Wealth Accumulation and the Life-Cycle in Economic History: Implications of Alternative Approaches to Data

Matteo, Livio Di

doi:10.1006/exeh.1998.0699

Cited by 24 publications

(20 citation statements)

References 37 publications

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“…Di Matteo [11] applies nonparametric techniques to the estimation of wealth-age profiles and finds the high rates of accumulation estimated by standard studies using the quadratic age specification overestimate wealth accumulation rates. In another study Di Matteo [12] applies nonparametric techniques to the relationship between the exchange rate and international travel and finds that relative to the nonparametric technique OLS can yield substantial under-and overestimates of the dependent variable as the exchange rate varies.…”

Section: Nonparametric Estimation: An Overviewmentioning

confidence: 99%

The income elasticity of health care spending

Matteo

2003

The European Journal of Health Economics

112

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Parametric and nonparametric estimation techniques are compared in estimating the relationship between income and health expenditures with implications for the reliability of past estimates of health expenditure income elasticity. Relative to a more flexible nonparametric approach, a parametric approach can generate over or underestimates in health expenditure. Three time series cross-section data sets are used: (a) United States state level data from 1980-1997, (b) Canadian province level data from 1965-2000, and (c) national level data for 16 OECD countries from 1960-1997. Relative to ordinary least squares, locally weighted scatterplot smoothing allows for variability in the income elasticity of health spending as income varies. Generally, results of the latter suggest that income elasticities are higher at low-income levels and lower at higher income levels. As well, these results confirm that income elasticity does vary by level of analysis with international income elasticities being generally larger than national or regional studies.

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Section: Nonparametric Estimation: An Overviewmentioning

confidence: 99%

The income elasticity of health care spending

Matteo

2003

The European Journal of Health Economics

112

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“…There is also an economic history literature that has examined the determinants of wealth, property ownership and inequality with various specifications employed. See for example, Atack and Bateman (1981), Pope (1989), Steckel (1990), Galenson (1991), Haines and Goodman (1991), Herscovici (1993Herscovici ( , 1998, Ferrie (1994Ferrie ( , 1995Ferrie ( , 1999, Gregson (1996), Di Matteo (1997Matteo ( , 1998, Conley andGalenson (1998), Walker (2000), Steckel and Moehling (2001).…”

Section: Literature and Contextmentioning

confidence: 97%

“…Lee (2001:176-177). 2 See Di Matteo (1996Matteo ( , 1997Matteo ( , 1998. 3 See for example Engerman (1996), Carter and Sutch (1996), Costa (1996) and Gratton (1996).…”

Section: Introductionmentioning

confidence: 98%

Wealth accumulation motives: evidence from the probate records of Ontario, 1892 and 1902

Matteo

2007

Cliometrica

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The wealth of male decedents using census-linked probate records from 1892 and 1902 is examined for evidence on saving motives. This data presents an opportunity to examine wealth holding and saving motives in an environment devoid of many of the features that can affect modern retirement, consumption and saving decisions. Evidence is found supporting the existence of a strategic bequest motive. This result occurs after controlling for the possibility of the demand for children rising with the level of wealth as well as the potential contribution to wealth accumulation that children made in agricultural economies. These results also suggest that while the presence of a bequest motive was real and significant, its ultimate contribution to wealth accumulation was relatively modest when compared to the impact of variables such as occupational status and literacy. Moreover, there appears to be some evidence supporting a transition in saving motives away from bequest saving and towards greater life cycle saving.

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“…Di Matteo (1997), using census-linked probated wealth data for Ontario in 1892, found that religious affiliation was not a significant determinant of total wealth but that Roman Catholics and Methodists were more likely to own real estate, while Roman Catholics were less likely to own financial assets. However, when weighted regression, which places a heavier weight on the younger individuals in the probated decedent data, was used, Catholics and Methodists were found to have significantly less wealth than Anglicans in 1892 (Di Matteo 1996).…”

Section: Literaturementioning

confidence: 98%

“…Baskerville (2001: 61-62) remarks that "studies of the relationship between religion and wealth in the late nineteenth and early twentieth centuries have not been at the forefront of current scholarship in business, economic, religious or social history." While there is a substantial literature on historical wealth determinants and inequality in North America, the variables focused on include occupation, ethnic origin, birthplace, urbanization, and age and rarely consider religious affiliation (e.g., Atack and Bateman 1981;Pope 1989;Steckel 1990;Galenson 1991;Haines and Goodman 1991;Herscovici 1993Herscovici , 1998Ferrie 1994Ferrie , 1995Ferrie , 1999Gregson 1996;Di Matteo 1997Conley and Galenson 1998;Walker 2000;Steckel and Moehling 2001). Exceptions to this include work by Gordon Darroch and Lee Soltow (1994), Livio Di Matteo (1996Matteo ( , 1997, and Baskerville (2001), but they are able to make use of Canadian census data, which record religious affiliation, in contrast to U.S. census data.…”

Section: Literaturementioning

confidence: 99%

The Effect of Religious Denomination on Wealth: Who Were the Truly Blessed?

Matteo¹

2007

Social Science History

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The wealth of probated decedents from late-nineteenth-century and early-twentiethcentury Ontario is analyzed for evidence of the impact of religious affiliation on the level of wealth and rate of wealth accumulation. After controlling for age, birthplace, occupation, gender, urbanization, and other factors, the results suggest that relative to Anglicans, the wealth of Methodists and Roman Catholics was significantly lower. Moreover, when religious denomination and birthplace are interacted, Canadianborn Anglicans emerge as the dominant wealth group, while the English-born of any denomination and Methodists of any birthplace seem to fare the worst. When wealthage profiles are examined by denomination, Baptists have the steepest profiles, followed by Anglicans and Presbyterians. The data do support the hypothesis that religious affiliation, particularly when interacted with birthplace, has an impact on wealth, though the exact nature of the mechanism is unclear.Wealth maketh many friends. (Proverbs 19:4) He that maketh haste to be rich shall not be innocent. (Proverbs 28:20) The economic effect of religion is of substantial interest in economic and social science research. In his seminal survey of the economics of religion, Laurence Iannaccone (1998) classifies work on the economics of religion into three areas: the analysis of religious behavior from an economic perspec-

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Wealth Accumulation and the Life-Cycle in Economic History: Implications of Alternative Approaches to Data

Cited by 24 publications

References 37 publications

The income elasticity of health care spending

The income elasticity of health care spending

Wealth accumulation motives: evidence from the probate records of Ontario, 1892 and 1902

The Effect of Religious Denomination on Wealth: Who Were the Truly Blessed?

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