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Beyond that a variety of means is availableWhich if not the Mayor can play this role Most of the regions found their level of failure in 1997The situation is actually critical in some European countriesThe consequences were you know catastrophicComgest does not have a sectoral approachBut growth slows with the bleak conditionsTherefore this dynamic is not inevitableIn principle it must be done as many statements for different purposesThe followup to this debate remain unclearUs massive plans to relaunch the economy and financial sector support will translate into an increase in public debt of the United States. -What is, so far, the increase in the US current account deficit will drive foreigners to surpondérer the assets of this country in their portfolios against the assets of other countries It is the central issue for the balance of international financial markets and the level of obligations or the dollar that attempts to answer a Federal Reserve Economist study however in no way binding the Institute of issue (). Its findings These past six years, foreign investors have been more sous-pondérés in US Securities (both actions that obligations) than in other countries. Despite a decrease of one third of the value of the dollar between 2001 and 2007, foreigners have acquired massive American titles on this period, around 5.300 billion. Only, this frenzy to buy "made in USA" was more than offset by acquisitions of securities from other countries, so that in the end the hand of us assets in portfolios less progressed that that other foreign assets.
Transparency of markets
In recent years, either on the shares or bonds, most of the countries European and Northern were more sous-pondérés in us assets than in the other foreign assets, in contrast to countries such as the Canada, the Australia or the Argentina. This suggests that there is a margin for non-residents increase their purchases of us securities without unbalancing their portfolios and can thus absorb part of the increase in the current account deficit of the United States.
With however a flat major. This persistent sous-pondération of us assets by foreigners may be a sign of a form of defiance to the prospects for return/risk of those securities, investors preferring to invest in assets in other countries they deem more attractive or less risky. In this regard, the liquidity and transparency of the markets on which they do their shopping are for them equally important as performance opportunities. And important consequence ("Les Echos" of April 28, 2008), the strengthening of the (liquidity, efficiency...) effectiveness of foreign financial markets will attract investors flows and diverted part of American markets. Only, in the phases of crisis liquidity deteriorate more strongly and peripheral (emerging markets) than central markets, more sustainable which, at the present time, benefit of the major markets (USA, Europe).
'Local investment '.
More fundamentally, the sous-pondération in us assets also reflects largely through national or regional in foreign investment. They tend to invest more that they should according to pure logic of diversification of risk, either on their own market, those countries of their region or economic zone (Europe) or countries with which they have links cultural, linguistic, or close business... And the nearby countries of the United States on different plans (commercial, linguistic, cultural) are also those who tend to put more money on Wall Street, but does prefer to U.S. Government bonds.
Remains a unknown of size. In a context of economic crisis and risk aversion, foreigners will choose by caution for the downturn on themselves by focusing on their "investments of proximity" in countries which they close Or will they play the rebound in the first world economy and thus contribute to finance its abyssal deficit
