Asset formation by households during the financial crisis
基于比利时家庭金融行为调查数据，微观分析了金融危机对家庭资产形成的影响，发现家庭从股票转向银行存款和房地产，但部分家庭仍增加股票投资，房地产被视为安全资产。
The article presents a microeconomic analysis of asset formation by Belgian households and the impact which the financial crisis has had on that. For the first time, data from a survey of households’ financial behaviour are used. The survey data are a useful addition to the existing macroeconomic information. During the crisis, many households deserted equities in favour of bank accounts, and bank accounts in favour of real estate. On the other hand, there were some households which actually invested more in equities during this period. Many households also transferred funds between various bank accounts, and some households avoided particular assets altogether. The survey offers direct information on households’ attitudes to financial risk and demographic and socio-economic characteristics that play a role in these movements. Some specific portfolio choices which households have made since the beginning of the financial crisis can be pointed up. First, there were noticeably large numbers of transfers between accounts with financial institutions, probably partly owing to the mounting mistrust of such accounts and of certain financial institutions in particular. Secondly, positions in equities and equity funds were reduced in many cases, whereas there were still some households wanting to invest more in these assets. Therefore, not all Belgian investors were averse to (calculated) financial risk. Real estate continues to play a clear role as a safe haven. Many households withdrew cash from bank accounts in order to invest in real estate, and it seems that few households intend to retreat from it.