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Displaying results 1 to 4 of 4.

  1. Wealth, inheritance, and concentration
    an "old" new perspective on Italy and its regions from unification to the great war
    Author: Gabbuti, Giacomo; Morelli, Salvatore
    Published: November 2023
    Publisher:  CSEF, Centre for Studies in Economics and Finance, Department of Economics, University of Naples, Naples, Italy

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    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 660
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / CSEF, Centre for Studies in Economics and Finance ; no. 695
    Subjects: inequality; inheritance; wealth; Liberal Italy; Southern Question
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  2. Wealth, inheritance, and concentration
    an "old" new perspective on Italy and its regions from unification to the Great War
    Author: Gabbuti, Giacomo; Morelli, Salvatore
    Published: [2023]
    Publisher:  LEM, Laboratory of Economics and Management, Institute of Economics, Scuola Superiore Sant'Anna, Pisa, Italy

    Despite its relevance in 19th-century economics, wealth -its accumulation, composition, and distribution- has largely been neglected in Italian economic history. Filling this gap, we show that between the late 19th and mid-20th centuries, Italy... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 203
    Inter-library loan:
    No inter-library loan

     

    Despite its relevance in 19th-century economics, wealth -its accumulation, composition, and distribution- has largely been neglected in Italian economic history. Filling this gap, we show that between the late 19th and mid-20th centuries, Italy presented a historically high value of total private wealth but had relatively small relevance in total bequests flows in proportion to national income. Then, we present novel estimates of wealth concentration between 1863 and 1914, combining national tabulations of inheritance tax records and microdata archives for Milan and Naples. During this period, wealth concentration in Italy was in line with the highest levels ever recorded since the late Middle Ages. Contrary to the evidence of declining income inequality in the period -traditionally considered the industrial 'take-off' phase of Italy- we find no clear signs of trends in wealth concentration or structural changes in wealth composition. This picture is confirmed and enriched by novel findings about wealth concentration at provincial and regional levels in the early 20th century. We show a great deal of heterogeneity beyond national aggregates but find no evidence of the classic North-South divide when looking at concentration. Likewise, we find no clear link between concentration levels and asset composition or economic development. Although contemporary inequality is much lower than early 20th-century figures, the 'real' wealth of present 'millionaires' seems much higher than that of historically rich individuals. Overall, the paper lays the basis for a very long-run view of wealth in Italy and reconsiders the impact of its industrialization at the end of the Liberal period.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/297151
    Edition: This draft: November 27, 2023
    Series: LEM working paper series ; 2023, 43 (November 2023)
    Subjects: inequality; inheritance; wealth; Liberal Italy; Southern Question
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  3. Top wealth and its historical origins
    an analysis of Germany's largest privately held fortunes in 2019
    Author: Tisch, Daria; Ischinsky, Emma
    Published: April 2023
    Publisher:  Max Planck Institute for the Study of Societies, Cologne, Germany

    Die zunehmende Vermögensungleichheit wird sowohl in aktuellen politischen Debatten als auch in den Sozialwissenschaften diskutiert. Trotz des breiten Interesses an der Vermögenskonzentration wissen wir bislang jedoch nur wenig über die größten... more

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    Archiv der Max-Planck-Gesellschaft, Bibliothek
    Signature:
    Z 125 - 2023,1
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Bundesverfassungsgericht, Bibliothek
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    Online-Ressource
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 31
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    Universitätsbibliothek Mannheim
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    Location:
    Mannheimer Zentrum für Europäische Sozialforschung, Bibliothek
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    WP/Online
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    Die zunehmende Vermögensungleichheit wird sowohl in aktuellen politischen Debatten als auch in den Sozialwissenschaften diskutiert. Trotz des breiten Interesses an der Vermögenskonzentration wissen wir bislang jedoch nur wenig über die größten Privatvermögen. Daher untersuchen wir die historischen Ursprünge der 1.032 größten deutschen Vermögen des Jahres 2019. Wir ermitteln zunächst den Anteil der verwurzelten Vermögen - Vermögen, die auf den Beginn des 20. Jahrhunderts zurückgehen - und fragen, inwieweit sie sich von jüngeren Vermögen unterscheiden. Außerdem untersuchen wir explorativ, ob verwurzelte Vermögen durch Familienlinien mit jüngeren Vermögen verbunden sind. Dazu greifen wir auf eine journalistische Reichenliste des manager magazins aus dem Jahr 2019 zurück, die wir sowohl mit Reichenlisten aus den Jahren 1912/1914 als auch mit Wikidata verknüpfen. Wir zeigen, dass etwa acht Prozent der heutigen Vermögen auf Vermögen zurückgehen, die dieselben Familien bereits 1913 besessen haben. Die Regressionsanalysen zeigen, dass verwurzelte Vermögen durchschnittlich höher auf der Reichenliste rangieren als die übrigen Vermögen. Deskriptive Netzwerkanalysen weisen darauf hin, dass einige der größten Vermögen von heute durch Eheschließungen miteinander verbunden sind, was auf eine soziale Schließung an der Spitze der Vermögensverteilung hindeutet. Unsere Ergebnisse zeigen, dass die Akkumulation und die Aufrechterhaltung von Vermögen über Generationen hinweg wichtige Merkmale des deutschen Spitzenvermögens sind. Rising wealth inequality is both a topic in recent policy discussion and in the social sciences. Despite the general interest in wealth concentration, we know only little about the largest privately held fortunes. To help fill this gap we analyze the historical origins of Germany's 1,032 largest fortunes in 2019. In particular, we identify the share of entrenched fortunes - fortunes which date back to the beginning of the twentieth century - and ask to what extent they differ from more recently established ones. Furthermore, we examine in an exploratory way if entrenched fortunes are connected to fortunes with more recent origins through family lines. We use a journalistic rich list published by the manager magazin in 2019, which we link with both rich lists from 1912/1914 and Wikidata. We find that about eight percent of today's fortunes can be traced back to fortunes held by the same families in 1913. Regression analyses show that entrenched fortunes rank on average higher on the rich list than the remaining ones. Descriptive network analyses indicate that some of today's largest fortunes are intertwined through marital lines, hinting at social closure at the top. Our findings indicate that the accumulation and perpetuation of fortunes over many generations is an important feature of top wealth in Germany.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 21.11116/0000-000D-048A-3
    Series: MPIfG discussion paper ; 23/1
    Subjects: elite; family; inheritance; network analysis; super-rich; wealth perpetuation; Elite; Erbschaft; Familie; Netzwerkanalyse; Reichtum; Vermögen
    Scope: 1 Online-Ressource (IV, 23 Seiten), Diagramme
    Notes:

    Text englisch; Zusammenfassung in deutscher und englischer Sprache
  4. Social insurance against a short life
    ante-mortem versus post-mortem policies
    Author: Ponthière, Grégory
    Published: [2023]
    Publisher:  Global Labor Organization (GLO), Essen

    Welfare States do not insure citizens against the risk of premature death, i.e., the risk of having a short life. Using a dynamic OLG model with risky lifetime, this paper compares two insurance devices reducing well-being volatility due to the risk... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 565
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    Welfare States do not insure citizens against the risk of premature death, i.e., the risk of having a short life. Using a dynamic OLG model with risky lifetime, this paper compares two insurance devices reducing well-being volatility due to the risk of early death: (i) an ante-mortem age-based statistical discrimination policy that consists of an allowance given to all young adults (including the unidentified adults who will die early); (ii) a post-mortem subsidy on accidental bequests due to early death. Each policy is financed by taxing old-age consumption. Whereas each device can yield full insurance, the youth allowance is shown to imply a higher lifetime well-being at the stationary equilibrium. The marginal utility of consumption exceeding the marginal utility of giving when being dead, the youth allowances system is, despite imperfect targeting, a more effi cient mechanism of insurance against the risk of early death.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/279473
    Series: GLO discussion paper ; no. 1342
    Subjects: premature death; mortality risk; social insurance; inheritance; lifecycle models
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen