What structural differences after the coronavirus crisis?

We look at the structural changes to economies that the coronavirus crisis is likely to bring about in the medium term. We believe they include: A return of inflation (due to the onshoring of production and wage demands); A shift in the structure of demand (decline in demand for durable goods in a broad sense; increase in the weight of e-commerce); Higher corporate debt; A higher level of liquidity (money supply) and, as a result, financial market volatility; Higher risk aversion (and therefore savings and risk premia), leading to a situation of ex ante excess savings, due also to lower investment.