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2005-05-19T11:19:40Z
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-14.5738 -1.2022 TD
0.0008 Tc
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0.1091 Tw
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T*
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T*
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T*
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T*
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0.0268 Tw
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0.0011 Tc
0.1746 Tw
[(La \(5.1.2\) definisce la)5.3(c)2.3(quisizione )5.4(netta di attivit finan-)]TJ
-1.2951 -1.2022 TD
0.1145 Tw
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0.0005 Tc
0.1151 Tw
[(NAFA, net acqu)-6.1(isition of fi)-5.3(nancial assets)]TJ
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[(\) del )5.5(settore )]TJ
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9.9454 0 TD
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(gi noto dalla \(4.1.1\). )Tj
1.2951 -1.2022 TD
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[(La terza co)-7.7(lonna riporta la vers)]TJ
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0.1147 Tw
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0.0012 Tc
0.1089 Tw
[(delle azien)5.5(d)1.6(e di credito, definito )5.4(dalla \(4.3.1\), nel quale, per )]TJ
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0.2077 Tw
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T*
0.1858 Tw
[(abbiamo considerato a)5(n)-0.4(che altre )5.4(attivit che)-7.4( le banche )5.4(de-)]TJ
T*
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T*
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<0027>Tj
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0.049 Tw
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0.344 Tw
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T*
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T*
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0.0013 Tc
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<0027>Tj
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( )Tj
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<0027>Tj
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0.0008 Tc
(\(4.2.6\) )Tj
-24.2076 -2.0601 TD
0.0383 Tw
[(La struttu)-5.8(ra della matrice dei flus)4.7(si di fondi abbastanza )]TJ
-1.2951 -1.2022 TD
0.0007 Tc
0.0931 Tw
[(dettagliata da distinguere fra attivit detenute dai privati e )]TJ
T*
0.0008 Tc
[(attivit di r)-3.4(i)-1.2(serva \(la cui variazione costituisce il saldo com-)]TJ
T*
0.0009 Tc
0.153 Tw
[(plessivo della bilancia)5.1( )5.5(dei paga)]TJ
14.9508 0 TD
0.0005 Tc
0.1534 Tw
[(menti\). Per vedere dov)-3.8( il )]TJ
-14.9508 -1.2022 TD
0.0014 Tc
0.1798 Tw
[(saldo complessivo \()]TJ
/TT8 1 Tf
9.1803 0 TD
0.0004 Tc
0.1808 Tw
[(ove)7.1(r)1.6(all balan)-6.2(c)-3.8(e)]TJ
/TT2 1 Tf
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0.0011 Tc
0.1801 Tw
[(\) della bilancia dei paga-)]TJ
-16.3279 -1.2022 TD
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T*
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T*
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(M1)Tj
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(B)Tj
/TT13 1 Tf
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( )Tj
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<0010>Tj
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<0010>Tj
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( )Tj
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(,)Tj
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0.3622 Tc
(Et)Tj
ET
q
1 i
398.04 572.24 19.08 13.38 re
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BT
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(\(5.2.7\) )Tj
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0.1694 Tw
[(mentre le attivit di riserv)]TJ
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[(a \(q)-5.7(uelle deten)5.3(u)-0.2(te dalla banca )]TJ
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(centrale\) sono )Tj
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/TT13 1 Tf
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(\(5.2.8\) )Tj
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/TT11 1 Tf
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0.0007 Tc
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( = )Tj
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( )Tj
9.6011 -0.0382 TD
0.0008 Tc
(\(5.2.9\) )Tj
-25.5027 -2.0109 TD
0.0011 Tc
-0.0002 Tw
[(per cui passando ai flus)5(si la \(3.3.6\) )5.5(pu essere )5.5(espressa come )]TJ
/TT11 1 Tf
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/TT11 1 Tf
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0.6799 -1.1962 TD
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<0027>Tj
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<0040>Tj
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<003e>Tj
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1 i
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W n
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/TT13 1 Tf
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<0027>Tj
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/TT13 1 Tf
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(E)Tj
-0.9048 0 TD
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<0027>Tj
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( )Tj
/TT9 1 Tf
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<007b>Tj
/TT13 1 Tf
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( )Tj
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( )Tj
/TT2 1 Tf
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0.0009 Tc
(\(5.2.10\) )Tj
-24.9399 -3.2459 TD
0.0437 Tw
[(dove il termine fra gr)-3.3(affe dato)]TJ
14.9071 0 TD
0.0013 Tc
0.0433 Tw
[( dalla variazione dell)4.8(e attivi-)]TJ
-14.9071 -1.2022 TD
0.0007 Tc
0.1258 Tw
[(t nette sullestero del )5.4(settore)]TJ
14.2459 0 TD
0.0001 Tc
0.1264 Tw
[( privato, raggru)-6.5(ppate per set-)]TJ
-14.2459 -1.2022 TD
0.0012 Tc
0.0488 Tw
[(tore detent)-3.1(ore, e il membro di des)-5.9(tra la )-5.5(var)-3(i)-0.8(azione delle ri-)]TJ
T*
0.0007 Tc
0.0439 Tw
[(serve ufficiali, pari, per defini)]TJ
13.9016 0 TD
0.0016 Tc
0.043 Tw
[(zion)5.9(e, al sald)7.5(o complessivo )5.5(del-)]TJ
-13.9016 -1.2022 TD
0.0011 Tc
-0.0002 Tw
[(la bilancia )5.5(dei pagamenti )]TJ
/TT9 1 Tf
12.0504 0 0 12.0504 206.1 303.1404 Tm
0 Tc
0 Tw
<0027>Tj
/TT11 1 Tf
0.6074 0 TD
-0.0015 Tc
(M1)Tj
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0 Tc
(E)Tj
-0.895 0 TD
(f)Tj
-0.2151 -1.2048 TD
(t)Tj
/TT13 1 Tf
0.7831 1.2048 TD
(,)Tj
12 0 0 12 245.46 303.1404 Tm
(+)Tj
/TT11 1 Tf
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(E)Tj
-0.9208 0 TD
(f)Tj
-0.3614 -1.2048 TD
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(B)Tj
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(,)Tj
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<0027>Tj
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( )Tj
/TT9 1 Tf
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<007b>Tj
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( )Tj
/TT9 1 Tf
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<0027>Tj
/TT11 1 Tf
0.6074 0 TD
-0.0052 Tc
(OR)Tj
7.98 0 0 7.98 320.1 301.6404 Tm
0 Tc
(t)Tj
/TT13 1 Tf
12 0 0 12 322.32 303.1404 Tm
( )Tj
/TT9 1 Tf
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<007b>Tj
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( )Tj
/TT11 1 Tf
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-0.0034 Tc
(BP)Tj
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0.0004 Tc
(t )Tj
/TT2 1 Tf
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0.0009 Tc
(\(5.2.11\) )Tj
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0.0007 Tc
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[(La m)3.6(a)0.1(trice d)6.8(e)1.4(i fluss)7.4(i di )6(fo)3.7(ndi )]TJ
/TT2 1 Tf
20.5449 -0.006 TD
0 Tw
(105)Tj
/TT8 1 Tf
10.98 0 0 10.98 127.44 760.5803 Tm
0.0003 Tw
[(5.2.2 Lapproccio)-7.6( monetario )-5.4(alla bilancia dei pagamenti )]TJ
/TT2 1 Tf
0 -1.2022 TD
0.0012 Tc
0.0762 Tw
[(Discutendo la bilancia)5.4( )5.5(dei pagamenti abbiam)5.1(o evidenzia)5.4(t)2.4(o il )]TJ
T*
0.1199 Tw
[(fatto che in essa ogni f)6.3(l)-0.8(usso reale )5.5(o finanziario ha una con-)]TJ
T*
0.0004 Tc
0.0934 Tw
[(tropartita fi)-7.1(nanziaria)]TJ
7.02 0 0 7.02 237.66 723.9803 Tm
0 Tc
0 Tw
(4)Tj
10.98 0 0 10.98 241.56 720.9803 Tm
0.0008 Tc
0.093 Tw
[(. )5.5(Di conseguenza, sfruttando la ma)5(tri-)]TJ
-10.3934 -1.2022 TD
0.0014 Tc
0.0978 Tw
[(ce 5.1 possibile esprimere il sal)4.9(d)1.9(o complessivo della b)5.6(ilan-)]TJ
T*
0.001 Tc
0.0764 Tw
[(cia dei pagamenti come variazione di stock di attivit finan-)]TJ
T*
0.0436 Tw
[(ziarie, elim)4.9(inando il saldo delle partite correnti)-6.5( )]TJ
/TT11 1 Tf
12.0504 0 0 12.0504 373.68 681.3803 Tm
-0.0048 Tc
0 Tw
(CA)Tj
7.98 0 0 7.98 388.98 679.8803 Tm
0 Tc
(t)Tj
/TT2 1 Tf
10.98 0 0 10.98 391.2 681.3803 Tm
0.0008 Tc
0.0438 Tw
[( che co)-7.4(m-)]TJ
-24.0219 -1.2022 TD
0.0007 Tc
0.0876 Tw
[(pare nella)4.9( \()5.8(5)-0.5(.2.10\). A q)4.9(u)-0.5(esto scopo dobbiamo )5.5(aggrega)-6(r)1.9(e le a-)]TJ
T*
0.0767 Tw
[(ziende di cr)-3.5(edito alle autorit)]TJ
13.929 0 TD
0.0012 Tc
0.0762 Tw
[( monetarie, consolidando i loro )]TJ
-13.929 -1.2022 TD
0.001 Tc
0.0654 Tw
[(conti. Il consolidamento dei conti di due set)7.6(t)2.2(ori semplice-)]TJ
T*
0.0012 Tc
0.0816 Tw
[(mente la somma algebrica delle poste dellattivo e del passi-)]TJ
T*
0.001 Tc
0.1365 Tw
[(vo. Nel caso dei due settori considerati il conto consolidato,)-5.3( )]TJ
T*
0.0013 Tc
-0.0004 Tw
[(espresso in )5.5(termini di fl)4.8(ussi, )]TJ
/TT13 1 Tf
12 0 0 12 127.44 580.5203 Tm
0 Tc
0 Tw
( )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 162.84 580.5203 Tm
<0027>Tj
/TT11 1 Tf
0.6074 0 TD
(H)Tj
7.98 0 0 7.98 178.8 579.0203 Tm
0.0057 Tc
[(B,)7.6(t)]TJ
/TT13 1 Tf
12 0 0 12 187.92 580.5203 Tm
0 Tc
( )Tj
/TT9 1 Tf
10.98 0 0 10.98 190.92 580.5203 Tm
<0010>Tj
/TT11 1 Tf
7.0294 0 0 7.0294 216.48 585.8604 Tm
(C)Tj
-0.1451 -1.2035 TD
(t)Tj
12.0504 0 0 12.0504 206.1 580.4603 Tm
(H)Tj
/TT9 1 Tf
-0.6074 0 TD
<0027>Tj
2.0912 0.005 TD
<0010>Tj
/TT11 1 Tf
7.0294 0 0 7.0294 249.12 585.8604 Tm
(B)Tj
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(M2)Tj
7.98 0 0 7.98 396.72 681.3203 Tm
0 Tc
(t)Tj
/TT8 1 Tf
7.02 0 0 7.02 398.94 682.3403 Tm
( )Tj
/TT2 1 Tf
10.98 0 0 10.98 429.6 694.4603 Tm
0.0009 Tc
(\(5.2.16\) )Tj
-23.6448 -3.2022 TD
0.0013 Tc
0.0815 Tw
(Definiamo ora )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 247.2 659.3003 Tm
0 Tc
0 Tw
<0027>Tj
/TT11 1 Tf
0.6074 0 TD
-0.0052 Tc
(DC)Tj
7.98 0 0 7.98 271.14 657.8003 Tm
0 Tc
(t)Tj
/TT2 1 Tf
10.98 0 0 10.98 273.42 659.3003 Tm
0.0009 Tc
0.0819 Tw
[( la variazione del credito )-5.5(totale inter-)]TJ
-10.7158 -1.2022 TD
0.1639 Tw
[(no, cio d)6.8(e)-1.8(i finanziam)4.8(e)-1.8(nti erogati complessiv)8(a)-0.3(mente dal si)-6.6(-)]TJ
T*
0.0011 Tc
0.0435 Tw
[(stema bancario \(aziend)7(e)-1.6( di credito )5.5(e banca cen)5.4(trale\) ai set)7.7(t)2.3(o-)]TJ
T*
0.0708 Tw
[(ri residenti. Questi finanziamenti corrispondono ai primi t)7.7(r)2.3(e )]TJ
T*
0.0654 Tw
[(addendi del membro di)-6.5( sinistra de)-7.2(lla \(5.2.16\), che forniscono )]TJ
T*
0.0012 Tc
0.0434 Tw
[(rispettivamente la variazione del c)7.9(r)2.4(edito erogato dalle azi)4.7(e)-1.5(n-)]TJ
T*
0.0005 Tc
0.0823 Tw
[(de di credit)-3.8(o)-2.2( al settore privato, )]TJ
/TT9 1 Tf
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0 Tc
0 Tw
<0027>Tj
/TT11 1 Tf
0.6124 0 TD
-0.0048 Tc
(CR)Tj
7.98 0 0 7.98 342.72 578.6003 Tm
-0.0019 Tc
(A,t)Tj
/TT2 1 Tf
10.98 0 0 10.98 351.78 580.1003 Tm
0.0004 Tc
0.0824 Tw
[(, la )-5.5(va)-6.3(riazione del cre-)]TJ
-17.8525 -1.2022 TD
0.0013 Tc
0.3547 Tw
[(dito erogato dalle aziende di credito al settore pubbl)-6.2(ico, )]TJ
/TT11 1 Tf
6.9719 0 0 6.9719 179.22 550.7003 Tm
0 Tc
0 Tw
(t)Tj
-0.9036 0 TD
(A)Tj
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(B)Tj
/TT13 1 Tf
6.9719 0 0 6.9719 177.36 550.7003 Tm
(,)Tj
/TT9 1 Tf
12.0504 0 0 12.0504 157.56 553.7003 Tm
<0027>Tj
/TT13 1 Tf
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(, )Tj
/TT2 1 Tf
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0.001 Tc
0.0272 Tw
[( e la varia)5.2(z)1.1(ione del cr)7.7(edito erogato dalla ban)5.3(ca centra-)]TJ
-3.1257 -1.2022 TD
0.1529 Tw
[(le al settor)7.7(e)-1.7( pubblico,)5.6( )]TJ
/TT13 1 Tf
6.9719 0 0 6.9719 295.14 537.3803 Tm
0 Tc
0 Tw
(,)Tj
/TT11 1 Tf
-0.7831 0 TD
0.3829 Tc
(Ct)Tj
ET
q
1 i
282.72 537.86 19.08 13.38 re
W n
BT
12.0504 0 0 12.0504 282.96 540.5003 Tm
0 Tc
(B)Tj
ET
Q
q
1 i
275.58 537.86 24.12 14.64 re
W n
BT
/TT9 1 Tf
12.0504 0 0 12.0504 275.58 540.5003 Tm
0 Tc
<0027>Tj
ET
Q
BT
/TT13 1 Tf
12 0 0 12 301.8 540.5003 Tm
0 Tc
(.)Tj
/TT2 1 Tf
10.98 0 0 10.98 304.8 540.5003 Tm
0.0007 Tc
0.1532 Tw
[( La somm)4.6(a algebrica di queste )]TJ
-13.5738 -1.2022 TD
0.0004 Tc
0.077 Tw
[(tre variazio)-7.8(ni definisce la vari)]TJ
14.1858 0 TD
0.001 Tc
0.0764 Tw
[(azione del credito totale inter-)]TJ
-14.1858 -1.2022 TD
0.002 Tc
0 Tw
(no )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 212.82 493.4003 Tm
0 Tc
<0027>Tj
/TT11 1 Tf
0.6074 0 TD
-0.0052 Tc
(DC)Tj
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0 Tc
(t)Tj
/TT13 1 Tf
12 0 0 12 238.98 493.4003 Tm
0.0007 Tc
-0.0007 Tw
( = )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 251.76 493.4003 Tm
0 Tc
0 Tw
<0027>Tj
/TT11 1 Tf
0.6124 0 TD
0.0002 Tc
(CR)Tj
7.98 0 0 7.98 274.5 491.9003 Tm
-0.0019 Tc
(A,t)Tj
/TT13 1 Tf
12 0 0 12 283.56 493.4003 Tm
0.0007 Tc
-0.0007 Tw
( + )Tj
/TT11 1 Tf
6.9719 0 0 6.9719 319.86 490.4003 Tm
0 Tc
0 Tw
(t)Tj
-0.9036 0 TD
(A)Tj
12.0504 0 0 12.0504 305.52 493.4003 Tm
(B)Tj
/TT13 1 Tf
6.9719 0 0 6.9719 318 490.4003 Tm
(,)Tj
ET
q
1 i
298.2 490.76 7.32 14.64 re
W n
BT
/TT9 1 Tf
12.0504 0 0 12.0504 298.2 493.4003 Tm
<0027>Tj
ET
Q
BT
12 0 0 12 324.42 493.4003 Tm
0.0007 Tc
-0.0007 Tw
( + )Tj
6.9719 0 0 6.9719 358.5 490.2803 Tm
0 Tc
0 Tw
(,)Tj
/TT11 1 Tf
-0.7831 0 TD
0.3829 Tc
(Ct)Tj
ET
q
1 i
346.08 490.76 19.14 13.38 re
W n
BT
12.0504 0 0 12.0504 346.32 493.4003 Tm
0 Tc
(B)Tj
ET
Q
q
1 i
339 490.76 24.06 14.64 re
W n
BT
/TT9 1 Tf
12.0504 0 0 12.0504 339 493.4003 Tm
0 Tc
<0027>Tj
ET
Q
BT
/TT2 1 Tf
10.98 0 0 10.98 365.22 493.4003 Tm
0 Tc
( )Tj
5.8634 -0.1311 TD
0.0009 Tc
(\(5.2.17\) )Tj
-23.6448 -2.0164 TD
0.0015 Tc
0.1414 Tw
(Definiamo poi )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 247.32 469.8203 Tm
0 Tc
0 Tw
<0027>Tj
/TT11 1 Tf
0.6075 0 TD
(Q)Tj
7.98 0 0 7.98 263.28 468.3203 Tm
(t)Tj
/TT2 1 Tf
10.98 0 0 10.98 265.5 469.8203 Tm
0.0009 Tc
0.142 Tw
[( la )-5.5(variazione delle altre attivit det)-3.4(e)-1.8(-)]TJ
-9.9945 -1.2022 TD
0.0011 Tc
-0.0002 Tw
(nute dal settore bancario aggregato: )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 234.48 434.9603 Tm
0 Tc
0 Tw
<0027>Tj
/TT11 1 Tf
0.6074 0 TD
(Q)Tj
7.98 0 0 7.98 250.44 433.4603 Tm
(t)Tj
/TT13 1 Tf
12 0 0 12 252.66 434.9603 Tm
0.0007 Tc
-0.0007 Tw
( = )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 265.44 434.9603 Tm
0 Tc
0 Tw
<0027>Tj
/TT11 1 Tf
0.6074 0 TD
-0.0015 Tc
(M1)Tj
6.9719 0 0 6.9719 292.02 440.2403 Tm
0 Tc
(f)Tj
0.8262 -1.1962 TD
(t)Tj
-0.9294 0 TD
(A)Tj
/TT13 1 Tf
0.6282 0 TD
(,)Tj
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-0.004 Tc
0.004 Tw
(+ )Tj
/TT11 1 Tf
6.9719 0 0 6.9719 333.96 440.2403 Tm
0 Tc
0 Tw
(f)Tj
0.6885 -1.1962 TD
(t)Tj
-0.9467 0 TD
(A)Tj
11.9519 0 0 11.9519 324.66 434.9003 Tm
(B)Tj
/TT13 1 Tf
6.9719 0 0 6.9719 336.66 431.9003 Tm
(,)Tj
/TT9 1 Tf
11.9519 0 0 11.9519 317.28 434.9003 Tm
<0027>Tj
/TT2 1 Tf
10.98 0 0 10.98 343.56 434.9603 Tm
( )Tj
7.8361 -0.082 TD
0.0009 Tc
(\(5.2.18\) )Tj
-24.9399 -2.0656 TD
0.0006 Tc
0.2626 Tw
[(Ricordando)-7.6( la definizione di a)]TJ
14.7978 0 TD
0.0001 Tc
0.263 Tw
[(ttivit di riserva data d)-4.9(a)-1.1(lla )]TJ
-14.7978 -1.2022 TD
0.0013 Tc
0.1143 Tw
[(\(5.2.8\) e lidentit \(5.2.11\) possia)5.5(m)-0.3(o esprimere il saldo della )]TJ
T*
0.0007 Tc
0.0002 Tw
(bilancia dei pagamenti come )Tj
/TT11 1 Tf
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-0.0034 Tc
0 Tw
(BP)Tj
7.98 0 0 7.98 241.26 362.7803 Tm
0 Tc
(t)Tj
/TT13 1 Tf
12 0 0 12 243.48 364.2803 Tm
0.0007 Tc
-0.0007 Tw
( = )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 256.26 364.2803 Tm
0 Tc
0 Tw
<0027>Tj
/TT11 1 Tf
0.6075 0 TD
-0.0015 Tc
(M2)Tj
7.98 0 0 7.98 279.6 362.7803 Tm
0 Tc
(t)Tj
/TT13 1 Tf
12 0 0 12 281.82 364.2803 Tm
( )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 284.82 364.2803 Tm
<0010>Tj
/TT13 1 Tf
12 0 0 12 291.42 364.2803 Tm
( )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 294.42 364.2803 Tm
<0027>Tj
/TT11 1 Tf
0.6075 0 TD
-0.0052 Tc
(DC)Tj
7.98 0 0 7.98 318.36 362.7803 Tm
0 Tc
(t)Tj
/TT13 1 Tf
12 0 0 12 320.58 364.2803 Tm
( )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 323.58 364.2803 Tm
<0010>Tj
/TT13 1 Tf
12 0 0 12 330.18 364.2803 Tm
( )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 333.18 364.2803 Tm
<0027>Tj
/TT11 1 Tf
0.6124 0 TD
(Q)Tj
7.98 0 0 7.98 349.2 362.7803 Tm
(t)Tj
/TT13 1 Tf
12 0 0 12 351.42 364.2803 Tm
( )Tj
/TT2 1 Tf
10.98 0 0 10.98 429.6 365.0603 Tm
0.0009 Tc
(\(5.2.19\) )Tj
-23.6448 -1.8197 TD
0.0013 Tc
0.1198 Tw
[(La \(5.2.19\) lequazion)5.6(e)-1.4( fondamen)5.6(tale dell)]TJ
/TT8 1 Tf
20.5902 0 TD
0.0006 Tc
0.1205 Tw
(approccio mo-)Tj
-21.8852 -1.2022 TD
0.0005 Tc
0.0004 Tw
[(netario alla bilancia dei pagam)-6.5(e)1.7(nti)]TJ
/TT2 1 Tf
16.2459 0 TD
0.0009 Tc
0 Tw
(. )Tj
-14.9508 -1.2022 TD
0.0012 Tc
0.1144 Tw
[(Lidea alla )5.5(base di qu)5.5(e)3.9(s)-0.4(to approccio )3.9( che i)4.7(n)0( )5.5(determinate )]TJ
-1.2951 -1.2022 TD
0.0488 Tw
[(condizioni i)4.7(l)-0.8( saldo dell)4.7(a bilancia d)7.1(e)-1.5(i pagamen)5.5(t)2.4(i la varia)5.4(b)0(ile )]TJ
T*
0.001 Tc
0.0436 Tw
[(che si muov)8.1(e per riportare in equilibrio il mer)7.7(c)2.2(ato monetario)-7.2( )]TJ
T*
0.0014 Tc
0.1033 Tw
[(interno. Supponiamo a)5.6(d)1.9( esempio c)8.1(h)0.2(e la doma)5.6(nda di mon)5.7(e)-1.3(ta )]TJ
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BT
/TT8 1 Tf
10.02 0 0 10.02 216.66 795.3203 Tm
0 g
/GS1 gs
0.0007 Tc
-0.0031 Tw
[(La m)3.6(a)0.1(trice d)6.8(e)1.4(i fluss)7.4(i di )6(fo)3.7(ndi )]TJ
/TT2 1 Tf
20.5449 -0.006 TD
0 Tw
(107)Tj
10.98 0 0 10.98 127.44 760.5803 Tm
0.0014 Tc
0.0978 Tw
[(aumenti \(cio che )]TJ
/TT9 1 Tf
12.0504 0 0 12.0504 222.6 760.5803 Tm
0 Tc
0 Tw
<0027>Tj
/TT11 1 Tf
0.6074 0 TD
-0.0015 Tc
(M2)Tj
7.98 0 0 7.98 245.88 759.0803 Tm
0 Tc
(t)Tj
/TT13 1 Tf
12 0 0 12 248.1 760.5803 Tm
( )Tj
/TT2 1 Tf
10.98 0 0 10.98 252.18 760.5803 Tm
0.001 Tc
0.0982 Tw
[(sia positiv)8.1(o)-1.7(\). In questo caso secondo )]TJ
-11.3607 -1.2022 TD
0.1309 Tw
[(lapproccio )-5.5(monetario alla bilanci)4.6(a)-0.1( dei pagamenti laumento)-7.1( )]TJ
T*
0.0007 Tc
0.1477 Tw
[(di offerta necessario per manten)]TJ
15.5355 0 TD
0.0012 Tc
0.1472 Tw
[(ere in )5.5(equili)4.7(brio il)4.7( mercato )]TJ
-15.5355 -1.2022 TD
0.0008 Tc
0 Tw
(di )Tj
/TT11 1 Tf
12.0504 0 0 12.0504 141.78 720.9803 Tm
-0.0015 Tc
(M2)Tj
7.98 0 0 7.98 157.8 719.4803 Tm
0 Tc
(t)Tj
/TT2 1 Tf
10.98 0 0 10.98 160.02 720.9803 Tm
0.0008 Tc
0.1367 Tw
[( deri)4.3(va da un surplus di bilancia dei )5.5(pagamenti, cio )]TJ
-2.9672 -1.2022 TD
0.0007 Tc
0.0384 Tw
[(da un valore positivo di )]TJ
/TT11 1 Tf
12.0504 0 0 12.0504 251.34 707.7803 Tm
-0.0034 Tc
0 Tw
(BP)Tj
7.98 0 0 7.98 265.98 706.2803 Tm
0 Tc
(t)Tj
/TT2 1 Tf
10.98 0 0 10.98 268.2 707.7803 Tm
0.0014 Tc
0.0377 Tw
[(. Utiliz)6.9(zando il vin)5.7(c)2.6(olo di b)5.6(ila)5.6(ncio )]TJ
-12.8197 -1.2022 TD
0.001 Tc
0.202 Tw
[(della banca)5.2( centrale \(4.1.2\), nel )5.4(quale ipotizziamo che i fi-)]TJ
T*
0.2238 Tw
[(nanziamenti della banca centrale)-7.1( al Tesoro rimangano )-5.5(co-)]TJ
T*
0.0012 Tc
-0.0003 Tw
(stanti \(cio che )Tj
/TT13 1 Tf
7.0294 0 0 7.0294 228 665.0603 Tm
0 Tc
0 Tw
(,)Tj
/TT11 1 Tf
-0.7767 0 TD
0.3744 Tc
(Ct)Tj
ET
q
1 i
215.58 665.54 19.14 13.38 re
W n
BT
12.0504 0 0 12.0504 215.82 668.1803 Tm
0 Tc
(B)Tj
ET
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/TT9 1 Tf
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0 Tc
<0027>Tj
/TT13 1 Tf
12 0 0 12 234.72 668.1803 Tm
0.0005 Tc
-0.0005 Tw
(= 0\))Tj
/TT2 1 Tf
10.98 0 0 10.98 254.52 668.1803 Tm
0.0015 Tc
-0.0006 Tw
[(, ab)5.7(biamo che )]TJ
/TT11 1 Tf
12.0504 0 0 12.0504 232.56 647.4803 Tm
-0.0034 Tc
0 Tw
(BP)Tj
7.98 0 0 7.98 247.2 645.9803 Tm
0 Tc
(t)Tj
/TT13 1 Tf
12 0 0 12 249.42 647.4803 Tm
0.0005 Tc
-0.0005 Tw
( = )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 265.2 647.4803 Tm
0 Tc
0 Tw
<0027>Tj
/TT11 1 Tf
0.6075 0 TD
(H)Tj
7.98 0 0 7.98 281.16 645.9803 Tm
(t)Tj
0.2782 0.8797 TD
(C)Tj
/TT13 1 Tf
12 0 0 12 288.78 647.4803 Tm
( )Tj
/TT2 1 Tf
10.98 0 0 10.98 439.2 648.2603 Tm
( )Tj
-28.3934 -1.8197 TD
0.001 Tc
0.0381 Tw
[(\(un saldo positivo dell)4.5(a bilancia dei pagamenti si riflette tut-)]TJ
0 -1.2022 TD
0.0326 Tw
[(to in un incremento dellofferta di )-5.5(base monet)7.6(a)-0.2(ria\). Attra)-5.7(v)2.6(er-)]TJ
T*
0.0013 Tc
0.0761 Tw
[(so il)4.8( moltip)7.2(licatore mo)4(netario \(4.2)5.5(.10\) espress)5.2(o)-1.4( in flu)5.6(ssi q)5.5(u)0.1(e-)]TJ
T*
0.0007 Tc
0.0548 Tw
[(sto incremento di base )5.5(monetaria si traduce in un incremen-)]TJ
T*
0.0009 Tc
0.0163 Tw
[(to dellofferta di moneta che riavvi)-6.6(cina allequilibrio il m)4.8(e)3.6(rca-)]TJ
T*
0.0013 Tc
-0.0004 Tw
(to monetario )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 201.18 534.5603 Tm
0 Tc
0 Tw
<0027>Tj
/TT11 1 Tf
0.6074 0 TD
-0.0015 Tc
(M2)Tj
7.0294 0 0 7.0294 226.5 539.9603 Tm
0 Tc
(S)Tj
-0.0427 -1.2035 TD
(t)Tj
/TT13 1 Tf
12 0 0 12 232.5 534.5603 Tm
0.0007 Tc
-0.0007 Tw
( = )Tj
ET
0 G
1 J 1 j 0.499 w 10 M []0 d
1 i
247.26 537.56 m
289.98 537.56 l
S
BT
/TT11 1 Tf
6.9998 0 0 6.9998 305.46 531.5603 Tm
0 Tc
0 Tw
(t)Tj
12.0504 0 0 12.0504 292.38 534.5603 Tm
(BP)Tj
/TT9 1 Tf
-0.8116 -0.7767 TD
<004f>Tj
-0.7469 0 TD
<000e>Tj
-0.7319 0 TD
<0055>Tj
-0.7319 0 TD
<000e>Tj
-0.6373 0 TD
<004a>Tj
ET
q
273.72 539.48 4.98 14.1 re
W n
BT
12.0504 0 0 12.0504 273.78 542.1204 Tm
<004a>Tj
ET
Q
q
264.42 539.48 6.6 14.1 re
W n
BT
12.0504 0 0 12.0504 264.42 542.1204 Tm
<000e>Tj
ET
Q
BT
/TT13 1 Tf
12 0 0 12 257.1 542.1204 Tm
(1)Tj
/TT8 1 Tf
10.98 0 0 10.98 310.26 534.5603 Tm
( )Tj
/TT2 1 Tf
11.7486 -0.1257 TD
( )Tj
-27.1038 -2.6503 TD
0.0009 Tc
0.2404 Tw
[(Di converso, un aum)4.8(ento delle )5.5(attivit delle aziende )5.5(di )]TJ
-1.2951 -1.2022 TD
0.0011 Tc
0.0708 Tw
[(credito \(sia )-5.5(nella componente interna, )]TJ
/TT9 1 Tf
12.0504 0 0 12.0504 326.64 490.8803 Tm
0 Tc
0 Tw
<0027>Tj
/TT11 1 Tf
0.6074 0 TD
-0.0002 Tc
(DC)Tj
7.98 0 0 7.98 350.64 489.3803 Tm
0 Tc
(t)Tj
/TT2 1 Tf
10.98 0 0 10.98 352.86 490.8803 Tm
0.0016 Tc
0.0703 Tw
[(, che in quella e-)]TJ
-20.5301 -1.2022 TD
0.0007 Tc
0 Tw
(stera, )Tj
/TT9 1 Tf
12.0504 0 0 12.0504 161.34 477.6803 Tm
0 Tc
<0027>Tj
/TT11 1 Tf
0.6074 0 TD
(Q)Tj
7.98 0 0 7.98 177.3 476.1803 Tm
(t)Tj
/TT2 1 Tf
10.98 0 0 10.98 179.52 477.6803 Tm
0.0006 Tc
0.1751 Tw
[(\), determina,)5.2( per il vincolo di bilan)4.9(c)1.8(io \(5.1.3\) )5.4(e il)-6.9( )]TJ
-4.7432 -1.2022 TD
0.0012 Tc
0.4915 Tw
[(meccanismo del m)5.1(o)-1.5(lt)7.8(iplicatore )5.5(dei deposit)7.8(i)-0.8( un aum)5.1(ento)-7( )]TJ
T*
0.3985 Tw
[(dellofferta di depositi e quindi di )]TJ
/TT11 1 Tf
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