Wealth polarization in western countries

IF 5 2区 经济学 Q1 ECONOMICS Structural Change and Economic Dynamics Pub Date : 2024-09-12 DOI:10.1016/j.strueco.2024.09.004
Michele Fabiani
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Abstract

This paper delves into the dynamics of wealth distribution across various countries, utilizing innovative methodologies to uncover patterns of wealth polarization and its determinants. Wealth, distinct from income, reflects long-term economic resources and serves as a crucial indicator of economic well-being. Employing the "relative distribution" method and Recentered Influence Function (RIF) regression, this study examines changes in wealth distribution and the factors driving wealth polarization across eight European countries, Australia, and the United States.

The analysis reveals significant heterogeneity in wealth distribution trends among countries, with disparities observed over time. Wealth polarization, akin to income polarization, emerges as a phenomenon distinct from traditional measures of inequality, shedding light on the concentration of wealth within societies. Household composition, demographic factors, and socioeconomic characteristics significantly influence wealth polarization, echoing patterns observed in income polarization studies.

The findings underscore the multifaceted nature of wealth distribution dynamics and highlight the need for comprehensive policy interventions to address wealth inequality and polarization. Policy measures such as progressive taxation, regulatory reforms, and asset-building programs for marginalized communities are crucial in fostering equitable wealth distribution and creating inclusive societies.

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西方国家的财富两极分化
本文深入研究了各国财富分配的动态变化,利用创新方法揭示了财富两极分化的模式及其决定因素。财富有别于收入,它反映了长期的经济资源,是衡量经济福祉的重要指标。本研究采用 "相对分布 "法和重定向影响函数(RIF)回归法,研究了八个欧洲国家、澳大利亚和美国的财富分布变化以及财富两极分化的驱动因素。财富两极分化与收入两极分化类似,是一种有别于传统不平等衡量标准的现象,揭示了社会内部财富的集中程度。家庭构成、人口因素和社会经济特征对财富两极分化有重大影响,这与收入两极分化研究中观察到的模式如出一辙。研究结果强调了财富分配动态的多面性,并强调需要采取全面的政策干预措施来解决财富不平等和两极分化问题。累进税制、监管改革和边缘化社区资产建设计划等政策措施对于促进财富公平分配和创建包容性社会至关重要。
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来源期刊
CiteScore
9.60
自引率
4.90%
发文量
159
期刊介绍: Structural Change and Economic Dynamics publishes articles about theoretical, applied and methodological aspects of structural change in economic systems. The journal publishes work analysing dynamics and structural breaks in economic, technological, behavioural and institutional patterns.
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