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L'épargnant au bord de la crise

Author

Listed:
  • Luc Arrondel
  • Vladimir Borgy
  • Frédérique Savignac

Abstract

Savers evolve today in a difficult environment : financial and economic crisis, macroeconomic risk related to the future of the welfare system, tax reforms, Welfare State reform seeking to further empower the individual... Consequently, savers invest in safe and short-term assets at the expense of long-term and risky investments. Moreover, this prudent behavior could also be accelerated by the recent increase in the limits on savings accounts. According to some, these trends could lead to a problem of financing the economy. Using individual data, we show that this prudent behavior does not concern everybody: wealthier and older people hold a large fraction of their wealth in risky and long-term assets. In addition, prudence behaviors during the crisis was due to lower expectations regarding incomes and stock prices of assets, a more pessimistic outlook of the future on the labor market, not to an increase in risk aversion. So, in order to encourage investors to take more risk, one scenario would be that the State (Welfare) continues to protect individuals against new macroeconomic risks. Classification JEL: D92, E21, E24, G11.

Suggested Citation

  • Luc Arrondel & Vladimir Borgy & Frédérique Savignac, 2012. "L'épargnant au bord de la crise," Revue d'économie financière, Association d'économie financière, vol. 0(4), pages 69-90.
    • Handle: RePEc:cai:refaef:ecofi_108_0069
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    Cited by:

    1. Milo Bianchi, 2018. "Financial Literacy and Portfolio Dynamics," Journal of Finance, American Finance Association, vol. 73(2), pages 831-859, April.
    2. Milo Bianchi & Jean-Marc Tallon, 2014. "Ambiguity Preferences and Portfolio Choices: Evidence from the Field," Post-Print halshs-01109655, HAL.
    3. Luc Arrondel & Pierre Lamarche & Frédérique Savignac, 2014. "Consommation et patrimoine des ménages : au‑delà du débat macroéconomique…," Économie et Statistique, Programme National Persée, vol. 472(1), pages 21-48.
    4. Milo Bianchi & Jean-Marc Tallon, 2014. "Ambiguity Preferences and Portfolio Choices: Evidence from the Field," Post-Print halshs-01109655, HAL.
    5. Milo Bianchi & Jean-Marc Tallon, 2019. "Ambiguity Preferences and Portfolio Choices: Evidence from the Field," Management Science, INFORMS, vol. 65(4), pages 1486-1501, April.

    More about this item

    JEL classification:

    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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