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Intergenerational Transfers and Asset Inequality in Japan: Empirical Evidence from New Survey Data

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  • Junya Hamaaki
  • Masahiro Hori
  • Keiko Murata

Abstract

type="main"> This paper quantitatively examines the impact of intergenerational transfers on asset inequality among Japanese households. We estimate an intergenerational asset transfer function with various control variables, using a unique micro dataset taken from a survey conducted by the Economic and Social Research Institute, Cabinet Office. Employing three different models, a Tobit model, an interval regression model and an ordered probit model, to ensure that our results are independent of the specific econometric approach used, we investigate whether asset transfers received are correlated with households’ financial strength. We find that higher income households are likely to receive larger asset transfers. However, the contribution of intergenerational transfers to asset inequality appears to be small.

Suggested Citation

  • Junya Hamaaki & Masahiro Hori & Keiko Murata, 2014. "Intergenerational Transfers and Asset Inequality in Japan: Empirical Evidence from New Survey Data," Asian Economic Journal, East Asian Economic Association, vol. 28(1), pages 41-62, March.
    • Handle: RePEc:bla:asiaec:v:28:y:2014:i:1:p:41-62
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    Cited by:

    1. Kiichi Tokuoka, 2012. "Intergenerational Implications of Fiscal Consolidation in Japan," IMF Working Papers 2012/197, International Monetary Fund.

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    More about this item

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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