Private Transfers, Borrowing Constraints, and Timing of Homeownership
利用1991年意大利家庭收入与财富调查数据，研究代际转移支付对购房所需储蓄时间的影响，发现转移支付对储蓄时间影响较小，但受助家庭会购买更大的住房。
The 1991 Italian Survey of Household Income and Wealth contains retrospective information on intergenerational transfers. This information is used to estimate the impact of transfers on the saving time required to purchase a house. It is found that transfers have a small impact on saving time and that after receiving a transfer households purchase considerably larger homes. The results have implications for the debate about the source of the relation between aggregate saving and growth.