Income Uncertainty And Household Savings In China
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Income Uncertainty And Household Savings In China
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Author : Mr.Marcos Chamon
language : en
Publisher: International Monetary Fund
Release Date : 2010-12-01
Income Uncertainty And Household Savings In China written by Mr.Marcos Chamon and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.
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.
Income Uncertainty And Household Savings In China
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Author : Marcos Chamon
language : en
Publisher:
Release Date : 2015
Income Uncertainty And Household Savings In China written by Marcos Chamon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
China's household saving rate has increased markedly since the mid-1990s and the age-savings profile has become U-shaped during the 2000s. 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-saving profile.
China S High Savings Drivers Prospects And Policies
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Author : Ms.Longmei Zhang
language : en
Publisher: International Monetary Fund
Release Date : 2018-12-11
China S High Savings Drivers Prospects And Policies written by Ms.Longmei Zhang and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-11 with Business & Economics categories.
China’s high national savings rate—one of the highest in the world—is at the heart of its external/internal imbalances. High savings finance elevated investment when held domestically, or lead to large external imbalances when they flow abroad. Today, high savings mostly emanate from the household sector, resulting from demographic changes induced by the one-child policy and the transformation of the social safety net and job security that occured during the transition from planned to market economy. Housing reform and rising income inequality also contribute to higher savings. Moving forward, demographic changes will put downward pressure on savings. Policy efforts in strengthening the social safety net and reducing income inequality are also needed to reduce savings further and boost consumption.
Explaining China S Low Consumption The Neglected Role Of Household Income
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Author : Jahangir Aziz
language : en
Publisher: International Monetary Fund
Release Date : 2007-07
Explaining China S Low Consumption The Neglected Role Of Household Income written by Jahangir Aziz and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-07 with Business & Economics categories.
The Chinese government has recently focused on the need to increase consumption to rebalance the economy. A widely held view is that despite China's remarkably high growth, the share of consumption in total expenditure has been low and declining due to high and rising saving rate of Chinese households as uncertainty over provision of pensions, and healthcare and education costs have increased since the mid-1990s. This paper finds that the rise in saving rate has been a minor factor. Much larger has been the role of the declining share of household income in national income, which has occurred across-the-board in wages, investment income, and government transfers. The paper finds that financial sector weaknesses, by restricting firms' access to bank financing for working capital, have played quantitatively a major role in keeping wage and investment income shares low and on a declining trend.
Urban And Rural Household Savings In China
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1988-03-18
Urban And Rural Household Savings In China written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-03-18 with Business & Economics categories.
Household savings behavior in China during the past 30 years has been studied by using econometric models with the time-varying-parameter technique. The rural sector and the urban sector are investigated separately. In comparison to previous studies on the same subject, the estimated models of the current study are more robust, and the results of the models are much more in line with results of similar studies of other countries.
Public Expenditures On Social Programs And Household Consumption In China
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Author : Mr.David Coady
language : en
Publisher: International Monetary Fund
Release Date : 2010-03-01
Public Expenditures On Social Programs And Household Consumption In China written by Mr.David Coady and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-01 with Business & Economics categories.
This paper shows that increasing government social expenditures can make a substantive contribution to increasing household consumption in China. The paper first undertakes an empirical study of the relationship between the savings rate and social expenditures for a panel of OECD countries and provides illustrative estimates of their implications for China. It then applies a generational accounting framework to Chinese household income survey data. This analysis suggests that a sustained 1 percent of GDP increase in public expenditures, distributed equally across education, health, and pensions, would result in a permanent increase the household consumption ratio of 11⁄4 percentage points of GDP.
Determinants Of China S Private Consumption
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Author : Kai Guo
language : en
Publisher: International Monetary Fund
Release Date : 2010-04-01
Determinants Of China S Private Consumption written by Kai Guo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-01 with Business & Economics categories.
This paper gauges the key determinants of China's private consumption in relation to GDP using data on the Chinese economy and evidence from other countries' experiences. The results suggest there is nothing "special" about consumption in China. Rather, the challenge is to explain why the conditioning variables-notably a low level of service sector employment, the level of financial sector development, and low real interest rates-are so different in China relative to other countries' historical experience. The results suggest, in particular, that efforts to further raise household income and the share of employment in the services sector, as well as to develop capital markets, including liberalizing interest rates and creating alternative savings instruments are likely to have the biggest impact on consumption. Other mechanisms to raise household income and mitigate household-specific risk (such as by improving the healthcare and pension systems) also have a role to play.
Targets Interest Rates And Household Saving In Urban China
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Author : Mr.Malhar Nabar
language : en
Publisher: International Monetary Fund
Release Date : 2011-10-01
Targets Interest Rates And Household Saving In Urban China written by Mr.Malhar Nabar and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-01 with Business & Economics categories.
This paper studies a panel of China's provinces over the period 1996-2009 during which urban household saving rates increased from 19 percent of disposable income to 30 percent. It finds that the increase in urban saving rates is negatively associated with the decline in real interest rates over this period. This negative association suggests that Chinese households save with a target level of saving in mind. When the return to saving declines (increases), it becomes more difficult (easier) to meet a target and households increase (lower) their saving out of current disposable income to compensate. The results are robust across specifications and to the inclusion of additional variables. A main policy implication is that an increase in real deposit rates may help lower household saving and boost domestic consumption.
China S Economy In Transition
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Author : Mr.Anoop Singh
language : en
Publisher: International Monetary Fund
Release Date : 2013-11-07
China S Economy In Transition written by Mr.Anoop Singh and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-07 with Business & Economics categories.
China's current account surplus has declined to around one-quarter the peak reached before the global financial crisis. While this is a major reduction in China's external imbalance, it has not been accompanied by a decisive shift toward consumption-based growth. Instead, the compression in its external surplus has been accomplished through increasing fixed investment so that it is now an even higher share of China's national economy. This increasing reliance on fixed investment as the main driver of China's growth raises questions about the durability of the compression in the external surplus and the sustainability of the current growth model that has had unprecedented success in lifting about 500 million people out of poverty over the last three decades. This volume examines various aspects of the rebalancing process underway in China, highlighting policy lessons for achieving stable, sustainable, and inclusive growth.
Financial Development And Mobilisation Of Household Savings In China
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Author : Xu Lilai
language : en
Publisher:
Release Date : 2000
Financial Development And Mobilisation Of Household Savings In China written by Xu Lilai and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Banks and banking categories.