Japanese Savings, Growth and Housing
The Japanese high ratio of gross capital formation to GDP is well known as is shown by Table 4.1, but it is not always recognized that it has been supported primarily by the domestic savings throughout the postwar years. Needless to say, this has been possible due to the high rate of saving in Japan.
KeywordsPolitical Economy Monetary Policy Trade Credit Liberal Democratic Party Asian Development
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- 2.See Shinohara Miyohei, “The Determinants of Japan’s High Saving Ratio and its Behavior Pattern-with some comparisons with Asian NICs,” Occasional Paper No. A-4, The Asia Club, Tokyo, January 1981.Google Scholar
- 3.Ninomiya Sontoku, whom Uchimura Kanzo regarded as one of the representative Japanese and called the farmers’ saint, emphasized tliree values as economic ethical codes; that is, industriousness, thrift and benevolence. See Uchimura Kanzo, Representative Men of Japan, 1894. Sontoku’s statue used to be placed near the entrance gate of many primary schools before the war.Google Scholar
- 4.See M. Shinohara, op. cit. 5 Bank of Japan, Central Committee for Promotion of Savings, Report of Opinion Surveys on Savings, (Japanese), October 1980 and various years. This survey seeks for the answers to a number of questions on saving by asking 6,000 respondents randomly chosen all over the country.Google Scholar
- 6.T. Tachibanaki and K. Shimono, “Life-cycle Saving Hypothesis, Wealth Accumulation, Social Security and Retirement: A Cohort Analysis,” Discussion Paper No. 149, Kyoto Institute of Economic Research, Kyoto University, December 1980. See also T. Tachibanaki and K. Shimono, Kojin Chochiku to Life-Cycle (Personal Savings and Life-Cycle), Nihon Keizai Shinbunsha, Tokyo, 1997; T. Tachibanaki, Life-Cycle no Keizai Gaku (Economics of Life Cycle), Chikuma Shobo, Tokyo, 1997Google Scholar
- 7.As for the regulations in Japanese monetary sector and its monetary policy, see S. Ichimura, “Monetary Policy in Japan,” in Handbook of Monetary Policy in the World, ed. by M Fratiani, West Press, New York, 1992Google Scholar