希腊银行业投资组合的构成是否导致了希腊经济金融危机?

N. Eriotis, K. Kollias, Theodoros Kounadeas
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引用次数: 0

摘要

希腊银行业实现了大幅增长,并在信贷释放后为希腊经济提供了至关重要的推动力。私人、企业和公共贷款的急剧增加,加强了商业活动,并在几年内提供了高收入。然而,希腊经济经历的这种推动是基于消费,而不是基于能够不断为经济和国家创造收入的金融部门的发展。本研究基于马科维茨的投资组合理论,考察了2003年至2017年希腊银行业投资组合。此外,它还评估了其差异,并考察了是否促成了国内经济在过去十年中面临的金融危机。研究结果指出,在15年的回顾中,有7年的投资组合收益率为负,其协方差表明,根据马科维茨的理论,投资组合多元化并不成功。
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Has the Composition of the Greek Banking Sector Investment Portfolio Contributed to the Greek Economy Financial Crisis?
The banking sector in Greece met a large growth and provided the Greek economy with a vital push after the credit release. The galloping increase of private, business, and public loans reinforced business activity and offered high incomes for a few years. However, this push that the Greek economy experienced was based on consumption and not on the development of financial sectors that could constantly produce income for the economy and the state. The research examines the Greek banking investment portfolio from 2003 until 2017 based on the portfolio theory of Markowitz. Furthermore, it evaluates its differentiation and examines whether or not has contributed to the financial crisis that the domestic economy faced the previous decade. The findings point out that the negative portfolio returns during the span of seven out of 15 reviewed years and their covariances highlight that the portfolio diversification was not successful according to Markowitz's theory.
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