I-Federal Reserve's Interest Rate Control System (Ingxenye II) - Ukwethulwa Kwenzalo Emalini Ebekiwe Eqile

Esihlokweni esedlule, sibuyekeze uhlelo lwephaseji lesilinganiso senzalo se-Federal Reserve ngaphambi kwenhlekelele yezimali yango-2008 ("Incazelo Eningiliziwe Yohlelo Lokulawulwa Kwezinga Lenzalo le-Federal Reserve (Ingxenye I)"). Ngaleso sikhathi, ngenxa yomkhawuloIzinqolobaneukuthi amabhange agcinwe ku-Federal Reserve, i-Fed yasebenzisa isilinganiso sefasitela lesaphulelo njengomkhawulo ophezulu kanye nokusebenza kwemakethe evulekile ukulawula umkhawulo ophansi.

Kodwa-ke, kulandela inhlekelele yezimali yango-2008, i-Federal Reserve yasebenzisa ukuncishiswa komthamo omkhulu, yakhuphula kakhulu imali yemakethe futhi yenza uhlelo lwephaseji lenzalo lungasebenzi. Ukubhekana nalesi simo, i-Federal Reserve yethula Inzalo ku-ExLEZIs Reserves (IOER) ngo-2008 njengomkhawulo omusha ophansi wezilinganiso zenzalo. Lesi sihloko sizohlaziya lokhu kushintsha kwenqubomgomo ngokuningiliziwe kanye nomthelela wako ohlelweni lokulawula izinga lenzalo.

Ukwethulwa Kwenzalo Ezigciniwe Ezidlulele (IOER)

I-IOER isho inzalo ekhokhwa i-Federal Reserve engxenyeni yezimali ezigciniwe zamabhange ezigcinwe ngaphezu kwezigodlo ezidingekayo. Ngaphambi kuka-2008, i-Federal Reserve ayizange ikhokhe inzalo kumadiphozithi asebhange, okubangele umkhawulo ophansi ongasebenzi wephaseji lenzalo yase-US, esikhundleni salokho ithembele ekusebenzeni kwemakethe evulekile ukuze ilawule izinga lenzalo yemakethe. Kodwa-ke, ukuqothuka kwezimali okungakaze kubonwe ngaphambili okubangelwe yinkinga yezimali kubukela phansi kakhulu ukusebenza kahle kwemakethe evulelekile, okwenza ukuba izinga lenzalo yemakethe lehle.

Ukumelana nalokhu, i-Federal Reserve yethule i-IOER ngo-Okthoba 2008, ihlose ukukhawulela ukwehla kwezinga lenzalo yemakethe ngokukhokha inzalo emabhange. Lapho izilinganiso zenzalo amabhange ayengazithola emakethe zehla ngaphansi kwe-IOER, athambekele kakhulu ekufakeni izimali zawo ezidlulele ku-Federal Reserve, ngaleyo ndlela agcine amazinga enzalo emakethe ngaphezu kwezinga le-IOER.

Ukushintsha kwe-IOER: Ukusuka Ethuluzini Lomkhawulo Ophansi kuye Ethuluzini Lomkhawulo Ongaphezulu

Nakuba lesi sinyathelo ekuqaleni siphumelele ukunqanda ukwehla kwezinga lenzalo, kwaba sobala ukuthi izikhungo zezimali okungezona amabhange, ezaziphethe imali eningi futhi ezingakwazi ukusebenzisa i-IOER ngokuqondile, ziqhubekile nokwehlisa izinga lenzalo yemakethe, ekugcineni zephula i-IOER.

Kuyathakazelisa ukuthi i-Federal Reserve ithole ukuthi endaweni yemali eshibhile ngokwedlulele, i-IOER yaqala ukusebenza njengomkhawulo ophezulu wezilinganiso zenzalo. Lapho imakethe igcwele izimali, namabhalansi emali egciniwe amabhange e-Federal Reserve enyuka, amanani enzalo ezimakethe akhuphuka. Amabhange azohoxisa izimali ezigciniwe ku-Federal Reserve futhi aziboleke ngamanani emakethe aphezulu, okubangela ukuthi izinga lenzalo yemakethe libuyele ngaphansi kwe-IOER.

Lesi simo sabonisa ukuthi ezimeni zokungabi namali eningi, indima ye-IOER njengethuluzi lomkhawulo ophansi iba buthaka, kodwa ithathe ngokungaqondile indima yomkhawulo ophezulu wezilinganiso zenzalo. Ngo-December 2008, i-Federal Reserve yalungisa uhla lwesilinganiso sezimali sombuso saba ngu-0-0.25% futhi yabeka i-IOER emkhawulweni ophezulu walolu hlu, iqinisekisa futhi umsebenzi omusha we-IOER njengomkhawulo ophezulu ngaphakathi kwephaseji lenzalo.

I-Logic of Interest Rate Control Amidst Liquidity Glut

Njengoba amabhalansi emali egciniwe amabhange e-Federal Reserve akhuphuka esuka cishe ku-$10 billion ngaphambi kuka-2008 aya ku-$800 billion ekuqaleni kuka-2009, futhi aze afinyelela ku-$3 trillion eminyakeni eyalandela, umqondo wokulawulwa kwezinga lenzalo washintsha kakhulu.

Ngaphansi kwamazinga ajwayelekile okugodla, i-IOER ingasebenza ngempumelelo njengomkhawulo ophansi wezilinganiso zenzalo. Kodwa-ke, esimeni semali yemakethe eyeqile, umthelela we-IOER ekunqandeni ukwehla kwezinga lenzalo ubunomkhawulo.

Uma izilinganiso zenzalo yemakethe yeqa i-IOER, amabhange ayekhipha izimali ezigciniwe ku-Federal Reserve futhi aziboleke ngamanani emakethe aphezulu, akhulise izimali zemakethe futhi abangele ukwehla kwezinga lenzalo. Le nqubo yashintsha kancane kancane i-IOER yaba ithuluzi lomkhawulo ophezulu lezilinganiso zenzalo, kuyilapho izinga lewindi lesaphulelo elivamile lilahlekelwe indima yalo enkulu ekulawuleni izinga lenzalo.

I-Market Impact ye-IOER: Isifaniso Nemakethe Yengulube

Ukuze uchaze ngokucacile lolu shintsho, cabangela isifaniso "nemakethe yengulube": ake sithi imboni yengulube isetha umkhawulo wentengo ephezulu yengulube ngama-yuan angu-20 futhi ilawula izintengo ngokuhlinzekwa kwemakethe. Lapho ukunikezwa kwemakethe kungaphezu kwamandla, amanani engulube ehla, kodwa ifektri ithenga ingulube kubathengisi abathile ngo-10 yuan. Kodwa-ke, ukunikezwa kwemakethe kusalokhu kukuningi, okubangela ukuthi amanani aqhubeke ehla, agcine ephule i-10-yuan floor.

Kamuva, amanani engulube ayabuya, kodwa kungakhathaliseki ukuthi imakethe iyashintshashintsha, amanani awalokothi eqe ama-yuan angu-10. Isizathu siwukuthi uma amanani edlula ama-yuan angu-10, abathengisi bezingulube bahoxisa ingulube egcinwe ngaphambilini embonini futhi bayithengisa ngamanani aphezulu, izintengo ezizinzile. Lokhu kufana nendima ye-IOER ezimakethe zezimali: lapho izilinganiso zenzalo yemakethe zikhuphuka ngaphezu kwe-IOER, amabhange akhipha izimali ezigciniwe ku-Federal Reserve futhi azibolekise ngamanani aphezulu, agcine ehlehlisela izinga lenzalo lehle liye ezingeni le-IOER.

Isiphetho

Ukwethulwa Kwenzalo Yezindawo Ezigcinelwe Imali Eqile, ekuqaleni okwakuhloswe ngayo njengethuluzi lomkhawulo ophansi ngaphakathi komhubhe wesilinganiso senzalo, kancane kancane kwaqala ukusebenza komkhawulo ongaphezulu phakathi kwezimali ezimakethe ezeqile. Lolu shintsho alubonisi nje kuphela umthelela ojulile wenkinga yezezimali kunqubomgomo yezimali kodwa futhi luphawula ukuzivumelanisa nezimo ne-Federal Reserve ekulawuleni izinga lenzalo kokujwayelekile okusha.