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The Pattern of Household Savings during a Hyperinflation The Case of Urban China in the Late 1980s

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Abstract

This paper presents evidence on household savings in urban regions of the Chinese provinces Sichuan and Liaoning based on data from the State Statistical Bureau's Urban Household Survey for the late 1980s. In this period the Chinese economy was subject to extensive reforms that resulted in rapid economic growth followed by extremely high inflation rates in 1988 and 1989. The high inflation rates gave the households strong motives to switch from financial savings to purchase of consumer durables, which also appear to be consistent with the structure of the observed data. By providing empirical evidence on the relative importance of savings by lower, middle and upper income groups for single-child families and for all households, this study also demonstrates that the savings decisions depend heavily on the level of household income. Single-child families are focused, not only because of its growing dominance in the current Chinese society, but also to control for the effect of demographic disparities.

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Bibliographic Info

Paper provided by Research Department of Statistics Norway in its series Discussion Papers with number 217.

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Date of creation: Mar 1998
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Handle: RePEc:ssb:dispap:217

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Keywords: Income; savings; consumer durables.;

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  1. Angus Deaton & Christina H. Paxson, 1993. "Saving, Growth, and Aging in Taiwan," NBER Working Papers 4330, National Bureau of Economic Research, Inc.
  2. Pudney, Stephen, 1993. "Income and Wealth Inequality and the Life Cycle: A Non-parametric Analysis for China," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 8(3), pages 249-76, July-Sept.
  3. Cole, Harold L & Mailath, George J & Postlewaite, Andrew, 1992. "Social Norms, Savings Behavior, and Growth," Journal of Political Economy, University of Chicago Press, vol. 100(6), pages 1092-1125, December.
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Cited by:
  1. Yu Zhu & Zhongmin Wu & Meiyan Wang & Yang Du & Fang Cai, 2009. "Do Migrants Really Save More? Understanding the Impact of Remittances on Savings in Rural China," Studies in Economics 0923, Department of Economics, University of Kent.
  2. Meng, Xin, 2003. "Unemployment, consumption smoothing, and precautionary saving in urban China," Journal of Comparative Economics, Elsevier, vol. 31(3), pages 465-485, September.
  3. Ismail, Aisha & Rashid, Kashif, 2013. "Determinants of household saving: Cointegrated evidence from Pakistan (1975–2011)," Economic Modelling, Elsevier, vol. 32(C), pages 524-531.
  4. Zhu, Yu, 2002. "Latent total consumption expenditure, unobservable individual preferences and panel data," Economic Modelling, Elsevier, vol. 19(2), pages 277-293, March.

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