Income Uncertainty and Household Savings in China:
China's household saving rate has increased markedly since the mid-1990s and the age-savings profile has become U-shaped. We find that rising income uncertainty and pension reforms help explain both of these phenomena. Using a panel of Chinese households covering the period 1989-2006, we docume...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2010
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 10/289 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | China's household saving rate has increased markedly since the mid-1990s and the age-savings profile has become U-shaped. We find that rising income uncertainty and pension reforms help explain both of these phenomena. Using a panel of Chinese households covering the period 1989-2006, we document that strong average income growth has been accompanied by a substantial increase in income uncertainty. Interestingly, the permanent variance of household income remains stable while it is the transitory variance that rises sharply. A calibration of a buffer-stock savings model indicates that rising savings rates among younger households are consistent with rising income uncertainty and higher saving rates among older households are consistent with a decline in the pension replacement ratio for those retiring after 1997. We conclude that rising income uncertainty and pension reforms can account for over half of the increase in the urban household savings rate in China since the mid-1990s as well as the U-shaped age-profile of savings |
| Beschreibung: | 1 Online-Ressource (34 p) |
| ISBN: | 1455211702 9781455211708 |
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| index_date | 2024-07-03T20:13:28Z |
| indexdate | 2024-07-10T09:35:36Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Liu, Kai Verfasser aut Income Uncertainty and Household Savings in China Liu, Kai Washington, D.C International Monetary Fund 2010 1 Online-Ressource (34 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 10/289 China's household saving rate has increased markedly since the mid-1990s and the age-savings profile has become U-shaped. We find that rising income uncertainty and pension reforms help explain both of these phenomena. Using a panel of Chinese households covering the period 1989-2006, we document that strong average income growth has been accompanied by a substantial increase in income uncertainty. Interestingly, the permanent variance of household income remains stable while it is the transitory variance that rises sharply. A calibration of a buffer-stock savings model indicates that rising savings rates among younger households are consistent with rising income uncertainty and higher saving rates among older households are consistent with a decline in the pension replacement ratio for those retiring after 1997. We conclude that rising income uncertainty and pension reforms can account for over half of the increase in the urban household savings rate in China since the mid-1990s as well as the U-shaped age-profile of savings Online-Ausg Chamon, Marcos Sonstige oth Prasad, Eswar Sonstige oth http://elibrary.imf.org/view/IMF001/11526-9781455211708/11526-9781455211708/11526-9781455211708.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Liu, Kai Income Uncertainty and Household Savings in China |
| title | Income Uncertainty and Household Savings in China |
| title_auth | Income Uncertainty and Household Savings in China |
| title_exact_search | Income Uncertainty and Household Savings in China |
| title_exact_search_txtP | Income Uncertainty and Household Savings in China |
| title_full | Income Uncertainty and Household Savings in China Liu, Kai |
| title_fullStr | Income Uncertainty and Household Savings in China Liu, Kai |
| title_full_unstemmed | Income Uncertainty and Household Savings in China Liu, Kai |
| title_short | Income Uncertainty and Household Savings in China |
| title_sort | income uncertainty and household savings in china |
| url | http://elibrary.imf.org/view/IMF001/11526-9781455211708/11526-9781455211708/11526-9781455211708.xml |
| work_keys_str_mv | AT liukai incomeuncertaintyandhouseholdsavingsinchina AT chamonmarcos incomeuncertaintyandhouseholdsavingsinchina AT prasadeswar incomeuncertaintyandhouseholdsavingsinchina |