Intergenerational transfers, insurance, and the transmission of inequality

代际转移、保险和不平等的传递

• 批准号: ES/V001248/1
• 负责人: Eric French
• 金额: $ 98.25万
• 依托单位: Institute for Fiscal Studies
• 依托单位国家: 英国
• 项目类别: Research Grant
• 财政年份: 2021
• 资助国家: 英国
• 起止时间: 2021 至 无数据
• 项目状态: 已结题
• 来源: https://gtr.ukri.org/projects?ref=ES%2FV001248%2F1
• 关键词: Intergenerational; transfers; insurance; transmission; inequality

ContextChildren of economically successful parents tend to be economically successful themselves, having relatively high levels of income, education and wealth. By some estimates, the intergenerational association of economic status in the UK is the strongest in the developed world. These gaps are not only large by international standards, but have also grown in recent decades. Given that equality of opportunity is a common policy goal, disparities in economic outcomes determined by parental background are in urgent need of attention. Tackling such disparities requires an understanding of how they arise and which policies can have an impact.Aims and objectivesWe propose an ambitious programme of research that will further our understanding of the mechanisms whereby parents transmit their economic status to their children, and how this process is influenced by various government policies. We aim to make several advances over the existing literature by employing novel methods, exploiting large linked administrative datasets, and building cutting-edge models of economic decisions.Our first strand of research will provide the first causal estimates of the impact of increases in parents' housing wealth on child outcomes. Parental assistance has become increasingly important for young home-buyers. We will exploit newly-available data on parent-child links in the UK, and a novel empirical approach, to quantify the transmission of wealth shocks from parents to children. This will help us to understand the impact of the increases in UK house prices in recent decades on inequalities in wealth and homeownership amongst younger generations. Our second strand of research will draw on newly available transfer data, and a novel model of intergenerational transfers and home purchases, to estimate the impact of both parental financial assistance in home purchasing and policies to encourage home ownership on inequality.Our third strand of research considers inter-vivos transfers from parents to their adult children and role such transfers might play in insuring children against adverse shocks. Understanding the reasons when and why parents make such transfers to their children is an important consideration for the design of the taxation of transfers and provision of social insurance. We will use an unrivalled source of intergenerationally-linked administrative data covering inter-vivos transfers to explore how parents respond to unemployment and other shocks that their children experience.In the fourth and final strand of research, we will use a model of parental investments of time and money in their children to estimate important interactions between different transfers and the ways in which parents choose between different investments. This will allow us to explicitly separate the contribution of different factors (parental time investments, educational investments, and cash-transfers) in shaping child outcomes. We can then simulate the responses of parents and children to policy reforms, such as changes in access to higher education, to determine their effect on investments in children and, ultimately, the intergenerational transmission of inequality. Applications and benefitsThis research will yield a number of insights relevant to policy-makers, researchers and those in the private and third sector interested in property and inheritance taxation, saving and housing policy, education policy, and social mobility. We will maximise potential benefits by producing a range of outputs including a series of academic articles that will be submitted to top economic journals and non-technical summaries that communicate our key findings to non-academic audiences.

经济上成功的父母的孩子往往在经济上成功，有相对较高的收入，教育和财富水平。据估计，英国经济地位的代际关联在发达国家中是最强的。按照国际标准，这些差距不仅很大，而且近几十年来还在扩大。鉴于机会平等是一项共同的政策目标，迫切需要关注由父母背景决定的经济结果的差异。解决这些差距需要了解它们是如何产生的，以及哪些政策可以产生影响。Aims和objectivesWe提出了一个雄心勃勃的研究计划，将进一步了解父母将其经济地位传递给子女的机制，以及这一过程如何受到各种政府政策的影响。我们的目标是通过采用新的方法，利用大型关联的行政数据集，并建立经济决策的尖端模型，在现有文献上取得一些进展。我们的第一个研究链将提供父母住房财富增加对儿童结果影响的第一个因果估计。父母的帮助对年轻的购房者来说越来越重要。我们将利用英国新获得的亲子关系数据，以及一种新的实证方法，来量化财富冲击从父母到子女的传递。这将有助于我们了解近几十年来英国房价上涨对年轻一代财富和住房所有权不平等的影响。我们的第二部分研究将利用新获得的转移数据，以及一个新的代际转移和购房模型，评估父母在购房方面的经济援助和鼓励购房的政策对不平等的影响。我们的第三部分研究考虑了父母向成年子女的代际转移，以及这种转移在确保儿童免受不利冲击方面可能发挥的作用。了解父母何时和为何向子女转移这种资金，是设计对转移资金征税和提供社会保险的一个重要考虑。我们将使用一个无与伦比的代际关联的管理数据源，涵盖了生者之间的转移，以探讨父母如何应对失业和其他冲击，他们的孩子的经验。在第四和最后一链的研究，我们将使用一个模型的父母的时间和金钱投资在他们的孩子来估计不同的转移和父母之间的选择不同的投资方式之间的重要相互作用。这将使我们能够明确区分不同因素（父母的时间投资，教育投资和现金转移）在塑造儿童结果方面的贡献。然后，我们可以模拟父母和子女对政策改革的反应，例如接受高等教育的机会的变化，以确定其对儿童投资的影响，并最终确定不平等的代际传递。应用和效益这项研究将产生一些相关的政策制定者，研究人员和那些在私人和第三部门感兴趣的财产和遗产税，储蓄和住房政策，教育政策和社会流动性的见解。我们将通过产生一系列产出来最大限度地提高潜在效益，包括一系列将提交给顶级经济期刊的学术文章，以及将我们的主要发现传达给非学术受众的非技术摘要。

项目成果

The Intergenerational Elasticity of Earnings: Exploring the Mechanisms

收入的代际弹性：探索机制

• DOI: 10.17863/cam.79362
• 发表时间: 2021
• 作者: Bolt U

Labor Supply and the Pension-Contribution Link

劳动力供给与养老金缴费联系

• DOI: 10.3386/w30184
• 作者: French E

How should we fund end-of-life care in the US?

• DOI: 10.1016/j.lana.2022.100359
• 发表时间: 2022-11
• 期刊: LANCET REGIONAL HEALTH-AMERICAS
• 作者: Arapakis, Karolos;French, Eric;Jones, John;McCauley, Jeremy
• 通讯作者: McCauley, Jeremy

Wealth, gifts and estate planning at the end of life

临终时的财富、礼物和遗产规划

• DOI: 10.1920/wp.ifs.2022.2922
• 作者: Sturrock D

What drives the timing of inter-vivos transfers?

是什么决定了体内移植的时机？

• DOI: 10.1920/wp.ifs.2023.0923
• 作者: Boileau B