Such disintermediation will tend to be greater, the longer that any restrictions remain in place. If it becomes widespread, then efficiency costs could become significant at the same time as the effectiveness of the policy is reduced.
While both household and corporate savings rose, overall investment remained subdued – Germany went from being a capital importer in the 1990s to a capital exporter, and so from posting a current account deficit to a surplus. The low level of overall investment is attributable to numerous factors. Residential investment fell markedly in the aftermath of the real estate bubble of the 1990s.