Report
The United States prospers on the impoverishment of emerging countries and Europe
Since 2013, the United States’ fiscal and external deficits have been financed by: Capital outflows from emerging countries (excluding China), which end up in US Treasuries; The euro zone’s external surpluses, which are also largely invested in US Treasuries. Investment and growth in the United States are therefore boosted by the weakening of : E merging countries, where capital outflows reduce domestically investible funds and worsen the terms of trade; T he euro zone, whose excess savings finance investment and spending in the rest of the world and in particular in the United States , instead of being retained for more investment in the euro zone. How could emerging countries and the euro zone react? In the case of emerging countries, with capital controls; in the case of the euro zone, by using its savings to invest domestically .
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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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