欧洲央行：2025年欧元区家庭的资产持有情况报告（英文版）

Drivers of asset supply: private capital stock; capitalised value of profits and rents; public debt stock • Drivers of asset demand: domestic households; foreign investors • Domestic households: demographics (ageing; longevity; population growth); risk appetite (safety premium); financial literacy; tax-transfer system (including pay-as-you-go pension systems); income inequality • Foreign investors: institutional quality; liquidity; market scale; trade linkages; covariance risk (co-movement of