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Are Japanese Households Financially Healthy, If So, Why?

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  • Charles Horioka

Abstract

In this article, I conduct an international comparison of the financial health of households using data on household wealth and indebtedness for the G-7 countries and show that, even though household borrowings in Japan were the highest among the G-7 countries, at least until 2000, household assets were also high in Japan, as a result of which household net worth and financial health in Japan were among the highest in the G-7 countries. Turning to long-term trends in Japan over time, I find that Japan has shown a sharp increase over time in household borrowings, at least until 2000, and a sharp increase over time in both household assets and household net worth, at least until 1990. It is not clear whether the greater financial health of Japanese households is due more to culture or to government policies, institutions, and other noncultural factors, but it appears that long-term trends over time in household assets, liabilities, and net worth in Japan can be explained much better by noncultural factors than by culture.

Suggested Citation

  • Charles Horioka, 2012. "Are Japanese Households Financially Healthy, If So, Why?," Japanese Economy, Taylor & Francis Journals, vol. 39(4), pages 109-124.
    • Handle: RePEc:mes:jpneco:v:39:y:2012:i:4:p:109-124
    DOI: 10.2753/JES1097-203X390405
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    Cited by:

    1. Yuji Horioka, Charles & Niimi, Yoko, 2019. "Household Debt and Aging in Japan," AGI Working Paper Series 2019-12, Asian Growth Research Institute.
    2. Horioka, Charles Yuji & Niimi, Yoko, 2020. "Was the expansion of housing credit in Japan good or bad?," Japan and the World Economy, Elsevier, vol. 53(C).
    3. Charles Yuji Horioka, 2021. "Is the selfish life-cycle model more applicable in Japan and, if so, why? A literature survey," Review of Economics of the Household, Springer, vol. 19(1), pages 157-187, March.
    4. Jakob Kapeller & Bernhard Schütz, 2013. "Exploring Pluralist Economics: The Case of the Minsky-Veblen Cycles," Journal of Economic Issues, Taylor & Francis Journals, vol. 47(2), pages 515-524.
    5. Eiji Fujii, 2017. "Government Size, Trade Openness, and Output Volatility: A Case of fully Integrated Economies," Open Economies Review, Springer, vol. 28(4), pages 661-684, September.

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