Differences in Portfolios across Countries: Economic Environment versus Household Characteristics
利用13个国家的微观数据，分解老年家庭在股票、私营企业、住房和抵押贷款持有上的跨国差异，发现经济环境差异比人口特征更能解释这些差异，且欧洲国家间差异大于美国各州间差异。
We use cross-country microdata and counterfactual methods to document international differences in ownership and holdings of stocks, private businesses, homes, and mortgages among older households in thirteen countries. We decompose these differences into two parts, related to population characteristics and economic environments. Shortly prior to the recent financial crisis, U.S. households tended to invest more in stocks and less in homes and to have larger mortgages than Europeans of similar characteristics. Differences in ownership and amounts are primarily linked to differences in economic environments that are more pronounced among European countries than among U.S. regions, suggesting considerable potential for harmonization.