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Personal Wealth from a Global Perspective$
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James B. Davies

Print publication date: 2008

Print ISBN-13: 9780199548880

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199548880.001.0001

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Housing Privatization and Household Wealth in Transition

Housing Privatization and Household Wealth in Transition

(p.312) 15 Housing Privatization and Household Wealth in Transition
Personal Wealth from a Global Perspective

Ruslan Yemtsov

Oxford University Press

All countries in transition have experienced increases in inequality. They have also undertaken massive privatization of key asset housing, often on give‐away terms. Are these two phenomena related? Has transfer of ownership rights to residents slowed down the inequality increases or pushed it up? Surprisingly little is known in this area. This study attempts to provide empirical evidence to start answering these questions. It shows how housing privatization affected the distribution of personal wealth and inequality in current consumption based on recent representative household surveys from three transition countries: Poland, Russia, and Serbia. Survey data are compared with figures derived from national accounts and housing statistics. Contrary to common belief and some earlier evidence of the strong equalizing effect of housing distribution in Eastern Europe and the former Soviet Union, the study finds that the contribution of housing to the overall inequality levels is not strong, and is not universally progressive. There is also a significant variation across countries. In Russia and Serbia features of privatization programmes resulted in better‐off households capturing more valuable housing assets on extremely beneficial terms, while in Poland privatization and housing reform led to more equitable outcomes. When owner-2 occupied housing rents and durables are properly accounted for, the effects of housing ownership on inequality in current consumption are mildly progressive in Russia and Poland and regressive in Serbia. The study argues that the information collected by regular household surveys provides only a starting point to study housing wealth distribution, and there are a number of gaps that should be addressed through improved data collection.

Keywords:   Russia, inequality, wealth distribution, housing, privatization

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