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Household Saving and Portfolio Change: Evidence from the 1983-89 SCF Panel

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  • Kennickell, Arthur B
  • Starr-McCluer, Martha

Abstract

There are few sources of high-quality data on the dynamics of wealth accumulation. This paper uses newly available data from the 1983-89 panel of the Survey of Consumer Finances to examine household saving and portfolio change over the 1980s. The authors main findings are as follows. First, median household wealth rose modestly over the period. Second, while overall wealth inequality increased, households in the top 1 percent of the wealth distribution in 1983 saw their share of total wealth decline, probably reflecting turnover among the very wealthy. Third, although age, income, and initial wealth had significant effects in regressions on household saving, a large part of the variation in saving was unexplained. Finally, there were clear life-cycle patterns in the portfolios of assets and liabilities held by households, with younger households acquiring homes, businesses and all types of debts, and older households divesting themselves of these assets and debts. Copyright 1997 by The International Association for Research in Income and Wealth.

Suggested Citation

  • Kennickell, Arthur B & Starr-McCluer, Martha, 1997. "Household Saving and Portfolio Change: Evidence from the 1983-89 SCF Panel," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 43(4), pages 381-399, December.
  • Handle: RePEc:bla:revinw:v:43:y:1997:i:4:p:381-99
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    References listed on IDEAS

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    1. Eric M. Engen & William G. Gale & John Karl Scholz, 1994. "Do Saving Incentives Work?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 25(1), pages 85-180.
    2. Lupton, J. & Smith, J.P., 1999. "Marriage, Assets, and Savings," Papers 99-12, RAND - Labor and Population Program.
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    Cited by:

    1. Arthur B. Kennickell, 2003. "A Rolling Tide: Changes in the Distribution of Wealth in the US, 1989-2001," Economics Working Paper Archive wp_393, Levy Economics Institute.
    2. Daniel Sandoval & Mark Rank & Thomas Hirschl, 2009. "The increasing risk of poverty across the American life course," Demography, Springer;Population Association of America (PAA), vol. 46(4), pages 717-737, November.
    3. Budría, Santiago & Diaz-Serrano, Luis & Ferrer-i-Carbonell, Ada & Hartog, Joop, 2009. "Risk Attitude and Wage Growth: Replication and Reconstruction," IZA Discussion Papers 4124, Institute for the Study of Labor (IZA).
    4. Atreya Chakraborty & Mark Kazarosian, 1999. "Portfolio Allocation of Precautionary Assets: Panel Evidence for the United States," Boston College Working Papers in Economics 432, Boston College Department of Economics.
    5. Edward N. Wolff, "undated". "Racial Wealth Disparities Is the Gap Closing?," Economics Public Policy Brief Archive ppb_66, Levy Economics Institute.
    6. Kaminoyama, Ken-ichi & Kawagishi, Taketo, 2012. "Cash-in-advance constraint with status in a neoclassical growth model," MPRA Paper 38382, University Library of Munich, Germany.
    7. Mi Luo & Alberto Bisin & Jess Benhabib, 2015. "Wealth Inequality and Social Mobility," 2015 Meeting Papers 364, Society for Economic Dynamics.
    8. Kaymak, Barış & Poschke, Markus, 2016. "The evolution of wealth inequality over half a century: The role of taxes, transfers and technology," Journal of Monetary Economics, Elsevier, vol. 77(C), pages 1-25.
    9. POZZI Lorenzo & HEYLEN Freddy & DOSSCHE Maarten, "undated". "Government Debt and the Excess Sensitivity of Private Consumption to Current Income: An Empirical Analysis for OECD Countries," EcoMod2003 330700125, EcoMod.
    10. Ji, Tingting, 2004. "Consumer Credit Delinquency And Bankruptcy Forecasting Using Advanced Econometrc Modeling," MPRA Paper 3187, University Library of Munich, Germany.
    11. Santi Budria & Luis Diaz-Serrano & Ada Ferrer-i-Carbonell & Joop Hartog, 2013. "Risk attitude and wage growth: replicating Shaw (1996)," Empirical Economics, Springer, vol. 44(2), pages 981-1004, April.
    12. Karen Pence & John Sabelhaus, 1999. "Household Saving in the '90s: Evidence from Cross-Section Wealth Surveys: Technical Paper 1999-3," Working Papers 13345, Congressional Budget Office.
    13. Barry P. Bosworth & Ralph C. Bryant & Gary Burtless, 2004. "The Impact of Aging on Financial Markets and the Economy: A Survey," Working Papers, Center for Retirement Research at Boston College 2004-23, Center for Retirement Research.
    14. Andrea Neri, 2009. "Measuring wealth mobility," Temi di discussione (Economic working papers) 703, Bank of Italy, Economic Research and International Relations Area.
    15. Alan L. Gustman & Olivia S. Mitchell & Andrew A. Samwick & Thomas L. Steinmeier, "undated". "Pension and Social Security Wealth in the Health and Retirement Study," Pension Research Council Working Papers 97-3, Wharton School Pension Research Council, University of Pennsylvania.
    16. Kawagishi, Taketo & Kaminoyama, Ken-ichi, 2014. "Cash-in-advance constraint with status and endogenous growth," MPRA Paper 55946, University Library of Munich, Germany.
    17. Wai-Yip Alex Ho & Chun-Yu Ho, 2016. "Inflation, Financial Developments, and Wealth Distribution," IMF Working Papers 16/132, International Monetary Fund.

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