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Use of Financial Instruments Among the Chilean Households

In: Essays on Financial Analytics

Author

Listed:
  • Carlos Madeira

    (Central Bank of Chile)

Abstract

Using the Household Finance Survey (EFH), this work shows that the use of financial instruments—whether financial assets or insurance contracts—among Chilean households increased substantially since 2007. Complementing this analysis with the Family Expenditures Survey (EPF) between the years of 1987 and 2017, I show that the share of financial goods in expenditures dropped significantly, while the share of insurance products in consumption roughly doubled in this period. This indicates that financial goods are now much less expensive and the number of its users increased significantly. The use of the different insurance contracts (life and health, vehicles, home, and loan insurance) increased across all income levels. Overall, the widespread use of financial goods, insurance contracts, and purchase of durable goods among the Chilean population across all the income levels shows that the financial access to goods and services increased significantly over the last 35 years.

Suggested Citation

  • Carlos Madeira, 2023. "Use of Financial Instruments Among the Chilean Households," Lecture Notes in Operations Research, in: Pascal Alphonse & Karima Bouaiss & Pascal Grandin & Constantin Zopounidis (ed.), Essays on Financial Analytics, pages 63-86, Springer.
    • Handle: RePEc:spr:lnopch:978-3-031-29050-3_5
    DOI: 10.1007/978-3-031-29050-3_5
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    Cited by:

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    2. Carlos Madeira, 2024. "Indebtedness and labor risk sorting across consumer lender types: evidence from Chile," Working Papers Central Bank of Chile 1004, Central Bank of Chile.

    More about this item

    Keywords

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    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G50 - Financial Economics - - Household Finance - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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