Las finanzas de los hogaresriqueza y participación de los hogares en los mercados financieros con riesgo

Abstract

The purpose of this thesis is to analyze the economic and demographic variables that influence the financial behavior of households in Spain. Furthermore the financial situation is studied for a decade, 2002-2011, in terms of the composition, distribution and concentration of the households income and wealth. The analysis of the financial behavior of households has a growing influence on the economic field, where investment decisions of households are examined, and therefore the effects of these decisions on its financial welfare are evaluated, as the effects of the financial situation of families on the main macroeconomic variables of the country. The study of financial behavior of households arises from a dual perspective. First, the relationship between the variables of the financial situation of families and their financial risk preferences is analyzed through an interdependence analysis by multivariate techniques. Second, economic and demographic factors influencing on household participation in financial markets are studied through a dependence analysis by a logistic model. An exploratory analysis of the financial situation of Spanish families, in particular, the definition of the main economic and demographic variables that identify the household wealth in order to study both the composition and distribution of wealth is also exposed, as the degree of inequality in the distribution of income and net wealth between different households. Therefore, the research focuses on the microfinance household analysis to examine their investment decisions, thereby allowing look into the financial behavior of households and their effects on the overall economy.