Stockholding in France

Luc Arrondel and André Masson ()

DELTA Working Papers from DELTA (Ecole normale supérieure)

Abstract: In France like in other European countries, the past fifteen years has been a time of drastic financial markets developments due mainly to greater international integration and coordination (in response to European Union directives), financial liberalization (in particular the privatization of public services), and product innovation (especially the rise of retirement accounts –PEP- and life insurance). One of the most striking results has been the quick adjustment of households' behaviors to this new financial context, especially through the increasing share of stocks in portfolios and the diffusion of retirement accounts. In the middle of the eighties, only some 7 percent of French households own stocks directly to compare with around 17 percent of stockholders in 2000. For life insurance and retirement accounts, the rate of ownership has gone up, over the same period, from around 30 percent to around 47 percent of households. In this paper, we study portfolio choice decisions of French households concerning stockholding.

Date: 2002
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Published in Stockholding in Europe, Edited by Luigi Guiso, Michael Haliassos and Tullio Jappelli, Palgrave Macmillan Publishers, 2003, pp. 75-109.

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