Am 17. Oktober ist auf Wirtschaft und Gesellschaft – Analyse & Meinung ein Beitrag unter dem Titel “Warum ein von Investitionen getragener Aufschwung in Deutschland und im Euroraum wohl vorerst ausbleiben wird” erschienen. Heute hat die Europäische Zentralbank (EZB) die darin ausgeführte Analyse mit ihren neusten Daten zur Kreditvergabe bestätigt.
“The annual growth rate of loans to non-financial corporations stood at -3.7% in October, compared with -3.6% in the previous month (adjusted for loan sales and securitisation, the rate stood at -2.9% in October, compared with -2.8% in the
previous month). Finally, the annual growth rate of loans to non-monetary financial intermediaries (excluding insurance corporations and pension funds) was more negative at -7.9% in October, from -7.3% in the previous month”, berichtet die EZB.
Gleichzeitig bilden die Finanzinstitute im Ausland steigende Überschüsse: “Over the 12 months up to October 2013, the net external asset position of the euro area MFI sector increased by €322 billion, compared with an increase of €309 billion over the 12 months up to September.” (1 und 2)
Während sich die Ersparnisbildung bei den privaten Haushalten verlangsamt, beschleunigt diese sich bei den Unternehmen in der Realwirtschaft: “Among the deposits included in M3, the annual growth rate of deposits placed by households decreased to 3.2% in October, from 3.5% in the previous month, while the annual growth rate of deposits placed by non-financial corporations increased to 6.0% in October, from 5.6% in the previous month.” Wenn Unternehmen Überschüsse bilden, anstatt sich für Investitionen zu verschulden, stimmt etwas nicht in einer Marktwirtschaft.
Hintergrund:
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(1) “Net external assets are defined as external assets
held by MFIs minus external liabilities of MFIs.
External assets are holdings of cash in currencies
other than euro, holdings of securities issued by
non-residents of the euro area, loans to
non-residents of the euro area (including banks),
and gold and receivables from the IMF
(including special drawing rights (SDRs)) held
by the Eurosystem. External liabilities are
deposits held by non-residents of the euro area
with euro area MFIs (including any “loans”
made by non-residents of the euro area to euro
area MFIs, which by convention are recorded
on the MFI balance sheet as deposits), and
holdings by non-residents of the euro area of
MMF shares/units and of debt securities with
maturity of up to two years issued by MFIs in
the euro area. External assets and liabilities may
be denominated in euro or in foreign currency;
what matters is that they represent claims on or
liabilities to non-residents of the euro area.” (Quelle)
(2) MFI = Monetary Financial Institutions (Details)
Dieser Text ist mir etwas wert
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Alltag im Regierungsviertel