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The Structure of Household Financial Assets in Developed Countries
[Struktura finančních aktiv domácností ve vyspělých státech]

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  • Petr Musílek

Abstract

This paper analyzes the different approaches to the allocation of household savings in selected developed countries. We discuss not only the essential characteristics of financial instruments, but attention is also devoted to the analysis of the structure of household financial assets in the US, UK, Germany, Italy and Japan. Finally, the article explores the most important factors that cause the structure of the financial assets of households in developed countries. To sum up, among the main factors having influence on structure of households´ financial portfolios in the analyzed countries belong: total value of their assets and income, returns volatility of financial instruments, risk aversion and liquidity of financial instruments, chosen model of the pension system, demographic structure, effective protection of the rights of outside investors, financial literacy and traditional behavior patterns of the population.

Suggested Citation

  • Petr Musílek, 2015. "The Structure of Household Financial Assets in Developed Countries [Struktura finančních aktiv domácností ve vyspělých státech]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2015(2), pages 7-22.
    • Handle: RePEc:prg:jnlcfu:v:2015:y:2015:i:2:id:441:p:7-22
    DOI: 10.18267/j.cfuc.441
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    References listed on IDEAS

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    1. John Y. Campbell, 2006. "Household Finance," Journal of Finance, American Finance Association, vol. 61(4), pages 1553-1604, August.
    2. Jessica A. Wachter & Motohiro Yogo, 2010. "Why Do Household Portfolio Shares Rise in Wealth?," The Review of Financial Studies, Society for Financial Studies, vol. 23(11), pages 3929-3965, November.
    3. Carol C. Bertaut & Martha Starr-McCluer, 2000. "Household portfolios in the United States," Finance and Economics Discussion Series 2000-26, Board of Governors of the Federal Reserve System (U.S.).
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Bank Deposits; Securities; Pension Funds; Life Insurance; Bankovní depozita; Cenné papíry; Penzijní fondy; Životní pojištění;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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