{"id":30306,"date":"2018-12-12T12:50:43","date_gmt":"2018-12-12T12:50:43","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=30306"},"modified":"2023-05-26T13:28:31","modified_gmt":"2023-05-26T11:28:31","slug":"momento-bce-la-reinversion-es-neutral-o-existen-riesgos","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/momento-bce-la-reinversion-es-neutral-o-existen-riesgos\/","title":{"rendered":"Momento BCE:  \u00bfLa reinversi\u00f3n es neutral o existen riesgos?"},"content":{"rendered":"<p>El objetivo del Banco Central Europeo es mantener la estabilidad de precios y este se concreta en el mantenimiento, a medio plazo, de tasas de inflaci\u00f3n inferiores pero cercanas al 2%.<!--more--><\/p>\n<p>La dura crisis econ\u00f3mica que asol\u00f3 a la eurozona pod\u00eda traer aparejado un serio riesgo de deflaci\u00f3n, siendo la raz\u00f3n principal de que el BCE activara los programas de compras de activos, bajo los cuales compra valores de los sectores privado y p\u00fablico. Una forma de facilitar el acceso a la financiaci\u00f3n, para que la actividad econ\u00f3mica pudiera expandirse e incentivar a los bancos a conceder m\u00e1s cr\u00e9ditos a los hogares y a las empresas, apoyando el consumo y la inversi\u00f3n.<\/p>\n<p>Todo comenz\u00f3 all\u00e1 por 2015 y desde entonces se han producido ampliaciones tanto en plazos a aplicar como en activos a adquirir. El volumen de las compras netas mensuales ha ido reduci\u00e9ndose hasta los actuales 15.000 millones de euros, con los que finalizar\u00e1 la compra de activos en diciembre. Son m\u00e1s de 2,5 billones el efectivo total de las adquisiciones realizadas. Los datos que maneja el consejo de administraci\u00f3n del BCE confirman la perspectiva de inflaci\u00f3n a medio plazo, de manera que parece que ha llegado el momento de poner un punto final y volver a recuperar una herramienta que poder utilizar si las cosas se ponen dif\u00edciles en un futuro.<\/p>\n<p>Si la ansiedad por el recorte de la liquidez parece estar haciendo presa en su pecho, tranquil\u00edcense, la flexibilizaci\u00f3n de las condiciones monetarias y financieras no ha terminado. Ahora dar\u00e1 comienzo el per\u00edodo de reinversi\u00f3n de los bonos que venzan y sus intereses, al menos entre los meses de enero y julio de 2019.<\/p>\n<p>El resultado es que el balance del BCE se mantendr\u00e1 y, sobre todo, se evitar\u00e1 retirar liquidez del mercado, en un momento en el que estamos asistiendo a una desaceleraci\u00f3n de la econom\u00eda global y de la zona euro, en particular. Solo hay que remontarse unos pocos meses atr\u00e1s y echar un vistazo a las previsiones de crecimiento para el \u00e1rea euro. En marzo las perspectivas con respecto al PIB de 2018 se encontraban en un +2,4%, para pasar a un +2% en septiembre y veremos en esta semana d\u00f3nde quedan estas cuando se publiquen las proyecciones macroecon\u00f3micas de diciembre.<\/p>\n<p>La pol\u00edtica ha terminado contamin\u00e1ndolo todo y el incremento de las tensiones comerciales, con la amenaza de un mayor proteccionismo, ha elevado las incertidumbres que pueden lastrar el crecimiento econ\u00f3mico, lo que se ha traducido en unas fuertes correcciones en las bolsas. <strong>Durante este a\u00f1o, la desconexi\u00f3n entre los mercados y la econom\u00eda ha sido m\u00e1s intensa de lo habitual.<\/strong><\/p>\n<p>Esta continuidad de la pol\u00edtica acomodaticia significa que durante la primera mitad de 2019 las reinversiones alcanzar\u00e1n los 17.000 millones de euros mensuales, de los que m\u00e1s de 14.000 corresponder\u00e1n a deuda p\u00fablica, seguido de c\u00e9dulas hipotecarias, titulizaciones y finalmente deuda corporativa por unos 500 millones al mes.<\/p>\n<p><strong>La cuesti\u00f3n es si el momento de la reinversi\u00f3n es neutral o existen riesgos.<\/strong><\/p>\n<p>Los vol\u00famenes de compra de los planes se han realizado en base al <strong><i>capital key<\/i><\/strong>, la participaci\u00f3n de cada banco central nacional dentro del Banco Central Europeo calculada seg\u00fan los datos de poblaci\u00f3n y PIB. Los pesos actuales entraron en vigor el 1 de enero de 2015, teniendo en cuenta que el ajuste es quinquenal, el BCE ya ha calculado un nuevo <i>capital key<\/i>, que entrar\u00e1 en vigor el 1 de enero de 2019.<\/p>\n<p>Esta nueva clave de capital ha hecho que 16 bancos centrales nacionales vayan a tener mayor participaci\u00f3n y 12 de ellos una menor.<\/p>\n<p>En el siguiente cuadro vemos c\u00f3mo la participaci\u00f3n se incrementa en Alemania y Francia y disminuye en Italia y Espa\u00f1a.<\/p>\n<p><a href=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/12\/20181212-post.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-30307\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/12\/20181212-post.png\" alt=\"\" width=\"756\" height=\"225\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/12\/20181212-post.png 756w, https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/12\/20181212-post-300x89.png 300w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/a><\/p>\n<p>Alg\u00fan dato m\u00e1s a tener en cuenta: del total inyectado (por encima de 2,5 billones de euros), m\u00e1s de un 80% corresponde a adquisiciones de deuda p\u00fablica, que en el caso de Espa\u00f1a, suponen en torno a un 25% del PIB.<\/p>\n<p>Estamos suponiendo que el BCE reinvertir\u00e1 en el mismo pa\u00eds en el que vence la deuda. Pero siendo estrictos, el BCE podr\u00eda aplicar la nueva base y esto supondr\u00eda recomprar menos en perif\u00e9ricos y m\u00e1s en pa\u00edses centrales. Es decir, <strong>el BCE podr\u00eda optar por una \u201cgesti\u00f3n activa de las reinversiones\u201d.<\/strong><\/p>\n<p>En fin, un poco m\u00e1s de paciencia; este jueves Draghi nos dar\u00e1 m\u00e1s detalles.<\/p>\n<p><center><strong>Virginia M. P\u00e9rez Palomino<\/strong><br \/>\nDirectora de Renta Variable<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>El objetivo del Banco Central Europeo es mantener la estabilidad de precios y este se concreta en el mantenimiento, a medio plazo, de tasas de inflaci\u00f3n inferiores pero cercanas al 2%.<\/p>\n","protected":false},"author":4,"featured_media":30308,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8554],"tags":[559,1011,1445,1643,2577,3453,3877,4856,5429,5580,6535,6649,6938],"class_list":["post-30306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analisis-e-inversiones","tag-bce","tag-capital-key","tag-continuidad-politica","tag-criss-economica","tag-eurozona","tag-inflacion","tag-liquidez-del-mercado","tag-pib","tag-recorte-liquidez","tag-reinversion-de-bonos","tag-tensiones-comerciales","tag-titulizaciones","tag-volumen-de-compras"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Momento BCE: \u00bfLa reinversi\u00f3n es neutral o existen riesgos?<\/title>\n<meta name=\"description\" content=\"El BCE podr\u00eda optar por una \u201cgesti\u00f3n activa de las reinversiones\u201d\" \/>\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.tressis.com\/ca\/blog\/momento-bce-la-reinversion-es-neutral-o-existen-riesgos\/\" \/>\n<meta property=\"og:locale\" content=\"ca_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Momento BCE: \u00bfLa reinversi\u00f3n es neutral o existen riesgos?\" \/>\n<meta property=\"og:description\" content=\"El BCE podr\u00eda optar por una \u201cgesti\u00f3n activa de las reinversiones\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tressis.com\/ca\/blog\/momento-bce-la-reinversion-es-neutral-o-existen-riesgos\/\" \/>\n<meta property=\"og:site_name\" content=\"Tressis\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Tressis\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-12T12:50:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-26T11:28:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/12\/20181212-blog.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"487\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lola\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TressisSV\" \/>\n<meta name=\"twitter:site\" content=\"@TressisSV\" \/>\n<meta name=\"twitter:label1\" content=\"Escrit per\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lola\" \/>\n\t<meta name=\"twitter:label2\" content=\"Temps estimat de lectura\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minuts\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.tressis.com\\\/ca\\\/blog\\\/momento-bce-la-reinversion-es-neutral-o-existen-riesgos\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.tressis.com\\\/ca\\\/blog\\\/momento-bce-la-reinversion-es-neutral-o-existen-riesgos\\\/\"},\"author\":{\"name\":\"Lola\",\"@id\":\"https:\\\/\\\/www.tressis.com\\\/ca\\\/#\\\/schema\\\/person\\\/b833c1d724d8764920b6d6852c70584e\"},\"headline\":\"Momento BCE: \u00bfLa reinversi\u00f3n es neutral o existen riesgos?\",\"datePublished\":\"2018-12-12T12:50:43+00:00\",\"dateModified\":\"2023-05-26T11:28:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.tressis.com\\\/ca\\\/blog\\\/momento-bce-la-reinversion-es-neutral-o-existen-riesgos\\\/\"},\"wordCount\":783,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.tressis.com\\\/ca\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.tressis.com\\\/ca\\\/blog\\\/momento-bce-la-reinversion-es-neutral-o-existen-riesgos\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.tressis.com\\\/wp-content\\\/uploads\\\/2018\\\/12\\\/20181212-blog.jpg\",\"keywords\":[\"BCE\",\"capital key\",\"continuidad pol\u00edtica\",\"criss econ\u00f3mica\",\"eurozona\",\"inflaci\u00f3n\",\"liquidez del mercado\",\"PIB\",\"recorte liquidez\",\"reinversi\u00f3n de bonos\",\"tensiones comerciales\",\"titulizaciones\",\"volumen de compras\"],\"articleSection\":[\"An\u00e1lisis &amp; 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