The Effect of Population Ageing on Household Portfolio Choices in Italy
AbstractBased on widely accepted evidence on the exceptional ageing of the Italian population, this paper aims to assess the impact of ageing on household portfolios in Italy and hence ultimately on financial markets. To this end, we use data taken by the Bank of Italy Survey of Household Income and Wealth (SHIW) over the the period 1995–2004 and we analyse the average household portfolio in relation to demographic characteristics. In contrast to some results reported in the literature for the US, we find that financial choices of Italian households are sensibly affected by age. It follows that the exceptional ageing of the population in Italy is going to have relevant consequences on the Italian financial market.
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Bibliographic InfoPaper provided by University of Modena and Reggio E., Faculty of Economics "Marco Biagi" in its series Department of Economics with number 0545.
Length: pages 34
Date of creation: Feb 2007
Date of revision:
Publication status: publishedin in M. Balling & E. Gnan & F. Lierman (eds.), Money, Finance and Demography: The Consequences of Ageing, Vienna, Suerf (2007)
population ageing; financial assets; household portfolio; survey data;
Other versions of this item:
- Marianna Brunetti & Costanza Torricelli, 2007. "The Effect of Population Ageing on Household Portfolio Choices in Italy," Heterogeneity and monetary policy 0702, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.
- D1 - Microeconomics - - Household Behavior
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
- J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
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- Marianna Brunetti & Costanza Torricelli, 2007. "The role of demographic variables in explaining financial returns in Italy," Heterogeneity and monetary policy 0701, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.
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