文章基本信息

标题：How do households allocate their assets? Stylised facts from the Eurosystem household finance and consumption survey
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作者：Luc Arrondel ; Laura Bartiloro ; Pirmin Fessler 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：Using the first wave of the Eurosystem Household Finance and Consumption Survey(HFCS), a large micro-level dataset on households’ balance sheets in 15 euro area countries,this paper explores how households allocate their assets. We derive stylised facts on assetparticipation as well as levels of asset holdings and investigate the systematic relationshipsbetween household characteristics and asset holding patterns. Real assets make up the bulkof 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 asignificant part of total assets in all countries. While almost all households hold safe financialassets, a low share of households holds risky assets. The ownership rates of all asset categoriesgenerally increase with wealth (and income). The significance of inheritances for homeownership and holding of other real estate is remarkable. We tentatively link differences inasset holding patterns across countries to differences in institutions, such as mortgage marketinstitutions and house price-to-rent ratios
关键词：Household financial decisions; individual portfolio choice; real and financial;assets; cross-country comparisons