スピーカー： Russell Cooper 教授
（The Pennsylvania State University）
場所：東京大学大学院経済学研究科 学術交流棟 （小島ホール）
演題："Household Finance in China"
This paper studies household financial choices in China, focusing on the high savings rate, low equity share in portfolio composition and low participation rate in asset markets. These decisions by education group are studied in a lifecycle model. Preference parameters, the cost of stock market participation and portfolio adjustment costs are estimated to match the financial decisions of different education groups. These estimates are compared to those obtained from a parallel study using US data. Key differences between China and the US portfolio decisions emerge from: (i) differences in income proles and risk, (ii) differences in out-of pocket medical expenses, (iii) higher entry and adjustment costs in China, (iv) a lower consumption floor in China exposing households to more risk and (v) differences in the estimated discount factors. Overall, households in China face more risks and larger costs of entering into asset markets. Low educated households are less patient and high education household more patient than their US counterparts.
Russell Cooper is a Professor of Economics at the Pennsylvania State University. He has made significant contributions to our understanding of economic fluctuations. In particular, his papers on coordination failures and firms’ investment are highly influential. He obtained Ph.D. in economics from the University of Pennsylvania in 1982. He is a Fellow of Econometric Society. Professor Cooper also has had extensive interactions with many central banks such as Federal Reserve Bank of Minneapolis, Bank of Portugal, Board of Governors of the Federal Reserve System. He is currently a visiting scholar at the European Central Bank.