Chapter 11 The distribution of wealth

Davies, James; Shorrocks, Anthony

doi:10.1016/s1574-0056(00)80014-7

Cited by 280 publications

(208 citation statements)

References 100 publications

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“…A more reasonable estimate of the wealth held for bequest purposes and recorded in the probate statistics is probably around £2000 billion. This is consistent with the estimates provided by Blinder (1988) and Davies and Shorrocks (1999) that bequests account for 35-45 per cent of total wealth. If one accepts the consumption and income profiles as correct, the only other behavioural explanation of the high level of wealth is that, in addition to the bequests which can be observed from probate statistics, people hold wealth in order to make transfers inter vivos 9 and those through mechanisms such as trusts on which probate is not required.…”

Section: Bequests and Transfers Inter Vivossupporting

confidence: 93%

The UK Savings Gap

Khoman¹,

Weale

2006

Natl. Inst. econ. rev.

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We set out a framework for measuring the adequacy of saving in the United Kingdom by assessing the absolute level of savings based on individual preferences of different ages. We examine this relationship between age and savings using data from the Expenditure and Food Survey 2004-5. We show that, while the level of national saving is about 8.4 percentage points of net national income lower than is required if one assumes that each cohort pays its own way, wealth holdings are considerably higher than are required on the same basis. Looking at household, rather than national saving, the current pattern of benefits on public sector pensions removes the need to save for old age. While perhaps £4000m of household wealth holding can be accounted for by bequest and other transfer motives, our results suggest excess wealth holding of around £1600m in 2004.

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Section: Bequests and Transfers Inter Vivossupporting

confidence: 93%

The UK Savings Gap

Khoman¹,

Weale

2006

Natl. Inst. econ. rev.

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“…Hence, at higher levels of development, high-income voters will be more willing to accept democracy, especially if the costs of repression are fixed. 9 Second, development has generally been correlated with lower levels of inequality, at least in the long run (Atkinson, Piketty, and Saez 2009;Davies and Shorrocks 2000;Morrisson 2000). As inequality declines, the redistributive demands of low-income voters fall and high-income voters are more likely to support democracy.…”

Section: Conditional Effects Of Developmentmentioning

confidence: 99%

Democracy, Development, and the International System

2011

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R esolving a controversy on the relationship of development to democratization, this article expands the time period under study with panel data running from the early nineteenth century (a time where hardly any country was democratic) to the end of the twentieth century, and shows a positive and significant effect of income on the likelihood of democratic transitions and democratic consolidations. The estimations hold after I control for country and time effects and instrument for income. Results reveal that the effect of income varies across income levels and across eras. First, income has a decreasing marginal effect on democratization. In already developed (and democratized) countries, any extra growth has no further effect on the level of democracy. Second, the structure of the international system affects the resources and strategies of pro-authoritarian and pro-democratic factions in client states. The proportion of liberal democracies peaks under international orders governed by democratic hegemons, such as the post-Cold War period, and bottoms out when authoritarian great powers such as the Holy Alliance control the world system.

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“…Traditionally, the Pareto distribution is used as it approximates well the top tail of income and wealth (Davies and Shorrocks, 2000). In addition, more complex functional forms might be used (Clauset et al, 2009;Burkhauser et al, 2012;Brzezinski, 2014).…”

Section: Introductionmentioning

confidence: 99%

Looking for the Missing Rich: Tracing the Top Tail of the Wealth Distribution

2018

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractWe analyze the top tail of the wealth distribution in Germany, France, and Spain based on the first and second wave of the Household Finance and Consumption Survey (HFCS). Since top wealth is likely to be underrepresented in household surveys, we integrate big fortunes from rich lists, estimate a Pareto distribution, and impute the missing rich. In addition to the Forbes list, we rely on national rich lists since they represent a broader base for the big fortunes in those countries. As a result, the top percentile share of household wealth in Germany jumps up from 24 percent to 31 percent in the first and from 24 to 33 percent in the second wave after top wealth imputation. For France and Spain, we find only a small effect of the imputation since rich households are better captured in the survey.

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Chapter 11 The distribution of wealth

Cited by 280 publications

References 100 publications

The UK Savings Gap

The UK Savings Gap

Democracy, Development, and the International System

Looking for the Missing Rich: Tracing the Top Tail of the Wealth Distribution

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