Dominik Boddin , Daniel Marcel te Kaat , Chang Ma , Alessandro Rebucci
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引用次数: 0
摘要
在本文中,我们证明了欧洲危机高峰前后的跨境投资组合流动促使家庭重新平衡其投资组合,转向住房。根据欧洲央行《家庭金融与消费调查》(household Finance and Consumption Survey)的家庭数据,对德拉吉2012年7月“不惜一切代价”演讲前后的差异回归进行估计,我们发现,投资组合流入促使持有更多债券和股票的家庭更强烈地向住房再平衡。这种影响不是由治疗前更高的信贷获得率或治疗期间更高的信贷增长所驱动的,而是对富裕和不太厌恶风险的家庭更为强烈。
In this paper, we show that cross-border portfolio flows around the peak of the European Crisis induced households to rebalance their portfolios towards housing. Estimating difference-in-differences regressions around Draghi’s “Whatever It Takes” speech in July 2012 with household data from the ECB’s Household Finance and Consumption Survey, we find that portfolio inflows induce households with larger ex-ante bond and equity shares to rebalance more strongly towards housing. The effect is not driven by higher pre-treatment access to credit or higher credit growth during the treatment period and is stronger for wealthier and less risk-averse households.
期刊介绍:
The European Economic Review (EER) started publishing in 1969 as the first research journal specifically aiming to contribute to the development and application of economics as a science in Europe. As a broad-based professional and international journal, the EER welcomes submissions of applied and theoretical research papers in all fields of economics. The aim of the EER is to contribute to the development of the science of economics and its applications, as well as to improve communication between academic researchers, teachers and policy makers across the European continent and beyond.