文章基本信息

标题：How Do Households Allocate Their Assets? Stylized 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：International Journal of Central Banking
印刷版ISSN：1815-4654
出版年度：2016
出版社：IJCB Publications Fulfillment
摘要：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 significant 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