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The Household Aggregate Financial Wealth Evidence from Selected OECD Countries

The Luxembourg Wealth Study Conference. Introduction. The OECD, jointly with the Economic Research Unit of Pioneer Global Asset Management and UniCredit and with the active support of a number of Central Banks and National Statistics Offices is working on a project that aims at extending back the currently available time series of the financial accounts for a group of OECD countries: Canada, France, Germany, Italy, Japan, Spain, the UK and the USA .

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The Household Aggregate Financial Wealth Evidence from Selected OECD Countries

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    1. The Luxembourg Wealth Study Conference The Household Aggregate Financial Wealth Evidence from Selected OECD Countries Riccardo De Bonis*, Daniele Fano** and Teresa Sbano** * Bank of Italy, Economic Research Department. ** Pioneer Global Asset Management Economic Research.

    2. The Luxembourg Wealth Study Conference Introduction The OECD, jointly with the Economic Research Unit of Pioneer Global Asset Management and UniCredit and with the active support of a number of Central Banks and National Statistics Offices is working on a project that aims at extending back the currently available time series of the financial accounts for a group of OECD countries: Canada, France, Germany, Italy, Japan, Spain, the UK and the USA

    3. The Luxembourg Wealth Study Conference Agenda How we approached the construction of the series First results Conclusion

    4. The Luxembourg Wealth Study Conference Towards comparable time-series The introduction of the method of classification based on the SNA93 and on the ESA95 has made it necessary to reconcile past data with the new series Some countries (Canada, Japan, USA) already have longer time series Bank of Italy published similar figures in 2005 The goal of the project is to produce full time series for a group of leading OECD countries by end 2007, including France, the UK, Germany and Spain

    5. The Luxembourg Wealth Study Conference Scope of the project/focus of this presentation We collect data for the 5 main institutional sectors We look in more detail at Households and Non-Financial Companies This paper focuses on the household sector

    6. The Luxembourg Wealth Study Conference Matching SNA 93 and Golden Book items… SNA93 “Golden Books”

    7. The Luxembourg Wealth Study Conference …devising a conversion table…

    8. The Luxembourg Wealth Study Conference …connecting the old and the new series

    9. The Luxembourg Wealth Study Conference Agenda How we approached the construction of the series First results Conclusion

    10. The Luxembourg Wealth Study Conference Household wealth as a percentage of GDI presented an upward trend in all the countries analysed. Household financial assets as percentage of gross disposable income: evolution and selected years

    11. The Luxembourg Wealth Study Conference There are signals of convergence

    12. The Luxembourg Wealth Study Conference But asset mixes and their variability show relevant differences (1)

    13. The Luxembourg Wealth Study Conference Asset mixes and their variability show relevant differences (2)

    14. The Luxembourg Wealth Study Conference Asset mixes and their variability show relevant differences (2)

    15. The Luxembourg Wealth Study Conference Asset mixes and their variability show relevant differences (3) In the European countries safe instruments (currency and deposits) are today less important than in the Eighties. In France, Germany, Spain and Italy safe instruments are around 40 per cent of the household financial wealth. In Germany, Spain and chiefly Italy households increased their holdings of shares and other equity since the half of the Nineties, while in France this growing importance of markets took place earlier. As expected, in the US and UK safe assets are less important than in euro area countries. Japan is a specific case, because deposits maintain a strong role in household choices

    16. The Luxembourg Wealth Study Conference Highlighting the different weight of long-term institutional investors…

    17. The Luxembourg Wealth Study Conference …and the differences in exposure to securities and institutional investors

    18. The Luxembourg Wealth Study Conference Financial vs. real wealth also shows important diversities…

    19. The Luxembourg Wealth Study Conference …whereas financial liabilities show an upward trend, although very different levels

    20. The Luxembourg Wealth Study Conference Agenda How we approached the construction of the series First results Conclusion

    21. The Luxembourg Wealth Study Conference Summarizing the preliminary evidence In the last 25 years the importance of financial assets increased in the selected OECD countries. There are signal of sigma convergence for the incidence of financial wealth over gross disposable income. Important differences persist. Household financial wealth is larger in the Us, UK and Japan than in the other countries. Also the composition of financial wealth by instrument differs Countries also differ for the incidence of real wealth, that is larger in European countries Household debt on an upward trend, but still low in countries like Italy and Germany.

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