Precautionary savings and rural-to-urban migration: Evidence from Chinese hukou status

IF 1 4区 经济学 Q3 ECONOMICS Economics of Transition and Institutional Change Pub Date : 2023-04-27 DOI:10.1111/ecot.12368
Guowen Chen, Stephen B. DeLoach, T. M. Tonmoy Islam
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Abstract

Rural-to-urban migrants account for more than one-third of the total population in China. However, because of China's hukou system, urban migrants can have limited access to different public services in urban areas. Consequently, this can affect their consumption and savings behaviour. However, little is known about how the hukou system changes migrants' allocation of savings across different savings instruments. In this study, we utilize the 2013 round of the Urban and Rural Residents Income Distribution and Living Conditions Survey of China to see if migrants' hukou status affects allocation between short-term and long-term assets. Propensity score matching is used to match migrants with migrants who have obtained urban hukou. When comparing the urban migrants having rural hukou with hukou holders who converted their hukou from rural to urban, we find that the migrants hold significantly higher proportions of savings in cash and other short-term assets. Those who have obtained urban hukou, appear to hold a greater share of their portfolio in long-term, higher returning assets. The differences in portfolio allocations appear to be larger for migrants with lower household income. We argue that these results are consistent with savings behaviour driven by a precautionary motive.

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预防性储蓄与农村向城市迁移:来自中国户口状况的证据
农民工占中国总人口的三分之一以上。然而,由于中国的户口制度,城市移民在城市地区享受不同公共服务的机会有限。因此,这会影响他们的消费和储蓄行为。然而,对于户口制度如何改变移民在不同储蓄工具中的储蓄分配,人们知之甚少。在本研究中,我们利用2013年中国城乡居民收入分配和生活条件调查来考察流动人口的户口状况是否影响短期和长期资产的配置。倾向得分匹配用于将流动人口与取得城镇户口的流动人口进行匹配。当我们将拥有农村户口的城市流动人口与从农村转城市户口的城市流动人口进行比较时,我们发现流动人口持有的现金和其他短期资产储蓄比例明显更高。那些拥有城市户口的人,似乎在他们的投资组合中持有更大比例的长期、高回报资产。家庭收入较低的移民在投资组合分配上的差异似乎更大。我们认为,这些结果与预防动机驱动的储蓄行为是一致的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
1.70
自引率
11.10%
发文量
32
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