S.Carret & J.CuiDevelopment Workshop1 THE WORLD DISTRIBUTION OF HOUSEHOLD WEALTH Stephanie Carret & Jinjie Cui (Eric) Faculty of Economic Science University.

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S.Carret & J.CuiDevelopment Workshop1 THE WORLD DISTRIBUTION OF HOUSEHOLD WEALTH Stephanie Carret & Jinjie Cui (Eric) Faculty of Economic Science University of Warsaw 3rd November, 2009

S.Carret & J.CuiDevelopment Workshop2 The Planning for today 1. Review of the paper: main ideas 2. Analysis of illustrative graphs 3. Other views on the subject 4. What questions can we raise?

S.Carret & J.CuiDevelopment Workshop3 Review of the paper: Dataset Householf wealth: the value of physical and financial assets Household: families, person, inviduals, but above the age of 20 Information: household surveys, tax record, national balance sheets OECD’s countries well covered but not low and middle-income countries Difference offset by using available data for China, Indian and Indonesia In total, data available for 39 countries = 61% of W.pop =80% of global household wealth (Milanovic and small nbr of countries involved in the big changes in inequality) Use of regression to make a data estimation for the missing countries An UNU-WIDER utility program is used to estimate the world distribution of wealth

S.Carret & J.CuiDevelopment Workshop4 Review of the paper: main ideas The authors examine a parameter linked to well-being which has been less studied than income: household wealth Wealth distribution is more unequal than income: Gini of for wealth and for income Wealth distribution is highly concentrated Trends for the last decades, income inequality has more risen than wealth inequality India/China European transition countries/Russia Africa, Latin America and other low-income countries Wealth and income inequality are linked but not always, it depends on the conjuncture wealth follows assets pricing on the market Changes in exchange rates Use of both PPP exchange rates and official exchange rates The Gini value declines when adjusting to PPP exchange reates

S.Carret & J.CuiDevelopment Workshop5 Analysis of illustrative graphs (1)

S.Carret & J.CuiDevelopment Workshop6 Analysis of illustrative graphs (2)

S.Carret & J.CuiDevelopment Workshop7 Analysis of illustrative graphs (3)

S.Carret & J.CuiDevelopment Workshop8 Analysis of graph (4) Inverted shares of pop°/wealth between emergent or less developed countries and wealthier countries Confirmed trend of the top 1%

S.Carret & J.CuiDevelopment Workshop9 Analysis of illustrative graphs (5)

S.Carret & J.CuiDevelopment Workshop10 Analysis of illustrative graphs (6)

S.Carret & J.CuiDevelopment Workshop11 Analysis of illustrative graphs (7)

S.Carret & J.CuiDevelopment Workshop12 Analysis of illustrative graphs (8)

S.Carret & J.CuiDevelopment Workshop13 Analysis of illustrative graphs (9)

S.Carret & J.CuiDevelopment Workshop14 Other views on Wealth Distribution (1) Wealth transmission and its role on wealth concentration: Wealth Inequality and Intergenerational Links, by Mariacristina de Nardi, in Review of Economic Studies (2004). The transmission of physical and human capital from parents to children is a very important determinant of households’ wealth and earnings: savings behaviour Impact of wealth distribution on development: Long-Run Changes in the Concentration of Wealth: An Overview of Recent Findings by H. Ohlsson, J.Roine, D.Waldenström, in Personal Wealth from a Global Perspective, They find that development has lowered wealth concentration

S.Carret & J.CuiDevelopment Workshop15 Study on influence share’s of economical forces on wealth and income inequality: Distribution of income and wealth among individuals, in JE Stiglitz - Econometrica, Several assumptions about savings, inheritance policies, labor homogeneity and reproduction in the context of a neoclassical growth model and their implications on wealth and income distribution The case of Japan: The Distribution of Income and Wealth in Japan, by Bauer, John, Mason, Andrew, i n Review of income & Wealth, Income inequality is quite reduced in Japan thanks to many policies and cultural aspects. But the rapid appreciation of the stock market and land prices during the late 1980s led to greater inequality in the distribution of wealth Other views on Wealth Distribution (2)

S.Carret & J.CuiDevelopment Workshop16 What questions can we raise Debate This paper puts an accent on the necessary differenciation between wealth and income inequality What is the most development concerning problem to focus on? What will be the influence of emergent (BRIC) countries on the global wealth distribution in the coming 10 years? When and what will be the effects of the catching up of « left behinds » on wealth distribution?

S.Carret & J.CuiDevelopment Workshop17 Source: Paper: Davies, J,B., Sandstrom, Susanna, Shorrocks, & Wollf, E,N (2008). “The World Distribution of Household Wealth”, UNU-WIDER Discussion Paper No.2008/03. Internet: Scholar Google

S.Carret & J.CuiDevelopment Workshop18 Questions ? Thank you.