Ukujoliswa kwexabiso lentengo yintoni? Umgaqo-nkqubo wokujoliswa kwexabiso lentengo

Ixabiso lemali liyanda ngokunyuka kwamaxabiso. Ukulinganisa umgangatho waso, isibonakaliso senguqu kwixabiso lenkcazo enxulumene nexesha lesiseko lisetyenzisiweyo.

Ukwahlula

Imithatho yemali yintlobo ezimbini. Okokuqala kubangelwa ukwanda kweemfuno zeempahla. Ngako oko, kuthiwa ukunyuka kwamaxabiso emfuno. Kule meko, umboleki uzimisele ukuhlawula ngaphezulu kwemveliso ethile. Ngelo xesha, inkqubo yezoqoqosho ifuna ukufikelela kwindawo ethile, ngaphandle kwamathuba okuvelisa. Amashishini, ngoko, kuxhomekeke kwiimeko, nokuba ukwandisa amaxabiso eempahla, okanye ukwandisa umphumo walo. Ixabiso lemali lonikezelo lwenziwa ngokufuneka rhoqo. Amanani okunyuka kweemveliso kule meko ngenxa yokukhula kweendleko (indleko yemveliso yanda). Ekubeni ama-enterprise akakwazi ukuthengisa iimveliso ngokulahlekelwa, ngokwabo banyanzelekile ukuba bandise intengo. Ngokuhambelana nomthetho wokufunwa kwempahla, xa kuthe kwindleko ezandayo, inani leeyunithi ezithengisiwe linciphile. Ukuba urhulumente welizwe alithathi amanyathelo alaneleyo, ngoko uqoqosho luqala ukuhla.

Ukutshintshela ekujoliseni kwexabiso lentengo

Kwamazwe amaninzi athuthukile, ukwanda kwexabiso jikelele kukungxamisekileyo kwentlalo kunye nezoqoqosho. Ixabiso lemali ayikho nje ukwanda kwindleko yemveliso. Ikhokelela ekunciphiseni imali yokugcina imali, ukuhamba kweenkunzi ezinkulu kwiindawo eziphathekayo, izitye ezixabisekileyo kunye nezinto ezingaphandle, ukunciphisa ukutsaliswa kotyalo-mali. Oku, ukukhawuleza ukukhula koqoqosho, kubandakanya ukucwangcisa ixesha elide, ukwandisa uxhaso kuluntu. Okwangoku, abaninzi bathi basebenzise izinga lokutshintshisana kunye neentengo zemali njengeenjongo eziphambili zeprogram yezemali kunye netyala. Kodwa kwiminyaka engama-90 amazwe amaninzi ahambela kule nkcubeko. Ezinye iingcali zikholelwa ukuba inkqubo yezemali kunye nenkokhelo yezinye iinjongo zingabonakaliswa kwinqanaba elithile njengoko kuthethwa kwexabiso lentengo. Ngoko, umzekelo, i -economist eyaziwayo uJay Taylor ukholelwa ukuba e-US uthembela kwisimo esiphezulu sale ndlela. Ngokuhambelana nalo mgaqo, i-system ye-federal system iyalungiselela ngokukhawuleza inani lexabiso kwimali. Ngoko uphendukela kwiintshukumo zepropati yasekhaya ukusuka kwiphumo elingenako, kunye nokunyuka kwamaxabiso-ukusuka kwi-forecast. Amanye amazwe akhetha ngokukhethekileyo le ndlela. Ngokungathandabuzekiyo, kukho izinto ezintle kunye nokungonakali kokujoliswa kwexabiso lentengo. Kodwa kumazwe anjalo, ukuphumeza kwinqanaba lexabiso elizinzileyo lenza into ebaluleke kakhulu ekuqinisekiseni ukukhula koqoqosho.

Umgaqo-nkqubo wokujoliswa kwexabiso lentengo

Njengoko umkhuba ubonisa, zonke iinzame zokufezekisa ezinye iinjongo zokuzinza kwezoqoqosho (ukukhula kwezonyango kunye nokuqeshwa kwabantu abaphezulu) zichasene nemigaqo yokuzinza kwexabiso. Kwimeko apho ilizwe eliphuhlisiwe lijongelwa ukunyuka kwamaxabiso, iibhanki eziphambili zivame ukuphakamisa izinga lentengo ngokusebenzisa ukujoliswa kwexabiso lentengo. Oku, kubangele, kubangele ukunganeliseki, ngakumbi kubalingisi abandakanyekayo kwicandelo langempela loqoqosho. Kodwa le ndlela, inokunceda ukukhusela ukungqubana komdla. Oku kubangelwe kukuba injongo ephambili yeprogram yezemali kunye nekhredithi ayiyikukhuthaza isibonakaliso esiphezulu somsebenzi okanye ukukhula kwemveliso, kodwa kunoko "ulungelelwaniso" lwe-inflation. Ukongezelela, ngokusekelwe kule ndlela, amanyathelo okuphendula amanyathelo athathatywayo angathathwa nangaphambi kokuba kubekho ingxaki.

Ingundoqo yendlela

Ukujoliswa kwexabiso lentengo kusebenza njani? Ibhanki ephakathi iqikelela ukuguqulwa kwexabiso lokukhula kwamanani kwaye uyayithelekisa kunye nezikhokelo ezijoliswe kuzo ezifuna ukufezekisa. Ukwahlukana kubonisa isilinganiselo esifanelekileyo sokulungiswa kweprogram yezemali kunye netyala. Ngenxa yoko, i-level inflationary level isungulwe. Abasemagunyeni ngexesha elifanayo basebenzise zonke iindlela zokuphumeza le nqondiso. Amazwe apho le ndlela isetyenziselwa ukuba igalelo ekuphuculeni ukusebenza kolawulo lwemali xa kuthelekiswa neendlela eziqhelekileyo.

Iimfuneko zokuQala

Kukho imimiselo emibini ekufuneka idibeneyo ukuze kuphunyezwe ukujoliswa kwexabiso lentengo. Ezi zi:

1. Iqondo elaneleyo lokuzimela kweBhanki Ephakathi ukusuka kurhulumente. Iziko lemali kufuneka likhululeke ukukhetha izixhobo ezilindelwe ukuba zifikelele kwizinga elijoliswe kuyo.
2. Ukugatya kwamagunya okujolisa ezinye izikhombisi zezoqoqosho. Ezi zibandakanya, ingakumbi, umvuzo, izinga lokutshintshiselana, okanye amanqanaba omsebenzi.

Kuchazwe

Ukuzalisekisa imeko yokuqala, kufuneka ushiye "ulawulo lwezemali". Oku kuthetha ukuba inkqubo yezemali ayifanele ibenze nayiphi na impembelelo kwinkqubo yemali kunye neentengo zemboleko. Xa kunqatshelwe ukulawulwa kwezemali, kucingwa ukuba i-borrowing yombuso evela kwiBhanki Ephakathi iphantsi kakhulu okanye i-zero, kwaye iimarike zemali zasekhaya ziphuhliswa ngokwaneleyo. Oku kulandelayo kuyimfuneko ukufumana ukukhutshwa okongezelelweyo kwemimiselo karhulumente. Ukongezelela, urhulumente kufuneka abe nesiseko esikhulu semali. Nangona kugcinwa ukubusa kwezemali, inkqubo yerhafu iya kukhuthaza ukunyuka kwamaxabiso. Oku kuya kunciphisa ukusebenza kweprogram yemali kunye neentengo zemboleko. Ngokubhekiselele kwimeko yesibili, ukuba ilizwe lilandela umgaqo-nkqubo wezinga lokutshintshiselwa, kunye nokuhamba okuphezulu kwinqununu yehlabathi jikelele, akuyi kuba nethuba lokwenza ngokufanayo ukufaka ukujoliswa kwexabiso lentengo. Oku kuthintela abathathi-nxaxheba beemarike abangazi ukuba zeziphi iinjongo ezininzi urhulumente azakukhetha xa kwenzeka imeko eqhubekayo. Ngokomzekelo, ukuba kukho ubungakanani benani lokutshintshwa kwezinga lokutshintshiselwa, iBhanki ePhakamileyo iya kufuneka ikhethe: ukuqhubeka nokubamba izinga elimisiweyo kwaye ngaloo ndlela liyeke ukujoliswa kwexabiso lentengo, okanye ukugcina izinga elichongiweyo, kodwa ukuhlawulela izinga lokutshintshiselwa.

Scheme Action

Imisebenzi ephambili eyimfuneko yokuqhuba ukujoliswa kwexabiso lokunyuka kwamaxabiso yiyo:

1. Ukuphuhliswa kwendlela okanye indlela yokubikezela.
2. Ukusekwa kweempawu zokunyuka kwexabiso lentengo kwixesha elizayo.
3. Ukuqinisekiswa kwabathathi-nxaxheba bemarike kukuba iinjongo ezibekwe zifanelekileyo kunezinye.
4. Ukukhethwa kwezixhobo ezifanelekileyo zemali. Ngokuncedisa ukunyuka kwamaxabiso kuya kuhla kwinqanaba elijoliswe kuyo.
5. Ukudalwa kweemfuno zeziko kunye nezobugcisa zokubikezela kunye nokwenza imodeli yenyuka kwenyuka.
6. Inkcazo ye-lag phakathi kwexesha lokusungulwa kwezixhobo zemali kunye nexesha leempembelelo zalo kwinqanaba lokunyuka kwamaxabiso.
7. Ukufunda isantya sokusebenza kwezixhobo zomntu ngamnye.

Inkcazo yesalathisi ekujoliswe kuyo ibonisa kwakhona:

1. Ukukhetha uhlobo lwexabiso lenkcazo.
2. Ukuqulunqwa kwemisebenzi ngokwezinga lokunyuka kwamaxabiso okanye izinga lamanani.
3. Ukubalwa kwamandla okukhula kwenyuka.
4. Ukuqulunqwa kwesijoliso njengoluhlu lwezinto zokukhangela okanye ixabiso lexabiso.
5. Ukugcinwa kweenguqu ezinokwenzeka ukusuka kwiinjongo okanye ukukhishwa kwendawo ephawulekayo xa kwenzeka imeko ekhethekileyo.

Imeko eRussian Federation

Okwangoku, iingcali zikholelwa ukuba iBhanki Ephakathi ihambelanayo "nesicwangciso sokubambisa", apho uguqulelo lwaseRashiya ekujoliswe kwexabiso lentengo lucwangciswe. Ngoko ke, ngokukodwa, kwi-Draft Guidelines ye-Financial and Credit Programme ka-2013-2015. Kwachazwa ukuba kwixesha leminyaka emithathu, ukuqhubeka kwemigaqo esetyenziswayo kuya kuqhubeka. Ngo-2015 bekucetywayo ukuseka urhulumente wokujoliswa kwexabiso lentengo kwilizwe. Iqulunqo kwakhona ibonise ukuba, ngenxa yemilinganiselo yamanyathelo okujoliswe ekuphuculeni inkqubo yezixhobo, ukwandisa ukuguquguquka kwezinga lokutshintshiselwa kweeruble, lawula iirhafu zentsholongwane. Nangona kunjalo, iindlela ezisebenzisayo zeBhanki ephakathi azikwazi ukuqinisekisa ukuzinza kwezoqoqosho.

Iingxaki

Ukujoliswa kwexabiso lentengo eRashiya kuphethwe yinkalo ebonakalayo. Njengemilinganiselo eqhelekileyo kule ndlela yimiqathango yokunciphisa iindleko zebhajethi, ukuqinisa uqeqesho lwezemali, ukunciphisa umthamo wemali-mboleko kwiibhanki zorhwebo. Ngenxa yoko, izinto ezimbi zikhona. Ngokukodwa, iibhanki 'ukuboleka kwecandelo lezoshishino liyancipha, ukuthengwa kwemali, umthengi kunye nokufunwa kwemali kutsha, kwaye imali engenayo iyakhula. Inqanaba lokunyuka kwamaxabiso lichongiwe zizibonakaliso ezinokuthi zingenakwenzeka ukuqikelela. Olu hlobo lwemali luquka ukuhlaziywa kweemarike zasekhaya, ukungalingani kwiindawo zokurhweba zehlabathi, ngokukodwa kwimarike yamandla. Ukunciphisa izinga lokunyuka kwamaxabiso ngenxa yokunciphisa imali yokubonelela kunokuba negalelo lokunciphisa ukuhlawula. Oku kuya kubangela iingxaki ezibalulekileyo kwicandelo lebhanki. Ekubeni ukunyuka kwamaxabiso eRussian Federation kubaluleke kakhulu ukungeniswa, ukunyusa izinga lentengo akuyi kuba nempembelelo enkulu kwiindleko zemithombo yendalo ye-hydrocarbon. Ngelixa ilizwe lingathathi amanyathelo okujoliswe ekunciphiseni impembelelo yamanani ehlabathi kwiintengo zasekhaya, eli lizayo liya kuvuka emva kokuqala. Indlela yendabuko yokujolisa kukunyusa izinga lentengo yeBhanki Ephakathi. Lo mlinganiselo ungakunceda ukunciphisa imfuno ebanzi. Kuye, kuya kuncitshiswa koqoqosho kunye nokunciphisa ukwanda kwindleko yenani leenkonzo kunye neempahla, ngokukodwa ezingengabathengisi. Nangona kunjalo, ezi zenzo zodwa azikwazi ukunciphisa ukunyuka kwamaxabiso kumanqanaba acwangcisiweyo.

Izixazululo ezinokwenzeka

Ngokungabikho kwenkqubo enenjongo kunye nezotyalo-mali, utshintsho lwezobuchwepheshe kwezoqoqosho lwasekhaya luqikelelwa yiingcali ezinjengezolawulo. Zizityhilwa, ngokweengcali, ngokuchithwa ngokukhawuleza kwesakhiwo soqoqosho. Uqoqosho olunzulu kakhulu luye lwachaphazela amashishini anamhlanje, awenze "ukuphindaphinda" iminyaka eyi-15-20 edlulileyo. Oku kuthetha ukuba ekujoliswe kuyo kufuneka kuqala kuqala ukuba ingabhekiswa ku-inflation, kodwa ukukhula kwezoqoqosho. Kwicandelo lokwenene kukho ukuhla kwehla kwexabiso elimisiweyo. Ukukhawulezisa ukuvuselelwa kwabo, kuza kufuneka imali enkulu. Akunakwenzeka ukufumana inkunzi kwimali yamashishini. Kwimeko yesihla, imveliso ayikwazi ukwenza ngaphandle kokuboleka.