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η j = f (pa j, rjt ) t = 1,2, …, Tj f ’pa j <0 (125)

j = 1,2,…, n f ’r jt >0

unde: j = indice pentru identificarea plasamentului;

 j = randamentul plasamentului j;
paj SUH XOGHDFKL]L LHDOSODVDPHQWXOXLM
rjt = venitul conferit de plasamentul j la momentul t;
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n QXP UXOGHSODVDPHQWHVXSXVHDQDOL]HL

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cererea de titlu j (Cj)úLRIHUWDGHWLWOXMOj):

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g’ < 0 GDF &j /Oj <1
g’ = 0 GDF  l i m (C j / O j ) = 1
O j →C j
C j →O j
6  SUHVXSXQHP RUGRQDUHD SODVDPHQWHORU GXS  GXUDWD ORU DGLF  GXS  OXQJLPHD

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5HSUH]HQWDUHD DFHVWHL GHSHQGHQ H vQ tr-un plan, în care abscisa este durata plasamentului,
iar ordonata randamentul acestuia, va genera un "nor" de puncte concentrate în "zona sud-vest" a
graficului.
'DF  VLPXOWDQ &j / Qj >1 cu j = n1 + 1, n1  « Q UH]XOW  F  SUH XULOH GH DFKL]L LH paj

sXQW vQ VF GHUH úL WRWRGDW  PDL PLFL GHFkW FHOH GH HFKLOLEUX )XQF LD f(x) HVWH vQ VF GHUH úL
WRWRGDW FXYDORULVXEFHOHGDWHGHSUH XOGHHFKLOLEUXFHHDFHVH]LFHFXUDQGDPHQWPDUH

5HSUH]HQWDUHDDFHVWHLGHSHQGHQ HvQDFHODúLSODQFDPDLVXVYD genera un "nor" de puncte

concentrate în "zona nord-est" a graficului.
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η A η B η C

T T T

Fig.1. Curbe de randament

În cazul în care rapoartele Cj/Qj DX VHQVXO GH RUGLQH ID  GH XQLWDWH LQYHUV GHFk t în
SUHVXSXQHULOH GHPDLVXVDWXQFL GLVSXQHUHDvQJUDILF DQRLORUGHSXQFWHHVWH LQYHUVDW ]RQDGH

nord-YHVWSHQWUXWLWOXULOH FXGXUDW VFXUW úL]RQHOHGHVXG HVWSHQWUX WLWOXULOHFX GXUDW OXQJ 

-
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GXUDW  VFXUW  FkW úL SHQWUX FHOH FX GXUDW  OXQJ  UH]XOW  R FXUE  D F UHL LPDJLQH JHQHUDO  HVWH

VWD LRQDU ILJ&

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RULHQWHD]  DVXSUDWLSXULORU GH SURGXVH EDQFDUH SH FDUH V OH RIHUHFHORU FH DX GLVSRQLELOLW L Gar
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dobânzii (drvQWUHFDUHVHVWDELOHúWHXUP WRDUHDUHOD LHFDQWLWDWLY 

1 + dn
dr = −1 (127)
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dr = dn - ri (128)

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WHUPHQXOVFXUWHVWHGHSkQ ODGH]LOHFHOPHGLXSkQ ODDQúLFHOOXQ g peste 1 an. În schimb,

ODREDQF GHLQYHVWL LLWHUPHQXOVFXUWHVWHGH-3 ani, cel mediu 3-DQLúLFHOOXQJ-10 ani.

6WUXFWXUDSO LLHIHFWXDWHGHGHELWRULODVFDGHQ LQFOXGHGRX FRPSRQHQWH

- amortizareaUHVSHFWLYVXPDFHUDPEXUVHD] vPSUXPXWXOVDXRSDUWHDOXLDFHDVW VXP 

DSDUH vQ WHUPLQRORJLD HQJOH]  úL DPHULFDQ  VXE QXPHOH GH SULQFLSDO LDU vQ WHUPLQRORJLD

WUDGL LRQDO URPkQHDVF VXEQXPHOHGHFDSHWH

- dobânda.
6XPD UDPEXUVDW  GH GHELWRU OD VFDGHQ  VH ]LFH vQ FD]XO WHUPHQHORU DQXDOH anuitate úL
avem:
A = Am + D (129)
unde: A = anuitate;
Am = amortizare;
D GREkQG 

3O LOH I FXWH vQ FRQWXO FUHGLWXOXL SRW IL amânate FUHGLWH FX SHULRDG  GH JUD LH VDX

imediate FX SODWD vQ SULPD SHULRDG  VWDQGDUG GH UDPEXUVDUe); anticipate SODWD HIHFWXDW  OD
începutul perioadei standard de rambursare) sau posticipate SODWD HIHFWXDW  OD ILQHOH SHULRDGHL
standard de rambursare); în rate egale (amortismente egale) sau FXDQXLW LHJDOH
În cazul amortismentelor egale, cuantumuODFHVWRUDVHVWDELOHúWHGXS UHOD LD

C
Am = (130.1)
n
unde: C = creditul acordat / preluat;
Q QXP UXOSHULRDGHORUVWDQGDUGSkQ ODVFDGHQ 

iar suma de rambursat (SRt) este:

SRt = Am + Dt (130.2)
D t = [C − ( t − 1) ∗ A m ] ∗ d (130.3)
unde: t  LQGLFH SHQWUX LGHQWLILFDUHD VFDGHQ HL FX VHQVXO GH QXP UXO GH RUGLQH DO SHULRDGHL

VWDQGDUGGHVFDGHQ 

d = rata dobânzii;
Dt GREkQGDGHSODW SHQWUXSHULRDGDVWDQGDUGW

3DUDQWH]D PDUH GLQ UHOD LD  VHPQLILF  YROXPXO    FXDQWXPXO FUHGLWXOXL FX FDUH

GHELWRUXOPDLHVWHGDWRUvQLQWHUYDOXOGLQWUHFHOHGRX VFDGHQ HVXFFHVLYHW úLW -

ÌQ FD]XO FRQVWDQ HL VXPHORU GH UDPEXUVDW VH IDFH PDL vQWkL FDOFXOXO DFHVWRUD ÌQ FD]XO

SHULRDGHLVWDQGDUGDQXOP ULPHDORUVHGHWHUPLQ GXS UHOD LD

n
C= ∑ A(1 + d)− t (131.1)
t =1

6HGHWHUPLQ DSRLGREkQGDGXS UHOD LD

t −1
D t = (C − ∑ Am j ) ∗ d (131.2)
j=1

úLvQILQDODPRUWL]DUHDSO WLW vQDQXOWvQFRQWXOGDWRULHL

Amt = A - Dt (131.3)

unde: j = indice FXDFHODúLVHQVFDúLW

Amj  DPRUWL]DUHD SO WLW  vQ SHULRDGD VWDQGDUG M DGLF  vQ SHULRDGHOH DQWHULRDUH FHOHL

FXUHQWHSHQWUXFDUHXUPHD] V VHIDF SODWD

Amt DPRUWL]DUHDGHSODW SHQWUXSHULRDGDVWDQGDUGW

3DUDQWH]DGLQUHOD LDVHPQLILF YROXPXOFXDQWXPXOFUHGLWXOXLFXFDUHGHELWRUXO

PDLHVWHGDWRUvQLQWHUYDOXOGLQWUHVFDGHQ DFXUHQW WúLFHDSUHFHGHQW 

4. DobândaSHQWUXGHILQL LHúLVHQVYH]LFDS,9$ÌQSUDFWLFDEDQFDU VXQWFXQRVFXWH

GRX PRGDOLW LGHFalcul al acesteia:

a) GREkQGD VLPSO  X]XDO  SHQWUX FUHGLWHOH SH WHUPHQ VFXUW FDUH vQ DFHVW FRQWH[W HVWH
vQ HOHVVWULFWXQDQVDXVXEXQDQ

Z
D = C∗d∗ (132)
T

în care: Z QXP UXOGHVXESHULRDGHDQXDOHFHH[SULP GXUDWDVFDGHQ HLGHUHJXO ]LOH

T  QXP UXO GH GLYL]LXQL vQ FDUH VH SDUWDMHD]  DQXO  vQ SUDFWLFD EDQFDU  URPkQ 

IUDQFH] LWDOLDQ úDVDXvQSUDFWLFDEDQFDU JHUPDQ HOYH LDQ úD

b) GREkQGDFRPSXV X]XDO SHQWUXFUHGLWHOHSHVWHXQDQ

Ct = C (1+d)t (133.1)
D = Ct - C = C [(1+d)t -1] (133.2)

unde: Ct VXPDFHWUHEXLHUDPEXUVDW ODVFDGHQ vQVLWXD LDvQFDUHVFDGHQ DHVWHXQLF 

t GXUDWDVFDGHQ HLH[SULPDW vQDQL

3HQWUX FD]XULOH GH UDPEXUV UL SUH]HQWDWH vQ SDUDJUDIXO DQWHULRU UHOD LLOH  úL

GREkQGDWRWDO GDWRUDW GHGHELWRUSHWRDW GXUDWDXWLOL] ULLFUHGLWXOXLVHGHWHUPLQ GXS 

UHOD LD
 n
D = ∑ Dt (134)
t =1

unde DtHVWHGHWHUPLQDW ILHFRQIRUPUHOD LHLILHFRQIRUPUHOD LHL'LQPRGXO de

FDOFXO DO GREkQ]LL UH]XOW  HYLGHQW F  DFHDVWD VH GHWHUPLQ  întotdeauna în raport cu creditul în
IRORVLQ  OD GHELWRU vQ SHULRDGD SHQWUX FDUH VH FDOFXOHD]  GREkQGD úL nu în raport cu

volumul/cuantumul creditului preluat.

ÌQ FD]XO GREkQ]LL HVWH SUH]HQW  UDWD GREkQ]LL SH FDUH vQ SUH]HQW ULOH I FXWH PDL VXV DP

considerat-o IL[  (VWH R LSRWH]  IRDUWH IUHFYHQW  vQ SUDFWLFD EDQFDU  'DWRULW  IHQRPHQXOXL

LQIOD LRQLVW DFFHQWXDW vQ XOWLPLL DQL vQ PXOWH UL D DS UXW vQV  úL SUDFWLFD UDWHORU GH GREkQG 

variabile 3RWULYLW DFHVWHL SUDFWLFL FRQWUDFWXO GH FUHGLWDUH SUHYHGH RS LXQHD FUHGLWRUXOXL GH D
PRGLILFD SHULRGLF UDWD GREkQ]LL vQIXQF LH GH LQIOD LH VDX GHHYROX LD SLH HL PRQHWDUH LQWHUQH VDX

LQWHUQD LRQDOH

5. &RQVLP LUHD WUDQ]DF LHL DGLF  GHYHQLUHD HIHFWLY  D FUHGLWXOXL FHHD FH vQVHDPQ  F 
sume de bani reprezentând creditul au intrat în posesia debitorului: creditul a fost înregistrat în
FRQWXOGHELWRUXOXLFDGLVSRQLELOLWDWHE QHDVF DDFHVWXLDHPLWHQWXOXQHLREOLJD LXQLDYkQGXW-RúL

a încasat contravDORDUHDHLGHSLD XQGHELWRUDGHSXVEDQLLvQGHSR]LWXOSHFDUHúLO-a deschis la

REDQF HWF

&RQVLP LUHDWUDQ]DF LHLSRDWHILGHWLS unic atunci când, în raportul de credit, ea intervine

R VLQJXU  GDW  VDX GH WLS credit deschis atunci când creditorul RIHU  XQ FUHGLW GH XQ YROXP
FRQYHQLWFXGHELWRUXOLDUDFHVWDLDvQIRORVLQ S U LDOHDFHVWXLFUHGLWODGLIHULWHLQWHUYDOHGHWLPS

vQIXQF LHGHQHYRL

6. Consemnarea HVWH DFHD WU V WXU  D UDSRUWXOXL GH FUHGLW SRWULYLW F UHLD UHVSHFWLYXO

raport este oELHFWDOXQXLvQVFULVFDUHvODWHVW vQFHHDFHDUHHOHVHQ LDOLGHQWLILFDUHDFUHGLWRUXOXL

úLGHELWRUXOXLVXPDGDWDHPLWHULLVFDGHQ DúD

(PLWHUHD vQVFULVXOXL WLWOX GH FUHGLW SRDWH IL I FXW  ILH GH GHELWRU ILH GH FUHGLWRU &HOH

mai cunoscute înscULVXUL VXQW FDPEUD ELOHWXO OD RUGLQ SROL D &(&-XO FHUWLILFDWH GH GHSR]LW úL
SHQWUX FD]XO FkQG GHELWRU HVWH VWDWXO  R DGPLQLVWUD LH SXEOLF  ERQXO GH WH]DXU úL REOLJD LXQHD

YH]LúLFDS,,,,9

7. Transferabilitatea HVWHDFHDWU V WXU DUDSRUWXOXLGHFUHGLWSRWULYLWF UHLDXQFUHGLWRU

WUDQVIHU YLQGHGUHSWXULOHVDOHGHFXUJkQGGLQWU -un astfel de raport.

$FHDVW FDUDFWHULVWLF JHQHUHD] RSHUD LLEDQFDUHVSHFLILFHVFRQWXOOHJDWGHWLWOXULvQFDUH

VWDWXODGPLQLVWUD LD SXEOLF  QX HVWH GHELWRU ú i lombardarea (legat de titluri în care
VWDWXODGPLQLVWUD LDSXEOLF HVWHGHELWRU

3.1. Riscurile creditului

&UHGLWXOHVWHRUHOD LHvQWUHGRLSDUWHQHULVXELHF LFDUDFWHUL]DWDúDFXPDPY ]XWSULQWU -
RSURPLVLXQHFDUHHVWHJHQHUDWRDUHGHULVFXULÌQOHJ WXU FXUDPEXUVDUHDDSDUGRX FDWHJRULLGH

riscuri:
A. Riscul de rambursare SH FDUH úL-O DVXP  FUHGLWRUXO úL FDUH FRQVW  ILH vQ vQWkU]LHUHD

DFHVWHLDSHVWHVFDGHQ ILHvQLPSRVLELOLWDWHDGHELWRUXOXLGHDUDPEXUVD

ÌQWkU]LHUHD SHVWH VFDGHQ  VH SHQDOL]HD]  SULQ PDMRUDUHD GREkQ]LL SH GXUDWD vQWkU]LHULL úL

SULQ FRQVHPQDUHD FD LQFLGHQW ÌQ PXOWH UL E QFLOH FRRSHUHD]  VXE VXSUDYHJKHUHD % QFLL

&HQWUDOH SHQWUX HYLGHQ D GHWDOLDW  úL SUHFLV  D LQFLGHQWHORU $VWIHO H[LVW  LQIRUPD LL GHVSUH RULFH

debitor relativ laLQFLGHQWHOHDOF URU VXELHFWDIRVW úLGHVSUHPRGXOGH VROX LRQDUHDLQFLGHQWHORU

UHVSHFWLYH (YHQWXDOLL YLLWRUL FUHGLWRUL YRW IL vQ FXQRúWLQ  GH FDX]  GHVSUH FDOLWDWHD SURPLVLXQLL

GHUDPEXUVDUHDQJDMDW GHXQGHELWRUúLvúLSRWOXDP VXULSUHYHQWLYH

ÎnDQXPLWHFD]XULFkQGGHELWRUXODQXQ DQWLFLSDWSRVLELOLWDWHDvQWkU]LHULLFUHGLWRUXOSRDWH

DFFHSWDvQFRQGL LLQHJRFLDWHFXUHVSHFWLYXOGHELWRUUHHúDORQDUHDUDPEXUV ULL

,PSRVLELOLWDWHD GH UDPEXUVDUH SRDWH LQWHUYHQL GLQ LQFDSDFLWDWHD GH SODW  D GHELWRU ului
IDOLPHQW GLQ GLVSDUL LD OXL FX UHD FUHGLQ  VDX GLQ GLVSDUL LD IL]LF  ,PSRVLELOLWDWHD GH
UDPEXUVDUHHVWHWUDWDW GHDVHPHQHDFDLQFLGHQW

&UHGLWHOH DIODWH vQ DVWIHO GH VLWXD LL VH ]LF neperformante: cele întârziate - restante, iar
celelalte - nerecuperabile.
(YLGHQ DLQFLGHQWHORUODREDQF VDXSHDQVDPEOXOVLVWHPXOXLEDQFDUFUHHD] SRVLELOLWDWHD

FDOFXO ULL ULVFXOXL GH QHUDPEXUVDUH $FHVW ULVF VH SRDWH FDOFXOD SH XQ GHELWRU RDUHFDUH GDU GH

UHJXO  VH FDOFXOHD]  SH PXO LPL GH FD]XUL GH DFHLDúL VSH  'H SLOG  SHQWUX XQ DQXPLW WLS GH

FUHGLW SHQWUX GHELWRUL GHVI úXUkQG XQ DQXPLW IHO GH DFWLYLWDWH SHQWUX RSHUD LXQL GH FUHGLWDUH

circumscrise unei anumite zone geografice etc. Într-R SULP  DSUR[LPDUH ULVFXO SRDWH IL
determinat ca probabilitate de pURGXFHUHDLQFLGHQWXOXLvQPXO LPHDFD]XULORUGHFUHGLWDUHWRWDO 
VDXGHRDQXPLW VSH 

n
rn = (135)
N
unde: rn = riscul de nerambursare;
n QXP UXOFD]XULORUGHLQFLGHQWH

N  QXP UXOWRWDODORSHUD LXQLORUGHFUHGLWDUHSHDQVDPEOXVDXSHRDQXPLW VSH GH

credite).
Într-RDQDOL] PDLHODERUDW ULVFXOVHSRDWHGHWHUPLQDFDGLVSHUVLHDUH]XOWDWXOXLFUHGLW ULL
(profit sau pierdere).
5H]XOWDWXOFUHGLW ULLVHGHWHUPLQ vQIRUP DEVROXW FDGLIHUHQ vQWUHvQFDV ULOHE QFLLSH

VHDPD UHVSHFWLYXOXL FUHGLW úL FKHOWXLHOLOH I FXWH GH EDQF  SHQWUX GHUXODUHD FUHGLWXOXL úL

UHFXSHUDUHD DFHVWXLD ([SUHVLD SURFHQWXDO  D UH]XOWDWXOXL VH RE LQH SULQ UDSRUWDUHD DFHVWXLD OD

cuantumul creditului.
În cazul creditelor neperformantH FKHOWXLHOLOH LQFOXG SH OkQJ  FHOH QRUPDOH SULYLQG

IXQF LRQDUHD E QFLL úL FKHOWXLHOL OHJDWH GH XUP ULUHD GHELWRUXOXL FKHOWXLHOL GH MXGHFDW 

FKHOWXLHOLOH SHQWUX YDORULILFDUHD JDMXULORU VXPH UHFXSHUDWH GLQ FUHGLWXO vQVXúL GREkQ]LOH

neîncasate, decapitalL]DUHDVXPHORUFUHGLWDWHvQLQWHUYDOXOGLQWUHDFRUGDUHVFDGHQ úLPRPHQWXO

HYHQWXDOHLORUUHFXSHU ULúDÌQDFHVWHFD]XULGHPXOWHRULUH]XOWDWXOFUHGLW ULLHVWHQHJDWLY

5H]XOWDWXO FUHGLW ULL VH FRQVLGHU  D IL GHWHUPLQDW GH VWDUHD HFRQRPLHL D UDPXU ii
HFRQRPLFHD]RQHLJHRJUDILFHXQGHVHGHUXOHD] DFWLYLWDWHDGHELWRUXOXL3H ED]DXQRULQIRUPD LL

VWDWLVWLFHSULYLQGYDULD LDDFHVWHLVW ULvQWUHFXWúLDXQRUSUHGLF LLSULYLQGHYROX LDXQRULQGLFDWRUL

economici / sociali / politici specifici se pot detHUPLQD SUREDELOLW L GH SURGXFHUH D GLIHULWHORU

VW UL HFRQRPLFH ÌQ FRQGL LLOH XQHL VW UL GDWH HVWH SRVLELO XQ DQXPH UH]XOWDW DO FUHGLW ULL LDU

DFHVWXLDLVHDIHFWHD] FDSUREDELOLWDWHDFHHDFDUDFWHULVWLF UHVSHFWLYHLVW UL

5LVFXOVHFDOFXOHD] SHED]DUHOD LHL

J −
rn = ∑ (rj − r )2 ∗p j (136.1)
j=1

unde: j LQGLFHSHQWUXLGHQWLILFDUHDVW ULLHFRQRPLHL

J QXP UXOGHVW ULDOHHFRQRPLHLOXDWHvQFRQVLGHUDUH

rj UH]XOWDWXOFUHGLW ULLvQFRQGL LLOHSURGXFHULLVW ULLMDHFRQRPLHL

−
r  UH]XOWDWXO PHGLX DO XQHL RSHUD LXQL GH FUHGLWDUH SH DQVDPEOXO DFHVWRUD VDX SH

PXO LPHDFHORUGHRDQXPLW VSH 

pj SUREDELOLWDWHDSURGXFHULLVW ULLMDHFRQRPLHL

Vj − Ch j
rj = (136.2)
C

unde: Vj = veQLWXORE LQXWGHEDQF vQXUPDDFRUG ULLXQXLFUHGLWvQJHQHUDOVDXGHRDQXPLW 

VSH vQFD]XOSURGXFHULLvQHFRQRPLHDVW ULLM

 Chj FKHOWXLHOLOHRFD]LRQDWHE QFLLGHGHUXODUHDúLUHFXSHUDUHDXQXLFUHGLWvQJHQHUDOVDX

GHRDQXPLW VSH vQFD]XOSURGXFHULLvQHFRQRPLHDVW ULLM

C = cuantumul creditului acordat.

− J
r = ∑ rj ∗ p j (136.3)
j=1
B. Riscul de imobilizare SH FDUH úL-O DVXP  GHSRQHQWXO XQHL E QFL úL FDUH FRQVW  vQ

LPSRVLELOLWDWHDE QFLLGHDUDPEXUVDDFHVWXLDODFHUHUHSDU LDOVDXLQWHJUDOVXPDGHSXV 

&DX]HOH DFHVWXL ULVF VH UHJ VHVF vQ SULQFLSLX vQ FRQMXQFWXUD HFRQRPLF  QHIDYRUDELO  FH

SRDWH FRQGXFH OD GLILFXOW L ILQDQFLDUH SHQWUX DJHQ LL HFRQRPLFH UHIOX[XO SURFHVXOXL GH

economisire, lipsa mijloacelor GHSODW ODGHELWRULúDÌQDIDU GHDFHDVWDvQFKLDUFRQGL LLOHXQHL

FRQMXQFWXUL HFRQRPLFH IDYRUDELOH ULVFXO VH SRDWH SURGXFH GDWRULW  XQRU FDX]H FH LQ GH

PDQDJHPHQWXOILQDQFLDUQHFRUHVSXQ] WRUILHODQLYHOXOE QFLLILHODQLYHOXOGHELWRULORUDFHVWHL a.

/D QLYHOXO E QFLL PDQDJHPHQWXO ILQDQFLDU QHFRUHVSXQ] WRU vQVHDPQ  SULQWUH DOWHOH

DFFHSWDUHD XQRU RSHUD LXQL ULVFDQWH GH FUHGLWDUH FDUH JHQHUHD]  FUHGLWH QHSHUIRUPDQWH

LQVXILFLHQWD FXQRDúWHUH D VLWXD LHL ILQDQFLDUH D GHELWRUXOXL GLDJQRVWLFXO ILQDQ ciar defectuos al
GHELWRUXOXL DSUHFLHUHD LQFRUHFW  D UDSRUWXULORU GH VFDGHQ H vQWUH RSHUD LXQLOH DFWLYH DFRUG UL GH

FUHGLWHúLFHOHSDVLYHPRELOL]DUHDGHUHVXUVHúD

/D QLYHOXO GHELWRULORU PDQDJHPHQWXO ILQDQFLDU QHFRUHVSXQ] WRU vQVHDPQ  SULQWUH DO tele,
XWLOL]DUHD QHHILFLHQW  D FUHGLWHORU GHUXODUHD DFWLYLW LL SURSULL vQ FRQGL LL GH HILFLHQ  VF ]XW 

XWLOL]DUHDFUHGLWHORUvQDFWLYLW LQHDGXF WRDUHGHSURILWVDXvQMRFXULGHEXUV úD

ÌQ DIDU  GH ULVFXULOH GH UDPEXUVDUH vQ DFWLYLWDWHD E QFLORU DSDU úLDOWH ULVFXUL JHQHUDWH GH

vPSUHMXU ULGLIHULWH

a) ULVFXO LQVROYDELOLW LL sau al pierderii de capital, care apare din cauza creditelor
QHSHUIRUPDQWH vQ SULPXO UkQG D FHORU QHUHFXSHUDELOH úL D FUHúWHULL UDWHL GREkQ]LL $FHDVWD GLQ

XUP  P UHúWH HIRUWXO GH UDPEXUVDUH DO GHELWRULORU úL UHVWUkQJH VIHUD XWLOL] ULORU HILFLHQWH DOH

FUHGLWXOXL (VHQ LDO SHQWUX XWLOL]DUHD HILFLHQW  D FUHGLWXOXL HVWH FD GHELWRUXO V  vQWUHSULQG 

DFWLYLW L D F URU SURILWDELOLWDWH V  ILH SR]LWLY  UH]XOWDWXO DFWLYLW LL GLPLQXDW FX LPSR]LWHOH V 

acopere costul resurselor cu care s-DILQDQ DWDFWLYLWDWHD'DF UDWDILVFDOLW LLúLUDWDGREkQ]LLVXQW

ULGLFDWH DWXQFL VIHUD XWLOL] ULL HILFLHQWH D FUHGLWXOXL VH UHVWUkQJH LDU ULVFXO GH LQVROYDELOLWDWH

FUHúWH

ri = f(t,d) f ’t > 0 (137.1)

f ’d > 0

unde: ri = riscul de insolvabilitate;

t UDWDILVFDOLW LL
d = rata dobânzii.

0XO LDXWRUL vQVSHFLDOIUDQFH]LúL DPHULFDQL vQWUHFDUH0RGLJOLDQLODXUHDW1REHO SHQWUX

HFRQRPLH DUDW  F  ULVFXO LQVROYDELOLW LL GHSLQGH GLUHFW GH PDVD FUHGLWHORU DFRUGDWH GH R EDQF 

)XQF LDVHSRDWHUHVFULHvQWU RIRUP FRPSOHWDW

-

ri = f(C,t,d) f'c > 0 (137.2)

XQGH & HVWH PDVD WRWDO  D FUHGLWHORU DFRUGDWH GHSHQGHQ D ULVFXOXL ID  GH W úL G VH S VWUHD]  FD

mai sus, iar f(•HVWHHYLGHQWRDOW IXQF LHGHFkWFHDSUHFHGHQW 

3UHYHQLUHD úLGLPLQXDUHDDFHVWXLULVFVHIDFHSHED]DXQRUQRUPHSUXGHQ LDOHGLQWUHFDUH

XQHOHLPSXVHvQPRGH[SUHVGH%DQFD&HQWUDO 'LQWUHDFHVWHQRUPHFHOHPDLX]XDOHVXQW

♦ REOLJD LDXQXLFDSLWDOPLQLPSURSULXDOE QFLL

♦ norma lui Cooke

 KP
nC = ≤ 8% (138)
n
∑ C j ∗ rj
j=1
unde: nC = coeficientul lui Cooke;
KP FDSLWDOXOSURSULXDOE QFLL
j = indice pentru identificarea tipului de credit acordat ;
n QXP UXOGH tipuri de credite acordate;

rj = riscul specific tipului j de credit.

ƒ FRWD PD[LP  SH FDUH FUHGLWHOH DFRUGDWH XQXL DQXPLW FOLHQW úL HIHFWLYH OD XQ PRPHQW GDW R

SRDWHDYHDvQFDSLWDOXOSURSULXDOE QFLLFRW FDUHGHUHJXO HVWHGH

ƒ FRWDPD[LP SHFDUHFUHGLWHOHDFRUGDWHGHELWRULORUGHVI úXUkQGXQDQXPLWJHQGHDFWLYLWDWHúL

efective la un moment dat o poate avea în totalul creditelor în derulare la acel moment (de
UHJXO VDXvQFDSLWDOXOSURSULXDOE QFLL

8OWLPHOH GRX  QRUPH DX vQ YHGHUH G iminuarea riscului de insolvabilitate prin
GLYHUVLILFDUHDSRUWRIROLXOXLGHDFWLYHDOE QFLL

b) riscul lipsei de lichiditate DSDUH vQ VLWXD LD vQ FDUH EDQFD QX GLVSXQH GH UHVXUVH GLQ
FDUH V  DFRSHUH SO LOH VFDGHQWH OD XQ PRPHQW GDW SO L RUGRQDWH GH FOLHQ LL HL D IL I FXWH GLQ

FRQWXULOHSHFDUHDFHúWLDOHDXGHVFKLVHODFKLDUEDQFDvQFDX] FKHOWXLHOLOHSURSULLGHIXQF LRQDUH

DE QFLLFHUHULOHGHvQFKHLHUHGHFRQWXULVDXOLFKLG ULGHGHSR]LWH

6LVWHPXOEDQFDUúLvQSULPXOUkQG%DQFD&HQWUDO SUHFXPúLSLD DPRQHWDU vQVLQHRIHU 

R YDULHWDWH GH SRVLELOLW L SHQWUX GHS úLUHD XQHL DVWIHO GH GLILFXOW L VFRQWDUHD VDX UHVFRQWDUHD

SRUWRIROLXOXL GH HIHFWH FRPHUFLDOH DQJDMDUHD XQRU FUHGLWH FRQMXQFWXUDOH GH VFXUW  GXUDW  SH

SLD D LQWHUEDQFDU  ORPEDUGDUHD WLWOXULORU GH VWDW UHILQDQ DUHD GH VFXUW  GXUDW  GH OD %DQFD

&HQWUDO 'HDFHHDULVFXOGHOLFKLGLWDWHHVWHvQPRGRELúQXLWQXXQULVFGHLQWUDUHvQLQFDSDFLWDWHD

GH SODW  FL XQ ULVF DO FRVWXULORU VXSOLPHQWDUH SUHVXSXVH GH SURFXUDUHD PLMORDFHORU GH SODW 

insuficiente la un moment dat.

&RVWXO GLVSRQLELOLW LORU UH]XOWDWH vQ PRG ILUHVF GLQ VROGXO SR]LWLY GHSXQHUL  vQFDV UL

FXUHQWHID GHUHWUDJHULSO LFXUHQWHHVWHvQJHQHUDOPLFILLQGF UDWDGREkQ]LLODGHSXQHULHVWH

PDLPLF GHFkWUDWDGREkQ]LL la creditele bancare.

&RVWXO GLVSRQLELOLW LORU SURFXUDWH DG-hoc, într-R VLWXD LH GH OLSV  GH OLFKLGLWDWH HVWH PDL

PDUH úL UH]XOW  FD ILLQG VXSOLPHQWDU FRVWXULORU FXUHQWH RUGLQDUH $FHVW FRVW GLPLQXHD]  SURILWXO

E QFLL VDX vO SRDWH IDFH QHJDWLY FX UHSH rcusiuni defavorabile provenite din comportamentul de
UHVSLQJHUHDS UXWODDF LRQDULLE QFLL

Diminuarea riscului de lichiditate se face prin politica de atrageri de depuneri (dobânzi

DWUDFWLYHSURGXVHEDQFDUHQRLSULQ SROLWLFDMXGLFLRDV  GHFUHGLWDUH prin alegerea plasamentelor
FRUHFWHúLPDLDOHVSULQWU-REXQ FRUHODUHDGXUDWHLGHSR]LWHORUFXFHDDFUHGLWHORUDFRUGDWH

c) ULVFXO GH GREkQG  DSDUH vQ VLWXD LD vQ FDUH HYROX LD UDWHL GREkQ]LL VH SURGXFH vQWU-un
VHQVQHIDYRUDELOE QFLL$VWIHOvQFD]ul în care banca a acceptat depozite remunerate cu d1%, iar

vQ WLPS SH SLD D PRQHWDU  DFHDVW  UDW  V-a diminuat la d2 GLIHUHQ D GLQWUH FHO GRX  UDWH GH

GREkQG UHSUH]LQW SHQWUXEDQF XQFRVWVXSOLPHQWDUDOGLVSRQLELOLW LORUVDOHÌQPRGVLPLODUvQ

cazXO F  UDWD GREkQ]LL OD GHSR]LWH HVWH G1 úL U PkQH QHPRGLILFDW  LDU UDWD GREkQ]LL OD FUHGLWH
era de d2% > d1%, dar s-a diminuat în timp la d3 GLIHUHQ D G2 – d3% se constituie în costuri
VXSOLPHQWDUHVDXFKLDUvQSLHUGHULGDF G2% < d3%. Acest risc apare, în principiu, tot ca un risc de

costuri suplimentare.
'LPLQXDUHDDFHVWXLULVFVHIDFHSULQP VXULSUHYHQWLYHLQFOX]kQGvQGREkQGDODFUHGLWHR

FRW UHIOHFWkQGDFHVWULVFVDXDFFHSWkQGVFDGHQ HODFUHGLWHGDUúLODGHSR]LWHvQOLPLWDRUL]RQWXOXL

de preGLF LHFDUHLQGLF RHYHQWXDO PRGLILFDUHQHIDYRUDELO DUDWHLGHGREkQG FXFHD PDLPLF 

SUREDELOLWDWH'HDVHPHQHDVHSRDWHIDFHSULQFODX]DYDULDELOLW LLUDWHLGREkQ]LL

d) riscul eroziunii capitalului DSDUH vQ VLWXD LD vQ FDUH LQIOD LD DIHFWHD]  UDW a dobânzii
I FkQG R UHDO QHJDWLY  YH]L UHOD LD  $FHVW OXFUX VH SURGXFH GH UHJXO  DWXQFL FkQG
-
HYROX LD HIHFWLY  D SURFHVXOXL LQIOD LRQLVW GHS úHúWH SUHGLF LLOH FHOH PDL SHVLPLVWH SH FDUH EDQFD
le-a avut în vedere la momentul stabilirii ratei dobânzii.
e) riscul valutar HVWH OHJDW GH HYROX LD FXUVXULORU GH VFKLPE DOH GLYHUVHORU PRQHGH
QD LRQDOHvQSULPXOUkQGDFHORU FXFDUHR EDQF OXFUHD] vQ PRGFXUHQW$FHVWULVFHVWH JHQHUDW

GH VWDUHD HFRQRPLLORU QD LRQDO VWU LQH FDUH GHWHUPLQ  vQ PRG HVHQ L al paritatea momentelor lor
FX PRQHG  ULL 5LVFXO GHYLQH HIHFWLY DWXQFL FkQG R EDQF  GH LQH GHSR]LWH DUH UH]HUYH VDX D

I FXW SODVDPHQWH vQWU R YDOXW  VWU LQ  GH SLOG  (852 LDU DFHDVWD VH GHSUHFLD]  vQ UDSRUW FX R
-
DOWDGHSLOG GRODUXODPHULFDQVDX\HQXOMDSRQH]'LVSRQLELOLW LOHYDOXWDUHDOHE QFLLvQFDX] DX

vQDFHVWIHORSXWHUHGHFXPS UDUHPDLPLF vQGRODULVDX\HQLGHFkWDYHDvQPRPHQWXOFRQVWLWXLULL

GHSR]LWHORUúLUH]HUYHORUVDXDOHIHFWX ULLSODVDPHQWHORU

Diminuarea acestui risc se face prLQGLYHUVLILFDUHDYDOXWHORUFXFDUHOXFUHD] REDQF SULQ

DFXUDWH HD HIHFWX ULL SUHGLF LLORU SULYLQG SLD D YDOXWDU  SULQ SURPRYDUHD RSHUD LXQLORU GH VHQV

LQYHUVSULQFRQVXOWDUHDDJHQ LLORUGHUDWLQJHYDOXDUHDULVFXULORUGH DU VDXGHEDQF 

f) risFXO GH DU  HVWH OHJDW GH SHUIRUPDQ HOH HFRQRPLFH DOH XQHL UL GH HYROX LD

FRQMXQFWXULLHFRQRPLFHúLSROLWLFHGLQWU R DU GHVWDELOLWDWHDFRQWH[WXOXLPHGLXOXLHFRQRPLFúL
-
politic al acesteia.
'LPLQXDUHD DFHVWXL ULVF VH IDFH SULQ LQIRUPDUHD FRQWLQX  FRUHFW  úL RELHFWLY  DVXSUD

HYROX LHLFDGUXOXLMXULGLFR OHJLVODWLYDO

- ULLvQFDX] úLFRQVXOWDUHDDJHQ LLORUGHUDWLQJ

3.2. Garantarea creditului

([LVWHQ D ULVFXOXL vQ RSHUD LXQLOH GH FUHGLW D FRQGXV vQ PRG UD LRQDO OD SUHRFXSDUHD

creditorului pentru diPLQXDUHD DFHVWXLD úL SHQWUX DFRSHULUHD OXL vQ FD]XO vQ FDUH V-a produs.
*DUDQWDUHD FUHGLWXOXL HVWH OHJDW  GH DPEHOH SUREOHPH PHQ LRQDWH GDU HVWH GLUHF LRQDW  vQ ILQDO

SHQWUX DFRSHULUH DGLF  SHQWUX FUHDUHD XQHL SRVLELOLW L FHUWH GH UHFXSHUDUH D SLHUGHULL (total sau
P FDUSDU LDOvQFD]XOvQFDUHULVFXOV -a produs.
3UDFWLFD EDQFDU  D LQVWLWXLW PDL PXOWH IRUPH GH JDUDQWDUH D XQXL FUHGLW GLQWUH FDUH XQHOH

YLUWXDOH JDUDQ LD SHUVRQDO  JDUDQ LD XQXL WHU  JDUDQ LD VWDWXOXL úL DOWHOH UHDOH UH LQHUH JDM

iSRWHF SULYLOHJLX

*DUDQ LDSHUVRQDO VHvQWHPHLD] SHFDOLWDWHDGHSDUWHQHUFRUHFWDGHELWRUXOXLFXQRVFXW 

vQ WLPS GH F WUH FUHGLWRU úL SUHVXSXV  SH ED]D UH]XOWDWXOXL XQHL DQDOL]H ILQDQFLDUH SULYLQG

FDSDFLWDWHDGHSODW GHGHELWRUXOXLúLIH]DELOLWDWHDDFWLYLW LLDF UHLFUHGLWDUHRVROLFLW 

*DUDQ LD XQXL WHU  VH vQWHPHLD]  SH DQJDMDPHQWXO VFULV DVXPDW GH F WUH WHU  F  YD SO WL

GDWRULDvQFD]F GHELWRUXOHVWHvQLPSRVLELOLWDWHGHDRIDFH7HU XOQXPLW garant, se poate angaja

strictamente pentru datoULD SH FDUH R JDUDQWHD]  úL QXPDL GXS  R HYHQWXDO  H[HFXWDUH

SDWULPRQLDO DGHELWRUXOXLJDUDQ LDVLPSO VDXI U FRQGL LLOHPHQ LRQDWHJDUDQ LDVROLGDU ).
*DUDQ LD VWDWXOXL DSDUH GH UHJXO  vQ FD]XO vQ FDUH FUHGLWRUXO DUH DSDUWHQHQ  OD DOW  DU 

iar deELWRUXOODVWDWXOJDUDQW*DUDQ LDVWDWXOXLSRDWHILLQGLYLGXDOL]DW SHQWUXXQDQXPLWGHELWRU

VDX QX SHQWUX XQ DQXPLW JHQ GH DFWLYLWDWH HFRQRPLF  R DQXPLW  ]RQ  JHRJUDILF  R DQXPLW 

FDWHJRULHGHGHELWRUL*DUDQ LDVWDWXOXLVHLQVWLWXLHGHUHJXO SULQ lege.

5H LQHUHDSUHVXSXQHF XQ FUHGLWRUSRDWHUH LQHXQEXQFRUSRUDO SURSULHWDWHDGHELWRUXOXL

SkQ FkQGDFHVWDvúLVWLQJHFRPSOHWGDWRULD5H LQHUHDVHSRDWHIDFHQXPDLFRQGL LRQDW

-EXQXOUHVSHFWLYV DLE OHJ WXU FXGDWRULD

-GDWRULDV ILHFHUW úLH[LJLELO 
GajulSUHVXSXQHF GHELWRUXOvúLJDUDQWHD] GDWRULDFXXQEXQDOV XSHFDUHvOUHPLWHVDX
QXvQPRGHIHFWLYFUHGLWRUXOXL3ULPDVROX LHHVWH gaj cu deposedare (în care caz creditorul poate

solicita un titlu de gajare), iar a doua JDM I U  GHposedare $WkW FUHGLWRUXO FkW úL GHELWRUXO DX
GUHSWXULúLREOLJD LLvQUDSRUWFXJDMXO

&UHGLWRUXO WUHEXLH V  FRQVHUYH JDMXO vQ VWDUHD vQ FDUH O-D SULPLW úL QX-O SRDWH vQVWU LQD vQ

nici - XQ IHO QLFL JDMD VDX LSRWHFD SH SHULRDGD SkQ  OD VFDGHQ D FUHGLWului generator. În schimb,
are GUHSWGHSUHIHULQ GHDILSO WLWvQDLQWHDDOWRUFUHGLWRULvQFD]XOFkQGGHELWRUXOHVWHH[HFXWDW
patrimonial prin vinderea gajului), GUHSW GH XUP ULUH GDF  SURSULHWDUXO EXQXOXL JDMDW VH
VFKLPE GUHSWGHUH LQHUHúLGUHSW de vânzareV VROLFLWHYkQ]DUHDvQMXVWL LHDEXQXOXLvQFD]XO

LPSRVLELOLW LLGHELWRUXOXLGHD-úLVWLQJHGDWRULD
 Debitorul are dreptul de a-úL SUHWLQGH JDMXO vQ FD]XO VWLQJHULL GDWRULHL vQ FRQGL LLOH
FRQYHQLWHODJDMDUHúLDUHREOLJD LDGHDQXVFKLPEDFXUHDFUHGLQ VLWXD LDMXULGLF DJDMXOXL

Ipoteca HVWH DFWXO SULQ FDUH GHELWRUXO DFRUG  FUHGLWRUXOXL GUHSWXO DVXSUD XQXL EXQ LPRELO

WHUHQ FRQVWUXF LH I U  GHSRVHGDUH úL FX SXEOLFLWDWH ,SRWHFD VH SRDWH LQVWLWXL SULQ OHJH LSRWHF 

OHJDO ), prin cRQVLP LUHLSRWHF FRQYHQLW úLSULQMXVWL LHLSRWHF MXGLFLDU ).
&UHGLWRUXOvúLS VWUHD] vQDFHVWFD]GRDUGUHSWXOGHSUHIHULQ úLGUHSWXOGHXUP ULUHGDU

nu are nici -RREOLJD LHOHJDW GHEXQXOLSRWHFDW

'HELWRUXO vúL S VWUHD]  REOLJD LD GH EXQ  FUHGLQ  úL DUH GUHSWXO GH D IL vQ GHSOLQ  úL

DEVROXW SRVHVLHDEXQXOXLV XLSRWHFDWRGDW FXVWLQJHUHDREOLJD LHLJHQHUDWRDUH

Privilegiul este dreptul legal conferit unor creditori de a avea prioritate în recuperarea
creditului acordat, în cazul în care debitorul este executat patrimonial. Legea instituie privilegii
JHQHUDOHVDXVSHFLDOHSUHFXPúLWRWDOHPRELOLDUHVDXLPRELOLDUH

Într-XQ FRQWH[W PDL ODUJ UHIHULWRU OD JDUDQWDUHD QX QXPDL D FUHGLWHORU FL OD OLFKLGLWDWHD úL
solvabilitatea unei instLWX LLEDQFDUHVXQWSUDFWLFDWHIRQGXOGHUH]HUY úLDVLJXUDUHD
)RQGXO  IRQGXULOH GH UH]HUY  VH FRQVWLWXLH GLQ SURILWXO E QFLL úL VXQW FRQVHPQDWH vQ

FRQWXUL VSHFLDOH FX SRVLELOLWDWHD GH XWLOL]DUHD vQ FRQGL LL SUHDODELO VWDELOLWH LQkQG GH FDSDFLWDWHD

dHSODW DE QFLLODXQPRPHQWGDWÌQPRGVLPLODUIXQF LRQHD] FDRP VXU SUHYHQWLY GDUúLGH

SROLWLF  PRQHWDU  rezerva obligatorie LQVWLWXLW  GH %DQFD &HQWUDO  $FHDVW  P VXU  VH UHIHU  OD

REOLJD LD XQHL E QFL GH D QX DFRUGD FUHGLWH SH P VXUD GLVSRQLELOLW LORU H[LVWHQWH OD XQ PRPHQW

dat, ci numai în limita unei cote subunitare

CA = D ∗ cc (139.1)
cc = 1 - cro (139.2)

unde: CA FUHGLWXODFRUGDWSHED]DGLVSRQLELOLW LORUH[LVWHQWH

D GLVSRQLELOLW LH[LVWHnte;

cc = cota de creditare;
cro FRWDGHUH]HUY REOLJDWRULH

ÌQ DUD QRDVWU  FRWD GH UH]HUY  REOLJDWRULH D FUHVFXW GH OD FFD  vQDLQWH GH  LDQXDULH

ODvQFHSkQGFXDFHDVW GDW 3HQWUXDOWH ULFRWDGHUH]HUY REOLJD torie este cca. 14%

GLQ68$úL vQ
- ULOH8QLXQLL(XURSHQH

9DULD LD FRWHL DUH XQ HIHFW GH SkUJKLH PRQHWDU  GHRDUHFH GHWHUPLQ  YDULD LD PDVHL

PRQHWDUH VFULSWXUDOH SH FDUH R EDQF  R SDUWH HPLWH LQkQG VHDPD GH PHFDQLVPXO FRQVWLWXLULL

disponibilit LORU GH FUHGLWDUH úL GH IOX[XULOH PRQHWDUH JHQHUDWRDUH GH GLVSRQLELOLW L vQ FRQWH[WXO

VLVWHPXOXLEDQFDUDOHFRQRPLHLQD LRQDOHVHSRDWHGHWHUPLQDFRHILFLHQWXOGHPXOWLSOLFDUHDPDVHL

monetare:
1
k= (140)
cro

AsigurareaHVWHRDOW PRGDOLWDWHDGH JDUDQWDUHvQVHQVXO ODUJ PHQ LRQDWPDLVXVúLFDUH

FRQVW  vQ SUHOXDUHD ULVFXOXL XQHL RSHUD LXQL PDMRUH GH FUHGLWDUH vQ FRQGL LLOH FRQVWLWXLULL XQXL

VLQGLFDWVDXFRQVRU LXEDQFDUDGLF GHSUHOXDUHVROLGDU DFUHGLW ULLGHF WUHPDLPXOWHE nci.

$VLJXUDUHD HVWH SUDFWLFDW  úL vQWU XQ FRQWH[W PDL UHVWUkQV DFHO DO JDUDQ LLORU UHDOH FX
-
H[FHS LD SULYLOHJLXOXL vQ OHJ WXU  FX FDUH FUHGLWRUXO SRDWH VROLFLWD GHELWRUXOXL V X H[LVWHQ D XQHL

DVLJXU UL GH EXQXUL FRQWUDFWDW  OD R VRFLHWDWH GH DVLJXU UL $FHDVWD SUHVXSXQH F  vQ FD]XO

GLVWUXJHULL EXQXOXL GLQ PRWLYH LQGHSHQGHQWH GH FUHGLWRU úL GH GHELWRU VRFLHWDWHD GH DVLJXU UL

GHVS JXEHúWH SH GHELWRU LDU FUHGLWRUXO OD UkQGXO V X vúL SRDWH UHGREkQGL FRQWUDYDORDUHD

FUHGLWXOXLvQFD]XOF GHELWRUXOHVWHvQLPSRVLELOLWDWHGHSODW 
 3.3. Sfere de creditare
/DUJD GLYHUVLILFDUH D VLWXD LLORU GH FUHGLWDUH D LPSXV GLQ QHFHVLW L SUDFWLFH FODVLILFDUHD

FUHGLWHORU FULWHULLOH XWLOL]DWH ILLQG OD UkQGXO ORU UHODWLY QXPHURVH SHUVRDQD FUHGLWRUXOXL úL

respectiv, a debitorului, obiectul creditului, sursa de creditare, modalitatea de constituire a

GLVSRQLELOLW LORU GXUDWD FUHGLW ULL úD 2 FODVLILFDUH GH ODUJ  DFRSHULUH HVWH FHD GXS  VIHUD

FUHGLW ULL vQLQWHULRUXOF UHLD SH FRPSRQHQWHOH GHILQLWH VH XWLOL]HD]  SH YHUWLFDO DOWH FULWHULL GH

FODVLILFDUHvQUDSRUWFXQHYRLOHGHHYLGHQ VWDWLVWLF úLDQDOL] 

'XS  VIHUD GHFUHGLWDUH VH LGHQWLILF FLQFLFDWHJRULL GHFUHGLW QXPLWH OD UkQGXO ORUVIHUD

de creditare”): credit comercial, credit bancar, credit obligatar, creGLW LSRWHFDU úL FUHGLW GH
consum.
A. Creditul comercial HVWH FHO DFRUGDW vQWUH VRFLHW LOH FRPHUFLDOH QHILQDQFLDUH $FHVWD
este consemnat în înscrisuri speciale numite efecte comerciale FDPELD SROL D úD VDX vQ
contractul de vânzare - FXPS UDUH LQWHUYHQLW vQWUH S U L &UHGLWXO FRPHUFLDO DUH FDUDFWHULVWLFD GH
WUDQVIHUDELOLWDWHYH]LWU V WXULOHUDSRUWXOXLGHFUHGLWSUH]HQWDWHvQGHEXWXOFDS,9

ÌQWUH GRX  DVWIHO GH VRFLHW L FDUH LQWU  vQ UHOD LL GH VFKLPE GH P UIXUL YkQ]DUH -
FXPS UDUH XQD VH SRDWH J VL vQ SRVWXUD GH FUHGLWRU LDU FHDODOW  GH GHELWRU vQ FD]XO vQ FDUH VH

FRQYLQHFDPRPHQWXOSO LLV ILHGLVWLQFWGHFHODOOLYU ULLP UILL

&UHGLWRUSRDWHILIXUQL]RUXOvQFD]XOvQFDUHOLYUHD] PDUID úLDFFHSW SODWD XOWHULRDU DHL

VDX FXPS U WRUXO vQ FD]XO vQ FDUH DFFHSW  SODWD vQ DYDQV D P UILL 'HELWRU HVWH vQ ILHFDUH FD] vQ

SDUWH SDUWHQHUXO FUHGLWRUXOXL GLQ FDGUXO UHVSHFWLYXOXL UDSRUW GH VFKLPE FXPS U WRUXO FDUH

SO WHúWHXOWHULRUOLYU ULLUHVSHFWLYIXUQL]RUXOFDUHOLYUHD] XOWHULRUSO LL

3HQWUXFUHGLWRUPDUIDOLYUDW UHVSHFWLYSODWDI FXW vQDYDQVHVWHRFUHDQ DGLF RVXP 

GH EDQL FDUH vL HVWH GDWRUDW  úL FDUH SHQWUX HO UHSUH]LQW  R LPRELOL]DUH GH PLMORDFH DGLF  R

XWLOL]DUHDDVXUVHORUVDOHGHILQDQ DUH

3HQWUX GHELWRU PDUID SULPLW  UHVSHFWLY VXPD vQFDVDW  vQ DYDQV HVWH R datorie DGLF  R

VXP  GH EDQL SH FDUH YD WUHEXL V  R SO WHDVF  úL FDUH SHQWUX HO UHSUH]LQW  R PRELOL]DUH GH

PLMORDFHDGLF RVXUV GHILQDQ DUHVXSOLPHQWDU SHVWHFHOHSURSULL

$WkWFUHDQ HOHFkWúLGDWRULLOHH[LVWHQWHODPRPHQWXOvQFKHLHULLXQXLELODQ VXQWHYLGHQ LDWH

FRUHVSXQ] WRUvQVWUXFWXUDDFHVWXLDSULPHOHvQDFWLYFHOHODOWHvQSDVLY

)XUQL]RUXO SRDWH GLPLQXD WHQGLQ D FXPS U WRUXOXL VSUH VROLFLWDUHD GH FUHDQ H X]kQG GH

RIHUWD FX UDEDW FDS ,,  UHOD LLOH  $FHDVWD DFFHOHUHD]  URWD LD DFWLYHORU VDOH FLUFXODQWH

diminuându-LLPRELOL] ULOHILQDQFLDUH

&UHGLWRUXO vúL SRDWH UHFRQVWLWXL GLVSRQLELOLW LOH E QHúWL X]kQG GH WUDVIHUDELOLWDWHD

FUHGLWXOXLSULQRSHUD LXQHDGHVFRQWDUHFDS

B. Creditul bancarHVWHFHOvQFDUHXQXOGLQSDUWHQHULHVWHREDQF 6HQVXODFHVWXLFUHGLW

HVWHGXEOXFRQVWLWXLUHDGLVSRQLELOLW LORUEDQFDUHSULQGHSXQHULSHFDUHFHLFHHFRQRPLVHVFOHIDF

ODE QFLGHSR]LWHGHSXQHULvQFRQWFXUHQWúLDFRUGDUHDGHFUHGLWHGHF WUHE nci pentru cei care

DX OLSV  GH GLVSRQLELOLW L I U  XQ VXSRUW PDWHULDO ELQH GHWHUPLQDW DYDQVXO vQ FRQW FXUHQW OLQLD

de credit) zise credite implicite úL FX VXSRUW PDWHULDO SUHFL]DW FUHGLWH SHQWUX VWRFXUL FUHGLWH GH
campanie) zise credite explicite.
Depozitele VXQW GHSXQHUL I FXWH OD E QFL FX SUHFL]DUHD FDUDFWHULVWLFLORU WHPSRUDOH la
vedere, când depozitarul poate cere lichidarea depozitului în orice moment, cu un eventual
SUHDYL] FRQYHQLW OD FRQVWLWXLUHD DFHVWXLD úL pe termen, când din chiar momentul constituirii se

VWDELOHúWHGXUDWDGHSR]LWXOXL

Depunerile în cont curent DSDU GH UHJXO  SHQWUX SHUVRDQHOH IL]LFH VDX MXULGLFH FDUH vúL

GHVFKLGXQFRQWSULQFDUHvúLUXOHD] vQFDV ULOHúLSO LOHFXUHQWH6ROGXO]LOQLFDODFHVWXLFRQWHVWH

o disponibilitDWHSHFDUHEDQFDRSRDWHIRORVLFDVXUV GHDFRUGDUHDXQRUFUHGLWH
Avansurile în cont curent QXPLWHúLFUHGLWHGHFDV VDXFUHGLWHGHWUH]RUHULH$FHVWHDVXQW
SUDFWLFDWH SHQWUX FOLHQ LL FH DX GHVFKLV OD EDQF  XQ FRQW SULQ FDUH vúL UXOHD]  vQ PRG FXUHQW

vQFDV ULOH úL SO LOH *DUDQ LD GHELWRUXOXL R UHSUH]LQW  FDOLWDWHD ILQDQFLDU  D DFWLYLW LL VDOH

FXQRVFXW  vQ WLPS GH F WUH EDQF  SUHFXP úL FHUWLWXGLQHD UXO ULL vQFDV ULORU VDOH SULQ UHVSHFWLYXO

cont.
 $FRUGDUHD XQRU DVWIHO GH DYDQVXUL VH IDFH vQ FRQGL LL le în care clientul nu are
GLVSRQLELOLW LvQFRQWXOV XVDXvQFDV úLHVWHvQVLWXD LDGHDIDFHRSODW LPSUHYL]LELO $VWIHOGH

FUHGLWHQXSUHVXSXQvQVFULVXULúLGHDFHHDVXQWQHWUDQVIHUDELOHDGLF E QFLOHQX úLSRWUHFRQVWLWXL

-
GLVSRQLELOLW LOHSULQ
scontare. Pentru acest motiv aceste credite sunt mai scumpe.
Linia de credit HVWH PRGDOLWDWHD FHD PDL U VSkQGLW  SHQWUX DFRUGDUHD XQXL FUHGLW

FDUDFWHUL]DW  SULQ IDSWXO F  VWDELOHúWH XQ SODIRQ PD[LP DO FUHGLWXOXL DFRUGDW 6XQW SUDFWLFDWH WUHL

variante de linie de credit:

ƒ RELúQXLW  FDUH QX VWDELOHúWH GXUDWD FUHGLWXOXL DVWIHO vQFkW EDQFD SRDWH RULFkQG VROLFLWD

rambursarea;
ƒ FRQILUPDW FDUHVWDELOHúWHGXUDWDFUHGLWXOXL

ƒ UHYROYLQJ FDUH UHvQQRLHúWH SRVLELOLWDWHD GH FUHGLWDUH OD QLYHOXO SODIRQXOXL FX ILHFDUH

rDPEXUVDUHHIHFWXDW GHGHELWRU3RVLELOLWDWHDGHFUHGLWDUHODPRPHQWXOWHVWH3&GHWHUPLQDW 

astfel:
PCt = PM - Ct (141.1)

unde: PM = plafonul maxim de creditare;

Ct = creditrul în uz la debitor la momentul t(Ct ≤ PM).
3H SHULRDGD W W GHELWRUXO DSHOHD]  OD XQ DOW FUHGLW GH P ULPH & úLIDFH R UDPEXUVDUH

GHP ULPH53RVLELOLWDWHDGHFUHGLWDUHODPRPHQWXOWHVWH

PCt+1 = PM - (Ct + C - R) (141.2)

Creditul pentru stocuri HVWH R IRUP  GH FUHGLW GHVWLQDW  DFRSHULULL XQHL S U L GLQ DFWLYHOH

FLUFXODQWH DOH XQHL ILUPH vQ FRPSOHWDUHD UHVXUVHORU ILQDQFLDUH SURSULL úL D DOWRU VXUVH WHPSRUDU

mobilizabile (creditul comercial, pasivele stabile). Creditul poate fi solicitat anterior sau ulterior
constituirii stocului (materii prime, materiale, semifabricate, combustibil, ambalaje, produse
ILQLWHOLYUDWHSURGXVHILQLWHvQVWRFúD

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1 2 9 5 6

7
BANCA BANCA
EMITENTULUI BENEFICIARULUI
8

Fig.4. Circuitul CEC-ului

FXDFHOHDúLVHPQLILFD LLJUDILFHFDvQILJ
 (PLWHQWXO úL D GHVFKLV XQ FRQW  GHSR]LW OD EDQFD OXL vQ ILJ  FLUFXLWXO  úL VROLFLW 
-
DFHVWHLD V -i elibereze un carnet de CEC-XUL  (PLWHQWXO VH EXFXU  GH R SUHVWD LH D

beQHILFLDUXOXL  SH FDUH R DFKLW  FX XQ &(&  %HQHILFLDUXO SUH]LQW  &(&-XO E QFLL VDOH 
care i-O RQRUHD]   úL DSRL vO UHPLWH E QFLL HPLWHQWXOXL  FDUH OD UkQGXO HL vO DFKLW   GXS 
FDUHvúLUHFRQVWLWXLHGLVSRQLELOLW LOHSULQGHELWDUHDFRQWXlui emitentului (9).

4. Modelarea echilibrului monetar

ùFROLOH HFRQRPLFH DX DFFHSWDW vQ SULQFLSLX SkQ  OD PDUHD FUL]  HFRQRPLF  GLQ  -
LGHHDQHXWUDOLW LLPRQHGHLvQUDSRUWFXHFRQRPLDUHDO PRWLYSHQWUXFDUHvQFRQWH[WXOORU

nu se poate vorbi dH SROLWLFL PRQHWDUH DúD FXP OH-DX GHILQLW úFROLOH SRVWFODVLFH ,QWHJUDUHD
PRQHGHL vQ PRGHOXO HFRQRPLF D IRVW SUDFWLFDW  vQV  DWkW GH úFRDOD PHUFDQWLO  VXE IRUPD

GHSHQGHQ HORU FUHGLW PRQHG  HWF YH]L FDS , UHOD LLOH    FkW úL GH OLEHUDOLVPXO
- - clasic,
VXE IRUPD UHOD LHL OXL )LVKHU YH]L FDS , UHOD LD  VDX D WUDQVIRUPDQWHL SURSXV  GH $OIUHG

0DUVKDOYH]LFDS,UHOD LD

&ULWLFD DFHVWRU DERUG UL LQFOXVLY SURSXQHUHD GH UHIRUPDUH D ORU D IRVW I FXW  GH -0

Keynes sub forma modelului IS -/0DGLF DWULSOXOXLHFKLOLEUXLQYHVWL LL- economii (IS), cerere
-RIHUW GHPRQHG /0úLSLD DEXQXULORUúLVHUYLFLLORU-SLD DPRQHWDU ,6- LM).
0RGHOXO OXL .H\QHV FXSULQGH GRX  PRGXOH XQXO SULYLQG SLD D EXQXULORU úL VHUYLFLLORU

inclusiv echiOLEUXOV X,6FHO ODOWSULYLQGSLD DPRQHWDU LQFOXVLYHFKLOLEUXOXLV X/0

0RGXOXO SLH HL EXQXULORU úL VHUYLFLLORU FXSULQGH WUHL IXQF LL GH FRPSRUWDPHQW úL R

HFXD LHGHHFKLOLEUX

a) IXQF LDGHFRQVXP

C = C (Y, Tn, Co) (142)

FXSURSULHW LOH C’Y > 0 C’Tn <0 C’Co > 0

b) IXQF LD ILVFDO  H[SULPDW  SULQ LPSR]LWHOH QHWH Tn DGLF  SULQ GLIHUHQ D GLQWUH
impozitele T GHWHUPLQDWH FD R IXQF LH GH UDWD GHLPSR]LWDUH t úL YHQLWXO VRFLDO Y úL VXEYHQ LLOH
de stat (R)
Tn = Tn (t, Y, R) (143)

cuSURSULHW LOH Tn’t > 0 Tn’Y > 0 Tn’R < 0

c) IXQF LDGHLQYHVWL LL

I = I (r, Y, I0) (144)

FXSURSULHW LOH I’r < 0 I’Y > 0 I′I 0 > 0

d) HFXD LDGHHFKLOLEUX

Y=C+I+G (145)

unde: C = consumul;
C0 = consumul autonom;
I LQYHVWL LLOH

r = rata dobânzii;
T0 LQYHVWL LLOHDXWRQRPH

G = cheltuieli guvernamentale.
6XEVWLWXLQGIXQF LLOHGHFRPSRUWDPHQWvQHFXD LDGHHFKLOLEUXVHRE LQHRGHSHQGHQ vQWUH

rata dobân]LL úL FHOHODOWH YDULDELOH DOH PRGHOXOXL FDUDFWHUL]DW  SULQ SDUDPHWULL UH]XOWD L GLQ

WUDQVIRUPDWHOH SDUDPHWULORU IXQF LLORU GH FRPSRUWDPHQW ÌQ DFHDVW  GHSHQGHQ  YDULDELOHOH GH

VWDUHGDUúLGHDQDOL] VXQWUDWDGREkQ]LLúLYHQLWXOFHOHODOWHILLQGYDULDELOHGHFRPDQG SHFDUH

OH YRP LGHQWLILFD SULQ LQGH[DUH FX  $FHVWH YDULDELOH GH FRPDQG  UHSUH]LQW  SkUJKLL GH
LQWHUYHQ LH vQ HFKLOLEUXO SLH HL úL GHILQHVF DVWIHO SROLWLFL GH LQWHUYHQ LH GH FRQVXP &0 ), de
LQYHVWL LL ,0 ), fiscale (t0), de consum guvernamental (G0, R0 ÌQ IXQF LRQDUHD PRGHOXOXL DFHVWHD
DSDU FX YDORUL GDWH H[RJHQ H[SULPkQG VROX LL GH FRUHFWDUH D HFKLOLEUXOXL SLH HL SH VHDPD

LQWHUYHQ LLORU SULQ SROLWLFL JXYHUQDPHQWDOH GH VXV LQHUHVWLPXODUHvQFXUDMDUH VDX GH

frânare/descurajare.
DeSHQGHQ DvQWUHFHOHGRX YDULDELOHGHVWDUHDQDOL] HVWHGDW VLQWHWLFGHUHOD LD

r = r1 (Y) (146)

FXSURSULHW LOH r1'Y < 0 r1'to < 0

r1'Co > 0 r1'Go > 0 r1'Io > 0 r1′R 0 > 0

9DULD LD YDULDELOHORU GH FRPDQG  ID  GH R VLWXD LH LQL LDO  GHWHUPLQ  YDULD LD UDWHL

dobânzii:
L FUHúWHUL DOH YDORULORU H[RJHQH LQL LDOH DOH OXL &0 , G0, I0 úL 50 SUHFXP úL UHGXFHUL DOH
YDORULLH[RJHQHLQL LDOHDOXLW0GHWHUPLQ FUHúWHULDOHUDWHLGREkQ]LL

LL GLPLQX UL DOH YDORULORU H[RJHQH LQL LDOH DOH OXL &0 , G0, I0 úL 50 SUHFXP úL FUHúWHUL DOH
YDORULLH[RJHQHLQL LDOHDOXLW0GHWHUPLQ UHGXFHULDOHUDWHLGREkQ]LL

3UHVXSXQkQG UHSUH]HQWDUHD IXQF LHL r1 într-XQ SODQ GH GRX  FRRUGRQDWH YHQLW UDWD

GREkQ]LL YDULD LLOH PDL VXV PHQ LRQDWH GHWHUPLQ  GHSODVDUHD JUDILFXOXL IXQF LHL U ID  GH

VLWXD LD LQL LDO  VSUH GUHDSWD SHQWUX YDULD LLOH L úL VSUH VWkQJD SHQWUX YDULD LLOH LL UH]XOWkQG

UHVSHFWLYJUDILFHOHUDúLUEILJ

6LWXD LDLQL LDO HVWHUHSUH]HQWDW vQILJGHFXUEDUvQFDUHRVWDUHLQL LDO DHFKLOLEUXOXL

economic, fie AHVWHFDUDFWHUL]DW SULQYDORULOH Y0, R0DOHYDULDELOHORUGHVWDUHDQDOL] 

r1a

r r1

r1b

r1 D
B
r2
C
r0
r4
G EA
r3
F
Y3 Y4 Y0 Y2 Y1 Y

)LJ'HSODVDUHDFXUEHL,6vQIXQF LHGHPRGLILFDUHD

P ULPLORUYDULDELOHORUGHFRPDQG

3H VHDPD XQRU SROLWLFL H[SDQVLRQLVWH WLS L  VH SRW DFFHGH VW UL DOH HFKLOLEUXOXL

HFRQRPLFDúDFXPVXQW%<2 , r2) sau C (Y1, r0) sau D (Y0, r1).

(FKLOLEUHOH & úL ' VXQW XQLODWHUDOH SUHVXSXQkQG FRQVWDQ D XQHLD GLQ YDULDELOHOH GH VWDUH

r0, respectiv Y0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW  HVWH PDL DPSOX <1 > Y2 > Y0 ,
respectiv r1 > r2 > r0.
(FKLOLEUXO % HVWH ELODWHUDO GDU PDL PRGHUDW GHRDUHFH FUHVF QLYHOHOH LQL LDOH DWkW SHQWUX

rata dobânzii (r2 > r0, dar r2 < r1), FkW úL SHQWUX YHQLW <2 > Y0, dar Y2 < Y1 &XFkW FUHúWHUHD GH
UDW  D GREkQ]LLHVWH PDLPLF  FX DWkW FUHúWHUHD YHQLWXOXLHVWH PDL PDUH $MXVWDUHD FUHúWHULL UDWHL
GREkQ]LL QX SRDWH IL UHDOL]DW  vQ FRQWH[WXO DFHVWXL HFKLOLEUX GHRDUHFH HVWH R SUREOHP  GH SLD 

PRQHWDU  FHHD FH SUHVXSXQH XWLOL]DUHD XQRU SkUJKLL PRQHWDUH H[SULPkQG SROLWLFL PRQHWDUH SH

FDUHOHSXQHvQRSHU %DQFD&HQWUDO 'LQSXQFWXOGHYHGHUHDO³SUH XOXL´VRFLDOLQWHUHVDQW HVWH

starea de echilibru C,vQFDUHYHQLWXOFUHúWHI U V FUHDVF UDWDGREkQ]LL

3H VHDPD XQRU SROLWLFL UHVWULF LRQLVWH WLS LL  VH SRW DFFHGH VW UL DOH HFKLOLEUXOXL

HFRQRPLFDúDFXPVXQW(<4 , r4) sau F(Y0, r3) sau G (Y3, r0).

(FKLOLEUXO ) úL * VXQW XQLODWHUDOH SUHVXSXQkQG FRQVWDQ D XQHLD GLQ YDULDELOHOH GH VWDUH

Y0, respectiv r0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW  HVWH PDL DPSOX U3 < r4 < r0,
respectiv Y3 < Y4 <Y0.
(FKLOLEUXO ( HVWH ELODWHUDO GDU PDL PRGHUDW GHRDUHFH VFDG QLYHOHOH LQL LDOH DWkW SHQWUX

rata dobânzii (r4 < r0 FkW úL SHQWUX YHQLW <4 < Y0 GDU vQ PDL PLF  P VXU  GHFkW vQ FD]XULOH )
(pentru care r3 < r4úL*SHQWUXFDUH<3 < Y4). Pentru conservarea nivelului venitului social este
QHFHVDU RUHGXFHUHFUHúWHUHGUDVWLF DUDWHLGREkQ]LL$MXVWDUHDUDWHLGREkQ]LLHVWHDúDFXPDP

PHQ LRQDW R FKHVWLXQH GH SROLWLF  PRQHWDU  D % QFLL &HQWUDOH 'LQ SXQFWXO GH YHGHUH DO

³SUH XOXL´ VRFLDO LQWHUHVDQW  HVWH VWDUHD GH HFKLOLEUX ) FDUH S VWUHD]  QLYHOXO YHQLWXOXL VRFLDO SH

VHDPDDMXVW ULLUDWHLGREkQ zii.

ÌQ FD]XULOH GH ³VXSUDvQF O]LUH´ VDX ³OkQFH]LUH DFFHQWXDW ´ D HFRQRPLHL SRW GHYHQL

RSRUWXQHúLLQWHUHVDQWHúLDOWHVW ULGHFkW&úL)DFFHVXOODHOHLQFOXVLYODFHOHGRX PHQ LRQDWH

ILLQG R SUREOHP  GH FRPELQDUH D SROLWLFLORU GH FRQVXP  LQYHVWL L i / fiscale / bugetare cu cele
monetare.
0RGXOXO SLH HL PRQHWDUH FXSULQGH GRX  IXQF LL GH FRPSRUWDPHQW úL R HFXD LH GH

echilibru:
a) HFXD LDGHHFKLOLEUX
L=M (147)
b) IXQF LDGHRIHUW GHEDQL

M = M0 (148)
b) IXQF LDGHFHUHUHGHEDQL

L = L (Y,r,L0) (149)

FXSURSULHW LOH L’Y > 0 L’r < 0 L ’L o > 0

unde: L = cererea de bani;

M = oferta de bani;
L0 FHUHUHDDXWRQRP GHEDQL

ÌQOHJ WXU FXLQGLFHOH³´VHS VWUHD] FRQYHQ LDI FXW PDLVXVODPRGX lul IS.
6XEVWLWXLQGIXQF LLOHGHFRPSRUWDPHQWvQHFXD LDGHHFKLOLEUXVHRE LQHRGHSHQGHQ vQWUH

UDWD GREkQ]LL úL FHOHODOWH YDULDELOH DOH PRGHOXOXL FDUDFWHUL]DW  SULQ SDUDPHWULL UH]XOWD L GLQ

WUDQVIRUPDWHOH SDUDPHWULORU IXQF LLORU GH FRPSRUWDPHQW ÌQ DFHDVW  GHSHQGHQ  S VWU P DFHOHDúL

YDULDELOHGHVWDUHDQDOL] FDúLODPRGXOXO,6FHOHODOWHILLQGYDULDELOHGHFRPDQG FDUHDSDUFX

YDORUL GDWH H[RJHQ H[SULPkQG GH DVHPHQHD VROX LL GH FRUHFWDUH DOH % QFLL &HQWUDOH DGLF  SULQ

politici monetare, de stLPXODUHVDXGHIUkQDUHDWHQGLQ HORUSLH HL

'HSHQGHQ DvQWUHFHOHGRX YDULDELOHGHVWDUHDQDOL] HVWHGDW VLQWHWLFGHUHOD LD

r = r2 (Y) (150)

FXSURSULHW LOH

r2’Y > 0 r2 ’L o > 0 r2 ’M o < 0

9DULD LD YDULDELOHORU GH FRPDQG  ID  GH R VLWXD LH LQL LDO  GHWHUPLQ  YDULD LD UDWHL

dobânzii:
L FUHúWHUHD YDORULL H[RJHQH LQL LDOH D OXL 00 SUHFXP úL UHGXFHUHD YDULDELOHL H[RJHQH

LQL LDOHDOXL/0GHWHUPLQ UHGXFHULDOHUDWHLGREkQ]LL

 (ii) diminuarea valorii exogHQH LQL LDOH D OXL 00 SUHFXP úL FUHúWHUHD YDORULL H[RJHQH
LQL LDOHDOXL/0GHWHUPLQ FUHúWHULDOHUDWHLGREkQ]LL

3UHVXSXQkQG UHSUH]HQWDUHD IXQF LHL r2 într-XQ SODQ GH DFHOHDúL FRRUGRQDWH YHQLW UDWD
GREkQ]LL FD úL vQ FD]XO PRGXOXOXL ,6 YDULD LLOH PDL VXV PHQ LRQDWH GHWHUPLQ  GHSODVDUHD

JUDILFXOXL IXQF LHL U ID  GH VLWXD LD LQL LDO  VSUH GUHDSWD SHQWUX YDULD LLOH L úL VSUH VWkQJD

SHQWUXYDULD LLOHLLUH]XOWkQGUHVSHFWLYJUDILFHOHUDúLUEILJ

r
r4 F r2b
r3 r2
E
r0 G C r2a
r2 A
B
r1
D
Y
Y4 Y3 Y0 Y2 Y1

Fig.6. Deplasarea curbeL/0vQIXQF LHGHPRGLILFDUHDP ULPLORU

YDULDELOHORUGHFRPDQG

6LWXD LD LQL LDO  HVWH UHSUH]HQWDW  vQ ILJ  GH FXUED U vQ FDUH R VWDUH LQL LDO   D

echilibrului economic, fie A HVWH FDUDFWHUL]DW  SULQ YDULDELOH <0

, r0) ale variabilelor de stare/
aQDOL] 
3H VHDPD XQRU SROLWLFL GH GLPLQXDUH D UDSRUWXOXL FHUHUHRIHUW  GH EDQL WLS L VH SRW

DFFHGHVW ULDOHHFKLOLEUXOXLHFRQRPLFDúDFXPVXQW%<2 , r2) sau C(Y1,r0) sau D(Yo, r1).

(FKLOLEUHOH & úL ' VXQW XQLODWHUDOH SUHVXSXQkQG FRQVWDQ D XQHLD GLQ
variabilele de stare:
r0, respectiv Y0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW  HVWH PDL DPSOX <1 > Y2 > Y0,
respectiv r1 < r2 <r0.
(FKLOLEUXO % HVWH ELODWHUDO GDU PDL PRGHUDW GHRDUHFH VFDG QLYHOHOH LQL LDOH SHQWUX UDWD

dobânzii (r2 < r0, dar r2 > r1úLFUHVFSHQWUXYHQLW<2 > Y0, dar Y2 < Y1). Cu cât diminuarea ratei
GREkQ]LL HVWH PDL SURQXQ DW  FX DWkW FUHúWHUHD YHQLWXOXL HVWH PDL PDUH $FHDVWD HVWH UH]XOWDWXO

LHIWLQLULLEDQLORUFDUHVWLPXOHD] UHODQVDUHDDFWLYLW LLHFRQRPLFH

Pe seama unRUSROLWLFLGHFUHúWHUHDUDSRUWXOXLFHUHUHRIHUW GHEDQLWLSLLVHSRWDFFHGH

VW ULDOHHFKLOLEUXOXLHFRQRPLFDúDFXPVXQW(<3, r3) sau F(Y0, r4) sau G(Y4, r0).

(FKLOLEUXOXL)úL*VXQWXQLODWHUDOHSUHVXSXQkQGFRQVWDQ DXQHLDGLQYDULDELOHOHGHVWare:

Y0, respectiv r0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW  HVWH PDL DPSOX U4>r3>r0, respectiv
Y4<Y3<Y0.
(FKLOLEUXO ( HVWH ELODWHUDO GDU PDL PRGHUDW GHRDUHFH VH PRGLILF  QLYHOHOH LQL LDOH DWkW

pentru rata dobânzii (r3>r0FkWúLSHQWUXYHQLWY3<Y0GDUvQPDLPLF P VXU GHFkWvQFD]XULOH

F (pentru care r4>r3 úL * SHQWUX FDUH <4<Y3 3HQWUX FRQVHUYDUHD QLYHOXOXL UDWHL GREkQ]LL úL
LPSOLFLW D HFKLOLEUXOXL SLH HL PRQHWDUH HVWH QHFHVDU  R FUHúWHUHGLPLQXDUH SXWHUQLF  D QLYHOXOXL

venitului.
AnaOL]D FRPELQDW DFHORU GRX PRGXOH,6úL/0UHOHY GRX HFXD LLúL vQ

FDUH FHOH GRX  YDULDELOH GH VWDUHDQDOL]  U úL  < SRW IL GHWHUPLQDWH vQ PRG XQLF 6ROX LD FHORU

GRX HFXD LLHVWH

r*úLY*úLUHSUH]LQW SXQFWXOGHHFKLOLEUXDOFHORUGRX SLH HDGLF XQHFKLOLEUX

general al economiei (fig. 7).

 r
r2b
C r2
I F
A r2a
E
D
H G r1a
r1
B
r1b

Fig.7. Echilibrul general al economiei în modelul IS – LM

úLGHSODVDUHDSXQFWXOXLGHHFKLOLEUXvQIXQF LHGH

SROLWLFLOHLQWHUYHQ LRQLVWH

)D GHHFKLOLEUXOHFRQRPLFJHQHUDOLQL LDO$VHSRWIRUPXOD

D SROLWLFL GH FRQVHUYDUH D QLYHOXOXL YHQLWXOXL % úL & VWLPXOkQG SURFHVXO GH HFRQRPLVLUH VDX

GHVFXUDMkQGLQYHVWL LLOH&UHVSHFWLYGHVFXUDMkQGHFRQRPLVLUHDVDXVWLPXOkQGLQYHVWL LLOH%

ESROLWLFLGHHFKLOLEUXDOSLH HLPRQHWDUH'úL(GHVFXUDMkQGFUHúWHUHDHFRQRPLF 'UHVSHFWLY

stimulând–o (E);
F SROLWLFL PL[WH GH VWLPXODUH D FUHúWHULL HFRQRPLFH ) úL * VWLPXOkQG SURFHVXO GH HFRQRPLVLUH

VDX GHVFXUDMkQG LQYHVWL LLOH ) UHVSHFWLY GHVFXUDMkQG HFRQRPLVLUHD VDX VWLPXOkQG LQYHVWL LLOH

(G);
G SROLWLFL PL[WH GH GHVFXUDMDUH D FUHúWHULL HFRQRPLFH + úL , VWLPXOkQG SURFHVXO HFRQRPLVLULL

VDXGHVFXUDMkQGLQYHVWL LLOH,UHVSHFWLYGHVFXUDMkQGHFRQRPLVLUHDVDXVWLPXOkQGLQYHVWL LLOH+

&DUDFWHULVWLFDHYHQWXDOHORUQRLVW ULGHHFKLOLEUXSRDWHILIRUPXODW DVWIHOvQFHOHFD]XUL

(B –,SXVHvQHYLGHQ GHPRGHOXO,6 – LM:

%UHODQVDUHPRQHWDU

&IUkQ PRQHWDU

'IUkQ EXJHWDU 

(UHODQVDUHEXJHWDU

)UHODQVDUHDEXJHWDU úLIUkQ PRQHWDU

*UHODQVDUHPRQHWDU úLEXJHWDU

+IUkQ EXJHWDU úLUHODQVDUHPRQHWDU

ÌIUkQ PRQHWDU úLEXJHWDU 

5HODQVDUHD PRQHWDU  HVWH R SROLWLF  GH UHOD[DUH D SLH HL PRQHWDUH SULQ GLPLQXDUHD UDWHL

GREkQ]LL VDX SULQ UHGXFHUHD UDSRUWXOXL FHUHUHRIHUW  GH EDQL /D DFHDVWD FRQWULEXLH UH ducerea
WD[HL RILFLDOH D VFRQWXOXL GLPLQXDUHD UH]HUYHL REOLJDWRULL D E QFLORU FRPHUFLDOH HPLVLXQHD GH

PRQHG D% QFLL&HQWUDOHILHSULQQXPHUDUVXSOLPHQWDUILHSULQUHILQDQ DUHDE QFLORUFRPHUFLDOH

'LPLQXDUHD UDWHL GREkQ]LL DPSOLILF  SURFHVXO LQYHVWL L onal, deoarece banii / creditul sunt mai
LHIWLQL 3H GH DOW  SDUWH DFHDVWD GHVFXUDMHD]  SURFHVXO GH HFRQRPLVLUH GREkQGD OD SODVDPHQWH

EDQFDUHHVWHPDLPLF FHHDFHVWLPXOHD] FRQVXPXODGLF FHUHUHDFUHkQGSLD GHGHVIDFHUHúL

VWLPXOkQGSURGXF LD

)UkQDPRQHWDU HVWHRSROLWLF GHvQ VSULUHDFRQGL LLORUSLH HLPRQHWDUHSULQPRGLILF ULvQ

VHQV RSXV DOH SkUJKLLORU LQGLFDWRULORU HFRQRPLFL PHQ LRQDWH PDL VXV úL HYLGHQW FX HIHFWH GH

sens opus.