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Rebalancing in Japan: The Role of Private Consumption

Kiichi Tokuoka ()

No 2010/293, IMF Working Papers from International Monetary Fund

Abstract: Boosting growth through rebalancing is critical for addressing pressures from Japan’s aging population. This paper focuses on one important untapped source of growth - private consumption, and argues that the key to reviving consumption is boosting household disposable income through higher wages, especially in services, and higher property income. The paper also suggests that the impact of higher property income on consumption could be potentially large.

Keywords: WP; property income; Japan; Rebalancing; Private consumption; Disposable income; consumption share; asset bubble collapse; consumption response; time series regression; dividend income; share in GDP; Income; Consumption; Wages; Global (search for similar items in EconPapers)
Pages: 21
Date: 2010-12-01
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Handle: RePEc:imf:imfwpa:2010/293