Ungaqondwa Kanjani Ngokulula Okulinganiselwe Ezimakethe

1. Kuyini I-Quantitative Easing?

I-Quantitative easing (QE) iyithuluzi lenqubomgomo yemali elingajwayelekile elisetshenziswa amabhange amakhulu, ikakhulukazi ngezikhathi zokucindezeleka komnotho lapho izinqubomgomo zezimali zendabuko zinganele. Inhloso yawo ewumgogodla ukukhulisa ukutholakala kwemali kanye nokwehla amanani entengo emnothweni lapho ukukhula komnotho kumile, futhi ukwehla kwamandla emali aqondene use ingozi lokuwela ngaphansi kwamazinga afiselekayo. Nge-QE, amabhange amakhulu athenga izimpahla zezimali njengohulumeni izibopho, efaka imali ngqo ohlelweni lwezezimali. Lokhu kwengeziwe izimali ihlose ukukhuthaza ukubolekisa kanye nokutshalwa kwezimali ngokwehlisa izindleko zokuboleka kanye nokunciphisa isivuno kumabhondi kahulumeni, okuphoqa abatshalizimali ukuthi bafune inzuzo ephezulu kweminye imikhakha yezomnotho, njenge Amasheya noma amabhondi ezinkampani.

Isizathu se-QE siwukuthi lapho amabhange amakhulu ethenga isamba esikhulu sezimpahla, kudala umphumela omubi kulo lonke uhlelo lwezezimali, ekugcineni kuzuze umnotho obanzi. Kodwa-ke, nakuba i-QE yakhelwe ukuba ibe yisinyathelo esiphuthumayo ukuze ikhuthaze ukukhula, imiphumela yayo yesikhathi eside ingaba nzima ukuyibikezela.

1.1 Incazelo kanye Nencazelo ye-QE

Emqondweni wakho, ukuncishiswa komthamo kusho inqubo lapho amabhange amakhulu athenga amanani abalulekile ezimpahla zezimali kumabhange okuhweba nakwezinye izikhungo ezizimele. Ngokungafani nezindlela zendabuko ezilungisa amanani enzalo yesikhathi esifushane, i-QE ithinta ngqo ukunikezwa kwemali. Amabhange amakhulu adala imali kagesi, ayisebenzisela ukuthenga lezi zimpahla. Ngokwenza kanjalo, bafaka imali emisha emnothweni, bandise imali egciniwe yamabhange, okumele, ngokombono, yenze kube lula futhi kushibhile kubo ukuboleka imali kumabhizinisi nakubathengi.

Ithemba liwukuthi ngokwehlisa izilinganiso zenzalo yesikhathi eside ngalokhu kuthengwa kwempahla enkulu, amabhange kanye nabatshalizimali bazokhuthazwa ukuba bafake ingozi eyengeziwe, ngaleyo ndlela baqhubekisele phambili umsebenzi wezomnotho. Lokhu kukhushulwa kwe-liquidity kungasiza ekuvimbeleni ukwehla kwamandla emali, lapho ukwehla kwamanani entengo kuholela ekwehliseni ukusetshenziswa kwemali kanye nokutshalwa kwezimali, okwehlisa amanani amanani.

1.2 Isebenza kanjani i-QE

Ukunciphisa inani kusebenza ngokuyinhloko ngendlela yokuthengwa kwebhondi nokudala imali okulandelayo. Amabhange amaphakathi ngokuvamile agxile ekuthengeni amabhondi kahulumeni, nakuba ezinye izimpahla zezimali njengezibambiso ezixhaswe yimpahla mboleko zingafakwa nazo. Ibhange eliphakathi liphrinta imali entsha, nakuba le nqubo idijithali kakhulu kunomzimba. Ngale mali esanda kwakhiwa, ibhange elikhulu lithenga ama-bond kumabhange okuhweba nezinye izikhungo zezimali, okwandisa intengo yala ma bond ngenkathi yehlisa isivuno sabo.

Umthelela wale nqubo udlulela ngale kwemakethe yebhondi. Isivuno esiphansi kumabhondi sicindezela abatshalizimali ukuthi bafune imbuyiselo kwenye indawo, njengasemakethe yamasheya noma ngokutshalwa kwezimali okunobungozi obukhulu. Inhloso ukwenza ukuboleka kushibhe kubathengi namabhizinisi, okubuye kukhuthaze ukusetshenziswa kwemali kanye nokutshalwa kwezimali. Ngaphezu kwalokho, ukukhuphuka kwamanani entengo okubangelwa i-QE kungadala “umphumela wengcebo,” lapho abantu ngabanye bezizwa becebe ngenxa yokukhuphuka kwamanani esitoko noma amanani ezindlu futhi ngaleyo ndlela bethambekele kakhulu ekuchitheni imali.

1.3 Izibonelo Zomlando Zokusetshenziswa Kwe-QE

Ukunciphisa inani sekwenziwe amabhange amakhulu amaningana kusukela ngasekupheleni kwawo-2000. Isibonelo esivelele kunazo zonke yi-United States I-Federal Reserve, eyethula i-QE ngesikhathi senhlekelele yezimali yango-2008. Ibhekene nezinga lenzalo elicishe libe nguziro kanye nesistimu yezezimali ewohlokayo, i-Federal Reserve yaqala ukuthenga amabhondi kahulumeni kanye nezibambiso ezixhaswe yimalimboleko ngesilinganiso esikhulu. I-European Central Bank (ECB) kanye neBhange LaseJapan nabo balandela okufanayo eminyakeni eyalandela, basebenzisa i-QE ukubhekana nengcindezi yokwehla kwamandla emali futhi bavuse umnotho wabo.

E-Japan, i-QE yaqala ukusetshenziswa ekuqaleni kwawo-2000 njengempendulo emashumini eminyaka okukhula okumile kanye nokwehla kwamandla emali. Okuhlangenwe nakho kwase-Japan nge-QE kuvame ukucashunwa njengendaba eyisixwayiso ngoba, naphezu kokuthengwa kwempahla okuningi, ukwehla kwamandla emali nokukhula akukaze kwenzeke. I-Eurozone, ngakolunye uhlangothi, yethula i-QE ngo-2015 ukuphendula ukwehla kwamandla emali okuntekenteke kanye nokuntenga komnotho, ithenga amabhondi kahulumeni kuwo wonke amazwe angamalungu ukuze kubuyiselwe ukuzethemba kanye nezimali.

Ngasinye salezi zenzakalo zomlando sibonisa indlela amabhange amakhulu asebenzisa ngayo i-QE ngezikhathi zokucindezeleka okukhulu komnotho, ngethemba lokuvuselela izimakethe zezimali nokubuyisela ukukhula komnotho. Kodwa-ke, impumelelo ye-QE iye yahluka ezifundeni nasezinkathini zesikhathi, kuye ngesimo somnotho esithile kanye nesakhiwo semakethe.

2. Imigomo Nezinjongo ze-QE

I-Quantitative easing (QE) ayisona isisombululo esiphelele kodwa sisetshenziswa ngokucophelela isu ngezinjongo eziqondile okuhloswe ngazo ukubhekana nezinselelo zomnotho inqubomgomo yezimali evamile ehlulekayo ukuzixazulula. I-QE ivamise ukusetshenziswa ngezikhathi zokuntenga komnotho, ukwehla komnotho, noma ukwehla kwamandla emali, lapho izilinganiso zenzalo sezivele ziseduze noma zikuziro, futhi ukwehliswa kwezilinganiso ezengeziwe kungasebenzi. Amabhange amakhulu asebenzisa i-QE ukufeza izinhloso eziningi, kusukela ekukhuthazeni ukukhula komnotho kuya ekuvimbeleni ukuvunguza kwe-deflationary spiral. Kodwa-ke, le migomo ixhumene futhi ngokuvamile idinga ukulinganisa okuqinile ukuze kugwenywe imiphumela engahlosiwe efana nokwehla kwamandla emali noma amabhamuza empahla.

2.1 Khuthaza Ukukhula Komnotho

Enye yezinjongo eziyinhloko ze-QE ukukhuthaza ukukhula komnotho. Ngokufaka i-liquidity ohlelweni lwezezimali, amabhange amakhulu ahlose ukwenza kube lula kumabhizinisi kanye nabathengi ukuthi bathole isikweletu. Izindleko eziphansi zokuboleka ziholela ekwenyukeni kokutshalwa kwezimali ngamabhizinisi emalini nasekusunguleni izinto ezintsha, kuyilapho abathengi bengase bathathe imali ebolekiwe ukuze bathenge izinto ezinkulu njengezindlu nezimoto. Njengoba ukusetshenziswa kwemali nokutshalwa kwezimali kukhula, imisebenzi yezomnotho iyakhula, okusiza ukukhipha umnotho ekuwohlokeni komnotho noma ukuntengantenga.

I-QE iphinde ibe nomthelela ongaqondile wokukhulisa izintengo zempahla, njengezitoko kanye ukuthengisa izindlu, okungadala umphumela wengcebo. Lapho amanani entengo enyuka, abatshalizimali nabathengi bazizwa becebile, okungaholela ekwenyukeni kwemali. Lokhu-ke kukhuthaza ukukhula komnotho. Kodwa-ke, nakuba i-QE ingakhuthaza ukukhula kwesikhashana, amabhange amakhulu kufanele aqaphele ekushiseni ngokweqile umnotho, okungase kuholele ekwehleni kwamandla emali noma emabhamuleni empahla angalawuleki.

2.2 Ukulwa Nokwehla kwamandla emali

Ukwehla kwamandla emali, noma ukwehla kwezintengo okuqhubekayo, kuyisimo somnotho esiyingozi i-QE efuna ukusinqanda. Esimeni sokwehla kwamandla emali, abathengi namabhizinisi bangase babambezele ukuthenga nokutshalwa kwezimali ngoba balindele ukuthi amanani ehle kakhulu. Lokhu kuholela kumjikelezo ononya wokusebenzisa imali encishisiwe, ephansi kwesidzingo, kanye nokwehla kwentengo okwengeziwe. I-QE isiza ukulwa nokwehla kwamandla emali ngokwandisa ukunikezwa kwemali, ukukhulisa okulindelekile kukwehla kwamandla emali, nokukhuthaza ukusetshenziswa kwemali.

Ngokuthenga izimpahla nokwehlisa izilinganiso zenzalo, i-QE ikwenza kungakhangi kangako ukubamba ukheshi, njengoba amandla ayo okuthenga engase anciphe uma ukwehla kwamandla emali kukhuphuka. Lokhu kugqugquzela abantu ukuthi batshale imali noma basebenzise esikhundleni sokuqongelela imali. Umgomo uwukugcina izinga elinempilo lokwehla kwamandla emali, amabhange amakhulu ngokuvamile alihlosile cishe ku-2%, ukuze kuqinisekiswe ukuzinza kwamanani kanye nokukhula komnotho okuqhubekayo.

2.3 Amazinga Enzalo Ephansi

Enye inhloso ye-QE ukwehlisa izilinganiso zenzalo, ikakhulukazi amanani esikhathi eside athinta izikweletu zezindlu, imali mboleko yezinkampani, nezinye izinhlobo zezikweletu. Uma amabhange amakhulu ethenga amabhondi kahulumeni nezinye izibambiso, inyusa intengo yalezo zimpahla, okubuye kwehlise isivuno sazo (inzalo). Njengoba ukukhiqizwa kwebhondi kuncipha, ukuboleka kuba ishibhile kuwo wonke umnotho, kukhuthaze amabhizinisi ukuthi ande futhi abathengi basebenzise.

Izinga lenzalo ephansi likwenza kube lula ukuthi amabhizinisi axhase amaphrojekthi, andise imisebenzi, futhi aqashe abasebenzi abengeziwe. Abathengi, ngakolunye uhlangothi, bayazuza emazingeni aphansi emalimboleko nezindlu ezibolekiwe, okwenza kube lula ukuthenga izindlu noma ukuxhasa ngezimali okunye ukuthenga okukhulu. Ngokulandelayo, lokhu kwandisa isidingo sisonke emnothweni, okunomthelela ekukhuleni.

2.4 Ukwenyusa I-Liquidity Ezimakethe Zezezimali

Ukwenyuka kwe-liquidity ezimakethe zezimali kungomunye wemiphumela esheshayo nebonakalayo ye-QE. Uma amabhange amakhulu ethenga izimpahla ezifana namabhondi kahulumeni noma izibambiso ezixhaswe yimalimboleko, afaka imali entsha ohlelweni lwezezimali. Le mali eyengeziwe iqinisekisa ukuthi amabhange nezikhungo zezimali zinezimali ezidingekayo ukuze ziqhubeke nokuboleka nokwenza ibhizinisi ngaphandle kokwesaba ukushoda kwezikweletu.

Ngezikhathi zokucindezeleka kwezezimali, njengenhlekelele yezimali emhlabeni wonke ngo-2008, izimakethe zezimali zingadla ngenxa yokuntuleka kwezimali. Amabhange aba manqikanqika ukubolekisa, ngisho nakuwodwa, njengoba esaba izingozi ezizenzakalelayo. Ngokungena njengomthengi wesinyathelo sokugcina, amabhange amakhulu asebenzisa i-QE ukuze aqinisekise ukuthi izimakethe zihlala zisebenza, kanye nezimali ezisetshenziswayo ziningi. Lokhu kuzinza kohlelo lwezezimali kubalulekile ekuvimbeleni ukuwohloka okuqhubekayo komnotho.

3. Umthelela Ezimakethe Zebhondi

I-Quantitative easing (QE) inemiphumela ejulile nesheshayo ezimakethe zamabhondi, okuvamise ukuba yinkomba eyinhloko yokuthengwa kwempahla yebhange elikhulu. Njengoba amabhondi emele ingxenye ebalulekile yesistimu yezezimali, amabhange amakhulu agxila kule makethe ukuze abe nomthelela ezimweni zezomnotho ezibanzi. Ngokuthenga okukhulu kwamabhondi kahulumeni futhi, kwezinye izimo, amabhondi ezinkampani, amabhange amakhulu akhohlisa amanani ebhondi kanye nenzuzo ukuze afeze izinjongo ezithile zenqubomgomo, njengokwehlisa izindleko zokuboleka kanye nokufaka imali emnothweni. Kubatshalizimali bebhondi, i-QE ingashintsha amandla okubuyisela ubungozi emakethe yebhondi, futhi imiphumela yayo ekuthengeni imali, amanani, kanye nesivuno kubalulekile ukuqondwa.

3.1 Imithelela eqondile ye-QE Emananini Ebhondi Nezikhiqizo

Uma ibhange elikhulu lisebenzisana ne-QE, omunye wemiphumela esheshayo usezintengo zebhondi kanye nesivuno. Ngokuthenga umthamo omkhulu wamabhondi, ibhange elimaphakathi linyusa isidingo salezi zimpahla, okubangela ukuba amanani ebhondi enyuke. Kunobudlelwano obuphambene phakathi kwamanani ebhondi kanye nesivuno, okusho ukuthi njengoba amanani ebhondi ekhuphuka, isivuno sawo siyehla. Isivuno sebhondi ephansi sihumushela emazingeni enzalo ancishisiwe, okungenye yezindlela eziyinhloko i-QE esebenza ngazo ukuze kuthuthukiswe umnotho.

Isibonelo, uma i-Federal Reserve noma i-European Central Bank ithenga amabhondi kahulumeni, izinzuzo kulawo mabhondi ziyehla, okwenza kushibhe kuhulumeni ukuboleka. Lokhu kuncipha kwesivuno kuphinde kuthinte amabhondi ezinkampani, njengoba abatshalizimali bebheka okunye ukutshalwa kwezimali okunembuyiselo engcono. Ngakho-ke, lo mphumela ucindezela abatshalizimali baye ezimpahleni ezinengcuphe ephezulu, njengezabelomali, futhi yehlisa izindleko zokuboleka kubo bobabili ohulumeni nezinkampani.

Nokho, nakuba izivuno eziphansi zinenzuzo ngokwemibandela yokunciphisa izindleko zokuboleka, zingase futhi ziholele ezinseleleni kubatshalizimali bebhondi abathembele kuzibambiso zeholo elingaguquki ukuze bathole imbuyiselo eqinile. Isivuno esiphansi sisho iholo elincane kubatshalizimali, ikakhulukazi labo abebethembele kumabhondi ngokwesiko ukuze bathole imbuyiselo ephephile nengabikezelwa, njengezikhwama zempesheni nabathatha umhlalaphansi.

3.2 Umthelela ku-Bond Market Liquidity

Omunye umthelela obalulekile we-QE ezimakethe zamabhondi umthelela wayo ekungabini kwezimali. Ngokuthenga amabhondi ngesilinganiso esikhulu, amabhange amakhulu asusa ingxenye enkulu yalezi zibambiso emakethe evulekile. Lokhu kwehliswa kokunikezwayo okutholakalayo kungakhuphula ubungozi be-liquidity, njengoba kunamabhondi ambalwa ukuze abatshalizimali bakwazi ukuwabona trade. Kwezinye izimo, lokhu kungaholela ekukhathazekeni ngokusebenza kwemakethe, ikakhulukazi ezimakethe zebhondi enguketshezi, njengamabhondi ezinkampani noma kamasipala.

Ngakolunye uhlangothi, i-QE ingaphinda ikhulise amandla okusebenza ohlelweni lwezezimali ngokujova amanani amakhulu emali. Amabhange nezikhungo zezimali, ezithola ukheshi ngokuthengisa amabhondi awo ebhange elikhulu, anemali eningi yokubolekisa nokutshala kwezinye izindawo zomnotho. Ngenkathi imiphumela esheshayo kubhondi imali yemakethe ingase yehluke kuye ngesilinganiso sokuthenga kanye namandla emakethe athile, umgomo usuwonke we-QE uwukuqinisekisa ukuthi uhlelo lwezezimali luhlala luqinile futhi lusebenza.

3.3 Imithelela Kubatshalizimali Bebhondi

Kubatshalizimali bebhondi, i-QE iveza kokubili amathuba nezinselele. Ngakolunye uhlangothi, ukukhuphuka kwentengo yebhondi ngenxa yokuthengwa kwebhange elikhulu kungaholela enzuzweni yemali kulabo abaphethe amabhondi. Njengoba isidingo samabhondi sikhula, abatshalizimali bangase babone ukubaluleka kwezibopho zabo zebhondi. Kodwa-ke, lezi zinzuzo ngokuvamile zisuswa yisivuno esiphansi, esinciphisa amandla emali engenayo yesikhathi eside yamabhondi.

Ngaphezu kwalokho, njengoba amabhange amaphakathi ehlisa isivuno kumabhondi kahulumeni, abatshalizimali bavame ukuphoqeleka ukuthi bathathe ingozi enkulu ngokuthuthela kumabhondi asezingeni eliphansi noma anobungozi obukhulu ukuze bafinyelele izinga elifanayo lokubuyisela. Lokhu "kucinga isivuno" kungaholela ekuhlanekeni kwemakethe yebhondi, lapho intengo yengcuphe ingasahambelani nezisekelo, okwandisa amathuba okwenza amanani angalungile noma amabhamuza ezigabeni ezithile zemakethe.

Ukwengeza, ukutholakala okuncishisiwe kwamabhondi ngenxa yokuthengwa kwebhange elikhulu kungenza kube nzima kubatshalizimali ukuthola imali emakethe, ikakhulukazi ngezikhathi zokucindezeleka kwemakethe. Lokhu kudala inselelo kubatshalizimali abadinga trade amabhondi noma balinganisele kabusha amaphothifoliyo abo, ikakhulukazi uma bephethe amaphothifoliyo ezikhungo ezinkulu. Ngakho-ke, ngenkathi i-QE isiza ekusimamiseni izimo zomnotho ezibanzi, ingethula izinkinga kubatshalizimali abathembele emakethe yebhondi ukuze bathole imali engenayo, i-liquidity, kanye ukulondolozwa kwezimali.

4. Umthelela Ezimakethe Zamasheya

I-Quantitative easing (QE) inemiphumela efinyelela kude ezimakethe zamasheya, inomthelela ekuziphatheni kwabatshalizimali, ukulinganiswa kwesitoko, kanye namandla emakethe jikelele. Amabhange amakhulu awathengi ngokuqondile amasheya nge-QE, kodwa umthelela wokuthengwa kwebhondi kanye nokwenyuka kwemali kungena ezimakethe zamasheya. Ngokwehlisa izilinganiso zenzalo nokunciphisa isivuno sezimpahla eziphephile njengamabhondi kahulumeni, i-QE ikhuthaza abatshalizimali ukuthi bathuthele ezimpahleni eziyingozi njengamasheya befuna imbuyiselo ephezulu. Lolu shintsho lunganyusa izintengo zesitoko, nakuba lungase futhi luholele ekukhathazekeni mayelana nokukhuphuka kwemali kanye nokuntengantenga kwezimakethe. Ubudlelwano phakathi kwe-QE nezimakethe zamasheya bunzima, nakho kokubili izinzuzo zesikhathi esifushane kanye nezingozi zesikhathi eside ezingaba khona.

4.1 Ukuhlobana Phakathi Kwe-QE nokusebenza Kwezimakethe Zamasheya

Ukuhlobana phakathi kwe-QE nokusebenza kwezimakethe zamasheya kubhalwe kahle, ikakhulukazi ngemva kwenhlekelele yezimali ka-2008. Lapho amabhange amakhulu enza izinhlelo ze-QE, izimakethe zamasheya emhlabeni wonke zaba nemihlangano emikhulu. Lokhu kwakubangelwa kakhulu ukuthi i-QE yehlise izinga lenzalo, okwenza amabhondi nokunye ukutshalwa kwezimali okuphephile kungathandeki kubatshalizimali. Ngenxa yalokho, abatshalizimali abaningi bashintshe imali yabo ibe yizabelo, benyusa amanani esitoko.

Ngokungeziwe ekufuneni izinzuzo eziphezulu, i-QE iphinde idale umuzwa wokuzinza nokuzethemba ezimakethe zezimali. Uma amabhange amakhulu ekhombisa ukuthi azimisele ukuthatha izinyathelo ezinonya ukuze asekele umnotho, aqinisekisa abatshalizimali, okuholela ekwandeni kobungozi. Lokhu kuthutheleka kokutshalwa kwezimali ezitokweni kungaholela ezinzuzweni ezinkulu, ikakhulukazi phakathi nezigaba zakuqala zohlelo lwe-QE. Kodwa-ke, lezi zinzuzo zivame ukuqhutshwa yimali engenayo esikhundleni sezinto eziyisisekelo, ezingadala ukungaboni ngaso linye phakathi kwamanani esitoko kanye nezimo zomnotho eziyisisekelo.

4.2 Amandla Amabhamuza Empahla kanye Nokuguquguquka Kwemakethe

Enye yezingozi ezibalulekile ezihlobene nomthelela we-QE ezimakethe zamasheya amandla okuba namabhamuza empahla. Njengoba abatshalizimali bejaha ukubuyisela endaweni lapho amanani enzalo eseduze noziro futhi isivuno sebhondi siphansi, izintengo zesitoko zingakhuphuka zibe ngaphezu kwevelu yazo yangaphakathi. Lokhu kungaholela kubhamuza lempahla, lapho amanani enyuka khona ngokushesha ngokusekelwe ekuqageleni kunezisekelo. Uma lawa mabhamuza eqhuma, angabangela ukwehla okukhulu ezimakethe zamasheya, okuholela ekulahlekelweni okukhulu kubatshalizimali kanye nokuntengantenga kwezimakethe ezibanzi.

The ukungazami adalwe amabhamuza empahla ashayelwa yi-QE nawo anganikela ekuvamiseni nasekuqineni kakhulu ukulungiswa kwemakethe. Njengoba izintengo zesitoko zikhuphuka ngokushesha ngenxa yokwenyuka kwemali nethemba labatshalizimali, ukunqanyulwa phakathi kokulinganisa izimakethe kanye neqiniso lezomnotho kuyakhula. Lapho abatshalizimali begcina bebona ukuthi amanani entengo yeqile, noma lapho amabhange amakhulu ebonisa ukuphela kwezinhlelo ze-QE, kungenzeka ukudayiswa okubukhali. Lokhu kulungiswa kungaba yingozi ikakhulukazi uma kuhambisana nobuthaka obuningi bomnotho, okuholela ekuguquguqukeni okuphezulu kuzo zonke izimakethe zomhlaba.

4.3 Imithelela Yesikhathi Eside Ekulinganisweni Kwezimakethe Zamasheya

Ngokuhamba kwesikhathi eside, i-QE ingaba nemiphumela ehlala njalo ekulinganisweni kwemakethe yamasheya. Okunye okukhathazayo okuyinhloko ukuthi izikhathi ezinwetshiwe ze-QE zingase ziholele emananini amasheya alokhu ekhuphuka njalo. Njengoba amabhange amakhulu eqhubeka nokufaka imali emnothweni futhi agcine izinga lenzalo liphansi, izimakethe zezimali zingase zihlale ziphakeme ngokuzenzela. Lokhu kungadala izinselele kubatshalizimali, njengoba kuba nzima ukuhlola inani langempela lamasheya lapho amanani eqhutshwa izinqubomgomo zebhange eliphakathi kunenzuzo yenkampani noma izisekelo zomnotho.

Ngaphezu kwalokho, i-QE ingahlanekezela ubudlelwano bendabuko nenzuzo yobungozi ezimakethe zamasheya. Njengoba izilinganiso zenzalo zicindezelwe isikhathi eside, abatshalizimali bakhuthazwa ukuba bathathe ingozi eyengeziwe, ngisho noma imiklomelo engaba khona ingayithetheleli leyo ngozi. Lokhu kungadala isimo lapho abatshalizimali bechayeka engcupheni enkulu uma izimo zomnotho ziba zimbi noma uma amabhange amakhulu ehlehlisa izinhlelo zawo ze-QE. Ukwengeza, i-QE enwetshiwe inganciphisa ukusebenza kahle kwenqubomgomo yezimali, njengoba izimakethe zithembela kakhulu ekungeneleleni kwebhange elikhulu ukuze kugcinwe uzinzo nokukhula.

5. Umthelela Kumazinga Enzalo

I-Quantitative easing (QE) inomthelela oqondile futhi ojulile kumazinga enzalo, ikakhulukazi amanani esikhathi eside. Enye yezinjongo eziyinhloko ze-QE ukwehlisa izindleko zokuboleka kuwo wonke umnotho ngokunciphisa izilinganiso zenzalo lapho amathuluzi enqubomgomo evamile, njengokwehlisa amanani esikhathi esifushane, engasasebenzi. Amabhange amakhulu akufeza lokhu ngokuthenga amabhondi kahulumeni nezinye izimpahla zezezimali, okwandisa amanani abo futhi ehlise isivuno sawo, okuholela ekwehliseni izilinganiso zenzalo ezinhlotsheni ezihlukahlukene zezikweletu. Umthelela ezilinganisweni zenzalo udlulela ngalé kwesikweletu sikahulumeni, esithinta ukuboleka kwezinkampani, izikweletu zezindlu, ngisho nekhredithi yomthengi. Kodwa-ke, imiphumela yesikhathi eside yamanani aphansi eqhubekayo iveza kokubili amathuba kanye nezinselelo emnothweni.

5.1 Ukwehliswa Kwezilinganiso Zenzalo Ngo-QE

Umthelela osheshayo we-QE ukwehla kwezinga lenzalo, ikakhulukazi amanani esikhathi eside. Lapho amabhange amaphakathi ethenga inqwaba yamabhondi kahulumeni, isidingo lala mabhondi siyenyuka, siqhubekisela phambili amanani awo futhi siqhube isivuno sawo sehle. Njengoba ukukhiqizwa kwebhondi nezinga lenzalo kuxhumene eduze, lokhu kwehliswa kwenzuzo kuholela emazingeni enzalo aphansi kuwo wonke umnotho obanzi. Lokhu kwenza ukuboleka kushibhe emabhizinisini nakubathengi, okuyindlela esemqoka i-QE ehlose ngayo ukugqugquzela umsebenzi wezomnotho.

Kumabhizinisi, izilinganiso zenzalo ephansi zisho uxhaso oluthengekayo lokutshalwa kwezimali kumali enkulu, ucwaningo, kanye nentuthuko. Izinkampani zingasithatha isikhangisovantage yemali mboleko eshibhile yokwandisa ukusebenza, ukuqasha abasebenzi abaningi, noma ukutshala imali kubuchwepheshe obusha. Abathengi bayazuza emazingeni aphansi emali ebolekiwe, emalimboleko yomuntu siqu, nekhredithi, okwenza kube lula ukuthenga izindlu, izimoto, noma ezinye izinto zamathikithi amakhulu. Lokhu kukhula kokuboleka kanye nokusetshenziswa kwemali kungenisa isidingo esidingeka kakhulu emnothweni, kusize ukuwususa ekumeni noma ekuwohlokeni komnotho.

5.2 Umthelela Ezindlekweni Zokuboleka Zamabhizinisi Nabathengi

Umphumela we-QE ezindlekweni zokuboleka udlulela ngale kwebhondi kahulumeni nje; kunomthelela amabhondi ezinkampani, izikweletu zezindlu, kanye nemalimboleko yomuntu siqu. Njengoba amabhange amakhulu ehlisa izinga lenzalo ngokuthenga amabhondi, izinkampani zithola kulula ukukhipha isikweletu ngamanani aphansi. Lokhu kufinyelela emalini eshibhile kukhuthaza amabhizinisi ukuthi athathe amaphrojekthi amasha, andise imisebenzi yawo, futhi andise ukuqashwa, konke okunomthelela ekukhuleni komnotho. Izindleko eziphansi zokuboleka zingaholela ekuhlanganisweni nasekuthengeni, njengoba izinkampani zisebenzisa imali eshibhile ukuze zikhule ngokutholwa.

Kubathengi, umthelela we-QE ezindlekweni zokuboleka ubonakala kakhulu emakethe ye-mortgage. Njengoba amanani enzalo yesikhathi eside ehla, kanjalo namazinga emali ebolekiwe, okwenza ubunikazi bezindlu buthengeke kakhulu. Lokhu kukhuthaza imakethe yezindlu, okuholela ekwandeni kokuthengiswa kwezindlu kanye nokukhuphuka kwamanani ezakhiwo. Izindleko eziphansi zokuboleka kwabathengi nazo zikhuphula ukusetshenziswa kwekhaya, njengoba abathengi bakuthola kulula ukuxhasa ngezimali ukuthenga okukhulu njengezimoto noma ukuthuthukiswa kwekhaya. Ukwenyuka kwezindleko zabathengi, nakho, kugqugquzela ukukhula komnotho, ikakhulukazi emikhakheni efana nezokudayisa, ezokwakha, nezokukhiqiza.

Nokho, nakuba izindleko eziphansi zokuboleka zinenzuzo esikhathini esifushane, zikhona izingozi ezingaba khona. Izikhathi ezinde zezilinganiso zenzalo ephansi zingakhuthaza ukuboleka ngokweqile, okuholela emazingeni aphezulu esikweletu phakathi kokubili amabhizinisi nabathengi. Lokhu kungaba yinkinga uma izimo zomnotho ziba zimbi kakhulu noma inzalo ikhuphuka ngokuzumayo, njengoba ababolekayo bengase bakuthole kunzima ukukhokhela izikweletu zabo.

5.3 Amathuba Emiphumela Engahlosiwe

Nakuba i-QE iphumelela ekwehliseni izilinganiso zenzalo kanye nokugqugquzela ukuboleka, iphinde ibe sengozini yemiphumela engahlosiwe. Okunye okukhathazayo okubalulekile ukuthi kungenzeka kube namabhamuza wempahla. Njengoba abatshalizimali nabathengi bethatha isikhangisovantage yezilinganiso zenzalo ephansi, zinganyusa izintengo zezimpahla ezifana nezindawo ezithengiswayo, amasheya, namabhondi ngaphezu kwamazinga aqhubekayo. Lokhu kungaholela kumabhamuza aqagelayo okuthi, lapho eqhuma, abangele ukuphazamiseka okukhulu komnotho.

Enye ingozi engaba khona ukuthi izilinganiso zenzalo ephansi eziqhubekayo zingahlanekezela izimpawu zemakethe. Ezimweni ezijwayelekile, izilinganiso zenzalo zibonisa ukuhlinzekwa kanye nesidingo sesikweletu, eziqondisa ukutshalwa kwezimali kanye nezinqumo zokonga. Kodwa-ke, lapho amabhange amakhulu ecindezela ngokungemthetho amanani nge-QE, lokho kungaholela ekwabiweni okungafanele kwezinsiza. Abatshalizimali bangase bagqugquzelwe ukuba bangene engozini enkulu, kuyilapho amabhizinisi engase atshale imali emabhizinisini angakhiqizi ngenxa nje yokuthi ukuboleka ishibhile.

Ngaphezu kwalokho, izilinganiso zenzalo ephansi zingacekela phansi imbuyiselo yokonga, ikakhulukazi kwabahola impesheni nabathatha umhlalaphansi abathembele ekutshalweni kwezimali zeholo elingaguquki. Njengoba izilinganiso zenzalo zihlala ziphansi isikhathi eside, laba bonga bangase bathwale kanzima ukuthola utshalomali olunikeza imbuyiselo eyanele, okungase kubangele ukuntengantenga kwezimali kubantu ngabanye kanye nezikhwama zempesheni ngokufanayo.

6. Umthelela Ekukhuphukeni Kwemali

I-Quantitative easing (QE) idlala indima ebalulekile ekuthonyeni ukwehla kwamandla emali, okungenye yezinkomba ezibhekwe kakhulu kunoma yimuphi umnotho. Amabhange amakhulu avame ukusebenzisa i-QE lapho ukwehla kwamandla emali kungaphansi kwezinga elihlosiwe noma lapho kunengozi yokwehla kwamandla emali, okungaholela ekuntekeni komnotho noma ekuwohlokeni komnotho. Ngokwandisa ukunikezwa kwemali kanye nokwehlisa izinga lenzalo, i-QE ifuna ukugqugquzela ukufunwa nokuphusha ukwehla kwamandla emali kufinyelele ezingeni elinempilo. Kodwa-ke, ukuphatha ukwehla kwamandla emali nge-QE kungaba yisenzo esibucayi sokulinganisa, njengoba umfutho wemali oweqile ungaholela ekwehleni kwamandla emali okungalawuleki, kuyilapho ukungenelela okwanele kungase kubangele ukuntenga komnotho okuqhubekayo.

6.1 Imithelela Yesikhathi Esifishane Ekukhuphukeni Kwemali

Esikhathini esifushane, i-QE ingadala ingcindezi yokwehla kwamandla emali ngokwandisa ukutholakala kwemali kanye nokukhuthaza ukusetshenziswa kwemali. Lapho amabhange amakhulu ethenga amabhondi kahulumeni kanye nezinye izimpahla zezezimali, afaka imali ohlelweni lwamabhange, olungakhuthaza kokubili ukusetshenziswa kwemali kwabathengi kanye nokutshalwa kwezimali kwebhizinisi. Njengoba isidingo sezimpahla namasevisi sikhuphuka, amanani angase aqale ukukhuphuka, ikakhulukazi uma umnotho usebenza eduze nomthamo wawo ogcwele. Lo mphumela ubonakala ikakhulukazi emikhakheni ezwelayo ezilinganisweni zenzalo, njengezindlu, lapho izindleko eziphansi zokuboleka ziholela ekufuneni okuphezulu kwezindlu ezithengiswayo, okukhuphula amanani.

Nokho, umthelela osheshayo we-QE ekwenyukeni kwamanani emali uncike kakhulu esimweni somnotho esibanzi. Ngezikhathi zobuthakathaka bomnotho noma ukwehla komnotho, lapho amabhizinisi emanqikanqika ukutshala izimali futhi abathengi bexwaya ukusebenzisa imali, imiphumela yokwehla kwamandla emali ye-QE ingase ithuliswe. Kulezi zimo, imali eyengeziwe evela ku-QE ingase ingahumusheki emananini aphezulu ngenxa yokuthi isidingo sihlala siphansi. Esikhundleni salokho, i-QE ingasiza ekuvimbeleni ukwehla kwamandla emali, lapho amanani eqhubeka ehla, okuholela ekuncipheni okuqhubekayo komnotho njengoba abathengi bephuza ukuthenga belindele amanani aphansi ngisho naphansi.

6.2 Imithelela Yesikhathi Eside Ekulindelweni Kokwehla Nokwehla kwamandla emali

Nakuba imiphumela yesikhathi esifushane ye-QE ekukhuphukeni kwamandla emali ivame ukuba nesizotha, umthelela wesikhathi eside ekulindelweni kokwehla kwamandla emali ubaluleke kakhulu. Amabhange amakhulu asebenzisa i-QE hhayi nje kuphela ukukhulisa ukwehla kwamandla emali kwangempela kodwa futhi nokuphatha okulindelekile kukwehla kwamandla emali. Uma amabhizinisi nabathengi bekholelwa ukuthi ukwehla kwamandla emali kuzohlala kuphansi isikhathi eside, bangase baguqule indlela abasebenzisa ngayo imali kanye nokuziphatha kwabo kokutshala izimali ngezindlela ezinciphisa ukukhula komnotho. Isibonelo, amabhizinisi angase abambezele ukutshalwa kwezimali, futhi abathengi bangase bahlehlise ukuthenga okukhulu, belindele ukuthi izintengo zizohlala zizinzile noma zehle.

Ngokubonisa ukuzibophezela kwawo ekufukuleni umnotho, amabhange amakhulu angasebenzisa i-QE ukushintsha okulindelwe kukwehla kwamandla emali. Uma amabhizinisi nabathengi bekholelwa ukuthi ukwehla kwamandla emali kuzokhuphuka esikhathini esizayo, maningi amathuba okuthi basebenzise futhi batshale imali kulokhu, okungasiza ekufukuleni umnotho. Lokhu kulungiswa kokulindelwe kuyingxenye ebalulekile yokusebenza ngempumelelo kwe-QE, njengoba kungaba nomthelela ekuziphatheni kwezomnotho ngisho nangaphambi kokuba ukwehla kwamandla emali kwangempela kuqale ukunyuka.

Kodwa-ke, ukuphatha okulindelekile ku-inflation kuwumsebenzi onzima. Uma amabhange amakhulu ethathwa njenganolaka kakhulu nge-QE, kungaholela ekwesabeni kokwehla kwamandla emali ngokweqile. Ukwesaba okunjalo kungase kuthuntubeze izimakethe futhi kuholele ekukhuphukeni kwamazinga enzalo yesikhathi eside, njengoba abatshalizimali befuna imbuyiselo ephakeme ukuze banxephezele ukuguguleka kwamandla okuthenga okulindelekile. Lokhu kungenye yezingozi ezibalulekile amabhange amakhulu okufanele azilawule lapho esebenzisa i-QE.

6.3 Umthetho Wokulinganisa Phakathi Kokugqugquzela Ukukhula Nokulawula Ukwehla kwamandla emali

Enye yezinselelo ezisemqoka kubenzi benqubomgomo abasebenzisa i-QE ukuthola ibhalansi efanele phakathi kokugqugquzela ukukhula komnotho nokulawula ukwehla kwamandla emali. Ngakolunye uhlangothi, i-QE iklanyelwe ukufaka umnotho wezwe, izilinganiso zenzalo ephansi, futhi ikhuphule isidingo, konke okungasiza ukukhuphula izinga lokwehla kwamandla emali libe sezingeni elinempilo. Ngakolunye uhlangothi, uma i-QE isetshenziswa ngamandla kakhulu noma isikhathi eside kakhulu, kungaholela ekwenyukeni kwamandla emali ngokwedlulele okuhloswe yibhange eliphakathi, okungase kuthuntubeze umnotho.

Isibonelo, ukwehla kwamandla emali okweqile kungaqeda amandla okuthenga kubathengi, okuholela ekwehleni kwamaholo angempela namazinga okuphila. Kungase futhi kukhuphule izindleko zokuboleka njengoba ababolekisi befuna izilinganiso zenzalo ephakeme ukuze banxephezele inani elincishisiwe lezinkokhelo zesikhathi esizayo. Ezimweni ezimbi kakhulu, ukwehla kwamandla emali okuphezulu kungaphuma ekulawuleni, okuholela ekwenyukeni kokwehla kwamandla emali, lapho inani lemali lehla ngokushesha, futhi umsebenzi wezomnotho umile.

Ukugwema lezi zingozi, amabhange amakhulu kufanele aqaphe ngokucophelela izimo zomnotho futhi alungise izinhlelo zawo ze-QE ngendlela efanele. Bangase badinge ukuhlehlisa ukuthengwa kwempahla noma bakhuphule izilinganiso zenzalo uma ukwehla kwamandla emali kuqala ukukhuphuka ngokushesha kakhulu. Lesi senzo sokulinganisa esibucayi sidinga ukuqapha okuqhubekayo kanye nokuvumelana nezimo ekwenzeni inqubomgomo, njengoba izimo zomnotho zingashintsha ngokushesha.

7. Umthelela Kumazinga Okushintshaniswa Kwemali

I-Quantitative easing (QE) ingaba nomthelela omkhulu ezilinganisweni zokushintshanisa imali yezwe, njengoba ishintsha ukuhlinzeka nokufunwa kwamandla ezimakethe zezimali. Lapho amabhange amakhulu esebenzisa i-QE, akhulisa ukuhlinzekwa kwemali yawo yasekhaya ngokufaka inani elikhulu lemali etholakalayo ohlelweni lwezezimali. Lokhu ngokuvamile kuholela ekwehleni kohlobo lwemali yasekhaya ngokuhlobene nezinye izinhlobo zezimali, okuthinta amazwe ngamazwe trade, ukuhamba kwe-investimenti, kanye nokuncintisana okuphelele kokuthekelisa kwezwe. Kodwa-ke, ubudlelwano phakathi kwe-QE namazinga okushintshaniswa kwemali buyinkimbinkimbi, nakho kokubili isikhathi esifushane kanye nemithelela yesikhathi eside emnothweni.

7.1 Ukwehla Kwemali Yezimali Zasekhaya Ngenxa Ye-QE

Omunye wemiphumela eqondile ye-QE ukwehla kwenani lemali yasekhaya. Ngokwandisa ukunikezwa kwemali, amabhange amakhulu anciphisa inani lemali yawo uma kuqhathaniswa nabanye. Lokhu kwenzeka ngoba njengoba imali eningi yasekhaya isakazwa ezimakethe zezimali, amandla ayo okuthenga ayancipha, ayenze ibe yigugu uma iqhathaniswa nezimali zakwamanye amazwe. Kuhlelo lwezezimali lomhlaba wonke, lapho izimali zikhona traded ezimakethe zamazwe ngamazwe, imali eyengeziwe evela ku-QE ivame ukwehlisa inani lemali yebhange elikhulu.

Isibonelo, ngenkathi i-US Federal Reserve isebenzisa i-QE kulandela inkinga yezezimali yango-2008, idola laseMelika laba buthakathaka uma liqhathaniswa nezinhlobo zemali ezinkulu njenge-euro ne-yen. Imali yasekhaya ebuthakathaka ingaba yinzuzo emnothweni ngezindlela ezithile, ikakhulukazi ngokuthuthukisa ukuthunyelwa kwempahla kwamanye amazwe. Njengoba inani lemali yasekhaya lehla, izimpahla namasevisi avela kulelo zwe ishibhile kubathengi bangaphandle. Lesi sidingo esikhulayo sokuthunyelwa kwempahla kwamanye amazwe kungasiza ukukhuthaza ukukhula komnotho futhi kwehle trade okushodayo. Kodwa-ke, uhlobo lwemali olubuthakathaka luphinde lusho ukuthi ukuthengwa kwamanye amazwe kuyabiza kakhulu, okungaholela emananini aphezulu wezimpahla nezinkonzo ezivela kwamanye amazwe.

7.2 Imithelela Yezinto Ezithunyelwa Ngaphandle Nezingeniswayo

Ukwehla kwenani lemali yasekhaya ngenxa ye-QE kungaba nemithelela ebalulekile kukho kokubili ukuthunyelwa kwempahla nokungenisa ezweni. Imali ebuthakathaka yenza ukuthunyelwa kwamanye amazwe kuncintisane kakhulu ezimakethe zamazwe ngamazwe, njengoba abathengi bangaphandle bengakwazi ukuthenga izimpahla namasevisi ngamanani aphansi. Lokhu kungaba umfutho obalulekile wokukhula komnotho emazweni anemikhakha eqinile yokuthumela ngaphandle, njengoba kwandisa isidingo sempahla ekhiqizwa kuleli. Abadayisi bamazwe angaphandle bayazuza ekuthengisweni okwandisiwe, okungakhuphula ukuqashwa kanye nokutshalwa kwezimali emnothweni.

Ngakolunye uhlangothi, uhlobo lwemali olunciphayo nalo lwenza ukuthengwa kwamanye amazwe kubize kakhulu. Njengoba inani lemali yasekhaya lehla, amabhizinisi nabathengi babhekana nezintengo eziphakeme zezimpahla namasevisi angenisiwe, njengezinto ezingavuthiwe, ubuchwepheshe, noma imikhiqizo yabathengi. Lokhu kungaholela ezindlekweni zokukhiqiza eziphakeme zamabhizinisi athembele ezintweni eziphuma kwamanye amazwe, okungenzeka zinyuse amanani kubathengi. Nakuba le ngcindezi yokwehla kwamandla emali ingalawuleka kwezinye izimo, ingase futhi yehlise amandla okuthenga abathengi, ikakhulukazi uma amaholo engakhuphuki ngokuhambisana nezindleko eziphezulu zokungenisa impahla.

Ngaphezu kwalokho, ibhalansi ye trade, ekala umehluko phakathi kokuthengiswayo kwezwe nokuphuma kwamanye amazwe, kungase kuthintwa umnyakazo wemali we-QE. Imali ebuthakathaka ingasiza ekuthuthukiseni i- trade ibhalansi ngokunciphisa ukuthengwa kwamanye amazwe kanye nokwandisa ukuthunyelwa kwamanye amazwe, kodwa ukusimama kwesikhathi eside kwalomphumela kuncike empilweni jikelele yomnotho womhlaba kanye nesidingo sangaphandle sempahla yasekhaya.

7.3 Amathuba Ezimpi Zemali

Esinye sezici eziphikisana kakhulu ze-QE amandla ayo okuqubula lokho okubizwa ngokuthi “izimpi zemali,” lapho amazwe eqhudelana khona ukuze ehlise inani lemali yawo ukuze athole isikhangiso esiqhudelanayo.vantage emhlabeni jikelele trade. Uma ibhange elikhulu lisebenzisa i-QE futhi lenza buthaka uhlobo lwemali yalo, amanye amazwe angase azizwe ephoqelekile ukuthi aphendule ngezinyathelo zawo zokunciphisa imali ukuze avimbele izimali zawo ekwaziseni kakhulu, okungase kulimaze ukuthunyelwa kwazo ngaphandle. Lokhu kungaholela emjikelezweni wokwehlisa amanani okuncintisana, lapho amazwe amaningi ezama ukwenza buthaka izimali zawo ngesikhathi esisodwa, nokudala ukungazinzi emnothweni womhlaba.

Izimpi zemali zingaba nemiphumela ephazamisayo emazweni ngamazwe trade nokugeleza kokutshalwa kwezimali. Isibonelo, uma umnotho omkhulu njenge-US, i-Europe, ne-Japan zonke zizibandakanya ku-QE, ukuguquguquka kwezimali okuwumphumela kungaholela ekungaqinisekini ezimakethe zomhlaba. Abatshalizimali bangase bahlehle ekutshalweni kwezimali kwamazwe ngamazwe ngenxa yenani elishintshashintshayo lezinhlobo zemali, kuyilapho abathumeli bempahla bangase bakuthole kunzima ukuhlela ukuthengisa esikhathini esizayo ngenxa yokunyakaza kwezinga lokushintshisana okungalindelekile.

Nakuba i-QE inganikeza izinzuzo zezomnotho zesikhathi esifushane ngokugqugquzela ukuthunyelwa kwamanye amazwe nokuthuthukisa umsebenzi wezomnotho, ubungozi bokungqubuzana kwezimali bugcizelela isidingo sokuxhumana kwamazwe ngamazwe kwezinqubomgomo zezimali. Ngaphandle kokuphatha ngokucophelela, ukwehla kokuncintisana kungalimaza ukuzinza kohlelo lwezezimali lomhlaba wonke, okuholela emiphumeleni ebingahlosiwe kokubili kwezomnotho ezithuthukile nesafufusa.

8. Umthelela Ezintengo Zempahla

I-Quantitative easing (QE) ithinta kakhulu izintengo zempahla, ezihlanganisa yonke into kusukela esitokweni namabhondi kuya kwezindawo ezithengiswayo kanye Izimpahla. Njengoba amabhange amakhulu efaka imali eningi emnothweni ngokuthengwa kwezimpahla zezimali, lokhu kuthutheleka kwezimali ngokuvamile kuholela ekwenyukeni kwezintengo zempahla kulo lonke izwe. Abatshalizimali, abafuna imbuyiselo engcono endaweni enenzalo ephansi, bathambekele ekuguquleni imali yabo ibe yimpahla eyingozi efana nezabelomali, izindlu nomhlaba, kanye nempahla. Nakuba ukukhuphuka kwentengo yempahla kungakhuthaza ukukhula komnotho, futhi kuthwala izingozi, ezifana nethuba lokudala amabhamuza kanye nokwandisa ukungalingani kwengcebo. Ukuqonda umthelela ogcwele we-QE ezintengweni zempahla kubalulekile kubatshalizimali nakubakhi benqubomgomo ngokufanayo.

8.1 Ukukhuphuka Kwamanani Empahla

Omunye wemiphumela esheshayo ye-QE ukwenyuka kwamanani ezimpahla. Lapho amabhange amaphakathi ethenga amabhondi kahulumeni nezinye izibambiso, isivuno salezi zimpahla siyehla, okwenza zingakhangi kakhulu kubatshalizimali abafuna imbuyiselo ephezulu. Ngenxa yalokho, abatshalizimali bavame ukuhambisa imali yabo kwezinye izigaba zempahla, njengamasheya, amabhondi ezinkampani, izindlu, kanye nezimpahla, okuqhuba amanani kulezi zimakethe.

Isibonelo, i-QE ihlotshaniswe nezinzuzo ezibalulekile ezimakethe zamasheya. Ngokwehlisa izilinganiso zenzalo kanye nokwenyuka kwemali, amabhange amakhulu akha indawo lapho abatshalizimali bezimisele ngokuzifaka engozini enkulu, benyusa amanani entengo yesitoko. Lo “mphumela wengcebo” uvela njengoba inani lamaphothifoliyo ezezimali likhuphuka, okunikeza abathengi namabhizinisi ukuzethemba okwengeziwe ekusebenziseni nokutshala imali. Ngokufanayo, izilinganiso zenzalo ephansi nazo zikwenza kushibhe ukuxhasa ukuthengwa kwemizi, okuholela emananini aphezulu ezakhiwo. Izimpahla, kuhlanganise nezinsimbi eziyigugu ezifana igolide, ingase futhi ibone ukukhuphuka kwentengo njengoba abatshalizimali befuna ezinye izitolo ezinenani phakathi nezikhathi zokukhula kwezimali.

Nakuba ukukhuphuka kwentengo yempahla kungabonisa ukusimama komnotho kanye nokwenyuka kokuzethemba kwabatshalizimali, kuphinde kuphakamise ukukhathazeka ngokuthi lezi zinzuzo zamanani ziyaqhubeka yini. Kwezinye izimo, izintengo zempahla zingase zikhuphuke kakhulu ngaphezu kwevelu yazo yangaphakathi, eqhutshwa ngokuyinhloko ukushoda kwezimali okweqile kunezisekelo. Lokhu kusetha isiteji sokulungiswa kwemakethe okungaba khona lapho i-QE yehliswa emuva noma izimo zomnotho zishintsha.

8.2 Amathuba Okungalingani Kwengcebo kanye namabhamuza empahla

Omunye wemiphumela engahlosiwe ye-QE amandla ayo okwandisa ukungalingani kwengcebo. Njengoba amabhange amakhulu ethenga izimpahla zezezimali futhi enyusa amanani azo, labo asebevele bengabanikazi balezi zimpahla—imvamisa abantu abacebile nabatshalizimali bezikhungo—bazuza kakhulu. Izintengo zesitoko ezikhuphukayo, amanani ezindlu ezithengiswayo, nezinye izinzuzo zempahla zivuna ngokulinganayo labo abatshale-zimali ababalulekile, kuyilapho abantu abangabodwana abangabanikazi balezi zimpahla, ikakhulukazi amakhaya anemali engenayo ephansi, bangase babone inzuzo encane ku-QE.

Lokhu kwehluka kobunikazi bempahla kungabhebhethekisa ingcebo ekhona izikhala, njengoba inani lamaphothifoliyo ezezimali likhula kubantu abacebile, kuyilapho amaholo namathuba omsebenzi angase angathuthuki ngesivinini esifanayo samaqembu ahola kancane. Lesi simo siye sabonwa eminothweni eminingana lapho i-QE yaqaliswa khona, iphakamisa ukukhathazeka mayelana nemithelela yesikhathi eside yezenhlalo nezomnotho yalezo zinqubomgomo.

Ukwengeza, i-QE ingaba negalelo ekwakhiweni kwamabhamuza wempahla. Njengoba abatshalizimali bejaha imbuyiselo ephakeme endaweni enenzalo ephansi, bangase baphushele izintengo zezimpahla zibe kumazinga angenakubekezelelwa. Uma ukunqanyulwa phakathi kwezintengo zempahla nezisekelo zezomnotho kukhula kakhulu, ingozi yokuqhuma kwebhamuza iyakhula. Lokhu kungaholela ekulungisweni okubukhali kwamanani entengo, njengoba kubonakala phakathi nezinkinga zezimali zangaphambilini, lapho ukwehla ngokushesha kwenani lesitoko noma izindlu nezakhiwo kubangele ukuntengantenga komnotho okusabalele.

8.3 Izingozi Zokulungiswa Kwemakethe

Njengoba amabhange amakhulu egcina ehlehlisa izinhlelo zawo ze-QE noma akhuphule amanani enzalo ukuze avimbele ukushisa ngokweqile, ingozi yokulungiswa kwemakethe iba sobala kakhulu. Ukulungiswa kwemakethe kwenzeka lapho izintengo zempahla zehla kakhulu ngemva kwesikhathi sokweqa. Abatshalizimali, njengoba sebejwayele ukuthola imali elula kanye nezintengo ezikhuphukayo, bangase basabele kabi ekuhoxisweni kwe-QE, badayise izimpahla belindele izimo zezimali eziqinile. Lokhu kungaholela ekwehleni ngokushesha kwezintengo zempahla, njengoba izimakethe zijwayela iqiniso elisha lezindleko eziphakeme zokuboleka kanye nokwehliswa kwemali yokuthenga impahla.

Ukulungiswa kwemakethe kungazelelwe kungaba nemiphumela emibi kakhulu yezomnotho. Njengoba izintengo zempahla zehla, abathengi namabhizinisi bangase balahlekelwe ingcebo, kunciphise ukuzethemba kwabo nokuzimisela ukusebenzisa nokutshala imali. Ezimweni ezimbi kakhulu, ukulungiswa kwemakethe kungadala inkinga yezezimali ebanzi, ikakhulukazi uma amabhange nezikhungo zezezimali zichayeka kakhulu ezimpahleni eziwohlokayo. Abenzi benqubomgomo kumele baqaphele ekulawuleni ukuhoxiswa kwe-QE ukuze bagweme ukubangela ukuphazamiseka kwemakethe okungazelelwe futhi baqinisekise ukuguquguquka okushelelayo endaweni yemali enokulinganisela.

9. Umthelela Ekukhuleni Komnotho

I-Quantitative easing (QE) idlala indima ebalulekile ekuthinteni ukukhula komnotho, ikakhulukazi ngezikhathi zobunzima bezezimali noma ukuntengantenga komnotho. Ngokukhuphula i-liquidity ohlelweni lwezezimali, ukwehlisa amanani enzalo, nokukhuthaza ukuboleka, i-QE ingashukumisa umsebenzi wezomnotho wesikhashana. Kodwa-ke, nakuba inganikeza izinzuzo ezisheshayo mayelana nokukhula, kukhona ukukhathazeka mayelana nokuhlanekezela okungase kudale. Ukwengeza, amabhange amakhulu kufanele acabangele ukuthi angaphuma kanjani ezinhlelweni ze-QE ngaphandle kokubangela ukuntengantenga kwezimali, njengoba lokhu kungaba nomthelela ekusimameni kokukhula komnotho.

9.1 Izinzuzo Zesikhathi Esifushane ze-QE Ekukhuleni Komnotho

Esikhathini esifushane, i-QE yakhelwe ukuthuthukisa ukukhula komnotho ngokwehlisa izindleko zokuboleka kanye nokwandisa ukufinyelela emalini yesikweletu. Njengoba amabhange amakhulu ethenga amabhondi kahulumeni nezinye izimpahla zezezimali, afaka imali ohlelweni lwamabhange, okuvumela amabhange ukuthi elule izikweletu ezengeziwe kumabhizinisi nakubathengi. Izinga lenzalo ephansi likwenza kushibhe ezinkampanini ukuxhasa ngezimali ukwandiswa, ukutshala imali kumaphrojekthi amasha, nokuqasha abasebenzi abengeziwe. Ngokufanayo, abathengi bayazuza emazingeni aphansi emali ebolekiwe, inzalo encishisiwe yekhadi lesikweletu, kanye nokufinyelela okulula emalimboleko, okungaholela ekwenyukeni kwezindleko ezindlini, ezimotweni, nakwezinye izinto zamathikithi amakhulu.

Lokhu kukhula kokuboleka nokusebenzisa imali kukhuthaza isidingo emnothweni wonkana, okunomthelela ekukhuleni kwe-GDP. Imikhakha efana neyokwakha, ukukhiqiza, kanye nokudayisa ivamise ukuba ne-uptick njengoba bobabili amabhizinisi nabathengi bethatha isikhangisovantage yezimo ezivumayo zokuboleka. Umphumela wengcebo, lapho ukukhuphuka kwezintengo zempahla (isb., amasheya, izindlu nomhlaba) kukhulisa ukuzethemba kwabathengi nokusebenzisa imali, nakho kudlala indima ekuqhubekiseni umsebenzi wezomnotho ngezikhathi ze-QE.

Amabhange amakhulu ahlose ukusebenzisa i-QE njengethuluzi lokukhipha umnotho ekuwohlokeni komnotho noma ekuntendeni, nokudala umjikelezo wokukhula onganciphisa ukuntuleka kwemisebenzi futhi andise ukusetshenziswa kwemali kwabathengi. Isibonelo, ngesikhathi sezinkinga zezimali zika-2008, izinhlelo ze-QE ze-US Federal Reserve zanconywa ngokusiza ukusimamisa umnotho kanye nokubuyisela ukukhula ngokwenza imali eshibhile futhi ifinyeleleke kalula.

9.2 Amathuba Okuhlanekezeka Kwezomnotho Kwesikhathi Eside

Nakuba i-QE ingakhuphula ngempumelelo ukukhula komnotho wesikhashana, ukusetshenziswa kwayo isikhathi eside kungaholela ekuhlanekeni komnotho wesikhathi eside. Okunye okukhathazayo okuyinhloko ukungabiwa ngendlela kwezinsiza, njengoba inzalo ephansi ingase ikhuthaze ukutshalwa kwezimali okungakhiqizi ngempela. Isibonelo, izinkampani zingase zithathe isikweletu eseqile ukuze zixhase ngezimali izinhlelo zokunwetshwa ezingeke zenzeke endaweni enenzalo ephezulu, noma zingasebenzisa ukuboleka okushibhile ukuze kuthengwe isitoko esikhundleni sokutshala emisha noma ekuthuthukisweni kokukhiqiza. Ngokuhamba kwesikhathi, lokhu kungaholela ekungasebenzini kahle kwezomnotho futhi kudale ubungozi uma izinga lenzalo likhuphuka noma izimo zomnotho zishintsha.

Ukwengeza, i-QE eqhubekayo ingaba nomthelela ekwakhekeni kwamabhamuza empahla, njengoba imali efakwa ohlelweni lwezezimali ikhuphula izintengo zamasheya, amabhondi, nezindawo ezithengiswayo. Lapho lawa mabhamuza eqhuma, ukulungiswa kwezimakethe okungaba umphumela kungaba nemiphumela enzima ekukhuleni komnotho, njengoba kubonakala phakathi nezinkinga zezimali ezedlule. Ngaphezu kwalokho, izikhathi ezinde zezilinganiso zenzalo ephansi zingakuqeda amandla ukonga, okuwumgqugquzeli oyinhloko wokutshalwa kwezimali kwesikhathi eside. Abonga, ikakhulukazi abahola impesheni nabathathe umhlalaphansi, bangase bathwale kanzima ukuthola imbuyiselo eyanele ekutshalweni kwabo, okungase kuholele ekwehliseni ukusetshenziswa kwemali esikhathini esizayo.

Okunye okungahle kuhlanekezelwe wukuthembela ekungeneleleni kwebhange elikhulu ukuze kusimame ukukhula komnotho. Uma amabhizinisi nabatshalizimali bencika kakhulu emazingeni enzalo aphansi kanye nezinhlelo ze-QE, umnotho ungase uthwale kanzima ukukhula ngaphandle kokusekelwa okunjalo kwezimali, nokudala ukusimama okubuthakathaka okungaphazanyiswa kalula izinguquko zenqubomgomo yebhange eliphakathi.

9.3 Phuma Kwamasu ku-QE Nemithelela Yawo

Esinye sezici eziyinselele kakhulu ze-QE ukunquma ukuthi uzophuma kanjani futhi nini kulezi zinhlelo. Uma amabhange amakhulu ehlehlisa i-QE ngokushesha okukhulu, kungase kubangele ukuntengantenga kwezimali, njengoba izimakethe nabatshalizimali sebejwayele ukujwayela isimo semali esilula esidalwe yi-QE. Ngakolunye uhlangothi, uma i-QE inakekelwa isikhathi eside kakhulu, ingaholela ekuhlanekeni okwengeziwe, njengokushisisa ngokweqile ezimakethe zempahla noma ukunqwabelana kwezikweletu ngokweqile.

Amabhange amakhulu ngokuvamile asebenzisa indlela ehamba kancane lapho ephuma ku-QE, evame ukubizwa ngokuthi "i-tapering." Lokhu kubandakanya ukwehlisa kancane ijubane lokuthengwa kwempahla nokusayina ezimakethe ukuthi amanani enzalo azogcina ekhuphukile. Umgomo uwukuba kujwayelekile inqubomgomo yezimali ngaphandle kokubangela ukwenyuka okukhulu kwezindleko zokuboleka noma ukubangela ukudayiswa kwemakethe.

Isikhathi kanye nokwenziwa kokuphuma amasu zibucayi. Ukuphuma okungalawulwa kahle kungaholela ekwenyukeni kwezilinganiso zenzalo, kwenze kube nzima kumabhizinisi nabathengi ukuboleka nokusebenzisa, okungase kumise ukukhula komnotho. Ukwengeza, izinguquko ezingazelelwe kunqubomgomo yezimali zingaholela ekulahlekelweni ukuzethemba ezimakethe zezimali, okuholela ekwenyukeni kokuntengantenga futhi okungase kubangele ukwehla okubanzi komnotho.

Amabhange amakhulu kumele akhulume ngokucophelela ngezinhlelo zawo emphakathini nasezimakethe ukugwema ukudala ukungaqiniseki. Kudingeka futhi balinganisele ubungozi bokwehla kwamandla emali, ukuntengantenga kwezimali, kanye nokuntengantenga kokukhula lapho benquma ukuthi bazoyikhulula kanjani i-QE. Imiphumela yokuphuma ngendlela engafanele ingaba nemiphumela efinyelela kude, hhayi nje emnothweni wasekhaya kodwa nohlelo lwezezimali lomhlaba wonke.

10. Izingozi nezinselele ze-QE

Nakuba i-quantitative easing (QE) ibe yithuluzi elibalulekile lamabhange amakhulu ukuze akhuthaze ukukhula komnotho, iza nobungozi obukhulu kanye nezinselelo. Imiphumela ebanzi ye-QE idlulela ngale kokusimama komnotho ngokushesha, okunomthelela ekuziphatheni kwemakethe, ukusimama kwezikweletu, nokuzinza kwezezimali ngazo zombili izindlela ezihlosiwe nezingahlosiwe. Izingozi ezihlobene ne-QE zivame ukuba yinkimbinkimbi futhi zihlala isikhathi eside, azithinti nje umnotho kodwa nezimakethe zezimali kanye nokuziphatha kwabatshalizimali. Amabhange amakhulu kufanele aqaphele ekulawuleni lezi zingozi ukuze agweme imiphumela engahlosiwe engalimaza ukusebenza kwe-QE noma adale izinkinga zezomnotho ezintsha.

10.1 Ingozi Yokuziphatha kanye Nokuziphatha Okuthatha Ingozi

Enye yezingozi eziyinhloko ze-QE ukudalwa kwengozi yokuziphatha, lapho abatshalizimali kanye nezikhungo zezezimali zithatha ingozi enkulu, zikholelwa ukuthi amabhange amakhulu azongenelela uma izimakethe zintengantenga. Njengoba i-QE yehlisa izilinganiso zenzalo futhi ikhuphula i-liquidity, ikhuthaza “ukufuna isivuno,” lapho abatshalizimali beqhutshwa khona ukufuna imbuyiselo ephakeme ngokuthuthela ezimpahleni eziyingozi njengamabhondi anesivuno esikhulu, izabelo, noma ama-speculative ventures. Lokhu kuziphatha kungaholela emananini entengo ezimpahla kanye nokungabi bikho kwentengo engozini, kwenze izimakethe zibe sengcupheni yokulungiswa noma izinkinga zezimali.

Izingozi zokuziphatha nazo zingathinta izikhungo zezezimali njengamabhange, ezingase zibe sengozini enkulu emisebenzini yokuboleka nokutshala izimali, kucatshangwa ukuthi ibhange elikhulu lizoqhubeka nokuhlinzeka ngemali yezimali noma ibheyili uma umnotho uba buthaka. Lokhu kungaholela ekuncikeni okungenampilo ekusekelweni kwenqubomgomo yezimali, kuhlanekezele ukuguquguquka kwezimakethe ezijwayelekile kanye nokukhuthaza ukuziphatha budedengu kwezezimali. Ezimweni ezimbi kakhulu, lokhu kungaholela ezingozini zesistimu, lapho ukwehluleka kwesikhungo esisodwa kungase kubangele ukungazinzi okubanzi kulo lonke uhlelo lwezezimali.

Ukwengeza, i-QE ingakhuthaza amabhizinisi ukuthi asebenzise ngokweqile, athathe izikweletu ezingaphezu kwalokho abengenza ngaphansi kwezimo zesilinganiso senzalo esivamile. Nakuba ukuboleka okushibhile kungase kukhuthaze ukukhula esikhathini esifushane, isikweletu senkampani eseqile singaholela ekubeni sengozini uma izimo zomnotho ziba zimbi kakhulu noma uma izinga lenzalo ligcina likhuphuka.

10.2 Ukusimama Kwezikweletu kanye Nezezimali Zikahulumeni

I-QE ingase futhi iphakamise ukukhathazeka mayelana nokusimama kwezikweletu, ikakhulukazi kohulumeni abangase bathembele ezindlekweni eziphansi zokuboleka ukuze baxhase ngezimali ukushoda kwesabelomali. Ngokuthenga amanani amakhulu amabhondi kahulumeni, amabhange amakhulu ehlisa izindleko zokuboleka ohulumeni, okubenza bakwazi ukukhipha isikweletu ngamanani enzalo aphansi ngokomlando. Nakuba lokhu kunganikeza ukukhululeka kwezimali zesikhashana, kungase futhi kukhuthaze ohulumeni ukuthi banyuse ukusetshenziswa kwemali ngaphandle kokubhekana nezinkinga eziyisisekelo zesakhiwo ezimali zabo.

Ngokuhamba kwesikhathi, lokhu kungaholela emazingeni angalawuleki esikweletu somphakathi, ikakhulukazi uma amanani enzalo enyuka noma uma amabhange amakhulu ehlehlisa izinhlelo zawo ze-QE. Izinkokhelo zenzalo ephakeme esikweletini sikahulumeni zingaminyanisa ezinye izindlela zokusebenzisa imali yomphakathi, njengokutshalwa kwezimali kwingqalasizinda, ukunakekelwa kwezempilo, noma imfundo. Ukwengeza, isikweletu sikahulumeni eseqile singakhawulela ikhono lezwe lokusabela ezinkingeni zomnotho zesikhathi esizayo, njengoba kungase kube nesikhala esincane sezimali sokusebenzisa izindlela zokukhuthaza.

Emazweni athuthukayo ezomnotho, ubungozi bukhulu nakakhulu. Lawa mazwe angase abhekane nokundiza okukhulu noma ukwehla kwenani lemali njengoba abatshalizimali befuna imbuyiselo ephezulu kwezomnotho ezithuthukile ezihlomula ku-QE. Lokhu kungadala ukuntengantenga kwezimali, kwenze kube nzima kula mazwe ukuphatha izikweletu zawo kanye nokukhula komnotho.

10.3 Amathuba Emiphumela Engahlosiwe kanye Nokungaqini Kwezimakethe

Enye yezinselelo ezibalulekile ze-QE amandla okuba nemiphumela engahlosiwe engathunaza izimakethe zezimali. Isibonelo, ngokwehlisa izilinganiso zenzalo nokwenyuka kwemali, i-QE ingakhulisa amabhamuza empahla ezindlini, ezimakethe zamasheya, noma okunye ukutshalwa kwezimali okucatshangelwayo. Lapho lawa mabhamuza eqhuma, kungaholela ekwehleni okukhulu kwezintengo zempahla, okungase kubangele izinkinga zomnotho ezibanzi, njengokushoda kwezikweletu noma inkinga yamabhange.

Ngaphezu kwalokho, i-QE ingahlanekezela izimpawu zemakethe, kwenze kube nzima kubatshalizimali ukuhlola inani langempela lempahla. Esimweni esivamile semakethe, izilinganiso zenzalo zibonisa ingozi kanye nomvuzo yokutshalwa kwezimali okuhlukahlukene, eqondisa imali ekusetshenzisweni kwayo okukhiqiza kakhulu. Kodwa-ke, lapho amabhange amakhulu ecindezela izilinganiso zenzalo nge-QE, angaphazamisa le nqubo, okuholela ekwabiweni kwezimali ezingasebenzi kahle kanye nokungabi bikho kwamanani entengo engozini.

Omunye umphumela ongahlosiwe we-QE umthelela wayo ezimakethe zomhlaba. Njengoba i-QE kwezomnotho esethuthukile ingakwazi ukwehlisa isivuno kumabhondi kahulumeni, ngokuvamile iholela ekukhuphukeni kwezimali ezimakethe ezisafufusa, lapho abatshalizimali befuna khona imbuyiselo ephezulu. Nakuba lokhu kungase kuzuze izimakethe ezisafufusa ngokwandisa utshalomali, kungase futhi kudale ukuntengantenga, njengoba ukushintsha okungazelelwe kokugeleza kwezimali kungenza le minotho ingasebenzi kahle. Lapho amabhange amakhulu ezomnotho ezithuthukile egcina ehlehlisela emuva izinhlelo zawo ze-QE, ukuguqulwa kwalokhu kugeleza kwezimali kungase kuholele ekwehleni kwenani lemali, ukukhuphuka kwezinga lenzalo, kanye nezinkinga zezimali ezimakethe ezisafufusa.

Okokugcina, i-QE ingenza kube nzima ukuziphatha kwenqubomgomo yezimali esikhathini eside. Ngokugcina izilinganiso zenzalo ziphansi isikhathi eside, amabhange amakhulu angase akuthole kuyinselele ukubuyela ezimeni ezivamile zezimali ngaphandle kokubangela ukuphazamiseka. Uma izimakethe nezomnotho zithembela kakhulu emalini enikezwa yi-QE, amabhange amakhulu angase abhekane nobunzima ekuqiniseni umgomo wezimali ngaphandle kokubangela ukwehla komnotho noma iziyaluyalu zezimakethe zezimali.

Isiphetho

I-Quantitative easing (QE) ibonakale iyithuluzi lemali elinamandla nelingejwayelekile, elivumela amabhange amakhulu ukuthi akhuthaze ukukhula komnotho, alawule izingcindezi zokwehla kwamandla emali, futhi ahlinzeke ngezimali ngezikhathi zobunzima. Ukuqaliswa kwayo, ikakhulukazi phakathi nenhlekelele yezimali emhlabeni wonke ka-2008 kanye nezinselelo zomnotho ezalandela ezabangelwa ubhubhane lwe-COVID-19, kwagqamisa indima ebalulekile engayidlala ekusimamiseni umnotho lapho amathuluzi enqubomgomo yezimali evamile, njengokwehlisa amanani enzalo, engasasebenzi. Nokho, nakuba i-QE iveze izinzuzo zesikhathi esifushane, imiphumela yayo yesikhathi eside iphakamisa imibuzo ebucayi mayelana nokusimama kwayo, ubungozi obungase bube khona, kanye nebhalansi ethambile edingekayo ukuze kugwenywe imiphumela yezomnotho engahlosiwe.

Umthelela we-QE ezimakethe zezimali ujulile, unomthelela kuyo yonke into kusukela kumanani ebhondi namasheya kuya kumazinga okushintshaniswa kwemali kanye nezilinganiso zempahla. Yehlisa izilinganiso zenzalo, yenza ukuboleka kushibhe, futhi kukhuphule ukutshalwa kwezimali ngokukhuthaza ukuthatha ubungozi, kodwa lokhu kukhula kwemali mboleko kungaholela ekuhlanekeni kwezimakethe. Amabhamuza ezimpahla, amanani entengo yesitoko, nokungalingani kwengcebo ezinye zezinselele amabhange amakhulu okufanele azizuzise njengoba esebenzisa i-QE isikhathi eside. Impumelelo ye-QE ivamise ukuncika endaweni yezomnotho ebanzi kanye nesikhathi sokuqalisa nokuhoxiswa kwayo.

Enye yezinto ezibalulekile ezithathwe ekusetshenzisweni kwe-QE ukubaluleka kokuphatha isu lokuphuma ngokucophelela. Uma amabhange amakhulu ehoxisa i-QE ngokushesha okukhulu, kungaholela ekwenyukeni okukhulu kwamazinga enzalo, okungakhinyabeza ukukhula komnotho futhi kubangele ukuntengantenga kwezimakethe zezimali. Ngakolunye uhlangothi, ukwelula i-QE kubeka engcupheni ingunaphakade yokudala ukuhlanekezelwa kwesikhathi eside emnothweni, okuhlanganisa isikweletu eseqile, izingcindezi zokwehla kwamandla emali, kanye nokuncika ekuvuseleleni imali.

Uma sibheka phambili, amabhange amakhulu abhekene nenselelo yokulinganisa ukusimama komnotho nokuzinza kwezezimali. Njengoba umnotho ululama emthelela wezinkinga, njengobhubhane lwe-COVID-19, umbuzo uphakama wokuthi amabhange amakhulu kufanele agcine i-QE isikhathi eside kangakanani nokuthi izoba yini imiphumela yesikhathi eside yokuthengwa kwempahla okuqhubekayo. Abenzi benqubomgomo kufanele balinganise ubungozi bokuhoxiswa kwe-QE ngokushesha kakhulu ngokumelene nezingozi zokukhuphuka kwezimakethe zezimali nokudala amazinga angenakulinganiswa esikweletu.

Ngokuzayo, i-QE ingase iqhubeke nokubamba iqhaza kumathuluzi enqubomgomo yezimali yamabhange amakhulu, ikakhulukazi ngezikhathi zokucindezeleka okukhulu komnotho. Kodwa-ke, ukusetshenziswa kwayo kufanele kuhambisane nezinye izinqubomgomo zezomnotho, okuhlanganisa izinyathelo zezimali kanye nezinhlaka zokulawula, ukuze kuqinisekiswe ukuthi akuholeli ekungalingani kwezomnotho kwesikhathi eside. Esimweni esibanzi senqubomgomo yezimali, indima ye-QE ingase iguquke, idinga ukusebenzelana okukhulu phakathi kwamabhange amakhulu emhlabeni jikelele ukuze alawule imiphumela egelezayo i-QE engaba nayo ezimakethe zamazwe ngamazwe, ikakhulukazi emazweni ezomnotho asathuthuka.

Nakuba i-QE isebenze ngempumelelo ekusimamiseni umnotho ngezikhathi zobunzima, ayinabo ubungozi kanye nezinselelo zayo. Amabhange amakhulu kufanele ahlale eqaphile mayelana nokuba khona kwezingozi zokuziphatha, amabhamuza ezimpahla, nokuhlanekezelwa kwezomnotho kwesikhathi eside. Impumelelo ye-QE ayincikile kuphela ekusetshenzisweni kwayo kodwa futhi nasendleleni ephathwa ngayo ngokuhamba kwesikhathi, ikakhulukazi uma kukhulunywa ngokuqaqa lezi zinqubomgomo.

Njengoba umnotho womhlaba ubhekene nokungaqiniseki okuqhubekayo, kusukela ekucindezelweni kokwehla kwamandla emali kuya ezinseleleni zezwe, ikhono lamabhange amakhulu ukulungisa amasu awo lizobaluleka. I-QE imise kabusha isimo senqubomgomo yezimali, inikezela ngamathuluzi anamandla okulawulwa kwezinhlekelele, kodwa futhi igcizelela ukubaluleka kwezinqumo zenqubomgomo ezicophelelayo, ezilinganiselwe ekuzuleni izimo zomnotho eziyinkimbinkimbi.