著者

Yoko Niimi Charles Yuji Horioka

雑誌

AGI Working Paper Series

巻号頁・発行日

vol.2018-08, pp.1-36, 2018-10

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This paper analyzes the determinants of the wealth decumulation behavior of the retired elderly in Japan using unique information from two household surveys, and by so doing, attempts to assess the relative importance of precautionary saving and bequest motives in explaining the lower than expected rates of wealth decumulation of the retired elderly. Taken together, our analyses of these two datasets show that precautionary saving plays a relatively important role in explaining the lower than expected wealth decumulation rate of the retired elderly, at least in the case of Japan, even though both precautionary saving and bequest motives are important drivers behind this puzzle. Our results also suggest the possibility that financial burden of parental care may also affect the wealth decumulation behavior of the retired elderly in Japan. Given that parental care responsibilities tend to arise relatively late in life, often after retirement, in the case of Japan, our results suggest that the financial burden of parental care may be a relevant issue when analyzing the wealth decumulation behavior of the elderly.

著者

CHARLES YUJI HORIOKA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.3, pp.237-253, 1991-09-20 (Released:2007-10-19)

参考文献数

15

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In this paper, I analyze the determinants of saving in Japan using national income accounts data for the 1955-87 period. My results suggest that the age structure of the population is the primary determinant of both trends over time in Japan's saving rate and the high level thereof relative to the other developed countries and that Japan's saving rate can be expected to decline sharply due to the rapid increase in the ratio of the aged population to the working-age population. The level and rate of growth of income, wealth, (in the case of private and national saving) the unemployment rate, and (in the case of household saving) inflation are also found to influence the level of saving in Japan, and Japanese households are found to see through the corporate veil to some extent but not through the government veil.

著者

Charles Yuji Horioka Emin Gahramanov Aziz Hayat Xueli Tang

雑誌

AGI Working Paper Series

巻号頁・発行日

vol.2019-14, pp.1-41, 2019-12

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In this paper, we conduct a theoretical and empirical analysis of the impact of bequest motives on the work and retirement behavior of households in Japan using micro data from the Preference Parameters Study of Osaka University. Our empirical findings are consistent with our theoretical model and show that respondents with an altruistic or strategic/exchange bequest motive work more at the intensive margin than those without any bequest motive but that respondents with a strategic or exchange bequest motive work less at the extensive margin (i.e., retire earlier) than those without any bequest motive. Our findings for the strategic or exchange motive suggest that respondents with such a motive tend to work harder than others before they retire so that they can earn more, leave a larger bequest to their children, and elicit more care from them but that they tend to retire earlier than others so that they can start receiving care for themselves and their spouses from their children sooner. A policy implication of our findings is that the exchange of bequests for the care of parents by children may be very sensitive to the inheritance tax framework.

著者

チャールズ・ユウジ ホリオカ Charles Yuji Horioka

雑誌

AGI Working Paper Series

巻号頁・発行日

vol.2014, pp.1-15, 2014-11

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経済学者は通常,人間は利己的であると仮定するが,人間は実際に利己的なのだろうか,それとも利他的なのだろうか。また,利己的な人の割合と利他的な人の割合は国によって異なるのだろうか。本稿の目的は中国,インド,日本,アメリカで実施されたアンケート調査からの遺産行動(遺産動機・遺産の分配方法)に関するデータを紹介し,そうすることによって,これらの国においてどの家計行動に関する理論モデルが成り立っているかを明らかにすることである。本稿の分析結果によると,遺産行動は国によって大きく異なり,アメリカ人とインド人の遺産行動は日本人と中国人のそれよりもはるかに利他的であり,逆に日本人と中国人の遺産行動はアメリカ人とインド人のそれよりもはるかに利己的であるようである。また,この国同士の違いは,ある程度,国同士の社会保障制度,社会的規範などのような外的要因の違いによるものであり,ある程度,国同士の家計の選好の違いによるものであり,後者は国同士の宗教心の強さの違いによる可能性が高い。