Njani i-Central Bank yenza iImali eMali yeMali
Ziziphi iibhanki eziphambili zifumana ityala lokuthenga ezi zinto? Benza nje ukuba bakhuphe emoyeni omncinci. Iibhanki eziphambili kuphela ezi negunya elilodwa. Yiloo nto abantu ababhekiselele kuyo xa bethetha nge-Federal Reserve " imali yokushicilela ."
Injongo yalolu hlobo lomgaqo-nkqubo wezemali ukunyusa kukunciphisa amazinga omdla kunye nokukhuthaza ukukhula koqoqosho. Ixabiso lentlawulo ephantsi livumela iibhanki ukuba zenze imali mboleko. Iimali mboleko zeBhanki zivuselela imfuno ngokunika amashishini imali yokwandisa. Banika abathengi abathengi ukuba bathenge iimpahla kunye neenkonzo.
Ngokunyusa ukunikezelwa kwemali, i-QE igcina ixabiso lemali yelizwe eliphantsi. Oku kwenza ukuba izitokisi zelizwe zikhangeleke ngakumbi kubatyalo-mali basemzini. Kwakhona kwenza ukuba amazwe angathengi ngexabiso.
IJapan yayingowokuqala ukusebenzisa i-QE, ukususela ngo-2001 ukuya ku-2006. Yaqala ngo-2012, ngonyulo lukaShinzo Abe njengoNdunankulu. Wathembisa ukuguqulwa koqoqosho lweJapan ngeenkqubo zakhe ezintathu zokucoca, "Abenomics."
I-US Federal Reserve yathatha umzamo omkhulu we-QE. Yongeza phantse i-$ 2 trillion kwimali. Oku kukunyuka okukhulu kunanoma yiphina inkqubo yokuvuselela kwezoqoqosho kwimbali. Ngenxa yoko, ityala lephepha le-Fed liphindwe kabili kwi $ 2.106 trillion ngoNovemba 2008 ukuya kwi-4.486 trillion ngo-Oktobha 2014.
I-European Central Bank yamukele i-QE ngoJanuwari 2015, emva kweminyaka engama-7 yemilinganiselo yokukhawuleza . Kwavuma ukuthenga iibhiliyoni ezingama-60 kwiibhanki ezi-euro, ezihlawule ixabiso le-euro kunye nokwandisa amazwe. Yandisa ezo zithengi ukuya kuma-euro ayizigidi eziyi-80 ngenyanga. Ngo-Disemba 2016, kwazisa ukuba kuya kuthenga i-euro yezigidi ezingama-60 ngenyanga ngenyanga ka-Ephreli 2017. I- euro ukuya kutshintshwa kweedola ibonisa indlela i-euro ehambelana ngayo ne-dollar yase-US.
Ukuqhathaniswa kokuQala ukuCacisa
Umsebenzi wokunciphisa ukwanda kwamanani? I-Fed iyongeza isikweletu kwiibhanki ezigcinayo i-akhawunti ngokutshintshiselana nokubambisa i-mortgage-backed securities and Treasurys . Ukuthengwa kweempahla kwenziwa ngedesi yokuthengisa kwi-New York Federal Reserve Reserve.
Imfuneko yendawo yokugcina imali yile mali ibhanki kufuneka ibe nayo ngobusuku bonke xa ivala iincwadi zazo. I-Fed idinga ukuba ibhanki ibambe malunga neepesenti ezili-10 zeentlawulo ezikhoyo ngemali kwiibhanki okanye kwi-Federal Reserve yasebhankini.
Xa i-Fed idibanisa isikweletu, inika amabhanki ngaphezu kokuba ayifunayo kwiindawo zokugcina. Amabhanki ke afuna ukwenza inzuzo ngokuboleka imali engaphezulu kwezinye iibhanki. I-Fed ibuye inciphise ixabiso lemali ebhanki yemali . Oku kuyaziwa njengezinga lokuxhaswa kwemali . Yisiseko sawo onke amanye amaxabiso.
Ukunciphisa okwenziweyo kukhuthaza kwakhona uqoqosho ngenye indlela. Amashishini karhulumente karhulumente anqamle ubuninzi beNondyebo ukuhlawula umgaqo-nkqubo wezemali owandisiweyo . Njengoko i-Fed ithenga i-Treasury, yandisa ukwanda kwemfuno, ukugcinwa kweNondyebo kuvelisa phantsi. Ekubeni i-Treasury iyisiseko kuzo zonke iirhafu zentshola elide, ligcina i-auto, ifenitshala kunye nezinye iintlawulo zamatyala ezihlawulwa. Kwakunjalo nakwiibhondi zenkampani , okwenza kube lula ukuba amashishini anwe. Eyona nto ibalulekileyo, igcina ixesha elide, i-interest-interest interest rates are low. Kubalulekile ukuxhasa imakethi yezindlu.
Ngaphambi kokunciphisa umnotho , i-Fed ibanjwe phakathi kwe-$ 700 kunye ne-$ 800 yezigidi zeeNondyebo amanqaku kwi- balance sheet yayo , ihluke inani eliza kuluhlula imali.
QE1: Disemba 2008-Juni 2010
Ngomhla ka-Novemba 25, 2008, intlanganiso ye-Federal Open Market Committee , i-Fed yazisa ukuba yayiza kuthengwa ngamatyala ayi-$ 800 kwizikolo zebhanki, amanqaku e-US Treasury , kunye ne -securities-backed securities ezivela kwiibhanki zamalungu.
I-Fed yaqalisa ukunciphisa ubungakanani bokulwa nokulwa neengxaki zemali ngo-2008 . Kwakuye kwandula ngokukhawuleza ukunciphisa isantya semali esondliwe ngokufanelekileyo. Iirhafu zenzalo ezikhoyo ngoku zihlala zibonakaliso ezibalulekileyo zolawulo lwelizwe loqoqosho.
Ezinye izixhobo zalo mgaqo-nkqubo wezemali nazo zaxhaswa. Isaphulelo sokunciphisa sasikufutshane. I-Fed yaze yahlawula inzala kwiindawo zeebhanki.
Ngo-2010, i-Fed yathenga i-$ 175 yezigidi kwi-MBS eyayisungulwe nguFannie Mae , uFreddie Mac, okanye i- Federal Home Loan Banks . Yathengisa i $ 1.25 trillion kwi-MBS eqinisekisiwe yimpahla emikhulu. Ekuqaleni, injongo yayikukunceda amabhanki ngokuthatha ii-MBS eziphantsi kwee-balance sheet zazo. Kwiinyanga ezingaphantsi kweesithandathu, le nkqubo yokuthenga ngokugqithisileyo yayingaphezu kwephindwe kabini kwiibhanki eziphambili. Phakathi koMatshi no-Oktobha 2009, i-Fed nayo yathengisa i-$ 300 yezigidi ze-Treasury-long-term, njengama- 10 amanqaku eminyaka .
I-Fed yavalwa ukuthenga ngoJuni 2010 kuba uqoqosho lwalukhula kwakhona. Kwiinyanga ezimbini nje kamva, uqoqosho lwaqala ukuphazamiseka, ngoko i-Fed yavuselela inkqubo. Yathenga iibhiliyoni ezingama-30 ngenyanga malunga ne-Treasury-long-term to keep its holdings kwi-$ 2 trillion. Nangona kukho iingxaki, i- QE1 yayiphumelele ngokwaneleyo ekuncediseni ixabiso lemarike yezindlu kunye nexabiso elincinci lomdla.
QE2: Novemba 2010-Juni 2011
NgoNovemba 3, 2010, i-Fed yazisa ukuba iya kunyusa ukunyuka kwamanani, ukuthenga iibhiliyoni ezingama-600 zezigidi ze-Nondyebo ekupheleni kwekota yesibini ka-2011. I-Federal Reserve ye -easing easing 2 yatshintshe ukujoliswa kwayo ekunciphiseni ukunyuka kwamanani emveliso, ngokukhawuleza ukunyusa .
Ukusebenza kwe-Twist: Septemba 2011-Disemba 2012
NgoSeptemba 2011, i-Fed yaqalisa ukusebenza kwe-Operation Twist . Oku kwakufana ne-QE2, kunye nemibini emibini. Okokuqala, njengoko i-Fed yexeshana yeeMali zeNondyebo iphelile, yathengisa amanqaku exesha elide. Okwesibini, iFed yenyusa ukuthenga kwayo kwe-MBS. Zombini "iinguqu" zenzelwe ukuxhasa imarike yezindlu ezilukhuni.
QE3: Septemba 2012-Oktobha 2014
NgoSeptemba 13, 2012, i-Fed yazisa i- QE3 . Kwavuma ukuthenga iibhiliyoni ezingama-40 kwi-MBS kwaye uqhubeke no-Operation Twist, ukongeza i-$ 85 yezigidigidi ze-liquidity ngenyanga. I-Fed yazenza ezinye izinto ezintathu ezingakaze zenze ngaphambili:
- Yazisa ukuba yayiza kugcina ixabiso lemali elixhasweyo kuze kube ngu-2015.
- Yathi yayiza kuhlala ithengisa ukugcina izithuba kuze kube yimisebenzi ephuculwe "kakhulu."
- Yenzelwe ukukhulisa uqoqosho, kungekhona nje ukuphepha ukukhawulwa.
QE4: NgoJanuwari 2013-Oktobha 2014
NgoDisemba ka-2012, i-Fed yabhengeze ukuba yayiza kuthenga i-$ 85 yezigidigidi kwi-Treasury kunye ne-MBS. Iphelile ukuSebenza kweeNkcitho, kunoko nje ihamba ngokugqithiseleyo kwiimali ezifutshane zexesha elifutshane. Yacacisa isiqendu sayo ngokuthembisa ukuba iyaqhubeka ithengiwe ukugcinwa kwemvume kuze kubekho enye yeemeko ezimbini. Kungabikho ukungaqeshwa kwabasebenzi kuya kuwela ngaphantsi kwama-6.5 ekhulwini okanye ukunyuka kwamaxabiso kuya kuphakama ngaphezu kwama-2.5 ekhulwini. Ekubeni i-QE4 yinyani nje yokwandiswa kwe-QE3, abanye abantu basayibhekisela kuyo njenge-QE3. Abanye bayibiza ngokuthi "QE Infinity" kuba yayingenaso umhla wokugqibela. I-QE4 ivunyelwe ukubolekwa kwemali-mboleko engabizi, izindleko zezindlu eziphantsi, kunye ne-dollar eqingqiweyo, yonke into eyakhuthaza imfuno kwaye ngenxa yoko, ingqesho.
Ukuphela kweQE
NgoDisemba 18, 2013, i-FOMC yazisa ukuba yayiza kuqalisa ukuthenga kwayo, njengoko iinjongo zayo zoqoqosho ezintathu zidibene.
- Isantya sokungabikho kwemisebenzi sasingama-7 ekhulwini.
- Ukukhula kweGDP kwaba phakathi kwe-2 ne-3 ekhulwini.
- Umlinganiselo wokunyuka kwamaxabiso awuzange ube ngaphezu kwama-2 ekhulwini.
I-FOMC iya kugcina isantya semali esondliwe kunye nezinga lokunciphisa phakathi kwe-zero kunye nekota enye kwikota ukuya ku-2015, nangaphantsi kwama-2 ekhulwini ngo-2016.
Ngokuqinisekileyo, ngo-Oktobha 29, 2014, i-FOMC yazisa ukuba yenze ukuthengwa kwayo kokugqibela. Ukubanjwa kwayo kweemali kuye kwaphindwa kabili kwi $ 2.1 trillion ukuya kwi-4.5,5 trillion. Kuya kuqhubeka nokutshintshwa kwezi ziqinisekiso njengoko beza ngenxa yokugcina ii-holdings zabo kumanqanaba.
NgoJuni 14, ngo-2017, i-FOMC yazisa ukuba iya kuqalisa njani ukunciphisa i-QE yayo. Kuya kuvumela i-$ 6 yezigidi ze-Treasury zivuthwe ngenyanga nganye ngaphandle kokuzifaka endaweni yazo. Ngenyanga nganye ezayo iya kuvumela enye igidigidi ezingama-6 zezigidi zikhule kuze kube yilapho ithatha umhlala-phantsi kwiRandi ezili-30 ngenyanga. I-Fed iya kulandela inkqubo efanayo kunye nokubambiswa kweemali ezixhaswe ngemali. Kuya kuthatha umhlala-phantsi i-$ 4 yezigidigidi ngenyanga ukuya kufaka kwi-plateau ye-20 billion yezigidi ngenyanga. Olu tshintsho aluyi kwenzeka ukuba ixabiso lemali elondliwe lifike kuma-2 ekhulwini.
UkuQinisekisa kokuPhepha
I-QE ifinyelele ezinye zeenjongo zayo, ilahlekelwe ngabanye ngokuzeleyo kwaye idale amabhola amaninzi. Okokuqala, isuswe imali ephantsi kwe-subprime mortgage ukusuka kwiibhanki zamabhanki, ukubuyisela ukuthembela kunye nokusebenza kwebhanki. Okwesibini, lwanceda ukuzinzisa uqoqosho lwe-US, ukubonelela ngemali kunye nokuzithemba ukukhupha ngaphandle kwemali. Okwesithathu, kugcinwa ixabiso lentlawulo ephantsi ngokwaneleyo ukuvuselela imarike yezindlu.
Okwesine, kwavuselela ukukhula koqoqosho, nangona mhlawumbi akunjalo njengoko iFed yayiyithanda. Kungenxa yokuba ayizange ifinyelele injongo ye-Fed yokwenza i-credit engaphezulu. Yanika imali kwiibhanki, kodwa bahlala kwiimali endaweni yokuboleka. Amabhanki asetyenzise imali ngokuphindwe kathathu ngamaxabiso abo esitokisini ngokusebenzisa izabelo kunye nokuthengwa kwempahla. Ngonyaka ka-2009, babenomdla wabo unyaka.
Iibhanki ezinkulu zidibanisa zabo iimpahla. Ngoku, i-0.2 ekhulwini yeebhanki ilawula ngaphezulu kwama-70 ekhulwini kwiimpahla zebhanki.
Yingakho i-QE ingazange ibangele ukunyuka kwamaxabiso , njengoko abaninzi babesaba. Ukuba iibhanki zinike imali, amashishini aya kwandisa imisebenzi kwaye aqeshe abasebenzi abaninzi. Oku bekuya kubangela ukufunwa kwemfuno, ukuqhuba amaxabiso. Ekubeni oko akuzange kwenzeke, umlinganiselo we-Fed we-inflation, i- CPI eyintloko, wahlala phantsi kwe-2% ejoliswe kwi-Fed.
Esikhundleni sokunyuka kwamaxabiso, i-QE yenze uluhlu lweembumba ze-asethi. Ngo-2011, abathengisi beemveliso baphendukela kwigolide, baqhuba ixabiso layo ngeeyunithi ezili-869.75 ngo-2008 ukuya kuma-1,895 ayi-$.
Ngo-2012, abatyali-mali bajika kwi-Treasure ye-US, baqhuba isivuno kwi -note-year-10 ukuya kwi-low-year-year.
Ngo-2013, abatyali-mali babalekela ngaphandle kwe-Treasury kunye ne-market market, beqhuba i-Dow kuma-24 ekhulwini. Oku kulandela isimemezelo sikaBen Bernanke ngoJuni 19 ukuba iFed yayiqwalasela ukucubungula. Okubangela ukuba abatyali bezintambo banqamle ukuba bathengise ngokuthengisa. Njengoko imfuno yeebhondi zawa, amaxabiso enzala ayenayo iipesenti ezingama-75 kwiinyanga ezintathu. Ngenxa yoko, i-Fed ibambe i-taper kuze kube nguDisemba, inika iimarike ithuba lokuzola.
Ngo-2014 no-2015, ixabiso leedola liye laphakama ngama-25 ekhulwini, njengoko abatyala-mali babumba ibhola e-dollar kwi-dollar yase-US. Oku kuchasene noko kufuneke kwenzeke nge-QE. Kodwa idola lase-US liyimali yehlabathi kunye neendawo ezikhuselekileyo. Abatyalomali bayalusa kulo naphezu kokunikezelwa okuphezulu, okwenza le ndawo ibe yinto ehamba kakuhle nangona i-QE ingasebenzi njengenjongo.
I-Fed yenza oko kwakufanele kwenziwe. Yakha ikhredithi kwiimarike zemali xa ukuthengiswa kwemali kwakunzima. Kodwa ayikwazanga ukunqoba umgaqo-nkqubo wezemali . Phakathi kuka-2010 no-2014, i- Tea Party Republican yafumana ulawulo lweNdlu yabameli . Baye baxininisa ekucutshulweni kwebhajethi xa uqoqosho lungazange lusezinyaweni zalo. Batshitshisa ukuba bangagqibekanga kwi-matyala kazwelonke ngo-2011. Baye baqalisa i-10% yokuchitha imali. Bakha ukuvalwa kwekarhulumente ngo-2013.
I-Fed ayinakukwazi ukunyanzelisa iibhanki ukuboleka. Isicwangciso sawo sokongeza imali kwinkqubo kwakunjengokuxhoma umtya. Yakha iibhulabhu kwezinye iiklasi zeempahla ngaphandle kokufumana imali efunekayo kwimindeni nakwamashishini.