- "In several countries (United States, Japan, United Kingdom, and Germany prior to the crisis) companies have excess savings in the sense that their profits exceed their investment needs and they are accumulating financial assets."
- "These excess corporate savings reveal an abnormal income sharing at the expense of wage earners. They always generate macroeconomic imbalances:
• if they are offset by household indebtedness (the household savings rate is then low), they trigger a crisis linked to this indebtedness when it becomes excessive (United States, United Kingdom prior to the crisis);
• if they are not offset by household indebtedness (Germany, Japan), there are excess savings overall in the country, an external surplus and chronically sluggish domestic demand."
- "It would therefore be better if countries conducted income sharing policies leading to faster pay rises when corporate savings become excessive."
Natixis Flash Economics 343 20100701
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