财富积累分解的数量效应和价格效应——基于WID数据的国际比较

Quantity Effect and Price Effect of Wealth Accumulation Decomposition:Based on International Comparison of WID

利用WID数据将国民财富积累分解为数量效应(储蓄)和价格效应(资本损益),从而将储蓄和资本相对价格与财富积累联系起来。研究发现,当跨越的时间越长时,初始财富对国民财富积累的影响越小,而储蓄和资本相对价格对国民财富积累的影响越大。此外,还考察了分项财富积累的分解差异,研究结果表明,1989—2015年中国住房财富积累的价格效应远大于非房财富积累,1993—2015年中国私有财富积累的价格效应与国民财富积累的价格效应变化趋势一致。最后,还比较了中国与9个发达国家财富积累的分解差异,1978—2015年中国财富积累的数量效应低于发达国家平均水平,价格效应高于发达国家平均水平。

This article uses WID to decompose accumulation of national wealth into quantity effects(savings)and price effects(capital gains and losses),linking savings and capital relative prices to wealth accumulation.When time span is longer,initial wealth has a smaller impact on the accumulation of national wealth,while the savings and the capital relative price has a greater impact on the accumulation of national wealth.This article also examines decomposition difference of itemized wealth accumulation.The price effect of housing wealth accumulation from 1989 to 2015 is much greater than that of non-housing wealth in China.The price effect of private wealth accumulation from 1993 to 2015 is consistent with the price effect of national wealth accumulation in China.In addition,this article also compares quantity effect and price effect of wealth accumulation between China and nine developed countries.From 1978 to 2015,the quantity effect of wealth accumulation in China is lower than the average level of developed countries,and the price effect is higher than the average level of developed countries.