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Italian Household Demand: Monetary Assets and Government Debt
Author:
International Monetary Fund
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Series:
IMF Working Papers
Volume/Issue:
Volume 1988: Issue 076
Language:
English
Publication Date:
01 Jan 1988
DOI:
https://doi.org/10.5089/9781451956962.001
ISBN:
9781451956962
ISSN:
1018-5941
Pages:
32
Keywords:
WP; utility function; opportunity cost; inflation rate; treasury credit certificate; consumer durables; asset substitution; Government securities; Inflation; Bank deposits; Liquidity
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The composition of Italian household wealth has undergone significant changes in the last decade, partly reflecting the growth of public debt and monetary policies aimed at encouraging its absorption by the household sector. Within a theoretical framework consistent with the “money in the utility function” approach, this paper investigates household preferences for liquidity services provided by short-term financial assets. In the attempt to explain the factors underlying those changes, the empirical analysis provides information on the pattern of substitution for the main components of financial wealth and permits analysis of a variety of government interventions in asset markets.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund