Email this article 
Hide
Show all
Household Portfolios of Financial Assets in the Euro Area Countries – Similarities and Dissimilarities
Abstract
This paper presents the average financial asset portfolios of households in 15 countries of the euro area, identifying differences and similarities between them. Attention is also paid to the non-equal scale of financial exclusion of individuals from acquisitions of investment products. The households possessing such assets were characterised by diverse preferences in terms of their values and structures. Despite existing differences, the results allowed to identify the most important component of the portfolio on a supranational scale, which turned out to be deposits. The focus on this category of financial assets led to a poor diversification of portfolios, usually constituted by up to two components. There was observed a substitutability between certain products, however, not the same in the entire group of countries. Despite the multifaceted differences, the subgroups of countries with similar components were identified.
Keywords
Full Text:
PDF (Język Polski)References
Arrondel L., Bartiloro L., Fessler P., Lindner P., Matha T.Y., Rampazzi C., Savignac F., Schmidt T., Schurz M., Vermeulen P., How Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption Survey, “Deutsche Bundesbank Discussion Paper” 2014, No. 12.
Barasinska N., Schafer D., Stephan A., Individual Risk Attitudes and the Composition of Financial Portfolios: Evidence from German Household Portfolios, “Quarterly Review of Economics and Finance” 2012, Vol. 52 (1), DOI: https://doi.org/10.1016/j.qref.2011.10.001.
Carroll C.D., Portfolios of the Rich, [w:] L. Guiso, M. Haliassos, T. Jappelli (eds.), Household Portfolios, MIT Press, Cambridge 2002.
Christelis D., Georgarakos D., Haliassos, M., Differences in Portfolios Across Countries: Economic Environment versus Household Characteristics, 2012, http://ssrn.com/abstract=1089802 [data dostępu: 01.02.2016].
Du Caju P., Structure and Distribution of Household Wealth: An Analysis Based on the HFCS, “National Bank of Belgium Economic Review” 2013, No. 9.
ECB, HFCS Country Surveys Metadata Information, European Central Bank, Frankfurt am Main 2013a.
ECB, The Eurosystem Household Finance and Consumption Survey – Results from the First Wave, “ECB Statistics Paper Series” 2013b, No. 2.
Gollier C., What Does Theory Have to Say about Household Portfolios?, [w:] L. Guiso, M. Haliassos, T. Jappelli (eds.), Household Portfolios, MIT Press, Cambridge 2002.
Gradoń W., Lokowanie nadwyżek finansowych w papiery wartościowe, [w:] J. Harasim (red.), Oszczędzanie i inwestowanie w teorii i praktyce, PTE, Katowice 2010.
Guiso L., Haliassos M., Jappelli T., Stockholding in Europe, Palgrave Macmillan Publishers, Basingstoke 2003.
Guiso L., Haliassos M., Jappelli T. (eds.), Household Portfolios, MIT Press, Cambridge 2002.
Haliassos M., Bertaut C., Why Do So Few Hold Stocks?, “Economic Journal” 1995, Vol. 105 (432), DOI: https://doi.org/10.2307/2235407.
Harasim J., Oszczędzanie i inwestowanie nadwyżek finansowych przez ludność, [w:] J. Harasim (red.), Oszczędzanie i inwestowanie w teorii i praktyce, PTE, Katowice 2010.
Kochaniak K., Stabilność depozytów gospodarstw domowych w zmiennych uwarunkowaniach rynku finansowego i gospodarek państw strefy euro – regulacje a rzeczywistość, „Bank i Kredyt” 2015, nr 46 (5).
Korzeniowska A., Struktura oszczędności finansowych gospodarstw domowych w Polsce na tle wybranych krajów, „Studia Ekonomiczne – ZN Uniwersytetu Ekonomicznego w Katowicach” 2015, z. 239.
Korzeniowska A., Lewicka B., Długoterminowe oszczędności finansowe w Polsce – Raport 2016, Alterum, Warszawa 2016.
Pociecha J., Podolec B., Sokołowski A., Zając K., Metody taksonomiczne w badaniach społeczno-ekonomicznych, PWN, Warszawa 1988.
Teppa F., Porpiglia A., Ziegelmeyer M., Le Blanc J., Zhu J., Household Saving Behaviour and Credit Constraints in the Euro Area, “ECB Working Paper” 2015, Vol. 1790.
DOI: http://dx.doi.org/10.17951/h.2016.50.4.213
Date of publication: 2017-02-20 17:31:15
Date of submission: 2016-04-30 13:49:41
Statistics
Indicators
Refbacks
- There are currently no refbacks.
Copyright (c) 2017 Katarzyna Kochaniak
This work is licensed under a Creative Commons Attribution 4.0 International License.