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Household investments through Italian asset management products

Author

Listed:
  • Andrea Cardillo

    (Bank of Italy)

  • Massimo Coletta

    (Bank of Italy)

Abstract

This study is the first to analyse the portfolio investments underlying the Italian asset management products held by Italian households in the period 2014-2016. The indirect portfolio is primarily composed of Italian government bonds, while the proportion of Italian corporate bonds and shares is negligible. The share of the bonds and equities issued by foreign intermediaries and firms rose over the three years: at the end of 2016, Italian households were investing a greater amount indirectly in French and US non-financial corporations than in Italian non-financial corporations. The reclassification of indirect investments leads to an increase in the share of Italian government bonds and investments in foreign debt securities and mutual funds shares in Italian households� total financial assets.

Suggested Citation

  • Andrea Cardillo & Massimo Coletta, 2017. "Household investments through Italian asset management products," Questioni di Economia e Finanza (Occasional Papers) 409, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_409_17
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2017-0409/QEF_409.pdf
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    Cited by:

    1. Valerio Della Corte & Stefano Federico & Alberto Felettigh, 2019. "Looking through cross-border positions in investment funds: evidence from Italy," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Are post-crisis statistical initiatives completed?, volume 49, Bank for International Settlements.
    2. Massimo Coletta & Raffaele Santioni, 2019. "Households' investments in foreign mutual funds made transparent," Questioni di Economia e Finanza (Occasional Papers) 533, Bank of Italy, Economic Research and International Relations Area.

    More about this item

    Keywords

    asset management products; households portfolio; look-throug approach;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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