Journal of Economics and Finance

, Volume 34, Issue 3, pp 269-283

First online:

Bequest motives and household money demand

Rent the article at a discount

Rent now

* Final gross prices may vary according to local VAT.

Get Access


The bequest motive is an important motive determining intergenerational transfers of income, saving, and money. However, it has received little or no attention from past studies on money demand. This study utilizes panel data to show that the bequest motive is positively related to money demand and interacts with the life-cycle motive during various stages of an individual’s life. Householders with bequest motives are more likely to transfer a greater proportion of their permanent incomes to monetary assets than those without bequest motives.


Bequest Motives Life-Cycle Motive Money Demand Panel Data


E41 D91