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?”
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Richard Dunbar, Senior Investment Strategist, Aberdeen Asset Management (20.02.2015):
"There has been some debate over the efficacy of QE. Looking at the US, while we will never know how the economy would have fared without QE, it’s likely that the effects of it did support the financial system and stimulate economic activity.
There are some concerns that the European version will be less effective given the different point from which it starts and that negative yields and a deflationary environment could delay corporate and consumer spending.
There is also the issue that for QE to work, the ECB must find sellers of bonds. Given tighter European banking regulations, this might not prove easy. One of the main groups willing to sell bonds could be non-Eurozone investors. The hoped-for benefits of the policy may therefore have to be “shared” with other countries.
Despite these concerns, the Eurozone is more attractive for investors following QE. Europe has some market-leading companies and the weaker euro is helping exporters. As a result, we still favour the region."