The Saving Rate in Japan: Why It Has Fallen and Why It Will Remain Low
AbstractDuring the 1990s, Japan began experiencing demographic changes that are larger and more rapid than in other OECD countries. These demographic changes will become even more pronounced in future years. We are interested in understanding the role of lower fertility rates and aging for the evolution of Japan's saving rate. We use a computable general equilibrium model to analyze the response of the national saving rate to changes in demographics and total factor productivity. In our model aging accounts for 2 to 3 percentage points of the 9 percent decline in the Japanese national saving rate between 1990 and 2000 and persistently depresses Japan's national saving rate in future years.
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Bibliographic InfoPaper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-535.
Length: 55 pages
Date of creation: Dec 2007
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Other versions of this item:
- R. Anton Braun & Daisuke Ikeda & Douglas H. Joines, 2009. "The Saving Rate In Japan: Why It Has Fallen And Why It Will Remain Low," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(1), pages 291-321, 02.
- Douglas H. Joines & R.Anton Braun & Daisuke Ikeda, 2008. "The saving rate in Japan: Why it has fallen and why it will remain low," CARF F-Series CARF-F-117, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
- NEP-AGE-2008-01-05 (Economics of Ageing)
- NEP-ALL-2008-01-05 (All new papers)
- NEP-MAC-2008-01-05 (Macroeconomics)
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