Autori: Ventura, Luigi, Grande, Giuseppe
Titolo: Labor Income and Risky Assets under Market Incompleteness: Evidence from Italian Data
Periodico: Banca d'Italia. Temi di discussione
Anno: 2001 - Volume: 3 - Fascicolo: 399 - Pagina iniziale: 1

Theory 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.pdf

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