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Rebalancing in Japan; The Role of Private Consumption


  • Kiichi Tokuoka


Boosting growth through rebalancing is critical for addressing pressures from Japan’s aging population. This paper focuses on one important untapped source of growth - private consumption, and argues that the key to reviving consumption is boosting household disposable income through higher wages, especially in services, and higher property income. The paper also suggests that the impact of higher property income on consumption could be potentially large.

Suggested Citation

  • Kiichi Tokuoka, 2010. "Rebalancing in Japan; The Role of Private Consumption," IMF Working Papers 10/293, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:10/293

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    References listed on IDEAS

    1. Horioka, Charles Yuji, 2006. "The causes of Japan's `lost decade': The role of household consumption," Japan and the World Economy, Elsevier, vol. 18(4), pages 378-400, December.
    2. Ulrike Malmendier & Stefan Nagel, 2011. "Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?," The Quarterly Journal of Economics, Oxford University Press, vol. 126(1), pages 373-416.
    3. Tokuo Iwaisako, 2003. "Household Portfolios in Japan," NBER Working Papers 9647, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Leontyeva, Elena & Narkevich, Sergey, 2015. "Optimal Practice of Creation and Management of Gold Reserves," Published Papers mak12, Russian Presidential Academy of National Economy and Public Administration.


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