{"id":264768,"date":"2024-05-03T02:38:32","date_gmt":"2024-05-03T00:38:32","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/264768\/"},"modified":"2024-05-13T17:17:49","modified_gmt":"2024-05-13T15:17:49","slug":"significant-tightening-of-monetary-policy-helps-to-dampen-inflation-in-the-eurozone","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/264768\/","title":{"rendered":"Significant Tightening of Monetary Policy Helps to Dampen Inflation in the Euro Area"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-264768","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The European Central Bank (ECB) continued its monetary policy tightening with further steps in 2023. The balance sheet of the Eurosystem was reduced faster and more strongly than that of the Federal Reserve Bank or the Bank of England. The volume of credit grew slightly more in Austria than in the Euro area, but less so than in 2022. A decline in lending was particularly noticeable in mortgage loans. Despite increased insolvencies, bleak economic prospects, and high interest rates, credit quality remained high. In the face of significant monetary policy tightening and heightened geopolitical risks, the stock markets proved to be very resilient in 2023.","onlinedate":"2024-05-07 00:00:00","lang":"German","publication_series":"","publication_date":"20240507","publication_date_year":"","publication_date_full":true,"publication_num_pages":"","keywords":"[]","jelcodes":"[\"E52\",\"G21\",\"G32\",\"G52\"]","related_publications":"[\"b0e86e54-1c8f-42bb-a4f7-fd3260fccdd4\",\"a9785328-fd31-4dd6-b913-c4483462996a\",\"553abde7-8742-4ab5-b4a3-5e93aece6187\",\"0927d431-7302-41d4-9241-29fb02730233\"]","pdf":265373,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"97","monthly_report_pages":"233-244","monthly_report_pages_sort":"233","issue":"4","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":"2024-05-07 00:00:00","types":[44312],"research_groups":[3500],"collaboration":"","persons":[3497],"persons_data":"[{\"personId\":3497,\"personName\":\"Atanas Pekanov\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"
Pekanov, A.<\\\/span> (2024). Deutliche Straffung der Geldpolitik tr\u00e4gt zur Inflationsd\u00e4mpfung im Euro-Raum bei<\\\/span>. WIFO-Monatsberichte<\\\/em><\\\/span>, 97<\\\/em>(4), 233-244.<\\\/div>\",\"vancouver\":\"
Pekanov A<\\\/span>. Deutliche Straffung der Geldpolitik tr\u00e4gt zur Inflationsd\u00e4mpfung im Euro-Raum bei<\\\/span><\\\/span>. WIFO-Monatsberichte<\\\/span>. 2024 May 7;97(4):233-244.<\\\/div>\",\"bibtex\":\"
@misc{840c92d4f98b40d08350f992371eec09,<\\\/div>
title = \\\"Deutliche Straffung der Geldpolitik tr{\\\\\\\"a}gt zur Inflationsd{\\\\\\\"a}mpfung im Euro-Raum bei\\\",<\\\/div>
abstract = \\\"Die Europ{\\\\\\\"a}ische Zentralbank (EZB) setzte 2023 weitere Schritte zur Straffung der Geldpolitik. Die Bilanz des Eurosystems wurde rascher und st{\\\\\\\"a}rker reduziert als jene der Federal Reserve Bank oder der Bank of England. Das Kreditvolumen wuchs in {\\\\\\\"O}sterreich etwas kr{\\\\\\\"a}ftiger als im Euro-Raum, aber weniger deutlich als 2022. Ein R{\\\\\\\"u}ckgang der Kreditvergabe war vor allem bei Wohnkrediten zu verzeichnen. Die Kreditqualit{\\\\\\\"a}t blieb 2023 trotz der vermehrten Insolvenzen, der tr{\\\\\\\"u}ben wirtschaftlichen Aussichten und der hohen Zinsen hoch. Die Aktienm{\\\\\\\"a}rkte erwiesen sich angesichts der kr{\\\\\\\"a}ftigen Straffung der Geldpolitik und ausgepr{\\\\\\\"a}gten geopolitischen Risiken als sehr widerstandsf{\\\\\\\"a}hig.\\\",<\\\/div>
keywords = \\\"Geldpolitik, Kreditwesen, Unternehmensfinanzierung, Sparen der privaten Haushalte\\\",<\\\/div>
author = \\\"Atanas Pekanov\\\",<\\\/div>
note = \\\"Finanzm{\\\\\\\"a}rkte 2023\\\",<\\\/div>
year = \\\"2024\\\",<\\\/div>
month = may,<\\\/div>
day = \\\"7\\\",<\\\/div>
language = \\\"Deutsch\\\",<\\\/div>
volume = \\\"97\\\",<\\\/div>
pages = \\\"233--244\\\",<\\\/div>
journal = \\\"WIFO-Monatsberichte\\\",<\\\/div>

}<\\\/p><\\\/div>\",\"ris\":\"

TY - GEN<\\\/p>

T1 - Deutliche Straffung der Geldpolitik tr\u00e4gt zur Inflationsd\u00e4mpfung im Euro-Raum bei<\\\/p>

AU - Pekanov, Atanas<\\\/p>

N1 - Finanzm\u00e4rkte 2023<\\\/p>

PY - 2024\\\/5\\\/7<\\\/p>

Y1 - 2024\\\/5\\\/7<\\\/p>

N2 - Die Europ\u00e4ische Zentralbank (EZB) setzte 2023 weitere Schritte zur Straffung der Geldpolitik. Die Bilanz des Eurosystems wurde rascher und st\u00e4rker reduziert als jene der Federal Reserve Bank oder der Bank of England. Das Kreditvolumen wuchs in \u00d6sterreich etwas kr\u00e4ftiger als im Euro-Raum, aber weniger deutlich als 2022. Ein R\u00fcckgang der Kreditvergabe war vor allem bei Wohnkrediten zu verzeichnen. Die Kreditqualit\u00e4t blieb 2023 trotz der vermehrten Insolvenzen, der tr\u00fcben wirtschaftlichen Aussichten und der hohen Zinsen hoch. Die Aktienm\u00e4rkte erwiesen sich angesichts der kr\u00e4ftigen Straffung der Geldpolitik und ausgepr\u00e4gten geopolitischen Risiken als sehr widerstandsf\u00e4hig.<\\\/p>

AB - Die Europ\u00e4ische Zentralbank (EZB) setzte 2023 weitere Schritte zur Straffung der Geldpolitik. Die Bilanz des Eurosystems wurde rascher und st\u00e4rker reduziert als jene der Federal Reserve Bank oder der Bank of England. Das Kreditvolumen wuchs in \u00d6sterreich etwas kr\u00e4ftiger als im Euro-Raum, aber weniger deutlich als 2022. Ein R\u00fcckgang der Kreditvergabe war vor allem bei Wohnkrediten zu verzeichnen. Die Kreditqualit\u00e4t blieb 2023 trotz der vermehrten Insolvenzen, der tr\u00fcben wirtschaftlichen Aussichten und der hohen Zinsen hoch. Die Aktienm\u00e4rkte erwiesen sich angesichts der kr\u00e4ftigen Straffung der Geldpolitik und ausgepr\u00e4gten geopolitischen Risiken als sehr widerstandsf\u00e4hig.<\\\/p>

KW - Geldpolitik<\\\/p>

KW - Kreditwesen<\\\/p>

KW - Unternehmensfinanzierung<\\\/p>

KW - Sparen der privaten Haushalte<\\\/p>

M3 - WIFO-Schriftenreihen<\\\/p>

VL - 97<\\\/p>

SP - 233<\\\/p>

EP - 244<\\\/p>

JO - WIFO-Monatsberichte<\\\/p>

JF - WIFO-Monatsberichte<\\\/p>

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