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Investment Choice and Asset Allocation of Italian Households: the Discrete-Continuous Approach
[Zeitschriftenartikel]
Abstract Financial and monetary policies are considered to be effective depending on the reaction of financial markets which are increasingly populated by households. In this paper, I derive a Financial Almost Ideal (FAI) Demand System from intertemporal settings and I estimate it by highlighting the determi... mehr
Financial and monetary policies are considered to be effective depending on the reaction of financial markets which are increasingly populated by households. In this paper, I derive a Financial Almost Ideal (FAI) Demand System from intertemporal settings and I estimate it by highlighting the determinants of both limited participation to financial markets and asset substitutability/complementarity in the allocating stage. Demand theory is not statistically rejected and shows deposits-fixed income and variable income-fixed income complementarity and deposits-variable income substitutability. Furthermore, deposits and fixed income assets are inferior assets, while variable income assets do not.... weniger
Klassifikation
Volkswirtschaftstheorie
Wirtschaftssektoren
Sprache Dokument
Englisch
Publikationsjahr
2009
Seitenangabe
S. 651-662
Zeitschriftentitel
Applied Economics, 43 (2009) 6
DOI
https://doi.org/10.1080/00036840802599800
ISSN
1466-4283
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)