{"id":10649,"date":"2023-03-21T05:12:52","date_gmt":"2023-03-21T04:12:52","guid":{"rendered":"https:\/\/www.euroekonom.sk\/?p=10649"},"modified":"2024-05-13T14:57:20","modified_gmt":"2024-05-13T12:57:20","slug":"peniaze-financny-trh-a-kapitalovy-trh","status":"publish","type":"post","link":"https:\/\/www.vrtulniky.sk\/news\/peniaze-financny-trh-a-kapitalovy-trh\/","title":{"rendered":"Peniaze, finan\u010dn\u00fd trh a kapit\u00e1lov\u00fd trh"},"content":{"rendered":"<p><strong>Peniaze<\/strong> pova\u017eujeme za tovar, ktor\u00fd sl\u00fa\u017ei ako v\u0161eobecn\u00fd v\u00fdmenn\u00fd prostriedok a n\u00edm je vyjadren\u00e1 hodnota v\u0161etk\u00fdch tovarov.<\/p>\n<h2>Funkcie pe\u0148az\u00ed<\/h2>\n<ul>\n<li><strong>funkcia sprostredkovate\u013ea v\u00fdmeny<\/strong>: peniaze sprostredk\u00favaj\u00fa v\u00fdmenu tovaru, k\u00fapu a predaj. Predpokladom plnenia tejto funkcie je: trvanlivos\u0165, prenosite\u013enos\u0165, delite\u013enos\u0165<\/li>\n<li><strong>funkcia uchov\u00e1vate\u013ea hodn\u00f4t<\/strong>: umo\u017e\u0148uje subjektom odlo\u017eenie zam\u00fd\u0161\u013eanej k\u00fapy na v\u00fdhodnej\u0161\u00ed \u010das t\u00fdm, \u017ee poskytuje mo\u017enos\u0165 vytv\u00e1rania z\u00e1soby k\u00fapnej sily<\/li>\n<li><strong>funkcia z\u00fa\u010dtovacej jednotky:<\/strong> hodnota tovaru vyjadren\u00e1 pomocou pe\u0148az\u00ed je cenou tovaru<\/li>\n<li><strong>funkcia meradla odlo\u017eenej platby<\/strong>: niektor\u00e9 transakcie prebiehaj\u00fa na b\u00e1ze \u00faveru a p\u00f4\u017ei\u010diek<\/li>\n<\/ul>\n<h2>V\u00fdvoj pe\u0148az\u00ed<\/h2>\n<ol>\n<li>natur\u00e1lna v\u00fdmena &#8211; v\u00fdmena tovaru za tovar<\/li>\n<li>tovarov\u00e9 peniaze &#8211; ko\u017eu\u0161iny, pl\u00e1tno &#8211; odvoden\u00e9 slovo plati\u0165, platidlo<\/li>\n<li>kovov\u00e9 peniaze &#8211; mince z drah\u00fdch kovov (zlato, striebro)<\/li>\n<li>papierov\u00e9 peniaze &#8211; pou\u017e\u00edvame dodnes<\/li>\n<li>elektronick\u00e9 peniaze<\/li>\n<\/ol>\n<h3>S\u00fa\u010dasn\u00e9 formy pe\u0148az\u00ed<\/h3>\n<ol>\n<li>drobn\u00e9 kovov\u00e9 mince<\/li>\n<li>papierov\u00e9 peniaze &#8211; bankovky<\/li>\n<li>bankov\u00e9 (depozitn\u00e9) peniaze &#8211; vklady bez v\u00fdpovednej lehoty, \u0161eky<\/li>\n<li>kv\u00e1zipeniaze &#8211; term\u00ednovan\u00e9 vklady, cenn\u00e9 papiere<\/li>\n<li>elektronick\u00e9 peniaze &#8211; internet banking, mobil banking, \u00faverov\u00e9 karty<\/li>\n<\/ol>\n<p>Drobn\u00e9 kovov\u00e9 mince + papierov\u00e9 peniaze = obe\u017eivo<\/p>\n<h2>Kvantitat\u00edvna te\u00f3ria pe\u0148az\u00ed<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.euroekonom.sk\/penazne-agregaty-a-kvantitativna-teoria-penazi\/\">kvantitat\u00edvnu te\u00f3riu pe\u0148az\u00ed<\/a> presadzovala <a href=\"https:\/\/www.euroekonom.sk\/ekonomika\/ekonomicke-teorie\/klasicka-ekonomia\/\">klasick\u00e1 ekon\u00f3mia<\/a><\/li>\n<li>dospeli k n\u00e1zoru, \u017ee ceny v ekonomike s\u00fa z\u00e1visl\u00e9 od rastu mno\u017estva pe\u0148az\u00ed a naopak<\/li>\n<li>vymysleli rovnicu v\u00fdmeny <strong>M.V=P.Q<\/strong>, ktor\u00e1 ud\u00e1va priamo \u00famern\u00fd vz\u0165ah medzi cenou a mno\u017estvom tovaru<\/li>\n<li>M je mno\u017estvo pe\u0148az\u00ed v obehu, V je r\u00fdchlos\u0165 obehu pe\u0148az\u00ed, P je priemern\u00e1 \u00farove\u0148 cien a Q je celkov\u00fd <a href=\"https:\/\/www.euroekonom.sk\/ekonomika\/narodne-hospodarstvo\/zakladne-narodohospodarske-ukazovatele-hdp-a-hnp\/\">n\u00e1rodn\u00fd produkt<\/a> (HDP, HNP)<\/li>\n<li>rovnica vyjadruje, \u017ee ak rast\u00fa ceny, rastie aj mno\u017estvo pe\u0148az\u00ed v obehu a naopak<\/li>\n<\/ul>\n<h2>Keynesova te\u00f3ria pe\u0148az\u00ed<\/h2>\n<p><a href=\"https:\/\/www.euroekonom.sk\/ekonomika\/ekonomicke-teorie\/keynes-keynesove-teorie-a-statne-zasahy\/\">Keynesova te\u00f3ria pe\u0148az\u00ed<\/a> spochybnila kvantitat\u00edvnu te\u00f3riu a mno\u017estvo pe\u0148az\u00ed v obehu je pod\u013ea nej z\u00e1visl\u00e9 od \u00farokovej miery. Vymyslel <strong>te\u00f3riu referencie likvidity<\/strong> ktorou vysvet\u013euje mot\u00edvy dr\u017eby pe\u0148az\u00ed u ekonomick\u00fdch subjektov:<\/p>\n<ul>\n<li>mot\u00edv obehu<\/li>\n<li>mot\u00edv opatrnosti<\/li>\n<li>\u0161pekula\u010dn\u00fd mot\u00edv<\/li>\n<\/ul>\n<p>Mot\u00edv obehu u dom\u00e1cnost\u00ed sk\u00famal mot\u00edv d\u00f4chodkov\u00fd a u podnikov mot\u00edv transak\u010dn\u00fd. Mot\u00edv opatrnosti predstavuje u subjektov zabezpe\u010di\u0165 si pe\u0148a\u017en\u00fa z\u00e1sobu, ktor\u00e1 mus\u00ed by\u0165 t\u00fdm vy\u0161\u0161ia, \u010d\u00edm vy\u0161\u0161ia spotreba. Mot\u00edv \u0161pekula\u010dn\u00fd s\u00favis\u00ed s v\u00fd\u0161kou \u00farokovej sadzby.<\/p>\n<h2>Monetaristick\u00e1 te\u00f3ria pe\u0148az\u00ed<\/h2>\n<p>Monetaristick\u00e1 te\u00f3ria pe\u0148az\u00ed upriamuje pozornos\u0165 na pe\u0148a\u017en\u00e9 agreg\u00e1ty. <strong>Pe\u0148a\u017en\u00e9 agreg\u00e1ty<\/strong> s\u00fa ukazovatele, prostredn\u00edctvom ktor\u00fdch sa meria mno\u017estvo pe\u0148az\u00ed v obehu v danej ekonomike<br \/>\n<a href=\"https:\/\/www.euroekonom.sk\/financie\/financne-investovanie\/vynos-riziko-likvidita\/\"><strong>Likvidita<\/strong><\/a>\u00a0je schopnos\u0165 \u013eahko premeni\u0165 hospod\u00e1rske prostriedky na pe\u0148a\u017en\u00e9 prostriedky. Majetok podniku je likvidn\u00fd, ak je \u013eahko spe\u0148a\u017eite\u013en\u00fd. Likvidita jednotliv\u00fdch foriem pe\u0148az\u00ed je r\u00f4zna a ich rozli\u0161ovanie umo\u017e\u0148uje vyjadrova\u0165 ponuku pe\u0148az\u00ed pomocou pe\u0148a\u017en\u00fdch agreg\u00e1tov. <strong>Miera likvidity<\/strong> je schopnos\u0165 pohotovo uskuto\u010dni\u0165 platobn\u00fa oper\u00e1ciu.<\/p>\n<h2>Pe\u0148a\u017en\u00e9 agreg\u00e1ty<\/h2>\n<p>Hlavn\u00e9 pe\u0148a\u017en\u00e9 agreg\u00e1ty su M1 a M2, pr\u00edpadne M3:<\/p>\n<ul>\n<li><strong>M1<\/strong>&#8211; predstavuje najlikvidnej\u0161iu formu pe\u0148az\u00ed, peniaze pou\u017e\u00edvan\u00e9 na n\u00e1kup a predaj vec\u00ed, ktor\u00e9 mo\u017eno v ka\u017edom okamihu pou\u017ei\u0165 na platbu<\/li>\n<li><strong>M2<\/strong> \u2013 sa naz\u00fdva kv\u00e1zipeniaze \u2013 tvoria ho term\u00ednovan\u00e9 vklady, sporenie, pe\u0148a\u017en\u00e9 prostriedky nemo\u017eno pou\u017ei\u0165 na okam\u017eit\u00e9 platby<\/li>\n<li><strong>M2= M1+term\u00ednovan\u00e9 vklady<\/strong><\/li>\n<li><strong>M3<\/strong> \u2013 tvoria najmenej likvidn\u00e9 akt\u00edva, patria sem cenn\u00e9 papiere, typy sporen\u00ed<\/li>\n<li><strong>M3= M2+ <a href=\"https:\/\/www.euroekonom.sk\/financie\/financny-trh\/vyznam-trhu-cennych-papierov\/\">cenn\u00e9 papiere<\/a><\/strong><\/li>\n<\/ul>\n<h2>Finan\u010dn\u00fd syst\u00e9m<\/h2>\n<p>Predstavuje s\u00fabor trhov, in\u0161tit\u00faci\u00ed a regul\u00e1ci\u00ed, pomocou ktor\u00fdch s\u00fa poskytovan\u00e9 finan\u010dn\u00e9 transakcie v n\u00e1rodnom i medzin\u00e1rodnom meradle. Finan\u010dn\u00fd syst\u00e9m m\u00e1 tieto zlo\u017eky:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.euroekonom.sk\/financny-trh\/\">finan\u010dn\u00e9 trhy<\/a><\/li>\n<li>finan\u010dn\u00ed sprostredkovatelia<\/li>\n<li>finan\u010dn\u00e9 n\u00e1stroje<\/li>\n<li>finan\u010dn\u00e9 transakcie<\/li>\n<\/ul>\n<p><strong>Finan\u010dn\u00fd trh<\/strong> &#8211; je trh, na ktorom finan\u010dn\u00ed sprostredkovatelia prostredn\u00edctvom finan\u010dn\u00fdch n\u00e1strojov zabezpe\u010duj\u00fa prelievanie kr\u00e1tkodob\u00e9ho, dlhodob\u00e9ho a strednodob\u00e9ho kapit\u00e1lu, medzi jednotliv\u00fdmi subjektami v n\u00e1rodnom i medzin\u00e1rodnom meradle.<\/p>\n<h3>Funkcie finan\u010dn\u00e9ho trhu<\/h3>\n<ul>\n<li>akumula\u010dn\u00e1 &#8211; zhroma\u017e\u010fovanie &#8211; mobilizuje pe\u0148a\u017en\u00e9 prostriedky zo v\u0161etk\u00fdch zdrojov<\/li>\n<li>aloka\u010dn\u00e1 &#8211; rozmiest\u0148uje pe\u0148a\u017en\u00e9 prostriedky do oblasti re\u00e1lneho kapit\u00e1lu<\/li>\n<li>selek\u010dn\u00e1 &#8211; rob\u00ed v\u00fdber medzi subjektami<\/li>\n<\/ul>\n<p>Na finan\u010dnom trhu sa s\u00fastre\u010fuje dopyt a ponuka po:<\/p>\n<ul>\n<li>pe\u0148a\u017enom kapit\u00e1le<\/li>\n<li>platobn\u00fdch prostriedkoch<\/li>\n<li><a href=\"https:\/\/www.euroekonom.sk\/akcie-a-teoria-portfolia\/\">cenn\u00fdch papieroch<\/a><\/li>\n<li>dev\u00edzach<\/li>\n<li>drah\u00fdch kovov<\/li>\n<li>poistnej ochrane<\/li>\n<\/ul>\n<h3>\u00da\u010dastn\u00edci finan\u010dn\u00e9ho trhu<\/h3>\n<ul>\n<li>majitelia \u00faspor \u2013 veritelia<\/li>\n<li>dl\u017en\u00edci<\/li>\n<li>finan\u010dn\u00ed sprostredkovatelia<\/li>\n<\/ul>\n<p>Finan\u010dn\u00ed sprostredkovatelia zabezpe\u010duj\u00fa:<\/p>\n<ul>\n<li>vz\u00e1jomn\u00e9 spojenie v\u0161etk\u00fdch ekonomick\u00fdch subjektov<\/li>\n<li>uskuto\u010d\u0148uj\u00fa pr\u00edslu\u0161n\u00e9 transakcie<\/li>\n<li>vytv\u00e1raj\u00fa vhodn\u00e9 podmienky pre obidve skupiny<\/li>\n<li>zni\u017euj\u00fa informa\u010dn\u00e9 a transak\u010dn\u00e9 n\u00e1klady<\/li>\n<li>zvl\u00e1daj\u00fa riziko<\/li>\n<\/ul>\n<p><strong>V\u00fdsledkom stretnutia dopytu a ponuky na finan\u010dnom trhu je cena, ktor\u00e1 nadob\u00fada formu:<\/strong><\/p>\n<ul>\n<li>\u00faroku<\/li>\n<li>kurzu CP<\/li>\n<li>dev\u00edzov\u00e9ho kurzu<\/li>\n<li><a href=\"https:\/\/www.euroekonom.sk\/financie\/poistovnictvo-a-poistenie\/\">poistn\u00e9ho kurzu<\/a><\/li>\n<\/ul>\n<h3>Sp\u00f4soby financovania<\/h3>\n<p><strong>Priame financovanie<\/strong> &#8211; transakcia sa vykon\u00e1va len medzi dl\u017en\u00edkom a verite\u013eom<\/p>\n<ul>\n<li>v\u00fdhoda &#8211; je najjednoduch\u0161ia<\/li>\n<li>nev\u00fdhoda &#8211; vznikaj\u00fa transak\u010dn\u00e9 a informa\u010dn\u00e9 n\u00e1klady<\/li>\n<\/ul>\n<p><strong>Nepriame financovanie<\/strong>\u2013 pomocou sprostredkovate\u013eov. Realizuje sa prostredn\u00edctvom :<\/p>\n<ul>\n<li>depozitn\u00e9 in\u0161tit\u00faci\u00ed \u2013 komer\u010dn\u00e9 banky, sporite\u013ene<\/li>\n<li>zmluvn\u00e9 in\u0161tit\u00facie \u2013 fondy, pois\u0165ovne<\/li>\n<li>investi\u010dn\u00e9 spolo\u010dnosti<\/li>\n<li>ostatn\u00ed finan\u010dn\u00ed sprostredkovatelia &#8211; finan\u010dn\u00e9 spolo\u010dnosti a agent\u00fary<\/li>\n<\/ul>\n<p><strong>Existencia finana\u010dn\u00fdch sprostredkovate\u013eov umo\u017e\u0148uje:<\/strong><\/p>\n<ul>\n<li>redukciu rizika: neplnenie z\u00e1v\u00e4zku, investovanie do akci\u00ed<\/li>\n<li>zn\u00ed\u017eenie informa\u010dn\u00fdch n\u00e1kladov<\/li>\n<li>zn\u00ed\u017eenie transak\u010dn\u00fdch n\u00e1kladov<\/li>\n<li>operat\u00edvnej\u0161ie stret\u00e1vanie dopytu a ponuky na finan\u010dnom trhu<\/li>\n<\/ul>\n<h2>Pe\u0148a\u017en\u00fd trh<\/h2>\n<p>Na pe\u0148a\u017enom trhu sa obchoduje s kr\u00e1tkodob\u00fdm kapit\u00e1lom. \u00da\u010dastn\u00edci trhu s\u00fa komer\u010dn\u00e9 banky, obyvate\u013estvo, podnikate\u013esk\u00fd sektor. Oper\u00e1cie realizuj\u00fa podniky (v\u00fdplata miezd, odvody), obyvate\u013estvo (\u00fa\u010dty, spotrebn\u00e9 \u00favery) a komer\u010dn\u00e9 banky (pe\u0148a\u017en\u00e9 agreg\u00e1ty &#8211; likvidita). Pre tento trh je charakteristick\u00fd vysok\u00fd stupe\u0148 likvidity a ni\u017e\u0161ie riziko a ni\u017e\u0161\u00ed v\u00fdnos.<\/p>\n<h3>Kapit\u00e1lov\u00fd trh<\/h3>\n<p>Na kapit\u00e1lovom trhu sa obchoduje so strednodob\u00fdm a dlhodob\u00fdm kapit\u00e1lom, obchoduj\u00fa na \u0148om investori, preto mu hovor\u00edme aj investi\u010dn\u00fd trh. \u00da\u010dastn\u00edci finan\u010dn\u00e9ho trhu s\u00fa rovnak\u00ed ako pri pe\u0148a\u017enom trhu, navy\u0161e tu vystupuje \u0161t\u00e1t, n\u00e1rodn\u00e9 a medzin\u00e1rodn\u00e9 in\u0161tit\u00facie.<\/p>\n<h3>N\u00e1stroje kapit\u00e1lov\u00e9ho trhu<\/h3>\n<ul>\n<li>strednodob\u00e9 a dlhodob\u00e9 cenn\u00e9 papiere: majetkov\u00e9 alebo \u00faverov\u00e9<\/li>\n<li>strednodob\u00e9 a dlhodob\u00e9 \u00favery: hypotek\u00e1rne a stavebn\u00e9 \u00favery<\/li>\n<li>finan\u010dn\u00fd l\u00edzing: osobitn\u00e9 formy \u00faverov<\/li>\n<li>deriv\u00e1ty: s\u00fa to finan\u010dn\u00e9 zmluvy, ktor\u00fdch hodnota je odvoden\u00e1 od dlhopisov, akci\u00ed<\/li>\n<\/ul>\n<p>V\u00fdnosy na kapit\u00e1lovom trhu maj\u00fa podoby \u00faroku, dividendy, podiely na zisku , pr\u00e9mie a pod. Na kapit\u00e1lovom trhu sa vyv\u00edjaj\u00fa kurzy cenn\u00fdch papierov.<\/p>\n<h3>Trh zahrani\u010dn\u00e9ho kapit\u00e1lu<\/h3>\n<ul>\n<li>dev\u00edzov\u00fd trh &#8211; dev\u00edzov\u00e9 transakcie &#8211; jedn\u00e1 sa o n\u00e1kup alebo predaj jednej n\u00e1rodnej meny za in\u00fa<\/li>\n<li>trh drah\u00fdch kovov<\/li>\n<\/ul>\n<p>Funguj\u00fa ako ve\u013ekoobchodn\u00fd trh (vl\u00e1da a in\u00e9 spolo\u010dnosti nakupuj\u00fa zahrani\u010dn\u00fa menu) ale aj ako maloobchodn\u00fd trh.<\/p>\n<h3>Medzin\u00e1rodn\u00fd finan\u010dn\u00fd trh<\/h3>\n<p>\u0160pecializuje sa na transakcie s p\u00f4\u017ei\u010dkov\u00fdm kapit\u00e1lom euromeny<\/p>\n<h2>Dopyt po peniazoch<\/h2>\n<p>Dopyt po peniazoch z\u00e1vis\u00ed od v\u00fd\u0161ky d\u00f4chodku, cenovej hladiny a \u00farokovej miery. <strong>Ponuka pe\u0148az\u00ed<\/strong> predstavuje mno\u017estvo pe\u0148az\u00ed v obehu , z\u00e1vis\u00ed od rozhodnutia centr\u00e1lnej banky. Pri vy\u0161\u0161ej \u00farokovej miere ponuka pe\u0148az\u00ed prevy\u0161uje dopyt a vyvol\u00e1va to tlak na zni\u017eovanie \u00farokovej miery.<br \/>\n<strong>Multiplik\u00e1tor ponuky pe\u0148az\u00ed<\/strong> alebo bankov\u00fdch pe\u0148az\u00ed- sl\u00fa\u017ei na zn\u00e1sobovanie ponuky pe\u0148az\u00ed pri ktorej sa odv\u00e1dza povinn\u00e1 miera rezerv do centr\u00e1lnej banky. Depozit\u00e1 \u2013 D s\u00fa depozit\u00e1,\u00a0 1\/r &#8211; multiplik\u00e1tor, R &#8211; rezervy<br \/>\n<strong>Expanzia bankov\u00fdch pe\u0148az\u00ed<\/strong> predstavuje roz\u0161irovanie ponuky pe\u0148az\u00ed na trhu prostredn\u00edctvom multiplik\u00e1cie.<br \/>\n<strong>Kontrakcia bankov\u00fdch pe\u0148az\u00ed<\/strong> znamen\u00e1 \u00fabytok vkladov a obmedzen\u00e9 \u00faverov\u00e9 mo\u017enosti<\/p>\n<h2>Vrtu\u013en\u00edkov\u00e9 peniaze<\/h2>\n<p><a href=\"https:\/\/www.euroekonom.sk\/vrtulnikove-peniaze-helicopter-money\/\"><strong>Vrtu\u013en\u00edkov\u00e9 peniaze<\/strong><\/a>\u00a0predstavuj\u00fa expanz\u00edvnu fi\u0161k\u00e1lnu politiku, ktor\u00e1 je financovan\u00e1 zv\u00fd\u0161en\u00edm pe\u0148a\u017enej z\u00e1soby v ekonomike. Vrtu\u013en\u00edkov\u00e9 peniaze predstavuj\u00fa ekonomick\u00fd model, pri ktorom centr\u00e1lne banky distribuuj\u00fa (rozd\u00e1vaj\u00fa) peniaze priamo fyzick\u00fdm osob\u00e1m (\u013eu\u010fom). Cie\u013eom vrtu\u013en\u00edkov\u00fdch pe\u0148az\u00ed je\u00a0<strong>o\u017eivi\u0165 hospod\u00e1rstvo<\/strong>, ktor\u00e9 sa r\u00fati do ekonomickej kr\u00edzy, alebo sa v nej u\u017e nach\u00e1dza.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peniaze pova\u017eujeme za tovar, ktor\u00fd sl\u00fa\u017ei ako v\u0161eobecn\u00fd v\u00fdmenn\u00fd prostriedok a n\u00edm je vyjadren\u00e1 hodnota v\u0161etk\u00fdch tovarov. Funkcie pe\u0148az\u00ed funkcia sprostredkovate\u013ea v\u00fdmeny: peniaze sprostredk\u00favaj\u00fa v\u00fdmenu &hellip; <\/p>\n","protected":false},"author":13,"featured_media":25330,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23,551],"tags":[142,207,53],"class_list":["post-10649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financie","category-podnikam","tag-financny-trh","tag-keynes","tag-peniaze"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Peniaze, finan\u010dn\u00fd trh a kapit\u00e1lov\u00fd trh<\/title>\n<meta name=\"description\" content=\"Finan\u010dn\u00fd trh, peniaze, obe\u017eivo. Kapit\u00e1lov\u00fd trh a jeho segmenty. 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