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La ricchezza delle famiglie italiane e americane

Author

Listed:
  • Ivan faiella

    (Banca d'Italia)

  • Andrea Neri

    (Banca d'Italia)

Abstract

The paper compares Italian and American households� 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 households� 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.

Suggested Citation

  • Ivan faiella & Andrea Neri, 2004. "La ricchezza delle famiglie italiane e americane," Temi di discussione (Economic working papers) 501, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:wptemi:td_501_04
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    File URL: http://www.bancaditalia.it/pubblicazioni/temi-discussione/2004/2004-0501/tema_501.pdf
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    Citations

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    Cited by:

    1. Sona Kalantaryan, 2013. "Housing Market Responses to Immigration; Evidence from Italy," RSCAS Working Papers 2013/83, European University Institute.
    2. Andrea Neri, 2009. "Measuring wealth mobility," Temi di discussione (Economic working papers) 703, Bank of Italy, Economic Research and International Relations Area.
    3. Timothy Smeeding & Eva Sierminska & Andrea Brandolini, 2006. "Comparing Wealth Distribution across Rich Countries: First Results from the Luxembourg Wealth Study," LWS Working papers 1, LIS Cross-National Data Center in Luxembourg.
    4. Andrea Brandolini & Luigi Cannari & Giovanni D’Alessio & Ivan Faiella, 2006. "Household Wealth Distribution in Italy in the 1990s," Chapters, in: Edward N. Wolff (ed.), International Perspectives on Household Wealth, chapter 7, Edward Elgar Publishing.
    5. 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.
    6. Eva Sierminska & Andrea Brandolini & Timothy Smeeding, 2006. "The Luxembourg Wealth Study – A cross-country comparable database for household wealth research," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 4(3), pages 375-383, December.

    More about this item

    Keywords

    ricchezza delle famiglie; distribuzione della ricchezza; Italia; Stati Uniti;
    All these keywords.

    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

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