摘要：This report analyses the portfolio behaviour of Dutch households. The study is partly based on information from a broad survey commissioned by the Nederlandsche Bank, held in March of this year. The investigation shows that risk bearing elements are becoming more and more important in households assets. Hence, Dutch consumers have become much more sensitive to unexpected events on the stock exchange or housing market. The survey shows that the boom on the Dutch housing market was accompanied by very sizeable consumer spending – especially in the year 2000 (EUR 10 billion), followed by half this amount in 2001. This was financed by equity withdrawal (e.g. through second mortgages). Another remarkable outcome is that many workers are planning to retire before reaching the age of 65, for which they make financial arrangements. This, of course, could frustrate government policy to stimulate the low participation rate among the older part of the working force.
关键词：investments in shares, surplus-value owner-occupied houses, early-retirement financing
