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We use data from the Panel Study of Income Dynamics to investigate how households' portfolio allocations change in response to wealth fluctuations. Persistent habits, consumption commitments, and subsistence levels can generate time-varying risk aversion with the consequence that when the level of liquid wealth changes, the proportion a household invests in risky assets should also change in the same direction. In contrast, our analysis shows that the share of liquid assets that households invest in risky assets is not affected by wealth changes. Instead, one of the major drivers of household portfolio allocation seems to be inertia: households rebalance only very slowly following inflows and outflows or capital gains and losses. (JEL D14, D31)

On August 21, 2003, the president of Ecuador, Lucio Gutiérrez, drove with his retinue to a small windswept hilltop in the Andes, not far from the capital city of Quito. He was there to inaugurate the new $1.5 billion Heavy Crude Pipeline, or OCP (Oleoducto de Crudos Pesados), which would be the second oil pipeline to stretch from east to west across this small, poverty-plagued country. Built in the face of great domestic and international controversy, the OCP represented the latest chapter in the almost forty-year history of Ecuador's tethering its economy to petroleum. And now, though the first oil would not gurgle its way westward for several months, the politicians, oil barons, and other VIPs were ready to celebrate. Outfitted for the occasion in an engineer's hardhat, Gutiérrez strode forward to turn a large crank that would symbolically open the floodgates to a new wave of Ecuadoran oil wealth. But with flashbulbs popping and OCP officials looking on, the president could not make the wheel turn. Members of the press fingered their notebooks and played with their cameras. After several embarrassing minutes, the wheel turned, the flashbulbs flashed—the next era of Ecuadoran oil development was dawning.

Abstract
This essay explores the question of black liquidity in relation to Zygmunt Bauman's conception of liquid modernity. Along these lines, it charts the historical process by which capitalist modernity cast the Negro as a commodity and how that led to so-called Negro liquidity as the principal collateral in an extensive banking-finance-credit system with international scope. In that system, Negro liquidity was so thorough a monetization that its relation to Negro work was somewhat tangential—in the sense that simple ownership of a Negro indicated creditworthiness, irrespective of what work that Negro did. What's more, from 1850 to 1860, the accumulated wealth generated by that credit finance system, measured in Negro liquidity, was the largest in the nation. Drawing an analogy between that system of credit financing based on Negro liquidity and the current system of art credit financing, in which the artist's blackness is monetized, the essay foregrounds the appositive relation between this capitalist genealogy of liquidity and a concomitant genealogy of black poiēsis entailing a concept of liquidity not completely determined or circumscribed by that genealogy. Construing this poiēsis as polygenous and para-semiotic, the essay argues that it is a performative black critique of capitalism's commodification of life.

AbstractTo explain racially differential housing outcomes, previous studies have tended to concentrate on discriminatory processes within the mortgage market while ignoring homeowning families' broad socioeconomic challenges. This study proposes a conceptual framework for understanding Black-White inequality in homeownership sustainability, which emphasizes Black homeowners' socioeconomic challenges that are external to mortgage market evaluations, with a particular focus on the mediating role of liquid assets. Based on the Panel Study of Income Dynamics, the framework is put to an empirical test on the differential exit rates between Black and White homeowners in the United States during the recent housing crisis. The findings indicate that the racial gap in homeownership exit is eliminated after liquid wealth is controlled in the model alongside other covariates and that the inclusion of liquid wealth renders all mortgage-oriented variables nonsignificant with regard to their explanatory power for Black-White inequality in exit rates. Policy implications of the findings are also discussed.

In the present study, we propose a novel conceptualization of homeownership in the United States as a special commodity, whose consumption involves a two-stage process: homeownership entry wherein the ability to consume is pivotal, and homeownership retention wherein the outcome rests on economic security. Based on the Panel Study of Income Dynamics (PSID), we test this conceptualization with consumption ability being proxied by income and economic security by liquid wealth. Three hypotheses are verified: (1) income predicts first-time renters' chance of becoming homeowners but has weakened influence on homeownership retention; (2) liquid wealth constitutes the central determinant for first-time homeowners' ability to avoid going back to renting; and (3) nonliquid wealth fails to exhibit a significant impact on either homeownership stage. By revealing the two separate stages of different homeownership dynamics, this study is the first to systematically explore the built-in contradiction of capitalist housing markets. Policy implications are also discussed.