A cointegration analysis of the impact of the age structure of the population on the household saving rate in Japan

• 成果类型: Article
• 署名作者: Horioka, CY
• 署名单位: National Bureau of Economic Research
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest.1997.79.3.511
• 发表日期: 1997-08
• 页码: 511-516
• 关键词: integrated systems; vectors; hypothesis

摘要

This paper analyzes the impact of the age structure of the population on Japan's household saving rate by applying cointegration techniques to time-series data for the 1955-1993 period. It finds that the ratio of miners to the working-age population and that of the aged to the working-age population both have a negative and significant impact on the household saving rate. This finding suggests that the life-cycle model applies even in a country such as Japan, in which this model is less likely to apply due to cultural peculiarities such as the greater prevalence of intergenerational transfers.