Savings

Stock

Risky Assets

Private Borrowing

Credit constraints

−0.050^***

−0.019^***

−0.034^***

0.210^***

(−3.54)

(−3.1)

(−3.07)

(19.39)

Real estate

0.000^***

0.000^***

0.000^***

−0.000^***

(3.41)

(9.75)

(8.19)

(−4.34)

Household income

0.000^***

0.000^***

0.000^***

0.000^***

(5.58)

(7.97)

(7.82)

(−7.12)

Risk-preference

−0.026

0.048^***

0.061^***

0.039^***

(−1.37)

(6.04)

(4.41)

(2.79)

Risk-aversion

−0.062^***

−0.023^***

−0.053^***

−0.023^**

(−4.47)

(−4.01)

(−5.16)

(−2.29)

Family size

−0.007^*

−0.002

−0.001

0.028^***

(−1.83)

(−1.01)

(−0.23)

(10.69)

Male

0.022^*

−0.016^***

0.002

0.014^*

(1.91)

(−3.49)

(0.19)

(1.68)

Age

−0.000

0.000

−0.002^***

−0.003^***

(−0.38)

(1.39)

(−6.96)

(−9.58)

Primary education

0.181^***

0.048^***

0.106^***

−0.037^***

(8.91)

(3.32)

(5.28)

(−2.69)

Secondary education

0.264^***

0.169^***

0.193^***

−0.051^***

(11.76)

(6.8)

(7.48)

(−3.32)

Higher education

0.320^***

0.250^***

0.271^***

−0.089^***

(13.12)

(8.42)

(9.42)

(−5.33)

Urban

0.084^***

0.035^***

0.047^***

−0.033^***

(7.04)

(6.6)

(5.06)

(−3.89)

N

8438

8438

8438

8438

Pseudo R²

0.062

0.238

0.134

0.125