Liu, Kai; Chamon, Marcos; Prasad, Eswar - International Monetary Fund (IMF) - 2010
-shaped. We find that rising income uncertainty and pension reforms help explain both of these phenomena. Using a panel of Chinese … with a decline in the pension replacement ratio for those retiring after 1997. We conclude that rising income uncertainty … and pension reforms can account for over half of the increase in the urban household savings rate in China since the mid …