I-Federal Reserve's Interest Rete Control System (Icandelo II) - Intshayelelo yeNzala kooVimba oBonelekileyo

Kwinqaku elidlulileyo, sihlolisise inkqubo ye-corridor ye-Federal Reserve ye-interest rate ngaphambi kobunzima bezemali be-2008 ("Inkcazo ecacileyo ye-Federal Reserve's Interest Control System (Icandelo I)"). Ngelo xesha, ngenxa yokunqongophalaOovimbaukuba iibhanki ezigcinwe kwi-Federal Reserve, i-Fed isebenzise isaphulelo sefestile yesaphulelo njengomlinganiselo ophezulu kunye nokusebenza kweemarike ezivulekileyo ukulawula umda ophantsi.

Nangona kunjalo, emva kwentlekele yezemali ka-2008, iFederal Reserve iphumeze ukuncitshiswa kobungakanani obukhulu, yonyusa kakhulu imali yentengiso kwaye yenza inkqubo yepaseji yenzala ingasebenzi. Ukujongana nale meko, i-Federal Reserve yazisa uMdla kwi-ExEZIs Oovimba (IOER) ngo-2008 njengomlinganiselo omtsha osezantsi wenzala. Eli nqaku liza kuhlalutya olu tshintsho lomgaqo-nkqubo ngokweenkcukacha kunye nempembelelo yalo kwinkqubo yokulawula izinga lenzala.

Ukwaziswa koMdla kwi-Excess Reserves (IOER)

I-IOER ibhekisa kwinzala ehlawulwe yi-Federal Reserve kwisahlulo soovimba bebhanki abagcinwe ngaphezulu koovimba abafunekayo. Ngaphambi kwe-2008, i-Federal Reserve ayizange ihlawule inzala kwiidiphozithi zebhanki, okubangele umda ongaphantsi ongasebenziyo we-corridor ye-interest rate yase-US, uthembele endaweni yokusebenza kwimarike evulekileyo ukulawula izinga lenzala yemarike. Nangona kunjalo, ukutyeba okungazange kubonwe ngaphambili okubangelwe yingxaki yezemali kujongele phantsi ngokumandla ukusebenza kweemarike ezivulelekileyo, okubangela ukuba inzala yemalike yehle.

Ukuchasana nale nto, i-Federal Reserve yazisa i-IOER ngo-Oktobha 2008, ijolise ekunciphiseni ukuhla kwemilinganiselo yenzala yemarike ngokuhlawula inzala kwiibhanki. Xa inzala yemali ebhankini inokuyifumana kwimarike yawela ngaphantsi kwe-IOER, bathambekele ngakumbi ekufakeni imali yabo engaphezulu kwi-Federal Reserve, ngaloo ndlela igcina inzala yemarike ngaphezu kwenqanaba le-IOER.

IShift ye-IOER: Ukusuka kwiSixhobo soMda osezantsi ukuya kwisixhobo soMda oPhezulu

Nangona lo mlinganiso uqale waphumelela ekuthinteleni ukuhla kwemilinganiselo yenzala, kuye kwacaca ukuba amaziko emali angengawo ebhankini, awayephethe isixa esikhulu semali kwaye engakwazi ukusebenzisa ngokuthe ngqo i-IOER, aqhubekile ehlisa izinga lenzala yemarike, ekugqibeleni aphule umgangatho we-IOER.

Okubangela umdla kukuba, iFederal Reserve yafumanisa ukuba kwindawo yokungabi namali eninzi kakhulu, i-IOER yaqala ukusebenza njengomda ophezulu wenzala. Xa imakethi yayizele yimali, kwaye iibhalansi zokugcinwa kweebhanki kwi-Federal Reserve zanda, inzala yemalike yenyuka. Iibhanki ziza kurhoxisa oovimba kwi-Federal Reserve kwaye zibaboleke kumazinga aphezulu emarike, okubangela ukuba inzala yemalike ibuyele ngaphantsi kwe-IOER.

Lo mcimbi ubonise ukuba kwiimeko zokungabi namali yokuhlawula amatyala amaninzi, indima ye-IOER njengesixhobo somda osezantsi iye yabuthathaka, kodwa ithathele ingqalelo indima yomda ophezulu wenzala. NgoDisemba ka-2008, i-Federal Reserve ilungelelanise uluhlu olujoliswe kwizinga lemali ye-federal ukuya kwi-0-0.25% kwaye yabeka i-IOER kumda ophezulu wolu luhlu, ngokuqhubekayo iqinisekisa umsebenzi omtsha we-IOER njengomda ophezulu ngaphakathi kwe-corridor yenzala.

Ingqiqo yoLawulo lweRhafu yeNzala phakathi kweLiquidity Glut

Njengoko iibhalansi zokugcinwa kweebhanki kwi-Federal Reserve ziye zanyuka ukusuka malunga ne-10 leebhiliyoni zeedola phambi kuka-2008 ukuya kwi-800 yeebhiliyoni zeerandi ekuqaleni kuka-2009, kwaye yade yafikelela kwi-3 yeetriliyoni zeedola kwiminyaka elandelayo, ingqiqo yolawulo lwezinga lenzala yatshintsha ngokusisiseko.

Ngaphantsi kwemigangatho eqhelekileyo yogcino, i-IOER inokusebenza ngokufanelekileyo njengomda osezantsi wemilinganiselo yenzala. Nangona kunjalo, kwimeko yemalike egqithisiweyo yokuhlawula amatyala, impembelelo ye-IOER ekuthinteleni ukuhla kweqondo lenzala yayilinganiselwe.

Xa imilinganiselo yenzala yeemarike idlula i-IOER, iibhanki ziza kurhoxisa oovimba kwi-Federal Reserve kwaye zibaboleke kumazinga aphezulu emarike, ukwandisa imali yeemarike kunye nokubangela ukuba inzala yehle. Lo matshini uguqule ngokuthe ngcembe i-IOER ekubeni sisixhobo somda ophezulu wamaxabiso enzala, ngelixa isaphulelo sefestile esiqhelekileyo siphulukene nendima enkulu kulawulo lwenzala.

Impembelelo yeMarike ye-IOER: Ufaniso neMarike yehagu

Ukucacisa ngokucacileyo olu tshintsho, qwalasela umzekeliso kunye "nentengiso yengulube": cinga ukuba umzi-mveliso wehagu ubeka umda wexabiso eliphezulu lengulube kwi-yuan engama-20 kwaye ulawula amaxabiso ngokunikezelwa kweemarike. Xa ukuthengiswa kweemarike kugqithise, amaxabiso ehagu ayehla, kodwa umzi-mveliso uyathenga inyama yehagu kubathengisi abathile nge-yuan ezili-10. Nangona kunjalo, unikezelo lwemarike luhlala lukhulu, lubangela ukuba amaxabiso aqhubeke ehla, ekugqibeleni aphule umgangatho we-yuan ezili-10.

Emva koko, amaxabiso ehagu aphinde abuyele, kodwa nokuba kukuphi na ukuguquguquka kwemarike, amaxabiso awaze adlule kwi-yuan ezili-10. Isizathu kukuba xa amaxabiso edlula i-yuan eyi-10, abathengisi bengulube bahoxisa ingulube egcinwe ngaphambili kwifektri kwaye bayithengise ngamaxabiso aphezulu, ukuzinzisa amaxabiso. Oku kufana nendima ye-IOER kwiimarike zezimali: xa inzala yemalike inyuka ngaphezu kwe-IOER, iibhanki zikhupha oovimba kwi-Federal Reserve kwaye zibaboleke ngamazinga aphezulu, ekugqibeleni zibuyisela izinga lenzala ukuya kwinqanaba le-IOER.

Ukuqukumbela

Ukwaziswa kweNzala kooVimba oBongeziweyo, ekuqaleni bekujongwe njengesixhobo somda osezantsi ngaphakathi kwipaseji yomlinganiselo wenzala, ngokuthe chu kwathatha umsebenzi womda ongaphezulu phakathi kokugqithiswa kwemali yorhwebo. Olu tshintsho alubonisi kuphela impembelelo enzulu yobunzima bezemali kumgaqo-mali wemali kodwa lubonisa ukulungelelaniswa nokulungelelaniswa kwe-Federal Reserve kunye nohlengahlengiso kulawulo lwezinga lenzala kwimeko entsha.