@unpublished{Larudee2015,
  title = {Did Capital Go Away? {{Capital}} Flight as an Explanation for Declining Reported Wealth Inequality during and after World War {{I}}},
  author = {Larudee, Mehrene},
  year = {2015},
  url = {https://www.europe-richie.org/public/annonce.php?id=2736&langue=en},
  abstract = {Wealth inequality reportedly dropped sharply during and/or after World War I for France, Germany, and some other European countries (Piketty 2014). This paper explores what part of this drop was likely due to capital flight rather than solely physical destruction or solely loss in asset values. Piketty and Zucman (2014, Data Appendix) acknowledge that capital flight was one causal factor, at least flight of foreign assets from Germany in 1918-19 or so. For capital flight to Switzerland from France from 1912 to 1929, it is estimated, based on plausible assumptions, that the top 1 percent of wealth-holders transferred as much as 8 percent of their wealth to Switzerland, up to three-fourths of it as securities and one-fourth as financial deposits. This was over 5 percent of all private wealth in France. It was also over one-fifth of the financial deposits owned by the 1 percent, and it was the large majority of their foreign securities (apart from worthless Russian bonds, which the Soviets repudiated in 1918). Such capital flight alone would account for about one-fifth of the 11.3 percentage point decline in the top 1\%'s share of wealth in France from 1912 to 1929. But if the wealthy borrowed back their own flight capital in the guise of arm's-length loans, the total could account for two-fifths of the decline in the 1\%'s share of wealth by both removing the assets from reported wealth and transforming them into liabilities. Losses on Russian bonds evidently accounted for up to one-fifth of the decline. This establishes the plausibility of the hypothesis that by 1929, true wealth inequality in France and Germany, at least, had declined much less than reported inequality.},
  keywords = {Trends in Aggregate Wealth and Wealth Inequality,Wealth Taxation},
  note = {Unpublished manuscript}
}

{"_id":"HJ37RwXbpSZwXgauC","bibbaseid":"larudee-didcapitalgoawaycapitalflightasanexplanationfordecliningreportedwealthinequalityduringandafterworldwari-2015","authorIDs":[],"author_short":["Larudee, M."],"bibdata":{"bibtype":"unpublished","type":"unpublished","title":"Did Capital Go Away? Capital Flight as an Explanation for Declining Reported Wealth Inequality during and after World War I","author":[{"propositions":[],"lastnames":["Larudee"],"firstnames":["Mehrene"],"suffixes":[]}],"year":"2015","url":"https://www.europe-richie.org/public/annonce.php?id=2736&langue=en","abstract":"Wealth inequality reportedly dropped sharply during and/or after World War I for France, Germany, and some other European countries (Piketty 2014). This paper explores what part of this drop was likely due to capital flight rather than solely physical destruction or solely loss in asset values. Piketty and Zucman (2014, Data Appendix) acknowledge that capital flight was one causal factor, at least flight of foreign assets from Germany in 1918-19 or so. For capital flight to Switzerland from France from 1912 to 1929, it is estimated, based on plausible assumptions, that the top 1 percent of wealth-holders transferred as much as 8 percent of their wealth to Switzerland, up to three-fourths of it as securities and one-fourth as financial deposits. This was over 5 percent of all private wealth in France. It was also over one-fifth of the financial deposits owned by the 1 percent, and it was the large majority of their foreign securities (apart from worthless Russian bonds, which the Soviets repudiated in 1918). Such capital flight alone would account for about one-fifth of the 11.3 percentage point decline in the top 1%'s share of wealth in France from 1912 to 1929. But if the wealthy borrowed back their own flight capital in the guise of arm's-length loans, the total could account for two-fifths of the decline in the 1%'s share of wealth by both removing the assets from reported wealth and transforming them into liabilities. Losses on Russian bonds evidently accounted for up to one-fifth of the decline. This establishes the plausibility of the hypothesis that by 1929, true wealth inequality in France and Germany, at least, had declined much less than reported inequality.","keywords":"Trends in Aggregate Wealth and Wealth Inequality,Wealth Taxation","note":"Unpublished manuscript","bibtex":"@unpublished{Larudee2015,\n title = {Did Capital Go Away? {{Capital}} Flight as an Explanation for Declining Reported Wealth Inequality during and after World War {{I}}},\n author = {Larudee, Mehrene},\n year = {2015},\n url = {https://www.europe-richie.org/public/annonce.php?id=2736&langue=en},\n abstract = {Wealth inequality reportedly dropped sharply during and/or after World War I for France, Germany, and some other European countries (Piketty 2014). This paper explores what part of this drop was likely due to capital flight rather than solely physical destruction or solely loss in asset values. Piketty and Zucman (2014, Data Appendix) acknowledge that capital flight was one causal factor, at least flight of foreign assets from Germany in 1918-19 or so. For capital flight to Switzerland from France from 1912 to 1929, it is estimated, based on plausible assumptions, that the top 1 percent of wealth-holders transferred as much as 8 percent of their wealth to Switzerland, up to three-fourths of it as securities and one-fourth as financial deposits. This was over 5 percent of all private wealth in France. It was also over one-fifth of the financial deposits owned by the 1 percent, and it was the large majority of their foreign securities (apart from worthless Russian bonds, which the Soviets repudiated in 1918). Such capital flight alone would account for about one-fifth of the 11.3 percentage point decline in the top 1\\%'s share of wealth in France from 1912 to 1929. But if the wealthy borrowed back their own flight capital in the guise of arm's-length loans, the total could account for two-fifths of the decline in the 1\\%'s share of wealth by both removing the assets from reported wealth and transforming them into liabilities. Losses on Russian bonds evidently accounted for up to one-fifth of the decline. This establishes the plausibility of the hypothesis that by 1929, true wealth inequality in France and Germany, at least, had declined much less than reported inequality.},\n keywords = {Trends in Aggregate Wealth and Wealth Inequality,Wealth Taxation},\n note = {Unpublished manuscript}\n}\n\n","author_short":["Larudee, M."],"key":"Larudee2015","id":"Larudee2015","bibbaseid":"larudee-didcapitalgoawaycapitalflightasanexplanationfordecliningreportedwealthinequalityduringandafterworldwari-2015","role":"author","urls":{"link":"https://www.europe-richie.org/public/annonce.php?id=2736&langue=en"},"keyword":["Trends in Aggregate Wealth and Wealth Inequality","Wealth Taxation"],"metadata":{"authorlinks":{}},"downloads":0},"bibtype":"unpublished","creationDate":"2019-11-06T13:38:53.877Z","downloads":0,"keywords":["trends in aggregate wealth and wealth inequality","wealth taxation"],"search_terms":["capital","away","capital","flight","explanation","declining","reported","wealth","inequality","during","world","war","larudee"],"title":"Did Capital Go Away? 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