Les Français sont-ils prudents? Patrimoine et risque sur le marché du travail
Les Français sont-ils prudents? Patrimoine et risque sur le marché du travail
Precautionary savings have been advanced as one of the main drivers of wealth accumulation. However its quantification remains elusive: simulation methods that calibrate life-cycle models on income data find a 50% share of precautionary assets in total assets, while econometric studies suggest a range of 1-20%. Our study quantifies the precautionary saving motive from the INSEE’s 2004 Household Assets Survey exploiting variation in individual responses to questions eliciting quantitatively the subjective evolution of household income risk over a five year horizon, including the probability of losing one’s job. The precautionary-saving motive seldom exceeds 10% of financial/total wealth
27-53
Arrondel, Luc
51a6cd5b-0df0-453f-b29e-09fd5dee03fa
Calvo Pardo, Hector
07a586f0-48ec-4049-932e-fb9fc575f59f
2008
Arrondel, Luc
51a6cd5b-0df0-453f-b29e-09fd5dee03fa
Calvo Pardo, Hector
07a586f0-48ec-4049-932e-fb9fc575f59f
Arrondel, Luc and Calvo Pardo, Hector
(2008)
Les Français sont-ils prudents? Patrimoine et risque sur le marché du travail.
Economie et Statistique, 417, .
(doi:10.3406/estat.2008.7687).
Abstract
Precautionary savings have been advanced as one of the main drivers of wealth accumulation. However its quantification remains elusive: simulation methods that calibrate life-cycle models on income data find a 50% share of precautionary assets in total assets, while econometric studies suggest a range of 1-20%. Our study quantifies the precautionary saving motive from the INSEE’s 2004 Household Assets Survey exploiting variation in individual responses to questions eliciting quantitatively the subjective evolution of household income risk over a five year horizon, including the probability of losing one’s job. The precautionary-saving motive seldom exceeds 10% of financial/total wealth
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Published date: 2008
Organisations:
Economics
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Local EPrints ID: 150189
URI: http://eprints.soton.ac.uk/id/eprint/150189
PURE UUID: 1e19f984-da89-41f5-8275-12d5d93562d5
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Date deposited: 10 May 2010 09:22
Last modified: 14 Mar 2024 02:51
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Author:
Luc Arrondel
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