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: GDOV]\FK UR]ZD DQLDFK SU]\MPLHP\ SHZQH ]DáR HQLD NWyUH XáDWZL SURZDG]HQLH
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SR]RVWDáHDNW\ZDILQDQVRZH1LHSLHQL QHDNW\ZDILQDQVRZHE G UHSUH]HQWRZDQHZQDV]HM
analizie przez obligacje skarbowe.
&
2.1.
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SU]\NáDGX 3U]\MPLMP\ H ZLH R XSLHF]RQ\ DEVROZHQW Z\ V]HM XF]HOQL Ä0DJLVWHU´
SRGHMPXMHSUDF RWU]\PXM FPLHVL F]QHZ\QDJURG]HQLHZZ\VRNR FL
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. Nie posiada on
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]DVyESLHQL G]DMDNLXWU]\PXMHQDV]0DJLVWHUREUD]XMHOLQLDáDPDQDZLGRF]QDQDU\VXQNX
6/
26
Rys.2.
=DVyESLHQL G]DLSRS\WQDSLHQL G]
'RFKyG
1000
500
0
!
#"
&]DV
6W\F]H
Luty
Marzec
.ZLHFLH
:LHONR ü LQG\ZLGXDOQHJR ]DSRWU]HERZDQLD F]\OL SRS\W 0DJLVWUD QD SLHQL G] Z\]QDF]RQ\
MHVWSU]H]SU]HFL WQ\]DVyESLHQL G]D3RQLHZD 0DJLVWHUQDSRF] WNXPLHVL FD SRZ\SáDFLH
ma 1000
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wynosi 500
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dochodu:
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= 500
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). Równanie
SRS\WXQDSLHQL G]0
= N3<, znane jest jako równanie Cambridge.
2.2.
6]\ENR üRELHJXSLHQL G]D
*G\DQDOL]XMHP\FDá JRVSRGDUN PR HP\SRZL ]DüVNáRQQR üGRWU]\PDQLDSLHQL G]DN z
V]\ENR FL ] MDN SLHQL G] NU \ 6]\ENR ü RELHJX SLHQL G]D WR LOR ü ÄREURWyZ´ MDNLFK
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4
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RELHJXSLHQL G]D 9) jest równa:
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5
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,
(5)
gdzie:
U
- realna stopa procentowa
,
L
- nominalna stopa procentowa
,
P
$
- oczekiwana stopa inflacji
.
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RGVHWHN]ORNDW\WDNLHMVDPHMNZRW\ZDNW\ZDDOWHUQDW\ZQH REOLJDFMH LUHDOQ\P]ZURWHP]
5
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Irving
Fisher (1867-1947).
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26
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równa stopie inflacji (oczekiwanej), lecz z odwrotnym znakiem
6
otrzymujemy:
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$
P
$
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(6)
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REHMPXM F UHDOQ VWRS SURFHQWRZ LRF]HNLZDQ LQIODFM L UP
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).
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]DSDVXSLHQL G]\]HZ]JO GXQDUR]ELH QR üPL G]\WHUPLQDPLRWU]\P\ZDQLDGRFKRGyZ FR
MDNL RNUHV DWHUPLQDPLGRNRQ\ZDQLDZ\GDWNyZ ZVSRVyEFL Já\ =DVyESLHQL G]DVáX \
ZWHG\ GRNRQ\ZDQLX Z\PLDQ\ QD GURG]H WUDQVDNFML GODWHJR WHRULD WD Z\MD QLD W]Z SRS\W
transakcyjny.
7
3RS\WQDSLHQL G]]JáDV]DQ\SU]H]0DJLVWUD]QDV]HJRSU]\NáDGX]DOH \MDNVWZLHUG]LOL P\
RG UDFMRQDOL]DFML MDNLHM MHVW RQ VNáRQQ\ GRNRQDü ]DPLHQLDM F F] ü ]DVREyZ SLHQL G]D Z
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rachunek
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]DNXSyZ SU]\ X \FLX F]HNyZ Z]JO GQLH NDUW\ ]DXZD P\ QD PDUJLQHVLH H RVREQLN WHQ
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QS PLHVL FX MHGQ Z\SUDZ GR EDQNX Z GQLX Z\SáDW\ -HJR SU]HFL WQ\ ]DVyE SLHQL G]D
czyli popyt, wynosi
3<, gdzie 3< - nominalny dochód w okresie t=1. Rysunek 3(b) pokazuje
V\WXDFM JG\0DJLVWHUQDSRF] WNXRNUHVXSRG]LHOLáZ\QDJURG]HQLHSRSRáRZLHQDZNáDGQD
GDQLH DYLVWD LORNDW RV]F] GQR FLRZ SU]\QRV] F Z\ V]\GRFKyGL QLHE G F MX Z
QDV]\P UR]XPLHQLX SLHQL G]HP RGZLHG]DM F EDQN SR UD] GUXJL Z URGNX RNUHVX GOD
GRNRQDQLD WUDQVIHUX ] UDFKXQNX RV]F] GQR FLRZHJR QD UDFKXQHN D YLVWD 3U]HFL WQ\ ]DVyE
SLHQL G]D SRS\WQDSLHQL G] MHVWUyZQ\3<. Rysunek 3(c) ilustruje trzy wizyty w banku i
GRNRQDQLH WU]HFK WUDQVIHUyZ 3RS\W QD SLHQL G] VSDGD GR 3< 8RJyOQLDM F SRS\W QD
SLHQL G]VWDQRZLSRáRZ VXP\WUDQVIHURZDQHMSU]\ND GHMZL]\FLHZEDQNXQDUDFKXQHND
YLVWD -H OL OLF]E ZL]\W Z EDQNX R]QDF]\P\ Q WR SU]HFL WQ\ ]DVyE SLHQL G]D E G F\ Z
posiadaniu Magistra wyniesie:
3<Q 3<Q.
Rys.3.
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=DVyESLHQL G]D
=DVyESLHQL G]D
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PY/2
PY/4
6
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PY/6
M
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J.
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3,(1, '=L32/,7<.$3,(1,
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t =
t =
t =
a)
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b)
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c)
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EDQNRZ NRV]WDPL SU]HMD]GX LWS -H OL MHGQRVWNRZ\ NRV]W WUDQVDNF\MQ\ R]QDF]\P\ E, to
NRV]W\WUDQVDNF\MQHZFDá\PRNUHVLHZ\QLRV QE OLF]EDZL]\WZEDQNXSU]HPQR RQDSU]H]
koszt jednostkowy).
: MDNL VSRVyE 0DJLVWHU PR H ]RSW\PDOL]RZDü ZLHONR ü SRS\WX QD SLHQL G]" 6NRUR
SRWU]HEXMHSLHQL G]\Z\á F]QLHGOD]DNXSXWRZDUyZWRZáD FLZ ]DVDG SRVW SRZDQLDE G]LH
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8
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XWUDFRQHNRU]\ FLZ\]QDF]DQRPLQDOQDVWRSDSURFHQWRZD L koszt ten jest równy iloczynowi
VWRS\SURFHQWRZHMLSU]HFL WQHJR]DVREXSLHQL G]D
koszt alternatywny =
L3<Q
(7)
à F]Q\NRV]WZ\QRVL
7& L3<QEQ
(8)
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9
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JG\UR QLHSR]LRPFHQUHDOQ\GRFKyGE G NRV]WWUDQVDNF\MQ\QDWRPLDVWVSDGDZUHDNFMLQD
wzrost stopy procentowej.
2.6.
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-0.H\QHVZ\Uy QLáWU]\]DVDGQLF]HSRZRG\GODNWyU\FKOXG]LHWU]\PDM ]DVRE\
SLHQL G]D
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GRNRQ\ZDQLDSáDWQR FLRFKDUDNWHU]HUHJXODUQ\P
0RW\ZSU]H]RUQR FLRZ\3HZLHQ]DVyESLHQL G]DMHVWXWU]\P\ZDQ\GODRVWUR QR FLMDNR
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mandatu.
7
3RGVWDZ E\á\dwie prace:
William
Baumol,
The
Transactions Demand for Cash: An Theoretic Approach,
4XDUWHUO\-RXUQDORI(FRQRPLFV
vol
56,
November
1952) i
James
Tobin,
The
Interest Rate Elasticity of the
Transactions Demand for Cash,
5HYLHZ RI(FRQRPLFVDQG6WDWLVWLFV
vol
.36,
September
1956.
8
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9
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]DJUR RQH V U\]\NLHP QLHNRU]\VWQ\FK ]PLDQ 7DNLP EH]SLHF]Q\P URG]DMHP DNW\ZX PR H
E\ü SLHQL G] NWyUHJR ZDUWR ü QRPLQDOQD MHVW ]QDQD L SHZQD FKRFLD SU]\QRVL RQ GRFKyG
QL V]\QL SU]HFL WQLHGDM DNW\ZDU\]\NRZQH
11
:\QLND]WHJR HF]\QQLNDPLGHF\GXM F\PL
R SRS\FLH QD SLHQL G] MDNR QDMEDUG]LHM EH]SLHF]Q\P URG]DMX DNW\ZyZ ILQDQVRZ\FK V
RF]HNLZDQLD]PLDQVWRS\SURFHQWRZHMLVWRSLH U\]\ND]ZL ]DQ\]QLHSLHQL Q\PLURG]DMDPL
aktywów finansowych.
12
6WRSD SURFHQWRZD F]\OL VWRSD ]ZURWX ] QLHSLHQL Q\FK DNW\ZyZ
NV]WDáWXMHDOWHUQDW\ZQ\NRV]WWU]\PDQLDSLHQL G]D F]\OLUHODW\ZQ VWUDW GRFKRGXSRQRV]RQ
SU]\WU]\PDQLXSLHQL G]\ -H OLRF]HNXMHVL MHMZ]URVWXSRS\WQDSLHQL G]E G]LHVSDGDá=
NROHL MH OL SRGQRVL VL VWRSLH U\]\ND RVL JDQLD GRFKRGyZ ] QLHSLHQL Q\FK DNW\ZyZ WR
SRS\WQDSLHQL G]E G]LHZ]UDVWDá
2.7.
)XQNFMDSRS\WXQDSLHQL G]
&]\QQLNLRNUH ODM FHSRS\WQDSLHQL G]WR]JRGQLH]DQDOL] ZSLS VWRSDLQIODFML
SR]LRP FHQ VWRSD SURFHQWRZD GRFKyG UHDOQ\ NRV]W\ ]DPLDQ\ SLHQL G]D QD DNW\ZD
10
2EHMPXM RQH ]RES PQLHMSá\QQHURG]DMHDNW\ZyZILQDQVRZ\FKQL VNáDGQLNL0MDNZNáDG\
WHUPLQRZHF]\QLHNWyUHURG]DMHSDSLHUyZZDUWR FLRZ\FKNWyU\FKOXG]LHF] VWRX \ZDM MDNRORNDWPDM WNRZ\FK
11
5\]\NR]ZL ]DQH]WU]\PDQLHPSLHQL G]DPR HURVQ üJG\LQIODFMDMHVWWUXGQDGRSU]HZLG]HQLD=QDQDMHVW
ZyZF]DVZSUDZG]LHQRPLQDOQDZDUWR üSLHQL G]DDOHZDUWR üUHDOQDPR H]PLHQLDüVL QLHRF]HNLZDQLHF]\QL F
SLHQL G]PQLHMEH]SLHF]Q\PURG]DMHPDNW\ZX:UHODFMLGRZ\VRNLHMQLHSHZQR FL]ZL ]DQHMQS]ZDUWR FL
DNFMLSLHQL G]QDZHWZyZF]DV]DFKRZXMHRSLQL GR üSHZQHJRURG]DMXDNW\ZyZ
12
Por.
James
Tobin, Liquidity Preference as Behavior toward Risk,
5HYLHZRI(FRQRPLFV6WXGLHV
February
1958.
M
AKROEKONOMIA
J.
K
UROWSKI
-
3,(1, '=L32/,7<.$3,(1,
1$
11
/
26
SU]\QRV] FH GRFKyG NRV]W\ WUDQVDNF\MQH 3U]\MPXM F NRV]W\ WUDQVDNF\MQH ]D QLH]PLHQQH
PR HP\SRS\WQDUHDOQ\SLHQL G]SU]HGVWDZLüZSRVWDFLQDVW SXM FHMIXQNFMLOLQLRZHM
13
0
3 N<KLP
(11)
3R]LRPFHQZPLDQRZQLNXOHZHMVWURQ\UyZQR FLSRZRGXMH HSU]HGVWDZLDRQDSRS\WQD
SLHQL G]ZXM FLXUHDOQ\P3R]ZDODQDPWR]LJQRURZDüFHQ\SRSUDZHMVWURQLHUyZQR FLL
RJUDQLF]\üVL GRGZyFK]PLHQQ\FK Z\]QDF]DM F\FK ]DSRWU]HERZDQLH QD URGNL SLHQL QH
3RS\WQDUHDOQ\SLHQL G]UR QLHZUD]]HZ]URVWHPUHDOQHJRGRFKRGX < LPDOHMHJG\UR QLH
stopa procentowa (
L). Parametr N to ZUD OLZR ü UHDOQHJR SRS\WX QD SLHQL G] QD ]PLDQ\
UHDOQHJR GRFKRGX SURGXNWX :]URVW GRFKRGX R MHGQRVWN SRZRGXMH Z]URVW SRS\WX QD
SLHQL G]RNZ kolei ZUD OLZR üUHDOQHJRSRS\WXQDSLHQL G]QD]PLDQ\VWRS\SURFHQWRZHM K
RNUH ODRLOHZ]UR QLHSRS\WQDUHDOQ\SLHQL G]SU]\VSDGNXVWRS\SURFHQWRZHMRMHGHQSXQNW
SURFHQWRZ\ :LHONR ü P PR QD ]LQWHUSUHWRZDü MDNR SRS\W QD SLHQL G] R FKDUDNWHU]H
autonomicznym.
6NáDGQLN SRS\WX QD SLHQL G] ]ZL ]DQ\ ] SR]LRPHP GRFKRGX N< ]DOH \ RG ZDUWR FL
WUDQVDNFMLUHDOL]RZDQ\FKZJRVSRGDUFHDZL FRGSR]LRPX3.%
=NROHLVNáDGQLNKLUHSUH]HQWXMHZSá\ZVWRS\SURFHQWRZHMQDSRS\WQDSLHQL G]6SDGHNVWRS\
SURFHQWRZHMZ\ZRáXMHZ]URVWSRS\WXQDSLHQL G]JG\ R]QDF]DRQREQL HQLHDOWHUQDW\ZQHJR
NRV]WXXWU]\P\ZDQLDSLHQL G]D
&
: SRGUR]G]LDOH RNUH OLOL P\ SRGVWDZRZH DJUHJDW\ SLHQL QH ED] PRQHWDUQ DJUHJDW\
M
M i M Z SRGUR]G]LDOH F]\QQLNL GHF\GXM FH R ]DSRWU]HERZDQLX QD SLHQL G]
]JáDV]DQ\P SU]H] JRVSRGDUN : SXQNFLH « RSLV]HP\ ]áR RQ\ SU]HELHJ GRVWDUF]DQLD
SLHQL G]DGRJRVSRGDUNLXF]HVWQLF] FHZQLPSRGPLRW\RUD]NRQWURO SRGD \SLHQL G]DSU]H]
ZáDG]HPRQHWDUQH
: ZL NV]R FL NUDMyZ W RVWDWQL IXQNFM Z\NRQXMH EDQN FHQWUDOQ\ 5yZQLH Z 3ROVFH
1DURGRZ\ %DQN 3ROVNL MHVW LQVW\WXFM RGSRZLHG]LDOQ ]D SROLW\N SLHQL Q FKRFLD
EH]SR UHGQLR NV]WDáWXMH W\ONR ED] PRQHWDUQ VWDQRZL F MHG\QLH F] ü RJyOQHJR ]DVREX
SLHQL G]D -DN VL SU]HNRQDP\ NRQWUROD QRPLQDOQHM SRGD \ SLHQL G]D PR H RND]Dü VL Z
]ZL ]NX]W\PQLH]DZV]HZSHáQLVNXWHF]QD
3.1.
5\QNLILQDQVRZHLV\VWHPEDQNRZ\
'OD ZVSyáF]HVQ\FK JRVSRGDUHN FKDUDNWHU\VW\F]Q\ MHVW GX \ XG]LDá L ]QDF]HQLH VHNWRUD
ILQDQVRZHJR 1D U\QNDFK ILQDQVRZ\FK GRNRQXMH VL WUDQVDNFML ]ZL ]DQ\FK ] DNW\ZDPL
ILQDQVRZ\PL6 WRQSREOLJDFMHERQ\NRPHUF\MQHVNDUERZHSDSLHU\ZDUWR FLRZH REOLJDFMH
VNDUEX SD VWZD ERQ\ VNDUERZH Uy QH IRUP\ SLHQL G]D NUDMRZHJR ZDOXW\ :VSyáF]H QLH
FRUD]SRSXODUQLHMV] IRUP V WUDQVDNFMHWHUPLQRZHLRSFMHQD]DNXSVSU]HGD RNUH ORQ\FK
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13
3U]HGVWDZLP\WXDOWHUQDW\ZQ\ZVWRVXQNXGRIRUPXá\]DSUH]HQWRZDQHMZSXQNFLHMDNRUyZQDQLH
&DPEULGJH]DSLVIXQNFMLSRS\WXQDSLHQL G]SU]\]DFKRZDQLXW\FKVDP\FKFRSRSU]HGQLR]PLHQQ\FK-HJR
SRGVWDZ MHVWWHRULD]DVRERZDFRR]QDF]D HZ\UD DRQ]DSRWU]HERZDQLHQDSLHQL G]0DOHMHVWRQFHORZR
uproszczony do funkcji liniowej.
12/
26
U]HF]RZ\FK WDNLFK MDN QLHUXFKRPR FL SRMD]G\ PHFKDQLF]QH VSU] W NRPSXWHURZ\ ]DSDV\
PDWHULDáyZ L VXURZFyZ MHVW WR H Z SU]\SDGNX DNW\ZyZ ILQDQVRZ\FK PDP\ ]DZV]H GR
F]\QLHQLD]]RERZL ]DQLHPLZLHU]\WHOQR FL MHGQRF]H QLH2EOLJDFMDSD VWZRZDNWyU QDE\á
SDQ.RZDOVNLVWDQRZLMHJRZLHU]\WHOQR üLMHVW]RERZL ]DQLHPVNDUEXSD VWZD%DQNQRW
]áRWRZ\ZSRUWPRQHWFHSDQL.RZDOVNLHMMHVW MHM ZLHU]\WHOQR FL PR H JR X \ü GR ]DNXSX
LQQHJR URG]DMX DNW\ZX E G ]DWU]\PDü MDNR IRUP PDM WNX = GUXJLHM VWURQ\ MHVW
]RERZL ]DQLHPHPLWHQWDEDQNXFHQWUDOQHJR
6\VWHP EDQNRZ\ VWDQRZL F] ü VHNWRUD ILQDQVRZHJR : V\VWHPLH EDQNRZ\P PR HP\
Z\Uy QLüEDQNL]RULHQWRZDQHQDUHDOL]DFM ]\VNyZDZL FE G FHSU]HGVL ELRUVWZDPLRUD]
G]LDáDM F\QDRGPLHQQ\FK]DVDGDFKEDQNFHQWUDOQ\5RO REXWDNUy Q\FKSRGPLRWyZV\VWHPX
EDQNRZHJR L MDN ZSá\ZDM RQH QD SU]HELHJ SRGD \ SLHQL G]D Z\MD QLP\ Z NROHMQ\FK
krokach.
3.2.
)XQNFMHEDQNXFHQWUDOQHJR QDSU]\NáDG]LH1%3
Narodowy Bank Polski jako bank centralny realizuje trzy podstawowe funkcje:
HPLV\MQ
NRQWUROLSRGD \SLHQL G]D
EDQNXSD VWZD
Realizacja
IXQNFML HPLV\MQHM polega na korzystaniu z monopolu do wprowadzania i
Z\FRI\ZDQLD ] RELHJX EDQNQRWyZ L PRQHW SUDZQ\FK URGNyZ SáDWQLF]\FK 1%3 SRVLDGD
Z\á F]QH SUDZR GR HPLWRZDQLD ]QDNyZ SLHQL Q\FK 53 :\NRQXM F W IXQNFM EDQN
FHQWUDOQ\GHF\GXMHRSRGD \EDQNQRWyZLPRQHWQRPLQRZDQ\FKZ]áRW\FK-HVWWRSLHQL G]
JRWyZNRZ\VWDQRZL F\]RERZL ]DQLHEDQNXFHQWUDOQHJR
Przez
NRQWURO SRGD \SLHQL G]DUR]XPLHVL UHJXORZDQLHLOR FLSLHQL G]DZJRVSRGDUFH
)XQNFMH W PR H EDQN FHQWUDOQ\ Z\SHáQLDü G]L NL X \FLX QDU] G]L NRQWUROL SLHQL QHM
(monetarnej) takich jak: operacje kredytowo - depozytowe, operacje otwartego rynku, stopa
RERZL ]NRZ\FKUH]HUZ
3HáQL FURO EDQNXSD VWZD1%3SURZDG]LUDFKXQNLEXG HWXSD VWZDREVáXJXMHSR \F]NL
SD VWZRZH]DFL JQL WHZGURG]HHPLVMLVNDUERZ\FKSDSLHUyZZDUWR FLRZ\FKZ\NRQXMHLQQH
XVáXJL ILQDQVRZH QD U]HF] RUJDQyZ SD VWZD QS SURZDG]L REVáXJ ILQDQVRZ U] GX RUD]
REVáXJ GáXJX]DJUDQLF]QHJRZ\NRQXMHXVWDORQ SU]H]U] GZSRUR]XPLHQLX]HVWDQRZL F
RUJDQ1%35DG 3ROLW\NL3LHQL QHMSROLW\N ZDOXWRZ RUD]ZVSyáG]LDáD]RUJDQDPLSD VWZD
ZNRRUG\QRZDQLXZáDVQHMSROLW\NLSLHQL QHM]FDáRNV]WDáWHPSROLW\NLJRVSRGDUF]HM
3.3.
%DQNLNRPHUF\MQH
%DQNL V V]F]HJyOQ\P W\SHP SU]HGVL ELRUVWZ 'R SRGVWDZRZ\FK F]\QQR FL EDQNRZ\FK
QDOH
SU]\MPRZDQLH ZNáDGyZ SLHQL Q\FK JRVSRGDUVWZ GRPRZ\FK L SU]HGVL ELRUVWZ L
MHGQRVWHNSD VWZRZ\FKSáDWQ\FKQD GDQLHLWHUPLQRZ\FKRUD]SURZDG]HQLHUDFKXQNyZ
W\FKZNáDGyZ GRNRQ\ZDQLHSáDWQR FLQD]OHFHQLHVZRLFKNOLHQWyZ
wykorzystywanie zgromadzonych zasobów do udzielania kredytów,
prowadzenie innych rachunków bankowych,
udzielanie gwarancji bankowych,
HPLWRZDQLHEDQNRZ\FKSDSLHUyZZDUWR FLRZ\FK
M
AKROEKONOMIA
J.
K
UROWSKI
-
3,(1, '=L32/,7<.$3,(1,
1$
13
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SU]HSURZDG]DQLHEDQNRZ\FKUR]OLF]H SLHQL Q\FK
14
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SU]\M áR VL RNUH ODü EDQNDPL KDQGORZ\PL OXE NRPHUF\MQ\PL 7R RQH SHáQL RERN EDQNX
FHQWUDOQHJRIXQNFM NUHDFMLSLHQL G]DLQDQLFKVNXSLP\VL ZQDV]HMGDOV]HMDQDOL]LH
15
Komentarz
5HVWDXUDFMDEDQNRZR FLNRPHUF\MQHMZ3ROVFH
3RF] WNLRGEXGRZ\Z3ROVFHV\VWHPXEDQNRZHJRRGSRZLDGDM FHJRZVSyáF]HVQHMJRVSRGDUFH
U\QNRZHM Z\SU]HG]DM QLHFR ZLHON UHIRUP V\VWHPRZ ]DLQLFMRZDQ Z U : U
Z\G]LHORQR ]H VWUXNWXU\ 1%3 SRZV]HFKQH NDV\ RV]F] GQR FL WZRU] F RGU EQ\ EDQN
SD VWZRZ\ 3.2 D Z URNX QDVW SQ\P Z\G]LHORQR QDVW SQ\FK EDQNyZ NWyUH VWZRU]\á\
SRGZDOLQ\ SRG VLHü NUDMRZ\FK EDQNyZ NRPHUF\MQ\FK : U UR]SRF] á VL SURFHV
SU]HNV]WDáFH ZáDVQR FLRZ\FKVHNWRUDEDQNRZHJRQDSRF] WNXJáyZQLHSRSU]H]SRZVWDZDQLH
QRZ\FK EDQNyZ SU\ZDWQ\FK D Z ODWDFK QDVW SQ\FK WDN H SU]H] VSU]HGD LQZHVWRURP
SU\ZDWQ\P ZW\P]DJUDQLF]Q\P XG]LDáyZZSU\ZDW\]RZDQ\FKEDQNDFKSD VWZRZ\FK
: UG]LDáDáRZ3ROVFHSRQDGEDQNyZNRPHUF\MQ\FKZW\PEDQNLSD VWZRZH
EDQNyZE G F\FKMHGQRRVRERZ\PLVSyáNDPLVNDUEXSD VWZDEDQNyZ]DJUDQLF]Q\FKOXE
RGG]LDáyZEDQNyZ]DJUDQLF]Q\FK3RQDGWRLVWQLDáRRNRáRQLHZLHONLFKORNDOQ\FKEDQNyZ
VSyáG]LHOF]\FK 3R ODWDFK HNVSDQVML LOR FLRZHM L SRZVWDQLX ZLHOX EDQNyZ PDá\FK RG URNX
QDVLODM VL SURFHV\ NRQVROLGDF\MQH IX]MH L WZRU]HQLH JUXS EDQNRZ\FK LQVSLURZDQH
]DUyZQR RGJyUQLH SU]H] ZáDG]H JRVSRGDUF]H JUXSD 3(.$2 6$ MDN L PDM FH FKDUDNWHU
SU]HM ü IX]MD%DQNX*GD VNLHJR]%DQNLHP,QLFMDW\Z*RVSRGDUF]\FK .
:\NRU]\VWDQLH]JURPDG]RQ\FK URGNyZGRXG]LHODQLDNUHG\WyZRUD]ORNRZDQLHNDSLWDáyZ
ZáDVQ\FKLNOLHQWyZZNRU]\VWQ\FKDNW\ZDFK SU]HGVL Z]L FLDFK Z\VW SXMHZELODQVLHEDQNX
SR VWURQLH DNW\ZQHM 3R VWURQLH SDV\ZQHM ELODQVX RGQRWRZXMH VL RSHUDFMH SROHJDM FH QD
SU]\MPRZDQLXZNáDGyZLORNDW GHSR]\WyZ HPLVMLZáDVQ\FKSDSLHUyZZDUWR FLRZ\FKRUD]
G]LDáDQLD PDM FH QD FHOX SRZL NV]HQLH VXP\ URGNyZ Z G\VSR]\FML EDQNX 8SURV]F]RQ\
ELODQVEDQNXNRPHUF\MQHJRSUH]HQWXMHVL QDVW SXM FR
Tablica
.4.
%LODQVEDQNXKDQGORZHJR
Aktywa
Pasywa
3à<11(5(=(5:<
:.à$'<1$ '$1,(
AKTYWA ZAGRANICZNE
:.à$'<7(50,12:(
14
=DNUHVF]\QQR FLEDQNRZ\FKUHJXOXMHZ3ROVFHXVWDZD3UDZREDQNRZH] VLHUSQLD URNX
15
,QQ\PL W\SDPL EDQNyZ V EDQNL LQZHVW\F\MQH NRQFHQWUXM FH VZ G]LDáDOQR ü QD U\QNX SDSLHUyZ
ZDUWR FLRZ\FK SU]HSURZDG]DQLH HPLVML SDSLHUyZ ZDUWR FLRZ\FK KDQGHO SDSLHUDPL QD U\QNX ZWyUQ\P
G]LDáDOQR ü QD U\QNX SLHQL Q\P W]Z LQ \QLHULD ILQDQVRZD REVáXJD IX]ML LWS 5R]G]LHOHQLH EDQNRZR FL
komercyjnej (commercial banking) i inwestycyjnej (investment banking) ma charakter umowny, a w warunkach
SROVNLFK QLH PD SUDNW\F]QLH NUDMRZ\FK EDQNyZ NWyUH PRJOLE\ P\ X]QDü ]D Z\VSHFMDOL]RZDQH EDQNL
LQZHVW\F\MQH1DMEOL V]\WDNLHPXSURILORZLE\á3ROVNL%DQN5R]ZRMXNWyU\ZSRáRZLH U]RVWDáSU]HM W\
SU]H]%DQN5R]ZRMX(NVSRUWX:L NV]R üGX \FKEDQNyZSROVNLFKSURZDG]LG]LDáDOQR üXQLZHUVDOQ á F] FZ
Uy Q\FKSURSRUFMDFKEDQNRZR üNRPHUF\MQ ]EDQNRZR FL LQZHVW\F\MQ
14/
26
KREDYTY KRAJOWE
:.à$'<:$/872:(
3.4.
.UHDFMDSLHQL G]DZNáDGRZHJR
:V\VWHPLHEDQNyZQDVW SXMHSURFHVNUHDFMLSLHQL G]DZNáDGRZHJRNWyU\Z\MD QLP\QD
SURVW\PSU]\NáDG]LH=Dáy P\ HNOLHQW%DQNX%DáW\FNLHJRVNáDGDQDVZyMUDFKXQHNGHSR]\W
Z Z\VRNR FL
]á
: ELODQVLH EDQNX ]PLDQD WD E G]LH Z\ND]DQD MDNR Z]URVW SDV\ZyZ
GHSR]\W RUD] DNW\ZyZ ZSáDFRQD JRWyZND VWDQRZL UH]HUZ R NZRW
]á
-H OL
Z\PDJDQD VWRSD UH]HUZ Z\QRVL L EDQN VL GR QLHM ]DVWRVXMH WR ]DWU]\PD Z IRUPLH
rezerwy jedynie 1000
]á
F]\OLSLHUZRWQHJRZNáDGXWZRU] F]SR]RVWDá\FK
]á
kredyt.
3U]\MPLMP\ H NOLHQW RWU]\PXM F\ NUHG\W Z IRUPLH ]DSLVX QD UDFKXQNX OXE Z IRUPLH
JRWyZNL Z\GDMH JR QD ]DNXS ORGyZNL ]D RWU]\PDQD VXPD
]á
]RVWDQLH SU]H] ILUP
KDQGORZ Z FDáR FL ZSáDFRQD GR EDQNX -HVW WR QS %DQN .DUSDFNL :]URVW GHSR]\WyZ
]RVWDQLHZ\ND]DQ\SRVWURQLHSDV\ZyZMHJRELODQVXQDWRPLDVWSRVWURQLHDNW\ZyZZ\VW SL
wzrost rezerw o 20 % sumy depozytowej, czyli 800
]á
RUD]SU]\URVWNUHG\WyZZ Z\VRNR FL
3200
]á
3URFHVWHQQLH NR F]\ VL Z W\P SXQNFLH JG\ SU]\]QDQ\ NUHG\W SR ]UHDOL]RZDQLX
]QyZ ]JRGQLH ] QDV]\P ]DáR HQLHP WUDIL Z FDáR FL GR VHNWRUD EDQNRZHJR QS GR %DQNX
ZL WRNU]\VNLHJR.XPXODW\ZQ\SURFHVNUHDFMLZNáDGyZLOXVWUXM SRND]DQHQL HM]PLDQ\Z
bilansach banków.
% G]LHRQSU]HELHJDáGDOHMRVL JDM Fá F]Q NZRW Z\NUHRZDQ\FKZNáDGyZ
]á
.
16
Banki
NRPHUF\MQH GRSURZDG] GR SRPQR HQLD ZNáDGX SRF] WNRZHJR SL FLRNURWQLH 1LH MHVW WR
przypadek. Przy stopie rezerw równej 20% i braku zatrzymywania gotówki przez ludzi i firmy
FDáD Z\FRI\ZDQD JRWyZND MHVW SRWHP SRQRZQLH ORNRZDQD Z EDQNDFK W]Z PQR QLN
ZNáDGyZLQIRUPXM F\LOHUD]\UR QLHVXPDZNáDGyZZVWRVXQNXGRZNáDGXSRF] WNRZHJR
UyZQ\MHVW MHVWRGZURWQR FL VWRS\UH]HUZRERZL ]XM FHMZV\VWHPLHEDQNRZ\P
Tablica. 5.
.UHDFMDZNáDGyZZEDQNDFKNRPHUF\MQ\FK
%$1.%$à7<&.,%$1.%$à7<&.,
(a) (b)
%$1..$53$&.,%$1. :, 72.5=<6.,
(c) (d)
16
$E\WRZ\ND]DüZ\VWDUF]\WURFK PDWHPDW\NL*G\VWRS UH]HUZR]QDF]\P\V
&
DZDUWR üSRF] WNRZHJR
ZNáDGXDWRNUHG\WZ\NUHRZDQ\SU]H]SLHUZV]\EDQNE G]LHUyZQ\D V
&
przez drugi D V
&
%
przez kolejny
D V
&
'
LWG0DP\WXGRF]\QLHQLD]FL JLHPJHRPHWU\F]Q\PNWyUHJRVXPDGDQDMHVWZ]RUHP
D[ V
&
V
&
%
V
&
'
] = D[ V
&
]= DV
&
AKTYWA PASYWA
Rezerwy + 800 Depozyty + 4000
Kredyty + 3200
AKTYWA PASYWA
Rezerwy + 640 Depozyty + 3200
Kredyty + 2560
AKTYWA PASYWA
Rezerwy + 5000 Depozyty + 5000
AKTYWA PASYWA
Rezerwy + 1000 Depozyty + 5000
Kredyty + 4000
M
AKROEKONOMIA
J.
K
UROWSKI
-
3,(1, '=L32/,7<.$3,(1,
1$
15
/
26
3U]\URVWLOR FLSLHQL G]DZ\QLHVLHZQDV]\PSU]\NáDG]LH
]á
(25000
]á
SLHQL G]D
ZNáDGRZHJRZ\NUHRZDQHJRSU]H]EDQNLNRPHUF\MQHPLQXV
]á
SLHUZRWQHJRZNáDGX
gotówkowego).
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SLHQL G]Z]JO GHPSURGXNWX
P mhJ (20)
,QIODFMD UR QLH JG\ ]ZL NV]D VL WHPSR SRGD \ SLHQL G]D 3U]\VSLHV]HQLH Z]URVWX
gospodarczego (wzrost
J MHVWZVWDQLHáDJRG]LüLQIODF\MQHVNXWNLHNVSDQVMLSLHQL QHMLWRW\P
EDUG]LHMLPZ\ V]\MHVWZVSyáF]\QQLNHODVW\F]QR FLh.
3RGVWDZRZHSRM FLD
%D]DPRQHWDUQD
3RUWIHORZDWHRULDSRS\WXQDSLHQL G]
3LHQL G]JRWyZNRZ\
%DQNNRPHUF\MQ\
$JUHJDWSLHQL Q\0 Z VNL
.UHDFMDSLHQL G]DZNáDGRZHJR
$JUHJDWSLHQL Q\0 V]HURNL
0QR QLNSLHQL Q\
3RS\WQDSLHQL G]
5H]HUZ\RERZL ]NRZH
$OWHUQDW\ZQ\NRV]WSLHQL G]D
2SHUDFMHRWZDUWHJRU\QNX
=DVDGD)LVKHUD
6WRS\SRGVWDZRZHEDQNXFHQWUDOQHJR
3á\QQR üLGRFKRGRZR üDNW\ZyZ
.UHG\WRGDZFDRVWDWQLHMLQVWDQFML
7UDQVDNF\MQ\SRS\WQDSLHQL G]
%LODQV$NW\ZDLSDV\ZD
=DVRERZDWHRULDSRS\WXQDSLHQL G]
.RQWURODSRGD \SLHQL G]D
6SHNXODF\MQ\SRS\WQDSLHQL G]
5yZQRZDJDU\QNXSLHQL QHJR
ûZLF]HQLDWHVWRZH
A.
3\WDQLDVSUDZG]DM FH
1.
Uy QLF PL G]\VWRS SURFHQWRZ RGDNW\ZyZWDNLFKMDNGáXJRWHUPLQRZHREOLJDFMHD
VWRS ]ZURWXRGGHSR]\WyZQD GDQLH ELH F\FK PR QDWáXPDF]\ü
a)
Z\PLHQQR FL GRFKRGRZR FLLU\]\ND
b)
Z\PLHQQR FL GRFKRGRZR FLLSá\QQR FL
c)
Z\PLHQQR FL Sá\QQR FLLU\]\ND
Odp:b Tak!
a, c Nie! Ryzyko jest w obu przypadkach jednakowo znikome.
2.
*G\E\VWRSDUH]HUZRERZL ]NRZ\FKZ\QRVLáD
a)
EDQNLQLHPRJá\E\XG]LHODüNUHG\WyZ
26/
26
b)
EDQNLXG]LHODá\E\ZL FHMNUHG\WyZ
c)
NUHG\W\VWDá\E\VL GUR V]H
Odp:a Tak!
b, c
1LH=DXZD HFDáR üGHSR]\WyZVWDQRZLáDE\UH]HUZ
3.
&RVWDáRE\VL ]SR GDQ\PUHDOQ\P]DVREHPJRWyZNLJRVSRGDUVWZDGRPRZHJR UHDOQ\P
SRS\WHPQDSLHQL G]JRWyZNRZ\ MH OLUHDOQDVWRSDSURFHQWRZDZ]UDVWDDOHQRPLQDOQD
stopa procentowa pozostaje bez zmian?
a)
VSDGáE\
b)
Z]UyVáE\
c)
QLH]PLHQLáE\VL
Odp: c Tak!
a, b Nie!
:D QDMHVWQRPLQDOQDVWRSDSURFHQWRZDSU]HV G]DM FDRDOWHUQDW\ZQ\PNRV]FLH
WU]\PDQLDSLHQL G]D JRWyZNL
4.
1DOH \VL VSRG]LHZDü HV]\ENR üRELHJXSLHQL G]DMHVWZNUDMX]HVWDELOQ\PSR]LRPHP
cen:
a)
ZL NV]D
b)
mniejsza,
c)
taka sama,
MDNZNUDMX]Z\VRN LQIODFM
Odp:b Tak!
a, c Nie!
3U]\Z\VRNLHMLQIODFMLOXG]LHÄSR]E\ZDM ´VL SLHQL G]D
5.
=DNZDOLILNXMSRGDQHQL HMSR]\FMHMDNRDNW\ZDOXESDV\ZDZELODQVLHEDQNXFHQWUDOQHJR
ZSLVXM FOLWHU $ DNW\ZD OXE3 SDV\ZD
32=<&-$
$F]\3"
1. REZERWY WALUT
w`x
T U9@4VV;W:4;=<>;=:4?A@/N4B4VLKE?
y x
LE:4;=Y2@H>@/FY<>O
;=D>J4V;W:4<
Y2JE?CO
z`x
: JEYLEO#VB/:4BR\F VLEBR\{:4<
YF
5. GOTÓWKA W OBIEGU (C)
6. KREDYTY UDZIELONE BANKOM
Odp;1. A, 2. P, 3. A, 4. P, 5. P, 6. A Tak!
6.
Ä=QDNLZ\SXV]F]RQHSU]H]RVRE\OXEILUP\SU\ZDWQHPRJ VWDüVL SLHQL G]HP-H OLQS
SHZLHQVWXGHQWZ\VWDZLNROHG]HRGNWyUHJRSR \F]\á]á]RERZL ]DQLHVSáDW\WHMNZRW\
ZRNUH ORQ\PWHUPLQLHWRSDSLHUWHQPR HE\üSU]H]ZLHU]\FLHODSXV]F]RQ\ZRELHJLVWDü
VL SLHQL G]HP´2]QDF]DUJXPHQW\SRSLHUDM FHWDNLHVWZLHUG]HQLHOLWHU 7DDUJXPHQW\
SU]HFLZNROLWHU 1
a)
NU JRGELRUFyZWDNLFK]QDNyZMHVWQLHZLHONL]HZ]JO GXQDEUDNSRZV]HFKQHJR
SU]HNRQDQLDRZLDU\JRGQR FLHPLWHQWD
b)
REUyWWDNLPL]RERZL ]DQLDPLQLHMHVW]DEURQLRQ\
c)
Sá\QQR üWDNLHJRSDSLHUXE G]LHQLHZLHOND
d)
MHVWSUDZGRSRGREQH HZ\VWDZFD]QDNXQLHZ\SHáQL]RERZL ]DQLD
e)
]QDMRPLZ\VWDZF\]QDNXE G VNáRQQL]DDNFHSWRZDüMHJR]RERZL ]DQLH
f)
WDNLSDSLHUPR HNU \üPL G]\OXG PLVWDM FVL URGNLHPSáDWQLF]\P
Odp: b, e, f
T,
a,c,d
N
7.
:QDMEOL V]\FKODWDFKZ3ROVFHSUDZGRSRGREQH]PLDQ\ZVWUXNWXU]HSRGD \SLHQL G]D0
JRWyZNDZRELHJXSXEOLF]Q\PGHSR]\W\QD GDQLH E G SROHJDá\QD
a)
Z]UR FLHJRWyZNLZRELHJXZUHODFMLGRGHSR]\WyZQD GDQLH
b)
Z]UR FLHGHSR]\WyZQD GDQLHZRELHJXZUHODFMLGRJRWyZNL
M
AKROEKONOMIA
J.
K
UROWSKI
-
3,(1, '=L32/,7<.$3,(1,
1$
1
/
26
c)
VWUXNWXUDQLH]PLHQLVL
Odp:b Tak!
a, c Nie!
&RUD]ZL FHMRVyENRU]\VWD]UDFKXQNyZELH F\FKZEDQNDFK W]Z525 X \ZDM F
NDUWSáDWQLF]\FK
8.
W pewnej gospodarce odnotowano wzrost realnej stopy procentowej z 3 do 5%, podczas gdy
QRPLQDOQDVWRSDSURFHQWRZDXWU]\PDáDVL QDVWDá\PSR]LRPLH:V]\VWNLHLQQHF]\QQLNL
RNUH ODM FHSRS\WQDSLHQL G]SR]RVWDá\SU]\W\PQDQLH]PLHQLRQ\PSR]LRPLH:]URVWRZL
UHDOQHMVWRS\SURFHQWRZHMPXVLDáWRZDU]\V]\ü
a)
wzrost inflacji,
b)
spadek inflacji,
c)
VWDáDLQIODFMD
Odp:b Tak!
a, c Nie! Skorzystaj z zasady Fishera
9.
6WRSDLQIODFMLZ3ROVFHZODWDFK V\VWHPDW\F]QLHVSDGDáD6SDGDM FDLQIODFMD
a)
podnosi nominalne stopy procentowe,
b)
REQL DQRPLQDOQHVWRS\SURFHQWRZH
c)
QLHZSá\ZDQDQRPLQDOQHVWRS\SURFHQWRZH
. Odp:b Tak!
a, c Nie!
8SRGVWDZWHJR]ZL ]NXOH \]DOH QR ü]QDQDMDNR]DVDGDFishera
10.
.WyUH]SRQL V]\FK]GDU]H ]DNZDOLILNXMHV]MDNRHNVSDQV\ZQ SROLW\N SLHQL Q Z]URVW
SRGD \SLHQL G]D DNWyUHMDNRSROLW\N UHVWU\NF\MQ VSDGHNSRGD \ ZVWDZOLWHUNLZ
odpowiednim miejscu tabelki.
a)
]DNXSSU]H]EDQNFHQWUDOQ\SDSLHUyZZDUWR FLRZ\FKQDRWZDUW\PU\QNX
b)
SRGZ\ NDPLQLPDOQHMVWRS\UH]HUZRERZL ]NRZ\FK
c)
FL FLHVWySSURFHQWRZ\FKEDQNXFHQWUDOQHJR ORPEDUGRZHMLUHG\VNRQWRZHM
d)
SRGZ\ NDPLQLPDOQHMVWRS\LQWHUZHQFMLEDQNXFHQWUDOQHJRQDRWZDUW\PU\QNX
e)
VSU]HGD SU]H]EDQNFHQWUDOQ\SDSLHUyZ]SU]\U]HF]HQLHPRGNXSXEDQNRPNRPHUF\MQ\P
f)
REQL NDVWRS\GHSR]\WRZHMEDQNXFHQWUDOQHJR
3ROLW\NDHNVSDQV\ZQD
3ROLW\NDUHVWU\NF\MQD
Odp ekspansywna: a, c, f, restrykcyjna: b, d, e.
B.
=DGDQLDUDFKXQNRZH
1.
'DQHV QDVW SXM FHSR]\FMHVNáDGQLNyZSRGD \SLHQL G]DZ3ROVFH
w mln
]á
XII. 2000 XII. 2001
3LHQL G]JRWyZNRZ\ZRELHJX
34 112,7 38 213,5
Rezerwy gotówkowe banków
12 240,3 13 668,4
'HSR]\W\LLQQH]RERZL ]DQLDELH FH
72 343,2 80 083,5
|
SRGD SLHQL G]D0ZREXODWDFKZ\QLRVáDRGSRZLHGQLR POQ]á
a)
118 696,2 i 131 965,4
b)
46 353,0 i 51 881,9
c)
106 455.9 i 118 297,0
Odp: c Tak!
a, b
1LH3LHQL G]0WRJRWyZNDZRELHJXLUH]HUZ\EDQNyZ
|
QRPLQDOQDSRGD SLHQL G]DZ]URVáDR
d)
11,1%
e)
11,9%
f)
15,7
Odp: d Tak!
e, f Nie! Zbadaj
SURFHQWRZ\SU]\URVWSRGD \SLHQL G]D0
M
AKROEKONOMIA
J.
K
UROWSKI
-
3,(1, '=L32/,7<.$3,(1,
1$
1
/
26
|
MH OLLQIODFMDZZ\QLRVáDWR]PLDQDUHDOQHMSRGD \SLHQL G]DZ\QLRVáD
g)
16,6%
h)
5,6%
i)
-5,6%
Odp: h Tak!
g, i
1LH3RZLQLHQH Z\HOLPLQRZDüZSá\ZLQIODFML
|
SRZ\ V]D]PLDQDUHDOQHMSRGD \SLHQL G]D
j)
PRJáDE\E\üX]QDQD]DF]\QQLNSRGWU]\PXM F\LQIODFM
k)
QLHPR HPLHü]ZL ]NX]LQIODFM
l)
MHVWHOHPHQWHPSROLW\NLILVNDOQHMU] GX
Odp: j
7DN6]F]HJyOQLHJG\ZLHP\ HWHPSRZ]URVWX3.%E\áRQL V]HQL Z]URVWUHDOQHM
SRGD \SLHQL G]D
k, l
1LH=DXZD HZGáXJLPRNUHVLHVWRSDLQIODFMLUyZQDMHVWWHPSXZ]URVWXSRGD \
SLHQL G]D SU]\GDQ\PSR]LRPLHUHDOQHJR3.% :URNXSU]\URVW3.%E\áQLHZLHONL
2.
'DQHV QDVW SXM FHSR]\FMHVNáDGQLNyZSRGD \SLHQL G]DZ3ROVFH
w mld
]á
VI. 2001
3LHQL G]JRWyZNRZ\ZRELHJX
34,7
Rezerwy gotówkowe banków
12,2
'HSR]\W\LLQQH]RERZL ]DQLDELH FH
69,7
|
3RGD SLHQL G]D0 ED]DPRQHWDUQD Z\QLRVáD
a)
116,6
POG]á
b)
104,4
c)
46,9
Odp: c Tak!
a, b
1LH0REHMPXMHJRWyZN ZRELHJXLUH]HUZ\JRWyZNRZHEDQNyZ
|
3RGD SLHQL G]D0Z\QLRVáD
d)
116,6
POG]á
e)
104,4
f)
46,9
Odp: e Tak!
d, f Nie! M1 to gotówka w obiegu i rezerwy banków.
|
ZDUWR FLOLF]ERZHVWRS\UH]HUZJRWyZNRZ\FK V
}
) i stopy utrzymywania gotówki
(
V
~
Z\QRV] RGSRZLHGQLR
g)
V
=0,175,
V
=0,497
h)
V
=0,497,
V
=0,175
i)
V
=0,35,
V
=1
Odp: g Tak!
h, i Nie!
=DXZD HV
}
to relacja rezerw do depozytów a V
~
to relacja gotówki w obiegu do
depozytów
|
0QR QLNNUHDFMLSLHQL G]DZ\QLyVá
j)
2,23
k)
2
l)
5,71
Odp: j Tak!
k, l Nie!
:\VWDUF]\SRG]LHOLü0SU]H]0
|
:SU]\SDGNXJG\E\1%3]ZL NV]\áED] PRQHWDUQ RVXP
mld
]á
]DNáDGDP\]HEDQNL
ZSHáQLZ\NRU]\VWXM PR OLZR FLNUHDFMLF]\OLXWU]\PXM UH]HUZ\QLHZL NV]HQL PXV]
SRGD SLHQL G]D0:
m)
QLH]PLHQLáDE\VL
n)
VSDGáDE\Rmld
o)
Z]URVáDE\Rmld
Odp: m Tak!
m, n Nie! wzrost bazy monetarnej oznacza
PQR QLNRZ\Z]URVW0
3.
3U]\MPLMP\ HPLQLPDOQDVWRSDUH]HUZZ\QRVLLEDQNLQLHXWU]\PXM UH]HUZ
QDGZ\ NRZ\FK6WRSDXWU]\P\ZDQLDJRWyZNLMHVWUyZQD
|
PQR QLNSLHQL Q\Z\QRVL
a)
0,25
b)
5
c)
4
Odp: c Tak!
a, b Nie! Skorzystaj ze w
]RUXQDPQR QLNZ\NRU]\VWXM FHJRVWRS UH]HUZLJRWyZNL
|
-H OLEDQNFHQWUDOQ\]GHF\GRZDáR]PQLHMV]HQLXSRGD \SLHQL G]DR
mln
]á
w drodze
RSHUDFMLRWZDUWHJRU\QNX]EDQNDPLNRPHUF\MQ\PLWRSRZLQLHQVSU]HGDüSDSLHU\
ZDUWR FLRZH]DVXP
d)
100
POQ]á
e)
25
POQ]á
f)
20
POQ]á
Odp: e Tak!
d, f
1LH'RNRQXM FWDNLFKRSHUDFMLEDQNFHQWUDOQ\]PLHQLDED] PRQHWDUQ 3R GDQ ]PLDQ
SRGD \SLHQL G]DWU]HED]DWHPSRG]LHOLüSU]H]PQR QLN
|
JG\E\VWRSDUH]HUZPLQLPDOQ\FK]RVWDáDREQL RQDGRWRGOD]PQLHMV]HQLDSRGD \
SLHQL G]DRDQDORJLF]Q NZRW POQ]áEDQNFHQWUDOQ\PXVLDáE\VSU]HGDüZGURG]H
RSHUDFMLRWZDUWHJRU\QNXSDSLHU\ZDUWR FLRZH
g)
]DZL NV] NZRW
h)
]DPQLHMV] NZRW
i)
za tyle samo
Odp: h Tak!
g,i
N
LH=DXZD HREQL NDVWRS\UH]HUZ]ZL NV]DPQR QLNSLHQL Q\
4.
-DNDMHVWFHQDREOLJDFMLNWyUDSU]\QLHVLHZURNXSU]\V]á\PLZHZV]\VWNLFKQDVW SQ\FK
ZQLHVNR F]RQR ü
]á
GRFKRGXMH OLVWRSDSURFHQWRZDZ\QRVL"
a)
]á
b)
]á
c)
]á
Odp:a Tak!
b, c Nie! Cena takiej obligacji dana jest przez iloraz dochodu i stopy procentowej
-DNDE\áDE\FHQDJG\E\VWRSDSURFHQWRZDVSDGáDGR"
d)
]á
e)
]á
f)
]á
Odp; e Tak!
d, f nie!
=DXZD HFHQDWDNLHMREOLJDFMLGDQDMHVWSU]H]LORUD]GRFKRGXLVWRS\
procentowej
5.
:SHZQHMJRVSRGDUFHZ\VW SXM GZDURG]DMHREOLJDFML2EOLJDFMH$SU]\QRV] QRPLQDOQLH
2EOLJDFMH%PDM FKDUDNWHULQGHNVRZDQ\LJZDUDQWXM UHDOQ VWRS SURFHQWRZ UyZQ
5%.
|
:NWyU\FK]W\FKREOLJDFMLXORNRZDáE\
]á
MH OLRF]HNLZDQDLQIODFMDZ\QRVL
a)
w obligacjach A,
b)
w obligacjach B.
Odp:a Tak!
M
AKROEKONOMIA
J.
K
UROWSKI
-
3,(1, '=L32/,7<.$3,(1,
1$
1
/
26
b
1LH:\NRU]\VWDM]DVDG Fishera (realna stopa procentowa to stopa nominalna
SRPQLHMV]RQDRRF]HNLZDQ LQIODFM
|
-DNLQZHVWRZDáE\ JG\E\7ZRMHRF]HNLZDQLDLQIODF\MQHZ]URVá\GR"
c)
w obligacje A
d)
w obligacje B
Odp d Tak!
c nie! Wykorzyst
DM]DVDG Fishera (realna stopa procentowa to stopa nominalna
SRPQLHMV]RQDRRF]HNLZDQ LQIODFM
6.
Pewien osobnik zarabia 1000
]á
PLHVL F]QLH.RV]WND GHMZL]\W\ZEDQNXZFHOXGRNRQDQLD
transferu z rachunku lokaty terminowej na rachunek
DYLVWD wynosi 2
]á
. Nominalna stopa
oprocentowania depozytu terminowego jest równa 10%, a depozytu
DYLVWD 0%.
|
RSW\PDOQDNZRWDSU]HFL WQHJR]DVREXSLHQL G]DWHJRRVREQLNDZFL JXPLHVL FDZ\QRVL
a)
]á
b)
]á
c)
]á
. Odp:b Tak!
a, c
1LH 3RZLQLHQH VNRU]\VWDü ]H Z]RUX QD RSW\PDOQ\ ]DVyE SLHQL G]D
L
3<E
Q
3<
0
2
/
2
/
*
*
=
=
|
1DLOHZL]\WZEDQNXPLHVL F]QLH]GHF\GXMHVL WHQRVREQLN"
d)
5 wizyt
e)
10 wizyt
f)
2 wizyty
. Odp:d Tak!
e, f
1LH3RZLQLHQH VNRU]\VWDü]HZ]RUXQDRSW\PDOQ OLF]E ZL]\WZEDQNX
E
L3<
Q
2
/
*
=
|
-DN]PLHQLVL 7ZRMDRGSRZLHG MH OLNRV]WZL]\W\ZEDQNXZ]UR QLHGR]á"
g)
]áLZL]\WD
h)
]áLZL]\W\
i)
]áLZL]\W
. Odp:h Tak!
g, i
1LH6NRU]\VWDM]HZ]RUyZQDRSW\PDOQ\]DVyESLHQL G]DLRSW\PDOQ OLF]E ZL]\WZ
banku.