Introducción Cajas de Cambios

 

Aetrhiugga÷e Km gmbm in gmocahs ns ue nknoneth in trmesoasa÷e qun sn aetnrphen netrn nk ohthr y kms runims pmrm ohiadagmr nk euonrh in rnvhkugahens in kms oasoms n aevnrtar nk snetaih in farh gumeih kms engnsaimins in km omrglm msï kh rnquanrme. Mgtòm, phr tmeth, ghoh trmesdhromihr in vnkhgaimi y ghevnrtaihr ongíeagh in pmr. Wa ue ohthr in nxpkhsa÷e trmesoatanrm iarngtmonetn nk pmr m kms runims, prhcmcknonetn snram sudaganetn pmrm qun nk vnlïgukh sn ohvansn ne tnrrneh kkmeh. Znrh mk sucar uem pneianetn, nk pmr rnsastnetn muonetmrïm, nethegns nk ohthr eh tneirïm sudaganetn dunrzm pmrm ghetaeumr m km oasom vnkhgaimi, iasoaeuyneih nstm frmiumkonetn, nk ohthr pnrinrïm phtnegam y kknfmrïm m pmrmrsn0 pmrm nvatmr nsth y phinr supnrmr nk pmr rnsastnetn, ns engnsmrah ghkhgmr ue ÷rfmeh qun pnroatm lmgnr vmramr nk pmr ohthr, snfòe kms engnsaimins in km omrglm. Ne rnsuone, ghe km gmbm in gmocahs sn "iasoaeuyn" h "muonetm" km vnkhgaimi ink vnlïgukh y in afumk dhrom sn "muonetm" h "iasoaeuyn" km dunrzm ink vnlïgukh. Ghoh nk pmr ohthr sn trmesoatn m kms runims y hrafaem ne nkkms uem dunrzm in aopuksa÷e qun vnegn kms rnsastnegam qun sn hphen mk ohvaoaneth, km phtnegam trmesoataim (Vd) incn snr afumk, ne thih ohoneth, m km phtnegam mcshrcaim ne kkmetm0 ns ingar2

Go.- pmr insmrrhkkmih phr nk ohthr  Gr ..- pmr rnsastnetn ne kms runims e.- eòonrh in rnvhkugahens ne nk ohthr  e=.- eòonrh in rnvhkugahens ne kms runims

Wa eh nxastanrm km gmbm in gmocahs nk eòonrh in rnvhkugahens ink ohthr (e) sn trmesoatarïm ïetnfrmonetn m km runims (e ? e=), ghe kh gumk nk pmr m insmrrhkkmr phr nk ohthr (G o) snrïm afumk mk pmr rnsastnetn ne kms runims (Gr )).. Wnfòe nsth sa ne mkfòe ohoneth nk pmr rnsastnetn (Gr) muonetmrm, lmcrïm qun muonetmr afumkonetn km phtnegam ink ohthr pmrm ometnenr km afumkimi Gr ? Go. Ne tmk gmsh, sn incnrïm ghetmr ghe ue ohthr in uem phtnegam nxmfnrmim, gmpmz in mcshrcnr ne gumkquanr garguestmegam khs iadnrnetns rnfïonens in gmrfm qun sn hrafaeme ne km runims iurmetn ue inspkmzmoaneth. Km gmbm in gmocahs, phr tmeth, sn iasphen ne khs vnlïgukhs pmrm hctnenr, phr oniah in nefrmembns, nk pmr ohthr engnsmrah ne kms iadnrnetns gheiagahens in omrglm, muonetmih nk pmr in smkaim m gmocah in rniugar nk eòonrh in rnvhkugahens ne kms runims. Ghe km gmbm in gmocahs sn khfrm ometnenr, inetrh in uems gheiagahens ÷ptaoms, km phtnegam insmrrhkkmim phr nk ohthr. Snkmga÷e in trmesoasa÷e (Sg)

Wnfòe km dhroukm nxprnsmim metnrahronetn, khs pmrns in trmesoasa÷e she aevnrsmonetn prhphrgahemkns mk euonrh in rnvhkugahens2

Zhr tmeth, km rnkmga÷e (e/e=) ns km insouktapkagmga÷e qun lmy qun mpkagmr ne km gmbm in gmocahs pmrm hctnenr nk muoneth in pmr engnsmrah ne kms runims, qun nstm ne duega÷e in khs iaíontrhs in kms runims inetmims qun nefrmeme netrn sï h ink eòonrh in ianetns in kms oasoms.

 

  Gíkgukh in vnkhgaimins pmrm uem gmbm in gmocahs Zmrm gmkgukmr kms iastaetms rnkmgahens in insouktapkagmga÷e qun sn incne mghpkmr ne uem gmbm gm bm in gmocahs, lmy qun nstmckngnr kms oasoms ne duega÷e ink pmr oíxaoh trmesoataih phr nk ohthr, ym qun inetrh in nstn ráfaone ns ihein sn hctanen km omyhr dunrzm in aopuksa÷e ne kms runims. Zmrm nkkh, cmstm rnprnsnetmr ne ue sastnom in nbns ghhrinemihs kms rnvhkugahens oíxaoms ink ohthr, qun nstíe rnkmgahemims iarngtmonetn ghe km vnkhgaimi hctneaim ne kms runims ne duega÷e in su iaíontrh y km rniugga÷e ndngtumim ne nk punetn. Waneih "e" nk eòonrh in rnvhkugahens oíxaoms ink ohthr y "e=" nk euonrh in rnvhkugahens mk gumk sn hctanen nk pmr in trmesoasa÷e oíxaoh ink ohthr (pmr ohthr oíxaoh), inetrh in nsn ráfaone incne nstmckngnrsn kms sugnsavms insouktapkagmgahens ne km gmbm in gmocahs. Netrn nsths ihs kaoatns (e y e=) sn hctanen nk ráfaone oíxaoh y oïeaoh ne gmim insouktapkagmga÷e pmrm ue duegahemoaneth ink ohthr m pkneh rneiaoaneth.

 

Gmocahs omeumkns

Gmbms in gmocah in nefrmembns pmrmknkhs Nstm gmbm in gmocah ns km oms utakazmim ne km mgtumkaimi pmrm vnlïgukhs in snran, phr su snegakkh duegahemoaneth. Nstm ghestatuaim phr uem snran in paýhens in mgnrh mk gmrcheh, qun sn hctanene phr nstmopmga÷e ne dhrbm y sus ianetns tmkkmihs ne omquaems nspngamkns, ghe ue phstnrahr trmtmoaneth in tnopkn y gnonetmga÷e pmrm hctnenr km oíxaom iurnzm y rnsastnegam mk insfmstn. Nsths paýhens, mghpkmihs ne pmrns in trmesoasa÷e, vme ohetmihs shcrn uehs írchkns pmrmknkhs qun sn mphyme shcrn ghbaentns ne nk aetnrahr in uem gmrgmsm, qun sunkn snr in dueiaga÷e fras h mkuoaeah y sarvn in mkhbmoaneth m khs paýhens y inoís iasphsatavhs in mggahemoaneth, msï ghoh in rngapanetn pmrm nk mgnatn in kucragmga÷e in khs oasohs. Khs paýhens, nefrmemihs ne thom ghestmetn pmrm gmim pmr in trmesoasa÷e, she in ianetns lnkaghaimkns, qun pnroatne ue duegahemoaneth oms saknegahsh y uem omyhr supnrdagan in ghetmgth, ghe kh gumk, mk snr onehr km prnsa÷e qun shcrn nkkhs mgtòm, sn rniugn nk insfmstn ne khs oasohs. Khs eòonrhs in ianetns ink paý÷e gheiugthr y ink gheiugaih she praohs netrn sï, pmrm rnpmrtar nk insfmstn phr afumk netrn nkkhs y nvatmr vacrmgahens ne su duegahemoaneth.

 

 Mlhrm lmgnr

vmohs nk

ggmbm mkguin kh

in uem

gmocahs m pmrtar in khs imths rnmkns qun ehs prhphrgahem nk dmcragmetn2 Nbnopkh2 Znufnht 9:> Oa=4

 

Gakaeirmim (gg)2 =11< Zhtnegam (GT/rpo)2 =>>/>4:: Zmr oíxaoh (o`fd)2 =1,7/7>:: Enuoítaghs2 =1>/>> S=9 Snkmga÷e in trmesoasa÷e

rt (=ª vnkhgaimi) ? =7/7< ? :,793 rt (3ª vnkhgaimi) ? 37/97 ? :,>79 rt (7ª vnkhgaimi) ? 3>/73 ? :,6ª vnkhgaimi) ? 76/3< ? =,73= rt (O.M2 omrglm mtrís)  ? =3/9: ? :,7:

minoms in km rniugga÷e prhvhgmim ne km gmbm in gmocahs tmocaáe tnenohs qun tnenr ne gunetm qun ne nk fruph iadnrnegamk lmy uem rniugga÷e, nstn imth tmocaáe kh prhphrgahem nk dmcragmetn. rt (F.G2 fruph paý÷e-ghrhem iadnrnegamk)  ? =9/43 ? :,33> Ehtm2 Nk dmcragmetn ehs punin prhphrgahemr km rnkmga÷e in trmesoasa÷e ne dhrom in drmgga÷e (rt =ª vnkhgaimi ? =7/74::) 97:,49 :,:641 rpo

rt (gmbm rt rY gmocahs) (iadnrnegamk) =ª vnkhgaimi 3ª vnkhgaimi 7ª vnkhgaimi 9ª vnkhgaimi >ª vnkhgaimi O.M (Omrglm mtrms)

=7/7< ? :,793 37/97 ? :,>79 3>/73 ? :,6 =9/43 ? :,33> =9/43 ? :,33> =9/43 ? :,33> =9/43 ? :,33>

=3/9: ? =9/43 ? :,7: :,33>

:,=3: 463 rpo 169,9 :,=6> rpo =311,7 :,373 rpo =447,3 :,316 rpo :,:46>

76=,3 rpo

rY (eª vnkhgaimi)2 ns km rnkmga÷e in trmesoasa÷e thtmk, sn gmkgukm ouktapkagmeih km rt (gmbm gmocahs) x rt (iadnrnegamk). Zomx2 ns km phtnegam oíxaom ink ohthr m ue euonrh in rnvhkugahens intnroaemih phr nk

dmcragmetn. e² rpo m Zomx2 sn gmkgukm ouktapkagmeih rY x e² rpo m phtnegam oíxaom.

 

  Ghe nsths imths mlhrm phinohs gmkgukmr km vnkhgaimi m oíxaom phtnegam pmrm gmim omrglm in km gmbm in gmocahs. Zmrm gmkgukmr km vnkhgaimi engnsatmohs smcnr kms oniaims in khs enuoítaghs y kkmetm, nstn imth tmocaáe kh prhphrgahem nk dmcragmetn. Ne nstn gmsh tnenohs uems oniaims in enuoítagh=1>/>> S=9. Zmrm gmkgukmr km vnkhgaimi engnsatmohs smcnr nk iaíontrh in km runim (Ü).

Nk iaíontrh in km runim (Ü) ns km suom ink iaíontrh in km kkmetm oms nk ihckn ink p pnrdak nrdak ink enuoítagh. Nk iaíontrh in km kkmetm ns =9", pmrm pmsmrkh m oakïontrhs (oo) tnenohs qun ouktapkagmr2 =9" x 3>,9 oo ? 7>>,4 oo. Nk pnrdak ink enuoítagh ns nk >>% in =1> (=1>/>>) ? =:6,3 oo Zhr kh tmeth iaíontrh in km runim ? iaíontrh in km kkmetm + nk ihckn ink pnrdak ink enuoítagh ? 7>>,4 + (=:6,3 x 3) ? >6:,= oo.

   Mlhrm ym phinohs gmkgukmr km vnkhgaimi (v) ink vnlïgukh m oíxaom phtnegam pmrm gmim omrglm in km gmbm in gmocahs.

v ? vnkhgaimi (`o/l) Za ? 7,=9 Ü ? iaíontrh in runim (ontrhs)

 

eg ? e² rpo ink ohthr ` ? ghestmetn

^takazmeih nstms dhroukms tnenohs2

v (=ª vnkhgaimi) ? ` x eg ? :,=:6 x 97:,49 ? 94,3: `o/l v (3ª vnkhgaimi) ? ` x eg ? :,=:6 x 463 ? 6=,1: `o/l v (7ª vnkhgaimi) ? ` x eg ? :,=:6 x 169,9 ? =:9,34 `o/l v (9ª vnkhgaimi) ? ` x eg ? :,=:6 x =311,7 ? =71,:3 `o/l v (>ª vnkhgaimi) ? ` x eg ? :,=:6 x =447,3 ? =66,14 `o/l v (O.M) ? ` x eg ? :,=:6 x 76=,3 ? 71,6= `o/l e² in vnkhgaimi

vnkhgaimi m Zomx.

=ª vnkh vnkhgai gaimi mi 3ª vnkh vnkhgai gaimi mi 7ª vnkhg vnkhgaim aimi i 9ª vnkhg vnkhgaim aimi i >ª vnkhg vnkhgaim aimi i

94,3: 94,3: `o/l `o/l 6=,1: 6=,1: `o/l `o/l =:9,34 =:9,34 `o/l `o/l =71,:3 =71,:3 `o/l `o/l =66,14 =66,14 `o/l `o/l

O.M (omrglm mtrís)

71,6= `o/l

  Ghe nsths rnsuktmihs tnenohs qun km vnkhgaimi oíxaom in nstn vnlïgukh gumeih insmrrhkkm su oíxaom phtnegam ns in =66,14 `o/l. Nstn imth eh sunkn ghaegaiar ghe nk qun prhphrgahem nk dmcragmetn ym qun km vnkhgaimi oíxaom ink vnlïgukh ns omyhr qun km i in n km oíxaom phtnegam y kknfmrïm lmstm nk e² in rpo ne qun sn prhiugn nk ghrtn in aeyngga÷e ink ohthr. Wmcaneih qun nstn ohthr hdrngn km oíxaom phtnegam m >4:: rpo, phinohs lmgnr nk frídagh metnrahr smcaneih m qun vnkhgaimi ns ghevneanetn mgtumr shcrn km gmbm in gmocahs y nsghfnr km vnkhgaimi mingumim.

 

  Nk pmr ohthr mk afumk qun km vnkhgaimi, tmocaáe snrí trmesdhromih ne km gmbm in gmocahs y fruph iadnrnegamk. Zmrm gmkgukmrkh sn utakazm tmocaáe km rnkmga÷e rn kmga÷e in trmesoasa÷e (rY).

Go.- pmr insmrrhkkmih phr nk ohthr  Gr ..- pmr rnsastnetn ne kms runims e.- eòonrh in rnvhkugahens ne nk ohthr  e=.- eòonrh in rnvhkugahens ne kms runims

Ghe khs imths qun tnenohs, pmrm gmkgukmr nk pmr ne kms runims phinohs mpkagmr km safuanetn dhroukm2

Gr (=ª vnkhgaimi) ? =1,7 o`f/ :,:641 ? 3>:,1 o`f Gr (3ª vnkhgaimi) ? =1,7 o`f/ :,=3: ? =4:. ? ==:,3< o`f Gr (9ª vnkhgaimi) ? =1,7 o`f/ :,373 ? ª vnkhgaimi) ? =1,7 o`f/ :,316 ? 49,1< o`f Gr (O.M.) ? =1,7 o`f/ :,:46> ? 3,1 o`f e² in vnkhgaimi

pmr ne kms runims

=ª vn vnkh khga gaim imi i 3> 3>:, :,1 1 o`f o`f 3ª vn vnkh khga gaim imi i =4 =4:. :.). Nstn nbn gunetm ghe ihs saegrheazmihrns nk in =ª/3ª (=1) y nk in 7ª/9ª (=4), nstn saegrheazmihr sarvn minoms ghoh paý÷e shkaimrah pmrm km omrglm mtrís.

 

  Khs saegrheazmihrns nstíe iaspunsths in tmk dhrom qun2 ue praonr saegrheazmihr (=4) netrn khs paýhens khghs in 7ª y 9ª ne nk nbn sngueimrah (=>), htrh saegrheazmihr (=3) nxgkusavh pmrm km >ª omrglm ne nk nbn praomrah y ue tnrgnr saegrheazmihr (=1) ne nk nbn sngueimrah netrn khs paýhens khghs in =ª y 3ª omrglm. Hcsnrvmr qun nk saegrheazmihr (=4) in km 7ª y 9ª tanen ne su ghrhem inspkmzmckn ue inetmih rngth nxtnrahr qun lmgn km duega÷e in paý÷e in omrglm mtrís. Km omrglm mtrís sn mggahem mk ghengtmr nk paý÷e in omrglm mtrís (1) ink nbn praomrah ghe km ghrhem ink saegrheazmihr oniametn ue paý÷e muxakamr (=3) in omrglm mtrís qun aevanrtn nk farh ink nbn sngueimrah. Yhihs pmrns insnknggahemim paýhens nstíe in in dhrom qun s÷kh nk paý÷e khgh inkhs km omrglm snpnromenetnonetn ounvn shkaimrah m nefrmemihs su nbn m trmvás su ghrrnspheianetn saegrheazmihr. Oanetrms khs inoís paýhens khghs farme kacrnonetn mrrmstrmihs phr sus lho÷khfhs shkaimrahs ink htrh nbn.

  Duegahemoaneth

Nk duegahemoaneth in kms iastaetms omrglms ns nk safuanetn2 =ª vnkhgaimi

Nk inspkmzmoaneth ink saegrheazmihr in =ª/3ª (=1) lmgam km inrnglm, prhiugn nk negkmvmoaneth ink ghrrnspheianetn paý÷e khgh (3:) ink nbn sngueimrah, qun sn lmgn shkaimrah in nstn nbn. Ghe nkkh, nk farh ns trmesoataih insin nk nbn praomrah ghoh ounstrm km dafurm aednrahr, hctneaneihsn km hphrtuem rniugga÷e. Ne nstm vnkhgaimi sn hctanen h ctanen km oíxaom rniugga÷e in farh, y phr nkkh km oïeaom vnkhgaimi y nk oíxaoh pmr.

 

  3ª vnkhgaimi

Nk inspkmzmoaneth ink saegrheazmihr in =ª/3ª (=1) lmgam km azquanrim, prhiugn nk negkmvmoaneth ink ghrrnspheianetn paý÷e khgh (=ª vnkhgaimi

Nk inspkmzmoaneth ink saegrheazmihr in >ª (=3) lmgam km inrnglm, prhiugn nk negkmvmoaneth ink ghrrnspheianetn paý÷e khgh (=9) ink nbn praomrah, qun sn lmgn shkaimrah in nstn nbn. Ghe nkkh, nk farh ns trmesoataih insin nk nbn praomrah ghoh ounstrm km dafurm aednrahr, hctneaneihsn km hphrtuem rniugga÷e. Ne nstm vnkhgaimi sn hctanen uem rniugga÷e in farh onehr qun ne nk gmsh metnrahr, phr nkkh muonetm km vnkhgaimi y nk pmr iasoaeuyn.

 

  Omrglm mtrís (O.M.)

Gumeih sn snknggahem nstm vnkhgaimi, sn prhiugn nk inspkmzmoaneth ink paý÷e in rnnevah, nopubmih phr ue omefuath. Mk ohvnrsn nk paý÷e in rnnevah, nefrmem ghe htrhs ihs paýhens, ueh ueaih m nbn praomrah (1) y nk htrh kh dhrom nk saegrheazmihr in 7ª/9ª guym ghrhem nxtnrem tanen kmcrmihs uehs ianetns rngths. ^em pmrtagukmraimi in khs paýhens qun aetnrvanene ne km omrglm mtrís, ns qun tanene khs ianetns rngths ne vnz in aegkaemihs ghoh khs inoís paýhens in km gmbm in gmocahs. Ghe nstn ongmeasoh sn ghesafun uem eunvm rnkmga÷e, n aevnrtar nk farh ink trne sngueimrah ghe rnspngth mk praomrah. Km rniugga÷e in farh inpnein in khs paýhens satumihs ne nk nbn praomrah y sngueimrah phr qun nk paý÷e in rnnevah mgtòm òeagmonetn ghoh aevnrshr in farh. Km rniugga÷e in farh sunkn snr pmrngaim m km in =ª vnkhgaimi.

 

  Wn ghopruncm ne kms safuanetns dafurms ghoh lmy gmbms in gmocahs iasnýmims in tmk omenrm qun sn satòme khs saegrheazmihrns tmeth ne nk nbn praomrah (3) ghoh ne nk sngueimrah (=3) y khs paýhens eh she thihs shkaimrahs ne ue nbn y khghs ne nk htrh, saeh qun sn iastracuyne ne khs ihs nbns phr afumk. Ne nk nbn praomrah p raomrah tnenohs ghoh paýhens shkaimrahs (4, 6 y ). Ne nk nbn sngueimrah tnenohs ghoh paýhens shkaimrahs (=3 y =9) y ghoh khghs (1 y ==). Km omrglm mtrís sn lmgn aetnrgmkmeih ue paý÷e in rnnevah netrn nk paý÷e shkaimrah ink nbn praomrah (6) y km ghrhem nxtnrem inetmim ink saegrheazmihr in =ª/3ª. Wn mprngame gkmrmonetn khs ianetns rngths in khs paýhens qun aetnrvanene ne km omrglm mtrís.

 

  Ne km dafurm aednrahr punin vnrsn nk sastnom in omeih in km gmbm in gmocahs metnrahr. Km pmkmegm in gmocahs (), ne kms qun punin mkhbmrsn uem chkm prnsahemim phr ue ounkkn. Nstms nsghtmiurms sarvne pmrm dabmr kms cmrrms ne uem phsaga÷e ghegrntm pmrm aopniar nk inspkmzmoaneth in km oasoms, ghoh ghesngunegam ghesngune gam in kms vacrmgahens h smguiaims qun sn prhiugne ghe km omrglm ink vnlïgukh.Nsth nvatm qun sn punim smkar uem omrglm uem vnz qun nstm nefrmemim.

 

  Htrh nbnopkh2 in gmbm in gmocahs, iadnrnetn m km metnrahr, qun sn mghpkmram m ue vnlïgukh ghe ohthr khefatuiaemk y trmgga÷e inkmetnrm. Km iasphsaga÷e in khs paýhens y saegrheazmihrns sn rnpmrtn ne mochs nbns ghoh ne nk gmsh metnrahr y km omrglm mtrís duegahem in afumk omenrm.