Kazuhiro Nogi/AFP/Getty Images

تكاليف سياسة المال بالهليكوبتر لا مفر منها

ميونيخ – لقد تغير نوع النقاش حول جدوى ما يسمى بسياسة المال بالهليكوبتر منذ فترة طويلة ، مع ظهور أفكار جديدة حول الشكل الذي يمكن أن يتخذ هذا النقاش- والأسئلة التي تطرح حول ما إذا كانت بعض الاقتصادات تستفيد من هذه السياسة بالفعل. ما لم يتغير هو أن سياسة المال بالهليكوبتر فكرة سيئة للغاية.

سياسة المال بالهليكوبتر أو ما يعرف باللغة الإنكليزية "Hellicopter Money" هي إحدى الأدوات الغير تقليدية للسياسة النقدية التي تتضمن قيام البنك المركزي للبلد بطبع مبالغ كبيرة من المال وتوزيعها على سكان هذا البلد في خطوة لمحاربة الضغوط الانكماشية وتحفيز الاقتصاد. ويمكن أن تأتي في شكل أداء الديون الحكومية. في كلتا الحالتين، تشكل هذه السياسة ضياعا دائما للبنك المركزي.

في الواقع، يبدو المال بالهليكوبتر كثيرا مثل التيسير الكمي - مشتريات البنوك المركزية من الأوراق المالية الحكومية في الأسواق الثانوية لحقن السيولة في النظام المصرفي. أما سياسة المال بالهليكوبتر فتتسم بشراء السندات الحكومية بمعدل صفر فوائد التي لن يتم تسديدها، إما لأنها هي سندات دائمة أو يتم استخدامها كلما نضجت.

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