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The "Financial Liberalization" Has Not Brought Much Closer Households Behaviour in Advanced Countries

André Babeau * Professeur des Universités. Contact :

In terms of financial behaviour of households in advanced countries, the financial liberalization initiated in the 1980s brought less changes than one would have thought. Admittedly, it has favored the use of credit, encouraged the holding of equity securities and helped to reduce the share of liquidity. But, because of some excesses and of the crises of 2001 and 2008, the supervisory authorities strengthened their surveillance from the end of the last century. At the end of the period, household behaviours got a little closer, especially with regard to debt, but important specificities remain, among which pensions management is the main one. Capitalization management, in countries where it is significant, indeed is an important contributor to the amount of financial assets.

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