Asset Poverty in the United States, 1984-1999: Evidence from the Panel Study of Income Dynamics
AbstractUsing PSID data for the years 1984 to 1999, we estimate the level and severity of asset poverty. Our results indicate that the share of asset- poor households remained almost the same and the severity of poverty increased during this period, despite the growth in the economy and the financial markets. The race, age, education, and marital status of the household head, and homeownership, are important determinants of asset poverty. There seems to be a downward trend in the contribution to asset poverty of being a college graduate, a married elderly or a black head of household, a single mother, or a married person with children. The contributions of not having a college degree, being a 35 to 49 year-old household head, being a childless nonelderly couple, or being an unmarried elderly person seem to have increased. The contribution to net worth poverty of being a homeowner also went up. Descriptive statistics suggest that changes in the value of assets are more effective in transitions into and out of asset poverty than are changes in debt. Some lifetime events, such as changes in marital, homeownership, or business ownership status, are also correlated with the transitions.
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Bibliographic InfoPaper provided by EconWPA in its series Microeconomics with number 0209002.
Length: 89 pages
Date of creation: 30 Sep 2002
Date of revision:
Note: Type of Document - Microsoft Word; prepared on IBM-PC; to print on postscript; pages: 89; figures: included
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poverty; labor market;
Other versions of this item:
- Asena Caner & Edward N. Wolff, 2002. "Asset Poverty in the United States, 1984-1999: Evidence from the Panel Study of Income Dynamics," Economics Working Paper Archive wp_356, Levy Economics Institute, The.
- J0 - Labor and Demographic Economics - - General
- I3 - Health, Education, and Welfare - - Welfare and Poverty
This paper has been announced in the following NEP Reports:
- NEP-ALL-2002-10-08 (All new papers)
- NEP-ENT-2002-10-08 (Entrepreneurship)
- NEP-LTV-2002-09-21 (Unemployment, Inequality & Poverty)
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.:
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