UFebhu 1 • Amazwana eMakethe • Ukubukwa okungu-7218 • 3 Amazwana ku-Original Japanese Expression For Quantitative Easing
量的金融緩和, ryōteki kin'yū kanwa
Izimakethe zibe ngaphansi kwenqubo yokuthambisa esikhathini esingangenyanga edlule noma ngaphezulu, mayelana nokulindela ukuthi enye i-QE izokwenziwa yiBhange LaseNgilandi lase-UK mhlawumbe emhlanganweni wabo wanyanga zonke olandelayo. Njengoba isihloko siyashisa kungase kudingeke ukuthi sibheke imvelaphi, indlela kanye nezinzuzo ezingabazekayo zale nguqulo engavamile yenqubomgomo yezimali esiphenduke ingxenye yesichazamazwi solimi lwanamuhla.
Umbuzo we-QE eyengeziwe kanye nokulandisa okunamandla okuhambisana naso, sekuphinde kwaphakanyiswa futhi e-USA. Umhlangano ngamunye we-Fed uhambisana nokuqagela okujulile kanye nokusesha izinkomba zokuthi i-Fed (esesimweni sika-Ben Bernanke) isungula izimakethe ukuze kumenyezelwe i-QE 3.
Isici esisodwa esithakazelisayo se-QE yiqiniso lokuthi esikhathini sanamuhla isimo sezimali esokuqala sazanywa iJapane ukuze kukhuphule isizwe kulokho ngaleso sikhathi okwakuwumnotho ontengantengayo owake wahlupheka ngenxa yokuntengantenga. Isibikezelo sasiwukuthi inguqulo yaseJapane ye-QE yehlulekile njengoba kufakazelwa umnotho osamile. Abanye abahlaziyi bangaphakamisa ukuthi naphezu kokuba yisizinda esinamandla wokukhiqiza, umnotho womhlaba wesithathu ngobukhulu uhlulekile ukulinganiswa esikhathini esiyiminyaka engaba ngu-20+.
Isikweletu esihlanganisiwe siqhathaniswa nezinga le-GDP yase-Japan, ngokwemibandela yezomnotho, siyethusa. Isikweletu esihlanganisiwe uma siqhathaniswa ne-GDP singaphezu kuka-600% futhi isikweletu sabo se-quadrillion, (cishe ama-dollar ayizigidi eziyizinkulungwane ezingu-13) siyimbangela yokukhathazeka njengoba isikweletu sase-Japan sesivele siyisikhulu sezimboni emhlabeni wonke cishe ngokuphindwe kabili kwe-GDP yayo, ngemva kweminyaka yezinyathelo zokumpompa ohulumeni abazama ukungena. ize ukubopha ukwehla kwezomnotho isikhathi eside. Imali esetshenziswa uhulumeni unyaka wonke kuze kube uMashi kulindeleke ukuthi ikhule ifinyelele ku-106.40 trillion njengoba uchungechunge lwezabelomali ezengeziwe luzobhebhethekisa isimo sezimali esivele sinzima sezwe.
Ukuziba umbuzo wokuthi 'izimele' kanjani iBhange Lase-England lapho lenza izinqumo ze-QE, abenzi bezinqubomgomo e-UK ngokusobala bacabangela ukusetshenziswa kokunciphisa inani ngenxa yokuncipha kwemali.
Amathemba esenzo esisha seBhange LaseNgilandi (ukukhulisa ukukhula ngokungaqondile) akhule ekuqaleni kwaleli sonto ngemuva kokuba i-BoE ikhiphe izibalo ezibonisa ukuncishiswa kokunikezwa kwemali okuhlanganiswe nokuboleka okubuthakathaka yizinkampani zombili nemizi. Izindaba zokushoda kwezikweletu zishiye abahlaziyi beDolobha beqiniseka ngokuthi kuzomenyezelwa ikomiti lemigomo yezezimali leBhange lamalungu ayisishiyagalolunye uma lihlangana ngesonto elizayo.
I-BoE yamemezela igagasi lokuqala le-QE ekuqaleni kuka-2009, ithenga i-£200bn yamagilts kahulumeni ezinyangeni eziyi-12 ezizayo. Njengoba imiphumela yenkinga ye-eurozone isakazeka ku-Channel ekwindla ka-2011, iBhangengodla lathi lizothenga amanye ama-gilt angu-£75bn ohlelweni lwezinyanga ezintathu. Lokho manje sekuzofika ekupheleni.
Imali Yokuphrinta
I-Quantitative easing iteketiswe ngokuthi “imali yokunyathelisa” ngabezindaba nabahlaziyi bezezimali. Kodwa-ke, amabhange amakhulu athi ukusetshenziswa kwemali esanda kwakhiwa kwehlukile ku-QE. Nge-QE, imali esanda kwakhiwa isetshenziselwa ukuthenga amabhondi kahulumeni noma ezinye izimpahla zezezimali, kuyilapho igama elithi imali yokunyathelisa ngokuvamile lisho ukuthi imali esanda kwenziwa isetshenziselwa ukuxhasa ngezimali ukushoda kukahulumeni ngokuqondile noma ukukhokha isikweletu sikahulumeni (esaziwa nangokuthi ukwenza imali ngesikweletu sikahulumeni. ).
Ukusetshenziswa Kokuqala Kwezinsuku Zanamuhla Kwe-Quantitative Easing
Isisho sokuqala sesi-Japanese sokunciphisa inani (量的金融緩和, ryōteki kin'yū kanwa)), sasetshenziswa okokuqala ngqa yiBhange Elikhulu ekushicilelweni kweBhange LaseJapan. IBhange LaseJapan lamukela inqubomgomo enaleli gama ngomhla ka-19 Mashi 2001. Kodwa-ke, isimemezelo esisemthethweni senqubomgomo yezimali yeBhange LaseJapan salolu suku asisebenzisi lesi sisho (noma yimuphi umushwana osebenzisa “ubuningi”) ngowoqobo lwesi-Japanese. isitatimende noma ukuhumusha kwayo kwesiNgisi. Ngempela, iBank of Japan kwase kuyiminyaka, kuhlanganise ngasekupheleni kukaFebruwari 2001, yathi “ukunciphisa izinga akusebenzi” futhi yenqaba ukusetshenziswa kwayo kunqubomgomo yezimali.
Yini i-Quantitative Easing (QE)?
I-Quantitative easing (QE) inqubomgomo yezimali esetshenziswa amabhange amakhulu ukukhuthaza umnotho kazwelonke lapho inqubomgomo yezimali evamile ingasasebenzi. Ibhange elikhulu lithenga izimpahla zezimali ukuze lifake inani elinqunywe kusengaphambili lemali emnothweni. Lokhu kuhlukaniswa nenqubomgomo evamile yokuthenga noma yokuthengisa amabhondi kahulumeni ukuze kugcinwe amanani enzalo emakethe enanini eliqondiwe.
Ibhange elikhulu lisebenzisa i-quantitative elula ngokuthenga izimpahla zezimali emabhange nakwamanye amabhizinisi ezinkampani ezizimele ngemali entsha edalwe ngogesi. Lesi senzo sandisa izimali ezigciniwe ngokweqile zamabhange, futhi siphakamisa amanani entengo yezimpahla zezezimali ezithengiwe, okwehlisa isivuno sazo.
Inqubomgomo yemali yokwandisa ngokuvamile ihilela ibhange elikhulu ukuthenga amabhondi kahulumeni wesikhathi esifushane ukuze kwehlise izinga lenzalo yemakethe yesikhathi esifushane (kusetshenziswa inhlanganisela yezindawo zokuboleka ezimile. Nokho, lapho izilinganiso zenzalo yesikhathi esifushane zikuziro, noma zisondele, ziro. , inqubomgomo yezimali evamile ngeke isakwazi ukwehlisa izilinganiso zenzalo. Ukunciphisa ukulinganisa kungase kusetshenziswe iziphathimandla zezezimali ukuze kuthuthukiswe umnotho ngokuthenga izimpahla ezivuthwa isikhathi eside kunamabhondi kahulumeni esikhathi esifushane kuphela, futhi ngaleyo ndlela kwehlise izinga lenzalo lesikhathi eside ngaphandle kwalokho. ijika lesivuno.
Ukunciphisa inani kungasetshenziswa ukuze kuqinisekiswe ukuthi ukwehla kwamandla emali awehli ngaphansi kokuhlosiwe. Ubungozi buhlanganisa ukusebenza ngempumelelo kwenqubomgomo kunalokho obekuhlosiwe ekulweni nokwehla kwamandla emali - okuholela ekwenyukeni kwamandla emali, noma ukungasebenzi ngendlela efanele - uma amabhange engaziboleki ezinye izimali ezibekiwe.
Ingabe I-Quantitative Easing Isebenza?
Ngokusho kwe-IMF, izinqubomgomo zokunciphisa inani ezenziwa amabhange amakhulu kusukela ekuqaleni kwenkinga yezimali ngasekupheleni kwawo-2000 zibe nomthelela ekwehliseni ubungozi besistimu kulandela ukuqothuka kweLehman Brothers. I-IMF ithi izinqubomgomo ziphinde zaba negalelo ekuthuthukisweni kokuthenjwa kwezimakethe kanye nokuphela kokuwohloka komnotho we-G-7 engxenyeni yesibili ka-2009.
NgoNovemba 2010, iqembu losomnotho baseRiphabhulikhi abalandelanayo kanye nezishoshovu zezombusazwe bakhipha incwadi evulelekile eya kuSihlalo we-Federal Reserve yase-USA u-Ben Bernanke bebuza ukusebenza kohlelo lwe-Fed's QE. I-Fed iphendule ngokuthi izenzo zabo zibonisa isimo somnotho sokuntuleka kwemisebenzi okuphezulu kanye nokwehla kwamandla emali.
Ukunciphisa ukulinganisa kungase kubangele ukwehla kwamandla emali okuphakeme kunalokho obekufiswayo uma inani lokunciphisa elidingekayo lilinganiselwe ngokweqile, futhi kudaleka imali eningi kakhulu. Kungenjalo, kungase kuhluleke uma amabhange ehlala emadolonzima ukuboleka amabhizinisi amancane nemizi imali ukuze aqhubekisele phambili isidingo. Ukunciphisa ukulinganisa kunganciphisa inqubo yokunciphisa njengoba kwehlisa isivuno. Kodwa kumongo womnotho womhlaba, izilinganiso zenzalo ephansi kungenzeka zidale amabhamuza empahla kweminye iminotho ngokungaqondile.
Ukwenyuka kwemali kunomphumela wokwehla kwamandla emali (njengoba kuboniswa ukwenyuka kwezinga lonyaka lokwehla kwamandla emali). Kunesikhathi phakathi kokukhula kwemali kanye nokwehla kwamandla emali, izingcindezi zokwehla kwamandla emali ezihambisana nokukhula kwemali zisuka ku-QE zingakheka ngaphambi kokuba ibhange elikhulu lisukume ukulwa nazo. Izingozi zokukhuphuka kwamanani emali ziyancishiswa uma umnotho wesistimu ukhuphuka ijubane lokukhuphuka kwemali etholakalayo kusukela ekunciphiseni. Uma ukukhiqizwa emnothweni kukhuphuka ngenxa yokukhuphuka kwemali etholakalayo, inani leyunithi yohlobo lwemali nalo lingakhuphuka, nakuba kunemali eyengeziwe etholakalayo.
Isibonelo, uma umnotho wezwe ubungase ugqugquzele ukukhuphuka okuphawulekayo komkhiqizo ngezinga okungenani eliphakeme njengenani lesikweletu esenziwa imali, izingcindezi zokwehla kwamandla emali zingalinganiswa. Lokhu kungenzeka kuphela uma amabhange angamalungu eboleka imali eyengeziwe esikhundleni sokuqongelela imali eyengeziwe. Ngezikhathi zokukhiqiza okuphezulu kwezomnotho, ibhange elikhulu lihlala linenketho yokubuyisela imali egciniwe emuva kumazinga aphezulu ngokukhuphula izilinganiso zenzalo noma ezinye izindlela, ihlehlise ngempumelelo izinyathelo zokulula ezithathiwe. Emnothweni lapho isidingo semali sincipha kakhulu ngokuphathelene nezilinganiso zenzalo, noma izilinganiso zenzalo ziseduze noziro (izimpawu ezisho ugibe lwemali engenayo), ukunciphisa umthamo kungenziwa ukuze kuthuthukiswe ukuhlinzekwa kwezimali, futhi kucatshangwa ukuthi umnotho uhamba kahle. amandla angaphansi (ngaphakathi komngcele wamathuba okukhiqiza), umthelela wokwehla kwamandla emali ubungeke ube khona nhlobo, noma ube mncane kakhulu.
Ukwenyusa ukunikezwa kwemali kwehlisa izinga lokushintshana kwezwe uma kuqhathaniswa nezinye izinhlobo zemali. Lesi sici se-QE sizuzisa ngokuqondile abathekelisi abahlala ezweni abenza i-QE kanye nabakweleti izikweletu zabo ezifakwa ngalolo hlobo lwemali, njengoba uhlobo lwemali lwehla inani kanjalo nesikweletu senza kanjalo. Kodwa-ke, kulimaza ngokuqondile abakweletwayo nabanikazi bohlobo lwemali njengoba inani langempela lempahla yabo lehla. Ukwehliswa kwenani lemali nakho kulimaza ngokuqondile abangenisa kwamanye amazwe njengoba izindleko zempahla engenisiwe zikhuphuka ngenxa yokwehla kohlobo lwemali.
Le mali emisha ingase isetshenziswe amabhange ukutshala ezimakethe ezisafufusa, umnotho osekelwe kwezimpahla, izimpahla ngokwazo kanye namathuba okungezona ezendawo kunokuboleka amabhizinisi endawo akuthola kunzima ukubolekwa.
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Isichasiso Sangempela SaseJapan Sokuzenzela Ubuningi
UFebhu 1 • Amazwana eMakethe • Ukubukwa okungu-7218 • 3 Amazwana ku-Original Japanese Expression For Quantitative Easing
量的金融緩和, ryōteki kin'yū kanwa
Izimakethe zibe ngaphansi kwenqubo yokuthambisa esikhathini esingangenyanga edlule noma ngaphezulu, mayelana nokulindela ukuthi enye i-QE izokwenziwa yiBhange LaseNgilandi lase-UK mhlawumbe emhlanganweni wabo wanyanga zonke olandelayo. Njengoba isihloko siyashisa kungase kudingeke ukuthi sibheke imvelaphi, indlela kanye nezinzuzo ezingabazekayo zale nguqulo engavamile yenqubomgomo yezimali esiphenduke ingxenye yesichazamazwi solimi lwanamuhla.
Umbuzo we-QE eyengeziwe kanye nokulandisa okunamandla okuhambisana naso, sekuphinde kwaphakanyiswa futhi e-USA. Umhlangano ngamunye we-Fed uhambisana nokuqagela okujulile kanye nokusesha izinkomba zokuthi i-Fed (esesimweni sika-Ben Bernanke) isungula izimakethe ukuze kumenyezelwe i-QE 3.
Isici esisodwa esithakazelisayo se-QE yiqiniso lokuthi esikhathini sanamuhla isimo sezimali esokuqala sazanywa iJapane ukuze kukhuphule isizwe kulokho ngaleso sikhathi okwakuwumnotho ontengantengayo owake wahlupheka ngenxa yokuntengantenga. Isibikezelo sasiwukuthi inguqulo yaseJapane ye-QE yehlulekile njengoba kufakazelwa umnotho osamile. Abanye abahlaziyi bangaphakamisa ukuthi naphezu kokuba yisizinda esinamandla wokukhiqiza, umnotho womhlaba wesithathu ngobukhulu uhlulekile ukulinganiswa esikhathini esiyiminyaka engaba ngu-20+.
Isikweletu esihlanganisiwe siqhathaniswa nezinga le-GDP yase-Japan, ngokwemibandela yezomnotho, siyethusa. Isikweletu esihlanganisiwe uma siqhathaniswa ne-GDP singaphezu kuka-600% futhi isikweletu sabo se-quadrillion, (cishe ama-dollar ayizigidi eziyizinkulungwane ezingu-13) siyimbangela yokukhathazeka njengoba isikweletu sase-Japan sesivele siyisikhulu sezimboni emhlabeni wonke cishe ngokuphindwe kabili kwe-GDP yayo, ngemva kweminyaka yezinyathelo zokumpompa ohulumeni abazama ukungena. ize ukubopha ukwehla kwezomnotho isikhathi eside. Imali esetshenziswa uhulumeni unyaka wonke kuze kube uMashi kulindeleke ukuthi ikhule ifinyelele ku-106.40 trillion njengoba uchungechunge lwezabelomali ezengeziwe luzobhebhethekisa isimo sezimali esivele sinzima sezwe.
Ukuziba umbuzo wokuthi 'izimele' kanjani iBhange Lase-England lapho lenza izinqumo ze-QE, abenzi bezinqubomgomo e-UK ngokusobala bacabangela ukusetshenziswa kokunciphisa inani ngenxa yokuncipha kwemali.
Amathemba esenzo esisha seBhange LaseNgilandi (ukukhulisa ukukhula ngokungaqondile) akhule ekuqaleni kwaleli sonto ngemuva kokuba i-BoE ikhiphe izibalo ezibonisa ukuncishiswa kokunikezwa kwemali okuhlanganiswe nokuboleka okubuthakathaka yizinkampani zombili nemizi. Izindaba zokushoda kwezikweletu zishiye abahlaziyi beDolobha beqiniseka ngokuthi kuzomenyezelwa ikomiti lemigomo yezezimali leBhange lamalungu ayisishiyagalolunye uma lihlangana ngesonto elizayo.
I-BoE yamemezela igagasi lokuqala le-QE ekuqaleni kuka-2009, ithenga i-£200bn yamagilts kahulumeni ezinyangeni eziyi-12 ezizayo. Njengoba imiphumela yenkinga ye-eurozone isakazeka ku-Channel ekwindla ka-2011, iBhangengodla lathi lizothenga amanye ama-gilt angu-£75bn ohlelweni lwezinyanga ezintathu. Lokho manje sekuzofika ekupheleni.
Imali Yokuphrinta
I-Quantitative easing iteketiswe ngokuthi “imali yokunyathelisa” ngabezindaba nabahlaziyi bezezimali. Kodwa-ke, amabhange amakhulu athi ukusetshenziswa kwemali esanda kwakhiwa kwehlukile ku-QE. Nge-QE, imali esanda kwakhiwa isetshenziselwa ukuthenga amabhondi kahulumeni noma ezinye izimpahla zezezimali, kuyilapho igama elithi imali yokunyathelisa ngokuvamile lisho ukuthi imali esanda kwenziwa isetshenziselwa ukuxhasa ngezimali ukushoda kukahulumeni ngokuqondile noma ukukhokha isikweletu sikahulumeni (esaziwa nangokuthi ukwenza imali ngesikweletu sikahulumeni. ).
Ukusetshenziswa Kokuqala Kwezinsuku Zanamuhla Kwe-Quantitative Easing
Isisho sokuqala sesi-Japanese sokunciphisa inani (量的金融緩和, ryōteki kin'yū kanwa)), sasetshenziswa okokuqala ngqa yiBhange Elikhulu ekushicilelweni kweBhange LaseJapan. IBhange LaseJapan lamukela inqubomgomo enaleli gama ngomhla ka-19 Mashi 2001. Kodwa-ke, isimemezelo esisemthethweni senqubomgomo yezimali yeBhange LaseJapan salolu suku asisebenzisi lesi sisho (noma yimuphi umushwana osebenzisa “ubuningi”) ngowoqobo lwesi-Japanese. isitatimende noma ukuhumusha kwayo kwesiNgisi. Ngempela, iBank of Japan kwase kuyiminyaka, kuhlanganise ngasekupheleni kukaFebruwari 2001, yathi “ukunciphisa izinga akusebenzi” futhi yenqaba ukusetshenziswa kwayo kunqubomgomo yezimali.
Yini i-Quantitative Easing (QE)?
I-Quantitative easing (QE) inqubomgomo yezimali esetshenziswa amabhange amakhulu ukukhuthaza umnotho kazwelonke lapho inqubomgomo yezimali evamile ingasasebenzi. Ibhange elikhulu lithenga izimpahla zezimali ukuze lifake inani elinqunywe kusengaphambili lemali emnothweni. Lokhu kuhlukaniswa nenqubomgomo evamile yokuthenga noma yokuthengisa amabhondi kahulumeni ukuze kugcinwe amanani enzalo emakethe enanini eliqondiwe.
Ibhange elikhulu lisebenzisa i-quantitative elula ngokuthenga izimpahla zezimali emabhange nakwamanye amabhizinisi ezinkampani ezizimele ngemali entsha edalwe ngogesi. Lesi senzo sandisa izimali ezigciniwe ngokweqile zamabhange, futhi siphakamisa amanani entengo yezimpahla zezezimali ezithengiwe, okwehlisa isivuno sazo.
Inqubomgomo yemali yokwandisa ngokuvamile ihilela ibhange elikhulu ukuthenga amabhondi kahulumeni wesikhathi esifushane ukuze kwehlise izinga lenzalo yemakethe yesikhathi esifushane (kusetshenziswa inhlanganisela yezindawo zokuboleka ezimile. Nokho, lapho izilinganiso zenzalo yesikhathi esifushane zikuziro, noma zisondele, ziro. , inqubomgomo yezimali evamile ngeke isakwazi ukwehlisa izilinganiso zenzalo. Ukunciphisa ukulinganisa kungase kusetshenziswe iziphathimandla zezezimali ukuze kuthuthukiswe umnotho ngokuthenga izimpahla ezivuthwa isikhathi eside kunamabhondi kahulumeni esikhathi esifushane kuphela, futhi ngaleyo ndlela kwehlise izinga lenzalo lesikhathi eside ngaphandle kwalokho. ijika lesivuno.
Ukunciphisa inani kungasetshenziswa ukuze kuqinisekiswe ukuthi ukwehla kwamandla emali awehli ngaphansi kokuhlosiwe. Ubungozi buhlanganisa ukusebenza ngempumelelo kwenqubomgomo kunalokho obekuhlosiwe ekulweni nokwehla kwamandla emali - okuholela ekwenyukeni kwamandla emali, noma ukungasebenzi ngendlela efanele - uma amabhange engaziboleki ezinye izimali ezibekiwe.
Ingabe I-Quantitative Easing Isebenza?
Ngokusho kwe-IMF, izinqubomgomo zokunciphisa inani ezenziwa amabhange amakhulu kusukela ekuqaleni kwenkinga yezimali ngasekupheleni kwawo-2000 zibe nomthelela ekwehliseni ubungozi besistimu kulandela ukuqothuka kweLehman Brothers. I-IMF ithi izinqubomgomo ziphinde zaba negalelo ekuthuthukisweni kokuthenjwa kwezimakethe kanye nokuphela kokuwohloka komnotho we-G-7 engxenyeni yesibili ka-2009.
NgoNovemba 2010, iqembu losomnotho baseRiphabhulikhi abalandelanayo kanye nezishoshovu zezombusazwe bakhipha incwadi evulelekile eya kuSihlalo we-Federal Reserve yase-USA u-Ben Bernanke bebuza ukusebenza kohlelo lwe-Fed's QE. I-Fed iphendule ngokuthi izenzo zabo zibonisa isimo somnotho sokuntuleka kwemisebenzi okuphezulu kanye nokwehla kwamandla emali.
Ukunciphisa ukulinganisa kungase kubangele ukwehla kwamandla emali okuphakeme kunalokho obekufiswayo uma inani lokunciphisa elidingekayo lilinganiselwe ngokweqile, futhi kudaleka imali eningi kakhulu. Kungenjalo, kungase kuhluleke uma amabhange ehlala emadolonzima ukuboleka amabhizinisi amancane nemizi imali ukuze aqhubekisele phambili isidingo. Ukunciphisa ukulinganisa kunganciphisa inqubo yokunciphisa njengoba kwehlisa isivuno. Kodwa kumongo womnotho womhlaba, izilinganiso zenzalo ephansi kungenzeka zidale amabhamuza empahla kweminye iminotho ngokungaqondile.
Ukwenyuka kwemali kunomphumela wokwehla kwamandla emali (njengoba kuboniswa ukwenyuka kwezinga lonyaka lokwehla kwamandla emali). Kunesikhathi phakathi kokukhula kwemali kanye nokwehla kwamandla emali, izingcindezi zokwehla kwamandla emali ezihambisana nokukhula kwemali zisuka ku-QE zingakheka ngaphambi kokuba ibhange elikhulu lisukume ukulwa nazo. Izingozi zokukhuphuka kwamanani emali ziyancishiswa uma umnotho wesistimu ukhuphuka ijubane lokukhuphuka kwemali etholakalayo kusukela ekunciphiseni. Uma ukukhiqizwa emnothweni kukhuphuka ngenxa yokukhuphuka kwemali etholakalayo, inani leyunithi yohlobo lwemali nalo lingakhuphuka, nakuba kunemali eyengeziwe etholakalayo.
Isibonelo, uma umnotho wezwe ubungase ugqugquzele ukukhuphuka okuphawulekayo komkhiqizo ngezinga okungenani eliphakeme njengenani lesikweletu esenziwa imali, izingcindezi zokwehla kwamandla emali zingalinganiswa. Lokhu kungenzeka kuphela uma amabhange angamalungu eboleka imali eyengeziwe esikhundleni sokuqongelela imali eyengeziwe. Ngezikhathi zokukhiqiza okuphezulu kwezomnotho, ibhange elikhulu lihlala linenketho yokubuyisela imali egciniwe emuva kumazinga aphezulu ngokukhuphula izilinganiso zenzalo noma ezinye izindlela, ihlehlise ngempumelelo izinyathelo zokulula ezithathiwe. Emnothweni lapho isidingo semali sincipha kakhulu ngokuphathelene nezilinganiso zenzalo, noma izilinganiso zenzalo ziseduze noziro (izimpawu ezisho ugibe lwemali engenayo), ukunciphisa umthamo kungenziwa ukuze kuthuthukiswe ukuhlinzekwa kwezimali, futhi kucatshangwa ukuthi umnotho uhamba kahle. amandla angaphansi (ngaphakathi komngcele wamathuba okukhiqiza), umthelela wokwehla kwamandla emali ubungeke ube khona nhlobo, noma ube mncane kakhulu.
Ukwenyusa ukunikezwa kwemali kwehlisa izinga lokushintshana kwezwe uma kuqhathaniswa nezinye izinhlobo zemali. Lesi sici se-QE sizuzisa ngokuqondile abathekelisi abahlala ezweni abenza i-QE kanye nabakweleti izikweletu zabo ezifakwa ngalolo hlobo lwemali, njengoba uhlobo lwemali lwehla inani kanjalo nesikweletu senza kanjalo. Kodwa-ke, kulimaza ngokuqondile abakweletwayo nabanikazi bohlobo lwemali njengoba inani langempela lempahla yabo lehla. Ukwehliswa kwenani lemali nakho kulimaza ngokuqondile abangenisa kwamanye amazwe njengoba izindleko zempahla engenisiwe zikhuphuka ngenxa yokwehla kohlobo lwemali.
Le mali emisha ingase isetshenziswe amabhange ukutshala ezimakethe ezisafufusa, umnotho osekelwe kwezimpahla, izimpahla ngokwazo kanye namathuba okungezona ezendawo kunokuboleka amabhizinisi endawo akuthola kunzima ukubolekwa.
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