four charts showing differences between the euro area and US portfolia compositions prior to the crisis, during the crisis and now (via Morgan Stanley):
Households:
So for households, US portfolia are relatively balanced at near 50:50 split on risk and 'riskless' sides. equity ownership is low by historical standards, but that is probably offset by higher exposures to government bonds, corporate debt, government bonds and commodities as well as funds. Lower deposits holdings compared to euro area suggest lesser precautionary savings.
On euro area side, we have dramatic long-term decline in equities holdings and structural rise in deposits and cash. Precautionary savings motive is very pronounced.
Pension Funds:
Charts below show different pattern for equities holdings in these funds against household trends above:
Interestingly, Euro area households and pension funds are relatively similar in terms of longer trend of equities holdings, suggesting that either the objectives of both types of investors are convergent (retirement expectations and demographics weighing heavily on both) or structurally, equities markets in Europe are simply not attractive to both types of investors.
Much to speculate about here... especially behaviorally...
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