Lin Tian, Alessandra Guariglia, Nicholas Horsewood
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We are the first to investigate how health shocks relate to cash holdings. Using three waves of the China Health and Retirement Longitudinal Study over the period 2013–2018, we document that, for middle‐aged and elderly people living in rural China, the onset of an acute health condition is associated with a 3.0 percentage point higher probability of holding only cash as a safe asset, and a 2.3 percentage point higher proportion of safe assets held in the form of cash. These results are robust to using different samples and estimation methods. We also find that ex‐post reimbursement of medical expenses and lack of bank accessibility may drive the association between health shocks and cash holdings.
期刊介绍:
The major objective of the Review of Income and Wealth is to advance knowledge on the definition, measurement and interpretation of national income, wealth and distribution. Among the issues covered are: - national and social accounting - microdata analyses of issues related to income and wealth and its distribution - the integration of micro and macro systems of economic, financial, and social statistics - international and intertemporal comparisons of income, wealth, inequality, poverty, well-being, and productivity - related problems of measurement and methodology