<\/p>\n
\u010co je kvantitat\u00edvne uvo\u013e\u0148ovanie?<\/strong><\/p>\n Ide o mimoriadny program stimul\u00e1cie ekonomiky, ke\u010f\u017ee v\u0161etky \u0161tandardn\u00e9 sp\u00f4soby (zn\u00ed\u017eenie \u00farokov\u00fdch sadzieb, z\u00e1porn\u00e9 depozitn\u00e9 sadzby) zlyhali ako motor bez benz\u00ednu. Hlavnou podstatou QE je n\u00e1kup finan\u010dn\u00fdch akt\u00edv zo strany centr\u00e1lnej banky od komer\u010dn\u00fdch b\u00e1nk, pr\u00edpadne in\u00fdch \u0161t\u00e1tnych a s\u00fakromn\u00fdch in\u0161tit\u00faci\u00ed. Ke\u010f rastie nezamestnanos\u0165, infl\u00e1cia je v\u00a0nedoh\u013eadne a\u00a0nepom\u00e1ha ani zn\u00ed\u017eenie \u00farokov\u00fdch sadzieb \u010di z\u00e1porn\u00e9 depozitn\u00e9 sadzby, situ\u00e1cia sa pre ECB st\u00e1va \u017ealostnou a\u00a0banka sp\u00fa\u0161\u0165a QE. Tak\u00fdmto sp\u00f4sobom sa centr\u00e1lna banka sna\u017e\u00ed dosta\u0165 peniaze do obehu, zn\u00ed\u017ei\u0165 \u00farokov\u00e9 sadzby, a t\u00fdm stimulova\u0165 ekonomiku. Zn\u00ed\u017een\u00edm \u00farokov\u00fdch sadzieb ECB zlacn\u00ed \u00favery. \u010c\u00edm s\u00fa \u00favery lacnej\u0161ie, t\u00fdm dostupnej\u0161ie s\u00fa pre v\u00e4\u010d\u0161ie mno\u017estvo \u013eud\u00ed. \u013dudia si tak m\u00f4\u017eu sk\u00f4r splni\u0165 svoj sen (b\u00fdvanie, auto, dovolenka…). Peniaze sa dost\u00e1vaj\u00fa do obehu napr\u00edklad v\u00fdstavbou bytov \u2013 za\u010d\u00edna prekvita\u0165 stavebn\u00fd priemysel. Nako\u013eko sme zatia\u013e neobjavili perpetuum mobile, aj kvantitat\u00edvne uvo\u013e\u0148ovanie m\u00e1 opa\u010dn\u00fa stranu mince, ktorou je oslabenie eura (na tom niektor\u00e9 \u0161t\u00e1ty zar\u00e1baj\u00fa, napr. Nemecko, ktor\u00e9 dok\u00e1\u017ee financova\u0165 v\u00fdrobu za nev\u00eddano lacn\u00e9 peniaze a\u00a0exportova\u0165 vo svoj prospech), zn\u00ed\u017eenie v\u00fdnosov na \u0161t\u00e1tnych dlhopisoch, narastanie dlhu.<\/p>\n <\/p>\n Ben Bernanke v. Mario Draghi<\/strong><\/p>\n O o\u017eivenie ekonomiky kvantitat\u00edvnym uvo\u013e\u0148ovan\u00edm sa v minulosti sna\u017eili USA. Ak\u00e9 mali probl\u00e9my? Ako ich rie\u0161ili? Podarilo sa im to? Hlavnou pr\u00ed\u010dinou bola americk\u00e1 hypotek\u00e1rna kr\u00edza, ktor\u00e1 spustila lav\u00ednu negat\u00edvnych udalost\u00ed. Nezamestnanos\u0165 v USA roku 2009 dosiahla kritick\u00fdch 8,5% \u2013 najviac od roku 1983. Trhy krv\u00e1cali, \u013eudia prich\u00e1dzali o\u00a0pr\u00e1cu, str\u00e1cali domovy. Pri takomto stave najv\u00e4\u010d\u0161ej ekonomiky Ben Bernanke v\u00a0roku 2007 po\u010das finan\u010dnej kr\u00edzy prv\u00fd raz v\u00a0USA otvoril Pandorinu skrinku s n\u00e1zvom kvantitat\u00edvne uvo\u013e\u0148ovanie. Ak\u00fd je v\u00fdsledok tohto \u201ehazardn\u00e9ho\u201c rozhodnutia? S\u00fa\u010dasn\u00e1 nezamestnanos\u0165 dosahuje 4,8% \u2013 najmenej za\u00a0posledn\u00fdch 8 rokov, FED u\u017e nieko\u013ekokr\u00e1t dv\u00edhal \u00farokov\u00e9 sadzby, americk\u00e9 indexy l\u00e1mu historick\u00e9 maxim\u00e1 a\u00a0infl\u00e1cia dosahuje 2,2%, \u010do m\u00f4\u017eeme pova\u017eova\u0165 za\u00a0\u00faspech QE. Ako to vyzer\u00e1 v\u00a0EU? Posledn\u00e9 roky ekonomika v\u00a0EU slabla (infl\u00e1cia aj ceny klesali, nezamestnanos\u0165 r\u00e1stla). Viedli k\u00a0tomu viacer\u00e9 udalosti, napr. prepad ceny ropy o\u00a075%, nekone\u010dn\u00e1 pomoc dlho krv\u00e1caj\u00facemu Gr\u00e9cku, ktor\u00e9 sa jav\u00ed ako pacient na anabolick\u00fdch steroidoch s\u00a0nevylie\u010dite\u013enou chorobou. ECB reagovala na jednotliv\u00e9 ukazovatele v snahe zabr\u00e1ni\u0165 najhor\u0161iemu (defl\u00e1cii), zn\u00ed\u017eila \u00farokov\u00e9 sadzby na 0,05%, depozitn\u00fa sadzbu na -0,2%, a\u017e dosiahla minimum. Zjavne tu bol nejak\u00fd probl\u00e9m, nako\u013eko tieto opatrenia neposta\u010dovali a situ\u00e1cia sa nezlep\u0161ovala. \u0160\u00e9f ECB Mario Draghi \u010dakal pridlho, a\u017e \u0161tandardn\u00e9 n\u00e1stroje menovej politiky boli m\u00e1lo efekt\u00edvne, a nakoniec siahol po jedenom z\u00a0nekonven\u010dn\u00fdch n\u00e1strojov menovej politiky s n\u00e1zvom kvantitat\u00edvne uvo\u013e\u0148ovanie.<\/p>\n <\/p>\n \u010co je cie\u013eom ECB?<\/strong><\/p>\n Cie\u013eom ECB je podpora ekonomiky euroz\u00f3ny, ako aj infl\u00e1cie. Infla\u010dn\u00fd cie\u013e ECB je stanoven\u00fd tesne pod \u00farov\u0148ou 2 %, pri\u010dom v s\u00fa\u010dasnosti miera infl\u00e1cie dosahuje hodnotu 0,2% (pod\u013ea \u0160tatistick\u00e9ho \u00faradu SR, febru\u00e1r 2017). D\u0148a 8. 12. 2016 sa Eur\u00f3pska centr\u00e1lna banka rozhodla pred\u013a\u017ei\u0165 program QE do decembra 2017 v objeme 60 mili\u00e1rd eur mesa\u010dne, \u00farokov\u00e9 sadzby m\u00e1me na 0% a\u00a0depozitn\u00fa sadzbu dokonca na hodnote -0,4%.<\/p>\n <\/p>\n Z\u00e1ver<\/strong><\/p>\n Vo\u013eba je teda jednoduch\u00e1, bu\u010f vyu\u017eijeme rovnak\u00fd n\u00e1stroj, ak\u00fd vyu\u017eil FED a\u00a0ktor\u00fd pomohol USA, alebo budeme \u010daka\u0165 so zalo\u017een\u00fdmi rukami a mo\u017eno dopadneme e\u0161te hor\u0161ie ako Japonsko. Odpovedzte si sami.<\/p>","protected":false},"excerpt":{"rendered":" V\u00a0poslednom \u010dase sme si mohli v\u0161imn\u00fa\u0165 mnoh\u00e9 diskusie a\u00a0\u010dl\u00e1nky na t\u00e9mu kvantitat\u00edvne uvo\u013e\u0148ovanie (v angli\u010dtine quantitative easing, QE). Drviv\u00e1 v\u00e4\u010d\u0161ina z nich je zameran\u00e1 proti<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51],"tags":[],"class_list":["post-5871","post","type-post","status-publish","format-standard","hentry","category-archiv","two-columns"],"_links":{"self":[{"href":"https:\/\/instrid.sk\/en\/wp-json\/wp\/v2\/posts\/5871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/instrid.sk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/instrid.sk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/instrid.sk\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/instrid.sk\/en\/wp-json\/wp\/v2\/comments?post=5871"}],"version-history":[{"count":0,"href":"https:\/\/instrid.sk\/en\/wp-json\/wp\/v2\/posts\/5871\/revisions"}],"wp:attachment":[{"href":"https:\/\/instrid.sk\/en\/wp-json\/wp\/v2\/media?parent=5871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/instrid.sk\/en\/wp-json\/wp\/v2\/categories?post=5871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/instrid.sk\/en\/wp-json\/wp\/v2\/tags?post=5871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}