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The (Dis)saving Behavior of the Aged in Japan

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  • Charles Y. Horioka

Abstract

In this paper, I survey the previous literature on the saving behavior of the aged in Japan and then present some survey data on the saving behavior of the aged in Japan that became available recently. To summarize the main findings of this paper, virtually all previous studies as well as the newly available data I analyze find that the retired aged dissave and that even the working aged dissave, at least at advanced ages. Moreover, there has been a sharp increase in the dissaving of the retired aged since 2000, with the increase being due primarily to reductions in social security benefits, increases in consumption expenditures, and increases in taxes and social insurance premiums. These findings are consistent with the life-cycle model and suggest that this model is highly applicable (and becoming increasingly applicable over time) in the case of Japan.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15601.

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Date of creation: Dec 2009
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Handle: RePEc:nbr:nberwo:15601

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References

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  1. Fumio Hayashi, 1986. "Why Is Japan's Saving Rate So Apparently High?," NBER Chapters, in: NBER Macroeconomics Annual 1986, Volume 1, pages 147-234 National Bureau of Economic Research, Inc.
  2. Horioka, C.Y. & Kasuga, N. & Yamazaki, K. & Watanabe, W., 1996. "Do the Aged Dissave in Japan? Evidence from Micro Data," ISER Discussion Paper 0402, Institute of Social and Economic Research, Osaka University.
  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 & 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.
  5. Shleifer, Andrei & Summers, Lawrence H. & Bernheim, B. Douglas, 1986. "The Strategic Bequest Motive," Scholarly Articles 3721794, Harvard University Department of Economics.
  6. Charles Yuji Horioka & Wataru Suzuki & Tatsuo Hatta, 2007. "Aging, Saving, and Public Pensions in Japan," ISER Discussion Paper 0692, Institute of Social and Economic Research, Osaka University.
  7. Hayashi, Fumio & Ando, Albert & Ferris, Richard, 1988. "Life cycle and bequest savings A study of Japanese and U.S. households based on data from the 1984 NSFIE and the 1983 survey of consumer finances," Journal of the Japanese and International Economies, Elsevier, vol. 2(4), pages 450-491, December.
  8. Weil, David N, 1994. "The Saving of the Elderly in Micro and Macro Data," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 55-81, February.
  9. Horioka, C.Y. & Watanabe, W., 1996. "Why Do People Save? A Micro-Analysis of Motives for Household Saving in Japan," ISER Discussion Paper 0412, Institute of Social and Economic Research, Osaka University.
  10. repec:fth:osakae:402 is not listed on IDEAS
  11. Dekle, Robert, 1990. "Do the Japanese elderly reduce their total wealth? A new look with different data," Journal of the Japanese and International Economies, Elsevier, vol. 4(3), pages 309-317, September.
  12. repec:fth:osakae:487 is not listed on IDEAS
  13. Ishikawa, Tsuneo, 1988. "Saving and labor supply behavior of aged households in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 2(4), pages 417-449, December.
  14. Horioka, C.Y. & Okui, M., 1998. "A U.S.-Japan Comparison of the Importance and Determinants of Retirement Saving," ISER Discussion Paper 0470, Institute of Social and Economic Research, Osaka University.
  15. Charlet Yuji Horioka, 2002. ""Are the Japanese Selfish, Altruistic, or Dynastic?" (in Japanese)," CIRJE J-Series CIRJE-J-70, CIRJE, Faculty of Economics, University of Tokyo.
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Cited by:
  1. Ting Yin, 2011. "The gWillh to Save in China," Discussion Papers in Economics and Business 11-24, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
  2. Terada-Hagiwara, Akiko, 2009. "Explaining Filipino Households’ Declining Saving Rate," ADB Economics Working Paper Series 178, Asian Development Bank.
  3. Jun Nagayasu, 2012. "Regional deposits and demographic changes," Applied Economics Letters, Taylor and Francis Journals, vol. 19(10), pages 939-942, July.
  4. Jane Golley & Rod Tyers, 2011. "Contrasting Giants: Demographic Change And Economic Performance In China And India," CAMA Working Papers 2011-10, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

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