Peringanan kuantitatif

Peringanan kuantitatif (bahasa Inggeris: Quantitative easingcode: en is deprecated ; QE) merupakan sejenis dasar kewangan luar biasa yang digunakan oleh bank pusat untuk merangsang ekonomi negara apabila dasar kewangan biasa tidak berkesan.^[1]^[2] Bank pusat melaksanakan peringanan kuantitatif dengan membeli aset kewangan dari bank perdagangan dan lain-lain institusi swasta untuk menyuntikkan sejumlah wang yang ditetapkan terlebih dahulu ke dalam ekonomi. Ini berbeza dengan dasar kewangan biasa menjual beli bon kerajaan untuk mengekalkan kadar faedah pasaran pada nilai sasaran yang ditetapkan.^[3]^[4]^[5]^[6] Peringanan kuantitatif meningkatkan rizab lebihan bank, serta menaikkan harga aset kewangan yang dibeli yang mengurangkan hasilnya.^[7]

Dasar kewangan berkembang biasanya melibatkan bank pusat yang membeli bon kerajaan jangka singkat untuk mengurangkan kadar faedah pasaran jangka pendek.^[8]^[9]^[10]^[11] Bagaimanapun, apabila kadar faedah jangka singkat berada pada atau hampir dengan takat sifar, dasar kewangan biasa tidak boleh mengurangkan lagi kadar faedah. Oleh itu, peringanan kuantitatif boleh digunakan oleh lembaga kewangan untuk merangsang lagi ekonomi dengan membeli aset yang lebih lama tempoh kematangannya daripada hanya bon kerajaan jangka singkat, dan oleh itu mengurangkan lagi kadar faedah jangka panjang pada keluk hasil.^[12]^[13]

Peringanan kuantitatif boleh digunakan untuk membantu memastikan inflasi menepati sasaran.^[6] Antara risikonya termasuk dasar lebih berkesan daripada yang diharapkan dalam membasmi deflasi, hingga menyebabkan inflasi tinggi,^[14] ataupun tidak cukup berkesan jika bank-bank tidak meminjamkan rizab tambahan.^[15]

Rujukan sunting

^ "Loose thinking". The Economist. 15 October 2009.
^ Publications | Learning the Lessons from QE and Other Unconventional Monetary Policies: 17–18 November. Bank of England (18 November 2011).
^ Quantitative Easing Explained (PDF). London: Bank of England. 2011. Diarkibkan daripada yang asal (PDF) pada 2010-10-30. Dicapai pada 2012-10-18. The MPC's decision to inject money directly into the economy does not involve printing more banknotes. Instead, the Bank buys assets from private sector institutions – that could be insurance companies, pension funds, banks or non-financial firms – and credits the seller's bank account.
^ "Quantitative Easing" (PDF). Bank of England. Diarkibkan daripada yang asal (PDF) pada 2012-08-29. Dicapai pada 2012-10-18. The Bank can create new money electronically by increasing the balance on a reserve account. So when the Bank purchases an asset from a bank, for example, it simply credits that bank's reserve account with the additional funds. This generates an expansion in the supply of central bank money
^ Ralat petik: Tag <ref> tidak sah; teks bagi rujukan bbcnews tidak disediakan
^ ^a ^b "Quantitative Easing Explained". Bank of England. Diarkibkan daripada yang asal pada 2009-03-16. Dicapai pada 2012-10-18. This does not involve printing more banknotes. Instead the Bank pays for these assets by creating money electronically and crediting the accounts of the companies it bought the assets from.
^ Elliott, Larry (8 January 2009). "Guardian Business Glossary: Quantitative Easing". The Guardian. London. Dicapai pada 19 January 2009.
^ Open market operations: A Glossary of Political Economy Terms – Dr. Paul M. Johnson. Auburn.edu.
^ Open Market Operation – Fedpoints. Federal Reserve Bank of New York.
^ Monetary policy Instruments. Swiss National Bank.
^ The implementation of monetary policy in the euro area. European Central Bank. 2008. m/s. 14–19.
^ "Dr. Econ: I noticed that banks have dramatically increased their excess reserve holdings. Is this buildup of reserves related to monetary policy?". Federal Reserve Bank of San Francisco. March 2010. Dicapai pada 4 April 2011.
^ Bernanke, Ben (13 January 2009). "The Crisis and the Policy Response". Federal Reserve. Dicapai pada 4 April 2011.
^ Bowlby, Chris (5 March 2009). "The fear of printing too much money". BBC News. Dicapai pada 25 June 2011.
^ Isidore, Chris (5 October 2010). "Federal Reserve move toward quantitative easing poses risks". CNNMoney.com. Dicapai pada 25 June 2011.

Lihat juga sunting

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Pautan luar sunting

Credit Easing Policy Tools Diarkibkan 2011-04-01 di Wayback Machine Interactive chart of the assets on Federal Reserve's balance sheet.
Deflation: Making Sure "It" Doesn't Happen Here, 2002 speech by Ben Bernanke on deflation and the utility of quantitative easing
Bank of England – Quantitative Easing Diarkibkan 2009-03-16 di Wayback Machine
Bank of England – QE Explained Pamphlet Diarkibkan 2010-10-30 di Wayback Machine
Modern Money Mechanics Federal Reserve Document Explaining How Money Is Created
Quantitative easing explained (Financial Times Europe)
A Fed Governor Discusses Quantitative Easing Among Other Topics
[1]^{[pautan mati kekal]}

[1] "Loose thinking". The Economist. 15 October 2009.

[2] Publications | Learning the Lessons from QE and Other Unconventional Monetary Policies: 17–18 November. Bank of England (18 November 2011).

[BOE_QE_Explained_(pdf)-3] Quantitative Easing Explained (PDF). London: Bank of England. 2011. Diarkibkan daripada yang asal (PDF) pada 2010-10-30. Dicapai pada 2012-10-18. The MPC's decision to inject money directly into the economy does not involve printing more banknotes. Instead, the Bank buys assets from private sector institutions – that could be insurance companies, pension funds, banks or non-financial firms – and credits the seller's bank account.

[4] "Quantitative Easing" (PDF). Bank of England. Diarkibkan daripada yang asal (PDF) pada 2012-08-29. Dicapai pada 2012-10-18. The Bank can create new money electronically by increasing the balance on a reserve account. So when the Bank purchases an asset from a bank, for example, it simply credits that bank's reserve account with the additional funds. This generates an expansion in the supply of central bank money

[bbcnews-5] Ralat petik: Tag <ref> tidak sah; teks bagi rujukan bbcnews tidak disediakan

[BOE_QE_Explained_(web)-6] "Quantitative Easing Explained". Bank of England. Diarkibkan daripada yang asal pada 2009-03-16. Dicapai pada 2012-10-18. This does not involve printing more banknotes. Instead the Bank pays for these assets by creating money electronically and crediting the accounts of the companies it bought the assets from.

[guardiannews-7] Elliott, Larry (8 January 2009). "Guardian Business Glossary: Quantitative Easing". The Guardian. London. Dicapai pada 19 January 2009.

[8] Open market operations: A Glossary of Political Economy Terms – Dr. Paul M. Johnson. Auburn.edu.

[omofed-9] Open Market Operation – Fedpoints. Federal Reserve Bank of New York.

[10] Monetary policy Instruments. Swiss National Bank.

[omoecb-11] The implementation of monetary policy in the euro area. European Central Bank. 2008. m/s. 14–19.

[Q&A:_Quantitative_easing-12] "Dr. Econ: I noticed that banks have dramatically increased their excess reserve holdings. Is this buildup of reserves related to monetary policy?". Federal Reserve Bank of San Francisco. March 2010. Dicapai pada 4 April 2011.

[federalreserve.gov-13] Bernanke, Ben (13 January 2009). "The Crisis and the Policy Response". Federal Reserve. Dicapai pada 4 April 2011.

[bowlby_fear-14] Bowlby, Chris (5 March 2009). "The fear of printing too much money". BBC News. Dicapai pada 25 June 2011.

[15] Isidore, Chris (5 October 2010). "Federal Reserve move toward quantitative easing poses risks". CNNMoney.com. Dicapai pada 25 June 2011.

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