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Household Portfolios : The MIT Press - Luigi Guiso

Household Portfolios

The MIT Press

By: Luigi Guiso (Editor), Michael Haliassos (Editor), Tullio Jappelli (Editor)

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Until recently, researchers in economics and finance paid relatively little attention to household portfolios. Reasons included the tendency of most households to hold simple portfolios, the inability of the dominant asset pricing models to account for household portfolio incompleteness, and the lack of detailed databases on household portfolios in many countries until the late 1980s or 1990s. Now, however, the analysis of household portfolios is emerging as a field of vigorous study.The eleven chapters in this collection provide an overview of current theoretical knowledge about the structure of household portfolios and compare predictions with empirical findings. The book describes the state-of-the-art tools of analytical, computational, and econometric investigation, as well as some of the key policy questions. It provides an original comparative analysis of household portfolios in countries for which detailed household-level data are available (the United States, the United Kingdom, Italy, Germany, and the Netherlands). Finally, it uses microdata for an in-depth study of the portfolio composition of population groups of special policy interest, such as the young, the elderly, and the rich.

Industry Reviews

"This book is a must for anyone who is contemplating research in the area of household portfolio analysis. It lucidly covers theoretical and econometric issues, and also provides empirical results from careful studies done using data from a number of countries."--Harvey Rosen, Department of Economics, Princeton University "Household Portfolios provides comprehensive coverage of the theory of household-portfolio selection and a wealth of new information on household portfolio composition across demographic groups and countries. Skillfully edited by Guiso, Haliassos, and Jappelli, three major contributors in the field, the book is a must read for the serious student of the demand and pricing of capital assets and of pension and social security reform."--George M. Constantinides, Leo Melamed Professor of Finance, University of Chicago

Introductionp. 1
Theoretical and Methodological Issuesp. 25
What Does Theory Have to Say About Household Portfolios?p. 27
Calibration and Computation of Household Portfolio Modelsp. 55
Taxation and Portfolio Structure: Issues and Implicationsp. 103
Econometric Issues in the Estimation of Household Portfolio Modelsp. 143
Issues and Trends in Household Portfoliosp. 179
Household Portfolios in the United Statesp. 181
Household Portfolios in the United Kingdomp. 219
Household Portfolios in Italyp. 251
Household Portfolios in Germanyp. 291
Household Portfolios in the Netherlandsp. 341
Portfolios of the Richp. 389
Portfolio Holdings of the Elderlyp. 431
Referencesp. 473
Indexp. 493
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780262072212
ISBN-10: 0262072211
Series: The MIT Press
Audience: Professional
For Ages: 18+ years old
Format: Hardcover
Language: English
Number Of Pages: 508
Published: 4th January 2002
Country of Publication: US
Dimensions (cm): 23.5 x 16.51  x 3.81
Weight (kg): 0.95