byaaj

byaaj ek aisa shulk hai jo udhaar li gayi sampatti (rin) ke liye kiya jaata hai. yeh udhaar liye gaye paise ke liye ada ki gayi keemat hai,^[1] ya, jama dhan se arjit kiya gaya paisa hai.^[2] jin sampattiyon ko byaaj ke saath udhaar diya jaata hai unamein shaamil hain dhan, share, kiraae par khareed dvaara upabhokta vastuen, pramukh sanpattiyaan jaise vimaan aur kabhi-kabhi vitt patta vyavastha par diya gaya poora kaarkhaana. byaaj ki ganana parisampattiyon ke moolya par theek usi prakaar ki jaati hai jaise paise par.

byaaj ko "paise ke kiraae" ke roop mein bhi dekha ja sakta hai. jab dhan ko bank mein jama kiya jaata hai, to jamaakarta ko aamtaur par jama ki gayi raashi ke ek pratishat ke hisaab se byaaj ka bhugataan kiya jaata hai; jab paisa udhaar liya jaata hai, to aamtaur par rinadaata ko bakaaya raashi ke ek pratishat ke hisaab se byaaj ka bhugataan kiya jaata hai. mool dhan ka pratishat jo ek shulk ke roop mein ek nishchit avadhi mein (aamtaur par ek maheena ya varsh) ada kiya jaata hai, use byaaj dar kehte hain.

byaaj, rinadaata ke liye ek muaavaja hota hai jo use, k) mool dhan ke jokhim ke liye diya jaata hai jise rin jokhim kaha jaata hai; aur kh) anya upayogi nivesh ko chhod dene ke liye diya jaata hai jise udhaar di gayi sampatti dvaara kiya ja sakta tha. yeh chhode gaye nivesh avsar laagat ke naam se jaane jaate hain. rinadaata ke swayam pratyaksh roop se is sampatti ka upayog karne ke bajaae, use rin lene vaale ko de diya jaata hai. vah udhaarakarta tab us sampatti ko arjit karne ke liye aavashyak prayaas se aage nikalkar usaki upayogita ka aanand leta hai, jabki rinadaata us visheshaadhikaar ke liye udhaarakarta dvaara bhugataan kiye gaye shulk ke laabh ka aanand leta hai. arthashaastr mein, byaaj ko rin ka moolya maana jaata hai.

baaibil kaal ke praacheen ijraail mein, niji rin par byaaj lagaana moses ke kaanoon ke khilaaf tha.^[3] madhya kaal ke dauraan, samay ko ishvar ki sampatti maana jaata tha. isliye, byaaj ki maang karne ko parameshvar ki sampatti ke saath vyaapaar karne jaisa maana jaata tha.^{[krupaya uddharan jodein]} iske alaava, seint Thomas ekvinaas, jo Catholic church ke pramukh thiolojiyn the, ne yeh tark diya ki byaaj ki maang karna galat hai kyonki yeh "dugane prabhaar" ke baraabar hai kyonki ismein vastu aur uske istemaal donon ke liye prabhaar lagaaya jaata hai. church ne ise soodakhori ke paap ke roop mein sandarbhit kiya; is niyam ka kabhi bhi sakhti se paalan naheen kiya gaya aur dheere-dheere yeh khatm hone laga joki audyogik kraanti ke dauraan poori tarah se gaayab ho gaya.^{[krupaya uddharan jodein]}

soodakhori ko roman Catholic church dvaara hamesha hi nakaaraatmak drushti se dekha gaya. dviteeya laiteran parishad ne rin mein diye gaye mool dhan se adhik kisi bhi atirikt dhan ki adaayagi ki ninda ki, viyena parishad ne spasht roop se soodakhori ko nishiddh kar diya aur yeh ghoshana ki ki soodakhori ke prati sahishnu koi bhi kaanoon vidhrmi hoga aur pratham buddhijeeviyon ne byaaj lene ko dhikkaara. madhyayugeen arthavyavastha mein rin poori tarah se aavashyakataaon ka parinaam hua karta tha (jaise kharaab fasal, kaaryasthal mein aag) aur, in paristhitiyon mein, byaaj lene ko naitik roop se bura maana jaata tha.^{[krupaya uddharan jodein]} ise naitik roop se sandigdh bhi maana jaata tha, kyonki paisa udhaar de kar koi maal utpaadit naheen kiya jaata tha aur isliye iska koi muaavaja naheen hona chaahiye, jo anya gatividhiyon ke vipreet tha jismein pratyaksh shaareerik parinaam hote the jaise ki lohaar ka kaam ya kheti.^[4]

jaisa ki yahoodi naagrikon ko adhikaansh vyavasaayon se sthaaneeya shaasakon, church aur gild dvaara bahishkrut kiya jaata tha, ve saamaajik drushti se heen samajhe jaane vaale seemaant vyavasaayon jaise kar aur kiraaya vasoolana aur rin dene ke liye vivsh ho gaye. lenadaaron aur denadaaron ke beech praakrutik tanaav saamaajik, raajaneetik, dhaarmik, aarthik upabhedon ke saath jud gaye. ... yahoodiyon ka vitteeya utpeedn un kshetron mein adhik hua jahaan ve sabse adhik naapasand kiye jaate the aur agar yahoodi gair yahoodiyon ko rin dene par dhyaan keindrit karke pratikriya vyakt karte, to unki alokapriyta - aur saath hi unapar dabaav - badh jaata.

is prakaar yahoodi ek dushchakr ka mohra ban gaye. baaibil ke niyamon ke aadhaar par isaai byaaj lene ki poori tarah se ninda karte the aur 1179 se aisa karne vaalon ko bahishkrut kar diya jaata tha. Catholic svechhaachaari shaasak aksar yahoodiyon par sakht se sakht vitteeya bojh daala karte the. yahoodiyon ne pratikriya svaroop ek aise vyaapaar ko apnaaya jismein isaai kaanoon vaastav mein unke khilaaf pakshapaat karta tha aur unhonne rin dene ke ghrunit vyaapaar mein apni pehchaan bana li.

islaami sabhyata mein bhi praay: byaaj ko unheen kaaranon se bura maana jaata hai jinke kaaran Catholic church ke dvaara soodakhori ko nishiddh maana jaata hai, adhikaansh vidvaan is baat se sahamat hain ki Quraan mein byaaj maangane ki spashtataya manaahi hai. isliye madhyayugeen nyaayavidon ne jimmedaari ke saath rin pradaan ko protsaahit karne ke liye kai vitteeya saadhanon ko vikaasit kiya.

soodakhori ke vishay mein, braant ke stlateefera nevis (ship of fools) se; albrekt doorar ko voodakat ke liye shreya diya gaya

punarjaagaran yug mein, logon ki badhti gatisheelata ne vaanijya aur udyamiyon ke liye nae laabhapoorn kaarobaar ko shuroo karne ke liye upayukt paristhitiyon mein vruddhi ko sambhav banaaya. yeh spasht ho jaane ke baad ki udhaar liya hua paisa ab keval poori tarah se upabhog ke liye na hokar utpaadan ke liye bhi tha, byaaj lene ko ab bura naheen maana jaane laga. di school of saalaamaanaka ne un vibhinn kaaranon ko vistrut roop se samajhaaya hai jo byaaj lene ko uchit thaharaate hai: jo vyakti rin praapt karta hai usako laabh hota hai aur vyakti bhugataan kiye gaye byaaj ko ek kist ke roop mein dekh sakta hai jo rin pradaata dvaara uthaaye gaye jokhim ke liye chukaaya jaata hai.

ismein ek prashn avsar laagat ka bhi tha, jismein rin dene wala paksh udhaar diye gaye dhan ke upayog ki sambhaavnaaen kho deta tha. antat: aur shaayad sabse mool roop mein swayam paise ko hi maal ke roop mein aur kisi ke dhan ke istemaal ko kisi aisi vastu ke roop mein dekha jaane laga jiske liye use byaaj ke roop mein laabh praapt hona chaahiye. Martin de ejpilkyueta ne bhi samay ke prabhaav ko maana. anya baaton ke samaan rahane par, koi bhi vyakti apni di hui vastu ko bhavishya ke bajaay abhi praapt karna pasand kareinga. yeh vareeyata adhik moolyon ko ingit karti hai. is siddhaant ke tahat, byaaj, us avadhi ke liye bhugataan hai jiske dauraan rin daata ko apne dhan se vanchit rahana padta hai.

aarthik drushti se, mool dhan ke moolya ko byaaj dar kehte hain aur yeh dhan aapoorti ke aapoorti aur maang niyamon par aadhaarit hoti hai. byaaj dar ko dhan aapoorti mein herafer ke maadhyam se niyantrit karne ka sabse pehla prayaas 1847 mein French central bank dvaara kiya gaya.

byaaj daron aur samaaj par unke prabhaavon par pehla aupachaarik adhyayan utkrusht aarthik chintan ke udbhav ke dauraan Adam smith, jeremi bentham aur miraabyu dvaara aayojit kiya gaya tha.^{[krupaya uddharan jodein]} 20veen, sadi ke poorvaardh mein, iraving fishr ne byaaj daron ke aarthik vishleshan mein us samay ek pramukh safalta haasil ki jab unhonne saanketik byaaj ko vaastavik byaaj se alag kiya. tab se byaaj daron ki prakruti aur prabhaav par kai drushtikon paida hue hain.

20veen sadi ke uttaraardh ne byaaj rahit islaamik banking aur vitt ka udbhav dekha, yeh ek aisa aandolan tha jo madhyayugeen kaal mein viksit dhaarmik kaanoon ko aadhunik arthavyavastha mein laagoo karne ka prayaas kar raha tha. Iran, soodaan aur Pakistan, sahit kuchh sampoorn deshon ne apni vitteeya pranaali se byaaj ka poori tarah unmoolan karne ke liye kadam uthaae.^{[krupaya uddharan jodein]} byaaj lagaane ke bajaay, byaaj mukt rin daata udhaar ki seva pradaan karne ke liye ek "shulk" lagaata hai. jaisa ki is tarah ka shulk ganiteeya roop se ek byaaj lagaane ke jaisa hi hai, isliye "byaaj mukt" banking aur "byaaj ke liye" banking ke beech ka antar kareeb ek hi baat hai.

saadhaaran byaaj

saadhaaran byaaj ki ganana keval mool raashi par, ya mooladhan ke us bhaag par jise abhi tak ada naheen kiya gaya ho ki jaati hai.

saadhaaran byaaj ki raashi ki ganana nimnalikhit faurmoole ke anusaar ki jaati hai:

${\displaystyle I_{simp}=r\cdot B_{0}\cdot m}$

jahaan r byaaj dar avadhi hai (I/m) B₀ praarambhik shesh raashi hai aur m paar ho chuki samayaavadhi ki sankhya hai.

avadhi byaaj dar r ki ganana karne ke liye, vyakti byaaj dar ko / avadhi sankhya m se vibhaajit karta hai.

udaaharan ke liye, kalpana karein ki ek kredit card dhaarak ke paas 2500 dollar ka bakaaya jama hai aur prati varsh saadhaaran byaaj dar 12.99% hai. 3 maah ki samaapti par joda gaya byaaj hoga,

${\displaystyle I_{simp}={\bigg (}{\frac {0.1299}{12}}\cdot \$2500{\bigg )}\cdot 3=\$81.19}$

aur use shesh raashi ka poorn bhugataan karne ke liye is samay 2581.19 dollar dena hoga.

yadi iske bajaay vah keval byaaj ka bhugataan karta hai to bhugataan avadhi dar r ke anusaar un teen maheene mein se pratyek maheene ki, byaaj bhugataan ki raashi hogi,

${\displaystyle I={\bigg (}{\frac {0.1299}{12}}\cdot \$2500{\bigg )}\cdot 3=(\$27.0625/month)\cdot 3=\$81.19}$

3 maheene ke ant mein usaki shesh raashi fir bhi 2500 dollar hi hogi.

is maamale mein, paise ke samay moolya ko kaarak ke roop mein naheen gina jaata. sthir bhugataanon par atirikt laagat hoti hai jise rin ki tulana karte samay dhyaan mein rakhana aavashyak hota hai. udaaharan ke liye, diye gaye 100 dollar ki mool raashi:

• kredit card rin jahaan $1/din shulk liya jaata hai: 1/100 =1%/din = 7%/hafte = 365%/varsh.
• kaurporet bond jahaan pehle 3 dollar chhah maheene ke baad deya hote hain aur doosare 3 dollar saal ke ant mein deya hote hain: (3+3)/100 = 6%/varsh.
• jama ka pramaan patra (jeeaaisi) jahaan 6 dollar ka bhugataan saal ke ant mein kiya jaata hai: 6/100 = 6%/varsh.

vibhinn byaaj yukt ofaron ki tulana karte samay do jatiltaaen shaamil hai.

1. jab dar samaan ho lekin avadhi bhinn ho to ek pratyaksh tulana paise ke samay moolya ke kaaran ayathaarth rahegi. har chhah maheene par 3 dollar ke bhugataan ki laagat, varsh ke ant mein bhugataan kiye gaye 6 dollar se adhik hoti hai isliye 6% bond 6% jeeaaisi ke 'baraabar' naheen ho sakta hai.
2. jab byaaj bakaaya ho, lekin usaka bhugataan naheen kiya gaya ho, kya vah 'byaaj deya' rahata hai, jaise bond ka chhah maheene ke baad 3 dollar ka bhugataan, ya kya yeh deya rakam mein jod diya jaata hai? baad vaale maamale mein yeh saadhaaran byaaj naheen rah jaata, lekin chakravruddhi byaaj ho jaata hai.

ek bank khaata jo keval saadhaaran byaaj pradaan karta hai, usase nirbaadh roop se paise nikaalna sambhaavit naheen hota, kyonki usase paise niklana aur fir turant jama karna laabhaprad hota hai.

chakravruddhi byaaj

chakravruddhi byaaj, saadhaaran byaaj ke samaan hota hai, lekin samay ke saath inka antar kaafi gahra hota jaata hai. yeh antar isliye hai kyonki bakaaya byaaj ko deya bakaaya raashi mein joda jaata hai. ise doosare tareeke se pesh kiya jaae to, udhaarakarta par pichhle byaaj par byaaj lagaaya jaata hai. yeh maanate hue ki mool dhan ya baad ke byaaj ka ki kisi bhi hisse ka bhugataan naheen kiya gaya hai, rin nimnalikhit formulon dvaara pariklit kiya jaata hai:

${\displaystyle {\begin{aligned}&I_{comp}=B_{0}\cdot {\big [}\left(1+r\right)^{m}-1{\big ]}\\&B_{m}=B_{0}+I_{comp}\end{aligned}}}$

jahaan I_comp chakravruddhi byaaj hai, B₀ praarambhik bakaaya raashi hai, B_m, m avadhi ke baad ki bakaaya raashi hai (jahaan jaroori naheen hai ki m ek poornaank ho) aur r avadhi dar hai.

udaaharan ke liye, agar uparokt kredit card dhaarak koi bhi bhugataan naheen karne ka chunaav karta hai, byaaj jama hota rahega

${\displaystyle {\begin{aligned}&{\mbox{Calculation for Compound Interest}}:\\I_{comp}&=\$2500\cdot {\bigg [}{\bigg (}1+{\frac {0.1299}{12}}{\bigg )}^{3}-1{\bigg ]}\\&=\$2500\cdot \left(1.010825^{3}-1\right)\\&=\$82.07\\\end{aligned}}}$

${\displaystyle {\begin{aligned}B_{m}&=B_{0}+I_{comp}\\&=\$2500+\$82.07\\&=\$2582.07\end{aligned}}}$

to, 3 maheene ke ant mein kredit card dhaarak ki bakaaya raashi 2582.07 dollar ho jaaegi aur ab use aaranbhik bakaaya raashi tak vaapas len ke liye use 82.07 dollar ka bhugataan karna hoga. sankshipt samay avadhi mein saadhaaran byaaj lagbhag chakravruddhi byaaj ke jaisa hi hota hai, isliye niyamit bhugataan chukauti ki sabse kam mahangi rananeeti hoti hain.

chakravruddhi byaaj ke saath ek samasya yeh hai ki iske parinaamasvaroop aane vaale daayitv ki vyaakhya karna mushkil hai. is samasya ko aasaan banaane ke liye, arthashaastr mein ek aam niyam hai, avadhi ko ek varsh ka maan kar byaaj dar ka khulaasa karna, jismein saalaana chakravruddhi prabhaavi byaaj pradaayi hota hai. haalaanki, rin dene mein byaaj dar aksar maamooli byaaj dar ke roop mein uddhrut kiya jaata hai (yaani, chakravruddh ki baaranbaarata ke liye bina sudhaara hua chakravruddhi byaaj, byaaj samjhauta).^{[krupaya uddharan jodein]}

rin mein aksar vibhinn gair byaaj shulk aur fees bhi shaamil hoti hai. ek udaaharan hai sanyukt raajya America ke bandhak rinon par point. jab is tarah ki fees maujood hoti hai, to udhaaradaataaon ko niyamit roop se vitt ke 'asli' moolya ke vishay mein soochana dena aavashyak hota hai, jo praay: vaarshik pratishat dar (APR) ke roop mein vyakt kiya jaata hai. APR ek rin ki kul laagat ko atirikt shulk aur kharchon ko jodne ke baad ek byaaj dar ke roop mein vyakt karne ka prayaas karti hai, haalaanki vivran adhikaar kshetr ke anusaar bhinn ho sakte hain.

arthashaastr mein, nirantar chakravruddhi ka istemaal praay: ganiteeya gun ke kaaran kiya jaata hai.^{[krupaya uddharan jodein]}

sthir aur asthir dar

vaanijyik rin aamtaur par saadhaaran byaaj ka prayog karte hain, lekin yeh jaroori naheen hai ki rin avadhi ki samaapti tak unapar hamesha ekal byaaj dar hi laagoo ho. rin jiske liye byaaj dar naheen badalta hai use nirdhaarit dar rin kaha jaata hai. rin ki avadhi ke dauraan rin par asthir dar ho sakta hai jo kisi sandarbh dar par aadhaarit hota hai (jaise LIBOR aur Euribor), aamtaur par ek sthir margin se adhik (ya kam). inhein asthir dar (floting rate), char dar ya samaayojya dar ke naam se jaana jaata hai.

nirdhaarit dar aur asthir dar rin ka sanyojan sambhav hota hai aur aksar istemaal kiya jaata hai. rin ki avadhi ke dauraan rinon mein vibhinn byaaj dar bhi lagaaya ja sakta hai, jahaan byaaj dar mein badlaav ek antarnihit byaaj dar ke alaava anya vishisht maapadandon ke aadhaar par niyantrit kiya jaata hai. udaaharan ke liye ek rin jo daron mein vishisht parivartan ko adhidisht karne ke liye ek vishisht samayaavadhi ka prayog karta hai, jaise pratham varsh mein 5% ka ek dar, dviteeya varsh mein 6% ka ek dar, teesare varsh mein 7% ka ek dar.^{[krupaya uddharan jodein]}

byaaj daron ki sanrachana

arthashaastr mein, byaaj ko rin ka moolya maana jaata hai, isliye, yeh bhi mudraasfeeti ke kaaran vikrutiyon ke adheen hota hai. maamooli byaaj dar hi upabhokta ko nazar aati hai, (yaani, ek rin anubandh ke saath juda hua byaaj, kredit card stetameint, aadi), jo mudraasfeeti ke liye samaayojan karne se pehle ki keemat ko sandarbhit karta hai. maamooli byaaj anya kaarakon ke beech vaastavik byaaj dar jama mudraasfeeti, se bana hua hai. ek maamooli byaaj ke liye ek saral faurmoola hai:

${\displaystyle i=r+\pi }$

jahaan i maamooli byaaj hai, r vaastavik byaaj hai aur ${\displaystyle \pi }$ mudraasfeeti hai.

yeh formula byaaj ke moolya ko sthir kraya shakti ke ikaaiyon mein maapane ka prayaas karta hai. haalaanki, agar yeh bayaan sahi hai, to ismein kam se kam do bhraant dhaarana hogi. pehla, ki ek kshetr ke bheetar sabhi byaaj darein jo ki ek hi mudraasfeeti ko saajha karti hain (jaisa ki ek hi desh mein) ek hi hona chaahiye. doosare, ki udhaaradaataaon ko us avadhi ki mudraasfeeti ka pata hota hai jis samay ve rin dete hain.

kosh baand arjit karne vaale byaajon aur bandhak rin arjit karne vaale byaajon mein asamaanata ka ek kaaran hai vah jokhim jo ek rinadaata ek aarthik agent ko rin dene ke kaaran uthaata hai. is vishesh maamale mein, ek vyaktigat naagrik se adhik ek sarkaar ke bhugataan karne ki sambhaavana hoti hai. isliye, ek vyaktigat naagrik par prabhaari byaaj shulk ki dar sarkaar ke liye lagaae gaye byaaj shulk ki dar se adhik hota hai.

oopar ullikhit jaankaari vishmata ko vichaar ke antargat lene ke liye, mudraasfeeti ka moolya aur paise ki asli keemat, donon ko hi unke apekshit moolya mein parivrtit kar diya jaata hai jisse nimnalikhit sameekaran falit hota hai:

${\displaystyle i_{t}=r_{(t+1)}+\pi _{(t+1)}+\sigma }$

yahaan, ${\displaystyle i_{t}}$ rin ke samay par nyoonatam byaaj tha, ${\displaystyle r_{(t+1)}}$ vaastavik byaaj hai jo rin ki avadhi ke dauraan apekshit tha, ${\displaystyle \pi _{(t+1)}}$ mudraasfeeti hai jo rin ki avadhi ke dauraan apekshit hai aur ${\displaystyle \sigma }$ sanchaalan mein lage jokhim ke liye pratinidhi moolya hai.

sanchayi byaaj ya vaapasi

is anubhaag ko vistaar ki zaroorat hai.

sanchayi byaaj ke liye ganana hai (FV/PV)-1. yeh 'prati varsh' ke niyam ki anadekhi karta hai aur pratyek bhugataan tithi mein dhaarana banaata hai. yeh aam taur par do lambi avadhi ke avsar ki tulana karne ke liye istemaal kiya jaata hai.^{[krupaya uddharan jodein]}

anya niyam aur upayog

apavaad:

• America aur Canada ke ti-vidheyak (alpaavadhi sarkaari rin) ki apni ek alag byaaj ki ganana hai. unke byaaj ki ganana (100-P)/P ke roop mein ki jaati hai jahaan 'P' bhugataan ki hui raashi hai. ek saal ke liye saamaanya karne ke bajaae is byaaj ko dinon ki sankhya 't' (365/t) *100 yathaanupaat kiya jaata hai. (yeh bhi dekhein: diwas ganana niyam). kul ganana hai ((100-P)/P)*((365/t)*100). yeh ek prakriya dvaara keemat ki ganana ke baraabar hota hai jise saadhaaran byaaj dar par chhut kehte hain.
• kaurporet baand sarvaadhik baaranbaar deya hote hain, vaarshik roop se do baar. bhugataan kiye gaye byaaj ki raashi saadhaaran byaaj hai jise do se bhaag dete hain (rin ke ankit maan dvaara guna karke).

flat dar rin aur 78s ka niyam: kuchh upabhokta rinon ko flat dar rin ke roop mein sanrachit kiya gaya hai, jismein bakaaya rin ka nirdhaaran kul byaaj ko rin ki avadhi bhar aavantit karne ke dvaara kiya jaata hai, ismein "78s ka niyam" ya "sam of dijits" vidhi ke prayog se kiya jaata hai. 1 se lekar 12 sankhya ka samaaveshi yog athahattar hai. yeh abhyaas computer ke aavishkaar se pehle ke dinon mein byaaj ki tvarit ganana ko saksham banaata tha. ek rin jismein 78s ke niyam ke anusaar byaaj pariklit kiya jaata hai, usamein rin ke jeevan kaal par kul byaaj ki ya to saadhaaran ya chakravruddhi byaaj ke roop mein ganana ki jaati hai aur yeh uparokt vidhiyon mein se kisi ek ke baraabar hota hai. rin ke jeevan kaal ke dauraan bhugataan sthir rahata hai; lekin bhugataan ko uttarottar chhoti maatra mein byaaj mein aavantit kar diya jaata hai. ek saal ke rin mein, pehle maheene mein, rin ke jeevan kaal ke dauraan sabhi bakaaya byaaj ka 12/78 bakaaya hota hai; doosare maheene mein, 11/78; aur baarahavein maheene tak chal kar sabhi byaajon ka keval 1/78 hi bakaaya rahata hai. 78s ke niyam ka vyaavahaarik prabhaav yeh hai ki avadhi rinon ke bhugataan ke samay poorv bhugataan ko adhik mahanga bana diya gaya. ek varsh ke rin ke liye, sabhi deya bhugataanon ka lagbhag 3/4 chhathe maheene tak ekatr kar liya jaata hai aur tab mool raashi ka poorn bhugataan prabhaavi byaaj dar ko AYP se kaheen adhik kar deta hai jo bhugataan ki ganana karne ke liye istemaal kiya jaata hai. ^[5]

1992 mein, sanyukt raajya America ne "78s ke niyam" byaaj ke upayog ko paanch varshon se adhik ki avadhi vaale bandhak punarvitt aur anya upabhokta rinon ke silsile mein pratibandhit kar diya.^[6] kuchh anya nyaayaalayon ne bhi kuchh prakaar ke rinon mein vishesh kar upabhokta rin mein, 78s ke niyam ke prayog ko gairkaanooni ghoshit kar diya hai.^[5]

72 ka niyam: "72 ka niyam" yeh pata lagaane ki ek "tvarit aur gandi" vidhi hai ki ek diye hue byaaj dar mein dhan kitni jaldi doguna hota hai. udaaharan ke liye, yadi tumhaare paas 6% ki byaaj dar hai, tab 6% par sanyojit hokar tumhaare paise ko doguna hone ke liye 72/6 ya 12 saal ka samay lagega. yeh ek sanniktan hai jo 10% se adhik hone par tootane lagta hai.

is anubhaag mein sandarbh ya sootr naheen diye gaye hain. krupaya vishvasaneeya sootron ke sandarbh jodkar is lekh mein sudhaar karein. bina sootron ki saamagri ko hataaya ja sakta hai. (January 2009)

nivesh nirdhaarit byaaj dar ke liye baajaar hain (jismein shaamil hain mudra baajaar, bond baajaar aur saath hi saath khudara vitteeya sansthaan jaise bank) . pratyek vishisht rin apni byaaj dar nirdhaarit karne mein nimnalikhit kaarakon ka dhyaan rakhata hai:

avsar laagat

ismein ve sabhi upayog shaamil hain jismein us dhan ko lagaaya ja sakta tha, jismein shaamil hai doosaron ko udhaar dena, anyatr nivesh karna, nakad rakhana (udaaharan ke liye, suraksha ke liye) aur keval dhan ko kharch karne ke liye.

mudraasfeeti

choonki rinadaata apni khapat ko aasthagit karta jaata hai, vah kam se kam yeh chaahega ki jo dhan vah vasool karta hai vah mudraasfeeti ke kaaran vastuon ki badhi hui keematon ke liye paryaapt ho. choonki bhavishya ki mudraasfeeti agyaat hoti hai, yahaan teen rananeetiyaan hain.

• X% byaaj 'dhan mudraasfeeti' lagaaega. kai sarkaarein 'vaastavik-pratilaabh' ya 'mudraasfeeti anukramit baund' jaari karti hain. mool raashi ya byaaj bhugataan lagaataar mudraasfeeti ki dar se badhte hain. vaastavik byaaj dar par charcha dekhein.
• 'pratyaashit' mudraasfeeti dar ka nirnaya. yeh abhi bhi donon pakshon ko 'apratyaashit' mudraasfeeti ke jokhim ke prati sanvedansheel banaata hai.
• byaaj dar ko aavadhik roop se parivrtit karne ki anumati dein. jabki ek 'sthir byaaj dar' rin ke jeevan kaal bhar ek hi rahata hai, 'char' ya 'floting' daron ko pun: set kiya ja sakta hai. yeh vyutpann utpaad hain jo donon ke beech pratirksha aur adala-badli ko saksham banaate hain.

difault

yahaan hamesha hi udhaarakarta ke divaaliya ho jaane, faraar ho jaane ya anyatha rin par difault karne ka jokhim bana rahata hai. jokhim premium udhaarakarta ki akhandata ko, uske udyam ke safal hone mein jokhim ko aur kisi bhi sanpaarshvik jis par vachan diya gaya ho ki suraksha ko, maapane ka prayaas karta hai. udaaharan ke liye, vikaasasheel deshon ko diye gaye rinon ameriki sarkaar ki tulana mein adhik uchch jokhim premium shaamil hota hai jo unke udhaar paatrata mein antar ke kaaran hota hai. ek kaarobaar ki parichaalan rin seema ka dar ek bandhak rin ke dar ki tulana mein adhik hoga.

kaarobaar ki udhaar paatrata ko baund rating sarvisej ke dvaara maapa jaata hai aur vyaktigat ke kredit score ko bureau kredit dvaara maapa jaata hai. ek vyakti ke rin ke jokhim mein bade paimaane par maanak mein parivartan sambhav hai. rinadaata apne adhiktam jokhim ko surakshit karna chaahega, lekin karj ke sanvibhaag vaale udhaaradaata jokhim premium ko kam kar sakte hain taaki keval sabse sambhaavit parinaam ki raksha ki ja sake.

difault byaaj

difault byaaj ek aisa byaaj hai jo ek udhaarakarta rin anubandh ko poora na kar paane ki sthiti mein ada karta hai. difault byaaj aamtaur par mool byaaj ke mukaabale kaafi adhik hota hai kyonki yeh udhaarakarta ki vitteeya jokhim mein apavruddhi ko darshaata hai. difault byaaj rinadaata ko atirikt jokhim ke liye muaavaja pradaan karta hai.

bank, rin samjhauton ko vibhinn paridrushyon ke beech alag karne ke liye difault byaaj ko jodta hai.

vilmbit khapat

keval mudraasfeeti ke baraabar byaaj ki maang karne se rinadaata ki kraya shakti vahi rah jaaegi, lekin vah apne hi khapat ko baad ki tulana mein jaldi hi pasand karega. deri ke liye ek byaaj premium hoga. vah upabhog naheen karna chaahata hoga, lekin iske bajaay vah ek anya utpaad mein nivesh karega. pratispardha nivesh mein jo sambhav pratifl vah praapt kar sakta hai vah usapar prabhaari byaaj ko nirdhaarit karta hai.

samay avadhi

laghu avadhiyon mein difault aur mudraasfeeti ka kam jokhim hota hai kyonki nikat bhavishya mein iska anumaan lagaana aasaan hota hai. mote taur par kaha jaae to, yadi byaaj daron mein vruddhi hoti hai, to rin ki uchch keematon ke kaaran (baaki sab kuchh baraabar hone par) nivesh kam ho jaata hai.

byaaj dar aam taur par baajaar dvaara nirdhaarit kiye jaate hain, lekin sarkaar ke hastakshep - aam taur par sentral bank dvaara - alpakaalik byaaj dar par gahra prabhaav daalata hai aur maudrik neeti ke ek mukhya upakaran ke roop mein istemaal kiya jaata hai. central bank ichhit dar par dhan ki khareed ya bech ka prastaav pesh karti hai aur kuchh upakaranon par apne niyantran ki vajah se (jaise, kai deshon mein, paise mudrit karne ki kshamata) ve kul baajaar byaaj daron ko prabhaavit kar sakte hain.

byaaj daron mein badlaav ke parinaamasvaroop nivesh mein tvarit parivartan ho sakta hai, jo raashtreeya aay ko prabhaavit karta hai aur, okoon siddhaant ke aadhaar par aautaput mein parivartan berojgaari ko prabhaavit karta hai.{tathya|tithi=January 2009}

sanyukt raajya America mein mukt baajaar parichaalan

prabhaavi sangheeya dhan ki dar pachaas varshon se bhi adhik se sanadi.

Federal reserve (Fed) sangheeya nidhi dar dvaara lakshyeekaran karke maudrik neeti ko bade paimaane par laagoo karta hai. yeh vah dar hai jo bankon dvaara ek doosare par ek raat ke liye sangheeya dhan ke rin ke liye prabhaari kiya jaata hai. sangheeya dhan bankon dvaara fed mein dhaaran kiya hua bhandaar hain.

mukt baajaar parichaalan Federal reserve dvaara kam avadhi byaaj daron ko niyantrit karne ke liye laagoo maudrik neeti ke tahat ek upakaran hai. pratibhootiyon ko khareedne aur bechne ki taakat ka prayog karte hue Federal reserve bank of New York ka open market desk, baajaar mein ti-noton ki khareed dvaara daularon ki aapoorti kar sakta hai, jisse vah raashtra ki dhan aapoorti ko badhaata hai. dhan ki aapoorti ya anudaan ki sakal aapoorti (ASF) ko badhaane se, bankon mein atirikt daularon ke bhandaar ke kaaran byaaj daron mein giraavat aa jaati hai. atirikt bhandaar ko fed anudaan baajaar mein anya bankon ko rin ke roop mein pradaan kiya jaata hai, jo daron ko kam karte hain.

byaaj dar aur rin jokhim

vyaapak roop se yeh maana jaata hai ki, vyavasaaya chakr, byaaj dar aur rin jokhim aapas mein bahut sakhti se jude hue hain. jairo-tarnabul model pehla aisa rin jokhim model tha jiske mool mein spashtataya yaadruchhik byaaj darein theen. laindo (2004), dairel daffi aur singalatan (2003) aur vain deveintar aur imaai (2003) ne us samay ke byaaj daron par charcha ki hai jab byaaj waali vastu ka pradaata chook kare.

paisa aur mudraasfeeti

rin, baand aur sheyaron mein paise ki kuchh visheshataaen hoti hain aur inhein vyaapak dhan aapoorti mein shaamil kiya gaya hai.

i*n ko sthaapit karne ke dvaara, sarkaari sansthaan baajaaron ko jaari kul rin, baand aur sheyaron ko badalne ke liye prabhaavit kar sakta hai. saamaanyataya, ek uchch vaastavik byaaj dar vyaapak dhan aapoorti ko kam kar deta hai.

mudra-parimaan siddhaant ke maadhyam se, dhan ki aapoorti mein vruddhi mudraasfeeti ko janm deta hai. iska matlab yeh hai ki byaaj dar bhavishya mein mudraasfeeti ko prabhaavit kar sakta hai.^{[krupaya uddharan jodein]}

yeh samjha jaata hai ki jekab barnoooli ne chakravruddhi byaaj ke vishay mein ek prashn ke baare mein adhyayan karke ganiteeya sthiraank e ki khoj ki.^{[krupaya uddharan jodein]}

unhonne mahasoos kiya ki yadi 1.00 dollar dekar ek khaata khulavaaya jaata hai aur prati varsh usapar 100% byaaj diya jaata hai, to varsh ke ant mein usaka moolya 2.00 dollar hota hai; lekin yadi byaaj ki ganana ki jaati hai aur varsh mein do baar joda jaata hai, to vah 1 dollar 1.5 se do baar guna kiya jaata hai aur isse 1.00×a1.5² dollar = 2.25 dollar praapt hota hai. traimaasik aadhaar par hisaab lagaane se $ 1.00 × 1.25 = ⁴ $ 2.4414 ... aur isi tarah aage bhi.

barnoooli ne dekha ki is anukram ko nimnaanusaar taiyaar kiya ja sakta hai:

${\displaystyle \lim _{n\rightarrow \infty }\left(1+{\dfrac {1}{n}}\right)^{n}=e}$

jahaan n ek saal mein chakravruddhi kiye jaane vaale byaaj ki sankhya hai.

niyamit maasik bhugataan ke saath ek rin ki bakaaya raashi ko prabhaari maasik byaaj dvaara sanvardhit kiya jaata hai aur bhugataan dvaara kam kar diya jaata hai, isliye

${\displaystyle B_{k+1}={\big (}1+r{\big )}B_{k}-p}$.

jahaan,

i = rin dar/100 = dashamlav ke roop mein vaarshik dar (jaise 10% = 0.10 rin dar vah dar hai jiska upayog bhugataan aur santulan ki ganana karne ke liye kiya jaata hai)

r = avadhi dar = i/12 maasik bhugataan ke liye (suvidha ke liye prathaagat upayog) [1]

B₀ = praarambhik bakaaya (rin mool dhan)

B_k = k bhugataan ke baad bakaaya raashi

k = bakaaya soochakaank

p = (maasik) bhugataan avadhi

punaraavrutt pratisthaapan dvaara vyakti B_k ke liye abhivyakti praapt kar sakta hai, jo raikhik roop se B₀ aur p ke liye aanupaatik hain aur ek jyaamiteeya shrrunkhala ke ek aanshik yog faurmoola ka upayog nimn ko parinaamit karta hai,

${\displaystyle B_{k}=(1+r)^{k}B_{0}-{\frac {(1+r)^{k}-1}{r}}\ p}$

B₀ aur B_n ke sandarbh mein p ke liye is abhivyakti ka ek samaadhaan nimn tak kam hota hai,

${\displaystyle p=r{\Bigg [}{\frac {B_{0}-B_{n}}{({1+r})^{n}-1}}+B_{0}{\Bigg ]}}$

n bhugataanon mein rin ko poori tarah se ada karne ke liye bhugataan raashi ka pata lagaane ke liye vyakti B_n = 0 set karta hai.

jo peeemati (PMT) kaarya spredasheet prograams mein mein paaya jaata hai ve ek rin ke maasik bhugataan ki ganana karne mein upayog kiye ja sakte hain:

${\displaystyle p=PMT(rate,num,PV,FV,)=PMT(r,n,-B_{0},B_{n},)\;}$

vartamaan bakaaya raashi par ek keval byaaj bhugataan nimn hoga,

${\displaystyle p_{I}=rB\;}$

rin par kul byaaj, I_T bhugataan nimn hoga,

${\displaystyle I_{T}=np-B_{0}\;}$

ek niyamit bachat kaaryakram ke liye sootr samaan hain, lekin bhugataanon ko bakaaya raashi se ghataane ke bajaaye usamein joda jaata hai aur bhugataan ke liye sootr uparokt se nakaaraatmak hai. ye sootr keval anumaanit hain kyonki vaastavik bakaaya rin raaunding se prabhaavit hote hain. rin ke ant mein alp bhugataan karne se bachane ke liye bhugataan ko agale seint tak badhaana chaahiye. aisi sthati mein antim bhugataan (1+r)B_n-1 hona chaahiye

ek samaan rin par vichaar karein, lekin uparokt savaal ke samay avadhi ke k ke baraabar ek nai avadhi ke saath. yadi r_k aur p_k nae dar aur bhugataan hain, ab hamaare paas hai,

${\displaystyle B_{k}=B'_{0}=(1+r_{k})B_{0}-p_{k}\;}$

B_k ke saath is abhivyakti ki tulana karne se hame pata chalta hai,

${\displaystyle r_{k}=(1+r)^{k}-1\;}$

${\displaystyle p_{k}={\frac {p}{r}}r_{k}}$

pichhla sameekaran hamein donon samasyaaon ke liye ek hi sthir ko paribhaashit karne ka avsar deta hai,

${\displaystyle B^{*}={\frac {p}{r}}={\frac {p_{k}}{r_{k}}}}$

aur B_k likha ja sakta hai,

${\displaystyle B_{k}=(1+r_{k})B_{0}-r_{k}B^{*}\;}$

r_k ke liye sulajhaate hue hame r_k ke liye ek faurmoola praapt hota hai jismein shaamil hota hai gyaat maatra aur B_k, jo k avadhi ke baad bakaaya dhan hota hai,

${\displaystyle r_{k}={\frac {B_{0}-B_{k}}{B^{*}-B_{0}}}}$

jaisa ki B₀ rin ka koi bhi bakaaya raashi ho sakta hai, yeh formula k avadhi dvaara vibhaajit kiye gaye koi bhi do bakaaya raashiyon ko alag karta hai aur saalaana byaaj dar ke liye moolya ki ganana karne ke liye istemaal kiya ja sakta hai.

B* ek aparivrtaneeya paimaana hai kyonki yeh avadhi ki lanbaai mein parivartan ke saath parivrtit naheen hoti.

B^* ke liye sameekaran ka ulatafer karne par vyakti ko ek parivartan gunaank praapt hota hai (paimaane kaarak),

${\displaystyle \lambda _{k}={\frac {p_{k}}{p}}={\frac {r_{k}}{r}}={\frac {(1+r)^{k}-1}{r}}=k[1+{\frac {(k-1)r}{2}}+\cdots ]}$ (dvipd prameya dekhne)

aur ham yeh dekhte hain ki r aur p ek hi tareeke se badalate hain,

${\displaystyle r_{k}=\lambda _{k}r\;}$

${\displaystyle p_{k}=\lambda _{k}p\;}$

bakaaya raashi mein isi tarah parivartan hota hai,

${\displaystyle \Delta B_{k}=B'-B=(\lambda _{k}rB-\lambda _{k}p)=\lambda _{k}\Delta B\;}$

jo uparokt formulon mein paae jaane vaale kuchh gunaankon ke arth mein ek antardrushti pradaan karta hai. vaarshik dar, r₁₂, keval ek bhugataan prati varsh ko hi maanata hai aur yeh maasik bhugataan ke liye ek "prabhaavi dar" naheen hai. maasik bhugataan dvaara maasik byaaj ka bhugataan pratyek bhugataan mein se kiya jaata hai aur isliye chakraavruddh naheen kiya jaana chaahiye aur 12.r ki ek vaarshik dar adhik uchit hai. yadi koi vyakti keval byaaj bhugataan karta hai varsh bhar ke liye kiye gaye bhugataan ki raashi 12.r.B₀.

p_k = r_k B* ko B_k ke liye sameekaran mein sthaanaapann karne par hame milta hai,

${\displaystyle B_{k}=B_{0}-r_{k}(B^{*}-B_{0})\;}$

B_n = 0 ke baad ham B* ke liye bhi hal kar sakte hain,

${\displaystyle B^{*}=B_{0}{\bigg (}{\frac {1}{r_{n}}}+1{\bigg )}}$

B_k ke liye faurmoola mein vaapas sthaanaapann karna yeh darshaata hai ki yeh ek r_k raikhik kaarya hai aur isliye λ_k,

${\displaystyle B_{k}=B_{0}{\bigg (}1-{\frac {r_{k}}{r_{n}}}{\bigg )}=B_{0}{\bigg (}1-{\frac {\lambda _{k}}{\lambda _{n}}}{\bigg )}}$

yeh bakaaya raashi ka aakalan karne ka sabse aasaan tareeka hai yadi λ_k gyaat ho. uparokt B_k ke liye pehle formule mein sthaanaapann karke aur λ_k+1 liye hal dhoondhane par ham paate hain,

${\displaystyle \lambda _{k+1}=1+(1+r)\lambda _{k}\;}$

oopar diye gaye λ_k faurmoola ka prayog karke ya λ₀ = 0 se λ_n tak se baari baari λ_k ki ganana karke, λ₀ aur λ_n ko paaya ja sakta hai.

jabki p = rB* bhugataan ke liye faarmool nimnalikhit tak kam ho jaata hai,

${\displaystyle p={\bigg (}r+{\frac {1}{\lambda _{n}}}{\bigg )}B_{0}}$

aur rin ki avadhi mein ausat byaaj dar hai,

${\displaystyle r_{loan}={\frac {I_{T}}{nB_{0}}}=r+{\frac {1}{\lambda _{n}}}-{\frac {1}{n}}}$

jo r se kam hota hai agar n>1 hai.

• beemaankik ankan
• pratijnyaaapatr
• pratifl dar
• nakad sanchaya sameekaran
• chakravruddhi byaaj
• kredit rating agency
• kredit card ka byaaj
• chhoot
• fishr sameekaran
• kiraaya khareed
• byaaj vyaya
• byaaj dar
• patta
• maudrik neeti
• bandhak rin
• jokhim mukt byaaj dar
• upaj vakr
• paise ka samay moolya
• saadhaaran byaaj

dharm

• soodakhori
• riba

This article includes a list of references, but its sources remain unclear because it has insufficient inline citations. Please help to improve this article by introducing more precise citations where appropriate. (January 2009)

vishisht sandarbh

saamaanya sambaddh

• Duffie, Darrell and Kenneth J. Singleton (2003). Credit Risk: Pricing, Measurement, and Management. Princeton University Press. aai॰aऍsa॰abee॰aऍna॰ 13 978-0691090467.
• Kellison, Stephen G. (1970). The Theory of Interest. Richard D. Irwin, Inc.. Library of Congress Catalog Card No. 79-98251.
• Lando, David (2004). Credit Risk Modeling: Theory and Applications. Princeton University Press. aai॰aऍsa॰abee॰aऍna॰ 13 978-0691089294.
• van Deventer, Donald R. and Kenji Imai (2003). Credit Risk Models and the Basel Accords. John Wiley & Sons. aai॰aऍsa॰abee॰aऍna॰ 13 978-0470820919.

deepak tivaari (rijvi college) BBI chhaatr

• saadhaaran byaaj pariklan-yantr
• chakravruddhi byaaj pariklan-yantr
• bandhak bhugataan pariklan-yantr
• bandhak sambandhi samaachaar aur jaankaari
• shvet patra: ganit se jyaada, byaaj ganana ki lupt kala
• chukta bandhak vitteeya seva praadhikran (you ke)
• ekaadhik kredit aur debit ke liye saadhaaran aur chakravruddhi byaaj pariklan-yantr
• oiseedi (OECD) byaaj dar ke aankade

• aap in saaiton par maujooda byaaj daron ki ek soochi dekh sakte hain:
  • vishv byaaj darein
  • foreks motion
  • "vich ve too pe"