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Is Japan'S Household Saving Rate Really High?

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  • Charles Yuji Horioka

Abstract

This paper discusses, and measures the quantitative impact of, a number of conceptual issues relating to the household saving rate data in the National Accounts of Japan. It finds that Japan's seemingly high household saving rate is biased due to the exclusion of capital transfers and real capital gains, the valuation of depreciation at historical cost rather than at replacement cost, the use of a residual measure of financial saving rather than Flow of Funds Accounts data thereon, and the treatment of expenditures on consumer durables as consumption rather than as saving, but that the biases are to a considerable extent mutually offsetting. It also finds that the Japan‐U.S. gap in household (personal) saving rates is due largely to conceptual differences and deficiencies and that household saving in Japan consists primarily of financial saving (net lending), meaning that most of it is available to finance investment in other sectors of the economy and/or abroad.

Suggested Citation

  • Charles Yuji Horioka, 1995. "Is Japan'S Household Saving Rate Really High?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 41(4), pages 373-397, December.
    • Handle: RePEc:bla:revinw:v:41:y:1995:i:4:p:373-397
    DOI: 10.1111/j.1475-4991.1995.tb00133.x
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    Cited by:

    1. Milka Kirova & Robert E. Lipsey, 1998. "Measuring real investment: trends in the United States and international comparisons," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 3-18.
    2. Dekle, Robert, 2004. "Financing consumption in an aging Japan: The role of foreign capital inflows and immigration," Journal of the Japanese and International Economies, Elsevier, vol. 18(4), pages 506-527, December.
    3. Latsos Sophia & Schnabl Gunther, 2021. "Determinants of Japanese Household Saving Behavior in the Low-Interest Rate Environment," The Economists' Voice, De Gruyter, vol. 18(1), pages 81-99, December.
    4. Charles Yuji Horioka, 2007. "A Survey of Household Saving Behavior in Japan," ISER Discussion Paper 0684, Institute of Social and Economic Research, The University of Osaka.
    5. Milka Kirova & Robert E. Lipsey, 1997. "Does the United States invest \"too little?\"," Working Papers 1997-020, Federal Reserve Bank of St. Louis.

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