Did the crisis improve or worsen the allocation of capital and savings?

Growth depends on the quality of the allocation of capital and savings. In particular: How is capital distributed between capital in housing, unsophisticated productive capital and sophisticated productive capital (the latter being the most efficient)? How are savings distributed between financing the government, the rest of the world (if the country is a borrower, it uses the rest of the world’s savings) and the domestic private economy (the latter probably being the most efficient)? The 2008-2009 crisis may have modified the allocation of capital and savings by driving up uncertainty and risk aversion but also due to the fall in interest rates. What has happened in the United States and the euro zone? Everything is negative in both countries: Capital accumulation has fallen; Savings are used more to finance fiscal deficits and less to finance private investment; In the euro zone, domestic savings are lent to the rest of the world and modernisation investment has slowed. The only bright spot is the acceleration in modernisation investment in the United States.