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Household savings, Corporate savings and Government savings- Substitutability of Savings by Sectors in Japan and the United Sates (in Japanese)


  • Yoichi Matsubayashi


This article describes an empirical examination of the substitutability of savings among household, corporate, and government sectors in Japan and the United States. First, the theoretical micro-foundations were constructed, in which each sector behaves under the intertemporal optimization. Empirical investigations were conducted based on the theoretical formation. The estimation results indicate that changes in corporate savings induced an offsetting effect on personal savings to some degree in both countries. On the other hand, the substitutability of savings between household and government is not clearly recognized in both countries.

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  • Yoichi Matsubayashi, 2009. "Household savings, Corporate savings and Government savings- Substitutability of Savings by Sectors in Japan and the United Sates (in Japanese)," Economic Analysis, Economic and Social Research Institute (ESRI), vol. 181, pages 48-74, January.
  • Handle: RePEc:esj:esriea:181c

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    Cited by:

    1. Yoichi Matsubayashi, 2010. "Budget Deficits and Current Account in Japan and the U.S.: An Empirical Evidence on the Twin Deficits Hypothesis," Discussion Papers 1010, Graduate School of Economics, Kobe University.

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