Natixis - Pourquoi la productivité du travail a-t-elle décroché en 1995 dans la zone euro par rapport aux Etats-Unis ?

Report

Natixis

Patrick Artus

Pourquoi la productivité du travail a-t-elle décroché en 1995 dans la zone euro par rapport aux Etats-Unis ?

La productivité du travail décroche dans la zone euro par rapport aux Etats-Unis à partir de 1995 . D’où vient ce recul de la productivité dans la zone euro ? On peut envisager : la durée du travail ; l’insuffisance de l’investissement des entreprises ; l’insuffisance de la modernisation des entreprises ; la mauvaise qualité du système éducatif ; le vieillissement de la population active ; la désindustrialisation. Parmi toutes ces explications possibles du recul de la productivité par tête du travail dans la zone euro par rapport aux Etats-Unis, la seule qui paraît pertinente est la baisse de la durée du travail dans la zone euro.

30/09/2020 5 FR

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.

See profile

Analysts

Patrick Artus

Other Reports from Natixis

Eya CHAMMAKHI ... (+2)

Eya CHAMMAKHI
Théophile LEGRAND

Long Bono 01/41 vs. Short Bund 05/41

Following the recent tightening of EGB sovereign spreads, particularly with the 10Y BTP-Bund spread falling below 100 bp , the market is now assessing the potential for further tightening in the current risk environment. We have identified several factors—macroeconomic, fiscal, supply, and value at risk—that lead us to adopt a bullish stance on the 15Y Bono vs. Bund, as we believe there is still potential for additional tightening compared to BTPs or OATs. In this context, we are initiating a long position on the Bono 01/41 vs. short Bund 05/41 (entry:78 bp; target:7 0 bp; stop: 82 bp; ti...

15h / 46m 15h / 46m 1 EN

Jennifer Levy ... (+3)

Jennifer Levy
Kohei Iwahara
Trinh Nguyen

Overview of the Asian covered bond market

Since 2016, the Asian euro benchmark covered bond market has experienced substantial growth, with the outstanding volume now reaching €24bn. Despite this expansion, it remains a niche market, accounting for approximately 2% of the total euro benchmark covered bond market. Currently, there are eleven Asian covered bond issuers, all backed by residential mortgage loans. South Korean issuers lead the market, representing 43% of the outstanding volume, followed by Singapore at 32% and Japan at 25%. In Singapore , growth is moderating amid global trade tensions, despite recent electoral stabilit...

16h / 54m 16h / 54m 1 EN

Cyril Regnat

Cyril Regnat

Consolidation after the euphoria?

The de-escalation between China and the United States dominated the week, pushing risky assets a little higher. The S&P gained 4.5% over the week and is now 4% higher than it was just before Liberation Day and, more importantly, close to where it was at the beginning of the year. This is paradoxical given the 10% increase in average tariffs on US imports (from 3% to 13%) this year, but understandable given the lack of any significant impact on the US economy. Will this upturn last? Probably not, as the flow of good news is now well priced in. We will therefore need to be more cautious over the...

17h / 8m 17h / 8m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Pourquoi la productivité du travail a-t-elle décroché en 1995 dans la zone euro par rapport aux Etats-Unis ?

Long Bono 01/41 vs. Short Bund 05/41

Overview of the Asian covered bond market

Consolidation after the euphoria?

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe