How Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption Survey
Luc Arrondel
(1, 2)
,
Laura Bartiloro
(3)
,
Pirmin Fessler
(4)
,
Peter Lindner
(3)
,
Thomas Y. Mathä
(5)
,
Cristiana Rampazzi
(3)
,
Frédérique Savignac
(6)
,
Tobias Schmidt
(7)
,
Martin Schurz
(4)
,
Philip Vermeulen
(8)
Luc Arrondel
- Fonction : Auteur
- PersonId : 181098
- IdHAL : luc-arrondel
- ORCID : 0000-0003-0189-0175
- IdRef : 031987877
Frédérique Savignac
- Fonction : Auteur
- PersonId : 836782
- ORCID : 0000-0001-9508-1875
- IdRef : 076927407
Résumé
Using the first wave of the Eurosystem Household Finance and Consumption Survey (HFCS), a large micro-level data set on households’ balance sheets in fifteen euro-area countries, this paper explores how households allocate their assets.
We derive stylized facts on asset participation as well as the portfolio shares of asset holdings and investigate the systematic relationships between household characteristics and asset
holding patterns. Real assets make up the bulk of total assets.
Whereas ownership of the main residence varies strongly between countries, the value of the main residence tends to be the major asset for homeowners and represents a signif-
icant part of total assets in all countries. While almost all households hold safe financial assets, a low share of households holds risky assets. The ownership rates of all asset categories generally increase with wealth (and income). The significance of inheritances for homeownership and holding of other real estate is remarkable. We tentatively link differences in asset holding patterns across countries to differences in institutions.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
How Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption Survey
|
Résumé |
en
Using the first wave of the Eurosystem Household Finance and Consumption Survey (HFCS), a large micro-level data set on households’ balance sheets in fifteen euro-area countries, this paper explores how households allocate their assets.
We derive stylized facts on asset participation as well as the portfolio shares of asset holdings and investigate the systematic relationships between household characteristics and asset
holding patterns. Real assets make up the bulk of total assets.
Whereas ownership of the main residence varies strongly between countries, the value of the main residence tends to be the major asset for homeowners and represents a signif-
icant part of total assets in all countries. While almost all households hold safe financial assets, a low share of households holds risky assets. The ownership rates of all asset categories generally increase with wealth (and income). The significance of inheritances for homeownership and holding of other real estate is remarkable. We tentatively link differences in asset holding patterns across countries to differences in institutions.
|
Auteur(s) |
Luc Arrondel
1, 2
, Laura Bartiloro
3
, Pirmin Fessler
4
, Peter Lindner
3
, Thomas Y. Mathä
5
, Cristiana Rampazzi
3
, Frédérique Savignac
6
, Tobias Schmidt
7
, Martin Schurz
4
, Philip Vermeulen
8
1
PSE -
Paris-Jourdan Sciences Economiques
( 139754 )
- 48 boulevard Jourdan 75014 Paris
- France
2
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
3
BI -
Banca d´Italia
( 307907 )
- via Nazionale 91
00184 Roma
- Italie
4
Oesterreichische Nationalbank
( 338124 )
-
- France
5
Banque centrale du Luxembourg
( 113021 )
- 2, Boulevard Royal;2983;Luxembourg
- Luxembourg
6
Banque de france
( 134427 )
- France
7
Institut für Mathematik [Berlin]
( 4560 )
- Sekr. MA 4-1 Straße des 17.Juni 136 10623 Berlin
- Allemagne
8
ECB -
European Central Bank
( 23500 )
- Allemagne
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Date de publication |
2016-06
|
Volume |
12
|
Numéro |
2
|
Page/Identifiant |
129-220
|
Langue du document |
Anglais
|
Nom de la revue |
|
Financement |
|
Domaine(s) |
|
Mots-clés (JEL) |
|
Mots-clés |
en
Household, Distribution
|
Loading...