Umgaqo wolawulo-mali: iinjongo, iinkcazelo kunye concepts

Uqoqosho State lukhula kwenzeke ubukhulu becala ngenxa yokuqaliswa kwe abasemagunyeni yelizwe zemali yomgaqo-lawulo wemali. Yintoni umongo wayo? Zeziphi iindlela zayo ivame kakhulu?

Yintoni na le nto umgaqo wolawulo-mali?

Igama elithi "umgaqo wolawulo-mali" lidla kuqwalaselwa ngokwemeko ye-Central Bank of nguRhulumente okanye esinye isakhiwo ezisebenza imisebenzi ezihambelana Central Bank. Ngokukodwa, ezifana:

- ummiselo umsebenzi izifundo ze-mali nkqubo, i-credit lorhwebo;

- mvume iibhanki zorhwebo;

- ulawulo emali;

- ukuphunyezwa komgaqo-nkqubo wemali;

- lula ulawulo eyinkunzi mali karhulumente.

Kungenjalo igama ingcamango - ". Yomgaqo-lawulo wemali" Imisebenzi ye-Central Bank kunye namaziko efanayo, ezithe zenziwa usukelo othile. Khawuve oko ukuze babe.

Iinjongo Policy Monetary

Iinjongo eziphambili yomgaqo-lawulo wemali, ngokubanzi, bahambelana imisebenzi ye-Central Bank of the Russian Federation, malunga apho sesitshilo ngasentla. Sithetha ngayo iinjongo ezifana:

- zongcoliseko emali ngokugqithiseleyo;

- ukuqinisekisa ukhuseleko loluntu kwabemi;

- Ulawulo zophuculo amacandelo aphambili ezoqoqosho;

- ukuqinisekisa eyiyo eseleyo lwentlawulo yoqoqosho lwesizwe.

Ezi njongo abazibekela yona Le iiBhanki ezingoovimba kumazwe amaninzi, kuqukwa i-Bank of Russia. Iza kuba luncedo ukuqwalasela iindlela ezingundoqo ukuhlelwa kwimisebenzi abasemagunyeni zemali njengoko umgaqo wolawulo-mali eli lizwe. iinjongo ngexesha elinye zinokufana - njengoko uludwe lwabaqhagamshelwa kuxoxwa.

Iindlela ukuhlelwa yomgaqo-lawulo wemali

Iingcali ukuchonga iintlobo ezimbini eziphambili yomgaqo-lawulo wemali:

- ngokonga;

- melo.

Uhlobo lokuqala yomgaqo-lawulo wemali ijolise ekuphumezeni amanyathelo elawula umsebenzi kumaziko zemali - abucala kunye noluntu, kwaye kujongwe ukuba ukunciphisa Dynamics imisebenzi ngetyala. Ngenxa yoko, i-Central Bank, ngokumisela ephezulu benchmark umyinge wenzala, ukukhuthaza ukwanda efanayo kwiimeko credit ngamaziko abucala.

Kulo mzekelo, zifikelele kwinjongo ethile nkqubo emali. Ezifana, ngaphezu kwabo bonke, ukuncitshiswa emali, kwakunye nokubonelela encomekayo ngenxa zovuselelo ngqo yokunciphisa kwempahla. uhlobo kujongwa yomgaqo-lawulo wemali kukwaquka ukwanda umthwalo werhafu kumashishini, ukuncitshiswa iinkcitho mali, oluvela endaweni import.

umgaqo ezikhululekileyo ezingeyomali ukukhuthaza ukukhula lekhredithi yemakethi, ukuncipha lolawulo phezu kwegazi lwenkunzi kuqoqosho, irhafu, kwaye inzala kwimali-mboleko. Central Bank uyazehlisa iqhosha izinga layo lenzala, uyakwazi nokukhuthaza ukuphunyezwa iintshukumo ezifanayo yi kwiibhanki zorhwebo.

Iinjongo zomgaqo-nkqubo wemali okufanelekileyo landela, njengoko umthetho, oku kulandelayo:

- ukunyuka capitalisation kuqoqosho kaThixo,

- ukuvuselela uqoqosho ,

- yokusebenzisa yohlengahlengiso lwentlawulo - kodwa ngokwandisa kwamanye amazwe.

Yintoni kugqiba ukhetho likarhulumente iindidi ethile yomgaqo-lawulo wemali? Izinto eziphambili ngokubaluleka kumgaqo-lawulo wemali ka yibhanki eyongameleyo?

Njengomgaqo, kuxhomekeke kumphakamo wangoku weqela nozinzo karhulumente yenkqubo yemali, kwakunye nemiba kuqoqosho ngokubanzi. Ukuba uqoqosho lwesizwe enxulumene ekuphuhliseni, kuba Central Bank lube nokwamkeleka kakuhle ukukhetha qhinga zobunene; kudla kunceda ukuba wenze utyalo-mali, ukukhuthaza kwimisetyenzana yoqoqosho nemiqathango namacandelo eemarike zingabi namhlali.

Ukuba kwintlekele yoqoqosho apho, iinjongo ze-nkqubo wemali karhulumente yaye zisenokutshintshwa. Kulo mzekelo, kusenokuba yimfuneko ukunciphisa kwamaxabiso. Njengokuba sibonile ngentla apha, ekufikeleleni kule njongo linegalelo nkqubo endala wemali. injongo yawo ngaleyo kakhulu ibonisa imeko yezoqoqosho zikarhulumente. Ukuba uqoqosho kazwelonke ukuphuhlisa dynamically - umgaqo wolawulo-mali wabonakalisa ezinye iimpawu imikhwa crisis - ngamanye.

Enye bemfuno ofanayo lucalulo yomgaqo-lawulo wemali - scale. Ngoko ke, ukubeka iindlela okugcwele uyakhetha yommiselo kwezoqoqosho. Makhe siqwalasele ngokweenkcukacha ethile.

Izinga le-nkqubo wemali

Okokuqala, kubalulekile ukukhumbula ukuba uhlobo yomgaqo-lawulo wemali wafundela ngasentla, elondoloza kunye silinene, kunokuba abe iyonke kunye uyakhetha. Umahluko phakathi kwezi ntlobo iindlela ekulawuleni inkqubo yemali esele ihleliwe, kangangokuba ngobungakanani kolawulo kwizigqibo ezithathwayo yi-Central Bank.

Ngoko ke, ukuba Central Bank iphumeza umgaqo wolawulo-zonke-ngaphandle, ngoko imiyalelo yakhe isebenza kuwo onke amaziko ngetyala kwaye zemali ukuba zisebenze zikarhulumente. Iinjongo kunye neendlela yomgaqo-lawulo wemali kunokuba kulo mzekelo zinxulumene imfuneko ukukhuthaza uphuhliso kumacandelo aphambili ezoqoqosho, loo maxesha kwezibonelelo logcino-mali karhulumente.

Uyakhetha iinkqubo ze zemali amaziko lubonisa ukuba ukwanda kwe kolawulo izigqibo ezithatyathwe Central Bank, ngokuba kukho inani eliqingqiweyo ngetyala kunye namaziko zemali. Ngenxa yoko, i-Central Bank, ngokusebenzisa imigaqo-nkqubo uyakhetha ungakwazi:

- nemida kwi zokuhlala;

- ukumisela imigangatho yokubolekisa;

- ukuseka engongoma yokusebenza kwamaziko zemali yorhwebo.

Kule meko injongo isenokuba nokwandisa inkqubo CB izinto ezithile ngetyala karhulumente, uphuculo lweziseko intlawulo, ukuphuculwa kokumalunga nemigangatho ngokungqinelana nginginya ngeentlobo neentlawulo-mali.

Ukuziqhelisa, iinjongo kunye neenjongo ze-nkqubo wemali karhulumente, okt, i-Bank Central okanye amaziko ezilinganayo, ngokufuthi ukutshintsha. Oku kungenxa yotshintsho rhoqo kwiinkqubo noqoqosho apha kweli lizwe nakwamanye amazwe, kunye nempembelelo yeemeko zentlalo kwezopolitiko, inkqubela zobugcisa. Ngenxa yoko, i-Central Bank kunokuquka rhoqo zonke iintlobo ezikhethiweyo yomgaqo-lawulo wemali - leyo, nendibaniselwano ezahlukeneyo nocwangco.

Kakade ke, kwezinye ixesha ngokwaneleyo elide urhulumente ungakhetha iindlela zolawulo yezoqoqosho ephambili kunye nezinye ayayo ukuwasebenzisa. Kodwa inguqu ebalulekileyo kokusingqongileyo lwangaphandle, ifuthe yeemeko zopolitiko CBA bangafundela indlela yabo ukuphunyezwa kwe-lawulo wemali.

Useful ngoku ingqalelo izixhobo ezithile apho yibhanki eyongameleyo ilawula iinkqubo kwezoqoqosho kweli lizwe.

Beneempahla nkqubo wemali karhulumente

zezoqoqosho Modern ukwahlula olu luhlu lulandelayo yezixhobo esisiseko uchaphazelekayo:

- ukumisela imithetho on oovimba kwiibhanki zorhwebo;

- CBR bathathe inxaxheba imicimbi engekenziwa kwi-stock;

- ukusekwa rate ephambili;

- ukulawulwa ngemisebenzi amaziko abolekisa yorhwebo.

Makhe sifunde ngokweenkcukacha.

Iimfuno Reserve for kwiibhanki zorhwebo

Isixhobo yokuqala kuluhlu, kuxoxwe ngasentla, sijongwa njengenye isitshixo, kuba ivumela yibhanki eyongameleyo ukuba nefuthe elibonakalayo ubonelelo kunye nemfuno kwenkunzi kwezoqoqosho karhulumente. Isibakala sokuba umthamo koovimba yalo iziko zemali yorhwebo ngqo ukuqinisekisa ukuba izakhono ibhange lenze iziko yokubolekisa. Ukuba iimfuneko ezibekwe yi-Central Bank ukuze ubutyebi efanelekileyo, phezulu, umsebenzi kweebhanki kwi kwicandelo kwiimalike zemali lifinyele. Ngenxa yoko - kuncitshiswa zophuculo uqoqosho ngokwemiqathango yecandelo yokwenene, Noko ke, ukuze nande ngokwemigaqo kwezimali ezinkulu kwicandelo lezimali, iidiphozithi abemi '.

Retaining iimfuno egciniweyo kwiibhanki zorhwebo kunokunceda ukunciphisa nokunyuka kwamaxabiso kunye ukuphumeza ezinye iinjongo ezifuna umgaqo elondoloza lawulo wemali. Ngaba isixhobo ingxelo iyasebenza ngokwemiqathango iinjongo ngeenjongo ezicwangcisekileyo ezahlukeneyo kuqoqosho?

Phakathi izimvo leengcali ngalo mbandela zahlukile. Abanye abahlaziyi bakholelwa ukuba utshintsho kwimimiselo malunga neemfuno reserve kufuneka ibe ngumlinganiselo wexeshana, ngoxa abanye bakholelwa ukuba CBR kufuneka asebenzise isixhobo esifanelekileyo rhoqo - ingakumbi eyayiqhelekile ngamaxesha ezidubedube kunye nokungaqiniseki iinkqubo ezahlukeneyo kuqoqosho lwesizwe.

Uthatho-nxaxheba Bank of imicimbi engekenziwa kwi-stock

Isixhobo ilandelayo ngokufanayo le nkqubo Central Bank lawulo wemali - ummiselo-mali kwi-stock. amaziko ezemali afanelekileyo liqonga ukuba abhide evulekileyo. Kuquka nezo eziquka intengiselwano ngokuthenga kunye nokuthengiswa nezibambiso ezikhutshwe ngurhulumente, kunye namashishini amakhulu ukuba asebenza kweli lizwe.

Central Bank kule meko kunokuba umdlali ngokukhutheleyo kwiimarike uthenge okanye ngokuthengisa iintlobo ezithile izibambiso. Njengomthetho jikelele, i-Central Bank inxaxheba imicimbi, ebonisa ukujika kwiibhondi zikarhulumente. Ukuba uthenge kubo, oko kuthetha ukuba liphumeze iinjongo zomgaqo-lawulo wemali wabasukela zezo okuluphawu indlela wokungagogotyi ulawulo kuqoqosho. Oko kukuthi, iinkampani zikarhulumente okanye ezinkulu ukufumana imali evela Central Bank angayalela ukuba imali iiprojekthi ezintsha (iindleko, zorhwebo), ukuze ukuphumeza ukukhuthaza uphuhliso kumacandelo ahlukeneyo.

Ngenxa yoko, kwathengwa izibambiso unakho ukubonisa ukuba iinjongo ze-nkqubo wemali ye-Central Bank enxulumene nokusetyenziswa kwindlela kulawulo neenkqubo kwezoqoqosho - njengokuba kulo mzekelo, olusisiseko lwe zehla.

Ukumisa rate iqhosha

isixhobo CBA Okulandelayo - setting rate engundoqo. Esi salathisi, njengoko sibonile ngentla apha, simisela iimeko semboleko kwi emarikeni xa iyonke.

Ngenxa yoko, iqhosha yezinga eliphezulu CBR kusenokubonisa ukuba iinjongo ze-nkqubo wemali ye-Bank of Russia - ukuhla Dynamics capitalisation of kumacandelo athile ezoqoqosho ngeendleko-mali waboleka, kwakunye nokuhla kwamandla emali. Ngelo xesha linye, izinga eziphambili ephakamileyo Central Bank, njengoko umthetho, ukhuthaza uthethathethwano oluntu kwemali kwimigangatho ngohlobo yesibambiso - ngamazinga aphezulu umdla. Ngenxa yokwanda capitalisation, nayo, ityala kunye nemibutho zemali.

Ummiselo iibhanki zorhwebo 'iintengiselwano zezezimali

Enye indlela ebalulekileyo yomgaqo-nkqubo wemali karhulumente - ummiselo, ukumiselwa kwemigangatho yeebhanki zorhwebo. Kuliwa ngokunxibelelene yokuba abasemagunyeni zemali kufuneka ukuqinisekisa uzinzo kwinkqubo yogcino njengoko omnye kwezibonelelo ezingundoqo zokuphunyezwa komgaqo wolawulo-mali.

amaziko abolekisa Commercial kudlala indima amaziko ezinkulu zemali karhulumente. Kufuneka babe izibonelelo oluzinzileyo usebenze ngokungqinelana nemimiselo engqongqo - ukuze abathengi, abemi, amashishini kunye nezakhiwo mali, babe nethuba lokusebenzisa iinkonzo ekhuselekileyo kwaye luyafumaneka. Eyona njongo iphambili ye-nkqubo wemali karhulumente Zikwacebisa ukusebenzisa esebenzayo yale izibonelelo. umsebenzi CB - ukuqinisekisa ulungelelwaniso olusebenzayo ummiselo wayo ezisemthethweni nokuphuculwa.

Umgaqo wolawulo ye-Bank of Russia: zokuqala

Kuluncedo ukuba siqwalasele oko eziphambili uluntu ibambelela Russian Central Bank yemali-mboleko. Ngaphezu sibonile ukuba Central Bank njengeziko engundoqo zemali urhulumente ekhetha enye okanye enye indlela yokulawula iinkqubo zoqoqosho esekelwe kwi imeko kuqoqosho lwesizwe, izinto zokwenyani echaphazela uphuhliso kwezoqoqosho. Umgaqo ehambelana nayo ubonakalise Russian Central Bank.

Eli ziko credit, njengokuba kusenziwa imiboniso, iphumeza qhinga ubukhulu becala conservative ngamaxesha Ukudodobala silinene - kunye nokukhula koqoqosho karhulumente. Ngoko, ngexesha lokudodobala ka-2008-2009 izinga eziphambili Central Bank of the Russian Federation liye landa kakhulu: oko wehlisa market liboleke abanye; ngokuphawulekayo kunciphise capitalisation koqoqosho kodwa, kwangaxeshanye, ubukhulu becala yamenza ukuba ukunyuka kwamaxabiso kumgangatho owamkelekileyo. Emva kokuba ndiyoyisile le ngxaki, izinga yesitshixo wehlile: i-Central Bank bafudukela imigaqo yolawulo kwezoqoqosho melo.

Ngenxa ukuwa kwamaxabiso e-oyile kunye ingxaki Russian yobudlelwane bezizwe kuqoqosho Russian ngo-2015 bafudukela kwakhona yokudodobala. Central Bank wamvusa iqhosha izinga layo lenzala kwaye kuyaqhubeka ukuba ayigcine kwizinga eliphezulu ngokwaneleyo. emali - ukuba kuthathwe njengenqobo engundoqo ukusebenza umgaqo wolawulo-mali, njengoko manani zibonisa, kukuba eRashiya kwinqanaba elamkelekileyo.

Kwakhona, siphawula ukuba phakathi zoqoqosho kukho uvavanyo eyahlukeneyo CBR ukulawula uqoqosho: kukho imbono ukuba izinga engundoqo kufuneka incitshiswe nokuvuselela lokubolekisa njengesiphumo - ukunyusa umgangatho ze kumacandelo ahlukeneyo loqoqosho lwesizwe.

isishwankathelo

Ngenxa yoko, siye sahlolisisa uhlobo, iinjongo eziphambili kunye nezixhobo yomgaqo-lawulo wemali, nto leyo nezaziwa lawulo wemali. isihloko sayo - yibhanki eyongameleyo. Waye wayephethe - ummiselo kwamaxabiso, ulungelelwano lwentlawulo, izinga ezingundoqo, ukulawulwa imisebenzi amaziko zemali yorhwebo ukuba nabo badlala indima ebalulekileyo ekuphumezeni umgaqo wolawulo-mali. Kuxhomekeka imeko yezoqoqosho kweli lizwe, ngaphandle, impembelelo yeemeko zentlalo ezopolitiko, i-Central Bank unakho ukukhetha elinye okanye elinye icebo yemali, kwakunye nezixhobo ezithile ukwenzela ukuphunyezwa kwayo. Ngokubanzi, babonisa omnye iindlela ezimbini: angqingqwa - ngokucebisa ukuncitshiswa zophuculo yezoqoqosho kunye namashishini yayo ephambili, okanye melo - luphawulwa Umnqweno Central Bank ukuvuselela exchange esebenzayo-nxaxheba kwiimarike ezinkulu.

Enye indlela buyisela abanye xa kuyimfuneko. Umzekelo, imbonakalo yezinto negalelo lokwehla kwezoqoqosho, iinjongo zomgaqo wolawulo-mali eRashiya, njengoko umthetho, zibonise umnqweno koogunyaziwe zemali ekuthotyweni capitalisation kuqoqosho ngayo. Kubonakala ngathi ukwanda yibhanki iirhafu esembindini ezingundoqo, kwezinye iimeko - ukutshintsha iimfuno egciniweyo amaziko abolekisa yorhwebo. Kodwa kamsinya nje imeko yezoqoqosho kweli lizwe yazinza - i-Central Bank, njengoko umthetho, ukunciphisa izinga iqhosha.