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Household wealth in the euro area: The importance of intergenerational transfers, homeownership and house price dynamics

Thomas Mathä (), Alessandro Porpiglia and Michael Ziegelmeyer ()

No 91, BCL working papers from Central Bank of Luxembourg

Abstract: Results from the Eurosystem Household Finance and Consumption Survey reveal substantial variation in household net wealth across euro area countries that await explanation. This paper focuses on three main factors for the wealth accumulation process, i) homeownership, ii) housing value appreciation and iii) intergenerational transfers. We show that these three factors, in addition to the common household and demographic factors, are relevant for the net wealth accumulation process in all euro area countries, and moreover that, using various decomposition techniques, differences therein, in particular in homeownership rates and house price dynamics, are important for explaining wealth differences across euro area countries.

Keywords: household wealth; homeownership; property prices; inheritance; euro area (search for similar items in EconPapers)
JEL-codes: D31 E21 O52 C42 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eec, nep-mac and nep-ure
Date: 2014-06
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http://www.bcl.lu/fr/Recherche/publications/cahiers_etudes/91/BCLWP091.pdf (application/pdf)

Related works:
Journal Article: Household wealth in the euro area: The importance of intergenerational transfers, homeownership and house price dynamics (2017) Downloads
Working Paper: Household wealth in the euro area: the importance of intergenerational transfers, homeownership and house price dynamics (2014) Downloads
Working Paper: Household wealth in the euro area: The importance of intergenerational transfers, homeownership and house price dynamics (2014) Downloads
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