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Household Portfolios in the Netherlands

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  • Alessie, R.J.M.
  • Hochgürtel, S.
  • Soest, A.H.O. van

    (Tilburg University, Center for Economic Research)

Abstract

We describe and analyse the portfolio structure of Dutch households using micro panel data from the CentER Savings Survey, 1993-1998.The data allows for a distinction between many types of assets.Moreover, we have information on mortgage debt, consumer debt, etc.We analyse the composition of household portfolios and the level of portfolio diversification, and its relation to age, birth cohort, and education level.We compare the ownership rates and amounts held in our survey data with published statistics derived from National Accounts and administrative data.Using discrete choice models and selection models, we relate asset ownership and asset shares to background variables such as age, household composition, education, etc.Moreover, we include subjectively measured explanatory variables reflecting attitudes towards risk and the degree of information the respondent has on financial assets.We consider static as well as dynamic panel data models.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2000-55.

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Date of creation: 2000
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Handle: RePEc:dgr:kubcen:200055

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Related research

Keywords: Portfolio Choice; Panel Data;

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References

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  1. Donkers, Bas & Melenberg, Bertrand & Van Soest, Arthur, 2001. " Estimating Risk Attitudes Using Lotteries: A Large Sample Approach," Journal of Risk and Uncertainty, Springer, vol. 22(2), pages 165-95, March.
  2. James M. Poterba & Andrew A. Samwick, 1997. "Household Portfolio Allocation Over the Life Cycle," NBER Working Papers 6185, National Bureau of Economic Research, Inc.
  3. Angus S. Deaton & Christina Paxson, 1994. "Saving, Growth, and Aging in Taiwan," NBER Chapters, in: Studies in the Economics of Aging, pages 331-362 National Bureau of Economic Research, Inc.
  4. Wooldridge, Jeffrey M., 1995. "Selection corrections for panel data models under conditional mean independence assumptions," Journal of Econometrics, Elsevier, vol. 68(1), pages 115-132, July.
  5. Luigi Guiso & Tullio Jappelli, 2000. "Household Portfolios in Italy," CSEF Working Papers 43, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  6. Mervyn A. King & Jonathan I. Leape, 1987. "Asset Accumulation, Information, and the Life Cycle," NBER Working Papers 2392, National Bureau of Economic Research, Inc.
  7. Das, Marcel & Donkers, Bas, 1999. "How Certain Are Dutch Households about Future Income? An Empirical Analysis," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 45(3), pages 325-38, September.
  8. Alessie, R.J.M. & Kapteyn, A. & Klijn, F.E., 1997. "Mandatory pensions and personal savings in The Netherlands," Open Access publications from Tilburg University urn:nbn:nl:ui:12-74171, Tilburg University.
  9. Hochgürtel, S., 1997. "Precautionary Motives and Portfolio Decisions," Discussion Paper 1997-55, Tilburg University, Center for Economic Research.
  10. Donkers, Bas & van Soest, Arthur, 1999. "Subjective measures of household preferences and financial decisions," Journal of Economic Psychology, Elsevier, vol. 20(6), pages 613-642, December.
  11. Don Fullerton & Marios Karayannis, 1987. "The Taxation of Income from Capital in the United States, 1980-86," NBER Working Papers 2478, National Bureau of Economic Research, Inc.
  12. Richard Blundell & Alan Duncan, 1998. "Kernel Regression in Empirical Microeconomics," Journal of Human Resources, University of Wisconsin Press, vol. 33(1), pages 62-87.
  13. Alessie, R.J.M. & Lusardi, A. & Kapteyn, A.J., 1995. "Saving and wealth holdings of the elderly," Discussion Paper 1995-93, Tilburg University, Center for Economic Research.
  14. Lee, L.F., 1994. "Simulated Maximum Likelihood Estimation of Dynamic Discrete Choice Statistical Models--Some Monte Carlo Results," Papers 94-06, Michigan - Center for Research on Economic & Social Theory.
  15. Kimball, Miles S, 1993. "Standard Risk Aversion," Econometrica, Econometric Society, vol. 61(3), pages 589-611, May.
  16. Bovenberg, A.L. & Rele, H.J.M. ter, 1998. "Reforming Dutch capital taxation," Open Access publications from Tilburg University urn:nbn:nl:ui:12-76543, Tilburg University.
  17. James Banks & Tanner, S, 2000. "Household portfolios in the UK," IFS Working Papers W00/14, Institute for Fiscal Studies.
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