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Revisi per 13 Oktober 2013 21.21

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. Bank of England (18 November 2011).
^ Bank of England (27 May 2013). "Quantitative easing – injecting money into the economy" (PDF). bankofengland.co.uk.
^ Quantitative Easing Explained (PDF). London: Bank of England. 2011. 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. 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. 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 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
Bank of England – QE Explained Pamphlet
Modern Money Mechanics Federal Reserve Document Explaining How Money Is Created
Quantitative easing explained (Financial Times Europe)
A Fed Governor Discusses Quantitative Easing Among Other Topics

Artikel bertopik ekonomi ini adalah sebuah rintisan. Anda dapat membantu Wikipedia dengan mengembangkannya.

[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. Bank of England (18 November 2011).

[4] Bank of England (27 May 2013). "Quantitative easing – injecting money into the economy" (PDF). bankofengland.co.uk.

[BOE_QE_Explained_(pdf)-5] Quantitative Easing Explained (PDF). London: Bank of England. 2011. 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. 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. 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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-'''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 nilai 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]. 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>
-[[Kebijakan moneter ekspansioner]] biasanya terjadi ketika bank sentral membeli obligasi pemerintah jangka pendek untuk menurunkan nilai 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 nilai bunga jangka pendek berada di atau mendekati [[kebijakan nilai bunga nol|nol]], [[kebijakan moneter]] normal tidak mampu lagi menurunkan nilai 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 nilai 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)|imbal]]nya.<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>
+[[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)|imbal]]nya.<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>
 Pelonggaran kuantitatif dapat digunakan untuk bantu menjamin bahwa inflasi tidak sampai berada di bawah target.<ref name="BOE QE Explained (web)"/> Risikonya adalah kebijakan melawan [[deflasi]] lebih efektif daripada yang diperkirakan (berujung pada inflasi yang lebih tinggi dalam jangka panjang akibat meningkatnya persediaan uang),<ref name="bowlby fear">{{cite news |url=http://news.bbc.co.uk/2/hi/business/7925981.stm |last=Bowlby |first=Chris |title=The fear of printing too much money |publisher=BBC News |date=5 March 2009 |accessdate=25 June 2011}}</ref> atau tidak cukup efektif jika bank tidak [[pinjaman|meminjamkan]] cadangan tambahannya.<ref>{{cite news |url=http://money.cnn.com/2010/10/05/news/economy/Fed_quantitative_easing/index.htm |first=Chris |last=Isidore |publisher=CNNMoney.com |title= Federal Reserve move toward quantitative easing poses risks |date=5 October 2010 |accessdate=25 June 2011}}</ref> Menurut IMF dan sejumlah ekonom, pelonggaran kuantitatif yang dilakukan sejak [[krisis ekonomi global]] berhasil mencegah dampak-dampak buruknya.<ref name="imf">[http://www.imf.org/external/pubs/ft/spn/2009/spn0927.pdf 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).</ref><ref name="federalreserve">[http://www.federalreserve.gov/newsevents/speech/stein20121011a.htm "Evaluating Large-Scale Asset Purchases," 11 October 2012]</ref><ref name="project-syndicate">{{cite web |url= http://www.project-syndicate.org/commentary/feldstein33/English |title=Quantitative Easing and America's Economic Rebound |first=Martin |last=Feldstein |work=project-syndicate.org |publisher=Project Syndicate |date=24 February 2011 |accessdate=4 April 2011}}</ref>