Journal of
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Archive » March 2018 » Banks bonds in household wealth: recent trends in Italy

Banks bonds in household wealth: recent trends in Italy

Massimo Coletta, Raffaele Santioni
March 2018 - n. 3
Jel codes: G21, G11, G01

Since 1950 the share of these assets in households' portfolios has shown wide fluctuations, primarily reflecting the issuance policies of banks and changes in the tax treatment of securities, as well as changes in preferences. The share of bonds in the financial wealth of households reached a peak of 11 percent in 1973 and 2011. Since 2012 investment in bonds has started to decrease: by September 2017 the share of bank bonds in the financial wealth of households had returned to below 3 percent. The gross yield at issue of bank bonds increased during the sovereign debt crisis but has now fallen back to the levels reached in the years preceding 2011. The yield spread with respect to five-year Btps, which was mostly negative between 2009 and 2012, has been positive since the end of 2013.

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