一、报告题目：

Household Finance in China

二、报告人：

Guozhong Zhu，Associate professor of Economics, University of Alberta, CA

三、报告时间：

2018年06月19日 （周二） 上午10:00-12:00

四、报告地点：

知新楼B423

五、报告人简介：

Guozhong Zhu，Associate professor of Economics, University of Alberta, CA. Former assistant professor of economics at Guanghua School of Management, Peking University. PhD. in economics from UT-Austin.Research area: household finance and real estate. Prof. Zhu also has done some studies on human capital accumulation, labor supply and home production. The main approach is quantitative macro, emphasizing that a dynamic macro model should be able to deliver key statistics found in the data, especially in micro data from sources such as PSID, SCF and CEX.Publications have appeared in journals such as Journal of Urban Economics, Journal of Monetary Economics, Journal of Economic Dynamics and Controls, Review of Economic Dynamics, Regional Science and Urban Economics, 经济学季刊，管理世界等。

六、 报告摘要：

This paper uses a lifecycle model to study household finance in China, focusing on the high savings rate,

the low stock market participation rate and the low share of stocks in wealth. We control for important regime

changes in China in the estimation of structural parameters, and examine their impacts on household finance

patterns. Relative to the US, the distinctive financial choices of households in China are driven by institutional factors, such as labor market risks and costs of asset market participation, as well as by differences in preferences. Specifically, large stock market participation and adjustment costs along with high stock market volatility in China lead to the relatively low stock market participation rate and the low share of stocks in wealth conditional on participation, but they contribute little to the high savings rate. The high savings rate in China is driven mainly by high labor market risks and the patience of households. Given the estimated differences between China and the US in preferences, the model predicts that households in China would continue to save more than their US counterparts even if institutional differences disappear.

七、主办单位：

香港12生肖49号码表图