LEADER 06453oam 22016454 450 001 9910826318103321 005 20240410162651.0 010 $a1-4623-4477-1 010 $a1-4527-4410-6 010 $a1-283-51563-6 010 $a1-4519-0826-1 010 $a9786613828088 035 $a(CKB)3360000000443736 035 $a(EBL)3014451 035 $a(SSID)ssj0000940707 035 $a(PQKBManifestationID)11494005 035 $a(PQKBTitleCode)TC0000940707 035 $a(PQKBWorkID)10948715 035 $a(PQKB)10051504 035 $a(OCoLC)694141113 035 $a(MiAaPQ)EBC3014451 035 $a(IMF)WPIEE2006030 035 $a(EXLCZ)993360000000443736 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aWealth Effects in Europe : $eA Tale of Two Countries (Italy and the United Kingdom) /$fSōnia Muņoz 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (53 p.) 225 1 $aIMF Working Papers 300 $a"January 2006." 311 $a1-4518-6290-3 320 $aIncludes bibliographical references. 327 $a""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"" 330 3 $aThis paper investigates the increasing exposure of European households to risky financial assets and the consequent impact on the economy. I analyze household data for Italy and the United Kingdom, countries that differ dramatically in their financial structure and capital markets. I estimate an endogenous switching model with bivariate switching to overcome two important obstacles in this line of research, namely, the consumption Capital Asset Pricing Model Puzzle and the excess sensitivity puzzle. The results show that there are wealth effects in both countries. I find some evidence of liquidity constraints only in Italy and habit formation exclusively in the United Kingdom. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/030 606 $aCapital market$zGreat Britain$xEconometric models 606 $aCapital market$zItaly$xEconometric models 606 $aConsumption (Economics)$zGreat Britain$xEconometric models 606 $aConsumption (Economics)$zItaly$xEconometric models 606 $aWealth$zGreat Britain$xEconometric models 606 $aWealth$zItaly$xEconometric models 606 $aFinance: General$2imf 606 $aInvestments: Stocks$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMultiple or Simultaneous Equation Models: Models with Panel Data$2imf 606 $aDiscrete Regression and Qualitative Choice Models$2imf 606 $aDiscrete Regressors$2imf 606 $aProportions$2imf 606 $aConsumer Economics: Empirical Analysis$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aPortfolio Choice$2imf 606 $aInvestment Decisions$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aAggregate Factor Income Distribution$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aPrice Level$2imf 606 $aInflation$2imf 606 $aDeflation$2imf 606 $aFinance$2imf 606 $aInvestment & securities$2imf 606 $aMonetary economics$2imf 606 $aConsumption$2imf 606 $aIncome$2imf 606 $aStocks$2imf 606 $aLiquidity$2imf 606 $aCapital markets$2imf 606 $aNational accounts$2imf 606 $aFinancial institutions$2imf 606 $aAsset and liability management$2imf 606 $aFinancial markets$2imf 606 $aAsset prices$2imf 606 $aPrices$2imf 606 $aEconomics$2imf 606 $aCapital market$2imf 607 $aItaly$2imf 615 0$aCapital market$xEconometric models. 615 0$aCapital market$xEconometric models. 615 0$aConsumption (Economics)$xEconometric models. 615 0$aConsumption (Economics)$xEconometric models. 615 0$aWealth$xEconometric models. 615 0$aWealth$xEconometric models. 615 7$aFinance: General 615 7$aInvestments: Stocks 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aMultiple or Simultaneous Equation Models: Models with Panel Data 615 7$aDiscrete Regression and Qualitative Choice Models 615 7$aDiscrete Regressors 615 7$aProportions 615 7$aConsumer Economics: Empirical Analysis 615 7$aFinancial Markets and the Macroeconomy 615 7$aPortfolio Choice 615 7$aInvestment Decisions 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aAggregate Factor Income Distribution 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aPrice Level 615 7$aInflation 615 7$aDeflation 615 7$aFinance 615 7$aInvestment & securities 615 7$aMonetary economics 615 7$aConsumption 615 7$aIncome 615 7$aStocks 615 7$aLiquidity 615 7$aCapital markets 615 7$aNational accounts 615 7$aFinancial institutions 615 7$aAsset and liability management 615 7$aFinancial markets 615 7$aAsset prices 615 7$aPrices 615 7$aEconomics 615 7$aCapital market 700 $aMuņoz$b Sōnia$01603468 712 02$aInternational Monetary Fund.$bAfrican Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910826318103321 996 $aWealth Effects in Europe$94025972 997 $aUNINA