NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Demographics and Aggregate Household Saving in Japan, China, and India

Chadwick C. Curtis, Steven Lugauer, Nelson C. Mark

NBER Working Paper No. 21555
Issued in September 2015
NBER Program(s):Aging, Children, Development Economics, International Finance and Macroeconomics

We present a model of household life-cycle saving decisions in order to quantify the impact of demographic changes on aggregate household saving rates in Japan, China, and India. The observed age distributions help explain the contrasting saving patterns over time across the three countries. In the model simulations, the growing number of retirees suppresses Japanese saving rates, while decreasing family size increases saving for both China and India. Projecting forward, the model predicts lower household saving rates in Japan and China.

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Document Object Identifier (DOI): 10.3386/w21555

Published: Curtis, Chadwick C. & Lugauer, Steven & Mark, Nelson C., 2017. "Demographics and aggregate household saving in Japan, China, and India," Journal of Macroeconomics, Elsevier, vol. 51(C), pages 175-191. citation courtesy of

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