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60 Volume LXIII nn. 3-4 – Luglio-Dicembre 2009 Table 2 – Tenure status distribution and average rent at market price at PPP by Country. Tenure status Tenants below Tenants at the market price Country Dwelling market price or in a owners and (average subsidized rent) market Free tenants IT 72.1 13.6 (363 €) 4.8 9.5 ES 81.0 8.7 (470 €) 2.5 7.8 FR 60.2 12.1 (440 €) 23.4 4.3 UK 72.0 13.2 (502 €) 13.6 1.2 We turn now to analyze the effects on overall poverty and inequality. In table 3 poverty indicators (at risk of poverty rate and median at risk of poverty gap) and concentration index (Gini index) are shown 3 . Taking the disposable income net of nonmonetary components as a baseline case, the inclusion of IR causes a general reduction in inequality indexes. Regardless the percentage of households at risk of poverty, we can observe a decrease of this share by adding the figurative income, more marked for Spain. Italy becomes the Country with the highest incidence (16% of the households), similar to UK, while FR shows the lowest figures in both cases. Moreover, Italy is the unique Country where the intensity of poverty, measured by the median at risk of poverty gap, increases. Table 3 also shows that inequality, measured through the Gini index, decreases when IR is computed in the household income. The highest decrease is in ES, while the lowest is in FR; nonetheless, FR is the Country with the least income concentration in both case, while UK, accordingly with literature on income distribution, remains the most unequal Country. Two are the general effects of IR on inequality measures. On one side, it enlargers the differences in income between market tenants and the other subgroups; on the opposite, since the distribution of IR is less dispersed than monetary income, it reduces the total inequality among the population: for many dwelling owners in the lowest tail of income distribution the house is the largest asset and the IR income is a larger proportion of the household income in respect of the households in the upper tail of the distribution (Istat, 2008; Abs, 2008). This result is in line with several studies on IR, such D’Ambrosio and Gigliarano (2007), Marical et al. (2006) and Frick and Grabka (2003). The above results show the overall effects of IR. Decomposing the population, i.e. by tenure status or by the age of the dwelling responsible, there are relevant differences between the subgroups, with a general improvement of the relative position for 3 The results for income without including IR are about in line with the ones in the Eurostat website. Differences are due to the households dropped for missing variables of interest.
Rivista Italiana di Economia Demografia e Statistica 61 dwelling owners and old age people (owners’ share is more relevant in this group); the opposite happens for tenants at market prices and young people. Table 3 – At risk of poverty rate, Median at risk of poverty gap and Gini index including and not including imputed rent by Country. Country Median at risk of At risk of poverty rate Gini index poverty gap Without Without Without With IR With IR With IR IR IR IR ES 20.9 15.3 24.4 22.5 32.2 27.6 FR 13.2 12.9 19.4 17.7 27.8 25.9 IT 19.3 16.0 21.6 22.2 32.1 28.9 UK 18.5 15.8 21.4 19.4 32.9 29.2 5. Conclusions This paper focuses on the distributional impact of a particular type of non-cash income, the “imputed rent”, in four European Countries (France, Italy, Spain and United Kingdom) by the use of Eu-Silc data. Imputed rent refers to the value that should be imputed to all the households that do not pay full rent for their main residence. Our estimation is based on hedonic pricing method: the price of a marketed good, or the services it provides, is related only to its characteristics; moreover, we control for sample selection bias by the Heckman procedure. It is applied separately for each sub-group in order to prevent from considering owners, non-market tenants and free tenants as a unique and homogeneous set. Concerning the results, there is evidence of a sample selection problem. Once included the imputed rent in disposable income, this one increases everywhere, but with relevant different intensities: the greatest increase is registered for Spain (+29,9%) and the smallest for Italy (+19%), compared to around +23% for United Kingdom and France. Analysing the effects on poverty, we can observe a general decrease for the indicators, more pronounced for Spain. Following the ranking provided by Gini indexes, UK and France remain respectively the most and the least unequal Countries. Two are the effects of IR on inequality measures. On one side, it enlargers the differences in income between market tenants and the other subgroups; on the opposite, since the distribution of IR is less dispersed than the one for monetary income, including IR reduces the total inequality among the population References Australian Bureau of Statistics (ABS) 2008, Experimental estimates of imputed rent, available at http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/6525.02003- 04%20and%202005-06?OpenDocument Canberra Group 2001. Expert Group on Household Income Statistics, Final Report and Recommendations. Ottawa.
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