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IPS184 Sanvi Avouyi-Dovi et al.
It is worth noting that even though the preliminary tests detected a break
in the dynamics of the shares during the global financial crisis, the quality of
the regressions over the period including the early 2010s remains acceptable.
This shows that the financial crisis did not lead to a major shift in French
households’ portfolio allocation.
The assessment of the effects of the flat tax, which has replaced the various
tax regimes of most financial products in France, based on our model, shows
a substitution out of life insurance contracts and, to a lesser extent, passbooks
and other monetary assets mostly into equities, with home savings plans being
unaffected.
As an avenue for future research, this study could be extended, for
example, by introducing housing and debt into French households’ wealth.

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