Esi sixhobo esibaluleke kakhulu seThuluzi sinoBameli bayo; Abanye bathi bangabikho
Iipolisi ze- US Federal Reserve ("i-Fed") idlala indima ethintekayo ekusebenzeni koqoqosho kunye neemarike zezemali. Eyona yaziwa kakhulu yile yikhono layo lokubeka amanani omyinge wexeshana elifutshane, okwangoku lichaphazela ukunyuka kwezoqoqosho kunye nemilinganiselo yemveliso yezibophelelo zazo zonke izilwanyana. Ibhanki ephakathi yenza i-policy-level rate xa ifuna ukukhuthaza ukukhula, kwaye igcina amazinga aphakamileyo xa ifuna ukuqukwa kwemali.
Kwiminyaka yakutshanje, nangona kunjalo, le ndlela yabuyela kwingxaki: i-Fed yachithwa ngokukhawuleza imilinganiselo ibe malunga nantoni, nto leyo ithetha ukuba ayinako ukukwazi ukukhuthaza ukukhula ngomgaqo-nkqubo werhafu. Le ngxaki yabangela ukuba iFed iphendukele kwisixhobo esilandelayo kwisigqeba sayo: ukunciphisa ukulinganisela.
Yintoni eQinisekayo yokuPhula?
I-Fed, okanye nayiphina ibhanki ebalulekileyo kuloo mbandela, ithintela ukunyanzeliswa kwemali ngokudala imali kwaye kuthengwa izibophelelo okanye ezinye iimpahla ezivela kwiibhanki. Ibhanki ke iya kuba neengxowa-mali ezifumanekayo ukuboleka. Ukukhula kwemali mboleko ephakamileyo, kufuneka kube lula ukwenza iiprojekthi - umzekelo, ukwakhiwa kwesakhiwo esitsha seofisi. Ezi projekthi zibeka abantu ukusebenza, ngaloo ndlela banceda uqoqosho lukhule. Ukongeza, ukuthengwa kwe-Fed kusiza ukuqhuba amaxabiso amabhondi ngokunciphisa ukubonelela kwabo, okubangela ukuba izivuno zabo ziwele. Izivuno eziphantsi, kwakhona, zinikezela ngakumbi ukunyusa koqoqosho ngokunciphisa iindleko zabboleki.
Yile ndlela le ngcamango isebenza ngayo iphepha, ubuncinane. Ngokwenza oko, iibhanki akumele ziboleke imali engaphezulu. Ukuba iibhanki zizama ukuzithemba kwaye zingenakho ukuzithemba - njengokuba kunjalo kwimeko elandelayo emva kweengxaki zemali ka-2008 - ukubonelelwa kwemali ephezulu kungabonakali iyinjini yokukhula iFed yayingqondweni.
"QE1" kunye "QE2"
Ngethuba lokusukela ngoNovemba 25, 2008 ukuya kuMashi 2010, ukukhula okucothayo kunye nokungaqeshwa kwemisebenzi ephezulu elandelwayo ekupheleni kwe-2007-2008 kwezemali kwabangela ukuba iFed ivuselele uqoqosho ngokwepolisi yokunciphisa okwenziweyo. I-Fed yamemezela ukwandiswa kweprogram ukusuka kwi-R6 600 billion ukuya kwi-1.25 trillion ngo-18 Matshi 2009.
Ngokukhawuleza emva kokuba inkqubo yokuqala yokunciphisa isisombululo iqukunjelwe, inkathazo yavela ngohlobo lokukhula okucothayo, ukunyuka kwetyala leYurophu , kunye nokungazinzi kwemali kwiimarike zemali. I-Fed iqhutywe ngejikelezo lesibini lokulinganiswa kwempahla, eyaziwa ngokuba yi-"QE2" kwaye ingaphakathi kwempendulo, i-Fed yathengisa enye iibhiliyoni ezingama-600 zamabhondi kwixesha elifutshane. Le nkqubo - nguwuphi uSihlalo uBen Bernanke oqala ukuvakalisa ngomhla we-Agasti 27, 2010 - waqala ngoNovemba 2010 ukuya ngoJuni 2011. I-QE2 yavelisa i-rally kwiimarike zezemali kodwa yenza okuncinci ukukhuthaza ukukhula koqoqosho oluzinzileyo.
I-QE3 yaqaliswa ngoSeptemba 2012
NgoSeptemba 13, 2012, i-US Federal Reserve yaqalisa umjikelo wesithathu wokunciphisa ukulinganisa. Ukongezelela, i-Fed ikhankanywe ngokusemthethweni-ngokokuqala ngqa-ukuba iya kugcina amazinga atshanje-mali ngaphantsi kwe-2015.
Ezi ntshukumo zibonakalisa imbono ye-Fed yokuba uqoqosho aluzange lufinyelele kwinqanaba lokukhula okuzinzileyo (ngamanye amagama, ukukwazi ukuqhubeka nokukhula ngaphandle kokuvuselela). Ngako oko, i-Fed yamukelwe yintoni abanye abaye bathi "i-QE Infinity," icebo lokuthenga i-$ 85 yezigidi zeemali zokufumana imali ngenani ngenyanga, iibhiliyoni ezingama-40 zezibambiso ezixhaswe ngemali kunye nezigidigidi ezingama-45 zama- US Treasury .
Ngokungafani ne-QE1 kunye ne-QE2, le nkqubo yesithathu yayingekho umhla wokuphela. Nangona kunjalo, ukuvumelana kwangaphambili kukuba i-Fed yayiza kuqalisa ukunyusa ubungakanani bokuthengwa kwayo ngaphambi ko-2013, iinjongo zokuphelisa inkqubo ngo-2015. Emva koko uSihlalo we-Fed uBen Bernanke wachaza ngoMeyi 22, 2013 " taper " QE ngaphambi kokuphela konyaka. Nangona ubuninzi bezoqoqosho kunye nabatyalomali babelindele ukuba okokuqala kuguqulwa ukuba kwenzeke ngoSeptemba 18, 2013, i-Fed yamangalisa iimarike ngokumemezela ukuba le nkqubo iya kuhlala kwi-85 yezigidigidi ngenyanga ngenyanga engapheliyo kwiimeko zezoqoqosho.
NgoDisemba 18, 2013, i-Fed yabhengeza okokuqala. Ukususela ngoJanuwari, kwanciphisa ukuthengwa kwayo kwi-$ 75 yezigidigidi ngenyanga-i-$ 35 yezigidi zeemali ezixhaswe ngemali kunye neebhiliyoni ezingama-40 zeeNondyebo. I-Fed yagqitywa ngokunciphisa ukunciphisa okongeziweyo, ngokuthe ngcipheko ukunciphisa ukuthenga kwayo kwaye ekugqibeleni iqukumbele inkqubo ngo-Oktobha, 2014.
Nangona ezi zenzo, ezicetywayo zokubeka ubukhulu bezoqoqosho eMelika, ngoJuni 2016, ukungaqiniseki kwezoqoqosho, ukukhula kancinci kwezoqoqosho kunye nokukhula okunyanzelekayo kwemivuzo. Ukukhula okungalingani kwemali kuye kwachukumisa abantu base-United States ukungathandabuzeki kwexesha elizayo lezoqoqosho. Eyona nto inokuthi ingathethwa ngokunciphisa okwehliswayo-into ebalulekileyo-kukuba mhlawumbi yanciphisa intlungu yezoqoqosho. Akuzange ibuye iphinde ibuyele ilizwe lonke, ubuncinane kungekho kwixeshana elifutshane.
I-Case Against Against Quantitative Easing
Iiprogram ze-QE ezahlukahlukeneyo zikhokelela ekugxeka ngokukhawuleza kwiinkalo zezopolitiko, kodwa ngokucacileyo ngakwesokudla. Phakathi kweengxoxo ezichasene nokunciphisa ubuninzi zezi:
- Unceda amabhanki angaphezu koqoqosho, kuba banokukhetha ukuqinisa ama-sheets abo ngokugcina "imali kunokuba bayisebenzise ukwandisa imisebenzi yabo mboleko.
- Ngokudala imali, i-Fed yenza idoli yase-US iphinde ikhuphisane neengxowa-mali zangaphandle. (Cinga ukubonelela kunye nokufuna: ukunikezwa kweedola ezinkulu, kunye nokufunwa okulinganayo, kuya kubangela ukuba kuthengwe amaxabiso; kulo mzekelo, "isixa-mali" semali angaphandle idoli ingathenga).
- Ukwandiswa kwemali kunokudala ukunyuka kwamaxabiso . Ekubeni kukho ukulibaziseka phakathi kokuphunyezwa komgaqo-nkqubo we-Fed kunye nempembelelo yezoqoqosho, ukunyuka kwamaxabiso kungakhula ngokukhawuleza kumanqanaba angenakufumaneka.
- Ukunciphisa okwenziweyo kunokudala " iibhola " kumaxabiso asethi.
Kufuneka kuqatshelwe ukuba ezinye zezichaso ziqinisekiswa ngedatha, kodwa abanye abayikho. Izibonelelo zokunciphisa ukulinganiswa zihlala ziphikisana.