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1、ADBEconomicsWorkingPaperSeriesAccesstoPensions,O1d-AgeSupport,andChi1dInvestmentinthePeop1esRepub1icofChinaXiaoyueShanandA1bertParkNo.682IMay2023XiaoyueShan(xiaoyueswharton.upenn.edu)isapostdoctora1researcherattheWhartonSchoo1,UniversityofPennsy1vania.A1bertPark(afparkadb.org)istheChiefEconomistandD

2、irectorGenera1oftheEconomicResearchandRegiona1CooperationDepartment,AsianDeve1opmentBank.JheADBEconomicsWorkingPaperSeriespresentsresearchinprogresstoe1icitcommentsandencouragedebateondeve1opmentissuesinAsiaandthePacific.Theviewsexpressedarethoseoftheauthorsanddonotnecessari1yref1ecttheviewsandpo1ic

3、iesofADBoritsBoardofGovernorsorthegovernmentstheyrepresent.ASIANDEVE1OPMENTBANKADBICreativeCommonsAttribution3.0IGO1icense(CCBY3.0IGo)2023AsianDeve1opmentBank6ADBAvenue.Manda1uyongCity,ISSOMetroMani1a.Phi1ippinesTe1+63286324444;Fax+63286362444Somerightsreserved.Pub1ishedin2023.ISSN2313-6537(print),2

4、313-6545(e1ectronic)Pub1icationStockNo.WPS230I6I-2DOI:Theviewsexpressedinthispub1icationarethoseoftheauthorsanddonotnecessari1yref1ecttheviewsandpo1iciesOftheAsianDeve1opmentBank(ADB)oritsBoardofGovernorsorthegovernmentstheyrepresent.ADBdoesnotguaranteetheaccuracyofthedatainc1udedinthispub1icationan

5、dacceptsnoresponsibi1ityforanyconsequenceoftheiruse.Thementionofspecificcompaniesorproductsofmanufacturersdoesnotimp1ythattheyareendorsedorrecommendedbyADBinpreferencetoothersofasimi1arnaturethatarenotmentioned.Bymakinganydesignationoforreferencecoaparticu1arterritoryorgeographicarea,orbyusingtheter

6、mcountryinthisdocument,ADBdoesnotintendtomakeanyjudgmentsastothe1ega1orotherstatusofanyterritoryorarea.Thisworkisavai1ab1eundertheCreativeCommonsAttribution3.0IGO1icense(CCBY3.0IGO)Byusingthecontentofthispub1ication,youagreetobeboundbythetermsofthis1icense.Forattribution,trans1ations,adaptations,and

7、permissions,p1easereadtheprovisionsandtermsofuseathttps:/www.adb.org/terms-use#OPenaCcess.ThisCChtmateria1sinthispub1ication.Ifthemateria1isattributedcoanothersource,p1easecontactthecopyrightownerorpub1isherofthatsourceforpermissiontoreproduceit.ADBcannotbehe1d1iab1eforanyc1aimsthatariseasaresu1tofy

8、ouruseofthemateria1.P1easecontactpubsmarketingadb.orgifyouhavequestionsorcommentswithrespecttocontent,orifyouwishtoobtaincopyrightpermissionforyourintendedusethatdoesnotfa11withintheseterms,orforpermissiontousetheADB1ogo.CorrigendacoADBpub1icationsmaybefoundatNotes:Inthispub1ication,*$referstoUnited

9、Statesdo11arsand*CNY,*referstoyuan.ADBrecognizesChina“asthePeop1esRepub1icofChina.TheADBEconomicsWorkingPaperSeriespresentsdata,information,and/orfindingsfromongoingresearchandstudiestoencourageexchangeofideasandtoe1icitcommentandfeedbackaboutdeve1opmentissuesinAsiaandthePacific.Sincepapersinthisser

10、iesareintendedforquickandeasydissemination,thecontentmayormaynotbefu11yeditedandmay1aterbemodifiedforfina1pub1ication.ABSTRACTThispaperstudieshowaccesstopub1icpensionsaffectso1d-agesupportandchi1dinvestmentintraditiona1societies.Guidedbypredictionsfromanover1appinggenerationsmode1,weana1yzetheinf1ue

11、ncesofanewpensionprograminrura1Peop1esRepub1icofChina,usingadifference-in-differencesapproach.Wefindthattheprogramcrowdsouttransfersfromworking-ageadu1ts,especia11ymen,totheire1der1yparents.Interesting1y,theimpactonchi1dinvestmentsignificant1ydiffersbychi1dgender.Whi1eadu1tparentsincreaseeducationa1

12、investmentinsons,theirinvestmentindaughtersappearstodecrease.Ourfindingshigh1ighttheunintendedconsequencesofpub1icpensionsonparenta1investment.Keywords:a1truism,pension,o1d-agesupport,rura1PRC,intergenerationa1transfersJE1codes:D64,H55,J14,J16Theauthorswou1d1iketothankAnneBrenoe11ach1anDeer,Giuseppe

13、Sorrenti,U1fZo1itz,seminarparticipantsattheUniversityofZurich,aswe11asconferenceparticipantsattheSocietyof1aborEconomists24thAnnua1Meeting(Ar1ington),the9thAnnua1APRUResearchConferenceonPopu1ationAging(HongKong,China),theInternationa1ConferenceontheEconomicsofAging(Beijing),andthe2ndAnnua1Workshopon

14、Popu1ationAgingandtheChineseEconomy(Sydney)fortheirhe1pfu1commentsandsuggestions.Manypeop1eindeve1opingcountrieshavenoaccesstoo1d-agepensions.Traditiona1pensionschemesfinancedbyemp1oyersandemp1oyeesusua11ydonotcoverrura1farmersandworkersintheinforma1sector.Thishas1edagrowingnumberofcountriestointrod

15、ucepub1icpensionprograms.Forinstance,Chi1eintroducedthenon-contributoryso1idaritypensionsystemin2008tocoverthepooreste1der1ypeop1ewithno,orvery1itt1e,pensions.Inthesameyear,theRepub1icofKoreaintroducedtheBasicO1d-AgePension,whichprovidesamonth1ypensionpaymenttoe1der1ypeop1e.In2011,thePhi1ippinesintr

16、oducedasocia1pensionforpeop1eaged77ando1der,and1aterexpandedthebenefitstothepopu1ationaged65ando1der.Suchpensionreformshave,forthefirsttime,madepensionswide1yavai1ab1etopeop1ewhotraditiona11yre1yuponchi1drenforsupportino1dage.Astheexpectedre1ianceonchi1drenforo1d-agesupporta1somotivatesparentsinvestmentintheirchi1dren,theintroductionofpensionsmayirrevocab1ya1tertheinterdependencebetweenparentsandchi1dr