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Wealth
Kinds of Wealth Terms modified by Wealth Selected AbstractsDOES OUR WEALTH IMPOVERISH THE POOR?ECONOMIC AFFAIRS, Issue 4 2009John Meadowcroft No abstract is available for this article. [source] RETIREMENT WEALTH AND LIFETIME EARNINGS,INTERNATIONAL ECONOMIC REVIEW, Issue 2 2007Lutz Hendricks This article argues that a satisfactory theory of wealth inequality should account not only for the marginal distribution of wealth, but also for the joint distribution of wealth and earnings. The article describes the joint distribution of retirement wealth and lifetime earnings in the Panel Study of Income Dynamics. It then evaluates the ability of a stochastic life-cycle model to account for key features of this distribution. The life-cycle model fails to account for three key features of the data. (1) The correlation between lifetime earnings and retirement wealth is too high. (2) The wealth gaps between earnings rich and earnings poor households are too large. (3) Wealth inequality among households with similar lifetime earnings is too small. Models in which households differ in rates of return or time preferences account much better for the joint distribution of retirement wealth and lifetime earnings. [source] PUBLIC DEBT AS PRIVATE WEALTH: SOME EQUILIBRIUM CONSIDERATIONSMETROECONOMICA, Issue 4 2006Article first published online: 13 NOV 200, Ekkehart Schlicht ABSTRACT Government bonds are interest-bearing assets. Increasing public debt increases wealth, income and consumption demand. The smaller government expenditure is, the larger consumption demand must be in equilibrium, and the larger must be public debt. Conversely, lower public debt implies higher government spending and taxation. Public debt plays, thus, an important role in establishing equilibrium. It distributes output between consumers and government. In case of insufficient demand, a larger public debt entails higher private consumption and less public spending. If upper bounds on public debt are introduced (as in the Maastricht treaty), such constraints place lower bounds on taxation and public spending and may rule out macroeconomic equilibrium. As an aside, a minor flaw in Domar's (American Economic Review, 34 (4), pp. 798,827) classical analysis is corrected. [source] WEALTH AND STATUS IN IRON AGE KNOSSOSOXFORD JOURNAL OF ARCHAEOLOGY, Issue 2 2006ANTONIS KOTSONAS Summary. Knossos Tekke tomb 2 is one of the richest tombs in the Iron Age Aegean, renowned for its deposits of gold. The tomb is widely attributed to a family of goldsmiths, who migrated to Knossos from the Near East. This article, however, questions this attribution. An alternative interpretation is pursued through surveys of the distribution of some luxury materials, amply represented in the Tekke tomb, in all known Knossian tombs. By setting the Tekke find against the large corpus of Knossian burial material, I identify the Tekke occupants as members of a local élite. This group is shown to have had privileged access to the products of a goldsmith's workshop, as well as to the sources of some lavish, mostly imported, raw materials, and to have regulated their distribution within Knossian society during the eighth century. The means through which the Tekke élite claimed and defended their wealth and status are assessed and their possible Late Bronze Age pedigree is conjectured. [source] WEALTH AND POWER IN THE BRONZE AGE OF THE SOUTH-EAST OF THE IBERIAN PENINSULA: THE FUNERARY RECORD OF CERRO DE LA ENCINAOXFORD JOURNAL OF ARCHAEOLOGY, Issue 1 2006GONZALO ARANDA Summary. As a result of recent fieldwork undertaken at the archaeological site of Cerro de la Encina, our knowledge of the funerary ritual has increased considerably. The funerary record shows a significant concentration of wealth in burials corresponding to the family groups of the highest social status. Dramatic social differences can also be found in the internal organization of the settlement. The locations of burials within the settlement area, under the floors of dwellings, allow us to establish that the settlement space was closely related to the social identity of the families. The high number of burials with double and triple inhumations, in contrast to other Argaric necropolis, also stands out as an important feature of Cerro de la Encina, suggesting that familial relationships seem to be more marked here than at other Argaric sites. All these data are discussed in relation to the funerary ritual of the Argaric Culture. [source] Housing Wealth and UK ConsumptionECONOMIC OUTLOOK, Issue 4 2006Article first published online: 13 NOV 200 There is widespread disagreement about the role of housing wealth in explaining consumption. However, much of the empirical literature is marred by poor controls for the common drivers both of house prices and consumption, such as income, income growth expectations, interest rates, credit supply conditions, other assets and indicators of income uncertainty (e.g. changes in the unemployment rate). For instance, while the easing of credit supply conditions is usually followed by a house price boom, failure to control for the direct effect of credit liberalisation on consumption can over-estimate the effect of housing wealth or collateral on consumption. This paper (Janine Aron, John Muellbauer and Anthony Murphyi, October 2006) estimates an empirical model for UK consumption from 1972 to 2005, grounded in theory, and with more complete empirical controls than hitherto used. [source] Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth.ECONOMICA, Issue 300 2008By WYNNE GODLEY, MARC LAVOIE No abstract is available for this article. [source] Organizing America: Wealth, Power, and the Origins of Corporate CapitalismECONOMICA, Issue 287 2005Ron Harris No abstract is available for this article. [source] Corporate Sell-offs in the UK: Use of Proceeds, Financial Distress and Long-run Impact on Shareholder WealthEUROPEAN FINANCIAL MANAGEMENT, Issue 2 2008Edward Lee G34 Abstract This study examines the long-run return performance following UK corporate sell-off announcements. We observe significant negative abnormal returns up to five years subsequent to sell-off announcements. Our finding is robust to various specifications, irrespective of the intended use of proceeds. We also find a significantly positive association between long-run abnormal returns and the magnitude of cash proceeds for sellers reducing corporate debt as well as for sellers with deeper financial distress or higher growth prospects. Overall, we find that UK corporate sell-offs are associated with declines in subsequent shareholder wealth. [source] The Distribution of Wealth of Older Self-Employed BritonsFISCAL STUDIES, Issue 1 2003Simon C. Parker Abstract Little is known about the wealth of older self-employed people, despite growing interest in this labour market group. This paper utilises the British Retirement Survey to fill the gap by providing novel estimates of their lifetime wealth. The findings dispel the idea that the self-employed live in poverty; indeed, they seem to be a relatively wealthy group, holding a broad spread of assets and subject to moderate lifetime wealth inequality. These findings may help inform modelling of retirement behaviour of this group, as well as pension policy design. [source] Funding a PAYG pension system: the case of ItalyFISCAL STUDIES, Issue 4 2001Lorenzo Forni Abstract Italy is characterised by a mature pay-as-you-go social security system and by particularly adverse population projections. Given these trends, the social security contribution rate is expected to increase above its current high level. This hinders the development of employer-provided pension funds and introduces a significant wedge between labour cost and earnings that discourages both labour demand and labour supply. Any proposal to reduce payroll taxes and to reform the system in the direction of partial funding has to cope with the state of Italian public finances. Italy has to comply with the Stability and Growth Pact that imposes constraints on budget deficit and debt trends. Using micro data from the Bank of Italy's Survey of Household Income and Wealth and official population projections, we estimate future employment trends under different demographic and macroeconomic scenarios and compute the cost of the transition. We show that it would be substantially reduced if positive effects on employment were induced by the payroll tax reduction. [source] Women, Wealth and Community in Perpignan, c.1250,1300 By Rebecca Lynn WinerHISTORY, Issue 307 2007DIANA WEBB No abstract is available for this article. [source] Teaching International Studies from a Regional Perspective: An ISP Symposium on Power, Wealth and Global Order: An International Textbook for AfricaINTERNATIONAL STUDIES PERSPECTIVES, Issue 3 2002Mark A. Boyer Thanks to a suggestion made by Tim Shaw (Dalhousie University), the Editors of ISP decided about a year ago to commission a discussion of the textbook Power, Wealth and Global Order: An International Relations Textbook for Africa. This symposium aims at increasing our understanding of the different, regionally specific perspectives that can be brought to bear when studying international relations outside of North America and Western Europe. We want to thank Prof. Donald Gordon for the time he spent on examining the volume at hand and for his insightful analysis of the contribution made by the editors and authors of the textbook. Based on this discussion, we then asked four other authors from diverse areas of the world (Venezuela, Korea, Slovenia, and Russia) to read Prof. Gordon's analysis and respond to a set of questions we posed to them. Those questions and their comments follow Prof. Gordon's essay. We would also like to invite other ISA members from anywhere in the world to comment on this subject, as a continuing effort to engage important pedagogical topics in the pages of ISP. [source] Power, Borders, Security, Wealth: Lessons of Violence and Desire from September 11INTERNATIONAL STUDIES QUARTERLY, Issue 3 2004Anna M. Agathangelou America's "war on terror" and Al Qaeda's "jihad" reflect mirror strategies of imperial politics. Each camp transnationalizes violence and insecurity in the name of national or communal security. Neoliberal globalization underpins this militarization of daily life. Its desire industries motivate and legitimate elite arguments (whether from "infidels" or "terrorists") that society must sacrifice for its hypermasculine leaders. Such violence and desire draw on colonial identities of Self vs. Other, patriotism vs. treason, hunter vs. prey, and masculinity vs. femininity that are played out on the bodies of ordinary men and women. We conclude with suggestions of a human security to displace the elite privilege that currently besets world politics. [source] Bringing Geography Back In: Civilizations, Wealth, and Poverty,INTERNATIONAL STUDIES REVIEW, Issue 3 2003Dwayne Woods This essay focuses on how we can account for the gap between rich and poor nations. The literature is organized under two subsuming analytical categories: space (geographical environment) and culture. At issue is the primacy of environmental factors versus culture in explaining the development of civilizations and their divergence. If geographical environment is primary, then development is determined by natural endowments and constraints. If culture is dominant, then geography can be overcome with luck, effective political institutions, determination, and inventiveness. The literature in this essay is intended to help to sharpen and focus this debate. [source] LIBYA: Attracting Foreign WealthAFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 3 2009Article first published online: 1 MAY 200 No abstract is available for this article. [source] Sharing Wealth: Evidence from Financial Ratios in SpainJOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING, Issue 3 2002José L. Gallizo Firms are managed on the basis of relationships between mutually involved groups, not only because of market forces, but also due to the influence that each group can exert over distribution decisions at a given moment in time. On the basis of a value added statement, it is possible to analyse the ability a firm has to reward all agents and to consider how the residual income is to be distributed. In this paper we set out to establish the tensions that arise between productive agents in the distribution of generated wealth. We carry out a time analysis of the movements between relationships that provide information on the distribution of that wealth, using data drawn from the Spanish Transport Equipment Manufacturing Industry. We propose a new multivariate dynamic linear model that is capable of analysing the joint evolution of the value added distribution ratios, with our particular objective being to throw light on the factors underlying this evolution. This analysis results in one single factor that explains 92.88 per cent of the total variation present in the residuals of the model. [source] Health, Wealth, and FairnessJOURNAL OF PUBLIC ECONOMIC THEORY, Issue 2 2005MARC FLEURBAEY How much health should we have and how should it be distributed? This paper studies how to define social objectives for the allocation of health and income in a setting where individuals may differ in their preferences about health and consumption, earning ability, and health disposition. It is shown, on the basis of three simple ethical principles, that a reasonable social objective is to apply the maximin criterion to "full-health equivalent" incomes. An application to the choice of the optimal health policy illustrates how this social objective may be used. [source] Dropping the Books and Working Off the BooksLABOUR, Issue 2 2010Rita Cappariello The paper empirically tests the relationship between underground labour and schooling achievement for Italy, a country ranking badly in both respects when compared with other high-income economies, with a marked duality between North and South. In order to identify underground workers, we exploit the information on individuals' social security positions available from the Bank of Italy's Survey on Household Income and Wealth. After controlling for a wide range of sociodemographic and economic variables and addressing potential endogeneity and selection issues, we show that a low level of education sizeably and significantly increases the probability of working underground. Switching from completing compulsory school to graduating at college more than halves this probability for both men and women. The gain is slightly higher for individuals completing the compulsory track with respect to those having no formal education at all. The different probabilities found for self-employed and dependent workers support the view of a dual informal sector, in which necessity and desirability coexist. [source] Social Security Wealth and Retirement Decisions in ItalyLABOUR, Issue 2003Agar Brugiavini Our analysis tries to assess the importance of the financial incentives built into the social security system. The basic idea is very simple: at any given age, and based on the available information, workers compare the expected present value of two alternatives: retiring today or working one more year, and then choose the best one. A key role in this kind of comparisons is played by social security wealth, whose level and changes reflect the expectations about the profile of future earnings and the institutional features of the social security system. The various incentive measures that we consider differ in the precise weight given to the social security wealth that workers accrue as they continue to work. Our model does not provide a structural representation of the retirement process. A worker's decision is modeled here following a ,quasi reduced-form' approach, with the incentive measures entering as predictors of the worker's choice in addition to standard variables. The estimated models are then used to predict retirement probabilities under alternative policies that change social security wealth and derived incentive measures. [source] Our Wealth Is Loving Each Other: Self and Society in Fiji by Karen J. BrisonAMERICAN ETHNOLOGIST, Issue 2 2009ANDREW ARNO No abstract is available for this article. [source] Disaggregate Wealth and Aggregate Consumption: an Investigation of Empirical Relationships for the G7*OXFORD BULLETIN OF ECONOMICS & STATISTICS, Issue 2 2003Joseph P. Byrne To date, studies of wealth effects on consumption have mainly used aggregate wealth definitions on a single-country basis. This study seeks to break new ground by analysing disaggregated financial wealth in consumption functions for G7 countries. Contrary to earlier empirical work, we find that illiquid financial wealth (i.e. securities, pensions and mortgage debt) tends to be a more important long-run determinant of consumption than liquid financial wealth. These results imply potential instability in consumption functions employing aggregate wealth. Our results are robust using SURE; when testing with a nested specification; and when using a linear model. [source] Rediscovering Abundance; Interdisciplinary Essays on Wealth, Income, and Their Distribution in the Catholic Social Tradition , Edited by Helen Alford, Charles M. A. Clark, S. A. Cortright, and Michael J. NaughtonRELIGIOUS STUDIES REVIEW, Issue 3 2008James Puglisi No abstract is available for this article. [source] IQ and the Wealth of Nations.THE ECONOMIC JOURNAL, Issue 488 2003Astrid Oline Ervik No abstract is available for this article. [source] Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and WealthTHE ECONOMIC RECORD, Issue 273 2010William Coleman No abstract is available for this article. [source] Wealth Distributions of Migrant and Australian-born Households,THE ECONOMIC RECORD, Issue 268 2009DENISE DOIRON Wealth is an important measure of overall economic well-being and a crucial factor in migrants' ability to integrate into their new country. Using data from the 2002 HILDA survey, this study explores the disparity between the wealth distributions of native-born and foreign-born households in Australia. Using quantile regressions the results reveal that migrants have significantly less wealth than their Australian-born counterparts throughout the wealth distribution. This is despite the greater wealth-generating characteristics of the foreign-born. The wealth differentials are reduced but still negative for the migrant cohorts who have been in Australia for over 25 years. [source] Consumption and Wealth in AustraliaTHE ECONOMIC RECORD, Issue 244 2003Alvin Tan This paper examines the relationship between consumption and wealth in Australia. We find a steady-state relationship between non-durables consumption, labour income and aggregate household wealth for the period 1988,1999. We also find that changes in both non-financial and financial assets have significant but different short-run and long-run effects in dynamic consumption models. Finally, we place our results within the broader empirical literature and examine whether they are consistent with standard theories of consumption. [source] Wealth and Poverty: Challenge to ChurchesTHE ECUMENICAL REVIEW, Issue 1-2 2006Presentation to the economic justice plenary First page of article [source] Wealth and Executive CompensationTHE JOURNAL OF FINANCE, Issue 1 2006BO BECKER ABSTRACT Using new data on the wealth of Swedish CEOs, I show that higher wealth CEOs receive stronger incentives. Since high wealth (excluding own-firm holdings) implies low absolute risk aversion, this is consistent with a risk aversion explanation. To examine whether wealth is likely to proxy for power, I use lagged wealth (typically measured before the CEO was hired), and the results remain for one of two incentive measures. Also, the wealth,incentive result is not stronger for CEOs likely to face limited owner oversight. Finally, wealth is unrelated to pay levels, and is hence unlikely to proxy for skill. [source] Testing Agency Theory with Entrepreneur Effort and WealthTHE JOURNAL OF FINANCE, Issue 2 2005MARIANNE P. BITLER ABSTRACT We develop a principal-agent model in an entrepreneurial setting and test the model's predictions using unique data on entrepreneurial effort and wealth in privately held firms. Accounting for unobserved firm heterogeneity using instrumental-variables techniques, we find that entrepreneurial ownership shares increase with outside wealth and decrease with firm risk; effort increases with ownership; and effort increases firm performance. The magnitude of the effects in the cross-section of firms suggests that agency costs may help explain why entrepreneurs concentrate large fractions of their wealth in firm equity. [source] | ||||||||||||||||||||||||||||||||||||||||||||||||||||