493 results on '"Intergenerational transfers"'
Search Results
2. Theoretical perspectives on reproductive aging
- Author
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Lee, Ronald and Chu, CY Cyrus
- Subjects
Ecological Applications ,Biological Sciences ,Ecology ,Evolutionary Biology ,Environmental Sciences ,Aging ,Contraception/Reproduction ,Reproductive health and childbirth ,Good Health and Well Being ,optimal life history ,reproductive senescence ,reproductive aging ,intergenerational transfers ,fertility ,reproductive decline ,fertility theory ,life history theory ,Evolutionary biology ,Ecological applications - Abstract
Age patterns of female reproduction vary widely among iteroparous animal species with determinate growth. Often fertility declines with age, but in other cases, it may be flat or rise across age. Sometimes fertility ceases altogether, leaving a substantial post-reproductive life span. In this article, we discuss theories that may provide some insights into how these diverse patterns might evolve. We present a simple optimal life history model and consider circumstances in which fertility might rise or fall with age. In our model, without assuming that costs per birth rise with age, that foraging efficiency declines, or that net intergenerational transfers increase, we find that optimal fertility would tend to rise rather than decline. This happens because less energy would be allocated to survival at older ages, leaving more to allocate to fertility. In our analysis, optimal fertility could decline at older ages when an older female makes heavy net intergenerational transfers to multiple offspring or grandoffspring, reducing resources for her own reproduction. This pattern is more likely to evolve when costs of fertility at older ages are higher, when costs of reducing juvenile mortality are low, and when the level of juvenile mortality is high. We also derive conditions for the evolution of menopause, for determinate growth, and for juvenile mortality that declines with age. The optimal life history can exhibit a variety of age patterns of fertility, rising, flat, or falling, depending on the constraints and opportunities faced.
- Published
- 2023
3. The importance of elders: Extending Hamilton’s force of selection to include intergenerational transfers
- Author
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Davison, Raziel and Gurven, Michael
- Subjects
Aging ,Behavioral and Social Science ,Basic Behavioral and Social Science ,Generic health relevance ,Adult ,Aged ,Biological Evolution ,Female ,Humans ,Life Expectancy ,Longevity ,Middle Aged ,Reproduction ,Selection ,Genetic ,human evolution ,force of selection ,intergenerational transfers ,life history theory ,postreproductive lifespan - Abstract
In classical evolutionary models, the force of natural selection diminishes with age toward zero by last reproduction. However, intergenerational resource transfers and other late-life contributions in social species may select for postreproductive longevity. We present a formal framework for estimating indirect fitness contributions via production transfers in a skills-intensive foraging niche, reflecting kinship and cooperation among group members. Among contemporary human hunter-gatherers and horticulturalists, indirect fitness contributions from transfers exceed direct reproductive contributions from before menopause until ages when surpluses end, around the modal age of adult death (∼70 y). Under reasonable assumptions, these benefits are the equivalent to having up to several more offspring after age 50. Despite early independence, minimal production surplus, and a shorter lifespan, chimpanzees could theoretically make indirect contributions if they adopted reliable food-sharing practices. Our results for chimpanzees hypothetically adopting hunter-gatherer subsistence suggest that a skills-intensive foraging ecology with late independence and late peak production could select for human-like life histories via positive feedback between longevity and late-life transfers. In contrast, life history changes preceding subsistence shifts would not favor further life extension or subsistence shifts. Our results formalize the theory that longevity can be favored under socioecological conditions characterized by parental and alloparental care funded through transfers of mid- to late-life production surpluses. We also extend our analysis beyond food transfers to illustrate the potential for indirect fitness contributions from pedagogy, or information transfers. While we focus mostly on humans, our approach is adaptable to any context or species where transfers can affect fitness.
- Published
- 2022
4. Essays on wage determinants in the long and the short run
- Author
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Telemo, Paul, Visschers, Ludo, and Elsby, Mike
- Subjects
Wage Determinants ,intergenerational occupational mobility ,routine-biased technological change ,RBTC ,Intergenerational Transfers ,Age-wage-productivity ,Intergenerational insurance ,job search behaviour ,Wealth - Abstract
This thesis consists of three independent chapters, each of which studies the processes behind the determination of workers' wages. The first chapter takes a long run perspective; it investigates the labour market consequences of advances in automation technology in the late 20th century, with an emphasis on how this technology affected earnings of workers in different occupations, as well as the career choices and opportunities for social mobility of their children. The remaining chapters have a shorter run perspective: the second chapter studies how individual and parental wealth affect job search behaviour and earnings; and the third chapter studies wages over the career-cycle in a particular setting where both earnings and performance can be directly measured: the market for professional footballers. Intergenerational Occupational Mobility and Routine-biased Technological Change: This chapter analyses intergenerational occupational mobility in the presence of routine-biased technological change (RBTC). During the recent era of job polarization, fathers in cognitive jobs became relatively more likely to have sons with cognitive jobs, while the rise in low-skilled manual jobs was mainly accounted for by children of routine workers. These facts, among others, are rationalized in a general equilibrium, overlapping generations model where both financial resources and learning ability are transferred from parents to their children. Education choices are endogenous, and the cost of education depends on the cognitive wage rate - hence both parents' income and the economy-wide cognitive wage premium affect the education decision. The model is calibrated to the US economy and successfully captures key empirical patterns. Despite depressing routine wages, altruistic preferences meant that routine workers born 1950-1965 saw welfare gains due to RBTC, although they would have preferred a slower adoption. Intergenerational Transfers, Wealth, and Job Search Behaviour: This chapter, which is co-authored with Ludo Visschers, analyzes the effects of individual wealth and parental wealth on job search behaviour. Making use of the quasi-random timing of the 2008 economic stimulus payments in the US, we confirm a finding from the previous literature: an increase in liquid wealth tends to lower job finding rates and increase reemployment wages, especially for lower wage and younger individuals. We also investigate how this finding may generalize to parental wealth. Using data from the 1979 National Longitudinal Survey of Youth, as well as its follow-up child and young adult survey, we find that parental inter-vivos transfers depend on both the (adult) child's employment status and the income of the parents. This finding suggests that individuals from wealthier background may be better insured against negative labour market shocks such as a job loss. Motivated by this, we estimate the effect of parental income on job search behaviour. In the cross-section, we find that the correlation between parental income and job search behaviour is different from the exogenous wealth shock: richer parents tend to be associated with higher job finding rates as well as higher reemployment wages, even after controlling for a rich set of characteristics. However, when estimating the effect of a job loss of a mother on the job search behaviour of her (adult) children we do find a positive effect on the job finding hazard and a negative effect on the occupational rank of the new job. This effect is stronger for individuals with deceased or absent fathers. We argue that these results motivate further investigation into intergenerational insurance and job search. The Age-wage-productivity puzzle: A Contribution from Professional Football This chapter, which is co-authored with Rachel Scarfe, Carl Singleton and Adesola Sunmoni, concerns the evolution of wages and productivity over a worker's career. There is a positive relationship between age and wages in most labour markets and occupations. However, the effects of age on productivity are often unclear. We use panel data on the productivity and salaries of all the elite professional footballers in North America to estimate age-productivity and age-wage profiles. We find stark differences between these profiles; while the productivity of professional footballers peaks at the age of 26, wages continue to increase throughout most of their careers. This discrepancy has been observed in other labour markets, and poses the question: why are older workers seemingly overpaid relative to their contemporaneous productivity? The richness of our dataset allows us to consider a number of possible mechanisms that could be responsible. However, we fail to solve the age-wage-productivity puzzle that we have identified in this market.
- Published
- 2022
- Full Text
- View/download PDF
5. Who Does "Endowment Insurance" Support: The Elderly or Their Grown-up Children?
- Author
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Liu, Ligang, Xiao, Zhiwu, and Deng, Yang
- Subjects
- *
LIFE insurance endowment policies , *PENSIONS , *NATIONAL security , *FINANCIAL management - Abstract
This research paper seeks to understand whether the current basic endowment insurance policy has properly played the role of supporting the elderly needs through intergenerational support within the family. Theoretically, there are problems of the imbalanced structure of pension security, retirees' comparatively higher pension and the low-level security of young people's in-service income, and drawbacks of the existing endowment insurance system, both have a certain causal relationship with "gnawing the old." Data on China's family tracking survey in 2016 (CFPS2016), Probit model, IV and PSM robustness testing methods were also used to study the relationship between parents' pensions and their grownup children's "gnawing-the-old" behavior. The results show that: (1) Compared with young people from families without pension income, those with pensioned parent(s) will less possibly choose to work; the parents' financial assistance behavior would restrain the children's intention to work and increase the possibility of "gnawing the old"; (2) Neither the amount of pension income nor financial assistance given to the children is significantly related to young people's "gnawing the old"; (3) Young people's "gnawing the old" behaviors are different according to their parents' professions and living areas; (4) The gap between parents' pension income and children's in-service income also adds to the causes of "gnawing the old." The policy implications of these findings are discussed particularly the formulation of a scientific mechanism for pension income. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
6. Inheritance and inequality among nomads of South Siberia.
- Author
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Hooper, Paul L., Reynolds, Adam Z., Jamsranjav, Bayarsaikhan, Clark, Julia K., Ziker, John P., and Crabtree, Stefani A.
- Abstract
At the headwaters of the Yenisei River in Tuva and northern Mongolia, nomadic pastoralists move between camps in a seasonal rotation that facilitates their animals' access to high-quality grasses and shelter. The use and informal ownership of these camps depending on season helps illustrate evolutionary and ecological principles underlying variation in property relations. Given relatively stable patterns of precipitation and returns to capital improvement, families generally benefit from reusing the same camps year after year. We show that locations with higher economic defensibility and capital investment—winter camps and camps located in mountain/river valleys—are claimed and inherited more frequently than summer camps and camps located in open steppe. Camps are inherited patrilineally and matrilineally at a ratio of 2 : 1. Despite its practical importance, camp inheritance is not associated with livestock wealth today, which is better predicted by education and wealth outside the pastoral economy. The relationship between the livestock wealth of parents and their adult children is significantly positive, but relatively low compared to other pastoralists. The degree of inequality in livestock wealth, however, is very close to that of other pastoralists. This is understandable considering the durability and defensibility of animal wealth and economies of scale common across pastoralists. This article is part of the theme issue 'Evolutionary ecology of inequality'. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
7. Samuelson's Contributions to Population Theory and Overlapping Generations in Economics
- Author
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Lee, Ronald D
- Subjects
Samuelson ,overlapping generations ,social security ,population growth rate ,reproductive value ,population cycles ,intergenerational transfers ,predator-prey ,altruism - Published
- 2021
8. Taxing reproduction: the full transfer cost of rearing children in Europe
- Author
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Pieter Vanhuysse, Márton Medgyesi, and Róbert Iván Gál
- Subjects
national transfer accounts ,valuing care ,societal reproduction ,unpaid household labour ,intergenerational transfers ,social policy ,Science - Abstract
What are the intergenerational resource transfer contributions of parents and non-parents in Europe? Using National Transfer Accounts and National Time Transfer Accounts for 12 countries around 2010, we go beyond public transfers (net taxes) to also value two statistically much less visible transfers in the family realm: of market goods and of unpaid household labour (time). Non-parents contribute almost exclusively to public transfers. But parents additionally provide still larger private transfers: mothers mainly time, fathers mainly market goods. Estimating transfer stocks over the working life, the average parental/non-parental contribution ratio in Europe flips from 0.73 (public transfers alone) to 2.66 (all three transfers combined). The highest combined parental/non-parental contribution ratios are in Sweden and Finland. The metaphorical tax rates implicitly imposed thereby on rearing children in Europe are multiples of the value-added tax rates in place on consumption goods. Unveiling the sheer magnitude of these invisible transfer asymmetries carries multiple implications for policy debates. For instance, it raises the question whether ageing European societies unwittingly tax, rather than subsidise, their own reproduction. Family friendly policy models, such as the Nordic welfare states, do not mitigate this effect. They help parents work, but do not lower the implicit tax parents pay.
- Published
- 2023
- Full Text
- View/download PDF
9. Intergenerational resource sharing and mortality in a global perspective
- Author
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Vogt, Tobias, Kluge, Fanny, and Lee, Ronald
- Subjects
Human Society ,Demography ,Aging ,Behavioral and Social Science ,Basic Behavioral and Social Science ,Generic health relevance ,Good Health and Well Being ,Databases ,Factual ,Global Health ,Health Status ,Humans ,Intergenerational Relations ,Longevity ,Models ,Statistical ,Resource Allocation ,Social Behavior ,intergenerational transfers ,mortality differences ,prosocial behavior ,resource sharing - Abstract
Resource sharing has always been a central component of human sociality. Children require heavy investments in human capital; during working years, help is needed due to illness, disability, or bad luck. While hunter-gatherer elders assisted their descendants, more recently, elderly withdraw from work and require assistance as well. Willingness to share has been critically important for our past evolutionary success and our present daily lives. Here, we document a strong linear relationship between the public and private sharing generosity of a society and the average length of life of its members. Our findings from 34 countries on six continents suggest that survival is higher in societies that provide more support and care for one another. We suggest that this support reduces mortality by meeting urgent material needs, but also that sharing generosity may reflect the strength of social connectedness, which itself benefits human health and wellbeing and indirectly raises survival.
- Published
- 2020
10. On the Association between Parenthood, Number of Children and Expectations of Old-Age Welfare
- Author
-
Tomass Kristian Nielsen
- Subjects
fertility ,social security ,old-age welfare ,intergenerational transfers ,Political science ,Social Sciences - Abstract
This paper explores the association between having children and expected subjective old-age welfare within a European context. Data for 31 countries from the European Social Survey are used to model the respondents’ concern about their expected old-age well-being and welfare. Having children and the number of children are the primary explanatory variables but a broad set of controls including gender, age, education level, household income and health, as well as others are included. Regional variation in this association within Europe is discussed using four larger groups of countries. The results indicate that those with a higher number of children report that they are less worried about old-age welfare compared to those who have fewer children. In general, those without children had lower concerns regarding their old-age than those with children.
- Published
- 2022
- Full Text
- View/download PDF
11. Samuelson’s Contributions to Population Theory and Overlapping Generations in Economics
- Author
-
Lee, Ronald
- Subjects
Samuelson ,overlapping generations ,social security ,population growth rate ,reproductive value ,population cycles ,intergenerational transfers ,predator-prey ,altruism - Published
- 2019
12. No money, no housing security? The role of intergenerational transfers, savings, and mortgage in mobility within and into insecure housing positions in Hungary
- Author
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Adrienne CSIZMADY, Agnes GYORI, and Lea KOSZEGHY
- Subjects
housing mobility ,intergenerational transfers ,housing finance ,housing policy ,hungary ,Geography (General) ,G1-922 ,Political science - Abstract
The article reviews current housing mobility patterns in Hungary, with specific regard to relocations within the rental sector and mobility from the owner occupied to the rental sector. By doing this, it intends to gain a more profound insight into housing mobility within or into less secure positions in the housing system. The analysis explores the role of factors beyond basic socioeconomic variables, such as access to different sources of housing finance, to housing mobility, through multivariable analysis of representative survey data. It points out how the lack of access to intergenerational transfers, savings, and mortgage leads to the inability of households to exit the rental sector. Besides, it draws attention to formerly mortgaged households moving from homeownership to the rental sector. It discusses the results in the context of Hungary's super-homeownership tenure structure, the highly ownership-oriented public policies, the lack of effective measures to tackle housing unaffordability and the loosely regulated rental sector. The analysis is based on data from a large sample personal survey conducted in 2018 (N=2650).
- Published
- 2022
- Full Text
- View/download PDF
13. INTERGENERATIONAL CARE SUPPORT TRANSFER: INSIGHTS FROM THE GENERATION AND GENDER SURVEY
- Author
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Mariana Buciuceanu-Vrabie and Ecaterina Grigoraș
- Subjects
intergenerational transfers ,caregiving assistance ,childcare ,elderly ,Economic history and conditions ,HC10-1085 - Abstract
Understanding intergenerational transfers of childcare is crucial in the context of declining birth rates, changing family structures, and population aging. Informal assistance in childcare is highly significant for many families with young children as it helps them balance their professional and parenting responsibilities. Existing research indicates that support provided by parents to their adult children in childcare positively impacts decisions regarding childbirth and women's participation in the labor market. The aim of this study is to analyze patterns of support transfer between different generations and identify factors influencing intergenerational transfers in Moldova. It is based on data from the "Generations and Gender" (GGS) study conducted in 2020. Thanks to its representative sample, the study encompasses aspects such as intergenerational transfers related to childcare and grandchildren, attitudes toward childcare, and socio-demographic variables. Statistical analysis involves cross-tabulations and logistic regressions to identify factors determining participation/transmission of support in childcare. The research findings demonstrate that grandparents provide significant assistance to their adult children in childcare, particularly during the initial years of the child's life. This support is predominantly received by women with young children and women with higher education with children. Typically, childcare assistance is offered by grandparents approaching pre-retirement and retirement ages. Factors such as children's ages, family size, level of education, and urban residence significantly influence the receipt of childcare assistance. The results underscore the importance of traditional values and societal expectations, providing a nuanced understanding of intergenerational relationships amidst a changing demographic landscape. They could prove valuable for policymakers and developers of programs supporting families with children.
- Published
- 2023
- Full Text
- View/download PDF
14. Theoretical perspectives on reproductive aging
- Author
-
Ronald Lee and C. Y. Cyrus Chu
- Subjects
optimal life history ,reproductive senescence ,reproductive aging ,intergenerational transfers ,fertility ,reproductive decline ,Evolution ,QH359-425 ,Ecology ,QH540-549.5 - Abstract
Age patterns of female reproduction vary widely among iteroparous animal species with determinate growth. Often fertility declines with age, but in other cases, it may be flat or rise across age. Sometimes fertility ceases altogether, leaving a substantial post-reproductive life span. In this article, we discuss theories that may provide some insights into how these diverse patterns might evolve. We present a simple optimal life history model and consider circumstances in which fertility might rise or fall with age. In our model, without assuming that costs per birth rise with age, that foraging efficiency declines, or that net intergenerational transfers increase, we find that optimal fertility would tend to rise rather than decline. This happens because less energy would be allocated to survival at older ages, leaving more to allocate to fertility. In our analysis, optimal fertility could decline at older ages when an older female makes heavy net intergenerational transfers to multiple offspring or grandoffspring, reducing resources for her own reproduction. This pattern is more likely to evolve when costs of fertility at older ages are higher, when costs of reducing juvenile mortality are low, and when the level of juvenile mortality is high. We also derive conditions for the evolution of menopause, for determinate growth, and for juvenile mortality that declines with age. The optimal life history can exhibit a variety of age patterns of fertility, rising, flat, or falling, depending on the constraints and opportunities faced.
- Published
- 2023
- Full Text
- View/download PDF
15. On the Association between Parenthood, Number of Children and Expectations of Old-Age Welfare.
- Author
-
Nielsen, Tomass Kristian
- Subjects
INCOME ,PARENTHOOD ,SOCIAL security - Abstract
This paper explores the association between having children and expected subjective old-age welfare within a European context. Data for 31 countries from the European Social Survey are used to model the respondents' concern about their expected old-age well-being and welfare. Having children and the number of children are the primary explanatory variables but a broad set of controls including gender, age, education level, household income and health, as well as others are included. Regional variation in this association within Europe is discussed using four larger groups of countries. The results indicate that those with a higher number of children report that they are less worried about old-age welfare compared to those who have fewer children. In general, those without children had lower concerns regarding their old-age than those with children. [ABSTRACT FROM AUTHOR]
- Published
- 2022
16. No money, no housing security? The role of intergenerational transfers, savings, and mortgage in mobility within and into insecure housing positions in Hungary.
- Author
-
CSIZMADY, Adrienne, GYŐRI, Ágnes, and KŐSZEGHY, Lea
- Subjects
- *
HOME ownership , *RENTAL housing , *HOUSING finance , *HOUSING , *RESIDENTIAL patterns , *MORTGAGES , *SOCIOECONOMIC factors - Abstract
The article reviews current housing mobility patterns in Hungary, with specific regard to relocations within the rental sector and mobility from the owner occupied to the rental sector. By doing this, it intends to gain a more profound insight into housing mobility within or into less secure positions in the housing system. The analysis explores the role of factors beyond basic socioeconomic variables, such as access to different sources of housing finance, to housing mobility, through multivariable analysis of representative survey data. It points out how the lack of access to intergenerational transfers, savings, and mortgage leads to the inability of households to exit the rental sector. Besides, it draws attention to formerly mortgaged households moving from homeownership to the rental sector. It discusses the results in the context of Hungary's super-homeownership tenure structure, the highly ownership-oriented public policies, the lack of effective measures to tackle housing unaffordability and the loosely regulated rental sector. The analysis is based on data from a large sample personal survey conducted in 2018 (N=2650). [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
17. Population Aging and the Three Demographic Dividends in Asia
- Author
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Naohiro Ogawa, Norma Mansor, Sang-Hyop Lee, Michael R.M. Abrigo, and Tahir Aris
- Subjects
demographic dividends ,intergenerational transfers ,National Transfer Accounts ,population aging ,Social sciences and state - Asia (Asian studies only) ,H53 - Abstract
The present study first examines the trends in age structural shifts in selected Asian economies over the period 1950–2050 and analyzes their impact on economic growth in terms of the first and second demographic dividends computed from the system of National Transfer Accounts. Then, using the National Transfer Accounts, we analyze the effect of the age structural shifts on the pattern of intergenerational transfers in Japan; the Republic of Korea; and Taipei,China. A brief comparison of the results reveals that, in the next few decades, the latter two are likely to follow in Japan's footsteps by increasing public transfers and asset reallocations, and by reducing familial transfers, particularly among older persons. Next, we consider a newly defined demographic dividend, which is generated through the use of the untapped work capacity of healthy older persons and to which we refer as “the silver” or “the third” demographic dividend. By drawing upon microlevel datasets obtained from Japan and Malaysia, we calculate the magnitude of the impact of that dividend on macroeconomic growth in each of the two economies, concluding that while in Japan the expected effect is substantial, in Malaysia it will take several decades before the country can enjoy comparable benefits.
- Published
- 2021
- Full Text
- View/download PDF
18. Intergenerational Transfers in the New Dutch Pension Contract.
- Author
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van Bilsen, Servaas, Mehlkopf, Roel J., and van Stalborch, Stephan
- Subjects
PENSIONS ,YOUNG workers ,PENSION trusts ,ABNORMAL returns ,PENSION reform ,CONTRACTS - Abstract
This paper measures intergenerational transfers through the solidarity reserve of the newly proposed Dutch occupational pension contract. Our first conclusion is that the role of the solidarity reserve is higher than it may appear at a first glance. The fraction of pension savings that can go directly into the solidarity reserve is limited to 10%. However, we find that, in addition, around 30% of the pension savings of a young worker can subsequently be transferred to the solidarity reserve via a levy on future positive excess returns. Our second finding is that the solidarity reserve can introduce a substantial pay-as-you-go element within a funded pension scheme. This feature of the solidarity reserve can be overlooked easily and is not mentioned in the pension bill. Our policy recommendation to pension funds is to make explicit whether or not there is a pay-as-you-go element via the solidarity reserve, and if so to assess whether this is desirable. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
19. Distribution of household assets in Croatia
- Author
-
Marina Kunovac
- Subjects
survey data ,household finance and consumption survey (hfcs) ,net household assets ,household inequality ,intergenerational transfers ,croatia ,Economics as a science ,HB71-74 - Abstract
This paper analyses the main components and distribution of household net assets in Croatia on the basis of the data from the Household Finance and Consumption Survey (HFCS) by taking into account different socio-demographic characteris¬tics of households. The main results indicate that real assets are widely distributed among households, whereby 85% of households own the household main resi¬dence. Financial assets and liabilities account for larger share among wealthier households. The analysis of the main determinants establishing the position of an individual household in distribution of assets has additionally highlighted the importance of the household main residence (HMR). Households with inherited HMR are less likely to be positioned in the lowest net asset quintile. In addition, households with HMR in the city of Zagreb or on the Adriatic Coast are more likely to be in higher asset quintile groups. The survey has also found that the level of household income, educational attainment, labour market status and age of the household reference person affect the probability of positioning a household in a certain net asset quintile.
- Published
- 2020
- Full Text
- View/download PDF
20. DOMINANTNI TEORIJSKI PRISTUPI U PROUČAVANJU INTERGENERACIJSKIH ODNOSA U PORODICI.
- Author
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Vlajić, Milica
- Abstract
Copyright of Sociologija/Sociology: Journal of Sociology, Social Psychology & Social Anthropology is the property of MOD International and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2021
- Full Text
- View/download PDF
21. The role of parents on the home ownership experience of their children: Evidence from the health and retirement study.
- Author
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Bond, Shaun A. and Eriksen, Michael D.
- Subjects
HOME ownership ,PARENT-adult child relationships ,HOMEOWNERS ,PARENTS ,HOUSE buying - Abstract
We construct matched panel data sets of adult children with their parents to study the role of lagged parental attributes on subsequent home ownership decisions between 2000 and 2012. Earlier research has demonstrated intergenerational wealth transfers from parents to children are an important source of upfront equity used to purchase a first home, although parental attributes are often omitted as determinants of tenure due to data limitations. A significant role is found for lagged parental wealth on the ability of adult children to become and remain home owners over this period. Endowed differences in parental wealth are estimated to account for the largest explainable share of the white/non‐white gap in becoming a homeowner, and maintaining home ownership once attained. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
22. Intergenerational Transfers in Infant Mortality in Southern Sweden, 1740-1968
- Author
-
Luciana Quaranta
- Subjects
Infant mortality ,Intergenerational transfers ,Survival analysis ,Intermediate Data Structure ,Sweden ,Economic theory. Demography ,HB1-3840 - Abstract
Studies conducted in historical populations and developing countries have evidenced the existence of clustering in infant deaths, which could be related to genetic inheritance, early life exposures, and/or to social and cultural factors such as education, socioeconomic status or parental care. A transmission of death clustering has also been found across generations. This paper is one of five studies that analyses intergenerational transmissions in infant mortality by using a common program to create the dataset for analysis and run the statistical models with data stored in the Intermediate Data Structure. The results of this study show that in five rural parishes in Scania, the southernmost province of Sweden, during the years 1740-1968 infant mortality was transmitted across generations. Children whose maternal grandmothers experienced two or more infant deaths had higher risks of dying in infancy. The results remained consistent when restricting the sample only to cases where the grandmother had been observed for her entire reproductive history or when controlling for socioeconomic status. When running sex specific models, significant effects of the number of infant deaths of the grandmother were observed for girls but not for boys.
- Published
- 2018
23. THE STRATIFICATION OF FAMILY-OWNED HOUSING ASSETS
- Author
-
Hirayama, Yousuke
- Subjects
世代間承継 ,住宅資産 ,階層化 ,Familisation ,Intergenerational transfers ,Housing assets ,Stratification ,住宅所有 ,家族化 ,Home ownership - Abstract
This paper argues the role of family owned residential properties in the reshaping of social class. As homeowner societies mature with the ‘familisation’ of owner occupied housing, the distribution of housing assets over generations acts as a progressively significant mechanism in widening inequalities. Following Forrest and Hirayama (2018), this paper draws on my empirical survey conducted in Japan as a mature home owning economy to explore social cleavages between accumulating families which further accumulate multiple property assets over generations; ‘dissipating families’ which undergo a decline in the value of their property assets; and perpetually renting families which are increasingly excluded from property based society.
- Published
- 2023
24. Intergenerational transfers and well-being in old age in contemporary urban and rural China
- Author
-
Chen, Taichang and Leeson, George
- Subjects
305.260951 ,Sociology ,Intergenerational relationships ,Population ,Demography and population ageing ,Intergenerational transfers ,China ,Pensions - Abstract
China is entering a new historical era that has as its demographic hallmark an ageing population. The fact that China is ageing before it becomes a modernised, wealthy country, presents serious challenges, one of the most direct and important of which relates to support for older members of society. This thesis concerns the way in which different factors affect intergenerational transfers from adult children to their old parents, with particular focus on living arrangements and parental income. The core question this thesis aims to address is: If public transfers increase, would this crowd out private transfers? The results of the estimated association between living arrangements and intergenerational transfers are also used to improve the robustness of the test of crowding-out effect. This study is based on empirical analyses of two waves of nationally representative datasets, covering adult individuals aged 60 and over from 20 provinces in urban and rural China. Living arrangements are vital to intergenerational transfers and welfare in old age, especially in China where the family-based support mechanism by which the young cared for the old was traditionally through coresidence. The descriptive statistics show that though coresidence is still the predominant living arrangement in rural areas, older Chinese people are increasingly less likely to co-reside with children. Such changes in living arrangements, however, do not leave older people isolated over time. Investigation of the determinants of older people’s coresidence decisions shows that older people with more financial or instrumental needs are more likely to live with children. Analysis of the determinants of parents’ living distance from children finds that in urban areas, old parents with higher pensions are more likely to live far away from children, although insignificant effects are found for rural samples. Finally, this study finds weak evidence that parents living far from children receive more intergenerational transfers. Overall, it has been found that family support, including intergenerational monetary transfers, is still prevalent in China; particularly in rural areas. Although a pattern of declining intergenerational transfers began to emerge during the period between 2000 and 2006, the family unit, and traditional family support, appear likely to remain an essential pillar of security in old age. Through the use of a variety of quantitative methodologies this thesis is able to provide robust estimates of how the increase in public programmes is influencing private transfers in China. Analysis of the factors that determine the incidence of receipt of transfers from children suggests that intergenerational transfers in China tend to target old parents that are in greater financial need. Moreover, the analysis of determinants of the size of transfer suggests that although altruism and exchange motives co-exist, the exchange motive dominates inter-generational transfers in urban China. This study does not find statistically significant estimates of transfer derivatives for older people in rural areas. The emerging pattern of support for older people indicates the pursuit of a new balance between formal and informal support. This thesis argues that a gradual increase in public transfers will not crowd out private transfers, and, in cities, may actually strengthen private transfers.
- Published
- 2013
25. Childlessness and Intergenerational Transfers in Later Life
- Author
-
Albertini, Marco, Kohli, Martin, Max Planck Institute for Demographi, Vaupel, James W., Editor-in-chief, Kreyenfeld, Michaela, editor, and Konietzka, Dirk, editor
- Published
- 2017
- Full Text
- View/download PDF
26. The Norwegian Petroleum Fund: Savings for Future Generations?
- Author
-
TAKLE, MARIANNE
- Subjects
U.S. dollar ,PETROLEUM production ,MARKET value ,NORWEGIANS ,PETROLEUM industry ,PETROLEUM - Abstract
The Norwegian state-owned Petroleum Fund's market value is more than one trillion US dollars, and the Norwegian state has become one of the world's largest stockowners. The Fund was established in 1990 and in 2006 and renamed the 'Government Pension Fund Global', as savings for future generations. What kind of values form the basis for describing the Petroleum Fund in this way? This article shows that the idea that present generations should not empty the North Sea of oil and gas without saving something for future generations has been stable since the 1970s. However, over time, the understanding of how to save has changed. More specifically experts, bureaucrats and politicians have shifted their arguments during four phases: moderation in oil extraction (1974-1983); introduction of the national wealth model (1984-1990); a financial fund for the present and the future (1991-2006); and increased income and new protests (2007-2019). These four periods show that over time the idea of weak sustainability and value commensurability have increasingly come to dominate the argumentation in public documents about the Petroleum Fund. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
27. Medicaid and long‐term care: The effects of penalizing strategic asset transfers.
- Author
-
Liu, Junhao and Mukherjee, Anita
- Subjects
FINANCIAL literacy ,MEDICAID ,ASSETS (Accounting) ,NURSING care facilities ,INSURANCE - Abstract
Medicaid provides a critical source of insurance for long‐term care, and individuals may strategically offload assets (typically to children) to meet the means‐tested eligibility requirement. In this article, we quantify the extent of such behavior using variation in the penalty for improper parent‐to‐child transfers induced by the Deficit Reduction Act of 2005. We estimate difference‐in‐differences models based on the hypothesis that only individuals with high levels of nursing home risk (high risk) will alter transfers because of the Act. We find that over a 2‐year horizon, high‐risk individuals reduced transfers to children on the extensive margin by 11 percent and that the average total amount of transfers decreased by $4,860. The results hold only for coupled respondents. We also conduct a triple‐differences analysis to examine heterogeneity with financial literacy and find that even those with a low level of financial literacy responded to the penalty. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
28. On the evolution of intergenerational division of labor, menopause and transfers among adults and offspring
- Author
-
Cyrus, Chu CY and Lee, Ronald D
- Subjects
Biological Sciences ,Mathematical Sciences ,Aging ,Contraception/Reproduction ,Adult ,Adult Children ,Biological Evolution ,Female ,Humans ,Male ,Menopause ,Models ,Biological ,Mutation ,Reproduction ,Social Behavior ,Life history ,Optimal ,Intergenerational transfers ,Group selection ,Individual selection ,Information and Computing Sciences ,Evolutionary Biology ,Biological sciences ,Mathematical sciences - Abstract
We explain how upward transfers from adult children to their elderly parents might evolve as an interrelated feature of a deepening intergenerational division of labor. Humans have a particularly long period of juvenile dependence requiring both food and care time provided mainly by younger and older adults. We suggest that the division of labor evolves to exploit comparative advantage between young and old adults in fertility, childcare and foraging. Eventually the evolving division of labor reaches a limit when the grandmother's fertility reaches zero (menopause). Continuing, it may hit another limit when the grandmother's foraging time has been reduced to her subsistence needs. Further specialization can occur only with food transfers to the grandmother, enabling her to reduce her foraging time to concentrate on additional childcare. We prove that this outcome can arise only after menopause has evolved. We describe the conditions necessary for both group selection (comparative steady state reproductive fitness) and individual selection (successful invasion by a mutation), and interpret these conditions in terms of comparative advantages.
- Published
- 2013
29. AN OVERVIEW OF THE INTERGENERATIONAL FINANCIAL TRANSFERS IN ROMANIA.
- Author
-
SIRBU, Alexandra Cristina, PANAITE, Adelina, and ASANDULUI, Mircea
- Subjects
- *
FINANCIAL aid , *RETIREMENT age , *SOCIAL integration , *EQUALITY , *INTERGENERATIONAL relations , *PUBLIC welfare policy - Abstract
Intergenerational transfers are one of the most important and contentious aspects of modern welfare systems. In today's societies, financial transfers between adult generations in the family are an important part of the intergenerational link. They are important not only for the family as a whole - how it distributes its resources and ensures its members' well-being - but also for broader aspects such as welfare policy, social inequality, and social integration. The financial transfers are playing an important role in accumulation and distribution of the wealth. In consequence these financial transfers are important not only for the individuals, but also for the social aspects of the wealth redistribution. Using the dataset provided by Survey of Health, Ageing and Retirement in Europe (SHARE), we want to create the profile of the persons over 50 from Romania that give and receive financial aid. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
30. Les disparités spatiales d'accès à l'autonomie résidentielle précoce en France.
- Author
-
Kersuzan, Claire and Solignac, Matthieu
- Abstract
Copyright of Economics & Statistics / Economie et Statistique is the property of Ministere de l'Economie, des Finances et de la Relance and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2021
- Full Text
- View/download PDF
31. Mental and physical health among 'sandwich' generation working-age adults in the United States: Not all sandwiches are made equal.
- Author
-
Cheng KJG and Santos-Lozada AR
- Abstract
Objective: This research examined mental and physical health differences by (1) potential upward and downward care recipients and (2) heterogenous time and money transfer arrangements among working-age adults aged 35-64 in the U.S. who are considered to belong to the 'sandwich generation'., Methods: Data for this study came from the Panel Study of Income Dynamics 2013 Family File and Rosters and Transfers module (n = 4609). For the second study objective, we restricted the analytic sample to individuals with at least one living parent/parent-in-law and at least one child (n = 2228). We varied the sandwich generation experience by whether upward (i.e., to parent), downward (i.e., to children), or transfers at both directions occurred. We then fit a series of logistic regression models to study psychological distress and self-rated health status differences among various classifications of sandwich generation, controlling for basic sociodemographic factors and living arrangements. For both samples, we ran separate models for those without underaged coresident children., Results: Compared to respondents without potential care recipients, sandwiched individuals do not differ concerning severe psychological distress or poor/fair health. Conditional on being sandwiched between parents/parents-in-law and adult children, providers of both upward and downward time transfers have almost twice the odds of having severe psychological distress while money providers to parents/parents-in-law have about 1.6 times higher odds of reporting poor/fair health status., Conclusion: This study dispels the notion that being part of the sandwich generation is automatically deleterious to mental and physical health. Rather, it is the provision of certain transfers whilst being sandwiched that is associated with worse health outcomes., Competing Interests: None., (© 2024 The Authors.)
- Published
- 2024
- Full Text
- View/download PDF
32. The Broken Generational Contract in Europe: Generous transfers to the elderly population, low investments in children
- Author
-
Bernhard Hammer, Tanja Istenič, and Lili Vargha
- Subjects
Generational Contract ,Intergenerational Transfers ,National Transfer Accounts ,Intergenerational Indicators ,Law in general. Comparative and uniform law. Jurisprudence ,K1-7720 ,Political science - Abstract
Based on European National Transfer Accounts data from 2010, this paper quantifies and evaluates the balance of intergenerational transfer flows in 16 EU countries, including transfers in the form of unpaid household work. On average, the value of net transfers received by a child amounts to sixteen times the labour income of a full-time worker, and the net transfers received by an elderly person to six times the labour income of a full-time worker. Intergenerational transfers can be regarded as the reciprocal exchange between two generations: the size of the transfers to the child generation determines their potential to generate income and finance public transfers to the elderly population once they enter employment. We develop and calculate an indicator to analyse if there is a balance between transfers to children and transfers expected by the elderly population. The results indicate that in most of the analysed countries the human capital investments in children are far too low to finance the generous transfers to the elderly population in the future.
- Published
- 2018
- Full Text
- View/download PDF
33. Distribution of household assets in Croatia.
- Author
-
KUNOVAC, MARINA
- Subjects
HOUSEHOLDS ,INCOME ,EDUCATIONAL attainment ,LABOR market ,NET worth - Abstract
This paper analyses the main components and distribution of household net assets in Croatia on the basis of the data from the Household Finance and Consumption Survey (HFCS) by taking into account different socio-demographic characteristics of households. The main results indicate that real assets are widely distributed among households, whereby 85% of households own the household main residence. Financial assets and liabilities account for larger share among wealthier households. The analysis of the main determinants establishing the position of an individual household in distribution of assets has additionally highlighted the importance of the household main residence (HMR). Households with inherited HMR are less likely to be positioned in the lowest net asset quintile. In addition, households with HMR in the city of Zagreb or on the Adriatic Coast are more likely to be in higher asset quintile groups. The survey has also found that the level of household income, educational attainment, labour market status and age of the household reference person affect the probability of positioning a household in a certain net asset quintile. [ABSTRACT FROM AUTHOR]
- Published
- 2020
- Full Text
- View/download PDF
34. Theoretical perspectives on reproductive aging
- Author
-
Lee, R, Lee, R, Chu, CYC, Lee, R, Lee, R, and Chu, CYC
- Abstract
Age patterns of female reproduction vary widely among iteroparous animal species with determinate growth. Often fertility declines with age, but in other cases, it may be flat or rise across age. Sometimes fertility ceases altogether, leaving a substantial post-reproductive life span. In this article, we discuss theories that may provide some insights into how these diverse patterns might evolve. We present a simple optimal life history model and consider circumstances in which fertility might rise or fall with age. In our model, without assuming that costs per birth rise with age, that foraging efficiency declines, or that net intergenerational transfers increase, we find that optimal fertility would tend to rise rather than decline. This happens because less energy would be allocated to survival at older ages, leaving more to allocate to fertility. In our analysis, optimal fertility could decline at older ages when an older female makes heavy net intergenerational transfers to multiple offspring or grandoffspring, reducing resources for her own reproduction. This pattern is more likely to evolve when costs of fertility at older ages are higher, when costs of reducing juvenile mortality are low, and when the level of juvenile mortality is high. We also derive conditions for the evolution of menopause, for determinate growth, and for juvenile mortality that declines with age. The optimal life history can exhibit a variety of age patterns of fertility, rising, flat, or falling, depending on the constraints and opportunities faced.
- Published
- 2023
35. Why Women Own Less Housing Assets in China? The Role of Intergenerational Transfers
- Author
-
Weijing Deng
- Subjects
housing assets ,home ownership ,intergenerational transfers ,gender ,Chongqing ,China ,Architecture ,NA1-9428 - Abstract
After three decades of housing reform in China, housing assets constitute a sizable share of family wealth but are distributed unevenly, as registered homeowners are predominantly male. This is partly because males generally have higher incomes than females and can therefore contribute more to the financing, but also because males receive more intergenerational transfers. On the basis of 31 in-depth interviews from Chongqing, this article seeks to answer two questions: 1) How and why does the gender of the recipient affect the negotiation of intergenerational transfers? and 2)What are young women’s possibilities to accumulate housing assets? The research findings show that young women either ask their parents for help to secure housing assets before marriage or they attempt to co-own a home with their husbands after marriage. Women who do not succeed in either of these strategies do not accumulate housing assets and thereby risk their rights to the home if their marriage is dissolved.
- Published
- 2018
- Full Text
- View/download PDF
36. Should Wealth Transfers Be Taxed? Evidence from a Representative German Survey.
- Author
-
Bischoff, Ivo and Kusa, Nataliya
- Subjects
INHERITANCE & transfer tax ,WEALTH tax ,WEALTH ,TAXATION ,SURVEYING (Engineering) - Abstract
In a representative survey, German citizens are asked whether inherited wealth beyond a certain amount should be taxed. Almost 60 percent state that it should not be taxed. Building on this survey, we identify factors that predict this opposition to the taxation of inherited wealth. We find monetary self-interest, redistributive preferences, and the adherence to traditional values to matter. Women are more likely to oppose wealth transfer taxes. We account for interdependencies to other intrafamilial transfers. Subjects' attitude toward wealth transfer taxes does not depend on their personal experience in giving long-term care. Yet subjects who expect the typical German family to reward intrafamilial caregiving through higher wealth transfers are less likely to oppose the taxation of inherited wealth. The opposite holds for subjects who expect these taxes to incentivize earlier inter vivos transfers. [ABSTRACT FROM AUTHOR]
- Published
- 2019
- Full Text
- View/download PDF
37. Natural Limits of Wealth Inequality and the Effectiveness of Tax Policy.
- Author
-
Condie, Scott S., Evans, Richard W., and Phillips, Kerk L.
- Subjects
WEALTH ,TAXATION ,INCOME tax ,SAVINGS ,ECONOMIC equilibrium - Abstract
This article examines Thomas Piketty's thesis that there are no natural limits on the accumulation of wealth. We undertake our examination in the context of a simple general equilibrium model with infinitely lived dynasties. We show that extreme wealth accumulation does not happen in general equilibrium unless capital and labor are substitutes, an assumption which also leads to unbalanced growth. We also show that even with unbalanced growth, differences in rates of return and effective labor are not sufficient to cause unbounded inequality. Only permanent savings rate differences can lead to extreme wealth concentration. Finally, we show that while a flat wealth tax will not eliminate extreme wealth concentration, both a graduated wealth tax and a flat income tax will. [ABSTRACT FROM AUTHOR]
- Published
- 2019
- Full Text
- View/download PDF
38. Intergenerational transfers in the new Dutch pension contract
- Author
-
Servaas van Bilsen, Roel J. Mehlkopf, Stephan van Stalborch, Department of Economics, and Research Group: Economics
- Subjects
Economics and Econometrics ,Funded pension schemes ,Solidarity reserve ,Intergenerational transfers - Abstract
This paper measures intergenerational transfers through the solidarity reserve of the newly proposed Dutch occupational pension contract. Our first conclusion is that the role of the solidarity reserve is higher than it may appear at a first glance. The fraction of pension savings that can go directly into the solidarity reserve is limited to 10%. However, we find that, in addition, around 30% of the pension savings of a young worker can subsequently be transferred to the solidarity reserve via a levy on future positive excess returns. Our second finding is that the solidarity reserve can introduce a substantial pay-as-you-go element within a funded pension scheme. This feature of the solidarity reserve can be overlooked easily and is not mentioned in the pension bill. Our policy recommendation to pension funds is to make explicit whether or not there is a pay-as-you-go element via the solidarity reserve, and if so to assess whether this is desirable.
- Published
- 2022
39. Measuring the lifecycle impact of welfare state policies in the face of ageing
- Author
-
Martin Spielauer, Thomas Horvath, Marian Fink, Gemma Abio, Guadalupe Souto, Ció Patxot, and Tanja Istenič
- Subjects
Aging ,Economics and Econometrics ,demography ,education ,national accounts ,intergenerational transfers ,National Transfer Accounts ,Economics, Econometrics and Finance (miscellaneous) ,udc:330.34(5) ,Generacions ,administrativni ukrepi ,Generations ,family transfers ,Estat del benestar ,demographic change ,Envelliment ,Generational Accounting ,demografija ,družbeni računi ,government regulationm ,Demografia ,Welfare state - Abstract
This research investigates how the interplay between demographics, economics and welfare state transfers affects the impact of the ageing process on income redistribution, at both intra and intergenerational levels. We combine different EU comparable data sources with microsimulation techniques in order to measure how agents resort to the three available resource allocation devices over their lifecycle (asset market and public and private transfers), extending the National Transfer Accounts (NTA) methodology at the micro level. Agents are heterogeneous in age, gender, education level and family type. Simulating population dynamics at the micro level allows us to capture not only the ageing process but also the educational transition and the change in family structures occurring in parallel. The resulting projection model allows us to simulate the lifetime net transfers received by individuals from the government and the family, and to compute the adjustment needed to keep the sustainability of the welfare system. The analysis is applied to four European countries representing different welfare state regimes (Spain, Austria, Finland and the United Kingdom). We find differences in the role of private and public transfers in intra and intergenerational redistribution across countries, which can be linked to the various welfare state regimes. Apart from the expected differences observed by gender and by education level, there are significant differences in the interplay between private and public transfers related to parenthood. While parents privately transfer substantially more than childless people in all studied countries, the Austrian welfare state is the only one that compensates high and medium education groups for these differences through higher public transfers to parents. Such compensation is much weaker and more targeted towards the lower educated in the other countries.
- Published
- 2022
40. Taxing reproduction: the full transfer cost of rearing children in Europe.
- Author
-
Vanhuysse P, Medgyesi M, and Gál RI
- Abstract
What are the intergenerational resource transfer contributions of parents and non-parents in Europe? Using National Transfer Accounts and National Time Transfer Accounts for 12 countries around 2010, we go beyond public transfers (net taxes) to also value two statistically much less visible transfers in the family realm: of market goods and of unpaid household labour (time). Non-parents contribute almost exclusively to public transfers. But parents additionally provide still larger private transfers: mothers mainly time, fathers mainly market goods. Estimating transfer stocks over the working life, the average parental/non-parental contribution ratio in Europe flips from 0.73 (public transfers alone) to 2.66 (all three transfers combined). The highest combined parental/non-parental contribution ratios are in Sweden and Finland. The metaphorical tax rates implicitly imposed thereby on rearing children in Europe are multiples of the value-added tax rates in place on consumption goods. Unveiling the sheer magnitude of these invisible transfer asymmetries carries multiple implications for policy debates. For instance, it raises the question whether ageing European societies unwittingly tax, rather than subsidise, their own reproduction. Family friendly policy models, such as the Nordic welfare states, do not mitigate this effect. They help parents work, but do not lower the implicit tax parents pay., Competing Interests: We declare we have no competing interests., (© 2023 The Authors.)
- Published
- 2023
- Full Text
- View/download PDF
41. Subjective inheritance expectations and economic outcomes
- Author
-
Stefania Basiglio, Maria Cristina Rossi, Arthur van Soest, Econometrics and Operations Research, and Research Group: Econometrics
- Subjects
EARNINGS ,Economics and Econometrics ,SOCIAL-SECURITY ,WEALTH ,INCOME ,JAPAN ,savings ,inheritance ,subjective expectations ,CONSUMPTION ,INTERGENERATIONAL TRANSFERS ,BEQUEST BEHAVIOR ,INEQUALITY ,SAVE - Abstract
In this paper we investigate whether and to what extent inheritance expectations act as a driver of economic choices. We use survey data that are representative of the Dutch adult population with a specific module on subjective probabilities on receiving an inheritance and its amount in the next 10 years. We analyze whether the expected inheritance acts as a deterrent to saving. Results suggest that individuals perceive the expected inheritances as a potential increase of personal wealth, which leads to a reduction in savings. Expectations also appear to matter for the intentions to bequeath and for intended choices on work versus leisure in the future.
- Published
- 2022
42. Intergenerational wealth transfers in Great Britain from the Wealth and Assets Survey in comparative perspective
- Author
-
Nolan, Brian, Palomino, Juan C., van Kerm, Philippe, Morelli, Salvatore, Nolan, Brian, Palomino, Juan C., van Kerm, Philippe, and Morelli, Salvatore
- Abstract
Wealth surveys that collect information on intergenerational transfers provide new scope for comparative study of those transfers and their relationship with wealth across rich countries. However, this is problematic in the case of Great Britain, due to specific features of the Wealth and Assets Survey (WAS), the central source of survey-based household wealth data, in particular the extent of missing information in its first wave. This has severely constrained efforts to investigate patterns of wealth transfer in Great Britain in comparative perspective. In this paper, we set out these issues and present ways of dealing with them. On this basis, we then examine the main similarities and differences in patterns of intergenerational transmission of wealth between Great Britain, France, Germany, Italy, Spain and the United States. Our findings reveal common features across these countries as well as some important respects in which Great Britain was distinctive, though less of an outlier than the US. About 35 per cent of British households reported receiving an intergenerational wealth transfer at some point, similar to most of the comparator countries but much higher than the US. We conclude by setting out how WAS can be enhanced to address these issues at source, proposals with which the Office for National Statistics is seriously engaged.
- Published
- 2022
43. Do the Retired Elderly in Europe Decumulate Their Wealth? The Importance of Bequest Motives, Precautionary Saving, Public Pensions, and Homeownership
- Author
-
Charles Yuji, Horioka, Luigi, Ventura, Charles Yuji, Horioka, and Luigi, Ventura
- Abstract
In this paper, we use micro data on a large number of European countries from the Survey of Health, Ageing and Retirement in Europe (SHARE) to examine the wealth accumulation (saving) behavior of the retired elderly in Europe. To summarize our main findings, we find that less than half of the retired elderly in Europe are decumulating their wealth and that the average wealth accumulation rate of the retired elderly in Europe is positive though relatively moderate (6.6% over a 3-year period). These findings strongly suggest that the Wealth Decumulation (or Retirement Saving) Puzzle (the tendency of the retired elderly to not decumulate their wealth or to decumulate their wealth more slowly than expected) applies in the case of Europe. Moreover, our regression results suggest that bequest motives, generous public pension systems, and the reluctance of retired elderly homeowners to sell or borrow against their owner-occupied housing are the primary explanations for the existence of the Wealth Decumulation Puzzle in Europe.
- Published
- 2022
44. Do the Retired Elderly in Europe Decumulate Their Wealth? The Importance of Bequest Motives, Precautionary Saving, Public Pensions, and Homeownership
- Author
-
1000090173632, Horioka, Charles Yuji, Ventura, Luigi, 1000090173632, Horioka, Charles Yuji, and Ventura, Luigi
- Abstract
In this paper, we use micro data on a large number of European countries from the Survey of Health, Ageing and Retirement in Europe (SHARE) to examine the wealth accumulation (saving) behavior of the retired elderly in Europe. To summarize our main findings, we find that less than half of the retired elderly in Europe are decumulating their wealth and that the average wealth accumulation rate of the retired elderly in Europe is positive though relatively moderate (6.6% over a 3-year period). These findings strongly suggest that the Wealth Decumulation (or Retirement Saving) Puzzle (the tendency of the retired elderly to not decumulate their wealth or to decumulate their wealth more slowly than expected) applies in the case of Europe. Moreover, our regression results suggest that bequest motives, generous public pension systems, and the reluctance of retired elderly homeowners to sell or borrow against their owner-occupied housing are the primary explanations for the existence of the Wealth Decumulation Puzzle in Europe.
- Published
- 2022
45. Intergenerational transfers and home ownership outcomes: Transmission channels and geographic differences
- Author
-
Ong ViforJ, Rachel, Clark, W.A.V., Phelps, Christopher, Ong ViforJ, Rachel, Clark, W.A.V., and Phelps, Christopher
- Abstract
Previous research has shown that the home ownership status of parents matters for the likelihood of a child becoming an owner, and other research has studied how financial intergenerational transfers affect the transition to ownership. We extend these existing studies by estimating the effect of financial transfers on the probability of becoming an owner as well as the role of in-kind transfers. We also analyse how the impacts of different intergenerational transmission channels vary across neighbourhoods of advantage and disadvantage and discuss the implications for inequality in access to ownership. Drawing on a large panel data set from the Household, Income and Labour Dynamics in Australia Survey, we offer three new findings. First, we show that financial transfers made concurrently with home purchases play a more important role than lagged transfers and that in-kind transfers are also an important part of the process of gaining ownership. Second, we note that in-kind transfers are more effective for raising home ownership prospects in areas with high socioeconomic status, while financial transfers appear to be more effective in middle-class neighbourhoods. Third, children from disadvantaged backgrounds are least likely to be assisted into home ownership by intergenerational transfers.
- Published
- 2022
46. The importance of elders: Extending Hamilton's force of selection to include intergenerational transfers
- Author
-
Raziel Davison and Michael Gurven
- Subjects
Adult ,Aging ,Multidisciplinary ,intergenerational transfers ,Reproduction ,Longevity ,postreproductive lifespan ,life history theory ,Middle Aged ,Basic Behavioral and Social Science ,Biological Evolution ,human evolution ,Life Expectancy ,Genetic ,Behavioral and Social Science ,Humans ,Female ,Generic health relevance ,Selection, Genetic ,Selection ,force of selection ,Aged - Abstract
In classical evolutionary models, the force of natural selection diminishes with age toward zero by last reproduction. However, intergenerational resource transfers and other late-life contributions in social species may select for postreproductive longevity. We present a formal framework for estimating indirect fitness contributions via production transfers in a skills-intensive foraging niche, reflecting kinship and cooperation among group members. Among contemporary human hunter-gatherers and horticulturalists, indirect fitness contributions from transfers exceed direct reproductive contributions from before menopause until ages when surpluses end, around the modal age of adult death (∼70 y). Under reasonable assumptions, these benefits are the equivalent to having up to several more offspring after age 50. Despite early independence, minimal production surplus, and a shorter lifespan, chimpanzees could theoretically make indirect contributions if they adopted reliable food-sharing practices. Our results for chimpanzees hypothetically adopting hunter-gatherer subsistence suggest that a skills-intensive foraging ecology with late independence and late peak production could select for human-like life histories via positive feedback between longevity and late-life transfers. In contrast, life history changes preceding subsistence shifts would not favor further life extension or subsistence shifts. Our results formalize the theory that longevity can be favored under socioecological conditions characterized by parental and alloparental care funded through transfers of mid- to late-life production surpluses. We also extend our analysis beyond food transfers to illustrate the potential for indirect fitness contributions from pedagogy, or information transfers. While we focus mostly on humans, our approach is adaptable to any context or species where transfers can affect fitness.
- Published
- 2022
47. Is the selfish life-cycle model more applicable in Japan and, if so, why? A literature survey
- Author
-
Charles Yuji Horioka
- Subjects
050204 development studies ,Dissaving ,Age structure ,Altruism ,D11, D12, D14, D15, D64, E21, J14 ,Japan ,Order (exchange) ,Ricardian equivalence ,Economics ,saving motives ,050207 economics ,social norms ,dissaving ,media_common ,Public economics ,05 social sciences ,Life-cycle model ,religiosity ,Bequest motives ,Household saving ,retirement ,Economic model ,selfishness ,E21 ,Economics and Econometrics ,Bequest ,media_common.quotation_subject ,Public policy ,inheritances ,family ties ,elderly ,Article ,0502 economics and business ,D12 ,consumption ,D14 ,D15 ,D11 ,Consumption (economics) ,J14 ,Government ,borrowing constraints ,Intergenerational transfers ,culture ,dynasty model ,Literature survey ,D64 ,Social Sciences (miscellaneous) - Abstract
The selfish life-cycle model or hypothesis is, together with the dynasty or altruism model, the most widely used theoretical model of household behavior in economics, but does this model apply in the case of a country like Japan, which is said to have closer family ties than other countries? In this paper, we first provide a brief exposition of the simplest version of the selfish life-cycle model and then survey the literature on household saving and bequest behavior in Japan in order to answer this question. The paper finds that almost all of the available evidence suggests that the selfish life-cycle model applies to at least some extent in all countries but that there is more consistent support for this model in Japan than in the United States and other countries. It then explores possible explanations for why the life-cycle model is more consistently supported in Japan than in other countries, attributing this finding to government policies, institutional factors, economic factors, demographic factors, and cultural factors. Finally, it shows that the findings of the paper have many important implications for economic modeling and for government tax and expenditure policies.
- Published
- 2021
48. Motivated reasoning, information avoidance, and default bias
- Author
-
Momsen, Katharina and Schneider, Sebastian O.
- Subjects
defaults ,charitable giving ,experiment ,C90 - General ,D64 - Altruism ,Philanthropy ,Intergenerational Transfers ,Motivated reasoning ,D91 - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making ,D83 ,D83 - Search ,Learning ,Information and Knowledge ,Communication ,Belief ,Unawareness ,information avoidance ,C90 ,ddc:330 ,D91 ,D64 ,statusquo - Abstract
We investigate whether the presence of a default interacts with the willingness of decision-makers to gather, process and consider information. In an online experiment, where about 2,300 participants choose between two compiled charity donation options worth $100, we vary the availability of information and the presence of a default. Information avoidance, when possible, increases default effects considerably, manifesting a hitherto undocumented channel of the default bias. Moreover, we show that defaults trigger motivated reasoning: In the presence of a default – even if self-selected–, participants consider new information to a lower degree than without a preselected option.
- Published
- 2022
49. Talking about the Pigou paradox : Socio‐educational background and educational outcomes of AlmaLaurea
- Author
-
Ernesto Caroleo, Floro, Pastore, Francesco, Parodi, Giuliana, and Pastore, Francesco
- Published
- 2012
- Full Text
- View/download PDF
50. Religious Affiliation and Bequest Behavior.
- Author
-
Nair, Smitha, Amrutha S., Gopikumar V., and Sandhya G.
- Subjects
LEGACIES (Islamic law) ,ANTHROPOLOGY ,SELF-interest ,ALTRUISM ,LOGISTIC regression analysis - Abstract
Bequest behavior is a highly delicate and complex subject which requires considerable attention by researchers across all disciplines including economics, sociology and psychology. Studying the motives behind bequests becomes critical not only from a socio-psychological perspective but also from a policy perspective. This paper attempts to explore the socio- economic reasons which influence the intention to bequest focusing specifically on the effect of religious affiliation. This study uses survey data from India to test the hypotheses drawn from the anthropology, sociology and consumer behavior literature using logistic regression technique. The results indicate that self-interest negatively impacts the probability of leaving a legacy. Surprisingly, the study finds evidence for negative relationship between religious affiliation and leaving a bequest. This study also reveals that unmarried women are less likely to leave a bequest. Unlike in the philanthropic literature, the research could not find satisfactory evidence of altruism and social norms driving bequest behavior among Indians. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
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