Decomposing the black-white wealth gap: The role of parental resources, inheritance, and investment dynamics
Decomposing the black-white wealth gap: The role of parental resources, inheritance, and investment dynamics
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DOI：
10.1111/j.1475-682x.2001.tb00927.x
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发表时间：
2001-12-01
影响因子：
1.9
通讯作者：
Conley, D
中科院分区：
文献类型：
--
作者：
Conley, D
许多研究表明，即使在控制了收入之后，非裔美国人的净资产也比白人低得多；这些净资产差异对黑人和白人的整体福祉具有重要影响。如果不是直接来自劳动力市场的劣势--即收入差距--那么这种种族财富差距是从哪里产生的？目前的研究对这种资产持有量种族差异的两种互补解释进行了评估。第一个是历史遗产理论，它认为，当前这一代人的净财富差异在很大程度上是过去几代人歧视的结果；也就是说，这些差异可以追溯到白人在积累资产并将其传递方面的“先发制人”。第二种理论是当代动力学论文，该理论认为，住房和信贷市场当前的制度种族主义动态更应对这种差距负责。目前的研究通过使用收入动态小组研究的两代数据来测试多代力量和当代财产和信贷动态的相对影响。研究发现，父母的财富、收入水平和遗产都对当代人的财富水平有显著影响，但父母的财富和遗产不能解释黑人和白人的差距。再远一点。这项研究表明，即使根据五年前同一个家庭的净资产预测净资产(也考虑了这段时间的储蓄)，非洲裔美国人仍然存在显著的负面影响。然而，将初始净值细分为资产类型表明，可能是不同的投资类型和回报解释了五年期间资产积累的差异。
Much research has shown that even after controlling for income, African Americans suffer from drastically lower net worths than their white counterparts; these differences in net worth have important implications for the overall well-being of blacks and whites. If not directly from labor market disadvantages-i.e., income differentials-then from what does this racial gap in wealth arise? The current study assesses two complementary accounts of this race difference in asset holdings. The first, the historical legacy thesis, suggests that net wealth differences in the current generation are largely a result of discrimination in past generations; that is, they can be traced to the "head start" that whites have enjoyed in accumulating assets and passing them on. The second theory, the contemporary dynamics thesis, holds that current dynamics of institutional racism in the housing and credit markets are more responsible for the gap. The current study tests the relative impact of multi-generational forces and contemporary property and credit dynamics by using two-generational data from the Panel Study of Income Dynamics. It finds that parental wealth and income levels and inheritance all have a significant impact on the wealth levels of the current generation net of respondent socioeconomic characteristics; however, parental wealth and inheritance fail to explain the black-white gap. Further. this study shows that even predicting net worth from that same family's net worth five years prior (also controlling for savings during the interim), there remains a significantly negative effect of African American race. However, breaking out initial net worth into asset types shows that it may be different investment types and returns that explain the difference in asset accumulation over a five-year period.