Ren He, Zheng Yi
Department of Accounting and Finance, Texas Woman's University, Denton, TX, USA.
School of Business, State University of New York at New Paltz, New Paltz, NY, USA.
Financ Res Lett. 2023 Jun;54:103711. doi: 10.1016/j.frl.2023.103711. Epub 2023 Feb 23.
The COVID-19 pandemic increased people's propensity for precautionary savings in response to economic recession (e.g., Mody et al., 2012; Gropp and McShane, 2021; Levine et al., 2021). However, as the relevant vaccine roll-out continues, it mitigates people's concerns and boosts the macroeconomy, which leads to significant declines in household precautionary saving motives. Consistent with this expectation, using U.S. county-level vaccination, deposit, economic, and demographic data, we show that there is a significant negative relationship between COVID-19 vaccination and household savings. We attribute this negative relationship to an economic recovery channel because our findings also suggest that the vaccination has a strong negative impact on the unemployment rate and results in increases in consumer spending. Overall, our study adds to an emerging strand of literature on how COVID-19 vaccination affects households' financial behaviors.
新冠疫情导致人们因经济衰退而增加预防性储蓄倾向（例如，莫迪等人，2012年；格罗普和麦克沙恩，2021年；莱文等人，2021年）。然而，随着相关疫苗的持续推出，它减轻了人们的担忧并提振了宏观经济，这导致家庭预防性储蓄动机大幅下降。与这一预期一致，利用美国县级疫苗接种、存款、经济和人口数据，我们发现新冠疫苗接种与家庭储蓄之间存在显著的负相关关系。我们将这种负相关关系归因于经济复苏渠道，因为我们的研究结果还表明，疫苗接种对失业率有强烈的负面影响，并导致消费支出增加。总体而言，我们的研究为关于新冠疫苗接种如何影响家庭金融行为的新兴文献增添了内容。
