La ricchezza delle famiglie italiane e americane
AbstractThe paper compares Italian and American householdsÂ’ wealth in 1998. The analysis is based on the Survey on Household Income and Wealth (Bank of Italy) and on the Survey of Consumer Finances (Federal Reserve Board). Tangible assets appear to be the main wealth component in both countries. In the United States households hold a higher share of financial assets and show a greater propensity to invest in more diversified and risky portfolios. American households also have a stronger tendency to resort to debt. In both countries the level and the composition of wealth seems to be correlated with similar householdsÂ’ characteristics. Wealth increases with the age of the head of household and his/her level of education; it is also higher for households headed by the self-employed. Furthermore, richer and more educated households exhibit a higher probability of holding a complex financial portfolio.The differences between the two countries do not seem to be significantly explained by demographics. Moreover, the US shows a greater wealth inequality apparently not balanced by a higher degree of wealth mobility.
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Bibliographic InfoPaper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 501.
Date of creation: Jun 2004
Date of revision:
ricchezza delle famiglie; distribuzione della ricchezza; Italia; Stati Uniti;
Find related papers by JEL classification:
- C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
- C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-01-24 (All new papers)
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- Magi, Alessandro, 2009. "Portfolio choice, behavioral preferences and equity home bias," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(2), pages 501-520, May.
- Andrea Neri, 2009. "Measuring wealth mobility," Temi di discussione (Economic working papers) 703, Bank of Italy, Economic Research and International Relations Area.
- Andrea Brandolini & Giovanni D’Alessio & Luigi Cannari & Ivan Faiella, 2004.
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Economics Working Paper Archive
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- Andrea Brandolini & Luigi Cannari & Giovanni D'Alessio & Ivan Faiella, 2004. "Household Wealth Distribution in Italy in the 1990s," Temi di discussione (Economic working papers) 530, Bank of Italy, Economic Research and International Relations Area.
- Eva Sierminska & Andrea Brandolini & Timothy Smeeding, 2006. "The Luxembourg Wealth Study – A cross-country comparable database for household wealth research," Journal of Economic Inequality, Springer, vol. 4(3), pages 375-383, December.
- Sona Kalantaryan, 2013. "Housing Market Responses to Immigration; Evidence from Italy," RSCAS Working Papers 2013/83, European University Institute.
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