Job uncertainty and Chinese household savings
China’s household saving rate has risen substantially during the past two decades. Research suggests that increased job uncertainty following reforms and massive layoffs in state-owned enterprises during the late 1990s contributed significantly to the increase. Facing higher unemployment risks after the reforms, workers in state-owned enterprises have tended to save more as a precaution. A recent study estimates that precautionary saving driven by the reforms explains about a third of Chinese urban household wealth accumulation from 1995 to 2002.
Year of publication: |
2014
|
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Authors: | Liu, Zheng |
Published in: |
FRBSF Economic Letter. - Federal Reserve Bank of San Francisco. - 2014, 03
|
Publisher: |
Federal Reserve Bank of San Francisco |
Saved in:
freely available
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