Wealth inequality: Britain in international perspective. Frank Cowell: Wealth Seminar June 2012
|
|
|
- Irma Booth
- 7 years ago
- Views:
Transcription
1 Wealth inequality: Britain in international perspective Frank Cowell: Wealth Seminar June 2012
2 Questions What does UK wealth inequality look like in context? What is role of inequality among the rich? graphical overview investigate comparisons of alternative rich definitions decomposition analysis Sensitive to what we mean by wealth? graphical overview investigate comparisons of alternative wealth concepts Sensitive to assumptions about the upper tail? semi-parametric modelling reuse decomposition analysis 20 June 2012 Frank Cowell: Wealth Seminar 2
3 Tools Use consistent definitions from LWS Compare with US, Canada, Sweden all available with roughly the same wealth definition all available around the year 2000 Focus on Net Worth 1 industry standard for wealth comparisons this version excludes business equity Use standard tools for description and modelling Gini index Pareto model 20 June 2012 Frank Cowell: Wealth Seminar 3
4 LWS: Wealth inequality in four countries Gini Share Share Share Top 10% Top 5% Top 1% UK Sweden Canada US June 2012 Frank Cowell: Wealth Seminar 4
5 LWS: Net worth Canada 1999 NW1 US SCF 2000 NW1 UK 2000 NW1 Sweden 2002 NW1 Gini June 2012 Frank Cowell: Wealth Seminar 5
6 LWS: breakdown by wealth group Gini Share Gini overall rich rich non-rich between Top 10% UK Sweden Canada US Top 5% UK Sweden Canada US Top 1% UK Sweden Canada US June 2012 Frank Cowell: Wealth Seminar 6
7 LWS: Net worth (top 10%) Canada 1999 NW1 US SCF 2000 NW1 UK 2000 NW1 Sweden 2002 NW1 Share Gini June 2012 Frank Cowell: Wealth Seminar 7
8 Household portfolio composition LWS Wealth components Canada Finland Germany Italy Sweden United Kingdom US PSID US SCF Non-financial assets Principal residence Real estate Financial assets Deposit accounts 9 10 n.a Bonds 1 0 n.a. 3 2 n.a. n.a. 4 Stocks 7 6 n.a. 1 6 n.a Mutual funds 5 1 n.a. 3 9 n.a. n.a. 9 Total assets Total debt Home secured n.a. 18 n.a. 18 Total net worth Source: Sierminska et al (2006) 20 June 2012 Frank Cowell: Wealth Seminar 8
9 LWS: breakdown by asset type Share of Gini Coefficient Top 10% Top 5% Top 1% All Top 10% Top 5% Top 1% Principal Residence Principal Residence UK UK Sweden Sweden Canada Canada US US Investment Property Investment Property UK UK Sweden Sweden Canada Canada US US Financial Assets Financial Assets UK UK Sweden Sweden Canada Canada US US June 2012 Frank Cowell: Wealth Seminar 9
10 LWS: Total Assets 20 June 2012 Frank Cowell: Wealth Seminar 10
11 LWS: Total Financial Assets 20 June 2012 Frank Cowell: Wealth Seminar 11
12 LWS: Total Nonfinancial Assets 20 June 2012 Frank Cowell: Wealth Seminar 12
13 LWS: Investment property 20 June 2012 Frank Cowell: Wealth Seminar 13
14 LWS: Principal residence 20 June 2012 Frank Cowell: Wealth Seminar 14
15 A model for wealth distribution Distinctive shape of empirical wealth distribution Upper tail appears to conform to Pareto model Pareto distribution F(x) = 1 [ x / x ] a f(x) = ax a x a 1 Simple interpretation a captures weight of tail x locates the distribution Inequality average a = base a 1 1 Gini* = 2a 1 f(x) a = 1.5 a = June 2012 Frank Cowell: Wealth Seminar 15
16 log P UK Wealth: Pareto diagram 1 log W June 2012 Frank Cowell: Wealth Seminar 16
17 Modelling the rich A semi-parametric approach to analysing wealth distribution Several motives for doing this patchy data under-reporting? inequality sensitive to outliers? Assume that upper tail has Pareto shape standard in the wealth literature plot proportion with wealth of at least x against x will be a straight line if done on a double-log graph Just a case of fitting a straight line? standard regression may be sensitive to outliers robust methods are available 20 June 2012 Frank Cowell: Wealth Seminar 17
18 Pareto estimates Top 10% Top 5% Top 1% OLS UK Sweden Canada US Robust UK Sweden Canada US June 2012 Frank Cowell: Wealth Seminar 18
19 a/b ratio of the rich Top 10% Top 5% Top 1% 20 June 2012 Frank Cowell: Wealth Seminar 19 OLS UK Sweden Canada US Robust UK Sweden Canada US
20 Gini* of the rich Top 10% Top 5% Top 1% OLS UK Sweden Canada US Robust UK Sweden Canada US June 2012 Frank Cowell: Wealth Seminar 20
21 Gini and Gini* of the rich (OLS) Top 10% Top 5% Top 1% Gini* UK Sweden Canada US Gini UK Sweden Canada US June 2012 Frank Cowell: Wealth Seminar 21
22 Gini and Gini* of the rich (Robust) Top 10% Top 5% Top 1% Gini* UK Sweden Canada US Gini UK Sweden Canada US June 2012 Frank Cowell: Wealth Seminar 22
23 Modelling and inequality Two effects: 1. the within-rich-group Gini 2. the share of the rich group Econometric method will affect inequality estimates simple Ordinary Least Squares robust estimation (downweights outliers) But the effect depends on the nature of the data which way does the tail bend? does the estimated Pareto model produce a sensible answer? We re remodelling the top corner of Lorenz curves combines both effects 1 and 2 20 June 2012 Frank Cowell: Wealth Seminar 23
24 Gini breakdown, top 10% modelled OLS Gini* Share* Gini* Gini Gini* overall rich rich non-rich between UK Sweden Canada Gini Share Gini Gini Gini overall rich rich non-rich between UK Sweden Canada US June 2012 Frank Cowell: Wealth Seminar 24
25 Gini breakdown, top 10% modelled Rob Gini* Share* Gini* Gini Gini* overall rich rich non-rich between UK Sweden Canada US Gini Share Gini Gini Gini overall rich rich non-rich between UK Sweden Canada US June 2012 Frank Cowell: Wealth Seminar 25
26 Gini breakdown, top 5% modelled OLS Gini* Share* Gini* Gini Gini* overall rich rich non-rich between UK Sweden Canada US Gini Share Gini Gini Gini overall rich rich non-rich between UK Sweden Canada US June 2012 Frank Cowell: Wealth Seminar 26
27 Gini breakdown, top 5% modelled Rob Gini* Share* Gini* Gini Gini* overall rich rich non-rich between UK Sweden Canada US Gini Share Gini Gini Gini overall rich rich non-rich between UK Sweden Canada US June 2012 Frank Cowell: Wealth Seminar 27
28 Conclusions Three comparator countries do they fit our preconceptions? variety of wealth composition UK Net worth not as unequal as we might think? Conclusion fairly robust to choice of wealth variable also true for total assets but not for total financial assets Conclusion also robust to modelling the rich Pareto model for top 10%, 5% 1% OLS or robust methods 20 June 2012 Frank Cowell: Wealth Seminar 28
UK wealth inequality in international context
3 UK wealth inequality in international context Frank Cowell 1 3.1 Introduction Is wealth inequality in the UK, described in Chapter 2, very high? It is an emotive question, one to which we are likely
UK Wealth Inequality in International Context
UK Wealth Inequality in International Context Frank A. Cowell STICERD, London School of Economics December 2011 Abstract Using the evidence from the Luxembourg Wealth Study it appears that the distribution
A Wealth Tax on the Rich to Bring Down Public Debt? Revenue and Distributional Effects of a Capital Levy in Germany
FISCAL STUDIES, vol. 35, no. 1, pp. 67 89 (2014) 0143-5671 A Wealth Tax on the Rich to Bring Down Public Debt? Revenue and Distributional Effects of a Capital Levy in Germany STEFAN BACH, MARTIN BEZNOSKA
relating to household s disposable income. A Gini Coefficient of zero indicates
Gini Coefficient The Gini Coefficient is a measure of income inequality which is based on data relating to household s disposable income. A Gini Coefficient of zero indicates perfect income equality, whereas
Liquidity Constraints in the U.S. Housing Market
Liquidity Constraints in the U.S. Housing Market Denis Gorea Virgiliu Midrigan May 215 Contents A Income Process 2 B Moments 4 C Mortgage duration 5 D Cash-out refinancing 5 E Housing turnover 6 F House
Charting Income Inequality
Charting Inequality Resources for policy making Module 000 Charting Inequality Resources for policy making Charting Inequality by Lorenzo Giovanni Bellù, Agricultural Policy Support Service, Policy Assistance
Insurance corporations and pension funds in OECD countries
Insurance corporations and pension funds in OECD countries Massimo COLETTA (Bank of Italy) Belén ZINNI (OECD) UNECE, Expert Group on National Accounts, Geneva - 3 May 2012 Outline Motivations Insurance
Module 5: Measuring (step 3) Inequality Measures
Module 5: Measuring (step 3) Inequality Measures Topics 1. Why measure inequality? 2. Basic dispersion measures 1. Charting inequality for basic dispersion measures 2. Basic dispersion measures (dispersion
What do we know about income inequality in NZ? (Bryan Perry, MSD) Income inequality: summary indicators
84 What do we know about income inequality in NZ? (Bryan Perry, MSD) Extracts from the 2013 Household Incomes Report, 16 July 2013 Income inequality: summary indicators Income inequality is about how dispersed
Transfer income/payments : payments received by persons from the federal government in the form of cash social service benefits such as pensions.
The government s economic objective of equity in the distribution personal income basically means that it is striving for a fair, but not necessarily equal, share of income to be distributed to all members
BS2551 Money Banking and Finance. Institutional Investors
BS2551 Money Banking and Finance Institutional Investors Institutional investors pension funds, mutual funds and life insurance companies are the main players in securities markets in both the USA and
HOUSEHOLDS WITH HIGH LEVELS OF NET ASSETS
HOUSEHOLDS WITH HIGH LEVELS OF NET ASSETS Report to the Consumer Federation of America and Providian Financial Corp. Catherine P. Montalto, Ph.D. Associate Professor Consumer and Textile Sciences Department
Article: Main results from the Wealth and Assets Survey: July 2012 to June 2014
Article: Main results from the Wealth and Assets Survey: July 2012 to June 2014 Coverage: GB Date: 18 December 2015 Geographical Area: Region Theme: Economy Main points In July 2012 to June 2014: aggregate
Regression III: Advanced Methods
Lecture 4: Transformations Regression III: Advanced Methods William G. Jacoby Michigan State University Goals of the lecture The Ladder of Roots and Powers Changing the shape of distributions Transforming
Income inequality: Trends and Measures
Key Points Income inequality: Trends and Measures UK income inequality increased by 32% between 1960 and 2005. During the same period, it increased by 23% in the USA, and in Sweden decreased by 12%. In
4 Distribution of Income, Earnings and Wealth
4 Distribution of Income, Earnings and Wealth Indicator 4.1 Indicator 4.2a Indicator 4.2b Indicator 4.3a Indicator 4.3b Indicator 4.4 Indicator 4.5a Indicator 4.5b Indicator 4.6 Indicator 4.7 Income per
Trends in Household Wealth Dynamics, 2005-2007
Technical Series Paper #09-03 Trends in Household Wealth Dynamics, 2005-2007 Elena Gouskova and Frank Stafford Survey Research Center - Institute for Social Research University of Michigan September, 2009
Chapter 6. Inequality Measures
Chapter 6. Inequality Measures Summary Inequality is a broader concept than poverty in that it is defined over the entire population, and does not only focus on the poor. The simplest measurement of inequality
Inequality Trends in Family & Household Income, and Wealth (Gini Indices).
Gini Coefficient 1.0 Inequality Trends in Family & Household Income, and Wealth (Gini Indices). 0.926 0.927 0.9 0.8 0.838 0.803 0.832 0.870 0.7 0.6 0.5 0.4 0.397 0.477 0.451 0.3 0.2 0.1 0.376 Family Household
NERI Quarterly Economic Facts Summer 2012. 4 Distribution of Income and Wealth
4 Distribution of Income and Wealth 53 54 Indicator 4.1 Income per capita in the EU Indicator defined National income (GDP) in per capita (per head of population) terms expressed in Euro and adjusted for
wealth inequality The last three decades have witnessed The Stanford Center on Poverty and Inequality
national report card wealth inequality The Stanford Center on Poverty and Inequality By Edward N. Wolff Key findings After two decades of robust growth in middle class wealth, median net worth plummeted
Data description United States Table A 1
Data description United States Table A 1 Variables Frequency Time span Interest rates and spreads Federal funds rate Quarterly 1980 2011 3-month T-bill rate Quarterly 1980 2011 3-month money market rate
NIKE Case Study Solutions
NIKE Case Study Solutions Professor Corwin This case study includes several problems related to the valuation of Nike. We will work through these problems throughout the course to demonstrate some of the
The Spatial GINI Coefficient:
The Spatial GINI Coefficient: An empirical satellite imagery derived metric characterizing the co-distribution of light and people Paul C. Sutton Department of Geography University of Denver Abstract The
HSBC World Selection Funds April 30, 2016. Monthly Factsheets Class A and C Shares. Investment products: ARE NOT A BANK ARE NOT DEPOSIT OR
HSBC World Selection Funds April 30, 2016 Monthly Factsheets Class A and C Shares Aggressive Strategy Fund Balanced Strategy Fund Moderate Strategy Fund Conservative Strategy Fund Income Strategy Fund
Economic Development and the Gender Wage Gap Sherri Haas
Economic Development and the Gender Wage Gap I. INTRODUCTION General wage inequality within countries is a topic that has received a great deal of attention in the economic literature. Differences in wages
A Review of Cross Sectional Regression for Financial Data You should already know this material from previous study
A Review of Cross Sectional Regression for Financial Data You should already know this material from previous study But I will offer a review, with a focus on issues which arise in finance 1 TYPES OF FINANCIAL
Beyond The Cathedral and the Bazaar
Master on Free Software {jgato,teo}@libresoft.es GSyC/Libresoft 28-29 November 2008 (cc) 2008 (cc) 2007 Juanjo Amor, Gregorio Robles Some rights reserved. This work licensed under Creative Commons Attribution-ShareAlike
Income inequalities in Italy: trend over time
Income inequalities in Italy: trend over time Loris Vergolini disuguaglianzesociali.it & IRVAPP Inequality and crisis in Europe Paris 8, Saint-Denis 6 April 2012 Loris Vergolini Income inequalities 1/15
Opening Conference of the GINI Project March 2010 Income inequality in historical and comparative perspective
Opening Conference of the GINI Project March 10 Income inequality in historical and comparative perspective A B Atkinson, Nuffield College, Oxford and LSE 1 1. Underlying themes 2. Income inequality over
Household Finance and Consumption Survey
An Phríomh-Oifig Staidrimh Central Statistics Office Household Finance and Consumption Survey 2013 Published by the Stationery Office, Dublin, Ireland. Available from: Central Statistics Office, Information
Gini in a Bottle: The Mathematics of Income Inequality
Gini in a Bottle: The Mathematics of Income Inequality Rich Beveridge Clatsop Community College rbeveridge@clatsopcc.edu https://www.clatsopcc.edu/rich-beveridges-homepage Statistics and Social Justice
The Rich Are Different! Pareto law from asymmetric interactions in asset exchange models
The Rich Are Different! Pareto law from asymmetric interactions in asset exchange models Sitabhra Sinha The Institute of Mathematical Sciences Chennai (Madras), India Fitzgerald: The rich are different
Simple linear regression
Simple linear regression Introduction Simple linear regression is a statistical method for obtaining a formula to predict values of one variable from another where there is a causal relationship between
November 2014. Impact Series. Credit Suisse Research. Wealth patterns among the top 5% of African-Americans
November 2014 Impact Series Credit Suisse Research Wealth patterns among the top 5% of African-Americans WEALTH PATTERNS AMONG THE TOP 5% OF AFRICAN-AMERICANS 2 Contents 03 Editorial 04 Introduction 09
Tables. Standard symbols:. Category not applicable.. Data not available... Data not yet available Nil 0 Less than half the 0.0 final digit shown
Tables 1. Norges Bank. Balance sheet. In millions of NOK 2. Norges Bank. Investments for Government Pension Fund - Global. In millions of NOK 3. Banks. Balance sheet. In millions of NOK 4. Banks. Loans
The household wealth distribution in Spain: The role of housing and financial wealth *
Hacienda Pública Española / Revista de Economía Pública, 194-(3/2010): 65-90 2010, Instituto de Estudios Fiscales The household wealth distribution in Spain: The role of housing and financial wealth *
RULES ON MANAGEMENT OF FOREIGN CURRENCYASSETS OF THE STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN
RULES ON MANAGEMENT OF FOREIGN CURRENCYASSETS OF THE STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Including the addendums and amendments according to the Decrees of the President of the Republic of Azerbaijan
Athens University of Economics and Business
Athens University of Economics and Business MSc in International Shipping, Finance and Management Corporate Finance George Leledakis An Overview of Corporate Financing Topics Covered Corporate Structure
GINI-Coefficient and GOZINTO-Graph (Workshop) (Two economic applications of secondary school mathematics)
GINI-Coefficient and GOZINTO-Graph (Workshop) (Two economic applications of secondary school mathematics) Josef Böhm, ACDCA & DERIVE User Group, nojo.boehm@pgv.at Abstract: GINI-Coefficient together with
HAS FINANCE BECOME TOO EXPENSIVE? AN ESTIMATION OF THE UNIT COST OF FINANCIAL INTERMEDIATION IN EUROPE 1951-2007
HAS FINANCE BECOME TOO EXPENSIVE? AN ESTIMATION OF THE UNIT COST OF FINANCIAL INTERMEDIATION IN EUROPE 1951-2007 IPP Policy Briefs n 10 June 2014 Guillaume Bazot www.ipp.eu Summary Finance played an increasing
Financial Vulnerability Index (IMPACT)
Household s Life Insurance Demand - a Multivariate Two Part Model Edward (Jed) W. Frees School of Business, University of Wisconsin-Madison July 30, 1 / 19 Outline 1 2 3 4 2 / 19 Objective To understand
Agenda. The IS LM Model, Part 2. The Demand for Money. The Demand for Money. The Demand for Money. Asset Market Equilibrium.
Agenda The IS LM Model, Part 2 Asset Market Equilibrium The LM Curve 13-1 13-2 The demand for money is the quantity of money people want to hold in their portfolios. The demand for money depends on expected
Effects of Working Capital Management on Profitability for a Sample of European Firms
Effects of Working Capital Management on Profitability for a Sample of European Firms Erasmus University Rotterdam Faculty of Economics of Business Department of Economics Supervisor: S. Gryglewicz Name:
11. OVERVIEW OF THE INVESTMENT PORTFOLIO SOFTWARE
11. OVERVIEW OF THE INVESTMENT PORTFOLIO SOFTWARE The Investment Portfolio software was developed by Edwin J. Elton, Martin J. Gruber and Christopher R. Blake, in conjunction with IntelliPro, Inc., to
Another step on the path to success. Portfolio Management Services
Another step on the path to success Portfolio Management Services Will you get where you want to go? These days, the path to investment success is rougher and more rugged than ever. How do you know if
THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai
THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic
Household Life Cycle Protection: Life Insurance Holdings, Financial Vulnerability and Portfolio Implications
Household Life Cycle Protection: Life Insurance Holdings, Financial Vulnerability and Portfolio Implications August 28, 2006 Yijia Lin * Department of Accounting & Finance Youngstown State University ylin@ysu.edu
Chapter 10: National Balance Sheet
Compendium: Chapter 10: National Balance Sheet Contact: Catherine Marks Release date: 31 October 2014 Next release: To be announced Table of contents 1. Correction 2. National Balance Sheet 3. Net worth
Wealth Inequality and Racial Wealth Accumulation. Jessica Gordon Nembhard, Ph.D. Assistant Professor, African American Studies
Wealth Inequality and Racial Wealth Accumulation Jessica Gordon Nembhard, Ph.D. Assistant Professor, African American Studies Wealth Inequality Increasing Media attention World wealth inequality (UNU-
EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department
EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES Mark Rider Research Discussion Paper 9405 November 1994 Economic Research Department Reserve Bank of Australia I would like to thank Sally Banguis
Investor survey of fixed income liquidity 2013
Investor survey of fixed income liquidity 2013 Association for Financial Markets in Europe Sponsored by: About AFME The Association for Financial Markets in Europe (AFME) is the voice of Europe s wholesale
An International Look at the Growth of Modern Finance ONLINE APPENDIX
An International Look at the Growth of Modern Finance ONLINE APPENDIX Thomas Philippon and Ariell Reshef April 2013 A Historic finance income share Much of the data on financial intermediation value added
Income Inequality in Cyprus
Cyprus Economic Policy Review, Vol.1, No.1, pp. 81-94 (2007) 1450-4561 Income Inequality in Cyprus Soteroula Hajispyrou and Nadia Nicolaidou Economics Research Centre, University of Cyprus Abstract The
Paid and Unpaid Labor in Developing Countries: an inequalities in time use approach
Paid and Unpaid Work inequalities 1 Paid and Unpaid Labor in Developing Countries: an inequalities in time use approach Paid and Unpaid Labor in Developing Countries: an inequalities in time use approach
Chapter 14. Web Extension: Financing Feedbacks and Alternative Forecasting Techniques
Chapter 14 Web Extension: Financing Feedbacks and Alternative Forecasting Techniques I n Chapter 14 we forecasted financial statements under the assumption that the firm s interest expense can be estimated
Debt and (not much) deleveraging
Debt and (not much) deleveraging Peterson Institute for International Economics Susan Lund, McKinsey Global Institute Global debt has increased by $57 trillion since the crisis began with $25 trillion
Wel Dlp Portfolio And Risk Management
1. In case of perfect diversification, the systematic risk is nil. Wel Dlp Portfolio And Risk Management 2. The objectives of investors while putting money in various avenues are:- (a) Safety (b) Capital
Corporate Defaults and Large Macroeconomic Shocks
Corporate Defaults and Large Macroeconomic Shocks Mathias Drehmann Bank of England Andrew Patton London School of Economics and Bank of England Steffen Sorensen Bank of England The presentation expresses
Data problems with Capital in the 21st Century
1 sur 9 26/05/2014 10:40 ft.com > comment > blogs > Home UK World Companies Markets Global Economy Lex Comment Management Personal Finance Life & Arts Columnists Analysis Opinion The A-List Editorial Blogs
Capital Market Inflation theory: An empirical approach
Capital Market Inflation theory: An empirical approach Mimoza Shabani, SOAS, University of London 1.0 INTRODUCTION A good economic model is said to make sharp and clear predictions that are consistent
Web Extension: Financing Feedbacks and Alternative Forecasting Techniques
19878_09W_p001-009.qxd 3/10/06 9:56 AM Page 1 C H A P T E R 9 Web Extension: Financing Feedbacks and Alternative Forecasting Techniques IMAGE: GETTY IMAGES, INC., PHOTODISC COLLECTION In Chapter 9 we forecasted
Week 1. Exploratory Data Analysis
Week 1 Exploratory Data Analysis Practicalities This course ST903 has students from both the MSc in Financial Mathematics and the MSc in Statistics. Two lectures and one seminar/tutorial per week. Exam
A COMPARATIVE ANALYSIS OF HOUSEHOLD WEALTH PATTERNS IN FRANCE AND THE UNITED STATES
Review of Income and Wealth Series 37, Number 3, September 1991 A COMPARATIVE ANALYSIS OF HOUSEHOLD WEALTH PATTERNS IN FRANCE AND THE UNITED STATES BY DENIS KESSLER Professor of Economics, EHESS, and Director,
CFDs An Introduction
CFDs An Introduction Seminar Overview Who is Shorcan Index Introduction of CFDs (Contracts for Difference) Description and Benefits Examples Questions Who is Shorcan Index? Shorcan Index, is part of the
Social Insurance: Pooling Risks for a More Inclusive Singapore. Donald Low Vice President, Economic Society of Singapore
Social Insurance: Pooling Risks for a More Inclusive Singapore Donald Low Vice President, Economic Society of Singapore Outline A more volatile economy, a more unequal society Why does inequality matter?
Quantitative Methods for Finance
Quantitative Methods for Finance Module 1: The Time Value of Money 1 Learning how to interpret interest rates as required rates of return, discount rates, or opportunity costs. 2 Learning how to explain
Hong Kong s Health Spending 1989 to 2033
Hong Kong s Health Spending 1989 to 2033 Gabriel M Leung School of Public Health The University of Hong Kong What are Domestic Health Accounts? Methodology used to determine a territory s health expenditure
To Own or Not to Own? Household Portfolios, Demographics and Institutions in a Cross-National Perspective
DISCUSSION PAPER SERIES IZA DP No. 7734 To Own or Not to Own? Household Portfolios, Demographics and Institutions in a Cross-National Perspective Eva Sierminska Karina Doorley November 2013 Forschungsinstitut
occasional paper on economic statistics SINGAPORE HOUSEHOLD BALANCE SHEET: 2005 UPDATE AND RECENT TRENDS
occasional paper on economic statistics SINGAPORE HOUSEHOLD BALANCE SHEET: 2005 UPDATE AND RECENT TRENDS Singapore Department of Statistics June 2006 Papers in this Occasional Paper Series provide an informal
Figure 1: Gini coefficient
0.50 Figure 1: Gini coefficient Gini coefficient 0.45 0.40 0.35 0.30 1940 1950 1960 1970 1980 1990 2000 Source: Kopczuk, Saez, Song QJE'10: Wage earnings inequality Year All Workers Men Women Top 10% Pre-
Working Capital, Financing Constraints and Firm Financial Performance in GCC Countries
Information Management and Business Review Vol. 7, No. 3, pp. 59-64, June 2015 (ISSN 2220-3796) Working Capital, Financing Constraints and Firm Financial Performance in GCC Countries Sree Rama Murthy Y
Econometric Modelling for Revenue Projections
Econometric Modelling for Revenue Projections Annex E 1. An econometric modelling exercise has been undertaken to calibrate the quantitative relationship between the five major items of government revenue
SEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013
SEB s Swedish Residential Mortgage Lending and Covered Bonds Stockholm September, 2013 Contents SEB s Residential Mortgage Lending p.3 Asset Quality p.19 Cover Pool and Covered Bond Funding p.24 2 SEB
THE RESPONSIBILITY TO SAVE AND CONTRIBUTE TO
PREPARING FOR RETIREMENT: THE IMPORTANCE OF PLANNING COSTS Annamaria Lusardi, Dartmouth College* THE RESPONSIBILITY TO SAVE AND CONTRIBUTE TO a pension is increasingly left to the individual worker. For
Joseph Lai, CFA Chief Investment Officer Noesis Capital Management
Joseph Lai, CFA Chief Investment Officer Noesis Capital Management Demographics World Population 2.5% 12,000 2.0% 10,000 8,000 1.5% 1.0% 6,000 4,000 Millions 0.5% 2,000 0.0% 0 1950 1960 1970 1980 1990
The Distribution of Wealth in Ireland
The Distribution of Wealth in Ireland Cormac Staunton December 2015 Contents Summary... 3 Introduction... 4 What is wealth?... 4 Wealth inequality across the world... 5 Total wealth in Ireland... 6 Section
10. European Union. (a) Past trends
. European Union (a) Past trends The total fertility rate in the 15 countries that presently constitute the European Union was on a rising curve until 196-65, when it attained 2.69 births per woman. Since
Online Appendices to the Corporate Propensity to Save
Online Appendices to the Corporate Propensity to Save Appendix A: Monte Carlo Experiments In order to allay skepticism of empirical results that have been produced by unusual estimators on fairly small
f(x) = g(x), if x A h(x), if x B.
1. Piecewise Functions By Bryan Carrillo, University of California, Riverside We can create more complicated functions by considering Piece-wise functions. Definition: Piecewise-function. A piecewise-function
International Comparisons of Australia s Investment and Trading Position
Journal of Investment Strategy Volume 1 Number 3 perspectives 45 International Comparisons of Australia s Investment and Trading Position By Kevin Daly and Anil Mishra School of Economics and Finance,
Pareto distributions, top incomes, and recent trends in UK income inequality. Stephen P. Jenkins (LSE, ISER (University of Essex), and IZA)
Pareto distributions, top incomes, and recent trends in UK income inequality Stephen P. Jenkins (LSE, ISER (University of Essex), and IZA) 18 March 2016 Abstract I determine UK income inequality levels
Chris Leung, Ph.D., CFA, FRM
FNE 215 Financial Planning Chris Leung, Ph.D., CFA, FRM Email: chleung@chuhai.edu.hk Chapter 2 Planning with Personal Financial Statements Chapter Objectives Explain how to create your personal cash flow
Expenditure on Health Care in the UK: A Review of the Issues
Expenditure on Health Care in the UK: A Review of the Issues Carol Propper Department of Economics and CMPO, University of Bristol NIERC 25 April 2001 1 Expenditure on health care in the UK: The facts
Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003
Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003 Presentation of «Quantification of the Macro-Economic Impact of Integration of EU Financial Markets» by London
Luxembourg Wealth Study A case for increased ex ante comparability of data sources
ANNEX B Luxembourg Wealth Study A case for increased ex ante comparability of data sources This Annex describes the Luxembourg Wealth Study (LWS) Database in terms of experience in the process of ex post
Measuring Systemic Risk in the European Banking and Sovereign Network
Tuomas Peltonen* European Central Bank joint with Frank Betz* European Investment Bank Nikolaus Hautsch University of Vienna Measuring Systemic Risk in the European Banking and Sovereign Network Melanie
Understanding the Impact of Weights Constraints in Portfolio Theory
Understanding the Impact of Weights Constraints in Portfolio Theory Thierry Roncalli Research & Development Lyxor Asset Management, Paris thierry.roncalli@lyxor.com January 2010 Abstract In this article,
R e a l i t y C h e c k
The New American Economy A Rising Tide that Lifts Only Yachts T he United States is the richest country on earth; the income of the average American household substantially exceeds that of the average
THE EFFECTS OF SOCIAL SECURITY ON THE DISTRIBUTION OF WEALTH IN ITALY
XVIII CONFERENZA SERVIZI PUBBLICI. Nuove tendenze nella regolamentazione, nella produzione e nel finanziamento Pavia, Università, 14-15 settembre 2006 THE EFFECTS OF SOCIAL SECURITY ON THE DISTRIBUTION
Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015
May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals
Bank Liabilities Survey. Survey results 2013 Q3
Bank Liabilities Survey Survey results 13 Q3 Bank Liabilities Survey 13 Q3 Developments in banks balance sheets are of key interest to the Bank of England in its assessment of economic conditions. Changes
CHARTS AND GRAPHS INTRODUCTION USING SPSS TO DRAW GRAPHS SPSS GRAPH OPTIONS CAG08
CHARTS AND GRAPHS INTRODUCTION SPSS and Excel each contain a number of options for producing what are sometimes known as business graphics - i.e. statistical charts and diagrams. This handout explores
THOMSON REUTERS SELL-SIDE RESEARCH THOMSON ONE RESEARCH ANALYST WITH DATASTREAM GET THE COMPLETE PICTURE
THOMSON REUTERS SELL-SIDE RESEARCH THOMSON ONE RESEARCH ANALYST WITH DATASTREAM GET THE COMPLETE PICTURE INTRODUCING THOMSON ONE RESEARCH ANALYST WITH DATASTREAM Get the complete picture, differentiate
Transfer issues and directions for reform: Australian transfer policy in comparative perspective
Transfer issues and directions for reform: Australian transfer policy in comparative perspective Peter Whiteford, Social Policy Research Centre, University of New South Wales p.whiteford@unsw.edu.au 1
CHAPTER 13 SIMPLE LINEAR REGRESSION. Opening Example. Simple Regression. Linear Regression
Opening Example CHAPTER 13 SIMPLE LINEAR REGREION SIMPLE LINEAR REGREION! Simple Regression! Linear Regression Simple Regression Definition A regression model is a mathematical equation that descries the
Introduction to Quantitative Methods
Introduction to Quantitative Methods October 15, 2009 Contents 1 Definition of Key Terms 2 2 Descriptive Statistics 3 2.1 Frequency Tables......................... 4 2.2 Measures of Central Tendencies.................
1 Copyright Phoenix Marketing International 2012. All rights reserved.
1 Copyright Phoenix Marketing International 2012. All rights reserved. D A V I D M. T H O M P S O N Managing Director Phoenix Affluent Market +44 (0) 20 3427 6157 / London +011 860 404 5414 / New York