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dc.contributor.author
Acciari, Paolo
dc.contributor.author
Gonzalez Alvaredo, Facundo
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dc.contributor.author
Morelli, Salvatore
dc.date.available
2023-09-15T13:44:50Z
dc.date.issued
2021-04
dc.identifier.citation
Acciari, Paolo; Gonzalez Alvaredo, Facundo; Morelli, Salvatore; The concentration of personal wealth in Italy 1995–2016; Centre for Economic Policy Research; CEPR Discussion Paper Series; 4-2021; 1-83
dc.identifier.issn
0265-8003
dc.identifier.uri
http://hdl.handle.net/11336/211653
dc.description.abstract
Italy is one the countries with the highest wealth-to-income ratio in the developed world. Yet, despite the growing policy interest, knowledge about the size distribution of wealth is currently limited. In this paper, we expand our windows of observation on the distribution of personal wealth using a novel source on the full record of inheritance tax files. The data cover up to 63% of the deceased population and are available between 1995 and 2016, a period of substantial economic turbulence and structural reform for the Italian economy. Our benchmark results rely on the distribution of the net wealth observed in the National Accounts balance sheets. Unlike available statistics estimated from household survey data, our results point to a strong rise in wealth concentration and inequality since the mid-1990s. Whereas the level of wealth concentration in Italy is in line with those of other European countries, its time trend appears more in line with the U.S. experience. Moreover, Italy stands out as one of the countries with the strongest decline in the wealth share of the bottom 50% of the adult population. We explore the role of household wealth portfolios, accumulation patterns during the life cycle, and inheritance flows, its concentration, and taxation patterns as main drivers of the trends observed. A range of alternative series of wealth concentration helps us better understand the role of adjustments and imputations and is based on a multi-series approach, i.e., comparing the pieces of information given by different and competing sources.
dc.format
application/pdf
dc.language.iso
eng
dc.publisher
Centre for Economic Policy Research
dc.rights
info:eu-repo/semantics/openAccess
dc.rights.uri
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.subject
Wealth inequality
dc.subject
Wealth distribution
dc.subject
National accounts
dc.subject.classification
Economía, Econometría
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dc.subject.classification
Economía y Negocios
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dc.subject.classification
CIENCIAS SOCIALES
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dc.title
The concentration of personal wealth in Italy 1995–2016
dc.type
info:eu-repo/semantics/article
dc.type
info:ar-repo/semantics/artículo
dc.type
info:eu-repo/semantics/publishedVersion
dc.date.updated
2023-09-13T11:57:25Z
dc.identifier.eissn
2045-6573
dc.journal.pagination
1-83
dc.journal.pais
Reino Unido
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dc.description.fil
Fil: Acciari, Paolo. Italian Ministry Of Economy And Finance; Italia
dc.description.fil
Fil: Gonzalez Alvaredo, Facundo. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Saavedra 15. Instituto Interdisciplinario de Economía Política de Buenos Aires. Universidad de Buenos Aires. Facultad de Ciencias Económicas. Instituto Interdisciplinario de Economía Política de Buenos Aires; Argentina
dc.description.fil
Fil: Morelli, Salvatore. Università Roma Tre III; Italia
dc.journal.title
CEPR Discussion Paper Series
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/url/https://cepr.org/publications/discussion-papers
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