Kwingeniso karhulumente kunye oonobangela kozinzo mali: a ngokutsha izifundo enokwehla

Izizathu kozinzo zemali, abaninzi abezoqoqosho idibanisa kunye nenkqubo yokuboleka. Umzekelo, Kaminsky noRichard walityhila mkhuba "iintlekele iwele", eziquka umbhodamo zebhanki kunye nengxaki ye yohlengahlengiso lwentlawulo. Ababhali kwakhona uqaphele ukuba iziganeko behlaziya, iingxaki kwicandelo logcino ngokuqhelekileyo asisayi iingxaki lwemali, kwaye yokugqibela ngoko nzulu iingxaki zebhanki, ukwakha umjikelo engathethekiyo, nto leyo iingeniso zikarhulumente yehla kakhulu nangokwenkcitho.

Kukho izifundo ezininzi yeengcingane, leyo hlalutya ifuthe ngqo zosulelo, apho inani izinto ezinegalelo ukusasazeka ubunzima ukusuka kwelinye ilizwe ukuya kwenye, uquka i parameter umlinganiselo phakathi lwemali kunye neemarike stock, zebhanki cross-lizwe kunye nobudlelwane namanye amazwe kunye nefuthe lazo inzuzo karhulumente.

Ngenxa yoko, kwimeko jikelele, yokuvulwa kweemarike zemali, ukwandiswa yorhwebo langaphandle ukwandisa iingozi ukwanda kozinzo zemali kunye ntlekele ukusuka kwelinye ilizwe ukuya kwelinye. Konke oku ngoku Ulobumba ubungozi ekufumaneni iingeniso imo ye-Russian Federation kunye nozinzo yayo zemali. zombuso kwimeko enjalo ke sixhobo kulawulo le ukuxhathisa.

ulawulo kuqoqosho kwisithuba kozinzo zemali kunye yokudodobala koqoqosho kufuneka sigxile ekugcineni umsebenzi yezoqoqosho kwaye zisekelwe phezu olulungelelanisiweyo emali kunye nomgaqo-nkqubo karhulumente. Izixhobo eziphambili kumgaqo karhulumente yemijikelo kwezoqoqosho, leyo ukumisela iingeniso karhulumente, njengoko yaziwa, ulawulo oluzenzekelayo kunye ngengqiqo. Ukusebenza kunye nokwanela le ekwenzeni oluzenzekelayo ngamaxesha obunzima ezisasazwa kuxoxwa ngazo kule ncwadi kwezoqoqosho. ekwenzeni oluzenzekelayo isekelwe phezu ukuncitshiswa ngaxeshanye irhafu kunye ukuncipha kwemveliso kunye ukwanda kweendleko, xa transfers ezithile zentlalo, zonke leyo yenza kube lula ukwandisa imbuyekezo zikarhulumente. Izinto eziluncedo ze ekwenzeni oluzenzekelayo kukuba zisebenza symmetrically phezu kumjikelo ishishini: ngethuba off - befumana impembelelo ekhawulezileyo, abaqiniseki basengozini impembelelo kwezopolitiko.

Kananjalo ingongoma ethandwayo lwembono, njengako leyo kwisithuba olusathe neentlekele kwezoqoqosho, ukusebenza ekwenzeni oluzenzekelayo akwanelanga; kukho imfuneko amanyathelo omgaqo mali efihlakeleyo. Ukuqonda imfuno kunye umnqweno isebenze le nkqubo efihlakeleyo mali ngokuchasene nentsukaphi ixesha langoku kwi izothuso kuqoqosho lwehlabathi, abezoqoqosho ingqalelo izixhobo ezininzi ezifanelekileyo ukugcina iingeniso karhulumente kwinqanaba elifanelekileyo, ukuvavanya ukusebenza kwezi zixhobo kwiintlobo ezahlukeneyo kwezoqoqosho. Uphononongo olwenziwe yi-IMF wafumanisa ukuba izixhobo isebenzayo-nkqubo karhulumente kumazwe aphuhlileyo, apho ifuthe amanyathelo akhethekileyo ngu dibanisa kwixesha elifutshane, neliphakathi, lo gama kwiimarike ezisakhulayo, isiphumo elifutshane elide HIV, kwaye exeshana - ezimbi. Le izibalo ezenziwe zibonisa ukuba iphakheji stimulus efihlakeleyo kwi pesenti enye kukhokelela ekwandeni ngomyinge omalunga 0.1 ngo-GDP - 0.2 ekhulwini.

uhlengahlengiso Fiscal ngexesha ukuwa esekelwe ekusebenziseni izixhobo eziphambili ezimbini igalelo kumsebenzi woqoqosho - kukwandisa inkcitho karhulumente xa lisibekele irhafu. Eyona ixakayo lo mbuzo ukusebenza gakanani ukuvuselela uqoqosho. Neo-Keynesians bathi ukwanda kwinkcitho karhulumente kunempembelelo entle lonke ngesifo sephepha kunye nokukhula umvuzo ngokwenene. Noko ke, abezoqoqosho abaninzi alatha ingozi besebenzisa izixhobo ezifana ukwanda kwinkcitho karhulumente ukususela ukuze babe luyalambatha kukhonza umdla wamaqela ethile, kunokuba uqoqosho ngokubanzi. Oku kubonakaliswa ukuba isenzo multipliers karhulumente zinokude ezimbi, ukuba ukwanda kwinkcitho karhulumente, ekugqibeleni, kukhokelela ekuncipheni utyalo-mali labucala kunye nokusetyenziswa zabucala. Ukongezelela, abaphandi abaninzi baye kuqatshelwe ukuba ukwanda kwinkcitho karhulumente lisebenza kukuthintele ekukhuleni koqoqosho lwexesha elide. Izifundo zakutsha kuye kwabonisa ukuba isicwangciso mali lingaphantsi efanelekileyo zoqoqosho ezivulekileyo, apho izenzo yezixhobo karhulumente ukuze neyalo ulawulo eyinkunzi kunye ngerandi urhulumente.

Ingozi ukwanda iinkcitho mali enxulumene ukwanda ingcinezelo emali. Kumazwe kunye ukulingana elibi seentlawulo kunye engaguquki ngeranti, ukwanda kwinkcitho karhulumente kungaba nefuthe ingakumbi elibi.