This study explores the long-lasting influence of political violence on household savings using the Cultural Revolution in China as a quasi-experimental setting. By employing a difference-in-difference strategy, I find that for cohorts in their childhood and adolescence during the Cultural Revolution, a 1-standard-deviation increase in political violence is associated with about 0.1-standard-deviation higher savings rates nowadays. Other potential confounders before, during, and after the Cultural Revolution do not fully explain the positive relationship. I also find that political violence could influence future savings through its effect on factors internal to the individual, but that external factors do not play a role. Finally, I identify that persistence is lower in regions with nowadays higher economic openness and a better rule of law.

本研究以“文化大革命”为准实验背景，探讨了政治暴力对家庭储蓄的长期影响。通过采用差异差异策略，我发现对于文化大革命期间儿童和青少年的同类群体，当今政治暴力行为每增加1个标准差，就会使储蓄率提高约0.1个标准差。文化大革命之前，期间和之后，其他潜在的混杂因素并不能完全解释这种积极的关系。我还发现，政治暴力可以通过影响个人内部因素来影响未来的储蓄，但是外部因素却没有作用。最后，我发现在如今经济开放度更高和法治更好的地区，持久性较低。