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The Impact of Intergenerational Transfers on the Distribution of Wealth: An International Comparison

Author

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  • Horioka, Charles Yuji

Abstract

Abstract: In this paper, I analyze detailed data on intergenerational transfers in 4 countries (China, India, Japan, and the United States) from the "Japan Household Panel Survey on Consumer Preferences and Satisfaction (JHPS-CPS)" which has been conducted by the Institute of Social and Economic Research of Osaka University in these 4 countries since 2003, in order to shed light on the impact of intergenerational transfers on household wealth disparities and on possible reasons for the substantial differences in household wealth disparities among the 4 countries. Almost all of the evidence I present suggests that intergenerational transfers have a disequalizing impact on household wealth disparities and promote the transmission of household wealth disparities from generation to generation in all 4 countries although the magnitude of these effects varies considerably from country to country. Moreover, the evidence I present sheds considerable light on possible reasons for the substantial differences in household wealth disparities among the 4 countries.

Suggested Citation

  • Horioka, Charles Yuji, 2024. "The Impact of Intergenerational Transfers on the Distribution of Wealth: An International Comparison," AGI Working Paper Series 2024-21, Asian Growth Research Institute.
    • Handle: RePEc:agi:wpaper:02000143
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    File URL: https://agi.repo.nii.ac.jp/records/2000143
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    File URL: https://agi.repo.nii.ac.jp/record/2000143/files/WP2024-21.pdf
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    More about this item

    Keywords

    bequests; estates; household wealth; inheritances; inter vivos transfers; intergenerational mobility; intergenerational transfers; wealth disparities; wealth distribution; wealth inequality; China; India; Japan; United States;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination

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