EBZ hasi da gordailu negatiboen tasaz eztabaidatzen.
Marshall Auerback-ek idatzi berri du gai horretaz[1].
Nahiz eta Bundesbank-eko nagusi Jens Weidmate orain dela hilabete batzuk aurka egon, orain badirudi alde dagoela[2].
Arazoa da ea horrelako neurriak enpresei eta familiei banku maileguz ematea hobetu dezakeen ala ez.
Auerback-ek argi dioenez, neurri horrek ez du maileguz ematea hobetuko, zio soil bategatik, kausazioa gaizki planteatuta dagoelako: maileguek gordailuak sortzen dituzte, ez alderantziz.
MMT-koek, hots, DMT-koek ezagutzen dutenez, katea maileguarekin hasten da, zeinak gordailua sortzen duen[3].
Hiru aukera daude[4]:
i) Mailegu-hartzaileak, berak zor diona atzera ordaintzen du
ii) Mailegu-hartzailea ordaintze ezean dago
iii) Gordailugileak aurrezten du
Auerback-ek aipatzen duenez, interes tasa negatiboek aurreztaileak zigortzen dituzte[5], hala egungo erretiratuak nola erretiro planak[6] ere.
Hori ikusita, hona hemen Auerback-en galdera: Hori al da benetan Europak oraintxe behar duena?
[1] Ikus Negative Interest Rates Is Fiscal Austerity By Another Name:http://macrobits.pinetreecapital.com/negative-interest-rates-fiscal-austerity-another-name/.
[2] Ingelesez. “If you wanted to counter the consequences of a strong appreciation of the euro for the inflation outlook, negative rates would, however, appear to be a more appropriate measure than others…”
[3] Ingelesez: “When a bank makes a loan, it creates the money out of thin air and credits the borrower, who usually turns around and buys something with that money, which the seller then deposits back in the bank (thus completing the circle of life). However, the borrower still holds a liability (the amounts owed) which mirrors a receivable that the bank holds.”
[4] Ingelesez. “If the borrower pays back what he owes, everything is fine. If the borrower defaults, the receivable is written down, and the bank’s equity is written down as well. The bank makes a credit decision when it makes the loan. Investors make an investment decision based on their assessment of the bank’s wisdom in making credit decisions when they decide to invest in the bank. Since depositors are not and should not be making an investment or credit decision when they choose to save, they should not have those responsibilities put upon them (which happens to a limited degree today via FDIC insurance).” FDIC: http://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation.
[5] Hona zioa, ingelesez: “First the very low interest rate environment forces current retirees who rely on interest income to support themselves to reduce their spending. More importantly the low rate environment plays havoc with retirement planning for both individuals and pension plans.”
[6] Ingelesez. “For example, individuals planning for retirement have to assume lower rates of return on their investments, and, therefore, if they want to achieve a target amount of assets in the future they have to save more today. Saving more today means buying less stuff today and that works against the demand effects implied by low interest rates. One way to save more is for older workers to stay in the labor force longer. In fact the only growing segment by age in employment during the past few years has been in the over 55 years of age category. By working longer, older workers are blocking the way for young workers who are now locked out of the labour market.”
