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22대 대한민국 국회 국회정보길라잡이 국회의원검색
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정보검색

소장정보 검색

국회도서관 홈으로 정보검색 소장정보 검색
결과 내 검색 동의어 포함
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Title page 1

Contents 1

Abstract 3

1. Introduction 4

2. Literature review 8

3. Data and variables 9

3.1. Data 9

3.2. Sample selection 10

3.3. Variables 11

3.4. Summary statistics 12

4. Econometric strategy 13

5. Results 15

5.1. Overall results 15

5.2. Heterogeneity results 16

5.3. Robustness 19

6. Conclusions 20

References 23

APPENDIX A: Additional results 37

Tables 30

Table 1. Summary statistics 30

Table 2. Main results, household fixed effects estimates 31

Table 3. Main estimates on total and public savings, household fixed effects estimates 32

Table 4. Interaction with family income, household fixed effects estimates 33

Table 5. Interaction with educational attainment, household fixed effects estimates 34

Table 6. Robustness check: excluding households who received an inheritance 35

Table 7. Robustness check: excluding spouses who do not have any living parents or parents-in-law 36

Appendix Tables 37

Table A1. Sample selection 37

초록보기

This paper examines how expecting to receive an inheritance impacts household savings decisions. Life-cycle consumption models indicate that the expectation of inheriting should reduce current savings plans for forward-thinking consumers.

We investigate how inheritance expectations shape savings behavior within the household, considering factors such as liquidity constraints and education. To do so, we use household fixed effects to account for time-invariant factors and exploit within-household variation over time by using panel data from the Japanese Panel Survey of Consumers (2003-2019), which provides individual-level information and overcomes endogeneity concerns commonly present in cross-sectional studies.

Our findings reveal that households adjust their current savings in anticipation of receiving future inheritances. Specifically, men decrease their current savings by an average of 5.4 percent if they expect to receive an inheritance in the future. Additionally, we find more pronounced changes in savings among households with higher levels of education and incomes, which are less likely to face liquidity constraints.

These findings inform inheritance fiscal policies, such as inheritance taxes, revealing that households consider the expectation of inheriting in the future for current saving decisions.

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