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Wiley InterScience | ||
  Review of Income and WealthVolume 52 Issue 2, Pages 285 - 307 Published Online: 26 May 2006 Journal compilation © 2009 International Association for Research in Income and Wealth Published on behalf of the International Association for Research in Income and Wealth
Abstract | References | Full Text: PDF (Size: 266K) | Related Articles | Citation Tracking  ESTIMATES OF HOUSEHOLD SECTOR WEALTH FOR SOUTH AFRICA, 1970–2003 Note: This research was funded by the Department for International Development (U.K.), grant numbers R7291, R7911 and R8311, an Economic and Social Research Council (U.K.) Research Fellowship (award number H52427003594), and ESRC grant number R000237500. Our website is: http://www.csae.ox.ac.uk/, link to "The South African Macroeconomic Research Programme." We are very grateful to the editor and to Edward Wolff, and two anonymous referees for their excellent comments. We are grateful to Tony Atkinson and Gavin Cameron for helpful discussion; and to the South African Reserve Bank for discussion on data issues, particularly Michael Kock, Danie Meyer, Johan Prinsloo, Herman Smith and Johan Van den Heever. James Greener of Deutsche Bank and Marisa Fassler of JPMorgan kindly provided information on bond price indices. At the Office of National Statistics, Richard Dagnall, Noraig Griffin and Roger Ward provided helpful information about comparable U.K. methodology. Olympia Bover and Andrea Brandolini were helpful in following up Spanish and Italian methodologies. François Lequiller of the OECD provided information on international data availability. The U.K. Department for International Development (DFID) supports policies, programs and projects to promote international development. DFID provided funds for this study as part of that objective but the views and opinions expressed are those of the authors alone. Copyright © 2006 The Authors; Journal compilation © International Association for Research in Income and Wealth 2006 ABSTRACTMarket values of components of household sector wealth are important explanatory variables for aggregate consumer expenditure and household debt in macro-econometric models. We construct the first coherent set of the main elements of household-sector balance sheet estimates at market value for South Africa. Our quarterly estimates derive from published data on financial flows, and other capital market data, often at book value. Our methods rely, where relevant, on accumulating flow of funds data using appropriate benchmarks, and, where necessary, converting book to market values using appropriate asset price indices. Relating asset to income ratios for various asset classes to asset price movements and other features of the economic environment, throws light on the changing composition of household sector wealth. Most striking are the relative rise in the value of pension wealth and the trend decline of directly held securities, the decline and recent recovery of housing wealth, and the rise in household debt and concomitant decline of liquid assets from the early 1980s to the late 1990s. |
