中国居民储蓄率的变化及其原因分析

本文测算了1952—2006年中国居民储蓄率并分析了其改革开放前后的变化及其原因。计划经济时期．国家高积累政策、居民的低收入水平与高人口负担决定了居民的储蓄能力有限，稳定的收支预期也使得居民储蓄倾向很低。改革开放后，居民个人储蓄率迅速上升，其原因除了收入增长的普遍作用外，可能是其它多种因素共同推动的，这些因素包括经济转型、人口转型、预防性储蓄、流动性约束、消费习惯等。

On the determinants of China's household high saving rates

In this paper,we analyze China's household saving rates before and after economic reform using a sample for the period: 1952 to 2006.Our calculation reveals that: before 1978,due to the high government accumulation rates,the low level of household income,and the high dependency ratio,household ability to save is rather limited;moreover,because of stable economic conditions,household's propensity to save is also low;and after 1978,household saving rates has increased to an impressive level due to rapid income growth and changes in factors such as economic transition,demographics,precau-tionary savings,liquidity constraints,and habit formation.