Public pension and household saving: Evidence from urban China
Public pension and household saving: Evidence from urban China
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公共养老金和家庭储蓄：来自中国城市的证据
DOI：
10.1016/j.jce.2011.01.002
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发表时间：
2011-12-01
影响因子：
2.7
通讯作者：
Sato, Hiroshi
中科院分区：
文献类型：
--
作者：
Feng, Jin;He, Lixin;Sato, Hiroshi
冯金、何立新、佐藤浩——公共养老金与家庭储蓄：来自中国城市的证据我们将家庭储蓄与养老金改革联系起来，从新的角度解释中国城市的高家庭储蓄率。我们利用养老金财富的外生性（政策引起的）变化来明确估计养老金财富对家庭储蓄的影响，并获得养老金财富对家庭储蓄存在显着抵消效应的证据。尽管影响的大小取决于假设的参数值，但家庭储蓄受到养老金改革影响的发现是强有力的。我们的估计表明，在合理的情况下，1999 年养老金改革使 25-29 岁人群的家庭储蓄率提高了约 6-9 个百分点，50-59 岁人群的家庭储蓄率提高了约 2-3 个百分点。我们的研究结果还表明，养老金财富的下降减少了教育和健康支出，而不是其他消费项目。比较经济学杂志39（4）（2011）470-485。复旦大学经济学院, 国权路600号, 上海 200433;一桥大学经济学研究生院，东京 186-8601，日本。 (C) 2011 年比较经济研究协会由爱思唯尔公司出版。保留所有权利。
Feng, Jin, He, Lixin, and Sato, Hiroshi-Public pension and household saving: Evidence from urban ChinaWe relate household savings to pension reform, to explain the high household savings rates in urban China from a new perspective. We use the exogenous - policy-induced - variation in pension wealth to estimate explicitly the impact of pension wealth on household savings, and obtain evidence of a significant offset effect of pension wealth on household savings. Although the size of the effect depends on the parameter values assumed, the finding that household savings are affected by pension reform is robust. Our estimates show that, under plausible scenarios, pension reform boosted household savings rates in 1999 by about 6-9 percentage points for cohorts aged 25-29 and by about 2-3 percentage points for cohorts aged 50-59. Our results also indicate that declining pension wealth reduces expenditure on education and health more than on other consumption items. Journal of Comparative Economics 39 (4) (2011) 470-485. School of Economics, Fudan University, 600 Guoquan Rd., Shanghai 200433, China; Graduate School of Economics, Hitotsubashi University, Tokyo 186-8601, Japan. (C) 2011 Association for Comparative Economic Studies Published by Elsevier Inc. All rights reserved.