Abstract:
This paper uses a unique data set to empirically investigate the effect of consumer protection on consumption, which has been less studied in China. A panel data set was collected from 2009 to 2014 which includes provincial quarterly information on processing of consumer complaints. We use fixed effect model and instrumental variable method to estimate the effect. We found a significantly positive and robust causal effect between consumer protection and consumption. Based on the result, the decline of consumer protection in recent years may partly explain the decline in consumption growth rate. The statistics also shows that the reduction in members of consumer protection staff per ten thousand people can explain the decline of consumer protection. This study provides a new perspective to understand the low consumption rate in China and has direct policy implications.
王湘红, 宋爱娴, 孙文凯. 消费者保护与消费——来自国家工商总局投诉数据的证据[J]. 金融研究, 2018, 456(6): 123-137.
WANG Xianghong, SONG Aixian, SUN Wenkai. Consumer Protection and Consumption: Evidence from Complaint Data of SAIC. Journal of Financial Research, 2018, 456(6): 123-137.
Banerjee A.V., Meng X., Porzio T. and Qian N., 2014. “Aggregate Fertility and Household Savings: A General Equilibrium Analysis Using Micro Data,” NBER Working Paper No. 20050.
[27]
Bussiere M., Kalantzis Y., Lafarguette R. and Sicular T., 2013. “Understanding Household Saving in China: the Role of the Housing Market and Borrowing Constraints,” MPRA Paper No. 44611.
[28]
Carroll, C., Rhee B. K. and Rhee C., 1994. “Are There Cultural Effects on Saving？ Some Cross-Sectional Evidence,” Quarterly Journal of Economics, 109(3): 685～99.
[29]
Chamon, M. and Prasad E., 2010. “Why are Saving Rates of Urban Households in China Rising？” American Economic Journal: Macroeconomics, 2(1):93～130.
[30]
Chen, B., Lu M. and Zhong N., 2015. “How Urban Segregation Distorts Chinese Migrants' Consumption？” World Development, 70: 133～146.
[31]
Coeurdacier, N., Guibaud S. and Jin K., 2015. “Credit Constraints and Growth in a Global Economy,” American Economic Review, 105(9): 2838～2881.
[32]
Curtis C. C., Lugauer S. and Mark N. C., 2015. “Demographic Patterns and Household Saving in China,” American Economic Journal: Macroeconomics 7(2): 58～94.
[33]
Du, Q. and Wei S., 2013. “A Theory of the Competitive Saving Motive,” Journal of International Economics, 91 (2): 275～289.
[34]
Gilly, M. C., 1987. “Post-complaint Processes: From Organizational Response to Repurchase Behavior,” The Journal of Consumer Affairs, 21(2):293～313.
[35]
Gilly, M. C. and Gelb B. D., 1982. “Post-Purchase Consumer Processes and the Complaining Consumer,” Journal of Consumer Research, 9(3): 323～328.
[36]
Horioka, C. Y. and Wan J., 2007. “The Determinants of Household Saving in China: A Dynamic Panel Analysis of Provincial Data,” Journal of Money, Credit and Banking, 39: 2077～2096.
[37]
Meng, X., 2003, “Unemployment, Consumption Smoothing, and Precautionary Saving in Urban China,” Journal of Comparative Economics, 31(3): 465～485.
[38]
Modigliani F. and Cao S. L., 2004. “The Chinese Saving Puzzle and the Life Cycle Hypothesis,” Journal of Economic Literature, 42: 145～70.
[39]
Moorthy, S. and Srinivasan K., 1995. “Money-Back Guarantee: The Role of Transaction Costs,” Marketing Science, 14(4): 442～466.
[40]
Song, L., Wu J. and Zhang Y., 2010. “Urbanization of Migrant Workers and Expansion of Domestic Demand,” Social Sciences in China, 3:194～216.
[41]
Sun, W. and Wang X., 2013. “Do Relative Income and Income Inequality Affect Consumption？ Evidence from the Villages of Rural China,” The Journal of Development Studies, 49(4): 533～546.
[42]
Wan, J., 2015. “Household Saving and Housing Prices in China,” The World Economy, 38:172～192.
[43]
Wang, X., 2009. “Retail Return Policy, Endowment Effect, and Consumption Propensity: An Experimental Study,” The B.E. Journal of Economic Analysis & Policy, 9(1): 1～29.
[44]
Wang, X. and Wen Y., 2012. “Housing Prices and the High Chinese Saving Rate Puzzle,” China Economic Review, 23(2): 265～283.
[45]
Wei, S. and Zhang X., 2011. “The Competitive Saving Motive: Evidence from Rising Sex Ratios and Saving Rates in China,” Journal of Political Economy, 119 (3): 511～564.
[46]
Wood, S. L., 2001. “Remote Purchase Environments: The Influence of Return Policy Leniency on Two-Stage Decision Processes,” Journal of Marketing Research, 38(2): 157～169.
[47]
Yang, D. T., Zhang J. and Zhou S., 2011. “Why Are Saving Rates So High in China？” NBER Working Paper No. 16771.
