Are "Risky Assets" Substitutes for "Monetary Assets"?

Leigh Drake, Adrian R Fleissig and Andy Mullineux

Economic Inquiry, 1999, vol. 37, issue 3, 510-26

Abstract: The paper uses an asymptotically ideal model to estimate substitution elasticities between financial assets held by the U.K. personal sector. An important innovation is to extend the range of assets to include "risky" assets as well as capital certain monetary assets. The most significant result is the evidence of substitution between "risky" assets and "cash" assets. Also, as risk aversion increases substitution between "risky" assets and "cash" assets generally falls. Copyright 1999 by Oxford University Press.

Date: 1999
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