Economic Integration and Mature Portfolios

Dimitris Christelis, Dimitris Georgarakos (georgarakos@wiwi.uni-frankfurt.de) and Michael Haliassos
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Dimitris Georgarakos: Goethe University Frankfurt and CFS, http://www.finance.uni-frankfurt.de/

CSEF Working Papers from Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy

Abstract: We use cross-country micro-data and counterfactual methods to document international differences in ownership and holdings of stocks, private businesses, homes, and mortgages among older households in thirteen countries. We decompose these differences into two parts, related to population characteristics and economic environments. Shortly prior to the recent financial crisis, US households tended to invest more in stocks and less in homes, and to have larger mortgages than Europeans of similar characteristics. Differences in ownership and amounts are primarily linked to differences in economic environments that are more pronounced among European countries than among US regions, suggesting considerable potential for harmonization.

Keywords: Household finance; aging; stockholding; private business; housing; mortgages; counterfactual decompositions. (search for similar items in EconPapers)
Date: 2008-02-01, Revised 2013-01-23
New Economics Papers: this item is included in nep-eec
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Citations: View citations in EconPapers (9)

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Working Paper: Economic integration and mature portfolios (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:sef:csefwp:194

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