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Culture and its influence on asset accumulation- Some views from economics Ngina Chiteji, Ph.D.

Culture and its influence on asset accumulation- Some views from economics Ngina Chiteji, Ph.D. Department of Economics Skidmore College Saratoga Springs, NY nchiteji@skidmore.edu Asset Building: The Perspectives of People of Color Convened by the National Economic Development & Law Center

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Culture and its influence on asset accumulation- Some views from economics Ngina Chiteji, Ph.D.

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  1. Culture and its influence on asset accumulation- Some views from economics Ngina Chiteji, Ph.D. Department of Economics Skidmore College Saratoga Springs, NY nchiteji@skidmore.edu Asset Building: The Perspectives of People of Color Convened by the National Economic Development & Law Center Tuskegee, Alabama,  October 2 – 4, 2005 Funded by the Ford Foundation

  2. "...the values and skills absorbed through membership in a particular family culture." "Children from successful families are more likely to be successful themselves by virtue of..... ....their superior endowment of culture and genes." -Both quotes from Gary Becker, Economist and author of Treatise on the Family (p.179)

  3. Q1:Is there any influence of culture on asset accumulation? Q2:Why even pose this question?

  4. • Y = B0 + B1 race + Bz Z + ξ • Where Z is a vector of exogenous variables. • The fight is over how to interpret theregression output if B1 is found to be negative and statistically significant.

  5. Table 1. Families' wealth (net worth) by race and ethnicity (2001 data) Source: Aizcorbe et al 2003 and Leigh (2004) Table 2b in Chpt. 2 of Wealth Accumulation and Communities of Color in the United States (edited by Gordon-Nembhard and Chiteji)

  6. Table 1. Families' wealth (net worth) by race and ethnicity (2001 data, in thousands) Source: Aizcorbe et al 2003 and Leigh (2004) Table 2b in Chpt. 2 of Wealth Accumulation and Communities of Color in the United States (edited by Gordon-Nembhard and Chiteji)

  7. Table 3. Asset accumulation in terms of portfolio composition: the five most popular portfolio types by race Distribution of the 5 most popular portfolio types: C -transaction account(s), SI-stocks (IRA accounts incl.), B-business, V-other assets, H-housing (primary residence), T-vehicle Taken from Gouskova, Stafford and Chiteji (2004), Table 2, Chpt. 3 in Wealth Accumulation and Communities of Color in the United States.

  8. Table 2. Asset accumulation represented in terms of whether families hold very basic or highly sophisticated portfolios--the percentage of families who own 0 to 6 or more assets Taken from Gouskova, Stafford and Chiteji (2004),Table 1, Chpt. 3 in Wealth Accumulation and Communities of Color in the United States.

  9. Thank you Presentation by Ngina Chiteji, Ph.D.

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