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:
Stephen Thariyan, Global Head of Credit, Henderson (20.02.2015):
"We are very positive on the ECB’s QE programme. In the US, where company funding is typically through bond issuance, QE had a limited impact on the real economy, mainly leading to asset price inflation as investors were squeezed into riskier fixed income assets. In Europe, where funding is typically through bank loans, we believe QE will more likely lead to domestic banks using the profits from selling bonds to the ECB to lend to the real economy. This is supported by a recent shift lower in lending rates and improving domestic demand for credit.
Negative rates could have an even greater impact. While investors such as pension and insurance funds are forced holders of government assets irrespective of the yield, others such as reserve managers are likely to shift at least some assets into other currencies. This will weaken the euro and benefit the economy as exporters become more competitive."