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Child Benefit Payments and Household Wealth Accumulation

Melvin Stephens and Takashi Unayama ()

Discussion papers from Policy Research Institute, Ministry of Finance Japan

Abstract: Using the life-cycle/permanent income hypothesis, we theoretically and empirically assess the impact of child benefit payments on household wealth accumulation. Consistent with the predictions of the model, we find that higher cumulative benefits received increase current assets, higher future benefit payments lower asset holding, and that these effects systematically vary over the life-cycle. We find different wealth responses to child benefit payments for liquidity constrained and unconstrained households as predicted by the model.

Keywords: Household Consumption; Life Cycle Permanent Income Hypothesis (search for similar items in EconPapers)
JEL-codes: D12 E21 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2014-12
New Economics Papers: this item is included in nep-pub
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https://warp.da.ndl.go.jp/info:ndljp/pid/11247618/ ... ion_paper/ron265.pdf First version, 2014 (application/pdf)

Related works:
Journal Article: Child Benefit Payments and Household Wealth Accumulation (2015) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:mof:wpaper:ron265

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