{"id":1218,"date":"2023-02-10T11:48:00","date_gmt":"2023-02-10T10:48:00","guid":{"rendered":"https:\/\/deniksuper.cz\/?p=1218"},"modified":"2024-08-26T11:49:03","modified_gmt":"2024-08-26T09:49:03","slug":"jake-jsou-rizika-kvantitativniho-uvolnovani","status":"publish","type":"post","link":"https:\/\/deniksuper.cz\/?p=1218","title":{"rendered":"Jak\u00e9 jsou rizika kvantitativn\u00edho uvol\u0148ov\u00e1n\u00ed?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Kvantitativn\u00ed uvol\u0148ov\u00e1n\u00ed (QE) je nekonven\u010dn\u00ed m\u011bnov\u00e1 politika, kterou centr\u00e1ln\u00ed banky vyu\u017e\u00edvaj\u00ed v dob\u011b ekonomick\u00fdch kriz\u00ed. Spo\u010d\u00edv\u00e1 v masivn\u00edm n\u00e1kupu aktiv, p\u0159edev\u0161\u00edm st\u00e1tn\u00edch dluhopis\u016f, s c\u00edlem zv\u00fd\u0161it pen\u011b\u017en\u00ed z\u00e1sobu a sn\u00ed\u017eit \u00farokov\u00e9 sazby. A\u010dkoli QE m\u016f\u017ee b\u00fdt \u00fa\u010dinn\u00fdm n\u00e1strojem pro stimulaci ekonomiky, nese s sebou i \u0159adu rizik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Hlavn\u00ed rizika kvantitativn\u00edho uvol\u0148ov\u00e1n\u00ed:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Inflace:<\/strong> Zv\u00fd\u0161en\u00ed pen\u011b\u017en\u00ed z\u00e1soby m\u016f\u017ee v\u00e9st k r\u016fstu inflace, pokud se ekonomika p\u0159eh\u0159eje a popt\u00e1vka p\u0159ekro\u010d\u00ed nab\u00eddku.<\/li>\n\n\n\n<li><strong>Nerovnost:<\/strong> QE m\u016f\u017ee zv\u00fd\u0161it nerovnost ve spole\u010dnosti, proto\u017ee nejv\u011bt\u0161\u00ed prosp\u011bch z n\u011bj maj\u00ed \u010dasto bohat\u0161\u00ed vrstvy obyvatelstva, kter\u00e9 vlastn\u00ed akcie a dal\u0161\u00ed aktiva.<\/li>\n\n\n\n<li><strong>Finan\u010dn\u00ed nestabilita:<\/strong> QE m\u016f\u017ee vytvo\u0159it finan\u010dn\u00ed bubliny na akciov\u00fdch trz\u00edch a trhu s nemovitostmi. Pokud tyto bubliny prasknou, m\u016f\u017ee to v\u00e9st k finan\u010dn\u00ed krizi.<\/li>\n\n\n\n<li><strong>Ztr\u00e1ta d\u016fv\u011bry v m\u011bnu:<\/strong> Pokud se QE prov\u00e1d\u00ed p\u0159\u00edli\u0161 dlouho nebo v p\u0159\u00edli\u0161 velk\u00e9m rozsahu, m\u016f\u017ee to v\u00e9st ke ztr\u00e1t\u011b d\u016fv\u011bry v m\u011bnu a k devalvaci.<\/li>\n\n\n\n<li><strong>Omezen\u00ed budouc\u00edho man\u00e9vrovac\u00edho prostoru:<\/strong> Pou\u017eit\u00ed QE sni\u017euje schopnost centr\u00e1ln\u00edch bank reagovat na budouc\u00ed ekonomick\u00e9 \u0161oky konven\u010dn\u00edmi n\u00e1stroji, jako jsou \u00farokov\u00e9 sazby.<\/li>\n\n\n\n<li><strong>Mor\u00e1ln\u00ed hazard:<\/strong> QE m\u016f\u017ee vytv\u00e1\u0159et mor\u00e1ln\u00ed hazard, proto\u017ee povzbuzuje vl\u00e1dy a firmy k nadm\u011brn\u00e9mu zadlu\u017eov\u00e1n\u00ed.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Dal\u0161\u00ed rizika:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Zhor\u0161en\u00ed alokace zdroj\u016f:<\/strong> QE m\u016f\u017ee v\u00e9st k nespr\u00e1vn\u00e9 alokaci zdroj\u016f, pokud pen\u00edze sm\u011b\u0159uj\u00ed do m\u00e9n\u011b produktivn\u00edch oblast\u00ed ekonomiky.<\/li>\n\n\n\n<li><strong>Politick\u00e1 rizika:<\/strong> QE m\u016f\u017ee b\u00fdt zneu\u017eito k politick\u00fdm c\u00edl\u016fm, co\u017e m\u016f\u017ee ohrozit nez\u00e1vislost centr\u00e1ln\u00edch bank.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Je d\u016fle\u017eit\u00e9 si uv\u011bdomit, \u017ee kvantitativn\u00ed uvol\u0148ov\u00e1n\u00ed je komplexn\u00ed n\u00e1stroj a jeho dopady se mohou li\u0161it v z\u00e1vislosti na konkr\u00e9tn\u00edch ekonomick\u00fdch podm\u00ednk\u00e1ch.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Z\u00e1v\u011brem lze \u0159\u00edci, \u017ee kvantitativn\u00ed uvol\u0148ov\u00e1n\u00ed je \u00fa\u010dinn\u00fdm n\u00e1strojem pro \u0159e\u0161en\u00ed ekonomick\u00fdch kriz\u00ed, ale jeho pou\u017eit\u00ed mus\u00ed b\u00fdt pe\u010dliv\u011b zv\u00e1\u017eeno a prov\u00e1zeno dal\u0161\u00edmi opat\u0159en\u00edmi, aby se minimalizovala rizika.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kvantitativn\u00ed uvol\u0148ov\u00e1n\u00ed (QE) je nekonven\u010dn\u00ed m\u011bnov\u00e1 politika, kterou centr\u00e1ln\u00ed banky vyu\u017e\u00edvaj\u00ed v dob\u011b ekonomick\u00fdch kriz\u00ed. Spo\u010d\u00edv\u00e1 v masivn\u00edm n\u00e1kupu aktiv, p\u0159edev\u0161\u00edm st\u00e1tn\u00edch dluhopis\u016f, s c\u00edlem zv\u00fd\u0161it pen\u011b\u017en\u00ed z\u00e1sobu a sn\u00ed\u017eit \u00farokov\u00e9 sazby. A\u010dkoli QE m\u016f\u017ee b\u00fdt \u00fa\u010dinn\u00fdm n\u00e1strojem pro stimulaci ekonomiky, nese s sebou i \u0159adu rizik. Hlavn\u00ed rizika kvantitativn\u00edho uvol\u0148ov\u00e1n\u00ed: Dal\u0161\u00ed rizika: Je d\u016fle\u017eit\u00e9 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[12],"tags":[],"class_list":["post-1218","post","type-post","status-publish","format-standard","has-post-thumbnail","category-finance"],"amp_enabled":false,"_links":{"self":[{"href":"https:\/\/deniksuper.cz\/index.php?rest_route=\/wp\/v2\/posts\/1218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/deniksuper.cz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/deniksuper.cz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/deniksuper.cz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/deniksuper.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1218"}],"version-history":[{"count":1,"href":"https:\/\/deniksuper.cz\/index.php?rest_route=\/wp\/v2\/posts\/1218\/revisions"}],"predecessor-version":[{"id":1220,"href":"https:\/\/deniksuper.cz\/index.php?rest_route=\/wp\/v2\/posts\/1218\/revisions\/1220"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/deniksuper.cz\/index.php?rest_route=\/wp\/v2\/media\/1219"}],"wp:attachment":[{"href":"https:\/\/deniksuper.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/deniksuper.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/deniksuper.cz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}