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L'épargnant au bord de la crise

Author

Listed:
  • Luc Arrondel

    (PSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Vladimir Borgy

    (Centre de recherche de la Banque de France - Banque de France)

  • Frédérique Savignac

    (Centre de recherche de la Banque de France - Banque de France)

Abstract

L'épargnant navigue aujourd'hui sur une mer houleuse : crise financière et économique rendant l'environnement plus incertain, risque macroéconomique lié au devenir du système de protection sociale, réformes fiscales, politiques " d'activation de l'individu " cherchant à le rendre davantage responsable de son avenir... Conséquence, l'épargnant privilégie aujourd'hui plus que jamais les actifs sûrs et de court terme, ce qui inquiète certains acteurs qui veulent à l'inverse privilégier une épargne productive de long terme. En utilisant des données individuelles, nous montrons que ce constat ne concerne pas l'ensemble de la population : les couches aisées et plutôt âgées détiennent des produits risqués et de long terme de façon plutôt fréquente et importante. Par ailleurs, la prudence accrue des épargnants pendant la crise s'explique plus par des anticipations à la baisse (revenus, prix d'actifs boursiers, marché du travail) que par un accroissement de l'aversion au risque durant la crise.

Suggested Citation

  • Luc Arrondel & Vladimir Borgy & Frédérique Savignac, 2013. "L'épargnant au bord de la crise," PSE - Labex "OSE-Ouvrir la Science Economique" halshs-00833287, HAL.
    • Handle: RePEc:hal:pseose:halshs-00833287
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    Cited by:

    1. Milo Bianchi, 2018. "Financial Literacy and Portfolio Dynamics," Journal of Finance, American Finance Association, vol. 73(2), pages 831-859, April.
    2. Luc Arrondel & Pierre Lamarche & Frédérique Savignac, 2014. "Consommation et patrimoine des ménages : au‑delà du débat macroéconomique…," Économie et Statistique, Programme National Persée, vol. 472(1), pages 21-48.
    3. Milo Bianchi & Jean-Marc Tallon, 2014. "Ambiguity Preferences and Portfolio Choices: Evidence from the Field," Post-Print halshs-01109655, HAL.
    4. Milo Bianchi & Jean-Marc Tallon, 2014. "Ambiguity Preferences and Portfolio Choices: Evidence from the Field," Post-Print halshs-01109655, HAL.
    5. Milo Bianchi & Jean-Marc Tallon, 2019. "Ambiguity Preferences and Portfolio Choices: Evidence from the Field," Management Science, INFORMS, vol. 65(4), pages 1486-1501, April.

    More about this item

    Keywords

    Epargne;

    JEL classification:

    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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