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Bequest Taxes and Accumulation of Household Wealth: U.S.-Japan Comparison

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Author Info
Thomas A. Barthold
Takatoshi Ito

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Abstract

The objective of this paper is two-fold. First, we describe and compare the gift and bequest (estate) tax systems in the United States and Japan. Second, we use tax data to estimate the magnitude of inter-generational transfers. The magnitude of intergenerational transfers provides aid intermining how much outstanding wealth is obtained through intergenerational transfers, an issue of current controversy. In both Japan and the United States, a substantial portion of wealth, and especially of land in Japan, is bequeathed from a generation to next.

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Publisher Info
Paper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number a233.

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Date of creation: Mar 1991
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Handle: RePEc:hit:hituec:a233

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Fumio Hayashi, 1986. "Why Is Japan's Saving Rate So Apparently High?," NBER Chapters, in: NBER Macroeconomics Annual 1986, Volume 1, pages 147-234 National Bureau of Economic Research, Inc. [Downloadable!]
  2. Modigliani, Franco, 1988. "The Role of Intergenerational Transfers and Life Cycle Saving in the Accumulation of Wealth," Journal of Economic Perspectives, American Economic Association, vol. 2(2), pages 15-40, Spring. [Downloadable!] (restricted)
  3. Kotlikoff, Laurence J & Summers, Lawrence H, 1981. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 706-32, August. [Downloadable!] (restricted)
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  4. B. Douglas Bernheim, 1987. "Does the Estate Tax Raise Revenue?," NBER Working Papers 2087, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. David, Martin & Menchik, Paul L, 1985. "The Effect of Social Security on Lifetime Wealth Accumulation and Bequests," Economica, London School of Economics and Political Science, vol. 52(208), pages 421-34, November. [Downloadable!] (restricted)
  6. Fumio Hayashi, 1989. "Is Japan's saving rate high?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 3-9. [Downloadable!]
  7. Bernheim, B Douglas & Shleifer, Andrei & Summers, Lawrence H, 1985. "The Strategic Bequest Motive," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1045-76, December. [Downloadable!] (restricted)
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  8. Hayashi, Fumio & Ito, Takatoshi & Slemrod, Joel, 1988. "Housing finance imperfections, taxation, and private saving: A comparative simulation analysis of the United States and Japan," Journal of the Japanese and International Economies, Elsevier, vol. 2(3), pages 215-238, September. [Downloadable!] (restricted)
  9. Menchik, Paul L & David, Martin, 1983. "Income Distribution, Lifetime Savings, and Bequests," American Economic Review, American Economic Association, vol. 73(4), pages 672-90, September. [Downloadable!] (restricted)
  10. Kotlikoff, Laurence J, 1988. "Intergenerational Transfers and Savings," Journal of Economic Perspectives, American Economic Association, vol. 2(2), pages 41-58, Spring. [Downloadable!] (restricted)
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  11. Alicia H. Munnell & C. Nicole Ernsberger, 1988. "Wealth transfer taxation: the relative role for estate and income taxes," New England Economic Review, Federal Reserve Bank of Boston, issue Nov, pages 3-28.
  12. Hurd, Michael D, 1987. "Savings of the Elderly and Desired Bequests," American Economic Review, American Economic Association, vol. 77(3), pages 298-312, June.
  13. Cox, Donald, 1990. "Intergenerational Transfers and Liquidity Constraints," The Quarterly Journal of Economics, MIT Press, vol. 105(1), pages 187-217, February. [Downloadable!] (restricted)
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Cited by:
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  1. Takatoshi Ito & Keiko Nosse Hirono, 1994. "Efficiency of the Tokyo Housing Market," NBER Working Papers 4382, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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