How have portfolio structures changed since the 2008 crisis?
We examine changes in the portfolio structure of institutional investors and households in the United States and the euro zone since the 2008 crisis. What could we expect? Given the low level of interest rates and the expansionary monetary policies, an increase in holdings of monetary assets; Given the generally high level of risk aversion and the volatility of financial asset prices, increased holdings of risk-free bonds and smaller holdings of equities and corporate bonds. We have found: A change fairly similar to what is expected in the euro zone; A completely different change in the United States, where the weight of equities has increased and the weight of public-sector bonds has declined.