منابع مشابه
Income uncertainty and household savings in China
China’s urban household saving rate has increased markedly since the mid-1990s and the agesaving profile has become U-shaped. To understand these patterns, we analyze a panel of urban Chinese households over the period 1989-2009. We document a sharp increase in income uncertainty, largely due to an increase in transitory variance (the variance in household income attributed to transitory idiosy...
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We focus on automatic strategies to optimize life cycle savings and investment. Classical optimal savings theory establishes that, given the level of risk aversion, a saver would keep the same relative amount invested in risky assets at any given time. We show that, when optimizing lifecycle investment, performance and risk assessment have to take into account the investor's risk aversion and t...
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Article history: Received 26 February 2009 Received in revised form 6 August 2009 Accepted 26 August 2009 This paper addresses the capital mobility among regions within China. Using a range of panel estimators which deals with the non-stationarity of time series components, individual heterogeneity and common unobserved factors, we show that the savings and investment (both expressed as ratios ...
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This paper investigates how firms manage their savings, financing, and investment when aggregate uncertainty is time-varying. I develop and estimate a dynamic model featuring aggregate uncertainty shocks, costly external financing, investment irreversibility, and time-varying risk premia. In my model, firms have a precautionary-savings motive and real options to wait, both of which interact wit...
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ژورنال
عنوان ژورنال: Terra Economicus
سال: 2020
ISSN: 2073-6606,2410-4531
DOI: 10.18522/2073-6606-2020-18-1-81-101