Demographic Patterns and Household Saving in China

• 成果类型: Article
• 署名作者: Curtis, Chadwick C.; Lugauer, Steven; Mark, Nelson C.
• 署名单位: University of Richmond; University of Notre Dame; National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20130105
• 发表日期: 2015
• 页码: 58-94
• 关键词: urban china; ECONOMIC-GROWTH; UNITED-STATES; rates; PRODUCTIVITY; determinants; volatility; parents; POLICY; young

摘要

This paper studies how demographic variation affects the aggregate household saving rate. We focus on China because it is experiencing an historic demographic transition and has had a massive increase in household saving. We conduct a quantitative investigation using a structural overlapping generations model that incorporates parental care through support for dependent children and financial transfers to retirees. The saving decisions in the parameterized model mimic many of the features observed in the Chinese household saving rate time series from 1955 to 2009. Demographic change alone accounts for over half of the saving rate increase.