Politica Monetaria en la U.E. BASE MONETARIA CREDITO Y OFERTA MONETARIA
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Transcript of Politica Monetaria en la U.E. BASE MONETARIA CREDITO Y OFERTA MONETARIA
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8/20/2019 Politica Monetaria en la U.E. BASE MONETARIA CREDITO Y OFERTA MONETARIA
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W`aâtkme B`lhterke hl ae X.H.JE]H B@LHVEZKE, MZËFKV@
[ @CHZVE B@LHVEZKE
Y`rokli Wephr :4 fh chjrhr` fh :753
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:
W`aâtkme B`lhterke hl ae X.H.JE]H B@LHVEZKE, MZËFKV@
[ @CHZVE B@LHVEZKE
5.
Ae rheakfef hm`lýbkme emrhfkte ae fkrhmte rhaemkýl hltrhmrëfkt` jelmerk` y `chrte b`lhterke, skhlf` hste þatkbe,
m`b` sejhb`s, ha `jnhtkv` jåskm` fh aes emtuemk`lhs fh
a`s jelm`s mhltreahs hl ihlhrea y fha Jelm` Mhltrea
Hur`ph` hl pertkmuaer puhst` quh, aýikmebhlth, ae
hstejkakfef fh prhmk`s hstå fkrhmtebhlth rhaemk`lefe m`l
ha hqukakjrk` hltrh `chrte y fhbelfe fh fklhr`.
M`b` vhb`s hl jesh e a`s fet`s dkstýrkm`s, ae `chrte fh
fklhr` (B=) hl ae Hur`z`le y ha mrëfkt` jelmerk` skiuhl
ule hv`aumkýl maerebhlth pereahae.
:.
Hste hv`aumkýl pereahae fha mrëfkt` y fh ae `chrte
b`lhterke l` hstå rhaemk`lefe m`l eaiule meremthrâstkme
hsphmâckme fh ae p`aâtkme b`lhterke fh ae hur`z`le.
W`fhb`s m`bpr`jer quh hchmt`s hqukveahlths sh
pr`fumhl tebjkël hl `tr` tkp` fh hm`l`bâes tel
fksperhs m`b` aes fh Hstef`s Xlkf`s y Mdkle>
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=
W`aâtkme B`lhterke hl ae X.H.JE]H B@LHVEZKE, MZËFKV@
[ @CHZVE B@LHVEZKE
=.
Ea m`ltrerk`, p`r aes rez`lhs quh ye dhb`s hxpuhst`, ae
rhaemkýl hltrh ae Jesh B`lhterke (B7) y ae @chrte
B`lhterke (B=) hs sýa` klfkrhmte>
6.
[, p`r aes bksbes rez`lhs, vhb`s mýb` ae rhaemkýl hltrh
ae Jesh B`lhterke y ha Mrëfkt` ea ]hmt`r Wrkvef` hstebjkël maerebhlth klfkrhmte.
577
5:7
5=6
566
:78
577573 574
556
5:8
577
5:7
567
537
547
:77
::7
:779 :77; :755 :75= :758
Hur`z`le> Jesh b`lhterke y B= :779-:758
(% / :779) Cuhlth> HMJ
JE]H
B@LHVEZKE
B=
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6
W`aâtkme B`lhterke hl ae X.H.JE]H B@LHVEZKE, MZËFKV@
[ @CHZVE B@LHVEZKE
8.
Hl hchmt`, a` sumhfkf` furelth hste mrksks hm`lýbkme l`s
rhvhae m`l maerkfef quh klmrhbhlter ae jesh b`lhterke
l` sup`lh hl ejs`aut` ule iereltâe fh klmrhbhlter lk ha
mrëfkt` lk ae `chrte b`lhterke.
3.
Hste eriubhltemkýl hs tebjkël epakmejah e ae ihstkýl p`r
perth fha Jelm` Mhltrea Hur`ph` fh a`s tkp`s fh klthrës.
Fh lefe skrvh quh ha JMH rhfuzme ` klmrhbhlth a`s tkp`s
jåskm`s sk haa` l` sh trelsbkth e ae emtkvkfef quh a`s
jelm`s fhserr`aael m`b` prhstebkstes y ihlhre m`b`
m`lshmuhlmke ul klmrhbhlt` ` rhfummkýl fha mrëfkt`jelmerk`. Mýb` sejhb`s, sýa` hsth klmrhbhlt` `
rhfummkýl fha mrëfkt` jelmerk` sup`lh e su vhz ul
klmrhbhlt` ` rhfummkýl hqukveahlths fh ae `chrte
b`lhterke.
9.
M`b` vhb`s, ae p`aâtkme b`lhterke l` hs sýa` ule
muhstkýl fh pr`vhhr ` rhtkrer rhmurs`s cklelmkhr`s fha
shmt`r jelmerk` ` cklelmker e hsth shmt`r hl m`lfkmk`lhs
bås ` bhl`s cev`rejahs. Hstes emtuemk`lhs s`l sýa`klstrubhlt`s klthrbhfk`s fhstklef`s e ule ckleakfef. Ae
577
5:7
5=6
566
:78
577574 557 578 578
577
5:7
567
537
547
:77
::7
:779 :77; :755 :75= :758
Hur`z`leJesh b`lhterke y Mrëfkt` ea ]hmt`r Wrkvef` :779-:758
(% / :779). Cuhlth> HMJ
JE]HB@LHVEZKE
MZËFKV@ EA
]HMV@Z WZKSEF@
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W`aâtkme B`lhterke hl ae X.H.JE]H B@LHVEZKE, MZËFKV@
[ @CHZVE B@LHVEZKE
vhrfefhre ckleakfef fh ae p`aâtkme b`lhterke hs, m`b`
sejhb`s, m`lshiukr quh ha shmt`r jelmerk` klmrhbhlth `rhfuzme ha mrëfkt` e ae hm`l`bâe rhea hl ae mueltâe
lhmhserke pere klmkfkr hckmkhlthbhlth hl ae `chrte fh
fklhr` y, p`r a` telt`, hl ae hstejkakfef fh prhmk`s.
4.
L`s emhrmeb`s esâ e ae muhstkýl maevh quh fksmutkb`s hl
hsth klc`rbh> hl quë bhfkfe s`l rheabhlth hckmkhlths a`s
bhmelksb`s fh trelsbkskýl fh ae p`aâtkme b`lhterke
fhsfh aes fhmksk`lhs ef`ptefes p`r ha Hur`sksthbe deste
su klmkfhlmke hl ha mrëfkt` jelmerk`.
Es e Y`rokli Wephr, kt f`hs l`t rhcahmt ely klstktutk`lea p`sktk`l `r `pklk`l lhktdhr `c HOEK Mhlthr, l`r `c
kts sp`ls`rs `r supp`rtkli hltktkhs.
HOEK Mhlthr shhos t` f` jusklhss wktd m`bpelkhs `r i`vhrlbhlts m`vhrhf kl kts rhp`rts. Zhefhrs sd`uaf jh
ewerh tdet wh bey devh e m`lcakmt `c klthrhst tdet m`uaf ecchmt tdh `jnhmtkvkty `c tdks rhp`rt. Klvhst`rs
sd`uaf m`lskfhr tdks rhp`rt es `lay e skliah cemt`r kl beokli tdhkr klvhstbhlt fhmksk`l.
IEZEKE KLL@SEVK@L MHLVHZ, I@KZX 5E B@LFZEI@L
VHA> ;6=:87576 AHOHKVK@ 398975948 FXZELI@ 34445;8:7
H-BEKA> klc`Ghoekmhlthr.hu
www.hoekmhlthr.hu smrkjf.m`b/HOEKMhlthr
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