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The Determinants of the Wealth and Asset Holding in Nineteenth-Century Canada: Evidence from Microdata

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  • Matteo, Livio Di

Abstract

Wealth and asset holding in late-nineteenth-century Ontario are examined using a new data set of census-linked probated decedents. Hump-shaped wealth-age profiles are found, supporting the importance of demographic and life cycle forces in late-nineteenth-century financial asset accumulation. With financial asset holding more pronounced in Ontario than Quebec, the implication for Canadian economic development is that the differences in capital formation and industrialization across Ontario and Quebec are partly rooted in saving behavior. The results show that urbanization, occupational status, literacy, the number of children, and region of residence are important determinants of wealth and asset holding.

Suggested Citation

  • Matteo, Livio Di, 1997. "The Determinants of the Wealth and Asset Holding in Nineteenth-Century Canada: Evidence from Microdata," The Journal of Economic History, Cambridge University Press, vol. 57(4), pages 907-934, December.
    • Handle: RePEc:cup:jechis:v:57:y:1997:i:04:p:907-934_01
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    Citations

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    Cited by:

    1. Alan De Bromhead & Karol Jan Borowiecki, 2016. "Immigration and the demand for life insurance: evidence from Canada, 1911," European Review of Economic History, European Historical Economics Society, vol. 20(2), pages 147-175.
    2. Livio Di Matteo, 2016. "Wealth Distribution and the Canadian Middle Class: Historical Evidence and Policy Implications," Canadian Public Policy, University of Toronto Press, vol. 42(2), pages 132-151, June.
    3. James B. Davies & Nicole M. Fortin & Thomas Lemieux, 2017. "Wealth inequality: Theory, measurement and decomposition," Canadian Journal of Economics, Canadian Economics Association, vol. 50(5), pages 1224-1261, December.
    4. Gillian C. Hamilton & Ian Keay & Frank D. Lewis, 2017. "Contributions to Canadian economic history: The last 30 years," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 50(5), pages 1632-1657, December.
    5. Di Matteo, Livio, 2013. "Women, wealth and economic change: An assessment of the impact of women's property law in Wentworth County, Ontario, 1872–1927," Explorations in Economic History, Elsevier, vol. 50(2), pages 285-307.
    6. Oscar Gelderblom & Joost Jonker & Ruben Peeters & Amaury de Vicq, 2023. "Exploring modern bank penetration: Evidence from early twentieth‐century Netherlands," Economic History Review, Economic History Society, vol. 76(3), pages 892-916, August.
    7. Livio Di Matteo, 2008. "Wealth accumulation motives: evidence from the probate records of Ontario, 1892 and 1902," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 2(2), pages 143-171, July.
    8. Di Matteo, Livio, 1998. "Wealth Accumulation and the Life-Cycle in Economic History: Implications of Alternative Approaches to Data," Explorations in Economic History, Elsevier, vol. 35(3), pages 296-324, July.
    9. Di Matteo, Livio & Herbert Emery, J. C., 2002. "Wealth and the demand for life insurance: evidence from Ontario, 1892," Explorations in Economic History, Elsevier, vol. 39(4), pages 446-469, October.
    10. Livio Di Matteo & Angela Redish, 2015. "The evolution of financial intermediation: Evidence from 19th-century Ontario microdata," Canadian Journal of Economics, Canadian Economics Association, vol. 48(3), pages 963-987, August.

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