The Impact of population aging on the household saving rate the case of Japan

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      <subfield code="a">The Impact of population aging on the household saving rate</subfield>
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      <subfield code="c">Charles Yuji Horioka</subfield>
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      <subfield code="a">This paper analyzes the impact of the age structure of the population on the household saving rate using time-series data for Japan for the 19552019 period. It finds a cointegrating relationship between Japan's household saving rate and its dependency ratio, with the latter having a negative and statistically significant impact on the former. This suggests that the life-cycle model applies in Japan, explaining the downward trend in saving rates since the mid-1970s due to population aging. The study projects that further aging will lead to negative saving rates in the future. Policy implications include the need to address saving shortages and potential economic challenges arising from demographic shifts.</subfield>
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      <subfield code="g">13/04/2026 Volumen 34 - 2026 </subfield>
      <subfield code="t">The Journal of the economics of ageing </subfield>
      <subfield code="d">Oxford : Elsevier ScienceDirect, 2021-</subfield>
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      <subfield code="u">https://doi.org/10.1016/j.jeoa.2026.100625</subfield>
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