The Challenges of Wealth and Its Intergenerational Transmission in an Aging Society

André Masson
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André Masson: PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: Since the beginning of the 1980s, our developed societies face an exceptional process of "patrimonialization" which is problematic in terms of unequal wealth concentration and potentially inefficient allocation of capital. This process results notably in an increasing wealth concentration by the elderly. Even if decline in mortality at old age is not the sole reason of this process, it has significantly contributed to worsen its effects. Considering various tax and social remedies, our study leads to sustain the Taxfinh (Tax Family Inheritance) program, an inheritance tax reform which aims to favor both gifts (to family members or of professional assets) and charitable bequests, property consumption (real estate), or long-term productive investment of elderly savings.

Keywords: Rising life expectancy; Wealth inequality (search for similar items in EconPapers)
Date: 2018
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Published in Marco Corazza; María Durbán; Aurea Grané; Cira Perna; Marilena Sibillo. Mathematical and Statistical Methods for Actuarial Sciences and Finance, Springer, pp.467-471, 2018

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01885433

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