A longitudinal analysis of the impact of health shocks on the wealth of elders |
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| Authors: | Jinkook Lee Hyungsoo Kim |
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| Affiliation: | (1) Ohio State University, 1787 Neil Ave., Columbus, OH 43210, USA;(2) University of Kentucky, 315 Funkhouser Building, Lexington, KY 40506, USA |
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| Abstract: | We investigate the impact of health shocks on wealth, using all four waves of the Health and Retirement Study, and estimate not only the short-term effect but also the long-term effect of health shocks on wealth of the elderly. We find that new health events lower wealth in elders during the period in which such health shocks occur, but the impact tends to disappear over time. We also find that health shocks result in greater wealth depletion when they occur later in life. Together with existing health problems, the overall impact of health problems on wealth increases over time. |
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| Keywords: | Elders Chronic conditions Long-term effect |
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