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首页> 外文期刊>The quarterly review of economics and finance >Tax measures and household financial behaviour: Evidence from France
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Tax measures and household financial behaviour: Evidence from France

机译：税收措施和家庭财务行为：来自法国的证据

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The aim of the paper was to examine how tax measures on financial assets have affected the investment behaviour of French households. Using an ARDL approach, we estimated the financial behaviour and effect of tax measures for each financial asset. We found that investment behaviour varies according to the considered financial asset. For almost all financial assets, income has a positive influence on the invested amount, and inflation has a negative influence. Nevertheless, we found that previous financial wealth has a significant positive impact only on long term investment. The real interest rate has different impacts on the invested amount according to the individual financial asset. Our results indicate that tax measures have a significant impact on investment behaviour. In particular, we found a spillover effect from tax measures and an asymmetric behaviour. These findings confirm that households have non-standard preferences, since the results could be explained by a liquidity preference and a loss aversion effect. The results have implications for asset managers and policymakers.
机译：本文的目的是研究金融资产的税收措施如何影响法国家庭的投资行为。使用ARDL方法，我们估算了每种金融资产的财务行为和税收措施的效果。我们发现，投资行为会根据所考虑的金融资产而变化。对于几乎所有金融资产，收入对投资额都有积极影响，而通货膨胀则有负面影响。尽管如此，我们发现以前的金融财富仅对长期投资具有重大的积极影响。实际利率根据单个金融资产对投资额的影响不同。我们的结果表明，税收措施对投资行为具有重大影响。特别是，我们发现税收措施和不对称行为会产生溢出效应。这些发现证实了家庭具有非标准的偏好，因为结果可以用流动性偏好和避免损失的效应来解释。结果对资产管理者和政策制定者有影响。

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