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

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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.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036840802599800

Affiliations: Department of Economic and Institutions, University of Rome 'Tor Vergata', Rome, 00133 Italy

Publication date: March 1, 2011

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