Aggregate Wealth : Concept and Data Sources

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Table of contents

1 Long-Run Wealth Accumulation in Spain 
1.1 Literature review
1.1.1 Long-run evolution of national wealth
1.1.2 Determinants of the increase in housing prices since the late 1990s
1.2 Concepts, methodology, and empirical estimate
1.3 Results
1.3.1 Personal wealth
1.3.2 National wealth
1.4 International capital ows and housing prices
1.5 Concluding comments
2 Housing and Wealth Inequality in Spain 
2.1 Concepts, Data and Methodology
2.1.1 Aggregate Wealth: Concept and Data Sources
2.1.2 Distribution of Wealth: The Mixed Capitalization-Survey Approach
2.2 House Price Cycles and the Wealth Distribution
2.2.1 Evolution of Real House Prices and Aggregate Household Wealth
2.2.2 Wealth Inequality Dynamics during Housing Booms and Busts
2.2.3 Determinants of Wealth Inequality Dynamics during Housing Booms and Busts
2.3 Nature of Asset-Specic Saving Responses
2.3.1 Portfolio Adjustment Frictions
2.3.2 Real Estate Market Dynamics
2.3.3 Tax incentives
2.4 Concluding comments
3 Wealth Taxation and Mobility in Spain 
3.1 Introduction
3.2 Institutional Details
3.3 Description of Data
3.3.1 Wealth Extrapolation Method
3.3.2 Tax Calculator
3.3.3 Treatment and Comparison Groups
3.4 Descriptive Evidence
3.5 Aggregate Analysis
3.5.1 Results
3.6 Individual Choice Model
3.6.1 Results
3.6.2 Heterogeneity
3.7 Implications for Revenue and Wealth Inequality
3.7.1 Revenue Analysis
3.7.2 Wealth Inequality Analysis
3.8 Concluding comments
General Conclusion 
A Long-run Wealth Accumulation in Spain
A.1 Introduction
A.1.1 Concepts
A.1.2 Asset classication
A.1.3 Time coverage
A.2 Domestic assets
A.2.1 Produced assets
A.2.2 Non-produced assets
A.3 Personal wealth
A.3.1 Non-nancial assets
A.3.2 Financial assets
A.3.3 Liabilities
A.4 General government wealth
A.4.1 Non-nancial produced assets: public capital
A.4.2 Non-nancial non-produced assets
A.4.3 Financial assets
A.4.4 Liabilities
A.5 Corporate wealth
A.5.1 Non-nancial assets of non-nancial corporations
A.5.2 Non-nancial assets of nancial institutions
A.5.3 Financial assets and liabilities
A.5.4 Tobin Q
A.6 Foreign wealth
A.7 Income and saving
A.7.1 National income
A.7.2 National savings and the current account balance
A.7.3 Decomposition of wealth accumulation
A.7.4 Interactions between international capital ows and housing prices
A.8 Additional robustness checks
A.8.1 Sensitivity of housing wealth series
A.8.2 Housing assets decomposed into land and structures: the residual approach
A.8.3 Alternative measurement of book-value national wealth
A.8.4 The decomposition of national wealth accumulation with the book-value approach and the private wealth sub-component
A.8.5 Capital gains and asset price changes
A.8.6 Market vs. book-value wealth estimation
B Housing and Wealth Inequality in Spain
B.1 Imputation methods
B.1.1 Bottom of the income distribution
B.1.2 Assets that do not generate taxable income
B.2 The Spanish Personal Income Tax and Wealth Tax
B.2.1 A Recount of Personal Income Taxation in Spain
B.2.2 A Recount of Wealth Taxation in Spain
B.3 Accounting for Oshore Wealth
B.4 Robustness Checks on the Distribution Series
B.4.1 Comparison with Other Sources
B.4.2 Testing the Mixed Capitalization-Survey Method
B.5 Identifying Housing Booms and Busts
B.6 Wealth Distribution in Spain by Age
B.7 Wealth Mobility and Synthetic Saving Rates
B.8 Alternative Explanations to Saving Responses
B.8.1 Risk aversion
B.8.2 Financial Knowledge and Financial advising
B.8.3 Expectations on House Prices
B.9 Appendix Figures and Tables
C Wealth Taxation and Mobility in Spain 
C.1 Appendix
C.1.1 Institutions Appendix
C.1.2 Data Appendix
Bibliography