(1)

(2)

(3)

(4)

Savings

Stock

Risky Assets

Private Lending

Credit constraints

−0.104***

−0.167***

−0.086***

−0.028

(−4.85)

(−2.59)

(−2.55)

(−0.74)

Real estate

0.000*

0.000***

0.000***

−0.000

(1.64)

(9.32)

(8.66)

(−0.04)

Household income

0.000***

0.000***

0.000***

0.009***

(2.93)

(6.13)

(6.32)

(3.24)

Risk-preference

−0.082***

0.311***

0.140***

0.023

(−3.02)

(5.44)

(3.80)

(0.53)

Risk-aversion

−0.061***

−0.181***

−0.157***

−0.127***

(−3.01)

(−3.56)

(−5.25)

(−3.69)

Family size

−0.012**

−0.020

−0.002

0.012

(−2.13)

(−1.22)

(−0.18)

(1.19)

Male

0.033

0.002

−0.008***

−0.014***

(1.92)

(1.00)

(−7.57)

(−11.27)

Age

0.000*

−0.118***

0.010

0.097***

(0.75)

(−2.78)

(0.39)

(3.23)

Primary education

0.313***

0.446***

0.295***

0.277***

(9.79)

(3.07)

(4.83)

(3.90)

Secondary education

0.437***

0.925***

0.452***

0.275***

(12.08)

(6.20)

(6.94)

(3.60)

Higher education

0.499***

1.127***

0.592***

0.304***

(12.66)

(7.40)

(8.69)

(3.79)

Urban

0.126***

0.346***

0.152***

0.050

(7.08)

(6.61)

(5.48)

(1.60)

Sigma

−0.254***

0.917***

0.782***

0.807***

(−4.42)

(28.67)

(46.87)

(36.18)

N

8438

8438

8438

8438

Pseudo R2

0.0336

0.206

0.111

0.060