Home › Topics › Macro-Financial Regimes
FR · Régimes macro-financiers

Topic

Macro-Financial Regimes

A hedge that worked in one inflation regime can become the risk in the next. Persistent inflation, disinflation, stagflation or financial repression durably change the stock-bond correlation, the role of gold and the real return on savings: the 1970s and 2022 saw comparable inflation with opposite winners. Regime profiles, with their mechanisms, indicators and historical episodes, document what held up, and what gave way, in each configuration.

24pieces
17in-depth analyses
1datasets

Where to start

Three reads, in order: the basics, the full mechanism, then what the data says.

01The basics Silver and Platinum as Holdings: Risk Profiles and the Gold/Silver Ratio by Regime Silver and platinum carry a dual industrial-monetary nature and higher volatility than gold. AnalysisRead → 02The full mechanism Gold’s Role Across the Real-Rate Regime Gold pays no coupon, so its portfolio role tracks the real rate and the dollar more than inflation alone. In-depth analysisRead → 03The evidence The Disinflationary Regime: Mechanisms, Indicators, and Historical Episodes Mechanisms, institutional indicators, and historical episodes of the disinflationary regime. StudyRead →

Research and data

Our in-depth research and the downloadable series on the subject.

Dataset 1,190,724.66 growth of $1 (January 1871 = 1)Latest value · October 2026 S&P 500 Historical Data since 1871: Returns and Market Regimes See the data → StudyFinancial Repression: Mechanisms, Institutional Indicators, and Historical Episodes StudyThe Inflationary Regime: Mechanisms, Indicators, and Historical Episodes StudyBest Investments 2026: Every Major Vehicle, Read Through the Macro Regime

All analyses, by angle

Grouped by sub-topic rather than by date. Filter to get straight to the point.

Choosing investments in the light of the macro cycle4

The sub-pillar →

Foreign Exchange Markets and International Monetary Regimes3

The sub-pillar →

Crisis Hub3

The sub-pillar →

Other angles7

Related topics

The subjects that most often intersect with this topic in our analyses.

Inflation114 pieces Inflation is a regime rather than a monthly print, and its persistence matters more than its level. 4 in common → Strategy & Asset Allocation45 pieces An allocation is judged over a full cycle, and every strategy has a bounded domain of validity. 3 in common → Financial Instability24 pieces Financial stress is measurable: it often shows up in volatility and credit spreads before it reaches the headlines. 2 in common → Metals & Critical Minerals46 pieces Gold answers to real rates, copper to industrial activity, uranium to power demand: each metal runs on its own driver. 2 in common → Risk Premium & Valuation36 pieces An asset price is a numerical bet on growth, inflation and risk; valuation says which bet, not when it will fail. 2 in common → Dollar & Global Monetary System37 pieces The dollar does more than mirror the US economy: it sets financial conditions for everyone else. 1 in common →
This topic also exists in French.Régimes macro-financiers, 20 pieces →