The changing distribution of wealth in the pre-crisis US and UK: the role of socio-economic factors
The changing distribution of wealth in the pre-crisis US and UK: the role of socio-economic factors
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DOI：
10.1093/oep/gpy047
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发表时间：
2019-01-01
影响因子：
1.2
通讯作者：
McKnight, Abigail
中科院分区：
文献类型：
--
作者：
Cowell, Frank;Karagiannaki, Eleni;McKnight, Abigail
美国和英国在金融危机前的十年里经历了净财富的大幅增长，这主要是由两国房价上涨推动的。这些收益在家庭之间的分配导致美国的财富不平等略有增加，但英国的不平等大幅下降。我们使用分解技术来研究家庭社会经济特征的变化在多大程度上解释了财富持有和财富不平等的变化。在这两个国家，我们发现家庭特征的变化对财富不平等产生了均衡效应，缓和了美国的增长，并占英国财富不平等下降的三分之一以上。
The USA and the UK experienced substantial increases in net wealth in the decade that preceded the financial crisis, largely driven by house-price booms in each country. The distribution of these gains across households led to a slight increase in wealth inequality in the USA but a substantial fall in inequality in the UK. We use a decomposition technique to examine the extent to which changes in households socioeconomic characteristics explain changes in wealth holdings and wealth inequality. In both countries we find that changes in household characteristics had an equalizing effect on wealth inequality, moderating the increase in the USA and accounting for over one-third of the fall in UK wealth inequality.