Autori
Ventura, LuigiGrande, GiuseppeTitolo
Labor Income and Risky Assets under Market Incompleteness: Evidence from Italian DataPeriodico
Banca d'Italia. Temi di discussioneAnno:
2001 - Volume:
3 - Fascicolo:
399 - Pagina iniziale:
1Theory suggests that uninsurable income risk induces individuals to accumulate assets as a precautionary reserve of value. Most assets, however, bear rate of return risk, that can be diversified only if every asset is traded by a large number of individuals and arbitrage is frictionless. Using Italian micro-data, we find evidence of income and asset risks that affect consumption. Italian households are particularly well insured against illness but not against job losses. Moreover, we detect a positive, yet weak, effect of asset holding on the variability
of consumption streams across households.
Testo completo:
http://www.bancaditalia.it/pubblicazioni/temidi/td399/tema_399_01.pdfEsportazione dati in Refworks (solo per utenti abilitati)
Record salvabile in Zotero