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Investment Choice and Asset Allocation of Italian Households: the Discrete-Continuous Approach

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Ricciarelli, Matteo

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Abstract Financial and monetary policies are considered to be effective depending on the reaction of financial markets which are increasingly populated by households. In this paper, I derive a Financial Almost Ideal (FAI) Demand System from intertemporal settings and I estimate it by highlighting the determinants of both limited participation to financial markets and asset substitutability/complementarity in the allocating stage. Demand theory is not statistically rejected and shows deposits-fixed income and variable income-fixed income complementarity and deposits-variable income substitutability. Furthermore, deposits and fixed income assets are inferior assets, while variable income assets do not.
Classification Economic Sectors; National Economy
Document language English
Publication Year 2009
Page/Pages p. 651-662
Journal Applied Economics, 43 (2009) 6
ISSN 1466-4283
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)