Balance Sheet Positions in OECD and Post-Soviet Countries Since the 1990s

97 Pages Posted: 26 May 2016

See all articles by Kari Heimonen

Kari Heimonen

University of Jyväskylä - School of Business and Economics

Juha-Pekka Junttila

University of Jyväskylä - Jyväskylä International Macro & Finance Research Group (JyIMaF)

Risto Rönkkö

Tampere University - School of Business Administration; University of Jyväskylä - School of Business and Economics; United Nations - World Institute for Development Economics Research (UNU/WIDER)

Date Written: May 26, 2016

Abstract

In this paper, we construct a new disaggregated net financial wealth data set for the OECD and some emerging markets countries. We find that since the beginning of 1990s, the net wealth positions of countries have developed differently. First, for a group of central and northern European countries, as well as Canada and Japan, improvements in private sector net financial wealth have resulted in improvements in net national financial wealth despite worsening public sector net wealth positions. Second, in the crisis-ridden countries of Portugal, Ireland, Iceland, Greece and Spain, private sector net wealth position improvements have not compensated for deteriorating public sector situations. Third, the net financial wealth of post-communist transition economies decreased over the sample period due to worsening private sector positions, public sector positions, or both. However, this pattern has recently changed in most post-communist states.

Keywords: sovereign debt, national wealth, aggregate private wealth

JEL Classification: D31, E21, H63

Suggested Citation

Heimonen, Kari and Junttila, Juha-Pekka and Rönkkö, Risto, Balance Sheet Positions in OECD and Post-Soviet Countries Since the 1990s (May 26, 2016). Available at SSRN: https://ssrn.com/abstract=2784723

Kari Heimonen

University of Jyväskylä - School of Business and Economics ( email )

University of Jyväskylä
PO Box 35
FIN 40351, FIN-40014
Finland

Juha-Pekka Junttila

University of Jyväskylä - Jyväskylä International Macro & Finance Research Group (JyIMaF) ( email )

PO Box 35
Jyväskylä
Finland

Risto Rönkkö (Contact Author)

Tampere University - School of Business Administration ( email )

Kanslerinrinne 1
Tampere, 33014
Finland

University of Jyväskylä - School of Business and Economics ( email )

University of Jyväskylä
PO Box 35
Jyväskylä, FIN-40014
Finland

United Nations - World Institute for Development Economics Research (UNU/WIDER) ( email )

Katajanokanlaituri 6B
Helsinki, FIN-00160
Finland

HOME PAGE: http://https://www.wider.unu.edu/expert/risto-r%C3%B6nkk%C3%B6

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