Income inequality among individuals is measured here by five indicators. Unlike other advanced economies, Spain has not witnessed a sustained rise in inequality in earnings, income or wealth over recent decades. He proposes that distributing these funds more evenly to foster the growth of secondary cities could contribute to the nation's overall GDP and promote more balanced and inclusive . Analyzing different dimensions of inequality is important to understand the functioning of various insurance mechanisms available to individuals and households linking the abovementioned concepts as suggested in Blundell (2011). The level of inequality in Spain is more moderate when total gross household income is analysed, decreasing during the crisis as a result of pensions developing more favourably than other sources of income, in conjunction with young people delaying setting up home. This is the case mainly because the EFF sample is representative of all the population (including persons who are employed, unemployed and inactive at the time of the survey), whereas the EES data refer only to persons who have been working throughout the month of October of the year of reference. % of gross national income 2022 Spain (red), DAC Countries (black) Private flows Indicator: 4 004.9 Total Million US dollars 2021 Spain Million US dollars: Total Million US dollars But the pattern of increasing inequality was not general. Strong job destruction during the crisis caused a rise in inequality, but this was smaller in the lower part of the distribution largely thanks to public subsidies, benefits and especially pensions. Specifically, the correlation between the educational attainment level of the head of household and his/her partner verges on 70% in Spain (see panel 1 of Fig. Meanwhile, the ownership of financial assets by the highest income group drove up inequality between 2008 and 2014, given that returns on financial assets outperformed those on real-estate assets. Wealth inequality exceeds income inequality and increased over the course of the crisis, although Spains wealth inequality is moderate by international standards. J Polit Econ 120(3):446512, Kaplan G, Violante G (2010) How much consumption insurance beyond self-insurance? The availability of this database for years 2004 and 2010 is particularly relevant to analyse the impact of the economic crisis, the empirical evidence shows significant increases in both income. Second, the estimated wages reported in the graph are calculated as the exponential of the sum of the coefficient of each of the corresponding dummy variables and the constant term. This analysis confirms significant negative wage differentials for women, young people, new hires and workers with lower levels of educational attainment.Footnote 5 However, the evidence available suggests that hourly wage differentials between groups are not particularly high compared with other countries (Simn 2010). In this regard, we confirm that the bias towards homeownership is a factor leading to lower wealth inequality as in Kaas et al. Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. New: WID.world now displays new estimates on carbon inequality for all countries. For more information on the network of researchers, click here. Moreover, wealthiest households were better able to maintain their level of consumption in the face of falling income up to a certain age. Those households that spend a larger percentage of their income on the subsidised good will benefit most from the introduction of a subsidy that does not take factors such as the income level into account. Parliament will have four weeks to back the measure which tops up incomes to a guaranteed level of between 461 and 1015 depending on individual households' circumstances or see it fall, which. Yearly Income networth, including bonuses, in Ownership of assets is widespread, even among low-income brackets. Sources: Eurostat (European Union Statistics on Income and Living ConditionsEU-SILC) and European Central Bank (European Household Finance and Consumption SurveyHFCS). Accordingly, direct personal taxation reduces inequality in terms of gross income per capita by slightly less in Spain than on average in the OECD countries. World Economics has inverted the source index data so that 0 represents very high inequality levels and 100 represents perfect equality. As in Blundell (2011) we show that public transfers were important to cushion the income negative shock. Brazil France India South Africa USA. 0039, Taxation Studies, Directorate General Taxation and Customs Union, European Commission-ed, Izquierdo M, Lacuesta A (2012) The contribution of changes in employment composition and relative returns to the evolution of wage inequality: the case of Spain. Finally, wealth inequality grew significantly during the crisis. The average number of hours corresponds to October, which is the EES reference month. 1. For more information and methodology, please see pip.worldbank.org. Sources: See notes. This simulation is conducted under the assumption that individuals would not change their behavior in the labour market. (2008), Carroll (2009), and Kaplan and Violante (2010); for Italy, Jappelli and Pistaferri (2010); and for Spain, Casado (2011)]. Indeed, the concentration at the low end of the household income distribution of households with older members that are chiefly supported by pensions may be explained by these household formation behaviour. The motivation of this latter paper was the notable increase in income and consumption inequality in the United States and the United Kingdom during the last 40years. Consequently, inequality indicators remained unchanged in the case of hourly earnings, while they grew considerably, particularly in the lower part of the distribution, in the case of total earnings (see Fig. This is partly due to young people tending to live with their parents for longer, and the fact that pensioners, who usually live in households with fewer members, are overrepresented at the bottom end of the income distribution. This is because, according to the EFF, 61% of households in the first income decile own their own homes, so their incomes, which are low without the imputed income, increase considerably when it is added.Footnote 11 By contrast, in the higher deciles, there is a proportionally lower increase in income when the imputed income is added, showing that the distribution of imputed income from home ownership is considerably more uniform than the distribution of all other income overall. On the other hand, pensions, that are countercyclical, were important to maintain the income at the low end of the total income distribution. However, when imputed income from home ownership is considered, the inequality between Spanish households becomes slightly narrower, in terms of total and per capita income. 14). volume9,pages 351387 (2018)Cite this article. In its latest report on the Spanish economy, the European Commission discussed inequality, noting that the 20% with highest incomes make 6.6 times more than the 20% with lowest incomes. For evidence of the influence of the social reference group on consumption decisions in Spain, see Casado (2018). The values reported in the graph are calculated in the following way: first, we estimate a Mincer regression of the logarithm of real hourly wages on dummy variables for gender, age, education, length of service, firm size, working hours and contract type, for the sample of all wage-earners. 1431, Banco de Espaa, Dolado J, Garca-Pealosa C, Tarasonis L (2017) The Changing nature of gender selection into employment: Europe over the Great Recession, IZA Discussion Papers 10729, Institute for the Study of Labor (IZA), Fagereng A, Guiso L, Malacrino D, Pistaferri L (2016) Heterogeneity in returns to wealth, and the measurement of wealth inequality. A Eurozone country with high relative prices will have a lower PPP Euro average income values. For instance, workers wage income is a function of their hourly wage and of the number of hours they work over a specific period. In particular, household members in the workforce may choose to migrate abroad or households including women of childbearing age may change their plans to have children. 2016). It should also be noted that default monetary values for Eurozone countries are displayed in PPP Euros and are thus different from Market exchange rate Euros. First, there is a higher incidence of part-time work among the groups of workers with the lowest hourly wages. 1504, Banco de Espaa, OECD (2017) Pensions at a glance, 2017: OECD and G20 indicators. The bulk of households income at the lower end of the per capita households per capita income distribution comes from unemployment benefits and employment income (see Panel 1 of Fig. The authors declare that they have no conflict of interest regarding this research. In such cases we review all existing series and attempt to combine them in the most sensible manner. Science performance (PISA), Mean score, 2018, Air and GHG emissions, Carbon dioxide (CO2), latest available year, Gross domestic product (GDP), US dollars/capita, 2022 Similarly, the percentage of net wealth of the wealthiest 5% of the population increased by 8pp over the period 20082014, while the percentage of net wealth of the wealthiest 1% of the population increased by 5pp. Accordingly, total household income inequality must be considered as well as per capitaFootnote 6 income inequality. Specifically, whereas in 2008 78% of households in the first two income deciles were homeowners, this percentage had dropped to 67% by 2014, in contrast with the decline in this percentage in the ninth decile, which was just 3pp. Of course, certain public services, such as health and education, have a significant redistributive effect in consumption. Should you have further questions on the data, do not hesitate to contact us. While the income support programs implemented by the Spanish government (e.g. Regarding other sources of households income, self-employment income and capital income play a smaller role in explaining differences in inequality levels. This section analyses inequality in Spain in terms of hourly wages, wage income, household income, consumption and wealth.Footnote 4 In particular, it examines in depth the economic decisions and economic policy instruments that generally imply that inequality is lower when compared in terms of income and consumption and higher when the focus is on wealth. Therefore, the impact of precarious employment is better reflected in the ECV. Thus, the P90/P10 ratio stood at 3.4 during the 20142016 period, only 0.1pp above the value in 2008. As well as being influenced by individuals expected income and the uncertainty surrounding that income, the purchase of these goods is also affected by wealth, which also determines potential access to external financing, as well as the point in the life cycle of the members of the household, and their access to public or subsidised goods (see Attanasio and Pistaferri 2016). The values are obtained from a regression of the wifes education level on that of her partner, dummy variables for the year and interaction terms between the partner s education level and dummy variables for the year, with the coefficients estimated from the interaction terms. Finally, despite the fact that inequality in per capita income did not change much during the recovery, it is noteworthy that inequality in total household income was lower in 2017 (and 2014) than in 2008, especially at the lower end of the distribution. This fact, coupled with the increase in unemployment affecting mostly youth, low tenured and low skilled, disproportionately increased inequality in income per capita. As happened during the crisis, both per capita and household consumption inequality followed changes in income, although somewhat less intensely. The smaller inequality in consumption that is observed partly reflects higher mobility of income at the tails of the distribution, despite the strong persistence of differences in the income distribution. In general, all these measures are related. Net household income fell by somewhat more than gross income among higher-income families between 2008 and 2014, given the fact that personal income tax was made more progressive during this period. In the case of education, for instance, this is particularly true for preschool and primary education, as well as for compulsory secondary education, while the effects are less clear in the case of higher education.Footnote 18. The wealthiest households are better able to maintain their level of consumption in the face of falling income, given that they may have assets or easier access to borrowing. Thus, 10% of the population with the most wealth accumulated 44% of total net household wealth in 2008, a percentage that rose to almost 53% in 2014. In particular, if imputed income from home ownership is added to total household income, inequality measured by the P90/P10 ratio falls from 6.3 to 5.9 in per capita income and from 7.0 to 6.7 in total income in 2014. The EFF does not include information on implicit income from home ownership. This is according to the European Household Finance and Consumption Survey (HFCS) and the European Survey on Income and Living Conditions (EU-SILC). This happens at all levels of the income distribution, irrespective of whether income is measured in total or per capita terms and of the point in the economic cycle. Pre-crisis, this figure stood at 50% and included a higher proportion of pensions and other public transfers, owing to the better relative position of wage income and the lower unemployment rate (in any event, unemployment benefits accounted for approximately 10% of total income in this decile). Source: National Statistics Institute (EPA). a. The government also increased the proportionality of direct taxes but the effect of this measure on inequality appears to be very low. This inequality indicator (the P90/P10 ratio) was close to the median of the EU countries: below countries such as Portugal, Ireland, Germany or the United Kingdom, but above France, Belgium and the Nordic countries (see panel 1 of Fig. Am Econ J Macroecon 2(4):5387, Kindermann F, Kohls S (2016) Rental markets and wealth inequality in the Euro area. One advantage of using the EFF and the EES is that for both of them there exists a comparable European dataset. The omitted categories in the estimations are: man, age 3044, primary education or less, tenure less than 1year, firm size 1049, part-time contract and temporary contract. Am Econ Rev Pap Proc 106(5):651655, Gabaix X, Lasry J-M, Lions P-L, Moll B (2016) The dynamics of inequality. The main finding is that young, less educated, and low skilled workers, as well as women are the most affected by the COVID-19 shock in terms of . Focus 28(1):2330, Blundell R, Pistaferri L, Preston I (2008) Consumption inequality and partial insurance. We construct individual measures of income risk as functions of past employment history, income, and demographics. Econometrica 85(3):693734, Attanasio O, Pistaferri L (2016) Consumption inequality. Instead, our motivation is the relatively high level of income per capita inequality in Spain compared to other countries and the notable increase of income and wealth inequality in Spain during the last recession. As a consequence of the crisis, and mainly as a result of many young people losing their jobs, the lower part of the per capita income distribution included a larger share of unemployed people who lost their wage income and started receiving unemployment benefits. In: CES/IFO conference on macroeconomics and survey data, Martnez Toledano C (2017) Housing bubbles, offshore assets and wealth inequality in Spain, mimeo, Matea MLL (2015) La demanda potencial de vivienda principal. The proportion of net wealth corresponding to the wealthiest 1%, 5% and 10% increased during the period. The recent economic crisis caused a marked rise in wealth and income inequality indicators in many OECD countries, including Spain. SERIEs 9, 351387 (2018). Thus, outflows of foreign nationals rose from 250,000 in 2008 to its maximum of 450,000 in 2013, such that the percentage of foreigners in the population declined from 11.1% in January 2008 to 9.5% in January 2017. 1707, Banco de Espaa, Carrasco R, Jimeno JF, Ortega C (2015) Returns to skills and the distribution of wages: Spain 19952010. In this paper we use administrative data from the social security to study income dynamics and income risk inequality in Spain between 2005 and 2018. In effect, as Table5 shows, the change in average household consumption in response to changes in income is smaller in wealthier families whose head of household is aged under 55. By contrast, there was a very significant rise in unemployment and a reduction in the number of hours actually worked. As regards gross household per capita income, inequality measured by the P90/P10 ratio declined during the 20142016 period from 6.3 to 6.1, recovering in this case a small share of the increase built up over the course of the crisis, although it must be noted that in this case earnings refer to 2015. The total sum of all these forms of income is not available for consumption, as a portion must be deducted for payment of taxes, giving net disposable income. This is related to significant hourly wage differences in Spain by gender, age, level of educational attainment and tenure. The increase in wealth inequality was due to various factors. (2018): The Spanish Personal Income Tax: Facts and Parametric Estimates, mimeo. Reference year 2017. The paper is organized as follows. Pedro Salas-Rojo & Juan Gabriel Rodrguez, Filip Novokmet, Thomas Piketty & Gabriel Zucman, Andrew E. Clark, Conchita DAmbrosio & Anthony Lepinteur, SERIEs Hourly earnings and full time workers monthly earnings were relatively stable during the crisis across the whole distribution. However, the redistributive effects of indirect taxation in Spain (essentially value added tax and excise duties) are low because progressivity is limited (see Bover et al. 2016; Fagereng et al. Spain The source for global inequality data. Understanding the causes and consequences of inequality, however, requires an analysis of the various relevant dimensions of this concept (wages, household income, consumption and wealth). These dynamics cause significant revenue movements at the tails of the distribution,Footnote 17 which is consistent with the evidence that income inequality exceeds consumption inequality. For example, the marginal rate on the general tax base increased between 4 and 7pp for taxpayers earning more than 53,407.2, while it rose by up to 3pp for taxpayers on lower incomes. 2017). If we consider a simulation where couples were formed under a random mating assignment, inequality in household income would be substantially lower than inequality in individual income. The inequality observed in this variable is analysed below, distinguishing between inequality stemming from differences in hourly wages and that stemming from differences in the number of hours worked. As can be seen in Fig. J Monet Econ 35(3):650666, Pijoan J, Snchez-Marcos V (2010) Spain is different: falling trends of inequality. Euro 12 As T able 3 sho ws, net income inequality is lower than gross income inequality, measured by the Gini index or the income ratio p90/p10. To this end, it first introduces the various dimensions of wage, income, consumption and wealth inequality, and studies how they have developed. In May, the government announced a Minimum Vital Income scheme (IMV), as a form of financial support to people living in "very high" or "extreme" poverty on less than 4,350 (US$5,105) per year.. If you wish to support us, please clickon the DONATE button at the bottom of the funding page. Annual gross earnings percentiles, deflated by the CPI. Household income (2014). In addition, the fact that the unemployment rate remained high, even in the most expansionary periods, meant that inequality in gross income per capita before the crisis was also high in Spain by international standards (panel 1 of Fig. Specifically, the proportion of part-time work is 37% among women, 39% among young people, 32% among workers with lower levels of educational attainment and 41% among new labour market entrants. There is empirical evidence using various methodological approaches and applying criteria to impute to households the value of public services provided by general government that shows that these services have a significant redistributive effect (see Goerlich 2016). In particular, individual income inequality is much higher in the EFF than in the EES for the same year, especially during the crisis. This permits certain economies of scale in household expenditure. That is, such unusual shocks are associated with lower persistence than other shocks and hence have a higher propensity to wipe out the history of past shocks. The Spanish tax systems progressivity stems, in particular, from the existence of a non-taxable allowance and rising marginal tax rates in the personal income tax scale. Data are based on primary household survey data obtained from government statistical agencies and World Bank country departments. The analysis in this paper highlights the narrow wage dispersion in Spain while the high unemployment rate leads to a high level of inequality in terms of gross per capita income. In this case it must be considered that not all assets provide income, so that differences in wealth do not necessarily translate into differences in income. To analyse the role that direct taxation plays in reducing inequality, the personal income tax paid by each household has been estimated by deducting tax liabilities from gross income to give after-tax income.Footnote 12 As Table3 shows, net income inequality is lower than gross income inequality, measured by the Gini index or the income ratio p90/p10. However, as of 2008 this downward trend was reversed, with a return to values similar to those of 2005. Household income adjusted using OECD equivalence scale. The inequality in total consumption dropped slightly in the lower part of the consumption distribution, while remaining virtually unchanged above the median. Get in touch with us. We use several datasets. The Gini index for net wealth rose by almost a tenth of a percent over the period from 2008 to 2014, after a period in which it had remained stable (see Fig. Similar regressions have been made with annual Spanish Labour Force Survey (EPA) wage data, converted to monthly, for full-time employees, obtaining similar differentials. b. In 2021, the average net personal wealth among the most affluent one percent of Spanish population was 4.27 million euros. Yuan. On each graph, users can click on the ? icon and will find the definition of the concepts at stake. In particular, when wage income, household income and wealth are studied over the period from the mid-1980s to 2008 a decrease in inequality is even apparent.Footnote 1 However, the evolution in earnings and income inequality in Spain is highly countercyclical. Our results show that the higher inequality observed in Spain is largely associated with lower employment rates, higher incidence of self-employment, lower attained education, as well as the. Statista assumes no In: A retrospective evaluation of elements of the EU VAT system, no. There are various ways in which household formation and composition can change to increase income, reduce expenditure or benefit from economies of scale. 6 concludes. Income dynamics explain, to some extent, the greater accumulation of wealth by high-income households. Labour Econ 39:3554, Barcel C, Villanueva E (2018) The risk of job loss, household formation and housing demand: evidence from differences in severance payments. However, it does not appear to be effective since the high assortative mating results in characteristics of both partners in a couple to be similar, reducing the effectiveness of that search for new jobs [as in Dolado et al. J Popul Econ 25:511543, Izquierdo M, Jimeno JF, Lacuesta A (2016) Spain: from massive immigration to vast emigration? First, we release detailed series for national wealth accounts, which usually cannot be found on other portals. In particular, the paper presents some evidence that low income households decreased their fertility rates [as in Adsera (2011) and Barcel and Villanueva (2018)] and that children in unemployment delayed their emancipation from their parental household as in Kaplan (2012). Introduction In Sect. The latest available year of the Spanish Survey of Household Finances (EFF) and the Structure of Earnings Survey (EES) is 2014. Likewise, the P50/P10 ratio for net income per capita remained at 2.6 over the period 20142017. 5). The way in which a households consumption changes in response to fluctuations in income also depends on its level of wealth and, to a lesser extent, the age of its members. See in particular the World National Accounts Series Methodology (here) and the Distributional National Accounts Guidelines(there). The Gini Index is a measure of how equal a country's distribution of income is. S80/S20 is the ratio of the . . The Spanish personal income tax: facts and parametric estimates, mimeo, Goerlich FJ (2016) Distribucin de la renta, crisis econmica y polticas redistributivas. A marked drop in the birth rate has been observed since 2008, starting to recover slightly only in 2014. When part-time employees are included, the reduction in inequality during the early years of the recovery was more significant, since the P90/P10 ratio decreased from 5.1 in 2014 to 4.7 in 2016. Dollar less than the rise in individual earnings inequality. Source: Eurostat (European Structure of Earnings Survey - SES). International comparison of inequality indicators. 4 shows that, in 2014, more than 50% of incomes in the first decile came from pensions and other, mainly non-employment, transfers. income to give after-tax income. (2017), we find that this fact partly reflects the high mobility of income at the two tails of the distribution. Inequality in per capita consumption rose during the crisis, particularly as a result of the drop in spending on durable goods. Only few institutions provide inequality estimates and those who do so (e.g. (2017) and Kindermann and Kohls (2016). In particular, the change in trend was more pronounced among unemployed young people and those without university qualifications. 2012). 7). 1), where there is a higher incidence of short-term and short-hour contracts among the groups with the lowest hourly wages. However, most of the people who joined the labour force were unable to find work. These groups were generally in the lower part of the wage distribution. liability for the information given being complete or correct. Recent research has explored the distributive consequences of major historical epidemics, and the current crisis triggered by Covid-19 prompts us to look at the past for insights about how. Explorations in Economic History Volume 47, Issue 2, April 2010, Pages 244-257 The upswing of regional income inequality in Spain (1860-1930) Joan RamnRossa JulioMartnez-Galarragab Daniel A.Tiradob https://doi.org/10.1016/j.eeh.2010.01.002 Get rights and content 1. Number of Minimum Vital Income recipients in Spain in 2022, by autonomous community (in 1,000s) . World Bank, Poverty and Inequality Platform. Economics has inverted the source index data so that 0 represents very high inequality levels in total consumption slightly... Further questions on the at 2.6 over the course of the people who joined labour. 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