ARTICLE on Growth and Financial Stability Beyond the Crisis
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MTC]ZH FIJ LKIFIEKFA UZFDKAKZ[ DN[CIJ ZHN ETKUKU ‑Uecpn Lct Macdfa Eccpntfzkci‒ Jt J) U~ddftc! Mc|ntict! Tnunt|n Dfio cl Kijkf ki f tneniz ecilntnien hnaj ki B~bdfk ci Cezcdnt 4=! 4060 ufkj ‑Zhn pfuz etkuku hfu zf~mhz ~u zhfz ic ec~izt{ efi dn fi kuafij fij zhfz necicbke fij lkifiekfa jkut~pzkciu fi{}hntn ef~unu tkppanu! kl icz }f|nu! n|nt{}hnt n) Zhn etkuku fauc zf~mhz ~u zhfz mk|ni zhn jnnpnikim kiznmtf zkci cl ec~iztknu kizc f macdfa necicbke fij lkifiekfa u{uznb! ~iecctjkifznj tnupciunu }kaa anfj zc }ctun c~zecbnu lct n|nt{cin)‒ Zhn lkifiekfa etkuku cl 400="400; }fu clzni ecbpftnj zc zhn etkuku akon! ‘Zhn Mtnfz Jnptnuukci‛ cl zhn 6;50u ztkmmntnj d{ f akv~kjkz{ uhctzlfaa ki ^)U) Dfiokim U{uznb) Bfi{ necicbkuzu eciukjntnj kz zc dn zhn }ctuz lkifiekfa etkuku ukien Zhn Mtnfz Jnptnuukci fu kz uhc}nj kzu kbpfez ci |ftkc~u ec~iztknu }ctaj}kjn) Ki zhn lfen cl zhku lkifiekfa etkuku ki tneniz jnefjnu! hc}n|nt Kijkf‛u necicb{ hfu pntlctbnj nxztfctjkiftka{ }naa) Kijkf hfu dnecbn bctn tnukakniz zc uhceou cl |ftkc~u okiju fu f tnu~az cl tnlctbu nupnekfaa{ }kzh zhn uztnimzhnikim cl zhn dfiokim unezct) D{ faa feec~izu zhn }ctaj hfu tnec|ntnj ltcb zhn lkifiekfa bnazjc}i) Ki zhn afznuz ]ctaj Necicbke C~zacco (]NC"Cez! 4060+ zhn KBL ptcgneznj macdfa mtc}zh lct 4060 fz :)8.) Ukbkafta{ zhn ]ctaj Ztfjn }hkeh uhtfio d{ 66. ki 400; ku nxpfijnj d{ 66):. ki 4060)Zhnun kietnfun ki tfznu ku bfkia{ pc}ntnj d{ Nbntmkim Bftonz Necicbknu (NBNu+! }hkeh eciztkd~znj infta{ hfal cl zhku mtc}zh fij fmfki d{ kbpctz jnbfij cl NBNu }hkeh ku tkukim z}ken fu lfuz fu zhfz cl fj|fienj necicbknu) Hc}n|nt! ci zhn cz hnt hfij! fj|fienj ec~izt knu ftn mt c}kim fz zhn ua c}kim bcbniz~b cl tnec|nt{ , uz~ddctia{ hkmh tfznu cl ~inbpac{bniz) Ki zhn M"40 U~bbkz hnaj ci Fptka! 400;! faa bnbdntu }ntn jnnpa{ eciuekc~u zhfz p~tna{ ifzkcifa uca~zkciu jc icz uca|n macdfa ptcdanbu fij zhn{ nfeh innj zc bfon fi fjg~uzbniz zc zhn pcuz"etkuku macdfa tnfakzknu) Fij zhku ku }hntn macdfa ec"cpntfzkci ku bcuz |kzfa) Zhn Dfuna Ecbbkzznn ci Dfiokim U~pnt|kukci ci Unp! 4060 p~z lct}ftj f tnlctb zhfz zhn dfiou }kaa hcaj bctn , dnzznt v~fakz{ efpkzfa , zc eftt{ bctn akv~kj fuunzu) Ukbkafta{ zhn Lkifiekfa Uzfdkakz{ Lct~bu hfu dnni nxpfijnj zc Lkifiekfa Uzfdkakz{ Dcftj (LUD+ }hkeh }kaa mk|n bctn kbpctzfien , tnptnunizfzkci zc NBNu)
Transcript of ARTICLE on Growth and Financial Stability Beyond the Crisis
8/8/2019 ARTICLE on Growth and Financial Stability Beyond the Crisis
http://slidepdf.com/reader/full/article-on-growth-and-financial-stability-beyond-the-crisis 1/2
MTC]ZH FIJ LKIFIEKFA UZFDKAKZ[ DN[CIJ ZHN ETKUKU
‑Uecpn Lct Macdfa Eccpntfzkci‒
Jt J) U~ddftc! Mc|ntict! Tnunt|n Dfio cl Kijkf ki f tneniz ecilntnien hnaj ki
B~bdfk ci Cezcdnt 4=! 4060 ufkj ‑Zhn pfuz etkuku hfu zf~mhz ~u zhfz ic ec~izt{ efi dn fi
kuafij fij zhfz necicbke fij lkifiekfa jkut~pzkciu fi{}hntn ef~unu tkppanu! kl icz }f|nu!
n|nt{}hntn) Zhn etkuku fauc zf~mhz ~u zhfz mk|ni zhn jnnpnikim kiznmtfzkci cl ec~iztknu kizc f
macdfa necicbke fij lkifiekfa u{uznb! ~iecctjkifznj tnupciunu }kaa anfj zc }ctun c~zecbnu
lct n|nt{cin)‒
Zhn lkifiekfa etkuku cl 400="400; }fu clzni ecbpftnj zc zhn etkuku akon! ‘Zhn Mtnfz
Jnptnuukci‛ cl zhn 6;50u ztkmmntnj d{ f akv~kjkz{ uhctzlfaa ki ^)U) Dfiokim U{uznb) Bfi{necicbkuzu eciukjntnj kz zc dn zhn }ctuz lkifiekfa etkuku ukien Zhn Mtnfz Jnptnuukci fu kz
uhc}nj kzu kbpfez ci |ftkc~u ec~iztknu }ctaj}kjn)
Ki zhn lfen cl zhku lkifiekfa etkuku ki tneniz jnefjnu! hc}n|nt Kijkf‛u necicb{ hfu
pntlctbnj nxztfctjkiftka{ }naa) Kijkf hfu dnecbn bctn tnukakniz zc uhceou cl |ftkc~u okiju fu
f tnu~az cl tnlctbu nupnekfaa{ }kzh zhn uztnimzhnikim cl zhn dfiokim unezct)
D{ faa feec~izu zhn }ctaj hfu tnec|ntnj ltcb zhn lkifiekfa bnazjc}i) Ki zhn afznuz
]ctaj Necicbke C~zacco (]NC"Cez! 4060+ zhn KBL ptcgneznj macdfa mtc}zh lct 4060 fz
:)8.) Ukbkafta{ zhn ]ctaj Ztfjn }hkeh uhtfio d{ 66. ki 400; ku nxpfijnj d{ 66):. ki
4060)Zhnun kietnfun ki tfznu ku bfkia{ pc}ntnj d{ Nbntmkim Bftonz Necicbknu (NBNu+!
}hkeh eciztkd~znj infta{ hfal cl zhku mtc}zh fij fmfki d{ kbpctz jnbfij cl NBNu }hkeh ku
tkukim z}ken fu lfuz fu zhfz cl fj|fienj necicbknu)
Hc}n|nt! ci zhn czhnt hfij! fj|fienj ec~iztknu ftn mtc}kim fz zhn uac}kim
bcbniz~b cl tnec|nt{ , uz~ddctia{ hkmh tfznu cl ~inbpac{bniz)
Ki zhn M"40 U~bbkz hnaj ci Fptka! 400;! faa bnbdntu }ntn jnnpa{ eciuekc~u zhfz
p~tna{ ifzkcifa uca~zkciu jc icz uca|n macdfa ptcdanbu fij zhn{ nfeh innj zc bfon fi
fjg~uzbniz zc zhn pcuz"etkuku macdfa tnfakzknu) Fij zhku ku }hntn macdfa ec"cpntfzkci ku bcuz
|kzfa)
Zhn Dfuna Ecbbkzznn ci Dfiokim U~pnt|kukci ci Unp! 4060 p~z lct}ftj f tnlctb zhfz
zhn dfiou }kaa hcaj bctn , dnzznt v~fakz{ efpkzfa , zc eftt{ bctn akv~kj fuunzu) Ukbkafta{ zhn
Lkifiekfa Uzfdkakz{ Lct~bu hfu dnni nxpfijnj zc Lkifiekfa Uzfdkakz{ Dcftj (LUD+ }hkeh }kaa
mk|n bctn kbpctzfien , tnptnunizfzkci zc NBNu)
8/8/2019 ARTICLE on Growth and Financial Stability Beyond the Crisis
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Zhn macdfa etkuku hfu uhc}i zhfz zhn macdfa necicb{ fu fi nizkz{ ku bctn kbpctzfiz
zhfi n|nt) Faa ec~iztknu uhc~aj eccpntfzn icz cia{ zc nxkz ltcb zhn etkuku! d~z fauc zc bfon
u~tn zhfz ki tnuca|kim zhku etkuku! zhn unnju ftn icz uc}nj lct zhn inxz etkuku) Macdfa
eccpntfzkci ku cin lfezct zhfz efiicz dn inmaneznj fz zhku uzfmn)
D{7"
Fiikn Inmk
BBU (Lkifien+
Tnl7"
Upnneh d{ Jt J) U~ddftc! Mc|ntict! TDK! fz zhn KETKNT#JKN Ecilntnien hnaj ki B~bdfk!
ci Cez 4=! 4060)
