Investment choice and asset allocation of Italian households: the discrete-continuous approach

Matteo Ricciarelli

Applied Economics, 2009, vol. 43, issue 6, 651-662

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 article, from intertemporal settings, I derive a Financial Almost Ideal (FAI) Demand System and I estimate it by highlighting the determinants of both limited participation to financial markets and asset substitutability/complementarity in the allocating stage. Finally, the wealth elasticities provide some further insights on the low diffusion of the newer and more complex financial instruments across Italian households.

Date: 2009
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DOI: 10.1080/00036840802599800

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