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dc.contributor.authorChristelis, Dimitrisen_US
dc.contributor.authorGeorgarakos, Dimitrisen_US
dc.contributor.authorHaliassos, Michaelen_US
dc.date.accessioned2008-03-12en_US
dc.date.accessioned2009-07-24T13:48:39Z-
dc.date.available2009-07-24T13:48:39Z-
dc.date.issued2008en_US
dc.identifier.piurn:nbn:de:hebis:30-53229-
dc.identifier.urihttp://hdl.handle.net/10419/25540-
dc.description.abstractThis paper documents and studies sources of international differences in participation and holdings in stocks, private businesses, and homes among households aged 50+ in the US, England, and eleven continental European countries, using new internationally comparable, household-level data. With greater integration of asset and labor markets and policies, households of given characteristics should be holding more similar portfolios for old age. We decompose observed differences across the Atlantic, within the US, and within Europe into those arising from differences: a) in the distribution of characteristics and b) in the influence of given characteristics. We find that US households are generally more likely to own these assets than their European counterparts. However, European asset owners tend to hold smaller real, PPP-adjusted amounts in stocks and larger in private businesses and primary residence than US owners at comparable points in the distribution of holdings, even controlling for differences in configuration of characteristics. Differences in characteristics often play minimal or no role. Differences in market conditions are much more pronounced among European countries than among US regions, suggesting significant potential for further integration.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2008/05en_US
dc.subject.jelG21en_US
dc.subject.jelE23en_US
dc.subject.ddc330en_US
dc.subject.keywordIntegrationen_US
dc.subject.keywordAgingen_US
dc.subject.keywordHousehold Portfoliosen_US
dc.subject.keywordStockholdingen_US
dc.subject.keywordPrivate Businessen_US
dc.subject.keywordHousingen_US
dc.subject.keywordCounterfactual Decompositionsen_US
dc.subject.keywordQuantile Regressionen_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwPortfolio-Managementen_US
dc.subject.stwInternationaler Finanzmarkten_US
dc.subject.stwMarktintegrationen_US
dc.subject.stwVergleichen_US
dc.subject.stwUSAen_US
dc.subject.stwEU-Staatenen_US
dc.titleEconomic integration and mature portfoliosen_US
dc.typeWorking Paperen_US
dc.identifier.ppn559762461en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:cfswop:200805-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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