Japan's Saving Rate: New Data and Reflections

Fumio Hayashi

158 citations0/0 files storedNational Bureau of Economic Research

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Financial Literacy, Pension, Retirement Analysis Monetary Policy and Economic Impact Economic Growth and Productivity

Abstract

This paper examines available evidence on Japan's wealth accumulation.Time-series evidence over the last one hundred years indicates that the phenomenon of extraordinarily high Japanese saving rate ia limited to the high-growth era of 1965-1975.Micro evidence about consumption and aaving by age can be more easily explained by the dynasty model than by the lifecycle hypothesis.The infinite horizon neoclassical growth model, while capable of generating the hump in the saving rate and explaining why it was preceded by the rapid GNP growth in the post-war period, leaves unanswered the question of why wealth accumulation in pre-war Japan was so slow.Perhaps growth in pre-war Japan was hampered by harmful effects of misguided government policies.

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References

1989Consumption Growth Parallels Income Growth: Some New Evidence 1989The Estimation of Prewar Gross National Product: Methodology and New Evidence 1989Is the Extended Family Altruistically Linked? Direct Tests Using Micro Data 1988Life cycle and bequest savings A study of Japanese and U.S. households based on data from the 1984 NSFIE and the 1983 survey of consumer finances 1986Why Is Japan's Saving Rate So Apparently High?

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2012Households' Savings in China 1994The Specie Standard as a Contingent Rule: Some Evidence for Core and Peripheral Countries, 1880-1990 1992Future trends in Japan's saving rate and the implications thereof for Japan's external imbalance 1997Equilibrium real exchange rates: closed-form theoretical solutions and some empirical evidence 1995IS JAPAN'S HOUSEHOLD SAVING RATE REALLY HIGH?

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