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Quantitative Easing

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QE (Quantitative Easing)
La flexibilización cuantitativa (en inglés Quantitative Easing, QE) es una medida de economía pública que consiste en generar moneda y ponerla en circulación. Se utiliza por algunos bancos centrales para aumentar la oferta de dinero, aumentando el exceso de reservas del sistema bancario, generalmente se hace mediante la compra de bonos del propio gobierno central para estabilizar o aumentar sus precios y con ello reducir las tasas de interés a largo plazo. Objetivos: * Bajar los tipos de interés. Se pretende que la rentabilidad de los bonos baje. Como hay una mayor demanda de éstos, su precio sube y la rentabilidad, por tanto, baja. * Creación de liquidez para facilitar el crédito a los consumidores y empresas. Por la compra masiva de bonos estatales y de empresas, estas últimas y en particular los bancos, aumentan sus reservas de liquidez. Se persigue que los bancos abran créditos económicos a sus clientes particulares así como empresas.
El efecto global del QE es que el sector no financiero tiene más dinero para invertir y gastar, el sector bancario no sufre una mayor exposición al riesgo, y el Banco Central ha incrementado su balance al comprar los bonos.
El QE tiene riesgos, ya que podría provocar un aumento de la inflación si, como apuntan los expertos, se sobreestima la cantidad de alivio necesario y el dinero creado por la compra de activos líquidos. Además, ésta puede dejar de ser eficaz en estimular la demanda si los bancos siguen siendo reacios a prestar dinero.
En este 22 de enero el Banco Central Europeo (BCE) anunció que optará por implementar esta medida. El Banco Central Europeo imprimirá el dinero, pero el banco central nacional individual de cada país de la eurozona va a hacer la compra de la deuda, y a cada uno se le permitirá sólo comprar la deuda de su propio gobierno, esto debido a que muchos gobiernos de la eurozona no pueden pagar su deuda soberana. Los países europeos no quieren cubrir los déficit de los demás, ya sea directamente o mediante la exposición del banco central a las pérdidas, una medida que haría a todos los miembros co-responsables. El gobierno alemán no quiere estar en una posición en la que una serie de impagos podría paralizar a Europa en su conjunto y, por lo tanto paralizar Alemania.
Los efectos inmediatos: tras el anuncio de Draghi se abarató el euro, bajaron intereses de la deuda. Los expertos dicen que el QE debería ir acompañado de una expansión fiscal en los países que pueden permitírselo: Alemania, Holanda y compañía; pero eso está descartado. Y de un plan de inversiones potente. Se esperan, básicamente, mejoras por la vía del tipo de cambio del euro y que eleve las expectativas de inflación.
A continuación presento algunas series de los indicadores más relevantes de la economía europea:
Banco Central Europeo, se ha mantenido estable tras el anuncio.

España, sin variación significativa.

Alemania, ha aumentado.

Francia, ha aumentado

Grecia, a la baja

Italia, ha subido.

Fuente: elmundo.es

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