OECD Guidelines for Micro Statistics on Household Wealth

Transcription

1 OECD Guidelines for Micro Statistics on Household Wealth OECD BETTER POLICIES FOR BETTER LIVES

2 Table of contents Foreword 7 Preface 9 Acknowledgments 11 Executive summary 13 Chapter 1. Introduction Purpose of the standards and guidelines Development of the Guidelines Relationship with existing international standards Structure of the report. 21 Chapter 2. Overview of household wealth statistics Need for information on household wealth Objectives and uses of micro statistics on household wealth Integration of micro statistics on household wealth with other statistics International data collection and measurement initiatives Summary 38 Chapter 3. Standard concepts, definitions and classifications for household wealth statistics : Description of the conceptual framework for micro statistics on household wealth Conceptual relationship between micro statistics on'household wealth, income and consumption Basic concepts and definitions for household wealth statistics Wealth and net worth '.' Assets and liabilities General principles of recording Standard components of household wealth Asset and liability groups Household groups Other variables related to wealth/net worth Consistency with other international statistical standards 92 Chapter 4. Data sources and methods for producing household wealth statistics Different types of sources and methods Strengths and weaknesses of different approaches Combination of different sources: Purposes and methods Summary 102

3 Chapter 5. Measurement guidelines for standard components of household wealth Measurement units Reference points and reference periods Valuation basis Non-financial assets Financial assets Liabilities Summary 128 Notes.'..-..-;: 129 Chapter 6. Measuring household wealth through surveys General measurement issues Measurement issues specific to wealth surveys Survey development and data collection Summary 158 Notes 159 Chapter 7. Analytic measures Life-cycle perspective and analysis by population subgroups Unit of analysis Specific analytic measures and their use Inequality indices Adjusting for price differences International statistical comparisons Summary 178 Notes 179 Chapter 8. Dissemination Types of dissemination ' Analysis Specific issues concerning the dissemination of wealth data Summary 189 Notes 190 Chapter 9. Quality assurance for household wealth statistics Quality assurance frameworks Summary '. 202 Bibliography 205 Annex A. Eurosystem household finance and consumption survey 207 Annex B. Luxembourg Wealth Study - A case for increased ex ante comparability of data sources 216 Annex C. Differences between micro and macro measures of household wealth Annex D. Inventory of country methodologies for producing micro wealth statistics Annex. Household definitions in other statistical standards 275

4 Tables 2.1. Examples of the use of micro data on household wealth in policy making Summary of the main features of the household concepts and definitions used in other standards List of standard components of household wealth Relationship between household wealth standard components and household income components in the Income, Consumption and Wealth Framework Household wealth by household size in Italy, Household wealth by household type and labour force status of household members in Australia, Family wealth by geographic location of family in the United States, 2004 and Household wealth by household's tenure type in Australia, Composition of family wealth by net worth quintile in Canada, Household wealth by wealth and income classes in the Netherlands, Household wealth mobility by net wealth quintile in Italy, Household wealth by age and education of the household reference person in Canada, 1999 and Examples of attitudinal and behavioural questions in household wealth surveys Value of principal residence in Great Britain, by dwelling type, and Mean, median and mean of the median person wealth in the United States, The effect of equivalence scales on the levels and inequality of household wealth in the United States, Effect of the treatment of outliers on summary measures of wealth inequality in the United States, Effect of the inclusion and exclusion of households with zero and negative wealth and of top and bottom coding in the United States, Mean and median values of the main components of household wealth in Italy, Germany and the United States Share of households by type of assets and debt in Italy, Germany and United States Inequality measures and top shares by type of assets and debt in Italy, Germany and the United States Family net worth by selected characteristics of families in the United States 183 A.l. Main features of country surveys participating in the Eurosystem Household Finance and Consumption Survey 209 B.I. List of LWS components of the household balance sheet 217 B.2. List of LWS non-wealth variables 220 C.I. Differences between micro and macro statistics on household wealth 226 C.2. Relationship between standard components in macro and micro household wealth statistics 227 D.I. Overview 230 D.2. Data collection properties 234 D.3. Structure _ 239 D.4. Inventory 243 D.5. Main characteristics by country 244 E.I. Comparison of household concepts and definitions in other standards 275

5 Figures 3.1. Broad conceptual framework for micro statistics on household wealth Broad conceptual framework for macro statistics on household sector wealth, based on SNA Overview of conceptual relationship between micro statistics on household wealth, income and consumption from a statistical perspective Information cycle for a household survey The role of data producers in sample surveys Income and wealth distribution in_the United States, Income and wealth distribution in Italy, Distribution of net worth in the United States, Kernel density estimates of net worth in the United States Cumulative distribution function for household wealth in the United States, Lorenz curves for household wealth in the United States, x 7.5. Relative quantile-difference plot for the United States, Distribution of household net worth in Australia, Al. Contents of the HFCS 210 A2. The HFCS Blueprint questionnaire 210