Cho, Sang-Wook Stanley - School of Economics, UNSW Business School - 2008
transfer, wealth accumulation, incomplete markets
I acknowledge nancial support from UNSW ASBRG Grant 2008. I am grateful to … Income = 1
US (PSID 2001)
Korea (KLIPS 1999−2005)
Figure 2.1 Age-pro le of Wealth Accumulation (US vs Korea)
The main … wealth accumulation and the intergenerational transfers.
Borrowing constraints di er among countries in terms of magnitude …