Savings

Stock

Risky Assets

Private Lengding

Credit constraints

−0.1077^***

−0.5016^***

−0.1351^**

−0.1141^**

(−3.06)

(−3.52)

(−2.48)

(−1.95)

Real estate

−0.000

0.000

0.000^***

−0.000

(−0.53)

(1.06)

(4.14)

(−1.20)

Household income

0.000

0.000

0.000^**

0.000

(0.98)

(0.36)

(3.26)

(1.49)

Risk-preference

−0.077^**

0.343^***

0.147^***

0.028

(−2.51)

(3.76)

(3.55)

(0.61)

Risk-aversion

−0.047^**

−0.101

−0.138^***

−0.112^***

(−2.01)

(−1.34)

(−4.10)

(−2.99)

Family size

0.015

0.114^***

0.033^**

0.042^**

(1.28)

(2.56)

(1.87)

(2.21)

Male

0.047^**

−0.060

0.027

0.112^***

(2.38)

(−0.95)

(0.95)

(3.45)

Age

−0.001

−0.005^*

−0.010^***

−0.016^***

(−1.09)

(−1.72)

(−6.95)

(−9.92)

Primary education

0.252^***

0.156

0.216^***

0.206^**

(6.10)

(0.85)

(3.00)

(2.54)

Secondary education

0.328^***

0.406^*

0.311^***

0.149

(5.86)

(1.78)

(3.41)

(1.46)

Higher education

0.363^***

0.478^*

0.416^***

0.147

(5.53)

(1.84)

(4.00)

(1.26)

Urban

0.086^***

0.170^**

0.101^***

0.005

(3.49)

(1.97)

(2.72)

(0.11)

N

8438

8438

8438

8438

F-statistic in first stage regression

31.377

31.377

31.377

31.377

P-statistics in Hausman test

−7.71

−13.36

−5.69

−4.25