Economia finanziaria - l'inflazione e la moneta

.

5,AAAWV,c W6w~W, ,

,A

. }}i||L _i* U@T|L*L

W? ^it|L U@T|L*L huLh4*@4L * 4L_i**L _ _L4@?_@ i Lgih|@ @}}hi

}@|@ ? |ih4? _ |@tt _ @h@3L? ?iUi Ui _ *i** W?3ihi4L

_@**@ Uh@ _i**@ _L4@?_@ @}}hi}@|@ Ui ihh

@ huLh4*@|@ UL4i hi

*@3L?i |h@ |@ttL _ UhitU|@ _i**@ _L4@?_@c |@ttL _ UhitU|@ _i**<Lgih|@

_ 4L?i|@ i |@ttL _ ?@3L?i

?Ui *@ Uh@ _i**<Lgih|@ @}}hi}@|@ ihh

@ huLh4*@|@ itTh4i?_L*@

UL4i hi*@3L?i |h@ |@ttL _ ?@3L?i igi||Lc |@ttL _ ?@3L?i @||i

tL i |@ttL _ _tLUUT@3L?i Vi_hi4L ^@*i ?ittL tttt|i |h@ ^it|@

hi*@3L?i i *@ Uh@ _ **Ttc Ui i ?@ hi*@3L?i _ U@h@||ihi i4Th

UL |h@ ?@3L?i i _tLUUT@3L?i Lt|hihi4L UL4i itt@ T

L ittihi

hU@@|@ _@ ?@ ihtL?i _i**@ Uh@ _i**<Lgih|@ @}}hi}@|@ i ^@*i hL*L

}LU@?L *i @tTi||@|i w@ *i}}i _ !? U Tih4i||ih

@ _ 4i||ihi ?

UL**i}@4i?|L *@ _L4@?_@ i *<Lgih|@ @}}hi}@|@ ULt

> huLh4*@|i

L? ^it|L @TT@h@|L |iLhUL it@4?ihi4L }* igi|| _ ?@ UL?|h@3L?i

_i**<Lgih|@ _ 4L?i|@ W* ht*|@|L Th?UT@*i _ ^it|@ @?@*t i Ui ?i*

*?}L TihL_L ?L? itt|i @*U? |h@_i Lg |h@ ?@3L?i i _tLUUT@3L?i

.2 w@ ihtL?i _?@4U@ _i**@ Uh@ _i**@ _L

4@?_@ @}}hi}@|@

w@ Uh@ _i**@ _L4@?_@ @}}hi}@|@ itTh4i *@ ^@?||

@ _ ThL_L||L Ui *<i

UL?L4@ i ? }h@_L _ @ttLhMhi @_ L}? _@|L *i**L _i Thi33c TLt|L Ui *

4ihU@|L _i**i @|||

@ €?@?3@hi t@ ? i^*MhL L4i t@TT@4Lc *@ t@

i^@3L?i UL?U_i UL? *@ tL*3L?i _i* 4L_i**L U7 uc Ltt@

t ' 8 n

 2

j tB,|Bi atVjAtj a 6BWiNjWNAN6B WBV0

_Li 8 i tL?L 4L*|T*U@|Lh _i**@ TL*|U@ €tU@*i i _i**@ TL*|U@

4L?i|@h@ htTi||@4i?|ic i * *i**L _i**@ _L4@?_@ @|L?L4@ i * i

*<Lgih|@ hi@*i _ 4L?i|@

LU‚i ? ^it|L U@T|L*L UL?Ui?|hihi4L *@ ?Lt|h@ @||i?3L?i t}* igi|

| _ih@?| _@ ?<itT@?tL?i 4L?i|@h@c Tih ti4T*€U@hi |h@tUhihi4L *<?

i?3@ _i**@ UL4TL?i?|i €tU@*i t**@ _L4@?_@ @}}hi}@|@ 5Uhihi4L TihU

L

*<i^@3L?i _i**@ _L4@?_@ @}}hi}@|@ UL4i

t ' |

| |

_Li @MM@4L L4ittL @TT?|L *@ UL4TL?i?|i €tU@*i i @MM@4L _@|@|L *i

@h@M* UL? *<?_Ui |i4TLh@*i |

w@ ThiUi_i?|i hi*@3L?i i tUh||@ ? |ih4? _ *i**( L}*@4L tUhih*@

? |ih4? _?@4Uc Ltt@ t@?_L |@tt _ @h@3L?i ih L||i?ihi ^it|L

ht*|@|Lc huih@4L *<i^@3L?i _i**@ _L4@?_@ @}}hi}@|@ @* TihL_L | 

?iUi Ui @* TihL_L | ||i?@4L ULt >

t ' |3

|3 |3

#_i?_L *@|L @ *@|L *i *|4i _i i^@3L?c @MM@4L

t

' *

| | |

t

|3 |3 |3

"it|@ i ?@ hi*@3L?i |h@ |@ttL _ UhitU|@ _i* hi__|L } c |@ttL _ UhitU|@

+|

_i**<Lgih|@ _ 4L?i|@ } i |@ttL _ ?@3L?i Z ih hi?_ih*@ i_i?|ic

6| |

TL?@4L ' n} c ' n} c ' nZ w<i^@3L?i ThiUi_i?|i

t

| | |

+| 6| |

t

t |h@tuLh4@ ULt

> ?

|3 |3 |3

 n }

 n } ' 6|

 n Z

+| |

LihL } Z

} ' 6| |

 n Z

+| |

5i * |@ttL _ ?@3L?i i RTUUL*Lc TLtt@4L @TThLtt4@hi *<i^@3L?i ThiUi

_i?|i ? } ' } Z E.

+| 6| |

w@ E. i *@ ihtL?i _?@4U@ _i**@ _L4@?_@ @}}hi}@|@G itt@ 4Lt|h@ UL4i

@h@ *@ _L4@?_@ @}}hi}@|@ _@ ? TihL_L @**<@*|hL tL||L *@ tT?|@ _ ?@

TL*|U@ 4L?i|@h@ Ui @UUhitU@ * @*Lhi _i t@*_ 4L?i|@h hi@*c LihL }

6|

Z

|

j tB,|Bi atVjAtj a 6BWiNjWNAN6B WBV0

W* 4iUU@?t4L Ui 4Li ^it|i @h@3L? _i**@ _L4@?_@ @}}hi}@|@ i

_i* |||L @?@*L}L @ ^i**L }

@ t|L @ ThLTLt|L _i* 4L_i**L U7 u ih

iti4TLc ti } Z : fc U

L t}?€U@ Ui *<Lgih|@ ?L4?@*i _ 4L?i|@ UhitUi

6| |

T

h@T_@4i?|i _i**<?@3L?ic LihL Ui *<Lgih|@ hi@*i _ 4L?i|@ @4i?|@

_@ ? TihL_L @**<@*|hL w@ UL?ti}i?|i _4?3L?i _i* |@ttL _ ?|ihitti

?iUitt@h@ @ 4@?|i?ihi ? i^*MhL 4ihU@| _i**i @|||

@ ThL4Li ?@

UhitU|@ _i**<?it|4i?|L i TihU

L _i**@ _L4@?_@ @}}hi}@|@

. w@ *i}}i _ !?

w@ *i}}i _ !? i ?@ hi}L*@h|

@ i4ThU@ Ui UL**i}@ * |@ttL _ UhitU|@

_i**@ ThL_3L?i UL? *i @h@3L? _i* |@ttL _ _tLUUT@3L?i ,tt@ @gih4@

Ui *@ _tLUUT@3L?i _4?tUi ^@?_L * |@ttL _ UhitU|@ _i* ThL_L||L }

+|

tTih@ * |@ttL _ UhitU|@ |i?_i?3@*i _i**<iUL?L4@ }

7 c LihL *@ t@ UhitU|@

+

TL|i?3@*i w@ t@ itThittL?i uLh4@*i i

' q E} }

7 E.2

| |3 +| +

5TTL?@4L Tih iti4TL Ui * |@ttL _ UhitU|@ TL|i?3@*i t@ T@h @* I

**Lh@ Tih L}? T?|L TihUi?|@*i Tih U *@ UhitU|@ igi||@ } tTih@ *@

+|

UhitU|@ TL|i?3@*i *@ _tLUUT@3L?i _4?tUi _ q T?| TihUi?|@* N?

@*Lhi t|4@|L Tih q i fe "?_c ^@?_L * |@ttL _ UhitU|@ _i* Uu i *

eIc *@ _tLUUT@3L?i _4?tUi _i**L feI

L? i _U*i tTi}@hi TihU‚i *@ _tLUUT@3L?i _4?tUi tL*L ^@?_L

* |@ttL _ UhitU|@ iUUi_i * tL @*Lhi TL|i?3@*i V tL?L ?u@|| _i 4L|

TihU‚i *@ ThL_3L?i T

L UhitUihi ti?3@ _@h *L}L @ h_3L? _i**@ _tLUU

T@3L?i W* Th4L i Ui *@ uLh3@ *@LhL UhitUi ?i* |i4TL( TLU‚i *@ _tLUU

T@3L?i i _@|@ _@**@ _gihi?3@ |h@ uLh3@ *@LhL i LUUT@3L?ic ti * ?4ihL

_i ?L LUUT@| Tih igi||L _i**<@4i?|L _ ThL_3L?i UL4Ti?t@ tL*|@?|L

*@ UhitU|@ _i**@ uLh3@ *@LhLc * |@ttL _ _tLUUT@3L?i h4@?i ?@h@|L W*

tiUL?_L 4L|L i Ui UL* T@tt@hi _i* |i4TL @4i?|@ @?Ui *@ ThL_|||

@

* Ui t}?€U@ Ui Tih ThL_hhi *@ t|ittL ThL_L||L LUULhhL?L 4i?L LUUT@|

w@ UL?ti}i?3@ i Ui *<@4i?|L _i**@ ThL_3L?i T

L @i?hi ti?3@ Ui @

4i?| * ?4ihL _i}* LUUT@|c i ti?3@ Ui TihU

L _4?tU@?L _tLUUT@|

5i ?|ihThi|@4L }

7 UL4i *@ tL44@ _i* |@ttL _ UhitU|@ _i**@ uLh3@ *@LhL

+

i _i* |@ttL _ UhitU|@ _i**@ ThL_|||

@c L||i?@4L Ui *@ _tLUUT@3L?i

_4?tUi tL*L ti *@ ThL_3L?i UhitUi T

i*LUi4i?|i _i* |@ttL _ UhitU|@

TL|i?3@*i _i**<iUL?L4@ e

j tB,|Bi atVjAtj a 6BWiNjWNAN6B WBV0

.  #i iti4T

6@UU@4L _i iti4T ?4ihU M@t@| t ?@ u?3L?i _i**@ ThL_3L?i _i**@

ti}i?|i uLh4@ t '

T@hL*ic *@ ThL_3L?i t i }@*i @**@ ThL_|||

@ Tih * ?4ihL _i}*

LUUT@| ih €tt@hi *i _iic tTTL?@4L Ui ?3@*4i?|i *@ uLh3@ *@LhL

u t@ UL4TLt|@ _@ fff ?|

@ _ U bDf tL?L LUUT@|i 4i?|hi *i hit|@?|

L ' u ' Df ?|

@ ?L? *@Lh@?L W?3@*4i?|ic * |@ttL _ _tLUUT@3L?i

i ^?_ T@h ' ' DI W?L*|hic TL?@4L @?Ui Ui *@ ThL_|||

@ t@ T@h

Lu

@ c tUU‚i * ThL_L||L i t ' ' bDf i* Th4L iti4TL UhitUi *@ uLh3@

*@LhL 4i?|hi ?i* tiUL?_L @4i?|@ *@ ThL_|||

@ W? i?|h@4M }* iti4T *@

ThL_3L?i @4i?|@ @**L t|ittL |@ttL _i**@ uLh3@ *@LhL L _i**@ ThL_|||

@c

UL

i * ThL_L||L igi||L UhitUi @**L t|ittL h|4L _ ^i**L TL|i?3@*i i ^?_

* |@ttL _ _tLUUT@3L?i ?L? @h@

 5TTL?@4L Ui ?i**<@??L tUUittL *@ uLh3@ *@LhL UhitU@ _i* 2Ic @*i

@ _hi Ui *@Lh@|Lh _tTL?M* @ *@Lh@hi tL?L Lh@ u ' f2f 5i *@

ThL_3L?i UhitUi @?U<itt@ _i* 2Ic }* LUUT@| _Lh@??L @4i?|@hi

@?U<itt _i* 2Ic i TihU

L ' bSb W _tLUUT@| tL?L ^?_ u '

D W* |@ttL _ _tLUUT@3L?i i ' ' DI

D

f2f

2 +|Lh?@4L Lh@ @**@ uLh3@ *@LhL ?3@*i _ u ' fffc UL? ?<LUU

T@3L?i _ ' bDf Ui i Thi * *i**L _i* ThL_L||L t ' bDf TihU‚i

*@ ThL_|||

@ i ?3@*4i?|i '  "it|@ L*|@ tTTL?@4L Ui

@4i?| *@ ThL_|||

@ _i* fIc T@tt@?_L ULt

> _@  @ c 5i Thi *

ThL_L||L @4i?|@ _i* fI T@tt@?_L @ feDc ?L? t @h

@ @*U? @4i?|L

_i**<LUUT@3L?i ?3@*i _ bDf TihU‚i t ' bDf c  ' feD i _ih@

Ui @?Ui * |@ttL _ _tLUUT@3L?i h4@hh

@ ?@h@|L

. 2 N?@ uLh4@*33@3L?i

5TTL?@4L Ui *@ u?3L?i _i**@ ThL_3L?i ?i* TihL_L | t@

t '

| | |

_Li i * *i**L _i**@ ThL_|||

@ ? | Lt@4L tUhihi ?@ hi*@3L?i

|

@?@*L}@ Tih * TihL_L | c t ' #_i?_L *@|L @ *@|L ^it|i

|3 |3 |3

_i hi*@3L?c L||i?@4L t

' E.

| | |

t

|3 |3 |3 D

j tB,|Bi atVjAtj a 6BWiNjWNAN6B WBV0

+ULh_@4L Lh@ Ui *<LUUT@3L?i ? U@tU? TihL_L i _@|@ _@**@ _gihi?3@

|h@ uLh3@ *@LhL i _tLUUT@3L?ic ' u L c Ui TLtt@4L @?Ui tUhihi

| | |

UL4i

L

' u  ' u E

|

u

| | | |

|

Ai?i?_L UL?|L _ ^it|L ht*|@|Lc *@ hi*@3L?i Eqq T

L ittihi tUh||@ UL4i

t u E

'

| | | |

t u E

|3 |3 |3 |3

L?i?_L  n @ ' i  n , ' i |*33@?_L *@ UL?ti|@ @TThLtt

u

| |

| |

u

4@3L?ic hU@@4L |3 |3

} ' @ n , E

+| | | | |3

L?i?_L ?€?i @ n , }@*i @ ?@ ULt|@?|ic }

7 c L||i?@4L

| | +

' E} }

7

| |3 +| +

+4@?i _@ tTi}@hi UL4i 4@ L}? T?|L Tih U *@ UhitU|@ igi||@

iUUi_i ^i**@ TL|i?3@*i ?L? t |h@_U@ ? ?<}@*i _4?3L?i _i**@ _tLU

UT@3L?ic TihU‚i UL

i *@ _tLUUT@3L?i _4?tU@ _ 4i?L _i* _gihi?3@*i

_ UhitU|@ _i* ThL_L||L htTi||L @* tL *i**L TL|i?3@*i #i||L ? @*|hi T@

hL