Journal Title
Title of Journal: Demography
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Authors: SigneMary McKernan Caroline Ratcliffe Margaret Simms Sisi Zhang
Publish Date: 2014/04/30
Volume: 51, Issue: 3, Pages: 949-974
Abstract
How do private transfers differ by race and ethnicity and do such differences explain the racial and ethnic disparity in wealth Using the Panel Study of Income Dynamics this study examines private transfers by race and ethnicity in the United States and explores a causal relationship between private transfers and wealth Panel data and a familylevel fixedeffect model are used to control for the endogeneity of private transfers Private transfers in the form of financial support received and given from extended families and friends as well as large gifts and inheritances are examined We find that African Americans and Hispanics both immigrant and nonimmigrant receive less in both types of private transfers than whites Large gifts and inheritances but not net financial support received are related to wealth increases for African American and white families Overall we estimate that the African American shortfall in large gifts and inheritances accounts for 12 of the whiteblack racial wealth gapThis research was funded by the Ford Foundation and the Annie E Casey Foundation We thank them for their support and acknowledge that the findings and conclusions presented are those of the authors alone and do not necessarily reflect the opinions of the foundations the Urban Institute its board of trustees or its sponsors The authors are grateful to three anonymous referees Ngina Chiteji Donald Cox Trina Shanks and Mauricio Soto for their helpful comments and suggestions In addition we value the input of audience participants at the 2012 annual meeting of the Population Association of America the Urban Institute Opportunity Ownership seminar and the Race Ethnicity seminar
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