European households’ portfolios : from initial choice to final destination

Abstract

The object of this study is to estimate the final destination of European households’ savings. The first step is to isolate the amounts directly invested on the financial markets and those entrusted with the various financial intermediaries. At this stage, these informations provide empirical evidence about the level of intermediation in Europe. The second step consists in analysing the way financial institutions allocate the funds collected. Doing so, we make transparent the financial intermediaries, and the final destination of households’ savings appears. JEL classifications : E20, G11