• 论文 •

### 国民储蓄率的决定机制：基于幸福经济学的考察

• 出版日期:2016-12-15 发布日期:2016-12-23

### Determination of National Savings Rate: A View from the Economics of Happiness

He Qiang & Dong Zhiyong

• Online:2016-12-15 Published:2016-12-23

Abstract: Based on the Economics of Happiness, this paper discusses the determination of national savings rate in an economy with persistent economic growth, especially the high national savings rate puzzle along with high economic growth rate in China. The results show that the high national savings rate can’t be fully explained by long-term economic growth in China. The deep-seated reasons may also lie in the fact that individual consumption is deeply affected by the reference effect about Catching up with the Joneses and habit formation. It forces individuals to increase current savings rate to enhance the level of happiness throughout the life cycle. Further simulation of the new normal period in China's economy shows that the national savings rate would fall as the economic growth rate goes down, so insufficiency of investment capital and other related issues should be paid enough attention to.