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OECD Guidelines for Micro Statistics on Household Wealth

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OECD Guidelines for Micro Statistics on Household Wealth OECD Guidelines for Micro Statistics on Household Wealth This publication presents an internationally agreed set of guidelines for producing micro statistics on household wealth, It addresses the common conceptual, defi nitional and practical problems that countries face in producing such statistics, and are meant to improve the comparability of the currently available country data. The Guidelines, prepared by an international expert group working under the auspices of the OECD, propose a set of standard concepts, defi nitions and classifi cations for micro wealth statistics, and cover different phases in the statistical production process, including sources and methods for measuring particular forms of wealth, best practice in using household surveys or other sources to compile wealth statistics, the development of analytic measures, the dissemination of data, and data quality assurance. These Guidelines have been produced as part of the OECD Better Life Initiative, a pioneering project launched in 2011, with the objective to measure society’s progress across eleven domains of well-being, ranging from jobs, health and housing, through to civic engagement and the environment. OECD Guidelines OECD Guidelines for Micro Statistics on Household Wealth Statistics on Household Wealth OECD Guidelines for Micro for Micro Statistics on Household Wealth Consult this publication on line at http://dx.doi.org/10.1787/9789264194878-en. This work is published on the OECD iLibrary, which gathers all OECD books, periodicals and statistical databases. Visit www.oecd-ilibrary.org for more information. ISBN 978-92-64-19486-1 30 2013 05 1 P -:HSTCQE=V^Y][V: 302013051Cov.indd 1 21-Mar-2013 10:14:47 AM OECD Guidelines for Micro Statistics on Household Wealth This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Organisation or of the governments of its member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Please cite this publication as: OECD (2013), OECD Guidelines for Micro Statistics on Household Wealth, OECD Publishing. http://dx.doi.org/10.1787/9789264194878-en ISBN 978-92-64-19486-1 (print) ISBN 978-92-64-19487-8 (PDF) Revised version, July 2013. Details of revisions available at: www.oecd.org/about/publishing/Corrigendum_OECD_Guidelines_for_Micro_Statistics_ on_Household_Wealth.pdf. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law. Note by Turkey: The information in this document with reference to “Cyprus” relates to the southern part of the Island. There is no single authority representing both Turkish and Greek Cypriot people on the Island. Turkey recognises the Turkish Republic of Northern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Turkey shall preserve its position concerning the “Cyprus issue”. Note by all the European Union member states of the OECD and the European Commission: The Republic of Cyprus is recognised by all members of the United Nations with the exception of Turkey. The information in this document relates to the area under the effective control of the Government of the Republic of Cyprus. Corrigenda to OECD publications may be found on line at: www.oecd.org/publishing/corrigenda. © OECD 2013 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgment of the source and copyright owner is given. All requests for public or commercial use and translation rights should be submitted to [email protected]. Requests for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at [email protected] or the Centre français d'exploitation du droit de copie (CFC) at [email protected]. TABLE OF CONTENTS Table of contents Foreword................................................................... 7 Preface .................................................................... 9 Acknowledgments .......................................................... 11 Executive summary ......................................................... 13 Chapter 1. Introduction ..................................................... 17 1.1. Purpose of the standards and guidelines ............................... 18 1.2. Development of the Guidelines ....................................... 19 1.3. Relationship with existing international standards ...................... 21 1.4. Structure of the report ............................................... 21 Chapter 2. Overview of household wealth statistics ............................ 25 2.1. Need for information on household wealth ............................. 26 2.2. Objectives and uses of micro statistics on household wealth .............. 30 2.3. Integration of micro statistics on household wealth with other statistics . 33 2.4. International data collection and measurement initiatives................ 36 2.5. Summary .......................................................... 38 Chapter 3. Standard concepts, definitions and classifications for household wealth statistics .................................................. 41 3.1. Description of the conceptual framework for micro statistics on household wealth ................................................ 42 3.2. Conceptual relationship between micro statistics on household wealth, income and consumption ............................................ 44 3.3. Basic concepts and definitions for household wealth statistics ............ 46 3.4. Wealth and net worth................................................ 54 3.5. Assets and liabilities................................................. 55 3.6. General principles of recording........................................ 58 3.7. Standard components of household wealth............................. 66 3.8. Asset and liability groups ............................................ 75 3.9. Household groups ................................................... 78 3.10. Other variables related to wealth/net worth............................. 88 3.11. Consistency with other international statistical standards ................ 92 Chapter 4. Data sources and methods for producing household wealth statistics.... 97 4.1. Different types of sources and methods ................................ 98 4.2. Strengths and weaknesses of different approaches ...................... 98 4.3. Combination of different sources: Purposes and methods................. 100 4.4. Summary .......................................................... 102 OECD GUIDELINES FOR MICRO STATISTICS ON HOUSEHOLD WEALTH © OECD 2013 3 TABLE OF CONTENTS Chapter 5. Measurement guidelines for standard components of household wealth . 103 5.1. Measurement units.................................................. 104 5.2. Reference points and reference periods ................................ 104 5.3. Valuation basis ..................................................... 105 5.4. Non-financial assets................................................. 106 5.5. Financial assets ..................................................... 113 5.6. Liabilities .......................................................... 125 5.7. Summary .......................................................... 128 Notes.................................................................. 129 Chapter 6. Measuring household wealth through surveys....................... 131 6.1. General measurement issues ......................................... 132 6.2. Measurement issues specific to wealth surveys ......................... 137 6.3. Survey development and data collection ............................... 138 6.4. Summary .......................................................... 158 Notes.................................................................. 159 Chapter 7. Analytic measures................................................ 161 7.1. Life-cycle perspective and analysis by population subgroups .............. 162 7.2. Unit of analysis ..................................................... 163 7.3. Specific analytic measures and their use ............................... 163 7.4. Inequality indices ................................................... 170 7.5. Adjusting for price differences ........................................ 174 7.6. International statistical comparisons .................................. 177 7.7. Summary .......................................................... 178 Notes.................................................................. 179 Chapter 8. Dissemination ................................................... 181 8.1. Types of dissemination............................................... 182 8.2. Analysis ........................................................... 182 8.3. Specific issues concerning the dissemination of wealth data .............. 185 8.4. Summary .........................................................
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