NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The (Dis)saving Behavior of the Aged in Japan

Charles Y. Horioka

NBER Working Paper No. 15601
Issued in December 2009

---- Acknowledgements -----

I am indebted to James Albrecht, Robert Dekle, Eric French, Minchung Hsu, John Bailey Jones, Sung Jin Kang, Wataru Kureishi, Tsutomu Miyagawa, Oleksandr Movshuk, Junichi Nomura, Masao Ogaki, Shizuka Sekita, Etsuro Shioji, Midori Wakabayashi, Kenichi Ueda, Yi Wen, Shoichi Yamashita, and the participants of the Third Workshop on Comparative Analysis of Consumption and Saving Behavior in East Asian Countries, held at the International Centre for the Study of East Asian Development (ICSEAD) in Kitakyushu, Japan, of the Workshop on the Aging Economy held at the Aging Economy Research Center, National Cheng Kung University, Tainan, Taiwan, of the Tsinghua Workshop on Macroeconomics held at the School of Economics and Management, Tsinghua University, Beijing, China, of the Far East and South Asia Meeting of the Econometric Society (FESAMES) held at the University of Tokyo, and of the 11th Macroeconomics Conference held in Osaka for their valuable comments and assistance and to the Ministry of Education, Culture, Sports, Science, and Technology of the Japanese Government for Grant-in-Aid for Scientific Research Category B (topic number 18330068) and Category S (topic number 20223004) and to the Global Center of Excellence (GCOE) Program of the Graduate School of Economics and the Institute of Social and Economic Research of Osaka University, all of which supported this research. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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