Journal articles on the topic 'China Household Finance Survey'
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1
Li, Kun, He Mengmeng, and Junjun Huo. "Digital inclusive finance and asset allocation of Chinese residents: Evidence from the China Household Finance Survey." PLOS ONE 17, no. 5 (May 5, 2022): e0267055. http://dx.doi.org/10.1371/journal.pone.0267055.
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Combined with the expected utility theory, this paper constructs a theoretical analysis framework including the development level, financial literacy, and intelligence level of Inclusive Finance, puts forward the hypothesis of the development of digital Inclusive Finance on household asset allocation, and uses the data of China’s household finance survey to verify the theory proposed in this paper. The empirical results show that: (1) digital inclusive Finance can significantly improve the allocation proportion of household risk assets, promote the rational participation of households in the risk financial market, and improve the allocation efficiency of household resources. (2) Digital inclusive finance can significantly improve the income level of family financial investment and optimize family investment decision-making.
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Yang, Wei, Peng Yang, Huaiwang Shi, and Weizeng Sun. "Mobile Payment Application and Rural Household Consumption—Evidence from China Household Finance Survey." Sustainability 15, no. 1 (December 26, 2022): 341. http://dx.doi.org/10.3390/su15010341.
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How to release rural consumption potential is currently of great significance for the sustainable economic growth of the developing world. Using representative survey data from the China Household Finance Survey (CHFS), this paper studied the impacts of mobile payments on rural household consumption and its mechanisms. This study constructed instrumental variables from the perspective of induced demand for mobile payments to overcome the endogeneity problem and found that the application of mobile payments significantly promoted rural household consumption by 29.8–52.3%. Mechanism analysis indicated that mobile payments could ease liquidity constraints, enrich consumption choice, and improve payment convenience for rural households, which are the main channels behind the above finding. Heterogeneous analysis showed that the impact of mobile payments on household consumption of the elderly and less educated was relatively higher. Moreover, this study found that mobile payments are conducive to promoting the consumption upgrading of rural households by significantly improving their enjoyment consumption. In addition, although it encourages rural households to consume more online and mobile payment methods, it does not crowd out the effect of rural households’ offline consumption. The findings of this paper provide new insight into the role of technical progress in promoting total consumption and consumption upgrading in rural areas.
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Zhao, J., J. Zhang, and P. J. Barry. "Do formal credit constraints affect the rural household consumption in China?" Agricultural Economics (Zemědělská ekonomika) 60, No. 10 (October 21, 2014): 458–68. http://dx.doi.org/10.17221/161/2013-agricecon.
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The article investigates the consequences of credit constraints on rural household consumption in China. Based on a unique rural finance and consumption survey, the authors first identify the credit constraint status of rural households from formal financial institutions. Then, they apply an endogenous switching regression model to compare the consumption responses to household production inputs for credit constrained and non-constrained households. The estimation results reveal that the credit constraint could result in the crowding out effect of the aggregate household consumption from its production inputs. Nonetheless, similar to the non-constrained households, the credit constraint households are capable of smoothing their necessary consumption.
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Ye, Yun, Yongjian Pu, and Ailun Xiong. "The impact of digital finance on household participation in risky financial markets: Evidence-based study from China." PLOS ONE 17, no. 4 (April 7, 2022): e0265606. http://dx.doi.org/10.1371/journal.pone.0265606.
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Chinese households have overinvested in risk-free financial assets, resulting in a single structure of financial assets. However, this proportion declined as digital finance developed. By combing the data from the China Household Finance Survey Data and the Peking University Digital Financial Inclusion Index of China, we find that digital finance significantly promotes household participation in risky financial markets. Further mechanistic analysis unveils that digital finance mainly affects households’ participation in risky financial markets by reducing the lack of investment channels, promoting households’ access to financial information and increasing the possibility of household risk appetite. In addition, the heterogeneity analysis suggests that digital finance effectively reduces the deterrent effect of wealth and cognitive thresholds on all households, reflecting the inclusive nature of financial development. Our findings provide an empirical basis for the mainstream positioning of digital finance in the development of inclusive finance, and display its positive impact on social welfare.
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Liu, Zhifeng, Xueyi Zhong, Tingting Zhang, and Wenquan Li. "Household debt and happiness: evidence from the China Household Finance Survey." Applied Economics Letters 27, no. 3 (April 24, 2019): 199–205. http://dx.doi.org/10.1080/13504851.2019.1610706.
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Tian, Geng. "Influence of Digital Finance on Household Leverage Ratio from the Perspective of Consumption Effect and Income Effect." Sustainability 14, no. 23 (December 6, 2022): 16271. http://dx.doi.org/10.3390/su142316271.
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Household leverage ratio is an important factor affecting family stability. Digital finance has changed the means of payment and consumption frequency, but the relationship between digital finance and household leverage ratio is still unclear. The existence of household debt is defined as the existence of leverage. The higher the household debt, the greater the household leverage. Based on the matching data of the China Household Finance Survey (CHFS) 2019 and the China Digital Inclusive Finance Index, this paper studies the impact of digital finance on household leverage ratio and explores its mechanism theoretically and empirically. This research finds that digital finance can significantly promote the household leverage ratio and this conclusion is still valid after instrumental variable method and robustness test. The mechanism analysis shows that digital finance can promote household over-consumption and further expand household leverage ratio. Digital finance can also reduce household leverage ratio by increasing household income. The heterogeneity analysis suggests that the role of digital finance in expanding leverage ratio is stronger for urban areas and households with low educational level. For households with higher assets, digital finance helps to reduce leverage ratio. Therefore, the government should guide residents to consume rationally and give full play to the entrepreneurship-facilitating and income-increasing effect of digital finance. Meanwhile, the residents themselves should speed up the cultivation of digital financial literacy, which is of vital significance for lowering household leverage ratio and systemic financial risks. China’s development level of digital finance ranks among the top in the world. Studying the role of digital finance in China is helpful to provide experience reference for countries around the world.
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Lin, Liqiong, Weizhuo Wang, Christopher Gan, David A. Cohen, and Quang T. T. Nguyen. "Rural Credit Constraint and Informal Rural Credit Accessibility in China." Sustainability 11, no. 7 (April 1, 2019): 1935. http://dx.doi.org/10.3390/su11071935.
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This paper investigates the effects of rural households’ demographic characteristics on formal credit constraint, and explores the relationship between informal and formal lending in rural China. Using 2013 China’s Household Finance survey data, the authors apply probit regression models to investigate the effects of demographic factors on formal credit constraint and the household’s decision to borrow from informal credit sources. In addition, the endogenous switching regression model is applied to evaluate the impact of credit constraint on the welfare of rural farm households. The empirical evidence confirms that age, family size, annual household nonagricultural income, level of education, and history of informal borrowing have significant influence over credit constraint. Moreover, annual household nonagricultural income, the presence of children, borrowing from social networks and monthly communication expenses significantly impact rural households’ decision to utilise informal borrowing. Results from the endogenous switching regression model suggest that credit constraint by formal credit sources has no impact on household consumption.
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Li, Rui, Tianyu Wang, and Mingshan Zhou. "Entrepreneurship and household portfolio choice: Evidence from the China Household Finance Survey." Journal of Empirical Finance 60 (January 2021): 1–15. http://dx.doi.org/10.1016/j.jempfin.2020.10.005.
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Zhang, Dayong. "Understanding China from a Household’s Perspective: Studies Based on the China Household Finance Survey (CHFS)." Emerging Markets Finance and Trade 52, no. 8 (July 26, 2016): 1725–27. http://dx.doi.org/10.1080/1540496x.2016.1189810.
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Sun, Hong, Xiaohong Li, and Wenjing Li. "The Nexus between Credit Channels and Farm Household Vulnerability to Poverty: Evidence from Rural China." Sustainability 12, no. 7 (April 9, 2020): 3019. http://dx.doi.org/10.3390/su12073019.
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It is well known that finance is at the core of economic activities, and rural finance is an important force for agricultural development, rural economic growth, and farmer income growth, but how rural credit affects vulnerability to poverty of farm households is not yet known. The study on the nexus between the credit channels and vulnerability to poverty can not only realize targeted poverty alleviation but also promote sustainable rural development. This study measures vulnerability to poverty of Chinese farm households by three-stage feasible generalized least squares (FGLS) and tests for the impact of two credit channels on farm household’s vulnerability to poverty based on China Household Finance Survey data. We mainly found that the proportion of structural poverty in western areas is comparatively large, and risky poverty of farm households in eastern areas is relatively serious. The high education cost may be an important factor in farm household poverty; the cost-effectiveness of education is higher than that of earnings. Farm household vulnerability to poverty with folk loans is 0.2% higher than that of farm households without private credit; however, this is not significant. Farm household vulnerability to poverty with bank credit is 0.4% lower than households without bank credit, which is significant. For farm households who have a higher level of vulnerability to poverty, the effect of bank credit on reducing vulnerability to poverty is greater. Moreover, we replaced the vulnerability-to-poverty variable with a more rigid indicator to test the relationship between the credit channels and vulnerability to poverty and got the same results as before.
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Badarinza, C., V. Balasubramaniam, and T. Ramadorai. "The Household Finance Landscape in Emerging Economies." Annual Review of Financial Economics 11, no. 1 (December 26, 2019): 109–29. http://dx.doi.org/10.1146/annurev-financial-110118-123106.
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We survey the household finance landscape in emerging economies. We first present statistics on household balance sheets from official microsurveys in countries constituting 45% of the global population: China, India, Bangladesh, the Philippines, Thailand, and South Africa. We contrast these patterns with those in data from advanced economies. We then survey the nascent literature on household finance in emerging economies and discuss areas of overlap with the better-established literature on household finance in advanced economies, as well as the large body of literature on development finance. We highlight useful directions for future research.
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Zeng, Ting, Mengkai Yang, Yunong Li, and Xing Yao. "Export expansion and homeownership in China: Evidence from the China Household Finance Survey." Cities 104 (September 2020): 102765. http://dx.doi.org/10.1016/j.cities.2020.102765.
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Chen, Boou, and Chunkai Zhao. "Poverty reduction in rural China: Does the digital finance matter?" PLOS ONE 16, no. 12 (December 16, 2021): e0261214. http://dx.doi.org/10.1371/journal.pone.0261214.
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As digital finance is widely spread and applied in China, this new format of financial technology could become a new way to reduce poverty in rural areas. By matching digital financial indexes of the prefectural-level cities with microdata on rural households from the China Household Finance Survey (CHFS) in 2017, we find that digital finance significantly suppresses absolute poverty and relative poverty among rural households in China, which is supported by a series of robustness tests, such as the instrumental variable approach, using alternative specifications, and excluding extreme observations. Additionally, we provide evidence that the poverty reduction effect of digital finance is likely to be explained by alleviating credit constraints and information constraints, broadening social networks, and promoting entrepreneurship. Our findings further complement the research field on financial poverty reduction and offer insights for the development of public financial policies of poverty reduction in other countries, especially in some developing countries.
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Jiang, Youxue, and Yangyi Liu. "Does financial inclusion help alleviate household poverty and vulnerability in China?" PLOS ONE 17, no. 10 (October 14, 2022): e0275577. http://dx.doi.org/10.1371/journal.pone.0275577.
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This paper investigates the impact of financial Inclusion on household poverty and vulnerability by constructing a household financial inclusion index using the China Household Finance Survey 2015. It is found that financial Inclusion significantly reduces the probability of poverty and vulnerability of households and has a more significant impact on vulnerable groups such as rural and urban low-income people. Further, financial Inclusion has a more significant effect on poor families that do not receive government support for poverty alleviation and can complement co-insurance mechanisms to help families better cope with vulnerabilities caused by synergistic community shocks. Finally, promoting entrepreneurship and improving risk management capabilities are the main channels of financial Inclusion.
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Zhao, Wenxia. "Effect of air pollution on household insurance purchases. Evidence from China household finance survey data." PLOS ONE 15, no. 11 (November 12, 2020): e0242282. http://dx.doi.org/10.1371/journal.pone.0242282.
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In recent years, the health and economic effects of air pollution have attracted considerable attention, and health and insurance services have been closely related to residents’ welfare. However, there are few studies on the influence of pollution on household purchases of insurance. Using data from the 2013 and 2015 China Household Finance Surveys, this study investigates the effect of air pollution on insurance purchases using Logit and Poisson regression models. It is found that air pollution significantly increases the probability of household insurance purchases and the level of premium expenditure, although the impact of air pollution on insurance purchases shows a degree of heterogeneity. Health insurance is more sensitive to air pollution than life insurance and other types of insurance. In areas where NO2 and O3 are the main types of pollutants, air pollution has a greater impact on household insurance purchases.
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Sun, Xiaoqin, Yuhai Su, Honglei Liu, and Chengyou Li. "The Impact of House Price on Urban Household Consumption: Micro Evidence from China." Sustainability 14, no. 19 (October 3, 2022): 12592. http://dx.doi.org/10.3390/su141912592.
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The impact of house prices on consumption is an important concern for academics and policy makers. Several studies have documented that house price changes have an impact on consumption; however, there is far less consensus on how house price changes affect consumption in China. The purpose of this paper is to examine the impact of house prices on household consumption in urban China and to identify the mechanisms behind the impact. This study measures the impact of housing price changes on consumption at the household level, using research data from 71,548 home-owning households in the 2011–2019 China Household Finance Survey database. Our analysis shows that housing prices have a significant negative effect on consumption, with a 1% increase in the value of a household’s property causing a 0.0034% decrease in household consumption, an effect that is significant for households that own a home and for those in the eastern and central regions. We find that rising house prices cause an increase in households’ precautionary savings, which is the main mechanism through which house prices affect consumption in China. Furthermore, the impact of house prices on consumption is asymmetric, with consumption moving in the opposite direction when house prices rise but not when house prices fall. This study provides meaningful insights for policy makers on the usefulness of building a healthy and stable housing market to expand consumption and revitalize the economy.
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Ding, Chengri, and Zhi Li. "City Size and Household Consumption in China." Land 11, no. 11 (November 12, 2022): 2027. http://dx.doi.org/10.3390/land11112027.
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Agglomeration and dispersion forces fundamentally determine urban and regional development. While traditional views on agglomeration forces are primarily from a production perspective, the growing literature focuses on the consumption perspective and suggests that larger cities may generate better consumption amenities. This paper joins the discussion by examining whether and to what extent city size increases household expenditure on such non-tradable goods and services, as restaurants, entertainment, health and fitness, housekeeping services and clothes. We hypothesize that city size raises the marginal utility of these consumers by increasing the variety of their products or services, supporting certain sectors that have substantial scale economies, or expanding the number of their specialized retail stores, so that households in larger cities want to spend more on these items. The data we use are from the China Household Finance Survey that documents the income, expenditure and demographic information of more than 8000 households from 85 cities in 2011, 2013 and 2015. Our results indicate that city size significantly raises household expenditure on restaurants, entertainment and health and fitness. These sectors have either quite differentiated products or services, or significant fixed costs, so that they rely heavily on scale economies.
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Huang, Xiaobing, Meng Chen, Xiaolian Liu, and Isaac Kofi Mensah. "Social Interaction and Entrepreneurial Intention: An Empirical Investigation for China." SAGE Open 11, no. 3 (July 2021): 215824402110306. http://dx.doi.org/10.1177/21582440211030612.
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This article investigates the impact of social interactions on household entrepreneurial behavior using the data of the China Family Finance Survey (CHFS) in 2015. The results show that social interaction has a positive influence on household entrepreneurship. More social interactions are associated with a higher likelihood of participating in both business and agricultural entrepreneurship. Moreover, the positive effect of social interaction on entrepreneurship increases with the relaxation of financial constraints faced by households. Finally, entrepreneurship is more motivated by social interaction for women than men. The results obtained in the benchmark are testified to be reliable after addressing the potential endogeneity of social interactions and using a different regression method.
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Hong, Cancheng, Di He, and Ting Ren. "The Impact of Commercial Medical Insurance Participation on Household Debt." Sustainability 15, no. 2 (January 12, 2023): 1526. http://dx.doi.org/10.3390/su15021526.
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Household debt is an important part of household financial decision-making, and commercial medical insurance has gradually become an important tool for households to use in improving their household balance sheets. Based on 2017 China Household Finance Survey (CHFS) data, this paper studies the impact of commercial medical insurance participation on household debt and analyzes the heterogeneity of household conditions, such as the location of the household, the age of the household head, and the health status of members. The study found that households participating in commercial medical insurance are more likely to be indebted, and their degree of debt is higher than that of households without commercial medical insurance. For urban households, young households, and households with healthy members, the participation of commercial medical insurance has a high effect on the likelihood and the degree of debt. Therefore, while strengthening household insurance awareness, the government should promote the strengthening of the risk-resistance function of commercial medical insurance and encourage financial institutions to design products that combine insurance and credit to release households’ consumption and investment potential.
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Zhao, Jianmei, and Peter J. Barry. "Effects of credit constraints on rural household technical efficiency." China Agricultural Economic Review 6, no. 4 (October 28, 2014): 654–68. http://dx.doi.org/10.1108/caer-10-2012-0115.
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Purpose – The purpose of this paper is to evaluate the effects of access to formal credit on rural household technical efficiency in China. Design/methodology/approach – Based on the rural household survey data in Weifang city, Shandong province in northern China, the authors apply recent developed bootstrapped DEA approach to investigate rural technical efficiency at the household level under the consideration of off-farm activities. Rural households are then identified as credit constrained and classified as supply-side and demand-side credit constraints by applying direct elicitation method. Finally, the authors apply a tobit regression to examine the effects of credit constraints on household technical efficiency. Findings – Rural households in China not only suffer supply-side credit constraints, but also demand-side credit constraints resulted from the transaction costs and risk rationing. The tobit regression discloses that demand-side credit constraints impose significant negative impacts on household technical efficiency. Originality/value – The authors clarify the definition of credit constraints and classify the credit constraints into supply-side and demand-side credit constraints. The results of this paper have significant policy implications for rural finance policies in China.
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Li, Yuhua, Xiheng Gong, Jingyi Zhang, Ziwei Xiang, and Chengjun Liao. "The Impact of Mobile Payment on Household Poverty Vulnerability: A Study Based on CHFS2017 in China." International Journal of Environmental Research and Public Health 19, no. 21 (October 27, 2022): 14001. http://dx.doi.org/10.3390/ijerph192114001.
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Changes in digital technology have brought about new opportunities in the field of financial poverty alleviation in China, and mobile payment as a new digital financial model is important in helping families to lift themselves out of poverty effectively and prevent a return to poverty. This paper examines the impact of mobile payment on household poverty vulnerability and the mechanism of action using the China Household Finance Survey (CHFS) 2017 microsurvey data. After adopting the IVprobit model and a series of robustness tests, we found: (1) mobile payment significantly negatively impacts household poverty vulnerability; (2) the mechanism analysis indicates that promoting entrepreneurship and improving risk management capabilities are the main channels through which mobile payment mitigates household poverty vulnerability; (3) household entrepreneurship and entrepreneurial survival significantly reduce the probability of poverty vulnerability; and (4) the probit regression analysis explores how mobile payment has a greater negative impact on poverty vulnerability among low-income, homeless, and relatively backward households in rural or western areas. This work contributes to the literature on the use of electronic communication technology to eradicate poverty and on inclusive finance, providing vital results for other countries to use as an example.
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Ye, Jingjing, and Xiaokai Wu. "Location Preference in Migration Decision: Evidence from 2013 China Household Finance Survey." Chinese Economy 49, no. 5 (August 25, 2016): 359–73. http://dx.doi.org/10.1080/10971475.2016.1193390.
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Chen, Yvonne Jie, Zhiwu Chen, and Shijun He. "Social Norms and Household Savings Rates in China." Review of Finance 23, no. 5 (September 11, 2018): 961–91. http://dx.doi.org/10.1093/rof/rfy029.
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Abstract We study the effects of Confucian social norms on savings rates in China. In our simple two-period model, parents have the option to invest in either a risk-free asset or their children’s human capital. We assume that the filial piety norms and thus the enforcement mechanisms for supporting old-age parents differ across regions. Consequently, the probability of children’s non-performance of their repayment obligations to parents and the returns parents can expect from investing in their children vary. We test the model predictions using data from the China Household Finance Survey. We find that stronger Confucian social norms reduce the gap in the savings rate between families with sons and with daughters. Modeling default by children as a function of the prevailing social norms gives us the flexibility to study the impacts of declining Confucian influence on consumption–savings trends in China.
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Ding, Chaoxun, and Ruidan Zhang. "The Effects of Social Network and Institutional Embeddedness on Household Consumption: Evidence from China Household Finance Survey." Journal of Advanced Computational Intelligence and Intelligent Informatics 26, no. 4 (July 20, 2022): 639–54. http://dx.doi.org/10.20965/jaciii.2022.p0639.
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Consumer behavior is embedded in a certain social structure and social networks, and the scale and density of household social networks will be likely to affect consumption expenditure. To explore the impact of social networks and institutional embeddedness on household consumption, this study constructs a model of consumption influencing factors, and devises an empirical study using the data of China Household Finance Survey (CHFS). The results show some innovation. (1) The impact of household social networks on total household consumption is significant. A 1% increase in social networks spending boosts household consumption spending by 0.364%. (2) The institutional embeddedness will affect household consumption. Every 1% increase of social security account balance (the proxy variable of institutional embeddedness) can boost household consumption by 0.196%. This proves that the social insurance institution can enhance consumer confidence and promote current consumption growth. (3) The results of the robustness test confirmed that even after replacing the dependent variable with “the proportion of developmental consumption in total household consumption,” the influence of social networks and institutional embeddedness on consumption is still significant. Using the variable “communication expenses” instead of “gift income and expenditure” as the proxy variable of social networks, the estimation result is still robust. (4) Social networks have a significant influence on all types of household consumption except medical care consumption, but the degree of influence is different. Further discussion revealed that the estimation results are different for different regions in China, but the coefficients of core independent variables are not significantly different. This conclusion is different from people’s intuition, which holds that people in regions with low economic development rely more on social communication and spend more on social communication to maintain a certain social status. The conclusion of this paper is of great significance for formulating policies and institutions affecting residents’ consumption.
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Wang, Xiuhua, and Yang Fu. "Digital financial inclusion and vulnerability to poverty: evidence from Chinese rural households." China Agricultural Economic Review 14, no. 1 (November 15, 2021): 64–83. http://dx.doi.org/10.1108/caer-08-2020-0189.
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PurposeDigital finance has the transformative power to realise financial inclusion. However, evidence on the relationship between digital finance and poverty reduction remains limited. This study examines the mitigating effects of digital financial inclusion (DFI) on vulnerability to poverty in rural China, explores potential mechanisms at the micro-level, and investigates the external conditions for DFI to validate these effects.Design/methodology/approachRural household data from the China Labour Force Dynamics Survey and the regional DFI index compiled by Peking University are used. The probit and mediation effect models are employed to assess the impacts of the DFI on vulnerability to poverty and explore its mechanisms, with an appropriate instrumental variable to mitigate potential endogeneity.FindingsDFI can mitigate vulnerability to poverty in Chinese rural households. Specifically, both sub-indices – coverage breadth and depth of use – have a significant effect. Further analyses based on the mediation model show that improving agricultural productivity, stimulating entrepreneurial activities and promoting non-agricultural employment are the core mechanisms for alleviating poverty vulnerability. Heterogeneity analysis shows that DFI is pro-poor and benefits those who lack economic opportunities. Moreover, adequate endowment in rural households, such as production and human capital, is an external condition for digital finance to mitigate vulnerability to poverty.Originality/valueThis study is among the first to examine the vulnerability-mitigation effects from the perspective of digital finance development, relying on data from a large-scale, nationwide household survey and the regional DFI index. It also checks for the mechanisms and heterogeneity of the effects, which prove the effects can help balance efficiency and equity.
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Qiu, Weisong, Tieqi Wu, and Peng Xue. "Can Mobile Payment Increase Household Income and Mitigate the Lower Income Condition Caused by Health Risks? Evidence from Rural China." International Journal of Environmental Research and Public Health 19, no. 18 (September 17, 2022): 11739. http://dx.doi.org/10.3390/ijerph191811739.
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China has moved into a new stage of its fight against poverty, where the further raising of rural household income is of great importance. Health risk is one of the biggest obstacles to the poverty reduction progress. Therefore, how to cope with the negative effects of health risks has attracted the attention of scholars, especially in the background of the global outbreak of COVID-19. In this paper, we try to explore whether mobile payment, a new form of payment, can improve the income of rural households and mitigate the lower income condition caused by health risks in China. Using data from the 2017 China Household Finance Survey, we found: (1) mobile payment can substantially increase rural household income; (2) health risks will lower the income of rural residents, but mobile payment can lessen this negative effect. Mechanism analysis indicates that mobile payment is likely to ease liquidity constraints, increase social interaction, and stimulate entrepreneurship for rural households. We advised the government to promote mobile payment adoption in rural areas and enhance its design. Additionally, better medical resources should also be made available to rural households.
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Wu, Anqi, and Xiaoting Zheng. "Assortative matching and commercial insurance participation: Evidence from the China Household Finance Survey." Journal of Asian Economics 80 (June 2022): 101459. http://dx.doi.org/10.1016/j.asieco.2022.101459.
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Li, Jiandong, and Jianmei Zhao. "How Housing Affects Stock Investment—An SEM Analysis." Economies 7, no. 1 (March 25, 2019): 26. http://dx.doi.org/10.3390/economies7010026.
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The extant literature regarding the effects of housing on stock investment shows inconsistent findings, either positive or negative effects have been reported. This paper investigates the mechanisms by which housing affects household stock investment through a structure equation model (SEM). Applying the data from the China Household Finance Survey (CHFS), we confirm and quantify the magnitudes of contemporaneous “wealth effects” and “crowd-out effects” of housing on household equity investment. Overall, the combined effect of housing on stock investment is positive in the context of urban China.
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CUI, XU, JING JIAN XIAO, and JINGTAO YI. "EMPLOYMENT TYPE, RESIDENTIAL STATUS AND CONSUMER FINANCIAL CAPABILITY: EVIDENCE FROM CHINA HOUSEHOLD FINANCE SURVEY." Singapore Economic Review 64, no. 01 (March 2019): 57–81. http://dx.doi.org/10.1142/s0217590817430032.
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Research on consumer financial capability is important for consumer financial wellbeing and emerging in the literature. However, studies on consumer financial capability in the Chinese context remain limited. To fill up the research gap, we used data from the 2011 China Household Finance Survey to investigate whether employment type and residential status were associated with consumer financial capability in China. Consumer financial capability was measured by the range of financial assets. Results from OLS and Poisson regressions showed that people employed in the government-managed system, with urban residence registration and with non-local rural residence registration had a better financial capability than their respective counterparts. The results have policy implications for improving consumer financial education and supporting vulnerable consumers.
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Zhang, Junmin. "A Study on the Determination of Household Portfolio Selection in China—Based on the Empirical Study on Households in the East." Research in Economics and Management 2, no. 1 (February 16, 2017): 64. http://dx.doi.org/10.22158/rem.v2n1p64.
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<p><em>Household exerts remarkable influence on the market-oriented economy. Regarding to the importance of household in financial market, the study on the determination of household investors’ portfolio selection has attracted tremendous attention of academic circle in recent decades. China Household Finance Survey (CHFS) has been established to conduct household finance research and it suggests that household investors’ asset allocation has been diversified in the recent decade with the prosperity of financial market and the booming household income. The study here aims to find out which determinations exerting effects on financial asset selection of Chinese household and the paths of the mechanism.</em></p><p><em>The paper will conduct both theoretical analysis and statistical analysis. With the help of Stata 12 and Eview 7.2 metrology software, the paper analyzes the influential factors of household financial asset selection and the interactional relationship among the hypothesized variables. Based on the empirical results and conclusions, the study can provide practical suggestion to household investor, asset manager and government.</em></p>
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Zou, Fanqi, Tinghui Li, and Feite Zhou. "Does the Level of Financial Cognition Affect the Income of Rural Households? Based on the Moderating Effect of the Digital Financial Inclusion Index." Agronomy 11, no. 9 (September 9, 2021): 1813. http://dx.doi.org/10.3390/agronomy11091813.
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Financial cognitive ability is an important part of human capital, which has a direct impact on household income. The dual differences composed by rural residents’ cognition level and residents’ income make the relationship between the two complicated. Based on the analysis of the impact of financial cognitive level on rural household income, this paper takes into account the individual heterogeneity of financial cognition to build an unconditional quantile regression (UQR) model through the micro data of the China Household Financial Survey Project (CHFS). Incorporating the background of the rapid development of digital finance, this paper also studies the impact of rural residents’ financial cognition on household income. The empirical results of the article have the following conclusions: First, on the whole, the improvement of financial cognitive level promotes the increase of rural household income, but this promotion has significant differences at different quantile levels of household income. Second, the digital financial inclusion index in the region has a positive moderating effect on the impact of financial cognition on the income of rural households. Third, the heterogeneity of the impact of financial cognition on the income of rural households is reflected in the two aspects of regions and household assets.
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Li, Jiajing, Chen Jiao, Stephen Nicholas, Jian Wang, Gong Chen, and Jinghua Chang. "Impact of Medical Debt on the Financial Welfare of Middle- and Low-Income Families across China." International Journal of Environmental Research and Public Health 17, no. 12 (June 26, 2020): 4597. http://dx.doi.org/10.3390/ijerph17124597.
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Background: Medical debt is a persistent global issue and a crucial and effective indicator of long-term family medical financial burden. This paper fills a research gap on the incidence and causes of medical debt in Chinese low- and middle-income households. Method: Data were obtained from the 2015 China Household Finance Survey, with medical debt measured as borrowings from families, friends and third parties. Tobit regression models were used to analyze the data. The concentration index was employed to measure the extent of socioeconomic inequality in medical debt incidence. Results: We found that 2.42% of middle-income families had medical debt, averaging US$6278.25, or 0.56 times average household yearly income and 3.92% of low-income families had medical debts averaging US$5419.88, which was equivalent to 2.49 times average household yearly income. The concentration index for low and middle-income families’ medical debt was significantly pro-poor. Medical debt impoverished about 10% of all non-poverty households and pushed poverty households deeper into poverty. While catastrophic health expenditure (CHE) was the single most important factor in medical debt, age, education, and health status of householder, hospitalization and types of medical insurance were also significant factors determining medical debt. Conclusions: Using a narrow definition of medical debt, the incidence of medical debt in Chinese low- and middle-income households was relatively low. But, once medical debt happened, it imposed a long-term financial burden on medical indebted families, tipping many low and middle-income households into poverty and imposing on households several years of debt repayments. Further studies need to use broader definitions of medical debt to better assess the long-term financial impact of medical debt on Chinese families. Policy makers need to modify China’s basic medical insurance schemes to manage out-of-pocket, medical debt and CHE and to take account of pre-existing medical debt.
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Wang, Lang, Yuping Chen, and Shijun Ding. "Examining the Impact of Digital Finance on Farmer Consumption Inequality in China." Sustainability 14, no. 20 (October 20, 2022): 13575. http://dx.doi.org/10.3390/su142013575.
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The development of digital finance has significantly changed farmer consumption behavior. This study used data from the China Household Finance Survey of 2015, 2017, and 2019 to examine whether digital finance can eliminate consumption inequality among farmers in China. In doing so, it provides empirical evidence for strategies for balancing social development and ensuring sustainable economic development. This study had three main findings. First, digital finance can significantly alleviate consumption inequality among farmers. Compared to basic consumption, digital finance is more effective at alleviating developmental consumption inequality. Second, digital finance can reduce consumption inequality among farmers by increasing online shopping and reducing income inequality. Third, the effect of digital finance on farmer consumption inequality is more significant in eastern China, among low-income farmers, and among farmers with primary education. These findings indicate that there is a “digital divide” and an “education threshold” in digital finance. Based on these results, this paper suggests measures for alleviating consumption inequality among farmers.
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FANG, Cheng, Xiaobo ZHANG, and Shenggen FAN. "Emergence of urban poverty and inequality in China: evidence from household survey." China Economic Review 13, no. 4 (December 2002): 430–43. http://dx.doi.org/10.1016/s1043-951x(02)00101-3.
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WAN, Guang Hua. "Convergence in food consumption in Rural China: Evidence from household survey data." China Economic Review 16, no. 1 (January 2005): 90–102. http://dx.doi.org/10.1016/j.chieco.2004.09.002.
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Hengzhou, X., and C. Tong. "Impact of farmers’ differentiation on farmland-use efficiency: Evidence from household survey data in rural China." Agricultural Economics (Zemědělská ekonomika) 59, No. 5 (May 28, 2013): 227–34. http://dx.doi.org/10.17221/124/2012-agricecon.
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Farmer differentiation has important implications for the efficiency of farmland use. Applying the model of DEA and Tobit, using the household survey data, this paper investigates the effects of the farmer stratum differentiation on the efficiency of farmland use. The empirical results showed that the type of farmer differentiation was positive and statistically significant at 5% level. The regression coefficient is 0.295; this result implies that if this variable improves one percentage, the efficiency of farmland use will increase by 29.5%. The farmer horizontal differentiation and farmer vertical differentiation pass the significance test at the 1% and 5% level, respectively. This indicates that they all have a significant positive impact on the farmland use efficiency. We conclude that corresponding measures should be implemented to further facilitate the farmer differentiation. Another implication of our results is that the policies matched with the farmer differentiation and transfer should be gradually perfected, and then they will provide a better environment of the society and economy for free migration of farmers.
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Dai, Lin, and Youwen Wang. "The Boosting Effect of Digital Finance on Rural Residents' Consumption Based on Empirical Data From the 2017 China Household Finance Survey." BCP Business & Management 25 (August 30, 2022): 291–94. http://dx.doi.org/10.54691/bcpbm.v25i.1774.
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Based on data from the 2017 China Household Finance Survey and the Peking University Digital Inclusive Finance Index, this paper empirically examines the impact of the development of digital finance on rural residents' consumption. It is found that the development of digital finance has significantly raised the consumption level of rural residents and optimized the consumption structure to a certain extent. But it did not realize the leap from the survival consumption to the development and enjoyment consumption in the real sense. Therefore, policy suggestions such as promoting the construction of rural digital inclusive financial infrastructure are proposed in this paper.
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Chen, Xuan, Jing Chen, and Chien-Yu Huang. "Too Risky to Focus on Agriculture? An Empirical Study of China’s Agricultural Households’ Off-Farm Employment Decisions." Sustainability 11, no. 3 (January 29, 2019): 697. http://dx.doi.org/10.3390/su11030697.
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This paper investigates China’s agricultural households and their individual members’ off-farm labor supply decision in response to farm production risks and a number of other factors (e.g., demographic characteristics, farm characteristics, and local market features). Whether and to what extent farming risks may affect farmers’ off-farm employment in China are rarely studied. Our paper provides an empirical study to demonstrate that agricultural production risks significantly impact off-farm labor supply in rural China. The impacts of associated variables on households off-farm labor supply decisions are quantified using a sample of large–scale nationwide household finance survey in 2010. The results suggest that off-farm employment serves as a risk adaption strategy for Chinese farmers. Policy suggestions on retaining farmers to focus on agricultural production are discussed.
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Zhao, Zixin, Ai Han, and Shouyang Wang. "Intra-Household Gender Wage Gap in China: Evidence from the China Health & Nutrition Survey." Asian Economic and Financial Review 12, no. 4 (April 19, 2022): 258–66. http://dx.doi.org/10.55493/5002.v12i4.4469.
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This paper analyzes the intra-household wage gap and wage determination of husbands and wives under the urban-rural dual economic structure in China. A two-step estimation procedure was used to determine the factors that are related to living in urban or rural areas by employing the probit model. Additionally, the effects of different factors affecting gender wage across regimes and between husbands and wives was examined using the seemingly unrelated regression estimation (SURE) model. It was found that the intra-household gender wage gap is larger in rural areas than in urban areas. At different percentiles, the gender wage gap is also different. There is a larger gender wage gap between low income earners than higher income earners. The largest gender wage gap is in the 10th percentile in rural areas with a wife–husband wage ratio of 67%. The wage determination pattern between spouses is different in urban and rural areas. Except for human capital impact, urban-rural dual economic structure and family factors, spousal factors also effect the intra-household wage gap.
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Wan, Guangsheng, Zixuan Peng, Yufeng Shi, and Peter C. Coyte. "What Are the Determinants of the Decision to Purchase Private Health Insurance in China?" International Journal of Environmental Research and Public Health 17, no. 15 (July 24, 2020): 5348. http://dx.doi.org/10.3390/ijerph17155348.
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The objective of this study was to assess the determinants of the decision to purchase private health insurance (PHI) in China. Nationally representative data from the fourth wave of the China Household Finance Survey from 2017 were used, and the dataset comprised 105,691 individuals aged 18 years or older. The Andersen health services utilization model was used to inform the research. Chi-square tests and logistic regression analyses were used to estimate the decision to purchase PHI. The proportion of the sample that had PHI was small, at 5.06%, but coverage for social basic medical insurance (SBMI) was 90.64%. Among PHI holders, the overwhelming majority (87.40%) also had SBMI. Logistic regression analysis demonstrated that predisposing factors (age, education, marital status, household size), enabling factors (household income, SBMI status, geographical factors, household medical expense, and medical debt), and needs-based factors (health status) were statistically significant determinants of the decision to purchase PHI. This study suggests that the socio-economic circumstances of households play a crucial role in the decision to acquire PHI. The findings may be used by the insurance industry to inform actions to enhance PHI coverage and by policy decision-makers that seek to improve equality in access to PHI.
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Shen, Zhaolin, Wei Fan, and Jiang Hu. "Income inequality, consumption, and the debt ratio of Chinese households." PLOS ONE 17, no. 5 (May 11, 2022): e0265851. http://dx.doi.org/10.1371/journal.pone.0265851.
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The increasing family leverage and the expansion of income inequality have aroused widespread concern in society. Based on the data from the China Household Finance Survey (CFPS), this paper constructs the Gini coefficient and household credit index, and aims to research the impact of income inequality, borrowing level on consumption in different regions, urban and rural areas. The results indicate that the increasing of income inequality significantly restrained the increase of household consumption, while the moderate increase of household leverage can promote household consumption to a certain extent. According to the conclusion of this article, in order to realize the sustainable growth of consumption and upgrade of structure, the government should take measures to stimulate domestic demand: (1) For the central and western regions, the overall wealth level of households should be improved and the borrowing level of residents should be appropriately increased; (2) For the eastern region, the income inequality should be controlled and reduced the negative effects of income inequality on sustainable consumption growth. This research provides evidence for understanding the relationship between income inequality, household leverage ratio and consumption, and sheds light on the formulation of related policies.
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Zeng, Ting, and Shenghao Zhu. "The mobility of top earnings, income, and wealth in China: Facts from the 2011–2017 China household finance survey." Journal of Asian Economics 80 (June 2022): 101461. http://dx.doi.org/10.1016/j.asieco.2022.101461.
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Chen, Yinghui, Xiaolin Gong, Chien-Chi Chu, and Yang Cao. "Access to the Internet and Access to Finance: Theory and Evidence." Sustainability 10, no. 7 (July 19, 2018): 2534. http://dx.doi.org/10.3390/su10072534.
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This paper aims at investigating the relationship between the use of the Internet and access to external finance of small and micro businesses, both theoretically and empirically. We first develop a theoretical model to explore how access to the Internet affects the credit availability of firms. The model suggests that access to the Internet can effectively mitigate financing difficulty of firms by alleviating information asymmetry and reducing agency cost, and thus can promote the sustainable development of those firms. The model also shows that access to the Internet can improve social welfare based on aforementioned mechanism. Using China household finance data from China Household Finance Survey, we tested the impact of access to the Internet on access to finance of small and micro businesses. Our empirical results confirm the positive role played by access to the Internet in alleviating financing difficulty of those firms. Moreover, we also found evidence that access to the Internet can reduce borrowers’ dependence on physical branches of banks when making bank choice decision for loan applications. Our evidence also implies that access to the Internet is conducive to the sustainable development of small and micro businesses via mitigating their financing difficulty.
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Hengzhou, Xu, and Liu Yuexi. "Policy implications and impact of household registration system on Peasants’ Willingness to return rural residential lands: Evidence from household survey in rural China." Panoeconomicus 63, no. 1 (2016): 135–46. http://dx.doi.org/10.2298/pan1601135h.
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Despite a growing body of literature on China?s household registration system and rural land transfer, few studies have examined the impact of the household registration system on peasants? willingness to return rural residential land. This paper aims to fill this gap and uses household survey data to measure the impacts of household registration system on peasants? willingness to return rural residential land. The results show that the household registration system reduced the farmers? enthusiasm to exit the rural residential land, that is, household registration system had a significant negative impact on farmers? willingness to return rural residential land.
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Sun, Hong, Valentina Hartarska, Lezhu Zhang, and Denis Nadolnyak. "The Influence of Social Capital on Farm Household’s Borrowing Behavior in Rural China." Sustainability 10, no. 12 (November 22, 2018): 4361. http://dx.doi.org/10.3390/su10124361.
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This paper evaluates whether social capital affects the ability of farm households to obtain formal and informal loans. We test for the impact of two measures of social capital. The first measure, kinship, captures the traditional aspects of bonding social capital in rural areas that might affect the probability of getting informal loans. As the economic reforms in China have changed the traditional rural way of life and weakened the role of kinship, more mobile farmers are likely to develop a different kind of social capital also based in the Chinese tradition but not focused exclusively on kin. This friendship social capital is hypothesized to affect farmers’ ability to get both formal and informal loans. We use the Chinese Household Finance Survey data from 2013 and estimate the probability of obtaining credit, while also accounting for the reverse causality. In addition, we use the Heckman selection model to establish how social capital affects not only the probability of getting loans but also the size of the loan. Empirical results suggest that social capital affects borrowing by farm households. In particular, the friendship social capital has a positive effect on farm household’s ability to get formal loans, and has a substitution effect on informal borrowing, while kinship has a positive effect on farm households’ ability to get informal loans. Friendship and kinship are positively associated with the amount of a farm household’s formal and informal loans, respectively.
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He, Jing, and Qinghai Li. "Can online social interaction improve the digital finance participation of rural households?" China Agricultural Economic Review 12, no. 2 (April 27, 2020): 295–313. http://dx.doi.org/10.1108/caer-11-2019-0213.
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PurposeDigital finance is a promising way to realize inclusive finance. However, the determinants of digital finance participation are largely unknown. This study aims to analyze the interface between social interaction and the digital finance participation of rural households and explore potential channels of social interaction to help them access digital finance.Design/methodology/approachUsing rural household survey data from China in 2017, employing the probit, ordered probit and count model, this study assesses the relationship between social interaction and digital finance.FindingsThe authors find that active online social interaction of rural households promotes digital finance participation, which also increases the depth and breadth of digital finance usage. Meanwhile, the role of traditional offline social interaction is insignificant. Contextual interaction is the channel through which online social interaction influences digital finance participation. Moreover, word-of-mouth, common topic pleasure and social norms in endogenous interactions are irrelevant. In addition, the role of online social interaction complements offline social interaction at promoting digital finance participation.Originality/valueThis study contributes to the understanding of digital finance by investigating the possible channels by which social interaction influences digital finance participation and highlight an important channel–contextual interaction, especially for online social interaction. This study expands the content of social interaction from traditional offline social interaction to online social interaction to evaluate the interface between social interaction and financial behavior more comprehensively.
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Xin, Su. "Housing Assets and Household Risk Financial Assets." Scholars Journal of Economics, Business and Management 8, no. 5 (May 18, 2021): 136–44. http://dx.doi.org/10.36347/sjebm.2021.v08i05.001.
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Housing value and family risk financial asset investment have received more and more attention from academia in recent years. This article uses the empirical findings of the China Household Finance Survey (CHFS) in 2015 to find that housing assets will not only significantly increase household participation in risky financial assets, but also increase household investment in risky financial assets. Furthermore, using the value-added of housing wealth as an instrumental variable to conduct research, it is found that the effect of housing wealth still exists significantly. The above research has important theoretical and practical significance for optimizing the allocation of household assets, improving the quality of people’s lives, and improving the level of capital market in the context of rising housing prices.
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Yu, Shan, and Can Cui. "Difference in Housing Finance Usage and Its Impact on Housing Wealth Inequality in Urban China." Land 10, no. 12 (December 19, 2021): 1404. http://dx.doi.org/10.3390/land10121404.
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With the increasing importance of financial loans in home purchases in urban China, the role of housing loans in the accumulation of housing wealth needs to be unraveled. Using the data from the 2017 China Household Finance Survey (CHFS), this study investigates the use of housing loans and their impact on housing wealth inequality. It has been found that people with higher socioeconomic status and institutional advantages benefit more from housing provident fund loans and are more likely to fully invoke different financing channels to accumulate housing wealth. On the contrary, disadvantaged groups have to resort to costly market-based mortgages to finance their home purchases. This leads them to fall further behind in housing wealth accumulation. The spatial stratification of housing wealth accompanying the urban hierarchy was also observed and found to be closely linked to the type of housing loans. In this increasingly financialized era, relying on financial instruments in the process of household asset accumulation may further amplify the existing wealth inequality among social groups.
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Wang, Xiaolu, and Wing Thye Woo. "The Size and Distribution of Hidden Household Income in China." Asian Economic Papers 10, no. 1 (January 2011): 1–26. http://dx.doi.org/10.1162/asep_a_00064.
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Official Chinese data on urban household income are seriously flawed because of significant underreporting of income by respondents and non-participation by the high income groups in official household surveys. We collected urban household income and expenditure data in a way that increased their reliability and the coverage of the wealthy. We utilized the well-known relationship between Engel's coefficient and income level through two different approaches to deduce the true level of household income for each of the seven Chinese income categories (lowest income, low income, lower middle income, middle income, upper middle income, high income, and highest income). We found that the ratio of our estimated income to official income increased from 1.12 for the lowest income group to 3.19 for the highest income group. Total household disposable income in 2008 is RMB 14.0 trillion according to the official data but RMB 23.2 trillion according to our estimate; and 63 percent of the unreported income went to the wealthiest 10 percent of urban households. The income of the wealthiest 10 percent of Chinese households is really 65 times that of the poorest 10 percent instead of the 23 times reported in the official data. The Gini coefficient is clearly much higher than the usually reported figure of 0.47. In one of the estimations, we had to drop the 76 wealthiest households (1.8 percent of our sample) from the analysis because there were no super-rich in the official data for us to match characteristics with. We therefore still understate the income of the highest income households. As the amount of unreported income indicates the degree of corruption, it is troubling that it grew 91 percent in 2005–08 compared to the 71 percent growth in gross national income. Serious institutional reforms must be enacted if corruption is not to derail economic development and social harmony.
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Lin:, Chu-Chia, and Po-Sheng Lai. "International Real Estate Review." International Real Estate Review 21, no. 2 (June 30, 2018): 275–94. http://dx.doi.org/10.53383/100262.
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The purpose of this paper is to estimate the impact of tenure choice on saving for Chinese households. Since housing expenditure usually accounts for a large portion of household spending, households need to consider how much they have in order to save for future housing spending when they decide on their daily expenditures, including food, clothing, transportation, education, leisure, and so on and so forth. We estimate the tenure choice behavior of Chinese households by first, applying a data set from the China Household Finance Survey and separating households into three types of tenure choice, namely, renters, owner-occupied with a mortgage, and owner-occupied without a mortgage. Then, we estimate the actual impact of tenure choice on saving by applying the Heckman two-stage model. Our estimations show two important results. First, the coefficients of the inverse Mills ratio are significant which implies that a two-stage estimation model is appropriate. Secondly, the estimated coefficients for the factors that affect saving behavior under the two-stage model are significantly different from those under a conventional model. The result shows that, without considering tenure choice, the conventional method of estimation for factors that affect saving behavior will be biased.