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The Flow of Household Funds in Japan

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  • Charles Yuji Horioka

    (PRI)

Abstract

In this paper, I consider why Japans household saving rate was so high in the past and why it has shown a downward trend in more recent years, and based on this analysis, I project future trends in Japans household saving rate. To preview my main findings, I find, first, that Japans household saving rate used to be high but that it has declined sharply in recent years and that it is no longer high in either absolute or relative terms. Moreover, Japans household saving rate will continue its decline due to the rapid aging of her population and other factors and may well become zero or negative within a few years. However, the governments fiscal deficits (government dissaving) as well as corporate investment in plant and equipment can be expected to decline at the same time, and moreover, there is always the option of borrowing from abroad, so the sharp decline in the household saving rate will not necessarily cause any problems.

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Bibliographic Info

Paper provided by East Asian Bureau of Economic Research in its series Microeconomics Working Papers with number 22599.

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Date of creation: Jan 2008
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Handle: RePEc:eab:microe:22599

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Keywords: household saving; Japan;

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  1. Yuji Horioka, C., 1990. "Future Trends in Japan's Saving Rate and the Implications thereof for Japan's External Imbalance," ISER Discussion Paper 0239, Institute of Social and Economic Research, Osaka University.
  2. 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.
  3. Charles Yuji Horioka, 2001. "Are the Japanese Selfish, Altruistic, or Dynastic?," ISER Discussion Paper 0556, Institute of Social and Economic Research, Osaka University.
  4. Charles Yuji Horioka, 2004. "Are the Japanese Unique? An Analysis of Consumption and Saving Behavior in Japan," ISER Discussion Paper 0606, Institute of Social and Economic Research, Osaka University.
  5. Horioka, Charles Yuji, 1990. "Why is Japan's household saving rate so high? A literature survey," Journal of the Japanese and International Economies, Elsevier, vol. 4(1), pages 49-92, March.
  6. Horioka, C.Y., 1989. "The Determinants Of Japan'S Saving Rate: The Impact Of The Age Structure Of The Population And Other Factors," ISER Discussion Paper 0189, Institute of Social and Economic Research, Osaka University.
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