Az előadás a Látogatóközpontban 15 órakor kezdődik, anogl nyelven.
Abstract
As significant part of national wealth, households’ wealth is the central issue in both policy debate and academic literature. Nevertheless, in Hungary little effort has been made so far to conduct thorough evaluation of households’ wealth for the last decade. Under the auspices of ‘the plural of anecdote is not data’ axiom, this study provides a formal estimation for the complete wealth of Hungarian households and connects the development of wealth elements to economic events, such as governmental housing subsidy scheme. According to our results, the recent financial wealth level of Hungarian households is still relatively low, however, the current housing wealth is not evidently below the equilibrium level. We also conclude that the ‘saving disaster’ experienced in early 2000’s, to a certain extent, is the other side of the ‘saving miracle’ of mid 90’s. The governmental housing subsidy scheme increased demand for housing and induced soaring house prices, which, via housing loans, vanished financial savings. Besides, this scheme did not attain significant rise in housing stock.
JEL Classification Number: E00, E21, E31, H31
Keywords: household wealth, housing subsidy scheme, house price