{"id":632,"date":"2024-10-14T10:58:08","date_gmt":"2024-10-14T10:58:08","guid":{"rendered":"https:\/\/www.ziniulaisve.lt\/index.php\/2024\/10\/14\/stabilios-monetos-pazeidziamos-makroekonomines-pinigu-politikos-ecb\/"},"modified":"2024-10-14T10:58:08","modified_gmt":"2024-10-14T10:58:08","slug":"stabilios-monetos-pazeidziamos-makroekonomines-pinigu-politikos-ecb","status":"publish","type":"post","link":"https:\/\/www.ziniulaisve.lt\/index.php\/2024\/10\/14\/stabilios-monetos-pazeidziamos-makroekonomines-pinigu-politikos-ecb\/","title":{"rendered":"Stabilios monetos, pa\u017eeid\u017eiamos makroekonomin\u0117s pinig\u0173 politikos: ECB"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<div class=\"breadcrumb-section flex text-xxs text-gray-400 pb-7\">\n<ol class=\"inline-flex items-center space-x-1\">\n<li class=\"inline-flex items-center\">Pagrindinis puslapis<\/li>\n<li class=\"inline-flex items-center\">  > <\/li>\n<li class=\"inline-flex items-center\">Naujienos<\/li>\n<li class=\"inline-flex items-center\">  > <\/li>\n<li class=\"inline-flex items-center\">Finansai<\/li>\n<li class=\"inline-flex items-center\">  > <\/li>\n<li class=\"inline-flex items-center\">Stabilios monetos, pa\u017eeid\u017eiamos makroekonomin\u0117s pinig\u0173 politikos: ECB<\/li>\n<\/ol>\n<\/div>\n<p>Neseniai i\u0161leistame Europos centrinio banko (ECB) darbiniame dokumente nagrin\u0117jamas kontrastingas skaitmenini\u0173 valiut\u0173 rinkos sukr\u0117tim\u0173 ir JAV pinig\u0173 politikos poveikis stabiliosioms monetoms ir tradiciniams pinig\u0173 rinkos fondams, o rezultatai meta i\u0161\u0161\u016bk\u012f visuotinai priimtoms stabili\u0173j\u0173 monet\u0173 vaidmens ir patikimumo sampratoms tam tikrais laikotarpiais. netik\u0117t\u0173 rinkos s\u0105lyg\u0173.<\/p>\n<p>Stabilios monetos, pinig\u0173 rinkos fondai ir pinig\u0173 politika, kuri\u0105 suk\u016br\u0117 bendra ECB ir Tarptautini\u0173 atsiskaitym\u0173 banko (TBS) tyr\u0117j\u0173 komanda, nustato, kad nors \u201ekriptovaliut\u0173 sukr\u0117timai\u201c turi ma\u017eai \u012ftakos tradiciniams finansams, pinig\u0173 politika daro didel\u0119 \u012ftak\u0105 abiem sektoriams. , bet prie\u0161ingomis kryptimis. J\u0173 i\u0161vadose pabr\u0117\u017eiamas did\u017eiulis gryn\u0173j\u0173 pinig\u0173 politikos vaidmuo sujungiant tradicines finans\u0173 rinkas su skaitmenine valiuta ir i\u0161 esm\u0117s prie\u0161tarauja senoms prielaidoms apie stabilias monetas skaitmenini\u0173 valiut\u0173 bendruomen\u0117je.<\/p>\n<p>Tyrimo i\u0161vados pagr\u012fstos i\u0161samiu duomen\u0173 rinkiniu, apjungian\u010diu tradicinius finans\u0173 rinkos kintamuosius, skaitmenini\u0173 valiut\u0173 rinkos rodiklius ir dvi ekonomini\u0173 sukr\u0117tim\u0173 serijas.<\/p>\n<p>Ekonominis sukr\u0117timas rei\u0161kia netik\u0117t\u0105 \u012fvyk\u012f, turint\u012f teigiam\u0105 ar neigiam\u0105 poveik\u012f ekonomikai. Straipsnio kontekste kriptovaliut\u0173 sukr\u0117timai ir pinig\u0173 politikos sukr\u0117timai apibr\u0117\u017eiami kaip staig\u016bs poky\u010diai, atsirandantys d\u0117l i\u0161or\u0117s veiksni\u0173 ir turintys didel\u012f poveik\u012f rinkoms.<\/p>\n<p>Kripto sukr\u0117timai gali apimti netik\u0117tus reguliavimo prane\u0161imus, didelius \u012fsilau\u017eimus ar staigius investuotoj\u0173 nuotaik\u0173 poky\u010dius, o pinig\u0173 politikos sukr\u0117timai paprastai susij\u0119 su nenumatytais centrinio banko politikos poky\u010diais, pavyzd\u017eiui, netik\u0117tais pal\u016bkan\u0173 norm\u0173 sprendimais arba skol\u0173 emisijos apimties pasikeitimu.<\/p>\n<p>Tyrimo metu pinig\u0173 politikos sukr\u0117timai buvo nustatyti \u012fvertinus netik\u0117tumus, susijusius su JAV i\u017edo obligacij\u0173 ateities sandori\u0173 3 m\u0117nesi\u0173 pajamingumu, susijusiu su Federalini\u0173 rezerv\u0173 sistemos politikos prane\u0161imais, o kriptovaliut\u0173 sukr\u0117timai buvo gauti d\u0117l nenusp\u0117jamo Bloomberg Galaxy kriptovaliut\u0173 indekso (BGCI) komponento, ty \u012fvyki\u0173, kurie Negalima kitaip paai\u0161kinti \u017einomais veiksniais ar tradiciniais finansiniais rodikliais \u2013 naudojant ma\u0161ininio mokymosi metod\u0105, vadinam\u0105 elastiniu tinklu.<\/p>\n<p>Duomenys apima laikotarp\u012f nuo 2019 m. sausio m\u0117n. iki 2023 m. liepos m\u0117n., \u012fskaitant u\u017esit\u0119sus\u012f pasaulin\u012f \u0161ok\u0105, sukelt\u0105 COVID-19, d\u0117l kurio \u012fvyko keli reik\u0161mingi \u012fvykiai skaitmenini\u0173 valiut\u0173 rinkose, ir reik\u0161ming\u0105 JAV pinig\u0173 politikos sugrie\u017etinim\u0105.<\/p>\n<p>Viena i\u0161 pagrindini\u0173 tyrimo i\u0161vad\u0173 yra ta, kad skaitmenini\u0173 valiut\u0173 rink\u0173 sukr\u0117timai i\u0161 tikr\u0173j\u0173 neturi jokios \u012ftakos tradicin\u0117ms finans\u0173 rinkoms, \u012fskaitant pinig\u0173 rinkos fondus (PRF). Tyr\u0117jai nustat\u0117, kad akcij\u0173 kainos, i\u017edo pajamingumas ir pinig\u0173 rinkos fond\u0173 turtas reik\u0161mingos reakcijos \u012f kriptovaliut\u0173 sukr\u0117timus 12 savai\u010di\u0173 laikotarpiu nerod\u0117.<\/p>\n<p>Stabilios monetos, prie\u0161ingai, ai\u0161kiai ir i\u0161matuojamai reagavo \u012f kriptovaliut\u0173 rinkos neramumus, o ataskaitoje teigiama, kad \u201estabili\u0173 monet\u0173 rinkos kapitalizacija suma\u017e\u0117ja ma\u017edaug 4 procentiniais punktais po trij\u0173 m\u0117nesi\u0173 po neigiamo kriptovaliut\u0173 \u0161oko, kur\u012f l\u0117m\u0117 reik\u0161mingas Tether (USDT) atsakas. ir USDC\u201c.<\/p>\n<p>\u010cia pateiktos i\u0161vados kelia dideli\u0173 abejoni\u0173 d\u0117l id\u0117jos, kad stabilios monetos yra \u201esaugus kriptovaliut\u0173 prieglobstis\u201c esant rinkos \u012ftampai. Autoriai ai\u0161kiai teigia, kad \u201em\u016bs\u0173 \u012frodymai nepatvirtina teiginio, kad stabilios monetos, kaip visuma, gali atlikti saugaus kriptovaliut\u0173 prieglobs\u010dio vaidmen\u012f\u201c.<\/p>\n<p>Prie\u0161ingai nei ribotas kriptovaliut\u0173 sukr\u0117tim\u0173 poveikis, tyrime nustatyta, kad JAV pinig\u0173 politika turi plat\u0173 poveik\u012f tiek tradicin\u0117ms finans\u0173, tiek kriptovaliut\u0173 rinkoms, o susitraukianti pinig\u0173 politika lemia akcij\u0173 rink\u0173 nuosmuk\u012f ir trumpalaiki\u0173 pal\u016bkan\u0173 norm\u0173 padid\u0117jim\u0105.<\/p>\n<p>Dar \u012fdomiau, kad mokslininkai pasteb\u0117jo skirtingas reakcijas tarp svarbiausi\u0173 pinig\u0173 rinkos fond\u0173 ir stabili\u0173 monet\u0173. Jie pa\u017eymi, kad \u201epagrindini\u0173 pinig\u0173 rinkos fond\u0173 pajamingumas ir turtas did\u0117ja po susitraukusios pinig\u0173 politikos \u0161oko\u201c, grei\u010diausiai d\u0117l to, kad augant pal\u016bkan\u0173 normoms investuotojai perkelia l\u0117\u0161as i\u0161 bank\u0173 ind\u0117li\u0173 \u012f didesnio pajamingumo PRF.<\/p>\n<p>Stabilios monetos, prie\u0161ingai, smarkiai nutek\u0117jo po pinig\u0173 sugrie\u017etinimo. Straipsnyje ra\u0161oma, kad \u201estabili monet\u0173 rinkos kapitalizacija po trij\u0173 m\u0117nesi\u0173 suma\u017e\u0117ja ma\u017edaug 10 procentini\u0173 punkt\u0173\u201c, reaguodama \u012f susitraukimo politikos sukr\u0117timus. \u0160is nuosmukis buvo \u201estatisti\u0161kai reik\u0161mingas, nuolatinis ir daug didesnis nei kriptovaliut\u0173 sukr\u0117tim\u0173, d\u0117l kuri\u0173 Bitcoin kainos suma\u017e\u0117jo pana\u0161aus masto, poveikis\u201c.<\/p>\n<p>Autoriai teigia, kad tokia reakcija kyla d\u0117l did\u0117jan\u010di\u0173 alternatyvi\u0173j\u0173 s\u0105naud\u0173, susijusi\u0173 su nepal\u016bkan\u0173 stabili\u0173 monet\u0173 laikymu, kylant pal\u016bkan\u0173 normoms, tod\u0117l investuotojai pereina prie tradicinio turto. Jie daro i\u0161vad\u0105, kad \u201epinig\u0173 politika, ypa\u010d JAV dolerio at\u017evilgiu, yra kriptovaliut\u0173 ir tradicini\u0173 finans\u0173 rinkas jungiantis pagrindas\u201c.<\/p>\n<p>Toks nepastovumas, reaguojant \u012f politikos poky\u010dius, kenkia vienam i\u0161 pagrindini\u0173 stabili\u0173 monet\u0173 pardavimo ta\u0161k\u0173 \u2013 tariamam j\u0173 stabilumui \u2013 ir tur\u0117t\u0173 b\u016bti ai\u0161kus \u012fsp\u0117jimas skaitmenini\u0173 valiut\u0173 rink\u0173 dalyviams.<\/p>\n<p>\u201eStabilios monetos, kaip visuma, neveikia kaip \u201esaugi prieglobstis\u201c nuo kriptovaliut\u0173 ar standartini\u0173 finansini\u0173 sukr\u0117tim\u0173\u201c, \u2013 teigiama ataskaitoje.<\/p>\n<p>\u201eSugrie\u017etinus pinig\u0173 politikai, krentant kriptovaliut\u0173 kainoms, rinka krenta, o investuotojai reikalauja ma\u017eiau stabili\u0173 monet\u0173 (atsiskaitymo priemon\u0117s kriptovaliut\u0173 rinkose) spekuliaciniais tikslais.<\/p>\n<p>Stipri neigiama koreliacija tarp stabili\u0173 monet\u0173 rinkos kapitalizacijos ir makroekonomin\u0117s politikos sugrie\u017etinimo rodo, kad \u0161is turtas gali b\u016bti daug ma\u017eiau stabilus, nei rodo j\u0173 pavadinimas (ir tuo da\u017enai netiki j\u0173 emitentai), kai susiduriama su besikei\u010dian\u010diomis ekonomin\u0117mis s\u0105lygomis.<\/p>\n<p>\u201eM\u016bs\u0173 rezultatai rodo, kad, pirma, stabili\u0173 monet\u0173, kaip kriptovaliut\u0173 prieglobs\u010dio, vaidmuo yra abejotinas ir neapima nei kriptovaliut\u0173, nei tradicini\u0173 finans\u0173 rinkos sukr\u0117tim\u0173\u201c, \u2013 ra\u0161oma prane\u0161ime.<\/p>\n<p>\u201eAntra, JAV pinig\u0173 politika daro \u012ftak\u0105 ne tik tradicin\u0117ms finans\u0173 rinkoms, bet ir daro didel\u0119 \u012ftak\u0105 kriptovaliut\u0173, ypa\u010d stabili\u0173j\u0173 monet\u0173, rinkoms.<\/p>\n<p>Rezultatas yra tai, kad stabilios monetos galiausiai atrodo daug labiau pa\u017eeid\u017eiamos makroekonomini\u0173 j\u0117g\u0173, nei skelbta anks\u010diau, ypa\u010d d\u0117l JAV pinig\u0173 politikos poky\u010di\u0173. \u0160ios i\u0161vados meta i\u0161\u0161\u016bk\u012f (arba tur\u0117t\u0173 i\u0161\u0161aukti) tai, kaip mes vertiname stabilias monetas tiek kriptovaliut\u0173 rink\u0173, tiek j\u0173 santykio su platesne finans\u0173 sistema kontekste.<\/p>\n<p>\u201eSpotlight On\u201c: Centi frankas \u2013 tikrai stabili stabili moneta<\/p>\n<p><iframe loading=\"lazy\" title=\"Spotlight On: Centi Franc\u2014the truly stable stablecoin | London Blockchain Conference\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/HnVzk_xL4Xw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; 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