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DIE AUSWIRKUNGEN VON QUANTITATIVE EASING ALS GELDPOLITISCHE MASSNAHME DER EUROPÄISCHEN ZENTRALBANK AUF DIE KREDITVERGABE VON GESCHÄFTSBANKEN IN ÖSTERREICH / Pamina Maria Strauss
VerfasserStrauss, Pamina Maria
Betreuer / BetreuerinReiner, Christian
ErschienenWien, 18.12.2015
UmfangXII, 141 Seiten
HochschulschriftFachhochschule des BFI Wien, Univ., Masterarbeit, 2015
SpracheDeutsch
DokumenttypMasterarbeit
URNurn:nbn:at:at-fhbfiw:1-168 Persistent Identifier (URN)
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DIE AUSWIRKUNGEN VON QUANTITATIVE EASING ALS GELDPOLITISCHE MASSNAHME DER EUROPÄISCHEN ZENTRALBANK AUF DIE KREDITVERGABE VON GESCHÄFTSBANKEN IN ÖSTERREICH [1.56 mb]
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The European Central Bank (ECB) launched its Quantitative Easing (QE) Programme at the beginning of the year 2015. This programme is the consequence to the negative trend in the Eurozone in terms of inflation and decreasing creditworthiness of most of the European countries which triggered off the financial crisis in 2008. Although the ECB already implemented a lot of conventional and also unconventional activities to stabilize the Eurozone they could not achieve striking economic changes. Lowering the key interest rates or allocating special credits to European banks were some of the activities conducted by the ECB the years after the financial crisis. This leads to the economys need of recent disposable capital. QE was never used before in Europe. Therefore, no conclusions can be drawn from other countries experience and results in using QE. This master thesis concentrates on the consequences of these unconventional methods used the by ECB for European banks and the allocation of credits in Austrian banks. The first part of this thesis will analyse existing models and methods of QE used by other nations which will be the theoretical basis for this thesis. In order to understand the consequences of the action from QE on Austrian banks, interviews with employees of Austrian banks were conducted. The results were compared with the previous mentioned theoretical background and economic data provided by the ECB and the Austrian National Bank. The analysis showed that QE had barely consequences on Austrian banks and the private sector. Consequently the demand for credits in Austrians companies and the public is still depressed after the financial crisis due to a lack of trust in the banking sector. Furthermore the bond purchase programme led to an excess of liquidity, higher pressure in margins of banks and low interest rates in the Eurozone which enhanced the crisis additionally.