In this note we analyze the determinants of Italian household portfolios using data from the Survey of Household Income and Wealth over the period 2002-2016. We confirm previous results on the main determinants of participation and asset holding, provide further evidence on the determinants of diversification and preliminary evidence on the determinants of entry and exit in the financial markets before and after the great recession. We find that entry/exit decisions and changes in the degree of diversification are more sensitive to changes in households wealth but they do not appear to be significantly affected by changes in income, and that the effect is more pronounced in the period 2010-2016.
EMPIRICAL EVIDENCE ON ITALIAN HOUSEHOLD PORTFOLIOS, 2002-2016
Lubian
2020-01-01
Abstract
In this note we analyze the determinants of Italian household portfolios using data from the Survey of Household Income and Wealth over the period 2002-2016. We confirm previous results on the main determinants of participation and asset holding, provide further evidence on the determinants of diversification and preliminary evidence on the determinants of entry and exit in the financial markets before and after the great recession. We find that entry/exit decisions and changes in the degree of diversification are more sensitive to changes in households wealth but they do not appear to be significantly affected by changes in income, and that the effect is more pronounced in the period 2010-2016.
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