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The Role of Gift and Estate Transfers in the United States and in Europe

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Pierre Pestieau

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Abstract

Most European countries have legal institutions regarding gifts and bequests that are more constraining than the United States. The purpose of this paper is to see whether those institutional differences generate differences in behavior. The paper focuses on the comparison between the United States and France, and on a number of specific issues: the relative importance of bequest in wealth accumulation, the compensatory role of gifts and bequests, the actual way the estate is divided among heirs, and the relative importance of alternative types of inheritance.

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Paper provided by Centre de Recherche en Economie Publique et de la Population (CREPP) (Research Center on Public and Population Economics) HEC-Management School, University of Liège in its series CREPP Working Papers with number 0202.

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Date of creation: 2002
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Handle: RePEc:rpp:wpaper:0202

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  1. 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)
    Other versions:
  2. Cox, Donald, 1987. "Motives for Private Income Transfers," Journal of Political Economy, University of Chicago Press, vol. 95(3), pages 508-46, June. [Downloadable!] (restricted)
  3. Guiso, Luigi & Jappelli, Tullio, 1991. "Intergenerational transfers and capital market imperfections : Evidence from a cross-section of Italian households," European Economic Review, Elsevier, vol. 35(1), pages 103-120, January. [Downloadable!] (restricted)
  4. Hochguertel , Stefan & Ohlsson, Henry, 2000. "Compensatory inter vivos gifts," Working Papers in Economics 31, Göteborg University, Department of Economics. [Downloadable!]
    Other versions:
  5. Cox, Donald & Rank, Mark R, 1992. "Inter-vivos Transfers and Intergenerational Exchange," The Review of Economics and Statistics, MIT Press, vol. 74(2), pages 305-14, May. [Downloadable!] (restricted)
  6. Davies, James B. & Shorrocks, Anthony F., 2000. "The distribution of wealth," Handbook of Income Distribution, in: A.B. Atkinson & F. Bourguignon (ed.), Handbook of Income Distribution, edition 1, volume 1, chapter 11, pages 605-675 Elsevier. [Downloadable!] (restricted)
  7. 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)
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  10. Alessie, Rob & Lusardi, Annamaria & Kapteyn, Arie, 1995. "Saving and wealth holdings of the elderly," Ricerche Economiche, Elsevier, vol. 49(3), pages 293-314, September. [Downloadable!] (restricted)
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  15. Cox, Donald & Jappelli, Tullio, 1990. "Credit Rationing and Private Transfers: Evidence from Survey Data," The Review of Economics and Statistics, MIT Press, vol. 72(3), pages 445-54, August. [Downloadable!] (restricted)
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    Other versions:
  17. Tomes, Nigel, 1982. "On the Intergenerational Savings Function," Oxford Economic Papers, Oxford University Press, vol. 34(1), pages 108-34, March. [Downloadable!] (restricted)
  18. Kessler, Denis & Wolff, Edward N, 1991. "A Comparative Analysis of Household Wealth Patterns in France and the United States," Review of Income and Wealth, Blackwell Publishing, vol. 37(3), pages 249-66, September.
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    Other versions:
  21. Adams, James D, 1980. "Personal Wealth Transfers," The Quarterly Journal of Economics, MIT Press, vol. 95(1), pages 159-79, August. [Downloadable!] (restricted)
  22. Hurd, Michael D, 1990. "Research on the Elderly: Economic Status, Retirement, and Consumption and Saving," Journal of Economic Literature, American Economic Association, vol. 28(2), pages 565-637, June. [Downloadable!] (restricted)
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  25. Masson, A. & Pestieau, P., 1996. "Bequests motives and models of inheritance: a survey of the literature," DELTA Working Papers 96-20, DELTA (Ecole normale supérieure).
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