A k\u00f6zel-keleti v\u00e1ls\u00e1g \u00e9s az olaj\u00e1rak emelked\u00e9se \u00e1llhat a glob\u00e1lis jelens\u00e9g m\u00f6g\u00f6tt.<\/p>\n
Mi t\u00f6rt\u00e9nt? T\u00f6bb vezet\u0151 gazdas\u00e1gban h\u00e9tf\u0151n a 2008-as p\u00e9nz\u00fcgyi v\u00e1ls\u00e1g \u00f3ta nem l\u00e1tott szintre emelkedtek az \u00e1llami hitelfelv\u00e9tel k\u00f6lts\u00e9gei. A befektet\u0151k att\u00f3l tartanak, hogy a k\u00f6zel-keleti konfliktus tart\u00f3san magasan tarthatja az infl\u00e1ci\u00f3t, ami miatt a jegybankoknak tov\u00e1bb kellhet szigor\u00edtaniuk a monet\u00e1ris politik\u00e1t. Emiatt csak magasabb hozam mellett hajland\u00f3k \u00e1llampap\u00edrokat v\u00e1s\u00e1rolni, \u00edrja a Guardian elemz\u00e9se.<\/a><\/p>\n P\u00e9ld\u00e1k. Franciaorsz\u00e1gban a 30 \u00e9ves \u00e1llamk\u00f6tv\u00e9ny hozama 2008 szeptembere \u00f3ta nem l\u00e1tott magass\u00e1gba ker\u00fclt, m\u00edg a 10 \u00e9ves francia pap\u00edr hozama 2009 \u00f3ta nem volt ilyen magas. A n\u00e9met 10 \u00e9ves k\u00f6tv\u00e9nyhozam 2011 \u00f3ta nem l\u00e1tott szintre emelkedett. Az Egyes\u00fclt \u00c1llamokban a 30 \u00e9ves \u00e1llamk\u00f6tv\u00e9ny hozama 5,29 sz\u00e1zal\u00e9kra ugrott, ami 2007 \u00f3ta a legmagasabb \u00e9rt\u00e9k.<\/p>\n Kil\u00e1t\u00e1sok. Jelenleg k\u00f6zel 85 sz\u00e1zal\u00e9kra teszik annak es\u00e9ly\u00e9t, hogy szeptemberben ism\u00e9t emel\u00e9s j\u00f6het. K\u00f6zben a k\u00f6zel-keleti konfliktus miatt az olaj \u00e1ra egy h\u00e9t alatt 6 sz\u00e1zal\u00e9kkal emelkedett, ami tov\u00e1bb n\u00f6velheti az infl\u00e1ci\u00f3s kock\u00e1zatokat. A hozamok emelked\u00e9se m\u00e1shol is \u00e9reztette hat\u00e1s\u00e1t, a brit \u00e9s olasz \u00e1llampap\u00edrok \u00e1rfolyama esett, Jap\u00e1nban pedig a 10 \u00e9ves k\u00f6tv\u00e9nyhozam h\u00e1rom \u00e9vtizedes cs\u00facsra ker\u00fclt.<\/p>\n Mi\u00e9rt vesz\u00e9lyes? A magasabb \u00e1llampap\u00edrhozam nemcsak az \u00e1llamok finansz\u00edroz\u00e1s\u00e1t dr\u00e1g\u00edtja meg, hanem id\u0151vel a gazdas\u00e1g t\u00f6bbi szerepl\u0151j\u00e9nek hitelfelv\u00e9teli k\u00f6lts\u00e9geire is hat\u00e1ssal lehet. A legfontosabb k\u00e9rd\u00e9s, hogy az infl\u00e1ci\u00f3s sokk \u00e1tmeneti lesz-e, vagy egy \u00fajabb, tart\u00f3san magasabb kamatk\u00f6rnyezet k\u00f6zeleg.<\/p>\n","protected":false},"excerpt":{"rendered":"A k\u00f6zel-keleti v\u00e1ls\u00e1g \u00e9s az olaj\u00e1rak emelked\u00e9se \u00e1llhat a glob\u00e1lis jelens\u00e9g m\u00f6g\u00f6tt. Mi t\u00f6rt\u00e9nt? T\u00f6bb vezet\u0151 gazdas\u00e1gban h\u00e9tf\u0151n…\n","protected":false},"author":2,"featured_media":212400,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[10],"tags":[110,44,42,40,3279,43,41,111,9891],"class_list":["post-212399","post","type-post","status-publish","format-standard","has-post-thumbnail","category-vallalkozas","tag-business","tag-hu","tag-hungarian","tag-hungary","tag-inflacio","tag-magyar","tag-magyarorszag","tag-vallalkozas","tag-valsag"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@hu\/117115328005195313","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/posts\/212399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/comments?post=212399"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/posts\/212399\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/media\/212400"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/media?parent=212399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/categories?post=212399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/tags?post=212399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}