Portefeuilles grand fermés

NEWPORT BEACH, CALIFORNIE – Certains économistes, comme Larry Summers, l’appellent la « stagnation séculaire ». D'autres parlent de « Japonisation ». Mais tous s’accordent sur le fait que, après de trop nombreuses années de croissance insuffisante dans les économies avancées, des risques importants à plus long terme ont vu le jour, non seulement pour le bien-être des citoyens de ces pays mais aussi pour la santé et la stabilité de l'économie mondiale.

Ceux qui cherchent des moyens de réduire les risques d’une croissance insuffisante sont d’accord pour dire que, entre toutes les solutions possibles, c’est l'augmentation de l'investissement des entreprises qui peut faire la plus grande différence. Or, beaucoup d’entreprises de moyenne et grande taille, ayant récupéré de façon impressionnante de l'énorme choc qu’ont constitué la crise financière mondiale de 2008 et la récession qui l’a suivie, ont aujourd’hui les moyens d'investir dans de nouvelles usines, du nouvel équipement et de l’emploi.

En effet, grâce à une rentabilité à ou proche des niveaux records, les liquidités détenues par le secteur des entreprises aux États-Unis se sont amassées, trimestre après trimestre, atteignant des sommets jamais atteints jusqu’alors – et générant un rendement extrêmement faible aux taux d'intérêt actuels proches de zéro. En outre, parce que les entreprises ont considérablement amélioré leur efficacité opérationnelle et allongé les maturités de leurs dettes, elles ont besoin de beaucoup moins d’épargne de précaution que par le passé.

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