{"id":446468,"date":"2026-05-05T12:03:57","date_gmt":"2026-05-05T10:03:57","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/446468\/"},"modified":"2026-05-05T12:03:57","modified_gmt":"2026-05-05T10:03:57","slug":"conclusion-of-the-monetary-easing-cycle-subdued-credit-growth-and-bullish-equity-markets","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/446468\/","title":{"rendered":"Conclusion of the Monetary Easing Cycle, Subdued Credit Growth, and Bullish Equity Markets"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-446468","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"In 2025, the European Central Bank concluded its cycle of interest rate reductions as inflation in the euro area stabilised near the 2 percent target. The yield spread between Austrian government bonds and German bonds narrowed significantly, returning to the pre-Ukraine war level of approximately 0.3 percentage points. Credit volume in Austria expanded at a slower pace than the euro area average, a development primarily driven by weak demand from private households, particularly regarding residential mortgages. Despite the prevailing economic slowdown, asset quality remained robust. While Austria's credit ratings were adjusted downward and interest expenditures increased, the ongoing fiscal consolidation measures indicate an improving outlook. Furthermore, the Austrian equity market outperformed the broader euro area significantly.","onlinedate":"2026-05-05 10:03:59","lang":"German","publication_series":"","publication_date":"20260505","publication_date_year":"","publication_date_full":true,"publication_num_pages":"","keywords":"[]","jelcodes":"[\"E52\",\"G21\",\"G32\",\"G52\"]","related_publications":"[\"b63e0203-0188-4410-847c-bf2ef2f1a44e\",\"0986c987-5298-4422-9de2-1a87ed5e82eb\",\"71924458-a196-4c50-8b89-1ac1fe799b8c\",\"9ea0bf5c-305f-48ad-a4ff-fdb38150d8ab\"]","pdf":446470,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"99","monthly_report_pages":"207-218","monthly_report_pages_sort":"207","issue":"4","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":null,"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> (2026). Ende des Zinssenkungszyklus, zaghaftes Kreditwachstum und Hausse an den B\u00f6rsen<\\\/span>. WIFO-Monatsberichte<\\\/em><\\\/span>, 99<\\\/em>(4), 207-218.<\\\/div>\",\"vancouver\":\"
Pekanov A<\\\/span>. Ende des Zinssenkungszyklus, zaghaftes Kreditwachstum und Hausse an den B\u00f6rsen<\\\/span><\\\/span>. WIFO-Monatsberichte<\\\/span>. 2026 May 5;99(4):207-218.<\\\/div>\",\"bibtex\":\"
@misc{e13cb447875e46d1bc5e6c1be8762e89,<\\\/div>
title = \\\"Ende des Zinssenkungszyklus, zaghaftes Kreditwachstum und Hausse an den B{\\\\\\\"o}rsen\\\",<\\\/div>
abstract = \\\"Die Europ{\\\\\\\"a}ische Zentralbank erreichte 2025 das Ende ihres Zinssenkungszyklus, nachdem sich die Inflationsrate im Euro-Raum nahe am 2\\\\%-Ziel stabilisiert hatte. Der Zinsabstand {\\\\\\\"o}sterreichischer Staatsanleihen zu deutschen Bundesanleihen verringerte sich deutlich und erreichte mit rund 0,3 Prozentpunkten wieder das Niveau vor Ausbruch des Ukraine-Krieges. Das Kreditvolumen wuchs in {\\\\\\\"O}sterreich langsamer als im Euro-Raum. Zuzuschreiben war dies vor allem der schwachen Kreditnachfrage der privaten Haushalte, insbesondere nach Wohnbaukrediten. Die Kreditqualit{\\\\\\\"a}t blieb trotz der Konjunkturschw{\\\\\\\"a}che hoch. Wenngleich die Bonit{\\\\\\\"a}tsbewertungen f{\\\\\\\"u}r {\\\\\\\"O}sterreich gesenkt wurden und die Zinsausgaben stiegen, l{\\\\\\\"a}sst die laufende fiskalische Konsolidierung gewisse Verbesserungen erwarten. Der Aktienmarkt entwickelte sich in {\\\\\\\"O}sterreich erheblich g{\\\\\\\"u}nstiger als im Euro-Raum insgesamt.\\\",<\\\/div>
keywords = \\\"Geldpolitik, Kreditwesen, Unternehmensfinanzierung, Sparen der privaten Haushalte\\\",<\\\/div>
author = \\\"Atanas Pekanov\\\",<\\\/div>
year = \\\"2026\\\",<\\\/div>
month = may,<\\\/div>
day = \\\"5\\\",<\\\/div>
language = \\\"Deutsch\\\",<\\\/div>
volume = \\\"99\\\",<\\\/div>
pages = \\\"207--218\\\",<\\\/div>
journal = \\\"WIFO-Monatsberichte\\\",<\\\/div>

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

TY - GEN<\\\/p>

T1 - Ende des Zinssenkungszyklus, zaghaftes Kreditwachstum und Hausse an den B\u00f6rsen<\\\/p>

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

PY - 2026\\\/5\\\/5<\\\/p>

Y1 - 2026\\\/5\\\/5<\\\/p>

N2 - Die Europ\u00e4ische Zentralbank erreichte 2025 das Ende ihres Zinssenkungszyklus, nachdem sich die Inflationsrate im Euro-Raum nahe am 2%-Ziel stabilisiert hatte. Der Zinsabstand \u00f6sterreichischer Staatsanleihen zu deutschen Bundesanleihen verringerte sich deutlich und erreichte mit rund 0,3 Prozentpunkten wieder das Niveau vor Ausbruch des Ukraine-Krieges. Das Kreditvolumen wuchs in \u00d6sterreich langsamer als im Euro-Raum. Zuzuschreiben war dies vor allem der schwachen Kreditnachfrage der privaten Haushalte, insbesondere nach Wohnbaukrediten. Die Kreditqualit\u00e4t blieb trotz der Konjunkturschw\u00e4che hoch. Wenngleich die Bonit\u00e4tsbewertungen f\u00fcr \u00d6sterreich gesenkt wurden und die Zinsausgaben stiegen, l\u00e4sst die laufende fiskalische Konsolidierung gewisse Verbesserungen erwarten. Der Aktienmarkt entwickelte sich in \u00d6sterreich erheblich g\u00fcnstiger als im Euro-Raum insgesamt.<\\\/p>

AB - Die Europ\u00e4ische Zentralbank erreichte 2025 das Ende ihres Zinssenkungszyklus, nachdem sich die Inflationsrate im Euro-Raum nahe am 2%-Ziel stabilisiert hatte. Der Zinsabstand \u00f6sterreichischer Staatsanleihen zu deutschen Bundesanleihen verringerte sich deutlich und erreichte mit rund 0,3 Prozentpunkten wieder das Niveau vor Ausbruch des Ukraine-Krieges. Das Kreditvolumen wuchs in \u00d6sterreich langsamer als im Euro-Raum. Zuzuschreiben war dies vor allem der schwachen Kreditnachfrage der privaten Haushalte, insbesondere nach Wohnbaukrediten. Die Kreditqualit\u00e4t blieb trotz der Konjunkturschw\u00e4che hoch. Wenngleich die Bonit\u00e4tsbewertungen f\u00fcr \u00d6sterreich gesenkt wurden und die Zinsausgaben stiegen, l\u00e4sst die laufende fiskalische Konsolidierung gewisse Verbesserungen erwarten. Der Aktienmarkt entwickelte sich in \u00d6sterreich erheblich g\u00fcnstiger als im Euro-Raum insgesamt.<\\\/p>

KW - Geldpolitik<\\\/p>

KW - Kreditwesen<\\\/p>

KW - Unternehmensfinanzierung<\\\/p>

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

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

VL - 99<\\\/p>

SP - 207<\\\/p>

EP - 218<\\\/p>

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

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

ER - <\\\/p><\\\/div>\"}","scientific_assistance":"[\"Fischer Nathalie\"]","scientific_review":"[\"Url Thomas\"]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"\nConclusion of the Monetary Easing Cycle, Subdued Credit Growth, and Bullish Equity Markets - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/446468\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Conclusion of the Monetary Easing Cycle, Subdued Credit Growth, and Bullish Equity Markets\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/446468\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/446468\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/446468\\\/\",\"name\":\"Conclusion of the Monetary Easing Cycle, Subdued Credit Growth, and Bullish Equity Markets - 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