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Income InequalityEconomic Disparities and the Middle Class in Affluent Countries$
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Janet C. Gornick and Markus Jantti

Print publication date: 2013

Print ISBN-13: 9780804778244

Published to Stanford Scholarship Online: January 2014

DOI: 10.11126/stanford/9780804778244.001.0001

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Public Pension Entitlements and the Distribution of Wealth

Public Pension Entitlements and the Distribution of Wealth

Chapter:
(p.362) Chapter Thirteen Public Pension Entitlements and the Distribution of Wealth
Source:
Income Inequality
Author(s):

Joachim R. Frick

Markus M. Grabka

Publisher:
Stanford University Press
DOI:10.11126/stanford/9780804778244.003.0014

Pension entitlements—whether statutory, occupational, or private—represent a considerable source of wealth. But despite the importance of this wealth component in obtaining unbiased wealth estimates, it has not been adequately investigated in research on wealth distributions. This chapter aims to show the relevance and magnitude of public pension wealth when considered in an augmented wealth measure. For a standard measure of net worth, the chapter uses of representative micro-data from the German Socio-Economic Panel Study (SOEP). Information about public pension entitlements is mainly derived from register data from the German Social Security Administration. The two data sources are combined by statistical matching. The results for the extended wealth measure indicate a very strong impact of pension entitlements on wealth levels and wealth aggregates, on the portfolio structure, as well as on wealth inequality, all of which reflect the dominant role of the public pension system in Germany.

Keywords:   public pension entitlements, wealth inequality, decomposition, statistical matching, SOEP, Luxembourg Wealth Study

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