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This research was undertaken during my internship with the International Monetary Fund under the supervision of Messrs. K. Saito and M. Fetherston. I would like to thank J. Armitage, L. De Wulf, A. Feltenstein, M. Fetherston, D. Goldsbrough, M. Goldstein, F. Le Gall, and K. Saito for helpful discussion and comments.
Details of the construction of time series data on urban household financial savings and money income are given in the Appendix.
Excluding the Tibetan Autonomous Region of China.