Understanding all the consequences of higher risk aversion after the crisis

It is very likely that after the coronavirus crisis, like after the subprime crisis, risk aversion will be higher among the various groups of economic agents. So it is important to examine all the consequences of higher risk aversion: Less incentive to invest ( corporate and household housing investment ); An increase in private sector savings and deleveraging, leading to weak demand for durable goods and a situation of excess savings; In financial markets, a fall in demand for risky assets and a n enduring rise in risk premia; a trend return to wards intermediation in corporate finance ; the persistence of very low interest rates on risk-free bonds. We illustrate all these general points with the case of the euro zone.