金融素养与城市贫困
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摘要
城市贫困是2020年后反贫困政策的重点盯住问题,本文引入金融素养视角,使用中国家庭追踪调查(CFPS)数据,研究了金融素养对中国城市的影响。考虑到反向因果导致的内生性问题,本文使用父母金融素养和同社区平均金融素养作为工具变量,还使用联立方程模型约束了遗漏变量导致的内生性问题,并对金融素养减贫效应的内在机制进行了扩展研究。结果表明,金融素养对城市贫困减缓具有显著积极影响,该种影响有其金融知识属性和金融决策内涵,不同于一般认知能力。但中国城镇居民金融素养水平较低,通过金融教育改善金融素养是实现城市减贫的重要政策选择。比较金融素养对收入贫困、资产贫困和贫困脆弱性的不同影响发现,金融素养不仅能够体现贫困人口的收入"开源",而且可以通过影响资产配置行为,实现财富积累,并提升收入稳健性,金融素养不足是城市贫困主体增收但不减贫现象的重要原因。基于异质样本的研究表明,贫困深度更浅的贫困主体,从金融素养提升中获得的相对收益更高,金融素养对城市减贫体现为收入加成作用,是收入提升政策的有效补充。本文的研究结论为理解城市贫困的致贫原因提供了新视角,对城市贫困政策制定有参考价值。
Anti-poverty policy after 2020 concerns for studies on urban poverty in China. By using China Family Panel Survey(CFPS), this paper investigates the relationship between financial literacy and urban poverty.Two-step IV-Probit model is used to deal with the endogeneity caused by reverse causality where the financial literacy of parents and the average financial literacy in the same community are set as the instrument variables.SEM model is used to solve the endogeneity caused by omitted variables. We also explore the mechanism of the poverty reduction effect of financial literacy. The study shows that financial literacy can reduce urban poverty significantly. It is financial knowledge but not simply ability that can affect urban poverty. Due to the low level of financial literacy in urban China, improve financial literacy through financial education can be very useful to reduce urban poverty. Financial literacy can have different effect on income poverty, asset poverty, and poverty vulnerability, which means that the households with more financial literacy are not only more likely to have a better income, but also they can accumulate assets in the long run by allocating their financial assets more wisely.Low level financial literacy can explain the fact that income increase may not achieve poverty reduction linearly.Financial education can be a complementary policy to the income increase policies and the poverty households near the poverty line can gain more than the deep poverty households. This paper shows a novel explanation for urban poverty which can benefit the poverty reduction policy.
Anti-poverty policy after 2020 concerns for studies on urban poverty in China. By using China Family Panel Survey(CFPS), this paper investigates the relationship between financial literacy and urban poverty.Two-step IV-Probit model is used to deal with the endogeneity caused by reverse causality where the financial literacy of parents and the average financial literacy in the same community are set as the instrument variables.SEM model is used to solve the endogeneity caused by omitted variables. We also explore the mechanism of the poverty reduction effect of financial literacy. The study shows that financial literacy can reduce urban poverty significantly. It is financial knowledge but not simply ability that can affect urban poverty. Due to the low level of financial literacy in urban China, improve financial literacy through financial education can be very useful to reduce urban poverty. Financial literacy can have different effect on income poverty, asset poverty, and poverty vulnerability, which means that the households with more financial literacy are not only more likely to have a better income, but also they can accumulate assets in the long run by allocating their financial assets more wisely.Low level financial literacy can explain the fact that income increase may not achieve poverty reduction linearly.Financial education can be a complementary policy to the income increase policies and the poverty households near the poverty line can gain more than the deep poverty households. This paper shows a novel explanation for urban poverty which can benefit the poverty reduction policy.
引文
[1]邓锁.城镇困难家庭的资产贫困与政策支持探析---基于2013年全国城镇困难家庭调查数据[J].社会科学,2016,(7):75-86.
[2]丁从明,吉振霖,雷雨,梁甄桥.方言多样性与市场一体化:基于城市圈的视角[J].经济研究,2018,(11):148-164.
[3]刘亚飞.童年饥饿经历会影响老年健康吗[J].经济评论,2018,(6):113-126.
[4]宋全云,吴雨,尹志超.金融知识视角下的家庭信贷行为研究[J].金融研究,2017,(6):95-110.
[5]汪三贵,殷浩栋.资产与长期贫困---基于面板数据的2SLS估计[J].贵州社会科学,2013,(9):50-58.
[6]尹志超,宋全云,吴雨.金融知识,投资经验与家庭资产选择[J].经济研究,2014,(4):62-75.
[7]周广肃,樊纲,申广军.收入差距,社会资本与健康水平---基于中国家庭追踪调查(CFPS)的实证分析[J].管理世界,2014,(7):12-21.
[8]朱晓,段成荣.“生存-发展-风险”视角下离土又离乡农民工贫困状况研究[J].人口研究,2016,(3):30-44.
[9]Altonji,J.G.,T.E.Elder,and C.R.Taber.Selection on Observed and Unobserved Variables:Assessing the Effectiveness of Catholic Schools[J].Journal of Political Economy,2005,113(1):151-184.
[10]Appleton,S.,L.Song,and Q.Xia.Growing out of Poverty:Trends and Patterns of Urban Poverty in China1988-2002[J].World Development,2010,38(5):665-678.
[11]Behrman,J.R.,O.S.Mitchell,C.K.Soo,and D.Bravo.How Financial Literacy Affects Household Wealth Accumulation[J].American Economic Review,2012,102(3):300-304.
[12]Beshears,J.,J.J.Choi,and D.Laibson.The Effect of Providing Peer Information on Retirement Savings Decisions[J].The Journal of Finance,2015,70(3):1161-1201.
[13]Boisclair,D.,A.Lusardi,and P.C.Michaud.Financial Literacy and Retirement Planning in Canada[J].Journal of Pension Economics&Finance,2017,16(3):277-296.
[14]Calcagno,R.,and C.Monticone.Financial Literacy and the Demand for Financial Advice[J].Journal of Banking&Finance,2015,50(1):363-380.
[15]Cobbinah,P.B.,M.O.Erdiaw-Kwasie,and P.Amoateng.Rethinking Sustainable Development within the Framework of Poverty and Urbanisation in Developing Countries[J].Environmental Development,2015,13(1):18-32.
[16]Duflo,E.,and E.Saez.Participation and Investment Decisions in a Retirement Plan:The Influence of Colleagues’Choices[J].Journal of Public Economics,2002,85(1):121-148.
[17]Foster,J.,J.Greer,and E.Thorbecke.The Foster-Greer-Thorbecke(FGT)Poverty Measures:25 Years Later[J].The Journal of Economic Inequality,2010,8(4):491-524.
[18]Hastings,J.S.,B.C.Madrian,and W.L.Skimmyhorn.Financial Literacy,Financial Education,and Economic Outcomes[J].Annual Review of Economics,2013,5(1):347-373.
[19]Haughton,J.,and S.R.Khandker.Handbook on Poverty and Inequality[M].Washington DC:World Bank Publications,2009.
[20]Jappelli,T.,and M.Padula.Investment in Financial Literacy,Social Security and Portfolio Choice[R].CFSWorking Paper,2013.
[21]Jitsuchon,S.What is Poverty,and How to Measure It[J].TDRI Quarterly Review,2001,15(3):6-10.
[22]Li,S.,and H.Wan.Evolution of Wealth Inequality in China[J].China Economic Journal,2015,8(3):264-287.
[23]Lucci,P.,T.Bhatkal,and A.Khan.Are We Underestimating Urban Poverty[J].World Development,2018,103(3):297-310.
[24]Lusardi,A.Financial Literacy Skills for the 21st Century:Evidence from PISA[J].Journal of Consumer Affairs,2015,49(3):639-659.
[25]Lusardi,A.,and O.S.Mitchell.Financial Literacy around the World:An Overview[J].Journal of Pension Economics&Finance,2011,10(4):497-508.
[26]Lusardi,A.,and O.S.Mitchell.The Economic Importance of Financial Literacy:Theory and Evidence[J].Journal of Economic Literature,2014,52(1):5-44.
[27]Lusardi,A.,P.C.Michaud,and O.S.Mitchell.Optimal Financial Knowledge and Wealth Inequality[J].Journal of Political Economy,2017,125(2):431-477.
[28]Oster,E.Unobservable Selection and Coefficient Stability:Theory and Evidence[J].Journal of Business&Economic Statistics,2017,35(4):1-18.
[29]Rippin,N.Multidimensional Poverty in Germany:A Capability Approach[J].Forum for Social Economics,2016,45(2-3):230-255.
[30]Rooij,M.V.,A.Lusardi,and R.Alessie.Financial Literacy and Stock Market Participation[J].Journal of Financial Economics,2011,101(2):449-472.
[31]Taft,M.K.,Z.Z.Hosein,and S.M.T.Mehrizi.The Relation between Financial Literacy,Financial Wellbeing and Financial Concerns[J].International Journal of Business and Management,2013,8(11):63-75.
[32]UN-Habita.The Global Urban Indicators Database 2014[R].UN-Habitat,2014.
(1)所有变量的描述性统计结果详见《中国工业经济》网站(http://www.ciejournal.org)公开附件。
(1)本文还使用了2.50美元作为贫困线,测度了城市收入贫困和资产贫困,并对金融素养与城市贫困的关系进行了稳健性检验。使用2.50美元作为贫困线之后,基本金融素养和高级金融素养对城市收入贫困发生率的影响分别从-0.23和-0.16,略微下降至-0.21和-0.16,且均在1%的显著性水平上保持显著。金融素养对城市资产贫困的影响也依然显著为负。
[2]丁从明,吉振霖,雷雨,梁甄桥.方言多样性与市场一体化:基于城市圈的视角[J].经济研究,2018,(11):148-164.
[3]刘亚飞.童年饥饿经历会影响老年健康吗[J].经济评论,2018,(6):113-126.
[4]宋全云,吴雨,尹志超.金融知识视角下的家庭信贷行为研究[J].金融研究,2017,(6):95-110.
[5]汪三贵,殷浩栋.资产与长期贫困---基于面板数据的2SLS估计[J].贵州社会科学,2013,(9):50-58.
[6]尹志超,宋全云,吴雨.金融知识,投资经验与家庭资产选择[J].经济研究,2014,(4):62-75.
[7]周广肃,樊纲,申广军.收入差距,社会资本与健康水平---基于中国家庭追踪调查(CFPS)的实证分析[J].管理世界,2014,(7):12-21.
[8]朱晓,段成荣.“生存-发展-风险”视角下离土又离乡农民工贫困状况研究[J].人口研究,2016,(3):30-44.
[9]Altonji,J.G.,T.E.Elder,and C.R.Taber.Selection on Observed and Unobserved Variables:Assessing the Effectiveness of Catholic Schools[J].Journal of Political Economy,2005,113(1):151-184.
[10]Appleton,S.,L.Song,and Q.Xia.Growing out of Poverty:Trends and Patterns of Urban Poverty in China1988-2002[J].World Development,2010,38(5):665-678.
[11]Behrman,J.R.,O.S.Mitchell,C.K.Soo,and D.Bravo.How Financial Literacy Affects Household Wealth Accumulation[J].American Economic Review,2012,102(3):300-304.
[12]Beshears,J.,J.J.Choi,and D.Laibson.The Effect of Providing Peer Information on Retirement Savings Decisions[J].The Journal of Finance,2015,70(3):1161-1201.
[13]Boisclair,D.,A.Lusardi,and P.C.Michaud.Financial Literacy and Retirement Planning in Canada[J].Journal of Pension Economics&Finance,2017,16(3):277-296.
[14]Calcagno,R.,and C.Monticone.Financial Literacy and the Demand for Financial Advice[J].Journal of Banking&Finance,2015,50(1):363-380.
[15]Cobbinah,P.B.,M.O.Erdiaw-Kwasie,and P.Amoateng.Rethinking Sustainable Development within the Framework of Poverty and Urbanisation in Developing Countries[J].Environmental Development,2015,13(1):18-32.
[16]Duflo,E.,and E.Saez.Participation and Investment Decisions in a Retirement Plan:The Influence of Colleagues’Choices[J].Journal of Public Economics,2002,85(1):121-148.
[17]Foster,J.,J.Greer,and E.Thorbecke.The Foster-Greer-Thorbecke(FGT)Poverty Measures:25 Years Later[J].The Journal of Economic Inequality,2010,8(4):491-524.
[18]Hastings,J.S.,B.C.Madrian,and W.L.Skimmyhorn.Financial Literacy,Financial Education,and Economic Outcomes[J].Annual Review of Economics,2013,5(1):347-373.
[19]Haughton,J.,and S.R.Khandker.Handbook on Poverty and Inequality[M].Washington DC:World Bank Publications,2009.
[20]Jappelli,T.,and M.Padula.Investment in Financial Literacy,Social Security and Portfolio Choice[R].CFSWorking Paper,2013.
[21]Jitsuchon,S.What is Poverty,and How to Measure It[J].TDRI Quarterly Review,2001,15(3):6-10.
[22]Li,S.,and H.Wan.Evolution of Wealth Inequality in China[J].China Economic Journal,2015,8(3):264-287.
[23]Lucci,P.,T.Bhatkal,and A.Khan.Are We Underestimating Urban Poverty[J].World Development,2018,103(3):297-310.
[24]Lusardi,A.Financial Literacy Skills for the 21st Century:Evidence from PISA[J].Journal of Consumer Affairs,2015,49(3):639-659.
[25]Lusardi,A.,and O.S.Mitchell.Financial Literacy around the World:An Overview[J].Journal of Pension Economics&Finance,2011,10(4):497-508.
[26]Lusardi,A.,and O.S.Mitchell.The Economic Importance of Financial Literacy:Theory and Evidence[J].Journal of Economic Literature,2014,52(1):5-44.
[27]Lusardi,A.,P.C.Michaud,and O.S.Mitchell.Optimal Financial Knowledge and Wealth Inequality[J].Journal of Political Economy,2017,125(2):431-477.
[28]Oster,E.Unobservable Selection and Coefficient Stability:Theory and Evidence[J].Journal of Business&Economic Statistics,2017,35(4):1-18.
[29]Rippin,N.Multidimensional Poverty in Germany:A Capability Approach[J].Forum for Social Economics,2016,45(2-3):230-255.
[30]Rooij,M.V.,A.Lusardi,and R.Alessie.Financial Literacy and Stock Market Participation[J].Journal of Financial Economics,2011,101(2):449-472.
[31]Taft,M.K.,Z.Z.Hosein,and S.M.T.Mehrizi.The Relation between Financial Literacy,Financial Wellbeing and Financial Concerns[J].International Journal of Business and Management,2013,8(11):63-75.
[32]UN-Habita.The Global Urban Indicators Database 2014[R].UN-Habitat,2014.
(1)所有变量的描述性统计结果详见《中国工业经济》网站(http://www.ciejournal.org)公开附件。
(1)本文还使用了2.50美元作为贫困线,测度了城市收入贫困和资产贫困,并对金融素养与城市贫困的关系进行了稳健性检验。使用2.50美元作为贫困线之后,基本金融素养和高级金融素养对城市收入贫困发生率的影响分别从-0.23和-0.16,略微下降至-0.21和-0.16,且均在1%的显著性水平上保持显著。金融素养对城市资产贫困的影响也依然显著为负。