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Les choix de portefeuille des ménages en France

Published online by Cambridge University Press:  17 August 2016

Patrick Artus
Affiliation:
Caisse des Dépôts et Consignations
Eric Bleuze
Affiliation:
Caisse des Dépôts et Consignations
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Résumé

Après avoir exposé le modèle théorique de choix de portefeuille en avenir incertain, nous essayons de comprendre les choix de portefeuille des ménages en France de 1970 à 1986, en explicitant les divergences par rapport au modèle théorique. Nous retenons une agrégation en trois actifs: liquidités, obligations et actions, en supposant donnée l’épargne financière des ménages. Les principales questions auxquelles l’étude apporte des éléments de réponse sont: (i) Quelle perception ont les ménages de rendements des actions, en particulier des plus-ou moins-values potentielles? (ii) Quelles sont les motivations des ménages dans leur détention de parts OPCVM (organismes de placement collectif en valeurs mobilières: fonds communs de placement)? Ces parts d’OPCVM sont-elles un actif bien distinct des autres en terme de rendement et de risque? (iii) Quels sont les coûts d’ajustement perçus par les ménages? Portent-ils sur la richesse accumulée et/ou l’épargne nouvelle? (iv) Quel est le poids des variables institutionnelles?

Summary

Summary

After having presented the theoretical model for portfolio choices under uncertainty, we analyse those choices in the french case for the period 1970 to 1986. We consider three different assets: money, bonds and stocks, and adress the following issues: (i) How do households form their expectations of the yields on the various assets, specially of capital gains or losser? (ii) Are the shares of mutual funds considered as being really an asset different from the others? (iii) What kind of adjustment costs are households facing? Do they apply to total wealth or just to the flow of current savings? (iv) What is the effect of fiscal or institutional variables?

Keywords

Type
Research Article
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1989 

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References

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