Report
What is permanently different after a crisis?
The experience of the subprime crisis in 2008-2009 shows that after a deep crisis: Risk aversion is higher, leading to deleveraging, rising risk premia and a slowdown in capital accumulation, but not rising household savings; The weight of industry is reduced (in particular through deleveraging); The public debt is higher, which puts greater pressure on central banks to keep interest rates low across all maturities; Potential growth is reduced (slowdown in capital, loss of human capital, emergence of zombie firms); There is a trend towards deglobalisation; Income distribution is skewed against employees, resulting in a rapid upturn in profits .
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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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