Zviri nyore, zvibereko zvinopararira ndeye kusiyana kwekugovana pakati pezvisungo zviviri. Kana humwe hutano huri kubereka 5.0% uye imwe inobereka 4.0%, "kupararira" imwechete peresenti.
Kupararira kunowanzoonekwa mu "nheyo dzenheyo," iyo imwe yezana rematengo. Nokudaro, imwechete-yepamusoro-inopararira inowanzoti ndeye "100 nheyo dzepamusoro ." Zvisiri-Treasory bonds zvinowanzoongororwa zvichienderana nekusiyana pakati pezvibereko zvavo uye chibereko kune US Treasury bond yekukura kwakafanana .
Kugovera Kupararira - Kubhadhara Vatengesi kune Njodzi
Kazhinji kutaura, njodzi yakakwirira yezvisungo kana yeklasi yefa, ndiyo yakakwirira michero yayo yakapararira. Zviri nyore, chikonzero chekusiyana uku ndechokuti vatengesi vanoda kubhadhara kutora ngozi. Kana ruzivo rwekutsvaga rwunoonekwa sehuwandu hwehutengo, varairidzi havatsvaki kukohwa kukuru kusunga mari yavo. Asi kana ruzivo rwekutsvaga hunoonekwa sehuwandu hwehuwandu hwemari, vatori vechikwereti vepatengesi vachatsvaka mukana wakakwana - chibereko chakakwirira chakapararira - kutora mukana wokuti mukuru wavo angapera.
Semuenzaniso, chisungo chinobudiswa nekambani yakakura, yakasimba, uye yezvemari inowanzoshambadzira kupararira kwakaderera maererano neUnited States Treasury.
Kusiyana neizvi, chisungo chinobudiswa nekambani duku ine simba rakaoma rezvemari inoshambadzira pakupararira kwepamusoro maererano nePfuma. Izvi zvinotsanangura kubhadhara kunobatsira kwebasa risina kukohwa ( zvibereko zvakakura ) zvisungo maererano nepamusoro-yakarongwa, kushandiswa kwebato-bhizimisi. Inotsanangurawo kupesana pakati pepamusoro-panjodzi inowanikwa misika uye inowanzotadza kusungirirwa kwemashamba emakambani akabudirira.
Kupararira kunoshandiswawo kuverenga muchero unobatsira wezvimwe zvivimbiso zvakasiyana-siyana . Inonyanya kushandiswa ndeye kupararira pakati pemakore maviri nemakumi emakore emari, izvo zvinoratidza kuti zvibereko zvakadini zvinogona kuwanikwa nevatengi nekutora mungozi yakawedzerwa yekuita mari muzvisungo zvenguva refu.
Zvakakonzera Kuparadzira Mafambiro Anoreva
Kubudirira kunowedzera hakusi kwakagadzirika, hongu. Nokuti chisungo chinobudirira chinogara chiri kufamba, saka zvinopararira. Nhungamiro yemichero inopararira inogona kuwedzera, kana "kuwedzera," izvo zvinoreva kuti zvibereko zvakasiyana pakati pezvisungo zviviri kana mapato ari kuwedzera. Kana ichipararira zvishoma, zvinoreva kuti zvibereko zvakasiyana zvinoderera.
Kuchengeta mupfungwa kuti zvisungo zvinobereka zvisingasviki apo mitengo yavo inowira , uye zvakasiyana-siyana, kupararira kunowedzera kunoratidza kuti imwe sangano iri kuita zviri nani pane imwe. Semuenzaniso, taura kuti zvibereko pa-high-yield bond index zvinotanga kubva pa7.0 kusvika kune 7.5%, asi chibereko pamakore gumi nemadhora eUnited States chinogara kunyange ku 2.0%. Kupararira kwakabva kubva ku05 kubva muzana mapato (500 basis points) kusvika ku5,5 kubva muzana (550 points points), zvichiratidza kuti zvikwereti zvakasununguka zvisingakwanisi kupfuma panguva ino.
Chinhu chakakosha: hapana chimwe chinhu chakadai se "mabiko ekusununguka" mumari yemari .
Kana bhizimisi kana bhengi iri kubhadhara muchero wepamusoro , kune chikonzero chekuti: ani naani anobata kuti mari iyo inotorawo njodzi yakawanda. Somugumisiro, varimi vanofanira kunge vachiziva kuti kungosarudza zvikwereti zvakagadziriswa nehuwandu hwekukohwa kunogona kuita kuti vatore mungozi yakanyanya kudarika yavakataurira.