Wealth-Income Ratios in a Small, Developing Economy: Sweden, 1810–2014
利用瑞典两百年的新数据，检验Piketty和Zucman的财富收入比模式是否适用于小型发展中经济体，发现工业化时期储蓄率低、依赖外资，后期政府财富和养老金体系作用显著。
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.