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The Saving Rate In Japan: Why It Has Fallen And Why It Will Remain Low

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Author Info
R. Anton Braun
Daisuke Ikeda
Douglas H. Joines
Abstract

Japan is in the midst of a demographic transition that is larger and more rapid than other OECD countries. We are interested in understanding the role of lower fertility rates and aging for the evolution of Japan's national saving rate. We use a computable general equilibrium model to analyze the response of the saving rate to changes in demographics and total factor productivity. In our model demographic factors account for 2-3 percentage points of the 9% decline in the saving rate between 1990 and 2000 and persistently depress the saving rate in future years. Copyright © (2009) by the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-2354.2008.00531.x
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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 50 (2009)
Issue (Month): 1 (02)
Pages: 291-321
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Handle: RePEc:ier:iecrev:v:50:y:2009:i:1:p:291-321

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  3. José-Víctor Ríos-Rull, 2001. "Population Changes and Capital Accumulation: The Aging of the Baby Boom," The B.E. Journal of Macroeconomics, Berkeley Electronic Press, vol. 0(1). [Downloadable!]
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  6. Browning, Martin & Hansen, Lars Peter & Heckman, James J., 1999. "Micro data and general equilibrium models," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 8, pages 543-633 Elsevier. [Downloadable!] (restricted)
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  7. Guvenen, Fatih, 2006. "Reconciling conflicting evidence on the elasticity of intertemporal substitution: A macroeconomic perspective," Journal of Monetary Economics, Elsevier, vol. 53(7), pages 1451-1472, October. [Downloadable!] (restricted)
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  8. Charles Yuji Horioka & Hideki Fujisaki & Wako Watanabe & Takatsugu Kouno, 2000. "Are Americans More Altruistic than the Japanese? A U.S.-Japan Comparison of Saving and Bequest Motives," NBER Working Papers 7463, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Hayashi, Fumio, 1995. "Is the Japanese Extended Family Altruistically Linked? A Test Based on Engel Curves," Journal of Political Economy, University of Chicago Press, vol. 103(3), pages 661-74, June. [Downloadable!] (restricted)
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  10. R. Anton Braun & Daisuke Ikeda & Douglas H. Joines, 2005. "Saving and Interest Rates in Japan: Why They Have Fallen and Why They Will Remain Low," CIRJE F-Series CIRJE-F-328, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
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  12. R. Anton Braun & Daisuke Ikeda, 2005. "Saving and Interest Rates in Japan:Why They Have Fallen and Why They Will Remain Low," 2005 Meeting Papers 625, Society for Economic Dynamics. [Downloadable!]
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  13. Hansen, G.D., 1991. "The Cyclical and Secular Behavior of the Labor Input : Comparing Efficiency Units and Hours Worked," Papers 36, California Los Angeles - Applied Econometrics.
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  14. Lawrence J. Christiano, 1989. "Understanding Japan's saving rate: the reconstruction hypothesis," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 10-25. [Downloadable!]
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