Financial repression : here to stay and stronger than ever

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<title>Financial repression</title>
<subTitle>: here to stay and stronger than ever</subTitle>
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<namePart>Saner, Patrick</namePart>
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<namePart>Gillespie, Fiona</namePart>
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<dateIssued>2020</dateIssued>
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<abstract displayLabel="Summary">Financial repression - governments' influence on private capital allocation through monetary policy, regulatory means or direct market intervention - reached a new high in 2020 when the COVID-19 pandemic accelerated. As this environment persists, it is crucial that governments review the cost-benefit analysis of their policy mix to ensure the impact is sustainable for the long term. We calculate that on average, since the global financial crisis (GFC) of 2008-09 the net "tax" on US households from foregone interest income on deposits, pensions and life insurance assets has been USD 160 billion per year (see Figure 1).1 This equates to about 3.5% of the total disposable income of US households per year, or half of the average annual savings rate of 7.0% since 2008. On average, each year long-term investors such as US and European insurers and pension funds have foregone USD 185 billion of yield income, equivalent to about 1.5% of their total fixed income investments.</abstract>
<note type="statement of responsibility">Patrick Saner, Fiona Gillespie </note>
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<topic>COVID-19</topic>
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<topic>Pandemias</topic>
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<topic>Perspectivas económicas</topic>
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<topic>Recuperación económica</topic>
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<topic>Impacto económico</topic>
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<topic>Política monetaria</topic>
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<title>September 2020</title>
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