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Housing Finance And Intergenerational Wealth Transfer
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Book Synopsis Housing Finance and Intergenerational Wealth Transfer by : Edwin Deutsch
Download or read book Housing Finance and Intergenerational Wealth Transfer written by Edwin Deutsch and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper sheds light on intrafamilial gifts for housing. By using Austrian intergenerational survey data various questions are addressed. First, is familial aid more or less widespread in given social strata? Second, what are the determinants and motives for family gifts? And third, what are the possible impacts on the choice set of their recipients? Probit estimates show that gifts significantly depend on the parents lifetime financial position, consistent with life cycle permanent income (LCPI) approaches. Gifts to remove liquidity constraints are more difficult to reconcile with LCPI. quot;Dynasticquot; gifts that support household formation and ownership acquisition may be interpreted as intergenerational exchange. They occur more frequently than periodical cash transfers where altruistic behavior cannot be ruled out.
Book Synopsis Housing Finance and Intergenerational Wealth Transfers by :
Download or read book Housing Finance and Intergenerational Wealth Transfers written by and published by . This book was released on 1995 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intergenerational Wealth Transfer and Its Impact on Housing by : Xiao Di Zhu
Download or read book Intergenerational Wealth Transfer and Its Impact on Housing written by Xiao Di Zhu and published by . This book was released on 2002 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exploring Intergenerational Wealth Transfer Dynamics with Agent-Based Models by : Osonde Osoba
Download or read book Exploring Intergenerational Wealth Transfer Dynamics with Agent-Based Models written by Osonde Osoba and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Personal wealth is often viewed as a product of good decision-making. Choose a good education, a good job, earn a good income, invest wisely, take risks, start a business, innovate. However, the reality of wealth is quite different. Wealth is often passed down from generations through inheritance and in-vivo transfers. One's household's wealth is as much an expression of their opportunities, as it is the opportunities of their parents and their grandparents. This means that wealth is a way for the present to hang on to the past and to propel the future. For differences between Black and white households, wealth is a reflection of past inequity. Longstanding inequities in the U.S. have worked against racial equity through myriad legal practices & exclusions: slavery, Jim Crow, the New Deal, FHA loans, the GI Bill's lack of Black inclusion,de jure segregation of red lining, reverse red lining, racial covenants, and the persistent injustices of a criminal justice system that led to the death of George Floyd sparking a wave of protest and conversation (Rothstein 2017, Darity Jr and Mullen 2020). While no American alive bore firsthand witness to all of this history, most Americans have borne witness to some, and the accumulation of harms reverberates across the life course of all. The sociological, psychological and ethical costs of disparities and discrimination in access to education, health, jobs, housing, justice, and financing cannot be fully measured. There is however one indicator that reflects some portion of these inequitable costs: the Black-white wealth gap in American society today (Shapiro, Meschede et al. 2013, Fox 2016, Pfeffer 2018, Boshara 2020, Aladangady and Forde 2021, Toney and Robertson 2021). The wealth gap reflects income differences accumulated over time, and hence serve as a useful economic "stock" of disparities. While median white household income is $68,000 and $40,000 for Blacks, the total wealth of an average white family is 10 times that of a Black family--$170,000 v $17,000 (Federal Reserve Board 2019). This paper is motived by addressing the history of unjust and, at times, racially motivated policy-making that is responsible for significant portions of the adverse racially disparate outcomes we can now measure. Given a long term policy challenge of identifying effective policies for addressing the wealth gap, this paper takes a first step in introducing a modeling environment that could be used for testing the long run impacts of policy interventions on differences between white and Black wealth.
Book Synopsis Housing Careers, Intergenerational Support and Family Relations by : Christian Lennartz
Download or read book Housing Careers, Intergenerational Support and Family Relations written by Christian Lennartz and published by Routledge. This book was released on 2020-06-09 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this comprehensive volume, authors from across the social sciences explore how housing wealth transfers have impacted the integration of families, society and the economy, with a focus on the (re)negotiation of the ‘generational contract’. While housing has always been central to the realization and reproduction of families, more recently, the mutual embedding of home and family has become more obvious as realignments in housing markets, employment and welfare states have worked together to undermine housing access for new households, enhancing intergenerational interdependencies. More families have thus become involved in smoothening the routes of younger adult members into and up the ‘housing ladder’. While intergenerational support appears to have become much more widespread, it remains highly differentiated across countries, cities and regions, as well as uneven between social and income classes. This book addresses the increasing role that family support, and intergenerational transfers in particular, are playing in sustaining the formation of new households and the transition of young adults towards social and economic autonomy. The authors draw on diverse international cases and a variety of methodologies in order to advance our understanding of housing as a key driver of contemporary social relations and inequalities. Chapters 1, 4, 6, 7, 8, and 9 of this book are freely available as downloadable Open Access PDFs at https://www.taylorfrancis.com under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license (Chapters 1, 6, 8, and 9) and a Creative Commons Attribution (CC-BY) 4.0 license (Chapters 4 and 7).
Book Synopsis Preparing for an Aging World by : National Research Council
Download or read book Preparing for an Aging World written by National Research Council and published by National Academies Press. This book was released on 2001-06-26 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aging is a process that encompasses virtually all aspects of life. Because the speed of population aging is accelerating, and because the data needed to study the aging process are complex and expensive to obtain, it is imperative that countries coordinate their research efforts to reap the most benefits from this important information. Preparing for an Aging World looks at the behavioral and socioeconomic aspects of aging, and focuses on work, retirement, and pensions; wealth and savings behavior; health and disability; intergenerational transfers; and concepts of well-being. It makes recommendations for a collection of new, cross-national data on aging populationsâ€"data that will allow nations to develop policies and programs for addressing the major shifts in population age structure now occurring. These efforts, if made internationally, would advance our understanding of the aging process around the world.
Book Synopsis Intergenerational Transfers, Borrowing Constraints, and Saving Behavior by : Gary V. Engelhardt
Download or read book Intergenerational Transfers, Borrowing Constraints, and Saving Behavior written by Gary V. Engelhardt and published by . This book was released on 1995 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intergenerational Transfers, Borrowing Constraints and the Timing of Home Ownership by : Luigi Guiso
Download or read book Intergenerational Transfers, Borrowing Constraints and the Timing of Home Ownership written by Luigi Guiso and published by . This book was released on 1996 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Heterogeneity and Persistence in Returns to Wealth by : Andreas Fagereng
Download or read book Heterogeneity and Persistence in Returns to Wealth written by Andreas Fagereng and published by International Monetary Fund. This book was released on 2018-07-27 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population data from Norway’s administrative tax records. We document a number of novel results. First, during our sample period individuals earn markedly different average returns on their financial assets (a standard deviation of 14%) and on their net worth (a standard deviation of 8%). Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and risky assets: returns are heterogeneous even within asset classes. Third, returns are positively correlated with wealth: moving from the 10th to the 90th percentile of the financial wealth distribution increases the return by 3 percentage points - and by 17 percentage points when the same exercise is performed for the return to net worth. Fourth, wealth returns exhibit substantial persistence over time. We argue that while this persistence partly reflects stable differences in risk exposure and assets scale, it also reflects persistent heterogeneity in sophistication and financial information, as well as entrepreneurial talent. Finally, wealth returns are (mildly) correlated across generations. We discuss the implications of these findings for several strands of the wealth inequality debate.
Book Synopsis Intergenerational Exchanges and Economic Security by :
Download or read book Intergenerational Exchanges and Economic Security written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Scholars have shown that intergenerational transfers positively affect the recipient's wealth. However, no one had considered how these types of transfers affect the wealth of the donor. The purpose of my dissertation was to determine if parents compromise their own economic well-being as a result of having children and engaging in financial transfers to them. I defined economic well-being as overall net worth, financial assets, and housing net worth. Financial transfers to children are defined as investments in children's education. By examining the effects of a relatively common and discretionary transfer to children, we gain a broad understanding of the effects of transfers on wealth, a previously overlooked topic in the sociology of wealth. I use the Health and Retirement Survey (1992), a nationally representative biennial longitudinal survey of person born between 1931 and 1941, to examine these relationships. Comparing wealth outcomes for households with and without children I was able to demonstrate that there are no long-term negative financial consequences associated with having children. Shifting the focus to differences among parents in their level of financial support of their children, I found that investing in children's education has positive effects on overall net worth and housing net worth. Finally, I examined these relationships separately for white, black, and Hispanic households in order to determine if there were racial or ethnic differences in the effects of having children and investing in their children's education on wealth. I found that while there were no substantive differences in the effects of having children on wealth by race or ethnicity, there differences in the effects of educational expenditures.
Book Synopsis Achieving Equity by : Michael A. Mendez
Download or read book Achieving Equity written by Michael A. Mendez and published by . This book was released on 2002 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Asset Economy written by Lisa Adkins and published by John Wiley & Sons. This book was released on 2020-10-07 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rising inequality is the defining feature of our age. With the lion’s share of wealth growth going to the top, for a growing percentage of society a middle-class existence is out of reach. What exactly are the economic shifts that have driven the social transformations taking place in Anglo-capitalist societies? In this timely book, Lisa Adkins, Melinda Cooper and Martijn Konings argue that the rise of the asset economy has produced a new logic of inequality. Several decades of property inflation have seen asset ownership overshadow employment as a determinant of class position. Exploring the impact of generational dynamics in this new class landscape, the book advances an original perspective on a range of phenomena that are widely debated but poorly understood – including the growth of wealth inequalities and precarity, the dynamics of urban property inflation, changes in fiscal and monetary policy and the predicament of the “millennial” generation. Despite widespread awareness of the harmful effects of Quantitative Easing and similar asset-supporting measures, we appear to have entered an era of policy “lock-in” that is responsible for a growing disconnect between popular expectations and institutional priorities. The resulting polarization underlies many of the volatile dynamics and rapidly shifting alliances that dominate today’s headlines.
Book Synopsis Intergenerational and Interfamilial Transfers of Wealth and Housing by : Mathew Arcus
Download or read book Intergenerational and Interfamilial Transfers of Wealth and Housing written by Mathew Arcus and published by . This book was released on 2005-01-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Social Dynamics in Swiss Society by : Robin Tillmann
Download or read book Social Dynamics in Swiss Society written by Robin Tillmann and published by Springer. This book was released on 2018-06-13 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using longitudinal data from the Swiss Household Panel to zoom in on continuity and change in the life course, this open access book describes how the lives of the Swiss population have changed in terms of health, family circumstances, work, political participation, and migration over the last sixteen years. What are the different trajectories in terms of mobility, health, wealth, and family constellations? What are the drivers behind all these changes over time and in the life course? And what are the implications for inequality in society and for social policy? The Swiss Household Panel is a unique ongoing longitudinal survey that has followed a large sample of Swiss households since 1999. The data provide the rare opportunity to go beyond a snapshot of contemporary Swiss society and give insight into the processes in people’s lives and in society that lie behind recent developments.
Download or read book Housing Market written by Nhung Luu and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Impacts of the global rise of housing price from 1980s on the economy has attracted a surging research interest. As housing represent a major share of household expenditure as well as total wealth, it's important to understand the role of housing on wealth inequality. Yet, due to data availability, little has been done to understand this issue. As wealth of households is accumulated from two main sources: capital savings and transfers, it's important to understand how these sources are linked to housing market when there's a shift in housing prices. Thus, the first two chapters of this thesis aim to a better understanding on the importance of housing channel on the economy. More specifically, the first chapter draws attention on the co-movement between housing prices and production output. By introducing different shocks to the economy, we can analyse their impacts on housing prices and capital accumulation as well as the mechanism in which these shocks are transmitted. On the other hand, the second chapter focuses on how intergenerational transfer makes inequality persistent via the housing market. By considering an economy with two different investment assets: housing and capital, we show that that there exists an equilibrium in which housing is more profitable than capital. As the rich family, i.e. the one who inherited relatively higher wealth, can access the housing market while the poor one can't due to the borrowing constraint, inequality maintains in the long run. Furthermore, bequest and intrahousehold transfer are the two essential transmission channels that link to wealth in different way. While intrahousehold transfer is believed to contribute to the development of individual's human capital and hence labour incomes, inheritance plays a decisive role in one's accumulation of capital and wealth. Data from the national transfer account in France showed us that over the last decades, there has been a notable change in a composition of private transfers: from a more dominant share of intrahousehold transfers to a more dominant inheritance one. As this shift triggers two adverse effects, it's therefore interesting to understand why and how it happens as well as how it is related to wealth inequality. These questions are addressed in the third chapter of my thesis.
Book Synopsis The Intergenerational Transmission of Housing Wealth by : N. Meltem Daysal
Download or read book The Intergenerational Transmission of Housing Wealth written by N. Meltem Daysal and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rising wealth inequality has spurred an increased interest in understanding how and why wealth is correlated across generations. Prior research has found an intergenerational correlation between 0.2 and 0.4 and has emphasized the role of family characteristics in driving this correlation. We contribute to this literature by examining the intergenerational transmission of wealth changes, which allows us to isolate the causal effect of wealth shocks from predetermined parental preferences and household characteristics. Using Danish Register Data, we examine the effect of home price changes that occur between ages 0-5, 6-11, and 12-17 on the value of the home children own at ages 29-33. For the youngest age group, we find that 12.7% of each Krone of home price change is transmitted to housing wealth in adulthood. The transmission rate for the 6-11 age group is higher, at 20.5%, and there is no transmission of home price changes that occur during the teenage years. Examining mechanisms, we find that home price increases in the first two age groups lead to modest increases in home ownership and educational attainment. There also is an increase in non-housing wealth, income, and partner wealth for the middle age group. Income and education can explain only 20-30% of the intergenerational transmission we document. We argue that our results largely reflect changes to parental/household behaviors and preferences that are passed down to children and cause them to accumulate more housing wealth in young adulthood.
Book Synopsis The Role of Private Wealth and Debt in Shaping Social and Economic Inequality in the United States by : Jan Ludwig Spieker
Download or read book The Role of Private Wealth and Debt in Shaping Social and Economic Inequality in the United States written by Jan Ludwig Spieker and published by . This book was released on 2020 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation advances the sociological understanding of how privately held wealth and debt have become central to social mobility and well-being in 21st-century America. Chapter one adds to an emerging field of studying intergenerational wealth mobility by relating parents' intragenerational wealth trajectories to children's wealth standing in early to mid-adulthood. Children from continuously wealthy households have more wealth and higher net financial assets than children from any other group. This early divide is remarkable and can be expected to cement the wealth position of children from wealthy households due to compound interest and higher rates of appreciation as well as higher returns of financial assets. The second chapter focuses on the relationship between wealth transfers and transitioning into homeownership. Specifically, poorer households are less likely to receive a gift or inheritance of $10,000 or more but, compared to households with more economic resources, are more likely to leverage this wealth transfer into a transition to homeownership. However, these associations have changed substantially: before the Great Recession, wealth transfers increased transitions into homeownership more among poor households than well-off households, but after the Great Recession, the transfer "boost" converged; likely as a result of changes in housing markets, stricter mortgage lending conditions, and large scale wealth destruction among working-class households. The last chapter addresses the psychological costs of a sub-phenomenon of financialization, that is, the tremendous surge in privately held debt since the 1980s. The analysis distinguishes eight kinds of debt including credit card debt, outstanding medical and legal bills, other (secured) consumer debt, student debt, family loans, mortgage loans and business debt. There are two culprits for the loss in well-being associated with going into the red. First, any kind of consumer debt - secured or unsecured - exerts a statistically significant negative impact on subjective well-being. Second, increases in student debt robustly lead to a loss in subjective well-being. Contextualizing the results, the magnitude of the loss in subjective well-being stemming from consumer debt and student loans is comparable to the boost in well-being from major life events such as marriage and finding employment.
