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Auswirkungen von Erbschaften und Schenkungen auf die Vermögensbildung privater Personen und Haushalte / The Importance of Intergenerational Transfers for Private Wealth Accumulation: Eine empirische Analyse auf der Basis des Sozio-oekonomischen Panels / An Empirical Analysis of German Survey Data

  • Westerheide Peter


    (Zentrum für Europäische Wirtschaftsforschung (ZEW) GmbH, L71, D-68161, Mannheim, Germany)

We analyse the saving behaviour of German individuals and households between the ages of 30 and 50 with respect to inheritances and transfers inter vivos, based on recent data from the German Socio-economic Panel. In cross-section regression analysis current wealth holdings are explained by past life-cycle income and transfers received. The approach accounts for the problem of possible time lags in the adaptation of consumption to unexpected intergenerational transfers. Differences in the propensities to save with respect to highly liquid and less liquid wealth categories are taken into consideration as well.

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Article provided by De Gruyter in its journal Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik).

Volume (Year): 225 (2005)
Issue (Month): 4 (August)
Pages: 459-481

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Handle: RePEc:jns:jbstat:v:225:y:2005:i:4:p:459-481
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  1. Modigliani, Franco, 1988. "The Role of Intergenerational Transfers and Life Cycle Saving in the Accumulation of Wealth," Journal of Economic Perspectives, American Economic Association, vol. 2(2), pages 15-40, Spring.
  2. Jurges, Hendrik, 2001. " Do Germans Save to Leave an Estate? An Examination of the Bequest Motive," Scandinavian Journal of Economics, Wiley Blackwell, vol. 103(3), pages 391-414, September.
  3. Michael D. Hurd & James P. Smith, 1999. "Anticipated and Actual Bequests," NBER Working Papers 7380, National Bureau of Economic Research, Inc.
  4. Laurence J. Kotlikoff, 1987. "Intergenerational Transfers and Savings," NBER Working Papers 2237, National Bureau of Economic Research, Inc.
  5. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
  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.
  7. Laurence J. Kotlikoff & Lawrence H. Summers, 1980. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," NBER Working Papers 0445, National Bureau of Economic Research, Inc.
  8. Kessler, Denis & Masson, Andre, 1989. "Bequest and Wealth Accumulation: Are Some Pieces of the Puzzle Missing?," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 141-52, Summer.
  9. Westerheide, Peter, 2004. "Auswirkungen von Erbschaften und Schenkungen auf die Vermögensbildung privater Personen und Haushalte: Eine ökonometrische Analyse auf der Basis des Sozio-oekonomischen Panels," ZEW Discussion Papers 04-28, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
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