Dissaving by the elderly, transfer motives and liquidity constraints:
Two explanations have been proposed for the observed slowness of wealth decumulation by the elderly in the literature: the precautionary saving induced by (uninsurable) uncertainty about the time of death or by the possibility of major catastrophes in old age that require large outlays; the desire t...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
1993
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
4569 |
| Schlagworte: | |
| Zusammenfassung: | Two explanations have been proposed for the observed slowness of wealth decumulation by the elderly in the literature: the precautionary saving induced by (uninsurable) uncertainty about the time of death or by the possibility of major catastrophes in old age that require large outlays; the desire to pass part of the accumulated assets on to one's heirs. We reconsider the issue of wealth decumulation by the elderly and assess the presence of a transfer motive, drawing on Italian data. We show that if intergenerational transfer of assets takes place well before the time of death, induced for instance by existence of liquidity constraints on younger families, then tests for the presence of a transfer motive based on the relative speed of decumulation of elderly households with and without a potential bequest motive might have little discriminatory power. We suggest that in this case one should look at the whole pattern of asset accumulation and decumulation. We also offer an alternative test of the bequest motive based on life insurance purchases. |
| Beschreibung: | 33, [8] S. |
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| 520 | |a Two explanations have been proposed for the observed slowness of wealth decumulation by the elderly in the literature: the precautionary saving induced by (uninsurable) uncertainty about the time of death or by the possibility of major catastrophes in old age that require large outlays; the desire to pass part of the accumulated assets on to one's heirs. We reconsider the issue of wealth decumulation by the elderly and assess the presence of a transfer motive, drawing on Italian data. We show that if intergenerational transfer of assets takes place well before the time of death, induced for instance by existence of liquidity constraints on younger families, then tests for the presence of a transfer motive based on the relative speed of decumulation of elderly households with and without a potential bequest motive might have little discriminatory power. We suggest that in this case one should look at the whole pattern of asset accumulation and decumulation. We also offer an alternative test of the bequest motive based on life insurance purchases. | ||
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| id | DE-604.BV009532975 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T17:36:38Z |
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| language | English |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Ando, Albert Verfasser aut Dissaving by the elderly, transfer motives and liquidity constraints Albert Ando ; Luigi Guiso ; Daniele Terlizzese Cambridge, Mass. 1993 33, [8] S. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 4569 Two explanations have been proposed for the observed slowness of wealth decumulation by the elderly in the literature: the precautionary saving induced by (uninsurable) uncertainty about the time of death or by the possibility of major catastrophes in old age that require large outlays; the desire to pass part of the accumulated assets on to one's heirs. We reconsider the issue of wealth decumulation by the elderly and assess the presence of a transfer motive, drawing on Italian data. We show that if intergenerational transfer of assets takes place well before the time of death, induced for instance by existence of liquidity constraints on younger families, then tests for the presence of a transfer motive based on the relative speed of decumulation of elderly households with and without a potential bequest motive might have little discriminatory power. We suggest that in this case one should look at the whole pattern of asset accumulation and decumulation. We also offer an alternative test of the bequest motive based on life insurance purchases. Wirtschaft Inheritance and succession United States Older people United States Economic conditions Saving and investment United States Wealth United States USA Guiso, Luigi 1955- Verfasser (DE-588)129191639 aut Terlizzese, Daniele Verfasser (DE-588)128832223 aut National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 4569 (DE-604)BV002801238 4569 |
| spellingShingle | Ando, Albert Guiso, Luigi 1955- Terlizzese, Daniele Dissaving by the elderly, transfer motives and liquidity constraints National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Wirtschaft Inheritance and succession United States Older people United States Economic conditions Saving and investment United States Wealth United States |
| title | Dissaving by the elderly, transfer motives and liquidity constraints |
| title_auth | Dissaving by the elderly, transfer motives and liquidity constraints |
| title_exact_search | Dissaving by the elderly, transfer motives and liquidity constraints |
| title_full | Dissaving by the elderly, transfer motives and liquidity constraints Albert Ando ; Luigi Guiso ; Daniele Terlizzese |
| title_fullStr | Dissaving by the elderly, transfer motives and liquidity constraints Albert Ando ; Luigi Guiso ; Daniele Terlizzese |
| title_full_unstemmed | Dissaving by the elderly, transfer motives and liquidity constraints Albert Ando ; Luigi Guiso ; Daniele Terlizzese |
| title_short | Dissaving by the elderly, transfer motives and liquidity constraints |
| title_sort | dissaving by the elderly transfer motives and liquidity constraints |
| topic | Wirtschaft Inheritance and succession United States Older people United States Economic conditions Saving and investment United States Wealth United States |
| topic_facet | Wirtschaft Inheritance and succession United States Older people United States Economic conditions Saving and investment United States Wealth United States USA |
| volume_link | (DE-604)BV002801238 |
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