Complexity between Aging and the Structure of Financial Market: Empirical Evidence from Microdata
Table 5
Results on the proportion of families’ cash and deposits.
Panel FRM model
prop_cash
prop_cash
prop_cash
prop_cash
prop_cash
prop_cash
percentage_60
0.004
(0.001)
number_60
0.143
(0.038)
whether_60
0.203
(0.058)
percentage_65
0.004
(0.001)
number_65
0.127
(0.043)
whether_65
0.154
(0.062)
Year dummies
Not significant
Not significant
Not significant
Not significant
Not significant
Not significant
Province dummies
Significant
Significant
Significant
Significant
Significant
Significant
Control variables
Yes
Yes
Yes
Yes
Yes
Yes
Constant variable
1.159
1.126
1.116
1.167
1.118
1.119
(0.240)
(0.241)
(0.239)
(0.235)
(0.236)
(0.236)
Observations
16,891
16,891
16,891
16,891
16,891
16,891
Note. Yes means the corresponding variables are controlled. In Table 5, the control variables for raising children are percentage_14, number_14, and whether_14. Control variables for family characteristics are the same as those in Table 1, and regression results are similar to those in Table 4. ,, and denote significance at the 1%, 5%, and 10% level. Figures in parenthesis are standard errors.
