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 significantly 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 Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica in its series Heterogeneity and monetary policy with number 0702.
Length: pages 34
Date of creation: Feb 2007
Date of revision:
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," Department of Economics 0545, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
- D1 - Microeconomics - - Household Behavior
- D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
- J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-02-17 (All new papers)
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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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