How has portfolio structure evolved over time?

We look at how the structure of portfolios has shifted over time between cash , bonds, equities and real estate in the United States, the euro zone and Japan. This sheds light on savers’ preferences , on problems financing the economy and on the effects of the expansionary monetary policies. The most salient points are: The weight of cash in portfolios has not risen much, so money creation has definitely driven up the prices of other assets; Since 1995, the structure of portfolios has shifted towards financial assets at the expense of real estate; In the United States, savers have a preference for equities, so expansionary monetary policy has a smaller effect on long-term interest rates; In Japan and the euro zone, savers have a preference for bonds, so expansionary monetary policy has a strong effect on long-term interest rates.