Abstract
This paper examines the real return that households in large euro area countries achieved with their financial portfolios since the onset of the euro. A newly compiled dataset shows that, contrary to widespread belief, overall real returns did not decline in the low interest environment. Indeed with the exception of Italy, they increased on average between 2008–2017. The determinants for this development, however, differ between the countries under consideration.
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31 May 2019
In the article “The Bill, Please! Households’ Real Returns on Financial Assets Since the Introduction of the Euro” by Marc-Peter Radke and Manuel Rupprecht in Intereconomics, Vol. 54, No. 2, 2019, pp. 106–113, DOI: <ExternalRef><RefSource>https://doi.org/10.1007/s10272-019-0803-6</RefSource><RefTarget Address="10.1007/s10272-019-0803-6" TargetType="DOI"/></ExternalRef>, an editing error occurred in the first paragraph. The correction appears here.
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After ten years of historically low interest rates and a massive expansion of the eurosystem’s balance sheet due to non-standard monetary policy measures, net asset purchases were discontinued in December 2018. Although policy rates were enunciated to remain at their present low levels through the summer of 2019, it was widely expected that they would rise immediately afterwards.
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Marc-Peter Radke, HFU Business School, Villingen- Schwenningen, Germany.
Manuel Rupprecht, Münster School of Business, Germany.
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Radke, MP., Rupprecht, M. The Bill, Please! Households’ Real Returns on Financial Assets Since the Introduction of the Euro. Intereconomics 54, 106–113 (2019). https://doi.org/10.1007/s10272-019-0803-6
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DOI: https://doi.org/10.1007/s10272-019-0803-6