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Wealth Dynamics in the 1980' and 1990's: Sweden and the U.S

Author

Listed:
  • Klevmarken, A.
  • Lupton, J.
  • Stafford, F.

Abstract

Given differences in public saving programs between Sweden and the United States, an examination of household private wealth accumulation in these two countries can be enlightening. In this paper we examine wealth inequality and mobility in Sweden and the United States over the past decade. We show that wealth inequality has been significantly greater in the U.S. than in Sweden and, while remaining relatively constant since the mid-1980's s in Sweden, has increased in the United States. In addition to less inequality and a higher median wealth, we also show that wealth quintile mobility in the 1990's has been 25.7% higher in Sweden, as measured by Shorrocks' index. Noting the role of various demographic components in shaping the patterns of wealth mobility as well as the importance of the initial wealth distribution, we utilize a matching algorithm that controls for these differences.

Suggested Citation

  • Klevmarken, A. & Lupton, J. & Stafford, F., 2000. "Wealth Dynamics in the 1980' and 1990's: Sweden and the U.S," Papers 2000:18, Uppsala - Working Paper Series.
  • Handle: RePEc:fth:uppaal:2000:18
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    References listed on IDEAS

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    1. Deaton, Angus, 1991. "Saving and Liquidity Constraints," Econometrica, Econometric Society, vol. 59(5), pages 1221-1248, September.
    2. F. Thomas Juster & James P. Smith, 2004. "Improving the Quality of Economic Data: Lessons from the HRS and AHEAD," Labor and Demography 0402010, EconWPA.
    3. Francine D. Blau & John W. Graham, 1990. "Black-White Differences in Wealth and Asset Composition," The Quarterly Journal of Economics, Oxford University Press, vol. 105(2), pages 321-339.
    4. Pierre-Olivier Gourinchas & Jonathan A. Parker, 2002. "Consumption Over the Life Cycle," Econometrica, Econometric Society, vol. 70(1), pages 47-89, January.
    5. Kerwin Kofi Charles & Erik Hurst, 2002. "The Transition To Home Ownership And The Black-White Wealth Gap," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 281-297, May.
    6. Christopher D. Carroll, 1991. "Buffer stock saving and the permanent income hypothesis," Working Paper Series / Economic Activity Section 114, Board of Governors of the Federal Reserve System (U.S.).
    7. Erik Hurst & Ming Ching Luoh & Frank P. Stafford, 1998. "The Wealth Dynamics of American Families, 1984-94," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 267-338.
    8. Frank P. Stafford & Ngina S. Chiteji, 1999. "Portfolio Choices of Parents and Their Children as Young Adults: Asset Accumulation by African-American Families," American Economic Review, American Economic Association, vol. 89(2), pages 377-380, May.
    9. Solon, Gary, 1992. "Intergenerational Income Mobility in the United States," American Economic Review, American Economic Association, vol. 82(3), pages 393-408, June.
    10. Klevmarken, Anders, 1982. "Household Market and Nonmarket Activities (HUS) – A Pilot Study," Working Paper Series 77, Research Institute of Industrial Economics.
    11. Menchik, Paul L & Jianakoplos, Nancy Ammon, 1997. "Black-White Wealth Inequality: Is Inheritance the Reason?," Economic Inquiry, Western Economic Association International, vol. 35(2), pages 428-442, April.
    12. Shorrocks, A F, 1978. "The Measurement of Mobility," Econometrica, Econometric Society, vol. 46(5), pages 1013-1024, September.
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    Cited by:

    1. Hochguertel, Stefan & Ohlsson, Henry, 2011. "Wealth mobility and dynamics over entire individual working life cycles," Working Paper Series 1301, European Central Bank.
    2. Hans A. Holter, 2015. "Accounting for cross‐country differences in intergenerational earnings persistence: The impact of taxation and public education expenditure," Quantitative Economics, Econometric Society, vol. 6(2), pages 385-428, July.
    3. Stefan Hochguertel & Henry Ohlsson, 2012. "Who is at the Top? Wealth Mobility over the Life Cycle," Tinbergen Institute Discussion Papers 12-004/3, Tinbergen Institute.
    4. Hans A. Holter, 2015. "Accounting for cross‐country differences in intergenerational earnings persistence: The impact of taxation and public education expenditure," Quantitative Economics, Econometric Society, vol. 6(2), pages 385-428, July.
    5. Hugh Rockoff, 2008. "Great Fortunes of the Gilded Age," NBER Working Papers 14555, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

    WEALTH ; DEMOGRAPHY ; DISTRIBUTION;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General

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