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劳动经济学workshop: Never Too Old to Save - Explaining the High Saving Rates of the Chinese Elderly
发布日期：2015-10-23 09:14 来源：北京大学国家发展研究院
Labor Workshop
Time: 10月23日（周五）14:00-15:30
Room: 万众楼小教室
Speaker: 陈祎（西安交通大学）
Paper: “Never Too Old to Save - Explaining the High Saving Rates of the Chinese Elderly"Abstract: The high saving rate of China has attracted global attention. Furthermore, the saving rates of the Chinese elderly are especially high. Understanding why the elderly in China save at high rates is important for two reasons: (1) it partially explains the high aggregate saving rate in China, and (2) the fact that the elderly save more than the middle-aged contradicts the predictions of the life-cycle model. In this paper, I present evidence that pension income is the primary explanation for the high saving rates of elderly Chinese households. I provide this evidence in three steps. First, I
document three stylized facts that are consistent with this hypothesis: (1) saving rates are higher in years with higher pensions, (2) saving rates are higher for those with more generous pension plans, and (3) policy reforms that exogenously increase pensions also increase saving rates. However, a higher pension income on its own cannot explain the entire pattern because a household can simultaneously adjust its consumption. Therefore, in the second step, I demonstrate that concerns regarding future medical expenditures and bequest motives can explain why households do not increase their consumption commensurate with increases in pension income. Finally, I build and estimate a life-cycle model that accounts for all empirically observed features. Using this model, I find that pension income, in the presence of medical expenditures and bequest motives, can explain the high saving rates of the elderly. Meanwhile, the economic growth rate in China can also affect the saving rates of the elderly.
个人简介：陈祎，2015年毕业于University of California, Los Angeles，现于西安交通大学金禾经济研究中心任讲师，主要研究领域为：劳动经济学、健康经济学、应用微观经济学。
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劳动经济学workshop: Never Too Old to Save - Explaining the High Saving Rates of the Chinese Elderly
发布日期：2015-10-23 09:14 来源：北京大学国家发展研究院
Labor Workshop
Time: 10月23日（周五）14:00-15:30
Room: 万众楼小教室
Speaker: 陈祎（西安交通大学）
Paper: “Never Too Old to Save - Explaining the High Saving Rates of the Chinese Elderly"Abstract: The high saving rate of China has attracted global attention. Furthermore, the saving rates of the Chinese elderly are especially high. Understanding why the elderly in China save at high rates is important for two reasons: (1) it partially explains the high aggregate saving rate in China, and (2) the fact that the elderly save more than the middle-aged contradicts the predictions of the life-cycle model. In this paper, I present evidence that pension income is the primary explanation for the high saving rates of elderly Chinese households. I provide this evidence in three steps. First, I
document three stylized facts that are consistent with this hypothesis: (1) saving rates are higher in years with higher pensions, (2) saving rates are higher for those with more generous pension plans, and (3) policy reforms that exogenously increase pensions also increase saving rates. However, a higher pension income on its own cannot explain the entire pattern because a household can simultaneously adjust its consumption. Therefore, in the second step, I demonstrate that concerns regarding future medical expenditures and bequest motives can explain why households do not increase their consumption commensurate with increases in pension income. Finally, I build and estimate a life-cycle model that accounts for all empirically observed features. Using this model, I find that pension income, in the presence of medical expenditures and bequest motives, can explain the high saving rates of the elderly. Meanwhile, the economic growth rate in China can also affect the saving rates of the elderly.
个人简介：陈祎，2015年毕业于University of California, Los Angeles，现于西安交通大学金禾经济研究中心任讲师，主要研究领域为：劳动经济学、健康经济学、应用微观经济学。
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