ࡱ> [( N/ 0|DTimes New RomanTT -ܖ 0ܖDGaramond RomanTT -ܖ 0ܖ DWingdingsRomanTT -ܖ 0ܖ0DArialngsRomanTT -ܖ 0ܖ@DSymbolgsRomanTT -ܖ 0ܖ C0. @n?" dd@  @@`` STq    S 0e0e A@A5%8c8c     ?1d0u0@Ty2 NP'p<'p@A)BCD|E?@8woO ʚ;lf8ʚ;g4fdfdf 0jppp@ <4!d!d w 0T,<4dddd w 0T, 80___PPT10 pp? %R < Inflace Ing.Vojtch Jindra( B,  Mra inflace& $Proces postupnho znehodnocovn mny (kles kupn sla pen~n jednotky) vdosledku rostu cen. Mra inflace zmna celkov cenov hladiny vb~nm roce (DPt), dleno celkovou cenovou hladinou vroce pYedchzejcm (Pt-1), vsledek nsobme 100. Pt = DPt / Pt-1 * 100 Ukazatel Yk, o kolik procent se zmnil objem penz nutn kzskn stejnho mno~stv zbo~ a slu~eb v b~nm obdob ve srovnn s obdobm zkladnm Inflace vpodob indexu Pi = Pt / Pt-1 * 100oZZZ"""  "" "  "  " $$("(,,0"0 0"00"00"044 8"8888"88*88"88"8<<" "" ""*"""*""*"*"" " " "" "  $"$((,",004"488<"<,"" "  "  "      "  *  "  "  *  "  *  " Mra inflace ve statisticePromrn mra inflace (zmna promrn cenov hladiny od po tku roku ve srovnn s touto veli inou za stejn obdob minulho roku). Promrn ro n mra inflace (zmna promrn cenov hladiny za 12 poslednch msco oproti pYedchozm 12 mscom). Meziro n mra inflace (dosa~en roveH cenov hladiny ve sledovanm msci danho roku ve vztahu ke stejnmu msci pYedchzejcho roku).""  """ " $$("(,,"0"0$448"88"8<<""  """ " $$"("(,,0"0448"88"8<<"" "  " " " $$("(,,0"044 4Index spotYebitelskch cen6 $$ Index spotYebitelskch cen vyjadYuje zmnu cen zbo~ a slu~eb zahrnutch do spotYebnho koae ve sledovanm obdob ve vztahu kcenm pYedchozho obdob. Dezinflace je pokles mry inflace, tj. sni~ovn procentnch pYrostko cenov hladiny. Deflace je proces zhodnocovn mny vsouvislosti spoklesem cenov hladiny (opak inflace).OZ!""   "" "  " $$ ("()("(,,0"0 0"0 0"0448"8<<""  """;"  Druhy inflace$otevYen (rost cen) skryt (ji~ pYi mal zmn kvality a u~itn hodnoty prudce roste cena vrobku) potla ovan (administrativn brzda, kles kvalita, ern trh, fronty v obchod) Podle mry rostu cen mrn (tempo inflace pYlia nepYekra uje tempo rostu vroby) rychl (tempo inflace v destkch procent ro n) hyperinflace (stovky i tisce procent ro n)PPP"""  """" " $$("(,, 0"044(8"88"8<<"'""  " """" " $$("(,, 0"044 8"88"8%8"8<<"" ""  " Druhy inflacePodle pY in vzniku inflace: poptvkov  poptvka se zvyauje rychleji ne~ nabdka, nadmrn vdaje, rychleja rost mezd ne~ produktivity prce, sn~en rokov mry, sn~en dan v grafickm vyjdYen  zvaen agregtn poptvky (kYivka AD vpravo nahoru) nkladov  ceny rostou vdosledku rostu nklado na vrobu napY. rost cen surovin, energie, rychl rost mezd prosazovan odbory, monopoln postaven dodavatelo v grafickm vyjdYen  zvaen agregtn nabdky (kYivka AS vlevo nahoru) NMK""  " "!" "  $"$(( ,",004"488<"< ""; "   "  " " "  $"$((,",00!4"4889<"<": "   Druhy inflace @Kvantitativn teorie penz (cen)<!&((&(VMonetarist (Milton Friedman) pova~uj inflaci v~dy za pen~n jev. Kvantitativn rovnice smny  zvislost vvoje cenov hladiny na mno~stv penz v obhu M*V = P*Y M  mno~stv penz vobhu, V  rychlost obhu jedn pen~n jednotky (po et obrato za rok) P  roveH cen, Y  reln hrub nrodn produkt jestli~e pova~ujeme rychlost obratu penz (V) za nemnnou nebo pYedvdatelnou veli inu a zmny HNP jsou mal, potom mo~e CB ovlivHovat roveH cenov hladiny (mru inflace) a kontrolovat rost nominlnho HNP pouze regulac mno~stv penz vobhu (M)Z ZZZ"" "   """;  "  "  " $$("(,,0"0448"88"88"8<< ""  " """ "  "  " $"$((,",004"488<"<<"<<"<" " ""  $"$((,",,",00 4"488<"<<"<" " " """"" !  Dosledky inflace6$$: nepYzniv  zt~en kalkulace podnikatelo, vy kv se, odkld se investovn, je poruaovna sociln rovnovha ve spole nosti, nejvce ztrc lovk zvisl na sv pracovn innosti nebo stlm dochodu, dopad hlavn na rodiny sdtmi a dochodce kles kupn sla penz  kupn sla mnov jednotky vyjadYuje, jak mno~stv zbo~ a slu~eb je mo~no si za mnovou jednotku opatYit. Posuzuje se srovnnm skupn silou pen~n jednotky jinch stto nebo hodnocenm zmn vnitYn kupn sly za as. PYi poklesu cen kupn sla jednotky vzrost.P""""  ""J " $$("(,,0"0448"8<<""  "" " $$("(("(("(,,0"00"00"0448"8<< ""  "" " $$ ("(,,0"044*8"8<<" "  "" " $$("(,,%0"0448"8  Dosledky inflaceb ZvhodHuje dlu~nky a naopak znevhodHuje vYitele spory se znehodnocuj a lid pYichzej nepozorovan o st svho majetku. Dochz krozshlmu pYerozdlovn dochodo a bohatstv. Dopad inflace je mo~n sn~it napY. nkupem nemovitost, akci, pYevodem spor na spory vciz mn snzkou mrou inflace a vysokm zro enm. PYi inflaci kles sklon ksporm a roste sklon ke spotYeb. To zvyauje poptvku a prohlubuje inflaci.4ZZhZ""  " " " $$("(("(,,0"0448"8<<(""  ""! " $$("(,,0"0448"8<<""  &"""  5$"$((,",00+4"488  Dosledky inflace6$$, mra spor  podl pYrostku nerealizovanch pen~nch prostYedko v K  z celkovch disponibilnch pYjmo obyvatelstva celkov mra spor  celkov spory vhotovosti, vklady vK  i v devizch ve vztahu kdisponibilnm pYjmom mra spoYivosti je podl pYrostku vklado zdisponibilnch pen~nch pYjmo obyvatelstva sinflac dochz ke zmn struktury spotYeby, rychleja rost cen zkladnch ~ivotnch potYeb sni~uje mo~nosti vdajo na ostatn  to vede ke zmnm struktury vroby a nkdy naruaen rovnovhy nrodnho hospodYstvP " ""  "E"(") " $$("(,,0"0 0"0448"8 8"8<<" "  "" " $$$("(("(,,0"0448"8<<" ""   "" " $$ ("(,,0"0448"8<<("  Dosledky inflace6$$Infla n vvoj ekonomiky se odr~ vpYjmech a vdajch sttnho rozpo tu, rost cen a dochodo se projevuje vrostu dan, a tm i pYjmo sttnho rozpo tu. Mrn inflace ekonomick rost pYzniv podporuje. Ur it nadbytek poptvky stimuluje pln vyu~it mo~nost hospodYskho rostu. Zvyaovn cen stimulovan nadbytkem poptvky umo~Huje, aby ceny a zisky rostly rychleji ne~ nklady. PYi mrn inflaci rostou reln dochody v pYpad, ~e pen~n dochody obyvatelstva rostou rychleji ne~ ceny (v promru). Skupinm smn pru~nmi pYjmy lze dopad inflace kompenzovat (pYspvky ze SR), nebo pomoci valorizac (zhodnocovnm) dochodo.&}Z" "  """  " $$$$ ("(,,0"0448"8<<" " ""  ""  "  " $$(("(,,0"044 8"8<<"5"  (" " " $$ ("(,,0"0448"8<<""  %" " " $$("(,,0"0448"8 8"88"8<<"" ""  "   Dosledky inflace6$$ VpYpad, ~e jsou nepYzniv dosledky mrn inflace sn~eny nebo i vylou eny hospodYskou a sociln politikou vldy hovoYme o Yzen inflaci. 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Promrn ro n mra inflace (zmna promrn cenov hladiny za 12 poslednch msco oproti pYedchozm 12 mscom). Meziro n mra inflace (dosa~en roveH cenov hladiny ve sledovanm msci danho roku ve vztahu ke stejnmu msci pYedchzejcho roku).""  DocumentSummaryInformation88Root EntrydO)-o:Current User8SummaryInformation(uPowerPoint Document(E   _Ejindrvo1jindrvo1՜.+,0     Pedvdn na obrazovceUHKEl ' Times New Roman Garamond WingdingsArialSymbol Proudn Inflace Ing.Vojtch Jindra""" " $$("(,,"0"0$448"88"8<<""  """ " $$"("(,,0"0448"88"8<<"" "  " " " $$("(,,0"044 4Index spotYebitelskch cen6 $$ Index spotYebitelskch cen vyjadYuje zmnu cen zbo~ a slu~eb zahrnutch do spotYebnho koae ve sledovanm obdob ve vztahu kcenm pYedchozho obdob. Dezinflace je pokles mry inflace, tj. sni~ovn procentnch pYrostko cenov hladiny. Deflace je proces zhodnocovn mny vsouvislosti spoklesem cenov hladiny (opak inflace).OZ!""   "" "  " $$ ("()("(,,0"0 0"0 0"0448"8<<""  """;"  Druhy inflace$otevYen (rost cen) skryt (ji~ pYi mal zmn kvality a u~itn hodnoty prudce roste cena vrobku) potla ovan (administrativn brzda, kles kvalita, ern trh, fronty v obchod) Podle mry rostu cen mrn (tempo inflace pYlia nepYekra uje tempo rostu vroby) rychl (tempo inflace v destkch procent ro n) hyperinflace (stovky i tisce procent ro n)PPP"""  """" " $$("(,, 0"044(8"88"8<<"'""  " """" " $$("(,, 0"044 8"88"8%8"8<<"" ""  " Druhy inflacePodle pY in vzniku inflace: poptvkov  poptvka se zvyauje rychleji ne~ nabdka, nadmrn vdaje, rychleja rost mezd ne~ produktivity prce, sn~en rokov mry, sn~en dan v grafickm vyjdYen  zvaen agregtn poptvky (kYivka AD vpravo nahoru) nkladov  ceny rostou vdosledku rostu nklado na vrobu napY. rost cen surovin, energie, rychl rost mezd prosazovan odbory, monopoln postaven dodavatelo v grafickm vyjdYen  zvaen agregtn nabdky (kYivka AS vlevo nahoru) NMK""  " "!" "  $"$(( ,",004"488<"< ""; "   "  " " "  $"$((,",00!4"4889<"<": "   Druhy inflace @Kvantitativn teorie penz (cen)<!&((&(VMonetarist (Milton Friedman) pova~uj inflaci v~dy za pen~n jev. Kvantitativn rovnice smny  zvislost vvoje cenov hladiny na mno~stv penz v obhu M*V = P*Y M  mno~stv penz vobhu, V  rychlost obhu jedn pen~n jednotky (po et obrato za rok) P  roveH cen, Y  reln hrub nrodn produkt jestli~e pova~ujeme rychlost obratu penz (V) za nemnnou nebo pYedvdatelnou veli inu a zmny HNP jsou mal, potom mo~e CB ovlivHovat roveH cenov hladiny (mru inflace) a kontrolovat rost nominlnho HNP pouze regulac mno~stv penz vobhu (M)Z ZZZ"" "   """;  "  "  " $$("(,,0"0448"88"88"8<< ""  " """ "  "  " $"$((,",004"488<"<<"<<"<" " ""  $"$((,",,",00 4"488<"<<"<" " " """"" !  Dosledky inflace6$$: nepYzniv  zt~en kalkulace podnikatelo, vy kv se, odkld se investovn, je poruaovna sociln rovnovha ve spole nosti, nejvce ztrc lovk zvisl na sv pracovn innosti nebo stlm dochodu, dopad hlavn na rodiny sdtmi a dochodce kles kupn sla penz  kupn sla mnov jednotky vyjadYuje, jak mno~stv zbo~ a slu~eb je mo~no si za mnovou jednotku opatYit. Posuzuje se srovnnm skupn silou pen~n jednotky jinch stto nebo hodnocenm zmn vnitYn kupn sly za as. PYi poklesu cen kupn sla jednotky vzrost.P""""  ""J " $$("(,,0"0448"8<<""  "" " $$("(("(("(,,0"00"00"0448"8<< ""  "" " $$ ("(,,0"044*8"8<<" "  "" " $$("(,,%0"0448"8  Dosledky inflaceb ZvhodHuje dlu~nky a naopak znevhodHuje vYitele spory se znehodnocuj a lid pYichzej nepozorovan o st svho majetku. Dochz krozshlmu pYerozdlovn dochodo a bohatstv. Dopad inflace je mo~n sn~it napY. nkupem nemovitost, akci, pYevodem spor na spory vciz mn snzkou mrou inflace a vysokm zro enm. PYi inflaci kles sklon ksporm a roste sklon ke spotYeb. To zvyauje poptvku a prohlubuje inflaci.4ZZhZ""  " " " $$("(("(,,0"0448"8<<(""  ""! " $$("(,,0"0448"8<<""  &"""  5$"$((,",00+4"488  Dosledky inflace6$$, mra spor  podl pYrostku nerealizovanch pen~nch prostYedko v K  z celkovch disponibilnch pYjmo obyvatelstva celkov mra spor  celkov spory vhotovosti, vklady vK  i v devizch ve vztahu kdisponibilnm pYjmom mra spoYivosti je podl pYrostku vklado zdisponibilnch pen~nch pYjmo obyvatelstva sinflac dochz ke zmn struktury spotYeby, rychleja rost cen zkladnch ~ivotnch potYeb sni~uje mo~nosti vdajo na ostatn  to vede ke zmnm struktury vroby a nkdy naruaen rovnovhy nrodnho hospodYstvP " ""  "E"(") " $$("(,,0"0 0"0448"8 8"8<<" "  "" " $$$("(("(,,0"0448"8<<" ""   "" " $$ ("(,,0"0448"8<<("  Dosledky inflace6$$Infla n vvoj ekonomiky se odr~ vpYjmech a vdajch sttnho rozpo tu, rost cen a dochodo se projevuje vrostu dan, a tm i pYjmo sttnho rozpo tu. Mrn inflace ekonomick rost pYzniv podporuje. Ur it nadbytek poptvky stimuluje pln vyu~it mo~nost hospodYskho rostu. Zvyaovn cen stimulovan nadbytkem poptvky umo~Huje, aby ceny a zisky rostly rychleji ne~ nklady. PYi mrn inflaci rostou reln dochody v pYpad, ~e pen~n dochody obyvatelstva rostou rychleji ne~ ceny (v promru). Skupinm smn pru~nmi pYjmy lze dopad inflace kompenzovat (pYspvky ze SR), nebo pomoci valorizac (zhodnocovnm) dochodo.&}Z" "  """  " $$$$ ("(,,0"0448"8<<" " ""  ""  "  " $$(("(,,0"044 8"8<<"5"  (" " " $$ ("(,,0"0448"8<<""  %" " " $$("(,,0"0448"8 8"88"8<<"" ""  "   Dosledky inflace6$$ VpYpad, ~e jsou nepYzniv dosledky mrn inflace sn~eny nebo i vylou eny hospodYskou a sociln politikou vldy hovoYme o Yzen inflaci. Inflace ovlivHuje vvoj obchodn a platebn bilance rostou-li ceny vjedn zemi rychleji pYi nezmnnm devizovm kurzu, potom se sni~uje zjem o vvoz; prodej na domcm trhu je vhodnja; a je vhodnja dov~et, proto~e ceny vzahrani  rostou pomaleji vsledkem je pasivn platebn bilance, vy erpn devizovch rezerv a rost zadlu~enosti v zahrani P2P""  " " " $$("(,,0"044 8"8<< ""   """ "&"' " $$("(,,0"044!8"8<<3""  " " " $$("(,,)0"0448"8<<0 &<(  <~ < s *pO: LF  : H < 0޽h ? 33___PPT10i.gߧ+D=' = @B +r6rC # E1<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_eeeeee_e_e_ee___e_eeeeeeeee_ee_e_e_e_eeeeee8888888888_e_eee___888888888eee8888888888888888888888888888888888888888888888888888888e_e8888888888888888888888888888888888888888888888888888888888888888888888888888e_e88888888888888888888888888888888888888888888888888888888888888ee888888888888888888888888888e_e_eeeeee_e_eee_ee__eee_e_e_eeeee_eeee_e_eeee_e_e__e_e_e__eeeeee__ee_e____________________888888888888888888888888888888888888888888888888888888e_e_e_e_e_e_e_e88e88_88e88_888_88e88_88e_e_e_e_e_e_e_888888888888888888888eeeeeee888888888888888888888eeeeeeee88888888888888888888888888_e__e__e__e__e__e__e__e88_e__88_88e__e__e__e__e__e__e__e__e__e_888888_e_e_e_e_e_e_e_88_e88888_e_e_e_e_e_e_e_e_e_e8888888888_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_eeeeeeeeeeeeeeeeeeeeee_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_eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee___e___e___e___e___e___e___e___e___e___e___e___e___e___e___e___e___e___e___e___eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee_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_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_