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Explaining Japan's Saving: A Review of Recent Literature

Author

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  • Fumio Hayashi

    (Professor, Department of Economics, University of Pennsylvania, U.S.A.)

Abstract

This paper reviews recent literature on Japan's saving and identifies the following as key stylized facts: Japan's national saving rate is not as high as commonly supposed, though it was indeed quite high during the high growth era; at the micro level, the accumulation of wealth by Japanese households starts very early in the life-cycle but is not fully consumed but left as bequests; some, but not all, of bequests can be interpreted as late payments to children who provided non-market services to parents; and available evidence does not reject the notion that the bulk of intergenerational transfers are altruistically motivated.

Suggested Citation

  • Fumio Hayashi, 1992. "Explaining Japan's Saving: A Review of Recent Literature," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 10(2), pages 63-78, November.
    • Handle: RePEc:ime:imemes:v:10:y:1992:i:2:p:63-78
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    File URL: http://www.imes.boj.or.jp/research/papers/english/me10-2-3.pdf
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    Cited by:

    1. Shin-ichi Fukuda, 2018. "Companies’ Financial Surpluses and Cash/Deposit Holdings," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 14(3), pages 369-396, July.
    2. Naoto Yamauchi, 1996. "The Effects of Aging on National Saving and Asset Accumulation in Japan," NBER Chapters, in: The Economic Effects of Aging in the United States and Japan, pages 131-151, National Bureau of Economic Research, Inc.

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