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Micro- and Macrodata: a Comparison of the Household Finance and Consumption Survey with Financial Accounts in Austria

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  • Andreasch Michael

    () (Oesterreichische Nationalbank, External Statistics, Financial Accounts and Monetary, and Financial Statistics Division. Otto-Wagner-Platz 3, 1090 Vienna, Austria.)

  • Lindner Peter

    () (Oesterreichische Nationalbank, Economic Analysis Division, Otto-Wagner-Platz 3, 1090 Vienna, Austria.)

Abstract

This article compares the results of Austria’s Household Finance and Consumption Survey (HFCS) on savings deposits and estimates on total financial assets with administrative records from the national accounts for the household sector. The microdata that are newly generated through the HFCS and the detailed (internally available) breakdown of savings deposits in the existing macrodata (financial accounts) lend themselves to a more in-depth analysis of the similarities and differences in these two sources. Comparing the data shows that the HFCSbased aggregate estimates are lower than the financial accounts data, which is in line with evidence from the literature. The article also shows, however, that the survey adequately captures the underlying patterns at the microlevel in terms of the overall financial portfolio allocation and the distribution of savings deposits over detailed breakdowns. Moreover, a simulation based on the HFCS data demonstrates the effect that the inclusion of savings deposits in the most affluent tail of the distribution has on common statistics. Undercoverage above all of the upper deposit ranges suggests an underestimation or bias in the statistics. This underestimation, however, can be shown to be relatively minor, particularly in the case of robust statistical measures, such as the median or percentile ratios.

Suggested Citation

  • Andreasch Michael & Lindner Peter, 2016. "Micro- and Macrodata: a Comparison of the Household Finance and Consumption Survey with Financial Accounts in Austria," Journal of Official Statistics, Sciendo, vol. 32(1), pages 1-28, March.
  • Handle: RePEc:vrs:offsta:v:32:y:2016:i:1:p:1-28:n:1
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    References listed on IDEAS

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    1. Pirmin Fessler & Peter Mooslechner & Martin Schürz, 2012. "Eurosystem Household Finance and Consumption Survey 2010 First Results for Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 23-62.
    2. Arie Kapteyn & Jelmer Y. Ypma, 2007. "Measurement Error and Misclassification: A Comparison of Survey and Administrative Data," Journal of Labor Economics, University of Chicago Press, vol. 25, pages 513-551.
    3. Pirmin Fessler & Kasy, Maximilian & Peter Lindner, 2012. "Survey mode effects on income inequality measurement," Working Paper 48766, Harvard University OpenScholar.
    4. Thomas Y. Mathä & Alessandro Porpiglia & Michael Ziegelmeyer, 2012. "The Luxembourg Household Finance and Consumption Survey (LU-HFCS): Introduction and Results," BCL working papers 73, Central Bank of Luxembourg.
    5. Eva Sierminska & Andrea Brandolini & Timothy M Smeeding, 2007. "Comparing wealth distribution across rich countries: the Luxembourg Wealth Study project," 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 1, volume 25, pages 297-310 Bank for International Settlements.
    6. Michael Andreasch & Pirmin Fessler, 2009. "Austrian Households’ Equity Capital – Evidence from Microdata," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 61-78.
    7. Avery, Robert B & Elliehausen, Gregory E & Kennickell, Arthur B, 1988. "Measuring Wealth with Survey Data: An Evaluation of the 1983 Survey of Consumer Finances," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 34(4), pages 339-369, December.
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    Citations

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    Cited by:

    1. Peter Peshev, 2015. "Analysis of the Wealth Inequality Dynamics in Bulgaria: Different Approach," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 29-33, December.
    2. Chakraborty, Robin & Waltl, Sofie R., 2018. "Missing the wealthy in the HFCS: micro problems with macro implications," Working Paper Series 2163, European Central Bank.
    3. Anna Boldizsár & Zsuzsa Kékesi & Balázs Kóczián & Balázs Sisak, 2016. "The Wealth Position of Hungarian Households based on HFCS," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 15(4), pages 115-150.
    4. Stefan Humer & Mathias Moser & Matthias Schnetzer, 2017. "Inheritances and the Accumulation of Wealth in the Eurozone," ICAE Working Papers 73, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.

    More about this item

    JEL classification:

    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • D30 - Microeconomics - - Distribution - - - General
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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