Munich Personal RePEc Archive

Wealth and cash asset proportions

Graves, Philip E. (1976): Wealth and cash asset proportions. Published in: Journal of Money, Credit, and Banking , Vol. 8, No. 4 : pp. 487-496.

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While the paper lacks an abstract, it argues that the proportion of a portfolio devoted to cash decreases as wealth grows. This is consistent with decreasing relative risk aversion and with a money demand that is normal, but not superior.

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