Why Are Saving Rates So High In China
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Why Are Saving Rates So High In China
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Author : Dennis Tao Yang
language : en
Publisher:
Release Date : 2011
Why Are Saving Rates So High In China written by Dennis Tao Yang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Economics categories.
Abstract: In this paper, we define â??The Chinese Saving Puzzleâ?? as the persistently high national saving rate at 34â??53 percent of gross domestic product (GDP) in the past three decades and a surge in the saving rate by 11 percentage points from 2000â??2008. Using data from the Flow of Funds Accounts (FFA) and Urban Household Surveys (UHS) supplemented by the findings from existing studies, we analyze the sources and causes of China's high and rising saving rates in the government, corporate, and household sectors. Although the causes of China's high saving are complex, we suggest that the evolving economic, demographic, and policy trends in the internal and external environments of the Chinese economy will likely lead to a decline in national saving in the foreseeable future
China S High Saving Rate
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Author : Guonan Ma
language : en
Publisher:
Release Date : 2010
China S High Saving Rate written by Guonan Ma and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with China categories.
The saving rate of China is high from many perspectives - historical experience, international standards and the predictions of economic models. Furthermore, the average saving rate has been rising over time, with much of the increase taking place in the 2000s, so that the aggregate marginal propensity to save exceeds 50%. What really sets China apart from the rest of the world is that the rising aggregate saving has reflected high savings rates in all three sectors - corporate, household and government. Moreover, adjusting for inflation alters interpretations of the time path of the propensity to save in the three sectors. Our evidence casts doubt on the proposition that distortions and subsidies account for China's rising corporate profits and high saving rate. Instead, we argue that tough corporate restructuring (including pension and home ownership reforms), a marked Lewis-model transformation process (where the average wage exceeds the marginal product of labour in the subsistence sector) and rapid ageing process have all played more important roles. While such structural factors suggest that the Chinese saving rate will peak in the medium term, policies for job creation and a stronger social safety net would assist the transition to more balanced domestic demand.
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.
Why Is China S Saving Rate So High
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Author : Juann H. Hung
language : en
Publisher:
Release Date : 2010
Why Is China S Saving Rate So High written by Juann H. Hung and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with China categories.
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.
Why Is China S Saving Rate So High
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Author : Juann H. Hung
language : en
Publisher:
Release Date : 2010
Why Is China S Saving Rate So High written by Juann H. Hung and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with China categories.
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.
Precautionary Saving Of Chinese And U S Households
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Author : Horag Choi
language : en
Publisher:
Release Date : 2014
Precautionary Saving Of Chinese And U S Households written by Horag Choi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Finance, Personal categories.
We employ a model of precautionary saving to study why household saving rates are so high in China and so low in the US. The use of recursive preferences gives a convenient decomposition of saving into precautionary and non precautionary components. This decomposition indicates that over 80 percent of China's saving rate and nearly all of the US saving arises from the precautionary motive. The difference in the income growth rate between China and the US is vastly more important for explaining saving rate differences than differences in income risk. We estimate the preference parameters and find that Chinese and US households are more similar in their attitude toward risk than in their intertemporal substitutability of consumption.
China S Consumption Driven Growth Path
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Author : Alexandra Küttel
language : en
Publisher:
Release Date : 2012
China S Consumption Driven Growth Path written by Alexandra Küttel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
A key policy question that China is facing is how to rebalance economic growth away from export/investment dependency to a consumption-driven growth path. It is a widespread believe that the main culprit of reduced private consumption as share of GDP is the rising household saving rate. It is often claimed that saving rates have remained so high due to precautionary savings by households caused by the lack of a well-functioning social security system. In order to implement adequate policies to increase household consumption, it is essential to know what drives Chinese household saving. This thesis conducts a panel analysis of the determinants of the household saving rate across Chinese provinces for the 2000-2010 period. The main findings are the presence of very strong saving inertia across urban and rural households and mixed effects of most other variables on urban and rural households. No evidence is found for precautionary saving driven by the lack of adequate social security.
Capitalizing China
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Author : Joseph P. H. Fan
language : en
Publisher: University of Chicago Press
Release Date : 2013
Capitalizing China written by Joseph P. H. Fan and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
La 4e de couverture indique : "Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all but the smallest non-SOE enterprises, retains sole possession of Lenin's Commanding Heights. The chapters in this volume examine China's high savings rate, banking system, financial markets, financial regulations, corporate governance, and public finances; and consider policy alternatives the CCP might consider if its goal is China's elevation into the ranks of high income countries."