{"id":58569,"date":"2012-11-12T11:00:00","date_gmt":"2012-11-12T11:00:00","guid":{"rendered":"https:\/\/bm.dev.synology.me\/?p=58569"},"modified":"2026-04-03T09:14:27","modified_gmt":"2026-04-03T09:14:27","slug":"graficul-saptamanii-cum-face-fata-estul-retragerilor-de-capital-strain","status":"publish","type":"post","link":"https:\/\/bm.dev.synology.me\/?p=58569","title":{"rendered":"GRAFICUL S\u0102PT\u0102M\u00c2NII: Cum face fa\u0163\u0103 Estul retragerilor de capital str\u0103in"},"content":{"rendered":"

B\u0103ncile str\u0103ine \u015fi-au redus activele externe din ECE6 (Croa\u0163ia, Republica Ceh\u0103, Ungaria, Polonia, Rom\u00e2nia, Slovacia) cu 45 mld. dolari \u00een perioada men\u0163ionat\u0103, 40% din ie\u015firile totale de capital revenind Ungariei, \u00een timp ce \u00een al doilea trimestru al anului curent, reducerea expunerii b\u0103ncilor \u00een \u0163\u0103rile respective a \u00eensumat cca 8,6 mld. dolari (0,8% din PIB). Datele sunt con\u0163inute \u00eentr-un raport al Erste Group realizat de Juraj Kotian, director de cercetare pentru macroeconomie \u015fi instrumente financiare cu venit fix \u00een cadrul grupului.<\/p>\n

\"\"<\/p>\n

\u00cen acela\u015fi timp, \u00een perioada T3 2011 – T2 2012, investitorii de portofoliu au retras din ECE6 1,7 mld. euro, respectiv 0,2% din PIB, comparativ cu 39,6% \u00een Portugalia sau 26,4% \u00een Spania, dup\u0103 ajustarea cu datoriile b\u0103ncilor centrale \u015fi sprijinul acordat autorit\u0103\u0163ilor. “\u00cen context interna\u0163ional, retragerea capitalului str\u0103in din regiunea ECE (cu excep\u0163ia Ungariei) a fost foarte temperat\u0103 \u015fi este greu de crezut c\u0103 va exercita o presiune semnificativ\u0103 asupra balan\u0163ei de pl\u0103\u0163i, a\u015fa cum se \u00eent\u00e2mpl\u0103 \u00een \u0163\u0103rile de la periferia zonei euro”, arat\u0103 Juraj Kotian.<\/p>\n

Datorit\u0103 acestei evolu\u0163ii, la care se adaug\u0103 \u015fi faptul c\u0103 regiunea a reu\u015fit \u00een mare parte s\u0103 \u00ee\u015fi reduc\u0103 substan\u0163ial necesarul de finan\u0163are extern\u0103, ECE este mai pu\u0163in vulnerabil\u0103 la procesul de dezintermediere financiar\u0103. “Fondurile europene s-au dublat \u00een ultimii trei ani (18 mld. euro \u00een 2011 pentru ECE6), lucru care a schimbat radical situa\u0163ia finan\u0163\u0103rii externe a ECE. Multe \u0163\u0103ri din regiune au reu\u015fit s\u0103 \u00ee\u015fi reduc\u0103 substan\u0163ial necesarul net de finan\u0163are extern\u0103, ceea ce \u00eenseamn\u0103 c\u0103 \u00eencetinirea intr\u0103rilor de capital nu prezint\u0103 un risc semnificativ pentru stabilitatea extern\u0103 a regiunii”, subliniaz\u0103 Kotian.<\/p>\n

ECE este mai pu\u0163in vulnerabil\u0103 la reducerea gradului de \u00eendatorare comparativ cu anul 2008. Investi\u0163iile str\u0103ine directe \u015fi fondurile europene nete, care reprezint\u0103 finan\u0163are f\u0103r\u0103 \u00eendatorare, finan\u0163eaz\u0103 \u00eempreun\u0103 aproape \u00een totalitate contul curent din toate \u0163\u0103rile ECE6. Rom\u00e2nia nu se afl\u0103 \u00eens\u0103 (pentru moment) \u00een aceast\u0103 situa\u0163ie, \u00een contextul \u00een care a r\u0103mas \u00een urm\u0103 \u00een ceea ce prive\u015fte atragerea de fonduri europene \u00een compara\u0163ie cu \u0163\u0103rile intrate \u00een UE cu trei ani mai devreme.<\/p>\n","protected":false},"excerpt":{"rendered":"

B\u0103ncile str\u0103ine \u015fi-au redus cu 45 mld. dolari expunerea \u00een Europa Central\u0103 \u015fi de Est \u00een perioada T3 2011 – T2 2012, ceea ce \u00eenseamn\u0103 4% din PIB, relativ moderat prin compara\u0163ie cu reducerea expunerii \u00een \u0163\u0103rile periferice ale zonei euro cu 600 mld. euro, respectiv 14,9% din PIB.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[7267,466,7930,10295,7136,7672,27476],"class_list":["post-58569","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-banci","tag-capital","tag-erste","tag-europa-de-est","tag-finante","tag-fonduri-europene","tag-graficul-saptamanii"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/58569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=58569"}],"version-history":[{"count":1,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/58569\/revisions"}],"predecessor-version":[{"id":74668,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/58569\/revisions\/74668"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}