The Chinese Saving Puzzle and the Life-Cycle Hypothesis (March 2004)

نویسندگان

  • FRANCO MODIGLIANI
  • SHI LARRY CAO
چکیده

W today’s world economy plagued by recession and sluggish performance, China stands out with its sustained high growth, perhaps due to market-oriented economic reforms that began in 1978. The growth has been accompanied by an explosion in China’s household saving ratio, which has reached an impressive level in recent years, just when there has been a worldwide reduction in the private saving ratio. In 1994, for example, our estimate of the household saving-to-income ratio in China was close to 34 percent, rivaling the Japanese experience in the 1960s, even though the level of China’s per-capita income remained well below those of the industrialized nations (see figure 1). More

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تاریخ انتشار 2004