Report
The consequences of the lack of capital mobility between euro-zone countries
Since the subprime crisis of 2008-2009, capital mobility between euro-zone countries has disappeared, as countries with surplus savings (Germany, Netherlands) have been lending their surplus savings to the rest of the world since then. By examining the situations in Germany, France, Spain and Italy, we are looking at the consequences of this halt to capital mobility between euro-zone countries. We would expect that: After 2010, countries without excess savings would no longer be able to borrow from countries with excess savings; Their investment rate therefore had to fall; As a result, their productivity gains would weaken. We can see that these consequences of the halt to capital mobility between euro-zone countries are very present in Spain and Italy ; they are present, but less strongly and less clearly, in France, but France only had a small current account deficit in 2008, which is still the case today.
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.
Patrick Artus
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