scholarly journals Intergenerational Transfers by Size and Wealth Inequality in Rich Countries

2020 ◽  
Author(s):  
Brian Nolan ◽  
Juan Palomino ◽  
Philippe Van Kerm ◽  
Salvatore Morelli
Keyword(s):  
Wealth Distribution ◽  
Intergenerational Transfers ◽  
Wealth Inequality ◽  
Household Wealth ◽  
Working Paper ◽  
Gender Education ◽  
The Us ◽  
The Uk ◽  
Rich Countries ◽  
The Impact

This paper uses household wealth surveys to compare patterns of intergenerational wealth transfers across six rich countries and assess the relationships between transfers, current levels of net wealth, and wealth inequality. The paper examines four Euro Area countries, France, Germany, Italy, and Spain and extends the systematic comparison to the US and the UK. It finds that many of those currently at the top of the wealth distribution did not benefit from intergenerational transfers, but those who did received particularly large amounts while those toward the bottom of the wealth distribution received very little. A substantial gap in net wealth is seen between those who received or did not receive some wealth transfer. Controlling for age, gender, education and household size reduces the size of that gap but it remains substantial, especially in the US. We further look at how a marginal increase in the proportion of recipients of transfers of differing sizes would contribute to the shape of the overall wealth distribution using influence function regressions. Crucially, we show that the impact depends not only on the locations in the wealth distributions of recipients versus non-recipients, but also on the size of the receipt, an aspect which has been overlooked to date. In most countries, increasing the proportion of recipients of large transfers generally increases overall wealth inequality. In contrast, having more recipients of small or medium- sized transfers would be expected to reduce wealth inequality modestly, as they are more concentrated around the middle of the wealth distribution than non-recipients. (Stone Center on Socio-Economic Inequality Working Paper)

Sources of Increasing Inequality

2021 ◽  
pp. 172-190
Author(s):  
Francis Teal
Keyword(s):  
Two Dimensions ◽  
Labour Markets ◽  
Living Standards ◽  
The Political ◽  
Poor Countries ◽  
Unskilled Labour ◽  
The Us ◽  
The Uk ◽  
Rich Countries ◽  
The Impact

While all the evidence we have points to the rising living standards for most of the very poorest, the wages of unskilled labour in poor countries remain a fraction of those in rich countries. Those potential workers are seen as a threat to the living standards of the unskilled in rich countries and the political impetus to limit their access to those labour markets has been, and remains, one of the most potent issue in the politics of rich countries. This aversion to immigration as a threat to the wages of the unskilled often transmutes into a hostility to trade, as goods, which use a lot of unskilled labour, can be imported more cheaply. Both immigration and trade are seen as a threat to the unskilled. Two dimensions of this threat are examined in this chapter—the impact of Chinese exports on wages in the US and the impact of immigration on the UK economy.

scholarly journals Chasing the Tail: A Generalized Pareto Distribution Approach to Estimating Wealth Inequality

2021 ◽  
Author(s):  
Arthur B. Kennickell
Keyword(s):  
Pareto Distribution ◽  
Wealth Distribution ◽  
Estimation Method ◽  
Generalized Pareto Distribution ◽  
Wealth Inequality ◽  
Household Wealth ◽  
National Accounts ◽  
Working Paper ◽  
External Data ◽  
Generalized Pareto

Since the work reported in Vermeulen [2018], a literature has developed on using the simple Pareto distribution along with “rich list” information to make improved estimates of the upper tail of the wealth distribution measured in surveys. Because the construction of such external data is typically opaque and subject to potentially serious measurement error, it may be best not to depend exclusively on this approach. This paper develops an alternative approach, using the generalized Pareto distribution (GPD), of which the simple Pareto is a subset, extending an estimation strategy developed by Castillo and Hadi [1997]. The greater flexibility of the GPD allows the possibility of modeling the tail of the wealth distribution, using a larger set of data for support than is typically the case with the simple Pareto. Moreover, the elaboration of the estimation method presented here allows explicitly for the possibility that the extreme of the observed upper tail is measured with error or that it is not captured at all. The approach also allows the incorporation of external data on total wealth as a constraint on the estimation. For the applications considered here using Austrian and U.S. micro data, the model relies on an estimate of total household wealth from national accounts, rather than rich-list information. The results suggest that where sufficiently comparable and reliable estimates of aggregate wealth are available, this approach can provide a useful way of mitigating problems in comparing distributional estimates across surveys that differ meaningfully in their effective coverage of the upper tail of the wealth distribution. The approach may be particularly useful in the construction of distributional national accounts. (Stone Center on Socio-Economic Inequality Working Paper)

Minimising medical litigation: a review of key tort and legal reforms

2009 ◽  
Vol 5 (2) ◽  
pp. 179-233 ◽  
Author(s):  
Harold Tan
Keyword(s):  
Medical Malpractice ◽  
Developed Countries ◽  
Economic Sustainability ◽  
Legal Reforms ◽  
The Us ◽  
Tort System ◽  
Medical Litigation ◽  
Tort Reforms ◽  
The Uk ◽  
The Impact

The traditional tort system in medical malpractice is increasingly perceived as being incapable of addressing the mismatch between claims and negligent injuries. Tort reforms have been introduced in various developed countries in an attempt to bring about greater fairness and economic sustainability in the compensation of medical injuries and to reduce the overall rate of medical litigation. This paper reviews the key tort reforms that have been used in various countries, notably the US and the UK, and discusses the arguments that had been put forth by advocates and opponents of such reforms. The impact of these tort reforms, where studied and available, is also reviewed and discussed in the paper.

Early Intervention

2016 ◽  
Author(s):  
Michael Schillig
Keyword(s):  
Early Intervention ◽  
Financial Institutions ◽  
Financial Stability ◽  
Corrective Action ◽  
Viable Alternative ◽  
Prompt Corrective Action ◽  
Systemic Risks ◽  
The Us ◽  
The Uk ◽  
The Impact

The Financial Stability Board recommended that all national supervisors should have the mandate and powers to identify risks and intervene early in order to prevent unsound practices and take appropriate measures to reduce the impact of potential stresses on financial institutions and to safeguard against systemic risks. Accordingly, the BRRD and SRM contain new powers for the competent authorities to intervene early before an institution’s financial and economic situation has deteriorated to a point where resolution is the only viable alternative. The chapter starts with some theoretical reflections, focusing on the incentives of the actors involved. It then discusses the early intervention framework under BRRD and SRM and national transposition in the UK and Germany. It also covers the US prompt corrective action framework and early remediation under Dodd–Frank.

The Impact of Non-trading Periods on the Measurement of Volatility

2010 ◽  
Vol 13 (04) ◽  
pp. 607-620 ◽  
Author(s):  
Yaw-Huei Wang ◽  
Yu-Jen Hsiao
Keyword(s):  
Relevant Information ◽  
The Other ◽  
Day Trading ◽  
Other Hand ◽  
The Us ◽  
Macro News ◽  
The Uk ◽  
The Impact

Based upon the theory of the "arrival of news", the main purpose of this paper is to investigate the impact of non-trading periods on the measurement of volatility for the S&P 500, FTSE 100, and TAIEX indices. Using an adaptation of the GJR (1,1) model, we find that both weekday holiday periods and half-day trading periods have significant impacts on the estimation of volatility for the S&P 500 and FTSE 100 indices. On the other hand, weekends have significant impacts for the TAIEX index. Our findings imply that for the UK and US markets, much less relevant information is produced during weekends, while more relevant information continues to be produced during other types of non-trading periods. However, the weekend volatility of the Taiwan market is specially driven because the US macro news is announced on Fridays and the trading time of the US market is later than that of the Taiwan market without any overlapping.

Cost Impact of Switching Histamine2-Receptor Antagonists to Nonprescription Status

2002 ◽  
Vol 36 (7-8) ◽  
pp. 1135-1141 ◽  
Author(s):  
Michelle D Furler ◽  
Mark S Rolnick ◽  
Kathleen S Lawday ◽  
Miranda W Mak ◽  
Thomas R Einarson
Keyword(s):  
Market Share ◽  
Insurance Coverage ◽  
Consumer Price Index ◽  
Population Data ◽  
Status Change ◽  
Prescribing Practices ◽  
Receptor Antagonists ◽  
The Us ◽  
The Uk ◽  
The Impact

BACKGROUND: There is a recent trend to switching medications from prescription to nonprescription status. Often, such switches are accompanied by dramatic changes in utilization due to increased availability or decreased insurance coverage. The histamine2-receptor antagonists (H2RAs) underwent such status change in the UK in 1994, the US in 1995, and Canada in 1996. OBJECTIVE: To examine the impact of the status change for H2RAs on the market for gastrointestinal (GI) agents in the US, UK, and Canada. METHODS: IMS market sales data from 1992 to 1997 were procured. All costs were converted to 1997 US dollars using the consumer price index. Per capita sales figures were determined using population data from the US Census Bureau's International Database. RESULTS: Overall spending on GI remedies increased in all 3 markets between 1992 and 1997; however, the contribution of prescription sales and number of prescriptions varied across the 3 countries. An increased market share for nonprescription H2RAs occurred in the US, correlating with a decline in prescription numbers for GI remedies. The opposing trend occurred in the UK, where market share of nonprescription H2RAs was minimal and use of prescription H2RAs increased. Prescription and nonprescription H2RA sales could not be differentiated for Canada. CONCLUSIONS: The impact of the H2RA status change varied across countries. Differences in utilization may be attributed to many factors such as differing healthcare systems, patient convenience, and physician prescribing practices. Further research is required to identify the reasons for differences in utilization and to quantify the potential clinical impact.

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