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Inequality, Risk, and Wealth = = Ungleichheit, Risiko und Vermogen.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Inequality, Risk, and Wealth =/
其他題名:	Ungleichheit, Risiko und Vermogen.
作者:	Longmuir, Maximilian.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
面頁冊數:	302 p.
附註:	Source: Dissertations Abstracts International, Volume: 83-09, Section: A.
Contained By:	Dissertations Abstracts International83-09A.
標題:	Inequality. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29003792
ISBN:	9798209786863

Inequality, Risk, and Wealth = = Ungleichheit, Risiko und Vermogen.
Longmuir, Maximilian.

Inequality, Risk, and Wealth =Ungleichheit, Risiko und Vermogen. - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 302 p.

Source: Dissertations Abstracts International, Volume: 83-09, Section: A.

Thesis (Ph.D.)--Freie Universitaet Berlin (Germany), 2021.

This item must not be sold to any third party vendors.

This dissertation consists of four empirical chapters which contribute to the fields of inequality, household finances, and labor economics.The first chapter analysis how investment behavior, especially investment inefficiencies, contribute to wealth inequality in five European countries. Systematic differences along the wealth distribution in investment performance will potentially have large consequences for the level and persistence of wealth inequality. These differences in performance are hard to measure except in a few, select countries with detailed information on household portfolios. In this first chapter, we use a modified version of the Global Capital Asset Pricing Model (GCAPM), which relies on classed household portfolio data to measure investment performance in five European countries, where previously no measure of investment performance could be computed. We verify the accuracy of the modified GCAPM using Dutch survey data, which contains unclassed portfolio data enabling direct comparison with the regular GCAPM. In all countries households with less wealth exhibit lower investment performance, even after risk-adjustment. Further, we show that raising investment performance creates large efficiency gains, however, households below the median do not benefit from them.The second chapter empirically investigates the interaction between job de-routinization and earnings inequality in a broad, cross-country analysis. Routine-Biased Technological Change hypothesis (RBTC) suggests that automation processes have substituted workers operating middle-skilled routine tasks. Consequently, the relative demand of complementary non-routine occupations, i.e., low-skilled service and high-skilled abstract jobs, has increased. These changes in the composition of the labor force imply a polarization of jobs along skills distribution. An aspect of high socio-economical and political relevance is its distributional implications. In this chapter, we quantify polarization of jobs and its implication for earnings distributions using a novel dataset of 35 countries around the globe. We find strong evidence for job polarization in most countries but no clear-cut distributional consequences. We show that this weak link stems from variation within, rather than between, occupational classes, and from heterogeneous de-routinization effects along the earnings distribution.The third chapter scrutinizes augmented wealth, i.e. the sum of net worth and pension wealth, in Australia between 2002 and 2018. The omission of pension wealth potentially distorts the international comparison of wealth distributions. Private pension wealth is often included in households' wealth portfolios, while public pension claims are not. Augmented wealth resolves this limitation by including the present value of social security pension wealth. This chapter provides a detailed analysis of augmented wealth in Australia between 2002 and 2018, capturing the establishment of the compulsory private pension scheme, Superannuation, which was introduced in 1992. Moreover, I depict the interaction of Superannuation with the public scheme Age Pension and how that affects the overall wealth distribution. Augmented wealth in Australia is found to be less equally distributed than wealth in Germany or Switzerland, but more equally than in the United States.The fourth chapter investigates the causal effect of wage risk on individual portfolio choice in Germany. From standard portfolio-choice theory it is well-understood that background risk, overwhelmingly due to wage risk, is one of the central determinants of individuals' portfolio composition: higher background risk reduces risky investments. However, if background risk is negatively correlated with financial market risk, higher background risk implies more risky investment. We quantify the influence of wage risk on German investors' financial portfolio shares and find that an increase of the residual variance of wages by one standard deviation implies a reduction of the financial portfolio share by 3 percentage points. We do not find that the correlation of wage risk with financial market risk has a significant impact on portfolio choice and provide evidence that this may be due to a lack of salience.

ISBN: 9798209786863Subjects--Topical Terms:

3560119
Inequality.

Inequality, Risk, and Wealth = = Ungleichheit, Risiko und Vermogen.
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100 1 $a Longmuir, Maximilian. $3 3690198
245 1 0 $a Inequality, Risk, and Wealth = $b Ungleichheit, Risiko und Vermogen.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2021
300 $a 302 p.
500 $a Source: Dissertations Abstracts International, Volume: 83-09, Section: A.
500 $a Advisor: Schroder, Carsten;Jenderny, Katharina.
502 $a Thesis (Ph.D.)--Freie Universitaet Berlin (Germany), 2021.
506 $a This item must not be sold to any third party vendors.
520 $a This dissertation consists of four empirical chapters which contribute to the fields of inequality, household finances, and labor economics.The first chapter analysis how investment behavior, especially investment inefficiencies, contribute to wealth inequality in five European countries. Systematic differences along the wealth distribution in investment performance will potentially have large consequences for the level and persistence of wealth inequality. These differences in performance are hard to measure except in a few, select countries with detailed information on household portfolios. In this first chapter, we use a modified version of the Global Capital Asset Pricing Model (GCAPM), which relies on classed household portfolio data to measure investment performance in five European countries, where previously no measure of investment performance could be computed. We verify the accuracy of the modified GCAPM using Dutch survey data, which contains unclassed portfolio data enabling direct comparison with the regular GCAPM. In all countries households with less wealth exhibit lower investment performance, even after risk-adjustment. Further, we show that raising investment performance creates large efficiency gains, however, households below the median do not benefit from them.The second chapter empirically investigates the interaction between job de-routinization and earnings inequality in a broad, cross-country analysis. Routine-Biased Technological Change hypothesis (RBTC) suggests that automation processes have substituted workers operating middle-skilled routine tasks. Consequently, the relative demand of complementary non-routine occupations, i.e., low-skilled service and high-skilled abstract jobs, has increased. These changes in the composition of the labor force imply a polarization of jobs along skills distribution. An aspect of high socio-economical and political relevance is its distributional implications. In this chapter, we quantify polarization of jobs and its implication for earnings distributions using a novel dataset of 35 countries around the globe. We find strong evidence for job polarization in most countries but no clear-cut distributional consequences. We show that this weak link stems from variation within, rather than between, occupational classes, and from heterogeneous de-routinization effects along the earnings distribution.The third chapter scrutinizes augmented wealth, i.e. the sum of net worth and pension wealth, in Australia between 2002 and 2018. The omission of pension wealth potentially distorts the international comparison of wealth distributions. Private pension wealth is often included in households' wealth portfolios, while public pension claims are not. Augmented wealth resolves this limitation by including the present value of social security pension wealth. This chapter provides a detailed analysis of augmented wealth in Australia between 2002 and 2018, capturing the establishment of the compulsory private pension scheme, Superannuation, which was introduced in 1992. Moreover, I depict the interaction of Superannuation with the public scheme Age Pension and how that affects the overall wealth distribution. Augmented wealth in Australia is found to be less equally distributed than wealth in Germany or Switzerland, but more equally than in the United States.The fourth chapter investigates the causal effect of wage risk on individual portfolio choice in Germany. From standard portfolio-choice theory it is well-understood that background risk, overwhelmingly due to wage risk, is one of the central determinants of individuals' portfolio composition: higher background risk reduces risky investments. However, if background risk is negatively correlated with financial market risk, higher background risk implies more risky investment. We quantify the influence of wage risk on German investors' financial portfolio shares and find that an increase of the residual variance of wages by one standard deviation implies a reduction of the financial portfolio share by 3 percentage points. We do not find that the correlation of wage risk with financial market risk has a significant impact on portfolio choice and provide evidence that this may be due to a lack of salience.
520 $a Diese Dissertation besteht aus vier empirischen Kapiteln, die zu den Bereichen Ungleichheit, Haushaltsfinanzen und Arbeitsokonomie beitragen.Das erste Kapitel analysiert, wie das Investitionsverhalten, insbesondere die Ineffizienz von Investitionen, zur Vermogensungleichheit in funf europaischen Landern beitragt. Systematische Unterschiede der Anlageeffizienz entlang der Vermogensverteilung haben moglicherweise grose Konsequenzen fur das Ausmas und die Persistenz der Vermogensungleichheit. Diese Unterschiede sind schwer zu messen und bisher in einigen wenigen Landern mit detaillierten Informationen zu Haushaltsportfolios umsetzbar. In diesem Kapitel verwenden wir eine modifizierte Version des Global Capital Asset Pricing Model (GCAPM), das sich auf klassifizierte Daten von Haushaltsportfolios stutzt, um das Anlageverhalten in funf europaischen Landern zu messen, in denen dies bisher nicht durchgefuhrt werden konnte. Wir uberprufen die Genauigkeit des modifizierten GCAPM anhand niederlandischer Umfragedaten, welche detaillierte Portfoliodaten enthalten und somit einen direkten Vergleich mit dem regularen GCAPM ermoglichen. In allen Landern weisen Haushalte mit geringerem Vermogen auch nach Risikoanpassung eine geringere Anlageeffizienz auf. Daruber hinaus zeigen wir, dass eine Steigerung der Anlageeffizienz zu Vermogenszuwachsen fuhrt, Haushalte unter dem Median jedoch nicht davon profitieren.Das zweite Kapitel untersucht empirisch die Wechselwirkung zwischen der De-routinisierung von Berufsfeldern und der Einkommensungleichheit in einer umfassenden, landerubergreifenden Analyse. Die Routine-Biased Technological Change-Hypothese (RBTC) legt nahe, dass Arbeiter:innen, welche typischerweise Routineaufgaben ausfuhren, durch technische Automatisierungsprozesse ersetzt wurden. Infolgedessen hat die relative Nachfrage nach komplementaren nicht-routinemasigen Berufen, d.h. geringqualifizierte Berufe im Dienstleistungssektor und hochqualifizierte Berufe mit komplexen Aufgaben, zugenommen. Diese Veranderungen in der Zusammensetzung der Erwerbsbevolkerung implizieren eine Polarisierung der Arbeitsplatze entlang der Verteilung der (beruflichen) Fahigkeiten. Eine Debatte von hoher soziookonomischer und politischer Relevanz sind die Verteilungswirkung dieser Prozesse. In diesem Kapitel quantifizieren wir die Polarisierung von Berufsfeldern und ihre Auswirkungen auf die Einkommensverteilung anhand eines neuartigen Datensatzes fur 35 Lander auf der ganzen Welt. Wir finden in den meisten Landern starke Anzeichen fur eine Polarisierung, aber keine eindeutigen Verteilungsfolgen. Wir zeigen, dass diese unklare Verteilungswirkung auf Variationen innerhalb, anstelle von Variation zwischen Berufsklassen zuruckzufuhren ist. Daruber hinaus finden wir heterogene De-routinisierungseffekte entlang der Einkommensverteilung.Das dritte Kapitel untersucht die erweiterte Vermogensverteilung, d.h die Summe aus Vermogen und Rentenvermogen, in Australien zwischen 2002 und 2018. Das Weglassen von Rentenvermogen verzerrt moglicherweise den internationalen Vergleich der Vermogensverteilungen. Privates Rentenvermogen wird haufig in die Vermogensportfolios der privaten Haushalte aufgenommen, offentliche Rentenanspruche dagegen nicht. Die erweiterte Vermogensverteilung behebt diese Einschrankung, indem der Barwert der sozialen Rentenversicherung berucksichtigt wird. Dieses Kapitel enthalt eine detaillierte Analyse der Vermogenszuwachse in Australien zwischen 2002 und 2018, wobei diese Zeitspanne die Etablierung des 1992 eingefuhrten, privaten Rentensystems "Superannuation'' erfasst. Auserdem zeige ich die Wechselwirkung von "Superannuation'' mit der sozialen Rentenversicherung "Age Pension" und deren Implikation fur die gesamte Vermogensverteilung. Die erweiterte Vermogensverteilung in Australien ist weniger gleichmasig verteilt als in Deutschland oder in der Schweiz, aber gleichmasiger als in den USA.Das vierte Kapitel untersucht die kausalen Auswirkungen des Lohnrisikos auf die Finanzinvestitionen deutscher Haushalte. Aus der Standardtheorie geht hervor, dass Lohnrisiko eine der zentralen Determinanten fur die private Portfoliozusammensetzung ist: Ein hoheres Lohnrisiko reduziert riskante Investitionen. Wenn das Lohnrisiko jedoch negativ mit dem Risiko am Finanzmarkt korreliert, impliziert ein hoheres Lohnrisiko eine riskantere Investition. Wir quantifizieren den Einfluss des Lohnrisikos auf die Wahl der Finanzportfolios deutscher Anleger:innen und stellen fest, dass eine Erhohung der Residualvarianz der Lohne um eine Standardabweichung eine Reduzierung des Finanzportfolios um 3 Prozentpunkte bedeutet. Wir stellen jedoch nicht fest, dass die Korrelation des Lohnrisikos mit dem Risiko am Finanzmarkt einen signifikanten Einfluss auf die Portfolioauswahl hat, und liefern Hinweise darauf, dass dies moglicherweise auf Salienz zuruckzufuhren ist.
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