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Taxation and the portfolio structure of Spanish households

Author

Listed:
  • F鬩x Dom󹱵ez-Barrero
  • Julio López-Laborda

Abstract

Using a sample of 5962 Spanish households from the Survey of Household Finances (EFF) undertaken by the Bank of Spain, this article describes the structure of their portfolio, and estimates both a Probit model and a Tobit model to test how taxation affects, respectively, the decision to invest in each asset and the relative importance of each asset within the household portfolio. The influence of taxation is measured using the average marginal personal income tax rate of the household. The estimations performed show that the marginal tax rate is significant and displays the sign expected to explain both the holding of tax favourable assets and their weight in the household portfolio.

Suggested Citation

  • F鬩x Dom󹱵ez-Barrero & Julio López-Laborda, 2012. "Taxation and the portfolio structure of Spanish households," Applied Economics, Taylor & Francis Journals, vol. 44(23), pages 3011-3027, August.
  • Handle: RePEc:taf:applec:44:y:2012:i:23:p:3011-3027
    DOI: 10.1080/00036846.2011.568411
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    References listed on IDEAS

    as
    1. Cristina Barceló, 2006. "Imputation of the 2002 wave of the Spanish survey of household finances (EFF)," Occasional Papers 0603, Banco de España.
    2. Cristina Barceló, 2008. "The impact of alternative imputation methods on the measurement of income and wealth: Evidence from the Spanish survey of household finances," Working Papers 0829, Banco de España.
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    Cited by:

    1. Richard Ochmann, 2013. "Asset demand in the financial AIDS portfolio model -- evidence from a major tax reform," Applied Financial Economics, Taylor & Francis Journals, vol. 23(8), pages 649-670, April.

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