• Abstract
  • Non-technical summary
  • 1 Introduction
  • 2 A brief review of the literature
  • 3 Methodology Strategies
  • 3.1 DOLS
  • 3.2 IV/GMM
  • 4 Data
  • 5 Results and discussion
  • 6 Sensitivity analysis
  • 6.1 Net fi nancial wealth versus grosshousing wealth
  • 6.2 Gross fi nancial wealth versus nethousing wealth
  • 6.3 Dis(aggregate) fi nancial wealth versus(Dis)aggregate housing wealth
  • 7 Conclusion
  • References
  • Appendix
  • European Central Bank Working Paper Series