Wealth Inequality: A Hybrid Approach toward Multidimensional Distributional National Accounts in Europe

Publikation: Wissenschaftliche FachzeitschriftOriginalbeitrag in FachzeitschriftBegutachtung

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Abstract

This article proposes a practically feasible framework for compiling Multidimensional Distributional National Accounts (MDINAs) serving two functions: a comprehensive measure of (components of) net worth and their distribution, and a link to macroeconomic statistics. I break down 12 components of marketable wealth by wealth and income groups, and three functions of wealth for Austria, Finland, France, Germany, and Spain. MDINA complemented by summary indicators reveal large heterogeneity in the degree of inequality, and shed light on differences in the structure of wealth portfolios across and within countries. I combine data collected in the largely harmonized HFCS survey and adjust for remaining differences in survey modes regarding the treatment of the top tail using (Generalized) Pareto models estimated from rich lists or top wealth shares derived from tax data and leaked information on wealth held in offshore tax havens. Measured inequality increases strongest in countries where surveys refrain from appropriate top-tail corrections.
OriginalspracheEnglisch
Seiten (von - bis)74 - 108
FachzeitschriftReview of Income and Wealth
Jahrgang68
Ausgabenummer1
DOIs
PublikationsstatusVeröffentlicht - 2022

Österreichische Systematik der Wissenschaftszweige (ÖFOS)

  • 502025 Ökonometrie
  • 502018 Makroökonomie
  • 507 not use (Altbestand)
  • 101018 Statistik

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