Chibvumirano Chibvumirano: Ngozi dzeMarike dzeRepo, Mitemo

Kupi Mabhanki Makuru Aigona Kuputira KuEconomy - zvakare

Tsanangudzo: Chibvumirano chekudzikinura, kana repo, inokwereta kwenguva pfupi. Mabhangi , hedge funds , uye makambani ekutengesa mabhizimusi ekutengeserana mari yezvivimbiso zvehurumende zvenguva pfupi seyemari yeUnited States . Vanobvumirana kudzorera mutengesi. Pavanodzorera mari yacho, ine aine 2 - 3 muzana yepamu. Izvo zvinowanzoitika usiku humwe, asi vamwe vanogona kuramba vakasununguka kwemavhiki.

Chiitiko chekutsvaga kwekutengeswa inotengeswa inobatwa mumabhuku akaita semutero.

Mutengesi anochengetedza kuchengeteka pamabhuku ayo, anowedzera mari inogamuchirwa kune zvayo, uye anowedzera chikwereti kune zvikwereti zvayo. Iyo nzira iri nyore yekusimudza mari nokukurumidza.

Rudzi rwakakurumbira rwekudzoka ndeye chibvumirano chechitatu . Mabhizimusi makuru ezvokutengeserana anoita sepakati-murume, kazhinji pakati pehedge fund inoda mari uye mari yemusika mari iyo inoda kukurudzirwa zvakachengeteka kudzoka kwayo. (Kubva: "Kunzwisisa Repo Market," BlackRock Investments.)

Njodzi muRepo Market

Munyika yose, makambani anotora madhora madhiyoni mashanu emadhora muzororo chero zuva rakapiwa. Kunyange zvazvo izvi zvisingasviki $ 6 trillion yakaitwa mugore ra2008, iyo inotanga kudiwa kukuru kwezvisungo zvenguva pfupi.

Mari yeUnited States yeHurumende inoshandiswa kwe $ 2.4 triliyoni mumabasa ekutsvaga. Vanyori vakawanda vanonetseka kuti hazvina kukwana kuchengetedza marusi repoti inoshanda zvakanaka.

Chido chezvisungo izvi chinouya kubva:

1. Mabhii makuru ebhizimisi anofanira kuenderana nemitemo mitsva.

1. Mari inodarika $ 2.67 trillion yemakethe yemakambani inogona kungochengeta zvisungo zvakachengeteka.
2. Hedge mari inofanirwa kuvhara zvavanosarudza uye zvimwe zviwanikwa .

Hedge mari ndeyekunyanya kunetseka pamusika wekare nokuti havatombozivi apo vachada mari yakawanda nokukurumidza kuvhara mari yakaipa. Iyi mari inoedza kupararira mumusika kuburikidza nekushandisa zviito zvinokuvadza uye zvisarudzo, zvakadai sekutengesa kwenguva pfupi .

Kana ruzivo rwavo ruchienda nenzira isiri iyo, uye havagoni kuwana mari yakawanda nokukurumidza kuti vavadzike, vanotambura kurasikirwa kukuru. Izvozvo zvinogona kutora pamusika pasi navo.

Chimwe chezviitiko zvinogona kuitika ndiyo kupera kwegore raOctober 2014 apo chibereko pamakore gumi-chegumi cheMari yeHurumende yakaderera mumaminitsi mashoma. (Kubva: Katy Burne, "Repo Market inouya Pasi Pamanikidzwa," The Wall Street Journal, Kubvumbi 3, 2015.)

Vamwe vatungamiri vebato reStart Reserve vane hanya kuti mabhanki, kufanana neGoldman Sachs, atanga kuderedza basa ravo repo repo. Izvo zvinoita kuti zvive zvakaoma kune mazhenje emari kuti vawane mari yavanoda kuvhara mari. Izvi zvinogona kusimbisa kusagadzikana mumisika yemari, kuita chikwereti zvakadhura zvakanyanya uye zvakaoma kuwana sezvinoitwa nehupfumi huri kutora mhepo. (Imwe: "Repo Markets Inoshushikana Nehupfumi Hwevanhu," The Wall Street Journal, August 14, 2014.)

Mutemo weRepos

Dodd-Frank Wall Street Reform Act inotonga mari yehuta ine mabhangi, kuve nechokwadi kuti havashandisi mari yevatengesi kuti vaite zvido zvavo pachavo. Mamwe mahedheni ehedge iye zvino anotungamirirwa ne Securities and Exchange Commission (SEC).

Sangano reFederal Reserve raida kuti mabhengi ave nehuwandu hwekuchengetedzwa kwezvikwereti zvekuchengetedza zvikwereti izvi zvenguva pfupi.

Ichi ndicho chikonzero mabanki ari kuderedza shure kune rimwe divi rebhizimisi ravo. Zvinoshamisa - iyi mitemo yakagadzirirwa kuderedza kusagadzikana kuri kunyanya kusika zvakawanda. Kunyange zvakadaro, Fed yakataura kuti yakakosha, nokuti misika yemari yakanga yakawandawo yakazvimirira pfupi yekukwereta kwenguva pfupi munguva yakapfuura. (Chinyorwa: "Repo Market pamusana," The Wall Street Journal.)

Nhengo dzeFed dzinonyevera kuti mari yehuta inofanira kudiwa kuti ichengetedze mari yavo yakawanda iripo kuti ifukidze kurasikirwa uku, pane kuvimba zvakanyanya pamusika repo. Ita uye iyo SEC inofanira kushanda pamwe chete kukudziridza mararamiro akaenzana emiganhu yehuta mari yavanotarisira. Vatorwa vekunze kune dzimwe nyika vanofanira kuiswawo, zvakare. Kana zvisina kudaro, makambani eUnited States achava nemari yakakwirira, uye ave mukukwikwidza kusagadzikana.

Mitemo inogona kunge isina kuwedzera kuisa mungozi kumusika wemari, kuburikidza nekuderedza mabhanga kubva mune bhizimisi zvachose.

Mabhanga makuru eUnited States akaderedza mararamiro avo ne 28 muzana pamakore mana apfuura. Kuzadza chisarudzo, REITS, nemamwe makambani emari asingabhadharwi angave anopa zvinyorwa zvakananga kana kuita sendimi. Izvi zvinoderedza dambudziko rekudzikisa muzvisungo zvinonyora pasi. (Inobva: Kary Burne, "Kukweretesa Kushandura Semitemo Zvishoma," The Wall Street Journal, April 8, 2015.)

Reverse Repos

Sangano reStart Reserve rakatanga kutora reverse repos semuenzaniso wekuedza munaSeptember 2013. Mabhenji anokweretesa mari yeHedheni mukudzorera kwekuchengetedza mari yebhangi yeHurumende usiku hwose. Iyo Fed inokweretesa bhangi zvido zvishoma zvishoma apo inotenga iyo Treasury kudzoka zuva rinotevera.

Sei Fed ichiita izvi? Ichokwadi haifaniri kukwereta mari kuti ipe zviwanikwa zvinotyisa (tinotarisira!) Pane kudaro, iri kuedza chigadziro chitsva chekutungamirira nguva dzenguva shoma inotora. Nenzira iyo, haifaniri kuzivisa kuti iri kukwidza mari yeFed mari , iyo inowanzonyadzisa misika yemabhizimisi.

Purogiramu yeFed iri kubudirira zvikuru kusvika ikozvino. Mabhangi akachinja rekodhi $ 242 mabhiriyoni kubva mumisika yemari yega yeHaigare pamabhuku eFed. Zvechokwadi, zvinogona kunge zvakanyanya kuita chinhu chakanaka. The Fed zvino inopa zvimwe zvakadzoka zvakare kupfuura chero ani zvake. Ndiyo imwe chikonzero Goldman Sachs nevamwe vanochera zvirongwa zvavo.

Uye chaizvoizvo, ndizvo zvakadiwa neFed. Yave ichida kwenguva yakareba simba guru rekutonga mutengesi uyu. Basa raro guru ririkupa simba rinopfuura mitemo mitsva inogona. (Chinobva: "Kudengenyeka kweFed Kunoshandiswa Kwezvekuchengetedza Zvivimbiso-Kunokwereta Masoko," The Wall Street Journal, June 23, 2014.)

Mafambiro Akaitwa sei neChechi Crisis

Bhengi dzakawanda dzekutsinhanisa, dzakadai se Bear Bear naLehman Brothers, dzakavimbawo zvakanyanya pamari kubva pakusara kwenguva pfupi kuti dzibhadhe mari yavo yakareba kwenguva refu. Apo vakawanda vakweretesa vakawanda vakadana chikwereti chavo panguva imwechete, yakanga yakafanana nekumhanya kwekare kumabhangi.

Chokutanga, Bear Stearns uye gare gare Lehman aisagona kutengesa kurara zvakakwana kubhadhara vatengi ava. Pasina nguva, hapana aida kupa chikwereti kwavari. Yakasvika kusvika apo Rehman akanga asina kunyange mari yakakwana pairi kuti aite mubhadharo. Pamberi pematambudziko, mabhengi aya ekutsvaga kwekutsvaga mari uye hedge funds hazvina kutongororwa zvachose. (Kubva: "Basa reRepo muNyaya yeMari," Stanford Business School, Kubvumbi 8, 2012.)