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The effects of Japanese social security retirement benefits on personal saving and elderly labor force behavior

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  • Yamada, Tetsuji

Abstract

Using Japanese annual time series data covering the period from 1946to 1982, this paper shows that social security wealth depresses personal savings. The effect was a reduction of approximately 143 thousand yen per capita wealth in real terms from 1970 to 1980. However, declining labor force participation of the elderly (i.e., earlier retirement), stimulates personal saving by an estimated 12 thousand yen over the same period. The study found that the benefit effect dominates the retirement effect. In addition, this study has identified a negative interdependency between the personal savings and labor retirement behaviors of the elderly; that is, an individual saves more before retirement if he expects to stay a shorter time in the labor market, and vice versa.

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Bibliographic Info

Article provided by Elsevier in its journal Japan and the World Economy.

Volume (Year): 2 (1990)
Issue (Month): 4 (December)
Pages: 327-363

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Handle: RePEc:eee:japwor:v:2:y:1990:i:4:p:327-363

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Web page: http://www.elsevier.com/locate/inca/505557

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References

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  1. Burtless, Gary, 1986. "Social Security, Unanticipated Benefit Increases, and the Timing of Retirement," Review of Economic Studies, Wiley Blackwell, vol. 53(5), pages 781-805, October.
  2. Marjorie Honig & Giora Hanoch, 1985. "Partial Retirement as a Separate Mode of Retirement Behavior," Journal of Human Resources, University of Wisconsin Press, vol. 20(1), pages 21-46.
  3. Alan S. Blinder & Roger H. Gordon & Donald E. Wise, 1981. "Reconsidering the Work Disincentive Effects of Social Security," NBER Working Papers 0562, National Bureau of Economic Research, Inc.
  4. Modigliani, Franco, 1985. "Life Cycle, Individual Thrift and the Wealth of Nations," Nobel Prize in Economics documents 1985-1, Nobel Prize Committee.
  5. Alan J. Auerbach & Laurence J. Kotlikoff, 1984. "An Examination of Empirical Tests of Social Security and Savings," NBER Working Papers 0730, National Bureau of Economic Research, Inc.
  6. Pellechio, Anthony J, 1979. "Social Security Financing and Retirement Behavior," American Economic Review, American Economic Association, vol. 69(2), pages 284-87, May.
  7. Mitchell, Olivia S & Fields, Gary S, 1984. "The Economics of Retirement Behavior," Journal of Labor Economics, University of Chicago Press, vol. 2(1), pages 84-105, January.
  8. Boskin, Michael J, 1977. "Social Security and Retirement Decisions," Economic Inquiry, Western Economic Association International, vol. 15(1), pages 1-25, January.
  9. Burkhauser, Richard V & Turner, John A, 1978. "A Time-Series Analysis on Social Security and Its Effect on the Market Work of Men at Younger Ages," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 701-15, August.
  10. Leimer, Dean R & Lesnoy, Selig D, 1982. "Social Security and Private Saving: New Time-Series Evidence," Journal of Political Economy, University of Chicago Press, vol. 90(3), pages 606-29, June.
  11. Mervyn A. King, 1983. "The Economics of Saving," NBER Working Papers 1247, National Bureau of Economic Research, Inc.
  12. Michael R. Darby, 1978. "The Effects of Social Security on Income and the Capital Stock," UCLA Economics Working Papers 095, UCLA Department of Economics.
  13. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 905-26, Sept./Oct.
  14. Noguchi, Yukio, 1983. "Problems of Public Pensions in Japan," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 24(1), pages 43-68, June.
  15. Daniel S. Hamermesh, 1984. "Life-Cycle Effects on Consumption and Retirement," NBER Working Papers 0976, National Bureau of Economic Research, Inc.
  16. Thompson, Lawrence H, 1983. "The Social Security Reform Debate," Journal of Economic Literature, American Economic Association, vol. 21(4), pages 1425-67, December.
  17. Alan J. Auerbach, 1983. "Issues in the Measurement and Determinants of Business Saving," NBER Working Papers 1024, National Bureau of Economic Research, Inc.
  18. Hanoch, Giora & Honig, Marjorie, 1983. "Retirement, Wages, and Labor Supply of the Elderly," Journal of Labor Economics, University of Chicago Press, vol. 1(2), pages 131-51, April.
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Cited by:
  1. J L Ford & K Park & S Sen, 2009. "All Work and No Play: Pecuniary Versus Non-Pecuniary Factors in the Labour Supply of the Elderly," Discussion Papers 09-08, Department of Economics, University of Birmingham.
  2. Ashok Thomas & Luca Spataro, 2013. "Pension funds and Market Efficiency: A review," Discussion Papers 2013/164, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.

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