Japan's Household Saving Rate and the Bonus System(in Japanese)

Satoshi Shimizutani and Masahiro Hori

ESRI Discussion paper series from Economic and Social Research Institute (ESRI)

Abstract: A number of hypotheses have been proposed to examine why Japan's household saving rate was high. This paper takes advantage of a micro-level data from Public Opinion Survey on Household Financial Assets and Liabilities to reexamine the effects of the bonus system on households' savings. We find the average saving rate of households with bonus payments is surely higher than that of households without bonus, after controlling several factors that might affect saving patterns. However, this observation reflects that households with negative saving rate are unevenly clustered on the non-bonus group. The positive effect of bonus payments on household saving rate disappears once the sample is divided into households with positive and those with negative saving rate.

Keywords: Japan's saving rate; bonus system JEL classification: D12; E21 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2005-05
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Persistent link: https://EconPapers.repec.org/RePEc:esj:esridp:139

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