Are the Japanese Unique? An Analysis of Consumption and Saving Behavior in Japan
Charles Yuji Horioka
Osaka University - Institute of Social and Economic Research (ISER); National Bureau of Economic Research (NBER)
ISER Discussion Paper No. 606
In this paper, I conduct an analysis of consumption and saving behavior in Japan, looking both at trends over time and comparisons with the other industrialized countries. I find that some of the conventional wisdoms (that the Japanese are asset-rich and hold conservative portfolios) still hold but that others (that the Japanese are high savers and shun borrowing) no longer hold and that the Japanese are not unique, with the United States and the other Anglo-Saxon countries being the true exceptions in many respects.
Number of Pages in PDF File: 36
Keywords: Japan, households, consumers, consumption, saving, wealth, borrowing, debt, portfolio
JEL Classification: D12, D14, D19, E21working papers series
Date posted: June 23, 2004
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