Modelling the composition of personal sector wealth in the UK

David P. Blake

14 citations0/0 files storedApplied Financial Economics

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Financial Literacy, Pension, Retirement Analysis Income, Poverty, and Inequality Economic Theory and Policy

Abstract

The allocation of UK personal sector wealth across five broad asset categories (net financial wealth, housing (and durable assets) wealth, state pension wealth, private pension wealth, and human capital) is investigated using the FAIDS (financial AIDS) model. Apart from total wealth and returns, additional variables relating to capital market imperfections, and demographic, labour market and cross-sector spillover effects turn out to be significant. The adjustment of portfolio weights to shocks is very slow, taking up to 21 years for some asset categories.

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References

2019American Economic Review 1974Are Government Bonds Net Wealth?1971Optimum consumption and portfolio rules in a continuous-time model 1969Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case 1980An Almost Ideal Demand System 1989Consumption and Liquidity Constraints: An Empirical Investigation 1974Social Security, Induced Retirement, and Aggregate Capital Accumulation 1990Consumption puzzles and precautionary savings

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