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Stockholding in France

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Luc Arrondel
André Masson

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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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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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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. 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). [Downloadable!]
  2. Steven J. Davis & Felix Kubler & Paul Willen, 2005. "Borrowing costs and the demand for equity over the life cycle," Working Papers 05-7, Federal Reserve Bank of Boston. [Downloadable!]
    Other versions:
  3. 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). [Downloadable!]
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