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

Thomas Mathä, Michael Ziegelmeyer and Alessandro Porpiglia

No 1690, Working Paper Series from European Central Bank

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. JEL Classification: D31, E21, O52, C42

Keywords: euro area; homeownership; household wealth; inheritance; property prices (search for similar items in EconPapers)
Date: 2014-07
New Economics Papers: this item is included in nep-eec and nep-ure
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Citations: View citations in EconPapers (26)

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Related works:
Journal Article: Household wealth in the euro area: The importance of intergenerational transfers, homeownership and house price dynamics (2017)
Working Paper: Household wealth in the euro area: The importance of intergenerational transfers, homeownership and house price dynamics (2014)
Working Paper: Household wealth in the euro area: The importance of intergenerational transfers, homeownership and house price dynamics (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20141690

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