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@article{ Ricciarelli2009, title = {Investment Choice and Asset Allocation of Italian Households: the Discrete-Continuous Approach}, author = {Ricciarelli, Matteo}, journal = {Applied Economics}, number = {6}, pages = {651-662}, volume = {43}, year = {2009}, issn = {1466-4283}, doi = {https://doi.org/10.1080/00036840802599800}, urn = {https://nbn-resolving.org/urn:nbn:de:0168-ssoar-241960}, 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.}, }