A recent wave of economic research has studied the transformation of China from a poor
country in the 1970s to a middle-income economy today. Based on this literature, we discuss …

A general equilibrium model that properly captures the risks in old age, the role of family
insurance, changes in demographics, and the productivity growth rate is capable of …

China's high national savings rate—one of the highest in the world—is at the heart of its
external/internal imbalances. High savings finance elevated investment when held …

We use a model of household life-cycle saving decisions to quantify the impact of
demographic changes on aggregate household saving rates in Japan, China, and India …

This paper analyzes how real estate shocks affect corporate investment in China. In addition
to the widely documented collateral channel, we also uncover two other channels: the …

内容提要: 本文构建了一个包含房价高速增长, 住房需求内生和生命周期特征的Bewley 模型,
用于研究高房价对**城镇居民储蓄率和财产不**等的影响. 我们发现, 房价的高速增长通过 …

This paper documents the increasing trend of adult children co-residing with elderly parents
in urban China and links it with the rising housing price, which provides an incentive for …

In recent years, China's economic growth has shown a continuous downward trend, but the
financial industry's added value as a percentage of GDP and the financial development level …

The Chinese government conducted a policy experiment on real estate-led economic
growth on such a massive scale, which is unprecedented. This paper empirically analyzes …

Using P hillips et al.(2012,'Testing for Multiple Bubbles', Y ale U niversity) bubble test and
the ratio of monthly housing price to rent in C hina, we cannot find that there were bubbles in …