摘要超额储蓄的结构“画像”?储蓄率更低、收入更低的居民在超额储蓄观察居民超额储蓄不能直接观察银行存款,而要观察包括银行理财、股市投资等在内的全口径储蓄。市场对于超额储蓄的研究,多是基于居民银行存款的视角,后者2021年以来增加了56万亿。但银行存款变化受到表外资金回表的影响,譬如居民赎回理财和股市投资,会直接推升存款读数。私人银行等财富管理的微观结构数据,也无法解释储蓄宏观结构的变化。因此我们构建...
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