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Date
2023-03-15Type
- Journal Article
ETH Bibliography
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Abstract
We show that over the 20th century, in Switzerland the ratio of private wealth to national income, betaₚₜ, did not follow a U-shaped pattern, thereby contrasting the evolution in most European countries. Instead, the ratio was exceptionally stable at around 500%. We argue that this consistently high betaₚₜ was the result of geopolitical factors combined with Switzerland's capital friendly policy-making. Since the turn of the century, however, betaₚₜ has been on a rapid rise to reach 793% in 2020. This exceptionally fast increase is mainly driven by large capital gains, especially in housing wealth. Show more
Publication status
publishedExternal links
Journal / series
The Review of Economics and StatisticsPublisher
MIT PressOrganisational unit
06338 - KOF FB KOF Lab / KOF FB KOF Lab
02525 - KOF Konjunkturforschungsstelle / KOF Swiss Economic Institute
03716 - Sturm, Jan-Egbert / Sturm, Jan-Egbert
Related publications and datasets
Is new version of: https://doi.org/10.3929/ethz-b-000574829
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ETH Bibliography
yes
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