论文标题
选择不可分割和流动性不足的住房资产的投资组合：西班牙案件
Portfolio Choice with Indivisible and Illiquid Housing Assets: The Case of Spain
论文作者
论文摘要
本文使用独特的数据集（西班牙家庭金融调查（EFF））研究了西班牙家庭的投资决定。我们提出了一种理论模型，在该模型中，家庭对住房进行了固定的投资，在银行时间存款，股票和抵押贷款中分配其净财富。除了将住房视为限制投资组合选择决定的不可分割且流动性不足的资产外，我们还考虑到家庭申请外部资金时面临的财务限制。对于EFF中的每个代表家庭，我们解决了这个理论问题，并获得了与家庭实际选择相比的理论上最佳作品集。我们发现，最佳和实际抵押贷款投资的股票和存款对股票和存款的投资大大不足。考虑到这三种类型的金融资产，我们发现以高度经济成熟，年龄较大，退休，更富有和不受约束的人为首的家庭是投资更有效的人。
This paper studies the investment decision of the Spanish households using a unique data set, the Spanish Survey of Household Finance (EFF). We propose a theoretical model in which households, given a fixed investment in housing, allocate their net wealth across bank time deposits, stocks, and mortgage. Besides considering housing as an indivisible and illiquid asset that restricts the portfolio choice decision, we take into account the financial constraints that households face when they apply for external funding. For every representative household in the EFF we solve this theoretical problem and obtain the theoretically optimal portfolio that is compared with households' actual choices. We find that households significantly underinvest in stocks and deposits while the optimal and actual mortgage investments are alike. Considering the three types of financial assets at once, we find that the households headed by highly financially sophisticated, older, retired, richer, and unconstrained persons are the ones investing more efficiently.
