Abstract

Using ECB's new data on household assets looking-through investment funds, this paper analyses the investment behaviour of euro area households. Focussing on the main features – for example home bias or portfolio shifts during the COVID-19 pandemic - authors showcase the new data included in the euro area accounts (EAA) dataset and derived as part of a broader strategy of tight-knit integration of microdata and macroeconomic statistics.
The novel compilation algorithm combines granular data (securities holdings statistics by sector) and macroeconomic statistics (investment fund statistics and financial accounts) to derive households investments broken down by underlying assets and counterparts sectors. Derived aggregates are fully integrated into the broad statistical framework of financial accounts. The paper provides more details on the compilation algorithm, main compilation challenges, and indicators used to monitor and ensure the estimates’ quality in the quarterly production process.