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Pelonggaran kuantitatif (QE, singkatan dari quantitative easing) adalah kebijakan moneter non-konvensional yang dipakai bank sentral untuk mencegah penurunan suplai uang ketika kebijakan moneter standar mulai tidak efektif.^[1]^[2]^[3] Bank sentral memberlakukan pelonggaran kuantitatif dengan membeli aset keuangan dalam jumlah tertentu dari bank komersial dan institusi swasta lainnya, sehingga meningkatkan basis moneternya.^[4] Ini berbeda dengan kebijakan pembelian atau penjualan obligasi pemerintah yang bertujuan mempertahankan suku bunga pasar pada target tertentu.^[5]^[6]^[7]^[8]

Kebijakan moneter ekspansioner biasanya terjadi ketika bank sentral membeli obligasi pemerintah jangka pendek untuk menurunkan suku bunga pasar jangka pendek.^[9]^[10]^[11]^[12] Akan tetapi, saat suku bunga jangka pendek berada di atau mendekati nol, kebijakan moneter normal tidak mampu lagi menurunkan suku bunga.^[13] Pelonggaran kuantitatif kemudian bisa diterapkan oleh otoritas moneter untuk menstimulasi ekonomi dengan membeli aset-aset berjangka panjang ketimbang obligasi pemerintah jangka pendek, sehingga menurunkan suku bunga jangka panjang sampai keluar kurva imbal.^[14]^[15] Pelonggaran kuantitatif menaikkan harga aset keuangan yang dibeli yang kemudian menurunkan imbalnya.^[16]

Pelonggaran kuantitatif dapat digunakan untuk bantu menjamin bahwa inflasi tidak sampai berada di bawah target.^[8] Risikonya adalah kebijakan melawan deflasi lebih efektif daripada yang diperkirakan (berujung pada inflasi yang lebih tinggi dalam jangka panjang akibat meningkatnya persediaan uang),^[17] atau tidak cukup efektif jika bank tidak meminjamkan cadangan tambahannya.^[18] Menurut IMF dan sejumlah ekonom, pelonggaran kuantitatif yang dilakukan sejak krisis ekonomi global berhasil mencegah dampak-dampak buruknya.^[19]^[20]^[21]

Lihat pula

Referensi

^ King, Mervyn. "No guarantee bank lending will rise, says Mervyn King".
^ "Loose thinking". The Economist. 15 October 2009.
^ Publications | Learning the Lessons from QE and Other Unconventional Monetary Policies: 17–18 November Diarsipkan 2011-12-31 di Wayback Machine.. Bank of England (18 November 2011).
^ Bank of England (27 May 2013). "Quantitative easing – injecting money into the economy". bankofengland.co.uk. Diarsipkan dari versi asli (PDF) tanggal 2016-12-29. Diakses tanggal 2013-10-13.
^ Quantitative Easing Explained (PDF). London: Bank of England. 2011. Diarsipkan dari versi asli (PDF) tanggal 2010-10-30. Diakses tanggal 2013-10-13. The MPC's decision to inject money directly into the economy does not involve printing more banknotes. Instead, the Bank buys assets from private sector institutions – that could be insurance companies, pension funds, banks or non-financial firms – and credits the seller's bank account.
^ "Quantitative Easing" (PDF). Bank of England. Diarsipkan dari versi asli (PDF) tanggal 2012-09-02. Diakses tanggal 2013-10-13. The Bank can create new money electronically by increasing the balance on a reserve account. So when the Bank purchases an asset from a bank, for example, it simply credits that bank's reserve account with the additional funds. This generates an expansion in the supply of central bank money
^ Kesalahan pengutipan: Tag <ref> tidak sah; tidak ditemukan teks untuk ref bernama bbcnews
^ ^a ^b "Quantitative Easing Explained". Bank of England. Diarsipkan dari versi asli tanggal 2009-03-16. Diakses tanggal 2013-10-13. This does not involve printing more banknotes. Instead the Bank pays for these assets by creating money electronically and crediting the accounts of the companies it bought the assets from.
^ Open market operations: A Glossary of Political Economy Terms – Dr. Paul M. Johnson. Auburn.edu.
^ Open Market Operation – Fedpoints. Federal Reserve Bank of New York.
^ Monetary policy Instruments. Swiss National Bank.
^ The implementation of monetary policy in the euro area. European Central Bank. 2008. hlm. 14–19.
^ BBC (6 March 2013). "What is quantitative easing?". bbc.co.uk.
^ "Dr. Econ: I noticed that banks have dramatically increased their excess reserve holdings. Is this buildup of reserves related to monetary policy?". Federal Reserve Bank of San Francisco. March 2010. Diakses tanggal 4 April 2011.
^ Bernanke, Ben (13 January 2009). "The Crisis and the Policy Response". Federal Reserve. Diakses tanggal 4 April 2011.
^ Elliott, Larry (8 January 2009). "Guardian Business Glossary: Quantitative Easing". The Guardian. London. Diakses tanggal 19 January 2009.
^ Bowlby, Chris (5 March 2009). "The fear of printing too much money". BBC News. Diakses tanggal 25 June 2011.
^ Isidore, Chris (5 October 2010). "Federal Reserve move toward quantitative easing poses risks". CNNMoney.com. Diakses tanggal 25 June 2011.
^ Unconventional Choices for Unconventional Times: Credit and Quantitative Easing in Advanced Economies; by Vladimir Klyuev, Phil de Imus, and Krishna Srinivasan; IMF Staff Position Note SPN/09/27; 4 November 2009.. (PDF).
^ "Evaluating Large-Scale Asset Purchases," 11 October 2012
^ Feldstein, Martin (24 February 2011). "Quantitative Easing and America's Economic Rebound". project-syndicate.org. Project Syndicate. Diakses tanggal 4 April 2011.

Pranala luar

Credit Easing Policy Tools Diarsipkan 2011-04-01 di Wayback Machine. Interactive chart of the assets on Federal Reserve's balance sheet.
Deflation: Making Sure "It" Doesn't Happen Here, 2002 speech by Ben Bernanke on deflation and the utility of quantitative easing
Bank of England – Quantitative Easing Diarsipkan 2009-03-16 di Wayback Machine.
Bank of England – QE Explained Pamphlet Diarsipkan 2010-10-30 di Wayback Machine.
Modern Money Mechanics Diarsipkan 2020-08-06 di Wayback Machine. Federal Reserve Document Explaining How Money Is Created
Quantitative easing explained (Financial Times Europe)
A Fed Governor Discusses Quantitative Easing Among Other Topics

[1] King, Mervyn. "No guarantee bank lending will rise, says Mervyn King".

[2] "Loose thinking". The Economist. 15 October 2009.

[3] Publications | Learning the Lessons from QE and Other Unconventional Monetary Policies: 17–18 November Diarsipkan 2011-12-31 di Wayback Machine.. Bank of England (18 November 2011).

[4] Bank of England (27 May 2013). "Quantitative easing – injecting money into the economy". bankofengland.co.uk. Diarsipkan dari versi asli (PDF) tanggal 2016-12-29. Diakses tanggal 2013-10-13.

[BOE_QE_Explained_(pdf)-5] Quantitative Easing Explained (PDF). London: Bank of England. 2011. Diarsipkan dari versi asli (PDF) tanggal 2010-10-30. Diakses tanggal 2013-10-13. The MPC's decision to inject money directly into the economy does not involve printing more banknotes. Instead, the Bank buys assets from private sector institutions – that could be insurance companies, pension funds, banks or non-financial firms – and credits the seller's bank account.

[6] "Quantitative Easing" (PDF). Bank of England. Diarsipkan dari versi asli (PDF) tanggal 2012-09-02. Diakses tanggal 2013-10-13. The Bank can create new money electronically by increasing the balance on a reserve account. So when the Bank purchases an asset from a bank, for example, it simply credits that bank's reserve account with the additional funds. This generates an expansion in the supply of central bank money

[bbcnews-7] Kesalahan pengutipan: Tag <ref> tidak sah; tidak ditemukan teks untuk ref bernama bbcnews

[BOE_QE_Explained_(web)-8] "Quantitative Easing Explained". Bank of England. Diarsipkan dari versi asli tanggal 2009-03-16. Diakses tanggal 2013-10-13. This does not involve printing more banknotes. Instead the Bank pays for these assets by creating money electronically and crediting the accounts of the companies it bought the assets from.

[9] Open market operations: A Glossary of Political Economy Terms – Dr. Paul M. Johnson. Auburn.edu.

[omofed-10] Open Market Operation – Fedpoints. Federal Reserve Bank of New York.

[11] Monetary policy Instruments. Swiss National Bank.

[omoecb-12] The implementation of monetary policy in the euro area. European Central Bank. 2008. hlm. 14–19.

[13] BBC (6 March 2013). "What is quantitative easing?". bbc.co.uk.

[Q&A:_Quantitative_easing-14] "Dr. Econ: I noticed that banks have dramatically increased their excess reserve holdings. Is this buildup of reserves related to monetary policy?". Federal Reserve Bank of San Francisco. March 2010. Diakses tanggal 4 April 2011.

[federalreserve.gov-15] Bernanke, Ben (13 January 2009). "The Crisis and the Policy Response". Federal Reserve. Diakses tanggal 4 April 2011.

[guardiannews-16] Elliott, Larry (8 January 2009). "Guardian Business Glossary: Quantitative Easing". The Guardian. London. Diakses tanggal 19 January 2009.

[bowlby_fear-17] Bowlby, Chris (5 March 2009). "The fear of printing too much money". BBC News. Diakses tanggal 25 June 2011.

[18] Isidore, Chris (5 October 2010). "Federal Reserve move toward quantitative easing poses risks". CNNMoney.com. Diakses tanggal 25 June 2011.

[imf-19] Unconventional Choices for Unconventional Times: Credit and Quantitative Easing in Advanced Economies; by Vladimir Klyuev, Phil de Imus, and Krishna Srinivasan; IMF Staff Position Note SPN/09/27; 4 November 2009.. (PDF).

[federalreserve-20] "Evaluating Large-Scale Asset Purchases," 11 October 2012

[project-syndicate-21] Feldstein, Martin (24 February 2011). "Quantitative Easing and America's Economic Rebound". project-syndicate.org. Project Syndicate. Diakses tanggal 4 April 2011.

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@@ Baris 1: / Baris 1: @@
 {{Keuangan publik}}
-'''Pelonggaran kuantitatif''' ('''QE''', singkatan dari ''quantitative easing'') adalah [[kebijakan moneter]] non-konvensional yang dipakai [[bank sentral]] untuk mencegah penurunan suplai uang ketika kebijakan moneter standar mulai tidak efektif.<ref>{{cite web|last=King|first=Mervyn|title=No guarantee bank lending will rise, says Mervyn King|url=http://www.bbc.co.uk/news/business-15446545}}</ref><ref>{{cite news|url=http://www.economist.com/node/14649284|work=The Economist|title=Loose thinking|date=15 October 2009}}</ref><ref>[http://www.bankofengland.co.uk/publications/events/QEConference/index.htm Publications | Learning the Lessons from QE and Other Unconventional Monetary Policies: 17–18 November]. Bank of England (18 November 2011).</ref> Bank sentral memberlakukan pelonggaran kuantitatif dengan membeli [[aset keuangan]] dalam jumlah tertentu dari [[bank|bank komersial]] dan institusi swasta lainnya, sehingga meningkatkan [[basis moneter]]nya.<ref>{{cite web | url=http://www.bankofengland.co.uk/education/Documents/targettwopointzero/t2p0_qe_supplement.pdf | title =Quantitative easing – injecting money into the economy | author =''[[Bank of England]]'' | publisher =bankofengland.co.uk | date =27 May 2013}}</ref> Ini berbeda dengan kebijakan pembelian atau penjualan [[obligasi pemerintah]] yang bertujuan mempertahankan suku bunga pasar pada target tertentu.<ref name="BOE QE Explained (pdf)">{{cite book|title=Quantitative Easing Explained|year=2011|publisher=[[Bank of England]]|location=London|quote=The MPC's decision to inject money directly into the economy does not involve printing more banknotes. Instead, the Bank buys assets from private sector institutions – that could be insurance companies, pension funds, banks or non-financial firms – and credits the seller's bank account.|url=http://www.bankofengland.co.uk/monetarypolicy/pdf/qe-pamphlet.pdf}}</ref><ref>{{cite web |title=Quantitative Easing|url=http://www.bankofengland.co.uk/publications/quarterlybulletin/qb090201.pdf |publisher=[[Bank of England]]|quote=The Bank can create new money electronically by increasing the balance on a reserve account. So when the Bank purchases an asset from a bank, for example, it simply credits that bank's reserve account with the additional funds. This generates an expansion in the supply of central bank money}}</ref><ref name="bbcnews"/><ref name="BOE QE Explained (web)">{{cite web |title=Quantitative Easing Explained |url=http://www.bankofengland.co.uk/monetarypolicy/assetpurchases.htm |publisher=[[Bank of England]]|quote=This does not involve printing more banknotes. Instead the Bank pays for these assets by creating money electronically and crediting the accounts of the companies it bought the assets from.}}</ref>
+'''Pelonggaran kuantitatif''' ('''QE''', singkatan dari ''quantitative easing'') adalah [[kebijakan moneter]] non-konvensional yang dipakai [[bank sentral]] untuk mencegah penurunan suplai uang ketika kebijakan moneter standar mulai tidak efektif.<ref>{{cite web|last=King|first=Mervyn|title=No guarantee bank lending will rise, says Mervyn King|url=http://www.bbc.co.uk/news/business-15446545}}</ref><ref>{{cite news|url=http://www.economist.com/node/14649284|work=The Economist|title=Loose thinking|date=15 October 2009}}</ref><ref>[http://www.bankofengland.co.uk/publications/events/QEConference/index.htm Publications | Learning the Lessons from QE and Other Unconventional Monetary Policies: 17–18 November] {{Webarchive|url=https://web.archive.org/web/20111231023346/http://www.bankofengland.co.uk/publications/events/QEConference/index.htm |date=2011-12-31 }}. Bank of England (18 November 2011).</ref> Bank sentral memberlakukan pelonggaran kuantitatif dengan membeli [[aset keuangan]] dalam jumlah tertentu dari [[bank|bank komersial]] dan institusi swasta lainnya, sehingga meningkatkan [[basis moneter]]nya.<ref>{{cite web | url =http://www.bankofengland.co.uk/education/Documents/targettwopointzero/t2p0_qe_supplement.pdf | title =Quantitative easing – injecting money into the economy | author =''[[Bank of England]]'' | publisher =bankofengland.co.uk | date =27 May 2013 | access-date =2013-10-13 | archive-date =2016-12-29 | archive-url =https://web.archive.org/web/20161229183127/http://www.bankofengland.co.uk/education/Documents/targettwopointzero/t2p0_qe_supplement.pdf/ | dead-url =yes }}</ref> Ini berbeda dengan kebijakan pembelian atau penjualan [[obligasi pemerintah]] yang bertujuan mempertahankan suku bunga pasar pada target tertentu.<ref name="BOE QE Explained (pdf)">{{cite book|title=Quantitative Easing Explained|year=2011|publisher=[[Bank of England]]|location=London|quote=The MPC's decision to inject money directly into the economy does not involve printing more banknotes. Instead, the Bank buys assets from private sector institutions – that could be insurance companies, pension funds, banks or non-financial firms – and credits the seller's bank account.|url=http://www.bankofengland.co.uk/monetarypolicy/pdf/qe-pamphlet.pdf|access-date=2013-10-13|archive-date=2010-10-30|archive-url=https://web.archive.org/web/20101030003754/http://www.bankofengland.co.uk/monetarypolicy/pdf/qe-pamphlet.pdf|dead-url=yes}}</ref><ref>{{cite web|title=Quantitative Easing|url=http://www.bankofengland.co.uk/publications/quarterlybulletin/qb090201.pdf|publisher=[[Bank of England]]|quote=The Bank can create new money electronically by increasing the balance on a reserve account. So when the Bank purchases an asset from a bank, for example, it simply credits that bank's reserve account with the additional funds. This generates an expansion in the supply of central bank money|access-date=2013-10-13|archive-date=2012-09-02|archive-url=https://web.archive.org/web/20120902083458/http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/qb090201.pdf|dead-url=yes}}</ref><ref name="bbcnews"/><ref name="BOE QE Explained (web)">{{cite web |title=Quantitative Easing Explained |url=http://www.bankofengland.co.uk/monetarypolicy/assetpurchases.htm |publisher=[[Bank of England]] |quote=This does not involve printing more banknotes. Instead the Bank pays for these assets by creating money electronically and crediting the accounts of the companies it bought the assets from. |access-date=2013-10-13 |archive-date=2009-03-16 |archive-url=https://web.archive.org/web/20090316193610/http://www.bankofengland.co.uk/monetarypolicy/assetpurchases.htm |dead-url=yes }}</ref>
 [[Kebijakan moneter ekspansioner]] biasanya terjadi ketika bank sentral membeli obligasi pemerintah jangka pendek untuk menurunkan suku bunga pasar jangka pendek.<ref>[http://www.auburn.edu/~johnspm/gloss/open_market_operations Open market operations: A Glossary of Political Economy Terms – Dr. Paul M. Johnson]. Auburn.edu.</ref><ref name="omofed">[http://www.newyorkfed.org/aboutthefed/fedpoint/fed32.html Open Market Operation – Fedpoints]. Federal Reserve Bank of New York.</ref><ref>[http://www.snb.ch/en/iabout/monpol/id/monpol_instr Monetary policy Instruments]. Swiss National Bank.</ref><ref name="omoecb">{{cite book|title=The implementation of monetary policy in the euro area|year=2008|publisher=European Central Bank|pages=14–19}}</ref> Akan tetapi, saat suku bunga jangka pendek berada di atau mendekati [[kebijakan suku bunga nol|nol]], [[kebijakan moneter]] normal tidak mampu lagi menurunkan suku bunga.<ref>{{cite web | url=http://www.bbc.co.uk/news/business-15198789 | title =What is quantitative easing? | author =''[[BBC]]'' | publisher =bbc.co.uk | date =6 March 2013}}</ref> Pelonggaran kuantitatif kemudian bisa diterapkan oleh otoritas moneter untuk menstimulasi ekonomi dengan membeli aset-aset berjangka panjang ketimbang obligasi pemerintah jangka pendek, sehingga menurunkan suku bunga jangka panjang sampai keluar [[kurva imbal]].<ref name="Q&A: Quantitative easing">{{cite web|url=http://www.frbsf.org/education/activities/drecon/2010/0310.html|title=Dr. Econ: I noticed that banks have dramatically increased their excess reserve holdings. Is this buildup of reserves related to monetary policy?|date=March 2010|publisher=[[Federal Reserve Bank of San Francisco]]|accessdate=4 April 2011}}</ref><ref name="federalreserve.gov">{{cite web|url=http://www.federalreserve.gov/newsevents/speech/bernanke20090113a.htm|title=The Crisis and the Policy Response|last=Bernanke|first=Ben|date=13 January 2009|publisher=[[Federal Reserve]]|accessdate=4 April 2011}}</ref> Pelonggaran kuantitatif menaikkan harga aset keuangan yang dibeli yang kemudian menurunkan [[Imbal (keuangan)|imbalnya]].<ref name="guardiannews">{{cite news|title=Guardian Business Glossary: Quantitative Easing|url=http://www.guardian.co.uk/business/2008/oct/14/businessglossary|work=The Guardian|accessdate=19 January 2009|location=London|first=Larry|last=Elliott|date=8 January 2009}}</ref>
@@ Baris 23: / Baris 23: @@
 == Pranala luar ==
 {{Wiktionary}}
-* [http://www.clevelandfed.org/research/data/credit_easing/index.cfm Credit Easing Policy Tools] Interactive chart of the assets on Federal Reserve's balance sheet.
+* [http://www.clevelandfed.org/research/data/credit_easing/index.cfm Credit Easing Policy Tools] {{Webarchive|url=https://web.archive.org/web/20110401224143/http://www.clevelandfed.org/research/data/credit_easing/index.cfm |date=2011-04-01 }} Interactive chart of the assets on Federal Reserve's balance sheet.
 * [http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default.htm Deflation: Making Sure "It" Doesn't Happen Here], 2002 speech by Ben Bernanke on deflation and the utility of quantitative easing
-* [http://www.bankofengland.co.uk/monetarypolicy/assetpurchases.htm Bank of England – Quantitative Easing]
+* [http://www.bankofengland.co.uk/monetarypolicy/assetpurchases.htm Bank of England – Quantitative Easing] {{Webarchive|url=https://web.archive.org/web/20090316193610/http://www.bankofengland.co.uk/monetarypolicy/assetpurchases.htm |date=2009-03-16 }}
-* [http://www.bankofengland.co.uk/monetarypolicy/pdf/qe-pamphlet.pdf Bank of England – QE Explained Pamphlet]
+* [http://www.bankofengland.co.uk/monetarypolicy/pdf/qe-pamphlet.pdf Bank of England – QE Explained Pamphlet] {{Webarchive|url=https://web.archive.org/web/20101030003754/http://www.bankofengland.co.uk/monetarypolicy/pdf/qe-pamphlet.pdf |date=2010-10-30 }}
-* [http://www.smeggys.co.uk/smeggy_info/Modern_Money_Mechanics.pdf Modern Money Mechanics] Federal Reserve Document Explaining How Money Is Created
+* [http://www.smeggys.co.uk/smeggy_info/Modern_Money_Mechanics.pdf Modern Money Mechanics] {{Webarchive|url=https://web.archive.org/web/20200806130502/http://www.smeggys.co.uk/smeggy_info/Modern_Money_Mechanics.pdf |date=2020-08-06 }} Federal Reserve Document Explaining How Money Is Created
 * [http://www.ft.com/cms/s/0/8ada2ad4-f3b9-11dd-9c4b-0000779fd2ac.html Quantitative easing explained (Financial Times Europe)]
 * [http://www.federalreserve.gov/newsevents/speech/duke20090616a.htm A Fed Governor Discusses Quantitative Easing Among Other Topics]
@@ Baris 39: / Baris 39: @@
 [[Kategori:Inflasi]]
 [[Kategori:Kebijakan ekonomi]]
-{{ekonomi-stub}}