Titelaufnahme

Titel
The diversity of household assets holdings in the United States in 2007 and 2009: measurement and determinants / Eva M. Sierminska (LISER, DIW Berlin, IZA and POP UNU-Merit), Jacques Silber (Bar-Ilan University, LISER and Tuscan Interuniversity Centre) ; IZA Institute of Labor Economics
VerfasserSierminska, Eva ; Silber, Jacques
KörperschaftForschungsinstitut zur Zukunft der Arbeit
ErschienenBonn, Germany : IZA Institute of Labor Economics, August 2019
Ausgabe
Elektronische Ressource
Umfang1 Online-Ressource (44 Seiten)
SerieDiscussion paper ; no. 12562
URNurn:nbn:de:hbz:5:2-198171 
Zugriffsbeschränkung
 Das Dokument ist öffentlich zugänglich im Rahmen des deutschen Urheberrechts.
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The diversity of household assets holdings in the United States in 2007 and 2009: measurement and determinants [0.64 mb]
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Zusammenfassung

We apply diversity indices, such as the Gini-Simpson index and entropy related indices, to the study of the distribution of individual asset holdings in the United States in 2007 and 2009. We examine the impact of the 2008 recession on asset diversity and the way individual socio-economic characteristics as well as important life events affect this measure. The focus of our analysis is on financial assets. We use a unique panel data set that provides us with comprehensive household level data for 2007 and 2009 in the United States - the Survey of Consumer Finances. We find that asset diversity increases between 2007 and 2009. In addition, it increases with age, education and income and it is lower at the bottom of the wealth distribution. Life changing situations such as getting divorced or losing ones job have a statistically significant negative effect on a change in diversity, while getting married or having deteriorating health have a positive effect. Active money management also affects asset diversity positively.