Aktuelle Frage im Economics Forum:
„Inwieweit beeinflusst das QE-Programm der EZB die Entwicklungen an den Kapitalmärkten und welche Auswirkungen erwarten Sie in Verbindung mit einem – sich weiter verbreitenden - Negativ-Zinsumfeld auf die Realwirtschaft und die Asset Management Industrie?“
Current Question in the Economics Forum:
“To what extent will the ECB’s QE programme influence the development and performance of capital markets and how do you assess the impact of QE and an increasingly widespread negative interest rate environment on the real economy and the asset management industry?”
Klicken Sie auf den entsprechenden Experten, um das gesamte Statement angezeigt zu bekommen:
Dr. Dag Lindskog, Chief Economist, DNB Asset Management (18.02.2015):
"ECB’s QE will raise asset prices. Already expectations of QE and the very announcement to go ahead contributed to push equity and housing prices up along a rising trend. This is in line with the experience from earlier similar QE programs by the American Fed, Bank of Japan and Bank of England.
While the capital markets react immediately, or even before QE starts, the real economy lags behind. Gradually, low interest rates and high asset prices will stimulate domestic demand and production. Additionally, QE weakens the currency, which will stimulate foreign demand. This is a more immediate effect on the real economy via the export sector, particularly when the capacity utilization rate is depressed.
In general, higher asset prices are positive for the asset management industry.
There are also major uncertainties connected with QE. Higher risk-taking may push asset prices to unsustainable levels with a nasty downturn later on. In fact, we have so far not seen the whole cycle of any QE. We still await the full outcome from the American experiment."