Allianz Research

Powering ahead:
Global Wealth Report 2025

Zero interest rates: Redistribution through the backdoor

With the Covid-19 crisis, zero interest rates will become entrenched in Europe for the time being. Besides the (negative) long-term effects – rising inequality, distorted financial markets and misallocation of resources – there are also direct income effects. 

 

Emerging Markets: Heading for a China-less recovery

China played a crucial role in the global economic recovery after the 2008-09 financial crisis, but the post Covid-19 recovery will be different: We expect China to slow its international engagement over the next few years. 

 

Joe Biden´s victory: Reconciliation economics

Joe Biden won the U.S. Presidential election, thanks to slim victories in major swing states. However, without a clear Congressional majority, he will not have as much leeway as expected, even if executive orders, his long experience in negotiating bipartisan agreements and Republicans’ fatigue with partisanship could play a positive role.