Public Expenditures on Social Programs and Household Consumption in China
- ISBN-10
- 1451982135
- ISBN-13
- 9781451982138
- Category
- Business & Economics
- Pages
- 28
- Language
- English
- Published
- 2010-03-01
- Publisher
- International Monetary Fund
- Authors
- Mr.Emanuele Baldacci, Mr.Manmohan S. Kumar, Mr.David Coady
Description
This paper shows that increasing government social expenditures can make a substantive contribution to increasing household consumption in China. The paper first undertakes an empirical study of the relationship between the savings rate and social expenditures for a panel of OECD countries and provides illustrative estimates of their implications for China. It then applies a generational accounting framework to Chinese household income survey data. This analysis suggests that a sustained 1 percent of GDP increase in public expenditures, distributed equally across education, health, and pensions, would result in a permanent increase the household consumption ratio of 11⁄4 percentage points of GDP.
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