INTERGENERATIONAL TRANSFERS AND CAPITAL-MARKET IMPERFECTIONS - EVIDENCE FROM A CROSS-SECTION OF ITALIAN HOUSEHOLDS

被引：23

作者：

GUISO, L ^{[1
]}

JAPPELLI, T ^{[1
]}

机构：

[1] IST UNIV NAVALE,IST STUDI ECON,I-80133 NAPLES,ITALY

来源：

EUROPEAN ECONOMIC REVIEW | 1991年 / 35卷 / 01期

关键词：

D O I：

10.1016/0014-2921(91)90106-S

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate whether a system of family finance exists and to what extent it is able to offset capital market imperfections. A simple model of intergenerational transfers implies that the probability of a liquidity constrained consumer receiving a transfer is negatively correlated with his current endowment and positively correlated with his future resources. We test this proposition using a recent survey of Italian households in which both transfer recipients and liquidity constrained households are readily observable. The results indicate that private transfers help to ease borrowing constraints. However, a substantial number of liquidity constrained households remain after transfers have been made. © 1991.

引用

页码：103 / 120

页数：18

共 21 条

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