Determinants of Japanese Household Saving Behavior in the Low-Interest Rate Environment

Author:

Latsos Sophia1,Schnabl Gunther1

Affiliation:

1. University of Leipzig , Grimmaische Straße 12 , 04109 Leipzig , Germany

Abstract

Abstract This paper scrutinizes the role of prolonged, expansionary monetary policy on the saving behavior of Japanese households, focusing on the dramatic change of the household savings rate since 1998, from high to low saving. The literature generally attributes this change to the country’s shift from high-growth to low-growth and its demographic change. This paper empirically examines changes in the incentives for saving and the ability to save connected to monetary policy. It finds that monetary policy had a significant impact on Japan’s household saving behavior via the interest rate channel but not the labor income channel. There is also evidence that rising government deficits come along with declining household saving and that rising wealth boosts saving.

Publisher

Walter de Gruyter GmbH

Subject

General Economics, Econometrics and Finance,General Business, Management and Accounting

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