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Wealth Inequality And Household Structure: U.S. Vs. Spain

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  • Olympia Bover

Abstract

We study the link between culturally inherited household structure and wealth distribution in international comparisons using household data for the U.S. and Spain (the SCF and the EFF). We estimate counterfactual U.S. distributions relying on the Spanish household structure. Our results show that differences in household structure account for most of the differences in the lower part of the distribution between the two countries, but mask even larger differences in the upper part of the distribution. Imposing the Spanish household structure to the U.S. wealth distribution has little effect on the Gini coefficient and wealth top shares. However, this is the net result of reduced differences at the bottom and increased differences at the top. So there is distinct additional information in considering the whole distribution. Finally, we present results for the within-group differences between the two countries using quantile regressions and find a reversing pattern by age. Copyright 2010 The Author. Journal compilation International Association for Research in Income and Wealth 2010.

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Article provided by International Association for Research in Income and Wealth in its journal Review of Income and Wealth.

Volume (Year): 56 (2010)
Issue (Month): 2 (06)
Pages: 259-290

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Handle: RePEc:bla:revinw:v:56:y:2010:i:2:p:259-290

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  1. Jenkins, Stephen P, 1990. " The Distribution of Wealth: Measurement and Models," Journal of Economic Surveys, Wiley Blackwell, vol. 4(4), pages 329-60.
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  6. Cowell, Frank A. & Flachaire, Emmanuel, 2007. "Income distribution and inequality measurement: The problem of extreme values," Journal of Econometrics, Elsevier, vol. 141(2), pages 1044-1072, December.
  7. James Banks & Richard Blundell & James P. Smith, 2003. "Understanding Differences in Household Financial Wealth between the United States and Great Britain," Journal of Human Resources, University of Wisconsin Press, vol. 38(2).
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  9. James B. Davies & Anthony Shorrocks & Edward N. Wolff, 2010. "The World Distribution of Household Wealth," Working Papers id:3217, eSocialSciences.
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Cited by:
  1. Mathä, Thomas Y. & Porpiglia, Alessandro & Sierminska, Eva, 2011. "The immigrant/native wealth gap in Germany, Italy and Luxembourg," Working Paper Series 1302, European Central Bank.
  2. Frank A Cowell & Eleni Karagiannaki & Abigail McKnight, 2013. "Accounting for cross-country differences in wealth inequality," CASE Papers /168, Centre for Analysis of Social Exclusion, LSE.
  3. Frank Cowell & Karagiannaki, E. & Abigail Mcknight, 2013. "GINI DP 72: Accounting for cross-country differences in wealth inequality," GINI Discussion Papers 72, AIAS, Amsterdam Institute for Advanced Labour Studies.
  4. Ada Ferrer-i-carbonell & X. Ramos & M. Oviedo, 2013. "GINI Country Report: Growing Inequalities and their Impacts in Spain," GINI Country Reports spain, AIAS, Amsterdam Institute for Advanced Labour Studies.
  5. Peichl, Andreas & Pestel, Nico & Schneider, Hilmar, 2010. "Does Size Matter? The Impact of Changes in Household Structure on Income Distribution in Germany," IZA Discussion Papers 4770, Institute for the Study of Labor (IZA).
  6. Pijoan-Mas, Josep & Sánchez-Marcos, Virginia, 2009. "Spain is Different: Falling Trends of Inequality," CEPR Discussion Papers 7489, C.E.P.R. Discussion Papers.
  7. Francisco Azpitarte, 2011. "Measurement and identification of asset-poor households: a cross-national comparison of Spain and the United Kingdom," Journal of Economic Inequality, Springer, vol. 9(1), pages 87-110, March.
  8. Francisco Azpitarte, 2010. "Measuring poverty using both income and wealth: A cross-country comparison between the U.S. and Spain," Working Papers 153, ECINEQ, Society for the Study of Economic Inequality.
  9. Francisco Azpitarte, 2010. "The household wealth distribution in Spain: The role of housing and financial wealth," Hacienda Pública Española, IEF, vol. 194(3), pages 65-90, October.
  10. repec:cep:sticas:case168 is not listed on IDEAS
  11. Masood, Sarwar Awan & Muhammad, Waqas & Amir, Aslam, 2012. "Multidimensional Measurement of Poverty in Pakistan," MPRA Paper 41532, University Library of Munich, Germany.

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