Stockholding in Italy
The study describes the aggregate trends in Italian households' portfolios in the past decade and documents a massive shift towards riskier portfolios and an increase in stock market and mutual funds participation. The study then uses microeconomic data to analyze the pattern of direct and indirect stockholding and their determinants. It documents how stockholding evolves during the life cycle and the relation between stock market participation and wealth, education, and other demographic characteristics. A major finding is that stockholding - either direct or through mutual funds and other managed investment accounts is present only among investors with above median wealth. Even among the richest segment of the population, non-participation in stocks is quite common.
|Date of creation:||01 May 2002|
|Date of revision:|
|Publication status:||Published in Stockholding in Europe, edited by L. Guiso, M. Haliassos and T. Jappelli. New York: Palgrave Macmillan, 2003|
|Contact details of provider:|| Postal: I-80126 Napoli|
Phone: +39 081 - 675372
Fax: +39 081 - 675372
Web page: http://www.csef.it/
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References listed on IDEAS
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- Stephen G. Cecchetti, 1999.
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NBER Working Papers
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NBER Working Papers
4330, National Bureau of Economic Research, Inc.
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CEPR Discussion Papers
888, C.E.P.R. Discussion Papers.
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- Riccardo Cesari & Fabio Panetta, 1998.
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Temi di discussione (Economic working papers)
325, Bank of Italy, Economic Research and International Relations Area.
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- Christina Paxson, 1990. "Borrowing Constraints and Portfolio Choice," The Quarterly Journal of Economics, Oxford University Press, vol. 105(2), pages 535-543.
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