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Geldpolitik und Kreditwesen in der COVID-19-Krise

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  • Atanas Pekanov

    (WIFO)

Abstract

Neben der COVID-19-Pandemie prägten 2020 vor allem die umfangreichen Interventionen der Europäischen Zentralbank die Entwicklungen auf den Finanzmärkten und im Kreditwesen im Euro-Raum. In Reaktion auf die Krise gestaltete die EZB ihre Geldpolitik 2020 besonders expansiv. Ein zentrales Element war die Einführung des Pandemie-Notfallankaufprogrammes (PEPP), das die Sekundärmarktrenditen auf 10-jährige Staatsanleihen stabilisierte. Die kurzfristigen Zinssätze im Euro-Raum blieben 2020 im negativen Bereich. Dies schuf stabile Finanzierungsbedingungen. Die Kreditvergabe durch die Banken stützte die Liquidität der Unternehmen. Die regulatorischen Kennzahlen des Bankwesens in Österreich blieben unverändert. Trotz der kurzfristig erfolgreichen Stabilisierung bestehen weiterhin Gefahren für die Wirtschaft und das Bankensystem. Diese drohen u. a. bei einer Überschuldung der Unternehmen, einer Verschärfung der Finanzierungsbedingungen oder einem verzögerten Anstieg der Insolvenzen.

Suggested Citation

  • Atanas Pekanov, 2021. "Geldpolitik und Kreditwesen in der COVID-19-Krise," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(4), pages 309-320, April.
    • Handle: RePEc:wfo:monber:y:2021:i:4:p:309-320
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    References listed on IDEAS

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    1. Silvana Tenreyro & Gregory Thwaites, 2016. "Pushing on a String: US Monetary Policy Is Less Powerful in Recessions," American Economic Journal: Macroeconomics, American Economic Association, vol. 8(4), pages 43-74, October.
    2. Alisdair McKay & Johannes F. Wieland, 2021. "Lumpy Durable Consumption Demand and the Limited Ammunition of Monetary Policy," Econometrica, Econometric Society, vol. 89(6), pages 2717-2749, November.
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    1. Josef Baumgartner & Jürgen Bierbaumer & Sandra Bilek-Steindl & Christine Mayrhuber & Silvia Rocha-Akis, 2021. "Strongest Slump in GDP since 1945. The Austrian Economy in 2020," WIFO Reports on Austria, WIFO, issue 6, May.
    2. Josef Baumgartner & Jürgen Bierbaumer-Polly & Sandra Bilek-Steindl & Christine Mayrhuber & Silvia Rocha-Akis, 2021. "Stärkster BIP-Einbruch seit 1945. Die österreichische Wirtschaft im Jahr 2020," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(4), pages 291-309, April.
    3. Josef Baumgartner & Serguei Kaniovski, 2021. "Update der mittelfristigen Prognose der österreichischen Wirtschaft 2021 bis 2025," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(4), pages 281-292, April.
    4. Josef Baumgartner & Serguei Kaniovski & Marian Fink & Hans Pitlik & Silvia Rocha-Akis, 2021. "Strong Private Consumption Spurs Economic Growth. Medium-term Forecast of the Austrian Economy 2022 to 2026 Including the Tax Reform 2022 2024," WIFO Reports on Austria, WIFO, issue 13, November.
    5. Thomas Url, 2021. "Privatversicherungswirtschaft bewies in der COVID-19-Krise Leistungsfähigkeit," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(9), pages 637-649, September.
    6. Josef Baumgartner & Serguei Kaniovski, 2021. "Update der mittelfristigen Prognose 2021 bis 2025," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(4), pages 281-290, April.
    7. Josef Baumgartner & Serguei Kaniovski & Marian Fink & Hans Pitlik & Silvia Rocha-Akis, 2021. "Starker privater Konsum treibt das Wirtschaftswachstum. Mittelfristige Prognose 2022 bis 2026 unter Berücksichtigung der Steuerreform 2022/2024," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(10), pages 711-736, October.
    8. Josef Baumgartner & Jürgen Bierbaumer & Sandra Bilek-Steindl & Christine Mayrhuber & Silvia Rocha-Akis, 2021. "Stärkster BIP-Einbruch seit 1945. Die österreichische Wirtschaft im Jahr 2020," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(4), pages 293-308, April.

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