什么因素有助于抵御金融危机:人力资本还是政治资本?

What Is More Important Coping with Financial Crisis:Human capital or political capital?

按照理论预期,在金融危机中,那些具有更高人力资本和政治资本的群体,有更高的能力抵御金融危机。本文使用一个非常独特的、包含2008年金融危机爆发前后经济收入的跟踪数据,检验了上述人力资本假设与政治资本假设。结果显示:(1)政治资本可以有效抵御金融危机;(2)人力资本对于金融危机的作用效果与预期完全相反:高教育水平的群体,其经济损失非但没有降低,反而比低教育水平的群体受到更高的经济损失。

What factors will be helpful for families or individuals to cope with an exogenous economic crisis? It is usually believed that those with higher education and with party membership are more capable to overcome adverse shocks.Using a very unique panel dataset conducted before and after economic crisis in Shanghai,this paper aims to explore the effects of human capital and political capital when coping with economic crisis.The empirical results show that;a) Political capital and Chinese Community Party membership are important factors to cope with economic crisis;b) Converse to the expectation,education has negative effect Those with higher education suffer more with economic loss than their counterparts in the economic crisis.