I-Villians Yinyani Ekhokelela Kweengxaki Zemali
Ngokunciphisa umngcipheko, ukulungiswa kweentengo zemali zentengiso ephantsi.
Iimali ezininzi zeentambo ziyi-investors. Bathenga izabelo ezaneleyo zokuvota kwibhodi yenkampani. Zineempembelelo ezinjalo kwisitokisi senkampani ukuba zinokunyanzela ukuba inkampani ibuyise imali kwaye ithucule amanani esabelo. Baya kwenza ukuba inkampani ithengise ixabiso elivelisayo okanye amashishini, abe ngempumelelo ngakumbi kwaye inenzuzo.
Izinto ezinhlanu ezenza ukuba iHedge Funds ibe yingozi
Iimali zeHedge zandisa ingozi. Okokuqala, ukusetyenziswa kwabo kwemilinganiselo kuvumela ukuba balawulwe izibambiso ezingaphezulu kunokuba babethengela ixesha elide. Basebenzisa izixhobo ezixubileyo ukuboleka imali ukwenza utyalo-mali. Okudala ukubuyiswa okuphezulu kwimarike efanelekileyo, kunye nelahleko ezinkulu kwiindawo ezimbi. Ngenxa yoko, impembelelo yaluphi na ukuhla Iingxowa zemali zeHedge ziquka iinkontrakthi zokhetho ezivumela ukuba zibeke umrhumo omncinci wokuthenga okanye ukuthengisa isitoko kwixabiso elivunyelwene ngalo okanye phambi komhla othe ngqo.
Bangakwazi ukuthengisa amasheya amfutshane, oku kuthetha ukuba baboleke isitokethi kumthengisi ukuba bayithengise, kwaye bathembisa ukuyibuyisela kwikamva. Bathenga iikhontrakthi zexesha eliza kuzinyanzela ukuba zithengise okanye zithengise ukhuseleko, impahla okanye ixabiso lemali, ngentengo evunyelweneyo ngosuku oluthile kwixesha elizayo.
Isiphumo sakhe, impembelelo ye-hedge funds kwi- market market iye yanda kakhulu kwiminyaka elishumi edlulileyo.
Ngokwezinye ukuqikelela, zilawula iipesenti ezili-10 zezabelo kwi-stock exchange yase-US. Oku kuquka iNew York Stock Exchange , iNASDAQ kunye neBATS . I-Credit Suisse iqikelela ukuba igalelo layo liphezulu. Bangakwazi ukulawula isigamu seNew York kunye ne-London Stock Exchanges. (Umthombo: "Abalawuli be-US Bakhula i-Hedge Hedge Hotels Hotels," i-International Herald Tribune, ngoJanuwari 1, 2007.)
Ekubeni bathengisa rhoqo, banoxanduva lwesithathu kwisilinganiso semali yemihla ngemihla kwi-NYSE yedwa. Ingqikelelo ye-8,000 ye- hedge funds isebenza emhlabeni jikelele. Uninzi lwase-United States. Kukho uxinzelelo oluphezulu kwi-Connecticut.
Abaphandi bafumanisa ukuba i-hedge funds igalelo elifanelekileyo kwimarike yemasheya. Kodwa xa imithombo yabo yenkomfa iyomile, ingaba nefuthe elibi kakhulu. (Umthombo: uCharles Cao, uBing Liang, Andrew Lo, uLubomir Petrasek, " iHedge Fund Holdings kunye ne-Stock Market ," i-Federal Reserve Board, ngoMeyi 2014.)
Okwesibini, bonke basebenzisa izicwangciso ezifanayo. Iiprogram zabo zeekhomputha zifikelela kwizigqibo ezifanayo malunga namathuba okutshala. Zichaphazela imarike ngokuthenga imveliso efanayo, njengemali yokubambisa i-mortgage-backed, ngexesha elifanayo. Njengoko amaxabiso aphakama, ezinye iinkqubo zikhutshwa kwaye zenze i-oda zokuthenga imveliso efanayo.
Okwesithathu, i-hedge funds ithembele kakhulu kwixesha elifutshane-mali ngemali yemarike yemali . Ezi ziqhelekileyo iindlela ezikhuselekileyo zokunyusa imali, njengemali yemarike yemali , iphepha lokuthengisa elikhutshwe ngamashishini aphezulu-ngetyala kunye neeCD. Ukuthengwa kwemali yeentambo kunye nokuthengiswa kweempahla zala mafutha kubatyalomali ukuvelisa imali eyaneleyo ukuze kugcinwe i-akhawunti yazo. Iimfumba zivela kwiimveliso, ezifana nephepha lokuthengisa elisezantsi .
Ngokuqhelekileyo, oku kusebenza kakuhle. Kodwa ngexesha leengxaki zemali, abatyali-mali abaninzi bathatyiswa kakhulu bathengisa nezixhobo ezikhuselekileyo zokuthenga ii-100 zeepesenti eziqinisekileyo zeeNondyebo . Ngenxa yoko, i-hedge funds ayikwazanga ukugcina i- akhawunti yazo , kwaye yaphoqeleka ukuba ithengise amasheya kwixabiso le-basgain-price, okwenza kube nzima ukuhlaselwa kwemakethe yemasheya. Baye banceda ukudala iSeptemba 17, 2008 ukuqhuba kwiimarike zemali .
Okwesibini, i-hedge funds isasetyenziswa kakhulu. Baya kwenza utyalo-mali ngaphandle kokuhlolisiswa yiKhomishana ye- Securities and Exchange . Ngokungafani neemali zengxowa-mali , azidingeki ukuba zibike ingxelo ngekota nganye. Oko kuthetha ukuba akukho mntu uyazi ukuba ziphi utyalo lwabo.
Indlela i-Hedge Funds Yenza ngayo i-Asset Bubbles
Umnini-mali ocebileyo wehlabathi we-hedge fund, uGeorge Soros, wathi i-hedge funds empeleni ichaphazela iimarike kwi-loop ingxelo. Ukuba ezimbalwa iinkqubo zabo zokurhweba zifikelela kwizigqibo ezifanayo malunga namathuba okutyalomali, kubangela ukuba abanye baphendule.
Ngokomzekelo, bathi imali iqala ukuthenga iidola zase-US kwimarike yangaphambili, ukuqhuba ixabiso lentela kwipesenti okanye ezimbini. Ezinye iiprogram zithatha umgangatho, kwaye ziqaphele abahlalutyi babo ukuthenga. Lo mkhwa unako ukugxininiswa ukuba iikhomputha zekhompyutheni ziyakuthi zixhase iindlela zokuziphatha ezinjengezoqoqosho, njengemfazwe e-Ukraine, unyulo lwaseGrisi, kunye nesigwebo se-Russian oligarchs. Umzekelo uthatha zonke ezi zinto ingqalelo, kwaye uyaqaphela ngakumbi abahlalutyi ukuba bathengise i-euro baze bathenge iidola. Nangona akekho owaziyo ngokuqinisekileyo, inkcazo yeli dola yaphakama ngo-15% ngo-2014, ngelixa i-euro yawela kumgangatho ophantsi kweminyaka engama-12.
Ezinye iibhola ze-asethi zakutshanje zifana nje ngokukhawuleza kwaye zinzima. I- dollar yase-US inyuke kuma-25 ekhulwini ngo-2014 no-2015. Imarike yemasheya yenyuka malunga nama-30% ngo-2013, ukuvunwa kwe-Nondyebo kwawela kuminyaka engama-200 ephantsi ngo-2012, kwaye igolide yaphakama ibe malunga ne-1,900 yeeyunithi ngo-2011. -ixesha eliphakamileyo lama-$ 145 ngomgqomo ngo-2008 , nangona ixabiso liye lawa ngenxa yokunyuka kwemali. I-bubble ye-aseset eyona yonakalisa yonke into yayiyintengiso ye-hedge fund kwi-securities-backed securities ngonyaka ka-2005.
Indlela abaye bangela ngayo iCrisis Crisis
Ngo-2001, i-Federal Reserve yanciphisa izinga lokuhlawula imali kwi- Fed kwi-1.5% ukulwa nomnotho. Ngexesha leemakethe zenyuka, abatyali-mali bafuna i-hedge funds ukuze bafumane imali ephezulu. Ixabiso lentengo elincinci lithetha ukuba izibophelelo zanikezela iziphumo ezincinci kubaphathi beengxowa- Babenomdla wokufumana imali eyaneleyo yokufihla iindleko zabo ezizayo. Ngenxa yoko, imali eninzi yemali ithululelwe kwi-hedge funds.
Njengoko uqoqosho luphuculwe ngo-2003 nangama-2004, imali ethe gqolo kule mali. Abaphathi bavelise utyalo-mali okhuselekileyo ukuze bafumane umgca kwiimarike ezikhuphisana kakhulu. Bandisa ukwandiswa kwazo kwezinto ezivela ngaphandle, njengemali yokubambisa i-mortgage-backed securities . Ezi zinto zisekelwe kwiimfumba zee-mortgage kwaye zazinenzuzo kakhulu.
Ixabiso lentengo elincinci liye lenza iintlawulo kwiimali -mboleko zenzalo kuphela ezifikelelekayo kubaninimzi abaninzi bezindlu. Iintsapho ezininzi ezingenakukwazi ukufumana iimali eziqhelekileyo ezikhuselekileyo zikhukhula kwiimarike zezindlu. Njengoko ukufunwa kweemali ezixhaswe ngemali-mboleko kuphakanyisiwe, kwanjalo kwakudinga ukufunyanwa kwemali ephantsi. Amabhanki ayeba ngabatyalo-zimali abakhulu kwiimali ze-hedge kunye neentlawulo zabathengi bazo. Iibhanki ezinkulu zazakhela imali yazo. Oku bekungekho mthethweni kwaze kwaba yilapho iCongress yachithwa i- Glass-Steagall Act yachithwa ngo-1999. Ngenxa yoko, iibhanki zibeka uxinzelelo kumasebe abo okuboleka imali ukuba ziboleke nabani na wonke umntu. Abazange bakhathalele ukuba iimali-mboleko zazingekho ngenxa yokuba zathengisa iimali zokuthenga imali kuFannie Mae noFreddie Mac.
Njengoko inani leendlela zokutshala imali ezichanekileyo linciphile, abaphathi bezezimali baqala ukufaka iintlobo ezifanayo zotyalo-mali. Oko kwakuthetha ukuba banako konke ukuhluleka kunye. Abatyalomali abanomdla babekho amathuba okurhoxisa imali ngokukhawuleza kweso sibonakaliso sokuqala seengxaki. Ngenxa yoko, ezininzi iimali zentambo zaqaliswa, kwaye ezininzi zaphela.
Ngo-2004, le shishini lingaqinisekanga ngamanqanaba aphezulu okungazinzi. I-Bizwe kaZwelonke yoPhando lwezoQoqosho loshishino lwe-hedge fund yabonisa amanqanaba aphezulu emngciphekweni. Ezi ziphumo zaxhaswa ngophando olongezelelweyo ngo-2005 no-2006. (Umthombo: "Iingcipheko zengozi kunye neeHedge," i-National Bureau of Research Economic, Matshi 2005.)
Kwakhona ngo-2004, i-Federal Reserve yaphakamisa amanqanaba okulwa nokunyuka kwamaxabiso. Ngo-2005, amaxabiso aphakama ukuya kuma-4.25% ukuya ku-5.25% ngoJuni 2006. Ngaphezulu, khangela ireyithi yeFed Fed Fund .
Njengoko ukunyuka kwamaxabiso kwandisiwe, imfuno yezindlu zanciphisa. Ngo-2006, amaxabiso aqala ukuhla. Oko kwabathintela abanini bezindlu abanabanini bezindlu eziphantsi komhlaba . Ngokukhawuleza bafumana amakhaya abo axabaniswe ngaphantsi kweento ababahlawulela zona.
Ixabiso lentlawulo ephakamileyo lithetha ukuba iintlawulo zenyuka kwimali-mboleko kuphela. Abanini bezindlu abazange bakwazi ukuhlawula imali yokuthenga imali, okanye bathengise ikhaya ngenzuzo, kwaye ke bahlala bengenazo. Akukho mntu wayesazi ngokwenene ukuba oko kuya kuthintela ukubaluleka kweziphumo ezivela kuzo. Ngenxa yoko, iibhanki ezibanjelwe ezi ziphumo azizange ziyazi ukuba ziphethe utyalo-mali oluhle okanye ezimbi. Bazama ukuzithengisa njengezinto ezilungileyo, kodwa ezinye iibhanki azifunanga. Kwakhona bazama ukuzisebenzisa njengendleko yokuboleka imali. Ngenxa yoko, iibhanki ngokukhawuleza zazama ukuboleka omnye nomnye.
Kwisiqingatha sokuqala sika-2007, iimali ezahlukahlukeneyo zezigidi-dollar ze-hedge funds zaqala ukuphazamiseka. Baye batyala imali yokugcina imali. Ukungaphumeleli kwabo kukubangelwa yimizamo enzima ngabalimi-mali ukunciphisa umngcipheko nokunyusa imali ukuze bahlangabezane neefowuni.
I-Bear Stearns ibhankini ihlaselwe ngamabhonkco amabini. Ngo-2007, i-Bear Stearns yaxelelwa ukuba ibhale ixabiso leedola ezigidi ezingama-20 kwizibophelelo zetyala (i-CDOs). Kwakhona, kwaye, ngokusekelwe kwiziqinisekiso zokubambisa imali . Baye baqala ukulahlekelwa xabiso ngoSeptemba 2006 xa izindleko zezindlu zawa. Ekupheleni kuka-2007, u-Bear wabhala i-$ 1.9 yezigidigidi. Ngo-Matshi 2008, ayikwazi ukuphakamisa imali eyaneleyo ukuze iphile. I-Federal Reserve yenze i-JP Morgan Chase imali yokuthenga i-Bear kwaye iyisindise kwi-bankruptcy. Kodwa oko kwakubonisa iimarike ukuba umngcipheko we-hedge fund unokutshabalalisa ibhanki eyaziwayo.
NgoSeptemba 2008, uLehman Brothers baxakeka ngenxa yesizathu esifanayo. Utyalo-mali lwayo kwiimveliso ezibangelwa yimali kubangele ukuba iguqulwe. Akukho mthengi onokufumaneka.
Ukungaphumeleli kwezi bhanki kwabangela ukuba i- Dow Jones Industrial Average isingwe phantsi. Ukuncipha kweemarike kuphela kwanele ukwenza ukuhla kwezoqoqosho, ngokunciphisa ukubaluleka kweenkampani kunye nokukwazi kwabo ukuvelisa imali emitsha kwiimarike zemali. Okubi nakakhulu, ukwesaba ukuqhubela phambili kubangela ukuba amabhanki aphephe ukutyekelana komnye nomnye, okubangela ukuba i-crisis crisis. Oku kuphantse ukuyeka amashishini ekukhuleni i-short-term capital needed to keep their business.
Ekujuleni: Iziphumo zeCrisis Crisis 2008 Indima yezinto ezenziwayo Iingxaki zeNgxowa-mboleko zeNgxowa-mali