What are the problems with the savings of the French?

We look at the structure of the savings of the French, and we seek to determine what problems it creates for the French economy. Savers have a preference for liquid assets (deposits), unlisted equities and government bonds, which corresponds well to the financing of the economy (bank loans to households, unlisted shares , fiscal deficits). A problem would appear if there was disintermediation of corporate financing in fina ncial markets. In that case, there would not be sufficient demand for listed shares and corporate bonds. The role of unlisted shares in corporate financing is absolutely remarkable .