terça-feira, maio 27, 2014

Acerca da falta de crédito

Assim que li este título "Falta de crédito é obstáculo à recuperação económica" fiz logo a ponte para "The Capitalist's Dilemma".
Quanto daquela falta de crédito tem um paralelismo com a experiência americana?
"One phenomenon we’ve observed is that, despite historically low interest rates, corporations are sitting on massive amounts of cash and failing to invest in innovations that might foster growth. That got us thinking: What is causing that behavior? Are great opportunities in short supply, or are executives failing to recognize them? And how is this behavior pattern linked to overall economic sluggishness? What is holding growth back?"
 Como é que os projectos onde o crédito pode ser aplicado são avaliados?
"Our success metrics determine what we can and cannot invest in. We have allowed a minority to dictate those metrics to the majority. Over and over, the higher value placed on return on net assets, internal rate of return, and earnings per share over other metrics has led to innovations that squeeze costs and noncash assets. As a result, investing to create growth and jobs is a third-best option, behind efficiency innovations (first) and doing nothing (second)."
E no caso português, ainda é mais grave, dado que as PMEs não podem competir pela eficiência.

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