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Indicators of Housing Finance Intergenerational Wealth Transfers

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  • Edwin Deutsch

Abstract

This paper sheds light on intrafamilial gifts for housing. By using Austrian intergenerational survey data various questions are addressed. First, is familial aid more or less widespread in given social strata? Second, what are the determinants and motives for family gifts? And third, what are the possible impacts on the choice set of their recipients? Probit estimates show that gifts significantly depend on the parents lifetime financial position, consistent with life cycle permanent income (LCPI) approaches. Gifts to remove liquidity constraints are more difficult to reconcile with LCPI. “Dynastic” gifts that support household formation and ownership acquisition may be interpreted as intergenerational exchange. They occur more frequently than periodical cash transfers where altruistic behavior cannot be ruled out.

Suggested Citation

  • Edwin Deutsch, 1997. "Indicators of Housing Finance Intergenerational Wealth Transfers," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 25(1), pages 129-172, March.
    • Handle: RePEc:bla:reesec:v:25:y:1997:i:1:p:129-172
    DOI: 10.1111/1540-6229.00710
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    References listed on IDEAS

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    1. Palle S. Andersen & Neale Kennedy, 1994. "Household saving and real house prices: an international perspective," BIS Working Papers 20, Bank for International Settlements.
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    1. Deutsch, Edwin & Neuwirth, Norbert & Yurdakul, Askin, 2001. "Housing and Labor Supply," Journal of Housing Economics, Elsevier, vol. 10(3), pages 335-362, September.
    2. Moriizumi, Yoko, 2003. "Targeted saving by renters for housing purchase in Japan," Journal of Urban Economics, Elsevier, vol. 53(3), pages 494-509, May.
    3. Deutsch, Edwin & Tiwari, Piyush & Moriizumi, Yoko, 2006. "The slowdown in the timing of housing purchases in Japan in the 1990s," Journal of Housing Economics, Elsevier, vol. 15(3), pages 230-256, September.

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