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Stockholding in France

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  • Luc Arrondel
  • André Masson

Abstract

In France like in other European countries, the past fifteen years has been a time of drastic financial markets developments due mainly to greater international integration and coordination (in response to European Union directives), financial liberalization (in particular the privatization of public services), and product innovation (especially the rise of retirement accounts –PEP- and life insurance). One of the most striking results has been the quick adjustment of households' behaviors to this new financial context, especially through the increasing share of stocks in portfolios and the diffusion of retirement accounts. In the middle of the eighties, only some 7 percent of French households own stocks directly to compare with around 17 percent of stockholders in 2000. For life insurance and retirement accounts, the rate of ownership has gone up, over the same period, from around 30 percent to around 47 percent of households. In this paper, we study portfolio choice decisions of French households concerning stockholding.

Suggested Citation

  • Luc Arrondel & André Masson, 2002. "Stockholding in France," DELTA Working Papers 2002-09, DELTA (Ecole normale supérieure).
  • Handle: RePEc:del:abcdef:2002-09
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    Cited by:

    1. Deuflhard, Florian & Georgarakos, Dimitris & Inderst, Roman, 2014. "Financial Literacy and Savings Account Returns," MPRA Paper 53857, University Library of Munich, Germany.
    2. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    3. Alexis Direr & Eric Yayi, 2014. "Les choix de portefeuille des épargnants sur le cycle boursier et le cycle de vie," Économie et Statistique, Programme National Persée, vol. 472(1), pages 125-152.
    4. Arrondel, Luc & Calvo-Pardo, Hector, 2014. "Endogenous non-tradable earnings and households’ demand for risky assets," Discussion Paper Series In Economics And Econometrics 1414, Economics Division, School of Social Sciences, University of Southampton.
    5. Arrondel, L. & Debbich, M. & Savignac, F., 2013. "Financial Literacy and Financial Planning in France," Working papers 465, Banque de France.
    6. Luigi Guiso & Michael Haliassos & Tullio Jappelli, 2001. "Le profil des détenteurs d'actions en Europe," Revue d'Économie Financière, Programme National Persée, vol. 64(4), pages 169-178.
    7. Luc Arrondel & Hector Calvo Pardo & Xisco Oliver, 2007. "Temperant portfolio choice and background risk: evidence from France," Working Papers halshs-00588069, HAL.
    8. Luc Arrondel, 2009. ""My Father was right": The transmission of values between generations," Working Papers halshs-00566808, HAL.
    9. Luc Arrondel, 2013. "Are “daddy’s boys” just as rich as daddy? The transmission of values between generations," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 11(4), pages 439-471, December.
    10. repec:dau:papers:123456789/8576 is not listed on IDEAS
    11. Arrondel, L. & Savignac, F., 2009. "Stockholding: Does housing wealth matter?," Working papers 266, Banque de France.

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