Public savings, household savings and corporate savings: Where are the anomalies, what would international coordination of economic policies entail?

- "We look at the situation in major OECD countries. Some of them (Germany and Japan) are in an overall situation of excess savings even when there is a fiscal deficit: in Germany above all for households and also corporate savings; in Japan, corporate savings. Others (United States, United Kingdom, France, Spain, Italy) face an overall situation of a shortfall in
savings, but for very different reasons than prevailed before the crisis: shortfall in household savings with substantial corporate savings in the United States and in the United Kingdom; shortfall in corporate savings in France, in corporate and household savings in Spain and in Italy; since the crisis, moreover fiscal deficits have appeared, and household savings have
risen in certain countries (Spain)."
- "International coordination of economic policies would entail policies aimed at reducing savings in Germany and in Japan, as the Americans are calling for, while stimulating savings in the United States, the United Kingdom, France, Spain, and Italy. However, according to the composition of savings (households, companies, and central government) these policies are very different: modification in one direction or another of income sharing, change in financial incentives to save via tax and fiscal policy."

Natixis Flash Economics 372 20100721