{"id":6685,"date":"2020-12-18T00:00:00","date_gmt":"2020-12-17T23:00:00","guid":{"rendered":"https:\/\/instrid.sk\/uncategorized\/ako-funguje-tlacenie-novych-penazi-a-ako-sa-dostavaju-do-ekonomiky\/"},"modified":"2020-12-18T00:00:00","modified_gmt":"2020-12-17T23:00:00","slug":"ako-funguje-tlacenie-novych-penazi-a-ako-sa-dostavaju-do-ekonomiky","status":"publish","type":"post","link":"https:\/\/instrid.sk\/en\/archiv\/ako-funguje-tlacenie-novych-penazi-a-ako-sa-dostavaju-do-ekonomiky\/","title":{"rendered":"Ako funguje \u201etla\u010denie nov\u00fdch pe\u0148az\u00ed\u201c a ako sa dost\u00e1vaj\u00fa do ekonomiky?"},"content":{"rendered":"

Zdroje tohto \u010dl\u00e1nku s\u00fa livemint.com a federalreserve.gov<\/span><\/p>\n

 <\/p>\n

E\u0161te v priebehu prvej polovice roku 2020 americk\u00e1 centr\u00e1lna banka \u201evytla\u010dila\u201c viac ako 3 bili\u00f3ny americk\u00fdch dol\u00e1rov. Mienila tak zmierni\u0165 dopady koronav\u00edrusu na dom\u00e1cu ekonomiku.<\/p>\n

\u010co si dnes vieme vzia\u0165 ako ponau\u010denie z tohto pomerne prudk\u00e9ho uvo\u013e\u0148ovania nov\u00fdch pe\u0148az\u00ed do obehu?<\/p>\n

Ako Fed d\u00e1va peniaze do americkej ekonomiky?<\/h3>\n

Ke\u010f sa hovor\u00ed, \u017ee americk\u00fd Fed tla\u010d\u00ed nov\u00e9 peniaze a d\u00e1va ich do ekonomiky, je to u\u017e fakticky ust\u00e1len\u00fd pojem. V\u0161etci mu ale nerozumieme.<\/p>\n

Fed dnes v skuto\u010dnosti peniaze netla\u010d\u00ed doslovne, ale vytv\u00e1ra ich digit\u00e1lne. Tieto peniaze potom vlieva do ekonomiky prostredn\u00edctvom finan\u010dn\u00fdch in\u0161tit\u00faci\u00ed, b\u00e1nk, a to t\u00fdm sp\u00f4sobom, \u017ee nakupuje dlhopisy (bondy).<\/p>\n

My\u0161lienka, ktor\u00e1 stoj\u00ed za vlievan\u00edm pe\u0148az\u00ed do ekonomiky, teda nespo\u010d\u00edva v ich priamom odovzdan\u00ed vo forme platov \u010di p\u00f4\u017ei\u010diek, ale sprostredkovane t\u00fdm, \u017ee bank\u00e1m a finan\u010dn\u00fdm in\u0161tit\u00faci\u00e1m umo\u017en\u00ed zn\u00ed\u017ei\u0165 \u00farokov\u00e9 sadzby na \u00faveroch<\/strong>. Predpoklad je, \u017ee potom si bud\u00fa \u013eudia aj firmy viac po\u017ei\u010diava\u0165, viac bud\u00fa m\u00ed\u0148a\u0165<\/strong> a celkovo sa prospeje ekonomike.<\/p>\n

Mysl\u00edte, \u017ee to takto predsa nem\u00f4\u017ee fungova\u0165? \u017de v kone\u010dnom d\u00f4sledku tie peniaze aj z\u00edskaj\u00fa banky, ktor\u00e9 s\u00fa u\u017e aj tak bohat\u00e9 dos\u0165? V skuto\u010dnosti je to ove\u013ea komplikovanej\u0161ie a za t\u00fdmto konceptom stoja najlep\u0161\u00ed ekon\u00f3movia sveta, ost\u00e1va n\u00e1m teda veri\u0165, \u017ee vedia, \u010do robia. Ekonomika v USA ovplyv\u0148uje cel\u00fd svet, samozrejme aj Slovensko.<\/p>\n

26. febru\u00e1ra 2020 predstavovala s\u00favaha Feder\u00e1lneho rezervn\u00e9ho syst\u00e9mu 4,16 bili\u00f3na dol\u00e1rov. Do 10. j\u00fana st\u00fapol na 7,17 bili\u00f3na dol\u00e1rov a k 23. novembru 2020<\/strong> \u010diastka dosahovala 7,216 bili\u00f3na USD<\/strong>.<\/p>\n

Dlhodob\u00fd poh\u013ead na v\u00fdvoj s\u00favahy po\u010das uplynul\u00fdch 18 rokov pon\u00faka graf priamo od Federal Reserve Bank (Fed).<\/p>\n

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\u010co je to Cantillonov efekt a ako s t\u00fdmto s\u00favis\u00ed?<\/h3>\n

Richard Cantillon bol \u00edrsko-franc\u00fazsky ekon\u00f3m \u017eij\u00faci v 18. storo\u010d\u00ed. Cantillon zistil, \u017ee ke\u010f sa zv\u00fd\u0161i ponuka pe\u0148az\u00ed v podobe zlata a striebra, bude to najsk\u00f4r prospe\u0161n\u00e9 pre \u013eud\u00ed spojen\u00fdch s \u0165a\u017eobn\u00fdm priemyslom<\/strong>.<\/p>\n

V podobnom duchu sa zd\u00e1, \u017ee 3 bili\u00f3ny dol\u00e1rov vytla\u010den\u00e9 FEDom najsk\u00f4r prospeli \u013eu\u010fom vo finan\u010dn\u00fdch firm\u00e1ch, preto\u017ee zv\u00fd\u0161ili ceny akci\u00ed t\u00fdchto spolo\u010dnost\u00ed. Obava znie, \u017ee sa tieto peniaze napokon aj tak nedostan\u00fa k \u013eu\u010fom. V na\u0161om kontexte m\u00f4\u017eeme kritizova\u0165 aj to, \u017ee trh sa nerozhoduje o \u00faveroch len na z\u00e1klade \u00farokov.<\/p>\n

Pomohla tla\u010d pe\u0148az\u00ed ekonomike?<\/h3>\n

Jerome Powell, predseda Feder\u00e1lneho rezervn\u00e9ho syst\u00e9mu, si to zjavne nemysl\u00ed. Na tla\u010dovej konferencii e\u0161te po\u010das prv\u00e9ho polroka 2020 uviedol: \u201eRozsah poklesu a tempo o\u017eivenia zost\u00e1vaj\u00fa mimoriadne neist\u00e9 … \u00dapln\u00e9 zotavenie je nepravdepodobn\u00e9, k\u00fdm si \u013eudia nebud\u00fa absol\u00fatne ist\u00ed, \u017ee je bezpe\u010dn\u00e9 op\u00e4tovne sa zapoji\u0165 do \u0161irok\u00e9ho spektra rozsahu \u010dinnost\u00ed. Z\u00e1va\u017enos\u0165 poklesu bude tie\u017e z\u00e1visie\u0165 od politick\u00fdch opatren\u00ed prijat\u00fdch na r\u00f4znych \u00farovniach vl\u00e1dy s cie\u013eom poskytn\u00fa\u0165 \u00fa\u013eavu a podpori\u0165 hospod\u00e1rske o\u017eivenie<\/em>.\u201c<\/p>\n

Zatia\u013e \u010do pred koronakr\u00edzou sa k\u013e\u00fa\u010dov\u00e1 sadzba Fedu pohybovala v p\u00e1sme 1,50 a\u017e 1,75 percenta a Fed hovoril o dobrej kond\u00edcii americkej ekonomiky, v s\u00fa\u010dasnosti Menov\u00fd v\u00fdbor Fedu ponech\u00e1va k\u013e\u00fa\u010dov\u00fa sadzbu v p\u00e1sme 0 a\u017e 0,25 percenta (z 5.11.2020). Korona sp\u00f4sobila dramatick\u00fd prepad americkej ekonomiky a\u017e o tretinu po ukon\u010den\u00ed druh\u00e9ho kvart\u00e1lu 2020, a to o 32,9 percenta po m\u00ednus 5 percent\u00e1ch v predch\u00e1dzaj\u00facom kvart\u00e1li. To boli priame dopady korony. Naopak, v tre\u0165om kvart\u00e1li 2020 u\u017e americk\u00e1 ekonomika rekordne r\u00e1stla, a to a\u017e o 33,1 percenta.<\/p>\n

Ekon\u00f3movia pod\u013ea agent\u00fary AP v\u0161ak upozor\u0148uj\u00fa, \u017ee vzh\u013eadom na op\u00e4tovn\u00fd rast po\u010dtu infikovan\u00fdch nov\u00fdm koronav\u00edrusom bude rast ekonomiky za tento kvart\u00e1l podstatne pomal\u0161\u00ed, uviedlo SME.<\/p>\n

 <\/p>\n

\u010co mal Jerome Powell na mysli?<\/h3>\n

Powell v podstate povedal, \u017ee toto je v\u0161etko, \u010do m\u00f4\u017ee centr\u00e1lna banka urobi\u0165 v neistom prostred\u00ed. K\u013e\u00fa\u010dov\u00fdm pojmom je pritom nedostatok dopytu. Medzi\u010dasom sa v\u0161ak cel\u00e1 situ\u00e1cia vidite\u013ene zlep\u0161ila.<\/p>\n

Za posledn\u00e9 mesiace v\u0161ak Fed spomalil tla\u010d pe\u0148az\u00ed<\/em> and ve\u013ekos\u0165 jeho s\u00favahy k 23. novembru 2020 \u010diastka dosahovala 7,216 bili\u00f3na USD<\/strong>, \u010do je iba mal\u00fd skok v porovnan\u00ed s predch\u00e1dzaj\u00facim v\u00fdvojom. V s\u00fa\u010dasnosti maj\u00fa, zd\u00e1 sa, opraty v ruk\u00e1ch vl\u00e1dy a pr\u00e1ve na nich stoj\u00ed a pad\u00e1 ekonomika v \u010dase koronakr\u00edzy.<\/p>\n

 <\/p>","protected":false},"excerpt":{"rendered":"

USA zmiernilo v tla\u010den\u00ed nov\u00fdch pe\u0148az\u00ed, no tento rok sa zap\u00edsal do hist\u00f3rie Fedu.<\/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-6685","post","type-post","status-publish","format-standard","hentry","category-archiv","two-columns"],"_links":{"self":[{"href":"https:\/\/instrid.sk\/en\/wp-json\/wp\/v2\/posts\/6685","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=6685"}],"version-history":[{"count":0,"href":"https:\/\/instrid.sk\/en\/wp-json\/wp\/v2\/posts\/6685\/revisions"}],"wp:attachment":[{"href":"https:\/\/instrid.sk\/en\/wp-json\/wp\/v2\/media?parent=6685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/instrid.sk\/en\/wp-json\/wp\/v2\/categories?post=6685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/instrid.sk\/en\/wp-json\/wp\/v2\/tags?post=6685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}