{"id":834,"date":"2022-12-21T11:31:18","date_gmt":"2022-12-21T14:31:18","guid":{"rendered":"https:\/\/noticias-gerais.online\/?p=834"},"modified":"2023-02-21T23:33:15","modified_gmt":"2023-02-22T02:33:15","slug":"por-que-a-estagflacao-e-perigosa-para-a-economia","status":"publish","type":"post","link":"https:\/\/noticias-gerais.online\/sk\/por-que-a-estagflacao-e-perigosa-para-a-economia\/","title":{"rendered":"Pre\u010do je stagfl\u00e1cia nebezpe\u010dn\u00e1 pre ekonomiku?"},"content":{"rendered":"<p id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Zd\u00e1 sa, \u017ee recesia op\u00e4\u0165 klope na dvere. V\u00e4\u010d\u0161ina ekon\u00f3mov sa po s\u00e9rii n\u00e1rastov n\u00e1kladov na podnikanie, neust\u00e1le nadmernej infl\u00e1cii, volatilite akciov\u00e9ho trhu a tichom finan\u010dnom boome zhodla na tom, \u017ee prich\u00e1dza spomalenie, hoci sa n\u00e1zory na to, ak\u00e9 by malo by\u0165, l\u00ed\u0161ia. Niektor\u00ed tvrdia, \u017ee \u010doskoro pr\u00edde mierna a r\u00fdchla recesia, zatia\u013e \u010do in\u00ed sa ob\u00e1vaj\u00fa, \u017ee n\u00e1s \u010dakaj\u00fa ove\u013ea \u0165a\u017e\u0161ie \u010dasy.<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Jednou z t\u00e9m, ktor\u00e1 sa v poslednom \u010dase dos\u0165 \u010dasto rozpr\u00e1va, je predstava, \u017ee by sme mohli smerova\u0165 k obdobiu stagfl\u00e1cie. Toto sa v Spojen\u00fdch \u0161t\u00e1toch stalo iba raz, na dolnom pobre\u017e\u00ed v 70. rokoch 20. storo\u010dia, a nie je to pr\u00edjemn\u00e9 dobrodru\u017estvo.<\/span><\/p>\n<p class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>K\u013e\u00fa\u010dov\u00e9 zistenia<\/span><\/p>\n<ul>\n<li><span>Stagfl\u00e1cia je stagnuj\u00faci finan\u010dn\u00fd syst\u00e9m v kombin\u00e1cii s nadmernou infl\u00e1ciou.<\/span><\/li>\n<li><span>Stagfl\u00e1cia je ekvivalentom vra\u017eedn\u00e9ho agreg\u00e1tu a m\u00f4\u017ee vies\u0165 k finan\u010dnej kr\u00edze, v ktorej \u00fa\u010dty a n\u00e1klady na b\u00fdvanie na\u010falej rast\u00fa.<\/span><\/li>\n<li><span>Tieto typy finan\u010dn\u00fdch kr\u00edz s\u00fa niekedy sp\u00f4soben\u00e9 rozsiahlymi ponukov\u00fdmi \u0161okmi a priamou menovou politikou a kon\u010dia recesiami, ktor\u00e9 s\u00fa dlh\u0161ie ako priemer, preto\u017ee neexistuje definit\u00edvny liek.<\/span><\/li>\n<li><span>Vo v\u0161eobecnosti sa v \u010dase recesie miera aktivity zni\u017euje, aby sa stimulovala hospod\u00e1rska aktivita. Centr\u00e1lne banky to v\u0161ak v skuto\u010dnosti nem\u00f4\u017eu urobi\u0165, ke\u010f rastie infl\u00e1cia.<\/span><\/li>\n<li><span>Niektor\u00ed ekon\u00f3movia sa ob\u00e1vaj\u00fa, \u017ee americk\u00fd finan\u010dn\u00fd syst\u00e9m smeruje k stagfl\u00e1cii po prv\u00fdkr\u00e1t od 70. rokov 20. storo\u010dia.<\/span><\/li>\n<\/ul>\n<p class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>\u010co je stagfl\u00e1cia?<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Term\u00edn stagfl\u00e1cia je kombin\u00e1ciou slov \u201cstagn\u00e1cia\u201d a \u201cinfl\u00e1cia\u201d. Opisuje obdobie n\u00edzkeho a\u017e \u017eiadneho finan\u010dn\u00e9ho rastu spojen\u00e9ho s impulz\u00edvne rast\u00facimi v\u00fddavkami.<\/span><\/p>\n<p class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Ak\u00fd je rozdiel medzi stagfl\u00e1ciou a recesiou?\u00a0<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>\u010casto sa pozoruje, \u017ee recesia nast\u00e1va hne\u010f po dvoch po sebe nasleduj\u00facich \u0161tvr\u0165rokoch n\u00edzkeho hospod\u00e1rskeho rastu. Stagfl\u00e1cia je v\u0161ak ove\u013ea otvorenej\u0161ia interpret\u00e1cii, najm\u00e4 preto, \u017ee je zriedkavej\u0161ia.<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Stagn\u00e1cia ekonomickej kl\u00edmy nemus\u00ed by\u0165 nevyhnutne kl\u00edmou recesie. Slovo stagn\u00e1cia znamen\u00e1 pomal\u00fd a nedostato\u010dn\u00fd rast, \u010do m\u00f4\u017ee znamena\u0165 plnohodnotn\u00fa recesiu alebo jednoducho ve\u013emi zranite\u013en\u00fd rast. Miera infl\u00e1cie tie\u017e nie je definovan\u00e1, hoci predpoklad\u00e1me, \u017ee by mala by\u0165 aspo\u0148 nad limitom 2% stanoven\u00fdm najv\u00fdznamnej\u0161\u00edmi bankami v popredn\u00fdch ekonomik\u00e1ch.<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>\u010eal\u0161ou z\u00e1sadnou zmenou je na\u010dasovanie a frekvencia. Recesie sa pova\u017euj\u00fa za tradi\u010dn\u00fa s\u00fa\u010das\u0165 finan\u010dn\u00e9ho cyklu, vyskytuj\u00fa sa pomerne pravidelne a historicky trvaj\u00fa necel\u00fd rok. Stagfl\u00e1cia je na druhej strane nezvy\u010dajn\u00e1 a ke\u010f sa prejav\u00ed v groteskn\u00fdch podob\u00e1ch, m\u00e1 tendenciu pretrv\u00e1va\u0165. Tieto typy hospod\u00e1rskych kr\u00edz je \u0165a\u017ek\u00e9 porazi\u0165, preto\u017ee be\u017en\u00e1 taktika zni\u017eovania n\u00e1kladov na p\u00f4\u017ei\u010dky s cie\u013eom stimulova\u0165 rast je vyl\u00fa\u010den\u00e1.<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Neust\u00e1le vysok\u00e1 infl\u00e1cia je spojen\u00e1 s hospod\u00e1rskym rastom a mo\u017eno ju obmedzi\u0165 zv\u00fd\u0161en\u00edm \u00farokov\u00fdch sadzieb. Stagfl\u00e1cia je na druhej strane odli\u0161n\u00fd typ be\u0161tie, ktor\u00fa je \u0165a\u017e\u0161ie skroti\u0165.<\/span><\/p>\n<p class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>\u010co sp\u00f4sobuje stagfl\u00e1ciu?<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Na z\u00e1klade nieko\u013ek\u00fdch pr\u00edkladov, ktor\u00fdch sme doteraz boli svedkami, sa \u010dasto uzn\u00e1va, \u017ee hlavn\u00fdm d\u00f4vodom stagfl\u00e1cie je neuverite\u013en\u00fd \u0161ok v ponuke. Ak aj vtedy d\u00f4jde k naru\u0161eniu dod\u00e1vok potrav\u00edn, ropy alebo \u010dohoko\u013evek in\u00e9ho nevyhnutn\u00e9ho a u\u017e nie je mo\u017en\u00e9 uspokoji\u0165 dopyt, veci sa zvy\u010dajne vymkn\u00fa spod kontroly. Situ\u00e1ciu zvy\u010dajne zhor\u0161uj\u00fa zl\u00e9 finan\u010dn\u00e9 politiky.<\/span><\/p>\n<p><span>Ponukov\u00e9 \u0161oky sp\u00f4sobuj\u00fa prudk\u00fd n\u00e1rast cien, \u010do po\u0161kodzuje organiz\u00e1cie, spotrebite\u013esk\u00e9 fondy a finan\u010dn\u00fd boom. A ke\u010f cenn\u00e9 banky reaguj\u00fa, ako to v\u017edy robia, na ekonomick\u00e9 turbulencie zabezpe\u010den\u00edm lacn\u00fdch p\u00f4\u017ei\u010diek, v podstate t\u00fdm podnecuj\u00fa infl\u00e1ciu, stimuluj\u00fa dopyt a \u010falej zvy\u0161uj\u00fa \u00farokov\u00e9 sadzby.<\/span><\/p>\n<p><span>Term\u00edn stagfl\u00e1cia prv\u00fdkr\u00e1t pou\u017eil v roku 1965 britsk\u00fd m\u00e4sov\u00fd lis Iain Macleod.<\/span><\/p>\n<p class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>pozadie stagfl\u00e1cie<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Spojen\u00e9 \u0161t\u00e1ty doteraz za\u017eili iba jeden v\u00fdznamn\u00fd pr\u00edpad stagfl\u00e1cie: v 70. rokoch 20. storo\u010dia.<\/span><\/p>\n<p class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>70. roky 20. storo\u010dia<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Po\u010das 70. rokov 20. storo\u010dia dramaticky klesla ponuka ropy a ceny prudko st\u00fapali, najprv kv\u00f4li embargu vypl\u00fdvaj\u00facemu z vojny medzi Izraelom a arabsk\u00fdmi \u0161t\u00e1tmi a po druh\u00e9 kv\u00f4li islamskej revol\u00facii v Ir\u00e1ne. Tieto pohyby spolu s jednoduch\u00fdm fi\u0161k\u00e1lnym kryt\u00edm, ktor\u00e9 sa ve\u013ek\u00e1 americk\u00e1 banka sna\u017eila pou\u017ei\u0165 na podporu zamestnanosti, viedli infl\u00e1ciu k nekontrolovate\u013enej \u0161pir\u00e1le a uvrhli ekonomiku do chaosu.<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Na obnovenie poriadku boli potrebn\u00e9 ve\u013emi vysok\u00e9 sadzby za hobby a v\u00e1\u017ena recesia. A ako si asi viete predstavi\u0165, akciov\u00fd trh bol zahlten\u00fd.<\/span><\/p>\n<p class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Vr\u00e1ti sa stagfl\u00e1cia v roku 2023?<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>V s\u00fa\u010dasnosti existuje obava, \u017ee by sa podobn\u00e1 situ\u00e1cia mohla zopakova\u0165. Infl\u00e1cia je mimoriadne nadmern\u00e1 a ekonomick\u00fd syst\u00e9m zjavne u\u017e nefunguje \u00faplne spr\u00e1vne.<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Ako sme sa ocitli v tejto situ\u00e1cii? Za to ur\u010dite m\u00f4\u017ee kombin\u00e1cia vzru\u0161uj\u00facich a n\u00e1hodn\u00fdch faktorov. Najprv tu bola pand\u00e9mia COVID-19, ktor\u00e1 viedla k lockdownu a zastaveniu v\u00fdstavby, po ktorom nasledoval prudk\u00fd n\u00e1rast dopytu po zru\u0161en\u00ed obmedzen\u00ed. Potom Rusko napadlo Ukrajinu, \u010do sp\u00f4sobilo e\u0161te v\u00e4\u010d\u0161ie naru\u0161enie dod\u00e1vate\u013esk\u00e9ho re\u0165azca a viedlo k prudk\u00e9mu n\u00e1rastu n\u00e1kladov na ropu. A okrem v\u0161etk\u00e9ho ostatn\u00e9ho sa ka\u017ed\u00e1 z t\u00fdchto destabilizuj\u00facich udalost\u00ed odohrala v \u010dase, ke\u010f boli \u00farokov\u00e9 sadzby tradi\u010dne n\u00edzke a po\u017ei\u010diavanie pe\u0148az\u00ed bolo extr\u00e9mne lacn\u00e9.<\/span><\/p>\n<p><span>Objavuj\u00fa sa \u010fal\u0161ie faktory, ktor\u00e9 m\u00f4\u017eu prispieva\u0165 k dne\u0161nej stagfl\u00e1cii, vr\u00e1tane vysok\u00e9ho dlhu, alternat\u00edvnych protekcionistick\u00fdch polit\u00edk, starn\u00facej popul\u00e1cie, geopolitick\u00e9ho nap\u00e4tia, klimatick\u00fdch zmien a kybernetickej vojny. A niektor\u00e9 z nich nezmizn\u00fa, \u010do znamen\u00e1, \u017ee stagfl\u00e1cia tu m\u00f4\u017ee pretrv\u00e1va\u0165 e\u0161te dlho.<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Technicky vzat\u00e9, finan\u010dn\u00fd syst\u00e9m nie je v recesii. Hoci v\u00e4\u010d\u0161ina ekon\u00f3mov sa teraz zhoduje na tom, \u017ee jedin\u00fd ch\u00fdbaj\u00faci faktor, vy\u0161\u0161ia nezamestnanos\u0165, by sa mohol r\u00fdchlo sta\u0165 realitou, ke\u010f\u017ee vy\u0161\u0161ie n\u00e1klady na obsluhu dlhu l\u00e1kaj\u00fa spolo\u010dnosti k prep\u00fa\u0161\u0165aniu zamestnancov. V praxi je mnoho Ameri\u010danov bez pr\u00e1ce a popri nadmernej infl\u00e1cii a stagfl\u00e1cii doch\u00e1dza k postupn\u00e9mu finan\u010dn\u00e9mu boomu.<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Tak\u017ee, sme ods\u00faden\u00ed na z\u00e1nik? Nie nevyhnutne teraz. Ekon\u00f3m Nouriel Roubini je presved\u010den\u00fd, \u017ee pokus Feder\u00e1lneho rezervn\u00e9ho syst\u00e9mu a nieko\u013ek\u00fdch centr\u00e1lnych b\u00e1nk o obmedzenie infl\u00e1cie povedie k tvrd\u00e9mu poklesu a stagfla\u010dnej dlhovej katastrofe. Jeho n\u00e1zor v\u0161ak nezdie\u013ea ka\u017ed\u00fd. Napr\u00edklad ekon\u00f3m zo Stanfordu John Cochrane d\u00fafa, \u017ee potenci\u00e1lna infl\u00e1cia zmizne a mo\u017enosti stagfl\u00e1cie sa podar\u00ed vyhn\u00fa\u0165.<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>V tomto bode ve\u013ea z\u00e1vis\u00ed od \u00fa\u010dinnosti zv\u00fd\u0161enia sadzieb za z\u00e1bavu pri zni\u017eovan\u00ed dopytu a od toho, \u010di sa okam\u017eite vyrie\u0161ia aj hlavn\u00e9 \u0161oky v ponuke. Ak infl\u00e1cia \u010doskoro neust\u00fapi, americk\u00e1 a glob\u00e1lna ekonomika m\u00f4\u017eu \u010deli\u0165 viac ne\u017e len ka\u017edodennej recesii.<\/span><\/p>\n<p><span>Ke\u010f ekonomika smeruje k recesii, pr\u00edslu\u0161n\u00e9 banky uvo\u013e\u0148uj\u00fa menov\u00e9 podmienky. Teraz to v\u0161ak nem\u00f4\u017eu urobi\u0165 kv\u00f4li vysokej infl\u00e1cii, \u010do je nepochybne ve\u013emi znepokojuj\u00face.<\/span><\/p>\n<p class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Pre\u010do je stagfl\u00e1cia zl\u00e1 pre ekonomick\u00fa kl\u00edmu? \u00a0<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Stagfl\u00e1cia je kombin\u00e1ciou troch negat\u00edvnych faktorov: postupn\u00e9ho hospod\u00e1rskeho rastu, vy\u0161\u0161ej nezamestnanosti ako je be\u017en\u00e9 a vysok\u00fdch n\u00e1kladov na b\u00fdvanie. Nech sa na to pozriete z ak\u00e9hoko\u013evek uhla poh\u013eadu, t\u00e1to situ\u00e1cia bude bolestiv\u00e1.<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-49\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Aby agent\u00fary mohli op\u00e4\u0165 prij\u00edma\u0165 zamestnancov a aby finan\u010dn\u00fd syst\u00e9m spr\u00e1vne fungoval, ceny z\u00e1bavn\u00fdch mo\u017enost\u00ed sa zvy\u010dajne zni\u017euj\u00fa. Ke\u010f sa v\u0161ak bl\u00ed\u017ei infl\u00e1cia, tento krok je nebezpe\u010dn\u00fd;<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-51\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Nielen\u017ee je to neuverite\u013ene nepr\u00edjemn\u00e9 prostredie na \u017eivot, ale aj dos\u0165 problematick\u00e9 prostredie, ktor\u00e9 musia vl\u00e1dy rie\u0161i\u0165. Bez jednoduch\u00e9ho rie\u0161enia by sa stagfl\u00e1cia mohla \u0165aha\u0165 roky a sp\u00f4sobi\u0165 ve\u013ek\u00e9 \u0161kody na ekonomickej kl\u00edme. \u00a0<\/span><\/p>\n<p><span>Stagfl\u00e1cia m\u00f4\u017ee sp\u00f4sobi\u0165, \u017ee denn\u00e1 recesia sa jav\u00ed ako prech\u00e1dzka ru\u017eovou z\u00e1hradou. Ceny rast\u00fa namiesto toho, aby sa stabilizovali alebo klesali, a vybavenie, ktor\u00e9 sa neust\u00e1le pou\u017e\u00edva na n\u00e1pravu ekonomiky, je ne\u00fa\u010dinn\u00e9, \u010do znamen\u00e1, \u017ee t\u00e1to boles\u0165 m\u00f4\u017ee trva\u0165 aj dlho.<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Ak sa v tejto situ\u00e1cii st\u00e1le ocitneme, n\u00e1sledky by mohli by\u0165 katastrof\u00e1lne. Ako zd\u00f4raz\u0148uje Roubini, najhlb\u0161ie verejn\u00e9 dlhy s\u00fa ove\u013ea v\u00e4\u010d\u0161ie ako v minulosti a predstavuj\u00fa pribli\u017ene 3 501 TP3 bili\u00f3nov medzin\u00e1rodn\u00e9ho hrub\u00e9ho dom\u00e1ceho produktu (HDP), preto\u017ee \u00farokov\u00e9 sadzby \u00faverov s\u00fa u\u017e roky n\u00edzke. Teraz, ke\u010f sa veci menia, schy\u013euje sa k b\u00farke, pri\u010dom vy\u0161\u0161ie \u00farokov\u00e9 sadzby \u00faverov hrozia, \u017ee zadl\u017een\u00e9 dom\u00e1cnosti, agent\u00fary, hospod\u00e1rske zdru\u017eenia a dokonca aj vl\u00e1dy do\u017een\u00fa k bankrotu a platobnej neschopnosti.<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Ak sa udalosti bud\u00fa vyv\u00edja\u0165 tak, ako Roubini predpoved\u00e1, \u010doskoro by sme sa mohli ocitn\u00fa\u0165 v bezprecedentnej hospod\u00e1rskej kr\u00edze, pri\u010dom stagfl\u00e1cia zo 70. rokov by mohla by\u0165 sprev\u00e1dzan\u00e1 dlhov\u00fdm kolapsom podobn\u00fdm recesii v roku 2008. U\u017e len samotn\u00e1 predstava kombin\u00e1cie t\u00fdchto recesi\u00ed, dvoch najhor\u0161\u00edch na zozname, sta\u010d\u00ed na to, aby v\u00e1m nabehli zimomriavky, p\u00ed\u0161e Roubini.<\/span><\/p>\n<p class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Je stagfl\u00e1cia hor\u0161ia ako recesia?<\/span><\/p>\n<p><span>Dobre. Stagfl\u00e1cia je ur\u010dite ako recesia s pridanou boles\u0165ou hlavy v podobe zv\u00fd\u0161en\u00fdch v\u00fddavkov a dlhovej z\u00e1\u0165a\u017ee pre prev\u00e1dzkovate\u013eov. A ke\u010f\u017ee neexistuje definit\u00edvny liek, je \u0165a\u017e\u0161ie ju prekona\u0165 a m\u00f4\u017ee to by\u0165 dlhodob\u00fd probl\u00e9m.<\/span><\/p>\n<p class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Je dobr\u00fd n\u00e1pad k\u00fapi\u0165 si dom po\u010das stagfl\u00e1cie?<\/span><\/p>\n<p><span>To je zlo\u017eit\u00e1 ot\u00e1zka. Ak bud\u00fa \u00farokov\u00e9 sadzby na\u010falej r\u00e1s\u0165, mohlo by by\u0165 rozumn\u00e9 nakupova\u0165 teraz namiesto \u010dakania. Priemern\u00fd hospod\u00e1rsky rast by v\u0161ak mohol tie\u017e za\u0165a\u017ei\u0165 \u00farokov\u00e9 sadzby nehnute\u013enost\u00ed, zatia\u013e \u010do vysok\u00e1 miera aktivity, ktor\u00e1 je k\u013e\u00fa\u010dov\u00e1 pre boj s infl\u00e1ciou, bude nazna\u010dova\u0165 menej priazniv\u00e9 podmienky poskytovania \u00faverov. Ve\u013ea z\u00e1vis\u00ed od individu\u00e1lnych pr\u00edpadov, od toho, ak\u00fa cenu je mo\u017en\u00e9 pon\u00faknu\u0165 a ako dlho bude trva\u0165 prudk\u00fd n\u00e1rast infl\u00e1cie, \u010do je teraz v st\u00e1vke ka\u017ed\u00e9ho.<\/span><\/p>\n<p class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Ak\u00e9 invest\u00edcie s\u00fa najvhodnej\u0161ie po\u010das stagfl\u00e1cie?<\/span><\/p>\n<p><span>V s\u00fa\u010dasnosti si mnoh\u00e9 tradi\u010dn\u00e9 triedy akt\u00edv v tomto type prostredia neved\u00fa dobre. Najlep\u0161ie by pravdepodobne dosahovali tie, ktor\u00e9 maj\u00fa vlastnosti zais\u0165uj\u00face proti infl\u00e1cii, ako s\u00fa dlhopisy indexovan\u00e9 vo\u010di infl\u00e1cii, zlato a mo\u017eno aj konkr\u00e9tne nehnute\u013enosti.<\/span><\/p>\n<p class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Zhrnutie<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-66\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Mnoho \u013eud\u00ed mo\u017eno za\u017eilo, ak\u00e9 je to \u017ei\u0165 v stagnuj\u00facej ekonomickej kl\u00edme, ale mo\u017eno nie s\u00fa obozn\u00e1men\u00ed so stagfl\u00e1ciou. S\u00fadiac pod\u013ea ich \u0161tandardov a \u00fa\u010dtov zo 70. rokov 20. storo\u010dia by mohlo by\u0165 pre v\u0161etk\u00fdch lep\u0161ie, keby t\u00e1to met\u00f3da pokra\u010dovala.<\/span><\/p>\n<p id=\"mntl-sc-block_1-0-68\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><span>Predstavte si, \u017ee \u017eijete po\u010das finan\u010dnej kr\u00edzy, v ktorej \u013eudia prich\u00e1dzaj\u00fa o pr\u00e1cu, zatia\u013e \u010do v\u00fddavky a \u017eivotn\u00e9 n\u00e1klady neust\u00e1le rast\u00fa. Stagnuj\u00faci rast a vysok\u00e1 infl\u00e1cia s\u00fa smrte\u013enou kombin\u00e1ciou, ktor\u00e1 m\u00f4\u017ee sp\u00f4sobi\u0165 zna\u010dn\u00e9 \u0161kody finan\u010dn\u00e9mu syst\u00e9mu a zanecha\u0165 trval\u00e9 jazvy.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>A recess\u00e3o parece estar batendo \u00e0 porta novamente.\u00a0A maioria dos economistas, ap\u00f3s uma s\u00e9rie de aumentos nos custos da atividade, infla\u00e7\u00e3o constantemente excessiva, volatilidade do mercado de estoques e boom financeiro silencioso, agora aprovou que uma desacelera\u00e7\u00e3o est\u00e1 chegando, apesar do fato de as opini\u00f5es variarem sobre o qu\u00e3o selvagem ela deveria ser.\u00a0Alguns declaram que [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-834","post","type-post","status-publish","format-standard","category-economia"],"_links":{"self":[{"href":"https:\/\/noticias-gerais.online\/sk\/wp-json\/wp\/v2\/posts\/834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noticias-gerais.online\/sk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noticias-gerais.online\/sk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noticias-gerais.online\/sk\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/noticias-gerais.online\/sk\/wp-json\/wp\/v2\/comments?post=834"}],"version-history":[{"count":0,"href":"https:\/\/noticias-gerais.online\/sk\/wp-json\/wp\/v2\/posts\/834\/revisions"}],"wp:attachment":[{"href":"https:\/\/noticias-gerais.online\/sk\/wp-json\/wp\/v2\/media?parent=834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noticias-gerais.online\/sk\/wp-json\/wp\/v2\/categories?post=834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noticias-gerais.online\/sk\/wp-json\/wp\/v2\/tags?post=834"}],"curies":[{"name":"pracovn\u00fd list","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}