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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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Income Inequality in Boom and Bust

Income Inequality in Boom and Bust

A Tale from Iceland's Bubble Economy

(p.416) Chapter Fifteen Income Inequality in Boom and Bust
Income Inequality

Stefán Ólafsson

Arnaldur Sölvi Kristjánsson

Stanford University Press

This chapter provides estimates of income inequality, income mobility, and wealth inequality for Japan. Income and consumption inequalities that are measured by the Gini coefficient, and estimated using data from the Keio Household Panel Survey (KHPS), suggest that there was little change in income inequality in Japan during the period 2004–2008. Compared to earlier estimates of short-run transition probabilities for the 1990s and 2000–2001, the probability of a household staying in the same income quintile group was much higher in 2004-2005 and 2007–2008. Finally, using data from the KHPS and the Japan Household Panel Survey (JHPS), Japan's asset holdings were compared to those in other high-income countries. The proportion of Japanese households reporting that they own some type of financial asset, about 80 percent, is similar to that reported in most countries included in the Luxembourg Wealth Study Database.

Keywords:   Gini coefficient, income inequality, capital gains, financial bubble, Luxembourg Income Study, Luxembourg Wealth Study

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