Back by popular demand is Deutsche Bank's follow-up to its debut Mapping the World’s Financial Markets report. Cheer up. Things aren't as bad as they seem.
screen20shot202013-02-1320at2013.png
The sensible but disorderly wave of global deleveraging post-Lehman means global financial assets as a proportion of world GDP is, as of 2012, less than what it was a decade ago:
Forget about that multi-polar financial world for now:
Hard currency debt securities have grown in absolute terms but that has been dwarfed by domestic debt expansion, thanks to emerging markets:
To prove the point that emerging markets are big economically but small financially, take a look at how tiny their bond markets are in absolute terms (and often closed off to foreigners, as is the case with China):
Remember ABS:
screen20shot202013-02-1320at2013.png
America, $$ck yeah:
Call it what you will (global imbalances, mercantilism, currency wars or plain old accumulation):
The sugar daddies:
Download here.