irine TavaZe

fulis mimoqcevis

regulirebis gaumjobesebis gzebi

saqarTveloSi

gamomcemloba `universali~

Tbilisi 2012

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fulis mimoqcevis mowesrigeba nebismieri qveynis xe-lisuflebis umTavresi problemaa im ubralo WeSmaritebis gamo, rom am sferoSi impulsuri moqmedebebi an daSvebuli Secdomebi inflaciuri procesebis damangreveli talRis mi-zezi xdeba/es problema gansakuTrebiT mwvavdeba transfor-maciul procesebTan dakavsirebiT. ase iyo saqarTveloSic.

miuxedavad imisa, rom sabazro ekonomikaze gardamaval periodSi fulis, fulis mimoqcevis da qveynis fulad-sakre-dito sistemis calkeul Teoriul-meTodologiur da praq-tikul-gamoyenebiT sakiTxebze saintereso naSromebi aqvT gamoqvenebuli cnobil qarTvel mecnier-ekonomistebs, fu-lad-sakredito sistemis kvlevis sferoSi mainc bevri prob-lema arsebobs; dRemde qarTul ekonomikur literaturaSi SedarebiT naklebad aris Seswavlili fulad-sakredito po-litikis roli fulis mimoqcevis regulirebis gaumjobese-baSi.

zemoT aRniSnulidan gamomdinare, saqarTvelos fu-lad-sakredito politikis formirebisa da efeqtianad gamo-yenebis gzebis gamokvleva friad aqtualuria rogorc Teo-riuli, ise praqtikuli poziciebidan.

redaqtori: prof. goCa TuTberiZe recenzentebi: prof. evgeni baraTaSvili prof. merab vaniSvili prof. asiko cincaZe © i. TavaZe. fulis mimiqcevis regulirebis gaumjobesebis gzebi saqarTveloSi, 2012

gamomcemloba `universali~, 2012

Tbilisi, 0179, i. WavWavaZis gamz. 19, : 2 22 36 09, 5(99) 17 22 30 E–mail: universal@internet.ge ISBN 978-9941-17-509-1

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Sinaarsi

Tavi I fulis warmoSobisa da funqcionirebis Teoriul-meTodologiuri safuZvlebi...................11

1.1. fulis arsi, roli da funqciebi ............................11 1.2. fulis Teoriebi, misi Tanamedrove saxeebi

da formebi ...................................................................36 1.3. qarTuli fulis emisiisa da mimoqcevis

genezisi ........................................................................62

Tavi II fulis mimoqceva da fuladi sistema saqarTveloSi .....................................................................80

2.1. fulis brunvisa da mimoqcevis arsi, fulis mimoqcevis kanoni .......................................................80

2.2. fulis mimoqcevisa da stabilizaciis amocanebi da RonisZiebebi ......................................93

2.3. fuladi sistemis Tanamedrove tipi, misi organizebis principebi da Taviseburebani saqarTveloSi .............................................................108

Tavi III fulis mimoqcevis regulireba da misi srulyofis ZiriTadi mimarTulebebi saqarTveloSi .....................................................................121

3.1. fulad-sakredito urTierTobebis problemebi da saerTaSoriso savaluto fondis wvlili maT gadawyvetaSi .........................121

3.2. fulad-sakredito politika da misi roli fulis mimoqcevis regulirebaSi ..........................130

3.3. fulad-sakredito da savaluto politikis prioritetuli mimarTulebebi saqarTveloSi..153

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Sesavali

naSromis aqtualuroba. me-20 saukunis 90-iani wlebidan daiwyo postsocialisturi qveynebis socia-lur-ekonomikur ganviTarebaSi sistemuri transfor-maciis procesi, romelic dazRveuli ar iyo winaaRmde-gobrivi da urTierTgamomricxavi movlenebisagan: ka-taklizmebi ekonomikisa da saxelmwifoebrivi mowyobis sferoSi, mosaxleobis cxovrebis donis gauareseba, ekonomikuri zrdis dabali tempi, materialuri da fi-nansuri resursebis deficiti, disbalansi moTxovna-miwodebas Soris.

damoukideblobis aRdgenis pirveli wlebi, ro-gorc politikuri, ise ekonomikuri TvalsazrisiT um-Zimesi wlebi iyo saqarTvelos istoriaSi. ssr kavSiris daSlis Semdeg qveyanaSi moiSala ekonomikuri kavSire-bi. erovnuli valutis uqonlobam, fulad-sakredito sistemis mouwesrigeblobam warmoebis mniSvnelovani vardna da hiperinflacia gamoiwvia.

qveynis umZimesi ekonomikuri da socialuri mdgomareobidan Tavis daRweva SesaZlebeli iyo makro-ekonomikuri stabilizaciisa da sistemuri cvlilebe-bis antikrizisuli programis SemuSavebiTa da ganxor-cielebiT. am amocanis gadawyveta ki moiTxovda sabaz-ro urTierTobis civilizebuli modelis droulad SerCevas da masze qveynis finansuri sistemis reformi-rebis morgebas.

imisaTvis, rom qveyanaSi fulis mimoqceva, fu-lad-sakredito sistema Cadges erovnuli ekonomikis aRorZinebis samsaxurSi, aucilebelia am sistemis transformacia ganxorcieldes ekonomikis yvela seg-mentis reformirebis paralelurad. amocana imaSi mdgomareobs, rom saqarTvelos fulad-sakredito sis-

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tema, fulis mimoqcevis regulirebis gaumjobesebis gzebis saSualebebiT sabiujeto—sagadasaxado struq-turebis saqmianobis srulyofas moemsaxuros, rom maT moaxdinon finansuri resursebis srulad mobilizacia da ekonomikuri da socialuri ganviTarebis programe-bis Seuferxebeli dafinanseba.

ukve Tvrameti welia, rac saqarTvelos ekono-mika marTvis administraciul-mbrZanebluri meTodebi-dan sabazro meTodebze gadadis. rogorc cnobilia, ga-suli saukunis 90-iani wlebis dasawyisamde saqarTve-los faqtobrivad ar gaaCnda fulad-sakredito siste-ma da arc politika. amitom, axal araordinalur piro-bebSi maTi Camoyalibeba gansakuTrebuli mniSvnelobis amocanaa.

Cveni qveynis ekonomikis ganvlili 15 wliani pe-riodis analizi saSualebas gvaZlevs ramdenadme obieq-turad SevafasoT rogorc ekonomikur, ise fulad-sak-redito sistemaSi ganxorcielebuli reformebis dade-biTi da uaryofiTi Sedegebi.

sistemuri socialur-ekonomikuri krizisis pi-robebSi finansuri situaciis stabilizaciisaTvis mkacri safinanso-sakredito politikis gatarebis nac-vlad qveyanaSi farTod gavrcelda anarqiul-sabiuje-to da fulad-sakredito politika, romelic araviTar kanonzomierebebs ar emorCileboda da ramac daaCqara qveynis ekonomikis mTliani ngrevisa da socialuri da-Zabulobis gamwvavebis procesi.

kuponis SemoReba iZulebiTi RonisZieba iyo. igi gauTvaliswineblad, yovelgvari winaswari momzadebis gareSe ganxorcielda. amitomac, kuponma ver Seasrula fulis nawilobrivi reformis funqcia da axlSemoRe-buli fulis niSani Zalian swrafad gaufasurda. auci-lebeli gaxda fulis reformis gatareba.

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saqarTveloSi fulis reforma mokle droSi ga-tarda da unikalur SemTxvevas warmoadgens fulis re-formis gatarebis msoflio istoriaSi. erovnuli va-lutis-laris SemoReba ZiriTadad dasrulda 1995 wlis dekemberSi. amis Sedegad qveyanaSi Seiqmna mtkice sa-fuZveli finansuri stabilizaciis realurad miRwevi-saTvis.

1996 wlidan dRemde saqarTveloSi erovnuli banki SesamCnev warmatebebs aRwevs fulad-sakredito politikis ganxorcielebaSi. misi saqmianobis umTavre-si mizania laris gacvliTi kursis stabilurobis miR-wevis gziT inflaciis donis Semcireba, rac miRweulia da saSualod 8%-s Seadgens.

naSromSi warmodgenilia qveynis ekonomikis re-formirebaSi saerTaSoriso savaluto fondis Rvawli. saqarTveloSi fulad-sakredito urTierTobaTa srulyofis mizniT, saerTaSoriso savaluto fondis xelSewyobiTa da rekomendaciiT, SemuSavebuli iqna wlebis mixedviT moqmedebis kompleqsuri gegma, Camoya-libebuli iyo fondis saqmianobis programis ZiriTadi miznebi: hiperinflaciis daZleva; fasebis liberaliza-cia; biujetis sakanonmdeblo organoebSi miReba da damtkiceba; fulad-sakredito politikis gamkacreba.

saerTaSoriso savaluto fondis mecadineobis Sedegad 1996-1997 ww mSp-is zrdis maRali tempebi da in-flaciis minimaluri done Camoyalibda, ramac qveyanaSi optimaluri sainvesticio klimatisaTvis aucilebeli pirobebi Seqmna.

amrigad, dReisaTvis qveyanaSi Seqmnilia aucile-beli sakanonmdeblo da samarTlebrivi baza da Sesaba-misi organizaciuli pirobebi fulad-sakredito, fi-nansuri da sabiujeto-sagadasaxado srulyofisaTvis.

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fulis, fulis mimoqcevis da qveynis fulad-sak-redito politikis calkeul Teoriul-meTodologi-ur da praqtikul sakiTxebze saintereso gamokvlevebi aqvT cnobil qarTvel mecnier-ekonomistebs: akademiis wevr-korespondents v. papavas, profesorebs: r. asaTi-ans, g. gamsaxurdias, m. vaniSvils, g. TuTberiZes, r. ka-kulias, S. qistaurs, g. caavas, g. xelaias da sxvebs. miu-xedavad amisa, dRemde qarTul ekonomikur literatu-raSi naklebad aris Seswavlili fulad-sakredito sis-temis saSualebiT, fulis mimoqcevis regulirebis gze-bi. aRniSnul avtorTa gamokvlevebisa da mosazrebebis gaTvaliswinebam didad Seuwyo xeli fulis mimoqcevis regulirebis gaumjobesebis gzebis Sesaxeb warmodge-nili naSromis damuSavebis kompleqsurobas.

swored am garemoebebma ganapiroba sakvlevi Temis SerCeva. amiTve ganisazRvra problemis aqtualu-roba.

kvlevis mizani da amocanebi. naSromis ZiriTadi mizania erovnuli ekonomikis krizisidan gamoyvanis, ekonomikuri zrdisa da saerTod, makroekonomikuri reabilizaciis saqmeSi, qveyanaSi gamarTuli fulis mi-moqcevis adgilisa da rolis gansazRvra, fulis mimoq-cevis regulirebis gaumjobesebis gzebis gamovlena.

kvlevis miznidan gamomdinare, dasaxelebuli iq-na Semdegi amocanebi:

_ fulis raodenobis gansazRvrisas qveynis eko-nomikuri da instituciuri Taviseburebebis gaTvalis-wineba;

_ ganviTarebul da ganviTarebad qveynebTan mi-marTebaSi fulis miwodebisa da moTxovnis msgavseba-gansxvavebis gamovlena;

_ qveynis centraluri bankis mxriv fulis masis mimoqcevis kontrolis SesaZleblobebis garkveva;

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_ fulis mimoqcevaze da qveynis erovnuli meur-neobis efeqtianobaze zemoqmedebisaTvis saWiro in-strumentebis gansazRvra.

kvlevis sagania saqarTveloSi fulis mimoqcevis regulireba, misi srulyofisaTvis da ganviTarebisaT-vis gzebis Zieba.

kvlevis obieqtia praqtikuli gamocdileba, ro-melic dagrovda fulad-sakredito urTierTobebSi, fulis mimoqcevis regulirebis sferoSi.

kvlevis Teoriuli da meTodologiuri safuZ-velia fulis da fulad-sakredito sistemis fuZemdeb-luri debulebebi, qarTveli da ucxoeli mkvlevarebis fundamenturi Teoriul-meTodologiuri gamokvleve-bi, saqarTvelos konstitucia, saqarTvelos sakanon-mdeblo da aRmasrulebeli organoebis mier SemuSave-buli da miRebuli gadawyvetilebebi, saerTaSoriso finansuri organizaciebis memorandumebi da sareko-mendacio dokumentebi, saqarTvelos ekonomikuri gan-viTarebisa da finansTa saministroebis, saqarTvelos erovnuli bankisa da statistikis departamentis mona-cemebi da analizuri masalebi.

kvlevaSi gamoyenebuli iqna statistikuri anali-zis, dajgufebis, Sedarebis, induqciisa da deduqciis meTodebi, agreTve analogiis meTodi.

naSromis ZiriTadi Sedegi da mecnieruli siax-le. zogadad, naSromis mecnieruli siaxle mdgomare-obs fulis mimoqcevis regulirebis srulyofis gzebis kompleqsur Seswavlasa da ganzogadebaSi; im sfecifi-kuri Taviseburebebisa da dauZleveli problemebis ga-movlenaSi, romlebic damaxasiaTebelia zogadad fu-lis mimoqcevisaTvis, fulad-sakredito sistemisaTvis da am mimarTulebiT winadadebebisa da rekomendacie-bis SemuSavebaSi.

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konkretulad kvlevis Sedegebi da miRebuli mecnieruli siaxleebi SeiZleba Semdegnairad Camoya-libdes:

_ kompleqsurad aris Seswavlili fulis warmo-Sobisa da funqcionirebis Teoriul-meTodologiuri safuZvlebi. amasTan dakavSirebiT, ekonomikur lite-raturaSi arsebul SexedulebaTa kritikuli analizis safuZvelze dazustebulia fulis brunvisa da fulis mimoqcevis cnebebi. kerZod, fulis brunva warmodgeni-lia naRdi da unaRdo formiT fulis uwyveti moZrao-bis procesad, fulis mimoqcevis gagebas ki mikuTvnebu-lia mxolod naRdi fulis brunva;

_ dasabuTebuli da argumentirebulia fulis mi-moqcevis regulirebis gaumjobesebaSi saqarTvelos erovnuli bankis dominirebuli mniSvneloba;

_ saqarTvelos ekonomikuri ganviTarebis mimdi-nare etapis gaTvaliswinebiT, Camoyalibebulia avto-riseuli pozicia qveyanaSi inflaciuri procesebisa da savaluto kursebis regulirebisa da samamulo warmoe-bis konkurentunarianobis amaRlebis sakiTxSi. kerZod, dasabuTebulia debuleba yovelwliurad realuri gacvliTi kursis 1%-is farglebSi Semcirebisa da in-flaciis tempis dasaSvebi donis 12-15%-mde gadidebis safuZvelze samamulo warmoebis konkurentunariano-bis amaRlebis Taobaze;

_ saqarTvelos bankebSi fizikuri pirebis depo-zitebis moculobis analizis safuZvelze, sakredito dawesebulebaTa usafrTxoebis uzrunvelyofisa da me-anabreebis SesaZlo danakargebis mTliani an nawilob-rivi kompensaciis mizniT, avtori asabuTebs depozite-bis savaldebulo dazRvevis meqanizmis SemoRebis auci-leblobas da iZleva rig ekonomikuri, organizaciuli

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Tu instituciuri xasiaTis mosazrebebs misi efeqtia-nad muSaobisaTvis;

_ SromiTi migrantebis mTliani fuladi gzavni-lebis struqturisa da dinamikis analizis safuZvelze Camoyalibebulia avtoriseuli Sexedulebebi, rekomen-daciebi da praqtikuli winadadebebi SromiTi migran-tebis fuladi gzavnilebis aRricxvis, klasifikaciisa da sandod dacvis Taobaze Tanamedrove saqarTveloSi.

naSromis praqtikuli mniSvneloba. kvlevis Se-degad miRebuli daskvnebi da rekomendaciebi SeiZleba gamoyenebul iqnes saqarTvelos fulad-sakredito po-litikis formirebis, saxelmwifo biujetis dagegmvis da prognozirebis procesSi. naSromSi ganxiluli sa-kiTxebis gamoyeneba SeiZleba agreTve ekonomikuri profilis umaRles saswavleblebSi fulis mimoqcevisa da kreditis saswavlo disciplinebSi saleqcio kursis momzadebisas.

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Tavi 1. fulis warmoSobisa da funqcionirebis Teoriul-meTodologiuri safuZvlebi

1.1. fulis arsi, roli da funqciebi

fuli politikuri da ekonomikuri datvirTvis

mqone xelovnebis nimuSi da saxelmwifoebriobis safuZ-velia, romelic Tavisi warsuliT, awmyoTi da momavliT qveynis erTianobis, siZlierisa da keTildReobis sim-bolod gvevlineba. fuladi emisiisa da fulis mimoqce-vis istoria ki Taviseburi sarkea, romelSic utyuari sizustiT aisaxeba ama Tu im qveynis politikuri da ekonomikuri istoria.

imisaTvis, rom sruli warmodgena Segveqmnas fu-lis mimoqcevis regularulobaze da sworad gaverkveT saqarTveloSi, sabazro ekonomikaze gardamaval peri-odSi, fulis mimoqcevis winaSe mdgar problemebSi, Sev-ZloT misi regulirebis gaumjobesebis gzebis moZebna, aucilebelia gaverkveT Tavad fulis arsSi, mis fun-qciebSi, SeviqnaT warmodgena misi mimoqcevis reguli-rebaze saerTod da a.S.

amisaTvis, pirvel yovlisa, unda ganvixiloT Ri-rebulebis formebis ganviTareba, romlis analizi naT-lad asaxavs fulis warmoSobis istoriul-ekonomikur process.

nebismieri qoneba garkveuli TvalsazrisiT fu-lia, ramdenadac igi likviduria, Tu misi gacvla SesaZ-lebelia sxva dovlaTze raime xarjis gareSe. e.i. fuli — ekonomikuri kategoriaa, romelSic gamomJRavndeba da romlis monawileobiTac Sendeba sazogadoebrivi urTierTobebi. fuli gamodis Rirebulebis sacvlel, mimoqcevis, gadaxdisa da dagrovebis damoukidebeli formis saxiT. Tanamedrove pirobebSi adamianTa yovel-

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dRiur cxovrebaSi, sawarmoTa saqmianobaSi, saxelmwi-fo da sxva organoebSi, ekonomikuri saqmianobis sxva-dasxva sferoSi, fuli gamoiyeneba sxvadasxva daniSnu-lebisaTvis:

— fasis gansazRvris, saqonlisa da momsaxurebis sarealizaciod;

— produqciis TviTRirebulebisa da mogebis si-didis gansazRvrisaTvis;

— Sromis anazRaurebisaTvis; — biujetis Sedgenisa da SesrulebisaTvis; —sadekreto da saangariSsworebo operaciebis

ganxorcielebisaTvis; — fasian qaRaldebTan dakavSirebuli operaciebis

ganxorcielebisaTvis; — resursebis moculobis SefasebisaTvis, romle-

bic gamoiyenebian warmoebis procesSi (ZiriTadi da sab-runavi fondebi) da a.S.

fuli aRmocendeba warmoebis aRmocenebisa da sa-zogadoebaSi ekonomikuri urTierTobebis gansaz-Rvrul pirobebSi da xels uwyobs mis Semdgom ganviTa-rebas.

fulis warmoSobis uSualo winapirobas miekuT-vneba:

— naturaluri meurneobidan saqonlis warmoebasa da gacvlaze gadasvla;

— qonebrivi gankerZoebuloba saqonlis mwarmoe-belsa da warmoebuli produqciis mesakuTreebs Soris.

ekonomikur mecnierebaSi arsebobs fulis warmo-Sobis ori koncefcia: racionalisturi da evoluciu-ri.

pirveli koncefcia fulis warmoSobas ukavSirebs fsiqologiur faqts da mas xsnis, rogorc adamianebs Soris SeTanxmebis Sedegs, meoris Tanaxmad ki, fuli

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warmoiSva evoliciuri procesis Sedegad, romelmac, adamianisagan damoukideblad, gamoiwvia zogierTi sag-nis gamoyofa saerTo masidan da kvlavwarmoebis pro-cesSi mis mier gansakuTrebuli adgilis dakaveba.

fulis warmoSobis racionalisturi koncefcia pirvelad aristotelesTan gvxvdeba. idea, romelic fuls miiCnevda, rogorc SeTanxmebis Sedegs, ganuyof-lad batonobda XVIII saukunis bolomde, Tumca fulis warmoSobisadmi subieqtivisturi-fsiqologiuri mid-goma mravali Tanamedrove mencier-ekonomistis Sexe-dulebaSic gvxvdeba.

maSin, rodesac racionaluri koncefcia fuls Tvlis Zveli kanonmdeblobis genialuri Canafiqris na-yofad, evoluciuri koncefcia fulis warmoSobas eko-nomikur urTierTobaTa ganviTarebis obieqtur, stiqi-ur procesad miiCnevs. am mimarTulebis fuZemdebelia k. marqsi. igi wers `.gacvlis procesi amasTanave fulis Seqmnis procesic aris~.2 am mosazrebas iziareben p. sa-muelsoni da nordhausi,3 da sxva cnobili mecnierebi.

am ori koncefciis ganxilvisas, Cveni azri im mec-nierTa naazrevs emTxveva, romlebic fulis warmoSobas evoluciur koncefcias ukavSireben.

pirvelyofili Temuri wyobilebis dros bato-nobda naturaluri meurneoba, romelSic iwarmoeboda produqcia gankuTvnili sakuTari moTxovnilebis da-sakmayofileblad. TandaTanobiT, warmoebis zrdam, romelic gamoiwvia bunebrivma pirobebma, warmoSva ada-

2 marqsi k. politikuri ekonomiis kritikisaTvis._Tb.: `sa-xelgami~, 1953, gv. 53-54. 3 samuelsoni p. nordhausi v. ekonomiksi. saxelmZRvanelo. Zi-riTadi Sinaarsi. _ Tb.: `ekonomika da samarTali~, 1992, gv. 79-82.

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mianTa specializacia gansazRvruli saxis produqciis warmoebaze. aqedan gamomdinare, warmoebuli produq-ciis gazrdili moculoba akmayofilebda ra mwarmoeb-lis moTxovnilebebs, saSualebas iZleoda gacvliliyo igi sxva produqciaze, romelic aucilebeli iyo mwar-moeblisaTvis. aseTia produqciis gacvlis warmoSobis umTavresi winapiroba.

saqonlis warmoebasa da gacvlaze gadasvlas Tan axlda is, rom mwarmoeblis moTxovnilebis dakmayofi-lebaze orientirebuli produqciis warmoeba Seicvala produqciis warmoebiT, romelic gamoiyeneba gacvlisa da realizaciisaTvis. aseTi gadasvla efuZneboda mwarmoeblebis specializacias erTi saxis produqciis warmoebaze, rac zrdida am produqciis warmoebas gaz-rdili Sromis xarjze.

saqonelmwarmoeblebs, romlebis warmoebuli produqciis uSualo mesakuTreebi iyvnen, SeeZloT maT mier warmoebuli produqcia gaecvalaT sxva produq-ciaze an gaeyidaT fulze.

uSualo gacvla saqonlisa saqonelze xorciel-deba maSin, Tu gamyidvels aqvs moTxovnileba meore mxaris mier warmodgenil saqonelze. es ki gulisxmobs imas, rom saqonelmwarmoebels aqvs SesaZlebloba wa-radginos gacvlaze is saqoneli, romelic sWirdeba mo-cemul mwarmoebels, xolo es ukanaskneli flobs im produqcias, romelic sWirdeba sxva saqonelmwarmoe-bels.

maSasadame, saqonelze gacvla Seileba ganxorci-eldes im SemTxvevaSi, roca gacvlaSi monawile mxareebi floben saWiro saqonels. es ki arsebiTad zRudavs sa-qonlis gacvlis SesaZleblobas. Tanac gacvlis dros aucilebelia dacul iqnes saqonelmwarmoeblebis in-teresebi da gasacvleli saqonlis RirebulebaTa ekvi-

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valentoba, rac, Tavis mxriv, ase zRudavs gacvlas, ro-melic rTuldeba gasacvleli saqonlis ganuyofeli bunebiT (magaliTad, msxvilfexa rqosani pirutyvi).

ekvivalenturi gacvlis moTxovnis dacva moiT-xovs saqonlis Rirebulebis gamoTvlas, mis warmoebaze gaweuli Sromidan gamomdinare.

gacvlis ganviTarebisaken swrafva gamowveuli iyo saqonelwarmoebis gadidebiT, mravali saxeobis ga-sacvleli saqonlidan sayovelTao ekvivalentis gamo-yofiT, romelic gamoiyeneboda gacvlis dros saqon-lis Rirebulebis gamosaTvlelad.

gacvlis ganviTareba, misi intensivobis TandaTa-nobiTi gazrda iwvevda Tavidan calkeuli saxis saqon-lis (pirutyvi, qurqi), xolo Semdeg Zvirfasi liTone-bis (ZiriTadad oqros) gamoyenebas sayovelTao ekviva-lentis saxiT. oqros gamoyofas, sayovelTao ekviva-lentad, xolo saboloo jamSi fulad xels uwyobda mi-si erTgvarovnoba, gayofadoba, igi ar fuWdeboda da advili iyo misi Senaxva, mis mcire moculobaSi koncen-trirebulia didi Rirebuleba da igi sakmaod SezRu-duli raodenobiTaa bunebaSi, rac saSualebas iZleva mcire raodenobis oqro gaicvalos didi raodenobis mravalricxovan saqonelze.

naturaluri meurneobidan sasaqonlo meurneoba-ze gadasvlam, aseve ekvivalenturi gacvlis dacvis moTxovnam ganapiroba fulis warmoSobis aucileblo-ba, romlis gareSec SeuZlebelia saqonlis masobrivi gacvla, damyarebuli sawarmoo specializaciasa da sa-qonelmwarmoeblebis uSualo gancalkevebulobaze.

Tavdapirvelad, vercxli da oqro fulis rolSi gamodioda zodebis saxiT, magram saqonlis gacvla zo-debze garkveul siZneleebs qmnida: gacvlis yoveli aq-tis dros saWiro iyo liTonis awona, misi danawevreba,

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sinjis dadgena da a.S., amitom obieqturad warmoiSva imis aucilebloba, rom zodebi monetebiT Secvliliyo. moneta aris winaswar dadgenili formis liTonis zodi, romelic Seicavs gansazRvruli wonisa da sinjis li-Tons, rac saxelmwifo StampiTaa masze aRbeWdili. fulma miiRo monetis forma, SeiZina erovnuli saxe da misi moWra saxelmwifo monopoliad iqca.

pirveli moneta moiWra Zveli welTaRricxviT VII saukuneSi lidiaSi da CineTSi. daaxloebiT 500 wels Cvens welTaRricxvamde sparseTis mefem darom moaxdi-na ekonomikuri revolucia, Tavis saxelmwifoSi mimoq-cevaSi gauSva monetebi da amiT Secvala barteri. Tumca arsebobs am mosazrebis sawinaaRmdego Sexeduleba. kerZod, farosis marmariloze SemorCenili warweris Tanaxmad, moneta SemouRia angosis mefe feidons kun-Zul eginaze.

fulis warmoSobas da gamoyenebas Tan axlavs mniSvnelovani procesebi. fulis gamoCenam saqonlis calkeul mwarmoeblebs saSualeba misca gaerRvia ur-TierTgacvlis viwro sazRvrebi da Seqmna piroba baz-ris warmoSobisa, romlis operaciebSic monawileobis miReba SeeZlo sxvadasxva saqonelTa mflobelebs. es ki, Tavis mxriv, xels uwyobda warmoebis specializaci-is ganviTarebasa da efeqtianobis gazrdas.

didi mniSvneloba eniWeba imas, rom fulis gamoye-nebis saSualebiT SesaZlebeli gaxda saqonlis urTier-Tgacvlis erTdrouli procesi (s-s) gamoyofiliyo or sxvadasxva droSi gansaxorcielebel procesebad: pir-veli gulisxmobs sakuTari saqonlis gayidvas (s-f), xo-lo meore — SeiZino saWiro saqoneli sxva dros da sxva adgilas (f-s).

aqedan gamomdinare, saqonelTa gacvlis procesSi fulis gamoyeneba ukve ar gulisxmobs mis gamoyenebas,

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rogorc Suamavali. piriqiT, fulis funqcionireba Re-bulobs damoukidebeli procesis Tvisebebs: saqonel-mwarmoeblebs SeuZliaT TavianTi saqonlis realizaci-idan miRebuli fuli Seinaxon, saWiro saqonlis SeZenis momentamde. aqedan warmoiSva fuladi danazogi, rome-lic SeiZleboda gamoyenebuliyo, rogorc saqonlis Se-saZenad, aseve sesxis gasacemad an vadis dasafarad.

aseTi procesebis Sedegad, fulis mimoqcevam mii-Ro damoukidebeli mniSvneloba da gamoeyo saqonlis moZraobas.

fulis funqcionirebam ufro farTo damoukideb-lobas miaRwia srulfasovani fulis CanacvlebiT, ro-melic flobda sakuTar Rirebulebas, fulad niSnebs. aseve fulad erTeulSi oqros Semcvelobis fiqsirebis Semdgom gauqmebas. amitom brunvaSi funqcionireba da-iwyo fulma, romelic ar flobda sakuTar Rirebule-bas da romelmac SesaZlo gaxada fuladi niSnebis imi-tireba brunvis moTxovnis Sesabamisad, oqroTi uzrun-velyofis qonebisagan damoukideblad.

fulis funqcionirebis damoukidebloba mniSvne-lovnad gafarTovda unaRdo angariSsworebis waroSo-basTan erTad, aseve angariSsworebiT eleqtro teqni-kis gamoyenebis bazaze.

aRniSnuli procesebi mowmoben imaze, rom fuli emsaxureba aucilebel elementebs da sazogadoebis ekonomikuri saqmianobis Semadgenel nawilebs, sxvadas-xva monawileebs Soris urTierTobebs da kvlavwarmoe-bis procesTa rgolebs.

fulis arsi xasiaTdeba maTi monawileobiT sxva-dasxva saxis sazogadoebriv urTierTobaTa ganxorcie-lebaSi. fulis arsi ar SeiZleba iyos Seucvleli: masSi unda aisaxebodes sazogadoebaSi ekonomikuri urTier-Tobebis ganviTareba da TviT fulis cvlileba. fuli

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monawileobs aseve mTliani erovnuli produqtis gana-wilebaSi, uZravi qonebis, miwis SeZenaSi. aq arsis gamov-lineba sxvadasxvagvaria, radganac gansxvavebuli Se-saZleblobebi fulisa damyarebulia sxvadasxva socia-lur-ekonomikur miznebze. fuli monawileobs fasis gansazRraSi, rac asaxavs saqonlis Rirebulebas: saqon-lis damzadeba (momsaxurebis gaweva) xorcieldeba ada-mianebis mier Sromis iaraRebis gamoyenebiT Sromis sag-nebze. warmoebul saqonels gaaCnia Rirebuleba, rome-lic ganisazRvreba axal RirebulebaSi gadatanili Sromis sagnis, iaraRis da cocxali Sromis Rirebule-bis erToblivi moculobiT.

Tumca, gansazRvruli saqonlis Rirebulebis si-dide, romelic damzadebulia calkeuli mwarmoeblis mier, gamosaxuli fasiT, damokidebulia ara imdenad calkeuli mwarmoeblebis individualur xarjebze, aramed sazogadoebaSi arsebuli ama Tu im saqonlis damzadebis xarjebis doneze. amitom, saqonlis reali-zaciisas mis mflobels SeuZlia ganacxados pretenzia im fasze, romelic emyareba gansazRvruli saqonlis warmoebaze sazogadoebrivad aucilebeli danaxarjis dones.

es niSnavs imas, rom fasi, romelic gansazRvrulia calkeuli saqonlis damzadebisaTvis saWiro sazoga-doebrivad aucilebelia danaxarjebis donis Sesabami-sad, uflebas aZlevs saqonelmflobels pretenzia ga-nacxados im Tanxis sxva saqonlis miRebaze, romelic tolia warmoebuli produqciis Rirebulebisa. amas em-yareba ekvivalentis moTxovnis dacva, romelic xorci-eldeba fulis saSualebiT. ukanaskneli aseve iZleva calkeuli saqonlis Sefasebisa da sazogadoebrivi produqciis mxolod gansazRvruli nawilis SeZenis Se-

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saZleblobas. fuli gvevlineba sayovelTao sasaqonlo ekvivalentad.

garda amisa, fulis arsi xasiaTdeba imiT, rom em-saxureba sayovelTao gacvlas saqonelze, uZrav qone-baze, xelovnebis nawarmoebebze, Zvirfaseulobaze da a.S. fulis es gansakuTrebuloba xdeba SesamCnevi uSua-lo saqonlis gacvlis (barteri) Sedarebisas. saqme isaa, rom calkeuli saxis saqonelsac SeuZlia gaicvalos sxva saqonelze barteris pirobaze. maSasadame, rogorc ukve aRiniSna, gacvlis aseTi SesaZleblobebi SezRu-dulia urTierTmoTxovniT da aseTi operaciebis ekvi-valenturi moTxovnis dacviT. marto fulisTvisaa da-maxasiaTebeli sauovelTao uSualo gacvlis Tviseba saqonelze da sxva faseulobaze.

sxvadasxva socialur-ekonomikur pirobebSi fu-lis es Tviseba icvleba. Tu administraciul-mbrZaneb-luri ekonomikuri modelis dros fulis uSualo gac-lis SesaZlebloba saqonelze iyo SezRuduli, sabazro ekonomikaze gadasvlisas aseTi SesaZleblobebi gai-zarda. es cvlilebebi gamowveuli iyo fulad-sasaqon-lo urTierTobebis ganaxevrebuli xasiaTiTa da maTi gamoyenebis sferoebiT.

Rirebulebis Senaxvis pirobebs aumjobesebs Ri-rebulebis fuladi formiT Senaxva da ara saqonliT, rac amcirebs Senaxvis xarjebs da gafuWebas aridebs Tavs.

fulis daxasiaTebisas arc Tu iSviaTad aqceven yuradRebas mis saqonlur warmomavlobas da Sesabami-sad saqonlur bunebas. fulis saqonluri warmoSoba ara gvgonia iwvevdes eWvs. Tumca, TandaTanobiT srul-fasovani fulidan fulad niSnebze gadasvlasTan da-kavSirebiT, romelsac ar gaaCniaT sakuTari Rirebule-ba, aseve unaRdo angariSsworebis ganviTarebasTan da-

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kavSirebiT, fuli kargavda saqonlisaTvis damaxasiaTe-bel iseT Tvisebas, rogoricaa Rirebulebisa da saxma-ri Rirebulebis qona.

Tanamedrove pirobebSi fulad niSnebsa da unaR-do brunvis fuls ar gaaCniaT sakuTari Rirebuleba, magram inarCuneben sacvlel Rirebulebebs. es amtki-cebs ima, rom fuli sul ufro da ufro gansxvavdeba sa-qonlisagan da gadaiqca damoukidebel ekonomikur ka-tegoriad, romelsac SenarCunebuli aqvs zogierTi sa-qonluri Tviseba.

fulis arsi vlindeba mis funqciebSi, romelSic aisaxeba maTi gamoyenebis SesaZleblobebi da gansakuT-rebuloba, aseve fulis roli, romlis saSualebiTac miiRweva gansazRvruli Sedegebi.

fulis funqciebisaTvis damaxasiaTebelia simtki-ce, stabiluroba, isini mcired eqvemdebarebian cvli-lebebs, roca magaliTad, fulis roli SeiZleba Seicva-los pirobebis Sesabamisad.

funqciebis gansakuTrebuloba imaSi mdgomare-obs, rom xSir SemTxvevaSi isini xorcieldebian mxo-lod fuliT.

fuli gamodis sxvadasxva formaSi: Rirebulebis sazomis, mimoqcevis saSualebis, gadaxdis saSualebis, dagrovebis saSualebis rolSi.

CamoTvlili funqciebis garda literaturaSi, arc Tu ise iSviaTad, moixsenieba fuli, rogorc msof-lio fuli (fuli-saerTaSoriso ekonomikuri brunvis sferoSi). am funqciis Sesruleba oqros fulis arsebo-bisas, am Taviseburad konvertirebadi valutis dros ar iwvevs eWvs. Tanamedrove pirobebSi fuladi erTeu-li saqarTvelosi — lari — ar flobs sakuTar Rirebu-lebas da rogorc wesi, mas ver iyeneben sxva qveynebs So-

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ris angariSsworebis saSualebad, e.i. is ar asrulebs msoflio fulis funqcias.

fulis funciebs ganixilaven rogorc misi arsis gamomxatvels. amasTan erTad, isini Sesrulebadia mxo-lod adamianTa monawileobiT. mxolod adamianebs, fu-lis SesaZleblobebis gamoyenebiT SeuZliaT saqonelTa fasis gansazRvra, maTi gamoyeneba realizaciisa da ga-daxdis procesebSi, aseve fulis gamoyeneba dagrovebis saSualebad.

fulis funqciebisadmi aseTi midgoma gulis-xmobs, rom igi gvevlineba sazogadoebaSi ekonomikuri urTierTobebis instrumentad, xolo fulis funqciebi ganxorcielebadia mxolod adamianis monawileobiT.

SevCerdeT fulis, rogorc Rirebulebis sazomis funqciaze. fuli rogorc sayovelTao ekvivalenti, yvela saqonlis Rirebulebas gamoTvlis. magram fuli ki ar aqcevs saqonels Tanazomvads, aramed sazogado-ebrivad aucilebeli Sroma, romelic daixarja pro-duqciis warmoebaze da igi qmnis pirobas maTi TanaSe-zomvisa. yvela saqoneli gamodis rogorc sazogadoeb-rivad aucilebeli Sromis produqti, amitom, namdvili fuli (vercxli da oqro), Rirebulebis mqoneni, SeiZle-ba gaxdes maTi Rirebulebis sazomi. aqedan, saqonlis Rirebulebis gazomva fuliT xorcieldeba idealurad — saqonelmwarmoelisaTvis ar aris aucilebeli naRdi fulis qona.

saqonlis Rirebuleba, gamosaxuli fuliT aris fasi. igi ganisazRvreba mis warmoebasa da realizacia-ze gaweuli sazogadoebrivad aucilebeli SromiTi da-naxarjebiT. fasebisa da maTi moZraobis safuZvels warmoadgens Rirebulebis kanoni. saqonlis fasi for-mirdeba bazarze saqonelze moTxovna — miwodebis wo-nasworobisas da damokidebulia saqonlis Rirebuleba-

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sa da fulis Rirebulebaze. namdvili fulis funqcio-nirebisas saqonlis fasi pirdapirproporciulia am sa-qonelTa Rirebulebisa da ukuproporciulia fulis Rirebulebisa.

oqros standartis dros fasebi damokidebuli iyo saqonlis Rirebulebaze, radgan fuli — oqros Ri-rebuleba, iyo ucvleli. saqaRaldo — fulad da ban-knotebis sistemis dros saqonlis fasi gamoisaxeba Ri-rebulebis niSnebiT, romlebic ar floben sakuTar Ri-rebulebas. amitom, isini zustad ver asaxaven saqonlis fass. aqedan gamomdinareobs fasTa sxvadasxvaoba erTi da imave saqonelze, rac arTulebs saqonelmwarmoeb-lis mier swori gadawyvetilebis miRebas saqonlis war-moebasTan dakavSirebiT.

saqonlis Rirebulebis raodenobrivi Sefaseba fuliT xorcieldeba. saqonlis fasi uzrunvelyofs ara marto sazogadoebrivi Sromis produqtebis Tana-Sezomvas, aramed erTi da imave fuladi saqonlis nawi-lebisa _ vercxli an oqro. sxvadasxva Rirebulebis sa-qonlis fasebis SedarebisaTvis aucilebelia maTi Se-toleba erT masStabTan, gamoisaxos isini erTnair fu-lad erTeulSi. fasis masStabs, liTonuri mimoqcevi-sas, ewodeba fuladi liTonis woniTi raodenoba, miRe-buli mocemul qveyanaSi fulad erTeulad da emsaxu-reba yvela sxva saqonlis fasis gansazRvras.

fuls, rogorc Rirebulebis sazomsa da fuls, rogorc fasebis masStabs, Soris arsebobs arsebiTi sxvaoba. fuli, rogorc Rirebulebis sazomi, miekuT-vneba yvela sxva saqonels, warmoiqmneba stiqiurad, ic-vleba sazogadoebrivi Sromis raodenobaze damokide-bulebiT daxarjuli fuladi saqonlis sawarmoeblad. fuli, rogorc fasebis masStabi, dgindeba saxelmwifos mier da gamodis, rogorc liTonis fiqsirebuli woniTi

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raodenoba, cvalebadi am liTonis RirebulebasTan er-Tad. Tavdapirvelad fuladi erTeulis woniTi Semad-genloba emTxveoda fasebis masStabs, romelmac hpova asaxva fuladi erTeulis saxelwodebaSi. magaliTad, inglisuri funti sterlingi warsulSi marTlac utoldeboda vercxlis funts. istoriuli ganviTare-bis kvaldakval fasebis masStabi daefuZna fuladi er-Teulis woniT Semadgenlobas.

oqros mimoqcevisas fasebis masStabi gulisxmob-da fuladi erTeulis dadgenas, Sefardebuli oqros gansazRvrul raodenobasTan. magaliTad, aSS-Si 1934 wlamde, 1 dolari oficialurad utoldeboda 1,50463 gr. wminda oqros. Semdeg fasebis masStabis cvlilebas-Tan dakavSirebiT, misi oqroSemcveloba Semcirda 0,888671 gramamde anu 41%-iT, bolos ki Seadgina 0,736662 grami wminda oqro.

1950 wlis 1 martamde maneTis oqroSemcveloba dawesebuli iyo arapirdapir ucxoeTis valutasTan Se-darebiT (franki, dolari). 1936-1937 wlebSi maneTis kursis gansazRvris baza iyo franguli franki (1 mane-Ti=3 franks). frankis devalvaciis gamo maneTis kursi gaizarda: 1 maneTi=4 franks — maneTis Zveli da axali kursi gamoxatavda oqros gansazRvrul raodenobas frankis meSveobiT. 1937 wlidan, frankis kursis dace-masTan dakavSirebiT, maneTis kursi ganisazRvreboda dolariT, romelic am periodSi SedarebiT myari iyo. erTi dolari udrida 5 maneTsa da 30 kapiks. SemdgomSi dolaris msyidvelobiTi unaris dacemis gamo, saxel-mwifo maneTis kurss oqroTi gansazRvravda. sabWoTa kavSirSi 1961 wlis fulis reformamde, garkveul peri-odSi (1950-1960 wlebSi) maneTis oqros Semcveloba Se-adgenda 0,222168 gram wminda oqros, 1961 wlis fulis reformis Semdeg misi oqroSemcveloba gaizarda

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0,987412 gram wminda oqromde. (sinamdvileSi maneTis oqroSemcveloba sagrZnoblad Semcirda, vinaidan fa-sebis masStabis cvlilebasTan dakavSirebiT, fuladi erTeuli 10-jer gamsxvilda).

amerikis savaluto sistemam, romelic miiRes 1976-1978 wlebSi, Secvala oqros oficialuri fasi da saerTaSoriso savaluto sistemis wevri qveynebis fu-ladi erTeulis oqroSemcveloba. amJamad am qveynebis oficialuri fasebis masStabi iqmneba stiqiurad. Tana-medrove periodebSi ganxorcielda oqros demonetiza-ciis procesi, man dakarga fulis funqcia, aseve Rire-bulebis sazomis funqciac. oqro gamoidevna sakredi-to fulis Siga da gare mimoqcevidan.

sakredito fulis batonobis dadgeniT fasebis masStabma ganicada arsebiTi cvlilebebi. amasTan da-kavSirebiT saxelmwifo adgens:

a) fuladi erTeulis saxelwodebis, misi ga-moSvebisa da aRebis wesrigs da aseve mis ku-piurebs.

b) SedarebiT ufro wvrili fuladi erTeulis gamoSvebis wesrigs. es fuli mzaddeba iaf-fasiani liToniT da gansazRvrulia misi da-mokidebuleba ZiriTad fulad erTeulze.

g) naRdi da unaRdo fulis mimoqcevis wess. d) erovnuli fuladi erTeulis savaluto

kurss ucxourTan mimarTebaSi, gamomdinare Tavis valutaze moTxovniT da aqveynebs oficialuri presiT.

sakredito fulis Rirebulebis niSnebis batono-ba axdens fulis funqciis, rogorc Rirebulebis sazo-mis, modificirebas.

fuli emsaxureba ara marto saqonlis gacvlas, gamodis fuladi kapitalis rolSic. Tanamedrove fu-

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li gadaiqceva fulad kapitalad samrewvelo kapitalis brunvaSi maTi monawileobis Sedegad, romlis funqcio-nirebis procesSi iqmneba damatebiTi Rirebuleba (kapi-talis nazardi). fuladi kapitali, erTi mxriv, saqon-lis warmoebas uzrunvelyofs, xolo meore mxriv, qmnis sasaqonlo kapitalis realizaciis pirobebs, romelSic CarTulia kapitalis nazardi.

sasaqonlo kapitalma, romelic Seiqmneba sawar-moSi, sayovelTao aRiareba miiRo ara fulis bazarze saqonlis fulTan gatolebisas, aramed Tavad warmoe-baSi. saqonelSi ganivTebuli sazogadoebrivad auci-leblad Sroma ganisazRvreba saqonlis saqonelTan Se-darebiT, maT realizaciamde sawarmoSi. aqedan gamom-dinareobs is faqti, rom sakredito fulis Rirebule-bis sazomis funqcia, asaxvas poulobs uSualod warmo-ebaSi, bazramde.

saqonlis fasi, romelic ganisazRvreba mis war-moebasa da realizaciaze gaweuli sazogadoebrivad au-cilebeli SromiT, bazarze oqros mimoqcevisas dgin-deboda Rirebulebis kanonis moTxovnaTa Sesabamisad. sabazro ekonomikis qveynebSi misi formireba xdeba warmoebis procesSi saqonlis saqonelTan Sedarebis meSveobiT. saqonlis fasi bazarze eqvemdebareba modi-ficirebis Rirebulebis kanons, moqmedebis SenarCune-bis gamo.

aqedan gamomdinare, Tanamedrove sakredito fu-lis arsebobis SemTxvevaSi, romelic ar icvleba oqro-ze, saqonlis fasi Tavis gamoxatulebas hpovebs ara ro-melime specifikur fulad saqonelSi, aramed yvela sxva saqonelSi, romelic gvaxsenebs Rirebulebis gaS-lil formas.

rac Seexeba fulis, rogorc mimoqcevis saSuale-bis funqcias, is gansxvavdeba Rirebulebis sazomis

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funqciisagan imiT, rom, jer erTi, Rirebulebis sazo-mis funqcias asrulebs idealuri, xolo mimoqcevis sa-Sualebis funqcias — realuri fuli. saqonelTa mimoq-cevisas fuli aucileblad unda monawileobdes. saqo-nelTa mimoqceva gulisxmobs: saqonlis gayidvas e.i. maT gadaqcevas fulad da saqonlis yidvas, e.i. gadaqce-vas saqonlad (s-f-s). am procesSi fuli Suamavlis rols asrulebs gacvlaSi. fulis funqcionireba, ro-gorc mimoqcevis saSualeba, saqonel-mwarmoebels uq-mnis individualuri, droebiTi da sivrculi sazRvre-bis daZlevis pirobebs, rac damaxasiaTebelia saqonlis saqonelze gacvlisas. fuli mimoqcevaSi rCeba mudmi-vad da emsaxureba mas Seuwyvetlad. es miuTiTebs imaze, rom fuli mimarTulia saqonelTa gacvlis ganviTare-bisaken.

fulis warmoSoba, rogorc mimoqcevis saSuale-ba, aZlierebs gacvlis procesis winaaRmdegobas. pir-dapiri saqonelgacvlisas (saqoneli-saqonelze) yidva da gayidva emTxveva erTmaneTs da maT Soris Sualedi ar arsebobs. saqonelmimoqceva warmodgeba ori damou-kidebeli aqtisagan: saqonlis yidvisa da misi gayidvi-sagan, romelic xorcieldeba sxvadasxva drosa da siv-rceSi. es ki qmnis gacvlis darRvevis obieqtur SesaZ-leblobas da sabolood — krizisul situacias.

fulis, rogorc mimoqcevis saSualebis, gansa-kuTrebulobas, pirvel yovlisa, miekuTvneba misi rea-luri arseboba mimoqcevisas, maTi wuTieri arseboba mi-moqcevaSi. amasTan dakavSirebiT igi xorcieldeba aras-rulyofili (qaRaldisa da sakredito) fulis saSuale-biT. Tanamedrove pirobebSi gabatonebuli mdgomareo-ba uWiravs sakredito fuls, romelic gamodis myidve-lobiTi da gadasaxdeli saSualebis rolSi. fuli, ro-gorc yidvis saSualeba, damaxasiaTebeli iyo martivi

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saqonelwarmoebisas: s-f-s. miuxedavad imisa, rom sak-redito fuli warmoiSva fulis gadaxdis funqciisagan, dRes igi emsaxureba uSualod kapitalis moZraobas. amitom, sakredito fuli gamodis, rogorc mimoqcevis saSualebis, ise gadaxdis saSualebis rolSic, amitom, sazRvargareTis qveynebSi, fulis mimoqcevis da gadax-dis funqciebi erTiandebian.4

gavaSuqoT fulis gadaxdis funqcia. sxvadasxva garemoebaTa gamo, saqoneli yovelTvis ar iyideba naRd fulze. mizezebi SemdgomSi mdgomareobs: sxvadasxva sa-qonlis warmoebisa da mimoqcevis periodTa xangrZli-vobis araTanabroba, aseve saqonlis warmoebisa da gasa-Rebis sezonuri xasiaTi, meurne pirTa ukmarisobas war-moSobs. amis Sedegad saqonlis yidva-gayidvis gadanawi-lebiT gadaxdis aucilebloba warmoiSva e.i. kreditiT. fuls, rogorc saSualebas aqvs specifikuri moZraobis forma: s-v, xolo winaswar dadgenil vadaSi v-f (sadac v-savalo valdebulebaa). aseTi gacvlis dros ver vxvdebiT fulisa da saqonlis Semxvedr moZraobas. sa-valo valdebulebis dafarva warmoaddgens yidva-ga-yidvis damamTavrebel mwvervals. saqonelsa da fuls Soris droebiTi gaTiSvis dros iqmneba mevalis kredi-torze gadauxdelobis saSiSroeba.

ganviTarebuli sasaqonlo meurneobis pirobebSi fulis gadaxdis funqcia akavSirebs erTmaneTTan mra-val saqonelmflobels, romelTagan TiToeuli iZens saqonels kreditiT. sagadasaxado jaWvis gaTiSvas miv-yavarT savado valdebulebaTa jaWvis rRvevisaken, rac iwvevs saqonelmflobelTa masiur gabankrotebas. va-lis gadauxdelobis problema yvela qveynis mrewvelTa

4 Финансы. Денежное обращение. Кредит. Учебник. Под.ред. Л.А. Дробозиной. М.Финансы и статистика. 2000. с. 21.

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winaSe dgas. am problemis gadasaWrelad gamoiyeneba sakredito fulis iseTi saxeebis gamoyeneba, rogori-caa: sabanko Tamasuqi, eleqtro fuli da maT bazaze aR-mocenebuli sakredito baraTebi.

axla ganvixiloT fulis dagrovebis funqcia. fuli, romelic uSualod ar monawileobs brunvaSi, qmnis fulad danazogs da asrulebs dagrovebis saSua-lebis funqcias.

fulad danazogSi Sedis adamianebis mier Senaxu-li narCeni naRdi da aseve bankis angariSebze arsebuli narCeni fuli. calkeuli moqalaqeebis fuladi danazo-gi efuZneba maTi Semosavlis gardametebis xarjebs. fu-lis funqcia, rogorc dagrovebis saSualeba, moicavs aseve sawarmoebisa da organizaciebis danazogs bankeb-Si maT angariSze.

fuladi danazogebis sxvadasxva saxeebs Soris sagulisxmoa gamovyoT naRdi fulis danazogi sazoga-doebaSi. praqtikulad am danazogebTan mimarTebaSi ar arsebobs aranairi SezRudva saqonlis SeZenisa da val-debulebaTa dafarvis dros. miT umetes, rom naRdi fu-li warmoadgens kanonieri gadaxdis saSualebas da au-cilebelia misi miReba yvela saxis gadasaxadis dros.

sxvadasxva mizezebis gamo, ramdenadme mcire mo-bilurobiTa da likvidurobiT xasiaTdeba iuridiuli da fizikuri pirebis angariSebi bankSi. aseTi saSuale-bebis gamoyenebisTanave damokidebulebaSi zogjer Se-iZleba warmoiqmnes garkveuli barierebi. magaliTad, sawarmos angariSsworebis angariSze yvela pretenziis dasakmayofileblad arasakmarisi saSualebebis arse-bobisas mocemuli saSualebebi SeiZleba gamoyenebul iqnas pretenziaTa dakmayofilebis damtkicebuli gan-rigisaTvis da ara marto angariSis sawarmomflobelis gankargulebiT. magram ar SeiZleba mxedvelobidan ga-

29

mogvrCes, rom bankis angariSebze arsebuli danazogebi warmoadgens ara marto fulad danazogs, aramed fulis dabandebas, romelsac moaqvs Semosavali.

amasTan dakavSirebiT unda aRiniSnos, rom aqci-ebSi, obligaciebsa da sxva fasian qaRaldebSi dabande-buli fuli warmoadgenen ara imdenad fulad danazogs, aramed maT dabandebas Semosavlis matebis mizniT.

amasTan erTad, fulis dagrovebis funqciis uf-ro mobiluri da likviduri nawiliT, rogoricaa naRdi fuli, erTi mxriv, ar moaqvs mogeba da meore mxriv (gan-sakuTrebiT inflaciis dros), eqvemdebareba gaufasu-rebis saSiSroebas. fulis, rogorc dagrovebis saSua-lebis gamoyenebis, sxvadasxva pirobebi iZlevian gan-sazRvruli Zalisxmevis aucileblobas, fuladi dana-zogis mizanSewonili gavrcelebisas.

fulis dagrovebis funqcia unda flobdes SesaZ-leblobas Rirebulebis Senaxvisa gansazRvruli dro-iT.

aqve unda iTqvas, rom liTonuri mimoqcevis dros es funqcia asrulebda fuladi brunvis stiqiuri regu-latoris rols. zedmeti fuli midioda Zvirfaseulo-baze, xolo fulis deficiti ifareboda Zvirfaseulo-bis xarjze.

saqonelwarmoebis ganviTarebis dros dagrovebis funqciis mniSvneloba izrdeba. danazogis gareSe SeuZ-lebeli iyo kvlavwarmoebis procesis ganxorcieldeba. martivi saqonelwarmoebisagan gansxvavebiT, roca grovdeboda, `mkvdari Zvirfaseulobis~ saxiT, kapita-lizmis dros ukve mwarmoebelisaTvis ar iyo momgebiani fulis Senaxva, maT mogebis miRebis mizniT uSvebdnen mimoqcevaSi. amasTan, droebiT Tavisufali saSualebe-bis akumulacia wrebrunvis aucilebeli pirobaa. sa-warmoSi uSualod fuladi rezervis warmoqmna uzrun-

30

velyofs calkeul sameurneo subieqtebSi warmoSobili darRvevebis gasworebas, xolo rezervebi qveynis mas-StabiT — disproporcias erovnul meurneobaSi.

oqros mimoqceva moiTxovda centraluri (saemi-sio) bankebis oqros maragis dagrovebas, romelic gamo-iyeneboda Sida mimoqcevis Sesavsebad saerTaSoriso an-gariSsworebisas Rirebulebis niSnebis oqroze gada-sacvlelad. Tumca, oqro agrZelebs Zvirfaseulobis rolis TamaSs, Tavs iyris ra centraluri bankebis re-zervebSi, saxelmwifo xazinaSi, samTavrobo_savaluto organoebSi. oqros maragis sidide metyvelebs qveynis simdidreze da uzrunvelyofs rezidentebis ndobas erovnul fulad erTeulze.

calkeuli pirebi aseve agroveben oqros mone-tebs, samkaulebs (oqros tezavracia), yiduloben ra ba-zarze erovnuli fulis saSualebiT. aseTi dagrovebis mizania Rirebulebis niSnebis batonobisas _ davizRvi-oT Tavi gaufasurebisagan. sazogadoebis ZiriTadi na-wili oqros brunvis ar arsebobisas agroveben da zoga-ven sakredito fuls, romlebic warmoadgenen qaRal-dur simboloebs da ar warmoadgenen realur simdid-res mflobelTaTvis. sameurneo subieqtebi sakredito dawesebulebebSi Tavs uyrian moklevadian kreditebs, xolo grZelvadiani kapitalis-fasiani qaRaldebis daxmarebiT, iReben Semosavals.

am funqciis ZiriTadi mniSvneloba mdgomareobs imaSi, rom isini axorcieleben stiqiur regulirebas fuladi mimoqcevis Rirebulebis niSnebis batonobis dros.

fulis, rogorc msoflio fulis funqcia. saga-reo savaWro kavSirebma, saerTaSoriso sesxebma, ucxo-el partniorTan gaweulma momsaxurebam gamoiwvia msoflio fulis warmoSoba. isini funqcionireben, ro-

31

gorc sayovelTao sagadasaxado saSualeba, sayovel-Tao msyidvelobiTi saSualeba da sazogadoebrivi sim-didris sayovelTao materializacia. msoflio fuli, rogorc saerTaSoriso saSualeba, saerTaSoriso ba-lansSi gamodis angariSsworebis dros: Tu mocemuli qveynis gadasaxadebi gansazRvrul periodSi aWarbebs mis fulad Semosavlebs sxva qveynidan, maSin fuli war-moadgens gadaxdis saSualebas.

msoflio fuli saerTaSoriso msyidvelobiT sa-Sualebas warmoadgens qveyanaTa Soris saqonlisa da momsaxurebis Tanabari gacvlis darRvevisas, maSin maTi gadaxda xorcieldeba naRdi fuliT. rogorc sazoga-doebrivi simdidris msoflio fulad sayovelTao gar-dasaxva gamoiyeneba erTi qveynis mier meore qveynisad-mi sesxis an subsidiebis warmodgenisas. am SemTxvevaSi xdeba simdidris nawilis gadadineba erTi qveynidan me-oreSi.

oqros standartis dros msoflio fulis rolSi gamodioda oqro, rogorc sagadasaxado balansis mare-gulirebeli da sakredito fuli (banknotebi) calkeu-li saxelmwifoebis, romelic gadaicvleboda oqroze (ZiriTadad aSS-is dolari da inglisis funt-sterlin-gi). iseTi saxelmwifoebis, rogoricaa aSS da didi bri-taneTi, maTi erovnuli fulis ganmtkicebisaTvis, ro-gorc msoflio fuli, maTi iniciativiT gamoiyeneboda saerTaSoriso savaluto SeTanxmebebi da savaluto kliringebi.

pirveli saerTaSoriso savaluto SeTanxmeba iyo miRebuli genuis konferenciaze 1922 w. maTTan SeTan-xmebiT aSS-is dolari da inglisis funt-sterlingi iq-nen aRiarebulni oqros eqvivalentad da Setanili sa-erTaSoriso brunvaSi, rogorc msoflio fuli. Semdegi savaluto SeTanxmeba gaformda 1944 wels breton-vud-

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sis konferenciaze, romelmac daadgina, rom msoflio fulis funqcia SenarCundeboda oqros, rogorc qvey-nebs Soris saboloo angariSsworebis saSualebas, Tum-ca maTi gamoyenebis masStabi mcirdeboda. oqros gver-diT saerTaSoriso sagadasaxado saSualebad da sare-zervo valutad saerTaSoriso brunvaSi iqna aRiarebu-li aSS-is dolari, romelic oficialurad utoldebo-da oqros TanafardobiT 35 dolari 31,1 grami oqro, ufro naklebi odenobiT _ didi britaneTis funt-sterlings.5

garda saerTaSoriso savaluto SeTanxmebisa, ideboda regionuli savaluto SeTanxmebebi. (savaluto blokebi, savaluto zonebi), romlebic uzrunvelyof-dnen erTi SedarebiT ganviTarebuli qveynis fuladi erTeulis gabatonebas qveynis sagareo ekonomikur ur-TierTobebSi. ase Seiqmna sterlingis bloki (1931 w.), dolaris bloki (1933 w.), oqros bloki (safrangeTis me-TaurobiT, 1933 w.). meore msoflio omis dros da mis Semdeg savaluto blokebis bazaze Camoyalibdnen ster-lingis, dolaris, franguli-frankis, holandiis-gul-denis, italiis-liris, espanuri-pesetis, samxreT afri-kis-rindis zonebi.

savaluto kliringi _ saangariSo sistema qvey-nebs Soris, romelic efuZneba urTierTmoTxovnaTa CaTvlebs saerTaSoriso sagadasaxado SeTanxmebaTa Se-sabamisad, iTvaliswineben sakliringo angariSs, valu-tas. meore msoflio omis Semdeg kliringebi moqmedeben savaluto SezRudvebis pirobebSi. ukanasknelis gauq-

5 Финансы. Денежное обращение. Кредит. Учебник. Под.ред. Л.А. Дробозиной. М. Финансы и статистика. 2000. с. 24.

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mebam migviyvana aseTi SeTanxmebebis likvidaciasTan ganviTarebul qveynebs Soris.

saerTaSoriso saaRricxvo fuladi erTeulis SeqmnisaTvis saerTaSoriso likvidurobis problemis Serbilebis mizniT saerTaSoriso savaluto fondma Se-moiRo axali sarezervo da sagadasaxado saSualebebi _ sesxebis specialuri ufleba (SR), romelic gamiznu-lia ssf wevri qveynebis sagadasaxado balansis saldos regulirebisaTvis. 1971 wels dadginda SR oqros Sem-cveloba, romelic utoldeba rogorc dolars 0,888671 g., magram 1974 wlis 1 ivlisidan (dolaris devalvaciis Semdeg) SR erTeulis Rirebuleba ganisazRvreboda sa-Sualo kursiT: Tavdapirvelad 16, xolo Semdeg 5 wam-yvani qveynis valutiT.

evropis savaluto sistemis wevri qveynebisaTvis 1979 wlis martidan SemoRebul iqna saerTaSoriso sa-aRricxvo erTeuli-ekiu. SR-isgan gansxvavebiT axali erTeuli uzrunvelyofilia naxevrad oqroTi da naxev-rad dolariT aSS-sa (esf wevri qveynebis oficialuri rezervebis 20% gaerTianebis gziT) da naxevari Tavian-Ti erovnuli valuta. ekius Rirebuleba ganisazRvreba iseve, rogorc SR, wevri qveynebis valutebis saSualod Sewonili kursiT. mas gamoiyeneben angariSsworebisas esf-Si Semavali qveynebi.

zemoT CamoTvlili 5 funqcia warmoadgens fulis arss, rogorc saqonlisa da momsaxurebis sayovelTao eqvivalenti, isini arian erTmaneTTan mWidro kavSirSi. logikurad da istoriulad yoveli momdevno funqcia warmoadgens wina funqciis cnobil ganviTarebas.

zemoTqmulidan gamomdinareobs fulis sami Ziri-Tadi Tviseba, romelic asaxavs mis arss:

— fuli uzrunvelyofs sayovelTao, uSualo gac-vlas. misi saSualebiT SeiZineba nebismieri saqoneli.

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— fuli asaxavs saqonlis gasacvlel Rirebule-bas. maTi saSualebiT ganisazRvreba saqonlis fasi, es ki iZleva sxvadasxva samomxmareblo Rirebulebis sa-qonlis raodenobrivi Sefardebis saSualebas.

— fuli axdens materializacias sayovelTao sa-muSao droisa, romelic ganivTebulia saqonelSi.

fulis funqciebis gansazRvrasTan dakavSirebiT unda aRiniSnos metad mniSvnelovani garemoeba: Tana-medrove ekonomikur literaturaSi am sakiTxis Sesaxeb azrTa sxvadasxvaobaa. erT SemTxvevaSi mas sam funqcias aniWeben, meore SemTxvevaSi _ oTxs, mesameSi _ ki xuTs. amasTan, azrTa sxvadasxvaobaa TviT funqciis gageba-Sic. magaliTad: makroekonomikuri Teoriisa da fulis problemebis kvlevis ingliseli specialistis l. hari-sis azriT, fuli asrulebs Semdeg sam mTavar funqcias: mimoqcevis saSualebis, saangariSo erTeulis anu fase-bis masStabisa da Rirebulebis dazogvis funqciebs. gregori menkius azriT, fuli asrulebs dagrovebis sa-Sualebis, Rirebulebis sazomisa da mimoqcevis saSua-lebis funqciebs. am mosazrebas iziareben makkoneli da briuc. heines azriT, fuli rogorc likviduri qoneba, asrulebs saangariSo erTeulis, mimoqcevis saSualebi-sa da simdidris SenarCunebis saSualebis funqciebs. am azris arian saksi da larenic.

zogi ekonomisti fuls aniWebs gacvlis saSuale-bis, Rirebulebis, dazogvis funqciebs, zogierTi ki mi-iCnevs, rom fuli asrulebs Rirebulebis sazomis, mi-moqcevis saSualebis, dagrovebis saSualebisa da gadax-dis saSualebis funqciebs.6

6 Ciqava l. ekonomikuri Teoriis mokle kursi. Tb. `siaxle~. 1997. gv. 300-302.

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k. knisi mivida im daskvnamde, rom fuli asrulebs Semdeg xuT funqcias: Rirebulebis sazomis, gacvlis saSualebis, sayovelTao sagadasaxado saSualebis, Ri-rebulebis SenarCunebis saSualebisa da Rirebulebis sivrceSi gadatanis saSualebis funqciebs.

zogierTi ekonomistis azriT ki, fuli asrulebs Rirebulebis sazomis, mimoqcevis saSualebis, dagrove-bis saSualebis, gadaxdis saSualebisa da msoflio fu-lis funqciebs.7 es mosazreba emTxveva marqsistul Se-xedulebebs oRond im cvlilebebis gaTvaliswinebiT, rac fulma ganicada iamaikis savaluto sistemis Camo-yalibebis Semdeg.

Cven ki vemxrobiT im azrs, rom fuli asrulebs sam ZiriTad funqcias: rogorc Rirebulebis sazomi, mi-moqcevis saSualeba da Rirebulebis SenarCunebis saSu-aleba.

Tanamedrove kapitalizmma moaxdina fulis fun-qciebis modificireba. sasaqonlo-fuladi urTierTo-bebis sayovelTao xasiaTma gamoiwvia fulis gadaqceva sayovelTao ekvivalentad. dRevandel sazogadoebaSi yvela saxis saqoneli, momsaxureba, bunebrivi resurse-bis da aseve adamianTa Sromis SesaZleblobebi Rebulo-ben fulad formas. xarisxobrivad fulis axali roli (martivi saqonelwarmoebis fulisagan gansxvavebiT) mdgomareobs imaSi, rom is gadaiqca fulad kapitalad an TviTmzard Rirebulebad. es xorcieldeba fulis funqciebis kvaldakval.

pirvel funqciaSi fuli aramarto zomavs yvela saqonlisa da momsaxurebis Rirebulebas, aramed kapi-talsac. sxvadasxva faseulobis yidva-gayidvis dros naRdi angariSsworebisas fuli gamodis mimoqcevis sa-

7 kaxniaSvili j. makroekonomika. Tb. 1996. naw.1. gv. 237-238.

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Sualebad rogorc saqonlisa, ise kapitalisa. fuli, rogorc dagrovebis saSualeba koncentrirdeba sakre-dito sistemaSi da uzrunvelyofs mflobelis mogebas. fuli emsaxureba sxvadasxva sagadasaxado urTierTo-bebs, maT Soris SromiTsac. saxeldobr, fulis am fun-qciam uzrunvelyo farTo ganviTareba kapitalisturi sakredito sistemis msoflio bazarze funqcionirebi-sas, fuli uzrunvelyofs kapitalis gadadinebas qvey-nebs Soris. fuli emsaxureba sazogadoebrivi kapita-lis warmoebasa da realizacias fuladi nakadis siste-mis Semdeg meurneobis sferoebs, warmoebis dargebsa da qveynis regionebs Soris. am fuladi nakadis organiza-torebad gvevlinebian saxelmwifoebi, sameurneo subi-eqtebi da nawilobriv calkeuli pirebi. Tumca, sazoga-doebrivi produqtis Rirebulebis mimoqceva iwyeba da mTavrdeba kapitalis mflobelTan.

1.2. fulis Teoriebi, misi Tanamedrove saxeebi da formebi

fulis Sesaxeb gansxvavebul koncefciebs jer ki-

dev XVII-XVIII saukuneebSi mieca dasabami nominalistu-ri, metalisturi, raodenobrivi da a.S. Teoriebis sa-xiT. bevri Tanamedrove Teoria swored maTgan iRebs sa-Taves. amasTan, fulis Zvelma Teoriebma modificire-buli saxe miiRo. sakredito fulis ganviTarebam, naRdi brunvis unaRdoTi TandaTanobiTma Seviwroebam, sa-xelmwifo regulirebis rolis gazrdam xeli Seuwyo fulis analizisadmi axleburi midgomis formirebas. Tu XIX saukuneSi yuradReba gadatanili iyo fulis warmoSobis, misi bunebis, msyidvelobiTi unarisa da sxva sakiTxebze, Tanamedrove pirobebSi, savsebiT ka-

37

nonzomierad, wina planze dadga ekonomikur zrdaze fulis zemoqmedebis problemebi, xolo fulis Teorie-bi makroanalizis mniSvnelovani nawili gaxda.

metalisturi Teoria, romelic warmoiSva dasav-leT evropaSi kapitalis Tavdapirveli dagrovebis epo-qaSi, fuls aigivebs keTilSobil liTonebTan da uar-yofs mis specifikur sazogadoebriv xasiaTs, romliTac fuli gansxvavdeba yvela sxva saqonlisagan. am Teoriis warmomadgenlebi stadfordi, meni, naisi, knisi, lasbur-gi, leqsisi da sxvebi uaryofdnen fuls, rogorc sazo-gadoebrivi urTierTobis gamomxatvel kategorias da miiCnevdnen mas oqros bunebriv Tvisebad. isini cnob-dnen fulis mxolod im funqciebs, romelTa Sesruleba SeuZlia oqros fuls. aqedan gamomdinare, metalistebi ugulvebelyofdnen fulis, rogorc mimoqcevis saSua-lebisa da gadaxdis saSualebis funqciebs.

metalisturi Teoriis modificirebulma formam neometalizmis saxiT Tavi iCina XX saukunis 50-60-ian wlebSi, rodesac rigi ekonomistebisa, rogoric iyvnen j. ruefi (safrangeTi), m. heolperini (aSS) da sxvebi, ga-movidnen oqros standartis aRdgenis ideiT. Zveli me-talisturi Teoriisagan gansxvavebiT, isini aRiareb-dnen qaRaldis fulisa da dauxurdavebeli banknotebis gamoyenebis aucileblobas, magram moiTxovdnen: a) ban-knotebis oqroze Tavisuflad gadaxurdavebas; b) fu-ladi erTeulis saxiT oqros gansazRvruli raodeno-bis dawesebas; g) banknotebis uzrunvelyofas realuri faseulobebiT — oqroTi da komerciuli TamasuqiT. ma-Ti azriT, aseTi sistema ekonomikas mianiWebda TviTre-gulirebad xasiaTs da saxelmwifosagan ar moiTxovda gansakuTrebul kontrols gamosaSvebi fulis raode-nobisadmi.

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dolaris devalvaciamde, kerZod 1970 wels ruefi isev gamovida mowodebiT msoflio masStabiT oqros standartis aRdgenisaken, romelic misi sityvebiT rom vTqvaT, rogorc ayvavebis ZviradRirebuli iaraRi, ga-napirobebda finansur stabilurobasa da socialur progress.

am ideis xorcSesxma ganizraxa amerikis preziden-tma r. reiganma. man 1981 wels ideis mizanSewonilobis Seasaswavlad specialuri komisiac ki Seqmna, romelmac ar CaTvala gamarTlebulad oqros standartis xelax-la SemoReba.

nominalisturi Teoria, metalisturisagan gan-sxvavebiT, uaryofs fulsa da keTilSobil liTonebs Soris Sinagan kavSirs, miiCnevs mas wminda saangariSo erTeulad, romelsac saerTo araferi aqvs saqonelTan da, maSasadame, ar gaaCnia sakuTari Rirebuleba. nomina-listebi fuls aigivebdnen Rirebulebis niSnebTan da, aqedan gamomdinare, mas aclidnen materialur Sina-arss. isini namdvil fulad qaRaldis fulis funqcie-biT farglavdnen. fulis, rogorc mimoqcevis saSuale-bisa da gadaxdis saSualebis funqciebis absolutiza-ciam ganapiroba aRniSnuli Teoriis warmoSoba. am Teo-riis fuZemdeblebma — ingliselma filosofosma j. berklmma (1625-1753) da Sotlandielma ekonomistma j. stiuartma (1712-1780) fuli nominalur pirobiT niSne-bad gamoacxades.

arc Tu Soreul warsulSi nominalisturma Teo-riam farTo ganviTareba hpova germaneli ekonomistis, `fulis saxelmwifo Teoriis~ (1905) avtoris g. knapis SromebSi. misi azriT, qaRaldis fuli fulis umaRlesi formaa, radgan igi Tavisufalia oqrosTan yovelgvari kavSirisagan.

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g. knapis ideebi SemdgomSi ganaviTara cnobilma ingliselma ekonomistma j. keinszma (1883-1946). misi fulis Teoriis mizani iyo oqros standartis gauqmeba, qaRaldis fulis mimoqcevis dominireba da ekonomikis saxelmwifoebrivi regulireba inflaciuri procese-bis marTvis gziT.

amrigad, fulis nominalisturi Teoriis Tanamed-rove nairsaxeobaTa ZiriTadi postulatebia: fulis sa-qonluri warmoSobis ignorireba, misi ZiriTadi fun-qciebis ugulvebelyofa, fulis fasebis masStabTan ga-igiveba da idealur saangariSo erTeulad warmoCena.

fulis raodenobrivi Teoria erT-erTi yvelaze gavrcelebuli Teoriaa, romlis mixedviTad saqonlis fasebi da fulis Rirebuleba ganisazRvreba mimoqceva-Si arsebuli fulis raodenobiT; amasTan saqonlis fa-sebi pirdapir proporciul, xolo fulis Rirebuleba ukuproprorciul damokidebulebaSia fulis raode-nobasTan. raodenobrivi Teoriis Tanaxmad fuls Sina-gani Rirebuleba ar aqvs, igi Sedis mimoqcevaSi Rirebu-lebis gareSe da misi Rirebuleba mxolod mimoqcevaSi moZraobis Sedegad iqmneba. aqedan gamomdinare, Rire-bulebis Teoria fuls mxolod mimoqcevis saSualebad miiCnevda. amiT d. rikardom fulis sakiTxSi Rirebule-bis SromiTi Teoriidan ukan daixia. amasTan, man, savse-biT marTebulad dasabuTa, rom fulis raodenobis ma-teba, rodesac mimoqcevaSi saqonlis masa ucvlelia, mi-si Rirebulebis Semcirebasa da fasebis zrdas iwvevs. d. rikardo oqros fulis Rirebulebas gansazRvravda mis warmoebaze daxarjuli SromiT, magram Tvlida, rom oq-ros monetas aqvs meti an naklebi Rirebuleba imis mi-xedviT, Tu rogoria misi raodenoba mimoqcevaSi. d. iu-mis mtkicebiTac, mimoqcevaSi fulis raodenobis mate-ba ar niSnavs qveynis simdidris zrdas, igi xels uwyobs

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mxolod saqonlis fasebis zrdas, amitom fulis Rire-buleba ganisazRvreba mimoqcevaSi arsebuli fulis ra-odenobiT da igi sruliad fiqtiuri sididea.

fulis raodenobrivi Teoria didi popularobiT sargeblobda XVII-XIX saukuneebSi da XX saukunis 30-ian wlebamde, keinzianelobis warmoSobamde.

Tanamedrove pirobebSi fulis raodenobrivi Te-oria isev yuradRebis centrSia. mas neoklasikuri Teo-riis safuZvlad miiCneven. am Teoriis mimdevarni amtki-ceben, rom fuladi erTeulis Rirebulebasa da saqon-lis fasebis dones gansazRvravs mimoqcevaSi arsebuli fulis raodenoba. rac ufro meti fulia mimoqcevaSi, miT ufro maRalia fasebi saqonelze da dabalia fula-di erTeulis Rirebuleba. sagulisxmoa, rom fulis ra-odenobrivi Teoriis Semdgomi ganviTareba ekonomet-rikuli8 analizis aparatis gamoyenebasTan aris dakav-Sirebuli. magaliTad, gamoCenili amerikeli ekonomis-ti irving fiSeri (1867-1947), romelsac Tanamedrove fulis raodenobrivi Teoriis fuZemdeblad Tvlian, maTematikuri meTodis moSveliebiT im daskvnamde mivi-da, rom fulis Rirebuleba misi raodenobis ukupro-porciulia, xolo saqonlis fasebi mimoqcevaSi arsebu-li fulis pirdapir proporciulia. man gamoikvlia ur-TierTdamokidebuleba fulis masasa da saqonlis fase-bis dones Soris. cnobilia fiSeris gacvlis formula, romelic asaxavs saqonlis SesaZenad gadaxdili fulis raodenobasa da gayiduli saqonlis fasebis jams Soris tolobas. maTematikurad es gantoleba Semdegi formu-

lis saxiTaa warmodgenili: PQMV = , sadac

8 ekonometrika ekonomikis erT-erTi mimarTulebaa, rome-lic dafuZnebulia movlenebis analizsa da prognozirebaSi maTematikuri modelebis gamoyenebaze.

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M _ aris fulis miwodeba; V _ Semosavlebis wrebrunvaSi fulis mimoqcevis

siCqare;

P _ fasebis done (saSualo fasi, romliTac iyi-deba warmoebis fizikuri moculobis yoveli erTeuli);

Q _ warmoebuli saqonlisa da momsaxurebis fi-zikuri moculoba.

gantolebis marcxena mxare (MV) wlis ganmav-lobaSi saqonlisa da momsaxurebis SesaZenad myidvel-Ta mier gaweuli danaxarjebis mTliani raodenoba.

gantolebis marjvena mxare ( )PQ _ ki gamyid-velTa mTliani amonagebia.

aqedan gamomdinare, monetaruli Sexedulebis

Tanaxmad, MV nominaluri wminda erovnuli produq-tis (wep) toli unda iyos. es ukanaskneli aris sxvadas-xva saqonlisa da momsaxurebis warmoebis fizikuri mo-

culoba ( )Q gamravlebuli maT Sesabamis fasebze ( )P , anu wep = PQ . monetaristebis azriT, fulis miwodebis cvlileba pirdapirproporciulad gavlenas axdens no-

minalur wep_ze (PQ) , kerZod, fulis miwodebis gadi-deba iwvevs P -s an Q -s gadidebas da piriqiT, fulis miwodebis Semcireba amcirebs maT.

monetaruli Sexedulebis Tanaxmad, fulis miwo-

debis (M) cvlilebam SeiZleba gamoiwvios warmoebisa da dasaqmebis realur moculobaSi moklevadiani cvli-

lebebi, magram xangrZliv periodSi M -is cvlileba gavlenas axdens fasebis doneze. fulis miwodebis cvlileba zemoqmedebs erToblivi moTxovnis yvela

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komponentze da ara mxolod investiciebze, erToblivi moTxovnis cvlileba ki zemoqmedebas axdens nomina-lur wep-ze xangrZliv periodSi upiratesad fasebis donisa da ara warmoebis realuri donis cvlilebebiT.

ekonomikur mecnierebaSi cnobilia agareTve fi-

Seris gantoleba, romelic ase gamoisaxeba: nvi += , sadac

i - aris procentis nominaluri ganakveTi; v - procentis realuri ganakveTi; n - inflaciis tempi. fiSeris gantoleba gviCvenebs, rom procentis no-

minaluri ganakveTi SeiZleba Seicvalos procentis re-aluri ganakveTisa da inflaciis tempis cvlilebiT; in-flaciis tempis 1 %-iT gazrda iwvevs procentis nomi-naluri ganakveTis gadidebas 1 %-iT. inflaciis tempsa da procentis nominalur ganakveTs Soris am Tanafar-dobas fiSeris efeqti ewoda.

amrigad, fiSeris efeqtidan gamomdinareobs, rom procentis nominaluri ganakveTi icvleba inflaciis tempis cvlilebis Sesabamisad.

fiSeri fulsa da saqonels Soris kavSirs mimoq-cevis sferos poziciebidan ganixilavs da mTlianad uaryofs warmoebis sferoSi mimdinare procesebs. misi azriT, fulis brunvis siCqare, pirvel yovlisa, damo-kidebulia demografiul (mosaxleobis simWidrove da a.S.) da teqnikur (satransporto saSualebebis raode-noba da xarisxi da a.S.) parametrebze, warmoebis done ki umTavresad Sromis bazarze Camoyalibebuli pirobiT ganisazRvreba. am Teoriis momxrea agreTve kembrijis skolis ingliseli ekonomisti a. pigu. igi uaryofs fuls, rogorc sayovelTao ekvivalents.

fulis keinzianuri Teoria, j. keinzis moZRvreba fulis Sesaxeb, nominalisturi Teoriis erT-erTi va-

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riantia. j. keinzi uaryofs fulis saqonlur bunebas, miiCnevs mas saxelmwifos iSviaT warmonaqmnad da, aqe-dan gamomdinare, daskvnebic nominalizmis analogiuri gamoaqvs.

naSromSi _ `traqtati fulis Sesaxeb~, `dasaqme-bis, procentisa da fulis zogadi Teoria~, keinzs fu-lis arsisa da formebis garda, ganxiluli aqvs fulis raodenobrivi Teoris modificirebuli varianti, pro-centis Teoria, fulad-sakredito regulirebis Teo-ria da sxva.

fulis raodenobrivi Teoriis keinzianuri vari-antis mixedviT mimoqcevaSi arsebuli fuladi masa ga-yofilia or nakadad: `samomxmareblo dovlaTisa~ da `sainvesticio dovlaTis~ moZraobis momsaxure nakade-bad, Sesabamisad gansxvavebuli specifikuri fasebiT. amasTan, keinzi, xazgasmiT aRniSnavda, rom samomxmareb-lo dovlaTis fasebis done ar aris damokidebuli sain-vesticio dovlaTis fasebis doneze. amrigad, mimoqce-vaSi arsebuli ori erTmaneTisagan gansxvavebuli fu-ladi masa man gautola saqonlis or jgufs. SemdgomSi keinzi mivida im daskvnamde, rom fulis raodenobis ma-teba veraviTar gavlenas ver moaxdens fasebze manam, sanam arsebobs umuSevroba, vinaidan dasaqmeba izrdeba moTxovnis gadidebis proporciulad, rac gamowveulia fulis raodenobis zrdiT. amasTan, rodesac mTeli sa-muSao Zala dasaqmedeba warmoebaSi, mdgomareoba Zir-fesvianad Seicvleba: aseT SemTxvevaSi fulis raodeno-bisa da moTxovnis gadideba veRar gamoiwvevs dasaqme-bis gazrdas, magram gamoiwvevs fasebis amaRlebas. am msjelobidan gamomdinere, keinzma Semdegnairad Camoa-yaliba fulis raodenobrivi Teoria: sanam arsebobs umuSevroba, dasaqmeba Seicvleba im proporciiT, ra proporciiTac fulis raodenoba, xolo Tu srulia da-

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saqmeba, maSin fasebi Seicvleba imave proporciiT ro-goriTac fulis raodenoba.9

rac Seexeba procentis Teorias, j. keinzi did mniSvnelobas aniWebda sasesxo procentsa da mis nor-mas. igi fuls ganixilavda, rogorc likvidur qonebas da moiTxovda sesxze procentis dawesebas, raTa fu-lis mflobelis droebiTi ganSoreba likviduri qone-bisagan anazRaurebuliyo procentiT. keinzi procen-tis normas aniWebda udides mniSvnelobas ekonomikaSi. igi ganixilavda mas, rogorc investiciebis moculo-bis gansazRvris erT-erT gadamwyvet faqtors. pro-centis norma, keinzis mixedviT, zemoqmedebs investi-ciebze, es ukanaskneli ki erovnuli Semosavlis zrdis mniSvnelovani faqtoria.

fulad-sakredito regulirebis TeoriaSi j. kein-zi umuSevrobis mizezs fulad-sakredito faqtorebs ukavSirebda. misi azriT, arasruli dasaqmebis mizezia arasakmaod efeqtiani moTxovna saqonelze, romelic umetesad damokidebulia investiciebis ukmarisobaze, xolo am ukanasknelis mizezad igi procentis Zalzed maRal normas asaxelebda. keinzi sruli dasaqmebis mi-saRwevad moiTxovda saxelmwifos aqtiur Carevas fu-lis raodenobisa da procentis normis regulirebaSi. igi zomieri inflaciisa da procentis ganakveTis Sem-cirebis momxre iyo. misi azriT, fulad-sakredito sa-xelmwifo regulireba qveyanas krizisisagan daicavda.

niSandoblivia cnobili amerikeli ekonomistis j. gelbreiTis gamonaTqvami j. keinzis Sesaxeb. igi mis sa-xels ukavSirebs erT-erT mniSvneloban movlenas sa-bazro ekonomikis ganviTarebaSi, kerZod ekonomikuri

9 keinzi j. dasaqmebis,procentisa da fulis zogadi Teoria. quTaisi. ’stamba’. 1995. gv. 288-290.

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ciklis saxelmwifo regulirebas. misi ZiriTadi arsi mdgomareobs saxelmwifo biujetidan mosaxleobis ga-daxdisunariani moTxovnilebis ukmarisobis kompeten-ciaSi: warmoebasTan SedarebiT, mosaxleobis erTobli-vi moTxovnis dacemisas, saxelmwifos aqtiuri CareviT ekonomikaSi, kerZod gadasaxadebis SemcirebiT an biu-jetis gadidebiT, an erToblivi RonisZiebiT, amaRlde-ba mosaxleobis gadasaxadisunariani moTxovnileba da gafarTovdeba warmoeba, riTac ekonomikaSi aRdgeba sruli dasaqmeba. rogorc j. gelbreiTi SeniSnavs, ase-Tia keinzianuri revoluciis mTavari idea.

Tanamedrove monetarizmi warmoiSva aSS-Si XX sa-ukunis 50-iani wlebis Sua xanebSi, rogorc j. keinzis doqtrinis antipodi. monetaruli skolis warmomad-genlebma didi `wvlili~ Seitanes keinzianuri Teoriis diskreditaciaSi. Tanamedrove monetaruli Teoria efuZneba amerikeli ekonomistis, `Cikagos skolis~ li-deris, nobelis premiis laureatis, milton fridmenis gamokvlevebs. jer kidev 1957w. man gamoaqveyna naSromi _ `samomxmareblo funqciis Teoria~, romelSic wamoa-yena e. w. `permanentuli~ Semosavlebis koncefcia. fridmeni uaryofs keinzianur mtkicebas moxmarebasa da mimdinare Semosavlebis dones Soris kavSir-urTi-erTobebis Sesaxeb. misi azriT, moxmarebis zrda Zalze umniSvnelodaa damokidebuli mimdinare Semosavlebis zrdaze da individis moxmarebis saerTo moculobis mniSvnelovani nawili ganisazRvreba e.w `permanentuli SemosavlebiT~.

fridmeni da `Cikagos skolis~ sxva warmomadgen-lebi, keinzisagan gansxvavebiT, ekonomikaSi saxelmwi-fos Carevis winaaRmdegi arian. maTi azriT, saxelmwi-fos socaluri danaxarjebi, erTi mxriv, zrdis biuje-tis deficitsa da inflacias, meore mxriv, Sromis sti-

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mulebis dacemiT amcirebs warmoebis efeqtianobas. mo-netaristebisaTvis ekonomika, pirvel yovlisa bazaria, bazari ki TviTregulirebadi sistemaa, romelzec ze-moqmedeba SesaZlebelia upiratesad fuladi masis mo-culobis regulirebiT. monetarizmi (rogorc TviT sa-xelwodebidan Cans), ekonomikaSi mTavar rols swored fuls aniWebs. igi fulis raodenobrivi Teoriis saxe-Secvlili variantia.

m. fridmenma ZiriTadad i. fiSeris koncefciaze dayrdnobiT, axali momentebi Seitana fulis raode-nobriv TeoriaSi. saxeldobr, naSromSi `fuladi anali-zis Teoriuli CarCoebi~ (1971) igi Seecada, moeZebna kavSiri kvlavwarmoebis procesSi fuladi masis dinami-kasa da ekonomikis meryeobas Soris. fridmeni udides rols aniWebs fulad masas fasebis donis gansazRvraSi. amasTan, misi azriT, fuladi faqtorebi gadamwyvet gav-lenas axdens erovnuli Semosavlis dinamikasa da eko-nomikis ciklur xasiaTze.

fridmenis SexedulebebiT, ekonomikur siste-maSi ar aris fulis raodenobis gansazRvraze mniSvne-lovani problema da misi miwodebis regulireba ar Se-iZleba iyos mxolod centraluri bankis funqcia. maga-liTad, federaluri sarezervo sistemis (fss) wevrebi, rogorc ar unda ecadon, verasodes SeZleben ekonomi-kaSi fulis raodenobis regulirebas. es xdeba imitom, rom aravin icis, maT Soris, fss_is wevrebmac mocemu-li qveynis ekonomikis realuri mdgomareoba nebismier momentSi. monacemebis Segrovebasa da damuSavebas ki Tveebi sWirdeba. amasTan, monacemebi SeiZleba iyos wi-naaRmdegobrivi da ar asaxavdes ekonomikis realur su-raTs. amitomac fridmens miaCnia, rom qveynis `finansu-ri xelisufleba~ aRrmavebs xolme uwesrigobas Tavis qveyanaSi. fulis miwodebis SeCerebis aucileblobisas

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zrdis mis raodenobas mimoqcevaSi da piriqiT, rodesac fulis miwodebis gazrdaa saWiro, aferxebs mas.

m. fridmeni gvTavazobs problemis gadaWras mar-tivi gziT — mimoqcevaSi fulis raodenobis gazrdas ucvleli, winaswar gansazRvruli procentiT, rome-lic organul kavSirSi iqneba nominaluri wep-is xan-grZliv zrdasTan. amis safuZvelze, fridmenis azriT, miwodebis stabiluri gadideba ara mxolod misadage-buli iqneba mzard moTxovnasTan xelfasis gacemisa da kapitaldabandebebisadmi, aramed mTel ekonomikas daa-yenebs aRmavlobis relsebze, ekonomikur sistemas sa-Sualebas miscems gamoavlinos Tavisi bunebrivi dina-mizmi. Tu ekonomika daRma wava, SeniSnavs fridmeni, ma-galiTad, saerTaSoriso mdgomareobis gamwvavebis Se-degad, maSin, fulis miwodebis mudmivi mateba moxmar-deba sabanko rezervebis gadidebas, xels Seuwyobs imas, rom bankebma gascen sesxebi da, amdenad, ekonomika gamo-iyvanon krizisidan. Tu qveyanaSi warmoiqmneba infla-ciis moulodneli piki, maSin fulis miwodebis matebis ucvleli koeficienti, romelic xels Seuwyobs bankebs sesxis gacemaSi, Taviseburi lagami iqneba inflaciis SesaCereblad. fridmenis Teoria metad sayuradRebo da garkveulwilad problematuricaa.

m. fridmenma Tavis monetarul Teorias fulze, anu moTxovnis Teorias uwoda `fulis uaxlesi raode-nobrivi Teoria~.

fulis uaxlesi raodenobrivi Teoriis mTeli Si-naarsi daiyvaneba or ZiriTad debulebaze: 1. fulis mi-moqcevis siCqaris elastikuroba sargebelTan sabo-loo sididea, amitom aseTi damokidebuleba myaria; 2. sargeblis ganakveTi ganisazRvreba ekonomikis realur seqtorSi (e. i. saqonelTa bazarze).

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monetarizmi Zveli raodenobrivi Teoriisagan imiTac gansxvavdeba, rom am koncefciis momxreebi gan-sakuTrebul mniSvnelobas aniWeben fulad-sakredito politikis Sedegebis dagvianebas.

m. fridmeni, 75 wlis statistikuri monacemebis analiziT, im daskvnamde mivida, rom moqnilma sakredi-to-fuladma politikam SeiZleba gamoiwvios wonaswo-robis darRveva, amitom gacilebiT ukeTesia ganvaxor-cieloT fuladi masis gafarToebis tempebis stabili-zaciis iseTi politika, romelic produqciis moculo-bis matebis trenduli tempis toli iqneba. fridmeni Tvlis sasurvelad weliwadSi fuladi masis matebis 4%-ian temps. am daskvnamde fridmenis misvla gamoiwvia im aqsiomaturma garemoebam, rom ekonomistebs SeuZli-aT saimedod iwinaswarmetyvelon sameurneo koniuqtu-ra ara umetes erT welze meti periodisaTvis da ar Se-uZliT gaiTvaliswinon sakredito-fulad sferoSi momxdar cvlilebaTa Sedegebis gamovlinebis dagviane-ba.

m. fridmenis mier fulad-sakredito politikis Sedegebis dagvianebis Sesaxeb Catarebuli gamokvleva gaxda originaluri daskvnis gakeTebis safuZveli, ar SeiZleba fulad-sakredito politikaSi moqmedebis ga-nusazRvreli Tavisuflebis miniWeba. Tavisi ganviTa-rebis manZilze fuli warmodgeba or saxed: naRdi fuli da Rirebulebis niSnebi (naRdi fulis Semcvlelebi).

naRdi fuli _ es aris fuli, romlis nominaluri Rirebuleba (aRniSnuli mis Rirebulebaze) Seesabameba realur Rirebulebebs, e.i. liTonis Rirebulebas, rom-lisganac damzadebulia igi. liTonis fuli (spilenZis, vercxlis, oqros) iyo sxvadasxva formis: Tavidan ca-lobiTi, xolo Semdeg woniTi. ufro gviani ganviTare-bis fuladi mimoqcevis monetas hqonda kanoniT dadge-

49

nili ganmasxvavebeli niSnebi (garegnuli saxe, woniTi Sedgeniloba). mimoqcevisaTvis SedarebiT xelsayreli iyo monetis mrgvali forma, romlis wina saxes ewodeba aversi, ukana mxares ki _ reversi, Wrils ki _ grunti.

oqros mimoqcevaze qveynebi XX saukunis meore na-xevridan gadavidnen. pirveli maT Soris iyo didi bri-taneTi, romelsac Tavisi koloniebisa da dominionebis CaTvliT pirveli adgili eWira oqros mopovebaSi.

naRdi fulisaTvis damaxasiaTebelia simtkice, romelic uzrunvelyofili iyo Rirebulebis niSnebis oqroze Tavisuflad gadacvliT.

oqros mimoqcevis dros Rirebulebis niSnebis warmoSoba gamowveuli iyo obieqturi aucileblobiT:

oqros mopoveba ver uswrebda saqonelwarmoebas, ver emsaxureboda mcire Rirebulebis brunvebs;

oqros mimoqceva ver flobda ekonomikuri elas-tiurobis obieqturobis Zalas e. i. Cqara SekumSvasa da gafarToebas.

mTlianobaSi oqros standarti ver axdenda war-moebisa da saqonelbrunvis stimulirebas.

oqros mimoqcevam iarseba msoflioSi _ pirvel msoflio omamde, roca meomari qveynebi Tavisi gasav-lebis dafarvis mizniT axorcielebdnen Rirebulebis niSnebis emisias. TandaTanobiT oqro gaqra mimoqcevi-dan.

naRdi fulis Semcvlelebi (Rirebulebis niSnebi) _ aris fuli, romlis nominaluri Rirebuleba maRalia realurze, e.i. mis warmoebaze daxarjul sazogadoeb-riv Sromaze. maT miekuTvneba: liTonuri Rirebulebis niSnebi _ oqros moneta, bilonuri moneta, e.i. wvrili moneta, romlebic damzadebulia iaffasiani liTonebi-sagan. magaliTad, spilenZisagan, aluminisagan.

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qaRaldis Rirebulebis niSnebi, damzadebulia, rogorc wesi, qaRaldisagan. ganasxvaveben qaRaldisa da sakredito fuls.

qaRaldis fuli _ es aris naRdi fulis warmomad-geneli. istoriulad warmoiSveba, rogorc mimoqcevaSi arsebuli oqros fulis Semcvlelebi. oqrosTan Seda-rebiT aseTi fuli saqonelmflobelTaTvis qmnis er-Tgvar upiratesobas. (advilia Sesanaxad, wvrili parti-ebis angariSisas xelsayrelia).

qaRaldis fulis gamoSvebis uflebas flobs sa-xelmwifo. gamoSvebuli fulis nominalur Rirebule-basa da maTi gamoSvebis Rirebulebas Soris sxvaoba (ga-savlebi qaRaldze, dabeWdvaze) ayalibebs xazinis sae-misio Semosavals, romelic warmodgeba saxelmwifo Se-natanis arsebiT elementad. pirvel etapze qaRaldis fuli saxelmwifos mier gamodioda oqrosTan erTad, im mizniT, rom isini danergiliyo mimoqcevaSi, icvleboda oqroze. Tumca, biujetis deficitis warmoSobisa da zrdis Sedegad gaizarda qaRaldis fulis emisia, rom-lis zomac damokidebuli iyo saxelmwifos moTxovni-lebaze.

qaRaldis fuli asrulebs mxolod or funqcias: mimoqcevisa da gadaxdisa. oqroze gacvlis arseboba ar aZlevT maT mimoqcevidan gasvlis uflebas. saxelmwi-fo, romelic mudmivad ganicdis saSualebebis naklebo-bas, zrdis qaRaldis fulis gamoSvebas sasaqonlo da sagadasaxado brunvis aRricxvis gareSe. qaRaldis fu-lis ekonomikuri buneba gamoricxavs saqaRaldo _ fu-ladi mimoqcevis simtkices, radganac maTi gamoSveba ar regulirdeba saqonelbrunvis moTxovnebiT da Warbi qaRaldis fulis mimoqcevidan amoRebis avtomaturi meqanizmi ar arsebobs. amis Sedegad qaRaldis fuli, sa-qonelbrunvisagan damoukideblad, mimoqcevis arxebSi

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iWedeba da ufasurdeba. gaufasurebis mizezebia: sa-xelmwifos mier Warbi fulis gamoSveba da qveynis eq-sportisa da importis araxelsayreli Tanafardoba.

amrigad, qaRaldis fulis arsi mdgomareobs imaSi, rom isini gamodian Rirebulebis niSnebad, romelic ga-moSvebulia saxelmwifos mier sabiujeto deficitis dafarvis mizniT, Cveulebriv, isini ar icvlebian oqro-ze da gamoyofilia saxelmwifos mier iZulebiTi kur-siT.

sakredito fuli warmoiSveba saqonelwarmoebis ganviTarebasTan erTad, roca yidva _ gayidva xorci-eldeba gadaxdis gadavadebiT (kreditiT). maTi warmo-Soba dakavSirebulia fulis gadaxdis funqciasTan, sa-dac fuli gamodis valdebulebad, romelic unda dai-faros naRdi fuliT winaswar gansazRvrul vadebSi. am fulis ekonomikuri roli mdgomareobs SemdegSi: fu-lis brunva gaxados elastiuri, romelic SeZlebs saqo-nelbrunvis moTxovnis asaxvas naRd fulSi; ekonomia gauwios naRd fuls; xeli Seuwyos unaRdo fulis ganvi-Tarebas.

sasaqonlo _ fuladi urTierTobebis TandaTa-nobiTi ganviTarebiT sakredito fulis arsi ganicdis mniSvnelovan cvlilebebs. kapitalis batonobis piro-bebSi sakredito fuli asaxavs ara saqonelTa Soris kavSirs bazarze, rogorc iyo adre (s-f-s), aramed fu-ladi kapitalis urTierTobas (f-s-f), amitom fuladi kapitali gamodis sakrediro fulis rolSi.

sakredito fulma gaiara ganviTarebis Semdegi gza: Tamasuqi, aqceptirebuli Tamasuqi, banknoti, Ceki, eleqtronuli fuli, sakredito baraTebi, obligacia.

Tamasuqi _ werilobiTi valdebulebaa movalisa, gadaixados gansazRvruli Tanxa winaswar daTqmul droSi da daTqmul adgilze. ganasxvaveben martiv Tama-

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suqs, gacemuli movalis mier da gadasapirebeli (tra-ta), gamowveuli kreditoris mier da gagzavnili mova-lisaTvis xelis mosawerad, romelic ubrundeba kredi-tors. gadasapirebeli Tamasuqi (trata) Rebulobs ga-dacemis uflebas gadasacemi xelmoweris (indosamen-tis) saSualebiT, romelic mocemulia dokumentis uka-na mxares. gadasacemi wanaweris gazrdis SemTxvevaSi Ta-masuqis cirkulaciis Zala izrdeba, radganac yvela in-dosamenti atarebs solidur pasuxismgeblobas Tama-suqze.

Tanamedrove pirobebSi mimoqcevaSi arsebobs ag-reTve saxazino Tamasuqi, romelic saxelmwifos mieraa gacemuli biujetis deficitisa da salaros garRvevis dafarvis mizniT, megobruli Tamasuqi _ gamowerilia erTi piris mier meoreze gadasacemad bankSi maTi Ca-ricxvis mizniT, vercxlis Tamasuqi _ romelic ar aris uzrunvelyofili saqonliT.

Tamasuqi xasiaTdeba Semdegi TaviseburebebiT: _ abstraqtirebiT, e.i. dokumentSi ar aris miTi-

Tebuli informacia SeTanxmebis garigebis Sesaxeb; _ udavooba, Tamasuqis ganaRdebis valdebulebis

aRmniSvneli; _ mimarTuleba, e.i. Tamasuqis gadacema sxva kre-

ditorebze, rogorc sagadasaxado saSualeba, rac qmnis saTamasuqo valdebulebebis sanacvlo CaTvlis SesaZ-leblobas. sagadasaxado garantia ufro izrdeba Tama-suqis aqceptirebis (Tanxmoba) dros bankis mier (aqcep-tirebuli Tamasuqi).

Tamasuqis moZraoba SezRudulia sxvadasxva mize-ziT:

— funqcionirebs iseT pirTa Soris, romlebic kargad informirebulni arian erTmaneTis gadaxdisu-

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narianobaze da maT mier ganxorcielebul sasaqonlo — ekonomikur urTierTobebze;

— ZiriTadad emsaxureba sabiTumo vaWrobas; — saTamasuqo mimarTvis monawileebis mier ifare-

ba naRdi fuliT, komerciuli Tamasuqi gaicema saqonliT giravno-

bis SemTxvevaSi. sabanko Tamasuqi (romelic pirvelad 1992 wlis dasawyisSi SesTavaza inkombankma Tavis kli-entebs) gaicema banki — klientis mier im SemTxvevaSi Tu klients bankis depozitze gaaCnia naRdi fuli. sabanko krediti sawarmos aZlevs axal sagadasaxado saSuale-bas, romelic garantirebulia bankis mier. igi arsiT martivi Tamasuqis msgavsia, radganac gamoiwereba ban-kis klientis mier momwodebelze saqonlis asanazRau-reblad, magram SeiZleba indosamentirebuli iyos mesa-me pirze.

martivi Tamasuqi Seicavs Semdeg momentebs: 1. dasaxeleba `Tamasuqi~ Setanilia teqstSi im

enaze, romelzec es dokumentia Sedgenili; 2. martiv dapirebas gansazRvruli Tanxis gadax-

dis Sesaxeb, rac arafriT ar aris Sepirobebu-li;

3. gadaxdis vadis miTiTebas; 4. im adgilis aRniSvnas, sadac Tanxa unda gadai-

xado; 5. Tamasuqis Sedgenis TariRsa da adgils; 6. Tamasuqis gamcemi piris xelis moweras. banknotebi _ sakredito fulia, romelic gamoS-

vebulia qveynis centraluri (saemisio) bankis mier. pirvelad banknotebi gamoSvebuli iqna XVII saukunis bolos, kerZo komerciuli Tamasuqebis aRweris safuZ-velze. Tavdapirveli bankotebi flobdnen ormag uz-runvelyofas: komerciuls, radganac gaicemoda ko-

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merciuli Tamasuqis bazaze, romlebic dakavSirebuli iyo saqonelbrunvasTan, da oqroTi uzrunvelyofas, romelic uzrunvelyofda maT oqroze gacvlas. aseT banknotebs uwodeben klasikurs. isini iyvnen mtkiceni da saimedoni. centraluri banki flobda oqros marags gacvlisaTvis, romelic gamoricxavda banknotebis ga-ufasurebas.

Tamasuqisagan gansxvavebiT, banknoti warmoad-gens uvado savalo valdebulebebs da misi uzrunvel-yofa xdeba centraluri bankis sazogadoebrivi garan-tiT, romelic mraval qveyanaSi iqca saxelmwifod.

Tanamedrove banknotebma dakarga garantiebi: centraluri bankebis mier ganaRdebuli Tamasuqi ar aris uzrunvelyofili oqroTi, da aseve gauqmda ban-knotebis gacvla oqroze. dResdReobiT, banknotebi mimoqcevaSi Sedian saxelmwifos sabanko dakreditebis gziT, meurneobis sabanko dakreditebiT komerciuli bankebis meSveobiT, sazRvargareTuli ucxouri valu-tis gacvliT mocemuli qveynis banknotebze. Tanamed-rove pirobebSi qveynis centraluri banki uSvebs mkac-rad gansazRvruli Rirebulebis banknotebs. Tavisi arsiT, isini warmoadgenen saxelmwifos mTel terito-riaze erovnul fuls. saqonlis an oqros saxiT mate-rialuri uzrunvelyofa ar arsebobs. banknotebis dam-zadebisaTvis gamoiyeneba specialuri qaRaldi da iRe-ben sxvadasxva zomebs gakotrebis asaSoreblad.

Ceki _ esaa fuladi dokumenti dadgenili for-miT, romelic Seicavs usityvo brZanebas sakredito dawesebulebaSi angariSis mflobelis Cekis mflobe-lis mier miTiTebuli Tanxis gadaxdaze. saCeko mimoq-cevas win uswrebs garigeba sakredito dawesebulebis klientsa da am dawesebulebas Soris angariSis gaxsna-ze Setanili saSualebiT. klienti am Tanxaze waradgens

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Ceks, xolo sakredito dawesebuleba anaRdebs maT. sa-Ceko mimoqcevaSi monawileobs _ Cekis gamcemi (angari-Sis mflobeli), Cekis mimRebi (Cekis kreditori) da Ce-kis mixedviT gadamxdeli (sakredito dawesebuleba).

pirvelad Ceki warmoiSva mimoqcevaSi XVI_XVII sa-ukuneebSi did britaneTsa da holandiaSi erTdrou-lad. sakredito sistemis ganviTarebasTan erTad, maT hpoves farTo gavrceleba. ganasxvaveben Cekis sam Ziri-Tad saxeobas: saxelobiTs _ gansazRvrul pirze, gada-cemis uflebis gareSe; warmomdgeniTs — mimRebis miniS-nebis gareSe; saorderos — gansazRvrul pirze, magram gadacemis uflebiT indosamentis saSualebiT.

Sida brunvaSi Ceki gamoiyeneba sakredito dawese-bulebebSi naRdi fulis asaRebad, rogorc gadaxdisa da mimoqcevis saSualeba, da aseve unaRdo angariSswo-rebis instrumentis saxiT, romelic xorcieldeba sak-redito dawesebulebebSi angariSebze gadaricxvis sa-SualebiT da urTierTmoTxovnaTa CaTvliT. yvelaze martiv urTierTCaTvlad gvevlineba erTi bankis kli-entebs Soris angariSsworeba, sxva bankebs Soris anga-riSsworebisas Ceki gaiTvaliswineba saaRricxvo bara-Tis mier. saerTaSoriso angariSsworebisas gamoiyeneba sabanko Cekebi, romlis meSveobiTac xorcieldeba ko-merciuli gadasaxdelebi, magram ZiriTadad ki arasa-vaWro xasiaTis gadasaxdelebis dros gamoiyeneba. igi dadgenili formis fuladi dokumentia, angariSis mflobelis werilobiTi gankarguleba bankisadmi, ra-Ta am ukanasknelma Cekze xelis momweris angariSidan gascems an gadaricxos sxva angariSebze garkveuli Tanxa.

Cekis Sesaxeb gadawyvetilebebis Tanaxmad, rome-lic miRebul iqna 1929 wels ssrk-Si, moqmedebda Cekis ori saxe: saangariSsworebo da fuladi.

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saangariSsworebo Ceki _ es aris werilobiTi mi-marTva bankisadmi, ganaxorcielos fuladi gadaxda Ce-kis gamcemis angariSidan Cekis mflobelis angariSze. gamoiyeneba unaRdo angariSsworebisas.

fuladi Ceki — emsaxureboda naRdi fulis miRe-bas sawarmoebisa da organizaciebisaTvis.

meore msoflio omis Semdeg saCeko mimoqcevis arealis gafarToebam gamoiwvia gadaxdis formaTa cvlileba. mecnierul-teqnikuri progresisa da eleq-tonul-gamomTvleli teqnikis ganviTarebam uzrun-velyo mowinave sazRvargareTis qveynebSi avtomaturi eleqtronuli danadgarebis Seqmna Cekebisa da mimdina-re angariSebis qcevaTa gadamuSavebisaTvis. eleqtro mowyobilobebi da kavSiris sistema sakredito da saga-dasaxado operaciebis ganxorcielebisaTvis (angariSe-bis Caricxva da Camowera, angariSidan angariSze gaday-vana, procentebis daricxva, angariSTa mdgomareobaze kontroli) eleqtro signalebis gadacemis saSuale-biT, qaRaldis matareblebis monawileobis gareSe, xels uwyobda eleqtronuli fulis warmoSobas. misi saSualebiT xorcieldeba bankTaSorisi operaciebis didi nawili.

amJamad, gansakuTrebuli mniSvneloba eniWeba sakredito valdebulebaTa iseT saxes, rogoricaa ob-ligacia. igi gansxvavdeba sabanko Cekebis zemoT CamoT-vlili saxeebisagan ara marto funqciebiT, aramed e.w. likvidurobis xarisxiTac, anu maSinve fulad gardaq-mnis unariT.

obligacia aris gansazRvruli vadiT gamoSvebu-li, myari kursis mqone fasiani qaRaldi, romelic Sei-cavs miTiTebul droSi sesxis dafarvisa da procentis yovelwliuri gadaxdis valdebulebas. obligacia ise-Ti sagadasaxado valdebulebaa, romlis mixedviTac

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kreditori yovelwliurad Rebulobs Semosavals, fiq-sirebuli procentis saxiT.

sakredito fulis ganviTarebaSi mniSvnelovani movlenaa sakredito baraTebis SemoReba. pirvelad isini `savalo baraTebis~ saxiT gamouSves aSS-Si, ker-Zod — firma `dainer-klabma~, 1915 w.

sakredito baraTi gadaxdis saSualebaa da asru-lebs saangariSsworebo — sagadasaxado da sakredito funqciebs. misi ZiriTadi saxeebia:

1) ganaxlebadi baraTi (`masterkardi~, `viza~). ga-moiyeneba maRaziebsa da restornebSi angariSsworebi-saTvis da aqvs winaswar dadgenili limiti. valis ga-daxdis Semdeg xdeba misi ganaxleba.

2) erTTviani baraTi (`ameriken eqspresi~, `dai-ner-klabi~) iyeneben turistuli firmebi angariSswo-rebisaTvis. masze limiti ar wesdeba, magram davaliane-bis dafarva aucilebelia Tvis bolos.

3) safirmo baraTi (`barkleiz kardi~, `tristkar-di~) gamoiyeneba sxvadasxva samsaxurebrivi xarjebis dasafaravad, moqmedebs erTTviani baraTebis msgavsad.

4) premialuri anu `oqros~ sakredito baraTi (`ameriks gould kardi~, `gould masterkardi~, `premi-er kard viza~). eZlevaT mxolod mTeli wliuri Semo-savlis klientebs, romlebic akuratulad ixdian vals. sakredito baraTis am saxes aqvs Semdegi upiratesobe-bi:

a) iZleva SeRavaTiani ganakveTis kreditis aRebis uflebas;

b) ara aqvs alimenti an Tu aqvs, Zalze maRali; g) klienti avtomaturad iRebs solidur dazRve-

vas ubeduri SemTxvevisas; d) dajavSnulia misi mflobelisaTvis adgili

sastumroebSi da sxva.

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zemoT aRniSnulidan gamomdinare, Tavisi daniS-nulebiTa da gamoyenebis Sedegebis moZraobac fiqsir-deba bankSi klientebis angariSze (brunva mimdinareobs fuladi niSnebis gareSe). unaRdo angariSsworebebi xorcieldeba dadgenili normebis Sesabamisad, romel-Ta dacvaze kontrols axorcielebs sakredito orga-noebi.

unaRdo brunvis fuli gamoirCeva specifikiT, romelzec gvmarTebs yuradRebis gamaxvileba, miT ume-tes rom gamoyenebuli terminologia ar xsnis aseTi fulisa da misi brunvis Taviseburebebs.

unaRdo fuliT angariSis Taviseburebebi gamov-lindeba SemdegSi:

1) naRdi fuliT angariSsworebisas monawileobas Rebulobs gadamxdeli da mimRebi, gadaicema naRdi fu-li. unaRdo fuliT angariSsworebisas sami monawilea: gadamxdeli, mimRebi da banki, romelSic xorcieldeba angariSsworeba gadamxdelisa da mimRebis angariSebiT.

2) unaRdo fuliT angariSsworebis monawileni im-yofebian bankTan sakredito urTierTobaSi. aseTi ur-TierTobebi warmodgebian am angariSsworebis monawi-leTa angariSze arsebuli narCeni TanxiT. aseTi sakre-dito urTierTobebi naRdi fulis brunvisas ar arse-bobs.

3) angariSsworebis erTi monawilis mier kuTvni-li fulis gadaricxva meoris sasargeblod xorciel-deba maT Cekebze minaweris saSualebiT, ris Sedegadac icvleba bankis sakredito urTierTobebi aseTi opera-ciebis monawileTa mimarT. sxva sityvebiT, aq mimdina-reobs sakredito operacia, romelic ganxorcielda fulis saSualebiT. amiT naRdi fulis brunva Canac-vldeba sakredito operaciiT. es xazs usvams dakredi-tebis procesebis mizanSewonili organizaciis mniS-

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vnelobas fuladi masis regulirebisaTvis, romelic Sedgeba unaRdo angariSsworebis fulisa da naRdi fu-lisagan.

unaRdo fuladi angariSsworebis gavrcelebas-Tan erTad farTo ganviTareba hpova sxvadasxva fasiani qaRaldebis gamoyenebam gadaxdis ganxorcielebaSi uSualod fuladi saSu