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Investment Choice and Asset Allocation of Italian Households: the Discrete-Continuous Approach
[journal article]
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 determi... view more
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.... view less
Classification
National Economy
Economic Sectors
Document language
English
Publication Year
2009
Page/Pages
p. 651-662
Journal
Applied Economics, 43 (2009) 6
DOI
https://doi.org/10.1080/00036840802599800
ISSN
1466-4283
Status
Postprint; peer reviewed
Licence
PEER Licence Agreement (applicable only to documents from PEER project)