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 @||itL 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 i4ThUL |h@ ?@3L?i i _tLUUT@3L?i Lt|hihi4L UL4i itt@ TL ittihihU@@|@ _@ ?@ 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**@ _L4@?_@ @}}hi}@|@w@ Uh@ _i**@ _L4@?_@ @}}hi}@|@ itTh4i *@ ^@?||@ _ ThL_L||L Ui *<iUL?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  2j 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 TihUL*<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|Lht*|@|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@4Lt ' *| | |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?|ic6| |TL?@4L ' n} c ' n} c ' nZ w<i^@3L?i ThiUi_i?|it | | |+| 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 WBV0W* 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 ihiti4TLc ti } Z : fc UL t}?€U@ Ui *<Lgih|@ ?L4?@*i _ 4L?i|@ UhitUi6| |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 TihUL _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 feIL? 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 TL UhitUihi ti?3@ _@h *L}L @ h_3L? _i**@ _tLUUT@3L?i W* Th4L i Ui *@ uLh3@ *@LhL UhitUi ?i* |i4TL( TLU‚i *@ _tLUUT@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 TL @i?hi ti?3@ Ui @4i?| * ?4ihL _i}* LUUT@|c i ti?3@ Ui TihUL _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@ ej tB,|Bi atVjAtj a 6BWiNjWNAN6B WBV0.  #i iti4T6@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@ *@LhLu 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?ii ^?_ T@h ' ' DI W?L*|hic TL?@4L @?Ui Ui *@ ThL_|||@ t@ T@hLu@ 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_|||@cULi * 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 TihUL ' bSb W _tLUUT@| tL?L ^?_ u 'D W* |@ttL _ _tLUUT@3L?i i ' ' DIDf2f2 +|Lh?@4L Lh@ @**@ uLh3@ *@LhL ?3@*i _ u ' fffc UL? ?<LUUT@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?i5TTL?@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 Dj 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 TL ittihi tUh||@ UL4it u E '| | | |t u E |3 |3 |3 |3L?i?_L  n @ ' i  n , ' i |*33@?_L *@ UL?ti|@ @TThLtt u| || | u4@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**@ _tLUUT@3L?ic TihU‚i ULi *@ _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