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Do Bequests Increase or Decrease Wealth Inequalities?

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  • Charles Yuji Horioka

Abstract

This paper finds that individuals in Japan do not leave very significant bequests, that parents often require a quid pro quo for bequests to their children, and that wealthier individuals leave less bequests, meaning that bequests ameliorate wealth inequalities.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14639.

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Date of creation: Jan 2009
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Publication status: published as Horioka, Charles Yuji, 2009. "Do bequests increase or decrease wealth inequalities?," Economics Letters, Elsevier, vol. 103(1), pages 23-25, April.
Handle: RePEc:nbr:nberwo:14639

Note: AG EFG PE
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  1. Laurence J. Kotlikoff & Lawrence H. Summers, 1980. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," NBER Working Papers 0445, National Bureau of Economic Research, Inc.
  2. Hayashi, Fumio, 1995. "Is the Japanese Extended Family Altruistically Linked? A Test Based on Engel Curves," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 103(3), pages 661-74, June.
  3. Thomas A. Barthold & Takatoshi Ito, 1992. "Bequest Taxes and Accumulation of Household Wealth: U.S.-Japan Comparison," NBER Chapters, in: The Political Economy of Tax Reform, NBER-EASE Volume 1, pages 235-292 National Bureau of Economic Research, Inc.
  4. Midori Wakabayashi & Charles Y. Horioka, 2006. "Is the Eldest Son Different? The Residential Choice of Siblings in Japan," NBER Working Papers 12655, National Bureau of Economic Research, Inc.
  5. David Campbell, 1997. "Transfer and Life-cycle Wealth in Japan, 1974–1984," The Japanese Economic Review, Japanese Economic Association, Japanese Economic Association, vol. 48(4), pages 410-423, December.
  6. Charles Yuji Horioka, 2002. "Are the Japanese Selfish, Altruistic or Dynastic?," The Japanese Economic Review, Japanese Economic Association, Japanese Economic Association, vol. 53(1), pages 26-54.
  7. Kotlikoff, Laurence J, 1988. "Intergenerational Transfers and Savings," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 2(2), pages 41-58, Spring.
  8. Modigliani, Franco, 1988. "The Role of Intergenerational Transfers and Life Cycle Saving in the Accumulation of Wealth," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 2(2), pages 15-40, Spring.
  9. Horioka, C.Y., 1991. "Saving in Japan," ISER Discussion Paper, Institute of Social and Economic Research, Osaka University 0248, Institute of Social and Economic Research, Osaka University.
  10. repec:fth:osakae:487 is not listed on IDEAS
  11. 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.
  12. C. Y. Horioka & H. Fujisaki & W. Watanabe & T. Kouno, 2000. "Are Americans More Altruistic than the Japanese? A U.S.-Japan Comparison of Saving and Bequest Motives," International Economic Journal, Taylor & Francis Journals, Taylor & Francis Journals, vol. 14(1), pages 1-31.
  13. Dekle, Robert, 1989. "The unimportance of intergenerational transfers in Japan," Japan and the World Economy, Elsevier, Elsevier, vol. 1(4), pages 403-413, November.
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Cited by:
  1. Erixson, Oscar & Ohlsson, Henry, 2014. "Estate division: Equal sharing as choice, social norm, and legal requirement," Working Paper Series, Center for Fiscal Studies 2014:2, Uppsala University, Department of Economics.
  2. Elinder, Mikael & Erixson, Oscar & Ohlsson, Henry, 2010. "The Effect of Inheritance Receipt on Labor and Capital Income: Evidence from Swedish Panel Data," Working Paper Series, Center for Fiscal Studies 2010:3, Uppsala University, Department of Economics.
  3. Hamaaki, Junya & Hori, Masahiro & Murata, Keiko, 2012. "Intergenerational Transfers and Asset Inequality in Japan: Empirical Evidence from New Survey Data," CIS Discussion paper series, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University 544, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  4. Charles Yuji Horioka, 2014. "Are Americans and Indians More Altruistic than the Japanese and Chinese? Evidence from a New International Survey of Bequest Plans," ISER Discussion Paper, Institute of Social and Economic Research, Osaka University 0901, Institute of Social and Economic Research, Osaka University.

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