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Etude du comportement de l'épargnant français vis-à-vis des liquidités : 1971-1981

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  • Thierry Chauveau
  • Patrick Frochen

Abstract

[eng] French households and liquid assets (1971-1981) . Thierry Chauveau, Patrick Frochen. This paper deals with the allocation made by French households between several assetfi constituting M 3. It is suggested that the fluctuations of the composition of M 3 in mainly due to thé behaviour of the richer households who are sensitive to thé after-tax rates of return of the different assets and to several institutional variables such as ceilings limitating deports... The regular decrease of M 1 relatively to M 3 appears to be linked with financial innovation, modification of habits or the increase of the ratio wealth/income. Moreover, total optimal portfolio allocation rather than marginal optimal allocation seems to characterize the behaviour of French households. [fre] Ce travail est consacré à une étude des arbitrages effectués par les ménages français entre les divers actifs constituant M 3. L'économétrie suggère que les particuliers les plus favorisés sont à l'origine des fluctuations de la composition de M 3. Ainsi les taux après impôt et des variables institutionnelles (seuils, plafonds) expliquent-ils l'évolution de la part de chaque actif. L'apparition d'un produit nouveau, les habi­tudes du public, ou une tendance à l'augmentation du rapport (richesse/revenu) rendent également compte de la décroissance régulière de M 1 au profit de l'épargne logement et des livrets « A ». Le public semble réallouer à chaque période son portefeuille de liquidités, ce qui distingue ces actifs des titres pour lesquels une allocation marginale du portefeuille est souvent postulée.

Suggested Citation

  • Thierry Chauveau & Patrick Frochen, 1983. "Etude du comportement de l'épargnant français vis-à-vis des liquidités : 1971-1981," Revue Économique, Programme National Persée, vol. 34(1), pages 152-181.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1983_num_34_1_408708
    DOI: 10.3406/reco.1983.408708
    Note: DOI:10.3406/reco.1983.408708
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    References listed on IDEAS

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    1. Friedman, Benjamin Morton, 1977. "Financial Flow Variables and the Short-Run Determination of Long-Term Interest Rates," Scholarly Articles 4554309, Harvard University Department of Economics.
    2. Ladenson, Mark L, 1971. "Pitfalls in Financial Model Building: Some Extensions," American Economic Review, American Economic Association, vol. 61(1), pages 179-186, March.
    3. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
    4. William C. Brainard & James Tobin, 1968. "Pitfalls in Financial Model-Building," Cowles Foundation Discussion Papers 244, Cowles Foundation for Research in Economics, Yale University.
    5. Jean Baby, 1979. "Le comportement des détenteurs des livrets «A» des Caisses d'épargne," Économie et Prévision, Programme National Persée, vol. 38(1), pages 3-15.
    6. Friedman, Benjamin M, 1977. "Financial Flow Variables and the Short-Run Determination of Long-Term Interest Rates," Journal of Political Economy, University of Chicago Press, vol. 85(4), pages 661-689, August.
    7. Catherine Lapierre-Donzel, 1977. "Un modèle de comportement des ménages," Économie et Prévision, Programme National Persée, vol. 30(1), pages 3-21.
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