Kvantitativno sproščanje in helikopterski denar kot ukrepa centralne banke v krizi

Lukan, Manca

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Title:	Kvantitativno sproščanje in helikopterski denar kot ukrepa centralne banke v krizi
Authors:	ID Lukan, Manca (Author) ID Taškar Beloglavec, Sabina (Mentor) More about this mentor...
Files:	VS_Lukan_Manca_2018.pdf (1,42 MB) MD5: DA742A168EAA223A0E0A6E532403B1B4 PID: 20.500.12556/dkum/c0e0f7dd-48e5-43a0-b308-e6b06e7f1ab4
Language:	Slovenian
Work type:	Diploma project paper
Typology:	2.11 - Undergraduate Thesis
Organization:	EPF - Faculty of Business and Economics
Abstract:	Svetovno gospodarstvo je bilo leta 2007 v finančni krizi, kar je privedlo do njegove stagnacije. Države so se poizkušale rešiti iz te krize tudi tako, da so centralne banke Japonske, ZDA, Velike Britanije in evroobmočja uvedle ukrepe kvantitativnega sproščanja, da bi spodbudile gospodarstvo. Kvantitativno sproščanje je v omenjenih državah vidno povečalo likvidnost, ni pa doseglo želenega cilja, tj. spodbuditve agregatnega povpraševanja. Zatorej je zopet oživela ideja o ukrepu helikopterskega denarja, ki pa v izbranih državah centralnih bank ni bil uporabljen. Sicer pa je opredeljen kot možna alternativa kvantitativnemu sproščanju. V diplomski nalogi smo predstavili ukrepa kvantitativnega sproščanja in helikopterskega denarja, njihov nastanek, vsebino in pričakovane učinke ter jih primerjali med seboj. Metodo kvantitativnega sproščanja in helikopterskega denarja spremljajo tveganja, zato bomo le ta opredelili. Centralna banka lahko izgubi denar, kar pomeni, da ga bodo morali v obliki višjih davkov v prihodnosti plačati davkoplačevalci, če se ustvari preveč denarja, pa se lahko tudi razvrednoti valuta, kar lahko ob povratku gospodarske rasti povzroči previsoko inflacijo ali celo hiperinflacijo. Predstavili smo programe kvantitativnega sproščanja na Japonskem, ZDA, Veliki Britaniji in evroobmočju. Nato smo te navedene države primerjali med seboj in na ta način ugotovili njihovo uspešnost. Na podlagi študije »Capital Economics« je kvantitativno sproščanje na primerih Japonske, ZDA in Velike Britanije vplivalo na povečanje primarnega denarja, medtem ko ni povzročil bistvenega povečanja širših denarnih agregatov. Angleška in ameriška banka sta prek kvantitativnega sproščanja z obsežnimi nakupi dolgoročnih državnih in podjetniških vrednostnih papirjev v svoja gospodarstva vbrizgavala ogromne količine denarja. Leta 2015 je program odkupovanja začela tudi Evropska centralna banka. Programi kvantitativnega sproščanja centralnih bank so večinoma pripomogli k dvigu finančnega premoženja, predvsem vrednosti delniških naložb, ter hkrati oslabili menjalni tečaj. Za uresničitev te ideje bi morali sodelovati tako fiskalna kot monetarna politika. Preko fiskalne politike bi vlada v obliki socialnih transferjev dodelila denar ljudem ali znižala davke tistim z najnižjimi dohodki, ki običajno ves dohodek takoj potrošijo, monetarna politika pa bi to financirala preko kvantitativnega sproščanja. Glede na izbiro med obema ukrepoma je metoda kvantitativnega sproščanja v bistvu boljša. Če povzamemo, lahko rečemo, da kvantitativno sproščanje predstavlja izreden ukrep za spodbuditev gospodarstva in zagotovitev cenovne stabilnosti.
Keywords:	gospodarstvo, finančna kriza, ukrepi, kvantitativno sproščanje, helikopterski denar, hiperinflacija.
Place of publishing:	Maribor
Publisher:	[M. Lukan]
Year of publishing:	2018
PID:	20.500.12556/DKUM-71534
UDC:	336.74
COBISS.SI-ID:	13167388
NUK URN:	URN:SI:UM:DK:JLP3K8WY
Publication date in DKUM:	14.11.2018
Views:	1887
Downloads:	243
Metadata:
Categories:	EPF
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Licences

License:	CC BY-NC-ND 4.0, Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International

Link:	http://creativecommons.org/licenses/by-nc-nd/4.0/
Description:	The most restrictive Creative Commons license. This only allows people to download and share the work for no commercial gain and for no other purposes.
Licensing start date:	21.08.2018

Secondary language

Language:	English
Title:	Quantitative easing and helicopter money as central bank's instruments in crisis
Abstract:	In 2007 a financial crisis occurred around the world and the consequence was economic stagnation. Central banks of Japan, the United States of America (USA), Great Britain, and the eurozone introduced programmes of quantitative easing (QE) in order to escape from the crisis and to revive the economy system. Quantitative easing did greatly increase liquidity everywhere, however it did not achieve the desired goal - stimulating aggregate demand. That is why the idea of helicopter money action was revived, which is more or less defined as an alternative to quantitative easing, however it was not used in selected central banks. In this degree we presented and compared methods for reduction of financial crisis, their origin, content, expected effects. Quantitative easing is accompanied by many risks hence we named them. Central bank could loose money which indicates that in the future taxpayers will be forced to pay higher taxes. However if the created amount of money is too high, this could lead to devaluation of it. Thus if the economy growth returns, the process of inflation or even hyperinflation may occur. We depicted programmes of quantitative easing in Japan, Great Britain, USA and the eurozone. After our analysis we compared them hence to find their success from economical point of view. According to the study of Capital economics, quantitative easing increased monetary base in the countries mentioned above, while it didn't influence the money aggregates.Through QE, the English and American bank implemented huge amounts of money into large-scale purchases of long-term government and corporate securities. In 2015, the European central bank started a redemption programme. In most cases the method of QE helped increase financial assets, especially stock investments and simultaneously weakened the exchange rate. Fiscal and monetary policy should work hand in hand to realize this method. Fiscal policy would serve as a social transfer for people with the lowest income. On the other hand monetary policy would be used to finance those people by quantitative easing. Given the choice between the two measures, the quantitative easing method is essentially better. In the conclusion we could say that the programme of quantitative easing presents the significant measure to stimulate the economy and ensure price stability.
Keywords:	economy, financial crisis, measures, quantitative easing, helicopter money, hyperinflation.

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