Who has rotated into equities in response to the fall in risk-free long-term interest rates in the euro zone and France?

We look at the situations of the euro zone and France, where risk-free long-term interest rates have been v ery low since 2014. We would expect this to have led investors and savers to rotate into equities, unless they have been prevented from doing so by high equity risk aversion or by regulations. When we look at the behaviour of households, institutional investors, banks and non-residents, we see that the low level of long-term interest rates has increased demand for listed shares among: Institutional investors in the euro zone; Households in France. This is logical given the low yields on bond portfolios and life insurance euro funds since 2014 .