The Intergenerational Impact of China's New Rural Pension Scheme

Datos Bibliográficos

ID4120324
AutoresJing You (0000-0002-0152-0724), Miguel Niño‐zarazúa (0000-0003-4713-3890)
Año2019
Volumen45
NúmeroS1
Páginas47-95
Fecha de publicación2019-12-01
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaPopulation and Development Review (JOURNAL)
Identificadores de la revistaISSN: 0098-7921 • E-ISSN: 1728-4457
EditorialWiley (PUBLISHER • GB)
DOI10.1111/padr.12248
OpenAlexW2962124720
IdiomaEN
Citas recibidas5
Referencias citadas65

We examine the heterogeneous and dynamic impact of China's New Rural Pension Scheme on intergenerational wealth dependence using a nationally representative longitudinal household survey covering the period 2011-13.We adopt an instrumental quantile regressiondiscontinuity design to address the endogeneity of partial compliance of the pension scheme and the observed individual heterogeneity.Overall, we find that the pension scheme smooths wealth dependence between generations in the short term, but strengthens the persistence of assets among the wealthiest households in the medium term.The mechanisms underlying these distributional effects are intergenerational transfers, time reallocation, and filial adjustments of the wealth portfolio.Complementary policy interventions, particularly for the poor across generations, would be needed to neutralize the distributional impact of the pension in terms of intergenerational wealth persistence

China · Demographic economics · Development economics · Economics · Geography · Natural resource economics · Pension · Scheme (mathematics · Finance · Financial Literacy, Pension, Retirement Analysis · Global Health Care Issues · Mathematics · Retirement, Disability, and Employment