Gender and savings in rural India

In this study we use data from rural India to examine the impact of the birth of a boy relative to the birth of a girl (i.e., the “gender shock”) on the savings, consumption and income of rural Indian households. We find that the gender shock reduces savings for medium and large farm households, although there is no evidence that the shock affects savings for the landless and the small farm households. We also estimate the effect of the shock on income and consumption for the former group in order to determine the source of the drop in savings. The results indicate that the fall in savings subsequent to the gender shock arises from its effect on consumption in the year following the birth, and from its effect on income in other years. Received: 3 September 1996 /Accepted: 15 July 1997     

谈中国最早的大学生银行——北京大学学生储蓄银行

北京大学学生储蓄银行是民国时期第一家大学生银行,目前尚无文论及。本文从北大储蓄银行创立的背景、经过和组织运营模式三个方面对学生银行这一陌生的金融组织,做一个简要的介绍。     

Bayes Prediction for a Stratified Regression Superpopulation Model Using Balanced Loss Function

We consider the stratified regression superpopulation model and obtain Bayes predictor of the finite population mean under Zellner's two-criterion balanced loss function (BLF). BLF predictor simplifies to a linear combination of the sample and predictive means. Furthermore, it reduces to some of the well-known classical and Bayes predictors. Relative losses and relative savings loss are obtained to investigate loss robustness of the BLF predictor. It is found to perform better than the usual sample mean as well as the predictive mean in the minimal Bayes predictive expected loss sense.     

代际支持视角下养老模式更替研究

基于2016年中国家庭追踪调查的数据,将代际支持、储蓄率分别作为“家庭养老”和“储蓄养老”模式的载体,研究养老模式的更替问题。结果表明:子女给予的经济支持和非经济支持均会降低老年人的储蓄率,且经济支持对于老年人储蓄率的影响效果大于非经济支持。此外,在代际支持对老年人储蓄行为产生的影响中,经济支持占据决定性地位,即以经济支持为主和非经济支持为辅的“家庭养老”模式在某种程度上能够替代老年人传统的“储蓄养老”模式。因此,需要进一步完善社会养老保障制度,并且不断创新养老模式,为老年人的晚年生活提供更全面的保障。     

指数效用下企业的风险投资策略

本文在指数效用函数的假设条件下,讨论具有随机风险的企业,极大化期望终止效用的最优投资策略问题。企业投资选择是储蓄、贷款及风险投资(如购买股票)交易。本文主要结果是:从贷款利率高于存款利率的实际出发,运用随机最优控制理论,对于具有随机风险的企业,得到使企业期望终止效用取最大值的最优投资策略,并对这些结果给出了应用举例。     

Income Variance Dynamics and Heterogeneity

Recent theoretical work has shown the importance of measuring microeconomic uncertainty for models of both general and partial equilibrium under imperfect insurance. In this paper the assumption of i.i.d. income innovations used in previous empirical studies is removed and the focus of the analysis is placed on models for the conditional variance of income shocks, which is related to the measure of risk emphasized by the theory. We first discriminate amongst various models of earnings determination that separate income shocks into idiosyncratic transitory and permanent components. We allow for education‐ and time‐specific differences in the stochastic process for earnings and for measurement error. The conditional variance of the income shocks is modelled as a parsimonious ARCH process with both observable and unobserved heterogeneity. The empirical analysis is conducted on data drawn from the 1967–1992 Panel Study of Income Dynamics. We find strong evidence of sizeable ARCH effects as well as evidence of unobserved heterogeneity in the variances.     

20世纪20年代中国邮政储金事业探析

20世纪20年代是中国邮政储金初创的10年.在这短短的10年间,我国的邮政储金经历了从制度建立到业务发展的过程,凭着小额储蓄、稳妥安全的经营理念,其储金额、储金局数、储户数等基本业务指标总体上都呈上升的趋势.随着业务的不断发展壮大,资本的不断积累,邮政储金逐步成为中国邮政业和金融业的重要组成部分,最终于1930年被国民政府纳入其金融体系之中.     

Heterogeneous Effects of Child Development Accounts on Savings for Children’s Education

We examine effects of Child Development Accounts on savings for postsecondary education in a statewide experiment (N = 2,677), which automatically opened state-owned college savings accounts for treatment-group children, and encouraged their caregivers to open and save in participant-owned college savings accounts. The experiment achieves universal participation for children in the treatment group; almost all treatment-group children hold an account with more than $1,000 in college assets. Treatment participants we expect would hold their own participant-owned accounts without the intervention have $395 more in savings than their counterparts in the control group; those who are motivated by the intervention to hold a participant-owned account have mean deposits of $888. Those who are motivated by the intervention to save have mean deposits of $1,826. The intervention reduces the socioeconomic disparity in asset accumulation for children. The program has the potential to promote asset building for children’s education.     

中国农村家庭演变:“核心化”还是“个体化”?——以私房钱的道德评价为切入点

当前中国家庭研究范式出现了从"家族主义"到"个体家庭"的转变,在此背景下,本文从家庭经济生活角度切入,通过勾勒农村居民评价私房钱的道德框架,讨论中国农村家庭仍然是在"核心化"轨迹上还是走向了"个体化"。研究发现,私房钱的来源、数额及用途,家庭经济控制情况和亲密关系状况是村民评价私房钱道德与否的重要因素。这些因素都被包含在"个体/家庭"框架下,其中是否影响核心家庭的财产安全和生计安全构成私房钱道德评价的核心标准。研究认为,中国农村家庭的发展轨迹仍然是"核心化"而非"个体化"。     

我国三支柱养老保险体系的重构

三支柱养老保险体系模式中各支柱的性质、功能和目标各不相同,其各自的责任主体依次为国家、企业和个人,相应的融资渠道依次为财政预算资金、企业缴费和个人储蓄。中国现有三支柱养老保险体系中各支柱的性质、融资渠道与其应实现的目标均存在不同程度的偏离,对新三支柱养老保险体系进行重构,应首先对老制度遗留的养老金债务采取专门方法予以解决,然后按照各支柱应有的性质、功能和目标,分别采取征社会保障税、强制性缴费、金融政策引导等方式予以重构。