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首页> 外文期刊>Review of Income and Wealth >PRECAUTIONARY SAVING, FINANCIAL RISK, AND PORTFOLIO CHOICE
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PRECAUTIONARY SAVING, FINANCIAL RISK, AND PORTFOLIO CHOICE

机译：预防措施，财务风险和投资组合选择

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摘要

Relying on a direct question about the desired amount of precautionary wealth from the 2002 wave of the Italian "Survey of Household Income and Wealth," I assess the main determinants of the precautionary motive for saving, focusing on the role played by financial risk on households' saving decisions. Households that invest mainly in safe assets do not need to protect themselves against future and unexpected financial losses. Consequently, once we control for households' sources of risk beside financial ones, the amount of precautionary savings of a household investing exclusively in safe assets should be lower compared to households who detain a non-negligible share of risky assets in their portfolio. Results show that, as expected, a strong and negative correlation exists between the desired amount of precautionary wealth and the ownership of a portfolio made exclusively of safe assets.
机译：我根据意大利2002年“家庭收入和财富调查”浪潮中所期望的预防性财富数量的直接问题，评估了预防性储蓄动机的主要决定因素，重点是家庭金融风险所起的作用保存决定。主要投资于安全资产的家庭无需保护自己免受未来和意外的财务损失。因此，一旦我们控制住家庭除金融来源外的风险来源，与只保留其投资组合中不可忽略的风险资产的家庭相比，专门投资于安全资产的家庭的预防性储蓄额应更低。结果表明，正如预期的那样，所需的预防性财富数量与仅由安全资产构成的投资组合的所有权之间存在强烈的负相关关系。

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