Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/154155 
Year of Publication: 
2014
Series/Report no.: 
ECB Working Paper No. 1722
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
Using the first wave of the Eurosystem Household Finance and Consumption Survey (HFCS), a large micro-level dataset on households’ balance sheets in 15 euro area countries, this paper explores how households allocate their assets. We derive stylised facts on asset participation as well as levels of asset holdings and investigate the systematic relationships between household characteristics and asset holding patterns. Real assets make up the bulk of total assets. Whereas ownership of the main residence varies strongly between countries, the value of the main residence tends to be the major asset for homeowners and represents a significant part of total assets in all countries. While almost all households hold safe financial assets, a low share of households holds risky assets. The ownership rates of all asset categories generally increase with wealth (and income). The significance of inheritances for home ownership and holding of other real estate is remarkable. We tentatively link differences in asset holding patterns across countries to differences in institutions, such as mortgage market institutions and house price-to-rent ratios.
Subjects: 
cross-country comparisons
household financial decisions
individual portfolio choice
real and financial assets
JEL: 
D1
D3
ISBN: 
978-92-899-1130-6
Document Type: 
Working Paper

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