Resumen de Taxation and portfolio structure of Spanish households

Félix Domínguez Barrero, Julio López Laborda

• Using a sample of 5,962 Spanish households from the Survey of Household Finances undertaken by the Bank of Spain, the paper describes the structure of their portfolio, and estimates both a Probit and a Tobit model to test how taxation affects, respectively, the decision to invest in each asset and the relative importance of each asset within household portfolio. The influence of taxation is measured using the average marginal personal income tax rate of the household.

  The estimations performed show that the marginal tax rate is significant and displays the sign expected to explain both the holding of tax favourable assets and their weight in household portfolio.