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Estimates Of Household Sector Wealth For South Africa, 1970–2003

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  • Janine Aron
  • John Muellbauer

Abstract

Market values of components of household sector wealth are important explanatory variables for aggregate consumer expenditure and household debt in macro‐econometric models. We construct the first coherent set of the main elements of household‐sector balance sheet estimates at market value for South Africa. Our quarterly estimates derive from published data on financial flows, and other capital market data, often at book value. Our methods rely, where relevant, on accumulating flow of funds data using appropriate benchmarks, and, where necessary, converting book to market values using appropriate asset price indices. Relating asset to income ratios for various asset classes to asset price movements and other features of the economic environment, throws light on the changing composition of household sector wealth. Most striking are the relative rise in the value of pension wealth and the trend decline of directly held securities, the decline and recent recovery of housing wealth, and the rise in household debt and concomitant decline of liquid assets from the early 1980s to the late 1990s.

Suggested Citation

  • Janine Aron & John Muellbauer, 2006. "Estimates Of Household Sector Wealth For South Africa, 1970–2003," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 52(2), pages 285-307, June.
    • Handle: RePEc:bla:revinw:v:52:y:2006:i:2:p:285-307
    DOI: 10.1111/j.1475-4991.2006.00188.x
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    Cited by:

    1. Uhunamure, S.E. & Nethengwe, N.S. & Tinarwo, D., 2019. "Correlating the factors influencing household decisions on adoption and utilisation of biogas technology in South Africa," Renewable and Sustainable Energy Reviews, Elsevier, vol. 107(C), pages 264-273.
    2. Konstantin Makrelov & Channing Arndt & Rob Davies & Laurence Harris, 2018. "Fiscal multipliers in South Africa: The importance of financial sector dynamics," WIDER Working Paper Series 006, World Institute for Development Economic Research (UNU-WIDER).
    3. Konstantin Makrelov & Channing Arndt & Rob Davies & Laurence Harris, 2018. "Stock-and-flow-consistent macroeconomic model for South Africa," WIDER Working Paper Series wp-2018-7, World Institute for Development Economic Research (UNU-WIDER).
    4. Konstantin Makrelov & Rob Davies & Laurence Harris, 2021. "The impact of higher leverage ratios on the South African economy," Studies in Economics and Econometrics, Taylor & Francis Journals, vol. 45(3), pages 184-207, July.
    5. Johan van den Heever, 2007. "Household debt, interest rates and insolvencies in South Africa," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Proceedings of the IFC Conference on "Measuring the financial position of the household sector", Basel, 30-31 August 2006 - Volume 2, volume 26, pages 52-61, Bank for International Settlements.
    6. von Fintel, Dieter & Orthofer, Anna, 2020. "Wealth inequality and financial inclusion: Evidence from South African tax and survey records," Economic Modelling, Elsevier, vol. 91(C), pages 568-578.
    7. Stephan Klasen & Derek Blades, 2013. "Issues and Challenges in Measuring National Income, Wealth, Poverty, and Inequality in Sub-Saharan African Countries: An Introduction," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 59, pages 1-8, October.
    8. John N. Muellbauer, 2007. "Housing, credit and consumer expenditure," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 267-334.
    9. Konstantin Makrelov & Channing Arndt & Rob Davies & Laurence Harris, 2018. "Fiscal multipliers in South Africa: The importance of financial sector dynamics," WIDER Working Paper Series wp-2018-6, World Institute for Development Economic Research (UNU-WIDER).
    10. Anna Orthofer, 2017. "Concepts and Measures of Saving: Selected Issues for South Africa," South African Journal of Economics, Economic Society of South Africa, vol. 85(2), pages 222-241, June.
    11. Konstantin Makrelov & Channing Arndt & Rob Davies & Laurence Harris, 2018. "Stock-and-flow-consistent macroeconomic model for South Africa," WIDER Working Paper Series 007, World Institute for Development Economic Research (UNU-WIDER).
    12. Janine Aron & John Muellbauer & Johan Prinsloo, 2006. "Estimating the Balance Sheet of the Personal Sector in an Emerging Market Country: South Africa 1975-2003," WIDER Working Paper Series RP2006-99, World Institute for Development Economic Research (UNU-WIDER).
    13. Janine Aron & John Muellbauer, 2013. "Wealth, Credit Conditions, and Consumption: Evidence from South Africa," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 59, pages 161-196, October.

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