Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/147731 
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Erscheinungsjahr: 
2014
Quellenangabe: 
[Journal:] Cogent Economics & Finance [ISSN:] 2332-2039 [Volume:] 2 [Issue:] 1 [Publisher:] Taylor & Francis [Place:] Abingdon [Year:] 2014 [Pages:] 2-12
Verlag: 
Taylor & Francis, Abingdon
Zusammenfassung: 
We study the household portfolio allocation in an economy with a history of nominal anchor volatility. Applying smooth ambiguity preferences to a static portfolio choice problem, we rationalize two facts about the Argentine experience of the last 20 years: the dollarization of household financial assets and its bias towards investment real estate as a means of preserving the real value of wealth. We find that ambiguity explains portfolio dollarization. In addition, ambiguity aversion reduces the demand for assets denominated in US dollars and increases the demand for investment real estate.
Schlagwörter: 
ambiguity
ambiguity aversion
Argentina
dollarization
investment real estate
stores of value
JEL: 
G10
G11
D1
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