TY - JOUR
T1 - Demographics and aggregate household saving in Japan, China, and India
AU - Curtis, Chadwick C.
AU - Lugauer, Steven
AU - Mark, Nelson C.
N1 - Publisher Copyright:
© 2017 Elsevier Inc.
PY - 2017/3/1
Y1 - 2017/3/1
N2 - We use a model of household life-cycle saving decisions to quantify the impact of demographic changes on aggregate household saving rates in Japan, China, and India. The observed age distributions help explain the contrasting saving patterns over time across the three countries. In the model simulations, the growing number of retirees suppresses Japanese saving rates, while decreasing family size increases saving for both China and India. Projecting forward, the model predicts a decline in household saving rates in Japan and China.
AB - We use a model of household life-cycle saving decisions to quantify the impact of demographic changes on aggregate household saving rates in Japan, China, and India. The observed age distributions help explain the contrasting saving patterns over time across the three countries. In the model simulations, the growing number of retirees suppresses Japanese saving rates, while decreasing family size increases saving for both China and India. Projecting forward, the model predicts a decline in household saving rates in Japan and China.
KW - China
KW - Demographics
KW - India
KW - Japan
KW - Life-cycle
KW - Saving
UR - http://www.scopus.com/inward/record.url?scp=85011536590&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85011536590&partnerID=8YFLogxK
U2 - 10.1016/j.jmacro.2017.01.002
DO - 10.1016/j.jmacro.2017.01.002
M3 - Article
AN - SCOPUS:85011536590
SN - 0164-0704
VL - 51
SP - 175
EP - 191
JO - Journal of Macroeconomics
JF - Journal of Macroeconomics
ER -