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Il crack della Borsa e l'effetto ricchezza

Anno XXIII, n. 100, gennaio-marzo 1988
Centro Einaudi


The Stock Market slump and its effect on wealth

The author analyses, from the Italian viewpoint, a problem which has been worrying the Governments of all Western countries ever since the Stock Market slump in October 1987. More precisely, what will be the effect in 1988 and subsequent years of the drop in wealth caused by the decrease in value of shares on the behaviour of citizens and on their consumer and savings decisions? The author first touches upon relevant theoretical forecasts. He then uses the results of a poll on Italian investors carried out in June 1987 to show that, in Italy, unlike the United States, the level of overall wealth held in shares is very low – only 4.13%. The risk of a brusque drop in consumption is, therefore, to be considered rather remote.