Search

Financial repression : here to stay and stronger than ever

<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.loc.gov/MARC21/slim http://www.loc.gov/standards/marcxml/schema/MARC21slim.xsd">
  <record>
    <leader>00000cam a22000004b 4500</leader>
    <controlfield tag="001">MAP20200028727</controlfield>
    <controlfield tag="003">MAP</controlfield>
    <controlfield tag="005">20200918105023.0</controlfield>
    <controlfield tag="008">181221e20200903deu||||       ||| ||eng d</controlfield>
    <datafield tag="040" ind1=" " ind2=" ">
      <subfield code="a">MAP</subfield>
      <subfield code="b">spa</subfield>
      <subfield code="d">MAP</subfield>
    </datafield>
    <datafield tag="084" ind1=" " ind2=" ">
      <subfield code="a">921</subfield>
    </datafield>
    <datafield tag="100" ind1="1" ind2=" ">
      <subfield code="0">MAPA20180014208</subfield>
      <subfield code="a">Saner, Patrick</subfield>
    </datafield>
    <datafield tag="245" ind1="1" ind2="0">
      <subfield code="a">Financial repression</subfield>
      <subfield code="b">: here to stay and stronger than ever </subfield>
      <subfield code="c">Patrick Saner, Fiona Gillespie </subfield>
    </datafield>
    <datafield tag="260" ind1=" " ind2=" ">
      <subfield code="a">Zurich</subfield>
      <subfield code="b">Swiss Re Institute</subfield>
      <subfield code="c">2020</subfield>
    </datafield>
    <datafield tag="300" ind1=" " ind2=" ">
      <subfield code="a">8 p.</subfield>
    </datafield>
    <datafield tag="490" ind1="0" ind2=" ">
      <subfield code="a">September 2020</subfield>
    </datafield>
    <datafield tag="520" ind1=" " ind2=" ">
      <subfield code="a">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.</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20200005599</subfield>
      <subfield code="a">COVID-19</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080552022</subfield>
      <subfield code="a">Pandemias</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080611897</subfield>
      <subfield code="a">Perspectivas económicas</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080608316</subfield>
      <subfield code="a">Recuperación económica</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080580872</subfield>
      <subfield code="a">Impacto económico</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080586874</subfield>
      <subfield code="a">Política monetaria</subfield>
    </datafield>
    <datafield tag="700" ind1="1" ind2=" ">
      <subfield code="0">MAPA20200011552</subfield>
      <subfield code="a">Gillespie, Fiona</subfield>
    </datafield>
    <datafield tag="710" ind1="2" ind2=" ">
      <subfield code="0">MAPA20170013402</subfield>
      <subfield code="a">Swiss Re Institute</subfield>
    </datafield>
  </record>
</collection>