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Renditen privater Haushalte nach Vermögensgruppen — Deutschland versus Österreich
[Real Returns of Private Households with Different Financial Assets — A Comparison of Germany and Austria]

Author

Listed:
  • Michael Andreasch
  • Marc Peter Radke

    (Hochschule Furtwangen)

  • Manuel Rupprecht

    (Fachhochschule Münster)

Abstract

Zusammenfassung Sparer mit niedrigen Vermögen leiden unter der Geldpolitik der EZB besonders stark, wird häufig kritisiert. Deshalb untersuchen die Autoren die realen Renditen, die deutsche und österreichische Haushalte verschiedener finanzieller Vermögensgruppen in Zeiten extrem niedriger Zinssätze erzielen. In allen Gruppen gingen die Renditen zurück, allerdings weniger deutlich als angenommen. Außerdem zeigt sich, dass reiche Haushalte besonders betroffen sind, auch wenn ihre Renditen heute noch höher liegen als die ärmerer Haushalte. Während die allgemeinen Entwicklungen ähnlich sind, ist das Ertragsniveau in Österreich durchweg niedriger als in Deutschland. Ursache dafür ist vor allem die unterschiedliche Vermögensstruktur. Die Wirtschaftspolitik sollte daher eine höhere Diversifizierung der Vermögenswerte anstreben und dies insbesondere für ärmere Haushalte, indem die finanzielle Bildung effektiv verbessert wird.

Suggested Citation

  • Michael Andreasch & Marc Peter Radke & Manuel Rupprecht, 2020. "Renditen privater Haushalte nach Vermögensgruppen — Deutschland versus Österreich [Real Returns of Private Households with Different Financial Assets — A Comparison of Germany and Austria]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 100(6), pages 446-453, June.
    • Handle: RePEc:spr:wirtsc:v:100:y:2020:i:6:d:10.1007_s10273-020-2679-2
    DOI: 10.1007/s10273-020-2679-2
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    References listed on IDEAS

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    1. Luc Arrondel & Laura Bartiloro & Pirmin Fessler & Peter Lindner & Thomas Y. Mathä & Cristiana Rampazzi & Frédérique Savignac & Tobias Schmidt & Martin Schürz & Philip Vermeulen, 2016. "How Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption Survey," International Journal of Central Banking, International Journal of Central Banking, vol. 12(2), pages 129-220, June.
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    Cited by:

    1. Marc Peter Radke & Manuel Rupprecht, 2021. "Household Wealth: Low-Yielding and Poorly Structured?," JRFM, MDPI, vol. 14(3), pages 1-40, March.

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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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