Pillole di economia – Lo spread
Se ne parla spesso, ma per molti italiani non è chiaro di cosa si tratti e a cosa si riferisca, precisamente, il termine «spread».
Ma che cosa indica lo spread? E perché l’aumento di questo indicatore economico scatena il panico sui media e nei mercati?
CHE COS’E’ LO SPREAD?
Lo Spread è una cifra che indica la differenza tra il rendimento di titoli decennali di un paese appartenetene all’UE (denominata anche Eurozone) e quello omologo del bund tedesco.
È misurato in punti base ed indica propriamente la capacità di un determinato paese di restituire i suoi debiti.
Lo spread diventa sinonimo anche della fiducia degli investitori nell’acquisto dei titoli: maggiore è lo spread, minore è tale fiducia.
Inoltre, è una misura della capacità dell’emittente di promuovere le proprie attività finanziarie (nel caso dello Stato di rifinanziare il proprio debito) tramite emissione di nuovi titoli obbligazionari. Maggiore è lo spread, minore è questa capacità in virtù dei tassi di interesse più alti.
PERCHE’ IL BUND TEDESCO FA DA RIFERIMENTO?
Il tasso di finanziamento decennale della Germania serve da punto di riferimento perché è il “più grande mercato” nella zona euro. Ma soprattutto, è stato scelto perché la Germania viene percepita come il Paese più sicuro.
PERCHE’ PREOCCUPA UNO SPREAD ALTO?
Il rendimento dei titoli di stato è un ottimo indicatore dello stato di salute dell’economia di un paese: più il sistema è solido, meno i titoli sono rischiosi e offrono quindi agli investitori rendimenti più bassi.
La prima vittima di un aumento dello spread è il debito pubblico: l’aumento dei tassi di interesse fa sì che lo Stato sia costretto a spendere di più per finanziare il proprio debito, cioè per pagare gli interessi a chi ha acquistato BTP, innescando una spirale negativa dalla quale è sempre più difficile uscire.
Le variazioni dello spread hanno quindi ripercussioni veloci e concrete non solo sul macrosistema economico, ma anche sui conti delle imprese e sui nostri portafogli.
L’aumento dei tassi di interesse rende più difficile l’accesso al credito da parte delle aziende italiane, rendendole così meno competitive rispetto a quelle straniere.
Lo stesso effetto negativo rischia di fare aumentare il costo di mutui e prestiti anche per i privati cittadini, innescando così una nuova stretta su acquisti e investimenti.
Qualora questa pubblicazione ti sia risultata utile e gradita, per rimanere sempre aggiornato iscriviti gratuitamente alla newsletter settimanale oppure seguici sui social network (facebook ).
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