主题：From Children to Pensions: The Impact of Pension Availability on Old-age Support and Child Investment
报告人：Professor Albert Park，The Hong Kong University of Science and Technology（香港科技大学）
Dr. Albert Park is a development and labor economist who is an expert on China’s economic development. He is Director of the Institute for Emerging Market Studies, Chair Professor of Social Science, Professor of Economics, and Senior Fellow of the Jockey Club Institute for Advanced Study at HKUST. His research and commentary has appeared in the Economist, New York Times, Washington Post, Wall Street Journal, BBC, CNN, Bloomberg, Freakonomics, and NPR. Professor Park is a Research Fellow of the Centre for Economic Policy Research (London), the Institute for the Study of Labor (IZA, Bonn), the International Growth Centre (Oxford/LSE/DFID), and the Human Capital and Economic Opportunity Working Group (Chicago). In recent years he has published articles in leading economics journals on firm performance, poverty and inequality, migration and employment, health and education, and the economics of aging in China. He is Co-Editor-in-Chief of the China Economic Review and Associate Editor of Economic Development and Cultural Change and serves on the editorial boards of the World Bank Economic Review, Journal of Comparative Economics and Oxford Economic Papers. Prof. Park has played a leadership role in numerous survey research projects in China including the China Employer-Employee Survey (CEES), the China Urban Labor Survey (CULS), the Gansu Survey of Children and Families (GSCF), and the China Health and Retirement Longitudinal Study (CHARLS). He previously held faculty appointments at the University of Michigan and Oxford University, and has consulted frequently for the World Bank.
In societies lacking pension programs, parents primarily depend on child support in old age. It also motivates parental investment in children's human capital. In this paper, we study the
simultaneous responses of old-age support and child investment to the introduction of pensions. We first present an overlapping-generation model, which predicts that in the short run, pensions crowd out old-age support but have an ambiguous impact on child investment. In the empirical part, we exploit the introduction of a new pension program in rural China that provides us with exogenous variation in pension availability over regions and time. We find that due to pension availability, more people expect to rely on pensions for old-age support, and fewer expect to rely on children. We also find a crowd-out effect on upward transfers from adult children to elderly parents. Regarding child investment, while pension availability reduces girls' school enrollment and education expenditure, it has the opposite effect for boys. Our results suggest that public pension programs have strong influences on intergenerational relationships.