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Finanzmärkte 2019 durch anhaltend günstige Finanzierungsbedingungen geprägt

Author

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  • Thomas Url

    (WIFO)

Abstract

Die Zentralbanken schwenkten im Jahresverlauf 2019 wieder auf einen expansiven geldpolitischen Kurs ein. Die daraus folgenden günstigen Finanzierungsbedingungen veranlassten die nichtfinanziellen Unternehmen zur verstärkten Nutzung von Fremdkapital. Zugleich bauten die privaten Haushalte ihre Einlagen im Kreditwesen und den Bestand an börsennotierten Aktien aus. Bei nur leicht steigenden Erlösen verschlechterte sich die Ertragslage im Kreditwesen vorwiegend durch die kräftige Kostensteigerung. Die expansivere Geldpolitik gab auch den Aktienkursen weltweit positive Impulse und stärkte den Wechselkurs des Dollars. Für Österreich folgte daraus eine nominell- und real-effektive Abwertung.

Suggested Citation

  • Thomas Url, 2020. "Finanzmärkte 2019 durch anhaltend günstige Finanzierungsbedingungen geprägt," WIFO Monatsberichte (monthly reports), WIFO, vol. 93(4), pages 299-309, April.
    • Handle: RePEc:wfo:monber:y:2020:i:4:p:299-309
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    References listed on IDEAS

    as
    1. Adeline Saillard & Thomas Url, 2011. "Venture capital in bank - and market - based economies," Post-Print halshs-00593962, HAL.
    2. Adeline Saillard & Thomas Url, 2011. "Venture capital in bank - and market - based economies," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00593962, HAL.
    3. Adeline Saillard & Thomas Url, 2011. "Venture capital in bank - and market - based economies," Documents de travail du Centre d'Economie de la Sorbonne 11025, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    4. Adeline Saillard & Thomas Url, 2011. "Venture Capital in Bank- and Market-based Economies," WIFO Working Papers 389, WIFO.
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