Enea Baselgia

Peer-Reviewed Publications

4. The Compliance Effects of the Automatic Exchange of Information: Evidence from the Swiss Tax Amnesty
single-authored.

The Journal of Public Economics, Volume 258, June 2026, 105653. replication package

Abstract: This paper studies the effects of the 2017 multilateral automatic exchange of information (AEoI) on tax compliance in Switzerland. Using detailed administrative tax data and difference-in-differences designs, I document large and persistent compliance gains. The AEoI triggered around 107,000 taxpayers (about 2% of all) to enter Switzerland’s tax amnesty, disclosing CHF 37.6 billion of previously hidden wealth (over 5.5% of GDP). At the micro level, once they enter the amnesty, participants increase reported wealth by roughly 50% on average, with effects sustained in the medium run. Finally, the evidence indicates that tax evasion in Switzerland is widespread and comparatively more evenly distributed across the wealth distribution than in other countries.
Covered by Tagesanzeiger, Tamedia, NZZ.

3. Mobility Responses to Special Tax Regimes for the Super-Rich: Evidence from Switzerland
Joint with Isabel Z. Martínez.

The Economic Journal, Volume 135, Issue 668, May 2025, Pages 1388–1409.

Abstract: We use a novel rich-list data set to estimate the sensitivity of the location choice of super-rich foreigners to a special tax regime, under which wealthy foreigners are taxed on their living expenses, rather than their true income and wealth. We are the first to show that when some Swiss cantons repealed this controversial policy, their stock of super-rich foreigners dropped by 43% as a consequence. We find no response for the Swiss super-rich, who were unaffected by the policy change. The implied wealth and income tax mobility elasticities range between 28.4–32.2 and 1.4–1.5, respectively.
Covered by Bilanz, Blick, 10vor10(SRF), NZZ.

2. Using Rich Lists to Study the Super-Rich and Top Wealth Inequality: Insights from Switzerland
Joint with Isabel Z. Martínez.
The Review of Economics and Statistics (forthcoming, online first: June 14, 2024).

Abstract: We present a new data set we built based on Swiss rich lists going back to 1989. We show, among other things, that 60% of the super-rich are heirs—a fraction twice as large as in the US—and that wealth mobility at the very top has declined significantly. We find that top 0.01% wealth shares are higher than previous estimates based on wealth tax statistics suggest. At the same time, we argue that rich list data lead to overestimating wealth inequality. While rich lists are valuable to study the super-rich, we recommend to use reported wealth figures with caution.
Covered by Bilanz, Blick, 10vor10(SRF), NZZ, Beobachter, watson, Tagesanzeiger.
Previous versions circulated as:

KOF Working Paper No. 501 (2022) titled: "Tracking and Taxing the Super-Rich: Insights from Swiss Rich Lists"
EU Tax Observatory Working Paper No. 12 (2023) titled: "Behavioral Responses to Special Tax Regimes for the Super-Rich: Insights from Swiss Rich Lists"

1. Wealth-Income Ratios in Free Market Capitalism: Switzerland, 1900-2020

Joint with Isabel Z. Martínez.The Review of Economics and Statistics, (2025) 107 (4): 914–934.

Abstract: We show that over the 20th century, in Switzerland the ratio of private wealth to national income, β, did not follow a U-shaped pattern, thereby contrasting the evolution in most European countries. Instead, the ratio was exceptionally stable at around 500%. We argue that this consistently high β was the result of geopolitical factors combined with Switzerland’s capital friendly policy-making. Since the turn of the century, however, β has been on a rapid rise to reach 793% in 2020. This exceptionally fast increase is mainly driven by large capital gains, especially in housing wealth.
Covered by Sonntagszeitung, Der Bund / Tamedia, Weltwoche. A summary (in German) can be found on Ökonomenstimme.

Working Papers

Income, Wealth, and Redistribution in a Tax Haven: Distributional National Accounts for Switzerland

Joint with Remo Gurtner, Julian Koller, and Isabel Z. Martínez.

Abstract: This paper analyzes the composition and distribution of national income, private wealth, and the extent of redistribution in Switzerland from 2003 to 2022, combining micro tax, survey, and national accounts data. Constructing Distributional National Accounts (DINA) requires addressing two features of the Swiss setting. Switzerland is a tax haven, so we correct for cross-border profit shifting by multinationals. It is also fiscally decentralized. Lacking nationally representative tax microdata, we reweight cantonal micro tax records to match national distributions. We find that pre-tax income inequality is substantially higher than suggested by tax statistics: the top 1% income share increases by 50% once retained earnings and privileged dividends are included. Compared to previous estimates, wealth inequality is somewhat higher but shows no upward trend. The overall Swiss tax-and-transfer system is close to flat across most of the distribution, at around 45% of pre-tax income, declining to below 30% for the top 0.01%.

Selected Work in Progress

Golden Shackles? The Effects of Pension Portability on Job Mobility and Wages

Joint with Simon Jäger, Benjamin Schoefer, and Michael Siegenthaler.

How the Largest US Tax Reform Reshaped Multinationals and Labor Markets Abroad: Evidence from Switzerland
Joint with Julian Koller, and David Torun.

Contributions to Books

1. Inequality and Growth

Joint with Reto Foellmi. Handbook of Labor, Human Resources and Population Economics. Edited by Klaus F. Zimmermann. Cham: Springer. 2022.

Abstract: What is the relationship between inequality and growth? This question has occupied and fascinated social scientists for more than a century. This article critically reviews the recent empirical and theoretical literature on the complex interplay between inequality and economic growth. Inequality might come in many forms: (top) incomes, wages, wealth, land, or opportunities. At the same time, growth performance could be measured as average growth rates, variability of growth, or the potential for growth to ‘take off’. We consider causality running from inequality to growth; hence, the Kuznets hypothesis is only touched on in passing. The empirical literature estimating the effect of inequality on growth has produced a wide range of results, precluding clear-cut conclusions on the inequality–growth relationship. Consequently, it remains central to understand the underlying economic causes and channels through which (different aspects of) inequality can promote or hamper economic growth. This review aims to provide a broad overview of the contemporary results and an outline for prospective empirical and theoretical work.
Covered by VoxEU Talks. A summary can be found on VoxEU.

Other Publications

Digital Service Taxes (EU Tax Observatory Note)
Joint with Kane Borders, Sofía Balladares, Mona Barake.

Abstract: Digital Service Taxes (DSTs) are a recently introduced fiscal tool designed to tax digital companies. This note collects all publicly available data to take stock of the first few years of DST implementation. Cur- rently, twelve countries – both OECD and non-OECD – have an active DST in place. Current tax revenues from these DSTs are mostly in line with expected revenues, comparable in magnitude to estimated Pillar 1 revenues, and rising rapidly. First experiences (e.g., from the UK) suggest that DSTs can be effective at taxing digital companies that have tended to pay low corporate income tax rates in destination countries in a targeted way. However, the available data remains limited and more research needs to be done to progress towards a full cost-benefit analysis of DSTs.

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