An earlier version of this paper was presented to the Panel on a Research Agenda and New Data for an Ageing World, London, 16–17 September 1999. The authors thank Ian Preston, two anonymous referees and conference participants for helpful suggestions. The TMR Network Programme on Saving and Pensions, the Italian National Research Council (CNR) and the Ministry of University and Scientific Research (MURST) provided financial support.
The Dynamics of Household Wealth Accumulation in Italy
Version of Record online: 2 FEB 2005
Volume 21, Issue 2, pages 269–295, June 2000
How to Cite
Jappelli, T. and Pistaferri, L. (2000), The Dynamics of Household Wealth Accumulation in Italy. Fiscal Studies, 21: 269–295. doi: 10.1111/j.1475-5890.2000.tb00025.x
- Issue online: 2 FEB 2005
- Version of Record online: 2 FEB 2005
- social exclusion;
- public spending
We examine the dynamics of wealth accumulation distribution in Italy using data drawn from the Survey of Household Income and Wealth, a representative survey of the Italian population conducted by the Bank of Italy. We compare survey data with National Accounts data and discuss sample representativeness, attrition and measurement issues. We then look at wealth inequality (the cross-sectional dispersion of wealth) and wealth mobility (individual transitions across the wealth distribution) and examine the age profile of wealth using repeated cross-sectional data. Finally, we consider various explanations for the pattern of wealth accumulation in Italy, focusing on retirement, bequests, income risk, health shocks and credit market imperfections.