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How do households allocate their assets? Stylised facts from the Eurosystem household finance and consumption survey

机译:家庭如何分配资产?来自欧元体系家庭财务和消费调查的程式化事实

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摘要

Using the first wave of the Eurosystem Household Finance and Consumption Survey (HFCS), a large micro-level dataset on householdsu2019 balance sheets in 15 euro area countries, this paper explores how households allocate their assets. We derive stylised facts on asset participation as well as levels of asset holdings and investigate the systematic relationships between household characteristics and asset holding patterns. Real assets make up the bulk of total assets. Whereas ownership of the main residence varies strongly between countries, the value of the main residence tends to be the major asset for homeowners and represents a significant part of total assets in all countries. While almost all households hold safe financial assets, a low share of households holds risky assets. The ownership rates of all asset categories generally increase with wealth (and income). The significance of inheritances for home ownership and holding of other real estate is remarkable. We tentatively link differences in asset holding patterns across countries to differences in institutions, such as mortgage market institutions and house price-to-rent ratios.
机译:使用欧元体系家庭金融和消费调查(HFCS)的第一波浪潮,这是一个有关15个欧元区国家的家庭资产负债表的大型微观数据集,本文探讨了家庭如何分配资产。我们得出关于资产参与以及资产持有水平的风格化事实,并研究家庭特征与资产持有模式之间的系统关系。实际资产占总资产的大部分。尽管各国之间主要住所的所有权差异很大,但主要住所的价值往往是房主的主要资产,并且在所有国家中占总资产的很大一部分。尽管几乎所有家庭都拥有安全的金融资产,但只有极少数的家庭拥有风险资产。所有资产类别的拥有率通常随财富(和收入)增加。继承对于房屋所有权和持有其他房地产的意义十分重大。我们尝试将各国资产持有方式的差异与机构的差异联系起来,例如抵押市场机构和房屋价格/租金比率。

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