This paper discusses the financial sustainability of demand-led growth models. We assume a supermultiplier growth model in which household consumption is the autonomous component of demand that drives growth and discuss the financial sustainability of such dynamics of growth from the perspective...

We develop a structural econometric model to elicit household-specific expectations about future financial asset returns and risk attitudes by using data on observed portfolio holdings and self-assessed willingness to bear financial risk. Our framework assumes that household portfolios are...

Die Anlage in Aktien spielt in der bankbasierten Ökonomie Deutschlands eine weitaus geringere Rolle als in den marktbasierten USA. Das sich hierin widerspiegelnde anders geartete Risikoverhalten ist nur vor dem Hintergrund unterschiedlicher kultureller Kontexte zu verstehen. Die Deutschen sind...

We use the 1979 National Longitudinal Survey of Youth to revisit what is termed the credit card debt puzzle: why consumers simultaneously co-hold high-interest credit card debt and lowinterest assets that could be used to pay down this debt. This dataset contains unique information on...

Die Anlage in Aktien spielt in der bankbasierten Ökonomie Deutschlands eine weitaus geringere Rolle als in den marktbasierten USA. Das sich hierin widerspiegelnde anders geartete Risikoverhalten ist nur vor dem Hintergrund unterschiedlicher kultureller Kontexte zu verstehen. Die Deutschen sind...

This paper investigates the degree of risk sharing across households in China with heterogeneous risk and time preferences from the late 1990s to early 2010s. Standard tests assume homogeneous preferences across households, which may bias the true risk sharing degree if, in reality, preferences...

This paper explores risk aversion among Australian households using panel data from the Household Income and Labour Dynamics in Australia (HILDA) survey. Using households' share of risky assets, we test whether relative risk aversion is constant in wealth. After accounting for measurement error,...

This paper explores risk aversion among Australian households using panel data from the Household Income and Labour Dynamics in Australia (HILDA) survey. Using households' share of risky assets, we test whether relative risk aversion is constant in wealth. After accounting for measurement error,...