{"id":714915,"date":"2026-09-24T20:37:03","date_gmt":"2026-09-24T20:37:03","guid":{"rendered":"https:\/\/microscopemedia.com\/?p=714915"},"modified":"2026-09-24T20:37:03","modified_gmt":"2026-09-24T20:37:03","slug":"banii-nu-fac-politica-adrian-caciu-pietele-globale-imping-dobanzile-in-sus-nu-situatia-politica-interna","status":"publish","type":"post","link":"https:\/\/microscopemedia.com\/?p=714915","title":{"rendered":"\u201eBanii nu fac politic\u0103\u201d. Adrian C\u00e2ciu: Pie\u021bele globale \u00eemping dob\u00e2nzile \u00een sus, nu situa\u021bia politic\u0103 intern\u0103"},"content":{"rendered":"
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\u00centr-o postare publicat\u0103 joi pe Facebook, Adrian C\u00e2ciu sus\u021bine c\u0103 \u201edob\u00e2nzile nu au grani\u021be\u201d \u0219i argumenteaz\u0103 c\u0103 majorarea randamentelor din marile economii influen\u021beaz\u0103 \u0219i pie\u021bele emergente, inclusiv Rom\u00e2nia.<\/p>\n

\u201eEste incorect s\u0103 iei \u00eentreaga cre\u0219tere a randamentelor, s\u0103 ascunzi ceea ce se \u00eent\u00e2mpl\u0103 simultan \u00een SUA, Japonia \u0219i Europa \u0219i apoi s\u0103 o prezin\u021bi publicului drept consecin\u021ba faptului c\u0103 nu trece un guvern la Bucure\u0219ti\u201d, afirm\u0103 C\u00e2ciu.<\/p>\n

Declara\u021bia vine \u00een contextul \u00een care pie\u021bele globale de obliga\u021biuni traverseaz\u0103 o perioad\u0103 de volatilitate, cu randamente ridicate \u00een principalele economii.<\/p>\n

Reuters relata joi c\u0103 randamentul titlurilor americane pe 10 ani a atins 5,12%, un maxim dup\u0103 criza financiar\u0103, iar randamentul obliga\u021biunilor japoneze pe 10 ani a ajuns la cel mai ridicat nivel din ultimii 30 de ani. \u00cen zona euro, randamentele obliga\u021biunilor au r\u0103mas aproape de maxime multianuale, pe fondul \u00eengrijor\u0103rilor privind infla\u021bia, pre\u021burile energiei \u0219i finan\u021barea datoriei publice.<\/p>\n

C\u00e2ciu sus\u021bine c\u0103, atunci c\u00e2nd randamentele activelor considerate mai sigure cresc, investitorii \u00ee\u0219i reevalueaz\u0103 aloc\u0103rile de capital, ceea ce poate pune presiune asupra pie\u021belor emergente. \u00cen opinia sa, acest mecanism poate determina cre\u0219terea randamentelor cerute \u0219i pentru obliga\u021biunile unor state precum Rom\u00e2nia.<\/p>\n

\u0218ocul global \u0219i riscul specific Rom\u00e2niei<\/h2>\n

El afirm\u0103, \u00een acela\u0219i timp, c\u0103 Rom\u00e2nia are \u0219i vulnerabilit\u0103\u021bi proprii, \u00eentre care deficitul bugetar, infla\u021bia, nivelul datoriei \u0219i necesarul ridicat de finan\u021bare.<\/p>\n

C\u00e2ciu critic\u0103 interpretarea potrivit c\u0103reia cre\u0219terea dob\u00e2nzilor ar fi determinat\u0103 \u00een principal de faptul c\u0103 se afl\u0103 \u00een curs procedura de formare \u0219i \u00eenvestire a Guvernului care urmeaz\u0103 s\u0103 fie propus de premierul desemnat Siegfried Mure\u0219an.<\/p>\n

Potrivit lui C\u00e2ciu, problema economic\u0103 relevant\u0103 este determinarea ponderii pe care o au, pe de o parte, evolu\u021biile globale ale pie\u021belor de obliga\u021biuni \u0219i, pe de alt\u0103 parte, modificarea primei de risc asociate Rom\u00e2niei.<\/p>\n

\u201eFaptul c\u0103 dou\u0103 lucruri se \u00eent\u00e2mpl\u0103 simultan \u2014 cresc dob\u00e2nzile \u0219i la Bucure\u0219ti se negociaz\u0103 un guvern \u2014 nu demonstreaz\u0103 c\u0103 unul \u00eel provoac\u0103 pe cel\u0103lalt\u201d, afirm\u0103 Adrian C\u00e2ciu.<\/p>\n

El conchide c\u0103 analiza evolu\u021biei costurilor de finan\u021bare trebuie s\u0103 \u021bin\u0103 cont at\u00e2t de factorii externi, c\u00e2t \u0219i de vulnerabilit\u0103\u021bile specifice economiei rom\u00e2ne\u0219ti.<\/p>\n

\u201eMai \u00eent\u00e2i analiz\u0103m pia\u021ba. Apoi tragem concluziile. Banii nu fac politic\u0103! Dar toate sunt legate: \u0219oc global pe randamente, presiune pe relocare capital, presiune pe valuta capitalului prev\u0103zut a fi relocat! Mure\u0219an nu exista \u00een ecua\u021bia aceasta. Care este o ecua\u021bie complicat\u0103!\u201d, \u00eencheie C\u00e2ciu.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00centr-o postare publicat\u0103 joi pe Facebook, Adrian C\u00e2ciu sus\u021bine c\u0103 \u201edob\u00e2nzile nu au grani\u021be\u201d \u0219i argumenteaz\u0103 c\u0103 majorarea randamentelor din marile economii influen\u021beaz\u0103 \u0219i pie\u021bele emergente, inclusiv Rom\u00e2nia. \u201eEste incorect … Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":714916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/microscopemedia.com\/index.php?rest_route=\/wp\/v2\/posts\/714915"}],"collection":[{"href":"https:\/\/microscopemedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microscopemedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microscopemedia.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microscopemedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=714915"}],"version-history":[{"count":0,"href":"https:\/\/microscopemedia.com\/index.php?rest_route=\/wp\/v2\/posts\/714915\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microscopemedia.com\/index.php?rest_route=\/wp\/v2\/media\/714916"}],"wp:attachment":[{"href":"https:\/\/microscopemedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=714915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microscopemedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=714915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microscopemedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=714915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}