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


Ricciarelli, Matteo


Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-241960

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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.
Klassifikation Wirtschaftssektoren; Volkswirtschaftstheorie
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe S. 651-662
Zeitschriftentitel Applied Economics, 43 (2009) 6
DOI http://dx.doi.org/10.1080/00036840802599800
ISSN 1466-4283
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)