Rapid Dynamics of Top Wealth Shares and Self-Made Fortunes: What Is the Role of Family Firms?
中文摘要
我们推导出了财富分布顶端不平等的快速动态与新创财富普遍程度之间的解析联系。具体而言，在财富积累的随机增长模型框架下，仅当新财富的创造速度很快时，财富分布顶端的形态才会快速变化。在定量上，少数家族以家族企业形式承担大量异质性风险的决策，对于解释新财富的普遍程度与顶层财富不平等的动态二者均至关重要。（JEL D22, D31, G32, L25）
Abstract
We derive an analytical link between the fast dynamics of inequality at the top of the wealth distribution and the prevalence of newly created fortunes. Specifically, in the context of a random growth model of wealth accumulation, the shape of the top of the wealth distribution changes rapidly only if the pace with which new fortunes are created is fast. Quantitatively, the decision of a few families to bear a large amount of idiosyncratic risk in the form of family firms is crucial in accounting for both the prevalence of new fortunes and the dynamics of top wealth inequality. (JEL D22, D31, G32, L25)