Indlela Yayibonisa Ngayo Ngesibindi Xa kungekho Mgaqo-nkqubo weNgcaciso wawuswele Ngaphambi
I-QE3 isicatshulwa sesigxina sesithathu sokuqhathaniswa kwamanani okuqalwa yi- Federal Reserve ngomhla kaSeptemba 13, 2012. Kubalulekile kuba kusekwe amathathu amatsha kumgaqo-nkqubo we-Fed.
Okokuqala, uSihlalo weFed uBen Bernanke wachazela ngesibindi ibhanki yelizwe eliyinkunzi iya kugcina ipolisi yenkcitho ephantsi kuze kube yimiqathango ethile yezoqoqosho. Kule meko, kwaze kwaba yilapho imisebenzi iphuculwe kakhulu.
Ngenye ixesha kuphela i-Fed yenza into enjengaleyo xa ibeka i- target inflation rate target of 2 percent. Yongeza ubungqina obuninzi, kwaye ngoko ke, ukuzithemba, ukukhulisa injini yezoqoqosho.
Ngokusekwa injongo yomsebenzi, iFed yathatha isenzo sesibini esingakhange senziwe. Igxininise ngakumbi kwigunya layo lokukhuthaza ukukhula kwemisebenzi, kwaye ngaphantsi kwinto ebekade igxininise phambili ekulwa nokunyuka kwamaxabiso. Kwayekuqala ngqa naliphi na ibhanki ephakathi yayibophelele ngokuthe ngqo imisebenzi yayo ekudalweni kwemisebenzi.
Ukunyuka kwesithathu okungakaze kwenziwa ngaphambili iFed eyenziwe yayivuselela ukwandiswa koqoqosho olukhulu, endaweni yokuphepha nje ukukhawulwa. Le nxaxheba entsha enamandla yayithetha ukuba iFed yayithatha uxanduva olongezelelweyo lwempilo yezoqoqosho. Umgaqo-nkqubo wezemali wawususwe umgaqo-nkqubo wezemali ngaphezu kwanini ngaphambili.
Enyanisweni, iFed yayicinezeleke kule nxaxheba ngabaphathi abakhethiweyo abangenabo uxanduva lomgaqo-nkqubo wezemali.
Esikhundleni sokugxila kwizicwangciso zokudala amathuba omsebenzi, amaqela amabini ayenomqobo onzima ngenxa yokunciphisa ityala. Elinye iqela lithandeka ukukhangela irhafu, ngelixa elinye lifuna ukwandisa imali. Abazange bazimisele ukuthetha-tyenziswa de kube unyulo lukaMongameli lugqitywe.
Okwesine, i-Fed yamemezela ukuba iya kugcina ijolise ekujoliswe kuyo Igalelo lemali yenkcitho kwi-zero kude kube ngu-2015.
USihlalo uBen Bernanke wafunda kwincwadi yangaphambili ye- Fed Chair Paul Volcker olawula ukulindela uluntu isenzo se-Fed sasinamandla njengendlela yokuziphatha kwebhanki enkulu. Akukho nto iphazamisa iimarike ngaphezu kokungaqiniseki. I-Volcker yanciphisa ukunyuka kwamaxabiso ngokuguqula umgaqo-mali we-stop-go policy of his predecessors.
Xa senza esi sicwangciso esitsha sinobuchule, uBernanke utshele amagosa akhethiweyo ukuba i-Fed yayingenawo wonke. Yenze konke okusemandleni ukuxhasa uqoqosho ngokusebenzisa umgaqo-mali wezemali. Kwakuya kumalungu omthetho ukujongana nokukhula koqoqosho ngokusebenzisa umgaqo-nkqubo wezemali, ngokukodwa ekuxazululeni i-cliff fiscal.
Yiyiphi iQE3 eyenziwe
Nge-QE3, i-Fed yamemezele ukuba yayiza kuthengwa i-R40 billion yezigidi- mboleko kwi- mortgage-backed banks . Oku kuthathe ixabiso eliyingozi, elibandakanya ngokukodwa imali yokubambisa i-subprime, kwizandla zeebhanki. Imali eyongezelelweyo ivumelekile ukuba ibhanki ikhulise imali. Ukwanda kwenkxaso yemali kukhuthaza umfuno ngokunika amashishini imali eninzi yokwandisa, kunye nabathengi abathengi ukuba bathenge izinto kunye.
I-QE3 nayo yaqhubeka nokuSebenziselwa ukuSebenza , eqalwe ngoSeptemba 2011. Le yinkqubo apho iFed ithengise iindleko zayo zexeshana zeNondyebo zexesha elifutshane kwaye zasebenzisa iimali zokuthenga amanqaku angama-10 weNondyebo .
Edibeneyo, oku kuthengwa kwezi zimbini kuzongeza ii-$ 85 zeebhiliyoni zokuthengiswa kobutyebi kwezoqoqosho.
Inzuzo
Ukuthengwa kwe-Nondyebo ye-Fed kukhulisa imfuno yezibophelelo zexesha elide, okwenza izivuno ziphantsi. Ekubeni i-Treasurys iyisiseko kuzo zonke iirhafu zentshukumo yentsuku edeleyo, yenza ixabiso lokuthenga ngemali kunye nezindlu ezinokuthi zifikeleleke.
Nge-QE3, i-Fed isebenzise iDeskrit Trading yayo kwi-New York Federal Reserve Bank ukuthenga i-$ 85 yezigidi ngenyanga ngenyanga zombini ye-MBS kunye noNondyebo kwiibhanki. I-Fed yasebenzisa ikhono layo lokudala i-credit ngenxa yomoya ococekileyo, obenomphumo ofanayo wokushicilela imali . Olu kwandiswa kwenkxaso yemali luneenzuzo ezongezelelweyo zokugcina ixabiso lentela ephantsi. Oku kukhulisa amasheya ase-US, athengwa ngentlawulo kwiidola, okwenza kubonakale kubancinci kubatyalo-mali basemzini. I-QE3 ekugqibeleni yandisa amazwe angaphandle ase-US, ngenxa yezizathu ezifanayo.
Enye inzuzo ye-QE3 yayikuvumela ukuba kuqhube umgaqo-nkqubo wezemali owandisiweyo . Oku kukhulisa ukukhula koqoqosho kuba ulawulo lwekarhulumente luyinxalenye ebalulekileyo ye-GDP. Kwakhona kwavumela abenzi bomthetho ukuba baqhubeke bechitha imali ngaphandle kokuxhalaba malunga neentlawulo ezininzi kunye nokwandisa amazinga enzala. Nangona kunjalo, xa ityala liye lafika kumaphesenti angama-100 e-GDP, iNkomfa yaqala ukubiza ukuba ichithwe imali okanye iirhafu eziphezulu. Ukuxhomekeka kwindlela eyona ndlela eyona ndlela yindlela engcono yokunciphisa ityala elikhokelela kwiinkathazo zetyala ngo-2011 kunye ne-cliff yezimali ngonyaka ka-2012.
Indlela Okukuchaphazela ngayo
I-QE 3 igcine isantya semingalo esezantsi sibulela kwimfuno ephezulu yehlabathi kule ntengiso-mali. Uninzi lwabatyalomali bajonga ukuba iNondyebo yaseUnited States ayinaso ingozi, kuba ixhaswa ngamandla apheleleyo karhulumente wase-US.
Ngokugcina ukubuyela kwi-Treasury ekhuselekileyo ekhuselekileyo, i-Fed inethemba lokushukumisa abatyale-mali ukuba bahlale kwezinye iindawo zoqoqosho, njengezibophelelo eziphezulu. Oku kuya kukhulisa ukukhula kwamashishini kunye neemakethe zendlu. Amanani aphantsi aqinisekisa abathengi ukuba basindise ngaphantsi kwaye bathenge ngaphezulu, befuna ukufunwa kakhulu.
Abatyalomali abaninzi babekhathazekile ukuba, ngokupompa imali eninzi kwizoqoqosho, i-Fed yayiza kubangela ukunyuka kwamaxabiso. Baye bathenga igolide kunye nezinye izinto njengentambo. Abanye bathenga ngenxa yokuba i-SAq yokuba izenzo ze-Fed ziza kubangela ukuba ihlabathi lifune ioli kunye nezinye izinto ezibonakalayo. Ukuba iFed yabona ukunyuka kwamaxabiso ibe yinkathazo enkulu, ingaba lula ukuguqula inkqubo kwaye iqalise umgaqo-mali we-contractionary.
Ngokucacileyo, into enhle kubaxhasi kunye nabbolekayo akunakulungele abo basindisayo kunye nalabo bafanele bathembele kwingeniso ehlawulwanga, nokuba ngaba abatyalo-mali okanye abahlala phantsi. Ixabiso lentengo elincinci lithetha inzuzo engaphantsi kwabo.
Omnye umdibaniso kukuba, ngokuhamba konke, i-Fed ayinanto enye kwi-arsenal yayo. Imakethe yemasheya yasabela kwizenzo zeFed ngokunyuka, kodwa xa le "isilungiso sokulungisa" isetyenzisiwe, yile nto. Abatyalomali baya kukhangela ukuqinisekiswa okunye, kodwa akuyi kuvela kwiFed. Kwaye, akuyi kuvela kumthetho-mthetho kuze kube emva kokuba ukhetho lonyulo lukazwelonke lusombulula umgaqo-nkqubo wezemali.
Ekugqibeleni kodwa ngokuqinisekileyo, ubuncinci bezinga lentlawulo aziyi kusombulula inkcazo yeSizwe esingu-1, ukudala imisebenzi. Isizathu sokuba amabhizinisi angabhaqeshanga ayencinci ukukwenza ngamanani omdla. Inento yonke enokuyenza kunye nemfuno.
Imbali yeQE3
I-QE3 ayiyinto entsha. Ukukhawuleza kokunciphisa ixesha kuye kwaba yisixhobo sepolisi yemali yokwandisa yemali . Ngaphambi kobunzima bezimali ngo-2008 , i-Fed ibanjwe phakathi kwe-$ 700- $ 800 yezigidi zeNondyebo amanqaku kwiphepha layo. Yathengisa iiHlunkulu ukuba zitshintshe uqoqosho ngaphandle kwemali , kwaye zithengise ukuba zipholise izinto.
Ukunciphisa ukulinganiswa kwabakho ngo-2008. Kwakudingeka ukuba iFed sele isenzile konke okukunokwenzeka kunye nezinye izixhobo. Isamba semali esondliwe kunye nezinga lokunciphisa liye lancincizelwa. I-Fed yaze yahlawula inzala kwimfuno zebhanki.
I-Fed yazisa i- QE1 ngoNovemba 2008. Endaweni yokuthenga iiNondyebo, ithenge i-R600 billion kwi-MBS. NgoJuni 2010, ii-holdings zaxhaswa kwi $ 2.1 trillion. I-Fed inqunyanyisiwe i-QE1 ngeenyanga ezimbalwa de yaqaphela ngo-Agasti ukuba iibhanki zazikhokha imali ngaphandle kokuboleka. I-Fed ishintshe ulawulo lwayo, ukuthenga ixesha elide leminyaka eli- 2 ukuya kwi-10 ye-Treasurys yeminyaka eyi-10 esikhundleni se-MBS.
NgoNovemba 2010, i-Fed yaqalisa i- QE2 . Iza kuthenga iibhiliyoni ezingama-600 zama-Treasury securities ngoMatshi 2011. I-Fed yayifuna ukukhuthaza ukunyuka kwamaxabiso, okuya kubakhokelela abantu ukuthenga ngaphezulu ngoku ukuphepha amanani aphezulu kwixesha elizayo. I-Fed yaphela ngokusemthethweni i-QE2 ngoJuni ka-2011. Nangona kunjalo, yaqhubeka ithenga ukugcina ukugcina i-$ 2 trillion. .
Emva kweQE3
Ukuxhaswa ngokufanelekileyo kuphelile i-QE3 ngoDisemba 2012 ngokuqalisa i- QE4 . Utshintsho oluphambili lwaluphelile ukusebenza kwe-Twist. Esikhundleni sokutshintshisana noNondyebo lwexesha elifutshane kwiimpawu zangexesha elide, kwaqhubeka kugqitywa kwetyala lexeshana. I-Fed iya kuqhubeka ithenga i-$ 85 yezigidi ngeenyanga kwiiNondyebo zexesha elide kunye ne-MBS.
I-QE4 isetyenzisile ezintsha. UBernanke wamemezela ibhanki ephakathi yayiza kuqhubeka nokwehliswa kwamanani kuze kube yilapho ukungabikho kwemisebenzi kwawela ngaphantsi kwama-6.5 ekhulwini okanye ukunyuka kwamaxabiso kwenyuka ngaphezu kwama-2.5 ekhulwini. Kuya kuqhubeka nokugcina ixabiso lentengo phantsi ko-2015. Ezi thagethi zithile zikhuthaza ukukhula koqoqosho ngokususa ukungaqiniseki. Oku kuvumela amashishini ukuba acwangcise ngokugqithiseleyo ngokubonga ngokusingqongileyo.