CAPITOLUL 12

POLITICI FINANCIAR - MONETARE

N MODELUL IS - LM

Modelul IS FRQGL LLOH GH SLD

/0 HVWH GH LQVSLUD LH NH\QHVLVW  GH]YROWkQG

SUHVXSXVH GH .H\QHV vQ PRGHOXO V X 0RGHOXO

IS-LM a fost elaborat n varianta economiei nchise la finele anilor



GH

F WUH

-

+LFNV

deschise n anii  GH F

'HRVHELUHD

modelul IS -

LDU

vQ

YDULDQWD

HFRQRPLHL

ID

GH

PRGHOXO

OXL

.H\QHV

HVWH

/0 LD vQ FRQVLGHUDUH L SLD D PRQHWDU  DVWIHO F

PRQHWDUL

QRPLQDO

+DQVHQ

WUH 5 $ 0XQGHO

HVHQ LDO

GHWHUPLQDUHD FRQGL LLORU

IDFWRUL

%

L

vQ

de echilibru macroeconomic devin activi

GUHSW

IDFWRULORU

FX

XUPDUH

FRPSRQHQWD

H[SULPDUH

E QHDVF 

UHDO

QX

'HWHUPLQDUHD

FHD
SH

termen scurt, a nivelului de activitate se face, la fel ca n modelul

lui Keynes, exclusiv pe baza factorilor de cerere, iar oferta este
SUHVXSXV  GH DVHPHQHD FD SHUIHFW HODVWLF 

Obiectivul modelului IS -

/0 U PkQH

FD L OD .H\QHV

SUHFL]DUHD FRQGL LLORU GH HFKLOLEUX PDFURHFRQRPLF L D HIHFWHORU SH

FDUH OH SRW JHQHUD SROLWLFLOH HFRQRPLFH 

i mai ales componentele

lor financiar - monetare) asupra acestui echilibru.

12.1. Modelul IS - /0 vQ HFRQRPLD vQFKLV

0RGHOXO LQFOXGH GRX

FRPSRQHQWH GH SLD

L VHUYLFLLORU FRPSRQHQWD ,6 L SLD D PRQHWDU

&RQGL LLOH

 SLD D EXQXULORU

FRPSRQHQWD /0

de echilibru sunt exprimate prin nivelul de echilibru al

YHQLWXOXL L UDWHL GREkQ]LL

 (FKLOLEUXO SH SLD D EXQXULORU

(FKLOLEUXO
SURGXVXO

JOREDO

SH
L

SLD D

FHUHUHD

EXQXULORU
JOREDO

SUHVXSXQH

GH

EXQXUL

HFKLOLEUXO
VHUYLFLL

vQWUH
$FHVW

echilibrX HVWH FRQVLGHUDW D IL H[SULPDW SULQ FHO GLQWUH LQYHVWL LL , L

HFRQRPLL

6

UHSUH]LQW

PXO LPHD GXEOHWHORU YHQLW < UDWD GREkQ]LL U FDUH

DVLJXU

FDUH

HVWH

PRGHODW

SULQ

FXUED

,6

$FHDVW

HJDOLWDWHD vQWUH HFRQRPLL L LQYHVWL LL L HVWH LQWURGXV

FXUE

SULQ

IXQF LD GH FRQVXP L IXQF LD GH LQYHVWL LL

)XQF LD

GH

FRQVXP

este cea prin care sunt reprezentate

economiile S, care apar ca fiind dependente de venit printr-o

OHJ WXU

GLUHFW  )XQF LD GH FRQVXP HVWH FD XUPDUH R IXQF LH WRW GH

GHSHQGHQ

GLUHFW  vQ FDUH IDFWRUXO GH LQIOXHQ

HVWH YHQLWXO QHW

(disponibil). Venitul net este definit similar modelului lui Keynes

YH]L UHOD LLOH   L  GLQ FDSLWROXO 

C = c (Y - Tn) + C0

(1)

)XQF LD GH LQYHVWL LL HVWH R IXQF LH FX GXEO

IDFWRULL GH LQIOXHQ
/HJ WXUD
FDUDFWHUL]DW
LQYHVWL LLORU

/HJ WXUD
FDUDFWHUL]DW
LQYHVWL LLORU
YROXPXO

LQYHVWL LL YHQLW

a

GH

WLS

GLUHFW

HVWH

H[SULPkQG HILFLHQ D PDUJLQDO

YHQLWXO

FX

FkWH

XQLW

FUHWH

YHQLW UDWD

GREkQ]LL

UDSRUW

LQYHVWL LLORU

FX

b

UDWD

GDF

OHJ WXU

HVWH

GH

WLS

YROXPXO

LQYHUV

HVWH

H[SULPkQG HILFLHQ D PDUJLQDO

GREkQ]LL

UDWD

FX

GREkQ]LL

FkWH

FUHWH

H[SULP  SH GH DOW

GLQWUH UDWD GREkQ]LL L HILFLHQ D PDUJLQDO

XQLW
FX

)RUPD IXQF LHL GH LQYHVWL LL HVWH

= E U + D < + , 0 

)XQF LD GH HFKLOLEUX

(01)

FUHWH

XQ

SXQFW

SDUWH FRUHOD LD
GHVFUHVFkQG  D

:
L E

>0

a modelului IS -

capitalului).

YHQLWXO FUHWH FX R XQLWDWH

SURFHQWXDO $FHDVW
LQYHUV

FX

GH FRHILFLHQWXO
vQ

HVWH

UDSRUW

LQYHVWL LLORU GDF

ILLQG YHQLWXO L UDWD GREkQ]LL

GH FRHILFLHQWXO
vQ

GHSHQGHQ

(2)
/0 HVWH VLPLODU

FHOHL GLQ PRGHOXO OXL .H\QHV YH]L UHOD LD  GLQ FDSLWROXO 

Y=C+I+G

(3)

9DULDELOHOH ILQDQFLDUH VXQW FKHOWXLHOLOH JXYHUQDPHQWDOH L

LPSR]LWHOH

QHWH

YH]L

UHOD LD



GLQ

FDSLWROXO



DPEHOH

considerate exogene:
G = G0 ,

 L 

Tn = T0

3ULQ VXEVWLWX LD    L  vQ UHOD LD GH HFKLOLEUX

se poate separa expresia venitului:

(1 ) =

<

&

+ , 0 + * 0 F 70 E U ,

(5)

din care se deduce valoarea ratei dobnzii:

=

1 F D
E

< +

&

+ , 0 + * 0 F 70
E

(6)

5HOD LD  HVWH XQD GLQWUH IRUPHOH FXUEHL ,6 SH ED]D DFHVWHL

IRUPH

VH

FRQVWUXLHWH

OHJ WXUD

PRGHOXOXL FXUED /0 SUHFXP

FX
L

FHD

GH D

GRXD

FRPSRQHQW

UD LRQDPHQWHOH SULYLQG HIHFWHOH

XQRU SROLWLFL HFRQRPLFH GH LQYHVWL LL ILQDQFLDUH PRQHWDUH HWF

&XUED ,6 SXQH vQ HYLGHQ

R OHJ WXU

GH WLS LQYHUV UH]XOWDW

din forma curbelor de conVXP L LQYHVWL LL ([SOLFD LD DFHVWXL JHQ GH

OHJ WXU

R FRQVWLWXLH IDSWXO F  SULQ FUHWHUHD UDWHL GREkQ]LL VXUVHOH

GH FDSLWDO VH VFXPSHVF LQYHVWL LLOH VXQW WHPSRUL]DWH VDX FKLDU vQ

UHFXO DVWIHO vQFkW QLYHOXO DFWLYLW

LL QX PDL FUHWH VDX FKLDU VFDGH L

LPSOLFLW VFDG YHQLWXULOH DJHQ LORU HFRQRPLFL

,QWHQVLWDWHD DFHVWHL OHJ WXUL GH WLS LQYHUV HVWH GDW

GH SDQWD

curbei: coeficientul (1-c-a)/b. Dimensiunea acestui coeficient este

GDW

GH SDUDPHWULL IXQF LLORU GH FRQVXP L GH LQYHVWL LL FRPSRQHQWD

determLQDQW
GREkQ]LL
HILFLHQ D

HVWH HILFLHQ D PDUJLQDO

3H

ED]D

PDUJLQDO 

XQHL

OHJ WXUL

HILFLHQ D

D LQYHVWL LLORU vQ UDSRUW FX UDWD

IDFWRULDOH

PHGLH

GH

WLSXO

HODVWLFLWDWHD

FHOHL

vQWUH

LPSRUWXULORU

YH]L UHOD LLOH  L  GLQ FDSLWROXO  QH YR

m referi n

FRQWLQXDUH OD HODVWLFLWDWHD LQYHVWL LLORU vQ UDSRUW FX UDWD GREkQ]LL

GDF

HODVWLFLWDWHD

DFHDVWD

FUHWH

DWXQFL

LQYHVWL LLORU FUHWH L UHVSHFWLY VFDGH GDF

cu att mai mare cu ct elasticitaWHD

GREkQ]LL

HVWH

PDL

PLF 

UHVSHFWLY

GDF

HILFLHQ D

PDUJLQDO

VFDGH 3DQWD FXUEHL YD IL

FX

DWkW

PDL

PLF

FX

LQYHVWL LLOH VXQW SHUIHFW LQHODVWLFH vQ UDSRUW FX UDWD



LQYHVWL LLOH VXQW SHUIHFW HODVWLFH vQ UDSRUW FX UDWD

dobnzii (EI/r =  DWXQFL FXUED ,6 HVWH RUL]RQWDO

EI/r

HODVWLFLWDWHD LQYHVWL LLORU vQ UDSRUW FX UDWD GREkQ]LL

3R]L LD FXUEHL vQWU XQ SODQ <U HVWH GHWHUPLQDW

dH SDQW

FkW

FD]XUL OLPLW 

dobnzii (EI/r = 0), atunci curba IS este YHUWLFDO

(ii) GDF

LQYHVWL LLORU vQ UDSRUW FX UDWD

HODVWLFLWDWHD YD IL PDL PDUH 6H GLVWLQJ GRX

(i)

 FL L GH P ULPHD YDULDELOHORU H[RJHQH

QX QXPDL

R FUHWHUH GLPLQXDUH D FKHOWXLHOLORU SXEOLFH VDX D LQYHVWL LLORU

DXWRQRPH GHSODVHD]

FXUED VSUH GUHDSWD VWkQJD ILH ,0

>I0

G01>G0, respectiv I02<I0 L *02<G0 vQ ILJXUD  VXQW HYLGHQ LDWH

astfel de deSODV

GLPLQXDUH

UL DOH FXUEHL ,6

FUHWHUH

ILVFDOLW

dreapta (stnga); fie T0 >T0

1

HYLGHQ LDWH

GHSODV ULOH

FXUEHL

LL

70
,6

GHSODVHD]

FXUED

VSUH

<T0; n figura 55 sunt

UH]XOWDWH

GLQ

DVWIHO

GH

PRGLILF UL
Q ILJXUD  DP H[SULPDW GHSHQGHQ D  SULQ IXQF LD I

() .

 (FKLOLEUXO SH SLD D PRQHWDU

(FKLOLEUXO

SH

SLD D

PRQHWDU

SUHVXSXQH

HFKLOLEUXO

vQWUH

FHUHUHD L RIHUWD GH EDQL $FHVW HFKLOLEUX HVWH PRGHODW SULQ FXUED

/0 FDUH H[SULP
0

$FHDVW

OHJ WXUD vQWUH FHUHUHD GH EDQL / L RIHUWD

FXUE

GREkQ]LL FH DVLJXU

UHSUH]LQW

GXEOHWHORU

YHQLW

UDWD

HJDOLWDWHD vQWUH RIHUWD L FHUHUHD GH EDQL

Oferta de bani

HVWH

YDULDELOH FDUH HVWH PDQHYUDW

M = M0

PXO LPHD

de bani

FRQVLGHUDW

H[RJHQ 

vQ

GH %DQFD 1D LRQDO 

(7)

VHQVXO

XQHL

r2

r1
r

r2

r1

Y
a)

Y
b) deplasarea curbei IS pentru

deplasarea curbei IS pentru

PRGLILF UL DOH ILVFDOLW

PRGLILF UL DOH LQYHVWL LLORU L

Fig. 55 Deplasarea curbei IS vQ IXQF

autonome a unora dintre factori

Cererea de bani
GLIHULW

HVWH LQWURGXV

GH FRQFHS LD FODVLF  DGLF

/ SHQWUX FDUH VH DFFHSW

FHUHUHD GH OLFKLGLW

GRX

LL

r1 = f(T1)
r2 = f(T2)

cheltuielilor guvernamentale
r1 = f(I1) sau f(G1)
r2 = f(I2) sau f(G2)

LH

GH

PRGLILFDUHD

vQWU R PDQLHU

ULPLL

NH\QHVLVW 

SULQ SUHIHULQ D SHQWUX OLFKLGLW

FRPSRQHQWH

aditive:

L GHFXUJkQG GLQ WUDQ]DF LL /1

), n care se

LQFOXGH L FHUHUHD GHFXUJkQG GLQ SUHFDX LH

FHUHUHD GH OLFKLGLW

L GHFXUJkQG GLQ VSHFXOD LL /2

L = L1 + L2
Cererea de banL

(8)
SHQWUX WUDQ]DF LL

este o cerere decurgnd

GLQ GRULQ D GH vQFDV UL DFWLYH DOH DJHQ LORU HFRQRPLFL DGLF

GH D

DYHD VXILFLHQWH vQFDV UL SHQWUX D L GHUXOD vQ PRG QRUPDO DFWLYLW

OXFUDWLYH FD L EDQL FD UH]HUY

neprHY

SHQWUX D SXWHD IDFH ID

]XWH 'H DFHHD IXQF LD HVWH FRQVWUXLW

LOH

VLWXD LLORU

FD ILLQG FUHVF WRDUH

n raport cu venitul:
L1 =

< , l1>0

(9)

&HUHUHD GH EDQL SHQWUX VSHFXOD LL

este o cerere decurgnd

GLQ GRULQ D DJHQ LORU HFRQRPLFL GH D GLVSXQH GH OLFKLGLW

L SHQWUX D

SXWHD SURILWD GH HYHQWXDOHOH LQIRUPD LL SH FDUH OH DU GH LQH SULYLQG

HYROX LD SLH HL $YkQG SRVLELOLWDWHD GH D SODVD EDQL vQ FRQIRUPLWDWH

FX DFHVWH LQIRUPD LL DJHQ LL HFRQRPLFL VSHU

vQ VSRUXUL GH YDORDUH

vQ FkWLJXUL VXSOLPHQWDUH PDL UHPXQHUDWRULL GHFkW SRVLELOLW

FDUH OH RIHU
GH

VSHFXOD LL

SLD D EDQFDU  3LD D YL]DW

HVWH

SLD D

ILQDQFLDU 

vQ

LOH SH

vQ SULPXO UkQG SHQWUX DVWIHO

VSH

YDULD LD

WLWOXULORU

GH

valoare.
Q

H[LVW

SRVLELOLWDWH UHODWLY PDUH FD HYROX LD YLLWRDUH D UDWHL GREkQ]LL V

VH

SURGXF

FD]XO

vQ

vQ

VHQVXO

FDUH

UDWD

FUHWHULL

GREkQ]LL

HL

'DF

HVWH

VF ]XW 

DFHDVW

SUHYL]LXQH

VH

DGHYHUHWH DWXQFL VH YD SURGXFH VF GHUHD FXUVXULORU WLWOXULORU GH

valoare. Acest lucru le face atractive pentru eventXDOLL FXPS

DVWIHO vQFkW DJHQ LL HFRQRPLFL YRU vQFHUFD V

RE LQ

OLFKLGLW

U WRUL

L SHQWUX

D SXWHD FXPS UD YRU YLQGH S U L GLQ DYHUHD ORU VDX YRU VROLFLWD

vPSUXPXWXUL OD E QFL GHWHUPLQkQG SULQ DFHDVWD R FUHWHUH D FHUHULL

GH EDQL 3ULQ DFHODL PHFDQLVP V

e va ajunge la o diminuare a cererii

GH EDQL vQ FD]XO vQ FDUH UDWD GREkQ]LL VH VLWXHD]

OD XQ QLYHO ULGLFDW

'HSHQGHQ D DFHVWHL FRPSRQHQWH D FHUHULL GH EDQL ID

GREkQ]LL HVWH GH WLS LQYHUV LDU IXQF LD FDUDFWHULVWLF
/

= O 2 U + /0 

> 0,

unde L0 HVWH FHUHUHD DXWRQRP

3H ED]D UHOD LLORU 

GH UDWD

HVWH GH IRUPD

(10)

GH EDQL SHQWUX VSHFXOD LL

 VH SRDWH FRQVWUXL IXQF LD FHUHULL

totale de bani:
/

= O1 < O 2 U + / 0 

(11)

n care cei doi parametrii , l1 L O2 UHSUH]LQW

VHQVLWLYLWDWHD FHUHULL

WRWDOH GH EDQL vQ UDSRUW FX YHQLWXO L UHVSHFWLY FX UDWD GREkQ]LL

(VWH

GH

UHPDUFDW

WUDQ]DF LL

ceUHUHD

vQ

SDUDPHWUXO

FRPSRQHQWD

O1

/1

(cererea de bani pentru

are sensul unei cereri medii de bani:

GH EDQL SHQWUX XQLWDWHD GH DFWLYLWDWH GH WUDQ]DF LL &XP

/1 < = O1 
SDUWLFXODU

DO

UH]XOW
HJDOLW

IXQF LD /1 HVWH FRQVWDQW  DFFHSWkQG FD]XO

LL

FHUHULL

PHGLL

XQLWDUH

GH

EDQL

SHQWUX

WUDQ]DF LL FX VHQVLWLYLWDWHD FHUHULL GH EDQL SHQWUX WUDQ]DF LL vQ UDSRUW

cu volumul acestora.
0RGHOXO SLH HL PRQHWDUH LQFOXGH UHOD LLOH  L  L vQ
SOXV HFXD LD GH HFKLOLEUX

L=M
3ULQ

(12)

VXEVWLWXLUHD

UHOD LLORU



vQ

UHOD

ia (12) se

RE LQH

00

= O1 < O 2 U + / 0

(12.1)

L DSRL H[SUHVLD FXUEHL /0

<
O

/0

0
O

3DQWD FXUEHL /0 HVWH GDW

FRPSRQHQWH

GRX

VHQVLWLYLW
LQIOXHQ
L

O2

LORU

DOH

(13)

2
GH UDSRUWXO VHQVLWLYLW

FHUH

rii de bani, respectiv de raportul

FHUHULL WRWDOH GH EDQL vQ IXQF LH GH FHL GRL IDFWRUL GH

< L U Q PRG RELQXLW DFHDVW

>

LORU FHORU

LSRWH]D

XQHL

PDVH

SDQW

PRQHWDUH

HVWH SR]LWLY

FRQVWDQWH

GDF

O1

>0

UDWD

GREkQ]LL FUHWH DWXQFL VH SURGXFH GRDU R PRGLILFDUH VWUXFWXUDO  VH

UHGXFH PDVD PRQHWDU

SHQWUX VSHFXOD LL GHRDUHFH VH UHGXFH FHUHUHD

GH EDQL SHQWUX VSHFXOD LL L FUHWH PDVD PRQHWDU

SHQWUX WUDQ]DF LL

GHRDUHFH FUHWH FHUHUHD GH EDQL SHQWUX WUDQ]DF LL 3H ED]D DFHOHLDL

GHSHQGHQ H

vQWUH

VHQVLWLYLWDWH

HODVWLFLWDWH

PHQ LRQDW

vQ

SDUDJUDIXO SUHFHGHQW YH]L L UHOD LLOH  L  GLQ FDSLWROXO

 YRP REVHUYD F

SDQWD FXUEHL HVWH FX DWkW PDL SURQXQ DW

FX FkW

elasticitatea cererii de bani n raport cu rata dobnzii este mai

ULGLFDW

L LQYHUV 'LVWLQJHP L DLFL GRX

FD]XUL OLPLW 

(i)

GDF

FHUHUHD

GH

EDQL

dobnzii (EL/r=
DFHVW

OXFUX

VH

HVWH

SHUIHFW

(ii) GDF

LL

vQ

UDSRUW

FX

UDWD

DWXQFL FXUED /0 HVWH RUL]RQWDO  GH UHJXO

vQWkPSO

FkQG

IHQRPHQXO JHQHUDW GH DFHDVW

OLFKLGLW

HODVWLF

UDWD

GREkQ]LL

HVWH IRDUWH PLF 

vPSUHMXUDUH VH QXPHWH

capcana

FHUHUHD GH EDQL HVWH SHUIHFW LQHODVWLF

dobnzii (EL/r



DWXQFL

FXUED

/0

HVWH

vQ UDSRUW FX UDWD
YHUWLFDO 

DFHDVW

mprejurare corespunde ipotezei clasice a lipsei cererii de bani

SHQWUX VSHFXOD LL
3R]L LD FXUEHL vQWU XQ SODQ <U HVWH GHWHUPLQDW

QX QXPDL

GH SDQW  FL L GH P ULPHD YDULDELOHL H[RJHQH 00 RIHUWD GH EDQL L

de cuantumul cererii autonome de bani (L0):

R FUHWHUH GLPLQXDUH D RIHUWHL GH EDQL GHSODVHD]

spre dreapta (stnga); fie M0 >M0

1

00

<M0

FXUED /0
GHSODV ULOH

FXUEHL /0 vQ IXQF LH GH DFHVWH PRGLILF UL VXQW SUH]HQWDWH vQ

figura 56;

R GLPLQXDUH FUHWHUH D FHUHULL DXWRQRPH GH EDQL GHSODVHD]

curba LM spre dreapta (stnga); fie L01<L0

GHSODV ULOH

FXUEHL

/0

vQ

IXQF LH

GH

DFHVWH

/0

PRGLILF UL

>L0;
VXQW

prezentate n figura 56.

Q ILJXUD  DP H[SULPDW GHSHQGHQ D  SULQ IXQF LD I

()

12.1.3. Echilibrul concomitent

3HQWUX ILHFDUH GLQ FHOH GRX

eFKLOLEUX

SLH H V D FRQVWUXLW R FXUE

GH

,6 SHQWUX SLD D EXQXULORU L VHUYLFLLORU UHOD LD  L /0

SHQWUX SLD D PRQHWDU

UHOD LD  (FKLOLEUXO VLPXOWDQ SH DPEHOH

SLH H HVWH GDW GH LQWHUVHF LD FHORU GRX

YDORULOH GH HFKLOLEUX D GRX

FXUEH L HVWH H[SULPDW SULQ

YDULDELOH QLYHOXO YHQLWXULORU < L UDWD

GREkQ]LL U  9RP VXEVWLWXL YDORDUHD OXL U GLQ UHOD LD  vQ  L

YRP VHSDUD SH < RE LQHP

<

&

+ , 0 + * 0 F 70 + E( 0 0 / 0 )  O 2
1 F D + E O1  O 2

1 &0

+ , 0 + * 0 F 70 ) (1 F D)(0 0 / 0 )
O

(1

D + E O1  O 2 )

(14.1)

(14.2)

1LYHOXO GH HFKLOLEUX DO YHQLWXOXL L UDWHL GREkQ]LL GHSLQG GH

variabilele exogene (cheltuieli guvernamentale, impozite), de

P ULPHD

DXWRQRP

FHUHULL

GH

EDQL

LQYHVWL LLORU

FD

GH

SDUDPHWULL IXQF LLORU SUHVXSXVH GH PRGHO IXQF LLOH GH FRQVXP GH

LQYHVWL LL GH FHUHUH GH EDQL SHQWUX WUDQ]DF LL L GH FHUHUH GH
SHQWUX VSHFXOD LL

bani

r2

r2

r
r1

r1

Y
a)

deplasarea curbei LM pentru

PRGLILF UL DOH RIHUWHL GH EDQL

Y
b) deplasarea curbei LM
SHQWUX PRGLILF UL DOH FHUHULL

r1 = f(M01)
autonome de bani r1 = f(L01)
r2 = f(M02)
r2 = f (L02)
Fig. 56 Deplasarea curbei LM vQ IXQF LH GH PRGLILFDUHD P
exogene sau autonome a unora dintre factori
3HQWUX R SLD

ULPLL

D PXQFLL IXQF LRQkQG vQ DIDUD PRGHOXOXL XQ DQXPLW

QLYHO GH HFKLOLEUX DO YHQLWXOXL L LPSOLFLW DO DFWLYLW

ar putea fi insuficient

LORU HFRQRPLFH

VDX H[DJHUDW ,QVXILFLHQ D GH SLOG  SRDWH IL

UH]XOWDWXO XQXL QLYHO SUHD VF ]XW DO LQYHVWL LLORU DXWRQRPH VDX DO

FKHOWXLHOLORU

JXYHUQDPHQWDOH

GDWH

H[RJHQ

VDX

DO

XQHL

ILVFDOLW

H[FHVLYH GDW 

GH DVHPHQHD H[RJHQ VDX DO XQHL LQVXILFLHQ H D

ofertei de baQL

GHWHUPLQDW  WRW H[RJHQ GH %DQFD 1D LRQDO  'H

DVHPHQHD

LQVXILFLHQ D

VDX

FDUDFWHUXO

H[DJHUDW

DO

QLYHOXOXL

GH

HFKLOLEUX UH]XOWDW GLQ PRGHO vL SRDWH DYHD VXUVD vQ YDORULOH SUHD

PLFL DOH vQFOLQD LHL PDUJLQDOH VSUH FRQVXP VDX VSUH LQYHVWL LL F L

a), saX

vQ YDORULOH LPSURSULL DOH FRHILFLHQ LORU IXQF LHL FHUHULL GH

L

bani (l1

O2

), sau ale coeficientului b, exprimnd sensitivitatea

LQYHVWL LHL vQ UDSRUW FX UDWD GREkQ]LL

LM2

IS1
H

IS0
F

IS2
G

LM0
B

LM1

C
I
Y

Fig. 57 Deplasarea punctului de echilibru

potrivit diferitelor politici economice
5HSUH]HQWDUHD

FXUEHORU

,6

/0

DP

I FXW

-o distinct n

ILJXUD  L  FRQVLGHUkQG SR]L LLOH UHVSHFWLYH FD ILLQG

identificate prin simbolurile IS0

LQL LDOH,

L /00 OQWHUVHF LD ORU ILH SXQFWXO

A, este punctul de echilibru de coordonate Y* (conform (14

r* (conform (14.2)). Reprezentarea acestui punct apare n figura 57,

vQ FDUH WUDV P FHOH GRX
DFHDVW

VLWXD LH LQL LDO

FXUEH vQ DFHODL XQLF SODQ <U )D

SRW IL SXVH vQ GLVFX LH GLIHULWH SROLWLFL GH

LQYHVWL LL ILVFDO  EXJHWDU  PRQHWDU  FDUH PRGLILF

GHWHUPLQ

GH

HFKLOLEUXO L

GLIHULWH HIHFWH vQ FHHD FH SULYHWH YHQLWXO L UDWD GREkQ]LL

7LSXULOH GH SROLWLFL L HIHFWHOH ORU VXQW FDUDFWHUL]DWH DVWIHO

1 UHODQVDUH EXJHWDU

I01> I0 LVDX *01> G0 LVDX 701< T0;

curba IS0 trece n IS1, iar echilibrul din A
n B;
HIHFWH FUHVF < L U

2 UHODQVDUH PRQHWDU

M01> M0 LVDX /01< L0;

curba LM0 trece n LM1, iar echilibrul din
A n C;
HIHFWH FUHWH < VH UHGXFH U

3 UHODQVDUH EXJHWDU
L PRQHWDU

I01> I0 LVDX *01> G0 LVDX 701< T0 LVDX

M01> M0 LVDX /01< L0;
curba IS0 trece n IS1

L /00

n LM1, iar

echilibrul din A n D;
HIHFWH FUHWH < U HVWH FRQVWDQW

4 IUkQ

EXJHWDU

I02< I0 LVDX *02< G0 LVDX 702> T0;

curba IS0 trece n IS2, iar echilibrul din A
n E;
HIHFWH VH UHGXF < L U

5 IUkQD PRQHWDU

M02< M0 LVDX /02> L0;

curba LM0 trece n LM2, iar echilibrul din
A n F;

HIHFWH VH UHGXFH < FUHWH U

6 IUkQD EXJHWDU
I02< I0 LVDX *02< G0 LVDX 702> T0 LVDX

L PRQHWDU

M02< M0 LVDX /02> L0;

curba IS0 trece n IS2

L /00

n LM2, iar

echilibrul din A n G;
efecte: se reduce puternic Y, iar r este
constant.
7 UHODQVDUH EXJHWDU
L IUkQ

PRQHWDU

I01> I0 LVDX *01> G0 LVDX 701< T0,

simultan cu M02< M0 LVDX /02> L0;
curba IS0 trece n IS1

L /00

n LM2, iar

echilibrul din A n H;
HIHFWH < HVWH FRQVWDQW FUHWH SXWHUQLF U

8 IUkQ

EXJHWDU

UHODQVDUH

PRQHWDU

I02< I0

LVDX

*0

< G0

LVDX

70

> T0,

simultan cu M01> M0 LVDX /01< L0;

curba IS0 trece n IS2

L /00

n LM1, iar

echilibrul, din A n I;
efecte: Y este constant, scade puternic r.

n ntreaga prezentare a modelului IS - LM, att n cazul

HFRQRPLHL vQFKLVH DQDOL]

HIHFWXDW

FD]XO HFRQRPLHL GHVFKLVH DQDOL]

 IRORVLP QR LXQLOH GH FXUE

XB (vezi capitolul 12.2) ntr-XQ

vQ FDSLWROXO  FkW L vQ

FH YD IL HIHFWXDW
,6 L FXUE

vQ FDSLWROXO

/0 UHVSHFWLY FXUE

PRG LPSURSULX vQV

nu eronat. n

prezentarea modelului IS - LM am considerat liniare

OHJ WXULOH

GLQWUH YDULDELOH L GH DFHHD

curba DSDUH vQ IRUPD HL SDUWLFXODU

GUHDSW 

FkQG

OLQLDUH

FD]XO

OHJ WXULOH

DVLPSWRWLFH

OD

JHQHUDO
<U

D[HOH

GH

DSDU

UHOD LLOH

VXE

IRUPD

FRRUGRQDWH

GLQWUH
XQRU

&D]XO

GH

ariabile nu sunt

FXUEH

JHQHUDO

ILJXUD
LQGLF



XQHOH

SUREOHPH VSHFLDOH JHQHUDWH GH FRPSOH[LWDWHD PRGHOXOXL L DQXPH

WLSXO GH QHOLQLDULWDWH PHWRGD GH VROX LRQDUH D XQHL HFXD LL QHOLQLDUH
$FHVWH GLILFXOW

L DX FRQGXV OD QHFHVLWDWHD SUH]HQW ULL PRGHOXOXL vQ

IRUPD VD FHD PDL OHVQH DERUGDELO

SHQWUX GHVFLIUDUHD FRQH[LXQLORU

OD QLYHO PDFURHFRQRPLF D IDFWRULORU GH GHSHQGHQ

FDUH vL H[WHULRUL]HD]

 D PRGXOXL vQ

LQIOXHQ D SDUDPHWULL L FRHILFLHQ LL PRGHOXOXL

Q SUH]HQWDUHD PRGHOXOXL DX IRVW HYLGHQ LDWH FD VLWXD LL GH

H[FHS LH

OLPLW 

FD]XULOH

SHUIHFWHL

VDX

LPSHUIHFWHL

HODVWLFLW

LQYHVWL LLORU UHVSHFWLY FHUHULL GH EDQL vQ UDSRUW FX UDWD GREkQ]LL

Aceste cazuri conduc, n raport cu diferite politici, la efecte de

curgere sau la efecte nule.

)LJ  5HSUH]HQWDUHD YDULD LHL SXQFWXOXL

GH HFKLOLEUX vQ FRQGL LL GH QHOLQLDULWDWH D

modelului IS - LM
'HVLJXU HVWH SX LQ SUREDELO FD LSRWH]HOH UHIHULWRDUH OD HODVWLFLWDWH V
VH

vQ

SURGXF

PHFDQLVPXOXL

SUDFWLF 
vQ

6WXGLXO

VLWXD LL

vQ

ORU

FDUH

QH

SHUPLWH

P ULPHD

UHDO

vQV
D

vQ HOHJHUHD

HODVWLFLW

LL

DU

JHQHUD HIHFWH PLQRUH vQ UDSRUW FX DWHSW ULOH 3UDFWLFLDQXO GHFLGHQW

vQ SULYLQ D SROLWLFLL HFRQRPLFH GRULW
P VXU

D VH DGRSWD YD SXWHD DYHD R

D HILFLHQ HL UHVSHFWLYHL SROLWLFL vQ DYDQV ID

HIHFWLY
VLPXO ULL

DFHVWHLD

$FHVWH

DGLF

VLWXD LL

DQWH

OLPLW

GH DSOLFDUHD

-factum n sensul procedeului

VXQW SUH]HQWDWH vQ ILJXUD  LDU

efectele lor sunt caracterizate astfel:

9

&DSFDQD OLFKLGLW

LL

FXUED /0 HVWH RUL]RQWDO  DGLF

GH EDQL vQ UDSRUW FX UDWD GREkQ]LL HVWH SHUIHFW HODVWLF 

FHUHUHD

VXV LQHUHD EXJHWDU

cheltuielilor guvernamentDOH

SULQ FUHWHUHD

VDX UHGXFHUHD ILVFDOLW

WUHFHUHD FXUEHL ,6 GLQ SR]L LD ,61 vQ SR]L LD ,61

LL FRQGXFH OD

L D HFKLOLEUXOXL GLQ

A din n B;
HIHFWH < FUHWH SXWHUQLF U HVWH FRQVWDQW
DVWIHO vQFkW SROLWLFD VXV LQHULL EXJHWDUH DUH R HILFDFLWDWH WRWDO 

10 Capcana costului
banilor

FXUED /0 HVWH YHUWLFDO  DGLF

EDQL HVWH SHUIHFW LQHODVWLF

FHUHUHD GH

vQ UDSRUW FX UDWD GREkQ]LL

VXV LQHUHD

EXJHWDU

vQ

IRUPHOH

GHMD

DPLQWLWH FRQGXFH OD WUHFHUHD FXUEHL ,6 GLQ SR]L LD ,62 vQ SR]L LD ,62

L D HFKLOLEUXOXL GLQ & vQ '

HIHFWH < HVWH FRQVWDQW U FUHWH SXWHUQLF
DVWIHO vQFkW HILFDFLWDWHD SROLWLFLL GH VXV LQHUH EXJHWDU

HVWH QXO 

11 &UHWHUHD GH WLS
curgeres

 FXUED ,6 HVWH RUL]RQWDO  DGLF

LQYHVWL LLOH

sunt perfect elastice n raport cu rata dobnzii;

VXV LQHUHD PRQHWDU

SULQ FUHWHUHD RIHUWHL

de bani sau diminuarea ofertei de bani conduce la trecerea curbei

/0 GLQ SR]L LD /01 vQ SR]L LD /01

L D HFKLOLEUXOXL GLQ ( vQ )

HIHFWH < FUHWH SXWHUQLF U HVWH FRQVWDQW

DVWIHO vQFkW SROLWLFD VXV LQHULL PRQHWDUH DUH R HILFDFLWDWH WRWDO 

)LJ  3XQFWXO GH HFKLOLEUX L GLQDPLFD OXL vQ FkWHYD VLWXD LL OLPLW

DOH FXUEHORU ,6 L /0

12 Insensibilitatea
LQYHVWL LLORU

 FXUED ,6 HVWH YHUWLFDO  DGLF

LQYHVWL LLOH

sunt perfect inelastice n raport cu rata dobnzii;

VXV LQHUHD

PRQHWDU

vQ

IRUPHOH

GHMD

DPLQWLWH FRQGXFH OD WUHFHUHD FXUEHL /0 GLQ SR]L LD /01 vQ SR]L LD

LM1 L D HFKLOLEUXOXL GLQ SXQFWXO * vQ SXQFWXO +

HIHFWH < HVWH FRQVWDQW U FUHWH SXWHUQLF
DVWIHO vQFkW HILFDFLWDWHD SROLWLFLL GH VXV LQHUH PRQHWDU

HVWH QXO 

12.1.4. Caracteristicile politicilor financiar - monetare

n modelul IS - LM
(FKLOLEUXO

FUHWHUHD

HFRQRPLF

UHIOHFWDWH

SULQ

PRGHOXO

IS-LM sunt FDUDFWHUL]DWH SULQ Fk LYD PXOWLSOLFDWRUL GH WLSXO FHORU GLQ

PRGHOXO
IDFWRULL

UHGXV

DO

ILQDQFLDUL

OXL
DL

.H\QHV

FUHWHULL

$FHWL

PXOWLSOLFDWRUL

HFRQRPLFH

LQWHJUHD]

SDUDPHWULL

VSHFLILFL

LQWURGXL SULQ IXQF LLOH FH GHILQHVF LQYHVWL LD HFRQRPLLOH LPSRU

tul,

FRQVXPXO HWF 0XOWLSOLFDWRULL LQGLFDWRULORU FH VH UHJ VHVF vQ DPEHOH

PRGHOH ]LL

comuni, au puteri multiplicative mai mici n modelul

IS-/0 GDWRULW

frna ILQDQFLDU

IHQRPHQXOXL QXPLW

 GHWHUPLQDW GH

YDULD LLOH UDWHL GREkQ]LL SHUFHSXWH vQ SURFHVXO FUHWHULL HFRQRPLFH

FD SHUWXUED LL FX HIHFWH GH vQFHWLQLUH 3H OkQJ

DFHWLD DSDUH XQ

multiplicator specific numai modelului IS-LM, legat de oferta de

bani.

12.1.4.1. &DUDFWHULVWLFLOH UHODQV

5HODQVDUHD

SULQ

LQYHVWL LL

HVWH

LQYHVWL LLORU DXWRQRPH DFHDVWD JHQHUHD]

HFRQRPLFH

terea

R DPSOLILFDUH D DFWLYLW

SURGXFH

FUHWHUHD

LL

RIHUWD GH

VH

HIHFW

FUH

HFRQRPLFL FD XUPDUH FUHWH FHUHUHD GH EDQL Q LSRWH]D F

FRQVWDQW 

FD

SULQ

DJHQ LORU

HVWH

DUH

UHOHYDW

YHQLWXULORU

EDQL

FDUH

ULL SULQ LQYHVWL LL

XQ

GH]HFKLOLEUX

vQWUH

FHUHUHD

RIHUWD GH EDQL FDUH GHWHUPLQ

D

UDWHL

GREkQ]LL

'LQ

R VFXPSLUH D EDQLORU DGLF

DFHVW

PRWLY

VH

R FUHWHUH
SURFHVXO

DWHQXHD]

LQYHVWL LRQDO SH GH R SDUWH FRVWXO FDSLWDOXOXL SHQWUX LQYHVWL LL FUHWH

SH

GH

DOW

SDUWH

VH

PRGLILF

UDSRUWXO

FkWL

g-risc n favoarea

SODVDPHQWHORU vQ GHSR]LWH L vQ GHWULPHQWXO FHORU vQ HFRQRPLD UHDO 

'H DLFL WHPSRUL]DUHD DFWLYLW

LL HFRQRPLFH L LPSOLFLW D FUHWHULL

YHQLWXULORU DJHQ LORU HFRQRPLFL

,QWHQVLWDWHD FUHWHULL HFRQRPLFH SH VHDPD LQYHVWL LLORU HVWH

cuaQWLILFDW
F UXL

SULQWU

H[SUHVLH

RSHUDWRUXO

GH

-un multiplicator,

VH

RE LQH

YDULD LH

GLQ
L

PXOWLSOLFDWRUXO LQYHVWL LLORU

, a

UHOD LD

LQHP



VHDPD

F UHLD

HVWH

vL

DSOLF P

YDULDELO

GRDU

LQGLFDWRUXO LQYHVWL LL FHLODO L FRQVXP FKHOWXLHOL JXYHUQDPHQ

LPSR]LWH RIHUW

tale,

GH EDQL FHUHUH GH EDQL ILLQG FRQVWDQ L 2E LQHP

<
= 1 (1 F D + E O1
, 0

(15)

Q PRGHOXO UHGXV DO OXL .H\QHV PXOWLSOLFDWRUXO LQYHVWL LLORU

este:
<
= 1 (1 F D ) > 1 (1 F D + E O1
, 0
UHOD LD GH RUGLQH H[SULPDW

IS-/0

QXPLWRUXO

),

ILLQG UH]XOWDW DO IDSWXOXL F

PXOWLSOLFDWRUXOXL

VH

PDMRUHD]

FX

vQ PRGHOXO
R

YDORDUH

SR]LWLY  $FHDVW

O1

'LQ
ILQDQFLDU

O2

YDORDUH FXDQWLILF

impactul frnei financiare:

>0

(16)

FRQVWUXF LD

DFHVWHL

H[SUHVLL

HVWH FX DWkW PDL SXWHUQLF

VH

REVHUY

frna

FX FkW

VHQVLWLYLWDWHD LQYHVWL LLORU vQ UDSRUW FX UDWD GREkQ]LL E HVWH PDL

PDUH DGLF

SDQWD FXUEHL ,6 HVWH PDL PLF 

sensitivitatea cererii de bani n raport cu venitul (l1) este mai

mare;

sensitivitatea cererii de bani n raport cu rata dobnzii (l2) este

PDL PLF 

sensitivitatea ratei dobnzii n raport cu venitul (l1/l2) este mai

PDUH DGLF

SDQWD FXUEHL /0 HVWH PDL PDUH

Cea de-D
'DF

SDWUD FRQGL LH OH VLQWHWL]HD]

a treia.

VXQW UHXQLWH SULPD L D SDWUD FRQGL LH DWXQFL UHODQVDUHD SULQ

LQYHVWL LL GHWHUPLQ
GLPLQXHD]

R FUHWHUH SXWHUQLF

VLWXD LL OLPLW 
F

D UDWHL GREkQ]LL FHHD FH

HIHFWXO GH FUHWHUH D YHQLWXULORU DJHQ LORU HFRQRPLFL

Pentru frna

DUDW

SH D GRXD L

frna

PRGHOXO

ILQDQFLDU
WRWDO

UHGXV

DO

SRW

frna

OXL

IL

SXVH

vQ

HYLGHQ

GRX

QXO  &HD GH D GRXD VLWXD LH

.H\QHV

HVWH

XQ

FD]

SDUWLFXODU

DO

modelului IS-LM. Astfel, n cazul politicii de relansare prin

LQYHVWL LL GDF

frna ILQDQFLDU

HVWH QXO  DGLF 

 O1

= 0

PXOWLSOLFDWRUXO DFHVWRUD UHYLQH OD FHO GLQ PRGHOXO UHGXV 3H GH DOW

SDUWH vQ SULPD VLWXD LH YDORDUHD PXOWLSOLFDWRUXOXL GHYLQH ]HUR FHHD
FH

DUDW

PRGHOXO

FODVLF

GH

FUHWHUH

HVWH

XQ

FD]

modelului IS-LM, deoareFH vQ PRGHOXO FODVLF QX H[LVW

SDUWLFXODU

DO

QR LXQHD GH

multiplicator.
Frna ILQDQFLDU

WRWDO

SX LQ XQD GLQ XUP WRDUHOH GRX

O2

= 0, ceea ce nseDPQ

LQYHVWL LLOH VXQW

DGLF

Frna

DEVROXW

QXO

LQYHVWL LLOH
DGLF

VXQW

WRWDO

DYHP R FXUE

VH SURGXFH GDF

RUL]RQWDO 

FHHD

LQVHQVLELOH

FH

UDWD GREkQ]LL
,6 RUL]RQWDO 

HVWH vQGHSOLQLW

FHO

FRQGL LL

 FHHD FH vQVHDPQ

/0 YHUWLFDO 

DYHP R FXUE

vQ

UDSRUW

DYHP R FXUE

FHUHUHD GH EDQL HVWH DEVROXW VHQVLELO

DGLF

FHO

vQ UDSRUW FX UDWD GREkQ]LL

VHQVLELOH vQ UDSRUW FX

SX LQ XQD GLQ XUP WRDUHOH GRX

FHHD FH vQVHDPQ

ILQDQFLDU

HVWH vQGHSOLQLW

FRQGL LL

FHUHUHD GH EDQL HVWH WRWDO LQVHQVLELO

DGLF

VH SURGXFH GDF

vQVHDPQ

FX

UDWD

GREkQ]LL

,6 YHUWLFDO 

vQ UDSRUW FX UDWD GREkQ]LL

F

DYHP

FXUE

/0

 &DUDFWHUL]DUHD UHODQV

5HODQVDUHD
FKHOWXLHOLORU
UHODQVDUH

SULQ

SXEOLFH

HVWH vQVR LW

SROLWLFL
ILH

GH

ULL SULQ SROLWLFL EXJHWDUH

EXJHWDUH

GLPLQXDUHD
HIHFWXO

SUHVXSXQH

ILVFDOLW

LL

ILH

$FHVW

FUHWHUHD
JHQ

GH

GH HYLF LXQH ILQDQFLDU  (IHFWXO

DSDUH vQ P VXUD vQ FDUH UHODQVDUHD HVWH vQVR LW

GH FUHWHUHD UDWHL

dobnzii.
Ambele componente ale politicii bugetare au ca efect
FUHWHUHD YHQLWXOXL DJHQ LORU HFRQRPLFL $FHDVW
P ULUHD

FHUHULL

GH

EDQL

FDUH

vQ

FRQGL LLOH

XQHL

FUHWHUH GXFH OD
RIHUWH

GH

EDQL

R FUHWHUH D UDWHL GREkQ]LL ,QYHVWL LLOH VXIHU

FRQVWDQWH JHQHUHD]

un impact negativ care conduce la diminuarea venitului social.

$VWIHO

IHQRPHQXO

HYLF LXQLL

ILQDQFLDUH

WHPSRUL]HD]

FUHWHUH LQGXV SULQ SROLWLFD EXJHWDU  'DF

HIHFWXO

GH

HYLF LXQHD HVWH VXILFLHQW

GH SXWHUQLF  SRDWH DQXOD HIHFWXO GH FUHWHUH VDX GHWHUPLQ

FKLDU XQ

recul economic.
,QWHQVLWDWHD FUHWHULL SULQ FRPSRQHQWD FKHOWXLHOLORU SXEOLFH
HVWH GH DFHHDL P ULPH FX FHD GHWHUPLQDW
YH]L



HVWH

H[SULPDW

SULQ

GH SROLWLFD LQYHVWL LL

multiplicatorul cheltuielilor

publice:
<
<
=
* 0 , 0

lor

(16)

,QWHQVLWDWHD FUHWHULL SULQ FRPSRQHQWD ILVFDOLW

UHGXV

LL HVWH PDL

GHFkW D FKHOWXLHOLORU SXEOLFH FRPSDUD LD VH IDFH vQ YDORDUH

DEVROXW  YH]L 

<
= F (1 F D + E O1
70
0XOWLSOLFDWRUXO
YDORDUHD

DEVROXW 

ILVFDOLW

PDL

PLF

LL

GHFkW

(17)

din modelul IS-LM este, n

FHO

GLQ

PRGHOXO

UHGXV

DO

OXL

Keynes:
F

(1

D + E O1

deoarece include frna

JHQHUHD]
vQ

FD]XO

) < (1
F

D) 

ILQDQFLDU  'H DFHHD FUHWHUHD ILVFDOLW

LL

SULQ DFHVW PRGHO GLPLQX UL DOH YHQLWXOXL PDL PLFL GHFkW

PRGHOXOXL

UHGXV

LDU

GLPLQXDUHD

ILVFDOLW

LL

JHQHUHD]

FUHWHUL PDL PLFL (IHFWXO SkUJKLHL ILVFDOH HVWH L HO PDL D

tenuat, la

IHO FD L vQ FD]XO SkUJKLHL LQYHVWL LLORU VDX D FHOHL D FKHOWXLHOLORU

bugetare.
(IHFWHOH SROLWLFLL EXJHWDUH GH UHODQVDUH VDX GH IUkQ  DX IRVW
SUH]HQWDWH VLQWHWLF L vQ FDSLWROXO  YH]L L UHSUH]HQWDUHD GLQ

figura 57). Efectul maxim apare cnd frna

PLQLP  LDU HIHFWXO PLQLP FkQG
&RQGL LLOH

frna

ILQDQFLDU

ILQDQFLDU

HVWH

HVWH PD[LP 

frnei financiare nule sau totale au fost prezentate n

capitolul 12.1.4.1.

12.1.4.3. &DUDFWHUL]DUHD UHODQV

Relansarea prin politicL

ULL SULQ SROLWLFL PRQHWDUH

PRQHWDUH

SUHVXSXQH

FUHWHUHD

ofertei de bani sau diminuarea cererii de bani. Modelul IS-LM

HYLGHQ LD]
HFRQRPLD

FDUDFWHUXO
UHDO

DFWLY

UHSUH]LQW

FDUDFWHU GH QRXWDWH ID
QHXWUDOLW

SH FDUH PRQHGD vO
XQ

HOHPHQW

DUH vQ

WHRUHWLF

UDSRUW FX
SUDFWLF

FX

GH SR]L LD FROLL FODVLFH FDUH SXQHD LSRWH]D

LL PRQHWDUH

3ROLWLFD PRQHWDU

DF LRQHD]

SULQ LQWHUPHGLXO UDWHL GREkQ]LL

&UHWHUHD PDVHL PRQHWDUH vQ FRQGL LLOH XQHL FHUHUL FRQVWDQWH GH

PRQHG  GHWHUPLQ

QFXUDMDWH

LDU

,QWHQVLWDWHD

UHGXFHUHD UDWHL GREkQ]LL $VWIHO LQYHVWL LLOH VXQW

FUHWHUHD

HIHFWXOXL

ORU

GXFH

DFHVWHL

OD

FUHWHUHD

SROLWLFL

HVWH

YHQLWXOXL

VRFLDO

FRQFUHWL]DW

SULQ

multiplicatorul monetar (vezi 14.1):

<
=
0 0
)D

GH

( (1
O

FHLODO L

D + E O1

PDL

LQWHUYLQH

SULQ

))
VH

(18)
FRQVWDW

o similitudine

SDUDPHWULL OHJD L GH YHQLW F D

L E FD L R GLIHUHQ LHUH SULYLQGX

QX

PXOWLSOLFDWRUL

SULYLQG LQIOXHQ D SH FDUH R H[HUFLW

FDUH

-l pe cel legat de rata dobnzii,

QXP U WRUXO

multiplicatorului, ci numai prin numitor

SULQ

(VWH

QXPLWRUXO

HYLGHQW

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cererii de bani n raport cu rata dobnzii (n cazul echilibrului

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efecte de sens contrar pentru cei doi indicatori (vezi capitolul

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reciproc
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amplificnd PLFDUHD celuilalt.

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IRVW SUH]HQWDWH VLQWHWLF L vQ FDSLWROXO  YH]L L UHSUH]HQWDUHD

din figura 57). Efectul maxim apare cnd frna

PLQLP  LDU HIHFWXO PLQLP FkQG
&RQGL LLOH

frna

ILQDQFLDU

ILQDQFLDU

HVWH

HVWH PD[LP 

frnei financiare nule sau totale au fost prezentate n

capitolul 12.1.4.1.

12.1.4.4. Caracterizarea efectelor mixului de politici

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D SROLWLFLL

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ratei dobnzii;

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DUH FD HIHFW DWkW FUHWHUHD YHQLWXOXL FkW L

reducerea ratei dobnzii;

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dobnzii;

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ratei dobnzii.
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vQ

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mai

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venitului.
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e, dar simultane, att asupra cererii de

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12.2. Modelul IS - /0 vQ HFRQRPLD GHVFKLV

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economii:
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n care se

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(19.2)

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nemonetare: afluxul de capital (AK), reprezentnd iQWU

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(20.1)

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(20.2)
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L

(21)

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cea pe care o studiem.

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produsul final al restului lumii sau al exteriorului, Ye, care

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XYe> L ;csr>0

(22.1)

Cursul real de schimb este un indicator nu numai al

raportului

intereconomic

monetar

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unde: cs - este
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(22.2)
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pe - HVWH QLYHOXO SUH XULORU H[WHUQH

pi - HVWH QLYHOXO SUH XULORU LQWHUQH
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de doi factori:

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<
ULL

FDUH

GHWHUPLQ

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restul lumii;

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HO H[SULP

este mai

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- un import mai

mic.
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L FXUHQWH HVWH

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produsul final intern, BcY>0

produsul final al restului lumii, BcYe>0
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(23.1)

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i de capital are o

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sistemul cursurilor de schimb flotante, practicat de SUA n anii

1994-

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n caz de GHIHF LXQL.

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FRPHUFLDOH

GRX

FRPHUFLDOH L LPSOLFLW DVXSUD FHOHL GH SO

(i)

SRDWH

VWU LQ 

SURGXVHORU

HIHFWH DVXSUD EDODQ HL

L

FUHWHUHD SUH XOXL UHODWLY DO LPSRUWXULORU vQ UDSRUW FX H[SRUWXULOH

LPSOLF

XQ

HIHFW

vnzare-vQFDVDUH L
H[SUHVLH
GDF

E QHDVF 

YROXPXO

IL]LF

SUH

negativ; este vorba de un efect de

FXPS UDUH SODW  FDUH vQU XW

DO

EDODQ HORU

DO

GHFkW

vQFDV ULOH

FRPHUFLDOH GH SO

H[WHUQH

VFKLPEXULORU

DFHVW FD] HVWH HYLGHQW F

UHSHGH

HWH VROGXO vQ

SO
GLQ

GH

SO

VH S VWUHD]

vQFDV UL

FRQVWDQW

vQ

LOH SUHVXSXVH GH LPSRUW FUHVF PDL

H[SRUW

DVWIHO

VROGXO

EDODQ HL

L VH GHJUDGHD]  HIHFWXO DU IL IDYRUDELO

n cazul n care importurile s-DU

GLPLQXD

HODVWLFLWDWHD ORU vQ UDSRUW FX SUH XO DU IL PDUH

IL]LF

DGLF

numai
GDF

(ii) FUHWHUHD

SUH XOXL UHODWLY DO LPSRUWXULORU vQ UDSRUW FX SUH XULOH

SURGXVHORU QD LRQDOH L UHGXFHUHD SUH XOXL UHODWLY DO H[SRUWXULORU

n rapoUW

FX SUH XULOH SURGXVHORU VWU LQH LPSOLF

efect de

XQ

volum pozitiv; este vorba de un efect de substituire a

SURGXVHORU FDUH SH GH R SDUWH vQVHDPQ
LQWHUQ

FHUHULL

QD LRQDOH
SULPHOH
H[WHUQ

GDWRULW
LDU

SH

FHUHULL

GH

SURGXVH

HYROX LHL
GH
GH

GH

LPSRUW

QHIDYRUDELOH

SDUWH

DOW

GLPLQXDUHD SH SLD D

SURGXVH

vQVHDPQ

GH

LPSRUW

vQ
D

IDYRDUHD

SUH XULORU

FUHWHUHD
DGLF

GH

FHORU
SHQWUX

SH

SLD D

SURGXVH

IDEULFDWH GH HFRQRPLD FH D SUDFWLFDW GHSUHFLHUHD PRQHWDU  vQ

IDYRDUHD

FHORU

GH

DOW

SURYHQLHQ

GDWRULW

HYROX LHL

QHIDYRUDELOH D SUH XULORU SHQWUX DFHDVWD GLQ XUP  HODVWLFLWDWHD

H[SRUWXOXL L LPSRUWXOXL vQ UDSRUW FX SUH XO VW  L vQ DFHVW FD] OD

baza mecanismului descris mai sus.

6HQVXO

PRGLILF ULL

EDODQ HL

rezultat prin nsumarea HIHFWXOXL

GDW

SUH

FRPHUFLDOH

VDX

GH

SO

L

cu efectul de volum este

GH UDSRUWXO GH RUGLQH vQWUH YDORULOH DEVROXWH DOH FHORU GRX

efecte:

VROGXO EDODQ HL VH vPEXQ W

HWH GDF  vQ YDORDUH DEVROXW 

efectul de volum este mai mare dect HIHFWXO SUH ;

VROGXO EDODQ HL VH vQU XW

HWH vQ VLWXD LD LQYHUV 

(YROX LD VROGXOXL EDODQ HL VXE LPSDFWXO FHORU GRX

GRX

PDUFKHD]

HIHFWH

PRPHQWH

la momentul UNU apare o deteriorare ca rezultat al efectului

GH SUH

FDUH VH LQVWDOHD]

DGLF

re un caracter imediat;

PDL UHSHGH GHFkW

efectul de volum,

la momentul DOI apare o ameliorare, ca rezultat al efectului de

volum FDUH DUH XQ HIHFW GH GHUXODUH SURJUHVLY

Grafic vorbind HVWH R HYROX LH GH WLSXO FXUEHL 8

2 HYROX LH IDYRUDELO

HVWH GHWHUPLQDW

GH HODVWLFLWDWHD SUH

H[SRUWXULORU L LPSRUWXULORU FX FkW DFHVWHD VXQW PDL HODVWLFH FX DWkW

HIHFWXO IDYRUDELO VH LQVWDOHD]
LQHODVWLFH

FX

DWkW

PDL UHSHGH FX FkW DFHVWHD VXQW PDL

HIHFWXO

QHIDYRUDELO

GXUHD]

3UHVXSXQkQG XQ HFKLOLEUX LQL LDO FDUDFWHUL]DW SULQWU

SHQWUX FD EDODQ D FRPHUFLDO

HVWH FD VXPD FHORU GRX

HODVWLFLW

E X + E M > 1, cu E X =

L V

X X
PX PX

unde:
EX = elasticitatea-SUH

D H[SRUWXOXL

EM = elasticitatea-SUH a importului

RSHUDWRU GH YDULD LH

-o
V

RIHUW

PXOW
SHUIHFW

VH UHGUHVH]H

ILH VXSUDXQLWDU 

L (

HODVWLF  FRQGL LD OLPLW

PDL

0
30

0
30

3;

QLYHOXO SUH XULORU GH H[SRUW

30

QLYHOXO SUH XULORU GH LPSRUW

3UDFWLFD

P VXU

FX

FDUDFWHU

VFKLPEXULORU
SUHVXSXQH
FRQWUROXO

GHSUHFLHULL

SXQFWXDO

FRPHUFLDOH

OLPLWDUHD

FX

FHUHULL

HYHQWXDOHORU

FRPSOHPHQWDU

PRQHWDUH

DD

SHQWUX

FXP

vQV

VWU LQ WDWHD
LQWHUQH

SXVHXUL

DPLQWHDP

Q WRLUHD

5HXLWD

SHQWUX

HL

SURGXVHOH

LQIOD LRQLVWH

DGLF

HVWH

efectelor
GH

GXUDW

DORJHQH
R

SROLWLF

GH VWDELOLWDWH vQ HFRQRPLD UHDO 

12.2.2. Modelul IS-LM-ExIm

Modelul IS-LM-ExIm este un model al unei economii
deschise

DGLF

vQWUH LQkQG UHOD LL FRPHUFLDOH FX UHVWXO

Deschiderea HVWH LQWURGXV

SULQ FXUED H[SRUW

lumii.

-import (ExIm).

12.2.2.1. Curba export-import

Curba export-LPSRUW
FRPELQD LLSHUHFKLGXEOHWH
SURSULHWDWHD F

([ ,P

HVWH

GH

UHSUH]HQWDUHD

= {(< W )  ; 0 + %N = 0
=

GH

orma (venit, rata dobnzii), cu

SHUPLW HFKLOLEUDUHD EDODQ HL GH SO

PXO LPLL

0 < FVU  %N

L

; <H FVU 

%N U  UH 

FV)} .

)RUPDOL]DUHD

GHILQL LHL

FXUEHL

GHRDUHFH QX VH UHIHU

LQFRPSOHW
PRGHOXOXL

YHQLW

FRQVXP

([,P

HVWH

UHOHYDQW 

H[SOLFLW OD FHLODO L LQ

LQYHVWL LL

HWF

FDUH

YRU

GDU

dicatori ai

IL

LQWURGXL

similar modelului economiei nchise.

3HQWUX

IL

RSHUD LRQDO

PRGHOXO

SUHVXSXQH

formelor generale ale indicatorilor deschiderii

H[SOLFLWDUHD

YH]L



(22.3)):
)XQF LD GH
;

export VH LQWURGXFH vQ IRUPD OLQLDU

= [ <H + ] FVU ,

(24.1)

unde x = coeficientul marginal al exportului n raport cu produsul

final al restului lumii;
z = coeficientul marginal al exportului n raport cu cursul real
de schimb.
)XQF LD GH LPSRUW VH LQWURGXFH vQ IRUPD OLQLDU 

= P < Q FVU ,

(24.2)

unde m = coeficientul marginal al importului n raport cu produsul

ILQDO QD LRQDO

n = coeficientul marginal al importului n raport cu cursul real

de schimb.
%DODQ D GH FDSLWDO VH LQWURGXFH vQ IRUPD OLQLDU 
%N

= I (U UH FV) ,

(24.3)

XQGH I

FRHILFLHQWXO EDODQ HL GH FDSLWDO

%DODQ D GH SO
%

se introduce conform (21):

0 + %N ,

(24.4.1)

SHQWUX FDUH VH SUHVXSXQH PHQ LQHUHD vQ HFKLOLEUX DGLF

B = 0.

(24.4.2)

6ROX LD

GH

  L

HFKLOLEUX

VH

RE LQH

SULQ

vQ YDULDELOD UHSUH]HQWkQG UDWD

GREkQ]LL SHQWUX SODVDPHQWHOH vQ PRQHG

<

SDQWH

EDODQ HL
GREkQ]LL

GH

HVWH

SO

OD

L

<H + (] + Q ) FVU I UH I FV
I

SO

SULQ

GDW

GH

DVXSUD

SODVDPHQWHOH

contrarii. AstfeO

F UHLD
vQ

FHL

GRL

PRQHG

PHQ LQHULL
IDFWRUL

FHOHL

FRPHUFLDOH

QD LRQDO  UDW

HFKLOLEUXOXL

YHQLWXO

QD LRQDO

FUHWHUHD YHQLWXOXL GHSUHFLD]

LQWHUPHGLXO

(25)

0RWLYD LD YDORULL SR]LWLYH D

PHFDQLVPXO

DFHDVWD OD HFKLOLEUX WUHEXLH P ULW

PRQHG

QD LRQDO  VH RE LQH

Panta curbei ExIm este m/f>

DFHVWHL

UHOD LLORU

LQkQG VHDPD GH FRQGL LD GH

 vQ 

HFKLOLEUX  L VH H[SOLFLWHD]

VXEVWLWXLUHD

DX

UDWD

LQIOXHQ H

VROGXO EDODQ HL GH

SHQWUX

UHDGXFH SH

UDWD GREkQ]LL OD SODVDPHQWHOH vQ

FDUH R LQIOXHQ HD]

SULQWU R OHJ WXU

GH WLS

GLUHFW &HL GRL IDFWRUL DSDU vQ DFHVW PHFDQLVP FX YDULD LL GH WLS

FUHWHUH
VWUXFWXUD

FHHD

FH

SDQWHL

vQVHDPQ

LQWU

DWkW

OHJ WXUD

FRHILFLHQWXO

GLQWUH

HL

PDUJLQDO

HVWH GLUHFW  Q
DO

LPSRUWXOXL

vQ

UDSRUW FX SURGXVXO ILQDO QD LRQDO P

- despre care am afLUPDW

este negativ (vezi (22.3)) - FkW L FRHILFLHQWXO EDODQ HL GH FDSLWDO I

F UXLD QX L DP SUHFL]DW VHPQXO YH]L  UH]XOW  GLQ FRQGL LD

GH QHQHJDWLYLWDWH D SDQWHL F

< 0.

3DQWD FXUEHL ([,P GHSLQGH GH VHQVLWLYLWDWHD PLF ULORU GH

capital (f). Valorile extreme ale pantei sunt date de valorile extreme
DOH HODVWLFLW

LL FDSLWDOXOXL vQ UDSRUW FX UDWD GREkQ]LL

n cazul unui capital perfect elastic n raport cu rata dobnzii

OD

SODVDPHQWHOH

H[LVW

vQ

PRQHGD

R ILQDQ DUH H[WHUQ

QD LRQDO

vQVHDPQ

DEXQGHQW  FDUH SHUPLWH VWDELOL]DUHD

UDWHL GREkQ]LL FXUED ([,P HVWH RUL]RQWDO 

n cazul unui capital perfect inelastic n raport cu rata

GREkQ]LL OD SODVDPHQWHOH vQ PRQHGD QD LRQDO
F

ILQDQ DUHD

H[WHUQ

HVWH

LQH[LVWHQW 

vPSDUWH

SODQXO

 vQVHDPQ

FXUED

ExIm este

YHUWLFDO 
&XUED ([,P

GH FRRUGRQDWH

<U

vQ

GRX

zone:

OD GUHDSWD FXUEHL R ]RQ

GDW

GREkQ]LL

GH GHILFLW H[WHUQ vQ FDUH SHQWUX R UDW

YHQLWXO

HVWH

VROGXOXL EDODQ HL FRPHUFLDOH V

capital;

SUHD

ULGLFDW

SHQWUX

SHUPLWH

FRPSHQVH]H VROGXO EDODQ HL GH

OD VWkQJD FXUEHL R ]RQ

GH H[FHGHQW vQ FDUH SHQWUX R UDW

GDW

D GREkQ]LL YHQLWXO HVWH VXILFLHQW GH VF ]XW FHHD FH IDFH FD

VROGXO EDODQ HL FRPHUFLDOH V

SRDW

FRPSHQVD VROGXO EDODQ HL

capitalurilor.
Curba n sine este o ]RQ dH
SXQFW VHPQLILF

GHPDUFD LH DO F UHL ILHFDUH

HFKLOLEUXO EDODQ HL GH SO

L

3R]L LRQDUHD FXUEHL ([,P vQ SODQXO <U HVWH GHWHUPLQDW

GH

factori externi, precum: rata dobnzii, cursul de schimb,

SUHGLF LLOH DVXSUD DFHVWXLD GLQ XUP  FRQMXQFWXUD H[WHUQ

a. m.

d. Deplasarea curbei spre stnga, respectiv spre dreapta este

GHWHUPLQDW

(i)

GH vQ VSULUHD UHVSHFWLY UHOD[DUHD UHVWULF LLORU H[WHUQH

restului lumii

VF GHUHD SURGXVXOXL ILQDO DO

<H GHWHUPLQ

reducerea exporturilor, ceea ce face ca deplasarea curbeL V

IDF

VSUH

VWkQJD

GXS

FXP

FUHWHUHD

UHVSHFWLYXOXL

VH

SURGXV

duce la deplasarea curbei spre dreapta;

(ii) UHYDORUL]DUHD
GH

VFKLPE

GHUXOHD]

PRQHGHL QD LRQDOH DGLF

FVU

GXFH

FRPHU XO

FRPHUFLDOH

L

GHSODVDUHD

FXUEHL

OD vQU XW

H[WHULRU

LPSOLFLW
V

DO
VH

LUHD FRQGL LLORU

GLPLQXkQG

FHOHL
IDF

VF GHUHD FXUVXOXL UHDO

GH

SO

VSUH

L

vQ

VROGXO
FHHD

VWkQJD

FH

FDUH

VH

EDODQ HL
IDFH

GXS

FD

FXP

GHYDORUL]DUHD PRQHGHL QD LRQDOH GXFH OD GHSODVDUHD FXUEHL

spre dreapta;
(iii) FUHWHUHD

UDWHL

GREkQ]LL

OD SODVDPHQWHOH vQ PRQHGH VWU LQH

UH GHWHUPLQ

XQ UHIOX[ GH FDSLWDOXUL DGLF

EDODQ HL GH SO

L FHHD FH IDFH FD GHSODVDUHD FXUEHL V

VSUH

VWkQJD

GXS

FXP

UHGXFHUHD

R vQU XW

UHVSHFWLYHL

UDWH

LUH D

VH IDF
GXFH

OD

DVXSUD PRQHGHL QD LRQDOH DGLF

deplasarea curbei spre dreapta;

(iv) VSHFXOD LLOH a la baisse
YDULD LH

SR]LWLY

PRQHGH

VWU LQH

FXUVXOXL

cs>

LPSOLFLW SH FHD GH SO
VH IDF

GH

vQU XW

VFKLPE
HWH

DQWLFLSDW

EDODQ D

GH

DO

XQHL

FDSLWDO

L

L FHHD FH IDFH FD GHSODVDUHD FXUEHL V

VSUH VWkQJD GXS

FXP VSHFXOD LLOH

a la hausse duc la

deplasarea curbei spre dreapta.

12.2.2.2. &XUED LQYHVWL LL-economii

Modulul IS al modelului economiei deschise include
SDWUX

IXQF LL

GH

FRPSRUWDPHQW

H[SRUW L R HFXD LH GH EDODQ

)XQF LD

GH

FRQVXP

FRQVXP

LQYHVWL LL

XWLOL]DUHD SURGXVXOX

LPSRUW

i final).

se introduce similar modelului

HFRQRPLHL vQFKLVH YH]L FDSLWROXO  UHOD LD 

&

= F (< 7Q ) + & 0

(26.1)

)XQF LD

GH

LQYHVWL LL

se introduce similar modelului

economiei nchise (YH]L FDSLWROXO  UHOD LD 

,

= D < E U + , 0

(26.2)

)XQF LD GH LPSRUW HVWH FHD SUHFL]DW

SULQ UHOD LD 

HVWH FHD SUHFL]DW

SULQ UHOD LD 

)XQF LD GH H[SRUW

a produsului ILQDO HVWH LQWURGXV

(FXD LD GH EDODQ

PRGHOXOXL UHGXV DO OXL .H\QHV SHQWUX HFRQRPLD GHVFKLV

VLPLODU
YH]L

FDSLWROXO  UHOD LLOH  L 

<

= &+,+*+;0

(26.3)

Q SOXV SHQWUX FKHOWXLHOLOH JXYHUQDPHQWDOH * L LPSR]LW

ele

QHWH 7Q VH DVXP 

G = G0

7Q

70

(26.4)

6ROX LD GH HFKLOLEUX VH GHWHUPLQ

SULQ VXSOLQLUHD UHOD LLORU

    L  vQ HFXD LD GH EDODQ

L

H[SOLFLWDUHD

vQ

UDSRUW

FX

UDWD



dobnzii la plasamentele n

PRQHGD QD LRQDO  6H RE LQH H[SUHVLD FXUEHL ,6 L DQXPH

1 F D + P
E

< +

&

+ , 0 + * 0 F 70 + [ <H + (] + Q ) FVU
E

(27)
3DQWD FXUEHL ,6 HVWH QHJDWLY  GDU vQ YDORDUH DEVROXW  HVW
PDL PLF

GHFkW vQ FD]XO HFRQRPLHL vQFKLVH

1 F D + P
E
GDWRULW

<

1 F D
E

FRHILFLHQWXOXL

PDUJLQDO

DO

LPSRUWXULORU

vQ

UDSRUW

FX

venitul (m<0). De aceea, impactul venitului asupra ratei dobnzii

este negativ, dDU

GLPLQXDW ID

H[SOLFDELO

FRQWULEX LD

SULQ

GH FD]XO HFRQRPLHL vQFKLVH OXFUX

DGXV

GH

UHOD LLOH

FRPHUFLDOH

FX

H[WHULRUXO $FHVW PHFDQLVP GH DWHQXDUH D HIHFWXOXL PRGLILF ULL

YHQLWXOXL GLQ FDX]D HIHFWXOXL FRQWUDU DO UHOD LLORU FRPHUFLDOH FX

exteriorul este denumit fuga n importuri.

3R]L LRQDUHD

FXUEHL

,6

HVWH

GHWHUPLQDW

GH

H[SRUWXUL

importuri, produsul final al restului lumii, cursul monedei

QD LRQDOH

L

LPSOLFLW

DO

FHORU

VWU LQH

'HSODVDUHD

VWkQJD UHVSHFWLY GUHDSWD HVWH GHWHUPLQDW

FXUEHL

VSUH

GH VHQVXO PRGLILF ULL

acestor factori:
(i)

GDF

H[SRUWXULOH

GDF

UDWD GREkQ]LL QX VH PRGLILF  UH]XOW

GUHDSWD

GHSODVHD]

(ii) GDF

FUHVF

FXUEHL

DWXQFL

GXS

SURGXVXO

FXP

QD LRQDO

FUHWH

R GHSODVDUH VSUH

GLPLQXDUHD

H[SRUWXULORU

FXUED VSUH VWkQJD

LPSRUWXULOH

VFDG

DWXQFL

SURGXVXO

QD LRQDO

FUHWH

S VWUkQG FRQVWDQ D UDWHL GREkQ]LL FXUED VH GHSODVHD]

GUHDSWD

LDU

GXS

spre stnga;

FXP

FUHWHUHD

LPSRUWXULORU

GHSODVHD]

L

VSUH
FXUED

(iii) GDF

SURGXVXO

ILQDO

H[SRUWXULOH FUHVF L FRQIR

VSUH GUHDSWD GXS
VH GHSODVHD]

(iv) GDF

restului lumii

DO

FUHWH

rm (i), deplasarea curbei se face

FXP GDF

UHVSHFWLYXO SURGXV VFDGH FXUED

VSUH VWkQJD

PRQHGD QD LRQDO

VH GHYDORUL]HD]  DWXQFL VH SURGXFH

FUHWHUHD FXUVXOXL UHDO GH VFKLPE FDUH PLFRUHD]

L FRQIRUP LL FXUED VH GHSODVHD]
UHYDORUL]DUHD

DWXQFL

PRQHGHL

QD LRQDOH

LPSRUWXULOH

VSUH GUHDSWD GXS

GHWHUPLQ

FXP

GHSODVDUH

curbei spre stnga.

12.2.2.3. Curba cerere-RIHUW

Modelul LM al economiei deschise

GH EDQL
LQFOXGH R IXQF LH GH

FRPSRUWDPHQW FHUHUH GH EDQL R HFXD LH GH FRPSR]L LH RIHUWD GH

EDQL L R HFXD LH GH EDODQ
)XQF LD

FHUHULL

GH

HFKLOLEUXO SH SLD D PRQHWDU 

EDQL

se introduce similar modelului

HFRQRPLHL vQFKLVH YH]L FDSLWROXO  UHOD LD 

0G

= O1 < O 2 U + / 0 ,

(28.1)

XQGH 0G HVWH FHUHUHD GH EDQL UHVWXO QRWD LLORU S VWUkQGX

(FXD LD GH FRPSR]L LH D RIHUWHL GH EDQL S VWUHD]
H[RJHQ

DO

DFHVWHLD

GDU

vL

DGDXJ

FRPSRQHQWD

-se.
FDUDFWHUXO

UH]XOWDW

GLQ

UHOD LLOH HFRQRPLFH FX H[WHULRUXO FRPHU XO H[WHUQ L SDUWLFLSDUHD

la piD D FDSLWDOXULORU L DQXPH UH]HUYHOH YDOXWDUH QD LRQDOH QRWDWH

FX 5 UH]XOW 

Ms = M0 + R,

(28.2)

unde Ms este oferta de bani.

(FXD LD GH HFKLOLEUX SH SLD D PRQHWDU

HVWH

Md = Ms .

(28.3)

6XEVWLWXLQG

UHOD LLOH





vQ



VH

RE LQH

HFXD LD FXUEHL /0

3DQWD

<

FXUEHL

+ 5 /0
O

HVWH

nchise (vezi capitoluO

(29)

2
VLPLODU

FHOHL



UHOD LD

GLQ

PRGHOXO



HFRQRPLHL

FD]XO

vQ

FDUH

YROXPXO VFKLPEXULORU FRPHUFLDOH HVWH IL[ SR]L LD FXUEHL FD L

PRGLILFDUHD SR]L LHL VDOH GHSLQGH GH YDULD LD UH]HUYHORU YDOXWDUH
QD LRQDOH

(i)

GDF

(ii) GDF

UH]HUYHOH FUHVF FXUED VH GHSODVHD]

UH]HUYHOH VFDG FXUED VH GHSODVHD]

VSUH GUHDSWD
VSUH VWkQJD

12.2.3. (FKLOLEUXO VLPXOWDQ L YDULD

Modelul

economiei

FRQH[LXQH WUHL SLH H

deschise

LD VD

IS-LM-ExIm

pune

SLD D LQWHUQ  D EXQXULORU L VHUYLFLLORU

SLD D PRQHWDU 

SLD D

H[WHUQ 

vQJOREkQG

VFKLPEXULOH

FRPHUFLDOH

H[WHUQH

SLD D GH FDSLWDO
(FKLOLEUXO FRQFRPLWHQW SH FHOH WUHL SLH H HVWH GDW GH SXQFWXO
GH

LQWHUVHF LH

HFKLOLEUX

DO

FHORU

YHQLWXOXL

WUHL
L

FXUEH

UDWHL

FDUDFWHUL]DW

GREkQ]LL

SULQ

QLYHOXO

vQVHPQ WDWH

GH

DSDUWH

pentru aceste nivele de echilibru o are raportul de ordine ntre

SDQWHOH FXUEHORU /0 L ([,P GHWHUPLQDW GH VHQVLWLYLWDWHD UDWHL

dobnzii n raport cu cererea de bani (l2 L vQ UDSRUW

FX IOX[XO GH

capitaluri (f).
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de deplasare a punctului de echilibru.

3HQWUX
DMXVWDUHD

SXQFWXOXL

UH]HUYHORU
VROGHD]
YDOXWDUH

VLWXD LD

YDOXWDUH

vQ

GH

FDUH

YROXPXO

HFKLOLEUX

QD LRQDOH

VH

VFKLPEXULORU

SRDWH

'DF

LPSOLF

FUHWHUH

SULQ

VFKLPEXULOH

FX XQ H[FHGHQW DFHDVWD vQVHDPQ

FDUH

HIHFWXD

VH

FUHWHUHD UH]HUYHORU

RIHUWHL

GH

VFKLPEXULOH H[WHUQH VH VROGHD]

atunci se ajunge la reducerea venitului.

IL[

YDULD LD

H[WHUQH

EDQL

GHSODVDUH D FXUEHL /0 VSUH GUHDSWD FHHD FH vQVHDPQ

YHQLWXULORU 'DF

HVWH

DGLF

FUHWHUHD

FX XQ GHILFLW

3HQWUX VLWXD LD vQ FDUH

volumul schimburilor externe este

variabil, ajustarea punctului de echilibru se poate efectua prin

YDULD LD FXUVXOXL GH VFKLPE 'DF

VFKLPEXULOH H[WHUQH VH VROGHD]

FX XQ H[FHGHQW DFHDVWD vQVHDPQ

FDUH GHSODVHD]
YHQLWXOXL 'DF

FXUEHOH ,6

FUHWHUHD FXUVXOXL GH VFKLPE

i ExIm spre stnga evitnd FUHWHUHD

VFKLPEXULOH

H[WHUQH VH VROGHD]

FX XQ GHILFLW

atunci se poate evita reducerea venitului.

9DULD LD SXQFWXOXL GH HFKLOLEUX VH SRDWH RE LQH SULQ SROLWLFL

monetare sau prin politici bugetare.

12.2.3.1. Politici monetare de echilibrul

3ROLWLFLOH

PRQHWDUH

GH

VXV LQHUH

FUHWHULL

HFRQRPLFH

SUHVXSXQ DF LRQDUHD SULQ RIHUWD GH EDQL ILJXUD 

6LWXD LD LQL LDO
GHWHUPLQ

HVWH UHSUH]HQWDW

SULQ FXUEH FX LQGLFH  FDUH

FD HFKLOLEUX LQL LDO SXQFWXO $ DOH F UXL FRRUGRQ

(Y0,r0). Trecerea ntru-XQ

ate sunt

DOW SXQFW GH HFKLOLEUX HVWH UHSUH]HQWDW

SULQ PRGLILF UL DOH FXUEHORU LQL LDOH PDUFDWH FX LQGLFHOH  L VH

poate realiza n cazul n care schimburile comerciale sunt fixe sau

variabile.
n cazul volumului fix al schimburilor comerciale (ExIm =
IL[ HILFLHQ D UH]XOWDW

HVWH UHGXV

GHRDUHFH UH]HUYHOH YDOXWDUH

VFDG

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VH

GHSODVHD]

GLQ

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&

DSRL

revine.
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HFRQRPLFH GDWRULW
VFKLPEXULORU

FX

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LQHILFLHQW 

vQ

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YDULD LLORU LQWHUYHQLWH vQ H[SUHVLD E QHDVF

H[WHULRUXO

YDULD LL

FDUH

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VWLPXOLL

interni.
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EDQL

DGLF

GHSODVDUHD

2IHUWD VSRULW
GRX

VSUH

vQVHDPQ

GUHDSWD

GH EDQL GLPLQXHD]

FUHWHUHD RIHUWHL GH

FXUEHL

/0

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UDWD GREkQ]LL FDUH JHQHUHD]

HIHFWH

fuga

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este mai mare;

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XQ UHIOX[ GH FDSLWDOXUL DO GRLOHD R

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EDODQ HL GH SO

L 1RXO HFKLOLEUX HVWH UHSUH]HQWDW SULQ SXQFWXO &

LQWHUVHF LD FXUEHORU ,61 L /01

SRVLELO GDF
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pe curba ExIm. Noul echilibru ar fi

YROXPXO VFKLPEXULORU H[WHUQH QX DU IL IL[ Q DFHDVW

XQD

GLQ

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QRX

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DU

IL

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comercial. De aceea noul echilibru nu este fezabil. Deficitul

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GHSODVDUHD

spre stnga a curbei LM), ceea ce are ca efect diminuarea

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OD QLYHOXO HFKLOLEUXOXL LQL LDO

$XVWHULWDWHD
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de bani (cu deplasarea lui LM spre stngD

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L

n cazul volumului variabil al schimburilor comerciale

([,P

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fiind de deprecierea cursului de schimb. Astfel, curba ExIm0 se

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, iar curba IS0 vQ SR]L LD ,61. Echilibrul

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,r1), reflectnd

> Y0 .

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IS0

IS1

LM0

LM1

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ExIm1

r0
r1
B
C
Y0 Y1
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Y
echilibrului

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vQ

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LL VFKLPEXULORU H[WHUQH

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vQVHDPQ

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bani (deplasarea curbei LM spre dreapta, figura 60). Potrivit

mecaniVPXOXL GHVFULV PDL VXV VH SURGXFH XQ GHILFLW DO EDODQ HL GH
SO

FDUH

JHQHUHD]

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&D

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ExIm spre stnga). Noul punct de echilibru, B, este caracterizat

nu numai printr-XQ YHQLW PDL PDUH GDU L SULQWU-o rata de doEkQG
PDL PLF

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-un sold extern favorabil.

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/0

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D FXUEHORU ([,P L ,6

, genernd un echilibru caracterizat printr-o

SURGXF LH PDL PLF 

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YDULDELO DO VFKLPEXULORU H[WHUQH UH]LG

vQ

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vQ UH]HUYHOH YDOXWDUH

ceea ce exclude fenomenul de compensare ntre componentele

structurale ale acesteia;

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elasticitatea ULGLFDW

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GH

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GH

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12.2.3.2. Politici bugetare de echilibru

3ROLWLFLOH
SUHVXSXQ

EXJHWDUH

DF LRQDUHD

GH

SULQ

VXV LQHUH

FKHOWXLHOLOH

FUHWHULL

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sau prin

LPSR]LWH L VH SRW UHDOL]D ILH vQ FD]XO XQRU FDSLWDOXUL SX LQ PRELOH

(figura 61), fie n cazul unor capitaluri mobile (figura 62), iar
ILHFDUH GLQ FD]XUL SRDWH SUHVXSXQH ILH FRQVWDQ D ILH YDULDELOLWDWHD
VFKLPEXULORU H[WHUQH 3R]L LD LQL LDO

D FXUEHORU HVWH PDUFDW

FX

LQGLFHOH  LDU SR]L LLOH XOWHULRDUH FX LQGLFLL  L 

,QFLGHQ D
JUDGXO

GH

SROLWLFLL

PRELOLWDWH

EXJHWDUH

DVXSUD

FDSLWDOXULORU

YHQLWXOXL

I

HFRQRPLFH SULQ SROLWLFL EXJHWDUH vQVHDPQ

GHSLQGH

GH

6XV LQHUHD

FUHWHULL

FUHWHUHD FK

eltuielilor

JXYHUQDPHQWDOH VDXL UHGXFHUHD ILVFDOLW

LL FHHD FH GHSODVHD]

spre dreapta curba IS.

&D]XO
DFHHD F
DGLF

FDSLWDOXULORU

SX LQ

PRELOH

este caracterizat prin

SDQWD FXUEHL ([,P HVWH PDL PDUH GHFkW D FXUEHL /0

I HVWH PLF
'DF

YROXPXO VFKLPEX

GH EDQL YDULD]

/0

rilor este fix (ExIm = fix), iar oferta

YDULDELO HILFLHQ D UH]XOWDW

HVWH UHGXV

GLQ

FDX]D UHGXFHULL UH]HUYHORU YDOXWDUH (FKLOLEUXO WUHFH GLQ $ vQ & L

VH IL[HD]
UH]XOWkQG

vQ % GDWRULW
R

FUHWHUH

WUHFHULL FXUEHL /0 GLQ /00

UHODWLY

PLF

YHQLWXOXL

GDU

dobnzii.

IS0

IS1

IS2

ExIm0

ExIm1

LM1

r1

LM 0

r2

D
C

r0
A
Y0

Y1

)LJ  3ROLWLFD EXJHWDU

Y2

GH VXV LQHUH D HFKLOLEUXOX

vQ FD]XO FDSLWDOXULORU SX LQ PRELOH

n LM1),
D

UDWHL

6XV LQHUHD EXJHWDU

vQ DFHVW FD] LPSOLF

D VROGXOXL EDODQ HL GH SO

SXWHUQLF

UHGXF PDVD PRQHWDU

L ,HLULOH GH GHYL]H DIHUHQWH

/0 VH GHSODVHD]

contribuie la limitarea crHWHULL

R GHWHULRUDUH UHODWLY

VSUH VWkQJD FHHD FH

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HVWH

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GLQ $ vQ & L VH IL[HD]

ExIm0 n ExIm1

OD QLYHOXO

vQ ' GDWRULW

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L D FXUEHL ,6 GLQ ,60

n IS1

L DSRL vQ ,62

),

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OD R FUHWHUH PDL PLF

D UDWHL GREkQ]LL

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GREkQ]LL
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FDUH

vQ DFHVW FD] GHSO

asarea spre dreapta a

PDL vQWkL R FUHWHUH D YHQLWXOXL L D UDWHL

DQWUHQHD]

GHSUHFLHUH

PRQHWDU 

FHHD

FH

FRQGL LLOH VROGXOXL H[WHUQ GHSODVDUHD VSUH GUHDSWD D

FXUEHORU ([,P L ,6 L FRQWULEXLH OD FUHWHU

ea venitului.

HVWH FDUDFWHUL]DW SULQ DFHHD F

Cazul capitalurilor mobile

GHFkW D FXUEHL /0 DGLF

I HVWH

YROXPXO IOX[XULORU FRPHUFLDOH HVWH IL[ ([,P

IL[

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mare.
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LDU

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UH]XOWDW

GH

EDQL

HVWH

HVWH

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/0
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(FKLOLEUXO WUHFH GLQ $ vQ % L VH IL[HD]

curbei LM din LM0 n LM1

YHQLWXOXL ID
FX

GH

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UH]HUYHORU

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vQ & GDWRULW

'

FH

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GLQ

de comparat

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schimburilor valutare).

IS0

IS2

IS1

LM 0

r2

LM 1

ExIm1

ExIm0

r1

r0
A
Y0

Y2

WUHFHULL

UH]XOWkQG R FUHWHUH UHODWLY PDUH D

GH R FUHWHUH PDL PLF

SXQFWXO

YDULDELO

Y1

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n cazul capitalurilor mobile

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H[WHUQ

EXJHWDU

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vQ

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/0 VH GHSODVHD]

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, deci curba ExIm este

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D YHQLWXOXL /D OLPLW  FkQG I

RUL]RQWDO  SROLWLFD EXJHWDU

HVWH H[WUHP GH HILFLHQW

GLQ FDX]

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stfel nct efectul asupra venitului este

PD[LP 1RXO SXQFW GH HFKLOLEUX VH J VHWH GHSODVDW VSUH GUHDSWD

VXE

FXUED

([,P

YHQLWXOXL

GDWRULW

ILQDQFLDU

'DF
YDULDELO

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FUHWHULL

)HQRPHQXO

UDWHL

GREkQ]LL

DWHQX ULL

HVWH

QXPLW

FUHWHULL
HYLF LXQH

YROXPXO I

luxurilor comerciale este variabil (ExIm =

LDU

RIHUWD

GH

EDQL

HVWH

IL[

/0

IL[

HILFLHQ D

UH]XOWDW

HVWH UHGXV  (FKLOLEUXO WUHFH GLQ $ vQ % L VH IL[HD]

GDWRULW

WUHFHULL FXUEHL ([,P GLQ ([,P0

din IS0 n IS1

vQ '

n ExIm1, iar a curbei IS

L DSRL vQ ,62 UH]XOWkQG R FUHWHUH PDL PLF

YHQLWXOXL GHFkW vQ FD]XO SUHFHGHQW OD R FUHWHUH PDL PDUH D UDWHL

dobnzii.
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PRQHWDU 

FHHD

FH

vQ DFHVW FD] DQWUHQHD]

GHWHULRUHD]

VROGXO

H[WHUQ

R UHYDORUL]DUH

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stnga a FXUEHORU ([,P L ,6 L FRQWULEXLH OD UHGXFHUHD YHQLWXOXL

12.2.3.3. Efectele politicilor economice n modelul economiei

deschise
Efectele politicilor economice care pot fi promovate n
contextul modelului economiei deschise IS-LM-ExIm sunt
GLIHUHQ LDWH
VHQVXO

GXS

DFHVWHLD

WLSXO

SROLWLFLL

PRQHWDU

VXV LQHUHUHODQVDUH

VDX

VDX

EXJHWDU 

GXS

DXVWHULWDWHIUkQ 

GXS

GLQDPLVPXO VFKLPEXULORU H[WHUQH IL[H VDX YDULDELOH FD L GXS

PRELOLWDWHD FDSLWDOXULORU SX LQ PRELOH VDX PRELOH

Tabelul 12
Schimburile comerciale externe
Politici

fixe
Efectele politicii

variabile
Eficacitatea Efectele politicii
Eficacitatea
politicii
politicii

Timpul UNU:
r, Y
deteriorare B
R
Timpul DOI:
Ms
revenire la

r, Y
deficit extern
depreciere

Timpul UNU:
r, Y
ameliorare B
R
Timpul DOI:
Ms
revenire la

r, Y
excedent extern
revalorizare

I. MONETARE

2. austeritate

X, M
Y n continuare
ameliorare B

X, M
Y n continuare
deteriorare B

clar

II. BUGETARE
clar

Timpul UNU:
r, Y
deteriorare B
R
Timpul DOI:
Ms
Y
revenire

r, Y
depreciere

a. capitaluri

X, M
Y n continuare

la

majorat

ef

Timpul UNU:
r, Y
ameliorare B
R
Timpul DOI:
Ms

relativ

relativ

X,

diminuat
r, Y
revalorizare

puternic

2. austeritate
a. capitaluri

r, Y
revalorizare

Timpul UNU:
r, Y
ameliorare B
R
Timpul DOI:
Ms
Y, r

b. capitaluri
mobile

X, M
Y n continuare

diminuat

Timpul UNU:
puternic
r, Y
deteriorare B
R
Timpul DOI:
Ms
r n

continuare

r, Y
depreciere

clar

b. capitaluri
mobile

X,
Y

majorat

6LQWH]D FDUDFWHULVWLFLORU DFHVWRU SROLWLFL L D HIHFWHORU ORU HVWH

SUH]HQWDW

vQ WDEHOXO 

n tabelul 12 au fost folosite simbolurile utilizate n model:

U

UDWD GREkQ]LL SH SLD D LQWHUQ

<

SURGXVXO ILQDO QD LRQDO

VROGXO EDODQ HL GH SO

UH]HUYHOH YDOXWDUH QD LRQDOH

Ms = oferta de bani
X = export
M = import,
SUHFXP L XQ VLPERO GH FUHWHUH L XQXO GH UHGXFHUH

Eficacitatea politLFLORU

D IRVW SULYLW

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YHQLWXULORU
HILFDFLW

DJHQ LORU

D SURGXVXOXL ILQDO QD LRQDO DGLF

HFRQRPLFL

L VH SRDWH PRGLILFD GDF

cazul n care se urm

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VH VFKLPE

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GH WLSXO DXVWHULWDWH PRQHWDU
'LYHUVLWDWHD

HVWH HYLGHQW HILFLHQW 

RELHFWLYHORU

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GH

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PDQD

gementului strategic un mix

de politici, o combinare de mai multe politici

L

LPSOLFLW

utilizarea unor instrumente, metode, tehnici diferite pentru

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H[LVW

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LDU

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FRQVLOLHULORUVSHFLDOLWLORU
HFRQRPLF
L

nomistul Jan Tinbergen

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Modelul IS-LM-([,P

LQWHUQH

(FR

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arsenalul metodologic utilizat,

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GH

VWUDWHJLFL

PDFURHFKLOLEUX

DOHJH

VH

vQWUH

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economice chiar unor obiective aparent neconcordante. Astfel, se

SRDWH

IRUPXOD

LQWHUQH V

SROLWLF

PDFURHFRQRPLF

vQ

FDUH

RELHFWLYHOH

ILH XUP ULWH SULQ LQVWUXPHQWH LQWHUQH vQ FRQGL LLOH vQ

FDUH VH S VWUHD]
ID

R DQXPLW

DXWRQRPLH D SROLWLFLORU FRQMXQFWXUDOH

GH H[WHULRU

Caracteristicile
FRQWXUHD]

R DQXPLW

diferitelor
UHJXO

politici

GH DIHFWDUH

financiar-monetare

a lor: politicile bugetare

sunt mai indicate pentru obiective viznd echilibrul intern, iar

politicile monetare pentru cel extern, deoarece
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en a exportului;

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= I U

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(i) modulul IS:

= F (< 7 ) + & 0

&

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(30.1)
(30.2)

<

(30.3)

<

= &+,+*+;0

(30.4)

= *0

(30.5)

= 7Q 0

7Q
;

(30.6)

= ;0

(30.7)

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(31.1)

0V

(31.2)

0V

0G

0G

+5

(31.3)

(iii) modulul ExIm:

%F

= ; 0 P <

(32.1)

%N

= I U

(32.2)

B = Bc + Bk

(32.3)

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(31.2)

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(31.3)

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presupus de egalitatea:
B = R.

(31.4)

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-LM-ExIm

sunt:
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exportul net,

astfel nct devine:

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(33.1)

= D < E U + , 0

(33.2)

<

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(33.3)

= *0

(33.4)

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-(31.3).

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= I U

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+ %K = 0

(34.2)
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n modulul IS se
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(35.3)

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(36.2)

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