{"id":4858,"date":"2020-12-23T14:04:20","date_gmt":"2020-12-23T12:04:20","guid":{"rendered":"https:\/\/sbunker.org\/?p=4858"},"modified":"2024-10-17T14:08:12","modified_gmt":"2024-10-17T12:08:12","slug":"pergjigje-ekonomike-ndaj-pandemise-diskutim-mbi-burimet-e-financimit","status":"publish","type":"post","link":"https:\/\/sbunker.org\/en\/uncategorized\/pergjigje-ekonomike-ndaj-pandemise-diskutim-mbi-burimet-e-financimit\/","title":{"rendered":"P\u00ebrgjigje ekonomike ndaj pandemis\u00eb: diskutim mbi burimet e financimit"},"content":{"rendered":"
\n

Rishtazi, Dr. Alban Zogaj dhe Dr. Lumir Abdixhiku kan\u00eb publikuar punimin e tyre t\u00eb titulluar \u201cNga humbja n\u00eb rikthim: p\u00ebrgjigje ekonomike ndaj pandemis\u00eb<\/strong><\/a>\u201d. Profesor\u00ebt e ekonomis\u00eb, ofrojn\u00eb analiz\u00eb p\u00ebr intervenimet e mundshme t\u00eb qeveris\u00eb, analiz\u00eb e cila duket q\u00eb i ka munguar diskutimit p\u00ebr rim\u00ebk\u00ebmbjen ekonomike. E th\u00ebn\u00eb ndryshe, autor\u00ebt analizojn\u00eb pasojat kryesore makroekonomike t\u00eb shkaktuara nga kriza sh\u00ebndet\u00ebsore dhe propozojn\u00eb disa politika q\u00eb vendi yn\u00eb duhet t\u2019i aplikoj\u00eb. Vet\u00ebm se, jan\u00eb dy \u00e7\u00ebshtje nga punimi t\u00eb cilat duhet t\u00eb diskutohen.<\/p>\n

Fillimisht, rritjen e depozitave n\u00eb sistemin financiar, autor\u00ebt e arsyetojn\u00eb me nj\u00eb teori standarde t\u00eb makroekonomis\u00eb, sipas s\u00eb cil\u00ebs, rritja e depozitave ndodh si rrjedhoj\u00eb e tkurrjes s\u00eb investimeve dhe rrjedhimisht, rritjes s\u00eb kursimeve. Pra, autor\u00ebt shkruajn\u00eb se \u201cNjer\u00ebzit n\u00eb koh\u00eb krize tkurrin shprehjen investuese. Njer\u00ebzit, n\u00eb koh\u00eb krize, orientohen drejt kursimeve. N\u00eb k\u00ebt\u00eb vij\u00eb, n\u00eb k\u00ebt\u00eb logjik\u00eb, jan\u00eb rritur edhe depozitat e kosovar\u00ebve n\u00eb bankat kosovare.<\/em>\u201d Ndon\u00ebse nuk mund t\u00eb refuzohet t\u00ebr\u00ebsisht ky argument, trendi i rritjes s\u00eb depozitave nd\u00ebr vite l\u00eb t\u00eb kuptohet se duhet t\u00eb jet\u00eb di\u00e7ka tjet\u00ebr q\u00eb \u00ebsht\u00eb p\u00ebrgjegj\u00ebs p\u00ebr k\u00ebt\u00eb rritje. N\u00eb fakt, Figura 1 n\u00eb punimin e autor\u00ebve, nuk ofron pasqyr\u00eb t\u00eb qart\u00eb p\u00ebr historikun e nivelit t\u00eb depozitave, pasi p\u00ebrfshin vet\u00ebm periudh\u00ebn janar 2019-shtator 2020. N\u00eb an\u00ebn tjet\u00ebr, trendi i rritjes s\u00eb depozitave na ka shoq\u00ebruar p\u00ebr \u00e7do vit. Sipas BQK-s\u00eb, n\u00eb vitin 2017, depozitat jan\u00eb rritur 7.2% krahasuar\u00a0 me vitin paraprak; pastaj, n\u00eb vitin 2018 jan\u00eb rrit\u00eb 6.8%, e k\u00ebshtu me radh\u00eb. Grafiku m\u00eb posht\u00eb paraqet nivelin e depozitave n\u00eb historin\u00eb e re t\u00eb Kosov\u00ebs.<\/p>\n

N\u00ebse tkurrja nga situata me pandemin\u00eb \u00ebsht\u00eb logjika e rritjes s\u00eb depozitave n\u00eb vitin 2020, at\u00ebher\u00eb cila \u00ebsht\u00eb logjika e rritjes n\u00eb vitin 2019 \u2013 e cila si p\u00ebrqindje duket m\u00eb e madhe se kjo e vitit 2020? Pra, duhet t\u00eb jet\u00eb di\u00e7ka tjet\u00ebr q\u00eb e shpjegon rritjen e nivelit t\u00eb depozitave, apo jo?<\/p>\n

Ndoshta, Teoria Krijimit t\u00eb Kreditit (ang.\u00a0Credit Creation Theory of Banking<\/a>) mund t\u00eb na ofroj\u00eb p\u00ebrgjigje. Sipas k\u00ebsaj teorie, kur krijohet nj\u00eb kredi e re, banka komerciale e regjistron shum\u00ebn e kredis\u00eb si depozit\u00eb. Pra, sugjeron q\u00eb rritja e depozitave \u00ebsht\u00eb n\u00eb korrelacion pozitiv me kredit\u00eb e reja. Depozitat jan\u00eb rritur vazhdimisht n\u00eb shumic\u00ebn e vendeve t\u00eb bot\u00ebs, dhe nuk \u00ebsht\u00eb e leht\u00eb t\u00eb gjeni nj\u00eb vend q\u00eb ka p\u00ebrjetuar ulje t\u00eb depozitave n\u00eb sistemin bankar.<\/p>\n

\u00c7\u00ebshtja e dyt\u00eb, e cila vlen t\u00eb diskutohet ka t\u00eb b\u00ebj\u00eb me propozimin p\u00ebr uljen e TVSH-s\u00eb. \u00a0Autor\u00ebt argumentojn\u00eb se ulja e TVSH-s\u00eb \u201cdo t\u00eb ul\u00eb \u00e7mimet e rrjedhimisht do t\u00eb inkurajoj\u00eb individ\u00ebt t\u00eb shpenzojn\u00eb m\u00eb shum\u00eb<\/em>.\u201d Kjo narrativ\u00eb funksionon shum\u00eb mir\u00eb n\u00eb teori, por jo patjet\u00ebr edhe n\u00eb praktik\u00eb. Ashtu si\u00e7 argumenton z. Zogaj n\u00eb nj\u00eb shkrim tjet\u00ebr n\u00eb lidhje m\u00eb p\u00ebrshkall\u00ebzimin e TVSH-s\u00eb nga 16% n\u00eb 8% – Ligj i hyr\u00eb n\u00eb fuqi m\u00eb 1 shtator 2015 \u2013 ulja e TVSH-s\u00eb jo patjet\u00ebr p\u00ebrkthehet n\u00eb ulje t\u00eb \u00e7mimeve. P\u00ebr k\u00ebt\u00eb arsye, Kosova nuk do t\u00eb duhej t\u00eb aplikonte uljen e TVSH-s\u00eb bazuar n\u00eb praktiken e vendeve t\u00eb zhvilluara per\u00ebndimore. N\u00ebse \u00e7mimet nuk do t\u00eb uleshin, kjo do t\u00eb n\u00ebnkuptonte m\u00eb shum\u00eb t\u00eb hyra p\u00ebr bizneset \u2013 e q\u00eb p\u00ebr situat\u00ebn q\u00eb gjenden, do t\u00eb ishte e mir\u00ebseardhur. Por, tendenca e madhe p\u00ebr import mbetet k\u00ebrc\u00ebnimi kryesor q\u00eb do t\u00eb minimizonte efektet multiplikuese t\u00eb politik\u00ebs n\u00eb fjal\u00eb. Bazuar n\u00eb k\u00ebt\u00eb qasje, ndoshta, TVSH-ja do t\u00eb ishte mir\u00eb t\u00eb zvog\u00eblohej vet\u00ebm p\u00ebr produktet vendore. K\u00ebsisoj, edhe n\u00ebse \u00e7mimet nuk ulen pas zvog\u00eblimit t\u00eb TVSH-s\u00eb, t\u00eb hyrat shtes\u00eb do t\u2019i gjeneronin kompanit\u00eb vendore dhe efekti fiskal multiplikues do t\u00eb ishte m\u00eb i madh.<\/p>\n

P\u00ebrtej punimit t\u00eb autor\u00ebve p\u00ebr p\u00ebrgjigjen ndaj pandemis\u00eb, dua q\u00eb shkurtimisht t\u00eb diskutoj dy propozime n\u00eb lidhje me burimet e financimit, t\u00eb cilat jan\u00eb duke u debatuar n\u00eb revistat prestigjioze t\u00eb ekonomis\u00eb.<\/p>\n

1. Rritja e borxhit publik<\/p>\n

Borxhi publik \u00ebsht\u00eb duke u rritur n\u00eb shum\u00eb vende t\u00eb bot\u00ebs. Nga politik\u00ebb\u00ebr\u00ebsit konservator\u00eb, kjo shihet si veprim jo i duhur, pasi borxhi do t\u00eb jet\u00eb barr\u00eb p\u00ebr gjeneratat e ardhshme. Pra, buxheti i shtetit trajtohet si buxheti i familjes; borxhi shihet si barr\u00eb t\u00eb cil\u00ebn familja do ta bart\u00eb mbi supe. Profesoresha Stephanie Kelton,\u00a0promovuese e Teoris\u00eb Moderne Monetare<\/a>, argumenton q\u00eb deficiti buxhetor nuk \u00ebsht\u00eb i d\u00ebmsh\u00ebm vetvetiu. N\u00ebse nj\u00eb shtet harxhon 100 Euro, nd\u00ebrkaq ark\u00ebton 90, i bie q\u00eb ka nj\u00eb decifit prej 10 Eurosh. Vet\u00ebm se, deficiti prej 10 Eurosh lidhet me suficit\u00a0 n\u00eb t\u00eb nj\u00ebjt\u00ebn shum\u00eb, n\u00eb nj\u00eb pjes\u00eb tjet\u00ebr t\u00eb ekonomis\u00eb. E th\u00ebn\u00eb me pak fjal\u00eb, problemi nuk q\u00ebndron n\u00eb at\u00eb se vendi ka borxh, por kujt i ka borxh. N\u00ebse borxhi \u00ebsht\u00eb i brendsh\u00ebm, at\u00ebher\u00eb n\u00eb terma makroekonomik\u00eb, edhe servisimi i k\u00ebtij borxhi nuk e d\u00ebmton ekonomin\u00eb. Kjo sepse, si\u00e7\u00a0argumenton<\/a>\u00a0edhe nobelisti Paul Krugman, borxhin publik ia kemi obligim vetvetes.<\/p>\n

N\u00eb nj\u00eb publikim t\u00eb fundit<\/a>, ekonomist\u00ebt e mir\u00ebnjohur Furman dhe Summers, argumentojn\u00eb se qasja tradicionale e krahasimit t\u00eb borxhit me GDP nuk \u00ebsht\u00eb p\u00ebrshkruesi i duhur i q\u00ebndrueshm\u00ebris\u00eb fiskale. Duke pasur parasysh q\u00eb normat e interesit jan\u00eb pothuajse zero \u2013\u00a0 e p\u00ebr shum\u00eb vende edhe negative \u2013\u00a0 qeverit\u00eb duhet t\u00eb p\u00ebrdorin borxhin p\u00ebr ndryshime strukturore n\u00eb ekonomi. P\u00ebr m\u00eb tep\u00ebr, Martin Wolf, editor n\u00eb Financial Times,\u00a0sugjeron<\/a>\u00a0q\u00eb servisimi i borxhit \u00ebsht\u00eb indikator m\u00eb i mir\u00eb i gjendjes s\u00eb ekonomis\u00eb, sesa niveli i borxhit vetvetiu.<\/p>\n

Ku duhet t\u00eb marr\u00eb borxh Kosova? S\u00eb pari, duhet t\u00eb shfryt\u00ebzohen burimet e brendshme n\u00ebp\u00ebrmes letrave me vler\u00eb, t\u00eb cilat emitohen nga BQK-ja me k\u00ebrkes\u00eb t\u00eb Ministris\u00eb s\u00eb Financave. Deri m\u00eb tani, bler\u00ebse t\u00eb k\u00ebtyre letrave kan\u00eb qen\u00eb bankat komerciale. Ndon\u00ebse qytetar\u00ebt mund t\u00eb investojn\u00eb n\u00eb k\u00ebto letra p\u00ebrmes bankave komerciale, nuk \u00ebsht\u00eb v\u00ebrejtur ndonj\u00eb tendenc\u00eb e till\u00eb. Ndoshta, normat e ul\u00ebta t\u00eb interesit nuk kan\u00eb prodhuar stimuj t\u00eb mjaftuesh\u00ebm. Por n\u00ebse qytetar\u00eb kan\u00eb kursime t\u00eb konsiderueshme, at\u00ebher\u00eb institucionet do t\u00eb duheshin t\u2019i shfryt\u00ebzonin k\u00ebto mjete, duke u ofruar norma m\u00eb t\u00eb volitshme t\u00eb interesit. Me nj\u00eb promovim t\u00eb k\u00ebsaj ideje, letrat me vler\u00eb do t\u00eb b\u00ebheshin atraktive edhe p\u00ebr diaspor\u00ebn ton\u00eb. Tek e fundit, nga servisimi i k\u00ebtij borxhi, do t\u00eb p\u00ebrfitonin qytetar\u00ebt tan\u00eb dhe jo ata t\u00eb vendeve t\u00eb huaja.<\/p>\n

E dyta, duhet t\u00eb konsiderohen programet e institucioneve si Banka Bot\u00ebrore dhe Fondi Monetar Nd\u00ebrkomb\u00ebtar. K\u00ebto institucione, ofrojn\u00eb kredi p\u00ebr vendet n\u00eb zhvillim, me kusht q\u00eb t\u00eb realizojn\u00eb reforma t\u00eb caktuara n\u00eb institucione. Duke par\u00eb nivelin e normave t\u00eb interesit, institucionet tona duhet t\u2019i p\u00ebrshpejtojn\u00eb hapat n\u00eb realizimin e reformave t\u00eb k\u00ebrkuara. Gjithsesi, duhet pasur kujdes me udh\u00ebzimet shabllon t\u00eb BB apo FMN, pasi \u00e7ka \u00ebsht\u00eb e sukseshme n\u00eb nj\u00eb vend, mund t\u00eb jet\u00eb d\u00ebshtim n\u00eb vendin tjet\u00ebr.<\/p>\n

2. Aplikimi i tatimit n\u00eb pasuri<\/p>\n

Politikat neoliberale, q\u00eb nga vitet e 80-ta, kan\u00eb nxitur rritjen e pabarazis\u00eb n\u00eb t\u00eb ardhura. P\u00ebr shembull, rreth gjysma e t\u00eb ardhurave n\u00eb ShBA, shkon tek top 1% e njer\u00ebzve m\u00eb t\u00eb pasur. Kriza e fundit, besohet q\u00eb vet\u00ebm ka p\u00ebrkeq\u00ebsuar gjendjen e pabarazis\u00eb n\u00eb bot\u00eb. P\u00ebr k\u00ebt\u00eb arsye, n\u00ebp\u00ebr revistat prestigjioze t\u00eb ekonomis\u00eb jan\u00eb duke u diskutuar m\u00ebnyra t\u00eb reja t\u00eb tatimit, t\u00eb cilat n\u00ebse jo p\u00ebr momentin, n\u00eb t\u00eb ardhmen duhet t\u00eb merret seriozisht. Tatimi n\u00eb pasuri \u00ebsht\u00eb nj\u00eb nga opsionet q\u00eb \u00ebsht\u00eb duke u diskutuar n\u00ebp\u00ebr shum\u00eb vende. Tatimi n\u00eb pasuri \u00ebsht\u00eb nj\u00eb lloj tatimi vjetor, i cili tatimon pasurin\u00eb neto t\u00eb individ\u00ebve \u2013 asetet minus borxhet.\u00a0Sipas nj\u00eb analize<\/a>, 1% tatim n\u00eb pasurin\u00eb e 10% e njer\u00ebzve m\u00eb t\u00eb pasur, \u00ebsht\u00eb e lidhur me 2 deri 2.5% rritje t\u00eb GDP-s\u00eb, me kusht q\u00eb evazioni fiskal dhe shmangia nga tatimet mbetet e nj\u00ebjt\u00eb. Gjithsesi, Argjentina \u00ebsht\u00eb nj\u00eb nga vendet q\u00eb ka filluar t\u00eb aplikoj\u00eb k\u00ebt\u00eb tatim rishtazi, dhe \u00ebsht\u00eb duke p\u00ebrjetuar nj\u00eb largim t\u00eb ndjesh\u00ebm t\u00eb kapitalit nga vendi. Me gjas\u00eb, n\u00eb vendet ku kapitali \u00ebsht\u00eb leht\u00eb i transferuesh\u00ebm, ky lloj tatimi mund t\u00eb jet\u00eb thik\u00eb me dy tehe.<\/p>\n

Si<\/a>\u00e7<\/a>\u00a0argumenton edhe Martin Sandbu<\/a>\u00a0n\u00eb Financial Times, n\u00eb situat\u00ebn n\u00eb t\u00eb cil\u00ebn ndodhemi, pyetja nuk duhet t\u00eb jet\u00eb a duhet ta fusim tatimin n\u00eb pasuri, por a mundet ekonomia ta p\u00ebrballoj\u00eb mosfutjen e saj.<\/p>\n

Politik\u00ebb\u00ebr\u00ebsit n\u00eb Kosov\u00eb duhet t\u00eb mendojn\u00eb seriozisht p\u00ebr tatimin e till\u00eb n\u00eb t\u00eb ardhmen. Top t\u00eb pasurit duhet t\u00eb tatimohen jo vet\u00ebm pse jan\u00eb t\u00eb pasur, por sepse jan\u00eb pjes\u00ebmarr\u00ebs t\u00eb r\u00ebnd\u00ebsish\u00ebm n\u00eb p\u00ebrcaktimin e rregullave t\u00eb loj\u00ebs. Me fjal\u00eb tjerat, individ\u00ebt q\u00eb i kan\u00eb 3 sht\u00ebpia, nuk do duhej t\u00eb paguanin tatimin e shesht\u00eb p\u00ebr pronat, sikurse ata q\u00eb kan\u00eb vet\u00ebm nj\u00eb. Ndon\u00ebse ky lloj tatimi \u00ebsht\u00eb duke u diskutuar n\u00ebp\u00ebr shum\u00eb vende t\u00eb bot\u00ebs, Kosova nuk duhet t\u00eb jet\u00eb mbrapa, t\u00eb pakt\u00ebn n\u00eb debate dhe konsultime. P\u00ebr m\u00eb tep\u00ebr, ndryshe nga Argjentina, vendi yn\u00eb nuk \u00ebsht\u00eb rrezikon ikjen masive t\u00eb kapitalit \u2013 t\u00eb pakt\u00ebn jo n\u00eb mas\u00eb t\u00eb madhe.<\/p>\n

Krejt n\u00eb fund, p\u00ebrderisa kemi debate sesi duhet t\u00eb intervenohet n\u00eb ekonomin\u00eb ton\u00eb, shpresoj q\u00eb do t\u00eb kemi edhe diskutime p\u00ebr burimet e financimit. Me sa duket, politik\u00ebb\u00ebr\u00ebsit ton\u00eb nuk e kan\u00eb kuraj\u00ebn p\u00ebr t\u00eb menduar p\u00ebr projekte afatgjata t\u00eb financuara me borxh. Apo ndoshta, e njohin vet\u00ebn, dhe kan\u00eb frik\u00ebn q\u00eb borxhin do ta b\u00ebjn\u00eb rrush e kumbulla dhe ta l\u00ebn\u00eb barr\u00eb p\u00ebr gjenerat\u00ebn e ardhshme?<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Rishtazi, Dr. Alban Zogaj dhe Dr. Lumir Abdixhiku kan\u00eb publikuar punimin e tyre t\u00eb titulluar \u201cNga humbja n\u00eb rikthim: p\u00ebrgjigje ekonomike ndaj pandemis\u00eb\u201d. Profesor\u00ebt e ekonomis\u00eb, ofrojn\u00eb analiz\u00eb p\u00ebr intervenimet e mundshme t\u00eb qeveris\u00eb, analiz\u00eb e cila duket q\u00eb i ka munguar diskutimit p\u00ebr rim\u00ebk\u00ebmbjen ekonomike. E th\u00ebn\u00eb ndryshe, autor\u00ebt analizojn\u00eb pasojat kryesore makroekonomike t\u00eb […]<\/p>","protected":false},"author":441,"featured_media":8565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,1],"tags":[973,1006,972,1186],"ppma_author":[1012],"class_list":["post-4858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analize","category-uncategorized","tag-bqk","tag-ekonomi","tag-kosove","tag-pandemia"],"authors":[{"term_id":1012,"user_id":441,"is_guest":0,"slug":"albian-krasniqi","display_name":"Albian Krasniqi","avatar_url":{"url":"https:\/\/sbunker.org\/wp-content\/uploads\/2024\/07\/albiani.png","url2x":"https:\/\/sbunker.org\/wp-content\/uploads\/2024\/07\/albiani.png"},"user_url":"","last_name":"Krasniqi","first_name":"Albian","description":"Albian Krasniqi \u00ebsht\u00eb kandidat p\u00ebr doktoratur\u00eb n\u00eb Universitetin Teknologjik t\u00eb Dublinit, duke u specializuar p\u00ebr tregun e pun\u00ebs. Paraprakisht ka mbaruar studimet master p\u00ebr ekonomi t\u00eb zhvillimit, n\u00eb Universitetin e Sussexit, n\u00eb Angli. Albiani ka p\u00ebrvoj\u00eb pune si ekonomist n\u00eb institucionet vendore dhe organizatat nd\u00ebrkomb\u00ebtare."}],"_links":{"self":[{"href":"https:\/\/sbunker.org\/en\/wp-json\/wp\/v2\/posts\/4858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sbunker.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sbunker.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sbunker.org\/en\/wp-json\/wp\/v2\/users\/441"}],"replies":[{"embeddable":true,"href":"https:\/\/sbunker.org\/en\/wp-json\/wp\/v2\/comments?post=4858"}],"version-history":[{"count":3,"href":"https:\/\/sbunker.org\/en\/wp-json\/wp\/v2\/posts\/4858\/revisions"}],"predecessor-version":[{"id":8566,"href":"https:\/\/sbunker.org\/en\/wp-json\/wp\/v2\/posts\/4858\/revisions\/8566"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sbunker.org\/en\/wp-json\/wp\/v2\/media\/8565"}],"wp:attachment":[{"href":"https:\/\/sbunker.org\/en\/wp-json\/wp\/v2\/media?parent=4858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sbunker.org\/en\/wp-json\/wp\/v2\/categories?post=4858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sbunker.org\/en\/wp-json\/wp\/v2\/tags?post=4858"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/sbunker.org\/en\/wp-json\/wp\/v2\/ppma_author?post=4858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}