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Portfolio Flows and Household Portfolios

Author

Listed:
  • Daniel Marcel te Kaat
  • Chang Ma
  • Alessandro Rebucci

Abstract

In this paper, we show that cross-border portfolio flows around the peak of the European Crisis induced households to rebalance their portfolios toward housing. Estimating difference-in-differences regressions around Draghi's “Whatever It Take” speech in July 2012 with household data from the ECB's Household Finance and Consumption Survey, we find that portfolio inflows induce households with larger ex-ante bond and equity shares to rebalance more strongly toward housing. The effect is not driven by higher pre-treatment access to credit or higher credit growth during the treatment period and is stronger for wealthier and less risk-averse households.

Suggested Citation

  • Daniel Marcel te Kaat & Chang Ma & Alessandro Rebucci, 2024. "Portfolio Flows and Household Portfolios," NBER Working Papers 32210, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:32210
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    More about this item

    JEL classification:

    • F3 - International Economics - - International Finance
    • G5 - Financial Economics - - Household Finance
    • R0 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General

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