Nothing Special   »   [go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/p/hal/psewpa/halshs-02797842.html
   My bibliography  Save this paper

Revised and extended national wealth series: Australia, Canada, France, Germany, Italy, Japan, the UK and the USA

Author

Listed:
  • Luis Estévez Bauluz

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, WIL - World Inequality Lab)

Abstract
This paper presents updated series of national wealth and of capital-labor shares of na- tional income for the eight countries covered by Piketty and Zucman (2014a): Australia, Canada, France, Germany, Italy, Japan, the UK and the USA. It discusses the adap- tation of the series from the SNA93 to the SNA2008, the inclusion of natural capital (i.e. forestry land, mineral and energy resources) within the concept of national wealth and the division of national housing across households and other sectors. I find that adopting the SNA2008 has no relevant consequences for aggregate macro wealth or for the net-of-depreciation capital share. However, gross-of-depreciation capital shares are higher, likely due to the inclusion of R&D as investment in the new system of accounts. Overall, new series reveal that average private wealth to national income ratios have been steadily increasing in recent years with capital-labor shares remaining relatively constant at their 2010 values.

Suggested Citation

  • Luis Estévez Bauluz, 2017. "Revised and extended national wealth series: Australia, Canada, France, Germany, Italy, Japan, the UK and the USA," PSE Working Papers halshs-02797842, HAL.
    • Handle: RePEc:hal:psewpa:halshs-02797842
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-02797842
    as

    Download full text from publisher

    File URL: https://shs.hal.science/halshs-02797842/document
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Facundo Alvaredo & Anthony Atkinson & Lucas Chancel & Thomas Piketty & Emmanuel Saez & Gabriel Zucman, 2016. "Distributional National Accounts (DINA) Guidelines : Concepts and Methods used in WID.world," World Inequality Lab Working Papers halshs-02794308, HAL.
    2. Garbinti, Bertrand & Goupille-Lebret, Jonathan & Piketty, Thomas, 2018. "Income inequality in France, 1900–2014: Evidence from Distributional National Accounts (DINA)," Journal of Public Economics, Elsevier, vol. 162(C), pages 63-77.
    3. Thomas Piketty & Gabriel Zucman, 2014. "Capital is Back: Wealth-Income Ratios in Rich Countries 1700–2010," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 129(3), pages 1255-1310.
    4. Dongya Koh & Raül Santaeulàlia‐Llopis & Yu Zheng, 2020. "Labor Share Decline and Intellectual Property Products Capital," Econometrica, Econometric Society, vol. 88(6), pages 2609-2628, November.
    5. Thomas Piketty & Emmanuel Saez & Gabriel Zucman, 2018. "Distributional National Accounts: Methods and Estimates for the United States," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(2), pages 553-609.
    6. Bertrand Garbinti & Jonathan Goupille-Lebret & Thomas Piketty, 2016. "Accounting for Wealth Inequality Dynamics: Methods, Estimates and Simulations for France (1800-2014)," PSE Working Papers halshs-02794339, HAL.
    7. Andrea Brandolini & Luigi Cannari & Giovanni D’Alessio & Ivan Faiella, 2006. "Household Wealth Distribution in Italy in the 1990s," Chapters, in: Edward N. Wolff (ed.), International Perspectives on Household Wealth, chapter 7, Edward Elgar Publishing.
    8. David Blake & J. Michael Orszag, 1999. "Annual estimates of personal wealth holdings in the United Kingdom since 1948," Applied Financial Economics, Taylor & Francis Journals, vol. 9(4), pages 397-421.
    9. Bertrand Garbinti & Jonathan Goupille-Lebret & Thomas Piketty, 0. "Accounting for Wealth-Inequality Dynamics: Methods, Estimates, and Simulations for France," Journal of the European Economic Association, European Economic Association, vol. 19(1), pages 620-663.
    10. Facundo Alvaredo & Lucas Chancel & Thomas Piketty & Gabriel Zucman, 2018. "Distributional National Accounts," Post-Print halshs-03342488, HAL.
    11. repec:hal:pseose:halshs-01109372 is not listed on IDEAS
    12. Solomos Solomou & Martin Weale, 1997. "Personal Sector Wealth In The United Kingdom, 1920–56," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 43(3), pages 297-318, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tippet, Benjamin & Onaran, Özlem & Wildauer, Rafael, 2021. "The determinants of wealth inequality in the UK, USA and France," Greenwich Papers in Political Economy 31260, University of Greenwich, Greenwich Political Economy Research Centre.
    2. Kragl, Jenny & Bental, Benjamin, 2020. "Other-Regarding Preferences and Incentives in the Societal Context," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224547, Verein für Socialpolitik / German Economic Association.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Luis Estévez Bauluz, 2017. "Revised and extended national wealth series: Australia, Canada, France, Germany, Italy, Japan, the UK and the USA," World Inequality Lab Working Papers halshs-02797842, HAL.
    2. Luis Estévez Bauluz, 2017. "Revised and extended national wealth series: Australia, Canada, France, Germany, Italy, Japan, the UK and the USA," Working Papers halshs-02797842, HAL.
    3. Filip Novokmet & Thomas Piketty & Gabriel Zucman, 2018. "From Soviets to oligarchs: inequality and property in Russia 1905-2016," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 16(2), pages 189-223, June.
    4. Garbinti, Bertrand & Goupille-Lebret, Jonathan & Piketty, Thomas, 2018. "Income inequality in France, 1900–2014: Evidence from Distributional National Accounts (DINA)," Journal of Public Economics, Elsevier, vol. 162(C), pages 63-77.
    5. Thilo N. H. Albers & Charlotte Bartels & Moritz Schularick, 2020. "The Distribution of Wealth in Germany, 1895-2018," ECONtribute Policy Brief Series 001, University of Bonn and University of Cologne, Germany.
    6. Gabriel Zucman, 2019. "Global Wealth Inequality," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 109-138, August.
    7. Aroop Chatterjee & Léo Czajka & Amory Gethin, 2020. "Estimating the Distribution of Household Wealth in South Africa," Working Papers hal-02876974, HAL.
    8. Bertrand Garbinti & Jonathan Goupille-Lebret & Thomas Piketty, 2017. "Income Inequality in France, 1900-2014: Evidence from Distributional National Accounts," Working Papers 201704, World Inequality Lab.
    9. Bertrand Garbinti & Jonathan Goupille-Lebret, 2019. "Inégalités de revenus et de richesse en France : évolutions et liens sur longue période," Working Papers halshs-02401482, HAL.
    10. Thomas Piketty & Li Yang & Gabriel Zucman, 2019. "Capital Accumulation, Private Property, and Rising Inequality in China, 1978–2015," American Economic Review, American Economic Association, vol. 109(7), pages 2469-2496, July.
    11. Pawel Bukowski & Filip Novokmet, 2018. "Inequality in Poland: Estimating the whole distribution by g-percentile 1983-2015," LIS Working papers 731, LIS Cross-National Data Center in Luxembourg.
    12. Facundo Alvaredo & Lydia Assouad & Thomas Piketty, 2019. "Measuring lnequality in the Middle East 1990–2016: The World’s Most Unequal Region?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 65(4), pages 685-711, December.
    13. Thomas Blanchet & Bertrand Garbinti & Jonathan Goupille-Lebret & Clara Martínez-Toledano, 2018. "Applying Generalized Pareto Curves to Inequality Analysis," AEA Papers and Proceedings, American Economic Association, vol. 108, pages 114-118, May.
    14. Yonatan Berman, 2022. "The Long-Run Evolution of Absolute Intergenerational Mobility," American Economic Journal: Applied Economics, American Economic Association, vol. 14(3), pages 61-83, July.
    15. Lieberknecht, Philipp & Vermeulen, Philip, 2018. "Inequality and relative saving rates at the top," Working Paper Series 2204, European Central Bank.
    16. Òscar Jordà & Katharina Knoll & Dmitry Kuvshinov & Moritz Schularick & Alan M Taylor, 2019. "The Rate of Return on Everything, 1870–2015," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 134(3), pages 1225-1298.
    17. Muhammed Abdul Khalid & Li Yang, 2019. "Income Inequality and Ethnic Cleavages in Malaysia: Evidence from Distributional National Accounts (1984-2014)," World Inequality Lab Working Papers hal-02876992, HAL.
    18. Khalid, Muhammed Abdul & Yang, Li, 2021. "Income inequality and ethnic cleavages in Malaysia: Evidence from distributional national accounts (1984–2014)," Journal of Asian Economics, Elsevier, vol. 72(C).
    19. Arun Advani, 2022. "Who does and doesn't pay taxes?," Fiscal Studies, John Wiley & Sons, vol. 43(1), pages 5-22, March.
    20. Bertrand Garbinti & Jonathan Goupille-Lebret & Thomas Piketty, 2021. "Accounting for Wealth-Inequality Dynamics: Methods, Estimates, and Simulations for France," Journal of the European Economic Association, European Economic Association, vol. 19(1), pages 620-663.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:psewpa:halshs-02797842. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.