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Hidden costs of separation: Exploring the effect of left-behind experiences on financial market participation in China

Author

Listed:
  • Zhao, Chunkai
  • Wang, Runtao
  • Chen, Boou
  • Li, Jingrong

Abstract

This study examines the effect of childhood left-behind experience (CLBE) on financial market participation in China. We find that the CLBE significantly reduces the likelihood of financial market participation, which is supported by several robustness checks. Mechanism tests show that this negative impact can be explained by human capital loss, earnings penalty effects, and financial accessibility. Further exploration indicates that the greater the CLBE intensity, the more pronounced the negative impact. Worse, the negative effect of CLBE is not eliminated by the subsequent return of parents, and the mitigation effects of digital development are limited.

Suggested Citation

  • Zhao, Chunkai & Wang, Runtao & Chen, Boou & Li, Jingrong, 2025. "Hidden costs of separation: Exploring the effect of left-behind experiences on financial market participation in China," Emerging Markets Review, Elsevier, vol. 68(C).
    • Handle: RePEc:eee:ememar:v:68:y:2025:i:c:s1566014125000779
    DOI: 10.1016/j.ememar.2025.101328
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    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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