Pelonggaran kuantitatif
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Pelonggaran kuantitatif (QE, singkatan dari quantitative easing) adalah kebijakan moneter non-konvensional yang dipakai bank sentral untuk mencegah penurunan suplai uang ketika kebijakan moneter standar mulai tidak efektif.[1][2][3] Bank sentral memberlakukan pelonggaran kuantitatif dengan membeli aset keuangan dalam jumlah tertentu dari bank komersial dan institusi swasta lainnya, sehingga meningkatkan basis moneternya.[4] Ini berbeda dengan kebijakan pembelian atau penjualan obligasi pemerintah yang bertujuan mempertahankan suku bunga pasar pada target tertentu.[5][6][7][8]
Kebijakan moneter ekspansioner biasanya terjadi ketika bank sentral membeli obligasi pemerintah jangka pendek untuk menurunkan suku bunga pasar jangka pendek.[9][10][11][12] Akan tetapi, saat suku bunga jangka pendek berada di atau mendekati nol, kebijakan moneter normal tidak mampu lagi menurunkan suku bunga.[13] Pelonggaran kuantitatif kemudian bisa diterapkan oleh otoritas moneter untuk menstimulasi ekonomi dengan membeli aset-aset berjangka panjang ketimbang obligasi pemerintah jangka pendek, sehingga menurunkan suku bunga jangka panjang sampai keluar kurva imbal.[14][15] Pelonggaran kuantitatif menaikkan harga aset keuangan yang dibeli yang kemudian menurunkan imbalnya.[16]
Pelonggaran kuantitatif dapat digunakan untuk bantu menjamin bahwa inflasi tidak sampai berada di bawah target.[8] Risikonya adalah kebijakan melawan deflasi lebih efektif daripada yang diperkirakan (berujung pada inflasi yang lebih tinggi dalam jangka panjang akibat meningkatnya persediaan uang),[17] atau tidak cukup efektif jika bank tidak meminjamkan cadangan tambahannya.[18] Menurut IMF dan sejumlah ekonom, pelonggaran kuantitatif yang dilakukan sejak krisis ekonomi global berhasil mencegah dampak-dampak buruknya.[19][20][21]
Lihat pula
[sunting | sunting sumber]Referensi
[sunting | sunting sumber]- ^ King, Mervyn. "No guarantee bank lending will rise, says Mervyn King".
- ^ "Loose thinking". The Economist. 15 October 2009.
- ^ Publications | Learning the Lessons from QE and Other Unconventional Monetary Policies: 17–18 November Diarsipkan 2011-12-31 di Wayback Machine.. Bank of England (18 November 2011).
- ^ Bank of England (27 May 2013). "Quantitative easing – injecting money into the economy". bankofengland.co.uk. Diarsipkan dari versi asli (PDF) tanggal 2016-12-29. Diakses tanggal 2013-10-13.
- ^ Quantitative Easing Explained (PDF). London: Bank of England. 2011. Diarsipkan dari versi asli (PDF) tanggal 2010-10-30. Diakses tanggal 2013-10-13.
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. Diarsipkan dari versi asli (PDF) tanggal 2012-09-02. Diakses tanggal 2013-10-13.
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
- ^ Kesalahan pengutipan: Tag
<ref>tidak sah; tidak ditemukan teks untuk ref bernamabbcnews - ^ a b "Quantitative Easing Explained". Bank of England. Diarsipkan dari versi asli tanggal 2009-03-16. Diakses tanggal 2013-10-13.
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.
- ^ 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. hlm. 14–19.
- ^ BBC (6 March 2013). "What is quantitative easing?". bbc.co.uk.
- ^ "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. Diakses tanggal 4 April 2011.
- ^ Bernanke, Ben (13 January 2009). "The Crisis and the Policy Response". Federal Reserve. Diakses tanggal 4 April 2011.
- ^ Elliott, Larry (8 January 2009). "Guardian Business Glossary: Quantitative Easing". The Guardian. London. Diakses tanggal 19 January 2009.
- ^ Bowlby, Chris (5 March 2009). "The fear of printing too much money". BBC News. Diakses tanggal 25 June 2011.
- ^ Isidore, Chris (5 October 2010). "Federal Reserve move toward quantitative easing poses risks". CNNMoney.com. Diakses tanggal 25 June 2011.
- ^ Unconventional Choices for Unconventional Times: Credit and Quantitative Easing in Advanced Economies; by Vladimir Klyuev, Phil de Imus, and Krishna Srinivasan; IMF Staff Position Note SPN/09/27; 4 November 2009.. (PDF).
- ^ "Evaluating Large-Scale Asset Purchases," 11 October 2012
- ^ Feldstein, Martin (24 February 2011). "Quantitative Easing and America's Economic Rebound". project-syndicate.org. Project Syndicate. Diakses tanggal 4 April 2011.
Pranala luar
[sunting | sunting sumber]
- Credit Easing Policy Tools Diarsipkan 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 Diarsipkan 2009-03-16 di Wayback Machine.
- Bank of England – QE Explained Pamphlet Diarsipkan 2010-10-30 di Wayback Machine.
- Modern Money Mechanics Diarsipkan 2020-08-06 di Wayback Machine. Federal Reserve Document Explaining How Money Is Created
- Quantitative easing explained (Financial Times Europe)
- A Fed Governor Discusses Quantitative Easing Among Other Topics