Hintermaier, ThomasKoeniger, Winfried2016-09-152016-09-152016-07http://hdl.handle.net/10230/27289This paper documents facts about differences in household portfolio composition across European countries, using the Eurosystem’s Household Finance and Consumption Survey (HFCS) as a data source. On the asset side of balance sheets, the focus of our analysis is on the distinction between housing wealth and other assets. On the liability side, we distinguish types of debt which are collateralized by housing. As a consequence, this paper addresses cross-European differences in home-equity positions. These facts inform the design of a European Household Finance Common Reference Model (HFCRM). This reference model identifies a common structure of key factors in household financial decision making. At the same time the HFCRM is flexible enough to admit parameterizations which fit the diversity of financial and legal institutions across European countries.application/pdfengThis is an Open Access article distributed under the terms of the Creative Commons Attribution License Creative Commons Attribution 4.0 International, which permits unrestricted use, distribution and reproduction in any medium provided that the original work is properlyattributed.info:eu-repo/semantics/workingPaperEuropean household portfoliosInternational comparative financeHousingHousehold debtinfo:eu-repo/semantics/openAccess