Household wealth in the euro area: The importance of intergenerational transfers, homeownership and house price dynamics

《Household wealth in the euro area: The importance of intergenerational transfers, homeownership and house price dynamics》

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关键字: Household wealth; Homeownership; Property prices; Inheritance, Euro area; DECOMPOSITION

作者单位: [Matha, Thomas Y.; Porpiglia, Alessandro; Ziegelmeyer, Michael] Cent Bank Luxembourg, Econ & Res Dept, 2 Blvd Royal, L-2983 Luxembourg, Luxembourg. [Ziegelmeyer, Michael] Munich Ctr Econ Aging MEA, Amalienstr 33, D-80799 Munich, Germany. Ziegelmeyer, M (reprint author), Cent Bank Luxembourg, Econ & Res Dept, 2 Blvd Royal, L-2983 Luxembourg, Luxembourg. E-Mail: michael.ziegelmeyer@bcl.lu

摘要: Results from the Eurosystem Household Finance and Consumption Survey reveal substantial variation in household net wealth across euro area countries that await explanation. This paper focuses on three main factors: (i) homeownership, (ii) housing value appreciation and (iii) intergenerational transfers. We show that these three factors, in addition to the common household and demographic factors, are relevant for the net wealth accumulation process in all euro area countries, and that, using various decomposition techniques, differences in homeownership rates and house price dynamics are important for explaining wealth differences across euro area countries. (C) 2016 Elsevier Inc. All rights reserved.