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Explaining Japan's Saving Rate

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Author Info
David W. Campbell (The Jerome Levy Economics Institute)
Abstract

This paper examines what I believe to be the significant developments in research over the past ten years on Japan's saving. It is a world that has been turned upside down during this period. I hope this paper helps clarify the extraordinary changes that have taken place. The paper is organized as follows. The next section motivates why Japan's saving is important. It is followed by a section which reviews the literature on the standardization of US-Japanese saving rates. Next comes my analysis of the Japan is special argument as applied to saving. After that I look at heterogeneity in saving, an idea which I suspect will dominate the research on Japan's saving for the next several years. Finally I end with a brief summary.

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Paper provided by EconWPA in its series Macroeconomics with number 9902004.

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Length: 31 pages
Date of creation: 05 Feb 1999
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Handle: RePEc:wpa:wuwpma:9902004

Note: Type of Document - Acrobate PDF File; prepared on IBM PC; to print on PostScript; pages: 31; figures: included
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E - Macroeconomics and Monetary Economics

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  1. Laurence J. Kotlikoff & Lawrence H. Summers, 1981. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," NBER Working Papers 0445, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-87, December. [Downloadable!] (restricted)
    Other versions:
  3. Martin Feldstein & Charles Horioka, 1980. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Chris Carroll & Lawrence H. Summers, 1989. "Consumption Growth Parallels Income Growth: Some New Evidence," NBER Working Papers 3090, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Laitner, John, 1992. "Random earnings differences, lifetime liquidity constraints, and altruistic intergenerational transfers," Journal of Economic Theory, Elsevier, vol. 58(2), pages 135-170, December. [Downloadable!] (restricted)
  6. Deaton, A., 1989. "Saving in Developing Contries: Theory and Review," Papers 144, Princeton, Woodrow Wilson School - Development Studies.
  7. Dekle, Robert, 1989. "The unimportance of intergenerational transfers in Japan," Japan and the World Economy, Elsevier, vol. 1(4), pages 403-413, November. [Downloadable!] (restricted)
  8. Robert Dekle & Lawrence H. Summers, 1991. "Japan's High Saving Rate Reaffirmed," NBER Working Papers 3690, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Horioka, Charles Yuji, 1988. "Saving for housing purchase in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 2(3), pages 351-384, September. [Downloadable!] (restricted)
  10. Iwamoto, Yasushi, 1996. "Japan's saving rate is indeed lower than Professor Hayashi revealed," Japan and the World Economy, Elsevier, vol. 8(1), pages 35-41, March. [Downloadable!] (restricted)
  11. Avery, Robert B & Kennickell, Arthur B, 1991. "Household Saving in the U.S," Review of Income and Wealth, Blackwell Publishing, vol. 37(4), pages 409-32, December.
  12. Deaton, A. & Grosh, M., 1998. "Consumption," Papers 191, Princeton, Woodrow Wilson School - Development Studies.
  13. Martin Feldstein & Philippe Bacchetta, 1992. "National Saving and International Investment," NBER Working Papers 3164, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  14. Altonji, Joseph G & Hayashi, Fumio & Kotlikoff, Laurence J, 1992. "Is the Extended Family Altruistically Linked? Direct Tests Using Micro Data," American Economic Review, American Economic Association, vol. 82(5), pages 1177-98, December. [Downloadable!] (restricted)
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  15. Horioka, C.Y., 1993. "Is Japan's Household Saving Rate Really High?," Papers 308, Osaka - Institute of Social and Economic Research.
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  16. Lawrence J. Christiano, 1989. "Understanding Japan's saving rate: the reconstruction hypothesis," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 10-25. [Downloadable!]
  17. Horioka, C.Y., 1989. "Saving, Is Balances, And U.S.-Japan Trade And Investment Friction," Papers 208, Osaka - Institute of Social and Economic Research.
  18. Fumio Hayashi, 1989. "Is Japan's saving rate high?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 3-9. [Downloadable!]
  19. 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. [Downloadable!] (restricted)
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