OECD guidelines for micro statistics on household wealth

Purpose of the standards and guidelines Development of the Guidelines Historical background OECD Expert Group on Micro Statistics on Household Income, Consumption and Wealth Relationship with existing international standards Structure of the report Overview of household wealth statistics Need for information on household wealth Macro level information Micro level information Examples of specific data needs at the micro level Wealth inequality Relationship between household wealth and consumption Relationship between housing prices and household wealth Financial innovation and portfolio selection Access to credit and borrowing constraints Retirement funding and pension policies Micro simulations of household behaviour Derivation of distributional indicators for use in the national accounts Objectives and uses of micro statistics on household wealth Main objectives of the statistics Country examples showing the use of micro statistics on household wealth in policy making Current availability of micro-level wealth data Integration of micro statistics on household wealth with other statistics Integrated statistical frameworks Joint data collection Data matching Data confrontation Confrontation of macro and micro wealth data: The case of Australia OECD/Eurostat Expert Group to Measure Disparities in a National Accounts Framework International data collection and measurement initiatives Luxembourg Wealth Study Eurosystem Household Finance and Consumption Survey Global Wealth Reports and Databook Summary Standard concepts, definitions and classifications for household wealth statistics Description of the conceptual framework for micro statistics on household wealth The broad micro framework Relationship between the micro and macro frameworks Conceptual relationship between micro statistics on household wealth, income and consumption Basic concepts and definitions for household wealth statistics Household Comparison of different definitions Definitions of household and associated concepts for micro statistics on household wealth Household Household categories Housing arrangement Place of usual residence Country of residence Relationship between the household definition and statistical coverage Relationship between the household definition and unit of measurement Relationship between the concepts of household and family Wealth and net worth Assets and liabilities Treatment of consumer durables General principles of recording Valuation Time of recording Consolidation and netting Coverage Unit of measurement Collection unit Analysis unit Standard components of household wealth List of standard components Non-financial assets Financial assets Liabilities Sub-components of assets and liabilities Shares in corporations Pension funds Loans Data availability Consistency with the 2008 SNA balance sheet components Relationship to micro statistics on household income Asset and liability groups Household groups Household size and composition Geographic location Tenure type Income and wealth classes Age, educational attainment and/or labour force status of the household reference person Selection of the household reference person Other variables related to wealth/net worth Flow variables Capital transfers Transactions in non-financial assets Transactions in financial assets and liabilities Holding gains and losses Flows not arising from transactions or price changes Attitudinal and behavioural variables Consistency with other international statistical standards SNA standards Canberra Group standards for micro statistics on household income ICLS standards UN and UNECE/CES population census standards Data sources and methods for producing household wealth statistics Different types of sources and methods Strengths and weaknesses of different approaches Combination of different sources: Purposes and methods Summary Measurement guidelines for standard components of household wealth Measurement units Reference points and reference periods Valuation basis Non-financial assets Real estate Valuation of real estate Vehicles Other consumer durables Valuables Intellectual property and other non-financial assets Financial assets Currency and deposits Bonds and other debt securities Equity in own unincorporated enterprises Shares and other equity Mutual funds and other investment funds Life insurance funds Life insurance policy before maturity Annuities Pension funds Defined contribution schemes Data sources Estimation method Defined benefit schemes Retirement age Benefits before retirement age Collecting data Other financial assets Liabilities Real estate loans Other investment loans Consumer durable loans Education loans Other loans and liabilities Summary Notes Measuring household wealth through surveys General measurement issues Measurement issues specific to wealth surveys Survey development and data collection Survey scope Cross-sectional or panel observations and survey frequency Design and development of the survey questionnaire Sampling design: General principles Sampling design: Wealth surveys Scope and coverage Collection methods Collection unit Reference person Respondent co-operation Role of the interviewer Survey administration Assessment and treatment of collected data Data checking, editing and imputation Estimates and variability Preserving confidentiality Survey evaluation Summary Notes Analytic measures Life-cycle perspective and analysis by population subgroups Unit of analysis Specific analytic measures and their use Means and medians Frequency distributions Distribution function Quantile measures Percentile ratios Wealth shares Lorenz curve Equivalence scales Inequality indices Gini coefficients Coefficient of variation Exponential measure Theil and Atkinson indices Comparison of summary measures Choice of summary measures Ratios and percentage shares Adjusting for price differences Adjusting for price changes over time Adjusting for price and currency differences between countries Wealth indicators International statistical comparisons Summary Notes Dissemination Types of dissemination Analysis Data tables Micro-data files Specific issues concerning the dissemination of wealth data Characteristics of the distribution of wealth data On trends in wealth data Longitudinal wealth data Dissemination guidelines Summary Notes Quality assurance for household wealth statistics Quality assurance frameworks Institutional environment Relevance Accuracy Comparability Coherence Timeliness Accessibility Summary Bibliography