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Les portefeuilles des ménages européens : des choix initiaux à l'affectation finale

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  • Valérie Oheix
  • Bruno Séjourné

Abstract

[eng] The Final Destination of European Households’ Savings . The object of this study is to estimate the final destination of European households’ savings. The first step is to isolate the amounts directly invested on the financial markets and those entrusted with the various financial intermediaries. At this stage, these informations provide empirical evidence about the level of intermediation in Europe. The second step consists in analysing the way financial institutions allocate the funds collected. Doing so, we make transparent the financial intermediaries, and the final destination of households’ savings appears. . JEL classifications : E20, G11 [fre] L’objectif de cette étude est d’évaluer la destination finale de l’épargne des ménages européens. Ceci impose dans une première étape de mettre en évidence l’allocation initiale des patrimoines financiers, en isolant et en discriminant les montants directement placés sur les marchés et ceux confiés aux différents intermédiaires financiers. Dans une optique dynamique, on peut à ce stade évoquer la question du niveau de l’intermédiation financière en Europe. La seconde étape consiste à étudier la manière dont les différentes institutions financières réallouent l’épargne collectée. De la sorte, ces intermédiaires sont rendus transparents et l’affectation finale des portefeuilles des ménages sur les différents marchés de titres apparaît. . Classification JEL : E20, G11

Suggested Citation

  • Valérie Oheix & Bruno Séjourné, 2001. "Les portefeuilles des ménages européens : des choix initiaux à l'affectation finale," Revue d'Économie Financière, Programme National Persée, vol. 64(4), pages 93-106.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_num_64_4_4951
    DOI: 10.3406/ecofi.2001.4951
    Note: DOI:10.3406/ecofi.2001.4951
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    References listed on IDEAS

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    1. Schmidt, Reinhard H. & Hackethal, Andreas & Tyrell, Marcel, 1999. "Disintermediation and the Role of Banks in Europe: An International Comparison," Journal of Financial Intermediation, Elsevier, vol. 8(1-2), pages 36-67, January.
    2. John H. Boyd & Mark Gertler, 1994. "Are banks dead? Or are the reports greatly exaggerated?," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 18(Sum), pages 2-23.
    3. Allen, Franklin & Santomero, Anthony M., 2001. "What do financial intermediaries do?," Journal of Banking & Finance, Elsevier, vol. 25(2), pages 271-294, February.
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    More about this item

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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