Explaining Japan's Saving Rate
This paper examines what I believe to be the significant developments in research over the past ten years on Japan's saving. It is a world that has been turned upside down during this period. I hope this paper helps clarify the extraordinary changes that have taken place. The paper is organized as follows. The next section motivates why Japan's saving is important. It is followed by a section which reviews the literature on the standardization of US-Japanese saving rates. Next comes my analysis of the Japan is special argument as applied to saving. After that I look at heterogeneity in saving, an idea which I suspect will dominate the research on Japan's saving for the next several years. Finally I end with a brief summary.
|Date of creation:||05 Feb 1999|
|Note:||Type of Document - Acrobate PDF File; prepared on IBM PC; to print on PostScript; pages: 31; figures: included|
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References listed on IDEAS
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- Fumio Hayashi, 1989. "Is Japan's saving rate high?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 3-9.
- Avery, Robert B & Kennickell, Arthur B, 1991. "Household Saving in the U.S," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 37(4), pages 409-432, December.
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- Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-987, December.
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- Yuji Horioka, Charles, 1988. "Why is Japan's Household Saving Rate So High? A Literature Survey," CEPR Publications 244421, Stanford University, Center for Economic Policy Research.
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0310, National Bureau of Economic Research, Inc.
- Dekle, Robert, 1989. "The unimportance of intergenerational transfers in Japan," Japan and the World Economy, Elsevier, vol. 1(4), pages 403-413, November.
- Deaton, A., 1989. "Saving in Developing Contries: Theory and Review," Papers 144, Princeton, Woodrow Wilson School - Development Studies.
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- Iwamoto, Yasushi, 1996. "Japan's saving rate is indeed lower than Professor Hayashi revealed," Japan and the World Economy, Elsevier, vol. 8(1), pages 35-41, March.
- Lawrence J. Christiano, 1989. "Understanding Japan's saving rate: the reconstruction hypothesis," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 10-25.
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