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Inheritance and equal opportunity – it is the family that matters
Inheritance fundamentally violates the meritocratic justice principle of society. Despite the high level of wealth concentration and the fact that few people would be affected, political support for an inheritance tax is rather low. The topic of inheritance is not only about wealth but about values. We combine both by using questions in the Austrian Household Finance and Consumption Survey tailored to examine family values. The main aim of the paper is to bring sociological concepts and perceptions into the economic analysis of the role of inheritance in wealth distribution. We find several inconsistencies in people's perceptions concerning the relation of inheritance to issues of social justice. We argue that family values are decisive for negative perceptions of inheritance taxation. Our empirical evidence suggests that in order to understand the resistance to inheritance taxation in society better, family values have to be taken into account. The main aim of the paper is to deliver empirical evidence for bringing an interdisciplinary approach, including sociological concepts, into economic analysis when analysing the relationship between inheritance, wealth and taxation.
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Inheritance and equal opportunity – it is the family that matters
Inheritance fundamentally violates the meritocratic justice principle of society. Despite the high level of wealth concentration and the fact that few people would be affected, political support for an inheritance tax is rather low. The topic of inheritance is not only about wealth but about values. We combine both by using questions in the Austrian Household Finance and Consumption Survey tailored to examine family values. The main aim of the paper is to bring sociological concepts and perceptions into the economic analysis of the role of inheritance in wealth distribution. We find several inconsistencies in people's perceptions concerning the relation of inheritance to issues of social justice. We argue that family values are decisive for negative perceptions of inheritance taxation. Our empirical evidence suggests that in order to understand the resistance to inheritance taxation in society better, family values have to be taken into account.
BASE
The educational and labor market returns to preschool attendance in Austria
Preschool attendance is widely recognized as a key ingredient for later socioeconomic success, mothers' labor market participation, and leveling the playing field for children from disadvantaged backgrounds. However, the empirical evidence for these claims is still relatively scarce, particularly in Europe. Using data from the 2011 Austrian European Union Statistics of Income and Living Conditions (EU-SILC), we contribute to this literature by studying the effects of having attended preschool for the adult Austrian population. We find strong and positive effects of preschool attendance on later educational attainment, the probability of working full time, hourly wages, and the probability that the mother is in the labor market. Full time workers at the bottom and the top of the distribution benefit less than those in the middle. Women in particular benefit more in terms of years of schooling and the probability of working full time. Other disadvantaged groups (second generation migrants; people with less educated parents) also often benefit more in terms of education and work.
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Private Wealth Across European Countries: The Role of Income, Inheritance and the Welfare State
In: Journal of human development and capabilities: a multi-disciplinary journal for people-centered development, Band 19, Heft 4, S. 521-549
ISSN: 1945-2837
Private Wealth Across European Countries: The Role of Income, Inheritance and the Welfare State
In: ECB Working Paper No. 1847
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Reich bleiben in Österreich
In: Wirtschaft und Gesellschaft, Band 39, Heft 3, S. 343-360
"Die Vererbung von Vermögen ist entscheidend für die Reproduktion sozialer Ungleichheit. Auf Basis von Daten des 'Household Finance and Consumption Survey' beschäftigt sich dieser Artikel mit dem Erbgeschehen in Österreich. Wahrnehmungen zum Erben, Häufigkeit und Umfang des Erbens sowie seine dynastische Bedeutung werden behandelt. Generell wird in der Bevölkerung demnach eine aus dem Erben resultierende gesellschaftlich bevorzugte Stellung abgelehnt. Innerhalb der Gruppe der Erben wird die Besserstellung aber tendenziell eher für gerechtfertigt gehalten. Je vermögender Haushalte sind, desto häufiger haben sie auch schon etwas geerbt. Bei den Erben liegt der Mittelwert des Nettovermögens bei rund 460.000 € und ist damit fast dreimal so hoch wie jener der Nicht-Erben (rund 160.000 f). Die 35% Erbenhaushalte verfügen über mehr als 62% des gesamten Nettovermögens. Die Erben sind jene, die viel weitervererben und so die Vermögenskonzentration vorantreiben." (Autorenreferat)
Risky Assets in Europe and the US: Risk Vulnerability, Risk Aversion and Economic Environment
In: ECB Working Paper No. 2270 (2019); ISBN 978-92-899-3532-6
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Working paper
Net Wealth across the Euro Area - Why Household Structure Matters and How to Control for It
In: ECB Working Paper No. 1663
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Working paper
The Impact of Housing Non-Cash Income on the Unconditional Distribution of Household Income in Austria
In: ECB Working Paper No. 1718
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Working paper
Households' Financial Resilience, Risk Perceptions, and Financial Literacy – Evidence From a Survey Experiment
In: ZEW - Centre for European Economic Research Discussion Paper No. 23-074
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Environmental-Social-Governance Preferences and Investments in Crypto-Assets
In: FRL-D-22-01246
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Förderung der sozialen Mobilität in Österreich / Vermögen der privaten Haushalte in Österreich: Gemeinsamkeiten und Unterschiede
Österreich liegt im Hinblick auf soziale Mobilität hinter vielen anderen Ländern der OECD zurück. Die Ungleichheit bei den Vermögen der privaten Haushalte stellt dabei eines von vielen Hindernissen für soziale Mobilität dar. Die OECD (Organisation für wirtschaftliche Zusammenarbeit und Entwicklung) und die Oesterreichische Nationalbank (OeNB) führten daher im Auftrag des Sozialministeriums zwei Studien durch, die sich der Förderung von Chancengleichheit in Österreich widmen. Die Experten der OECD analysieren in der ersten Studie, warum sozialer Aufstieg in Österreich vergleichsweise schwierig ist. Abgeleitet von diesen Erkenntnissen werden für vier Politikbereiche Handlungsempfehlungen formuliert, die zu mehr Chancengleichheit führen sollen. Die zweite Studie der OeNB liefert eine Bestandsanalyse zur Verteilung von Vermögen und der Bedeutung von Erbschaften. Die Ergebnisse werden auf der Haushaltsebene um sozioökonomische Merkmale und politische Einstellungen ergänzt und ermöglichen somit eine inhaltliche Verknüpfung zwischen Vermögensaufbau und sozialer Mobilität.
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Confidence, Financial Literacy and Investment in Risky Assets: Evidence from the Survey of Consumer Finances
In: FEDS Working Paper No. 2020-004 https://doi.org/10.17016/FEDS.2020.004
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Working paper
How Do Households Allocate Their Assets? Stylised Facts from the Eurosystem Household Finance and Consumption Survey
In: ECB Working Paper No. 1722
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