Generational Wealth Accounts: Did Public and Private Inter-Generational Transfers Offset Each Other over the Financial Crisis?

• 成果类型: Article
• 署名作者: McCarthy, David; Sefton, James; Lee, Ronald; Sambt, Joze
• 署名单位: University System of Georgia; University of Georgia; Imperial College London; University of California System; University of California Berkeley; University of Ljubljana
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/ueac019
• 发表日期: 2022
• 页码: 2412-2437
• 关键词: inheritances

摘要

We develop Generational Wealth Accounts (GWA): the first set of balance sheets, by generations, to include all human capital, tangible wealth, financial wealth, and transfer wealth, and the uses to which these are put, and employ them to quantify inter-generational transfers and the sustainability of consumption. Consumption plans in the UK public sector worsened over the financial crisis and are unsustainable; private sector plans improved, and are now almost balanced. Increases in private capital transfers to the young offset the effect of increased public debt. House price increases shifted resources from young to old but had little effect on sustainability.