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001			880f797c-en
003			FR-PaOEC
005			20210419170804.0
006			a o d i
007			cr || |||m|n||
008			190801s2019 ||| o i|0| 0 eng d
035			_a(FR-PaOEC)
040			_aFR-PaOEC
084			_aE21 _2jelc
084			_aN3 _2jelc
084			_aD31 _2jelc
100	1		_aMartinez-Toledano, Clara.
245	1	0	_aWho pays the price of folly? The business cycle and income and wealth mobility in Spain _h[electronic resource] / _cClara Martinez-Toledano ... [et al]
260			_aParis : _bOECD Publishing, _c2019.
300			_a35 p.
490	1		_aOECD Economics Department Working Papers, _x18151973 ; _vno.1561
520	3		_aSpain has experienced a dramatic business cycle, starting with a large construction based boom followed by a long recession, resulting in a substantial rise in unemployment, and income and wealth inequality. This paper uses longitudinal data from the Survey of Household Finances over the period 2002 to 2014 to examine the distributions of income and wealth in Spain, as well as the mobility of households within those distributions. Results show an increase in the concentration of both income and wealth following the sharp decline in house prices that occurred since 2008, with house price fluctuations affecting more negatively the young than the old. Furthermore, differences in average income and wealth by education, gender and home ownership status were accentuated during the crisis, with lower and middle group incomes falling on average and top group incomes rising. In addition, higher levels of mobility within the middle of the household wealth distribution are observed than at either the top or bottom, although mobility at the extremes of the distribution increased after 2008. Finally, a number of characteristics of households, including age, property ownership, being employed on a permanent contract and good health, are found to be positively associated with wealth accumulation over time, while having a mortgage is negatively related. Overall, the paper finds it is the young and those with low income, wealth and education, bad health, temporary contracts and a mortgage that became relatively worse off in Spain's early 21st century boom and bust cycle. This Working Paper relates to the 2018 OECD Economic Survey of Spain (http://www.oecd.org/economy/spain-economic-snapshot)
650		4	_aEconomics
651		4	_aSpain
700	1		_aLaw, David.
700	1		_aHaugh, David. _927031
700	1		_aAdalet McGowan, Müge.
830		0	_aOECD Economics Department Working Papers, _x18151973 ; _vno.1561.
856	4	0	_aoecd-ilibrary.org _uhttps://s443-doi-org.br.lsproxy.net/10.1787/880f797c-en
942			_2ddc _cW-PAPER
999			_c362758 _d321320