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Épargne des ménages, choix de portefeuille et fiscalité en France

Author

Listed:
  • Patrick Artus
  • Florence Legros
  • Éric Bleuze
  • Jean-Paul Nicolaï

Abstract

[fre] Epargne des ménages choix de portefeuille et fiscalité en France. . On analyse les déterminants des comportements de consommation et de choix de portefeuille des ménages français. On s'intéresse en particulier aux conséquences des différentes mesures fiscales, à l'hypothèse de neutralité ricardienne et à la prise en compte du risque. Les implications des résultats pour les politiques monétaires et fiscales sont examinées. Le taux d'épargne des ménages dépend apparemment fort peu des incitations fiscales ou réglementaires, du développement des moyens nouveaux de gestion de la trésorerie des particuliers (OPCVM), du développement du crédit à court terme ou de la politique monétaire. Il répond aux développements macro-économiques (croissance de la richesse et des revenus, inflation). Le partage du patrimoine des ménages ne dépend pas non plus des mesures incitatives ou de la fiscalité. Il varie avec les taux de rendement des actifs, le poids accordé aux plus- ou moins-values en capital étant différent d'un actif à l'autre. [eng] Households' savings, portfolio choices and tax policy in France . . The determinants of french households' consumption and portfolio composition decisions are examined. A particular attention is given to the assumption of ricardian neutrality, to the analysis of the effects of varions tax mesasures and the way risk is perceived. The implications of the results for fiscal and monetary poh'cies are discussed. The households' savings ratio depends apparently very little on fiscal incentives, on the development of mutual funds or of the short-term consummer credit, or on interest rates. It responds to macroeconomic developments (growth of wealth and disponible income, inflation). The allocation of households wealth between its different components does not itself depend on incentive measures or on fiscality. It varies with the yields on the different assets, the weight given to the capital gains or losses being asset specific.

Suggested Citation

  • Patrick Artus & Florence Legros & Éric Bleuze & Jean-Paul Nicolaï, 1991. "Épargne des ménages, choix de portefeuille et fiscalité en France," Revue Économique, Programme National Persée, vol. 42(4), pages 663-700.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1991_num_42_4_409300
    DOI: 10.3406/reco.1991.409300
    Note: DOI:10.3406/reco.1991.409300
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    1. Roland Ricart, 1994. "Choix de portefeuille des ménages et actifs à faible risque : une évaluation de la déréglementation des marchés financiers," Revue Économique, Programme National Persée, vol. 45(6), pages 1401-1422.
    2. Kuzina Olga & Roshchina Yana, 2000. "Modelling the Saving Behavior of Households in Russia," EERC Working Paper Series 98-041e, EERC Research Network, Russia and CIS.

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