欧洲央行-欧元区家庭的资产持有情况（英）

www.ecb.europa.eu © The Asset Holdings of Euro Area Households Irish Association of Investment ManagersDublinPhilip R. LaneMember of the Executive Board9 October 20250RubricThe role of asset markets: a macroeconomic view•Drivers of asset supply: private capital stock; capitalised value of profits and rents; public debt stock•Drivers of asset demand: domestic households; foreign investors•Domestic households: demographics (ageing; longevity; population growth); risk appetite (safety premium); financial literacy; tax-transfer system (including pay-as-you-go pension systems); income inequality•Foreign investors: institutional quality; liquidity; market scale; trade linkages; covariance risk (co-movement of euro and global risk)•Auclert et al., Jackson Hole symposium, August 2025•Rachel, Brookings Panel on Economic Activity, September 2025Rubric•Draghi and Letta reports: there is much scope to boost the aggregate growth rate of the European economy, including by deepening the Single Market•Faster growth implies an increase in asset supply: needs a matching increase in asset demand•Rising public debt also boosts asset supply: needs an additional increase in asset demand•Boost household asset demand; boost foreign investor demand for European assets•Savings and investments union; banking union; EU-level bond supply; international role of the euro: in combination with pro-growth economic reformsThe role of asset markets: the European contextRubric•Sustainable improvement in economic performance•Stronger wealth accumulation by European households•Greater resilience to country-level shocks•Greater resilience to external shocksPotential gainsRubric4Private pension assetsSource: OECD, Private pension assets.Notes: OECD data are for 2023 and amounts for European Union (EU) and euro area (EA) are based respectively on a subset of 25 and 18 available countries. Data for Belgium and Cyprus are unavailable. Private pension assets are all forms of private investment with a value associated to a pension plan. Private pension assets38.984.973.340510152025303540USEUEA(USD trillions)Rubricwww.ecb.europa.eu ©5Venture capital marketsSources: PitchBook Data Inc., ECB calculations.Notes: The data include funds classified as venture capital funds and located in either the United States or one of the 27 EU countries. The chart covers the period from 1 January 2013 to 9 September 2025.Total funds raised by venture capital02004006008001,0001,200EUUS(EUR billions)Rubricwww.ecb.europa.eu ©6Household financial assetsSources: ECB (quarterly sector accounts, annual sector accounts, exchange rate), Bureau of Economic Analysis and Federal Reserve Board.Notes: *Owing to a lack of more recent data, the ratio for Bulgaria is calculated using 2022 data. Data for Malta are unavailable. The latest observations are for December 2023.Household holdings of financial assets(percentages of household gross disposable income in 2023)0100200300400500600700800DenmarkSwedenNetherlandsUnited States