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Intergenerational Transfers and China’s Social Security Reform

Author

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  • Ayşe İmrohoroğlu

    (University of Southern California)

  • Kai Zhao

    (University of Connecticut)

Abstract

Most of the studies examining the implications of social security reforms in China use overlapping generations models and abstract from the role of family support. How-ever, in China, family support plays a prominent role in the well-being of the elderly and often substitutes for the lack of government-provided old-age support systems. In this paper, we investigate the impact of social security reform in China in a model with two-sided altruism as well as a pure life-cycle model. We show that the quantitative implications of social security reform are very different across the two models.

Suggested Citation

  • Ayşe İmrohoroğlu & Kai Zhao, 2017. "Intergenerational Transfers and China’s Social Security Reform," Working papers 2017-18, University of Connecticut, Department of Economics.
  • Handle: RePEc:uct:uconnp:2017-18
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    References listed on IDEAS

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    1. Fatih Guvenen, 2009. "An Empirical Investigation of Labor Income Processes," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(1), pages 58-79, January.
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    3. Honge Gong & Andrew Leigh & Xin Meng, 2012. "Intergenerational Income Mobility In Urban China," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 58(3), pages 481-503, September.
    4. Henning Bohn, 2006. "Optimal Private Responses to Demographic Trends: Savings, Bequests and International Mobility," RBA Annual Conference Volume,in: Christopher Kent & Anna Park & Daniel Rees (ed.), Demography and Financial Markets Reserve Bank of Australia.
    5. Yu, Jihai & Zhu, Guozhong, 2013. "How uncertain is household income in China," Economics Letters, Elsevier, vol. 120(1), pages 74-78.
    6. Luisa Fuster & Ayşe İmrohoroğlu & Selahattin İmrohoroğlu, 2007. "Elimination of Social Security in a Dynastic Framework," Review of Economic Studies, Oxford University Press, vol. 74(1), pages 113-145.
    7. Kai Zhao & Ayse Imrohoroglu, 2016. "The Chinese Saving Rate: Productivity, Old-Age Support, and Demographics," 2016 Meeting Papers 177, Society for Economic Dynamics.
    8. Keyu Jin & Nicolas Coeurdacier, 2013. "The One-Child Policy and Household Savings in China," 2013 Meeting Papers 790, Society for Economic Dynamics.
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    10. Laitner, John, 1992. "Random earnings differences, lifetime liquidity constraints, and altruistic intergenerational transfers," Journal of Economic Theory, Elsevier, vol. 58(2), pages 135-170, December.
    11. Luisa Fuster & Ayse Imrohoroglu & Selahattin Imrohoroglu, 2003. "A welfare analysis of social security in a dynastic framework," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(4), pages 1247-1274, November.
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    Cited by:

    1. Juan Carlos Conesa & Daniela Costa & Parisa Kamali & Timothy J. Kehoe & Vegard M. Nygard & Gajendran Raveendranathan & Akshar Saxena, 2017. "Macroeconomic Effects of Medicare," NBER Working Papers 23389, National Bureau of Economic Research, Inc.
      • Conesa, Juan Carlos & Costa, Daniela & Kamali, Parisa & Kehoe, Timothy J. & Nygard, Vegard & Raveendranathan, Gajen & Saxena, Akshar, 2017. "Macroeconomic Effects of Medicare," Staff Report 548, Federal Reserve Bank of Minneapolis.
    2. YIN Ting & ZHANG Junchao, 2017. "More Schooling, More Generous? Estimating the effect of education on intergenerational transfers," Discussion papers 17074, Research Institute of Economy, Trade and Industry (RIETI).

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