Can Population Aging Explain the Decline of Savings Rate in Japan?

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Other Title
  • 貯蓄率の低下は高齢化が原因か？
  • チョチクリツ ノ テイカ ワ コウレイカ ガ ゲンイン カ?

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Abstract

We have constructed household savings rate data that are consistent with the macro data, or National Accounts, yet are based on the micro data of the National Survey of Family Income and Expenditure （NSFIE）. Unlike the official NSFIE data, we calculate the savings rate for all households including the self-employed. In addition, on the consumption side, we address the underreporting problem in large expenditures such as durables, which has been pointed out by previous studies, by exploiting information from the Survey of Household Economy. According to the data constructed here, the decreasing trend in the savings rate can hardly be explained by the aging population alone, although the life-cycle hypothesis predicts that aging should be the main cause of the lower savings rate.

Journal

  • 経済研究

    経済研究 68 (3), 222-236, 2017-07-25

    岩波書店

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