Report
2018: The year of the “renationalisation†of financial markets
In 2018, there were equity and bond capital outflows from the United States , the euro zone (all the large euro-zone countries) and emerging countries. If non-residents are sellers of equities and bonds in virtually all countries, financial asset holdings are becoming more domestic: financial markets are being “renationalisedâ€. This growing home bias has important implications: Lower international portfolio diversification reduces investment efficiency and risk mutualisation; But domestic ownership of financial assets probably reduces the risk of speculative attacks and crises; It should also reduce the correlation between financial asset prices in different countries.
Provider
Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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