Paul Lachine

مصرفيون بلا حدود

فرانكفورت ـ في أوج الأزمة المالية (2008-2009)، بدا الأمر وكأن البنوك الغربية قد تسحب حصصها الخارجية وتعود إلى الديار، فتترك الأسواق المالية في حالة أشد من التشرذم على طول الخطوط الوطنية. ولكن كما أظهر تقرير حديث صادر عن دويتشه بنك للأبحاث، فإن الأعمال التجارية للبنوك عبر الحدود ـ المباشرة أو التي تتم عبر فروع أو شركات تابعة ـ استقرت الآن إلى حد كبير وعلى نطاق واسع.

كان مستوى النشاط المصرفي قد انخفض أثناء الأزمة بشدة وخاصة في المجالات التي تحتاج إلى رأسمال مكثف مثل الإقراض التقليدي للقطاع الخاص. وكان التأثير واضحاً بشكل خاص في الإقراض للشركات غير المالية، في حين ظل الإقراض للأسر ـ وهو المجال الأقل تدويلاً عادة ـ أكثر قوة.

ويرجع ذلك الانحدار جزئياً إلى الحيازات المتزايدة من الديون العامة الأجنبية نسبة إلى الدين الخاص. فقبل الأزمة كانت البنوك في أغلب الأحوال بائعة صافية لسندات الحكومات الأجنبية، ولكنها زادت من مشترياتها من هذه السندات بشكل كبير أثناء الفترة 2008-2009. ومع بداية أزمة الديون السيادية الأوروبية في عام 2010، عادت شهية البنوك إلى الدين العام إلى الهبوط من جديد.

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