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Is Financial Fragility a Matter of Illiquidity? An Appraisal for Italian Households

Marianna Brunetti · Elena Giarda · Costanza Torricelli

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Financial Literacy, Pension, Retirement Analysis Banking stability, regulation, efficiency Income, Poverty, and Inequality

Abstract

In this paper we investigate household financial fragility and assess the role played by the composition of the household portfolio besides standard determinants of this condition (e.g. income, indebtedness, age, gender, financial literacy). We take the case of Italy, given the very peculiar portfolio composition (high level of housing and low level of indebtedness and portfolio diversification) and provide two main contributions. First, we propose a novel definition of financial fragility. Second, based on this new measure, we use data from the 1998-2010 Bank of Italy Survey on Household Income and Wealth to investigate the determinants of this condition. Our results confirm most usual markers of financial fragility and additionally highlight the role of homeownership, which is not related to the presence of mortgages but it is rather connected to specific socio-demographic features such as age and marital status.

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References

2006Household Finance 2012Financial Literacy, Retirement Planning and Household Wealth 1999Predicting currency crises:2004Home Is Where the Equity Is: Mortgage Refinancing and Household Consumption 2011Financially Fragile Households: Evidence and Implications 2012Differences in Portfolios across Countries: Economic Environment versus Household Characteristics 2005Debt as a source of financial stress in Australian households

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