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Explaining Japan's Saving Rate

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  • David W. Campbell

    (The Jerome Levy Economics Institute)

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    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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    File URL: http://128.118.178.162/eps/mac/papers/9902/9902004.pdf
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    Bibliographic Info

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

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    Length: 31 pages
    Date of creation: 05 Feb 1999
    Date of revision:
    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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    Web page: http://128.118.178.162

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    1. Chris Carroll & Lawrence H. Summers, 1989. "Consumption Growth Parallels Income Growth: Some New Evidence," NBER Working Papers 3090, National Bureau of Economic Research, Inc.
    2. Avery, Robert B & Kennickell, Arthur B, 1991. "Household Saving in the U.S," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 37(4), pages 409-32, December.
    3. 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.
    4. Fumio Hayashi, 1989. "Is Japan's saving rate high?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 3-9.
    5. 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.
    6. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
    7. Dekle, Robert, 1989. "The unimportance of intergenerational transfers in Japan," Japan and the World Economy, Elsevier, vol. 1(4), pages 403-413, November.
    8. Horioka, Charles Yuji, 1995. "Is Japan's Household Saving Rate Really High?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 41(4), pages 373-97, December.
    9. Robert Dekle & Lawrence Summers, 1991. "Japan's High Saving Rate Reaffirmed," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 9(2), pages 63-78, September.
    10. 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.
    11. Lawrence J. Christiano, 1989. "Understanding Japan's saving rate: the reconstruction hypothesis," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 10-25.
    12. Kotlikoff, Laurence J & Summers, Lawrence H, 1981. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 706-32, August.
    13. 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.
    14. Deaton, A., 1989. "Saving in Developing Contries: Theory and Review," Papers 144, Princeton, Woodrow Wilson School - Development Studies.
    15. Horioka, C.Y., 1989. "Saving, Is Balances, And U.S.-Japan Trade And Investment Friction," ISER Discussion Paper 0208, Institute of Social and Economic Research, Osaka University.
    16. B. Douglas Bernheim & John B. Shoven, 1991. "National Saving and Economic Performance," NBER Books, National Bureau of Economic Research, Inc, number bern91-2, May.
    17. 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.
    18. 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.
    19. Martin Feldstein & Philippe Bacchetta, 1989. "National Saving and International Investment," NBER Working Papers 3164, National Bureau of Economic Research, Inc.
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