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A União Bancária e a fragmentação financeira na zona euro: análise do caso português
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Resumo(s)
A crise financeira e, posteriormente, a crise das dívidas soberanas desafiaram a natureza do euro e trouxeram consigo a fragmentação financeira dos mercados, que atingiu o seu auge em 2011-2012. A forte relação que existia entre os bancos e os governos agravou o risco de crédito bancário, expôs as fragilidades institucionais da área do euro e aumentou a dispersão das taxas de juro entre os vários Estados membros. Em consequência, os países periféricos, como Portugal, viram a transmissão da política monetária gravemente prejudicada e enfrentaram elevadas taxas de juro, contudo, os países centrais, como a Alemanha, beneficiaram de taxas de juro excecionalmente diminutas. Neste período conturbado, as empresas não financeiras e as famílias confrontaram-se com o acesso ao crédito limitado pelas elevadas taxas de juro e pela redução da oferta de crédito, que ocorreram em consequência da degradação do balanço dos bancos. Assim, o Banco Central Europeu viu-se obrigado a adotar medidas não convencionais com o intuito de reparar e salvaguardar a eficácia da transmissão do mecanismo de política monetária para permitir a retoma da integração financeira dos mercados. De salientar ainda a importância de alguns forward guidance e da construção da união bancária, que também contribuíram para a redução da fragmentação financeira dos mercados. Neste trabalho, faz-se uma análise da fragmentação financeira na zona euro, comparando o custo do crédito bancário e a sua quantidade disponível a empresas não financeiras e famílias, em Portugal e na Alemanha, antes e depois da crise das dívidas soberanas.
The financial crisis and subsequently the sovereign debt crisis challenged the nature of the euro and brought with it the financial fragmentation of the markets, which peaked in 2011-2012. The strong relationship between banks and governments aggravated bank credit risk, exposed the institutional weaknesses of the euro area and augmented the dispersion of interest rates among the various Member States. As a result, peripheral countries, such as Portugal, saw the transmission of monetary policy severely impaired and faced high interest rates, however, central countries, such as Germany, benefitted from exceptionally low interest rates. In this troubled period, non-financial corporations and households saw access to credit limited by the high interest rates and reduced credit supply occurring from the deterioration of banks' balance sheets. Thus, the European Central Bank was obliged to adopt unconventional measures in order to repair and safeguard the effectiveness of the transmission of the monetary policy mechanism to allow the resumption of financial integration in the markets. It should also be noted the importance of some forward guidance and building a banking union, which also contributed to reducing the financial fragmentation of the markets. In this work, an analysis of financial fragmentation in the euro zone is made, comparing the cost of bank credit, and its amount available to companies and families, in Portugal and Germany, before and after the sovereign debt crisis.
The financial crisis and subsequently the sovereign debt crisis challenged the nature of the euro and brought with it the financial fragmentation of the markets, which peaked in 2011-2012. The strong relationship between banks and governments aggravated bank credit risk, exposed the institutional weaknesses of the euro area and augmented the dispersion of interest rates among the various Member States. As a result, peripheral countries, such as Portugal, saw the transmission of monetary policy severely impaired and faced high interest rates, however, central countries, such as Germany, benefitted from exceptionally low interest rates. In this troubled period, non-financial corporations and households saw access to credit limited by the high interest rates and reduced credit supply occurring from the deterioration of banks' balance sheets. Thus, the European Central Bank was obliged to adopt unconventional measures in order to repair and safeguard the effectiveness of the transmission of the monetary policy mechanism to allow the resumption of financial integration in the markets. It should also be noted the importance of some forward guidance and building a banking union, which also contributed to reducing the financial fragmentation of the markets. In this work, an analysis of financial fragmentation in the euro zone is made, comparing the cost of bank credit, and its amount available to companies and families, in Portugal and Germany, before and after the sovereign debt crisis.
Descrição
Mestrado em Economia Internacional e Estudos Europeus
Palavras-chave
Integração Económica e Monetária Fragmentação Financeira Empréstimos Bancários Empresas Não Financeiras Famílias União Bancária Economic and Monetary Integration Financial Fragmentation Bank Loans Non-Financial Corporations Households Banking Union
Contexto Educativo
Citação
Piedade, Inês Carolina Pereira (2020). "A União Bancária e a fragmentação financeira na zona euro: análise do caso português". Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão