{"id":241940,"date":"2021-09-29T17:11:42","date_gmt":"2021-09-29T16:11:42","guid":{"rendered":"https:\/\/elementum.pt\/2021\/09\/29\/bce-anuncia-reducao-de-compras-de-ativos\/"},"modified":"2022-08-01T12:33:10","modified_gmt":"2022-08-01T11:33:10","slug":"bce-anuncia-reducao-de-compras-de-ativos","status":"publish","type":"post","link":"https:\/\/elementum.pt\/pt-pt\/bce-anuncia-reducao-de-compras-de-ativos\/","title":{"rendered":"BCE Anuncia Redu\u00e7\u00e3o de Compras de Ativos"},"content":{"rendered":"<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/img_62cd4c2ab80fe-1.jpg\" width=\"600\" height=\"250\" alt=\"\" \/><br \/><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">O BCE <a href=\"https:\/\/www.ft.com\/content\/576861c4-1c1a-43f6-b35b-02298f3ac551\" target=\"_blank\" rel=\"noopener\">anunciou<\/a> <\/span><span style=\"font-family:Verdana;font-size:18px;\">que ir\u00e1 realizar o \u2018tapering\u2019 de suascompras de ativos. \u2018Tapering\u2019 se refere \u00e0 diminui\u00e7\u00e3o do ritmo das compras deativos por parte do banco central. Ou seja, o BCE continuar\u00e1 a aumentar seubalan\u00e7o, mas numa intensidade menor.<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">A redu\u00e7\u00e3o ser\u00e1apenas nas compras de ativos dentro do <a href=\"https:\/\/www.ecb.europa.eu\/mopo\/implement\/pepp\/html\/index.en.html\" target=\"_blank\" rel=\"noopener\">Pandemic Emergency Purchase Programme(PEPP)<\/a><\/span><span style=\"font-family:Verdana;font-size:18px;\">. O BCE n\u00e3o vai reduzir as compras deativos que seguiam sendo feitos antes da pandemia (cerca de \u20ac 20 milmilh\u00f5es\/bilh\u00f5es por m\u00eas).<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">O balan\u00e7o do BCEj\u00e1 est\u00e1 pr\u00f3ximo aos \u20ac8.3 mil bilh\u00f5es\/trilh\u00f5es, representando mais de 75% do PIBda zona euro (a t\u00edtulo de compara\u00e7\u00e3o, o balan\u00e7o do Fed \u00e9 \u201capenas\u201d cerca de 40%do PIB da economia dos EUA; o do BoJ, 120% da economia do Jap\u00e3o).<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><strong>Figura 1 \u2013Balan\u00e7o do BCE (2005-2021)<\/strong><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:18px;\"><img decoding=\"async\" src=\"https:\/\/elementum.pt\/wp-content\/uploads\/2022\/08\/56_1-1.png\" width=\"800\" height=\"350\" alt=\"\" \/><br \/><\/span> <\/p>\n<p style=\"text-align:center;\"><span style=\"font-family:Verdana;font-size:12px;\"><strong>Fonte: St. LouisFed \u2013 Elabora\u00e7\u00e3o Pr\u00f3pria.<\/strong><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">Desde 2015, o BCEnunca diminuiu o seu balan\u00e7o. O Fed, por sua vez, come\u00e7ou a <a href=\"https:\/\/blogger.googleusercontent.com\/img\/a\/AVvXsEjfTbV8bKdrotqEiEggbt6tl9irb6qooLh6xzyFR9EZtTCmGy_YMT51Y4ZA_JYVPXkjjsqbYb0pM8fF2PjqFMIlzNjDyV_OX1PIBuRRYCGBh77DXRi2KTzzRjHhF9_6xorXJXeSwnNwE4fysx7OZ0HdqbXXlmX-FKs8G5HXNSRzsCSE5uHWGcUT_2SNzA=s730\" target=\"_blank\" rel=\"noopener\">diminuir seu balan\u00e7o no final de 2017 (mas j\u00e1 em setembro de 2019 voltou a aument\u00e1-lo)<\/a><\/span><span style=\"font-family:Verdana;font-size:18px;\">&nbsp;ecome\u00e7ou a <a href=\"https:\/\/blogger.googleusercontent.com\/img\/a\/AVvXsEh9qupl5W9yzzuP3EwugkptGlZA69ih_u914vvvdOHoDmD44xZuf710ioe8xZWm3fLeT74nXd5xmVkz-_VTSbY_N5ONhh58JsHsYJndQGqE093cEADn_WTwfCatlw61Z7_gQUC4OaKfqzXKG7v6Q4SNljkaTHniA5C8UNjw9KfuGP88iZP33Es-ARsMgg=s730\" target=\"_blank\" rel=\"noopener\">subir os juros em dezembro de 2015 (mas voltou a baix\u00e1-los no primeiro semestre de 2019)<\/a><\/span><span style=\"font-family:Verdana;font-size:18px;\">. Em dezembro de 2018, houve <a href=\"https:\/\/schiffgold.com\/key-gold-news\/extraordinary-federal-reserve-policy-began-over-a-year-ago\/\" target=\"_blank\" rel=\"noopener\">uma quedasignificativa nos \u00edndices de bolsa americanos e em setembro de 2019 houve umacrise no mercado das opera\u00e7\u00f5es compromissadas e o Fed passou a injetar liquidezneste mercado (na pr\u00e1tica, fazendo Quantitative Easing, aumentando seu balan\u00e7o)<\/a><\/span><span style=\"font-family:Verdana;font-size:18px;\">.<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">Considerando quea zona euro tamb\u00e9m possui <span><\/span><a href=\"https:\/\/www.elementum.pt\/pt\/noticias\/divida-publica-da-zona-euro-atinge-100-5-no-1-trimestre-de-2021\" target=\"_blank\" rel=\"noopener\">governos extremamente endividados<\/a><span><\/span><\/span><span style=\"font-family:Verdana;font-size:18px;\">, assim como diversas empresas (incluindo <a href=\"https:\/\/www.elementum.pt\/pt\/noticias\/o-que-sao-as-empresas-zumbi\" target=\"_blank\" rel=\"noopener\">empresas zumbi<\/a><\/span><span style=\"font-family:Verdana;font-size:18px;\">), tamb\u00e9m h\u00e1 uma depend\u00eancia muito grandede taxas de juro artificialmente baixas, e, portanto, uma grande m\u00e1-aloca\u00e7\u00e3o derecursos. A zona euro est\u00e1 com a taxas de juro negativas h\u00e1 7 anos e \u00e9 dif\u00edcilsaber at\u00e9 que ponto estas podem subir sem provocar grandes percal\u00e7os naeconomia (assim como aconteceu nos EUA em dezembro de 2018 (quando a taxa dejuros estava a 2.5%). Mas n\u00e3o \u00e9 preciso pensar muito para saber que n\u00e3o \u00e9 umpatamar alto. Assim como o Fed, o BCE n\u00e3o pode subir muito a taxa de juros semprejudicar a economia (ainda mais do que j\u00e1 est\u00e1).&nbsp;<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">A infla\u00e7\u00e3o depre\u00e7os da zona euro <a href=\"https:\/\/www.elementum.pt\/pt\/noticias\/inflacao-de-precos-anual-atinge-3-na-zona-euro-em-agosto\" target=\"_blank\" rel=\"noopener\">atingiu 3% em agosto<\/a><\/span><span style=\"font-family:Verdana;font-size:18px;\">, acima da meta de 2%. Em julho, o BCE <a href=\"https:\/\/www.elementum.pt\/pt\/noticias\/bce-divulga-nova-meta-de-inflacao-de-precos\" target=\"_blank\" rel=\"noopener\">divulgou esta nova meta<\/a><\/span><span style=\"font-family:Verdana;font-size:18px;\">, que passou a ser um alvo (a seratingido num \u201cprazo m\u00e9dio\u201d, tolerando desvios acima e abaixo) em vez da antigameta de \u201cabaixo, mas pr\u00f3xima a 2%\u201d. Desta forma, o BCE pode justificar umainfla\u00e7\u00e3o de pre\u00e7os mais alta.<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\"><br \/><\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">&nbsp;<\/span> <\/p>\n<p style=\"text-align:justify;\"><span style=\"font-family:Verdana;font-size:18px;\">Andr\u00e9 Marques<\/span> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>O BCE anunciou que ir\u00e1 realizar o \u2018tapering\u2019 de suascompras de ativos.<\/p>\n","protected":false},"author":4,"featured_media":241941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-241940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sem-categoria"],"_links":{"self":[{"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/posts\/241940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/comments?post=241940"}],"version-history":[{"count":0,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/posts\/241940\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/media\/241941"}],"wp:attachment":[{"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/media?parent=241940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/categories?post=241940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/elementum.pt\/pt-pt\/wp-json\/wp\/v2\/tags?post=241940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}