No. 950 - Households' portfolio holdings and their banks' characteristics: is there a link?

by Massimiliano Affinito, Ginette Eramo, Romina Gambacorta and Marco Langiulli
July 2025
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Our paper studies the relationship between Italian households' portfolio decisions and the characteristics of their primary bank. For this purpose, we use data from Banca d'Italia's Survey on Household Income and Wealth for the period 2004-20.

We find that households' portfolio composition and risk profile are associated with the characteristics of the banks with which households hold their wealth, even after controlling for households' features and taking into account the fact that each intermediary is chosen by their customers following a selection process.

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  1. 23 July 2025
    No. 950 - Households' portfolio holdings and their banks' characteristics: is there a link?
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