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Events

CEGAP seminar series

Monday, 22 October 2018
14:00 to 15:30
Clara Martinez-Toledano from the Paris School of Economics.
Durham University Business School, MHL 224

Clara Martinez-Toledano from the Paris School of Economics will be speaking about:

Housing Bubbles and Wealth Inequality: Evidence from Spain.

Find out more about Clara Martinez-Toledano here.

Title: Housing Bubbles and Wealth Inequality: Evidence from Spain

This paper combines different sources (tax records, national accounts, wealth surveys) and a new asset-specific accumulation decomposition in order to analyze the impact of the Spanish housing bubble on wealth inequality. Wealth concentration has been quite stable since the eighties, with shares ranging between 5-10% and 50-60% for the bottom 50% and top 10% of the distribution, respectively. Housing reduced the levels of wealth inequality in the long-run. However, changes in portfolio structure and hence in savings rates across assets and wealth groups, together with the bulk in offshore assets at the top of the distribution, have contributed to neutralizing the impact of the housing bubble and keeping the same high levels of wealth concentration of the 1980s in the late 2000s.

CEGAP seminar series

Monday, 22 October 2018
14:00 to 15:30
Clara Martinez-Toledano from the Paris School of Economics.
Durham University Business School, MHL 224

Clara Martinez-Toledano from the Paris School of Economics will be speaking about:

Housing Bubbles and Wealth Inequality: Evidence from Spain.

Find out more about Clara Martinez-Toledano here.

Title: Housing Bubbles and Wealth Inequality: Evidence from Spain

This paper combines different sources (tax records, national accounts, wealth surveys) and a new asset-specific accumulation decomposition in order to analyze the impact of the Spanish housing bubble on wealth inequality. Wealth concentration has been quite stable since the eighties, with shares ranging between 5-10% and 50-60% for the bottom 50% and top 10% of the distribution, respectively. Housing reduced the levels of wealth inequality in the long-run. However, changes in portfolio structure and hence in savings rates across assets and wealth groups, together with the bulk in offshore assets at the top of the distribution, have contributed to neutralizing the impact of the housing bubble and keeping the same high levels of wealth concentration of the 1980s in the late 2000s.