Complexity between Aging and the Structure of Financial Market: Empirical Evidence from Microdata

Table 4

Results on the scale of families’ cash and deposits.

	Panel tobit model
	cash_asset	cash_asset	cash_asset	cash_asset	cash_asset	cash_asset
percentage_60	−8.843
	(20.623)
number_60		−209.518
		(753.121)
whether_60			−2.1e + 03
			(1221.135)
percentage_65				−37.784
				(21.842)
number_65					−1.2e + 03
					(844.446)
whether_65						−3.8e + 03
						(1265.688)
percentage_14	24.472			18.963
	(36.847)			(36.688)
number_14		−277.843			−278.252
		(735.011)			(733.040)
whether_14			535.674			429.880
			(1167.060)			(1164.802)
Urban	6727.287	6700.667	6680.588	6690.267	6667.023	6648.358
	(1226.852)	(1227.935)	(1226.892)	(1226.732)	(1227.813)	(1226.232)
number_work	−1.2e + 03	−1.2e + 03	−1.1e + 03	−1.2e + 03	−1.1e + 03	−1.1e + 03
	(666.546)	(670.591)	(669.406)	(666.178)	(670.249)	(668.711)
number_insurance60	1.3e + 04	1.3e + 04	1.4e + 04	1.3e + 04	1.3e + 04	1.3e + 04
	(5765.934)	(5768.733)	(5761.841)	(5741.597)	(5741.729)	(5738.501)
number_insurance59	−6.629	1.521	−105.403	−63.416	−58.681	−132.488
	(1029.232)	(1029.031)	(1027.309)	(1025.473)	(1026.195)	(1024.935)
Expense	0.139	0.142	0.139	0.137	0.141	0.138
	(0.023)	(0.023)	(0.023)	(0.023)	(0.023)	(0.023)
other_asset	0.015	0.015	0.015	0.015	0.015	0.015
	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)
Netincome	0.189	0.189	0.190	0.189	0.190	0.191
	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)
saving_rate	−9.510	−9.625	−9.583	−9.431	−9.610	−9.578
	(3.521)	(3.523)	(3.521)	(3.521)	(3.522)	(3.519)
whether_house	−6.1e + 03	−6.0e + 03	−6.0e + 03	−6.3e + 03	−6.1e + 03	−6.1e + 03
	(1905.205)	(1905.450)	(1905.256)	(1906.639)	(1905.125)	(1904.126)
whether_eco	6876.607	6780.071	6898.553	6852.801	6751.788	6896.429
	(2377.844)	(2378.759)	(2377.807)	(2377.316)	(2378.479)	(2376.514)
edu_head	633.531	622.425	624.111	638.263	627.076	632.196
	(138.746)	(138.802)	(138.644)	(138.735)	(138.823)	(138.542)
age_head	204.524	188.636	219.273	229.504	205.753	233.329
	(48.730)	(46.224)	(45.470)	(46.998)	(45.056)	(44.575)
age_head^2	−5.317	−5.093	−4.061	−4.130	−4.496	−3.073
	(2.158)	(2.017)	(2.003)	(2.276)	(2.080)	(2.052)
whether_work_head	1995.203	1928.531	1856.693	1814.993	1755.067	1627.787
	(1552.323)	(1559.864)	(1556.366)	(1554.221)	(1561.333)	(1557.845)
Year dummies	Not significant	Not significant	Not significant	Not significant	Not significant	Not significant
Province dummies	Significant	Significant	Significant	Significant	Significant	Significant
Constant variable	8445.853	9217.683	8508.217	8114.578	8821.616	8397.758
	(6915.194)	(6909.701)	(6900.836)	(6913.618)	(6904.989)	(6895.903)
Observations	16,989	16,989	16,989	16,989	16,989	16,989

Note:, , and denote significance at the 1%, 5% and 10% level. Figures in parenthesis are standard errors.