A comparison of the structure of savings and financing of the economy between France and the United States

In France, when it comes to savings and the financing of the economy, it is often envisioned that the country will evolve in the direction of the United States, i.e. towards less bank intermediation of the economy’s financing, made possible by an increase in savers’ holdings of risky assets . This leads us to compare the situations of France and the United States with respect to: The structure of savings (real estate and financial); Corporate finance (here it is important to look at stocks and flows). T he most salient points in our view are: The far greater weight of real estate wealth relative to financial wealth in France; In terms of stocks, corporate finance is dominated by listed shares and bonds in the United States, and by unlisted shares and credit in France; in terms of flows, by bonds and credit in the United States, and by unlisted shares , bonds and credit in France; The share buybacks in the United States; The major role played by unlisted shares (private equity, family-owned companies) in France.