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Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe

Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015

withdrawal of employers and external insurers as risk bearers of systematic financial and longevity risks. Partly because of … pension: the Personal Pension with Risk sharing (PPR). By unbundling and valuing the investment, (dis)saving, insurance and … risk-sharing functions of pensions, PPRs allow risk management and (dis)saving to be customized to the specific features of …

Persistent link: https://www.econbiz.de/10011252616

How Much Can Financial Literacy Help?

Guiso, Luigi; Viviano, Eliana - C.E.P.R. Discussion Papers - 2013

We merge survey data on a sample of individual investors containing test-based measures of financial literacy with administrative records on their assets holding and trades before, during and after the financial crisis of September 2008. This dataset allows us to design three tests of the...

Persistent link: https://www.econbiz.de/10011083388

Financial Literacy and Savings Account Returns

Deuflhard, Florian; Georgarakos, Dimitris; Inderst, Roman - C.E.P.R. Discussion Papers - 2014

Savings accounts are owned by most households, but little is known about the performance of households’ investments. We create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data on account-specific interest rates and...

Persistent link: https://www.econbiz.de/10011083539

The home bias of the poor: Terms of trade effects and portfolios across the wealth distribution

Broer, Tobias - C.E.P.R. Discussion Papers - 2012

-country general equilibrium model to show that hedging of real exchange rate movements and non-financial income risk, commonly …

Persistent link: https://www.econbiz.de/10011083824

Is it money or brains? The determinants of intra-family decision power

Bertocchi, Graziella; Brunetti, Marianna; Torricelli, … - C.E.P.R. Discussion Papers - 2012

We empirically study the determinants of intra-household decision power with respect to economic and financial choices using a suitable direct measure provided in the 1989-2010 Bank of Italy Survey of Household Income and Wealth. Focusing on a sample of couples, we evaluate the effect of each...

Persistent link: https://www.econbiz.de/10011084102

Household Debt and Social Interactions

Georgarakos, Dimitris; Haliassos, Michalis; Pasini, Giacomo - C.E.P.R. Discussion Papers - 2012

Debt-induced crises, including the subprime crisis, are usually attributed exclusively to supply-side factors. We examine the role of social influences on debt culture, emanating from perceived average income of peers. Utilizing unique information from a household survey, representative of the...

Persistent link: https://www.econbiz.de/10011084156

The Elephant in the Ground: Managing Oil and Sovereign Wealth

Van Den Bremer, Ton; van der Ploeg, Frederick; Wills, Samuel - C.E.P.R. Discussion Papers - 2014

faster than the Hotelling rule to generate a risk premium on oil wealth. We then discuss how the management of Norway’s fund …

Persistent link: https://www.econbiz.de/10011084308

Asset Return Predictability in a Heterogeneous Agent Equilibrium Model

Carlson, Murray; Chapman, David A.; Kaniel, Ron; Yan, Hong - C.E.P.R. Discussion Papers - 2015

the risk/return trade-off within an optimizing setting that endogenizes return predictability. In the experiments that we …

Persistent link: https://www.econbiz.de/10011145396

Incompatible European Partners? Cultural Predispositions and Household Financial Behavior

Haliassos, Michael; Jansson, Thomas; Karabulut, Yigitcan - C.E.P.R. Discussion Papers - 2014

The Eurozone fiscal crisis has created pressure for institutional harmonization, but skeptics argue that cultural predispositions can prevent convergence in behavior. Our paper derives a robust cultural classification of European countries and utilizes unique data on natives and immigrants....

Persistent link: https://www.econbiz.de/10011145436

Portfolio Inertia and Stock Market Fluctuations

Bilias, Yannis; Georgarakos, Dimitris; Haliassos, Michalis - C.E.P.R. Discussion Papers - 2009

Existing studies of household stock trading using administrative data offer conflicting results: discount brokerage accounts exhibit excessive trading, while retirement accounts show inactivity. This paper uses population-wide data from PSID and SCF to examine the overall extent of household...

Persistent link: https://www.econbiz.de/10004990851