Abstract:
This paper introduces a two-period OLG model which encompasses heterogeneous households and risky markets with different participation costs, it discusses the wealth effect of households’ risky asset allocation under different participation costs. Based on the Oaxaca-Blinder decomposition method, this paper utilizes CHFS 2011 data to prove the prediction of the model: from low wealth level, households first prefer indirect participation in risky asset, and will increase their direct participation as households’ wealth accumulates.
徐佳, 谭娅. 中国家庭金融资产配置及动态调整[J]. 金融研究, 2016, 438(12): 95-110.
XU Jia, TAN Ya. The Dynamic Adjustment of Chinese Households’ Financial Asset Allocation. Journal of Financial Research, 2016, 438(12): 95-110.
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