Ngokucacile futhi ngokuvamile, le nkulumo isetshenziselwa izimo lapho umtshali-zimali efuna ukukhiqiza okuphezulu ngaphandle kokubheka ingozi eyengeziwe yokuthi ngokuvamile uyena.
Ngempela, abatshalizimali abafinyelela isivuno ngokuvame ukuvame ukukhombisa ukuhlukunyezwa kwengozi ejwayelekile, kunokuba babe ngabathandekayo ekuthandeni kwabo, kungakhathaliseki ukuthi baqaphele noma cha.
Ukufika ukuze kutholakale izithelo nezikweletu
Inkinga yezezimali ka-2007 kuya ku-2008 yisibonelo esisha kakhulu sokuwa kwezimakethe kubangelwa ukuthi, ikakhulukazi, kufinyelela ekuvuneni. Abathengi bemali abafisa ukukhiqizwa kwempahla ephezulu bafaka ukubaluleka kokubambisana kwemali ekhokhelwa impahla yangasese kuya emazingeni ahambisani nengozi yabo yokukhokhwa. Lapho izimali zokukhokha ngemuva kwalezi zinsimbi zingena ezinkambisweni noma ezingalungile, izimiso zabo zaphazamiseka. Inkinga enkulu yokutshala izimali ezithengiswayo, okwenza amaconsi abukhali emigodini yezinye izibambiso kanye nokuhluleka noma ukusondeka kwamabhange amaningi okuhola kanye namasheya okugcina.
Ukufinyelela Ukukhwabanisa Kwezezimali Nezimboni
Abatshalizimali abafinyelela ngokuvuthiwe ukukhiqiza kukhona phakathi kwalabo abavame kakhulu ukuba izisulu zezingcingo zezimali kanye nezinhlelo.
Ngempela, amacala amaningi emlandweni wezezimali nokukhwabanisa ahlanganisa abenzi bokuhlukumezeka, abadume kakhulu noCharles Ponzi noBernard Madoff, ababambe iqhaza kubantu abazama ukuthola isivuno esengeziwe emali yabo, bengenelisekile ngamathuba okutshala izimali ezijwayelekile.
Abatshalizimali Besikhungo Sifinyelela Ukuthela
Esimweni esincane sezinga lesithakazelo esinjengalesi esilandelayo ngemuva kwezinkinga zemali kanye nezikweletu kusukela ngo-2007 kuya ku-2008, abatshalizimali abaningi bezikole , njengezinkampani zomshuwalense kanye nezikhwama zempesheni ezihlomulayo, bebecindezelwa ukufinyelela isivuno.
Lezi zivuno eziphansi zifanele, ikakhulukazi, ezenzweni ze-Federal Reserve kanye namanye amabhange asemhlabeni jikelele ukugqugquzela umnotho wabo ngemuva kokuhlukunyezwa kwezezimali ngo-2007 kuya ku-2008. Izinkampani zomshuwalense kanye nezikhwama zempesheni kulezi zibopho zizwa ziphoqelelwe ukuba zithathe ingozi enkulu yokwenza izinzuzo ezidingekayo ukuze zihlangabezane nezibopho zabo. Umphumela uba ukwanda okwejwayelekile kwengozi ohlelweni lwezezimali.
Imiphumela kwi-Bond Price
Izinkampani zomshuwalense kanye nezikhwama zempesheni yibo abathengi abakhulu bezikweletu ezinkampani nabangaphandle futhi ngaleyo ndlela bayimithombo ebalulekile yokuxhasa lezi zinhlangano. Izinqumo zokuthenga zalabo abatshalizimali bezikhungo zinezimpikiswano ezinkulu ekunikezeni kanye nentengo yekhredithi. Imiphumela yokufinyelela kwabo ekuvuneni ibonakala emithethweni yezinkinga ezintsha zezikweletu kanye nemanani entengo yalezi zimpahla emakethe yesibili. Ngamafuphi, lapho lezi zimali ezinkulu zesikhwama sezimboni zifinyelela ekuvuneni, zifaka amanani ezinkampani zokugcina izimali, futhi ngaleyo ndlela ziyanciphisa izinga lezintshisekelo ukuthi ababolekayo abakhuphuka kumele bakhokhe.
Ukuziphatha okungalindelekile
Abacwaningi bezemfundo baye bathola ukuthi ukufinyeleleka isivuno kunonya kakhulu futhi kuyabonakala ngesikhathi kuqhutshwa umnotho uma izibopho zivame ukuphakama noma kunjalo.
Ngaphezu kwalokho, kuyaphawuleka ukuthi lokhu kuziphatha kubonakala kakhudlwana ezinkampanini zomshuwalense ezibhekene nezidingo ezinkulu zokulawula izimali. Enye yokuthola okungaqondakali kwabacwaningi ukuthi imithethonqubo eklanyelwe ukunciphisa ukuziphatha kokulimala okuyingozi engxenyeni yezinkampani zomshuwalense empeleni zithuthukisa ukuthola isivuno. Isihluthulelo salokhu kutholakala ukuthi ukuqaphela ukuthi ngisho nezinhlelo eziyinkimbinkimbi kakhulu zokulinganisa ingozi azipheleli kakhulu, uma kungenakwenzeka ngokungafanele.
Ukufunda Okuqhubekayo
Bheka "Ukufinyelela Ukuthengiswa Emakethe Yezimpahla" ngabaprofesa uBo Becker noVictoria Ivashina weHarvard Business School, i-HBS Work Paper Number 12-103, ekhishwe ngoMeyi 2012 futhi yanyatheliswa ngoJuni 15, 2012.