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A Cointegration Analysis of the Impact of the Age Structure of the Population on the Household Saving Rate in Japan

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  • Charles Yuji Horioka

Abstract

This paper analyzes the impact of the age structure of the population on Japan's household saving rate by applying cointegration techniques to time-series data for the 1955–1993 period. It finds that the ratio of minors to the working-age population and that of the aged to the working-age population both have a negative and significant impact on the household saving rate. This finding suggests that the life-cycle model applies even in a country such as Japan, in which this model is less likely to apply due to cultural peculiarities such as the greater prevalence of intergenerational transfers. © 1997 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology

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File URL: http://www.mitpressjournals.org/doi/pdf/10.1162/rest.1997.79.3.511
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Bibliographic Info

Article provided by MIT Press in its journal The Review of Economics and Statistics.

Volume (Year): 79 (2000)
Issue (Month): 3 (August)
Pages: 511-516

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Handle: RePEc:tpr:restat:v:79:y:2000:i:3:p:511-516

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Web page: http://mitpress.mit.edu/journals/

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Cited by:
  1. Romero-Ávila, Diego, 2009. "Are OECD consumption-income ratios stationary after all?," Economic Modelling, Elsevier, vol. 26(1), pages 107-117, January.
  2. Hongbin Li & Junsen Zhang & Jie Zhang, . "Effects of longevity and dependency rates on saving and growth: Evidence from a panel of cross countries," MRG Discussion Paper Series 1106, School of Economics, University of Queensland, Australia.
  3. Cook, Steven, 2005. "The stationarity of consumption-income ratios: Evidence from minimum LM unit root testing," Economics Letters, Elsevier, vol. 89(1), pages 55-60, October.
  4. Eilev S. Jansen, 2010. "Wealth effects on consumption in financial crises: the case of Norway," Discussion Papers 616, Research Department of Statistics Norway.
  5. Sarantis, Nicholas & Stewart, Chris, 1999. "Is the consumption-income ratio stationary? Evidence from panel unit root tests," Economics Letters, Elsevier, vol. 64(3), pages 309-314, September.
  6. Ang, James B., 2008. "What are the mechanisms linking financial development and economic growth in Malaysia," Economic Modelling, Elsevier, vol. 25(1), pages 38-53, January.
  7. Naito, Takumi & Zhao, Laixun, 2009. "Aging, transitional dynamics, and gains from trade," Journal of Economic Dynamics and Control, Elsevier, vol. 33(8), pages 1531-1542, August.
  8. Charles Yuji Horioka & Wataru Suzuki & Tatsuo Hatta, 2007. "Aging, Saving, and Public Pensions in Japan," NBER Working Papers 13273, National Bureau of Economic Research, Inc.
  9. Doh-Khul Kim & Hyungsoo Kim, 2006. "Aging and Savings in Korea: A Time-Series Approach," International Advances in Economic Research, Springer, vol. 12(3), pages 374-381, August.
  10. Gomes, Fábio A. R. & Franchini, Douglas de S., 2008. "The Stationarity of Consumption–Income Ratios: Evidence from South American Countries," Insper Working Papers wpe_123, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.
  11. Kogel, Tomas, 2005. "Youth dependency and total factor productivity," Journal of Development Economics, Elsevier, vol. 76(1), pages 147-173, February.

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