Tsarin Kula da Riba na Tarayyar Tarayya (Sashe na II) - Gabatar da Sha'awar Rijista

A cikin labarin da ya gabata, mun yi nazari kan tsarin kula da ribar kuɗi na Tarayyar Tarayya kafin rikicin kuɗi na 2008 ("Bayyanawar Ƙididdigar Ƙididdigar Ƙididdigar Ƙididdigar Ƙididdigar Tarayya (Sashe na I)"). A lokacin, saboda iyakaWuraren ajiyacewa bankunan da aka gudanar a Tarayyar Tarayya, Fed ya yi amfani da ƙimar taga rangwame a matsayin babban iyaka da bude kasuwanni don sarrafa ƙananan iyaka.

Koyaya, biyo bayan rikicin kuɗi na 2008, Tarayyar Tarayya ta aiwatar da sassauƙar ƙima mai yawa, da haɓaka ɗimbin yawa na kasuwa tare da mayar da tsarin hanyar kuɗin ruwa ba shi da tasiri. Don magance wannan yanayin, Tarayyar Tarayya ta gabatar da Interest akan ExWADANNANs Reserves (IOER) a cikin 2008 azaman sabon ƙananan iyaka don ƙimar riba. Wannan labarin zai bincika wannan canjin manufofin dalla-dalla da tasirinsa akan tsarin kula da ƙimar riba.

Gabatarwar Sha'awar Kan Tsare-tsare (IOER)

IOER yana nufin ribar da Tarayyar Tarayya ta biya akan rabon ajiyar banki da aka yi fiye da abin da ake buƙata. Kafin shekarar 2008, Tarayyar Tarayya ba ta biya ribar ajiyar banki ba, wanda hakan ya haifar da rashin tasiri ga layin kuɗin ruwa na Amurka, yana dogara a maimakon buɗe ayyukan kasuwa don sarrafa ƙimar ribar kasuwa. Duk da haka, rashin ruwa da ba a taba ganin irinsa ba wanda rikicin hada-hadar kudi ya haifar ya yi matukar durkusar da ingancin ayyukan kasuwannin buda-baki, wanda ya haifar da faduwar ribar kasuwa.

Don magance wannan, Tarayyar Tarayya ta gabatar da IOER a cikin Oktoba 2008, da nufin iyakance raguwar farashin ribar kasuwa ta hanyar biyan riba ga bankuna. Lokacin da yawan kuɗin ruwa da bankunan za su iya samu a kasuwa ya faɗi ƙasa da IOER, sun fi karkata su saka kudaden da suka wuce gona da iri a Tarayyar Tarayya, ta haka ne ke riƙe ƙimar ribar kasuwa sama da matakin IOER.

Canjin IOER: Daga ƙananan kayan aiki zuwa kayan aiki na sama

Ko da yake wannan matakin da farko ya yi nasarar dakile koma-bayan farashin ruwa, ya bayyana a fili cewa cibiyoyin hada-hadar kudi da ba na banki ba, wadanda ke rike da makudan kudade kuma ba za su iya amfani da IOER kai tsaye ba, sun ci gaba da rage farashin ribar kasuwa, inda daga karshe suka keta bene na IOER.

Abin sha'awa shine, Tarayyar Tarayya ta gano cewa a cikin yanayi na matsananciyar ruwa, IOER ya fara aiki azaman babban iyaka don ƙimar riba. Lokacin da kasuwar ta cika da kudade, kuma ma'auni na ajiyar bankuna a Tarayyar Tarayya ya karu, farashin ribar kasuwa ya tashi. Bankunan za su janye ajiyar kuɗi daga Tarayyar Tarayya kuma su ba da rance a farashin kasuwa mafi girma, yana haifar da ƙimar riba ta kasuwa ta koma ƙasa da IOER.

Wannan al'amari ya nuna cewa a cikin yanayi na yawan ruwa, aikin IOER a matsayin ƙananan kayan aiki ya raunana, amma ba da gangan ba ya ɗauki matsayin babban iyaka don ƙimar riba. A cikin Disamba 2008, Tarayyar Tarayya ta daidaita adadin kuɗin kuɗin tarayya zuwa 0-0.25% kuma ya saita IOER a saman iyakar wannan kewayon, yana ƙara tabbatar da sabon aikin IOER a matsayin babban iyaka a cikin layin riba.

Ma'anar Sarrafa Ƙimar Sha'awa Tsakanin Ruwan Glut

Yayin da ma'auni na ajiyar bankuna a Tarayyar Tarayya ya karu daga kusan dala biliyan 10 kafin 2008 zuwa dala biliyan 800 a farkon 2009, har ma ya kai dala tiriliyan 3 a cikin shekaru masu zuwa, dabarun sarrafa kudaden ruwa ya canza.

Ƙarƙashin matakan ajiyar al'ada, IOER zai iya aiki yadda ya kamata a matsayin ƙananan iyaka don ƙimar riba. Koyaya, a cikin yanayin hauhawar kasuwa mai yawa, tasirin IOER akan rage faɗuwar riba ya iyakance.

Lokacin da farashin ribar kasuwa ya zarce IOER, bankuna za su janye ajiyar kuɗi daga Tarayyar Tarayya kuma su ba da rance a farashin kasuwa mafi girma, ƙara kuɗin kasuwa da haifar da faɗuwar riba. Wannan tsarin a hankali ya canza IOER zuwa kayan aiki na sama don ƙimar riba, yayin da ƙimar taga rangwame ta gargajiya ta rasa rawar da take takawa wajen sarrafa ƙimar riba.

Tasirin Kasuwa na IOER: Analogy tare da Kasuwar Alade

Don bayyana wannan motsi a sarari, yi la'akari da kwatanci tare da "kasuwar alade": a ce masana'antar naman alade ta saita iyakar farashin naman alade a yuan 20 kuma yana sarrafa farashin ta hanyar samar da kasuwa. Lokacin da aka samar da kasuwa ya wuce kima, farashin naman alade ya fadi, amma masana'antar ta sayi naman alade daga wasu masu sayarwa a yuan 10. Koyaya, wadatar kasuwa tana ci gaba da mamayewa, wanda ke haifar da farashin ya ci gaba da faɗuwa, a ƙarshe ya keta bene na yuan 10.

Daga baya, farashin naman alade ya sake komawa, amma ba tare da la'akari da canjin kasuwa ba, farashin ba zai wuce yuan 10 ba. Dalilin shi ne cewa lokacin da farashin ya wuce yuan 10, masu sayar da naman alade suna janye naman alade da aka adana a baya daga masana'anta kuma suna sayar da shi a farashi mafi girma, yana daidaita farashin. Wannan yayi dai-dai da rawar da IOER ke takawa a kasuwannin hada-hadar kudi: lokacin da ribar kasuwa ta haura sama da IOER, bankuna suna janye ajiyar kudi daga Tarayyar Tarayya kuma su ba da rancen kudi mafi girma, daga karshe suna tura kudaden ruwa zuwa matakin IOER.

Kammalawa

Gabatar da sha'awar kan kari, da farko an yi niyya azaman ƙaramin ƙayyadaddun kayan aiki a cikin layin riba, sannu a hankali ya ɗauki aikin babban iyaka a tsakanin yawan kuɗin kasuwa. Wannan sauye-sauye ba wai kawai yana nuna babban tasirin rikicin kuɗi akan manufofin kuɗi ba amma kuma yana nuna daidaitawar Tarayyar Tarayya da daidaitawa ga sarrafa ƙimar riba a cikin sabon al'ada.