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Household portfolios in Germany

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  • Börsch-Supan, Axel
  • Eymann, Angelika
Abstract
This paper describes portfolio choices of German households in the 1980s and 1990s, presenting stylized facts and analyzing recent trends in asset ownership rates and asset shares on the basis of financial accounts and survey data. We correlate socio-demographic household characteristics with asset shares and ownership and examine how German households have adjusted their asset portfolios in response to policy changes. A particular focus is on the effects of German reunification and the portfolio adjustments of East German households during the transition process.

Suggested Citation

  • Börsch-Supan, Axel & Eymann, Angelika, 2000. "Household portfolios in Germany," Papers 00-15, Sonderforschungsbreich 504.
    • Handle: RePEc:mnh:spaper:2830
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    References listed on IDEAS

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    1. Borsch-Supan, Axel & Stahl, Konrad, 1991. "Do savings programs dedicated to home-ownership increase personal savings? : An analysis of the West German Bausparkassen system," Journal of Public Economics, Elsevier, vol. 44(3), pages 265-297, April.
    2. Bertaut, Carol C. & Haliassos, Michael, 1997. "Precautionary portfolio behavior from a life-cycle perspective," Journal of Economic Dynamics and Control, Elsevier, vol. 21(8-9), pages 1511-1542, June.
    3. Stefan Hochguertel & Rob Alessie & Arthur Van Soest, 1997. "Saving Accounts versus Stocks and Bonds in Household Portfolio Allocation," Scandinavian Journal of Economics, Wiley Blackwell, vol. 99(1), pages 81-97, March.
    4. Guiso, Luigi & Jappelli, Tullio & Terlizzese, Daniele, 1996. "Income Risk, Borrowing Constraints, and Portfolio Choice," American Economic Review, American Economic Association, vol. 86(1), pages 158-172, March.
    5. Börsch-Supan, Axel & Winter, Joachim, 1999. "Pension reform, savings behavior and corporate governance," Papers 99-48, Sonderforschungsbreich 504.
    6. Carol C. Bertaut, 1998. "Stockholding Behavior Of U.S. Households: Evidence From The 1983-1989 Survey Of Consumer Finances," The Review of Economics and Statistics, MIT Press, vol. 80(2), pages 263-275, May.
    7. Bodie, Zvi & Merton, Robert C. & Samuelson, William F., 1992. "Labor supply flexibility and portfolio choice in a life cycle model," Journal of Economic Dynamics and Control, Elsevier, vol. 16(3-4), pages 427-449.
    8. Haliassos, Michael & Bertaut, Carol C, 1995. "Why Do So Few Hold Stocks?," Economic Journal, Royal Economic Society, vol. 105(432), pages 1110-1129, September.
    9. Börsch-Supan, Axel & Reil-Held, Anette & Rodepeter, Ralf & Schnabel, Reinhold & Winter, Joachim, 1999. "Ersparnisbildung in Deutschland : Meßkonzepte und Ergebnisse auf Basis der EVS," Papers 99-02, Sonderforschungsbreich 504.
    10. James M. Poterba & Andrew Samwick, 2001. "Household Portfolio Allocation over the Life Cycle," NBER Chapters, in: Aging Issues in the United States and Japan, pages 65-104, National Bureau of Economic Research, Inc.
    11. Lang, Oliver & Nohrba[ss], Karl-Heinz & Stahl, Konrad, 1997. "On income tax avoidance: the case of Germany," Journal of Public Economics, Elsevier, vol. 66(2), pages 327-347, November.
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    Cited by:

    1. Nataliya Barasinska & Dorothea Schäfer & Andreas Stephan, 2008. "Financial Risk Aversion and Household Asset Diversification," Discussion Papers of DIW Berlin 807, DIW Berlin, German Institute for Economic Research.
    2. Borsch-Supan, Axel & Reil-Held, Anette & Rodepeter, Ralf & Schnabel, Reinhold & Winter, Joachim, 2001. "The German Savings Puzzle," Research in Economics, Elsevier, vol. 55(1), pages 15-38, March.
    3. Michael Haliassos & Alexander Michaelides, 2003. "Portfolio Choice and Liquidity Constraints," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(1), pages 143-177, February.
    4. Mathias Sommer, 2005. "Trends in German households’ portfolio behavior - assessing the importance of age- and cohort-effects," MEA discussion paper series 05082, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    5. Börsch-Supan, Axel, 2002. "International Comparison of Household Savings Behaviour: The German Savings Puzzle," MEA discussion paper series 02006, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    6. Daniel Dorn & Gur Huberman, 2005. "Talk and Action: What Individual Investors Say and What They Do," Review of Finance, Springer, vol. 9(4), pages 437-481, December.
    7. Barasinska, Nataliya & Schäfer, Dorothea & Stephan, Andreas, 2012. "Individual risk attitudes and the composition of financial portfolios: Evidence from German household portfolios," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(1), pages 1-14.
    8. Schüssler, Reinhard & Funke, Claudia, 2002. "Vermögensbildung und Vermögensverteilung: Der Prozess der Vermögensbildung und die Vermögensverteilung bei den Privaten Haushalten in Deutschland. Analyse und Zukunftsszenarien," Study / edition der Hans-Böckler-Stiftung, Hans-Böckler-Stiftung, Düsseldorf, volume 74, number 74, March.
    9. Axel H. Boersch-Supan & Joachim K. Winter, 2001. "Population Aging, Savings Behavior and Capital Markets," NBER Working Papers 8561, National Bureau of Economic Research, Inc.
    10. Singer, Nico, 2011. "A behavioral portfolio analysis of retirement portfolios," Thuenen-Series of Applied Economic Theory 104, University of Rostock, Institute of Economics.
    11. Dorothea Schäfer & Michael Stöckel & Henriette Weser, 2020. "Crisis Impact on the Diversity of Financial Portfolios: Evidence from European Citizens," Discussion Papers of DIW Berlin 1899, DIW Berlin, German Institute for Economic Research.
    12. Becker, Gideon & Dimpfl, Thomas, 2014. "Labor income risk and the reluctance of fouseholds to invest in risky financial assets: A panel data analysis," University of Tübingen Working Papers in Business and Economics 72, University of Tuebingen, Faculty of Economics and Social Sciences, School of Business and Economics.
    13. van der Hoek, M. Peter & Radloff, Sarah. E., 2007. "Taxing owner-occupied housing: comparing the Netherlands to other European Union countries," MPRA Paper 5876, University Library of Munich, Germany.

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