An empirical analysis of the effect of the gift tax and the mortgageburden on intergenerational transfe

孩子们可以从父母那里获得资金转移，以实现拥有住房的梦想。这就提出了一个问题，即如果政府也提供与住房所有权有关的补贴，收到的转移支付是否会减少。本文的目的是，以享受抵押贷款减税（MTD）和赠与税减免的日本购房家庭为样本，对这一问题进行实证研究。在实证阶段，我们提供了一个测试的效果，住房相关的补贴对广泛的（接收转移的概率）和密集的（接收转移的金额）利润率。实证结果表明，无论是在粗放型还是集约型边际转移中，MTD都有挤出的趋势，而赠与税的削减则会导致相反的结果

Children may receive monetary transfers from their parents to realize the dream of homeownership. This raises the question of whether transfers received decrease if governments also provide a homeownership-related subsidy. The purpose of this paper is to empirically examine this question, using a sample of the Japanese home-buying households that are subsidized by a mortgage tax deduction （MTD) and a gift tax cut. In the empirical stage, we offer a test of the effect of the homeownership-related subsidieson both the extensive （the probability of receiving transfers) and the intensive （the amount of transfers received) margins. The empirical results appear to indicate that the MTD has a tendency to crowd out transfers on both the extensive and the intensive margins,while the gift tax cut lead to the opposite result