Análise empírica sobre os determinantes do investimento de pessoa físicas
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Data
2017-02-09
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Ferman, Bruno
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When dealing with the behavior of individual investors, there a is common sense, provided by previous literatures, according to which individuals of lower purchasing power or education make worse investment decisions when compared to other groups in Brazilian society. The survey Pesquisa de Orçamentos Familiares (POF), conducted by Instituto Brasileiro de Geografia e Estatística (IBGE) in the period between 2008 and 2009, asks to its respondents, in addition to several other economic and behavioral characteristics, their investments and redemptions in categories such as: stocks, savings (known in Brazil as poupança), foreign currencies, etc. Therefore, in order to discuss this perception, this work proposes an empirical analysis of the determinants of individual investments, using econometric concepts applied to the databases generated by IBGE as a strategy. Findings indicate strong evidence of the relationship between income and education and individual’s investment decisions, leading to a discussion about the impacts that these decisions have on income concentration and the increasing social inequality.