Differences in portfolios across countries: economic environment versus household characteristics

Christelis, D. , Georgarakos, D. and Haliassos, M. (2013) Differences in portfolios across countries: economic environment versus household characteristics. Review of Economics and Statistics, 95(1), pp. 220-236. (doi: 10.1162/REST_a_00260)

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We use cross-country microdata and counterfactual methods to document international differences in ownership and holdings of stocks, private businesses, homes, and mortgages among older households in thirteen countries. We decompose these differences into two parts, related to population characteristics and economic environments. Shortly prior to the recent financial crisis, U.S. households tended to invest more in stocks and less in homes and to have larger mortgages than Europeans of similar characteristics. Differences in ownership and amounts are primarily linked to differences in economic environments that are more pronounced among European countries than among U.S. regions, suggesting considerable potential for harmonization.

Item Type:Articles
Additional Information:This work has been supported in part by the Center for Financial Studies under the Research Program ‘‘Household Wealth Management.’’ D.C. was also supported by the European Union under contract HPRN-CT-2002-00235 (Economics of Aging in Europe).
Glasgow Author(s) Enlighten ID:Georgarakos, Professor Dimitris and Christelis, Professor Dimitris
Authors: Christelis, D., Georgarakos, D., and Haliassos, M.
College/School:College of Social Sciences > Adam Smith Business School > Economics
Journal Name:Review of Economics and Statistics
Publisher:MIT Press
ISSN (Online):1530-9142

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