M

makroekonomika

leqcia 7
saerTo ekonomikuri wonasworoba grZel da
moklevadian periodebSi
(saqonlisa da momsaxurebis, sasesxo kapitalis, fulis da Sromis bazrebis
urTierTqmedeba)

1
leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba moklevadian periodSi

wonasworoba moklevadian periodSi

 moklevadian periodSi gvaqvs ori mniSvnelovani daSveba:

1. fasebi xistia – rac niSnavs rom moklevadian periodSi
fasebis done ekonomikaSi ar icvleba;
2. ekonomika ar imyofeba sruli dasaqmebis doneze – rac
niSnavs rom ekonomikaSi arsebobs Warbi sawarmoo simZlevreebi;

 situacias roca erTdroulad yvela makroekonomikuri bazari wonasworobaSi

imyofeba, magram ara sruli dasaqmebis doneze, ewodeba saerTo
ekonomikuri wonasworoba moklevadian periodSi;

2
leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba moklevadian periodSi

IS-LM modeli
 IS modeli warmoadgens mTliani Sedida prodiqtisa(Y) da saprocento ganakveTis(i)
wyvilTa simravles, romelic Seesabameba wonasworul fass(P*) da gulisxmobs, rom
investiciebi(I) da danazogebi(S) erTmaneTis tolia(anu sasesxo kepitalis da
saqonlisa da momsaxurebis bazarebi wonasworobaSia).
 LM modeli - mTliani Sida prodiqtisa(Y) da saprocento ganakveTis(i) wyvilTa
simravles, romelic Seesabameba wonasworul fass(P*) da gulisxmobs, rom fulze
moTxovna(L) da fulis miwodeba(M) erTmaneTis tolia da wonasworoba miRweulia
fasiani qaraldebis bazarzec(anu finansuri bazari wonasworobaSia).
 amitom saqonlisa da momsaxurebis, kapitalis da fulis bazarze erToblivi
wonasworobas Seesabameba mxolod erTi (Y*, i*) wyvili. grafikulad es SegviZlia
Semdeg nairad vaCvenoT:

3
leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

E=Y
E

E,A
E  A  MPC  Y

A2 C a  I (i )  G  A
A1

Y1 Y2 A1 A2
Y A
i LM i
S  I
A  G  C a  I (i )

D
i*
L as
 L(i )


IS
M/P
Las Y1 Y2 Ca+G A
1/V Y

s
M

M/P D 1
L tr

V
Y
Ltr 4
leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba moklevadian periodSi

erToblivi wonasworobis damyarebis pirobebi moklevadian

periodSi

 Tu ekonomika IS mrudis zemoT mdebarobs, maSin adgili aqvs siWarbes saqonlisa da momsaxurebis
bazarze. Tu ekonomika IS mrudis qvemoT mdebarobs, maSin adgili aqvs deficits saqonlisa da
momsaxurebis bazarze.
 Tu ekonomika LM mrudis zemoT mdebarobs, maSin adgili aqvs siWarbes fulis bazarze. Tu ekonomika
LM mrudis qvemoT mdebarobs, maSin adgili aqvs deficits fulis bazarze.

 Tu ekonomika ar imyofeba wonasworobaSi. maSin i

wonasworonisken gadasvla sxvadasxva nairad
Ys Y D
LM
SeiZleba ganxorcieldes, es damokidebulia “
adamianTa subieqtur qcevaze”. M L
Y Y
s D
 arsebobs tendencia, rom xSir SemTxvevaSi
saqonlisa da momsaxurebis bazari ufro nela modis i* M L Ys Y D

wonasworobaSi vidre fulis, radgan warmoebis M L

moculobis cvlilebas ufro meti dro sWirdeba vidre
fulis moculobis. Ys Y D IS
M L
Y* Y
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leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba moklevadian periodSi

erToblivi wonasworobis damyareba moklevadian periodSi

 dauSvaT ekonomika imyofeba H wertilSi(YS>YD da M>L), radgan bazarze monawileTa gegmebi ar
emTxveva erTmaneTs, amitom mosalodnelia miwodebis koreqtirebebi. fulis miwodebis siWarbe fulis
bazarze gamoiwvevs saprocento ganakveTis Semcirebas, flis miwodeba daiwyebs Semcirebas, xolo
moTxovna zrdas i2-Si fulis bazari mova wonasworobaSi, magram saqonlisa da momsaxurebis bazarze
am dros iqneba kvlav siWarbe. moklevadian periodSi saprocento ganakveTis Semcireba erTis mxriv,
gamoiwvevs investiviuri moTxovnis zrdas, magram meores mxriv

i H
sawarmoebi aRmoaCenen Warb maragebs da
i1 LM
daiwyebsn warmoebis Semcirebas, da maSasadame
dasaqmebis Semcirebas, rac Seamcirebs i2
Semosavlebs. es ukanaskneli ki gamiwvevs kvlav G
siWarbes fulis bazarze da procesi ganmeordeba i*
manam sanam ar damyardeba wonasworoba i*, Y*
werTilSi.
 msgavsad viTardeba movlenebi sxva
situaciaSic. IS

Y* Y2 Y1 Y
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leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba moklevadian periodSi

IS mrudis gadaadgileba –axal wonasworobaSi gadasvla

 dauSvaT ekonomika imyofeba wonasworobaSi (i0, Y0) wertilSi da investorebi zrdian investiciebs ΔI
sidisdiT. maSin IS mrudi gadaadgildeba marjvniv ΔI-is Sesabamisi multiplikatoris sidisdiT. i0
saprocento ganakveTis pirobebSi erToblivi moTxovna izrdeba Y2 sididemde. magram rogorc vxedavT
am SemTxvevaSi fulis bazarze deficitia (M<L). radgan saqonlisa da momsaxurebis bazarze gaizarda
moTxovna, amitom gaizarda fulze moTxovnac garigebebisaTvis. Tu erovnuli banki ar gazrdis fuli
masas, maSin adamianebi

daiwyeben TavianTi aqtivebis fulad gadaqcevas, i LM
magaliTad fasiani qaRaldebis, rac gamoiwvevs am
aqtivebis fasis dacemas da saprocento ganakveTis
zrdas. saprocento ganakveTis zrda ki gamoiwvevs
sainvesticio moTxovnis Semcirebas vidre ΔI
wonasworoba ar damyardeba (i1, Y1) wertilSi.
i1
i0
 ase rom fulis bazari amcirebs IS0 IS1
multiplikatoris efeqts. Y0 Y1 Y2 Y
7
leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba moklevadian periodSi

LM mrudis forma – sami kerZo SemTxveva

 I monakveTze LM mrudi daxris kuTxe dabalia. es gamowveulia erTis mxriv, Semosavlebis dabali
doniT, ris gamoc garigebebze fulze moTxovna dabalia; meore mxriv dabali saprocento ganakveTis
gamo maRalia fulze moTxovna rogorc qonebaze;
 II monakveTze LM mrudi daxris kuTxe ufro maRalia vidre I monakveTze da ufro da ufro izrdeba. es
gamowveulia imiT rom, SedarebiT maRali Semosavlebis donis gamo gazrdilia garigebebisaTvis fulze
moTxovna da saprocento ganakveTis zrdis gamo
Semcirebulia fulze moTxivna rogorc
qonebaze;
i LM
 III monakveTze Zalian maRali saprocento III
ganakveTebis gamo qonebis seqtori
dacarielebulia fulisgan, amitom
garigebebisaTvis fulze moTxovnis
I
dakmayofileba veRar xorcieldeba. Sedegad
veRar izrdeba ekonomika.
II

Y
8
leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba moklevadian periodSi

IS mrudis gadaadgilebis sami kerZo SemTxveva

 Tu IS mrudi LM mrudis I monakveTze imyofeba, maSin IS mrudis gadaadgilebisas mTlianad
gamovlendeba avtonomiuri xarjebis multiplikatoris efeqti. imitom rom aseT SemTxvevaSi saqonlisa da
momsaxurebis bazarze erToblivi moTxovnis zrdis Sedegad gazrdili moTxovna fulze garigebebisaTvis
umeteswiled qonebis seqtorSi arsebuli fuliT dakmayofildeba. ris gamoc saprocenro ganakveTi
umniSvnelod gaizrdeba.
 Tu IS mrudi LM mrudis II monakveTze imyofeba, maSin IS mrudis gadaadgilebisas nawilobriv
gamovlendeba avtonomiuri xarjebis multiplikatoris efeqti. imitom rom aseT SemTxvevaSi erToblivi
moTxovnis zrdiT gazrdili fulze moTxovna garigebebisaTvis fasiani qaRaldebis gayidviT kmayofideba.
rac saprocento
ganakveTis zrdas iwvevs.
 Tu IS mrudi LM mrudis III monakveTze IS0
i
IS1 LM
imyofeba, maSin IS mrudis gadaadgilebisas
avtonomiuri xarjebis multiplikatoris
efeqti nulis tolia. imitom rom aseT
IS1 IS0
SemTxvevaSi erToblivi moTxovnis
IS1 IS0
zrdiT gazrdili garigebebisaTvis fulze
moTxovnis dasakmayofileblad sakmarisi
fulis raodenoba ar aris ekonomikaSi.

Y
9
leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba moklevadian periodSi

LM mrudis gadaadgileba
 dauSvaT ekonomika imyofeba wonasworobaSi (i0, Y0) wertilSi da erovnuli banki zrdis fulis
miwodebas es gamoiwvevs LM mrudis gadaadgilebas i0 saprocento ganakveTis pirobebSi.
erTis mxrov warmoiqmneba Warbi fulis masa ekonomikaSi, meoremxriv siWarbe saqonlisa
da momsaxurebis bazarze. Warbi fulis gamo saojaxo meurneobebi zrdian moTxovnas
fasian qaraldebze da sxva aqtivebze, ris gamoc am ukanasknelTa fasi
izrdeba, xolo saprocento ganakveTi
mcirdeba (i1). saprocento ganakveTis i LM0 LM1
Semcireba zrdis sainvesticio
moTxovnas da izrdeba erovnuli
Semosavali (Y1).
i0
 maSasadame fulis miwodebis Sedegad
adgili aqvs multiplikatorul i1
efeqts. IS
Y0 Y1 Y
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leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba moklevadian periodSi

likviduri maxe
 Tu wonasworoba myardeba LM mrudis I monakveTze (i0, Y0) wertilSi, maSin ekonomika
xvdeba e.w. likvidur maxeSi da fulis masis cvlileba(LM mrudis gadaadgileba) ar cvlis
realur Semosavals.(Y)(keinzianuri koncefciis mixedviT).

i LM0 LM1

i0
IS
Y0 Y 11
leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba moklevadian periodSi

investiciuri maxe
 Tu ekonomikaSi magaliTad investorebSi Warbobs momavalTan dakavSirebiT pesimisturi
molodinebi, es imas niSnavs rom saprocento ganakveTis cvlileba, am SemTxvevaSi, aRar
aris investiciebze zemoqmedebis mniSvnelovani faqtori da IS mrudi vertikaluri xdeba.
aseT viTarebaSi ekonomika xvdeba investiciur maxeSi. Tu ekonoika imyofeba (i0, Y0)
wertilSi, maSin fulis masis cvlileba(LM mrudis gadaadgileba)
ar cvlis realur Semosavals.
(keinzianuri koncefciis mixedviT).
i LM0 LM1
IS

i0

Y0 Y 12
leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba grZelvadian periodSi

wonasowroba grZelvadian periodSi

 grZelvadian periodSi gvaqvs ori mniSvnelovani daSveba:

1. fasebi elastikuria – rac niSnavs rom grZelvadian
periodSi fasebis done ekonomikaSi icvleba;
2. ekonomika imyofeba sruli dasaqmebis doneze –
dasaqmebis im doneze, roca misi zrda an Semcireba amcirebs
ekonomikis efeqturobas – anu mis optimalur doneze;

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leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba grZelvadian periodSi

sruli dasaqmeba da warmoebis potenciuri done

 dauSvaT N sruli dasaqmebis donea – dasaqmebis am doneze Sromaze

moTxovna da misi miwodeba erTmaneTis tolia.Y – warmoebis potenciuri donea
– anu warmoebis done sruli dasaqmebis(N), kapitalis mocemuli maragebis(K) da
arsebuli teqnologiis pirobebSi(A).
 Cven SegviZlia misTvis sawarmoo funqcia Semdegi saxiT CavweroT: Y=AF(K,N)
F – warmoebis faqtorebsa(K,N) da warmoebis moculobas(Y) Soris kavSirs
gamoxatavs.

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leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba grZelvadian periodSi

FE - mrudi

 Cveni mizania miviRoT mrudi romelic sruli dasaqmebis pirobebs (Y,i) koordinatTa
sistemaSi gviCvenebda.
 vinaidan sruli dasaqmebis pironebSi warmoebis moculoba mxolod erTi Y=Y tolia, amitom is
ar aris damokidebuli saprocento ganakveTis cvlilebaze da mas vertikaluri saxe eqneba.
aRvniSnoT sruli dasaqmebis mrudi FE –Ti.

 D Y=AF(K,N) furmulidan Cans rom Tu: i FE

1. mwarmoebluroba - A icvleba grZelvadian periodSi FE
–mrudi gadaadgildeba;
2. kapitalis maragebi – K icvleba grZelvadian periodSi FE
–mrudi gadaadgildeba;
3. mosaxleobis raodenoba da maSasadame Sromaze
moTxovna – N icvleba grZelvadian periodSi FE –mrudi
gadaadgildeba;

Y Y 15
leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba grZelvadian periodSi

saerTo ekonomikuri wonasworoba grZelvadian

periodSi
 sutuacias roca yvela makroekonomikuri bazari imyofeba erTdroulad wonasworobaSi da
amasTan ekonomika imyofeba sruli dasaqmebis doneze ewodeba saerTo ekonomikuri
wonasworoba grZelvadian periodSi.
1. FE mrudi gviCvenebs yvela wonasworul wertils roca Sromis bazari imyofeba
wonasworobaSi;
2. IS mrudi gviCvenebs yvela wonasworul wertils roca saqonlisa da momsaxurebis bazari
imyofeba wonasworobaSi;(sasesxo kapitalis bazaric)
3. LM mrudi gviCvenebs yvela wonasworul wertils roca fulis bazari imyofeba
wonasworobaSi;
 saerTo ekonomikuri wonasworobis wertils grZelvadian periodSi yovelTvis gansazRvravs IS
da FE mrudebs gadakveTis wertili. LM mrudi fasebis donis koreqtirebis xarze uaxlovdeba
am mocemul wonasworobas.

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leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba grZelvadian periodSi

 ekonomika E werTilSi imyofeba saerTo i FE

ekonomikur wonasworobaSi grZelvadiani
periodisaTvis. imitom rom am SemTxvevaSi LM
wonasworobaSia erTdroulad, rogorc saqonlisa da
momsaxurebis, ise sasesxo kapitalis, fulis da
i* E
Sromis bazrebi. amasTan ekonomika imyofeba
sruli dasaqmebis doneze.
IS

Y* Y

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leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

wonasworoba grZelvadian periodSi

LM mrudis gadaadgileba

 Tu izrdeba fulis miwodeba es zrdis realuri fulis

miwodebas moklevadian periodSi da LM mrudi
gadaadgildeba marjvniv, maSin moklevadian
periodSi gaizrdeba erToblivi mowodeba. FE FE,
i
saprocento ganakveTis Semcirebis gamo
mwarmoeblebi gazrdian investiciebs da LM
maSasademe moTxovnas Sromaze rac gazrdis LM
,

realur xelfass. realuri xelfasis zrdis gamo

mwamoeblebi gazrdian fasebs. fasebis zrdis gamo i* E
Semcirdeba erTis mxriv samomxmareblo
moTxovna da meores mxriv realuri fulis
raodenoba. maSsadame Semcirdeba warmoebis IS
moculoba da LM mrudi gadmoadgildeba isev ukan,
oRond gazrdili fasebis pirobebSi. Y* Y1 Y

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leqcia 7 -saerTo ekonomikuri wonasworoba grZel da moklevadian periodebSi

ZiriTadi cnebebi

• IS modeli
• LM modeli
• FE modeli

• saerTo ekonomikuri wonasworoba;

• xisti fasebi
• elastikuri fasebi
• sruli dasaqmeba
• warmoebis potenciuri done

• likvidurobis maxe
• investiciuri maxe