Funda ngeMilinganiselo yeNgxowa-mboleko

Ukulinganiswa koMongameli kwi-AAA ukuya kwi-Junk

Ukulinganiswa koMongameli kuye kwabaluleka ngakumbi njengoko amazwe ngamazwe ajikeleze iimarike zomhlaba wonke. Ezi zilinganiso zemali-mboleko - ezikhutshwe kumaziko alawulayo njengabarhulumente besizwe - baqwalasela ingozi yezopolitiko, umngcipheko wokulawula kunye nezinye izinto ezizimeleyo ukucacisa amathuba okungafi. Abathunywa abathathu abadumileyo kwizikolo zokulinganisa zi-S & P, Moody's and Fitch.

Ekubeni baqaliswa ekuqaleni kwee-1900, ukulinganiselwa kwekhredithi yemali kuye kwaba nembali ephazamisayo.

I-Moody kunye nezinye i-arhente zee-ratings zithatyathwa emva kokudityaniswa okukhulu kwezinto ezibangelwa zizizwe ezingama-21 kumazwe angama-58 ukuba zingagqibekanga kwizibophelelo zabo zamazwe ngamazwe phakathi ko-1930 no-1935.

Kwaye, ukususela ngoko, oorhulumente abangaphezu kwe-70 baye bachithwa ubuncinane kanye kunye neentlawulo zabo zemali okanye zangaphandle. Kule nqaku, siza kujonga apho sikufumana khona izilinganiso ezizimeleyo, ukuba zibalwe njani, kunye nemiphumo yezi ziphumo zentengiso yehlabathi.

Kuphi ukufumana ukulinganisa kobukhosi

Izilinganiso eziphambili eziphambili zipapashwa yi-arhente ezinkulu zorhwebo-arhente-Standard & Poor's, Moody's and Fitch. Nangona kukho i-boutiques ezincinci ezinikezela ukulinganisa, ezi arhente ezintathu zineempembelelo kakhulu kumenzi wezentengiso. Abatyalomali banokufumana iziphumo ezizimeleyo ezivela kwii-arhente zokulinganisa kwiiwebhusayithi zazo.

Ezi zintathu zikarhulumente eziphakamileyo zikarhulumente ziquka:

• Ukulinganiswa koMongameli oMgangatho
• IiNkxaso zeMongameli zeMoody's
• Ukulinganiswa kwe-Fitch Rating Ratings

Ezinye iifayile ezilinganiswayo zokuziphakamisa ezikhoyo zibandakanya:

• I-Dagong Global Credit Rating Co., Ltd.
• AM Best Europe-Rating Services Ltd.
• Euler Hermes ACI GmbH

Ukulinganiswa kweMveli kulandelwa

I-arhente yee-ratings zisebenzisa iindlela ezahlukeneyo kunye neendlela zokubala ukubala izilinganiso zobukhosi.

Kodwa kwiphepha le-1996 elinesihloko esithi " Izigqibo kunye nefuthe leMilinganiselo yeNgxowa-mboleko, " uRichard Cantor noFrank Packer basebenzisa uhlalutyo lokunciphisa ukucocisa inkqubo ukuya kwezinto ezintandathu ezibalulekileyo ezichazela ngaphezulu kwe-90% yeenguqu kwixabiso lokuthenga ngetyala.

1. Ingeniso yempembelelo iyasebenza kuba isiseko esikhulu sentela sandisa amandla karhulumente ukuba abuyisele imali, ngelixa ingaba ngummeli wokuzinza kwezopolitiko kwelizwe.
2. Ukukhula kweGDP oluqinileyo kwenza ukuba ityala elikhoyo elikhoyo lizwe lula ukuba lisebenze ixesha elide, ekubeni ukukhula oku kubangela ukuba imali ephezulu yerhafu kunye ne-balance balance tax.
3. Ukunyuka kwamaxabiso aphezulu akunakucacisa kuphela iingxaki ngezimali zelizwe, kodwa kubangela ukungazinzi kwezopolitiko ngexesha elide.
4. Ithuba langaphandle lelizwe lingaba yingxaki xa lingenakuxanduva.
5. Amazwe anembali yokusilela afunyanwe ukuba abe neengozi ephezulu yekhredithi.
6. Amazwe amaninzi aphuhliswe ngokwezoqoqosho abonakala engenakwenzeka okungafunekanga.

Iziphumo zeMilinganiselo yoMongameli

Ukulinganiswa koMongameli kunemiphumo emininzi kumazwe ehlabathini lonke. Iziphumo eziliqela zibonise ukuba ukulinganisa okulungileyo kukunxulumene nokusabalala kweekredithi ezantsi. Ngaloo ndlela, ezi ntlupheko ezisezantsi zilingana nezindleko zokunciphisa iindleko kumazwe akhupha izibophelelo.

I-Cantor kunye ne-Packer iqikelelwe kwingxelo ekhankanywe ngasentla ukuba ingxelo yokuchithwa kweenotshi enye inokuphakamisa oku kufakelwa ngama-25%.

Imiphumo yale ntlupheko ephezulu kunye neendleko zemali ingaquka:

• Umngcipheko weNkokeli: Iibhanki eziphambili eziprinta imali engaphezulu ukuze zikhuphe umngcipheko wamatyala angoku kunye nezayo eziza kubangela ukunyuka kwamaxabiso, oko kungakhokelela kwiinkalo zezoqoqosho.
• Ukukhubazeka kwezopolitiko: Amazwe anqweneliyo okanye akakwazi ukuprinta imali eninzi angenza amanyathelo okunciphisa iindleko zabo, ezinokubangela ukungabikho kwemibutho yabantu.
• Izinketho ezimbalwa: Iibhanki eziphambili ezijongene neendleko eziphezulu ezibolekayo zingenakuzifumana njengezoqoqosho ukwenzela ukuba zenze iiphakheji zokuvuselela okanye ezinye izikhuthazo zokukhula ngamaxesha anzima.

Nangona kunjalo, abanye abaphandi bahlala bengathembeki. Uphononongo lukaGonzalez-Rozada no-Eduardo Levy Yeyati, elinesihloko esithi "Iimveliso zehlabathi kunye neNkcazo yokuThengisa iMarike", yafumanisa ukuba ukulinganiswa okulawulayo kubonakalisa utshintsho kwizabelo kunokulindeleka.

Kodwa kukho nawuphi na umzekelo, ukulinganiswa komlawuli kubonisa ithuluzi eluncedo kubatyalomali bamazwe ngamazwe ukugqiba umgangatho wezolimo.

Amaphuzu athathweyo

• Ukulinganiswa kweentengo zemboleko kwiNkosana kuye kwanda kakhulu njengoko amazwe efuna ukuthatha iimarike ezibophelelweyo kunye nabatyalomali bafuna amathuba.
• Ezi zilinganiso zibalwa ngamashishini afana ne-Standard and Poor's okanye i-Moody esekelwe kwimilinganiselo eyahlukeneyo.
• Ukulinganisa okungcono kumlawuli kunganciphisa ubungozi bokungena kwamanani emveliso, kuqiniseke ukuzinza kwezopolitiko, kwaye kwenze kube lula ukuboleka imali xa kuyimfuneko