Project on Tax Structure of Austria

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					    Financial Wealth Holdings of Austrian Private Households: Data Sources
                          and Institutional Features

                                           Peter Mooslechner

                  joint work with Christian Beer, Martin Schuerz and Karin Wagner



                          Luxembourg Wealth Study Conference, 14-15 December 2006

                                                www.oenb.at                         oenb.info@oenb.at
1
                          Oest er r eichische Nat ional bank

                                Structure of the Presentation

 OeNB Survey on Household Financial Wealth 2004: Design and implementation

 The Austrian data in LWS

 Important institutional features regarding wealth holding in Austria: some illustration ranging from
  retirement to real estate

 Publications, ongoing and planned research projects

 Concluding remarks




2
                                Oest er r eichische Nat ional bank

                          OeNB Survey on Household Financial Wealth 2004:
                                   Sample and Implementation

 Focus of the survey:
       Households‘ financial wealth, portfolios and debt
       Households‘ attitudes towards financial market issues
 Questionnaire with 87 questions
 ‚Pilot project‛: particular reluctance of Austrian households to reveal information on wealth (tradition of anonymous
  bank accounts).
 Collection of the data by an external fieldwork company
 Data collection period: Summer and autumn 2004
 Sampling design: Stratified multistage clustered address random
 Stratification was based on microcensus data. Within Austria, households were stratified at the province level, and in
  Vienna, households were stratified by the 23 political districts. Within the strata, the respondents were selected
  randomly.




  3
                          Oest er r eichische Nat ional bank

                     OeNB Survey on Household Financial Wealth 2004:
                              Sample and Implementation

 Interview partner was the household head or the household member with the most accurate knowledge
  about the respective household’s finances.
 Interviewed person was not paid but took part in a lottery.
 External field work company used a pool of 40,000 addresses covering (geographically and socio-
  demographically) the total of Austrian households.
 Combination of face-to-face interviews and written interviews yielding a total rate of return of 60%.
 Total of 2,556 analyzable data sets.
 Duration of interview: 30 to 50 minutes




4
       Oest er r eichische Nat ional bank

    OeNB Survey on Household Financial Wealth 2004:
             Sample and Implementation




5
                          Oest er r eichische Nat ional bank

                     OeNB Survey on Household Financial Wealth 2004:
                            Postcollection Processing of Data

 Editing the data and conducting plausibility checks was basically the task of the field work company.
  Further in-house cross-checking was found to be necessary.

 Missing data were not imputed. Households for which essential information was missing were eliminated
  from the data set by the fieldwork company.

 Only post-stratification weights to align the sample with the Austrian population were computed.




6
                          Oest er r eichische Nat ional bank


                                   Austrian Data and LWS

“   Austria joined LWS in summer 2006.
“   Austrian data were included in the LWS ß-Version in November 2006.
“   Main problem with inclusion was that the Austrian survey focused on the financial wealth of households.
“   LWS demographic and financial wealth variables covered relatively well by the Austrian survey.
“   But loans were difficult to integrate because of the way questions on loans were asked.
“   Information on income and consumption is very limited.




7
                                                                                                                    Oest er r eichische Nat ional bank
                                                                                                                                                                                                                                                                                                                                                                                                                                Austrian Data and LWS
                                                                                                                                                                                                                                                                                    Availability of Wealth Variables
        Asset                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   LWS acronym
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        FINANCIAL ASSETS
    Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       TFA                                                                                                 Σ
    D               e                   p                       o                       s                   i       t                           a                   c                   c                   o                       u               n               t           s                   :                   t       r           a                       n                       s               a                   c               t           i           o                   n               ,                   s               a               v           i       n           g               s                   a           n               d               C       D       s                                                                       D                           A                                                               Y




    T           o                   t           a                       l                   b                       o                       n                       d                   s                   :                       s               a               v                   i       n                   g               s                                   a                   n                       d                       o                       t           h               e                       r               b               o               n               d           s                                                                                                                                                                       T                       B                                                               Y




    S           t           o                   c                       k                   s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               S                       T                                                               Y




    M                   u                   t       u                               a               l                       f           u                       n                   d                       s                           a                   n                   d                           o                   t       h                       e                       r                       i       n               v                   e                       s           t           m                           e               n               t               f   u               n               d           s                                                                                                                               T                       M                                                                   Y




    L       i       f           e                                   i       n                   s                       u                       r               a               n                       c                       e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   L                   I                                                           Y




    O               t           h                   e                           r                   f               i       n                       a                       n                   c                   i           a               l               a                   s                   s                   e               t           s                               (               e               x               c                   .                       P                   e                       n               s           i       o               n           s           )                                                                                                                                                   O                           F                   A                                                       -




    P           e                   n                       s                       i       o                       n                                   a                   s                   s                   e                   t           s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       P                       A                                                                   I




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            NON-FINANCIAL ASSETS
    T           o                   t           a                       l                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       T                       N                       F                                                       -




    P           r           i       n                       c                       i       p                       a                       l                   r           e                   s                       i       d               e                   n                   c                   e                                                                                                                                                                                                                                                                                                                                                                                                                                                           P                           R                                                                   -




    I   n               v               e                           s                   t       m                                       e                       n                   t                   r               e                   a               l                   e                   s                   t       a                   t           e                                                                                                                                                                                                                                                                                                                                                                                                               I           R                                                                           -




    B           u                   s                   i               n                   e                       s                   s                               e                   q                       u                   i       t       y                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   B                       E                                                               Y




    V           e                   h                       i           c                   l   e                           s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           V                           H                                                                   -




    D               u                   r           a                           b               l               e                       s                               a                   n                       d                           c               o                   l       l       e                       c           t           i           b                   i           l       e                   s                                                                                                                                                                                                                                                                                                                       D                       R                           C               L                                               -




    O               t           h                   e                           r                   n                           o                       n                   -           f           i           n                   a                   n               c                   i       a                   l               a                       s               s                       e                   t       s                                                                                                                                                                                                                                                                                                                           O                       N                           F                                                   -




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            LIABILITIES
    T           o                   t           a                       l                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   T                       D                                                               Σ




    H               o                   m                                   e                                   s                   e                       c                   u                   r               e                   d                       d                       e                   b                   t                                                                                                                                                                                                                                                                                                                                                                                                                               H                       S                       D                                                   Y




    P           r           i       n                       c                       i       p                       a                       l                   r           e                   s                       i       d               e                   n                   c                   e                           m                                   o                       r       t           g               a                       g                   e                                                                                                                                                                                                                                                                                   M                           G                                                                   -




    O               t           h                   e                           r                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       O                           M                           G                                                       -




    O               t           h                   e                           r                   h                           o                       m                               e                                   s               e               c                   u                   r           e                   d                               d                       e                   b               t                   (               i           n               c                   l               l   i       n               e                       o           f               c           r       e           d               i   t   )                                                                       O                       H                       S                   D                                               -




    V           e                   h                       i           c                   l   e                                       l           o                   a                   n                       s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       V                       L                                                                   I




    I   n               s               t           a                           l       l       m                                   e                       n                   t                       d                       e               b               t                       (           i       n                   c               l           .                   C                           r           e               d                       i           t               c                   a                   r       d                       b               a           l       a               n           c       e               )                                                                                                                       I           L                                                                   Y




    E           d                   u                       c                       a                   t           i           o                       n                   a                   l                   l           o               a               n                       s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   E                       L                                                                   -




    O               t           h                   e                           r                   l           o                       a                       n                   s                               f           r           o               m                                           f       i           n               a                       n                   c                   i       a               l                   i       n                       s               t           i       t       u               t   i       o               n           s                                                                                                                                                                               O                           L                                                           Y




    Informal debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               ID                                                                                  Y
    Σ … derived by summation of its components
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Y       …           r       e   c   o       r           d                   e                   d               i   t       e       m




    I       …                                                   I           n                   d                       i           c                   a                   t           o                       r                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           -   .   .   .   I       t   e   m               n               o                   t                   r   e           c       o       r   d   e   d




    S           e                   t           u                           p                           o                           f                       t           h                   e                               t           a               b                   l       e                               i       s                           f           r           o                       m                                   S                           i       e                   r           m                           i       n           s               k           a                       e           t           a           l       .           (       2   0   0       6   )




8
                                                            Oest er r eichische Nat ional bank


                                                                                    Austrian Data and LWS

                                       Per capita household wealth in LWS database and national balance sheets
Wealth variable                   Canada           Cyprus   Finland  Germany        Italy    Norway    Sweden    UK             US          Austria
                                 SFS 1999         SCF 2002 HWS 1998 SOEP 2002 SHIW 2002 IDS 2002 HINK 2002 BHPS 2000 PSID 2001 SCF 2001 SHFW 2004
                                                                             LWS data base (EUR)
Non-financial assets               28,237          32,763   31,920    53,507       50,965     14,605    33,132  61,436 63,170        77,686    -
Financial assets                    8,018           6,294    6,181    7,971        8,913      22,066    12,943  11,036 31,332        47,059 16,725
Debt                                9,577           3,719    6,032    11,202       2,590      29,561    16,159  13,572 20,857        26,707  7,813
Net worth                          26,678          35,339   32,069    50,276       57,288      7,110    29,916  58,901 73,646        98,037  8,912
                                                                         National balance sheet (EUR)
Non-financial assets               32,492             –        –      69,234       78,417        –         –    67,728        66,679
Financial assets                   51,157          38,099   20,317    44,731       48,780     42,268    40,927  87,199       123,768        40,355
Debt                               13,813          15,825    7,147    18,750       7,089      33,629    16,577  20,471        31,003        16,255
Net worth                          69,836             –        –      95,215      120,108        –         –   134,457       159,444        24,101
                                                                        Ratio of LWS to NBS (per cent)
Non-financial assets                  87              –        –        77            65         –         –      91     95           117
Financial assets                      16             17        30       18            18         52       32      13     25            38     41
Debt                                  69             23        84       60            37         88       97      66     67            86     48
Net worth                             38              -         -       53            48          -        -      44     46            61     37*
* Both the Austrian survey and NBS data only include non-financial assets. Comparability with the other ratios is limited.
Source: The table is from Sierminska et al. (2006). Authors' calculation for Austrian data




          9
                                      Oest er r eichische Nat ional bank


                                                      Austrian Data and LWS


                                                 Household asset participation
Wealth variable                   Cyprus       Finland             Germany             Italy        Norway        Sweden         UK    Austria
                                 SCF 2002     HWS 1998            SOEP 2002 SHIW 2002              IDS 2002      HINK 2002 BHPS 2000 SHFW 2004
                                                                 All assets as recorded
Non-financial assets                   76              68              43                72            72            57          70       -
  Principal residence                  74              64              39                69            64            53          69      56
  Investment real estate               17              27              13                22            30            14           8       -
Financial assets                       86              92              50                81            99            79          80      99
  Deposit accounts                     78              91               –                81            99            59          76      99
  Bonds                                44               3               –                14             –            16           –      11
  Stocks                               40              33               –                10            22            36           –      16
  Mutual funds                          1               3               –                13            38            58           –      11
Debt                                   65              52              30                22            80            70          59      39
  Home secured debt                     –              28               –                10             –              –         39      28
                               Only financial assets and non-housing debt exceeding 2,500 euros
Non-financial assets                    –              68              43                72            72              –         70       -
Financial assets                        –              53              49                70            70              –         58      90
Total debt                              –              45              30                17            74              –         49      34
Source: For the table see Sierminska et al. (2006). Authors calculation for the Austrian data. Only data for EU-countries shown.




       10
                           Oest er r eichische Nat ional bank

                                          Institutional Features:
                                                Retirement

 Austrian pension system is dominated by a mandatory and benefit-oriented public pay-as-you-go (PAYG)
  scheme.
      guarantees a pension benefit of 80% of the assessment base after 45 insurance years at the standard retirement
       age of 65 years.

 In 2003 a subsidised private pension scheme was introduced
        Allows for an income tax refund amounting to 8.5% (in 2006) of the premium paid (with a cap).
        At least 40% of the payments must be invested in shares.
        The investment period must be at least ten years.
        Capital gains and payments from such a scheme are tax exempt.




11
                                                 Oest er r eichische Nat ional bank
                                                                    Institutional Features:
                                                                          Retirement
                                   Saving for Retirement and Related Motives by Age of Household Head
                                                                       (multiple responses)

                      90%

                      80%

                      70%
                                                                                                                                    Average
Share of households




                      60%

                      50%

                      40%

                      30%

                      20%

                      10%

                      0%
                              18 - 29       30 - 39       40 - 49         50 - 59     60 - 69       70 - 79         80+       Austria, total
                            Uncertainty about the state pension system                  Profitability considerations
                            Other                                                       Share of households saving for retirement
S                                                               S
 ource: Authors’ calculations based on a survey conducted by FES EL-GfK.



                 12
                                                     Oest er r eichische Nat ional bank
                                                                           Institutional Features:
                                                                                 Retirement
                                                Saving for Retirement and Related Motives by N et Household Income
                                                                         (multiple responses)

                       80%


                       70%


                       60%
 Share of households




                       50%


                       40%


                       30%


                       20%


                       10%


                       0%
                             up to 874              875 to 1.574             1.575 to 2.624         2.625 to 3.499                 3500 and over   Austria, total
                                                                                 Net household income in EUR
                                         Uncertainty about the state pension system                 Profitability considerations
                                      Other                                                         Share of households saving for retirement
S                                                               S L-GfK.
 ource: Authors’ calculations based on a survey conducted by FES E


                       13
                                           Oest er r eichische Nat ional bank
                                                          Institutional Features:
                                                                Retirement
                                                        Provisions of households

                           60%
                                     50%
                           50%                    46%         44%
Share of households




                           40%

                                                                            27%
                           30%
                                                                                        22%
                           20%                                                                       15%
                                                                                                                 12,5%         12%
                           10%
                                                                                                                                            2%
                           0%

                                      ies                                        ks                       ce         tat
                                                                                                                        e
                                                                                                                                  ion      rs
                                   lic            tio
                                                     n             it         toc          lan
                                                                                               s
                                                                                                        an                      ns       he
                                 o              ia              os          S                         ur           es                  Ot
                              ep             oc              ep                         np          ns       Re
                                                                                                                al            pe
                            nc            ss              sd                        sio           ei                      ate
                        ura            na            vin
                                                        g
                                                                                pe
                                                                                  n
                                                                                              va
                                                                                                 t                     or
                    ins            loa            sa                        nal          l pri                     Corp
              Lif
                 e              nd           an
                                               d
                                                                        rso            na
                          in ga           nt                          pe          ditio
                                        u
                       ild            co                          zed          Ad
                    bu            ac                           idi
               ith             gs                           bs
           nw              avin                        te-su
        pla           ks                           Sta
     gs            oo
  vin         ss
                  b
Sa          Pa                                                     Source: Authors’ calculations based on a survey conducted by FESSEL-GfK..

                      14
                                  Oest er r eichische Nat ional bank

                                                  Institutional Features:
                                                Public Subsidies for Savings
 Interest and dividend income is taxed with a final withholding tax of 25%.
 No wealth tax in Austria: wealth-related taxes are inheritance and gift tax and real estate tax.
 Apart from retirement-related subsidies, there are several other subsidies:
       Building loan contracts
       following investments are tax deductible within the scope of special expenses:
              Life insurance premia
              retirement insurances
              the purchase of dividend-right certificates and new shares, the initial purchase of convertible bonds and participation certificates
       Benefits from gratuitous transfers or transfers at a discount of equity holdings of the company of the employer are tax
        exempt up to EUR 1,460.
       Annual capital gains below EUR 440 are tax exempt.




 15
                              Oest er r eichische Nat ional bank

                                            Institutional Features:
                                          Public Subsidies for Savings

 Private trusts (Privatstiftungen) since 1993

       Three levels of taxation:
             Taxation of the establishment of the trust: Transfers of assets are taxed with 5% (plus an additional 3.5% in case of
              real estate) instead of the normal inheritance or gift tax. Contributions of supplementary assets by the founder are
              also taxed with these rates.

             Ongoing taxation: The income of private foundations is liable to corporate income tax (25% in 2006). Dividend
              income from domestic investments and ” depending on the regulations in the relevant double taxation agreements ”
              from foreign investments are tax exempt.

             Taxation of donations to beneficiaries are taxed with 25%.




16
                                           Oest er r eichische Nat ional bank

                                                      Institutional Features:
                                                    Public Subsidies for Savings

                                  Share of Saving forms and the Importance of Financial Assets
                           90,0     85,0

                           80,0
                                                 70,6
                           70,0
Share of households




                           60,0
                           50,0                                  46,2

                           40,0
                           30,0
                           20,0                                                     11,4                         15,7
                                                                                                 10,6
                           10,0                                                                                                       2,6
                            0,0
                                                                                               s                s                 s
                             nt              on               ms              res            nd               ck                se
                         cc
                           ou
                                        ciati              for             sha             Bo              Sto               pri
                      sa              so              vin
                                                         g              nd                                                ter
                   ng               as              sa              l fu                                            n   en
              sa
                 vi             oa
                                  n
                                                he
                                                  r              tua                                              si
           ok                 dl              Ot               Mu                                            lding
          o                 n
       sb                 ga                                                                               Ho
    Pas              ildin
                   bu
               ith
            nw
      s pla
   ing
Sav
                                                        Source: Authors’ calculations based on a survey conducted by FESSEL-GfK..


                      17
                                                      Oest er r eichische Nat ional bank
                                                                        Institutional Features:
                                                                      Public Subsidies for Savings
                                   Saving Behavior of Austrian H ouseholds and N et H ousehold Income
                        70%


                        60%


                        50%
  Share of households




                        40%


                        30%


                        20%


                        10%


                        0%
                              up to 874              875 to 1.574          1.575 to 2.624      2.625 to 3.499           3500 and over   Austria, total
                                                                              Net household income in EUR
                                          Saves regularly                  Saves irregularly           unable to save
S                                                               S L-GfK.
 ource: Authors’ calculations based on a survey conducted by FES E


                        18
                                     Oest er r eichische Nat ional bank

                                                   Institutional Features:
                                                  Inheritance and Gift Tax

 Inheritance taxation lost considerable importance when final taxation of financial assets was introduced in 1993.
 inheritance and gift tax rates are progressive and are levied for five tax brackets that are contingent on the degree of fami ly
  relationship. The rates range from 5% to 60% of the inheritance.
 The low inheritance tax revenues may be explained by the following factors:
        Financial assets that are subject to capital income tax are not subject to inheritance tax
        Other financial assets de facto defy taxation
        The gap between assessed property values and current market values of real estate
        Unlike assets, liabilities are assessed at their actual economic value
        Transfers to private trusts are subject only to a one-time low tax rate (2.5% when the rate was introduced, 5% today), and the regular levy of
         an equivalent inheritance tax is waived
        in the case of death, business assets can be optimized by juxtaposing sufficient liabilities; moreover, the exemptions for the transfer of business
         assets have been raised substantially




 19
                                                       Oest er r eichische Nat ional bank
                                                                         Institutional Features:
                                                                        Inheritance and Gift Tax
                                                    Share of Households which Have Inherited Assets
                                                                by N et Financial Assets
                      70%
                                                                                                                     63%

                      60%


                      50%                                                                    49%
Share of households




                                                                  39%                                                                     38%
                      40%


                      30%               28%



                      20%


                      10%


                       0%
                              Net financial assets =    Net financial assets >     Net financial assets >   Net financial assets >   Austria, total
                                      median                    median              double the median       five times the median

                      S                                                               S
                       ource: Authors’ calculations based on a survey conducted by FES EL   -GfK.


20
                                                   Oest er r eichische Nat ional bank
                                                                    Institutional Features:
                                                                   Inheritance and Gift Tax
                                                   Share of Households which Have Inherited Assets
                                                              by Net household income
                      60%


                                                                                                                  49%
                      50%

                                                                                                  42%
                                                                                                                                   38%
                      40%
Share of households




                                                                              34%
                                                         31%
                      30%
                                    27%



                      20%



                      10%



                      0%
                                 up to 874          875 to 1.574        1.575 to 2.624       2.625 to 3.499   3500 and over   Austria, total
                                                                          Net household income in EUR

                      Source: Authors’ calculations based on a survey conducted by FESSEL-GfK.

           21
                      Oest er r eichische Nat ional bank

                            Institutional Features:
                    Income Uncertainty and Unemployment

 Compared with other EU countries the Austrian unemployment rate is relatively low.

 The incidence of unemployment is particularly high for people that only finished
  compulsory school.

 Increase of employment contracts that are not fully covered by social insurance
  (dependent forms of self-employment and minor jobs).




22
                          Oest er r eichische Nat ional bank

                                Institutional Features:
                        Income Uncertainty and Unemployment

 Self-employed and people with a minor job are not included in the compulsory unemployment insurance
  scheme

 Benefit duration: ranges from 20 weeks to 52 weeks; benefits amount basically to 55% of the previous net
  income

 Average unemployment insurance duration of 9 months

 Unemployment assistance (Notstandshilfe): benefit amounts to 92 per cent of the previous
  unemployment insurance benefits



23
                           Oest er r eichische Nat ional bank

                                   Institutional Features:
                             Real Estate and Mortgage Market

 Austrian property prices have not increased sharply during the previous years .

 Required down payments are relatively high, resulting in a LTV ratio of 60%.

 Ratio of outstanding housing loans to GDP is relatively low.

 In Austria interest payments are basically not tax deductible but there exist interest and repayment
  subsidies.




24
       Oest er r eichische Nat ional bank
                 Institutional Features:
           Real Estate and Mortgage Market
             Owner ship ratio
            Percent of households
       that own their primary residence
                    Overall
     Austria                         56
     Vienna                          23
     Provinces                       72
                    By Age
     20-29                           22
     30-39                           48
     40-49                           67
     50-59                           61
     60-69                           60
     70+                             53
             By Financial Networth
     Below median                    43
     Above Median                    66
      By monthly household net income
     up to EUR 874                   30
     EUR 875 - EUR1474               43
     EUR 1475 -EUR 2624              55
     EUR 2625 - EUR 3500             66
     more than EUR 3500              68



25
                       Oest er r eichische Nat ional bank

                                  Institutional Features:
                            Real Estate and Mortgage Market


              Percent of households that have taken out a loan

                                             Home secured debt (HSD) Total debt (TD)
     All households                                                 28             39
     By tenure (OWN)
                                    Owner                          39             44
                                    Tenant                         15             33
                                 Subtenant                          8             20
     By Gross financial wealth quintiles
                                         1                         24             45
                                         2                         30             42
                                         3                         27             36
                                         4                         37             42
                                         5                         23             29




26
                                  Oest er r eichische Nat ional bank


                                Ongoing and Planned Research Projects


 Publication of main results e.g. Monetary Policy & the Economy Q2/06

 Ongoing research projects:
       ”   Paper on poverty and asset building in Austria
       ”   Financial wealth distribution in Austria
       ”   Financial capability of the Austrians

 Planned projects:
       ”   co-operation with the Swiss National Bank on the use of foreign currency loans
       ”   Further research on saving behaviour, risk orientation in investment behaviour and attitudes towards financial regulation.
       ”   International comparisons with the LWS data set.




  27
                          Oest er r eichische Nat ional bank

             Some tentative conclusions/lessons from a ‚pilot exercise‛:

● Despite all limitations, it makes sense to engage in an exercise concerning microdata on
   (financial) wealth ” even if the framework conditions are challenging…
● The results provide a better knowledge and understanding of wealth holdings - at least in a
   qualitative way…
● Detailed knowledge of (country-specific) institutional features is an important prerequisite for an
   accurate interpretation of the data…
● ‚Learning by doing‛ is an obvious additional benefit of such an exercise ” leading to an
   improvement in quality for the next attempt as well as to a more widespread interest in the
   related research questions…




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posted:7/13/2011
language:English
pages:28
Description: Project on Tax Structure of Austria document sample