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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. Horioka, C.Y., 1993. "Is Japan's Household Saving Rate Really High?," ISER Discussion Paper 0308, Institute of Social and Economic Research, Osaka University.
    2. Fumio Hayashi, 1989. "Is Japan's saving rate high?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 3-9.
    3. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
    4. Deaton, A., 1989. "Saving in Developing Contries: Theory and Review," Papers 144, Princeton, Woodrow Wilson School - Development Studies.
    5. Joseph G. Altonji & Fumio Hayashi & Laurence J. Kotlikoff, 1989. "Is the Extended Family Altruistically Linked? Direct Tests Using Micro Data," NBER Working Papers 3046, National Bureau of Economic Research, Inc.
    6. Dekle, Robert, 1989. "The unimportance of intergenerational transfers in Japan," Japan and the World Economy, Elsevier, vol. 1(4), pages 403-413, November.
    7. Martin Feldstein & Philippe Bacchetta, 1991. "National Saving and International Investment," NBER Chapters, in: National Saving and Economic Performance, pages 201-226 National Bureau of Economic Research, Inc.
    8. 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.
    9. Laurence J. Kotlikoff & Lawrence H. Summers, 1980. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," NBER Working Papers 0445, National Bureau of Economic Research, Inc.
    10. Christopher D. Carroll & Lawrence H. Summers, 1991. "Consumption Growth Parallels Income Growth: Some New Evidence," NBER Chapters, in: National Saving and Economic Performance, pages 305-348 National Bureau of Economic Research, Inc.
    11. Robert Dekle & Lawrence H. Summers, 1991. "Japan's High Saving Rate Reaffirmed," NBER Working Papers 3690, National Bureau of Economic Research, Inc.
    12. 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.
    13. 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.
    14. B. Douglas Bernheim & John B. Shoven, 1991. "National Saving and Economic Performance," NBER Books, National Bureau of Economic Research, Inc, number bern91-2.
    15. 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.
    16. 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.
    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. Lawrence J. Christiano, 1989. "Understanding Japan's saving rate: the reconstruction hypothesis," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 10-25.
    19. 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.
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