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本文以每个家庭有三代人为例,即少年(受教育期)、中年(工作期)和老年(退休期),通过世代交叠模型,利用1998—2011年数据探讨中年期在有限收入约束下权衡进行前向型代际品子女教育和后向型代际品养老保险的投资,在利己动机和利他性动机同时作用的前提下,分析政府公共教育支出对家庭代际品投资的影响,进一步讨论政府加大公共教育支出对不同收入家庭的代际投资决策产生的效果。实证发现,公共教育支出的增加对低收人家庭子女教育的挤出效应更加明显,但同时公共教育支出增加会促进家庭加大代际养老保险的投资。理论和实证结果引导政府在公共教育支出方面应该加强对低收人家庭的补贴,这不仅解决了低收入家庭子女教育的资金问题,同时也能有效缓解目前中国人口老龄化的养老保障问题。
This article takes three generations of each family as examples, namely, juvenile (education period), middle age (work period) and old age (retirement period). By using the generation overlapping model and 1998-2011 data, Constraint under the premise of self-serving motivation and altruistic motivation at the same time, under the premise of balancing the government investment in public education on intergenerational household investment , To further discuss the effect of government spending on public education on intergenerational investment decisions of different income families. The empirical study shows that the increase of public education expenditure has more obvious crowding-out effect on the education of children in low-income families, but at the same time, the increase of public education expenditure will promote the family to increase the investment in the generation of endowment insurance. The theoretical and empirical results guide the government to strengthen subsidies for low-income families in terms of spending on public education. This not only solves the funding problem of children’s education in low-income families, but also effectively alleviates the current problem of aging in China’s population.