| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w23741
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| 来源ID | Working Paper 23741
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| Household Finance in China |
| Russell Cooper; Guozhong Zhu
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| 发表日期 | 2017-08-28
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| 出版年 | 2017
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| 语种 | 英语
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| 摘要 | This paper uses a lifecycle model to study household finance in China, focusing on the high savings rate, the low stock market participation rate and the low share of stocks in wealth. We control for important regime changes in China in the estimation of structural parameters, and examine their impacts on household finance patterns. Relative to the US, the distinctive financial choices of households in China are driven by institutional factors, such as labor market risks and costs of asset market participation, as well as by differences in preferences. Specifically, large stock market participation and adjustment costs along with high stock market volatility in China lead to the relatively low stock market participation rate and the low share of stocks in wealth conditional on participation, but they contribute little to the high savings rate. The high savings rate in China is driven mainly by high labor market risks and the patience of households. Given the estimated differences between China and the US in preferences, the model predicts that households in China would continue to save more than their US counterparts even if institutional differences disappear. |
| 主题 | Macroeconomics
; Consumption and Investment
; Financial Economics
; Portfolio Selection and Asset Pricing
; Other
; Economic Systems
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| URL | https://www.nber.org/papers/w23741
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581414
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推荐引用方式
GB/T 7714 |
Russell Cooper,Guozhong Zhu. Household Finance in China. 2017.
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文件名：
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w23741.pdf
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格式：
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Adobe PDF
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