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<p>As the global population ages rapidly, adapting the economy to this demographic shift has become a crucial strategy to address the challenges of aging. Evaluating whether long-term care insurance can promote the development of the silver economy holds significant theoretical importance. This study, utilizing data from the China Health and Retirement Longitudinal Study (CHARLS) spanning from 2011 to 2020, covers five periods and employs multi-period difference-in-differences to examine the impact of long-term care insurance on the silver economy. The findings reveal that long-term care insurance significantly increases elderly consumption in pilot regions. The policy promotes silver consumption through two channels: the intergenerational support effect and the mental health effect. Additionally, out-of-pocket ratio positively moderates the relationship between long-term care insurance and silver consumption, while social isolation has a negative moderating effect. The policy’s impact is particularly pronounced among younger elderly (low-age), male, less-educated individuals, especially those residing in underdeveloped areas. Based on these results, the study recommends expanding the coverage of long-term care insurance, increasing the number of pilot areas, and broadening the insured population. It also advocates for the formulation of differentiated policies, the coordination of long-term care insurance with intergenerational support and mental health effect.</p>

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Does long-term care insurance promote silver consumption?—An empirical study based on multi-period DID model

  • 期刊论文

  • 发表日期：

    2025年9月2日

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  • Xiangxu Meng,
  • Yue Wang,
  • Linjie Zhang

摘要

As the global population ages rapidly, adapting the economy to this demographic shift has become a crucial strategy to address the challenges of aging. Evaluating whether long-term care insurance can promote the development of the silver economy holds significant theoretical importance. This study, utilizing data from the China Health and Retirement Longitudinal Study (CHARLS) spanning from 2011 to 2020, covers five periods and employs multi-period difference-in-differences to examine the impact of long-term care insurance on the silver economy. The findings reveal that long-term care insurance significantly increases elderly consumption in pilot regions. The policy promotes silver consumption through two channels: the intergenerational support effect and the mental health effect. Additionally, out-of-pocket ratio positively moderates the relationship between long-term care insurance and silver consumption, while social isolation has a negative moderating effect. The policy’s impact is particularly pronounced among younger elderly (low-age), male, less-educated individuals, especially those residing in underdeveloped areas. Based on these results, the study recommends expanding the coverage of long-term care insurance, increasing the number of pilot areas, and broadening the insured population. It also advocates for the formulation of differentiated policies, the coordination of long-term care insurance with intergenerational support and mental health effect.