Okrem otazok, by clovek niekedy rad pocul aj odpovede.
Nebude to tym, ze aj inflacia je nizka .. HICP - Harmonised Index of Consumer Prices .. 06/2002 = 111.1 .. 06/2003 = 113.2 .. 06/2004 = 115.9 .. 06/2005 = 118.3
HICP podla Eurostatu pre Euro-zone (EUR-12), cp000idx, 1996=100
Takze ak mame inflaciu okolo 2-3% rocne, preco by sme nemohli mat aj urokove sadzby okolo 2-3% rocne? HICP nie je inflacia, ale viem, kde najst rychlo HICP. Podobne by sa chcelo pozriet na deflator hrubeho domaceho produktu a index spotrebitelskych cien.
Autor tohto blogu studuje ekonomiu, dokaze polozit otazky a neda na svojom blogu vlastny nazor a ani len pokus o odpoved?? Keby to boli otazky z mediciny, da sa to pochopit. Ekonomicke zdovodnenia trivilanych zavislosti - a tym vztah urokovych sadzieb a inflacie rozhodne je - by mal vediet kazdy s diplomom z ekonomie.
Rozdiel medzi geniusom (geniom?) a totalnym magorom je niekedy velmi maly. Niekedy si pripadam ako genius. A vtedy neviem, ci je to preto, ze som genius alebo totalny magor.
dnes s tebou suhlasim iba ciastocne - a to s tym poslednym odsekom.
ALE:
1. mne ide o realne urokove miery, ktore su velmi nizke 2. s tymi inflacia nema nic spolocne (priamo) 3. nepriamo ano - ak ECB ponuka za nizsie uroky ako trh, musi odniekial na to brat peniaze, lebo kazdy si od nej bude chciet poziciat = bude ich musiet tlacit z nicoho = cim sposobuje inflaciu. cim teda nizsie uroky ako cisto trhove da, tym viac musi tlacit a tym nizsia by mala byt cena penazi(vyssia inflacia). moze sa asi ale aj zadlzovat..
t.j. ake su ine sposoby poziciavania za nizsi nez trhovy urok okrem tlacenia penazi (ak sa zadlzujem, budem ich musiet vytlacit neskor)? su nejake?
1. nizke uroky vyzaduju rast penaznej zasoby 2. ten sposobuje rast cien, ALE 3. neexistuje tam aritmeticky vztah medzi vyskou urokov a rastom menovej zasoby, alebo predpokladame, ze vsetci si zrazu budu poziciavat od ECB (a to je kolko?)
zakladna otazka je: kto a kolko si pozicia. Pozicias si 1 000 000 Euro, ked nemas projekt a investicne moznosti??
Banka ma ekonometricky model, na zaklade ktoreho dokaze odhadnut, kolko ludi/podnikov si chce pozicat v zavislosti na urokoch. Uroky teda nastavi tak, aby pozicala prave tolko, kolko pozicat chce. Navyse banka ma moznost neakceptovat ponuku .. ako to predviedla v tomto a minulom roku nasa NBS.
Inymi slovami, banka ma plne pod kontrolou, kolko penazi pozicia.
Citujem: "Ako moze Europska centralna banka dlhodobo udrziavat 2%-ne uroky bez masivneho tlacenia penazi (ktore by mal sprevadzat signifikantnejsi rast cien)?"
Nespominas realne alebo to iba ja nevidim? .. Signifikantnejsi rast cien za posledny tri roky popiera oficialne data pre HICP publikovane Eurostatom v mojom predchadzajucom prispevku .. a ake musi byt to tlacenie v USA, ked maju uroky momentalne vyssie ako v EU??
Priznam sa otvorene, narodohospodarsku teoriu, monetarnu a fiskalnu politiku a ich prakticke realizacie sme na prednaskach moc podrobne nepreberali. Politika narodnych bank (centralnych bank) mi zostava jednou velkou zahadou, ale kedze to zatial funguje, moc sa v tom nerypem.
ECB si to moze dovolit kvoli vysokej produktivite prace. Nie v Europe, ale v Cine a inych krajinach, ktore dovazaju do EU. Tato produktivita tlaci ceny dolu, a popri tom umoznuje ludom reinvestovat viac. Setrit nebudu za take uroky. Takze inflacia je dole, a dopyt po peniazoch je uspokojeny vyssimi investiciami. Samozrejme, to sa vsetko moze zmenit ak EU znizi kvoty pre Cinske exporty a ECB nezvysi urokove miery. (ECB si to vsak nemoze dovolit, lebo s vyssimi urokmi by znizila uz aj tak minimalny rast EU ekonomiky.)
Odporucam hlavny clanok v novom The Economist (o USA a Cine), pripadne clanky rozoberajuce US deficit zahranicneho obchodu a US inflaciu.
Neprehliadol; bol to "Oiloholics". Nevedel som si spomenut na nazov; pisal som, len co som sa zobudil. Citujem:
"The two main engines for the world, the United States and China (also the two biggest oil consumers), have both had their growth boosted by lax monetary conditions in the past couple of years. Indeed high oil prices can partly be seen as a consequence of low interest rates. The two most important prices in the world economy are the price of oil and the price of money, and they are linked. If interest rates are abnormally low (in bond yields as well as short-term rates), then as global demand increases in response, oil prices should rise—especially if production capacity is tight, as it is today."
V tomto pripade ide o to, ze USA a Cina maju tolko penazi na reinvestovanie, ze si mozu dovolit ropu za vyssie ceny. Svojim sposobom tak znizuju ponuku penazi na domacom trhu, a tym limituju inflaciu. Co sa tyka inflacie a nizkych urokovych mier, tu je lepsi citat:"Exports add to a nation’s aggregate demand. If inflation is occurring, exports add to those inflationary pressures. The rest of the world, by buying our goods, increases the scarcity of those goods. Imports represent Americans buying foreign goods. This is disinflationary or if deflation is occurring, it adds to deflationary pressures. If prices are rigid downward (as they were more so in the past), imports tend to depress the level of real economic activity and have a negative impact on employment."Zdroj: http://byrned.faculty.udmercy.edu/2003%20Volume,%20Issue%203 /balofpayart.htmNajlepsie to vsak vysvetluje FDIC:"There's no doubt that the ability to import cheap—that is, inexpensive—products from around the world has kept down U.S. inflation. The Chinese all by themselves are bringing down the U.S. inflation rate by several tenths of a percent. Import prices from China and some of the other Asian developing countries are actually lower today than they were a year ago. Japanese import prices from the perspective of the United States are up less than 1 percent from last year. It's only when you look at manufactured goods and import prices from Europe that you see a significant increase in price."Zdroj: http://www.fdic.gov/bank/analytical/regional/ro20052q/na/200 5summer_02.html
Ak usudzujem spravne, tak podla textu vyssie, by mali vysoke ceny ropy zdvihnut inflaciu v USA.
Tento efekt sa este zvysi, lebo aj Cinania a Japonci vplyvom vyssich cien budu musiet zdvihnut ceny. Pochybujem, ze su az tak dobri, ze by nemuseli ceny zvysovat.
Ak sa ale mylim a Japonci a Cinania ceny nezdvihnu, zbohom Europa ...