Werttransfers

Value transfers, or Werttransfers, denote movements of value between economic agents in which resources are transferred without a direct addition of new goods or services. They reallocate existing wealth across individuals, households, firms, or governments and can take monetary or in-kind forms. Unlike production or exchange that creates new value, transfers redistribute value within an economy or institutional framework.

Scope and types: Current transfers include government benefits such as social security, pensions, unemployment benefits, subsidies, and private gifts or charitable contributions. Capital transfers consist of one-off reallocations of ownership, debt forgiveness, or other non-production transfers of wealth. Transfers can occur domestically or across borders—for example, remittances, international aid, and cross-border social benefits. They may also occur within organizations or households as gifts or in-kind support.

Measurement and significance: In national accounts and balance of payments, Werttransfers are recorded separately from production and investment. They affect income distribution, consumption, and saving behavior without being counted as value added in GDP. Transfers help with risk sharing and welfare redistribution, but can influence work incentives, savings, and fiscal sustainability depending on design and scale.

Examples and policy relevance: Common examples include remittances from migrants to their home countries, pensions and social security payments, unemployment benefits, subsidies to households or industries, and inheritances. Analyzing Werttransfers helps policymakers understand redistribution, social protection coverage, and macroeconomic stabilization, while accounting frameworks use them to map welfare flows and fiscal transfers.