自由市场资本主义下的财富收入比：瑞士，1900—2020年

中文摘要

我们发现，在整个20世纪，瑞士私人财富与国民收入之比βpt并未呈现U形走势，这与大多数欧洲国家的演变形成对比。相反，该比率异常稳定，始终维持在500%左右。我们认为，βpt持续处于高位，是地缘政治因素与瑞士亲资本政策共同作用的结果。然而，自本世纪初以来，βpt迅速上升，至2020年达到793%。这一异常快速的增长主要由大规模资本利得推动，尤其是住房财富方面的资本利得。

Abstract

Abstract We show that over the 20th century, the ratio of private wealth to national income, βpt, in Switzerland did not follow a U-shaped pattern, thereby contrasting the evolution in most European countries. Instead, the ratio was exceptionally stable at around 500%. We argue that this consistently high βptwas the result of geopolitical factors combined with Switzerland’s capital-friendly policymaking. Since the turn of the century, however, βpthas been on a rapid rise to reach 793% in 2020. This exceptionally fast increase is mainly driven by large capital gains, especially in housing wealth.