QUEM SÓ TEM UM MARTELO VÊ TODOS OS PROBLEMAS COMO PREGOS: O alívio quantitativo aliviará? (47) O clube dos incréus reforçou-se (XII)

Outras marteladas.

Depois da inesperada entrada da OCDE para o clube dos cépticos nas propriedades milagrosas do alívio quantitativo (ver este post), também o FMI no «Overview of the ECB’s Asset Purchase Program» publicado no IMF Country Report No. 16/301 manifesta uma grande falta de entusiasmo quanto aos resultados do Asset Purchase Program (APP) em Portugal que se terão limitado ao crédito para habitação e pouco ou nenhum impacto tiveram no investimento devido ao elevado nível do crédito empresarial malparado. Ora leia-se:

«The impact of the APP (Asset Purchase Program) is most clearly visible in the fiscal sector, where it has alleviated financing constraints and facilitated a slower pace of fiscal adjustment than had been envisaged previously. The APP, together with the ECB’s expanded refinancing operations, has similarly helped improve access to financing for banks and put downward pressure on lending rates, but transmission to lending appears constrained by the high level of NPLs (Non-Performing Loans). The impact on bank lending appears to have been primarily on household mortgages, where NPLs are relatively modest, with corporate lending continuing to contract. As a result, the macroeconomic effect thus far appears most evident on consumption, rather than investment, with little impact on headline growth.»