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Financial wealth in the financial accounts and in the Survey of Household Income and Wealth

Author

Listed:
  • Riccardo Bonci

    (Bank of Italy, Economic Research Department)

  • Grazia Marchese

    (Bank of Italy, Economic Research Department)

  • Andrea Neri

    (Bank of Italy, Economic Research Department)

Abstract

The Survey on Household Income and Wealth, conducted every two years by the Bank of Italy, and the Italian Financial Accounts, published quarterly, provide information on the wealth of Italian households which are independent and, for the time being, not directly comparable. In this paper we perform a detailed comparison of the estimates of the households� various financial assets and liabilities coming from the two sources, identifying the causes responsible for the observed discrepancies. In general, the outstanding amounts reported in the Financial Accounts are significally larger than those arising from the Survey. Reconciling the data in terms of classification criteria and of valuation methods reduces the differences only to a small extent. Once the variability due to sampling and measurement errors is taken into account, the discrepancies are mainly caused by under-reporting on the survey results; the bias from non-response is less important. As a by-product of the analysis, suggestions for some methodological improvements to both the Survey and the Financial Accounts do also arise, possilby from the joint use of the two sources.

Suggested Citation

  • Riccardo Bonci & Grazia Marchese & Andrea Neri, 2005. "Financial wealth in the financial accounts and in the Survey of Household Income and Wealth," Temi di discussione (Economic working papers) 565, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:wptemi:td_565_05
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    File URL: http://www.bancaditalia.it/pubblicazioni/temi-discussione/2005/2005-0565/tema_565.pdf
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    Citations

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    Cited by:

    1. Gambacorta, Leonardo & Frost, Jon & Gambacorta, Romina, 2020. "The Matthew effect and modern finance: on the nexus between wealth inequality, financial development and financial technology," CEPR Discussion Papers 15014, C.E.P.R. Discussion Papers.
    2. Riccardo De Bonis & Daniele Fano & Teresa Sbano, 2013. "Houshold Aggregate Wealth In The Main OECD Countries From 1980 To 2011: What Do The Data Tell Us?," Mo.Fi.R. Working Papers 82, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    3. Frost, Jon & Gambacorta, Leonardo & Gambacorta, Romina, 2022. "On the nexus between wealth inequality, financial development and financial technology," Journal of Economic Behavior & Organization, Elsevier, vol. 202(C), pages 429-451.

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