Stockholding in France

Abstract

In France, like in other European countries, the past fifteen years has bee a time of drastic financial market developments due mainly to greater international integration and coordination (in response to European Union directives), financial liberalization (in particular the privatization of public services), and product innovation (especially the rise of retirement accounts — PEP — and life insurance). One of the most striking results has been the quick adjustment of households’ behaviours to this new financial context, especially through the increasing share of stocks in portfolios and the diffusion of retirement accounts. In the middle of the eighties, only some 7 per cent of French households owned stocks compared with around 17 per cent in 2000. 1 For life insurance and retirement accounts, the rate of ownership has gone up, over the same period, from around 30 per cent to around 47 per cent of households. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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