Population age structure and household portfolio choices in Italy

被引：33

作者：

Brunetti, Marianna ^{[2
,3
,4
]}

Torricelli, Costanza ^{[1
,3
]}

机构：

[1] Univ Modena & Reggio Emilia, Dept Econ, I-41100 Modena, Italy

[2] Univ Roma Tor Vergata, SEFEMEQ Dept, I-00133 Rome, Italy

[3] Univ Modena & Reggio Emilia, CEFIN, Ctr Res Banking & Finance, I-41100 Modena, Italy

[4] Univ Turin, CHILD, Ctr Household Income Labour & Demog Econ, Turin, Italy

来源：

EUROPEAN JOURNAL OF FINANCE | 2010年 / 16卷 / 06期

关键词：

population ageing; financial assets; household portfolio; survey data; LIFE-CYCLE; RETURNS; GROWTH; REFORM; FLOWS; STOCK;

D O I：

10.1080/13518470903075961

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Based on the exceptional ageing of the Italian population, this paper aims to contribute to the current debate on population ageing and financial markets. To this end, we use the data taken by the Bank of Italy Survey of Household Income and Wealth over the period 1995-2006, and we analyse the average household portfolios in relation to age and net wealth (NW). Our analysis rests on a clustering of assets according to risk, which is different from the one used in Guiso and Jappelli (Guiso, L., and T. Jappelli. 2002. The portfolio of Italian households. In Household portfolios, eds. L. Guiso, M. Haliassos, and T. Jappelli. Cambridge: MIT Press). We find that age has affected financial choices of Italian households over the whole decade, but the portfolio age profile has significantly evolved over time with important differences across wealth quartiles. Overall, our analysis highlights a tendency towards a hump-shaped age profile of the allocation in risky assets for the most NW levels.

引用

页码：481 / 502

页数：22

共 29 条

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