Report
“Deglobalisation†of goods but not finance: What implications?
Protectionist policies and the fact that companies are reverting to strategies that involve producing in proximity to the buyers of goods are making “deglobalisation†an increasingly prominent consideration in the production of goods (and in the associated direct investments) . In addition, global trade in services remains much smaller than trade in goods. But there is no deglobalisation with regard to finance, except in the particular case of relations between the euro-zone countries. It is therefore conceivable that there is going to be deglobalisation of goods and increasing globalisation of finance. This would have important implications: Concentration of i nvestment in high-growth regions; Transmission of s hocks between regions increasingly via finance and decreasingly via goods trade; Decoup l ing of the situation of financial markets from that of real economies; G rowing need to coordinate monetary policies.
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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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