| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17237 |
| DP17237 Wealth Inequality: Opportunity or Unfairness? | |
| Michael Haliassos; Thomas Jansson; Yigitcan Karabulut | |
| 发表日期 | 2022-04-21 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This paper presents evidence of a new propagation mechanism for wealth inequality, based on differential responses, by education, to greater inequality at the start of economic life. It is motivated by a novel positive cross-country relationship between wealth inequality and perceptions of opportunity and fairness, which holds only for the more educated. Using unique administrative micro data and a quasi-field experiment of exogenous allocation of households, the paper finds that exposure to a greater top 10% wealth share at the start of economic life in the country leads only the more educated placed in locations with above-median wealth mobility to attain higher wealth levels and position in the cohort-specific wealth distribution later on. Underlying this effect is greater participation in risky financial and real assets and in self-employment, with no evidence for a labor income, unemployment risk, or human capital investment channel. This differential response is robust to controlling for initial exposure to fixed or other time-varying local features, including income inequality, and consistent with self-fulfilling responses of the more educated to perceived opportunities, without evidence of imitation or learning from those at the top. |
| 主题 | Financial Economics |
| 关键词 | Household finance Wealth inequality Propagation of inequality Education Opportunity Refugees |
| URL | https://cepr.org/publications/dp17237 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546242 |
| 推荐引用方式 GB/T 7714 | Michael Haliassos,Thomas Jansson,Yigitcan Karabulut. DP17237 Wealth Inequality: Opportunity or Unfairness?. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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