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Explaining Japan's Saving: A Review of Recent Literature

Fumio Hayashi

Monetary and Economic Studies, 1992, vol. 10, issue 2, 63-78

Abstract: This paper reviews recent literature on Japan's saving and identifies the following as key stylized facts: Japan's national saving rate is not as high as commonly supposed, though it was indeed quite high during the high growth era; at the micro level, the accumulation of wealth by Japanese households starts very early in the life-cycle but is not fully consumed but left as bequests; some, but not all, of bequests can be interpreted as late payments to children who provided non-market services to parents; and available evidence does not reject the notion that the bulk of intergenerational transfers are altruistically motivated.

Date: 1992
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