Title:	Household portfolios		Volume:
Author(s):	Luigi Guiso, Michael Haliassos, Tullio Jappelli
Series:		Periodical:
Publisher:	MIT Press	City:
Year:	2002	Edition:
Language:	English	Pages:	509
ISBN:	0262072211, 9780262072212	ID:

Until recently, researchers in economics and finance paid relatively  little attention to household portfolios. Reasons included the tendency of most  households to hold simple portfolios, the inability of the dominant asset pricing models to account for household portfolio incompleteness, and the lack of detailed databases on household portfolios in many countries until the late 1980s or 1990s. Now, however, the analysis of household portfolios is emerging as a field of vigorous study.The eleven chapters in this collection provide an overview of current theoretical knowledge about the structure of household portfolios and compare predictions with empirical findings. The book describes the state-of-the-art tools of analytical, computational, and econometric investigation, as well as some of the key policy questions. It provides an original comparative analysis of household portfolios in countries for which detailed household-level data are available (the United States, the United Kingdom, Italy, Germany, and the Netherlands). Finally, it uses microdata for an in-depth study of the portfolio composition of population groups of special policy interest, such as the young, the elderly, and the rich.                  

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Table of contents :
Contents......Page 8
Preface......Page 10
Contributors......Page 12
Introduction......Page 14
I: Theoretical and Methodological Issues......Page 38
1 What Does Theory Have to Say About Household Portfolios?......Page 40
2 Calibration and Computation of Household Portfolio Models......Page 68
3 Taxation and Portfolio Structure: Issues and Implications......Page 116
4 Econometric Issues in the Estimation of Household Portfolio Models......Page 156
II: Issues and Trends in Household Portfolios......Page 192
5 Household Portfolios in the United States......Page 194
6 Household Portfolios in the United Kingdom......Page 232
7 Household Portfolios in Italy......Page 264
8 Household Portfolios in Germany......Page 304
9 Household Portfolios in the Netherlands......Page 354
10 Portfolios of the Rich......Page 402
11 Portfolio Holdings of the Elderly......Page 444
References......Page 486
D......Page 506
M......Page 507
S......Page 508
W......Page 509