Post on 12-Jul-2015
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
,594:3974/:.070
:95.,947-:09,720.,382/031:03 x,70,0.43420
3970.4254303900549.0.4342.0,89,9::549.,-:09,7g0890:3,
0803x,g .0 7057039g 70:9,900 45x:347 -:09,70 ,0 ,/23897,x0 5:-.
.0397,0 4.,0 L3 .00, .0 57;090 70,,70, ;039:747 5:-.0 010.9:,70,
.09:047 5:-.0 50397: 8,981,.070, 30;447 0307,0 ,0 84.09gx 0 ,.00,
31:03x002:95.,94747 ,3;0:549.-:09,7080 7010.9g,3;0:L3970
0.4342,89,9::574;4.3/:30478.2-g72,470
30.434202:95.,947:/080230,g:31,.947.,703/.gL3.02g8:7g
:3 25:8 0.4342. 473,7 ;,7,-, 3/0503/039g 31:03x0,g 4 2g720
05.,9;g ;,7,-, /0503/039g ,.g 7,900 /0 24/1.,70 ,0 ;,7,-047
/0503/0390 .47085:3/ 7,9047 /0 24/1.,70 ,0 ;,7,-047 3/0503/0390 ,9:3.
2:95.,947:,70;,4,70,0.002,2:90478:3905.,90573,.089.43.059
0g9:70.,:,0,.,70;,7,-,/0503/039g8024/1.g2,2:9/0.98024/1.g
;,7,-,3/0503/039g2:95.,947:08902,2,70/0.9
03:270,2:95.,9470890:390720390.3.,0308,382::g9:7
/0574.08:,..007,947::574.08:2:95.,947::0890:320.,3821:3/,2039,
573.,7080,:30,4.4384/,70,:942,9g,25:8:7470.4342.0&9,70,L3
549., 0.4342.g , 573.5:: 2:95.,947:: 80 1,.0 L3 .43909: .073x0 /0
892:,70,.0707,3;02,.740.4342.,549.24309,70
4/0:0.4342.,:0308
:95.,947 -:09,7 80 -,0,g 50 :9,70, -:09:: /0 89,9 .,
3897:2039 /0 70,38,70 8,: 173,70 , ,.9;9gx 0.4342.0 &3, /3970 .00 2,
25479,3909047L3/4203:0890.0,,:030857;3/010.9:2:95.,947
%047,:0308,70,-,g,.x:30,0475844.01:3/,2039,0
.:2 ,7 1 00, L3.3,x0 8570 .438:2 00, 2-4/:: 8570 3;089x 00,
L3.3,x08570;,47./0
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
%047, : 0308 57;3/ 0.-7: .0707041079g 70,38,70, 0.4342.g
5473090/0,.43.059:.431472.g7:,.07070,41079,3:808:..0/:3,,90,.
5747080,g8,:80/23:0,g3,.0,925
3,3/24/:L3.,70;039:7070:9,90L3:72,/081g:7g7574.08::
/0574/:.x0,20390,g.07070,4-,g03087:50,g.07070,L3/4:g24/:0
4.070700,9g/70.9/05:9070,/0.:25g7,70,545:,x070850.9;
/0;039:70/897-:90L3 1:3.x0/03;0:574/:.x0 ,.0,89g.07070705700393/
.438:2:
!74/:.x,.438:2: 80 ,1gL3974.470,x0 /70.9g/04,70.0 8,.4389,9,9
.g L3 5074,/,/070.08:30 0.4342.g ,.x:30, /0/23:,70 , 8,,747 3907;30
50397: , 1,;47, 574/:.x, 573 8.g/070, .09:047 .: 2:3., ;0 , ,;:9
L3949/0,:3,:3010.93;078/,9479g143/::30,9;,.070770850.9;574/:.x0
4.07070300,9g/70.9/0;039:70/897-:90/0.L32,702g8:7g
3/0503/039g/0,.890;039:7
.089 24/ /0 .07070 7057039g .09:,, L3970573/0747 .: 3;089x0
,38,2-:.09:047-:09,70
43147290470:030889,9:54,908g,251.0.09:005:-.0
8g,3800 :.7g7/0 2,7574547x L3/4203 /0390708 5:-..:2,7 1.70,70,
093/070, /070900 030709.0 , 70x00 /0 /7:2:7 .g107,90 900.42:3.,x
,900020390/0317,897:.9:7g
.0,89g .07070 8:52039,7g , 89,9:: ;, /090723,:3 8547 /0 ,.9;9,90 ,
L3970573/0747 5:-.0 8,: 57;,90 /0907233/ 573970 ,900 /897-:70, /0 34
;039:7 .047,3703,xL3, .0890 :.7g7 .0,89g 89:,x0 ;, /090723, 4 .07070
8:5209,7g50784,300,3703,9013/L3,.0,8925.438:2,947
.089103420380574/:.0L3.43/x0L3.,70,:9479gx05:-.03:/0./8g
2g70,8.g5700;g704-,9478,:8g3974/:.g34254903.4380.3xg89,9:;,970-:8g,/4590.05:x331,,3x,g:3/01.9-:09,78:52039,7L3.43/x0
/070.08:300.4342.g50397:,5:90,574;4.,70,38,70,,.9;9gx574/:.9;0
8910 9047, 0.4342.g /0;49,9g /0 0308 .:573/0 ,,3:29:
010.92:95.,947
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
4/0: 0.4342. , : 0308 57;3/ 0.-7: .0707041079g
70,38,70,0.4342.g8057039gL310::72g947
0.-7:0.4342. 4-,80 0572g8:-1472,:300,9gx L3970
708:780:9g7,/.g
3,.0,89g70,x0#708:780089,9::
&:9g70
.0890 708:780 ,0 89,9:: 570.:2 :9g70 ,.08947, 80549 /090723,
573:72g94,70070,x/0.,.:
#08:780089,9::80/090723g573L38:2,70,574/:.x03,x43,0
7010.9,9g573!.:25479:70,/.g
#708:780089,9::
!574/:.x,3,x43,g
25479:70
&9g70 80 /090723g :3/:80 L3.,.: .438:2: 3;089x0
.09:005:-.005479:70
&:9g70.438:2:545:,x0
3;089x050784,30471.0:7/.0
545:,x0L3970573/07
!.09:05:-.0-:09,70
#&
#!
&!
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
05479:70
34.:3/,.089070,xL3572,70:9g:72g94,70,70,x034:g
!4733//0,,.0890/4:g70,x0803x,024/0:0.4342.,:030880
1:3/,20390,g50/4:g54900
- 4 572g 5490g .4389g L3 1,59: .g .438:2: 545:,x0
/053/0 /0 ;039:70 /0 .,70 ,.0,89, /85:30 2,902,9.
,.0,89g5490g8097,/:.0573:72g94,70,70,x0
L3.,70
.438:2:545:,x0
!574/:.x,3,x43,g
%2549009,00.4397-:x0,905700;g74-,94750.,70
545:,x,970-:08g05g90,8.g89,9::
-!497;9.00/0,/4:,549003;089x0.4207x:090747
25479:7005479:705491.438/07,90.4389,390/04,70.08070,0,g5497;9
:347.4397,.905090720320/::313/8,-31:03x,90/0.43:3.9:7,
0.4342.g509072038.:79
,.g,:3242039/,9,.9;9,90,!,/.g574/:.x,3,x43,g
08908,-g8,:L38.g/07080/47090.709070,0.: 5L3.43/x0L3.,70
3;089x0.4207x:0907478:39.438/07,90.4389,390;42,;0,:72g94,70,
89:,x0
3.,70
!8547:/0574/:.x03,x43,g 5!!
!%
!!
!6!%!
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
6 L3.3,x, 8570 .438:2 70850.9; 8:52039: /0 .438:2 L3 7,5479 .:
8:52039:/0;039
%8547:/025490%%%
!8547:/0.09:0-:09,70
!!!
891070:9g
,.g 80 ,.x430,g ,8:57, .09:047 5:-.0 ! 1g7g ,
24/1.,;039:70-:09,70%70:9g
324/0:0.4342.,:03088054997,0:72g94,700.43.:
70.08:30, 42,: 549 1 574;4.,90 /0 4 .07070 38:1.039g 50397: ,
,2039,:3.7.:9574/:.9;
89,9: 54,90 8g,.x4300 50397: L2-:3g9gx70,89:,x0 573 30.9,70, /0
-,3 /3 143/:7 -:09,70 L3 3;089x5:-.0 10.,70 8:2g 3;0899g ,;3/ :3
25479,39010.92:95.,947
0,910 9047, 0308,3g :90,g .43.059: 2:95.,947:: 50397: ,
05., /107900 .430:3 L3 .43909: .0707 , 3;0 2,.740.4342. ,.g /0
0025: .07070, :;073,2039,g .7090 53g , 4 ,3:29g ;,4,70 ,.0,89, 3:
/090723g.709070,L3,.00,574547x0,.0707,70,90L3,.089.,2:95.,947:
,710,.:.L39742g8:7g2:92,2,70.0891,598005.g5731,59:.g
.09:00:;073,2039,085479025:8:572,77057039g.9:750397:,x
8:-0.x 0.4342. .g747, 80 2g7090 .07070, 10.900 80.:3/,70 .43/:. , :32:95.,947 2, 2,70 /0.9 .00, .0 L380,23g .g 25:8: 473,7 /0 .07070
.43/:.0 , 4 .709070 , .0707 949,0 L3974 2g8:7g 3: 0,g . 2, 2,70 79.
0308,382:: 8:39/0,9g5g7070,.00,.g,8910/02:95.,9478:392,2,7
/0.9
56
% !
!6
!
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
, 2:95.,947 8:39 .438/07,90 L3 .,/7: 892:g7 .0707 94,90 5g7x0
.425430390,0.0707,70,90
L3.,70
O 4/:8:39073'039:3,x43,
O 07070,/0.438:2
O 3;089x03090
O 07070,:;073,2039,g
O 5479:7
O 25479:7
,:95./02,31089,70,2:95.,947::L30.434200890.0,
3;089x47/01395738547:/0574/:.x0.0804-x30573.709070,.:4:39,90,
8:203;08990397:324/,802g3g94780,/290.g24/1.g74507,90L38038:
.70907.09:0475:-.070850.9;,70/:.072549047,397030,g010.90/0
.709070,574/:.x0573390720/:3;089x478,:.438:2:747.,70854708.50
80,2,24/1.g747,/:80.047/4:g;,7,-0-:09,70/0:3/0574;30
/03:270,47/02:95.,947-:09,7
,/,7L3.4393:,70;42,;0,L3;0/07089:/070,:72g947472:95.,947
-:09,7
, 2:95.,947:3;089x0
- 2:95.,947:.09:0475:-.0
. 2:95.,947:254904718.,
/ 2:95.,947:-:09::0.-7,9
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
,594:
:95.,947:3;089 x0
4/0:0308
!0397: L3x00070, 74:: 3;089x47 L3 24/000 /0 .709070 0.4342.g
;42,3,,24/0:2:95.,947:::0308
, .:2 ,2 570,9 L3 572: .,594 24/0: : 0308 ,70 , -,g
,.x:30,0475844.01:3/,2039,0.:2,71
00,L3.3,x08570.438:2
00,2-4/::85703;089x
00,L3.3,x08570;,47./0
:205.g0308,.08900
O .709070,1448723/0:.7:/:.0,8:52039,70,;039:747
.,70 ;47 ,8:7, 854770, .438:2:: /,7 3: L3 ,.00, 2g8:7g L3 .,70 ,: .708.:9
;039:70
O 0. , 4 ,3:29g 2g720 , .438:2:: 3:29g
L3.3,x,.40.9;9gx 8570 .438:2 3;0: /0 0.-7: ;, /053/0 /0 3;089x0
.:70390,7,.0890,;47/053/0/02-4/:85703;089x.,70,73/:47/053/
/001.03x,2,73,g,.,59,::
O 1.03x,2,73,g,.,59,::7010.9g.,399,90,/0010.9;947,
.,59,::.0804-x30,4:39,90/0011479.489:/0L34.:70010.9:;9475:93/
12g8:7,957357419:.080;,4-x30/03;08994750L3970,,5074,/g/0574/:.070
,,.089:,
O 1479:089070570039,9/0 3;089x070850.9;570x:, .,7054,90
1L34.:9.,59,:
O 3.43.05x,:0308;039:089057;9/35:3.9/0;0/070
,.09:04750397:.438:250397:3;089x:3/0/070:g,993/;.9
,03x0.4342. L3.3g8g2g70,8.g.438:2:7050 2g8:7,.70907;039:747
/,73:L324/574547x43,
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
O 3 .43.:0 ,4 .709070 , ;039:47 ' ,70 4. 4 .709070 ,
.438:2::/,7L3949/0,:3,''
#,5479:/3970.709070,.438:2::.709070,;039:747.,70890549;
8:-:39,7803:2090L3.3,x02,73,g8570.438:2803490,g.:6
3.,70
6L3.3,x,2,73,g8570.438:2
.709070,.438:2::84.09gx
'.709070,;039::
3.3,x, 2,73,g 8570 .438:2 30 ,7,9g .: .9 ;, 8547 .438:2: , 4
.709070.:4:39,90,;039::
3 .43.05x, : 0308 .709070, ;039:: 84.09gx 25:30 854770,
.438:2::,.0890,/,7L32g8:7g2,2.g.43/x,50397::3.438:28:52039,7
.43899:3/4.709070,;039:747
3970 .709070 .047 970 3/.,947 ,-84:x /0 ;4:2 70850.9; ;039:
.438:2:3;089x0089g:72g94,70,70,x0
L3.,70
'8547:/0;039
8547:/0.438:2
8547:/03;089x
O 0308 /013090 2:95.,947: 3;089x47 2 .,
30.08,7:8:52039,7/0;0398547:/0;039.,70,8:7g.709070,3;089x47.:
4:39,90.0,89,80.,.:0,gL3-,,:72g94,7070,x
6'
'
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
L3.,70
22:95.,947:3;089x47
'8547:/0;039
8547:/03;089x
O 370,x,570039,g70:9g.g8547:/0;0390890.43/x43,9
/03;089x08:52039,70010.9:,90/001.03x,,.089473;089x70850.9;8547:
/0;03970,,9L3.43/x0.70907;4:2::/03;089x.:4:39,90
O :95.,947:3;089x47,70425479,3xg/0480-9gL3
5740.9,70,.709070.4342.0,7g93//0.9047.7090;039:84.09gx,4
,3:29g.709070,3;089x47
O !0.3//0,70,x,'L3970L3.3,x,273,g8570
.438:22:95.,947:3;089x478054,9089,-4,3:29g.470,x0,8910
L25g7x3/,2-202-7,70,x0570039,90573'804-x30
,;3/L3;0/070.g
70:9g 8,:
2
'
'
'
6'
'2
62
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
,/,7
O 3,.0,89g:92g70,x070:9g.,/,.g.438:2:.7090
2g720,2:95.,947::.7090/04,70.03:2947:17,.x08.,/0
O 04,70.0'2L3,.00,2g8:7g.7090;039:
.0,89g.43.:00890.43/x43,9g/02g720,3;089x47.g.
,;4:202./03;089x.47085:3/;039:770/:80.,7/,.g208902,70
310:,.089,80,:30,5,7,/4:.g/,.g80.438:2g2,2:9
804-x30:3;0392,2,70
08:7/00,1:3/,2039,g,030882::.431472.g70,74:49g7947
L3.709070,;039::,770;03.438:2::,8g4./039075709g7L38g,5.,70,/0
3;089x475:-.0L3549.,-:09,7g,:34789,90,/,970:9,90850.9,.:4,80
4/:/0/090723,70,2:95.,947::3;089~0
4314722:95.,947::3;089x474.7090700403g,.0707/0
3;089x.43/:.0L3,.00,2g8:7g,4.709070,.0707,.09:047
:;073,2039,0
:95.,947:3;089x080/0130905738547:/0574/:.x0!.080
4-x30573.709070,.:4:39,90,8:203;0899013//090723,98:-1472g/0
.401.039
472,
2
'
6
6
'
6
2
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
70850.9;
:95.,947:3;0899470890
:2/090723,22,902,9.,.0892:95.,947
!0397:,,:30,,.08901472:0/0.,.:,2:95.,947::3;089x080
5473090/0,0.:,x,/00.-7:L397041079,4-,g8,:;4:2:574/:.x0
.07070,4-,g
;3/L3;0/070.,,99.07070,.941079,80.425:3/3
-:3:7/0.438:2
-:3:7/03;089x
0.:,x0/00.-7:80701472:0,g,8910
$g5708:5:302.gL30.4342,34,897g80507.0504.709070,3;089x47.:
.0,89g.709070;,574;4.,30;9,-:3/00.-7:/,.g,.089,3:0890
70,-9,910573,4.,70,/0.,59,57;,9L3,.0898.4510573.09:0/0
3;089x5:-.02g8:7g.,70;,/090723,.709070,574/:.x08,:,!2,47,9g
.:'424-807;,4.709070,.438:2::.:30.:348.:90
,/,734:,89,70/00.-7:;,,;0,1472:,
4314723447.43/x/00.-7:70:9g.g3;0:!;,.7090,8910
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
0/:.02.g
34.:3/3;0:/0.709070,3;089x47L31472,3x,g,
2:95.,947::;424-930:72g94,70,70,x0/0.,.:
5.g3//07,;,70,573,,.0,89g:92g1472:g;424-x30
L3.,707,5479:/3970;,7,x,.438:2::;,7,x,!/01472,
349,9.:.7057039gL3.3,x,2,73,g8570.438:2,72g720,:
2:95.,947:3;089x47/0;30/01472,
370,x0
70:9g
',470,L32,720,-84:9 g,2:95.,947::
3;09947
.8FL3.3,x,2,73,g85700.4342.8-x302L3,.089104,9g0572,70,2:95.,947::3;089x47L3
7,5479.:8
.
O
.
.
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
;3/L3;0/070.gL3.3,x,2,73,g0890.:5738gL33907;,:(
70:9g.g2:95.947:3;089x4708908:57,:39,705.,3/:80,8910
/03:270,/02:95.,947
,/,7;,4,70,2:95.,947::3;089x470890.:,992,2,70.:.9
L3.3,x,2,73,g8570.438:208902,7/.,9g8,:.:.9L3.3,x,2,73,g8570
0.434287008902,8.g:9g,743;089x08:52039,7g;,,;0,.4380.3x0L3
8038::308:52039g7,574/:.x0,,.9;9gx/0472,2,70/0.98547:
3;089x43,
8
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
,594::95.,947:.09:0475:-.0
:95.,947:.09:04789,9::0572gL3.02g8:7g.7090574/:8:
39073-7:9/,.g.438:2::;073,2039,.7090.::95.,947:0890.:,99
2,2,70.:.9.49,/00.434208902,70/:8g0890.:,992,70/:8.:.9.49,
/025479:72549008:392,2,7
472,
70850.9;
:3/0
O 07070
O 09:0:;073,2039,0
O .49,2,73,g/0.438:2.,7070/g.9/02:980.438:2g/397:3;039
8:52039,7
O 849,2,73,g/00.434287..,7070/g.9/02:980
0.43428090/397:3;0398:52039,7
:95.,947:.09:047:;073,2039,00890
:2/090723,22,902,9.,.0892:95.,947
$g5708:5:302.gL30.4342,34,897g80507.0504.709070,,3;0:
.09:0475:-.0.:'424-807;,4.709070,.438:2::.:
30.:348.:90
,/,734:,89,70/00.-7:,0.43420;,,;0,1472:,
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
4314723447.43/x/00.-7:70:9g.g3;0:!;,.7090,8910
0/:.02.g
34.:3/3;0:/0.709070,.09:047:;073,2039,0L31472,3x,g
,2:95.,947::;424-930:72g94,70,70,x0/0.,.:
07;3/L37,5479.:80,:0,70,x,:72g94,70
',470,L32,720,-84:9 g,2:95.,947::
3;09947
3 .43.:0 4 .709070 , .09:047 5:-.0 L3 .,/7: 20.,382047 /0
31:03x,70,0.43420/090723g4.7090702,2:9/0.9574547x43,g,;039::
4-,8,:!
.
O
.
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
,594:':95.,947:254904718.,
:95.,947:18.,,.x430,gL380383;0782:95.,947::-:09,750397:
.g/,.g254900.708.,9:3.;039:8.,/0!0397:.09:003024/1.,90,91085:8
2:95.,947: 18.,0572g.709070, ;039::/0.:73//3 /23:,70,5700;g747
4507,90/089,1g7g.,3;0:.09:0478g8024/1.0L3708973/:80L38g4;,7,x0,
/01.9::-:09,7
:2/090723,2,.0892:95.,947
438/07g2 :72g947: 24/0 , :30 0.4342 L3.80 .: 570x:7 .4389,390
50397: , 0;/03x, :3 5:3.9 /0 ;0/070 030889 57;3/ 01.,.9,90, 549. 18.,
-:09,7070850.9;
.%..%
.% .
% .
.
.
.
%
:3/0%
.L3.3,x,2,73,g
3 .,: 2549047 147109,70 ;,7,x, 3;0:: 574/:.90 0890 L3 8038 45:8
24/1.g7 4507,90 , 3;0: 5700;g747 /0 .g970 89,9 L3 .43/90 :347 .09:0
.4389,390 .709070 , 5700;g747 ,7 ,39703, 4 /23:,70 ,99 , 574/:.x0 .9 ,
;039::
5708, 2:95.,947:: 18., 0890 31074,7g L3 ;,4,70 ,-84:9g .00 ,
2:95.,947:: -:09,7 70850.9;
..
.
%
50397: .g .
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
.0,89,,7,9g .g 0890 2:9 2, 01.,.0 .709070, .09:047 5:-.0 /0.9 /23:,70,
2549047 /04,70.0 .09:00 5:-.0 8:52039,70 80 97,/:. 573974 2,47,70 ,
84.9g747,/708,90.070757;,90L3925.070/:.070,2549047,397030,g4.709070
,;039::/8543-.,703:8097,/:.03907,L3.07070/,.g,03x0.4342.570107g
8g0.434280,8.g
$.g/070,3;0::25490479,047,70010.9/070,38,700.4342.g
2g73/:80,8910/8543-:50397:.438:23;089x
#0,x,/3970.709070,;039::3,x43,8.g/070,18.,9gx0890
:95.,947:18.,0890
10.9:2:95.,947::18.,.4389gL3,.00,.g8.g/070,2549047
/090723g.709070,;039:747,.438:2::;039:7057419:70.708..00,.0
892:0,g2,/05,790.438:2:$023:23:8/31,x,17,.x0,7,9g.g70,,70,18.,g
,7,;0,010.90549;0,8:57,0;4:x0;039::3,x43,/,7/,9479g57003x0:30
2g72:39,70,3:2g7g947010.9:2:95.,947::18.,08902,70/:8/0.9.0,
.09:047-:09,70
10.9:/070,38,700.4342.g,549.-:09,70/053/0/043,L3.,70
.:7-,$390780.90,g.:7-,
L343,0308,3g09702g549.,-:09,7g089014,79001.039g/04,70.0547x:30,
.47085:3g94,70,.:-0089050710.90,89.g.07070,/0-,3089014,7908038-g,
7,9,/4-3,7.709070,:$$,$8070g8090L3,.00,2g8:7gL3.709070,
;039::3,x43,,
.
.
%
% .
.O
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
L343,0308,3g549.,,70401.03xg2,70/:8g/04,70.0/05,8,70,8570/70,59,
,
.:7-0$1,.08g.70,8.g,99;039:3,x43,.97,9,/4-3.,70/090723g
8.:2570,.70/9::25.9173,70,3;089x47010.9:/00;.x:30
L343,.,8.g.3/.07070,/0-,3089070,9;38038-g,7,9,/4-3549.,
-:09,7g0890949,301.039g/04,70.0.709070,.:7-0$$,$3:2,54,90
8573.709070,;039::3,x43,
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
,594:':95.,947:-:09::0.-7,9
:95.,947: -:09:: 0.-7,9 -0
0572g 4 .709070 548-g , 80
574/:.0 , 3;0: 574/:.x0 8,: ;039:: 4-, ., :72,70 , .70907 0,0 8
.43.4290390,.09:047,;039:747-:09,70
:95.,947: -:09:: 0.-7,9 80 /090723g ., 7,5479 L3970 .709070,
574/:.x0 8,: ;039:: 4-, .709070, -:09:: L3 0.-7: 0572,9573
8547:/0.09:0/0;039:7-:09,70
$, 5708:5:302 L3 .4393:,70 .g 3 04342, 34,897g ,70 4. .709070,
82:9,3g,.09:047-:09,70L3.,8g74718.,0%70907080574/:.
82:9,380,
10.9: 2:95.,947 /0 .709070 , ;039:: 4-, 80 /090723g 573
L38:2,70,2g72472:95.,947::.09:0475:-.0,2:95.,947::18.,
-x302,8910:72g94,70,1472:g/0.,.:
;3/L3;0/070.g%,/.g89,9:2g7090.43.429039.:,.00,
8:2g;4:2:;039:74750.0,.09:047-:09,705:9028:-899:%.:
;424-x30
:95.,947:-:09::0.-7,90890
c
%
.
.
.
.
.
.
.
.
.
.
.
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
3 .43.:0 ,9:3. .3/ -:09: .7090 L3 24/ 0.-7,9 31:03x0,g
;4:2:574/:.x08,:;039:4-,L38038:.70907,.089:,
094/0/0/090723,70,2:95.,947::-:09::0.-7,9
4/0:825:/3.,70,70:9,9904702,-:09::0.-7,9;,
:72g94,700/0399gx
,
:3/0
;039:
.438:2:
3;089x0
.09:00:;073,2039,0.:7039050397:-:37807;.
;039:/8543-;039:.09:00:;073,209,0/09,381072,5:x3
2549009,00
L3.,8g70 /3 25490 9,02, 5:x3 .09:00 :;073,2039,0 /0
97,38107
!0-,,.0479700.:,x4-x302
-
- ,
:95.,947: ;3/ ;,7,x, ;039:: , 4 24/1.,70 , ;,7,-047
3/0503/03903;089x8,:.09:0:;073,2039,00890/01472,
-
:95.,947:;3/;,7,x,;039::,L3.,8g70/0254909,00890
-0
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
-
-
0.;,7,x,;039:74718.,0;,,;0,:3010.970/:8,8:57,;039::1,xg
/0 24/1.,70, .09:047 #,9, 2:95.,947:: 2549047 , 2:95.,947:
.09:0470890-10.9:,8:57,;039::, 24/1.g7.09:047L384x90 /0 4;,7,x0 0,g , 2549047 0890 8:2, ,0-7.g , 2:95.,94747 0572,x 573
70,x0,39074,70
.3/
.0,89,0890904702,-:09::0.-7,95497;9.g70,.709070,08900,g
.:2,47,70,.09:047:;073,2039,0.0.4389gL3949,9,90L3-:3:7807;.
,/x43,574/:80/0:;073L3925.0.438:2:7g230.4389,39
;3/ L3 ;0/070 .00 570039,90 2, 8:8 5:902 1472:, /4:g 4-80;,x
70850.9;
;,470 .09:047 ;039:747 18.,0 2:95.,94747 -:09:
0.-7,9 80 8:5:3 54900 5497;9 .g70 .438:2: 0890 4 1:3.x03,7g /0 ;039
/8543-,.g50/045,7908,71.438/07,9.g;039:7018.,0,715,990/3
0.4342 .438:2: ,7 1 4 1:3.x0/0 ;039 254900 3: ,7 ,;0, 3. 4
25479,3xg L3 /090723,70, ;039:: ,.g 50 /0 ,9g 5,790 8,7 1 .438/07,9 .g
;039:7018.,08,715g99/3.438:2,9:3.1:3.x,/0.438:2,71,7010.9:2549047,8:57,;039::,7 0,/0802345:8.:.0,.09:047
:;073,2039,08,:,3;089x475490,5497;9.g70,.438:2:;,7,g.:;039:
/:5g 2549,700890;,,-g2,2:9L3.,:254904750;0398910904702,
-:09:: 0.-7,9 80 ,5.g L3 572: 73/ ,.08947 25490 2, /07,-g /0.9
25490473/70.908,:,254904750;039:70172047
904702,-:09::0.-7,954,901/0/:8g/70.9704;3/0.:,x0
50397: ;039: /8543- 1g7g , 70,, .,.:0 390720/,70 57;3/ /090723,70,
2:925.,947::.09:047,2549047$4:x,50397:;039:/8543-,71
-
,
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
:2,- 8:39.4389,390;,7,x, 2549047.4250380,g24/1.,70,
.09:047 :;073,2039,0 ;039: /8543- 970-:0 8g10 3024/1.,9 : 94,90
,.0890,;,7,x,;039::970-:08g100,g.:.0,,-:09::
'039:7018.,0.,1:3.~0/0;039
'42 .438/07, .,: L3 .,70 ;039:70 18,.0 1g7g 97,38107:7 8:39
.438/07,90,141:3.x03,7g/0;039
89
#04;3/0.:,x050397:4-x302
9 -
-8,
:4897:.9:7g,2549047/,9g2:95.,947:50397:;,7,x,3;089x47
8,:,.09:047:;073,2039,013/.4389,390890
9 -
:3/0;,7,-003/0503/03908,:
%70-:0203x43,9 1,59:.g;,7,x0,.08947;,7,-0;47,10.9, L3.,8g70
/0 ;039:7 18.,0 3850., 4 .709070 , : 3: ;, 0307, 4 ;,7,x0 0,g ,
/01.9::-:09,7
4/1.g70L31:3.x,25490475491.,:,90/08.2-g70/0,3;0:
5,7,209747 88,:9
3,.089.,2:95.,947:0890
9 -
-
8
#,9,2:95.,947::.09:0470890949-.:2,1489L3572:24/0
$:2, 2:95.,94747 .,70 3/.g 010.9: ,8:57, ;039:: , ;,7,x0 .09:047
L384x9g/0424/1.,700,gL31:3.x,25490470890,.:2
9 -
-
:3/08
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
.0,89g0,9,90;,18:-:39,7,,9,9,925.,97,9,2,73,,2549,7 9
0890 549;g 438:2: L34. 8g 7g23g .4389,39 ., L3 .,: 7,90 2,73,0 ,
2549g7 074 80 89:0,g 50 4 53,9g /08.03/039g ;,7,x0 0.-7,9g ,
.09:047,L3.,8g747/025490,3;0:3x,,;039::3:;,574/:.04
24/1.,700,g,;039::
:94,90,.0890,.00,.0,2203x43,93:80L39,25g0,.9&92,;,7x0,
L3.,8g747/025490,34:3;0/00.-7:,;039::L3349,x034,8970
;,12,2,70/0.98,89102,2,70/0.934.::30;,7,x0,0L3
.09:0;039:718.,0,;02424/1.,70,.09:047L384x9g/048.2-,70
2,2,70,;039:747
3 8.45: /090723g7 2:95.,947:: -:09:: 0.-7,9 573 ,.089
24/0 5:902 ,:89, ;,7,x, 2549047 ,8910 L3.9 , 34: 3;0 /0 0.-7:24/1.g70 ;039:747 .09:047 8g 10 0,0 24/,9,90 /0 , 4-x30 ,.089
2:95.,947 .4389g L3 .438/07,70, 0,9gx /0391.,70, ;,7,x0
.47085:3g94,70 , 254047 8 :9,70, ,.08947, 50397: , /090723,
24/1.,70,;039::!:902574.0/,2,/70.9573 704;,70,0.:,x0 50397:
;039:/8543-'42 4-x30.g;039:/8543-970-:0 8g7g23g.4389,39/,.g
8910 24/1.,70, ;039:: 0890 0,, .: .0, , .09:047 ,
L3.,8g747/025490:95.,947:-:09::0.-7,90890 :39,7.,7,9:3.
.3/ 80.438/07g .g ;039:70 18.,0 ;,7,g L3 1:3.x0/0 ;039 L38g 0.-7: L3
;,7x,-:09::970-:0 L3x008.,701073/:80,0,9,90,/3970:92,
24/1.,70,L3.,8g747/0254902,/07,-g/0.9824/1.,70,3x,g
#0;032 ,.:2 , 010.900 ;,7,x0 7,902,73,0 , 2549g7 ;039::
349,9g.:9 49g27,9,/02549,70473,g.:934:,7,9g.: 93;0:473,,
;039::.:34:3;0/00.-7:.: ,L39 704,;g2 0.:,x,50397:
;7,x,;039::70:9,9g/324/1.,70,7,902,73,0, 2549g7/0,9 ,9
8910/30.:,x,4-x30250397:;,7,9,;039::70,x,
9 -
-8,
9 -
-8,
.,70808251.g4-x302
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
9 -
9 9 -
.:,x, 0890572:., L3 .,70 3;0:3x,, ;039::,5,70 L3
84:x 50397: !73 L25g7x70, , 5:902 4-!73 L25g7x70, , 5:902
4-x30 ;,7,x, 70,9;g, ;039::.,41:3.x0, L3.3,x0 2,73,08570 .438:2
570.:2;0.03407,90/025:3070.08970:9,930.43/:.0,.43.:,.g
4 ;,7,x0 /,9g , 7,90 25:307 574/:.0 4 .47085:3g94,70 ;,7,x0 70,9;g 3:
,-84:9g,;039::
43.:057;3/904702,-:09::0.-7,98:3982,70.:.00,.,70
,2 ,:38 2, 3,3903/ ;,7,x,L3.,8g747/0 25490/0, 3;0:473,,
;039:: 0890 1,9g 0,g .: ;,7x, .09:047 70850.9; 99 ,9:3.
010.9:,8:57, ;039::0890 2, 2. /0.9,8:57, ;039:747 .09:0473/949::92,24/1.,70,2549047089089,-9g0,g.:.0,,.09:047
,9:3. 70:9g 4 ;,7,x0 0,, , ;039:: .0,89, 70:9g /3 0.:,x,
70850.9; 84:x, 50397: ;039: /8543- .0 7g230 .4389,39 0. ;,7,x,
L3.,8g747/025490.,7070:9g/324/1.,70,7,9047,;039::54,90
18.78g,8910
99
!708:5:33/.g4-x302
9 9 9
%70-:0 203x4,39 1,59: .g /3 242039.0 1472, 1:3.x47/0 25:3070
.438:2 3: ,10.90,g ;039: /8543- 0.:,x, ,9:3. ,.0,89g .43.:0 3:
/053/0/05490,5497;9.g70,1:3.x08:393,70
2 ,7g9,9 1,59: .g 2:95.,947: -:09::0.-7,9 3: 0890 ,10.9,9 /0
5490, 5497;9 .g70, 254900 8:39 ;,7,-0 /0503/0390 3: :3 5,7,2097:3/0503/039 , ,.00, .43.:080 ,:30 L3 .,: L3 .,70 .09:00 ,7 1
;,7,-0/0503/0390
!3g L3 ,.089 5:3.9 30,2 ,,9 50 ;,7,x,0.-7,9g , .09:047 ,
;039:747 18.,0 0 ,802030, 80 5:30 574-02, 01.03x0 70,9;0 , ;,7,x0
;039:74718.,0L3.425,7,x0.:4/1.,70,.09:047L33/:.070,/0.82-g7
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
, 3;0: ;039::3 ,.089 8038 572, 574-02, .4389, 3 89,-70, .,7, ,
90720347/0 .425,7,90!:902.425,7,.7089070,;039::70:9,9,/8974:39,90
/0 .09:0 .: .0, , 2549047 : 94,90 ,.0890, .425,7,9, 3: 0890
45479:3,50397:.,324/0:570039,9.09:003/:.424/1.,70,3.,8747/0
25490 ,7 ;,7,9,8:75:8:: 8,: , /01.9:: -:09,70890 2, 70/:8, /0.,9.09:,,,/943,,0.08902:92,390708,398,.425,7,2 2,47,70,;039::
70:93//3974 :39,90/0/01.9 ,/x43, .,:9 /0 .09:0 .:.709070, 70:9,9g
/3974:39,90/0/01.9574;4.,9,/02.47,70,2549047
#0:9,9:,.0890 .425,7,x 0890 ,.0, .g 2,47,70, ;039::/,9479g
/01.9::.,:,9/0.09:02,2,7/:.0 ,4 7,9g,.70907;039::574/:8/0
9 - 3 242039 .0 -9 970-:0 8g 10 8:-:39,7 L397:3 88902 89,- 5:902
.43.:43,.g L3.,:/01.9::507:39,90 .09:00,::3 25,.92,5:9073.
,8:57,;039::/0.970/:.070,2549047,10.,L3572:24/0
709070,;039::70:93//32,47,70,.09:0470890/,9g/0
0.:,x,709070,254904708909 ,724/1.,70,/01.9:: .,70 54,90 1
349,9g / 0890 /0. 9 #,9, ;,7,x0 ;039:: , 24/1.,70,
/01.9::0890
-9
#,9,.47085:3g94,70;,7,x01:3.x0/02549,703/107039/,.g70:9g
/324/1.,70,90720347.4389,3988,:90890
-
-
:3/0.4389,39
.0,89g;,4,70,7,90
0890,.00,.:.0,4-x3:9gL3572:24/0L3
.,702549008:39;,7,-03/0503/0390
',7,-0/0503/0390,/~43,0
3 24/0: 570039,9 L3 .,/7: .g7:, ;039:70 18.,0 .09:00
-:09,70 8:39 .438/07,90 1:3.x/0;039 ,2.4389,9,9.g2:95.,947: -:09::
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
0.-7,9 0890 :39,7 .00, .0 L380,23g .g ;,7x, 0.-7,9g , .09:047 ,
;039:747 18.,0 970-:0 L3x00,8g ., ;3/ ,.0890 ;,7,-0 L3 34:,54x0 /0
0.-7:%70-:0,;:9L3;0/070.00,.080L39,25g.:2:95.,947:-:09::
0.-7,9,9:3..3/8:39.438/07,90,90;,7,-0/0503/0390254790.4342
3;089x !0397: , ,39.5, 70:9,9: .43.:, 0890 ,.00, .g 2:95.,947: -:09:: 0.-7,9 ;, 1 949:39,7 /,.g 340 ;,7,-0 /0503/0390 8:39 1:3.9 /0
;039:/8543-8,:/0.09:057;,90/,73:/,.g,711:3.x/0
;03938gL394,90.,:702:95.,947:0890549;.,72,32,70/0.9
:39,90,
!0397: , 8251. ,3,, .438/07g2 2, L39 ;039:70 18.,0 /7059
;,7,-03/0503/0390 3;089x0 .,;,7,-g /0503/039g .,1:3.x0 3,7g /0
;0393,x43,
:;
#04;3/34:88902/00.:,x4-x302
;-
- :,
$0 4-807;g 1,59: .g 2:95.,947: .09:047 :;073,2039,0
5708:5:33/.0,$04-807;g1,59: .g2:95.,947:.09:047 :;073,2039,0
5708:5:33/.0,x5,7,2097.4389,3x0890
;-
-
3 925 .0 7,9, 2:95.,947:: 18., , 2:95.,947: .09:047
:;073,2039,00890949-2:95.,947:-:09::0.-7,93:2,0890:39,7.
;-
-
:3/0
;-
-/,.g;
,.g 3;089x0 ,71 4 1:3.x0 /0;039 /8543- L34. /0 ;039 3,x43,
2:95.,947:-:09::0.-7,9,71:39,7
3 0307, .3/ 10.,70;,7,-g /0503/039g 0890 4 1:3.x0 /0 ;039
/8543-8,:/0.09:057;,90,9:3.,.0,89,,71/090723,9g
/03242039.0;,7,x,0.-7,9g,:L380,23g.g7g230
308.2-,9 94,90 ,.0890 ;,7,-0/0503/0390 8:39 .4389,390 09:00
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7
:;073,2039,0 8:39 83:700 ;,7,-0.0 80 24/1.g 0890 0, .: ,
:72,702:95.,947:-:09::0.-7,90890:39,7
,.g949::300;,7,-0/0503/03903:8:39:3./090723,90/0
8,:/,.g8:391:3.x/00/0503/03903:8:39:3./090723,90/08,:
/,.g8:391:3.x/0,9:3.3:54910572,90.,1:3.x:3.0/0
,89100890,10.9,9/0;,7,x,0.-7,9g,:
.0890.43.:5491,5.,90L3.,::3:88902.0,L3.438/07,70
.4207x: 090747 ,.g /0 0025: 05479:0890 .438/07,9 4
;,7,-g3/0503/039g.0 7g230 .4389,39g ,7 25479: 0890 4 1:3. ,8910 0890
,10.9,9/0;,7,x,0.-7,9g,:
.0890.43.:5491,5.,90L3.,::3:88902.0,L3.438/07,70
.4207x: 090747 ,.g /0 0025: 05479:0890 .438/07,9 4
;,7,-g3/0503/039g.0 7g230 .4389,39g ,7 25479: 0890 4 1:3.x0 /0 ;039
3,x43, 8,: /0 .09:0 949,0 :3/0 0890 05479:,9:3.
2:95.,947: ;, 1 8:-:39,7 38, 549; ,.g 25479:70 80 70107g /4,7 ,
-:3:70/0893,900.:8;.438:2::3;089x47L38g3:50397::5:-.,9:3.
3974/:.070,.4207x::090747 3: ;,,10.9,2:95.,947:.,70 0890 L397:388902
L3.8
-47,10
250,3:% 04724/073057;3/0.-7:13,3.,75:-.
01907 7.g g3:x 3,3x0 5:-.0 .439,-9,90-:09,7g /0
97047070;4/.4342.g
'g.g70 897.0,3: 30,.0 07.0, %490,3:
04708.:3,3x05:-.00/9,,,/,/,.9.g!0/,4.g:.:709
;,:30,18.,gL3#423,L35074,/,/097,3x0
43$9,3.: 3,3x0/9:7,.4342.g:.:709
5/11/2018 Multiplicatorii Bugetari - Mecanism de In Fluent Are a Economiei - slidepdf.com
http://slidepdf.com/reader/full/multiplicatorii-bugetari-mecanism-de-in-fluent-are-a-econom
:95.,947-:09,7