The Housing Provident Fund (HPF), a mandatory saving scheme providing dis- counted mortgages, is a prevailing self …-funded housing finance program in several emerging countries. China, in particular, established the Housing Provident Fund to promote …

This study assesses the economic implications of China''s changing population in the 21st century using a numerical … general equilibrium model. The simulations show that lower fertility rates yield lower saving rates. Since lower fertility … mobility is high in China, a low fertility rate implies more future capital outflows. But if capital is less mobile, low …

The economy of the 21st century in the OECD countries and in China, is characterized by a new phenomenon: the … structural surplus of private savings in relation to private investment. On the one hand, this excess saving is due to people … plus China area. The authors argue that a free economic and social order can only be stabilized if the wealth aspirations …