Missing wealth components - should we care? An evidence from the LWS databse StatsCommunications
Presentation by: Piotr Paradowski (Cross-National Data Center in Luxembourg)
OECD Conference on wealth inequalities: Measurement and policies
Paris, 26 April 2018.
Summary of Opportunity zones of the 2017 Tax Cuts
and Jobs Act. This presentation includes history, mechanics, mission, inputs, activities, outputs, outcomes, mechanism mapping logic model, internal and external validity threats.
HLEG thematic workshop on "Intra-generational and Inter-generational Sustaina...StatsCommunications
The document discusses methods for measuring inheritance through household surveys. It describes the Bank of Italy's Survey of Household Income and Wealth, which includes special modules on received, given, and expected transfers to capture inheritance. Analysis of the survey data shows that received transfers, including inheritances, account for 30-55% of household wealth in Italy and their importance has increased over time. Surveys provide valuable information on the impact of inheritance but also have limitations like underreporting and difficulties predicting future behaviors.
HLEG thematic workshop on Measuring Inequalities of Income and Wealth, Franco...StatsCommunications
HLEG workshop on Measuring Inequalities of Income and Wealth, 15-16 September 2015, Berlin, Germany, More information at: http://oe.cd/hleg-workshop-inequalities-income-and-wealth
Presentation by: Martine Durand (OECD Chief Statistician and Director of Statistics and Data)
OECD Conference on wealth inequalities: Measurement and policies
Paris, 26 April 2018.
Missing wealth components - should we care? An evidence from the LWS databse StatsCommunications
Presentation by: Piotr Paradowski (Cross-National Data Center in Luxembourg)
OECD Conference on wealth inequalities: Measurement and policies
Paris, 26 April 2018.
Summary of Opportunity zones of the 2017 Tax Cuts
and Jobs Act. This presentation includes history, mechanics, mission, inputs, activities, outputs, outcomes, mechanism mapping logic model, internal and external validity threats.
HLEG thematic workshop on "Intra-generational and Inter-generational Sustaina...StatsCommunications
The document discusses methods for measuring inheritance through household surveys. It describes the Bank of Italy's Survey of Household Income and Wealth, which includes special modules on received, given, and expected transfers to capture inheritance. Analysis of the survey data shows that received transfers, including inheritances, account for 30-55% of household wealth in Italy and their importance has increased over time. Surveys provide valuable information on the impact of inheritance but also have limitations like underreporting and difficulties predicting future behaviors.
HLEG thematic workshop on Measuring Inequalities of Income and Wealth, Franco...StatsCommunications
HLEG workshop on Measuring Inequalities of Income and Wealth, 15-16 September 2015, Berlin, Germany, More information at: http://oe.cd/hleg-workshop-inequalities-income-and-wealth
Presentation by: Martine Durand (OECD Chief Statistician and Director of Statistics and Data)
OECD Conference on wealth inequalities: Measurement and policies
Paris, 26 April 2018.
Saezzucman2014slides 140512075459-phpapp01Arpad Orosz
This document presents a new method for estimating wealth inequality in the United States using tax return data. The capitalization method uses capital income reported on tax returns and multiplies it by the inverse of asset-class specific rates of return to estimate total wealth. This allows for estimating long-run yearly wealth distributions including the very top wealth holders. Preliminary results find rising wealth concentration at the top 0.1% since the 1980s, similar to levels in the early 20th century. Below the top 0.1%, wealth inequality has not increased significantly so far. The method is validated by showing it can accurately reproduce foundation wealth distributions.
as inequalities continue to rise, and social discontent with the established political and economic order becomes more widespread, it has never been more important to further our evidence-based work on wealth inequalities and how they affect our societies.
This document provides a theoretical framework on how inflation impacts retirement decisions and security. It summarizes several simplified lifecycle models showing how different levels and volatility of inflation can reduce real income, consumption, and savings over a person's working life. Higher and more volatile inflation is shown to lead people to accumulate less savings for retirement. The models also explore how inflation may impact labor supply decisions, finding that higher inflation could cause both earlier retirement through income effects, but also longer work through consumption constraints. The document reviews relevant data on how inflation is negatively impacting households currently and expectations around retirement. It previews how firm behavior and policy tools like COLAs could also be factors.
Fiscal federalism and the equalization system in Canada: Lessons for other fe...David Péloquin
English-language version of presentation made in Santa Fe, Argentina, March 2016 as part of the conference “Desafíos institucionales y económicos en países federales:Los casos de Canadá y Argentina” ("Institutional and economic challenges in federal countries: The cases of Canada and Argentina")
The document discusses the economic challenges of an aging population in Hong Kong. It notes that Hong Kong's population is aging rapidly due to decreased birth rates and increased life expectancy. This aging population will place significant burdens on social welfare and medical systems as expenditures increase. It will also slow economic growth by decreasing the proportion of working individuals and reducing tax revenue from salaries. Solutions to address these challenges are debated.
Dynamique de la concentration du patrimoine : Méthodes, estimations et simula...Jean-Michel Gradt
Dans cet artcile, Bertrand Garbinti, Jonathan Goupille-Lebret et Thomas Piketty analysent l'évolution des inégalités dans la formation de la richesse en France sur plusde deux siècles.
This document summarizes research on charitable estate planning using new longitudinal data tracking the same people from mid-life to after death. Key findings include: 1) having no offspring, higher lifetime charitable giving and donations, and reporting a funded trust best predict making a charitable bequest; 2) average annual giving, ending wealth, having no offspring, and reporting a funded trust best predict the actual dollar amount left to charities. The research provides new insights into reaching people most likely to leave charitable gifts.
Presentation by: Gabriela Ramos (OECD Chief of Staff, Sherpa to the G20 and Head of the Inclusive Growth Initiative)
OECD Conference on wealth inequalities: Measurement and policies
Paris, 26 April 2018.
Latest findings from Policy in Practice's data led investigation into the causes and consequences of poverty in London were presented on 20 September 2018.
We recently shared the latest findings from our pan-london analysis of living standards, tracking 600,000 low income families across 19 London boroughs over two years. The work is unique in its use of large scale administrative data, linked over time, and its ability to look forward at poverty projections for individual households. The approach is being used by a dozen local authorities across the UK to target support.
Highlights from Phase Three include:
Low income Londoners are becoming less financially resilient. The proportion of Londoners with low financial resilience has grown by 20% in the last two years, and will continue to grow through to 2020
Employment helps build financial resilience. Employment is the main driver of people improving their financial resilience; for people affected, welfare reforms are a driver of lower resilience, but they don’t tell the full story
Living standards fluctuate. Over two years a quarter of low income households in work lost their job at least once; improving job stability can help build resilience
The future isn’t bright. Londoners on low incomes face a bleak future with an average drop in their disposable income of £100 p/w if rents and other livings costs continue to rise as expected.
For more information visit www.policyinpractice.co.uk/low-income-Londoners, email hello@policyinpractice.co.uk or call 0330 088 9242.
Many older people have equity tied up in their homes that could be used to provide them with a greater income in later life and improve their standard of living. Traditionally, the ways to unlock the equity in people’s homes have been through downsizing, equity release lifetime loans or home reversion plans. However, not everyone is in a position to downsize, there are pros and cons to each approach, and all have associated costs.
The Equity Bank would provide a new way for people to unlock the equity in their home. It would be a state agency which provides people with a low cost fixed lifetime income in exchange for a fixed share of the equity in their home. The Equity Bank would take a charge on the person’s home and recover the value of the equity from the person’s estate after their death.
The event was chaired by Baroness Sally Greengross, Chief Executive of the ILC-UK. Nick Kirwan, Director of the ILC-UK Care Funding Advice Network, opened the discussion. Professor Les Mayhew of Cass Business School and co-author of the paper 'The UK Equity Bank - Towards income security in old age' then presented the concept, after which Paul Burstow MP responded. There was then time for questions and a general discussion.
The document discusses a proposed UK Equity Bank that would allow homeowners aged 65+ to access equity in their homes to generate extra retirement income. It would work by the homeowner trading a portion of their home equity in exchange for an inflation-linked lifetime income from the bank. Upon the homeowner's death, the bank would recover the costs from the estate. The bank is proposed to address issues like income insecurity, isolation, and inability to pay for support as people age. It aims to better serve those with housing wealth but limited other assets or income. The document outlines how the bank could work, who it would target, potential administration models, and interactions with taxes and benefits.
This presentation looks at some key factors related to South Africa's affordable housing market including market demand and affordable, as well as access to and performance of the mortgage sector
Can unconditional cash transfers graduate households out of poverty?The Transfer Project
Ashua Handa (UNC) presented long-term evidence of the impact of cash transfers in Zambia at Oxford’s Center for the Study of African Economies Conference in March 2019.
Globally inclusive approaches to measurement_Shigehiro Oishi.pdfStatsCommunications
This document discusses measurement issues in comparing well-being and culture across countries. It covers 5 main issues: 1) Response styles may not fully explain differences in life satisfaction scores between countries. 2) Well-being items do not always function the same way across cultures, though lack of measurement equivalence only partly explains score differences. 3) Self-presentation and 4) judgmental/memory biases may also contribute to differences to a small-moderate degree. 5) The meaning and desirability of happiness differs across cultures, which can further impact scores. The document also advocates developing indigenous well-being measures that are meaningful within each local context.
Globally inclusive approaches to measurement_Erhabor Idemudia.pdfStatsCommunications
This document discusses considerations for developing quality of life measures from an African perspective. It notes that many existing QoL instruments were developed for Western populations and do not account for cultural differences. In Africa, concepts like happiness are more closely tied to collective well-being and social harmony rather than individualism. The document also outlines some key African beliefs, like Ubuntu, which emphasizes interconnectedness. It argues that QoL measures for Africa must assess both objective and subjective domains, and be grounded in cultural values like family, community, and spirituality rather than only Western individualistic norms. Developing culturally appropriate QoL measures is important for capturing well-being in a meaningful way.
More Related Content
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This document presents a new method for estimating wealth inequality in the United States using tax return data. The capitalization method uses capital income reported on tax returns and multiplies it by the inverse of asset-class specific rates of return to estimate total wealth. This allows for estimating long-run yearly wealth distributions including the very top wealth holders. Preliminary results find rising wealth concentration at the top 0.1% since the 1980s, similar to levels in the early 20th century. Below the top 0.1%, wealth inequality has not increased significantly so far. The method is validated by showing it can accurately reproduce foundation wealth distributions.
as inequalities continue to rise, and social discontent with the established political and economic order becomes more widespread, it has never been more important to further our evidence-based work on wealth inequalities and how they affect our societies.
This document provides a theoretical framework on how inflation impacts retirement decisions and security. It summarizes several simplified lifecycle models showing how different levels and volatility of inflation can reduce real income, consumption, and savings over a person's working life. Higher and more volatile inflation is shown to lead people to accumulate less savings for retirement. The models also explore how inflation may impact labor supply decisions, finding that higher inflation could cause both earlier retirement through income effects, but also longer work through consumption constraints. The document reviews relevant data on how inflation is negatively impacting households currently and expectations around retirement. It previews how firm behavior and policy tools like COLAs could also be factors.
Fiscal federalism and the equalization system in Canada: Lessons for other fe...David Péloquin
English-language version of presentation made in Santa Fe, Argentina, March 2016 as part of the conference “Desafíos institucionales y económicos en países federales:Los casos de Canadá y Argentina” ("Institutional and economic challenges in federal countries: The cases of Canada and Argentina")
The document discusses the economic challenges of an aging population in Hong Kong. It notes that Hong Kong's population is aging rapidly due to decreased birth rates and increased life expectancy. This aging population will place significant burdens on social welfare and medical systems as expenditures increase. It will also slow economic growth by decreasing the proportion of working individuals and reducing tax revenue from salaries. Solutions to address these challenges are debated.
Dynamique de la concentration du patrimoine : Méthodes, estimations et simula...Jean-Michel Gradt
Dans cet artcile, Bertrand Garbinti, Jonathan Goupille-Lebret et Thomas Piketty analysent l'évolution des inégalités dans la formation de la richesse en France sur plusde deux siècles.
This document summarizes research on charitable estate planning using new longitudinal data tracking the same people from mid-life to after death. Key findings include: 1) having no offspring, higher lifetime charitable giving and donations, and reporting a funded trust best predict making a charitable bequest; 2) average annual giving, ending wealth, having no offspring, and reporting a funded trust best predict the actual dollar amount left to charities. The research provides new insights into reaching people most likely to leave charitable gifts.
Presentation by: Gabriela Ramos (OECD Chief of Staff, Sherpa to the G20 and Head of the Inclusive Growth Initiative)
OECD Conference on wealth inequalities: Measurement and policies
Paris, 26 April 2018.
Latest findings from Policy in Practice's data led investigation into the causes and consequences of poverty in London were presented on 20 September 2018.
We recently shared the latest findings from our pan-london analysis of living standards, tracking 600,000 low income families across 19 London boroughs over two years. The work is unique in its use of large scale administrative data, linked over time, and its ability to look forward at poverty projections for individual households. The approach is being used by a dozen local authorities across the UK to target support.
Highlights from Phase Three include:
Low income Londoners are becoming less financially resilient. The proportion of Londoners with low financial resilience has grown by 20% in the last two years, and will continue to grow through to 2020
Employment helps build financial resilience. Employment is the main driver of people improving their financial resilience; for people affected, welfare reforms are a driver of lower resilience, but they don’t tell the full story
Living standards fluctuate. Over two years a quarter of low income households in work lost their job at least once; improving job stability can help build resilience
The future isn’t bright. Londoners on low incomes face a bleak future with an average drop in their disposable income of £100 p/w if rents and other livings costs continue to rise as expected.
For more information visit www.policyinpractice.co.uk/low-income-Londoners, email hello@policyinpractice.co.uk or call 0330 088 9242.
Many older people have equity tied up in their homes that could be used to provide them with a greater income in later life and improve their standard of living. Traditionally, the ways to unlock the equity in people’s homes have been through downsizing, equity release lifetime loans or home reversion plans. However, not everyone is in a position to downsize, there are pros and cons to each approach, and all have associated costs.
The Equity Bank would provide a new way for people to unlock the equity in their home. It would be a state agency which provides people with a low cost fixed lifetime income in exchange for a fixed share of the equity in their home. The Equity Bank would take a charge on the person’s home and recover the value of the equity from the person’s estate after their death.
The event was chaired by Baroness Sally Greengross, Chief Executive of the ILC-UK. Nick Kirwan, Director of the ILC-UK Care Funding Advice Network, opened the discussion. Professor Les Mayhew of Cass Business School and co-author of the paper 'The UK Equity Bank - Towards income security in old age' then presented the concept, after which Paul Burstow MP responded. There was then time for questions and a general discussion.
The document discusses a proposed UK Equity Bank that would allow homeowners aged 65+ to access equity in their homes to generate extra retirement income. It would work by the homeowner trading a portion of their home equity in exchange for an inflation-linked lifetime income from the bank. Upon the homeowner's death, the bank would recover the costs from the estate. The bank is proposed to address issues like income insecurity, isolation, and inability to pay for support as people age. It aims to better serve those with housing wealth but limited other assets or income. The document outlines how the bank could work, who it would target, potential administration models, and interactions with taxes and benefits.
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Inter-generational transfers and wealth inequality: some evidence for Italy
1. Intergenerational transfers
and wealth inequality:
some evidence for Italy
Giovanni D’Alessio
(Bank of Italy)
OECD Conference on wealth inequalities:
Measurement and policies
Paris - 26 April 2018
2. Since 1966 (yearly up to 1986; every two
years since 1987)
Sample 8,000 households (from 24,000 to
16,000 individuals)
Since 1989 panel component (split sample)
SHIW is part of HFCS (euro area household
survey) and LIS/LWS projects
Main focus: Income, Wealth, Financial
behaviour (choices, knowledge, risks)
Special modules (expectations, risk
aversion, social capital, capital gains,
housework, public services, tax evasion,
inheritances,…)
The Bank of Italy’s Survey of Household
Income and Wealth (SHIW)
The Bank of Italy’s survey of Household Income and Wealth (SHIW)
2
3. Income and wealth inequality, 1968-2016
(Gini indexes)
The Bank of Italy’s survey of Household Income and Wealth (SHIW)
3
0,25
0,30
0,35
0,40
0,45
0,50
0,55
0,60
0,45
0,50
0,55
0,60
0,65
0,70
0,75
0,80
1960 1970 1980 1990 2000 2010 2020
Household wealth
Household wealth (reconstructed)
Household income (right scale)
Equivalent income (right scale)
Household income - no financial income (right scale)
Source: Indexes on 1991-2016 wealth and 1977-2016 income are estimated using data from the SHIW Historical Archive.
Indexes on wealth before 1991 and on income before 1976 are estimated by Cannari and D’Alessio (2018).
4. Questions on the origin of the house of residence and other real
estate held (since 1977)
Special sections on inheritances:
Transfers received (1991)
Transfers received, given and expected (in and out) (2002)
Transfers received (2014, HFCS section)
Measurement problems (memory, evaluation, income streams,
capital gains, expectations)
Measuring intergenerational transfers in the SHIW
4
Measuring intergenerational transfers in the SHIW
5. How did the household acquire ownership of the dwelling?
- purchased from private individual 1
- purchased from private firm/organization (e.g. construction company) 2
- purchased from public-sector firm/agency (e.g. pension fund) 3
- inherited 4
- part purchased/part inherited 5
- received as a gift 6
- built by household or as part of a cooperative 7
- other 8
In what year did the household acquire ownership of the dwelling?
- Year |___|___|___|___|
Questions on the origin of the house of residence
and other real estate held
5
Measuring intergenerational transfers in the SHIW
6. Received houses (inheritances and gifts), 1977-2016
(share of net wealth)
6
Vk = Value of houses received in the year k; p=probability of sale; r=rate of return
Worth noting: capital gains/losses are entirely attributed to inheritances/gifts
Measuring intergenerational transfers in the SHIW
7. Net wealth by age, 1991-2016
(index number, average=100)
7
In the past 25 years strong changes occurred in the wealth distribution by age.
Young households are poorer while older households are richer than in the past
Measuring intergenerational transfers in the SHIW
8. Inherited wealth estimates based on the flow-to-stock method*,
1991-2016 (share of net wealth)
8
Year
Flows/ net
wealth
Average gap
parents/off-
spring (years)
Share of inherited to total wealth (**)
r-n=0% r-n=0.5% r-n=1% r-n=2% r-n=3%
1989 0.90 29.6 26.7 28.8 31.1 36.4 43.0
1991 1.12 29.9 33.5 36.2 39.1 45.9 54.3
1993 0.94 29.9 28.1 30.4 32.8 38.5 45.6
1995 0.99 29.9 29.6 32.0 34.5 40.6 48.0
1998 1.12 29.9 33.5 36.1 39.0 45.8 54.2
2000 1.35 30.0 40.5 43.7 47.2 55.5 65.6
2002 1.16 30.3 35.1 37.9 41.0 48.2 57.2
2004 1.09 30.5 33.2 35.9 38.9 45.8 54.3
2006 1.15 30.8 35.4 38.3 41.4 48.9 58.2
2008 1.26 30.9 39.0 42.1 45.7 53.9 64.2
2010 1.26 31.2 39.3 42.5 46.1 54.6 65.1
2012 1.37 31.3 42.9 46.5 50.4 59.7 71.2
2014 1.34 31.8 42.6 46.2 50.2 59.6 71.4
2016 1.52 32.0 48.7 52.8 57.4 68.3 81.8
* Modigliani (1988)
** r = rate of return; n = rate of growth. Coefficients are supposed constant over time
Measuring intergenerational transfers in the SHIW
)()1( )(
nreBW gnre
−−= −
9. 20
30
40
50
60
70
80
1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
r = n
r-n = 1%
r-n = 2%
9
Inherited wealth estimates based on the flow-to-stock method*,
1991-2016 (share of net wealth)
Source: Calculations based on SHIW data.
* Modigliani (1988)
** r = rate of return; n = rate of growth. The coefficients are suppose constant over time
Measuring intergenerational transfers in the SHIW
10. 10
In the 2002 survey, household heads and their spouses/cohabitants
were asked to indicate both the value of the Capital Transfers (CT)
(bequests and gifts) made and received during the respondent’s
lifetime and those that they expected to make or receive in the
future
Special 2002 module on inheritances and gifts
Past transfers: memory bias, evaluation issues
Future transfers: expectations, plans, hopes
Measuring intergenerational transfers in the SHIW
Life Cycle Wealth = NW + T Given - T Received
Future consumption = NW + T to be Received - T to be Given
11. Correlation coefficients among transfers, income and wealth
Source: Cannari and D'Alessio (2008). Transfers include the capitalisation of interest.
11
Transfers
received
Transfers
given
Transfers
to be
received
Transfers
to be
given
Net
wealth
Income
Life- cycle
wealth
Transfers received 1.00
Transfers given 0.19 1.00
Transfers to be received 0.02 0.01 1.00
Transfers to be given 0.24 0.06 0.19 1.00
Net wealth 0.39 0.07 0.11 0.55 1.00
Income 0.23 0.05 0.15 0.41 0.58 1.00
Life cycle wealth -0.72 0.01 0.06 0.16 0.34 0.20 1.00
Measuring intergenerational transfers in the SHIW
Transfers received are highly concentrated (0.89) but the coefficient of variation of LCW
is greater than that of Net Wealth. No equalising effect but people tend to react to
transfers.
12. 12
Transfers
received or to
be received
Transfers
given or to be
given
Lifetime
resources
Lifetime
income
Transfers received or to be received 1.00
Transfers given or to be given 0.34 1.00
Lifetime resources 0.31 0.26 1.00
Lifetime income 0.10 0.20 0.98 1.00
Lifetime transfers, income and resources
Measuring intergenerational transfers in the SHIW
Source: Cannari and D'Alessio (2008). Transfers include the capitalisation of interest.
Lifetime indicators (transfers, income and resources) are all discounted at 15 years
Collected measures allow the computation of lifetime transfers
You can compare lifetime transfers with lifetime income (estimated as sum of income
from labour or pensions at each age of the household head/spouse on the basis of
invariant characteristics of individuals and a residual, which is assumed to follow a first
order autoregressive process, with parameter r=0.9, estimated panel sample 1998-2002)
Correlation coefficients among lifetime indicators
13. Inheritances, gifts and lifetime household income
(Thousand euro, discounted at 15 years)
The gap in terms of lifetime income between those who receive and those who don’t
receive transfers, is equal to 25,7%; it becomes 38,8 % in terms of lifetime
resources. For the top 10% households, the initial gap of 40% becomes 80%
Received transfers
Share of
population
(%)
Transfers
received
Lifetime
income
Lifetime
resources
Households who don’t receive 58.9 0 901 901
Households who receive 41.1 117 1,132 1,250
…of which the top 10 per cent 10.0 353 1,263 1,616
Total 100.0 48 996 1,044
13
Measuring intergenerational transfers in the SHIW
14. Correlation coefficients between years of education of household
head and his/her father and mother by cohort
14
Measuring intergenerational transfers in the SHIW
Source: Calculations based on SHIW data.
15. Take home messages
• Received inheritances and gifts are a large share of net
wealth (in Italy as well as in other european countries)
• The above share is growing over time
• Also expected inheritances/gifts are important (but data
are more complex to collect)
• Wealth transfers are positively correlated with human
capital transfers. They are not the only (and maybe not
even the main) channel for intergenerational transmission
of inequality
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16. Thanks for your attention
Sources: all calculations are based on SHIW data (available at www.bancaditalia.it.)
References:
• Cannari L., G. D'Alessio (2008), Intergenerational Transfers in Italy, MPRA
Paper 15111, University Library of Munich, Germany.
• Cannari L., G. D'Alessio (2018), Wealth inequality in Italy: reconstruction of
1968-75 data and comparison with recent estimates, Questioni di economia e
finanza (Occasional Paper), Banca d’Italia, No. 428.
• Modigliani, F. (1988), The Role of Intergenerational Transfers and the Life Cycle
Saving in the Accumulation of Wealth”, Journal of Economic Perspectives, Vol.
2, No. 1, pp. 15-40.
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