INkqubo yokuLawula iRhafu ye-Federal Reserve (Icandelo Lokuqala)

Kwiimarike zemali zehlabathi, iFederalGcinaInkqubo yokulawula izinga lenzala ibisoloko ingundoqo woqwalaselo. Ukuqonda nzulu le nkqubo, kubalulekile ukuba ungagxininisi kuphela kwiindlela zayo zokusebenza zangoku kodwa nokuphonononga ukuvela kwayo kwembali. Inxalenye yokuqala yeli nqaku iya kuphonononga inkqubo ye-Federal Reserve ye-corridor ye-interest rate phambi kwe-2008 yeengxaki zemali, ibeka isiseko sohlalutyo olulandelayo.

Isishwankathelo seNkqubo yeKhorido yeNzala

Phambi kokuqhambuka kwengxaki yezemali ka-2008, iibhanki ezingoovimba kumazwe aphuhlileyo, ngakumbi eYurophu nase-United States, zaziqhele ukwamkela indlela yendlela yenzala yokulawula amaxabiso emarike. Undoqo wolu matshini kukumisela umda ongaphezulu nophantsi wamaxabiso enzala, ukuqinisekisa ukuba amazinga emarike ayaguquguquka phakathi kolu luhlu. Indlela yokulinganisa inzala yepaseji ayizinzisi nje kuphela ulindelo lwemarike kodwa ikwaphuculaEZIukungafihli kunye nokuqikelelwa komgaqo-lawulo wolawulo-mali, ngokwenjenjalo ukwandisa ukusebenza kwawo.

UVavanyo oluNgcaciso lweNkqubo yokuLawula iRhafu ye-Federal Reserve (Icandelo lokuQala)

Ngokukodwa, umda ophezulu wepaseji yomlinganiselo wenzala udla ngokumiselwa lelona zinga liphezulu ibhanki enguvimba ebolekisa ngalo kwiibhanki, oko kukholisa ukubonisa iindleko zokuboleka iibhanki kwibhanki enguvimba. Umda osezantsi umiselwa ngumyinge wenzala ehlawulwa yibhanki enguvimba koovimba abangaphezulu kwediphozithi yebhanki. Ezi ntlawulo zimbini zenza uluhlu apho inzala yentengiso ihla inyuka, nto leyo eyenza kube nzima ukuba amaxabiso emarike agqithise eli xesha lokuphumla.

Ukuthatha i-European Central Bank (ECB) njengomzekelo, inkqubo ye-corridor yezinga lenzala iqheleke ngakumbi, kunye nomda ophezulu wezinga lokubolekwa kwemali kunye nomda ophantsi wezinga lediphozithi. Xa amaxabiso emalike esondela kumda ophezulu, iibhanki zithande ukuboleka kwibhanki enguvimba; ngokuchaseneyo, xa amazinga emarike esondela kumda osezantsi, iibhanki zikhetha ukubeka imali yazo kwibhanki enguvimba. Eli lungiselelo ligcina iireyithi zentengiso ngaphakathi koluhlu oluzinzileyo, ukunciphisa ukuphindaphindeka kunye nobunzulu bongenelelo lwebhanki enguvimba.

Inkqubo yoLawulo lweRhafu ye-Federal Reserve phambi kuka-2008

Ngaphambi kwentlekele yezemali ye-2008, ireyithi yemali ye-federal yayiyisixhobo esisisiseko esisetyenziswa yi-Federal Reserve ukulawula imarike. Ireyithi yemali ye-federal ibonisa iindleko zokuboleka ngobusuku phakathi kweebhanki kwaye luphawu olubalulekileyo lwe-interbank liquidity. Ngokulungelelanisa le nqanaba, i-Federal Reserve inokuphembelela iindleko zenkxaso-mali kwiibhanki, ngaloo ndlela ichaphazela ngokungangqalanga imisebenzi yezoqoqosho ngokubanzi efana nokusetyenziswa,utyalo-mali, kunye nokukhula koqoqosho.

Kuyaphawuleka ukuba inkqubo ye-Federal Reserve ye-corridor ye-interest rate ngelo xesha yayineempawu ezithile ezizodwa xa kuthelekiswa namanye amazwe. Umyinge wezinga eliphezulu laliyi-discount window rate, eliyinqanaba apho i-Federal Reserve iboleka iibhanki. Nangona kunjalo, ngokungafaniyo nenkqubo ye-corridor yezinga lenzala eqhelekileyo, i-Federal Reserve ayizange ibeke umyinge ocacileyo osezantsi ngenxa yokuba ayizange ihlawule inzala koovimba bebhanki. Oku ngokwethiyori kwakuthetha ukuba umyinge osezantsi womlinganiselo wawusondele ku-zero.

Ngaphandle koku, i-Federal Reserve yayisakwazi ukulawula amaxabiso emarike ngokusebenzisa imisebenzi yemarike evulekileyo, oko kukuthi ukuthenga nokuthengisa izibambiso zikarhulumente, ukuqinisekisa ukuba amaxabiso emarike aguquguqukayo malunga nezinga lemali ekujoliswe kuyo. Ukusebenza kwemisebenzi yemalike evulelekileyo kulele kwisikali esincinci soovimba beebhanki ababegcinwe kwiFederal Reserve ngelo xesha, nto leyo eyenza ukuba iibhanki zijike zijike kwiFederal Reserve ngamaxesha obunzima bokuhlawula amatyala, ngaloo ndlela iqinisekisa ukusebenza komgangatho ophezulu womda.

Iinguqu emva kweNgxaki yezeMali ka-2008

Ingxaki yezemali ka-2008 ibe neempembelelo ezinzulu kwinkqubo yezemali yehlabathi, ekhokelele kutshintsho olubalulekileyo kwinkqubo yolawulo lwenzala yeFederal Reserve. Ukusabela kwintlekele, i-Federal Reserve ayizange iphumeze imigaqo-nkqubo yokunciphisa umthamo omkhulu kuphela kodwa yazisa inzala kwi-excess reserves (IOER). Esi sixhobo esitsha sitshintshe ubume kunye nobukhulu beendawo zokugcina ezigcinwe ziibhanki kwi-Federal Reserve.

Ngaphambi kobunzima bezemali, oovimba bebhanki kwi-Federal Reserve babemalunga ne-10 yeebhiliyoni zeedola, kodwa ekuqaleni kuka-2009, esi sikali sasinyuke saya kutsho kwi-800 yeebhiliyoni zeedola. Kwaneminyaka emibini emva kokuba i-Federal Reserve iqalile ukunyusa izinga lenzala kunye nokunciphisa i-balance sheet yayo, ibhalansi yokugcina yahlala iphezulu kwi-3 yeetriliyoni zeedola. Olu tshintsho aluphuculanga kuphela amandla e-Federal Reserve okulawula amaxabiso emarike kodwa luphinde lwatshintsha kakhulu iindlela zayo zokusebenza.

Ngokuzisa i-IOER, i-Federal Reserve inokulawula ngokufanelekileyo amaxabiso emarike ngaphandle kokusebenza rhoqo kweemarike ezivulekileyo. Le ndlela intsha yendlela yenzala yepaseji iquka isaphulelo sefestile njengowona mda uphezulu kunye ne-IOER njengomda osezantsi, isenza isakhelo sesantya senzala esizinze ngakumbi.

Ukuqukumbela

Isishwankathelo, inkqubo yenzala ye-Federal Reserve yecorridor ngaphambi kwentlekele yezemali ka-2008, nangona ilula, yayisebenza kakhulu phantsi kweemeko zentengiso zelo xesha. Ngokuqhambuka kwengxaki yezemali, i-Federal Reserve yanyanzeliswa ukuba ilungelelanise izixhobo zayo zokusebenza, ingenise izixhobo ezintsha zexabiso lenzala ukuze zijamelane nemeko eguquguqukayo yemarike. Ukuqonda inguquko yale nkqubo akusincedi nje kuphela ukuba siwuqonde ngcono umgaqo-nkqubo wezemali weFederal Reserve kodwa ikwabonelela ngeembekiselo ezibalulekileyo zokuhlalutya izikhokelo zomgaqo-nkqubo wezoqoqosho kwixesha elizayo.