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Permanent land-use rights and endowment insurance: Chinese evidence of the substitution effect

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  • Yu, Ning
  • Shi, Qinghua
  • Jin, Hongtao

Abstract

This paper studies the substitution effect of permanent land-use rights on endowment insurance in China. We first explain the rationality using an overlapping-generations model with heterogeneous households possessing land-use rights or not, and find that economic agents profiting from land in the latter stage of their life tend to save less for retirement than their land-deprived counterparts. Empirical evidence from village-clustered Chinese survey data on rural households supports this finding, locating a significant negative effect of land on social and commercial endowment insurance purchase. Apart from the important policy implication of compensating land-deprived farmers with insurance, our theoretical and empirical models both yield unexpected informing findings.

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Bibliographic Info

Article provided by Elsevier in its journal China Economic Review.

Volume (Year): 21 (2010)
Issue (Month): 2 (June)
Pages: 272-281

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Handle: RePEc:eee:chieco:v:21:y:2010:i:2:p:272-281

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Web page: http://www.elsevier.com/locate/chieco

Related research

Keywords: Land-use rights Endowment insurance Overlapping-generations model China;

References

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  1. Feldstein, Martin, 1999. "Social security pension reform in China," China Economic Review, Elsevier, vol. 10(2), pages 99-107.
  2. Feldstein, Martin, 1999. "Social Security Pension Reform in China," Scholarly Articles 2794835, Harvard University Department of Economics.
  3. Dong, Xiao-Yuan, 1996. "Two-tier land tenure system and sustained economic growth in post-1978 rural China," World Development, Elsevier, vol. 24(5), pages 915-928, May.
  4. Cragg, John G, 1971. "Some Statistical Models for Limited Dependent Variables with Application to the Demand for Durable Goods," Econometrica, Econometric Society, vol. 39(5), pages 829-44, September.
  5. Michael C. Farmer & Alan Randall, 1997. "Policies for Sustainability: Lessons from an Overlapping Generations Model," Land Economics, University of Wisconsin Press, vol. 73(4), pages 608-622.
  6. Ayse Imrohoroglu & Selahattin Imrohoroglu & Douglas H. Joines, 1999. "Social Security in an Overlapping Generations Economy with Land," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(3), pages 638-665, July.
  7. Krusekopf, Charles C., 2002. "Diversity in land-tenure arrangements under the household responsibility system in China," China Economic Review, Elsevier, vol. 13(2-3), pages 297-312.
  8. Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-61, January.
  9. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
  10. Tao Yang, Dennis, 1997. "China's land arrangements and rural labor mobility," China Economic Review, Elsevier, vol. 8(2), pages 101-115.
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