全球智库信息集成服务系统(G2TT): Housing Prices, Inter-generational Co-residence, and \u201cExcess\u201d Savings by the Young: Evidence using Chinese Data

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26209
来源ID	Working Paper 26209
	Housing Prices, Inter-generational Co-residence, and \u201cExcess\u201d Savings by the Young: Evidence using Chinese Data
	Mark Rosenzweig; Junsen Zhang
发表日期	2019-09-02
出版年	2019
语种	英语
摘要	In many countries of the world the co-residence of young adults aged 25-34 with their parents is not uncommon and in some countries the savings rates of these age groups exceed those of the middle-aged contrary to the standard model of life-cycle savings. In this paper we examine the role of housing prices in affecting the living arrangements of adult family members and their individual savings rates by age. Using unique data from China that enable the re-construction of whole families and identify individual savings regardless of who within the family co-resides in the same household, and exploiting the Chinese government rules determining the supply of land for residential housing, we find that increases in housing prices significantly increase inter-generational co-residence and elevate the savings rates of the young relative to the middle-aged, conditional on income, in part due to the subsidies to the young from sharing housing with parents. Based on our estimates of the effects of housing prices on co-residence and the effects of co-residence on individual savings, we find that the savings rates of the young in China would be 21% lower if housing prices were at the same ratio to disposable incomes as that observed in the United States.
主题	Microeconomics ; Households and Firms ; Labor Economics ; Demography and Aging ; Regional and Urban Economics ; Real Estate
URL	https://www.nber.org/papers/w26209
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/583880
推荐引用方式 GB/T 7714	Mark Rosenzweig,Junsen Zhang. Housing Prices, Inter-generational Co-residence, and \u201cExcess\u201d Savings by the Young: Evidence using Chinese Data. 2019.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w26209.pdf（389KB）	智库出版物		限制开放	CC BY-NC-SA	浏览