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Article
Publication date: 1 February 1996

Eoin Reeves and Eoin O’Sullivan

The distribution of personal wealth in the Republic of Ireland has not been estimated since the 1970s. While the publication of those estimates did lead to governmental…

Abstract

The distribution of personal wealth in the Republic of Ireland has not been estimated since the 1970s. While the publication of those estimates did lead to governmental attempts to redistribute wealth, the attempts were stifled by the opposition of powerful interest groups. Highlights the dearth of information on the distribution of wealth in Ireland since then and draws attention to the underlying social, political and economic reasons. Postulates that the reasons for this paucity of information are: the perceived irrelevance of the wealth distribution as an indicator of welfare; the problems normally associated with the available estimation techniques; consequent search costs; and inevitably strong opposition to the governmental attempts to redistribute should evidence of high inequality be produced. In the tradition of Tawney and Titmuss, argues that it is in the interest of a healthy society that the facts regarding such an issue be known.

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International Journal of Social Economics, vol. 23 no. 2
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 22 December 2020

Yinxing Hong

The socialist political economy with Chinese characteristics reflects the characteristics of ushering into a new era, and the research object thereof shifts to productive…

Abstract

Purpose

The socialist political economy with Chinese characteristics reflects the characteristics of ushering into a new era, and the research object thereof shifts to productive forces. Emancipating and developing productive forces and achieving common prosperity become the main theme. Wealth supersedes value as the fundamental category of economic analysis.

Design/methodology/approach

The theoretical system of socialist political economy with Chinese characteristics cannot proceed from transcendental theories but is problem-oriented. Leading problems involve development stages and research-level problems.

Findings

The economic operation analysis is subject to the goal of optimal allocation of resources with micro-level analysis focused on efficiency and macro-level analysis focused on economic growth and macroeconomic stability also known as economic security. The economic development analysis explores the laws of development and related development concepts in compliance with laws of productive forces. The new development concepts i.e. the innovative coordinated green open and shared development drive the innovation of development theory in political economy.

Originality/value

Accordingly, the political economy cannot study the system only, but also needs to study the problems of economic operation and economic development. Therefore, the theoretical system of the political economy tends to encompass three major parts, namely economic system, economic operation and economic development (including foreign economy). The basic economic system analysis needs to understand the relationship between public ownership and non-public ownership, between distribution according to work and factor payments, and between socialism and market economy from the perspective of coexistence theory, thus transforming institutional advantage into governance advantage.

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China Political Economy, vol. 3 no. 2
Type: Research Article
ISSN: 2516-1652

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Article
Publication date: 23 November 2020

Christian Kwaku Osei, Edward Nketiah-Amponsah and Monica Puoma Lambon-Quayefio

In 2016, the World Health Organization (WHO) revised upwards the recommended contacts for antenatal care (ANC) by expectant mothers with a health provider from a minimum…

Abstract

Purpose

In 2016, the World Health Organization (WHO) revised upwards the recommended contacts for antenatal care (ANC) by expectant mothers with a health provider from a minimum of four to eight over the pregnancy period. Although Ghana is yet to adopt the new recommendation, some women choose to adhere to the new protocol because of its enormous health benefits to the expecting mother and the unborn child. As part of ANC, family planning services are also provided to ensure child spacing and birth control. To reduce health costs, government introduced the free maternal health policy, Community-based Health Planning Services, Livelihood Empowerment Against Poverty and established the Northern Development Authority to increase access to healthcare and also create wealth. Given these interventions, the study hypothesizes that household wealth would not have a significant influence on antenatal visits and modern contraceptive use. Therefore, this paper aims to examine whether household wealth would play any significant role on the new minimum contacts proxied by antenatal visits and also on the use of modern contraceptives as a family planning counselling tool during ANC visits. The study further examines a possible heterogeneity effect of paternal characteristic on maternal health service utilization.

Design/methodology/approach

The study used data from the most recent Ghana Demographic and Health Survey (GDHS, 2014). Both bivariate and multivariate analyses were used to investigate the effects of household wealth on the number of antenatal visits and modern contraceptive use. The bivariate analysis employed the use of chi-square test whiles, the multivariate analysis involved estimations using logistic regressions.

Findings

The findings show that household wealth would play a critical role given the revised WHO minimum ANC contacts by expectant mothers. Household wealth exerts a positive and significant effect on ANC for all wealth quintiles for women who attended at least eight ANC visits, but was insignificant for the poorer and middle quintiles of those who attended four to seven visits. Wealth, however, had an insignificant relationship with modern contraceptive use. Generally, education, age, birth order, media exposure as well as geographical locations had a significant influence on both ANC visits and modern contraceptive use. The study further revealed a heterogeneous effect on ANC attendance. In particular, despite the relatively poor conditions, women in rural areas whose partners/husbands have attained a minimum of secondary education are about twice more likely to attend 4–7 antenatal visits compared to their counterparts whose husbands/partners are without education. Hence, a holistic health education, which includes husbands/partners in the rural areas as well as strengthening interventions that improve livelihoods, is crucial.

Originality/value

Health guidelines are constantly reviewed, and government policies must adapt accordingly. This paper looks at the significant role household wealth still plays on modern contraceptive use and ANC visits, given the revised WHO minimum ANC contacts and uniquely underscores the influence of paternal characteristics on the utilization of these maternal health services.

Details

International Journal of Social Economics, vol. 48 no. 1
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 16 November 2020

Sally Junsong Wang

The purpose of this paper is to provide an empirical comparative analysis on cross-border suspect wealth issues and international efforts to curb corruption-related…

Abstract

Purpose

The purpose of this paper is to provide an empirical comparative analysis on cross-border suspect wealth issues and international efforts to curb corruption-related suspect wealth. Through the lens of the United Nations Convention Against Corruption (UNCAC) and the Stolen Asset Recovery Initiative (StAR) Initiative, this paper illustrates the strength and limitations of current anti-corruption frames and as a result, sheds lights on the dilemmas of tackling suspect wealth on the ground.

Design/methodology/approach

This paper begins with an overview of the magnitude of suspect wealth; then it compares the focuses of the UNCAC and the StAR Initiative. The author draws upon lessons from previous suspect wealth settlement cases to illustrate the limitations of applying the international frameworks. Finally, this paper takes China as case study to highlight lessons for future anti-corruption efforts.

Findings

According to the StAR Initiative, $20–$40bn worth of public assets are stolen via corruption each year, amounting to 20% to 40% of development assistance annually. But the most recent data estimate that the total assets repatriated from OECD countries were $423m from 2006 to 2012, which was only a small fraction of estimated stolen assets. This highlights that tackling suspect wealth not only has moral value but also provides practical benefits for countries seeking development finance.

Research limitations/implications

The UNCAC has brought international cooperation and the importance of transparency to the forefront of tackling suspect wealth. It creates an international norm for recovering and repatriating stolen assets. But due to its loose implementation and enforcement, the UNCAC has left loopholes in anti-corruption policymaking, particularly in countries lacking the rule of law. By comparison, the StAR Initiative takes innovative approach such as using insolvency for asset recovery and country-based capacity building to strengthen originating countries’ ability to repatriate assets. Both the UNCAC and the StAR Initiative are well-intended, but authoritarian regimes and weak rule of law often create dilemma for international collaboration.

Practical implications

This paper provides recommendations on how to further tackle suspect wealth with existing international frameworks.

Social implications

Reducing suspect wealth contributes to society equity and restores public trust by recovering much needed public assets and development resources.

Originality/value

This paper illustrates the effect of UNCAC and the StAR Initiative through a comparative lens. It demonstrates how rising authoritarianism can create dilemmas for work against corruption and suspect wealth. Finally, it provides potential policy prescriptions for navigating such dilemmas via shared international efforts.

Details

Journal of Money Laundering Control, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1368-5201

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Book part
Publication date: 3 June 2008

Frank Heinemann

Measuring risk aversion is sensitive to assumptions about the wealth in subjects’ utility functions. Data from the same subjects in low- and high-stake lottery decisions…

Abstract

Measuring risk aversion is sensitive to assumptions about the wealth in subjects’ utility functions. Data from the same subjects in low- and high-stake lottery decisions allow estimating the wealth in a pre-specified one-parameter utility function simultaneously with risk aversion. This paper first shows how wealth estimates can be identified assuming constant relative risk aversion (CRRA). Using the data from a recent experiment by Holt and Laury (2002a), it is shown that most subjects’ behavior is consistent with CRRA at some wealth level. However, for realistic wealth levels most subjects’ behavior implies a decreasing relative risk aversion. An alternative explanation is that subjects do not fully integrate their wealth with income from the experiment. Within-subject data do not allow discriminating between the two hypotheses. Using between-subject data, maximum-likelihood estimates of a hybrid utility function indicate that aggregate behavior can be described by expected utility from income rather than expected utility from final wealth and partial relative risk aversion is increasing in the scale of payoffs.

Details

Risk Aversion in Experiments
Type: Book
ISBN: 978-1-84950-547-5

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Book part
Publication date: 19 November 2012

Manuel J. Rocha Armada and Ricardo M. Sousa

Purpose – The purpose of this chapter is to assess the role of the wealth-to-income ratio in forecasting housing risk premium.Methodology/approach – To investigate this…

Abstract

Purpose – The purpose of this chapter is to assess the role of the wealth-to-income ratio in forecasting housing risk premium.

Methodology/approach – To investigate this issue, the chapter uses the residuals of the trend relationship among asset wealth and labor income to predict future real housing returns. It shows that deviations of asset wealth from its cointegrating relationship with labor income, wy, track time-variation in expected housing returns.

Findings – Using data for a set of industrialized countries, this chapter finds that if agents are hit by a shock that generates a fall in the wealth-to-income ratio, they will demand (i) a higher housing risk premium when housing assets are complements of financial assets and (ii) a lower housing risk premium when housing assets are substitutes of financial assets.

Originality/value of chapter – The findings of this chapter are novel in the field of alternative finance and, in particular, durable (housing) finance. Indeed, they build on a representative agent's theoretical model to infer about the degree of substitution or complementarity between financial and housing assets, which, in turn, can be useful at developing investment strategies for hedging against the risk of unfavorable housing fluctuations. Additionally, they open a new research avenue for understanding the determinants of housing risk premium by linking the dynamics of asset wealth and labor income with the behavior of future housing returns.

Details

Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications
Type: Book
ISBN: 978-1-78190-399-5

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Book part
Publication date: 23 April 2012

Lisa A. Keister

Purpose – This chapter explores the relationship between religious affiliation and wealth ownership focusing on generational differences.Methodology – I use data from the…

Abstract

Purpose – This chapter explores the relationship between religious affiliation and wealth ownership focusing on generational differences.

Methodology – I use data from the National Longitudinal Survey of Youth and the Health and Retirement Study to create descriptive statistics and regression analyses of the association between religious affiliation in childhood and adulthood for people of two cohorts.

Findings – This chapter shows that there are important patterns by religious affiliation in total net worth, real assets, and asset allocation across generations. My findings are consistent with past work on religion and wealth ownership showing that Jews, mainline Protestants, and white Catholics tend to have higher total wealth than other groups. In addition, I find that black Protestants, Hispanic Catholics, and conservative Protestants tend to have relatively low wealth, consistent with research on religion, race/ethnicity, and wealth. My findings also show that these patterns are relatively robust across generations.

Research implications – The findings are relevant to research on inequality, wealth accumulation and saving, life course processes, and the effect of religion on stratification outcomes.

Originality/Value – This research shows how religious affiliation and wealth are related across generations.

Details

Religion, Work and Inequality
Type: Book
ISBN: 978-1-78052-347-7

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Book part
Publication date: 2 June 2017

Paul Fudulu

Abstract

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The Economic Decoding of Religious Dogmas
Type: Book
ISBN: 978-1-78714-536-8

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Book part
Publication date: 9 April 2008

Lennart Flood and Anders Klevmarken

It is not easy to get a long perspective on the distribution of wealth in Sweden because there is no single data source that gives a consistent view for a long period of…

Abstract

It is not easy to get a long perspective on the distribution of wealth in Sweden because there is no single data source that gives a consistent view for a long period of time. The early estimates of the distribution of wealth were based on the concept of tax-assessed wealth which is the basis of the wealth tax. This definition has the disadvantage of not including assets that were not taxed, and no or very unreliable data were given for the majority of the tax payers who were below the taxation threshold. Furthermore, this variable was defined for individuals and for jointly taxed individuals, but no economically meaningful household concept was available. Register data have since then improved, in particular after the late 1990s when data became available directly from banks, brokers, and insurance companies without the filtering of the tax payers. The problem with the household definition remains, but in SESIM we have made corrections to get a useful definition (see Chapter 3). A relatively large survey (HEK) run by Statistics Sweden which combines survey information about the household with register data on assets estimates the median household wealth to 156000 SEK in 1999 and 197000 SEK in 2003.2 The latter estimate is in the 1999 price level.3 These estimates apply to all households independent of age. As will be shown below, the level of wealth depends very much on age.

Details

Simulating an Ageing Population: A Microsimulation Approach Applied to Sweden
Type: Book
ISBN: 978-0-444-53253-4

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Book part
Publication date: 16 September 2019

Louis Chauvel, Anne Hartung, Eyal Bar-Haim and Philippe Van Kerm

The study of the upper tail of the income and wealth distributions is important to the understanding of economic inequality. By means of the ‘isograph’, a new tool to…

Abstract

The study of the upper tail of the income and wealth distributions is important to the understanding of economic inequality. By means of the ‘isograph’, a new tool to describe income or wealth distributions, the authors compare wealth and income and wealth-to-income ratios in 16 European countries and the United States using data for years 2013/2014 from the Eurozone Household Finance and Consumption Survey and the US Survey on Consumer Finance. Focussing on the top half of the distribution, the authors find that for households in the top income quintile, wealth-to-income ratios generally increase rapidly with income; the association between high wealth and high incomes is highest among the highest percentiles. There is generally a positive relationship between median wealth in the country and the wealth of the top 1%. However, the United States is an outlier where the median wealth is relatively low but the wealth of the top 1% is extremely high.

Details

What Drives Inequality?
Type: Book
ISBN: 978-1-78973-377-8

Keywords

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