An Analysis on the Determinants of Residents' Domestic Deposit Rate in China
我国居民国内储蓄率的决定因素分析

This paper uses the cointegration approach to analyze residents' domestic deposit rate influenced by real per capita gross national product, interest rate and expected inflation in China during the period 1978-1995. A possible long term equilibrium relationship between residents' domestic deposit rate and these variables is studied. Error correction model (ECM) which describes the mechanism of adjustment to long term equilibrium is built. We test the stability of ECM as well. Factors that affect the variation of residents' domestic deposit rate in short term are investigated by ECM. In the end of the paper, conclusions are given.