We study inequality generated by capital gains in the housing market by exploiting two countrywide data sources in Norway: a registry of housing units and a database of transactions. We identify and follow all individuals in six birth cohorts in Norway, who were owners on January 1, 2007, and on January 1, 2019, and estimate the sum of their actual and potential capital gains from their owned and sold properties. We demonstrate that there is a substantial increase in capital gains inequality over the period, both across and within geographical strata and across and within birth cohorts. We find a statistically significant and economically meaningful difference between the distributions of capital gains of female and male owners in Oslo.
{"title":"Is the Housing Market an Inequality Generator?","authors":"Terje Eggum, Erling Røed Larsen","doi":"10.1111/roiw.12658","DOIUrl":"https://doi.org/10.1111/roiw.12658","url":null,"abstract":"We study inequality generated by capital gains in the housing market by exploiting two countrywide data sources in Norway: a registry of housing units and a database of transactions. We identify and follow all individuals in six birth cohorts in Norway, who were owners on January 1, 2007, and on January 1, 2019, and estimate the sum of their actual and potential capital gains from their owned and sold properties. We demonstrate that there is a substantial increase in capital gains inequality over the period, both across and within geographical strata and across and within birth cohorts. We find a statistically significant and economically meaningful difference between the distributions of capital gains of female and male owners in Oslo.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"87 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73620588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Mauricio Gallardo, María Emma Santos, Pablo Villatoro, Vicky Pizarro
In this paper, we perform estimates of vulnerability to multidimensional poverty for 17 Latin American countries at three points of time: 2005/2006, 2012, and 2017. We use a Multidimensional Bayesian Network Classifier model to estimate the conditional probability of being multidimensionally poor and then we use these probabilities and the standard downside semi‐deviation as the risk parameter to identify the vulnerable households. Despite significant reductions over the study period, in 2017 approximately 150 million people—excluding Guatemala, Nicaragua and Venezuela for which we do not have recent data—remained vulnerable to multidimensional poverty. We also observe that vulnerability to poverty is reduced at a much slower rate than poverty itself, revealing that achievements in SDG1 can be quite fragile. We perform a decomposition and find that as poverty decreases, risk‐induced vulnerability becomes relatively more important than poverty‐induced vulnerability. However, the poor‐vulnerable still constitute the core vulnerability group.
{"title":"MEASURING VULNERABILITY TO MULTIDIMENSIONAL POVERTY IN LATIN AMERICA","authors":"Mauricio Gallardo, María Emma Santos, Pablo Villatoro, Vicky Pizarro","doi":"10.1111/roiw.12654","DOIUrl":"https://doi.org/10.1111/roiw.12654","url":null,"abstract":"In this paper, we perform estimates of vulnerability to multidimensional poverty for 17 Latin American countries at three points of time: 2005/2006, 2012, and 2017. We use a Multidimensional Bayesian Network Classifier model to estimate the conditional probability of being multidimensionally poor and then we use these probabilities and the standard downside semi‐deviation as the risk parameter to identify the vulnerable households. Despite significant reductions over the study period, in 2017 approximately 150 million people—excluding Guatemala, Nicaragua and Venezuela for which we do not have recent data—remained vulnerable to multidimensional poverty. We also observe that vulnerability to poverty is reduced at a much slower rate than poverty itself, revealing that achievements in SDG1 can be quite fragile. We perform a decomposition and find that as poverty decreases, risk‐induced vulnerability becomes relatively more important than poverty‐induced vulnerability. However, the poor‐vulnerable still constitute the core vulnerability group.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"51 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90269502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Accounting for Non‐Marketed capital","authors":"Robert D. Cairns, G. Davis","doi":"10.1111/roiw.12650","DOIUrl":"https://doi.org/10.1111/roiw.12650","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"74 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91007877","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Understanding the causes of the slowdown in aggregate productivity growth is key to maintaining the competitiveness of advanced economies and ensuring long-term economic prosperity. This paper provides evidence that investment in intangible capital, despite having a positive effect on productivity at the micro level, is a driver of the weak productivity performance at the aggregate level as it amplifies the divergence between a group of “frontier” firms and the rest of the economy. Using firm-level data, we find that the effect of intangible capital on productivity is heterogeneous across firms within industries. Documenting the existence of divergence in productivity growth between top intangible users and the rest of firms at the industry level, we find that industries where this gap is larger are also those industries where the heterogeneity in the effect of intangible capital is highest and where average productivity growth was lower. Thus, the evidence supports the view that the use of intangible capital plays a role in explaining weak aggregate productivity growth, by intensifying differences between firms.
{"title":"Intangible capital and productivity divergence","authors":"Marie Le Mouel, Alexander Schiersch","doi":"10.1111/roiw.12653","DOIUrl":"https://doi.org/10.1111/roiw.12653","url":null,"abstract":"Understanding the causes of the slowdown in aggregate productivity growth is key to maintaining the competitiveness of advanced economies and ensuring long-term economic prosperity. This paper provides evidence that investment in intangible capital, despite having a positive effect on productivity at the micro level, is a driver of the weak productivity performance at the aggregate level as it amplifies the divergence between a group of “frontier” firms and the rest of the economy. Using firm-level data, we find that the effect of intangible capital on productivity is heterogeneous across firms within industries. Documenting the existence of divergence in productivity growth between top intangible users and the rest of firms at the industry level, we find that industries where this gap is larger are also those industries where the heterogeneity in the effect of intangible capital is highest and where average productivity growth was lower. Thus, the evidence supports the view that the use of intangible capital plays a role in explaining weak aggregate productivity growth, by intensifying differences between firms.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"480 ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138506354","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Reference Groups and Relative Effects on Well‐Being","authors":"Laura Kudrna","doi":"10.1111/roiw.12656","DOIUrl":"https://doi.org/10.1111/roiw.12656","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"37 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90008817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Robert J. Hill, Norbert Pfeifer, Miriam Steurer, Radoslaw Trojanek
There is a broad consensus in international statistical organizations such as Eurostat and the International Monetary Fund that house price indices (HPIs) should be constructed using transaction data. We show here how transaction data for new-built properties can undermine the timeliness of hedonic HPIs when new-built properties are pre-sold during the planning or building stage, but entered into deed books only once the projects are completed. As a consequence, HPIs for new-builds will include stale transaction prices. We investigate this issue for two Polish cities (Warsaw and Poznan) and find that HPIs for existing properties lead indices for new-builds by up to 2 years. This lag can dramatically distort National HPIs. The lag also has implications for the flagship measure of inflation in Europe—the Harmonized Index of Consumer Prices (HICP)—since it is planned to include owner-occupied housing in the HICP using a transactions HPI specifically for new-builds. We show that the timeliness issue disappears when preliminary agreements on new-builds are used instead of transactions in the compilation of an HPI.
{"title":"Warning: Some transaction prices can be detrimental to your house price index","authors":"Robert J. Hill, Norbert Pfeifer, Miriam Steurer, Radoslaw Trojanek","doi":"10.1111/roiw.12652","DOIUrl":"https://doi.org/10.1111/roiw.12652","url":null,"abstract":"There is a broad consensus in international statistical organizations such as Eurostat and the International Monetary Fund that house price indices (HPIs) should be constructed using transaction data. We show here how transaction data for new-built properties can undermine the timeliness of hedonic HPIs when new-built properties are pre-sold during the planning or building stage, but entered into deed books only once the projects are completed. As a consequence, HPIs for new-builds will include stale transaction prices. We investigate this issue for two Polish cities (Warsaw and Poznan) and find that HPIs for existing properties lead indices for new-builds by up to 2 years. This lag can dramatically distort National HPIs. The lag also has implications for the flagship measure of inflation in Europe—the Harmonized Index of Consumer Prices (HICP)—since it is planned to include owner-occupied housing in the HICP using a transactions HPI specifically for new-builds. We show that the timeliness issue disappears when preliminary agreements on new-builds are used instead of transactions in the compilation of an HPI.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"261 ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138506333","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Estimating the Distribution of Household Wealth: Methods for Adjusting Survey Data Estimates Using National Accounts and Rich List Data","authors":"M. Cantarella, A. Neri, M. G. Ranalli","doi":"10.1111/roiw.12657","DOIUrl":"https://doi.org/10.1111/roiw.12657","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"82 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90921225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Assessing the contribution of intangible investment to growth is a challenging and complex task for any country. However, it has become increasingly difficult to determine both the exact magnitude of economic performance and its composition in the case of the Irish economy. This is mainly due to the impact of certain distortionary transactions by a select number of multinationals operating in the Irish jurisdiction. In this paper we address this issue by assessing, in a detailed manner, the contribution of intangible and tangible assets to the Irish growth story. We control for distortions in the official investment data series while also incorporating intangible assets which are not currently included in the National Accounts. Our results show that the observed unprecedented increase in the official intangible investment has a relatively minor contribution to the actual Irish labour productivity growth. Once the distortions are filtered out, Irish labour productivity growth is driven by tangible capital. More interestingly, non-national accounts intangible capital has a sizeable pro-cyclical impact on labour productivity growth.
{"title":"Is Ireland the most intangible intensive economy in Europe? A growth accounting perspective","authors":"Ilias Kostarakos, K. McQuinn, Petros Varthalitis","doi":"10.1111/roiw.12651","DOIUrl":"https://doi.org/10.1111/roiw.12651","url":null,"abstract":"Assessing the contribution of intangible investment to growth is a challenging and complex task for any country. However, it has become increasingly difficult to determine both the exact magnitude of economic performance and its composition in the case of the Irish economy. This is mainly due to the impact of certain distortionary transactions by a select number of multinationals operating in the Irish jurisdiction. In this paper we address this issue by assessing, in a detailed manner, the contribution of intangible and tangible assets to the Irish growth story. We control for distortions in the official investment data series while also incorporating intangible assets which are not currently included in the National Accounts. Our results show that the observed unprecedented increase in the official intangible investment has a relatively minor contribution to the actual Irish labour productivity growth. Once the distortions are filtered out, Irish labour productivity growth is driven by tangible capital. More interestingly, non-national accounts intangible capital has a sizeable pro-cyclical impact on labour productivity growth.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"71 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86131316","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper examines the relationship between the head of household's risk tolerance and household debt in China for a sample drawn from the China Household Finance Survey, 2011, 2013, 2015 and 2017. The effect of risk tolerance on both the decision to hold and the amount of total household debt, housing debt and non‐housing debt held is analyzed. The key findings indicate that risk tolerance is positively associated with household debt and non‐housing debt. Differences are found in the effect of risk tolerance on household debt across rural and urban households. For example, there exists a positive relationship between risk tolerance and the probability of holding housing debt for rural households while such a relationship is not found for urban households. In addition, the effect of risk tolerance on household debt is larger for rural households.
{"title":"Household Debt and Risk Tolerance: Evidence From China","authors":"Jialong Li","doi":"10.1111/roiw.12655","DOIUrl":"https://doi.org/10.1111/roiw.12655","url":null,"abstract":"Abstract This paper examines the relationship between the head of household's risk tolerance and household debt in China for a sample drawn from the China Household Finance Survey, 2011, 2013, 2015 and 2017. The effect of risk tolerance on both the decision to hold and the amount of total household debt, housing debt and non‐housing debt held is analyzed. The key findings indicate that risk tolerance is positively associated with household debt and non‐housing debt. Differences are found in the effect of risk tolerance on household debt across rural and urban households. For example, there exists a positive relationship between risk tolerance and the probability of holding housing debt for rural households while such a relationship is not found for urban households. In addition, the effect of risk tolerance on household debt is larger for rural households.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"90 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136000273","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Shlomo Yitzhaki (1944–2023): In Memoriam","authors":"Carsten Schröder, J. Silber","doi":"10.1111/roiw.12649","DOIUrl":"https://doi.org/10.1111/roiw.12649","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"5 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90402367","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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