Uhlelo Lokulawula Inzalo lwe-Federal Reserve (Ingxenye Yokuqala)

Ezimakethe zezimali zomhlaba, iFederalGcinaUhlelo lokulawula izinga lenzalo luhlezi luyiphoyinti lokunakwa. Ukuze uqonde ngokujulile lolu hlelo, kubalulekile ukuthi ungagxili kuphela ezindleleni zalo zokusebenza zamanje kodwa futhi ubuyekeze ukuvela kwalo komlando. Ingxenye yokuqala yalesi sihloko izohlola uhlelo lwe-Federal Reserve lomhubhe wezinga lenzalo ngaphambi kwenhlekelele yezimali yango-2008, ibeka isisekelo sokuhlaziya okulandelayo.

Uhlolojikelele Lohlelo Lwesilinganiso Semali Enzalo

Ngaphambi kokugqashuka kwenkinga yezimali yango-2008, amabhange amakhulu emazweni athuthukile, ikakhulukazi eYurophu nase-United States, ayevame ukusebenzisa indlela yomhubhe wesilinganiso senzalo ukuze alawule amanani ezimakethe. Umongo walo mshini uwukusetha umkhawulo ophezulu naphansi wezilinganiso zenzalo, ukuqinisekisa ukuthi amanani emakethe ayashintshashintsha ngaphakathi kwalolu banga. Indlela ye-interest rate corridor ayigcini nje ngokuzinzisa okulindelwe yimakethe kodwa futhi iyathuthukisaLEZIukuba sobala kanye nokubikezelwa kwenqubomgomo yezimali, ngaleyo ndlela kwandise ukusebenza kwayo.

Ukuhlolwa Okuningiliziwe Kohlelo Lokulawula Inzalo Ye-Federal Reserve (Ingxenye Yokuqala)

Ngokukhethekile, umkhawulo ophezulu wephaseji lenzalo ngokuvamile unqunywa inani eliphakeme kakhulu ibhange elikhulu eliboleka ngalo amabhange, ngokuvamile elibonisa izindleko zokuboleka amabhange ebhange elikhulu. Umkhawulo ophansi unqunywa izinga lenzalo ibhange elikhulu elilikhokhayo kuzigodlo ezingaphezu kwezimali ezifakwe amabhange. Lezi zilinganiso ezimbili zakha ububanzi lapho izilinganiso zenzalo yemakethe zishintshashintsha, okwenza kube nzima ngezilinganiso zemakethe ukweqa lesi sikhathi.

Uma sithatha i-European Central Bank (ECB) njengesibonelo, uhlelo lwayo lwephaseji lenzalo luvame kakhulu, umkhawulo ongaphezulu uyisilinganiso sokuboleka esilinganiselwe kanye nomkhawulo ophansi yizinga lediphozithi. Uma amanani ezimakethe esondela emkhawulweni ophezulu, amabhange athambekele kakhulu ekubolekeni ebhange elikhulu; ngokuphambene, lapho amazinga emakethe esondela emkhawulweni ophansi, amabhange akhetha ukufaka izimali zawo ebhange eliyinhloko. Lolu hlelo lugcina amanani emakethe ngaphakathi kwebanga elizinzile, okunciphisa imvamisa namandla okungenelela kwebhange elikhulu.

I-Federal Reserve's Interest Rate Control System Ngaphambi kuka-2008

Ngaphambi kwenhlekelele yezimali ka-2008, izinga lezimali likahulumeni laliyithuluzi eliyinhloko elisetshenziswa yi-Federal Reserve ukulawula imakethe. Izinga lezimali zikahulumeni libonisa izindleko zokuboleka ubusuku bonke phakathi kwamabhange futhi liyinkomba ebalulekile yokushoda kwemali phakathi kwamabhange. Ngokulungisa leli zinga, i-Federal Reserve ingaba nomthelela ezindlekweni zezimali zamabhange, ngaleyo ndlela ithinte ngokungaqondile yonke imisebenzi yezomnotho efana nokusetshenziswa,utshalomali, kanye nokukhula komnotho.

Kuyaphawuleka ukuthi uhlelo lwephaseji lesilinganiso senzalo lwe-Federal Reserve ngaleso sikhathi lwalunezici ezithile ezihlukile uma kuqhathaniswa namanye amazwe. Izinga eliphezulu lomkhawulo kwakuyizinga lewindi lesaphulelo, okuyizinga i-Federal Reserve ebolekisa ngalo amabhange. Nokho, ngokungafani nohlelo lwephaseji lesilinganiso senzalo esivamile, i-Federal Reserve ayizange ibeke isilinganiso esicacile esilinganiselwe somkhawulo ngenxa yokuthi ayizange ikhokhe inzalo emalini egcinwe ebhange. Lokhu ngokwethiyori bekusho ukuthi izinga lomkhawulo eliphansi laliseduze noziro.

Naphezu kwalokhu, i-Federal Reserve ibisakwazi ukulawula amanani emakethe ngokusebenzisa imisebenzi yemakethe evulekile, okungukuthi ukuthenga nokudayisa izibambiso zikahulumeni, iqinisekisa ukuthi amanani emakethe ayaguquguquka azungeze isilinganiso esihlosiwe sezimali zombuso. Ukusebenza kahle kokusebenza kwemakethe evulekile kulele esikalini esincane uma kuqhathaniswa sezimali ezigciniwe zamabhange ezazigcinwe e-Federal Reserve ngaleso sikhathi, okwenza amabhange abe maningi amathuba okuthi aphendukele ku-Federal Reserve ngezikhathi zokukhokha okuqinile, ngaleyo ndlela kuqinisekiswe ukusebenza kahle kwezinga eliphezulu lomkhawulo.

Izinguquko Ngemva Kwenkinga Yezezimali Ka-2008

Inkinga yezezimali yango-2008 ibe nomthelela omkhulu ohlelweni lwezezimali lomhlaba wonke, okuholele ezinguqukweni ezibalulekile ohlelweni lokulawula izinga lenzalo ye-Federal Reserve. Ukusabela kule nkinga, i-Federal Reserve ayizange nje isebenzise izinqubomgomo zokunciphisa inani elikhulu kuphela kodwa futhi yethula inzalo yezimali ezigciniwe ezidlulele (IOER). Leli thuluzi elisha liguqule isimo kanye nesilinganiso sezimali ezigcinwe amabhange e-Federal Reserve.

Ngaphambi kwenhlekelele yezimali, izimali ezigciniwe zamabhange e-Federal Reserve zazilinganiselwa ku-$10 billion, kodwa ekuqaleni kuka-2009, lesi sikali sase sikhuphuke safinyelela ku-$800 billion. Ngisho neminyaka emibili ngemva kokuba i-Federal Reserve iqale ukukhuphula izinga lenzalo futhi yehlise ibhalansi yayo, ibhalansi yokugodla yahlala iphezulu ku-$3 trillion. Lolu shintsho aluthuthukisanga nje kuphela ikhono le-Federal Reserve lokulawula amanani emakethe kodwa futhi lwashintsha kakhulu izindlela zayo zokusebenza.

Ngokwethula i-IOER, i-Federal Reserve ingalawula ngempumelelo amanani emakethe ngaphandle kokusebenza kwemakethe evulekile njalo. Le ndlela entsha yomhubhe wesilinganiso senzalo ihlanganisa izinga lewindi lesaphulelo njengomkhawulo ophezulu kanye ne-IOER njengomkhawulo ophansi, okwakha uhlaka lwezinga lenzalo oluzinzile.

Isiphetho

Kafushane, uhlelo lwe-Federal Reserve's interest rate corridor system ngaphambi kwenkinga yezezimali yango-2008, nakuba lwalulula, lwalusebenza kahle kakhulu ngaphansi kwezimo zemakethe zangaleso sikhathi. Ngokugqashuka kwenkinga yezimali, i-Federal Reserve yaphoqeleka ukuthi ilungise amathuluzi ayo okusebenza, yethula amathuluzi amasha esilinganiso senzalo ukuze ibhekane nesimo semakethe esishintsha njalo. Ukuqonda ukuvela kwalolu hlelo akusisizi nje kuphela ukuthi sibambe kangcono inqubomgomo yezimali ye-Federal Reserve kodwa futhi kunikeza izinkomba ezibalulekile zokuhlaziya izinkombandlela zenqubomgomo yezomnotho yesikhathi esizayo.