06453oam 22016454 450 991082631810332120240410162651.01-4623-4477-11-4527-4410-61-283-51563-61-4519-0826-19786613828088(CKB)3360000000443736(EBL)3014451(SSID)ssj0000940707(PQKBManifestationID)11494005(PQKBTitleCode)TC0000940707(PQKBWorkID)10948715(PQKB)10051504(OCoLC)694141113(MiAaPQ)EBC3014451(IMF)WPIEE2006030(EXLCZ)99336000000044373620020129d2006 uf 0engurcn|||||||||txtccrWealth Effects in Europe : A Tale of Two Countries (Italy and the United Kingdom) /Sònia Muñoz1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (53 p.)IMF Working Papers"January 2006."1-4518-6290-3 Includes bibliographical references.""Contents""; ""I. Introduction""; ""II. Household Data on Wealth and Consumption""; ""III. Capital Markets in Europe and Household Portfolios""; ""IV. The Life-Cycle Model of Consumption""; ""V. The Basic Model""; ""VI. Empirical Results""; ""VII. Conclusion""; ""Appendix: Data and Constructed Variables ""; ""References""This paper investigates the increasing exposure of European households to risky financial assets and the consequent impact on the economy. I analyze household data for Italy and the United Kingdom, countries that differ dramatically in their financial structure and capital markets. I estimate an endogenous switching model with bivariate switching to overcome two important obstacles in this line of research, namely, the consumption Capital Asset Pricing Model Puzzle and the excess sensitivity puzzle. The results show that there are wealth effects in both countries. I find some evidence of liquidity constraints only in Italy and habit formation exclusively in the United Kingdom.IMF Working Papers; Working Paper ;No. 2006/030Capital marketGreat BritainEconometric modelsCapital marketItalyEconometric modelsConsumption (Economics)Great BritainEconometric modelsConsumption (Economics)ItalyEconometric modelsWealthGreat BritainEconometric modelsWealthItalyEconometric modelsFinance: GeneralimfInvestments: StocksimfMacroeconomicsimfMoney and Monetary PolicyimfMultiple or Simultaneous Equation Models: Models with Panel DataimfDiscrete Regression and Qualitative Choice ModelsimfDiscrete RegressorsimfProportionsimfConsumer Economics: Empirical AnalysisimfFinancial Markets and the MacroeconomyimfPortfolio ChoiceimfInvestment DecisionsimfMacroeconomics: ConsumptionimfSavingimfWealthimfAggregate Factor Income DistributionimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfGeneral Financial Markets: General (includes Measurement and Data)imfPrice LevelimfInflationimfDeflationimfFinanceimfInvestment & securitiesimfMonetary economicsimfConsumptionimfIncomeimfStocksimfLiquidityimfCapital marketsimfNational accountsimfFinancial institutionsimfAsset and liability managementimfFinancial marketsimfAsset pricesimfPricesimfEconomicsimfCapital marketimfItalyimfCapital marketEconometric models.Capital marketEconometric models.Consumption (Economics)Econometric models.Consumption (Economics)Econometric models.WealthEconometric models.WealthEconometric models.Finance: GeneralInvestments: StocksMacroeconomicsMoney and Monetary PolicyMultiple or Simultaneous Equation Models: Models with Panel DataDiscrete Regression and Qualitative Choice ModelsDiscrete RegressorsProportionsConsumer Economics: Empirical AnalysisFinancial Markets and the MacroeconomyPortfolio ChoiceInvestment DecisionsMacroeconomics: ConsumptionSavingWealthAggregate Factor Income DistributionPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsGeneral Financial Markets: General (includes Measurement and Data)Price LevelInflationDeflationFinanceInvestment & securitiesMonetary economicsConsumptionIncomeStocksLiquidityCapital marketsNational accountsFinancial institutionsAsset and liability managementFinancial marketsAsset pricesPricesEconomicsCapital marketMuñoz Sònia1603468International Monetary Fund.African Dept.DcWaIMFBOOK9910826318103321Wealth Effects in Europe4025972UNINA