2017

Wealth-Income Ratios in a Small, Developing Economy: Sweden, 1810–2014

Reprint No. 2017:10

Author(s): Daniel WaldenströmYear: 2017 Title: Journal of Economic History Volume (No.): 77 (1) Pages: 285–313
Online article (restrictions may apply)
Preliminary version


This study uses new data on Swedish national wealth over the last two hundred years to examine whether the patterns in wealth-income ratios found by Piketty and Zucman (2014) extend to small and less developed economies. The findings reveal both similarities and differences. During the industrialization era, Sweden's domestic wealth was relatively low because of low saving rates and instead foreign capital imports became important. Twentieth-century trends and levels are more similar, but in Sweden government wealth grew more important, not least through its relatively large public pension system. Overall, the findings suggest that initial conditions and economic and political institutions matter for the structure and evolution of national wealth.


Reference:
Waldenström, Daniel (2017), "Wealth-Income Ratios in a Small, Developing Economy: Sweden, 1810–2014". Journal of Economic History 77(1), 285–313.

Daniel Waldenström

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