The US economy is often referred to as the “banker to the world,” due to its unique role in supplying global reserve … contribution of this role to rising wealth concentration among American households. I highlight the following points: 1) financial … globalization raises wealth inequality in a financially-developed economy initially due to foreign capital pressing up domestic …

is affected by the gap between ‘target' and actual wealth, with the target wealth determined by credit conditions and … saving rate's long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business …

High household wealth is often cited as a key strength of the Italian economy. Both in absolute terms and relative to … income, the Italian household sector is wealthier than most euro area peers. A sizable fraction of this wealth is held by the … rich and upper middle classes. This paper documents the changes in the Italian household sector's financial wealth over the …

in place. We first document the history of the balance sheet and its components since World War II, with a detailed …

This paper analyzes the existence of 'wealth effects' derived from net equity (in the form of housing, financial assets …-2017. Overall, wealth effects are found to be relatively large and significant for housing wealth, but less so for other types of … wealth, including stocks. Furthermore, the analysis shows how these estimated marginal propensities to consume (MPC) from …

We attempt to disentangle income and wealth effects on consumption by disaggregating both the different types of income … and wealth. We estimate a consumption function for a panel of quarterly data for 14 advanced economies spanning 1998 to … different components of income and wealth. While fiscal policy had direct effects on consumption, the analysis suggests that …

Do portfolio shifts by the world's largest asset owners respond procyclically to past returns, or countercyclically to …

We provide a systematic analysis of the properties of individual returns to wealth using twelve years ofpopulation data … standard deviation of 8%). Second,heterogeneity in returns does not arise merely from differences in the allocation of wealth … with wealth: moving from the 10th to the 90th percentile of the financial wealth distributionincreases the return by 3 …

rich followed a similar pattern, the result of wealth effects associated with a boom-bust in asset prices. Indeed, the … top 10 percent account for almost half of income and two-thirds of wealth. In other words, the rich played a critical role …

Japan faces the problem of how to finance retirement, health, and long-term care expenditures as the population ages … security contributions, debtfinancing, and a uniform increase in health and long-term care copayments …