Events

[Joint work with Juan C. Palomino, INET/DSPI, Philippe Van Kerm, University of Luxembourg and LISER, and Salvatore Morelli, University of Roma Tre and Stone Graduate Center CUNY]

Abstract: The role that intergenerational transfers of wealth via inheritance and gifts inter vivos play in the accumulation of household wealth and the generation of wealth inequality is contested in the research literature and highly relevant to current debates about inequality and taxation. We use data from household wealth surveys for six rich countries - Great  Britain, France, Germany, Italy, Spain and the US - to compare patterns of intergenerational wealth transfer receipt. To include Great Britain in this comparison using data from its main wealth survey, the Wealth and Asset Survey, a variety of issues with respect to that source have to be addressed. Some striking similarities across rich countries in patterns of wealth transfer receipt are seen, as well as some distinctive features notably for the US. We then apply different approaches to assessing the contribution that intergenerational wealth transfers make to observed levels of wealth inequality. This brings out the importance of the underlying counterfactual reference point incorporated in those approaches. Finally we exploit specific features of the Wealth and Asset Survey not shared by the surveys for comparator countries to highlight issues relating to gender and wealth within the household.

The Sociology Seminar Series for Hilary Term is convened by Bess Bukodi and Colin Mills For more information about this or any of the seminars in the series, please contact sociology.secretary@nuffield.ox.ac.uk.