Recent research has indicated that Japanese and American saving behaviour may not be fundamentally different. In this paper we have tried to determine if aggregate saving in Japan, as in the United States, is driven by a small number of very wealthy or high-income households. We found that about 12% of households account for 75% of total positive saving, 75% of total negative saving and 75% of total net saving. These conclusions reinforce the hypothesis that the savings process in Japan is not distinctive, and highlight the importance of research on the heterogeneity of saving behaviour. JEL Classification Numbers: D12, D31, E21.
ASJC Scopus subject areas
- Economics and Econometrics