Access to Pensions, Old-Age Support, and Child Investment in China
研究中国农村新养老金计划如何影响成年子女对父母的养老支持及对子女的教育投资，发现养老金挤出了成年子女（尤其是男性）对父母的转移支付，并导致对儿子教育投资增加、对女儿投资减少。
<h3>Abstract</h3> This paper studies how access to public pensions affects old-age support and child investment in traditional societies. Guided by predictions from an overlapping generations model, we analyze the influences of a new pension program in rural China, using a difference-in-differences approach. We find that the program crowds out transfers from working-age adults, especially men, to their elderly parents. Interestingly, the impact on child investment significantly differs by child gender. While adult parents increase educational investment in sons, their investment in daughters appears to decrease. Our findings highlight the unintended consequences of public pensions on parental investment.