Table 6 Effects of Health Shocks and Medical Insurance on the Probability of Holding Risky Financial Assets

Bottom 20%

20-40%

40-60%

60-80%

Top 20%

(1)

(2)

(3)

(4)

(5)

Commercial medical insurance

0.023

0.071***

0.073***

0.077***

0.103***

(0.017)

(0.027)

(0.021)

(0.022)

(0.022)

Social medical insurance

0.002

0.002

0.021**

-0.016

0.085***

(0.004)

(0.009)

(0.010)

(0.016)

(0.024)

Health Shock

-0.001

0.003

-0.010

0.023*

-0.001

(0.003)

(0.006)

(0.007)

(0.012)

(0.020)

Health shock on family member

0.006

-0.004

0.012

0.004

-0.032*

(0.004)

(0.005)

(0.008)

(0.011)

(0.018)

Individual controls

Yes

Yes

Yes

Yes

Yes

Household controls

Yes

Yes

Yes

Yes

Yes

Province FE

Yes

Yes

Yes

Yes

Yes

Observations

7341

3891

5221

5298

4825

R-squared

0.055

0.065

0.095

0.107

0.176