Format du dépôt |
Fichier |
Type de dépôt |
Pré-publication, Document de travail |
Titre |
en
The concentration of personal wealth in Italy 1995-2016
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Résumé |
en
Italy is one the countries with the highest wealth-to-income ratio in the developed world. Yet, despite the growing policy interest, knowledge about the size distribution of wealth is currently limited. In this paper we expand our windows of observation on the distribution of personal wealth using a novel source on the full record of inheritance tax files. The data cover up to 63% of the deceased population and are available between 1995 and 2016, a period of substantial economic turbulence and structural reform for the Italian economy. Our benchmark results rely on the distribution of the net wealth observed in the National Accounts balance sheets. Unlike available statistics estimated from household survey data, our results point to a strong rise in wealth concentration and inequality since the mid-1990s. Whereas the level of wealth concentration in Italy is in line with those of other European countries, its time trend appears more in line with the U.S. experience. Moreover, Italy stands out as one of the countries with the strongest decline in the wealth share of the bottom 50% of the adult population. We explore the role of household wealth portfolios, accumulation patterns during the life cycle, and inheritance flows, its concentration, and taxation patterns as main drivers of the trends observed. A range of alternative series of wealth concentration helps us better understand the role of adjustments and imputations and is based on a multi-series approach, i.e., comparing the pieces of information given by different and competing sources.
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Auteur(s)
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Paolo Acciari
1
, Facundo Alvaredo
2, 3, 4, 5
, Salvatore Morelli
6, 7
1
Italian Ministry of Economy and Finance D
( 1069354 )
- Italie
2
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
-
Université Paris 1 Panthéon-Sorbonne ( 7550 )
;
-
École normale supérieure - Paris ( 59704 )
;
-
Université Paris Sciences et Lettres ( 564132 )
;
-
École des hautes études en sciences sociales ( 99539 )
;
-
École des Ponts ParisTech ( 301545 )
;
-
Centre National de la Recherche Scientifique ( 441569 )
;
-
Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement ( 577435 )
3
PJSE -
Paris Jourdan Sciences Economiques
( 578027 )
- 48 boulevard Jourdan 75014 Paris
- France
-
Université Paris 1 Panthéon-Sorbonne UMR8545 ( 7550 )
;
-
École normale supérieure - Paris ( 59704 )
;
-
Université Paris Sciences et Lettres ( 564132 )
;
-
École des hautes études en sciences sociales ( 99539 )
;
-
École des Ponts ParisTech ( 301545 )
;
-
Centre National de la Recherche Scientifique ( 441569 )
;
-
Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement UMR1393 ( 577435 )
4
INET Oxford -
Institute for New Economic Thinking at the Oxford Martin School
( 574985 )
- Manor Road Building, Manor Road, Oxford, OX1 3UQ
- Royaume-Uni
5
EP-UBA-Conicet
( 1069355 )
- Argentine
6
ROMA TRE -
Università degli Studi Roma Tre = Roma Tre University
( 302801 )
- Via Ostiense, 133 - 00154 Rome
- Italie
7
Stone Center on Socio-Economic Inequality
( 1062487 )
- Royaume-Uni
|
Public visé |
Scientifique
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Langue du document |
Anglais
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Date de production/écriture |
2021-05
|
Domaine(s) |
-
Sciences de l'Homme et Société/Economies et finances
|
Mots-clés (JEL) |
-
D - Microeconomics/D.D3 - Distribution
-
H - Public Economics/H.H2 - Taxation, Subsidies, and Revenue/H.H2.H24 - Personal Income and Other Nonbusiness Taxes and Subsidies
-
N - Economic History/N.N3 - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy
|
Référence interne |
-
World Inequality Lab Working Papers n°2021-14
|
Mots-clés |
en
Wealth inequality, Wealth distribution, Top wealth shares, Distributional national accounts, Estate concentration, Inheritance and gifts, Inheritance tax
|