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A comparative study of household savings between Japan and Korea

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  • A comparative study of household savings between Japan and Korea
  • Kook,Joong-Ho
  • The Association of Korean Economic Studies


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Title A comparative study of household savings between Japan and Korea
Similar Titles
Material Type Proceedings
Author(English)

Kook,Joong-Ho

Publisher

Seoul,South Korea : The Association of Korean Economic Studies

Date 2016
Pages 39
Subject Country Japan(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic System
Holding AKES
License

Abstract

This paper offers a comparative analysis concerning the saving behaviors between Japan and South Korea (Korea thereafter), based on data in the Annual Report on the Family Income and Expenditure Survey. Japan’s national household savings rate reached 23.2% in 1974 immediately after the first oil crisis, but it had fallen to 1.9% by 2012. In addition to the fall in the national savings rate, Japan’s economic growth rate and personal household savings rate also declined. We calculate the saving rates for each income group that reflect actual conditions. Japan is facing with the increasing inequality in the distribution of income and savings within an overall decline in income and saving after the burst of bubble economy in early 1990s. We also discuss the relationships between savings and income, consumption, and social security estimating panel data on income groups for the period 2000 to 2011.