The Gender Wealth Gap Across European Countries

This paper studies the gap in wealth between male and female single households using 2010 Household Finance and Consumption Survey data for eight European countries. In the raw data, a large gap emerges at the upper end of the unconditional distribution. While OLS estimates show no difference in average net wealth levels, quantile regressions at the 95th percentile yield mixed evidence for the gender wealth gap in different specifications. Labour market characteristics and participation in asset and debt categories largely explain the differences between male and female single households. The gender gap in net wealth is driven by gaps in gross wealth and its components, but is attenuated in four countries by gender gaps in (collateralized) debt. In the full specification, the unexplained gap in gross wealth amounts to 27 percent in Slovakia, 33 percent in France, 44 percent in Austria, 45 percent in Germany, and 48 percent in Greece.     

The Gender Wealth Gap in Europe: Application of Machine Learning to Predict Individual-level Wealth

This article provides comparative estimates of the gender wealth gaps for 22 European countries, employing data from the Household Finance and Consumption Survey. The data on wealth are collected at the household level, while individual-level data are needed for the estimates of gender wealth gaps. We propose a novel approach using machine learning and model averaging methods to predict individual-level wealth data for multi-person households. Our results suggest that random forest performs best as the predicting tool for this exercise, outperforming elastic net and Bayesian model averaging. The estimated gender wealth gaps tend to be in favor of men, especially at the top of the wealth distribution. Men have 24 percent more wealth than women on average. We also find that a high home ownership rate is associated with a smaller country-level gender wealth gap. Our estimates suggest that the individual-level wealth inequality is on average 3 pp higher than the household-level wealth inequality in multi-member households.     

The Effects of Wealth and Income on Subjective Well‐Being and Ill‐Being*

The accepted view among psychologists and, increasingly, economists is that household income has statistically significant but only small effects on measures of subjective well‐being. Income, however, is clearly an imperfect measure of the economic circumstances of households. Using data drawn from the 2002 wave of the Household, Income and Labour Dynamics in Australia (HILDA) Survey, this paper demonstrates that wealth, which can be viewed as providing a degree of economic security, is at least as important to well‐being and ill‐being as income.     

The Structure and Distribution of Household Wealth in Australia

This article uses data from the second wave of the Household, Income and Labour Dynamics in Australia (or HILDA) Survey to provide an overview of the structure and distribution of household wealth in Australia. The data confirm that wealth is very unequally distributed, with the bottom half of the distribution owning less than 10 per cent of total household net worth, while the wealthiest 10 per cent account for 45 per cent. The article also includes an analysis of the factors associated with household wealth that indicates that wealth is significantly related to a range of factors including age, country of birth, parental occupational status, education, marital status, working hours, income, self‐reported savings behaviour, a willingness to take risks and even various lifestyle behaviours, such as smoking and alcohol consumption.     

Women's Wealth and Intimate Partner Violence: Insights from Ecuador and Ghana

Intimate partner violence (IPV) by men against their partners is one of the most glaring indicators of women's lack of empowerment. Drawing upon the 2010 Ecuador Household Asset Survey (EAFF) and the 2010 Ghana Household Asset Survey (GHAS), nationally representative surveys for Ecuador and Ghana, respectively, this study investigates the relationship between women's ownership of assets and physical and emotional abuse by spouses against currently partnered women over the previous twelve months. It uses the value of a woman's total assets compared to those of her partner as the main proxy for a woman's bargaining power. Differentiating between physical and emotional violence in both countries, the study finds that women's share of couple wealth is significantly associated with lower odds of physical violence in Ecuador and emotional violence in Ghana. Moreover, the association between women's share of couple wealth and IPV is contingent on the household's position in the wealth distribution.     

Negotiating Domestic Labor: Women's Earnings and Housework Time in Australia

Abstract

Recent research in the United States has found that wives' absolute earnings level is more important than their earnings relative to their spouses in determining time spent on housework. Utilizing data from the Household, Income and Labour Dynamics in Australia (HILDA) survey, this article examines whether women's housework time in Australia is associated with relative or absolute earnings and extends previous work by examining possible mechanisms linking women's earnings with their time on housework, outsourcing through the use of paid domestic help, and unmeasured heterogeneity among women. The research finds that women's housework time is more strongly affected by women's relative earnings than by their absolute earnings, and neither outsourcing nor unobserved heterogeneity can explain the relationship between women's earnings and their housework time in Australia. These results indicate that Australia has a strong male-breadwinner institutional framework that continues to hinder gender equality in paid and unpaid work.     

The impact of (un)conventional expansionary monetary policy on income inequality – lessons from Japan

ABSTRACT

This paper analyzes the impact of conventional and unconventional monetary policy on income inequality in Japan, using hitherto unexplored data from the Japan Household Panel Survey. Empirical evidence shows that expansionary monetary policy in Japan has contributed to diminishing the gender pay gap through an increase in working time of women relative to men, but also to increasing the education pay gap. These effects may have materialized via the aggregate demand channel and the labour productivity channel. In contrast, expansionary monetary policy has had no significant impact on the development of the age pay gap.     

Sticky Consumption and Wealth Effects in Switzerland

When assessing the effect of changes in wealth on household expenditures, most empirical studies have used cointegration‐based approaches. These approaches rely on the existence of a stable long‐run relationship among consumption, wealth, and income. However, in Switzerland no such relationship seems to be present after 2001. Motivated by this issue, this paper applies a recently suggested approach to estimating long‐run wealth effects on consumption that does not rely on cointegration. This new approach relies on sticky consumption growth, which can be motivated by consumption habits or sticky expectations. In both cases, long‐run wealth effects are the result of short‐run reactions of households to changes in wealth which become long‐lasting. Using this methodology, the estimated wealth effects on consumption in Switzerland are larger than suggested by cointegration‐based estimates. Furthermore, the results show that there seems to be a remarkably high degree of consumption stickiness in Switzerland.     

Is Australia Really a World Leader in Closing the Gender Gap?

Abstract

In the World Economic Forum (WEF) 2006 Global Gender Gap report, Australia was highlighted as a world leader in closing the gender gap. With reference to the Economic Participation and Opportunity Index (one of four components in the WEF Gender Gap Index (GGI)), this article assesses whether or not Australia is deserving of this recognition. Closer analysis shows that convergence in the participation gap flowed from increased participation in part-time, low-paid, and precarious jobs. Research also shows that women's entry into professional jobs has led to the feminization of some positions and that vertical segregation remains an ongoing problem. In highlighting these disparities, this article questions the capacity of the GGI to provide an adequate understanding of women's labor market participation and economic attainment.     

Wealth,Wages, and Wedlock: Explaining the College Gender Gap Reversal

In this paper, I study the role of changes in the wage structure and expectations about marriage in explaining the college gender gap reversal. With strongly diminishing marginal utility of wealth and in the presence of a gender wage gap, single women have a greater incentive than single men to invest in education. Marriage‐market distortions tend to depress the overall benefit of education for women relative to men. I develop a tractable two‐period model and parameterize it using US census data for the cohort born in 1950. I then show that it can generate a reversal and that the most important driving force for this is the decline in marriage rates.     

Childcare,Household Composition,Muslim Ethnicity,and Off-Farm Work in Rural China

ABSTRACT

This study explores how religious and ethnic norms and gender relations interact across the domestic and public spheres of work in rural China's minority-concentrated regions. It focuses on the roles that childcare and household composition play in the employment decisions of prime-age married individuals of Muslim and non-Muslim ethnicity. Using the 2012 China Household Ethnicity Survey (CHES), the study finds that children generally decrease women's likelihood of employment outside the home and increase men's. The gender gap in the probability of off-farm employment is larger for those of Muslim ethnicity. Non-Muslim parents of sons are more likely to migrate for employment than parents of daughters. The presence of women of grandparent age (46–70) universally facilitates labor migration. Men of grandparent age tend to increase only the probability that non-Muslim parents migrate for employment. Additional adult male household members reduce the likelihood that women of Muslim ethnicity have off-farm employment.     

Correcting for the Missing Rich: An Application to Wealth Survey Data

It is a well‐known criticism that if the distribution of wealth is highly concentrated, survey data are hardly reliable when it comes to analyzing the richest parts of society. This paper addresses this criticism by providing a general rationale of the underlying methodological problem as well as by proposing a specific methodological approach tailored to correcting the arising bias. We illustrate the latter approach by using Austrian data from the Household Finance and Consumption Survey. Specifically, we identify suitable parameter combinations by using a series of maximum‐likelihood estimates and appropriate goodness‐of‐fit tests to avoid arbitrariness with respect to the fitting of the Pareto distribution. Our results suggest that the alleged non‐observation bias is considerable, accounting for about one quarter of total net wealth in the case of Austria. The method developed in this paper can easily be applied to other countries where survey data on wealth are available.     

Glass Ceiling or Sticky Floor? Exploring the Australian Gender Pay Gap

Using the Household, Income and Labour Dynamics in Australia survey, this paper analyses the gender wage gaps across the wage distribution in both the public and private sectors in Australia. Quantile regression techniques are used to control for various characteristics at different points of the wage distributions. Counterfactual decomposition analysis, adjusted for the quantile regression framework, is used to examine if the gap is attributed to gender differences in characteristics, or to the differing returns between genders. The main finding is that a strong glass ceiling effect is detected only in the private sector. A second finding is that the acceleration in the gender gap across the distribution does not vanish even after account is taken of an extensive set of statistical controls. This suggests that the observed wage gap is a result of differences in returns to genders. By focusing only on the mean gender wage gap, substantial variations of the gap will be hidden.     

Seigniorage Wealth and Redistribution in Central and Eastern European Countries

The analysis presented in this article focuses on seigniorage revenues in five Central and Eastern European Countries: Bulgaria, the Czech Republic, Hungary, Poland and Romania. A comprehensive discrete period accounting framework for measuring the sources and uses of seigniorage in the 1990s is presented. The framework is based upon the gross concept of seigniorage that defines seigniorage in the broadest possible sense as the sum of revenues resulting from the monopoly power to issue money. Legal, institutional and operational details which are relevant for the creation of base money in a country are taken into account. The article reveals similarities and differences in seigniorage wealth between the countries under scrutiny, evaluates the magnitude of seigniorage and shows that accession to the European Monetary Union will create significant once-and-for-all gains of seigniorage wealth for the countries resulting from redistributing seigniorage wealth.     

数字普惠金融与中国农村家庭财富差距

促进农民增收致富和推动乡村振兴是二十大关注的重要问题。本文使用中国家庭金融调查数据和数字普惠金融指数,用分位回归方法分析了数字普惠金融对中国农村家庭财富差距的影响。结果发现：数字普惠金融可以显著提高农村家庭财富,有助于缩小家庭财富差距。随着家庭财富由低到高,数字普惠金融对于农村不同财富家庭总资产的正向影响由大到小。由于不同财富家庭的负债结构差异较大,随着财富由低到高,数字普惠金融对家庭净资产的影响则由小到大。夏普里值分解结果表明,数字普惠金融对农村家庭财富差距的贡献度近三分之一。异质性分析表明,数字普惠金融发展对于低收入家庭和低教育水平家庭财富的正向作用更强,进一步证明了上述结论。机制分析表明,数字普惠金融能显著促进农村家庭特别是低财富家庭的创业行为,而创业对于最低财富组家庭资产的正向刺激作用最强;受流动性约束可能性越大的低财富家庭,越能从数字普惠金融的发展中获益。因而进一步证实数字普惠金融可以缩小农村家庭财富差距。本文的研究说明,发展数字普惠金融对于探索农民致富路径和推进乡村振兴有积极作用。     

部门选择对工资性别差距的影响：1988-2001年

基于1988-2001年的UHS数据库，本文首先研究的是男女部门选择分散程度（以Ducan分散指数来表示）和工资差距的趋势。结果发现，前者的趋势是先平稳、后下降、再上升，后者的趋势是先平稳、后上升、再下降。本文还利用Appleton分解方法研究了部门选择影响工资性别差距的具体程度，结果表明，除了中间的某些年份（1992-1996年），部门选择对工资性别差距的影响并不大，即使在那些特殊的年份，影响程度也不会超过20％。因此，缩小性别之间工资差距的关键是降低两者在部门内的工资差异。     

Diverging Stories of “Missing Women” in South Asia: Is Son Preference Weakening in Bangladesh?

ABSTRACT

South Asia is a region characterized by a culture of son preference, severe discrimination against daughters, and excess levels of female mortality, leading to what Amartya Sen called the phenomenon of “missing women.” However, the onset of fertility decline across the region has been accompanied by considerable divergence in this phenomenon. In India, improvements in overall life expectancy have closed the gender gap in mortality rates among adults, but persisting gender discrimination among children and increasing resort to female-selective abortion has led to growing imbalance in child sex ratios and sex ratios at birth. In Bangladesh, by contrast, fertility decline has been accompanied by a closing of the gender gap in mortality in all age groups. Using quantitative and qualitative data, this study explores changing attitudes toward sons and daughters in Bangladesh to explain why the phenomenon of “missing women” has played out so differently in these two neighboring countries.     

The Relationship between Income,Wealth and Age in Australia

This article analyses the relationship between income, wealth, wealth‐adjusted income and age in Australia using a 2009–10 cross‐sectional data set. The main findings are: (i) wealth and wealth‐adjusted income generally rise with age, while income is constant across the life cycle; (ii) both income inequality and wealth inequality rise until mid‐life and fall thereafter, while wealth‐adjusted income inequality depends on the method of calculation used, one showing a fall in later life and another showing no fall; and (iii) after income, wealth and wealth‐adjusted income inequalities are adjusted for age, underlying inequality is lower in all three cases.     

Influence Factors on Gender Wage Gap: Evidences from Chinese Household Income Project Survey

By constructing a gender wage gap evolution model, this paper examines the source and evolutionary process of gender wage inequality from a theoretical perspective. The purpose of this study is thoroughly investigating the factors affecting the gender wage inequality from the perspective of gender discrimination and variations in non-gender endowments. Based on the Chinese Household Income Project Survey Data, this study indicates that: (1) since companies continue to re-evaluate the gender endowment value of gender, the gender wage inequality exhibits an endogenous sustainability and self-reinforcing effect. (2) The gender wage gap of urban residents is derived mainly from the top tier of wages, while the gender wage gap of the migrant people is mainly determined from the bottom rung of wages. (3) Female age has a ‘U-curve’ impact on gender wage inequality from the standpoint of non-gender endowment differences, and the female age has an ‘inverted U-curve’ impact on gender wage inequality as a result of discrimination. (4) Female appearance and actual work hours are insufficient to affect the changing trend of gender wage inequality; however, h-register location and marital status are still considered to be very important.     

How Fat is the Top Tail of the Wealth Distribution?

Differential unit non‐response in household wealth surveys biases estimates of top tail wealth shares downward. Using Monte Carlo evidence, I show that adding only a few extreme observations to wealth surveys is sufficient to remove the downward bias. Combining extreme wealth observations from Forbes World's billionaires with the Survey of Consumer Finances, the Wealth and Assets Survey, and the Household Finance and Consumption Survey, I provide new improved estimates of top tail wealth in the United States, the United Kingdom, and nine euro area countries. These new estimates indicate significantly higher top wealth shares than those calculated from the wealth surveys alone.