Sisitemu yo kugenzura inyungu za Banki nkuru yigihugu (Igice cya II) - Kumenyekanisha inyungu kubigega birenze

Mu ngingo ibanziriza iyi, twasuzumye gahunda ya koridoro y’inyungu ya Banki nkuru y’igihugu mbere y’ihungabana ry’imari ryo mu 2008 ("Ibisobanuro birambuye kuri gahunda yo kugenzura inyungu z’ingengo y’imari ya Leta (Igice cya I)"). Icyo gihe, kubera aho bigarukiraIbigegako amabanki afite muri Banki nkuru yigihugu, Fed yakoresheje igipimo cyo kugabanya idirishya nkigipimo cyo hejuru kandi ifunguye isoko kugirango igenzure imipaka yo hasi.

Icyakora, nyuma y’ihungabana ry’imari ryo mu 2008, Banki nkuru y’igihugu yashyize mu bikorwa uburyo bunini bwo koroshya umubare, byongera cyane isoko ry’isoko kandi bituma gahunda ya koridoro y’inyungu idakora neza. Kugira ngo iki kibazo gikemuke, Banki nkuru y’igihugu yashyizeho inyungu kuri ExIYIs Ibigega (IOER) muri 2008 nkurwego rushya rwo hasi kubiciro byinyungu. Iyi ngingo izasesengura iyi politiki ihindagurika ku buryo burambuye n'ingaruka zayo kuri sisitemu yo kugenzura inyungu.

Kumenyekanisha inyungu kubigega birenze (IOER)

IOER bivuga inyungu zishyuwe na Banki nkuru yigihugu ku gice cy’imigabane ya banki ifitemo ibirenze ububiko busabwa. Mbere ya 2008, Banki nkuru y’igihugu ntiyishyuye inyungu ku kubitsa muri banki, bituma habaho igipimo ntarengwa cyo kugabanuka ku nyungu z’inyungu z’Amerika, zishingiye ku bikorwa by’isoko ryuguruye kugira ngo igenzure igipimo cy’inyungu ku isoko. Nyamara, umuvuduko mwinshi utarigeze ubaho wazanywe n’ihungabana ry’amafaranga wangije cyane imikorere y’ibikorwa byafunguye isoko, bituma inyungu z’isoko zigabanuka.

Kugira ngo iki kibazo gikemuke, Banki nkuru y’igihugu yashyizeho IOER mu Kwakira 2008, igamije kugabanya igabanuka ry’inyungu z’isoko ryishyura banki. Iyo igipimo cy’inyungu amabanki yashoboraga kubona ku isoko yagabanutse munsi ya IOER, bashishikajwe no gushyira amafaranga yabo arenze muri Banki nkuru y’igihugu, bityo bagakomeza inyungu z’isoko hejuru y’urwego rwa IOER.

Guhinduranya kwa IOER: Kuva Igikoresho cyo Hasi Kugana Igikoresho cyo hejuru

Nubwo iki cyemezo cyabanje gutsinda mu kugabanya igabanuka ry’inyungu z’inyungu, byaragaragaye ko ibigo by’imari bitari amabanki byari bifite amafaranga menshi kandi bidashobora gukoresha mu buryo butaziguye IOER, byakomeje gutuma igipimo cy’inyungu cy’isoko kigabanuka, amaherezo kirenga hasi IOER.

Igishimishije, Banki nkuru yigihugu yavumbuye ko mubihe bidakabije, IOER yatangiye gukora nkumupaka wo hejuru winyungu. Igihe isoko ryari ryuzuyemo amafaranga, kandi amafaranga asigayemo amabanki muri Banki nkuru y’igihugu yarazamutse, inyungu z’isoko zarazamutse. Amabanki yakura ububiko muri Banki nkuru yigihugu akayaguriza ku giciro cyo hejuru ku isoko, bigatuma inyungu z’isoko zigabanuka munsi ya IOER.

Iki kintu cyerekanaga ko mugihe ibintu byifashe neza, uruhare rwa IOER nkigikoresho cyo hasi ntarengwa rwacogoye, ariko rutabishaka rufata uruhare rwo hejuru kurwego rwinyungu. Ukuboza 2008, Banki nkuru y’igihugu yahinduye igipimo cy’igipimo cy’amafaranga ya federasiyo igera kuri 0-0.25% maze ishyiraho IOER ku rugero rwo hejuru rw’uru rwego, bikomeza kwemeza imikorere mishya ya IOER nk'umupaka wo hejuru muri koridoro y’inyungu.

Ubwenge bw'inyungu Igenzura Kugenzura Hagati ya Liquidity Glut

Mu gihe amafaranga asigayemo amabanki muri Banki nkuru y’igihugu yazamutse cyane ava kuri miliyari 10 z'amadolari mbere ya 2008 agera kuri miliyari 800 mu ntangiriro za 2009, ndetse agera kuri tiriyari 3 z'amadolari mu myaka yakurikiyeho, ibitekerezo byo kugenzura inyungu byahindutse cyane.

Kurwego rusanzwe rwabigenewe, IOER irashobora gukora neza nkurwego rwo hasi kubiciro byinyungu. Ariko, mugihe ibintu byifashe nabi cyane ku isoko, ingaruka za IOER mukugabanya kugabanuka kwinyungu zagabanutse.

Iyo igipimo cy’inyungu ku isoko kirenze IOER, amabanki yakuraga ububiko muri Banki nkuru y’igihugu akayatanga ku giciro cyo hejuru cy’isoko, kongera amafaranga y’isoko bigatuma inyungu zigabanuka. Ubu buryo bwagiye buhindura buhoro buhoro IOER igikoresho cyo hejuru ku gipimo cy’inyungu, mu gihe igipimo cy’amadirishya gisanzwe cyagabanijwe cyatakaje uruhare runini mu kugenzura inyungu.

Ingaruka ku Isoko rya IOER: Ikigereranyo hamwe nisoko ryingurube

Kugirango usobanure neza iri hinduka, tekereza kugereranya n "isoko ryingurube": tuvuge ko uruganda rwingurube rwashyizeho igipimo ntarengwa cy’ingurube ku giciro cya 20 kandi kigenzura ibiciro binyuze mu isoko. Iyo isoko rirenze, ibiciro byingurube biragabanuka, ariko uruganda rugura ingurube zingurube kubacuruzi bamwe kumafaranga 10. Nyamara, isoko ryisoko rikomeje kuba ryinshi, bigatuma ibiciro bikomeza kugabanuka, amaherezo birenga igorofa 10.

Nyuma yibyo, ibiciro byingurube byongeye kwiyongera, ariko tutitaye ku ihindagurika ry’isoko, ibiciro ntibirenza amafaranga 10. Impamvu nuko iyo ibiciro birenze amafaranga 10, abacuruza ingurube bakuramo ingurube zabitswe mbere muruganda bakayigurisha ku giciro cyo hejuru, bigatuma ibiciro bihinduka. Ibi bisa n’uruhare rwa IOER ku masoko y’imari: iyo igipimo cy’inyungu ku isoko kizamutse hejuru ya IOER, amabanki akuramo ububiko muri Banki nkuru y’igihugu kandi akayatanga ku gipimo kiri hejuru, amaherezo bigatuma inyungu z’inyungu zisubira ku rwego rwa IOER.

Umwanzuro

Itangizwa ryinyungu kubigega birenze urugero, byabanje kugenwa nkigikoresho cyo hasi ntarengwa muri koridoro yinyungu, buhoro buhoro bwatangiye gukora umurimo wo hejuru mugihe hagati yisoko ryinshi. Iri hinduka ntirigaragaza gusa ingaruka zikomeye z’ihungabana ry’imari kuri politiki y’ifaranga ahubwo inagaragaza ko Banki nkuru y’igihugu ihinduye kandi ihindura igenzura ry’inyungu mu buryo bushya.