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Rebalancing in Japan

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Author Info

  • Kiichi Tokuoka

Abstract

Boosting growth through rebalancing is critical for addressing pressures from Japan’s aging population. This paper focuses on one important untapped source of growth - private consumption, and argues that the key to reviving consumption is boosting household disposable income through higher wages, especially in services, and higher property income. The paper also suggests that the impact of higher property income on consumption could be potentially large.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/293.

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Length: 21
Date of creation: 01 Dec 2010
Date of revision:
Handle: RePEc:imf:imfwpa:10/293

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Related research

Keywords: Private consumption; Housing prices; Private investment; Private savings; Stock prices; disposable income; business cycles; household net worth; household consumption; consumption growth; gdp growth; current consumption; change in consumption; household wealth; lifetime income; growth rates; consumption demand; marginal propensity to consume; intertemporal consumption; real gdp; income changes;

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  1. Charles Yuji Horioka, 2006. "The Causes of Japan's 'Lost Decade': The Role of Household Consumption," ISER Discussion Paper 0661, Institute of Social and Economic Research, Osaka University.
  2. Tokuo Iwaisako, 2003. "Household Portfolios in Japan," NBER Working Papers 9647, National Bureau of Economic Research, Inc.
  3. Ulrike Malmendier & Stefan Nagel, 2011. "Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?," The Quarterly Journal of Economics, Oxford University Press, vol. 126(1), pages 373-416.
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