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Stockholding in France

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  • Luc Arrondel
  • André Masson

Abstract

In France like in other European countries, the past fifteen years has been a time of drastic financial markets developments due mainly to greater international integration and coordination (in response to European Union directives), financial liberalization (in particular the privatization of public services), and product innovation (especially the rise of retirement accounts –PEP- and life insurance). One of the most striking results has been the quick adjustment of households' behaviors to this new financial context, especially through the increasing share of stocks in portfolios and the diffusion of retirement accounts. In the middle of the eighties, only some 7 percent of French households own stocks directly to compare with around 17 percent of stockholders in 2000. For life insurance and retirement accounts, the rate of ownership has gone up, over the same period, from around 30 percent to around 47 percent of households. In this paper, we study portfolio choice decisions of French households concerning stockholding.

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Bibliographic Info

Paper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 2002-09.

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Date of creation: 2002
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Publication status: Published in Stockholding in Europe, Edited by Luigi Guiso, Michael Haliassos and Tullio Jappelli, Palgrave Macmillan Publishers, 2003, pp. 75-109.
Handle: RePEc:del:abcdef:2002-09

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References

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Citations

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Cited by:
  1. Steven J. Davis & Felix Kubler & Paul Willen, 2006. "Borrowing Costs and the Demand for Equity over the Life Cycle," The Review of Economics and Statistics, MIT Press, vol. 88(2), pages 348-362, May.
  2. Tullio Jappelli & Michael Haliassos & Luigi Guiso, 2001. "Le profil des détenteurs d'actions en Europe," Revue d'Économie Financière, Programme National Persée, vol. 64(4), pages 169-178.
  3. Luc Arrondel & Hector Calvo Pardo & Xisco Oliver, 2007. "Temperant portfolio choice and background risk: evidence from France," Working Papers halshs-00588069, HAL.
  4. Luc Arrondel, 2009. ""My Father was right": The transmission of values between generations," Working Papers halshs-00566808, HAL.
  5. Luc Arrondel & Stefan Lollivier, 2004. "Transaction costs, Income Risk and Household Portfolio Allocation: Evidence from French Panel Data," DELTA Working Papers 2004-19, DELTA (Ecole normale supérieure).
  6. Luc Arrondel & Hector Calvo-Pardo, 2002. "Portfolio Choice with a Correlated Background Risk : Theory and Evidence," DELTA Working Papers 2002-16, DELTA (Ecole normale supérieure).
  7. Arrondel, Luc & Savignac, Frédérique, . "Stockholding : Does housing wealth matter ?," Open Access publications from Université Paris-Dauphine urn:hdl:123456789/8576, Université Paris-Dauphine.

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