevis

saSualeba da fuli, rogorc dagrovebis saSualeba – adamianebi sxvadasxva
motiviT ayalibeben fulze moTxovnas:
1. fulze moTxovna garigebebisaTvis – romelic fulis, rogorc mimoqcevis
saSualebis funqciidan gamomdinareobs.
2. fulze moTxovna rogorc qonebaze (spekulaciuri motiviT) - romelic fulis,
rogorc dagrovebis saSualebis funqciidan gamomdinareobs.

8
leqcia 34– fulis bazari(LM modeli)

fulze moTxovna

fulze moTxovna garigebebisaTvis

 yoveli lari wlis ganmavlobaSi ramdenime garigebas debs, sidides romelic fulis
erTi erTeulis mier garigebebis ganxorcielebis sixSires gamoxatavs drois
garkveul SualedSi fulis brunvis siCqare(V) ewodeba.
 Tu viciT ramdenia fulis masa mimoqcevaSi(M) da fulis brunvis siCqare(V),
maSin MMV iqneba drois garkveul SualedSi mTeli garigebebis nominaluri
Rirebuleba.
 Cven viciT rom Tu Y aris mTlei wlis manZilze warmoebuli saqonlisa da
momsaxurebis Rirebuleba, xolo P fasebis done, maSin PY iqneba wlis manZilze
warmoebuli saqonlisa da momsaxurebis Rirebuleba. igive nominaluri mSp.
 wlis manZilze warmoebuli saqonlisa da momsaxurebis Rirebuleba toli unda
iyos wlis ganmavlobaSi mTeli garigebebis nominaluri Rirebulebis. maSasadame
gveqneba:

MV  PY 9
leqcia 34– fulis bazari(LM modeli)

fulze moTxovna

 Tu Cven gamosaxulebas Semdegnairad gadavwerT:

D M 1
L tr

P
 Y
V
miviRebT garigebebisaTvis fulze moTxovnis gantolebas.
M/P LD
 garigebebisaTvis fulze
moTxovnis grafiki

tgα=1/V

α
Y 10
leqcia 34– fulis bazari(LM modeli)

fulze moTxovna

fulze moTxovna rogorc qonebaze

 fulze moTxovna rogorc qonebaze, igive spekulaciuri moTxovna
ukavSirdeba saojaxo meurneonebis mier momavlisadmi optimistur Tu
pesimistur ganwyobas da agreTve safinanso bazarze riskisa da gaurkvevlobis
mdgomareobas. amitomac mas ukavSirdeba miswrafeba naRdi fulis
SenarCunebisaken – midrekileba likvidurobisaken.
 midrekileba likvidurobisaken moqmedebs saprocento ganakveTis sidideze
da mis ryevaze. rac ufro maRalia midrekileba likvidurobisaken, miT
maRalia saprocento ganakveTi da piriqiT.
 meoresmxriv saprocento ganakveTic zemoqmedebs likvidurobisaken
midrekilebaze. rac ufro maRalia saprocento ganakveTi, miT maRalia
midrekileba likvidurobisaken da piriqiT. maSsadema fulze moTxovna rogorc
qonebaze Segvizlia gamovsaxoT:

D
L as
 L(i )

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leqcia 34– fulis bazari(LM modeli)

fulze moTxovna

fulze moTxovna rogorc qonebaze

D
L as
 L(i )


12
leqcia 34– fulis bazari(LM modeli)

LM modeli

wonasworoba fulis bazarze – LM modeli

 wonasworoba fulis bazarze myardeba maSin, roca fulize moTxovna(L) da

fulis mowodeba(M) erTmaneTis tolia. aqedan gamomdinareobs Tavad
modelis saxelwodebac.

 fulis miwodeba iTvleba egzogenurad mocemulad, radgan erovnuli banki

sakuTari amocanebis Sesabamisad axorcielebs fulis miwodebas.
leqcia 34– fulis bazari(LM modeli)

LM modeli

wonasworoba fulis bazarze – LM modeli

i LM

D
L as
 L(i )


M/P
1/V Y
Las

D 1
M/P
L tr

V
Y
Ltr
leqcia 34– fulis bazari(LM modeli)

LM modeli

Tu icvleba midrekileba likvidurobisaken (Cvens SemTxvevaSi

mcirdeba)

i LM

D
L as
 L(i )


M/P
1/V Y
Las

D 1
M/P
L tr

V
Y
Ltr
leqcia 34– fulis bazari(LM modeli)

LM modeli

Tu moTxovna fulze rogorc qonebaze icvleba

(Cvens SemTxvevaSi izrdeba)

i LM

D
L as
 L(i )


M/P
1/V Y
Las

D 1
M/P
L tr

V
Y
Ltr
leqcia 34– fulis bazari(LM modeli)

LM modeli

Tu moTxovna fulze garigebebisaTvis icvleba

(Cvens SemTxvevaSi izrdeba)

i LM

D
L as
 L(i )


M/P
Y
Las

D 1
M/P
L tr

V
Y
Ltr
leqcia 34– fulis bazari(LM modeli)

LM modeli

Tu fulis miwodebas cvlis erovnuli banki (Cvens SemTxvevaSi

amcirebas)

i LM

D
L as
 L(i )


M/P
Y
Las

D 1
M/P
L tr

V
Y
Ltr
leqcia 3 – saqonlisa da momsaxurebis bazari(IS modeli)

ZiriTadi cnebebi da sakiTxebi

• fulis funqciebi • fulis masis struqtura

1. mimoqcevis saSualeba • erovnuli bankis balansi
2. dagrovebis saSualeba • komerciuli bankis balansi
3. Rirebulebis sazomi

• fulis martivi multiplikatori

• fulze moTxovna
1. fulze moTxovna garigebebisaTvis
2. fulze moTxovna rogorc qonebaze
• fulis brunvis siCqare
• midrekileba likvidurobisaken