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Identifying Drivers for the Accumulation of Household Financial Wealth

Household financial assets and liabilities display considerable variation across countries and over time. This article investigates empirically the role of some of the key Life Cycle Model variables and other relevant factors behind household financial wealth disparities using data from 40 countries over the period 1995-2009. To the author's knowledge, it uses the largest macroeconomic dataset on household financial assets and liabilities assembled to date. The results are in line with the aggregative implications of the Life Cycle Model in that the wealth-to-income ratio decreases with income per capita growth and increases with the expected length of retirement. The study also presents empirical evidence for the role of financial and demographic developments on the accumulation of financial assets and liabilities by the household sector.

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Paper provided by Tor Vergata University, CEIS in its series CEIS Research Paper with number 264.

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Length: 40 pages
Date of creation: 13 Feb 2013
Date of revision: 13 Feb 2013
Handle: RePEc:rtv:ceisrp:264
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  1. Bottazzi, Renata & Jappelli, Tullio & Padula, Mario, 2006. "Retirement expectations, pension reforms, and their impact on private wealth accumulation," Journal of Public Economics, Elsevier, vol. 90(12), pages 2187-2212, December.
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  23. repec:fth:wobaco:1083 is not listed on IDEAS
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