| There is a long-term imbalance between excessive savings and insufficient consumption in China,this imbalance has seriously hindered the economic growth.although the government and financial regulators took various measures to expand domestic demand,stimulate consumption,but the final effect is not ideal,can not effectively play a role in macroeconomic policy of real cases,explore the problem of micro basis,from the micro level to grasp the solving way to boost domestic demand,has become the frontier of economic theory research.With the deepening of market-oriented reform,the residents income inequality,the existence of liquidity constraints,precautionary savings motive enhancement and so on,they are the important causes leading to the high savings.Recently,studies have shown that habit formation is an important microfactor,that leads to higher savings rates and lower consumption rates.Through the research,this article has been clear about the habit formation factor whether and how to effect family household saving and consumption behavior.Further exploring its action mechanism,analysising the effect,enriching and expanding the family financial savings theory connotation,perfecting household savings problem microscopic theoretical research framewor k of habit formation factors,and consolidating the economic theory system,they are the target.Ultimately,based on habit formation mechanism,give decision makers to make more reasonable and effective consumption promoting policy,strive to make the family savings in a suitable range to provide theoretical and empirical basis.In this paper,I review the literature,and summarize it systematically.On the basis of defining the habit formation,uncertainty,saving consumption function and so on,to key concepts and characteristics of in-depth savings motive,and carries on the induction and integration,and concludes that life cycle motivation and precautionary motivation two main motivations,and take this paper studies two paths.In-depth analysis of the western consumption theory,analysis the basic theory of covered by the above two motivations,including absolute income,relative income,permanent income and lifecycle hypothesis;From the theory of deterministic consumption,the theory of real uncertainty is derived.The detailed reading of habits forms the results and shortcomings of the theory of saving and consumption;From the perspective of cognitive psychology,the source of habit formation factors,for the habit formation provide the psychological theories support this kind of psychological factors and behavior deviation,the study of thesis research framework,to provide theoretical analysis basis for follow-up study.Analyazing and exploring the affect factors ofhousehold saving and consumption behavior,from a macro level layer to the micro level,has failed to live up to all kinds of factors to the problem of high savings rate of complete,standardized and effective explanation,habit formation are obtained as the psychological and behavioral deviation factors are the important factors that affect household savings;Analysis from two aspects: direct and indirect,habit formation effect and principle,using partial least-squares regressing(PLS),the effect of habit formation effects the empirical test,it is concluded that habit formation is,indeed,household savings and consumption influencing factors.Based on the theory of psychology,from the perspective of limited focus on this habit formation causes,through the methods of comparative analys is,dig deep habit formation factors on household savings and consumption behavior of driving mechanism,further reveals the habit formation mechanism of household savings and consumption,to improve the study of this field from the perspective of psycholo gy theory framework;A model of household savings is constructed based on unrestricted inventory saving models;The model was normalized and the family saving model was prepared for further analysis.This paper constructs the basic form of the empirical metering model,which contains the mechanism of the habit formation for financial saving.It is suggested that the prudent motive and the marginal propensity to consume are the path of habit-forming factors affecting household saving and consumption behavior.The model of habit formation is optimized,and the characteristics of the model of saving model are developed and analyzed,and the problem of model optimization is solved.The model is optimized and analyzed from the perspective of euler equation,value function,optimal consumption strategy,marginal consumption tendency,wealth habit ratio,etc.Innovation Angle further analysis by applying the method of moderate habit formation model,discuss the nonrandom without the constraint of the optimal saving the nature of the consumption function,make up the household savings and consumption model in the study of problems caused by multiple uncertainty hypothesis,continue to explore for the issue of household savings to provide the corresponding theoretical basis.With principal component regressing(PCR),the uncertainty variable is measured rationally,the uncertainty is reflected,and the uncertainty environment facing the Chinese families is reduced.Uncertainty of measurement has been the difficulty of consumption problem research for accessor methods there are many uncertainty factors,consideration is overmuch,can reflect comprehensive though,but will bring more interference information,to bring great difficulty in statistical analysis;The results of the statistical analysis are reduced and the results of the empirical analysis are analyzed.At the same time,when the number of modeling samples is too large,the interference information obscures the most useful information,making the modeling performance much lower and the model unfavourable.Based on the main component analysis method,the method of the rational uncertain variable is obtained,which provides the guarantee of authenticity and accuracy for empirical research.Build the household savings under the habit formation model of econo metric model,from the perspective of urban and rural dual economy,based on the China statistical yearbook 2000-2015 provincial panel data,regression analysis,the empirical analysis conclusion.Habit formation and income uncertainty are all important factors affecting the consumption behavior of Chinese urban and rural households.The influence of habit-forming factors on rural households was stronger than those of urban households.Consumption of the stronger the inertia,urban residents and rural residents family family will become more cautious,would bring greater proportion in the income to savings,thus cause the loss of marginal propensity to consume,the accumulated wealth of will,the more such income uncertainty on the impact of household residents will be smaller.Empirically the habit formation factors that affect savings and consumption of the two paths,to build the model of factors can explain the habit formation mechanism,further verify the theoretical analysis part of the conclusion.Finally,according to the theoretical and empirical analysis,based on habit formation mechanism,guide the residents to change the original family savings and consumption habits,establish reasonable,stable and balanced new habit,at the same time to provide reasonable and effective policy Suggestions for policy makers,promote the healthy and orderly development of China's consumer finance sector. |
PDF Full Text Request