失之东隅、收之桑榆:双边市场中的银行卡组织

在一个完备市场中,当面临外生冲击时,家庭要进行风险分担和消费平滑。本文用广东省家庭收支数据检验了中国城镇家庭在面临外生经济冲击时能否对消费进行风险分担以达到完全保险。我们首先检验家庭总消费和各类消费品的风险分担情况;然后检验不同收入组家庭消费的风险分担状况;最后检验家庭消费是否能够对地区的特定冲击进行完全保险。结论是:大部分的计量检验都拒绝了城镇家庭消费可以完全保险的假设。

Loses On One Side and Gains On the Other: Bankcard Payment System in the Two sided Markets

IN A COMPLETE MARKET, HOUSEHOLDS CAN SMOOTH THEIR CONSUMPTION BY SOME RISK-SHARING MECHANISMS WHEN THEY ENCOUNTER EXOGENOUS IDIOSYNCRATIC SHOCKS. BY USING CHINESE URBAN HOUSEHOLD SURVEY, THIS PAPER TESTS WHETHER CHINESE URBAN HOUSEHOLD CONSUMPTION IS FULLY INSURED AGAINST IDIOSYNCRATIC RISKS. FIRSTLY, THE PAPER TESTS THE INSURANCE OF AGGREGATE CONSUMPTION AND CLASSIFIED CONSUMPTION OF THE HOUSEHOLDS, AND THEN THE CONSUMPTION OF THE HOUSEHOLDS WITH DIFFERENT INCOME LEVELS. SECONDLY, WE TEST WHETHER HOUSEHOLD...