IDEAS home Printed from https://ideas.repec.org/p/zbw/ifwkwp/262.html
   My bibliography  Save this paper

Das Verhalten der privaten Haushalte am Kapitalmarkt: Eine empirirische Analyse

Author

Listed:
  • Weichert, Ronald
  • Zietz, Joachim

Abstract

Gegenstand dieses Beitrages ist die empirische Analyse des Anlageverhaltens der privaten Haushalte in der Bundesrepublik Deutschland mit Hilfe eines vollständigen Nachfragesystems. In Anlehnung an die Arbeit von Taylor und Clements [1983] wird dazu auf das von Deaton und Muellbauer [1980] vorgeschlagene Almost Ideal Demand System (AIDS) zurückgegriffen. Im Gegensatz zu Modellen mit mehreren voneinander unabhängigen Gleichungen erlaubt die Schätzung eines Nachfragesystems, sämtliche relevanten Substitutionsbeziehungen zu berücksichtigen und entsprechende Elastizitäten zu schätzen. Auf dieser Grundlage können dann Aussagen über den Einfluß wirtschaftspolitischer Rahmenbedingungen auf die Struktur des Portefeuilles der privaten Haushalte gemacht werden. Ein besonderes Gewicht kommt in diesem Beitrag denjenigen Faktoren zu, welche die Nachfrage der Haushalte nach risikotragendem Beteiligungskapital, speziell Aktien, beeinflussen. Die Arbeit aktualisiert nicht nur die vorliegenden Untersuchungen, sondern geht über sie insofern hinaus, als nicht der gesamte nicht-finanzielle private Sektor, sondern speziell die privaten Haushalte untersucht werden und gleichzeitig eine größere Anzahl von Zinssätzen sowie das Vermögen als erklärende Variablen für die jeweiligen Anlageentscheidungen berücksichtigt werden.

Suggested Citation

  • Weichert, Ronald & Zietz, Joachim, 1986. "Das Verhalten der privaten Haushalte am Kapitalmarkt: Eine empirirische Analyse," Kiel Working Papers 262, Kiel Institute for the World Economy (IfW Kiel).
  • Handle: RePEc:zbw:ifwkwp:262
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/46771/1/255169744.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Zietz, Joachim & Weichert, Ronald, 1988. "A dynamic singular equation system of asset demand," European Economic Review, Elsevier, vol. 32(6), pages 1349-1357, July.
    2. Gordon Anderson & Richard Blundell, 1983. "Testing Restrictions in a Flexible Dynamic Demand System: An Application to Consumers' Expenditure in Canada," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 50(3), pages 397-410.
    3. Davidson, James E H, et al, 1978. "Econometric Modelling of the Aggregate Time-Series Relationship between Consumers' Expenditure and Income in the United Kingdom," Economic Journal, Royal Economic Society, vol. 88(352), pages 661-692, December.
    4. Taylor, John C. & Clements, Kenneth W., 1983. "A simple portfolio allocation model of financial wealth," European Economic Review, Elsevier, vol. 23(2), pages 241-251.
    5. King, Mervyn & Leape, Jonathan, 1985. "Wealth and Portfolio Composition: Theory and Evidence," CEPR Discussion Papers 43, C.E.P.R. Discussion Papers.
    6. William C. Brainard & James Tobin, 1968. "Pitfalls in Financial Model-Building," Cowles Foundation Discussion Papers 244, Cowles Foundation for Research in Economics, Yale University.
    7. Weichert, Ronald, 1985. "Mehr Risikokapital durch Erleichterung des Börsenzugangs für Unternehmen," Kiel Discussion Papers 116, Kiel Institute for the World Economy (IfW Kiel).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Syriopoulos, Theodore, 2002. "Risk aversion and portfolio allocation to mutual fund classes," International Review of Economics & Finance, Elsevier, vol. 11(4), pages 427-447.
    2. Richard Ochmann, 2014. "Differential income taxation and household asset allocation," Applied Economics, Taylor & Francis Journals, vol. 46(8), pages 880-894, March.
    3. Buhr, Brian Lee, 1992. "Economic impacts of growth promotants in the beef, pork and poultry industries," ISU General Staff Papers 1992010108000011369, Iowa State University, Department of Economics.
    4. Buhr, Brian L., 1993. "A Quarterly Econometric Simulation Model Of The U.S. Livestock And Meat Sector," Staff Papers 13465, University of Minnesota, Department of Applied Economics.
    5. Tomoe Moore & Christopher Green, 2005. "Other financial institutions' portfolio behaviour and policy implications: A study of India," International Economic Journal, Taylor & Francis Journals, vol. 19(4), pages 543-562.
    6. Feltenstein, Andrew & Iwata, Shigeru, 2002. "Why is it so hard to finance budget deficits? Problems of a developing country," Journal of Asian Economics, Elsevier, vol. 13(4), pages 531-544.
    7. Deschamps, Philippe J., 1998. "Full maximum likelihood estimation of dynamic demand models," Journal of Econometrics, Elsevier, vol. 82(2), pages 335-359, February.
    8. Richard Ochmann, 2013. "Asset demand in the financial AIDS portfolio model -- evidence from a major tax reform," Applied Financial Economics, Taylor & Francis Journals, vol. 23(8), pages 649-670, April.
    9. Philippe J. Deschamps, 2003. "Time-varying intercepts and equilibrium analysis: an extension of the dynamic almost ideal demand model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 18(2), pages 209-236.
    10. Sajjad Akhtar & Sajid Manzoor, 1994. "The Demand for Financial Assets in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 33(2), pages 135-146.
    11. D. Peter Broer & W. Jos Jansen, 1998. "Dynamic Portfolio Adjustment and Capital Controls: A Euler Equation Approach," Southern Economic Journal, John Wiley & Sons, vol. 64(4), pages 902-921, April.
    12. Kaninda Tshikala, Sam & Fonsah, Esendugue Greg, 2012. "Analysis of U.S. Demand for Imported Melons using a Dynamic Almost Ideal Demand System," 2012 Annual Meeting, February 4-7, 2012, Birmingham, Alabama 119779, Southern Agricultural Economics Association.
    13. Thomas I. Palley, 2008. "Endogenous Money: Implications for the Money Supply Process, Interest Rates, and Macroeconomics," Working Papers wp178, Political Economy Research Institute, University of Massachusetts at Amherst.
    14. Palumbo, Michael & Rudd, Jeremy & Whelan, Karl, 2006. "On the Relationships Between Real Consumption, Income, and Wealth," Journal of Business & Economic Statistics, American Statistical Association, vol. 24, pages 1-11, January.
    15. Alain Fonteneau, 1983. "Le modèle « OFCE-annuel»," Revue de l'OFCE, Programme National Persée, vol. 5(1), pages 53-79.
    16. Emrah Kocak & Hayriye Hilal Baglitas, 2022. "The path to sustainable municipal solid waste management: Do human development, energy efficiency, and income inequality matter?," Sustainable Development, John Wiley & Sons, Ltd., vol. 30(6), pages 1947-1962, December.
    17. Jaebeom Kim & Masao Ogaki & Minseok Yang, 2007. "Structural Error Correction Models: A System Method for Linear Rational Expectations Models and an Application to an Exchange Rate Model," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(8), pages 2057-2075, December.
    18. Laura Spierdijk & Sherrill Shaffer & Tim Considine, 2016. "Adapting to changing input prices in response to the crisis: The case of US commercial banks," CAMA Working Papers 2016-15, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    19. Tsang, Shu-ki & Ma, Yue, 1997. "Simulating the impact of foreign capital in an open-economy macroeconomic model of China," Economic Modelling, Elsevier, vol. 14(3), pages 435-478, July.
    20. Ciarlone, Alessio, 2011. "Housing wealth effect in emerging economies," Emerging Markets Review, Elsevier, vol. 12(4), pages 399-417.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:ifwkwp:262. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/iwkiede.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.