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MIT-(麦昆宏观经济)lec14a.pdf

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MIT-(麦昆宏观经济)lec14a

Wealth Accumulation and Factors Accounting for Success Anan Pawasutipaisit and Robert M. Townsend April 2, 2009 Motivation ? It is hard to think of economic issues that are more important than the accumu- lation of capital... Angus Deaton, 1992 Net worth or wealth determines how well off a household is. ? ? Using accounting framework to measure wealth. ? Measurement and fact finding rather than theory. ? The process of wealth creation is related to productivity Some succeed and some do not. ? ? Inequality and heterogeneity are related. Data ? Townsend’s Thai monthly survey. ? 531 households, Jan 1999-Dec 2005. Observations Chachoengsao 141 Lopburi 147 Buriram 104 Sisaket 139 Wealth distribution in the survey ? Top 1% households own about 1/3 of total wealth. ? But not true everywhere, there is variation across location. ? Wealth inequality is highest in Chachoengsao but lower in other provinces. ? The top 1% in Lopburi own less than 13% while the top 1% in Sisaket own less than 18%. Table 1. % of networth held by various groups defined by percentiles of the wealth distribution Year Percentile 1999 2000 2001 2002 2003 2004 2005 0-49.9 7.09 7.40 7.63 7.93 8.25 8.58 8.89 50-89.9 29.62 29.74 30.05 30.35 30.83 31.64 32.03 90-94.9 11.44 11.55 11.55 11.65 11.60 11.64 11.69 95-98.9 18.23 17.65 17.56 17.43 17.30 17.01 16.91 99-100 33.59 33.62 33.18 32.63 31.99 31.11 30.45 ? Poor is getting more. ? The least wealthiest group at the beginning seems to be the one that rises most rapidly. ? Share of top 10% is going down. Table 2. % of networth held by various groups defined by percentiles of the wealth distribution in 1999 Year Percentile 1999 2000 2001 2002 2003 2004 2005 0-49.9 7.09 7.48 7.89 8.35 8.98 9.55 10.16 50-89.9 29.62 29.70 30.03 30.41 30.77 31.53 31.79 90-94.9 11.44 11.62 11.52 11.44 11.29 11.14 11.07 95-98.9 18.23 17.55 17.39 17.23 17.07 16.74 16.60 99-100 33.59 33.62 33.15 32.54 31.87 31.01 30.35 ? Distribution