Nhamba Yekutengesa Kutsanangura Kunotsanangurwa

Nzira yeCentral Banks Inoita sei Mashoma Zvikamu zveMari

Kuongororwa kwehuwandu ndiko kuwedzera kukuru kwemabasa ekutengeswa kwemahombekombe ebhandi guru . Inoshandiswa kukurudzira hupfumi kuburikidza nekuita kuti zvive nyore kune mabhizimusi kubhadhara mari. Bhengi inotenga zvigumisiro kubva kumabhenji ayo ezvo kuti iwedzere kushandiswa kune mamwe mabhizimusi makuru. Izvi zvinokanganisa zvakafanana nekuwedzera mari inowanikwa . Mukudzoka, bhandi guru rinokwereta chikwereti kumabhangi 'emari kuti atenge zvivimbiso.

Ndeipi iyo mabhandi ekumusoro anotora chikwereti kutenga zvinhu izvi? Vanongozvigadzira kunze kwemhepo yakaonda. Mabhanki chete aripo ane simba iri rakasiyana. Izvi ndizvo zvinotaurwa navanhu apo pavanotaura nezve Federal Reserve " mari yekudhinda ."

Chinangwa chemhando iyi yekuwedzera kwemari yekutengesa mari ndeyekuderedza mari yezvibereko uye kukurudzira kuwedzera kwehupfumi. Nharaunda dzekuderera dziri pasi dzinoita mabanki kuti aite zvikwereti zvakawanda Bhengi yebhadhiro inokurudzira kuda nekupa mabhizinesi mari yekuwedzera. Vanopa vatengi kutenga chikwereti kuti vatenge zvinhu zvakawanda nemasangano.

Nokuwedzera mari yekugovera, QE inochengetedza kukosha kwenyika yenyika yakaderera. Izvi zvinoita kuti masango emunyika ave akakwezva kune vatorwa vemunyika. Izvo zvinoita kuti kutengesa kunodhura.

Japan ndiyo yekutanga kushandisa QE, kubvira muna 2001 kusvika muna 2006. Yakatanga zvakare muna 2012, uye sarudzo yeShinzo Abe seHurumende. Akavimbisa kuchinja kwehupfumi hweJapan nehurongwa hwake hutatu, "Abenomics."

Sangano reUnited States reUnited States rakapedza basa rakabudirira zvikuru reEE. Yakawedzera madhora 2 triliyoni pamari. Ndiyo kukura kukuru kune imwe yenhepfenyuro yezvemari munhoroondo. Somugumisiro, chikwereti cheFed's balance sheet chakawedzera kubva pa $ 2.106 triliyoni munaNovember 2008 kusvika kune $ 4.486 trillion munaOctober 2014.

IEuropean Central Bank yakagamuchira QE munaJanuary 2015, mushure memakore manomwe emagetsi. Yakabvumirana kutenga 60 biliyoni mumabhiri-euro, uye kuderedza kukosha kwe euro uye kuwedzera kutengeswa. Yakawedzera iyo inotenga kusvika mabhiriyoni 80 emamiriyoni pamwedzi. Muna December 2016, iyo yakazivisa kuti yaizopa zvigadzirwa zvayo kusvika mabhiriyoni 60 emamiriyoni pamwedzi muna April 2017. Yuro kudhora kutendeuka inoratidza kuti euro iri kurwisana nei US dollar.

Nhamba Yekutengesa Kutsanangura Kunotsanangurwa

Basa rinowedzera sei kuderedza? IFed inowedzera chikwereti kumabhangi ' kuchengetedza mabhadharo mukutsinhana kwekutora chikwereti-backed securities uye Treasurys . Nhumbi dzekutenga dzinoitwa nehwepu rekutengesa kuNew York Federal Reserve Bank.

Izvo zvinotarisirwa ndezviwandu mabhanki anofanirwa kuva nazvo pausiku humwe hwega kana vavhara mabhuku avo. Kudyidzana kunoda kuti mabhanhire ave neanopoteredza 10 muzana yemari inoshandiswa kana mari mumabhangi 'vaults kana kuWederal Reserve bank.

Apo Fed inowedzera chikwereti, inopa mabhangi kupfuura izvo zvavanoda mune zviwanikwa. Mabhanji zvino anotsvaka kuita purogiramu nokukweretesa kudarika kune mamwe mabhangi. Izvo Zvakaderedza zvakaderedzawo chikwata chekunaka mabhengi. Izvi zvinozivikanwa sezvipo zvekudyisa mari . Icho chikonzero chezvimwe zvose zvinodiwa nemari.

Kuongororwa kwekuwedzera kunowedzerawo hupfumi mune imwe nzira. Hurumende yehurumende inobvisa huwandu hwakawanda hweHaidurys kubhadhara mitemo yekuwedzera yemari . Sezvo Fed inotenga Pfuma, inowedzera kudiwa, kuchengeta Pfuma inobereka zvishoma. Sezvo Treasurys ndiyo nheyo yezvose zvenguva refu yekufarira , inodzivirirawo motokari, midziyo uye imwe chikwereti chemari yevatengi inotengwa. Izvozvo ndezvezvibvumirano zvekubatana , zvichiita kuti zvidhura kuti mabhizimisi awedzere. Chinonyanya kukosha, inogara kwenguva refu, yakagadziriswa-chido mortgage rates pasi. Zvakakosha kutsigira misika yemumba.

Pamberi pematongerwe enyika , Fed yakabata pakati pe $ 700 ne $ 800 mabhiriyoni eZvigiro zvePaimari pasi pebhadharo rayo, kusiyanisa chiyero chekutora mari.

QE1: December 2008 - June 2010

Pamuganhu weNovember 25, 2008, musangano weFederation Open Market Committee , Fed yakaratidza kuti yaizotenga $ 800 mabhiriyoni mune chikwereti chebhangi, US Treasury notes , uye kuchengetwa kwekodzero dzekuchengetedza mari kubva kumabanki evanhu.

Nhepfenyuro yakatanga kutengesa zvishoma nezvishoma kugadzirisa dambudziko rezvemari ra2008 . Iko yakanga yatoderedza zvakaderedza mari yakadyidzana nemari kuti ibudirire zero. Ikozvino inotengeswa nhamba yemari inogara iri chiratidzo chinonyanya kukosha kwehutungamiri hwehupfumi hwenyika.

Zvimwe zvayo zvematongerwo emitemo yemari yakaiswawo kunze. Iko kunotswa kwemaundi yakanga iri pedyo nezero. Iko Kwakatotora kunyange kubhadhara chikwereti pamabhangi 'emari.

Pakazosvika gore ra2010, Fed yakatenga $ 175 mamiriyoni muBMB yakange yakabva na Fannie Mae , Freddie Mac, kana Federal Federal Loan Banks . Yakatengawo $ 1.25 trillion muBM yakave yakasimbiswa nehotera huru. Pakutanga, chinangwa chaiva kubatsira mabhanga nekutora ma subperme MBS kubva pamashizha ayo. Mumwedzi isingapfuuri mitanhatu, chirongwa ichi chinotengeswa chekutsvaga chaive chakapetwa kaviri kubhengi yebato. Pakati paMarch naOctober 2009, Fed yakazotenga madhora mazana matatu emadhora mabhiriyoni ekupedzisira-Treasurys, akadai semakore gumi .

Nhepfenyuro yakagadzirirwa kutenga muna June 2010 nokuti hupfumi hwakanga huchikura zvakare. Kwapera mwedzi miviri gare gare, hupfumi hwakatanga kupera, saka Fed yakavandudza purogiramu yacho. Yakatenga $ 30 biliyoni pamwedzi muHarare-Treasurys kwenguva refu kuti ichengetedze kubhadhara $ 2 trillion. Kunyange zvazvo paiva nezvimwe zvikanganiso, QE1 yakabudirira zvakakwana pakubatsira kuparadzira misika yemagwenga yakakonzerwa nemari inotadzisa kufarira.

QE2: November 2010 - June 2011

Musi waNovember 3, 2010, Fed yakaratidza kuti yaizowedzera kuwanda kwekutengesa, kutenga $ 600 mabhiriyoni emari yekuchengetedza mari yeHumari yekupedzisira nekumagumo kwegore rechipiri ra2011. .

Operation Twist: September 2011 - December 2012

MunaSeptember 2011, Fed yakatanga Operation Twist . Izvi zvakanga zvakafanana neQE2, pamwe chete nezvimwe zviviri. Kutanga, sezvo mari yeDheta yenguva pfupi yemari yeHaimari yakapera, yakazvitenga nguva refu. Chechipiri, Fed yakawedzera kutenga kwayo ye MBS. Zvose "kushanduka" zvakagadzirirwa kutsigira misika yemashamba yeimba.

QE3: Svondo 2012 - Gumiguru 2014

Musi waSeptember 13, 2012, Fed yakazivisa QE3 . Yakabvumirana kutenga mabhiriyoni makumi mana emadhora muBMS nekuenderera mberi neOp Operation Twist, kuwedzera $ 85 mabhiriyoni ehupfumi pamwedzi. Nhepfenyuro yakaita zvimwe zvinhu zvitatu zvaisati zvamboita:

1. Akazivisa kuti yaizochengetedza mari inodyidzana nehupfumi kusvika zero kusvika 2015.
2. Akati iyo inoramba ichitsvaga zvigadziro kusvikira mabasa akavandudzwa "zvikuru."
3. Yakagadzirirwa kusimbisa hupfumi, kwete kungozvidzivirira.

QE4: January 2013 - Gunyana 2014

Muna December 2012, Fed yakazivisa kuti yaizoshandisa mari yakawanda ye $ 85 mabhiriyoni muHaridurys uye MBS kwenguva refu. Yakapera Operation Twist, panzvimbo pfupi ichikungoputika pamusoro pemishumo yenguva pfupi. Yakatsanangurira hutungamiri wayo nekuvimbisa kuramba uchitenga zvigadziro kusvikira imwe yemamiriro maviri akazosangana. Chero kusarohwa kwemabasa kwaizowira pasi pe6,5 kubva muzana kana kutengesa kwepamusoro kwaizokwira pamusoro pe2,5 muzana. Sezvo QE4 iri chaizvoizvo kuwedzera kweKE3, vamwe vanhu vachiri kutaura nezvayo seQE3. Vamwe vanoidana kuti "QE Infinity" nekuti yakanga isina nguva yekupedzisira yakakwana. QE4 yakabvumirwa kune zvikwereti zvinodhura, dzimba dzepasi shoma, uye dhora rakakosha, izvo zvose zvakasimudzira kudiwa uye semigumisiro, basa.

Kuguma kweKE

Musi waDecember 18, 2013, FOMC yakazivisa kuti yaizotanga kutengesa kutenga kwayo, sezvo zvayo zvitatu zvezvemari zvaive zvichisangana.

1. Iko kusakosha kwebasa kwaiva ne7 muzana.
2. GDP kukura yaiva pakati pe2 ne3 muzana.
3. Iko kuwedzera kwekutengesa kwenyika kwakanga kusina kudarika 2 muzana.

IFOMC yaizochengetedza mari yakadyidzana nehuwandu hwekutengesa pakati pe zero neyendima imwechete kusvika 2015, uye pasi pe2 muzana kusvika 2016.

Zvechokwadi, musi waOctober 29, 2014, FOMC yakazivisa kuti yakanga yaita kugadzirisa kwayo kokupedzisira. Zvarakachengetwa zvinyorwa zvakawedzera kubva pa $ 2.1 triliyoni kusvika ku $ 4.5 trillion. Iyo inoramba ichishandura nzvimbo idzi dzekuchengetedza sezvo dzikauya nekuda kwekuchengetedza kubata kwayo mazinga.

Musi waJune 14, 2017, FOMC yakatanga kuzivisa kuti ichazotanga kuderedza sei kubata kwayo QE. Ichabvumira $ 6 biliyoni zveHuidurys kukura mwedzi woga woga pasina kuitora. Mwedzi wega wega unozobvumira imwe $ 6 mabhiriyoni kuti iwedzere kusvikira yatora mari $ 30 mabhiriyoni pamwedzi. Kudyidzana kunotevera nzira yakafanana neyokubata kwekutengesa-kutsigirwa kuchengetedzwa. Ichabvisa imwe $ 4 mabhiriyoni pamwedzi kusvikira yasvika pakakwirira ye $ 20 biliyoni pamwedzi ichirasikirwa. Iko kushanduka hakuzoitike kusvikira mari yakabhadhara mari inosvika 2 muzana.

Kuongororwa Kuita Basa

QE yakazadzisa zvimwe zvezvinangwa zvayo, yakarasikirwa nevamwe zvachose uye yakagadzira mabheji akawanda emafuta . Chokutanga, yakabviswa chekugadzira subprime mortgages kubva mabhangi 'mabheji, kubhadhara kuvimba uye naizvozvo kubhangi. Chechipiri, yakabatsira kugadzirisa hupfumi hweUnited States, kupa mari uye chivimbo chekubuda kunze kwenyika. Chechitatu, yakachengetedza chikwereti chechido chakakwana zvakakwana kuti ipezve misika yemumba.

Chechina, iyo yakasimudzira kukura kwehupfumi, kunyange zvazvo zvichida kwete sezvakaitwa neFed. Ndizvo nokuti hazvina kuzadzisa chinangwa cheFed chokuita mari yakawanda yakawanikwa. Yakapa mari kubhengi, asi vakagara pamari panzvimbo pokuvabhadhara. Mabhangi akashandisa mari yacho katatu mumatengo avo ematengo kuburikidza nemitengo uye stock buybacks. Muna 2009, vaine gore ravo rakabudirira zvikuru.

Mabheji makuru akabatanidzawo maitiro avo. Iye zvino, iyo huru pane 0,2 muzana yemabhangi inodzora zvinopfuura makumi manomwe kubva muzana zvebhangi yemari.

Ndokusaka QE isina kukonzera kupararira kwezvinhu , sezvakawanda vanhu vaitya. Kana mabhengi ainge akwereta mari, mabhizimisi aizowedzera mabasa uye akabhadhara vashandi vakawanda. Izvi zvingave zvakakonzera kudiwa, kuendesa matengo. Kubvira izvozvo hazvina kuitika, kuenzanisa kweFed kwekuwedzera kwezvinhu, iyo core CPI , yakagara pasi peFed's 2 percent target.

Panzvimbo yekutengesa kwezvinhu, QE yakagadzira huwandu hwemhando dzematombo. Muna 2011, vatengesi vemabhizimusi vakatendeukira kugoridhe, vachitya mutengo wayo kubva pa $ 869.75 muna 2008 kusvika kune $ 1,895.

Muna 2012, vatengesi vakatendeukira kuU.S. Treasurys, vachifambisa muchero pamakore gumi-makore kumakore mazana maviri.

Muna 2013, vatengesi vakatiza kubva kune Treasurys uye kupinda mumusika, vachityaira Dow kusvika 24 muzana. Izvi zvakatevera chiziviso chaBen Bernanke musi waJune 19 kuti Fed yaifungisisa kugadzira. Izvo zvakakanda zvibvumirano zvevasungwa mukutya kutengesa spree. Sezvo kudiwa kwezvisungo zvakawira, zvikwereti zvezvikwereti zvakabuda 75 muzana mumwedzi mitatu. Somugumisiro, Fed yakachengetedza mhando chaiyo kusvika munaDecember, ichipa misika mikana yekudzikama.

Muna 2014 na2015, kukosha kwedhora kwakasimuka 25 kubva muzana, sezvo varairidzi vakagadzira mari yekushandisa mu US dollars. Izvi zvakasiyana nezvinofanirwa kuitika neQE. Asi dhora rekuAmerica mari yepasi rose uye nzvimbo yakachengeteka. Vatengesi vanoenda kune iyo pasinei nekupa kwekushandisa, vachiita iyi imwe nzvimbo yakashandura zvakanaka pasinei neQE isingashandisi sezvinodiwa.

Dheta yakaita zvaifanira kuitwa. Yakagadzira chikwereti pamisika yezvemari apo kusvibiswa kwainge kwakamanikidzwa. Asi yakange isingagoni kukunda zvinopesana nemitemo yehurumende . Pakazosvika 2010 na2014, Tea Party Republican yakawana kutonga kweImba yeVamiririri . Vakaramba vachitsinhanisa nezvekugadzirisa bhajeti apo hupfumi hwainge husati huri pamakumbo ayo. Vakatyisidzira kuti vaizoenda kune chikwereti chenyika muna 2011. Vakatangawo 10 muzana kushandisa sequester . Vakagadzira hurumende inodziviswa muna 2013.

Izvo zvekudyisa hazvigoni kumanikidza mabhangi kuti akweretwe. Sangano rayo rekuwedzera mari kumutambo wakanga wakafanana nekukanda tambo. Yakagadzira mabhudzi mune dzimwe dzimba dzematunhu pasina kuwana mari inoda mari kumhuri nemabhizimisi.