Working Paper Series
Wealth-Income Ratios in a Small, Developing Economy: Sweden, 1810–2014
Abstract: This study uses new data on Swedish national wealth over
the last two hundred years to examine whether the patterns in wealth-income
ratios found by Piketty and Zucman (2014) extend to small and less
developed economies. The findings reveal both similarities and differences.
During the industrialization era, Sweden's domestic wealth was relatively
low because of low saving rates and instead foreign capital imports became
important. Twentieth century trends and levels are more similar, but in
Sweden government wealth grew more important, not least through its
relatively large public pension system. Overall, the findings suggest that
initial conditions and economic and political institutions matter for the
structure and evolution of national wealth.
Keywords: National wealth; Household portfolios; Pension wealth; Welfare state; Institutions; Economic history; (follow links to similar papers)
JEL-Codes: D30; E01; E02; N30; (follow links to similar papers)
36 pages, September 23, 2016
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