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Aging And Saving In Asia

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  • Charles Yuji Horioka

Abstract

In this paper, I analyse the impact of population aging on saving in Asia (with emphasis on Japan and China) and obtain the following findings: population aging will lead to declines in household, private, government and national saving rates, but to the extent that population aging is accompanied by absolute declines in population, investment rates will also decline. Moreover, countries always have the option of borrowing from abroad because all countries, even within the Asian region, will presumably not show simultaneous declines in saving. Therefore, the decline in saving caused by population aging will not necessarily spell disaster. Copyright 2010 The Author. Journal compilation 2010 Blackwell Publishing Asia Pty Ltd

Suggested Citation

  • Charles Yuji Horioka, 2010. "Aging And Saving In Asia," Pacific Economic Review, Wiley Blackwell, vol. 15(1), pages 46-55, February.
  • Handle: RePEc:bla:pacecr:v:15:y:2010:i:1:p:46-55
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    References listed on IDEAS

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    1. Franco Modigliani & Shi Larry Cao, 2004. "The Chinese Saving Puzzle and the Life-Cycle Hypothesis," Journal of Economic Literature, American Economic Association, vol. 42(1), pages 145-170, March.
    2. Charles Yuji Horioka, 2006. "The Dissaving of the Aged Revisited: The Case of Japan," ISER Discussion Paper 0665, Institute of Social and Economic Research, Osaka University.
    3. Charles Yuji Horioka, 2002. "Are the Japanese Selfish, Altruistic or Dynastic?," The Japanese Economic Review, Japanese Economic Association, vol. 53(1), pages 26-54.
    4. Charles Yuji Horioka & Junmin Wan, 2007. "The Determinants of Household Saving in China: A Dynamic Panel Analysis of Provincial Data," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(8), pages 2077-2096, December.
    5. 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.
    6. Charles Yuji HORIOKA & Wataru SUZUKI & Tatsuo HATTA, 2007. "Aging, Savings, and Public Pensions in Japan," Asian Economic Policy Review, Japan Center for Economic Research, vol. 2(2), pages 303-319.
    7. Horioka, Charles Yuji, 1992. "Future trends in Japan's saving rate and the implications thereof for Japan's external imbalance," Japan and the World Economy, Elsevier, vol. 3(4), pages 307-330, April.
    8. Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 2000. "What Drives Private Saving Across the World?," The Review of Economics and Statistics, MIT Press, vol. 82(2), pages 165-181, May.
    9. Campbell, David W., 2004. "Explaining Japan's saving rate," Journal of Asian Economics, Elsevier, vol. 15(4), pages 797-815, August.
    10. 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.
    11. Loayza, Norman & Schmidt-Hebbel, Klaus & Serven, Luis, 2000. "What drives private saving around the world?," Policy Research Working Paper Series 2309, The World Bank.
    12. Hurd, Michael D, 1990. "Research on the Elderly: Economic Status, Retirement, and Consumption and Saving," Journal of Economic Literature, American Economic Association, vol. 28(2), pages 565-637, June.
    13. Aart Kraay, 2000. "Household Saving in China," World Bank Economic Review, World Bank Group, vol. 14(3), pages 545-570, September.
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    Cited by:

    1. Jane Golley & Rod Tyers, 2012. "Demographic Dividends, Dependencies, and Economic Growth in China and India," Asian Economic Papers, MIT Press, vol. 11(3), pages 1-26, Fall.
    2. Chadwick C. Curtis & Steven Lugauer & Nelson C. Mark, 2015. "Demographic Patterns and Household Saving in China," American Economic Journal: Macroeconomics, American Economic Association, vol. 7(2), pages 58-94, April.
    3. 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.
    4. Marga Peeters & Loek Groot, 2012. "A Global View On Demographic Pressure And Labour Market Participation," Journal of Global Economy, Research Centre for Social Sciences,Mumbai, India, vol. 8(2), pages 165-194, June.
    5. Il Houng Lee & Xu Qingjun & Murtaza H Syed, 2013. "China’s Demography and its Implications," IMF Working Papers 13/82, International Monetary Fund.

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