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Racial Differences in Patterns of Wealth Accumulation

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Author Info
Maury Gittleman
Edward N. Wolff

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Abstract

Making use of PSID data for 1984, 1989, and 1994, we examine race differences in patterns of asset accumulation. Our results indicate, as expected, that inheritances raise the rate of wealth accumulation of whites relative to that of African Americans. But, while whites devote a greater share of their income to saving, racial differences in saving rates are not significant, once we control for income. Though our results may be period-specific, we also do not find evidence that the rate of return to capital is greater for whites than for African Americans. Simulations suggest that African Americans would have gained significant ground relative to whites during the period if they had inherited similar amounts, saved at the same rate, had comparable income levels and, more speculatively, had portfolios closer in composition to those of whites.

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File URL: http://jhr.uwpress.org/cgi/reprint/XXXIX/1/193
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Publisher Info
Article provided by University of Wisconsin Press in its journal Journal of Human Resources.

Volume (Year): 39 (2004)
Issue (Month): 1 ()
Pages:
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Handle: RePEc:uwp:jhriss:v:39:y:2004:i:1:p193-227

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  1. Thomas K. Bauer, & Deborah A. Cobb-Clark & Vincent Hildebrand & Mathias Sinning, 2007. "A Comparative Analysis of the Nativity Wealth Gap," Ruhr Economic Papers 0006, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen. [Downloadable!]
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  2. Mathias Sinning, 2007. "Wealth and Asset Holdings of Immigrants in Germany," Ruhr Economic Papers 0030, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen. [Downloadable!]
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  3. John Gibson & Trinh Le & Steven Stillman, 2007. "What Explains the Wealth Gap between Immigrants and the New Zealand Born?," Working Papers in Economics 07/02, University of Waikato, Department of Economics. [Downloadable!]
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  4. Silvio Rendon, 2006. "Does Wealth Explain Black-White Differences in Early Employment Careers?," Working Papers 0603, Centro de Investigacion Economica, ITAM. [Downloadable!]
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  5. Michael S. Finke & Sandra J. Huston & Deanna L. Sharpe, 2006. "Balance sheets of early boomers: are they different from pre-boomers?," Journal of Family and Economic Issues, Springer, vol. 27(3), pages 542-561, September. [Downloadable!] (restricted)
  6. Edward Wolff & Ajit Zacharias, 2009. "Household wealth and the measurement of economic well-being in the United States," Journal of Economic Inequality, Springer, vol. 7(2), pages 83-115, June. [Downloadable!] (restricted)
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  7. Elder, Todd E. & Goddeeris, John H. & Haider, Steven J., 2009. "Unexplained Gaps and Oaxaca-Blinder Decompositions," IZA Discussion Papers 4159, Institute for the Study of Labor (IZA). [Downloadable!]
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