Search Results (6)

Based on the classic Keynesian theory of money demand and city panel data, in this study, we investigate the impacts of different money demand motives on urban household consumption in China, and provide ideas for promoting sustainable growth in household consumption in China. The results of this study show the following: First, in general, the theory of money demand motivation can adequately explain household consumption in large and medium-sized cities in China. Second, the CPI time series has a significant adverse effect on the real money demand of most households. Third, residents significantly reduce food consumption to satisfy speculative money demand for financial instruments, and the lower the income level, the keener households are to invest in high-risk stocks. Fourth, even for high-income households, the precautionary money demand generated via the purchase of commercial insurance still has a significant crowding-out effect on their total consumption. Social security spending, which reduces the precautionary money demand of households, has a much more positive impact on high-income households. Full article

In recent years, the issue of population aging has been a challenge for China’s economic and social development. Due to factors such as the imperfect pension security system, the financial vulnerability of families has been greatly impacted by population aging. Digital inclusive finance is a financial model that utilizes digital technology and innovative approaches to provide financial services to low-income groups and impoverished areas. With the rapid development of the concept of digital inclusive finance, an increasing number of households are beginning to use digital inclusive finance products. It is worth exploring whether this financial model can help alleviate the financial vulnerability of aging families. Therefore, it is of both theoretical and practical significance to study the role of digital inclusive finance in improving the financial vulnerability of aging families. This study assembled unbalanced panel data using both 2016 and 2018 China Household Tracking Survey (CFPS) data and the digital financial inclusion index. An empirical analysis was conducted using the ordered probit panel model. The research findings indicate the following: First, the increasing elderly population intensifies the financial vulnerability of families. Second, digital inclusive finance plays a significant role in improving the financial stability of aging families. Third, digital inclusive finance helps alleviate the impact of population aging on family financial vulnerability by mitigating credit constraints and increasing household income. Fourth, a heterogeneity analysis suggests that in female-headed households, the financial vulnerability caused by population aging is more severe, and the role of digital inclusive finance in improving family financial vulnerability is more prominent. Additionally, the purchase of commercial insurance can effectively alleviate the financial vulnerability of families caused by population aging. Full article

Rural women in developing nations are especially vulnerable to higher health risks due to environmental pollution exposure and are more likely to experience poorer health outcomes. Using data from the 2013 China General Social Survey CGSS2013, this study empirically examined the relationship among environmental knowledge (EK), pollution, health investment (i.e., holding and purchasing a public health insurance policy, engaging in frequent physical activity, and acquiring commercial insurance), and health status. The sample was composed of 1930 women residing in rural regions in China. Three main research questions are investigated: whether environmental knowledge affects health investment and health status, whether health investments impact health status, and whether the relationship between environmental knowledge and health status is mediated by health investment. Our results showed that the level of EK for women in rural China significantly impacted their self-reported physical and mental health. To account for potential endogeneity due to mutual causality, this study employed television usage and network usage as two instrumental variables (IVs) of EK and used an IV-probit method. Additionally, we estimated a model that replaced health status with the variable Body Mass Index (BMI) to assess the reliability and robustness of our results. The results were consistent, providing evidence of robustness. Additionally, we examined the relationship between health investment (holding and purchasing a public health insurance policy, engaging in frequent physical activity, and acquiring commercial insurance) and health status. Our results indicated that the level of EK had no significant impact on participating in the new rural cooperative medical system. However, the preference for purchasing commercial insurance was positively impacted by EK, though it did not directly affect health status. Conversely, an increase in EK and pollution was associated with a greater likelihood of engaging in physical exercise, which, in turn, improved overall mental health. Full article

Using the China Health and Retirement Longitudinal Study (CHARLS), this paper quantifies the causal effects of air pollution on the demand for medical insurance. Results suggest that the rise in air pollution is associated with an increased probability of purchasing medical insurance. Furthermore, residents are more inclined to have basic medical and commercial insurance, rather than critical illness insurance. In addition, the evidence of two possible channels through which air pollution is related to purchasing insurance are found, including causing chronic diseases and depression. This study provides empirical evidence for China and other developing countries to improve the medical security system and promote the national health movement. Full article

Based on the life history theory, this study is aimed at examining the associations among childhood subjective socioeconomic status, adulthood pro-environmental behavior, and commercial insurance purchase. We used the data from the 2013 Chinese General Social Survey (CGSS2013) and obtained a sample of 11,172 respondents, with ages ranging from 18 to 97 years old. The respondents were selected using multistage stratified sampling. Correlational, mediational and moderational analyses were conducted using SPSS. The results show that the childhood subjective socioeconomic status is positively associated with adulthood pro-environmental behavior, independent of the current subjective socioeconomic status. In addition, commercial insurance purchase acts as a mediator of the association between childhood subjective socioeconomic status and adulthood pro-environmental behavior. Using conditional process analysis, we demonstrated that age moderated both the path where childhood subjective socioeconomic status influenced adulthood pro-environmental behavior and the path where childhood subjective socioeconomic status influenced commercial insurance purchase. Theoretically, the results provide empirical support for evolutionary perspective on sustainable behavior and demonstrate that childhood environment can constrain individual consumer choices and lifestyle. Practically, positioning target customers to commercial insurance clients may be an effective marketing strategy to increase consumers’ actual purchase of ethical products. Moreover, to realize environmental goals, social policy makers can make efforts to publicize the importance of insurance and expand the coverage of insurance by increasing the corresponding financial subsidies for low socioeconomic status families. Full article

Purpose: As an important measure to alleviate long-term care (LTC) costs for the disabled due to the aging of the population, long-term care insurance (LTCI) system has been paid more attention in China. In addition to the government-led public LTCI system that has been piloted in cities such as Qingdao, Chongqing and Shanghai, health insurers such as the China Life Insurance Company are also experimenting with various types of commercial LTCI in the private market. However, the commercial LTCI market is developing very slowly due to public awareness and other reasons. On the other hand, COVID-2019 has had an impact on the cognition of the importance of long-term care for the elderly due to the fact that the death cases of COVID-2019 have been mainly concentrated in the elderly population with chronic diseases such as hypertension. Therefore, the purpose of this study is to explore the differences in the purchase intention of commercial LTCI among the elderly in two different periods: before and after the outbreak of COVID-2019. Methods: By using the Andersen behavioral model and two investigations in two different periods before and after the outbreak of COVID-2019, this study explores the impacts of COVID-2019 on the purchase intention of commercial LTCI. Results: Some significant discoveries were found. For example, 25.8% of interviewees showed purchase intention in LTCI in the time before the COVID-2019 outbreak, while this proportion increased to 37.6% after the COVID-2019 outbreak. People who were younger (OR = 2.128, before COVID-2019; OR = 1.875, after COVID-2019) or who had more education (OR = 1.502, before COVID-2019; OR = 2.218, after COVID-2019) were more interested in commercial LTCI. Conclusion: This study shows that COVID-2019 has had an obvious impact on the purchase intention of commercial LTCI, which provides some enlightenment for China to improve the LTCI system in the future, especially to accelerate the development of commercial LTCI. For example, it is essential to promote the importance of long-term care among the elderly in a focused and targeted way. In terms of the key target audience, it can be developed gradually from the groups with higher education levels and the middle elderly aged 45–64 years old. Full article