Kriza financiare bot\u00ebrore e viteve 2008\u201309 ndodhi pasi plasi flluska e tregut t\u00eb banesave \u2013 dhe pak e kishin par\u00eb t\u00eb vinte. Edhe sot, flluskat n\u00eb tregun e pasurive t\u00eb paluajtshme jan\u00eb ende t\u00eb paqarta p\u00ebr shum\u00ebk\u00ebnd, ndon\u00ebse ndikimi i tyre n\u00eb ekonomin\u00eb globale dhe n\u00eb politikat monetare \u00ebsht\u00eb i madh dhe i duksh\u00ebm. Por, me teknologjit\u00eb dhe mjetet e duhura p\u00ebr monitorim n\u00eb koh\u00eb reale, autoritetet mund t\u00eb nd\u00ebrhyjn\u00eb m\u00eb shpejt p\u00ebr t\u00eb frenuar rritjet e rrezikshme.<\/p>\n
E gjitha nis me m\u00ebnyra m\u00eb t\u00eb sakta p\u00ebr t\u00eb dalluar se kur \u00e7mimet e aseteve po fryhen artificialisht. Modelet ekonomike tregojn\u00eb se \u00e7mimet ndikohen si nga p\u00ebrfitimet aktuale, ashtu edhe nga sa mendohet se do t\u00eb vlejn\u00eb n\u00eb t\u00eb ardhmen. Nj\u00eb \u201cfllusk\u00eb\u201d krijohet kur \u00e7mimi i nj\u00eb aktivi rritet shum\u00eb m\u00eb tep\u00ebr sesa vlera e tij reale, zakonisht p\u00ebr shkak t\u00eb entuziazmit ose spekulimeve \u2014 si kur njer\u00ebzit blejn\u00eb thjesht nga frika p\u00ebr t\u00eb mos mbetur pas.<\/p>\n
N\u00eb t\u00eb kaluar\u00ebn, p\u00ebrpjekjet p\u00ebr t\u00eb zbuluar flluskat mb\u00ebshteteshin n\u00eb vler\u00ebsimin e \u201cvler\u00ebs s\u00eb brendshme\u201d t\u00eb nj\u00eb aktivi, por kjo metod\u00eb shpesh nuk funksiononte. \u00cbsht\u00eb shum\u00eb e v\u00ebshtir\u00eb t\u00eb thuash me siguri se sa vlen v\u00ebrtet nj\u00eb pasuri, dhe kjo ka \u00e7uar n\u00eb vler\u00ebsime t\u00eb pasakta dhe reagime t\u00eb vonuara \u2013 si\u00e7 ndodhi p\u00ebr fat t\u00eb keq n\u00eb kriz\u00ebn e madhe financiare.<\/p>\n
Zhvillimet m\u00eb t\u00eb fundit n\u00eb teknikat statistikore q\u00eb analizojn\u00eb t\u00eb dh\u00ebna n\u00eb koh\u00eb dhe n\u00eb vende t\u00eb ndryshme \u2013 si seri kohore dhe panele \u2013 e b\u00ebjn\u00eb t\u00eb mundur q\u00eb t\u00eb dallohen flluskat financiare n\u00eb koh\u00eb reale. Kjo arrihet pa pasur nevoj\u00eb p\u00ebr t\u00eb llogaritur vler\u00ebn reale t\u00eb nj\u00eb aktivi, por thjesht duke v\u00ebzhguar sjellje t\u00eb ve\u00e7anta n\u00eb t\u00eb dh\u00ebna q\u00eb tregojn\u00eb shenja \u201cfryrjeje\u201d.<\/p>\n
Nj\u00eb nga k\u00ebto shenja \u00ebsht\u00eb rritja e shpejt\u00eb dhe e vazhdueshme e \u00e7mimeve \u2013 nj\u00eb \u201cekzuberanc\u00eb\u201d apo entuziaz\u00ebm i tepruar n\u00eb treg, si\u00e7 quhet teknikisht. Kjo qasje i ngjan p\u00ebrdorimit t\u00eb tensionit t\u00eb gjakut si tregues paralajm\u00ebrues p\u00ebr sh\u00ebndetin: nuk na jep gjith\u00eb pamjen, por mjafton p\u00ebr t\u00eb sinjalizuar se di\u00e7ka nuk po shkon.<\/p>\n
Kjo metod\u00eb p\u00ebr t\u00eb zbuluar \u201cekzuberanc\u00ebn\u201d, e zhvilluar fillimisht nga ekonomisti Peter Phillips dhe bashk\u00ebpun\u00ebtor\u00ebt e tij, \u00ebsht\u00eb sot baza e baz\u00ebs nd\u00ebrkomb\u00ebtare t\u00eb \u00e7mimeve t\u00eb banesave t\u00eb Bank\u00ebs Federale t\u00eb Dallas-it. Kjo baz\u00eb p\u00ebrmban t\u00eb dh\u00ebna tremujore p\u00ebr \u00e7mimet e banesave dhe t\u00eb ardhurat e disponueshme n\u00eb 26 shtete, q\u00eb nga viti 1975 e deri m\u00eb sot (Mack, Mart\u00ednez Garc\u00eda dhe Grossman 2019), dhe p\u00ebrdoret p\u00ebr t\u00eb monitoruar zhvillimet nga Observatori Nd\u00ebrkomb\u00ebtar i Banesave.<\/p>\n
K\u00ebto dy iniciativa, q\u00eb jan\u00eb pasuruar me p\u00ebrparime t\u00eb tjera t\u00eb r\u00ebnd\u00ebsishme n\u00eb teknikat e zbulimit (si ato nga Phillips, Shi dhe Yu n\u00eb 2015 dhe Pavlidis me t\u00eb tjer\u00eb n\u00eb 2016), kan\u00eb si q\u00ebllim t\u00eb rrisin nd\u00ebrgjegj\u00ebsimin p\u00ebr flluskat n\u00eb tregun e banesave dhe t\u00eb ofrojn\u00eb mjete praktike e t\u00eb thjeshta p\u00ebr t\u2019u p\u00ebrdorur nga autoritetet, n\u00eb m\u00ebnyr\u00eb q\u00eb rreziqet p\u00ebr stabilitetin financiar t\u00eb menaxhohen me koh\u00eb<\/p>\n
Masat p\u00ebr t\u00eb menaxhuar rritjen e shpejt\u00eb t\u00eb \u00e7mimeve n\u00eb tregjet e pasurive t\u00eb paluajtshme<\/p>\n
Zbulimi i flluskave n\u00eb tregjet e pasurive t\u00eb paluajtshme nis me monitorimin e kujdessh\u00ebm t\u00eb \u00e7mimeve reale t\u00eb banesave, pasi ekzuberanca n\u00eb \u00e7mimet nominale mund t\u00eb lind\u00eb si pasoj\u00eb e nj\u00eb rritjeje t\u00eb inflacionit dhe jo domosdoshm\u00ebrisht nga nj\u00eb fllusk\u00eb. Shprehja e \u00e7mimeve t\u00eb banesave n\u00eb terma real\u00eb ndihmon q\u00eb t\u00eb shmangen konfuzionet q\u00eb mund t\u00eb ndodhin gjat\u00eb periudhave t\u00eb hiper-inflacionit, si\u00e7 ndodhi n\u00eb Kroaci, Izrael dhe Slloveni n\u00eb fund t\u00eb shekullit t\u00eb 20-t\u00eb.<\/p>\n
Po ashtu, p\u00ebrballueshm\u00ebria e banesave \u2013 si\u00e7 i p\u00ebrshtaten \u00e7mimet fuqis\u00eb bler\u00ebse t\u00eb bler\u00ebsve \u2013 \u00ebsht\u00eb po kaq e r\u00ebnd\u00ebsishme. Kredi-dh\u00ebn\u00ebsit shpesh referohen te raporti i borxhit ndaj t\u00eb ardhurave, q\u00eb mat pjes\u00ebn e t\u00eb ardhurave t\u00eb disponueshme q\u00eb shkon p\u00ebr pagesat e borxheve. Nj\u00eb z\u00ebvend\u00ebsues i besuesh\u00ebm p\u00ebr k\u00ebt\u00eb mas\u00eb (n\u00ebse raportet e huas\u00eb ndaj vler\u00ebs jan\u00eb t\u00eb q\u00ebndrueshme) \u00ebsht\u00eb raporti i \u00e7mimit ndaj t\u00eb ardhurave.<\/p>\n
Kur ky raport rritet, financimi b\u00ebhet m\u00eb i v\u00ebshtir\u00eb p\u00ebr t\u2019u siguruar, duke ulur k\u00ebrkes\u00ebn dhe duke shtyr\u00eb \u00e7mimet posht\u00eb. Raporti i \u00e7mimit ndaj t\u00eb ardhurave \u00ebsht\u00eb thelb\u00ebsor p\u00ebr t\u00eb dalluar flluskat e nxitura nga pritshm\u00ebrit\u00eb nga dinamikat e tjera t\u00eb tregut, pasi ekzuberanca n\u00eb k\u00ebt\u00eb raport tregon me sakt\u00ebsi m\u00eb t\u00eb madhe shkall\u00ebn e nj\u00eb flluske q\u00eb nuk ka baz\u00eb reale, m\u00eb shum\u00eb sesa ekzuberanca n\u00eb \u00e7mimet reale t\u00eb pasurive t\u00eb paluajtshme.<\/p>\n
Grafiku 1 krahasohen episodet e rritjes s\u00eb tepruar n\u00eb \u00e7mimet reale t\u00eb pasurive t\u00eb paluajtshme dhe n\u00eb raportet \u00e7mim-ndaj-t\u00eb-ardhurave. Ai ofron tre t\u00eb dh\u00ebna t\u00eb r\u00ebnd\u00ebsishme.<\/p>\n
S\u00eb pari, tregu i pasurive t\u00eb paluajtshme ka p\u00ebrjetuar nj\u00eb rritje t\u00eb dukshme dhe ka filluar t\u00eb b\u00ebhet m\u00eb i sinkronizuar q\u00eb pas periudh\u00ebs s\u00eb sistemit Bretton Woods. Ky ndryshim ka ndodhur kur jan\u00eb lejuar l\u00ebvizjet e lira t\u00eb valutave dhe jan\u00eb hapur llogarit\u00eb e kapitalit. Si pasoj\u00eb, \u00e7mimet e pasurive t\u00eb paluajtshme kan\u00eb p\u00ebsuar nj\u00eb rritje t\u00eb shpejt\u00eb dhe kan\u00eb u p\u00ebrhapur n\u00eb nivel global, duke u p\u00ebrshpejtuar edhe nga pandemia.<\/p>\n
Megjithat\u00eb, fal\u00eb rregullave m\u00eb t\u00eb forta p\u00ebr dh\u00ebnien e kredive dhe masave t\u00eb kujdesit makrofinanciar, kjo rritje e \u00e7mimeve u kufizua n\u00eb disa shtete t\u00eb ve\u00e7anta, si Portugalia, Holanda, Luksemburgu dhe Gjermania. Ky \u00ebsht\u00eb nj\u00eb ndryshim i duksh\u00ebm krahasuar me periudh\u00ebn para kriz\u00ebs financiare globale, kur \u00e7mimet e pasurive t\u00eb paluajtshme rriteshin n\u00eb shum\u00eb shtete, duke krijuar flluska q\u00eb shp\u00ebrthyen m\u00eb pas.<\/p>\n
Pavar\u00ebsisht se \u00e7mimet e sht\u00ebpive u rrit\u00ebn shum\u00eb gjat\u00eb pandemis\u00eb, kjo ishte nj\u00eb periudh\u00eb e p\u00ebrkohshme. Politikat e kujdesit makrofinanciar ndihmuan n\u00eb kufizimin e huadh\u00ebnies dhe shkrimin e \u201cflluskave\u201d q\u00eb mund t\u00eb kishin shkaktuar m\u00eb shum\u00eb pasoja. Kjo ka ndihmuar q\u00eb t\u00eb ruhet stabiliteti i bankave dhe sistemit financiar n\u00eb p\u00ebrgjith\u00ebsi.<\/p>\n
S\u00eb dyti, rritja e kredis\u00eb dhe luhatjet e tregut t\u00eb aksioneve jan\u00eb faktor\u00eb ky\u00e7 q\u00eb nxisin rritjen e tepruar t\u00eb \u00e7mimeve t\u00eb pasurive t\u00eb paluajtshme. Zgjerimi i shpejt\u00eb i kredis\u00eb nxit blerjen spekulative me borxhe, duke shtyr\u00eb \u00e7mimet e sht\u00ebpive p\u00ebrtej asaj q\u00eb justifikohen nga faktor\u00ebt themelor\u00eb. Kjo rritje e tepruar, e nxitur nga kredia, mund t\u00eb shembet shpejt n\u00ebse kushtet p\u00ebrkeq\u00ebsohen ose borxhi b\u00ebhet m\u00eb i v\u00ebshtir\u00eb p\u00ebr t\u2019u marr\u00eb.<\/p>\n
Po ashtu, luhatjet n\u00eb tregun e aksioneve shtyjn\u00eb investitor\u00ebt t\u00eb k\u00ebrkojn\u00eb mund\u00ebsi m\u00eb t\u00eb sigurta ose kthime m\u00eb t\u00eb larta n\u00eb tregun e pasurive t\u00eb paluajtshme, duke fryr\u00eb \u00e7mimet edhe m\u00eb tej. N\u00eb koh\u00eb pasigurie, pasurit\u00eb e paluajtshme shpesh sh\u00ebrbejn\u00eb si nj\u00eb mbrojtje, duke t\u00ebrhequr investitor\u00eb dhe duke rritur \u00e7mimet edhe pa pasur mb\u00ebshtetje nga baza reale e tregut.<\/p>\n
L\u00ebvizjet nd\u00ebrkomb\u00ebtare t\u00eb kapitalit gjithashtu sinkronizojn\u00eb ciklet e pasurive t\u00eb paluajtshme, duke shp\u00ebrndar\u00eb ekzuberanc\u00ebn dhe duke rritur ndjeshm\u00ebrin\u00eb ndaj r\u00ebnieve t\u00eb pasurive t\u00eb paluajtshme n\u00eb t\u00eb nj\u00ebjt\u00ebn koh\u00eb. Kjo \u00ebsht\u00eb theksuar n\u00eb nj\u00eb punim t\u00eb vitit 2019 nga Efthymios Pavlidis, Valerie Grossman dhe un\u00eb. Kuptimi i k\u00ebtyre faktor\u00ebve ndihmon n\u00eb identifikimin e modeleve t\u00eb p\u00ebrhapjes nd\u00ebrkomb\u00ebtare dhe cikleve globale t\u00eb shp\u00ebrthimit dhe r\u00ebnies s\u00eb \u00e7mimeve t\u00eb pasurive t\u00eb paluajtshme.<\/p>\n
S\u00eb treti, ndikimet financiare financiare nga klasa t\u00eb tjera aktive, si\u00e7 jan\u00eb rritja e tregut t\u00eb aksioneve dhe zhvler\u00ebsimi i thelluar i kurb\u00ebs s\u00eb normave t\u00eb interesit (diferenca mes normave afatgjata dhe afatshkurtra), gjithashtu rrisin mund\u00ebsin\u00eb e ekzuberanc\u00ebs n\u00eb tregjet e pasurive t\u00eb paluajtshme, q\u00eb shpesh vazhdon p\u00ebr nj\u00eb koh\u00eb t\u00eb gjat\u00eb pasi \u00ebsht\u00eb ndezur. Gjat\u00eb nj\u00eb rritjeje t\u00eb tregut t\u00eb aksioneve ose kur kurba e normave t\u00eb interesit thellohet n\u00eb kushte ekspansioniste, investitor\u00ebt mund t\u00eb drejtohen drejt pasurive t\u00eb paluajtshme, duke ristrukturuar portofolion e tyre p\u00ebr t\u00eb k\u00ebrkuar kthime m\u00eb t\u00eb larta dhe duke shtyr\u00eb \u00e7mimet lart, si\u00e7 theksuan Grossman dhe un\u00eb n\u00eb nj\u00eb artikull t\u00eb vitit 2020.<\/p>\n
Ky sjellje vet\u00eb-forcuese, ku \u00e7mimet q\u00eb rriten duken t\u00eb konfirmojn\u00eb pritshm\u00ebrit\u00eb p\u00ebr kthime m\u00eb t\u00eb larta q\u00eb t\u00ebrhoq\u00ebn investitor\u00ebt n\u00eb fillim, ndihmon n\u00eb mbajtjen e flluskave\u2014ndonj\u00ebher\u00eb p\u00ebr periudha t\u00eb gjata. Ky fenomen thekson r\u00ebnd\u00ebsin\u00eb e monitorimit t\u00eb ndryshimeve n\u00eb kurb\u00ebn e normave t\u00eb interesit dhe n\u00eb shfaqjen e flluskave t\u00eb reja n\u00eb klasa t\u00eb tjera aktive p\u00ebr t\u00eb zbuluar p\u00ebrhapjen financiare.<\/p>\n
Raporti mes \u00e7mimit t\u00eb sht\u00ebpive dhe qeras\u00eb, ashtu si raporti \u00e7mim-pasuri p\u00ebr aksionet, tregon se sa shum\u00eb jan\u00eb t\u00eb gatsh\u00ebm t\u00eb paguajn\u00eb investitor\u00ebt p\u00ebr \u00e7do dollar qeraje q\u00eb gjeneron nj\u00eb pron\u00eb. Kur \u00e7mimet e sht\u00ebpive e kalojn\u00eb ndjesh\u00ebm qeran\u00eb\u2014shpesh edhe p\u00ebr shkak t\u00eb rritjeve t\u00eb ngadalta t\u00eb qeras\u00eb nga kontratat e fiksuara\u2014bler\u00ebsit mund t\u00eb zgjedhin t\u00eb marrin sht\u00ebpi me qira n\u00eb vend q\u00eb t\u00eb blejn\u00eb, \u00e7ka mund t\u00eb \u00e7oj\u00eb n\u00eb uljen e k\u00ebrkes\u00ebs p\u00ebr blerje dhe mund t\u00eb nxis\u00eb nj\u00eb korrigjim \u00e7mimesh.<\/p>\n
Ky raport sh\u00ebrben si nj\u00eb pik\u00eb orientuese afatgjat\u00eb p\u00ebr q\u00ebndrueshm\u00ebrin\u00eb e tregut t\u00eb banesave. Por n\u00ebse ai vazhdon t\u00eb rritet me ritme t\u00eb shpejta dhe t\u00eb pakontrolluara, mund t\u00eb jet\u00eb nj\u00eb sinjal se \u00e7mimet e sht\u00ebpive po nxiten m\u00eb shum\u00eb nga spekulimet sesa nga faktor\u00ebt real\u00eb ekonomik\u00eb.<\/p>\n
Sjellja vet\u00eb-forcuese, ku \u00e7mimet q\u00eb rriten duken t\u00eb konfirmojn\u00eb pritshm\u00ebrit\u00eb p\u00ebr kthime m\u00eb t\u00eb larta q\u00eb t\u00ebrhoq\u00ebn investitor\u00ebt n\u00eb fillim, ndihmon n\u00eb mbajtjen e flluskave \u2013 dhe shpesh k\u00ebto mund t\u00eb zgjasin p\u00ebr periudha t\u00eb gjata.<\/p>\n
Observatori Nd\u00ebrkomb\u00ebtar i Pasurive t\u00eb Paluajtshme ndan raportin \u00e7mim ndaj qiras\u00eb n\u00eb dy pjes\u00eb: kthimet e pritshme t\u00eb pasurive t\u00eb paluajtshme dhe rritjen e parashikuar t\u00eb qirave, nd\u00ebrsa pjesa tjet\u00ebr p\u00ebrfshin kontributin e flluskave kur ato shfaqen. K\u00ebto teknika t\u00eb avancuara tregojn\u00eb se presionet spekulative gjat\u00eb pandemis\u00eb ishin t\u00eb kufizuara, me shenja t\u00eb dukshme t\u00eb spekulimit t\u00eb gjetura vet\u00ebm n\u00eb Gjermani dhe SHBA, pas p\u00ebrshtatjes p\u00ebr normat e interesit dhe qirat\u00eb.<\/p>\n
Tregu i pasurive t\u00eb paluajtshme n\u00eb Gjermani p\u00ebrjetoi nj\u00eb bum afatgjat\u00eb, q\u00eb u p\u00ebrkeq\u00ebsua gjat\u00eb pandemis\u00eb, pasuar nga nj\u00eb korrigjim i mpreht\u00eb pasi raporti \u00e7mim-qira ra n\u00ebn nivelet baz\u00eb. Nd\u00ebrsa n\u00eb SHBA, ekzistonte nj\u00eb munges\u00eb e ekzuberanc\u00ebs n\u00eb raportin \u00e7mim-ndaj-t\u00eb-ardhurave, por kjo munges\u00eb nuk u reflektua po aq n\u00eb raportin \u00e7mim-qira. Kjo ka sjell\u00eb presione inflacioniste t\u00eb vazhdueshme pasi qirat\u00eb filluan t\u00eb p\u00ebrshtaten me \u00e7mimet, duke k\u00ebrkuar politik\u00eb monetare m\u00eb agresive.<\/p>\n
Megjith\u00ebse SHBA ka shmangur nj\u00eb korrigjim t\u00eb thell\u00eb t\u00eb \u00e7mimeve reale t\u00eb pasurive t\u00eb paluajtshme deri tani, p\u00ebrballueshm\u00ebria e pasurive t\u00eb paluajtshme u p\u00ebrkeq\u00ebsua gjat\u00eb pandemis\u00eb dhe mbetet nj\u00eb sfid\u00eb afatgjat\u00eb p\u00ebr t\u00eb ardhmen.<\/p>\n
Konsiderata politike p\u00ebr stabilitetin financiar dhe menaxhimin e flluskave n\u00eb pasuri t\u00eb paluajtshme<\/p>\n
P\u00ebrpara kriz\u00ebs financiare t\u00eb vitit 2008-09, stabiliteti financiar mb\u00ebshtetej n\u00eb rregullimin prudencial t\u00eb institucioneve individuale, me mjete t\u00eb kufizuara makroprudenciale p\u00ebr rreziqet sistemike. N\u00eb p\u00ebrgjigje t\u00eb boshll\u00ebqeve t\u00eb nxjerra nga kriza, politikan\u00ebt forcuan kornizat p\u00ebr t\u00eb kufizuar rritjen e kredive, inflacionin e \u00e7mimeve t\u00eb pasurive dhe p\u00ebrdorimin e leverxhit, ve\u00e7an\u00ebrisht n\u00eb sektorin e pasurive t\u00eb paluajtshme.<\/p>\n
Megjithat\u00eb, shqet\u00ebsimet mbeten se rregullimet prudenciale aktuale nuk e adresojn\u00eb plot\u00ebsisht rrezikun nga flluskat e pasurive t\u00eb paluajtshme. P\u00ebrdorimi i mjeteve makroprudenciale kund\u00ebr ciklave \u00ebsht\u00eb i nevojsh\u00ebm p\u00ebr t\u00eb trajtuar ciklet e pasurive t\u00eb paluajtshme, duke u dalluar nga ato t\u00eb cikleve t\u00eb biznesit. Po ashtu, k\u00ebrkohet nj\u00eb koordinim m\u00eb i fort\u00eb nd\u00ebrkomb\u00ebtar, m\u00eb shum\u00eb v\u00ebmendje ndaj p\u00ebrhapjes s\u00eb rrezikut, rrjedhjeve globale t\u00eb kapitalit, bankave t\u00eb hijes dhe financimit jasht\u00eb bilancit.<\/p>\n
P\u00ebr m\u00eb tep\u00ebr, komunikimi i qart\u00eb i bank\u00ebs qendrore, p\u00ebrfshir\u00eb udh\u00ebzimet p\u00ebr t\u00eb ardhmen, \u00ebsht\u00eb thelb\u00ebsor p\u00ebr menaxhimin e pritshm\u00ebrive dhe forcimin e q\u00ebndrueshm\u00ebris\u00eb s\u00eb sistemit financiar. Nj\u00eb qasje e plot\u00eb p\u00ebr menaxhimin e rrezikut\u2014duke p\u00ebrdorur mjete p\u00ebr identifikimin dhe ndjekjen e flluskave t\u00eb pasurive t\u00eb paluajtshme, duke vler\u00ebsuar ndikimet dhe duke zbatuar strategji mitikuese (p\u00ebrfshir\u00eb udh\u00ebzime financiare)\u2014po ashtu, s\u00eb bashku me politika t\u00eb integruara monetare dhe prudenciale, \u00ebsht\u00eb thelb\u00ebsore p\u00ebr t\u00eb mbrojtur stabilitetin financiar.<\/p>\n
Flluskat e \u00e7mimeve t\u00eb aseteve, ve\u00e7an\u00ebrisht n\u00eb pasurit\u00eb e paluajtshme, k\u00ebrkojn\u00eb v\u00ebmendje t\u00eb shtuar si nj\u00eb burim i r\u00ebnd\u00ebsish\u00ebm i vulnerabiliteteve financiare dhe rreziqeve. Duke p\u00ebrfshir\u00eb mjete inovative p\u00ebr t\u00eb monitoruar ekzuberanc\u00ebn dhe p\u00ebr t\u00eb analizuar flluskat q\u00eb drejtohen nga pritshm\u00ebrit\u00eb, politikan\u00ebt mund t\u00eb menaxhojn\u00eb m\u00eb mir\u00eb rreziqet q\u00eb k\u00ebto flluska paraqesin p\u00ebr ekonomin\u00eb dhe sistemin financiar t\u00eb gjer\u00eb.\/ Monitor<\/p>\n
The post Guid\u00eb nga FMN: Si t\u00eb dalloni flluskat financiare t\u00eb banesave<\/a> appeared first on Lapsi.al<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Kriza financiare bot\u00ebrore e viteve 2008\u201309 ndodhi pasi plasi flluska e tregut t\u00eb banesave \u2013 dhe pak e kishin par\u00eb t\u00eb vinte. Edhe sot, flluskat n\u00eb tregun e pasurive t\u00eb paluajtshme jan\u00eb ende t\u00eb paqarta p\u00ebr shum\u00ebk\u00ebnd, ndon\u00ebse ndikimi i tyre n\u00eb ekonomin\u00eb globale dhe n\u00eb politikat monetare \u00ebsht\u00eb i madh dhe i duksh\u00ebm. Por, […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-18410","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/posts\/18410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/comments?post=18410"}],"version-history":[{"count":0,"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/posts\/18410\/revisions"}],"wp:attachment":[{"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/media?parent=18410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/categories?post=18410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zennihost.com\/test\/wp-json\/wp\/v2\/tags?post=18410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}