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The Effect of Pension Reform on Pension-Benefit Expectations and Savings Decisions in Japan

  • Okumura, Tsunao
  • Usui, Emiko

Using the Japanese Study of Aging and Retirement (JSTAR), a new Japanese panel survey of people age 50 or older, we find that many Japanese in their early 50s - compared with those in their late 50s and early 60s - expect their level of public pension benefits to decline. We find that recent pension reform, which raised the pensionable age, affected people by increasing the age when they expect to claim their benefits by almost the exact same amount for all. The reform decreases their expectations for public pension benefits, although this effect is not necessarily significant. We also find evidence that individuals’ anxiety about the public pension program’s future induces an increase in their private savings.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/23107/1/cis_dp559.pdf
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Paper provided by Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University in its series CIS Discussion paper series with number 559.

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Length: 22, [10] p.
Date of creation: Jun 2012
Date of revision:
Handle: RePEc:hit:cisdps:559
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  1. Adeline Delavande & Susann Rohwedder, 2010. "Individuals' Uncertainty about Future Social Security Benefits and Portfolio Choice," Working Papers 782, RAND Corporation Publications Department.
  2. Oshio, Takashi & Shimizutani, Satoshi & Sato Oishi, Akiko, 2008. "Does Social Security Induce Withdrawal of the Old from the Labor Force and Create Jobs for the Young?: The Case of Japan," PIE/CIS Discussion Paper 408, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  3. C. Y. Horioka & H. Fujisaki & W. Watanabe & T. Kouno, 2000. "Are Americans More Altruistic than the Japanese? A U.S.-Japan Comparison of Saving and Bequest Motives," International Economic Journal, Taylor & Francis Journals, vol. 14(1), pages 1-31.
  4. Jeff Dominitz & Charles F. Manski & Jordan Heinz, 2002. "Social Security Expectations and Retirement Savings Decisions," JCPR Working Papers 273, Northwestern University/University of Chicago Joint Center for Poverty Research.
  5. Mariacristina De Nardi & Eric French & John B. Jones, 2010. "Why Do the Elderly Save? The Role of Medical Expenses," Journal of Political Economy, University of Chicago Press, vol. 118(1), pages 39-75, 02.
  6. Bottazzi, Renata & Jappelli, Tullio & Padula, Mario, 2006. "Retirement expectations, pension reforms, and their impact on private wealth accumulation," Journal of Public Economics, Elsevier, vol. 90(12), pages 2187-2212, December.
  7. Takashi Oshio & Akiko Sato Oishi & Satoshi Shimizutani, 2011. "Social Security Reforms And Labour Force Participation Of The Elderly In Japan," The Japanese Economic Review, Japanese Economic Association, vol. 62(2), pages 248-271, 06.
  8. Mariacristina De Nardi & Eric French & John Bailey Jones, 2009. "Life Expectancy and Old Age Savings," American Economic Review, American Economic Association, vol. 99(2), pages 110-15, May.
  9. Charles Yuji Horioka & Wataru Suzuki & Tatsuo Hatta, 2007. "Aging, Saving, and Public Pensions in Japan," NBER Working Papers 13273, National Bureau of Economic Research, Inc.
  10. Bottazzi, Renata & Jappelli, Tullio & Padula, Mario, 2011. "The portfolio effect of pension reforms: evidence from Italy," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(01), pages 75-97, January.
  11. Jeff Dominitz & Charles F. Manski, 2006. "Measuring Pension-benefit Expectations Probabilistically," LABOUR, CEIS, vol. 20(2), pages 201-236, 06.
  12. ICHIMURA Hidehiko & SHIMIZUTANI Satoshi & HASHIMOTO Hideki, 2009. "JSTAR First Results 2009 Report," Discussion papers 09047, Research Institute of Economy, Trade and Industry (RIETI).
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