ࡱ> nKÖU@Q|`PNG  IHDRJ0^sRGB pHYs+IDATx^=oٛ$L' pC#B[vdH!H$8Dr# |2gttuU<X讪~ޭa]H%.5A o@ŦAyS(.6, ț@:{0 A ]i_X],R R2: 0FyS(.6, ț@weaP4* (;p8 >@NA@Dy?v}@@Bve ZZngn.|߽mcOz.Η7M SBkj4p#E@ДwLYP7 HF]$S#&WsnTjv^jnX:09>\,20!onQ `Ek&zNIZd wa='`K4#ˏK k9s"Y~Dqm@ X7 Ec(zm xњ۱^9Qy* --zbʻaNic`ܵ񛛛[}===|ćւ7I|4ĩz}}Ǐ?~yX^0A ƍo޼w^իW˗/_eK.q"Aiнprggxnnn$G߸̠mөuiWnzЬz4σCU7߾}s߻f~xxXU{w}ltoo[]]u~GFyț#DFPwwwεY]{?x˗{{{O>#28ZͧZꮽ>|/^p5z,M{C- ѽ+B#%7fee/w̝m2@@6{#r #;\/܉ׯ]w`Eyk$oPG H#gdC 3ygÕ@!`@~&!<'<% R4pCRp%D iU5W>-zͳkze<d,o-zUFJ4B ˛G ȃ@ QkD@ N ȃ@!QnD@!)e<#orɣ2!rS. Wy(Jy 'J"P9cKU9ɀ@i9!B MOU:[tbel;6QA =14p3UJ - fp53bI{ZZ8c3YKy7b[JGy-/)ƙ!S#L@^iaA ﰄEhU?[t_R3Cy-z, $-zjINy!gƋѪw0~ȘDy=;f&!`fކs@-Eo i ﮰ٢w%|1Ȼ=zCd$݉.1Y /FyGC=J E"#d"& 8P٢ሕwT.E s }h(1&:@ޝNbw85 oA Ŵ)|̘ϴȳ.RdMy{ Ex83f$cҜd1Fy|>/. SPs@Z.*KO 串{ yt+Np.S?䭐|.NQyEj Gj{ykko䭜d#op6Xn" [DAq oCDᆒQD(VQ|d 6ahd򶘮:-f(D9Q7|BަsM|pzP yNΟPxI2"6Pxy2%6p,T yIG 0Đ ̪aw3_pwZޑ#, 5\30n+ڸrL"s9se}v-ywgf6ͤH!]pv…7!Вn .i4+Z;qn%C @ ar5pnn`қ}cu7hmjz^=8YCuѽrƪǏB9Wwl׃8M*5zvGi3R;Z8::xeUtV4&\V?NA3HOV9N{߾}hY7.#5Eݿ!;APMѣGGhy+{ɓojHO(ZN"ZW̮^ tyr.ci2Ljow8Ϙٴ, m3/286m-#9Ń΍g yOPsyhf^F%t֤qxg}$ݻ;C,C~%zZ{'ȝz>wDy'ȝMy׋r#{Aa2e\ä\p-^]K/ౙz-kkk#\677G^ɓ'>} S,kccckk&xzz:;;[8zo/o޼y 'P;(Rꫫϟko߾]^^֭[߿YhGމ7]xJ~~~q٩i5¹vÇƑ8Z •ֺ0gk.Zc>>Qʕ+_xqqqq<_>iDGnD9;ڟNr|[,&0eB1r_www,,,x2Nɜjlm333{{{wW7{GA7ƞ`h8`۷]vG>1fpO֢QQj/5au=@9a+ׯycQ6jV xxxX]xkފWt?o؟94wђWOP]Xol)_آYt"ڼq=?o[ƈ؜{b r#sBF@F_ؒoIENDB`nA-.n)%a+ PNG  IHDRNsRGB pHYs+IDATx^v#EosizBa@;z #m$e ܮowP~u\(.Œ( P]'Qp3N }}H@ǣ8v.G=: T8`/= zA uzx)p7 4 @ uzxr \JVY.A=NI>ܩꦠR);CZ(08<:;עfa,3HoUqdO< M/!)sޡxU?h_oS H~ڜp,HE{(_buIږg-:VRU=cn^wfɧgPQ@ui~:{imbQ >j| ox0t3s- XV@ҪEZ-15B}*M8>}=ۈSpOƻmTixӾG=^R@gwjY6;d DQ6^K, -Pbpl7HYp`U-m(p ËG( F6]XP-m(@yBtK 䨇'J ܡ/#k,sG1Fw˹qVuW3v[ZuW_0&A1~~R8*sRw1 *WHY}̆(Я@~[ᑺ]âq! L*אַE>$.Gyg85JSVoxF6 ݩwunIܖ6A=NhTi+b̺(Rrz( Fܻh&' (xST /.lK›Xu f f_@MBwVXS{Vt TMک3U@i9`;4]0\ U}rvRi+츏%~?F['4(vV^Cftꙓ*k6|*ζ59VQ`;Tlx®ny_ 걪{Nۜz*` 걪+:EM1,-@.je~Sim7 F"vc$q4Evszba5_6Mm7֒{NTЧ峰XfS EBQ`\,ԁU=B"Dhf,4(У@z5a4{hͦ @yl3rL` nՓ[oO n*Px]=dy&޷0LMi1#߅ 4 NZL]g*W ?|lnMykg)b++ɂ iXaBr-}T\^dC# ^W7bY6#1FESeCJhSQVO?!5N^ /о0_jXPY9'%J(p  {vhK/s+p 6 ;'"#uڥ3;u;sa \I= \=9nCrav7}Z~9Gܟ'{SϥI}o܏]szFr]~4O}y'o9 εzAsYy_>gqt,>ꇶn·ҏë|~n\/Oo~m꧷;vٯל=>2t։?xwFlN-"ܷ k_shx^_o:{p{ͺwY= qߡ 1ܤ@\~G-ERoแwq|8נ>AY<{x2z'͌Yey$z3~؜c*-hU]aۋf~Dԏf*^l/FnNULOg;!k"MLTXr/{0b絷/Ȋ},_‹m?ɞ#-f0[iPG֐ߔHwQVۮptŏϤhzuh_vV@:ӧ#!Sņǃz>a^*9{QΔZ;lb:x`1'u( ${ 䅢060ϪzHGrU_GP=ЮZek?8Ԛ>:ͼBNo,w!L{ '7x#kƉiv̯yQ_C#*8ufiA] "ܮT!>ꂨ 8 LT,@]uo.h/7 3 .3}|m;^qgKz\* _R{R=E_+ꎃuOW '@Sձ8IPm|u;>{R=E_+ꎃuOW '@Sձ8IPm|u;>{R=E_+ꎃuOW '@Sձ8IPm|u;>{R=E_+ꎃuOW '@SPPPPPP 0.W (mѸSϋ> aZ01wTNÓqKppv;TZX/C ܴQ!@B]2~DuW>m֞%9%vVj]<]mU}m59g13DņTMA}7[ϑE4yU6sٕ2>6 ص]ޟmcJ_֢4b+܀XH2YW|\kᘀ6GJpOX4u}h H #|9b]UhBȪz[Q?r*6điIGW5Kz[@=Ͽ R[0"0448"8<<""&"   """"" vryVztah mezi vYitelem a dlu~nkem rok je cena penz Obchodn vr - odlo~en platby za dodan zbo~ Bankovn vr - vYitelem je banka Podle doby: krtkodob (do 1 roku) stYedndob (2-4 roky) dlouhodob Podle elu: provozn, investi n, vvozn aj.Z;Z0Z " "  " " " $$("(,, 0"0448"8<<""  "" " $$ ("(,",004"488<"<2Poptvka a Nabdka penz B$$ 0Poptvka podle motivu: transak n majetkov Teorie portfolia  skladba souboru cennch papro (aktiv) Teorie, jak sminimlnm rizikem doshnout co nejvtaho rozaYen svho bohatstv Diverzifikace  rozlo~en aktiv do roznch forem a oblast s roznou mrou rizika a vnoso PPPP""  """ "  =$"$(( ,",004"44"44"488<"<" "  2Poptvka po penzch (MD) Poptvka po penzch zvis na: vai roku nabdce zbo~, slu~eb a vrobnch faktoro na rovni cen na trhu zbo~ a kapitlu Zmna poptvky po penzch  posun kYivky Zmna rokov mry  pohyb po kYivce!\Q          $$( (,,Q00 2Poptvka po penzch (MD)  $Nabdka penz (MS)N Nabdka penz (pen~n zsoba) je na zmnu rokov mry mlo citliv nebo zcela neelastick. Zmna nabdky penz je ovlivHovna monetrn politikou centrln banky. Z "$$"$"$  $"$$8"$$ " $$$$ ("($,,$,0"0$ .Rovnovha na trhu penz6$$Prose k kYivek MD a MS Bod rovnovhy (E) Dosa~eno rovnov~n rokov mry a rovnov~nho mno~stv penz Poruaen rovnovha znovu obnovena v pYpad MS zmnou monetrn politiky centrln banky a v pYpad MD zmnou objemu produkce a rovn cen.\Z~6% 0Rovnovha na trhu penz @$$    Bankovn soustava$1. Centrln banka Emise bankovek a regulace nabdky penz Prosazuje monetrn politiku vldy, nebo svoji vlastn Nstroje monetrn politiky centrln banky stanoven diskontn sazby diskontn sazba lombardn sazba repo sazba refinan n vr reeskont lombard cennch papro stanoven povinn minimln rezervy obchodnm bankm operace na volnm trhuPP[PLP"$&"" ""Y" " 2 "  ""L " Monetrn politika$ Monetrn politika: (jako sou st hospodYsk politiky) a) expanzivn (zvyauje se nabdka penz sni~ovnm diskontn sazby, sni~ovn minimln mry rezerv, nkupem obligac) b) restriktivn (omezovn nabdky penz zvyaovnm diskontn sazby, zvyaovnm minimln mry rezerv a prodejem obligac) Po pYechodnou dobu mo~nost pou~t pYm nstroje monetrn politiky centrln banky.B9V" "&"  ""U " $$T("(,",004"4 8888<"<<"< Bankovn soustava II.2. Obchodn banky aktivn operace (poskytuj vry) pasivn operace (pYijmaj vklady, vydvaj cenn papry) zprostYedkovatelsk operace Uskute Huj platebn styk mezi hospodYskmi subjekty Platebn styk: hotovostn bezhotovostn (vzjemn kompenzace, bankovn ty, smnky, aeky) Bankovn ty: b~n, sporo~irov, kontokorentn, termnovan, vrovPxPFPMPGP"""&  """ "   "  " $$("(:("(,,0"0 4"488<"<<"< " "  ""#   0` 3` ff>>\fg` J*T333` QYmx~3ft` \ғhEy`` cb^DDf`Y˵W` sg7xGr` K%ޯd{mG/` 33f>?" dd@,?nFd@    @ `  n?" dd@   @@``PR    @ ` `<p>> vn0X (  X X 6! #" `b `  F*0  X 6@+ #" `` `  H*0 xT ~ X "~\ { X "{ X c BB CDEFd @ bb   H   T W6Vw}\gFQ6<1++11 1L b6xQrq 6\}N   - c    0 A Q g     S    6N KawF bFy0 a*ly7lE;uz  B | a F 0 ! 1 < B < & l L 0  @`"T  X c |BC+DEFyd @ ==gL6cI}\eA& w6m!W<! &<W!r6W}F6\}>68QNlX^XH8+Sgg|@`"Jo 5 J X  B! CDEF @ ))\*l{FDNF W% W ! !   ! 6X L b x_ /aF6b}SA$|l\\TX@`s"*  T  u4  X B C%DEF ss&QW}k6D Q r 8 N c t y y ;t Qi gS }8     T   :0\-Q4*%%v*o(V}5q;  S   < s } l \ g} \, L ;n &  Z}\[6 }WF<! e C }h m W ]  ,t B RxkqA,Rg@`" {b  X  BCDEFy @ ,,Lh6\}mWG &a*zCxsh-&jG]~5g6&LLZ\@`s"*   u(   X  BCDE|Fy @ __@% M|f4@{ f0`lA}L\A+h MB6ww FJl{ 0V|{J  *5KlGn a*:Pf\|6 /6Kbf|F kP}5x}VvaP@@@`s"*   =>   X c BlCrDEF"d@ rlrl@`"~  X 66 " `}  XKlepnutm lze upravit styl pYedlohy nadpiso.- - X 6; #" ``   H*0  X 0dD " `  Klepnutm lze upravit styly pYedlohy textu. Druh roveH TYet roveH tvrt roveH Pt roveH,    `B X s *޽h ? 3___PPT10i. u%.+D=' = @B + Proudn  0 @\(  \xT ~ \ "~\ { \ "{ \ c BB CDEFd @ bb   H   T W6Vw}\gFQ6<1++11 1L b6xQrq 6\}N   - c    0 A Q g     S    6N KawF bFy0 a*ly7lE;uz  B | a F 0 ! 1 < B < & l L 0  @`"T  \ c |BC+DEFyd @ ==gL6cI}\eA& w6m!W<! &<W!r6W}F6\}>68QNlX^XH8+Sgg|@`"Jo 5 J \  B! CDEF @ ))\*l{FDNF W% W ! !   ! 6X L b x_ /aF6b}SA$|l\\TX@`s"*  T  u4 \ B C%DEF ss&QW}k6D Q r 8 N c t y y ;t Qi gS }8     T   :0\-Q4*%%v*o(V}5q;  S   < s } l \ g} \, L ;n &  Z}\[6 }WF<! e C }h m W ]  ,t B RxkqA,Rg@`" {b \  BCDEFy @ ,,Lh6\}mWG &a*zCxsh-&jG]~5g6&LLZ\@`s"*   u(   \  BCDE|Fy @ __@% M|f4@{ f0`lA}L\A+h MB6ww FJl{ 0V|{J  *5KlGn a*:Pf\|6 /6Kbf|F kP}5x}VvaP@@@`s"*   =>   \ c BlCrDEF"d@ rlrl@`"~  \ <P "F   XKlepnutm lze upravit styl pYedlohy nadpiso.- -  \ 0$T " `    ^Klepnutm lze upravit styl pYedlohy podnadpiso.0 0  \ 6X #" `` `  F*0  \ 6a #" `b   H*0  \ 6tl #" `d `  H*0 B \ s *޽h ? 3___PPT10i. u%.+D=' = @B + 0 &<(  <~ < s *= \F   H < 0޽h ? 33___PPT10i.gߧ+D=' = @B +y  0 00(  x  c $ X `}   x  c $xXY  H  0޽h ? ̙33y___PPT10Y+D=' = @B +  0 @*(  @x @ c $ X `}   r @ S Xi  H @ 0޽h ? 3333___PPT10i.t;p +D=' = @B +s  0 P*(  x  c $0 X `}   r  S X' i  H  0޽h ? 3333y___PPT10Y+D=' = @B +y  0 `0(  x  c $ X `}   x  c $X `  H  0޽h ? 3333y___PPT10Y+D=' = @B +s  0 p*(  x  c $x X `}   r  S X  H  0޽h ? 3333y___PPT10Y+D=' = @B +  0 D*(  Dx D c $0  X `}   r D S  Xz  H D 0޽h ? 3333___PPT10i.y;;6+D=' = @B +  0 (  x  c $ X `}    0 3 rA ? 8c X#" `  H  0޽h ? 3333y___PPT10Y+D=' = @B +y  0  0(   x  c $d X `}   x  c $ X `  H  0޽h ? 3333y___PPT10Y+D=' = @B +  0 H0(  Hx H c $% X `}   x H c $&X `  H H 0޽h ? 3333___PPT10i.{;7~+D=' = @B +  0 "((  (x ( c $1 X `}   v ( N ??b| ( 2A ?8c?"` H ( 0޽h ? 3333y___PPT10Y+D=' = @B +s  0 ,*(  ,x , c $5 X `}   r , S H/X.  H , 0޽h ? 3333y___PPT10Y+D=' = @B +s  0 0*(  0x 0 c $X\ X `}   r 0 S 0]XMT,  H 0 0޽h ? 3333y___PPT10Y+D=' = @B +s  0  4*(  4x 4 c $h X `}   r 4 S iXz'  H 4 0޽h ? 3333y___PPT10Y+D=' = @B +xxՆGTc`z3c0ոL]SMTHqIPzBRQ( FU2sy̹73<9{pTsF!>f𛭣(^luι3${'f-n0-q,o%n8'v=Nɸ;pg㮸{ྸ3A8 xs0<#(:18\X<xm2< OSp998xxx^x^x^Wոk:oq%ބ7-x+ކ؁w.{ko%XvWxʙHK`,獘>>іs[ZɫF]c1-sM>_\.WV?JJmpupZj:Xo̺_4-e9}ߤh:->'scc4zpӍЋ龾x-q9}p?Ł}o똖9#|q#g%ցs ΤTp엮cVaigox{ g +^Ի_hm _rsϿ3.U's@%l 3PKD\NJ kRozӢM=>_/K2|9_*|5_&|3ߊo.|;߉w{ߋp~?ƏG>~?c7~?gsy>CER/WQ*~ W1>'[$)~?ƟOgs|~_7[ + ſ?/7.8o㛗1{qC7MpSn[868ʼnnp2;N8"'hg㮸{ྸ3A8 xs0<#(<%=|\ qb<O R\'x .S4<3,<s<</ "/K2 «q^ux=ހ7J o[V o;]x7>_/%R|_N|_Ӓ\_7Mf| ߆]v|߅=x/߇* ~?}18~n$~ ?|ć%|/WQ*~ W1>'[$)~?ƟOgs|K=؏Y;?\0Zp 7MpSn[868ʼnnp2;N84w+'{>/ <gxƒq6< #H< ƹx "<x<'b. O“\icB`.afލON./> <É/^\ʷvQ-]fAMLqoM.Q{ QrOOO[Ł.|Nxi)pptYV4/Y6J1UmSQ:r[[[!tzW6S+Ox@rp\$HooU o o{@UxiV(&9 V]Nrtttt*[PyfI %yR{NSmQP+e)w8vooodWkؗb:w8T55Fɶ|i5Ip*F6_k(Pla%IPádS_.y]k@()+[Ⱦd?ʷQJd7'ʷE (PE (|CoC\|[$pʷT5)3}Z#0#|ʨZ#)b;pF8;mF8; jjF8;jgF8wjdF8_*T>W%B:o1LZ#iͪZ#)NZ#ΧZ# OZ#Y̤Z#?MZ#3͡Z#'NZ#YϞZ# :F8;3ojpw4fFӰSkSJ#gLNn .F8A4~FD5)ߙ,5)ߙ5)ْ5)5)Y5)Y^;|j|'C "wTgN<)C^M?QëwJ6#rAN·zD.(idSX V='|+5PC 7l%<ғ@PRC‹ܨ'K~.|ҪYVk|'7ŷ7yV)܅%XH(U[Ó4q9~[MpʷY4uyo|7{h=YlY|+B-]˷-DZ(Bų|+B-]|ʷ-D(Bś|+Bo D**bUSwB3Z|G\5|+Bd-]η-Dv(B%|+BdhG\Uko[>a-o[-D# A.~1!D(BE.ʷvQ-]o!RN!D(BE.ʷvQ-]o!| aHZ[MF mU?1ڰpcցN^?ȼf<bnKRK4:FcZj9.'D?񯈮+xe(UN.f/U;zjic7 q#7Mq,n%n[8'v=Nɸ;pg㮸{ྸ3A8 xs0<#(<18\X<xm2< OSp9:zZ\ۈr+rm1cf9n[V58dj(>''dwĝp Ni3qW w=pO }p_x l<9xGxsq.ֱx.<1Jr2<)ϡxgxxx^`|& /vUx5k0>S\ x#ěfol~;ށx'>»hTZx\UG_jCMlX`6KHMQ{] XAl`b2.Y'+{fw3ofkY/d&󒥃UF޷'$M9zs`0k w|v+dA_rIPȆK!}3䊙?{ls~]~\{䈉9dr{m\j'>9}?,={&{$&t6c)_EpGn&ïq&Wk5Z{HI_$Y/n Dl$75&frsRn%ȭ6r[^ w;ɝ.rWy']!wwww{{ʽ>>-I'/ }~̦}|||||<@(GCQ108xy||||\셧ȧ=4yG-+'ϑ˗ȗʗɗWWWW7777˷ȷʷɷww]=}yH~@~P~H~X~D~T^,/ʏOOOO3s E%eyJ^-&.!)%;{G'gyIBRJZFVN^AQIY,oʿr9r'W+ʕr/W5r-\G+ד r#Dn*7-r+@n-rI>ԧ ZZaonFZvackFZvackFZjμ~gy<~&c7/XgޭJ[0uz%6s%MAP-?}#PNҥNt;!ӏD0iߙv֫/ cLgD ӯq:~j[LZ[OoލV<5 ʢ)ݥ֫?2孶Mi=V~Lo伝^bϾ'T|LaV<z@ƹ2 $#djşyL9}VB&\!MĭYC^TDz`)8T!}/.TՉ0rZ *鈵u *:zrI4*Fu *>B,{!UrhZW4T-zС=iB!th[K:TGRC7z/"t@[E@X$C^H.b3B[l\K2<p[ <Vc6@[qPf{20[ t0B(L NkB)h`UV . "\@@],6Y~?N=-hkaY[,(Mma X[,e`z.0ʲ]={ѺB`1-?7ՖdRzuT[Iٕ6먩ڞ՟[hSb sxSyY @1=ԣ@1}9;yY @zz'5*w_EzGn0#NsX +NZSeLD[tu#YF 3 )XwZ>n9ȸCI)ikl\Uq SSјjUYCOڹwt7{HdPi}{`n!2#7u(u -Dfa 54.Pn!2 k៛pAF0BdV[pA0zuqQ0}x y_@wdwfY~Po y_@\=^ޙ)=}- ]׽_S/%^ޙ[z_@KXuYxhμ/=77FM,5Z%_z#GZ,HZS{nݴ=5BssS1wnv.c: ֹC$n{jPI9#:OU ֽK^׽_Vi !Zo=5B3FBu׍*Clxzn$tZxzH^E渨tOߛk9*C,e}'USxE፴ܼ_Vi뺑i"۟3Һ^VCt\yX^y艹FIGU2^UV_X3qruRz~2C~#a'u҇tL{kp|<"n=3B2Z#;^ UtZ#Zd3vs.UMA#B٪_E(e:@1AOJ "B(%>hx*BB:@)T xe\a^{+dWl7Z38fKN8rɢN]p𢣏?eSO>*YY?x}Ih r\@4w@|~< B/2(uy 8(Y 19(  `   Rastrov obrzek Paint.Picture0 Rastrov obrzek Rastrov obrzek Paint.Picture0 Rastrov obrzek/ 00DTimes NOh+'0 hp    Trh penz fujindv1Stream fujindv145Microsoft PowerPoint@0r@h3M@0+2Ghg  ,V'&" WMFC  <8?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrsuvwxyz{|}~        $$(( (,,0 0 0 0448 88 8<< <<Konstrukce pen~nch agregto:n( &(( & ((&( Pen~nch agregt M1 (transak n penze) hotov penze depozitn penze na po~dn M1  penze ve vysoce likvidn podob, kter mohou bt kdykoliv pou~ity k placen Pen~nch agregt M2 pen~nch agregt M1 termnovan depozita u bank depozita vzahrani n mn M2 - penze vairam smysluPowerPoint Document(DocumentSummaryInformation8Root EntrydO) }+2Pictures$Current User8SummaryInformation(t  _ofujindv1fujindv1՜.+,0x     Pedvdn na obrazovceUHKs' Times New Roman Garamond WingdingsArial ProudnRastrov obrzek# Trh penz Ing. V (zahrnuje pen~n aktiva) L + krtkodob cenn papry D + obligace, hypotky,*P,PjPLPjP" """ "   "$"""""- "  " $$ ("(("(("(("(("(,,>0"0448"8<<""&"   """"" vryVztah mezi vYitelem a dlu~nkem rok je cena penz Obchodn vr - odlo~en platby za dodan zbo~ Bankovn vr - vYitelem je banka Podle doby: krtkodob (do 1 roku) stYedndob (2-4 roky) dlouhodob Podle elu: provozn, investi n, vvozn aj.Z;Z0Z " "  " " " $$("(,, 0"0448"8<<""  "" " $$ ("(,",004"488<"<2Poptvka a Nabdka penz B$$ 0Poptvka podle motivu: transak n majetkov Teorie portfolia  skladba souboru cennch papro (aktiv) Teorie, jak sminimlnm rizikem doshnout co nejvtaho rozaYen svho bohatstv Diverzifikace  rozlo~en aktiv do roznch forem a oblast s roznou mrou rizika a vnoso PPPP""  """ "  =$"$(( ,",004"44"44"488<"<" "  2Poptvka po penzch (MD) Poptvka po penzch zvis na: vai roku nabdce zbo~, slu~eb a vrobnch faktoro na rovni cen na trhu zbo~ a kapitlu Zmna poptvky po penzch  posun kYivky Zmna rokov mry  pohyb po kYivce!\Q          $$( (,,Q00 2Poptvka po penzch (MD)  $Nabdka penz (MS)N Nabdka penz (pen~n zsoba) je na zmnu rokov mry mlo citliv nebo zcela neelastick. Zmna nabdky penz je ovlivHovna monetrn politikou centrln banky. Z "$$"$"$  $"$$8"$$ " $$$$ ("($,,$,0"0$ .Rovnovha na trhu penz6$$Prose k kYivek MD a MS Bod rovnovhy (E) Dosa~eno rovnov~n rokov mry a rovnov~nho mno~stv penz Poruaen rovnovha znovu obnovena v pYpad MS zmnou monetrn politiky centrln banky a v pYpad MD zmnou objemu produkce a rovn cen.\Z~6% 0Rovnovha na trhu penz @$$    Bankovn soustava$1. Centrln banka Emise bankovek a regulace nabdky penz Prosazuje monetrn politiku vldy, nebo svoji vlastn Nstroje monetrn politiky centrln banky stanoven diskontn sazby diskontn sazba lombardn sazba repo sazba refinan n vr reeskont lombard cennch papro stanoven povinn minimln rezervy obchodnm bankm operace na volnm trhuPP[PLP"$&"" ""Y" " 2 "  ""L " Monetrn politika$ Monetrn politika: (jako sou st hospodYsk politiky) a) expanzivn (zvyauje se nabdka penz sni~ovnm diskontn sazby, sni~ovn minimln mry rezerv, nkupem obligac) b) restriktivn (omezovn nabdky penz zvyaovnm diskontn sazby, zvyaovnm minimln mry rezerv a prodejem obligac) Po pYechodnou dobu mo~nost pou~t pYm nstroje monetrn politiky centrln banky.B9V" "&"  ""U " $$T("(,",004"4 8888<"<<"< Bankovn soustava II.2. Obchodn banky aktivn operace (poskytuj vry) pasivn operace (pYijmaj vklady, vydvaj cenn papry) zprostYedkovatelsk operace Uskute Huj platebn styk mezi hospodYskmi subjekty Platebn styk: hotovostn bezhotovostn (vzjemn kompenzace, bankovn ty, smnky, aeky) Bankovn ty: b~n, sporo~irov, kontokorentn, termnovan, vrovPxPFPMPGP"""&  """ "   "  " $$("(:("(,,0"0 4"488<"<<"< " "  ""0 &<(  <~ < s *P0 \F   H < 0޽h ? 33___PPT10i.gߧ+D=' = @B +r'@ # W1<B<<<B<<<B<<< """)))UUUMMMBBB999|PP3f333f3333f3ffffff3f̙3ff333f333333333f33333333f33f3ff3f3f3f3333f33̙33333f333333f3333f3ffffff3f33ff3f3f3f3fff3ffffffffff3ffff̙fff3fffff3fff333f3f3ff3ff33f̙̙3̙ff̙̙̙3f̙3f333f3333f3ffffff3f̙3f3f3f333f3333f3ffffff3f̙3f3ffffffffff!___www    """)))UUUMMMBBB999|PP3f333f3333f3ffffff3f̙3ff333f333333333f33333333f33f3ff3f3f3f3333f33̙33333f333333f3333f3ffffff3f33ff3f3f3f3fff3ffffffffff3ffff̙fff3fffff3fff333f3f3ff3ff33f̙̙3̙ff̙̙̙3f̙3f333f3333f3ffffff3f̙3f3f3f333f3333f3ffffff3f̙3f3ffffffffff!___www4'A x(xKʦ """)))UUUMMMBBB999|PP3f3333f333ff3fffff3f3f̙f3333f3333333333f3333333f3f33ff3f3f3f3333f3333333f3̙33333f333ff3ffffff3f33f3ff3f3f3ffff3fffffffff3fffffff3f̙ffff3ff333f3ff33fff33f3ff̙3f3f3333f333ff3fffff̙̙3̙f̙̙̙3f̙3f3f3333f333ff3fffff3f3f̙3ffffffffff!___www___e_e____eee_e_e_e_eeee_e_e__e_e_e_e_e_eeee_ee__e_e_eeeeee888888888_e_e_ee___e_88888888eeeeee8888888888888888888888888888888888888888888888888888e_ee_e_e_e_888888888888888888888888888888888888888eeeeee8888888888888888888888888888888888888888_e_eee___8888888888888888888888888888888888888888888888888eee888888888888e_e88888888888888888888888888e_eeee_e_eeeeee_e_eee_ee__eee_e_e_eeeee_eeee_e_eeee_e_e__e_e_e__eeeeee__ee_e____________________e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_eeeeeeeeeeeeeeeeeee8888_e__e__e__e__e__e__e__e__e__e_88_e__e__e__e__e__e__e__e__e__e_88_e_e_e_e_e_e_8888_8888888888_888888888888888888e88888e_e_e_e_e_e_e88888888888888888888888_e_e_e_e_e_e_e_e_e_e_e_e_e_e88e_888888e_8888888888888_88888888_e_e_e_e_e_e_e_e_e_e_e_e_eeeeeeee88e8888888888888888888888888888eeeeeeee_e_e_e_e_e_e_e_e_e_e_e_e_e_88_e88888_8888e_88888_888e888e88e888_88888e_e_e_e_e_e_e_e_e_e_e_e_e_eeeeeeeeeeeee88ee88eeeeeeeeeeeeeeeeeeeeeee___e___e___e___e___e___e__8888e__88e___e___e___e__8_e___e___e___e___e___e___e___eeeeeeeeeeeeeeeeeeeeeeeeee888888888eee888eeeeeeeeeeeeeee8e8eeeeeeeeeeeeeeeeeeeeeeeeeeeeeee_e_e_e_e_e_e_e_e_e_e_e_e_8_e_8e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee_e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e__e_eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_ee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_ee_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_e_eeee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_eee_