{"id":3266,"date":"2020-04-18T15:46:52","date_gmt":"2020-04-18T13:46:52","guid":{"rendered":"http:\/\/www.nyje.al\/?p=3266"},"modified":"2024-09-06T14:58:44","modified_gmt":"2024-09-06T12:58:44","slug":"sheshimi-i-lakores-se-covid-19-ne-vendet-ne-zhvillim","status":"publish","type":"post","link":"https:\/\/nyje.al\/sq\/sheshimi-i-lakores-se-covid-19-ne-vendet-ne-zhvillim\/","title":{"rendered":"Sheshimi i lakores s\u00eb COVID-19 n\u00eb vendet n\u00eb zhvillim"},"content":{"rendered":"
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P\u00ebrkthim | Analiz\u00eb | Project Syndicate | 18.04.2020\u00a0<\/strong><\/span><\/p>

Ricardo Hausmann<\/strong><\/span>
Sa m\u00eb shum\u00eb t\u00eb duash t\u00eb p\u00ebrmbash virusin e ri korona, aq m\u00eb shum\u00eb do t\u00eb kesh nevoj\u00eb ta mbyll\u00ebsh vendin t\u00ebnd \u2013 dhe aq m\u00eb shum\u00eb do t\u00eb vyj\u00eb nj\u00eb hap\u00ebsir\u00eb fiskale p\u00ebr t\u00eb zbutur re\u00e7esionin q\u00eb do rezultoj\u00eb. Problemi p\u00ebr shumic\u00ebn e jugut t\u00eb rruzullit \u00ebsht\u00eb se politik\u00ebb\u00ebr\u00ebsve u mungon hap\u00ebsira fiskale qoft\u00eb n\u00eb koh\u00ebt m\u00eb t\u00eb mira.<\/em><\/span><\/p>

COVID-19 po b\u00ebn k\u00ebrdin\u00eb n\u00eb ekonomit\u00eb e p\u00ebrparuara si Italia, Spanja dhe Shtetet e Bashkuara. P\u00ebrtej vdekjeve dhe vuajtjes njer\u00ebzore, tregjet po bijn\u00eb n\u00eb nj\u00eb re\u00e7esion katastrofik t\u00eb shoq\u00ebruar me mospagesa masive, si\u00e7 shprehet nga rivler\u00ebsimi radikal i kreditit t\u00eb korporatave nga tregjet financiare.
<\/span>Sado e lemeritshme q\u00eb t\u00eb ting\u00eblloj\u00eb kjo, situata n\u00eb ekonomit\u00eb e p\u00ebrparuara ka gjas\u00eb t\u00eb jet\u00eb shum\u00eb m\u00eb e parrezikshme se ajo me t\u00eb cil\u00ebn p\u00ebrballen vendet n\u00eb zhvillim, jo vet\u00ebm n\u00eb terma t\u00eb barr\u00ebs s\u00eb s\u00ebmundjes, por po ashtu n\u00eb terma t\u00eb rr\u00ebnimit ekonomik q\u00eb do t\u2019u vij\u00eb. Dhe nd\u00ebrsa dy komunitete akademike \u2013 ekspert\u00ebt e sh\u00ebndetit publik dhe makroekonomist\u00ebt \u2013 po nisin t\u00eb flasin me nj\u00ebri-tjetrin, fatkeq\u00ebsisht n\u00eb bised\u00eb jan\u00eb p\u00ebrfshir\u00eb m\u00eb s\u00eb shumti vet\u00ebm vende t\u00eb p\u00ebrparuara.<\/span><\/p>

Makroekonomist\u00ebt n\u00eb fillim e pan\u00eb pandemin\u00eb si tronditje e k\u00ebrkes\u00ebs negative q\u00eb do kishte nevoj\u00eb t\u00eb kund\u00ebrveprohej me politika ekspansionare fiskale dhe monetare p\u00ebr t\u00eb mb\u00ebshtetur shpenzimin agregat. Pangjash\u00ebm me kriz\u00ebn globale financiare, e cila \u00e7oi n\u00eb nj\u00eb kolaps t\u00eb k\u00ebrkes\u00ebs, pandemia e COVID-19-s \u00ebsht\u00eb para s\u00eb gjithash tronditje e ofert\u00ebs. Kjo ndryshon gjith\u00e7ka.<\/span>
N\u00ebse prodhimi kolapson ngase njer\u00ebzit nuk duan apo nuk mund t\u00eb shpenzojn\u00eb, shtimi i fuqis\u00eb shpenzuese mund t\u00eb ndihmoj\u00eb. Mir\u00ebpo n\u00ebse teatrot e Broadway-t, universitetet, shkollat, arenat sportive, hotolet dhe linjat ajrore mbyllen p\u00ebr t\u00eb ndalur p\u00ebrhapjen e virusit, t\u2019i jap\u00ebsh para njer\u00ebzve nuk ka p\u00ebr t\u2019i rindezur k\u00ebto industri: k\u00ebtyre nuk po u mungon k\u00ebrkesa. Ato jan\u00eb mbyllur si pjes\u00eb e politikave t\u00eb sh\u00ebndetit publik t\u00eb zbatuara p\u00ebr t\u00eb sheshuar lakoren. N\u00ebse kompanit\u00eb nuk prodhojn\u00eb ngase pun\u00ebtor\u00ebt jan\u00eb ky\u00e7ur brenda, shtytja e k\u00ebrkes\u00ebs nuk do t\u00eb b\u00ebj\u00eb t\u00eb shfaqen mallra n\u00eb m\u00ebnyr\u00eb magjike.<\/span>
Si pasoj\u00eb, makroekonomist\u00ebt tani po fokusohen n\u00eb si ta b\u00ebjn\u00eb t\u00eb toleruesh\u00ebm distancimin shoq\u00ebror dhe mbylljet dhe si t\u00eb kufizoj\u00eb d\u00ebmin q\u00eb tronditja e ofert\u00ebs do t\u00eb krijoj\u00eb. N\u00eb ShBA dhe n\u00eb Mbret\u00ebrin\u00eb e Bashkuar, qeverit\u00eb po planifikojn\u00eb paketa t\u00eb m\u00ebdha fiskale q\u00eb t\u00eb zgjerojn\u00eb ndihm\u00ebn e kujdesit sh\u00ebndet\u00ebsor, t\u00eb mbrojn\u00eb rrogat, t\u00eb japin sigurime t\u00eb shtuara p\u00ebr papun\u00ebsin\u00eb, t\u00eb vonojn\u00eb pagesat e taksave, t\u00eb shmangin falimentime t\u00eb panevojshme, t\u00eb mos l\u00ebn\u00eb zhytjen e sistemit financiar dhe t\u00eb ndihmojn\u00eb kompanit\u00eb dhe sht\u00ebpit\u00eb q\u00eb t\u2019i mbijetojn\u00eb stuhis\u00eb.<\/span><\/p>

Mir\u00ebpo, nj\u00eb supozim shpeshher\u00eb i path\u00ebn\u00eb i k\u00ebtij q\u00ebndrimi \u00ebsht\u00eb se qeverit\u00eb do t\u00eb jen\u00eb t\u00eb afta t\u00eb mobilizojn\u00eb burimet e nevojshme, n\u00eb thelb duke marr\u00eb m\u00eb shum\u00eb hua, n\u00ebse nevojitet, prej vet\u00eb bankave t\u00eb tyre qendrore, teksa zbatojn\u00eb leht\u00ebsim kuantitativ. Ekonomist\u00ebt i referohen aft\u00ebsis\u00eb s\u00eb qeverive p\u00ebr t\u00eb marr\u00eb hua si hap\u00ebsir\u00eb fiskale<\/em>. P\u00ebr shkurt, sa m\u00eb t\u00eb shesht\u00eb q\u00eb ta duash lakoren e s\u00ebmundjes ngjit\u00ebse, aq m\u00eb shum\u00eb do t\u00eb t\u00eb duhet ta mbyll\u00ebsh vendin t\u00ebnd \u2013 dhe aq m\u00eb shum\u00eb do t\u00eb t\u00eb lipset hap\u00ebsir\u00eb fiskale p\u00ebr t\u00eb zbutur re\u00e7esionin e thell\u00eb q\u00eb do t\u00eb pasoj\u00eb.<\/span>
Kjo i l\u00eb n\u00eb balt\u00eb vendet n\u00eb zhvillim. Edhe n\u00eb koh\u00ebrat m\u00eb t\u00eb mira, shum\u00eb prej tyre kan\u00eb qasje t\u00eb pasigurt\u00eb n\u00eb financ\u00eb dhe mb\u00ebshtetja te shtypja e paras\u00eb shpie n\u00eb shfrenim t\u00eb monedh\u00ebs dhe n\u00eb spikatje inflacionare. Dhe k\u00ebto nuk jan\u00eb koh\u00ebt m\u00eb t\u00eb mira.<\/span><\/p>

Shumica e vendeve n\u00eb zhvillim varen p\u00ebr t\u00eb ardhurat nga jasht\u00eb nga nj\u00eb kombinim eksporti mallrash, turizmi dhe remitancash: t\u00eb gjitha priten t\u00eb kolapsojn\u00eb, duke i l\u00ebn\u00eb ekonomit\u00eb n\u00eb munges\u00eb dollar\u00ebsh dhe qeverit\u00eb n\u00eb munges\u00eb t\u00eb ardhurash. N\u00eb t\u00eb nj\u00ebjt\u00ebn koh\u00eb, qasja ndaj tregjeve nd\u00ebrkomb\u00ebtare financiare \u00ebsht\u00eb nd\u00ebrprer\u00eb teksa investitor\u00ebt turren drejt siguris\u00eb s\u00eb aseteve t\u00eb l\u00ebshuara nga qeverit\u00eb e ShBA-s\u00eb dhe vendeve t\u00eb tjera t\u00eb pasura. Me fjal\u00eb t\u00eb tjera, pik\u00ebrisht kur vendet n\u00eb zhvillim kan\u00eb nevoj\u00eb t\u00eb menaxhojn\u00eb pandemin\u00eb, shumica shohin hap\u00ebsir\u00ebn e tyre fiskale t\u00eb avulloj\u00eb dhe ballafaqohen me boshll\u00ebqe t\u00eb m\u00ebdha fondesh.<\/span><\/p>

Receta standarde p\u00ebr kolapset e t\u00eb ardhurave dhe probleme t\u00eb jashtme financiare \u00ebsht\u00eb nj\u00eb kombinim shtrengesash (p\u00ebr t\u00eb sjellur shpenzimet n\u00eb vij\u00eb me t\u00eb ardhurat), zhvler\u00ebsimi (p\u00ebr t\u00eb shtrenjtuar k\u00ebmbimin e rrall\u00eb t\u00eb huaj) dhe ndihm\u00eb nd\u00ebrkomb\u00ebtare financiare p\u00ebr t\u00eb zbutur p\u00ebrshtatjen. Por kjo do t\u2019i linte vendet pa burime p\u00ebr t\u00eb luftuar virusin dhe pa mjete p\u00ebr t\u00eb mbrojtur ekonomin\u00eb prej efekteve d\u00ebmtuese t\u00eb masave t\u00eb mbylljes. P\u00ebr m\u00eb tep\u00ebr, receta standarde \u00ebsht\u00eb m\u00eb joefikase n\u00ebqoft\u00ebse t\u00eb gjitha vendet e provojn\u00eb nj\u00ebherazi, n\u00eb saj\u00eb t\u00eb rrjedhjes negative te fqinj\u00ebt e tyre.<\/span>
N\u00ebn kushte t\u00eb tilla, edhe n\u00ebse vendet n\u00eb zhvillim duan t\u00eb sheshojn\u00eb lakoren, atyre do t\u2019u mungoj\u00eb kapaciteti p\u00ebr ta b\u00ebr\u00eb k\u00ebt\u00eb. N\u00ebqoft\u00ebse njer\u00ebzve u duhet t\u00eb zgjedhin midis nj\u00eb 10 % mund\u00ebsie p\u00ebr t\u00eb vdekur n\u00ebse shkojn\u00eb n\u00eb pun\u00eb dhe zis\u00eb s\u00eb sigurt\u00eb t\u00eb buk\u00ebs n\u00ebqoft\u00ebse q\u00ebndrojn\u00eb n\u00eb sht\u00ebpi, ata detyrohen t\u00eb zgjedhin pun\u00ebn.<\/span><\/p>

T\u2019u jap\u00ebsh vendeve kapacitetin financiar p\u00ebr t\u00eb sheshuar lakoren lyp nj\u00eb nivel t\u00eb mb\u00ebshtetjes financiare q\u00eb nuk do jet\u00eb e realizueshme me qasjet ekzistuese dhe me bilancin aktual t\u00eb organizatave nd\u00ebrkomb\u00ebtare. Rrjedhimisht, P\u00ebr t\u00eb ndihmuar menaxhimin e pandemis\u00eb n\u00eb jugun e rruzullit \u00ebsht\u00eb vendimtare q\u00eb t\u00eb riqarkullojm\u00eb paran\u00eb q\u00eb po u ik\u00ebn vendeve n\u00eb zhvillim s\u00ebrish te to. P\u00ebr ta b\u00ebr\u00eb k\u00ebt\u00eb, G7 dhe G20 duhet t\u00eb marrin n\u00eb konsiderat\u00eb disa masa.<\/span><\/p>

S\u00eb pari, Rezerva Federale e ShBA-s\u00eb ka shpallur linja shk\u00ebmbimi pakt q\u00eb nj\u00ebri vend do t\u00eb mbaj\u00eb n\u00eb dispozicion nj\u00eb sasi t\u00eb caktuar monedhe vendore p\u00ebr k\u00ebmbim me bankat qendrore t\u00eb nj\u00eb vendi tjet\u00ebr me bankat qendrore t\u00eb Australis\u00eb, Brazilit, Danimark\u00ebs, Kores\u00eb, Meksik\u00ebs, Norvegjis\u00eb, Zeland\u00ebs s\u00eb Re, Singaporit dhe Suedis\u00eb. Ky mekaniz\u00ebm duhet t\u00eb zgjerohet n\u00eb shum\u00eb m\u00eb shum\u00eb vende t\u00eb tjera. N\u00ebqoft\u00ebse frika nga mospagimi \u00ebsht\u00eb penges\u00eb, k\u00ebto fonde do mund t\u00eb nd\u00ebrmjet\u00ebsoheshin nga Fondi Monetar Nd\u00ebrkomb\u00ebtar, i cili duhet t\u00eb riskicoj\u00eb Instrumentin ekzistues t\u00eb Shpejt\u00eb Financiar p\u00ebr t\u00eb mbushur nevojat aktuale.<\/span>
S\u00eb dyti, teksa bankat qendrore zbatojn\u00eb leht\u00ebsime kuantitative, ato duhet t\u00eb blejn\u00eb bonde t\u00eb tregut q\u00eb po dalin rishtazi, sidomos ato m\u00eb pak t\u00eb rrezikshmet, n\u00eb m\u00ebnyr\u00eb q\u00eb t\u00eb lirojn\u00eb m\u00eb shum\u00eb hap\u00ebsir\u00eb p\u00ebr institucione nd\u00ebrkomb\u00ebtare financiare q\u00eb t\u00eb fokusohen n\u00eb rastet m\u00eb t\u00eb v\u00ebshtira.<\/span>
S\u00eb treti, ekonomive t\u00eb dollarizuara apo t\u00eb euroizuara q\u00eb nuk kan\u00eb monedha t\u00eb tyret dhe p\u00ebr rrjedhoj\u00eb jan\u00eb streha e fundit e huadh\u00ebnies si Panamaja, El Salvadori dhe Ekuadori, duhet t\u2019u jepen mjete t\u00eb ve\u00e7anta financiare n\u00eb m\u00ebnyr\u00eb q\u00eb bankat e tyre qendrore t\u00eb mund t\u00eb mb\u00ebshtesin sistemet e tyre bankare.<\/span>
S\u00eb fundi, vendet e zhvilluara nuk duhet\u2013 si\u00e7 fatkeq\u00ebsisht sapo ka b\u00ebr\u00eb Bashkimi Europian \u2013 t\u00eb pengojn\u00eb apo ndalojn\u00eb eksportet e testeve, farmaceutik\u00ebve dhe pajisjeve mjek\u00ebsore.<\/span><\/p>

Sheshimi i lakores s\u00eb COVID-19-s do t\u00eb lyp\u00eb veprim t\u00eb koncertuar ekonomik n\u00eb nivel nd\u00ebrkomb\u00ebtar, sidomos sa i p\u00ebrket vendeve n\u00eb zhvillim. Duke marr\u00eb parasysh natyr\u00ebn globale t\u00eb problemit, t\u00eb b\u00ebsh gj\u00ebn\u00eb e duhur \u00ebsht\u00eb gj\u00ebja m\u00eb e zgjuar.<\/span><\/p>

P\u00ebrktheu: Genc Shehu<\/strong><\/span>
Redaktoi: Edison Jakurti<\/strong><\/span>
Ky shkrim \u00ebsht\u00eb botuar me dat\u00eb 24 mars 2020, n\u00eb website-in e Project Syndicate<\/a><\/span>, platform\u00eb nd\u00ebrkomb\u00ebtare ku ndahen komentimet ekonomike dhe politike mbi gjendjen aktuale t\u00eb bot\u00ebs prej shum\u00eb autor\u00ebve t\u00eb njohur nd\u00ebrkomb\u00ebtarisht p\u00ebr kontributin n\u00eb fushat e tyre.<\/em><\/span>
P\u00ebr p\u00ebrkthimin dhe ribotimin e tij kemi respektuar t\u00eb drejtat e autorit duke marr\u00eb paraprakisht miratimin e kryeredaktor\u00ebve t\u00eb Project Syndicate.<\/em><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

P\u00ebrkthim | Analiz\u00eb | Project Syndicate | 18.04.2020\u00a0 Ricardo HausmannSa m\u00eb shum\u00eb t\u00eb duash t\u00eb p\u00ebrmbash virusin e ri korona, aq m\u00eb shum\u00eb do t\u00eb kesh nevoj\u00eb ta mbyll\u00ebsh vendin t\u00ebnd \u2013 dhe aq m\u00eb shum\u00eb do t\u00eb vyj\u00eb nj\u00eb hap\u00ebsir\u00eb fiskale p\u00ebr t\u00eb zbutur re\u00e7esionin q\u00eb do rezultoj\u00eb. Problemi p\u00ebr shumic\u00ebn e jugut t\u00eb rruzullit \u00ebsht\u00eb se politik\u00ebb\u00ebr\u00ebsve u mungon hap\u00ebsira fiskale qoft\u00eb n\u00eb koh\u00ebt m\u00eb t\u00eb mira. COVID-19 po b\u00ebn k\u00ebrdin\u00eb n\u00eb ekonomit\u00eb e p\u00ebrparuara si Italia, Spanja dhe Shtetet e Bashkuara. P\u00ebrtej vdekjeve dhe vuajtjes njer\u00ebzore, tregjet po bijn\u00eb n\u00eb nj\u00eb re\u00e7esion katastrofik t\u00eb shoq\u00ebruar me mospagesa masive, si\u00e7 shprehet nga rivler\u00ebsimi radikal i kreditit t\u00eb korporatave nga tregjet financiare. Sado e lemeritshme q\u00eb t\u00eb ting\u00eblloj\u00eb kjo, situata n\u00eb ekonomit\u00eb e p\u00ebrparuara ka gjas\u00eb t\u00eb jet\u00eb shum\u00eb m\u00eb e parrezikshme se ajo me t\u00eb cil\u00ebn p\u00ebrballen vendet n\u00eb zhvillim, jo vet\u00ebm n\u00eb terma t\u00eb barr\u00ebs s\u00eb s\u00ebmundjes, por po ashtu n\u00eb terma t\u00eb rr\u00ebnimit ekonomik q\u00eb do t\u2019u vij\u00eb. Dhe nd\u00ebrsa dy komunitete akademike \u2013 ekspert\u00ebt e sh\u00ebndetit publik dhe makroekonomist\u00ebt \u2013 po nisin t\u00eb flasin me nj\u00ebri-tjetrin, fatkeq\u00ebsisht n\u00eb bised\u00eb jan\u00eb p\u00ebrfshir\u00eb m\u00eb s\u00eb shumti vet\u00ebm vende t\u00eb p\u00ebrparuara. Makroekonomist\u00ebt n\u00eb fillim e pan\u00eb pandemin\u00eb si tronditje e k\u00ebrkes\u00ebs negative q\u00eb do kishte nevoj\u00eb t\u00eb kund\u00ebrveprohej me politika ekspansionare fiskale dhe monetare p\u00ebr t\u00eb mb\u00ebshtetur shpenzimin agregat. Pangjash\u00ebm me kriz\u00ebn globale financiare, e cila \u00e7oi n\u00eb nj\u00eb kolaps t\u00eb k\u00ebrkes\u00ebs, pandemia e COVID-19-s \u00ebsht\u00eb para s\u00eb gjithash tronditje e ofert\u00ebs. Kjo ndryshon gjith\u00e7ka.N\u00ebse prodhimi kolapson ngase njer\u00ebzit nuk duan apo nuk mund t\u00eb shpenzojn\u00eb, shtimi i fuqis\u00eb shpenzuese mund t\u00eb ndihmoj\u00eb. Mir\u00ebpo n\u00ebse teatrot e Broadway-t, universitetet, shkollat, arenat sportive, hotolet dhe linjat ajrore mbyllen p\u00ebr t\u00eb ndalur p\u00ebrhapjen e virusit, t\u2019i jap\u00ebsh para njer\u00ebzve nuk ka p\u00ebr t\u2019i rindezur k\u00ebto industri: k\u00ebtyre nuk po u mungon k\u00ebrkesa. Ato jan\u00eb mbyllur si pjes\u00eb e politikave t\u00eb sh\u00ebndetit publik t\u00eb zbatuara p\u00ebr t\u00eb sheshuar lakoren. N\u00ebse kompanit\u00eb nuk prodhojn\u00eb ngase pun\u00ebtor\u00ebt jan\u00eb ky\u00e7ur brenda, shtytja e k\u00ebrkes\u00ebs nuk do t\u00eb b\u00ebj\u00eb t\u00eb shfaqen mallra n\u00eb m\u00ebnyr\u00eb magjike.Si pasoj\u00eb, makroekonomist\u00ebt tani po fokusohen n\u00eb si ta b\u00ebjn\u00eb t\u00eb toleruesh\u00ebm distancimin shoq\u00ebror dhe mbylljet dhe si t\u00eb kufizoj\u00eb d\u00ebmin q\u00eb tronditja e ofert\u00ebs do t\u00eb krijoj\u00eb. N\u00eb ShBA dhe n\u00eb Mbret\u00ebrin\u00eb e Bashkuar, qeverit\u00eb po planifikojn\u00eb paketa t\u00eb m\u00ebdha fiskale q\u00eb t\u00eb zgjerojn\u00eb ndihm\u00ebn e kujdesit sh\u00ebndet\u00ebsor, t\u00eb mbrojn\u00eb rrogat, t\u00eb japin sigurime t\u00eb shtuara p\u00ebr papun\u00ebsin\u00eb, t\u00eb vonojn\u00eb pagesat e taksave, t\u00eb shmangin falimentime t\u00eb panevojshme, t\u00eb mos l\u00ebn\u00eb zhytjen e sistemit financiar dhe t\u00eb ndihmojn\u00eb kompanit\u00eb dhe sht\u00ebpit\u00eb q\u00eb t\u2019i mbijetojn\u00eb stuhis\u00eb. Mir\u00ebpo, nj\u00eb supozim shpeshher\u00eb i path\u00ebn\u00eb i k\u00ebtij q\u00ebndrimi \u00ebsht\u00eb se qeverit\u00eb do t\u00eb jen\u00eb t\u00eb afta t\u00eb mobilizojn\u00eb burimet e nevojshme, n\u00eb thelb duke marr\u00eb m\u00eb shum\u00eb hua, n\u00ebse nevojitet, prej vet\u00eb bankave t\u00eb tyre qendrore, teksa zbatojn\u00eb leht\u00ebsim kuantitativ. Ekonomist\u00ebt i referohen aft\u00ebsis\u00eb s\u00eb qeverive p\u00ebr t\u00eb marr\u00eb hua si hap\u00ebsir\u00eb fiskale. P\u00ebr shkurt, sa m\u00eb t\u00eb shesht\u00eb q\u00eb ta duash lakoren e s\u00ebmundjes ngjit\u00ebse, aq m\u00eb shum\u00eb do t\u00eb t\u00eb duhet ta mbyll\u00ebsh vendin t\u00ebnd \u2013 dhe aq m\u00eb shum\u00eb do t\u00eb t\u00eb lipset hap\u00ebsir\u00eb fiskale p\u00ebr t\u00eb zbutur re\u00e7esionin e thell\u00eb q\u00eb do t\u00eb pasoj\u00eb.Kjo i l\u00eb n\u00eb balt\u00eb vendet n\u00eb zhvillim. Edhe n\u00eb koh\u00ebrat m\u00eb t\u00eb mira, shum\u00eb prej tyre kan\u00eb qasje t\u00eb pasigurt\u00eb n\u00eb financ\u00eb dhe mb\u00ebshtetja te shtypja e paras\u00eb shpie n\u00eb shfrenim t\u00eb monedh\u00ebs dhe n\u00eb spikatje inflacionare. Dhe k\u00ebto nuk jan\u00eb koh\u00ebt m\u00eb t\u00eb mira. Shumica e vendeve n\u00eb zhvillim varen p\u00ebr t\u00eb ardhurat nga jasht\u00eb nga nj\u00eb kombinim eksporti mallrash, turizmi dhe remitancash: t\u00eb gjitha priten t\u00eb kolapsojn\u00eb, duke i l\u00ebn\u00eb ekonomit\u00eb n\u00eb munges\u00eb dollar\u00ebsh dhe qeverit\u00eb n\u00eb munges\u00eb t\u00eb ardhurash. N\u00eb t\u00eb nj\u00ebjt\u00ebn koh\u00eb, qasja ndaj tregjeve nd\u00ebrkomb\u00ebtare financiare \u00ebsht\u00eb nd\u00ebrprer\u00eb teksa investitor\u00ebt turren drejt siguris\u00eb s\u00eb aseteve t\u00eb l\u00ebshuara nga qeverit\u00eb e ShBA-s\u00eb dhe vendeve t\u00eb tjera t\u00eb pasura. Me fjal\u00eb t\u00eb tjera, pik\u00ebrisht kur vendet n\u00eb zhvillim kan\u00eb nevoj\u00eb t\u00eb menaxhojn\u00eb pandemin\u00eb, shumica shohin hap\u00ebsir\u00ebn e tyre fiskale t\u00eb avulloj\u00eb dhe ballafaqohen me boshll\u00ebqe t\u00eb m\u00ebdha fondesh. Receta standarde p\u00ebr kolapset e t\u00eb ardhurave dhe probleme t\u00eb jashtme financiare \u00ebsht\u00eb nj\u00eb kombinim shtrengesash (p\u00ebr t\u00eb sjellur shpenzimet n\u00eb vij\u00eb me t\u00eb ardhurat), zhvler\u00ebsimi (p\u00ebr t\u00eb shtrenjtuar k\u00ebmbimin e rrall\u00eb t\u00eb huaj) dhe ndihm\u00eb nd\u00ebrkomb\u00ebtare financiare p\u00ebr t\u00eb zbutur p\u00ebrshtatjen. Por kjo do t\u2019i linte vendet pa burime p\u00ebr t\u00eb luftuar virusin dhe pa mjete p\u00ebr t\u00eb mbrojtur ekonomin\u00eb prej efekteve d\u00ebmtuese t\u00eb masave t\u00eb mbylljes. P\u00ebr m\u00eb tep\u00ebr, receta standarde \u00ebsht\u00eb m\u00eb joefikase n\u00ebqoft\u00ebse t\u00eb gjitha vendet e provojn\u00eb nj\u00ebherazi, n\u00eb saj\u00eb t\u00eb rrjedhjes negative te fqinj\u00ebt e tyre.N\u00ebn kushte t\u00eb tilla, edhe n\u00ebse vendet n\u00eb zhvillim duan t\u00eb sheshojn\u00eb lakoren, atyre do t\u2019u mungoj\u00eb kapaciteti p\u00ebr ta b\u00ebr\u00eb k\u00ebt\u00eb. N\u00ebqoft\u00ebse njer\u00ebzve u duhet t\u00eb zgjedhin midis nj\u00eb 10 % mund\u00ebsie p\u00ebr t\u00eb vdekur n\u00ebse shkojn\u00eb n\u00eb pun\u00eb dhe zis\u00eb s\u00eb sigurt\u00eb t\u00eb buk\u00ebs n\u00ebqoft\u00ebse q\u00ebndrojn\u00eb n\u00eb sht\u00ebpi, ata detyrohen t\u00eb zgjedhin pun\u00ebn. T\u2019u jap\u00ebsh vendeve kapacitetin financiar p\u00ebr t\u00eb sheshuar lakoren lyp nj\u00eb nivel t\u00eb mb\u00ebshtetjes financiare q\u00eb nuk do jet\u00eb e realizueshme me qasjet ekzistuese dhe me bilancin aktual t\u00eb organizatave nd\u00ebrkomb\u00ebtare. Rrjedhimisht, P\u00ebr t\u00eb ndihmuar menaxhimin e pandemis\u00eb n\u00eb jugun e rruzullit \u00ebsht\u00eb vendimtare q\u00eb t\u00eb riqarkullojm\u00eb paran\u00eb q\u00eb po u ik\u00ebn vendeve n\u00eb zhvillim s\u00ebrish te to. P\u00ebr ta b\u00ebr\u00eb k\u00ebt\u00eb, G7 dhe G20 duhet t\u00eb marrin n\u00eb konsiderat\u00eb disa masa. S\u00eb pari, Rezerva Federale e ShBA-s\u00eb ka shpallur linja shk\u00ebmbimi pakt q\u00eb nj\u00ebri vend do t\u00eb mbaj\u00eb n\u00eb dispozicion nj\u00eb sasi t\u00eb caktuar monedhe vendore p\u00ebr k\u00ebmbim me bankat qendrore t\u00eb nj\u00eb vendi tjet\u00ebr me bankat qendrore t\u00eb Australis\u00eb, Brazilit, Danimark\u00ebs, Kores\u00eb, Meksik\u00ebs, Norvegjis\u00eb, Zeland\u00ebs s\u00eb Re, Singaporit dhe Suedis\u00eb. Ky mekaniz\u00ebm duhet t\u00eb zgjerohet n\u00eb shum\u00eb m\u00eb shum\u00eb vende t\u00eb tjera. N\u00ebqoft\u00ebse frika nga mospagimi \u00ebsht\u00eb penges\u00eb, k\u00ebto fonde do mund t\u00eb nd\u00ebrmjet\u00ebsoheshin nga Fondi Monetar Nd\u00ebrkomb\u00ebtar, i cili duhet t\u00eb riskicoj\u00eb Instrumentin ekzistues t\u00eb Shpejt\u00eb Financiar p\u00ebr t\u00eb mbushur nevojat aktuale.S\u00eb dyti, teksa bankat qendrore zbatojn\u00eb leht\u00ebsime kuantitative, ato duhet t\u00eb blejn\u00eb bonde t\u00eb tregut q\u00eb po dalin rishtazi, sidomos ato m\u00eb pak 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