Japan's High Saving Rate Reaffirmed / Robert Dekle, Lawrence H. Summers.

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Dekle, Robert

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Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w3690.Publication details: Cambridge, Mass. National Bureau of Economic Research 1991.Description: 1 online resource: illustrations (black and white)Online resources:

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Abstract: Compared to the U.S. national accounts, the Japanese accounts understate consumption and government spending, and therefore overstate the national saving rate. Recently, Hayashi has recalculated Japan's national saving according to the American Department of Commerce definition and found that from the mid-1970s until today, Japan's national saving rate is nearly halved. In this paper, we argue that Hayashi's adjustments to the Japanese income accounts are exaggerated, and present measures of Japanese and U.S. private saving that are immune from national income accounting biases. Our saving measures are constructed from the balance sheets of the household sectors in the United States and Japan. Far from being equal, we find that the two country gap in saving rates in the early 1980s has averaged between 15 and 30 percentage points, depending on the measure.

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección NBER	nber w3690 (Browse shelf(Opens below))	Not For Loan

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April 1991.

Compared to the U.S. national accounts, the Japanese accounts understate consumption and government spending, and therefore overstate the national saving rate. Recently, Hayashi has recalculated Japan's national saving according to the American Department of Commerce definition and found that from the mid-1970s until today, Japan's national saving rate is nearly halved. In this paper, we argue that Hayashi's adjustments to the Japanese income accounts are exaggerated, and present measures of Japanese and U.S. private saving that are immune from national income accounting biases. Our saving measures are constructed from the balance sheets of the household sectors in the United States and Japan. Far from being equal, we find that the two country gap in saving rates in the early 1980s has averaged between 15 and 30 percentage points, depending on the measure.