Demographics and Aggregate Household Saving in Japan, China, and India

Chadwick Curtis, Steven Lugauer and Nelson Mark

No GRU_2016_010, GRU Working Paper Series from City University of Hong Kong, Department of Economics and Finance, Global Research Unit

Abstract: We present a model of household life-cycle saving decisions in order to quantify the impact of demographic changes on aggregate household saving rates in Japan, China, and India. The observed age distributions help explain the contrasting saving patterns over time across the three countries. In the model simulations, the growing number of retirees suppresses Japanese saving rates, while decreasing family size increases saving rates for both China and India. Projecting forward, the model predicts lower saving rates in Japan and China.

Keywords: Saving; Demographics; Life-Cycle; Japan; China; India (search for similar items in EconPapers)
JEL-codes: E2 J1 (search for similar items in EconPapers)
Pages: 30 pages
New Economics Papers: this item is included in nep-age and nep-mac
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Published in Journal of Macroeconomics, Volume 51, Issue C, Pages 175-191

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https://www.cb.cityu.edu.hk/ef/doc/GRU/WPS/GRU%232016-010%20Nelson.pdf (application/pdf)

Related works:
Journal Article: Demographics and aggregate household saving in Japan, China, and India (2017)
Working Paper: Demographics and Aggregate Household Saving in Japan, China, and India (2015)
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